CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Core Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
10,603 | ACTIVISION BLIZZARD, INC. | $471,997 | 788,227 | |||||
112,920 | ALPHABET, INC., CLASS A(b) | 3,883,956 | 10,800,798 | |||||
64,480 | ALPHABET, INC., CLASS C(b) | 1,739,348 | 6,199,752 | |||||
198,860 | AT&T, INC. | 3,368,256 | 3,050,512 | |||||
300 | CABLE ONE, INC. | 113,966 | 255,915 | |||||
329 | CHARTER COMMUNICATIONS, INC., CLASS A(b) | 147,082 | 99,802 | |||||
3,318 | CINEMARK HOLDINGS, INC.(b) | 38,609 | 40,181 | |||||
65,707 | COMCAST CORP., CLASS A | 883,222 | 1,927,186 | |||||
1,640 | ECHOSTAR CORP., CLASS A(b) | 21,050 | 27,011 | |||||
11,266 | ELECTRONIC ARTS, INC. | 280,102 | 1,303,589 | |||||
55,088 | INTERPUBLIC GROUP OF (THE) COS., INC. | 1,857,737 | 1,410,253 | |||||
2,357 | LIBERTY GLOBAL PLC, CLASS A(b)(c) | 19,507 | 36,746 | |||||
18,376 | LIBERTY GLOBAL PLC, CLASS C(b)(c) | 387,818 | 303,204 | |||||
400 | LIBERTY MEDIA CORP.-LIBERTY FORMULA ONE, CLASS C(b) | 14,109 | 23,400 | |||||
242,428 | LUMEN TECHNOLOGIES, INC. | 2,539,600 | 1,764,876 | |||||
1,749 | MATCH GROUP, INC.(b) | 57,853 | 83,515 | |||||
31,113 | META PLATFORMS, INC., CLASS A(b) | 1,804,344 | 4,221,412 | |||||
4,474 | NETFLIX, INC.(b) | 892,435 | 1,053,359 | |||||
2,375 | NEWS CORP., CLASS A | 7,170 | 35,886 | |||||
200 | NEXSTAR MEDIA GROUP, INC. | 12,712 | 33,370 | |||||
2,195 | OMNICOM GROUP, INC. | 52,802 | 138,482 | |||||
1 | PARAMOUNT GLOBAL, CLASS B | 30 | 19 | |||||
54,493 | PLAYTIKA HOLDING CORP.(b)(c) | 632,666 | 511,689 | |||||
14,422 | T-MOBILE U.S., INC.(b) | 1,046,601 | 1,935,000 | |||||
9,100 | TWITTER, INC.(b) | 211,376 | 398,944 | |||||
27,083 | VERIZON COMMUNICATIONS, INC. | 772,249 | 1,028,341 | |||||
31,518 | WALT DISNEY (THE) CO.(b) | 1,184,195 | 2,973,093 | |||||
35,646 | WARNER BROS. DISCOVERY, INC.(b) | 547,020 | 409,929 | |||||
500 | WORLD WRESTLING ENTERTAINMENT, INC., CLASS A | 26,374 | 35,085 | |||||
23,014,186 | 40,889,576 | 6.83% | ||||||
Consumer Discretionary: | ||||||||
11,607 | ADT, INC. | 43,924 | 86,936 | |||||
1,500 | ADVANCE AUTO PARTS, INC. | 53,558 | 234,510 | |||||
139,871 | AMAZON.COM, INC.(b) | 10,477,044 | 15,805,423 | |||||
1,200 | ARAMARK | 23,697 | 37,440 | |||||
67 | AUTOLIV, INC.(c) | 852 | 4,464 | |||||
9,881 | AUTONATION, INC.(b) | 240,663 | 1,006,578 | |||||
1,992 | AUTOZONE, INC.(b) | 2,902,314 | 4,266,725 | |||||
48,789 | BATH & BODY WORKS, INC. | 1,447,862 | 1,590,521 | |||||
10,519 | BEST BUY CO., INC. | 456,135 | 666,273 | |||||
1,400 | BIG LOTS, INC. | 15,477 | 21,854 | |||||
200 | BOOKING HOLDINGS, INC.(b) | 26,315 | 328,642 | |||||
4,400 | BORGWARNER, INC. | 51,799 | 138,160 | |||||
1,568 | CARMAX, INC.(b) | 22,540 | 103,519 | |||||
12,700 | CARNIVAL CORP.(b) | 108,019 | 89,281 | |||||
3,928 | D.R. HORTON, INC. | 18,835 | 264,551 | |||||
5,323 | DARDEN RESTAURANTS, INC. | 559,101 | 672,401 | |||||
4,189 | DOLLAR GENERAL CORP. | 412,982 | 1,004,774 | |||||
5,224 | DOLLAR TREE, INC.(b) | 52,773 | 710,986 | |||||
4,324 | DOMINO'S PIZZA, INC. | 1,631,364 | 1,341,305 | |||||
7,200 | EBAY, INC. | 152,216 | 265,032 | |||||
432 | EXPEDIA GROUP, INC.(b) | 11,430 | 40,474 | |||||
559 | FLOOR & DECOR HOLDINGS, INC., CLASS A(b) | 17,602 | 39,275 | |||||
1,200 | FOOT LOCKER, INC. | 16,164 | 37,356 | |||||
319,745 | FORD MOTOR CO. | 4,348,125 | 3,581,144 | |||||
2,200 | GARMIN LTD.(c) | 40,557 | 176,682 | |||||
6,300 | GENERAL MOTORS CO. | 210,078 | 202,167 | |||||
1,600 | GENTEX CORP. | 11,504 | 38,144 | |||||
3,450 | GENUINE PARTS CO. | 102,425 | 515,154 | |||||
5,080 | H&R BLOCK, INC. | 186,920 | 216,103 | |||||
2,000 | HANESBRANDS, INC. | 10,096 | 13,920 | |||||
426 | HASBRO, INC. | 12,602 | 28,721 | |||||
1,600 | HILTON WORLDWIDE HOLDINGS, INC. | 115,613 | 192,992 | |||||
15,326 | HOME DEPOT (THE), INC. | 2,438,442 | 4,229,056 | |||||
1,550 | KOHL'S CORP. | 12,423 | 38,983 |
0 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Core Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
2,535 | LAS VEGAS SANDS CORP.(b) | $21,685 | 95,113 | |||||
2,900 | LENNAR CORP., CLASS A | 37,613 | 216,195 | |||||
58 | LENNAR CORP., CLASS B | 652 | 3,452 | |||||
16,820 | LKQ CORP. | 476,562 | 793,063 | |||||
3,289 | LOWE'S COS., INC. | 602,740 | 617,707 | |||||
188 | LULULEMON ATHLETICA, INC.(b)(c) | 28,278 | 52,557 | |||||
69,999 | MACY'S, INC. | 1,117,163 | 1,096,884 | |||||
2,938 | MARRIOTT INTERNATIONAL, INC., CLASS A | 61,838 | 411,731 | |||||
83 | MARRIOTT VACATIONS WORLDWIDE CORP. | 6,056 | 10,114 | |||||
11,798 | MCDONALD'S CORP. | 1,063,975 | 2,722,271 | |||||
37,838 | MGM RESORTS INTERNATIONAL | 1,422,425 | 1,124,545 | |||||
600 | MOHAWK INDUSTRIES, INC.(b) | 26,796 | 54,714 | |||||
4,915 | NEWELL BRANDS, INC. | 52,223 | 68,269 | |||||
6,367 | NIKE, INC., CLASS B | 51,807 | 529,225 | |||||
2,273 | NORDSTROM, INC. | 23,910 | 38,027 | |||||
244 | NVR, INC.(b) | 738,017 | 972,848 | |||||
1,873 | O'REILLY AUTOMOTIVE, INC.(b) | 993,272 | 1,317,375 | |||||
4,707 | PENSKE AUTOMOTIVE GROUP, INC. | 191,281 | 463,310 | |||||
600 | PLANET FITNESS, INC., CLASS A(b) | 30,204 | 34,596 | |||||
370 | POOL CORP. | 34,226 | 117,738 | |||||
18,909 | PULTEGROUP, INC. | 883,300 | 709,088 | |||||
2,342 | PVH CORP. | 101,514 | 104,922 | |||||
5,300 | QURATE RETAIL, INC., CLASS A | 8,798 | 10,653 | |||||
1,500 | RALPH LAUREN CORP. | 31,320 | 127,395 | |||||
743 | ROSS STORES, INC. | 43,853 | 62,613 | |||||
22,087 | ROYAL CARIBBEAN CRUISES LTD.(b) | 860,666 | 837,097 | |||||
2,108 | SIX FLAGS ENTERTAINMENT CORP.(b) | 31,718 | 37,312 | |||||
23,500 | STARBUCKS CORP. | 154,545 | 1,980,110 | |||||
17,306 | TAPESTRY, INC. | 564,920 | 492,010 | |||||
10,052 | TARGET CORP. | 1,134,953 | 1,491,616 | |||||
44,997 | TESLA, INC.(b) | 7,035,518 | 11,935,454 | |||||
471 | THOR INDUSTRIES, INC. | 5,532 | 32,961 | |||||
20,188 | TJX (THE) COS., INC. | 86,033 | 1,254,079 | |||||
500 | TRACTOR SUPPLY CO. | 90,114 | 92,940 | |||||
23,166 | TRAVEL + LEISURE CO. | 477,832 | 790,424 | |||||
700 | ULTA BEAUTY, INC.(b) | 244,098 | 280,833 | |||||
6,800 | VF CORP. | 81,950 | 203,388 | |||||
2,000 | WENDY'S (THE) CO. | 28,853 | 37,380 | |||||
6,441 | WHIRLPOOL CORP. | 632,036 | 868,311 | |||||
11,758 | WILLIAMS-SONOMA, INC. | 1,651,602 | 1,385,680 | |||||
600 | WYNDHAM HOTELS & RESORTS, INC. | 19,889 | 36,810 | |||||
1,554 | WYNN RESORTS LTD.(b) | 31,066 | 97,949 | |||||
47,412,284 | 71,598,305 | 11.96% | ||||||
Consumer Staples: | ||||||||
52,831 | ALTRIA GROUP, INC. | 2,542,068 | 2,133,316 | |||||
10,300 | ARCHER-DANIELS-MIDLAND CO. | 188,618 | 828,635 | |||||
287 | BELLRING BRANDS, INC.(b) | 2,119 | 5,915 | |||||
23,335 | CHURCH & DWIGHT CO., INC. | 1,536,071 | 1,667,052 | |||||
200 | CLOROX (THE) CO. | 26,314 | 25,678 | |||||
73,370 | COCA-COLA (THE) CO. | 1,841,967 | 4,110,187 | |||||
1,280 | COLGATE-PALMOLIVE CO. | 36,019 | 89,920 | |||||
2,100 | CONAGRA BRANDS, INC. | 32,792 | 68,523 | |||||
1,823 | CONSTELLATION BRANDS, INC., CLASS A | 251,171 | 418,707 | |||||
3,549 | COSTCO WHOLESALE CORP. | 271,888 | 1,676,086 | |||||
192 | ESTEE LAUDER (THE) COS., INC., CLASS A | 27,590 | 41,453 | |||||
21,667 | GENERAL MILLS, INC. | 998,764 | 1,659,909 | |||||
1,642 | HERSHEY (THE) CO. | 60,568 | 362,012 | |||||
4,800 | HORMEL FOODS CORP. | 43,206 | 218,112 | |||||
500 | INGREDION, INC. | 20,438 | 40,260 | |||||
1,300 | J M SMUCKER (THE) CO. | 60,305 | 178,633 | |||||
4,016 | KEURIG DR. PEPPER, INC. | 54,242 | 143,853 | |||||
1,550 | KIMBERLY-CLARK CORP. | 69,760 | 174,437 | |||||
3,705 | KRAFT HEINZ (THE) CO. | 26,470 | 123,562 | |||||
44,384 | KROGER (THE) CO. | 652,693 | 1,941,800 | |||||
1,833 | LAMB WESTON HOLDINGS, INC. | 73,271 | 141,837 | |||||
1,400 | MCCORMICK & CO., INC. (NON VOTING) | 21,613 | 99,778 | |||||
3,338 | MOLSON COORS BEVERAGE CO., CLASS B | 135,736 | 160,191 |
1 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Core Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Staples (Cont'd): | ||||||||
6,969 | MONDELEZ INTERNATIONAL, INC., CLASS A | $94,887 | 382,110 | |||||
5,090 | MONSTER BEVERAGE CORP.(b) | 220,817 | 442,626 | |||||
48,272 | PEPSICO, INC. | 5,799,595 | 7,880,887 | |||||
14,502 | PHILIP MORRIS INTERNATIONAL, INC. | 922,199 | 1,203,811 | |||||
400 | POST HOLDINGS, INC.(b) | 21,172 | 32,764 | |||||
33,145 | PROCTER & GAMBLE (THE) CO. | 1,007,621 | 4,184,556 | |||||
7,500 | SYSCO CORP. | 115,506 | 530,325 | |||||
71,003 | TYSON FOODS, INC., CLASS A | 5,188,657 | 4,681,228 | |||||
1,400 | US FOODS HOLDING CORP.(b) | 23,726 | 37,016 | |||||
74,592 | WALGREENS BOOTS ALLIANCE, INC. | 2,327,734 | 2,342,189 | |||||
31,909 | WALMART, INC. | 3,363,156 | 4,138,597 | |||||
28,058,753 | 42,165,965 | 7.04% | ||||||
Energy: | ||||||||
94,218 | APA CORP. | 3,074,250 | 3,221,313 | |||||
23,713 | BAKER HUGHES CO. | 697,627 | 497,025 | |||||
300 | CHENIERE ENERGY, INC. | 26,442 | 49,773 | |||||
41,420 | CHEVRON CORP. | 2,699,709 | 5,950,811 | |||||
41,563 | CONOCOPHILLIPS | 1,416,282 | 4,253,557 | |||||
622 | CONTINENTAL RESOURCES, INC. | 6,458 | 41,556 | |||||
50,327 | COTERRA ENERGY, INC. | 787,925 | 1,314,541 | |||||
41,802 | DEVON ENERGY CORP. | 1,765,550 | 2,513,554 | |||||
850 | DT MIDSTREAM, INC. | 9,264 | 44,107 | |||||
1,094 | ENBRIDGE, INC.(c) | 16,716 | 40,587 | |||||
15,426 | EOG RESOURCES, INC. | 941,153 | 1,723,547 | |||||
74,686 | EXXON MOBIL CORP. | 4,607,306 | 6,520,835 | |||||
1,100 | HELMERICH & PAYNE, INC. | 13,840 | 40,667 | |||||
2,600 | HESS CORP. | 90,342 | 283,374 | |||||
9,047 | HF SINCLAIR CORP. | 298,774 | 487,091 | |||||
18,112 | KINDER MORGAN, INC. | 148,969 | 301,384 | |||||
44,449 | MARATHON OIL CORP. | 900,511 | 1,003,658 | |||||
14,286 | MARATHON PETROLEUM CORP. | 1,091,183 | 1,419,028 | |||||
17,213 | OCCIDENTAL PETROLEUM CORP. | 678,152 | 1,057,739 | |||||
3,900 | ONEOK, INC. | 37,884 | 199,836 | |||||
25,265 | OVINTIV, INC. | 1,309,778 | 1,162,190 | |||||
1,200 | PBF ENERGY, INC., CLASS A(b) | 7,963 | 42,192 | |||||
7,708 | PDC ENERGY, INC. | 412,007 | 445,445 | |||||
6,438 | PHILLIPS 66 | 440,133 | 519,675 | |||||
3,156 | PIONEER NATURAL RESOURCES CO. | 417,339 | 683,369 | |||||
9,633 | SCHLUMBERGER N.V. | 108,848 | 345,825 | |||||
600 | TARGA RESOURCES CORP. | 25,637 | 36,204 | |||||
21,661 | VALERO ENERGY CORP. | 1,745,486 | 2,314,478 | |||||
11,600 | WILLIAMS (THE) COS., INC. | 130,479 | 332,108 | |||||
23,906,007 | 36,845,469 | 6.16% | ||||||
Financials: | ||||||||
4,579 | AFLAC, INC. | 225,517 | 257,340 | |||||
56 | ALLEGHANY CORP.(b) | 15,448 | 47,005 | |||||
8,300 | ALLSTATE (THE) CORP. | 197,623 | 1,033,599 | |||||
7,933 | AMERICAN EXPRESS CO. | 715,083 | 1,070,241 | |||||
408 | AMERICAN FINANCIAL GROUP, INC. | 25,156 | 50,155 | |||||
75,706 | AMERICAN INTERNATIONAL GROUP, INC. | 4,226,470 | 3,594,521 | |||||
7,373 | AMERIPRISE FINANCIAL, INC. | 652,636 | 1,857,627 | |||||
3,400 | ANNALY CAPITAL MANAGEMENT, INC. | 80,993 | 58,344 | |||||
2,548 | AON PLC, CLASS A | 406,718 | 682,533 | |||||
2,311 | ARCH CAPITAL GROUP LTD.(b)(c) | 51,916 | 105,243 | |||||
2,300 | ARTHUR J. GALLAGHER & CO. | 80,002 | 393,806 | |||||
4,900 | ASSURANT, INC. | 218,575 | 711,823 | |||||
700 | AXIS CAPITAL HOLDINGS LTD.(c) | 20,574 | 34,405 | |||||
129,729 | BANK OF AMERICA CORP. | 1,712,845 | 3,917,816 | |||||
45,950 | BANK OF NEW YORK MELLON (THE) CORP. | 2,123,580 | 1,769,994 | |||||
24,051 | BERKSHIRE HATHAWAY, INC., CLASS B(b) | 2,959,157 | 6,422,098 | |||||
900 | BREAD FINANCIAL HOLDINGS, INC. | 28,547 | 28,305 | |||||
900 | BRIGHTHOUSE FINANCIAL, INC.(b) | 21,994 | 39,078 | |||||
1,700 | BROWN & BROWN, INC. | 88,516 | 102,816 | |||||
13,579 | CAPITAL ONE FINANCIAL CORP. | 1,042,557 | 1,251,576 | |||||
17,908 | CHARLES SCHWAB (THE) CORP. | 189,651 | 1,287,048 | |||||
5,185 | CHUBB LTD.(c) | 608,428 | 943,048 | |||||
127,067 | CITIGROUP, INC. | 6,874,541 | 5,294,882 |
2 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Core Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
1,994 | CME GROUP, INC. | $210,146 | 353,197 | |||||
1,700 | COMERICA, INC. | 120,365 | 120,870 | |||||
500 | CREDIT ACCEPTANCE CORP.(b) | 86,421 | 219,000 | |||||
2,515 | DISCOVER FINANCIAL SERVICES | 274,446 | 228,664 | |||||
21,121 | EQUITABLE HOLDINGS, INC. | 632,501 | 556,538 | |||||
400 | EVEREST RE GROUP LTD.(c) | 101,540 | 104,976 | |||||
469 | FAIRFAX FINANCIAL HOLDINGS LTD.(c) | 86,576 | 214,333 | |||||
1,163 | FIDELITY NATIONAL FINANCIAL, INC. | 9,139 | 42,101 | |||||
10,565 | FIFTH THIRD BANCORP | 109,297 | 337,657 | |||||
7,865 | FIRST AMERICAN FINANCIAL CORP. | 407,398 | 362,577 | |||||
1,700 | FIRST HORIZON CORP. | 10,761 | 38,930 | |||||
7,610 | GOLDMAN SACHS GROUP (THE), INC. | 814,108 | 2,230,111 | |||||
3,000 | HANOVER INSURANCE GROUP (THE), INC. | 215,948 | 384,420 | |||||
3,700 | HARTFORD FINANCIAL SERVICES GROUP (THE), INC. | 62,228 | 229,178 | |||||
43,846 | HUNTINGTON BANCSHARES, INC. | 221,603 | 577,890 | |||||
7,305 | INTERCONTINENTAL EXCHANGE, INC. | 652,242 | 660,007 | |||||
1,703 | JANUS HENDERSON GROUP PLC(c) | 23,890 | 34,588 | |||||
47,492 | JPMORGAN CHASE & CO. | 1,723,282 | 4,962,914 | |||||
61,371 | KEYCORP | 1,178,677 | 983,163 | |||||
4,364 | LINCOLN NATIONAL CORP. | 209,320 | 191,623 | |||||
3,476 | LOEWS CORP. | 201,141 | 173,244 | |||||
1,624 | LPL FINANCIAL HOLDINGS, INC. | 341,304 | 354,812 | |||||
700 | M&T BANK CORP. | 99,372 | 123,424 | |||||
5,684 | MARSH & MCLENNAN COS., INC. | 240,120 | 848,564 | |||||
1,300 | MERCURY GENERAL CORP. | 38,019 | 36,946 | |||||
6,031 | METLIFE, INC. | 219,579 | 366,564 | |||||
1,000 | MOODY'S CORP. | 254,700 | 243,110 | |||||
34,252 | MORGAN STANLEY | 792,479 | 2,706,251 | |||||
9,061 | NASDAQ, INC. | 105,320 | 513,577 | |||||
2,326 | ONEMAIN HOLDINGS, INC. | 40,168 | 68,664 | |||||
1,585 | PACWEST BANCORP | 19,982 | 35,821 | |||||
7,114 | PNC FINANCIAL SERVICES GROUP (THE), INC. | 273,331 | 1,062,974 | |||||
13,965 | POPULAR, INC. | 482,714 | 1,006,318 | |||||
3,673 | PRINCIPAL FINANCIAL GROUP, INC. | 172,479 | 265,007 | |||||
9,193 | PROGRESSIVE (THE) CORP. | 714,989 | 1,068,319 | |||||
9,286 | PRUDENTIAL FINANCIAL, INC. | 582,046 | 796,553 | |||||
1,050 | RAYMOND JAMES FINANCIAL, INC. | 89,754 | 103,761 | |||||
11,139 | REGIONS FINANCIAL CORP. | 66,543 | 223,560 | |||||
4,935 | S&P GLOBAL, INC. | 1,567,514 | 1,506,902 | |||||
700 | SEI INVESTMENTS CO. | 11,200 | 34,335 | |||||
8,252 | SLM CORP. | 56,805 | 115,445 | |||||
1,200 | STATE STREET CORP. | 76,367 | 72,972 | |||||
64,034 | SYNCHRONY FINANCIAL | 1,539,789 | 1,805,118 | |||||
957 | SYNOVUS FINANCIAL CORP. | 13,867 | 35,897 | |||||
3,549 | T. ROWE PRICE GROUP, INC. | 106,978 | 372,680 | |||||
2,620 | TRAVELERS (THE) COS., INC. | 93,128 | 401,384 | |||||
12,994 | TRUIST FINANCIAL CORP. | 242,181 | 565,759 | |||||
28,594 | UNUM GROUP | 1,022,837 | 1,109,447 | |||||
17,685 | US BANCORP | 322,716 | 713,059 | |||||
11,782 | W R BERKLEY CORP. | 230,551 | 760,882 | |||||
1,200 | WASHINGTON FEDERAL, INC. | 15,690 | 35,976 | |||||
63,164 | WELLS FARGO & CO. | 1,376,036 | 2,540,456 | |||||
2,568 | WESTERN ALLIANCE BANCORP | 59,789 | 168,820 | |||||
2,600 | ZIONS BANCORP N.A. | 49,361 | 132,236 | |||||
41,235,264 | 64,154,877 | 10.72% | ||||||
Health Care: | ||||||||
12,534 | ABBOTT LABORATORIES | 251,106 | 1,212,790 | |||||
35,667 | ABBVIE, INC. | 3,075,851 | 4,786,868 | |||||
300 | ABIOMED, INC.(b) | 44,070 | 73,698 | |||||
1,457 | AGILENT TECHNOLOGIES, INC. | 63,335 | 177,098 | |||||
1,036 | ALIGN TECHNOLOGY, INC.(b) | 267,192 | 214,566 | |||||
5,700 | AMERISOURCEBERGEN CORP. | 95,209 | 771,381 | |||||
21,910 | AMGEN, INC. | 4,405,563 | 4,938,514 | |||||
193 | AVANOS MEDICAL, INC.(b) | 3,014 | 4,204 | |||||
1,900 | AVANTOR, INC.(b) | 21,140 | 37,240 | |||||
1,709 | BECTON DICKINSON AND CO. | 76,277 | 380,816 | |||||
32,800 | BOSTON SCIENTIFIC CORP.(b) | 182,160 | 1,270,344 |
3 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Core Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
73,936 | BRISTOL-MYERS SQUIBB CO. | $4,212,046 | 5,256,110 | |||||
2,145 | BRUKER CORP. | 43,219 | 113,814 | |||||
7,181 | CARDINAL HEALTH, INC. | 427,934 | 478,829 | |||||
1,500 | CATALENT, INC.(b) | 72,508 | 108,540 | |||||
9,743 | CENTENE CORP.(b) | 557,413 | 758,103 | |||||
3,929 | CIGNA CORP. | 362,422 | 1,090,180 | |||||
30,166 | CVS HEALTH CORP. | 1,988,657 | 2,876,931 | |||||
8,860 | DANAHER CORP. | 224,916 | 2,288,449 | |||||
5,332 | DENTSPLY SIRONA, INC. | 141,306 | 151,162 | |||||
6,000 | DEXCOM, INC.(b) | 87,312 | 483,240 | |||||
11,720 | EDWARDS LIFESCIENCES CORP.(b) | 161,444 | 968,424 | |||||
9,208 | ELEVANCE HEALTH, INC. | 2,232,336 | 4,182,642 | |||||
10,244 | ELI LILLY & CO. | 564,949 | 3,312,397 | |||||
341 | EMBECTA CORP. | 1,955 | 9,835 | |||||
17,117 | GILEAD SCIENCES, INC. | 144,409 | 1,055,948 | |||||
3,800 | HENRY SCHEIN, INC.(b) | 67,547 | 249,926 | |||||
34,202 | HOLOGIC, INC.(b) | 2,027,012 | 2,206,713 | |||||
6,925 | HORIZON THERAPEUTICS PLC(b) | 168,428 | 428,588 | |||||
1,859 | HUMANA, INC. | 685,141 | 901,968 | |||||
2,299 | IDEXX LABORATORIES, INC.(b) | 98,745 | 749,014 | |||||
2,300 | ILLUMINA, INC.(b) | 98,233 | 438,817 | |||||
4,386 | INTUITIVE SURGICAL, INC.(b) | 560,949 | 822,112 | |||||
1,000 | IONIS PHARMACEUTICALS, INC.(b) | 28,025 | 44,230 | |||||
5,634 | IQVIA HOLDINGS, INC.(b) | 560,732 | 1,020,543 | |||||
32,814 | JOHNSON & JOHNSON | 3,132,006 | 5,360,495 | |||||
4,883 | LABORATORY CORP. OF AMERICA HOLDINGS | 1,151,416 | 1,000,087 | |||||
300 | MASIMO CORP.(b) | 35,481 | 42,348 | |||||
12,592 | MCKESSON CORP. | 2,359,668 | 4,279,643 | |||||
17,300 | MEDTRONIC PLC(c) | 1,429,781 | 1,396,975 | |||||
39,478 | MERCK & CO., INC. | 1,057,231 | 3,399,845 | |||||
1,117 | METTLER-TOLEDO INTERNATIONAL, INC.(b) | 109,592 | 1,210,962 | |||||
9,301 | MODERNA, INC.(b) | 1,259,149 | 1,099,843 | |||||
1,172 | MOLINA HEALTHCARE, INC.(b) | 198,227 | 386,573 | |||||
300 | NEUROCRINE BIOSCIENCES, INC.(b) | 23,979 | 31,863 | |||||
3,547 | ORGANON & CO. | 39,446 | 83,000 | |||||
300 | PENUMBRA, INC.(b) | 36,663 | 56,880 | |||||
158,251 | PFIZER, INC. | 6,158,915 | 6,925,064 | |||||
8,993 | QUEST DIAGNOSTICS, INC. | 1,291,267 | 1,103,351 | |||||
1,306 | REGENERON PHARMACEUTICALS, INC.(b) | 680,617 | 899,664 | |||||
118 | REPLIGEN CORP.(b) | 18,818 | 22,079 | |||||
4,204 | RESMED, INC. | 93,844 | 917,733 | |||||
1,000 | ROYALTY PHARMA PLC, CLASS A | 37,137 | 40,180 | |||||
1,300 | TELEFLEX, INC. | 66,613 | 261,898 | |||||
4,222 | THERMO FISHER SCIENTIFIC, INC. | 1,372,633 | 2,141,356 | |||||
6,118 | UNITED THERAPEUTICS CORP.(b) | 616,285 | 1,280,987 | |||||
15,795 | UNITEDHEALTH GROUP, INC. | 3,732,706 | 7,977,107 | |||||
12,992 | UNIVERSAL HEALTH SERVICES, INC., CLASS B | 1,171,056 | 1,145,635 | |||||
1,880 | VAREX IMAGING CORP.(b) | 19,829 | 39,743 | |||||
499 | VEEVA SYSTEMS, INC., CLASS A(b) | 19,015 | 82,275 | |||||
3,000 | VERTEX PHARMACEUTICALS, INC.(b) | 439,108 | 868,620 | |||||
70,702 | VIATRIS, INC. | 590,368 | 602,381 | |||||
4,498 | WATERS CORP.(b) | 417,656 | 1,212,346 | |||||
3,374 | ZIMMER BIOMET HOLDINGS, INC. | 135,863 | 352,752 | |||||
6,047 | ZOETIS, INC. | 858,592 | 896,710 | |||||
52,555,516 | 88,982,429 | 14.86% | ||||||
Industrials: | ||||||||
13,745 | 3M CO. | 1,181,274 | 1,518,822 | |||||
923 | ACCO BRANDS CORP. | 3,137 | 4,523 | |||||
3,338 | ACUITY BRANDS, INC. | 362,545 | 525,635 | |||||
5,973 | AGCO CORP. | 421,122 | 574,423 | |||||
900 | AIR LEASE CORP. | 13,723 | 27,909 | |||||
1,533 | ALLEGION PLC(c) | 40,913 | 137,479 | |||||
5,175 | AMETEK, INC. | 73,221 | 586,897 | |||||
5,544 | AVIS BUDGET GROUP, INC.(b) | 831,880 | 823,062 | |||||
2,387 | BOEING (THE) CO.(b) | 68,217 | 289,018 | |||||
17,857 | BOOZ ALLEN HAMILTON HOLDING CORP. | 1,098,845 | 1,649,094 | |||||
34,619 | BUILDERS FIRSTSOURCE, INC.(b) | 1,994,757 | 2,039,751 |
4 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Core Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
800 | BWX TECHNOLOGIES, INC. | $36,143 | 40,296 | |||||
1,200 | C.H. ROBINSON WORLDWIDE, INC. | 108,946 | 115,572 | |||||
796 | CARLISLE COS., INC. | 69,242 | 223,206 | |||||
10,640 | CARRIER GLOBAL CORP. | 57,007 | 378,358 | |||||
10,504 | CATERPILLAR, INC. | 272,491 | 1,723,496 | |||||
2,600 | CHARGEPOINT HOLDINGS, INC.(b) | 35,063 | 38,376 | |||||
5,347 | CINTAS CORP. | 1,092,834 | 2,075,652 | |||||
2,000 | COPART, INC.(b) | 143,195 | 212,800 | |||||
21,972 | CSX CORP. | 382,113 | 585,334 | |||||
3,648 | CUMMINS, INC. | 494,638 | 742,404 | |||||
5,993 | DEERE & CO. | 168,293 | 2,001,003 | |||||
1,940 | DELTA AIR LINES, INC.(b) | 27,009 | 54,436 | |||||
1,525 | DOVER CORP. | 32,899 | 177,785 | |||||
11,904 | EATON CORP. PLC | 188,536 | 1,587,517 | |||||
1,473 | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | 96,472 | 130,081 | |||||
1,856 | FEDEX CORP. | 37,123 | 275,560 | |||||
10,014 | FORTIVE CORP. | 403,477 | 583,816 | |||||
500 | GATX CORP. | 8,670 | 42,575 | |||||
4,928 | GENERAL DYNAMICS CORP. | 984,665 | 1,045,574 | |||||
6,246 | GENERAL ELECTRIC CO. | 348,222 | 386,690 | |||||
275 | HEICO CORP. | 19,276 | 39,595 | |||||
356 | HEICO CORP., CLASS A | 18,996 | 40,805 | |||||
9,188 | HONEYWELL INTERNATIONAL, INC. | 265,803 | 1,534,120 | |||||
25,039 | HOWMET AEROSPACE, INC. | 299,194 | 774,456 | |||||
3,549 | HUBBELL, INC. | 744,488 | 791,427 | |||||
535 | HUNTINGTON INGALLS INDUSTRIES, INC. | 18,067 | 118,503 | |||||
1,300 | IAA, INC.(b) | 39,765 | 41,405 | |||||
2,271 | IDEX CORP. | 140,770 | 453,859 | |||||
4,824 | ILLINOIS TOOL WORKS, INC. | 155,812 | 871,456 | |||||
2,382 | INGERSOLL RAND, INC. | 18,866 | 103,045 | |||||
1,468 | JACOBS SOLUTIONS, INC. | 29,713 | 159,263 | |||||
2,100 | JB HUNT TRANSPORT SERVICES, INC. | 40,530 | 328,482 | |||||
5,282 | JOHNSON CONTROLS INTERNATIONAL PLC | 143,631 | 259,980 | |||||
803 | KNIGHT-SWIFT TRANSPORTATION HOLDINGS, INC. | 34,320 | 39,291 | |||||
3,842 | L3HARRIS TECHNOLOGIES, INC. | 277,979 | 798,483 | |||||
322 | LINCOLN ELECTRIC HOLDINGS, INC. | 6,663 | 40,482 | |||||
3,634 | LOCKHEED MARTIN CORP. | 1,388,448 | 1,403,778 | |||||
15,807 | MANPOWERGROUP, INC. | 1,167,617 | 1,022,555 | |||||
44,890 | MASCO CORP. | 1,900,049 | 2,095,914 | |||||
3,039 | MSC INDUSTRIAL DIRECT CO., INC., CLASS A | 189,928 | 221,270 | |||||
677 | NORFOLK SOUTHERN CORP. | 12,958 | 141,933 | |||||
10,192 | NORTHROP GRUMMAN CORP. | 2,598,345 | 4,793,501 | |||||
1,319 | NVENT ELECTRIC PLC(c) | 12,626 | 41,694 | |||||
7,431 | OLD DOMINION FREIGHT LINE, INC. | 1,799,211 | 1,848,610 | |||||
5,320 | OTIS WORLDWIDE CORP. | 90,693 | 339,416 | |||||
3,596 | OWENS CORNING | 263,779 | 282,682 | |||||
389 | PACCAR, INC. | 9,819 | 32,555 | |||||
4,628 | PARKER-HANNIFIN CORP. | 350,966 | 1,121,411 | |||||
2,519 | PENTAIR PLC(c) | 49,295 | 102,347 | |||||
550 | QUANTA SERVICES, INC. | 29,376 | 70,065 | |||||
13,328 | RAYTHEON TECHNOLOGIES CORP. | 243,616 | 1,091,030 | |||||
12,257 | REPUBLIC SERVICES, INC. | 732,074 | 1,667,442 | |||||
26,451 | ROBERT HALF INTERNATIONAL, INC. | 2,795,388 | 2,023,501 | |||||
9,420 | ROLLINS, INC. | 221,629 | 326,686 | |||||
10,099 | SCHNEIDER NATIONAL, INC., CLASS B | 212,262 | 205,010 | |||||
700 | SNAP-ON, INC. | 17,991 | 140,945 | |||||
7,500 | SOUTHWEST AIRLINES CO.(b) | 64,131 | 231,300 | |||||
1,500 | SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A | 25,470 | 32,880 | |||||
2,557 | STANLEY BLACK & DECKER, INC. | 72,048 | 192,312 | |||||
400 | STERICYCLE, INC.(b) | 8,456 | 16,844 | |||||
3,049 | TEXTRON, INC. | 186,628 | 177,635 | |||||
11,246 | TIMKEN (THE) CO. | 499,847 | 663,964 | |||||
1,596 | TORO (THE) CO. | 76,510 | 138,022 | |||||
10,505 | TRANE TECHNOLOGIES PLC(c) | 490,333 | 1,521,229 | |||||
200 | TRANSDIGM GROUP, INC. | 62,989 | 104,964 | |||||
15,586 | UNION PACIFIC CORP. | 2,904,484 | 3,036,465 | |||||
2,028 | UNITED AIRLINES HOLDINGS, INC.(b) | 41,672 | 65,971 |
5 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Core Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
9,757 | UNITED PARCEL SERVICE, INC., CLASS B | $1,181,241 | 1,576,146 | |||||
3,660 | UNITED RENTALS, INC.(b) | 357,777 | 988,639 | |||||
494 | VERISK ANALYTICS, INC. | 83,738 | 84,242 | |||||
1 | VERITIV CORP.(b) | 8 | 98 | |||||
700 | W.W. GRAINGER, INC. | 30,601 | 342,433 | |||||
275 | WASTE CONNECTIONS, INC. | 12,008 | 37,161 | |||||
15,802 | WASTE MANAGEMENT, INC. | 732,916 | 2,531,638 | |||||
1,200 | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. | 21,945 | 97,620 | |||||
14,035 | XPO LOGISTICS, INC.(b) | 684,513 | 624,838 | |||||
2,300 | XYLEM, INC. | 89,663 | 200,928 | |||||
35,043,593 | 58,629,470 | 9.79% | ||||||
Information Technology: | ||||||||
4,972 | ACCENTURE PLC, CLASS A(c) | 310,340 | 1,279,296 | |||||
6,182 | ADOBE, INC.(b) | 607,811 | 1,701,286 | |||||
35,710 | ADVANCED MICRO DEVICES, INC.(b) | 1,538,514 | 2,262,586 | |||||
4,257 | AKAMAI TECHNOLOGIES, INC.(b) | 119,970 | 341,922 | |||||
8,102 | AMDOCS LTD. | 618,199 | 643,704 | |||||
4,349 | ANALOG DEVICES, INC. | 81,739 | 605,990 | |||||
261,745 | APPLE, INC. | 9,338,495 | 36,173,159 | |||||
5,742 | APPLIED MATERIALS, INC. | 117,084 | 470,442 | |||||
14,451 | APPLOVIN CORP., CLASS A(b) | 362,566 | 281,650 | |||||
1,200 | ARISTA NETWORKS, INC.(b) | 106,419 | 135,468 | |||||
7,925 | ARROW ELECTRONICS, INC.(b) | 483,101 | 730,606 | |||||
194 | ASPEN TECHNOLOGY, INC.(b) | 35,337 | 46,211 | |||||
100 | ATLASSIAN CORP. PLC, CLASS A(b)(c) | 18,028 | 21,059 | |||||
2,886 | AUTODESK, INC.(b) | 354,745 | 539,105 | |||||
6,766 | AUTOMATIC DATA PROCESSING, INC. | 361,211 | 1,530,402 | |||||
645 | BLACK KNIGHT, INC.(b) | 25,292 | 41,751 | |||||
700 | BLOCK, INC.(b) | 25,912 | 38,493 | |||||
7,034 | BROADCOM, INC. | 2,429,800 | 3,123,166 | |||||
3,413 | BROADRIDGE FINANCIAL SOLUTIONS, INC. | 106,898 | 492,564 | |||||
9,400 | CADENCE DESIGN SYSTEMS, INC.(b) | 407,205 | 1,536,242 | |||||
7,000 | CDW CORP. | 292,424 | 1,092,560 | |||||
61,522 | CISCO SYSTEMS, INC. | 1,340,145 | 2,460,880 | |||||
1,400 | CITRIX SYSTEMS, INC. | 112,250 | 145,460 | |||||
800 | CLOUDFLARE, INC., CLASS A(b) | 28,768 | 44,248 | |||||
22,744 | COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A | 1,831,213 | 1,306,415 | |||||
3,900 | COMMSCOPE HOLDING CO., INC.(b) | 24,669 | 35,919 | |||||
596 | CONCENTRIX CORP. | 18,010 | 66,531 | |||||
15,600 | CORNING, INC. | 85,176 | 452,712 | |||||
300 | CROWDSTRIKE HOLDINGS, INC., CLASS A(b) | 29,640 | 49,443 | |||||
83,918 | DELL TECHNOLOGIES, INC., CLASS C | 3,852,218 | 2,867,478 | |||||
3,369 | DOCUSIGN, INC.(b) | 197,584 | 180,140 | |||||
600 | DOLBY LABORATORIES, INC., CLASS A | 13,026 | 39,090 | |||||
31,785 | DXC TECHNOLOGY CO.(b) | 791,869 | 778,097 | |||||
1,700 | ENPHASE ENERGY, INC.(b) | 274,645 | 471,699 | |||||
1,154 | EPAM SYSTEMS, INC.(b) | 219,417 | 417,967 | |||||
1,300 | F5, INC.(b) | 30,062 | 188,149 | |||||
9,073 | FAIR ISAAC CORP.(b) | 4,239,762 | 3,738,167 | |||||
10,800 | FIDELITY NATIONAL INFORMATION SERVICES, INC. | 365,507 | 816,156 | |||||
9,784 | FISERV, INC.(b) | 172,685 | 915,489 | |||||
400 | FLEETCOR TECHNOLOGIES, INC.(b) | 73,953 | 70,468 | |||||
27,615 | FORTINET, INC.(b) | 393,491 | 1,356,725 | |||||
6,907 | GARTNER, INC.(b) | 1,603,548 | 1,911,098 | |||||
800 | GENPACT LTD. | 32,798 | 35,016 | |||||
2,643 | GLOBAL PAYMENTS, INC. | 196,578 | 285,576 | |||||
573 | GODADDY, INC., CLASS A(b) | 36,199 | 40,614 | |||||
158,810 | HEWLETT PACKARD ENTERPRISE CO. | 1,913,174 | 1,902,544 | |||||
191,582 | HP, INC. | 5,379,763 | 4,774,223 | |||||
45,715 | INTEL CORP. | 1,375,108 | 1,178,076 | |||||
11,723 | INTERNATIONAL BUSINESS MACHINES CORP. | 1,192,830 | 1,392,810 | |||||
4,700 | INTUIT, INC. | 548,617 | 1,820,404 | |||||
13,175 | JABIL, INC. | 259,881 | 760,329 | |||||
15,621 | JACK HENRY & ASSOCIATES, INC. | 2,968,195 | 2,847,240 | |||||
10,711 | JUNIPER NETWORKS, INC. | 378,678 | 279,771 | |||||
1,915 | KEYSIGHT TECHNOLOGIES, INC.(b) | 254,268 | 301,344 | |||||
5,476 | KLA CORP. | 1,781,428 | 1,657,202 |
6 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Core Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
5,109 | LAM RESEARCH CORP. | $355,823 | 1,869,894 | |||||
17,381 | MASTERCARD, INC., CLASS A | 4,572,414 | 4,942,113 | |||||
8,368 | MICROCHIP TECHNOLOGY, INC. | 38,707 | 510,699 | |||||
67,906 | MICRON TECHNOLOGY, INC. | 2,797,055 | 3,402,091 | |||||
120,352 | MICROSOFT CORP. | 7,528,006 | 28,029,981 | |||||
500 | MKS INSTRUMENTS, INC. | 32,310 | 41,320 | |||||
200 | MONOLITHIC POWER SYSTEMS, INC. | 74,250 | 72,680 | |||||
6,500 | MOTOROLA SOLUTIONS, INC. | 1,478,133 | 1,455,805 | |||||
22,781 | NORTONLIFELOCK, INC. | 207,695 | 458,809 | |||||
33,132 | NVIDIA CORP. | 1,514,845 | 4,021,893 | |||||
3,825 | NXP SEMICONDUCTORS N.V.(c) | 327,712 | 564,226 | |||||
14,065 | ON SEMICONDUCTOR CORP.(b) | 553,747 | 876,671 | |||||
43,388 | ORACLE CORP. | 2,437,294 | 2,649,705 | |||||
22,517 | PAYCHEX, INC. | 2,681,687 | 2,526,633 | |||||
1,553 | PAYCOM SOFTWARE, INC.(b) | 217,948 | 512,474 | |||||
14,961 | PAYPAL HOLDINGS, INC.(b) | 1,097,117 | 1,287,693 | |||||
2,400 | PTC, INC.(b) | 82,674 | 251,040 | |||||
1,400 | PURE STORAGE, INC., CLASS A(b) | 26,749 | 38,318 | |||||
9,703 | QUALCOMM, INC. | 1,088,206 | 1,096,245 | |||||
700 | ROPER TECHNOLOGIES, INC. | 94,317 | 251,748 | |||||
8,290 | SALESFORCE, INC.(b) | 138,253 | 1,192,434 | |||||
25,071 | SEAGATE TECHNOLOGY HOLDINGS PLC | 760,816 | 1,334,529 | |||||
2,047 | SERVICENOW, INC.(b) | 266,183 | 772,968 | |||||
4,496 | STONECO LTD., CLASS A(b)(c) | 37,028 | 42,847 | |||||
5,300 | SYNOPSYS, INC.(b) | 438,338 | 1,619,203 | |||||
457 | TD SYNNEX CORP. | 13,863 | 37,104 | |||||
12,814 | TERADATA CORP.(b) | 428,423 | 398,003 | |||||
4,600 | TERADYNE, INC. | 82,730 | 345,690 | |||||
27,783 | TEXAS INSTRUMENTS, INC. | 936,448 | 4,300,253 | |||||
7,049 | TRIMBLE, INC.(b) | 94,849 | 382,549 | |||||
100 | UBIQUITI, INC. | 17,029 | 29,356 | |||||
1,176 | VERISIGN, INC.(b) | 204,398 | 204,271 | |||||
28,737 | VISA, INC., CLASS A | 3,623,205 | 5,105,128 | |||||
2,100 | VISHAY INTERTECHNOLOGY, INC. | 13,309 | 37,359 | |||||
1,296 | VMWARE, INC., CLASS A | 24,166 | 137,972 | |||||
22,512 | WESTERN DIGITAL CORP.(b) | 839,154 | 732,766 | |||||
208 | WORKDAY, INC., CLASS A(b) | 28,550 | 31,662 | |||||
400 | ZEBRA TECHNOLOGIES CORP., CLASS A(b) | 43,396 | 104,804 | |||||
84,953,072 | 160,344,078 | 26.79% | ||||||
Materials: | ||||||||
2,994 | AIR PRODUCTS AND CHEMICALS, INC. | 500,120 | 696,794 | |||||
1,500 | ALBEMARLE CORP. | 65,890 | 396,660 | |||||
13,770 | AMCOR PLC(c) | 60,200 | 147,752 | |||||
500 | ASHLAND, INC. | 8,576 | 47,485 | |||||
3,165 | AVERY DENNISON CORP. | 207,899 | 514,946 | |||||
13,331 | CELANESE CORP. | 953,804 | 1,204,323 | |||||
33,944 | CF INDUSTRIES HOLDINGS, INC. | 3,037,691 | 3,267,110 | |||||
13,806 | CHEMOURS (THE) CO. | 402,511 | 340,318 | |||||
8,562 | CORTEVA, INC. | 200,802 | 489,318 | |||||
1,800 | CROWN HOLDINGS, INC. | 57,831 | 145,854 | |||||
25,939 | DOW, INC. | 1,295,962 | 1,139,500 | |||||
7,262 | DUPONT DE NEMOURS, INC. | 212,802 | 366,005 | |||||
3,609 | EASTMAN CHEMICAL CO. | 100,643 | 256,419 | |||||
3,191 | ECOLAB, INC. | 114,294 | 460,844 | |||||
13,200 | FREEPORT-MCMORAN, INC. | 86,592 | 360,756 | |||||
60,199 | GINKGO BIOWORKS HOLDINGS, INC.(b) | 172,489 | 187,821 | |||||
52,423 | HUNTSMAN CORP. | 1,190,248 | 1,286,460 | |||||
2,521 | INTERNATIONAL FLAVORS & FRAGRANCES, INC. | 242,423 | 228,982 | |||||
48,580 | INTERNATIONAL PAPER CO. | 1,563,167 | 1,539,986 | |||||
3,465 | LINDE PLC(c) | 580,691 | 934,129 | |||||
30,074 | LYONDELLBASELL INDUSTRIES N.V., CLASS A | 2,268,792 | 2,263,971 | |||||
700 | MARTIN MARIETTA MATERIALS, INC. | 27,965 | 225,463 | |||||
7,400 | NEWMONT CORP. | 136,530 | 311,022 | |||||
5,844 | NUCOR CORP. | 99,313 | 625,250 | |||||
18,585 | OLIN CORP. | 965,437 | 796,925 | |||||
700 | PACKAGING CORP. OF AMERICA | 79,786 | 78,603 | |||||
5,172 | PPG INDUSTRIES, INC. | 123,888 | 572,489 |
7 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Core Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Materials (Cont'd): | ||||||||
1,373 | RELIANCE STEEL & ALUMINUM CO. | $81,223 | 239,465 | |||||
400 | ROYAL GOLD, INC. | 14,876 | 37,528 | |||||
1,400 | SEALED AIR CORP. | 24,528 | 62,314 | |||||
600 | SONOCO PRODUCTS CO. | 12,420 | 34,038 | |||||
81 | SOUTHERN COPPER CORP.(c) | 963 | 3,632 | |||||
16,620 | STEEL DYNAMICS, INC. | 1,015,332 | 1,179,189 | |||||
20,231 | UNITED STATES STEEL CORP. | 358,706 | 366,586 | |||||
1,422 | VALVOLINE, INC. | 9,272 | 36,033 | |||||
2,100 | VULCAN MATERIALS CO. | 63,441 | 331,191 | |||||
17,797 | WESTROCK CO. | 654,470 | 549,749 | |||||
16,991,577 | 21,724,910 | 3.63% | ||||||
Real Estate: | ||||||||
2,229 | ALEXANDRIA REAL ESTATE EQUITIES, INC. | 124,669 | 312,484 | |||||
1,252 | AMERICAN HOMES 4 RENT, CLASS A | 37,569 | 41,078 | |||||
3,580 | AMERICAN TOWER CORP. | 335,040 | 768,626 | |||||
1,008 | APARTMENT INCOME REIT CORP. | 34,055 | 38,929 | |||||
834 | AVALONBAY COMMUNITIES, INC. | 47,526 | 153,615 | |||||
3,388 | BOSTON PROPERTIES, INC. | 165,793 | 253,998 | |||||
26,905 | BRIXMOR PROPERTY GROUP, INC. | 233,706 | 496,935 | |||||
2,153 | CAMDEN PROPERTY TRUST | 123,455 | 257,176 | |||||
4,700 | CROWN CASTLE, INC. | 172,478 | 679,385 | |||||
2,027 | CUBESMART | 52,679 | 81,202 | |||||
457 | DIGITAL REALTY TRUST, INC. | 21,921 | 45,325 | |||||
2,100 | DOUGLAS EMMETT, INC. | 13,943 | 37,653 | |||||
1,700 | DUKE REALTY CORP. | 28,435 | 81,940 | |||||
1,252 | EQUINIX, INC. | 309,568 | 712,188 | |||||
600 | EQUITY LIFESTYLE PROPERTIES, INC. | 9,836 | 37,704 | |||||
5,416 | EQUITY RESIDENTIAL | 174,162 | 364,064 | |||||
675 | ESSEX PROPERTY TRUST, INC. | 73,174 | 163,505 | |||||
600 | EXTRA SPACE STORAGE, INC. | 98,202 | 103,626 | |||||
900 | FEDERAL REALTY INVESTMENT TRUST | 47,642 | 81,108 | |||||
1,046 | FOUR CORNERS PROPERTY TRUST, INC. | 8,177 | 25,303 | |||||
870 | GAMING AND LEISURE PROPERTIES, INC. | 24,198 | 38,489 | |||||
7,000 | HEALTHPEAK PROPERTIES, INC. | 65,888 | 160,440 | |||||
106,556 | HOST HOTELS & RESORTS, INC. | 1,671,180 | 1,692,109 | |||||
678 | HOWARD HUGHES (THE) CORP.(b) | 20,502 | 37,554 | |||||
2,100 | IRON MOUNTAIN, INC. | 93,990 | 92,337 | |||||
400 | JBG SMITH PROPERTIES | 6,941 | 7,432 | |||||
6,972 | KIMCO REALTY CORP. | 66,618 | 128,355 | |||||
778 | LAMAR ADVERTISING CO., CLASS A | 28,754 | 64,177 | |||||
1,800 | MID-AMERICA APARTMENT COMMUNITIES, INC. | 132,698 | 279,126 | |||||
2,500 | OUTFRONT MEDIA, INC. | 32,266 | 37,975 | |||||
10,911 | PROLOGIS, INC. | 280,831 | 1,108,558 | |||||
1,735 | PUBLIC STORAGE | 227,274 | 508,025 | |||||
1,172 | RAYONIER, INC. | 10,987 | 35,125 | |||||
4,002 | REALTY INCOME CORP. | 86,978 | 232,916 | |||||
15,058 | REGENCY CENTERS CORP. | 828,336 | 810,873 | |||||
680 | REXFORD INDUSTRIAL REALTY, INC. | 33,593 | 35,360 | |||||
2,100 | SBA COMMUNICATIONS CORP. | 214,169 | 597,765 | |||||
16,393 | SIMON PROPERTY GROUP, INC. | 1,603,996 | 1,471,272 | |||||
133 | SUN COMMUNITIES, INC. | 8,109 | 17,999 | |||||
4,100 | UDR, INC. | 63,318 | 171,011 | |||||
4,265 | VICI PROPERTIES, INC. | 53,467 | 127,310 | |||||
116,356 | WEYERHAEUSER CO. | 4,150,849 | 3,323,127 | |||||
11,816,972 | 15,713,179 | 2.62% | ||||||
Utilities: | ||||||||
3,100 | AES (THE) CORP. | 35,303 | 70,060 | |||||
2,000 | ALLIANT ENERGY CORP. | 24,835 | 105,980 | |||||
1,700 | AMEREN CORP. | 48,382 | 136,935 | |||||
5,900 | AMERICAN ELECTRIC POWER CO., INC. | 372,550 | 510,055 | |||||
900 | AVANGRID, INC. | 34,235 | 37,530 | |||||
5,800 | CENTERPOINT ENERGY, INC. | 66,308 | 163,444 | |||||
13,300 | CMS ENERGY CORP. | 259,708 | 774,592 | |||||
4,975 | CONSOLIDATED EDISON, INC. | 318,863 | 426,656 | |||||
3,500 | CONSTELLATION ENERGY CORP. | 137,851 | 291,165 | |||||
12,073 | DOMINION ENERGY, INC. | 450,978 | 834,365 | |||||
2,300 | DTE ENERGY CO. | 71,502 | 264,615 |
8 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Core Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Utilities (Cont'd): | ||||||||
9,151 | DUKE ENERGY CORP. | $418,500 | 851,226 | |||||
4,325 | EDISON INTERNATIONAL | 135,088 | 244,708 | |||||
464 | ENTERGY CORP. | 12,179 | 46,692 | |||||
735 | ESSENTIAL UTILITIES, INC. | 9,833 | 30,414 | |||||
2,974 | EVERGY, INC. | 67,407 | 176,656 | |||||
4,961 | EVERSOURCE ENERGY | 125,492 | 386,760 | |||||
10,500 | EXELON CORP. | 342,581 | 393,330 | |||||
5,500 | FIRSTENERGY CORP. | 159,532 | 203,500 | |||||
600 | NATIONAL FUEL GAS CO. | 13,860 | 36,930 | |||||
16,354 | NEXTERA ENERGY, INC. | 192,414 | 1,282,317 | |||||
6,900 | NISOURCE, INC. | 43,973 | 173,811 | |||||
46,007 | NRG ENERGY, INC. | 1,563,720 | 1,760,688 | |||||
900 | OGE ENERGY CORP. | 8,127 | 32,814 | |||||
3,100 | PG&E CORP.(b) | 30,923 | 38,750 | |||||
13,100 | PINNACLE WEST CAPITAL CORP. | 782,497 | 845,081 | |||||
700 | PPL CORP. | 10,384 | 17,745 | |||||
1,200 | PUBLIC SERVICE ENTERPRISE GROUP, INC. | 51,552 | 67,476 | |||||
3,700 | SEMPRA ENERGY | 239,277 | 554,778 | |||||
10,000 | SOUTHERN (THE) CO. | 264,782 | 680,000 | |||||
1,050 | UGI CORP. | 12,323 | 33,947 | |||||
1,656 | VISTRA CORP. | 29,514 | 34,776 | |||||
3,500 | WEC ENERGY GROUP, INC. | 263,727 | 313,005 | |||||
968 | XCEL ENERGY, INC. | 36,241 | 61,952 | |||||
6,634,441 | 11,882,753 | 1.99% | ||||||
Sub-total Common Stocks: | 371,621,665 | 612,931,011 | 102.39% | |||||
Short-Term Investments: | ||||||||
2,278,000 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 2.25%(d) | 2,278,000 | 2,278,000 | |||||
Sub-total Short-Term Investments: | 2,278,000 | 2,278,000 | 0.38% | |||||
Grand total | $373,899,665 | 615,209,011 | 102.77% |
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, 2022, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 1.46% of net assets. |
(d) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2021, the value of the Clearwater Core Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $2,396,931 with net sales of $118,931 during the nine months ended September 30, 2022. |
9 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Core Equity Fund
September 30, 2022
(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. With respect to Fund investments that do not have readily available market quotations, the Board of Trustees has designated the Adviser as the valuation designee to
perform fair value determinations pursuant to Rule 2a-5 under the Investment Company Act of 1940. When prices are not readily available (including those for which trading has been suspended), are determined not to be
reliable, 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 by the Adviser using procedures approved 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, 2022.
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks | $612,931,011 | $— | $— | $612,931,011 | |||
Short-Term Investments | 2,278,000 | — | — | 2,278,000 | |||
Total | $615,209,011 | $— | $— | $615,209,011 |
For the Clearwater Core
Equity Fund, 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.
10 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Core Equity Fund
September 30, 2022
(unaudited)
Clearwater Core Equity Fund Portfolio
Diversification
(as a percentage of net assets)
11 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Select Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Communication Services: | ||||||||
300 | AMC NETWORKS, INC., CLASS A(b) | $6,207 | 6,090 | |||||
500 | CARS.COM, INC.(b) | 5,740 | 5,750 | |||||
4,000 | CINEMARK HOLDINGS, INC.(b) | 50,225 | 48,440 | |||||
5,641 | CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.(b) | 28,145 | 23,467 | |||||
400 | EW SCRIPPS (THE) CO., CLASS A(b) | 4,588 | 4,508 | |||||
2,500 | GOGO, INC.(b) | 30,068 | 30,300 | |||||
500 | MARCUS (THE) CORP. | 7,045 | 6,945 | |||||
167,880 | NEW YORK TIMES (THE) CO., CLASS A | 7,132,071 | 4,826,550 | |||||
63,096 | OOMA, INC.(b) | 1,163,274 | 776,081 | |||||
1,800 | QUINSTREET, INC.(b) | 19,130 | 18,900 | |||||
1,100 | SCHOLASTIC CORP. | 33,275 | 33,836 | |||||
3,100 | SHENANDOAH TELECOMMUNICATIONS CO. | 62,889 | 52,762 | |||||
15,002 | SHUTTERSTOCK, INC. | 1,087,866 | 752,650 | |||||
6,524 | TECHTARGET, INC.(b) | 386,962 | 386,221 | |||||
3,600 | TELEPHONE AND DATA SYSTEMS, INC. | 51,791 | 50,040 | |||||
4,521 | THRYV HOLDINGS, INC.(b) | 105,727 | 103,214 | |||||
297,402 | THUNDERBIRD ENTERTAINMENT GROUP, INC.(b)(c) | 1,101,679 | 645,894 | |||||
28,841 | VERTICALSCOPE HOLDINGS, INC.(b)(c) | 567,714 | 208,789 | |||||
206,351 | VIMEO, INC.(b) | 5,427,102 | 825,404 | |||||
80,853 | WARNER MUSIC GROUP CORP., CLASS A | 2,446,997 | 1,876,598 | |||||
6,408 | YELP, INC.(b) | 195,031 | 217,295 | |||||
20,495 | YOUGOV PLC(c) | 359,598 | 206,510 | |||||
20,273,124 | 11,106,244 | 3.41% | ||||||
Consumer Discretionary: | ||||||||
31,727 | 1-800-FLOWERS.COM, INC., CLASS A(b) | 961,928 | 205,908 | |||||
1,200 | AARON'S (THE) CO., INC. | 12,623 | 11,664 | |||||
2,475 | ACADEMY SPORTS & OUTDOORS, INC. | 101,482 | 104,395 | |||||
33,214 | ADIENT PLC(b) | 1,174,764 | 921,688 | |||||
1,700 | ADTALEM GLOBAL EDUCATION, INC.(b) | 61,376 | 61,965 | |||||
62,710 | ALLBIRDS, INC., CLASS A(b) | 958,191 | 190,638 | |||||
700 | AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.(b) | 4,879 | 4,781 | |||||
150,420 | AMERICAN EAGLE OUTFITTERS, INC. | 2,915,104 | 1,463,587 | |||||
33,353 | AMERICAN OUTDOOR BRANDS, INC.(b) | 814,682 | 292,506 | |||||
100 | AMERICA'S CAR-MART, INC.(b) | 6,196 | 6,102 | |||||
900 | ASBURY AUTOMOTIVE GROUP, INC.(b) | 132,309 | 135,990 | |||||
2,600 | BED BATH & BEYOND, INC.(b) | 16,112 | 15,834 | |||||
300 | BJ'S RESTAURANTS, INC.(b) | 7,176 | 7,155 | |||||
292 | BLOOMIN' BRANDS, INC. | 3,729 | 5,352 | |||||
1,100 | BOOT BARN HOLDINGS, INC.(b) | 65,658 | 64,306 | |||||
1,700 | BRINKER INTERNATIONAL, INC.(b) | 43,585 | 42,466 | |||||
1,100 | BUCKLE (THE), INC. | 35,145 | 34,826 | |||||
1,400 | CALERES, INC. | 34,886 | 33,908 | |||||
600 | CATO (THE) CORP., CLASS A | 5,736 | 5,724 | |||||
129 | CAVCO INDUSTRIES, INC.(b) | 28,161 | 26,543 | |||||
99,794 | CENTURY CASINOS, INC.(b) | 1,418,206 | 654,649 | |||||
1,100 | CENTURY COMMUNITIES, INC. | 47,498 | 47,058 | |||||
400 | CHEESECAKE FACTORY (THE), INC. | 11,996 | 11,712 | |||||
4,800 | CHICO'S FAS, INC.(b) | 26,525 | 23,232 | |||||
200 | CHILDREN'S PLACE (THE), INC.(b) | 6,310 | 6,178 | |||||
8,400 | CHUY'S HOLDINGS, INC.(b) | 176,041 | 194,712 | |||||
11,473 | CLARUS CORP. | 284,477 | 154,541 | |||||
164,088 | DANA, INC. | 2,289,365 | 1,875,526 | |||||
1,600 | DAVE & BUSTER'S ENTERTAINMENT, INC.(b) | 50,365 | 49,648 | |||||
15,487 | DENNY'S CORP.(b) | 249,246 | 145,733 | |||||
1,761 | DESIGNER BRANDS, INC., CLASS A | 22,850 | 26,961 | |||||
163 | DINE BRANDS GLOBAL, INC. | 9,595 | 10,360 | |||||
51 | DORMAN PRODUCTS, INC.(b) | 3,349 | 4,188 | |||||
56,888 | DREAM FINDERS HOMES, INC., CLASS A(b) | 1,147,638 | 603,013 | |||||
800 | EL POLLO LOCO HOLDINGS, INC.(b) | 7,080 | 7,136 | |||||
131,220 | FARFETCH LTD., CLASS A(b)(c) | 3,522,840 | 977,589 | |||||
3,100 | FRONTDOOR, INC.(b) | 64,345 | 63,209 | |||||
115,960 | FULL HOUSE RESORTS, INC.(b) | 984,121 | 651,695 | |||||
161,948 | GAP (THE), INC. | 2,324,714 | 1,329,593 | |||||
950 | GENESCO, INC.(b) | 52,234 | 37,354 | |||||
63,889 | GENTEX CORP. | 1,932,502 | 1,523,114 | |||||
1,300 | GENTHERM, INC.(b) | 65,622 | 64,649 |
12 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Select Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
987 | G-III APPAREL GROUP LTD.(b) | $14,210 | 14,756 | |||||
73,598 | GILDAN ACTIVEWEAR, INC.(c) | 1,698,034 | 2,080,615 | |||||
800 | GOLDEN ENTERTAINMENT, INC.(b) | 28,208 | 27,912 | |||||
1,100 | GREEN BRICK PARTNERS, INC.(b) | 23,617 | 23,518 | |||||
600 | GROUP 1 AUTOMOTIVE, INC. | 84,966 | 85,722 | |||||
1,100 | GUESS?, INC. | 16,379 | 16,137 | |||||
130,030 | HANESBRANDS, INC. | 1,987,569 | 905,009 | |||||
500 | HAVERTY FURNITURE COS., INC. | 12,675 | 12,450 | |||||
20,371 | HELEN OF TROY LTD.(b) | 3,458,213 | 1,964,579 | |||||
1,469 | HIBBETT, INC. | 67,146 | 73,171 | |||||
47,911 | HOOKER FURNISHINGS CORP. | 1,123,840 | 646,319 | |||||
957 | INSTALLED BUILDING PRODUCTS, INC. | 77,809 | 77,507 | |||||
1,100 | IROBOT CORP.(b) | 62,633 | 61,963 | |||||
800 | JACK IN THE BOX, INC. | 59,608 | 59,256 | |||||
1,900 | KONTOOR BRANDS, INC. | 65,051 | 63,859 | |||||
900 | LCI INDUSTRIES | 90,909 | 91,314 | |||||
700 | LGI HOMES, INC.(b) | 57,078 | 56,959 | |||||
12,731 | LOVESAC (THE) CO.(b) | 780,751 | 259,458 | |||||
1,000 | M/I HOMES, INC.(b) | 36,860 | 36,230 | |||||
27,290 | MALIBU BOATS, INC., CLASS A(b) | 1,593,334 | 1,309,647 | |||||
575 | MARINEMAX, INC.(b) | 13,007 | 17,129 | |||||
2,600 | MDC HOLDINGS, INC. | 72,896 | 71,292 | |||||
1,300 | MERITAGE HOMES CORP.(b) | 92,870 | 91,351 | |||||
400 | MONARCH CASINO & RESORT, INC.(b) | 22,604 | 22,456 | |||||
1,100 | MONRO, INC. | 47,619 | 47,806 | |||||
54,156 | MOTORCAR PARTS OF AMERICA, INC.(b) | 1,048,345 | 824,254 | |||||
500 | MOVADO GROUP, INC. | 14,285 | 14,090 | |||||
2,835 | NATIONAL VISION HOLDINGS, INC.(b) | 89,997 | 92,563 | |||||
35,603 | NEOGAMES S.A.(b)(c) | 569,143 | 459,279 | |||||
104,618 | NOODLES & CO.(b) | 875,606 | 491,705 | |||||
1,500 | ODP (THE) CORP.(b) | 53,503 | 52,725 | |||||
23,170 | OVERSTOCK.COM, INC.(b) | 911,298 | 564,189 | |||||
500 | OXFORD INDUSTRIES, INC. | 40,480 | 44,890 | |||||
30,260 | PAPA JOHN'S INTERNATIONAL, INC. | 2,651,536 | 2,118,503 | |||||
12,792 | PATRICK INDUSTRIES, INC. | 975,604 | 560,801 | |||||
67,367 | PELOTON INTERACTIVE, INC., CLASS A(b) | 2,071,074 | 466,853 | |||||
2,400 | PERDOCEO EDUCATION CORP.(b) | 25,193 | 24,720 | |||||
14,021 | PVH CORP. | 687,542 | 628,141 | |||||
1,900 | RENT-A-CENTER, INC. | 42,442 | 33,269 | |||||
1,100 | RUTH'S HOSPITALITY GROUP, INC. | 18,887 | 18,546 | |||||
3,900 | SALLY BEAUTY HOLDINGS, INC.(b) | 50,998 | 49,140 | |||||
1,300 | SHAKE SHACK, INC., CLASS A(b) | 60,617 | 58,474 | |||||
600 | SHOE CARNIVAL, INC. | 13,056 | 12,864 | |||||
1,700 | SIGNET JEWELERS LTD. | 95,043 | 97,223 | |||||
2,700 | SIX FLAGS ENTERTAINMENT CORP.(b) | 48,970 | 47,790 | |||||
22,115 | SKYLINE CHAMPION CORP.(b) | 1,350,697 | 1,169,220 | |||||
10,642 | SLEEP NUMBER CORP.(b) | 811,703 | 359,806 | |||||
823 | SONIC AUTOMOTIVE, INC., CLASS A | 28,187 | 35,636 | |||||
3,900 | SONOS, INC.(b) | 54,663 | 54,210 | |||||
100 | STANDARD MOTOR PRODUCTS, INC. | 3,250 | 3,250 | |||||
1,800 | STEVEN MADDEN LTD. | 50,900 | 48,006 | |||||
93,741 | STONERIDGE, INC.(b) | 2,071,898 | 1,588,910 | |||||
4,982 | STRATEGIC EDUCATION, INC. | 302,638 | 305,945 | |||||
52,418 | STRIDE, INC.(b) | 1,865,030 | 2,203,129 | |||||
600 | STURM RUGER & CO., INC. | 30,666 | 30,474 | |||||
3,700 | TRI POINTE HOMES, INC.(b) | 56,818 | 55,907 | |||||
600 | TUPPERWARE BRANDS CORP.(b) | 4,008 | 3,930 | |||||
500 | UNIFI, INC.(b) | 4,840 | 4,755 | |||||
622 | URBAN OUTFITTERS, INC.(b) | 12,515 | 12,222 | |||||
14,135 | VF CORP. | 585,131 | 422,778 | |||||
2,000 | VISTA OUTDOOR, INC.(b) | 48,955 | 48,640 | |||||
56,418 | WINNEBAGO INDUSTRIES, INC. | 2,568,578 | 3,002,002 | |||||
200 | WOLVERINE WORLD WIDE, INC. | 3,326 | 3,078 | |||||
1,900 | WW INTERNATIONAL, INC.(b) | 7,577 | 7,467 | |||||
28,636 | WYNDHAM HOTELS & RESORTS, INC. | 1,391,708 | 1,756,819 | |||||
700 | XPEL, INC.(b) | 44,646 | 45,108 |
13 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Select Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Consumer Discretionary (Cont'd): | ||||||||
500 | ZUMIEZ, INC.(b) | $11,075 | 10,765 | |||||
55,320,955 | 38,045,679 | 11.68% | ||||||
Consumer Staples: | ||||||||
1,200 | ANDERSONS (THE), INC. | 36,875 | 37,236 | |||||
2,700 | B&G FOODS, INC. | 45,197 | 44,523 | |||||
1,420 | CALAVO GROWERS, INC. | 54,238 | 45,085 | |||||
1,400 | CAL-MAINE FOODS, INC. | 82,150 | 77,826 | |||||
200 | CENTRAL GARDEN & PET CO., CLASS A(b) | 6,820 | 6,832 | |||||
27,883 | CHEFS' WAREHOUSE (THE), INC.(b) | 867,388 | 807,770 | |||||
200 | EDGEWELL PERSONAL CARE CO. | 7,360 | 7,480 | |||||
1,700 | ELF BEAUTY, INC.(b) | 63,849 | 63,954 | |||||
1,100 | FRESH DEL MONTE PRODUCE, INC. | 25,905 | 25,564 | |||||
81,371 | GROCERY OUTLET HOLDING CORP.(b) | 2,541,547 | 2,708,840 | |||||
5,126 | HOSTESS BRANDS, INC.(b) | 114,986 | 119,128 | |||||
10,160 | INGREDION, INC. | 913,954 | 818,083 | |||||
100 | INTER PARFUMS, INC. | 7,379 | 7,546 | |||||
600 | J & J SNACK FOODS CORP. | 78,810 | 77,682 | |||||
744 | JOHN B. SANFILIPPO & SON, INC. | 55,342 | 56,343 | |||||
11,185 | MEDIFAST, INC. | 2,185,611 | 1,212,007 | |||||
500 | MGP INGREDIENTS, INC. | 52,000 | 53,080 | |||||
800 | NATIONAL BEVERAGE CORP. | 31,272 | 30,832 | |||||
900 | PRICESMART, INC. | 52,803 | 51,831 | |||||
20,022 | SPECTRUM BRANDS HOLDINGS, INC. | 1,220,084 | 781,459 | |||||
600 | TOOTSIE ROLL INDUSTRIES, INC. | 20,310 | 19,968 | |||||
1,814 | TREEHOUSE FOODS, INC.(b) | 75,897 | 76,950 | |||||
2,124 | UNITED NATURAL FOODS, INC.(b) | 73,014 | 73,002 | |||||
21,446 | UNIVERSAL CORP. | 1,184,924 | 987,374 | |||||
24,134 | USANA HEALTH SCIENCES, INC.(b) | 2,345,640 | 1,352,711 | |||||
4,600 | VECTOR GROUP LTD. | 41,198 | 40,526 | |||||
500 | WD-40 CO. | 89,585 | 87,870 | |||||
13,694 | WINFARM SAS(b)(c) | 562,437 | 209,995 | |||||
12,836,575 | 9,881,497 | 3.03% | ||||||
Energy: | ||||||||
5,000 | ARCHROCK, INC. | 25,100 | 32,100 | |||||
900 | BRISTOW GROUP, INC.(b) | 21,573 | 21,141 | |||||
1,900 | CALLON PETROLEUM CO.(b) | 66,077 | 66,519 | |||||
2,000 | CIVITAS RESOURCES, INC. | 114,995 | 114,780 | |||||
1,217 | CONSOL ENERGY, INC. | 73,883 | 78,277 | |||||
1,700 | CORE LABORATORIES N.V.(c) | 24,137 | 22,916 | |||||
74,631 | DMC GLOBAL, INC.(b) | 2,922,013 | 1,192,603 | |||||
1,300 | DRIL-QUIP, INC.(b) | 26,077 | 25,376 | |||||
182,943 | EVOLUTION PETROLEUM CORP. | 949,010 | 1,273,283 | |||||
2,200 | GREEN PLAINS, INC.(b) | 64,124 | 63,954 | |||||
5,300 | HELIX ENERGY SOLUTIONS GROUP, INC.(b) | 20,861 | 20,458 | |||||
1,400 | HELMERICH & PAYNE, INC. | 52,554 | 51,758 | |||||
600 | LAREDO PETROLEUM, INC.(b) | 37,872 | 37,710 | |||||
1,400 | NABORS INDUSTRIES LTD.(b) | 156,266 | 142,030 | |||||
229,856 | NEW STRATUS ENERGY, INC.(b)(c) | 143,850 | 141,440 | |||||
106,032 | NOV, INC. | 1,241,978 | 1,715,598 | |||||
3,600 | OCEANEERING INTERNATIONAL, INC.(b) | 29,183 | 28,656 | |||||
2,300 | OIL STATES INTERNATIONAL, INC.(b) | 9,217 | 8,947 | |||||
2,002 | PAR PACIFIC HOLDINGS, INC.(b) | 28,499 | 32,853 | |||||
7,500 | PATTERSON-UTI ENERGY, INC. | 88,842 | 87,600 | |||||
3,900 | PBF ENERGY, INC., CLASS A(b) | 134,418 | 137,124 | |||||
782 | PDC ENERGY, INC. | 35,265 | 45,192 | |||||
3,200 | PROPETRO HOLDING CORP.(b) | 25,621 | 25,760 | |||||
300 | RANGER OIL CORP., CLASS A | 9,330 | 9,435 | |||||
874 | REX AMERICAN RESOURCES CORP.(b) | 19,759 | 24,402 | |||||
3,000 | RPC, INC. | 20,840 | 20,790 | |||||
4,100 | SM ENERGY CO. | 142,459 | 154,201 | |||||
2,400 | TALOS ENERGY, INC.(b) | 39,905 | 39,960 | |||||
174,425 | TECHNIPFMC PLC(b)(c) | 1,255,206 | 1,475,636 | |||||
2,700 | US SILICA HOLDINGS, INC.(b) | 29,827 | 29,565 | |||||
2,200 | WORLD FUEL SERVICES CORP. | 52,816 | 51,568 | |||||
305,389 | YANGARRA RESOURCES LTD.(b)(c) | 601,172 | 506,273 | |||||
8,462,729 | 7,677,905 | 2.36% |
14 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Select Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials: | ||||||||
49,531 | AFC GAMMA, INC. | $1,074,774 | 757,824 | |||||
700 | ALLEGIANCE BANCSHARES, INC. | 29,400 | 29,141 | |||||
19,777 | A-MARK PRECIOUS METALS, INC. | 565,484 | 561,469 | |||||
400 | AMBAC FINANCIAL GROUP, INC.(b) | 5,020 | 5,100 | |||||
39,489 | AMERICAN EQUITY INVESTMENT LIFE HOLDING CO. | 1,130,606 | 1,472,545 | |||||
2,417 | AMERIS BANCORP | 107,297 | 108,064 | |||||
200 | AMERISAFE, INC. | 9,396 | 9,346 | |||||
600 | APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. | 5,022 | 4,980 | |||||
41,692 | ARGO GROUP INTERNATIONAL HOLDINGS LTD.(c) | 1,911,482 | 802,988 | |||||
1,000 | ARMOUR RESIDENTIAL REIT, INC. | (1,386) | 4,870 | |||||
119,510 | ASSOCIATED BANC-CORP | 2,084,499 | 2,399,761 | |||||
300 | ASSURED GUARANTY LTD.(c) | 14,439 | 14,535 | |||||
51,223 | AXIS CAPITAL HOLDINGS LTD.(c) | 2,634,349 | 2,517,610 | |||||
27,155 | AXOS FINANCIAL, INC.(b) | 1,401,046 | 929,516 | |||||
600 | B RILEY FINANCIAL, INC. | 26,310 | 26,712 | |||||
400 | BANC OF CALIFORNIA, INC. | 6,464 | 6,388 | |||||
700 | BANCFIRST CORP. | 63,161 | 62,629 | |||||
2,100 | BANCORP (THE), INC.(b) | 46,278 | 46,158 | |||||
200 | BANKUNITED, INC. | 6,818 | 6,834 | |||||
100 | BANNER CORP. | 5,885 | 5,908 | |||||
3,236 | BERKSHIRE HILLS BANCORP, INC. | 75,451 | 88,343 | |||||
1,800 | BLUCORA, INC.(b) | 34,988 | 34,812 | |||||
400 | BRIGHTSPHERE INVESTMENT GROUP, INC. | 6,136 | 5,964 | |||||
2,800 | BROOKLINE BANCORP, INC. | 33,479 | 32,620 | |||||
35,430 | CALIFORNIA BANCORP(b) | 754,839 | 716,395 | |||||
600 | CAPITOL FEDERAL FINANCIAL, INC. | 5,082 | 4,980 | |||||
1,100 | CENTRAL PACIFIC FINANCIAL CORP. | 22,385 | 22,759 | |||||
600 | CITY HOLDING CO. | 53,184 | 53,214 | |||||
131,020 | CNO FINANCIAL GROUP, INC. | 2,362,044 | 2,354,429 | |||||
200 | COLUMBIA BANKING SYSTEM, INC. | 5,796 | 5,778 | |||||
13,465 | COMMERCE BANCSHARES, INC. | 581,409 | 890,844 | |||||
856 | COMMUNITY BANK SYSTEM, INC. | 46,513 | 51,428 | |||||
200 | CUSTOMERS BANCORP, INC.(b) | 5,974 | 5,896 | |||||
4,900 | CVB FINANCIAL CORP. | 125,028 | 124,068 | |||||
989 | DIME COMMUNITY BANCSHARES, INC. | 21,167 | 28,958 | |||||
55,349 | DONNELLEY FINANCIAL SOLUTIONS, INC.(b) | 2,628,313 | 2,046,253 | |||||
200 | EAGLE BANCORP, INC. | 8,876 | 8,964 | |||||
700 | ELLINGTON FINANCIAL, INC. | 8,085 | 7,959 | |||||
200 | EMPLOYERS HOLDINGS, INC. | 6,898 | 6,898 | |||||
700 | ENCORE CAPITAL GROUP, INC.(b) | 32,163 | 31,836 | |||||
1,800 | ENOVA INTERNATIONAL, INC.(b) | 54,842 | 52,686 | |||||
33,836 | ESQUIRE FINANCIAL HOLDINGS, INC. | 1,012,285 | 1,270,542 | |||||
65,470 | ESSENT GROUP LTD. | 2,607,655 | 2,282,939 | |||||
154,933 | EZCORP, INC., CLASS A(b) | 1,151,284 | 1,194,533 | |||||
200 | FB FINANCIAL CORP. | 7,750 | 7,642 | |||||
18,184 | FEDERAL AGRICULTURAL MORTGAGE CORP., CLASS C | 2,389,087 | 1,802,762 | |||||
148,538 | FIDUCIAN GROUP LTD.(c) | 881,708 | 669,707 | |||||
1,400 | FIRST BANCORP | 51,196 | 51,212 | |||||
7,000 | FIRST BANCORP | 95,800 | 95,760 | |||||
2,300 | FIRST COMMONWEALTH FINANCIAL CORP. | 29,733 | 29,532 | |||||
300 | FIRST FINANCIAL BANCORP | 6,408 | 6,324 | |||||
4,800 | FIRST HAWAIIAN, INC. | 118,829 | 118,224 | |||||
33,940 | FIRSTCASH HOLDINGS, INC. | 2,081,571 | 2,489,499 | |||||
1,899 | FLAGSTAR BANCORP, INC. | 55,987 | 63,427 | |||||
500 | FRANKLIN BSP REALTY TRUST, INC. | 5,335 | 5,385 | |||||
18,568 | GENWORTH FINANCIAL, INC., CLASS A(b) | 66,037 | 64,988 | |||||
43,700 | GLACIER BANCORP, INC. | 1,916,754 | 2,146,981 | |||||
2,000 | GRANITE POINT MORTGAGE TRUST, INC. | 14,455 | 12,880 | |||||
1,800 | GREEN DOT CORP., CLASS A(b) | 34,844 | 34,164 | |||||
1,200 | HANMI FINANCIAL CORP. | 28,415 | 28,416 | |||||
300 | HCI GROUP, INC. | 12,162 | 11,760 | |||||
1,300 | HERITAGE FINANCIAL CORP. | 34,968 | 34,411 | |||||
300 | HILLTOP HOLDINGS, INC. | 7,371 | 7,455 | |||||
200 | HOMESTREET, INC. | 5,800 | 5,762 | |||||
105,380 | HOPE BANCORP, INC. | 1,122,078 | 1,332,003 | |||||
1,600 | HORACE MANN EDUCATORS CORP. | 57,213 | 56,464 | |||||
2,372 | HUNTINGTON BANCSHARES, INC. | 24,776 | 31,263 |
15 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Select Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Financials (Cont'd): | ||||||||
1,700 | INDEPENDENT BANK CORP. | $128,873 | 126,701 | |||||
1,400 | INDEPENDENT BANK GROUP, INC. | 86,812 | 85,946 | |||||
1,300 | INVESCO MORTGAGE CAPITAL, INC. | 14,312 | 14,430 | |||||
1,300 | JAMES RIVER GROUP HOLDINGS LTD.(c) | 29,885 | 29,653 | |||||
63,393 | JDC GROUP A.G.(b)(c) | 1,452,627 | 913,604 | |||||
2,068 | KKR REAL ESTATE FINANCE TRUST, INC. | 32,590 | 33,605 | |||||
900 | LAKELAND FINANCIAL CORP. | 66,672 | 65,529 | |||||
158,042 | LENDINGCLUB CORP.(b) | 2,496,021 | 1,746,364 | |||||
100 | LENDINGTREE, INC.(b) | 2,518 | 2,386 | |||||
12,518 | LPL FINANCIAL HOLDINGS, INC. | 2,428,984 | 2,734,933 | |||||
8,361 | MARKETAXESS HOLDINGS, INC. | 2,814,390 | 1,860,239 | |||||
1,000 | MERCURY GENERAL CORP. | 29,170 | 28,420 | |||||
61,566 | MORTGAGE ADVICE BUREAU HOLDINGS LTD.(c) | 1,125,229 | 436,405 | |||||
2,600 | MR COOPER GROUP, INC.(b) | 103,966 | 105,300 | |||||
5,537 | NATIONAL BANK HOLDINGS CORP., CLASS A | 200,360 | 204,814 | |||||
4,679 | NATIONAL WESTERN LIFE GROUP, INC., CLASS A | 1,417,313 | 799,173 | |||||
100 | NBT BANCORP, INC. | 3,826 | 3,795 | |||||
2,100 | NEW YORK MORTGAGE TRUST, INC. | 4,720 | 4,914 | |||||
2,724 | NMI HOLDINGS, INC., CLASS A(b) | 39,406 | 55,488 | |||||
1,500 | NORTHFIELD BANCORP, INC. | 21,853 | 21,465 | |||||
1,800 | NORTHWEST BANCSHARES, INC. | 24,764 | 24,318 | |||||
995 | OFG BANCORP | 22,845 | 25,004 | |||||
165,857 | OLD NATIONAL BANCORP | 2,599,622 | 2,731,665 | |||||
40,043 | OPEN LENDING CORP., CLASS A(b) | 1,185,455 | 321,946 | |||||
3,400 | PACIFIC PREMIER BANCORP, INC. | 106,272 | 105,264 | |||||
900 | PALOMAR HOLDINGS, INC.(b) | 77,346 | 75,348 | |||||
500 | PARK NATIONAL CORP. | 62,770 | 62,240 | |||||
1,000 | PATHWARD FINANCIAL, INC. | 32,890 | 32,960 | |||||
300 | PENNYMAC MORTGAGE INVESTMENT TRUST | 3,627 | 3,534 | |||||
500 | PIPER SANDLER COS. | 52,300 | 52,370 | |||||
500 | PREFERRED BANK | 32,915 | 32,615 | |||||
1,900 | PROASSURANCE CORP. | 35,487 | 37,069 | |||||
1,800 | PROG HOLDINGS, INC.(b) | 28,904 | 26,964 | |||||
2,100 | PROVIDENT FINANCIAL SERVICES, INC. | 41,658 | 40,950 | |||||
3,700 | READY CAPITAL CORP. | 36,098 | 37,518 | |||||
800 | REDWOOD TRUST, INC. | 4,560 | 4,592 | |||||
14,510 | RENAISSANCERE HOLDINGS LTD.(c) | 2,048,197 | 2,037,059 | |||||
2,873 | RENASANT CORP. | 76,728 | 89,867 | |||||
100 | SAFETY INSURANCE GROUP, INC. | 8,235 | 8,156 | |||||
2,200 | SEACOAST BANKING CORP. OF FLORIDA | 67,028 | 66,506 | |||||
10,970 | SELECTIVE INSURANCE GROUP, INC. | 631,456 | 892,958 | |||||
1,762 | SERVISFIRST BANCSHARES, INC. | 140,898 | 140,960 | |||||
200 | SIMMONS FIRST NATIONAL CORP., CLASS A | 4,398 | 4,358 | |||||
1,100 | SOUTHSIDE BANCSHARES, INC. | 39,390 | 38,896 | |||||
148,905 | STERLING BANCORP, INC.(b) | 927,814 | 897,897 | |||||
900 | STEWART INFORMATION SERVICES CORP. | 39,366 | 39,276 | |||||
1,182 | STONEX GROUP, INC.(b) | 72,388 | 98,035 | |||||
800 | TRIUMPH BANCORP, INC.(b) | 43,600 | 43,480 | |||||
1,200 | TRUPANION, INC.(b) | 72,959 | 71,316 | |||||
1,100 | TRUSTCO BANK CORP. NY | 35,111 | 34,562 | |||||
100 | TRUSTMARK CORP. | 3,087 | 3,063 | |||||
1,400 | TWO HARBORS INVESTMENT CORP. | 4,870 | 4,648 | |||||
267,832 | UMPQUA HOLDINGS CORP. | 3,770,133 | 4,577,249 | |||||
2,477 | UNITED COMMUNITY BANKS, INC. | 81,312 | 81,989 | |||||
100 | UNITED FIRE GROUP, INC. | 2,895 | 2,873 | |||||
500 | UNIVERSAL INSURANCE HOLDINGS, INC. | 4,870 | 4,925 | |||||
57,749 | UNIVEST FINANCIAL CORP. | 1,401,497 | 1,355,946 | |||||
60,259 | VELOCITY FINANCIAL, INC.(b) | 766,784 | 653,208 | |||||
100 | VERITEX HOLDINGS, INC. | 2,677 | 2,659 | |||||
200 | VIRTUS INVESTMENT PARTNERS, INC. | 32,442 | 31,904 | |||||
1,100 | WALKER & DUNLOP, INC. | 91,959 | 92,103 | |||||
50,457 | WEBSTER FINANCIAL CORP. | 2,111,257 | 2,280,656 | |||||
900 | WESTAMERICA BANCORP | 47,439 | 47,061 | |||||
4,100 | WISDOMTREE INVESTMENTS, INC. | 19,583 | 19,188 | |||||
93,739 | WSFS FINANCIAL CORP. | 4,187,174 | 4,355,114 | |||||
65,401,084 | 61,064,930 | 18.75% |
16 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Select Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care: | ||||||||
8,593 | ABIOMED, INC.(b) | $2,352,986 | 2,110,956 | |||||
14,027 | ACADIA PHARMACEUTICALS, INC.(b) | 184,519 | 229,482 | |||||
2,900 | ADAPTHEALTH CORP.(b) | 55,438 | 54,462 | |||||
9,961 | ADDUS HOMECARE CORP.(b) | 823,541 | 948,686 | |||||
98,328 | AERIE PHARMACEUTICALS, INC.(b) | 1,117,927 | 1,487,703 | |||||
33,268 | ALBIREO PHARMA, INC.(b) | 973,225 | 644,068 | |||||
4,100 | ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.(b) | 62,755 | 62,443 | |||||
25,147 | AMICUS THERAPEUTICS, INC.(b) | 167,175 | 262,535 | |||||
2,400 | AMN HEALTHCARE SERVICES, INC.(b) | 193,049 | 254,304 | |||||
1,500 | AMPHASTAR PHARMACEUTICALS, INC.(b) | 43,498 | 42,150 | |||||
300 | ANGIODYNAMICS, INC.(b) | 6,174 | 6,138 | |||||
400 | ANI PHARMACEUTICALS, INC.(b) | 12,656 | 12,856 | |||||
300 | ANIKA THERAPEUTICS, INC.(b) | 7,026 | 7,140 | |||||
200 | APOLLO MEDICAL HOLDINGS, INC.(b) | 7,643 | 7,800 | |||||
2,000 | ARCUS BIOSCIENCES, INC.(b) | 51,075 | 52,320 | |||||
2,300 | AVID BIOSERVICES, INC.(b) | 43,188 | 43,976 | |||||
45,163 | AZENTA, INC. | 4,146,886 | 1,935,686 | |||||
1,300 | BIOLIFE SOLUTIONS, INC.(b) | 30,783 | 29,575 | |||||
40,855 | BIOMERICA, INC.(b) | 145,042 | 160,560 | |||||
8,500 | BIOTE CORP., CLASS A(b) | 33,895 | 36,380 | |||||
10,241 | BIO-TECHNE CORP. | 2,476,042 | 2,908,444 | |||||
72,831 | BIOVENTUS, INC., CLASS A(b) | 824,156 | 509,817 | |||||
111,161 | BRAINSWAY LTD. ADR(b)(c)(d) | 862,918 | 406,849 | |||||
1,484 | CARA THERAPEUTICS, INC.(b) | 13,754 | 13,890 | |||||
400 | CARDIOVASCULAR SYSTEMS, INC.(b) | 5,608 | 5,544 | |||||
13,222 | CASTLE BIOSCIENCES, INC.(b) | 339,752 | 344,830 | |||||
23,743 | CATALENT, INC.(b) | 2,623,797 | 1,718,043 | |||||
3,500 | CATALYST PHARMACEUTICALS, INC.(b) | 44,473 | 44,905 | |||||
35,822 | CERUS CORP.(b) | 207,944 | 128,959 | |||||
17,147 | CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(b) | 3,880,160 | 3,374,530 | |||||
600 | COHERUS BIOSCIENCES, INC.(b) | 5,616 | 5,766 | |||||
2,100 | COMMUNITY HEALTH SYSTEMS, INC.(b) | 4,762 | 4,515 | |||||
17,027 | COMPUTER PROGRAMS AND SYSTEMS, INC.(b) | 629,112 | 474,713 | |||||
508,156 | CONFORMIS, INC.(b) | 622,256 | 97,159 | |||||
1,000 | CONMED CORP. | 82,000 | 80,170 | |||||
3,594 | CORCEPT THERAPEUTICS, INC.(b) | 77,786 | 92,150 | |||||
400 | CORVEL CORP.(b) | 55,868 | 55,372 | |||||
3,938 | COVETRUS, INC.(b) | 80,624 | 82,225 | |||||
5,200 | CROSS COUNTRY HEALTHCARE, INC.(b) | 131,331 | 147,524 | |||||
200 | CUTERA, INC.(b) | 8,670 | 9,120 | |||||
3,500 | CYTOKINETICS, INC.(b) | 171,277 | 169,575 | |||||
4,400 | DYNAVAX TECHNOLOGIES CORP.(b) | 45,347 | 45,936 | |||||
2,200 | EMBECTA CORP. | 64,718 | 63,338 | |||||
1,700 | EMERGENT BIOSOLUTIONS, INC.(b) | 35,340 | 35,683 | |||||
800 | ENANTA PHARMACEUTICALS, INC.(b) | 41,944 | 41,496 | |||||
1,900 | ENHABIT, INC.(b) | 27,736 | 26,676 | |||||
21,233 | ENOVIS CORP.(b) | 1,030,389 | 978,204 | |||||
2,125 | ENSIGN GROUP (THE), INC. | 162,667 | 168,937 | |||||
23,886 | ERGOMED PLC(b)(c) | 354,938 | 308,591 | |||||
6,961 | ESTABLISHMENT LABS HOLDINGS, INC.(b)(c) | 506,350 | 380,140 | |||||
7,846 | FATE THERAPEUTICS, INC.(b) | 140,653 | 175,829 | |||||
800 | FULGENT GENETICS, INC.(b) | 31,032 | 30,496 | |||||
1,800 | GLAUKOS CORP.(b) | 96,368 | 95,832 | |||||
300 | HANGER, INC.(b) | 5,619 | 5,616 | |||||
1,100 | HARMONY BIOSCIENCES HOLDINGS, INC.(b) | 48,015 | 48,719 | |||||
82,209 | HARROW HEALTH, INC.(b) | 721,959 | 992,263 | |||||
400 | HESKA CORP.(b) | 29,684 | 29,168 | |||||
73,582 | INFUSYSTEM HOLDINGS, INC.(b) | 815,398 | 514,338 | |||||
23,592 | INMODE LTD.(b)(c) | 1,134,118 | 686,763 | |||||
2,400 | INNOVIVA, INC.(b) | 28,481 | 27,864 | |||||
300 | INOGEN, INC.(b) | 7,227 | 7,284 | |||||
102,765 | INOTIV, INC.(b)(e) | 2,041,441 | 1,731,590 | |||||
7,111 | INSMED, INC.(b) | 127,319 | 153,171 | |||||
112,631 | INSTEM PLC(b)(c) | 1,321,919 | 747,041 | |||||
100 | INTEGER HOLDINGS CORP.(b) | 6,288 | 6,223 | |||||
41,820 | INTEGRA LIFESCIENCES HOLDINGS CORP.(b) | 2,361,177 | 1,771,495 | |||||
63,196 | IOVANCE BIOTHERAPEUTICS, INC.(b) | 631,202 | 605,418 |
17 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Select Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Health Care (Cont'd): | ||||||||
500 | IRONWOOD PHARMACEUTICALS, INC.(b) | $5,190 | 5,180 | |||||
600 | JOINT (THE) CORP.(b) | 9,534 | 9,426 | |||||
32,963 | KARYOPHARM THERAPEUTICS, INC.(b) | 277,730 | 179,978 | |||||
56,228 | KINIKSA PHARMACEUTICALS LTD., CLASS A(b) | 786,087 | 721,968 | |||||
2,500 | LANTHEUS HOLDINGS, INC.(b) | 172,542 | 175,825 | |||||
35,399 | LEMAITRE VASCULAR, INC. | 1,851,798 | 1,794,021 | |||||
13,641 | LIGAND PHARMACEUTICALS, INC.(b) | 2,202,393 | 1,174,627 | |||||
1,600 | MERIDIAN BIOSCIENCE, INC.(b) | 51,069 | 50,448 | |||||
1,212 | MERIT MEDICAL SYSTEMS, INC.(b) | 68,811 | 68,490 | |||||
400 | MODIVCARE, INC.(b) | 40,604 | 39,872 | |||||
2,900 | MYRIAD GENETICS, INC.(b) | 56,598 | 55,332 | |||||
1,500 | NEKTAR THERAPEUTICS(b) | 4,573 | 4,800 | |||||
4,600 | NEOGENOMICS, INC.(b) | 39,864 | 39,606 | |||||
200 | NEXTGEN HEALTHCARE, INC.(b) | 3,572 | 3,540 | |||||
11,424 | NEXUS A.G.(c) | 1,000,775 | 534,432 | |||||
107,791 | OCUPHIRE PHARMA, INC.(b) | 273,819 | 216,660 | |||||
46,817 | OPTIMIZERX CORP.(b) | 1,371,460 | 693,828 | |||||
70,357 | OPTINOSE, INC.(b) | 190,596 | 257,507 | |||||
1,200 | ORASURE TECHNOLOGIES, INC.(b) | 4,691 | 4,548 | |||||
2,600 | ORGANOGENESIS HOLDINGS, INC.(b) | 8,468 | 8,424 | |||||
15,185 | ORTHOPEDIATRICS CORP.(b) | 907,293 | 700,636 | |||||
2,800 | OWENS & MINOR, INC. | 70,411 | 67,480 | |||||
379,941 | PACIFIC BIOSCIENCES OF CALIFORNIA, INC.(b) | 6,020,159 | 2,205,557 | |||||
7,599 | PACIRA BIOSCIENCES, INC.(b) | 438,812 | 404,191 | |||||
300 | PEDIATRIX MEDICAL GROUP, INC.(b) | 5,088 | 4,953 | |||||
3,289 | PENNANT GROUP (THE), INC.(b) | 44,380 | 34,238 | |||||
45,240 | PERRIGO CO. PLC(c) | 1,838,765 | 1,613,258 | |||||
62,755 | PHIBRO ANIMAL HEALTH CORP., CLASS A | 1,592,453 | 834,014 | |||||
2,400 | PRESTIGE CONSUMER HEALTHCARE, INC.(b) | 105,833 | 119,592 | |||||
44,373 | PROVENTION BIO, INC.(b) | 293,568 | 199,678 | |||||
34,117 | PUMA BIOTECHNOLOGY, INC.(b) | 133,408 | 80,857 | |||||
900 | RADNET, INC.(b) | 18,324 | 18,315 | |||||
1,200 | REGENXBIO, INC.(b) | 29,915 | 31,716 | |||||
57,181 | REVANCE THERAPEUTICS, INC.(b) | 796,863 | 1,543,887 | |||||
33,996 | RHYTHM PHARMACEUTICALS, INC.(b) | 396,113 | 832,902 | |||||
9,401 | SCHOLAR ROCK HOLDING CORP.(b) | 288,155 | 65,149 | |||||
3,800 | SELECT MEDICAL HOLDINGS CORP. | 86,664 | 83,980 | |||||
12,720 | SEMLER SCIENTIFIC, INC.(b) | 520,905 | 477,636 | |||||
1,400 | SIMULATIONS PLUS, INC. | 67,966 | 67,956 | |||||
51,546 | SUPERNUS PHARMACEUTICALS, INC.(b) | 1,746,553 | 1,744,832 | |||||
32,600 | SYNEOS HEALTH, INC.(b) | 1,631,806 | 1,537,090 | |||||
15,554 | TRAVERE THERAPEUTICS, INC.(b) | 465,890 | 383,251 | |||||
28,259 | TWIST BIOSCIENCE CORP.(b) | 2,588,082 | 995,847 | |||||
1,600 | UNIQURE N.V.(b)(c) | 28,685 | 30,016 | |||||
14,883 | UROGEN PHARMA LTD.(b) | 280,381 | 123,827 | |||||
418 | US PHYSICAL THERAPY, INC. | 32,458 | 31,776 | |||||
15,716 | UTAH MEDICAL PRODUCTS, INC. | 1,802,857 | 1,340,732 | |||||
2,000 | VANDA PHARMACEUTICALS, INC.(b) | 19,555 | 19,760 | |||||
102,504 | VAREX IMAGING CORP.(b) | 2,448,321 | 2,166,935 | |||||
150,478 | VIEMED HEALTHCARE, INC.(b) | 768,730 | 902,868 | |||||
7,409 | VIR BIOTECHNOLOGY, INC.(b) | 160,076 | 142,846 | |||||
2,100 | XENCOR, INC.(b) | 53,608 | 54,558 | |||||
18,183 | Y-MABS THERAPEUTICS, INC.(b) | 405,812 | 262,199 | |||||
400 | ZIMVIE, INC.(b) | 3,752 | 3,948 | |||||
41,480 | ZYNEX, INC. | 429,540 | 376,224 | |||||
70,365,071 | 54,282,647 | 16.67% | ||||||
Industrials: | ||||||||
4,700 | 3D SYSTEMS CORP.(b) | 39,603 | 37,506 | |||||
1,600 | AAON, INC. | 86,957 | 86,208 | |||||
200 | AAR CORP.(b) | 7,156 | 7,164 | |||||
3,624 | ABM INDUSTRIES, INC. | 147,513 | 138,546 | |||||
7,060 | ACUITY BRANDS, INC. | 1,017,454 | 1,111,738 | |||||
2,800 | AEROJET ROCKETDYNE HOLDINGS, INC.(b) | 111,235 | 111,972 | |||||
1,000 | AEROVIRONMENT, INC.(b) | 82,440 | 83,360 | |||||
46,601 | AIR LEASE CORP. | 1,677,137 | 1,445,097 | |||||
310 | ALAMO GROUP, INC. | 30,808 | 37,904 | |||||
1,200 | ALBANY INTERNATIONAL CORP., CLASS A | 95,135 | 94,596 |
18 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Select Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
600 | ALLEGIANT TRAVEL CO.(b) | $44,820 | 43,788 | |||||
12,608 | ALLIED MOTION TECHNOLOGIES, INC. | 440,484 | 360,841 | |||||
73,101 | AMERICAN WOODMARK CORP.(b) | 5,556,862 | 3,206,210 | |||||
200 | APOGEE ENTERPRISES, INC. | 7,740 | 7,644 | |||||
1,460 | APPLIED INDUSTRIAL TECHNOLOGIES, INC. | 138,695 | 150,059 | |||||
1,766 | ARCBEST CORP. | 104,075 | 128,441 | |||||
1,800 | ARCOSA, INC. | 101,984 | 102,924 | |||||
18,270 | ARMSTRONG WORLD INDUSTRIES, INC. | 1,669,202 | 1,447,532 | |||||
900 | ASTEC INDUSTRIES, INC. | 28,674 | 28,071 | |||||
1,000 | ATLAS AIR WORLDWIDE HOLDINGS, INC.(b) | 95,450 | 95,570 | |||||
700 | AZZ, INC. | 25,907 | 25,557 | |||||
200 | BARNES GROUP, INC. | 5,756 | 5,776 | |||||
1,177 | BOISE CASCADE CO. | 67,222 | 69,984 | |||||
66,976 | BOWMAN CONSULTING GROUP LTD.(b) | 909,262 | 977,850 | |||||
600 | BRADY CORP., CLASS A | 25,080 | 25,038 | |||||
80,160 | BRIGHTVIEW HOLDINGS, INC.(b) | 1,231,711 | 636,470 | |||||
30,266 | BWX TECHNOLOGIES, INC. | 1,675,086 | 1,524,498 | |||||
42 | CHART INDUSTRIES, INC.(b) | 5,552 | 7,743 | |||||
400 | CIRCOR INTERNATIONAL, INC.(b) | 5,776 | 6,596 | |||||
1,400 | COMFORT SYSTEMS U.S.A, INC. | 118,472 | 136,262 | |||||
50,615 | CONSTRUCTION PARTNERS, INC., CLASS A(b) | 1,533,130 | 1,327,631 | |||||
4,400 | CORECIVIC, INC.(b) | 38,835 | 38,896 | |||||
13,138 | CSW INDUSTRIALS, INC. | 1,849,817 | 1,573,932 | |||||
1,400 | DELUXE CORP. | 24,218 | 23,310 | |||||
843 | DXP ENTERPRISES, INC.(b) | 19,189 | 19,962 | |||||
700 | ENCORE WIRE CORP. | 73,836 | 80,878 | |||||
142,124 | ENERPAC TOOL GROUP CORP. | 3,250,258 | 2,534,071 | |||||
800 | ENPRO INDUSTRIES, INC. | 67,992 | 67,984 | |||||
44,764 | ESAB CORP. | 1,819,752 | 1,493,327 | |||||
1,000 | ESCO TECHNOLOGIES, INC. | 74,760 | 73,440 | |||||
1,900 | EXPONENT, INC. | 168,696 | 166,573 | |||||
1,916 | FEDERAL SIGNAL CORP. | 63,482 | 71,505 | |||||
500 | FORRESTER RESEARCH, INC.(b) | 17,785 | 18,005 | |||||
100 | FORWARD AIR CORP. | 9,183 | 9,026 | |||||
33,958 | FRANKLIN COVEY CO.(b) | 1,578,598 | 1,541,354 | |||||
100 | FRANKLIN ELECTRIC CO., INC. | 8,233 | 8,171 | |||||
97,640 | GATES INDUSTRIAL CORP. PLC(b) | 1,481,387 | 952,966 | |||||
4,600 | GEO GROUP (THE), INC.(b) | 35,264 | 35,420 | |||||
1,200 | GIBRALTAR INDUSTRIES, INC.(b) | 47,543 | 49,116 | |||||
23,544 | GLOBAL INDUSTRIAL CO. | 856,951 | 631,686 | |||||
34,765 | GMS, INC.(b) | 1,617,956 | 1,390,948 | |||||
18,350 | GORMAN-RUPP (THE) CO. | 599,808 | 436,546 | |||||
49,111 | GRACO, INC. | 3,056,746 | 2,944,204 | |||||
1,631 | GRANITE CONSTRUCTION, INC. | 42,771 | 41,411 | |||||
1,100 | GREENBRIER (THE) COS., INC. | 28,017 | 26,697 | |||||
700 | GRIFFON CORP. | 20,580 | 20,664 | |||||
30,599 | HARDWOODS DISTRIBUTION, INC.(c) | 869,776 | 583,471 | |||||
1,200 | HARSCO CORP.(b) | 4,679 | 4,488 | |||||
400 | HAWAIIAN HOLDINGS, INC.(b) | 5,344 | 5,260 | |||||
2,800 | HEALTHCARE SERVICES GROUP, INC. | 33,983 | 33,852 | |||||
400 | HEARTLAND EXPRESS, INC. | 5,844 | 5,724 | |||||
200 | HEIDRICK & STRUGGLES INTERNATIONAL, INC. | 5,232 | 5,198 | |||||
809 | HILLENBRAND, INC. | 27,576 | 29,706 | |||||
200 | HNI CORP. | 5,430 | 5,302 | |||||
54,939 | HOWMET AEROSPACE, INC. | 1,874,149 | 1,699,263 | |||||
1,973 | HUB GROUP, INC., CLASS A(b) | 129,965 | 136,098 | |||||
2,400 | HUNTINGTON INGALLS INDUSTRIES, INC. | 425,978 | 531,600 | |||||
64,990 | IAA, INC.(b) | 3,334,130 | 2,069,931 | |||||
9,648 | ICF INTERNATIONAL, INC. | 840,005 | 1,051,825 | |||||
200 | INSTEEL INDUSTRIES, INC. | 5,358 | 5,306 | |||||
12,526 | JELD-WEN HOLDING, INC.(b) | 104,760 | 109,602 | |||||
6,579 | JOHN BEAN TECHNOLOGIES CORP. | 922,207 | 565,794 | |||||
490,761 | JOHNSON SERVICE GROUP PLC(b)(c) | 996,316 | 431,451 | |||||
3,995 | KADANT, INC. | 859,278 | 666,406 | |||||
100 | KAMAN CORP. | 2,801 | 2,793 | |||||
4,300 | KAR AUCTION SERVICES, INC.(b) | 49,648 | 48,031 | |||||
44,649 | KARAT PACKAGING, INC.(b) | 977,440 | 713,938 |
19 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Select Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Industrials (Cont'd): | ||||||||
300 | KELLY SERVICES, INC., CLASS A | $4,113 | 4,077 | |||||
397,111 | KNIGHTS GROUP HOLDINGS PLC(c) | 724,718 | 339,948 | |||||
2,000 | KORN FERRY | 95,335 | 93,900 | |||||
11,768 | KORNIT DIGITAL LTD.(b)(c) | 1,081,578 | 313,146 | |||||
600 | LINDSAY CORP. | 82,128 | 85,968 | |||||
80,369 | LYFT, INC., CLASS A(b) | 1,711,162 | 1,058,460 | |||||
2,100 | MARTEN TRANSPORT LTD. | 42,645 | 40,236 | |||||
49,078 | MASONITE INTERNATIONAL CORP.(b) | 4,826,155 | 3,498,771 | |||||
10,480 | MASTEC, INC.(b) | 529,486 | 665,480 | |||||
1,400 | MATSON, INC. | 86,112 | 86,128 | |||||
200 | MATTHEWS INTERNATIONAL CORP., CLASS A | 4,506 | 4,482 | |||||
10,233 | MOOG, INC., CLASS A | 537,632 | 719,892 | |||||
153,551 | MRC GLOBAL, INC.(b) | 1,353,082 | 1,104,032 | |||||
2,000 | MUELLER INDUSTRIES, INC. | 118,755 | 118,880 | |||||
4,000 | NOW, INC.(b) | 39,665 | 40,200 | |||||
400 | NV5 GLOBAL, INC.(b) | 48,624 | 49,528 | |||||
1,000 | PARK AEROSPACE CORP. | 11,430 | 11,040 | |||||
174,998 | PGT INNOVATIONS, INC.(b) | 3,114,157 | 3,667,958 | |||||
1,900 | PITNEY BOWES, INC. | 4,499 | 4,427 | |||||
1,000 | PROTO LABS, INC.(b) | 36,400 | 36,430 | |||||
200 | QUANEX BUILDING PRODUCTS CORP. | 3,644 | 3,632 | |||||
120,744 | RADIANT LOGISTICS, INC.(b) | 780,405 | 687,033 | |||||
34,276 | RED VIOLET, INC.(b) | 952,339 | 593,660 | |||||
5,300 | RESIDEO TECHNOLOGIES, INC.(b) | 103,222 | 101,018 | |||||
200 | RESOURCES CONNECTION, INC. | 3,578 | 3,614 | |||||
139,290 | REV GROUP, INC. | 1,480,838 | 1,536,369 | |||||
31,510 | RUSH ENTERPRISES, INC., CLASS A | 935,093 | 1,382,029 | |||||
10,553 | SITEONE LANDSCAPE SUPPLY, INC.(b) | 1,420,616 | 1,098,989 | |||||
1,800 | SKYWEST, INC.(b) | 29,624 | 29,268 | |||||
1,600 | SPX TECHNOLOGIES, INC.(b) | 88,269 | 88,352 | |||||
426,019 | STEELCASE, INC., CLASS A | 5,448,071 | 2,777,644 | |||||
32,412 | STERLING INFRASTRUCTURE, INC.(b) | 704,155 | 695,886 | |||||
1,100 | SUN COUNTRY AIRLINES HOLDINGS, INC.(b) | 15,521 | 14,971 | |||||
100 | TENNANT CO. | 5,713 | 5,656 | |||||
60,274 | TEREX CORP. | 1,929,563 | 1,792,549 | |||||
1,800 | TITAN INTERNATIONAL, INC.(b) | 22,064 | 21,852 | |||||
3,000 | TRINITY INDUSTRIES, INC. | 65,630 | 64,050 | |||||
500 | TRIUMPH GROUP, INC.(b) | 4,415 | 4,295 | |||||
72,858 | TRUEBLUE, INC.(b) | 1,262,541 | 1,390,131 | |||||
2,200 | UFP INDUSTRIES, INC. | 158,460 | 158,752 | |||||
500 | UNIFIRST CORP. | 83,870 | 84,115 | |||||
135,011 | UPWORK, INC.(b) | 5,917,313 | 1,838,850 | |||||
40,054 | VA-Q-TEC A.G.(b)(c)(e) | 1,267,735 | 394,908 | |||||
100 | VIAD CORP.(b) | 3,201 | 3,158 | |||||
1,700 | WABASH NATIONAL CORP. | 26,432 | 26,452 | |||||
44,418 | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. | 4,149,033 | 3,613,404 | |||||
30,654 | WILLDAN GROUP, INC.(b) | 1,234,626 | 453,986 | |||||
21,160 | WOODWARD, INC. | 1,933,375 | 1,698,302 | |||||
89,899,462 | 68,929,615 | 21.17% | ||||||
Information Technology: | ||||||||
1,400 | 8X8, INC.(b) | 4,884 | 4,830 | |||||
2,600 | ADTRAN HOLDINGS, INC. | 48,513 | 50,908 | |||||
1,342 | ADVANCED ENERGY INDUSTRIES, INC. | 90,367 | 103,884 | |||||
172,721 | AGILETHOUGHT, INC.(b) | 1,132,025 | 673,612 | |||||
800 | AGILYSYS, INC.(b) | 41,880 | 44,280 | |||||
1,650 | ALARM.COM HOLDINGS, INC.(b) | 94,821 | 107,019 | |||||
800 | ALPHA & OMEGA SEMICONDUCTOR LTD.(b) | 25,632 | 24,608 | |||||
148,086 | ARLO TECHNOLOGIES, INC.(b) | 1,203,977 | 687,119 | |||||
10,537 | ASPEN TECHNOLOGY, INC.(b) | 1,919,309 | 2,509,913 | |||||
1,300 | AVID TECHNOLOGY, INC.(b) | 29,626 | 30,238 | |||||
51,756 | AVNET, INC. | 1,933,626 | 1,869,427 | |||||
1,946 | AXCELIS TECHNOLOGIES, INC.(b) | 110,370 | 117,850 | |||||
1,136 | BADGER METER, INC. | 105,817 | 104,955 | |||||
37,064 | BELDEN, INC. | 1,347,383 | 2,224,581 | |||||
2,504 | BENCHMARK ELECTRONICS, INC. | 50,443 | 62,049 | |||||
57,362 | CAMBIUM NETWORKS CORP.(b) | 1,386,364 | 970,565 | |||||
234,015 | CELESTICA, INC.(b)(c) | 1,834,653 | 1,968,066 |
20 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Select Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
1,500 | CERENCE, INC.(b) | $24,523 | 23,625 | |||||
24,781 | CEVA, INC.(b) | 1,146,858 | 650,006 | |||||
500 | CLEARFIELD, INC.(b) | 49,300 | 52,320 | |||||
48,414 | CODA OCTOPUS GROUP, INC.(b) | 385,833 | 261,436 | |||||
1,800 | COHU, INC.(b) | 47,444 | 46,404 | |||||
1,100 | COMTECH TELECOMMUNICATIONS CORP. | 10,890 | 11,011 | |||||
11,332 | CONSENSUS CLOUD SOLUTIONS, INC.(b) | 512,189 | 536,004 | |||||
1,500 | CORSAIR GAMING, INC.(b) | 17,698 | 17,025 | |||||
27,966 | COUPA SOFTWARE, INC.(b) | 4,019,234 | 1,644,401 | |||||
43,532 | CS DISCO, INC.(b) | 597,833 | 435,320 | |||||
1,639 | CSG SYSTEMS INTERNATIONAL, INC. | 64,966 | 86,670 | |||||
3,300 | CTS CORP. | 98,658 | 137,445 | |||||
21,027 | DIGI INTERNATIONAL, INC.(b) | 439,954 | 726,903 | |||||
71,397 | DIGITAL TURBINE, INC.(b) | 1,321,757 | 1,028,831 | |||||
1,700 | DIODES, INC.(b) | 111,873 | 110,347 | |||||
32,574 | DOLBY LABORATORIES, INC., CLASS A | 2,688,281 | 2,122,196 | |||||
18,337 | EBIX, INC. | 598,061 | 347,853 | |||||
37,496 | ELASTIC N.V.(b) | 4,100,502 | 2,689,963 | |||||
1,000 | EPLUS, INC.(b) | 41,490 | 41,540 | |||||
2,259 | EVERTEC, INC. | 68,287 | 70,820 | |||||
1,236 | EXLSERVICE HOLDINGS, INC.(b) | 180,636 | 182,137 | |||||
4,849 | EXTREME NETWORKS, INC.(b) | 61,600 | 63,376 | |||||
6,141 | FABRINET(b)(c) | 620,413 | 586,158 | |||||
700 | FARO TECHNOLOGIES, INC.(b) | 19,299 | 19,208 | |||||
2,900 | FORMFACTOR, INC.(b) | 73,853 | 72,645 | |||||
36,345 | GRID DYNAMICS HOLDINGS, INC.(b) | 983,582 | 680,742 | |||||
3,900 | HARMONIC, INC.(b) | 49,476 | 50,973 | |||||
34,436 | I3 VERTICALS, INC., CLASS A(b) | 791,133 | 689,753 | |||||
100 | ICHOR HOLDINGS LTD.(b) | 2,543 | 2,421 | |||||
15,175 | IMPINJ, INC.(b) | 830,381 | 1,214,455 | |||||
1,200 | INSIGHT ENTERPRISES, INC.(b) | 100,235 | 98,892 | |||||
1,100 | INTERDIGITAL, INC. | 44,737 | 44,462 | |||||
1,700 | ITRON, INC.(b) | 73,776 | 71,587 | |||||
48,195 | ITURAN LOCATION AND CONTROL LTD.(c) | 1,277,707 | 1,124,871 | |||||
148,279 | KALEYRA, INC.(b)(c)(e) | 1,276,008 | 143,831 | |||||
400 | KNOWLES CORP.(b) | 4,940 | 4,868 | |||||
2,100 | KULICKE & SOFFA INDUSTRIES, INC.(c) | 80,928 | 80,913 | |||||
75,718 | LANTRONIX, INC.(b) | 482,007 | 364,204 | |||||
2,500 | LIVEPERSON, INC.(b) | 24,193 | 23,550 | |||||
2,400 | LIVERAMP HOLDINGS, INC.(b) | 44,321 | 43,584 | |||||
99,142 | LUNA INNOVATIONS, INC.(b) | 869,502 | 440,190 | |||||
2,220 | MAXLINEAR, INC.(b) | 56,270 | 72,416 | |||||
1,300 | METHODE ELECTRONICS, INC. | 48,944 | 48,295 | |||||
19,695 | MKS INSTRUMENTS, INC. | 2,515,519 | 1,627,595 | |||||
34,977 | NAPCO SECURITY TECHNOLOGIES, INC.(b) | 745,645 | 1,017,131 | |||||
1,000 | NETGEAR, INC.(b) | 20,480 | 20,040 | |||||
2,500 | NETSCOUT SYSTEMS, INC.(b) | 78,117 | 78,300 | |||||
1,200 | ONESPAN, INC.(b) | 10,643 | 10,332 | |||||
16,163 | ONTO INNOVATION, INC.(b) | 832,520 | 1,035,240 | |||||
214,973 | PARK CITY GROUP, INC.(b) | 1,185,108 | 1,150,106 | |||||
100 | PC CONNECTION, INC. | 4,540 | 4,509 | |||||
1,000 | PDF SOLUTIONS, INC.(b) | 24,850 | 24,530 | |||||
2,200 | PHOTRONICS, INC.(b) | 32,884 | 32,164 | |||||
16,789 | PING IDENTITY HOLDING CORP.(b) | 334,846 | 471,267 | |||||
233,588 | PIVOTREE, INC.(b)(c)(e) | 756,723 | 574,944 | |||||
15,838 | PLEXUS CORP.(b) | 1,165,062 | 1,386,775 | |||||
140 | POWER INTEGRATIONS, INC. | 8,400 | 9,005 | |||||
18,558 | PROGRESS SOFTWARE CORP. | 832,502 | 789,643 | |||||
34,287 | RACKSPACE TECHNOLOGY, INC.(b) | 312,757 | 139,891 | |||||
63,116 | RADWARE LTD.(b)(c) | 2,129,717 | 1,375,298 | |||||
4,000 | RAMBUS, INC.(b) | 103,105 | 101,680 | |||||
639 | ROGERS CORP.(b) | 138,071 | 154,561 | |||||
3,248 | SANMINA CORP.(b) | 119,288 | 149,668 | |||||
54,427 | SCANSOURCE, INC.(b) | 2,163,408 | 1,437,417 | |||||
10,348 | SHOTSPOTTER, INC.(b) | 373,994 | 297,608 | |||||
4,429 | SILICON MOTION TECHNOLOGY CORP. ADR(c)(d) | 308,881 | 288,727 | |||||
3,834 | SITIME CORP.(b) | 798,927 | 301,851 |
21 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Select Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Information Technology (Cont'd): | ||||||||
4,965 | SMART GLOBAL HOLDINGS, INC.(b) | $91,038 | 78,795 | |||||
1,268 | SPS COMMERCE, INC.(b) | 143,654 | 157,524 | |||||
12,343 | SUPER MICRO COMPUTER, INC.(b) | 244,012 | 679,729 | |||||
600 | TTEC HOLDINGS, INC. | 27,150 | 26,586 | |||||
5,905 | TTM TECHNOLOGIES, INC.(b) | 68,078 | 77,828 | |||||
9,811 | TUCOWS, INC., CLASS A(b)(c)(e) | 707,256 | 367,030 | |||||
145 | ULTRA CLEAN HOLDINGS, INC.(b) | 3,816 | 3,734 | |||||
2,400 | UNISYS CORP.(b) | 18,353 | 18,120 | |||||
72,816 | UPLAND SOFTWARE, INC.(b) | 832,530 | 591,994 | |||||
41,376 | VEECO INSTRUMENTS, INC.(b) | 881,629 | 758,008 | |||||
8,300 | VIAVI SOLUTIONS, INC.(b) | 109,523 | 108,315 | |||||
12,197 | WALKME LTD.(b)(c) | 114,393 | 103,674 | |||||
85,974 | WEAVE COMMUNICATIONS, INC.(b)(e) | 404,778 | 434,169 | |||||
40,015 | WIX.COM LTD.(b)(c) | 6,422,053 | 3,130,373 | |||||
5,100 | XPERI HOLDING CORP. | 57,871 | 72,114 | |||||
60,823,926 | 47,803,830 | 14.68% | ||||||
Materials: | ||||||||
735 | ADVANSIX, INC. | 21,577 | 23,593 | |||||
1,100 | AMERICAN VANGUARD CORP. | 20,504 | 20,570 | |||||
1,943 | ARCONIC CORP.(b) | 30,772 | 33,109 | |||||
4,785 | ATI, INC.(b) | 128,941 | 127,329 | |||||
64,328 | AXALTA COATING SYSTEMS LTD.(b) | 1,577,324 | 1,354,748 | |||||
1,200 | BALCHEM CORP. | 146,135 | 145,896 | |||||
1,800 | CARPENTER TECHNOLOGY CORP. | 58,388 | 56,052 | |||||
2,310 | CENTURY ALUMINUM CO.(b) | 16,163 | 12,197 | |||||
300 | CLEARWATER PAPER CORP.(b) | 10,629 | 11,280 | |||||
1,300 | COMPASS MINERALS INTERNATIONAL, INC. | 47,257 | 50,089 | |||||
11,982 | FMC CORP. | 1,263,950 | 1,266,497 | |||||
1,000 | FUTUREFUEL CORP. | 6,060 | 6,040 | |||||
26,290 | H.B. FULLER CO. | 1,496,255 | 1,580,029 | |||||
800 | HAWKINS, INC. | 30,640 | 31,192 | |||||
25,804 | HAYNES INTERNATIONAL, INC. | 1,062,257 | 906,236 | |||||
487 | INNOSPEC, INC. | 42,263 | 41,721 | |||||
500 | KAISER ALUMINUM CORP. | 31,255 | 30,675 | |||||
16,187 | KOPPERS HOLDINGS, INC. | 343,729 | 336,366 | |||||
6,575 | LIVENT CORP.(b) | 179,300 | 201,524 | |||||
700 | MATERION CORP. | 55,545 | 56,000 | |||||
2,000 | MATIV HOLDINGS, INC. | 44,275 | 44,160 | |||||
400 | MERCER INTERNATIONAL, INC.(c) | 4,932 | 4,920 | |||||
1,200 | MINERALS TECHNOLOGIES, INC. | 60,035 | 59,292 | |||||
71,033 | NEO PERFORMANCE MATERIALS, INC.(c) | 905,252 | 523,999 | |||||
2,496 | O-I GLASS, INC.(b) | 29,095 | 32,323 | |||||
46,595 | OLIN CORP. | 804,577 | 1,997,994 | |||||
149,039 | ORION ENGINEERED CARBONS S.A.(c) | 2,025,655 | 1,989,671 | |||||
500 | QUAKER CHEMICAL CORP. | 75,180 | 72,190 | |||||
8,099 | SMITH-MIDLAND CORP.(b) | 182,191 | 216,648 | |||||
1,154 | STEPAN CO. | 110,503 | 108,095 | |||||
4,100 | SUNCOKE ENERGY, INC. | 24,215 | 23,821 | |||||
1,200 | SYLVAMO CORP. | 40,943 | 40,680 | |||||
1,407,072 | TALON METALS CORP.(b)(c) | 644,938 | 491,485 | |||||
1,500 | TIMKENSTEEL CORP.(b) | 22,827 | 22,485 | |||||
1,900 | TREDEGAR CORP. | 18,255 | 17,936 | |||||
69,767 | TRIMAS CORP. | 1,874,304 | 1,749,059 | |||||
1,100 | TRINSEO PLC | 20,558 | 20,152 | |||||
1,900 | WARRIOR MET COAL, INC. | 55,152 | 54,036 | |||||
13,511,831 | 13,760,089 | 4.23% | ||||||
Real Estate: | ||||||||
3,500 | ACADIA REALTY TRUST | 43,738 | 44,170 | |||||
900 | AGREE REALTY CORP. | 58,428 | 60,822 | |||||
2,700 | ALEXANDER & BALDWIN, INC. | 44,542 | 44,766 | |||||
2,000 | AMERICAN ASSETS TRUST, INC. | 49,433 | 51,440 | |||||
4,200 | ANYWHERE REAL ESTATE, INC.(b) | 33,836 | 34,062 | |||||
5,000 | ARMADA HOFFLER PROPERTIES, INC. | 50,930 | 51,900 | |||||
6,400 | BRANDYWINE REALTY TRUST | 41,879 | 43,200 | |||||
3,846 | CARETRUST REIT, INC. | 65,236 | 69,651 | |||||
1,800 | CHATHAM LODGING TRUST(b) | 17,690 | 17,766 | |||||
146,871 | DIAMONDROCK HOSPITALITY CO. | 1,150,240 | 1,103,001 |
22 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Select Equity Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Real Estate (Cont'd): | ||||||||
3,500 | EASTERLY GOVERNMENT PROPERTIES, INC. | $54,203 | 55,195 | |||||
5,241 | ESSENTIAL PROPERTIES REALTY TRUST, INC. | 96,896 | 101,938 | |||||
3,400 | FRANKLIN STREET PROPERTIES CORP. | 9,100 | 8,942 | |||||
8,000 | GETTY REALTY CORP. | 221,033 | 215,120 | |||||
3,900 | GLOBAL NET LEASE, INC. | 40,234 | 41,535 | |||||
10,741 | HERSHA HOSPITALITY TRUST, CLASS A | 105,577 | 85,713 | |||||
4,800 | HUDSON PACIFIC PROPERTIES, INC. | 52,541 | 52,560 | |||||
7,318 | INDEPENDENCE REALTY TRUST, INC. | 135,128 | 122,430 | |||||
2,500 | INDUSTRIAL LOGISTICS PROPERTIES TRUST | 14,043 | 13,750 | |||||
3,200 | ISTAR, INC. | 28,193 | 29,632 | |||||
1,400 | LTC PROPERTIES, INC. | 49,654 | 52,430 | |||||
891 | MARCUS & MILLICHAP, INC. | 28,074 | 29,207 | |||||
4,500 | OFFICE PROPERTIES INCOME TRUST | 60,957 | 63,225 | |||||
2,000 | ORION OFFICE REIT, INC. | 17,195 | 17,500 | |||||
5,300 | OUTFRONT MEDIA, INC. | 80,750 | 80,507 | |||||
3,329 | RE/MAX HOLDINGS, INC., CLASS A | 82,023 | 62,951 | |||||
531 | RETAIL OPPORTUNITY INVESTMENTS CORP. | 6,133 | 7,307 | |||||
7,900 | RPT REALTY | 57,524 | 59,724 | |||||
600 | SAFEHOLD, INC. | 15,180 | 15,876 | |||||
500 | SAUL CENTERS, INC. | 18,049 | 18,750 | |||||
7,085 | SERVICE PROPERTIES TRUST | 37,591 | 36,771 | |||||
6,800 | SITE CENTERS CORP. | 72,391 | 72,828 | |||||
1,200 | ST. JOE (THE) CO. | 38,279 | 38,436 | |||||
3,900 | SUMMIT HOTEL PROPERTIES, INC. | 25,999 | 26,208 | |||||
7,800 | SUNSTONE HOTEL INVESTORS, INC. | 73,754 | 73,476 | |||||
3,800 | TANGER FACTORY OUTLET CENTERS, INC. | 51,666 | 51,984 | |||||
8,700 | UNITI GROUP, INC. | 58,339 | 60,465 | |||||
4,300 | URBAN EDGE PROPERTIES | 56,400 | 57,362 | |||||
1,600 | URSTADT BIDDLE PROPERTIES, INC., CLASS A | 24,365 | 24,816 | |||||
2,500 | VERIS RESIDENTIAL, INC.(b) | 27,743 | 28,425 | |||||
3,200 | WASHINGTON REAL ESTATE INVESTMENT TRUST | 50,496 | 56,192 | |||||
4,200 | XENIA HOTELS & RESORTS, INC. | 57,482 | 57,918 | |||||
3,302,944 | 3,239,951 | 1.00% | ||||||
Utilities: | ||||||||
1,655 | AMERICAN STATES WATER CO. | 127,894 | 129,008 | |||||
2,600 | AVISTA CORP. | 100,300 | 96,330 | |||||
2,077 | CALIFORNIA WATER SERVICE GROUP | 110,041 | 109,437 | |||||
744 | CHESAPEAKE UTILITIES CORP. | 66,090 | 85,850 | |||||
1,269 | NORTHWEST NATURAL HOLDING CO. | 57,662 | 55,049 | |||||
4,500 | SOUTH JERSEY INDUSTRIES, INC. | 151,092 | 150,390 | |||||
613,079 | 626,064 | 0.19% | ||||||
Sub-total Common Stocks: | 400,810,780 | 316,418,451 | 97.17% | |||||
Escrows: | ||||||||
Consumer Staples: | ||||||||
23,253 | FRESH MARKET (THE), INC.(b)(f) | - | - | |||||
- | - | 0.00% | ||||||
Sub-total Escrows: | - | - | 0.00% | |||||
Warrants: | ||||||||
Health Care: | ||||||||
19,977 | NANOVIBRONIX, INC.(b)(f) | 200 | - | |||||
200 | - | 0.00% | ||||||
Sub-total Warrants: | 200 | - | 0.00% | |||||
Short-Term Investments: | ||||||||
2,100,595 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO, INSTITUTIONAL SHARES(g) | 2,100,595 | 2,100,595 | |||||
28,550,687 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 2.25%(h) | 28,550,687 | 28,550,687 | |||||
Sub-total Short-Term Investments: | 30,651,282 | 30,651,282 | 9.41% | |||||
Grand total | $431,462,262 | 347,069,733 | 106.58% |
23 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Select Equity Fund
September 30, 2022
(unaudited)
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, 2022, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 10.40% of net assets. |
(d) | Securities are American Depositary Receipts of companies based outside of the United States representing 0.21% of net assets as of September 30, 2022. |
(e) | Security is either wholly or partially on loan. |
(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, 2021, the value of the Clearwater Select Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $16,636,090 with net purchases of $11,914,597 during the nine months ended September 30, 2022. |
24 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Select Equity Fund
September 30, 2022
(unaudited)
Fair value is an estimate of the price
the Clearwater Select 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 Select 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. With respect to Fund investments that do not have readily available market quotations, the Board of Trustees has designated the Adviser as the valuation designee to
perform fair value determinations pursuant to Rule 2a-5 under the Investment Company Act of 1940. When prices are not readily available (including those for which trading has been suspended), are determined not to be
reliable, 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 Select Equity Fund may value these securities at fair value as determined by the Adviser using procedures approved 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 Select Equity Fund’s investments and other financial instruments, if any, which are carried at fair value, as of September 30, 2022.
Level 1 | Level 2 | Level 3 | Total | ||||
Common Stocks | $311,225,859 | $5,192,592 | $— | $316,418,451 | |||
Escrows | — | — | —* | —* | |||
Warrants | — | — | —* | —* | |||
Short-Term Investments | 30,651,282 | — | — | 30,651,282 | |||
Total | $341,877,141 | $5,192,592 | $— | $347,069,733 |
* Security has been deemed worthless and is a Level 3 investment. |
For the
Clearwater Select Equity Fund, the investment value is comprised of equity securities, escrows, warrants and short-term investments. See the Clearwater Select Equity 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.
There were no significant
Level 3 valuations at September 30, 2022.
25 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Select Equity Fund
September 30, 2022
(unaudited)
Clearwater Select Equity Fund Portfolio
Diversification
(as a percentage of net assets)
26 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Closed-End Funds: | ||||||||||||
150,352 | BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | $1,448,792 | 1,479,464 | |||||||||
91,834 | BLACKROCK MUNICIPAL INCOME FUND INC | 1,105,339 | 997,317 | |||||||||
33,837 | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | 456,225 | 371,191 | |||||||||
114,491 | BLACKROCK MUNIHOLDINGS FUND INC | 1,771,610 | 1,288,024 | |||||||||
39,627 | BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND INC | 547,911 | 465,221 | |||||||||
93,977 | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | 1,189,521 | 913,456 | |||||||||
144,532 | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | 1,875,685 | 1,789,306 | |||||||||
48,800 | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | 686,300 | 578,768 | |||||||||
98,137 | BLACKROCK MUNIYIELD QUALITY FUND II INC | 1,251,453 | 984,314 | |||||||||
118,472 | BLACKROCK MUNIYIELD QUALITY FUND III INC | 1,572,465 | 1,235,663 | |||||||||
12,559 | BLACKROCK MUNIYIELD QUALITY FUND INC | 173,142 | 138,777 | |||||||||
52,628 | BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | 382,238 | 297,874 | |||||||||
183,432 | DWS MUNICIPAL INCOME TRUST | 2,072,953 | 1,526,154 | |||||||||
176,750 | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | 1,960,269 | 1,435,210 | |||||||||
159,405 | INVESCO MUNICIPAL OPPORTUNITY TRUST | 1,939,405 | 1,452,180 | |||||||||
111,237 | INVESCO MUNICIPAL TRUST | 1,372,374 | 1,016,706 | |||||||||
55,087 | INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST | 739,280 | 531,700 | |||||||||
190,374 | INVESCO QUALITY MUNICIPAL INCOME TRUST | 2,324,574 | 1,738,115 | |||||||||
70,173 | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | 898,029 | 656,819 | |||||||||
81,582 | INVESCO VALUE MUNICIPAL INCOME TRUST | 1,234,553 | 939,009 | |||||||||
66,334 | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | 934,116 | 774,118 | |||||||||
345,957 | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | 4,713,175 | 3,667,144 | |||||||||
81,998 | NUVEEN NEW JERSEY QUALITY MUNICIPAL INCOME FUND | 1,258,443 | 902,798 | |||||||||
84,266 | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | 1,197,701 | 924,398 | |||||||||
320,957 | NUVEEN QUALITY MUNICIPAL INCOME FUND | 4,690,416 | 3,530,527 | |||||||||
Sub-total Closed-End Funds: | 37,795,969 | 29,634,253 | 4.95% | |||||||||
Municipal Bonds: | ||||||||||||
Alabama | ||||||||||||
500,000 | MOBILE CNTY AL LTD OBLG(b) | 11/1/2045 | 4.00 | 500,000 | 367,892 | |||||||
965,000 | STADIUM TRACE VLG IMPT DIST DEV INCENTIVE ANTIC BONDS | 3/1/2036 | 3.63 | 965,000 | 724,173 | |||||||
1,465,000 | 1,092,065 | 0.18% | ||||||||||
Alaska | ||||||||||||
350,000 | ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(c) | 12/1/2010 | 5.40 | 350,000 | 7,000 | |||||||
350,000 | 7,000 | 0.00% | ||||||||||
Arizona | ||||||||||||
1,250,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b) | 7/1/2030 | 6.75 | 1,239,524 | 1,187,077 | |||||||
1,250,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b) | 7/1/2050 | 7.75 | 1,237,747 | 1,205,715 | |||||||
400,000 | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(b) | 7/1/2051 | 6.00 | 400,000 | 307,538 | |||||||
550,000 | GLENDALE AZ INDL DEV AUTH | 11/15/2046 | 5.25 | 555,044 | 391,892 | |||||||
870,000 | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE(b) | 7/1/2052 | 6.00 | 906,332 | 904,522 | |||||||
500,000 | NAVAJO NATION AZ(b) | 12/1/2030 | 5.50 | 513,561 | 522,465 | |||||||
1,000,000 | PHOENIX AZ INDL DEV AUTH EDU REVENUE(b) | 7/1/2036 | 5.13 | 987,802 | 998,454 | |||||||
600,000 | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(b) | 12/1/2026 | 5.25 | 600,000 | 591,603 | |||||||
500,000 | TEMPE AZ | 1/1/2029 | 5.00 | 503,304 | 506,923 | |||||||
385,000 | TEMPE AZ INDL DEV AUTH REVENUE(b) | 10/1/2024 | 4.70 | 384,628 | 372,522 | |||||||
500,000 | TEMPE AZ INDL DEV AUTH REVENUE(b) | 10/1/2037 | 6.00 | 501,892 | 453,170 | |||||||
7,829,834 | 7,441,881 | 1.24% | ||||||||||
Arkansas | ||||||||||||
970,000 | MOUNTAIN HOME AR SALES & USE TAX REVENUE | 9/1/2038 | 2.00 | 970,000 | 646,044 | |||||||
35,000 | SPRINGDALE AR SALES & USE REVENUE | 4/1/2041 | 3.60 | 34,120 | 31,015 | |||||||
1,004,120 | 677,059 | 0.11% | ||||||||||
California | ||||||||||||
2,350,000 | ACALANES CA UNION HIGH SCH DIST (Step to 6.55% on 8/1/2024)(d) | 8/1/2039 | 0.00 | 2,089,323 | 2,425,417 | |||||||
1,000,000 | ALVORD CA UNIF SCH DIST | 8/1/2036 | 5.25 | 1,003,224 | 1,017,617 | |||||||
1,000,000 | ALVORD CA UNIF SCH DIST (Step to 7.35% on 8/1/2026)(d) | 8/1/2046 | 0.00 | 761,512 | 986,674 |
27 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
California (Cont'd): | ||||||||||||
650,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(b) | 5/15/2029 | 3.13 | $650,000 | 561,741 | |||||||
500,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(b) | 11/15/2051 | 5.00 | 524,757 | 408,064 | |||||||
500,000 | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(b) | 11/15/2056 | 5.00 | 521,796 | 399,306 | |||||||
1,500,000 | CALIFORNIA ST SCH FACS FING AUTH REVENUE | 8/1/2029 | 6.00 | 1,487,750 | 1,652,036 | |||||||
1,000,000 | CARLSBAD CA UNIF SCH DIST | 8/1/2031 | 6.13 | 996,321 | 1,174,841 | |||||||
1,000,000 | COLTON CA JT UNIF SCH DIST | 8/1/2035 | 5.80 | 999,281 | 1,094,205 | |||||||
1,105,000 | CORONA-NORCO CA UNIF SCH DIST | 8/1/2039 | 6.80 | 1,102,890 | 1,278,140 | |||||||
750,000 | EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE | 7/1/2033 | 6.38 | 744,503 | 751,903 | |||||||
1,000,000 | ENCINITAS CA UNION SCH DIST | 8/1/2035 | 6.75 | 999,107 | 1,216,126 | |||||||
1,155,000 | ENTERPRISE CA ELEM SCH DIST | 8/1/2035 | 6.20 | 1,153,406 | 1,355,480 | |||||||
3,500,000 | HEALDSBURG CA UNIF SCH DIST | 8/1/2037 | 4.60 | 3,494,786 | 3,557,275 | |||||||
1,000,000 | HELENDALE CA SCH DIST | 8/1/2034 | 6.25 | 998,017 | 1,152,710 | |||||||
1,000,000 | IMPERIAL CA CMNTY CLG DIST | 8/1/2040 | 6.75 | 1,005,125 | 1,092,253 | |||||||
750,000 | MARTINEZ CA UNIF SCH DIST | 8/1/2035 | 6.13 | 746,633 | 789,497 | |||||||
2,000,000 | OAK PARK CA UNIF SCH DIST | 8/1/2038 | 7.10 | 1,998,902 | 2,409,673 | |||||||
1,000,000 | REDONDO BEACH CA UNIF SCH DIST | 8/1/2034 | 6.38 | 996,106 | 1,114,231 | |||||||
750,000 | RIVER ISLANDS CA PUBLIC FING AUTH SPL TAX | 9/1/2052 | 5.25 | 816,502 | 788,183 | |||||||
1,000,000 | RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE | 10/15/2038 | 6.00 | 1,003,578 | 1,029,143 | |||||||
350,000 | SACRAMENTO CNTY CA WTR FING AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.57%)(e) | 6/1/2039 | 2.64 | 350,000 | 300,278 | |||||||
500,000 | SAN DIEGO CA HSG AUTH MF HSG REVENUE | 5/1/2029 | 5.00 | 500,000 | 500,472 | |||||||
1,000,000 | SAN DIEGO CA HSG AUTH MF HSG REVENUE(f) | 10/15/2042 | 5.30 | 1,009,788 | 1,007,509 | |||||||
1,000,000 | SAN JOSE CA FING AUTH LEASE REVENUE | 6/1/2039 | 5.00 | 1,005,726 | 1,012,082 | |||||||
500,000 | SANTA MONICA CA REDEV AGY | 7/1/2036 | 5.88 | 500,000 | 501,374 | |||||||
2,110,000 | SULPHUR SPRINGS CA UNION SCH DIST COPS | 12/1/2037 | 6.50 | 2,108,630 | 2,288,377 | |||||||
1,000,000 | TRACY CA JT UNIF SCH DIST (Step to 7.30% on 8/1/2027)(d) | 8/1/2041 | 0.00 | 801,284 | 922,913 | |||||||
30,368,947 | 32,787,520 | 5.48% | ||||||||||
Colorado | ||||||||||||
1,000,000 | BASELINE MET DIST #1 CO SPL REVENUE | 12/1/2051 | 5.00 | 974,981 | 815,980 | |||||||
1,000,000 | BRIGHTON CROSSING MET DIST #6 CO | 12/1/2050 | 5.00 | 1,014,915 | 812,844 | |||||||
650,000 | BUFFALO HIGHLANDS MET DIST | 12/1/2038 | 5.25 | 651,179 | 606,545 | |||||||
830,000 | CHAMBERS HIGHPOINT MET DIST #2 CO | 12/1/2051 | 5.00 | 874,288 | 677,869 | |||||||
1,400,000 | COLLIERS HILL MET DIST #2 CO | 12/15/2047 | 6.00 | 1,400,000 | 1,123,007 | |||||||
1,000,000 | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE | 7/1/2034 | 5.60 | 995,691 | 1,000,775 | |||||||
600,000 | COLORADO ST HLTH FACS AUTH REVENUE | 5/15/2030 | 3.50 | 600,000 | 528,196 | |||||||
1,000,000 | COLORADO ST HLTH FACS AUTH REVENUE | 8/1/2033 | 7.63 | 990,869 | 1,011,780 | |||||||
1,250,000 | COLORADO ST HLTH FACS AUTH REVENUE | 12/1/2048 | 5.00 | 1,297,767 | 1,158,943 | |||||||
735,000 | COLORADO ST HLTH FACS AUTH REVENUE | 5/15/2049 | 5.00 | 778,773 | 579,976 | |||||||
1,670,000 | COLORADO ST HLTH FACS AUTH REVENUE | 5/15/2058 | 5.00 | 1,722,218 | 1,252,819 | |||||||
750,000 | COPPERLEAF CO MET DIST #4 | 12/1/2049 | 5.00 | 777,104 | 650,937 | |||||||
1,500,000 | CROSSROADS MET DIST #1 CO | 12/1/2051 | 6.50 | 1,475,909 | 1,366,612 | |||||||
1,500,000 | DENVER CO CITY & CNTY MF HSG REVENUE | 2/1/2039 | 2.05 | 1,500,000 | 1,025,354 | |||||||
1,000,000 | DOUGLAS CNTY CO MF REVENUE | 10/1/2029 | 4.50 | 1,000,000 | 1,000,350 | |||||||
1,000,000 | GREEN VALLEY RANCH EAST MET DIST #6 CO | 12/1/2050 | 5.88 | 1,000,000 | 885,695 | |||||||
500,000 | HASKINS STATION CO MET DIST | 12/1/2039 | 5.00 | 515,793 | 454,100 | |||||||
1,000,000 | JOHNSTOWN PLAZA MET DIST CO | 12/1/2046 | 4.25 | 945,719 | 792,211 |
28 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Colorado (Cont'd): | ||||||||||||
655,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2025 | 5.00 | $646,140 | 584,633 | |||||||
500,000 | LAMBERTSON FARMS CO MET DIST #1 REVENUE | 12/15/2035 | 5.50 | 500,000 | 363,343 | |||||||
2,000,000 | LEGATO CMNTY AUTH CO LTD TAX SUPPORTED REVENUE (Step to 5.00% on 12/1/2026)(d) | 12/1/2051 | 0.00 | 1,672,339 | 1,196,930 | |||||||
1,000,000 | LITTLETON VLG MET DIST #2 COLO SPL REVENUE | 12/1/2045 | 5.38 | 996,683 | 932,085 | |||||||
750,000 | MIRABELLE MET DIST #2 CO | 12/1/2049 | 5.00 | 783,634 | 637,269 | |||||||
550,000 | RAINDANCE MET DIST #2 CO | 12/1/2039 | 5.00 | 585,979 | 502,315 | |||||||
1,400,000 | REUNION MET DIST CO SPL REVENUE | 12/1/2044 | 3.63 | 1,348,222 | 954,066 | |||||||
500,000 | RIVERVIEW MET DIST CO | 12/1/2051 | 5.00 | 532,091 | 403,712 | |||||||
1,000,000 | RUDOLPH FARMS MET DIST #6 CO REVENUE SUPPORTED | 6/1/2052 | 6.50 | 1,000,000 | 927,200 | |||||||
500,000 | SKY RANCH CMNTY AUTH BRD CO | 12/1/2052 | 5.75 | 500,000 | 443,457 | |||||||
1,000,000 | THOMPSON CROSSING MET DIST #4 CO | 12/1/2049 | 5.00 | 1,041,175 | 863,485 | |||||||
1,000,000 | TRANSPORT MET DIST #3 CO | 12/1/2041 | 5.00 | 1,022,475 | 849,422 | |||||||
1,000,000 | TREE FARM MET DIST CO(b) | 12/1/2041 | 4.50 | 1,000,000 | 761,795 | |||||||
1,000,000 | WESTGATE MET DIST CO | 12/1/2051 | 5.13 | 1,000,000 | 806,365 | |||||||
1,000,000 | WINDLER PUB IMPT AUTH CO LTD TAX SUPPORTED REVENUE | 12/1/2041 | 4.00 | 1,000,000 | 684,435 | |||||||
1,000,000 | WINDSHIRE PARK CO MET DIST #2 | 12/1/2047 | 6.50 | 1,066,248 | 939,980 | |||||||
33,210,192 | 27,594,485 | 4.61% | ||||||||||
Connecticut | ||||||||||||
500,000 | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE(b) | 1/1/2027 | 3.25 | 500,000 | 472,940 | |||||||
500,000 | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE(b) | 1/1/2055 | 5.00 | 512,528 | 447,233 | |||||||
180,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 11/15/2035 | 3.88 | 180,000 | 174,885 | |||||||
500,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2038 | 3.95 | 500,000 | 489,309 | |||||||
2,000,000 | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | 5/15/2045 | 3.85 | 2,025,751 | 1,685,292 | |||||||
583,408 | MASHANTUCKET WSTRN PEQUOT TRIBE CT | 7/1/2031 | 6.05 | 589,718 | 129,808 | |||||||
650,000 | STEEL POINT INFRASTRUCTURE IMPT DIST CT SPL OBLIG REVENUE(b) | 4/1/2051 | 4.00 | 660,531 | 500,497 | |||||||
4,968,528 | 3,899,964 | 0.65% | ||||||||||
District of Columbia | ||||||||||||
1,500,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG MTGE REVENUE | 6/15/2031 | 4.45 | 1,504,611 | 1,507,931 | |||||||
500,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 7/1/2033 | 5.45 | 500,000 | 500,468 | |||||||
1,000,000 | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | 6/1/2041 | 5.00 | 1,000,000 | 1,000,547 | |||||||
565,000 | DIST OF COLUMBIA REVENUE | 7/1/2027 | 4.13 | 535,206 | 534,725 | |||||||
3,500,000 | DISTRICT OF COLUMBIA HSG FIN AGY | 3/1/2042 | 2.50 | 3,500,000 | 2,410,963 | |||||||
1,000,000 | DISTRICT OF COLUMBIA HSG FIN AGY | 9/1/2043 | 4.05 | 1,000,000 | 900,175 | |||||||
8,039,817 | 6,854,809 | 1.15% | ||||||||||
Florida | ||||||||||||
550,000 | ARTISAN LAKES EAST CDD FL CAPITAL IMPT REVENUE(b) | 5/1/2052 | 4.00 | 578,134 | 426,870 | |||||||
385,000 | ASTURIA FL CMNTY DEV DIST SPL ASSMNT | 5/1/2034 | 5.75 | 385,000 | 385,971 | |||||||
1,000,000 | AVE MARIA FL STEWARDSHIP CMNTY DIST CAPITAL IMPT REVENUE | 5/1/2052 | 4.00 | 1,016,702 | 776,007 | |||||||
1,000,000 | BELLALAGO FL EDUCTNL FACS BENEFIT DIST CAPITAL IMPT REVENUE | 5/1/2030 | 4.38 | 990,123 | 1,013,650 | |||||||
500,000 | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | 5/1/2035 | 6.25 | 500,000 | 512,324 | |||||||
175,000 | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | 5/1/2045 | 6.25 | 175,000 | 177,764 | |||||||
1,370,000 | CAPITAL TRUST AGY FL CHRT SCH REVENUE | 2/1/2035 | 5.38 | 1,370,000 | 1,406,811 | |||||||
525,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 7/1/2051 | 4.00 | 560,132 | 356,680 |
29 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
485,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE | 6/1/2056 | 4.00 | $515,344 | 386,863 | |||||||
1,415,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 6/1/2056 | 5.00 | 1,522,224 | 1,147,428 | |||||||
445,000 | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(b) | 7/1/2056 | 4.00 | 471,281 | 294,899 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE(c) | 4/1/2035 | 7.00 | 750,000 | 545,625 | |||||||
1,750,000 | CAPITAL TRUST AGY FL REVENUE(b)(c)(g) | 12/1/2035 | 6.75 | 1,745,953 | 560,000 | |||||||
750,000 | CAPITAL TRUST AGY FL REVENUE(b)(c)(g) | 7/1/2037 | 6.75 | 750,000 | 195,000 | |||||||
710,000 | CELEBRATION POINTE CMNTY DEV DIST #1 FL SPL ASSMNT REVENUE(b) | 5/1/2032 | 5.00 | 712,871 | 710,172 | |||||||
500,000 | CFM FL CDD REVENUE | 5/1/2051 | 4.00 | 516,885 | 390,155 | |||||||
1,100,000 | COBBLESTONE CDD FL SPL ASSMNT REVENUE(b) | 5/1/2053 | 4.30 | 1,085,209 | 897,883 | |||||||
750,000 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE(b)(c)(g) | 5/15/2026 | 7.25 | 750,000 | 480,000 | |||||||
1,750,000 | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE(b)(c)(g) | 5/15/2044 | 8.13 | 1,913,765 | 1,120,000 | |||||||
1,000,000 | DAVIE FL EDUCTNL FACS REVENUE | 4/1/2042 | 6.00 | 1,002,134 | 1,013,998 | |||||||
1,000,000 | EAST NASSAU STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2051 | 4.00 | 1,021,891 | 779,120 | |||||||
1,000,000 | ELEVATION POINTE CMNTY DEV DIST FL SPL ASSMNT REVENUE | 5/1/2032 | 4.40 | 1,000,000 | 942,385 | |||||||
800,000 | ENTRADA CMNTY DEV DIST FL CAPITAL IMPT REVENUE(b) | 5/1/2052 | 4.00 | 839,536 | 620,671 | |||||||
445,000 | ESCAMBIA CNTY FL HSG FIN AUTH SF MTGE REVENUE | 10/1/2049 | 3.75 | 445,000 | 432,581 | |||||||
605,000 | FISHHAWK CCD IV FL SPL ASSMNT REVENUE | 5/1/2033 | 7.00 | 605,000 | 613,171 | |||||||
1,350,000 | FLORIDA DEV FIN CORP SURFACE TRANPRTN FAC REVENUE(b) | 1/1/2049 | 7.38 | 1,293,503 | 1,163,115 | |||||||
1,000,000 | FLORIDA ST DEV FIN CORP(b)(f) | 7/1/2057 | 7.25 | 980,057 | 976,048 | |||||||
920,000 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(b) | 6/1/2040 | 5.00 | 944,261 | 818,739 | |||||||
460,000 | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(h) | 7/1/2042 | 478,179 | 401,087 | ||||||||
500,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(b) | 6/1/2027 | 2.38 | 500,000 | 442,018 | |||||||
1,000,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(b) | 11/15/2030 | 5.00 | 1,000,000 | 879,393 | |||||||
2,000,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(b) | 6/1/2050 | 5.25 | 2,035,537 | 1,781,336 | |||||||
1,350,000 | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE | 6/1/2051 | 5.00 | 1,482,120 | 1,073,509 | |||||||
260,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2035 | 3.75 | 260,000 | 253,318 | |||||||
100,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2039 | 4.20 | 100,000 | 99,936 | |||||||
645,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2045 | 4.20 | 645,000 | 639,637 | |||||||
1,000,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2046 | 3.25 | 1,000,000 | 765,926 | |||||||
530,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2049 | 3.30 | 530,000 | 510,234 | |||||||
2,345,000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2052 | 2.30 | 2,345,000 | 1,456,970 | |||||||
1,500,000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2052 | 4.55 | 1,500,000 | 1,358,375 | |||||||
1,000,000 | FORT LAUDERDAL FL SPL ASSMNT(b) | 7/1/2048 | 4.00 | 1,043,470 | 800,535 | |||||||
1,000,000 | FRERC CDD FL | 11/1/2040 | 5.38 | 1,000,000 | 935,256 | |||||||
700,000 | GRANDE PINES CDD FL SPL ASSMNT REVENUE | 5/1/2041 | 3.75 | 699,045 | 541,295 | |||||||
650,000 | HARBOR BAY FL CDD CAPITAL IMPT REVENUE | 5/1/2048 | 4.10 | 645,889 | 529,404 | |||||||
700,000 | HERITAGE HARBOUR FL N CDD SPL ASSMNT | 5/1/2034 | 5.00 | 700,000 | 698,497 | |||||||
1,000,000 | HYDE PARK CDD #1 FL SPL ASSMNT | 5/1/2052 | 4.00 | 991,382 | 774,836 | |||||||
710,000 | LAKE CNTY FLA RETMNT FAC REVENUE | 8/15/2050 | 5.75 | 724,345 | 608,696 | |||||||
1,000,000 | LAKE CNTY FLA RETMNT FAC REVENUE | 8/15/2055 | 5.75 | 978,140 | 838,835 | |||||||
600,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2031 | 3.88 | 596,307 | 541,563 | |||||||
500,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2031 | 4.13 | 498,738 | 456,041 |
30 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
385,000 | LAKES OF SARASOTA CDD FL IMPT REVENUE | 5/1/2041 | 4.13 | $383,754 | 329,219 | |||||||
235,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2025 | 4.25 | 234,827 | 233,817 | |||||||
700,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2033 | 6.70 | 700,000 | 706,032 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2034 | 5.35 | 1,000,000 | 992,299 | |||||||
1,100,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2036 | 5.00 | 1,100,000 | 1,082,333 | |||||||
750,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2037 | 5.00 | 745,385 | 734,024 | |||||||
745,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2037 | 5.25 | 741,196 | 741,966 | |||||||
700,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2038 | 5.00 | 700,000 | 681,715 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2039 | 5.30 | 1,000,000 | 989,093 | |||||||
580,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2040 | 3.63 | 575,880 | 454,099 | |||||||
1,000,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(b) | 5/1/2040 | 3.75 | 1,000,000 | 797,166 | |||||||
630,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.00 | 626,749 | 500,856 | |||||||
340,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2049 | 4.50 | 335,319 | 293,978 | |||||||
940,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2050 | 4.00 | 926,048 | 742,148 | |||||||
1,445,000 | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | 5/1/2052 | 4.00 | 1,521,705 | 1,120,548 | |||||||
1,300,000 | LAUREL ROAD CDD FL CAPITAL IMPT REVENUE | 5/1/2031 | 3.13 | 1,300,000 | 1,095,898 | |||||||
1,000,000 | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE | 11/15/2049 | 5.00 | 971,250 | 968,220 | |||||||
1,000,000 | LEE CNTY FL INDL DEV AUTH HLTHCR FACS REVENUE | 10/1/2052 | 5.25 | 1,020,077 | 865,258 | |||||||
180,000 | LONG LAKE RANCH CMNTY DEV DIST FLA CAP IMPT REVENUE | 5/1/2024 | 5.63 | 180,000 | 181,317 | |||||||
500,000 | LT RANCH CDD FL CAPITAL IMPT REVENUE | 5/1/2040 | 4.00 | 504,877 | 428,376 | |||||||
735,000 | MARSHALL CREEK FL CDD SPL ASSMNT | 5/1/2032 | 5.00 | 741,185 | 724,798 | |||||||
400,000 | MEADOW VIEW AT TWIN CREEKS CDD FL SPL ASSMNT | 5/1/2052 | 3.75 | 396,461 | 289,938 | |||||||
500,000 | MEADOW VIEW AT TWIN CREEKS CDD FL SPL ASSMNT | 5/1/2052 | 4.00 | 517,268 | 387,733 | |||||||
500,000 | MIAMI BEACH FL HLTH FACS AUTH | 11/15/2044 | 5.00 | 514,382 | 488,874 | |||||||
210,000 | N SPRINGS FL IMPT DIST | 5/1/2027 | 6.00 | 210,000 | 215,502 | |||||||
115,000 | NEW RIVER FL CDD CAPITAL IMPT REVENUE(c) | 5/1/2013 | 5.00 | 114,821 | 1 | |||||||
1,120,000 | NORTH RIVER RANCH CDD FL CAPITAL IMPT REVENUE | 5/1/2035 | 4.20 | 1,120,000 | 1,009,828 | |||||||
500,000 | NORTH SPRINGS FL IMPT DIST | 5/1/2044 | 6.50 | 500,000 | 509,495 | |||||||
1,400,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2029 | 5.00 | 1,402,714 | 1,412,358 | |||||||
500,000 | NTHRN PALM BEACH CNTY FL IMPT DIST | 8/1/2037 | 5.00 | 506,404 | 500,389 | |||||||
1,000,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2034 | 5.00 | 1,014,500 | 1,011,282 | |||||||
750,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2035 | 5.00 | 764,254 | 761,994 | |||||||
1,000,000 | ORANGE CNTY FL HLTH FACS AUTH REVENUE | 8/1/2047 | 5.00 | 1,038,994 | 1,036,970 | |||||||
5,000 | ORANGE CNTY FL HSG FIN AUTH | 9/1/2035 | 3.80 | 5,000 | 4,890 | |||||||
1,000,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE(b) | 7/1/2027 | 11.50 | 1,000,000 | 966,541 | |||||||
1,200,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 5/15/2036 | 5.00 | 1,259,065 | 1,116,820 | |||||||
1,000,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 6/1/2041 | 4.00 | 1,027,580 | 781,007 |
31 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Florida (Cont'd): | ||||||||||||
2,935,000 | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | 5/15/2053 | 4.00 | $2,862,490 | 1,991,270 | |||||||
1,000,000 | PALM COAST PARK FL CDD SPL ASSMNT REVENUE | 5/1/2042 | 5.00 | 996,221 | 949,669 | |||||||
700,000 | PALM COAST PARK FL CDD SPL ASSMNT REVENUE | 5/1/2052 | 4.00 | 732,080 | 544,046 | |||||||
500,000 | PARKER ROAD FL CDD CAPITAL IMPT REVENUE | 5/1/2050 | 4.10 | 498,336 | 399,619 | |||||||
500,000 | PARKVIEW AT LONG LAKE RANCH CDD FL SPL ASSMNET | 5/1/2051 | 4.00 | 503,249 | 390,533 | |||||||
500,000 | PINELLAS CNTY FL INDL DEV AUTH INDL DEV REVENUE | 7/1/2039 | 5.00 | 540,822 | 472,307 | |||||||
595,000 | POINCIANA FL W CDD SPL ASSMNT | 5/1/2030 | 5.38 | 590,399 | 597,598 | |||||||
500,000 | RIVER LANDING CDD FL CAP IMPT REVENUE | 11/1/2035 | 4.25 | 498,492 | 440,113 | |||||||
490,000 | ROLLING HILLS FL CDD CAPITAL IMPT REVENUE | 5/1/2032 | 3.65 | 490,000 | 411,114 | |||||||
1,900,000 | SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE | 8/1/2055 | 4.00 | 1,992,238 | 1,552,014 | |||||||
730,000 | SANDRIDGE CMNTY DEV DIST FL SPL ASSMNT REVENUE | 5/1/2051 | 4.00 | 720,161 | 568,494 | |||||||
1,000,000 | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE | 5/1/2041 | 4.13 | 991,612 | 858,889 | |||||||
2,250,000 | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE | 5/1/2053 | 4.25 | 2,197,120 | 1,827,682 | |||||||
830,000 | SEMINOLE CNTY FL INDL DEV AUTH EDUCTNL FACS REVENUE(b) | 6/15/2051 | 4.00 | 915,641 | 601,319 | |||||||
1,000,000 | SEMINOLE FL IMPT DIST UTILS REVENUE | 10/1/2037 | 5.30 | 1,000,000 | 970,338 | |||||||
145,000 | SILVERLEAF FL CDD CAPITAL IMPT REVENUE | 5/1/2044 | 6.75 | 142,557 | 148,241 | |||||||
500,000 | SOUTHERN GROVE CMNTY DEV DIST #5 SPL ASSMNT | 5/1/2048 | 4.00 | 525,537 | 397,658 | |||||||
142,538 | STERLING HILL FL CDD CAPITAL IMPT REVENUE(c) | 11/1/2010 | 5.50 | 142,538 | 76,971 | |||||||
650,000 | SUNBRIDGE STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2042 | 5.20 | 650,000 | 598,974 | |||||||
500,000 | TOLOMATO FL CDD | 5/1/2037 | 4.25 | 500,000 | 453,924 | |||||||
115,000 | TOLOMATO FL CDD (Step to 6.61% on 11/1/2024)(d) | 5/1/2040 | 0.00 | 98,786 | 99,978 | |||||||
1,480,000 | TOLOMATO FL CDD | 5/1/2040 | 3.75 | 1,428,116 | 1,249,660 | |||||||
125,000 | TOLOMATO FL CDD | 5/1/2040 | 6.61 | - | 1 | |||||||
1,000,000 | TRADITION CDD #9 FL SPL ASSMNT | 5/1/2052 | 4.00 | 1,057,272 | 775,466 | |||||||
700,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2038 | 5.38 | 700,000 | 691,314 | |||||||
385,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2040 | 4.00 | 388,851 | 327,874 | |||||||
1,005,000 | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | 5/1/2052 | 5.50 | 999,139 | 945,515 | |||||||
500,000 | TSR CDD FL SPL ASSMNT REVENUE | 11/1/2035 | 5.38 | 498,833 | 501,485 | |||||||
1,500,000 | UNIVERSITY PARK RECREATION DIST FL ON-AD VALOREM ASSMNT | 5/1/2050 | 3.50 | 1,500,000 | 1,156,888 | |||||||
750,000 | VIERA STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2053 | 4.00 | 784,371 | 579,668 | |||||||
910,000 | WINDWARD AT LAKEWOOD RANCH CDD FL CAPITAL IMPT | 5/1/2052 | 4.25 | 914,944 | 739,062 | |||||||
655,000 | WIREGRASS FL CDD CAPITAL IMPT REVENUE | 5/1/2035 | 5.38 | 651,991 | 659,443 | |||||||
1,000,000 | WIREGRASS II CDD FL CAPITAL IMPROVEMENT REVENUE | 5/1/2050 | 3.88 | 985,798 | 752,643 | |||||||
1,000,000 | WIREGRASS II CDD FL CAPITAL IMPROVEMENT REVENUE | 5/1/2052 | 5.25 | 995,469 | 903,077 | |||||||
750,000 | WYNNFIELD LAKES FL CDD | 5/1/2036 | 4.50 | 745,866 | 695,314 | |||||||
350,934 | ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(c) | 5/1/2013 | 5.25 | 351,276 | 147,392 | |||||||
101,483,057 | 85,162,962 | 14.23% | ||||||||||
Georgia | ||||||||||||
500,000 | ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE | 6/15/2039 | 5.00 | 502,197 | 501,729 | |||||||
1,350,000 | COBB CNTY GA DEV AUTH REVENUE(b) | 12/1/2039 | 5.00 | 1,409,559 | 1,161,067 |
32 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Georgia (Cont'd): | ||||||||||||
1,250,000 | GAINESVILLE & HALL CNTY GA DEV AUTH EDUCTNL FACS REVENUE(b) | 9/1/2044 | 6.25 | $1,213,723 | 1,122,511 | |||||||
190,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2038 | 3.85 | 190,000 | 184,915 | |||||||
1,365,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2040 | 3.80 | 1,365,000 | 1,330,999 | |||||||
1,000,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2042 | 3.85 | 1,000,000 | 863,032 | |||||||
1,950,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2043 | 3.90 | 1,936,338 | 1,734,445 | |||||||
895,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2048 | 4.00 | 895,000 | 873,359 | |||||||
1,750,000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2049 | 3.25 | 1,750,000 | 1,273,055 | |||||||
500,000 | SUNBRIDGE STEWARDSHIP DIST FL SPL ASSMNT REVENUE | 5/1/2042 | 5.40 | 500,000 | 490,506 | |||||||
10,761,817 | 9,535,618 | 1.59% | ||||||||||
Idaho | ||||||||||||
130,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2028 | 8.00 | 130,000 | 119,661 | |||||||
570,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2031 | 3.80 | 570,000 | 481,705 | |||||||
750,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2033 | 4.00 | 744,365 | 616,757 | |||||||
1,000,000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2050 | 4.50 | 1,028,194 | 717,703 | |||||||
1,000,000 | SPRING VLY CMNTY INFRASTRUCTURE DIST #1 SPL ASSMNT(b) | 9/1/2051 | 3.75 | 1,000,000 | 702,340 | |||||||
3,472,559 | 2,638,166 | 0.44% | ||||||||||
Illinois | ||||||||||||
1,250,000 | BURBANK IL EDUCTNL FACS REVENUE(b) | 9/1/2035 | 6.00 | 1,256,017 | 1,239,959 | |||||||
1,000,000 | BUREAU CNTY TWP IL HIGH SCH DIST #502 | 10/1/2043 | 6.63 | 1,010,846 | 1,038,600 | |||||||
1,000,000 | CHICAGO HEIGHTS IL | 12/1/2029 | 4.50 | 1,028,190 | 994,226 | |||||||
1,000,000 | CHICAGO IL MIDWAY ARPT REVENUE | 1/1/2035 | 5.25 | 1,000,097 | 1,002,514 | |||||||
1,000,000 | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE | 1/1/2053 | 5.50 | 1,065,310 | 1,044,078 | |||||||
1,000,000 | CHICAGO IL PARK DIST | 1/1/2028 | 5.00 | 1,027,083 | 1,010,030 | |||||||
750,000 | CHICAGO IL PARK DIST | 1/1/2042 | 4.00 | 767,536 | 636,225 | |||||||
500,000 | DECATUR IL | 3/1/2034 | 5.00 | 503,391 | 510,155 | |||||||
830,000 | EVANSTON ILL EDL FAC REVENUE(b) | 4/1/2041 | 4.38 | 828,410 | 612,201 | |||||||
500,000 | ILLINOIS ST | 7/1/2033 | 5.50 | 498,790 | 502,385 | |||||||
1,000,000 | ILLINOIS ST EDUCTNL FACS AUTH | 11/1/2036 | 4.50 | 1,000,000 | 1,003,568 | |||||||
675,000 | ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE | 2/1/2034 | 6.00 | 676,698 | 680,824 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2036 | 5.00 | 500,807 | 452,601 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 6/1/2037 | 5.25 | 497,452 | 461,897 | |||||||
750,000 | ILLINOIS ST FIN AUTH REVENUE | 12/1/2037 | 5.00 | 759,171 | 761,316 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/1/2038 | 5.25 | 507,530 | 443,358 | |||||||
1,450,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2038 | 5.13 | 1,412,869 | 1,109,660 | |||||||
500,000 | ILLINOIS ST FIN AUTH REVENUE | 6/1/2042 | 5.38 | 498,477 | 456,633 | |||||||
1,500,000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2045 | 5.00 | 1,543,841 | 1,324,009 | |||||||
1,000,000 | ILLINOIS ST FIN AUTH REVENUE | 11/15/2045 | 5.00 | 1,030,502 | 984,903 | |||||||
2,000,000 | ILLINOIS ST HSG DEV AUTH MF REVENUE | 7/1/2061 | 3.00 | 2,000,000 | 1,271,022 | |||||||
1,000,000 | ILLINOIS ST SALES TAX REVENUE | 6/15/2033 | 5.00 | 1,050,536 | 1,024,816 | |||||||
1,500,000 | ILLINOIS ST SPORTS FACS AUTH | 6/15/2031 | 5.25 | 1,527,860 | 1,533,686 | |||||||
500,000 | LAKE CNTY IL SCH DIST #33 | 12/1/2040 | 5.00 | 510,249 | 519,530 | |||||||
1,000,000 | LINCOLNWOOD IL TAX INCREMENT ALLOCATION REVENUE NTS COPS(b) | 1/1/2041 | 4.82 | 1,000,000 | 814,535 | |||||||
1,000,000 | MACON & MOULTRIE CNTYS IL CMNTY SCH DIST #3 MOUNT ZION | 12/1/2041 | 5.50 | 1,005,140 | 1,026,722 | |||||||
1,080,000 | MACOUPIN SANGAMON & MONTGOMERY CNTYS IL CMNTY SCH DIST #34 | 12/1/2037 | 4.25 | 1,087,691 | 960,302 | |||||||
1,000,000 | MALTA IL TAX INCR REVENUE(c) | 12/30/2025 | 5.75 | 1,000,000 | 250,000 | |||||||
500,000 | RICHTON PARK IL PUBLIC LIBRARY DIST | 12/15/2032 | 4.50 | 502,031 | 501,032 | |||||||
750,000 | ROCKFORD IL | 12/15/2030 | 4.00 | 750,000 | 750,409 | |||||||
325,000 | S WSTRN IL DEV AUTH(c) | 10/1/2022 | 7.00 | 325,000 | 48,750 | |||||||
180,000 | UPPER IL RIVER VLY DEV AUTH(b) | 12/1/2022 | 4.00 | 179,941 | 179,698 | |||||||
750,000 | UPPER IL RIVER VLY DEV AUTH(b) | 12/1/2037 | 5.25 | 766,121 | 684,689 | |||||||
685,000 | WESTMONT IL PARK DIST(i) | 12/1/2031 | 0.00 | 400,563 | 412,631 |
33 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Illinois (Cont'd): | ||||||||||||
685,000 | WESTMONT IL PARK DIST(i) | 12/1/2033 | 0.00 | $350,564 | 361,739 | |||||||
29,868,713 | 26,608,703 | 4.45% | ||||||||||
Indiana | ||||||||||||
1,500,000 | INDIANA FIN AUTH EDUCTNL FACS REVENUE | 7/1/2047 | 5.00 | 1,538,395 | 1,481,592 | |||||||
700,000 | INDIANA FIN AUTH EDUCTNL FACS REVENUE | 6/1/2051 | 5.00 | 769,654 | 563,465 | |||||||
750,000 | INDIANA ST FIN AUTH HSG REVENUE | 11/20/2027 | 4.80 | 752,061 | 754,270 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2033 | 6.50 | 990,203 | 1,033,600 | |||||||
1,500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 4.00 | 1,713,755 | 1,178,751 | |||||||
500,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 5.88 | 507,441 | 512,530 | |||||||
1,000,000 | INDIANA ST FIN AUTH REVENUE | 11/15/2046 | 5.25 | 1,019,621 | 960,321 | |||||||
1,500,000 | INDIANA ST HSG & CMNTY DEV AUTH MF HSG REVENUE | 1/1/2036 | 5.75 | 1,500,000 | 1,268,433 | |||||||
600,000 | MERRILLVILLE IN ECON DEV REVENUE | 4/1/2036 | 5.75 | 600,000 | 515,029 | |||||||
615,000 | MUNSTER IN ECON DEV TAX INCR REVENUE | 7/15/2026 | 4.75 | 613,936 | 617,477 | |||||||
1,000,000 | SCHERERVILLE IN ECON DEV REVENUE | 1/15/2030 | 6.00 | 1,000,842 | 1,007,938 | |||||||
11,005,908 | 9,893,406 | 1.65% | ||||||||||
Iowa | ||||||||||||
1,500,000 | IOWA ST FIN AUTH REVENUE | 5/15/2036 | 5.00 | 1,573,831 | 1,396,025 | |||||||
1,500,000 | IOWA ST FIN AUTH REVENUE | 5/15/2048 | 5.00 | 1,656,526 | 1,293,627 | |||||||
1,000,000 | IOWA ST FIN AUTH REVENUE | 5/15/2053 | 4.00 | 1,103,703 | 678,456 | |||||||
1,000,000 | IOWA ST FIN AUTH SF MTGE REVENUE | 7/1/2042 | 4.05 | 1,000,000 | 889,762 | |||||||
500,000 | IOWA ST HGR EDU LOAN AUTH | 11/1/2030 | 5.00 | 516,835 | 484,486 | |||||||
1,000,000 | IOWA ST HGR EDU LOAN AUTH REVENUE | 10/1/2052 | 5.38 | 1,021,079 | 997,217 | |||||||
6,871,974 | 5,739,573 | 0.96% | ||||||||||
Kansas | ||||||||||||
1,000,000 | FRANKLIN CNTY KS UNIF SCH DIST #290 | 9/1/2039 | 4.75 | 1,018,781 | 1,039,810 | |||||||
935,000 | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE | 9/1/2032 | 5.75 | 930,096 | 832,148 | |||||||
1,500,000 | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE(b) | 9/1/2035 | 5.25 | 1,485,321 | 1,394,976 | |||||||
3,434,198 | 3,266,934 | 0.55% | ||||||||||
Kentucky | ||||||||||||
305,000 | KENTUCKY ST HSG CORP HSG REVENUE | 7/1/2028 | 3.75 | 302,661 | 304,164 | |||||||
302,661 | 304,164 | 0.05% | ||||||||||
Louisiana | ||||||||||||
580,000 | LOUISIANA PUB FACS AUTH REVENUE(b) | 6/1/2031 | 4.00 | 603,262 | 522,901 | |||||||
1,000,000 | LOUISIANA PUB FACS AUTH REVENUE(b) | 6/1/2051 | 5.00 | 1,062,129 | 762,947 | |||||||
1,000,000 | LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE | 6/1/2038 | 5.25 | 1,001,938 | 1,013,379 | |||||||
1,000,000 | LOUISIANA ST HSG CORP SF MTGE REVENUE | 12/1/2042 | 4.05 | 1,000,000 | 888,400 | |||||||
1,250,000 | LOUISIANA ST HSG CORP SF MTGE REVENUE | 12/1/2046 | 2.55 | 1,250,000 | 825,332 | |||||||
650,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2025 | 5.25 | 670,233 | 641,174 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | 11/15/2030 | 6.00 | 1,007,020 | 996,120 | |||||||
700,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 11/1/2037 | 5.65 | 700,000 | 701,033 | |||||||
1,000,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(b) | 7/1/2039 | 5.00 | 1,050,158 | 812,122 | |||||||
600,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2039 | 5.50 | 600,000 | 585,065 | |||||||
900,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2044 | 4.00 | 900,000 | 669,712 |
34 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Louisiana (Cont'd): | ||||||||||||
750,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2044 | 4.40 | $750,000 | 609,728 | |||||||
1,250,000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(b) | 11/1/2046 | 4.00 | 1,250,000 | 891,263 | |||||||
500,000 | LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE | 7/1/2035 | 5.00 | 515,778 | 505,787 | |||||||
350,000 | LOUISIANA ST PUBLIC FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(e) | 2/15/2036 | 2.65 | 350,000 | 344,503 | |||||||
12,710,518 | 10,769,466 | 1.80% | ||||||||||
Maine | ||||||||||||
925,000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2040 | 3.85 | 925,000 | 903,686 | |||||||
925,000 | 903,686 | 0.15% | ||||||||||
Maryland | ||||||||||||
500,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 7/1/2031 | 4.50 | 500,000 | 500,387 | |||||||
1,000,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 9/1/2044 | 2.55 | 1,000,000 | 671,994 | |||||||
1,000,000 | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | 9/1/2052 | 5.00 | 1,052,565 | 1,018,316 | |||||||
500,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE | 7/1/2037 | 5.13 | 500,000 | 520,700 | |||||||
545,000 | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVENUE | 7/1/2038 | 4.00 | 545,000 | 484,076 | |||||||
3,597,565 | 3,195,473 | 0.53% | ||||||||||
Massachusetts | ||||||||||||
4,000,000 | MASSACHUSETTS ST DEV FIN AGY MF REVENUE | 1/1/2042 | 2.30 | 4,000,000 | 2,834,762 | |||||||
700,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE(b) | 10/1/2047 | 5.00 | 735,000 | 713,296 | |||||||
1,500,000 | MASSACHUSETTS ST DEV FIN AGY REVENUE | 6/1/2049 | 4.00 | 1,513,105 | 1,547,533 | |||||||
885,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2033 | 3.50 | 846,236 | 805,723 | |||||||
130,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2034 | 3.63 | 131,049 | 123,965 | |||||||
1,000,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2037 | 2.00 | 1,000,000 | 779,814 | |||||||
1,500,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2048 | 3.75 | 1,447,015 | 1,147,611 | |||||||
1,700,000 | MASSACHUSETTS ST EDUCTNL FING AUTH | 7/1/2051 | 3.00 | 1,709,109 | 1,092,420 | |||||||
265,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2033 | 5.00 | 265,000 | 266,263 | |||||||
270,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2038 | 5.15 | 270,000 | 271,377 | |||||||
310,000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2043 | 5.00 | 310,000 | 311,452 | |||||||
2,130,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 12/1/2043 | 4.00 | 2,130,000 | 1,954,897 | |||||||
2,000,000 | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | 12/1/2046 | 2.80 | 2,000,000 | 1,357,855 | |||||||
500,000 | ROWLEY MA | 5/1/2027 | 4.00 | 500,000 | 500,295 | |||||||
16,856,514 | 13,707,263 | 2.29% | ||||||||||
Michigan | ||||||||||||
95,000 | CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 11/1/2022 | 5.00 | 94,727 | 94,979 | |||||||
500,000 | KALAMAZOO MI ECON DEV CORP | 5/15/2043 | 5.00 | 527,195 | 424,494 | |||||||
1,000,000 | KENTWOOD MI ECON DEV CORP | 11/15/2037 | 5.00 | 1,007,162 | 954,005 | |||||||
775,000 | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE | 12/1/2031 | 3.00 | 769,460 | 627,749 | |||||||
650,000 | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE | 12/1/2039 | 4.25 | 652,978 | 490,622 | |||||||
500,000 | MICHIGAN ST FIN AUTH REVENUE | 11/15/2042 | 5.00 | 501,181 | 501,069 | |||||||
1,850,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2035 | 4.10 | 1,850,000 | 1,757,802 | |||||||
1,650,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2043 | 4.00 | 1,650,000 | 1,434,646 |
35 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Michigan (Cont'd): | ||||||||||||
1,500,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2044 | 3.25 | $1,430,625 | 1,162,362 | |||||||
1,000,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2049 | 3.35 | 1,051,645 | 754,803 | |||||||
2,250,000 | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | 10/1/2054 | 3.50 | 2,312,109 | 1,689,709 | |||||||
405,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2050 | 3.15 | 405,000 | 376,175 | |||||||
5,000,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2051 | 2.75 | 4,878,484 | 3,276,655 | |||||||
6,500,000 | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 6/1/2052 | 2.50 | 6,500,000 | 3,899,732 | |||||||
375,000 | MICHIGAN ST PUBLIC EDUCTNL FACS AUTH | 11/1/2028 | 6.35 | 375,000 | 375,083 | |||||||
750,000 | TAYLOR MI BROWNFIELD REDEV AUTH | 5/1/2032 | 5.00 | 760,247 | 768,088 | |||||||
750,000 | UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE | 12/1/2040 | 4.00 | 829,096 | 630,944 | |||||||
25,594,909 | 19,218,917 | 3.21% | ||||||||||
Minnesota | ||||||||||||
950,000 | APPLE VLY MN SENIOR LIVING REVENUE | 1/1/2047 | 5.00 | 930,381 | 546,715 | |||||||
1,000,000 | APPLE VY MN SENIOR HSG REVENUE | 9/1/2058 | 5.00 | 980,000 | 887,923 | |||||||
1,000,000 | LAUDERDALE MN MF REVENUE | 1/1/2040 | 5.13 | 991,512 | 930,046 | |||||||
2,000,000 | MINNESOTA ST HGR EDU FACS AUTH REVENUE | 10/1/2047 | 5.00 | 2,073,234 | 2,017,404 | |||||||
5,000,000 | MINNESOTA ST HSG FIN AGY(e)(j) | 1/1/2041 | 2.45 | 5,000,000 | 5,000,000 | |||||||
995,000 | MINNESOTA ST HSG FIN AGY | 7/1/2051 | 2.50 | 801,473 | 659,502 | |||||||
2,015,000 | MINNESOTA ST OFFICE OF HGR EDU REVENUE | 11/1/2038 | 2.65 | 1,916,563 | 1,570,685 | |||||||
12,693,163 | 11,612,275 | 1.94% | ||||||||||
Mississippi | ||||||||||||
500,000 | MISSISSIPPI DEV BK SPL OBLIG(b) | 11/1/2036 | 3.63 | 500,000 | 388,591 | |||||||
1,000,000 | MISSISSIPPI ST DEV BANK SPL OBLG(b) | 11/1/2039 | 4.55 | 1,000,000 | 872,510 | |||||||
2,000,000 | MISSISSIPPI ST HOME CORP SF MTGE REVENUE | 6/1/2042 | 2.55 | 2,000,000 | 1,425,420 | |||||||
3,500,000 | 2,686,521 | 0.45% | ||||||||||
Missouri | ||||||||||||
450,000 | JOPLIN MO INDL DEV AUTH SALES TAX REVENUE | 11/1/2040 | 3.50 | 445,758 | 364,985 | |||||||
306,825 | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE | 11/15/2046 | 2.00 | 396,461 | 14,501 | |||||||
687,493 | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE | 11/15/2046 | 5.00 | 896,518 | 515,531 | |||||||
1,000,000 | MISSOURI ST HLTH & EDUCTNL FACS AUTH | 2/1/2042 | 5.00 | 913,089 | 960,415 | |||||||
2,000,000 | MISSOURI ST HLTH & EDUCTNL FACS AUTH | 2/1/2048 | 4.00 | 2,060,887 | 1,497,124 | |||||||
1,000,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2047 | 3.25 | 1,000,000 | 763,603 | |||||||
1,500,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2047 | 4.30 | 1,500,000 | 1,324,057 | |||||||
1,000,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2047 | 4.40 | 1,000,000 | 946,579 | |||||||
495,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2048 | 3.80 | 495,000 | 480,269 | |||||||
305,000 | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | 11/1/2049 | 3.35 | 305,000 | 265,565 | |||||||
750,000 | SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS | 9/1/2042 | 5.00 | 750,000 | 642,487 | |||||||
9,762,713 | 7,775,116 | 1.30% | ||||||||||
Montana | ||||||||||||
340,000 | MONTANA ST BRD OF HSG | 12/1/2038 | 5.20 | 340,000 | 335,712 | |||||||
475,000 | MONTANA ST BRD OF HSG | 6/1/2045 | 4.00 | 475,000 | 468,346 | |||||||
560,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2037 | 3.95 | 560,000 | 522,280 | |||||||
275,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2038 | 4.00 | 275,342 | 270,953 | |||||||
1,000,000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2042 | 2.55 | 1,000,000 | 698,141 | |||||||
1,000,000 | MONTANA ST BRD OF HSG SF MTGE | 6/1/2052 | 4.55 | 1,000,000 | 902,649 | |||||||
3,650,342 | 3,198,081 | 0.53% |
36 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Nebraska | ||||||||||||
160,000 | MEAD NE TAX INCR REVENUE(c) | 7/1/2012 | 5.13 | $160,000 | 6,640 | |||||||
1,750,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2040 | 4.35 | 1,750,000 | 1,622,818 | |||||||
165,000 | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | 9/1/2042 | 3.05 | 165,000 | 159,448 | |||||||
2,075,000 | 1,788,906 | 0.30% | ||||||||||
Nevada | ||||||||||||
1,000,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2044 | 3.25 | 1,000,000 | 758,234 | |||||||
1,250,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 4/1/2046 | 2.60 | 1,250,000 | 827,023 | |||||||
455,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2049 | 3.35 | 455,000 | 442,016 | |||||||
1,480,000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2051 | 2.45 | 1,480,000 | 967,200 | |||||||
505,000 | NORTH LAS VEGAS NV LOCAL IMPT(b) | 12/1/2037 | 5.00 | 505,680 | 503,722 | |||||||
4,690,680 | 3,498,195 | 0.59% | ||||||||||
New Hampshire | ||||||||||||
1,500,000 | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | 7/1/2052 | 4.00 | 1,500,000 | 1,280,563 | |||||||
1,500,000 | 1,280,563 | 0.21% | ||||||||||
New Jersey | ||||||||||||
1,000,000 | CAMDEN CNTY NJ IMPT AUTH CHRT SCH REVENUE(b) | 7/15/2042 | 5.00 | 1,046,510 | 934,449 | |||||||
500,000 | NEW JERSEY ST ECON DEV AUTH | 6/15/2042 | 5.00 | 525,197 | 495,060 | |||||||
750,000 | NEW JERSEY ST ECON DEV AUTH REVENUE | 7/15/2047 | 5.00 | 781,363 | 708,515 | |||||||
2,115,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2039 | 3.50 | 2,109,573 | 1,937,394 | |||||||
1,000,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2041 | 4.00 | 967,417 | 856,060 | |||||||
1,000,000 | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | 12/1/2050 | 4.25 | 988,651 | 824,910 | |||||||
2,765,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2035 | 3.75 | 2,765,000 | 2,606,212 | |||||||
4,000,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2042 | 4.50 | 4,000,000 | 3,877,170 | |||||||
1,250,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2046 | 2.30 | 1,250,000 | 824,630 | |||||||
875,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 4/1/2049 | 4.00 | 876,708 | 735,059 | |||||||
1,500,000 | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 10/1/2053 | 5.00 | 1,579,927 | 1,528,811 | |||||||
500,000 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | 6/15/2041 | 5.25 | 504,127 | 502,520 | |||||||
1,000,000 | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | 6/15/2046 | 4.00 | 1,108,758 | 840,713 | |||||||
700,000 | TOBACCO SETTLEMENT FING CORP NJ | 6/1/2046 | 5.00 | 703,399 | 644,383 | |||||||
19,206,630 | 17,315,886 | 2.89% | ||||||||||
New Mexico | ||||||||||||
1,020,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2043 | 3.85 | 1,020,000 | 974,147 | |||||||
550,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2046 | 3.80 | 550,000 | 532,629 | |||||||
2,000,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2047 | 3.95 | 2,000,000 | 1,678,285 | |||||||
615,000 | NEW MEXICO ST MTGE FIN AUTH | 3/1/2048 | 3.75 | 622,346 | 601,714 | |||||||
475,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 3.90 | 475,000 | 460,838 | |||||||
600,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 4.00 | 600,827 | 566,593 | |||||||
1,415,000 | NEW MEXICO ST MTGE FIN AUTH | 1/1/2049 | 4.00 | 1,428,722 | 1,397,645 | |||||||
715,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 3.35 | 715,000 | 544,767 | |||||||
620,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 4.00 | 620,000 | 599,229 | |||||||
1,415,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2050 | 3.00 | 1,447,502 | 1,022,085 | |||||||
990,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2051 | 2.35 | 990,000 | 632,734 | |||||||
1,960,000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2051 | 2.63 | 1,960,000 | 1,291,083 | |||||||
1,975,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2052 | 2.80 | 1,975,000 | 1,294,406 | |||||||
1,000,000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2052 | 4.30 | 1,000,000 | 861,304 | |||||||
15,404,397 | 12,457,459 | 2.08% | ||||||||||
New York | ||||||||||||
750,000 | HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE | 9/1/2038 | 5.00 | 750,858 | 752,299 |
37 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
New York (Cont'd): | ||||||||||||
660,000 | MONROE CNTY NY INDL DEV CORP REVENUE | 1/1/2030 | 4.00 | $602,551 | 576,611 | |||||||
600,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2042 | 3.85 | 600,918 | 507,817 | |||||||
3,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 5/1/2045 | 3.90 | 2,838,750 | 2,498,697 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2047 | 3.65 | 1,000,000 | 790,429 | |||||||
1,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2049 | 3.95 | 1,000,000 | 817,180 | |||||||
2,250,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2056 | 2.60 | 2,250,000 | 1,309,992 | |||||||
2,000,000 | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | 11/1/2060 | 2.80 | 2,000,000 | 1,197,765 | |||||||
2,000,000 | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE | 6/15/2038 | 5.00 | 2,021,115 | 2,015,134 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2042 | 4.00 | 1,000,000 | 900,084 | |||||||
1,000,000 | NEW YORK ST HSG FIN AGY | 11/1/2048 | 3.95 | 1,000,000 | 840,269 | |||||||
2,000,000 | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | 11/1/2046 | 2.60 | 2,000,000 | 1,355,157 | |||||||
500,000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2045 | 5.10 | 500,000 | 502,594 | |||||||
4,000,000 | NEW YORK ST HSG FIN AGY REVENUE | 5/1/2048 | 4.10 | 4,000,000 | 3,525,795 | |||||||
1,005,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 4/1/2036 | 2.20 | 1,005,000 | 745,535 | |||||||
300,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2036 | 3.90 | 300,000 | 293,327 | |||||||
1,700,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2045 | 2.45 | 1,606,007 | 1,083,623 | |||||||
980,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2046 | 2.50 | 975,312 | 621,215 | |||||||
3,500,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2047 | 3.30 | 3,500,000 | 2,637,007 | |||||||
1,095,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2048 | 3.80 | 1,095,000 | 1,013,498 | |||||||
1,875,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 10/1/2049 | 2.95 | 1,875,000 | 1,262,896 | |||||||
1,435,000 | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | 4/1/2050 | 2.55 | 1,435,000 | 878,058 | |||||||
1,250,000 | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE | 10/1/2030 | 4.00 | 1,245,737 | 1,171,610 | |||||||
650,000 | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE(b) | 7/1/2029 | 3.60 | 650,000 | 571,011 | |||||||
650,000 | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE(b) | 7/1/2046 | 5.00 | 681,966 | 516,900 | |||||||
500,000 | WESTERN REGL OFF-TRACK BETTING CORP REVENUE(b) | 12/1/2041 | 4.13 | 494,422 | 368,260 | |||||||
36,427,636 | 28,752,763 | 4.80% | ||||||||||
North Carolina | ||||||||||||
1,000,000 | GTR ASHEVILLE REGL ARPT AUTH NC ARPT SYS REVENUE | 7/1/2052 | 5.50 | 1,065,978 | 1,028,487 | |||||||
1,710,000 | MECKLENBURG CNTY NC MF HSG REVENUE | 1/1/2036 | 5.38 | 1,710,000 | 1,712,243 | |||||||
260,000 | NORTH CAROLINA ST EDU ASSISTANCE AUTH | 6/1/2039 | 3.13 | 257,489 | 227,518 | |||||||
595,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 1/1/2041 | 3.95 | 599,629 | 580,561 | |||||||
2,500,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 7/1/2042 | 3.50 | 2,500,000 | 2,074,367 | |||||||
190,000 | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | 1/1/2048 | 4.00 | 190,000 | 182,395 | |||||||
1,000,000 | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | 11/1/2037 | 5.00 | 1,058,567 | 1,023,613 | |||||||
600,000 | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE | 10/1/2038 | 5.00 | 596,703 | 554,528 | |||||||
7,978,366 | 7,383,712 | 1.23% | ||||||||||
North Dakota | ||||||||||||
445,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2043 | 3.05 | 446,021 | 345,261 | |||||||
985,000 | NORTH DAKOTA ST HSG FIN AGY | 1/1/2044 | 3.05 | 985,000 | 769,226 |
38 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
North Dakota (Cont'd): | ||||||||||||
980,000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2044 | 2.50 | $980,000 | 678,894 | |||||||
1,000,000 | NORTH DAKOTA ST HSG FIN AGY | 1/1/2053 | 4.00 | 1,049,745 | 977,162 | |||||||
3,460,766 | 2,770,543 | 0.46% | ||||||||||
Ohio | ||||||||||||
500,000 | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH TAX INCREMENT FING REVENUE(b) | 12/1/2055 | 4.50 | 500,000 | 378,154 | |||||||
950,000 | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | 5/15/2045 | 3.00 | 969,031 | 643,984 | |||||||
1,500,000 | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | 5/15/2049 | 4.00 | 1,575,639 | 1,303,168 | |||||||
2,000,000 | FRANKLIN CNTY OH HLTH CARE FACS REVENUE | 7/1/2045 | 4.00 | 2,042,848 | 1,640,243 | |||||||
750,000 | LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE(b)(c)(g) | 12/1/2037 | 6.50 | 750,000 | 225,000 | |||||||
1,500,000 | LUCAS MET HSG AUTH OH COPS | 11/1/2036 | 5.00 | 1,530,002 | 1,515,246 | |||||||
2,000,000 | OHIO ST HGR EDUCTNL FAC COMMISSION | 11/1/2049 | 4.00 | 2,032,072 | 1,372,911 | |||||||
505,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2039 | 3.35 | 459,093 | 485,497 | |||||||
3,985,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2046 | 2.85 | 3,985,000 | 2,804,463 | |||||||
1,000,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2047 | 4.55 | 1,000,000 | 914,871 | |||||||
520,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2048 | 4.00 | 520,000 | 504,700 | |||||||
655,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 3/1/2049 | 4.00 | 655,000 | 627,630 | |||||||
3,675,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2051 | 2.45 | 3,699,832 | 2,381,588 | |||||||
1,970,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 9/1/2051 | 2.75 | 1,970,000 | 1,299,578 | |||||||
1,000,000 | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | 3/1/2052 | 5.00 | 1,054,165 | 1,018,363 | |||||||
22,742,682 | 17,115,396 | 2.86% | ||||||||||
Oklahoma | ||||||||||||
2,000,000 | OKLAHOMA ST DEV FIN AUTH | 8/1/2049 | 5.00 | 2,175,777 | 1,769,096 | |||||||
2,175,777 | 1,769,096 | 0.30% | ||||||||||
Oregon | ||||||||||||
1,000,000 | MEDFORD OR HOSP FACS AUTH REVENUE | 10/1/2042 | 5.00 | 1,006,291 | 1,003,836 | |||||||
500,000 | MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE | 12/1/2029 | 5.00 | 500,822 | 498,183 | |||||||
505,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2038 | 4.00 | 505,000 | 460,349 | |||||||
1,000,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 1/1/2042 | 3.70 | 1,000,000 | 848,265 | |||||||
2,000,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 1/1/2045 | 2.38 | 1,813,294 | 1,318,056 | |||||||
785,000 | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | 7/1/2048 | 3.75 | 785,000 | 756,279 | |||||||
1,000,000 | POLK CNTY OR HOSP FAC AUTH REVENUE | 7/1/2055 | 5.13 | 965,389 | 808,710 | |||||||
650,000 | YAMHILL CNTY OR HOSP AUTH | 11/15/2056 | 5.00 | 733,345 | 503,856 | |||||||
7,309,141 | 6,197,534 | 1.04% | ||||||||||
Pennsylvania | ||||||||||||
375,000 | BUTLER CNTY PA GEN AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(e) | 10/1/2034 | 3.21 | 375,000 | 353,801 | |||||||
200,000 | DAUPHIN CNTY PA GEN AUTH UNIV REVENUE(b) | 10/15/2022 | 4.00 | 199,996 | 199,976 | |||||||
500,000 | MONTGOMERY CNTY PA INDL DEV AUTH | 11/15/2033 | 5.00 | 515,944 | 506,833 | |||||||
1,250,000 | MONTGOMERY CNTY PA INDL DEV AUTH | 11/15/2036 | 5.00 | 1,259,244 | 1,262,419 | |||||||
900,000 | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | 6/1/2042 | 2.63 | 901,547 | 683,353 | |||||||
1,700,000 | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | 6/1/2047 | 3.00 | 1,700,000 | 1,147,940 |
39 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Pennsylvania (Cont'd): | ||||||||||||
1,000,000 | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE | 4/15/2045 | 4.00 | $1,030,858 | 860,665 | |||||||
500,000 | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.65%)(e) | 7/1/2039 | 3.17 | 500,000 | 433,561 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 4/1/2039 | 4.00 | 1,014,031 | 993,331 | |||||||
1,685,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2042 | 3.65 | 1,685,000 | 1,584,816 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2046 | 3.00 | 1,036,154 | 707,507 | |||||||
1,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2049 | 3.40 | 1,000,000 | 744,172 | |||||||
2,000,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2051 | 2.55 | 2,000,000 | 1,214,130 | |||||||
750,000 | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | 10/1/2051 | 3.00 | 746,633 | 718,436 | |||||||
1,000,000 | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE | 12/1/2045 | 5.00 | 1,040,436 | 1,008,554 | |||||||
100,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 6/15/2023 | 6.13 | 100,000 | 101,654 | |||||||
750,000 | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | 8/1/2036 | 5.63 | 741,094 | 751,338 | |||||||
15,845,937 | 13,272,486 | 2.22% | ||||||||||
Rhode Island | ||||||||||||
1,000,000 | RHODE ISLAND ST HSG & MTGE FIN CORP REVENUE | 4/1/2045 | 2.80 | 1,019,150 | 698,342 | |||||||
995,000 | RHODE ISLAND ST STUDENT LOAN AUTH STUDENT LOAN REVENUE | 12/1/2037 | 3.63 | 986,392 | 916,495 | |||||||
2,005,542 | 1,614,837 | 0.27% | ||||||||||
South Carolina | ||||||||||||
650,000 | BERKELEY CNTY SC ASSMNT REVENUE | 11/1/2040 | 4.25 | 647,545 | 577,785 | |||||||
750,000 | SOUTH CAROLINA JOBS-ECON DEV AUTH(b) | 7/1/2025 | 8.75 | 750,000 | 755,136 | |||||||
1,000,000 | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | 7/1/2037 | 3.20 | 1,000,000 | 858,993 | |||||||
1,135,000 | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | 7/1/2045 | 3.05 | 1,135,000 | 827,355 | |||||||
665,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE | 4/1/2054 | 4.00 | 687,315 | 455,964 | |||||||
1,000,000 | SOUTH CAROLINA ST JOBS-ECON DEV AUTH SOL WST DISP REVENUE(b) | 6/1/2031 | 6.00 | 1,000,000 | 848,802 | |||||||
1,000,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2038 | 5.00 | 1,015,152 | 1,001,405 | |||||||
1,400,000 | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | 12/1/2043 | 5.75 | 1,413,317 | 1,440,552 | |||||||
7,648,329 | 6,765,992 | 1.13% | ||||||||||
South Dakota | ||||||||||||
2,000,000 | SOUTH DAKOTA ST HSG DEV AUTH | 11/1/2042 | 2.50 | 2,000,000 | 1,415,693 | |||||||
2,000,000 | 1,415,693 | 0.24% | ||||||||||
Tennessee | ||||||||||||
1,000,000 | FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE(b)(c)(g) | 6/1/2027 | 6.50 | 1,000,000 | 270,000 | |||||||
600,000 | NASHVILLE MET DEV & HSG AGY TN TAX INCR REVENUE(b) | 6/1/2036 | 5.13 | 600,000 | 599,082 | |||||||
1,350,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD RETMNT FACS REVENUE | 10/1/2039 | 5.50 | 1,342,533 | 1,227,837 | |||||||
150,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE | 1/1/2019 | 5.35 | 134,966 | 2 | |||||||
625,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c) | 1/1/2029 | 5.55 | 556,862 | 6 | |||||||
130,000 | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE | 1/1/2029 | 6.00 | - | 1 | |||||||
1,000,000 | TENNESSEE HSG DEV AGY RSDL FIN PROGRAM REVENUE | 7/1/2042 | 4.25 | 1,000,000 | 891,576 | |||||||
3,000,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.50 | 3,000,000 | 2,495,965 | |||||||
515,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.85 | 515,000 | 493,104 |
40 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Tennessee (Cont'd): | ||||||||||||
460,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2042 | 3.90 | $460,000 | 440,074 | |||||||
1,240,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2044 | 4.00 | 1,246,287 | 1,215,486 | |||||||
3,000,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2046 | 2.38 | 2,870,316 | 1,948,832 | |||||||
875,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2046 | 2.55 | 875,000 | 594,543 | |||||||
625,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2049 | 3.95 | 625,000 | 599,999 | |||||||
1,095,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 1/1/2049 | 4.05 | 1,095,000 | 1,071,462 | |||||||
2,000,000 | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | 7/1/2051 | 2.50 | 2,000,000 | 1,311,351 | |||||||
250,000 | TENNESSEE ST HSG DEV AGY | 1/1/2035 | 3.85 | 250,000 | 243,464 | |||||||
17,570,964 | 13,402,784 | 2.24% | ||||||||||
Texas | ||||||||||||
1,250,000 | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE | 8/15/2051 | 2.38 | 1,202,992 | 713,642 | |||||||
1,000,000 | BRAZOS TX HGR EDU AUTH STUDENT LOAN PROGRAM REVENUE | 4/1/2040 | 3.00 | 1,003,327 | 709,992 | |||||||
625,000 | CLIFTON TX HGR EDU FIN CORP EDU REVENUE | 12/1/2035 | 5.00 | 638,710 | 629,780 | |||||||
1,000,000 | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE | 11/1/2037 | 5.25 | 1,001,666 | 1,010,677 | |||||||
1,350,000 | DANBURY TX HGR EDU AUTH INC EDU REVENUE | 8/15/2049 | 5.13 | 1,350,000 | 1,254,614 | |||||||
420,000 | EDINBURG TX ECON DEV CORP SALES TAX REVENUE | 8/15/2031 | 3.00 | 420,000 | 347,356 | |||||||
700,000 | EDINBURG TX ECON DEV CORP SALES TAX REVENUE | 8/15/2046 | 3.38 | 690,370 | 489,825 | |||||||
1,000,000 | EL PASO TX DOWNTOWN DEV CORP SPL REVENUE | 8/15/2038 | 7.25 | 1,010,888 | 1,033,699 | |||||||
1,500,000 | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE (Step to 5.50% on 10/1/2023)(d) | 10/1/2035 | 0.00 | 1,418,480 | 1,542,336 | |||||||
2,000,000 | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE | 10/1/2050 | 3.00 | 2,138,823 | 1,353,989 | |||||||
1,000,000 | HIDALGO CNTY TX REGL MOBILITY AUTH VEHICLE REGISTRATION FEE | 12/1/2038 | 5.25 | 1,005,156 | 1,022,753 | |||||||
1,000,000 | MEADOWHILL TX REGL MUNI UTILITY DIST | 10/1/2034 | 4.00 | 1,000,000 | 1,000,127 | |||||||
273,000 | N CENTRL TEXAS ST HLTH FAC DEV CORP(c) | 2/15/2025 | 5.38 | 273,000 | 177,450 | |||||||
1,000,000 | N TX TOLLWAY AUTH REVENUE | 1/1/2042 | 6.20 | 998,473 | 1,061,207 | |||||||
1,500,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2027 | 5.50 | 1,487,294 | 1,450,513 | |||||||
470,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2029 | 4.00 | 426,584 | 410,017 | |||||||
1,500,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2033 | 6.50 | 1,500,000 | 1,435,401 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2034 | 5.00 | 1,004,609 | 905,019 | |||||||
750,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2035 | 5.50 | 755,026 | 677,281 | |||||||
500,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 10/1/2049 | 5.25 | 506,848 | 422,620 | |||||||
1,000,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 11/1/2049 | 4.00 | 1,112,923 | 771,393 | |||||||
1,100,000 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | 1/1/2055 | 5.00 | 1,142,051 | 789,723 | |||||||
1,009,163 | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE(e)(k) | 11/15/2061 | 2.00 | 1,009,163 | 488,393 | |||||||
2,000,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE(b) | 8/15/2051 | 5.00 | 1,990,000 | 1,785,768 | |||||||
645,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | 7/1/2025 | 4.00 | 636,740 | 354,750 | |||||||
1,100,000 | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REVENUE | 4/1/2046 | 5.00 | 1,112,332 | 1,112,526 |
41 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Texas (Cont'd): | ||||||||||||
750,000 | RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE | 11/15/2034 | 7.50 | $746,975 | 812,052 | |||||||
550,000 | SAN ANTONIO TX EDU FACS CORP REVENUE | 10/1/2041 | 5.00 | 579,294 | 466,051 | |||||||
1,000,000 | SUGAR LAND TX DEV CORP SALES TAX REVENUE | 2/15/2033 | 5.00 | 1,006,051 | 1,003,167 | |||||||
1,000,000 | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE | 11/15/2038 | 5.00 | 1,008,230 | 1,010,798 | |||||||
355,000 | TEXAS ST AFFORDABLE HSG CORP SF MTGE REVENUE | 3/1/2050 | 4.00 | 361,429 | 352,358 | |||||||
1,765,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2044 | 3.63 | 1,794,635 | 1,558,548 | |||||||
690,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2048 | 4.25 | 698,546 | 681,037 | |||||||
2,500,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | 9/1/2052 | 5.50 | 2,700,126 | 2,619,613 | |||||||
485,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 7/1/2051 | 2.50 | 489,244 | 324,429 | |||||||
6,000,000 | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 1/1/2052 | 3.13 | 6,120,439 | 4,213,435 | |||||||
42,340,424 | 35,992,339 | 6.01% | ||||||||||
Utah | ||||||||||||
1,000,000 | BLACK DESERT PUB INFRASTRUCTURE DIST(b) | 3/1/2051 | 4.00 | 1,010,104 | 705,217 | |||||||
1,000,000 | DOWNTOWN EAST STREETCAR SWR PUBLIC INFRASTRUCUTRE DIST(b) | 3/1/2042 | 5.75 | 1,000,000 | 927,427 | |||||||
850,000 | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE | 6/1/2041 | 4.00 | 875,758 | 647,824 | |||||||
2,000,000 | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE | 6/1/2052 | 4.00 | 2,032,301 | 1,383,682 | |||||||
500,000 | RED BRIDGE PUBLIC INFRASTRUCTURE DIST #1 UT(b) | 2/1/2041 | 4.13 | 500,000 | 383,640 | |||||||
1,000,000 | UTAH CNTY UT HOSP REVENUE | 5/15/2045 | 5.00 | 1,021,862 | 1,001,301 | |||||||
900,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(b) | 6/15/2027 | 4.25 | 900,000 | 838,378 | |||||||
900,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(b) | 12/15/2031 | 3.50 | 896,485 | 733,744 | |||||||
1,000,000 | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(b) | 6/15/2032 | 5.25 | 1,000,000 | 972,540 | |||||||
35,000 | UTAH ST HSG CORP SF MTGE REVENUE | 1/1/2033 | 5.75 | 35,000 | 35,038 | |||||||
9,271,510 | 7,628,791 | 1.28% | ||||||||||
Vermont | ||||||||||||
1,000,000 | VERMONT ST ECON DEV AUTH MTGE REVENUE | 5/1/2045 | 4.00 | 1,066,476 | 722,974 | |||||||
545,000 | VERMONT ST STUDENT ASSISTANCE CORP EDU LOAN REVENUE | 6/15/2036 | 3.38 | 540,562 | 510,166 | |||||||
1,607,038 | 1,233,140 | 0.21% | ||||||||||
Virginia | ||||||||||||
500,000 | FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE | 8/1/2039 | 5.60 | 500,000 | 500,971 | |||||||
1,000,000 | HENRICO CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE | 10/1/2047 | 5.00 | 1,092,925 | 1,010,406 | |||||||
462,000 | MARQUIS VA CMNTY DEV AUTH REVENUE(i) | 9/1/2041 | 0.00 | 176,173 | 21,187 | |||||||
349,000 | MARQUIS VA CMNTY DEV AUTH REVENUE(c) | 9/1/2041 | 5.63 | 373,459 | 153,947 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 7/1/2033 | 4.13 | 1,000,000 | 991,495 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 10/1/2043 | 5.35 | 1,007,797 | 1,003,730 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 9/1/2050 | 2.50 | 1,000,000 | 601,929 | |||||||
1,000,000 | VIRGINIA ST HSG DEV AUTH | 3/1/2052 | 3.25 | 1,000,000 | 702,726 | |||||||
6,150,354 | 4,986,391 | 0.83% | ||||||||||
Washington | ||||||||||||
700,000 | KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE(b) | 1/1/2038 | 5.25 | 687,723 | 731,419 | |||||||
350,000 | KING CNTY WA HSG AUTH | 5/1/2028 | 5.20 | 350,000 | 364,425 | |||||||
1,500,000 | KING CNTY WA HSG AUTH | 11/1/2039 | 3.00 | 1,470,438 | 1,170,607 | |||||||
1,000,000 | KING CNTY WA HSG AUTH | 8/1/2040 | 3.00 | 1,033,199 | 735,189 |
42 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Washington (Cont'd): | ||||||||||||
1,000,000 | PIKE PLACE MARKET WA PRESERVATION & DEV AUTH SPL OBLG | 12/1/2040 | 5.00 | $1,028,265 | 1,005,836 | |||||||
500,000 | SEATTLE WA HSG AUTH | 6/1/2054 | 2.50 | 486,078 | 291,809 | |||||||
770,000 | SEATTLE WA HSG AUTH POOLED HSG REVENUE | 9/15/2033 | 5.75 | 772,121 | 788,776 | |||||||
500,000 | SNOHOMISH CNTY WA HSG AUTH | 4/1/2044 | 4.00 | 506,283 | 429,302 | |||||||
1,500,000 | VANCOUVER WA HSG AUTH | 6/1/2038 | 3.00 | 1,496,262 | 1,189,929 | |||||||
325,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 7/1/2025 | 6.00 | 325,806 | 336,442 | |||||||
675,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 1/1/2035 | 5.75 | 675,000 | 643,021 | |||||||
600,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 7/1/2036 | 5.00 | 619,000 | 537,068 | |||||||
500,000 | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(b) | 1/1/2038 | 5.00 | 527,496 | 502,020 | |||||||
9,977,671 | 8,725,843 | 1.46% | ||||||||||
West Virginia | ||||||||||||
500,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2042 | 4.00 | 500,000 | 435,404 | |||||||
1,910,000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2051 | 2.50 | 1,910,000 | 1,228,621 | |||||||
2,410,000 | 1,664,025 | 0.28% | ||||||||||
Wisconsin | ||||||||||||
16,520 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2046 | 0.00 | 1,811 | 355 | |||||||
18,299 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2047 | 0.00 | 1,932 | 367 | |||||||
17,930 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2048 | 0.00 | 1,835 | 344 | |||||||
17,786 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2049 | 0.00 | 1,765 | 324 | |||||||
17,496 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2050 | 0.00 | 1,685 | 297 | |||||||
18,980 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2051 | 0.00 | 1,775 | 308 | |||||||
446,246 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(e)(g)(k) | 7/1/2051 | 3.75 | 443,916 | 210,012 | |||||||
19,357 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2052 | 0.00 | 1,754 | 293 | |||||||
19,095 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2053 | 0.00 | 1,682 | 277 | |||||||
18,909 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2054 | 0.00 | 1,620 | 259 | |||||||
18,634 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2055 | 0.00 | 1,552 | 243 | |||||||
18,360 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2056 | 0.00 | 1,488 | 228 | |||||||
106,459 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(g) | 7/1/2056 | 5.50 | 104,505 | 60,561 | |||||||
18,454 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2057 | 0.00 | 2,244 | 218 | |||||||
18,165 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2058 | 0.00 | 1,384 | 204 | |||||||
17,992 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2059 | 0.00 | 1,337 | 193 | |||||||
17,834 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2060 | 0.00 | 1,292 | 180 | |||||||
17,573 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2061 | 0.00 | 1,243 | 168 | |||||||
17,400 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2062 | 0.00 | 1,202 | 157 | |||||||
17,125 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2063 | 0.00 | 1,155 | 148 | |||||||
16,967 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2064 | 0.00 | 1,120 | 140 | |||||||
16,823 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2065 | 0.00 | 1,085 | 131 |
43 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Par/Shares | Security | Maturity date | Coupon rate | Cost | Fair value (a) | Percent of net assets | ||||||
Wisconsin (Cont'd): | ||||||||||||
16,731 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2066 | 0.00 | $1,053 | 121 | |||||||
215,987 | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(g)(i) | 1/1/2067 | 0.00 | 12,420 | 1,420 | |||||||
520,000 | PUBLIC FIN AUTH WI EDU REVENUE(b) | 6/15/2049 | 5.00 | 524,353 | 452,411 | |||||||
1,000,000 | PUBLIC FIN AUTH WI HOTEL REVENUE | 2/1/2052 | 5.00 | 1,055,632 | 882,198 | |||||||
1,000,000 | PUBLIC FIN AUTH WI HOTEL REVENUE(b) | 2/1/2062 | 6.00 | 1,000,000 | 901,496 | |||||||
195,000 | PUBLIC FIN AUTH WI REVENUE | 4/1/2025 | 5.00 | 195,452 | 195,678 | |||||||
1,250,000 | PUBLIC FIN AUTH WI REVENUE(b) | 6/1/2028 | 3.00 | 1,250,000 | 1,088,649 | |||||||
1,250,000 | PUBLIC FIN AUTH WI REVENUE(b)(g) | 11/1/2028 | 6.25 | 1,250,000 | 1,053,317 | |||||||
1,000,000 | PUBLIC FIN AUTH WI REVENUE(b) | 1/1/2033 | 6.13 | 990,558 | 615,000 | |||||||
13,694 | PUBLIC FIN AUTH WI REVENUE(b)(c)(g)(l) | 12/1/2048 | 5.50 | 13,694 | 4,245 | |||||||
1,695,000 | PUBLIC FIN AUTH WI REVENUE(b) | 11/15/2053 | 4.75 | 1,722,904 | 1,266,796 | |||||||
695,000 | PUBLIC FIN AUTH WI SENIOR LIVING REVENUE(b) | 11/15/2024 | 5.00 | 694,298 | 707,204 | |||||||
500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 8/1/2032 | 5.00 | 527,321 | 445,448 | |||||||
700,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 6/1/2037 | 5.00 | 727,197 | 646,451 | |||||||
1,410,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 6/1/2041 | 5.00 | 1,416,975 | 1,268,962 | |||||||
1,400,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 9/15/2045 | 5.00 | 1,410,508 | 1,421,790 | |||||||
650,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 11/1/2046 | 5.00 | 672,114 | 536,224 | |||||||
1,500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 10/1/2048 | 5.13 | 1,473,558 | 1,274,336 | |||||||
1,500,000 | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | 4/1/2057 | 5.13 | 1,500,000 | 1,152,882 | |||||||
1,000,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 11/1/2051 | 2.85 | 1,000,000 | 668,291 | |||||||
1,500,000 | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | 5/1/2055 | 4.15 | 1,500,000 | 1,323,609 | |||||||
19,517,419 | 16,181,935 | 2.70% | ||||||||||
Wyoming | ||||||||||||
1,615,000 | WYOMING ST CMNTY DEV AUTH HSG REVENUE | 12/1/2038 | 4.05 | 1,615,000 | 1,585,762 | |||||||
1,615,000 | 1,585,762 | 0.27% | ||||||||||
Sub-total Municipal Bonds: | 604,659,312 | 511,371,178 | 85.44% | |||||||||
Short-Term Investments: | ||||||||||||
32,892,091 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 2.25%(m) | 32,892,091 | 32,892,091 | |||||||||
Sub-total Short-Term Investments: | 32,892,091 | 32,892,091 | 5.49% | |||||||||
Grand total | $675,347,372 | 573,897,522 | 95.88% |
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) | 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. |
(c) | Non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal. |
(d) | For step bonds, the coupon rate disclosed is the current rate in effect. |
(e) | Variable rate security. Rate as of September 30, 2022 is disclosed. |
(f) | Security has converted to a fixed rate as of February 1, 2015, and will be going forward. |
44 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
(g) | Restricted security that has been deemed illiquid. At September 30, 2022, the value of these restricted illiquid securities amounted to $4,184,510 or 0.70% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | ACQUISITION DATE | ACQUISITION COST |
CAPITAL TRUST AGY FL REVENUE, 6.75%, 12/1/35 | 12/2/15-1/21/16 | $ 1,748,875 |
CAPITAL TRUST AGY FL REVENUE, 6.75%, 7/1/37 | 6/28/17 | 750,000 |
COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE, 7.25%, 5/15/26 | 12/16/13 | 750,000 |
COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE, 8.13%, 5/14/44 | 6/27/17-4/12/18 | 1,961,290 |
FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE, 6.50%, 6/1/27 | 5/24/17 | 1,000,000 |
LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE, 6.50%, 12/1/37 | 10/27/17 | 750,000 |
PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE, 6.25%, 1/1/46 - 1/1/67 | 3/26/18-3/8/22 | 49 - 443,916 |
PUBLIC FIN AUTH WI REVENUE, 6.25%, 11/1/28 - 12/1/48 | 4/3/17-3/26/19 | 13,694 - 1,250,000 |
(h) | When-Issued Security. Coupon rate is not in effect at September 30, 2022 |
(i) | Zero coupon bond. |
(j) | Rate is determined by a remarketing agent which, in its judgment, on the basis of prevailing financial markets, will be the lowest interest rate necessary to enable the remarketing agent to sell the bonds at a price equal to 100% of the principal amount. |
(k) | 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. |
(l) | Non-income producing assets. |
(m) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2021, the value of the Clearwater Tax-Exempt Bond Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $28,762,724 with net purchases of $4,129,367 during the nine months ended September 30, 2022. |
Diversification of
investments representing geographic diversification, as a percentage of total investments at fair value (excluding closed-end funds), is as follows:
Geographical Diversification | Percent | |
Florida | 15.65% | |
Illinois | 10.93 | |
Texas | 6.61 | |
California | 6.02 | |
New York | 5.28 | |
Colorado | 5.07 | |
Michigan | 3.53 | |
New Jersey | 3.18 | |
Ohio | 3.14 | |
Wisconsin | 2.97 | |
Other | 37.62 | |
100.00% |
45 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
At September 30, 2022,
the Fund had open futures contracts as follows:
Type | Number of Contracts | Notional Amount (000s) | Contract Position | Contract Exp. | Value and Unrealized Appreciation (Depreciation) (000s) | |||||
10-Year U.S. Treasury Note | 987 | $(110,606) | Short | 12/22 | $5,603 | |||||
U.S. Treasury Long Bond | 180 | (22,753) | Short | 12/22 | 1,904 | |||||
2-Year U.S. Treasury Note | 332 | (68,190) | Short | 12/22 | 1,108 | |||||
5-Year U.S. Treasury Note | 597 | (64,182) | Short | 12/22 | 2,299 | |||||
$10,914 |
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 price supplied by an independent pricing service 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. With respect to Fund investments that do not have readily available market quotations,
the Board of Trustees has designated the Adviser as the valuation designee to perform fair value determinations pursuant to Rule 2a-5 under the Investment Company Act of 1940. When prices are not readily available
(including those for which trading has been suspended), are determined not to be reliable, 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 by the Adviser using procedures approved 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, 2022.
Level 1 | Level 2 | Level 3 | Total | |
Closed-End Funds | $29,634,253 | $— | $— | $29,634,253 |
Municipal Bonds | ||||
Alabama | — | 1,092,065 | — | 1,092,065 |
Alaska | — | 7,000 | — | 7,000 |
Arizona | — | 7,441,881 | — | 7,441,881 |
Arkansas | — | 677,059 | — | 677,059 |
California | — | 32,787,520 | — | 32,787,520 |
Colorado | — | 27,594,485 | — | 27,594,485 |
Connecticut | — | 3,899,964 | — | 3,899,964 |
District of Columbia | — | 6,854,809 | — | 6,854,809 |
Florida | — | 85,162,962 | — | 85,162,962 |
46 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Level 1 | Level 2 | Level 3 | Total | ||||
Georgia | $— | $9,535,618 | $— | $9,535,618 | |||
Idaho | — | 2,638,166 | — | 2,638,166 | |||
Illinois | — | 26,608,703 | — | 26,608,703 | |||
Indiana | — | 9,893,406 | — | 9,893,406 | |||
Iowa | — | 5,739,573 | — | 5,739,573 | |||
Kansas | — | 3,266,934 | — | 3,266,934 | |||
Kentucky | — | 304,164 | — | 304,164 | |||
Louisiana | — | 10,769,466 | — | 10,769,466 | |||
Maine | — | 903,686 | — | 903,686 | |||
Maryland | — | 3,195,473 | — | 3,195,473 | |||
Massachusetts | — | 13,707,263 | — | 13,707,263 | |||
Michigan | — | 19,218,917 | — | 19,218,917 | |||
Minnesota | — | 11,612,275 | — | 11,612,275 | |||
Mississippi | — | 2,686,521 | — | 2,686,521 | |||
Missouri | — | 7,775,116 | — | 7,775,116 | |||
Montana | — | 3,198,081 | — | 3,198,081 | |||
Nebraska | — | 1,788,906 | — | 1,788,906 | |||
Nevada | — | 3,498,195 | — | 3,498,195 | |||
New Hampshire | — | 1,280,563 | — | 1,280,563 | |||
New Jersey | — | 17,315,886 | — | 17,315,886 | |||
New Mexico | — | 12,457,459 | — | 12,457,459 | |||
New York | — | 28,752,763 | — | 28,752,763 | |||
North Carolina | — | 7,383,712 | — | 7,383,712 | |||
North Dakota | — | 2,770,543 | — | 2,770,543 | |||
Ohio | — | 17,115,396 | — | 17,115,396 | |||
Oklahoma | — | 1,769,096 | — | 1,769,096 | |||
Oregon | — | 6,197,534 | — | 6,197,534 | |||
Pennsylvania | — | 13,272,486 | — | 13,272,486 | |||
Rhode Island | — | 1,614,837 | — | 1,614,837 | |||
South Carolina | — | 6,765,992 | — | 6,765,992 | |||
South Dakota | — | 1,415,693 | — | 1,415,693 | |||
Tennessee | — | 13,402,784 | — | 13,402,784 | |||
Texas | — | 35,992,339 | — | 35,992,339 | |||
Utah | — | 7,628,791 | — | 7,628,791 | |||
Vermont | — | 1,233,140 | — | 1,233,140 | |||
Virginia | — | 4,986,391 | — | 4,986,391 | |||
Washington | — | 8,725,843 | — | 8,725,843 | |||
West Virginia | — | 1,664,025 | — | 1,664,025 | |||
Wisconsin | — | 16,181,935 | — | 16,181,935 | |||
Wyoming | — | 1,585,762 | — | 1,585,762 | |||
Short-Term Investments | 32,892,091 | — | — | 32,892,091 | |||
Total | $62,526,344 | $511,371,178 | $— | $573,897,522 |
For the Clearwater
Tax-Exempt Bond Fund, the investment value is comprised of closed-end funds, municipal bonds, and short-term investments. Investments in closed-end funds and short-term securities generally are valued at the last
sales price or the regular trading session closing price on the principal exchange or market where they are traded. Investments in municipal bonds generally are based on valuations using evaluated prices provided by
the primary pricing service. The Board of Trustees has designated to the Adviser 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
47 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
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 | $10,913,569 | $— | $— | $10,913,569 |
The futures contracts
outstanding at September 30, 2022 are considered Level 1 investments due to the contracts being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate.
48 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater Tax-Exempt Bond Fund
September 30, 2022
(unaudited)
Clearwater Tax-Exempt Bond Fund Portfolio
Diversification
(as a percentage of net assets)
49 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Common Stocks: | ||||||||
Australia: | ||||||||
275,180 | ADAIRS LTD.(b) | $331,893 | 318,485 | |||||
15,227 | APA GROUP | 101,638 | 92,976 | |||||
7,333 | ARISTOCRAT LEISURE LTD. | 165,292 | 153,036 | |||||
2,554 | ASX LTD. | 51,631 | 117,439 | |||||
22,475 | ATLASSIAN CORP. PLC, CLASS A(c) | 7,152,498 | 4,733,010 | |||||
300,837 | AURIZON HOLDINGS LTD. | 766,110 | 660,980 | |||||
29,184 | AUSTRALIA & NEW ZEALAND BANKING GROUP LTD. | 380,372 | 423,745 | |||||
445,000 | BEACH ENERGY LTD. | 647,241 | 425,561 | |||||
179,910 | BGP HOLDINGS PLC(c)(d) | - | - | |||||
37,763 | BHP GROUP LTD. | 911,300 | 940,484 | |||||
37,600 | BLUESCOPE STEEL LTD. | 301,071 | 363,757 | |||||
18,654 | BRAMBLES LTD. | 73,901 | 135,347 | |||||
151,800 | CEDAR WOODS PROPERTIES LTD. | 545,697 | 388,310 | |||||
971 | COCHLEAR LTD. | 35,893 | 119,984 | |||||
20,104 | COMMONWEALTH BANK OF AUSTRALIA | 787,972 | 1,168,389 | |||||
7,393 | COMPUTERSHARE LTD. | 120,333 | 117,247 | |||||
39,986 | CSL LTD. | 2,994,108 | 7,250,378 | |||||
34,742 | DEXUS | 176,795 | 172,317 | |||||
649,200 | EMECO HOLDINGS LTD. | 351,482 | 345,058 | |||||
97,180 | FORTESCUE METALS GROUP LTD. | 212,026 | 1,041,516 | |||||
19,923 | GOODMAN GROUP | 57,689 | 199,059 | |||||
68,716 | GPT GROUP (THE) | 176,591 | 166,794 | |||||
1,039,600 | GRANGE RESOURCES LTD. | 584,855 | 459,683 | |||||
152,326 | HUB24 LTD. | 2,439,708 | 2,005,757 | |||||
193,100 | INGHAMS GROUP LTD. | 550,899 | 292,467 | |||||
15,118 | LENDLEASE CORP. LTD. | 85,096 | 85,501 | |||||
123,641 | LOVISA HOLDINGS LTD. | 1,649,151 | 1,666,371 | |||||
7,819 | MACQUARIE GROUP LTD. | 175,414 | 758,795 | |||||
174,400 | METCASH LTD. | 556,523 | 432,263 | |||||
44,772 | NATIONAL AUSTRALIA BANK LTD. | 551,215 | 820,948 | |||||
403,300 | NEW HOPE CORP. LTD.(b) | 712,713 | 1,619,828 | |||||
17,785 | NEWCREST MINING LTD. | 171,926 | 193,502 | |||||
64,600 | NICK SCALI LTD. | 464,540 | 381,017 | |||||
26,749 | NORTHERN STAR RESOURCES LTD. | 133,395 | 134,854 | |||||
378,300 | PACT GROUP HOLDINGS LTD. | 787,238 | 325,126 | |||||
2,468 | RAMSAY HEALTH CARE LTD. | 49,765 | 90,516 | |||||
18,171 | RIO TINTO LTD. | 570,958 | 1,081,408 | |||||
20,500 | SANTOS LTD. | 45,732 | 92,850 | |||||
112,389 | SCENTRE GROUP | 194,685 | 180,908 | |||||
10,274 | SEEK LTD. | 106,072 | 124,313 | |||||
47,700 | SMARTGROUP CORP. LTD. | 210,386 | 152,409 | |||||
39,820 | SONIC HEALTHCARE LTD. | 470,951 | 774,826 | |||||
57,859 | SOUTH32 LTD. | 37,235 | 133,735 | |||||
297,819 | STOCKLAND | 734,663 | 620,155 | |||||
75,800 | SUPER RETAIL GROUP LTD. | 517,213 | 426,890 | |||||
24,333 | TRANSURBAN GROUP | 131,091 | 190,855 | |||||
12,261 | TREASURY WINE ESTATES LTD. | 49,081 | 98,721 | |||||
462,400 | VICINITY CENTRES | 579,585 | 516,309 | |||||
10,565 | WASHINGTON H SOUL PATTINSON & CO. LTD. | 183,547 | 179,797 | |||||
7,851 | WESFARMERS LTD. | 226,886 | 213,374 | |||||
41,271 | WESTPAC BANKING CORP. | 580,062 | 541,941 | |||||
18,986 | WOODSIDE ENERGY GROUP LTD. | 368,903 | 386,242 | |||||
9,412 | WOOLWORTHS GROUP LTD. | 210,966 | 203,645 | |||||
30,471,987 | 34,518,878 | 4.53% | ||||||
Austria: | ||||||||
15,700 | BAWAG GROUP A.G.(c)(e) | 600,063 | 673,707 | |||||
1,727 | ERSTE GROUP BANK A.G. | 28,884 | 37,820 | |||||
3,577 | OMV A.G. | 129,822 | 128,744 | |||||
313 | STRABAG S.E. (BEARER) | 5,505 | 11,833 | |||||
57,900 | TELEKOM AUSTRIA A.G.(c) | 422,512 | 334,172 | |||||
631 | UBM DEVELOPMENT A.G. | 28,973 | 16,687 | |||||
21,794 | VIENNA INSURANCE GROUP A.G. WIENER VERSICHERUNG GRUPPE | 595,919 | 445,213 |
50 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Austria (Cont'd): | ||||||||
23,500 | WIENERBERGER A.G. | $561,499 | 471,147 | |||||
2,373,177 | 2,119,323 | 0.28% | ||||||
Belgium: | ||||||||
7,120 | AGEAS S.A./N.V. | 106,908 | 258,332 | |||||
10,113 | ANHEUSER-BUSCH INBEV S.A./N.V. | 285,546 | 457,492 | |||||
19,000 | BPOST S.A. | 195,697 | 101,634 | |||||
9,817 | D'IETEREN GROUP | 1,362,231 | 1,377,529 | |||||
102,700 | ECONOCOM GROUP S.A./N.V. | 381,201 | 253,988 | |||||
434 | ELIA GROUP S.A./N.V. | 51,795 | 51,008 | |||||
47,001 | GROUPE BRUXELLES LAMBERT N.V. | 4,152,944 | 3,266,138 | |||||
3,413 | KBC GROUP N.V. | 77,680 | 160,099 | |||||
21,394 | ONTEX GROUP N.V.(c) | 501,601 | 114,045 | |||||
15,636 | PROXIMUS S.A.DP | 170,783 | 162,011 | |||||
217 | SOFINA S.A. | 37,602 | 36,876 | |||||
13,300 | TELENET GROUP HOLDING N.V. | 551,801 | 181,399 | |||||
14,300 | TESSENDERLO GROUP S.A.(c) | 622,327 | 420,914 | |||||
2,245 | UCB S.A. | 107,034 | 155,274 | |||||
8,605,150 | 6,996,739 | 0.92% | ||||||
Brazil: | ||||||||
129,000 | CAMIL ALIMENTOS S.A. | 274,164 | 226,943 | |||||
184,550 | CI&T, INC., CLASS A(c) | 2,442,433 | 1,732,925 | |||||
381,708 | GRUPO SBF S.A. | 1,661,254 | 1,422,998 | |||||
1,604,934 | MAGAZINE LUIZA S.A.(c) | 990,527 | 1,332,895 | |||||
178,462 | TELEFONICA BRASIL S.A. ADR(f) | 1,952,442 | 1,342,034 | |||||
587,359 | VAMOS LOCACAO DE CAMINHOES MAQUINAS E EQUIPAMENTOS S.A. | 1,734,107 | 1,488,446 | |||||
106,600 | VIBRA ENERGIA S.A. | 500,792 | 340,884 | |||||
9,555,719 | 7,887,125 | 1.03% | ||||||
Canada: | ||||||||
1,202 | AGNICO EAGLE MINES LTD. | 34,378 | 50,760 | |||||
3,028 | AIR CANADA(c) | 37,053 | 36,388 | |||||
15,966 | ALGONQUIN POWER & UTILITIES CORP. | 202,651 | 174,414 | |||||
205,191 | ALIMENTATION COUCHE-TARD, INC. | 6,166,347 | 8,260,522 | |||||
37,507 | ARC RESOURCES LTD. | 454,584 | 450,459 | |||||
120,200 | ARTIS REAL ESTATE INVESTMENT TRUST | 1,113,282 | 825,785 | |||||
163,600 | B2GOLD CORP. | 818,860 | 525,851 | |||||
785 | BANK OF MONTREAL | 34,168 | 68,797 | |||||
8,378 | BANK OF MONTREAL (TORONTO EXCHANGE) | 751,694 | 734,299 | |||||
2,936 | BANK OF NOVA SCOTIA (THE) | 67,574 | 139,666 | |||||
7,447 | BANK OF NOVA SCOTIA (THE) (TORONTO EXCHANGE) | 385,314 | 354,195 | |||||
14,237 | BARRICK GOLD CORP. | 214,818 | 220,664 | |||||
7,482 | BLACKBERRY LTD.(c) | 36,021 | 35,261 | |||||
1,102 | BROOKFIELD ASSET MANAGEMENT, INC., CLASS A | 35,903 | 45,061 | |||||
11,605 | BRP, INC. (SUB VOTING) | 468,941 | 714,858 | |||||
4,325 | CAE, INC.(c) | 68,280 | 66,346 | |||||
5,436 | CAMECO CORP. | 146,748 | 144,267 | |||||
5,652 | CANADIAN APARTMENT PROPERTIES REIT | 176,223 | 172,258 | |||||
5,898 | CANADIAN IMPERIAL BANK OF COMMERCE | 271,693 | 258,148 | |||||
13,814 | CANADIAN NATIONAL RAILWAY CO. | 1,658,930 | 1,491,774 | |||||
135,774 | CANADIAN PACIFIC RAILWAY LTD. | 5,116,953 | 9,058,841 | |||||
7,173 | CANADIAN TIRE CORP. LTD., CLASS A | 783,882 | 763,593 | |||||
18,853 | CANADIAN UTILITIES LTD., CLASS A | 501,070 | 490,381 | |||||
16,499 | CARGOJET, INC. | 1,559,975 | 1,332,963 | |||||
47,300 | CASCADES, INC. | 494,913 | 275,305 | |||||
1 | CENOVUS ENERGY, INC. | 7 | 15 | |||||
45,100 | CENTERRA GOLD, INC. | 366,388 | 198,507 | |||||
3,120 | CGI, INC.(c) | 236,356 | 234,878 | |||||
57,700 | CI FINANCIAL CORP. | 896,767 | 553,045 | |||||
167 | CONSTELLATION SOFTWARE, INC. | 49,226 | 232,373 | |||||
151,400 | CORUS ENTERTAINMENT, INC., CLASS B | 490,896 | 258,663 | |||||
19,727 | DESCARTES SYSTEMS GROUP (THE), INC.(c) | 762,172 | 1,252,583 | |||||
6,582 | DOLLARAMA, INC. | 86,132 | 377,857 | |||||
7,455 | ECN CAPITAL CORP. | 17,223 | 24,664 | |||||
12,657 | EMERA, INC. | 542,142 | 512,108 | |||||
27,653 | ENBRIDGE, INC. | 1,090,251 | 1,025,364 | |||||
72,100 | ENERPLUS CORP. | 414,689 | 1,020,940 |
51 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Canada (Cont'd): | ||||||||
332 | FAIRFAX FINANCIAL HOLDINGS LTD. | $109,228 | 151,631 | |||||
317 | FIRSTSERVICE CORP. | 37,450 | 37,734 | |||||
18,308 | FORTIS, INC. | 727,467 | 695,554 | |||||
1,690 | FRANCO-NEVADA CORP. | 199,850 | 201,868 | |||||
2,479 | GFL ENVIRONMENTAL, INC. (SUB VOTING) | 63,803 | 62,650 | |||||
9,305 | GFL ENVIRONMENTAL, INC. (SUB VOTING) (NEW YORK EXCHANGE) | 253,422 | 235,323 | |||||
2,549 | GILDAN ACTIVEWEAR, INC. | 73,352 | 72,059 | |||||
4,494 | HYDRO ONE LTD.(e) | 110,280 | 109,898 | |||||
19,500 | IA FINANCIAL CORP., INC. | 882,358 | 990,846 | |||||
1,503 | IGM FINANCIAL, INC. | 37,289 | 37,451 | |||||
3,196 | IMPERIAL OIL LTD. | 141,353 | 138,381 | |||||
1,418 | INTACT FINANCIAL CORP. | 181,693 | 200,677 | |||||
1,100 | INTERNATIONAL PETROLEUM CORP.(c) | 2,833 | 8,797 | |||||
42,876 | KINROSS GOLD CORP. | 152,204 | 161,404 | |||||
2,200 | LIGHTSPEED COMMERCE, INC.(c) | 39,699 | 38,717 | |||||
2,635 | LOBLAW COS. LTD. | 101,823 | 208,648 | |||||
18,671 | LULULEMON ATHLETICA, INC.(c) | 3,825,651 | 5,219,665 | |||||
3,116 | MAGNA INTERNATIONAL, INC. | 174,673 | 147,761 | |||||
785 | MANULIFE FINANCIAL CORP. | 8,661 | 12,301 | |||||
13,655 | MANULIFE FINANCIAL CORP. (TORONTO EXCHANGE) | 223,352 | 214,312 | |||||
3,331 | METRO, INC. | 71,587 | 166,797 | |||||
19,328 | NATIONAL BANK OF CANADA | 618,005 | 1,211,437 | |||||
3,158 | NORTHLAND POWER, INC. | 93,392 | 92,476 | |||||
7,341 | NUTRIEN LTD. | 642,574 | 612,215 | |||||
1,407 | NUVEI CORP. (SUB VOTING)(c)(e) | 38,659 | 38,023 | |||||
10,766 | ONEX CORP. | 493,620 | 493,817 | |||||
7,493 | OPEN TEXT CORP. | 205,449 | 198,045 | |||||
15,531 | PARKLAND CORP. | 342,198 | 332,803 | |||||
49,000 | PIZZA PIZZA ROYALTY CORP. | 343,236 | 448,373 | |||||
2,253 | POWER CORP. OF CANADA | 51,403 | 50,773 | |||||
2,190 | QUEBECOR, INC., CLASS B | 40,926 | 40,380 | |||||
1,976 | RESTAURANT BRANDS INTERNATIONAL, INC. | 102,959 | 105,084 | |||||
3,916 | RESTAURANT BRANDS INTERNATIONAL, INC. (TORONTO EXCHANGE) | 219,594 | 208,309 | |||||
19,784 | RIOCAN REAL ESTATE INVESTMENT TRUST | 254,963 | 266,680 | |||||
3,847 | RITCHIE BROS. AUCTIONEERS, INC. | 266,309 | 240,361 | |||||
4,836 | ROGERS COMMUNICATIONS, INC., CLASS B | 225,939 | 186,379 | |||||
11,100 | ROYAL BANK OF CANADA | 1,205,341 | 999,444 | |||||
17,081 | ROYAL BANK OF CANADA (TORONTO EXCHANGE) | 1,574,710 | 1,537,890 | |||||
8,705 | SHAW COMMUNICATIONS, INC., CLASS B | 218,267 | 211,678 | |||||
5,130 | SHOPIFY, INC., CLASS A(c) | 136,625 | 138,202 | |||||
10,452 | SHOPIFY, INC., CLASS A (TORONTO EXCHANGE)(c) | 295,795 | 281,399 | |||||
10,500 | STELCO HOLDINGS, INC. | 316,173 | 261,559 | |||||
98,263 | SUNCOR ENERGY, INC. | 1,770,738 | 2,767,170 | |||||
2,955 | TC ENERGY CORP. | 78,434 | 119,057 | |||||
10,992 | TC ENERGY CORP. (TORONTO EXCHANGE) | 515,811 | 442,752 | |||||
9,096 | TELUS CORP. | 187,043 | 180,623 | |||||
1,844 | TELUS CORP. (TORONTO EXCHANGE) | 37,330 | 36,617 | |||||
1,358 | TFI INTERNATIONAL, INC. | 127,516 | 122,897 | |||||
12,584 | TORONTO-DOMINION BANK (THE) | 889,199 | 771,777 | |||||
11,241 | TOURMALINE OIL CORP. | 362,892 | 584,205 | |||||
416 | TRISURA GROUP LTD.(c) | 490 | 10,062 | |||||
31,500 | WAJAX CORP. | 462,770 | 424,150 | |||||
537 | WEST FRASER TIMBER CO. LTD. | 38,544 | 38,848 | |||||
7,242 | WHEATON PRECIOUS METALS CORP. | 227,571 | 234,506 | |||||
1,466 | WSP GLOBAL, INC. | 166,444 | 161,442 | |||||
46,521,451 | 55,343,760 | 7.26% | ||||||
Chile: | ||||||||
1,115,900 | AGUAS ANDINAS S.A., CLASS A | 339,399 | 216,653 | |||||
318,400 | CENCOSUD S.A. | 432,618 | 402,930 | |||||
5,893,187 | ENEL CHILE S.A. | 532,931 | 170,401 | |||||
198,200 | VINA CONCHA Y TORO S.A. | 327,546 | 224,611 | |||||
1,632,494 | 1,014,595 | 0.13% | ||||||
China: | ||||||||
654,000 | 3SBIO, INC.(e) | 401,432 | 463,078 | |||||
290,000 | AGILE GROUP HOLDINGS LTD.(b)(c) | 352,847 | 67,211 |
52 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
China (Cont'd): | ||||||||
420,676 | ALIBABA GROUP HOLDING LTD.(c) | $7,590,493 | 4,219,757 | |||||
244,699 | ANGEL YEAST CO. LTD., CLASS A | 1,642,766 | 1,418,948 | |||||
427,500 | ANHUI CONCH CEMENT CO. LTD., CLASS H | 2,281,430 | 1,347,406 | |||||
291,500 | ASIA CEMENT CHINA HOLDINGS CORP. | 362,392 | 119,770 | |||||
656,000 | CHINA BLUECHEMICAL LTD., CLASS H | 177,444 | 135,948 | |||||
408,000 | CHINA MEDICAL SYSTEM HOLDINGS LTD. | 472,941 | 487,016 | |||||
1,191,000 | CHINA SUNTIEN GREEN ENERGY CORP. LTD., CLASS H | 329,834 | 433,288 | |||||
479,500 | HENGAN INTERNATIONAL GROUP CO. LTD. | 3,265,027 | 2,134,441 | |||||
441,500 | LI NING CO. LTD. | 5,332,351 | 3,355,053 | |||||
187,500 | NETDRAGON WEBSOFT HOLDINGS LTD. | 425,716 | 340,564 | |||||
227,100 | SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD. | 4,359,132 | 1,741,910 | |||||
135,000 | SILERGY CORP. | 2,604,863 | 1,769,629 | |||||
186,850 | TRIP.COM GROUP LTD.(c) | 4,685,023 | 5,104,192 | |||||
61,567 | XIAMEN FARATRONIC CO. LTD., CLASS A | 1,743,713 | 1,381,593 | |||||
412,000 | ZHEJIANG EXPRESSWAY CO. LTD., CLASS H | 352,185 | 279,780 | |||||
36,379,589 | 24,799,584 | 3.25% | ||||||
Czech Republic: | ||||||||
701 | PHILIP MORRIS CR A.S. | 402,293 | 458,454 | |||||
402,293 | 458,454 | 0.06% | ||||||
Denmark: | ||||||||
119,227 | ALK-ABELLO A/S(c) | 1,695,526 | 1,875,559 | |||||
80 | AP MOLLER - MAERSK A/S, CLASS A | 99,716 | 140,982 | |||||
77 | AP MOLLER - MAERSK A/S, CLASS B | 74,368 | 139,481 | |||||
1,300 | CARLSBERG A/S, CLASS B | 50,752 | 151,683 | |||||
1,500 | COLOPLAST A/S, CLASS B | 27,666 | 151,649 | |||||
22,200 | D/S NORDEN A/S | 318,701 | 927,181 | |||||
12,005 | DANSKE BANK A/S | 141,793 | 148,569 | |||||
3,896 | DEMANT A/S(c) | 70,444 | 96,008 | |||||
19,899 | DSV A/S | 1,698,571 | 2,306,416 | |||||
8,040 | GENMAB A/S ADR(c)(f) | 100,710 | 258,325 | |||||
10,285 | NOVO NORDISK A/S ADR(f) | 854,776 | 1,024,695 | |||||
74,304 | NOVO NORDISK A/S, CLASS B | 8,308,660 | 7,406,177 | |||||
2,460 | NOVOZYMES A/S, CLASS B | 38,505 | 122,697 | |||||
2,787 | ORSTED A/S(e) | 248,326 | 221,768 | |||||
2,802 | PANDORA A/S | 27,668 | 130,509 | |||||
12,200 | PER AARSLEFF HOLDING A/S | 552,758 | 299,566 | |||||
245 | ROCKWOOL A/S, CLASS B | 37,155 | 38,408 | |||||
34,399 | ROYAL UNIBREW A/S | 2,493,378 | 2,226,202 | |||||
4,300 | SOLAR A/S, CLASS B | 269,282 | 280,770 | |||||
3,250 | TOPDANMARK A/S | 33,362 | 151,963 | |||||
16,220 | VESTAS WIND SYSTEMS A/S | 150,564 | 297,376 | |||||
17,292,681 | 18,395,984 | 2.41% | ||||||
Egypt: | ||||||||
323,300 | EASTERN CO. S.A.E. | 244,707 | 170,419 | |||||
244,707 | 170,419 | 0.02% | ||||||
Finland: | ||||||||
27,200 | KEMIRA OYJ | 447,150 | 299,793 | |||||
5,584 | KESKO OYJ, CLASS B | 30,705 | 103,764 | |||||
3,256 | KONE OYJ, CLASS B | 35,674 | 125,384 | |||||
21,225 | NESTE OYJ | 67,704 | 920,551 | |||||
209,726 | NOKIA OYJ | 1,013,667 | 895,560 | |||||
535,338 | NOKIA OYJ ADR(f) | 2,340,129 | 2,285,893 | |||||
46,541 | NORDEA BANK ABP | 419,121 | 398,226 | |||||
1,960 | ORION OYJ, CLASS B | 49,561 | 82,612 | |||||
15,829 | STORA ENSO OYJ (REGISTERED) | 75,698 | 201,880 | |||||
11,934 | UPM-KYMMENE OYJ | 99,929 | 379,231 | |||||
38,449 | VALMET OYJ | 999,027 | 775,437 | |||||
5,578,365 | 6,468,331 | 0.85% | ||||||
France: | ||||||||
4,495 | AIR LIQUIDE S.A. | 525,233 | 511,831 | |||||
10,358 | AIRBUS S.E. | 325,383 | 894,851 | |||||
6,173 | ALSTOM S.A. | 108,951 | 99,263 | |||||
4,199 | ARKEMA S.A. | 378,617 | 306,250 | |||||
21,399 | AXA S.A. | 257,534 | 468,526 | |||||
15,160 | BNP PARIBAS S.A. | 712,479 | 640,015 |
53 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
France (Cont'd): | ||||||||
3,062 | CAPGEMINI S.E. | $111,712 | 489,340 | |||||
9,832 | CARREFOUR S.A. | 151,251 | 136,211 | |||||
17,497 | CIE DE SAINT-GOBAIN | 382,786 | 624,010 | |||||
8,124 | CIE GENERALE DES ETABLISSEMENTS MICHELIN S.C.A. | 78,557 | 180,994 | |||||
37,390 | COFACE S.A. | 449,179 | 357,297 | |||||
852 | COVIVIO | 39,755 | 40,735 | |||||
43,315 | CREDIT AGRICOLE S.A. | 349,095 | 348,760 | |||||
174,252 | DANONE S.A. | 10,855,270 | 8,210,210 | |||||
4,588 | DASSAULT SYSTEMES S.E. | 157,899 | 157,706 | |||||
3,422 | EDENRED | 102,446 | 157,286 | |||||
25,640 | ENGIE S.A. | 321,219 | 294,189 | |||||
591 | ESSILORLUXOTTICA S.A. | 53,785 | 80,063 | |||||
2,068 | ESSILORLUXOTTICA S.A. (EURONEXT PARIS EXCHANGE) | 283,420 | 280,205 | |||||
2,901 | EURAZEO S.E. | 76,265 | 151,473 | |||||
858 | EUROAPI S.A.(c) | 11,312 | 14,286 | |||||
21,951 | GAZTRANSPORT ET TECHNIGAZ S.A. | 2,904,585 | 2,428,555 | |||||
9,197 | GETLINK S.E. | 70,409 | 142,549 | |||||
275 | HERMES INTERNATIONAL | 328,012 | 323,223 | |||||
3,399 | INFOTEL S.A. | 145,404 | 159,586 | |||||
8,900 | IPSEN S.A. | 736,413 | 821,964 | |||||
9,500 | KAUFMAN & BROAD S.A. | 362,957 | 186,221 | |||||
1,026 | KERING S.A. | 174,510 | 453,716 | |||||
671 | KLEPIERRE S.A.(c) | 8,398 | 11,584 | |||||
4,848 | LEGRAND S.A. | 109,851 | 313,224 | |||||
6,263 | L'OREAL S.A. | 660,831 | 1,994,251 | |||||
14,244 | LVMH MOET HENNESSY LOUIS VUITTON S.E. | 3,003,500 | 8,373,122 | |||||
58,600 | MERCIALYS S.A. | 617,151 | 444,401 | |||||
14,296 | MERSEN S.A. | 465,081 | 395,051 | |||||
14,900 | NEXITY S.A. | 742,412 | 300,535 | |||||
25,890 | ORANGE S.A. | 251,572 | 234,116 | |||||
25,196 | PERNOD RICARD S.A. | 4,012,533 | 4,605,400 | |||||
3,242 | PUBLICIS GROUPE S.A. | 158,840 | 153,404 | |||||
2,858 | RENAULT S.A.(c) | 56,206 | 76,762 | |||||
22,900 | REXEL S.A.(c) | 437,632 | 340,605 | |||||
14,200 | ROTHSCHILD & CO. | 637,550 | 464,670 | |||||
56,315 | SAFRAN S.A. | 6,220,826 | 5,120,418 | |||||
13,481 | SANOFI | 1,049,577 | 1,028,874 | |||||
278 | SCHNEIDER ELECTRIC S.E. | 8,838 | 31,316 | |||||
35,512 | SCHNEIDER ELECTRIC S.E. (EURONEXT PARIS EXCHANGE) | 4,613,823 | 3,984,123 | |||||
14,443 | SOCIETE GENERALE S.A. | 201,715 | 286,567 | |||||
3,699 | SOCIETE POUR L'INFORMATIQUE INDUSTRIELLE | 108,264 | 155,891 | |||||
7,150 | SODEXO S.A.(c) | 647,363 | 540,688 | |||||
4,719 | SODEXO S.A.(c) | 415,153 | 356,854 | |||||
42,848 | SODEXO S.A. (EURONEXT PARIS EXCHANGE) | 3,705,207 | 3,222,567 | |||||
17,953 | SOITEC(c) | 2,158,651 | 2,039,366 | |||||
661 | TELEPERFORMANCE | 170,999 | 166,997 | |||||
51,800 | TELEVISION FRANCAISE 1 | 458,222 | 296,622 | |||||
1,413 | THALES S.A. | 81,763 | 155,854 | |||||
29,257 | TOTALENERGIES S.E. | 1,412,681 | 1,377,124 | |||||
2,996 | UBISOFT ENTERTAINMENT S.A.(c) | 90,285 | 82,254 | |||||
13,514 | VEOLIA ENVIRONNEMENT S.A. | 143,775 | 256,403 | |||||
10,500 | VICAT S.A. | 406,419 | 235,934 | |||||
7,810 | VINCI S.A. | 316,569 | 627,342 | |||||
22,858 | VIVENDI S.E. | 184,128 | 177,168 | |||||
537 | WENDEL S.E. | 37,844 | 38,410 | |||||
2,444 | WORLDLINE S.A./FRANCE(c)(e) | 103,864 | 95,573 | |||||
54,151,961 | 56,942,785 | 7.47% | ||||||
Georgia: | ||||||||
26,000 | BANK OF GEORGIA GROUP PLC | 447,200 | 570,479 | |||||
447,200 | 570,479 | 0.07% | ||||||
Germany: | ||||||||
17,550 | ADIDAS A.G. | 1,958,182 | 2,036,688 | |||||
7,853 | ALLIANZ S.E. (REGISTERED) | 680,763 | 1,242,743 | |||||
6,098 | AURUBIS A.G. | 286,000 | 322,131 | |||||
9,733 | BASF S.E. | 392,845 | 377,191 | |||||
12,394 | BAYER A.G. (REGISTERED) | 628,360 | 571,957 |
54 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Germany (Cont'd): | ||||||||
3,104 | BAYERISCHE MOTOREN WERKE A.G. | $225,884 | 212,218 | |||||
828 | BEIERSDORF A.G. | 35,556 | 81,935 | |||||
1,188 | BRENNTAG S.E. | 43,546 | 72,492 | |||||
3,380 | COVESTRO A.G.(e) | 99,223 | 97,722 | |||||
23,800 | CROPENERGIES A.G. | 337,485 | 286,193 | |||||
5,205 | DAIMLER TRUCK HOLDING A.G.(c) | 126,102 | 119,121 | |||||
4,525 | DEUTSCHE BOERSE A.G. | 273,152 | 744,982 | |||||
22,387 | DEUTSCHE LUFTHANSA A.G. (REGISTERED)(c) | 128,838 | 129,137 | |||||
54,300 | DEUTSCHE PFANDBRIEFBANK A.G.(e) | 673,490 | 375,966 | |||||
17,828 | DEUTSCHE POST A.G. (REGISTERED) | 210,542 | 542,477 | |||||
44,230 | DEUTSCHE TELEKOM A.G. (REGISTERED) | 728,220 | 758,194 | |||||
51,954 | ECKERT & ZIEGLER STRAHLEN- UND MEDIZINTECHNIK A.G. | 2,373,752 | 1,736,741 | |||||
23,600 | FREENET A.G. | 557,311 | 450,251 | |||||
54,603 | FRESENIUS MEDICAL CARE A.G. & CO. KGAA | 3,942,991 | 1,551,979 | |||||
17,795 | HAMBURGER HAFEN UND LOGISTIK A.G. | 443,620 | 194,203 | |||||
2,246 | HANNOVER RUECK S.E. | 94,321 | 339,204 | |||||
4,440 | HEIDELBERGCEMENT A.G. | 183,098 | 177,852 | |||||
10,160 | HYPOPORT S.E.(c) | 1,950,115 | 901,112 | |||||
20,563 | INFINEON TECHNOLOGIES A.G. | 112,405 | 455,687 | |||||
6,898 | JOST WERKE A.G.(e) | 220,852 | 239,566 | |||||
1,916 | KION GROUP A.G. | 36,282 | 37,127 | |||||
3,104 | LEG IMMOBILIEN S.E. | 186,663 | 186,768 | |||||
8,791 | MERCEDES-BENZ GROUP A.G. | 481,778 | 449,551 | |||||
2,159 | MERCK KGAA | 96,589 | 352,356 | |||||
904 | MTU AERO ENGINES A.G. | 139,764 | 136,417 | |||||
3,091 | MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. IN MUENCHEN (REGISTERED) | 382,823 | 747,673 | |||||
19,095 | PROSIEBENSAT.1 MEDIA S.E. | 286,490 | 136,974 | |||||
7,700 | PUBLITY A.G.(b)(c) | 286,657 | 219,043 | |||||
753 | PUMA S.E. | 37,571 | 35,254 | |||||
5,362 | RHEINMETALL A.G. | 642,961 | 830,533 | |||||
4,193 | RWE A.G. | 107,186 | 154,280 | |||||
11,186 | SAP S.E. | 905,937 | 922,116 | |||||
1,116 | SAP S.E. ADR(f) | 104,801 | 90,675 | |||||
39,508 | SCOUT24 S.E.(e) | 2,476,457 | 2,002,006 | |||||
12,193 | SIEMENS A.G. (REGISTERED) | 724,684 | 1,206,784 | |||||
3,600 | SILTRONIC A.G. | 264,192 | 204,611 | |||||
7,512 | STEICO S.E. | 941,286 | 321,782 | |||||
996 | SYMRISE A.G. | 97,070 | 98,008 | |||||
9,616 | UNIPER S.E. | 36,984 | 36,479 | |||||
25,394 | UNITED INTERNET A.G. (REGISTERED) | 821,198 | 478,961 | |||||
1,118 | VOLKSWAGEN A.G. | 162,556 | 184,269 | |||||
9,774 | VONOVIA S.E. | 211,893 | 212,719 | |||||
5,487 | ZALANDO S.E.(c)(e) | 107,697 | 108,794 | |||||
26,246,172 | 23,170,922 | 3.04% | ||||||
Greece: | ||||||||
6,746 | HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. | 54,075 | 97,988 | |||||
54,075 | 97,988 | 0.01% | ||||||
Hong Kong: | ||||||||
893,800 | AIA GROUP LTD. | 6,275,365 | 7,420,825 | |||||
46,000 | BOC HONG KONG HOLDINGS LTD. | 63,016 | 152,077 | |||||
1,462,000 | CITIC TELECOM INTERNATIONAL HOLDINGS LTD. | 547,331 | 473,114 | |||||
48,544 | CK ASSET HOLDINGS LTD. | 130,843 | 291,291 | |||||
39,000 | CK HUTCHISON HOLDINGS LTD. | 235,702 | 214,170 | |||||
20,500 | CLP HOLDINGS LTD. | 168,769 | 154,480 | |||||
998,000 | FIRST PACIFIC CO. LTD. | 376,906 | 303,421 | |||||
988 | FUTU HOLDINGS LTD. ADR(c)(f) | 35,968 | 36,842 | |||||
23,000 | GALAXY ENTERTAINMENT GROUP LTD. | 67,134 | 134,293 | |||||
2,228,000 | GEMDALE PROPERTIES & INVESTMENT CORP. LTD. | 413,300 | 150,205 | |||||
105,000 | HANG LUNG PROPERTIES LTD. | 178,246 | 171,403 | |||||
58,331 | HENDERSON LAND DEVELOPMENT CO. LTD. | 147,476 | 162,810 | |||||
11,800 | HONG KONG EXCHANGES & CLEARING LTD. | 203,281 | 400,647 | |||||
29,600 | HONGKONG LAND HOLDINGS LTD. | 143,393 | 129,849 | |||||
2,700 | JARDINE MATHESON HOLDINGS LTD. | 154,038 | 136,691 | |||||
134,000 | KINGBOARD HOLDINGS LTD. | 630,206 | 376,517 | |||||
40,500 | LINK REIT | 84,196 | 282,676 |
55 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Hong Kong (Cont'd): | ||||||||
16,500 | MTR CORP. LTD. | $38,268 | 75,504 | |||||
56,000 | NEW WORLD DEVELOPMENT CO. LTD. | 180,480 | 158,228 | |||||
388,000 | PAX GLOBAL TECHNOLOGY LTD. | 368,074 | 294,058 | |||||
18,000 | POWER ASSETS HOLDINGS LTD. | 96,954 | 89,966 | |||||
185,000 | SHENZHEN INTERNATIONAL HOLDINGS LTD. | 343,057 | 141,114 | |||||
20,000 | SITC INTERNATIONAL HOLDINGS CO. LTD. | 37,064 | 36,629 | |||||
1,024,000 | SSY GROUP LTD. | 465,746 | 429,202 | |||||
14,000 | SUN HUNG KAI PROPERTIES LTD. | 166,476 | 153,932 | |||||
10,500 | TECHTRONIC INDUSTRIES CO. LTD. | 83,536 | 99,198 | |||||
600,000 | UNITED LABORATORIES INTERNATIONAL HOLDINGS (THE) LTD. | 352,686 | 249,466 | |||||
469,800 | VALUETRONICS HOLDINGS LTD. | 216,550 | 170,836 | |||||
626,000 | VSTECS HOLDINGS LTD. | 568,355 | 347,505 | |||||
30,000 | WHARF REAL ESTATE INVESTMENT CO. LTD. | 145,315 | 135,481 | |||||
418,000 | XINYI GLASS HOLDINGS LTD. | 481,711 | 605,434 | |||||
358,000 | YUEXIU TRANSPORT INFRASTRUCTURE LTD. | 311,883 | 145,338 | |||||
13,711,325 | 14,123,202 | 1.85% | ||||||
India: | ||||||||
511,000 | CESC LTD. | 527,922 | 483,371 | |||||
39,856 | COMPUTER AGE MANAGEMENT SERVICES LTD. | 886,477 | 1,227,187 | |||||
43,900 | CYIENT LTD. | 314,004 | 426,918 | |||||
183,300 | FIRSTSOURCE SOLUTIONS LTD. | 97,782 | 233,077 | |||||
249,400 | GUJARAT STATE FERTILIZERS & CHEMICALS LTD. | 419,137 | 397,929 | |||||
473,502 | HCL TECHNOLOGIES LTD. | 3,963,990 | 5,354,469 | |||||
136,800 | HINDUSTAN PETROLEUM CORP. LTD. | 526,789 | 360,970 | |||||
572,482 | INDUS TOWERS LTD. | 2,281,039 | 1,387,158 | |||||
40,400 | JUBILANT PHARMOVA LTD. | 278,630 | 166,743 | |||||
122,400 | KRBL LTD. | 353,421 | 549,753 | |||||
52,500 | LG BALAKRISHNAN & BROS. LTD. | 457,964 | 494,189 | |||||
378,900 | LT FOODS LTD. | 428,668 | 536,681 | |||||
574,300 | MARKSANS PHARMA LTD. | 378,564 | 327,330 | |||||
495,100 | NAVA LTD. | 815,180 | 1,124,357 | |||||
454,600 | NMDC LTD. | 770,292 | 707,930 | |||||
349,800 | PCBL LTD. /INDIA | 562,279 | 546,675 | |||||
460,200 | REDINGTON LTD. | 919,384 | 781,333 | |||||
1,107,100 | SJVN LTD. | 377,345 | 420,894 | |||||
265,703 | SYNGENE INTERNATIONAL LTD.(e) | 1,316,608 | 1,824,527 | |||||
20,492 | WNS HOLDINGS LTD. ADR(c)(f) | 1,268,168 | 1,677,065 | |||||
16,943,643 | 19,028,556 | 2.50% | ||||||
Indonesia: | ||||||||
4,097,000 | ADARO ENERGY INDONESIA TBK PT | 470,816 | 1,059,046 | |||||
8,194,900 | ERAJAYA SWASEMBADA TBK PT | 345,258 | 221,670 | |||||
1,094,700 | INDOFOOD SUKSES MAKMUR TBK PT | 488,225 | 431,553 | |||||
1,324,000 | MATAHARI DEPARTMENT STORE TBK PT | 151,981 | 333,948 | |||||
1,456,280 | 2,046,217 | 0.27% | ||||||
Ireland: | ||||||||
23,821 | ACCENTURE PLC, CLASS A | 3,626,297 | 6,129,143 | |||||
1,842 | AERCAP HOLDINGS N.V.(c) | 79,289 | 77,972 | |||||
72,310 | CRH PLC | 2,154,134 | 2,315,458 | |||||
3,568 | DCC PLC | 188,706 | 185,623 | |||||
201,851 | EXPERIAN PLC | 4,173,671 | 5,917,709 | |||||
2,158 | FLUTTER ENTERTAINMENT PLC - CDI(c) | 240,212 | 235,750 | |||||
27,722 | ICON PLC(c) | 4,369,945 | 5,094,749 | |||||
920 | KERRY GROUP PLC, CLASS A | 50,283 | 81,731 | |||||
506 | KINGSPAN GROUP PLC | 35,061 | 22,608 | |||||
2,117 | KINGSPAN GROUP PLC (EURONEXT DUBLIN EXCHANGE) | 208,533 | 93,871 | |||||
17,539 | RYANAIR HOLDINGS PLC(c) | 235,787 | 178,035 | |||||
15,361,918 | 20,332,649 | 2.67% | ||||||
Israel: | ||||||||
48,641 | BANK HAPOALIM B.M. | 229,967 | 409,352 | |||||
35,900 | HAREL INSURANCE INVESTMENTS & FINANCIAL SERVICES LTD. | 422,925 | 315,088 | |||||
115,300 | ICL GROUP LTD. | 461,518 | 924,057 | |||||
103,265 | MAYTRONICS LTD. | 2,238,443 | 1,272,573 | |||||
29,044 | MIZRAHI TEFAHOT BANK LTD. | 475,042 | 1,014,894 |
56 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Israel (Cont'd): | ||||||||
5,800 | RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD. | $397,897 | 416,195 | |||||
11,822 | TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(c)(f) | 95,344 | 95,404 | |||||
521 | WIX.COM LTD.(c) | 41,896 | 40,758 | |||||
1,507 | ZIM INTEGRATED SHIPPING SERVICES LTD. | 34,729 | 35,414 | |||||
4,397,761 | 4,523,735 | 0.59% | ||||||
Italy: | ||||||||
416,800 | A2A S.P.A. | 806,512 | 404,038 | |||||
217,591 | ARISTON HOLDING N.V. | 2,124,827 | 1,829,265 | |||||
7,137 | ATLANTIA S.P.A. | 139,108 | 157,990 | |||||
42,000 | BANCA IFIS S.P.A. | 804,497 | 462,843 | |||||
25,272 | BANCA MEDIOLANUM S.P.A. | 87,322 | 158,282 | |||||
35,732 | ENI S.P.A. | 390,119 | 379,606 | |||||
32,244 | FERRARI N.V. | 5,258,503 | 6,014,074 | |||||
375,900 | IREN S.P.A. | 999,472 | 494,304 | |||||
39,434 | IVECO GROUP N.V.(c) | 251,374 | 185,828 | |||||
75,670 | LEONARDO S.P.A. | 606,153 | 535,495 | |||||
44,692 | MEDIOBANCA BANCA DI CREDITO FINANZIARIO S.P.A. | 349,727 | 349,387 | |||||
910 | MONCLER S.P.A. | 37,687 | 37,364 | |||||
15,842 | NEXI S.P.A.(c)(e) | 136,597 | 127,922 | |||||
244,500 | PIAGGIO & C S.P.A. | 596,766 | 493,759 | |||||
4,902 | PRYSMIAN S.P.A. | 148,153 | 140,411 | |||||
116,369 | STEVANATO GROUP S.P.A. | 2,221,039 | 1,971,291 | |||||
321,756 | TECHNOPROBE S.P.A.(c) | 2,176,922 | 2,238,973 | |||||
5,562 | TENARIS S.A. | 72,215 | 72,110 | |||||
34,652 | TERNA - RETE ELETTRICA NAZIONALE | 130,368 | 211,095 | |||||
63,644 | UNICREDIT S.P.A. | 671,591 | 643,577 | |||||
71,681 | UNIPOL GRUPPO S.P.A. | 376,844 | 277,517 | |||||
18,385,796 | 17,185,131 | 2.25% | ||||||
Japan: | ||||||||
30,600 | ADEKA CORP. | 390,224 | 458,108 | |||||
4,700 | AEON CO. LTD. | 52,433 | 87,918 | |||||
600 | AEON REIT INVESTMENT CORP. | 728,822 | 648,018 | |||||
2,300 | AISIN CORP. | 37,584 | 59,077 | |||||
15,000 | AJINOMOTO CO., INC. | 116,767 | 408,660 | |||||
23,000 | ARCS CO. LTD. | 480,595 | 327,623 | |||||
5,500 | ASAHI GROUP HOLDINGS LTD. | 83,346 | 170,617 | |||||
13,000 | ASAHI KASEI CORP. | 46,220 | 85,977 | |||||
22,100 | ASAHI YUKIZAI CORP | 276,792 | 336,287 | |||||
37,000 | ASTELLAS PHARMA, INC. | 236,149 | 489,079 | |||||
2,300 | BANDAI NAMCO HOLDINGS, INC. | 69,165 | 150,220 | |||||
14,800 | BAYCURRENT CONSULTING, INC. | 3,097,664 | 3,801,770 | |||||
13,800 | BRIDGESTONE CORP. | 205,726 | 446,107 | |||||
32,100 | BROTHER INDUSTRIES LTD. | 541,898 | 553,470 | |||||
48,400 | BUNKA SHUTTER CO. LTD. | 363,296 | 342,856 | |||||
8,700 | CANON, INC. | 200,380 | 189,744 | |||||
32,500 | CHIBA BANK (THE) LTD. | 178,628 | 174,998 | |||||
19,800 | CHUBU ELECTRIC POWER CO., INC. | 192,045 | 178,030 | |||||
13,500 | CHUGAI PHARMACEUTICAL CO. LTD. | 82,278 | 337,082 | |||||
55,900 | CONCORDIA FINANCIAL GROUP LTD. | 180,730 | 172,825 | |||||
28,400 | CREDIT SAISON CO. LTD. | 361,395 | 333,297 | |||||
27,500 | CRESCO LTD. | 342,183 | 309,807 | |||||
10,600 | DAI-ICHI LIFE HOLDINGS, INC. | 182,119 | 168,493 | |||||
29,100 | DAIICHI SANKYO CO. LTD. | 150,922 | 809,471 | |||||
4,500 | DAIKIN INDUSTRIES LTD. | 124,473 | 695,340 | |||||
29,500 | DAITRON CO. LTD. | 489,565 | 408,574 | |||||
6,000 | DAIWA HOUSE INDUSTRY CO. LTD. | 45,826 | 122,275 | |||||
28,000 | DAIWABO HOLDINGS CO. LTD. | 223,879 | 361,130 | |||||
8,200 | DENSO CORP. | 185,234 | 374,280 | |||||
3,300 | DENTSU GROUP, INC. | 56,753 | 93,951 | |||||
3,400 | EAST JAPAN RAILWAY CO. | 181,974 | 174,548 | |||||
17,800 | ECO'S CO. LTD. | 285,796 | 221,755 | |||||
3,100 | EISAI CO. LTD. | 127,178 | 166,281 | |||||
28,300 | ELEMATEC CORP. | 262,160 | 245,404 | |||||
60,900 | ENEOS HOLDINGS, INC. | 216,756 | 196,649 | |||||
20,400 | EXEDY CORP. | 319,517 | 231,815 | |||||
2,600 | FANUC CORP. | 182,941 | 359,678 |
57 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
1,300 | FAST RETAILING CO. LTD. | $188,734 | 690,859 | |||||
50,120 | FEED ONE CO. LTD. | 432,664 | 230,923 | |||||
34,200 | FJ NEXT HOLDINGS CO. LTD. | 337,056 | 238,409 | |||||
31,700 | FUJI CORP. | 564,353 | 411,653 | |||||
4,700 | FUJI ELECTRIC CO. LTD. | 61,631 | 172,284 | |||||
36,100 | FUJI PHARMA CO. LTD. | 376,394 | 257,278 | |||||
8,700 | FUJIFILM HOLDINGS CORP. | 163,215 | 398,118 | |||||
2,400 | FUJITSU LTD. | 131,326 | 258,822 | |||||
35,800 | FURUNO ELECTRIC CO. LTD. | 322,070 | 272,032 | |||||
26,000 | GMO PAYMENT GATEWAY, INC. | 2,044,844 | 1,756,897 | |||||
119,800 | HACHIJUNI BANK (THE) LTD. | 476,117 | 395,164 | |||||
3,000 | HAMAMATSU PHOTONICS K.K. | 52,686 | 128,807 | |||||
55,300 | HASEKO CORP. | 721,604 | 601,023 | |||||
141 | HIROSE ELECTRIC CO. LTD. | 11,109 | 18,326 | |||||
19,000 | HITACHI LTD. | 295,895 | 804,503 | |||||
6,000 | HITACHI METALS LTD.(c) | 45,405 | 90,209 | |||||
14,700 | HONDA MOTOR CO. LTD. | 359,134 | 320,226 | |||||
5,300 | HOYA CORP. | 112,594 | 509,568 | |||||
72,100 | IDOM, INC. | 435,748 | 430,850 | |||||
40,800 | INNOTECH CORP. | 377,287 | 355,128 | |||||
14,200 | INPEX CORP. | 134,369 | 133,224 | |||||
18,200 | ITOCHU CORP. | 192,005 | 441,093 | |||||
108,600 | ITOHAM YONEKYU HOLDINGS, INC. | 686,193 | 500,211 | |||||
21,900 | JACCS CO. LTD. | 467,646 | 543,988 | |||||
30,400 | JAPAN AVIATION ELECTRONICS INDUSTRY LTD.(b) | 458,316 | 446,289 | |||||
129,400 | JAPAN ELEVATOR SERVICE HOLDINGS CO. LTD. | 1,494,122 | 1,669,085 | |||||
7,000 | JAPAN EXCHANGE GROUP, INC. | 56,090 | 94,626 | |||||
6,500 | JAPAN TOBACCO, INC. | 107,203 | 106,689 | |||||
58,500 | JEOL LTD. | 3,145,657 | 1,928,268 | |||||
18,900 | KAGA ELECTRONICS CO. LTD. | 477,103 | 528,697 | |||||
3,500 | KAJIMA CORP. | 15,004 | 33,247 | |||||
26,900 | KANAMOTO CO. LTD. | 620,666 | 383,244 | |||||
57,300 | KANDENKO CO. LTD. | 547,713 | 329,766 | |||||
12,300 | KANEKA CORP. | 387,968 | 307,557 | |||||
16,100 | KANSAI ELECTRIC POWER (THE) CO., INC. | 145,295 | 134,170 | |||||
2,000 | KANSAI PAINT CO. LTD. | 10,449 | 28,358 | |||||
9,000 | KAO CORP. | 183,106 | 364,936 | |||||
29,762 | KDDI CORP. | 238,488 | 872,918 | |||||
2,400 | KEISEI ELECTRIC RAILWAY CO. LTD. | 22,185 | 65,445 | |||||
16,924 | KEYENCE CORP. | 2,447,298 | 5,618,818 | |||||
6,000 | KIKKOMAN CORP. | 52,867 | 337,338 | |||||
67,600 | KITZ CORP. | 466,295 | 375,368 | |||||
82,900 | KOBE BUSSAN CO. LTD. | 1,862,447 | 1,984,041 | |||||
22,200 | KOHNAN SHOJI CO. LTD. | 670,131 | 516,601 | |||||
9,500 | KOMATSU LTD. | 185,855 | 171,797 | |||||
2,300 | KONAMI HOLDINGS CORP. | 50,313 | 106,334 | |||||
21,000 | KUBOTA CORP. | 129,773 | 291,210 | |||||
6,900 | KUREHA CORP. | 316,117 | 421,990 | |||||
400 | KYOCERA CORP. | 11,033 | 20,219 | |||||
5,000 | KYOWA KIRIN CO. LTD. | 54,616 | 114,702 | |||||
32,300 | LASERTEC CORP. | 5,190,801 | 3,248,032 | |||||
13,100 | LINTEC CORP. | 259,789 | 201,373 | |||||
4,800 | M3, INC. | 51,468 | 132,358 | |||||
17,800 | MARUBENI CORP. | 175,149 | 156,280 | |||||
6,500 | MARUI GROUP CO. LTD. | 32,287 | 107,918 | |||||
7,700 | MAZDA MOTOR CORP. | 38,348 | 50,969 | |||||
396,100 | MEBUKI FINANCIAL GROUP, INC. | 843,829 | 772,314 | |||||
2,400 | MEIJI HOLDINGS CO. LTD. | 38,749 | 106,461 | |||||
12,800 | MELCO HOLDINGS, INC. | 351,215 | 273,776 | |||||
45,600 | MICRONICS JAPAN CO. LTD. | 470,973 | 370,756 | |||||
8,700 | MINEBEA MITSUMI, INC. | 84,406 | 129,035 | |||||
597 | MIRAI CORP. | 328,940 | 202,882 | |||||
4,500 | MITSUBISHI CHEMICAL HOLDINGS CORP. | 14,284 | 20,664 | |||||
17,500 | MITSUBISHI CORP. | 230,376 | 480,616 | |||||
19,400 | MITSUBISHI ELECTRIC CORP. | 185,711 | 175,250 | |||||
8,500 | MITSUBISHI GAS CHEMICAL CO., INC. | 75,149 | 111,604 | |||||
12,900 | MITSUBISHI HC CAPITAL, INC. | 33,945 | 55,495 |
58 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
21,200 | MITSUBISHI SHOKUHIN CO. LTD. | $523,817 | 477,027 | |||||
105,700 | MITSUBISHI UFJ FINANCIAL GROUP, INC. | 536,461 | 476,646 | |||||
20,800 | MITSUBOSHI BELTING LTD. | 335,754 | 433,289 | |||||
16,100 | MITSUI & CO. LTD. | 176,058 | 345,409 | |||||
7,400 | MITSUI CHEMICALS, INC. | 87,469 | 144,496 | |||||
9,200 | MITSUI FUDOSAN CO. LTD. | 185,935 | 175,372 | |||||
4,800 | MITSUI OSK LINES LTD.(b) | 108,940 | 86,211 | |||||
24,000 | MITSUI-SOKO HOLDINGS CO. LTD. | 510,010 | 510,816 | |||||
25,100 | MIZUHO FINANCIAL GROUP, INC. | 293,024 | 271,179 | |||||
37,400 | MUGEN ESTATE CO. LTD. | 216,786 | 118,216 | |||||
10,800 | MURATA MANUFACTURING CO. LTD. | 162,615 | 496,097 | |||||
20,200 | NANTO BANK (THE) LTD. | 470,557 | 293,497 | |||||
4,500 | NEC CORP. | 151,340 | 144,042 | |||||
5,700 | NEXON CO. LTD. | 102,078 | 99,684 | |||||
3,000 | NGK SPARK PLUG CO. LTD. | 28,359 | 53,212 | |||||
16,700 | NICHIAS CORP. | 297,341 | 259,553 | |||||
7,800 | NIDEC CORP. | 129,234 | 439,390 | |||||
147,900 | NIHON M&A CENTER HOLDINGS, INC. | 1,987,649 | 1,673,032 | |||||
16,600 | NIKKON HOLDINGS CO. LTD. | 337,754 | 259,478 | |||||
69,400 | NINTENDO CO. LTD. | 2,279,529 | 2,810,191 | |||||
400 | NIPPON EXPRESS HOLDINGS, INC. | 11,192 | 20,226 | |||||
30,400 | NIPPON TELEGRAPH & TELEPHONE CORP. | 342,697 | 820,131 | |||||
9,300 | NIPPON YUSEN K.K.(b) | 39,009 | 158,827 | |||||
60,900 | NISHI-NIPPON FINANCIAL HOLDINGS, INC. | 426,037 | 316,042 | |||||
5,000 | NISSAN CHEMICAL CORP. | 50,851 | 223,448 | |||||
10,900 | NISSAN MOTOR CO. LTD. | 37,089 | 34,843 | |||||
1,200 | NISSIN FOODS HOLDINGS CO. LTD. | 43,959 | 83,310 | |||||
2,700 | NITORI HOLDINGS CO. LTD. | 87,310 | 225,938 | |||||
3,200 | NITTO DENKO CORP. | 77,639 | 173,508 | |||||
7,000 | NITTO FUJI FLOUR MILLING CO. LTD. | 211,323 | 232,135 | |||||
24,800 | NOMURA REAL ESTATE HOLDINGS, INC. | 548,769 | 562,212 | |||||
9,801 | NOMURA RESEARCH INSTITUTE LTD. | 43,930 | 240,885 | |||||
16,000 | NSW, INC. | 308,869 | 233,369 | |||||
7,000 | NTT DATA CORP. | 36,520 | 90,466 | |||||
27,100 | OBAYASHI CORP. | 184,757 | 174,012 | |||||
46,900 | OJI HOLDINGS CORP. | 180,969 | 174,578 | |||||
51,100 | OKAMURA CORP. | 721,626 | 488,208 | |||||
35,800 | OKI ELECTRIC INDUSTRY CO. LTD. | 358,218 | 177,832 | |||||
33,200 | OLYMPUS CORP. | 211,415 | 638,962 | |||||
1,100 | OMRON CORP. | 31,828 | 50,135 | |||||
5,000 | ONO PHARMACEUTICAL CO. LTD. | 43,040 | 116,310 | |||||
4,800 | ORIENTAL LAND CO. LTD. | 113,097 | 654,116 | |||||
6,300 | PAN PACIFIC INTERNATIONAL HOLDINGS CORP. | 114,905 | 110,704 | |||||
23,500 | PANASONIC HOLDINGS CORP. | 180,860 | 165,029 | |||||
4,100 | PERSOL HOLDINGS CO. LTD. | 37,131 | 74,722 | |||||
155,100 | RAKUS CO. LTD. | 2,136,493 | 1,430,410 | |||||
8,800 | RAKUTEN GROUP, INC. | 39,319 | 37,752 | |||||
15,300 | RECRUIT HOLDINGS CO. LTD. | 412,529 | 441,607 | |||||
45,300 | RESONA HOLDINGS, INC. | 172,185 | 165,403 | |||||
1,200 | RINNAI CORP. | 52,047 | 86,297 | |||||
16,700 | RION CO. LTD. | 361,265 | 227,565 | |||||
400 | ROHM CO. LTD. | 13,823 | 26,234 | |||||
34,600 | SANKI ENGINEERING CO. LTD. | 423,298 | 378,937 | |||||
13,620 | SBI HOLDINGS, INC. | 110,355 | 244,756 | |||||
6,400 | SCSK CORP. | 99,635 | 96,027 | |||||
1,200 | SECOM CO. LTD. | 44,072 | 68,181 | |||||
49,400 | SEIKITOKYU KOGYO CO. LTD. | 333,527 | 257,970 | |||||
12,700 | SEKISUI CHEMICAL CO. LTD. | 64,585 | 155,447 | |||||
6,000 | SEKISUI HOUSE LTD. | 44,394 | 99,650 | |||||
68,900 | SEVEN & I HOLDINGS CO. LTD. | 2,413,607 | 2,767,641 | |||||
20,300 | SHIFT, INC.(c) | 2,974,448 | 2,623,966 | |||||
4,000 | SHIMADZU CORP. | 25,419 | 104,120 | |||||
1,500 | SHIMANO, INC. | 58,204 | 236,403 | |||||
9,200 | SHIN-ETSU CHEMICAL CO. LTD. | 461,684 | 913,593 | |||||
4,000 | SHIONOGI & CO. LTD. | 67,679 | 193,508 | |||||
5,800 | SHISEIDO CO. LTD. | 87,058 | 203,016 | |||||
28,900 | SHIZUOKA BANK (THE) LTD. | 174,482 | 177,517 |
59 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Japan (Cont'd): | ||||||||
20,200 | SK-ELECTRONICS CO. LTD. | $355,639 | 168,169 | |||||
900 | SMC CORP. | 106,941 | 363,081 | |||||
36,800 | SOFTBANK GROUP CORP. | 412,233 | 1,250,101 | |||||
5,700 | SOMPO HOLDINGS, INC. | 114,918 | 227,175 | |||||
13,300 | SONY GROUP CORP. | 941,327 | 856,019 | |||||
2,800 | SQUARE ENIX HOLDINGS CO. LTD. | 122,801 | 120,079 | |||||
5,700 | SUBARU CORP. | 26,572 | 85,495 | |||||
17,100 | SUMITOMO CORP. | 227,186 | 213,390 | |||||
40,400 | SUMITOMO HEAVY INDUSTRIES LTD. | 1,122,628 | 747,750 | |||||
8,800 | SUMITOMO MITSUI FINANCIAL GROUP, INC. | 268,575 | 244,883 | |||||
1,600 | SUMITOMO REALTY & DEVELOPMENT CO. LTD. | 36,088 | 36,434 | |||||
5,800 | SUZUKI MOTOR CORP. | 104,611 | 179,917 | |||||
34,100 | SWCC SHOWA HOLDINGS CO. LTD. | 593,339 | 409,422 | |||||
2,600 | SYSMEX CORP. | 51,707 | 139,932 | |||||
20,100 | T RAD CO. LTD. | 425,712 | 346,367 | |||||
2,200 | TAISEI CORP. | 19,822 | 61,193 | |||||
14,200 | TAKEDA PHARMACEUTICAL CO. LTD. | 375,360 | 368,805 | |||||
67,900 | TATSUTA ELECTRIC WIRE AND CABLE CO. LTD. | 299,490 | 204,802 | |||||
3,900 | TDK CORP. | 73,563 | 118,350 | |||||
11,600 | TERUMO CORP. | 117,165 | 327,336 | |||||
1,000 | TOHO CO. LTD. | 13,412 | 36,037 | |||||
43,200 | TOKIO MARINE HOLDINGS, INC. | 359,676 | 767,820 | |||||
32,700 | TOKYO ELECTRIC POWER CO. HOLDINGS, INC.(c) | 107,478 | 103,922 | |||||
3,300 | TOKYO ELECTRON LTD.(b) | 135,391 | 817,050 | |||||
8,200 | TOKYO GAS CO. LTD. | 148,002 | 138,489 | |||||
23,900 | TOKYO SEIMITSU CO. LTD. | 999,876 | 700,682 | |||||
51,200 | TOKYO STEEL MANUFACTURING CO. LTD. | 317,332 | 447,067 | |||||
8,800 | TOPPAN, INC. | 138,359 | 131,317 | |||||
4,900 | TOSHIBA CORP. | 174,957 | 174,524 | |||||
3,000 | TOTO LTD. | 30,029 | 100,174 | |||||
1,000 | TOYO SUISAN KAISHA LTD. | 25,714 | 41,211 | |||||
33,300 | TOYOTA BOSHOKU CORP. | 638,507 | 408,708 | |||||
4,000 | TOYOTA INDUSTRIES CORP. | 101,266 | 190,584 | |||||
129,200 | TOYOTA MOTOR CORP. | 1,841,578 | 1,681,775 | |||||
4,230 | TOYOTA MOTOR CORP. ADR(f) | 341,425 | 551,127 | |||||
1,700 | TOYOTA TSUSHO CORP. | 14,142 | 52,770 | |||||
32,900 | TPR CO. LTD. | 424,011 | 270,737 | |||||
21,900 | TRANSCOSMOS, INC. | 679,057 | 566,237 | |||||
900 | TREND MICRO, INC. | 26,540 | 48,743 | |||||
50,900 | TSUGAMI CORP. | 536,991 | 412,804 | |||||
19,200 | UBE CORP. | 387,205 | 257,272 | |||||
7,700 | UNICHARM CORP. | 67,055 | 251,689 | |||||
800 | USS CO. LTD. | 3,505 | 12,313 | |||||
7,200 | V TECHNOLOGY CO. LTD. | 262,608 | 127,483 | |||||
19,000 | VALOR HOLDINGS CO. LTD. | 422,334 | 233,779 | |||||
37,400 | VISIONAL, INC.(c) | 1,845,255 | 2,285,877 | |||||
3,900 | WEST JAPAN RAILWAY CO. | 155,776 | 149,468 | |||||
1,300 | YAKULT HONSHA CO. LTD. | 22,252 | 75,595 | |||||
83,700 | YAMAGUCHI FINANCIAL GROUP, INC. | 555,179 | 444,541 | |||||
4,600 | YAMAHA MOTOR CO. LTD. | 46,377 | 86,199 | |||||
5,000 | YASKAWA ELECTRIC CORP. | 48,019 | 144,331 | |||||
10,100 | YUASA TRADING CO. LTD. | 293,394 | 244,512 | |||||
42,400 | Z HOLDINGS CORP. | 118,666 | 110,176 | |||||
83,861,924 | 93,774,803 | 12.30% | ||||||
Macau: | ||||||||
40,400 | SANDS CHINA LTD.(c) | 94,778 | 100,026 | |||||
94,778 | 100,026 | 0.01% | ||||||
Malaysia: | ||||||||
503,500 | FRENCKEN GROUP LTD. | 337,379 | 337,107 | |||||
274,300 | RHB BANK BHD. | 377,864 | 327,655 | |||||
715,243 | 664,762 | 0.09% | ||||||
Mexico: | ||||||||
201,200 | BANCO DEL BAJIO S.A.(e) | 360,811 | 508,607 | |||||
263,746 | CONTROLADORA VUELA CIA DE AVIACION S.A.B. DE C.V. ADR(c)(f) | 3,337,451 | 1,843,584 | |||||
137,646 | GRUMA S.A.B. DE C.V., CLASS B | 1,568,315 | 1,318,400 |
60 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Mexico (Cont'd): | ||||||||
101,623 | MEGACABLE HOLDINGS S.A.B. DE C.V. - CPO | $221,960 | 204,765 | |||||
437,929 | QUALITAS CONTROLADORA S.A.B. DE C.V. | 2,082,585 | 1,805,904 | |||||
7,571,122 | 5,681,260 | 0.74% | ||||||
Netherlands: | ||||||||
3,915 | ADYEN N.V.(c)(e) | 6,151,465 | 4,870,449 | |||||
143,900 | AEGON N.V. | 363,250 | 571,874 | |||||
122,823 | AEGON N.V. (REGISTERED) | 301,298 | 486,379 | |||||
459 | AKZO NOBEL N.V. | 18,664 | 25,886 | |||||
242 | ARGENX S.E.(c) | 84,807 | 86,481 | |||||
14,401 | ASM INTERNATIONAL N.V. | 4,372,834 | 3,222,080 | |||||
4,671 | ASML HOLDING N.V. | 2,056,602 | 1,937,490 | |||||
12,777 | ASML HOLDING N.V. (REGISTERED) | 3,108,606 | 5,306,927 | |||||
21,600 | ASR NEDERLAND N.V. | 788,307 | 830,395 | |||||
30,400 | EUROCOMMERCIAL PROPERTIES N.V. | 737,193 | 599,986 | |||||
3,610 | EXOR N.V.(c) | 90,616 | 231,667 | |||||
51,500 | FORFARMERS N.V. | 322,452 | 118,728 | |||||
980 | HEINEKEN HOLDING N.V. | 24,979 | 66,910 | |||||
2,822 | HEINEKEN N.V. | 79,167 | 247,395 | |||||
488,121 | ING GROEP N.V. | 4,450,322 | 4,185,302 | |||||
2,494 | JUST EAT TAKEAWAY.COM N.V.(c)(e) | 37,679 | 38,024 | |||||
17,656 | KONINKLIJKE AHOLD DELHAIZE N.V. | 203,381 | 449,591 | |||||
3,281 | KONINKLIJKE DSM N.V. | 122,903 | 372,131 | |||||
65,970 | KONINKLIJKE KPN N.V. | 190,999 | 178,761 | |||||
224,850 | KONINKLIJKE PHILIPS N.V. | 5,381,401 | 3,473,155 | |||||
5,254 | NN GROUP N.V. | 212,994 | 204,490 | |||||
117,200 | ORDINA N.V. | 366,521 | 434,288 | |||||
11,126 | PROSUS N.V.(c) | 599,758 | 579,819 | |||||
8,117 | QIAGEN N.V.(c) | 119,394 | 341,577 | |||||
209 | RANDSTAD N.V. | 4,033 | 9,038 | |||||
23,800 | SIGNIFY N.V.(e) | 640,632 | 615,969 | |||||
49,916 | STELLANTIS N.V. | 203,470 | 589,445 | |||||
96,308 | UNIVERSAL MUSIC GROUP N.V. | 2,495,430 | 1,815,414 | |||||
6,193 | WOLTERS KLUWER N.V. | 101,075 | 602,957 | |||||
33,630,232 | 32,492,608 | 4.26% | ||||||
New Zealand: | ||||||||
31,147 | HALLENSTEIN GLASSON HOLDINGS LTD. | 115,879 | 90,507 | |||||
2,624 | XERO LTD.(c) | 137,151 | 120,592 | |||||
253,030 | 211,099 | 0.03% | ||||||
Norway: | ||||||||
6,359 | ADEVINTA ASA(c) | 37,714 | 37,308 | |||||
30,933 | AKER BP ASA | 1,041,758 | 886,968 | |||||
32,200 | ATEA ASA(c) | 360,833 | 284,925 | |||||
2,168,917 | AUTOSTORE HOLDINGS LTD.(c)(e) | 3,437,345 | 2,357,030 | |||||
12,068 | DNB BANK ASA | 82,736 | 191,060 | |||||
12,661 | EQUINOR ASA ADR(f) | 278,598 | 419,206 | |||||
65,300 | EUROPRIS ASA(e) | 420,002 | 325,278 | |||||
23,955 | NORSK HYDRO ASA | 48,328 | 128,865 | |||||
57,040 | STOREBRAND ASA | 364,067 | 392,355 | |||||
2,400 | YARA INTERNATIONAL ASA | 55,524 | 83,888 | |||||
6,126,905 | 5,106,883 | 0.67% | ||||||
Poland: | ||||||||
24,000 | ASSECO POLAND S.A. | 487,128 | 333,436 | |||||
37,500 | CYFROWY POLSAT S.A. | 259,610 | 120,074 | |||||
20,297 | DINO POLSKA S.A.(c)(e) | 1,311,782 | 1,230,689 | |||||
2,058,520 | 1,684,199 | 0.22% | ||||||
Portugal: | ||||||||
20,567 | EDP - ENERGIAS DE PORTUGAL S.A. | 48,529 | 89,037 | |||||
4,268 | GALP ENERGIA SGPS S.A. | 40,305 | 40,905 | |||||
9,417 | JERONIMO MARTINS SGPS S.A. | 105,677 | 175,450 | |||||
123,300 | NAVIGATOR (THE) CO. S.A. | 307,999 | 417,800 | |||||
502,510 | 723,192 | 0.09% | ||||||
Russia: | ||||||||
152,020 | CIAN PLC ADR(c)(d)(f) | 2,339,655 | - | |||||
3,168 | GLOBALTRANS INVESTMENT PLC GDR (REGISTERED)(c)(d) | 21,771 | - |
61 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Russia (Cont'd): | ||||||||
24,310 | HEADHUNTER GROUP PLC ADR(d)(f) | $515,030 | - | |||||
25,740,000 | RUSHYDRO PJSC(b)(d) | 218,665 | - | |||||
3,095,121 | - | 0.00% | ||||||
Singapore: | ||||||||
302,700 | AEM HOLDINGS LTD. | 265,969 | 833,428 | |||||
766,900 | AZTECH GLOBAL LTD. | 474,702 | 423,563 | |||||
147,000 | CAPITALAND ASCENDAS REIT | 291,464 | 273,983 | |||||
1 | CDL HOSPITALITY TRUSTS | 1 | 1 | |||||
30,100 | CITY DEVELOPMENTS LTD. | 170,621 | 158,686 | |||||
28,200 | DBS GROUP HOLDINGS LTD. | 158,529 | 651,983 | |||||
13,836 | GRAB HOLDINGS LTD., CLASS A(c) | 35,489 | 36,389 | |||||
39,200 | KEPPEL CORP. LTD. | 150,880 | 188,217 | |||||
5,640 | KEPPEL REIT | 1,183 | 3,868 | |||||
11,300 | OVERSEA-CHINESE BANKING CORP. LTD. | 98,152 | 92,563 | |||||
4,931 | SEA LTD. ADR(c)(f) | 269,692 | 276,383 | |||||
51,700 | SINGAPORE AIRLINES LTD.(c) | 194,072 | 182,442 | |||||
13,000 | SINGAPORE EXCHANGE LTD. | 40,226 | 85,230 | |||||
9,500 | UNITED OVERSEAS BANK LTD. | 119,702 | 172,487 | |||||
53,000 | UOL GROUP LTD. | 258,414 | 244,358 | |||||
63,000 | VENTURE CORP. LTD. | 736,486 | 717,544 | |||||
3,265,582 | 4,341,125 | 0.57% | ||||||
South Africa: | ||||||||
134,900 | ADCOCK INGRAM HOLDINGS LTD. | 394,451 | 339,328 | |||||
33,591 | AFRICAN RAINBOW MINERALS LTD.(b) | 339,096 | 451,515 | |||||
42,500 | BARLOWORLD LTD. | 289,872 | 216,248 | |||||
132,200 | INVESTEC PLC | 773,831 | 532,231 | |||||
117,469 | METAIR INVESTMENTS LTD. | 184,301 | 175,623 | |||||
68,600 | OCEANA GROUP LTD. | 268,470 | 201,312 | |||||
83,378 | TELKOM S.A. SOC LTD.(c) | 425,343 | 212,704 | |||||
5,284 | THUNGELA RESOURCES LTD. | 1,910 | 96,786 | |||||
2,677,274 | 2,225,747 | 0.29% | ||||||
South Korea: | ||||||||
17,700 | APTC CO. LTD. | 390,846 | 156,290 | |||||
25,000 | DAESANG CORP. | 545,401 | 376,199 | |||||
20,489 | DB HITEK CO. LTD. | 270,468 | 527,489 | |||||
4,784 | DL E&C CO. LTD. | 210,584 | 113,412 | |||||
1,907 | DL HOLDINGS CO. LTD. | 140,872 | 75,828 | |||||
9,900 | GS HOLDINGS CORP. | 371,567 | 287,402 | |||||
9,075 | HUONS CO. LTD. | 416,763 | 200,716 | |||||
3,500 | HYUNDAI GLOVIS CO. LTD. | 391,747 | 394,032 | |||||
46,124 | HYUNDAI GREENFOOD CO. LTD. | 465,431 | 206,415 | |||||
23,300 | JW LIFE SCIENCE CORP. | 391,190 | 183,335 | |||||
18,600 | KC TECH CO. LTD. | 295,116 | 175,471 | |||||
223,200 | KOREA REAL ESTATE INVESTMENT & TRUST CO. LTD. | 478,487 | 213,520 | |||||
25,300 | KT CORP. | 539,161 | 637,501 | |||||
64,100 | LG UPLUS CORP. | 723,972 | 479,335 | |||||
10,183 | LOTTE FINE CHEMICAL CO. LTD. | 404,389 | 397,385 | |||||
4,775 | MAEIL DAIRIES CO. LTD. | 380,763 | 170,980 | |||||
18,673 | NAVER CORP. | 2,496,958 | 2,488,668 | |||||
170,186 | SAMSUNG ELECTRONICS CO. LTD. | 6,185,850 | 6,253,200 | |||||
14,251 | SAMSUNG SECURITIES CO. LTD. | 434,059 | 303,729 | |||||
14,900 | VIEWORKS CO. LTD. | 386,364 | 356,858 | |||||
15,919,988 | 13,997,765 | 1.84% | ||||||
Spain: | ||||||||
1,260 | ACCIONA S.A. | 78,312 | 222,396 | |||||
8,466 | ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. | 188,063 | 189,461 | |||||
1,333 | AENA SME S.A.(c)(e) | 146,281 | 137,929 | |||||
84,597 | AMADEUS IT GROUP S.A.(c) | 5,838,166 | 3,915,906 | |||||
90,991 | BANCO BILBAO VIZCAYA ARGENTARIA S.A. | 434,563 | 408,691 | |||||
16,090 | BANCO SANTANDER S.A. | 85 | 37,397 | |||||
655,412 | CAIXABANK S.A. | 2,118,471 | 2,111,997 | |||||
4,781 | CELLNEX TELECOM S.A.(c)(e) | 151,731 | 147,405 | |||||
31,300 | CIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A. | 607,086 | 569,565 | |||||
10,898 | ENAGAS S.A. | 184,898 | 168,199 | |||||
140,872 | FAES FARMA S.A. | 588,215 | 509,445 | |||||
39 | FERROVIAL S.A. | 588 | 885 |
62 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Spain (Cont'd): | ||||||||
64,096 | IBERDROLA S.A. | $372,801 | 595,861 | |||||
9,516 | INDUSTRIA DE DISENO TEXTIL S.A. | 172,902 | 196,557 | |||||
87,000 | MEDIASET ESPANA COMUNICACION S.A.(c) | 475,447 | 199,209 | |||||
27,680 | MIQUEL Y COSTAS & MIQUEL S.A. | 387,291 | 314,722 | |||||
10,622 | NATURGY ENERGY GROUP S.A. | 164,428 | 244,859 | |||||
93,900 | PROSEGUR CIA DE SEGURIDAD S.A. | 216,845 | 142,251 | |||||
11,393 | RED ELECTRICA CORP. S.A. | 163,842 | 174,496 | |||||
31,112 | REPSOL S.A. | 268,381 | 358,025 | |||||
71,500 | TELEFONICA S.A. | 252,344 | 235,717 | |||||
12,810,740 | 10,880,973 | 1.43% | ||||||
Sweden: | ||||||||
2,065 | ALLEIMA AB(c) | 1,539 | 6,475 | |||||
22,200 | ASSA ABLOY AB, CLASS B | 89,466 | 414,860 | |||||
293,476 | ATLAS COPCO AB, CLASS A | 1,892,601 | 2,717,644 | |||||
15,920 | ATLAS COPCO AB, CLASS B | 22,691 | 131,722 | |||||
93,086 | AVANZA BANK HOLDING AB | 1,356,449 | 1,403,454 | |||||
34,700 | BILIA AB, CLASS A | 639,435 | 395,050 | |||||
32,900 | BOLIDEN AB | 800,179 | 1,017,498 | |||||
50,800 | BYGGMAX GROUP AB | 316,965 | 169,990 | |||||
195,400 | CLOETTA AB, CLASS B | 556,844 | 308,599 | |||||
3,608 | ELECTROLUX AB, CLASS B | 30,334 | 37,369 | |||||
7,501 | ELECTROLUX PROFESSIONAL AB, CLASS B | 16,773 | 30,583 | |||||
19,555 | EMBRACER GROUP AB(b)(c) | 104,281 | 115,915 | |||||
9,604 | EPIROC AB, CLASS A | 18,146 | 137,373 | |||||
4,000 | EPIROC AB, CLASS B | 7,248 | 50,310 | |||||
8,600 | ESSITY AB, CLASS B | 62,137 | 169,757 | |||||
56,847 | EVOLUTION AB(e) | 7,331,259 | 4,476,840 | |||||
32,687 | FASTIGHETS AB BALDER, CLASS B(c) | 126,215 | 129,190 | |||||
10,131 | H & M HENNES & MAURITZ AB, CLASS B | 98,015 | 93,631 | |||||
137,000 | HEMNET GROUP AB | 1,925,973 | 1,744,284 | |||||
25,557 | HEXAGON AB, CLASS B | 56,077 | 236,946 | |||||
80,300 | HUMANA AB(c) | 413,356 | 350,914 | |||||
92,100 | HUSQVARNA AB, CLASS B | 724,819 | 507,596 | |||||
8,270 | INDUSTRIVARDEN AB, CLASS C | 85,948 | 164,708 | |||||
43,812 | INVESTOR AB, CLASS B | 150,033 | 638,637 | |||||
49,100 | INWIDO AB | 276,126 | 385,928 | |||||
55,400 | KINDRED GROUP PLC SDR | 287,801 | 413,402 | |||||
7,801 | KNOW IT AB | 144,666 | 155,574 | |||||
14,800 | LOOMIS AB | 372,004 | 363,180 | |||||
29,428 | LUNDIN ENERGY AB | 485,724 | 52,426 | |||||
44,500 | MEKO AB | 323,086 | 364,415 | |||||
12,080 | NIBE INDUSTRIER AB, CLASS B | 108,900 | 107,257 | |||||
77,913 | NOBIA AB | 452,973 | 146,246 | |||||
172,849 | NORDNET AB PUBL | 2,111,221 | 1,962,293 | |||||
77,000 | RESURS HOLDING AB(e) | 417,550 | 141,021 | |||||
16,008 | SANDVIK AB | 135,894 | 217,989 | |||||
57,452 | SDIPTECH AB, CLASS B(c) | 1,528,217 | 987,067 | |||||
43,300 | SECURITAS AB, CLASS B(b) | 344,657 | 301,462 | |||||
35,236 | SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A | 139,725 | 334,469 | |||||
2,634 | SKANSKA AB, CLASS B | 22,223 | 32,738 | |||||
7,700 | SOLID FORSAKRING AB(c) | 32,293 | 31,105 | |||||
8,600 | SVENSKA CELLULOSA AB S.C.A., CLASS B | 15,915 | 109,062 | |||||
20,449 | SVENSKA HANDELSBANKEN AB, CLASS A | 129,912 | 167,100 | |||||
12,741 | SWEDBANK AB, CLASS A | 176,972 | 166,585 | |||||
334,038 | SWEDENCARE AB | 2,857,845 | 1,336,198 | |||||
14,025 | SWEDISH MATCH AB | 139,060 | 138,852 | |||||
38,333 | TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B | 241,039 | 223,241 | |||||
31,705 | TELIA CO. AB | 97,776 | 91,255 | |||||
35,506 | TETHYS OIL AB | 259,465 | 200,134 | |||||
74,582 | THULE GROUP AB(e) | 1,886,421 | 1,481,302 | |||||
18,500 | TRELLEBORG AB, CLASS B | 265,238 | 345,029 | |||||
32,594 | VITEC SOFTWARE GROUP AB, CLASS B | 731,963 | 964,387 | |||||
24,387 | VOLVO AB, CLASS B | 156,616 | 344,107 | |||||
30,968,065 | 27,013,169 | 3.54% | ||||||
Switzerland: | ||||||||
227,180 | ABB LTD. (REGISTERED) | 4,901,838 | 5,850,106 | |||||
91,122 | ALCON, INC. | 5,201,121 | 5,276,877 |
63 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Switzerland (Cont'd): | ||||||||
40,779 | BACHEM HOLDING A.G. | $3,446,768 | 2,536,755 | |||||
484 | BALOISE HOLDING A.G. (REGISTERED) | 26,452 | 61,702 | |||||
34 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE) | 48,855 | 328,525 | |||||
3 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (REGISTERED) | 75,352 | 297,453 | |||||
42,737 | CIE FINANCIERE RICHEMONT S.A., CLASS A (REGISTERED) | 3,048,299 | 4,010,154 | |||||
384 | DUFRY A.G. (REGISTERED)(c) | 8,927 | 11,670 | |||||
54,800 | EFG INTERNATIONAL A.G.(c) | 442,650 | 433,099 | |||||
43,845 | GARMIN LTD. | 4,705,225 | 3,521,192 | |||||
990 | GEBERIT A.G. (REGISTERED) | 85,632 | 423,577 | |||||
140 | GIVAUDAN S.A. (REGISTERED) | 76,496 | 422,088 | |||||
264,534 | GLOBAL BLUE GROUP HOLDING A.G.(b)(c) | 2,433,048 | 1,224,792 | |||||
6,900 | HELVETIA HOLDING A.G. (REGISTERED) | 678,020 | 644,555 | |||||
105,250 | HOLCIM A.G.(c) | 5,293,232 | 4,293,964 | |||||
3,711 | JULIUS BAER GROUP LTD. | 74,659 | 161,478 | |||||
6,591 | LONZA GROUP A.G. (REGISTERED) | 3,254,488 | 3,205,262 | |||||
120,439 | MEDMIX A.G.(e) | 4,576,514 | 2,106,791 | |||||
102,190 | NESTLE S.A. (REGISTERED) | 5,206,354 | 11,065,094 | |||||
135,483 | NOVARTIS A.G. (REGISTERED) | 9,422,104 | 10,328,309 | |||||
49,047 | POLYPEPTIDE GROUP A.G.(c)(e) | 2,729,765 | 1,422,317 | |||||
11,952 | ROCHE HOLDING A.G. | 1,552,784 | 3,897,058 | |||||
755 | SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) | 34,888 | 117,114 | |||||
120 | SGS S.A. (REGISTERED) | 129,434 | 256,325 | |||||
2,591 | SIEGFRIED HOLDING A.G. (REGISTERED)(c) | 2,244,989 | 1,908,319 | |||||
26,765 | SIKA A.G. (REGISTERED) | 3,829,213 | 5,359,644 | |||||
1,308 | SONOVA HOLDING A.G. (REGISTERED) | 84,414 | 287,642 | |||||
32,211 | STMICROELECTRONICS N.V. | 517,002 | 993,856 | |||||
635 | SULZER A.G. (REGISTERED) | 20,376 | 36,285 | |||||
743 | SWISS LIFE HOLDING A.G. (REGISTERED) | 101,194 | 327,360 | |||||
967 | SWISS RE A.G. | 77,541 | 71,031 | |||||
194 | SWISSCOM A.G. (REGISTERED) | 49,415 | 90,611 | |||||
266,993 | UBS GROUP A.G. (REGISTERED) | 3,450,177 | 3,856,972 | |||||
7,700 | VALIANT HOLDING A.G. (REGISTERED) | 734,240 | 729,806 | |||||
8,800 | VETROPACK HOLDING A.G. (REGISTERED) | 405,746 | 259,787 | |||||
8,800 | VONTOBEL HOLDING A.G. (REGISTERED) | 640,427 | 471,566 | |||||
62,202 | WIZZ AIR HOLDINGS PLC(c)(e) | 2,176,449 | 1,093,977 | |||||
7,800 | ZEHNDER GROUP A.G. (REGISTERED) | 303,280 | 399,611 | |||||
4,209 | ZURICH INSURANCE GROUP A.G. | 808,513 | 1,673,180 | |||||
72,895,881 | 79,455,904 | 10.42% | ||||||
Taiwan: | ||||||||
125,000 | CHC HEALTHCARE GROUP | 178,135 | 164,448 | |||||
146,000 | CHIPBOND TECHNOLOGY CORP. | 286,157 | 231,008 | |||||
419,000 | CHIPMOS TECHNOLOGIES, INC. | 449,604 | 396,633 | |||||
77,000 | INNODISK CORP. | 450,307 | 389,896 | |||||
145,000 | JARLLYTEC CO. LTD. | 327,630 | 272,251 | |||||
383,000 | KINDOM DEVELOPMENT CO. LTD. | 503,834 | 304,948 | |||||
660,000 | POU CHEN CORP. | 670,550 | 588,548 | |||||
90,000 | RADIANT OPTO-ELECTRONICS CORP. | 361,908 | 283,444 | |||||
220,000 | SIGURD MICROELECTRONICS CORP. | 403,537 | 292,344 | |||||
198,000 | SINBON ELECTRONICS CO. LTD. | 1,732,479 | 1,644,164 | |||||
1,272,600 | SINOPAC FINANCIAL HOLDINGS CO. LTD. | 492,562 | 690,043 | |||||
225,000 | TAIWAN HON CHUAN ENTERPRISE CO. LTD. | 422,583 | 591,444 | |||||
82,000 | TOPCO SCIENTIFIC CO. LTD. | 252,353 | 399,528 | |||||
166,200 | UNIVERSAL VISION BIOTECHNOLOGY CO. LTD. | 1,390,623 | 1,469,248 | |||||
142,000 | USERJOY TECHNOLOGY CO. LTD. | 374,944 | 343,783 | |||||
90,000 | ZHEN DING TECHNOLOGY HOLDING LTD. | 335,681 | 297,650 | |||||
8,632,887 | 8,359,380 | 1.10% | ||||||
Thailand: | ||||||||
500,300 | POLYPLEX THAILAND PCL (REGISTERED) | 376,789 | 323,630 | |||||
432,100 | PRUKSA HOLDING PCL (REGISTERED) | 233,658 | 137,466 | |||||
1,424,300 | SUPALAI PCL (REGISTERED) | 958,380 | 713,660 | |||||
331,320 | THAI VEGETABLE OIL PCL (REGISTERED) | 265,122 | 256,922 | |||||
1,833,949 | 1,431,678 | 0.19% | ||||||
Turkey: | ||||||||
104,100 | BIM BIRLESIK MAGAZALAR A.S. | 669,519 | 649,685 |
64 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Turkey (Cont'd): | ||||||||
53,800 | COCA-COLA ICECEK A.S. | $315,265 | 391,522 | |||||
270,800 | TURKCELL ILETISIM HIZMETLERI A.S. | 605,645 | 290,035 | |||||
1,590,429 | 1,331,242 | 0.17% | ||||||
United Arab Emirates: | ||||||||
281,430 | NETWORK INTERNATIONAL HOLDINGS PLC(c)(e) | 912,273 | 952,929 | |||||
912,273 | 952,929 | 0.13% | ||||||
United Kingdom: | ||||||||
27,355 | 3I GROUP PLC | 109,603 | 328,456 | |||||
2,834 | ADMIRAL GROUP PLC | 35,119 | 60,145 | |||||
540,200 | AIRTEL AFRICA PLC(e) | 753,867 | 779,667 | |||||
52,849 | ANGLO AMERICAN PLC | 409,100 | 1,596,483 | |||||
6,043 | ASHTEAD GROUP PLC | 268,033 | 269,795 | |||||
131,486 | ASSOCIATED BRITISH FOODS PLC | 3,106,796 | 1,833,128 | |||||
66,236 | ASTRAZENECA PLC | 8,186,485 | 7,283,978 | |||||
3,480 | AVEVA GROUP PLC | 123,442 | 121,232 | |||||
40,350 | BAE SYSTEMS PLC | 285,102 | 354,508 | |||||
113,471 | BAKKAVOR GROUP PLC(e)(g) | 166,389 | 113,726 | |||||
1,041,143 | BALTIC CLASSIFIEDS GROUP PLC | 2,372,970 | 1,594,275 | |||||
14,400 | BELLWAY PLC | 632,327 | 272,350 | |||||
61,044 | BERKELEY GROUP HOLDINGS PLC | 3,251,268 | 2,237,607 | |||||
101,626 | BP PLC | 527,172 | 483,268 | |||||
24,348 | BRITISH AMERICAN TOBACCO PLC | 953,493 | 870,670 | |||||
5,069 | BUNZL PLC | 39,524 | 154,260 | |||||
8,744 | BURBERRY GROUP PLC | 51,148 | 174,365 | |||||
157,500 | CENTRAL ASIA METALS PLC | 465,910 | 380,294 | |||||
207,838 | CNH INDUSTRIAL N.V. | 1,950,605 | 2,320,321 | |||||
405,590 | COMPASS GROUP PLC | 4,582,529 | 8,107,425 | |||||
18,300 | COMPUTACENTER PLC | 578,995 | 393,641 | |||||
2,276 | CRODA INTERNATIONAL PLC | 82,788 | 162,584 | |||||
24,230 | DIAGEO PLC | 1,030,998 | 1,015,619 | |||||
62,916 | DIPLOMA PLC | 2,103,552 | 1,613,113 | |||||
177,500 | DIRECT LINE INSURANCE GROUP PLC | 614,920 | 365,123 | |||||
108,100 | DRAX GROUP PLC | 316,682 | 720,979 | |||||
24,220 | ENDAVA PLC ADR(c)(f) | 2,977,954 | 1,952,859 | |||||
9,685 | ENTAIN PLC | 123,305 | 116,304 | |||||
34,153 | FERGUSON PLC | 4,396,882 | 3,556,274 | |||||
50,265 | GSK PLC | 737,421 | 733,165 | |||||
1,707 | HALMA PLC | 38,256 | 38,436 | |||||
4,854 | HARGREAVES LANSDOWN PLC | 45,104 | 46,590 | |||||
133,363 | HSBC HOLDINGS PLC | 777,477 | 691,075 | |||||
10,605 | IMPERIAL BRANDS PLC | 227,928 | 218,843 | |||||
54,534 | INCHCAPE PLC | 392,112 | 410,387 | |||||
25,000 | INFORMA PLC | 150,330 | 144,027 | |||||
2,511 | INTERCONTINENTAL HOTELS GROUP PLC | 122,285 | 120,467 | |||||
4,528 | INTERTEK GROUP PLC | 190,215 | 186,285 | |||||
518,146 | J SAINSBURY PLC | 1,239,535 | 1,000,763 | |||||
234,700 | JUPITER FUND MANAGEMENT PLC | 895,723 | 240,186 | |||||
295,800 | KINGFISHER PLC | 764,284 | 718,556 | |||||
81,475 | LEGAL & GENERAL GROUP PLC | 192,941 | 194,971 | |||||
79,269 | LIBERTY GLOBAL PLC, CLASS A(c) | 2,226,707 | 1,235,804 | |||||
57,550 | LIBERTY GLOBAL PLC, CLASS C(c) | 1,685,769 | 949,575 | |||||
6,864,200 | LLOYDS BANKING GROUP PLC | 4,638,278 | 3,136,014 | |||||
6,030 | LONDON STOCK EXCHANGE GROUP PLC | 69,795 | 508,471 | |||||
278,852 | M&G PLC | 497,048 | 513,370 | |||||
370,300 | MAN GROUP PLC | 651,704 | 922,383 | |||||
300,659 | MARSTON'S PLC(c) | 477,602 | 118,522 | |||||
1 | MELROSE INDUSTRIES PLC | 1 | 1 | |||||
42,000 | MICRO FOCUS INTERNATIONAL PLC | 251,606 | 243,395 | |||||
456,400 | MITIE GROUP PLC | 439,408 | 317,543 | |||||
10,025 | MONDI PLC | 158,542 | 154,852 | |||||
145,235 | MORGAN ADVANCED MATERIALS PLC | 467,561 | 367,205 | |||||
17,502 | NATIONAL GRID PLC | 94,312 | 180,618 | |||||
297,247 | NATWEST GROUP PLC | 420,567 | 741,824 | |||||
2,141 | NEXT PLC | 36,699 | 113,753 | |||||
14,397 | NINETY ONE PLC | 41,643 | 29,137 | |||||
7,878 | OCADO GROUP PLC(c) | 41,202 | 40,908 | |||||
123,700 | OSB GROUP PLC | 637,568 | 578,373 |
65 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
United Kingdom (Cont'd): | ||||||||
11,636 | PEARSON PLC | $115,255 | 111,517 | |||||
10,230 | PHOENIX GROUP HOLDINGS PLC | 58,370 | 59,561 | |||||
37,517 | PRUDENTIAL PLC | 383,673 | 368,607 | |||||
8,289 | RECKITT BENCKISER GROUP PLC | 303,157 | 547,832 | |||||
151,700 | REDDE NORTHGATE PLC | 615,982 | 490,290 | |||||
57,235 | REDROW PLC | 447,916 | 252,707 | |||||
384,600 | REGIONAL REI.T LTD.(e) | 487,088 | 274,056 | |||||
25,015 | RELX PLC | 183,592 | 606,842 | |||||
222,935 | RELX PLC (LONDON EXCHANGE) | 3,233,856 | 5,442,430 | |||||
34,005 | RIO TINTO PLC ADR(f) | 893,598 | 1,872,315 | |||||
77,712 | ROYAL MAIL PLC | 220,280 | 158,480 | |||||
24,928 | SAGE GROUP (THE) PLC | 108,477 | 191,790 | |||||
9,979 | SCHRODERS PLC | 43,138 | 43,204 | |||||
16,135 | SEGRO PLC | 67,053 | 135,199 | |||||
4,954 | SEVERN TRENT PLC | 76,220 | 129,504 | |||||
120,965 | SHELL PLC | 2,219,131 | 3,009,645 | |||||
14,030 | SMITH & NEPHEW PLC | 98,533 | 161,862 | |||||
414,000 | SPEEDY HIRE PLC | 294,411 | 170,918 | |||||
1,007 | SPIRAX-SARCO ENGINEERING PLC | 115,138 | 115,674 | |||||
7,418 | ST. JAMES'S PLACE PLC | 82,237 | 84,618 | |||||
108,800 | STANDARD CHARTERED PLC | 699,097 | 684,334 | |||||
82,413 | STHREE PLC | 315,585 | 316,394 | |||||
144,800 | SYNTHOMER PLC | 719,407 | 170,985 | |||||
3,614 | TATE & LYLE PLC | 35,963 | 27,246 | |||||
148,000 | TP ICAP GROUP PLC | 641,118 | 322,731 | |||||
126,800 | TYMAN PLC | 343,290 | 277,847 | |||||
28,319 | UNILEVER PLC | 1,299,751 | 1,246,032 | |||||
3,811 | UNILEVER PLC ADR(f) | 146,515 | 167,074 | |||||
8,137 | UNITED UTILITIES GROUP PLC | 56,989 | 80,577 | |||||
2,756 | WHITBREAD PLC | 54,937 | 70,376 | |||||
25,936 | WILLIS TOWERS WATSON PLC | 5,812,075 | 5,211,580 | |||||
94,600 | WINCANTON PLC | 471,523 | 309,583 | |||||
34,827 | WPP PLC | 266,244 | 288,209 | |||||
80,016,180 | 77,527,967 | 10.17% | ||||||
United States: | ||||||||
24,421 | AON PLC, CLASS A | 5,710,755 | 6,541,653 | |||||
195,853 | ARCH CAPITAL GROUP LTD.(c) | 3,989,087 | 8,919,146 | |||||
5,265 | BAUSCH HEALTH COS., INC.(c) | 36,579 | 36,362 | |||||
1,763 | BROOKFIELD RENEWABLE CORP., CLASS A | 56,929 | 57,612 | |||||
28,246 | ELASTIC N.V.(c) | 2,156,125 | 2,026,368 | |||||
16,089 | EPAM SYSTEMS, INC.(c) | 6,848,197 | 5,827,275 | |||||
3,109 | METTLER-TOLEDO INTERNATIONAL, INC.(c) | 2,114,758 | 3,370,529 | |||||
26,848 | RESMED, INC. | 3,294,289 | 5,860,918 | |||||
73,837 | SENSATA TECHNOLOGIES HOLDING PLC | 4,060,851 | 2,752,643 | |||||
26,177 | STERIS PLC | 4,461,713 | 4,352,711 | |||||
27,207 | WASTE CONNECTIONS, INC. | 3,902,975 | 3,676,482 | |||||
36,632,258 | 43,421,699 | 5.69% | ||||||
Uruguay: | ||||||||
61,266 | DLOCAL LTD.(c) | 1,357,984 | 1,257,178 | |||||
11,769 | GLOBANT S.A.(c) | 2,024,496 | 2,201,745 | |||||
3,382,480 | 3,458,923 | 0.45% | ||||||
Vietnam: | ||||||||
597,300 | FPT CORP. | 2,104,948 | 2,001,959 | |||||
2,104,948 | 2,001,959 | 0.26% | ||||||
Sub-total Common Stocks: | 721,766,063 | 733,034,148 | 96.12% | |||||
Preferred Stocks: | ||||||||
Brazil: | ||||||||
263,400 | CIA DE SANEAMENTO DO PARANA, 0.35%(h) | 350,151 | 170,901 | |||||
179,200 | CIA ENERGETICA DE MINAS GERAIS, 2.14%(h) | 357,186 | 357,447 | |||||
707,337 | 528,348 | 0.07% | ||||||
Chile: | ||||||||
223,300 | EMBOTELLADORA ANDINA S.A., CLASS B, 5.71%(h) | 477,638 | 386,642 | |||||
477,638 | 386,642 | 0.05% | ||||||
Germany: | ||||||||
1,521 | BAYERISCHE MOTOREN WERKE A.G., 8.77%(h) | 49,612 | 99,455 |
66 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Shares | Security | Cost | Fair value (a) | Percent of net assets | ||||
Germany (Cont'd): | ||||||||
3,800 | DRAEGERWERK A.G. & CO. KGAA, 0.45%(h) | $311,648 | 158,933 | |||||
18,800 | JUNGHEINRICH A.G., 3.28%(h) | 455,924 | 385,004 | |||||
1,797 | PORSCHE AUTOMOBIL HOLDING S.E., 4.43%(h) | 127,973 | 102,364 | |||||
272 | SARTORIUS A.G., 0.36%(h) | 45,992 | 95,001 | |||||
2,800 | STO S.E. & CO. KGAA, 0.25%(h) | 304,841 | 340,053 | |||||
2,533 | VOLKSWAGEN A.G., 6.01%(h) | 347,179 | 312,873 | |||||
1,643,169 | 1,493,683 | 0.19% | ||||||
South Korea: | ||||||||
78,896 | SAMSUNG ELECTRONICS CO. LTD., 3.08%(h) | 3,283,261 | 2,567,158 | |||||
3,283,261 | 2,567,158 | 0.34% | ||||||
Sub-total Preferred Stocks: | 6,111,405 | 4,975,831 | 0.65% | |||||
Rights: | ||||||||
Sweden: | ||||||||
173,200 | SECURITAS AB, CLASS B(b)(c) | 69,842 | 72,260 | |||||
69,842 | 72,260 | 0.01% | ||||||
Sub-total Rights: | 69,842 | 72,260 | 0.01% | |||||
Participatory Notes: | ||||||||
United Kingdom: | ||||||||
241,905 | RYANAIR HOLDINGS PLC, ISSUED BY HSBC BANK PLC, EXPIRES 10/31/22(c) | 3,841,252 | 2,454,531 | |||||
3,841,252 | 2,454,531 | 0.32% | ||||||
Sub-total Participatory Notes: | 3,841,252 | 2,454,531 | 0.32% | |||||
Short-Term Investments: | ||||||||
5,439,222 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO, INSTITUTIONAL SHARES(i) | 5,439,222 | 5,439,222 | |||||
20,938,085 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 2.25%(j) | 20,938,085 | 20,938,085 | |||||
Sub-total Short-Term Investments: | 26,377,307 | 26,377,307 | 3.46% | |||||
Grand total | $758,165,869 | 766,914,077 | 100.56% |
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) | Security is either wholly or partially on loan. |
(c) | Non-income producing assets. |
(d) | Security has been deemed worthless and is a Level 3 investment. |
(e) | 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. |
(f) | Securities are American Depositary Receipts of companies based outside of the United States representing 1.82% of net assets as of September 30, 2022. |
(g) | Restricted security that has been deemed illiquid. At September 30, 2022, the value of these restricted illiquid securities amounted to $113,726 or 0.01% of net assets. Additional information on these restricted illiquid securities is as follows: |
SECURITY | ACQUISITION DATE | ACQUISITION COST |
Bakkavor Group PLC, 0.07%, | 9/18/2019 | $166,389 |
(h) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
(i) | Investment relates to cash collateral received from portfolio securities loaned. |
(j) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2021, the value of the Clearwater International Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $18,467,837 with net purchases of $2,470,248 during the nine months ended September 30, 2022. |
67 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
At September 30, 2022,
the industry sectors for the Clearwater International Fund were:
Industry Sector | Percent of Long-Term Investments | |
Communication Services | 4.22% | |
Consumer Discretionary | 13.34 | |
Consumer Staples | 9.44 | |
Energy | 3.11 | |
Financials | 14.50 | |
Health Care | 14.24 | |
Industrials | 16.22 | |
Information Technology | 16.41 | |
Materials | 5.62 | |
Real Estate | 1.60 | |
Utilities | 1.30 | |
100.00% |
At September 30, 2022,
the Clearwater International Fund’s investments were denominated in the following currencies:
Concentration by Currency | Percent of Long-Term Investments | |
Euro | 20.91% | |
United States Dollar | 16.23 | |
Japanese Yen | 12.59 | |
Swiss Franc | 9.81 | |
British Pound | 9.80 | |
Other currencies | 30.66 | |
100.00% |
68 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(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. With respect to Fund investments that do not have readily available market quotations, the Board of Trustees has designated the Adviser as the valuation designee to
perform fair value determinations pursuant to Rule 2a-5 under the Investment Company Act of 1940. When prices are not readily available (including those for which trading has been suspended), are determined not to be
reliable, 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 International Fund may value these securities at fair value as determined by the Adviser using procedures approved 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, 2022.
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | ||||
Australia | $4,733,010 | $29,785,868 | $—* | $34,518,878 |
Brazil | 7,887,125 | — | — | 7,887,125 |
Canada | 55,334,963 | 8,797 | — | 55,343,760 |
Chile | 1,014,595 | — | — | 1,014,595 |
Denmark | 1,283,020 | 17,112,964 | — | 18,395,984 |
Egypt | 170,419 | — | — | 170,419 |
Finland | 2,285,893 | 4,182,438 | — | 6,468,331 |
France | 897,542 | 56,045,243 | — | 56,942,785 |
Germany | 90,675 | 23,080,247 | — | 23,170,922 |
Hong Kong | 36,842 | 14,086,360 | — | 14,123,202 |
India | 1,677,065 | 17,351,491 | — | 19,028,556 |
Ireland | 11,301,864 | 9,030,785 | — | 20,332,649 |
Israel | 171,576 | 4,352,159 | — | 4,523,735 |
Italy | 1,971,291 | 15,213,840 | — | 17,185,131 |
Japan | 728,644 | 93,046,159 | — | 93,774,803 |
Mexico | 5,681,260 | — | — | 5,681,260 |
Netherlands | 6,024,973 | 26,467,635 | — | 32,492,608 |
Norway | 419,206 | 4,687,677 | — | 5,106,883 |
Russia | — | — | —* | — |
Singapore | 312,772 | 4,028,353 | — | 4,341,125 |
Sweden | 6,475 | 27,006,694 | — | 27,013,169 |
Switzerland | 4,745,984 | 74,709,920 | — | 79,455,904 |
United Kingdom | 11,389,207 | 66,138,760 | — | 77,527,967 |
United States | 43,421,699 | — | — | 43,421,699 |
Uruguay | 3,458,923 | — | — | 3,458,923 |
All other countries | — | 81,653,735 | — | 81,653,735 |
Participatory Notes | — | 2,454,531 | — | 2,454,531 |
69 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Level 1 | Level 2 | Level 3 | Total | ||||
Preferred Stocks | $914,990 | $4,060,841 | $— | $4,975,831 | |||
Rights | 72,260 | — | — | 72,260 | |||
Short-Term Investments | 26,377,307 | — | — | 26,377,307 | |||
Total | $192,409,580 | $574,504,497 | $— | $766,914,077 |
* Security has been deemed worthless and is a Level 3 investment. |
For the Clearwater
International Fund, the investment value is comprised of equity securities, rights, participatory notes 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.
70 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments -
Clearwater International Fund
September 30, 2022
(unaudited)
Clearwater International Fund Portfolio
Diversification
(as a percentage of net assets)
71 | (Continued) |