UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05038
Clearwater Investment Trust
(Exact name of registrant as specified in charter)
2000 Wells Fargo Place, 30 East 7th Street, Saint Paul, Minnesota 55101-4930
(Address of principal executive offices) (Zip code)
Jason K. Mitchell
Fiduciary Counselling, Inc.
2000 Wells Fargo Place, 30 E. 7th Street
Saint Paul, Minnesota 55101-4930
Copy to:
John V. O’Hanlon, Esq.
Dechert LLP
One International Place, 40th Floor
100 Oliver Street
Boston, Massachusetts 02110
(Name and address of agent for service)
Registrant’s telephone number, including area code: 651-228-0935
Date of fiscal year end: December 31
Date of reporting period: December 31, 2021
Item 1. Reports to Stockholders
| (a) | The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1) |
CLEARWATER INVESTMENT TRUST
Clearwater Core Equity Fund
Clearwater Select Equity Fund
Clearwater Tax-Exempt Bond Fund
Clearwater International Fund
Annual Report
for the year ended
December 31, 2021
Clearwater Investment Trust
Financial Statements
For the Year Ended December 31, 2021
Table of Contents
Management Discussion of Clearwater Funds’ Performance
Clearwater Core Equity Fund
The Clearwater Core Equity Fund (the “Core Equity Fund” or the “Fund”) seeks long-term growth of capital. Under normal market conditions, the Core Equity Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The Core Equity Fund's assets are managed in a “multi-manager, multi-style” approach. As of December 31, 2021, the Fund had three subadvisers that provide day-to-day management of Fund assets. Parametric Portfolio Associates LLC (“Parametric”), with approximately 40% to 60% of the Fund’s assets, manages its portion of the Fund’s assets to track the Russell 1000® Index as closely as possible without requiring the Fund to realize taxable gains. The remaining Fund assets are divided between AQR Capital Management, LLC (“AQR”) and O’Shaughnessy Asset Management, LLC (“OSAM”), who both utilize an active management style.
2021 Market Overview:
Domestic large capitalization equities, as defined by the Russell 1000® Index, the Fund’s benchmark (the “benchmark”), generated more than 25% returns in 2021, continuing the stock rally that began in April 2020. The strong returns were driven primarily by additional fiscal stimulus and ongoing ultra-loose monetary policy which were deployed in order to combat the ongoing effects of the COVID-19 pandemic. Domestic large capitalization equities led the global equity market rally in 2021 as Energy and Real Estate led performance at the sector level thanks to oil prices approaching $80 per barrel and home prices reaching all-time highs. Large cap value stocks underperformed their growth counterparts in 2021, as measured by the Russell 1000® Value Index and the Russell 1000® Growth Index.
2021 Performance:
The Core Equity Fund gained 27.5%, net of fees, in 2021 compared to an increase of 26.5% for the benchmark. Parametric, the subadviser that follows a tax-managed passive strategy, generated about the same return as the benchmark in 2021. Both active subadvisers, AQR and OSAM, outperformed the benchmark by a similar amount in 2021 after they both underperformed in 2020.
From an overall portfolio perspective, stock selection was the primary driver of the Fund’s outperformance. Stock selection within the Consumer Discretionary and Information Technology sectors was particularly strong. Sector positioning was a slight detractor, led by an underweight position to the Energy sector.
Clearwater Select Equity Fund
The Clearwater Select Equity Fund (the “Select Equity Fund” or the “Fund”) seeks long-term growth of capital. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities. Equity securities consist primarily of exchange-traded common and preferred stocks and convertible securities. While the Fund is permitted to invest in securities of any market capitalization, the Fund invests primarily in securities of micro-, small- and medium-sized companies. The Fund uses a “multi-style, multi-manager” approach. The Fund’s adviser allocates portions of the Fund’s assets among subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Cooke & Bieler, L.P (“Cooke & Bieler”), Jackson Square Partners, LLC (“Jackson Square”), Parametric Portfolio Associates LLC (“Parametric”) Pzena Investment Management LLC (“Pzena”), Wasatch Global Investors (“Wasatch”) and Rice Hall James & Associates, LLC (“RHJ”). Parametric manages its portion of the Fund’s assets (approximately 10%) to track the S&P 600® Index as closely as possible without requiring the Fund to realize taxable gains. The other subadvisers utilize an active management style and manage the remaining 90% of the Fund. The performance of each subadviser is compared to the Fund’s benchmark below, although each subadviser may manage its portion of the Fund against a different benchmark that aligns more closely with its strategy.
2021 Market Overview:
Domestic small capitalization equities, as defined by the Russell 2000® Index, the Fund’s benchmark (the “benchmark”), generated nearly a 15% return in 2021, continuing the stock rally that began in April 2020. The strong returns were driven primarily by additional fiscal stimulus and ongoing ultra-loose monetary policy which were deployed in order to combat the ongoing effects of the COVID-19 pandemic. U.S. small cap value stocks significantly outperformed small cap growth stocks in 2021, as measured by the Russell 2000® Value Index and the Russell 2000® Growth Index, which was a reversal of small cap growth’s significant outperformance versus small cap value in 2020.
2021 Performance:
The Select Equity Fund gained 11.8%, net of fees, during 2021 compared to a gain of 14.8% for the benchmark. The Fund’s underperformance was driven solely by Jackson Square, the subadviser whose strategy features the largest tilt toward the growth factor, as growth significantly underperformed value in 2021. The rest of the Fund’s subadvisers outperformed the benchmark in 2021, led by the subadviser with the largest tilt toward the value factor (Pzena). Parametric, the subadviser that follows a tax-managed passive strategy, outperformed the benchmark as well. Cooke & Bieler, another value-tilted subadviser, also outperformed the benchmark.
From an overall portfolio perspective, sector positioning was a slight positive contributor from a relative return standpoint, driven by an underweight position in the Health Care sector. Stock selection in the Information Technology, Consumer Discretionary, Industrials and Energy sectors was the primary driver of the Fund’s underperformance.
Clearwater Tax-Exempt Bond Fund
The Clearwater Tax-Exempt Bond Fund (the “Tax-Exempt Bond Fund” or the “Fund”) seeks high current income that is exempt from U.S. federal income tax, consistent with preservation of capital. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in tax-exempt bonds, which are debt obligations issued by or for the U.S. states, territories, and possessions and the District of Columbia. The interest on these securities is generally exempt from both U.S. regular federal income tax and U.S. federal alternative minimum tax. However, the Fund may invest up to 20% of its assets in securities that generate interest income subject to federal alternative minimum tax for individuals. The Fund invests in both revenue bonds, which are backed by and payable only from the revenues derived from a specific facility or specific revenue source, and in general obligation bonds, which are secured by the full faith, credit and taxation power of the issuing municipality. The Fund’s subadviser, Sit Fixed Income Advisors II, LLC (“Sit”), provides day-to-day management for the Fund. It should be noted that the Fund is not a money market fund and is not intended to be a money market fund substitute. Under normal market conditions, the Fund’s investments may be more susceptible than a money market fund to interest rate risk and credit risks relevant to the Fund’s investments.
2021 Market Overview:
As defined by the Fund’s benchmark, the Bloomberg Municipal Bond 5 Year (4-6) Index (the “benchmark”), intermediate duration municipal bonds generated a slightly-positive return in 2021. The municipal bond market was supported by more than $100 billion of positive inflows into municipal bond funds. The U.S. Federal Reserve held the line on short-term interest rates in 2021 as the economy rebounded from the COVID-19 pandemic. Long-term U.S. Treasury yields moved up considerably in the first quarter of the year. Short yields began to move up as well, especially in the fourth quarter, and ended the year up about 60 basis points. Meanwhile, intermediate yields declined after the first quarter but still ended the year up 60-90 basis points. Long U.S. Treasury yields followed a similar pattern and ended the year up about 25 basis points. The net result was a flatter U.S. Treasury yield curve. The municipal yield curve moved up as well, but not as aggressively on the front end of the curve. Short tax-exempt yields rose roughly 10 basis points on the year compared to intermediate yields, which rose roughly 30-35 basis points, and long yields, which rose 10 basis points. State government general fund revenues rose sharply in 2021 as compared to 2020. As the economy proceeded through various stages of recovery from the pandemic shutdown, credit fundamentals largely strengthened. Credit spreads steadily contracted throughout the year, pushing municipal bond prices higher.
2021 Performance:
The Tax-Exempt Bond Fund gained 3.9%, net of fees, in 2021 compared to an increase of 0.3% for the benchmark. The Fund resumed hedging interest rate risk by shorting U.S. Treasury futures in September, as had been done at times in the past. The Fund’s average life duration, a measure of the Fund’s sensitivity to changes in interest rates, decreased from 4.5 years at the beginning of the year, to 3.8 years at the end of the year. For comparison, the Fund’s benchmark had a duration of 3.9 years as of December 31, 2020, and 3.8 years as of December 31, 2021. The Fund’s barbelled duration was a primary driver of performance as longer-duration bonds outperformed shorter-duration bonds. The Fund’s approximately 25% allocation to and superior security selection in non-rated bonds was another primary reason for outperformance during the year. Other contributing factors were the Fund’s positions in closed-end funds and other revenue bonds such as land-secured bonds.
Detracting from performance was the Fund’s significant allocation to single-family mortgage revenue bonds, which underperformed. In general, high-grade bonds underperformed those of lower credit quality as investor demand increased for credit exposure and higher yields. As a point of reference, AAA-rated bonds and AA-rated bonds in the index returned 0.47% and 0.92% respectively, while BBB-rated bonds in the index returned 4.85% for the year.
Clearwater International Fund
The Clearwater International Fund (the “International Fund” or the “Fund”) seeks long-term growth of capital. The Fund generally invests at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside the United States. The Fund diversifies its investments among many different countries throughout the world and may invest in companies of any size. The Fund uses a “multi-style, multi-manager” approach. The Fund’s adviser allocates portions of the Fund’s assets among subadvisers who employ distinct investment styles. The Fund currently has four subadvisers that provide day-to-day management of Fund assets. Parametric Portfolio Associates LLC (“Parametric”) manages its portion of the portfolio (approximately 30%) to track the MSCI World Ex U.S.A. Index – Net Dividends as closely as possible without requiring the Fund to realize taxable gains. The Fund’s other three subadvisers, Artisan Partners Limited Partnership (“Artisan”), LSV Asset Management (“LSV”) and WCM Investment Management, LLC (“WCM”), utilize an active management style and manage the remaining 70% of the Fund. WCM manages two strategies for the Fund – a large capitalization strategy and a small capitalization strategy. The performance of each subadviser is compared to the Fund’s benchmark below, although each subadviser may manage its portion of the Fund against a different benchmark that aligns more closely with its strategy.
2021 Market Overview:
As defined by the Fund’s benchmark, the MSCI World Ex U.S.A. Index - Net Dividends (the “benchmark”), large and mid-capitalization, international developed market stocks returned nearly 13% in 2021. Despite generating strong returns, international stocks underperformed U.S. stocks in 2021. A stronger U.S. dollar relative to other international currencies negatively impacted returns for U.S. dollar-based investors. Value stocks outperformed growth stocks in the international developed markets as measured by the MSCI World Ex U.S.A. Value Index - Net Dividends and the MSCI World Ex U.S.A. Growth Index - Net Dividends. International large capitalization stocks outperformed international small capitalization stocks, as measured by the benchmark and the MSCI World Ex U.S.A. Small Cap Index - Net Dividends.
2021 Performance:
The International Fund gained 15.4%, net of fees, in 2021 compared to an increase of 12.6% for the benchmark. All of the Fund’s subadvisers outperformed the benchmark in 2021 with the exception of Parametric, the subadviser that follows a tax-managed passive strategy. Parametric slightly underperformed the benchmark in 2021. Artisan and WCM (both its large capitalization growth and small capitalization growth strategies) were the primary drivers of the Fund’s outperformance. LSV, the subadviser that invests in small capitalization and value-oriented stocks, also outperformed the benchmark, but to a lesser extent.
From an overall portfolio perspective, sector positioning was neutral from a relative return standpoint, as the positive impact of an overweight position to the Information Technology sector and underweight positions to the Utilities and Telecommunications sectors were offset by the drag from the Fund’s small cash position. Strong stock selection within the Industrials and Health Care sectors was the primary driver of the Fund’s outperformance.
Comparison of the Change in Value of a $10,000 Investment in the Core Equity Fund and the Russell 1000® Index
Comparison of the Change in Value of a $10,000 Investment in the Select Equity Fund and the Russell 2000® Index
Comparison of the Change in Value of a $10,000 Investment in the Tax-Exempt Bond Fund and the Barclays Capital U.S. Municipal Bond 5 Year (4-6) Index
Comparison of the Change in Value of a $10,000 Investment in the International Fund and the MSCI World EX U.S.A. Index - Net Dividends
Fund Expense Example
(unaudited)
As a shareholder of the Clearwater Core Equity Fund (“Core Equity Fund”), Clearwater Select Equity Fund (“Select Equity Fund”), Clearwater Tax-Exempt Bond Fund (“Tax-Exempt Bond Fund”), and Clearwater International Fund (“International Fund” and together with the Core Equity Fund, Select Equity Fund and Tax-Exempt Bond Fund, the “Funds”), you incur costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. In addition to the ongoing costs which the Funds pay directly, you as a shareholder indirectly bear the expenses of any outside exchange traded funds or mutual funds in which the Funds invest. (These are also referred to as “acquired funds” and those indirect expenses represent the Funds’ pro rata portion of the cumulative expense charged by the acquired funds.)
The example provided is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended December 31, 2021.
Actual Expenses
The first section of the table on the following page provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period July 01, 2021 through December 31, 2021” to estimate the expenses attributable to your investment during this period.
Hypothetical Example for Comparison Purposes
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other mutual funds.
Please note that the expenses shown in the second section of the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you compare the relative total costs of the Funds to other mutual funds that charge transaction costs and/or sales charges or redemption fees.
| Actual returns | Beginning Account
Value July 1, 2021 | Ending Account Value
December 31, 2021 | Expenses Paid During the
Period July 1, 2021 through
December 31, 2021* |
| Core Equity Fund | $1,000.00 | $1,095.20 | $1.43 |
| Select Equity Fund | $1,000.00 | $965.00 | $4.36 |
| Tax-Exempt Bond Fund | $1,000.00 | $1,012.30 | $1.42 |
| International Fund | $1,000.00 | $1,029.80 | $3.22 |
Hypothetical 5% return
(before expenses) | | | |
| Core Equity Fund | $1,000.00 | $1,023.84 | $1.38 |
| Select Equity Fund | $1,000.00 | $1,020.77 | $4.48 |
| Tax-Exempt Bond Fund | $1,000.00 | $1,023.79 | $1.43 |
| International Fund | $1,000.00 | $1,022.03 | $3.21 |
| * | Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expense ratios for the most recent one-half year period may differ from expense ratios based on one-year data in the Financial Highlights. |
The annualized expense ratios (reflecting voluntary fee waivers in effect during the period) are as follows:
| | |
| Core Equity Fund | 0.27% |
| Select Equity Fund | 0.88% |
| Tax-Exempt Bond Fund | 0.28% |
| International Fund | 0.63% |
Approval of Investment Management and Subadvisory Agreements
Clearwater Management Co., Inc. (“CMC”) is responsible for managing the investment programs and strategies for the Core Equity Fund, Select Equity Fund, Tax-Exempt Bond Fund, and International Fund (collectively, the “Funds”). CMC also provides other administrative services to the Funds and these services, as well as its investment management services, are provided to the Funds under an agreement (the “Management Agreement”). CMC conducts due diligence when selecting each subadviser (collectively, the “Subadvisers”) for the Funds and oversees the performance of the Subadvisers. The Subadvisers provide portfolio management and related services for the Funds under individual subadvisory agreements (the “Subadvisory Agreements”).
The Trust’s Board of Trustees (the “Board” or “Trustees”) met periodically throughout the year to address a broad range of agenda items. For example, at each regularly scheduled meeting, the Trustees reviewed information about the investment performance and financial results of the Funds. On an annual basis, the Trustees, including the Trustees who are not “interested persons” of the Trust (the “Independent Trustees”), consider the renewal of the Management Agreement and the Subadvisory Agreements. In addition, the Trustees periodically consider the retention of new subadvisers.
Approval of Subadvisory Agreement – Wasatch Global Investors (Select Equity Fund)
At a meeting held on September 17, 2021, the Trustees considered a new subadvisory agreement with Wasatch Global Investors (“Wasatch”) (the “Wasatch Agreement”) for the Select Equity Fund. At this meeting, the Trustees met with representatives of Wasatch and received a presentation discussing Wasatch’s organizational structure, background, and investment philosophy and process.
In advance of the meeting on September 17, 2021, the Trustees received written information that included: information as to the proposed allocation of assets among the Fund’s subadvisers; a summary of information about Wasatch, including its investment professionals, process, philosophy, past performance and proposed subadvisory fees; and report from the Trust’s Chief Compliance Officer as to his review of Wasatch’s compliance program.
At the September 17, 2021 meeting, counsel to the Select Equity Fund and Trustees reviewed with the Trustees the various factors relevant to their consideration of the Wasatch Agreement and the Trustees’ responsibilities related to their review. The Trustees reviewed and analyzed a number of factors that the Trustees deemed relevant with respect to the Wasatch Agreement. These factors included: the nature, extent, and quality of the services to be provided to the Fund by Wasatch; Wasatch’s investment process; Wasatch’s historical performance record for its Micro Cap Value and Micro Cap strategies; the qualifications and experience of the investment professionals who would be responsible for the management of their allocation of the Fund’s assets; and Wasatch’s overall resources.
No single factor determined whether or not the agreement would be approved but rather the totality of factors considered was determinative. Following an analysis and discussion of the factors described below, the Trustees, including all of the Independent Trustees, approved the Wasatch Agreement.
Nature, Extent, and Quality of Services Provided
The Trustees considered the specific investment processes Wasatch would use in managing its allocation of the Fund’s assets. The Trustees looked at the qualifications of Wasatch’s investment team who would be responsible for managing its allocation of the Fund’s assets. The Trustees concluded that the nature, extent, and quality of the subadvisory services expected to be provided by Wasatch were appropriate for the Fund.
Investment Performance
The Trustees discussed Wasatch’s performance record for the strategy it would use in managing its allocation of the Fund’s assets as compared to its strategy benchmark and the Fund’s benchmark. The Trustees noted that the strategy’s average annual total returns compared favorably to its strategy benchmark for the period since its inception in July 2003, as well as for the one-, three-, five-, and ten-year periods ended June 30, 2021. The Trustees concluded that this data supported the decision to approve the Wasatch Agreement.
Subadvisory Fee
The Trustees evaluated the proposed subadvisory fee schedule, which was negotiated at arm’s length by CMC. The Trustees noted that CMC, not the Fund, would pay the subadvisory fee to Wasatch. The Trustees also reviewed fee information provided by Wasatch, including comparative fee information detailing the fees Wasatch charges to other clients. The Trustees concluded that the proposed subadvisory fee schedule was reasonable given the nature, extent and quality of the subadvisory services to be performed by Wasatch.
Benefits to the Subadviser
The Trustees considered the ancillary benefits that could accrue to Wasatch due to its relationship with the Fund and noted that the relationship would be limited to the provision of subadvisory services. The Trustees concluded that no significant ancillary benefits would result from the Wasatch Agreement.
Profitability
The Trustees considered that Wasatch is an independent firm and that the subadvisory fee to be charged is the result of arm’s length bargaining between Wasatch and CMC.
Economies of Scale
The Trustees noted that CMC, not the Fund, would pay the subadvisory fee to Wasatch and that the Trustees consider on an annual basis whether economies of scale might be realized by CMC as the Fund’s assets grow and whether there also might be benefits from such growth for the Fund’s shareholders.
Other Considerations
The Trustees considered CMC’s judgment and recommendation that adding Wasatch as a subadviser would add value to the Fund’s shareholders and would be complementary to the Fund’s other subadvisers.
Conclusion
The Trustees considered that due to the COVID-19 pandemic, the Securities and Exchange Commission (“SEC”) had issued temporary exemptive relief from the in-person meeting requirements under Section 15(c) of the 1940 Act, permitting fund boards to approve investment advisory agreements telephonically or through the use of virtual communication where all participants can hear each other and be heard simultaneously. The Trustees noted that in accordance with a condition of the SEC relief, it would ratify all actions taken pursuant to the relief at its next in-person meeting.
After full consideration of the factors described above along with other information, with no single factor identified as being of paramount importance, the Trustees, including all of the Independent Trustees, concluded that the approval of the Wasatch Agreement was in the best interests of the Fund and its shareholders and approved the Wasatch Agreement, with the proposed fee to be paid by CMC out of its management fee.
Approval of Subadvisory Agreement – Rice Hall James & Associates, LLC (Select Equity Fund)
At a meeting held on November 5, 2021, the Trustees considered a new subadvisory agreement with Rice Hall James & Associates, LLC (“RHJ”) (the “RHJ Agreement”) for the Select Equity Fund. At this meeting, the Trustees met with representatives of RHJ and received a presentation discussing RHJ’s organizational structure, background, and investment philosophy and process.
In advance of the meeting on November 5, 2021, the Trustees received written information that included: information as to the proposed allocation of assets among the Fund’s subadvisers; a summary of information about RHJ, including its investment professionals, process, philosophy, past performance and proposed subadvisory fees; and report from the Trust’s Chief Compliance Officer as to his review of RHJ’s compliance program.
At the November 5, 2021, counsel to the Select Equity Fund and Trustees reviewed with the Trustees the various factors relevant to their consideration of the RHJ Agreement and the Trustees’ responsibilities related to their review. The Trustees reviewed and analyzed a number of factors that the Trustees deemed relevant with respect to the RHJ Agreement. These factors included: the nature, extent, and quality of the services to be provided to the Fund by RHJ; RHJ’s investment process; RHJ’s historical performance record for its Micro Cap Opportunities strategy; the qualifications and experience of the investment professionals who would be responsible for the management of their allocation of the Fund’s assets; and RHJ’s overall resources.
No single factor determined whether or not the agreement would be approved but rather the totality of factors considered was determinative. Following an analysis and discussion of the factors described below, the Trustees, including all of the Independent Trustees, approved the RHJ Agreement.
Nature, Extent, and Quality of Services Provided
The Trustees considered the specific investment processes RHJ would use in managing its allocation of the Fund’s assets. The Trustees looked at the qualifications of RHJ’s investment team who would be responsible for managing its allocation of the Fund’s assets. The Trustees concluded that the nature, extent, and quality of the subadvisory services expected to be provided by RHJ were appropriate for the Fund.
Investment Performance
The Trustees discussed RHJ’s performance record for the strategy it would use in managing its allocation of the Fund’s assets as compared to its strategy benchmark and the Fund’s benchmark. The Trustees noted that the strategy’s average annual total returns compared favorably to its strategy benchmark for the period since its inception in September 2006, as well as for the ten-year period ended September 30, 2021, and that the strategy had outperformed the benchmark on a calendar year basis for certain periods since its inception. The Trustees concluded that this data supported the decision to approve the RHJ Agreement.
Subadvisory Fee
The Trustees evaluated the proposed subadvisory fee schedule, which was negotiated at arm’s length by CMC. The Trustees noted that CMC, not the Fund, would pay the subadvisory fee to RHJ. The Trustees also reviewed fee information provided by RHJ, including comparative fee information detailing the fees RHJ charges to other clients. The Trustees concluded that the proposed subadvisory fee schedule was reasonable given the nature, extent and quality of the subadvisory services to be performed by RHJ.
Benefits to the Subadviser
The Trustees considered the ancillary benefits that could accrue to RHJ due to its relationship with the Fund and noted that the relationship would be limited to the provision of subadvisory services. The Trustees concluded that no significant ancillary benefits would result from the RHJ Agreement.
Profitability
The Trustees considered that RHJ is an independent firm and that the subadvisory fee to be charged is the result of arm’s length bargaining between RHJ and CMC.
Economies of Scale
The Trustees noted that CMC, not the Fund, would pay the subadvisory fee to RHJ and that the Trustees consider on an annual basis whether economies of scale might be realized by CMC as the Fund’s assets grow and whether there also might be benefits from such growth for the Fund’s shareholders.
Other Considerations
The Trustees considered CMC’s judgment and recommendation that adding RHJ as a subadviser would add value to the Fund’s shareholders and would be complementary to the Fund’s other subadvisers.
Conclusion
The Board considered that due to the COVID-19 pandemic, the SEC had issued temporary exemptive relief from the in-person meeting requirements under Section 15(c) of the 1940 Act, permitting fund boards to approve investment advisory agreements telephonically or through the use of virtual communication where all participants can hear each other and be heard simultaneously. The Board noted that in accordance with a condition of the SEC relief, it would ratify all actions taken pursuant to the relief at its next in-person meeting.
After full consideration of the factors described above along with other information, with no single factor identified as being of paramount importance, the Trustees, including all of the Independent Trustees, concluded that the approval of the RHJ Agreement was in the best interests of the Fund and its shareholders and approved the RHJ Agreement, with the proposed fee to be paid by CMC out of its management fee.
Approval of Investment Management and Subadvisory Agreements (All Funds)
At their meetings on November 5 and December 9, 2021, the Trustees considered the renewal of the Management Agreement and the Subadvisory Agreements for AQR Capital Management, LLC, Artisan Partners Limited Partnership, Cooke & Bieler, L.P., Fiduciary Counselling, Inc. (“FCI”), Jackson Square Partners, LLC, O’Shaughnessy Asset Management, LLC (“OSAM”), Parametric Portfolio Associates LLC, Pzena Investment Management, LLC, Sit Fixed Income Advisors II, LLC, LSV Asset Management and WCM Investment Management, LLC. In addition, in connection with an anticipated transaction in which Franklin Resources, Inc. is expected to acquire OSAM, resulting in a change of control of OSAM (the “Transaction”), the Trustees considered at the November 5, 2021 meeting a new Subadvisory Agreement for OSAM with respect to the Core Equity Fund (the “New OSAM Agreement” and, collectively with the Management Agreement and Subadvisory Agreements, the “Agreements”). The Trustees noted that the New OSAM Agreement would take effect upon the closing of the Transaction and the termination of the current Subadvisory Agreement with OSAM (“Current OSAM Agreement”).
Prior to the November 5, 2021 meeting, the Trustees requested, received, and reviewed written responses from CMC and the Subadvisers to questions posed to them on behalf of the Trustees and supporting materials relating to those questions and responses. The information presented at the meeting, including comparative performance and expense data, was designed to assist the Trustees in making their determination as to the renewal of the Management Agreement and Subadvisory Agreements and the approval of the New OSAM Agreement. At this meeting, counsel to the Funds and Trustees reviewed with the Trustees the various factors relevant to their consideration of the Agreements, and the Trustees’ responsibilities related to their review.
At the November 5 and December 9, 2021 meetings, the Trustees considered a number of factors, including those discussed below, that they believed to be relevant. No single factor determined whether or not an agreement would be approved but rather the totality of factors considered was determinative. In considering the approval of the New OSAM Agreement, the Trustees considered that the terms and conditions of the New OSAM Agreement are substantially identical to the terms and conditions of the Current OSAM Agreement. Following an analysis and discussion of the factors described below, the Trustees, including all of the Independent Trustees, approved the renewal of the Management Agreement and the Subadvisory Agreements and approved the New OSAM Agreement.
Nature, Extent, and Quality of Services Provided
The Trustees considered information presented as to the nature, extent, and quality of services provided by CMC and the Subadvisers, as well as their investment expertise, resources, and capabilities. The Trustees considered the quality of the Subadvisers previously recommended by CMC, as well as the ongoing work performed by CMC to recommend enhancements to individual fund management. The Trustees reviewed information regarding the financial condition of CMC and the Subadvisers related to their ongoing ability to provide services specified under the Management Agreement and Subadvisory Agreements. The Trustees considered that FCI provides, in addition to investment management services, certain services related to due diligence, performance reporting, compliance, and other administrative functions that support the investment management services and Subadviser oversight services provided by CMC.
The Trustees considered that there are no material changes expected with respect to the nature, extent or quality of services provided to the Core Equity Fund and its shareholders under the New OSAM Agreement. In addition, the Trustees noted that that there would be no changes to the portfolio management team that is primarily responsible for the day-to-day management of the Fund in connection with the Transaction. The Trustees also reviewed information regarding the anticipated impact of the change in control on the management structure and personnel of OSAM.
Based on their analysis of the data presented, the Trustees concluded that they were generally satisfied with the nature and quality of the services being provided under the Agreements.
Investment Performance
The Trustees reviewed specific information as to the investment performance of the Funds over various periods of time as compared to the performance of their respective benchmark indices and peer groups. On a quarterly basis, the Trustees reviewed reports summarizing the net assets, redemptions, and purchases of shares of the Funds, as well as information regarding the performance of each Subadviser compared to the benchmark against which its particular portfolio is measured.
The Trustees made certain observations and findings as to each Fund’s performance as set forth below.
Core Equity Fund. The Trustees noted that the Fund had underperformed its benchmark, the Russell 1000 Index, for the 3-, 5- and 10-year periods ended September 30, 2021 and outperformed its benchmark for the one-year period ended September 30, 2021.
Select Equity Fund. The Trustees noted that the Fund had underperformed its benchmark, the Russell 2000 Index, for the 1-, 3-, 5- and 10-year periods ended September 30, 2021. The Trustees considered subadviser changes for the Fund in recent years, including the appointment of new subadvisers in September and November 2021.
Tax-Exempt Bond Fund. The Trustees noted that the Fund had outperformed its benchmark, the Bloomberg Municipal Bond 5 Year (4-6) Index, for the 1-, 3-, 5- and 10-year periods ended September 30, 2021.
International Fund. The Trustees noted that the Fund had outperformed its benchmark, the MSCI World Ex U.S.A. Index - Net Dividends, for the 1-, 3-, 5- and 10-year periods ended September 30, 2021.
The Trustees noted that the performance of each Fund was in the range of the performance of peer funds presented for comparison for the 3-, 5- and 10-year periods ended September 30, 2021 (and that the International Fund was the top performer in its group for the 3-year period ended September 30, 2021).
The Trustees concluded that they were generally satisfied with CMC’s and the Subadvisers’ investment performance to date.
Comparative Fees and Cost of Services Provided
The Trustees reviewed the fees paid to CMC and the Subadvisers. The Trustees reviewed reports describing both the management fees charged by CMC and the total expense ratios of the Funds in comparison to those of similarly situated funds. In addition, on a quarterly basis, the Trustees reviewed information as to the expense ratios of the Funds compared to the median expense ratio of a peer group of funds with comparable investment strategies. The Trustees considered that the fees payable to OSAM under the New OSAM Agreement would not differ from those under the Current OSAM Agreement. The Trustees also reviewed information provided by each of the Subadvisers, including comparative fee information detailing the fees they charge to other clients, as applicable.
The Trustees noted the ongoing efforts of CMC to reduce expenses charged to shareholders through oversight of service providers and by voluntarily waiving a portion of the management fee payable to CMC as specified in the Funds’ prospectus. In this regard, the Board considered that, effective October 1, 2021, CMC has voluntarily agreed to waive: (i) the management fee for the Core Equity Fund from the contractual fee of 0.90% to 0.25%; (ii) the
management fee for the Select Equity Fund from the contractual fee of 1.35% to 0.89%; (iii) the management fee for the Tax-Exempt Bond Fund from the contractual fee of 0.60% to 0.27%; and (iv) the management fee for the International Fund from the contractual fee of 1.00% to 0.60%.
The Trustees noted that each Fund’s expense ratio, after management fee waiver, was lower than that of the peer funds and the Morningstar category median and average presented for comparison.
Management Profitability
The Trustees reviewed CMC’s level of profitability with respect to the Funds, particularly noting CMC’s payment of fees and expenses typically absorbed by mutual fund shareholders. The Trustees concluded that profitability levels for CMC were reasonable. The Trustees considered that the Subadvisers are each independent firms and the subadvisory fees charged are the result of arm’s length bargaining between them and CMC.
Economies of Scale
The Trustees considered whether economies of scale might be realized by CMC as the Funds’ assets grow and whether there also might be benefits from such growth for the Funds’ shareholders. The Trustees noted that the Funds have been in operation for a number of years and, based on their distribution strategy, the Funds will probably not see significant increases in size. However, the Trustees determined that they would continue to monitor the assets of the Funds and consider whether there were additional opportunities to realize benefits from economies of scale for shareholders in the future.
Conclusion
The Board considered that due to the COVID-19 pandemic, the SEC had issued temporary exemptive relief from the in-person meeting requirements under Section 15(c) of the 1940 Act, permitting fund boards to approve investment advisory agreements telephonically or through the use of virtual communication where all participants can hear each other and be heard simultaneously. The Board noted that in accordance with a condition of the SEC relief, it would ratify all actions taken pursuant to the relief at its next in-person meeting. Based on the factors described above, the Trustees, including all of the Independent Trustees, concluded that the investment management fees and subadvisory fees were fair and reasonable in view of the investment performance and quality of services provided. In reaching this conclusion, no single factor was considered determinative.
Quarterly Portfolio Schedule of Investments
The Funds file a complete schedule of their portfolio holdings as of the close of the first and third quarters of their years with the Securities and Exchange Commission (the “SEC”) on Form N-PORT. Shareholders may request portfolio holdings information free of charge by calling the Transfer Agent toll free at 1-855-684-9144 or by sending a written request to: The Northern Trust Company, P.O. Box 4766, Chicago, IL 60680-4766 Attn: Clearwater Investment Trust Funds. These filings are also available on the SEC's Internet site at http://www.sec.gov.
Voting Proxies on Fund Portfolio Securities
The Funds have established Proxy Voting Policies and Procedures (“Policies”) that the Funds use to determine how to vote proxies relating to portfolio securities. They also report, on Form N-PX, how the Funds voted any such proxies during the most recent 12-month period ended June 30. Shareholders may request copies of the Policies or Form N-PX free of charge by calling Fiduciary Counselling, Inc. toll free at 1-888-228-0935 or by sending a written request to: Fiduciary Counselling, Inc., 30 East 7th Street, Suite 2000, St. Paul, MN 55101 Attn: Clearwater Investment Trust Funds. The Policies and Form N-PX are also available from the EDGAR database on the SEC's Internet site at http://www.sec.gov.
EXECUTIVE OFFICERS AND TRUSTEES
(As of February 2022)
Information About the Independent Trustees
| Name and Age | Positions Held With the Funds | Term of Office | Principal Occupation or Employment During the Last Five Years and Other Relevant Experience | Number of Portfolios in the Fund Complex to Be Overseen by the Trustee | Other Directorships Held by the Trustee During the Last 5 Years |
Charles W. Rasmussen1 (55)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Trustee, Chair of the Board | As Trustee: Tenure: 2000 - Present Term: Indefinite
As Chair Tenure: 2020 - Present Term: Indefinite | President (2002-Present) and Chief Executive Officer (2002-2020), P&G Manufacturing, Inc. (air filtration equipment) | 4 | Forest History Society. (non-profit, 2018-Present) Nu Star Inc. (private company 2014- Present) |
Sara G. Dent (63)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Trustee, Chair of the Governance and Nominating Committee | As Trustee: Tenure: 2013- Present Term: Indefinite
As Chair of the Governance and Nominating Committee: Tenure: 2019 - Present Term: Indefinite | Private Investor | 4 | None |
Laura E. Rasmussen1 (58)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Trustee, Chair of the Audit Committee | As Trustee: Tenure: 2000- Present Term: Indefinite
As Chair of the Audit Committee: Tenure: 2016 – Present Term: Indefinite | Business Owner, 3 Kittens Needle Arts (textile sales, 2006- Present) | 4 | None |
Lindsay R. Schack (44)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Trustee | Tenure: 2015- Present Term: Indefinite | Owner and Architect, LS Architecture (2013 – Present) | 4 | None |
David M. Weyerhaeuser (63)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Trustee | Tenure: 2016- Present Term: Indefinite | Vice President, Sales and Marketing, Northwest Hardwoods (lumber manufacturer and distributor, 1991 – 2016) | 4 | Chicago Capital, LLC
(investment adviser, 2018 - Present)
R.D. Merrill Company, Inc. (private company, 1992 – Present) |
1 Mr. Rasmussen and Ms. Rasmussen are siblings-in-law.
Information about the Funds’ Executive Officers and Interested Trustees
| Name and Age | Positions Held With the Funds | Term of Office | Principal Occupation or Employment During the Last Five Years and Other Relevant Experience | Number of Portfolios in the Fund Complex to Be Overseen by the Officer/ Trustee | Other Directorships Held by the Officer/ Trustee During the Last 5 Years |
E. Rodman Titcomb, Jr.2 (73)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Trustee | Tenure: 2016 – Present Term: Indefinite | Retired Chairman and Chief Executive
Officer, Rock Island
Company (Private
Investment Company)
(1998-2013) | 4 | None |
Justin H. Weyerhaeuser
3(48)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Trustee, President and Treasurer | As Trustee:
Tenure: 2008 – Present Term: Indefinite
As President and Treasurer
Tenure: 2013- Present
Term: Reappointed Annually | Private Investor (February 2013 - Present) | 4 | None |
Jason K. Mitchell (45)
30 East 7th Street
Saint Paul, Minnesota
55101 | Secretary
and Chief
Compliance
Officer | As Secretary:
Tenure: 2021–
Present
Term: Reappointed
Annually
As Chief Compliance
Officer:
Tenure: 2021–
Present
Term: Reappointed
Annually | Chief Compliance Officer,
Fiduciary Counselling, Inc.
(March 2021 –Present),
Chief Compliance Officer,
Clearwater Management
Co., Inc. (March 2021
–Present), Chief
Compliance Officer,
Summit Creek Advisors,
LLC (February 2014
–March 2021) | N/A | N/A |
Shari L. Clifford (53)
30 East 7th Street
Saint Paul,
Minnesota 55101 | Assistant Treasurer | Tenure: 2014 - Present
Term: Reappointed Annually | Chief Financial Officer and Treasurer, Fiduciary Counselling, Inc. (February 2014-Present) Controller and Finance Director, Woodbury Financial Services, Inc. November 2007 - February 2014) | N/A | N/A |
| Name and Age | Positions Held With the Funds | Term of Office | Principal Occupation or Employment During the Last Five Years and Other Relevant Experience | Number of Portfolios in the Fund Complex to Be Overseen by the Officer/ Trustee | Other Directorships Held by the Officer/ Trustee During the Last 5 Years |
Simona C. Ilies (41)
The Northern Trust
Company
333 South Wabash Ave
Chicago, IL 60604 | Assistant
Secretary | Tenure: 2021 –
Present
Term: Reappointed Annually | Senior Consultant, Global
Fund Services, The
Northern Trust Company,
(April 2021-Present),
Consultant, Global Fund
Services, The Northern
Trust Company
(December 2018-April 2021),
Counsel, SRM Law
(July 2016-December 2018) | N/A | N/A |
2 Mr. Titcomb is an interested Trustee due to his brother’s position as a director of CMC.
3 Mr. Justin H. Weyerhaeuser is an interested Trustee due to his position as the Funds’ President and Treasurer.
Additional information about the Funds' Directors is available in the Funds’ Statement of Additional Information (“SAI”). The SAI is available without charge, upon request, by contacting the transfer agent at 1-855-684-9144 or writing the Funds at The Northern Trust Company, P.O. Box 4766, Chicago, IL 60680-4766. The Funds do not have an internet website.
Federal Tax Information
(unaudited)
Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), 100.00% of ordinary dividends paid during the year ended December 31, 2021 for the Core Equity Fund, 100.00% of ordinary dividends and 21.05% of qualified short term gains were paid during the year ended December 31, 2021 for the Select Equity Fund, and 100.00% of ordinary dividends and 30.72% of qualified short term gains were paid during the year ended December 31, 2021 for the International Fund are designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates in 2021.
Corporate Dividends-Received Deduction. 100.00%, 1.47%, and 0.14% of the dividends distributed during the year ended December 31, 2021, for the Core Equity, Select Equity, and International Funds, respectively, qualify for the dividends-received deduction for corporate shareholders.
Capital Gain Distribution. The following Funds made capital gain distributions in December 2021, and hereby designated these long-term capital gain distributions as follows:
| Fund | Long-Term Capital Gain |
| Core Equity Fund | $ 18,748,250(1) |
| Select Equity Fund | 41,714,145 (2) |
| Tax-Exempt Bond Fund | — |
| International Fund | 69,470,296 (3) |
| (1) | During the fiscal year 2021, Core Equity Fund designated long-term capital gain distributions in the amount of $18,879,972. Core Equity Fund utilized equalization accounting for tax purposes, whereby a portion of redemption payments were treated as distributions of long-term capital gain. As a result the Fund paid long-term capital gain distributions in the amount of $18,748,250. |
| (2) | During the fiscal year 2021, Select Equity Fund designated long-term capital gain distributions in the amount of $44,080,795. Select Equity Fund utilized equalization accounting for tax purposes, whereby a portion of redemption payments were treated as distributions of long-term capital gain. As a result the Fund paid long-term capital gain distributions in the amount of $41,714,145. |
| (3) | During the fiscal year 2021, International Fund designated long-term capital gain distributions in the amount of $72,462,589. International Fund utilized equalization accounting for tax purposes, whereby a portion of redemption payments were treated as distributions of long-term capital gain. As a result the Fund paid long-term capital gain distributions in the amount of $69,470,296. |
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees Clearwater Investment Trust:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Clearwater Core Equity Fund, Clearwater Select Equity Fund, Clearwater Tax-Exempt Bond Fund, and Clearwater International Fund (collectively, the Funds), including the schedules of investments, as of December 31, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights of each Fund present fairly, in all material respects, the financial position of each Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2021, by correspondence with custodians and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the auditor of one or more Clearwater Investment Trust investment companies since 1992.
Minneapolis, Minnesota
March 1, 2022
CLEARWATER INVESTMENT TRUST
Statements of Assets and Liabilities
December 31, 2021
| | | Core Equity
Fund | | Select Equity
Fund | | Tax-Exempt
Bond Fund | | International
Fund |
| Assets | | | | | | | | |
| Investments in securities, at fair value (including securities on loan of: $0, $2,761,658, $0 and $12,291,613, respectively); (identified cost: $415,317,581, $477,359,463, $695,656,357 and $728,302,048, respectively) | $ | 879,362,506 | | 538,199,973 | | 725,762,522 | | 1,098,013,173 |
| Foreign currencies, at value (cost: $0, $13,934, $0 and $4,771,339, respectively) | | - | | 14,053 | | - | | 4,781,409 |
| Cash (restricted: $0, $0, $1,259,850 and $0, respectively) | | - | | - | | 2,524,688 | | - |
| Receivable for securities sold | | - | | 414,944 | | - | | 93,554 |
| Receivable for shares of beneficial interest sold | | 3,336,797 | | 157,050 | | 1,077,900 | | 2,856,565 |
| Accrued dividend and interest receivable | | 597,185 | | 243,364 | | 5,969,150 | | 955,190 |
| Foreign tax reclaim receivable | | 2,754 | | 52 | | - | | 1,365,212 |
| Unrealized appreciation on forward foreign currency exchange contracts | | - | | - | | - | | 16,175 |
| Total assets | | 883,299,242 | | 539,029,436 | | 735,334,260 | | 1,108,081,278 |
| Liabilities | | | | | | | | |
| Payables for investment securities purchased | | 1,213,344 | | 746,172 | | 2,028,270 | | 72,945 |
| Accrued investment advisory fee | | 540,953 | | 1,226,095 | | 488,414 | | 1,643,675 |
| Payable for dividend distribution | | - | | - | | 211,917 | | - |
| Payable for variation margin on futures contracts | | - | | - | | 111,766 | | - |
| Payable upon return of securities loaned | | - | | 2,907,145 | | - | | 12,829,681 |
| Deferred foreign capital gains taxes payable | | - | | - | | - | | 1,174,900 |
| Short-term financing | | 1,955,997 | | 83,051 | | - | | 1,414,665 |
| Total liabilities | | 3,710,294 | | 4,962,463 | | 2,840,367 | | 17,135,866 |
| Net assets | $ | 879,588,948 | | 534,066,973 | | 732,493,893 | | 1,090,945,412 |
| Capital | | | | | | | | |
| Capital Stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: 12,933,722, 27,031,458, 72,059,459 and 51,613,487 shares outstanding, respectively) | $ | 415,947,885 | | 468,018,007 | | 704,887,977 | | 731,489,361 |
| Distributable earnings | | 463,641,063 | | 66,048,966 | | 27,605,916 | | 359,456,051 |
| Net assets | $ | 879,588,948 | | 534,066,973 | | 732,493,893 | | 1,090,945,412 |
| Net asset value per share of outstanding capital stock | $ | 68.01 | | 19.76 | | 10.17 | | 21.14 |
See accompanying notes to financial statements.
CLEARWATER INVESTMENT TRUST
Statements of Operations
Year ended December 31, 2021
| | | Core Equity
Fund | | Select Equity
Fund | | Tax-Exempt
Bond Fund | | International
Fund |
| Investment income: | | | | | | | | |
| Income: | | | | | | | | |
| Dividends (net of foreign taxes withheld of $8,112, $10,553, $0 and $2,949,136, respectively) | $ | 10,842,532 | | 5,533,747 | | 1,836,261 | | 18,911,230 |
| Non cash dividends | | - | | 464,256 | | - | | 3,385,536 |
| Interest | | - | | - | | 23,701,684 | | 2,078 |
| Net income from securities loaned | | - | | 11,221 | | - | | 504,389 |
| Total income | | 10,842,532 | | 6,009,224 | | 25,537,945 | | 22,803,233 |
| Expenses: | | | | | | | | |
| Investment advisory fee | | 6,849,152 | | 7,086,885 | | 4,028,729 | | 10,084,012 |
| Other expenses | | 185 | | 185 | | 185 | | - |
| Total expenses | | 6,849,337 | | 7,087,070 | | 4,028,914 | | 10,084,012 |
| Less: waivers of investment advisory fee or other expense reimbursements | | (4,658,361) | | (2,443,245) | | (2,117,692) | | (3,497,289) |
| Net expenses | | 2,190,976 | | 4,643,825 | | 1,911,222 | | 6,586,723 |
| Net investment income | | 8,651,556 | | 1,365,399 | | 23,626,723 | | 16,216,510 |
| Net realized gain (loss) on: | | | | | | | | |
| Security transactions | | 45,136,206 | | 81,330,705 | | 437,830 | | 78,796,239 |
| Forward foreign currency exchange contracts | | - | | - | | - | | (95,008) |
| Foreign currency transactions | | - | | (13,685) | | - | | (170,403) |
| Futures contracts | | - | | - | | 1,462,523 | | - |
| Net increase (decrease) in unrealized appreciation/depreciation on: | | | | | | | | |
| Security transactions (net of increase (decrease) in deferred foreign taxes of $0, $0, $0 and $(574,059), respectively) | | 125,180,850 | | (30,522,932) | | 184,748 | | 39,814,030 |
| Forward foreign currency exchange contracts | | - | | - | | - | | 213,323 |
| Futures contracts | | - | | - | | (840,619) | | - |
| Translation of other assets and liabilities denominated in foreign currencies | | - | | 118 | | - | | (159,784) |
| Net gain (loss) on investments | | 170,317,056 | | 50,794,206 | | 1,244,482 | | 118,398,397 |
| Net increase (decrease) in net assets resulting from operations | $ | 178,968,612 | | 52,159,605 | | 24,871,205 | | 134,614,907 |
See accompanying notes to financial statements.
CLEARWATER INVESTMENT TRUST
Statements of Changes in Net Assets
Years ended December 31, 2021 and 2020
| | | Core Equity
Fund | | Select Equity
Fund |
| | | 12/31/2021 | | 12/31/2020 | | 12/31/2021 | | 12/31/2020 |
| Operations: | | | | | | | | |
| Net investment income | $ | 8,651,556 | | 7,797,355 | | 1,365,399 | | 2,445,660 |
| Net realized gain | | 45,136,206 | | 12,227,897 | | 81,317,020 | | 11,929,774 |
| Net increase (decrease) in unrealized appreciation/depreciation | | 125,180,850 | | 64,243,645 | | (30,522,814) | | 45,122,529 |
| Net increase in net assets resulting from operations | | 178,968,612 | | 84,268,897 | | 52,159,605 | | 59,497,963 |
| Distributions to shareholders | | (27,383,854) | | (10,529,448) | | (62,531,441) | | (9,407,511) |
| Capital share transactions: | | | | | | | | |
| Proceeds from shares sold | | 120,841,621 | | 63,017,560 | | 100,015,489 | | 50,471,692 |
| Reinvestment of distributions from net investment income and net realized gain | | 27,383,854 | | 10,528,034 | | 62,531,441 | | 9,377,725 |
| Payments for shares redeemed | | (37,205,688) | | (73,471,942) | | (74,082,432) | | (27,390,079) |
| Net increase in net assets from capital share transactions | | 111,019,787 | | 73,652 | | 88,464,498 | | 32,459,338 |
| Total increase in net assets | | 262,604,545 | | 73,813,101 | | 78,092,662 | | 82,549,790 |
| Net assets: | | | | | | | | |
| At the beginning of the year | | 616,984,403 | | 543,171,302 | | 455,974,311 | | 373,424,521 |
| At the end of the year | $ | 879,588,948 | | 616,984,403 | | 534,066,973 | | 455,974,311 |
| | | Tax-Exempt
Bond Fund | | International
Fund |
| | | 12/31/2021 | | 12/31/2020 | | 12/31/2021 | | 12/31/2020 |
| Operations: | | | | | | | | |
| Net investment income | $ | 23,626,723 | | 23,002,865 | | 16,216,510 | | 8,167,518 |
| Net realized gain | | 1,900,353 | | 385,724 | | 78,530,828 | | 17,480,415 |
| Net increase (decrease) in unrealized appreciation/depreciation | | (655,871) | | 619,138 | | 39,867,569 | | 113,749,692 |
| Net increase in net assets resulting from operations | | 24,871,205 | | 24,007,727 | | 134,614,907 | | 139,397,625 |
| Distributions to shareholders | | (23,625,740) | | (24,360,229) | | (97,585,574) | | (16,448,467) |
| Capital share transactions: | | | | | | | | |
| Proceeds from shares sold | | 125,620,400 | | 40,880,400 | | 143,097,632 | | 42,915,665 |
| Reinvestment of distributions from net investment income and net realized gain | | 23,532,024 | | 24,589,531 | | 97,585,574 | | 16,448,468 |
| Payments for shares redeemed | | (34,742,864) | | (51,555,147) | | (54,551,359) | | (26,380,075) |
| Net increase in net assets from capital share transactions | | 114,409,560 | | 13,914,784 | | 186,131,847 | | 32,984,058 |
| Total increase in net assets | | 115,655,025 | | 13,562,282 | | 223,161,180 | | 155,933,216 |
| Net assets: | | | | | | | | |
| At the beginning of the year | | 616,838,868 | | 603,276,586 | | 867,784,232 | | 711,851,016 |
| At the end of the year | $ | 732,493,893 | | 616,838,868 | | 1,090,945,412 | | 867,784,232 |
See accompanying notes to financial statements.
CLEARWATER INVESTMENT TRUST
Financial Highlights
Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years or period ended and selected information for each year or period ended is as follows:
| | | | Year ended December 31, | |
Core Equity
Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
| Net asset value, beginning of year | | $ | 55.11 | | 48.14 | | 37.97 | | 43.21 | | 37.43 |
| Income (loss) from investment operations: | | | | | | | | | | | |
| Net investment income | | | 0.72 | | 0.71 | | 0.72 | | 0.68 | | 0.64 |
| Net realized and unrealized gains (losses) | | | 14.36 | | 7.22 | | 10.32 | | (3.46) | | 8.03 |
| Total from investment operations | | | 15.08 | | 7.93 | | 11.04 | | (2.78) | | 8.67 |
| Less distributions to shareholders from: | | | | | | | | | | | |
| Net investment income | | | (0.69) | | (0.71) | | (0.66) | | (0.67) | | (0.65) |
| Net realized gain | | | (1.49) | | (0.25) | | (0.21) | | (1.79) | | (2.24) |
| Total distributions to shareholders: | | | (2.18) | | (0.96) | | (0.87) | | (2.46) | | (2.89) |
| Net asset value, end of year | | $ | 68.01 | | 55.11 | | 48.14 | | 37.97 | | 43.21 |
| Total return (a) | | | 27.44 % | | 16.54 % | | 29.11 % | | (6.61)% | | 23.26 % |
| Net assets, end of year (000s omitted) | | $ | 879,589 | | 616,984 | | 543,171 | | 456,874 | | 538,392 |
| Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h) | | | 0.29 % | | 0.31 % | | 0.35 % | | 0.38 % | | 0.39 % |
| Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h) | | | 0.90 % | | 0.90 % | | 0.90 % | | 0.90 % | | 0.90 % |
| Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e), (f), (g), (h) | | | 1.13 % | | 1.49 % | | 1.54 % | | 1.47 % | | 1.51 % |
| Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h) | | | 0.52 % | | 0.90 % | | 0.99 % | | 0.95 % | | 1.00 % |
| Portfolio turnover rate (excluding short-term securities) | | | 33.97 % | | 37.16 % | | 33.73 % | | 34.64 % | | 31.13 % |
| | |
| (a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
| (b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios and are excluded from the voluntary waivers reflected above and described in the below footnotes. |
| (c) | Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.25%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.65%. |
| (d) | Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.30%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.60%. |
| (e) | Effective January 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.31%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.59%. |
| (f) | Effective December 12, 2018, the investment advisory fee, net of voluntary waivers, decreased to 0.35%. Also effective December 12, 2018, the Adviser increased the voluntary waiver to 0.55%. |
| (g) | Effective September 22, 2017, the investment advisory fee, net of voluntary waivers, increased to 0.38%. Also effective September 22, 2017, the Adviser decreased the voluntary waiver to 0.52%. |
| (h) | Effective March 16, 2017, the investment advisory fee, net of voluntary waivers, decreased to 0.37%. Also effective March 16, 2017, the Adviser increased the voluntary waiver to 0.53%. |
See accompanying notes to financial statements.
CLEARWATER INVESTMENT TRUST
Financial Highlights
Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years or period ended and selected information for each year or period ended is as follows:
| | | | Year ended December 31, | |
Select Equity
Fund | | | 2021 | | 2020 | | 2019 | | 2018 | 2017 | |
| Net asset value, beginning of year | | $ | 20.09 | | 18.45 | | 14.90 | | 18.92 | 19.79 | |
| Income (loss) from investment operations: | | | | | | | | | | | |
| Net investment income | | | 0.07 | | 0.11 | | 0.14 | | 0.07 | 0.02 | |
| Net realized and unrealized gains (losses) | | | 2.20 | | 1.95 | | 3.79 | | (2.37) | 2.58 | |
| Total from investment operations | | | 2.27 | | 2.06 | | 3.93 | | (2.30) | 2.60 | |
| Less distributions to shareholders from: | | | | | | | | | | | |
| Net investment income | | | (0.06) | | (0.11) | | (0.11) | | (0.07) | (0.03) | |
| Net realized gain | | | (2.54) | | (0.31) | | (0.27) | | (1.65) | (3.44) | |
| Total distributions to shareholders: | | | (2.60) | | (0.42) | | (0.38) | | (1.72) | (3.47) | |
| Net asset value, end of year | | $ | 19.76 | | 20.09 | | 18.45 | | 14.90 | 18.92 | |
| Total return (a) | | | 11.77 % | | 11.25 % | | 26.40 % | | (12.49)% | 13.46 % | |
| Net assets, end of year (000s omitted) | | $ | 534,067 | | 455,974 | | 373,425 | | 305,921 | 369,720 | |
| Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i) | | | 0.88 % | | 0.94 % | | 0.98 % | | 1.03 % | 0.99 % | |
| Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h), (i) | | | 1.35 % | | 1.35 % | | 1.35 % | | 1.35 % | 1.35 % | |
| Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e), (f), (g), (h), (i) | | | 0.26 % | | 0.70 % | | 0.64 % | | 0.33 % | 0.11 % | |
| Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i) | | | (0.21)% | | 0.29 % | | 0.27 % | | 0.01 % | (0.25)% | |
| Portfolio turnover rate (excluding short-term securities) | | | 109.01 % | | 102.30 % | | 64.32 % | | 63.08 % | 113.85 % | |
| | |
| (a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
| (b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios and are excluded from the voluntary waivers reflected above and described in the below footnotes. |
| (c) | Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, increased to 0.89%. Also effective October 1, 2021, the Adviser decreased the voluntary waiver to 0.46%. |
| (d) | Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.87%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.48%. |
| (e) | Effective October 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.91%. Also effective October 1, 2020, the Adviser increased the voluntary waiver to 0.44%. |
| (f) | Effective January 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.95%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.40%. |
| (g) | Effective December 12, 2018, the investment advisory fee, net of voluntary waivers, decreased to 0.98%. Also effective December 12, 2018, the Adviser increased the voluntary waiver to 0.37%. |
| (h) | Effective September 22, 2017, the investment advisory fee, net of voluntary waivers, increased to 1.03%. Also effective September 22, 2017, the Adviser decreased the voluntary waiver to 0.32%. |
| (i) | Effective March 16, 2017, the investment advisory fee, net of voluntary waivers, decreased to 0.96%. Also effective March 16, 2017, the Adviser increased the voluntary waiver to 0.39%. |
See accompanying notes to financial statements.
CLEARWATER INVESTMENT TRUST
Financial Highlights
Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years or period ended and selected information for each year or period ended is as follows:
| | | | Year ended December 31, | |
Tax-Exempt
Bond Fund | | | 2021 | | 2020 | | 2019 | | 2018 | | 2017 |
| Net asset value, beginning of year | | $ | 10.14 | | 10.13 | | 9.82 | | 10.21 | | 9.93 |
| Income (loss) from investment operations: | | | | | | | | | | | |
| Net investment income | | | 0.36 | | 0.39 | | 0.40 | | 0.42 | | 0.45 |
| Net realized and unrealized gains (losses) | | | 0.03 | | 0.03 | | 0.34 | | (0.26) | | 0.38 |
| Total from investment operations | | | 0.39 | | 0.42 | | 0.74 | | 0.16 | | 0.83 |
| Less distributions to shareholders from: | | | | | | | | | | | |
| Net investment income | | | (0.36) | | (0.41) | | (0.43) | | (0.45) | | (0.49) |
| Net realized gain | | | - | | - | | - | | (0.10) | | (0.06) |
| Total distributions to shareholders: | | | (0.36) | | (0.41) | | (0.43) | | (0.55) | | (0.55) |
| Net asset value, end of year | | $ | 10.17 | | 10.14 | | 10.13 | | 9.82 | | 10.21 |
| Total return (a) | | | 3.89 % | | 4.26 % | | 7.69 % | | 1.59 % | | 8.54 % |
| Net assets, end of year (000s omitted) | | $ | 732,494 | | 616,839 | | 603,277 | | 529,485 | | 525,156 |
| Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e) | | | 0.28 % | | 0.29 % | | 0.32 % | | 0.34 % | | 0.34 % |
| Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e) | | | 0.60 % | | 0.60 % | | 0.60 % | | 0.60 % | | 0.60 % |
| Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e) | | | 3.52 % | | 3.85 % | | 4.05 % | | 4.22 % | | 4.35 % |
| Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e) | | | 3.20 % | | 3.54 % | | 3.77 % | | 3.96 % | | 4.09 % |
| Portfolio turnover rate (excluding short-term securities) | | | 16.91 % | | 17.21 % | | 12.53 % | | 11.36 % | | 13.28 % |
| | |
| (a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
| (b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios and are excluded from the voluntary waivers reflected above and described in the below footnotes. |
| (c) | Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.27%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.33%. |
| (d) | Effective January 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.29%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.31%. |
| (e) | Effective December 12, 2018, the investment advisory fee, net of voluntary waivers, decreased to 0.32%. Also effective December 12, 2018, the Adviser increased the voluntary waiver to 0.28%. |
See accompanying notes to financial statements.
CLEARWATER INVESTMENT TRUST
Financial Highlights
Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years or period ended and selected information for each year or period ended is as follows:
| | | | Year ended December 31, | |
International
Fund | | | 2021 | | 2020 | | 2019 | | 2018 | 2017 | |
| Net asset value, beginning of year | | $ | 20.16 | | 17.28 | | 14.08 | | 17.23 | 14.04 | |
| Income (loss) from investment operations: | | | | | | | | | | | |
| Net investment income | | | 0.36 | | 0.20 | | 0.29 | | 0.30 | 0.27 | |
| Net realized and unrealized gains (losses) | | | 2.68 | | 3.07 | | 3.43 | | (2.70) | 3.44 | |
| Total from investment operations | | | 3.04 | | 3.27 | | 3.72 | | (2.40) | 3.71 | |
| Less distributions to shareholders from: | | | | | | | | | | | |
| Net investment income | | | (0.42) | | (0.17) | | (0.30) | | (0.29) | (0.30) | |
| Net realized gain | | | (1.64) | | (0.22) | | (0.22) | | (0.46) | (0.22) | |
| Total distributions to shareholders: | | | (2.06) | | (0.39) | | (0.52) | | (0.75) | (0.52) | |
| Net asset value, end of year | | $ | 21.14 | | 20.16 | | 17.28 | | 14.08 | 17.23 | |
| Total return (a) | | | 15.39 % | | 19.02 % | | 26.47 % | | (14.01)% | 26.54 % | |
| Net assets, end of year (000s omitted) | | $ | 1,090,945 | | 867,784 | | 711,851 | | 524,708 | 624,642 | |
| Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h) | | | 0.65 % | | 0.66 % | | 0.68 % | | 0.68 % | 0.67 % | |
| Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h) | | | 1.00 % | | 1.00 % | | 1.00 % | | 1.00 % | 1.00 % | |
| Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e), (f), (g), (h) | | | 1.61 % | | 1.17 % | | 1.88 % | | 1.79 % | 1.67 % | |
| Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h) | | | 1.26 % | | 0.83 % | | 1.56 % | | 1.47 % | 1.34 % | |
| Portfolio turnover rate (excluding short-term securities) | | | 39.50 % | | 39.61 % | | 49.69 % | | 19.57 % | 36.17 % | |
| | |
| (a) | Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value. |
| (b) | In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios and are excluded from the voluntary waivers reflected above and described in the below footnotes. |
| (c) | Effective October 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.60%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.40%. |
| (d) | Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased to 0.67%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.33%. |
| (e) | Effective October 1, 2020, the investment advisory fee, net of voluntary waivers, increased to 0.68%. Also effective October 1, 2020, the Adviser decreased the voluntary waiver to 0.32%. |
| (f) | Effective January 1, 2020, the investment advisory fee, net of voluntary waivers, decreased to 0.65%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.35%. |
| (g) | Effective September 22, 2017, the investment advisory fee, net of voluntary waivers, increased to 0.68%. Also effective September 22, 2017, the Adviser decreased the voluntary waiver to 0.32%. |
| (h) | Effective March 16, 2017, the investment advisory fee, net of voluntary waivers, decreased to 0.65%. Also effective March 16, 2017, the Adviser increased the voluntary waiver to 0.35%. |
See accompanying notes to financial statements.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
(1) Organization
Clearwater Investment Trust (the “Trust”) was established on January 12, 1987 as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified open end management investment company and presently includes four series: Clearwater Core Equity Fund (“Core Equity Fund”), Clearwater Select Equity Fund ("Select Equity Fund"), Clearwater Tax-Exempt Bond Fund (“Tax-Exempt Bond Fund”), and Clearwater International Fund (“International Fund” and together with the Core Equity Fund, Select Equity Fund and Tax-Exempt Bond Fund, the “Funds”). Clearwater Management Co., Inc. (the “Adviser”) serves as the investment adviser for each of the Funds and is responsible for the oversight of each of the Fund’s subadvisers. The Trust’s declaration of trust permits the Board of Trustees to create additional funds in the future. The investment objective of the Core Equity, Select Equity, and International Funds is long-term capital growth. The investment objective of the Tax-Exempt Bond Fund is high current income that is exempt from United States (“U.S.”) federal income tax, consistent with preservation of capital.
Fiduciary Counselling, Inc. (“FCI”) acts as subadviser to each of the Funds. FCI does not provide day-to-day management, but provides the Funds with various investment-related services, including investment strategy advice, manager recommendations and related duties as requested by the Adviser. FCI also provides certain services related to due diligence, performance reporting, compliance, and other administrative functions, which support the investment management services and subadviser oversight services provided to the Funds by the Adviser.
The Northern Trust Company serves as the custodian, administrator, accounting services agent and transfer agent for the Trust.
Under normal market conditions, the Core Equity Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The equity securities in which the Fund primarily invests are common and preferred stocks. The Fund employs a multi-style (growth and value) and multi-manager approach whereby portions of the Fund are allocated to different subadvisers who employ distinct investment styles. The Fund’s Adviser allocates portions of the Fund’s assets among subadvisers. The Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Parametric Portfolio Associates LLC (“Parametric”), AQR Capital Management, LLC (“AQR”), and O’Shaughnessy Asset Management, LLC (“OSAM”). The allocation among subadvisers will vary over time, but the current intent of the Fund’s Adviser is that under normal market conditions approximately 40% to 60% of the Fund’s total assets will be allocated to Parametric; the remaining assets will be allocated to one or more of the Fund’s two other subadvisers that provide day-to-day management. Parametric manages its portion of the Fund’s assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the Russell 1000® Index as closely as possible without requiring the Fund to realize taxable gains. In addition, as noted above, FCI also acts as a subadviser to the Fund but does not provide day-to-day management.
Under normal market conditions, the Select Equity Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities. Equity securities in which the Fund invests consist primarily of exchange-traded common and preferred stocks. The Fund may also invest in a type of equity security called a convertible security to reduce volatility or correlation risk in the portfolio. A convertible security generally entitles the holder to receive interest paid or accrued on debt securities or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. While the Fund is permitted to invest in
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
securities of any market capitalization, the Fund invests primarily in securities of micro-, small- and medium-sized companies. The Fund may obtain exposure to equity securities through investment in exchange-traded funds and other investment companies. The Fund uses a “multi-style, multi-manager” approach. The Fund’s Adviser allocates portions of the Fund’s assets among subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Cooke & Bieler, L.P. (“Cooke & Bieler”), Jackson Square Partners, LLC (“Jackson Square”), Parametric, Pzena Investment Management LLC (“Pzena”), Rice Hall James & Associates (“RHJ”) and Wasatch Global Investors (“Wasatch”). The allocation among subadvisers will vary over time, but the current intent of the Fund’s adviser is that under normal market conditions approximately 10% of the Fund’s assets will be allocated to Parametric and the remaining assets will be allocated to one or more of the Fund’s five other subadvisers that provide day-to-day management of the Fund. The percentage of the Fund’s assets allocated to Parametric will change from time to time in the discretion of CMC and could be higher or lower in the future. Parametric manages its portion of the Fund’s assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the S&P SmallCap 600® Index as closely as possible without requiring the Fund to realize taxable gains. FCI also acts as a subadviser to the Fund but does not provide day-to-day management. Effective June 11, 2021, the Trust terminated the subadvisory agreement with Kennedy Capital Management, Inc., one of the subadvisers to the Select Equity Fund.
Under normal market conditions, the Tax-Exempt Bond Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in tax-exempt bonds, which are debt obligations issued by or for the U.S. states, territories and possessions and the District of Columbia. The interest on these bonds is generally exempt from both U.S. regular federal income tax and U.S. federal alternative minimum tax. However, the Fund may invest up to 20% of its net assets in bonds that generate interest income subject to federal alternative minimum tax for individuals. The Fund invests in both revenue bonds, which are backed by and payable only from the revenues derived from a specific facility or specific revenue source, and in general obligation bonds, which are secured by the full faith, credit and taxation power of the issuing municipality. The Fund currently has one subadviser that provides day-to-day management for the Fund, Sit Fixed Income Advisors II, LLC (“Sit”). FCI also acts as a subadviser to the Fund but does not provide day-to-day management.
Under normal market conditions, the International Fund intends to invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside the United States. Equity securities in which the Fund invests include common and preferred stock, sponsored and unsponsored American Depositary Receipts, European Depositary Receipts, Global Depositary Receipts, exchange-traded funds, and other investment companies. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund does not intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers (including frontier market issuers). In order to hedge against adverse movements in currency exchange rates, the Fund may enter into foreign currency exchange contracts. The Fund may use options, futures contracts, and options on futures contracts to attempt to manage market or business risks. The Fund does not intend to invest in foreign currency exchange contracts, options, futures contracts, or options on futures contracts for speculative purposes. The Fund uses a “multi-style, multi-manager” approach. The Fund’s assets are allocated to different subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Parametric, Artisan Partners Limited Partnership (“Artisan Partners”), WCM Investment Management, LLC (“WCM”) and LSV Asset Management (“LSV”). The allocation among subadvisers will vary over time, but the current intent of the Fund’s Adviser is that under normal market conditions approximately 30% of the
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
Fund’s assets will be allocated to Parametric, and the remaining assets will be allocated to one or more of the Fund’s three other subadvisers that provide day-to-day management of the Fund. Parametric manages its portion of the Fund’s assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the MSCI World EX U.S.A. Index - Net Dividends as closely as possible without requiring the Fund to realize taxable gains. FCI also acts as a subadviser to the Fund but does not provide day-to-day management.
(2) Summary of Significant Accounting Policies
The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies.”
The significant accounting policies followed by the Funds are as follows:
(a) Investments in Securities
Investments in U.S. and foreign equity securities are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Foreign security values are stated in U.S. dollars. Equity securities which have not traded on the date of valuation or securities for which sales prices are not generally reported are valued at the mean between the last bid and asked prices. Debt securities are valued on the basis of evaluated prices provided by independent pricing services when such prices are believed to reflect the fair value of such securities or broker provided prices. Such prices may be determined by taking into account other similar securities’ prices, yields, maturities, call features, ratings, prepayment speeds, credit risks, cash flows, institutional size trading in similar groups of securities and developments related to specific securities. Shares of open end investment companies are valued at their daily net asset value (“NAV”). Shares of closed-end funds and exchange traded funds are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded.
Securities for which no market quotations are readily available (including those for which trading has been suspended), or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the NAV, are valued at fair value as determined in good faith using procedures established by the Board of Trustees. This may occur particularly with respect to certain foreign securities held by the International Fund, whereby the Board of Trustees may use adjustment factors obtained from an independent evaluation service that are intended to reflect more accurately the fair value of these foreign securities as of the time the Fund’s NAV is calculated. The procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. These procedures are used by the Valuation Committee, in accordance with the procedures established by the Board of Trustees, to determine the fair value of the security or securities. Such determinations are then submitted for review and ratification by the Board of Trustees. The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
Security transactions are accounted for on the trade date, which is the date the securities are purchased or sold. Realized gains and losses are calculated on an identified cost basis. Dividend income is recognized on the ex-dividend date or, for foreign securities, as soon as the information is available. Interest income, is recognized on an accrual basis and includes amortization of premiums and accretion of discounts using the effective yield method.
Non cash dividends are recognized as investment income at the fair value of the property received.
Participatory notes in which the International Fund invests are financial instruments that must have Indian securities as the underlying assets. Brokers and foreign institutional investors registered with the Securities and Exchange Board of India (SEBI) issue the participatory notes and invest on behalf of the foreign investors. Brokers must report their participatory note issuance status to the regulatory board each quarter. The notes allow foreign investors to participate in the Indian markets without registering with the SEBI. Participatory notes are categorized within the Level 1 of the fair value hierarchy.
(b) Foreign Currency Translation
The International Fund invests in securities which are purchased and sold in foreign currencies as a principal investment strategy. The costs of purchases, proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The value of the International Fund’s net assets, as measured in U.S. dollars, may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations. The gains or losses, if any, on investments resulting from changes in foreign exchange rates are recorded within net realized gain (loss) on security transactions and within net increase (decrease) in unrealized appreciation/depreciation on security transactions on the Statements of Operations. The realized gains or losses, if any, on translation of other assets and liabilities denominated in foreign currencies are recorded within net realized gain (loss) on foreign currency transactions on the Statements of Operations. The International Fund also will incur costs in converting U.S. dollars to local currencies, and vice versa. Risks may arise upon investing in foreign securities including, but not limited to, political, social or economic instability in the country of the issuer, the difficulty of predicting international trade patterns, the possibility of the imposition of exchange controls, expropriation, limits on removal of currency or other assets, nationalization of assets, foreign withholding and income tax and possible delays in the settlement of foreign stock exchange transactions. The principal markets on which these securities trade may have less volume and liquidity, and may be more volatile, than securities markets in the U.S.
(c) Futures Contracts
The Tax-Exempt Bond Fund invests in long and short financial futures contracts for hedging purposes or to gain exposure to interest rate risk. When used as a hedge, the Fund will purchase and sell various kinds of futures contracts. The Fund will also enter into closing purchase and sale transactions with respect to any such futures contracts. The futures contracts may be based on various interest rates or indices. The Fund bears the market risk arising from changes in the value of these financial instruments. At the time the Fund enters into a futures contract, it is generally required to make a margin deposit with the custodian or broker of a specified amount of liquid assets. Futures are marked-to-market each day with the change in value reflected in the unrealized appreciation or depreciation. Risk may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. Credit risk is mitigated to the extent that the exchange on which a particular futures contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract. The Statements of Operations include any realized gains or losses on closed futures contracts within Net realized gain (loss) on: Futures contracts,
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
and any unrealized gains or losses on open futures contracts within Net increase (decrease) in unrealized appreciation/depreciation on: Futures contracts. Additional information on derivative instruments and how these positions may impact the financial statements is found in Note 8, Derivative Instruments.
(d) Forward Foreign Currency Exchange Contracts
The International Fund enters into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge against adverse movements in foreign currency exchange rates, specific transactions or the portfolio position. The objective of the International Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of the International Fund’s foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. Forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded on forward foreign currency exchange contracts within net increase (decrease) in unrealized appreciation/depreciation on the Statements of Operations. The International Fund records any realized gains or losses at the time the forward foreign currency exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency. Realized gains or losses, if any, are recorded within Net realized gain (loss) on forward foreign currency exchange contracts on the Statements of Operations. Risks may arise upon entering into forward foreign currency exchange contracts from the potential of the counterparty to default on its obligations under the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The International Fund bears the market risk from changes in foreign currency exchange rates and the credit risk if the issuer fails to perform. Additional information on derivative instruments and how these positions may impact the financial statements is found in Note 8, Derivative Instruments.
(e) Spot Contracts
The International Fund routinely enters into spot contracts in order to buy or sell a certain amount of foreign currency at the current market rate. The International Fund may enter into spot contracts in order to make payments, or to receive payments, based on investment trading activity in a foreign currency. A spot contract allows the International Fund to buy or sell foreign currency on the day it chooses to deal. From time to time, the Core Equity Fund may also enter into spot contracts in order to make or receive payments due to investment trading activity in a foreign currency on a non-U.S. exchange. Spot contracts are marked-to-market daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in translation of other assets and liabilities denominated in foreign currencies within net increase (decrease) in unrealized appreciation/depreciation on the Statements of Operations. Unrealized gains or losses on outstanding spot contracts are recorded in payables for investment securities purchased or receivable for securities sold, respectively, on the Statements of Assets and Liabilities. The Funds record any realized gains or losses at the time the spot contract settles. Realized gains or losses, if any, are included within Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Risks may arise upon entering into spot contracts from unanticipated movements in the value of a foreign currency relative to the U.S. dollar in a short period of time. The Funds bear the market risk from changes in foreign currency exchange rates.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
(f) Master Limited Partnerships
The International Fund invests in Master Limited Partnerships (“MLPs”). The benefits derived from the Fund's investments in MLPs are largely dependent on the MLPs being treated as partnerships for federal income tax purposes. If any of the MLPs held by the Fund were treated as corporations for U.S. federal income tax purposes, the after-tax return to the Fund with respect to its investments in such MLPs would be materially reduced, causing a decline in the value of the common stock. The Fund must include its allocable share of an MLP’s taxable income in its reportable taxable income, whether or not it receives a distribution in cash from the MLP. In such case, the Fund may have to liquidate securities to make required distributions to shareholders.
(g) Delayed Delivery Transactions and When-Issued Securities
Certain Funds may engage in securities transactions on a when-issued or delayed-delivery basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment, with payment and delivery scheduled for a future date. During this period, the securities are subject to market fluctuations. When delayed-delivery purchases are outstanding, a Fund will segregate liquid assets on its records in amounts sufficient to meet the purchase price. A Fund may dispose of or renegotiate a delayed-delivery transaction, which may result in a capital gain or loss.
(h) Short-Term Investments
The Core Equity, Select Equity, Tax-Exempt Bond, and International Funds currently invest in Institutional Shares of the U.S. Government Select Portfolio, a money market portfolio of Northern Institutional Funds, an investment company advised by Northern Trust Investments, Inc. The U.S. Government Select Portfolio primarily invests in securities issued by the U.S. government, government agencies, and government-sponsored enterprises.
(i) Recoverable Taxes
The balances disclosed as foreign tax reclaim receivable, if any, represent net amounts withheld by foreign governments on dividend income earned in the respective countries subject to reclaims. All reclaims are paid directly to the applicable Funds.
(j) Federal Taxes
The Trust’s policy is to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies. On a calendar-year basis, the Funds intend to distribute substantially all of their net investment income and net realized gains, if any, to avoid the payment of federal income and excise taxes. Therefore, no income tax provision is required. Each Fund is treated as a separate entity for federal income tax purposes.
The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are recorded. Taxes accrued on unrealized gains are reflected as a liability on the Statements of Assets and Liabilities under the caption deferred foreign capital gains taxes payable and as a reduction in net increase (decrease) in unrealized appreciation/depreciation on security transactions on the Statements of Operations. When assets subject to capital gains tax are sold, accrued taxes are relieved, and the actual amount of the taxes paid is reflected on the Statements of Operations as a reduction in net realized gain (loss) on security transactions.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
Management has analyzed the Funds’ tax positions taken on federal tax returns for all open tax years and has concluded that as of December 31, 2021, no provision for income tax is required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for the 2018, 2019, 2020, and 2021 tax years for which the applicable statutes of limitations have not expired remain subject to examination by the Internal Revenue Service and state departments of revenue. Net investment income and net realized gain (loss) for the Funds may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains, if any, may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the year in which amounts are distributed may differ from the year that the income or realized gain was recorded by the Funds. The Trust has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Further, the Trust is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The tax character of distributions by the Funds during the years ended December 31, 2021 and 2020 was as follows:
| | | | |
| | Tax-Exempt | | Ordinary Income* |
| | 2021 | | 2020 | | 2021 | | 2020 |
| Core Equity Fund | $ — | | $ — | | $ 8,635,604 | | $ 7,801,407 |
| Select Equity Fund | — | | — | | 20,817,295 | | 2,530,143 |
| Tax-Exempt Bond Fund | 23,486,921 | | 24,459,185 | | 44,388 | | 131,738 |
| International Fund | — | | — | | 28,115,277 | | 8,365,704 |
| | | | | | | | |
| | |
| | Long-Term Capital Gains** |
| | 2021 | | 2020 |
| Core Equity Fund | $ 18,748,250 | | $ 2,728,041 |
| Select Equity Fund | 41,714,145 | | 6,877,368 |
| Tax-Exempt Bond Fund | — | | — |
| International Fund | 69,470,296 | | 8,082,763 |
| | | | |
| * | In addition to the ordinary income distributions, during 2021 the following Funds utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of ordinary income in the following amounts: |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
| | |
| Core Equity Fund | $ 55,561 |
| Select Equity Fund | $ 1,173,832 |
| | |
| | |
| ** | In addition to the long-term capital gain distributions, during 2021 the following Funds utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of long-term capital gains in the following amounts: |
| | |
| Core Equity Fund | $ 131,722 |
| Select Equity Fund | $ 2,366,650 |
| International Fund | $ 2,992,293 |
| | |
| | |
As of December 31, 2021, the components of distributable earnings on a tax basis were as follows:
| | Core
Equity Fund | | Select Equity Fund | | Tax-Exempt
Bond Fund | | International
Fund |
| Undistributed ordinary income | $ — | | $ 3,608,039 | | $ — | | $ 757,847 |
| Undistributed tax-exempt income | — | | — | | 375,134 | | — |
| Undistributed capital gain | 902,394 | | 4,507,720 | | — | | 3,017,654 |
| Accumulated capital losses and other | — | | — | | (2,732,188) | | (1,748,052) |
| Unrealized appreciation/depreciation | 462,738,669 | | 57,933,207 | | 29,962,970 | | 357,428,602 |
| Total | $ 463,641,063 | | $ 66,048,966 | | $ 27,605,916 | | $ 359,456,051 |
Distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from such amounts recorded in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for financial reporting purposes. Accordingly, the Funds may make reclassifications among certain of their capital accounts in order to reflect the tax treatment for certain permanent differences that exist between federal income tax regulations and U.S. GAAP. These reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. The primary reasons for permanent differences are the Funds use of equalization accounting whereby a portion of redemption payments were treated as distributions and realized gains on in-kind redemptions that are not recognized for tax purposes. These reclassifications have no impact on the total net assets or the NAV per share of the Funds. At December 31,
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
2021, reclassifications have been recorded among the following capital accounts on the Statements of Assets and Liabilities:
| | Core
Equity Fund | | Select Equity Fund | | Tax-Exempt
Bond Fund | | International
Fund |
| Distributable earnings | $ (11,313,832) | | $ (17,913,242) | | $ — | | $ (12,994,280) |
| Additional paid-in capital | 11,313,832 | | 17,913,242 | | — | | 12,994,280 |
(k) Distributions to Shareholders
Distributions to shareholders from net investment income, if any, are declared annually for the Core Equity, Select Equity, and International Funds and declared daily, payable monthly, for the Tax-Exempt Bond Fund. Distributions to shareholders from net realized gains, if any, are declared annually for all Funds. Distributions are paid in cash or reinvested in additional shares at the direction of the shareholders. During the year ended December 31, 2021, the Core Equity, Select Equity and International Funds utilized equalization accounting with respect to distributions to shareholders, in order to keep remaining shareholders’ interest in undistributed income from being affected.
(l) Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the period. Actual results could differ from those estimates.
(m) Indemnification
Under each Fund’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to each Fund. In addition, certain of each Fund’s contracts with its service providers contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against each Fund cannot be determined and each Fund has no historical basis for predicting the likelihood of any such claims. The Funds believe that the likelihood of any such claims is remote.
(n) Cash and Restricted Cash
Cash, including cash denominated in foreign currencies, represents cash on hand and demand deposits held at financial institutions. Cash equivalents include short-term, highly liquid investments of sufficient credit quality that are readily convertible to known amounts of cash and have original maturities of three months or less. Cash equivalents are carried at cost, plus accrued interest, which approximates fair value. Cash equivalents are held to meet short-term liquidity requirements, rather than for investment purposes. Cash and cash equivalents are held at major financial institutions and are subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) limitations.
Restricted cash is subject to a legal or contractual restriction by third parties as well as a restriction as to withdrawal or use, including restrictions that require the funds to be used for a specified purpose and restrictions that limit the purpose for which the funds can be used. The Funds considers cash collateral posted with counterparties for derivative contracts to be restricted cash.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
(3) Fair Value Measurements
Fair value is an estimate of the price the Funds would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market for the security. This guidance establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments, as described in Note 2(a). These inputs are summarized in the three broad levels listed below.
| • | Level 1 – Unadjusted quoted market prices in active markets for identical securities on the measurement date. |
| • | Level 2 – Other significant observable inputs including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc. or quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data are also considered Level 2 measurement. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement. |
| • | Level 3 – Valuations based on unobservable inputs, which may include the Adviser’s own assumptions in determining the fair value of an investment. |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following is a summary of the inputs used in valuing each Fund’s investments and other financial instruments, if any, which are carried at fair value, as of December 31, 2021.
| | Core Equity Fund (a) |
| | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $ 876,928,932 | $ — | $ — | $ 876,928,932 |
| Preferred Stocks | 36,643 | — | — | 36,643 |
| Short-Term Investments | 2,396,931 | — | — | 2,396,931 |
| Total | $ 879,362,506 | $ — | $ — | $ 879,362,506 |
(a) For the Core Equity Fund, the investment value is comprised of equity securities and short-term investments. See the Fund’s Schedule of Investments for industry classification. Investments in equity and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Investments in rights generally are determined by taking into account the terms of the rights as well as the value of the underlying equity securities, which are determined by the valuation methodology described above.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
| | Select Equity Fund (b) |
| | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $ 517,975,830 | $ 650,774 | $ — | $ 518,626,604 |
| Rights | — | — | —* | —* |
| Warrants | 30,134 | — | —* | 30,134 |
| Short-Term Investments | 19,543,235 | — | — | 19,543,235 |
| Total | $ 537,549,199 | $ 650,774 | $ — | $ 538,199,973 |
| * Security has been deemed worthless and is a Level 3 investment. |
(b) For the Select Equity Fund, the investment value is comprised of equity securities, rights, warrants and short-term investments. See the Fund’s Schedule of Investments for industry classification. Investments in equity and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded.
There were no significant Level 3 valuations at December 31, 2021.
| | Tax-Exempt Bond Fund (c) |
| | Level 1 | Level 2 | Level 3 | Total |
| Closed-End Funds | $ 43,227,707 | $ — | $ — | $ 43,227,707 |
| Municipal Bonds | | | | |
| Alabama | — | 1,545,786 | — | 1,545,786 |
| Alaska | — | 14,437 | — | 14,437 |
| Arizona | — | 15,733,476 | — | 15,733,476 |
| Arkansas | — | 2,569,109 | — | 2,569,109 |
| California | — | 43,784,856 | — | 43,784,856 |
| Colorado | — | 37,751,360 | — | 37,751,360 |
| Connecticut | — | 4,620,219 | — | 4,620,219 |
| District of Columbia | — | 9,159,947 | — | 9,159,947 |
| Florida | — | 95,074,217 | — | 95,074,217 |
| Georgia | — | 13,462,267 | — | 13,462,267 |
| Idaho | — | 3,463,808 | — | 3,463,808 |
| Illinois | — | 36,931,450 | — | 36,931,450 |
| Indiana | — | 11,589,169 | — | 11,589,169 |
| Iowa | — | 3,330,221 | — | 3,330,221 |
| Kansas | — | 2,104,834 | — | 2,104,834 |
| Kentucky | — | 313,970 | — | 313,970 |
| Louisiana | — | 13,278,416 | — | 13,278,416 |
| Maine | — | 959,200 | — | 959,200 |
| Maryland | — | 7,808,898 | — | 7,808,898 |
| Massachusetts | — | 18,727,238 | — | 18,727,238 |
| Michigan | — | 28,189,698 | — | 28,189,698 |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
| | Tax-Exempt Bond Fund (c) |
| | Level 1 | Level 2 | Level 3 | Total |
| Minnesota | $ — | $ 9,035,611 | $ — | $ 9,035,611 |
| Mississippi | — | 1,614,740 | — | 1,614,740 |
| Missouri | — | 7,455,478 | — | 7,455,478 |
| Montana | — | 2,745,411 | — | 2,745,411 |
| Nebraska | — | 175,535 | — | 175,535 |
| Nevada | — | 4,356,181 | — | 4,356,181 |
| New Hampshire | — | 5,106,751 | — | 5,106,751 |
| New Jersey | — | 14,390,205 | — | 14,390,205 |
| New Mexico | — | 10,872,399 | — | 10,872,399 |
| New York | — | 48,010,006 | — | 48,010,006 |
| North Carolina | — | 7,421,063 | — | 7,421,063 |
| North Dakota | — | 3,594,532 | — | 3,594,532 |
| Ohio | — | 21,164,892 | — | 21,164,892 |
| Oklahoma | — | 2,331,722 | — | 2,331,722 |
| Oregon | — | 11,922,895 | — | 11,922,895 |
| Pennsylvania | — | 17,324,902 | — | 17,324,902 |
| Puerto Rico | — | 1,510,602 | — | 1,510,602 |
| Rhode Island | — | 3,029,576 | — | 3,029,576 |
| South Carolina | — | 8,678,949 | — | 8,678,949 |
| Tennessee | — | 13,058,441 | — | 13,058,441 |
| Texas | — | 46,046,779 | — | 46,046,779 |
| Utah | — | 7,565,032 | — | 7,565,032 |
| Vermont | — | 2,799,646 | — | 2,799,646 |
| Virginia | — | 3,416,327 | — | 3,416,327 |
| Washington | — | 19,884,933 | — | 19,884,933 |
| West Virginia | — | 3,593,550 | — | 3,593,550 |
| Wisconsin | — | 24,622,523 | — | 24,622,523 |
| Wyoming | — | 1,630,834 | — | 1,630,834 |
| Short-Term Investments | 28,762,724 | — | — | 28,762,724 |
| Total | $ 71,990,431 | $ 653,772,091 | $ — | $ 725,762,522 |
(c) For the Tax-Exempt Bond Fund, the investment value is comprised of closed-end funds, municipal bonds, and short-term investments. Investments in closed-end funds and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Investments in municipal bonds generally are based on valuations using adjusted evaluated prices provided by the primary pricing provider. The Board of Trustees has delegated to the Valuation Committee the responsibility to determine in good faith the fair value of securities for which no price quotation is available from an approved pricing service or broker-dealer at the time the Tax-Exempt Bond Fund’s NAV is calculated, including securities for which the prices do not represent fair value or for which a significant event occurs that materially affects the value
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
of the security after the close of the market on which the security principally trades and before the time the Tax-Exempt Bond Fund’s NAV is calculated.
Tax-Exempt Bond Fund
Other Financial Instruments | | Level 1 | | Level 2 | | Level 3 | | Total |
| Assets | | | | | | | | |
| Futures Contracts | | $ 32,635 | | $ — | | $ — | | $ 32,635 |
| Liabilities | | | | | | | | |
| Futures Contracts | | (873,254) | | — | | — | | (873,254) |
| Net Other Financial Instruments | | $ (840,619) | | $ — | | $ — | | $ (840,619) |
The futures contracts outstanding at December 31, 2021 are considered Level 1 investments due to the contracts being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate. Futures contracts are shown on a gross basis in the above table, but the net increase/(decrease) in unrealized appreciation/(depreciation) on futures contracts is shown on the Statements of Operations.
| | International Fund (d) |
| | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | | | | |
| Australia | $ 43,195,131 | $ — | $ —* | $ 43,195,131 |
| Singapore | 7,513,346 | 81,033 | — | 7,594,379 |
| Thailand | — | 804,120 | — | 804,120 |
| All other countries | 1,005,902,014 | — | — | 1,005,902,014 |
| Participatory Notes | 2,101,523 | — | — | 2,101,523 |
| Preferred Stocks | 7,118,481 | — | — | 7,118,481 |
| Warrants | 7 | — | — | 7 |
| Short-Term Investments | 31,297,518 | — | — | 31,297,518 |
| Total | $1,097,128,020 | $ 885,153 | $ — | $1,098,013,173 |
| * Security has been deemed worthless and is a Level 3 investment. |
(d) For the International Fund, the investment value is comprised of equity securities, participatory notes, warrants and short-term investments. See the Fund’s Schedule of Investments for additional information on industry sector and currency concentration information. Investments in equity and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
There were no significant Level 3 valuations for which significant unobservable inputs were used at December 31, 2021. The amount of transfers between Level 3 and Level 1 compared to total net assets is not material; therefore, the amount of transfers between Level 3 and Level 1 is not shown for the year ended December 31, 2021.
International Fund
Other Financial Instruments | | Level 1 | Level 2 | Level 3 | Total |
| Assets | | | | | |
| Forward foreign currency exchange contracts | | $ — | $ 16,175 | $ — | $ 16,175 |
The forward foreign currency exchange contracts outstanding at December 31, 2021 are considered Level 2 investments due to the contracts being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate. Forward foreign currency exchange contracts are shown on a gross basis in the above table and on the Statements of Assets and Liabilities.
(4) Investment Security Transactions
The cost of purchases and proceeds from sales of securities (excluding short-term securities) for the year ended December 31, 2021, were as follows:
| | Purchases | | Sales |
| Core Equity Fund | $ 349,367,910 | | $ 254,847,971 |
| Select Equity Fund | 574,564,961 | | 550,517,960 |
| Tax-Exempt Bond Fund | 204,441,385 | | 109,020,098 |
| International Fund | 490,028,591 | | 379,501,670 |
| | | | |
| | | | |
The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, deferral of post-October currency and capital losses for tax purposes, and the recharacterization of income recognition on investments in passive foreign investment companies.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
At December 31, 2021, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments (including the effects of foreign currency translation and derivative instruments, if any) and the cost basis of investments (including derivative instruments, if any) were as follows:
| Funds | | Unrealized
Appreciation | | Unrealized
Depreciation | | Net
Appreciation
(Depreciation) | | Cost Basis of
Investments |
| Core Equity Fund | | $ 463,933,254 | | $ (1,194,585) | | $ 462,738,669 | | $ 416,623,837 |
| Select Equity Fund | | 89,445,720 | | (31,512,630) | | 57,933,090 | | 480,266,883 |
| Tax-Exempt Bond Fund | | 40,425,231 | | (10,462,261) | | 29,962,970 | | 695,799,552 |
| International Fund | | 381,985,393 | | (23,411,418) | | 358,573,975 | | 739,439,198 |
| | | | | | | | | |
| | | | | | | | | |
(5) Capital Share Transactions
Transactions in capital shares for the years ended December 31, 2021 and 2020 were as follows:
| | Core Equity Fund | | Select Equity Fund |
| | 2021 | | 2020 | | 2021 | | 2020 |
| Sold | 1,900,566 | | 1,356,005 | | 4,425,359 | | 3,565,994 |
| Issued for reinvestment of distributions | 411,726 | | 196,822 | | 3,275,613 | | 482,393 |
| Redeemed | (573,574) | | (1,641,622) | | (3,368,880) | | (1,589,669) |
| Net Increase (decrease) | 1,738,718 | | (88,795) | | 4,332,092 | | 2,458,718 |
| | Tax-Exempt Bond Fund | | International Fund |
| | 2021 | | 2020 | | 2021 | | 2020 |
| Sold | 12,325,152 | | 4,046,480 | | 6,394,897 | | 2,607,637 |
| Issued for reinvestment of distributions | 2,316,277 | | 2,463,261 | | 4,762,595 | | 848,734 |
| Redeemed | (3,432,088) | | (5,188,108) | | (2,579,497) | | (1,622,611) |
| Net Increase (decrease) | 11,209,341 | | 1,321,633 | | 8,577,995 | | 1,833,760 |
(6) Capital Loss Carryforward
For the period subsequent to October 31, 2021 through the fiscal year ended December 31, 2021, the International Fund incurred net capital losses, and/or Section 988 currency losses, which the Fund intends to treat as having been incurred in the following fiscal year of $1,748,052.
At December 31, 2021, the Funds had the following short term capital loss carry-forwards and long term capital loss carry forwards available to offset future net capital gains which do not expire. Future utilization of the capital loss carry-forward may be limited. During the year ended December 31, 2021, the Core Equity Fund and the
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
Tax-Exempt Bond Fund utilized $14,475,450 and $1,059,734, respectively, in capital loss carryforwards to offset capital gains.
| | Short-Term | Long-Term | Late-year
Gain/Loss | Total |
| Tax-Exempt Bond Fund | $ 2,244,674 | $ 275,598 | $ — | $ 2,520,272 |
(7) Expenses and Related-Party Transactions
The Trust has a contract for investment advisory services with the Adviser. Under terms of separate agreements, Core Equity Fund, Select Equity Fund, Tax-Exempt Bond Fund and International Fund each pay an investment advisory fee equal to an annual rate of 0.90%, 1.35%, 0.60% and 1.00%, respectively, of each Fund’s average daily net assets. Management fees are calculated and accrued daily, and are paid quarterly. The Adviser is responsible for the payment or reimbursement of all the Funds’ expenses, except brokerage, taxes, interest, and extraordinary expenses. The Adviser has periodically modified its management fee for each of the Funds through voluntary waivers. For the year ended December 31, 2021, voluntary waivers on management fees were as follows:
| | Management Fees Voluntary Waivers |
| | Voluntary Waiver % Prior to April 1, 2021 | | Voluntary Waiver % Effective from April 1, 2021, to October 1, 2021 | | Voluntary Waiver % Effective October 1, 2021 |
| Core Equity Fund | (0.59) | | (0.60) | | (0.65) |
| Select Equity Fund | (0.44) | | (0.48) | | (0.46) |
| Tax-Exempt Bond Fund | (0.31) | | (0.31) | | (0.33) |
| International Fund | (0.32) | | (0.33) | | (0.40) |
Effective January 1, 2020, the net management fee actually paid for the Core Equity Fund and Tax-Exempt Bond Fund due to the Adviser’s modification of the voluntary waivers for the Fund was 0.31% and 0.29%, respectively. Effective October 1, 2020, the net management fee actually paid for the Select Equity Fund and International Fund due to the Adviser’s modification of the voluntary waivers for the Fund was 0.91% and 0.68%, respectively. Effective April 1, 2021, the net management fees actually paid for the Core Equity Fund, Select Equity Fund and International Fund due to the Adviser’s modification of the voluntary waivers for those Funds were 0.30%, 0.87% and 0.67%, respectively. Effective October 1, 2021, the net management fees actually paid for the Core Equity Fund, Select Equity Fund, Tax-Exempt Bond Fund and International Fund due to the Adviser's modification of the voluntary waivers for those Funds were 0.25%, 0.89%, 0.27% and 0.60%, respectively.
The Adviser currently intends to continue these voluntary waivers indefinitely. However, the Adviser may terminate these voluntary arrangements at any time.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
In addition to fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of any acquired funds in which they invest, such as short-term investments in mutual funds or other investment companies and investments in closed-end funds. Such indirect expenses are not included in any of the reported expense ratios and are excluded from the voluntary waivers described above.
The Adviser has entered into subadvisory contracts with independent investment advisory firms for each Fund to provide daily investment management services. The subadvisory fees are based on each subadviser’s proportional net assets it currently manages within each Fund and are paid directly by the Adviser.
The Adviser has also engaged FCI as a subadviser for each Fund. FCI regularly provides the Funds with various investment-related services, including investment strategy advice, manager recommendations and related duties as requested by the Adviser. FCI also provides certain services related to due diligence, performance reporting, compliance, and other administrative functions, which support the investment management services and subadviser oversight services provided to the Trust by the Adviser. For its services, FCI is compensated with a subadvisory fee payable by the Adviser of 0.20% of each Fund’s average daily net assets, paid on a quarterly basis. FCI is compensated out of the investment advisory fees the Adviser receives from the respective Funds. FCI has agreed to waive the difference between the amount calculated under the subadvisory fee schedule and an amount determined by multiplying the total number of hours worked by FCI in providing services under the subadvisory agreement by an hourly rate that is approved by the Adviser.
(8) Derivative Instruments
Information concerning the types of derivatives in which the Tax-Exempt Bond Fund and International Fund invest, the objectives for using them and their related risks can be found in Note 2 (c) and (d). Below are the types of derivatives held in the Tax-Exempt Bond Fund and International Fund by location as presented in the Statements of Assets and Liabilities as of December 31, 2021, with additional detail on the net amounts impacting the Statements of Assets and Liabilities. The futures contracts and forward foreign currency exchange contracts presented below are not subject to master netting agreements or other similar agreements.
| ASSETS | LIABILITIES |
| Name of Fund | Derivative Type | Statements of Assets and
Liabilities Location | Value | | Statements of Assets and
Liabilities Location | Value | Counterparty |
| Tax-Exempt Bond Fund | Futures contracts | Unrealized appreciation
on futures contracts | $ 32,635* | | Unrealized depreciation
on futures contracts | $ 873,254* | Northern Trust |
| International Fund | Forward foreign
currency exchange
contracts | Unrealized appreciation
on forward foreign
currency exchange
contracts | 16,175 | | Unrealized depreciation
on forward foreign
currency exchange
contracts | — | Northern Trust |
| * | Represents cumulative appreciation/depreciation on futures contracts as in the Schedules of Investments. Only the variation margin receivable/payable is reported within the Statement of Assets and Liabilities for futures contracts. |
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
The following table sets forth, by primary risk exposure, the Tax-Exempt Bond Fund's and International Fund’s net realized gain (loss) and net increase (decrease) in appreciation/depreciation on futures contracts and forward foreign currency exchange contracts for the year ended December 31, 2021:
| Name of Fund | Derivative Type | Statements of
Operations Location | Value | | Name of Fund | Derivative Type | Statements of
Operations Location | Value |
| Tax-Exempt Bond Fund | Futures contracts | Net realized gain (loss)
on futures contracts | $ 1,462,523 | | Tax-Exempt Bond Fund | Futures contracts | Net increase
(decrease) in
unrealized
appreciation/
depreciation
on futures contracts | $ (840,619) |
| International Fund | Forward foreign
currency exchange
contracts | Net realized gain
(loss) on forward
foreign currency
exchange contracts | $ (95,008) | | International Fund | Forward foreign
currency exchange
contracts | Net increase
(decrease) in
unrealized
appreciation/depreciation
on forward foreign
currency exchange
contracts | $ 213,323 |
| | | | | | | | | |
Derivative transactions are measured in terms of the notional amount. The following table presents, for the Tax-Exempt Bond Fund and International Fund, the number of transactions and weighted average notional amount of forward foreign currency exchange contracts, which is indicative of the volume of derivative activity, for the year ended December 31, 2021.
| Tax-Exempt Bond Fund |
| Future Contracts |
Number of
Transactions | Weighted
Average Notional
Amount |
| 253 | $ 4,590,193 |
| International Fund |
Forward Foreign Currency Exchange
Contracts |
Number of
Transactions | Weighted
Average Notional
Amount |
| 26 | $ 4,129,428 |
(9) Short-term Financing
ReFlow Fund, LLC ("ReFlow") provides each Fund with a potential source of cash to meet net shareholder redemptions through share purchases for a fee. The Fund then generally redeems those shares when it experiences net sales. The shares may be redeemed in-kind in accordance with the Fund’s redemption in-kind policies. The Fund is generally required to redeem the shares purchased by ReFlow within 30 days (15 days if redeemed in-kind). As such, the proceeds received from ReFlow’s purchase of fund shares is treated as a liability on the Statements of
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
Assets and Liabilities. The fee paid on outstanding shares owned by ReFlow is based on an auction starting at a minimum bid of 0.20% and is paid by the Adviser under the unified advisory fee agreement. For the year ended December 31, 2021, the Core Equity Fund had total redemptions in kind of $12,695,061, resulting in realized gains of $11,121,047. For the year ended December 31, 2021, the Select Equity Fund had total redemptions in kind of $32,053,419, resulting in realized gains of $14,468,480. For the year ended December 31, 2021, the International Fund had total redemptions in kind of $15,658,593, resulting in realized gains of $10,007,494. These realized gains are not recognized for tax purposes as discussed in Note 2. As of December 31, 2021, the Core Equity Fund, Select Equity Fund and the International Fund ReFlow accounts had balances of $1,955,997, $83,051 and $1,414,665, respectively. During the year ended December 31, 2021, the Funds had the following activity:
| | Average Amount
Oustanding for
Days in Use | | Days Used |
| Core Equity Fund | $ 4,673 | | 116 |
| Select Equity Fund | 18,568 | | 176 |
| International Fund | 22,411 | | 79 |
| | | | |
| | | | |
(10) Portfolio Securities Loaned
The Select Equity Fund and the International Fund participate in a securities lending program and have loaned portions of their investment portfolios during the year ended December 31, 2021. Under the program, the Funds loan securities to borrowers who post collateral for those loaned securities. The Securities Finance Trust Company serves as the Funds’ securities lending agent (the lending agent) who operates and maintains the securities lending program. The loans are governed by a securities lending agreement between the lending agent, acting on behalf of the Funds, and each borrowing counterparty. The fair value of securities on loan as of December 31, 2021 is recognized within investments in securities, at fair value, on the Statements of Assets and Liabilities.
Each borrower receives a negotiated interest rate, which is generally referred to as the rebate rate, on the cash that it delivers to the Funds as collateral for the securities loaned and agrees to pay a negotiated rate with respect to the loaned securities. The amount of these rates for each securities lending transaction may differ depending on several factors, including the demand for the security, tax considerations and the credit quality of the borrower. A net payment is generally made by the borrower with respect to these rates upon termination of the loan (the Net Rate). The value of the securities loan will be marked-to-market daily, and the borrower will be required to provide additional collateral if the posted amount falls below certain negotiated levels, and the lending agent (on behalf of the Funds) will be required to return collateral to the borrower if the amount of collateral posted is greater than such negotiated levels.
During the reporting period, the cash collateral received from borrowers related to the Funds’ securities lending activities was invested in the Institutional Shares of Fidelity Investments Money Market Government Portfolio and the daily residual was swept into the Northern Institutional Fund-U.S Government Select Portfolio. The short-term investments purchased with the cash collateral in the amount of $2,907,145 and $12,829,681 are included in Investments in Securities on the Statement of Assets and Liabilities of the Select Equity Fund and International Fund, respectively.
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
The Funds provide compensation to the lending agent in connection with operating and maintaining the securities lending program. The lending agent is compensated in an amount of 15% of gross revenues for the 12 month period commencing as of implementation date. The fee will then be increased to 20% for the first $1 million of gross revenues and 15% of any gross revenues in excess of $ 1 million. The revenues derived from the securities lending activities of the Funds depend on many factors, including the value of the securities available to be loaned, the demand for the securities available to be loaned, the actual percentage of the Fund’s securities that are on loan (the utilization rate), the amount earned from the investment of any collateral and the amount of the fees or profit retained by the lending agent. All compensation, costs and expenses associated with the securities lending program are considered transaction charges that are borne by the Funds and are not an obligation of the Manager under the securities lending agency agreement. These transaction charges are netted with the income from securities lending and included in net income from securities loaned on the accompanying Statement of Operations.
The Funds’ securities lending program involves certain risks, including counterparty or borrower risk, collateral investment risk, replacement risk, operational, legal, tax and accounting risks. In the event the borrower does not meet its contractual obligation to return the securities, the Funds may be exposed to the risk of loss of reacquiring the loaned securities at prevailing market prices using the proceeds of the sale of the collateral.
The following is information on the securities lending activities by the lending agent as of December 31, 2021:
| | Gross Amounts of
Securities Loaned in
Statement of Assets
and
Liabilities | % of Net Assets | Cash Collateral
Received |
| Select Equity Fund | $ 2,761,658 | 0.52 % | $ 2,907,145 |
| International Fund | 12,291,613 | 1.13 % | 12,829,681 |
At December 31, 2021, there were no offsetting of securities and they are presented on a gross basis.
(11) Recent Market Events
U.S. and international markets have experienced significant periods of volatility in recent months and years due to a number of economic, political and global macro factors including the impact of the coronavirus as a global pandemic and related public health issues, growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions and the threat of tariffs imposed by the U.S. and other countries. In particular, the spread of the novel coronavirus worldwide has resulted in disruptions to supply chains and customer activity, stress on the global healthcare system, rising unemployment claims, quarantines, cancellations, market declines, the closing of borders, restrictions on travel and widespread concern and uncertainty. Health crises and related political, social and economic disruptions caused by the spread of the recent coronavirus outbreak may also exacerbate other pre-existing political, social and economic risks in certain countries. It is not possible to know the extent of these impacts, and they may be short term or may last for an extended period of time. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. In addition, the Funds may face challenges with respect to their day-to-day operations if key personnel of the Funds’ investment adviser or other service providers are unavailable due to quarantines and restrictions on travel related to the coronavirus outbreak. As a result, the risk environment
CLEARWATER INVESTMENT TRUST
Notes to Financial Statements December 31, 2021
remains elevated. The Adviser will monitor developments and seek to manage each Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so.
(12) Subsequent Events
Management has evaluated subsequent events for the Funds through the date the financial statements were issued and has concluded that there are no additional events that require financial statement disclosure and/or adjustments to the financial statements.
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Common Stocks: | | | | | | |
| Communication Services: | | | | | | |
| 13,273 | | ACTIVISION BLIZZARD, INC. | | $ 279,141 | | 883,053 | | |
| 5,817 | | ALPHABET, INC., CLASS A(b) | | 4,395,006 | | 16,852,082 | | |
| 5,722 | | ALPHABET, INC., CLASS C(b) | | 8,467,074 | | 16,557,122 | | |
| 7,979 | | ALTICE U.S.A., INC., CLASS A(b) | | 134,528 | | 129,100 | | |
| 121,768 | | AT&T, INC. | | 2,955,534 | | 2,995,493 | | |
| 400 | | CABLE ONE, INC. | | 294,734 | | 705,380 | | |
| 1,529 | | CHARTER COMMUNICATIONS, INC., CLASS A(b) | | 989,980 | | 996,862 | | |
| 3,718 | | CINEMARK HOLDINGS, INC.(b) | | 43,220 | | 59,934 | | |
| 57,795 | | COMCAST CORP., CLASS A | | 632,884 | | 2,908,822 | | |
| 11,266 | | ELECTRONIC ARTS, INC. | | 280,102 | | 1,485,985 | | |
| 3,721 | | FOX CORP., CLASS A | | 136,613 | | 137,305 | | |
| 38,016 | | INTERPUBLIC GROUP OF (THE) COS., INC. | | 1,289,425 | | 1,423,699 | | |
| 1,987 | | LIBERTY BROADBAND CORP., CLASS C(b) | | 247,264 | | 320,106 | | |
| 3,857 | | LIBERTY GLOBAL PLC, CLASS A(b)(c) | | 29,803 | | 106,993 | | |
| 3,674 | | LIBERTY GLOBAL PLC, CLASS C(b)(c) | | 29,017 | | 103,203 | | |
| 2,000 | | LIBERTY MEDIA CORP.-LIBERTY FORMULA ONE, CLASS C(b) | | 54,522 | | 126,480 | | |
| 2,000 | | LIBERTY MEDIA CORP.-LIBERTY SIRIUSXM, CLASS C(b) | | 88,275 | | 101,700 | | |
| 1,496 | | LIVE NATION ENTERTAINMENT, INC.(b) | | 140,605 | | 179,056 | | |
| 461 | | LOYALTY VENTURES, INC.(b) | | 10,487 | | 13,862 | | |
| 169,815 | | LUMEN TECHNOLOGIES, INC. | | 1,846,093 | | 2,131,178 | | |
| 1,849 | | MATCH GROUP, INC.(b) | | 68,760 | | 244,530 | | |
| 29,937 | | META PLATFORMS, INC., CLASS A(b) | | 2,015,347 | | 10,069,310 | | |
| 5,018 | | NETFLIX, INC.(b) | | 1,845,774 | | 3,023,044 | | |
| 2,000 | | NEW YORK TIMES (THE) CO., CLASS A | | 99,635 | | 96,600 | | |
| 22,483 | | NEWS CORP., CLASS A | | 541,700 | | 501,596 | | |
| 700 | | NEXSTAR MEDIA GROUP, INC., CLASS A | | 44,492 | | 105,686 | | |
| 21,644 | | OMNICOM GROUP, INC. | | 1,594,613 | | 1,585,856 | | |
| 5,800 | | PLAYTIKA HOLDING CORP.(b)(c) | | 102,694 | | 100,282 | | |
| 17,050 | | SIRIUS XM HOLDINGS, INC. | | 101,708 | | 108,268 | | |
| 1,619 | | SPOTIFY TECHNOLOGY S.A.(b)(c) | | 248,225 | | 378,895 | | |
| 1,357 | | TAKE-TWO INTERACTIVE SOFTWARE, INC.(b) | | 245,507 | | 241,166 | | |
| 10,237 | | T-MOBILE U.S., INC.(b) | | 444,022 | | 1,187,287 | | |
| 8,700 | | TWITTER, INC.(b) | | 197,336 | | 376,014 | | |
| 81,405 | | VERIZON COMMUNICATIONS, INC. | | 3,803,132 | | 4,229,804 | | |
| 6,901 | | VIACOMCBS, INC., CLASS B | | 214,797 | | 208,272 | | |
| 26,851 | | WALT DISNEY (THE) CO.(b) | | 710,857 | | 4,158,951 | | |
| | | | | 34,622,906 | | 74,832,976 | | 8.51% |
| Consumer Discretionary: | | | | | | |
| 2,200 | | 2U, INC.(b) | | 40,782 | | 44,154 | | |
| 1,500 | | ADVANCE AUTO PARTS, INC. | | 53,557 | | 359,820 | | |
| 6,341 | | AMAZON.COM, INC.(b) | | 9,081,002 | | 21,143,050 | | |
| 4,413 | | APTIV PLC(b)(c) | | 590,351 | | 727,924 | | |
| 2,400 | | ARAMARK | | 47,393 | | 88,440 | | |
| 1,100 | | AUTOLIV, INC.(c) | | 13,982 | | 113,751 | | |
| 10,381 | | AUTONATION, INC.(b) | | 261,194 | | 1,213,020 | | |
| 1,042 | | AUTOZONE, INC.(b) | | 1,056,144 | | 2,184,438 | | |
| 41,607 | | BATH & BODY WORKS, INC. | | 2,204,063 | | 2,903,753 | | |
| 28,819 | | BEST BUY CO., INC. | | 1,117,923 | | 2,928,010 | | |
| 1,400 | | BIG LOTS, INC. | | 15,477 | | 63,070 | | |
| 388 | | BOOKING HOLDINGS, INC.(b) | | 460,570 | | 930,901 | | |
| 17,518 | | BORGWARNER, INC. | | 596,524 | | 789,536 | | |
| 1,876 | | BOYD GAMING CORP.(b) | | 110,387 | | 123,009 | | |
| 628 | | BURLINGTON STORES, INC.(b) | | 68,198 | | 183,068 | | |
| 1,568 | | CARMAX, INC.(b) | | 22,540 | | 204,201 | | |
| 12,812 | | CARNIVAL CORP.(b) | | 229,874 | | 257,777 | | |
| 2,300 | | CARVANA CO.(b) | | 419,338 | | 533,117 | | |
| 25,312 | | CHEGG, INC.(b) | | 746,608 | | 777,078 | | |
| 200 | | CHIPOTLE MEXICAN GRILL, INC.(b) | | 285,322 | | 349,650 | | |
| 1,000 | | COLUMBIA SPORTSWEAR CO. | | 99,880 | | 97,440 | | |
| 3,928 | | D.R. HORTON, INC. | | 18,835 | | 425,992 | | |
| 1,200 | | DARDEN RESTAURANTS, INC. | | 42,285 | | 180,768 | | |
| 2,065 | | DECKERS OUTDOOR CORP.(b) | | 879,208 | | 756,430 | | |
| 2,548 | | DICK'S SPORTING GOODS, INC. | | 85,857 | | 292,995 | | |
| 5,289 | | DOLLAR GENERAL CORP. | | 653,188 | | 1,247,305 | | |
| 5,224 | | DOLLAR TREE, INC.(b) | | 52,773 | | 734,077 | | |
| See accompanying notes to financial statements. | 51 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Consumer Discretionary (Cont'd): | | | | | | |
| 5,912 | | DOMINO'S PIZZA, INC. | | $ 2,523,173 | | 3,336,319 | | |
| 19,479 | | EBAY, INC. | | 513,268 | | 1,295,354 | | |
| 1,621 | | ETSY, INC.(b) | | 298,350 | | 354,902 | | |
| 632 | | EXPEDIA GROUP, INC.(b) | | 48,603 | | 114,215 | | |
| 500 | | FIVE BELOW, INC.(b) | | 93,725 | | 103,445 | | |
| 959 | | FLOOR & DECOR HOLDINGS, INC., CLASS A(b) | | 27,966 | | 124,680 | | |
| 13,642 | | FOOT LOCKER, INC. | | 312,798 | | 595,200 | | |
| 211,871 | | FORD MOTOR CO. | | 2,757,316 | | 4,400,561 | | |
| 1,300 | | FRONTDOOR, INC.(b) | | 30,171 | | 47,645 | | |
| 10,764 | | GAP (THE), INC. | | 158,608 | | 189,985 | | |
| 5,273 | | GARMIN LTD.(c) | | 188,068 | | 718,024 | | |
| 12,145 | | GENERAL MOTORS CO.(b) | | 659,053 | | 712,061 | | |
| 15,100 | | GENTEX CORP. | | 110,161 | | 526,235 | | |
| 3,450 | | GENUINE PARTS CO. | | 102,424 | | 483,690 | | |
| 13,709 | | HANESBRANDS, INC. | | 115,303 | | 229,215 | | |
| 1,126 | | HASBRO, INC. | | 79,035 | | 114,604 | | |
| 3,235 | | HILTON WORLDWIDE HOLDINGS, INC.(b) | | 323,019 | | 504,628 | | |
| 18,366 | | HOME DEPOT (THE), INC. | | 3,404,781 | | 7,622,074 | | |
| 1,239 | | HYATT HOTELS CORP., CLASS A(b) | | 106,156 | | 118,820 | | |
| 30,418 | | INTERNATIONAL GAME TECHNOLOGY PLC | | 167,706 | | 879,384 | | |
| 6,950 | | KOHL'S CORP. | | 55,508 | | 343,261 | | |
| 3,835 | | LAS VEGAS SANDS CORP.(b) | | 70,193 | | 144,349 | | |
| 700 | | LEAR CORP. | | 108,360 | | 128,065 | | |
| 15,309 | | LENNAR CORP., CLASS A | | 570,966 | | 1,778,293 | | |
| 58 | | LENNAR CORP., CLASS B | | 652 | | 5,546 | | |
| 35,097 | | LKQ CORP. | | 1,327,453 | | 2,106,873 | | |
| 6,546 | | LOWE'S COS., INC. | | 1,223,499 | | 1,692,010 | | |
| 4,767 | | LULULEMON ATHLETICA, INC.(b)(c) | | 606,562 | | 1,866,042 | | |
| 3,281 | | MARRIOTT INTERNATIONAL, INC., CLASS A(b) | | 114,845 | | 542,152 | | |
| 669 | | MARRIOTT VACATIONS WORLDWIDE CORP. | | 62,757 | | 113,048 | | |
| 10,620 | | MCDONALD'S CORP. | | 433,348 | | 2,846,903 | | |
| 6,006 | | MGM RESORTS INTERNATIONAL | | 51,281 | | 269,549 | | |
| 3,152 | | MOHAWK INDUSTRIES, INC.(b) | | 495,274 | | 574,231 | | |
| 4,915 | | NEWELL BRANDS, INC. | | 52,223 | | 107,344 | | |
| 16,167 | | NIKE, INC., CLASS B | | 1,055,629 | | 2,694,554 | | |
| 4,473 | | NORDSTROM, INC.(b) | | 50,165 | | 101,179 | | |
| 5,600 | | NORWEGIAN CRUISE LINE HOLDINGS LTD.(b) | | 112,201 | | 116,144 | | |
| 103 | | NVR, INC.(b) | | 133,164 | | 608,614 | | |
| 2,000 | | OLLIE'S BARGAIN OUTLET HOLDINGS, INC.(b) | | 107,375 | | 102,380 | | |
| 900 | | O'REILLY AUTOMOTIVE, INC.(b) | | 27,058 | | 635,607 | | |
| 2,100 | | PENN NATIONAL GAMING, INC.(b) | | 106,569 | | 108,885 | | |
| 4,707 | | PENSKE AUTOMOTIVE GROUP, INC. | | 191,281 | | 504,685 | | |
| 4,800 | | PETCO HEALTH & WELLNESS CO., INC.(b) | | 94,781 | | 94,992 | | |
| 1,283 | | PLANET FITNESS, INC., CLASS A(b) | | 75,858 | | 116,214 | | |
| 370 | | POOL CORP. | | 34,226 | | 209,420 | | |
| 14,100 | | PULTEGROUP, INC. | | 58,797 | | 805,956 | | |
| 2,342 | | PVH CORP. | | 101,514 | | 249,774 | | |
| 6,500 | | QUANTUMSCAPE CORP.(b) | | 127,502 | | 144,235 | | |
| 17,636 | | QURATE RETAIL, INC., CLASS A | | 45,988 | | 134,034 | | |
| 1,500 | | RALPH LAUREN CORP. | | 31,320 | | 178,290 | | |
| 4,543 | | ROSS STORES, INC. | | 249,551 | | 519,174 | | |
| 2,530 | | ROYAL CARIBBEAN CRUISES LTD.(b) | | 64,509 | | 194,557 | | |
| 3,108 | | SIX FLAGS ENTERTAINMENT CORP.(b) | | 46,765 | | 132,339 | | |
| 23,500 | | STARBUCKS CORP. | | 154,545 | | 2,748,795 | | |
| 56,274 | | TAPESTRY, INC. | | 2,316,385 | | 2,284,724 | | |
| 15,306 | | TARGET CORP. | | 1,503,428 | | 3,542,421 | | |
| 12,094 | | TESLA, INC.(b) | | 4,998,884 | | 12,780,697 | | |
| 1,900 | | THOR INDUSTRIES, INC. | | 22,315 | | 197,163 | | |
| 20,188 | | TJX (THE) COS., INC. | | 86,033 | | 1,532,673 | | |
| 866 | | TOPBUILD CORP.(b) | | 6,976 | | 238,938 | | |
| 500 | | TRACTOR SUPPLY CO. | | 90,114 | | 119,300 | | |
| 25,121 | | TRAVEL + LEISURE CO. | | 582,478 | | 1,388,438 | | |
| 700 | | ULTA BEAUTY, INC.(b) | | 244,098 | | 288,638 | | |
| 469 | | VAIL RESORTS, INC. | | 162,063 | | 153,785 | | |
| 1,100 | | VEONEER, INC.(b)(c) | | 5,428 | | 39,028 | | |
| 6,800 | | VF CORP. | | 81,950 | | 497,896 | | |
| 1,930 | | VICTORIA'S SECRET & CO.(b) | | 70,949 | | 107,192 | �� | |
| See accompanying notes to financial statements. | 52 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Consumer Discretionary (Cont'd): | | | | | | |
| 935 | | WAYFAIR, INC., CLASS A(b) | | $ 207,026 | | 177,622 | | |
| 3,000 | | WENDY'S (THE) CO. | | 43,280 | | 71,550 | | |
| 6,441 | | WHIRLPOOL CORP. | | 632,036 | | 1,511,445 | | |
| 8,916 | | WILLIAMS-SONOMA, INC. | | 1,391,862 | | 1,507,963 | | |
| 1,461 | | WYNDHAM HOTELS & RESORTS, INC. | | 51,428 | | 130,979 | | |
| 1,554 | | WYNN RESORTS LTD.(b) | | 31,066 | | 132,152 | | |
| 3,039 | | YUM! BRANDS, INC. | | 408,989 | | 421,996 | | |
| | | | | 52,251,446 | | 112,165,909 | | 12.75% |
| Consumer Staples: | | | | | | |
| 21,142 | | ALTRIA GROUP, INC. | | 940,887 | | 1,001,919 | | |
| 10,300 | | ARCHER-DANIELS-MIDLAND CO. | | 188,618 | | 696,177 | | |
| 2,272 | | BEYOND MEAT, INC.(b) | | 157,015 | | 148,044 | | |
| 900 | | BOSTON BEER (THE) CO., INC., CLASS A(b) | | 443,043 | | 454,590 | | |
| 1,614 | | BUNGE LTD. | | 146,274 | | 150,683 | | |
| 10,068 | | CHURCH & DWIGHT CO., INC. | | 241,887 | | 1,031,970 | | |
| 1,500 | | CLOROX (THE) CO. | | 243,598 | | 261,540 | | |
| 69,273 | | COCA-COLA (THE) CO. | | 1,573,449 | | 4,101,654 | | |
| 1,280 | | COLGATE-PALMOLIVE CO. | | 36,019 | | 109,235 | | |
| 4,900 | | CONAGRA BRANDS, INC. | | 125,742 | | 167,335 | | |
| 1,723 | | CONSTELLATION BRANDS, INC., CLASS A | | 228,936 | | 432,421 | | |
| 4,249 | | COSTCO WHOLESALE CORP. | | 291,937 | | 2,412,157 | | |
| 6,123 | | DARLING INGREDIENTS, INC.(b) | | 419,759 | | 424,263 | | |
| 4,095 | | ESTEE LAUDER (THE) COS., INC., CLASS A | | 1,027,498 | | 1,515,969 | | |
| 55,817 | | FLOWERS FOODS, INC. | | 1,438,816 | | 1,533,293 | | |
| 12,400 | | GENERAL MILLS, INC. | | 277,056 | | 835,512 | | |
| 5,300 | | HERBALIFE NUTRITION LTD.(b) | | 36,401 | | 216,929 | | |
| 1,642 | | HERSHEY (THE) CO. | | 60,568 | | 317,678 | | |
| 4,800 | | HORMEL FOODS CORP. | | 43,206 | | 234,288 | | |
| 1,700 | | INGREDION, INC. | | 48,104 | | 164,288 | | |
| 13,532 | | J M SMUCKER (THE) CO. | | 1,454,151 | | 1,837,916 | | |
| 4,616 | | KEURIG DR. PEPPER, INC. | | 75,370 | | 170,146 | | |
| 3,050 | | KIMBERLY-CLARK CORP. | | 270,143 | | 435,906 | | |
| 7,805 | | KRAFT HEINZ (THE) CO. | | 175,299 | | 280,199 | | |
| 73,472 | | KROGER (THE) CO. | | 1,534,331 | | 3,325,343 | | |
| 1,833 | | LAMB WESTON HOLDINGS, INC. | | 73,271 | | 116,176 | | |
| 1,400 | | MCCORMICK & CO., INC. (NON VOTING) | | 21,613 | | 135,254 | | |
| 2,360 | | MOLSON COORS BEVERAGE CO., CLASS B | | 84,088 | | 109,386 | | |
| 6,969 | | MONDELEZ INTERNATIONAL, INC., CLASS A | | 94,887 | | 462,114 | | |
| 7,690 | | MONSTER BEVERAGE CORP.(b) | | 440,333 | | 738,548 | | |
| 33,992 | | PEPSICO, INC. | | 3,371,842 | | 5,904,750 | | |
| 29,583 | | PHILIP MORRIS INTERNATIONAL, INC. | | 2,383,849 | | 2,810,385 | | |
| 700 | | POST HOLDINGS, INC.(b) | | 43,421 | | 78,911 | | |
| 34,896 | | PROCTER & GAMBLE (THE) CO. | | 1,210,185 | | 5,708,288 | | |
| 19,385 | | REYNOLDS CONSUMER PRODUCTS, INC. | | 545,370 | | 608,689 | | |
| 14 | | SEABOARD CORP. | | 56,575 | | 55,090 | | |
| 7,500 | | SYSCO CORP. | | 115,506 | | 589,125 | | |
| 38,031 | | TYSON FOODS, INC., CLASS A | | 2,388,258 | | 3,314,782 | | |
| 2,700 | | US FOODS HOLDING CORP.(b) | | 45,757 | | 94,041 | | |
| 16,150 | | WALGREENS BOOTS ALLIANCE, INC. | | 185,200 | | 842,384 | | |
| 26,379 | | WALMART, INC. | | 2,804,067 | | 3,816,778 | | |
| | | | | 25,342,329 | | 47,644,156 | | 5.42% |
| Energy: | | | | | | |
| 11,201 | | ANTERO MIDSTREAM CORP. | | 97,676 | | 108,426 | | |
| 7,500 | | APA CORP. | | 44,218 | | 201,675 | | |
| 9,248 | | BAKER HUGHES CO. | | 143,942 | | 222,507 | | |
| 2,700 | | CHENIERE ENERGY, INC. | | 117,368 | | 273,834 | | |
| 41,420 | | CHEVRON CORP. | | 2,699,709 | | 4,860,637 | | |
| 74,361 | | CONOCOPHILLIPS | | 3,104,114 | | 5,367,377 | | |
| 2,000 | | CONTINENTAL RESOURCES, INC. | | 20,765 | | 89,520 | | |
| 68,404 | | COTERRA ENERGY, INC. | | 1,118,831 | | 1,299,676 | | |
| 30,006 | | DEVON ENERGY CORP. | | 1,127,131 | | 1,321,764 | | |
| 1,150 | | DT MIDSTREAM, INC. | | 12,534 | | 55,177 | | |
| 9,794 | | ENBRIDGE, INC.(c) | | 137,797 | | 382,749 | | |
| 17,647 | | EOG RESOURCES, INC. | | 1,104,770 | | 1,567,583 | | |
| 35,634 | | EXXON MOBIL CORP. | | 1,739,927 | | 2,180,444 | | |
| 6,700 | | HALLIBURTON CO. | | 139,465 | | 153,229 | | |
| 3,100 | | HELMERICH & PAYNE, INC. | | 39,003 | | 73,470 | | |
| See accompanying notes to financial statements. | 53 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Energy (Cont'd): | | | | | | |
| 2,600 | | HESS CORP. | | $ 90,342 | | 192,478 | | |
| 3,600 | | HOLLYFRONTIER CORP. | | 106,008 | | 118,008 | | |
| 79,324 | | KINDER MORGAN, INC. | | 1,266,758 | | 1,258,079 | | |
| 69,733 | | MARATHON OIL CORP. | | 844,085 | | 1,145,016 | | |
| 5,762 | | MARATHON PETROLEUM CORP. | | 346,371 | | 368,710 | | |
| 1,472 | | NOV, INC. | | 19,701 | | 19,946 | | |
| 6,935 | | OCCIDENTAL PETROLEUM CORP. | | 82,433 | | 201,046 | | |
| 5,200 | | ONEOK, INC. | | 105,707 | | 305,552 | | |
| 6,900 | | PBF ENERGY, INC., CLASS A(b) | | 45,787 | | 89,493 | | |
| 4,300 | | PHILLIPS 66 | | 276,944 | | 311,578 | | |
| 2,300 | | PIONEER NATURAL RESOURCES CO. | | 224,682 | | 418,324 | | |
| 15,084 | | SCHLUMBERGER N.V. | | 285,866 | | 451,766 | | |
| 2,600 | | TARGA RESOURCES CORP. | | 110,451 | | 135,824 | | |
| 468 | | TEXAS PACIFIC LAND CORP. | | 781,998 | | 584,471 | | |
| 8,779 | | VALERO ENERGY CORP. | | 304,690 | | 659,391 | | |
| 11,600 | | WILLIAMS (THE) COS., INC. | | 130,479 | | 302,064 | | |
| | | | | 16,669,552 | | 24,719,814 | | 2.81% |
| Financials: | | | | | | |
| 4,400 | | AFLAC, INC. | | 215,901 | | 256,916 | | |
| 552 | | ALLEGHANY CORP.(b) | | 174,665 | | 368,510 | | |
| 29,966 | | ALLSTATE (THE) CORP. | | 2,407,578 | | 3,525,500 | | |
| 2,042 | | ALLY FINANCIAL, INC. | | 102,716 | | 97,220 | | |
| 7,533 | | AMERICAN EXPRESS CO. | | 755,196 | | 1,232,399 | | |
| 2,208 | | AMERICAN FINANCIAL GROUP, INC. | | 135,743 | | 303,203 | | |
| 23,905 | | AMERICAN INTERNATIONAL GROUP, INC. | | 1,185,472 | | 1,359,238 | | |
| 9,708 | | AMERIPRISE FINANCIAL, INC. | | 809,890 | | 2,928,515 | | |
| 15,900 | | ANNALY CAPITAL MANAGEMENT, INC. | | 90,848 | | 124,338 | | |
| 2,648 | | AON PLC, CLASS A | | 434,656 | | 795,883 | | |
| 2,100 | | APOLLO ASSET MANAGEMENT, INC. | | 121,643 | | 152,103 | | |
| 15,811 | | ARCH CAPITAL GROUP LTD.(b)(c) | | 307,170 | | 702,799 | | |
| 2,300 | | ARTHUR J. GALLAGHER & CO. | | 80,002 | | 390,241 | | |
| 5,000 | | ASSURANT, INC. | | 234,043 | | 779,300 | | |
| 1,400 | | ATHENE HOLDING LTD., CLASS A(b)(c) | | 89,136 | | 116,662 | | |
| 1,000 | | AXIS CAPITAL HOLDINGS LTD.(c) | | 28,371 | | 54,470 | | |
| 139,472 | | BANK OF AMERICA CORP. | | 2,118,617 | | 6,205,109 | | |
| 10,000 | | BANK OF NEW YORK MELLON (THE) CORP. | | 206,454 | | 580,800 | | |
| 7,678 | | BANK OZK | | 342,843 | | 357,257 | | |
| 29,451 | | BERKSHIRE HATHAWAY, INC., CLASS B(b) | | 4,521,209 | | 8,805,849 | | |
| 1,400 | | BLACKROCK, INC. | | 1,229,820 | | 1,281,784 | | |
| 15,171 | | BLACKSTONE, INC. | | 1,437,138 | | 1,962,976 | | |
| 503 | | BOK FINANCIAL CORP. | | 52,050 | | 53,062 | | |
| 2,000 | | BRIGHTHOUSE FINANCIAL, INC.(b) | | 48,875 | | 103,600 | | |
| 1,700 | | BROWN & BROWN, INC. | | 88,516 | | 119,476 | | |
| 620 | | CANNAE HOLDINGS, INC.(b) | | 2,893 | | 21,793 | | |
| 7,647 | | CAPITAL ONE FINANCIAL CORP. | | 232,495 | | 1,109,503 | | |
| 800 | | CBOE GLOBAL MARKETS, INC. | | 94,440 | | 104,320 | | |
| 18,008 | | CHARLES SCHWAB (THE) CORP. | | 196,582 | | 1,514,473 | | |
| 5,185 | | CHUBB LTD.(c) | | 608,428 | | 1,002,312 | | |
| 10,290 | | CINCINNATI FINANCIAL CORP. | | 1,240,891 | | 1,172,340 | | |
| 96,839 | | CITIGROUP, INC. | | 5,269,928 | | 5,848,107 | | |
| 7,030 | | CITIZENS FINANCIAL GROUP, INC. | | 131,016 | | 332,168 | | |
| 2,894 | | CME GROUP, INC. | | 405,509 | | 661,163 | | |
| 1,700 | | COMERICA, INC. | | 120,365 | | 147,900 | | |
| 700 | | CREDIT ACCEPTANCE CORP.(b) | | 195,241 | | 481,376 | | |
| 8,202 | | DISCOVER FINANCIAL SERVICES | | 125,376 | | 947,823 | | |
| 600 | | ERIE INDEMNITY CO., CLASS A | | 109,356 | | 115,596 | | |
| 2,339 | | EVEREST RE GROUP LTD.(c) | | 590,159 | | 640,699 | | |
| 469 | | FAIRFAX FINANCIAL HOLDINGS LTD.(c) | | 86,576 | | 230,809 | | |
| 2,163 | | FIDELITY NATIONAL FINANCIAL, INC. | | 29,212 | | 112,865 | | |
| 10,565 | | FIFTH THIRD BANCORP | | 109,297 | | 460,106 | | |
| 3,582 | | FIRST AMERICAN FINANCIAL CORP. | | 223,624 | | 280,220 | | |
| 590 | | FIRST CITIZENS BANCSHARES, INC., CLASS A | | 214,955 | | 489,606 | | |
| 1,961 | | FIRST HAWAIIAN, INC. | | 51,749 | | 53,594 | | |
| 30,500 | | FIRST HORIZON CORP. | | 193,065 | | 498,065 | | |
| 600 | | FIRST REPUBLIC BANK | | 114,738 | | 123,906 | | |
| 7,610 | | GOLDMAN SACHS GROUP (THE), INC. | | 814,108 | | 2,911,206 | | |
| 3,000 | | HANOVER INSURANCE GROUP (THE), INC. | | 215,948 | | 393,180 | | |
| See accompanying notes to financial statements. | 54 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Financials (Cont'd): | | | | | | |
| 6,805 | | HARTFORD FINANCIAL SERVICES GROUP (THE), INC. | | $ 268,256 | | 469,817 | | |
| 43,846 | | HUNTINGTON BANCSHARES, INC. | | 221,602 | | 676,105 | | |
| 5,905 | | INTERCONTINENTAL EXCHANGE, INC. | | 612,683 | | 807,627 | | |
| 4,100 | | INVESCO LTD. | | 98,385 | | 94,382 | | |
| 15,903 | | JANUS HENDERSON GROUP PLC(c) | | 222,792 | | 666,972 | | |
| 47,592 | | JPMORGAN CHASE & CO. | | 1,738,755 | | 7,536,193 | | |
| 66,671 | | KEYCORP | | 1,284,231 | | 1,542,100 | | |
| 6,500 | | KKR & CO., INC. | | 418,842 | | 484,250 | | |
| 2,200 | | LEMONADE, INC.(b) | | 98,070 | | 92,642 | | |
| 2,100 | | LINCOLN NATIONAL CORP. | | 132,039 | | 143,346 | | |
| 5,278 | | LPL FINANCIAL HOLDINGS, INC. | | 775,362 | | 844,955 | | |
| 1,299 | | M&T BANK CORP. | | 184,651 | | 199,500 | | |
| 200 | | MARKEL CORP.(b) | | 67,789 | | 246,800 | | |
| 400 | | MARKETAXESS HOLDINGS, INC. | | 144,804 | | 164,508 | | |
| 5,684 | | MARSH & MCLENNAN COS., INC. | | 240,120 | | 987,993 | | |
| 1,300 | | MERCURY GENERAL CORP. | | 38,019 | | 68,978 | | |
| 5,791 | | METLIFE, INC. | | 204,731 | | 361,880 | | |
| 6,600 | | MGIC INVESTMENT CORP. | | 91,778 | | 95,172 | | |
| 34,252 | | MORGAN STANLEY | | 792,479 | | 3,362,176 | | |
| 100 | | MSCI, INC. | | 61,887 | | 61,269 | | |
| 5,900 | | NASDAQ, INC. | | 240,309 | | 1,239,059 | | |
| 9,200 | | NEW RESIDENTIAL INVESTMENT CORP. | | 102,171 | | 98,532 | | |
| 2,326 | | ONEMAIN HOLDINGS, INC. | | 40,168 | | 116,393 | | |
| 2,485 | | PACWEST BANCORP | | 28,898 | | 112,247 | | |
| 7,114 | | PNC FINANCIAL SERVICES GROUP (THE), INC. | | 273,331 | | 1,426,499 | | |
| 16,845 | | POPULAR, INC. | | 570,145 | | 1,381,964 | | |
| 1,800 | | PRINCIPAL FINANCIAL GROUP, INC. | | 37,586 | | 130,194 | | |
| 14,736 | | PROGRESSIVE (THE) CORP. | | 949,794 | | 1,512,650 | | |
| 7,068 | | PROSPERITY BANCSHARES, INC. | | 521,313 | | 511,016 | | |
| 5,900 | | PRUDENTIAL FINANCIAL, INC. | | 182,565 | | 638,616 | | |
| 1,050 | | RAYMOND JAMES FINANCIAL, INC. | | 89,754 | | 105,420 | | |
| 15,539 | | REGIONS FINANCIAL CORP. | | 152,694 | | 338,750 | | |
| 800 | | RENAISSANCERE HOLDINGS LTD.(c) | | 81,779 | | 135,464 | | |
| 6,219 | | ROCKET COS., INC., CLASS A | | 99,789 | | 87,066 | | |
| 3,151 | | ROYAL BANK OF CANADA(c) | | 75,539 | | 334,447 | | |
| 2,600 | | S&P GLOBAL, INC. | | 999,432 | | 1,227,018 | | |
| 3,648 | | SANTANDER CONSUMER U.S.A. HOLDINGS, INC. | | 142,460 | | 153,289 | | |
| 8,353 | | SEI INVESTMENTS CO. | | 159,568 | | 509,032 | | |
| 18,352 | | SLM CORP. | | 93,485 | | 360,984 | | |
| 3,314 | | STATE STREET CORP. | | 265,723 | | 308,202 | | |
| 4,400 | | STERLING BANCORP | | 98,455 | | 113,476 | | |
| 206 | | SVB FINANCIAL GROUP(b) | | 115,777 | | 139,717 | | |
| 63,527 | | SYNCHRONY FINANCIAL | | 1,773,242 | | 2,947,018 | | |
| 3,657 | | SYNOVUS FINANCIAL CORP. | | 49,372 | | 175,061 | | |
| 8,137 | | T. ROWE PRICE GROUP, INC. | | 959,037 | | 1,600,060 | | |
| 20,045 | | TRAVELERS (THE) COS., INC. | | 2,082,710 | | 3,135,639 | | |
| 13,994 | | TRUIST FINANCIAL CORP. | | 299,281 | | 819,349 | | |
| 16,200 | | TWO HARBORS INVESTMENT CORP. | | 62,304 | | 93,474 | | |
| 700 | | UPSTART HOLDINGS, INC.(b) | | 93,226 | | 105,910 | | |
| 17,585 | | US BANCORP | | 318,503 | | 987,750 | | |
| 25,900 | | UWM HOLDINGS CORP. | | 179,103 | | 153,328 | | |
| 41,567 | | VIRTU FINANCIAL, INC., CLASS A | | 982,453 | | 1,198,377 | | |
| 7,855 | | W R BERKLEY CORP. | | 230,563 | | 647,173 | | |
| 1,800 | | WASHINGTON FEDERAL, INC. | | 23,535 | | 60,084 | | |
| 54,087 | | WELLS FARGO & CO. | | 923,766 | | 2,595,094 | | |
| 3,668 | | WESTERN ALLIANCE BANCORP | | 163,779 | | 394,860 | | |
| 1,509 | | WILLIS TOWERS WATSON PLC(c) | | 356,438 | | 358,372 | | |
| 2,600 | | ZIONS BANCORP N.A. | | 49,361 | | 164,216 | | |
| | | | | 50,159,186 | | 97,632,805 | | 11.10% |
| Health Care: | | | | | | |
| 20,634 | | ABBOTT LABORATORIES | | 1,163,464 | | 2,904,029 | | |
| 21,141 | | ABBVIE, INC. | | 841,581 | | 2,862,491 | | |
| 500 | | ABIOMED, INC.(b) | | 107,418 | | 179,585 | | |
| 2,894 | | AGILENT TECHNOLOGIES, INC. | | 277,362 | | 462,027 | | |
| 4,700 | | AGILON HEALTH, INC.(b) | | 105,214 | | 126,900 | | |
| 1,200 | | AGIOS PHARMACEUTICALS, INC.(b) | | 44,843 | | 39,444 | | |
| 2,178 | | ALIGN TECHNOLOGY, INC.(b) | | 646,282 | | 1,431,338 | | |
| See accompanying notes to financial statements. | 55 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Health Care (Cont'd): | | | | | | |
| 1,294 | | ALNYLAM PHARMACEUTICALS, INC.(b) | | $ 199,504 | | 219,437 | | |
| 6,300 | | AMERISOURCEBERGEN CORP. | | 103,513 | | 837,207 | | |
| 26,643 | | AMGEN, INC. | | 5,606,225 | | 5,993,876 | | |
| 7,454 | | ANTHEM, INC. | | 1,295,966 | | 3,455,227 | | |
| 5,327 | | ASTRAZENECA PLC ADR(c)(d) | | 290,152 | | 310,298 | | |
| 193 | | AVANOS MEDICAL, INC.(b) | | 3,014 | | 6,691 | | |
| 3,700 | | AVANTOR, INC.(b) | | 41,168 | | 155,918 | | |
| 14,390 | | BAXTER INTERNATIONAL, INC. | | 873,922 | | 1,235,238 | | |
| 3,565 | | BECTON DICKINSON AND CO. | | 424,225 | | 896,526 | | |
| 6,790 | | BIOGEN, INC.(b) | | 1,854,965 | | 1,629,057 | | |
| 1,027 | | BIO-RAD LABORATORIES, INC., CLASS A(b) | | 601,814 | | 775,970 | | |
| 2,183 | | BIO-TECHNE CORP. | | 881,435 | | 1,129,353 | | |
| 32,800 | | BOSTON SCIENTIFIC CORP.(b) | | 182,160 | | 1,393,344 | | |
| 45,278 | | BRISTOL-MYERS SQUIBB CO. | | 2,138,756 | | 2,823,083 | | |
| 2,145 | | BRUKER CORP. | | 43,219 | | 179,987 | | |
| 2,312 | | CARDINAL HEALTH, INC. | | 88,307 | | 119,045 | | |
| 1,800 | | CATALENT, INC.(b) | | 103,746 | | 230,454 | | |
| 9,743 | | CENTENE CORP.(b) | | 557,413 | | 802,823 | | |
| 3,600 | | CERNER CORP. | | 40,604 | | 334,332 | | |
| 241 | | CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(b) | | 31,337 | | 90,804 | | |
| 6,065 | | CIGNA CORP. | | 880,583 | | 1,392,706 | | |
| 200 | | COOPER (THE) COS., INC. | | 50,902 | | 83,788 | | |
| 7,356 | | CUREVAC N.V.(b)(c) | | 272,184 | | 252,384 | | |
| 23,230 | | CVS HEALTH CORP. | | 1,312,838 | | 2,396,407 | | |
| 9,229 | | DANAHER CORP. | | 272,153 | | 3,036,433 | | |
| 5,332 | | DENTSPLY SIRONA, INC. | | 141,306 | | 297,472 | | |
| 1,500 | | DEXCOM, INC.(b) | | 87,312 | | 805,425 | | |
| 11,820 | | EDWARDS LIFESCIENCES CORP.(b) | | 166,620 | | 1,531,281 | | |
| 3,800 | | ELANCO ANIMAL HEALTH, INC.(b) | | 74,580 | | 107,844 | | |
| 12,924 | | ELI LILLY & CO. | | 1,231,113 | | 3,569,867 | | |
| 2,884 | | FIGS, INC., CLASS A(b) | | 94,470 | | 79,483 | | |
| 17,217 | | GILEAD SCIENCES, INC. | | 149,584 | | 1,250,126 | | |
| 1,100 | | GUARDANT HEALTH, INC.(b) | | 97,591 | | 110,022 | | |
| 7,588 | | HCA HEALTHCARE, INC. | | 1,233,343 | | 1,949,509 | | |
| 3,800 | | HENRY SCHEIN, INC.(b) | | 67,547 | | 294,614 | | |
| 54,176 | | HOLOGIC, INC.(b) | | 3,568,384 | | 4,147,715 | | |
| 9,325 | | HORIZON THERAPEUTICS PLC(b) | | 411,966 | | 1,004,862 | | |
| 1,959 | | HUMANA, INC. | | 723,238 | | 908,702 | | |
| 6,784 | | IDEXX LABORATORIES, INC.(b) | | 2,082,530 | | 4,466,993 | | |
| 2,300 | | ILLUMINA, INC.(b) | | 98,233 | | 875,012 | | |
| 2,271 | | INCYTE CORP.(b) | | 145,007 | | 166,691 | | |
| 700 | | INSULET CORP.(b) | | 196,922 | | 186,249 | | |
| 4,686 | | INTUITIVE SURGICAL, INC.(b) | | 650,350 | | 1,683,680 | | |
| 3,800 | | IONIS PHARMACEUTICALS, INC.(b) | | 104,524 | | 115,634 | | |
| 5,634 | | IQVIA HOLDINGS, INC.(b) | | 560,732 | | 1,589,577 | | |
| 42,730 | | JOHNSON & JOHNSON | | 4,453,726 | | 7,309,821 | | |
| 6,474 | | LABORATORY CORP. OF AMERICA HOLDINGS(b) | | 1,616,566 | | 2,034,196 | | |
| 2,493 | | MARAVAI LIFESCIENCES HOLDINGS, INC., CLASS A(b) | | 104,524 | | 104,457 | | |
| 500 | | MASIMO CORP.(b) | | 110,177 | | 146,390 | | |
| 6,061 | | MCKESSON CORP. | | 254,847 | | 1,506,583 | | |
| 5,800 | | MEDTRONIC PLC(c) | | 479,128 | | 600,010 | | |
| 39,478 | | MERCK & CO., INC. | | 1,057,231 | | 3,025,594 | | |
| 1,117 | | METTLER-TOLEDO INTERNATIONAL, INC.(b) | | 109,592 | | 1,895,784 | | |
| 5,228 | | MODERNA, INC.(b) | | 1,104,636 | | 1,327,807 | | |
| 1,172 | | MOLINA HEALTHCARE, INC.(b) | | 198,227 | | 372,790 | | |
| 600 | | NOVAVAX, INC.(b) | | 85,122 | | 85,842 | | |
| 5,000 | | NOVOCURE LTD.(b)(c) | | 416,530 | | 375,400 | | |
| 3,500 | | OAK STREET HEALTH, INC.(b) | | 105,442 | | 115,990 | | |
| 12,541 | | ORGANON & CO. | | 311,861 | | 381,874 | | |
| 400 | | PENUMBRA, INC.(b) | | 63,679 | | 114,928 | | |
| 2,822 | | PERKINELMER, INC. | | 476,336 | | 567,391 | | |
| 72,467 | | PFIZER, INC. | | 1,669,780 | | 4,279,176 | | |
| 2,000 | | QIAGEN N.V.(b)(c) | | 83,380 | | 111,160 | | |
| 12,540 | | QUEST DIAGNOSTICS, INC. | | 1,879,318 | | 2,169,545 | | |
| 767 | | QUIDEL CORP.(b) | | 85,254 | | 103,537 | | |
| 1,178 | | REGENERON PHARMACEUTICALS, INC.(b) | | 601,280 | | 743,931 | | |
| 418 | | REPLIGEN CORP.(b) | | 51,483 | | 110,703 | | |
| See accompanying notes to financial statements. | 56 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Health Care (Cont'd): | | | | | | |
| 4,791 | | RESMED, INC. | | $ 129,046 | | 1,247,960 | | |
| 2,700 | | ROYALTY PHARMA PLC, CLASS A | | 100,269 | | 107,595 | | |
| 2,700 | | SAGE THERAPEUTICS, INC.(b) | | 101,241 | | 114,858 | | |
| 1,464 | | SAREPTA THERAPEUTICS, INC.(b) | | 114,915 | | 131,833 | | |
| 667 | | SEAGEN, INC.(b) | | 107,862 | | 103,118 | | |
| 7,400 | | SIGNIFY HEALTH, INC., CLASS A(b) | | 106,824 | | 105,228 | | |
| 400 | | STERIS PLC | | 80,548 | | 97,364 | | |
| 3,700 | | STRYKER CORP. | | 924,061 | | 989,454 | | |
| 1,000 | | TANDEM DIABETES CARE, INC.(b) | | 110,252 | | 150,520 | | |
| 1,800 | | TELEFLEX, INC. | | 195,858 | | 591,264 | | |
| 4,920 | | THERMO FISHER SCIENTIFIC, INC. | | 1,674,174 | | 3,282,821 | | |
| 1,277 | | ULTRAGENYX PHARMACEUTICAL, INC.(b) | | 104,278 | | 107,383 | | |
| 6,118 | | UNITED THERAPEUTICS CORP.(b) | | 616,285 | | 1,321,977 | | |
| 17,091 | | UNITEDHEALTH GROUP, INC. | | 2,997,601 | | 8,582,075 | | |
| 2,036 | | UNIVERSAL HEALTH SERVICES, INC., CLASS B | | 38,822 | | 263,988 | | |
| 1,880 | | VAREX IMAGING CORP.(b) | | 19,829 | | 59,314 | | |
| 1,800 | | VEEVA SYSTEMS, INC., CLASS A(b) | | 318,742 | | 459,864 | | |
| 3,000 | | VERTEX PHARMACEUTICALS, INC.(b) | | 439,107 | | 658,800 | | |
| 14,143 | | VIATRIS, INC. | | 137,259 | | 191,355 | | |
| 7,995 | | WATERS CORP.(b) | | 1,474,404 | | 2,978,937 | | |
| 300 | | WEST PHARMACEUTICAL SERVICES, INC. | | 68,922 | | 140,703 | | |
| 3,374 | | ZIMMER BIOMET HOLDINGS, INC. | | 140,047 | | 428,633 | | |
| 5,047 | | ZOETIS, INC. | | 802,332 | | 1,231,619 | | |
| | | | | 59,342,418 | | 113,756,532 | | 12.93% |
| Industrials: | | | | | | |
| 11,273 | | 3M CO. | | 1,233,111 | | 2,002,423 | | |
| 923 | | ACCO BRANDS CORP. | | 3,137 | | 7,624 | | |
| 3,338 | | ACUITY BRANDS, INC. | | 362,545 | | 706,721 | | |
| 11,607 | | ADT, INC. | | 43,924 | | 97,615 | | |
| 5,973 | | AGCO CORP. | | 421,122 | | 692,987 | | |
| 8,255 | | AIR LEASE CORP. | | 219,583 | | 365,119 | | |
| 1,533 | | ALLEGION PLC(c) | | 40,913 | | 203,031 | | |
| 1,555 | | AMERCO | | 1,119,556 | | 1,129,288 | | |
| 6,100 | | AMERICAN AIRLINES GROUP, INC.(b) | | 109,408 | | 109,556 | | |
| 5,175 | | AMETEK, INC. | | 73,221 | | 760,932 | | |
| 6,387 | | BOEING (THE) CO.(b) | | 846,544 | | 1,285,831 | | |
| 9,993 | | BOOZ ALLEN HAMILTON HOLDING CORP. | | 331,898 | | 847,306 | | |
| 2,400 | | BUILDERS FIRSTSOURCE, INC.(b) | | 113,609 | | 205,704 | | |
| 1,200 | | BWX TECHNOLOGIES, INC. | | 54,215 | | 57,456 | | |
| 1,200 | | C.H. ROBINSON WORLDWIDE, INC. | | 108,946 | | 129,156 | | |
| 1,436 | | CACI INTERNATIONAL, INC., CLASS A(b) | | 305,354 | | 386,586 | | |
| 865 | | CANADIAN PACIFIC RAILWAY LTD.(c) | | 60,235 | | 62,242 | | |
| 1,396 | | CARLISLE COS., INC. | | 85,166 | | 346,376 | | |
| 10,640 | | CARRIER GLOBAL CORP. | | 57,007 | | 577,114 | | |
| 10,504 | | CATERPILLAR, INC. | | 272,491 | | 2,171,597 | | |
| 4,600 | | CHARGEPOINT HOLDINGS, INC.(b) | | 95,432 | | 87,630 | | |
| 4,200 | | CINTAS CORP. | | 616,293 | | 1,861,314 | | |
| 3,100 | | COPART, INC.(b) | | 271,982 | | 470,022 | | |
| 1,220 | | COSTAR GROUP, INC.(b) | | 104,250 | | 96,417 | | |
| 3,948 | | CRANE CO. | | 66,572 | | 401,630 | | |
| 37,872 | | CSX CORP. | | 901,045 | | 1,423,987 | | |
| 8,796 | | CUMMINS, INC. | | 1,327,709 | | 1,918,759 | | |
| 5,993 | | DEERE & CO. | | 168,293 | | 2,054,940 | | |
| 10,940 | | DELTA AIR LINES, INC.(b) | | 161,058 | | 427,535 | | |
| 1,525 | | DOVER CORP. | | 32,899 | | 276,940 | | |
| 5,900 | | DUN & BRADSTREET HOLDINGS, INC.(b) | | 99,096 | | 120,891 | | |
| 21,321 | | EATON CORP. PLC | | 1,164,891 | | 3,684,695 | | |
| 1,100 | | EMERSON ELECTRIC CO. | | 106,666 | | 102,267 | | |
| 1,100 | | EQUIFAX, INC. | | 264,414 | | 322,069 | | |
| 2,373 | | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | | 180,258 | | 318,670 | | |
| 2,400 | | FASTENAL CO. | | 128,397 | | 153,744 | | |
| 3,724 | | FEDEX CORP. | | 514,222 | | 963,175 | | |
| 3,325 | | FORTIVE CORP. | | 36,012 | | 253,664 | | |
| 4,300 | | FORTUNE BRANDS HOME & SECURITY, INC. | | 33,889 | | 459,670 | | |
| 1,400 | | GATX CORP. | | 24,276 | | 145,866 | | |
| 2,926 | | GENERAL DYNAMICS CORP. | | 537,949 | | 609,983 | | |
| 10,764 | | GENERAL ELECTRIC CO. | | 819,355 | | 1,016,875 | | |
| See accompanying notes to financial statements. | 57 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Industrials (Cont'd): | | | | | | |
| 20,900 | | GRAFTECH INTERNATIONAL LTD. | | $ 154,560 | | 247,247 | | |
| 1,200 | | GXO LOGISTICS, INC.(b) | | 83,487 | | 108,996 | | |
| 875 | | HEICO CORP. | | 61,334 | | 126,193 | | |
| 2,156 | | HEICO CORP., CLASS A | | 109,365 | | 277,089 | | |
| 360 | | HERC HOLDINGS, INC. | | 5,808 | | 56,358 | | |
| 11,935 | | HONEYWELL INTERNATIONAL, INC. | | 896,739 | | 2,488,567 | | |
| 25,039 | | HOWMET AEROSPACE, INC. | | 299,194 | | 796,991 | | |
| 1,200 | | HUBBELL, INC. | | 43,310 | | 249,924 | | |
| 857 | | HUNTINGTON INGALLS INDUSTRIES, INC. | | 65,800 | | 160,036 | | |
| 1,500 | | IAA, INC.(b) | | 45,883 | | 75,930 | | |
| 2,271 | | IDEX CORP. | | 140,770 | | 536,683 | | |
| 5,833 | | IHS MARKIT LTD.(c) | | 623,794 | | 775,322 | | |
| 4,824 | | ILLINOIS TOOL WORKS, INC. | | 155,812 | | 1,190,563 | | |
| 2,382 | | INGERSOLL RAND, INC. | | 18,866 | | 147,374 | | |
| 1,468 | | JACOBS ENGINEERING GROUP, INC. | | 29,713 | | 204,390 | | |
| 2,100 | | JB HUNT TRANSPORT SERVICES, INC. | | 40,530 | | 429,240 | | |
| 7,342 | | JETBLUE AIRWAYS CORP.(b) | | 103,546 | | 104,550 | | |
| 14,987 | | JOHNSON CONTROLS INTERNATIONAL PLC | | 412,675 | | 1,218,593 | | |
| 1,800 | | KIRBY CORP.(b) | | 101,589 | | 106,956 | | |
| 3,118 | | KNIGHT-SWIFT TRANSPORTATION HOLDINGS, INC. | | 134,794 | | 190,011 | | |
| 16,327 | | L3HARRIS TECHNOLOGIES, INC. | | 2,701,530 | | 3,481,569 | | |
| 1,184 | | LANDSTAR SYSTEM, INC. | | 194,024 | | 211,960 | | |
| 1,047 | | LEIDOS HOLDINGS, INC. | | 45,558 | | 93,078 | | |
| 600 | | LENNOX INTERNATIONAL, INC. | | 17,874 | | 194,616 | | |
| 1,400 | | LINCOLN ELECTRIC HOLDINGS, INC. | | 28,970 | | 195,258 | | |
| 1,700 | | LOCKHEED MARTIN CORP. | | 555,629 | | 604,197 | | |
| 3,300 | | LYFT, INC., CLASS A(b) | | 116,995 | | 141,009 | | |
| 1,200 | | MANITOWOC (THE) CO., INC.(b) | | 10,053 | | 22,308 | | |
| 2,475 | | MANPOWERGROUP, INC. | | 81,958 | | 240,892 | | |
| 40,193 | | MASCO CORP. | | 1,633,595 | | 2,822,352 | | |
| 2,295 | | MERCURY SYSTEMS, INC.(b) | | 107,397 | | 126,363 | | |
| 3,039 | | MSC INDUSTRIAL DIRECT CO., INC., CLASS A | | 189,928 | | 255,458 | | |
| 710 | | NORDSON CORP. | | 91,107 | | 181,242 | | |
| 777 | | NORFOLK SOUTHERN CORP. | | 19,427 | | 231,321 | | |
| 9,195 | | NORTHROP GRUMMAN CORP. | | 2,158,862 | | 3,559,109 | | |
| 2,519 | | NVENT ELECTRIC PLC(c) | | 24,113 | | 95,722 | | |
| 5,625 | | OLD DOMINION FREIGHT LINE, INC. | | 1,251,149 | | 2,015,888 | | |
| 3,500 | | OSHKOSH CORP. | | 60,585 | | 394,485 | | |
| 5,320 | | OTIS WORLDWIDE CORP. | | 90,693 | | 463,212 | | |
| 1,100 | | OWENS CORNING | | 22,578 | | 99,550 | | |
| 1,056 | | PACCAR, INC. | | 46,858 | | 93,203 | | |
| 4,628 | | PARKER-HANNIFIN CORP. | | 350,966 | | 1,472,259 | | |
| 10,935 | | PENTAIR PLC(c) | | 662,192 | | 798,583 | | |
| 6,000 | | PLUG POWER, INC.(b) | | 155,609 | | 169,380 | | |
| 21,936 | | QUANTA SERVICES, INC. | | 1,639,893 | | 2,515,182 | | |
| 15,828 | | RAYTHEON TECHNOLOGIES CORP. | | 461,980 | | 1,362,158 | | |
| 12,257 | | REPUBLIC SERVICES, INC. | | 732,074 | | 1,709,239 | | |
| 13,610 | | ROBERT HALF INTERNATIONAL, INC. | | 1,513,611 | | 1,517,787 | | |
| 300 | | ROCKWELL AUTOMATION, INC. | | 91,248 | | 104,655 | | |
| 9,420 | | ROLLINS, INC. | | 221,629 | | 322,258 | | |
| 1,615 | | ROPER TECHNOLOGIES, INC. | | 526,489 | | 794,354 | | |
| 3,802 | | RYDER SYSTEM, INC. | | 283,586 | | 313,399 | | |
| 30,155 | | SCHNEIDER NATIONAL, INC., CLASS B | | 727,733 | | 811,471 | | |
| 3,800 | | SHOALS TECHNOLOGIES GROUP, INC., CLASS A(b) | | 104,714 | | 92,340 | | |
| 5,763 | | SNAP-ON, INC. | | 1,203,018 | | 1,241,235 | | |
| 7,600 | | SOUTHWEST AIRLINES CO.(b) | | 68,868 | | 325,584 | | |
| 2,436 | | SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A | | 63,991 | | 104,967 | | |
| 2,557 | | STANLEY BLACK & DECKER, INC. | | 72,048 | | 482,301 | | |
| 600 | | STERICYCLE, INC.(b) | | 18,858 | | 35,784 | | |
| 3,121 | | TEXTRON, INC. | | 215,695 | | 240,941 | | |
| 11,246 | | TIMKEN (THE) CO. | | 499,847 | | 779,235 | | |
| 1,596 | | TORO (THE) CO. | | 76,510 | | 159,456 | | |
| 14,507 | | TRANE TECHNOLOGIES PLC(c) | | 1,235,170 | | 2,930,849 | | |
| 607 | | TRANSDIGM GROUP, INC.(b) | | 317,685 | | 386,222 | | |
| 800 | | TRANSUNION | | 84,920 | | 94,864 | | |
| 11,000 | | UBER TECHNOLOGIES, INC.(b) | | 307,924 | | 461,230 | | |
| 9,499 | | UNION PACIFIC CORP. | | 1,264,514 | | 2,393,083 | | |
| See accompanying notes to financial statements. | 58 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Industrials (Cont'd): | | | | | | |
| 4,828 | | UNITED AIRLINES HOLDINGS, INC.(b) | | $ 165,727 | | 211,370 | | |
| 11,327 | | UNITED PARCEL SERVICE, INC., CLASS B | | 1,599,061 | | 2,427,829 | | |
| 6,227 | | UNITED RENTALS, INC.(b) | | 625,502 | | 2,069,170 | | |
| 1,494 | | VERISK ANALYTICS, INC. | | 255,892 | | 341,723 | | |
| 33 | | VERITIV CORP.(b) | | 510 | | 4,045 | | |
| 4,400 | | VERTIV HOLDINGS CO. | | 100,611 | | 109,868 | | |
| 7,100 | | VIRGIN GALACTIC HOLDINGS, INC.(b) | | 103,985 | | 94,998 | | |
| 700 | | W.W. GRAINGER, INC. | | 30,601 | | 362,768 | | |
| 975 | | WASTE CONNECTIONS, INC. | | 42,575 | | 132,863 | | |
| 17,554 | | WASTE MANAGEMENT, INC. | | 879,219 | | 2,929,763 | | |
| 1,200 | | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. | | 21,945 | | 110,532 | | |
| 1,600 | | XYLEM, INC. | | 30,618 | | 191,872 | | |
| | | | | 43,250,413 | | 84,934,829 | | 9.66% |
| Information Technology: | | | | | | |
| 9,136 | | ACCENTURE PLC, CLASS A(c) | | 1,585,578 | | 3,787,329 | | |
| 7,930 | | ADOBE, INC.(b) | | 1,365,060 | | 4,496,786 | | |
| 26,131 | | ADVANCED MICRO DEVICES, INC.(b) | | 2,034,655 | | 3,760,251 | | |
| 12,626 | | AKAMAI TECHNOLOGIES, INC.(b) | | 715,662 | | 1,477,747 | | |
| 1,154 | | ALLIANCE DATA SYSTEMS CORP. | | 41,444 | | 76,822 | | |
| 4,065 | | AMDOCS LTD. | | 200,086 | | 304,225 | | |
| 2,700 | | AMPHENOL CORP., CLASS A | | 195,804 | | 236,142 | | |
| 7,449 | | ANALOG DEVICES, INC. | | 615,770 | | 1,309,311 | | |
| 1,600 | | ANAPLAN, INC.(b) | | 59,144 | | 73,360 | | |
| 1,200 | | ANSYS, INC.(b) | | 30,630 | | 481,344 | | |
| 256,137 | | APPLE, INC. | | 7,444,240 | | 45,482,247 | | |
| 10,472 | | APPLIED MATERIALS, INC. | | 772,815 | | 1,647,874 | | |
| 1,200 | | ARISTA NETWORKS, INC.(b) | | 106,419 | | 172,500 | | |
| 7,925 | | ARROW ELECTRONICS, INC.(b) | | 483,101 | | 1,064,090 | | |
| 1,800 | | ATLASSIAN CORP. PLC, CLASS A(b)(c) | | 206,508 | | 686,322 | | |
| 2,586 | | AUTODESK, INC.(b) | | 163,995 | | 727,157 | | |
| 6,766 | | AUTOMATIC DATA PROCESSING, INC. | | 361,211 | | 1,668,360 | | |
| 941 | | AZENTA, INC. | | 103,642 | | 97,026 | | |
| 1,018 | | BILL.COM HOLDINGS, INC.(b) | | 185,234 | | 253,635 | | |
| 7,371 | | BLACK KNIGHT, INC.(b) | | 272,636 | | 610,982 | | |
| 5,100 | | BLOCK, INC.(b) | | 596,614 | | 823,701 | | |
| 5,936 | | BROADCOM, INC. | | 1,773,436 | | 3,949,874 | | |
| 3,413 | | BROADRIDGE FINANCIAL SOLUTIONS, INC. | | 106,898 | | 623,965 | | |
| 19,100 | | C3.AI, INC., CLASS A(b) | | 577,875 | | 596,875 | | |
| 13,500 | | CADENCE DESIGN SYSTEMS, INC.(b) | | 415,110 | | 2,515,725 | | |
| 1,522 | | CDK GLOBAL, INC. | | 19,712 | | 63,528 | | |
| 7,000 | | CDW CORP. | | 292,424 | | 1,433,460 | | |
| 8,331 | | CERENCE, INC.(b) | | 197,675 | | 638,488 | | |
| 1,000 | | CERIDIAN HCM HOLDING, INC.(b) | | 98,750 | | 104,460 | | |
| 63,494 | | CISCO SYSTEMS, INC. | | 1,422,806 | | 4,023,615 | | |
| 6,317 | | CITRIX SYSTEMS, INC. | | 616,606 | | 597,525 | | |
| 2,937 | | CLOUDFLARE, INC., CLASS A(b) | | 169,667 | | 386,215 | | |
| 1,200 | | COGNEX CORP. | | 60,629 | | 93,312 | | |
| 6,194 | | COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A | | 277,756 | | 549,532 | | |
| 10,000 | | COMMSCOPE HOLDING CO., INC.(b) | | 102,255 | | 110,400 | | |
| 5,430 | | CONCENTRIX CORP. | | 390,758 | | 969,907 | | |
| 15,600 | | CORNING, INC. | | 85,176 | | 580,788 | | |
| 589 | | COUPA SOFTWARE, INC.(b) | | 93,271 | | 93,091 | | |
| 1,618 | | CROWDSTRIKE HOLDINGS, INC., CLASS A(b) | | 230,162 | | 331,285 | | |
| 2,730 | | DATADOG, INC., CLASS A(b) | | 265,847 | | 486,240 | | |
| 68,124 | | DELL TECHNOLOGIES, INC., CLASS C(b) | | 2,990,987 | | 3,826,525 | | |
| 700 | | DOCUSIGN, INC.(b) | | 29,771 | | 106,617 | | |
| 2,000 | | DOLBY LABORATORIES, INC., CLASS A | | 43,420 | | 190,440 | | |
| 2,300 | | DROPBOX, INC., CLASS A(b) | | 42,360 | | 56,442 | | |
| 3,600 | | DUCK CREEK TECHNOLOGIES, INC.(b) | | 105,863 | | 108,396 | | |
| 1,500 | | DYNATRACE, INC.(b) | | 97,468 | | 90,525 | | |
| 1,640 | | ECHOSTAR CORP., CLASS A(b) | | 21,050 | | 43,214 | | |
| 2,900 | | ENPHASE ENERGY, INC.(b) | | 433,158 | | 530,526 | | |
| 2,542 | | EPAM SYSTEMS, INC.(b) | | 1,031,607 | | 1,699,200 | | |
| 300 | | EURONET WORLDWIDE, INC.(b) | | 25,458 | | 35,751 | | |
| 1,300 | | F5, INC.(b) | | 30,063 | | 318,123 | | |
| 300 | | FAIR ISAAC CORP.(b) | | 80,682 | | 130,101 | | |
| 12,900 | | FIDELITY NATIONAL INFORMATION SERVICES, INC. | | 533,669 | | 1,408,035 | | |
| See accompanying notes to financial statements. | 59 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Information Technology (Cont'd): | | | | | | |
| 1,046 | | FIRST SOLAR, INC.(b) | | $ 95,845 | | 91,169 | | |
| 9,830 | | FISERV, INC.(b) | | 177,231 | | 1,020,256 | | |
| 885 | | FIVE9, INC.(b) | | 107,070 | | 121,528 | | |
| 200 | | FLEETCOR TECHNOLOGIES, INC.(b) | | 33,618 | | 44,768 | | |
| 12,590 | | FORTINET, INC.(b) | | 1,590,284 | | 4,524,846 | | |
| 17,683 | | GARTNER, INC.(b) | | 4,816,356 | | 5,911,781 | | |
| 3,381 | | GLOBAL PAYMENTS, INC. | | 233,571 | | 457,044 | | |
| 1,373 | | GODADDY, INC., CLASS A(b) | | 79,177 | | 116,513 | | |
| 800 | | GUIDEWIRE SOFTWARE, INC.(b) | | 84,696 | | 90,824 | | |
| 19,136 | | HEWLETT PACKARD ENTERPRISE CO. | | 106,964 | | 301,775 | | |
| 175,781 | | HP, INC. | | 4,846,884 | | 6,621,670 | | |
| 507 | | HUBSPOT, INC.(b) | | 289,713 | | 334,189 | | |
| 81,338 | | INTEL CORP. | | 3,646,162 | | 4,188,907 | | |
| 22,045 | | INTERNATIONAL BUSINESS MACHINES CORP. | | 2,399,435 | | 2,946,535 | | |
| 4,280 | | INTUIT, INC. | | 565,100 | | 2,752,982 | | |
| 13,175 | | JABIL, INC. | | 259,881 | | 926,861 | | |
| 3,300 | | JUNIPER NETWORKS, INC. | | 91,234 | | 117,843 | | |
| 3,052 | | KEYSIGHT TECHNOLOGIES, INC.(b) | | 542,898 | | 630,269 | | |
| 1,316 | | KLA CORP. | | 451,148 | | 566,025 | | |
| 5,409 | | LAM RESEARCH CORP. | | 497,320 | | 3,889,882 | | |
| 3,900 | | MANDIANT, INC.(b) | | 44,602 | | 68,406 | | |
| 9,631 | | MARVELL TECHNOLOGY, INC. | | 339,502 | | 842,616 | | |
| 7,778 | | MASTERCARD, INC., CLASS A | | 1,626,748 | | 2,794,791 | | |
| 8,468 | | MICROCHIP TECHNOLOGY, INC. | | 43,884 | | 737,224 | | |
| 32,060 | | MICRON TECHNOLOGY, INC. | | 581,201 | | 2,986,389 | | |
| 130,599 | | MICROSOFT CORP. | | 10,726,147 | | 43,923,056 | | |
| 500 | | MKS INSTRUMENTS, INC. | | 32,310 | | 87,085 | | |
| 528 | | MONGODB, INC.(b) | | 170,723 | | 279,497 | | |
| 526 | | MONOLITHIC POWER SYSTEMS, INC. | | 267,167 | | 259,492 | | |
| 13,639 | | MOTOROLA SOLUTIONS, INC. | | 3,211,679 | | 3,705,716 | | |
| 1,100 | | NETAPP, INC. | | 87,384 | | 101,189 | | |
| 900 | | NEW RELIC, INC.(b) | | 42,264 | | 98,964 | | |
| 22,781 | | NORTONLIFELOCK, INC. | | 207,695 | | 591,850 | | |
| 1,600 | | NUANCE COMMUNICATIONS, INC.(b) | | 87,341 | | 88,512 | | |
| 2,500 | | NUTANIX, INC., CLASS A(b) | | 86,793 | | 79,650 | | |
| 43,233 | | NVIDIA CORP. | | 3,239,281 | | 12,715,258 | | |
| 3,925 | | NXP SEMICONDUCTORS N.V.(c) | | 338,948 | | 894,036 | | |
| 3,297 | | OKTA, INC.(b) | | 513,168 | | 739,088 | | |
| 17,801 | | ON SEMICONDUCTOR CORP.(b) | | 694,371 | | 1,209,044 | | |
| 106,973 | | ORACLE CORP. | | 6,463,245 | | 9,329,115 | | |
| 18,473 | | PALANTIR TECHNOLOGIES, INC., CLASS A(b) | | 385,589 | | 336,393 | | |
| 4,328 | | PALO ALTO NETWORKS, INC.(b) | | 704,819 | | 2,409,657 | | |
| 13,354 | | PAYCHEX, INC. | | 1,521,073 | | 1,822,821 | | |
| 1,553 | | PAYCOM SOFTWARE, INC.(b) | | 217,948 | | 644,790 | | |
| 9,661 | | PAYPAL HOLDINGS, INC.(b) | | 957,404 | | 1,821,871 | | |
| 6,152 | | PTC, INC.(b) | | 621,090 | | 745,315 | | |
| 4,600 | | PURE STORAGE, INC., CLASS A(b) | | 88,600 | | 149,730 | | |
| 2,403 | | QORVO, INC.(b) | | 185,625 | | 375,805 | | |
| 7,200 | | QUALCOMM, INC. | | 816,902 | | 1,316,664 | | |
| 1,500 | | RINGCENTRAL, INC., CLASS A(b) | | 152,618 | | 281,025 | | |
| 10,890 | | SALESFORCE.COM, INC.(b) | | 767,817 | | 2,767,476 | | |
| 32,496 | | SEAGATE TECHNOLOGY HOLDINGS PLC | | 1,025,774 | | 3,671,398 | | |
| 2,247 | | SERVICENOW, INC.(b) | | 363,905 | | 1,458,550 | | |
| 2,662 | | SKYWORKS SOLUTIONS, INC. | | 238,153 | | 412,983 | | |
| 900 | | SMARTSHEET, INC., CLASS A(b) | | 39,015 | | 69,705 | | |
| 2,973 | | SNOWFLAKE, INC., CLASS A(b) | | 865,913 | | 1,007,104 | | |
| 1,225 | | SPLUNK, INC.(b) | | 133,627 | | 141,757 | | |
| 1,938 | | SS&C TECHNOLOGIES HOLDINGS, INC. | | 86,602 | | 158,877 | | |
| 4,400 | | SYNOPSYS, INC.(b) | | 172,415 | | 1,621,400 | | |
| 4,757 | | TD SYNNEX CORP. | | 144,301 | | 544,011 | | |
| 200 | | TELEDYNE TECHNOLOGIES, INC.(b) | | 86,702 | | 87,378 | | |
| 6,553 | | TERADYNE, INC. | | 323,100 | | 1,071,612 | | |
| 27,872 | | TEXAS INSTRUMENTS, INC. | | 942,644 | | 5,253,036 | | |
| 1,200 | | TRADE DESK (THE), INC., CLASS A(b) | | 75,898 | | 109,968 | | |
| 19,538 | | TRIMBLE, INC.(b) | | 996,229 | | 1,703,518 | | |
| 1,057 | | TWILIO, INC., CLASS A(b) | | 233,341 | | 278,350 | | |
| 2,100 | | UBIQUITI, INC. | | 357,603 | | 644,070 | | |
| See accompanying notes to financial statements. | 60 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Information Technology (Cont'd): | | | | | | |
| 1,748 | | UNITY SOFTWARE, INC.(b) | | $ 192,076 | | 249,947 | | |
| 476 | | VERISIGN, INC.(b) | | 83,127 | | 120,818 | | |
| 12,337 | | VISA, INC., CLASS A | | 536,073 | | 2,673,551 | | |
| 7,800 | | VISHAY INTERTECHNOLOGY, INC. | | 48,931 | | 170,586 | | |
| 4,927 | | VMWARE, INC., CLASS A | | 222,035 | | 570,941 | | |
| 5,845 | | WESTERN DIGITAL CORP.(b) | | 90,457 | | 381,152 | | |
| 1,421 | | WIX.COM LTD.(b)(c) | | 258,691 | | 224,220 | | |
| 1,453 | | WOLFSPEED, INC.(b) | | 126,251 | | 162,402 | | |
| 2,208 | | WORKDAY, INC., CLASS A(b) | | 422,004 | | 603,181 | | |
| 15,800 | | XEROX HOLDINGS CORP. | | 323,510 | | 357,712 | | |
| 7,695 | | XILINX, INC. | | 186,834 | | 1,631,571 | | |
| 5,848 | | ZEBRA TECHNOLOGIES CORP., CLASS A(b) | | 1,634,548 | | 3,480,730 | | |
| 1,298 | | ZENDESK, INC.(b) | | 79,093 | | 135,368 | | |
| 900 | | ZSCALER, INC.(b) | | 190,420 | | 289,197 | | |
| | | | | 96,820,414 | | 255,072,676 | | 29.00% |
| Materials: | | | | | | |
| 1,475 | | AIR PRODUCTS AND CHEMICALS, INC. | | 150,489 | | 448,783 | | |
| 1,300 | | ALBEMARLE CORP. | | 29,152 | | 303,901 | | |
| 18,070 | | AMCOR PLC(c) | | 111,228 | | 217,021 | | |
| 900 | | APTARGROUP, INC. | | 108,918 | | 110,232 | | |
| 700 | | ASHLAND GLOBAL HOLDINGS, INC. | | 12,006 | | 75,362 | | |
| 3,165 | | AVERY DENNISON CORP. | | 207,899 | | 685,444 | | |
| 3,600 | | BALL CORP. | | 296,693 | | 346,572 | | |
| 1,532 | | CABOT CORP. | | 54,496 | | 86,098 | | |
| 16,337 | | CELANESE CORP. | | 1,176,262 | | 2,745,596 | | |
| 2,605 | | CHEMOURS (THE) CO. | | 28,384 | | 87,424 | | |
| 6,162 | | CORTEVA, INC. | | 77,857 | | 291,339 | | |
| 1,800 | | CROWN HOLDINGS, INC. | | 57,831 | | 199,116 | | |
| 7,262 | | DOW, INC. | | 147,036 | | 411,901 | | |
| 7,262 | | DUPONT DE NEMOURS, INC. | | 212,802 | | 586,624 | | |
| 17,374 | | EASTMAN CHEMICAL CO. | | 1,189,961 | | 2,100,690 | | |
| 3,291 | | ECOLAB, INC. | | 136,685 | | 772,036 | | |
| 33,516 | | FREEPORT-MCMORAN, INC. | | 754,117 | | 1,398,623 | | |
| 5,000 | | GRAPHIC PACKAGING HOLDING CO. | | 98,480 | | 97,500 | | |
| 15,846 | | HUNTSMAN CORP. | | 249,978 | | 552,708 | | |
| 1,121 | | INTERNATIONAL FLAVORS & FRAGRANCES, INC. | | 134,316 | | 168,879 | | |
| 49,731 | | INTERNATIONAL PAPER CO. | | 1,762,433 | | 2,336,362 | | |
| 4,565 | | LINDE PLC(c) | | 902,324 | | 1,581,453 | | |
| 10,626 | | LYONDELLBASELL INDUSTRIES N.V., CLASS A | | 528,867 | | 980,036 | | |
| 700 | | MARTIN MARIETTA MATERIALS, INC. | | 27,965 | | 308,364 | | |
| 725 | | NEWMARKET CORP. | | 240,848 | | 248,472 | | |
| 7,400 | | NEWMONT CORP. | | 136,530 | | 458,948 | | |
| 6,656 | | NUCOR CORP. | | 186,064 | | 759,782 | | |
| 1,500 | | PACKAGING CORP. OF AMERICA | | 135,745 | | 204,225 | | |
| 5,172 | | PPG INDUSTRIES, INC. | | 123,888 | | 891,860 | | |
| 13,348 | | RELIANCE STEEL & ALUMINUM CO. | | 1,419,220 | | 2,165,313 | | |
| 600 | | ROYAL GOLD, INC. | | 22,314 | | 63,126 | | |
| 2,400 | | RPM INTERNATIONAL, INC. | | 24,657 | | 242,400 | | |
| 500 | | SCOTTS MIRACLE-GRO (THE) CO. | | 37,765 | | 80,500 | | |
| 1,400 | | SEALED AIR CORP. | | 24,528 | | 94,458 | | |
| 400 | | SHERWIN-WILLIAMS (THE) CO. | | 111,978 | | 140,864 | | |
| 2,509 | | SILGAN HOLDINGS, INC. | | 89,461 | | 107,486 | | |
| 9,044 | | SONOCO PRODUCTS CO. | | 395,430 | | 523,557 | | |
| 3,034 | | SOUTHERN COPPER CORP.(c) | | 36,068 | | 187,228 | | |
| 11,265 | | STEEL DYNAMICS, INC. | | 166,293 | | 699,219 | | |
| 1,193 | | SYLVAMO CORP.(b) | | 20,829 | | 33,273 | | |
| 4,392 | | VALVOLINE, INC. | | 24,184 | | 163,778 | | |
| 2,100 | | VULCAN MATERIALS CO. | | 63,441 | | 435,918 | | |
| 2,242 | | WESTROCK CO. | | 24,357 | | 99,455 | | |
| | | | | 11,739,779 | | 24,491,926 | | 2.78% |
| Real Estate: | | | | | | |
| 2,129 | | ALEXANDRIA REAL ESTATE EQUITIES, INC. | | 110,363 | | 474,682 | | |
| 3,152 | | AMERICAN HOMES 4 RENT, CLASS A | | 102,424 | | 137,459 | | |
| 5,475 | | AMERICAN TOWER CORP. | | 818,988 | | 1,601,437 | | |
| 3,200 | | AMERICOLD REALTY TRUST | | 105,621 | | 104,928 | | |
| 3,708 | | APARTMENT INCOME REIT CORP. | | 136,847 | | 202,716 | | |
| 1,134 | | AVALONBAY COMMUNITIES, INC. | | 112,326 | | 286,437 | | |
| See accompanying notes to financial statements. | 61 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Real Estate (Cont'd): | | | | | | |
| 10,278 | | BOSTON PROPERTIES, INC. | | $ 825,970 | | 1,183,820 | | |
| 46,503 | | BRIXMOR PROPERTY GROUP, INC. | | 406,335 | | 1,181,641 | | |
| 2,153 | | CAMDEN PROPERTY TRUST | | 123,455 | | 384,698 | | |
| 5,547 | | CBRE GROUP, INC., CLASS A(b) | | 528,124 | | 601,905 | | |
| 4,700 | | CROWN CASTLE INTERNATIONAL CORP. | | 172,478 | | 981,078 | | |
| 2,027 | | CUBESMART | | 52,679 | | 115,357 | | |
| 1,142 | | CYRUSONE, INC. | | 61,632 | | 102,460 | | |
| 3,357 | | DIGITAL REALTY TRUST, INC. | | 386,206 | | 593,753 | | |
| 24,200 | | DIGITALBRIDGE GROUP, INC.(b) | | 45,138 | | 201,586 | | |
| 5,200 | | DOUGLAS EMMETT, INC. | | 40,636 | | 174,200 | | |
| 3,200 | | DUKE REALTY CORP. | | 101,873 | | 210,048 | | |
| 315 | | EPR PROPERTIES | | 6,839 | | 14,959 | | |
| 952 | | EQUINIX, INC. | | 131,626 | | 805,240 | | |
| 1,600 | | EQUITY LIFESTYLE PROPERTIES, INC. | | 26,661 | | 140,256 | | |
| 5,416 | | EQUITY RESIDENTIAL | | 174,162 | | 490,148 | | |
| 675 | | ESSEX PROPERTY TRUST, INC. | | 73,174 | | 237,755 | | |
| 600 | | EXTRA SPACE STORAGE, INC. | | 98,202 | | 136,038 | | |
| 900 | | FEDERAL REALTY INVESTMENT TRUST | | 47,642 | | 122,688 | | |
| 1,046 | | FOUR CORNERS PROPERTY TRUST, INC. | | 8,177 | | 30,763 | | |
| 2,070 | | GAMING AND LEISURE PROPERTIES, INC. | | 56,535 | | 100,726 | | |
| 7,000 | | HEALTHPEAK PROPERTIES, INC. | | 65,888 | | 252,630 | | |
| 10,022 | | HOST HOTELS & RESORTS, INC.(b) | | 68,301 | | 174,283 | | |
| 678 | | HOWARD HUGHES (THE) CORP.(b) | | 20,502 | | 69,007 | | |
| 6,000 | | INVITATION HOMES, INC. | | 224,375 | | 272,040 | | |
| 400 | | JBG SMITH PROPERTIES | | 6,941 | | 11,484 | | |
| 700 | | JONES LANG LASALLE, INC.(b) | | 39,951 | | 188,538 | | |
| 7,171 | | KIMCO REALTY CORP. | | 71,156 | | 176,770 | | |
| 2,478 | | LAMAR ADVERTISING CO., CLASS A | | 58,081 | | 300,581 | | |
| 1,800 | | MID-AMERICA APARTMENT COMMUNITIES, INC. | | 132,698 | | 412,992 | | |
| 3,600 | | OMEGA HEALTHCARE INVESTORS, INC. | | 103,019 | | 106,524 | | |
| 3,700 | | OUTFRONT MEDIA, INC. | | 47,753 | | 99,234 | | |
| 10,911 | | PROLOGIS, INC. | | 280,831 | | 1,836,976 | | |
| 1,735 | | PUBLIC STORAGE | | 227,274 | | 649,862 | | |
| 6,972 | | RAYONIER, INC. | | 74,591 | | 281,390 | | |
| 6,002 | | REALTY INCOME CORP. | | 228,807 | | 429,683 | | |
| 20,965 | | REGENCY CENTERS CORP. | | 1,229,351 | | 1,579,713 | | |
| 1,780 | | REXFORD INDUSTRIAL REALTY, INC. | | 87,624 | | 144,376 | | |
| 2,100 | | SBA COMMUNICATIONS CORP. | | 214,169 | | 816,942 | | |
| 9,817 | | SIMON PROPERTY GROUP, INC. | | 1,166,718 | | 1,568,462 | | |
| 1,468 | | SL GREEN REALTY CORP. | | 106,152 | | 105,256 | | |
| 1,133 | | SUN COMMUNITIES, INC. | | 86,422 | | 237,896 | | |
| 4,100 | | UDR, INC. | | 63,318 | | 245,959 | | |
| 2,100 | | VENTAS, INC. | | 103,583 | | 107,352 | | |
| 47,317 | | VICI PROPERTIES, INC. | | 1,405,523 | | 1,424,715 | | |
| 2,400 | | VORNADO REALTY TRUST | | 100,937 | | 100,464 | | |
| 4,500 | | WELLTOWER, INC. | | 351,432 | | 385,965 | | |
| 75,975 | | WEYERHAEUSER CO. | | 2,570,739 | | 3,128,650 | | |
| 1,800 | | WP CAREY, INC. | | 137,154 | | 147,690 | | |
| | | | | 14,027,403 | | 25,872,212 | | 2.94% |
| Utilities: | | | | | | |
| 6,300 | | AES (THE) CORP. | | 113,148 | | 153,090 | | |
| 2,000 | | ALLIANT ENERGY CORP. | | 24,835 | | 122,940 | | |
| 1,700 | | AMEREN CORP. | | 48,382 | | 151,317 | | |
| 5,900 | | AMERICAN ELECTRIC POWER CO., INC. | | 372,550 | | 524,923 | | |
| 800 | | AMERICAN WATER WORKS CO., INC. | | 129,472 | | 151,088 | | |
| 13,200 | | AVANGRID, INC. | | 502,113 | | 658,416 | | |
| 5,800 | | CENTERPOINT ENERGY, INC. | | 66,308 | | 161,878 | | |
| 13,300 | | CMS ENERGY CORP. | | 259,708 | | 865,165 | | |
| 4,975 | | CONSOLIDATED EDISON, INC. | | 318,863 | | 424,467 | | |
| 12,073 | | DOMINION ENERGY, INC. | | 450,978 | | 948,455 | | |
| 2,300 | | DTE ENERGY CO. | | 71,502 | | 274,942 | | |
| 9,151 | | DUKE ENERGY CORP. | | 418,500 | | 959,940 | | |
| 4,325 | | EDISON INTERNATIONAL | | 135,088 | | 295,181 | | |
| 464 | | ENTERGY CORP. | | 12,179 | | 52,270 | | |
| 1,935 | | ESSENTIAL UTILITIES, INC. | | 32,475 | | 103,890 | | |
| 2,974 | | EVERGY, INC. | | 67,407 | | 204,046 | | |
| 4,961 | | EVERSOURCE ENERGY | | 125,492 | | 451,352 | | |
| See accompanying notes to financial statements. | 62 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Utilities (Cont'd): | | | | | | |
| 10,500 | | EXELON CORP. | | $ 480,432 | | 606,480 | | |
| 5,500 | | FIRSTENERGY CORP. | | 159,533 | | 228,745 | | |
| 487 | | IDACORP, INC. | | 51,414 | | 55,182 | | |
| 900 | | NATIONAL FUEL GAS CO. | | 20,790 | | 57,546 | | |
| 19,254 | | NEXTERA ENERGY, INC. | | 425,854 | | 1,797,553 | | |
| 6,900 | | NISOURCE, INC. | | 43,973 | | 190,509 | | |
| 38,432 | | NRG ENERGY, INC. | | 1,268,718 | | 1,655,651 | | |
| 4,800 | | OGE ENERGY CORP. | | 43,344 | | 184,224 | | |
| 18,100 | | PG&E CORP.(b) | | 180,874 | | 219,734 | | |
| 13,100 | | PINNACLE WEST CAPITAL CORP. | | 782,497 | | 924,729 | | |
| 8,500 | | PPL CORP. | | 236,326 | | 255,510 | | |
| 17,961 | | PUBLIC SERVICE ENTERPRISE GROUP, INC. | | 886,484 | | 1,198,537 | | |
| 3,700 | | SEMPRA ENERGY | | 239,277 | | 489,436 | | |
| 10,000 | | SOUTHERN (THE) CO. | | 264,782 | | 685,800 | | |
| 4,650 | | UGI CORP. | | 51,203 | | 213,481 | | |
| 5,856 | | VISTRA CORP. | | 96,088 | | 133,341 | | |
| 3,500 | | WEC ENERGY GROUP, INC. | | 263,727 | | 339,745 | | |
| 968 | | XCEL ENERGY, INC. | | 36,241 | | 65,534 | | |
| | | | | 8,680,557 | | 15,805,097 | | 1.80% |
| | | Sub-total Common Stocks: | | 412,906,403 | | 876,928,932 | | 99.70% |
| Preferred Stocks: | | | | | | |
| Consumer Discretionary: | | | | | | |
| 355 | | QURATE RETAIL, INC., 8.00% | | 14,247 | | 36,643 | | |
| | | | | 14,247 | | 36,643 | | 0.00% |
| | | Sub-total Preferred Stocks: | | 14,247 | | 36,643 | | 0.00% |
| Short-Term Investments: | | | | | | |
| 2,396,931 | | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 0.01%(e) | | 2,396,931 | | 2,396,931 | | |
| | | Sub-total Short-Term Investments: | | 2,396,931 | | 2,396,931 | | 0.27% |
| | | Grand total | | $ 415,317,581 | | 879,362,506 | | 99.97% |
| Notes to Schedule of Investments: |
| (a) | Investments are valued in accordance with procedures described in Note 2 to the financial statements. |
| (b) | Non-income producing assets. |
| (c) | Foreign security values are stated in U.S. dollars. As of December 31, 2021, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 2.59% of net assets. |
| (d) | Securities are American Depositary Receipts of companies based outside of the United States representing 0.04% of net assets as of December 31, 2021. |
| (e) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2020, the value of the Clearwater Core Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $7,392,427 with net sales of $4,995,496 during the year ended December 31, 2021. |
| See accompanying notes to financial statements. | 63 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2021
Clearwater Core Equity Fund Portfolio Diversification
(as a percentage of net assets)
| See accompanying notes to financial statements. | 64 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Common Stocks: | | | | | | |
| Communication Services: | | | | | | |
| 4,800 | | AMC NETWORKS, INC., CLASS A(b) | | $ 191,090 | | 165,312 | | |
| 3,500 | | CARS.COM, INC.(b) | | 56,828 | | 56,315 | | |
| 9,874 | | CINEMARK HOLDINGS, INC.(b) | | 170,379 | | 159,169 | | |
| 1,152 | | COGENT COMMUNICATIONS HOLDINGS, INC. | | 66,084 | | 84,303 | | |
| 3,841 | | CONSOLIDATED COMMUNICATIONS HOLDINGS, INC.(b) | | 20,535 | | 28,731 | | |
| 11,159 | | EW SCRIPPS (THE) CO., CLASS A | | 193,891 | | 215,927 | | |
| 34,140 | | LIBERTY BROADBAND CORP., CLASS C(b) | | 5,074,136 | | 5,499,954 | | |
| 167,741 | | NEW YORK TIMES (THE) CO., CLASS A | | 7,274,022 | | 8,101,890 | | |
| 54,727 | | OOMA, INC.(b) | | 1,057,893 | | 1,118,620 | | |
| 15,860 | | QUINSTREET, INC.(b) | | 251,130 | | 288,493 | | |
| 200 | | SHENANDOAH TELECOMMUNICATIONS CO. | | 5,182 | | 5,100 | | |
| 841 | | TECHTARGET, INC.(b) | | 50,351 | | 80,450 | | |
| 274,973 | | THUNDERBIRD ENTERTAINMENT GROUP, INC.(b)(c) | | 1,040,191 | | 952,118 | | |
| 40,826 | | VERTICALSCOPE HOLDINGS, INC.(b)(c) | | 1,013,976 | | 985,027 | | |
| 146,493 | | VIMEO, INC.(b) | | 5,002,729 | | 2,631,014 | | |
| 51,564 | | YOUGOV PLC(c) | | 904,725 | | 1,095,773 | | |
| | | | | 22,373,142 | | 21,468,196 | | 4.02% |
| Consumer Discretionary: | | | | | | |
| 26,810 | | 1-800-FLOWERS.COM, INC., CLASS A(b) | | 841,419 | | 626,550 | | |
| 800 | | AARON'S (THE) CO., INC. | | 19,840 | | 19,720 | | |
| 200 | | ADTALEM GLOBAL EDUCATION, INC.(b) | | 5,834 | | 5,912 | | |
| 62,086 | | ALLBIRDS, INC., CLASS A(b)(d) | | 954,682 | | 936,257 | | |
| 2,500 | | AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.(b) | | 23,567 | | 23,325 | | |
| 122,470 | | AMERICAN EAGLE OUTFITTERS, INC. | | 2,506,891 | | 3,100,940 | | |
| 57,558 | | AMERICAN OUTDOOR BRANDS, INC.(b) | | 1,421,682 | | 1,147,131 | | |
| 4,800 | | AMERICAN PUBLIC EDUCATION, INC.(b) | | 106,637 | | 106,800 | | |
| 830 | | ASBURY AUTOMOTIVE GROUP, INC.(b) | | 71,164 | | 143,366 | | |
| 3,985 | | BED BATH & BEYOND, INC.(b) | | 40,889 | | 58,101 | | |
| 4,975 | | BJ'S RESTAURANTS, INC.(b) | | 166,245 | | 171,886 | | |
| 4,373 | | BLOOMIN' BRANDS, INC.(b) | | 90,416 | | 91,746 | | |
| 2,158 | | BOOT BARN HOLDINGS, INC.(b) | | 161,941 | | 265,542 | | |
| 6,200 | | BRINKER INTERNATIONAL, INC.(b) | | 224,042 | | 226,858 | | |
| 929 | | CAVCO INDUSTRIES, INC.(b) | | 187,556 | | 295,097 | | |
| 99,794 | | CENTURY CASINOS, INC.(b) | | 1,418,206 | | 1,215,491 | | |
| 662 | | CENTURY COMMUNITIES, INC. | | 41,995 | | 54,145 | | |
| 600 | | CHEESECAKE FACTORY (THE), INC.(b) | | 23,544 | | 23,490 | | |
| 653 | | CHILDREN'S PLACE (THE), INC.(b) | | 48,678 | | 51,776 | | |
| 26,743 | | CLARUS CORP. | | 707,925 | | 741,316 | | |
| 147,482 | | DANA, INC. | | 1,658,062 | | 3,365,539 | | |
| 15,487 | | DENNY'S CORP.(b) | | 249,246 | | 247,792 | | |
| 3,695 | | DESIGNER BRANDS, INC., CLASS A(b) | | 47,945 | | 52,506 | | |
| 1,363 | | DINE BRANDS GLOBAL, INC. | | 95,408 | | 103,329 | | |
| 1,768 | | DORMAN PRODUCTS, INC.(b) | | 157,232 | | 199,802 | | |
| 92,058 | | DREAM FINDERS HOMES, INC., CLASS A(b) | | 1,853,848 | | 1,790,528 | | |
| 112,873 | | FARFETCH LTD., CLASS A(b)(c) | | 3,881,405 | | 3,773,344 | | |
| 113,918 | | FULL HOUSE RESORTS, INC.(b) | | 987,617 | | 1,379,547 | | |
| 46,942 | | GAP (THE), INC. | | 779,785 | | 828,526 | | |
| 950 | | GENESCO, INC.(b) | | 52,234 | | 60,962 | | |
| 1,776 | | GENTHERM, INC.(b) | | 122,914 | | 154,334 | | |
| 987 | | G-III APPAREL GROUP LTD.(b) | | 14,210 | | 27,281 | | |
| 93,388 | | GILDAN ACTIVEWEAR, INC.(c) | | 1,990,222 | | 3,958,717 | | |
| 1,285 | | GROUP 1 AUTOMOTIVE, INC. | | 195,676 | | 250,858 | | |
| 9,581 | | GUESS?, INC. | | 193,396 | | 226,878 | | |
| 245,000 | | GYM GROUP (THE) PLC(b)(c)(e) | | 985,708 | | 843,972 | | |
| 118,030 | | HANESBRANDS, INC. | | 1,796,990 | | 1,973,462 | | |
| 21,500 | | HELEN OF TROY LTD.(b) | | 3,500,941 | | 5,256,105 | | |
| 58,638 | | HOOKER FURNISHINGS CORP. | | 1,347,057 | | 1,365,093 | | |
| 2,643 | | INSTALLED BUILDING PRODUCTS, INC. | | 276,966 | | 369,280 | | |
| 107,470 | | IPOWER, INC.(b) | | 474,000 | | 255,779 | | |
| 100 | | IROBOT CORP.(b) | | 6,744 | | 6,588 | | |
| 1,595 | | KONTOOR BRANDS, INC. | | 68,026 | | 81,744 | | |
| 7,288 | | LA-Z-BOY, INC. | | 241,347 | | 264,627 | | |
| 2,200 | | LCI INDUSTRIES | | 282,332 | | 342,914 | | |
| 100 | | LGI HOMES, INC.(b) | | 15,130 | | 15,448 | | |
| 1,246 | | LL FLOORING HOLDINGS, INC.(b) | | 17,493 | | 21,269 | | |
| 12,676 | | LOVESAC (THE) CO.(b) | | 889,377 | | 839,912 | | |
| See accompanying notes to financial statements. | 65 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Consumer Discretionary (Cont'd): | | | | | | |
| 14,121 | | MACY'S, INC. | | $ 263,958 | | 369,688 | | |
| 31,240 | | MALIBU BOATS, INC., CLASS A(b) | | 1,560,435 | | 2,147,125 | | |
| 605 | | MARINEMAX, INC.(b) | | 14,501 | | 35,719 | | |
| 1,704 | | MDC HOLDINGS, INC. | | 64,096 | | 95,134 | | |
| 2,631 | | MERITAGE HOMES CORP.(b) | | 250,609 | | 321,140 | | |
| 4,094 | | MONRO, INC. | | 217,354 | | 238,557 | | |
| 79,706 | | MOTORCAR PARTS OF AMERICA, INC.(b) | | 1,466,568 | | 1,360,581 | | |
| 83,605 | | NOODLES & CO.(b) | | 1,011,466 | | 758,297 | | |
| 2,062 | | ODP (THE) CORP.(b) | | 49,226 | | 80,995 | | |
| 20,014 | | PAPA JOHN'S INTERNATIONAL, INC. | | 1,725,141 | | 2,671,269 | | |
| 16,396 | | PATRICK INDUSTRIES, INC. | | 1,260,646 | | 1,322,993 | | |
| 19,392 | | PERDOCEO EDUCATION CORP.(b) | | 207,114 | | 228,050 | | |
| 6,500 | | PETMED EXPRESS, INC. | | 173,327 | | 164,190 | | |
| 87,662 | | POINTS INTERNATIONAL LTD.(b)(c) | | 1,470,405 | | 1,357,008 | | |
| 27,548 | | PVH CORP. | | 1,964,170 | | 2,937,994 | | |
| 1,447 | | RENT-A-CENTER, INC. | | 38,500 | | 69,514 | | |
| 5,836 | | SALLY BEAUTY HOLDINGS, INC.(b) | | 110,639 | | 107,733 | | |
| 1,575 | | SHAKE SHACK, INC., CLASS A(b) | | 83,618 | | 113,652 | | |
| 6,123 | | SHUTTERSTOCK, INC. | | 654,052 | | 678,918 | | |
| 2,461 | | SIGNET JEWELERS LTD. | | 160,021 | | 214,181 | | |
| 26,721 | | SKYLINE CHAMPION CORP.(b) | | 1,653,277 | | 2,110,425 | | |
| 9,068 | | SLEEP NUMBER CORP.(b) | | 759,839 | | 694,609 | | |
| 1,323 | | SONIC AUTOMOTIVE, INC., CLASS A | | 50,187 | | 65,422 | | |
| 1,180 | | STANDARD MOTOR PRODUCTS, INC. | | 56,000 | | 61,820 | | |
| 4,154 | | STEVEN MADDEN LTD. | | 113,882 | | 193,036 | | |
| 132,040 | | STITCH FIX, INC., CLASS A(b) | | 5,185,741 | | 2,498,197 | | |
| 94,390 | | STONERIDGE, INC.(b) | | 2,108,590 | | 1,863,259 | | |
| 7,745 | | STRATEGIC EDUCATION, INC. | | 472,872 | | 447,971 | | |
| 72,476 | | STRIDE, INC.(b) | | 2,565,172 | | 2,415,625 | | |
| 456 | | STURM RUGER & CO., INC. | | 29,827 | | 31,017 | | |
| 2,500 | | TUPPERWARE BRANDS CORP.(b) | | 38,017 | | 38,225 | | |
| 1,272 | | UNIFI, INC.(b) | | 18,074 | | 29,447 | | |
| 14,600 | | VERA BRADLEY, INC.(b) | | 143,555 | | 124,246 | | |
| 3,092 | | VISTA OUTDOOR, INC.(b) | | 63,148 | | 142,448 | | |
| 127,496 | | VROOM, INC.(b) | | 4,130,052 | | 1,375,682 | | |
| 67,738 | | WINNEBAGO INDUSTRIES, INC. | | 2,724,225 | | 5,074,931 | | |
| 3,939 | | WOLVERINE WORLD WIDE, INC. | | 91,566 | | 113,483 | | |
| 50,339 | | WYNDHAM HOTELS & RESORTS, INC. | | 2,585,984 | | 4,512,891 | | |
| 4,538 | | ZUMIEZ, INC.(b) | | 182,210 | | 217,779 | | |
| | | | | 66,962,528 | | 74,644,836 | | 13.98% |
| Consumer Staples: | | | | | | |
| 5,538 | | ANDERSONS (THE), INC. | | 155,682 | | 214,376 | | |
| 2,890 | | B&G FOODS, INC. | | 72,981 | | 88,810 | | |
| 4,920 | | CALAVO GROWERS, INC. | | 187,924 | | 208,608 | | |
| 907 | | CAL-MAINE FOODS, INC. | | 31,424 | | 33,550 | | |
| 3,786 | | CELSIUS HOLDINGS, INC.(b) | | 237,760 | | 282,322 | | |
| 3,400 | | CENTRAL GARDEN & PET CO.(b) | | 166,106 | | 178,942 | | |
| 33,776 | | CHEFS' WAREHOUSE (THE), INC.(b) | | 1,067,466 | | 1,124,741 | | |
| 4,300 | | EDGEWELL PERSONAL CARE CO. | | 186,216 | | 196,553 | | |
| 3,902 | | FRESHPET, INC.(b) | | 593,143 | | 371,743 | | |
| 202,184 | | GROCERY OUTLET HOLDING CORP.(b) | | 7,248,167 | | 5,717,763 | | |
| 11,260 | | INGREDION, INC. | | 1,012,523 | | 1,088,166 | | |
| 2,804 | | INTER PARFUMS, INC. | | 201,755 | | 299,748 | | |
| 3,207 | | INTERCOS S.P.A.(b)(c) | | 46,341 | | 51,335 | | |
| 286 | | J & J SNACK FOODS CORP. | | 38,864 | | 45,176 | | |
| 2,429 | | JOHN B. SANFILIPPO & SON, INC. | | 182,099 | | 218,999 | | |
| 6,755 | | MEDIFAST, INC. | | 1,506,202 | | 1,414,700 | | |
| 4,058 | | NATIONAL BEVERAGE CORP. | | 173,874 | | 183,949 | | |
| 4,161 | | SIMPLY GOOD FOODS (THE) CO.(b) | | 133,455 | | 172,973 | | |
| 1,556 | | SPARTANNASH CO. | | 28,799 | | 40,082 | | |
| 23,115 | | SPECTRUM BRANDS HOLDINGS, INC. | | 1,368,430 | | 2,351,258 | | |
| 5,736 | | UNITED NATURAL FOODS, INC.(b) | | 192,988 | | 281,523 | | |
| 48,930 | | UNIVERSAL CORP. | | 2,468,871 | | 2,687,236 | | |
| 15,345 | | USANA HEALTH SCIENCES, INC.(b) | | 1,486,776 | | 1,552,914 | | |
| 425 | | WD-40 CO. | | 87,202 | | 103,972 | | |
| 13,694 | | WINFARM SAS(b)(c) | | 562,437 | | 472,474 | | |
| | | | | 19,437,485 | | 19,381,913 | | 3.63% |
| See accompanying notes to financial statements. | 66 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Energy: | | | | | | |
| 16,064 | | ARCHROCK, INC. | | $ 111,792 | | 120,159 | | |
| 1,386 | | BRISTOW GROUP, INC.(b) | | 33,470 | | 43,895 | | |
| 300 | | CALLON PETROLEUM CO.(b) | | 15,186 | | 14,175 | | |
| 2,400 | | CORE LABORATORIES N.V.(c) | | 54,977 | | 53,544 | | |
| 68,891 | | DMC GLOBAL, INC.(b) | | 2,702,918 | | 2,728,772 | | |
| 179,023 | | EVOLUTION PETROLEUM CORP. | | 918,014 | | 904,066 | | |
| 4,031 | | GREEN PLAINS, INC.(b) | | 129,673 | | 140,118 | | |
| 6,236 | | HELIX ENERGY SOLUTIONS GROUP, INC.(b) | | 20,130 | | 19,456 | | |
| 2,442 | | MATADOR RESOURCES CO. | | 92,367 | | 90,159 | | |
| 60,827 | | MURPHY OIL CORP. | | 455,099 | | 1,588,193 | | |
| 400 | | NABORS INDUSTRIES LTD.(b) | | 33,268 | | 32,436 | | |
| 383,206 | | NEXTIER OILFIELD SOLUTIONS, INC.(b) | | 1,031,968 | | 1,360,381 | | |
| 115,661 | | NOV, INC. | | 1,184,635 | | 1,567,207 | | |
| 4,300 | | OCEANEERING INTERNATIONAL, INC.(b) | | 49,477 | | 48,633 | | |
| 5,266 | | PAR PACIFIC HOLDINGS, INC.(b) | | 59,034 | | 86,836 | | |
| 28,225 | | PATTERSON-UTI ENERGY, INC. | | 187,236 | | 238,501 | | |
| 5,000 | | PBF ENERGY, INC., CLASS A(b) | | 66,480 | | 64,850 | | |
| 8,734 | | PDC ENERGY, INC. | | 282,116 | | 426,045 | | |
| 600 | | PROPETRO HOLDING CORP.(b) | | 4,920 | | 4,860 | | |
| 21,074 | | RANGE RESOURCES CORP.(b) | | 223,829 | | 375,749 | | |
| 258 | | REX AMERICAN RESOURCES CORP.(b) | | 16,958 | | 24,768 | | |
| 11,659 | | SM ENERGY CO. | | 188,347 | | 343,707 | | |
| 58,522 | | SOUTHWESTERN ENERGY CO.(b) | | 216,175 | | 272,713 | | |
| 183,349 | | TECHNIPFMC PLC(c) | | 1,287,155 | | 1,085,426 | | |
| 600 | | US SILICA HOLDINGS, INC.(b) | | 5,592 | | 5,640 | | |
| 3,300 | | WORLD FUEL SERVICES CORP. | | 88,363 | | 87,351 | | |
| | | | | 9,459,179 | | 11,727,640 | | 2.19% |
| Financials: | | | | | | |
| 44,025 | | AFC GAMMA, INC. | | 967,167 | | 1,002,009 | | |
| 657 | | ALLEGIANCE BANCSHARES, INC. | | 17,513 | | 27,732 | | |
| 14,316 | | A-MARK PRECIOUS METALS, INC. | | 823,418 | | 874,708 | | |
| 99,025 | | AMERICAN EQUITY INVESTMENT LIFE HOLDING CO. | | 2,586,067 | | 3,854,053 | | |
| 42,333 | | ARGO GROUP INTERNATIONAL HOLDINGS LTD.(c) | | 1,830,452 | | 2,459,971 | | |
| 3,448 | | ARMOUR RESIDENTIAL REIT, INC. | | 25,055 | | 33,825 | | |
| 160,064 | | ASSOCIATED BANC-CORP | | 2,574,089 | | 3,615,846 | | |
| 1,706 | | ASSURED GUARANTY LTD.(c) | | 47,864 | | 85,641 | | |
| 82,346 | | AXIS CAPITAL HOLDINGS LTD.(c) | | 4,084,913 | | 4,485,387 | | |
| 30,140 | | AXOS FINANCIAL, INC.(b) | | 1,585,356 | | 1,685,127 | | |
| 3,575 | | BANCFIRST CORP. | | 186,491 | | 252,252 | | |
| 3,114 | | BANKUNITED, INC. | | 72,389 | | 131,753 | | |
| 2,475 | | BANNER CORP. | | 98,086 | | 150,158 | | |
| 3,236 | | BERKSHIRE HILLS BANCORP, INC. | | 75,451 | | 92,000 | | |
| 9,027 | | BRIGHTSPHERE INVESTMENT GROUP, INC. | | 174,033 | | 231,091 | | |
| 9,764 | | BROOKLINE BANCORP, INC. | | 131,767 | | 158,079 | | |
| 6,554 | | CALIFORNIA BANCORP(b) | | 124,934 | | 131,342 | | |
| 14,232 | | CAPITOL FEDERAL FINANCIAL, INC. | | 160,232 | | 161,249 | | |
| 162,258 | | CNO FINANCIAL GROUP, INC. | | 2,799,201 | | 3,868,231 | | |
| 3,823 | | COLUMBIA BANKING SYSTEM, INC. | | 101,333 | | 125,089 | | |
| 24,855 | | COMMERCE BANCSHARES, INC. | | 1,162,429 | | 1,708,574 | | |
| 2,756 | | COMMUNITY BANK SYSTEM, INC. | | 152,076 | | 205,267 | | |
| 4,576 | | CUSTOMERS BANCORP, INC.(b) | | 176,659 | | 299,133 | | |
| 13,672 | | CVB FINANCIAL CORP. | | 270,593 | | 292,718 | | |
| 5,089 | | DIME COMMUNITY BANCSHARES, INC. | | 154,812 | | 178,929 | | |
| 54,858 | | DONNELLEY FINANCIAL SOLUTIONS, INC.(b) | | 2,738,198 | | 2,586,006 | | |
| 3,184 | | ENCORE CAPITAL GROUP, INC.(b) | | 144,641 | | 197,758 | | |
| 2,168 | | ENOVA INTERNATIONAL, INC.(b) | | 67,552 | | 88,801 | | |
| 52,000 | | ESQUIRE FINANCIAL HOLDINGS, INC.(b) | | 1,555,705 | | 1,644,240 | | |
| 74,380 | | ESSENT GROUP LTD. | | 2,645,444 | | 3,386,521 | | |
| 153,033 | | EZCORP, INC., CLASS A(b) | | 1,136,260 | | 1,127,853 | | |
| 5,617 | | FB FINANCIAL CORP. | | 206,954 | | 246,137 | | |
| 18,184 | | FEDERAL AGRICULTURAL MORTGAGE CORP., CLASS C | | 2,389,087 | | 2,253,543 | | |
| 144,821 | | FIDUCIAN GROUP LTD.(c) | | 859,955 | | 888,223 | | |
| 46,198 | | FINWISE BANCORP(b) | | 537,753 | | 637,070 | | |
| 14,275 | | FIRST COMMONWEALTH FINANCIAL CORP. | | 186,365 | | 229,685 | | |
| 1,800 | | FIRST HAWAIIAN, INC. | | 41,133 | | 49,194 | | |
| 195,858 | | FIRST MIDWEST BANCORP, INC. | | 3,208,315 | | 4,011,172 | | |
| 38,980 | | FIRSTCASH HOLDINGS, INC. | | 2,480,951 | | 2,916,094 | | |
| See accompanying notes to financial statements. | 67 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Financials (Cont'd): | | | | | | |
| 1,899 | | FLAGSTAR BANCORP, INC. | | $ 55,987 | | 91,038 | | |
| 49,068 | | GENWORTH FINANCIAL, INC., CLASS A(b) | | 170,313 | | 198,725 | | |
| 56,400 | | GLACIER BANCORP, INC. | | 2,341,032 | | 3,197,880 | | |
| 3,000 | | GREEN DOT CORP., CLASS A(b) | | 106,880 | | 108,720 | | |
| 2,200 | | HILLTOP HOLDINGS, INC. | | 72,528 | | 77,308 | | |
| 177,041 | | HOPE BANCORP, INC. | | 1,814,537 | | 2,604,273 | | |
| 1,373 | | HORACE MANN EDUCATORS CORP. | | 48,818 | | 53,135 | | |
| 144,753 | | HUNTINGTON BANCSHARES, INC. | | 1,248,845 | | 2,232,091 | | |
| 3,250 | | INDEPENDENT BANK CORP. | | 263,886 | | 264,973 | | |
| 653 | | INDEPENDENT BANK GROUP, INC. | | 24,950 | | 47,114 | | |
| 4,500 | | JAMES RIVER GROUP HOLDINGS LTD.(c) | | 116,533 | | 129,645 | | |
| 83,128 | | JDC GROUP A.G.(b)(c) | | 1,913,415 | | 2,328,174 | | |
| 1,468 | | KKR REAL ESTATE FINANCE TRUST, INC. | | 22,900 | | 30,578 | | |
| 140,058 | | LENDINGCLUB CORP.(b) | | 2,187,233 | | 3,386,602 | | |
| 2,057 | | META FINANCIAL GROUP, INC. | | 102,339 | | 122,721 | | |
| 77,479 | | MORTGAGE ADVICE BUREAU HOLDINGS LTD.(c) | | 1,420,206 | | 1,520,640 | | |
| 3,329 | | MR COOPER GROUP, INC.(b) | | 72,942 | | 138,520 | | |
| 5,537 | | NATIONAL BANK HOLDINGS CORP., CLASS A | | 200,360 | | 243,296 | | |
| 5,879 | | NATIONAL WESTERN LIFE GROUP, INC., CLASS A | | 1,629,614 | | 1,260,693 | | |
| 6,000 | | NBT BANCORP, INC. | | 207,755 | | 231,120 | | |
| 1,600 | | NEW YORK MORTGAGE TRUST, INC. | | 6,045 | | 5,952 | | |
| 4,124 | | NMI HOLDINGS, INC., CLASS A(b) | | 69,882 | | 90,109 | | |
| 17,041 | | NORTHWEST BANCSHARES, INC. | | 205,445 | | 241,301 | | |
| 8,295 | | OFG BANCORP | | 168,644 | | 220,315 | | |
| 18,912 | | OLD NATIONAL BANCORP | | 283,854 | | 342,685 | | |
| 25,676 | | OPEN LENDING CORP., CLASS A(b) | | 987,363 | | 577,197 | | |
| 1,614 | | PARK NATIONAL CORP. | | 168,433 | | 221,618 | | |
| 300 | | PENNYMAC MORTGAGE INVESTMENT TRUST | | 5,343 | | 5,199 | | |
| 1,376 | | PIPER SANDLER COS. | | 170,087 | | 245,630 | | |
| 6,281 | | PRA GROUP, INC.(b) | | 248,410 | | 315,369 | | |
| 413 | | PREFERRED BANK | | 20,848 | | 29,649 | | |
| 9,736 | | PROASSURANCE CORP. | | 201,914 | | 246,321 | | |
| 9,400 | | REDWOOD TRUST, INC. | | 101,948 | | 123,986 | | |
| 13,070 | | RENAISSANCERE HOLDINGS LTD.(c) | | 1,887,617 | | 2,213,143 | | |
| 5,373 | | RENASANT CORP. | | 162,246 | | 203,905 | | |
| 7,161 | | S&T BANCORP, INC. | | 206,049 | | 225,715 | | |
| 7,015 | | SEACOAST BANKING CORP. OF FLORIDA | | 181,540 | | 248,261 | | |
| 25,800 | | SELECTIVE INSURANCE GROUP, INC. | | 1,545,260 | | 2,114,052 | | |
| 6,600 | | SELECTQUOTE, INC.(b) | | 58,712 | | 59,796 | | |
| 962 | | SERVISFIRST BANCSHARES, INC. | | 63,536 | | 81,712 | | |
| 600 | | SIRIUSPOINT LTD.(b)(c) | | 4,950 | | 4,878 | | |
| 14,436 | | SOUND FINANCIAL BANCORP, INC. | | 664,690 | | 635,184 | | |
| 5,100 | | SOUTHSIDE BANCSHARES, INC. | | 188,730 | | 213,282 | | |
| 2,865 | | STEWART INFORMATION SERVICES CORP. | | 178,272 | | 228,426 | | |
| 1,426 | | STONEX GROUP, INC.(b) | | 86,232 | | 87,343 | | |
| 1,100 | | TRUPANION, INC.(b) | | 145,012 | | 145,233 | | |
| 35,891 | | TWO HARBORS INVESTMENT CORP. | | 218,407 | | 207,091 | | |
| 287,222 | | UMPQUA HOLDINGS CORP. | | 4,121,992 | | 5,526,151 | | |
| 9,658 | | UNITED COMMUNITY BANKS, INC. | | 231,977 | | 347,109 | | |
| 6,700 | | UNITED FIRE GROUP, INC. | | 155,754 | | 155,373 | | |
| 300 | | UNIVERSAL INSURANCE HOLDINGS, INC. | | 5,052 | | 5,100 | | |
| 81,632 | | UNIVEST FINANCIAL CORP. | | 1,745,102 | | 2,442,429 | | |
| 84,139 | | VELOCITY FINANCIAL, INC.(b) | | 1,080,158 | | 1,152,704 | | |
| 388 | | VIRTUS INVESTMENT PARTNERS, INC. | | 49,590 | | 115,275 | | |
| 1,719 | | WALKER & DUNLOP, INC. | | 180,035 | | 259,363 | | |
| 66,669 | | WEBSTER FINANCIAL CORP. | | 2,501,602 | | 3,722,797 | | |
| 100 | | WORLD ACCEPTANCE CORP.(b) | | 25,111 | | 24,543 | | |
| 104,706 | | WSFS FINANCIAL CORP. | | 4,622,649 | | 5,247,865 | | |
| | | | | 75,550,257 | | 92,971,768 | | 17.41% |
| Health Care: | | | | | | |
| 8,562 | | ABIOMED, INC.(b) | | 2,343,148 | | 3,075,214 | | |
| 12,844 | | ADDUS HOMECARE CORP.(b) | | 1,092,251 | | 1,201,042 | | |
| 84,978 | | AERIE PHARMACEUTICALS, INC.(b) | | 1,021,610 | | 596,546 | | |
| 103,765 | | AKEBIA THERAPEUTICS, INC.(b) | | 297,034 | | 234,509 | | |
| 33,268 | | ALBIREO PHARMA, INC.(b) | | 973,225 | | 774,812 | | |
| 400 | | ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.(b) | | 7,408 | | 7,380 | | |
| 2,400 | | AMN HEALTHCARE SERVICES, INC.(b) | | 193,049 | | 293,592 | | |
| See accompanying notes to financial statements. | 68 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Health Care (Cont'd): | | | | | | |
| 758 | | ANIKA THERAPEUTICS, INC.(b) | | $ 27,364 | | 27,159 | | |
| 1,100 | | APOLLO MEDICAL HOLDINGS, INC.(b) | | 81,532 | | 80,828 | | |
| 7,609 | | AVANOS MEDICAL, INC.(b) | | 243,712 | | 263,804 | | |
| 100 | | AVID BIOSERVICES, INC.(b) | | 3,032 | | 2,918 | | |
| 199,035 | | BIODELIVERY SCIENCES INTERNATIONAL, INC.(b) | | 780,334 | | 617,009 | | |
| 11,670 | | BIO-TECHNE CORP. | | 2,822,849 | | 6,037,358 | | |
| 107,470 | | BRAINSWAY LTD. ADR(b)(c)(f) | | 869,278 | | 826,444 | | |
| 1,600 | | CARDIOVASCULAR SYSTEMS, INC.(b) | | 31,213 | | 30,048 | | |
| 5,267 | | CASTLE BIOSCIENCES, INC.(b) | | 291,825 | | 225,796 | | |
| 51,135 | | COLLEGIUM PHARMACEUTICAL, INC.(b) | | 1,042,006 | | 955,202 | | |
| 18,932 | | COMMUNITY HEALTH SYSTEMS, INC.(b) | | 185,756 | | 251,985 | | |
| 17,787 | | COMPUTER PROGRAMS AND SYSTEMS, INC.(b) | | 646,205 | | 521,159 | | |
| 320,048 | | CONFORMIS, INC.(b) | | 488,969 | | 243,685 | | |
| 674 | | CONMED CORP. | | 96,892 | | 95,546 | | |
| 5,151 | | CORCEPT THERAPEUTICS, INC.(b) | | 91,306 | | 101,990 | | |
| 6 | | CORVEL CORP.(b) | | 439 | | 1,248 | | |
| 14,438 | | COVETRUS, INC.(b) | | 275,119 | | 288,327 | | |
| 1,500 | | CRYOLIFE, INC.(b) | | 27,703 | | 30,525 | | |
| 8,990 | | CYTOKINETICS, INC.(b) | | 177,859 | | 409,764 | | |
| 5,700 | | EMERGENT BIOSOLUTIONS, INC.(b) | | 239,376 | | 247,779 | | |
| 1,861 | | ENANTA PHARMACEUTICALS, INC.(b) | | 85,316 | | 139,166 | | |
| 40,806 | | ENDO INTERNATIONAL PLC(b)(c) | | 169,487 | | 153,431 | | |
| 1,925 | | ENSIGN GROUP (THE), INC. | | 106,007 | | 161,623 | | |
| 6,961 | | ESTABLISHMENT LABS HOLDINGS, INC.(b)(c) | | 506,350 | | 470,494 | | |
| 1,100 | | FULGENT GENETICS, INC.(b) | | 107,932 | | 110,649 | | |
| 5,700 | | GLAUKOS CORP.(b) | | 236,298 | | 253,308 | | |
| 12,745 | | GLOBAL BLOOD THERAPEUTICS, INC.(b) | | 425,511 | | 373,046 | | |
| 9,456 | | HANGER, INC.(b) | | 163,385 | | 171,437 | | |
| 200 | | HARMONY BIOSCIENCES HOLDINGS, INC.(b) | | 8,672 | | 8,528 | | |
| 57,313 | | HARROW HEALTH, INC.(b) | | 560,025 | | 495,184 | | |
| 878 | | HEALTHSTREAM, INC.(b) | | 19,242 | | 23,144 | | |
| 207 | | HESKA CORP.(b) | | 18,826 | | 37,775 | | |
| 62,247 | | INFUSYSTEM HOLDINGS, INC.(b) | | 873,827 | | 1,060,066 | | |
| 8,333 | | INMODE LTD.(b)(c) | | 622,636 | | 588,143 | | |
| 5,100 | | INOGEN, INC.(b) | | 161,395 | | 173,400 | | |
| 97,480 | | INSTEM PLC(b)(c) | | 1,173,038 | | 1,167,705 | | |
| 993 | | INTEGER HOLDINGS CORP.(b) | | 68,457 | | 84,991 | | |
| 42,390 | | INTEGRA LIFESCIENCES HOLDINGS CORP.(b) | | 2,378,171 | | 2,839,706 | | |
| 5,278 | | IRADIMED CORP.(b) | | 201,046 | | 243,896 | | |
| 7,330 | | JOINT (THE) CORP.(b) | | 711,346 | | 481,508 | | |
| 76,998 | | KARYOPHARM THERAPEUTICS, INC.(b) | | 649,402 | | 495,097 | | |
| 54,409 | | KINIKSA PHARMACEUTICALS LTD., CLASS A(b) | | 763,763 | | 640,394 | | |
| 200 | | LANTHEUS HOLDINGS, INC.(b) | | 5,986 | | 5,778 | | |
| 35,563 | | LEMAITRE VASCULAR, INC. | | 1,860,782 | | 1,786,330 | | |
| 13,941 | | LIGAND PHARMACEUTICALS, INC.(b) | | 2,270,979 | | 2,153,327 | | |
| 231 | | MAGELLAN HEALTH, INC.(b) | | 14,264 | | 21,943 | | |
| 4,269 | | MEDNAX, INC.(b) | | 106,539 | | 116,160 | | |
| 56,140 | | MEI PHARMA, INC.(b) | | 141,030 | | 149,894 | | |
| 2,275 | | MERIDIAN BIOSCIENCE, INC.(b) | | 34,164 | | 46,410 | | |
| 3,431 | | MERIT MEDICAL SYSTEMS, INC.(b) | | 182,422 | | 213,751 | | |
| 824 | | MESA LABORATORIES, INC. | | 215,988 | | 270,346 | | |
| 100 | | MODIVCARE, INC.(b) | | 15,023 | | 14,829 | | |
| 3,311 | | MYRIAD GENETICS, INC.(b) | | 38,296 | | 91,384 | | |
| 6,300 | | NEKTAR THERAPEUTICS(b) | | 89,497 | | 85,113 | | |
| 4,223 | | NEOGENOMICS, INC.(b) | | 149,552 | | 144,089 | | |
| 46,302 | | NEVRO CORP.(b) | | 6,370,064 | | 3,753,703 | | |
| 12,393 | | NEXUS A.G.(c) | | 1,086,065 | | 1,010,235 | | |
| 27,438 | | OCUPHIRE PHARMA, INC.(b) | | 107,381 | | 102,344 | | |
| 17,852 | | OMNICELL, INC.(b) | | 2,995,184 | | 3,221,215 | | |
| 15,977 | | OPTIMIZERX CORP.(b) | | 1,261,565 | | 992,331 | | |
| 70,357 | | OPTINOSE, INC.(b) | | 190,596 | | 113,978 | | |
| 600 | | ORASURE TECHNOLOGIES, INC.(b) | | 5,286 | | 5,214 | | |
| 600 | | ORGANOGENESIS HOLDINGS, INC.(b) | | 5,520 | | 5,544 | | |
| 1,025 | | ORTHOFIX MEDICAL, INC.(b) | | 31,385 | | 31,867 | | |
| 14,961 | | ORTHOPEDIATRICS CORP.(b) | | 1,002,280 | | 895,565 | | |
| 3,394 | | OWENS & MINOR, INC. | | 118,741 | | 147,639 | | |
| 275,319 | | PACIFIC BIOSCIENCES OF CALIFORNIA, INC.(b) | | 4,843,760 | | 5,633,027 | | |
| See accompanying notes to financial statements. | 69 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Health Care (Cont'd): | | | | | | |
| 6,299 | | PACIRA BIOSCIENCES, INC.(b) | | $ 370,681 | | 379,011 | | |
| 7,500 | | PENNANT GROUP (THE), INC.(b) | | 154,693 | | 173,100 | | |
| 69,970 | | PERRIGO CO. PLC(c) | | 2,829,270 | | 2,721,833 | | |
| 33,415 | | PETIQ, INC.(b) | | 818,285 | | 758,855 | | |
| 73,447 | | PHIBRO ANIMAL HEALTH CORP., CLASS A | | 1,803,271 | | 1,499,788 | | |
| 4,068 | | PRESTIGE CONSUMER HEALTHCARE, INC.(b) | | 191,977 | | 246,724 | | |
| 44,373 | | PROVENTION BIO, INC.(b) | | 293,568 | | 249,376 | | |
| 46,854 | | PUMA BIOTECHNOLOGY, INC.(b) | | 183,213 | | 142,436 | | |
| 3,817 | | REGENXBIO, INC.(b) | | 130,578 | | 124,816 | | |
| 61,585 | | REVANCE THERAPEUTICS, INC.(b) | | 858,277 | | 1,005,067 | | |
| 27,498 | | RHYTHM PHARMACEUTICALS, INC.(b) | | 367,700 | | 274,430 | | |
| 33,536 | | SANGAMO THERAPEUTICS, INC.(b) | | 320,116 | | 251,520 | | |
| 9,401 | | SCHOLAR ROCK HOLDING CORP.(b) | | 288,155 | | 233,521 | | |
| 400 | | SELECT MEDICAL HOLDINGS CORP. | | 11,644 | | 11,760 | | |
| 4,007 | | SIMULATIONS PLUS, INC. | | 184,626 | | 189,531 | | |
| 58,078 | | SUPERNUS PHARMACEUTICALS, INC.(b) | | 1,895,536 | | 1,693,555 | | |
| 623 | | SURMODICS, INC.(b) | | 26,247 | | 29,997 | | |
| 28,380 | | SYNEOS HEALTH, INC.(b) | | 1,175,766 | | 2,914,058 | | |
| 400 | | TABULA RASA HEALTHCARE, INC.(b) | | 5,528 | | 6,000 | | |
| 48,363 | | TANDEM DIABETES CARE, INC.(b) | | 4,573,740 | | 7,279,599 | | |
| 2,165 | | TIVITY HEALTH, INC.(b) | | 27,633 | | 57,243 | | |
| 20,079 | | TRAVERE THERAPEUTICS, INC.(b) | | 601,833 | | 623,252 | | |
| 33,812 | | TRIPLE-S MANAGEMENT CORP.(b) | | 752,063 | | 1,206,412 | | |
| 33,737 | | TWIST BIOSCIENCE CORP.(b) | | 3,931,779 | | 2,610,906 | | |
| 21,672 | | UROGEN PHARMA LTD.(b) | | 408,483 | | 206,101 | | |
| 475 | | US PHYSICAL THERAPY, INC. | | 37,734 | | 45,386 | | |
| 15,716 | | UTAH MEDICAL PRODUCTS, INC. | | 1,802,857 | | 1,571,600 | | |
| 103,389 | | VAREX IMAGING CORP.(b) | | 2,481,759 | | 3,261,923 | | |
| 300 | | VERICEL CORP.(b) | | 12,291 | | 11,790 | | |
| 4,800 | | XENCOR, INC.(b) | | 147,437 | | 192,576 | | |
| 18,183 | | Y-MABS THERAPEUTICS, INC.(b) | | 405,812 | | 294,746 | | |
| 50,964 | | ZOGENIX, INC.(b) | | 812,555 | | 828,165 | | |
| 11,898 | | ZYNEX, INC.(b) | | 168,707 | | 118,623 | | |
| | | | | 75,576,789 | | 79,840,076 | | 14.95% |
| Industrials: | | | | | | |
| 2,658 | | AAON, INC. | | 157,173 | | 211,125 | | |
| 6,204 | | AAR CORP.(b) | | 144,149 | | 242,142 | | |
| 324 | | ABM INDUSTRIES, INC. | | 13,148 | | 13,235 | | |
| 4,240 | | ACUITY BRANDS, INC. | | 461,825 | | 897,693 | | |
| 2,756 | | AEROJET ROCKETDYNE HOLDINGS, INC. | | 102,568 | | 128,871 | | |
| 100 | | AEROVIRONMENT, INC.(b) | | 6,186 | | 6,203 | | |
| 59,820 | | AIR LEASE CORP. | | 1,950,575 | | 2,645,839 | | |
| 555 | | ALAMO GROUP, INC. | | 55,130 | | 81,685 | | |
| 657 | | ALBANY INTERNATIONAL CORP., CLASS A | | 51,618 | | 58,112 | | |
| 548 | | ALLEGIANT TRAVEL CO.(b) | | 58,650 | | 102,498 | | |
| 81,651 | | AMERICAN WOODMARK CORP.(b) | | 6,085,332 | | 5,323,645 | | |
| 4,985 | | APOGEE ENTERPRISES, INC. | | 198,377 | | 240,028 | | |
| 2,626 | | APPLIED INDUSTRIAL TECHNOLOGIES, INC. | | 173,658 | | 269,690 | | |
| 2,026 | | ARCBEST CORP. | | 119,194 | | 242,816 | | |
| 3,078 | | ARCOSA, INC. | | 158,607 | | 162,211 | | |
| 17,730 | | ARMSTRONG WORLD INDUSTRIES, INC. | | 1,585,806 | | 2,058,808 | | |
| 1,206 | | ASTEC INDUSTRIES, INC. | | 53,461 | | 83,540 | | |
| 1,309 | | ATLAS AIR WORLDWIDE HOLDINGS, INC.(b) | | 88,301 | | 123,203 | | |
| 1,902 | | AZZ, INC. | | 61,509 | | 105,162 | | |
| 4,400 | | BARNES GROUP, INC. | | 179,283 | | 204,996 | | |
| 4,715 | | BOISE CASCADE CO. | | 221,896 | | 335,708 | | |
| 66,837 | | BOWMAN CONSULTING GROUP LTD.(b) | | 921,082 | | 1,419,952 | | |
| 200 | | BRADY CORP., CLASS A | | 11,004 | | 10,780 | | |
| 100,160 | | BRIGHTVIEW HOLDINGS, INC.(b) | | 1,514,099 | | 1,410,253 | | |
| 46,856 | | BWX TECHNOLOGIES, INC. | | 2,612,184 | | 2,243,465 | | |
| 2,476 | | CHART INDUSTRIES, INC.(b) | | 257,847 | | 394,897 | | |
| 1,067 | | CIRCOR INTERNATIONAL, INC.(b) | | 25,949 | | 29,001 | | |
| 70,700 | | COLFAX CORP.(b) | | 1,706,876 | | 3,250,079 | | |
| 1,000 | | COMFORT SYSTEMS U.S.A, INC. | | 82,846 | | 98,940 | | |
| 33,742 | | CONSTRUCTION PARTNERS, INC., CLASS A(b) | | 1,098,996 | | 992,352 | | |
| 5,072 | | CORECIVIC, INC.(b) | | 32,724 | | 50,568 | | |
| 58,100 | | CREEK & RIVER CO. LTD.(c) | | 1,009,128 | | 1,028,859 | | |
| See accompanying notes to financial statements. | 70 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Industrials (Cont'd): | | | | | | |
| 14,131 | | CSW INDUSTRIALS, INC. | | $ 1,991,496 | | 1,707,873 | | |
| 1,443 | | DXP ENTERPRISES, INC.(b) | | 28,742 | | 37,042 | | |
| 192,398 | | ENERPAC TOOL GROUP CORP. | | 4,311,479 | | 3,901,831 | | |
| 4,482 | | EXPONENT, INC. | | 385,464 | | 523,184 | | |
| 3,416 | | FEDERAL SIGNAL CORP. | | 122,131 | | 148,049 | | |
| 33,958 | | FRANKLIN COVEY CO.(b) | | 1,578,598 | | 1,574,293 | | |
| 2,045 | | FRANKLIN ELECTRIC CO., INC. | | 101,427 | | 193,375 | | |
| 85,640 | | GATES INDUSTRIAL CORP. PLC(b) | | 1,235,338 | | 1,362,532 | | |
| 924 | | GIBRALTAR INDUSTRIES, INC.(b) | | 43,216 | | 61,612 | | |
| 25,402 | | GLOBAL INDUSTRIAL CO. | | 945,775 | | 1,038,942 | | |
| 2,806 | | GMS, INC.(b) | | 118,213 | | 168,669 | | |
| 14,620 | | GORMAN-RUPP (THE) CO. | | 440,052 | | 651,321 | | |
| 43,020 | | GRACO, INC. | | 2,648,901 | | 3,468,272 | | |
| 2,026 | | GRANITE CONSTRUCTION, INC. | | 44,873 | | 78,406 | | |
| 8,801 | | GRIFFON CORP. | | 198,243 | | 250,652 | | |
| 27,527 | | HARDWOODS DISTRIBUTION, INC.(c) | | 815,996 | | 974,908 | | |
| 4,300 | | HARSCO CORP.(b) | | 74,761 | | 71,853 | | |
| 4,500 | | HAWAIIAN HOLDINGS, INC.(b) | | 83,772 | | 82,665 | | |
| 200 | | HEIDRICK & STRUGGLES INTERNATIONAL, INC. | | 8,854 | | 8,746 | | |
| 6,523 | | HILLENBRAND, INC. | | 269,673 | | 339,131 | | |
| 6,200 | | HNI CORP. | | 229,994 | | 260,710 | | |
| 4,004 | | HUB GROUP, INC., CLASS A(b) | | 236,332 | | 337,297 | | |
| 6,180 | | HUNTINGTON INGALLS INDUSTRIES, INC. | | 1,099,403 | | 1,154,053 | | |
| 3,947 | | HURON CONSULTING GROUP, INC.(b) | | 207,217 | | 196,955 | | |
| 74,610 | | IAA, INC.(b) | | 3,715,652 | | 3,776,758 | | |
| 11,655 | | ICF INTERNATIONAL, INC. | | 1,014,865 | | 1,195,220 | | |
| 166,594 | | JELD-WEN HOLDING, INC.(b) | | 3,537,737 | | 4,391,418 | | |
| 8,965 | | JOHN BEAN TECHNOLOGIES CORP. | | 1,321,082 | | 1,376,665 | | |
| 478,466 | | JOHNSON SERVICE GROUP PLC(b)(c) | | 1,000,440 | | 955,899 | | |
| 4,384 | | KADANT, INC. | | 942,948 | | 1,010,424 | | |
| 4,500 | | KAMAN CORP. | | 188,802 | | 194,175 | | |
| 11,800 | | KAR AUCTION SERVICES, INC.(b) | | 190,398 | | 184,316 | | |
| 34,986 | | KARAT PACKAGING, INC.(b) | | 798,063 | | 707,067 | | |
| 1,406 | | KORN FERRY | | 98,653 | | 106,476 | | |
| 6,338 | | KORNIT DIGITAL LTD.(b)(c) | | 937,597 | | 964,960 | | |
| 579 | | LINDSAY CORP. | | 54,200 | | 88,008 | | |
| 165,041 | | LYFT, INC., CLASS A(b) | | 6,078,402 | | 7,052,202 | | |
| 18,083 | | MASONITE INTERNATIONAL CORP.(b) | | 2,183,703 | | 2,132,890 | | |
| 18,112 | | MASTEC, INC.(b) | | 980,012 | | 1,671,375 | | |
| 16,100 | | MATRIX SERVICE CO.(b) | | 140,076 | | 121,072 | | |
| 3,230 | | MATSON, INC. | | 204,043 | | 290,797 | | |
| 8,542 | | MERITOR, INC.(b) | | 181,931 | | 211,671 | | |
| 28,348 | | MOOG, INC., CLASS A | | 1,735,699 | | 2,295,338 | | |
| 145,111 | | MRC GLOBAL, INC.(b) | | 1,287,007 | | 998,364 | | |
| 3,400 | | NOW, INC.(b) | | 25,012 | | 29,036 | | |
| 400 | | NV5 GLOBAL, INC.(b) | | 55,104 | | 55,248 | | |
| 212,617 | | PGT INNOVATIONS, INC.(b) | | 3,680,552 | | 4,781,756 | | |
| 1,084 | | PITNEY BOWES, INC. | | 2,695 | | 7,187 | | |
| 2,151 | | PROTO LABS, INC.(b) | | 113,198 | | 110,454 | | |
| 144,946 | | RADIANT LOGISTICS, INC.(b) | | 937,282 | | 1,056,656 | | |
| 34,388 | | RED VIOLET, INC.(b) | | 1,008,716 | | 1,364,860 | | |
| 1,915 | | RESOURCES CONNECTION, INC. | | 22,152 | | 34,164 | | |
| 139,290 | | REV GROUP, INC. | | 1,480,838 | | 1,970,953 | | |
| 41,820 | | RUSH ENTERPRISES, INC., CLASS A | | 1,223,670 | | 2,326,865 | | |
| 15,023 | | RYDER SYSTEM, INC. | | 620,362 | | 1,238,346 | | |
| 4,527 | | SKYWEST, INC.(b) | | 179,285 | | 177,911 | | |
| 597 | | SPX FLOW, INC. | | 38,775 | | 51,629 | | |
| 1,334 | | STANDEX INTERNATIONAL CORP. | | 122,936 | | 147,620 | | |
| 433,598 | | STEELCASE, INC., CLASS A | | 5,532,881 | | 5,081,769 | | |
| 47,585 | | STERLING CONSTRUCTION CO., INC.(b) | | 1,032,104 | | 1,251,485 | | |
| 60,274 | | TEREX CORP. | | 1,929,563 | | 2,649,042 | | |
| 600 | | TITAN INTERNATIONAL, INC.(b) | | 6,564 | | 6,576 | | |
| 2,416 | | TRIUMPH GROUP, INC.(b) | | 18,378 | | 44,768 | | |
| 76,777 | | TRUEBLUE, INC.(b) | | 1,290,720 | | 2,124,420 | | |
| 3,091 | | UFP INDUSTRIES, INC. | | 217,315 | | 284,403 | | |
| 568 | | UNIFIRST CORP. | | 97,176 | | 119,507 | | |
| 117,741 | | UPWORK, INC.(b) | | 5,563,395 | | 4,022,033 | | |
| See accompanying notes to financial statements. | 71 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Industrials (Cont'd): | | | | | | |
| 6,632 | | US ECOLOGY, INC.(b) | | $ 207,487 | | 211,826 | | |
| 30,047 | | VA-Q-TEC A.G.(b)(c)(d) | | 1,062,449 | | 863,765 | | |
| 100 | | VERITIV CORP.(b) | | 12,140 | | 12,257 | | |
| 2,098 | | VICOR CORP.(b) | | 177,681 | | 266,404 | | |
| 2,433 | | WATTS WATER TECHNOLOGIES, INC., CLASS A | | 320,143 | | 472,416 | | |
| 36,119 | | WILLDAN GROUP, INC.(b) | | 1,459,945 | | 1,271,389 | | |
| 25,870 | | WOODWARD, INC. | | 2,369,738 | | 2,831,730 | | |
| | | | | 95,818,697 | | 107,650,297 | | 20.16% |
| Information Technology: | | | | | | |
| 1,753 | | 3D SYSTEMS CORP.(b) | | 38,529 | | 37,760 | | |
| 1,342 | | ADVANCED ENERGY INDUSTRIES, INC. | | 90,367 | | 122,203 | | |
| 147,827 | | AGILETHOUGHT, INC.(b)(d) | | 1,034,789 | | 697,743 | | |
| 1,650 | | ALARM.COM HOLDINGS, INC.(b) | | 94,821 | | 139,936 | | |
| 56,819 | | ARLO TECHNOLOGIES, INC.(b) | | 498,095 | | 596,031 | | |
| 52,400 | | AVANT CORP.(c) | | 729,577 | | 546,184 | | |
| 73,031 | | AVNET, INC. | | 2,486,530 | | 3,011,068 | | |
| 3,016 | | AXCELIS TECHNOLOGIES, INC.(b) | | 118,006 | | 224,873 | | |
| 5,492 | | AZENTA, INC. | | 550,979 | | 566,280 | | |
| 937 | | BADGER METER, INC. | | 59,401 | | 99,847 | | |
| 65,602 | | BELDEN, INC. | | 2,349,358 | | 4,312,019 | | |
| 2,504 | | BENCHMARK ELECTRONICS, INC. | | 50,443 | | 67,858 | | |
| 4,999 | | BOTTOMLINE TECHNOLOGIES DE, INC.(b) | | 189,616 | | 282,294 | | |
| 34,416 | | CAMBIUM NETWORKS CORP.(b) | | 969,733 | | 882,082 | | |
| 338,760 | | CELESTICA, INC.(b)(c) | | 2,443,169 | | 3,770,399 | | |
| 25,755 | | CEVA, INC.(b) | | 1,184,601 | | 1,113,646 | | |
| 46,454 | | CODA OCTOPUS GROUP, INC.(b) | | 375,695 | | 371,632 | | |
| 3,200 | | COHU, INC.(b) | | 98,099 | | 121,888 | | |
| 100 | | CONSENSUS CLOUD SOLUTIONS, INC.(b) | | 5,820 | | 5,787 | | |
| 17,761 | | COUPA SOFTWARE, INC.(b) | | 2,742,643 | | 2,807,126 | | |
| 3,939 | | CSG SYSTEMS INTERNATIONAL, INC. | | 170,471 | | 226,965 | | |
| 6,300 | | CTS CORP. | | 193,088 | | 231,336 | | |
| 8,231 | | DAKTRONICS, INC.(b) | | 33,876 | | 41,567 | | |
| 43,489 | | DIGI INTERNATIONAL, INC.(b) | | 915,306 | | 1,068,525 | | |
| 4,205 | | DIODES, INC.(b) | | 324,283 | | 461,751 | | |
| 62,538 | | DOLBY LABORATORIES, INC., CLASS A | | 5,467,068 | | 5,954,868 | | |
| 27,378 | | EBIX, INC. | | 918,765 | | 832,291 | | |
| 41,797 | | ELASTIC N.V.(b) | | 4,786,928 | | 5,144,793 | | |
| 4,322 | | EPLUS, INC.(b) | | 174,881 | | 232,869 | | |
| 1,972 | | EVERTEC, INC. | | 57,500 | | 98,561 | | |
| 2,042 | | EXLSERVICE HOLDINGS, INC.(b) | | 201,021 | | 295,620 | | |
| 400 | | EXTREME NETWORKS, INC.(b) | | 6,628 | | 6,280 | | |
| 11,114 | | FABRINET(b)(c) | | 1,071,911 | | 1,316,676 | | |
| 13,213 | | FARO TECHNOLOGIES, INC.(b) | | 858,890 | | 925,174 | | |
| 8,343 | | FORMFACTOR, INC.(b) | | 230,038 | | 381,442 | | |
| 29,590 | | GRID DYNAMICS HOLDINGS, INC.(b) | | 893,923 | | 1,123,532 | | |
| 165,809 | | GTY TECHNOLOGY HOLDINGS, INC.(b) | | 1,270,326 | | 1,110,920 | | |
| 20,135 | | HARMONIC, INC.(b) | | 114,723 | | 236,788 | | |
| 46,824 | | I3 VERTICALS, INC., CLASS A(b) | | 1,098,519 | | 1,067,119 | | |
| 3,000 | | ICHOR HOLDINGS LTD.(b) | | 114,740 | | 138,090 | | |
| 15,282 | | IMPINJ, INC.(b) | | 862,682 | | 1,355,513 | | |
| 95,924 | | INTELLICHECK, INC.(b) | | 849,003 | | 443,169 | | |
| 48,195 | | ITURAN LOCATION AND CONTROL LTD.(c) | | 1,277,707 | | 1,285,361 | | |
| 117,832 | | KALEYRA, INC.(b)(c)(d) | | 1,290,434 | | 1,183,033 | | |
| 11,434 | | KNOWLES CORP.(b) | | 197,221 | | 266,984 | | |
| 2,600 | | LIVEPERSON, INC.(b) | | 93,384 | | 92,872 | | |
| 90,371 | | LUNA INNOVATIONS, INC.(b) | | 850,107 | | 762,731 | | |
| 2,220 | | MAXLINEAR, INC.(b) | | 56,270 | | 167,366 | | |
| 12,435 | | MGI DIGITAL GRAPHIC TECHNOLOGY(b)(c) | | 580,278 | | 520,987 | | |
| 72 | | MICROSTRATEGY, INC., CLASS A(b) | | 27,976 | | 39,203 | | |
| 16,319 | | MIX TELEMATICS LTD. ADR(c)(f) | | 200,397 | | 205,783 | | |
| 10,610 | | MKS INSTRUMENTS, INC. | | 1,366,114 | | 1,847,944 | | |
| 30,336 | | NAPCO SECURITY TECHNOLOGIES, INC.(b) | | 1,304,757 | | 1,516,193 | | |
| 5,400 | | NETGEAR, INC.(b) | | 155,822 | | 157,734 | | |
| 5,926 | | NOVA LTD.(b)(c) | | 617,454 | | 868,159 | | |
| 16,573 | | ONTO INNOVATION, INC.(b) | | 589,183 | | 1,677,685 | | |
| 2,718 | | OSI SYSTEMS, INC.(b) | | 196,905 | | 253,318 | | |
| 214,973 | | PARK CITY GROUP, INC.(b) | | 1,185,108 | | 1,251,143 | | |
| See accompanying notes to financial statements. | 72 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Information Technology (Cont'd): | | | | | | |
| 1,100 | | PC CONNECTION, INC. | | $ 47,310 | | 47,443 | | |
| 1,969 | | PERFICIENT, INC.(b) | | 152,739 | | 254,572 | | |
| 187,090 | | PIVOTREE, INC.(b)(c)(d) | | 582,370 | | 650,774 | | |
| 2,300 | | PLANTRONICS, INC.(b) | | 68,717 | | 67,482 | | |
| 30,388 | | PLEXUS CORP.(b) | | 2,224,733 | | 2,913,905 | | |
| 3,242 | | POWER INTEGRATIONS, INC. | | 205,924 | | 301,149 | | |
| 2,189 | | PROGRESS SOFTWARE CORP. | | 87,023 | | 105,663 | | |
| 63,116 | | RADWARE LTD.(b)(c) | | 2,129,717 | | 2,628,150 | | |
| 873 | | RAMBUS, INC.(b) | | 12,795 | | 25,657 | | |
| 639 | | ROGERS CORP.(b) | | 120,708 | | 174,447 | | |
| 58,242 | | SAILPOINT TECHNOLOGIES HOLDINGS, INC.(b) | | 2,208,378 | | 2,815,418 | | |
| 3,448 | | SANMINA CORP.(b) | | 124,765 | | 142,954 | | |
| 67,923 | | SCANSOURCE, INC.(b) | | 2,571,753 | | 2,382,739 | | |
| 10,348 | | SHOTSPOTTER, INC.(b) | | 373,994 | | 305,473 | | |
| 18,568 | | SILICON MOTION TECHNOLOGY CORP. ADR(c)(f) | | 1,294,943 | | 1,764,517 | | |
| 4,101 | | SITIME CORP.(b) | | 888,762 | | 1,199,707 | | |
| 2,583 | | SPS COMMERCE, INC.(b) | | 211,089 | | 367,690 | | |
| 58,096 | | SUPER MICRO COMPUTER, INC.(b) | | 1,500,024 | | 2,553,319 | | |
| 50,989 | | TRANSACT TECHNOLOGIES, INC.(b) | | 736,291 | | 555,780 | | |
| 5,905 | | TTM TECHNOLOGIES, INC.(b) | | 68,078 | | 87,985 | | |
| 11,990 | | TUCOWS, INC., CLASS A(b)(c)(d) | | 934,541 | | 1,005,002 | | |
| 3,745 | | ULTRA CLEAN HOLDINGS, INC.(b) | | 148,144 | | 214,813 | | |
| 6,836 | | UNISYS CORP.(b) | | 70,493 | | 140,617 | | |
| 6,574 | | UPLAND SOFTWARE, INC.(b) | | 170,604 | | 117,938 | | |
| 53,821 | | VEECO INSTRUMENTS, INC.(b) | | 1,190,591 | | 1,532,284 | | |
| 50,997 | | VIA OPTRONICS A.G.(b)(c)(f) | | 356,034 | | 374,828 | | |
| 12,726 | | VIAVI SOLUTIONS, INC.(b) | | 193,859 | | 224,232 | | |
| 14,514 | | VONAGE HOLDINGS CORP.(b) | | 175,819 | | 301,746 | | |
| 30,154 | | WIX.COM LTD.(b)(c) | | 6,670,096 | | 4,758,000 | | |
| 5,100 | | XPERI HOLDING CORP. | | 57,871 | | 96,441 | | |
| | | | | 72,292,123 | | 82,677,726 | | 15.48% |
| Materials: | | | | | | |
| 2,335 | | ADVANSIX, INC. | | 68,546 | | 110,329 | | |
| 16,922 | | ALLEGHENY TECHNOLOGIES, INC.(b) | | 252,902 | | 269,568 | | |
| 2,843 | | ARCONIC CORP.(b) | | 60,985 | | 93,847 | | |
| 2,941 | | BALCHEM CORP. | | 374,706 | | 495,853 | | |
| 5,200 | | CARPENTER TECHNOLOGY CORP. | | 150,935 | | 151,788 | | |
| 2,543 | | CENTURY ALUMINUM CO.(b) | | 18,338 | | 42,112 | | |
| 9,560 | | GLATFELTER CORP. | | 132,699 | | 164,432 | | |
| 30,763 | | H.B. FULLER CO. | | 1,647,975 | | 2,491,803 | | |
| 1,166 | | HAWKINS, INC. | | 25,673 | | 45,999 | | |
| 3,232 | | INNOSPEC, INC. | | 280,480 | | 291,979 | | |
| 5,190 | | KOPPERS HOLDINGS, INC.(b) | | 145,859 | | 162,447 | | |
| 14,859 | | LIVENT CORP.(b) | | 282,355 | | 362,262 | | |
| 36,536 | | NEO PERFORMANCE MATERIALS, INC.(c) | | 498,872 | | 585,754 | | |
| 2,700 | | O-I GLASS, INC.(b) | | 31,474 | | 32,481 | | |
| 66,943 | | OLIN CORP. | | 1,101,953 | | 3,850,561 | | |
| 400 | | OLYMPIC STEEL, INC. | | 9,280 | | 9,400 | | |
| 149,039 | | ORION ENGINEERED CARBONS S.A.(b)(c) | | 2,025,655 | | 2,736,356 | | |
| 922 | | QUAKER CHEMICAL CORP. | | 181,683 | | 212,779 | | |
| 15,350 | | RELIANCE STEEL & ALUMINUM CO. | | 1,432,641 | | 2,490,077 | | |
| 78,262 | | SCHWEITZER-MAUDUIT INTERNATIONAL, INC. | | 2,964,146 | | 2,340,034 | | |
| 7,489 | | SMITH-MIDLAND CORP.(b) | | 171,312 | | 351,983 | | |
| 1,154 | | STEPAN CO. | | 110,503 | | 143,431 | | |
| 100 | | SYLVAMO CORP.(b) | | 2,879 | | 2,789 | | |
| 1,184,000 | | TALON METALS CORP.(b)(c) | | 564,683 | | 570,963 | | |
| 72,352 | | TRIMAS CORP. | | 1,934,694 | | 2,677,024 | | |
| 1,300 | | TRINSEO PLC | | 68,417 | | 68,198 | | |
| 2,731 | | WARRIOR MET COAL, INC. | | 40,792 | | 70,214 | | |
| | | | | 14,580,437 | | 20,824,463 | | 3.90% |
| Real Estate: | | | | | | |
| 5,605 | | ACADIA REALTY TRUST | | 71,378 | | 122,357 | | |
| 10,722 | | ALEXANDER & BALDWIN, INC. | | 206,296 | | 269,015 | | |
| 3,000 | | AMERICAN ASSETS TRUST, INC. | | 105,458 | | 112,590 | | |
| 9,103 | | BRANDYWINE REALTY TRUST | | 92,099 | | 122,162 | | |
| 4,446 | | CARETRUST REIT, INC. | | 77,239 | | 101,502 | | |
| 182,750 | | DIAMONDROCK HOSPITALITY CO.(b) | | 1,295,005 | | 1,756,227 | | |
| See accompanying notes to financial statements. | 73 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Real Estate (Cont'd): | | | | | | |
| 3,141 | | ESSENTIAL PROPERTIES REALTY TRUST, INC. | | $ 63,363 | | 90,555 | | |
| 3,731 | | FOUR CORNERS PROPERTY TRUST, INC. | | 104,085 | | 109,729 | | |
| 5,000 | | GEO GROUP (THE), INC. | | 38,530 | | 38,750 | | |
| 13,018 | | INDEPENDENCE REALTY TRUST, INC. | | 240,380 | | 336,255 | | |
| 3,481 | | INDUSTRIAL LOGISTICS PROPERTIES TRUST | | 71,070 | | 87,199 | | |
| 2,020 | | INNOVATIVE INDUSTRIAL PROPERTIES, INC. | | 374,959 | | 531,078 | | |
| 4,950 | | ISTAR, INC. | | 91,226 | | 127,858 | | |
| 6,457 | | LTC PROPERTIES, INC. | | 218,084 | | 220,442 | | |
| 27,709 | | LXP INDUSTRIAL TRUST | | 340,146 | | 432,815 | | |
| 891 | | MARCUS & MILLICHAP, INC.(b) | | 25,083 | | 45,851 | | |
| 7,500 | | OFFICE PROPERTIES INCOME TRUST | | 194,068 | | 186,300 | | |
| 200 | | ORION OFFICE REIT, INC.(b) | | 3,750 | | 3,734 | | |
| 580 | | RE/MAX HOLDINGS, INC., CLASS A | | 17,502 | | 17,684 | | |
| 4,260 | | REALOGY HOLDINGS CORP.(b) | | 31,719 | | 71,611 | | |
| 6,031 | | RETAIL OPPORTUNITY INVESTMENTS CORP. | | 65,628 | | 118,208 | | |
| 12,207 | | RPT REALTY | | 144,799 | | 163,330 | | |
| 690 | | SAUL CENTERS, INC. | | 20,011 | | 36,584 | | |
| 600 | | SERVICE PROPERTIES TRUST | | 5,334 | | 5,274 | | |
| 7,941 | | SITE CENTERS CORP. | | 59,761 | | 125,706 | | |
| 500 | | TANGER FACTORY OUTLET CENTERS, INC. | | 9,760 | | 9,640 | | |
| 25,793 | | UNITI GROUP, INC. | | 262,817 | | 361,360 | | |
| 2,800 | | UNIVERSAL HEALTH REALTY INCOME TRUST | | 167,339 | | 166,516 | | |
| 12,657 | | VERIS RESIDENTIAL, INC.(b) | | 195,205 | | 232,636 | | |
| 7,244 | | WASHINGTON REAL ESTATE INVESTMENT TRUST | | 157,298 | | 187,257 | | |
| 10,693 | | WHITESTONE REIT | | 88,026 | | 108,320 | | |
| | | | | 4,837,418 | | 6,298,545 | | 1.18% |
| Utilities: | | | | | | |
| 2,370 | | AMERICAN STATES WATER CO. | | 184,750 | | 245,153 | | |
| 687 | | AVISTA CORP. | | 29,108 | | 29,190 | | |
| 4,547 | | CALIFORNIA WATER SERVICE GROUP | | 243,090 | | 326,747 | | |
| 744 | | CHESAPEAKE UTILITIES CORP. | | 66,090 | | 108,483 | | |
| 1,069 | | NORTHWEST NATURAL HOLDING CO. | | 49,002 | | 52,146 | | |
| 13,998 | | SOUTH JERSEY INDUSTRIES, INC. | | 313,908 | | 365,628 | | |
| 300 | | UNITIL CORP. | | 13,329 | | 13,797 | | |
| | | | | 899,277 | | 1,141,144 | | 0.21% |
| | | Sub-total Common Stocks: | | 457,787,332 | | 518,626,604 | | 97.11% |
| Rights: | | | | | | |
| Communication Services: | | | | | | |
| 55,700 | | MEDIA GENERAL, INC. (CONTINGENT VALUE RIGHTS)(b)(g) | | - | | - | | |
| | | | | - | | - | | 0.00% |
| | | Sub-total Rights: | | - | | - | | 0.00% |
| Warrants: | | | | | | |
| Health Care: | | | | | | |
| 19,977 | | NANOVIBRONIX, INC.(b)(g) | | 200 | | - | | |
| | | | | 200 | | - | | 0.00% |
| Industrials: | | | | | | |
| 25,323 | | ADS-TEC ENERGY PLC(b) | | 28,696 | | 30,134 | | |
| | | | | 28,696 | | 30,134 | | 0.00% |
| | | Sub-total Warrants: | | 28,896 | | 30,134 | | 0.00% |
| Short-Term Investments: | | | | | | |
| 2,907,145 | | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO(h) | | 2,907,145 | | 2,907,145 | | |
| 16,636,090 | | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 0.01%(i) | | 16,636,090 | | 16,636,090 | | |
| | | Sub-total Short-Term Investments: | | 19,543,235 | | 19,543,235 | | 3.66% |
| | | Grand total | | $ 477,359,463 | | 538,199,973 | | 100.77% |
| Notes to Schedule of Investments: |
| (a) | Investments are valued in accordance with procedures described in Note 2 to the financial statements. |
| (b) | Non-income producing assets. |
| See accompanying notes to financial statements. | 74 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
December 31, 2021
| (c) | Foreign security values are stated in U.S. dollars. As of December 31, 2021, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 12.21% of net assets. |
| (d) | Security is either wholly or partially on loan. |
| (e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of this security is determined by valuations supplied by a pricing service or broker, 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 0.59% of net assets as of December 31, 2021. |
| (g) | Security has been deemed worthless and is a Level 3 investment. |
| (h) | Investment relates to cash collateral received from portfolio securities loaned. |
| (i) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2020, the value of the Clearwater Select Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $16,222,989 with net purchases of $413,101 during the year ended December 31, 2021. |
| See accompanying notes to financial statements. | 75 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Select Equity Fund
December 31, 2021
Clearwater Select Equity Fund Portfolio Diversification
(as a percentage of net assets)
| See accompanying notes to financial statements. | 76 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Closed-End Funds: | | | | | | | | | | | | |
| 160,624 | | BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | | $ 1,564,828 | | 2,409,360 | | |
| 44,180 | | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | | 598,353 | | 689,650 | | |
| 114,491 | | BLACKROCK MUNIHOLDINGS FUND INC | | 1,771,610 | | 1,918,869 | | |
| 97,827 | | BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND | | 1,105,342 | | 1,453,709 | | |
| 46,838 | | BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND INC | | 651,076 | | 742,851 | | |
| 83,977 | | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | | 1,060,121 | | 1,177,358 | | |
| 157,958 | | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | | 2,064,776 | | 2,423,076 | | |
| 51,700 | | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | | 729,423 | | 865,458 | | |
| 101,396 | | BLACKROCK MUNIYIELD QUALITY FUND II INC | | 1,299,428 | | 1,470,242 | | |
| 118,472 | | BLACKROCK MUNIYIELD QUALITY FUND III INC | | 1,572,465 | | 1,755,755 | | |
| 12,559 | | BLACKROCK MUNIYIELD QUALITY FUND INC | | 173,142 | | 202,702 | | |
| 52,628 | | BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | | 382,238 | | 439,444 | | |
| 183,432 | | DWS MUNICIPAL INCOME TRUST | | 2,072,953 | | 2,168,166 | | |
| 176,750 | | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | | 1,960,269 | | 2,152,815 | | |
| 149,405 | | INVESCO MUNICIPAL OPPORTUNITY TRUST | | 1,835,905 | | 2,063,283 | | |
| 101,614 | | INVESCO MUNICIPAL TRUST | | 1,265,029 | | 1,364,676 | | |
| 55,087 | | INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST | | 739,279 | | 769,565 | | |
| 178,132 | | INVESCO QUALITY MUNICIPAL INCOME TRUST | | 2,176,122 | | 2,420,814 | | |
| 60,173 | | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | | 770,286 | | 840,617 | | |
| 86,437 | | INVESCO VALUE MUNICIPAL INCOME TRUST | | 1,315,777 | | 1,472,887 | | |
| 83,434 | | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | | 1,215,972 | | 1,495,972 | | |
| 345,957 | | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | | 4,713,175 | | 5,396,929 | | |
| 71,998 | | NUVEEN NEW JERSEY QUALITY MUNICIPAL INCOME FUND | | 1,115,111 | | 1,107,329 | | |
| 84,266 | | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | | 1,197,701 | | 1,255,563 | | |
| 320,957 | | NUVEEN QUALITY MUNICIPAL INCOME FUND | | 4,690,416 | | 5,170,617 | | |
| | | Sub-total Closed-End Funds: | | | | | | 38,040,797 | | 43,227,707 | | 5.90% |
| Municipal Bonds: | | | | | | | | | | |
| Alabama | | | | | | | | | | |
| 500,000 | | MOBILE CNTY AL LTD OBLG | | 11/1/2045 | | 4.00 | | 500,000 | | 541,154 | | |
| 1,000,000 | | STADIUM TRACE VLG IMPT DIST DEV INCENTIVE ANTIC BONDS | | 3/1/2036 | | 3.63 | | 1,000,000 | | 1,004,632 | | |
| | | | | | | 1,500,000 | | 1,545,786 | | 0.21% |
| Alaska | | | | | | | | | | |
| 350,000 | | ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(b) | | 12/1/2010 | | 5.40 | | 350,000 | | 14,437 | | |
| | | | | | | 350,000 | | 14,437 | | 0.00% |
| Arizona | | | | | | | | | | |
| 1,250,000 | | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(c) | | 7/1/2030 | | 6.75 | | 1,238,773 | | 1,446,798 | | |
| 1,250,000 | | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(c) | | 7/1/2050 | | 7.75 | | 1,237,655 | | 1,509,230 | | |
| 400,000 | | ARIZONA ST INDL DEV AUTH ECON DEV REVENUE(c) | | 7/1/2051 | | 6.00 | | 400,000 | | 442,238 | | |
| 700,000 | | GLENDALE AZ INDL DEV AUTH | | 11/15/2036 | | 5.00 | | 720,612 | | 750,958 | | |
| 550,000 | | GLENDALE AZ INDL DEV AUTH | | 11/15/2046 | | 5.25 | | 555,855 | | 535,079 | | |
| 870,000 | | MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE(c) | | 7/1/2052 | | 6.00 | | 910,334 | | 1,031,369 | | |
| 500,000 | | NAVAJO NATION AZ(c) | | 12/1/2030 | | 5.50 | | 516,491 | | 556,922 | | |
| 1,000,000 | | PHOENIX AZ INDL DEV AUTH EDU REVENUE(c) | | 7/1/2036 | | 5.13 | | 987,355 | | 1,114,473 | | |
| 1,000,000 | | PHOENIX AZ INDL DEV AUTH EDU REVENUE(c) | | 9/1/2045 | | 5.00 | | 1,040,598 | | 1,123,078 | | |
| 2,500,000 | | PHOENIX AZ INDL DEV AUTH LEASE REVENUE | | 6/1/2034 | | 5.25 | | 2,502,532 | | 2,548,854 | | |
| 600,000 | | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(c) | | 12/1/2026 | | 5.25 | | 600,000 | | 641,769 | | |
| 10,000 | | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE | | 7/1/2031 | | 6.75 | | 8,131 | | 10,146 | | |
| 1,370,000 | | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(c) | | 6/15/2035 | | 5.38 | | 1,427,844 | | 1,505,485 | | |
| 750,000 | | PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(c) | | 6/15/2037 | | 4.75 | | 737,895 | | 764,929 | | |
| 690,000 | | QUECHAN INDIAN TRIBE AZ FORT YUMA INDIAN RESERVATION | | 5/1/2025 | | 9.75 | | 690,000 | | 699,111 | | |
| 500,000 | | TEMPE AZ INDL DEV AUTH REVENUE(c) | | 10/1/2024 | | 4.70 | | 499,347 | | 500,335 | | |
| 500,000 | | TEMPE AZ INDL DEV AUTH REVENUE(c) | | 10/1/2037 | | 6.00 | | 502,130 | | 552,702 | | |
| | | | | | | 14,575,552 | | 15,733,476 | | 2.15% |
| See accompanying notes to financial statements. | 77 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Arkansas | | | | | | | | | | |
| 1,000,000 | | MOUNTAIN HOME AR SALES & USE TAX REVENUE | | 9/1/2038 | | 2.00 | | $ 1,000,000 | | 1,003,172 | | |
| 525,000 | | SHERIDAN AR SCH DIST #37 | | 2/1/2047 | | 4.00 | | 525,302 | | 526,506 | | |
| 1,000,000 | | SPRINGDALE AR SALES & USE REVENUE | | 4/1/2041 | | 3.60 | | 974,172 | | 1,039,431 | | |
| | | | | | | 2,499,474 | | 2,569,109 | | 0.35% |
| California | | | | | | | | | | |
| 2,350,000 | | ACALANES CA UNION HIGH SCH DIST (Step to 6.55% on 8/1/2024)(d) | | 8/1/2039 | | 0.00 | | 1,991,259 | | 2,773,581 | | |
| 1,000,000 | | ALVORD CA UNIF SCH DIST | | 8/1/2036 | | 5.25 | | 1,006,014 | | 1,079,220 | | |
| 1,000,000 | | ALVORD CA UNIF SCH DIST (Step to 7.35% on 8/1/2026)(d) | | 8/1/2046 | | 0.00 | | 721,510 | | 1,348,903 | | |
| 650,000 | | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(c) | | 5/15/2029 | | 3.13 | | 650,000 | | 658,409 | | |
| 500,000 | | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(c) | | 11/15/2051 | | 5.00 | | 526,056 | | 572,546 | | |
| 500,000 | | CALIFORNIA PUBLIC FIN AUTH SENIOR LIVING REVENUE(c) | | 11/15/2056 | | 5.00 | | 522,830 | | 571,036 | | |
| 1,500,000 | | CALIFORNIA ST SCH FACS FING AUTH REVENUE | | 8/1/2029 | | 6.00 | | 1,488,994 | | 1,852,747 | | |
| 750,000 | | CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE | | 10/1/2042 | | 6.00 | | 758,715 | | 781,952 | | |
| 1,000,000 | | CARLSBAD CA UNIF SCH DIST | | 8/1/2031 | | 6.13 | | 996,930 | | 1,382,463 | | |
| 1,000,000 | | COLTON CA JT UNIF SCH DIST | | 8/1/2035 | | 5.80 | | 999,433 | | 1,238,667 | | |
| 1,105,000 | | CORONA-NORCO CA UNIF SCH DIST | | 8/1/2039 | | 6.80 | | 1,103,282 | | 1,468,541 | | |
| 750,000 | | EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE | | 7/1/2033 | | 6.38 | | 744,242 | | 753,568 | | |
| 1,000,000 | | ENCINITAS CA UNION SCH DIST (Step to 6.75% on 8/1/2022)(d) | | 8/1/2035 | | 0.00 | | 961,533 | | 1,449,714 | | |
| 1,155,000 | | ENTERPRISE CA ELEM SCH DIST | | 8/1/2035 | | 6.20 | | 1,153,774 | | 1,626,218 | | |
| 1,500,000 | | HARTNELL CA CMNTY CLG DIST (Step to 7.00% on 8/1/2022)(d) | | 8/1/2034 | | 0.00 | | 1,440,848 | | 1,879,015 | | |
| 3,500,000 | | HEALDSBURG CA UNIF SCH DIST (Step to 4.60% on 8/1/2022)(d) | | 8/1/2037 | | 0.00 | | 3,404,108 | | 3,916,878 | | |
| 1,000,000 | | HELENDALE CA SCH DIST | | 8/1/2034 | | 6.25 | | 998,348 | | 1,356,147 | | |
| 1,000,000 | | IMPERIAL CA CMNTY CLG DIST | | 8/1/2040 | | 6.75 | | 1,005,810 | | 1,218,095 | | |
| 750,000 | | MARTINEZ CA UNIF SCH DIST | | 8/1/2035 | | 6.13 | | 746,978 | | 861,064 | | |
| 2,000,000 | | OAK PARK CA UNIF SCH DIST | | 8/1/2038 | | 7.10 | | 1,999,668 | | 2,906,770 | | |
| 1,000,000 | | REDONDO BEACH CA UNIF SCH DIST | | 8/1/2034 | | 6.38 | | 996,572 | | 1,249,436 | | |
| 750,000 | | REEF-SUNSET CA UNIF SCH DIST | | 8/1/2038 | | 4.85 | | 749,724 | | 861,800 | | |
| 1,000,000 | | RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE | | 10/15/2038 | | 6.00 | | 1,006,029 | | 1,102,056 | | |
| 1,500,000 | | S TAHOE CA JT PWRS FING AUTH LEASE REVENUE | | 10/1/2030 | | 5.00 | | 1,552,059 | | 1,658,315 | | |
| 350,000 | | SACRAMENTO CNTY CA WTR FING AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.57%)(e) | | 6/1/2039 | | 0.68 | | 350,000 | | 345,561 | | |
| 500,000 | | SAN DIEGO CA HSG AUTH MF HSG REVENUE | | 5/1/2029 | | 5.00 | | 500,000 | | 501,359 | | |
| 1,500,000 | | SAN GABRIEL CA UNIF SCH DIST | | 8/1/2039 | | 5.35 | | 1,494,919 | | 1,542,413 | | |
| 1,000,000 | | SAN JOSE CA FING AUTH LEASE REVENUE | | 6/1/2039 | | 5.00 | | 1,011,969 | | 1,066,369 | | |
| 500,000 | | SANTA MONICA CA REDEV AGY | | 7/1/2036 | | 5.88 | | 500,000 | | 504,621 | | |
| 2,110,000 | | SULPHUR SPRINGS CA UNION SCH DIST COPS | | 12/1/2037 | | 6.50 | | 2,108,690 | | 2,548,832 | | |
| 1,500,000 | | SUTTER BUTTE CA FLOOD AGY ASSMNT REVENUE | | 10/1/2038 | | 4.00 | | 1,485,482 | | 1,578,587 | | |
| 1,000,000 | | TRACY CA JT UNIF SCH DIST (Step to 7.30% on 8/1/2027)(d) | | 8/1/2041 | | 0.00 | | 764,459 | | 1,129,973 | | |
| | | | | | | 35,740,235 | | 43,784,856 | | 5.98% |
| Colorado | | | | | | | | | | |
| 500,000 | | BASELINE MET DIST #1 CO SPL REVENUE | | 12/1/2051 | | 5.00 | | 531,997 | | 532,527 | | |
| 1,000,000 | | BRIGHTON CROSSING MET DIST #6 CO | | 12/1/2050 | | 5.00 | | 1,015,531 | | 1,088,621 | | |
| 650,000 | | BUFFALO HIGHLANDS MET DIST | | 12/1/2038 | | 5.25 | | 651,366 | | 693,107 | | |
| 830,000 | | CHAMBERS HIGHPOINT MET DIST #2 CO | | 12/1/2051 | | 5.00 | | 877,643 | | 868,350 | | |
| 500,000 | | CLEAR CREEK TRANSIT MET DIST #2 CO | | 12/1/2050 | | 5.00 | | 520,897 | | 542,863 | | |
| See accompanying notes to financial statements. | 78 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Colorado (Cont'd): | | | | | | | | | | |
| 650,000 | | COLORADO EDUCTNL & CULTURAL AUTH REVENUE | | 10/1/2061 | | 4.00 | | $ 676,507 | | 682,632 | | |
| 1,000,000 | | COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE | | 7/1/2034 | | 5.60 | | 995,500 | | 1,003,779 | | |
| 600,000 | | COLORADO ST HLTH FACS AUTH HOSP REVENUE | | 5/15/2030 | | 3.50 | | 600,000 | | 602,048 | | |
| 1,250,000 | | COLORADO ST HLTH FACS AUTH HOSP REVENUE | | 12/1/2048 | | 5.00 | | 1,301,433 | | 1,452,719 | | |
| 1,000,000 | | COLORADO ST HLTH FACS AUTH HOSP REVENUE | | 12/1/2050 | | 4.00 | | 1,049,231 | | 1,138,952 | | |
| 1,000,000 | | COLORADO ST HLTH FACS AUTH HOSP REVENUE | | 5/15/2058 | | 5.00 | | 1,018,673 | | 1,040,913 | | |
| 1,000,000 | | COLORADO ST HLTH FACS AUTH REVENUE | | 8/1/2033 | | 7.63 | | 990,474 | | 1,063,239 | | |
| 1,000,000 | | COLORADO ST HSG & FIN AUTH | | 10/1/2041 | | 2.40 | | 1,006,247 | | 1,003,399 | | |
| 750,000 | | COPPERLEAF CO MET DIST #4 | | 12/1/2049 | | 5.00 | | 778,431 | | 809,619 | | |
| 750,000 | | CRYSTAL CO CROSSING MET DIST | | 12/1/2040 | | 5.25 | | 750,000 | | 809,964 | | |
| 1,500,000 | | DENVER CO CITY & CNTY MF HSG REVENUE | | 2/1/2039 | | 2.05 | | 1,500,000 | | 1,500,626 | | |
| 1,000,000 | | DIATC MET DIST CO(c) | | 12/1/2049 | | 5.00 | | 1,051,124 | | 1,072,785 | | |
| 1,000,000 | | DOUGLAS CNTY CO MF REVENUE | | 10/1/2029 | | 4.50 | | 1,000,000 | | 1,002,088 | | |
| 1,000,000 | | GREEN VALLEY RANCH EAST MET DIST #6 CO | | 12/1/2050 | | 5.88 | | 1,000,000 | | 1,100,676 | | |
| 500,000 | | HASKINS STATION CO MET DIST | | 12/1/2039 | | 5.00 | | 516,049 | | 540,010 | | |
| 500,000 | | HUNTERS OVERLOOK METRO DIST #5 CO | | 12/1/2049 | | 5.00 | | 523,136 | | 541,498 | | |
| 500,000 | | JOHNSTOWN VLG MET DIST #2 CO | | 12/1/2050 | | 5.00 | | 503,503 | | 540,630 | | |
| 655,000 | | LAMBERTSON FARMS CO MET DIST #1 REVENUE | | 12/15/2025 | | 5.00 | | 646,140 | | 620,771 | | |
| 500,000 | | LAMBERTSON FARMS CO MET DIST #1 REVENUE | | 12/15/2035 | | 5.50 | | 500,000 | | 442,549 | | |
| 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 | | 1,613,270 | | 1,686,723 | | |
| 500,000 | | LEGATO CMNTY AUTH CO LTD TAX SUPPORTED REVENUE | | 12/1/2051 | | 5.00 | | 527,973 | | 539,175 | | |
| 1,000,000 | | LITTLETON VLG MET DIST #2 COLO SPL REVENUE | | 12/1/2045 | | 5.38 | | 996,630 | | 1,021,496 | | |
| 750,000 | | MIRABELLE MET DIST #2 CO | | 12/1/2049 | | 5.00 | | 786,863 | | 802,559 | | |
| 583,045 | | MOUNT CARBON CO MET DIST REVENUE (Step to 0.00% on 6/1/2033)(d) | | 6/1/2043 | | 7.00 | | 583,045 | | 583,147 | | |
| 200,000 | | MOUNT CARBON CO MET DIST REVENUE(b) | | 6/1/2043 | | 8.00 | | - | | 44,000 | | |
| 650,000 | | PEAK MET DIST #1 CO(c) | | 12/1/2051 | | 5.00 | | 675,912 | | 707,204 | | |
| 650,000 | | PRONGHORN VLY MET DIST CO | | 12/1/2051 | | 4.00 | | 650,000 | | 661,572 | | |
| 550,000 | | RAINDANCE MET DIST #2 CO | | 12/1/2039 | | 5.00 | | 592,400 | | 593,213 | | |
| 1,400,000 | | REUNION MET DIST CO SPL REVENUE | | 12/1/2044 | | 3.63 | | 1,347,129 | | 1,389,208 | | |
| 500,000 | | RIVERVIEW MET DIST CO | | 12/1/2051 | | 5.00 | | 535,278 | | 534,185 | | |
| 500,000 | | ST VRAIN LAKES MET DIST #2 | | 12/1/2037 | | 5.00 | | 500,000 | | 525,951 | | |
| 1,000,000 | | STC MET DIST #2 CO | | 12/1/2049 | | 5.00 | | 1,047,654 | | 1,083,670 | | |
| 1,000,000 | | THOMPSON CROSSING MET DIST #4 CO | | 12/1/2049 | | 5.00 | | 1,045,296 | | 1,072,518 | | |
| 1,000,000 | | TRANSPORT MET DIST #3 CO | | 12/1/2041 | | 5.00 | | 1,022,845 | | 1,115,495 | | |
| 750,000 | | TRANSPORT MET DIST #3 CO | | 12/1/2051 | | 5.00 | | 754,464 | | 828,516 | | |
| 1,000,000 | | TREE FARM MET DIST CO(c) | | 12/1/2041 | | 4.50 | | 1,000,000 | | 1,013,253 | | |
| 670,000 | | VAUXMONT MET DIST CO | | 12/15/2050 | | 3.25 | | 670,000 | | 723,451 | | |
| 1,000,000 | | WINDLER PUB IMPT AUTH CO LTD TAX SUPPORTED REVENUE | | 12/1/2041 | | 4.00 | | 1,000,000 | | 998,608 | | |
| 1,000,000 | | WINDSHIRE PARK CO MET DIST #2 | | 12/1/2047 | | 6.50 | | 1,070,702 | | 1,133,051 | | |
| | | | | | | 36,423,343 | | 37,751,360 | | 5.15% |
| Connecticut | | | | | | | | | | |
| 500,000 | | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE(c) | | 1/1/2027 | | 3.25 | | 500,000 | | 507,589 | | |
| 500,000 | | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE(c) | | 1/1/2055 | | 5.00 | | 513,059 | | 550,820 | | |
| 180,000 | | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | | 11/15/2035 | | 3.88 | | 180,000 | | 181,207 | | |
| 500,000 | | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | | 5/15/2038 | | 3.95 | | 500,000 | | 516,851 | | |
| See accompanying notes to financial statements. | 79 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Connecticut (Cont'd): | | | | | | | | | | |
| 2,000,000 | | CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM | | 5/15/2045 | | 3.85 | | $ 2,037,205 | | 2,054,934 | | |
| 583,408 | | MASHANTUCKET WSTRN PEQUOT TRIBE CT | | 7/1/2031 | | 6.05 | | 592,401 | | 128,350 | | |
| 650,000 | | STEEL POINT INFRASTRUCTURE IMPT DIST CT SPL OBLIG REVENUE(c) | | 4/1/2051 | | 4.00 | | 661,428 | | 680,468 | | |
| | | | | | | 4,984,093 | | 4,620,219 | | 0.63% |
| District of Columbia | | | | | | | | | | |
| 500,000 | | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | | 7/1/2033 | | 5.45 | | 500,000 | | 501,359 | | |
| 1,000,000 | | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | | 6/1/2040 | | 4.90 | | 1,000,000 | | 1,002,733 | | |
| 1,000,000 | | DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE | | 6/1/2041 | | 5.00 | | 1,000,000 | | 1,001,705 | | |
| 665,000 | | DIST OF COLUMBIA REVENUE | | 7/1/2027 | | 4.13 | | 625,137 | | 703,278 | | |
| 1,250,000 | | DIST OF COLUMBIA REVENUE | | 7/1/2042 | | 5.00 | | 1,099,667 | | 1,336,241 | | |
| 3,500,000 | | DISTRICT OF COLUMBIA HSG FIN AGY | | 3/1/2042 | | 2.50 | | 3,500,000 | | 3,495,016 | | |
| 1,000,000 | | DISTRICT OF COLUMBIA HSG FIN AGY | | 9/1/2043 | | 4.05 | | 1,000,000 | | 1,119,615 | | |
| | | | | | | 8,724,804 | | 9,159,947 | | 1.25% |
| Florida | | | | | | | | | | |
| 1,000,000 | | ALACHUA CNTY FL HLTH FACS AUTH CCRC | | 10/1/2032 | | 8.00 | | 1,036,327 | | 1,075,577 | | |
| 550,000 | | ARTISAN LAKES EAST CDD FL CAPITAL IMPT REVENUE(c) | | 5/1/2052 | | 4.00 | | 580,229 | | 580,667 | | |
| 390,000 | | ASTURIA FL CMNTY DEV DIST SPL ASSMNT | | 5/1/2034 | | 5.75 | | 390,000 | | 416,791 | | |
| 1,000,000 | | BELLALAGO FL EDUCTNL FACS BENEFIT DIST CAPITAL IMPT REVENUE | | 5/1/2030 | | 4.38 | | 989,319 | | 1,085,754 | | |
| 500,000 | | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | | 5/1/2035 | | 6.25 | | 500,000 | | 565,207 | | |
| 180,000 | | BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE | | 5/1/2045 | | 6.25 | | 180,000 | | 201,989 | | |
| 1,370,000 | | CAPITAL TRUST AGY FL CHRT SCH REVENUE | | 2/1/2035 | | 5.38 | | 1,370,000 | | 1,437,719 | | |
| 1,025,000 | | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(c) | | 7/1/2051 | | 4.00 | | 1,104,197 | | 1,109,118 | | |
| 485,000 | | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE | | 6/1/2056 | | 4.00 | | 517,894 | | 538,864 | | |
| 1,415,000 | | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(c) | | 6/1/2056 | | 5.00 | | 1,529,238 | | 1,563,058 | | |
| 945,000 | | CAPITAL TRUST AGY FL EDUCTNL FACS REVENUE(c) | | 7/1/2056 | | 4.00 | | 1,010,401 | | 1,014,469 | | |
| 750,000 | | CAPITAL TRUST AGY FL REVENUE(b) | | 4/1/2035 | | 7.00 | | 750,000 | | 412,500 | | |
| 1,750,000 | | CAPITAL TRUST AGY FL REVENUE(b)(c)(f) | | 12/1/2035 | | 6.75 | | 1,745,953 | | 560,000 | | |
| 750,000 | | CAPITAL TRUST AGY FL REVENUE(b)(c)(f) | | 7/1/2037 | | 6.75 | | 750,000 | | 228,750 | | |
| 500,000 | | CAPITAL TRUST AGY FL STUDENT HSG REVENUE(c) | | 12/1/2043 | | 5.25 | | 512,192 | | 575,431 | | |
| 710,000 | | CELEBRATION POINTE CMNTY DEV DIST #1 FL SPL ASSMNT REVENUE(c) | | 5/1/2032 | | 5.00 | | 713,281 | | 792,452 | | |
| 500,000 | | CFM FL CDD REVENUE | | 5/1/2051 | | 4.00 | | 518,129 | | 523,376 | | |
| 750,000 | | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE(b)(c)(f) | | 5/15/2026 | | 7.25 | | 750,000 | | 510,000 | | |
| 1,750,000 | | COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REVENUE(b)(c)(f) | | 5/15/2044 | | 8.13 | | 1,913,765 | | 1,190,000 | | |
| 1,000,000 | | DAVIE FL EDUCTNL FACS REVENUE | | 4/1/2042 | | 6.00 | | 1,005,217 | | 1,070,687 | | |
| 1,000,000 | | EAST NASSAU STEWARDSHIP DIST FL SPL ASSMNT REVENUE | | 5/1/2051 | | 4.00 | | 1,023,490 | | 1,041,877 | | |
| 800,000 | | ENTRADA CMNTY DEV DIST FL CAPITAL IMPT REVENUE(c) | | 5/1/2052 | | 4.00 | | 842,116 | | 844,606 | | |
| 530,000 | | ESCAMBIA CNTY FL HSG FIN AUTH SF MTGE REVENUE | | 10/1/2049 | | 3.75 | | 530,000 | | 552,692 | | |
| 615,000 | | FISHHAWK CCD IV FL SPL ASSMNT REVENUE | | 5/1/2033 | | 7.00 | | 615,000 | | 655,742 | | |
| 1,350,000 | | FLORIDA DEV FIN CORP SURFACE TRANPRTN FAC REVENUE(c) | | 1/1/2049 | | 7.38 | | 1,293,011 | | 1,473,575 | | |
| See accompanying notes to financial statements. | 80 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Florida (Cont'd): | | | | | | | | | | |
| 920,000 | | FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(c) | | 6/1/2040 | | 5.00 | | $ 946,208 | | 1,022,021 | | |
| 500,000 | | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(c) | | 6/1/2027 | | 2.38 | | 500,000 | | 501,409 | | |
| 2,000,000 | | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE(c) | | 6/1/2050 | | 5.25 | | 2,036,979 | | 2,327,909 | | |
| 1,350,000 | | FLORIDA ST DEV FIN CORP SENIOR LIVING REVENUE | | 6/1/2051 | | 5.00 | | 1,492,905 | | 1,535,509 | | |
| 380,000 | | FLORIDA ST HSG FIN CORP REVENUE | | 7/1/2035 | | 3.75 | | 380,000 | | 391,136 | | |
| 205,000 | | FLORIDA ST HSG FIN CORP REVENUE | | 7/1/2039 | | 4.20 | | 205,000 | | 207,760 | | |
| 1,055,000 | | FLORIDA ST HSG FIN CORP REVENUE | | 1/1/2045 | | 4.20 | | 1,055,000 | | 1,115,663 | | |
| 705,000 | | FLORIDA ST HSG FIN CORP REVENUE | | 7/1/2049 | | 3.30 | | 705,000 | | 724,307 | | |
| 2,500,000 | | FLORIDA ST HSG FIN CORP REVENUE | | 1/1/2052 | | 2.30 | | 2,500,000 | | 2,489,505 | | |
| 1,000,000 | | FRERC CDD FL | | 11/1/2040 | | 5.38 | | 1,000,000 | | 1,077,979 | | |
| 700,000 | | GRANDE PINES CDD FL SPL ASSMNT REVENUE | | 5/1/2041 | | 3.75 | | 699,019 | | 718,849 | | |
| 650,000 | | HARBOR BAY FL CDD CAPITAL IMPT REVENUE | | 5/1/2048 | | 4.10 | | 645,822 | | 698,366 | | |
| 700,000 | | HERITAGE HARBOUR FL N CDD SPL ASSMNT | | 5/1/2034 | | 5.00 | | 700,000 | | 812,399 | | |
| 1,500,000 | | HILLSBOROUGH CNTY FL UTILITY REFUNDING REVENUE | | 8/1/2051 | | 2.50 | | 1,496,250 | | 1,502,592 | | |
| 1,000,000 | | HOLLYWOOD BEACH FL CMNTY DEV DIST REVENUE | | 10/1/2045 | | 4.00 | | 1,096,201 | | 1,149,041 | | |
| 710,000 | | LAKE CNTY FLA RETMNT FAC REVENUE | | 8/15/2050 | | 5.75 | | 724,361 | | 803,201 | | |
| 600,000 | | LAKES OF SARASOTA CDD FL IMPT REVENUE | | 5/1/2031 | | 3.88 | | 596,040 | | 609,141 | | |
| 500,000 | | LAKES OF SARASOTA CDD FL IMPT REVENUE | | 5/1/2031 | | 4.13 | | 498,648 | | 511,059 | | |
| 385,000 | | LAKES OF SARASOTA CDD FL IMPT REVENUE | | 5/1/2041 | | 4.13 | | 383,721 | | 394,426 | | |
| 235,000 | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2025 | | 4.25 | | 234,780 | | 244,795 | | |
| 700,000 | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2033 | | 6.70 | | 700,000 | | 733,080 | | |
| 1,000,000 | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2034 | | 5.35 | | 1,000,000 | | 1,146,668 | | |
| 1,200,000 | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2036 | | 5.00 | | 1,200,000 | | 1,308,961 | | |
| 750,000 | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(c) | | 5/1/2037 | | 5.00 | | 745,227 | | 832,639 | | |
| 745,000 | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2037 | | 5.25 | | 741,069 | | 834,292 | | |
| 700,000 | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2038 | | 5.00 | | 700,000 | | 782,770 | | |
| 1,000,000 | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2039 | | 5.30 | | 1,000,000 | | 1,153,752 | | |
| 580,000 | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(c) | | 5/1/2040 | | 3.63 | | 575,757 | | 607,384 | | |
| 1,000,000 | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(c) | | 5/1/2040 | | 3.75 | | 1,000,000 | | 1,054,858 | | |
| 630,000 | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2049 | | 4.00 | | 626,749 | | 666,886 | | |
| 375,000 | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2049 | | 4.50 | | 369,764 | | 410,282 | | |
| 1,440,000 | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2050 | | 4.00 | | 1,435,778 | | 1,521,125 | | |
| 1,445,000 | | LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE | | 5/1/2052 | | 4.00 | | 1,527,423 | | 1,532,735 | | |
| 1,300,000 | | LAUREL ROAD CDD FL CAPITAL IMPT REVENUE | | 5/1/2031 | | 3.13 | | 1,300,000 | | 1,298,920 | | |
| 265,000 | | LONG LAKE RANCH CMNTY DEV DIST FLA CAP IMPT REVENUE | | 5/1/2024 | | 5.63 | | 265,000 | | 274,221 | | |
| 500,000 | | LT RANCH CDD FL CAPITAL IMPT REVENUE | | 5/1/2040 | | 4.00 | | 505,285 | | 534,435 | | |
| 735,000 | | MARSHALL CREEK FL CDD SPL ASSMNT | | 5/1/2032 | | 5.00 | | 742,840 | | 778,600 | | |
| 400,000 | | MEADOW VIEW AT TWIN CREEKS CDD FL SPL ASSMNT | | 5/1/2052 | | 3.75 | | 396,413 | | 405,019 | | |
| 500,000 | | MEADOW VIEW AT TWIN CREEKS CDD FL SPL ASSMNT | | 5/1/2052 | | 4.00 | | 518,540 | | 527,057 | | |
| See accompanying notes to financial statements. | 81 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Florida (Cont'd): | | | | | | | | | | |
| 500,000 | | MIAMI BEACH FL HLTH FACS AUTH | | 11/15/2044 | | 5.00 | | $ 519,198 | | 556,014 | | |
| 245,000 | | N SPRINGS FL IMPT DIST | | 5/1/2027 | | 6.00 | | 245,000 | | 268,192 | | |
| 115,000 | | NEW RIVER FL CDD CAPITAL IMPT REVENUE(b) | | 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 | | 1,166,285 | | |
| 500,000 | | NORTH SPRINGS FL IMPT DIST | | 5/1/2044 | | 6.50 | | 500,000 | | 556,914 | | |
| 1,400,000 | | NTHRN PALM BEACH CNTY FL IMPT DIST | | 8/1/2029 | | 5.00 | | 1,403,760 | | 1,504,981 | | |
| 500,000 | | NTHRN PALM BEACH CNTY FL IMPT DIST | | 8/1/2037 | | 5.00 | | 507,275 | | 569,969 | | |
| 1,000,000 | | ORANGE CNTY FL HLTH FACS AUTH REVENUE | | 8/1/2034 | | 5.00 | | 1,020,120 | | 1,099,061 | | |
| 750,000 | | ORANGE CNTY FL HLTH FACS AUTH REVENUE | | 8/1/2035 | | 5.00 | | 767,748 | | 851,704 | | |
| 1,000,000 | | ORANGE CNTY FL HLTH FACS AUTH REVENUE | | 8/1/2047 | | 5.00 | | 1,046,843 | | 1,087,672 | | |
| 55,000 | | ORANGE CNTY FL HSG FIN AUTH | | 9/1/2035 | | 3.80 | | 55,000 | | 55,277 | | |
| 500,000 | | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | | 6/1/2034 | | 7.25 | | 500,000 | | 523,936 | | |
| 1,200,000 | | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | | 5/15/2036 | | 5.00 | | 1,270,352 | | 1,350,230 | | |
| 1,000,000 | | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | | 6/1/2041 | | 4.00 | | 1,028,270 | | 1,042,051 | | |
| 1,000,000 | | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | | 6/1/2049 | | 7.50 | | 1,012,020 | | 1,048,890 | | |
| 2,935,000 | | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | | 5/15/2053 | | 4.00 | | 2,868,451 | | 3,166,737 | | |
| 500,000 | | PALM BEACH CNTY FL HLTH FACS AUTH REVENUE | | 6/1/2055 | | 5.00 | | 512,249 | | 540,930 | | |
| 700,000 | | PALM COAST PARK FL CDD SPL ASSMNT REVENUE | | 5/1/2052 | | 4.00 | | 734,460 | | 734,439 | | |
| 500,000 | | PARKER ROAD FL CDD CAPITAL IMPT REVENUE | | 5/1/2050 | | 4.10 | | 498,311 | | 529,258 | | |
| 500,000 | | PARKVIEW AT LONG LAKE RANCH CDD FL SPL ASSMNET | | 5/1/2051 | | 4.00 | | 503,521 | | 525,650 | | |
| 1,000,000 | | PINELLAS CNTY FL HSG FIN AUTH SF HSG REVENUE | | 3/1/2052 | | 3.00 | | 1,085,661 | | 1,077,072 | | |
| 500,000 | | PINELLAS CNTY FL INDL DEV AUTH INDL DEV REVENUE | | 7/1/2039 | | 5.00 | | 544,776 | | 579,732 | | |
| 700,000 | | POINCIANA FL W CDD SPL ASSMNT | | 5/1/2030 | | 5.38 | | 694,165 | | 767,686 | | |
| 560,000 | | RIVER LANDING CDD FL CAP IMPT REVENUE | | 11/1/2035 | | 4.25 | | 558,240 | | 574,730 | | |
| 1,900,000 | | SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE | | 8/1/2055 | | 4.00 | | 2,002,110 | | 2,134,509 | | |
| 880,000 | | SANDRIDGE CMNTY DEV DIST FL SPL ASSMNT REVENUE | | 5/1/2031 | | 3.88 | | 880,000 | | 896,194 | | |
| 730,000 | | SANDRIDGE CMNTY DEV DIST FL SPL ASSMNT REVENUE | | 5/1/2051 | | 4.00 | | 720,027 | | 743,067 | | |
| 1,000,000 | | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE | | 5/1/2041 | | 4.13 | | 991,392 | | 1,081,578 | | |
| 2,250,000 | | SAWYERS LANDING CDD FL SPL ASSMNT REVENUE | | 5/1/2053 | | 4.25 | | 2,196,511 | | 2,418,358 | | |
| 830,000 | | SEMINOLE CNTY FL INDL DEV AUTH EDUCTNL FACS REVENUE(c) | | 6/15/2051 | | 4.00 | | 921,341 | | 919,434 | | |
| 150,000 | | SILVERLEAF FL CDD CAPITAL IMPT REVENUE | | 5/1/2044 | | 6.75 | | 147,436 | | 164,424 | | |
| 600,000 | | SOUTHERN GROVE CMNTY DEV DIST #5 SPL ASSMNT | | 5/1/2048 | | 4.00 | | 632,646 | | 633,449 | | |
| 142,538 | | STERLING HILL FL CDD CAPITAL IMPT REVENUE(b) | | 11/1/2010 | | 5.50 | | 142,538 | | 85,523 | | |
| 500,000 | | TOLOMATO FL CDD | | 5/1/2037 | | 4.25 | | 500,000 | | 552,549 | | |
| 50,000 | | TOLOMATO FL CDD (Step to 6.61% on 5/1/2022)(d) | | 5/1/2040 | | 0.00 | | 53,549 | | 49,956 | | |
| 115,000 | | TOLOMATO FL CDD (Step to 6.61% on 11/1/2024)(d) | | 5/1/2040 | | 0.00 | | 93,986 | | 91,047 | | |
| 1,480,000 | | TOLOMATO FL CDD | | 5/1/2040 | | 3.75 | | 1,426,617 | | 1,641,789 | | |
| 310,000 | | TOLOMATO FL CDD | | 5/1/2040 | | 6.61 | | 185,991 | | 185,525 | | |
| 1,000,000 | | TRADITION CDD #9 FL SPL ASSMNT | | 5/1/2052 | | 4.00 | | 1,061,552 | | 1,054,114 | | |
| 700,000 | | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | | 5/1/2038 | | 5.38 | | 700,000 | | 785,502 | | |
| See accompanying notes to financial statements. | 82 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Florida (Cont'd): | | | | | | | | | | |
| 385,000 | | TROUT CREEK CDD FL CAPITAL IMPT REVENUE | | 5/1/2040 | | 4.00 | | $ 389,130 | | 405,899 | | |
| 500,000 | | TSR CDD FL SPL ASSMNT REVENUE | | 11/1/2035 | | 5.38 | | 498,787 | | 577,445 | | |
| 1,500,000 | | UNIVERSITY PARK RECREATION DIST FL ON-AD VALOREM ASSMNT | | 5/1/2050 | | 3.50 | | 1,500,000 | | 1,650,696 | | |
| 750,000 | | VIERA STEWARDSHIP DIST FL SPL ASSMNT REVENUE | | 5/1/2053 | | 4.00 | | 786,921 | | 789,970 | | |
| 4,000 | | WATERS EDGE FL CDD CAPITAL IMPT REVENUE | | 5/1/2039 | | 5.35 | | 4,000 | | 4,004 | | |
| 75,000 | | WATERS EDGE FL CDD CAPITAL IMPT REVENUE | | 5/1/2039 | | 6.60 | | 74,450 | | 75,326 | | |
| 655,000 | | WIREGRASS FL CDD CAPITAL IMPT REVENUE | | 5/1/2035 | | 5.38 | | 651,869 | | 709,494 | | |
| 1,000,000 | | WIREGRASS II CDD FL CAPITAL IMPROVEMENT REVENUE | | 5/1/2050 | | 3.88 | | 985,588 | | 1,043,005 | | |
| 750,000 | | WYNNFIELD LAKES FL CDD | | 5/1/2036 | | 4.50 | | 745,705 | | 794,905 | | |
| 350,934 | | ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(b) | | 5/1/2013 | | 5.25 | | 351,276 | | 147,392 | | |
| | | | | | | 93,169,201 | | 95,074,217 | | 12.98% |
| Georgia | | | | | | | | | | |
| 500,000 | | ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE | | 6/15/2039 | | 5.00 | | 504,457 | | 532,194 | | |
| 1,350,000 | | COBB CNTY GA DEV AUTH(c) | | 12/1/2039 | | 5.00 | | 1,412,624 | | 1,475,359 | | |
| 2,500,000 | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2037 | | 3.80 | | 2,500,000 | | 2,540,830 | | |
| 1,175,000 | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2037 | | 4.00 | | 1,175,000 | | 1,177,021 | | |
| 515,000 | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2038 | | 3.85 | | 515,000 | | 539,643 | | |
| 1,365,000 | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2040 | | 3.80 | | 1,365,000 | | 1,416,947 | | |
| 1,000,000 | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2041 | | 3.85 | | 1,000,964 | | 1,015,227 | | |
| 1,950,000 | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2043 | | 3.90 | | 1,937,827 | | 1,978,685 | | |
| 895,000 | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2048 | | 4.00 | | 895,000 | | 932,541 | | |
| 1,750,000 | | GEORGIA ST HSG & FIN AUTH REVENUE | | 12/1/2049 | | 3.25 | | 1,750,000 | | 1,853,820 | | |
| | | | | | | 13,055,872 | | 13,462,267 | | 1.84% |
| Idaho | | | | | | | | | | |
| 130,000 | | IDAHO ST HLTH FACS AUTH REVENUE | | 10/1/2028 | | 8.00 | | 130,000 | | 130,188 | | |
| 570,000 | | IDAHO ST HLTH FACS AUTH REVENUE | | 10/1/2031 | | 3.80 | | 570,000 | | 572,010 | | |
| 750,000 | | IDAHO ST HLTH FACS AUTH REVENUE | | 10/1/2033 | | 4.00 | | 744,365 | | 752,987 | | |
| 1,000,000 | | IDAHO ST HLTH FACS AUTH REVENUE | | 10/1/2050 | | 4.50 | | 1,028,934 | | 1,003,883 | | |
| 1,000,000 | | SPRING VLY CMNTY INFRASTRUCTURE DIST #1 SPL ASSMNT(c) | | 9/1/2051 | | 3.75 | | 1,000,000 | | 1,004,740 | | |
| | | | | | | 3,473,299 | | 3,463,808 | | 0.47% |
| Illinois | | | | | | | | | | |
| 1,195,000 | | BELLWOOD IL | | 12/1/2027 | | 5.88 | | 1,189,404 | | 1,256,504 | | |
| 1,495,000 | | BOLINGBROOK IL SPL SVC AREA SPL TAX | | 3/1/2030 | | 4.00 | | 1,533,541 | | 1,705,336 | | |
| 1,250,000 | | BURBANK IL EDUCTNL FACS REVENUE(c) | | 9/1/2035 | | 6.00 | | 1,257,453 | | 1,363,095 | | |
| 1,000,000 | | BUREAU CNTY TWP IL HIGH SCH DIST #502 | | 10/1/2043 | | 6.63 | | 1,017,439 | | 1,119,076 | | |
| 1,000,000 | | CHICAGO HEIGHTS IL | | 12/1/2029 | | 4.50 | | 1,034,403 | | 1,115,499 | | |
| 1,000,000 | | CHICAGO IL MIDWAY ARPT REVENUE | | 1/1/2035 | | 5.25 | | 1,000,379 | | 1,046,709 | | |
| 1,000,000 | | CHICAGO IL PARK DIST | | 1/1/2028 | | 5.00 | | 1,042,890 | | 1,082,718 | | |
| 750,000 | | CHICAGO IL PARK DIST | | 1/1/2042 | | 4.00 | | 769,103 | | 864,529 | | |
| 637,000 | | CORTLAND IL SPL TAX REVENUE(b) | | 3/1/2017 | | 5.50 | | 633,881 | | 12,740 | | |
| 500,000 | | DECATUR IL | | 3/1/2034 | | 5.00 | | 505,092 | | 545,877 | | |
| 830,000 | | EVANSTON ILL EDL FAC REVENUE(c) | | 4/1/2041 | | 4.38 | | 828,369 | | 841,013 | | |
| 1,500,000 | | ILLINOIS ST | | 2/1/2030 | | 4.00 | | 1,494,820 | | 1,707,882 | | |
| 500,000 | | ILLINOIS ST | | 7/1/2033 | | 5.50 | | 498,790 | | 536,095 | | |
| 1,000,000 | | ILLINOIS ST EDUCTNL FACS AUTH | | 11/1/2036 | | 4.50 | | 1,000,000 | | 1,104,150 | | |
| 675,000 | | ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE | | 2/1/2034 | | 6.00 | | 677,597 | | 718,091 | | |
| 500,000 | | ILLINOIS ST FIN AUTH REVENUE | | 5/15/2036 | | 5.00 | | 500,957 | | 563,042 | | |
| See accompanying notes to financial statements. | 83 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Illinois (Cont'd): | | | | | | | | | | |
| 750,000 | | ILLINOIS ST FIN AUTH REVENUE | | 12/1/2037 | | 5.00 | | $ 761,152 | | 840,312 | | |
| 500,000 | | ILLINOIS ST FIN AUTH REVENUE | | 5/1/2038 | | 5.25 | | 507,889 | | 530,135 | | |
| 1,450,000 | | ILLINOIS ST FIN AUTH REVENUE | | 5/15/2038 | | 5.13 | | 1,412,056 | | 1,521,553 | | |
| 1,500,000 | | ILLINOIS ST FIN AUTH REVENUE | | 5/15/2045 | | 5.00 | | 1,555,569 | | 1,633,897 | | |
| 1,000,000 | | ILLINOIS ST HSG DEV AUTH MF REVENUE | | 7/1/2044 | | 3.15 | | 1,000,000 | | 1,062,559 | | |
| 2,500,000 | | ILLINOIS ST HSG DEV AUTH MF REVENUE | | 7/1/2061 | | 3.00 | | 2,500,000 | | 2,549,039 | | |
| 340,000 | | ILLINOIS ST HSG DEV AUTH REVENUE | | 4/1/2041 | | 3.88 | | 340,000 | | 349,054 | | |
| 1,500,000 | | ILLINOIS ST HSG DEV AUTH REVENUE | | 10/1/2042 | | 2.38 | | 1,500,000 | | 1,503,047 | | |
| 1,000,000 | | ILLINOIS ST SALES TAX REVENUE | | 6/15/2033 | | 5.00 | | 1,056,358 | | 1,209,122 | | |
| 1,500,000 | | ILLINOIS ST SPORTS FACS AUTH | | 6/15/2031 | | 5.25 | | 1,539,492 | | 1,634,159 | | |
| 500,000 | | LAKE CNTY IL SCH DIST #33 | | 12/1/2040 | | 5.00 | | 512,475 | | 578,408 | | |
| 1,000,000 | | LINCOLNWOOD IL TAX INCREMENT ALLOCATION REVENUE NTS COPS(c) | | 1/1/2041 | | 4.82 | | 1,000,000 | | 1,004,231 | | |
| 1,000,000 | | MACON & MOULTRIE CNTYS IL CMNTY SCH DIST #3 MOUNT ZION | | 12/1/2041 | | 5.50 | | 1,008,283 | | 1,098,993 | | |
| 1,080,000 | | MACOUPIN SANGAMON & MONTGOMERY CNTYS IL CMNTY SCH DIST #34 | | 12/1/2037 | | 4.25 | | 1,092,456 | | 1,148,844 | | |
| 1,000,000 | | MALTA IL TAX INCR REVENUE(b) | | 12/30/2025 | | 5.75 | | 1,000,000 | | 350,000 | | |
| 500,000 | | MET PIER & EXPOSITION AUTH IL REVENUE | | 6/15/2057 | | 5.00 | | 515,031 | | 581,913 | | |
| 500,000 | | RICHTON PARK IL PUBLIC LIBRARY DIST | | 12/15/2032 | | 4.50 | | 509,364 | | 518,254 | | |
| 750,000 | | ROCKFORD IL | | 12/15/2030 | | 4.00 | | 750,000 | | 752,008 | | |
| 350,000 | | S WSTRN IL DEV AUTH(b) | | 10/1/2022 | | 7.00 | | 350,000 | | 203,000 | | |
| 180,000 | | UPPER IL RIVER VLY DEV AUTH(c) | | 12/1/2022 | | 4.00 | | 179,679 | | 182,618 | | |
| 750,000 | | UPPER IL RIVER VLY DEV AUTH(c) | | 12/1/2037 | | 5.25 | | 766,360 | | 808,052 | | |
| 465,000 | | UPPER IL RIVER VLY DEV AUTH(c) | | 1/1/2045 | | 5.00 | | 489,320 | | 491,452 | | |
| 685,000 | | WESTMONT IL PARK DIST(g) | | 12/1/2031 | | 0.00 | | 383,395 | | 425,459 | | |
| 685,000 | | WESTMONT IL PARK DIST(g) | | 12/1/2033 | | 0.00 | | 335,172 | | 372,985 | | |
| | | | | | | 36,048,169 | | 36,931,450 | | 5.04% |
| Indiana | | | | | | | | | | |
| 1,000,000 | | EAST CHICAGO IN SAN DIST REVENUE | | 7/15/2035 | | 4.00 | | 993,270 | | 1,062,050 | | |
| 1,000,000 | | INDIANA ST FIN AUTH REVENUE | | 11/15/2033 | | 6.50 | | 989,766 | | 1,109,901 | | |
| 1,000,000 | | INDIANA ST FIN AUTH REVENUE | | 3/1/2041 | | 5.00 | | 1,001,608 | | 1,007,630 | | |
| 1,500,000 | | INDIANA ST FIN AUTH REVENUE | | 11/15/2041 | | 4.00 | | 1,731,514 | | 1,736,155 | | |
| 500,000 | | INDIANA ST FIN AUTH REVENUE | | 11/15/2041 | | 5.88 | | 512,197 | | 551,435 | | |
| 1,000,000 | | INDIANA ST FIN AUTH REVENUE | | 11/15/2041 | | 6.00 | | 988,472 | | 1,104,596 | | |
| 1,000,000 | | INDIANA ST FIN AUTH REVENUE | | 11/15/2046 | | 5.25 | | 1,022,794 | | 1,150,238 | | |
| 1,500,000 | | INDIANA ST HSG & CMNTY DEV AUTH MF HSG REVENUE | | 1/1/2036 | | 5.75 | | 1,500,000 | | 1,542,993 | | |
| 600,000 | | MERRILLVILLE IN ECON DEV REVENUE | | 4/1/2036 | | 5.75 | | 600,000 | | 624,281 | | |
| 615,000 | | MUNSTER IN ECON DEV TAX INCR REVENUE | | 7/15/2026 | | 4.75 | | 613,747 | | 641,407 | | |
| 1,000,000 | | SCHERERVILLE IN ECON DEV REVENUE | | 1/15/2030 | | 6.00 | | 1,002,970 | | 1,058,483 | | |
| | | | | | | 10,956,338 | | 11,589,169 | | 1.58% |
| Iowa | | | | | | | | | | |
| 1,500,000 | | IOWA ST FIN AUTH REVENUE | | 5/15/2036 | | 5.00 | | 1,587,940 | | 1,689,752 | | |
| 1,000,000 | | IOWA ST FIN AUTH REVENUE | | 5/15/2053 | | 4.00 | | 1,112,298 | | 1,078,538 | | |
| 500,000 | | IOWA ST HGR EDU LOAN AUTH | | 11/1/2030 | | 5.00 | | 517,069 | | 561,931 | | |
| | | | | | | 3,217,307 | | 3,330,221 | | 0.45% |
| Kansas | | | | | | | | | | |
| 1,000,000 | | FRANKLIN CNTY KS UNIF SCH DIST #290 | | 9/1/2039 | | 4.75 | | 1,023,240 | | 1,154,531 | | |
| 935,000 | | WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE | | 9/1/2032 | | 5.75 | | 929,828 | | 950,303 | | |
| | | | | | | 1,953,068 | | 2,104,834 | | 0.29% |
| Kentucky | | | | | | | | | | |
| 310,000 | | KENTUCKY ST HSG CORP HSG REVENUE | | 7/1/2028 | | 3.75 | | 307,350 | | 313,970 | | |
| | | | | | | 307,350 | | 313,970 | | 0.04% |
| Louisiana | | | | | | | | | | |
| 580,000 | | LOUISIANA PUB FACS AUTH REVENUE(c) | | 6/1/2031 | | 4.00 | | 607,720 | | 607,927 | | |
| 1,000,000 | | LOUISIANA PUB FACS AUTH REVENUE(c) | | 6/1/2051 | | 5.00 | | 1,065,974 | | 1,061,611 | | |
| See accompanying notes to financial statements. | 84 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Louisiana (Cont'd): | | | | | | | | | | |
| 1,000,000 | | LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE | | 6/1/2038 | | 5.25 | | $ 1,004,039 | | 1,069,030 | | |
| 1,250,000 | | LOUISIANA ST HSG CORP SF MTGE REVENUE | | 12/1/2046 | | 2.55 | | 1,250,000 | | 1,266,199 | | |
| 650,000 | | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | | 11/15/2025 | | 5.25 | | 674,708 | | 688,613 | | |
| 1,000,000 | | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH | | 11/15/2030 | | 6.00 | | 1,008,525 | | 1,104,410 | | |
| 700,000 | | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(c) | | 11/1/2037 | | 5.65 | | 700,000 | | 833,666 | | |
| 1,000,000 | | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(c) | | 7/1/2039 | | 5.00 | | 1,054,923 | | 1,061,521 | | |
| 600,000 | | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(c) | | 11/1/2039 | | 5.50 | | 600,000 | | 684,512 | | |
| 900,000 | | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(c) | | 11/1/2044 | | 4.00 | | 900,000 | | 972,763 | | |
| 750,000 | | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(c) | | 11/1/2044 | | 4.40 | | 750,000 | | 824,544 | | |
| 1,250,000 | | LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(c) | | 11/1/2046 | | 4.00 | | 1,250,000 | | 1,360,408 | | |
| 500,000 | | LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE | | 7/1/2035 | | 5.00 | | 519,806 | | 567,960 | | |
| 370,000 | | LOUISIANA ST PUBLIC FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(e) | | 2/15/2036 | | 0.81 | | 370,000 | | 368,830 | | |
| 750,000 | | SAINT TAMMANY LA PUBLIC TRUST FING AUTH | | 11/15/2037 | | 5.25 | | 754,936 | | 806,422 | | |
| | | | | | | 12,510,631 | | 13,278,416 | | 1.81% |
| Maine | | | | | | | | | | |
| 925,000 | | MAINE ST HSG AUTH MTGE PURCHASE | | 11/15/2040 | | 3.85 | | 925,000 | | 959,200 | | |
| | | | | | | 925,000 | | 959,200 | | 0.13% |
| Maryland | | | | | | | | | | |
| 500,000 | | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | | 7/1/2031 | | 4.50 | | 500,000 | | 501,250 | | |
| 1,000,000 | | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | | 9/1/2044 | | 2.55 | | 1,000,000 | | 1,006,153 | | |
| 1,250,000 | | MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | | 7/1/2056 | | 2.95 | | 1,250,000 | | 1,268,717 | | |
| 1,250,000 | | MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE | | 7/1/2048 | | 4.00 | | 1,222,775 | | 1,437,734 | | |
| 2,500,000 | | MONTGOMERY CNTY MD HSG OPPNTYS COMMN MFH & RECONSTR DEV REVENUE | | 1/1/2051 | | 2.85 | | 2,500,000 | | 2,528,379 | | |
| 500,000 | | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE | | 7/1/2037 | | 5.13 | | 500,000 | | 504,025 | | |
| 555,000 | | MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVENUE | | 7/1/2038 | | 4.00 | | 555,000 | | 562,640 | | |
| | | | | | | 7,527,775 | | 7,808,898 | | 1.07% |
| Massachusetts | | | | | | | | | | |
| 4,000,000 | | MASSACHUSETTS ST DEV FIN AGY MF REVENUE | | 1/1/2042 | | 2.30 | | 4,000,000 | | 3,984,207 | | |
| 700,000 | | MASSACHUSETTS ST DEV FIN AGY REVENUE(c) | | 10/1/2047 | | 5.00 | | 738,092 | | 755,647 | | |
| 1,500,000 | | MASSACHUSETTS ST DEV FIN AGY REVENUE | | 6/1/2049 | | 4.00 | | 1,514,379 | | 1,717,200 | | |
| 725,000 | | MASSACHUSETTS ST EDUCTNL FING AUTH | | 7/1/2034 | | 3.63 | | 731,535 | | 756,937 | | |
| 1,000,000 | | MASSACHUSETTS ST EDUCTNL FING AUTH | | 7/1/2037 | | 2.00 | | 1,000,000 | | 999,486 | | |
| 1,500,000 | | MASSACHUSETTS ST EDUCTNL FING AUTH | | 7/1/2048 | | 3.75 | | 1,446,136 | | 1,569,545 | | |
| See accompanying notes to financial statements. | 85 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Massachusetts (Cont'd): | | | | | | | | | | |
| 1,700,000 | | MASSACHUSETTS ST EDUCTNL FING AUTH | | 7/1/2051 | | 3.00 | | $ 1,709,787 | | 1,713,812 | | |
| 265,000 | | MASSACHUSETTS ST HSG FIN AGY | | 12/1/2033 | | 5.00 | | 265,000 | | 276,624 | | |
| 270,000 | | MASSACHUSETTS ST HSG FIN AGY | | 12/1/2038 | | 5.15 | | 270,000 | | 282,022 | | |
| 1,000,000 | | MASSACHUSETTS ST HSG FIN AGY | | 12/1/2043 | | 5.00 | | 1,000,000 | | 1,042,107 | | |
| 2,545,000 | | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | | 12/1/2043 | | 4.00 | | 2,545,000 | | 2,568,589 | | |
| 2,000,000 | | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | | 12/1/2046 | | 2.80 | | 2,000,000 | | 2,053,573 | | |
| 500,000 | | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE | | 6/1/2063 | | 2.80 | | 500,000 | | 506,009 | | |
| 500,000 | | ROWLEY MA | | 5/1/2027 | | 4.00 | | 500,000 | | 501,480 | | |
| | | | | | | 18,219,929 | | 18,727,238 | | 2.56% |
| Michigan | | | | | | | | | | |
| 95,000 | | CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE | | 11/1/2022 | | 5.00 | | 92,383 | | 95,199 | | |
| 500,000 | | KALAMAZOO MI ECON DEV CORP | | 5/15/2043 | | 5.00 | | 528,953 | | 564,380 | | |
| 775,000 | | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE | | 12/1/2031 | | 3.00 | | 769,073 | | 770,382 | | |
| 650,000 | | MICHIGAN ST FIN AUTH LTD OBLIG REVENUE | | 12/1/2039 | | 4.25 | | 653,359 | | 660,166 | | |
| 750,000 | | MICHIGAN ST FIN AUTH REVENUE | | 11/15/2035 | | 5.25 | | 746,310 | | 809,115 | | |
| 500,000 | | MICHIGAN ST FIN AUTH REVENUE | | 11/15/2042 | | 5.00 | | 508,308 | | 518,739 | | |
| 1,850,000 | | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | | 10/1/2035 | | 4.10 | | 1,850,000 | | 1,970,338 | | |
| 600,000 | | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | | 10/1/2042 | | 3.75 | | 600,000 | | 647,856 | | |
| 1,650,000 | | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | | 10/1/2043 | | 4.00 | | 1,650,000 | | 1,809,055 | | |
| 1,000,000 | | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | | 10/1/2049 | | 3.35 | | 1,057,571 | | 1,059,068 | | |
| 2,250,000 | | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | | 10/1/2054 | | 3.50 | | 2,319,192 | | 2,400,335 | | |
| 1,750,000 | | MICHIGAN ST HSG DEV AUTH RENTAL HSG REVENUE | | 10/1/2056 | | 2.70 | | 1,750,000 | | 1,765,003 | | |
| 300,000 | | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | | 12/1/2036 | | 3.70 | | 300,000 | | 306,670 | | |
| 305,000 | | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | | 6/1/2049 | | 4.00 | | 305,847 | | 322,925 | | |
| 905,000 | | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | | 6/1/2050 | | 3.15 | | 905,000 | | 943,416 | | |
| 5,000,000 | | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | | 6/1/2051 | | 2.75 | | 4,876,457 | | 5,136,510 | | |
| 6,500,000 | | MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | | 6/1/2052 | | 2.50 | | 6,500,000 | | 6,378,008 | | |
| 375,000 | | MICHIGAN ST PUBLIC EDUCTNL FACS AUTH | | 11/1/2028 | | 6.35 | | 375,000 | | 375,833 | | |
| 750,000 | | TAYLOR MI BROWNFIELD REDEV AUTH | | 5/1/2032 | | 5.00 | | 764,856 | | 824,927 | | |
| 750,000 | | UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE | | 12/1/2040 | | 4.00 | | 835,371 | | 831,773 | | |
| | | | | | | 27,387,680 | | 28,189,698 | | 3.85% |
| Minnesota | | | | | | | | | | |
| 950,000 | | APPLE VLY MN SENIOR LIVING REVENUE | | 1/1/2047 | | 5.00 | | 930,080 | | 734,554 | | |
| 1,000,000 | | APPLE VY MN SENIOR HSG REVENUE | | 9/1/2058 | | 5.00 | | 980,000 | | 1,042,302 | | |
| 5,000,000 | | MINNESOTA ST HSG FIN AGY(h) | | 1/1/2041 | | 0.10 | | 5,000,000 | | 5,000,000 | | |
| 2,210,000 | | MINNESOTA ST OFFICE OF HGR EDU REVENUE | | 11/1/2038 | | 2.65 | | 2,098,182 | | 2,258,755 | | |
| | | | | | | 9,008,262 | | 9,035,611 | | 1.23% |
| Mississippi | | | | | | | | | | |
| 500,000 | | MISSISSIPPI DEV BK SPL OBLIG(c) | | 11/1/2036 | | 3.63 | | 500,000 | | 496,861 | | |
| 1,000,000 | | MISSISSIPPI ST DEV BANK SPL OBLG(c) | | 11/1/2039 | | 4.55 | | 1,000,000 | | 1,117,879 | | |
| | | | | | | 1,500,000 | | 1,614,740 | | 0.22% |
| Missouri | | | | | | | | | | |
| 480,000 | | JOPLIN MO INDL DEV AUTH SALES TAX REVENUE | | 11/1/2040 | | 3.50 | | 475,343 | | 483,760 | | |
| 306,825 | | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE | | 11/15/2046 | | 2.00 | | 398,563 | | 15,292 | | |
| See accompanying notes to financial statements. | 86 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Missouri (Cont'd): | | | | | | | | | | |
| 687,493 | | KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE | | 11/15/2046 | | 5.00 | | $ 900,789 | | 679,750 | | |
| 1,000,000 | | KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE | | 5/15/2037 | | 5.25 | | 1,013,956 | | 1,118,032 | | |
| 1,000,000 | | MISSOURI ST HLTH & EDUCTNL FACS AUTH | | 2/1/2042 | | 5.00 | | 911,273 | | 1,105,169 | | |
| 2,000,000 | | MISSOURI ST HLTH & EDUCTNL FACS AUTH | | 2/1/2048 | | 4.00 | | 2,067,259 | | 2,233,260 | | |
| 605,000 | | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | | 11/1/2048 | | 3.80 | | 605,000 | | 651,360 | | |
| 380,000 | | MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE | | 11/1/2049 | | 3.35 | | 380,000 | | 403,934 | | |
| 750,000 | | SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS | | 9/1/2042 | | 5.00 | | 752,179 | | 764,921 | | |
| | | | | | | 7,504,362 | | 7,455,478 | | 1.02% |
| Montana | | | | | | | | | | |
| 720,000 | | MONTANA ST BRD OF HSG | | 12/1/2038 | | 3.75 | | 720,000 | | 725,865 | | |
| 380,000 | | MONTANA ST BRD OF HSG | | 12/1/2038 | | 5.20 | | 380,000 | | 396,316 | | |
| 600,000 | | MONTANA ST BRD OF HSG | | 6/1/2045 | | 4.00 | | 600,000 | | 644,626 | | |
| 620,000 | | MONTANA ST BRD OF HSG SF MTGE | | 12/1/2037 | | 3.95 | | 620,000 | | 674,265 | | |
| 295,000 | | MONTANA ST BRD OF HSG SF MTGE | | 12/1/2038 | | 4.00 | | 295,463 | | 304,339 | | |
| | | | | | | 2,615,463 | | 2,745,411 | | 0.38% |
| Nebraska | | | | | | | | | | |
| 160,000 | | MEAD NE TAX INCR REVENUE(b) | | 7/1/2012 | | 5.13 | | 160,000 | | 6,640 | | |
| 165,000 | | NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE | | 9/1/2042 | | 3.05 | | 165,000 | | 168,895 | | |
| | | | | | | 325,000 | | 175,535 | | 0.02% |
| Nevada | | | | | | | | | | |
| 560,000 | | NEVADA ST HSG DIV SF MTGE REVENUE | | 10/1/2039 | | 3.85 | | 560,000 | | 568,879 | | |
| 1,250,000 | | NEVADA ST HSG DIV SF MTGE REVENUE | | 4/1/2046 | | 2.60 | | 1,250,000 | | 1,258,864 | | |
| 455,000 | | NEVADA ST HSG DIV SF MTGE REVENUE | | 10/1/2049 | | 3.35 | | 455,000 | | 467,308 | | |
| 1,480,000 | | NEVADA ST HSG DIV SF MTGE REVENUE | | 10/1/2051 | | 2.45 | | 1,480,000 | | 1,487,000 | | |
| 505,000 | | NORTH LAS VEGAS NV LOCAL IMPT(c) | | 12/1/2037 | | 5.00 | | 505,765 | | 574,130 | | |
| | | | | | | 4,250,765 | | 4,356,181 | | 0.60% |
| New Hampshire | | | | | | | | | | |
| 1,350,000 | | NATIONAL FIN AUTH NH SENIOR LIVING REVENUE | | 1/1/2041 | | 4.00 | | 1,462,759 | | 1,471,291 | | |
| 1,000,000 | | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | | 7/1/2051 | | 2.60 | | 1,000,000 | | 1,004,350 | | |
| 1,500,000 | | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | | 7/1/2052 | | 4.00 | | 1,500,000 | | 1,619,639 | | |
| 1,000,000 | | NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE | | 7/1/2061 | | 2.85 | | 1,000,000 | | 1,011,471 | | |
| | | | | | | 4,962,759 | | 5,106,751 | | 0.70% |
| New Jersey | | | | | | | | | | |
| 750,000 | | NEW JERSEY ST ECON DEV AUTH | | 6/15/2037 | | 5.00 | | 773,047 | | 916,261 | | |
| 500,000 | | NEW JERSEY ST ECON DEV AUTH | | 6/15/2042 | | 5.00 | | 528,419 | | 595,146 | | |
| 750,000 | | NEW JERSEY ST ECON DEV AUTH REVENUE | | 7/15/2047 | | 5.00 | | 785,756 | | 857,006 | | |
| 2,500,000 | | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | | 12/1/2039 | | 3.50 | | 2,493,384 | | 2,652,016 | | |
| 1,000,000 | | NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE | | 12/1/2050 | | 4.25 | | 988,498 | | 1,051,356 | | |
| 1,000,000 | | NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE | | 1/1/2030 | | 3.60 | | 1,000,000 | | 1,026,696 | | |
| 2,935,000 | | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | | 10/1/2035 | | 3.75 | | 2,935,000 | | 3,157,360 | | |
| 1,250,000 | | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | | 10/1/2046 | | 2.30 | | 1,250,000 | | 1,224,720 | | |
| 875,000 | | NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | | 4/1/2049 | | 4.00 | | 876,913 | | 946,938 | | |
| 500,000 | | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | | 12/15/2039 | | 4.00 | | 523,949 | | 576,891 | | |
| See accompanying notes to financial statements. | 87 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| New Jersey (Cont'd): | | | | | | | | | | |
| 500,000 | | NEW JERSEY ST TRANSPRTN TRUST FUND AUTH | | 6/15/2041 | | 5.25 | | $ 505,176 | | 570,639 | | |
| 700,000 | | TOBACCO SETTLEMENT FING CORP NJ | | 6/1/2046 | | 5.00 | | 703,781 | | 815,176 | | |
| | | | | | | 13,363,923 | | 14,390,205 | | 1.96% |
| New Mexico | | | | | | | | | | |
| 470,000 | | NEW MEXICO ST MTGE FIN AUTH | | 9/1/2042 | | 3.90 | | 470,000 | | 471,194 | | |
| 595,000 | | NEW MEXICO ST MTGE FIN AUTH | | 9/1/2042 | | 4.13 | | 595,000 | | 596,722 | | |
| 1,250,000 | | NEW MEXICO ST MTGE FIN AUTH | | 7/1/2043 | | 3.85 | | 1,250,000 | | 1,311,393 | | |
| 640,000 | | NEW MEXICO ST MTGE FIN AUTH | | 9/1/2046 | | 3.80 | | 640,000 | | 665,913 | | |
| 585,000 | | NEW MEXICO ST MTGE FIN AUTH | | 7/1/2048 | | 3.90 | | 585,000 | | 630,433 | | |
| 765,000 | | NEW MEXICO ST MTGE FIN AUTH | | 7/1/2048 | | 4.00 | | 766,188 | | 829,246 | | |
| 875,000 | | NEW MEXICO ST MTGE FIN AUTH | | 7/1/2049 | | 3.35 | | 875,000 | | 922,693 | | |
| 780,000 | | NEW MEXICO ST MTGE FIN AUTH | | 7/1/2049 | | 4.00 | | 780,000 | | 827,885 | | |
| 1,530,000 | | NEW MEXICO ST MTGE FIN AUTH | | 7/1/2050 | | 3.00 | | 1,570,380 | | 1,592,873 | | |
| 1,000,000 | | NEW MEXICO ST MTGE FIN AUTH | | 7/1/2051 | | 2.35 | | 1,000,000 | | 1,002,337 | | |
| 2,000,000 | | NEW MEXICO ST MTGE FIN AUTH | | 7/1/2051 | | 2.63 | | 2,000,000 | | 2,021,710 | | |
| | | | | | | 10,531,568 | | 10,872,399 | | 1.48% |
| New York | | | | | | | | | | |
| 750,000 | | HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE | | 9/1/2038 | | 5.00 | | 751,528 | | 798,581 | | |
| 500,000 | | MET TRANSPRTN AUTH NY REVENUE | | 11/15/2027 | | 5.00 | | 519,016 | | 519,450 | | |
| 705,000 | | MONROE CNTY NY INDL DEV CORP REVENUE | | 1/1/2030 | | 4.00 | | 638,551 | | 773,193 | | |
| 1,000,000 | | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | | 11/1/2037 | | 3.80 | | 1,000,000 | | 1,005,490 | | |
| 1,000,000 | | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | | 11/1/2039 | | 4.30 | | 1,000,000 | | 1,033,703 | | |
| 600,000 | | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | | 11/1/2042 | | 3.85 | | 601,109 | | 647,403 | | |
| 3,000,000 | | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | | 5/1/2045 | | 3.90 | | 2,838,750 | | 3,111,855 | | |
| 1,000,000 | | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | | 11/1/2047 | | 3.65 | | 1,000,000 | | 1,054,376 | | |
| 1,000,000 | | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | | 11/1/2049 | | 3.95 | | 1,000,000 | | 1,087,319 | | |
| 1,000,000 | | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | | 11/1/2055 | | 3.00 | | 1,000,000 | | 1,030,276 | | |
| 2,500,000 | | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | | 11/1/2056 | | 2.60 | | 2,500,000 | | 2,477,552 | | |
| 2,000,000 | | NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE | | 11/1/2060 | | 2.80 | | 2,000,000 | | 2,017,990 | | |
| 2,000,000 | | NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE | | 6/15/2038 | | 5.00 | | 2,042,978 | | 2,129,680 | | |
| 1,000,000 | | NEW YORK ST HSG FIN AGY | | 11/1/2041 | | 4.10 | | 1,000,000 | | 1,081,110 | | |
| 1,000,000 | | NEW YORK ST HSG FIN AGY | | 11/1/2042 | | 4.00 | | 1,000,000 | | 1,075,608 | | |
| 1,000,000 | | NEW YORK ST HSG FIN AGY | | 11/1/2048 | | 3.95 | | 1,000,000 | | 1,087,311 | | |
| 2,000,000 | | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | | 11/1/2046 | | 2.60 | | 2,000,000 | | 2,031,784 | | |
| 5,000,000 | | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | | 11/1/2056 | | 2.75 | | 5,000,000 | | 5,014,898 | | |
| 1,250,000 | | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | | 11/1/2056 | | 2.88 | | 1,250,000 | | 1,260,234 | | |
| 600,000 | | NEW YORK ST HSG FIN AGY AFFORDABLE HSG REVENUE | | 11/1/2056 | | 2.95 | | 600,000 | | 609,828 | | |
| 1,500,000 | | NEW YORK ST HSG FIN AGY REVENUE | | 11/1/2034 | | 3.65 | | 1,500,000 | | 1,564,448 | | |
| 500,000 | | NEW YORK ST HSG FIN AGY REVENUE | | 11/1/2045 | | 5.10 | | 500,000 | | 521,679 | | |
| 4,000,000 | | NEW YORK ST HSG FIN AGY REVENUE | | 5/1/2048 | | 4.10 | | 4,000,000 | | 4,024,938 | | |
| 1,250,000 | | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | | 4/1/2036 | | 2.20 | | 1,250,000 | | 1,257,900 | | |
| 905,000 | | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | | 10/1/2036 | | 3.90 | | 905,000 | | 945,813 | | |
| 210,000 | | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | | 10/1/2042 | | 3.75 | | 210,000 | | 210,793 | | |
| 1,000,000 | | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | | 10/1/2046 | | 2.50 | | 995,109 | | 991,049 | | |
| 1,215,000 | | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | | 10/1/2048 | | 3.80 | | 1,215,000 | | 1,278,027 | | |
| 1,945,000 | | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | | 10/1/2049 | | 2.95 | | 1,945,000 | | 1,991,494 | | |
| See accompanying notes to financial statements. | 88 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| New York (Cont'd): | | | | | | | | | | |
| 1,500,000 | | NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE | | 4/1/2050 | | 2.55 | | $ 1,500,000 | | 1,485,788 | | |
| 1,250,000 | | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE | | 10/1/2030 | | 4.00 | | 1,245,404 | | 1,459,606 | | |
| 650,000 | | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE | | 7/1/2029 | | 3.60 | | 650,000 | | 655,914 | | |
| 550,000 | | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE | | 1/1/2034 | | 5.00 | | 554,958 | | 569,542 | | |
| 650,000 | | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE(c) | | 7/1/2046 | | 5.00 | | 682,795 | | 698,180 | | |
| 500,000 | | WESTERN REGL OFF-TRACK BETTING CORP REVENUE(c) | | 12/1/2041 | | 4.13 | | 494,282 | | 507,194 | | |
| | | | | | | 46,389,480 | | 48,010,006 | | 6.55% |
| North Carolina | | | | | | | | | | |
| 1,750,000 | | MECKLENBURG CNTY NC MF HSG REVENUE | | 1/1/2036 | | 5.38 | | 1,750,000 | | 1,755,458 | | |
| 340,000 | | NORTH CAROLINA ST EDU ASSISTANCE AUTH | | 6/1/2039 | | 3.13 | | 336,606 | | 345,246 | | |
| 730,000 | | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | | 1/1/2041 | | 3.95 | | 736,591 | | 773,848 | | |
| 695,000 | | NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE | | 1/1/2048 | | 4.00 | | 695,000 | | 737,667 | | |
| 2,000,000 | | NORTH CAROLINA ST HSG FIN AGY HOMEOWNERSHIP REVENUE | | 7/1/2044 | | 2.40 | | 2,000,000 | | 1,989,506 | | |
| 1,000,000 | | NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE | | 11/1/2037 | | 5.00 | | 1,068,425 | | 1,154,966 | | |
| 600,000 | | NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE | | 10/1/2038 | | 5.00 | | 596,604 | | 664,372 | | |
| | | | | | | 7,183,226 | | 7,421,063 | | 1.01% |
| North Dakota | | | | | | | | | | |
| 1,040,000 | | NORTH DAKOTA ST HSG FIN AGY | | 1/1/2044 | | 3.05 | | 1,040,000 | | 1,083,890 | | |
| 1,500,000 | | NORTH DAKOTA ST HSG FIN AGY | | 7/1/2044 | | 2.35 | | 1,500,000 | | 1,494,684 | | |
| 1,000,000 | | NORTH DAKOTA ST HSG FIN AGY | | 7/1/2044 | | 2.50 | | 1,000,000 | | 1,015,958 | | |
| | | | | | | 3,540,000 | | 3,594,532 | | 0.49% |
| Ohio | | | | | | | | | | |
| 750,000 | | BUTLER CNTY OH PORT AUTH PUBLIC INFRASTRUCTURE REVENUE | | 12/1/2041 | | 5.00 | | 750,000 | | 751,910 | | |
| 500,000 | | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH TAX INCREMENT FING REVENUE(c) | | 12/1/2055 | | 4.00 | | 508,699 | | 525,599 | | |
| 500,000 | | CLEVELAND-CUYAHOGA CNTY OH PORT AUTH TAX INCREMENT FING REVENUE(c) | | 12/1/2055 | | 4.50 | | 500,000 | | 531,424 | | |
| 965,000 | | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | | 5/15/2045 | | 3.00 | | 985,713 | | 1,001,562 | | |
| 1,500,000 | | COLUMBUS-FRANKLIN CNTY OH FIN AUTH DEV REVENUE | | 5/15/2049 | | 4.00 | | 1,583,239 | | 1,680,914 | | |
| 2,000,000 | | FRANKLIN CNTY OH HLTH CARE FACS REVENUE | | 7/1/2045 | | 4.00 | | 2,043,175 | | 2,230,701 | | |
| 750,000 | | LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE(b)(c)(f) | | 12/1/2037 | | 6.50 | | 750,000 | | 262,500 | | |
| 1,500,000 | | LUCAS MET HSG AUTH OH COPS | | 11/1/2036 | | 5.00 | | 1,536,698 | | 1,643,637 | | |
| 2,000,000 | | OHIO ST HGR EDUCTNL FAC COMMISSION | | 11/1/2049 | | 4.00 | | 2,034,989 | | 2,085,181 | | |
| 590,000 | | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | | 9/1/2039 | | 3.35 | | 534,745 | | 617,424 | | |
| 645,000 | | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | | 9/1/2048 | | 4.00 | | 645,000 | | 678,391 | | |
| 775,000 | | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | | 3/1/2049 | | 4.00 | | 775,000 | | 799,396 | | |
| 630,000 | | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | | 9/1/2049 | | 3.35 | | 630,000 | | 666,790 | | |
| 3,980,000 | | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | | 9/1/2051 | | 2.45 | | 4,009,348 | | 3,922,394 | | |
| 2,000,000 | | OHIO ST HSG FIN AGY RSDL MTGE REVENUE | | 9/1/2051 | | 2.75 | | 2,000,000 | | 2,034,062 | | |
| 1,000,000 | | REVERE OH LOCAL SCH DIST | | 12/1/2043 | | 4.00 | | 1,010,305 | | 1,011,845 | | |
| See accompanying notes to financial statements. | 89 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Ohio (Cont'd): | | | | | | | | | | |
| 650,000 | | TOLEDO-LUCAS CNTY OH PORT AUTH PARKING SYS REVENUE | | 1/1/2046 | | 4.00 | | $ 705,886 | | 721,162 | | |
| | | | | | | 21,002,797 | | 21,164,892 | | 2.89% |
| Oklahoma | | | | | | | | | | |
| 2,000,000 | | OKLAHOMA ST DEV FIN AUTH | | 8/1/2049 | | 5.00 | | 2,192,624 | | 2,331,722 | | |
| | | | | | | 2,192,624 | | 2,331,722 | | 0.32% |
| Oregon | | | | | | | | | | |
| 1,000,000 | | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE | | 11/15/2047 | | 5.00 | | 970,850 | | 1,092,941 | | |
| 500,000 | | CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE | | 11/15/2055 | | 5.38 | | 501,844 | | 550,367 | | |
| 1,000,000 | | MEDFORD OR HOSP FACS AUTH REVENUE | | 10/1/2042 | | 5.00 | | 1,010,819 | | 1,054,972 | | |
| 500,000 | | MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE | | 12/1/2029 | | 5.00 | | 504,445 | | 514,205 | | |
| 2,000,000 | | OREGON ST | | 12/1/2039 | | 3.90 | | 2,000,000 | | 2,069,827 | | |
| 600,000 | | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | | 7/1/2038 | | 4.00 | | 600,000 | | 606,671 | | |
| 910,000 | | OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE | | 7/1/2048 | | 3.75 | | 910,000 | | 959,307 | | |
| 2,000,000 | | POLK CNTY OR HOSP FAC AUTH REVENUE | | 7/1/2024 | | 4.00 | | 2,000,000 | | 2,000,000 | | |
| 1,240,000 | | POLK CNTY OR HOSP FAC AUTH REVENUE | | 7/1/2035 | | 5.13 | | 1,252,986 | | 1,286,674 | | |
| 1,000,000 | | POLK CNTY OR HOSP FAC AUTH REVENUE | | 7/1/2055 | | 5.13 | | 965,099 | | 1,037,989 | | |
| 650,000 | | YAMHILL CNTY OR HOSP AUTH | | 11/15/2056 | | 5.00 | | 740,344 | | 749,942 | | |
| | | | | | | 11,456,387 | | 11,922,895 | | 1.63% |
| Pennsylvania | | | | | | | | | | |
| 375,000 | | BUTLER CNTY PA GEN AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(e) | | 10/1/2034 | | 0.84 | | 375,000 | | 368,899 | | |
| 650,000 | | CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REVENUE | | 6/1/2039 | | 4.00 | | 647,155 | | 742,314 | | |
| 200,000 | | DAUPHIN CNTY PA GEN AUTH UNIV REVENUE(c) | | 10/15/2022 | | 4.00 | | 199,918 | | 203,658 | | |
| 500,000 | | MONTGOMERY CNTY PA INDL DEV AUTH | | 11/15/2033 | | 5.00 | | 518,558 | | 587,431 | | |
| 1,250,000 | | MONTGOMERY CNTY PA INDL DEV AUTH | | 11/15/2036 | | 5.00 | | 1,260,736 | | 1,462,139 | | |
| 965,000 | | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | | 6/1/2042 | | 2.63 | | 966,804 | | 972,755 | | |
| 1,700,000 | | PENNSYLVANIA HGR EDU ASSISTANCE AGY LOAN REVENUE | | 6/1/2047 | | 3.00 | | 1,700,000 | | 1,706,295 | | |
| 1,000,000 | | PENNSYLVANIA ST ECON DEV FING AUTH UPMC REVENUE | | 4/15/2045 | | 4.00 | | 1,033,497 | | 1,160,789 | | |
| 500,000 | | PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.65%)(e) | | 7/1/2039 | | 0.79 | | 500,000 | | 461,699 | | |
| 1,685,000 | | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | | 10/1/2042 | | 3.65 | | 1,685,000 | | 1,738,797 | | |
| 1,000,000 | | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | | 10/1/2046 | | 3.00 | | 1,040,312 | | 1,033,405 | | |
| 1,000,000 | | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | | 10/1/2049 | | 3.40 | | 1,000,000 | | 1,055,776 | | |
| 2,000,000 | | PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE | | 10/1/2051 | | 2.55 | | 2,000,000 | | 1,996,021 | | |
| 1,500,000 | | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE | | 12/1/2037 | | 4.60 | | 1,496,580 | | 1,724,950 | | |
| 1,000,000 | | PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE | | 12/1/2042 | | 3.00 | | 1,046,691 | | 1,062,807 | | |
| 200,000 | | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | | 6/15/2023 | | 6.13 | | 200,000 | | 209,529 | | |
| 750,000 | | PHILADELPHIA PA AUTH FOR INDL DEV REVENUES | | 8/1/2036 | | 5.63 | | 740,782 | | 837,638 | | |
| | | | | | | 16,411,033 | | 17,324,902 | | 2.37% |
| See accompanying notes to financial statements. | 90 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Puerto Rico | | | | | | | | | | |
| 1,500,000 | | PUERTO RICO CMWLTH | | 7/1/2035 | | 5.00 | | $ 1,500,000 | | 1,510,602 | | |
| | | | | | | 1,500,000 | | 1,510,602 | | 0.21% |
| Rhode Island | | | | | | | | | | |
| 750,000 | | RHODE ISLAND ST HSG & MTGE FIN CORP | | 10/1/2037 | | 3.90 | | 750,000 | | 761,115 | | |
| 1,000,000 | | RHODE ISLAND ST HSG & MTGE FIN CORP REVENUE | | 4/1/2045 | | 2.80 | | 1,021,005 | | 1,013,032 | | |
| 1,205,000 | | RHODE ISLAND ST STUDENT LOAN AUTH STUDENT LOAN REVENUE | | 12/1/2037 | | 3.63 | | 1,194,196 | | 1,255,429 | | |
| | | | | | | 2,965,201 | | 3,029,576 | | 0.41% |
| South Carolina | | | | | | | | | | |
| 650,000 | | BERKELEY CNTY SC ASSMNT REVENUE | | 11/1/2040 | | 4.25 | | 647,478 | | 725,943 | | |
| 750,000 | | SOUTH CAROLINA JOBS-ECON DEV AUTH(c) | | 7/1/2025 | | 8.75 | | 750,000 | | 775,158 | | |
| 60,000 | | SOUTH CAROLINA ST EDU ASSISTANCE AUTH | | 10/1/2029 | | 5.10 | | 59,620 | | 60,008 | | |
| 1,215,000 | | SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE | | 7/1/2045 | | 3.05 | | 1,215,000 | | 1,274,591 | | |
| 665,000 | | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE | | 4/1/2054 | | 4.00 | | 687,782 | | 718,895 | | |
| 1,250,000 | | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP FACS REVENUE | | 12/1/2044 | | 4.00 | | 1,293,331 | | 1,447,779 | | |
| 1,000,000 | | SOUTH CAROLINA ST JOBS-ECON DEV AUTH SOL WST DISP REVENUE(c) | | 6/1/2031 | | 6.00 | | 1,000,000 | | 1,027,984 | | |
| 1,000,000 | | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | | 12/1/2038 | | 5.00 | | 1,021,631 | | 1,104,311 | | |
| 1,400,000 | | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE | | 12/1/2043 | | 5.75 | | 1,421,469 | | 1,544,280 | | |
| | | | | | | 8,096,311 | | 8,678,949 | | 1.19% |
| Tennessee | | | | | | | | | | |
| 1,000,000 | | FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE(b)(c)(f) | | 6/1/2027 | | 6.50 | | 1,000,000 | | 270,000 | | |
| 600,000 | | NASHVILLE MET DEV & HSG AGY TN TAX INCR REVENUE(c) | | 6/1/2036 | | 5.13 | | 600,000 | | 683,944 | | |
| 1,350,000 | | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD RETMNT FACS REVENUE | | 10/1/2039 | | 5.50 | | 1,342,338 | | 1,458,282 | | |
| 150,000 | | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE | | 1/1/2019 | | 5.35 | | 134,966 | | 375 | | |
| 625,000 | | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(b) | | 1/1/2029 | | 5.55 | | 556,863 | | 1,562 | | |
| 130,000 | | SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE | | 1/1/2029 | | 6.00 | | - | | 1 | | |
| 505,000 | | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | | 1/1/2031 | | 3.60 | | 506,277 | | 514,447 | | |
| 650,000 | | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | | 7/1/2042 | | 3.85 | | 650,000 | | 691,332 | | |
| 630,000 | | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | | 7/1/2042 | | 3.90 | | 630,000 | | 677,038 | | |
| 1,545,000 | | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | | 7/1/2044 | | 4.00 | | 1,553,733 | | 1,611,543 | | |
| 1,500,000 | | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | | 7/1/2046 | | 2.38 | | 1,500,000 | | 1,498,920 | | |
| 1,000,000 | | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | | 7/1/2046 | | 2.55 | | 1,000,000 | | 1,008,114 | | |
| 765,000 | | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | | 1/1/2049 | | 3.95 | | 765,000 | | 797,219 | | |
| 1,405,000 | | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | | 1/1/2049 | | 4.05 | | 1,405,000 | | 1,503,780 | | |
| 2,000,000 | | TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE | | 7/1/2051 | | 2.50 | | 2,000,000 | | 2,001,596 | | |
| 330,000 | | TENNESSEE ST HSG DEV AGY | | 1/1/2035 | | 3.85 | | 330,000 | | 340,288 | | |
| | | | | | | 13,974,177 | | 13,058,441 | | 1.78% |
| Texas | | | | | | | | | | |
| 1,900,000 | | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE | | 8/15/2051 | | 2.38 | | 1,835,233 | | 1,814,856 | | |
| 650,000 | | ARLINGTON TX SPL TAX REVENUE | | 2/15/2041 | | 5.00 | | 678,568 | | 716,804 | | |
| 775,000 | | BEXAR CNTY TX HSG FIN CORP(i) | | 2/1/2035 | | 3.75 | | 775,000 | | 791,588 | | |
| 2,000,000 | | BEXAR CNTY TX REVENUE | | 8/15/2039 | | 5.00 | | 2,013,024 | | 2,059,484 | | |
| See accompanying notes to financial statements. | 91 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Texas (Cont'd): | | | | | | | | | | |
| 1,000,000 | | BRAZOS TX HGR EDU AUTH STUDENT LOAN PROGRAM REVENUE | | 4/1/2040 | | 3.00 | | $ 1,003,621 | | 968,883 | | |
| 1,000,000 | | CENTRL TX REGL MOBILITY AUTH REVENUE | | 1/1/2045 | | 4.00 | | 1,087,423 | | 1,138,116 | | |
| 625,000 | | CLIFTON TX HGR EDU FIN CORP EDU REVENUE | | 12/1/2035 | | 5.00 | | 642,296 | | 696,195 | | |
| 1,000,000 | | DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE | | 11/1/2037 | | 5.25 | | 1,002,763 | | 1,084,765 | | |
| 1,350,000 | | DANBURY TX HGR EDU AUTH INC EDU REVENUE | | 8/15/2049 | | 5.13 | | 1,367,291 | | 1,371,123 | | |
| 1,000,000 | | EAST DOWNTOWN TX REDEV AUTH | | 9/1/2040 | | 3.00 | | 1,048,802 | | 1,060,583 | | |
| 420,000 | | EDINBURG TX ECON DEV CORP SALES TAX REVENUE | | 8/15/2031 | | 3.00 | | 420,000 | | 419,643 | | |
| 700,000 | | EDINBURG TX ECON DEV CORP SALES TAX REVENUE | | 8/15/2046 | | 3.38 | | 690,177 | | 689,035 | | |
| 1,500,000 | | EL PASO CNTY TX HOSP DIST | | 8/15/2043 | | 5.00 | | 1,547,153 | | 1,601,487 | | |
| 1,000,000 | | EL PASO TX DOWNTOWN DEV CORP SPL REVENUE | | 8/15/2038 | | 7.25 | | 1,019,815 | | 1,108,991 | | |
| 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 | | 1,362,259 | | 1,756,967 | | |
| 2,000,000 | | GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE | | 10/1/2050 | | 3.00 | | 2,149,887 | | 2,126,570 | | |
| 800,000 | | HALE CENTER TX EDU FACS CORP REVENUE | | 3/1/2035 | | 5.00 | | 802,134 | | 801,942 | | |
| 1,000,000 | | HIDALGO CNTY TX REGL MOBILITY AUTH VEHICLE REGISTRATION FEE | | 12/1/2038 | | 5.25 | | 1,008,316 | | 1,092,547 | | |
| 1,500,000 | | HOUSTON TX HGR EDU FIN CORP | | 9/1/2038 | | 5.50 | | 1,504,820 | | 1,551,508 | | |
| 750,000 | | LEWISVILLE TX COMB CONTRACT REVENUE | | 9/1/2024 | | 3.00 | | 747,145 | | 763,672 | | |
| 1,000,000 | | MEADOWHILL TX REGL MUNI UTILITY DIST | | 10/1/2034 | | 4.00 | | 1,019,278 | | 1,024,184 | | |
| 273,000 | | N CENTRL TEXAS ST HLTH FAC DEV CORP | | 2/15/2025 | | 5.38 | | 273,000 | | 191,100 | | |
| 1,000,000 | | N TX TOLLWAY AUTH REVENUE | | 1/1/2042 | | 6.20 | | 998,754 | | 1,170,908 | | |
| 1,000,000 | | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | | 10/1/2034 | | 5.00 | | 1,005,095 | | 1,092,205 | | |
| 750,000 | | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | | 1/1/2035 | | 5.50 | | 756,576 | | 787,682 | | |
| 500,000 | | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | | 10/1/2049 | | 5.25 | | 507,086 | | 544,139 | | |
| 1,000,000 | | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | | 11/1/2049 | | 4.00 | | 1,124,351 | | 1,122,525 | | |
| 1,100,000 | | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | | 1/1/2055 | | 5.00 | | 1,143,956 | | 1,144,721 | | |
| 1,000,000 | | NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE | | 11/15/2061 | | 2.00 | | 1,000,000 | | 673,629 | | |
| 670,000 | | NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE(c) | | 8/15/2049 | | 5.00 | | 686,519 | | 709,665 | | |
| 650,000 | | NEW HOPE CULTURAL EDU FACS FIN CORP TX LEASE REVENUE | | 6/1/2032 | | 4.00 | | 659,036 | | 658,909 | | |
| 1,000,000 | | NEW HOPE CULTURAL EDU FACS FIN CORP TX RETMNT CMNTY REVENUE(c) | | 12/1/2025 | | 10.00 | | 1,000,000 | | 1,105,731 | | |
| 645,000 | | NEW HOPE CULTURAL EDU FACS FIN CORP TX SENIOR LIVING REVENUE | | 7/1/2025 | | 4.00 | | 634,657 | | 607,995 | | |
| 1,100,000 | | NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REVENUE | | 4/1/2046 | | 5.00 | | 1,118,193 | | 1,198,077 | | |
| 750,000 | | RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE | | 11/15/2034 | | 7.50 | | 746,863 | | 892,342 | | |
| 550,000 | | SAN ANTONIO TX EDU FACS CORP REVENUE | | 10/1/2041 | | 5.00 | | 581,260 | | 597,683 | | |
| 1,000,000 | | SUGAR LAND TX DEV CORP SALES TAX REVENUE | | 2/15/2033 | | 5.00 | | 1,018,017 | | 1,049,605 | | |
| 1,000,000 | | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE | | 11/15/2038 | | 5.00 | | 1,017,879 | | 1,064,312 | | |
| 220,000 | | TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE | | 11/15/2024 | | 5.63 | | 220,000 | | 220,424 | | |
| 485,000 | | TEXAS ST AFFORDABLE HSG CORP SF MTGE REVENUE | | 3/1/2050 | | 4.00 | | 494,677 | | 501,713 | | |
| See accompanying notes to financial statements. | 92 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Texas (Cont'd): | | | | | | | | | | |
| 2,000,000 | | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | | 9/1/2044 | | 3.63 | | $ 2,037,370 | | 2,152,388 | | |
| 845,000 | | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | | 9/1/2048 | | 4.25 | | 856,884 | | 907,205 | | |
| 1,500,000 | | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS | | 9/1/2051 | | 2.35 | | 1,503,340 | | 1,456,277 | | |
| 500,000 | | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | | 7/1/2051 | | 2.50 | | 504,787 | | 506,549 | | |
| 1,000,000 | | TEXAS ST MUNI PWR AGY REVENUE | | 9/1/2046 | | 3.00 | | 1,035,683 | | 1,052,052 | | |
| | | | | | | 44,648,988 | | 46,046,779 | | 6.29% |
| Utah | | | | | | | | | | |
| 1,000,000 | | BLACK DESERT PUB INFRASTRUCTURE DIST(c) | | 3/1/2051 | | 4.00 | | 1,010,116 | | 1,021,182 | | |
| 850,000 | | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE | | 6/1/2041 | | 4.00 | | 875,803 | | 856,661 | | |
| 2,000,000 | | MILITARY INSTALLATION DEV AUTH UT TAX ALLOCATION REVENUE | | 6/1/2052 | | 4.00 | | 2,033,667 | | 1,961,299 | | |
| 500,000 | | RED BRIDGE PUBLIC INFRASTRUCTURE DIST #1 UT(c) | | 2/1/2041 | | 4.13 | | 500,000 | | 519,106 | | |
| 500,000 | | ROAM PUBLIC INFRASTRUCTURE DIST #1(c) | | 3/1/2051 | | 4.25 | | 500,000 | | 501,204 | | |
| 900,000 | | UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(c) | | 12/15/2031 | | 3.50 | | 896,246 | | 896,243 | | |
| 50,000 | | UTAH ST HSG CORP SF MTGE REVENUE | | 1/1/2033 | | 5.75 | | 50,000 | | 50,110 | | |
| 1,500,000 | | WEST VLY CITY UT MUNI BLDG AUTH LEASE REVENUE | | 2/1/2039 | | 5.00 | | 1,603,878 | | 1,759,227 | | |
| | | | | | | 7,469,710 | | 7,565,032 | | 1.03% |
| Vermont | | | | | | | | | | |
| 1,000,000 | | VERMONT ST ECON DEV AUTH MTGE REVENUE | | 5/1/2045 | | 4.00 | | 1,070,886 | | 1,074,044 | | |
| 45,000 | | VERMONT ST HSG FIN AGY | | 5/1/2032 | | 4.88 | | 44,852 | | 46,313 | | |
| 1,000,000 | | VERMONT ST HSG FIN AGY MULTI FAMILY | | 8/15/2041 | | 2.50 | | 1,000,000 | | 1,004,325 | | |
| 660,000 | | VERMONT ST STUDENT ASSISTANCE CORP EDU LOAN REVENUE | | 6/15/2036 | | 3.38 | | 654,399 | | 674,964 | | |
| | | | | | | 2,770,137 | | 2,799,646 | | 0.38% |
| Virginia | | | | | | | | | | |
| 500,000 | | FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE | | 8/1/2039 | | 5.60 | | 500,000 | | 501,420 | | |
| 650,000 | | JAMES CITY CNTY VA ECON DEV AUTH RSDL CARE FAC REVENUE | | 6/1/2047 | | 4.00 | | 696,573 | | 700,482 | | |
| 462,000 | | MARQUIS VA CMNTY DEV AUTH REVENUE(g) | | 9/1/2041 | | 0.00 | | 169,602 | | 28,401 | | |
| 349,000 | | MARQUIS VA CMNTY DEV AUTH REVENUE | | 9/1/2041 | | 5.63 | | 373,459 | | 166,378 | | |
| 1,000,000 | | VIRGINIA ST HSG DEV AUTH | | 7/1/2033 | | 4.13 | | 1,000,000 | | 1,025,236 | | |
| 1,000,000 | | VIRGINIA ST HSG DEV AUTH | | 9/1/2050 | | 2.50 | | 1,000,000 | | 994,410 | | |
| | | | | | | 3,739,634 | | 3,416,327 | | 0.47% |
| Washington | | | | | | | | | | |
| 700,000 | | KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE(c) | | 1/1/2038 | | 5.25 | | 687,340 | | 826,844 | | |
| 400,000 | | KING CNTY WA HSG AUTH | | 5/1/2028 | | 5.20 | | 400,000 | | 404,752 | | |
| 1,500,000 | | KING CNTY WA HSG AUTH | | 11/1/2039 | | 3.00 | | 1,469,470 | | 1,608,706 | | |
| 1,000,000 | | KING CNTY WA HSG AUTH | | 8/1/2040 | | 3.00 | | 1,036,047 | | 1,052,845 | | |
| 1,300,000 | | KING CNTY WA HSG AUTH | | 12/1/2041 | | 2.25 | | 1,249,249 | | 1,263,926 | | |
| 1,000,000 | | KING CNTY WA HSG AUTH WORKFORCE HSG PRESERVATION POOLED REVENUE | | 10/1/2041 | | 2.38 | | 989,854 | | 991,939 | | |
| 1,000,000 | | PIKE PLACE MARKET WA PRESERVATION & DEV AUTH SPL OBLG | | 12/1/2040 | | 5.00 | | 1,034,436 | | 1,082,159 | | |
| 1,000,000 | | SEATTLE WA HSG AUTH | | 6/1/2052 | | 3.00 | | 1,022,413 | | 1,027,011 | | |
| 500,000 | | SEATTLE WA HSG AUTH | | 6/1/2054 | | 2.50 | | 485,869 | | 495,650 | | |
| 770,000 | | SEATTLE WA HSG AUTH POOLED HSG REVENUE | | 9/15/2033 | | 5.75 | | 773,703 | | 841,492 | | |
| 500,000 | | SNOHOMISH CNTY WA HSG AUTH | | 4/1/2044 | | 4.00 | | 506,912 | | 552,859 | | |
| 1,000,000 | | VANCOUVER WA HSG AUTH | | 8/1/2034 | | 3.75 | | 985,186 | | 1,091,996 | | |
| 1,500,000 | | VANCOUVER WA HSG AUTH | | 6/1/2038 | | 3.00 | | 1,496,124 | | 1,595,343 | | |
| See accompanying notes to financial statements. | 93 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Washington (Cont'd): | | | | | | | | | | |
| 1,500,000 | | VANCOUVER WA HSG AUTH | | 12/1/2051 | | 3.30 | | $ 1,500,000 | | 1,597,865 | | |
| 430,000 | | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(c) | | 7/1/2025 | | 6.00 | | 431,330 | | 476,072 | | |
| 1,000,000 | | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(c) | | 1/1/2031 | | 5.00 | | 1,001,064 | | 1,102,142 | | |
| 750,000 | | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(c) | | 7/1/2031 | | 5.00 | | 781,071 | | 803,250 | | |
| 675,000 | | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(c) | | 1/1/2035 | | 5.75 | | 675,000 | | 724,331 | | |
| 600,000 | | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(c) | | 7/1/2036 | | 5.00 | | 622,466 | | 652,969 | | |
| 500,000 | | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(c) | | 1/1/2038 | | 5.00 | | 531,241 | | 570,878 | | |
| 1,000,000 | | WASHINGTON ST HSG FIN COMMISSION NONPROFIT HSG REVENUE(c) | | 1/1/2044 | | 5.00 | | 1,072,755 | | 1,121,904 | | |
| | | | | | | 18,751,530 | | 19,884,933 | | 2.72% |
| West Virginia | | | | | | | | | | |
| 1,500,000 | | WEST VIRGINIA ST HSG DEV FUND | | 11/1/2032 | | 3.75 | | 1,500,000 | | 1,576,989 | | |
| 2,000,000 | | WEST VIRGINIA ST HSG DEV FUND | | 11/1/2051 | | 2.50 | | 2,000,000 | | 2,016,561 | | |
| | | | | | | 3,500,000 | | 3,593,550 | | 0.49% |
| Wisconsin | | | | | | | | | | |
| 16,520 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2046 | | 0.00 | | 1,572 | | 557 | | |
| 18,299 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2047 | | 0.00 | | 1,681 | | 592 | | |
| 17,930 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2048 | | 0.00 | | 1,601 | | 570 | | |
| 17,786 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2049 | | 0.00 | | 1,542 | | 553 | | |
| 17,496 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2050 | | 0.00 | | 1,475 | | 522 | | |
| 18,980 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2051 | | 0.00 | | 1,558 | | 555 | | |
| 446,246 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(f)(j) | | 7/1/2051 | | 3.75 | | 443,916 | | 291,361 | | |
| 19,357 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2052 | | 0.00 | | 1,543 | | 544 | | |
| 19,095 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2053 | | 0.00 | | 1,482 | | 526 | | |
| 18,909 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2054 | | 0.00 | | 1,430 | | 507 | | |
| 18,634 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2055 | | 0.00 | | 1,374 | | 488 | | |
| 18,360 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2056 | | 0.00 | | 1,320 | | 473 | | |
| 100,837 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(b)(c)(f) | | 7/1/2056 | | 5.50 | | 100,665 | | 75,870 | | |
| 18,454 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2057 | | 0.00 | | 2,081 | | 462 | | |
| 18,165 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2058 | | 0.00 | | 1,233 | | 445 | | |
| 17,992 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2059 | | 0.00 | | 1,194 | | 432 | | |
| 17,834 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2060 | | 0.00 | | 1,157 | | 415 | | |
| 17,573 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2061 | | 0.00 | | 1,114 | | 397 | | |
| 17,400 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2062 | | 0.00 | | 1,080 | | 383 | | |
| 17,125 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2063 | | 0.00 | | 1,040 | | 370 | | |
| 16,967 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2064 | | 0.00 | | 1,009 | | 360 | | |
| See accompanying notes to financial statements. | 94 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| Par/Shares | | Security | | Maturity
date | | Coupon
rate | | Cost | | Fair value (a) | | Percent of
net assets |
| Wisconsin (Cont'd): | | | | | | | | | | |
| 16,823 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2065 | | 0.00 | | $ 981 | | 345 | | |
| 16,731 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2066 | | 0.00 | | 954 | | 327 | | |
| 215,987 | | PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(c)(f)(g) | | 1/1/2067 | | 0.00 | | 11,352 | | 3,930 | | |
| 520,000 | | PUBLIC FIN AUTH WI EDU REVENUE(c) | | 6/15/2049 | | 5.00 | | 525,144 | | 569,111 | | |
| 500,000 | | PUBLIC FIN AUTH WI HLTHCARE FACS REVENUE | | 7/1/2046 | | 4.00 | | 545,327 | | 578,851 | | |
| 305,000 | | PUBLIC FIN AUTH WI REVENUE | | 4/1/2025 | | 5.00 | | 305,903 | | 325,887 | | |
| 1,250,000 | | PUBLIC FIN AUTH WI REVENUE | | 6/1/2028 | | 3.00 | | 1,250,000 | | 1,264,553 | | |
| 1,250,000 | | PUBLIC FIN AUTH WI REVENUE(c) | | 11/1/2028 | | 6.25 | | 1,250,000 | | 1,272,366 | | |
| 600,000 | | PUBLIC FIN AUTH WI REVENUE | | 4/1/2032 | | 5.50 | | 600,000 | | 606,474 | | |
| 1,000,000 | | PUBLIC FIN AUTH WI REVENUE(c) | | 1/1/2033 | | 6.13 | | 990,074 | | 825,907 | | |
| 13,694 | | PUBLIC FIN AUTH WI REVENUE(b)(c)(f) | | 12/1/2048 | | 5.50 | | 13,694 | | 6,847 | | |
| 1,500,000 | | PUBLIC FIN AUTH WI REVENUE(c) | | 11/15/2053 | | 4.75 | | 1,548,831 | | 1,588,110 | | |
| 695,000 | | PUBLIC FIN AUTH WI SENIOR LIVING REVENUE(c) | | 11/15/2024 | | 5.00 | | 694,068 | | 731,828 | | |
| 500,000 | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | | 8/1/2032 | | 5.00 | | 532,137 | | 533,433 | | |
| 700,000 | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | | 6/1/2037 | | 5.00 | | 728,808 | | 767,605 | | |
| 500,000 | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | | 9/15/2040 | | 5.00 | | 506,991 | | 539,188 | | |
| 1,840,000 | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | | 8/15/2043 | | 5.00 | | 1,864,291 | | 1,979,460 | | |
| 1,400,000 | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | | 9/15/2045 | | 5.00 | | 1,418,423 | | 1,509,726 | | |
| 650,000 | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | | 11/1/2046 | | 5.00 | | 672,540 | | 723,293 | | |
| 1,500,000 | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | | 10/1/2048 | | 5.13 | | 1,473,205 | | 1,552,736 | | |
| 1,000,000 | | WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE | | 10/1/2051 | | 4.00 | | 1,028,614 | | 1,043,464 | | |
| 500,000 | | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | | 11/1/2035 | | 3.88 | | 500,000 | | 531,435 | | |
| 1,000,000 | | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | | 11/1/2040 | | 4.00 | | 1,000,000 | | 1,062,783 | | |
| 1,000,000 | | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | | 11/1/2042 | | 3.90 | | 1,002,975 | | 1,080,780 | | |
| 1,000,000 | | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | | 11/1/2051 | | 2.85 | | 1,000,000 | | 1,003,280 | | |
| 1,500,000 | | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | | 5/1/2055 | | 4.15 | | 1,500,000 | | 1,623,902 | | |
| 2,500,000 | | WISCONSIN ST HSG & ECON DEV AUTH HSG REVENUE | | 11/1/2056 | | 2.70 | | 2,500,000 | | 2,520,520 | | |
| | | | | | | 24,035,379 | | 24,622,523 | | 3.36% |
| Wyoming | | | | | | | | | | |
| 1,615,000 | | WYOMING ST CMNTY DEV AUTH HSG REVENUE | | 12/1/2038 | | 4.05 | | 1,615,000 | | 1,630,834 | | |
| | | | | | | 1,615,000 | | 1,630,834 | | 0.22% |
| | | Sub-total Municipal Bonds: | | | | 628,852,836 | | 653,772,091 | | 89.25% |
| Short-Term Investments: | | | | | | | | | | |
| 28,762,724 | | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 0.01%(k) | | 28,762,724 | | 28,762,724 | | |
| | | Sub-total Short-Term Investments: | | | | | | 28,762,724 | | 28,762,724 | | 3.93% |
| | | Grand total | | | | | | $ 695,656,357 | | 725,762,522 | | 99.08% |
| Notes to Schedule of Investments: |
| (a) | Investments are valued in accordance with procedures described in Note 2 to the financial statements. |
| (b) | Non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal. |
| (c) | 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. |
| (d) | For step bonds, the coupon rate disclosed is the current rate in effect. |
| (e) | Variable rate security. Rate as of December 31, 2021 is disclosed. |
| See accompanying notes to financial statements. | 95 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
| (f) | Restricted security that has been deemed illiquid. At December 31, 2021, the value of these restricted illiquid securities amounted to $3,409,081 or 0.47% of net assets. Additional information on these restricted illiquid securities is as follows: |
| SECURITY | AQUISITION 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%, 5/15/44 | 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, 5.50%, 1/1/46 - 1/1/67 | 3/26/18-8/26/20 | 49 - 443,916 |
| PUBLIC FIN AUTH WI REVENUE, 5.50%, 12/1/48 | 3/26/19 | 13,694 |
| (g) | Zero coupon bond. |
| (h) | 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. |
| (i) | Security has converted to a fixed rate as of February 1, 2015, and will be going forward. |
| (j) | 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. |
| (k) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2020, the value of the Clearwater Tax-Exempt Bond Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $14,385,751 with net purchases of $14,376,973 during the year ended December 31, 2021. |
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 | | 13.93% |
| Illinois | | 9.62 |
| New York | | 7.03 |
| Texas | | 6.75 |
| California | | 6.41 |
| Colorado | | 5.53 |
| Michigan | | 4.13 |
| Wisconsin | | 3.61 |
| Ohio | | 3.10 |
| Washington | | 2.91 |
| Other | | 36.98 |
| | | 100.00% |
| See accompanying notes to financial statements. | 96 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
At December 31, 2021, 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 | | 319 | | $(41,620) | | Short | | 3/22 | | $(485) |
| U.S. Treasury Long Bond | | 99 | | (15,883) | | Short | | 3/22 | | (223) |
| 2-Year U.S. Treasury Note | | 348 | | (75,924) | | Short | | 4/22 | | 33 |
| 5-Year U.S. Treasury Note | | 282 | | (34,115) | | Short | | 4/22 | | (166) |
| | | | | | | | | | | $(841) |
| See accompanying notes to financial statements. | 97 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2021
Clearwater Tax-Exempt Bond Fund Portfolio Diversification
(as a percentage of net assets)
| See accompanying notes to financial statements. | 98 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Common Stocks: | | | | | | |
| Australia: | | | | | | |
| 275,180 | | ADAIRS LTD. | | $ 331,893 | | 802,831 | | |
| 68,309 | | AGL ENERGY LTD. | | 300,168 | | 305,147 | | |
| 102,780 | | ALLIANCE AVIATION SERVICES LTD.(b) | | 167,434 | | 306,588 | | |
| 89,441 | | APA GROUP | | 554,557 | | 654,632 | | |
| 8,662 | | ARISTOCRAT LEISURE LTD. | | 215,198 | | 274,580 | | |
| 3,594 | | ASX LTD. | | 116,818 | | 242,916 | | |
| 11,589 | | ATLASSIAN CORP. PLC, CLASS A(b) | | 4,386,341 | | 4,418,770 | | |
| 20,807 | | AUSTRALIA & NEW ZEALAND BANKING GROUP LTD. | | 209,151 | | 416,450 | | |
| 195,700 | | AVENTUS GROUP | | 351,688 | | 512,574 | | |
| 250,708 | | BEACH ENERGY LTD. | | 466,720 | | 229,827 | | |
| 179,910 | | BGP HOLDINGS PLC(b)(c) | | - | | - | | |
| 34,185 | | BHP GROUP LTD.(d) | | 843,438 | | 1,032,159 | | |
| 37,600 | | BLUESCOPE STEEL LTD. | | 301,071 | | 571,738 | | |
| 28,885 | | BRAMBLES LTD. | | 150,170 | | 223,392 | | |
| 49,542 | | CEDAR WOODS PROPERTIES LTD. | | 234,956 | | 195,720 | | |
| 2,087 | | COCHLEAR LTD. | | 206,534 | | 328,156 | | |
| 27,284 | | COLES GROUP LTD. | | 255,514 | | 356,118 | | |
| 16,774 | | COMMONWEALTH BANK OF AUSTRALIA | | 631,635 | | 1,232,596 | | |
| 11,525 | | COMPUTERSHARE LTD. | | 147,680 | | 167,700 | | |
| 23,449 | | CROWN RESORTS LTD.(b) | | 150,432 | | 204,041 | | |
| 41,289 | | CSL LTD. | | 2,745,761 | | 8,733,175 | | |
| 14,184 | | DEXUS | | 62,970 | | 114,754 | | |
| 21,495 | | ENDEAVOUR GROUP LTD. | | 106,011 | | 105,405 | | |
| 29,035 | | EVOLUTION MINING LTD. | | 81,521 | | 85,765 | | |
| 97,180 | | FORTESCUE METALS GROUP LTD. | | 212,026 | | 1,358,211 | | |
| 23,925 | | GOODMAN GROUP | | 106,665 | | 461,276 | | |
| 35,107 | | GPT GROUP (THE) | | 96,585 | | 138,438 | | |
| 3,131 | | IDP EDUCATION LTD. | | 78,571 | | 78,931 | | |
| 193,100 | | INGHAMS GROUP LTD. | | 550,899 | | 491,715 | | |
| 26,295 | | INSURANCE AUSTRALIA GROUP LTD. | | 61,991 | | 81,498 | | |
| 11,146 | | LENDLEASE CORP. LTD. | | 75,225 | | 86,688 | | |
| 7,819 | | MACQUARIE GROUP LTD. | | 175,414 | | 1,168,462 | | |
| 55,174 | | MEDIBANK PVT LTD. | | 132,315 | | 134,475 | | |
| 25,670 | | MINERAL RESOURCES LTD. | | 246,214 | | 1,045,868 | | |
| 573,700 | | MOUNT GIBSON IRON LTD. | | 260,031 | | 177,393 | | |
| 65,974 | | NATIONAL AUSTRALIA BANK LTD. | | 978,710 | | 1,384,302 | | |
| 16,117 | | NEWCREST MINING LTD. | | 209,242 | | 287,051 | | |
| 21,876 | | NORTHERN STAR RESOURCES LTD. | | 139,109 | | 149,768 | | |
| 8,784 | | ORICA LTD. | | 76,517 | | 87,490 | | |
| 38,563 | | ORIGIN ENERGY LTD. | | 127,461 | | 147,016 | | |
| 128,100 | | PACT GROUP HOLDINGS LTD. | | 339,625 | | 235,794 | | |
| 137,598 | | PEXA GROUP LTD.(b)(d) | | 1,790,772 | | 1,992,178 | | |
| 256,036 | | QANTAS AIRWAYS LTD.(b) | | 746,678 | | 933,258 | | |
| 41,996 | | QBE INSURANCE GROUP LTD. | | 361,235 | | 346,790 | | |
| 3,308 | | RAMSAY HEALTH CARE LTD. | | 85,585 | | 172,082 | | |
| 657 | | REA GROUP LTD. | | 75,184 | | 80,132 | | |
| 4,544 | | REECE LTD. | | 77,109 | | 89,361 | | |
| 169,500 | | REGIS RESOURCES LTD. | | 501,445 | | 240,473 | | |
| 18,171 | | RIO TINTO LTD. | | 570,958 | | 1,323,485 | | |
| 270,900 | | RURAL FUNDS GROUP | | 404,461 | | 624,786 | | |
| 166,442 | | SANTOS LTD. | | 487,262 | | 764,109 | | |
| 186,510 | | SCENTRE GROUP | | 296,462 | | 428,797 | | |
| 22,739 | | SEEK LTD. | | 233,310 | | 542,304 | | |
| 102,600 | | SMARTGROUP CORP. LTD. | | 452,529 | | 578,511 | | |
| 39,820 | | SONIC HEALTHCARE LTD. | | 470,951 | | 1,350,920 | | |
| 57,859 | | SOUTH32 LTD. | | 37,235 | | 168,802 | | |
| 33,184 | | STOCKLAND | | 95,300 | | 102,366 | | |
| 75,800 | | SUPER RETAIL GROUP LTD. | | 517,213 | | 687,148 | | |
| 26,236 | | SYDNEY AIRPORT(b) | | 157,503 | | 165,684 | | |
| 30,856 | | TABCORP HOLDINGS LTD. | | 79,836 | | 112,695 | | |
| 35,589 | | TELSTRA CORP. LTD. | | 100,418 | | 108,232 | | |
| 60,497 | | TPG TELECOM LTD. | | 232,968 | | 259,246 | | |
| 61,518 | | TRANSURBAN GROUP | | 537,076 | | 618,548 | | |
| 12,261 | | TREASURY WINE ESTATES LTD. | | 49,081 | | 110,436 | | |
| 19,261 | | WESFARMERS LTD. | | 785,725 | | 830,991 | | |
| 38,203 | | WESTPAC BANKING CORP. | | 452,674 | | 593,415 | | |
| See accompanying notes to financial statements. | 99 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Australia (Cont'd): | | | | | | |
| 3,652 | | WISETECH GLOBAL LTD. | | $ 92,660 | | 155,648 | | |
| 4,945 | | WOODSIDE PETROLEUM LTD. | | 77,259 | | 78,898 | | |
| 25,545 | | WOOLWORTHS GROUP LTD. | | 826,476 | | 706,426 | | |
| | | | | 27,479,626 | | 43,195,131 | | 3.96% |
| Austria: | | | | | | |
| 15,700 | | BAWAG GROUP A.G.(b)(e) | | 600,064 | | 968,795 | | |
| 1,821 | | ERSTE GROUP BANK A.G. | | 28,050 | | 85,727 | | |
| 93 | | IMMOFINANZ A.G.(b) | | - | | 2,387 | | |
| 2,586 | | OMV A.G. | | 142,269 | | 147,061 | | |
| 32,264 | | RAIFFEISEN BANK INTERNATIONAL A.G. | | 563,262 | | 950,639 | | |
| 313 | | STRABAG S.E. (BEARER) | | 5,505 | | 13,060 | | |
| 57,900 | | TELEKOM AUSTRIA A.G.(b) | | 422,512 | | 502,304 | | |
| 631 | | UBM DEVELOPMENT A.G. | | 28,973 | | 31,106 | | |
| 21,794 | | VIENNA INSURANCE GROUP A.G. WIENER VERSICHERUNG GRUPPE | | 595,919 | | 617,830 | | |
| 23,500 | | WIENERBERGER A.G. | | 561,499 | | 865,249 | | |
| | | | | 2,948,053 | | 4,184,158 | | 0.38% |
| Belgium: | | | | | | |
| 7,478 | | AGEAS S.A./N.V. | | 117,910 | | 387,799 | | |
| 28,756 | | ANHEUSER-BUSCH INBEV S.A./N.V. | | 1,351,426 | | 1,740,717 | | |
| 19,000 | | BPOST S.A.(b) | | 195,697 | | 165,914 | | |
| 102,700 | | ECONOCOM GROUP S.A./N.V. | | 381,201 | | 426,188 | | |
| 623 | | ELIA GROUP S.A./N.V. | | 70,644 | | 82,064 | | |
| 1,542 | | ETABLISSEMENTS FRANZ COLRUYT N.V. | | 74,632 | | 65,412 | | |
| 53,170 | | GROUPE BRUXELLES LAMBERT S.A. | | 4,818,348 | | 5,942,022 | | |
| 5,546 | | KBC GROUP N.V. | | 200,944 | | 476,464 | | |
| 21,394 | | ONTEX GROUP N.V.(b) | | 501,600 | | 170,256 | | |
| 14,669 | | TELENET GROUP HOLDING N.V. | | 602,718 | | 535,423 | | |
| 14,300 | | TESSENDERLO GROUP S.A.(b) | | 622,327 | | 542,956 | | |
| 2,441 | | UCB S.A. | | 170,278 | | 278,881 | | |
| 1,520 | | UMICORE S.A. | | 45,482 | | 61,866 | | |
| | | | | 9,153,207 | | 10,875,962 | | 1.00% |
| Brazil: | | | | | | |
| 129,000 | | CAMIL ALIMENTOS S.A.(b) | | 274,164 | | 263,558 | | |
| 205,172 | | CI&T, INC., CLASS A(b) | | 2,977,769 | | 2,439,495 | | |
| 670,446 | | EMPREENDIMENTOS PAGUE MENOS S/A(b) | | 1,067,378 | | 1,125,435 | | |
| 393,900 | | GRUPO SBF S.A.(b) | | 1,991,433 | | 1,591,865 | | |
| 2,788,300 | | MAGAZINE LUIZA S.A.(b) | | 3,080,913 | | 3,614,278 | | |
| 292,780 | | TELEFONICA BRASIL S.A. ADR(d)(f) | | 3,543,112 | | 2,532,547 | | |
| 106,600 | | VIBRA ENERGIA S.A. | | 500,792 | | 409,558 | | |
| | | | | 13,435,561 | | 11,976,736 | | 1.10% |
| Canada: | | | | | | |
| 4,822 | | AGNICO EAGLE MINES LTD. | | 199,594 | | 256,129 | | |
| 4,547 | | AIR CANADA(b) | | 78,171 | | 75,954 | | |
| 12,139 | | ALGONQUIN POWER & UTILITIES CORP. | | 183,975 | | 175,327 | | |
| 207,500 | | ALIMENTATION COUCHE-TARD, INC. | | 6,231,269 | | 8,694,020 | | |
| 38,960 | | ARTIS REAL ESTATE INVESTMENT TRUST | | 349,138 | | 367,748 | | |
| 163,600 | | B2GOLD CORP. | | 818,860 | | 644,079 | | |
| 10,519 | | BANK OF MONTREAL | | 1,058,949 | | 1,132,521 | | |
| 18,568 | | BANK OF NOVA SCOTIA (THE) | | 1,109,901 | | 1,314,490 | | |
| 22,399 | | BARRICK GOLD CORP. | | 177,482 | | 425,581 | | |
| 13,792 | | BCE, INC. | | 704,130 | | 717,539 | | |
| 12,501 | | BLACKBERRY LTD.(b) | | 128,886 | | 116,812 | | |
| 27,148 | | BROOKFIELD ASSET MANAGEMENT, INC., CLASS A | | 174,133 | | 1,639,196 | | |
| 180 | | BROOKFIELD ASSET MANAGEMENT, INC., CLASS A (TORONTO EXCHANGE) | | 10,610 | | 10,870 | | |
| 11,000 | | BRP, INC. (SUB VOTING) | | 430,510 | | 963,516 | | |
| 83,023 | | CAE, INC.(b) | | 1,962,093 | | 2,094,363 | | |
| 1,750 | | CAMECO CORP. | | 35,170 | | 38,168 | | |
| 9,825 | | CANADIAN IMPERIAL BANK OF COMMERCE | | 430,649 | | 1,145,202 | | |
| 15,994 | | CANADIAN NATIONAL RAILWAY CO. | | 292,557 | | 1,965,023 | | |
| 84 | | CANADIAN NATIONAL RAILWAY CO. (TORONTO EXCHANGE) | | 10,301 | | 10,318 | | |
| 10,458 | | CANADIAN NATURAL RESOURCES LTD. | | 344,106 | | 441,851 | | |
| 116,492 | | CANADIAN PACIFIC RAILWAY LTD. | | 2,570,874 | | 8,380,435 | | |
| 5,809 | | CANADIAN TIRE CORP. LTD., CLASS A | | 625,049 | | 833,223 | | |
| See accompanying notes to financial statements. | 100 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Canada (Cont'd): | | | | | | |
| 49,524 | | CANOPY GROWTH CORP.(b)(d) | | $ 648,496 | | 432,227 | | |
| 14,500 | | CARGOJET, INC. | | 1,441,786 | | 1,909,376 | | |
| 47,300 | | CASCADES, INC. | | 494,913 | | 522,377 | | |
| 1 | | CENOVUS ENERGY, INC. | | 7 | | 12 | | |
| 45,100 | | CENTERRA GOLD, INC. | | 366,388 | | 347,622 | | |
| 928 | | CGI, INC.(b) | | 8,375 | | 82,128 | | |
| 57,700 | | CI FINANCIAL CORP. | | 896,767 | | 1,206,046 | | |
| 52,600 | | COMINAR REAL ESTATE INVESTMENT TRUST | | 407,770 | | 486,101 | | |
| 395 | | CONSTELLATION SOFTWARE, INC. | | 393,628 | | 732,868 | | |
| 112,500 | | CORUS ENTERTAINMENT, INC., CLASS B | | 343,872 | | 423,337 | | |
| 29,500 | | DESCARTES SYSTEMS GROUP (THE), INC.(b) | | 1,263,087 | | 2,439,851 | | |
| 22,929 | | DOCEBO, INC.(b) | | 1,284,359 | | 1,538,388 | | |
| 6,582 | | DOLLARAMA, INC. | | 86,132 | | 329,425 | | |
| 25,600 | | DOREL INDUSTRIES, INC., CLASS B(b) | | 175,448 | | 414,676 | | |
| 7,455 | | ECN CAPITAL CORP. | | 17,223 | | 31,471 | | |
| 3,030 | | EMERA, INC. | | 140,733 | | 151,434 | | |
| 3,392 | | EMPIRE CO. LTD., CLASS A | | 104,466 | | 103,346 | | |
| 36,709 | | ENBRIDGE, INC. | | 1,392,673 | | 1,433,884 | | |
| 72,100 | | ENERPLUS CORP. | | 414,689 | | 760,357 | | |
| 519 | | FAIRFAX FINANCIAL HOLDINGS LTD. | | 196,445 | | 255,301 | | |
| 4,042 | | FIRST QUANTUM MINERALS LTD. | | 77,355 | | 96,724 | | |
| 13,325 | | FIRSTSERVICE CORP. | | 1,346,223 | | 2,618,756 | | |
| 1,721 | | FORTIS, INC. | | 64,186 | | 83,033 | | |
| 794 | | GEORGE WESTON LTD. | | 63,112 | | 92,057 | | |
| 1,979 | | GFL ENVIRONMENTAL, INC. | | 75,251 | | 74,830 | | |
| 6,104 | | GILDAN ACTIVEWEAR, INC. | | 33,435 | | 258,749 | | |
| 2,516 | | GREAT-WEST LIFECO, INC. | | 76,522 | | 75,503 | | |
| 19,500 | | IA FINANCIAL CORP., INC. | | 882,358 | | 1,115,783 | | |
| 82,045 | | IMPERIAL OIL LTD. | | 1,573,370 | | 2,958,926 | | |
| 1,701 | | INTACT FINANCIAL CORP. | | 211,772 | | 221,098 | | |
| 1,100 | | INTERNATIONAL PETROLEUM CORP.(b) | | 2,833 | | 6,087 | | |
| 21,600 | | INTERTAPE POLYMER GROUP, INC. | | 497,186 | | 449,434 | | |
| 32,480 | | KINROSS GOLD CORP. | | 61,298 | | 188,709 | | |
| 3,125 | | KIRKLAND LAKE GOLD LTD. | | 123,389 | | 130,959 | | |
| 3,403 | | LOBLAW COS. LTD. | | 155,368 | | 278,815 | | |
| 14,753 | | LULULEMON ATHLETICA, INC.(b) | | 2,673,652 | | 5,775,062 | | |
| 277 | | MAGNA INTERNATIONAL, INC. | | 9,643 | | 22,420 | | |
| 24,186 | | MANULIFE FINANCIAL CORP. | | 449,406 | | 460,986 | | |
| 7,874 | | METRO, INC. | | 287,459 | | 419,050 | | |
| 19,328 | | NATIONAL BANK OF CANADA | | 618,005 | | 1,473,570 | | |
| 4,250 | | NUTRIEN LTD. | | 71,440 | | 319,600 | | |
| 888 | | NUVEI CORP.(b)(e) | | 73,926 | | 57,564 | | |
| 2,768 | | PARKLAND CORP. | | 77,280 | | 76,085 | | |
| 49,000 | | PIZZA PIZZA ROYALTY CORP. | | 343,236 | | 465,615 | | |
| 2,913 | | POWER CORP. OF CANADA | | 95,681 | | 96,259 | | |
| 3,496 | | RESTAURANT BRANDS INTERNATIONAL, INC. | | 209,995 | | 211,979 | | |
| 27,894 | | RIOCAN REAL ESTATE INVESTMENT TRUST | | 306,277 | | 505,861 | | |
| 2,680 | | ROYAL BANK OF CANADA | | 65,099 | | 284,455 | | |
| 2,268 | | SHOPIFY, INC., CLASS A(b) | | 1,565,725 | | 3,122,774 | | |
| 4,695 | | SHOPIFY, INC., CLASS A (NEW YORK EXCHANGE)(b) | | 796,479 | | 6,466,846 | | |
| 200 | | SUN LIFE FINANCIAL, INC. | | 2,787 | | 11,138 | | |
| 169,463 | | SUNCOR ENERGY, INC. | | 3,579,565 | | 4,240,092 | | |
| 24,355 | | SUNCOR ENERGY, INC. (NEW YORK EXCHANGE) | | 513,659 | | 609,606 | | |
| 3,874 | | TC ENERGY CORP. | | 114,260 | | 180,171 | | |
| 1,217 | | TECK RESOURCES LTD., CLASS B | | 4,184 | | 35,074 | | |
| 13,122 | | TELUS CORP. | | 150,732 | | 309,028 | | |
| 1,102 | | TFI INTERNATIONAL, INC. | | 121,812 | | 123,594 | | |
| 6,622 | | TORONTO-DOMINION BANK (THE) | | 104,884 | | 507,775 | | |
| 31,200 | | TOURMALINE OIL CORP. | | 584,707 | | 1,007,319 | | |
| 416 | | TRISURA GROUP LTD.(b) | | 490 | | 15,684 | | |
| 16,800 | | WAJAX CORP. | | 206,860 | | 322,334 | | |
| 1,844 | | WEST FRASER TIMBER CO. LTD. | | 128,613 | | 175,923 | | |
| 26,600 | | WESTSHORE TERMINALS INVESTMENT CORP. | | 397,133 | | 563,984 | | |
| 296 | | WHEATON PRECIOUS METALS CORP. | | 3,631 | | 12,707 | | |
| 2,517 | | WSP GLOBAL, INC. | | 284,375 | | 365,387 | | |
| See accompanying notes to financial statements. | 101 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Canada (Cont'd): | | | | | | |
| 25,967 | | YAMANA GOLD, INC. | | $ 47,753 | | 109,581 | | |
| | | | | 47,136,070 | | 82,039,578 | | 7.52% |
| Chile: | | | | | | |
| 1,115,900 | | AGUAS ANDINAS S.A., CLASS A | | 339,399 | | 203,010 | | |
| 5,893,187 | | ENEL CHILE S.A. | | 532,931 | | 206,123 | | |
| 198,200 | | VINA CONCHA Y TORO S.A. | | 327,546 | | 304,744 | | |
| | | | | 1,199,876 | | 713,877 | | 0.07% |
| China: | | | | | | |
| 290,000 | | AGILE GROUP HOLDINGS LTD. | | 352,847 | | 157,319 | | |
| 62,579 | | AIRTAC INTERNATIONAL GROUP | | 1,346,042 | | 2,307,102 | | |
| 292,876 | | ALIBABA GROUP HOLDING LTD.(b) | | 6,435,969 | | 4,465,884 | | |
| 221,199 | | ANGEL YEAST CO. LTD., CLASS A | | 1,515,633 | | 2,100,129 | | |
| 405,000 | | ANHUI CONCH CEMENT CO. LTD., CLASS H | | 2,164,383 | | 2,023,039 | | |
| 291,500 | | ASIA CEMENT CHINA HOLDINGS CORP. | | 362,392 | | 186,170 | | |
| 656,000 | | CHINA BLUECHEMICAL LTD., CLASS H | | 177,444 | | 182,560 | | |
| 408,000 | | CHINA MEDICAL SYSTEM HOLDINGS LTD. | | 472,941 | | 681,260 | | |
| 1,191,000 | | CHINA SUNTIEN GREEN ENERGY CORP. LTD., CLASS H | | 329,834 | | 928,661 | | |
| 454,500 | | HENGAN INTERNATIONAL GROUP CO. LTD. | | 3,135,999 | | 2,340,245 | | |
| 350,000 | | LI NING CO. LTD. | | 4,494,260 | | 3,831,011 | | |
| 187,500 | | NETDRAGON WEBSOFT HOLDINGS LTD. | | 425,716 | | 440,523 | | |
| 179,500 | | SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD. | | 3,751,153 | | 3,450,706 | | |
| 113,600 | | TRIP.COM GROUP LTD.(b) | | 3,174,672 | | 2,779,704 | | |
| 319,318 | | WUXI BIOLOGICS CAYMAN, INC.(b)(e) | | 3,210,617 | | 3,790,021 | | |
| 412,000 | | ZHEJIANG EXPRESSWAY CO. LTD., CLASS H | | 352,185 | | 367,218 | | |
| | | | | 31,702,087 | | 30,031,552 | | 2.75% |
| Czech Republic: | | | | | | |
| 701 | | PHILIP MORRIS CR A.S. | | 402,293 | | 516,542 | | |
| | | | | 402,293 | | 516,542 | | 0.05% |
| Denmark: | | | | | | |
| 6,207 | | ALK-ABELLO A/S(b) | | 1,881,996 | | 3,259,315 | | |
| 5,639 | | AMBU A/S, CLASS B | | 146,734 | | 149,348 | | |
| 48 | | AP MOLLER - MAERSK A/S, CLASS A | | 45,328 | | 160,048 | | |
| 111 | | AP MOLLER - MAERSK A/S, CLASS B | | 176,267 | | 398,489 | | |
| 1,537 | | CARLSBERG A/S, CLASS B | | 70,497 | | 265,773 | | |
| 1,178 | | CHR HANSEN HOLDING A/S | | 71,480 | | 92,948 | | |
| 3,053 | | COLOPLAST A/S, CLASS B | | 282,757 | | 537,963 | | |
| 22,200 | | D/S NORDEN A/S | | 318,702 | | 565,531 | | |
| 16,105 | | DANSKE BANK A/S | | 219,857 | | 278,482 | | |
| 4,348 | | DEMANT A/S(b) | | 81,241 | | 223,056 | | |
| 34,414 | | DSV A/S | | 3,283,435 | | 8,047,609 | | |
| 804 | | GENMAB A/S(b) | | 100,710 | | 323,714 | | |
| 4,376 | | GN STORE NORD A/S | | 251,886 | | 275,541 | | |
| 6,944 | | ISS A/S(b) | | 96,080 | | 132,883 | | |
| 70,909 | | NOVO NORDISK A/S, CLASS B | | 5,546,239 | | 7,978,830 | | |
| 2,460 | | NOVOZYMES A/S, CLASS B | | 38,505 | | 202,312 | | |
| 864 | | ORSTED A/S(e) | | 68,168 | | 110,473 | | |
| 2,600 | | PANDORA A/S | | 18,150 | | 324,560 | | |
| 8,700 | | PER AARSLEFF HOLDING A/S | | 387,339 | | 406,894 | | |
| 176 | | ROCKWOOL INTERNATIONAL A/S, CLASS B | | 76,521 | | 77,060 | | |
| 24,298 | | ROYAL UNIBREW A/S | | 1,959,047 | | 2,742,246 | | |
| 4,300 | | SOLAR A/S, CLASS B | | 269,282 | | 523,342 | | |
| 3,250 | | TOPDANMARK A/S | | 33,362 | | 182,600 | | |
| 7,214 | | TRYG A/S | | 172,132 | | 178,361 | | |
| 16,810 | | VESTAS WIND SYSTEMS A/S | | 160,514 | | 514,693 | | |
| | | | | 15,756,229 | | 27,952,071 | | 2.56% |
| Egypt: | | | | | | |
| 323,300 | | EASTERN CO. S.A.E. | | 244,707 | | 220,610 | | |
| | | | | 244,707 | | 220,610 | | 0.02% |
| Finland: | | | | | | |
| 40,000 | | CITYCON OYJ | | 360,857 | | 318,780 | | |
| 2,770 | | ELISA OYJ | | 86,574 | | 170,675 | | |
| 31,643 | | HARVIA OYJ | | 1,987,209 | | 2,114,700 | | |
| 27,200 | | KEMIRA OYJ | | 447,150 | | 412,793 | | |
| 5,584 | | KESKO OYJ, CLASS B | | 30,705 | | 186,526 | | |
| 14,202 | | KONE OYJ, CLASS B | | 716,359 | | 1,019,292 | | |
| See accompanying notes to financial statements. | 102 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Finland (Cont'd): | | | | | | |
| 21,225 | | NESTE OYJ | | $ 67,704 | | 1,047,780 | | |
| 183,367 | | NOKIA OYJ(b) | | 880,809 | | 1,163,647 | | |
| 434,779 | | NOKIA OYJ ADR(b)(f) | | 1,820,558 | | 2,704,325 | | |
| 2,767 | | NOKIAN RENKAAT OYJ | | 44,372 | | 104,903 | | |
| 58,231 | | NORDEA BANK ABP | | 688,880 | | 712,083 | | |
| 1,960 | | ORION OYJ, CLASS B | | 49,561 | | 81,493 | | |
| 12,411 | | QT GROUP OYJ(b) | | 865,350 | | 1,887,758 | | |
| 1,522 | | SAMPO OYJ, CLASS A | | 75,971 | | 76,347 | | |
| 18,590 | | STORA ENSO OYJ (REGISTERED) | | 105,291 | | 341,598 | | |
| 11,934 | | UPM-KYMMENE OYJ | | 99,929 | | 454,616 | | |
| 1,849 | | VALMET OYJ | | 14,444 | | 79,404 | | |
| | | | | 8,341,723 | | 12,876,720 | | 1.18% |
| France: | | | | | | |
| 623 | | AEROPORTS DE PARIS(b) | | 73,144 | | 80,362 | | |
| 3,997 | | AIR LIQUIDE S.A. | | 688,454 | | 697,696 | | |
| 11,117 | | AIRBUS S.E.(b) | | 377,031 | | 1,422,107 | | |
| 6,357 | | ALSTOM S.A. | | 233,091 | | 225,953 | | |
| 4,707 | | ARKEMA S.A. | | 419,345 | | 663,702 | | |
| 35,306 | | AXA S.A. | | 554,775 | | 1,052,529 | | |
| 18,023 | | BNP PARIBAS S.A. | | 1,177,568 | | 1,246,951 | | |
| 3,062 | | CAPGEMINI S.E. | | 111,713 | | 751,252 | | |
| 4,138 | | CARREFOUR S.A. | | 71,969 | | 75,872 | | |
| 19,252 | | CIE DE SAINT-GOBAIN | | 430,348 | | 1,356,092 | | |
| 3,235 | | CIE GENERALE DES ETABLISSEMENTS MICHELIN S.C.A. | | 167,080 | | 530,911 | | |
| 37,390 | | COFACE S.A. | | 449,179 | | 533,383 | | |
| 7,706 | | COVIVIO | | 482,654 | | 633,431 | | |
| 30,765 | | CREDIT AGRICOLE S.A. | | 278,668 | | 439,576 | | |
| 128,018 | | DANONE S.A. | | 8,218,013 | | 7,956,410 | | |
| 11,220 | | DASSAULT SYSTEMES S.E. | | 518,528 | | 668,206 | | |
| 1,736 | | EDENRED | | 25,484 | | 80,184 | | |
| 752 | | EIFFAGE S.A. | | 68,363 | | 77,448 | | |
| 9,250 | | ELECTRICITE DE FRANCE S.A. | | 135,443 | | 108,787 | | |
| 82,466 | | ENGIE S.A. | | 1,144,853 | | 1,221,852 | | |
| 591 | | ESSILORLUXOTTICA S.A. | | 53,785 | | 124,478 | | |
| 5,258 | | ESSILORLUXOTTICA S.A. (EURONEXT PARIS EXCHANGE) | | 966,434 | | 1,120,862 | | |
| 2,901 | | EURAZEO S.E. | | 76,265 | | 253,654 | | |
| 3,561 | | EUROFINS SCIENTIFIC S.E. | | 313,124 | | 441,097 | | |
| 986 | | GECINA S.A. | | 110,924 | | 137,963 | | |
| 9,197 | | GETLINK S.E. | | 70,409 | | 152,455 | | |
| 765 | | HERMES INTERNATIONAL | | 1,114,689 | | 1,337,783 | | |
| 3,399 | | INFOTEL S.A. | | 145,404 | | 217,481 | | |
| 6,762 | | IPSEN S.A. | | 538,954 | | 619,732 | | |
| 9,500 | | KAUFMAN & BROAD S.A. | | 362,957 | | 399,642 | | |
| 2,716 | | KERING S.A. | | 1,463,295 | | 2,185,852 | | |
| 4,545 | | KLEPIERRE S.A.(b) | | 71,744 | | 107,888 | | |
| 4,848 | | LEGRAND S.A. | | 109,851 | | 567,951 | | |
| 6,737 | | L'OREAL S.A. | | 874,269 | | 3,198,038 | | |
| 13,360 | | LVMH MOET HENNESSY LOUIS VUITTON S.E. | | 2,641,076 | | 11,057,932 | | |
| 14,296 | | MERSEN S.A. | | 465,081 | | 600,584 | | |
| 14,900 | | NEXITY S.A. | | 742,412 | | 701,277 | | |
| 10,677 | | ORANGE S.A. | | 120,089 | | 114,422 | | |
| 21,949 | | PERNOD RICARD S.A. | | 3,450,777 | | 5,285,160 | | |
| 1,168 | | PUBLICIS GROUPE S.A. | | 78,752 | | 78,722 | | |
| 23,074 | | RENAULT S.A.(b) | | 423,958 | | 802,409 | | |
| 11,900 | | ROTHSCHILD & CO. | | 528,677 | | 546,668 | | |
| 40,229 | | SAFRAN S.A. | | 4,554,708 | | 4,930,905 | | |
| 21,396 | | SANOFI | | 1,347,942 | | 2,157,751 | | |
| 630 | | SARTORIUS STEDIM BIOTECH | | 286,388 | | 346,004 | | |
| 278 | | SCHNEIDER ELECTRIC S.E. | | 8,838 | | 54,736 | | |
| 8,998 | | SCHNEIDER ELECTRIC S.E. (EURONEXT PARIS EXCHANGE) | | 561,880 | | 1,766,719 | | |
| 7,738 | | SCOR S.E. | | 227,469 | | 241,739 | | |
| 1,275 | | SEB S.A. | | 203,081 | | 198,722 | | |
| 7,067 | | SES S.A. | | 53,499 | | 56,095 | | |
| 15,656 | | SOCIETE GENERALE S.A. | | 245,695 | | 538,385 | | |
| 3,699 | | SOCIETE POUR L'INFORMATIQUE INDUSTRIELLE | | 108,264 | | 202,985 | | |
| 7,150 | | SODEXO S.A.(b) | | 647,363 | | 627,290 | | |
| See accompanying notes to financial statements. | 103 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| France (Cont'd): | | | | | | |
| 4,719 | | SODEXO S.A.(b) | | $ 415,153 | | 414,011 | | |
| 38,689 | | SODEXO S.A. (EURONEXT PARIS EXCHANGE) | | 3,358,690 | | 3,394,295 | | |
| 10,066 | | SOITEC(b) | | 998,858 | | 2,466,222 | | |
| 801 | | TELEPERFORMANCE | | 315,346 | | 357,480 | | |
| 51,800 | | TELEVISION FRANCAISE 1 | | 458,222 | | 514,551 | | |
| 1,413 | | THALES S.A. | | 81,763 | | 120,331 | | |
| 35,783 | | TOTALENERGIES S.E. | | 1,476,282 | | 1,818,179 | | |
| 1,857 | | UBISOFT ENTERTAINMENT S.A.(b) | | 88,666 | | 91,058 | | |
| 2,499 | | UNIBAIL-RODAMCO-WESTFIELD(b) | | 178,200 | | 175,316 | | |
| 3,269 | | VALEO | | 58,895 | | 98,924 | | |
| 13,514 | | VEOLIA ENVIRONNEMENT S.A. | | 143,775 | | 496,342 | | |
| 10,500 | | VICAT S.A. | | 406,419 | | 430,353 | | |
| 8,179 | | VINCI S.A. | | 345,228 | | 865,159 | | |
| 21,072 | | VIVENDI S.E. | | 383,221 | | 285,247 | | |
| 6,004 | | WENDEL S.E. | | 462,932 | | 720,467 | | |
| 6,295 | | WORLDLINE S.A./FRANCE(b)(e) | | 352,703 | | 351,248 | | |
| | | | | 48,118,109 | | 73,595,268 | | 6.75% |
| Georgia: | | | | | | |
| 21,875 | | BANK OF GEORGIA GROUP PLC | | 355,261 | | 493,877 | | |
| | | | | 355,261 | | 493,877 | | 0.04% |
| Germany: | | | | | | |
| 3,994 | | ADIDAS A.G. | | 192,837 | | 1,151,343 | | |
| 11,525 | | ALLIANZ S.E. (REGISTERED) | | 1,427,351 | | 2,724,620 | | |
| 38,556 | | AROUNDTOWN S.A. | | 192,935 | | 233,527 | | |
| 6,098 | | AURUBIS A.G. | | 286,000 | | 611,363 | | |
| 13,539 | | BASF S.E. | | 453,717 | | 952,286 | | |
| 9,247 | | BAYER A.G. (REGISTERED) | | 437,916 | | 494,802 | | |
| 8,787 | | BAYERISCHE MOTOREN WERKE A.G. | | 501,991 | | 885,254 | | |
| 1,582 | | BECHTLE A.G. | | 104,116 | | 113,362 | | |
| 2,299 | | BEIERSDORF A.G. | | 157,065 | | 236,562 | | |
| 1,188 | | BRENNTAG S.E. | | 43,546 | | 107,635 | | |
| 413 | | CARL ZEISS MEDITEC A.G. (BEARER) | | 77,141 | | 86,917 | | |
| 15,078 | | COMMERZBANK A.G.(b) | | 111,177 | | 114,825 | | |
| 1,042 | | CONTINENTAL A.G.(b) | | 51,317 | | 110,458 | | |
| 23,800 | | CROPENERGIES A.G. | | 337,485 | | 332,201 | | |
| 17,087 | | DAIMLER A.G. (REGISTERED) | | 1,573,457 | | 1,314,865 | | |
| 8,544 | | DAIMLER TRUCK HOLDING A.G.(b) | | 270,747 | | 314,078 | | |
| 3,246 | | DELIVERY HERO S.E.(b)(e) | | 255,760 | | 362,166 | | |
| 47,394 | | DEUTSCHE BANK A.G. (REGISTERED)(b) | | 608,303 | | 594,510 | | |
| 4,584 | | DEUTSCHE BOERSE A.G. | | 283,067 | | 767,698 | | |
| 12,068 | | DEUTSCHE LUFTHANSA A.G. (REGISTERED)(b) | | 79,151 | | 84,910 | | |
| 37,890 | | DEUTSCHE PFANDBRIEFBANK A.G.(e) | | 469,871 | | 455,966 | | |
| 18,572 | | DEUTSCHE POST A.G. (REGISTERED) | | 230,768 | | 1,195,494 | | |
| 41,147 | | DEUTSCHE TELEKOM A.G. (REGISTERED) | | 518,426 | | 763,587 | | |
| 82,454 | | E.ON S.E. | | 724,674 | | 1,144,510 | | |
| 26,190 | | ECKERT & ZIEGLER STRAHLEN- UND MEDIZINTECHNIK A.G. | | 974,896 | | 2,805,809 | | |
| 15,992 | | EVONIK INDUSTRIES A.G. | | 522,103 | | 518,350 | | |
| 23,600 | | FREENET A.G. | | 557,311 | | 625,232 | | |
| 74,123 | | FRESENIUS MEDICAL CARE A.G. & CO. KGAA | | 5,573,671 | | 4,821,990 | | |
| 5,544 | | FRESENIUS S.E. & CO. KGAA | | 99,810 | | 223,439 | | |
| 1,537 | | GEA GROUP A.G. | | 63,629 | | 84,151 | | |
| 17,795 | | HAMBURGER HAFEN UND LOGISTIK A.G. | | 443,620 | | 416,538 | | |
| 2,246 | | HANNOVER RUECK S.E. | | 94,321 | | 427,414 | | |
| 3,806 | | HEIDELBERGCEMENT A.G. | | 141,320 | | 257,908 | | |
| 16,571 | | HELLA GMBH & CO. KGAA | | 746,243 | | 1,124,419 | | |
| 2,653 | | HELLOFRESH S.E.(b) | | 235,664 | | 204,001 | | |
| 2,623 | | HOCHTIEF A.G. | | 110,564 | | 212,026 | | |
| 2,272 | | HYPOPORT S.E.(b) | | 830,659 | | 1,321,789 | | |
| 25,960 | | INFINEON TECHNOLOGIES A.G. | | 317,409 | | 1,204,681 | | |
| 6,898 | | JOST WERKE A.G.(e) | | 220,852 | | 388,742 | | |
| 674 | | KION GROUP A.G. | | 75,978 | | 74,034 | | |
| 752 | | KNORR-BREMSE A.G. | | 76,361 | | 74,400 | | |
| 532 | | LEG IMMOBILIEN S.E. | | 78,250 | | 74,317 | | |
| 18,425 | | MENSCH UND MASCHINE SOFTWARE S.E. | | 1,299,783 | | 1,394,961 | | |
| 2,431 | | MERCK KGAA | | 158,345 | | 628,266 | | |
| 1,070 | | MTU AERO ENGINES A.G. | | 207,703 | | 218,544 | | |
| See accompanying notes to financial statements. | 104 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Germany (Cont'd): | | | | | | |
| 3,177 | | MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. IN MUENCHEN (REGISTERED) | | $ 403,285 | | 942,232 | | |
| 776 | | NEMETSCHEK S.E. | | 74,899 | | 99,656 | | |
| 19,095 | | PROSIEBENSAT.1 MEDIA S.E. | | 286,490 | | 304,573 | | |
| 7,700 | | PUBLITY A.G.(b)(d) | | 286,657 | | 195,054 | | |
| 1,615 | | PUMA S.E. | | 185,338 | | 197,658 | | |
| 81 | | RATIONAL A.G. | | 78,233 | | 83,034 | | |
| 6,900 | | RHEINMETALL A.G. | | 824,004 | | 652,490 | | |
| 11,873 | | RWE A.G. | | 378,729 | | 482,842 | | |
| 17,433 | | SAP S.E. | | 729,818 | | 2,478,949 | | |
| 15,326 | | SIEMENS A.G. (REGISTERED) | | 1,160,098 | | 2,664,060 | | |
| 20,090 | | SIEMENS ENERGY A.G.(b) | | 540,025 | | 514,402 | | |
| 5,117 | | SIEMENS HEALTHINEERS A.G.(e) | | 297,765 | | 383,448 | | |
| 3,600 | | SILTRONIC A.G. | | 264,192 | | 576,263 | | |
| 12,096 | | STEICO S.E. | | 1,566,753 | | 1,547,894 | | |
| 2,557 | | SYMRISE A.G. | | 348,766 | | 379,322 | | |
| 188,717 | | TELEFONICA DEUTSCHLAND HOLDING A.G. | | 459,389 | | 524,459 | | |
| 141,527 | | TUI A.G.(b) | | 292,424 | | 443,279 | | |
| 4,171 | | UNIPER S.E. | | 46,925 | | 198,495 | | |
| 404 | | VOLKSWAGEN A.G. | | 40,235 | | 118,852 | | |
| 11,484 | | VONOVIA S.E. | | 565,109 | | 634,115 | | |
| 4,453 | | ZALANDO S.E.(b)(e) | | 336,391 | | 360,661 | | |
| | | | | 31,382,835 | | 46,035,688 | | 4.22% |
| Greece: | | | | | | |
| 6,746 | | HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. | | 54,075 | | 124,844 | | |
| | | | | 54,075 | | 124,844 | | 0.01% |
| Hong Kong: | | | | | | |
| 774,200 | | AIA GROUP LTD. | | 4,977,253 | | 7,804,005 | | |
| 73,500 | | BOC HONG KONG HOLDINGS LTD. | | 143,171 | | 240,835 | | |
| 40,000 | | CHOW TAI FOOK JEWELLERY GROUP LTD.(b) | | 74,430 | | 71,920 | | |
| 1,462,000 | | CITIC TELECOM INTERNATIONAL HOLDINGS LTD. | | 547,331 | | 493,111 | | |
| 54,044 | | CK ASSET HOLDINGS LTD. | | 156,712 | | 340,654 | | |
| 53,544 | | CK HUTCHISON HOLDINGS LTD. | | 316,935 | | 345,399 | | |
| 37,500 | | CLP HOLDINGS LTD. | | 264,277 | | 378,725 | | |
| 39,600 | | ESR CAYMAN LTD.(b)(e) | | 124,599 | | 133,819 | | |
| 998,000 | | FIRST PACIFIC CO. LTD. | | 376,906 | | 367,328 | | |
| 47,000 | | GALAXY ENTERTAINMENT GROUP LTD.(b) | | 189,631 | | 243,512 | | |
| 2,228,000 | | GEMDALE PROPERTIES & INVESTMENT CORP. LTD. | | 413,300 | | 237,157 | | |
| 15,900 | | HANG SENG BANK LTD. | | 185,656 | | 290,980 | | |
| 30,331 | | HENDERSON LAND DEVELOPMENT CO. LTD. | | 65,397 | | 129,142 | | |
| 208,950 | | HONG KONG & CHINA GAS CO. LTD. | | 302,882 | | 325,314 | | |
| 22,700 | | HONG KONG EXCHANGES & CLEARING LTD. | | 861,578 | | 1,325,747 | | |
| 17,200 | | HONGKONG LAND HOLDINGS LTD. | | 81,506 | | 89,440 | | |
| 1,300 | | JARDINE MATHESON HOLDINGS LTD. | | 71,070 | | 71,513 | | |
| 46,100 | | LINK REIT | | 133,041 | | 405,867 | | |
| 51,500 | | MTR CORP. LTD. | | 202,949 | | 276,404 | | |
| 388,000 | | PAX GLOBAL TECHNOLOGY LTD. | | 368,074 | | 274,671 | | |
| 172,123 | | PCCW LTD. | | 70,484 | | 87,192 | | |
| 41,500 | | POWER ASSETS HOLDINGS LTD. | | 222,413 | | 258,658 | | |
| 185,000 | | SHENZHEN INTERNATIONAL HOLDINGS LTD. | | 343,057 | | 192,176 | | |
| 84,000 | | SUN HUNG KAI PROPERTIES LTD. | | 1,048,074 | | 1,019,089 | | |
| 40,000 | | SWIRE PACIFIC LTD., CLASS A | | 207,758 | | 227,507 | | |
| 30,000 | | TECHTRONIC INDUSTRIES CO. LTD. | | 425,702 | | 597,111 | | |
| 600,000 | | UNITED LABORATORIES INTERNATIONAL HOLDINGS (THE) LTD. | | 352,686 | | 335,490 | | |
| 469,800 | | VALUETRONICS HOLDINGS LTD. | | 216,550 | | 189,998 | | |
| 64,189 | | WH GROUP LTD.(e) | | 35,014 | | 40,254 | | |
| 21,000 | | WHARF HOLDINGS (THE) LTD. | | 43,463 | | 64,501 | | |
| 35,000 | | WHARF REAL ESTATE INVESTMENT CO. LTD. | | 168,339 | | 177,748 | | |
| 447,000 | | XINYI GLASS HOLDINGS LTD. | | 557,152 | | 1,117,851 | | |
| 358,000 | | YUEXIU TRANSPORT INFRASTRUCTURE LTD. | | 311,883 | | 212,113 | | |
| | | | | 13,859,273 | | 18,365,231 | | 1.68% |
| India: | | | | | | |
| 511,000 | | CESC LTD. | | 527,922 | | 601,495 | | |
| 45,684 | | COMPUTER AGE MANAGEMENT SERVICES LTD. | | 938,180 | | 1,638,489 | | |
| 59,400 | | CYIENT LTD. | | 429,128 | | 817,457 | | |
| See accompanying notes to financial statements. | 105 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| India (Cont'd): | | | | | | |
| 344,400 | | FIRSTSOURCE SOLUTIONS LTD. | | $ 185,643 | | 848,310 | | |
| 445,981 | | HCL TECHNOLOGIES LTD. | | 3,535,882 | | 7,914,016 | | |
| 114,700 | | HINDUSTAN PETROLEUM CORP. LTD. | | 431,628 | | 451,096 | | |
| 565,323 | | INDIAN ENERGY EXCHANGE LTD.(e) | | 465,455 | | 1,922,545 | | |
| 574,431 | | INDUS TOWERS LTD. | | 2,335,706 | | 1,918,746 | | |
| 40,400 | | JUBILANT INGREVIA LTD. | | 36,087 | | 311,795 | | |
| 40,400 | | JUBILANT PHARMOVA LTD. | | 278,630 | | 318,806 | | |
| 162,019 | | NAVA BHARAT VENTURES LTD. | | 247,486 | | 240,078 | | |
| 322,000 | | NMDC LTD. | | 521,633 | | 577,416 | | |
| 352,100 | | REDINGTON INDIA LTD. | | 703,005 | | 686,100 | | |
| 1,107,100 | | SJVN LTD. | | 377,345 | | 456,478 | | |
| 233,686 | | SYNGENE INTERNATIONAL LTD.(b)(e) | | 1,043,375 | | 1,948,755 | | |
| 26,884 | | WNS HOLDINGS LTD. ADR(b)(f) | | 1,678,193 | | 2,371,706 | | |
| | | | | 13,735,298 | | 23,023,288 | | 2.11% |
| Indonesia: | | | | | | |
| 4,097,000 | | ADARO ENERGY TBK PT | | 470,816 | | 646,781 | | |
| 8,194,900 | | ERAJAYA SWASEMBADA TBK PT | | 345,258 | | 344,988 | | |
| 1,094,700 | | INDOFOOD SUKSES MAKMUR TBK PT | | 488,225 | | 485,808 | | |
| 2,022,800 | | MATAHARI DEPARTMENT STORE TBK PT | | 317,587 | | 588,993 | | |
| | | | | 1,621,886 | | 2,066,570 | | 0.19% |
| Ireland: | | | | | | |
| 18,823 | | ACCENTURE PLC, CLASS A | | 2,162,199 | | 7,803,075 | | |
| 68,062 | | CRH PLC | | 1,997,995 | | 3,604,769 | | |
| 53,200 | | DALATA HOTEL GROUP PLC(b) | | 299,929 | | 225,314 | | |
| 2,266 | | DCC PLC | | 168,449 | | 185,562 | | |
| 165,705 | | EXPERIAN PLC | | 3,173,095 | | 8,146,214 | | |
| 3,338 | | FLUTTER ENTERTAINMENT PLC - CDI(b) | | 436,611 | | 528,243 | | |
| 21,905 | | ICON PLC(b) | | 3,054,924 | | 6,783,978 | | |
| 11,485 | | JAMES HARDIE INDUSTRIES PLC - CDI | | 103,360 | | 462,082 | | |
| 3,255 | | KERRY GROUP PLC, CLASS A | | 214,084 | | 419,684 | | |
| 724 | | KINGSPAN GROUP PLC | | 50,166 | | 86,549 | | |
| 2,117 | | KINGSPAN GROUP PLC (EURONEXT DUBLIN EXCHANGE) | | 208,533 | | 257,892 | | |
| 17,539 | | RYANAIR HOLDINGS PLC(b) | | 235,787 | | 304,514 | | |
| 1,812 | | SMURFIT KAPPA GROUP PLC | | 50,442 | | 99,930 | | |
| | | | | 12,155,574 | | 28,907,806 | | 2.65% |
| Israel: | | | | | | |
| 48,641 | | BANK HAPOALIM B.M. | | 229,967 | | 502,220 | | |
| 115,300 | | ICL GROUP LTD. | | 461,518 | | 1,112,965 | | |
| 69,000 | | MAYTRONICS LTD. | | 1,673,402 | | 1,704,498 | | |
| 29,044 | | MIZRAHI TEFAHOT BANK LTD. | | 475,042 | | 1,121,047 | | |
| 53,488 | | NEOGAMES S.A.(b) | | 2,355,870 | | 1,485,897 | | |
| 3,072 | | NICE LTD.(b) | | 169,095 | | 940,389 | | |
| 5,800 | | RAMI LEVY CHAIN STORES HASHIKMA MARKETING 2006 LTD. | | 397,897 | | 435,240 | | |
| | | | | 5,762,791 | | 7,302,256 | | 0.67% |
| Italy: | | | | | | |
| 285,200 | | A2A S.P.A. | | 555,842 | | 558,484 | | |
| 21,958 | | ASSICURAZIONI GENERALI S.P.A. | | 291,689 | | 465,735 | | |
| 33,941 | | ATLANTIA S.P.A.(b) | | 448,114 | | 674,493 | | |
| 27,900 | | BANCA IFIS S.P.A. | | 525,021 | | 542,214 | | |
| 25,272 | | BANCA MEDIOLANUM S.P.A. | | 87,322 | | 249,742 | | |
| 8,879 | | DAVIDE CAMPARI-MILANO N.V. | | 120,451 | | 129,948 | | |
| 84,847 | | ENEL S.P.A. | | 298,823 | | 680,632 | | |
| 48,741 | | ENI S.P.A. | | 574,969 | | 678,108 | | |
| 28,036 | | FERRARI N.V. | | 4,461,996 | | 7,261,569 | | |
| 3,831 | | FINECOBANK BANCA FINECO S.P.A. | | 65,128 | | 67,321 | | |
| 6,830 | | INFRASTRUTTURE WIRELESS ITALIANE S.P.A.(e) | | 77,446 | | 83,047 | | |
| 33,867 | | INTERPUMP GROUP S.P.A. | | 527,748 | | 2,485,036 | | |
| 30,581 | | INTESA SANPAOLO S.P.A. | | 53,392 | | 79,173 | | |
| 375,900 | | IREN S.P.A. | | 999,472 | | 1,135,812 | | |
| 28,600 | | LA DORIA S.P.A. | | 361,264 | | 535,956 | | |
| 77,659 | | LEONARDO S.P.A.(b) | | 617,417 | | 557,013 | | |
| 14,266 | | MEDIOBANCA BANCA DI CREDITO FINANZIARIO S.P.A. | | 130,639 | | 164,205 | | |
| 4,080 | | MONCLER S.P.A. | | 285,259 | | 297,378 | | |
| 3,687 | | PRYSMIAN S.P.A. | | 133,903 | | 138,984 | | |
| 2,078 | | RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A. | | 122,005 | | 133,668 | | |
| See accompanying notes to financial statements. | 106 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Italy (Cont'd): | | | | | | |
| 128,788 | | SNAM S.P.A. | | $ 586,273 | | 777,113 | | |
| 150,699 | | STEVANATO GROUP S.P.A.(b) | | 3,164,679 | | 3,383,193 | | |
| 235,980 | | TENARIS S.A. | | 2,108,936 | | 2,474,388 | | |
| 40,944 | | TERNA - RETE ELETTRICA NAZIONALE | | 170,294 | | 331,617 | | |
| 42,701 | | UNICREDIT S.P.A. | | 479,566 | | 658,443 | | |
| 71,681 | | UNIPOL GRUPPO S.P.A. | | 376,844 | | 390,009 | | |
| 95,230 | | UNIPOLSAI ASSICURAZIONI S.P.A. | | 153,826 | | 268,880 | | |
| | | | | 17,778,318 | | 25,202,161 | | 2.31% |
| Japan: | | | | | | |
| 1,500 | | ABC-MART, INC. | | 56,540 | | 64,288 | | |
| 30,600 | | ADEKA CORP. | | 390,224 | | 682,867 | | |
| 2,700 | | ADVANTEST CORP. | | 242,061 | | 255,846 | | |
| 4,700 | | AEON CO. LTD. | | 52,433 | | 110,687 | | |
| 600 | | AEON REIT INVESTMENT CORP. | | 728,822 | | 840,303 | | |
| 1,400 | | AGC, INC. | | 61,586 | | 66,817 | | |
| 2,300 | | AISIN CORP. | | 37,584 | | 88,177 | | |
| 15,000 | | AJINOMOTO CO., INC. | | 116,767 | | 456,011 | | |
| 2,500 | | ALFRESA HOLDINGS CORP. | | 24,420 | | 33,317 | | |
| 3,600 | | ANA HOLDINGS, INC.(b) | | 79,016 | | 75,252 | | |
| 23,000 | | ARCS CO. LTD. | | 480,595 | | 426,489 | | |
| 5,500 | | ASAHI GROUP HOLDINGS LTD.(d) | | 83,346 | | 213,918 | | |
| 33,500 | | ASAHI KASEI CORP. | | 167,713 | | 314,818 | | |
| 22,100 | | ASAHI YUKIZAI CORP. | | 276,792 | | 331,798 | | |
| 9,300 | | ASANUMA CORP. | | 324,412 | | 444,667 | | |
| 37,500 | | ASTELLAS PHARMA, INC. | | 244,631 | | 609,787 | | |
| 63,100 | | ASTENA HOLDINGS CO. LTD. | | 295,237 | | 266,048 | | |
| 1,700 | | AZBIL CORP. | | 70,197 | | 77,441 | | |
| 4,300 | | BANDAI NAMCO HOLDINGS, INC. | | 213,809 | | 336,210 | | |
| 6,200 | | BAYCURRENT CONSULTING, INC. | | 542,610 | | 2,398,505 | | |
| 13,800 | | BRIDGESTONE CORP.(d) | | 205,726 | | 593,725 | | |
| 32,100 | | BROTHER INDUSTRIES LTD. | | 541,898 | | 616,996 | | |
| 48,400 | | BUNKA SHUTTER CO. LTD. | | 363,296 | | 451,896 | | |
| 23,400 | | CANON, INC.(d) | | 556,789 | | 569,794 | | |
| 1,100 | | CAPCOM CO. LTD. | | 29,399 | | 25,896 | | |
| 2,800 | | CENTRAL JAPAN RAILWAY CO. | | 243,930 | | 373,520 | | |
| 13,500 | | CHUGAI PHARMACEUTICAL CO. LTD. | | 82,278 | | 438,342 | | |
| 28,400 | | CREDIT SAISON CO. LTD. | | 361,395 | | 298,493 | | |
| 27,500 | | CRESCO LTD. | | 342,183 | | 499,891 | | |
| 4,000 | | DAI NIPPON PRINTING CO. LTD. | | 70,827 | | 100,600 | | |
| 1,800 | | DAIFUKU CO. LTD. | | 155,471 | | 147,092 | | |
| 17,600 | | DAI-ICHI LIFE HOLDINGS, INC. | | 356,355 | | 355,810 | | |
| 35,100 | | DAIICHI SANKYO CO. LTD. | | 294,763 | | 892,528 | | |
| 4,600 | | DAIKIN INDUSTRIES LTD. | | 136,302 | | 1,043,328 | | |
| 600 | | DAITO TRUST CONSTRUCTION CO. LTD. | | 72,842 | | 68,695 | | |
| 19,000 | | DAITRON CO. LTD. | | 328,045 | | 354,464 | | |
| 10,000 | | DAIWA HOUSE INDUSTRY CO. LTD. | | 103,706 | | 287,577 | | |
| 17,500 | | DAIWA SECURITIES GROUP, INC. | | 60,410 | | 98,689 | | |
| 28,000 | | DAIWABO HOLDINGS CO. LTD. | | 223,879 | | 447,883 | | |
| 8,200 | | DENSO CORP. | | 185,234 | | 679,282 | | |
| 3,300 | | DENTSU GROUP, INC. | | 56,753 | | 117,621 | | |
| 6,300 | | EAST JAPAN RAILWAY CO. | | 363,637 | | 387,376 | | |
| 17,800 | | ECO'S CO. LTD. | | 285,796 | | 294,784 | | |
| 4,700 | | EISAI CO. LTD. | | 191,775 | | 266,850 | | |
| 28,300 | | ELEMATEC CORP. | | 262,160 | | 265,705 | | |
| 20,500 | | ENEOS HOLDINGS, INC. | | 76,331 | | 76,686 | | |
| 20,400 | | EXEDY CORP. | | 319,517 | | 295,280 | | |
| 3,700 | | FANUC CORP. | | 411,581 | | 784,195 | | |
| 1,300 | | FAST RETAILING CO. LTD. | | 188,734 | | 738,094 | | |
| 50,120 | | FEED ONE CO. LTD. | | 432,664 | | 305,434 | | |
| 34,200 | | FJ NEXT HOLDINGS CO. LTD. | | 337,056 | | 299,692 | | |
| 23,700 | | FREEE K.K.(b) | | 1,058,936 | | 1,310,371 | | |
| 31,700 | | FUJI CORP. | | 564,353 | | 711,548 | | |
| 4,700 | | FUJI ELECTRIC CO. LTD. | | 61,631 | | 256,594 | | |
| 36,100 | | FUJI PHARMA CO. LTD. | | 376,394 | | 322,305 | | |
| 8,700 | | FUJIFILM HOLDINGS CORP. | | 163,215 | | 644,842 | | |
| 3,800 | | FUJITSU LTD. | | 363,816 | | 651,778 | | |
| 41,400 | | FUKUOKA FINANCIAL GROUP, INC. | | 523,630 | | 709,375 | | |
| See accompanying notes to financial statements. | 107 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Japan (Cont'd): | | | | | | |
| 35,800 | | FURUNO ELECTRIC CO. LTD. | | $ 322,070 | | 376,891 | | |
| 7,100 | | GMO FINANCIAL GATE, INC. | | 1,442,759 | | 1,731,331 | | |
| 900 | | GMO PAYMENT GATEWAY, INC. | | 98,340 | | 112,275 | | |
| 119,800 | | HACHIJUNI BANK (THE) LTD. | | 476,117 | | 409,297 | | |
| 3,000 | | HAMAMATSU PHOTONICS K.K. | | 52,686 | | 191,428 | | |
| 2,200 | | HANKYU HANSHIN HOLDINGS, INC. | | 51,221 | | 62,445 | | |
| 55,300 | | HASEKO CORP. | | 721,604 | | 685,541 | | |
| 8,900 | | HINO MOTORS LTD. | | 70,088 | | 73,348 | | |
| 341 | | HIROSE ELECTRIC CO. LTD. | | 29,327 | | 57,332 | | |
| 19,300 | | HITACHI LTD. | | 313,074 | | 1,045,284 | | |
| 7,000 | | HITACHI METALS LTD.(b) | | 55,542 | | 129,679 | | |
| 11,100 | | HONDA MOTOR CO. LTD. | | 332,802 | | 311,684 | | |
| 7,100 | | HOYA CORP. | | 362,248 | | 1,056,081 | | |
| 5,700 | | HULIC CO. LTD. | | 48,487 | | 54,111 | | |
| 13,900 | | IDEMITSU KOSAN CO. LTD. | | 334,248 | | 354,901 | | |
| 26,100 | | INNOTECH CORP. | | 231,054 | | 341,027 | | |
| 36,800 | | ITOCHU CORP. | | 716,670 | | 1,125,466 | | |
| 2,100 | | ITOCHU TECHNO-SOLUTIONS CORP. | | 64,301 | | 67,548 | | |
| 78,400 | | ITOHAM YONEKYU HOLDINGS, INC. | | 531,480 | | 448,467 | | |
| 21,900 | | JACCS CO. LTD. | | 467,646 | | 563,921 | | |
| 30,400 | | JAPAN AVIATION ELECTRONICS INDUSTRY LTD. | | 458,316 | | 526,179 | | |
| 53,600 | | JAPAN ELEVATOR SERVICE HOLDINGS CO. LTD. | | 574,239 | | 1,000,894 | | |
| 7,000 | | JAPAN EXCHANGE GROUP, INC. | | 56,090 | | 153,230 | | |
| 83 | | JAPAN METROPOLITAN FUND INVEST | | 76,232 | | 71,506 | | |
| 26,100 | | JAPAN POST HOLDINGS CO. LTD.(b) | | 204,082 | | 203,482 | | |
| 11 | | JAPAN REAL ESTATE INVESTMENT CORP. | | 68,697 | | 62,445 | | |
| 58,400 | | JAPAN TOBACCO, INC.(d) | | 1,165,606 | | 1,179,119 | | |
| 46,000 | | JEOL LTD. | | 2,712,920 | | 3,675,041 | | |
| 2,300 | | JSR CORP. | | 66,413 | | 87,477 | | |
| 4,500 | | KAJIMA CORP. | | 25,084 | | 51,678 | | |
| 26,900 | | KANAMOTO CO. LTD. | | 620,666 | | 563,583 | | |
| 57,300 | | KANDENKO CO. LTD. | | 547,713 | | 426,898 | | |
| 12,300 | | KANEKA CORP. | | 387,968 | | 403,656 | | |
| 3,500 | | KANSAI PAINT CO. LTD. | | 45,161 | | 76,067 | | |
| 10,000 | | KAO CORP.(d) | | 208,279 | | 523,255 | | |
| 31,162 | | KDDI CORP. | | 281,794 | | 910,777 | | |
| 1,600 | | KEIO CORP. | | 56,475 | | 70,521 | | |
| 2,400 | | KEISEI ELECTRIC RAILWAY CO. LTD. | | 22,185 | | 64,887 | | |
| 14,424 | | KEYENCE CORP. | | 1,526,494 | | 9,063,433 | | |
| 6,000 | | KIKKOMAN CORP. | | 52,867 | | 504,390 | | |
| 9,900 | | KIRIN HOLDINGS CO. LTD. | | 101,976 | | 158,961 | | |
| 67,600 | | KITZ CORP. | | 466,295 | | 418,423 | | |
| 1,000 | | KOBAYASHI PHARMACEUTICAL CO. LTD. | | 76,739 | | 78,588 | | |
| 68,300 | | KOBE BUSSAN CO. LTD. | | 1,461,866 | | 2,645,193 | | |
| 1,800 | | KOEI TECMO HOLDINGS CO. LTD. | | 75,186 | | 70,808 | | |
| 17,800 | | KOMATSU LTD. | | 439,290 | | 416,798 | | |
| 2,300 | | KONAMI HOLDINGS CORP. | | 50,313 | | 110,371 | | |
| 600 | | KOSE CORP. | | 72,850 | | 68,069 | | |
| 22,800 | | KUBOTA CORP.(d) | | 160,350 | | 506,127 | | |
| 6,900 | | KUREHA CORP. | | 316,117 | | 493,071 | | |
| 1,400 | | KURITA WATER INDUSTRIES LTD. | | 66,953 | | 66,452 | | |
| 4,000 | | KYOCERA CORP. | | 133,049 | | 249,917 | | |
| 5,000 | | KYOWA KIRIN CO. LTD. | | 54,616 | | 136,269 | | |
| 14,900 | | KYUSHU RAILWAY CO. | | 317,651 | | 309,839 | | |
| 26,900 | | LASERTEC CORP. | | 4,459,164 | | 8,252,638 | | |
| 13,100 | | LINTEC CORP. | | 259,789 | | 300,083 | | |
| 2,500 | | LIXIL CORP. | | 65,962 | | 66,613 | | |
| 5,100 | | M3, INC. | | 59,204 | | 256,840 | | |
| 2,900 | | MAKITA CORP. | | 92,361 | | 123,104 | | |
| 7,100 | | MARUI GROUP CO. LTD. | | 41,710 | | 133,630 | | |
| 7,700 | | MAZDA MOTOR CORP.(b) | | 38,348 | | 59,241 | | |
| 298,700 | | MEBUKI FINANCIAL GROUP, INC. | | 635,970 | | 615,421 | | |
| 2,500 | | MEIJI HOLDINGS CO. LTD. | | 44,976 | | 149,092 | | |
| 12,800 | | MELCO HOLDINGS, INC. | | 351,215 | | 452,891 | | |
| 6,200 | | MERCARI, INC.(b) | | 176,315 | | 315,848 | | |
| 8,700 | | MINEBEA MITSUMI, INC. | | 84,406 | | 246,940 | | |
| 597 | | MIRAI CORP. | | 328,940 | | 256,643 | | |
| See accompanying notes to financial statements. | 108 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Japan (Cont'd): | | | | | | |
| 7,600 | | MISUMI GROUP, INC. | | $ 252,212 | | 311,849 | | |
| 24,900 | | MITSUBISHI CHEMICAL HOLDINGS CORP. | | 102,543 | | 184,428 | | |
| 29,000 | | MITSUBISHI CORP. | | 544,828 | | 920,699 | | |
| 41,400 | | MITSUBISHI ELECTRIC CORP. | | 341,734 | | 524,923 | | |
| 23,500 | | MITSUBISHI ESTATE CO. LTD. | | 303,254 | | 325,748 | | |
| 9,200 | | MITSUBISHI GAS CHEMICAL CO., INC. | | 84,078 | | 155,799 | | |
| 26,600 | | MITSUBISHI HC CAPITAL, INC. | | 82,462 | | 131,578 | | |
| 236,000 | | MITSUBISHI UFJ FINANCIAL GROUP, INC. | | 1,322,697 | | 1,282,069 | | |
| 20,800 | | MITSUBOSHI BELTING LTD. | | 335,754 | | 389,853 | | |
| 30,200 | | MITSUI & CO. LTD. | | 502,194 | | 715,028 | | |
| 7,400 | | MITSUI CHEMICALS, INC. | | 87,469 | | 198,783 | | |
| 24,000 | | MITSUI-SOKO HOLDINGS CO. LTD. | | 510,010 | | 518,682 | | |
| 6,400 | | MIZUHO FINANCIAL GROUP, INC. | | 85,879 | | 81,398 | | |
| 29,700 | | MONEY FORWARD, INC.(b) | | 1,795,367 | | 1,786,699 | | |
| 7,600 | | MONOTARO CO. LTD. | | 113,793 | | 136,963 | | |
| 6,380 | | MS&AD INSURANCE GROUP HOLDINGS, INC. | | 134,923 | | 196,841 | | |
| 37,400 | | MUGEN ESTATE CO. LTD. | | 216,786 | | 156,389 | | |
| 11,300 | | MURATA MANUFACTURING CO. LTD. | | 194,637 | | 899,540 | | |
| 20,200 | | NANTO BANK (THE) LTD. | | 470,557 | | 340,852 | | |
| 4,400 | | NEC CORP. | | 207,656 | | 203,112 | | |
| 186,300 | | NET PROTECTIONS HOLDINGS, INC.(b) | | 2,380,464 | | 2,516,823 | | |
| 12,300 | | NEXON CO. LTD. | | 201,476 | | 237,809 | | |
| 3,800 | | NGK SPARK PLUG CO. LTD. | | 38,830 | | 66,169 | | |
| 2,900 | | NH FOODS LTD. | | 69,814 | | 104,373 | | |
| 16,700 | | NICHIAS CORP. | | 297,341 | | 402,728 | | |
| 7,900 | | NIDEC CORP. | | 140,350 | | 928,523 | | |
| 2,600 | | NIHON M&A CENTER HOLDINGS, INC. | | 63,143 | | 63,763 | | |
| 16,600 | | NIKKON HOLDINGS CO. LTD. | | 337,754 | | 312,576 | | |
| 4,400 | | NINTENDO CO. LTD. | | 1,057,121 | | 2,052,160 | | |
| 32 | | NIPPON BUILDING FUND, INC. | | 154,544 | | 186,386 | | |
| 1,700 | | NIPPON EXPRESS CO. LTD. | | 60,747 | | 102,121 | | |
| 15,000 | | NIPPON PAINT HOLDINGS CO. LTD. | | 163,226 | | 163,523 | | |
| 26 | | NIPPON PROLOGIS REIT, INC. | | 54,492 | | 91,993 | | |
| 16,000 | | NIPPON SYSTEMWARE CO. LTD. | | 308,869 | | 319,638 | | |
| 30,700 | | NIPPON TELEGRAPH & TELEPHONE CORP. | | 351,243 | | 840,694 | | |
| 3,100 | | NIPPON YUSEN K.K. | | 39,009 | | 236,078 | | |
| 60,900 | | NISHI-NIPPON FINANCIAL HOLDINGS, INC. | | 426,037 | | 393,894 | | |
| 5,300 | | NISSAN CHEMICAL CORP. | | 61,593 | | 307,781 | | |
| 46,200 | | NISSAN MOTOR CO. LTD.(b) | | 237,460 | | 223,228 | | |
| 3,670 | | NISSHIN SEIFUN GROUP, INC. | | 31,991 | | 52,898 | | |
| 1,200 | | NISSIN FOODS HOLDINGS CO. LTD. | | 43,959 | | 87,525 | | |
| 2,800 | | NITORI HOLDINGS CO. LTD. | | 102,246 | | 419,282 | | |
| 13,700 | | NITTO DENKO CORP. | | 881,440 | | 1,058,793 | | |
| 7,000 | | NITTO FUJI FLOUR MILLING CO. LTD. | | 211,323 | | 231,244 | | |
| 115,600 | | NOMURA HOLDINGS, INC. | | 418,073 | | 504,186 | | |
| 32,900 | | NOMURA REAL ESTATE HOLDINGS, INC. | | 674,503 | | 757,075 | | |
| 52 | | NOMURA REAL ESTATE MASTER FUND, INC. | | 77,969 | | 73,143 | | |
| 10,301 | | NOMURA RESEARCH INSTITUTE LTD. | | 53,983 | | 441,932 | | |
| 26,700 | | NSK LTD. | | 183,160 | | 171,300 | | |
| 16,700 | | NTT DATA CORP. | | 180,781 | | 358,013 | | |
| 13,300 | | OBAYASHI CORP. | | 58,485 | | 102,904 | | |
| 1,600 | | OBIC CO. LTD. | | 293,197 | | 300,443 | | |
| 15,500 | | OJI HOLDINGS CORP. | | 77,242 | | 75,054 | | |
| 36,300 | | OKAMURA CORP. | | 555,648 | | 405,823 | | |
| 35,800 | | OKI ELECTRIC INDUSTRY CO. LTD. | | 358,218 | | 281,346 | | |
| 33,200 | | OLYMPUS CORP. | | 211,415 | | 764,700 | | |
| 4,300 | | OMRON CORP. | | 279,424 | | 428,393 | | |
| 5,000 | | ONO PHARMACEUTICAL CO. LTD. | | 43,040 | | 124,142 | | |
| 6,400 | | ORIENTAL LAND CO. LTD. | | 364,044 | | 1,079,092 | | |
| 7,800 | | ORIX CORP. | | 148,985 | | 159,180 | | |
| 5,500 | | OTSUKA HOLDINGS CO. LTD.(d) | | 158,190 | | 199,335 | | |
| 36,900 | | PANASONIC CORP. | | 306,718 | | 405,794 | | |
| 3,500 | | PEPTIDREAM, INC.(b) | | 81,641 | | 77,436 | | |
| 4,100 | | PERSOL HOLDINGS CO. LTD. | | 37,131 | | 119,047 | | |
| 67,200 | | PLAID, INC.(b)(d) | | 1,132,820 | | 1,247,257 | | |
| 18,100 | | RAKUTEN GROUP, INC. | | 138,189 | | 181,582 | | |
| 26,200 | | RECRUIT HOLDINGS CO. LTD. | | 1,230,138 | | 1,587,989 | | |
| See accompanying notes to financial statements. | 109 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Japan (Cont'd): | | | | | | |
| 22,900 | | RENESAS ELECTRONICS CORP.(b) | | $ 246,018 | | 283,289 | | |
| 184,100 | | RESONA HOLDINGS, INC. | | 558,258 | | 716,042 | | |
| 1,200 | | RINNAI CORP. | | 52,047 | | 108,285 | | |
| 16,700 | | RION CO. LTD. | | 361,265 | | 342,043 | | |
| 600 | | ROHM CO. LTD. | | 24,642 | | 54,612 | | |
| 34,600 | | SANKI ENGINEERING CO. LTD. | | 423,298 | | 432,838 | | |
| 13,000 | | SANTEN PHARMACEUTICAL CO. LTD. | | 85,886 | | 159,011 | | |
| 13,620 | | SBI HOLDINGS, INC. | | 110,355 | | 371,196 | | |
| 3,600 | | SCSK CORP. | | 68,449 | | 71,637 | | |
| 3,400 | | SECOM CO. LTD. | | 133,812 | | 236,046 | | |
| 7,100 | | SEGA SAMMY HOLDINGS, INC. | | 66,480 | | 111,534 | | |
| 49,400 | | SEIKITOKYU KOGYO CO. LTD. | | 333,527 | | 348,716 | | |
| 12,800 | | SEKISUI CHEMICAL CO. LTD. | | 65,116 | | 213,871 | | |
| 6,600 | | SEKISUI HOUSE LTD. | | 53,502 | | 141,662 | | |
| 68,200 | | SEVEN & I HOLDINGS CO. LTD. | | 2,364,461 | | 2,997,646 | | |
| 10,100 | | SHIFT, INC.(b) | | 2,224,252 | | 2,094,984 | | |
| 4,000 | | SHIMADZU CORP. | | 25,419 | | 168,826 | | |
| 1,500 | | SHIMANO, INC. | | 58,204 | | 399,809 | | |
| 10,900 | | SHIN-ETSU CHEMICAL CO. LTD. | | 759,391 | | 1,887,577 | | |
| 36,500 | | SHINOKEN GROUP CO. LTD. | | 314,113 | | 294,145 | | |
| 5,700 | | SHIONOGI & CO. LTD. | | 157,216 | | 402,612 | | |
| 5,800 | | SHISEIDO CO. LTD. | | 87,058 | | 323,404 | | |
| 20,200 | | SK-ELECTRONICS CO. LTD. | | 355,639 | | 174,904 | | |
| 1,300 | | SMC CORP. | | 300,071 | | 876,876 | | |
| 114,500 | | SOFTBANK CORP. | | 1,517,591 | | 1,447,798 | | |
| 37,200 | | SOFTBANK GROUP CORP. | | 425,837 | | 1,757,322 | | |
| 7,300 | | SOMPO HOLDINGS, INC. | | 175,746 | | 308,360 | | |
| 25,100 | | SONY GROUP CORP. | | 708,581 | | 3,158,502 | | |
| 1,600 | | SQUARE ENIX HOLDINGS CO. LTD. | | 83,000 | | 82,066 | | |
| 3,300 | | STANLEY ELECTRIC CO. LTD. | | 41,403 | | 82,593 | | |
| 6,200 | | SUBARU CORP. | | 36,437 | | 110,870 | | |
| 6,600 | | SUMCO CORP. | | 127,037 | | 134,777 | | |
| 23,100 | | SUMITOMO CORP. | | 286,410 | | 341,490 | | |
| 12,300 | | SUMITOMO ELECTRIC INDUSTRIES LTD. | | 136,807 | | 160,339 | | |
| 17,100 | | SUMITOMO HEAVY INDUSTRIES LTD. | | 494,606 | | 414,604 | | |
| 4,900 | | SUMITOMO METAL MINING CO. LTD. | | 194,487 | | 185,299 | | |
| 13,200 | | SUMITOMO MITSUI FINANCIAL GROUP, INC. | | 452,280 | | 452,470 | | |
| 2,400 | | SUMITOMO REALTY & DEVELOPMENT CO. LTD. | | 74,367 | | 70,583 | | |
| 6,000 | | SUZUKI MOTOR CORP. | | 112,908 | | 231,018 | | |
| 22,900 | | SWCC SHOWA HOLDINGS CO. LTD. | | 440,911 | | 331,068 | | |
| 2,600 | | SYSMEX CORP. | | 51,707 | | 351,474 | | |
| 13,700 | | T RAD CO. LTD. | | 264,171 | | 333,836 | | |
| 78,100 | | T&D HOLDINGS, INC. | | 786,738 | | 999,419 | | |
| 2,400 | | TAISEI CORP. | | 26,618 | | 72,920 | | |
| 1,200 | | TAISHO PHARMACEUTICAL HOLDINGS CO. LTD. | | 68,449 | | 55,186 | | |
| 27,300 | | TAKEDA PHARMACEUTICAL CO. LTD. | | 758,077 | | 744,502 | | |
| 67,900 | | TATSUTA ELECTRIC WIRE AND CABLE CO. LTD. | | 299,490 | | 282,154 | | |
| 29,600 | | TDK CORP. | | 1,001,459 | | 1,155,386 | | |
| 13,200 | | TERUMO CORP. | | 181,972 | | 557,698 | | |
| 2,000 | | THK CO. LTD. | | 29,290 | | 48,214 | | |
| 3,800 | | TIS, INC. | | 95,685 | | 113,144 | | |
| 1,500 | | TOHO CO. LTD. | | 25,533 | | 64,222 | | |
| 3,400 | | TOHO GAS CO. LTD. | | 81,221 | | 86,574 | | |
| 14,700 | | TOKIO MARINE HOLDINGS, INC. | | 373,679 | | 816,851 | | |
| 29,500 | | TOKYO ELECTRIC POWER CO. HOLDINGS, INC.(b) | | 78,305 | | 76,167 | | |
| 3,300 | | TOKYO ELECTRON LTD. | | 135,391 | | 1,901,452 | | |
| 4,700 | | TOKYO GAS CO. LTD. | | 81,162 | | 84,251 | | |
| 18,800 | | TOKYO SEIMITSU CO. LTD. | | 774,564 | | 833,522 | | |
| 51,200 | | TOKYO STEEL MANUFACTURING CO. LTD. | | 317,332 | | 612,904 | | |
| 12,500 | | TOKYU CORP. | | 103,448 | | 166,044 | | |
| 20,000 | | TOKYU FUDOSAN HOLDINGS CORP. | | 69,576 | | 111,797 | | |
| 3,800 | | TOPPAN, INC. | | 54,628 | | 71,223 | | |
| 4,500 | | TOSHIBA CORP. | | 188,190 | | 185,039 | | |
| 3,000 | | TOTO LTD. | | 30,029 | | 137,964 | | |
| 75,200 | | TOYO CONSTRUCTION CO. LTD. | | 312,593 | | 379,824 | | |
| 3,000 | | TOYO SUISAN KAISHA LTD. | | 74,690 | | 127,141 | | |
| 24,000 | | TOYOTA BOSHOKU CORP. | | 444,826 | | 470,695 | | |
| See accompanying notes to financial statements. | 110 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Japan (Cont'd): | | | | | | |
| 4,000 | | TOYOTA INDUSTRIES CORP. | | $ 101,266 | | 319,569 | | |
| 233,310 | | TOYOTA MOTOR CORP. | | 1,594,403 | | 4,270,488 | | |
| 1,900 | | TOYOTA TSUSHO CORP. | | 22,805 | | 87,542 | | |
| 21,900 | | TRANSCOSMOS, INC. | | 679,057 | | 624,463 | | |
| 1,500 | | TREND MICRO, INC. | | 57,273 | | 83,326 | | |
| 19,200 | | UBE INDUSTRIES LTD. | | 387,205 | | 333,492 | | |
| 7,700 | | UNICHARM CORP. | | 67,055 | | 334,628 | | |
| 5,500 | | USS CO. LTD. | | 64,763 | | 85,873 | | |
| 7,200 | | V TECHNOLOGY CO. LTD. | | 262,608 | | 225,020 | | |
| 19,000 | | VALOR HOLDINGS CO. LTD. | | 422,334 | | 354,464 | | |
| 3,200 | | WELCIA HOLDINGS CO. LTD. | | 60,941 | | 99,870 | | |
| 4,500 | | WEST JAPAN RAILWAY CO. | | 153,502 | | 188,168 | | |
| 1,300 | | YAKULT HONSHA CO. LTD. | | 22,252 | | 67,808 | | |
| 19,500 | | YAMADA HOLDINGS CO. LTD. | | 68,909 | | 66,622 | | |
| 46,400 | | YAMAGUCHI FINANCIAL GROUP, INC. | | 326,523 | | 271,470 | | |
| 1,300 | | YAMAHA CORP. | | 71,423 | | 64,079 | | |
| 4,600 | | YAMAHA MOTOR CO. LTD. | | 46,377 | | 110,331 | | |
| 4,000 | | YAMAZAKI BAKING CO. LTD. | | 44,679 | | 53,134 | | |
| 5,000 | | YASKAWA ELECTRIC CORP. | | 48,019 | | 245,153 | | |
| 4,500 | | YOKOGAWA ELECTRIC CORP. | | 61,249 | | 81,135 | | |
| 10,100 | | YUASA TRADING CO. LTD. | | 293,394 | | 261,566 | | |
| 55,100 | | Z HOLDINGS CORP. | | 211,506 | | 319,688 | | |
| | | | | 90,331,710 | | 143,225,339 | | 13.13% |
| Jordan: | | | | | | |
| 5,550 | | HIKMA PHARMACEUTICALS PLC | | 167,466 | | 166,696 | | |
| | | | | 167,466 | | 166,696 | | 0.02% |
| Macau: | | | | | | |
| 48,000 | | SANDS CHINA LTD.(b) | | 110,554 | | 111,789 | | |
| | | | | 110,554 | | 111,789 | | 0.01% |
| Malaysia: | | | | | | |
| 503,500 | | FRENCKEN GROUP LTD. | | 337,380 | | 736,046 | | |
| 274,300 | | RHB BANK BHD. | | 377,864 | | 353,574 | | |
| | | | | 715,244 | | 1,089,620 | | 0.10% |
| Mexico: | | | | | | |
| 201,200 | | BANCO DEL BAJIO S.A.(e) | | 360,811 | | 361,611 | | |
| 129,031 | | CONTROLADORA VUELA CIA DE AVIACION S.A.B. DE C.V. ADR(b)(f) | | 2,310,387 | | 2,318,687 | | |
| 123,066 | | GRUMA S.A.B. DE C.V., CLASS B | | 1,394,295 | | 1,577,851 | | |
| 76,900 | | QUALITAS CONTROLADORA S.A.B. DE C.V. | | 281,555 | | 390,180 | | |
| | | | | 4,347,048 | | 4,648,329 | | 0.43% |
| Netherlands: | | | | | | |
| 8,559 | | ABN AMRO BANK N.V. - C.V.A.(e) | | 104,623 | | 125,859 | | |
| 2,116 | | ADYEN N.V.(b)(e) | | 3,969,633 | | 5,568,556 | | |
| 266,723 | | AEGON N.V. | | 664,548 | | 1,333,997 | | |
| 2,925 | | AKZO NOBEL N.V. | | 135,104 | | 321,356 | | |
| 606 | | ARGENX S.E.(b) | | 174,538 | | 217,535 | | |
| 692 | | ASM INTERNATIONAL N.V. | | 283,153 | | 306,234 | | |
| 1,838 | | ASML HOLDING N.V. | | 1,426,996 | | 1,478,814 | | |
| 15,874 | | ASML HOLDING N.V. (REGISTERED) | | 1,818,788 | | 12,637,926 | | |
| 18,100 | | ASR NEDERLAND N.V. | | 622,451 | | 834,577 | | |
| 33,674 | | BE SEMICONDUCTOR INDUSTRIES N.V. | | 2,813,079 | | 2,876,105 | | |
| 20,000 | | EUROCOMMERCIAL PROPERTIES N.V. | | 519,032 | | 434,588 | | |
| 3,610 | | EXOR N.V. | | 90,616 | | 324,524 | | |
| 51,500 | | FORFARMERS N.V. | | 322,452 | | 236,583 | | |
| 980 | | HEINEKEN HOLDING N.V. | | 24,979 | | 90,542 | | |
| 3,877 | | HEINEKEN N.V. | | 151,910 | | 436,365 | | |
| 620,680 | | ING GROEP N.V. | | 5,707,169 | | 8,650,738 | | |
| 19,595 | | INTERTRUST N.V.(b)(e) | | 321,331 | | 437,255 | | |
| 18,645 | | KONINKLIJKE AHOLD DELHAIZE N.V. | | 236,078 | | 639,686 | | |
| 3,368 | | KONINKLIJKE DSM N.V. | | 132,647 | | 759,225 | | |
| 54,361 | | KONINKLIJKE KPN N.V. | | 115,004 | | 168,960 | | |
| 20,502 | | KONINKLIJKE PHILIPS N.V. | | 343,630 | | 764,785 | | |
| 1,681 | | NN GROUP N.V. | | 87,063 | | 91,117 | | |
| 117,200 | | ORDINA N.V. | | 366,521 | | 547,072 | | |
| 18,634 | | PROSUS N.V.(b) | | 1,534,081 | | 1,559,925 | | |
| 8,117 | | QIAGEN N.V.(b) | | 119,394 | | 452,727 | | |
| See accompanying notes to financial statements. | 111 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Netherlands (Cont'd): | | | | | | |
| 3,238 | | RANDSTAD N.V. | | $ 99,928 | | 221,335 | | |
| 109,878 | | ROYAL DUTCH SHELL PLC, CLASS A | | 1,592,066 | | 2,412,028 | | |
| 87,469 | | ROYAL DUTCH SHELL PLC, CLASS B | | 1,560,095 | | 1,920,819 | | |
| 23,800 | | SIGNIFY N.V.(e) | | 640,632 | | 1,104,987 | | |
| 49,916 | | STELLANTIS N.V.(d) | | 203,470 | | 948,255 | | |
| 310 | | TOPICUS.COM, INC.(b) | | 15,379 | | 28,453 | | |
| 78,731 | | UNIVERSAL MUSIC GROUP N.V. | | 2,331,676 | | 2,221,161 | | |
| 6,193 | | WOLTERS KLUWER N.V. | | 101,075 | | 730,456 | | |
| | | | | 28,629,141 | | 50,882,545 | | 4.66% |
| New Zealand: | | | | | | |
| 36,477 | | AUCKLAND INTERNATIONAL AIRPORT LTD.(b) | | 160,540 | | 192,370 | | |
| 11,551 | | FISHER & PAYKEL HEALTHCARE CORP. LTD. | | 244,293 | | 259,173 | | |
| 31,147 | | HALLENSTEIN GLASSON HOLDINGS LTD. | | 115,879 | | 150,395 | | |
| 8,483 | | MERIDIAN ENERGY LTD. | | 29,980 | | 28,178 | | |
| 4,012 | | XERO LTD.(b) | | 412,091 | | 412,854 | | |
| | | | | 962,783 | | 1,042,970 | | 0.10% |
| Norway: | | | | | | |
| 10,748 | | ADEVINTA ASA(b) | | 149,244 | | 143,159 | | |
| 2,949 | | AKER BP ASA | | 36,352 | | 90,949 | | |
| 26,144 | | DNB BANK ASA | | 420,837 | | 599,677 | | |
| 12,011 | | EQUINOR ASA | | 237,782 | | 321,737 | | |
| 65,300 | | EUROPRIS ASA(e) | | 420,002 | | 522,753 | | |
| 4,722 | | GJENSIDIGE FORSIKRING ASA | | 107,989 | | 114,745 | | |
| 229,300 | | KITRON ASA | | 329,744 | | 614,484 | | |
| 23,955 | | NORSK HYDRO ASA | | 48,328 | | 189,104 | | |
| 14,930 | | ORKLA ASA | | 112,764 | | 149,799 | | |
| 57,040 | | STOREBRAND ASA | | 364,067 | | 573,344 | | |
| 3,400 | | YARA INTERNATIONAL ASA | | 97,926 | | 171,804 | | |
| | | | | 2,325,035 | | 3,491,555 | | 0.32% |
| Philippines: | | | | | | |
| 9,000 | | GLOBE TELECOM, INC. | | 319,161 | | 586,322 | | |
| | | | | 319,161 | | 586,322 | | 0.05% |
| Poland: | | | | | | |
| 37,500 | | CYFROWY POLSAT S.A. | | 259,610 | | 323,145 | | |
| 104,727 | | INPOST S.A.(b) | | 1,972,496 | | 1,263,618 | | |
| | | | | 2,232,106 | | 1,586,763 | | 0.15% |
| Portugal: | | | | | | |
| 53,609 | | EDP - ENERGIAS DE PORTUGAL S.A. | | 231,782 | | 294,916 | | |
| 10,091 | | GALP ENERGIA SGPS S.A. | | 100,386 | | 97,883 | | |
| 531 | | GREENVOLT-ENERGIAS RENOVAVEIS S.A.(b) | | 2,912 | | 3,839 | | |
| 9,417 | | JERONIMO MARTINS SGPS S.A. | | 105,676 | | 215,497 | | |
| 123,300 | | NAVIGATOR (THE) CO. S.A. | | 307,999 | | 470,263 | | |
| | | | | 748,755 | | 1,082,398 | | 0.10% |
| Russia: | | | | | | |
| 139,401 | | CIAN PLC ADR(b)(f) | | 2,230,416 | | 1,718,814 | | |
| 29,278 | | HEADHUNTER GROUP PLC ADR(f) | | 698,846 | | 1,495,813 | | |
| 257,400 | | RUSHYDRO PJSC ADR(d)(f) | | 218,665 | | 257,400 | | |
| | | | | 3,147,927 | | 3,472,027 | | 0.32% |
| Singapore: | | | | | | |
| 302,700 | | AEM HOLDINGS LTD. | | 265,969 | | 1,181,509 | | |
| 70,500 | | ASCENDAS REAL ESTATE INVESTMENT TRUST | | 160,184 | | 154,330 | | |
| 44,916 | | CAPITALAND INTEGRATED COMMERCIAL TRUST | | 49,995 | | 67,994 | | |
| 19,500 | | CAPITALAND INVESTMENT LTD.(b) | | 42,854 | | 49,343 | | |
| 16,200 | | CITY DEVELOPMENTS LTD. | | 74,570 | | 81,866 | | |
| 35,800 | | DBS GROUP HOLDINGS LTD. | | 328,169 | | 867,637 | | |
| 3,000 | | JARDINE CYCLE & CARRIAGE LTD. | | 41,532 | | 45,859 | | |
| 57,300 | | KEPPEL CORP. LTD. | | 196,954 | | 217,703 | | |
| 5,640 | | KEPPEL REIT | | 1,183 | | 4,729 | | |
| 54,600 | | MAPLETREE COMMERCIAL TRUST | | 87,503 | | 81,033 | | |
| 23,000 | | OVERSEA-CHINESE BANKING CORP. LTD. | | 177,982 | | 194,568 | | |
| 16,100 | | SINGAPORE EXCHANGE LTD. | | 61,749 | | 111,109 | | |
| 108,000 | | SINGAPORE TECHNOLOGIES ENGINEERING LTD. | | 310,572 | | 301,336 | | |
| 190,600 | | SINGAPORE TELECOMMUNICATIONS LTD. | | 331,732 | | 328,133 | | |
| 126,300 | | TDCX, INC. ADR(b)(f) | | 2,328,310 | | 2,418,645 | | |
| 29,600 | | UNITED OVERSEAS BANK LTD. | | 465,994 | | 590,858 | | |
| See accompanying notes to financial statements. | 112 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Singapore (Cont'd): | | | | | | |
| 16,900 | | UOL GROUP LTD. | | $ 59,751 | | 88,914 | | |
| 48,200 | | VENTURE CORP. LTD. | | 558,851 | | 654,899 | | |
| 50,100 | | WILMAR INTERNATIONAL LTD. | | 108,613 | | 153,914 | | |
| | | | | 5,652,467 | | 7,594,379 | | 0.70% |
| South Africa: | | | | | | |
| 92,000 | | ADCOCK INGRAM HOLDINGS LTD. | | 249,383 | | 291,271 | | |
| 33,591 | | AFRICAN RAINBOW MINERALS LTD. | | 339,096 | | 487,412 | | |
| 42,500 | | BARLOWORLD LTD. | | 289,872 | | 401,050 | | |
| 79,610 | | INVESTEC PLC | | 490,976 | | 433,719 | | |
| 117,469 | | METAIR INVESTMENTS LTD. | | 184,301 | | 202,723 | | |
| 68,600 | | OCEANA GROUP LTD. | | 268,470 | | 239,099 | | |
| 83,378 | | TELKOM S.A. SOC LTD.(b) | | 425,342 | | 282,967 | | |
| 5,284 | | THUNGELA RESOURCES LTD.(b) | | 1,910 | | 27,328 | | |
| | | | | 2,249,350 | | 2,365,569 | | 0.22% |
| South Korea: | | | | | | |
| 17,700 | | APTC CO. LTD. | | 390,846 | | 329,804 | | |
| 15,700 | | DAESANG CORP. | | 366,086 | | 307,727 | | |
| 20,489 | | DB HITEK CO. LTD. | | 270,468 | | 1,253,039 | | |
| 2,392 | | DL E&C CO. LTD.(b) | | 210,584 | | 239,452 | | |
| 1,907 | | DL HOLDINGS CO. LTD.(b) | | 140,872 | | 97,696 | | |
| 9,900 | | GS HOLDINGS CORP. | | 371,567 | | 325,628 | | |
| 9,075 | | HUONS CO. LTD. | | 416,763 | | 364,145 | | |
| 3,500 | | HYUNDAI GLOVIS CO. LTD. | | 391,747 | | 494,637 | | |
| 46,124 | | HYUNDAI GREENFOOD CO. LTD. | | 465,431 | | 332,520 | | |
| 23,300 | | JW LIFE SCIENCE CORP. | | 391,190 | | 271,466 | | |
| 18,600 | | KC TECH CO. LTD. | | 295,116 | | 376,303 | | |
| 18,400 | | KT CORP. | | 365,564 | | 473,640 | | |
| 30,770 | | LG UPLUS CORP. | | 348,896 | | 352,027 | | |
| 10,183 | | LOTTE FINE CHEMICAL CO. LTD. | | 404,389 | | 642,461 | | |
| 4,775 | | MAEIL DAIRIES CO. LTD. | | 380,764 | | 275,956 | | |
| 16,996 | | NAVER CORP. | | 2,131,515 | | 5,411,555 | | |
| 137,903 | | SAMSUNG ELECTRONICS CO. LTD. | | 4,451,573 | | 9,083,327 | | |
| 14,251 | | SAMSUNG SECURITIES CO. LTD. | | 434,059 | | 538,271 | | |
| 10,200 | | VIEWORKS CO. LTD. | | 234,573 | | 359,520 | | |
| | | | | 12,462,003 | | 21,529,174 | | 1.97% |
| Spain: | | | | | | |
| 1,260 | | ACCIONA S.A. | | 78,312 | | 241,141 | | |
| 2,420 | | ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. | | 53,419 | | 64,939 | | |
| 69,346 | | AMADEUS IT GROUP S.A.(b) | | 4,970,345 | | 4,708,603 | | |
| 256,570 | | BANCO BILBAO VIZCAYA ARGENTARIA S.A. | | 764,978 | | 1,533,551 | | |
| 385,386 | | BANCO SANTANDER S.A. | | 691,255 | | 1,290,180 | | |
| 719,612 | | CAIXABANK S.A. | | 2,746,304 | | 1,977,738 | | |
| 8,655 | | CELLNEX TELECOM S.A.(b)(e) | | 535,462 | | 504,313 | | |
| 24,100 | | CIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A. | | 458,757 | | 480,985 | | |
| 3,073 | | EDP RENOVAVEIS S.A. | | 71,707 | | 76,620 | | |
| 2,531 | | ENAGAS S.A. | | 38,143 | | 58,783 | | |
| 41,053 | | ENDESA S.A. | | 941,098 | | 944,125 | | |
| 78,949 | | FAES FARMA S.A. | | 345,683 | | 312,615 | | |
| 4,043 | | FERROVIAL S.A. | | 69,115 | | 126,857 | | |
| 59,808 | | FLUIDRA S.A. | | 2,142,888 | | 2,396,818 | | |
| 15,282 | | GRIFOLS S.A. | | 273,863 | | 293,601 | | |
| 62,918 | | IBERDROLA S.A. | | 352,342 | | 745,691 | | |
| 11,931 | | INDUSTRIA DE DISENO TEXTIL S.A. | | 342,861 | | 387,536 | | |
| 87,000 | | MEDIASET ESPANA COMUNICACION S.A.(b) | | 475,447 | | 407,093 | | |
| 27,680 | | MIQUEL Y COSTAS & MIQUEL S.A. | | 387,291 | | 412,829 | | |
| 16,093 | | NATURGY ENERGY GROUP S.A. | | 256,441 | | 524,555 | | |
| 165,300 | | PROSEGUR CIA DE SEGURIDAD S.A. | | 415,152 | | 434,728 | | |
| 26,230 | | RED ELECTRICA CORP. S.A. | | 359,845 | | 568,141 | | |
| 50,694 | | REPSOL S.A. | | 476,727 | | 602,315 | | |
| 2,773 | | SIEMENS GAMESA RENEWABLE ENERGY S.A.(b) | | 40,458 | | 66,519 | | |
| | | | | 17,287,893 | | 19,160,276 | | 1.76% |
| Sweden: | | | | | | |
| 3,215 | | ALFA LAVAL AB | | 121,045 | | 129,650 | | |
| 22,200 | | ASSA ABLOY AB, CLASS B | | 89,466 | | 678,564 | | |
| 94,727 | | ATLAS COPCO AB, CLASS A | | 2,623,343 | | 6,560,297 | | |
| 7,490 | | ATLAS COPCO AB, CLASS B | | 208,281 | | 441,134 | | |
| See accompanying notes to financial statements. | 113 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Sweden (Cont'd): | | | | | | |
| 29,441 | | AVANZA BANK HOLDING AB | | $ 244,878 | | 1,082,347 | | |
| 34,700 | | BILIA AB, CLASS A | | 639,435 | | 615,186 | | |
| 35,047 | | BOLIDEN AB | | 875,987 | | 1,357,479 | | |
| 232,526 | | CARY GROUP AB(b) | | 2,019,590 | | 2,758,547 | | |
| 195,400 | | CLOETTA AB, CLASS B | | 556,844 | | 566,552 | | |
| 181,775 | | DOMETIC GROUP AB(e) | | 2,961,437 | | 2,392,835 | | |
| 7,501 | | ELECTROLUX AB, CLASS B | | 79,015 | | 182,208 | | |
| 7,501 | | ELECTROLUX PROFESSIONAL AB, CLASS B(b) | | 16,773 | | 52,089 | | |
| 16,258 | | EMBRACER GROUP AB(b) | | 163,872 | | 173,642 | | |
| 14,982 | | EPIROC AB, CLASS A | | 125,453 | | 380,013 | | |
| 7,531 | | EPIROC AB, CLASS B | | 69,049 | | 159,768 | | |
| 4,973 | | EQT AB | | 190,327 | | 271,319 | | |
| 9,650 | | ESSITY AB, CLASS B | | 95,958 | | 315,466 | | |
| 42,680 | | EVOLUTION AB(e) | | 6,053,989 | | 6,075,011 | | |
| 4,238 | | H & M HENNES & MAURITZ AB, CLASS B | | 83,013 | | 83,520 | | |
| 105,006 | | HEMNET GROUP AB(b) | | 1,647,827 | | 1,944,125 | | |
| 26,505 | | HEXAGON AB, CLASS B | | 71,092 | | 421,354 | | |
| 80,300 | | HUMANA AB(b) | | 413,356 | | 646,047 | | |
| 38,321 | | HUSQVARNA AB, CLASS B | | 174,072 | | 614,284 | | |
| 2,507 | | INDUSTRIVARDEN AB, CLASS A | | 77,919 | | 80,014 | | |
| 8,270 | | INDUSTRIVARDEN AB, CLASS C | | 85,948 | | 260,010 | | |
| 3,074 | | INVESTOR AB, CLASS A | | 77,884 | | 81,169 | | |
| 44,840 | | INVESTOR AB, CLASS B | | 160,645 | | 1,130,155 | | |
| 56,909 | | INWIDO AB | | 320,042 | | 1,178,965 | | |
| 55,400 | | KINDRED GROUP PLC SDR | | 287,801 | | 660,297 | | |
| 4,852 | | KINNEVIK AB, CLASS B(b) | | 116,898 | | 173,301 | | |
| 7,801 | | KNOW IT AB | | 144,666 | | 324,171 | | |
| 14,800 | | LOOMIS AB | | 372,004 | | 394,232 | | |
| 29,428 | | LUNDIN ENERGY AB | | 485,724 | | 1,056,792 | | |
| 44,500 | | MEKONOMEN AB(b) | | 323,086 | | 773,660 | | |
| 21,471 | | NIBE INDUSTRIER AB, CLASS B | | 245,387 | | 324,933 | | |
| 77,913 | | NOBIA AB | | 452,973 | | 469,916 | | |
| 62,300 | | NOBINA AB(e) | | 428,072 | | 737,711 | | |
| 84,791 | | NORDNET AB PUBL | | 958,869 | | 1,628,972 | | |
| 77,000 | | RESURS HOLDING AB(e) | | 417,550 | | 323,979 | | |
| 22,617 | | SANDVIK AB | | 325,999 | | 632,241 | | |
| 41,298 | | SDIPTECH AB, CLASS B(b) | | 1,152,771 | | 2,154,889 | | |
| 79,628 | | SECTRA AB, CLASS B(b) | | 656,812 | | 1,764,185 | | |
| 14,236 | | SECURITAS AB, CLASS B | | 116,133 | | 196,379 | | |
| 63,171 | | SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A | | 322,937 | | 879,802 | | |
| 3,217 | | SKANSKA AB, CLASS B | | 36,642 | | 83,378 | | |
| 7,658 | | SKF AB, CLASS B | | 184,675 | | 181,784 | | |
| 7,700 | | SOLID FORSAKRING AB(b) | | 32,293 | | 50,063 | | |
| 8,600 | | SVENSKA CELLULOSA AB S.C.A., CLASS B | | 15,915 | | 152,990 | | |
| 13,818 | | SVENSKA HANDELSBANKEN AB, CLASS A | | 75,213 | | 149,646 | | |
| 40,373 | | SWEDBANK AB, CLASS A | | 450,232 | | 813,608 | | |
| 135,814 | | SWEDENCARE AB | | 1,612,728 | | 2,313,116 | | |
| 59,340 | | TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B | | 307,816 | | 655,313 | | |
| 52,844 | | TELIA CO. AB | | 210,795 | | 207,050 | | |
| 35,506 | | TETHYS OIL AB | | 259,465 | | 244,796 | | |
| 29,300 | | TRELLEBORG AB, CLASS B | | 420,080 | | 771,070 | | |
| 42,717 | | VITEC SOFTWARE GROUP AB, CLASS B | | 723,361 | | 2,633,117 | | |
| 3,867 | | VOLVO AB, CLASS A | | 87,834 | | 90,981 | | |
| 28,419 | | VOLVO AB, CLASS B | | 224,676 | | 659,353 | | |
| | | | | 31,695,947 | | 52,133,475 | | 4.78% |
| Switzerland: | | | | | | |
| 254,535 | | ABB LTD. (REGISTERED) | | 4,909,891 | | 9,748,981 | | |
| 3,073 | | ADECCO GROUP A.G. (REGISTERED) | | 102,486 | | 157,157 | | |
| 76,911 | | ALCON, INC. | | 4,184,756 | | 6,814,963 | | |
| 2,000 | | AUTONEUM HOLDING A.G.(b) | | 387,554 | | 372,476 | | |
| 673 | | BALOISE HOLDING A.G. (REGISTERED) | | 55,292 | | 110,123 | | |
| 38 | | BARRY CALLEBAUT A.G. (REGISTERED) | | 89,009 | | 92,414 | | |
| 34 | | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE) | | 48,855 | | 471,269 | | |
| 3 | | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (REGISTERED) | | 75,352 | | 402,327 | | |
| See accompanying notes to financial statements. | 114 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Switzerland (Cont'd): | | | | | | |
| 42,912 | | CIE FINANCIERE RICHEMONT S.A., CLASS A (REGISTERED) | | $ 3,255,200 | | 6,449,515 | | |
| 362,187 | | CREDIT SUISSE GROUP A.G. (REGISTERED)(d) | | 3,870,889 | | 3,526,474 | | |
| 1,842 | | DUFRY A.G. (REGISTERED)(b) | | 46,550 | | 91,271 | | |
| 54,800 | | EFG INTERNATIONAL A.G.(b) | | 442,650 | | 417,976 | | |
| 140 | | EMS-CHEMIE HOLDING A.G. (REGISTERED) | | 138,601 | | 156,870 | | |
| 990 | | GEBERIT A.G. (REGISTERED) | | 85,632 | | 809,644 | | |
| 303 | | GIVAUDAN S.A. (REGISTERED) | | 851,040 | | 1,593,477 | | |
| 191,354 | | GLENCORE PLC(b) | | 908,180 | | 971,148 | | |
| 204,979 | | GLOBAL BLUE GROUP HOLDING A.G.(b)(d) | | 2,166,771 | | 1,310,841 | | |
| 6,000 | | HELVETIA HOLDING A.G. (REGISTERED) | | 567,039 | | 707,199 | | |
| 102,485 | | HOLCIM LTD.(b) | | 5,162,010 | | 5,231,099 | | |
| 1,807 | | IDORSIA LTD.(b) | | 18,603 | | 36,965 | | |
| 18,059 | | JULIUS BAER GROUP LTD. | | 558,057 | | 1,212,522 | | |
| 2,220 | | LOGITECH INTERNATIONAL S.A. (REGISTERED) | | 180,513 | | 187,306 | | |
| 8,677 | | LONZA GROUP A.G. (REGISTERED) | | 4,663,540 | | 7,252,418 | | |
| 59,524 | | MEDMIX A.G.(b)(e) | | 2,857,923 | | 2,950,070 | | |
| 102,853 | | NESTLE S.A. (REGISTERED) | | 5,320,121 | | 14,384,972 | | |
| 134,622 | | NOVARTIS A.G. (REGISTERED) | | 9,289,723 | | 11,860,683 | | |
| 192 | | PARTNERS GROUP HOLDING A.G. | | 293,638 | | 318,701 | | |
| 35,206 | | POLYPEPTIDE GROUP A.G.(b)(e) | | 3,212,956 | | 5,293,264 | | |
| 12,900 | | ROCHE HOLDING A.G. | | 1,912,913 | | 5,366,978 | | |
| 2,428 | | ROCHE HOLDING A.G. (BEARER) | | 1,021,740 | | 1,089,296 | | |
| 1,419 | | SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) | | 118,446 | | 382,314 | | |
| 589 | | SCHINDLER HOLDING A.G. (REGISTERED) | | 68,597 | | 157,980 | | |
| 123 | | SGS S.A. (REGISTERED) | | 138,733 | | 411,305 | | |
| 2,549 | | SIEGFRIED HOLDING A.G. (REGISTERED)(b) | | 2,471,266 | | 2,488,296 | | |
| 21,887 | | SIKA A.G. (REGISTERED) | | 2,606,723 | | 9,132,394 | | |
| 1,308 | | SONOVA HOLDING A.G. (REGISTERED) | | 84,414 | | 513,611 | | |
| 32,211 | | STMICROELECTRONICS N.V. | | 517,002 | | 1,590,474 | | |
| 153 | | STRAUMANN HOLDING A.G. (REGISTERED) | | 239,388 | | 325,243 | | |
| 635 | | SULZER A.G. (REGISTERED) | | 20,376 | | 62,615 | | |
| 763 | | SWISS LIFE HOLDING A.G. (REGISTERED) | | 111,390 | | 468,083 | | |
| 2,321 | | SWISS RE A.G. | | 220,490 | | 229,909 | | |
| 374 | | SWISSCOM A.G. (REGISTERED) | | 155,603 | | 211,216 | | |
| 4,075 | | TECAN GROUP A.G. (REGISTERED) | | 1,013,094 | | 2,484,265 | | |
| 387,481 | | UBS GROUP A.G. (REGISTERED) | | 5,306,656 | | 6,982,482 | | |
| 7,700 | | VALIANT HOLDING A.G. (REGISTERED) | | 734,240 | | 771,521 | | |
| 5,000 | | VETROPACK HOLDING A.G. (REGISTERED) | | 256,087 | | 316,067 | | |
| 938 | | VIFOR PHARMA A.G. | | 126,146 | | 167,022 | | |
| 8,800 | | VONTOBEL HOLDING A.G. (REGISTERED) | | 640,427 | | 771,642 | | |
| 43,997 | | WIZZ AIR HOLDINGS PLC(b)(e) | | 1,817,598 | | 2,494,044 | | |
| 7,800 | | ZEHNDER GROUP A.G. (REGISTERED) | | 303,280 | | 796,949 | | |
| 4,209 | | ZURICH INSURANCE GROUP A.G. | | 808,512 | | 1,849,521 | | |
| | | | | 74,435,952 | | 121,995,352 | | 11.18% |
| Taiwan: | | | | | | |
| 305,000 | | ASIA CEMENT CORP. | | 434,632 | | 488,362 | | |
| 20,000 | | ASPEED TECHNOLOGY, INC. | | 1,310,522 | | 2,577,077 | | |
| 50,000 | | BIOTEQUE CORP. | | 216,137 | | 206,925 | | |
| 125,000 | | CHC HEALTHCARE GROUP | | 178,135 | | 171,911 | | |
| 146,000 | | CHIPBOND TECHNOLOGY CORP. | | 286,157 | | 351,979 | | |
| 419,000 | | CHIPMOS TECHNOLOGIES, INC. | | 449,604 | | 736,018 | | |
| 388,000 | | CORETRONIC CORP. | | 769,157 | | 1,295,811 | | |
| 145,000 | | JARLLYTEC CO. LTD. | | 327,630 | | 329,653 | | |
| 334,000 | | POU CHEN CORP. | | 370,948 | | 400,191 | | |
| 90,000 | | RADIANT OPTO-ELECTRONICS CORP. | | 361,908 | | 328,550 | | |
| 220,000 | | SIGURD MICROELECTRONICS CORP. | | 403,537 | | 467,561 | | |
| 229,000 | | SINBON ELECTRONICS CO. LTD. | | 2,091,271 | | 2,350,670 | | |
| 1,260,000 | | SINOPAC FINANCIAL HOLDINGS CO. LTD. | | 492,562 | | 735,497 | | |
| 225,000 | | TAIWAN HON CHUAN ENTERPRISE CO. LTD. | | 422,583 | | 582,282 | | |
| 66,854 | | TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. ADR(f) | | 1,026,155 | | 8,043,205 | | |
| 82,000 | | TOPCO SCIENTIFIC CO. LTD. | | 252,353 | | 468,283 | | |
| 214,000 | | UNIVERSAL VISION BIOTECHNOLOGY CO. LTD. | | 1,905,750 | | 2,188,962 | | |
| 644,000 | | WISTRON CORP. | | 522,109 | | 678,519 | | |
| See accompanying notes to financial statements. | 115 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| Taiwan (Cont'd): | | | | | | |
| 90,000 | | ZHEN DING TECHNOLOGY HOLDING LTD. | | $ 335,681 | | 326,924 | | |
| | | | | 12,156,831 | | 22,728,380 | | 2.08% |
| Thailand: | | | | | | |
| 500,300 | | POLYPLEX THAILAND PCL (REGISTERED) | | 376,789 | | 356,448 | | |
| 432,100 | | PRUKSA HOLDING PCL (REGISTERED) | | 233,658 | | 168,157 | | |
| 301,200 | | THAI VEGETABLE OIL PCL (REGISTERED) | | 265,122 | | 279,515 | | |
| | | | | 875,569 | | 804,120 | | 0.07% |
| Turkey: | | | | | | |
| 104,100 | | BIM BIRLESIK MAGAZALAR A.S. | | 669,519 | | 482,374 | | |
| 53,800 | | COCA-COLA ICECEK A.S. | | 315,265 | | 360,117 | | |
| 270,800 | | TURKCELL ILETISIM HIZMETLERI A.S. | | 605,645 | | 377,880 | | |
| | | | | 1,590,429 | | 1,220,371 | | 0.11% |
| United Kingdom: | | | | | | |
| 26,524 | | 3I GROUP PLC | | 99,606 | | 520,214 | | |
| 3,461 | | ADMIRAL GROUP PLC | | 54,777 | | 147,894 | | |
| 444,800 | | AIRTEL AFRICA PLC(e) | | 576,142 | | 804,953 | | |
| 52,849 | | ANGLO AMERICAN PLC | | 409,100 | | 2,157,459 | | |
| 8,350 | | ASHTEAD GROUP PLC | | 608,070 | | 671,573 | | |
| 79,271 | | ASSOCIATED BRITISH FOODS PLC | | 2,025,589 | | 2,154,529 | | |
| 28,599 | | ASTRAZENECA PLC | | 1,243,566 | | 3,359,269 | | |
| 14,692 | | AUTO TRADER GROUP PLC(e) | | 75,709 | | 147,159 | | |
| 78,363 | | AVIVA PLC | | 310,781 | | 435,304 | | |
| 73,500 | | BABCOCK INTERNATIONAL GROUP PLC(b) | | 428,762 | | 316,962 | | |
| 51,473 | | BAE SYSTEMS PLC | | 335,182 | | 383,053 | | |
| 113,471 | | BAKKAVOR GROUP PLC(e) | | 166,389 | | 193,829 | | |
| 328,163 | | BARCLAYS PLC | | 814,665 | | 830,626 | | |
| 9,400 | | BELLWAY PLC | | 411,711 | | 424,452 | | |
| 32,120 | | BERKELEY GROUP HOLDINGS PLC | | 2,020,606 | | 2,075,980 | | |
| 264,016 | | BP PLC | | 1,050,759 | | 1,181,071 | | |
| 29,711 | | BRITISH AMERICAN TOBACCO PLC | | 844,969 | | 1,099,286 | | |
| 93,984 | | BRITISH LAND (THE) CO. PLC | | 402,942 | | 675,496 | | |
| 128,281 | | BT GROUP PLC | | 255,877 | | 294,398 | | |
| 6,704 | | BUNZL PLC | | 96,487 | | 261,791 | | |
| 8,989 | | BURBERRY GROUP PLC | | 60,776 | | 221,136 | | |
| 53,800 | | CARETECH HOLDINGS PLC | | 347,241 | | 419,449 | | |
| 157,347 | | CNH INDUSTRIAL N.V. | | 1,503,224 | | 3,057,912 | | |
| 454,059 | | COMPASS GROUP PLC(b) | | 5,554,729 | | 10,146,908 | | |
| 2,457 | | CRODA INTERNATIONAL PLC | | 92,898 | | 336,558 | | |
| 61,773 | | DIAGEO PLC | | 1,513,085 | | 3,374,615 | | |
| 50,446 | | DIPLOMA PLC | | 1,767,441 | | 2,303,807 | | |
| 177,500 | | DIRECT LINE INSURANCE GROUP PLC | | 614,920 | | 670,312 | | |
| 108,100 | | DRAX GROUP PLC | | 316,682 | | 885,229 | | |
| 17,589 | | ENDAVA PLC ADR(b)(f) | | 2,439,491 | | 2,953,545 | | |
| 8,963 | | ENTAIN PLC(b) | | 96,395 | | 204,179 | | |
| 4,442 | | FERGUSON PLC | | 128,860 | | 787,934 | | |
| 139,554 | | GLAXOSMITHKLINE PLC | | 2,488,413 | | 3,034,760 | | |
| 7,339 | | HALMA PLC | | 284,447 | | 317,879 | | |
| 489,063 | | HSBC HOLDINGS PLC | | 2,613,891 | | 2,969,934 | | |
| 3,593 | | IMPERIAL BRANDS PLC | | 75,683 | | 78,615 | | |
| 49,160 | | INCHCAPE PLC | | 301,540 | | 605,186 | | |
| 21,041 | | INFORMA PLC(b) | | 99,674 | | 147,128 | | |
| 230,699 | | INTEGRAFIN HOLDINGS PLC | | 1,489,959 | | 1,750,232 | | |
| 2,757 | | INTERCONTINENTAL HOTELS GROUP PLC(b) | | 160,545 | | 178,414 | | |
| 32,745 | | INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A. - CDI(b) | | 60,221 | | 63,525 | | |
| 3,234 | | INTERTEK GROUP PLC | | 245,291 | | 246,447 | | |
| 423,658 | | J SAINSBURY PLC | | 1,107,817 | | 1,581,554 | | |
| 49,805 | | JD SPORTS FASHION PLC | | 105,904 | | 146,827 | | |
| 2,742 | | JOHNSON MATTHEY PLC | | 56,846 | | 75,936 | | |
| 201,300 | | JUPITER FUND MANAGEMENT PLC | | 774,594 | | 698,612 | | |
| 323,974 | | KINGFISHER PLC | | 863,159 | | 1,483,496 | | |
| 58,758 | | LAND SECURITIES GROUP PLC | | 385,246 | | 617,486 | | |
| 119,603 | | LEGAL & GENERAL GROUP PLC | | 464,607 | | 481,619 | | |
| 63,685 | | LIBERTY GLOBAL PLC, CLASS A(b) | | 1,835,496 | | 1,766,622 | | |
| 57,550 | | LIBERTY GLOBAL PLC, CLASS C(b) | | 1,685,769 | | 1,616,580 | | |
| 6,504,446 | | LLOYDS BANKING GROUP PLC | | 4,378,790 | | 4,208,357 | | |
| See accompanying notes to financial statements. | 116 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| United Kingdom (Cont'd): | | | | | | |
| 6,590 | | LONDON STOCK EXCHANGE GROUP PLC | | $ 119,847 | | 618,149 | | |
| 52,086 | | M&G PLC | | 137,953 | | 140,650 | | |
| 370,300 | | MAN GROUP PLC | | 651,704 | | 1,139,773 | | |
| 300,659 | | MARSTON'S PLC(b) | | 477,602 | | 313,357 | | |
| 7,217 | | MEGGITT PLC(b) | | 16,687 | | 72,092 | | |
| 134,094 | | MELROSE INDUSTRIES PLC | | 244,840 | | 290,223 | | |
| 83,900 | | MICRO FOCUS INTERNATIONAL PLC | | 515,126 | | 474,579 | | |
| 9,652 | | MONDI PLC | | 242,051 | | 238,557 | | |
| 145,235 | | MORGAN ADVANCED MATERIALS PLC | | 467,561 | | 704,750 | | |
| 47,031 | | NATIONAL GRID PLC | | 435,356 | | 674,656 | | |
| 320,113 | | NATWEST GROUP PLC | | 420,567 | | 977,933 | | |
| 6,959 | | NEXT PLC | | 416,496 | | 767,677 | | |
| 103,083 | | OSB GROUP PLC | | 483,067 | | 773,683 | | |
| 9,509 | | PEARSON PLC | | 75,214 | | 78,924 | | |
| 1,996 | | PERSIMMON PLC | | 74,926 | | 77,160 | | |
| 13,015 | | PHOENIX GROUP HOLDINGS PLC | | 116,841 | | 115,071 | | |
| 24,229 | | RECKITT BENCKISER GROUP PLC | | 1,419,417 | | 2,079,869 | | |
| 109,800 | | REDDE NORTHGATE PLC | | 378,816 | | 648,725 | | |
| 57,235 | | REDROW PLC | | 447,916 | | 542,913 | | |
| 32,367 | | RELX PLC | | 319,327 | | 1,050,957 | | |
| 255,654 | | RELX PLC (LONDON EXCHANGE) | | 4,127,211 | | 8,311,893 | | |
| 23,058 | | RENTOKIL INITIAL PLC | | 117,249 | | 182,267 | | |
| 38,892 | | RIO TINTO PLC | | 1,187,028 | | 2,575,260 | | |
| 80,405 | | ROLLS-ROYCE HOLDINGS PLC(b) | | 100,478 | | 133,733 | | |
| 77,712 | | ROYAL MAIL PLC | | 220,280 | | 532,247 | | |
| 21,729 | | SAGE GROUP (THE) PLC | | 84,580 | | 250,761 | | |
| 2,490 | | SCHRODERS PLC | | 115,983 | | 119,984 | | |
| 23,121 | | SEGRO PLC | | 182,226 | | 449,559 | | |
| 13,084 | | SEVERN TRENT PLC | | 276,407 | | 521,909 | | |
| 27,247 | | SMITH & NEPHEW PLC | | 271,349 | | 477,045 | | |
| 3,814 | | SMITHS GROUP PLC | | 52,367 | | 81,541 | | |
| 75,362 | | SOFTCAT PLC | | 965,956 | | 1,840,193 | | |
| 414,000 | | SPEEDY HIRE PLC | | 294,411 | | 355,274 | | |
| 1,528 | | SPIRAX-SARCO ENGINEERING PLC | | 283,272 | | 331,950 | | |
| 20,751 | | SSE PLC | | 449,133 | | 463,163 | | |
| 10,814 | | ST. JAMES'S PLACE PLC | | 227,878 | | 246,419 | | |
| 82,413 | | STHREE PLC | | 315,585 | | 517,593 | | |
| 77,600 | | TATE & LYLE PLC | | 713,986 | | 694,705 | | |
| 34,361 | | TAYLOR WIMPEY PLC | | 76,778 | | 81,624 | | |
| 161,238 | | TEAM17 GROUP PLC(b) | | 1,330,259 | | 1,702,301 | | |
| 189,887 | | TESCO PLC | | 629,598 | | 745,106 | | |
| 148,000 | | TP ICAP GROUP PLC | | 641,118 | | 305,897 | | |
| 126,800 | | TYMAN PLC | | 343,290 | | 685,662 | | |
| 38,874 | | UNILEVER PLC | | 1,289,248 | | 2,076,040 | | |
| 8,137 | | UNITED UTILITIES GROUP PLC | | 56,989 | | 119,941 | | |
| 3,053 | | WHITBREAD PLC(b) | | 80,283 | | 123,765 | | |
| 13,429 | | WILLIS TOWERS WATSON PLC | | 3,086,441 | | 3,189,253 | | |
| 64,102 | | WPP PLC | | 434,931 | | 971,337 | | |
| | | | | 71,560,951 | | 105,432,211 | | 9.66% |
| United States: | | | | | | |
| 14,102 | | AON PLC, CLASS A | | 2,775,252 | | 4,238,497 | | |
| 204,030 | | ARCH CAPITAL GROUP LTD.(b) | | 4,297,977 | | 9,069,133 | | |
| 248,400 | | DIVERSIFIED ENERGY CO. PLC | | 347,000 | | 351,016 | | |
| 8,762 | | EPAM SYSTEMS, INC.(b) | | 3,880,850 | | 5,856,959 | | |
| 490 | | FIDELITY NATIONAL INFORMATION SERVICES, INC. | | 41,483 | | 53,484 | | |
| 1,262 | | JACKSON FINANCIAL, INC., CLASS A | | 31,550 | | 52,840 | | |
| 3,732 | | METTLER-TOLEDO INTERNATIONAL, INC.(b) | | 2,152,475 | | 6,333,988 | | |
| 3,157 | | NEWMONT CORP. | | 101,845 | | 195,767 | | |
| 28,069 | | RESMED, INC. | | 2,973,010 | | 7,311,413 | | |
| 20,684 | | STERIS PLC | | 3,295,572 | | 5,034,692 | | |
| 22,527 | | TENARIS S.A. ADR(f) | | 482,262 | | 469,913 | | |
| See accompanying notes to financial statements. | 117 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
| Shares | | Security | | Cost | | Fair value (a) | | Percent of
net assets |
| United States (Cont'd): | | | | | | |
| 597 | | WHITE MOUNTAINS INSURANCE GROUP LTD. | | $ 632,885 | | 605,298 | | |
| | | | | 21,012,161 | | 39,573,000 | | 3.63% |
| Vietnam: | | | | | | |
| 459,000 | | FPT CORP. | | 1,936,656 | | 1,873,058 | | |
| | | | | 1,936,656 | | 1,873,058 | | 0.17% |
| | | Sub-total Common Stocks: | | 689,575,991 | | 1,057,495,644 | | 96.94% |
| Preferred Stocks: | | | | | | |
| Brazil: | | | | | | |
| 263,400 | | CIA DE SANEAMENTO DO PARANA(b) | | 350,151 | | 183,009 | | |
| | | | | 350,151 | | 183,009 | | 0.01% |
| Germany: | | | | | | |
| 1,739 | | BAYERISCHE MOTOREN WERKE A.G., 2.35%(g) | | 59,403 | | 145,123 | | |
| 3,800 | | DRAEGERWERK A.G. & CO. KGAA, 0.37%(g) | | 311,648 | | 239,028 | | |
| 1,764 | | FUCHS PETROLUB S.E., 2.52%(g) | | 86,072 | | 80,172 | | |
| 8,797 | | JUNGHEINRICH A.G., 1.01%(g) | | 218,510 | | 449,490 | | |
| 441 | | SARTORIUS A.G., 0.14%(g) | | 118,147 | | 298,837 | | |
| 2,800 | | STO S.E. & CO. KGAA, 0.13%(g) | | 304,841 | | 704,504 | | |
| 3,406 | | VOLKSWAGEN A.G., 2.57%(g) | | 710,300 | | 688,220 | | |
| | | | | 1,808,921 | | 2,605,374 | | 0.24% |
| South Korea: | | | | | | |
| 72,295 | | SAMSUNG ELECTRONICS CO. LTD., 1.99%(g) | | 3,016,399 | | 4,330,098 | | |
| | | | | 3,016,399 | | 4,330,098 | | 0.40% |
| | | Sub-total Preferred Stocks: | | 5,175,471 | | 7,118,481 | | 0.65% |
| Warrants: | | | | | | |
| United States: | | | | | | |
| 1 | | CENOVUS ENERGY, INC.(b) | | 3 | | 7 | | |
| | | | | 3 | | 7 | | 0.00% |
| | | Sub-total Warrants: | | 3 | | 7 | | 0.00% |
| Participatory Notes: | | | | | | |
| United Kingdom: | | | | | | |
| 121,179 | | HSBC BANK PLC(b) | | 2,253,065 | | 2,101,523 | | |
| | | | | 2,253,065 | | 2,101,523 | | 0.19% |
| | | Sub-total Participatory Notes: | | 2,253,065 | | 2,101,523 | | 0.19% |
| Short-Term Investments: | | | | | | |
| 12,829,681 | | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO, INSTITUTIONAL SHARES(h) | | 12,829,681 | | 12,829,681 | | |
| 18,467,837 | | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, INSTITUTIONAL SHARES, 0.01%(i) | | 18,467,837 | | 18,467,837 | | |
| | | Sub-total Short-Term Investments: | | 31,297,518 | | 31,297,518 | | 2.87% |
| | | Grand total | | $ 728,302,048 | | 1,098,013,173 | | 100.65% |
| Notes to Schedule of Investments: |
| (a) | Investments are valued in accordance with procedures described in Note 2 to the financial statements. |
| (b) | Non-income producing assets. |
| (c) | Security has been deemed worthless and is a Level 3 investment. |
| (d) | Security is either wholly or partially on���loan. |
| (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 2.50% of net assets as of December 31, 2021. |
| (g) | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
| (h) | Investment relates to cash collateral received from portfolio securities loaned. |
| (i) | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2020, the value of the Clearwater Select Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $25,824,393 with net sales of $7,356,556 during the year ended December 31, 2021. |
| See accompanying notes to financial statements. | 118 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
At December 31, 2021, the industry sectors for the Clearwater International Fund were:
| Industry Sector | | Percent of
Long-Term
Investments |
| Communication Services | | 4.13% |
| Consumer Discretionary | | 12.85 |
| Consumer Staples | | 8.50 |
| Energy | | 2.90 |
| Financials | | 14.11 |
| Health Care | | 14.13 |
| Industrials | | 15.47 |
| Information Technology | | 18.17 |
| Materials | | 6.03 |
| Real Estate | | 2.01 |
| Utilities | | 1.70 |
| | | 100.00% |
At December 31, 2021, the Clearwater International Fund’s investments were denominated in the following currencies:
| Concentration by Currency | | Percent of
Long-Term
Investments |
| Euro | | 22.02% |
| United States Dollar | | 13.47 |
| Japanese Yen | | 13.43 |
| Swiss Franc | | 10.84 |
| British Pound | | 10.29 |
| Canadian Dollar | | 5.02 |
| Other currencies | | 24.93 |
| | | 100.00% |
At December 31, 2021, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:
| | | | | | | Contract Amount | |
| Counterparty | | Contract
Settlement
Date | | Contract
Settlement
Date | | Deliver | | Receive | | Unrealized
Appreciation
(Depreciation) |
| Northern Trust | | 04/21/2022 | | 04/21/2022 | | JPY | 235,364,679 | | USD | 2,064,711 | | $16,175 |
| See accompanying notes to financial statements. | 119 | (Continued) |
CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2021
Clearwater International Fund Portfolio Diversification
(as a percentage of net assets)
| See accompanying notes to financial statements. | 120 | (Continued) |
Item 1. Reports to Stockholders (cont.).
Item 2. Code of Ethics
As of December 31, 2021, the Board of Trustees of Clearwater Investment Trust (the “Trust”) has adopted a code of ethics that applies to the Trust’s President/Principal Executive Officer and Treasurer/Principal Financial Officer (“Code of Ethics”). For the fiscal year ended December 31, 2021, there were no amendments to any provision of the Code of Ethics, nor were there any waivers granted from a provision of the Code of Ethics.
Item 3. Audit Committee Financial Expert
The Board of Trustees of the Trust consists of seven members, five of whom are Independent Trustees as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The Board of Trustees does not include an “audit committee financial expert” (as defined in Item 3 of Form N-CSR). Given the restrictive nature of the definition of an “audit committee financial expert,” the Board of Trustees has determined that no current member of the Board of Trustees of the Trust qualifies as an “audit committee financial expert.” Furthermore, the Board of Trustees has determined that given the nature of investment company financial statements in general and the investment policies of the Trust’s fund offerings in particular that the independent trustees possess the necessary skills and experience to perform the functions of the audit committee.
Item 4. Principal Accountant Fees and Services
| | | | | | | | |
| | 2021 | | 2020 | | |
| | | | |
| (a) | | Audit Fees | | $120,040 | | $113,800 | | |
| | | | |
| (b) | | Audit-Related Fees | | $0 | | $0 | | |
| | | | |
| (c) | | Tax Fees1 | | $32,245 | | $33,314 | | |
| | | | |
| (d) | | All Other Fees | | $0 | | $0 | | |
1Tax Fees are the aggregate amount billed by the Trust’s principal accountant for tax compliance, tax advice, international tax reclaim filings and tax planning during the fiscal year.
(e)
| | 1. | The audit committee has adopted pre-approval policies and procedures regarding the provision of audit or non-audit services to the Trust, as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
The policies and procedures provide that, if pre-approval of non-audit services is requested other than at a regularly scheduled Audit Committee Meeting, Fund management shall present such request to the Audit Committee Chair, or committee member if a Chair is not designated, for review of the proposal and determination if a special session of the Audit Committee is required. If the Chair or member determines the request requires a special session, the Audit Committee Chair will call a session per standard protocols and invite non-members as required. If the request is deemed in adherence to the independence of the auditor and to the benefit of the Fund, the Chair or designee may grant the pre-approval without a special session.
The Chair, designee or Audit Committee shall review the purpose, terms and risks of the
request in addition to assurances of maintaining auditor independence and adherence to Regulation S-X, paragraph (c)(7) of Rule 2-01. If the pre-approval request is approved, the request will be presented at the next regularly scheduled Audit Committee for ratification.
| | 2. | No services were pre-approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| | (g) | Non-Audit Related Fees Provided to the Trust or to the Trust’s Investment Adviser. |
2021= $17,575 2020= $16,050
| | (h) | For the most recent fiscal year, the Audit Committee has determined that the provision of non-audit services to Clearwater Management Company and its affiliates was compatible with maintaining the principal accountant’s independence. |
Item 5. Audit Committee of Listed Registrants
Not applicable (the Funds are not listed issuers).
Item 6. Investments
| (a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this report on Form N-CSR. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable (the Trust is an open-end management investment company).
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable (the Trust is an open-end management investment company).
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable (the Trust is an open-end management investment company).
Item 10. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Board of Trustees.
Item 11. Controls and Procedures
| | (a) | The Trust’s principal executive officer and principal financial officer have concluded that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective based on the principal executive officer and principal financial officer’s evaluation of these controls and procedures, as required by Rule 30a-3(b) under the 1940 Act, as of a date within 90 days of the filing date of this document. |
| | (b) | There have been no significant changes in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable (the Trust is an open-end management investment company).
Item 13. Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | |
| | Clearwater Investment Trust |
| | | |
| | By | | /s/ Justin H. Weyerhaeuser | | |
| | | | Justin H. Weyerhaeuser | | |
| | | | President (Principal Executive Officer) and | | |
| | | | Treasurer (Principal Financial Officer) | | |
| |
| | Date: March 4, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | | | |
| | Clearwater Investment Trust |
| | | |
| | By | | /s/ Justin H. Weyerhaeuser | | |
| | | | Justin H. Weyerhaeuser | | |
| | | | President (Principal Executive Officer) | | |
| |
| | Date: March 4, 2022 |
| |
| | Clearwater Investment Trust |
| | | |
| | By | | /s/ Justin H. Weyerhaeuser | | |
| | | | Justin H. Weyerhaeuser | | |
| | | | Treasurer (Principal Financial Officer) | | |
| |
| | Date: March 4, 2022 |
