N-Q 1 d74345_n-q.txt QUARTERLY SCHEDULE OF INVESTMENTS REPORT ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------- FORM N-Q ---------- QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-5038 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) Susanne S. Smith Chief Compliance Officer Fiduciary Counselling, Inc. 2000 Wells Fargo Place, 30 East 7th Street Saint Paul, Minnesota 55101-4930 ----------------------------------------------------- (Name and address of agent for service) Copy to: Timothy Silva, Esq. Wilmer Cutler Pickering Hale and Dorr, LLP 60 State Street Boston, Massachusetts 02109 --------------------------------------------------- (Name and address for agent for service) Registrant's telephone number, including area code: 651-228-0935 ------------ Date of fiscal year end: December 31, 2008 ----------------- Date of reporting period: March 31, 2008 -------------- Form N-Q is to be used by registered management investment companies, other than a small business investment company registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5. The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policy making roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ================================================================================ CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Growth Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Common stocks: Consumer discretionary: 250 A H BELO CORP $ 3,747 2,858 2,300 ABERCROMBIE + FITCH CO 50,218 168,222 1,809 ACCO BRANDS CORP (b) 16,591 24,548 2,900 ADVANCE AUTO PARTS 103,545 98,745 6,950 AMAZON COM INC (b) 247,060 495,535 10,950 AMERICAN EAGLE OUTFITTERS INC 106,990 191,735 900 AMERICAN GREETINGS CORP 13,869 16,695 1,700 AUTOLIV 69,331 85,340 1,600 AUTONATION INC DEL (b) 28,776 23,952 2,000 AUTOZONE INC (b) 183,474 227,660 1,800 BARE ESCENTUALS INC (b) 44,649 42,156 5,475 BED BATH + BEYOND INC (b) 181,359 161,513 1,250 BELO CORP 14,941 13,213 7,650 BEST BUY CO INC 210,571 317,169 1,400 BIG LOTS INC (b) 15,477 31,220 1,300 BLACK + DECKER CORPORATION 44,208 85,930 3,800 BORG WARNER INC 107,106 163,514 1,950 BRINKER INTL INC 41,847 36,173 8,300 BROCADE COMMUNICATIONS SYS INC (b) 52,215 60,590 2,025 CABLEVISION SYS CORP (b) 0 43,396 5,468 CARMAX INC (b) 78,791 106,189 7,200 CARNIVAL CORP 351,235 291,456 330 CAVCO INDS INC DEL (b) 815 11,563 18,889 CBS CORP CLASS B 518,637 417,069 6,600 CENTEX CORP 66,427 159,786 1,400 CHICOS FAS INC (b) 13,067 9,954 7,600 CIRCUIT CITY STORES INC 50,502 30,248 13,075 CLEAR CHANNEL COMMUNICATIONS 471,611 382,052 3,100 CLEAR CHANNEL OUTDOOR HLDGS IN (b) 84,181 58,931 9,200 COACH INC (b) 107,172 277,380 66,567 COMCAST CORP NEW 1,201,630 1,287,406 1,300 COPART INC (b) 32,032 50,388 8,500 COSTCO WHSL CORP NEW 284,869 552,245 7,800 D R HORTON INC 104,715 122,850 2,800 DARDEN RESTAURANTS INC 65,099 91,140 17,423 DIRECTV GROUP INC (b) 258,330 431,916 5,700 DISH NETWORK CORP (b) 174,889 163,761 41,960 DISNEY WALT CO 944,641 1,316,705 4,800 DOLBY LABORATORIES INC (b) 104,393 174,048 1,600 DOLLAR TREE INC (b) 39,797 44,144 13,600 EASTMAN KODAK CO 288,035 240,312 6,220 EXPEDIA INC DEL (b) 124,528 136,156 3,000 FOOT LOCKER INC 40,394 35,310 37,863 FORD MTR CO DEL (b) 271,334 216,576 7,700 FORTUNE BRANDS INC 266,191 535,150 3,800 GAMESTOP CORP NEW (b) 15,311 196,498 14,300 GAP INC 234,156 281,424 1,600 GARMIN LTD 164,024 86,416 8,700 GENERAL MTRS CORP 169,911 165,735 9,200 GENTEX CORP 131,306 157,780 2,100 GETTY IMAGES INC (b) 59,000 67,200 4,200 GOODYEAR TIRE AND RUBBER (b) 114,093 108,360 4,481 HANESBRANDS INC (b) 121,016 130,845 14,750 HARLEY DAVIDSON INC 86,417 553,125 1,950 HARMAN INTL INDS INC NEW 160,123 84,903 7,050 HEARST ARGYLE TELEVISION INC 169,510 145,442 42,525 HOME DEPOT INC 27,735 1,189,424 6,300 INTERNATIONAL GAME TECHNOLOGY 225,778 253,323 14,050 JOHNSON CTLS INC 283,752 474,890 1,200 KB HOME 31,938 29,676 11,550 KOHLS CORP (b) 92,211 495,380
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Growth Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Consumer discretionary (Cont'd): 900 LAMAR ADVERTISING CO (b) $ 36,655 32,337 500 LAS VEGAS SANDS CORP (b) 43,163 36,820 1,300 LEAR CORP (b) 21,307 33,683 7,100 LEGGETT + PLATT INC 140,202 108,275 21,637 LIBERTY MEDIA CORP NEW- CAP SER (b) 390,862 349,221 2,631 LIBERTY MEDIA CORP NEW- ENT SER (b) 23,674 41,412 10,524 LIBERTY MEDIA CORP NEW- INTERACTIVE (b) 132,977 238,263 10,290 LIMITED BRANDS INC 118,493 175,959 150 LIZ CLAIBORNE INC 3,221 2,723 31,800 LOWES COS INC 627,729 729,492 9,064 MACYS INC 242,987 209,016 19,900 MARRIOTT INTL INC NEW 82,028 683,764 8,700 MATTEL INC 164,712 173,130 24,300 MCDONALDS CORP 589,537 1,355,211 7,490 MCGRAW HILL COS INC 289,865 276,756 1,300 MGM MIRAGEINC (b) 117,140 76,401 2,900 MOHAWK INDS INC (b) 216,361 207,669 4,200 NEWELL RUBBERMAID INC 97,738 96,054 51,975 NEWS CORP 855,107 974,531 7,000 NIKE INC 251,483 476,000 9,900 NORDSTROM INC 212,974 322,740 4,500 OFFICE DEPOT INC (b) 65,209 49,725 5,400 OMNICOM GROUP 188,492 238,572 2,500 PENN NATL GAMING INC (b) 97,645 109,325 5,500 PENNEY J C INC 221,851 207,405 1,300 PETSMART INC 33,146 26,572 1,500 POLO RALPH LAUREN CORP 31,320 87,435 7,500 PULTE HOMES INC 77,063 109,125 3,000 REGAL ENTMT GROUP 55,920 57,870 2,300 ROSS STORES INC 36,395 68,908 2,600 RYLAND GROUP INC 71,175 85,514 3,100 SAKS INC (b) 64,527 38,657 1,000 SCHOLASTIC CORP (b) 28,560 30,270 2,300 SCRIPPS E W CO OH 98,829 96,623 1,379 SEARS HLDGS CORP (b) 97,638 140,782 1,300 SHERWIN WILLIAMS CO 62,645 66,352 37,100 SIRIUS SATELLITE RADIO INC (b) 126,697 106,106 1,400 SNAP ON INC 52,729 71,190 1,500 STANLEY WORKS 61,146 71,430 14,850 STAPLES INC 232,199 328,334 13,750 STARBUCKS CORP (b) 207,578 240,625 5,010 STARWOOD HOTELS + RESORTS INC 224,617 259,268 19,100 TARGET CORP 700,947 967,988 1,200 THOR INDS INC 45,726 35,724 3,000 TIFFANY + CO NEW 86,618 125,520 16,908 TIM HORTONS INC 362,401 575,717 90,800 TIME WARNER INC NEW 1,270,055 1,273,016 9,100 TJX COS INC NEW 179,994 300,937 5,500 TOLL BROS INC (b) 124,557 129,140 800 TRW AUTOMOTIVE HLDGS CORP (b) 18,216 18,696 500 UNITED RENTALS INC (b) 8,963 9,420 3,227 URBAN OUTFITTERS INC (b) 61,562 101,166 2,300 V F CORP 135,032 178,273 14,712 VIACOM INC NEW (b) 604,599 582,889 4,100 VIRGIN MEDIA INC 70,268 57,687 1,166 WABCO HLDGS INC 40,995 53,193 49,896 WAL MART STORES INC 2,310,149 2,628,521 100 WASHINGTON POST CO 74,901 66,150 6,633 WENDYS INTL INC 164,257 152,957 3,600 WHIRLPOOL CORP 155,800 312,408 3,900 WILEY JOHN + SONS INC 153,413 154,830 900 WILLIAMS SONOMA INC 27,716 21,816 5,989 WYNDHAM WORLDWIDE CORP 97,386 123,853
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Growth Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Consumer discretionary (Cont'd): 7,200 XM SATELLITE RADIO HLDGS INC (b) $ 101,916 83,664 10,016 YUM BRANDS INC 105,346 372,695 2,400 ZALE CORP NEW (b) 39,515 47,424 -------------- ------------- 23,299,486 31,316,545 10.52% Consumer staples: 48,300 ALTRIA GROUP INC 1,419,723 1,072,260 18,842 ANHEUSER BUSCH COS INC 884,023 894,053 15,100 ARCHER DANIELS MIDLAND CO 347,117 621,516 9,362 AVON PRODS INC 275,428 370,173 1,700 BROWN FORMAN CORP 63,044 112,574 2,200 BUNGE LIMITED 228,437 191,136 6,200 CAMPBELL SOUP CO 168,826 210,490 51,700 COCA COLA CO 1,947,786 3,146,979 5,700 COCA COLA ENTERPRISES INC 120,731 137,940 16,190 COLGATE PALMOLIVE CO 904,102 1,261,363 8,000 CONAGRA INC 182,521 191,600 5,200 CONSTELLATION BRANDS INC (b) 120,042 91,884 35,222 CVS CAREMARK CORP 672,197 1,426,843 4,600 DEAN FOODS CO NEW (b) 124,691 92,414 5,773 DEL MONTE FOODS CO 57,723 55,017 7,200 GENERAL MLS INC 334,431 431,136 2,200 HANSEN NAT CORP (b) 97,471 77,660 8,075 HEINZ H J CO 303,404 379,283 2,600 HERSHEY CO / THE 122,014 97,942 4,900 HORMEL FOODS CORP 159,050 204,134 5,800 KELLOGG CO 268,705 304,848 8,750 KIMBERLY CLARK CORP 518,318 564,813 36,538 KRAFT FOODS INC 555,197 1,133,043 18,800 KROGER CO 367,066 477,520 1,867 LAUDER ESTEE COS INC 70,634 85,602 4,100 LOEWS CORP 107,638 297,455 2,800 MCCORMICK + CO INC 97,399 103,516 2,400 MOLSON COORS BREWING CO 78,697 126,168 1,000 NBTY INC (b) 21,300 29,950 3,700 PEPSI BOTTLING GROUP INC 103,155 125,467 36,026 PEPSICO INC 1,534,320 2,601,077 71,739 PROCTER AND GAMBLE CO 1,814,002 5,026,752 15,400 RITE AID CORP (b) 56,560 45,276 13,219 SAFEWAY INC 325,624 387,978 12,350 SARA LEE CORP 200,173 172,653 1,000 SMITHFIELD FOODS INC (b) 26,940 25,760 800 SMUCKER J M CO 32,850 40,488 7,755 SUPERVALU INC 210,660 232,495 12,700 SYSCO CORP 281,430 368,554 9,527 TYSON FOODS INC (DEL) 111,286 151,956 2,900 UST INC 80,807 158,108 27,350 WALGREEN CO 324,378 1,041,762 2,800 WHOLE FOODS MKT INC 82,975 92,316 6,213 WRIGLEY WM JR CO 215,561 390,425 -------------- ------------- 16,018,432 25,050,377 8.41% Energy: 8,946 ANADARKO PETE CORP 333,946 563,866 9,134 APACHE CORP 389,377 1,103,570 6,900 BAKER HUGHES INC 421,475 472,650 12,500 BJ SVCS CO 297,345 356,375 6,888 BP PLC (d) 168,484 417,757 1,200 CHENIERE ENERGY INC (b) 35,104 23,760 16,686 CHESAPEAKE ENERGY CORP 404,571 770,059 47,195 CHEVRON CORP 2,314,962 4,028,565 37,343 CONOCOPHILLIPS 1,354,662 2,845,910 9,123 DEVON ENERGY CORPORATION NEW 413,163 951,803
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Growth Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Energy (Cont'd): 4,100 DRESSER RAND GROUP INC (b) $ 134,747 126,075 13,900 EL PASO CORP 103,337 231,296 4,554 ENSCO INTL INC 193,114 285,171 8,500 EOG RESOURCES INC 80,824 1,020,000 128,733 EXXON MOBIL CORP 5,927,715 10,888,237 2,000 FMC TECHNOLOGIES INC (b) 109,510 113,780 2,421 GRANT PRIDECO INC (b) 103,909 119,162 20,158 HALLIBURTON CO 464,616 792,814 5,800 HELIX ENERGY SOLUTIONS GROUP (b) 237,945 182,700 6,200 HELMERICH AND PAYNE INC 82,265 290,594 5,400 HESS CORP 384,262 476,172 15,286 MARATHON OIL CORP 492,372 697,042 2,800 MURPHY OIL CORP 60,761 229,992 5,400 NABORS INDUSTRIES LTD 164,133 182,358 10,734 NATIONAL OILWELL VARCO INC (b) 254,016 626,651 5,142 NEWFIELD EXPL CO (b) 222,527 271,755 6,000 NOBLE CORPORATION 295,985 298,020 5,800 NOBLE ENERGY INC 74,136 422,240 24,700 OCCIDENTAL PETE CORP 231,724 1,807,299 4,600 OCEANEERING INTL INC (b) 235,451 289,800 7,700 PATTERSON UTI ENERGY INC 157,042 201,586 3,200 PIONEER NAT RES CO 48,507 157,184 5,600 PRIDE INTERNATIONAL INC (b) 188,739 195,720 5,810 QUICKSILVER RES INC (b) 119,305 212,239 26,700 SCHLUMBERGER LTD 1,597,871 2,322,900 2,200 SMITH INTL INC 38,951 141,306 9,500 SUNOCO INC 107,114 498,465 4,700 SUPERIOR ENERGY SVCS INC (b) 169,835 186,214 1,700 TESORO CORP 81,626 51,000 2,300 TIDEWATER INC 118,715 126,753 7,177 TRANSOCEAN INC (b) 398,212 970,330 11,702 VALERO ENERGY CORP 282,104 574,685 6,100 WEATHERFORD INTERNATIONAL LTD (b) 409,389 442,067 10,660 WILLIAMS COS INC 156,697 351,567 8,447 XTO ENERGY INC 127,256 522,531 -------------- ------------- 19,987,797 37,840,021 12.71% Financials: 8,600 ACE LTD 530,926 473,516 13,050 AFLAC INC 476,902 847,598 9,000 ALLIED CAP CORP NEW 196,349 165,870 12,300 ALLSTATE CORP 547,785 591,138 8,000 AMB PPTY CORP 259,171 435,360 21,533 AMERICAN EXPRESS CO 827,673 941,423 51,885 AMERICAN INTL GROUP INC 1,348,261 2,244,026 2,700 AMERICREDIT CORP (b) 31,865 27,189 7,391 AMERIPRISE FINL INC 288,205 383,223 10,100 ANNALY CAPITAL MANAGEMENT INC 162,090 154,732 4,800 AON CORP 95,152 192,960 2,231 APARTMENT INVT + MGMT CO 75,599 79,892 4,100 ASSOCIATED BANC CORP 116,092 109,183 1,700 ASSURANT INC 112,991 103,462 9,900 ASTORIA FINL CORP 87,763 268,884 1,100 AVALONBAY CMNTYS INC 105,375 106,172 2,700 AXIS CAPITAL HOLDINGS LTD 105,908 91,746 103,583 BANK AMER CORP 3,585,442 3,926,832 25,701 BANK NEW YORK MELLON CORP 819,444 1,072,503 12,658 BB+T CORP 372,058 405,815 1,800 BEAR STEARNS COS INC 131,397 18,882 6,000 BERKLEY W R CORP 187,143 166,140 2,000 BLACKROCK INC 383,898 408,360 1,288 BOSTON PPTYS INC 128,662 118,586 4,800 BRANDYWINE RLTY TR 77,256 81,408
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Growth Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Financials (Cont'd): 3,080 BROADRIDGE FINL SOLUTIONS INC $ 52,817 54,208 6,847 CAPITAL ONE FINL CORP 274,221 337,009 3,700 CB RICHARD ELLIS GROUP INC (b) 84,241 80,068 10,500 CHUBB CORP 463,686 519,540 3,156 CINCINNATI FINL CORP 121,219 120,054 4,900 CIT GROUP INC NEW 114,046 58,065 112,015 CITIGROUP INC 2,539,084 2,399,361 1,000 CME GROUP INC 418,248 469,100 6,622 COLONIAL BANCGROUPINC 137,950 63,770 5,400 COMERICA INC 276,711 189,432 6,205 COMMERCE BANCORP INC N J 196,189 196,189 9,098 COUNTRYWIDE FINL CORP 55,591 50,039 9,887 DISCOVER FINL SVCS 148,722 161,850 2,500 DUKE RLTY CORP 66,038 57,025 15,500 E TRADE FINL CORP (b) 56,033 59,830 5,416 EQUITY RESIDENTIAL 174,162 224,710 6,000 ERIE INDTY CO 310,838 307,140 800 EVEREST REINSURANCE GROUP LTD 82,500 71,624 17,950 FEDERAL HOME LN MTG CORP 54,545 454,494 9,554 FEDERAL NATL MTG ASSN 494,976 251,461 4,281 FIDELITY NATL FINL INC 72,081 78,471 4,742 FIDELITY NATL INFORMATION SVC 173,614 180,860 7,800 FIFTH THIRD BANCORP 240,184 163,176 3,550 FIRST HORIZON NATL CORP 61,393 49,736 1,200 FOREST CITY ENTERPRISES INC 54,504 44,160 829 FORESTAR REAL ESTATE GROUP INC (b) 20,649 20,650 8,545 FRANKLIN RES INC 156,959 828,780 16,500 GENERAL GROWTH PPTYS INC 186,316 629,805 5,700 GENWORTH FINL INC 153,062 129,048 9,226 GOLDMAN SACHS GROUP INC 1,207,732 1,525,888 829 GUARANTY FINL GROUP INC (b) 13,251 8,804 1,200 HANOVER INS GROUP INC 51,342 49,368 6,700 HARTFORD FINANCIAL SVCS GRP 451,401 507,659 14,500 HCP INC 241,976 490,245 13,067 HOST HOTELS + RESORTS INC 238,041 208,027 6,400 HRPT PPTYS TR 57,603 43,072 10,500 HUDSON CITY BANCORP INC 166,268 185,640 4,382 HUNTINGTON BANCSHARES INC 68,686 47,107 1,900 INTERCONTINENTALEXCHANGE INC (b) 304,918 247,950 6,300 INVESCO LTD 169,355 153,468 3,600 ISTAR FINL INC 63,519 50,508 4,400 JANUS CAP GROUP INC 64,273 102,388 76,440 JPMORGAN CHASE + CO 2,396,777 3,283,098 16,200 KEYCORP NEW 328,055 355,590 3,301 KIMCO RLTY CORP 100,995 129,300 1,352 LEGG MASON INC 111,873 75,685 11,294 LEHMAN BROTHERS HLDGS INC 459,961 425,106 1,600 LEUCADIA NATL CORP 27,592 72,352 6,948 LINCOLN NATL CORP IN 251,421 361,296 8,000 LOEWS CORP 130,827 321,760 1,060 M + T BK CORP 90,056 85,309 5,400 MACK CA RLTY CORP 169,534 192,834 9,382 MANULIFE FINL CORP 133,604 356,328 11,478 MARSH + MCLENNAN COS INC 302,955 279,489 1,999 MARSHALL + ILSLEY CORP NEW 40,814 46,377 8,300 MBIA INC 101,319 101,426 21,690 MERRILL LYNCH + CO INC 1,067,569 883,651 9,100 METLIFE INC 391,461 548,366 5,900 MGIC INVT CORP WIS 141,777 62,127 4,400 MOODYS CORP 173,138 153,252 21,860 MORGAN STANLEY 912,241 999,002 4,500 NASDAQ OMX GROUP INC (b) 139,568 173,970 16,290 NATIONAL CITY CORP 294,889 162,086
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Growth Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Financials (Cont'd): 600 NATIONWIDE FINL SVCS INC $ 19,446 28,368 2,049 NEW YORK CMNTY BANCORP INC 36,877 37,333 3,902 NORTHERN TRUST CORP 192,646 259,366 1,900 NYMEX HLDGS INC 248,881 172,197 5,700 NYSE EURONEXT 430,399 351,747 11,825 OLD REP INTL CORP 232,156 152,661 4,100 ONEBEACON INSURANCE GROUP LTD 90,672 77,982 15,523 PEOPLES UTD FINL INC 218,427 268,703 255 PIPER JAFFRAY COS (b) 7,794 8,660 3,485 PLUM CREEK TIMBER CO INC 79,081 141,840 7,225 PNC FINL SVCS GROUP INC 415,080 473,743 20,300 POPULAR INC 201,478 236,698 15,300 PRICE T ROWE GROUP INC 101,057 765,000 4,150 PRINCIPAL FINANCIAL GROUP 174,550 231,238 18,348 PROGRESSIVE CORP OHIO 320,780 294,852 5,472 PROLOGIS 247,765 322,082 9,400 PRUDENTIAL FINL INC 430,241 735,550 2,991 PUBLIC STORAGE 238,179 265,062 5,300 RADIAN GROUP INC 29,495 34,821 3,525 RAYMOND JAMES FINANCIAL INC 94,116 81,005 2,700 REALTY INCOME CORP 68,166 69,174 14,590 REGIONS FINL CORP NEW 392,701 288,153 3,100 SAFECO CORP 153,860 136,028 25,700 SCHWAB CHARLES CORP 229,436 483,931 5,126 SIMON PPTY GROUP INC NEW 352,978 476,257 7,400 SLM CORP (b) 190,317 113,590 8,410 SOVEREIGN BANCORP INC 81,914 78,381 1,700 ST JOE CO 56,409 72,981 11,735 STATE STREET CORPORATION 588,179 927,065 4,734 SUNTRUST BKS INC 302,821 261,033 9,000 SYNOVUS FINL CORP 99,692 99,540 22,900 TCF FINANCIAL CORP 198,197 410,368 7,566 TD AMERITRADE HLDG CORP (b) 121,495 124,915 2,600 TORCHMARK INC 124,633 156,286 1,100 TRANSATLANTIC HLDGS INC 71,062 72,985 16,188 TRAVELERS COS INC 607,690 774,596 4,000 UNITRIN INC 101,606 141,360 8,900 UNUM GROUP 167,076 195,889 37,585 US BANCORP DEL 920,971 1,216,251 5,092 VALLEY NATL BANCORP 95,576 97,817 2,900 VENTAS INC 129,094 130,239 2,645 VORNADO RLTY TR 218,703 228,025 49,960 WACHOVIA CORP 2ND NEW (b) 1,988,796 1,348,920 20,988 WASHINGTON MUT INC 322,584 216,176 71,353 WELLS FARGO + CO NEW 903,819 2,076,372 26,044 WESTERN UN CO 79,377 553,956 7,225 XL CAPITAL LTD 92,119 213,499 3,800 ZIONS BANCORP 189,075 173,090 -------------- ------------- 41,816,229 50,428,865 16.94% Healthcare: 33,268 ABBOTT LABS 1,274,159 1,834,730 18,700 AETNA INC 150,797 787,083 7,286 ALLERGAN INC 331,496 410,858 4,000 AMERISOURCEBERGEN CORP 121,747 163,920 25,150 AMGEN INC (b) 102,792 1,050,767 2,000 AMYLIN PHARMACEUTICALS INC (b) 64,093 58,420 1,700 APPLERA CORP 35,346 55,862 1,300 BARD C R INC 78,455 125,320 4,800 BARR PHARMACEUTICALS INC (b) 241,320 231,888 16,800 BAXTER INTL INC 578,285 971,376 6,500 BECTON DICKINSON + CO 417,630 558,025 10,950 BIOGEN IDEC INC (b) 149,970 675,506
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Growth Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Healthcare (Cont'd): 21,050 BOSTON SCIENTIFIC CORP (b) $ 279,536 270,914 41,800 BRISTOL MYERS SQUIBB CO 1,052,153 890,340 7,335 CARDINAL HEALTH INC 403,937 385,161 9,336 CELGENE CORP (b) 254,961 572,203 1,200 CEPHALON INC (b) 78,269 77,280 6,600 CIGNA CORP 107,215 267,762 1,400 COVANCE INC (b) 82,457 116,158 2,546 COVENTRY HEALTH CARE INC (b) 100,005 102,731 8,625 COVIDIEN LTD 267,365 381,656 3,225 DAVITA INC (b) 123,269 154,026 5,400 EXPRESS SCRIPTS INC (b) 130,689 347,328 7,650 FOREST LABS INC (b) 294,683 306,077 9,400 GENENTECH INC (b) 505,049 763,092 5,200 GENZYME CORP (b) 283,372 387,608 23,760 GILEAD SCIENCES INC (b) 612,573 1,224,353 3,152 GLAXOSMITHKLINE PLC (d) 76,079 133,739 10,600 HEALTH MGMT ASSOC (b) 68,741 56,074 2,450 HEALTH NET INC (b) 64,669 75,460 1,300 HILL ROM HLDGS (b) 71,162 62,140 6,000 HLTH CORP (b) 58,236 57,240 6,817 HOLOGIC INC (b) 325,224 379,025 2,005 HOSPIRA INC (b) 50,661 85,754 3,900 HUMANA INC (b) 39,107 174,954 1,300 IMCLONE SYS INC (b) 38,989 55,146 4,400 IMS HEALTH INC 108,416 92,444 700 INTUITIVE SURGICAL INC (b) 171,284 227,045 2,500 INVITROGEN CORP (b) 164,832 213,675 64,179 JOHNSON + JOHNSON 2,252,703 4,163,292 1,931 KINETIC CONCEPTS INC (b) 71,019 89,270 9,700 KING PHARMACEUTICALS INC (b) 103,405 84,390 3,400 LABORATORY CORP AMER HLDGS (b) 99,252 250,512 21,794 LILLY ELI + CO 954,591 1,124,352 1,950 LINCARE HLDGS INC (b) 58,492 54,815 6,300 MCKESSON CORP 258,943 329,931 10,756 MEDCO HEALTH SOLUTIONS INC (b) 182,933 471,005 27,050 MEDTRONIC INC 100,935 1,308,409 48,986 MERCK + CO INC 1,785,846 1,859,019 8,400 MILLENNIUM PHARMACEUTICALS (b) 115,374 129,864 953 MILLIPORE CORP (b) 60,735 64,242 6,800 MYLAN INC 81,695 78,880 2,600 PATTERSON COS INC (b) 87,927 94,380 1,900 PDL BIOPHARMA INC 30,868 20,121 156,275 PFIZER INC 1,329,359 3,270,836 1,400 PHARMACEUTICAL PROD DEV INC 32,993 58,660 3,950 QUEST DIAGNOSTICS INC 166,762 178,817 33,503 SCHERING PLOUGH CORP 635,655 482,778 3,074 SEPRACOR INC (b) 81,275 60,004 12,600 SERVICE CORP INTL 90,438 127,764 7,039 ST JUDE MED INC (b) 200,879 304,014 13,850 STRYKER CORP 53,452 900,943 12,900 TENET HEALTHCARE CORP (b) 56,567 73,014 2,157 TEVA PHARMACEUTICAL INDS LTD (d) 40,824 99,632 28,670 UNITEDHEALTH GROUP INC 757,185 985,101 600 UNIVERSAL HEALTH SVCS INC 27,330 32,214 5,800 VARIAN MED SYS INC (b) 213,788 271,672 5,200 VCA ANTECH INC (b) 170,352 142,220 3,000 VERTEX PHARMACEUTICALS INC (b) 74,805 71,670 2,175 WATSON PHARMACEUTICALS INC (b) 50,706 63,771 1,400 WELLCARE HEALTH PLANS INC (b) 49,539 54,530 12,749 WELLPOINT INC (b) 580,688 562,613 29,967 WYETH 1,252,227 1,251,422 4,674 ZIMMER HOLDINGS INC (b) 292,291 363,918 -------------- ------------- 21,760,852 34,261,213 11.51%
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Growth Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Industrials: 14,250 3M CO $ 1,021,177 1,127,888 4,210 AGCO CORP (b) 174,615 252,095 1,950 ALLIED WASTE INDUSTRIES INC (b) 11,573 21,080 3,832 AMR CORP DEL (b) 45,269 34,565 2,400 APOLLO GROUP INC (b) 149,220 103,680 1,700 AVERY DENNISON CORP 90,518 83,725 900 BE AEROSPACE INC (b) 47,822 31,455 6,200 BLOCK H + R INC 58,017 128,712 18,700 BOEING CO 442,349 1,390,719 7,947 BURLINGTON NORTHN SANTA FE 362,943 732,872 1,400 CARLISLE COS INC 47,448 46,816 13,904 CATERPILLAR INC 528,647 1,088,544 3,700 CINTAS CORP 122,389 105,598 5,400 CON WAY INC 151,343 267,192 4,300 CONTINENTAL AIRLS INC (b) 102,190 82,689 3,900 CONVERGYS CORP (b) 69,089 58,734 2,900 COOPER INDUSTRIES LTD 158,649 116,435 1,200 COPA HOLDINGS S A 46,086 45,732 12,075 CRANE CO 203,612 487,226 10,200 CSX CORP 107,400 571,914 6,000 CUMMINS INC 184,025 280,920 5,000 DANAHER CORP 273,950 380,150 9,300 DEERE + CO 330,625 748,092 1,000 DELTA AIR LINES INC DE (b) 13,515 8,600 1,000 DEVRY INC DEL 19,142 41,840 3,893 DISCOVERY HLDG CO (b) 45,381 82,609 15,100 DOMTAR CORP (b) 120,272 103,133 1,600 DONALDSON CO INC 63,715 64,448 7,200 DONNELLEY R R + SONS CO 218,835 218,232 5,925 DOVER CORP 251,755 247,547 6,700 DUN + BRADSTREET CORP DEL NEW 166,516 545,246 3,100 EATON CORP 112,467 246,977 19,700 EMERSON ELEC CO 559,227 1,013,762 1,397 ENERGIZER HLDGS INC (b) 87,823 126,401 3,600 EXPEDITORS INTL WA INC 151,918 162,648 1,700 FASTENAL CO 55,759 78,081 11,175 FEDEX CORP 222,098 1,035,587 10,450 FISERV INC (b) 94,244 502,541 1,300 FLOWSERVE CORP 119,620 135,694 3,675 FLUOR CORP NEW 96,907 518,763 2,800 FOSTER WHEELER LTD (b) 172,525 158,536 1,400 GATX CORPORATION 24,276 54,698 7,700 GENERAL DYNAMICS CORP 392,062 641,949 232,200 GENERAL ELEC CO 5,624,827 8,593,722 1,000 GENERALE CABLE CORP (b) 71,390 59,070 5,050 GENUINE PARTS CO 153,969 203,111 3,700 GOODRICH CORP 111,298 212,787 4,100 GRACO INC 162,258 148,666 1,700 GRAINGER W W INC 74,317 129,863 2,200 HARSCO CORP 59,517 121,836 15,000 HONEYWELL INTL INC 401,329 846,300 1,400 HUBBELL INC 56,152 61,166 2,100 HUNT J B TRANS SVCS INC 40,530 66,003 11,924 ILLINOIS TOOL WKS INC 497,186 575,095 3,100 INGERSOLL RAND COMPANY LIMITED 141,992 138,198 3,600 ITT CORP NEW 168,296 186,516 1,300 ITT EDL SVCS INC (b) 52,038 59,709 5,468 JACOBS ENGR GROUP INC (b) 167,658 402,390 2,238 JOY GLOBAL INC 102,549 145,828 2,400 KBR INC 95,604 66,552 2,700 L 3 COMMUNICATIONS HLDG CORP 176,123 295,218 1,200 LANDSTAR SYS INC 38,351 62,592 9,100 LOCKHEED MARTIN CORP 510,446 903,630
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Growth Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Industrials (Cont'd): 2,600 MANITOWOC INC $ 107,595 106,080 1,475 MANPOWER INC WIS 66,373 82,984 9,300 MASCO CORP 186,431 184,419 1,800 MASTERCARD INC 193,005 401,382 4,400 MCDERMOTT INTL INC (b) 194,146 241,208 3,000 MONSTER WORLDWIDE INC (b) 89,215 72,630 11,060 NORFOLK SOUTHN CORP 379,107 600,779 7,692 NORTHROP GRUMMAN CORP 459,008 598,515 1,400 OSHKOSH CORP 55,203 50,792 1,700 OVERSEAS SHIPHOLDING GROUP INC 109,761 119,068 2,500 OWENS CORNING NEW (b) 51,313 45,325 10,489 PACCAR INC 186,765 472,005 2,200 PALL CORP 55,214 77,154 3,950 PARKER HANNIFIN CORP 212,565 273,617 2,200 PENTAIR INC 72,761 70,180 1,497 PHH CORP (b) 10,184 26,093 10,200 PITNEY BOWES INC 328,150 357,204 4,000 PRECISION CASTPARTS CORP 45,286 408,320 8,800 RAYTHEON CO 335,791 568,568 6,975 REPUBLIC SVCS INC 125,531 203,949 4,400 REYNOLDS AMERN INC 123,818 259,732 3,300 ROBERT HALF INTL INC 85,171 84,942 7,250 ROCKWELL AUTOMATION INC 102,173 416,295 2,714 ROCKWELL COLLINS INC 75,092 155,105 2,100 SHAW GROUP INC (b) 109,854 98,994 2,400 SKYWEST INC 26,040 50,688 9,875 SOUTHWEST AIRLS CO 128,598 122,450 1,400 SPX CORP 92,591 146,860 600 STERICYCLE INC (b) 20,003 30,900 2,500 SUNPOWER CORP (b) 145,963 186,275 900 TELEFLEX INC 48,465 42,939 2,100 TEREX CORP NEW (b) 114,143 131,250 4,350 TEXTRON INC 118,864 241,077 4,355 TOTAL SYS SVCS INC 128,271 103,039 1,500 TRINITY INDS INC 41,498 39,975 5,325 TYCO ELECTRONICS LTD 109,028 182,754 11,325 TYCO INTERNATIONAL LTD BERMUDA 377,850 498,866 2,800 UAL CORP 69,030 60,284 5,700 UNION PAC CORP (b) 436,933 714,666 13,900 UNITED PARCEL SVC INC 996,596 1,014,978 23,250 UNITED TECHNOLOGIES CORP 1,021,959 1,600,065 18,200 US AWYS GROUP INC (b) 221,923 162,162 1,400 USG CORP (b) 53,207 51,548 3,200 WALTER INDS INC 86,512 200,416 10,950 WASTE MGMT INC DEL 214,223 367,482 600 WEIGHT WATCHERS INTL INC NEW 23,424 27,798 3,000 YRC WORLDWIDE INC (b) 51,195 39,360 -------------- ------------- 24,708,660 39,443,546 13.25% Information technology: 7,800 ACCENTURE LTD BERMUDA 307,717 274,326 4,000 ACTIVISION INC NEW (b) 33,204 109,240 15,624 ADOBE SYS INC (b) 374,459 556,058 1,500 AFFILIATED COMPUTER SVCS INC (b) 70,406 75,165 10,400 AGILENT TECHNOLOGIES INC (b) 250,955 310,232 4,242 AKAMAI TECHNOLOGIES INC (b) 133,995 119,455 6,400 ALTERA CORP 120,963 117,952 3,100 AMDOCS LTD (b) 101,572 87,916 4,000 AMPHENOL CORP NEW 168,180 149,000 11,100 ANALOG DEVICES INC 99,557 327,672 19,000 APPLE INC (b) 691,903 2,726,500 27,800 APPLIED MATERIALS INC 391,284 542,378 2,200 ARROW ELECTRS INC (b) 73,136 74,030
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Growth Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Information technology (Cont'd): 6,666 ASML HOLDING N V (b) $ 45,620 165,383 7,986 AUTODESK INCORPORATED (b) 285,037 251,399 8,722 AUTOMATIC DATA PROCESSING INC 294,057 369,726 2,800 AVNET INC (b) 100,394 91,644 8,700 BEA SYS INC (b) 91,181 166,605 3,350 BMC SOFTWARE INC (b) 58,044 108,942 8,862 BROADCOM CORP (b) 186,971 170,771 10,925 CA INC 208,510 245,813 11,200 CADENCE DESIGN SYS INC (b) 184,491 119,616 1,400 CIENA CORP (b) 47,635 43,162 136,850 CISCO SYS INC (b) 774,343 3,296,717 3,234 CITRIX SYS INC (b) 25,998 94,853 5,100 COGNIZANT TECHNOLOGY SOLUTIONS (b) 77,624 147,033 2,074 COMMSCOPE INC (b) 90,418 72,237 6,922 COMPUTER SCIENCES CORP (b) 331,088 282,348 8,000 COMPUWARE CORP (b) 54,024 58,720 39,200 CORNING INC 490,464 942,368 2,700 CYPRESS SEMICONDUCTOR CORP (b) 39,334 63,747 46,150 DELL INC (b) 1,154,680 919,308 24,400 EBAY INC (b) 356,540 728,096 5,400 ELECTRONIC ARTS INC (b) 275,076 269,568 8,000 ELECTRONIC DATA SYS CORP NEW 176,587 133,200 45,910 EMC CORP (b) 396,942 658,349 3,700 EMULEX CORP (b) 49,943 60,088 1,400 F5 NETWORKS INC (b) 32,375 25,438 700 FAIR ISAAC CORPORATION 23,898 15,064 1,600 FAIRCHILD SEMICONDUCTOR INTL (b) 21,840 19,072 600 FIRST SOLAR INC (b) 57,681 138,684 7,983 FLEXTRONICS INTERNATIONAL LTD (b) 89,720 74,960 4,967 GOOGLE INC (b) 1,806,992 2,187,814 2,800 HARRIS CORP DEL 37,337 135,884 58,327 HEWLETT PACKARD CO 1,151,449 2,663,211 5,420 IAC INTERACTIVECORP (b) 144,989 112,519 6,110 INTEGRATED DEVICE TECHNOLOGY (b) 79,318 54,562 131,000 INTEL CORP 777,868 2,774,580 32,600 INTERNATIONAL BUSINESS MACHS 2,820,072 3,753,564 7,800 INTERSIL CORP 123,552 200,226 6,800 INTUIT (b) 158,628 183,668 8,200 JABIL CIRCUIT INC 144,077 77,572 14,267 JUNIPER NETWORKS INC (b) 289,096 356,675 3,000 KLA TENCOR CORP 101,654 111,300 3,000 LAM RESH CORP (b) 83,706 114,660 1,800 LEXMARK INTL INC (b) 75,928 55,296 4,600 LINEAR TECHNOLOGY CORP 143,858 141,174 84,620 LSI CORP (b) 392,869 418,869 2,900 MCAFEE INC (b) 65,012 95,961 8,314 MEMC ELECTR MATLS INC (b) 262,498 589,463 14,567 METAVANTE TECHNOLOGIES INC (b) 329,584 291,194 5,400 MICROCHIP TECHNOLOGY INC 101,340 176,742 8,800 MICRON TECHNOLOGY INC (b) 68,191 52,536 181,350 MICROSOFT CORP 2,189,567 5,146,713 2,100 MOLEX INC 57,992 48,636 47,113 MOTOROLA INC 529,353 438,151 5,600 NATIONAL SEMICONDUCTOR CORP 101,536 102,592 2,875 NAVTEQ CORP (b) 91,103 195,500 4,000 NCR CORP NEW (b) 85,604 91,320 8,800 NETAPP INC (b) 216,784 176,440 5,200 NOVELL INC (b) 31,071 32,708 2,800 NOVELLUS SYS INC (b) 70,810 58,940 17,750 NVIDIA CORP (b) 191,401 351,273 93,762 ORACLE CORP (b) 256,960 1,833,985 19,197 PAYCHEX INC 54,016 657,689 1,400 PERKINELMER INC 25,256 33,950
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Growth Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Information technology (Cont'd): 2,600 POLYCOM INC (b) $ 26,520 58,604 5,700 QLOGIC CORP (b) 82,128 87,495 30,550 QUALCOMM INC 689,108 1,252,550 4,500 RAMBUS INC DEL (b) 79,087 104,895 4,200 RED HAT INC (b) 61,669 77,238 1,600 ROPER INDS 104,136 95,104 2,000 SALESFORCE COM INC (b) 95,186 115,740 2,500 SANDISK CORP (b) 61,884 56,425 12,700 SEAGATE TECHNOLOGY 326,124 265,938 12,956 SUN MICROSYSTEMS INC (b) 214,445 201,207 21,819 SYMANTEC CORP (b) 187,612 362,632 1,500 SYNOPSYS INC (b) 24,907 34,065 6,450 TELLABS INC (b) 37,637 35,153 2,000 TERADATA CORP (b) 38,279 44,120 30,200 TEXAS INSTRS INC 640,718 853,754 9,400 THERMO FISHER SCIENTIFIC INC (b) 250,057 534,296 6,600 UNISYS CORP (b) 38,907 29,238 10,900 VERISIGN INC (b) 60,947 362,316 600 VMWARE INC (b) 53,793 25,692 2,600 WATERS CORP (b) 60,997 144,820 5,900 WESTERN DIGITAL CORP (b) 91,433 159,536 30,850 XEROX CORP 412,830 461,825 13,050 XILINX INC 92,297 309,938 25,440 YAHOO INC (b) 475,583 735,979 -------------- ------------- 26,103,595 45,326,761 15.22% Materials: 3,450 AIR PRODS + CHEMS INC 178,299 317,400 4,316 AK STL HLDG CORP 137,899 234,877 18,700 ALCOA INC 529,300 674,322 1,900 ALLEGHENY TECHNOLOGIES INC 144,994 135,584 6,200 ARCH COAL INC 55,785 269,700 3,032 BALL CORP 70,662 139,290 4,200 BEMIS CO INC 93,645 106,806 3,384 CONSOL ENERGY INC 101,377 234,139 4,300 CROWN HLDGS INC (b) 74,494 108,188 3,537 CYTEC INDS INC 195,563 190,467 21,450 DOW CHEM CO 762,163 790,433 21,925 DU PONT E I DE NEMOURS + CO 935,063 1,025,213 1,911 EAGLE MATLS INC 1,727 67,936 1,000 EASTMAN CHEM CO 32,854 62,450 3,671 ECOLAB INC 140,788 159,432 9,748 FREEPORT MCMORAN COPPER + GOLD 489,522 937,953 5,100 HUNTSMAN CORP 96,099 120,105 11,231 INTERNATIONAL PAPER CO 394,747 305,483 12,425 INTRNTNL FLAVRS + FRAGRNCS INC 267,293 547,321 8,500 LOUISIANA PAC CORP 81,568 78,030 500 LUBRIZOL CORP 18,193 27,755 700 MARTIN MARIETTA MATLS INC 27,965 74,319 800 MASSEY ENERGY CORP 31,132 29,200 4,175 MEADWESTVACO CORP 95,626 113,644 12,716 MONSANTO CO NEW 158,350 1,417,834 3,000 MOSAIC CO (b) 74,386 307,800 11,800 NEWMONT MNG CORP 298,257 534,540 8,800 NUCOR CORP 154,139 596,112 5,900 OM GROUP INC (b) 26,535 321,786 4,950 OWENS ILL INC (b) 91,031 279,329 2,000 PACKAGING CORP AMER 50,382 44,660 2,450 PACTIV CORP (b) 22,665 64,215 720 PATRIOT COAL CORPORATION (b) 14,204 33,818 7,200 PEABODY ENERGY CORP 208,428 367,200 3,086 PPG INDS INC 144,348 186,734
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Growth Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Materials (Cont'd): 5,350 PRAXAIR INC $ 200,757 450,631 5,446 RAYONIER INC 117,391 236,574 3,000 ROHM + HAAS CO 117,514 162,240 11,000 RPM INTL INC 113,012 230,340 1,000 SCOTTS MIRACLE GRO CO 35,215 32,420 2,100 SEALED AIR CORP NEW 51,587 53,025 18,200 SMURFIT STONE CONTAINER CORP (b) 203,147 140,140 5,200 SONOCO PRODS CO 127,607 148,876 1,000 SOUTHERN COPPER CORP DEL 110,365 103,830 3,600 STEEL DYNAMICS INC 87,525 118,944 2,489 TEMPLE INLAND INC 48,350 31,660 4,049 TITANIUM METALS CORP 107,987 60,937 2,100 UNITED STS STL CORP NEW 133,602 266,427 2,157 VULCAN MATLS CO 120,017 143,225 -------------- ------------- 7,773,554 13,083,342 4.39% Telecommunication services: 7,450 AMERICAN TOWER CORP (b) 148,350 292,115 136,015 AT+T INC 3,513,060 5,209,375 7,450 CENTURYTEL INC 200,627 247,638 11,525 CITIZENS COMMUNICATIONS CO 88,166 120,897 2,800 CROWN CASTLE INTL CORP (b) 77,771 96,572 1,140 ECHOSTAR CORP (b) 36,944 33,676 2,792 EMBARQ CORP 64,587 111,959 8,000 JDS UNIPHASE CORP (b) 111,480 107,120 700 LEAP WIRELESS INTL INC (b) 36,068 32,620 34,500 LEVEL 3 COMMUNICATIONS INC (b) 107,123 73,140 7,353 LIBERTY GLOBAL INC (b) 190,626 250,590 38,300 QWEST COMMUNICATIONS INTL INC 188,069 173,499 59,859 SPRINT NEXTEL CORP (b) 686,821 400,457 1,300 TELEPHONE + DATA SYS INC 26,702 51,051 1,300 TELEPHONE + DATA SYS INC 26,702 48,490 6,200 TIME WARNER CABLE INC (b) 158,565 154,876 3,980 UNITED STATES CELLULAR CORP (b) 166,990 218,900 62,487 VERIZON COMMUNICATIONS 2,209,468 2,277,651 12,762 VODAFONE GROUP PLC NEW (d) 147,191 376,607 11,424 WINDSTREAM CORP 138,133 136,517 -------------- ------------- 8,323,441 10,413,749 3.50% Utilities: 19,186 AES CORP (b) 265,922 319,831 700 AGL RES INC 19,621 24,024 3,000 ALLEGHENY ENERGY INC 168,525 151,500 5,400 AMEREN CORP 209,724 237,816 5,000 AMERICAN ELEC PWR INC 197,483 208,150 2,488 AQUA AMER INC 53,260 46,725 5,800 CENTERPOINT ENERGY INC 66,308 82,766 16,100 CMS ENERGY CORP 228,933 217,994 2,600 CONSOLIDATED EDISON INC 111,427 103,220 3,115 CONSTELLATION ENERGY GROUP INC 183,052 274,961 10,962 DOMINION RES INC VA NEW 379,225 447,688 2,700 DTE ENERGY CO 103,060 105,003 25,913 DUKE ENERGY HLDG CORP 330,344 462,547 8,700 DYNEGY INC DEL (b) 61,901 68,643 9,425 EDISON INTL 108,441 462,014 8,700 ENTERGY CORP NEW 170,652 948,996 14,732 EXELON CORP 716,434 1,197,270 5,400 FIRSTENERGY CORP 267,757 370,548 11,372 FPL GROUP INC 545,463 713,479 5,500 INTEGRYS ENERGY GROUP INC 270,140 256,520 7,200 MIRANT CORP NEW (b) 263,250 262,008 2,900 NALCO HLDG CO 58,310 61,335 1,500 NATIONAL FUEL GAS CO N J 38,322 70,815 7,800 NISOURCE INC 128,106 134,472
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Growth Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Utilities (Cont'd): 2,600 NORTHEAST UTILS $ 64,649 63,804 3,400 NRG ENERGY INC (b) 145,569 132,566 2,400 OGE ENERGY CORP 43,344 74,808 2,128 PEPCO HLDGS INC 49,590 52,604 9,800 PG+E CORP 131,785 360,836 1,300 PIEDMONT NAT GAS INC 31,174 34,138 2,400 PINNACLE WEST CAP CORP 71,637 84,192 6,987 PPL CORP 232,359 320,843 3,650 PROGRESS ENERGY INC 128,273 152,205 12,600 PUBLIC SVC ENTERPRISE GROUP 430,137 506,394 7,350 PUGET ENERGY INC 149,926 190,145 5,800 QUESTAR CORP 66,188 328,048 12,600 RELIANT ENERGY INC (b) 161,722 297,990 5,200 SEMPRA ENERGY 286,272 277,056 13,000 SOUTHERN CO 334,396 462,930 7,200 SOUTHWESTERN ENERGY CO (b) 107,060 242,568 12,306 SPECTRA ENERGY CORP 218,732 279,962 7,600 TECO ENERGY INC 90,842 121,220 4,000 TRANE INC 116,253 183,600 3,000 UGI CORP NEW 48,600 74,760 12,975 WISCONSIN ENERGY CORP 250,183 570,770 12,125 XCEL ENERGY INC 108,918 241,894 -------------- ------------- 8,213,266 12,281,656 4.13% Cash equivalents: 841,626 SSGA MONEY MARKET FUND, current rate 2.80% 841,626 841,626 -------------- ------------- 841,626 841,626 0.28% -------------- ------------- ---------- Grand total (c) $ 198,846,936 300,287,702 100.86% ============== ============= ==========
Notes to investments in securities: (a) Securities are valued in accordance with procedures described in note 2 to the December 31, 2007 financial statements. (b) Currently non-income producing assets. (c) At March 31, 2008, the cost for Federal income tax purposes was $198,846,936. The aggregate gross unrealized appreciation and depreciation of investments in securities based of this cost were as follows: Gross unrealized appreciation $ 108,781,340 Gross unrealized depreciation (7,182,443) -------------- Net unrealized appreciation $ 101,598,897 ==============
(d) Foreign security values are stated in U.S. dollars. As of March 31, 2008, the value of foreign securities represented 0.345% of net assets. Other information: Effective January 1, 2008, the Fund adopted Statement of Financial Accounting Standards No. 157 ("FAS 157"). FAS 157 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to calculate the Fund's investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below. Level 1 - quoted prices in active markets for identical investments Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) Investments are valued as of the close of business of the New York Stock exchange, normally 4:00 pm Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments. When prices are not readily available, or are determined not to reflect fair value, the Fund may value these securities at fair value as determined in accordance with the procedures approved by the Fund's Board of Trustees. The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund's assets carried at fair value: CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Growth Fund (unaudited) March 31, 2008 Investments in Securities Valuation at Value Level 1 - 299,446,076 Level 2 - 841,626 Level 3 - 0 ----------- Total 300,287,702 =========== CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Small Cap Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Common stocks: Consumer discretionary: 5,000 4 KIDS ENTERTAINMENT INC (b) 66,823 48,850 24,450 ANDERSONS INC 1,014,199 1,090,715 69,780 ANNTAYLOR STORES CORP (b) 2,220,663 1,687,280 10,850 BUILD A BEAR WORKSHOP INC (b) 159,741 98,627 51,770 CHARLOTTE RUSSE HLDG INC (b) 781,733 897,692 96,300 COOPER TIRE & RUBR CO 1,557,130 1,441,611 12,940 DOLLAR TREE INC (b) 370,181 357,015 40,600 FEDERAL SIGNAL CORP 432,873 566,776 14,000 GAYLORD ENTMT CO NEW (b) 525,058 424,060 23,500 HANESBRANDS INC (b) 550,908 686,200 71,945 HELEN OF TROY LTD (b) 1,586,303 1,206,518 170,800 JO ANN STORES INC (b) 2,352,688 2,515,884 62,590 MEDIA GEN INC 1,917,920 877,512 5,450 MONRO MUFFLER BRAKE INC 90,143 92,105 12,900 ORIENT EXPRESS HOTELS LTD 441,491 556,764 36,550 PHILLIPS VAN HEUSEN CORP 1,478,460 1,385,976 46,950 RED ROBIN GOURMET BURGERS INC (b) 1,738,013 1,763,912 32,000 SAKS INC (b) 661,452 399,040 12,000 SNAP ON INC 552,421 610,200 34,310 STAGE STORES INC 587,377 555,822 25,875 STAMPS COM INC (b) 297,427 265,478 43,000 TEMPUR PEDIC INTL INC 790,495 473,000 40,000 TRIARC COS INC 616,131 252,000 26,395 TUPPERWARE BRANDS CORP 582,622 1,020,959 9,500 TURBOCHEF TECHNOLOGIES INC (b) 58,116 61,940 15,690 UNIVERSAL ELECTRS INC (b) 383,890 379,855 11,850 VAIL RESORTS INC (b) 430,566 572,237 13,000 WABCO HLDGS INC 614,201 593,060 16,250 WABTEC 431,366 611,975 24,000 WYNDHAM WORLDWIDE CORP 691,325 496,320 -------------- ------------- 23,981,715 21,989,379 10.14% Consumer staples: 72,156 ELIZABETH ARDEN INC (b) 1,430,105 1,439,512 27,000 FLOWERS FOODS INC 511,723 668,250 32,800 LONGS DRUG STORES CORP 1,645,279 1,392,688 13,500 MEDIFAST INC (b) 60,246 57,105 28,450 MONTEREY GOURMET FOODS INC (b) 121,160 87,057 40,350 OMEGA PROTEIN CORP (b) 326,126 550,778 65,000 SALLY BEAUTY HLDGS INC (b) 562,956 448,500 91,200 TREEHOUSE FOODS INC (b) 2,044,819 2,084,832 -------------- ------------- 6,702,414 6,728,722 3.10% Energy: 65,455 ATP OIL & GAS CORPORATION (b) 2,657,744 2,141,688 21,320 ATWOOD OCEANICS INC (b) 1,446,805 1,955,470 18,200 BRIGHAM EXPL CO (b) 111,280 110,474 16,135 CALLON PETE CO DEL (b) 276,483 291,882 20,000 COMSTOCK RES INC (b) 591,439 806,000 34,000 EXCO RES INC (b) 570,189 629,000 15,750 FOREST OIL CORP (b) 589,650 771,120 22,000 GOODRICH PETE CORP (b) 668,990 661,760 21,810 GULFMARK OFFSHORE INC (b) 1,081,105 1,193,443 28,850 HERCULES OFFSHORE INC (b) 666,294 724,712 15,900 OMNI ENERGY SVCS CORP (b) 61,087 58,830 14,000 PLAINS EXPL & PRODTN CO (b) 615,865 743,960 13,000 SANDRIDGE ENERGY INC (b) 508,018 508,950 56,500 T 3 ENERGY SVCS INC (b) 2,283,327 2,404,640 50,025 T.G.C. INDUSTRIES INC (b) 451,303 422,211 21,000 TESCO CORP (b) 552,977 502,950 46,300 TETRA TECHNOLOGIES INC DEL (b) 744,356 733,392 13,400 UNIT CORP (b) 664,795 759,110 15,000 WHITING PETE CORP NEW (b) 643,412 969,750 28,500 WILLBROS GROUP INC (b) 484,446 872,100 -------------- ------------- 15,669,564 17,261,442 7.96%
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Small Cap Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Financials: 46,300 ABINGTON BANCORP INC PENN 441,013 477,816 19,650 ALEXANDRIA REAL ESTATE EQUIT 1,811,189 1,821,948 234,645 ANWORTH MTG ASSET CORP 1 1,664,660 1,438,374 28,700 ASTORIA FINL CORP 695,337 779,492 30,000 BANKFINANCIAL CORP 512,714 477,300 28,000 BROADRIDGE FINL SOLUTIONS INC 458,289 492,800 9,500 CENTRUE FINL CORP NEW 176,102 185,250 20,000 CITIZENS FIRST BANCORP INC 478,265 215,000 24,950 COGDELL SPENCER INC 422,322 392,214 10,200 COLUMBIA BKY SYS INC 249,597 228,276 37,750 COMMUNITY TR BANCORP INC 1,139,080 1,106,075 30,050 CORPORATE OFFICE PPTYS TR 1,143,654 1,009,981 45,375 CRM HOLDINGS LTD (b) 342,123 227,329 4,241 DEERFIELD CAP CORP 6,022 5,980 3,000 DIAMONDROCK HOSPITALITY CO 37,424 38,010 34,500 EASTERN INS HLDGS INC 454,633 499,560 23,200 EASTERN INS HLDGS INC 352,723 335,936 22,015 EASTGROUP PPTYS INC 945,620 1,022,817 75,283 ENCORE CAP GROUP INC (b) 802,303 511,924 47,000 EPOCH HLDG CORP 635,624 563,060 24,100 ESSA BANCORP INC (b) 279,547 283,175 5,400 FINANCIAL INSTNS INC 104,529 102,330 84,000 FIRST NIAGARA FINL GROUP INC 1,211,964 1,141,560 27,000 FORESTAR REAL ESTATE GROUP INC (b) 636,481 672,570 36,000 GUARANTY FINL GROUP INC (b) 517,770 382,320 34,080 HOME FED BANCORP INC MD 450,267 408,619 17,500 INTEGRA BK CORP 242,113 283,500 113,000 IPC HOLDINGS LTD BERMUDA (d) 2,822,244 3,164,000 23,000 JEFFRIES GROUP INC NEW 596,052 370,990 121,000 KITE RLTY GROUP TR 1,719,446 1,694,000 18,850 MB FINL INC 628,262 580,203 92,464 MFA MTG INVTS INC 740,824 582,523 17,100 MID AMER APT CMNTYS INC 810,497 852,264 71,000 NATIONAL PENN BANCSHARES INC 1,144,947 1,291,490 102,895 NATIONAL RETAIL PPTYS INC 2,195,264 2,268,835 35,350 NATIONWIDE HEALTH PPTYS INC 1,077,189 1,193,063 16,800 ONE LIBRTY PROPERTIES INC 293,231 270,312 62,150 PATRIOT CAP FDG INC 705,608 650,711 40,000 PHOENIX COS INC NEW 561,466 488,400 7,600 PMA CAP CORP (b) 71,790 64,904 20,000 PRIVATEBANKCORP INC 668,656 629,400 7,800 PROVIDENT BANKSHARES CORP 128,005 83,772 51,300 RENASANT CORP 1,080,735 1,154,250 20,350 TEXAS CAP BANCSHARES INC (b) 333,060 343,508 55,650 UNITED BANKSHARES INC W VA 1,674,330 1,483,073 30,244 URSTADT BIDDLE PPTYS INC 504,285 475,738 65,000 WESTFIELD FINL INC NEW 695,338 635,050 46,500 WESTFIELD FINL INC NEW 451,049 454,305 -------------- ------------- 35,113,639 33,834,005 15.61% Healthcare: 4,000 AMERICAN DENTAL PARTNERS INC (b) 35,582 38,680 9,495 BIO IMAGING TECHNOLOGIES INC (b) 69,474 66,560 2,375 CORVEL CORP (b) 73,210 72,651 12,000 COVIDIEN LTD 503,805 531,000 35,400 EMERGENCY MED SVCS CORP (b) 1,047,404 874,026 10,000 EMERGENT BIOSOLUTIONS INC (b) 53,595 89,200 53,865 K V PHARMACEUTICAL COMPANY (b) 1,400,358 1,344,470 27,800 KENDLE INTL INC (b) 919,217 1,248,776 52,182 KENSEY NASH CORP (b) 1,411,082 1,510,669 12,100 KEWAUNEE SCIENTIFIC CORP 226,374 181,500 120,000 NOVAMED EYECARE INC (b) 532,341 454,800 25,200 PSYCHIATRIC SOLUTIONS INC (b) 722,289 854,784 37,110 SCIELE PHARMA INC 817,898 723,645 62,000 SUNLINK HEALTH SYS INC (b) 532,948 390,600 116,420 SYMMETRY MED INC (b) 2,071,339 1,932,572 22,000 WEST PHARMACEUTICAL SVCS INC 862,100 973,060 31,660 ZOLL MED CORP (b) 799,067 841,839 -------------- ------------- 12,078,083 12,128,833 5.59%
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Small Cap Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Industrials: 14,000 ACUITY BRANDS INC 504,959 601,300 27,000 AECOM TECHNOLOGY CORP (b) 628,313 702,270 9,200 AEROVIRONMENT INC (b) 188,336 188,140 36,000 ALTRA HLDGS INC (b) 544,587 484,200 18,000 AMERICAN RAILCAR INDS INC 493,342 365,940 70,536 APPLIED SIGNAL TECHNOLOGY INC 1,037,289 832,325 25,400 ARGON ST INC (b) 454,292 432,054 9,629 ARTS WAY MFG INC 172,568 185,647 5,000 ASTRONICS CORP (b) 120,516 96,600 52,325 BE AEROSPACE INC (b) 1,631,205 1,828,759 46,270 BRISTOW GROUP INC (b) 1,787,631 2,483,311 11,000 BUCYRUS INTL INC NEW 533,193 1,118,150 18,500 CHICAGO BRDG + IRON CO N V 477,116 725,940 22,250 COVANTA HLDG CORP (b) 429,012 611,875 52,950 CURTISS WRIGHT CORP 2,346,075 2,196,366 60,000 DOMTAR CORP (b) 558,637 409,800 16,500 ENNIS INC 309,178 276,870 13,850 ENPRO INDS INC (b) 429,513 431,982 15,985 ESTERLINE TECHNOLOGIES CORP (b) 661,481 805,164 9,000 FLOWSERVE CORP 459,682 939,420 23,500 FOSTER L B CO (b) 542,920 1,011,910 21,000 FOSTER WHEELER LTD (b) 429,523 1,189,020 22,490 GARDNER DENVER INC (b) 837,090 834,379 57,650 GENCORP INC (b) 631,827 593,219 19,950 GENESEE & WYO INC (b) 502,922 686,280 21,400 GSI GROUP INC (b) 185,695 166,492 13,000 HARSCO CORP 678,865 719,940 82,400 HEIDRICK + STRUGGLES INTL INC 2,771,058 2,680,472 18,475 HURON CONSULTING GRP INC (b) 984,269 767,636 109,652 ICF INTL INC (b) 1,691,335 2,198,523 77,147 II VI INC (b) 2,368,984 2,930,043 13,300 JOY GLOBAL INC 515,967 866,628 17,550 KANSAS CITY SOUTHERN (b) 461,425 703,931 44,550 KOPPERS HLDGS INC 1,735,845 1,974,011 16,800 KREISLER MFG CORP (b) 227,785 196,560 20,200 MCDERMOTT INTL INC (b) 481,195 1,107,364 11,900 MIDDLEBY CORP (b) 721,131 742,441 26,050 MILLER INDS INC TENN (b) 424,741 250,862 43,000 MUELLER WTR PRODS INC 654,608 351,740 112,185 NAVIOS MARITIME HOLDINGS INC 535,672 1,041,077 15,380 NCI BLDG SYS INC (b) 718,395 372,196 11,500 OSHKOSH CORP 620,667 417,220 15,000 PARAGON TECHNOLOGIES INC (b) 109,295 81,000 52,350 PERINI CORP (b) 1,852,431 1,896,641 27,000 PHH CORP (b) 437,675 470,610 132,500 POINT BLANK SOLUTIONS INC (b) 585,682 461,100 54,650 RBC BEARINGS INC (b) 1,951,918 2,029,155 11,000 SHAW GROUP INC (b) 545,024 518,540 7,700 STERLING CONSTR INC (b) 168,087 140,294 62,025 SUPERIOR ESSEX INC (b) 1,678,632 1,744,143 14,500 TENNANT CO 600,951 577,245 11,800 TEREX CORP NEW (b) 500,395 737,500 10,650 THOMAS + BETTS CORP (b) 497,587 387,341 18,000 TIMKEN CO 583,801 534,960 12,000 TYCO INTERNATIONAL LTD BERMUDA (d) 583,430 528,600 13,265 ULTRALIFE BATTERIES INC (b) 181,836 156,660 116,000 VALASSIS COMMUNICATIONS INC (b) 1,812,046 1,258,600 18,000 WRIGHT EXPRESS CORP (b) 495,073 553,140 49,900 WRIGHT EXPRESS CORP (b) 1,571,536 1,533,427 -------------- ------------- 46,644,243 51,127,008 23.59%
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Small Cap Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Information technology: 59,000 8X8 INC NEW (b) 71,901 57,820 55,000 AEHR TEST SYS (b) 402,733 464,750 107,234 ALADDIN KNOWLEDGE SYSTEM LTD (b) 1,942,658 2,040,663 153,300 ALLIANCE FIBER OPTIC PRODS INC (b) 299,306 197,757 6,150 AMERICAN SOFTWARE INC 43,665 38,499 31,600 AMTECH SYS INC (b) 391,799 380,464 121,854 ANAREN INC (b) 1,892,418 1,542,672 9,495 APPLIED MICRO CIRCUITS CORP (b) 68,548 68,174 100,700 AVOCENT CORP (b) 2,955,242 1,701,830 15,787 AXT INC (b) 74,910 75,304 40,250 BENCHMARK ELECTRS INC (b) 742,403 722,488 24,700 BLUEPHOENIX SOLUTIONS LTD (b) 218,592 206,245 64,163 BROOKS AUTOMATION INC NEW (b) 919,914 623,664 101,700 CALIFORNIA MICRO DEVICES CORP (b) 421,205 298,998 26,450 CHORDIANT SOFTWARE INC (b) 196,688 159,494 15,000 COMMUNICATIONS SYS 157,004 161,550 605,850 COVAD COMMUNICATIONS GROUP INC (b) 452,895 587,675 10,000 CRYPTOLOGIC LIMITED 185,067 158,600 26,105 DATALINK CORP (b) 105,017 103,115 41,300 DYNAMICS RESH CORP (b) 472,251 417,543 26,000 EPICOR SOFTWARE CORP (b) 331,600 291,200 73,755 EVOLVING SYS INC (b) 145,570 144,560 112,565 FAIRCHILD SEMICONDUCTOR INTL (b) 2,009,097 1,341,775 15,400 FREQUENCY ELECTRS INC 132,684 119,812 47,543 GILAT SATELLITE NETWORKS LTD (b) 508,586 514,891 537,800 GRAPHON CORP (b) 165,754 188,230 47,150 IKON OFFICE SOLUTIONS INC 361,343 361,343 33,689 INTEGRATED DEVICE TECHNOLOGY (b) 463,920 300,843 14,245 INTERNAP NETWORK SVCS CORP (b) 65,853 70,655 24,650 INTERVOICE BRITE INC (b) 157,077 196,214 19,000 IOMEGA CORP (b) 63,687 67,830 15,000 IPASS INC (b) 61,050 45,300 142,280 LOOKSMART LTD (b) 464,459 468,101 5,950 LSI INDS INC 100,623 78,600 213,340 MENTOR GRAPHICS CORP (b) 2,297,966 1,883,792 16,000 MICRONETICS WIRELESS INC (b) 121,525 113,120 74,250 MICROSEMI CORP (b) 1,697,694 1,692,900 25,000 MICROTUNE INC DEL (b) 81,057 91,500 30,000 NETSOL TECHNOLOGIES INC (b) 90,420 59,700 20,000 NETWORK EQUIP TECHNOLOGIES (b) 159,930 131,400 62,350 NEUSTAR INC (b) 1,660,895 1,651,028 23,886 NEW MOTION INC 144,245 105,098 11,395 OPNEXT INC (b) 51,828 62,103 14,950 PERCEPTRON INC (b) 190,008 189,417 47,500 RAMTRON INTL CORP (b) 147,378 194,750 226,450 RF MICRO DEVICES INC (b) 1,358,300 602,357 104,500 SEMITOOL INC (b) 1,038,802 869,440 110,450 SIRF TECHNOLOGY HLDGS INC (b) 2,540,917 562,191 329,195 SKYWORKS SOLUTIONS INC (b) 1,735,046 2,396,540 30,000 SL INDS INC (b) 672,485 597,000 213,915 SMITH MICRO SOFTWARE INC (b) 1,927,487 1,309,160 14,230 SOAPSTONE NETWORKS INC 102,783 101,887 15,000 SPECTRUM CTL INC (b) 139,560 126,900 87,615 SYNIVERSE HLDGS INC (b) 1,445,802 1,459,666 6,500 SYNPLICITY INC (b) 32,659 50,895 229,394 SYPRIS SOLUTIONS INC 2,270,641 947,397 15,000 TECHWELL INC (b) 162,381 162,600 35,815 TELECOMMUNICATION SYS INC (b) 123,205 112,817 11,500 TESSCO TECHNOLOGIES INC (b) 188,856 172,500 96,950 TIER TECHNOLOGIES INC (b) 958,133 772,692 98,535 VERIGY LTD (b) 2,379,313 1,856,399 70,912 VIASAT INC (b) 1,422,780 1,540,209 14,760 VIRAGE LOGIC CORP (b) 105,481 85,018 68,810 ZORAN CORP (b) 933,073 939,945 -------------- ------------- 43,226,173 35,037,075 16.17%
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Small Cap Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ---------- Materials: 17,000 APTARGROUP INC 711,338 661,810 36,250 ARCH CHEMICALS INC 1,323,572 1,350,675 24,550 COMMERCIAL METALS CO 626,414 735,764 10,500 DELTIC TIMBER CORP 503,271 584,850 15,000 FOUNDATION COAL HLDGS INC 565,634 754,950 45,560 GLATFELTER 663,217 688,412 24,075 GREIF INC 1,339,932 1,635,415 32,862 HAYNES INTL INC (b) 2,028,168 1,803,467 25,000 HERCULES INC 517,543 457,250 29,450 NEWMARKET CORP 1,357,992 2,222,003 20,000 NORTH AMERN GALVANIZING (b) 151,912 110,000 6,745 NORTHWEST PIPE CO (b) 127,102 286,595 79,508 PENFORD CORP 2,154,390 1,727,709 18,200 QUAKER CHEMICAL 401,825 569,478 40,025 QUANEX CORP 1,872,634 2,070,894 66,550 ROCK TENN CO 1,873,440 1,994,504 46,315 ROCKWOOD HLDGS INC (b) 1,430,677 1,517,743 35,000 TEMPLE INLAND INC 820,074 445,200 14,000 TEXAS INDS INC 775,328 841,540 40,000 ZEP INC 570,855 648,800 -------------- ------------- 19,815,315 21,107,055 9.73% Utilities: 11,900 ALLEGHENY ENERGY INC 500,010 600,950 12,000 ALLETE INC 558,188 463,440 39,150 ALLETE INC 1,683,179 1,511,973 24,500 CALPINE CORP (b) 460,694 451,290 9,800 CHESAPEAKE UTILS CORP 323,464 290,472 19,000 CLECO CORP NEW 470,134 421,420 9,500 CONNECTICUT WTR SVC INC 231,400 224,865 41,400 GREAT PLAINS ENERGY INC 1,139,967 1,020,510 14,000 ITC HLDGS CORP 638,988 728,840 62,387 MDU RES GROUP INC 730,625 1,531,601 16,500 MIDDLESEX WTR CO 312,342 299,640 33,905 ONEOK INC NEW 594,527 1,513,180 42,000 PETROHAWK ENERGY CORP (b) 473,474 847,140 24,500 PORTLAND GEN ELEC CO 677,887 552,475 26,500 SOUTHWEST WTR CO 322,735 293,355 -------------- ------------- 9,117,613 10,751,151 4.96% ETFs: Commodities: 23,000 POWERSHARES DB MULTI SECTOR (b) 601,373 838,350 17,000 SELECT SECTOR SPDR TR 474,669 422,790 5,300 STREETTRACKS GOLD TR (b) 452,562 479,014 -------------- ------------- 1,528,605 1,740,154 0.80% Cash equivalents: 5,666,492 SSGA MONEY MARKET FUND, Current rate 2.38% 5,666,492 5,666,492 2.61% -------------- ------------- ---------- Grand Total (c) $ 219,543,855 217,371,317 100.26% ============== ============= ==========
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Small Cap Fund (unaudited) March 31, 2008
Face Percent amount Market of or shares Security Cost value (a) net assets ------------ --------------------------------------------------------------------- -------------- ------------- ----------
Notes to Investments in Securities (a) Securities are valued in accordance with procedures described in note 2 to the March 31, 2008 financial statements. (b) Currently non-income producing assets. (c) At March 31, 2008, the cost for Federal income tax purposes was $219,543,855. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows: Gross unrealized appreciation $ 20,219,603 Gross unrealized depreciation (22,392,141) ------------- Net unrealized appreciation $ (2,172,538) ============= (d) Foreign security values are stated in U.S. dollars. As of March 31, 2008, the value of foreign securities represented 1.70% of net assets. Other information: Effective January 1, 2008, the Fund adopted Statement of Financial Accounting Standards No. 157 ("FAS 157"). FAS 157 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to calue the Fund's investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below. Level 1 - quoted prices in active markets for identical investments Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) Investments are valued as of the close of business of the New York Stock exchange, normally 4:00 pm Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments. When prices are not readily available, or are determined not to reflect fair value, the Fund may value these securities at fair value as determined in accordance with the procedures approved by the Fund's Board of Trustees. The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund's assets carried at fair value: Investments in Securities Valuation inputs at Value ------------------------- Level 1 - Quoted Prices $ 211,704,825 Level 2 - Other Significant Observable inputs 5,666,492 Level 3 - Significant unobservable Inputs 0 ------------------------ Total $ 217,371,317 ======================== CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) March 31, 2008
Face Percent Amount Maturity Coupon Market of or shares Security date rate Cost Value (a) net assets ------------ --------------------------------------------- ---------- -------- -------------- ------------- ---------- Closed-end funds: 1,300 BLACKROCK INSD MUN 2008 $ 20,579 19,552 5,000 BLACKROCK LONG TERM MUN 54,836 56,450 21,700 BLACKROCK MUNI YIELD 274,602 261,919 98,500 BLACKROCK MUNIHOLDINGS FL INSD 1,254,767 1,192,835 59,500 BLACKROCK MUNIHOLDINGS INSD FD 749,861 697,340 57,900 BLACKROCK MUNIYIELD FLA FD INC 759,886 719,118 78,300 BLACKROCK MUNIYIELD INSD FD 1,032,557 971,703 55,100 BLACKROCK MUNIYIELD MI INSD FD 746,243 722,912 28,300 BLACKROCK MUNIYIELD MICH INSD 354,645 348,090 54,700 BLACKROCK MUNIYIELD PA INSD 774,527 714,382 28,100 BLACKROCK MUNIYIELD QUALITY FD 333,747 308,538 7,900 DTF TAX FREE INCOME INC 112,142 107,440 192,400 DWS MUN INCOME TR 2,115,172 2,024,048 20,300 EATON VANCE FLA MUN INCOME TR 284,397 241,773 1,100 EATON VANCE INSD MI MUN BD FD 15,510 14,080 2,400 EATON VANCE NJ MUN INCOME TR 32,386 28,968 69,500 INSURED MUN INCOME FD 928,411 860,410 49,700 INVESTMENT GRADE MUNI INC FD 674,988 613,298 90,000 MBIA CAP CLAYMORE MANAGED 1,162,120 1,064,700 6,600 MORGAN STANLEY DEAN WITTER 57,553 53,658 41,500 MSDW QUAL MUNI INVESTMENT TR 534,041 512,525 9,100 NEUBERGER BERMAN INTER MUN FD 119,152 121,212 94,000 NUVEEN FLA INVT QUALITY MUN FD 1,263,841 1,159,960 124,100 NUVEEN FLA QUALITY INCOME MUN 1,726,853 1,558,696 13,500 NUVEEN INSD DIVID ADVANTAGE 181,771 179,550 4,800 NUVEEN MASS PREM INCOME MUN FD 65,734 64,176 30,600 NUVEEN MICH PREM INCOME MUN FD 404,605 385,560 15,500 NUVEEN N J INVT QUALITY MUN FD 211,528 200,725 48,500 NUVEEN PA INVT QUALITY MUN FD 673,352 620,800 26,900 NUVEEN PREM INCOME MUN FD 2 381,052 350,238 27,100 NUVEEN PREMIER INC 367,653 340,105 89,379 PUTNAM MUN OPPORTUITIES TR 1,036,095 982,275 129,600 SELIGMAN SELECT MUN FD INC 1,299,178 1,241,568 35,900 VAN KAMPEN MERRITT ADVANTAGE 443,969 426,492 44,100 VAN KAMPEN MERRITT PA 618,549 581,679 36,977 VAN KAMPEN MERRITT TR INVT 544,534 508,804 22,000 WESTERN ASSET MGNT MUNS FD INC 240,488 239,800 31,478 WESTERN ASSET PARTNERS FD INC 407,906 398,197 -------------- ------------- 22,259,231 20,893,575 6.25% Municipal bonds: 950,000 ABILENE TX HLTH FACS DEV CORP (b) 11/15/2028 5.250 $ 950,046 913,995 300,000 AGUA CAIENTE BAND 7/1/2008 4.600 300,252 300,666 575,000 AJCKSONVILLE FL ECONOMIC DEV 9/1/2017 6.000 575,000 561,062 200,000 ALABAMA SPL CARE FACS FING 11/1/2019 5.000 209,907 205,006 1,000,000 ALABAMA ST UNIV REV 8/1/2028 5.250 1,041,494 1,007,310 350,000 ALASKA INDL DEV + EXPT AUTH 12/1/2010 5.400 350,000 353,091 250,000 ALASKA INDL DEV + EXPT AUTH CM 12/1/2011 5.450 250,000 252,525 250,000 ALASKA ST HSG FIN CORP 12/1/2030 5.000 259,449 243,045 300,000 ALBANY NY INDL DEV AGY CIVIC 5/1/2016 6.500 300,000 251,253 250,000 ALBANY NY INDL DEV AGY CIVIC 4/1/2020 5.000 255,451 231,963
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) March 31, 2008
Face Percent Amount Maturity Coupon Market of or shares Security date rate Cost Value (a) net assets ------------ --------------------------------------------- ---------- -------- -------------- ------------- ---------- 250,000 ALBEMARLE NC HOSP AUTH HEALTH 10/1/2021 5.250 $ 256,944 244,565 500,000 ALEXANDRIA VA REDEV + HSG AUTH 10/1/2029 6.125 528,498 508,160 300,000 ALLEGHENY CNTY PA HOSP DEV 4/1/2008 3.300 300,000 300,000 340,000 ALLEGHENY CNTY PA HOSP DEV 4/1/2009 3.500 338,355 339,306 350,000 ALLEGHENY CNTY PA HOSP DEV 4/1/2010 3.875 346,530 348,737 250,000 AMHERST NY INDL DEV AGY CIVICF 1/1/2013 4.875 250,000 241,230 500,000 ANDERSON IN ECONOMIC DEV REV 10/1/2021 4.750 495,554 461,230 500,000 ANNAPOLIS MD ECONOMIC DEV REV 10/1/2027 5.000 512,510 466,135 250,000 ANNAWAN IL TAX INCREMENT REV 1/1/2018 5.625 250,000 230,300 470,000 ARBOR GREENE CMNTY DEV DIST FL 5/1/2019 5.000 479,199 467,415 500,000 ARIZONA HEALTH FACS AUTH 10/1/2010 4.750 500,000 492,665 800,000 ARIZONA HEALTH FACS AUTH REV 11/15/2009 6.500 800,000 835,944 784,982 ARIZONA HEALTH FACS AUTH REV 7/1/2027 5.250 799,835 777,839 1,750,000 ARLINGTON TX SPL OBLIG 8/15/2034 5.000 1,881,528 1,815,975 400,000 ASHEVILLE N C CTFS PARTN 6/1/2018 5.125 405,845 404,400 600,000 ATLANTA GA DEV AUTH REV 1/1/2031 5.000 614,326 574,788 900,000 ATLANTA GA TAX ALLOCATION 1/1/2020 5.400 894,295 855,936 650,000 ATOKA CNTY OK 10/1/2018 5.875 641,712 617,299 375,000 AUSTIN TX 1/1/2009 6.000 378,700 380,141 50,000 AUSTIN TX UTIL SYS REV 5/15/2018 5.250 50,094 50,057 500,000 AUSTIN TX WTR + WASTEWATER SYS 5/15/2027 5.125 516,407 504,775 400,000 AVE MARIA STEWARDSHIP CMNTY 11/1/2012 4.800 399,598 368,552 735,000 BADGER TOB ASSET SECURITIZATIO 6/1/2017 6.000 763,730 738,146 370,000 BADGER TOB ASSET SECURITIZATIO 6/1/2027 6.125 379,124 371,376 150,000 BANSON COMM PK CMNTY IMPT 6/1/2010 5.000 149,235 152,126 250,000 BAPTIST RD RRAL TRANSN AUTH CO 12/1/2017 4.800 250,000 229,715 50,000 BAY AREA GOVT ASSOC CA REV 12/15/2014 6.000 51,354 50,382 570,000 BEDFORD PARK IL TAX INCREMENT 1/1/2012 4.625 568,064 568,313 495,000 BELMONT CMNTY DEV DIST FL 11/1/2014 5.125 494,295 445,342 115,000 BENTON HARBOR MI CHARTER 5/1/2009 10.000 115,000 112,485 500,000 BERKELEY CNTY S C SCH DIST INS 12/1/2019 5.250 521,391 508,780 750,000 BERKELEY CNTY SC SCH DIST 12/1/2020 5.000 760,484 750,998 500,000 BERKELEY CNTY SC SCH DIST 12/1/2024 5.250 518,544 500,690 250,000 BERKELEY CNTY SC SCH DIST 12/1/2028 5.000 251,233 236,430 300,000 BEXAR CNTY TX HLTH FACS DEVCP 7/1/2027 5.000 309,632 273,984 250,000 BEXAR CNTY TX HSG FIN CORP 12/1/2021 6.500 269,522 256,568 250,000 BEXAR CNTY TX HSG FIN CORP MF 6/1/2011 5.500 247,451 232,490 485,000 BEXAR CNTY TX HSG FIN CORP MF 9/15/2021 8.750 485,000 495,980 835,000 BEXAR CNTY TX HSG FIN CORP MF (b) 4/1/2030 9.000 832,409 740,854 590,000 BEXAR CNTY TX HSG FIN CORP MF 8/1/2030 8.125 568,710 516,451 1,005,000 BEXAR CNTY TX HSG FIN CORP MF (b) 6/1/2031 10.500 1,005,000 491,767 965,000 BEXAR CNTY TX HSG FIN CORP MF 12/1/2036 9.250 941,256 927,905 590,000 BEXAR CNTY TX REV 8/15/2022 5.750 618,684 623,070 500,000 BI STATE DEV AGY MO IL MET 10/1/2033 5.250 503,252 500,070 350,000 BIRMINGHAM BAPTIST MED CTR AL 11/15/2030 5.000 357,828 299,254 500,000 BIRMINGHAM SOUTHERN COLLEGE AL 12/1/2019 5.350 505,447 487,895 140,000 BIRMINGHAM SOUTHERN COLLEGE AL 12/1/2025 6.125 142,868 139,388 500,000 BISMARCK STATE COLLEGE 4/1/2032 5.010 509,078 484,945 300,000 BLOUNT CNTY TN HEALTH + EDL 4/1/2012 4.750 299,335 287,250 250,000 BLUE ASH OH TAX INCREMENT 12/1/2021 5.000 253,377 247,083 500,000 BOONE CNTY IND REDEV DIST TAX 8/1/2023 5.375 506,209 503,615 750,000 BOONE CNTY IND REDEV DIST TAX 8/1/2028 5.000 740,544 698,655 750,000 BRAZOS CNTY TX HEALTH FAC DEV 1/1/2032 5.375 772,773 721,253 400,000 BRAZOS RIV TX HBR NAV DIST 5/15/2033 4.950 400,000 346,056
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) March 31, 2008
Face Percent Amount Maturity Coupon Market of or shares Security date rate Cost Value (a) net assets ------------ --------------------------------------------- ---------- -------- -------------- ------------- ---------- 650,000 BREMER CNTY IA RETIREMENT FAC 11/15/2030 4.500 $ 650,000 646,724 500,000 BREVARD CNTY FL HEALTH FACS 4/1/2036 5.000 465,820 455,870 314,000 BRIDGEVILLE DEL SPL OBLIG 7/1/2035 5.125 314,000 276,370 250,000 BROWNSBURG IND REDEV AUTH ECON 2/1/2029 4.700 250,000 242,740 250,000 BROWNSBURG IND REV AUTH 8/1/2024 4.625 250,000 236,398 75,000 BROWNSVILLE TX (c) 2/15/2011 4.890 64,656 64,568 1,000,000 BUCKEYE OH TOB SETTLEMENT 6/1/2024 5.125 958,118 935,690 165,000 BULLHEAD CITY AZ SPL ASSMT 1/1/2010 6.100 165,876 165,828 250,000 BURKE CNTY GA DEV AUTH POLLUTN 10/1/2032 4.375 250,000 250,170 395,000 BUTLER CNTY PA 10/1/2034 4.720 395,000 300,200 370,000 CALIFORNIA CMNTYS HSG FIN AGY 10/1/2011 5.000 369,493 361,475 180,000 CALIFORNIA CMNTYS HSG FIN AGY 12/1/2011 5.000 179,743 177,219 150,000 CALIFORNIA CMNTYS HSG FIN AGY 8/1/2012 4.650 149,739 147,578 260,000 CALIFORNIA CMNTYS HSG FIN AGY 11/1/2012 4.850 259,108 255,720 180,000 CALIFORNIA CNTY 6/1/2023 5.625 172,303 175,243 500,000 CALIFORNIA CNTY CA 6/1/2036 5.000 494,771 409,685 200,000 CALIFORNIA CNTY CA TOB SECTZTN 6/1/2021 4.500 197,455 184,066 410,000 CALIFORNIA CNTY CALIF TOB 6/1/2019 4.750 397,036 395,367 500,000 CALIFORNIA HEALTH FACS FING 4/1/2010 5.300 510,344 514,410 500,000 CALIFORNIA HEALTH FACS FING AU 3/1/2033 5.000 506,488 459,305 750,000 CALIFORNIA MUN FIN AUTH ED REV 6/1/2026 5.250 744,159 668,790 40,000 CALIFORNIA ST 10/1/2020 5.250 41,062 40,311 275,000 CALIFORNIA ST DEPT WTR RES 12/1/2022 5.000 277,057 277,318 120,000 CALIFORNIA ST DEPT WTR RES CEN 12/1/2027 5.375 125,345 120,242 1,000,000 CALIFORNIA STATEWIDE CMNTY DEV 11/20/2036 6.150 1,066,159 1,065,850 750,000 CALIFORNIA STATEWIDE CMNTYS 6/1/2017 5.400 747,281 751,823 350,000 CALIFORNIA STATEWIDE CMNTYS 9/1/2029 6.000 350,000 333,974 750,000 CALIFORNIA STATEWIDE CMNTYS 3/1/2035 5.000 757,467 690,705 750,000 CALIFORNIA STATEWIDE CMNTYS 4/1/2037 5.125 758,297 661,253 500,000 CAMERON TX ED CORP REV 8/15/2021 5.000 495,656 448,270 80,000 CAPE GIRARDEAU CNTY MO INDL 6/1/2032 5.750 83,039 75,418 750,000 CAPITAL TR AGY FL MULTIFAMILY 6/1/2038 5.875 763,615 644,505 485,000 CAPITAL TR AGY FLA MULTIFAMILY 6/1/2013 4.750 485,000 468,059 1,385,611 CARLSBAD NM INDL DEV REV 4/15/2021 5.750 1,427,509 1,376,161 230,000 CARSON CITY NV HOSP REV 9/1/2031 5.750 239,957 225,067 750,000 CARTHAGE MO HOSP REV 4/1/2010 4.500 740,848 729,300 245,000 CATTARAUGUS CNTY NY INDL DEV 8/1/2023 5.250 254,011 248,254 755,000 CENTRAL FALLS RI DETENTION FAC 1/15/2009 6.000 755,000 751,368 305,000 CENTRAL NINE IN CAREER CTR BLG 1/15/2015 5.500 323,581 329,293 140,000 CHANDLER PARK ACADEMY MICH PUB 11/1/2022 5.000 133,503 125,444 270,000 CHARLESTON CNTY SC HOSP FACS 10/1/2019 5.500 277,967 273,934 400,000 CHARTIERS VALLEY PA INDL + 8/15/2012 5.000 397,660 407,224 200,000 CHATHAM CNTY GA HOSP AUTH REV 1/1/2016 5.250 200,886 202,362 500,000 CHATHAM CNTY GA HOSP AUTH REV 1/1/2034 5.500 521,255 426,800 500,000 CHEROKEE NATION OK HLTHCARE 12/1/2021 4.600 500,000 435,515 250,000 CHESTERFIELD CNTY VA INDL DEV 6/1/2017 5.875 256,528 264,190 450,000 CHESTERFIELD CNTY VA INDL DEV 7/1/2019 5.200 413,245 458,892 20,000 CHICAGO IL MET HSG DEV CORP 7/1/2022 6.850 20,624 20,721 1,000,000 CHICAGO IL TAX INCREMENT 12/1/2008 6.500 996,004 1,022,840 750,000 CHICKASAW NATION OK 12/1/2017 5.375 750,000 741,210 295,000 CINCO TX MUN UTIL DIST NO 1 12/1/2017 4.600 295,711 295,260 500,000 CITIZEN POTAWATOMI NATION OK 9/1/2016 6.500 500,000 519,045 250,000 CLARK CNTY NV ECONOMIC DEV REV 5/15/2033 5.375 254,452 246,425 455,000 CLARK CNTY NV IMPT DIST 2/1/2019 5.000 456,901 410,847
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) March 31, 2008
Face Percent Amount Maturity Coupon Market of or shares Security date rate Cost Value (a) net assets ------------ --------------------------------------------- ---------- -------- -------------- ------------- ---------- 500,000 CLARK CNTY NV POLLUTN CTL REV 10/1/2011 5.300 $ 500,000 482,315 500,000 CLEVELAND CUYAHOGA CNTY OH 5/15/2023 5.250 500,000 466,560 235,000 COLORADO EDL + CULTURAL FACS 6/15/2012 4.625 231,924 237,084 295,000 COLORADO HEALTH FACS AUTH REV 12/1/2008 4.400 294,426 296,729 95,000 COLORADO HEALTH FACS AUTH REV 12/1/2010 6.250 95,000 100,209 600,000 COLORADO HEALTH FACS AUTH REV 9/15/2022 5.000 593,266 561,804 750,000 COMPARK BUSINESS CAMPUS 12/1/2027 5.750 766,659 774,068 280,000 CONCORDE ESTATES CMNTY DEV DIS 5/1/2011 5.000 279,204 268,232 250,000 CONNECTICUT ST 7/1/2025 5.000 254,760 246,853 1,250,000 CONNECTICUT ST DEV AUTH POLLTN 9/1/2028 5.850 1,322,998 1,252,688 2,670,000 CONNECTICUT ST DEV AUTH POLLTN 9/1/2028 5.850 2,754,053 2,674,699 500,000 CONNECTICUT ST HLTH + EDL FAC 7/1/2015 5.250 504,920 502,945 400,000 CONNERTON W CMNTY DEV DIST FL 5/1/2016 5.125 399,313 353,704 225,000 COOLIDGE AZ UNI SCH DIST 10/1/2010 4.150 224,470 225,907 250,000 CORALVILLE IA 6/1/2018 5.000 248,023 257,690 639,000 CORTLAND IL SPL TAX REV 3/1/2017 5.500 633,478 601,625 100,000 COW CREEK BAND UMPQUA TRIBE (b) 5/1/2035 5.000 100,000 99,528 1,070,000 CROW FIN AUTH MINN TRIBAL PUR 10/1/2017 5.650 1,018,710 1,092,994 482,000 DALLAS TX HSG FIN CORP 10/20/2032 6.750 497,222 506,298 210,000 DALTON GA DEV AUTH REV 8/15/2026 5.250 212,032 210,519 750,000 DAYTON OH SPL FACS REV 2/1/2018 5.625 795,599 765,863 249,565 DENHAM SPRINGS LIVN HSG + MTG 11/1/2040 5.000 259,997 251,579 750,000 DENVER CO CONVENTION CTR 12/1/2026 5.125 783,608 709,433 500,000 DENVER COLO CONVENTION CTR 12/1/2030 5.000 512,981 455,140 585,000 DETROIT CMNTY HIGH SCH MI 11/1/2010 5.000 585,000 589,411 500,000 DETROIT LAKES MN HSG + HEALTH 8/1/2034 4.250 500,000 487,660 500,000 DINUBA CA FING AUTH LEASE REV 9/1/2038 5.375 494,437 443,515 1,250,000 DIRECTOR ST NV DEPT BUSINESS 11/15/2014 6.000 1,236,511 1,018,450 500,000 DISTRICT COLUMBIA REV 6/1/2026 5.000 511,653 437,325 500,000 DORCHESTER CNTY S C SCH DIST 12/1/2029 5.250 505,700 472,760 475,000 DURBIN CROSSING CMNTY DEV 11/1/2010 4.875 474,676 452,295 500,000 EAST BATON ROUGE LA MTG FIN 10/1/2024 4.625 500,000 483,190 990,000 EAST POINT GA 2/1/2026 8.000 1,126,834 1,063,478 150,000 EAST ROCHESTER NY HSG AUTH REV 8/15/2028 5.250 157,888 150,408 800,000 EDEN PRAIRIE MN MLT FAM HSG 2/20/2043 6.200 874,384 844,344 300,000 EL PASO CNTY TEX HSG FIN CORP 12/1/2015 7.000 300,000 300,060 300,000 EL PASO TX HEALTH FACS DEV 8/15/2012 7.000 300,000 327,240 500,000 ELKHART CNTY IN HOSP AUTH REV 8/15/2020 5.250 507,785 500,625 500,000 ERIE CNTY OH HOSP FACS REV 8/15/2013 6.000 533,797 545,190 500,000 ESTHERVILLE IA HOSP REV 7/1/2020 6.300 508,371 519,560 3,000,000 FARGO N D UNIV FACS REV 11/29/2027 5.110 3,044,095 2,931,750 500,000 FARMINGTON N MEX HOSP REV 6/1/2022 5.000 510,296 474,170 750,000 FARMINGTON NM POLLUTN CTL REV 12/1/2016 5.700 756,945 759,308 250,000 FARMINGTON NM POLLUTN CTL REV 12/1/2016 6.300 251,963 250,610 170,000 FARMINGTON NM POLLUTN CTL REV 4/1/2022 5.800 173,500 167,997 750,000 FARMS NEW KENT VA 3/1/2036 5.125 750,000 519,623 250,000 FIDDELERS BUSINESS IMPT DIST 12/1/2032 5.000 256,174 196,640 315,000 FIDDLERS CREEK CMNTY DEV DIST 5/1/2013 5.750 313,278 306,149 400,000 FLAGSTAFF AZ 1/1/2022 5.000 401,652 400,700 700,000 FLORIDA ST BRD ED CAP OUTLAY 6/1/2021 4.750 704,966 700,427 1,225,000 FOREST CREEK CMNTY DEV DIST 5/1/2011 4.850 1,224,103 1,155,102 250,000 FORT BEND CNTY TX LEVEE IMPT 9/1/2032 5.000 250,235 229,845 500,000 FULTON CNTY GA DEV AUTH 11/1/2028 5.250 492,235 431,875 300,000 FULTON CNTY PA INDL DEV AUTH 7/1/2009 5.300 299,775 298,677
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) March 31, 2008
Face Percent Amount Maturity Coupon Market of or shares Security date rate Cost Value (a) net assets ------------ --------------------------------------------- ---------- -------- -------------- ------------- ---------- 330,000 FULTON CNTY PA INDL DEV AUTH 7/1/2011 5.375 $ 329,350 326,327 325,000 GALVESTON CNTY TX HEALTH FACS 11/1/2014 5.000 331,145 325,536 1,000,000 GALVESTON CNTY TX MUN UTIL 8/13/2008 6.000 1,000,000 1,015,020 500,000 GARDEN GROVE CA CTFS PARTN 8/1/2023 5.700 513,083 502,190 500,000 GARZA CNTY TX PUB FAC CORP 10/1/2016 5.500 512,748 511,405 325,000 GATEWAY SVCS CMNTY DEV DIST FL 5/1/2010 5.500 323,559 318,897 400,000 GEISINGER AUTH PA HLTH SYS REV 5/1/2037 4.790 400,000 292,000 355,000 GENESEE CNTY NY INDL DEV 12/1/2014 4.750 355,000 332,273 15,000 GEORGIA MUN ELEC AUTH PWR REV (c) 1/1/2012 4.743 12,285 12,230 250,000 GEORGIA ST HSG FIN AUTH REV 6/1/2025 4.500 234,324 234,595 200,000 GLENDALE AZ INDL DEV AUTH REV 5/15/2028 5.375 203,151 200,364 1,000,000 GOLDEN ST 6/1/2047 5.125 846,287 809,190 1,000,000 GOLDEN ST TOB SECURITIZATION (c) 6/1/2022 1.294 832,954 836,810 395,000 GRAVOIS BLUFFS TRANSN DEV MO 5/1/2018 4.000 391,750 394,502 250,000 GRAVOIS BLUFFS TRANSN DEV MO 5/1/2032 4.750 225,010 224,235 495,000 GROVE CITY PA AREA HOSP AUTH 7/1/2012 5.250 493,564 495,535 250,000 GROVE CITY PA AREA HOSP AUTH 7/1/2012 5.250 251,370 250,270 500,000 HAMMOND IND REDEV DIST REV 1/15/2017 6.000 500,000 492,085 320,000 HARRIS CNTY TEX MUN UTIL DIST 9/1/2018 5.000 320,757 320,058 500,000 HARRIS CNTY TX HEALTH FACS 11/15/2032 5.000 483,485 490,255 300,000 HARRISBURG PA AUTH UNIV REV 9/1/2016 5.400 300,000 300,891 250,000 HARRISONVILLE MO ANNUAL 11/1/2028 4.625 241,765 222,388 1,000,000 HARTLAND MI CONS SCH DIST 5/1/2029 5.125 1,022,847 1,005,190 350,000 HARVEY IL 12/1/2027 5.500 359,473 327,432 360,000 HEALTH CARE AUTH FOR BAPTIST H 11/15/2018 5.000 372,208 361,793 1,500,000 HENDERSON NV LOC IMPT DISTS 9/1/2010 4.500 1,500,000 1,444,635 145,000 HERITAGE ISLE AT VIERA CMNTY 11/1/2009 5.000 144,939 142,268 205,000 HERITAGE ISLE AT VIERA CMNTY 11/1/2013 5.000 204,573 188,662 775,000 HIGHLANDS CNTY FLA HEALTH FACS 11/15/2027 5.000 789,680 739,528 500,000 HILLSBOROUGH CNTY FL INDL DEV 10/1/2024 5.250 512,459 500,000 500,000 HIMALAYA WTR + SANTN DIST CO 12/1/2035 5.000 513,497 495,525 400,000 HOUMA TERR PUB TR FINAUTH LA 12/1/2040 5.150 418,674 407,136 250,000 HOWARD CNTY MD RETIREMENT 4/1/2027 5.250 256,485 214,600 750,000 HUNTSVILLE AL HEALTH CARE AUTH 6/1/2022 5.625 785,878 766,943 400,000 HUNTSVILLE REDSTONE VLG AL 1/1/2015 5.250 400,000 385,012 500,000 HURON CNTY OH HOSP FACS REV 12/1/2022 5.000 502,170 494,845 120,000 IDAHO HEALTH FACS AUTH HOSP 8/1/2009 5.750 120,364 118,924 110,000 IDAHO HEALTH FACS AUTH HOSP 8/1/2010 6.000 110,448 108,897 245,000 IDAHO HSG + FIN ASSN 8/1/2017 6.250 245,000 228,169 240,000 IDAHO HSG + FIN ASSN NON PROFI 8/1/2010 5.750 240,000 234,646 250,000 IDAHO HSG FIN ASSN NONPROFIT 12/1/2018 5.500 247,002 240,518 730,000 ILLINOIS DEV FIN AUTH POLLUTN 3/1/2014 5.500 737,761 717,517 170,000 ILLINOIS DEV FIN AUTH POLLUTN 2/1/2024 5.700 174,296 172,394 100,000 ILLINOIS DEV FIN AUTH REV 7/1/2008 5.800 100,253 100,598 240,000 ILLINOIS DEV FIN AUTH REV 7/1/2009 5.900 241,504 242,544 475,000 ILLINOIS DEV FIN AUTH REV 7/1/2019 6.050 476,819 478,287 250,000 ILLINOIS DEV FIN AUTH REV 5/15/2021 5.500 259,711 252,925 750,000 ILLINOIS EDL FACS AUTH 7/1/2038 5.125 765,676 750,413 500,000 ILLINOIS EDL FACS AUTH REVS 8/1/2017 5.250 507,412 507,865 400,000 ILLINOIS FIN 11/15/2016 5.400 395,897 374,052 500,000 ILLINOIS FIN 3/15/2027 5.000 523,693 491,575 500,000 ILLINOIS FIN AUTH ED REV 9/1/2027 5.000 508,981 398,040 500,000 ILLINOIS FIN AUTH REV 5/15/2012 5.100 498,154 487,635 600,000 ILLINOIS FIN AUTH REV 5/15/2012 5.250 603,268 581,928
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) March 31, 2008
Face Percent Amount Maturity Coupon Market of or shares Security date rate Cost Value (a) net assets ------------ --------------------------------------------- ---------- -------- -------------- ------------- ---------- 650,000 ILLINOIS FIN AUTH REV 5/15/2015 5.250 $ 659,614 624,579 500,000 ILLINOIS FIN AUTH REV 11/15/2016 5.000 514,093 492,650 250,000 ILLINOIS FIN AUTH REV 12/1/2021 5.000 256,527 230,063 1,250,000 ILLINOIS FIN AUTH REV 11/15/2022 5.250 1,247,370 1,223,713 375,000 ILLINOIS FIN AUTH REV 4/1/2026 5.000 381,934 359,115 750,000 ILLINOIS FIN AUTH REV 5/15/2026 5.750 726,953 673,268 610,000 ILLINOIS FIN AUTH REV 8/15/2026 6.000 625,575 571,003 250,000 ILLINOIS FIN AUTH REV 11/15/2026 5.750 252,747 252,558 750,000 ILLINOIS FIN AUTH REV 11/15/2035 5.000 750,000 738,495 150,000 ILLINOIS FIN AUTH REV 12/1/2036 5.000 151,990 122,651 875,000 ILLINOIS FIN AUTH REV 2/1/2037 5.250 873,191 793,196 500,000 ILLINOIS FIN AUTH REV 2/15/2038 5.875 506,227 439,900 500,000 ILLINOIS FIN AUTH REV 2/15/2038 5.400 500,000 489,405 250,000 ILLINOIS FIN AUTH REV 5/15/2038 5.750 257,385 221,153 440,000 ILLINOIS FIN AUTH SPORTS FAC 12/1/2035 7.000 436,588 406,903 500,000 ILLINOIS FN AUTH REV 11/15/2026 5.250 515,022 455,120 1,095,000 ILLINOIS HEALTH FACS AUTH REV 5/15/2032 5.500 1,123,732 1,032,235 500,000 ILLINOIS HEALTH FACS AUTH REV 7/1/2033 6.000 525,785 511,790 2,000,000 ILLINOIS HEALTH FACS AUTH REV 8/15/2033 5.100 2,063,821 1,939,540 500,000 ILLINOIS HEALTH FACS AUTH REV 2/15/2037 5.150 502,126 486,495 500,000 ILLINOIS HSG DEV AUTH 7/1/2028 4.800 500,000 464,455 250,000 ILLINOIS ST SALES TAX REV 6/15/2009 5.000 252,099 250,530 750,000 ILLNOIS FIN AUTH SPORTS FAC RE 10/1/2027 6.125 729,216 709,275 500,000 ILLNOIS FIN AUTH SPORTS FAC RE 10/1/2037 6.250 483,667 456,640 750,000 INDIANA HEALTH + EDL FAC 3/1/2022 5.500 762,081 715,590 500,000 INDIANA HEALTH + EDL FAC 2/15/2036 5.250 503,244 472,060 250,000 INDIANA HEALTH + EDL FAC FING 11/15/2025 5.250 255,389 245,198 620,000 INDIANA HLTH FAC FING AUTH REV 8/15/2009 4.750 605,888 631,228 190,000 INDIANA HLTH FAC FING AUTH REV 8/15/2018 5.000 171,031 190,367 350,000 INDIANA HLTH FAC HOSP REV 2/15/2018 5.250 359,735 353,017 300,000 INDIANA HLTH FAC HOSP REV 1/1/2023 6.000 306,333 300,192 280,000 INDIANA ST DEV FIN AUTH POLLUT 3/1/2030 5.000 280,983 277,413 250,000 INDUSTRY CA URBAN DEV AGY 5/1/2021 4.750 254,678 251,373 300,000 INTERCOMMUNITY HOSP AUTH CA CT 11/1/2019 5.250 311,562 289,020 200,000 INTERLOCKEN MET DIST CO 12/15/2019 5.750 205,467 210,126 300,000 INTERLOCKEN MT CIST CO 12/15/2019 5.750 318,146 315,189 2,500,000 INTERMEDIATE SCH DIST 287 MN 11/1/2032 5.295 2,546,839 2,203,425 1,021,080 INTERMEIDIATE SCH DIST 287 MN 1/1/2028 5.460 1,042,523 941,589 200,000 IOWA FIN AUTH RETIREMENT CMNTY 11/15/2009 4.250 199,225 195,374 200,000 IOWA FIN AUTH RETIREMENT CMNTY 11/15/2011 4.750 198,358 193,720 225,000 IOWA FIN AUTH SR HSG REV 11/1/2011 5.000 225,000 218,851 400,000 IOWA FIN AUTH SR HSG REV 12/1/2014 5.000 397,060 378,148 500,000 IOWA FIN AUTH SR LIVING FAC 11/15/2027 5.500 511,621 431,315 500,000 JACKSONVILLE FL HLTH FACS REV 11/1/2022 5.000 494,876 489,345 1,000,000 JACKSONVILLE FL HLTH FACS REV 11/1/2027 5.000 955,516 942,750 250,000 JEFFERSON PARISH LA FIN AUTH 6/1/2033 5.000 263,784 254,435 250,000 JEFFERSON PARISH LA FIN AUTH 12/1/2048 5.700 263,684 257,765 1,750,000 JEFFERSON PARISH LA FIN AUTH R 6/1/2038 5.000 1,848,306 1,672,020 250,000 JOHNSON CITY TN HEALTH + EDL 2/15/2009 4.500 249,468 247,813 700,000 JOPLIN MO INDL DEV AUTH 5/15/2017 5.500 709,972 661,766 270,000 JUBAN PARK CMNTY DEV DIST LA 10/1/2014 5.150 270,000 255,782 1,500,000 KALISPEL TRIBE INDIANS WA 1/1/2016 6.200 1,500,000 1,457,205 250,000 KANSAS CITY MO TAX INCREMENT 3/1/2012 5.000 248,676 252,600 1,000,000 KENT HOSP FIN AUTH MICH REV 7/1/2035 6.000 1,065,015 975,020
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) March 31, 2008
Face Percent Amount Maturity Coupon Market of or shares Security date rate Cost Value (a) net assets ------------ --------------------------------------------- ---------- -------- -------------- ------------- ---------- 250,000 KENTWOOD MI ECONOMIC DEV 11/15/2014 5.250 $ 248,179 255,450 700,000 KENTWOOD MI ECONOMIC DEV 11/15/2026 5.250 710,480 637,896 250,000 KENTWOOD MI ECONOMIC DEV 11/15/2036 5.375 261,106 218,305 2,750,000 KERRVILLE TEX HEALTH FACS 8/15/2035 5.450 2,739,455 2,481,655 605,000 KERSHAW CNTY SC PUB SCHS 12/1/2025 5.000 618,114 579,614 350,000 KLICKITAT CNTY WA PUB HOSP 12/1/2020 6.000 350,000 341,936 500,000 KNOX CNTY TN HEALTH EDL + HSG 4/1/2027 5.250 516,267 462,090 400,000 KRONENWETTER WI 3/1/2017 5.000 404,590 404,140 500,000 KRONENWETTER WI REDEV AUTH 6/1/2008 4.800 500,445 502,005 500,000 LA VERNIA TX HIGHER ED FIN COR 2/15/2018 6.000 500,000 498,305 1,093,000 LAFAYETTE LA PUB TR FING AUTH 1/1/2041 5.350 1,137,040 1,136,611 455,000 LAKE ASHTON II CMNTY DEV DIST 11/1/2010 4.875 455,540 437,287 650,000 LAKELAND FL HOSP SYS REV 11/15/2032 5.000 661,543 597,383 400,000 LANCASTER CNTY PA HOSP AUTH 7/1/2012 5.200 399,685 405,792 500,000 LANCASTER CNTY PA HOSP AUTH 7/1/2022 6.100 498,562 491,500 250,000 LANCASTER CNTY PA HOSP AUTH 11/1/2026 5.000 261,662 242,195 400,000 LANGSTON OK ECONOMIC DEV AUTH 5/1/2026 5.250 414,192 365,292 250,000 LEBANON CNTY PA HEALTH FACS 12/15/2008 4.000 250,000 247,940 250,000 LEE CNTY FL INDL DEV AUTH 11/15/2029 5.000 256,057 213,198 750,000 LEE CNTY FL INDL DEV AUTH REV 6/15/2027 5.250 754,834 626,648 350,000 LEE CNTY FL WTR + SWR REV 10/1/2027 5.000 353,996 350,333 400,000 LEE CNTY S C SCH FACS INC 12/1/2031 6.000 410,543 413,592 250,000 LEHIGH CNTY PA GEN PURP AUTH 8/15/2042 5.040 250,000 157,500 245,000 LEWIS CNTY WA PUB HOSP DIST 12/1/2011 6.000 246,279 245,588 45,000 LEWISVILLE TX INDPT SCH DIST 8/15/2025 5.000 45,821 45,358 250,000 LITTLE ELM TX 8/1/2019 5.600 261,580 260,883 550,000 LOMBARD IL PUB FACS CORP 1/1/2030 5.500 580,438 474,084 1,750,000 LOMBARD IL PUB FACS CORP 1/1/2036 5.250 1,788,701 1,657,023 500,000 LOMBARD IL PUB FACS CORP REV 1/1/2015 6.375 500,000 493,515 300,000 LOMBARD ILL PUB FACS CORP 1/1/2025 5.500 319,120 267,795 250,000 LOMPOC CA HLTHCARE DIST 8/1/2034 5.000 254,064 242,505 320,000 LORAIN CNTY OH HOSP REV 9/1/2016 5.625 325,328 327,136 330,000 LORAIN CNTY OH HOSP REV 9/1/2027 5.500 336,562 335,874 500,000 LOS ANGELES CA HSG AUTH 6/1/2029 5.000 518,599 477,345 400,000 LOUDOUN CNTY VA DEV INDL AUTH 8/1/2028 5.000 400,000 399,204 1,750,000 LOUISIANA HSG FIN AGY 12/1/2038 5.700 1,857,433 1,857,433 250,000 LOUISIANA HSG FIN AGY SINGLE 10/1/2022 4.800 250,000 249,775 400,000 LOUISIANA HSG FIN AGY SINGLE F 6/1/2038 5.850 433,151 427,648 400,000 LOUISIANA LOC GOVT ENV FACS 11/1/2032 6.750 400,000 383,572 490,000 LOUISIANA LOC GOVT ENVIR FACS 6/20/2028 8.000 490,000 454,676 400,000 LOUISIANA PUB FACS AUTH REV 12/1/2015 6.500 411,591 400,476 500,000 LOUISIANA PUB FACS AUTH REV 7/1/2024 5.250 504,723 507,670 500,000 LOUISIANA PUB FACS AUTH REV 2/15/2036 4.720 500,000 355,000 750,000 LOUISVILLE JEFFERSON CNTY KY 10/1/2036 5.250 787,647 709,778 70,000 LUBBOCK TX HLTH FACS DEV CORP 1/20/2010 5.000 70,000 71,131 140,000 LUBBOCK TX HLTH FACS DEV CORP 3/20/2012 5.000 140,000 145,877 325,000 LUBBOCK TX HLTH FACS DEV CORP 7/1/2019 5.250 329,141 329,189 250,000 LUBBOCK TX HLTH FACS DEV CORP 7/1/2023 5.000 252,044 249,453 350,000 LUCAS CNTY OH HEALTH CARE FAC 8/15/2015 6.375 341,178 365,887 689,672 LYONS CO REV 11/30/2016 4.750 697,203 669,361 250,000 MADEIRA CMNTY DEV DIST FL 11/1/2014 5.250 249,437 226,545 475,000 MADISON CNTY FL REV 7/1/2025 6.000 467,474 449,398 230,000 MADISON CNTY NY INDL DEV AGY 2/1/2017 4.500 226,202 219,167 250,000 MAGNOLIA CREEK CMNTY DEV DIST 5/1/2014 5.600 250,000 232,475
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) March 31, 2008
Face Percent Amount Maturity Coupon Market of or shares Security date rate Cost Value (a) net assets ------------ --------------------------------------------- ---------- -------- -------------- ------------- ---------- 1,000,000 MALTA ILL TAX INCREMENT REV 12/30/2025 5.750 $ 1,000,000 889,380 500,000 MANCHESTER N H HSG + REDEV (c) 1/1/2020 5.248 266,859 251,055 250,000 MANCHESTER NH HSG + REDEV 1/1/2015 6.750 265,192 257,665 647,000 MANHATTAN IL 3/1/2022 5.750 647,000 617,490 500,000 MANITOWOC WI ELEC REV 10/1/2034 5.250 514,435 500,715 500,000 MAPLE GROVE MN HEALTH CARE REV 9/1/2029 5.000 505,742 475,075 500,000 MARICOPA CNTY AZ HLTH FACS REV 7/1/2032 5.250 524,217 483,650 250,000 MARICOPA CNTY AZ INDL DEV 1/1/2027 6.625 266,690 273,718 100,000 MARION CNTY IN CNVTN + RECTL 6/1/2027 5.000 101,996 100,013 500,000 MARQUIS CMNTY DEV AUTH VA REV 9/1/2013 5.100 500,000 498,320 215,000 MARYLAND ST ECONOMIC DEV CORP 12/1/2011 4.750 213,565 214,166 750,000 MARYLAND ST HEALTH + HIGHER 1/1/2013 4.750 750,000 729,450 250,000 MARYLAND ST HEALTH + HIGHER 1/1/2017 5.000 250,177 238,300 250,000 MARYLAND ST HEALTH + HIGHER ED 1/1/2027 4.625 250,000 233,180 500,000 MASHANTUCKET WSTRN PEQUOT 9/1/2036 5.500 509,444 436,990 250,000 MASSACHUSETTS ST 5/1/2037 4.590 250,000 180,000 1,500,000 MASSACHUSETTS ST COLLEGE BLDG 5/1/2039 5.375 1,569,838 1,522,155 750,000 MASSACHUSETTS ST HEALTH + EDL 7/1/2016 5.500 764,770 758,813 500,000 MASSACHUSETTS ST HEALTH AUTH 7/1/2018 5.000 517,878 513,455 350,000 MASSACHUSETTS ST HLTH EDL FACS 11/15/2009 5.125 352,395 356,731 450,000 MASSACHUSETTS ST HLTH EDL FACS 7/1/2028 5.000 463,991 448,263 100,000 MASSACHUSETTS ST INDL FIN AGY 9/1/2017 5.450 101,258 101,847 750,000 MASSACHUSETTS ST INDL FIN AGY 10/1/2023 5.000 770,006 763,005 250,000 MASSACHUSETTS ST INDL FIN AGY 2/15/2028 4.750 251,750 243,708 500,000 MASSACHUSETTS ST TPK AUTH MET 1/1/2017 5.125 509,540 505,865 145,000 MASSACHUSETTS ST TPK AUTH MET 1/1/2027 5.000 147,361 145,010 225,000 MASSACHUSETTS ST TPK AUTH MET 1/1/2029 5.250 231,848 225,358 500,000 MASSACHUSETTSC ST DEV FIN AGY 10/1/2017 5.000 509,445 471,620 265,000 MATAGORDA CNTY TX NAV DIST 1 6/1/2026 5.250 271,212 270,303 80,000 MATAGORDA CNTY TX NAV DIST 1 6/1/2026 5.250 81,596 79,901 1,000,000 MATTESON IL TAX INCREMENT REV 12/1/2009 4.250 1,000,000 987,870 1,750,000 MC ALESTER OKLA PUB WKS AUTH (c) 2/1/2030 5.480 535,924 493,780 200,000 MEAD VLG NE TAX INCREMENT REV 7/1/2012 5.125 200,000 182,708 115,000 MECKLENBURG CNTY NC INDL FACS 12/1/2009 5.250 115,753 115,224 500,000 MERRILLVILLE IN MLT SCH BLDG 7/15/2027 5.250 494,004 500,340 500,000 MESQUITE TX HEALTH FACS DEV 2/15/2015 5.000 502,857 495,390 1,075,000 MET GOVT NASHVILLE DAVIDSON TN (b) 12/20/2020 8.000 1,075,000 1,015,596 855,000 MET GOVT NASHVILLE DAVIDSON TN 6/20/2036 10.000 855,000 624,150 1,850,000 MET GOVT NASHVILLE DAVIDSON TN 12/20/2040 7.500 1,850,000 1,704,294 500,000 METRO GOVT NSHVILLE TN WTR SWR 1/1/2018 5.000 514,529 505,560 850,000 METRO TRANSN AUTH NY SVC CONTR 7/1/2030 5.000 881,582 855,109 300,000 METROPOLITAN PIER + EXPO IL 6/15/2012 5.250 306,623 300,564 500,000 MI PUB EDL FACS AUTH REV 9/1/2019 5.500 499,551 476,940 500,000 MIAMI BEACH FL HLTH FACS HOSP 11/15/2028 5.375 505,849 430,475 500,000 MIAMI CNTY OH HOSP FACS REV 5/15/2018 5.250 512,000 508,565 500,000 MIAMI DADE CNTY FL EXPWY 7/1/2029 5.125 521,256 500,430 250,000 MIAMI DADE CNTY FL SPL OBLIG 10/1/2037 5.000 257,021 243,603 250,000 MICH TOB STLMT FIN AUTH 6/1/2022 5.125 240,836 235,210 300,000 MICHIGAN PUB EDL FACS AUTH 9/1/2022 5.000 300,000 269,034 750,000 MICHIGAN PUB EDL FACS AUTH REV 9/1/2016 6.000 750,000 751,673 500,000 MICHIGAN PUB EDL FACS AUTH REV 10/1/2023 6.250 500,000 483,880 500,000 MICHIGAN ST BLDG AUTH REV (c) 10/15/2021 5.980 225,273 244,320 220,000 MICHIGAN ST HOSP FIN AUTH REV 11/15/2009 4.000 218,055 214,155 175,000 MICHIGAN ST HOSP FIN AUTH REV 6/1/2028 5.000 178,328 166,450
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) March 31, 2008
Face Percent Amount Maturity Coupon Market of or shares Security date rate Cost Value (a) net assets ------------ --------------------------------------------- ---------- -------- -------------- ------------- ---------- 1,000,000 MICHIGAN ST STRATEGIC FD 9/1/2029 5.450 $ 1,059,730 1,006,750 250,000 MICHIGAN ST UNIV REVS 2/15/2037 4.650 250,000 180,000 500,000 MIDCITIES MET DIST NO 2 CO 12/1/2030 5.125 500,717 481,475 500,000 MILLSBORO DE SPL OBLG 7/1/2036 5.450 500,000 414,340 750,000 MILWAUKEE WI REDEV AUTH REV 8/1/2015 5.125 749,932 754,613 645,000 MINNESOTA ST HIGHER ED FACS 10/1/2016 4.493 650,591 645,052 1,000,000 MISSISSIPPI DEV BK SPL 10/1/2013 5.000 1,026,524 1,049,090 500,000 MISSISSIPPI HOME CORP SINGLE 12/1/2039 5.050 500,000 469,950 250,000 MISSOURI ST DEV FIN BRD FACS 4/1/2025 5.125 253,309 249,018 500,000 MISSOURI ST DEV FIN BRD FACS 4/1/2028 4.750 484,269 464,010 500,000 MISSOURI ST HLTH + EDL FAC AUT 2/1/2018 4.875 512,803 497,075 980,000 MISSOURI ST HLTH + EDL FAC AUT 2/1/2022 5.125 1,013,601 960,439 500,000 MISSOURI ST HLTH + EDL FAC AUT 2/1/2027 4.875 506,260 454,315 375,000 MISSOURI ST HLTH + EDL FAC REV 5/15/2025 5.125 390,318 373,920 500,000 MONROE CNTY GA POLLUTN CTL REV 7/1/2036 4.900 508,998 480,885 320,000 MONROE MCKEEN PLAZA HSG DEV LA 2/1/2012 6.800 321,513 320,538 500,000 MONROEVILLE AL WTRWKS BRD 1/1/2020 5.125 513,743 505,435 250,000 MONTGOMERY AL EDL BLDG AUTH 10/1/2032 5.250 261,848 237,455 250,000 MONTGOMERY AL MED CLNIC BRD 3/1/2031 5.250 256,489 226,800 650,000 MONTGOMERY CNTY PA INDL DEV RE 2/1/2014 5.375 645,986 628,583 375,000 MONTGOMERY CNTY PA INDL DEV RE 2/1/2028 6.125 369,705 347,231 200,000 MONTGOMERY CNTY TX MUN UTIL 3/1/2017 4.900 200,798 200,332 250,000 MONTGOMERY IL SPL ASSMT 3/1/2030 4.700 250,230 222,713 800,000 MOUNT CARBON MET DIST CO REV (e) 6/1/2043 7.000 800,000 800,000 200,000 MOUNT CARBON MET DIST CO REV (b) (e) 6/1/2043 1.000 -- -- 300,000 MOUNT DORA FL HEALTH FACS AUTH 8/15/2008 4.250 299,450 298,065 130,000 MOUNTAIN REGL WTR SPL SVC DIST 12/1/2008 6.250 129,815 131,639 500,000 MURRAY CITY UT HOSP REV 5/15/2022 5.000 503,143 500,040 400,000 NASSAU CNTY N Y INDL DEV AGY 1/1/2018 5.875 396,338 388,416 140,000 NEW HAMPSHIRE HEALTH + ED 7/1/2011 5.000 140,705 143,147 480,000 NEW HAMPSHIRE HEALTH + ED 7/1/2016 5.000 478,055 477,398 300,000 NEW JERSEY ECONOMIC DEV AUTH 1/1/2015 5.000 296,613 283,281 250,000 NEW JERSEY HEALTH CARE FACS 2/1/2021 5.000 258,329 254,365 495,000 NEW JERSEY HEALTH CARE FACS FI 11/15/2033 3.522 495,000 346,500 40,000 NEW MEXICO MTG FIN AUTH 1/1/2026 6.950 42,099 40,810 250,000 NEW MEXICO ST HOSP EQUIP LN 8/15/2017 5.000 249,064 225,843 250,000 NEW MEXICO ST HOSP EQUIP LN 7/1/2025 5.250 260,411 248,858 230,000 NEW ORLEANS LA SEW SVC REV 6/1/2010 5.200 232,364 232,452 500,000 NEW RIVER CNMTY DEV DIST FL CP 5/1/2013 5.000 498,468 457,310 215,000 NEW YORK CNTYS TOB TR IV 6/1/2021 4.250 212,850 200,713 360,000 NEW YORK N Y 3/15/2029 5.000 369,387 360,677 350,000 NEW YORK ST DORM AUTH REVS 7/1/2019 6.875 376,234 365,113 500,000 NORMAN OKLA REGL HOSP AUTH REV 9/1/2024 5.500 509,708 483,200 250,000 NORTH CAROLINA 1/1/2032 5.250 248,640 202,898 625,000 NORTH CAROLINA MED CARE 7/1/2027 5.000 625,039 568,763 500,000 NORTH CAROLINA MED CARE COMMN 10/1/2034 5.800 542,519 481,365 500,000 NORTH CAROLINA MED CARE HLTH 10/1/2020 5.500 514,595 512,135 150,000 NORTH CAROLINA MED CARE HLTH 10/1/2028 5.000 153,508 150,174 1,300,000 NORTH CAROLINA MED CARE HLTH 10/1/2035 4.750 1,300,000 1,283,009 420,000 NORTH CAROLINA MUN PWR AGY 1/1/2017 5.125 434,823 424,927 1,000,000 NORTH CENT TX HLTH FAC DEV 5/15/2017 5.000 1,015,005 1,019,190 750,000 NORTH OAKS MN SR HSG REV 10/1/2022 5.750 739,116 729,540 350,000 NORTH RANGE MET DIST NO 1 CO 12/15/2024 5.000 363,235 299,331 1,000,000 NORTH TX TWY AUTH REV (c) 1/1/2028 5.900 317,240 337,890
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) March 31, 2008
Face Percent Amount Maturity Coupon Market of or shares Security date rate Cost Value (a) net assets ------------ --------------------------------------------- ---------- -------- -------------- ------------- ---------- 500,000 NORTHEASTERN PA HOSP + ED AUTH 8/15/2016 5.150 $ 502,246 500,895 500,000 NORTHERN CA GAS AUTH NO 1 7/1/2027 4.740 500,000 350,000 500,000 NORTHERN MARIANA ISLANDS 10/1/2022 5.000 504,467 451,805 750,000 NORTHRN CA PWR AGY PUB PWR REV 7/1/2032 5.200 765,149 750,413 250,000 OAKLAND CA UNI SCH DIST 8/1/2024 5.000 259,714 252,583 100,000 OAKRIDGE COMMUNITY DEVELOPMENT 5/1/2018 5.250 102,120 102,127 250,000 OKANOGAN CNTY WASH PUB HOSP 12/1/2023 5.625 264,214 265,188 125,000 OKLAHOMA CNTY OK FIN AUTH REV 11/15/2040 5.000 125,000 122,488 300,000 OKLAHOMA DEV FIN AUTH HOSP 12/1/2023 5.125 294,758 294,438 35,000 OKLAHOMA DEV FIN AUTH REV 2/15/2029 6.000 36,704 35,949 545,000 ORANGE CNTY FL HLTH FACS AUTH 7/1/2009 4.625 545,000 541,245 620,000 OREGON ST HEALTH HSG EDL AUTH 11/15/2026 8.000 646,506 620,490 25,000 OREGON ST HSG + CMNTY SVCS DEP 7/1/2022 5.700 25,255 25,310 500,000 ORLEANS PARISH LA PARSHWDE SCH 9/1/2020 5.500 500,000 500,210 495,000 ORLEANS PARISH LA SCH BRD (c) 2/1/2015 5.526 336,325 347,733 250,000 OUTER DRIVE HSG FIN CORP MI 1/1/2023 6.000 255,835 250,413 450,000 PALM BEACH CNTY FL HLTH FACS 10/1/2011 5.500 453,580 459,297 250,000 PALM BEACH CNTY FL HLTH FACS 11/15/2017 5.250 250,000 245,435 500,000 PALM BEACH CNTY FL HLTH FACS 11/15/2022 5.375 488,853 469,820 675,000 PALM BEACH FL HEALTH FACS 11/15/2029 5.125 684,005 574,918 225,000 PALO ALTO CNTY IA HOSP REV 8/1/2024 5.250 228,234 195,298 330,000 PANTHER TRACE II FL CMNTY DEV 11/1/2010 5.000 331,140 316,685 400,000 PAOLI IN BLDG CORP 1/15/2032 5.000 405,652 404,764 655,000 PARKLANDS LEE CMNTY DEV DIST 5/1/2011 5.125 654,512 626,383 500,000 PELL CITY AL SPL CARE FACS FIN 12/1/2027 5.250 426,201 437,150 250,000 PENNSYLVANIA INTRGVRNMNTL COOP 6/15/2021 5.000 257,259 251,360 600,000 PENNSYLVANIA ST HIGHER EDL 1/15/2022 6.000 620,637 636,702 500,000 PENNSYLVANIA ST HIGHER EDL 3/15/2030 5.750 515,993 503,285 295,000 PENNSYLVANIA ST HIGHER EDL 1/15/2031 6.000 308,883 311,682 325,000 PENNSYLVANIA ST HIGHER EDL FAC 11/15/2016 5.875 335,397 325,023 75,000 PENNSYLVANIA ST HIGHER EDL FAC 11/15/2016 5.875 79,659 75,005 500,000 PENNSYLVANIA ST HIGHER EDL FAC 12/1/2018 5.000 514,793 514,385 235,000 PENNSYLVANIA ST HIGHER EDL FAC 11/15/2021 5.875 254,059 235,016 50,000 PENNSYLVANIA ST HIGHER EDL FAC 11/15/2021 5.875 50,977 50,004 500,000 PENNSYLVANIA ST HIGHER EDL FAC 7/1/2039 4.670 500,000 355,000 250,000 PHILADELPHIA PA HOSPS + HIGHER 1/1/2018 5.300 252,659 254,880 250,000 PHOENIX AZ STR + HWY USER REV 7/1/2011 6.250 255,178 250,743 375,000 PIMA CNTY AZ INDL 2/1/2015 6.625 375,000 370,110 200,000 PIMA CNTY AZ INDL DEV 12/15/2016 5.250 197,925 199,914 215,000 PIMA CNTY AZ INDL DEV AUTH 8/1/2012 6.250 215,000 215,501 490,000 PIMA CNTY AZ INDL DEV AUTH 7/1/2014 4.650 488,675 477,907 250,000 PIMA CNTY AZ INDL DEV AUTH 7/1/2015 5.125 248,861 248,263 465,000 PIMA CNTY AZ INDL DEV AUTH 6/1/2016 6.000 465,000 469,883 400,000 PIMA CNTY AZ INDL DEV AUTH 12/1/2017 5.350 400,000 385,216 250,000 PIMA CNTY AZ INDL DEV AUTH 6/1/2022 5.000 254,581 225,130 150,000 PIMA CNTY AZ INDL DEV AUTH 7/1/2023 5.700 154,523 144,155 150,000 PIMA CNTY AZ INDL DEV AUTH ED 7/1/2012 5.000 149,710 152,543 775,000 PIMA CNTY AZ INDL DEV AUTH ED 2/1/2015 7.250 775,000 775,364 500,000 PIMA CNTY AZ INDL DEV AUTH ED 7/1/2022 5.375 506,048 470,525 500,000 PINAL CNTY ARIZ CTFS PARTN 12/1/2026 5.000 504,861 495,775 500,000 PINAL CNTY AZ INDL DEV AUTH 10/1/2020 5.250 525,712 483,765 432,000 PINGREE GROVE VILLAGE IL 3/1/2015 5.250 428,744 417,761 225,000 PITT CNTY NC REV 12/1/2010 5.375 232,768 235,123 750,000 PLEASANTS CNTY WV POLL CTL 5/1/2015 6.150 789,613 751,650
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) March 31, 2008
Face Percent Amount Maturity Coupon Market of or shares Security date rate Cost Value (a) net assets ------------ --------------------------------------------- ---------- -------- -------------- ------------- ---------- 2,000,000 PORT EVERGLADES AUTH FL IMPT 9/1/2016 5.000 $ 2,012,671 2,011,780 635,000 PORTLAND ME HSG DEV CORP 8/1/2015 4.875 635,000 621,557 250,000 PORTLAND ME HSG DEV CORP 8/1/2021 5.700 250,000 247,108 750,000 POTTER CNTY PA HOSP AUTH REV 8/1/2016 5.950 755,421 753,038 500,000 POTTER CNTY PA HOSP AUTH REV 8/1/2024 6.050 519,565 502,635 105,000 PRIVATE COLLEGES + UNIVS AUTH 10/1/2029 5.375 105,207 100,301 250,000 PRIVATE COLLEGES+UNIVS AUTH GA 10/1/2014 5.250 257,586 255,468 250,000 PROVO UT CHARTER SCH REV 6/15/2037 5.500 250,000 208,273 450,000 PUERTO RICO COMWLTH HWY 7/1/2045 4.550 450,000 315,000 500,000 PUERTO RICO ELEC 7/1/2025 4.700 500,000 350,000 500,000 PUERTO RICO SALES TAX FING 8/1/2057 3.745 500,000 355,000 750,000 QUAIL CREEK CMNTY FACS DIST 7/15/2016 5.150 750,000 734,648 500,000 QUINAULT INDIAN NATION WA 12/1/2015 5.800 502,898 493,425 400,000 RENO NV HOSP REV 6/1/2032 5.250 414,998 374,024 750,000 RENO SPARKS INDIAN COLONY NV 6/1/2021 5.000 767,797 734,378 250,000 RHODE ISLAND ST HLTH + ED BLDG 5/15/2026 5.250 255,937 250,848 500,000 RICHARDSON TX HOSP AUTH REV 12/1/2028 5.625 515,974 476,775 500,000 RIVERSIDE MO INDL DEV AUTH 5/1/2020 5.000 503,107 491,310 350,000 RIVERSIDE MO INDL DEV AUTH 5/1/2027 4.500 347,874 302,281 250,000 RIVERWOOD ESTATES CMNTY DEV 5/1/2013 5.000 250,000 227,858 1,000,000 ROCKPORT IN POLLUTION CTL REV 6/1/2025 4.625 1,000,625 931,940 1,000,000 SACRAMENTO CA CITY FING AUTH 12/1/2021 0.010 495,847 468,230 500,000 SACRAMENTO CNTY CA CTFS PARTN 10/1/2027 4.750 500,450 477,945 250,000 SACRAMENTO CNTY CA SANTN DIST 12/1/2035 4.025 250,000 177,500 350,000 SACRAMENTO CNTY CA WTR FINGAU 6/1/2039 4.590 350,000 248,500 250,000 SAGINAW MI HOSP FIN AUTH REV 7/1/2030 6.500 266,790 264,590 1,750,000 SAN BERNARDINO CNTY CA CTFS 8/1/2028 5.000 1,799,160 1,750,805 200,000 SAN DIEGO CA PUB FACS FING 5/15/2025 5.000 202,237 200,014 145,000 SAN DIEGO CA PUB FACS FING 5/15/2025 5.000 145,419 145,010 600,000 SAN JOAQUIN HILLS CA TRNS TOLL 1/15/2030 5.250 610,124 599,982 250,000 SANTA CLARA CA REDEV TAX ALLOC 6/1/2015 5.000 252,216 250,863 500,000 SARASOTA CNTY FL HEALTH FACS 1/1/2027 5.500 509,048 453,490 250,000 SARASOTA NATL CMNTY DEV DIS FL 5/1/2039 5.300 248,150 189,723 410,000 SAYRE PA HLTH CARE FACS AUTH (b) 12/1/2031 5.875 431,477 416,470 1,000,000 SCAGO EDL 12/1/2021 5.000 1,050,154 992,120 1,000,000 SCAGO EDL FACS CORP 12/1/2026 5.000 1,050,154 1,009,040 750,000 SCRANTON PENN PKG 6/1/2027 5.250 760,839 716,783 200,000 SEMINOLE TRIBE FL SPL OBLIG 10/1/2022 5.750 207,403 196,056 500,000 SEMINOLE TRIBE FL SPL OBLIG RE 10/1/2024 5.500 506,640 475,195 250,000 SENECA NATION INDIANS CAP 12/1/2023 5.000 248,644 220,525 500,000 SHELBY CNTY TN HLTH EDL + HSG 9/1/2011 4.900 500,000 491,800 750,000 SHELBY CNTY TN HLTH EDL + HSG 9/1/2016 5.250 744,942 729,105 150,000 SHELBY CNTY TN HLTH EDL + HSG (b) 1/1/2019 5.350 134,966 45,050 500,000 SHELBY CNTY TN HLTH EDL + HSG 9/1/2026 5.625 496,294 471,800 625,000 SHELBY CNTY TN HLTH EDL + HSG (b) 1/1/2029 5.550 556,863 180,869 250,000 SKAGIT CNTY WA 12/1/2008 4.650 250,563 251,025 1,000,000 SKOWHEGAN ME POLLUTN 11/1/2013 5.900 1,000,000 1,002,930 500,000 SOUTH CAROLINA JOBS ECON DEV 4/1/2024 5.000 513,481 456,715 750,000 SOUTH CAROLINA JOBS ECON DEV 4/1/2027 8.000 750,000 750,000 50,000 SOUTH CAROLINA JOBS ECON DEV 11/15/2030 5.625 50,794 55,848 200,000 SOUTH CAROLINA JOBS ECON DEV 11/15/2030 5.625 203,177 201,238 695,000 SOUTH CAROLINA JOBS ECONOMIC 11/1/2010 4.650 695,000 672,899 750,000 SOUTH CAROLINA JOBS ECONOMIC 5/1/2011 5.000 750,000 744,585 500,000 SOUTH CAROLINA JOBS ECONOMIC 11/15/2027 6.000 504,511 464,365
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) March 31, 2008
Face Percent Amount Maturity Coupon Market of or shares Security date rate Cost Value (a) net assets ------------ --------------------------------------------- ---------- -------- -------------- ------------- ---------- 750,000 SOUTH CAROLINA JOBS ECONOMIC 11/15/2042 5.150 $ 750,000 735,330 205,000 SOUTH CHICAGO HEIGHTS IL 12/1/2009 6.150 205,000 205,607 1,000,000 SOUTH COAST CONSERVANCY DIST 1/1/2028 5.250 993,847 1,061,860 600,000 SOUTH DAKOTA ST HEALTH 7/1/2030 6.400 600,000 600,000 250,000 SOUTH DAKOTA ST HEALTH + EDL 11/1/2034 5.250 259,697 240,298 375,000 SOUTH DAKTA ST HEATH + EDL FAC 7/1/2024 6.400 375,000 375,000 170,000 SOUTH LAKE CNTY HOSP DIST FL 10/1/2022 6.000 175,869 173,869 85,000 SOUTH LAKE CNTY HOSP DIST FLA 10/1/2008 4.250 84,979 85,271 640,000 SOUTH LAKE CNTY HOSP FL 10/1/2013 5.500 640,020 677,779 300,000 SOUTHERN MN MUN PWR AGY SUPPLY 1/1/2013 1.850 300,000 292,650 250,000 SOUTHWESTERN IL DEV AUTH REV 8/15/2015 5.375 258,192 254,615 750,000 SOUTHWESTERN IL DEV AUTH REV 10/1/2022 7.000 750,000 723,915 250,000 SOUTHWESTERN IL DEV AUTH REV 11/1/2026 5.625 248,198 221,418 1,500,000 SOUTHWESTERN IL DEV AUTH REV 8/15/2029 5.625 1,540,703 1,459,020 250,000 ST CHARLES CNTY MO PUB WTR 12/1/2036 5.375 248,125 250,993 1,025,000 ST JOHN BAPTIST PARISH LA REV 6/1/2037 5.125 1,025,000 905,280 250,000 ST JOHNS CNTY FL INDL DEV 10/1/2017 5.000 250,000 230,985 400,000 ST JOSEPH CNTY IND ECONOMIC 5/15/2014 5.750 409,276 395,208 1,000,000 ST JOSEPH MO INDL DEV AUTH TAX 11/1/2019 5.100 987,042 934,210 500,000 ST JOSEPH MO INDL DEV AUTH TAX 11/1/2023 5.375 496,052 459,365 500,000 ST JOSHEP CNTY IN HOSP AUTH 2/15/2028 5.250 511,535 445,070 800,000 ST LOUIS CNTY MO HSG AUTH (b) 11/1/2014 8.500 800,000 384,136 250,000 ST LOUIS CNTY MO INDL DEV 9/1/2021 5.375 255,258 232,783 250,000 ST LOUIS CNTY MO INDL DEV AUTH 11/15/2022 5.000 253,837 217,815 1,000,000 ST LOUIS CNTY MO INDL DEV AUTH 12/1/2027 5.370 1,000,000 985,080 480,000 ST LOUIS MO INDL DEV AUTH TAX 5/1/2026 5.125 477,130 421,963 525,000 ST PAUL MN HSG + REDEV HOSP 11/15/2014 5.250 536,736 533,474 247,712 ST TAMMANY PARISH LA FIN AUTH 12/1/2039 5.250 253,743 249,065 215,000 STERLING HILL CMNTY DEV DIST 11/1/2010 5.500 214,490 213,538 300,000 STERLING HILL CMNTY DEV DIST 5/1/2011 5.100 300,000 285,012 500,000 STONEYBROOK SOUTH CMNTY DEV FL 11/1/2015 5.450 498,260 451,820 500,000 SULLIVAN CNTY TN HEALTH EDL 9/1/2036 5.250 516,670 438,075 135,000 SUMMIT ACADEMY NORTH MI PUB 7/1/2009 6.250 135,814 141,897 445,000 SUMMIT ACADEMY NORTH MI PUB 11/1/2011 4.750 445,130 442,886 83,000 SUNDANCE CMNTY FACS DIST AZ 7/1/2008 5.000 83,000 83,244 500,000 TANGIPAH0A PARISH LA HOSP SVC 2/1/2015 5.375 522,166 526,935 500,000 TARRANT CNTY TEX CULTURAL ED 11/15/2016 5.250 483,149 459,355 750,000 TARRANT CNTY TX CLUTURAL ED 11/15/2036 6.000 773,041 712,193 250,000 TARRANT CNTY TX CULTURAL ED 2/15/2013 5.000 249,675 239,403 1,000,000 TARRANT CNTY TX CULTURAL ED 11/15/2026 6.000 1,037,487 976,390 250,000 TEXAS MUN GAS ACQUISITION 12/15/2026 4.794 250,000 189,773 250,000 TEXAS MUN GAS CORP 12/15/2026 4.720 250,000 160,000 90,000 TEXAS ST AFFORDABLE HSG CORP 10/1/2008 4.100 90,000 90,436 500,000 TEXAS ST PUB FIN AUTH CHARTER 9/1/2018 5.500 500,000 484,760 800,000 TEXAS STUDENT HSG AUTH REV (b) 1/1/2033 11.000 800,000 19,400 1,500,000 TISONS LANDING CMNTY DEV DIST 11/1/2011 5.000 1,499,240 1,404,690 475,000 TOB SECURITIZATION AUTH NORTH 6/1/2023 4.750 462,475 443,275 300,000 TOBACCO SETTLEMENT FING CO NJ 6/1/2015 5.000 309,633 300,696 750,000 TOBACCO SETTLEMENT FING CORP 6/1/2011 5.000 750,514 750,938 1,505,000 TOBACCO SETTLEMENT REV MGMT 5/15/2022 6.000 1,541,958 1,510,313 425,000 TODD CREEK FARMS MET DIST NO 1 12/1/2009 4.750 423,316 416,169 250,000 TOLEDO LUCAS CNTY OH PORT AUTH 12/1/2035 5.375 257,921 228,853 750,000 TOLOMATO CMNTY DEV DIST FL 5/1/2017 6.375 750,000 744,353 2,000,000 TRAVIS CNTY TX HEALTH FACS DEV 11/15/2035 4.750 2,000,000 1,966,820
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) March 31, 2008
Face Percent Amount Maturity Coupon Market of or shares Security date rate Cost Value (a) net assets ------------ --------------------------------------------- ---------- -------- -------------- ------------- ---------- 840,000 TRAVIS CNTY TX HSG FIN CORP (b) 6/1/2035 9.250 $ 840,000 312,925 500,000 TWIN VALLEY PUB PWR RV 9/15/2022 5.250 510,083 500,570 1,000,000 TYLER TX HEALTH FACS DEV CORP 7/1/2009 6.600 1,003,100 1,009,730 855,000 TYLER TX HEALTH FACS DEV CORP 11/1/2027 5.375 896,176 890,457 350,000 TYLER TX HEALTH FACS DEV CORP 11/1/2037 5.375 347,564 302,621 500,000 ULSTER CNTY N Y INDL 9/15/2013 5.100 496,455 488,805 500,000 ULSTER CNTY N Y INDL 9/15/2016 5.250 493,267 470,970 155,000 UNIVERSITY AZ MED CTR HOSP REV 7/1/2013 5.000 155,753 155,256 200,000 UNIVERSITY CITY MO INDL DEV AU 12/20/2030 6.000 211,105 200,080 671,000 UTAH ASSOCIATED MUNI POWER SYS 5/1/2022 4.750 671,000 610,127 320,000 UTAH CNTY UT HOSP REV 8/15/2026 5.250 324,568 323,130 250,000 UTAH ST CHARTER SCH FIN AUTH 6/15/2017 5.125 250,000 243,983 750,000 VALLEY AL SPL CARE FACS FING 11/1/2011 5.450 763,204 760,485 1,215,000 VERANO CTR CMNTY DEV DIST FL 11/1/2012 5.000 1,215,000 1,105,286 500,000 VERNON CA NAT GAS FING AUTH 8/1/2021 5.000 500,000 500,545 300,000 VERRADO CMNTY FACS DIST NO 1 7/15/2013 6.000 300,000 316,686 300,000 VIGO CNTY IN HOSP AUTH REV 9/1/2027 5.500 296,801 267,915 2,000,000 VIRGINIA ST HSG DEV AUTH 7/1/2036 5.375 2,094,128 1,988,320 250,000 VISTANCIA CMNTY FACS DIST AZ 7/15/2008 4.150 250,000 250,440 250,000 WALKER FIELD CO PUB ARPT AUTH 12/1/2027 4.750 227,304 213,565 350,000 WASHINGTON CNTY IA HOSP REV 7/1/2017 5.250 349,735 349,969 730,000 WASHINGTON CNTY OK MED AUTH 11/1/2010 5.500 740,102 735,307 145,000 WASHINGTON CNTY PA AUTH REV 12/1/2029 6.150 153,812 145,331 500,000 WASHINGTON ST 7/1/2022 5.000 515,506 515,835 650,000 WASHINGTON ST HSG FIN COMMN 1/1/2013 5.100 650,000 635,206 1,150,000 WASHINGTON ST HSG FIN COMMN 1/1/2017 5.250 1,145,928 1,095,594 500,000 WATERS EDGE CMNTY DEV DIST 11/1/2012 5.000 500,203 462,715 500,000 WATERSET NORTH CMNTY DEV DIST 11/1/2015 6.550 498,495 482,490 605,000 WATSON RD CMNTY FACS DIST AZ 7/1/2008 4.600 605,143 605,889 750,000 WEATHERFORD HOSP AUTH OK REV 5/1/2016 6.000 767,105 732,398 125,000 WELD CNTY CO CTFS PARTN 12/15/2019 5.125 127,676 125,934 250,000 WEST VLGS IMPT DIST FLA REV 5/1/2037 5.500 250,000 199,898 845,000 WESTERN GENERATION AGY OR 1/1/2021 5.000 853,763 760,939 200,000 WESTPARK CMNTY FACS DIST AZ 7/15/2016 4.900 200,000 192,222 500,000 WHITEHOUSE TX INDPT SCH DIST (c) 2/15/2025 4.650 230,260 194,535 60,000 WHITMORE LAKE MI PUB SCH DIST 5/1/2028 5.000 62,067 65,780 500,000 WI ST HEALTH EDL FACS 6/1/2028 5.700 520,049 479,495 145,000 WICHITA KS HOSP REV 11/15/2024 6.250 151,928 151,007 255,000 WILL CNTY IL SPL ED JT 1/1/2021 5.500 265,529 265,580 500,000 WINKLER COUNTY TX 2/15/2031 5.250 516,503 480,665 460,000 WISCONSIN HEALTH + EDL FACS 8/15/2016 4.600 458,716 449,540 1,000,000 WISCONSIN HEALTH + EDL FACS 12/1/2034 4.750 1,000,000 992,800 250,000 WISCONSIN ST HEALTH + EDL 11/15/2032 6.000 268,895 241,873 250,000 WISCONSIN ST HEALTH + EDL FACS 10/1/2013 4.500 248,790 251,635 225,000 WISCONSIN ST HEALTH + EDL FACS 3/1/2015 4.650 225,000 219,920 400,000 WISCONSIN ST HEALTH + EDL FACS 9/1/2015 5.000 400,000 375,972 450,000 WISCONSIN ST HEALTH + EDL FACS 7/1/2017 6.000 462,856 468,090 350,000 WISCONSIN ST HEALTH + EDL FACS 7/1/2021 6.000 359,741 359,713 225,000 WISCONSIN ST HEALTH + EDL FACS 11/15/2023 6.000 240,300 227,120 500,000 WISCONSIN ST HEALTH + EDL FACS 1/15/2025 5.650 512,354 512,945 500,000 WISCONSIN ST HEALTH + EDL FACS 7/1/2026 5.000 505,479 455,805 350,000 WISCONSIN ST HEALTH + EDL FACS 5/15/2029 5.125 360,875 314,734 250,000 WISCONSIN ST HEALTH + EDL FACS 2/15/2034 5.375 255,718 234,883 1,050,000 WOODHILL PUB FAC CORP TEX 12/1/2015 7.250 1,037,802 1,033,547
CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) March 31, 2008
Face Percent Amount Maturity Coupon Market of or shares Security date rate Cost Value (a) net assets ------------ --------------------------------------------- ---------- -------- -------------- ------------- ---------- 250,000 YORK CNTY PA INDL DEV AUTH REV 10/1/2019 6.450 $ 250,000 250,610 250,000 YUBA CTY CL REDEV AGY TAX ALLO 9/1/2027 5.125 255,129 244,428 400,000 ZEPHYR RIDGE CMNTY DEV DIST FL 5/1/2013 5.250 400,783 368,776 -------------- ------------- 327,718,503 309,961,601 92.77% Cash Equivalents: 2,118,130 SSGA TAX-EXEMPT MONEY MARKET FUND, Current rate 2.11% 2,260,512 2,260,512 0.68% -------------- ------------- ----------- Grand total (d) $ 352,238,246 333,115,689 99.70% ============== ============= ===========
Notes to investments in securities: (a) Securities are valued in accordance with procedures described in note 2 to the financial statements. (b) Currently non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal. (c) For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition. (d) At March 31, 2008, the cost for Federal income tax purposes was $352,238,246. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows: Gross unrealized appreciation $ 838,541 Gross unrealized depreciation (19,961,098) --------------- Net unrealized depreciation $ (19,122,557) =============== (e) This security is being fair-valued according to procedures adopted by the Board of Trustees. Distribution of investments representing geographic diversification, as a percentage of total investments at value, is as follows: Geographical Diversification Percent -------------------------------------------------------------------- Illinois 9.53% Texas 9.19 Florida 8.65 California 5.63 Pennsylvania 3.90 Louisiana 3.73 Arizona 3.47 South Carolina 3.40 Missouri 3.33 Indiana 3.23 Michigan 2.74 Other 43.20 ------ 100.00% ====== CLEARWATER INVESTMENT TRUST Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited) March 31, 2008
Face Percent Amount Maturity Coupon Market of or shares Security date rate Cost Value (a) net assets ------------ --------------------------------------------- ---------- -------- -------------- ------------- ----------
Other information: Effective January 1, 2008, the Fund adopted Statement of Financial Accounting Standards No. 157 ("FAS 157"). FAS 157 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to calculate the Fund's investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below. Level 1 - quoted prices in active markets for identical investments Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) Investments are valued as of the close of business of the New York Stock exchange, normally 4:00 pm Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the Fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities are valued at an evaluated mean provided by an independent pricing service that are based on upon where a U.S. municipal retail lot position would trade at the end of each business day. When prices are not readily available, or are determined not to reflect fair value, the Fund may value these securities at fair value as determined in accordance with the procedures approved by the Fund's Board of Trustees. The following is a summary of the inputs used as of March 31, 2008 in valuing the Fund's assets carried at fair value:
Investments in Securities Valuation inputs at Value ------------------------- Level 1 - Quoted Prices 20,893,576 Level 2 - Other Significant Observable inputs 311,422,113 Level 3 - Significant unobservab le Inputs 800,000 ------------------------- Total 333,115,689 =========================
Item 2. Controls and Procedures. (a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document. (b) There were no significant changes in the registrant's internal controls over financial reporting (as defined in rule 30a-3(d)under the Act) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonable likely to materially affect, the registrant's internal control over financial reporting. Item 3. Exhibits. The certifications required by Rule 30a-2 under the Investment Company Act of 1940, as amended, are attached hereto. SIGNATURES [See General Instruction F] 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. (Registrant) CLEARWATER INVESTMENT TRUST --------------------------- By: (Signature and Title)* /s/George H. Weyerhaeuser, Jr. ------------------------------ George H. Weyerhaeuser, Jr. Chief Executive Officer and Treasurer Date: May 19, 2008 ------------ 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. By: (Signature and Title)* /s/George H. Weyerhaeuser, Jr. ------------------------------ George H. Weyerhaeuser, Jr. Chief Executive Officer Date: May 19, 2008 ------------ By: (Signature and Title)* /s/George H. Weyerhaeuser, Jr. ------------------------------ George H. Weyerhaeuser, Jr. Treasurer Date: May 19, 2008 ------------ * Print the name and title of each signing officer under his or her signature.