0000897101-12-002059.txt : 20121129 0000897101-12-002059.hdr.sgml : 20121129 20121129165418 ACCESSION NUMBER: 0000897101-12-002059 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20121129 DATE AS OF CHANGE: 20121129 EFFECTIVENESS DATE: 20121129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLEARWATER INVESTMENT TRUST CENTRAL INDEX KEY: 0000811161 IRS NUMBER: 000000000 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-12289 FILM NUMBER: 121232361 BUSINESS ADDRESS: STREET 1: 2000 WELLS FARGO PLACE STREET 2: 30 EAST 7TH STREET CITY: ST PAUL STATE: MN ZIP: 55101-4930 BUSINESS PHONE: 6122280935 MAIL ADDRESS: STREET 1: 2000 WELLS FARGO PLACE STREET 2: 30 EAST 7TH STREET CITY: ST PAUL STATE: MN ZIP: 55101

0000811161 S000000697 Clearwater Core Equity Fund

C000002050 Clearwater Core Equity Fund QWVPX

0000811161 S000000698 Clearwater Small Companies Fund

C000002051 Clearwater Small Companies Fund QWVOX

0000811161 S000000699 Clearwater Tax-Exempt Bond Fund

C000002052 Clearwater Tax-Exempt Bond Fund QWVQX

0000811161 S000024756 CLEARWATER INTERNATIONAL FUND

C000073549 CLEARWATER INTERNATIONAL FUND QCVAX

497 1 clearwater124702s2_497.htm 497

November 29, 2012

BY EDGAR

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Re:	Clearwater Investment Trust (File Nos. 33-12289; 811-05038)

Ladies and Gentlemen:

On behalf of Clearwater Investment Trust, enclosed for filing pursuant to Rule 497(e) under the Securities Act of 1933, as amended (“Rule 497(e)”), are exhibits containing interactive data format risk/return summary information that reflect the risk/return summary information included in the supplement, filed pursuant to Rule 497(e) on November 8, 2012, to the Prospectuses of Clearwater Core Equity Fund, Clearwater Small Companies Fund, Clearwater Tax-Exempt Bond Fund and Clearwater International Fund, dated April 30, 2012, as supplemented.

If there are any questions or comments concerning the foregoing, please contact the undersigned at (651) 215-4428.

Very truly yours,

/s/ Jennifer D. Lammers
Jennifer D. Lammers

Enclosures

EX-101.INS 2 cik0000811161-20121108.xml XBRL INSTANCE FILE 0000811161 cik0000811161:S000024756Member 2012-04-30 2012-04-30 0000811161 cik0000811161:S000000699Member 2012-04-30 2012-04-30 0000811161 2012-04-30 2012-04-30 <div>   CLEARWATER INVESTMENT TRUST   CLEARWATER CORE EQUITY FUND CLEARWATER SMALL COMPANIES FUND <div> CLEARWATER TAX-EXEMPT BOND FUND CLEARWATER INTERNATIONAL FUND SUPPLEMENT TO THE PROSPECTUS ("PROSPECTUS") DATED APRIL 30, 2012, as supplemented The date of this Supplement is November 8, 2012. Important Notice Regarding Change in Disclosure for the Clearwater Tax-Exempt Bond Fund Additional risk disclosure has been added with respect to the Clearwater Tax-Exempt Bond Fund. Important Notice Regarding Change in Subadvisers and Investment Strategy for Clearwater International Fund Effective October 16, 2012, the Board of Trustees has approved the termination of the investment advisory agreements with two of the subadvisers to the Clearwater International Fund (the "International Fund"): AXA Rosenberg Investment Management LLC and Eagle Global Advisors, LLC. The Board of Trustees has also approved investment advisory agreements with three new subadvisers to the International Fund: Denver Investments, WCM Investment Management and Templeton Investment Counsel, LLC. Additionally, the International Fund's investment strategy will be revised such that, under normal market conditions, the allocations among the subadvisers will change such that approximately 50% of the International Fund's net assets will be allocated to Parametric Portfolio Associates and the remaining assets will be allocated to one or more of the four other subadvisers that provide day-to-day management to the Fund. Accordingly, the Prospectus is amended as follows. <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="font-size: 1px;"><td valign="top" width="5%">  </td> <td valign="top" width="10%">  </td> <td valign="top" width="70%">  </td> <td valign="top" width="15%">  </td></tr> <tr><td valign="top"> 1.</td> <td valign="top" colspan="3"> The following will be added at the end of the section titled "SUMMARY SECTION – Clearwater Tax-Exempt Bond Fund – Principal Risks of Investing in the Fund" in the Prospectus:</td></tr> <tr><td valign="top">  </td> <td valign="top">  </td> <td valign="top">  </td> <td valign="top">  </td></tr> <tr><td valign="top">  </td> <td valign="top">  </td> <td valign="top"> Please note that the Fund is not a money market fund and is not intended to be a money market fund substitute. The Fund does not attempt to maintain a stable net asset value and is not subject to the rules that govern the quality, maturity liquidity and other features of securities in that money market funds may purchase. Under normal conditions, the Fund's investment may be more susceptible than a money market fund to interest rate risk and credit risks relevant to the Fund's investments.</td> <td valign="top">  </td></tr> <tr><td valign="top">  </td> <td valign="top">  </td> <td valign="top">  </td> <td valign="top">  </td></tr> <tr><td valign="top"> 2.</td> <td valign="top" colspan="3"> The third and fourth paragraphs of the section titled "SUMMARY SECTION – Clearwater International Fund – Principal Investment Strategies" in the Prospectus will be deleted and replaced with the following:</td></tr> <tr><td valign="top">  </td> <td valign="top">  </td> <td valign="top">  </td> <td valign="top">  </td></tr> <tr><td valign="top">  </td> <td valign="top">  </td> <td valign="top"> Clearwater Management Company ("CMC") serves as the investment manager to the Fund and is responsible for the oversight of the Fund's subadvisers. The Fund uses a "multi-style, multi-manager" approach. The Fund's adviser allocates portions of the Fund's assets among subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management to the Fund: Parametric Portfolio Associates ("Parametric"), Artisan Partners Limited Partnership ("Artisan Partners"), Denver Investments ("Denver"), WCM Investment Management ("WCM"), and Templeton Investment Counsel, LLC ("Templeton"). Fiduciary Counselling, Inc. ("FCI") acts as a subadviser to the Fund, but does not provide day-to-day management. FCI provides the Fund with various investment-related services, including investment strategy advice, manager recommendations and related duties as requested by CMC.</td> <td valign="top">  </td></tr></table> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="font-size: 1px;"><td valign="top" width="5%">  </td> <td valign="top" width="10%">  </td> <td valign="top" width="70%">  </td> <td valign="top" width="15%">  </td></tr> <tr><td valign="top">  </td> <td valign="top">  </td> <td valign="top"> The allocation among subadvisers will vary over time, but the current intent of the Fund's adviser is that under normal market conditions approximately 50% of the Fund's net assets will be allocated to Parametric; the remaining assets will be allocated to one or more of the Fund's four other subadvisers that provide day-to-day management of the Fund. Parametric manages its portion of the Fund's assets in a passive management strategy so that to the extent feasible its portion of the Fund's holdings matches the holdings of the MSCI World Ex USA Index (net) as closely as possible. Parametric does not intend that the portion of the Fund's assets it manages will be invested in all the components of the MSCI World Ex USA Index (net) at any given time. The MSCI World Ex USA Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Ex USA Index (net) consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Artisan Partners seeks to build a diversified portfolio of non-U.S. stocks of all sizes that it believes to be undervalued. The portion of the Fund's portfolio allocated to Denver is invested in approximately 35-60 international small capitalization companies included in or similar in size to companies within the MSCI EAFE Small-Cap Index (companies with capitalizations between $26 million and $4.8 billion, as of September 30, 2012). The portion of the Fund's portfolio allocated to WCM is invested in approximately 30 large capitalization non-U.S. companies. Templeton invests in a portfolio of approximately 100 international small capitalization stocks (companies with capitalizations under $4 billion). Overall, the Fund may be invested across all capitalization levels. <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top"> INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.</td></tr></table></td></tr></table> <div> </div></div> </div> <div> CLEARWATER INVESTMENT TRUST   CLEARWATER TAX-EXEMPT BOND FUND <div> SUPPLEMENT TO THE PROSPECTUS ("PROSPECTUS") DATED APRIL 30, 2012, as supplemented The date of this Supplement is November 8, 2012. Important Notice Regarding Change in Disclosure for the Clearwater Tax-Exempt Bond Fund Additional risk disclosure has been added with respect to the Clearwater Tax-Exempt Bond Fund. Accordingly, the Prospectus is amended as follows. <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="font-size: 1px;"><td valign="top" width="5%">  </td> <td valign="top" width="10%">  </td> <td valign="top" width="70%">  </td> <td valign="top" width="15%">  </td></tr> <tr><td valign="top"> 1.</td> <td valign="top" colspan="3"> The following will be added at the end of the section titled "SUMMARY SECTION – Clearwater Tax-Exempt Bond Fund – Principal Risks of Investing in the Fund" in the Prospectus:</td></tr> <tr><td valign="top">  </td> <td valign="top">  </td> <td valign="top">  </td> <td valign="top">  </td></tr> <tr><td valign="top">  </td> <td valign="top">  </td> <td valign="top"> Please note that the Fund is not a money market fund and is not intended to be a money market fund substitute. The Fund does not attempt to maintain a stable net asset value and is not subject to the rules that govern the quality, maturity liquidity and other features of securities in that money market funds may purchase. Under normal conditions, the Fund's investment may be more susceptible than a money market fund to interest rate risk and credit risks relevant to the Fund's investments. <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top"> INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.</td></tr></table></td></tr></table></div> </div> <div>   CLEARWATER INVESTMENT TRUST   CLEARWATER INTERNATIONAL FUND <div> SUPPLEMENT TO THE PROSPECTUS ("PROSPECTUS") DATED APRIL 30, 2012, as supplemented The date of this Supplement is November 8, 2012. Important Notice Regarding Change in Subadvisers and Investment Strategy for Clearwater International Fund Effective October 16, 2012, the Board of Trustees has approved the termination of the investment advisory agreements with two of the subadvisers to the Clearwater International Fund (the "International Fund"): AXA Rosenberg Investment Management LLC and Eagle Global Advisors, LLC. The Board of Trustees has also approved investment advisory agreements with three new subadvisers to the International Fund: Denver Investments, WCM Investment Management and Templeton Investment Counsel, LLC. Additionally, the International Fund's investment strategy will be revised such that, under normal market conditions, the allocations among the subadvisers will change such that approximately 50% of the International Fund's net assets will be allocated to Parametric Portfolio Associates and the remaining assets will be allocated to one or more of the four other subadvisers that provide day-to-day management to the Fund. Accordingly, the Prospectus is amended as follows. <div> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="1%"> 2.</td> <td valign="top" colspan="3"> The third and fourth paragraphs of the section titled "SUMMARY SECTION – Clearwater International Fund – Principal Investment Strategies" in the Prospectus will be deleted and replaced with the following:</td></tr> <tr><td valign="top">  </td> <td valign="top">  </td> <td valign="top">  </td> <td valign="top">  </td></tr> <tr><td valign="top">  </td> <td valign="top">  </td> <td valign="top"> Clearwater Management Company ("CMC") serves as the investment manager to the Fund and is responsible for the oversight of the Fund's subadvisers. The Fund uses a "multi-style, multi-manager" approach. The Fund's adviser allocates portions of the Fund's assets among subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management to the Fund: Parametric Portfolio Associates ("Parametric"), Artisan Partners Limited Partnership ("Artisan Partners"), Denver Investments ("Denver"), WCM Investment Management ("WCM"), and Templeton Investment Counsel, LLC ("Templeton"). Fiduciary Counselling, Inc. ("FCI") acts as a subadviser to the Fund, but does not provide day-to-day management. FCI provides the Fund with various investment-related services, including investment strategy advice, manager recommendations and related duties as requested by CMC.</td> <td valign="top">  </td></tr></table> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="font-size: 1px;"><td valign="top" width="1%">  </td> <td valign="top">  </td> <td valign="top">  </td> <td valign="top">  </td></tr> <tr><td valign="top">  </td> <td valign="top">  </td> <td valign="top"> The allocation among subadvisers will vary over time, but the current intent of the Fund's adviser is that under normal market conditions approximately 50% of the Fund's net assets will be allocated to Parametric; the remaining assets will be allocated to one or more of the Fund's four other subadvisers that provide day-to-day management of the Fund. Parametric manages its portion of the Fund's assets in a passive management strategy so that to the extent feasible its portion of the Fund's holdings matches the holdings of the MSCI World Ex USA Index (net) as closely as possible. Parametric does not intend that the portion of the Fund's assets it manages will be invested in all the components of the MSCI World Ex USA Index (net) at any given time. The MSCI World Ex USA Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Ex USA Index (net) consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Artisan Partners seeks to build a diversified portfolio of non-U.S. stocks of all sizes that it believes to be undervalued. The portion of the Fund's portfolio allocated to Denver is invested in approximately 35-60 international small capitalization companies included in or similar in size to companies within the MSCI EAFE Small-Cap Index (companies with capitalizations between $26 million and $4.8 billion, as of September 30, 2012). The portion of the Fund's portfolio allocated to WCM is invested in approximately 30 large capitalization non-U.S. companies. Templeton invests in a portfolio of approximately 100 international small capitalization stocks (companies with capitalizations under $4 billion). Overall, the Fund may be invested across all capitalization levels.</td></tr></table> <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="1%">  </td> <td valign="top"> INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.</td></tr></table></div></div> </div> false 2012-11-08 2012-11-08 2012-11-08 Other 0000811161 CLEARWATER INVESTMENT TRUST 2012-04-30 EX-101.SCH 3 cik0000811161-20121108.xsd XBRL SCHEMA FILE 000010 - Document - Risk/Return Supplement - (CLEARWATER INVESTMENT TRUST) {Unlabeled} link:presentationLink link:calculationLink link:definitionLink 000108 - Disclosure - Risk/Return Detail Data {Elements} - (CLEARWATER INVESTMENT TRUST) link:presentationLink link:calculationLink link:definitionLink 000301 - Document - Risk/Return Summary {Unlabeled} - (Clearwater Tax-Exempt Bond Fund) link:presentationLink link:calculationLink link:definitionLink 000302 - Schedule - Shareholder Fees - {Clearwater Tax-Exempt Bond Fund} link:presentationLink link:calculationLink link:definitionLink 000303 - 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CLEARWATER INVESTMENT TRUST

CLEARWATER CORE EQUITY FUND

CLEARWATER SMALL COMPANIES FUND

CLEARWATER TAX-EXEMPT BOND FUND
CLEARWATER INTERNATIONAL FUND

SUPPLEMENT TO THE PROSPECTUS ("PROSPECTUS")
DATED APRIL 30, 2012, as supplemented

The date of this Supplement is November 8, 2012.

Important Notice Regarding Change in Disclosure for the Clearwater Tax-Exempt Bond Fund

Additional risk disclosure has been added with respect to the Clearwater Tax-Exempt Bond Fund.

Important Notice Regarding Change in Subadvisers and Investment Strategy
for Clearwater International Fund

Effective October 16, 2012, the Board of Trustees has approved the termination of the investment advisory agreements with two of the subadvisers to the Clearwater International Fund (the "International Fund"): AXA Rosenberg Investment Management LLC and Eagle Global Advisors, LLC. The Board of Trustees has also approved investment advisory agreements with three new subadvisers to the International Fund: Denver Investments, WCM Investment Management and Templeton Investment Counsel, LLC. Additionally, the International Fund's investment strategy will be revised such that, under normal market conditions, the allocations among the subadvisers will change such that approximately 50% of the International Fund's net assets will be allocated to Parametric Portfolio Associates and the remaining assets will be allocated to one or more of the four other subadvisers that provide day-to-day management to the Fund.

Accordingly, the Prospectus is amended as follows.


1.	The following will be added at the end of the section titled "SUMMARY SECTION – Clearwater Tax-Exempt Bond Fund – Principal Risks of Investing in the Fund" in the Prospectus:

		Please note that the Fund is not a money market fund and is not intended to be a money market fund substitute. The Fund does not attempt to maintain a stable net asset value and is not subject to the rules that govern the quality, maturity liquidity and other features of securities in that money market funds may purchase. Under normal conditions, the Fund's investment may be more susceptible than a money market fund to interest rate risk and credit risks relevant to the Fund's investments.

2.	The third and fourth paragraphs of the section titled "SUMMARY SECTION – Clearwater International Fund – Principal Investment Strategies" in the Prospectus will be deleted and replaced with the following:

		Clearwater Management Company ("CMC") serves as the investment manager to the Fund and is responsible for the oversight of the Fund's subadvisers. The Fund uses a "multi-style, multi-manager" approach. The Fund's adviser allocates portions of the Fund's assets among subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management to the Fund: Parametric Portfolio Associates ("Parametric"), Artisan Partners Limited Partnership ("Artisan Partners"), Denver Investments ("Denver"), WCM Investment Management ("WCM"), and Templeton Investment Counsel, LLC ("Templeton"). Fiduciary Counselling, Inc. ("FCI") acts as a subadviser to the Fund, but does not provide day-to-day management. FCI provides the Fund with various investment-related services, including investment strategy advice, manager recommendations and related duties as requested by CMC.

The allocation among subadvisers will vary over time, but the current intent of the Fund's adviser is that under normal market conditions approximately 50% of the Fund's net assets will be allocated to Parametric; the remaining assets will be allocated to one or more of the Fund's four other subadvisers that provide day-to-day management of the Fund. Parametric manages its portion of the Fund's assets in a passive management strategy so that to the extent feasible its portion of the Fund's holdings matches the holdings of the MSCI World Ex USA Index (net) as closely as possible. Parametric does not intend that the portion of the Fund's assets it manages will be invested in all the components of the MSCI World Ex USA Index (net) at any given time. The MSCI World Ex USA Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Ex USA Index (net) consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Artisan Partners seeks to build a diversified portfolio of non-U.S. stocks of all sizes that it believes to be undervalued. The portion of the Fund's portfolio allocated to Denver is invested in approximately 35-60 international small capitalization companies included in or similar in size to companies within the MSCI EAFE Small-Cap Index (companies with capitalizations between $26 million and $4.8 billion, as of September 30, 2012). The portion of the Fund's portfolio allocated to WCM is invested in approximately 30 large capitalization non-U.S. companies. Templeton invests in a portfolio of approximately 100 international small capitalization stocks (companies with capitalizations under $4 billion). Overall, the Fund may be invested across all capitalization levels.

INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

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CLEARWATER INVESTMENT TRUST

Prospectus Date

rr_ProspectusDate

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Supplement Text Block

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CLEARWATER INVESTMENT TRUST

CLEARWATER CORE EQUITY FUND

CLEARWATER SMALL COMPANIES FUND

CLEARWATER TAX-EXEMPT BOND FUND
CLEARWATER INTERNATIONAL FUND

SUPPLEMENT TO THE PROSPECTUS ("PROSPECTUS")
DATED APRIL 30, 2012, as supplemented

The date of this Supplement is November 8, 2012.

Important Notice Regarding Change in Disclosure for the Clearwater Tax-Exempt Bond Fund

Additional risk disclosure has been added with respect to the Clearwater Tax-Exempt Bond Fund.

Important Notice Regarding Change in Subadvisers and Investment Strategy
for Clearwater International Fund

Accordingly, the Prospectus is amended as follows.


1.	The following will be added at the end of the section titled "SUMMARY SECTION – Clearwater Tax-Exempt Bond Fund – Principal Risks of Investing in the Fund" in the Prospectus:

		Please note that the Fund is not a money market fund and is not intended to be a money market fund substitute. The Fund does not attempt to maintain a stable net asset value and is not subject to the rules that govern the quality, maturity liquidity and other features of securities in that money market funds may purchase. Under normal conditions, the Fund's investment may be more susceptible than a money market fund to interest rate risk and credit risks relevant to the Fund's investments.

2.	The third and fourth paragraphs of the section titled "SUMMARY SECTION – Clearwater International Fund – Principal Investment Strategies" in the Prospectus will be deleted and replaced with the following:

		Clearwater Management Company ("CMC") serves as the investment manager to the Fund and is responsible for the oversight of the Fund's subadvisers. The Fund uses a "multi-style, multi-manager" approach. The Fund's adviser allocates portions of the Fund's assets among subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management to the Fund: Parametric Portfolio Associates ("Parametric"), Artisan Partners Limited Partnership ("Artisan Partners"), Denver Investments ("Denver"), WCM Investment Management ("WCM"), and Templeton Investment Counsel, LLC ("Templeton"). Fiduciary Counselling, Inc. ("FCI") acts as a subadviser to the Fund, but does not provide day-to-day management. FCI provides the Fund with various investment-related services, including investment strategy advice, manager recommendations and related duties as requested by CMC.

INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

Clearwater Tax-Exempt Bond Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement Text Block

cik0000811161_SupplementTextBlock

CLEARWATER INVESTMENT TRUST

CLEARWATER TAX-EXEMPT BOND FUND

SUPPLEMENT TO THE PROSPECTUS ("PROSPECTUS")
DATED APRIL 30, 2012, as supplemented

The date of this Supplement is November 8, 2012.

Important Notice Regarding Change in Disclosure for the Clearwater Tax-Exempt Bond Fund

Additional risk disclosure has been added with respect to the Clearwater Tax-Exempt Bond Fund.

Accordingly, the Prospectus is amended as follows.

The following will be added at the end of the section titled "SUMMARY SECTION – Clearwater Tax-Exempt Bond Fund – Principal Risks of Investing in the Fund" in the Prospectus:

Please note that the Fund is not a money market fund and is not intended to be a money market fund substitute. The Fund does not attempt to maintain a stable net asset value and is not subject to the rules that govern the quality, maturity liquidity and other features of securities in that money market funds may purchase. Under normal conditions, the Fund's investment may be more susceptible than a money market fund to interest rate risk and credit risks relevant to the Fund's investments.

INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

Clearwater International Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement Text Block

cik0000811161_SupplementTextBlock

CLEARWATER INVESTMENT TRUST

CLEARWATER INTERNATIONAL FUND

SUPPLEMENT TO THE PROSPECTUS ("PROSPECTUS")
DATED APRIL 30, 2012, as supplemented

The date of this Supplement is November 8, 2012.

Important Notice Regarding Change in Subadvisers and Investment Strategy
for Clearwater International Fund

Accordingly, the Prospectus is amended as follows.

2.	The third and fourth paragraphs of the section titled "SUMMARY SECTION – Clearwater International Fund – Principal Investment Strategies" in the Prospectus will be deleted and replaced with the following:

		Clearwater Management Company ("CMC") serves as the investment manager to the Fund and is responsible for the oversight of the Fund's subadvisers. The Fund uses a "multi-style, multi-manager" approach. The Fund's adviser allocates portions of the Fund's assets among subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management to the Fund: Parametric Portfolio Associates ("Parametric"), Artisan Partners Limited Partnership ("Artisan Partners"), Denver Investments ("Denver"), WCM Investment Management ("WCM"), and Templeton Investment Counsel, LLC ("Templeton"). Fiduciary Counselling, Inc. ("FCI") acts as a subadviser to the Fund, but does not provide day-to-day management. FCI provides the Fund with various investment-related services, including investment strategy advice, manager recommendations and related duties as requested by CMC.


		The allocation among subadvisers will vary over time, but the current intent of the Fund's adviser is that under normal market conditions approximately 50% of the Fund's net assets will be allocated to Parametric; the remaining assets will be allocated to one or more of the Fund's four other subadvisers that provide day-to-day management of the Fund. Parametric manages its portion of the Fund's assets in a passive management strategy so that to the extent feasible its portion of the Fund's holdings matches the holdings of the MSCI World Ex USA Index (net) as closely as possible. Parametric does not intend that the portion of the Fund's assets it manages will be invested in all the components of the MSCI World Ex USA Index (net) at any given time. The MSCI World Ex USA Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Ex USA Index (net) consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Artisan Partners seeks to build a diversified portfolio of non-U.S. stocks of all sizes that it believes to be undervalued. The portion of the Fund's portfolio allocated to Denver is invested in approximately 35-60 international small capitalization companies included in or similar in size to companies within the MSCI EAFE Small-Cap Index (companies with capitalizations between $26 million and $4.8 billion, as of September 30, 2012). The portion of the Fund's portfolio allocated to WCM is invested in approximately 30 large capitalization non-U.S. companies. Templeton invests in a portfolio of approximately 100 international small capitalization stocks (companies with capitalizations under $4 billion). Overall, the Fund may be invested across all capitalization levels.

INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

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