UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number	811-05038
Clearwater Investment Trust
(Exact name of registrant as specified in charter)
2000 Wells Fargo Place, 30 East 7th Street, Saint Paul, Minnesota 55101-4930
(Address of principal executive offices) (Zip code)
Owen T. Meacham, Esq. The Northern Trust Company 50 South LaSalle Street, B-7 Chicago, IL  60603
Copy to:
John O’Hanlon, Esq. Dechert LLP 200 Clarendon Street 27th Floor Boston, MA  02116
(Name and address of agent for service)
Registrant’s telephone number, including area code:  651-228-0935
Date of fiscal year end:  December 31
Date of reporting period:  June 30, 2012

Item 1. Reports to Stockholders

CLEARWATER INVESTMENT TRUST

Clearwater Core Equity Fund
Clearwater Small Companies Fund
Clearwater Tax-Exempt Bond Fund
Clearwater International Fund

Semiannual Report
for the period ended
June 30, 2012

Letter to our shareholders (unaudited)

August 29, 2012

We are pleased to present to you this semi-annual report, which provides detailed information as to the financial and investment performance of your Clearwater Funds. In another challenging period for domestic and international equity markets, the Clearwater Core Equity (formerly Clearwater Growth), Clearwater Small Companies (formerly Clearwater Small Cap), and Clearwater International Funds all reported positive performance for the six-month period ended June 30, 2012. We are especially pleased to report that the Clearwater International Fund outperformed its benchmark for this period. The Clearwater Tax-Exempt Bond Fund also returned results significantly better than its benchmark for the six-month period ended June 30, 2012. On the other hand, the Clearwater Core Equity Fund and the Clearwater Small Companies Fund underperformed their respective benchmarks for this period.

We encourage you to read this semi-annual report as it contains important information about your Clearwater Funds, including commentary from the subadvisers who manage the assets and information as to the specific holdings of each of the funds.

We hope the information contained within this report is helpful to you. We thank you for your continued confidence and for choosing to invest with us.

George Weyerhaeuser, Jr. CEO, Clearwater Investment Trust	Philip W. Pascoe President, Clearwater Management Company

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Discussion of Clearwater Funds’ Performance

Clearwater Core Equity Fund

The Clearwater Core Equity Fund (formerly the Clearwater Growth Fund) seeks long-term growth of capital. Current income, to the extent income is produced by the stocks held by the Fund, is a secondary objective. Under normal market conditions, the Clearwater Core Equity Fund pursues its investment objective by investing at least 80% ast of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The Clearwater Core Equity Fund’s assets are managed in a “multi-manager, multi-style” approach. The Fund has four subadvisers. Parametric Portfolio Associates (“Parametric”), with approximately 60% of the Fund’s assets, manages its portion of the Fund’s assets to mirror the Russell 1000^® Index. The remaining 40% of the Fund’s assets are divided between Heartland Advisers, Inc. (“Heartland”), Osterweis Capital Management, LLC (“Osterweis”), and Knightsbridge Asset Management, LLC (“Knightsbridge”) who all utilize an active management style.

2012 year to date Market Overview:

The first half of 2012 proved to be extremely turbulent with sudden shifts in equity investors’ appetite for risk. It was a tale of two quarters with U.S. equity investors taking on risk in the first quarter and then fleeing risk in the second. In the U.S. equity markets, investor mood swung from upbeat to pessimistic as robust job creation in the first three months of the year gave way to much weaker employment numbers, declining commodity prices, and increased fears of deflation in the second quarter. Investor sentiment moved with the election cycle, not in Washington, D.C., but instead in Athens, where Greece’s participation in the Economic and Monetary Union of the European Union – and ultimately the fate of that union - seemed to weigh on U.S. stock returns more than any domestic issue. This sentiment, combined with concerns over an economic slowdown in China and fears over U.S. government fiscal policy, drove stocks down in many sectors, particularly those connected to commodity prices (Energy and Materials) and manufacturers of electronics consumer products (Technology).

Performance for the six-month period ended June 30, 2012:

The Clearwater Core Equity Fund’s return for the six-month period ended June 30, 2012 was 7.8%, net of fees, as compared to 9.4% for the Russell 1000^® Index, the Fund’s benchmark. The portion of the portfolio managed by Parametric to mirror the benchmark also gained 9.4%, gross of fees. Performance and 2012 outlook commentary from each of the three “active” managers is provided below.

Heartland Performance Commentary: After keeping pace with its benchmark during the first quarter of 2012, our portion of the Clearwater Core Equity Fund gave back much of its gains heading into the summer, resulting in a 4.3% year-to-date return, gross of fees and expenses, versus 9.4% through the first half of 2012 for its benchmark, the Russell 1000^® Index. Detracting from relative performance was our portfolio’s underweights to Consumer Discretionary and Information Technology, and our overweight to Energy. Security selection aggravated the underperformance in all three sectors. While the weighting between our portfolio and the benchmark to Telecommunications was comparable in this strong performing sector, our stock selections did have a positive impact. Moderate gains attributable primarily to our specific selections also resulted in Financials contributing the most to our portfolio’s relative performance.

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Osterweis Performance Commentary: For the six-month period ended June 30, 2012, our portion of the Clearwater Growth portfolio generated a total return of 6.2%, gross of fees, versus 9.4% for the Russell 1000^® Index. Our equity holdings underperformed the benchmark with a return of 6.98% for the six-month period ended. Our defensive positioning, which held back returns in the first quarter, benefited performance in the second quarter. Improved relative performance in the second quarter is encouraging. Additionally, we are pleased with the progress most of our companies are currently reporting: growing sales, earnings and cash flows, returning free cash to shareholders, and executing on their business plans.

Knightsbridge Performance Commentary: For the six–month period ended June 30, 2012, our portion of the fund returned 7.4%, gross of fees and expenses, versus the Russell 1000^® Index’s performance of 9.4%. With our cautious view in light of the volatile environment, we held more cash and gold-related stocks in an effort to provide defensive ballast in the portfolio. Unfortunately, gold miners, having lost their historic relationship to gold for downside protection, were plagued with production concerns. Our sector allocation decisions detracted 3.5% from performance, as our value-oriented, contrarian investment approach sometimes keeps us out of sectors that are in favor. Such was the case with Consumer Staples and Utilities throughout the first half of 2012, and these sectors returned 8.3% and 16.6%, respectively, for the benchmark. On the other hand, despite Energy being the only detracting sector for the Russell 1000^® Index, we were overweight Energy and our investments contributed just 1.0% towards our performance. We find natural gas to be in one of the worst bear markets ever and we believe an opportunity exists in seeking exposure to recovering natural gas prices. We currently hold some energy stocks with businesses tilted towards natural gas production. Having a concentrated portfolio, stock selection contributed 4.6% versus the benchmark, highlighted by performance in the Consumer Discretionary and Financials sectors. Consumer Discretionary has been our strongest sector with Marriott Vacations Worldwide and Madison Square Garden, both recent spin-offs from other companies, leading the way. In addition, new purchases in American International Group and Getty Realty have positively contributed to our performance due to company-specific developments.

2012 Outlook (Heartland):

We continue to see value in the market. Over 60% of the stocks in the S&P 500 Index have a dividend yield greater than a 10-year Treasury bond, yet are not hindered by bonds’ limited ability to generate capital gains with the currently low interest rates. We believe the potential for yield oriented investors to return to the equity market in search of both yield and inflation protection may fuel the next bull market.

2012 Outlook (Osterweis):

Near-term macro risks remain elevated, which accounts for the defensive tilt in our security selection and portfolio construction. Festering problems in the Euro zone, slowing emerging market growth and uncertainty surrounding domestic tax and spending policies all seem to suggest that a slowdown in the U.S. recovery is likely and will increase the possibility of earnings disappointments in the coming quarters. We also believe that volatility will continue at elevated levels, potentially triggering another sizeable equity market correction similar to last year’s. All that said, we believe some positive trends are at work in the U.S. At some point in the future, we expect the environment will be more constructive for equities. In the meantime, we are focusing the portfolio on companies that we think should be able to grow despite a potential slowing of the economy.

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2012 Outlook (Knightsbridge):

We believe the market will continue to be influenced by a fragile macro landscape. We believe stocks will struggle to find direction under the weight of ongoing European debt turmoil, economic growth concerns at home and abroad, the upcoming U.S. presidential election, and the impending U.S. fiscal cliff. Although investors appear to be discounting these issues, concerns will not go away quickly, and we expect the market will remain volatile for now. We believe our portfolio can withstand the precarious market environment. Relative to a year ago, we now hold better stocks with respect to business strength, balance sheets, cash flow generation and dividend potential. As headwinds pass over time, we believe the anomalistic drivers in our stocks will have room to run, and we expect stocks will advance based on low valuations, ample liquidity, and shifting perception towards more optimism around equities.

Clearwater Small Companies Fund

The Clearwater Small Companies Fund seeks long-term growth of capital. Current income, to the extent income is produced by the stocks held by the Fund, is a secondary objective. Under normal market conditions, the Clearwater Small Companies Fund (formerly the Clearwater Small Cap Fund) normally invests at least 80% of its assets, plus the amount of any borrowings for investment purposes, in equity securities of small companies. The Fund defines “small companies” as issuers with market capitalizations no greater than $5 billion at the time of investment. Equity securities consist primarily of exchange traded common and preferred stocks. The Fund may also invest in a type of equity security called a convertible security to hedge sector volatility. A convertible security generally entitles the holder to receive interest paid or accrued on debt securities or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. The Fund uses a “multi-style, multi-manager” approach with two subadvisers who employ distinct investment styles; Kennedy Capital Management (“Kennedy”) and Keeley Asset Management (“Keeley”).

2012 year to date Market Overview:

After a strong first quarter, domestic stock markets sold off throughout April and May before recovering some of this lost ground toward the end of the second quarter. International markets fared worse, as elections in two Euro zone countries served to turn out an incumbent president in France and call into question the implementation of an austerity plan in Greece. Notably, yields for Spain’s debt continued to creep up, as concerns about its finances and the need for bank bailouts in Spain grew. Unlike Europe, the U.S. experienced modest economic growth, but positive domestic news was often overshadowed by concerns overseas. However, U.S. manufacturing appeared to be on track, as evidenced by the national ISM Manufacturing Index. Meanwhile, lower energy prices and firming home prices suggested a better outlook for consumers. Home prices rose 0.67 percent in April, according to the Case-Shiller 20-City Home Price Index. This was the third month in a row that prices rose. Prices had improved temporarily a few years ago during the First-Time Homebuyer Credit program; however, this time, home values are increasing without the aid of government intervention.

Performance for the six-month period ended June 30, 2012:

The Clearwater Small Companies Fund posted a return of 8.2%, net of fees and expenses, for the six-month period ended June 30, 2012, slightly underperforming its benchmark, the Russell 2000^® Index, which gained 8.5% for the same period.

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Kennedy Performance Commentary: During the first half of 2012, our portion of the Clearwater Small Companies Fund rose 8.8%, gross of fees, outperforming the Russell 2000^® Index return of 8.5%. Security selection contributed 1.25% to outperformance. Sector allocation, however, offset much of this positive impact, detracting 0.88% from relative performance. We were underweight Healthcare and Financials, which were two of the better performing sectors in the benchmark during the period. On the other hand, our underweight of the Energy sector served us well. In terms of stock selection, we outperformed our benchmark in the majority of sectors, with Information Technology, Industrials, and Healthcare leading the way. Our Energy and Consumer Discretionary stock selections detracted from relative performance.

Keeley Performance Commentary: For the six-month period ended June 30, 2012, our portfolio underperformed its benchmark, the Russell 2000^® Index. The portfolio increased approximately 7.8% versus an increase of 8.5% for the benchmark. From a sector contribution perspective, the Consumer Discretionary (+2.22%), Industrials (+0.27%) and Materials (+0.12%) sectors contributed positively to returns. However, stock selection within the Healthcare sector (-1.69%) and Financials sector (-0.78%) detracted from performance. With regard to portfolio construction, we remain comfortable with our sector emphasis: underweight Healthcare and Technology and overweight the Consumer Discretionary, Industrial and Materials sectors. The long-term catalyst for our fundamental positioning in the industrial sector is our belief that we remain in a slow growth economic environment, and more importantly, that there will be an increase in infrastructure spending on a global basis. Developing economies have a substantial amount of pent-up demand for infrastructure as they address the need to accelerate urbanization and increase their standard of living. Additionally, we believe many developed economies will be forced to consider investments as a means to stimulate job growth and upgrade their languishing infrastructure.

2012 Outlook (Kennedy):

While we are paying close attention to the political developments at home and abroad, we do not try to make investments that rely explicitly on one outcome or another. The U.S. Presidential election may very well have an impact on our investible universe. We generally believe that a change in administration could be viewed favorably by the majority of equity market participants, but we do not pretend to excel at these types of predictions. Along the same lines, the European fiscal situation is clearly heavily reliant on the actions of German political figures. If Chancellor Angela Merkel or her Finance Minister, Wolfgang Schaeuble, decides to lend support to some of the lagging European economies, global financial markets could react favorably. It seems that either of these outcomes could bolster domestic and non-U.S. economies and markets.

We are also keeping a watchful eye on various indicators (e.g., manufacturing indicators, railcar loadings, China’s economic health, the capital markets), as we have done for quite some time. None of these are signifying to us that we are about to fall back into a recession, nor are they indicating that we are primed to break out of our slow growth. When we tie together what we are witnessing around the world, along with the growth opportunities that our companies have before them, we are confident in the valuation opportunities within the portfolio.

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2012 Outlook (Keeley):

Although a number of challenges remain, we expect a slow but positive recovery. Despite the macroeconomic headwinds, management at a number of our company holdings remains optimistic, communicating increasing backlogs, improving order growth, and strong balance sheets. Additionally, company managements have taken advantage of the low interest rate environment to either retire debt altogether or extend maturities out to 2014-2015, creating a landscape that is vastly different than the 2008-2009 period, when many companies were unprepared to handle the debt crisis. In this environment, we continue to identify attractive opportunities in individual companies and we remain committed our value driven strategy, which buys stocks of relatively unknown (spin-offs) and out of favor (below book value) companies. With a broader universe of opportunities coupled with continued economic progress, a low interest rate environment, and high levels of financial liquidity, we are encouraged about the prospects in the periods ahead.

Clearwater Tax-Exempt Bond Fund

The Clearwater Tax-Exempt Bond Fund seeks high current income that is exempt from U.S. federal income tax, consistent with preservation of capital. Under normal market conditions, the Fund invests at least 80% of its assets, plus the amount of any borrowings for investment purposes, in tax-exempt bonds, which are debt obligations issued by or for the U.S. states, territories and possessions and the District of Columbia. The interest on these securities is generally exempt from both U.S. regular federal income tax and U.S. federal alternative minimum tax. However, the Fund may invest up to 20% of its assets in securities that generate interest income subject to federal alternative minimum tax for individuals. The Fund invests in both revenue bonds, which are backed by and payable only from the revenues derived from a specific facility or specific revenue source, and in general obligation bonds, which are secured by the full faith, credit and taxation power of the issuing municipality. The Fund’s subadviser, Sit Fixed Income Advisers II, LLC (“Sit”), provides day to day management for the Fund.

2012 year-to-date Market Overview (Sit):

Tax-exempt fixed income markets enjoyed a strong first half of the year in 2012, as modest inflows continued into tax-exempt municipal bond funds and supply, while increasing, remained manageable. Specifically, supply of municipal bonds increased about 10% in the first half of 2012 from 2011. State and local government tax collections continued to improve from the low recession-driven levels of 2008 and 2009, and have now returned to pre-recession levels, such that even though assistance from the federal government’s stimulus programs decreased significantly throughout 2011, state and local government finances remain generally on the upswing. The Federal Reserve’s actions, specifically Operation Twist, announced in September 2011, with implementation commencing shortly thereafter, actually have been effective in reducing long-term interest rates, unlike previous quantitative easing. The Federal Reserve’s promise in August 2011 to hold shor-tterm rates low until mid-2013 (since extended until late 2014) fueled further investor demand for ta-exempt bonds, especially on the long end.

Performance for the six-month period ended June 30, 2012 (Sit):

The Clearwater Tax-Exempt Bond Fund returned 6.3%, net of fees, for the six-month period ended June 30, 2012. The Fund’s benchmark, the Barclays 5-Year Municipal Bond Index, gained 1.8% over the same period. Given the Federal Reserve’s accommodative policies and the steep tax-exempt yield curve, we

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maintained the Fund’s average life duration, a measure of the Fund’s sensitivity to changes in interest rates, slightly above 6.0 years during the first half of 2012. For comparison, the Fund’s benchmark, the Barclays 5-Year Municipal Bond Index, had an average life duration of 3.9 years at June 30, 2012. The Fund’s yield fell due to the strength in market conditions. Revenue bonds significantly outperformed general obligation bonds during the first half of 2012, with revenue bonds returning 4.4% for the period, while general obligation bonds returned 2.7%. Furthermore, longer duration outperformed intermediate duration, and lower quality issues outperformed those of higher credit quality, as investors sought yield. The Fund’s performance, due to its heavy emphasis on revenue bonds and its longer duration, significantly exceeded that of its benchmark in the first half of 2012.

2012 Outlook (Sit):

We expect growth to remain positive through the remainder of 2012, although it has slowed from the pace of the second half of 2011. With the housing and subprime mortgage crisis still unwinding and unemployment still elevated, interest rates, while likely to remain low in absolute terms, may continue to be volatile over the remainder of the year. We believe the Treasury yield curve should remain relatively steep, with yields rising some on the intermediate and long-term portions of the curve, while the tax-exempt curve grows somewhat flatter, with short-term rates remaining low and long-term tax-exempt yields falling somewhat as supply rebounds to a still manageable level and state and local government finances continue to improve, helping tax-exempt bonds outperform. One potential concern for the market will be the various tax reform proposals proffered by the candidates for President. While any such reform is unlikely in 2012, its potential form and likelihood of passage in 2013 could impact the market in the latter half of 2012. We expect revenue bonds to again be strong performers in the second half of 2012, as the Federal Reserve’s accommodative policies should continue to allay liquidity concerns in the market, and investor focus remains on yield. We expect general obligation bond performance to remain weaker on a relative basis, however, as despite their recent improvement, many cities, counties and states still have work to do on their balance sheets, and recent bankruptcy filings by several cities in California will weigh on the market. Furthermore, potential problems funding retirement pension and healthcare obligations still persist in other places, and remain the subject of many of the negative media reports afflicting the municipal market. The Fund’s longer duration and its use of revenue and non-rated bonds have positioned it opportunistically for the economic and interest rate environment that we expect in the second half of 2012. Investment of new cash flows will be focused on maturities in the 5-25 year range.

Clearwater International Fund

The Clearwater International Fund seeks long-term growth of capital. The Fund generally invests at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside the United States. Equity securities in which the Fund invests include common and preferred stock, sponsored and unsponsored American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts and exchange-traded funds and other investment companies. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund does not currently intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers. The Fund uses a “multi-style, multi-manager” approach. The Fund’s adviser allocates portions of the Fund’s assets among subadvisers who employ distinct investment styles. The Fund currently has four subadvisers.

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Parametric Portfolio Associates (“Parametric”) manages its portion of the portfolio to mirror the benchmark. The Fund also has three “active” managers: AXA Rosenberg Investment Management LLC (“AXA Rosenberg”), Artisan Partners Limited Partnership (“Artisan Partners”), and Eagle Global Advisors, LLC (“Eagle”).

2012 year to date Market Overview:

The six-month period ended June 30, 2012 was a challenging period for international equity markets. Concerns over slowing economies across the globe and the European debt situation dominated headlines. Excessive public and private sector debt were at the heart of the Euro zone crisis and the de-leveraging requirements facing the vast majority of the developed world continued to drag on economic growth. The year started with a strong rally as global concerns over European debt woes were pushed aside in favor of improving earnings and economic data in the U.S. However, the market retracted sharply in May as the macro environment reached heightened risk levels and many banks were downgraded by credit agencies alongside Spanish debt. In Asia, economic indicators in China provided reason for tempered optimism that a “soft landing” was in the works for the world economy. Then, finally, in June, Greek elections, progress on the Spanish bank bailout, and modestly reassuring global macroeconomic indicators helped lead the Asian and global equity markets higher. While the first half of 2012 finished with a volatile six-month record, the markets were generally up year-to-date.

Performance for the six-month period ended June 30, 2012:

The Clearwater International Fund outperformed its benchmark, the MSCI World ex USA Index (net), gaining 3.5%, net of fees, versus the Index’s positive 2.4%. The portion of the portfolio managed by Parametric to mirror the benchmark returned 2.7%, gross of fees. Performance and 2012 outlook commentary from each of the three “active” managers is included on the following pages.

AXA Rosenberg Performance Commentary: Our portfolio performed in-line with the Clearwater International Fund’s benchmark, returning 3.5%, gross of fees, for the six-month period ended June 30, 2012. Industry exposure contributed positively while stock selection was mixed: negative in Japan and Europe; and positive in Asia excluding Japan. European stock selection suffered particularly in the mid/small cap segment though it was positive amongst the smaller cap names. A few securities, in particular, impacted returns. Grocer DelHaize Group SA, the Belgian retailer, was the largest detractor as the company advised on a 15%-20% expected fall in profits for the full year of 2012. Transportation company FirstGroup Plc also fell sharply on downward earnings revisions and the failed sale of North Devon bus operations to Stagecoach Plc. The largest contributors came from overweight positions in OC Oerlikon, up over 57%, and William Hill, which was up 44%. The second largest stock specific contribution came from the overweight position in IT-services firm Logica Plc, which received an unsolicited bid from Canadian rival CGI at a significant premium to the prevailing share price, which caused its shares to rise exponentially in April and May. Retailer Yamada Denki, a large active overweight, fell 24% and was the largest detractor amongst the Japanese holdings. Also, the electronic device and precision equipment industries name brand, Seiko Epson, was a large detractor as the stock price fell over 23%. Relative Asia Pacific stock selection was strongly positive, particularly amongst real estate developers and metals and mining. Overweights to New World China Land, New World Development and Wheelock & Co all contributed significantly as Hong Kong real estate and property shares rebounded strongly in June on suspicion that the private sector will continue to pressure the government to pursue a policy of easing. New World China Land was up over 100% while the other two companies noted were up in the 50% range in U.S. dollars.

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Overweights to retail and travel/entertainment industries contributed to positive performance overall, as did the underweights to oil drilling and oil and coal resources. In Europe, the underweight to banks was positive. In Japan, the strategy was penalized for its significant overweight to retail, but benefited from the underweight to metals and electric utilities. Our portfolio strategy has moved from underweight banks in Japan to a fairly significant overweight.

Artisan Performance Commentary: Over the six-month period ended June 30, 2012, our portion of the Clearwater International Fund returned 6.1%, gross of fees, outperforming the MSCI World ex USA Index (net), which returned 2.4%. Performance of the following stocks had a positive impact on the portfolio during the period: contract caterer Compass Group PLC; health care products company Covidien plc; alcoholic beverage maker Diageo plc; defense technology company Qinetiq Group PLC; and aggregates and cement producer HeidelbergCement AG. Notable detractors included: Guoco Group Limited, an investment holding and investment management company; Panalpina Welttransport Holding AG, a freight forwarder; Total SA, an oil company; Aon PLC, an insurance services holding company; and Koninklijke Ahold NV, a food retailer.

Eagle Performance Commentary: Our portion of the Clearwater International Fund returned 4.0%, gross of fees, for the six-month period ended June 30, 2012, outperforming the Fund’s benchmark, the MSCI World ex USA Index (net), which gained 2.4%. Overweights to outperforming Singapore, the United Kingdom, and Switzerland helped performance from a country selection standpoint. Good sector allocation in Telecom Services, Consumer Staples, and Materials added to performance while positive stock selection in Consumer Staples, Materials, Industrials, and Information Technology also helped. Strong results from our portfolio’s beer companies were helped by the stability of the business model but also the late quarter acquisition of Mexico’s largest brewer. In addition, our portfolio’s weight to one of the world’s leading tobacco companies was positive as these companies continued to outperform in a volatile environment.

Negative stock selection in Energy, Telecom Services, Consumer Discretionary, and Financials hurt performance. In Energy, strong underperformance came from a Spanish company facing the nationalization of its subsidiary in Argentina. In addition, a holding in Brazil’s national oil company underperformed. In Telecom Services, our holding in a Dutch telecom provider slipped some even after a bid to acquire 28% of the company from Mexico’s telecom company. In addition, the portfolio’s large holding in the largest fixed telecom provider in the U.K. underperformed as investors were concerned about the cost of the company’s entry into the English Premier Sports League with their new TV rights purchased in the latest auction. In Financials, our exposure to Europe’s ailing sector hurt performance.

2012 Outlook (AXA Rosenberg):

We believe that our Clearwater portfolio will continue to capture the significant mis-pricings available in the market across industries, with a strong balance between both near-term earnings and longer-term valuation fundamentals. While questions remain about the European resolution of its sovereign debt crisis, the strength of the U.S. recovery, and the ability of China to balance between its economic growth and inflationary concerns, international equity investors show signs of more comfort and focus on company fundamentals, and there are indications that the prolonged cycle that has favored growth will shift toward valuation. Across markets and capitalization segments, AXA Rosenberg’s relative valuation framework has been rewarded much more consistently over the past six-months as investors’ time horizon appears to be extending. Earnings expectations have improved in some of the core European markets, particularly France, Switzerland and Germany, though the U.K. is expected to struggle as

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earnings fall for the U.K.’s multinational Drug & Pharmaceuticals, Integrated Oil, and Metals & Mining companies.

2012 Outlook (Artisan Partners):

We remain focused on the intersection of balance sheet strength, business quality and valuation. Our portfolio changes during the first six months of 2012 reflect our emphasis on these fundamentals. We sold our positions in Lancashire Holdings Ltd, Mitsubishi UFJ Financial Group, Inc., and Nestle SA to purchase such securities as Aon PLC, food retailer Tesco plc, and branded consumer goods manufacturer Orkla ASA.

2012 Outlook (Eagle):

The Euro zone economic activity continues to decelerate and appears headed towards a recession as the sovereign debt crisis remains unresolved. The “German-bloc countries” which had been carrying the region economically have turned down recently as consumer and business confidence has weakened. Concern in the Euro zone remains high as the employment picture worsens, interest rates in Spain, Italy and Portugal stay elevated and austerity measures prove challenging. The Japanese economy appears to be sending mixed signals as consumption data and reconstruction spending are positive while industrial production slips and the yen strengthens. The U.S. dollar was stronger versus the euro and the pound and weakened versus the yen during the first part of the year. The yen was considerably stronger versus the euro. We expect currency volatility to continue throughout 2012 as budget deficits, sovereign debt issues, policy risks, inflation pressures and trade imbalances create uncertainty. Inflation pressures appear to have ebbed globally as economic activity decelerates. Inflation trends in the emerging markets have also begun to ease as restrictive measures have slowed growth and commodity prices have pulled back. Emerging economies have slowed but still contribute the bulk of global growth. Despite the growth concerns, China, India, Russia and Brazil are all enjoying robust domestic consumption trends.

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Fund Expense Example

(unaudited)

As a shareholder of the Funds, you incur costs, including management fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. In addition to the ongoing costs which the Funds pay directly, you as a shareholder indirectly bear the expenses of any outside exchange traded funds or mutual funds in which the Funds invest. (These are also referred to as “acquired funds” and those indirect expenses represent the Funds’ pro rata portion of the cumulative expense charged by the acquired funds.)

The example provided is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended June 30, 2012.

Actual Expenses

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the second section of the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you compare the relative total costs of the Clearwater Funds to funds that charge transaction costs and/or sales charges or redemption fees.

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Actual	Beginning Account Value January 1, 2012	Ending Account Value June 30, 2012	Expenses Paid During the Period January 1, 2012 thru June 30, 2012 *
Core Equity Fund (1)	$1,000.00	$1,078.00	$2.84
Small Companies Fund (2)	$1,000.00	$1,081.60	$5.18
Tax-Exempt Bond Fund	$1,000.00	$1,062.60	$1.85
International Fund	$1,000.00	$1,035.20	$3.24
Hypothetical (5% return before expenses)
Core Equity Fund (1)	$1,000.00	$1,022.13	$2.77
Small Companies Fund (2)	$1,000.00	$1,019.89	$5.02
Tax-Exempt Bond Fund	$1,000.00	$1,023.07	$1.81
International Fund	$1,000.00	$1,021.68	$3.22

* Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

(1) Formerly known as the Clearwater Growth Fund.

(2) Formerly known as the Clearwater Small Cap Fund.

The annualized expense ratios are as follows:

Core Equity Fund (a) (b)	0.55%
Small Companies Fund (c)	1.00%
Tax-Exempt Bond Fund	0.36%
International Fund (d)	0.64%

(a)	The expense ratio for the Core Equity Fund represents the blended expense ratio during the six-month period. The management fee of the Fund was reduced through voluntary waivers to 0.60% until March 15, 2012, when the voluntary waivers were increased and the expense ratio of the Fund became 0.52%.
(b)	Formerly known as the Clearwater Growth Fund.
(c)	Formerly known as the Clearwater Small Cap Fund.
(d)	The expense ratio for the International Fund represents the blended expense ratio during the six month period. The management fee of the Fund was reduced through voluntary waivers to 0.70% until March 15, 2012, when the voluntary waivers were increased and the expense ratio of the Fund became 0.60%.

A-12

Quarterly Portfolio Schedule of Investments

The Funds file a complete schedule of their portfolio holdings as of the close of the first and third quarters of their fiscal years with the Securities and Exchange Commission (the “SEC”) on Form N-Q. Shareholders may request copies of Form N-Q free of charge by calling the Transfer Agent toll free at 1-855-684-9144 or by sending a written request to: The Northern Trust Company, P.O. Box 4766, Chicago, IL 60680-4766 Attn: Clearwater Investment Trust Funds. These filings are also available on the SEC’s Internet site at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information about the public reference room may be obtained by calling 1-800-SEC-0330.

Voting Proxies on Fund Portfolio Securities

The funds have established Proxy Voting Policies and Procedures (“Policies”) that the funds use to determine how to vote proxies relating to portfolio securities. They also report, on Form N-PX, how the Funds voted any such proxies during the most recent 12-month period ended June 30. Shareholders may request copies of the Policies or Form N-PX free of charge by calling Fiduciary Counselling, Inc. toll free at 1-888-228-0935 or by sending a written request to: Fiduciary Counselling, Inc., 30 East 7^th Street, Suite 2000, St. Paul, MN 55101 Attn: Clearwater Investment Trust. Form N-PX is also available from the EDGAR database on the SEC’s Internet site at http://www.sec.gov.

A-13

CLEARWATER INVESTMENT TRUST

Statements of Assets and Liabilities

June 30, 2012 (unaudited)

	Core Equity Fund(a)			Small Companies Fund(b)		Tax-Exempt Bond Fund			International Fund
Assets
Investments in securities, at fair value (identified cost: $235,418,413 Core Equity Fund; $226,433,112 Small Companies Fund; $494,530,369 Tax-Exempt Bond Fund; $275,785,557 International Fund)	$	357,843,258			258,329,868		518,600,288			330,911,070
Foreign currencies, at value (cost: $853,399)		—			—		—			854,607
Receivable for securities sold		2,289,190			1,519,212		1,238,362			710,320
Accrued dividend and interest receivable		446,477			273,444		6,321,485			837,564
Foreign tax reclaim receivable		9,898			—		—			598,282
Unrealized appreciation on forward foreign currency exchange contracts		—			—		—			110,934
Total assets		360,588,823			260,122,524		526,160,135			334,022,777
Liabilities
Payables for investment securities purchased		2,894,584			1,385,748		5,298,759			824,061
Payables for fund shares redeemed		75,000			109,000		433,000			600,000
Accrued investment advisory fee		462,482			638,964		469,447			494,339
Payable for dividend distribution		—			—		248,430			—
Unrealized depreciation on forward foreign currency exchange contracts		—			—		—			2,426
Total liabilities		3,432,066			2,133,712		6,449,636			1,920,826
Net assets	$	357,156,757			257,988,812		519,710,499			332,101,951
Capital
Capital stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: outstanding 13,114,278,14,103,491, 52,039,267 and 26,223,992 shares,respectively)	$	250,390,001			215,225,635		501,502,764			278,946,730
Undistributed net investment income		2,429,854			259,748		42,622			5,066,557
Accumulated net realized gain (loss) from investments and foreign currency transactions		(18,087,943	)		10,606,673		(5,904,806	)		(7,140,365	)
Unrealized appreciation of investments and translation of assets and liabilities in foreign currencies		122,424,845			31,896,756		24,069,919			55,229,029
Net assets	$	357,156,757			257,988,812		519,710,499			332,101,951
Net asset value per share of outstanding capital stock	$	27.23			18.29		9.99			12.66

(a)	Name change effective April 30, 2012. Formerly known as the Clearwater Growth Fund.
(b)	Name change effective April 30, 2012. Formerly known as the Clearwater Small Cap Fund.

See accompanying notes to financial statements.

1

CLEARWATER INVESTMENT TRUST

Statements of Operations

for the six months ended June 30, 2012 (unaudited)

	Core Equity Fund(a)			Small Companies Fund(b)			Tax-Exempt Bond Fund			International Fund
Investment income:
Income:
Dividends (net of foreign taxes withheld of $22,474, $608, $0 and $829,505 respectively)	$	3,383,334			1,547,195			1,275,715			6,884,396
Interest		—			—			12,327,423			232
Total income		3,383,334			1,547,195			13,603,138			6,884,628
Expenses:
Investment advisory fee		1,599,225			1,738,052			1,563,984			1,660,933
Voluntary fee reduction		(618,061	)		(450,605	)		(625,597	)		(597,104	)
Total net expenses		981,164			1,287,447			938,387			1,063,829
Net investment income		2,402,170			259,748			12,664,751			5,820,799
Net realized gain (loss) on investments and foreign currency transactions:
Security transactions		(385,560	)		14,084,393			2,396,375			(2,541,255	)
Forward foreign currency exchange contracts		—			—			—			58,813
Foreign currency transactions		(688	)		—			—			(6,751	)
Net increase (decrease) in appreciation/depreciation on:
Security transactions		23,835,779			5,141,990			17,123,574			7,021,473
Forward foreign currency exchange contracts		—			—			—			106,693
Translation of other assets and liabilities denominated in foreign currencies		(1	)		—			—			(18,080	)
Net gain (loss) on investments		23,449,530			19,226,383			19,519,949			4,620,893
Net increase (decrease) in net assets resulting from operations	$	25,851,700			19,486,131			32,184,700			10,441,692

(a)	Name change effective April 30, 2012. Formerly known as the Clearwater Growth Fund.
(b)	Name change effective April 30, 2012. Formerly known as the Clearwater Small Cap Fund.

See accompanying notes to financial statements.

2

CLEARWATER INVESTMENT TRUST

Statements of Changes in Net Assets

for the six months ended June 30, 2012 (unaudited)
and the year ended December 31, 2011

	Core Equity Fund(a)						Small Companies Fund(b)
	6/30/2012			12/31/2011			6/30/2012			12/31/2011
Operations:
Net investment income	$	2,402,170			4,260,571			259,748			119,142
Net realized gain (loss) on investments		(386,248	)		(6,601,423	)		14,084,393			30,103,847
Net increase (decrease) in unrealized appreciation/depreciation		23,835,778			(8,156,343	)		5,141,990			(32,921,523	)
Net increase (decrease) in net assets resulting from operations		25,851,700			(10,497,195	)		19,486,131			(2,698,534	)
Distributions to shareholders from:
Net investment income		—			(4,182,151	)		—			(93,237	)
Net realized gain on investments		—			—			—			(20,564,115	)
Total distributions to shareholders		—			(4,182,151	)		—			(20,657,352	)
Capital share transactions:
Proceeds from shares sold		5,862,099			12,580,223			3,954,318			15,200,741
Reinvestment of distributions from net investment income and gain		—			4,182,151			—			20,657,352
Payments for shares redeemed		(6,877,400	)		(14,032,377	)		(4,959,468	)		(29,231,102	)
Increase (decrease) in net assets from capital share transactions		(1,015,301	)		2,729,997			(1,005,150	)		6,626,991
Total increase (decrease) in net assets		24,836,399			(11,949,349	)		18,480,981			(16,728,895	)
Net assets:
At the beginning of the period		332,320,358			344,269,707			239,507,831			256,236,726
At the end of the period	$	357,156,757			332,320,358			257,988,812			239,507,831
Undistributed net investment income	$	2,429,854			28,372			259,748			—
	Tax-Exempt Bond Fund						International Fund
	6/30/2012			12/31/2011			6/30/2012			12/31/2011
Operations:
Net investment income	$	12,664,751			26,389,170			5,820,799			7,293,916
Net realized gain (loss) on investments		2,396,375			(887,827	)		(2,489,193	)		(4,572,714	)
Net increase (decrease) in unrealized appreciation/depreciation		17,123,574			32,296,176			7,110,086			(46,568,190	)
Net increase (decrease) in net assets resulting from operations		32,184,700			57,797,519			10,441,692			(43,846,988	)
Distributions to shareholders from:
Net investment income		(12,608,719	)		(26,365,905	)		—			(7,103,317	)
Net realized gain on investments		—			—			—			(717,130	)
Total distributions to shareholders		(12,608,719	)		(26,365,905	)		—			(7,820,447	)
Capital share transactions:
Proceeds from shares sold		4,723,400			14,973,923			22,594,900			21,869,448
Reinvestment of distributions from net investment income and gain		12,592,084			26,372,119			—			7,820,447
Payments for shares redeemed		(36,014,839	)		(70,145,905	)		(6,006,000	)		(19,365,745	)
Increase (decrease) in net assets from capital share transactions		(18,699,355	)		(28,799,863	)		16,588,900			10,324,150
Total increase (decrease) in net assets		876,626			2,631,751			27,030,592			(41,343,285	)
Net assets:
At the beginning of the period		518,833,873			516,202,122			305,071,359			346,414,644
At the end of the period	$	519,710,499			518,833,873			332,101,951			305,071,359
Undistributed net investment income (loss)	$	42,622			(13,410	)		5,066,557			(806,303	)

See accompanying notes to financial statements.

(a)	Name change effective April 30, 2012. Formerly known as the Clearwater Growth Fund.
(b)	Name change effective April 30, 2012. Formerly known as the Clearwater Small Cap Fund.

3

CLEARWATER INVESTMENT TRUST

Financial Highlights

June 30, 2012 (unaudited)

Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years or period ended and selected information for each year or period ended is as follows:

	June 30, 2012			Year ended December 31,
Core Equity Fund(a)				2011			2010			2009			2008			2007
Net asset value, beginning of period	$	25.26			26.38			23.40			18.60			30.57			29.47
Income from investment operations:
Net investment income		0.18			0.33			0.38			0.39			0.51			0.48
Net realized and unrealized gains (losses)		1.79			(1.13	)		2.99			4.78			(11.96	)		1.10
Total from investment operations		1.97			(0.80	)		3.37			5.17			(11.45	)		1.58
Less distributions:
Dividends from net investment income		—			(0.32	)		(0.39	)		(0.37	)		(0.52	)		(0.48	)
Total distributions		—			(0.32	)		(0.39	)		(0.37	)		(0.52	)		(0.48	)
Net asset value, end of period	$	27.23			25.26			26.38			23.40			18.60			30.57
Total return (b)		7.80	%		(3.04	)%		14.42	%		27.90	%		(37.50	)%		5.40	%
Net assets, end of period (000s omitted)	$	357,157			332,320			344,270			293,188			197,263			330,991
Ratio of expenses, net of waivers, to average net assets (c)(d)(e)(f)(g)		0.55	%		0.53	%		0.30	%		0.28	%		0.28	%		0.28	%
Ratio of expenses, before waivers, to average net assets (c)(d)(e)(f)(g)		0.90	%		0.69	%		0.45	%		0.45	%		0.45	%		0.45	%
Ratio of net investment income, net of waivers, to average net assets (c)(e)(f)(g)		1.35	%		1.25	%		1.60	%		1.98	%		1.92	%		1.61	%
Ratio of net investment income, before waivers, to average net assets (c)(e)(f)(g)		1.00	%		1.09	%		1.45	%		1.81	%		1.75	%		1.44	%
Portfolio turnover rate (excluding short-term securities)		12.15	%		27.01	%		43.65	%		21.83	%		14.71	%		17.99	%

(a)	Name change effective April 30, 2012. Formerly known as the Clearwater Growth Fund.
(b)	Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year.
(c)	Annualized for periods of less than one year.
(d)	In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.
(e)	Effective March 15, 2012, the investment advisory fee, net of voluntary waivers, decreased to 0.52%. Also effective March 15, 2012, the Adviser increased the voluntary waiver to 0.38%.
(f)	Effective June 1, 2011, the investment advisory fee, net of voluntary waivers, increased to 0.60%. Also effective June 1, 2011, the Adviser increased the voluntary waiver to 0.30%.
(g)	Effective December 1, 2010, the Adviser discontinued the voluntary waiver previously in effect.

See accompanying notes to financial statements.

4

CLEARWATER INVESTMENT TRUST

Financial Highlights

June 30, 2012 (unaudited)

Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years or period ended and selected information for each year or period ended is as follows:

	June 30, 2012			Year ended December 31,
Small Companies Fund(a)				2011			2010			2009			2008			2007
Net asset value, beginning of period	$	16.91			18.70			14.41			10.39			16.68			18.71
Income from investment operations:
Net investment income		0.02			0.01			—			—			0.05			—
Net realized and unrealized gains (losses)		1.36			(0.28	)		4.31			4.02			(6.29	)		0.58
Total from investment operations		1.38			(0.27	)		4.31			4.02			(6.24	)		0.58
Less distributions:
Distributions from net investment income		—			(0.01	)		(0.02	)		—			(0.05	)		—
Distributions from net realized gains		—			(1.51	)		—			—			—			(2.61	)
Total distributions		—			(1.52	)		(0.02	)		—			(0.05	)		(2.61	)
Net asset value, end of period	$	18.29			16.91			18.70			14.41			10.39			16.68
Total return (b)		8.16	%		(1.62	)%		29.99	%		38.70	%		(37.40	)%		3.10	%
Net assets, end of period (000s omitted)	$	257,989			239,508			256,237			214,335			120,846			246,987
Ratio of expenses, net of waivers, to average net assets (c)(d)(e)		1.00	%		0.98	%		0.95	%		0.95	%		0.95	%		0.98	%
Ratio of expenses, before waivers, to average net assets (c)(d)(e)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Ratio of net investment income (loss), net of waivers, to average net assets(c)(e)		0.20	%		0.05	%		(0.02	)%		(0.04	)%		0.32	%		0.00	%
Ratio of net investment loss, before waivers, to average net assets(c)(e)		(0.15	)%		(0.32	)%		(0.42	)%		(0.44	)%		(0.08	)%		(0.37	)%
Portfolio turnover rate (excluding short-term securities)		30.04	%		64.54	%		71.05	%		95.13	%		117.12	%		115.19	%

(a)	Name change effective April 30, 2012. Formerly known as the Clearwater Small Cap Fund.
(b)	Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year.
(c)	Annualized for periods of less than one year.
(d)	In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.
(e)	Effective June 1, 2011, the investment advisory fee, net of voluntary waivers, increased to 1.00%. Also effective June 1, 2011, the Adviser reduced the voluntary waiver to 0.35%.

See accompanying notes to financial statements.

5 (Continued)

CLEARWATER INVESTMENT TRUST

Financial Highlights

June 30, 2012 (unaudited)

Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years or period ended and selected information for each year or period ended is as follows:

	June 30, 2012			Year ended December 31,
Tax-Exempt Bond Fund				2011			2010			2009			2008			2007
Net asset value, beginning of period	$	9.62			9.06			9.25			8.09			9.64			10.06
Income from investment operations:
Net investment income		0.24			0.48			0.47			0.47			0.46			0.46
Net realized and unrealized gains (losses)		0.37			0.56			(0.19	)		1.16			(1.55	)		(0.42	)
Total from investment operations		0.61			1.04			0.28			1.63			(1.09	)		0.04
Less distributions:
Distributions from net investment income		(0.24	)		(0.48	)		(0.47	)		(0.47	)		(0.46	)		(0.46	)
Total distributions		(0.24	)		(0.48	)		(0.47	)		(0.47	)		(0.46	)		(0.46	)
Net asset value, end of period	$	9.99			9.62			9.06			9.25			8.09			9.64
Total return (a)		6.26	%		11.81	%		2.99	%		20.60	%		(11.80	)%		0.60	%
Net assets, end of period (000s omitted)	$	519,710			518,834			516,202			542,394			370,848			337,395
Ratio of expenses, net of waivers, to average net assets (b)(c)		0.36	%		0.36	%		0.36	%		0.36	%		0.37	%		0.38	%
Ratio of expenses, before waivers, to average net assets (b)(c)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income, net of waivers, to average net assets(b)		4.86	%		5.08	%		5.00	%		5.34	%		5.03	%		4.75	%
Ratio of net investment income, before waivers, to average net assets(b)		4.62	%		4.84	%		4.76	%		5.10	%		4.80	%		4.53	%
Portfolio turnover rate (excluding short-term securities)		12.42	%		24.83	%		28.95	%		22.90	%		32.20	%		27.58	%

(a)	Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year.
(b)	Annualized for periods of less than one year.
(c)	In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

See accompanying notes to financial statements.

6 (Continued)

CLEARWATER INVESTMENT TRUST

Financial Highlights

June 30, 2012 (unaudited)

Per share data (rounded to the nearest cent) for a share of capital stock outstanding throughout the years or periods ended and selected information for each year or period ended is as follows:

	Period ended June 30, 2012									Period ended December 31, 2009(a)(b)
				Year ended December 31,
International Fund				2011			2010
Net asset value, beginning of period	$	12.23			14.33			13.16			10.00
Income from investment operations:
Net investment income		0.22			0.30			0.23			0.19
Net realized and unrealized gains (losses)		0.21			(2.08	)		1.27			3.35
Total from investment operations		0.43			(1.78	)		1.50			3.54
Less distributions:
Distributions from net investment income		—			(0.29	)		(0.23	)		(0.18	)
Distributions from net realized gains		—			(0.03	)		(0.10	)		(0.20	)
Total distributions		—			(0.32	)		(0.33	)		(0.38	)
Net asset value, end of period	$	12.66			12.23			14.33			13.16
Total return (c)		3.52	%		(12.44	)%		11.39	%		35.50	%
Net assets, end of period (000s omitted)	$	332,102			305,071			346,415			292,902
Ratio of expenses, net of waivers, to average net assets (d)(e)(f)(g)		0.64	%		0.77	%		0.80	%		0.92	%
Ratio of expenses, before waivers, to average net assets (d)(e)(f)(g)		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income, net of waivers, to average net assets (d)(f)(g)		3.51	%		2.15	%		1.77	%		1.74	%
Ratio of net investment income, before waivers, to average net assets (d)(f)(g)		3.15	%		1.92	%		1.57	%		1.66	%
Portfolio turnover rate (excluding short-term securities)		13.00	%		36.93	%		30.82	%		35.33	%

(a)	Commenced investment operations on February 5, 2009.
(b)	Net investment income for the period ended was calculated using the average shares outstanding method.
(c)	Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year.
(d)	Annualized for periods of less than one year.
(e)	In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.
(f)	Effective March 15, 2012, the investment advisory fee, net of voluntary waivers, decreased to 0.60%. Also effective March 15, 2012, the Adviser increased the voluntary waiver to 0.40%.
(g)	Effective June 1, 2011, the investment advisory fee, net of voluntary waivers, decreased to 0.75%. Also effective June 1, 2011, the Adviser increased the voluntary waiver to 0.25%. Effective December 5, 2011, the investment advisory fee, net of voluntary waivers, decreased to 0.70%. Also effective December 5, 2011, the Adviser increased the voluntary waiver to 0.30%.

See accompanying notes to financial statements.

7 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

(1) Organization

Clearwater Investment Trust (the “Trust”) was established on January 12, 1987 as a Massachusetts business trust and is registered under the Investment Company Act of 1940 (as amended) as a diversified open end management investment company and presently includes four series: Clearwater Core Equity Fund, Clearwater Small Companies Fund, Clearwater Tax-Exempt Bond Fund, and Clearwater International Fund (the “Funds”). Clearwater Management Company (the “Adviser”) serves as the investment adviser for each of the Funds and is responsible for the oversight of each of the Fund’s subadvisers. The Trust’s declaration of trust permits the Board of Trustees to create additional funds in the future. The investment objective of the Clearwater Core Equity, Small Companies, and International Funds is long-term capital growth. The investment objective of the Clearwater Tax-Exempt Bond Fund is high current income that is exempt from U.S. federal income tax, consistent with preservation of capital.

Effective April 30, 2012, the Clearwater Growth Fund and the Clearwater Small Cap Fund changed their names to the Clearwater Core Equity Fund and the Clearwater Small Companies Fund, respectively.

Fiduciary Counselling, Inc. (“FCI”) acts as subadviser to each of the Funds. FCI does not provide day-today management, but provides the Funds with various investment-related services, including investment strategy advice, manager recommendations and related duties as requested by the Adviser. FCI also provides certain services related to due diligence, performance reporting, compliance, and other administrative functions, which support the investment management services and subadviser oversight services provided to the Funds by the Adviser.

On January 1, 2012, The Northern Trust Company (“Northern Trust”) replaced FCI as acting transfer agent for each of the Funds. Northern Trust also serves as custodian, administrator and accounting services agent for each of the Funds.

Under normal market conditions, the Clearwater Core Equity Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The Fund employs a multi-style (growth and value) and multi-manager approach whereby portions of the Fund are allocated to different subadvisers who employ distinct investment styles. The Fund’s Adviser allocates portions of the Fund’s assets among subadvisers. The Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Parametric Portfolio Associates (“Parametric”), Heartland Advisors, Inc. (“Heartland”), Knightsbridge Asset Management, LLC (“Knightsbridge”), and Osterweis Capital Management, LLC (“Osterweis”). The allocation among subadvisers will vary over time, but the current intent of the Fund’s Adviser is that under normal market conditions approximately 60% of the Fund’s net assets will be allocated to Parametric; the remaining net assets will be allocated to one or more of the Fund’s three other subadvisers. To the extent feasible, Parametric manages its portion of the Fund’s assets in a passive management strategy so that its portion of the Fund’s holdings generally matches the holdings of the Russell 1000® Index as closely as possible without requiring the Fund to realize gains. In addition, as noted above, FCI also acts as a subadviser to the Fund.

Under normal market conditions, the Clearwater Small Companies Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small companies. The Fund defines “small companies” as issuers with market capitalizations no greater than $5 billion at the time of purchase. The equity securities the Fund invests in consist primarily of exchange traded common and preferred stocks. The Fund may also invest in a type of equity security called a

8

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

convertible security to hedge sector volatility. A convertible security generally entitles the holder to receive interest paid or accrued on debt securities or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. The Fund currently has two subadvisers that provide day-to-day management for the Fund, Kennedy Capital Management, Inc. (“Kennedy”) and Keeley Asset Management (“Keeley”). In addition, as noted above, FCI also acts as a subadviser to the Fund.

Under normal market conditions, the Clearwater Tax-Exempt Bond Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in tax-exempt bonds, which are debt obligations issued by or for the U.S. states, territories and possessions, and the District of Columbia. The interest on these securities is generally exempt from regular federal income tax and may also be exempt from federal alternative minimum tax. However, the Fund may invest up to 20% of its net assets in bonds that generate interest income subject to federal alternative minimum tax. The Fund currently has one subadviser that provides day-to-day management for the Fund, Sit Fixed Income Advisers II, LLC (“Sit”). In addition, as noted above, FCI also acts as a subadviser to the Fund.

Under normal market conditions, the Clearwater International Fund intends to invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside the United States. Equity securities in which the Fund invests include common and preferred stock, sponsored and unsponsored American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts and exchange-traded funds and other investment companies. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund currently does not intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers. The Fund uses a “multi-style, multi-manager” approach. The Fund’s Adviser allocates portions of the Fund’s assets among the following subadvisers who employ distinct investment styles. The Fund currently allocates assets among subadvisers who provide day-to-day management to the Fund: Parametric, AXA Rosenberg Investment Management LLC (“AXA Rosenberg”) Artisan Partners Limited Partnership (“Artisan Partners”), and Eagle Global Advisors, LLC (“Eagle”). The allocation among subadvisers will vary over time, but the current intent of the Fund’s Adviser is that under normal market conditions approximately 40%-80% of the Fund’s net assets will be allocated to Parametric; the remaining net assets will be allocated to one or more of the Fund’s three other subadvisers. In addition, as noted above, FCI also acts as a subadviser to the Fund.

(2) Summary of Significant Accounting Policies

The significant accounting policies followed by the Funds are as follows:

(a)

Investments in Securities

Investments in U.S. and foreign equity securities are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Foreign security values are stated in U.S. dollars. Equity securities which have not traded on the date of valuation or securities for which sales prices are not generally reported are valued at the mean between the last bid and asked prices. Debt securities maturing more than 60 days from the valuation date are valued at the market price supplied by an independent pricing vendor; those securities of sufficient credit quality with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued at amortized cost, which approximates fair value.

9 (Continued)

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Notes to Financial Statements (unaudited)

June 30, 2012

	Securities for which no market quotations are readily available (including those for which trading has been suspended), or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, are valued at fair value as determined in good faith using procedures established by the Board of Trustees. The procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. These procedures are used by the Valuation Committee, in accordance with the procedures established by the Board of Trustees, to determine the fair value of the security or securities. Such determinations are then submitted for review and ratification by the Board of Trustees. Security transactions are accounted for on the trade date, which is the date the securities are purchased or sold. Realized gains and losses are calculated on an identified cost basis. Dividend income is recognized on the ex-dividend date or, for foreign securities, as soon as the information is available. Interest income, including accretion of original issue discount and amortization of original issue premium, is accrued daily.
(b)	Foreign Currency Translation
	The International Fund invests in securities which are purchased and sold in foreign currencies as a principal investment strategy. The costs of purchases, proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The value of the International Fund’s assets, as measured in U.S. dollars, may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations. The gains or losses, if any, on investments resulting from changes in foreign exchange rates are included on the Statements of Operations in security transactions within realized gain (loss) on investments and foreign currency transactions and in security transactions within net increase (decrease) in appreciation/depreciation. The realized gains or losses, if any, on translation of other assets and liabilities denominated in foreign currencies are included in foreign currency transactions on the Statements of Operations within realized gain (loss) on investments and foreign currency transactions. The International Fund also will incur costs in converting U.S. dollars to local currencies, and vice versa. The International Fund therefore may enter into foreign currency transactions as a principal investment strategy. Risks may arise upon investing in foreign securities including, but not limited to, political, social or economic instability in the country of the issuer, the difficulty of predicting international trade patterns, the possibility of the imposition of exchange controls, expropriation, limits on removal of currency or other assets, nationalization of assets, foreign withholding and income tax and possible delays in the settlement of foreign stock exchange transactions. The principal markets on which these securities trade may have less volume and liquidity, and may be more volatile, than securities markets in the United States.
(c)	Forward Foreign Currency Exchange Contracts
	The International Fund enters into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge against either specific transactions or the portfolio position. The objective of the International Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of the International Fund’s

10 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

	foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. Forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in forward foreign currency exchange contracts on the Statements of Operations within net increase (decrease) in appreciation/depreciation. The International Fund records realized gains or losses at the time the forward foreign currency exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency. Realized gains or losses, if any, are included in forward foreign currency exchange contracts on the Statements of Operations within net realized gain (loss) on investments and foreign currency transactions. Risks may arise upon entering into forward foreign currency exchange contracts from the potential of the issuer to default on its obligations under the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The International Fund bears the market risk from changes in foreign currency exchange rates and the credit risk if the issuer fails to perform. Additional information on derivative instruments and how these positions may impact the financial statements is found in Note 8, Derivative Instruments.
(d)	Spot Contracts
	The International Fund routinely enters into spot contracts in order to buy or sell a certain amount of foreign currency at the current market rate, with settlement occurring in two business days. The International Fund may enter into spot contracts in order to make payments, or to receive payments, based on trading activity in a foreign currency. A spot contract allows the International Fund to buy or sell foreign currency on the day it chooses to deal. From time to time, the Core Equity Fund may also enter into spot contracts in order to make or receive payments due to trading activity in a foreign currency on a non-U.S. exchange. Spot contracts are marked-to-market daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in foreign currency transactions on the Statements of Operations within net increase (decrease) in appreciation/depreciation. The Funds record any realized gains or losses at the time the spot contract settles. Realized gains or losses, if any, are included in foreign currency transactions on the Statements of Operations within realized gain (loss) on investments and foreign currency transactions. Risks may arise upon entering into spot contracts from unanticipated movements in the value of a foreign currency relative to the U.S. dollar in a short period of time. The Funds bear the market risk from changes in foreign currency exchange rates.
(e)	Delayed Delivery Transactions and When-Issued Securities
	Certain Funds may engage in securities transactions on a when-issued or delayed-delivery basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment, with payment and delivery scheduled for a future date. During this period, the securities are subject to market fluctuations. When delayed-delivery purchases are outstanding, a Fund will segregate liquid assets on their records in amounts sufficient to meet the purchase price. A Fund may dispose of or renegotiate a delayed-delivery transaction, which may result in a capital gain or loss.

11 (Continued)

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Notes to Financial Statements (unaudited)

June 30, 2012

(f)	Short-Term Investments
	Each Fund currently invests uninvested cash in money market portfolios of Northern Institutional Funds. The Core Equity, Small Companies and International Funds currently invest in the U.S. Government Select Portfolio and the Tax-Exempt Bond Fund currently invests in the Tax-Exempt Portfolio. The U.S. Government Select Portfolio was formerly known as the Government Select Portfolio prior to its name change effective on April 1, 2012. Northern Institutional Funds is an investment company advised by Northern Trust Investments, Inc. (“NTI”), a subsidiary of Northern Trust.
	The U.S. Government Select Portfolio primarily invests in securities issued by the U.S. government, government agencies, and government-sponsored enterprises. The Tax-Exempt Portfolio primarily invests in high-quality short-term municipal instruments.
(g)	Recoverable Taxes
	The balance disclosed as foreign tax reclaim receivable represents net amounts withheld by foreign governments on dividend income earned in the respective countries subject to reclamation. All reclaims are paid directly to the Core Equity and International Funds, respectively.
(h)	Federal Taxes
	The Trust’s policy is to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies. On a calendar-year basis, the Funds intend to distribute substantially all of their net investment income and net realized gains, if any, to avoid the payment of federal income and excise taxes. Therefore, no income tax provision is required. Each fund is treated as a separate entity for federal income tax purposes. Management has analyzed the Funds’ tax positions taken on federal tax returns for all open tax years and has concluded that as of December 31, 2011, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and Minnesota state income and federal excise tax returns for the 2008, 2009, 2010 and 2011 tax years for which the applicable statutes of limitations have not expired remain subject to examination by the Internal Revenue Service and state departments of revenue. Net investment income and net realized gains (losses) for the Funds may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains, if any, may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Funds. The tax character of distributions paid by the Funds during the years ended December 31, 2011 and 2010 was as follows:

	Tax-Exempt				Ordinary Income
	2011		2010		2011		2010
Core Equity Fund	$	—	$	—	$	4,182,151	$	5,115,464
Small Companies Fund		—		—		44,627		215,518
Tax-Exempt Bond Fund		26,002,514		26,457,141		369,605		321,038
International Fund		—		—		7,184,471		6,288,664

12 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

	Long-Term Capital Gains
	2011		2010
Core Equity Fund	$	—	$	—
Small Companies Fund		20,612,725		—
Tax-Exempt Bond Fund		—		—
International Fund		635,976		1,541,118

As of June 30, 2012, the components of distributable earnings on a tax basis were as follows:

	Core Equity Fund			Small Companies Fund		Tax-Exempt Bond Fund			International Fund
Undistributed ordinary income	$	2,429,852		$	259,745	$	42,622		$	5,938,185
Undistributed capital gain		—			10,610,483		—			—
Accumulated capital losses		(17,898,748	)		—		(5,904,806	)		(6,464,358	)
Unrealized appreciation		122,235,652			31,892,949		24,069,919			53,681,394
Total	$	106,766,756		$	42,763,177	$	18,207,735		$	53,155,221

On the Statements of Assets and Liabilities, due to permanent book-to-tax differences, the following adjustments have been made:

	Core Equity Fund			Small Companies Fund		Tax-Exempt Bond Fund		International Fund
Undistributed net investment income	$	(688	)	$	—	$	—	$	52,061
Accumulated net realized gain (loss)		688			—		—		(52,061	)
Additional paid-in capital		—			—		—		—

(i)	Distributions to Shareholders
	Distributions to shareholders from net investment income, if any, are declared annually for the Core Equity, Small Companies, and International Funds and declared daily, payable monthly, for the Tax-Exempt Bond Fund. Distributions to shareholders from net realized gains, if any, are declared annually for all Funds. Distributions are paid in cash or reinvested in additional shares at the direction of the shareholders.
(j)	Use of Estimates
	The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the period. Actual results could differ from those estimates.

13 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

(k)	Recent Accounting Pronouncements
	In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). These disclosure requirements are intended to help investors and other financial statement users to better assess the effect or potential effect of offsetting arrangements on a company’s financial position. They also improve transparency in the reporting of how companies mitigate credit risk, including disclosure of related collateral pledged or received. In addition, ASU 2011-11 facilitates comparison between those reporting entities that prepare their financial statements on the basis of U.S. GAAP and those reporting entities that prepare their financial statements on the basis of the International Financial Reporting Standard (“IFRS”). Specifically, ASU 2011-11 requires reporting entities to disclose 1) both gross and net information about both instruments and transactions eligible for offset in the financial statements and 2) instruments and transactions subject to an agreement similar to a master netting agreement. The effective date of ASU 2011-11 is for interim and annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this requirement and the impact it will have on the Funds’ financial statement disclosures.
(l)	Indemnification
	Under each Fund’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to each Fund. In addition, certain of each Fund’s contracts with its service providers contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against each Fund cannot be determined and each Fund has no historical basis for predicting the likelihood of any such claims.
(3)	Fair Value Measurements
On January 1, 2012, the Trust adopted all disclosures required by ASU No. 2011-04, Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, which are reflected within the semiannual report.
Fair value is an estimate of the price the Funds would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. This guidance establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments, as described in Note 2(a) above. These inputs are summarized in the three broad levels listed below.
•	Level 1 – Unadjusted quoted market prices in active markets for identical securities on the measurement date.
•	Level 2 – Other significant observable inputs including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc. or quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data are also considered a Level 2 measurement. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement.

14 (Continued)

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Notes to Financial Statements (unaudited)

June 30, 2012

• Level 3 – Valuations based on unobservable inputs, which may include the Adviser’s own assumptions in determining the fair value of an investment.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the investments of each Fund as of June 30, 2012 using the fair value methodology and levels described above:

	Core Equity Fund (a)
	Level 1		Level 2		Level 3		Total
Common Stocks	$	344,846,714	$	—	$	—	$	344,846,714
Rights		987		—		—		987
Warrants		24,054		—		—		24,054
Short-Term Investments		12,971,503		—		—		12,971,503
Total	$	357,843,258	$	—	$	—	$	357,843,258

(a) For the Core Equity Fund, 100% of the investment value is comprised of equity securities, rights, warrants, and short-term investments. See the Fund’s Schedule of Investments for industry classification. Investments in equity and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded.

The Core Equity Fund discloses all transfers between levels based on valuations at the end of each reporting period. At June 30, 2012, there were no transfers between Level 1, Level 2 or Level 3 classifications based on levels assigned to the securities on December 31, 2011. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.

	Small Companies Fund (b)
	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	40,152,736	$	—	$	186,040	$	40,338,776
Consumer Staples		11,995,798		—		—		11,995,798
Energy		13,263,711		—		—		13,263,711
Financials		52,020,058		—		—		52,020,058
Health Care		22,400,724		—		—		22,400,724
Industrials		46,818,851		—		—		46,818,851
Information Technology		37,738,551		—		—		37,738,551
Materials		17,640,359		—		—		17,640,359
Utilities		9,366,819		—		—		9,366,819
Short-Term Investments		6,746,221		—		—		6,746,221
Total	$	258,143,828	$	—	$	186,040	$	258,329,868

15 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

(b) For the Small Companies Fund, 100% of the investment value is comprised of equity securities and short-term investments. See the Fund’s Schedule of Investments for industry classification. Investments in equity and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. As of June 30, 2012, the Valuation Committee determined the fair valuation of a common stock based on inputs such as a last traded price at the time of a significant event and considerations of any other events relevant to making a fair value determination. This investment has been classified as a Level 3 investment

As of June 30, 2012, the below information provides additional detail on the quantitative information used in the fair value determination of this Level 3 investment, including the nature of the security and whether it is traded openly in the active market.

Quantitative Information about Level 3 Fair Value Measurement (1)
	Fair Value at 6/30/12	Valuation Technique	Unobservable Input	Pricing
Consumer Discretionary	186,040	Market Approach	Last traded price from a primary pricing service provider, provided at the time trading was suspended by the NYSE	7.430

⁽¹⁾ As the Small Companies Fund’s Level 3 asset is below one percent of the Small Companies Fund’s net assets, on an aggregate basis, a disclosure of the sensitivity of significant unobservable inputs has not been presented.

The Small Companies Fund discloses all transfers between levels based on valuations at the end of each reporting period. At June 30, 2012, there were no transfers between Level 1 or Level 2 classifications based on levels assigned to the securities on December 31, 2011. At June 30, 2012, an equity investment with a fair value of $186,040 was transferred from Level 1 to Level 3 due to the security being valued based on unobservable inputs using the last traded price from a primary pricing service provider on April 17, 2012, the date trading was halted on the security’s primary exchange. Since the time trading was halted, there has been a lack of market activity and data observed for this security. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.

	Transfers in to Level 1		Transfers out of Level 1(1)		Transfers in to Level 3(1)		Transfers out of Level 3
Common Stocks
Consumer Discretionary	$	—	$	186,040	$	186,040	$	—
Total	$	—	$	186,040	$	186,040	$	—

⁽¹⁾ Transfers to Level 1 from Level 3 were due to the equity investment being fair valued at a last traded price at the time trading was suspended. This is in accordance with the Small Companies Fund’s pricing procedures.

16 (Continued)

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Notes to Financial Statements (unaudited)

June 30, 2012

	Tax-Exempt Bond Fund (c)
	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	41,844,327	$	—	$	—	$	41,844,327
Municipal Bonds
Airport		—		1,765,140		—		1,765,140
Bond Bank		—		2,642,410		—		2,642,410
Development		—		14,936,918		234,167		15,171,085
Education		—		52,133,020		369,635		52,502,655
Facilities		—		6,738,664		—		6,738,664
General		—		47,035,383		—		47,035,383
General Obligation		—		19,809,495		—		19,809,495
Higher Education		—		15,733,796		950,505		16,684,301
Housing		—		14,578,217		—		14,578,217
Medical		—		76,598,433		1,225,633		77,824,066
Mello-Roos		—		2,220,113		—		2,220,113
Multifamily Housing		—		36,238,620		—		36,238,620
Nursing Home		—		48,189,012		—		48,189,012
Pollution		—		559,265		—		559,265
Power		—		3,548,511		619,400		4,167,911
School District		—		20,555,915		—		20,555,915
Single Family Housing		—		58,810,552		—		58,810,552
Student Loan		—		7,890,713		—		7,890,713
Tobacco Settlement		—		4,709,422		—		4,709,422
Transportation		—		19,821,018		—		19,821,018
Utilities		—		3,145,360		993,550		4,138,910
Water		—		9,895,995		—		9,895,995
Short-Term Investments		4,807,099		—		—		4,807,099
Total	$	46,651,426	$	467,555,972	$	4,392,890	$	518,600,288

(c) For the Tax-Exempt Bond Fund, 100% of the investment value is comprised of closed-end funds, municipal bond securities, and short-term investments. The municipal bond securities are generally considered Level 2 securities based on valuations using adjusted evaluated prices provided by the primary pricing provider. The Board of Trustees has delegated to the Valuation Committee the responsibility to determine in good faith the fair value of securities for which no price quotation is available from an approved pricing service or broker-dealer at the time the Tax-Exempt Bond Fund’s net asset value is calculated, including securities for which the prices do not represent fair value or for which a significant event occurs that materially affects the value of the security after the close of the market on which the security principally trades and before the time the Tax-Exempt Bond Fund’s net asset value is calculated.

17 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

As of June 30, 2012, the Valuation Committee determined the fair valuation of municipal bonds based on inputs such as the last traded price at the time of significant events, the default of a municipal bond or the maturity of a bond anticipation note prior to the new roll forward date. The Valuation Committee also looked at observations of similar securities which are not currently openly traded in the active market. Finally, the Valuation Committee considered other events in determining fair valuation including the nature of the security and whether it is traded openly in the active market. Such investments have been classified as Level 3 instruments.

As of June 30, 2012, the below information provides additional detail on the quantitative information used in the fair value determination of these Level 3 investments, including the nature of the securities and whether they are traded openly in the market.

Quantitative Information about Level 3 Fair Value Measurement (1)
	Fair Value at 6/30/12	Valuation Technique	Unobservable Input	Pricing
Development	234,167	Market Approach	Last evaluated price, from a primary pricing service provider, on February 14, 2012. Security has been in default since December 1, 2011.	65.000
Education	369,635	Market Approach	Last evaluated price, from a primary pricing service provider, on June 28, 2012. Security has been in default since June 27, 2012.	70.000
Higher Education	950,505	Market Approach	As security is a private placement and is not openly traded, the valuation is based on evaluated pricing of a security with similar characteristics.	90.602
Medical	237,380	Market Approach	As security is infrequently traded and there is a wide spread between prices provided by two independent pricing service providers, the valuation is based on an average of the prices.	80.646 and 55, resulting in an average price of 67.823
Medical	988,253	Market Approach	As security is a private placement and is not openly traded, the valuation is based on evaluated pricing of a security with similar characteristics.	102.101
Power	619,400	Market Approach	As security is not openly traded, the valuation is based on an average price of par value and a price determined in good faith by the Valuation committee.	100 and 84.62, resulting in an average price of 92.31
Utilities	993,550	Market Approach	Last evaluated price, from a primary pricing service provider, on February 28, 2012. Bond matured on February 28, 2012. The bond is a bond anticipation note and is rolled to different maturity dates at various times. The next maturity date of this bond anticipation note has yet to be determined.	80.000

⁽¹⁾ As the Tax-Exempt Bond Fund’s Level 3 assets are below one percent of the Tax-Exempt Bond Fund’s net assets, on an aggregate basis, a disclosure of the sensitivity of significant unobservable inputs has not been presented.

18 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

The Tax-Exempt Bond Fund discloses all transfers between levels based on valuations at the end of each reporting period. At June 30, 2012, there were no transfers between Level 1 or Level 2 classifications based on levels assigned to the securities on December 31, 2011. At June 30, 2012, a municipal bond investment with a fair value of $369,635 was transferred from Level 2 to Level 3 due to the security being valued based on unobservable inputs using an evaluated price from a primary pricing service provider on at the time of default on June 27, 2012. Since the time of default, there has been a lack of market activity and data observed for this security. U.S. GAAP provides additional guidance for estimating fair value when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate when a transaction is not orderly.

	Transfers in to Level 2		Transfers out of Level 2(1)		Transfers in to Level 3(1)		Transfers out of Level 3
Municipal Bonds
Education	$	—	$	369,635	$	369,635	$	—
Total	$	—	$	369,635	$	369,635	$	—

⁽¹⁾ Transfers from Level 2 to Level 3 were due to the municipal bond investment being fair valued at last evaluation price at the time of default. This is in accordance with the Tax-Exempt Bond Fund’s pricing procedures.

19 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

	International Fund (d)
	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	4,457,634	$	37,268,727	$	—	$	41,726,361
Consumer Staples		4,405,616		35,816,204		—		40,221,820
Energy		8,070,926		18,247,757		—		26,318,683
Financials		11,115,761		58,949,299		—		70,065,060
Health Care		4,173,441		22,891,653		—		27,065,094
Industrials		2,613,898		42,408,551		—		45,022,449
Information Technology		4,663,988		10,489,225		—		15,153,213
Materials		6,609,231		22,519,221		—		29,128,452
Telecommunication Services		1,704,061		12,506,472		—		14,210,533
Utilities		627,267		9,694,969		—		10,322,236
Preferred Stock
Consumer Discretionary		—		750,640		—		750,640
Consumer Staples		—		156,739		—		156,739
Materials		214,610		—		—		214,610
Utilities		—		138,693		—		138,693
Corporate Bonds
Financials		—		1,057,699		—		1,057,699
Rights
Materials		7,382		—		—		7,382
Short-Term Investments		9,351,406		—		—		9,351,406
Total	$	58,015,221	$	272,895,849	$	—	$	330,911,070

(d) For the International Fund, 100% of the investment value is comprised of equity securities, corporate bonds, rights and short-term investments. See the Fund’s Schedule of Investments for geographical classification. As of June 30, 2012, the Valuation Committee determined in good faith the fair valuation of a right to be zero based on the security being delisted, an investigation by their regulatory body and the company’s bankruptcy. This investment has been classified as a Level 3 instrument.

As of June 30, 2012, the below information provides additional detail on the quantitative information used in the fair value determination of this Level 3 investment, including the nature of the security and whether it is traded openly in the active market.

20 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

Quantitative Information about Level 3 Fair Value Measurement (1)
	Fair Value at 6/30/12	Valuation Technique	Unobservable Input	Pricing
Materials	—	Market Approach	The Valuation Committee determined the fair valuation of this security based on trading being suspended by the Ontario Securities Commission (OSC) at the time the security was delisted, an investigation by the OSC and the bankruptcy of the company	0.000

⁽¹⁾ As the International Fund’s Level 3 assets are below one percent of the International Fund’s net assets, on an aggregate basis, a disclosure of the sensitivity of significant unobservable inputs has not been presented.

	Transfers in to Level 1		Transfers out of Level 1(1)		Transfers in to Level 2(1)		Transfers out of Level 2
Common Stocks
Consumer Discretionary	$	—	$	35,869,810	$	35,869,810	$	—
Consumer Staples		—		35,087,033		35,087,033		—
Energy		—		17,667,032		17,667,032		—
Financials		—		57,129,428		57,129,428		—
Health Care		—		22,473,617		22,473,617		—
Industrials		—		40,496,731		40,496,731		—
Information Technology		—		9,449,456		9,449,456		—
Materials		—		22,245,939		22,245,939		—
Telecommunication Services		—		12,037,438		12,037,438		—
Utilities		—		9,297,376		9,297,376		—
Preferred Stock
Consumer Discretionary		—		750,640		750,640		—
Consumer Staples		—		156,739		156,739		—
Financials		—		40,524		40,524		—
Utilities		—		138,693		138,693		—
Total	$	—	$	262,840,456	$	262,840,456	$	—

⁽¹⁾ For certain foreign equity securities, $262,840,456 transferred from Level 1 to Level 2 classifications from December 31, 2011 to June 30, 2012, due to receiving a fair valuation. The International Fund’s trigger for adjusting the fair value for certain securities was met as a result of events impacting the value of those securities after the closing of the exchange on which those securities principally trade, but before the calculation of the daily net asset value, resulting in certain securities being classified as Level 2 measurements. On December 31, 2011, the International Fund’s trigger was not met and therefore the fair value for the relevant securities was not adjusted from the quotation on the exchange on which the securities principally trade, resulting in the securities being classified as Level 1 measurements.

21 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Assets
Forward foreign currency exchange contracts	$	—	$	110,934		$	—	$	110,934
Liabilities
Forward foreign currency exchange contracts	$	—	$	(2,426	)	$	—	$	(2,426	)
Total Other Financial Instruments	$	—	$	108,508		$	—	$	108,508

The forward foreign currency exchange contracts outstanding at June 30, 2012 are considered Level 2 investments due to the contracts being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate. Forward foreign currency exchange contracts are shown on a gross basis in the above table and on the Statements of Assets and Liabilities.

22 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

The following is a reconciliation of investments for the Small Companies Fund in which significant unobservable inputs (Level 3) were used in determining fair value:

Small Companies	Common Stock
	Consumer Discretionary
Balance as of 12/31/11	$	—
Realized Gains		—
Realized Losses		—
Change in Unrealized Appreciation		—
Change in Unrealized Depreciation		—
Purchases		—
Sales		—
Transfers into Level 3 (1)		186,040	(2)
Transfers out of Level 3 (1)		—
Balance as of 6/30/12	$	186,040

(1)	The value of the Transfers into and out of Level 3 is measured using the fair value as of the period ended June 30, 2012.
(2)	Transferred from Level 1 to Level 3 due to the security being valued based on fair valuations determined by procedures adopted by the Board of Trustees and because there is a lack of market activity and data observed for this security.

The amount of change in net unrealized gains on the Level 3 security still held at June 30, 2012 and included in the Statements of Operations, within the sector of Consumer Discretionary, was $1,767.

23 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

The following is a reconciliation of investments for the Tax-Exempt Bond Fund in which significant unobservable inputs (Level 3) were used in determining fair value:

Tax-Exempt Bond Fund	Municipal Bonds
	Development			Education			Higher Education			Medical			Power		Utilities			Total
Balance as of 12/31/11	$	181,777		$	—		$	990,330		$	1,144,754		$	619,400	$	964,241		$	3,900,502
Realized Gains		473			—			—			646			—		—			1,119
Realized Losses		—			—			(1,462	)		—			—		—			(1,462	)
Change in Unrealized Appreciation		95,609			—			5,593			101,021			—		29,309			231,532
Change in Unrealized Depreciation		—			—			—			—			—		—			—
Purchases		—			—			—			—			—		1,206,508			1,206,508
Sales		(43,692	)		—			(43,956	)		(20,788	)		—		(1,206,508	)		(1,314,944	)
Transfers into Level 3 (1)		—			369,635	(2)		—			—			—		—			369,635
Transfers out of Level 3 (1)		—			—			—			—			—		—			—
Balance as of 6/30/12	$	234,167		$	369,635		$	950,505		$	1,225,633		$	619,400	$	993,550		$	4,392,890

(1)	The value of the Transfers into and out of Level 3 is measured using the fair value as of the period ended June 30, 2012.
(2)	Transferred from Level 2 to Level 3 due to security being valued based on an evaluated price at the time of default on June 27, 2012. This fair valuation was determined by procedures adopted by the Board of Trustees and because there is a lack of market activity and data observed for this security.

The amount of change in net unrealized gains (losses) on Level 3 securities still held at June 30, 2012 and included in the Statements of Operations broken out by the sectors of Development, Education, Higher Education, Medical, Power and Utilities was $95,609, $(120,564), $5,593, $101,021, $0 and $29,309, respectively.

24 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

The following is a reconciliation of investments for the International Fund in which significant unobservable inputs (Level 3) were used in determining fair value:

International Fund	Common Stock
	Materials
Balance as of 12/31/11	$	13,218
Realized Gains		—
Realized Losses		—
Change in Unrealized Appreciation		—
Change in Unrealized Depreciation		(13,218	)
Purchases		—
Sales		—
Transfers into Level 3		—
Transfers out of Level 3		—
Balance as of 6/30/12	$	—

The amount of change in net unrealized losses on the Level 3 security still held at June 30, 2012 and included in the Statements of Operations, within the sector of Materials, was $13,218.

(4) Investment Security Transactions

The cost of purchases and proceeds from sales of securities, other than temporary investments in short term securities, for the six months ended June 30, 2012, were as follows:

	Purchases		Sales
Core Equity Fund	$	43,001,832	$	41,803,371
Small Companies Fund		75,389,818		80,169,601
Tax-Exempt Bond Fund		62,747,611		67,896,679
International Fund		60,663,871		42,002,569

(5) Capital Share Transactions

Transactions in shares of each fund for the six months ended June 30, 2012 and the year ended December 31, 2011 were as follows:

	Core Equity Fund						Small Companies Fund
	2012			2011			2012			2011
Sold		215,834			475,905			213,770			834,746
Issued for reinvested distributions		—			164,587			—			1,204,510
Redeemed		(257,604	)		(536,437	)		(272,586	)		(1,577,251	)
Increase (decrease)		(41,770	)		104,055			(58,816	)		462,005

25 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

	Tax-Exempt Bond Fund						International Fund
	2012			2011			2012			2011
Sold		478,380			1,644,366			1,760,161			1,625,059
Issued for reinvested distributions		1,275,399			2,847,845			—			641,546
Redeemed		(3,644,989	)		(7,552,170	)		(481,231	)		(1,491,664	)
Increase (decrease)		(1,891,210	)		(3,059,959	)		1,278,930			774,941

(6) Capital Loss Carry Over

For the period subsequent to October 31, 2011 through the fiscal year ended December 31, 2011, the following Funds incurred net capital losses, and/or Section 988 currency losses which each Fund intends to treat as having been incurred in the following fiscal year:

	Amount
Core Equity Fund	$	954,316
Small Companies Fund		3,617,354
International Fund		2,492,237

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes were made effective for the Funds for the fiscal year ended December 31, 2011. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation. As of December 31, 2011, pre-enactment capital loss carryforwards for U.S. Federal income tax purposes for the Core Equity Fund, Small Companies Fund, Tax-Exempt Bond Fund and International Fund are $10,839,789, $0, $7,429,939, and $0, respectively, which will expire as follows:

	Core Equity Fund		Small Companies Fund		Tax-Exempt Bond Fund		International Fund
Year of expiration:
2015	$	—		—		411,406		—
2016		2,269,706		—		3,472,571		—
2017		8,570,083		—		3,545,962		—
Total	$	10,839,789		—		7,429,939		—

26 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

The following Funds’ capital loss carryforwards do not expire.

	Core Equity Fund		Small Companies Fund		Tax-Exempt Bond Fund		International Fund
Long-Term Capital Loss Carryforward	$	—		—		871,242		—
Short-Term Capital Loss Carryforward		5,733,485		—		—		1,559,480

The Funds in the above table may offset future capital gains with these capital loss carryforwards.

The following capital loss carryforwards were utilized at December 31, 2011, for U.S. Federal income tax purposes:

	Amount
Small Companies Fund	$	12,965,349

(7) Expenses and Related-Party Transactions

The Trust has a contract for investment advisory services with the Adviser. Under terms of separate agreements, Clearwater Core Equity Fund, Clearwater Small Companies Fund, Clearwater Tax-Exempt Bond Fund and Clearwater International Fund pay a fee equal to an annual rate of 0.90%, 1.35%, 0.60% and 1.00%, respectively, of each Fund’s average daily net assets. The Adviser is responsible for the payment or reimbursement of all the Funds’ expenses, except brokerage, taxes, interest, and extraordinary expenses. The Adviser has periodically reduced its management fee for each of the Funds through voluntary waivers. Effective March 15, 2012, the voluntary waivers for the Core Equity Fund and the International Fund were increased to 0.38% and 0.40%, respectively. As of June 30, 2012, the management fees paid by the Core Equity, Small Companies, Tax-Exempt Bond and International Funds net of voluntary waivers are 0.55%, 1.00%, 0.36%, and 0.64%, respectively. Effective June 30, 2012, the management fees in place, net of voluntary waivers, for the Core Equity, Small Companies, Tax-Exempt Bond, and International Funds are 0.52%, 1.00%, 0.36%, and 0.60%, respectively.

In addition to fees and expenses which the Funds bear directly, the Funds indirectly bear a pro rata share of the fees and expenses of any acquired funds in which they invest, such as short-term investments in mutual funds and investments in closed-end funds. Such indirect expenses are not included in any of the reported expense ratios.

The Adviser has entered into subadvisory contracts with independent investment advisory firms for each Fund to provide daily investment management services. The sub advisory fees are based on each subadviser’s proportional net assets it currently manages within each Fund and are paid directly by the Adviser.

The subadvisory fee for the Clearwater Core Equity Fund, payable to Parametric, Heartland, Osterweis and Knightsbridge, is equal to an annual rate of 0.15% of the portion of net assets managed, an annual rate of 0.65% of the portion of net assets managed, an annual rate of 0.75% of the portion of net assets

27 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

managed, and an annual rate of 0.75% on the first $20 million of the portion of net assets managed, decreasing to 0.50% of the portion of net assets managed in excess of $20 million, respectively.

The subadvisory fee for the Clearwater Small Companies Fund, payable to Kennedy, is equal to an annual rate of 0.85% on the first $50 million of the portion of net assets managed, decreasing to 0.80% of the portion of net assets managed in excess of $50 million. The sub advisory fee payable to Keeley is equal to a fee schedule based on an annual rate of 1.00% on the first $2 million of the portion of net assets managed, decreasing to 0.85% on the next $8 million of the portion of net assets managed, and further decreasing to 0.70% of the portion of net assets managed in excess of $10 million.

The subadvisory fee for the Clearwater Tax-Exempt Bond Fund, payable to Sit, is equal to a fee schedule based on an annual rate of 0.40% on the first $20 million in net assets, decreasing to 0.20% of net assets in excess of $75 million.

The subadvisory fee for the Clearwater International Fund, payable to Parametric, is equal to an annual rate of 0.15% of the portion of net assets managed. The sub advisory fee payable to AXA Rosenberg is equal to a fee schedule based on an annual rate of 0.85% on the first $50 million of the portion of net assets managed, decreasing to 0.75% on the next $50 million of the portion of net assets managed, and further decreasing to 0.65% of the portion of net assets managed in excess of $100 million. The sub advisory fee payable to Artisan Partners is equal to an annual rate of 0.80% on the first $50 million of the portion of net assets managed, decreasing to 0.60% on the next $50 million of the portion of net assets managed, and further decreasing to 0.50% of the portion of net assets managed in excess of $100 million. The sub advisory fee payable to Eagle is equal to an annual rate of 0.60% on the first $100 million of the portion of net assets managed, decreasing to 0.50% of the portion of net assets managed in excess of $100 million.

The Adviser has also engaged FCI as a subadviser for each Fund. FCI regularly provides the Funds with various investment-related services, including investment strategy advice, manager recommendations and related duties as requested by the Adviser. FCI also provides certain services related to due diligence, performance reporting, compliance, and other administrative functions, which support the investment management services and subadviser oversight services provided to the Trust by the Adviser. For its services, FCI is compensated with a subadvisory fee payable by the Adviser of 0.20% of each Fund’s net assets, paid on a quarterly basis. FCI is compensated out of the fees the Adviser receives from the respective Funds. FCI has agreed to waive the difference between the amount calculated under the subadvisory fee schedule and an amount determined by multiplying the total number of hours worked by FCI in providing services under the subadvisory agreement by an hourly rate that is approved by the Adviser. The effect of this waiver agreement is that fees paid to FCI under the subadvisory agreement would approximate the fees previously paid to FCI under a consulting agreement previously in effect between the Adviser and FCI.

(8) Derivative Instruments

Information concerning the types of derivatives in which the International Fund invests, the objectives for using them and their related risks can be found in Note 2 (c).

28 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2012

Below are the types of derivatives in the International Fund by location as presented in the Statements of Assets and Liabilities as of June 30, 2012:

ASSETS				LIABILITIES
Derivative Type	Statements of Assets and Liabilities Location	Value		Statements of Assets and Liabilities Location	Value		Counterparty
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	110,934	Unrealized depreciation on forward foreign currency exchange contracts	$	2,426	Northern Trust

The following tables set forth by primary risk exposure the International Fund’s net realized gain (loss) on investments and foreign currency transactions and net increase (decrease) in appreciation/depreciation by type of derivative contract for the six months ended June 30, 2012:

Derivative Type	Statements of Operations Location	Value		Derivative Type	Statements of Operations Location	Value
Forward foreign currency exchange contracts	Net realized gain on forward foreign currency exchange contracts	$	58,813	Forward foreign currency exchange contracts	Net increase in appreciation on forward foreign currency exchange contracts	$	106,693

Derivative transactions are measured in terms of the notional amount. The following table presents, for the International Fund, the number of transactions and average notional amounts, which is indicative of the volume of derivative activity for the six months ended June 30, 2012.

Foreign Exchange Contracts
Number of Transactions		Average Notional Amount
	909		1,108,977

(9) Subsequent Events

Management has evaluated subsequent events relating to the Funds through the date the financial statements were available to be issued, and has concluded there are no such events or transactions requiring financial statement disclosure and/or adjustments to the financial statements.

29 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)^(A)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Common Stocks:
Consumer Discretionary:
	2,300	ABERCROMBIE & FITCH CO., CLASS A	$	50,218		78,522
	1,500	ADVANCE AUTO PARTS, INC.		53,558		102,330
	6,150	AMAZON.COM, INC.(b)		274,722		1,404,352
	1,600	AMC NETWORKS, INC., CLASS A(b)		25,785		56,880
	3,300	AMERICAN EAGLE OUTFITTERS, INC.		33,099		65,109
	1,600	AUTOLIV, INC.(c)		44,874		87,456
	500	AUTOZONE, INC.(b)		32,038		183,585
	4,575	BED BATH & BEYOND, INC.(b)		120,780		282,735
	4,800	BEST BUY CO., INC.		84,882		100,608
	1,400	BIG LOTS, INC.(b)		15,477		57,106
	2,200	BORGWARNER, INC.(b)		51,799		144,298
	750	BRINKER INTERNATIONAL, INC.		10,084		23,902
	1,700	CABLEVISION SYSTEMS CORP. (NEW YORK GROUP), CLASS A		15,956		22,593
	9,400	CAREER EDUCATION CORP.(b)		59,690		62,886
	4,168	CARMAX, INC.(b)		50,984		108,118
	3,500	CARNIVAL CORP.		104,772		119,945
	6,043	CBS CORP., CLASS B (NON VOTING)		52,350		198,090
	600	CHARTER COMMUNICATIONS, INC., CLASS A(b)		30,036		42,522
	600	CHICO’S FAS, INC.		5,619		8,904
	68,820	CINEMARK HOLDINGS, INC.		1,340,356		1,572,537
	18,500	CLEAR CHANNEL OUTDOOR HOLDINGS, INC., CLASS A(b)		72,792		111,370
	5,000	COACH, INC.		19,161		292,400
	38,500	COMCAST CORP., CLASS A		607,791		1,230,845
	4,600	D.R. HORTON, INC.		22,057		84,548
	2,300	DARDEN RESTAURANTS, INC.		47,909		116,449
	600	DECKERS OUTDOOR CORP.(b)		26,832		26,406
	900	DEVRY, INC.		26,154		27,873
	1,500	DICK’S SPORTING GOODS, INC.		24,802		72,000
	14,821	DIRECTV, CLASS A(b)		174,284		723,561
	6,700	DOLLAR TREE, INC.(b)		61,517		360,460
	710	EXPEDIA, INC.		10,883		34,130
	500	FAMILY DOLLAR STORES, INC.		12,652		33,240
	3,000	FOOT LOCKER, INC.		40,394		91,740
	51,663	FORD MOTOR CO.		250,257		495,448
	4,600	GAMESTOP CORP., CLASS A		34,643		84,456
	5,700	GANNETT CO., INC.		51,200		83,961
	4,100	GAP (THE), INC.		58,946		112,176
	2,200	GARMIN LTD.(c)		40,557		84,238
	3,100	GENERAL MOTORS CO.(b)		70,663		61,132
	7,500	GENTEX CORP.		106,860		156,525
	3,450	GENUINE PARTS CO.		102,424		207,862
	166,500	H&R BLOCK, INC.		2,380,408		2,660,670
	500	HANESBRANDS, INC.(b)		10,750		13,865
	6,750	HARLEY-DAVIDSON, INC.		39,546		308,678
	4,300	HARMAN INTERNATIONAL INDUSTRIES, INC.		74,798		170,280
	400	HASBRO, INC.		10,206		13,548
	30,325	HOME DEPOT (THE), INC.		19,778		1,606,922
	2,500	INTERNATIONAL GAME TECHNOLOGY		29,762		39,375
	15,600	INTERPUBLIC GROUP OF (THE) COS., INC.		40,950		169,260
	1,900	ITT EDUCATIONAL SERVICES, INC.(b)		88,494		115,425
	1,400	JARDEN CORP.		25,277		58,828
	42,980	JOHNSON CONTROLS, INC.		1,196,730		1,190,976
	7,750	KOHL’S CORP.		86,000		352,548
	4,200	LAMAR ADVERTISING CO., CLASS A(b)		55,664		120,120
	2,338	LAS VEGAS SANDS CORP.		16,191		101,680
	2,400	LEAR CORP.		100,704		90,552
	2,900	LENNAR CORP., CLASS A		38,266		89,639
	5,800	LIBERTY GLOBAL, INC., CLASS A(b)		103,484		287,854
	9,800	LIBERTY INTERACTIVE CORP., CLASS A(b)		30,625		174,342
	5,032	LIBERTY MEDIA CORP. - LIBERTY CAPITAL, CLASS A(b)		30,073		442,363
	6,190	LIMITED BRANDS, INC.		70,745		263,261
	1,000	LKQ CORP.(b)		24,950		33,400
	12,300	LOWE’S COS., INC.		301,555		349,812
	5,000	MACY’S, INC.		81,374		171,750
	69,000	MADISON SQUARE GARDEN (THE) CO., CLASS A(b)		1,572,579		2,583,360

(A) Name change effective April 30, 2012. Formerly known as the Clearwater Growth Fund.
See accompanying notes to the financial statements.	30	(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Consumer Discretionary (Cont’d):
	66,130	MARKS & SPENCER GROUP PLC ADR(c)(d)	$	772,476		677,171
	4,969	MARRIOTT INTERNATIONAL, INC., CLASS A		60,013		194,785
	75,496	MARRIOTT VACATIONS WORLDWIDE CORP.(b)		1,321,371		2,338,866
	4,200	MATTEL, INC.		75,213		136,248
	16,100	MCDONALD’S CORP.		361,811		1,425,333
	3,600	MCGRAW-HILL (THE) COS., INC.		84,305		162,000
	6,600	MGM RESORTS INTERNATIONAL(b)		54,922		73,656
	600	MICHAEL KORS HOLDINGS LTD.(b)(c)		24,816		25,104
	600	MOHAWK INDUSTRIES, INC.(b)		26,796		41,898
	1,400	MORNINGSTAR, INC.		57,577		80,976
	300	NETFLIX, INC.(b)		19,758		20,541
	2,200	NEWELL RUBBERMAID, INC.		26,950		39,908
	34,000	NEWS CORP., CLASS A		354,723		757,860
	4,400	NIKE, INC., CLASS B		126,358		386,232
	4,300	NORDSTROM, INC.		45,233		213,667
	100	NVR, INC.(b)		51,542		85,000
	3,095	OMNICOM GROUP, INC.		87,716		150,417
	2,300	O’REILLY AUTOMOTIVE, INC.(b)		69,868		192,671
	1,500	PANERA BREAD CO., CLASS A(b)		69,667		209,160
	2,600	PETSMART, INC.		55,966		177,268
	700	PRICELINE.COM, INC.(b)		120,812		465,164
	14,100	PULTEGROUP, INC.(b)		58,797		150,870
	700	PVH CORP.		26,253		54,453
	1,500	RALPH LAUREN CORP.		31,320		210,090
	3,000	REGAL ENTERTAINMENT GROUP, CLASS A		30,735		41,280
	4,600	ROSS STORES, INC.		36,395		287,362
	1,800	ROYAL CARIBBEAN CRUISES LTD.		22,599		46,854
	600	SCRIPPS NETWORKS INTERACTIVE, INC., CLASS A		21,337		34,116
	10,400	SERVICE CORP. INTERNATIONAL		74,152		128,648
	2,600	SIGNET JEWELERS LTD.(c)		52,469		114,426
	15,750	STARBUCKS CORP.		204,658		839,790
	1,810	STARWOOD HOTELS & RESORTS WORLDWIDE, INC.		59,620		96,002
	12,200	TARGET CORP.		353,659		709,918
	2,300	TESLA MOTORS, INC.(b)		69,786		71,967
	3,600	THOMSON REUTERS CORP.		102,096		102,420
	1,900	THOR INDUSTRIES, INC.		22,316		52,079
	4,200	TIFFANY & CO.		122,192		222,390
	6,279	TIME WARNER CABLE, INC.		208,890		515,506
	21,033	TIME WARNER, INC.		476,695		809,770
	10,094	TJX COS., INC.		86,033		433,335
	2,210	TRIPADVISOR, INC.(b)		42,908		98,765
	2,800	TRW AUTOMOTIVE HOLDINGS CORP.(b)		87,856		102,928
	2,127	URBAN OUTFITTERS, INC.(b)		37,857		58,684
	1,700	VF CORP.		87,065		226,865
	43,792	VIACOM, INC., CLASS B		1,892,513		2,059,100
	4,000	VIRGIN MEDIA, INC.		55,548		97,560
	1,966	WABCO HOLDINGS, INC.(b)		30,197		104,060
	29,960	WALT DISNEY (THE) CO.		587,935		1,453,060
	2,300	WHIRLPOOL CORP.		98,184		140,668
	51,630	WMS INDUSTRIES, INC.(b)		994,172		1,030,018
	5,475	WYNDHAM WORLDWIDE CORP.		24,501		288,752
	1,600	WYNN RESORTS LTD.		42,372		165,952
	9,016	YUM! BRANDS, INC.		78,831		580,811
				20,736,600		39,804,230		11.14%
Consumer Staples:
	30,100	ALTRIA GROUP, INC.		137,687		1,039,955
	42,775	ARCHER-DANIELS-MIDLAND CO.		1,214,214		1,262,718
	4,300	BEAM, INC.		115,443		268,707
	1,944	BROWN-FORMAN CORP., CLASS B		57,343		188,277
	17,025	BUNGE LTD.		1,055,972		1,068,149
	600	CAMPBELL SOUP CO.		16,020		20,028
	4,000	CHURCH & DWIGHT CO., INC.		100,310		221,880
	3,000	CLOROX (THE) CO.		154,515		217,380
	32,261	COCA-COLA (THE) CO.		992,260		2,522,488
	2,300	COCA-COLA ENTERPRISES, INC.		39,664		64,492
	7,390	COLGATE-PALMOLIVE CO.		422,681		769,299

See accompanying notes to the financial statements. 31 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Consumer Staples (Cont’d):
	1,900	CONAGRA FOODS, INC.	$	33,608		49,267
	4,600	CONSTELLATION BRANDS, INC., CLASS A(b)		63,227		124,476
	37,455	COSAN LTD., CLASS A(c)		519,427		475,304
	7,800	COSTCO WHOLESALE CORP.		237,671		741,000
	34,537	CVS CAREMARK CORP.		730,500		1,613,914
	3,900	DEAN FOODS CO.(b)		59,401		66,417
	16,185	DIAGEO PLC ADR(c)(d)		1,214,077		1,668,188
	6,000	DR PEPPER SNAPPLE GROUP, INC.		125,060		262,500
	397	ENERGIZER HOLDINGS, INC.(b)		20,533		29,874
	3,734	ESTEE LAUDER (THE) COS., INC., CLASS A		70,943		202,084
	6,300	FLOWERS FOODS, INC.		130,014		146,349
	12,400	GENERAL MILLS, INC.		277,056		477,896
	7,200	GREEN MOUNTAIN COFFEE ROASTERS, INC.(b)		185,675		156,816
	3,000	H.J. HEINZ CO.		93,909		163,140
	3,800	HERBALIFE LTD.(c)		52,204		183,654
	1,700	HERSHEY (THE) CO.		62,742		122,451
	2,400	HORMEL FOODS CORP.		43,206		73,008
	1,700	INGREDION, INC.		48,104		84,184
	1,600	J.M. SMUCKER (THE) CO.		64,617		120,832
	2,300	KELLOGG CO.		99,285		113,459
	3,650	KIMBERLY-CLARK CORP.		238,608		305,761
	58,928	KRAFT FOODS, INC., CLASS A		1,496,403		2,275,799
	13,400	KROGER (THE) CO.		228,089		310,746
	1,374	LORILLARD, INC.		34,726		181,299
	800	MCCORMICK & CO., INC. (NON VOTING)		24,815		48,520
	2,200	MEAD JOHNSON NUTRITION CO.		103,422		177,122
	1,800	MOLSON COORS BREWING CO., CLASS B		54,437		74,898
	900	MONSTER BEVERAGE CORP.(b)		15,478		64,080
	27,500	PEPSICO, INC.		1,031,385		1,943,150
	30,732	PHILIP MORRIS INTERNATIONAL, INC.		270,397		2,681,674
	200	POST HOLDINGS, INC.(b)		4,616		6,150
	48,660	PROCTER & GAMBLE (THE) CO.		858,480		2,980,425
	400	RALCORP HOLDINGS, INC.(b)		25,772		26,696
	3,000	REYNOLDS AMERICAN, INC.		29,474		134,610
	5,700	SMITHFIELD FOODS, INC.(b)		106,346		123,291
	7,900	SYSCO CORP.		121,025		235,499
	7,410	TYSON FOODS, INC., CLASS A		77,830		139,530
	48,000	UNILEVER N.V. (REGISTERED)(c)		1,454,959		1,600,800
	20,150	WALGREEN CO.		231,445		596,037
	25,396	WAL-MART STORES, INC.		1,114,992		1,770,609
	4,400	WHOLE FOODS MARKET, INC.		116,393		419,408
				16,076,460		30,614,290		8.57%
Energy:
	6,742	ALPHA NATURAL RESOURCES, INC.(b)		78,506		58,723
	9,446	ANADARKO PETROLEUM CORP.		319,802		625,325
	3,000	APACHE CORP.		311,688		263,670
	1,700	ATWOOD OCEANICS, INC.(b)		51,221		64,328
	2,600	BAKER HUGHES, INC.		96,819		106,860
	58,000	BP PLC ADR(c)(d)		2,621,492		2,351,320
	600	CABOT OIL & GAS CORP.		20,910		23,640
	4,800	CAMERON INTERNATIONAL CORP.(b)		124,988		205,008
	1,500	CARBO CERAMICS, INC.		115,110		115,095
	3,000	CHENIERE ENERGY, INC.(b)		36,720		44,220
	129,600	CHESAPEAKE ENERGY CORP.		2,327,485		2,410,560
	34,095	CHEVRON CORP.		1,499,394		3,597,023
	7,200	COBALT INTERNATIONAL ENERGY, INC.(b)		63,000		169,200
	1,700	CONCHO RESOURCES, INC.(b)		49,632		144,704
	25,844	CONOCOPHILLIPS		473,591		1,444,163
	4,531	CONSOL ENERGY, INC.		118,221		137,017
	1,000	CONTINENTAL RESOURCES, INC.(b)		20,765		66,620
	9,300	DENBURY RESOURCES, INC.(b)		88,950		140,523
	47,230	DEVON ENERGY CORP.		3,158,798		2,738,868
	3,000	DRESSER-RAND GROUP, INC.(b)		98,595		133,620
	22,077	ENSCO PLC, CLASS A(c)		1,077,920		1,036,957
	27,570	ENTERPRISE PRODUCTS PARTNERS L.P.		1,184,195		1,412,687
	4,800	EOG RESOURCES, INC.		62,765		432,528
	4,000	EQT CORP.		132,900		214,520
	15,800	EXCO RESOURCES, INC.(b)		116,300		119,922

See accompanying notes to the financial statements. 32 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Energy (Cont’d):
	77,651	EXXON MOBIL CORP.	$	3,037,240		6,644,596
	2,400	FMC TECHNOLOGIES, INC.(b)		33,690		94,152
	12,158	HALLIBURTON CO.		185,917		345,166
	3,100	HELMERICH & PAYNE, INC.		39,003		134,788
	22,695	HESS CORP.		1,264,394		986,098
	4,000	HOLLYFRONTIER CORP.		52,098		141,720
	53,282	KINDER MORGAN, INC.		1,503,289		1,716,746
	2,200	KOSMOS ENERGY LTD.(b)		24,640		24,310
	25,695	MAGELLAN MIDSTREAM PARTNERS L.P.		1,489,018		1,815,095
	38,046	MARATHON OIL CORP.		884,643		972,836
	16,410	MARATHON PETROLEUM CORP.		528,540		737,137
	164,500	MCDERMOTT INTERNATIONAL, INC.(b)		1,874,600		1,832,530
	2,400	MURPHY OIL CORP.		32,055		120,696
	4,600	NABORS INDUSTRIES LTD.(b)(c)		65,274		66,240
	8,722	NATIONAL OILWELL VARCO, INC.		214,854		562,046
	4,200	NOBLE ENERGY, INC.		158,333		356,244
	25,195	OCCIDENTAL PETROLEUM CORP.		880,741		2,160,975
	3,300	OCEANEERING INTERNATIONAL, INC.		104,622		157,938
	3,500	PEABODY ENERGY CORP.		69,937		85,820
	13,372	PHILLIPS 66(b)		156,993		444,485
	3,200	PIONEER NATURAL RESOURCES CO.		48,507		282,272
	5,100	PLAINS EXPLORATION & PRODUCTION CO.(b)		137,713		179,418
	56,000	QEP RESOURCES, INC.		1,966,765		1,678,320
	1,200	RANGE RESOURCES CORP.		39,654		74,244
	700	ROWAN COS. PLC, CLASS A(b)		19,887		22,631
	12,200	SANDRIDGE ENERGY, INC.(b)		69,540		81,618
	19,100	SCHLUMBERGER LTD.		491,561		1,239,781
	9,300	SOUTHWESTERN ENERGY CO.(b)		163,645		296,949
	10,954	SPECTRA ENERGY CORP.		155,906		318,323
	2,400	SUNOCO, INC.		41,965		114,000
	3,900	SUPERIOR ENERGY SERVICES, INC.(b)		92,295		78,897
	1,200	TESORO CORP.(b)		24,660		29,952
	23,540	TIDEWATER, INC.		1,177,172		1,091,314
	2,500	ULTRA PETROLEUM CORP.(b)		49,311		57,675
	12,110	VALERO ENERGY CORP.		130,822		292,456
	2,600	WHITING PETROLEUM CORP.(b)		73,761		106,912
	7,200	WILLIAMS (THE) COS., INC.		152,628		207,504
	2,400	WPX ENERGY, INC.(b)		34,284		38,832
				31,719,724		43,647,817		12.22%
Financials:
	6,000	ACE LTD.(c)		317,873		444,780
	1,100	AFFILIATED MANAGERS GROUP, INC.(b)		73,654		120,395
	9,850	AFLAC, INC.		262,100		419,512
	2,100	ALEXANDRIA REAL ESTATE EQUITIES, INC.		111,537		152,712
	4,916	ALLEGHANY CORP.(b)		1,400,737		1,670,211
	2,700	ALLIED WORLD ASSURANCE CO. HOLDINGS A.G.(c)		86,630		214,569
	8,300	ALLSTATE (THE) CORP.		197,623		291,247
	5,700	AMERICAN CAPITAL AGENCY CORP.		170,442		191,577
	18,333	AMERICAN EXPRESS CO.		546,904		1,067,164
	1,800	AMERICAN FINANCIAL GROUP, INC.		29,745		70,614
	94,500	AMERICAN INTERNATIONAL GROUP, INC.(b)		2,587,871		3,032,505
	22,580	AMERICAN INTERNATIONAL GROUP, INC., (FRACTIONAL SHARES)(b)		-		-
	3,850	AMERICAN TOWER CORP.		184,928		269,154
	5,191	AMERIPRISE FINANCIAL, INC.		160,907		271,282
	4,000	ANNALY CAPITAL MANAGEMENT, INC.		66,530		67,120
	4,748	AON PLC(c)		110,582		222,111
	3,628	APARTMENT INVESTMENT & MANAGEMENT CO., CLASS A		39,421		98,065
	4,800	ARCH CAPITAL GROUP LTD.(b)(c)		101,982		190,512
	1,600	ARTHUR J. GALLAGHER & CO.		34,040		56,112
	2,500	ASSURANT, INC.		60,538		87,100
	2,000	ASSURED GUARANTY LTD.(c)		24,580		28,200
	734	AVALONBAY COMMUNITIES, INC.		31,138		103,846
	900	AXIS CAPITAL HOLDINGS LTD.(c)		23,391		29,295
	409,100	BANK OF AMERICA CORP.		4,477,686		3,346,438
	49,700	BANK OF NEW YORK MELLON (THE) CORP.		1,118,392		1,090,915
	44,517	BB&T CORP.		1,066,130		1,373,349
	26,000	BERKSHIRE HATHAWAY, INC., CLASS B(b)		2,101,394		2,166,580

See accompanying notes to the financial statements. 33 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Financials (Cont’d):
	2,500	BIOMED REALTY TRUST, INC.	$	44,642		46,700
	700	BLACKROCK, INC.		119,077		118,874
	3,388	BOSTON PROPERTIES, INC.		171,468		367,157
	2,300	BRANDYWINE REALTY TRUST		26,082		28,382
	1,100	BRE PROPERTIES, INC.		25,013		55,022
	900	CAMDEN PROPERTY TRUST		23,798		60,903
	33,467	CAPITAL ONE FINANCIAL CORP.		1,440,404		1,829,306
	16,000	CAPITALSOURCE, INC.(b)		78,090		107,520
	5,300	CBL & ASSOCIATES PROPERTIES, INC.		96,937		103,562
	1,000	CBOE HOLDINGS, INC.		23,780		27,680
	21,400	CHARLES SCHWAB (THE) CORP.		186,608		276,702
	44,600	CHIMERA INVESTMENT CORP.		134,246		105,256
	2,700	CHUBB (THE) CORP.		86,607		196,614
	2,100	CIT GROUP, INC.(b)		73,090		74,844
	37,081	CITIGROUP, INC.		1,370,042		1,016,390
	2,000	CITY NATIONAL CORP.		75,538		97,160
	873	CME GROUP, INC.		180,274		234,060
	1,100	CNA FINANCIAL CORP.		25,102		30,492
	1,300	COMERICA, INC.		38,766		39,923
	8,000	COMMONWEALTH REIT		150,356		152,960
	2,200	CORPORATE OFFICE PROPERTIES TRUST		50,154		51,722
	8,500	DDR CORP.(b)		119,680		124,440
	800	DIGITAL REALTY TRUST, INC.		45,254		60,056
	16,287	DISCOVER FINANCIAL SERVICES		233,079		563,204
	5,200	DOUGLAS EMMETT, INC.(b)		61,622		120,120
	3,200	DUKE REALTY CORP.		45,650		46,848
	15,675	ENDURANCE SPECIALTY HOLDINGS LTD.(c)		599,522		600,666
	5,416	EQUITY RESIDENTIAL		174,162		337,742
	400	ERIE INDEMNITY CO., CLASS A		26,912		28,644
	900	FEDERAL REALTY INVESTMENT TRUST		48,251		93,681
	5,100	FEDERATED INVESTORS, INC., CLASS B		97,600		111,435
	1,600	FIDELITY NATIONAL FINANCIAL, INC., CLASS A		24,512		30,816
	25,300	FIFTH THIRD BANCORP		220,963		339,020
	400	FIRST CITIZENS BANCSHARES, INC., CLASS A		57,523		66,660
	30,500	FIRST HORIZON NATIONAL CORP.		193,065		263,825
	95,534	FIRST HORIZON NATIONAL CORP. (FRACTIONAL SHARES)(b)		-		-
	49,700	FIRST INTERSTATE BANCSYSTEM, INC.		718,027		707,728
	35,690	FIRST REPUBLIC BANK(b)		1,032,094		1,199,184
	3,359	FRANKLIN RESOURCES, INC.		189,834		372,815
	12,300	GENERAL GROWTH PROPERTIES, INC.		210,802		222,507
	66,800	GETTY REALTY CORP.		993,825		1,279,220
	8,700	GOLDMAN SACHS GROUP (THE), INC.		742,546		833,982
	3,500	GREENHILL & CO., INC.		106,120		124,775
	700	HANOVER INSURANCE GROUP (THE), INC.		24,899		27,391
	2,500	HARTFORD FINANCIAL SERVICES GROUP, INC.		35,288		44,075
	1,000	HCC INSURANCE HOLDINGS, INC.		24,155		31,400
	7,100	HCP, INC.		105,618		313,465
	2,400	HEALTH CARE REIT, INC.		111,727		139,920
	1,800	HOSPITALITY PROPERTIES TRUST		23,967		44,586
	16,122	HOST HOTELS & RESORTS, INC.		138,445		255,050
	678	HOWARD HUGHES (THE) CORP.(b)		20,502		41,792
	10,500	HUDSON CITY BANCORP, INC.		65,625		66,885
	35,000	HUNTINGTON BANCSHARES, INC.		169,771		224,000
	92,570	INLAND REAL ESTATE CORP.		764,087		775,737
	7,900	INTERACTIVE BROKERS GROUP, INC., CLASS A		116,348		116,288
	1,300	INTERCONTINENTALEXCHANGE, INC.(b)		157,514		176,774
	11,400	INVESCO LTD.		176,069		257,640
	33,700	JANUS CAPITAL GROUP, INC.		222,792		263,534
	700	JONES LANG LASALLE, INC.		39,951		49,259
	56,346	JPMORGAN CHASE & CO.		1,370,888		2,013,243
	5,900	KEYCORP		30,060		45,666
	8,201	KIMCO REALTY CORP.		101,154		156,065
	3,752	LEGG MASON, INC.		52,584		98,940
	1,100	LIBERTY PROPERTY TRUST		24,364		40,524
	1,100	LINCOLN NATIONAL CORP.		22,715		24,057
	6,000	LOEWS CORP.		131,444		245,460

See accompanying notes to the financial statements. 34 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Financials (Cont’d):
	2,600	LPL FINANCIAL HOLDINGS, INC.	$	67,938		87,802
	2,000	M&T BANK CORP.		145,114		165,140
	5,123	MACERICH (THE) CO.		118,219		302,513
	1,500	MACK-CALI REALTY CORP.		43,032		43,605
	300	MARKEL CORP.(b)		101,683		132,510
	5,678	MARSH & MCLENNAN COS., INC.		135,775		183,002
	1,300	MERCURY GENERAL CORP.		38,018		54,171
	8,700	METLIFE, INC.		254,470		268,395
	3,200	MFA FINANCIAL, INC.		24,800		25,248
	2,200	MOODY’S CORP.		77,502		80,410
	6,300	MORGAN STANLEY		100,359		91,917
	2,400	MSCI, INC.(b)		68,930		81,648
	50,300	NATIONSTAR MORTGAGE HOLDINGS, INC.(b)		709,610		1,082,456
	11,049	NEW YORK COMMUNITY BANCORP, INC.		128,782		138,444
	102	NORTHERN TRUST CORP.		3,787		4,694
	2,200	PARTNERRE LTD.(c)		119,029		166,474
	2,400	PIEDMONT OFFICE REALTY TRUST, INC., CLASS A		43,329		41,304
	4,385	PLUM CREEK TIMBER CO., INC.		105,969		174,084
	23,170	PNC FINANCIAL SERVICES GROUP, INC.		1,146,062		1,415,919
	6,100	PRINCIPAL FINANCIAL GROUP, INC.		140,614		160,003
	6,048	PROGRESSIVE (THE) CORP.		80,691		125,980
	10,169	PROLOGIS, INC.		257,893		337,916
	2,200	PROTECTIVE LIFE CORP.		24,849		64,702
	8,500	PRUDENTIAL FINANCIAL, INC.		257,378		411,655
	1,091	PUBLIC STORAGE		67,691		157,551
	26,590	RAYMOND JAMES FINANCIAL, INC.		828,815		910,442
	6,972	RAYONIER, INC.		104,763		313,043
	2,700	REALTY INCOME CORP.		63,032		112,779
	3,900	REGENCY CENTERS CORP.		90,817		185,523
	30,099	REGIONS FINANCIAL CORP.		173,867		203,168
	2,200	REINSURANCE GROUP OF AMERICA, INC.		105,732		117,062
	2,900	RENAISSANCERE HOLDINGS LTD.(c)		136,231		220,429
	9,800	RETAIL PROPERTIES OF AMERICA, INC., CLASS A		94,028		95,256
	7,500	SEI INVESTMENTS CO.		108,537		149,175
	1,300	SENIOR HOUSING PROPERTIES TRUST		20,515		29,016
	3,595	SIMON PROPERTY GROUP, INC.		157,583		559,598
	2,200	SL GREEN REALTY CORP.		80,662		176,528
	12,600	SLM CORP.		134,787		197,946
	4,400	ST. JOE (THE) CO.(b)		69,320		69,564
	2,900	STATE STREET CORP.		117,409		129,456
	6,634	SUNTRUST BANKS, INC.		92,816		160,742
	400	SVB FINANCIAL GROUP(b)		22,272		23,488
	79,260	SYMETRA FINANCIAL CORP.		929,924		1,000,261
	25,600	SYNOVUS FINANCIAL CORP.		49,374		50,688
	6,349	T. ROWE PRICE GROUP, INC.		125,884		399,733
	2,100	TAUBMAN CENTERS, INC.		60,796		162,036
	12,000	TCF FINANCIAL CORP.		111,496		137,760
	3,266	TD AMERITRADE HOLDING CORP.		45,983		55,522
	5,100	TORCHMARK CORP.		138,962		257,805
	10,688	TRAVELERS (THE) COS., INC.		378,568		682,322
	30,785	U.S. BANCORP		618,521		990,046
	2,400	UDR, INC.		24,876		62,016
	1,100	VALIDUS HOLDINGS LTD.(c)		23,557		35,233
	3,500	VENTAS, INC.		176,124		220,920
	1,300	VORNADO REALTY TRUST		76,002		109,174
	1,106	W.R. BERKLEY CORP.		29,276		43,045
	2,900	WADDELL & REED FINANCIAL, INC., CLASS A		75,337		87,812
	1,800	WASHINGTON FEDERAL, INC.		23,535		30,402
	3,000	WEINGARTEN REALTY INVESTORS		51,934		79,020
	77,800	WELLS FARGO & CO.		957,533		2,601,632
	4,900	XL GROUP PLC(c)		95,648		103,096
	3,000	ZIONS BANCORPORATION		56,955		58,260
				40,390,834		51,693,254		14.47	%
Health Care:
	44,965	ABBOTT LABORATORIES		1,858,140		2,898,894
	8,103	AETNA, INC.		108,542		314,153
	600	AGILENT TECHNOLOGIES, INC.		22,710		23,544

See accompanying notes to the financial statements. 35 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Health Care (Cont’d):
	3,000	ALEXION PHARMACEUTICALS, INC.(b)	$	58,088		297,900
	5,507	ALLERGAN, INC.		201,259		509,783
	2,300	ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.(b)		23,230		25,139
	7,200	AMERISOURCEBERGEN CORP.		115,968		283,320
	16,700	AMGEN, INC.		67,746		1,219,768
	5,100	BAXTER INTERNATIONAL, INC.		272,508		271,065
	23,840	BAYER A.G. ADR(c)(d)		1,714,045		1,703,606
	2,500	BECTON, DICKINSON AND CO.		123,650		186,875
	5,750	BIOGEN IDEC, INC.(b)		72,723		830,185
	202,005	BOSTON SCIENTIFIC CORP.(b)		1,353,858		1,145,368
	21,200	BRISTOL-MYERS SQUIBB CO.		515,598		762,140
	1,700	C.R. BARD, INC.		111,570		182,648
	3,400	CARDINAL HEALTH, INC.		102,635		142,800
	84,100	CAREFUSION CORP.(b)		2,085,997		2,159,688
	6,436	CELGENE CORP.(b)		146,839		412,934
	1,800	CERNER CORP.(b)		40,604		148,788
	5,700	CIGNA CORP.		89,680		250,800
	3,400	COMMUNITY HEALTH SYSTEMS, INC.(b)		58,650		95,302
	20,975	COVIDIEN PLC(c)		904,883		1,122,162
	1,425	DAVITA, INC.(b)		21,812		139,949
	3,700	DENTSPLY INTERNATIONAL, INC.		102,582		139,897
	3,800	EDWARDS LIFESCIENCES CORP.(b)		118,152		392,540
	10,000	ELI LILLY & CO.		339,390		429,100
	17,002	EXPRESS SCRIPTS HOLDING CO.(b)		255,105		949,222
	800	FOREST LABORATORIES, INC.(b)		25,000		27,992
	14,260	GILEAD SCIENCES, INC.(b)		231,726		731,253
	6,900	HEALTH MANAGEMENT ASSOCIATES, INC., CLASS A(b)		44,746		54,165
	68,310	HEALTHSOUTH CORP.(b)		1,240,167		1,588,891
	1,900	HENRY SCHEIN, INC.(b)		86,166		149,131
	1,300	HILL-ROM HOLDINGS, INC.		38,228		40,105
	61,253	HOLOGIC, INC.(b)		1,056,298		1,105,004
	26,110	HOSPIRA, INC.(b)		889,334		913,328
	3,500	HUMAN GENOME SCIENCES, INC.(b)		25,515		45,955
	3,900	HUMANA, INC.		39,107		302,016
	1,400	IDEXX LABORATORIES, INC.(b)		60,410		134,582
	2,300	ILLUMINA, INC.(b)		98,233		92,897
	200	INTUITIVE SURGICAL, INC.(b)		109,108		110,758
	66,936	JOHNSON & JOHNSON		3,070,998		4,522,196
	800	LABORATORY CORP. OF AMERICA HOLDINGS(b)		18,788		74,088
	1,373	LIFE TECHNOLOGIES CORP.(b)		35,179		61,771
	825	LINCARE HOLDINGS, INC.		16,059		28,066
	5,700	MCKESSON CORP.		202,596		534,375
	11,500	MEDTRONIC, INC.		395,365		445,395
	48,078	MERCK & CO., INC.		1,123,592		2,007,257
	1,321	METTLER-TOLEDO INTERNATIONAL, INC.(b)		91,350		205,878
	4,600	MYLAN, INC.(b)		85,192		98,302
	21,945	NOVARTIS A.G. ADR(c)(d)		1,287,171		1,226,726
	1,600	PATTERSON COS., INC.		29,864		55,152
	3,400	PERKINELMER, INC.		53,706		87,720
	2,900	PERRIGO CO.		109,545		341,997
	158,050	PFIZER, INC.		1,307,120		3,635,150
	19,665	QUEST DIAGNOSTICS, INC.		1,035,351		1,177,934
	4,000	RESMED, INC.(b)		81,990		124,800
	900	SIRONA DENTAL SYSTEMS, INC.(b)		38,745		40,509
	7,839	ST. JUDE MEDICAL, INC.		226,619		312,854
	7,200	STRYKER CORP.		119,192		396,720
	500	SXC HEALTH SOLUTIONS CORP.(b)		27,765		49,605
	22,645	TELEFLEX, INC.		1,222,836		1,379,307
	7,100	TENET HEALTHCARE CORP.(b)		31,133		37,204
	7,500	THERMO FISHER SCIENTIFIC, INC.		162,174		389,325
	17,202	UNITEDHEALTH GROUP, INC.		273,316		1,006,317
	2,036	UNIVERSAL HEALTH SERVICES, INC., CLASS B		38,822		87,874
	29,760	VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b)(c)		878,700		1,332,950
	5,000	VARIAN MEDICAL SYSTEMS, INC.(b)		184,300		303,850
	3,000	VERTEX PHARMACEUTICALS, INC.(b)		74,805		167,760
	1,900	WARNER CHILCOTT PLC, CLASS A(b)(c)		29,963		34,048
	2,600	WATERS CORP.(b)		60,997		206,622
	3,175	WATSON PHARMACEUTICALS, INC.(b)		79,361		234,918

See accompanying notes to the financial statements. 36 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Health Care (Cont’d):
	9,249	WELLPOINT, INC.	$	325,438		589,994
	19,394	ZIMMER HOLDINGS, INC.		1,081,914		1,248,198
				28,629,948		44,778,509		12.54	%
Industrials:
	8,987	3M CO.		563,313		805,235
	44,900	ABB LTD. ADR(b)(c)(d)		870,312		732,768
	948	ACCO BRANDS CORP.(b)		3,315		9,802
	22,085	AGCO CORP.(b)		860,573		1,009,947
	65,065	AIR LEASE CORP.(b)		1,647,632		1,261,610
	3,450	AMETEK, INC.		73,220		172,190
	37,060	AVERY DENNISON CORP.		1,120,545		1,013,220
	2,700	BABCOCK & WILCOX (THE) CO.(b)		35,478		66,150
	1,700	BE AEROSPACE, INC.(b)		47,626		74,222
	16,300	BOEING (THE) CO.		385,576		1,211,090
	3,400	C.H. ROBINSON WORLDWIDE, INC.		164,205		199,002
	2,200	CARLISLE COS., INC.		45,116		116,644
	11,004	CATERPILLAR, INC.		295,368		934,350
	2,500	CHICAGO BRIDGE & IRON CO. N.V.(c)		50,995		94,900
	2,027	CON-WAY, INC.		44,529		73,195
	1,400	COOPER INDUSTRIES PLC		60,725		95,452
	800	COPA HOLDINGS S.A., CLASS A(c)		32,618		65,984
	2,600	CORRECTIONS CORP. OF AMERICA		49,022		76,570
	3,948	CRANE CO.		66,572		143,628
	27,900	CSX CORP.		97,923		623,844
	3,700	CUMMINS, INC.		50,756		358,567
	11,163	DANAHER CORP.		255,642		581,369
	7,300	DEERE & CO.		199,160		590,351
	6,000	DELTA AIR LINES, INC.(b)		67,440		65,700
	600	DONALDSON CO., INC.		10,200		20,022
	3,325	DOVER CORP.		122,574		178,253
	1,987	DUN & BRADSTREET (THE) CORP.		49,383		141,415
	8,400	EATON CORP.		158,064		332,892
	36,230	EMCOR GROUP, INC.		1,025,298		1,007,919
	15,500	EMERSON ELECTRIC CO.		422,332		721,990
	195,600	EXELIS, INC.		2,224,286		1,928,616
	1,000	EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.		29,055		38,750
	1,300	FASTENAL CO.		20,267		52,403
	6,653	FEDEX CORP.		130,734		609,481
	2,550	FLUOR CORP.		52,518		125,817
	4,300	FORTUNE BRANDS HOME & SECURITY, INC.(b)		33,889		95,761
	1,400	GATX CORP.		24,276		53,900
	2,500	GENERAL CABLE CORP.(b)		60,825		64,850
	2,000	GENERAL DYNAMICS CORP.		131,516		131,920
	294,200	GENERAL ELECTRIC CO.		4,508,452		6,131,128
	3,200	GOODRICH CORP.		95,088		406,080
	1,600	HARSCO CORP.		28,236		32,608
	6,600	HERTZ GLOBAL HOLDINGS, INC.(b)		37,676		84,480
	9,188	HONEYWELL INTERNATIONAL, INC.		279,204		513,058
	1,200	HUBBELL, INC., CLASS B		43,310		93,528
	610	HUNTINGTON INGALLS INDUSTRIES, INC.(b)		14,978		24,546
	2,500	IDEX CORP.		58,238		97,450
	700	IHS, INC., CLASS A(b)		30,838		75,411
	4,824	ILLINOIS TOOL WORKS, INC.		155,812		255,141
	2,700	INGERSOLL-RAND PLC(b)(c)		105,435		113,886
	1,400	IRON MOUNTAIN, INC.		31,507		46,144
	28,800	ITT CORP.		517,715		506,880
	2,100	J.B. HUNT TRANSPORT SERVICES, INC.		40,530		125,160
	2,068	JACOBS ENGINEERING GROUP, INC.(b)		46,598		78,294
	2,038	JOY GLOBAL, INC.		92,539		115,616
	2,900	KANSAS CITY SOUTHERN		46,328		201,724
	2,800	KBR, INC.		55,655		69,188
	1,200	L-3 COMMUNICATIONS HOLDINGS, INC.		56,882		88,812
	1,200	LANDSTAR SYSTEM, INC.		38,351		62,064
	900	LENNOX INTERNATIONAL, INC.		26,811		41,967
	1,400	LINCOLN ELECTRIC HOLDINGS, INC.		28,970		61,306
	2,600	LOCKHEED MARTIN CORP.		74,846		226,408
	4,800	MANITOWOC (THE) CO., INC.		47,568		56,160

See accompanying notes to the financial statements. 37 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Industrials (Cont’d):
	24,345	MANPOWER, INC.		$908,471		892,244
	13,200	MASCO CORP.		97,548		183,084
	45,800	MASTEC, INC.(b)		698,750		688,832
	700	NORDSON CORP.		29,470		35,903
	4,760	NORFOLK SOUTHERN CORP.		99,373		341,625
	3,660	NORTHROP GRUMMAN CORP.		139,878		233,472
	6,300	OSHKOSH CORP.(b)		109,053		131,985
	1,100	OWENS CORNING(b)		22,578		31,394
	8,389	PACCAR, INC.		91,278		328,765
	2,200	PALL CORP.		55,214		120,582
	2,850	PARKER HANNIFIN CORP.		123,853		219,108
	2,100	PRECISION CASTPARTS CORP.		126,967		345,429
	43,540	QUANTA SERVICES, INC.(b)		852,719		1,048,008
	5,700	RAYTHEON CO.		160,192		322,563
	5,250	ROCKWELL AUTOMATION, INC.		73,987		346,815
	5,214	ROCKWELL COLLINS, INC.		154,727		257,311
	600	ROPER INDUSTRIES, INC.		48,302		59,148
	700	SNAP-ON, INC.		17,991		43,575
	125,000	SOUTHWEST AIRLINES CO.		1,020,100		1,152,500
	62,090	SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A(b)		1,450,634		1,479,605
	300	SPX CORP.		11,766		19,596
	2,557	STANLEY BLACK & DECKER, INC.		72,048		164,569
	2,000	STERICYCLE, INC.(b)		95,284		183,340
	1,000	TEXTRON, INC.		24,750		24,870
	10,500	TYCO INTERNATIONAL LTD.(c)		388,274		554,925
	7,600	UNION PACIFIC CORP.		219,426		906,756
	8,940	UNITED PARCEL SERVICE, INC., CLASS B		505,903		704,115
	1,500	UNITED RENTALS, INC.(b)		51,210		51,060
	16,850	UNITED TECHNOLOGIES CORP.		637,288		1,272,681
	27,045	UNIVERSAL FOREST PRODUCTS, INC.		944,356		1,054,214
	27,555	URS CORP.		1,168,088		961,118
	2,000	USG CORP.(b)		12,350		38,100
	4,100	UTI WORLDWIDE, INC.(c)		50,357		59,901
	1,700	W.W. GRAINGER, INC.		74,317		325,108
	700	WABTEC CORP.		25,603		54,607
	1,650	WASTE CONNECTIONS, INC.		29,915		49,368
	8,650	WASTE MANAGEMENT, INC.		135,675		288,910
	57,600	XYLEM, INC.		1,826,023		1,449,792
				30,598,163		41,811,796		11.71	%
Information Technology:
	7,600	ACCENTURE PLC, CLASS A(c)		338,279		456,684
	1,200	ACME PACKET, INC.(b)		24,408		22,380
	5,600	ACTIVISION BLIZZARD, INC.		9,966		67,144
	6,224	ADOBE SYSTEMS, INC.(b)		79,363		201,471
	14,300	ADVANCED MICRO DEVICES, INC.(b)		64,278		81,939
	3,300	AKAMAI TECHNOLOGIES, INC.(b)		45,920		104,775
	1,600	ALLIANCE DATA SYSTEMS CORP.(b)		75,650		216,000
	5,000	ALTERA CORP.		94,155		169,200
	8,600	ANALOG DEVICES, INC.		120,368		323,962
	1,300	ANSYS, INC.(b)		34,888		82,043
	7,800	AOL, INC.(b)		143,208		219,024
	15,000	APPLE, INC.(b)		411,858		8,760,000
	700	ARROW ELECTRONICS, INC.(b)		18,814		22,967
	122,470	ATMEL CORP.(b)		1,127,110		820,549
	46,035	ATMI, INC.(b)		896,157		946,940
	1,686	AUTODESK, INC.(b)		32,709		58,993
	4,066	AUTOMATIC DATA PROCESSING, INC.		132,231		226,314
	62,520	AVNET, INC.(b)		2,054,962		1,929,367
	64,575	BENCHMARK ELECTRONICS, INC.(b)		1,109,136		900,821
	4,550	BMC SOFTWARE, INC.(b)		89,322		194,194
	9,791	BROADCOM CORP., CLASS A(b)		157,386		330,936
	2,180	BROADRIDGE FINANCIAL SOLUTIONS, INC.		33,318		46,369
	4,200	CADENCE DESIGN SYSTEMS, INC.(b)		24,003		46,158
	157,190	CISCO SYSTEMS, INC.		1,175,501		2,698,952
	4,234	CITRIX SYSTEMS, INC.(b)		47,866		355,402
	6,300	COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A(b)		95,624		378,000
	176,310	COMPUWARE CORP.(b)		1,739,108		1,637,920

See accompanying notes to the financial statements. 38 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Information Technology (Cont’d):
	6,700	CORELOGIC, INC.(b)	$	76,313		122,677
	55,900	CORNING, INC.		644,118		722,787
	2,700	CYPRESS SEMICONDUCTOR CORP.(b)		7,419		35,694
	2,950	DELL, INC.(b)		29,567		36,934
	2,000	DOLBY LABORATORIES, INC., CLASS A(b)		43,420		82,600
	14,300	EBAY, INC.(b)		312,035		600,743
	2,140	ECHOSTAR CORP., CLASS A(b)		36,471		56,539
	2,000	ELECTRONIC ARTS, INC.(b)		24,020		24,700
	34,310	EMC CORP.(b)		233,560		879,365
	900	EQUINIX, INC.(b)		69,754		158,085
	1,300	F5 NETWORKS, INC.(b)		30,062		129,428
	6,800	FACEBOOK, INC., CLASS A(b)		216,580		211,616
	7,802	FIDELITY NATIONAL INFORMATION SERVICES, INC.		135,427		265,892
	3,950	FISERV, INC.(b)		108,063		285,269
	1,400	FORTINET, INC.(b)		24,304		32,508
	1,000	GLOBAL PAYMENTS, INC.		33,115		43,230
	6,419	GOOGLE, INC., CLASS A(b)		2,662,092		3,723,469
	2,800	HARRIS CORP.		37,337		117,180
	32,227	HEWLETT-PACKARD CO.		546,705		648,085
	5,200	INGRAM MICRO, INC., CLASS A(b)		68,614		90,844
	125,665	INTEL CORP.		879,889		3,348,972
	17,846	INTERNATIONAL BUSINESS MACHINES CORP.		1,427,365		3,490,321
	5,000	INTUIT, INC.		103,285		296,750
	1,900	ITRON, INC.(b)		65,968		78,356
	900	JABIL CIRCUIT, INC.(b)		14,572		18,297
	6,167	JUNIPER NETWORKS, INC.(b)		99,295		100,584
	2,600	KLA-TENCOR CORP.		86,094		128,050
	4,800	LAM RESEARCH CORP.(b)		123,706		181,152
	3,700	LENDER PROCESSING SERVICES, INC.		55,722		93,536
	2,000	LEXMARK INTERNATIONAL, INC., CLASS A		30,530		53,160
	5,400	LINEAR TECHNOLOGY CORP.		119,475		169,182
	600	LINKEDIN CORP., CLASS A(b)		45,928		63,762
	23,700	LSI CORP.(b)		99,658		150,969
	5,900	MARVELL TECHNOLOGY GROUP LTD.(c)		29,824		66,552
	1,700	MASTERCARD, INC., CLASS A		182,283		731,187
	4,400	MAXIM INTEGRATED PRODUCTS, INC.		76,114		112,816
	4,200	MICROCHIP TECHNOLOGY, INC.(b)		63,988		138,936
	15,300	MICRON TECHNOLOGY, INC.(b)		68,620		96,543
	1,000	MICROS SYSTEMS, INC.(b)		26,215		51,200
	123,950	MICROSOFT CORP.		535,441		3,791,630
	6,600	MONSTER WORLDWIDE, INC.(b)		64,944		56,100
	56,428	MOTOROLA SOLUTIONS, INC.		2,240,348		2,714,751
	5,000	NETAPP, INC.(b)		118,626		159,100
	4,800	NEUSTAR, INC., CLASS A(b)		79,848		160,320
	4,800	NUANCE COMMUNICATIONS, INC.(b)		63,624		114,336
	8,900	NVIDIA CORP.(b)		60,716		122,998
	70,462	ORACLE CORP.		105,191		2,092,721
	6,266	PAYCHEX, INC.		76,160		196,815
	2,800	POLYCOM, INC.(b)		29,708		29,456
	23,700	QUALCOMM, INC.		648,347		1,319,616
	500	RACKSPACE HOSTING, INC.(b)		22,025		21,970
	4,200	RED HAT, INC.(b)		61,669		237,216
	143,880	RF MICRO DEVICES, INC.(b)		887,311		611,490
	17,905	ROVI CORP.(b)		518,004		351,296
	2,000	SAIC, INC.		24,560		24,240
	1,900	SALESFORCE.COM, INC.(b)		86,711		262,694
	5,300	SANDISK CORP.(b)		51,149		193,344
	6,500	SEAGATE TECHNOLOGY PLC(c)		61,133		160,745
	15,519	SYMANTEC CORP.(b)		88,098		226,733
	1,500	SYNOPSYS, INC.(b)		24,907		44,145
	27,870	TE CONNECTIVITY LTD.(c)		928,524		889,332
	4,500	TERADATA CORP.(b)		73,317		324,045
	4,400	TERADYNE, INC.(b)		40,150		61,864
	17,400	TEXAS INSTRUMENTS, INC.		280,527		499,206
	2,500	TRIMBLE NAVIGATION LTD.(b)		38,163		115,025
	800	VERIFONE SYSTEMS, INC.(b)		25,600		26,472
	7,500	VISA, INC., CLASS A		543,213		927,225
	7,800	VISHAY INTERTECHNOLOGY, INC.(b)		48,931		73,554

See accompanying notes to the financial statements. 39 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Information Technology (Cont’d):
	557	VISHAY PRECISION GROUP, INC.(b)	$	5,692		7,770
	1,500	VMWARE, INC., CLASS A(b)		47,285		136,560
	2,666	WEBMD HEALTH CORP.(b)		58,227		54,680
	5,900	WESTERN DIGITAL CORP.(b)		91,433		179,832
	110,137	XEROX CORP.		791,743		866,778
	6,750	XILINX, INC.		47,180		226,598
	15,940	YAHOO!, INC.(b)		136,630		252,330
	7,000	ZYNGA, INC., CLASS A(b)		40,110		38,080
				28,158,340		56,507,541		15.82%
Materials:
	9,600	AGNICO-EAGLE MINES LTD.(c)		444,382		388,416
	3,375	AIR PRODUCTS & CHEMICALS, INC.		165,820		272,464
	400	AIRGAS, INC.		16,882		33,604
	1,300	ALBEMARLE CORP.		29,152		77,532
	1,600	ALLEGHENY TECHNOLOGIES, INC.		39,592		51,024
	1,800	ALLIED NEVADA GOLD CORP.(b)		54,252		51,084
	800	APTARGROUP, INC.		27,324		40,840
	1,600	ASHLAND, INC.		47,358		110,896
	116,515	AURICO GOLD, INC.(b)(c)		898,676		936,076
	3,064	BALL CORP.		11,968		125,777
	3,000	BEMIS CO., INC.		66,889		94,020
	1,300	CF INDUSTRIES HOLDINGS, INC.		124,851		251,862
	1,700	CLIFFS NATURAL RESOURCES, INC.		42,764		83,793
	500	COMPASS MINERALS INTERNATIONAL, INC.		27,452		38,140
	42,780	CROWN HOLDINGS, INC.(b)		1,312,976		1,475,482
	700	CYTEC INDUSTRIES, INC.		25,564		41,048
	1,000	DOMTAR CORP.(c)		52,480		76,710
	12,900	DOW CHEMICAL (THE) CO.		297,897		406,350
	13,025	E.I. DU PONT DE NEMOURS & CO.		385,472		658,674
	438	EAGLE MATERIALS, INC.		1,727		16,355
	3,000	EASTMAN CHEMICAL CO.		58,012		151,110
	4,991	ECOLAB, INC.		193,707		342,033
	20,496	FREEPORT-MCMORAN COPPER & GOLD, INC.		517,188		698,299
	900	GREIF, INC., CLASS A		27,104		36,900
	3,290	HUNTSMAN CORP.		46,290		42,573
	3,683	INTERNATIONAL FLAVORS & FRAGRANCES, INC.		79,231		201,828
	9,431	INTERNATIONAL PAPER CO.		117,152		272,650
	3,600	LYONDELLBASELL INDUSTRIES N.V., CLASS A(c)		106,560		144,972
	700	MARTIN MARIETTA MATERIALS, INC.		27,965		55,174
	2,875	MEADWESTVACO CORP.		27,016		82,656
	10,115	MONSANTO CO.		47,604		837,320
	2,600	MOSAIC (THE) CO.		41,501		142,376
	53,700	NEWMONT MINING CORP.		2,702,767		2,604,987
	5,844	NUCOR CORP.		99,313		221,488
	5,950	OWENS-ILLINOIS, INC.(b)		91,876		114,062
	2,100	PACKAGING CORP. OF AMERICA		30,901		59,304
	3,986	PPG INDUSTRIES, INC.		180,558		422,994
	6,450	PRAXAIR, INC.		258,706		701,309
	2,200	RELIANCE STEEL & ALUMINUM CO.		61,215		111,100
	1,100	ROYAL GOLD, INC.		53,181		86,240
	6,500	RPM INTERNATIONAL, INC.		72,503		176,800
	44,045	RTI INTERNATIONAL METALS, INC.(b)		1,037,219		996,738
	400	SCOTTS MIRACLE-GRO (THE) CO., CLASS A		17,101		16,448
	117,000	SEALED AIR CORP.		2,307,905		1,806,480
	1,585	SHERWIN-WILLIAMS (THE) CO.		72,398		209,775
	3,600	SONOCO PRODUCTS CO.		74,519		108,540
	3,234	SOUTHERN COPPER CORP.		38,445		101,903
	8,700	STEEL DYNAMICS, INC.		95,178		102,225
	1,273	SUNCOKE ENERGY, INC.(b)		8,474		18,649
	1,600	TAHOE RESOURCES, INC.(b)		27,760		22,224
	1,600	UNITED STATES STEEL CORP.		30,208		32,960
	3,200	VALSPAR CORP.		68,240		167,968
	2,100	VULCAN MATERIALS CO.		63,441		83,391
	1,800	WALTER ENERGY, INC.		42,609		79,488
				12,797,325		16,483,111		4.61%
Telecommunication Services:
	123,310	AT&T, INC.		2,922,790		4,397,235

See accompanying notes to the financial statements. 40 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2012

Shares			Security	Cost		Fair value (a)		Percent of net assets
Telecommunication Services (Cont’d):
	3,600		CENTURYLINK, INC.	$	135,738		142,164
	4,600		CROWN CASTLE INTERNATIONAL CORP.(b)		194,396		269,836
	1,500		LEVEL 3 COMMUNICATIONS, INC.(b)		31,770		33,225
	2,500		NII HOLDINGS, INC.(b)		25,600		25,575
	500		SBA COMMUNICATIONS CORP., CLASS A(b)		26,165		28,525
	37,400		SPRINT NEXTEL CORP.(b)		98,186		121,924
	5,435		TELEPHONE & DATA SYSTEMS, INC.		109,150		115,711
	51,483		VERIZON COMMUNICATIONS, INC.		1,529,396		2,287,904
	2,618		WINDSTREAM CORP.		24,658		25,290
					5,097,849		7,447,389		2.09%
Utilities:
	16,000		AES (THE) CORP.(b)		173,434		205,280
	4,500		AGL RESOURCES, INC.		135,198		174,375
	1,000		ALLIANT ENERGY CORP.		24,835		45,570
	1,600		AMEREN CORP.		40,872		53,664
	9,200		AMERICAN ELECTRIC POWER CO., INC.		289,948		367,080
	44,610		AMERICAN WATER WORKS CO., INC.		1,158,849		1,529,231
	2,388		AQUA AMERICA, INC.		43,288		59,604
	28,070		BLACK HILLS CORP.		843,151		903,012
	8,600		CALPINE CORP.(b)		57,319		141,986
	5,800		CENTERPOINT ENERGY, INC.		66,308		119,886
	10,200		CMS ENERGY CORP.		144,342		239,700
	4,589		CONSOLIDATED EDISON, INC.		184,849		285,390
	8,862		DOMINION RESOURCES, INC.		284,452		478,548
	2,300		DTE ENERGY CO.		84,036		136,459
	22,213		DUKE ENERGY CORP.		248,268		512,232
	8,525		EDISON INTERNATIONAL		182,117		393,855
	3,064		ENTERGY CORP.		60,101		208,015
	6,424		EXELON CORP.		226,413		241,671
	3,500		FIRSTENERGY CORP.		135,258		172,165
	67,300		GENON ENERGY, INC.(b)		123,777		115,083
	8,700		GREAT PLAINS ENERGY, INC.		157,250		186,267
	825		INTEGRYS ENERGY GROUP, INC.		42,627		46,917
	3,500		ITC HOLDINGS CORP.		154,844		241,185
	1,500		NATIONAL FUEL GAS CO.		38,322		70,470
	4,000		NEXTERA ENERGY, INC.		157,876		275,240
	6,900		NISOURCE, INC.		111,901		170,775
	4,961		NORTHEAST UTILITIES		125,492		192,537
	6,200		NV ENERGY, INC.		76,954		108,996
	2,400		OGE ENERGY CORP.		43,344		124,296
	2,000		ONEOK, INC.		31,518		84,620
	4,028		PEPCO HOLDINGS, INC.		71,539		78,828
	7,700		PG&E CORP.		145,781		348,579
	2,400		PINNACLE WEST CAPITAL CORP.		71,637		124,176
	4,500		PPL CORP.		115,323		125,145
	3,500		PROGRESS ENERGY, INC.		121,177		210,595
	5,984		PUBLIC SERVICE ENTERPRISE GROUP, INC.		171,531		194,480
	74,585		QUESTAR CORP.		1,282,849		1,555,843
	4,800		SCANA CORP.		166,536		229,632
	2,700		SEMPRA ENERGY		124,368		185,976
	11,300		SOUTHERN (THE) CO.		258,573		523,190
	7,600		TECO ENERGY, INC.		90,842		137,256
	3,100		UGI CORP.		51,202		91,233
	1,400		WESTAR ENERGY, INC.		25,767		41,930
	4,820		WISCONSIN ENERGY CORP.		46,469		190,727
	4,825		XCEL ENERGY, INC.		43,342		137,078
					8,233,879		12,058,777		3.38	%
		Sub-total Common Stocks:			222,439,122		344,846,714		96.55	%
Rights:
Health Care:
	700		SANOFI - CVR(b)(c)		—		987
		Sub-total Rights:			—		987		0.00	%
Warrants:
Energy:
	11,136		KINDER MORGAN, INC. EXP. 5/25/17, STRIKE $40.00(b)		7,788		24,054
		Sub-total Warrants:			7,788		24,054		0.01	%

See accompanying notes to the financial statements. 41 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2012

Shares			Security	Cost		Fair value (a)		Percent of net assets
Short-Term Investments:
	12,971,503		NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(e)	$	12,971,503		12,971,503
		Sub-total Short-Term Investments:			12,971,503		12,971,503		3.63	%
			Grand total(f)	$	235,418,413		357,843,258		100.19	%

Notes to Schedule of Investments:
	(a)	Securities are valued in accordance with procedures described in note 2 to the financial statements.
	(b)	Currently non-income producing assets.
	(c)	Foreign security values are stated in U.S. dollars. As of June 30, 2012, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 5.82% of net assets.
	(d)	Securities are American Depositary Receipts of companies based outside of the United States representing 2.34% of net assets.
	(e)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2011, the value of the Clearwater Core Equity Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $12,242,109 with net purchases of approximately $729,394 during the six months ended June 30, 2012. The U.S. Government Select Portfolio was formerly known as the Government Select Portfolio. This name change was effective on April 1, 2012.
	(f)	At June 30, 2012, the cost for Federal income tax purposes was $235,607,608. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows:

Gross unrealized appreciation	$	129,881,369
Gross unrealized depreciation		(7,645,719	)
Net unrealized appreciation	$	122,235,650

See accompanying notes to the financial statements. 42 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Core Equity Fund (unaudited)^(A)
June 30, 2012

^(A)Name change effective April 30, 2012. Formerly known as the Clearwater Growth Fund.

See accompanying notes to the financial statements. 43 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)^(A)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Common Stocks:
Consumer Discretionary:
	16,000	AMC NETWORKS, INC., CLASS A(b)	$	713,381		568,800
	46,700	AMERIGON, INC.(b)		728,637		536,583
	20,000	ARBITRON, INC.		813,031		700,000
	43,176	BELO CORP., CLASS A		275,334		278,053
	57,321	BLACK DIAMOND, INC.(b)		402,211		541,683
	9,011	BRAVO BRIO RESTAURANT GROUP, INC.(b)		148,590		160,666
	8,632	CARIBOU COFFEE CO., INC.(b)		132,986		111,439
	8,449	CEC ENTERTAINMENT, INC.		286,137		307,290
	35,144	CENTURY CASINOS, INC.(b)		67,511		95,592
	20,979	CHILDREN’S PLACE RETAIL STORES (THE), INC.(b)		847,012		1,045,384
	47,955	COLLECTIVE BRANDS, INC.(b)		594,648		1,027,196
	65,090	COOPER TIRE & RUBBER CO.		940,780		1,141,679
	5,355	CORE-MARK HOLDING CO., INC.		214,078		257,790
	13,520	COST PLUS, INC.(b)		296,540		297,440
	162,000	DENNY’S CORP.(b)		628,669		719,280
	25,039	DGSE COS., INC.(b)		64,315		186,040
	8,571	E.W. SCRIPPS (THE) CO., CLASS A(b)		81,564		82,367
	274,916	EXIDE TECHNOLOGIES(b)		1,729,605		923,718
	59,345	EXPRESS, INC.(b)		1,027,232		1,078,299
	2,602	FISHER COMMUNICATIONS, INC.(b)		76,615		77,826
	27,000	GAYLORD ENTERTAINMENT CO.(b)		606,829		1,041,120
	10,819	GENESCO, INC.(b)		279,690		650,763
	264,575	HANCOCK FABRICS, INC.(b)		357,610		134,933
	28,500	HANESBRANDS, INC.(b)		652,515		790,305
	17,142	HARTE-HANKS, INC.		154,308		156,678
	167,432	ICONIX BRAND GROUP, INC.(b)		2,140,289		2,925,037
	28,562	KNOLOGY, INC.(b)		510,238		561,814
	13,800	K-SWISS, INC., CLASS A(b)		51,271		42,504
	30,000	MADISON SQUARE GARDEN (THE) CO., CLASS A(b)		574,737		1,123,200
	179,899	MAIDENFORM BRANDS, INC.(b)		4,377,449		3,583,588
	59,000	MARCUS CORP.		703,807		811,840
	30,000	MARRIOTT VACATIONS WORLDWIDE CORP.(b)		688,452		929,400
	8,772	MEDIA GENERAL, INC., CLASS A(b)		32,132		40,439
	120,486	OUTDOOR CHANNEL HOLDINGS, INC.		775,019		880,753
	37,000	PENSKE AUTOMOTIVE GROUP, INC.		723,337		785,880
	44,064	PEP BOYS-MANNY, MOE & JACK (THE)		658,819		436,234
	17,000	PETSMART, INC.		364,110		1,159,060
	95,726	PIER 1 IMPORTS, INC.		1,038,954		1,572,778
	38,897	PINNACLE ENTERTAINMENT, INC.(b)		417,101		374,189
	29,053	RED ROBIN GOURMET BURGERS, INC.(b)		1,020,580		886,407
	22,849	RENT-A-CENTER, INC.		753,331		770,925
	31,364	ROCKY BRANDS, INC.(b)		263,458		413,691
	32,875	RUBY TUESDAY, INC.(b)		231,930		223,879
	43,000	SALLY BEAUTY HOLDINGS, INC.(b)		366,257		1,106,820
	11,193	SHILOH INDUSTRIES, INC.		121,911		128,719
	8,773	STANDARD MOTOR PRODUCTS, INC.		112,643		123,524
	35,319	STEINWAY MUSICAL INSTRUMENTS, INC.(b)		840,355		865,315
	26,902	STONERIDGE, INC.(b)		188,698		183,203
	8,635	SUMMER INFANT, INC.(b)		44,836		28,323
	21,590	TANDY LEATHER FACTORY, INC.		101,958		114,427
	51,670	UNIVERSAL ELECTRONICS, INC.(b)		1,321,966		680,494
	15,500	VAIL RESORTS, INC.		580,317		776,240
	101,857	WMS INDUSTRIES, INC.(b)		1,986,317		2,032,047
	66,326	WOLVERINE WORLD WIDE, INC.		1,994,876		2,572,122
	23,000	WYNDHAM WORLDWIDE CORP.		543,586		1,213,020
	16,396	YOU ON DEMAND HOLDINGS, INC.(b)		107,606		81,980
				35,756,168		40,338,776		15.64%
Consumer Staples:
	7,090	CENTRAL GARDEN AND PET CO.(b)		69,113		73,594
	168,210	COTT CORP.(b)(c)		1,371,963		1,381,004
	81,593	DARLING INTERNATIONAL, INC.(b)		1,162,842		1,345,469
	12,332	FARMER BROS. CO.(b)		129,721		98,163
	40,500	FLOWERS FOODS, INC.		511,723		940,815
	99,855	INTER PARFUMS, INC.		1,649,104		1,724,496
	68,401	MEDIFAST, INC.(b)		1,103,901		1,346,132
	24,882	OMEGA PROTEIN CORP.(b)		173,897		183,131
	24,304	PANTRY (THE), INC.(b)		337,131		357,269

(A) Name change effective April 30, 2012. Formerly known as the Clearwater Small Cap Fund.
See accompanying notes to the financial statements.	44	(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Consumer Staples (Cont’d):
	21,140	PIZZA INN HOLDINGS, INC.(b)	$	91,770		57,078
	34,132	S&W SEED CO.(b)		188,548		180,558
	9,830	SENECA FOODS CORP., CLASS A(b)		220,734		264,427
	40,000	SNYDERS-LANCE, INC.		898,946		1,009,200
	62,841	SPECTRUM BRANDS HOLDINGS, INC.(b)		1,720,974		2,046,731
	15,482	SUNOPTA, INC.(b)(c)		80,249		86,854
	3,289	SUSSER HOLDINGS CORP.(b)		74,364		122,252
	12,500	TREEHOUSE FOODS, INC.(b)		635,809		778,625
				10,420,789		11,995,798		4.65%
Energy:
	60,959	BILL BARRETT CORP.(b)		1,613,862		1,305,742
	98,683	CARRIZO OIL & GAS, INC.(b)		2,937,150		2,320,037
	12,000	CONTANGO OIL & GAS CO.(b)		540,846		710,400
	11,000	DRIL-QUIP, INC.(b)		534,766		721,490
	136,061	ENDEAVOUR INTERNATIONAL CORP.(b)		1,534,321		1,142,912
	20,783	FORBES ENERGY SERVICES LTD.(b)		112,479		97,680
	31,000	GULFPORT ENERGY CORP.(b)		956,318		639,530
	216,467	HERCULES OFFSHORE, INC.(b)		1,119,175		766,293
	132,006	KEY ENERGY SERVICES, INC.(b)		1,808,315		1,003,246
	60,000	MCDERMOTT INTERNATIONAL, INC.(b)		723,512		668,400
	32,000	OASIS PETROLEUM, INC.(b)		564,228		773,760
	155,069	PIONEER DRILLING CO.(b)		1,393,562		1,235,900
	30,000	SANCHEZ ENERGY CORP.(b)		719,336		624,000
	62,003	SUPERIOR ENERGY SERVICES, INC.(b)		1,467,374		1,254,321
				16,025,244		13,263,711		5.14%
Financials:
	16,648	AGREE REALTY CORP.		367,204		368,420
	6,869	AMERICAN SAFETY INSURANCE HOLDINGS LTD.(b)		143,727		128,794
	39,376	AMTRUST FINANCIAL SERVICES, INC.		653,867		1,169,861
	27,000	ARTHUR J. GALLAGHER & CO.		562,570		946,890
	20,377	ASHFORD HOSPITALITY TRUST, INC.		167,848		171,778
	28,085	ASPEN INSURANCE HOLDINGS LTD.(c)		660,670		811,656
	44,186	ASSOCIATED ESTATES REALTY CORP.		667,071		660,581
	13,449	BERKSHIRE HILLS BANCORP, INC.		301,376		295,878
	111,198	BRANDYWINE REALTY TRUST		1,250,982		1,372,183
	34,559	BROOKLINE BANCORP, INC.		291,739		305,847
	40,670	CAMPUS CREST COMMUNITIES, INC.		436,793		422,561
	65,000	CAPITOL FEDERAL FINANCIAL, INC.		768,473		772,200
	70,476	CAPLEASE, INC.(b)		142,069		292,475
	35,000	CBOE HOLDINGS, INC.		848,346		968,800
	63,371	CHESAPEAKE LODGING TRUST		1,003,806		1,091,249
	10,499	EMC INSURANCE GROUP, INC.		225,606		212,080
	48,000	EPOCH HOLDING CORP.		635,774		1,093,440
	14,951	FINANCIAL INSTITUTIONS, INC.		245,255		252,373
	49,000	FIRST AMERICAN FINANCIAL CORP.		686,144		831,040
	13,072	FIRST FINANCIAL CORP.		389,202		379,088
	87,779	FIRST MERCHANTS CORP.		581,675		1,093,726
	80,000	FIRST NIAGARA FINANCIAL GROUP, INC.		765,056		612,000
	15,243	FIRST PACTRUST BANCORP, INC.		193,688		180,782
	12,694	FIRST POTOMAC REALTY TRUST		166,927		149,408
	93,672	FIRSTMERIT CORP.		1,400,133		1,547,461
	50,000	FORESTAR GROUP, INC.(b)		940,728		640,500
	18,471	FRANKLIN FINANCIAL CORP.(b)		258,779		303,848
	26,447	GETTY REALTY CORP.		420,989		506,460
	34,617	GLADSTONE CAPITAL CORP.		267,566		273,128
	4,959	GOLUB CAPITAL BDC, INC.		71,844		74,831
	14,570	HALLMARK FINANCIAL SERVICES, INC.(b)		99,222		113,646
	11,272	HERCULES TECHNOLOGY GROWTH CAPITAL, INC.		112,582		127,825
	16,070	HERITAGE FINANCIAL CORP.		201,226		235,426
	48,080	HOME FEDERAL BANCORP, INC.		611,641		504,840
	16,385	HOME PROPERTIES, INC.		896,396		1,005,384
	40,566	HORACE MANN EDUCATORS CORP.		535,876		709,094
	3,805	HORIZON BANCORP		68,971		100,072
	18,035	HUDSON PACIFIC PROPERTIES, INC.		244,782		313,989
	27,515	IBERIABANK CORP.		1,325,923		1,388,132
	120,837	INVESTORS BANCORP, INC.(b)		1,722,930		1,823,430
	35,719	INVESTORS CAPITAL HOLDINGS LTD.(b)		151,806		146,448

See accompanying notes to the financial statements. 45 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Financials (Cont’d):
	12,142	KAISER FEDERAL FINANCIAL GROUP, INC.	$	133,682		179,459
	44,000	KBW, INC.		769,818		723,800
	25,350	KITE REALTY GROUP TRUST		91,228		126,496
	28,500	LEGG MASON, INC.		707,631		751,545
	56,000	MANNING & NAPIER, INC.		703,645		796,880
	117,130	MEDICAL PROPERTIES TRUST, INC.		1,097,411		1,126,791
	6,600	MIDSOUTH BANCORP, INC.		97,614		92,928
	126,285	MISSION WEST PROPERTIES, INC.		1,024,180		1,088,577
	25,175	NATIONAL FINANCIAL PARTNERS CORP.(b)		306,911		337,345
	46,937	NATIONAL RETAIL PROPERTIES, INC.		763,404		1,327,848
	142,061	NGP CAPITAL RESOURCES CO.		1,348,352		1,005,792
	124,833	NORTHWEST BANCSHARES, INC.		1,287,206		1,461,794
	88,977	ORITANI FINANCIAL CORP.		1,138,036		1,280,379
	10,928	PACIFIC CONTINENTAL CORP.		101,008		96,931
	13,111	PARK STERLING CORP.(b)		80,326		61,753
	16,566	PENNANTPARK INVESTMENT CORP.		174,498		171,458
	108,610	PHOENIX (THE) COS., INC.(b)		263,168		200,928
	39,090	PLATINUM UNDERWRITERS HOLDINGS LTD.(c)		1,199,041		1,489,329
	20,107	PREFERRED APARTMENT COMMUNITIES, INC., CLASS A		122,385		141,754
	51,350	PRESIDENTIAL LIFE CORP.		521,456		504,770
	74,318	PRIVATEBANCORP, INC.		980,425		1,096,934
	23,777	RENASANT CORP.		383,924		373,537
	8,495	RETAIL OPPORTUNITY INVESTMENTS CORP.		102,766		102,450
	100,066	ROCKVILLE FINANCIAL, INC.		1,032,929		1,157,764
	5,386	SANDY SPRING BANCORP, INC.		94,187		96,948
	8,675	SCBT FINANCIAL CORP.		264,872		305,794
	26,664	SI FINANCIAL GROUP, INC.		261,875		306,636
	18,411	SIMMONS FIRST NATIONAL CORP., CLASS A		474,023		428,056
	15,202	SOUTHSIDE BANCSHARES, INC.		300,620		341,741
	8,904	STATE BANK FINANCIAL CORP.(b)		137,186		134,985
	22,505	STELLARONE CORP.		298,307		280,862
	153,898	SUSQUEHANNA BANCSHARES, INC.		1,126,613		1,585,149
	524,797	SYNOVUS FINANCIAL CORP.		1,137,498		1,039,098
	36,500	TERRITORIAL BANCORP, INC.		585,519		831,105
	82,430	UMPQUA HOLDINGS CORP.		889,164		1,084,779
	17,544	UNIVEST CORP. OF PENNSYLVANIA		290,698		290,002
	23,404	URSTADT BIDDLE PROPERTIES, INC., CLASS A		402,575		462,697
	52,500	VIEWPOINT FINANCIAL GROUP, INC.		669,191		821,100
	87,310	WALKER & DUNLOP, INC.(b)		1,030,930		1,121,934
	35,240	WALTER INVESTMENT MANAGEMENT CORP.		472,218		826,026
	16,560	WASHINGTON BANKING CO.		229,705		230,184
	116,520	WESTFIELD FINANCIAL, INC.		1,110,631		850,596
	25,000	WINTRUST FINANCIAL CORP.		855,525		887,500
				46,549,643		52,020,058		20.16%
Health Care:
	5,135	ARTHROCARE CORP.(b)		135,250		150,353
	14,933	BIOCLINICA, INC.(b)		70,834		72,126
	30,459	CATALYST HEALTH SOLUTIONS, INC.(b)		911,286		2,846,089
	31,997	CENTENE CORP.(b)		1,290,016		965,030
	14,861	CONCEPTUS, INC.(b)		243,302		294,545
	18,658	CRYOLIFE, INC.(b)		100,129		97,581
	32,475	DGT HOLDINGS CORP.(b)		310,645		357,225
	53,613	ERESEARCH TECHNOLOGY, INC.(b)		389,508		428,368
	37,000	HANGER, INC.(b)		718,063		948,680
	9,444	HARVARD BIOSCIENCE, INC.(b)		38,371		35,604
	156,224	HEALTHSOUTH CORP.(b)		2,514,848		3,633,770
	18,622	HESKA CORP.		150,934		206,704
	70,231	HILL-ROM HOLDINGS, INC.		1,962,204		2,166,626
	32,250	INTEGRAMED AMERICA, INC.(b)		364,283		446,662
	29,304	MEDIWARE INFORMATION SYSTEMS(b)		386,395		427,838
	12,057	MEDTOX SCIENTIFIC, INC.(b)		165,210		325,057
	87,912	MERIT MEDICAL SYSTEMS, INC.(b)		1,232,176		1,214,065
	26,594	MOLINA HEALTHCARE, INC.(b)		446,088		623,895
	5,421	NUVASIVE, INC.(b)		81,355		137,477
	5,347	OMNICELL, INC.(b)		83,509		78,280
	52,484	ORTHOFIX INTERNATIONAL N.V.(b)(c)		1,478,794		2,164,965
	36,625	PAR PHARMACEUTICAL COS., INC.(b)		1,014,715		1,323,628
	22,000	PATTERSON COS., INC.		514,141		758,340

See accompanying notes to the financial statements. 46 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Health Care (Cont’d):
	20,797	PDI, INC.(b)	$	139,001		171,367
	9,000	PERRIGO CO.		178,547		1,061,370
	23,125	PHARMERICA CORP.(b)		291,212		252,525
	12,951	VASCULAR SOLUTIONS, INC.(b)		141,528		162,665
	20,794	WEST PHARMACEUTICAL SERVICES, INC.		775,312		1,049,889
				16,127,656		22,400,724		8.68%
Industrials:
	35,540	A.O. SMITH CORP.		1,523,021		1,737,551
	57,469	ACTUANT CORP., CLASS A		1,133,841		1,560,858
	15,000	ACUITY BRANDS, INC.		533,328		763,650
	194,014	AIR TRANSPORT SERVICES GROUP, INC.(b)		1,026,907		1,008,873
	6,284	ASTRONICS CORP.(b)		130,853		177,460
	55,000	AVIS BUDGET GROUP, INC.(b)		738,891		836,000
	28,852	AZZ, INC.		1,029,017		1,767,473
	32,000	BABCOCK & WILCOX (THE) CO.(b)		726,566		784,000
	33,901	BELDEN, INC.		1,144,911		1,130,598
	11,565	BREEZE-EASTERN CORP.(b)		82,719		69,621
	17,655	CASCADE CORP.		744,619		830,668
	69,868	CASELLA WASTE SYSTEMS, INC., CLASS A(b)		453,121		408,728
	17,079	CECO ENVIRONMENTAL CORP.		94,807		134,924
	27,000	CHICAGO BRIDGE & IRON CO. N.V.(c)		486,368		1,024,920
	4,386	CIRCOR INTERNATIONAL, INC.		141,041		149,519
	37,000	COLFAX CORP.(b)		307,010		1,020,090
	9,830	DUCOMMUN, INC.(b)		152,055		96,432
	2,388	DXP ENTERPRISES, INC.(b)		36,554		99,078
	10,400	ENNIS, INC.		135,022		159,952
	20,000	ENPRO INDUSTRIES, INC.(b)		569,233		747,400
	40,631	ESCO TECHNOLOGIES, INC.		1,403,171		1,480,594
	39,700	FEDERAL SIGNAL CORP.(b)		157,076		231,848
	37,000	FORTUNE BRANDS HOME & SECURITY, INC.(b)		746,845		823,990
	10,372	GARDNER DENVER, INC.		245,685		548,783
	143,700	GENCORP, INC.(b)		669,411		935,487
	17,000	GENESEE & WYOMING, INC., CLASS A(b)		425,830		898,280
	9,177	GP STRATEGIES CORP.(b)		62,336		169,499
	20,576	GRAHAM CORP.		451,669		383,125
	40,000	GREENBRIER COS., INC.(b)		575,947		703,200
	17,417	HAWAIIAN HOLDINGS, INC.(b)		93,239		113,385
	89,570	ICF INTERNATIONAL, INC.(b)		2,027,569		2,135,349
	35,000	ITT CORP.		698,010		616,000
	45,000	JOHN BEAN TECHNOLOGIES CORP.		604,564		610,650
	11,000	JOY GLOBAL, INC.		420,752		624,030
	15,000	KANSAS CITY SOUTHERN		314,929		1,043,400
	24,500	L.B. FOSTER CO., CLASS A		563,464		700,945
	7,858	LYDALL, INC.(b)		62,301		106,240
	25,500	MACQUARIE INFRASTRUCTURE CO. LLC		695,627		848,895
	16,638	MIDDLEBY CORP.(b)		770,000		1,657,311
	58,783	POLYPORE INTERNATIONAL, INC.(b)		2,457,652		2,374,245
	34,283	REGAL-BELOIT CORP.		1,884,244		2,134,460
	5,025	SAIA, INC.(b)		67,935		109,997
	13,458	SL INDUSTRIES, INC.(b)		166,144		177,511
	14,000	SNAP-ON, INC.		638,880		871,500
	39,982	SPARTON CORP.(b)		263,715		395,822
	8,629	STANDEX INTERNATIONAL CORP.		205,540		367,337
	30,239	TELEDYNE TECHNOLOGIES, INC.(b)		1,215,647		1,864,234
	47,158	TENNANT CO.		1,761,589		1,883,962
	36,500	TEREX CORP.(b)		831,385		650,795
	60,333	TRIUMPH GROUP, INC.		2,633,186		3,394,938
	9,777	TWIN DISC, INC.		304,493		180,777
	15,637	US ECOLOGY, INC.		268,340		277,400
	14,413	WABASH NATIONAL CORP.(b)		141,797		95,414
	20,385	WABTEC CORP.		638,808		1,590,234
	33,251	WOODWARD, INC.		930,983		1,311,419
				36,588,647		46,818,851		18.15%
Information Technology:
	21,244	ACTUATE CORP.(b)		108,920		147,221
	56,015	ADTRAN, INC.		1,903,896		1,691,093
	13,572	ALLIANCE FIBER OPTIC PRODUCTS, INC.(b)		123,291		121,334

See accompanying notes to the financial statements. 47 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Information Technology (Cont’d):
	87,801	ANAREN, INC.(b)	$	1,077,593		1,720,900
	65,026	ANCESTRY.COM, INC.(b)		1,463,519		1,790,166
	11,526	AXT, INC.(b)		43,999		45,528
	18,976	BADGER METER, INC.		622,673		712,549
	96,367	BRIDGELINE DIGITAL, INC.(b)		130,323		145,514
	32,000	BROADRIDGE FINANCIAL SOLUTIONS, INC.		543,517		680,640
	18,004	CALAMP CORP.(b)		48,393		131,969
	56,172	CAMTEK LTD.(b)(c)		134,457		126,387
	67,679	COGNEX CORP.		2,026,859		2,142,040
	13,879	COMMTOUCH SOFTWARE LTD.(b)(c)		50,171		37,473
	28,699	COMTECH TELECOMMUNICATIONS CORP.		683,576		820,217
	220,605	ENTROPIC COMMUNICATIONS, INC.(b)		1,758,286		1,244,212
	19,091	EVOLVING SYSTEMS, INC.		136,808		105,000
	34,425	EXAR CORP.(b)		230,144		280,908
	37,417	FRANKLIN WIRELESS CORP.(b)		96,203		51,635
	13,660	FREQUENCY ELECTRONICS, INC.(b)		89,988		110,373
	24,583	GILAT SATELLITE NETWORKS LTD.(b)(c)		81,923		76,207
	17,976	GLOBAL CASH ACCESS HOLDINGS, INC.(b)		49,776		129,607
	8,305	GLOBECOMM SYSTEMS, INC.(b)		109,829		84,213
	158,625	GSI GROUP, INC.(b)		1,861,541		1,817,842
	47,972	HACKETT GROUP (THE), INC.(b)		192,541		267,204
	21,712	INTEST CORP.(b)		72,194		73,604
	49,724	IPG PHOTONICS CORP.(b)		2,313,721		2,167,469
	19,722	KVH INDUSTRIES, INC.(b)		192,376		246,525
	134,958	LOOKSMART LTD.(b)		154,107		104,997
	22,145	LTX-CREDENCE CORP.(b)		150,110		148,372
	16,328	MERCURY COMPUTER SYSTEMS, INC.(b)		145,180		211,121
	8,502	METHODE ELECTRONICS, INC.		91,863		72,352
	45,587	MICRONETICS, INC.(b)		372,013		671,041
	29,412	MIPS TECHNOLOGIES, INC.(b)		168,983		196,178
	27,950	MKS INSTRUMENTS, INC.		730,125		808,594
	5,244	NANOMETRICS, INC.(b)		94,200		80,548
	41,800	NAPCO SECURITY TECHNOLOGIES, INC.(b)		68,377		122,892
	62,929	NETGEAR, INC.(b)		2,113,728		2,171,680
	64,371	NEWPORT CORP.(b)		1,056,834		773,739
	13,972	NOVA MEASURING INSTRUMENTS LTD.(b)(c)		99,491		121,836
	7,174	OCZ TECHNOLOGY GROUP, INC.(b)		56,155		38,022
	107,274	OFFICIAL PAYMENTS HOLDINGS, INC.(b)		702,933		418,369
	51,425	ONLINE RESOURCES CORP.(b)		314,418		124,963
	11,478	OPLINK COMMUNICATIONS, INC.(b)		215,344		155,297
	5,054	OSI SYSTEMS, INC.(b)		173,004		320,120
	33,050	PARAMETRIC TECHNOLOGY CORP.(b)		715,632		692,728
	37,206	PERCEPTRON, INC.(b)		216,757		205,377
	56,090	QUEST SOFTWARE, INC.(b)		1,190,016		1,562,106
	163,262	RF MICRO DEVICES, INC.(b)		904,841		693,864
	139,414	SANMINA-SCI CORP.(b)		1,450,401		1,141,801
	27,740	SELECTICA, INC.(b)		143,747		108,741
	25,974	SILICON IMAGE, INC.(b)		139,451		107,532
	43,988	STEEL EXCEL, INC.(b)		1,286,378		1,194,274
	10,298	SUPER MICRO COMPUTER, INC.(b)		170,917		163,326
	52,771	SUPPORT.COM, INC.(b)		137,869		168,339
	48,814	SWK HOLDINGS CORP.(b)		35,146		41,492
	95,412	SYNNEX CORP.(b)		2,824,707		3,290,760
	12,887	THESTREET, INC.		25,633		19,330
	53,088	TNS, INC.(b)		1,144,883		952,399
	32,275	UNISYS CORP.(b)		497,934		630,976
	110,640	VALUECLICK, INC.(b)		1,728,425		1,813,390
	6,889	WEB.COM GROUP, INC.(b)		47,983		126,207
	34,863	WESTELL TECHNOLOGIES, INC., CLASS A(b)		79,014		82,974
	17,000	WRIGHT EXPRESS CORP.(b)		463,372		1,049,240
	71,440	ZIX CORP.(b)		205,036		185,744
				36,261,524		37,738,551		14.63%
Materials:
	11,698	A.M. CASTLE & CO.(b)		136,192		124,233
	11,500	APTARGROUP, INC.		535,931		587,075
	15,000	ASHLAND, INC.		551,175		1,039,650
	4,400	CHASE CORP.		67,610		58,080
	41,000	CHEMTURA CORP.(b)		668,992		594,500

See accompanying notes to the financial statements. 48 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2012

Shares			Security	Cost		Fair value (a)		Percent of net assets
Materials (Cont’d):
	19,933		CORE MOLDING TECHNOLOGIES, INC.(b)	$	182,873		164,248
	11,500		DELTIC TIMBER CORP.		546,288		701,270
	42,949		HANDY & HARMAN LTD.(b)		304,688		578,953
	39,474		INNOPHOS HOLDINGS, INC.		1,635,891		2,228,702
	86,070		INNOSPEC, INC.(b)		2,442,626		2,548,533
	37,317		KAPSTONE PAPER AND PACKAGING CORP.(b)		478,802		591,474
	60,310		KOPPERS HOLDINGS, INC.		1,813,369		2,050,540
	38,763		LANDEC CORP.(b)		249,177		331,811
	29,008		LSB INDUSTRIES, INC.(b)		1,004,645		896,637
	25,908		QUAKER CHEMICAL CORP.		744,044		1,197,209
	19,662		STEPAN CO.		1,432,148		1,851,767
	9,466		SYNALLOY CORP.		114,118		107,912
	1,789		TPC GROUP, INC.(b)		64,036		66,104
	61,671		US ANTIMONY CORP.(b)		144,251		249,151
	19,000		W.R. GRACE & CO.(b)		465,151		958,550
	52,000		ZEP, INC.		753,192		713,960
					14,335,199		17,640,359		6.84	%
Utilities:
	37,240		ALLETE, INC.		1,294,949		1,556,632
	7,213		CHESAPEAKE UTILITIES CORP.		295,215		315,352
	19,000		CLECO CORP.		470,134		794,770
	24,148		CONSOLIDATED WATER CO. LTD.(c)		195,058		200,187
	20,796		MIDDLESEX WATER CO.		385,266		395,124
	73,192		PORTLAND GENERAL ELECTRIC CO.		1,631,886		1,951,299
	39,000		QUESTAR CORP.		663,326		813,540
	19,252		SOUTHWEST GAS CORP.		479,269		840,350
	35,875		UIL HOLDINGS CORP.		1,113,971		1,286,478
	22,495		UNITIL CORP.		530,744		596,117
	20,600		WESTAR ENERGY, INC.		562,203		616,970
					7,622,021		9,366,819		3.63	%
		Sub-total Common Stocks:			219,686,891		251,583,647		97.52	%
Rights:
Energy:
	38,070		CVR ENERGY, INC.(b)		—		—
					—		—		0.00	%
		Sub-total Rights:			—		—		0.00	%
Short-Term Investments:
	6,746,221		NORTHERN INSTITUTIONAL FUNDS -U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(d)		6,746,221		6,746,221
		Sub-total Short-Term Investments:			6,746,221		6,746,221		2.61	%
			Grand total(e)	$	226,433,112		258,329,868		100.13	%

Notes to Schedule of Investments:

(a)	Securities are valued in accordance with procedures described in note 2 to the financial statements.
(b)	Currently non-income producing assets.
(c)	Foreign security values are stated in U.S. dollars. As of June 30, 2012, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 2.92% of net assets.
(d)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2011, the value of the Clearwater Small Companies Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $1,896,952 with net purchases of approximately $4,849,269 during the six months ended June 30, 2012. The U.S. Government Select Portfolio was formerly known as the Government Select Portfolio. This name change was effective on April 1, 2012.
(e)	At June 30, 2012, the cost for Federal income tax purposes was $226,436,917. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows:

Gross unrealized appreciation	$	44,685,330
Gross unrealized depreciation		(12,792,379	)
Net unrealized appreciation	$	31,892,951

See accompanying notes to the financial statements. 49 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Small Companies Fund (unaudited)^(A)
June 30, 2012

^(A)Name change effective April 30, 2012. Formerly known as the Clearwater Small Cap Fund.

See accompanying notes to the financial statements. 50 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares			Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Closed-End funds:
	47,200		AMERICAN MUNI INCOME PT			$	554,976		743,400
	208,600		BLACKROCK LNG-TM MUN ADV				2,133,992		2,630,446
	35,600		BLACKROCK MUN INC TRUST				373,567		576,364
	18,200		BLACKROCK MUNI BOND TRUST				169,379		312,858
	186,000		BLACKROCK MUNIHOLDINGS QU				2,175,942		2,868,120
	59,500		BLACKROCK MUNIHOLDINGS QU				749,861		887,145
	71,200		BLACKROCK MUNIYIELD INVES				905,807		1,164,832
	81,800		BLACKROCK MUNIYIELD MI QU				981,525		1,167,286
	76,179		BLACKROCK MUNIYIELD MI QU				1,014,103		1,167,824
	54,700		BLACKROCK MUNIYIELD PENNS				774,527		853,867
	28,100		BLACKROCK MUNIYIELD QUAL				333,747		394,805
	78,300		BLACKROCK MUNIYIELD QUALI				1,032,557		1,174,500
	21,837		BLACKROCK MUNIYIELD QUALI				275,930		324,498
	12,500		DREYFUS STRATEGIC MUNI BD				68,613		116,000
	209,000		DWS MUNICIPAL INCOME TRUS				2,278,136		3,009,600
	66,800		EATON VANCE CALI MUN BOND				744,489		858,380
	68,200		INVESCO MUNICIPAL PREMIUM				515,130		625,394
	101,881		INVESCO QUALITY MUNI INC				1,164,128		1,463,011
	95,900		INVESCO QUALITY MUNI INV				1,173,337		1,392,468
	124,300		INVESCO VAN KAMPEN AD MIT				1,443,464		1,635,788
	94,239		INVESCO VAN KAMPEN PENN V				1,240,054		1,451,281
	37,800		INVESCO VAN KAMPEN S S MN				398,849		493,668
	94,277		INVESCO VAN KAMPEN TRUST				1,342,033		1,438,667
	83,800		INVESCO VAN KAMPEN TRUST				954,508		1,325,716
	56,248		MANAGED DURATION INVESTME				714,557		909,530
	6,500		MFS HIGH INCOME MUNICIPAL				23,108		37,570
	10,299		NEUBERGER BERMAN INTMD MU				126,917		173,538
	31,103		NUVEEN CAL INV QUAL MUNI				373,215		494,849
	13,700		NUVEEN CAL MUNI MKT OPPOR				157,825		218,378
	42,560		NUVEEN DIVIDEND ADV MUNI				523,323		635,421
	13,500		NUVEEN DIVIDEND ADVANTAGE				181,771		206,145
	41,700		NUVEEN DVD ADVANTAGE MUNI				475,800		631,338
	30,600		NUVEEN MI PREMIUM INC MUN				404,605		458,694
	44,600		NUVEEN MUNI ADVANTAGE FUN				522,316		676,582
	15,500		NUVEEN NJ INV QUAL MUNI F				211,528		238,390
	10,100		NUVEEN PA DVD ADV MUNI FD				127,549		150,793
	48,500		NUVEEN PENN INV QUAL MUNI				673,352		766,785
	27,100		NUVEEN PREMIER MUNI INC F				367,653		407,042
	238,709		NUVEEN PREMIUM INC MUNI F				3,273,534		3,685,667
	216,190		PUTNAM MUNI OPPORTUNITIES				2,450,699		2,791,013
	12,700		WESTERN ASSET INTERMEDIAT				111,045		133,350
	22,000		WESTERN ASSET MANAGED MUN				240,488		323,620
	48,606		WESTERN ASSET MUNICIPAL P				620,291		829,704
		Sub-total Closed-End Funds					34,378,230		41,844,327		8.05	%
Municipal Bonds:
	750,000		ABAG CA FIN AUTH FOR NONPROFIT CORPS	9/1/2037	6.00		745,133		837,022
	650,000		ABAG CA FIN AUTH FOR NONPROFIT CORPS COPS	11/1/2029	6.20		634,097		650,254
	2,500,000		ACALANES CA UNION HIGH SCH DIST(b)	8/1/2039	4.68		1,127,593		1,584,825
	1,500,000		AGUA CALIENTE CA BAND OF CAHUILLA INDIANS REVENUE(c)	7/1/2018	6.00		1,474,031		1,461,525
	1,145,000		ALABAMA ST HSG FIN AUTH SF MTGE REVENUE	10/1/2028	5.25		1,145,000		1,246,584
	550,000		ALABAMA ST HSG FIN AUTH SF MTGE REVENUE	4/1/2038	4.50		413,325		558,624
	1,250,000		ALACHUA CNTY FL HLTH FACS AUTH	11/15/2016	7.13		1,250,000		1,260,188
	500,000		ALAMEDA CA CORRIDOR TRANSPRTN AUTH	10/1/2021	5.25		496,041		500,570
	500,000		ALAMEDA CA CORRIDOR TRANSPRTN AUTH(b)	10/1/2024	1.60		418,938		522,420
	1,500,000		ALASKA ST HSG FIN CORP	6/1/2032	5.25		1,292,061		1,509,630
	2,000,000		ALASKA ST HSG FIN CORP	12/1/2034	5.25		2,004,228		2,068,780

See accompanying notes to the financial statements. 51 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	50,000	ALASKA ST HSG FIN CORP HOME MTGE REVENUE	12/1/2033	5.45		$50,000		50,208
	325,000	ALASKA ST HSG FIN CORP HOME MTGE REVENUE	12/1/2034	5.25		324,122		329,878
	750,000	ALASKA ST HSG FIN CORP MTGE REVENUE	12/1/2037	4.13		735,495		750,255
	500,000	ALASKA ST HSG FIN CORP MTGE REVENUE	12/1/2040	4.63		495,139		518,255
	350,000	ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(d)(e)	12/1/2010	5.40		350,000		237,380
	240,000	ALBANY NY INDL DEV AGY(e)	5/1/2016	6.50		240,000		54,000
	1,025,000	ALISAL CA UNION SCH DIST(b)	8/1/2025	10.55		486,355		563,606
	965,000	ALLEGHENY CNTY PA INDL DEV AUTH CHRT SCH REVENUE	8/15/2026	5.90		965,000		1,004,700
	528,050	ALPHARETTA GA DEV AUTH EDLFACS REV(d)(e)	7/1/2031	6.25		513,703		369,635
	1,000,000	ALVORD CA UNIF SCH DIST(b)	8/1/2046	5.63		346,977		575,310
	967,916	ARIZONA HEALTH FACS AUTH REV(d)	7/1/2027	5.25		940,032		988,253
	1,000,000	ARIZONA ST HLTH FACS AUTH HLTH CARE FACS AUTH	10/1/2022	5.10		859,254		910,109
	2,000,000	ARLINGTON TX HGR EDU FIN CORP EDU REVENUE	8/15/2028	7.00		1,950,335		2,129,620
	785,000	ARLINGTON TX SPL OBLIG	8/15/2034	5.00		821,431		816,643
	500,000	ATLANTA GA ARPT REVENUE	1/1/2030	6.00		519,102		604,770
	1,500,000	ATLANTA GA WTR & WSTWTR REVENUE	11/1/2039	5.00		1,498,522		1,502,040
	1,500,000	BAY CNTY FL EDUCTNL FACS REVENUE	9/1/2030	5.25		1,378,426		1,514,775
	1,000,000	BEXAR CNTY TX HLTH FACS DEV CORP	7/1/2030	5.88		984,802		1,085,980
	500,000	BEXAR CNTY TX HSG FIN CORP	1/1/2021	5.70		451,337		500,390
	445,000	BEXAR CNTY TX HSG FIN CORP(e)	9/15/2021	8.75		445,000		320,769
	250,000	BEXAR CNTY TX HSG FIN CORP	12/1/2021	6.50		253,561		248,595
	805,000	BEXAR CNTY TX HSG FIN CORP(e)	4/1/2030	9.00		802,520		159,020
	600,000	BEXAR CNTY TX HSG FIN CORP	8/1/2030	6.10		520,139		586,926
	365,000	BEXAR CNTY TX HSG FIN CORP	8/1/2030	8.13		352,862		342,852
	1,005,000	BEXAR CNTY TX HSG FIN CORP(e)	6/1/2031	10.50		1,005,000		200,910
	885,000	BEXAR CNTY TX HSG FIN CORP	12/1/2036	9.25		864,015		575,639
	500,000	BOONE CNTY MO HOSP REVENUE	8/1/2028	5.75		512,854		547,700
	700,000	BOSTON MA REVENUE	10/1/2031	6.13		700,588		715,309
	750,000	BOWLING GREEN OH STUDENT HSG REVENUE	6/1/2031	5.75		719,279		783,398
	500,000	BOYNTON BEACH FLA REV	6/1/2022	5.75		500,000		501,475
	500,000	BOYNTON BEACH FLA REV	6/1/2027	6.25		500,000		501,435
	500,000	BRAZOS CNTY TX HLTH FACS DEV CORP	1/1/2033	5.50		504,053		525,520
	1,000,000	BREA CA REDEV AGY(b)	8/1/2029	13.50		317,994		341,490
	135,000	BRIDGEVILLE DE SPL OBLIG	7/1/2035	5.13		135,000		106,458
	890,000	BUCKEYE OH TOBACCO SETTLEMENT FING AUTH	6/1/2024	5.13		858,875		716,210
	1,000,000	BUTLER CNTY OH HOSP FACS	4/1/2036	6.38		1,038,916		1,184,460
	395,000	BUTLER CNTY PA GEN AUTH REVENUE	10/1/2034	1.01		395,000		252,350
	500,000	CALIFORNIA CNTY CA TOBACCO SECURITIZATION AGY TOBACCO SETTLE	6/1/2036	5.00		495,171		396,830
	145,000	CALIFORNIA ST CMNTY HSG FIN AGY LEASE REVENUE(e)	8/1/2012	4.65		144,935		72,496
	385,000	CALIFORNIA ST CMNTY HSG FIN AGY LEASE REVENUE(e)	11/1/2012	4.85		383,286		192,488

See accompanying notes to the financial statements. 52 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	750,000	CALIFORNIA ST HLTH FACS FING AUTH REVENUE	8/15/2033	5.50	$	764,475		828,038
	1,000,000	CALIFORNIA ST HSG FIN AGY REVENUE	8/1/2033	5.45		927,478		1,030,500
	685,000	CALIFORNIA ST HSG FIN AGY REVENUE	8/1/2038	5.50		688,299		698,810
	1,000,000	CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE	2/1/2030	6.00		1,007,817		1,092,880
	500,000	CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK ST SCH FUND APP	8/15/2029	5.75		504,561		548,740
	570,000	CALIFORNIA ST MUNI FIN AUTH CHRT SCH LEASE REVENUE	9/1/2022	5.50		574,641		588,496
	750,000	CALIFORNIA ST MUNI FIN AUTH EDUCTNL REVENUE	6/1/2026	5.25		743,529		711,615
	500,000	CALIFORNIA ST MUNI FIN AUTH REVENUE	5/1/2025	6.88		498,928		568,065
	1,500,000	CALIFORNIA ST SCH FACS FING AUTH REVENUE(b)	8/1/2029	2.42		1,068,735		1,369,575
	1,000,000	CALIFORNIA ST STWD CMNTYS DEV AUTH	8/15/2028	5.50		1,000,421		1,006,290
	1,000,000	CALIFORNIA ST STWD CMNTYS DEV AUTH	11/1/2032	5.50		1,000,975		1,011,990
	195,000	CALIFORNIA ST STWD CMNTYS DEV AUTH	4/20/2036	7.00		195,000		203,773
	1,155,000	CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE	1/1/2016	5.25		1,150,392		1,170,096
	1,500,000	CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE	1/1/2021	6.00		1,500,000		1,602,675
	1,000,000	CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE	11/1/2021	6.50		1,000,000		1,117,880
	750,000	CALIFORNIA ST STWD CMNTYS DEV AUTH SCH FAC REVENUE	7/1/2020	5.00		711,723		751,238
	850,000	CALIFORNIA ST STWD CMNTYS DEV AUTH SCH FAC REVENUE	7/1/2031	6.75		850,000		923,720
	750,000	CALIFORNIA ST STWD CMNTYS DEVAUTH MFH REVENUE	7/15/2032	4.70		750,000		813,322
	500,000	CALIFORNIA ST STWD CMNTYS DEVAUTH REVENUE	11/15/2034	5.25		510,015		512,440
	255,000	CAPITAL TRUST AGY FL MF REVENUE(e)	6/1/2013	4.75		255,000		145,355
	750,000	CAPITAL TRUST AGY FL MF REVENUE(e)	6/1/2038	5.88		762,053		427,515
	1,000,000	CARLSBAD CA UNIF SCH DIST(b)	8/1/2031	4.17		560,549		746,430
	1,049,099	CARLSBAD INDL FNDTN(d)	4/15/2021	5.75		1,072,817		950,505
	500,000	CEDAR FALLS IA CMNTY SCH DIST SCH INFRASTRUCTURE SALES SVCS	6/1/2027	5.38		498,713		549,755
	1,000,000	CENTER CA UNIF SCH DIST(b)	8/1/2031	12.90		327,880		333,450
	1,000,000	CENTRL BRADFORD PROGRESS AUTH PA	12/1/2031	5.50		1,037,109		1,161,060
	500,000	CENTRL TX REGL MOBILITY AUTH REVENUE	1/1/2031	5.75		495,503		559,880
	595,000	CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE	11/1/2022	5.00		453,597		587,402
	1,000,000	CHAUTAUQUA CNTY NY CAPITAL RESOURCE CORP REVENUE	11/15/2016	6.75		981,416		1,089,890
	275,000	CHESTERFIELD CNTY VA INDL DEV AUTH MF REVENUE	7/1/2019	5.20		259,268		275,622
	500,000	CHICAGO IL	1/1/2035	5.25		513,594		549,220
	10,000	CHICAGO IL MET HSG DEV CORP	7/1/2022	6.85		10,000		10,029

See accompanying notes to the financial statements. 53 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	500,000	CITIZEN POTAWATOMI NATION OK SENIOR OBLG TAX REVENUE	9/1/2016	6.50	$	500,000		492,740
	250,000	CLARK CNTY NV ECON DEV REVENUE	5/15/2033	5.38		251,548		253,140
	355,000	CLEARWATER FL HSG AUTH	5/1/2024	5.35		266,543		345,869
	685,000	CLIFTON TX HGR EDU FIN CORP EDU REVENUE	2/15/2018	7.75		677,304		752,246
	500,000	CLIFTON TX HGR EDU FIN CORP EDU REVENUE	8/15/2031	5.50		482,757		546,060
	1,000,000	CMNTY MEMORIAL HOSP DIST MO HOSP REVENUE	12/1/2034	6.68		886,912		1,093,330
	260,000	COLLIER CNTY FL HSG FIN AUTH MF HSG REVENUE	8/15/2015	5.25		259,518		260,684
	750,000	COLLIER CNTY FL INDL DEV AUTH	10/1/2039	6.25		735,555		857,475
	1,500,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH INDEP SCH REVENUE	5/1/2030	6.00		1,459,867		1,578,300
	835,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE	11/15/2028	6.75		835,000		955,006
	1,000,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE	6/1/2033	5.50		975,665		1,057,060
	1,000,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE	7/1/2034	5.60		993,663		1,038,520
	350,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE	12/1/2039	5.13		331,032		361,651
	1,300,000	COLORADO ST HLTH FACS AUTH REVENUE	12/1/2042	5.00		1,335,798		1,329,562
	635,000	COLORADO ST HSG & FIN AUTH	10/1/2029	5.40		635,000		659,613
	790,000	COLORADO ST HSG & FIN AUTH	11/1/2029	5.50		790,000		818,835
	625,000	COLORADO ST HSG FIN AUTH SF MTGE REVENUE	11/1/2034	5.00		625,041		648,325
	1,000,000	COLTON CA JT UNIF SCH DIST(b)	8/1/2035	3.46		561,430		663,320
	1,250,000	CONNECTICUT ST DEV AUTH POLL CONTROL REVENUE	9/1/2028	5.85		1,251,601		1,260,000
	1,000,000	CONNECTICUT ST HSG FIN AUTH	11/15/2035	4.75		1,000,000		1,061,240
	1,000,000	CONNECTICUT ST HSG FIN AUTH	11/15/2041	4.63		995,042		1,049,560
	480,000	CONNECTICUT ST HSG FIN AUTH	11/15/2041	5.00		480,000		516,034
	1,500,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	11/15/2035	3.75		1,500,000		1,493,010
	5,000,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	5/15/2042	4.15		5,000,000		5,077,850
	375,000	CONNERTON W FL CDD CAPITAL IMPT REVENUE(e)	5/1/2016	5.13		374,540		143,456
	500,000	COOK CNTY IL SCH DIST #83	6/1/2031	5.38		489,816		563,975
	1,105,000	CORONA-NORCO CA UNIF SCH DIST(b)	8/1/2039	2.24		693,367		1,025,694
	637,000	CORTLAND IL SPL TAX REVENUE	3/1/2017	5.50		633,780		411,738
	790,000	CROW FIN AUTH MT TRIBAL PURPOSE REVENUE	10/1/2017	5.65		766,343		792,552
	750,000	CULLMAN CNTY AL HLTH CARE AUTH	2/1/2023	6.25		735,740		787,448
	500,000	CUYAHOGA CNTY OH HSG MTGE REVENUE	3/20/2042	5.70		513,025		544,075
	3,251,000	DALLAS TX HSG FIN CORP	10/20/2032	6.75		3,225,134		3,290,695

See accompanying notes to the financial statements. 54 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	2,000,000	DAMON RUN IN CONSERVANCY DIST	7/1/2025	6.10	$	2,039,793		2,184,180
	1,000,000	DAMON RUN IN CONSERVANCY DIST	1/1/2027	6.38		1,015,437		1,103,390
	500,000	DAVIESS CNTY IN HOSP ASSN LEASE RENTAL REVENUE	1/15/2029	5.25		489,149		545,605
	1,000,000	DEKALB/KANE/LA SALLE CNTYS IL CMNTY CLG DIST #523(b)	2/1/2029	11.72		362,237		419,810
	500,000	DELAWARE RIVER NJ PORT AUTH	1/1/2022	5.70		500,000		501,245
	440,000	DELAWARE ST HSG AUTH REVENUE	7/1/2031	5.20		440,000		479,666
	142,779	DENHAM SPRINGS-LIVINGSTON LA HSG & MTGE FIN AUTH	11/1/2040	5.00		147,654		146,484
	500,000	DINUBA CA FING AUTH LEASE REVENUE	9/1/2038	5.38		494,782		501,635
	1,105,000	DIRECTOR OF THE ST OF NEVADA DEPT OF BUSINESS & INDUSTRY(e)	11/15/2014	6.00		1,097,305		586,744
	500,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE	7/1/2033	5.45		500,000		549,215
	1,000,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE	6/1/2040	4.90		1,000,000		1,047,630
	1,000,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE	6/1/2041	5.00		1,000,000		1,072,150
	3,000,000	DUBLIN CA UNIF SCH DIST(b)	8/1/2034	15.06		749,558		797,700
	215,000	E BATON ROUGE LA MTGE FIN AUTH SF REVENUE	10/1/2034	5.00		215,000		229,968
	550,000	E CHICAGO IN REDEV COMMISSION LAKE FRONT REDEV AREA TAX	7/15/2014	5.00		550,000		553,966
	565,000	E CHICAGO IN REDEV COMMISSION LAKE FRONT REDEV AREA TAX	1/15/2015	5.25		565,000		568,396
	910,000	EAST POINT GA	2/1/2026	8.00		915,911		911,356
	800,000	EDEN PRAIRIE MN MF HSG REVENUE	2/20/2043	6.20		833,122		841,200
	2,045,000	EDEN TWP CA HOSP DIST COPS	6/1/2030	6.00		2,022,761		2,210,645
	750,000	EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE	7/1/2033	6.38		741,822		844,725
	500,000	ELKHART CNTY IN HOSP AUTH	8/15/2020	5.25		500,000		500,860
	1,000,000	ENCINITAS CA UNION SCH DIST(b)	8/1/2035	4.54		499,651		718,490
	1,155,000	ENTERPRISE CA ELEM SCH DIST(b)	8/1/2035	3.73		626,642		761,896
	1,000,000	ERIE CNTY PA HOSP AUTH	7/1/2027	7.00		1,000,000		1,080,630
	500,000	ESTHERVILLE IA HOSP REVENUE	7/1/2020	6.30		500,000		502,035
	500,000	FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE	8/1/2039	5.60		500,000		542,385
	239,000	FARMS NEW KENT VA CMNTY DEV AUTH SPL ASSMNT	3/1/2036	5.13		239,000		147,018
	1,000,000	FESTIVAL RANCH AZ CMNTY FACS DIST	7/15/2024	6.25		1,014,148		1,080,440
	315,000	FIDDLERS CREEK FL CDD #2 SPL ASSMNT REVENUE(e)	5/1/2013	5.75		314,118		165,416
	825,000	FLAGSTAFF AZ INDL DEV AUTH	7/1/2022	5.50		764,992		823,738
	1,000,000	FLORIDA ST GOVTL UTILITY AUTH UTILITY REVENUE	10/1/2037	5.00		1,052,400		1,059,200
	490,000	FLORIDA ST HSG FIN CORP REVENUE	7/1/2026	5.00		491,626		545,816
	250,000	FLORIDA ST HSG FIN CORP REVENUE	1/1/2027	5.05		250,000		276,372
	375,000	FLORIDA ST HSG FIN CORP REVENUE	7/1/2033	5.45		375,000		403,646

See accompanying notes to the financial statements. 55 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,595,000	FLORIDA ST HSG FIN CORP REVENUE	7/1/2034	5.30	$	1,608,394		1,704,720
	500,000	FLORIDA ST MID-BAY BRIDGE AUTH(b)	10/1/2021	9.78		271,006		278,090
	415,000	FOREST CREEK FL CDD CAPITAL IMPT REVENUE	11/1/2013	7.00		480,690		408,746
	1,250,000	FORT SILL APACHE TRIBE OK ECONDEV AUTH GAMING ENTERPRISE REV	8/25/2026	8.50		1,250,000		1,317,150
	1,145,000	FULTON CNTY GA DEV AUTH	11/1/2028	5.25		985,120		987,230
	1,000,000	FYI PROPERTIES WA LEASE REVENUE	6/1/2034	5.50		981,187		1,114,820
	500,000	GAINESVILLE & HALL CNTY GA DEV AUTH RETMNT CMNTY REVENUE	11/15/2029	6.38		513,991		564,395
	1,241,937	GALVESTON TX MUNI UTILITY DIST #52(b)(d)	2/28/2012	1.99		1,206,508		993,550
	400,000	GEISINGER PA AUTH	5/1/2037	1.08		400,000		287,752
	500,000	GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC	2/15/2031	5.13		495,558		565,205
	3,000,000	GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC	3/15/2031	5.13		3,000,000		3,409,140
	500,000	GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC	2/15/2036	5.25		491,688		561,880
	2,000,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2037	4.00		2,000,000		2,012,460
	500,000	GILA CNTY AZ UNIF SCH DIST #10 PAYSON	7/1/2028	5.75		477,933		572,685
	2,000,000	GLENDALE CA UNIF SCH DIST(b)	9/1/2028	11.02		732,519		822,340
	445,000	HAMDEN CT FAC REVENUE	1/1/2014	6.13		442,019		445,507
	1,250,000	HAMILTON CNTY OH HLTH CARE REVENUE	1/1/2031	6.13		1,216,293		1,324,588
	1,000,000	HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE	8/15/2025	6.50		1,016,807		1,044,630
	1,000,000	HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE	8/15/2030	6.50		1,008,383		1,038,470
	500,000	HAMMOND IN REDEV DIST REVENUE	1/15/2017	6.00		500,000		517,155
	1,250,000	HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE(c)	8/15/2021	6.75		1,250,000		1,369,525
	1,500,000	HARTNELL CA CMNTY CLG DIST(b)	8/1/2034	5.71		683,127		1,032,495
	500,000	HARVEY IL	12/1/2027	5.50		451,105		463,195
	1,000,000	HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE REVENUE	11/15/2023	7.88		970,520		1,049,700
	1,500,000	HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE REVENUE	11/15/2033	8.00		1,557,278		1,571,280
	590,000	HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE SENIOR LIVING REV	11/15/2029	8.75		582,131		704,708
	500,000	HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE SENIOR LIVING REV	11/15/2037	5.25		507,880		512,030
	1,000,000	HAWTHORNE CA SCH DIST(b)	11/1/2026	11.90		391,139		456,130
	2,000,000	HAWTHORNE CA SCH DIST COPS(b)	12/1/2029	1.69		1,550,864		1,963,500
	1,000,000	HEALDSBURG CA REDEV AGY TAX ALLOCATION	8/1/2034	5.38		990,367		1,118,360
	1,000,000	HELENDALE CA SCH DIST(b)	8/1/2034	3.31		585,612		783,400
	255,000	HIGHLANDS CNTY FL HLTH FACS AUTH	11/15/2027	5.00		256,846		276,117

See accompanying notes to the financial statements. 56 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	500,000	HIGHLANDS CNTY FL HLTH FACS AUTH	11/15/2032	5.13	$	501,266		528,325
	200,000	HOUMA-TERREBONNE LA PUBLIC TRUST FING AUTH SF MTGE	12/1/2040	5.15		207,743		205,560
	245,000	IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE	8/1/2017	6.25		245,000		244,037
	750,000	IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE	7/1/2030	5.50		750,000		739,050
	640,000	IDAHO ST HSG & FIN ASSN SF MTGE REVENUE	7/1/2026	5.65		653,560		697,235
	150,000	IDAHO ST HSG & FIN ASSN SF MTGE REVENUE	7/1/2038	5.50		150,000		150,436
	175,000	IDAHO ST HSG & FIN ASSN SF MTGE REVENUE	1/1/2040	5.50		175,000		182,845
	1,000,000	IDAHO WTR RESOURCE BRD WTR RES LOAN PROGRAM REVENUE	9/1/2032	5.00		997,528		1,043,710
	900,000	ILLINOIS ST COPS	7/1/2017	5.80		900,000		901,080
	250,000	ILLINOIS ST DEV FIN AUTH	5/15/2021	5.50		250,000		251,082
	1,000,000	ILLINOIS ST FIN AUTH CHRT SCH REVENUE	10/1/2031	6.88		1,000,000		1,099,880
	600,000	ILLINOIS ST FIN AUTH EDU REVENUE	9/1/2027	5.00		567,968		528,726
	1,000,000	ILLINOIS ST FIN AUTH REVENUE	5/15/2017	6.00		1,000,000		1,000,560
	610,000	ILLINOIS ST FIN AUTH REVENUE	8/15/2026	6.00		620,700		619,730
	1,000,000	ILLINOIS ST FIN AUTH REVENUE	11/15/2026	5.25		970,047		999,980
	500,000	ILLINOIS ST FIN AUTH REVENUE	3/15/2027	5.00		516,604		535,205
	500,000	ILLINOIS ST FIN AUTH REVENUE	5/15/2029	5.25		505,034		525,290
	1,500,000	ILLINOIS ST FIN AUTH REVENUE	8/15/2036	5.25		1,474,694		1,584,150
	805,000	ILLINOIS ST FIN AUTH REVENUE	2/1/2037	5.25		800,208		806,256
	500,000	ILLINOIS ST FIN AUTH REVENUE	3/1/2038	6.00		485,335		560,820
	750,000	ILLINOIS ST FIN AUTH SPORTS FAC REVENUE(c)(e)(f)	10/1/2027	6.13		730,795		45,000
	500,000	ILLINOIS ST FIN AUTH SPORTS FAC REVENUE(c)(e)(f)	10/1/2037	6.25		484,210		30,000
	1,500,000	ILLINOIS ST FIN AUTH STUDENT HSG REVENUE	10/1/2024	6.00		1,483,940		1,655,535
	335,000	ILLINOIS ST HLTH FACS AUTH	5/15/2014	6.25		335,000		336,172
	750,000	ILLINOIS ST HLTH FACS AUTH	8/15/2028	5.38		738,098		750,578
	500,000	ILLINOIS ST HLTH FACS AUTH REVENUE	7/1/2033	6.00		505,431		511,745
	2,100,000	ILLINOIS ST HLTH FACS AUTH REVENUE	8/15/2033	5.10		2,114,416		2,124,423
	500,000	ILLINOIS ST HSG DEV AUTH	7/1/2047	4.50		465,867		492,280
	1,000,000	IMPERIAL CA CMNTY CLG DIST(b)	8/1/2040	1.12		830,444		976,650
	250,000	INDEPENDENCE MO THIRTY-NINTH STREET TRANSPRTN DIST REVENUE	9/1/2032	6.88		250,000		256,842
	500,000	INDIANA ST BOND BANK REVENUE	2/1/2029	5.50		490,910		559,310
	750,000	INDIANA ST FIN AUTH HOSP REVENUE	5/1/2031	5.75		773,407		852,780
	3,000,000	INDIANA ST FIN AUTH REVENUE	9/15/2030	6.50		3,082,661		3,314,220
	500,000	INDIANA ST FIN AUTH REVENUE	11/15/2031	5.50		492,361		535,115
	1,000,000	INDIANA ST HLTH & EDUCTNL FAC FING AUTH HOSP REVENUE	2/15/2030	5.25		750,077		1,032,220
	1,315,000	INDIANA ST HLTH FAC FING AUTH	8/15/2018	5.00		1,210,493		1,319,681
	6,597,987	INTERMEDIATE SCH DIST #287 MN LEASE REVENUE	11/1/2032	5.30		6,368,343		6,882,757
	400,000	IOWA ST FIN AUTH SENIOR HSG REVENUE	12/1/2014	5.00		398,817		280,000

See accompanying notes to the financial statements. 57 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	565,000	IOWA ST STUDENT LOAN LIQUIDITY CORP	12/1/2027	5.50	$	552,933		591,222
	395,000	JACKSONVILLE FL ECON DEV COMMISSION HLTH CARE FACS REVENUE	9/1/2017	6.00		395,000		449,376
	2,000,000	JEFFERSON CA UNION HIGH SCH DIST SAN MATEO CNTY(b)	8/1/2031	26.18		429,785		469,980
	859,000	JEFFERSON CNTY KY MTGE REVENUE	11/15/2013	6.13		859,000		861,474
	940,000	JEFFERSON PARISH LA FIN AUTH	6/1/2038	5.00		980,181		1,014,504
	200,000	JEFFERSON PARISH LA FIN AUTH	12/1/2048	5.70		209,555		213,664
	1,410,000	KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE	1/1/2016	6.20		1,371,416		1,365,176
	1,250,000	KANSAS CITY MO INDL DEV AUTH	9/1/2023	5.45		1,250,000		1,317,262
	1,000,000	KANSAS CITY MO INDL DEV AUTH	11/20/2039	5.10		1,000,000		1,064,610
	1,000,000	KANSAS ST DEV FIN AUTH HOSP REVENUE	11/15/2029	5.50		978,055		1,154,310
	500,000	KENTUCKY ST ECON DEV FIN AUTH MF HSG REVENUE	11/20/2035	5.38		500,000		538,690
	450,000	KENTUCKY ST HSG CORP HSG REVENUE	7/1/2039	5.15		450,000		481,194
	1,980,000	KERRVILLE TX HLTH FACS DEV CORP HOSP REVENUE	8/15/2035	5.45		1,954,081		1,981,069
	750,000	KING CNTY WA HSG AUTH	5/1/2028	5.20		750,000		827,490
	500,000	KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE	5/15/2021	8.00		500,000		608,285
	900,000	KLICKITAT CNTY WA PUBLIC HOSP DIST #2 HOSP REVENUE	12/1/2020	6.00		840,816		927,603
	2,500,000	KOYUKUK AK REVENUE	10/1/2023	7.00		2,428,785		2,696,775
	1,390,000	KREMMLING CO MEMORIAL HOSP DIST COPS	12/1/2022	6.00		1,376,753		1,493,597
	1,500,000	LA MIRADA CA REDEV AGY(b)	8/15/2027	14.17		525,579		586,905
	890,000	LAFAYETTE LA PUBLIC TRUST FING AUTH SF MTGE	1/1/2041	5.35		908,846		899,977
	750,000	LAKESIDE 370 MO LEVEE DIST	4/1/2028	7.00		750,000		487,515
	2,000,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE	5/1/2030	7.40		1,980,417		2,173,260
	2,000,000	LAS VEGAS NV REDEV AGY TAX INCR REVENUE	6/15/2023	7.50		1,981,368		2,194,800
	1,000,000	LEE CNTY FL INDL DEV AUTH	11/15/2029	5.00		832,879		971,670
	1,000,000	LEHIGH CNTY PA GEN PURPOSE AUTH	12/15/2023	6.00		913,657		1,000,170
	250,000	LEHIGH CNTY PA GEN PURPOSE AUTH	8/15/2042	1.33		250,000		155,182
	500,000	LEXINGTON OAKS FL CDD SPL ASSMNT REVENUE	5/1/2033	5.65		500,000		528,960
	500,000	LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU	1/1/2015	6.38		500,000		391,070
	550,000	LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU	1/1/2030	5.50		570,125		358,902
	1,750,000	LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU	1/1/2036	5.25		1,769,285		910,945
	250,000	LOMPOC CA HLTHCARE DIST	8/1/2034	5.00		251,473		254,100
	2,000,000	LOS ANGELES CA HSG AUTH	6/1/2029	5.00		1,708,373		1,957,460
	1,250,000	LOUDOUN CNTY VA INDL DEV AUTH RSDL CARE FAC REVENUE	8/1/2028	6.00		1,261,289		1,314,275
	500,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	12/1/2034	5.10		500,000		541,055

See accompanying notes to the financial statements. 58 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	210,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	6/1/2038	5.85	$	220,701		224,270
	990,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	12/1/2038	5.70		1,025,920		1,054,271
	235,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	6/1/2039	5.60		242,454		259,172
	410,000	LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH	6/20/2028	8.00		410,000		392,591
	500,000	LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE	7/1/2024	6.75		509,308		530,360
	750,000	LOUISIANA ST PUBLIC FACS AUTH REVENUE	5/1/2031	6.50		746,699		844,358
	500,000	LOUISIANA ST PUBLIC FACS AUTH REVENUE	2/15/2036	1.01		500,000		446,660
	1,000,000	LOUISIANA ST TRANSPRTN AUTH TOLL REVENUE(b)	12/1/2027	9.18		432,539		445,860
	500,000	LUCAS CNTY OH HLTH CARE FACS REVENUE	8/15/2030	5.50		491,515		532,055
	1,495,000	LUZERNE CNTY PA	11/1/2026	7.00		1,583,554		1,778,437
	418,312	LYONS CO	11/30/2016	4.75		420,863		419,019
	1,000,000	MACON CNTY IL SCH DIST #61	1/1/2037	5.25		1,032,436		1,103,010
	1,000,000	MADERA CA IRR FING AUTH REVENUE	1/1/2031	6.25		978,457		1,097,080
	440,000	MADISON CNTY FL	7/1/2025	6.00		434,138		422,074
	250,000	MAGNOLIA CREEK FL CDD CAPITAL IMPT REVENUE(e)	5/1/2014	5.60		250,000		100,065
	725,000	MAINE ST EDUCTNL AUTH STUDENT LOAN REVENUE	12/1/2027	5.63		725,000		808,114
	1,000,000	MAINE ST HLTH & HGR EDUCTNL FACS AUTH REVENUE	7/1/2026	6.00		999,519		1,127,420
	1,000,000	MAINE ST HLTH & HGR EDUCTNL FACS AUTH REVENUE	7/1/2032	7.50		1,055,393		1,202,540
	1,000,000	MAINE ST TECH CLG SYS COPS	1/1/2017	5.80		1,000,000		1,004,010
	1,000,000	MALTA IL TAX INCR REVENUE	12/30/2025	5.75		1,000,000		625,650
	500,000	MANATEE CNTY FL SCH BRD	7/1/2031	5.63		495,642		564,160
	500,000	MANCHESTER NH HSG & REDEV AUTH REVENUE	1/1/2015	6.75		496,191		481,805
	500,000	MANCHESTER NH HSG & REDEV AUTH REVENUE(b)	1/1/2020	7.87		331,885		235,450
	452,000	MANHATTAN IL SPL SVC AREA SPL TAX(e)	3/1/2022	5.75		452,000		124,341
	500,000	MANSFIELD OH	12/1/2024	6.00		522,761		581,920
	750,000	MANTECA CA FING AUTH SWR REVENUE	12/1/2033	5.00		695,437		765,262
	349,000	MARQUIS VA CMNTY DEV AUTH REVENUE	9/1/2041	5.63		378,300		299,578
	462,000	MARQUIS VA CMNTY DEV AUTH REVENUE(b)	9/1/2041	22.45		64,719		44,417
	1,175,000	MARTIN CNTY FL HLTH FACS AUTH	11/15/2032	5.50		1,207,814		1,264,958
	750,000	MARTINEZ CA UNIF SCH DIST(b)	8/1/2035	0.87		624,838		774,308
	500,000	MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV	9/1/2030	5.13		500,000		555,160
	500,000	MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV	7/1/2031	4.50		500,000		533,360
	1,000,000	MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE	1/1/2026	6.00		1,025,374		1,157,710
	1,000,000	MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE	1/1/2031	6.25		1,017,807		1,162,480
	500,000	MASHANTUCKET WSTRN PEQUOT TRIBE CT(c)(e)(f)	9/1/2036	5.50		509,035		195,160
	1,000,000	MASSACHUSETTS ST DEV FIN AGY REVENUE	7/1/2030	6.38		986,777		1,127,740

See accompanying notes to the financial statements. 59 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	290,000	MASSACHUSETTS ST DEV FIN AGY SENIOR LIVING FAC REVENUE	6/1/2014	6.25	$	290,000		233,003
	430,000	MASSACHUSETTS ST EDUCTNL FING AUTH	1/1/2027	5.20		430,000		478,482
	2,145,000	MASSACHUSETTS ST EDUCTNL FING AUTH	1/1/2028	5.25		2,149,328		2,353,794
	1,330,000	MASSACHUSETTS ST HLTH & EDUCTNL FACS AUTH	7/1/2013	7.30		1,330,000		1,336,331
	500,000	MASSACHUSETTS ST HLTH & EDUCTNL FACS AUTH REVENUE	7/1/2022	6.00		503,767		507,245
	1,000,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2032	4.05		1,000,000		1,004,650
	1,000,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2033	5.35		1,000,000		1,079,830
	750,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2037	5.40		762,392		802,410
	885,000	MASSACHUSETTS ST HSG FIN AGY	6/1/2040	5.05		885,000		941,560
	1,750,000	MCALESTER OK PUBLIC WKS AUTH UTILITY SYS REVENUE(b)	2/1/2030	11.04		651,242		652,138
	160,000	MEAD NE TAX INCR REVENUE(e)	7/1/2012	5.13		160,000		95,982
	400,000	MEDITERRA FL S CDD CAPITAL IMPT REVENUE	5/1/2031	5.10		400,000		403,208
	1,000,000	MESQUITE TX HLTH FAC DEV CORP	2/15/2025	5.50		998,114		1,019,660
	1,070,000	MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e)	12/20/2020	8.00		1,070,000		502,911
	855,000	MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e)	6/20/2036	10.00		855,000		401,859
	1,830,000	MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e)	12/20/2040	7.50		1,830,000		1,006,518
	2,000,000	MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE(b)	10/1/2041	1.80		1,319,988		1,853,060
	500,000	MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE	8/1/2030	6.00		486,003		586,610
	1,500,000	MIAMI-DADE CNTY FL SPL OBLG(b)	10/1/2026	10.87		627,641		690,210
	500,000	MICHIGAN ST FIN AUTH LTD OBLGREVENUE	10/1/2021	6.00		496,450		524,175
	1,000,000	MICHIGAN ST HOSP FIN AUTH	12/1/2023	6.13		989,861		1,197,100
	2,500,000	MICHIGAN ST HOSP FIN AUTH	11/15/2025	5.25		2,285,936		2,503,150
	1,500,000	MICHIGAN ST HOSP FIN AUTH	6/1/2034	6.13		1,562,064		1,732,185
	625,000	MICHIGAN ST HSG DEV AUTH	10/1/2020	5.38		601,713		700,238
	1,000,000	MICHIGAN ST HSG DEV AUTH	10/1/2034	5.63		1,000,000		1,083,330
	1,000,000	MICHIGAN ST MUNI BOND AUTH	5/1/2023	5.75		1,025,463		1,190,220
	850,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH(c)	9/1/2016	6.00		847,239		772,922
	750,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH	6/1/2020	6.00		744,128		784,552
	475,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH	9/1/2021	8.00		475,000		430,839
	450,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH	10/1/2023	6.25		450,000		445,653
	500,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH	11/1/2028	6.35		500,000		508,220
	305,000	MICHIGAN ST TOBACCO SETTLEMENT FIN AUTH	6/1/2022	5.13		286,897		257,002
	496,000	MILLSBORO DE SPL OBLG	7/1/2036	5.45		496,000		373,389
	2,500,000	MINNEAPOLIS MN MF REVENUE	11/1/2013	6.00		2,491,978		2,487,800

See accompanying notes to the financial statements. 60 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	354,635	MINNESOTA ST HGR EDU FACS AUTH REVENUE	10/1/2016	4.49	$	356,313		362,738
	455,000	MINNESOTA ST HSG FIN AGY	7/1/2034	5.05		455,000		488,938
	900,000	MINNESOTA ST HSG FIN AGY	1/1/2040	5.10		900,000		957,816
	1,000,000	MINNESOTA ST OFFICE OF HGR EDU REVENUE	11/1/2029	5.00		1,000,000		1,096,260
	1,000,000	MISSISSIPPI ST DEV BANK SPL OBLG	10/1/2031	6.50		973,183		1,145,060
	220,000	MISSISSIPPI ST HOME CORP SF MTGE REVENUE	6/1/2039	6.75		231,759		233,409
	500,000	MISSOURI ST DEV FIN BRD	11/1/2025	5.50		492,547		522,475
	500,000	MISSOURI ST DEV FIN BRD	4/1/2027	6.00		501,624		510,000
	500,000	MISSOURI ST DEV FIN BRD	10/1/2027	6.13		485,270		519,615
	980,000	MISSOURI ST HLTH & EDUCTNL FACS AUTH	2/1/2022	5.13		1,000,631		1,045,386
	500,000	MISSOURI ST HLTH & EDUCTNL FACS AUTH	2/1/2035	5.38		498,337		518,725
	230,000	MISSOURI ST HSG DEV COMMISSION SF HSG REVENUE	9/1/2034	5.25		228,509		247,834
	335,000	MISSOURI ST HSG DEV COMMISSION SF HSG REVENUE	9/1/2034	5.35		335,000		365,331
	1,000,000	MOBERLY MO INDL DEV AUTH(e)	9/1/2024	6.00		1,016,984		260,000
	1,000,000	MOHAVE CNTY AZ INDL DEV AUTH CORRNL FACS	5/1/2015	7.25		995,448		1,094,480
	1,220,000	MONTANA ST BRD OF HSG	12/1/2039	5.50		1,220,164		1,309,621
	500,000	MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE	7/1/2037	5.13		500,000		532,110
	2,000,000	MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVE(b)	7/1/2028	9.13		845,123		820,960
	1,500,000	MONTGOMERY CNTY OH HLTH CARE FACS REVENUE	9/20/2032	6.55		1,459,000		1,508,805
	650,000	MONTGOMERY CNTY PA INDL DEV AUTH	2/1/2014	5.38		648,780		657,208
	800,000	MOUNT CARBON CO MET DIST REVENUE	6/1/2043	7.00		800,000		485,040
	200,000	MOUNT CARBON CO MET DIST REVENUE(e)	6/1/2043	8.00		-		20,000
	1,000,000	MOUNT LEBANON PA HOSP AUTH	7/1/2032	5.63		1,000,000		1,001,150
	1,500,000	MOUNT VERNON IN SCH BLDG CORP	1/15/2037	5.00		1,534,229		1,540,065
	500,000	N TX TOLLWAY AUTH DALLAS N TOLLWAY SYS REVENUE	1/1/2025	6.00		500,000		584,835
	1,000,000	N TX TOLLWAY AUTH REVENUE(b)	1/1/2028	10.85		406,048		495,520
	1,000,000	N TX TOLLWAY AUTH REVENUE	1/1/2034	6.00		1,000,000		1,167,320
	1,000,000	N TX TOLLWAY AUTH REVENUE(b)	1/1/2042	1.40		712,147		1,004,710
	1,000,000	NATRONA CNTY WY HOSP REVENUE	9/15/2031	6.35		1,000,000		1,161,760
	500,000	NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE	9/1/2036	5.90		500,000		571,555
	285,000	NEVADA ST HSG DIV SF MTGE REVENUE	10/1/2039	5.38		285,000		295,790
	1,150,000	NEVADA ST HSG DIV SF MTGE REVENUE	10/1/2040	5.10		1,150,000		1,220,817
	1,000,000	NEW HAMPSHIRE ST HLTH & ED FACS AUTH HLTHCARE SYS REVENUE	7/1/2042	5.00		1,023,710		1,029,360
	1,000,000	NEW HAMPSHIRE ST HLTH & EDU FACS AUTH HOSP REVENUE	10/1/2024	5.00		986,777		1,022,540

See accompanying notes to the financial statements. 61 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,000,000	NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE	1/1/2034	6.00	$	969,384		1,129,150
	500,000	NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE	8/1/2038	6.00		490,296		577,180
	1,000,000	NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE	7/1/2031	5.20		1,000,000		1,107,860
	745,000	NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE	7/1/2034	5.38		745,000		807,602
	635,000	NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE	7/1/2038	6.63		662,770		705,523
	750,000	NEW JERSEY ST ECON DEV AUTH	12/1/2016	5.75		750,529		750,285
	500,000	NEW JERSEY ST HGR EDU ASSISTANCE AUTH	6/1/2024	5.38		497,592		553,385
	1,640,000	NEW JERSEY ST HGR EDU ASSISTANCE AUTH	6/1/2027	5.00		1,636,672		1,686,806
	1,000,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2030	4.50		1,000,000		1,065,390
	460,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2030	6.45		489,114		513,171
	905,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2034	5.00		905,000		965,228
	800,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2035	5.00		800,000		850,312
	2,290,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2037	5.00		2,273,618		2,425,224
	1,000,000	NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE	5/1/2041	4.95		970,054		1,054,000
	430,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2029	4.80		430,000		462,624
	845,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2029	5.00		845,000		915,093
	865,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2034	5.00		865,000		936,925
	835,000	NEW MEXICO ST MTGE FIN AUTH	3/1/2036	5.45		835,000		904,731
	1,500,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2042	4.13		1,500,000		1,517,850
	750,000	NEW ORLEANS LA SEWAGE SVC REVENUE	6/1/2024	6.00		740,542		865,500
	115,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE(e)	5/1/2013	5.00		114,821		1
	70,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE(b)	5/1/2015	1.20		65,818		60,948
	135,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE(b)	5/1/2018	1.37		120,406		63,967
	70,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE(b)	5/1/2038	0.37		63,055		45,818
	175,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE(b)	5/1/2038	0.80		141,684		73,085
	320,000	NEW YORK ST DORM AUTH REVENUES	7/1/2019	6.88		320,000		321,062
	1,000,000	NEW YORK ST DORM AUTH REVENUES	8/15/2024	6.45		998,518		1,006,290
	1,750,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE	10/1/2040	4.13		1,750,000		1,782,585
	450,000	NOBLESVILLE IN REDEV AUTH ECON DEV REVENUE	2/1/2031	5.13		445,986		488,745
	500,000	NORCO CA REDEV AGY	3/1/2032	5.88		492,790		537,105
	1,000,000	NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE	10/1/2029	6.38		1,000,000		1,003,910
	1,300,000	NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE	10/1/2035	6.63		1,300,000		1,104,948
	650,000	NORTH DAKOTA ST HSG FIN AGY	7/1/2034	5.35		650,000		703,696
	735,000	NORTH DAKOTA ST HSG FIN AGY	7/1/2039	5.45		735,000		791,588

See accompanying notes to the financial statements. 62 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,710,000	NORTH DAKOTA ST HSG FIN AGY	7/1/2040	5.05	$	1,710,000		1,809,864
	500,000	NTHRN CA GAS AUTH #1 GAS PROJ REVENUE	7/1/2027	1.03		500,000		362,015
	1,000,000	NTHRN IL UNIV	4/1/2026	5.50		1,015,042		1,116,760
	2,000,000	OAK PARK CA UNIF SCH DIST(b)	8/1/2038	3.77		1,014,660		1,419,800
	1,250,000	OAKLAND CNTY MI ECON DEV CORP LTD OBLG REVENUE	12/1/2020	6.50		1,242,748		1,282,475
	1,200,000	OCONTO WI WTRWKS & SWR SYS REVENUE	5/1/2032	4.00		1,183,758		1,186,980
	600,000	OHIO ST HSG FIN AGY RSDL MTGE REVENUE	9/1/2033	5.40		600,000		651,312
	230,000	OHIO ST HSG FIN AGY RSDL MTGE REVENUE	9/1/2033	5.45		230,000		239,943
	405,000	OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE	3/1/2032	5.15		405,000		438,125
	675,000	OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE	9/1/2038	6.50		705,815		710,498
	435,000	ONEIDA TRIBE OF INDIANS WI RETAIL SALES REVENUE(c)	2/1/2021	5.50		435,000		490,232
	1,000,000	OVERLAND PARK KS TRANSPRTN DEV DIST SALES TAX REVENUE	4/1/2032	5.90		1,000,000		1,096,900
	2,280,000	PACHECO CA UNION SCH DIST COPS(b)	2/1/2037	15.27		505,473		575,221
	1,000,000	PALM BAY FL UTILITY REVENUE(b)	10/1/2031	11.87		326,088		386,360
	250,000	PALM BEACH CNTY FL HLTH FACS AUTH	11/15/2029	5.13		249,947		250,878
	1,000,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE	11/15/2022	5.38		922,628		1,034,090
	1,665,000	PATTERSON CA JT UNIF SCH DIST(b)	8/1/2027	12.31		629,977		797,319
	750,000	PELL CITY AL SPL CARE FACS FING AUTH REVENUE	12/1/2027	5.25		627,928		921,375
	500,000	PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE	7/1/2039	0.96		500,000		283,390
	1,000,000	PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE	5/1/2042	5.38		1,007,952		1,026,450
	500,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2025	5.00		501,668		553,230
	1,000,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2029	4.63		918,795		1,061,550
	1,000,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2034	4.88		1,003,173		1,051,290
	1,000,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b)	6/1/2033	2.19		691,131		996,290
	1,935,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b)	12/1/2035	1.17		1,521,370		1,738,346
	750,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b)	12/1/2035	2.01		576,194		683,190
	1,500,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b)	12/1/2038	1.44		1,090,091		1,361,775
	2,000,000	PEORIA IL PUBLIC BLDG COMMISSION SCH DIST FACS REVENUE(b)	12/1/2021	8.01		1,188,606		1,347,400
	5,000,000	PEORIA IL PUBLIC BLDG COMMISSION SCH DIST FACS REVENUE(b)	12/1/2026	11.11		2,053,997		2,301,750
	950,000	PHILADELPHIA PA HOSPS & HGR EDU FACS AUTH	11/15/2023	6.63		950,000		950,504

See accompanying notes to the financial statements. 63 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	3,000,000	PHOENIX AZ INDL DEV AUTH LEASE REVENUE	6/1/2034	5.25	$	3,057,990		3,134,370
	975,000	PIMA CNTY AZ INDL DEV AUTH CHRT SCH REVENUE	4/1/2022	5.88		975,000		1,005,186
	25,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	8/1/2012	6.25		25,000		25,026
	255,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	6/1/2016	6.00		255,000		261,505
	980,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	12/1/2017	5.35		888,564		978,128
	440,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	12/1/2018	6.38		440,000		453,856
	2,000,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	7/1/2021	6.70		2,000,000		2,008,680
	865,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	6/1/2022	5.00		802,049		849,715
	995,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	7/1/2026	5.00		867,370		893,779
	490,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	7/1/2031	6.75		360,635		491,259
	2,625,000	PITTSBURG CALIF UNI SCH DIST FING AUTH REV(b)	9/1/2031	16.03		716,091		761,460
	750,000	PRIV CLGS & UNIVS AUTH GA	10/1/2032	5.00		750,000		783,278
	500,000	PROVIDENCE RI HSG AUTH HSG REVENUE	9/1/2027	5.00		507,849		550,060
	650,000	PROVO UT CHRT SCH REVENUE	6/15/2037	5.50		511,603		587,249
	1,000,000	PUBLIC FIN AUTH WI CCRC REVENUE	6/1/2020	7.00		985,121		1,108,760
	1,500,000	PUBLIC FIN AUTH WI CCRC REVENUE	6/1/2046	8.25		1,566,094		1,744,740
	1,000,000	PUERTO RICO CMWLTH	7/1/2028	6.00		989,790		1,096,100
	1,500,000	PUERTO RICO CMWLTH	7/1/2035	5.00		1,500,000		1,570,965
	5,000,000	PUERTO RICO CMWLTH	7/1/2039	5.50		5,095,823		5,131,550
	1,500,000	PUERTO RICO CMWLTH	7/1/2040	6.50		1,525,341		1,724,910
	1,000,000	PUERTO RICO CMWLTH AQUEDUCT & SWR AUTH REVENUE	7/1/2038	6.00		1,051,269		1,051,330
	500,000	PUERTO RICO ELEC PWR AUTH PWR REVENUE	7/1/2025	0.99		500,000		395,925
	750,000	PUERTO RICO PUBLIC FIN CORP	8/1/2031	5.50		750,000		800,220
	1,000,000	PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE(b)	8/1/2033	3.37		592,203		862,120
	500,000	PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE	8/1/2057	1.24		500,000		285,350
	750,000	QUAIL CREEK AZ CMNTY FACS DIST	7/15/2016	5.15		750,000		768,832
	1,260,000	QUECHAN INDIAN TRIBE AZ FORT YUMA INDIAN RESERVATION	5/1/2025	9.75		1,260,000		1,316,952
	2,000,000	RAILSPLITTER IL TOBACCO SETTLEMENT AUTH	6/1/2024	6.25		2,034,604		2,238,300
	975,000	RAMONA CA UNIF SCH DIST COPS	5/1/2032	5.00		801,225		988,309
	1,000,000	REDONDO BEACH CA UNIF SCH DIST(b)	8/1/2034	2.10		687,732		914,140
	1,500,000	REGL CO TRANSPRTN DIST PRIV ACTIVITY REVENUE	1/15/2034	6.00		1,485,599		1,689,210
	750,000	RENO NV SPARKS INDIAN COLONY	6/1/2021	5.00		765,008		783,578
	500,000	RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP	5/15/2030	6.25		493,606		581,055
	1,000,000	RHODE ISLAND ST HSG & MTGE FIN CORP	10/1/2028	4.00		994,040		1,001,420
	500,000	RHODE ISLAND ST STUDENT LOAN AUTH STUDENT LOAN REVENUE	12/1/2027	5.75		500,000		549,365
	1,000,000	RICHMOND CA CMNTY REDEV AGY TAX ALLOCATION	9/1/2030	6.00		972,985		1,096,540

See accompanying notes to the financial statements. 64 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	500,000	RICHMOND CA JT PWRS FING AUTH	7/1/2024	6.25	$	500,000		561,005
	325,000	RICHMOND IN HOSP AUTH REVENUE	1/1/2029	6.50		315,377		376,578
	3,000,000	ROBLA CA SCH DIST(b)	8/1/2036	15.56		669,853		823,410
	500,000	S BAYSIDE CA WST MGMT AUTH SOL WST ENTERPRISE REVENUE	9/1/2029	6.25		514,812		559,265
	1,000,000	S COAST IN CONSERVANCY DIST	1/1/2028	5.25		994,692		971,100
	625,000	S WSTRN IL DEV AUTH	10/1/2022	7.00		625,000		643,944
	205,000	S WSTRN IL DEV AUTH	11/1/2026	5.63		203,739		171,179
	1,000,000	SACRAMENTO CA CITY FING AUTH(b)	12/1/2021	7.46		618,264		648,960
	250,000	SACRAMENTO CNTY CA SANTN DISTS FING AUTH REVENUE	12/1/2035	0.84		250,000		174,108
	350,000	SACRAMENTO CNTY CA WTR FING AUTH REVENUE	6/1/2039	0.88		350,000		217,385
	1,030,000	SADDLEBACK VLY CA UNIF SCH DIST PUBLIC FING AUTH	9/1/2017	5.65		1,030,000		1,034,048
	1,000,000	SAGINAW MI HOSP FIN AUTH	7/1/2030	5.00		921,824		1,040,800
	190,000	SAINT BERNARD PARISH LA HOME MTGE AUTH SF MTGE	3/1/2039	5.80		186,386		200,592
	500,000	SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE	8/1/2040	5.88		492,893		539,480
	460,000	SAINT JOSEPH CNTY IN ECON DEV REVENUE	5/15/2026	6.00		341,494		471,123
	500,000	SAINT JOSEPH CNTY IN ECON DEV REVENUE	5/15/2038	6.00		369,979		505,285
	1,000,000	SAINT JOSEPH CNTY IN ECON DEV REVENUE	5/15/2039	6.25		1,018,702		1,022,840
	433,830	SAINT JOSEPH CNTY IN HOSP AUTH HLTH FACS REVENUE(e)	2/15/2028	5.25		439,626		61,955
	1,000,000	SAINT PAUL MN PORT AUTH	12/1/2036	5.00		975,215		1,091,800
	130,817	SAINT TAMMANY PARISH LA FIN AUTH SF MTGE REVENUE	12/1/2039	5.25		133,695		135,284
	1,000,000	SALEM OR HOSP FAC AUTH REVENUE	5/15/2027	5.75		1,028,383		1,050,280
	500,000	SALEM OR HOSP FAC AUTH REVENUE	5/15/2032	5.63		496,719		507,535
	2,000,000	SALINE CNTY MO INDL DEV AUTH HLTH FACS REVENUE	12/1/2020	5.00		1,983,058		2,059,980
	500,000	SALINE CNTY MO INDL DEV AUTH HLTH FACS REVENUE	12/1/2028	5.60		489,495		520,255
	500,000	SAN DIEGO CA HSG AUTH MF HSG REVENUE	5/1/2029	5.00		500,000		542,045
	500,000	SAN DIEGO CA REDEV AGY	9/1/2023	5.00		454,945		509,860
	1,000,000	SAN FRANCISCO CITY & CNTY CA ARPTS COMMISSION	5/1/2039	6.00		1,028,141		1,160,370
	250,000	SAN JOAQUIN HILLS CA TRANSPRTN CORRIDOR AGY	1/15/2030	5.25		250,000		245,498
	1,000,000	SAN JOSE CA FING AUTH	5/1/2031	5.50		987,272		1,142,700
	500,000	SANTA ANA CA CMNTY REDEV AGY	9/1/2022	6.00		495,291		574,100
	1,000,000	SANTA BARBARA CA UNIF SCH DISTT(b)	8/1/2037	2.57		607,274		605,640
	500,000	SANTA MONICA CA REDEV AGY	7/1/2036	5.88		519,983		577,675
	1,450,000	SARASOTA CNTY FL HLTH FACS AUTH RETMNT FAC REVENUE	1/1/2027	5.50		1,207,331		1,502,142
	500,000	SEMINOLE TRIBE FL SPL OBLG REVENUE(c)	10/1/2024	5.50		504,075		521,825
	500,000	SEVEN OAKS FL CMNTY DEV DIST SPL ASSMNT REVENUE	5/1/2033	5.50		487,883		518,810
	150,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e)	1/1/2019	5.35		134,966		19,023

See accompanying notes to the financial statements. 65 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	625,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e)	1/1/2029	5.55	$	556,862		63,106
	530,000	SOUTH CAROLINA ST EDU ASSISTANCE AUTH	10/1/2029	5.10		523,987		581,399
	230,000	SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE	7/1/2032	5.50		230,000		249,260
	1,500,000	SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE	11/15/2030	5.63		1,433,747		1,523,595
	356,475	SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE	11/15/2032	6.00		359,647		269,420
	228,572	SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE(b)	11/15/2047	0.04		225,000		7,758
	152,775	SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE(b)	11/15/2047	0.15		144,933		746
	533,336	SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE	11/15/2047	6.00		525,064		375,890
	453,000	SOUTHSIDE AZ CMNTY FACS DIST #1 SPL ASSMNT REVENUE PRESCOTT	7/1/2018	6.13		332,569		337,924
	1,000,000	SPARKS NV REDEV AGY TAX INCR REVENUE	6/1/2020	7.25		991,115		1,060,450
	1,000,000	SPARKS NV REDEV AGY TAX INCR REVENUE	1/15/2022	5.00		979,897		1,035,940
	2,500,000	SULPHUR SPRINGS CA UNION SCH DIST(b)	12/1/2037	1.37		1,862,492		2,470,675
	500,000	TALLAHASSEE FL HLTH FACS REVENUE	12/1/2030	6.38		491,348		500,700
	35,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU	11/15/2014	6.25		35,000		35,037
	225,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU	11/15/2014	6.50		225,000		225,202
	915,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU	2/15/2016	7.25		915,000		916,382
	750,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU	11/15/2019	7.75		750,000		842,205
	1,000,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU	11/15/2026	6.00		1,026,157		1,050,840
	1,000,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU	5/15/2027	5.13		728,057		1,008,130
	750,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU	11/15/2036	6.00		766,932		783,608
	775,000	TENNESSEE ST HSG DEV AGY	7/1/2038	5.45		775,000		817,974
	165,000	TENNESSEE ST HSG DEV AGY MTGE FIN	7/1/2023	5.20		165,415		168,194
	700,000	TEXAS ST DEPT OF HSG & CMNTY AFFAIRS	7/1/2039	5.45		700,000		753,893
	250,000	TEXAS ST MUNI GAS ACQUISITION & SPLY CORP I GAS SPLY REVENUE	12/15/2026	1.76		250,000		187,888
	2,000,000	TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE	6/30/2033	7.50		2,054,254		2,486,220
	500,000	TEXAS ST PUBLIC FIN AUTH CHRT SCH FIN CORP REVENUE	2/15/2030	6.00		500,000		567,615

See accompanying notes to the financial statements. 66 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	800,000	TEXAS ST STUDENT HSG AUTH REVENUE(e)	1/1/2033	11.00	$	800,000		8
	1,000,000	TOBACCO SECURITIZATION AUTH MNTOBACCO SETTLEMENT REVENUE	3/1/2031	5.25		995,090		1,101,080
	360,257	TODD CREEK FARMS CO MET DIST #1 WTR & WSTWTR REVENUE(d)(e)	12/1/2009	4.75		356,355		234,167
	655,000	TOLOMATO FL CDD(e)	5/1/2017	6.38		655,000		294,436
	2,000,000	TORRANCE CA UNIF SCH DIST(b)	8/1/2023	9.54		1,016,588		1,284,800
	1,000,000	TRACY CA JT UNIF SCH DIST(b)	8/1/2041	4.95		417,329		466,420
	1,000,000	TRAVIS CNTY TX HLTH FACS DEV CORP	11/1/2016	6.25		1,000,000		1,032,160
	1,000,000	TRAVIS CNTY TX HLTH FACS DEV CORP	1/1/2017	5.50		980,471		1,000,290
	1,000,000	TRAVIS CNTY TX HLTH FACS DEV CORP	1/1/2022	6.00		990,196		1,001,310
	840,000	TRAVIS CNTY TX HSG FIN CORP(e)	6/1/2035	9.25		840,000		83,899
	1,250,000	TUSTIN CA UNIF SCH DIST(b)	8/1/2028	4.10		763,898		927,838
	85,000	ULSTER CNTY NY INDL DEV AGY	9/15/2013	5.10		84,852		79,503
	1,250,000	UPLAND CA COPS	1/1/2032	6.38		1,215,979		1,455,400
	671,000	UTAH ASSOC MUNI POWER(d)	5/1/2022	4.75		671,000		619,400
	600,000	UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE	7/15/2018	6.38		600,000		632,022
	500,000	UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE	7/15/2020	5.75		468,040		526,605
	500,000	UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE	7/15/2025	6.50		500,000		532,470
	1,000,000	UTAH ST HSG CORP MTGE REVENUE	7/1/2030	4.10		1,000,000		1,036,590
	495,000	UTAH ST HSG CORP SF MTGE REVENUE	1/1/2032	4.95		495,000		530,600
	750,000	UTAH ST HSG CORP SF MTGE REVENUE	1/1/2033	5.75		750,000		836,400
	250,000	UTAH ST HSG CORP SF MTGE REVENUE	1/1/2040	5.55		250,000		264,775
	500,000	VANCOUVER WA HSG AUTH	3/1/2025	5.00		493,058		546,260
	1,240,000	VERMONT ST EDUCTNL & HLTH BLDGS FING AGY	12/1/2027	6.13		1,223,397		1,241,897
	750,000	VIRGINIA ST HSG DEV AUTH	12/1/2038	4.60		746,290		784,072
	1,000,000	VIRGINIA ST HSG DEV AUTH	12/1/2039	5.00		1,000,000		1,061,220
	735,000	VIRGINIA ST HSG DEV AUTH CMWLTH MTGE	7/1/2025	6.00		735,000		833,534
	1,000,000	VIRGINIA ST HSG DEV AUTH CMWLTH MTGE	7/1/2031	6.25		1,019,890		1,136,200
	1,000,000	W CAMPUS HSG LLC AZ STUDENT HSG REVENUE	7/1/2025	5.00		885,755		1,006,090
	230,000	W VLGS FL IMPT DIST(e)	5/1/2037	5.50		230,000		102,868
	500,000	WASHINGTON ST HLTH CARE FACS AUTH	3/1/2024	6.50		480,252		593,610
	1,000,000	WASHINGTON ST HLTH CARE FACS AUTH	3/1/2029	7.13		976,152		1,212,450
	750,000	WASHINGTON ST HLTH CARE FACS AUTH	11/15/2031	6.13		743,620		956,355
	1,000,000	WASHINGTON ST HSG FIN COMMISSION	7/15/2029	4.75		1,000,000		1,080,870
	1,150,000	WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE	1/1/2017	5.25		1,147,673		1,144,986
	500,000	WATERLOO IA CMNTY SCH DIST SCH INFRASTRUCTURE SALES & SVCS T	7/1/2029	5.00		500,000		532,485
	70,000	WATERS EDGE FL CDD CAPITAL IMPT REVENUE(e)	11/1/2012	5.00		70,000		17,504

See accompanying notes to the financial statements. 67 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2012

Par/Shares			Security	Maturity date	Coupon rate	Cost		Fair value(a)		Percent of net assets
Municipal Bonds (Cont’d):
	445,000		WATERS EDGE FL CDD CAPITAL IMPT REVENUE(b)	5/1/2039	1.14	$	343,391		209,177
	6,000		WATERS EDGE FL CDD CAPITAL IMPT REVENUE	5/1/2039	5.35		9,548		5,974
	750,000		WAYZATA MN SENIOR HSG REVENUE	11/1/2025	5.20		737,952		757,035
	1,000,000		WEST TRAVIS CNTY TX PUBLIC UTILITY AGY REVENUE	8/15/2024	5.00		1,037,648		1,038,060
	1,000,000		WISCONSIN ST GEN FUND ANNUAL APPROP REVENUE	5/1/2027	6.00		1,019,584		1,243,840
	400,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	8/15/2023	5.60		400,583		407,788
	185,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	11/15/2023	6.00		189,648		193,427
	500,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	1/15/2025	5.65		500,123		501,685
	500,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	7/1/2026	5.00		503,005		511,645
	1,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	7/1/2030	5.75		1,024,399		1,107,320
	750,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	4/15/2033	6.40		755,076		765,480
	500,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	8/15/2034	6.75		504,336		512,750
	1,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	12/1/2034	7.07		1,000,000		500,000
	1,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	2/15/2040	5.00		1,028,792		1,033,140
	570,000		WOODHILL TX PUBLIC FAC CORP MF REVENUE	12/1/2015	7.25		566,585		570,348
	295,000		WSTRN GENERATION AGY OR COGENERATION PROJ REVENUE	1/1/2021	5.00		295,878		289,911
	500,000		WYOMING CMNTY DEV AUTH STUDENTHSG REV	7/1/2031	6.25		500,000		542,610
	750,000		WYOMING ST CMNTY DEV AUTH HSG REVENUE	12/1/2023	5.25		757,551		830,152
	355,000		ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(e)	5/1/2013	5.25		355,352		141,326
		Sub-total Municipal Bonds:					455,345,040		471,948,862		90.81	%
Short-Term Investments:
	4,807,099		NORTHERN INSTITUTIONAL FUNDS - TAX-EXEMPT PORTFOLIO, 0.01%(g)				4,807,099		4,807,099
		Sub-total Short-Term Investments:					4,807,099		4,807,099		0.93	%
			Grand total(h)			$	494,530,369		518,600,288		99.79	%

See accompanying notes to the financial statements. 68 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)

June 30, 2012

Notes to Schedule of Investments:

(a)	Securities are valued in accordance with procedures described in note 2 to the financial statements.
(b)	For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition.
(c)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly sold without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees of the Funds.
(d)	This security is being fair valued according to procedures adopted by the Board of Trustees.
(e)	Currently non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal.
(f)	Restricted security that has been deemed illiquid. At June 30, 2012, the value of these restricted illiquid securities amounted to approximately $270,160 or 0.05% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY		ACQUISITION AND ENFORCEABLE DATE		ACQUISITION COST
	ILLINOIS ST FIN AUTH SPORTS FAC REVENUE, 6.13%, 10/1/27		9/28/07	$	728,963
	ILLINOIS ST FIN AUTH SPORTS FAC REVENUE, 6.25%, 10/1/37		9/28/07		483,580
	MASHANTUCKET WSTRN PEQUOT TRIBE CT, 5.50%, 9/1/36		7/19/06		509,675

(g)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2011, the value of the Clearwater Tax-Exempt Bond Fund’s investment in the Tax-Exempt Portfolio of the Northern Institutional Funds was approximately $11,769,850 with net sales of approximately $6,962,751 during the six months ended June 30, 2012.
(h)	At June 30, 2012, the cost for Federal income tax purposes was $ 494,530,369. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows:

Gross unrealized appreciation	$	43,287,707
Gross unrealized depreciation		(19,217,788	)
Net unrealized appreciation	$	24,069,919

Diversification of investments representing geographic diversification, as a percentage of total invesments at fair value, is as follows:

Geographical Diversification	Percent
California		13.37	%
Illinois		7.80
Texas		6.72
Florida		5.02
Ohio		4.58
Indiana		4.07
New Jersey		3.77
Arizona		3.66
Pennsylvania		3.49
Minnesota		3.39
Other		44.13
		100.00	%

See accompanying notes to the financial statements. 69 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments – Clearwater Tax-Exempt Bond Fund (unaudited)

June 30, 2012

See accompanying notes to the financial statements. 70 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Common Stocks:
Australia:
	29,184	AGL ENERGY LTD.	$	385,085		442,459
	51,722	ALUMINA LTD.		50,177		42,463
	20,015	AMCOR LTD.		65,856		145,818
	46,294	AMP LTD.		141,805		183,768
	13,999	ASCIANO LTD.		61,946		62,944
	4,112	ASX LTD.		84,309		126,105
	50,341	AUSTRALIA & NEW ZEALAND BANKING GROUP LTD.		712,399		1,142,468
	26,281	BENDIGO AND ADELAIDE BANK LTD.		209,666		200,272
	179,910	BGP HOLDINGS PLC - (FRACTIONAL SHARES)(b)		—		—
	60,950	BHP BILLITON LTD.		1,496,907		1,986,190
	13,040	BORAL LTD.		38,661		39,576
	24,743	BRAMBLES LTD.		117,265		156,892
	2,938	CAMPBELL BROTHERS LTD.		148,345		164,548
	46,333	CFS RETAIL PROPERTY TRUST GROUP		55,460		92,121
	32,106	COCA-COLA AMATIL LTD.		356,114		440,839
	971	COCHLEAR LTD.		35,893		65,743
	29,803	COMMONWEALTH BANK OF AUSTRALIA		891,312		1,630,543
	79,200	COMMONWEALTH PROPERTY OFFICE FUND		76,992		82,554
	8,520	COMPUTERSHARE LTD.		47,796		65,112
	23,153	CROWN LTD.		145,232		202,186
	9,576	CSL LTD.		226,091		388,276
	13,946	CSR LTD.		34,433		20,071
	85,105	DEXUS PROPERTY GROUP		62,970		81,380
	78,500	DUET GROUP		148,698		148,105
	5,726	DULUXGROUP LTD.		5,840		17,717
	8,477	ECHO ENTERTAINMENT GROUP LTD.		19,849		37,176
	38,735	FAIRFAX MEDIA LTD.		31,235		22,170
	5,300	FLIGHT CENTRE LTD.		119,015		103,707
	35,021	FORTESCUE METALS GROUP LTD.		104,271		178,931
	18,737	GOODMAN GROUP		48,414		71,001
	35,982	GPT GROUP		55,818		121,681
	14,100	GRAINCORP LTD.		136,163		138,254
	34,615	HARVEY NORMAN HOLDINGS LTD.		79,261		69,696
	19,665	INCITEC PIVOT LTD.		31,737		57,954
	47,825	INSURANCE AUSTRALIA GROUP LTD.		120,292		171,334
	2,244	LEIGHTON HOLDINGS LTD.		29,819		37,816
	10,015	LEND LEASE GROUP		61,130		74,318
	19,437	MACQUARIE GROUP LTD.		444,824		523,179
	80,948	METCASH LTD.		301,412		280,114
	162,274	MIRVAC GROUP		201,904		212,455
	41,258	NATIONAL AUSTRALIA BANK LTD.		706,058		1,001,680
	13,623	NEWCREST MINING LTD.		389,474		317,002
	41,387	ONESTEEL LTD.		67,342		37,478
	5,726	ORICA LTD.		54,146		145,702
	15,652	ORIGIN ENERGY LTD.		164,158		196,822
	6,819	OZ MINERALS LTD.		25,768		55,316
	60,703	PALADIN ENERGY LTD.(b)		104,577		79,452
	416	PERPETUAL LTD.		7,027		9,826
	134,432	QANTAS AIRWAYS LTD.(b)		246,320		148,958
	15,800	QBE INSURANCE GROUP LTD.		218,199		217,775
	11,301	QR NATIONAL LTD.		46,119		39,614
	2,468	RAMSAY HEALTH CARE LTD.		49,765		57,311
	8,245	RIO TINTO LTD.		321,508		484,493
	22,469	SANTOS LTD.		244,511		246,693
	9,824	SONIC HEALTHCARE LTD.		79,849		128,078
	10,500	SP AUSNET		9,734		10,959
	10,100	SPOTLESS GROUP LTD.		18,131		26,438
	142,829	STOCKLAND		423,304		452,104
	49,573	SUNCORP GROUP LTD.		273,388		413,609
	72,377	TABCORP HOLDINGS LTD.		177,152		218,035
	100,846	TATTS GROUP LTD.		225,972		271,773
	84,993	TELSTRA CORP. LTD.		216,236		321,977
	63,589	TOLL HOLDINGS LTD.		304,534		261,037
	13,099	TRANSURBAN GROUP		36,728		76,353
	49,800	TREASURY WINE ESTATES LTD.		187,576		222,794
	16,997	WESFARMERS LTD.		225,362		523,116
	2,560	WESFARMERS LTD. - PPS		32,507		83,044

See accompanying notes to the financial statements. 71 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Australia (Cont’d):
	42,659	WESTFIELD GROUP	$	253,085		415,494
	149,713	WESTFIELD RETAIL TRUST		367,674		438,755
	58,811	WESTPAC BANKING CORP.		822,201		1,279,040
	9,419	WOODSIDE PETROLEUM LTD.		305,627		301,552
	22,832	WOOLWORTHS LTD.		435,292		627,802
	6,807	WORLEYPARSONS LTD.		151,071		176,758
				14,574,791		19,314,776		5.82	%
Austria:
	990	ANDRITZ A.G.		51,949		50,970
	3,566	ERSTE GROUP BANK A.G.(b)		63,769		67,798
	33,719	IMMOFINANZ A.G.(b)		101,097		107,342
	5,700	OESTERREICHISCHE POST A.G.		185,462		191,540
	5,758	OMV A.G.		186,398		180,771
	3,309	RAIFFEISEN BANK INTERNATIONAL A.G.		106,621		108,382
	3,016	STRABAG S.E. (BEARER)		88,668		69,182
	4,299	TELEKOM AUSTRIA A.G.		49,841		42,258
	915	VERBUND A.G.		30,953		20,948
	1,003	VIENNA INSURANCE GROUP A.G. WIENER VERSICHERUNG GRUPPE		49,973		40,524
	2,303	VOESTALPINE A.G.		32,585		61,063
				947,316		940,778		0.28	%
Belgium:
	92,075	AGEAS		155,612		182,390
	13,335	ANHEUSER-BUSCH INBEV N.V.		463,202		1,036,749
	6,000	ANHEUSER-BUSCH INBEV N.V. ADR(c)		379,191		477,900
	11,535	BELGACOM S.A.		365,473		327,746
	1,645	COLRUYT S.A.		74,892		73,307
	11,704	DELHAIZE GROUP S.A.		734,045		428,696
	14,664	GROUPE BRUXELLES LAMBERT S.A.		1,208,492		996,610
	2,869	KBC GROEP N.V.		50,323		60,908
	400	MOBISTAR S.A.		25,537		13,681
	625	SOLVAY S.A., CLASS A		36,847		61,836
	1,091	UCB S.A.		30,547		55,056
	2,966	UMICORE S.A.		53,114		137,118
				3,577,275		3,851,997		1.16	%
Canada:
	4,700	ADVANTAGE OIL & GAS LTD.(b)		36,288		13,848
	2,932	AGNICO-EAGLE MINES LTD.		145,234		118,757
	5,834	AGRIUM, INC.		283,282		517,003
	8,200	AGRIUM, INC. (NEW YORK EXCHANGE)		423,078		725,454
	6,200	ALIMENTATION COUCHE TARD, INC., CLASS B		152,414		270,730
	2,400	ARC RESOURCES LTD.		48,751		53,979
	3,100	ATCO LTD., CLASS I		108,608		220,067
	3,700	ATHABASCA OIL CORP.(b)		40,165		40,700
	4,900	AURICO GOLD, INC.(b)		43,877		39,366
	12,593	BANK OF MONTREAL		453,760		695,833
	20,946	BANK OF NOVA SCOTIA		628,249		1,084,968
	17,364	BARRICK GOLD CORP.		572,029		654,020
	3,479	BAYTEX ENERGY CORP.		151,408		146,550
	7,800	BCE, INC.		164,418		321,598
	12,071	BOMBARDIER, INC., CLASS B		51,169		47,659
	13,183	BROOKFIELD ASSET MANAGEMENT, INC., CLASS A		220,688		436,464
	11,740	CAE, INC.		85,345		114,036
	2,700	CALFRAC WELL SERVICES LTD.		69,284		60,434
	200	CALLOWAY REAL ESTATE INVESTMENT TRUST		5,338		5,500
	12,581	CAMECO CORP.		230,040		276,412
	8,340	CANADIAN IMPERIAL BANK OF COMMERCE		394,681		586,892
	9,614	CANADIAN NATIONAL RAILWAY CO.		389,611		812,986
	21,666	CANADIAN NATURAL RESOURCES LTD.		500,070		581,134
	4,622	CANADIAN OIL SANDS LTD.		105,288		89,518
	5,295	CANADIAN PACIFIC RAILWAY LTD.		198,338		388,578
	4,400	CANADIAN PACIFIC RAILWAY LTD. (NEW YORK EXCHANGE)		334,828		322,344
	3,600	CANADIAN TIRE CORP. LTD., CLASS A		221,051		243,541
	3,700	CANADIAN UTILITIES LTD., CLASS A		191,111		241,475
	5,500	CANADIAN WESTERN BANK		140,214		142,716

See accompanying notes to the financial statements. 72 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Canada (Cont’d):
	6,200	CANFOR CORP.(b)	$	68,258		73,924
	5,200	CELESTICA, INC.(b)		49,092		37,793
	15,213	CENOVUS ENERGY, INC.		314,780		483,652
	21,519	CGI GROUP, INC., CLASS A(b)		281,908		517,168
	500	CINEPLEX, INC.		14,290		15,037
	3,600	COGECO CABLE, INC.		166,066		163,810
	4,131	CRESCENT POINT ENERGY CORP.		136,805		154,175
	4,200	DUNDEE CORP., CLASS A(b)		97,479		93,555
	12,278	ELDORADO GOLD CORP.		151,008		151,217
	1,200	EMPIRE CO. LTD., CLASS A		71,754		63,242
	15,872	ENBRIDGE, INC.		263,158		633,833
	18,102	ENCANA CORP.		408,159		376,911
	5,148	ENERPLUS CORP.		95,259		66,134
	349	FAIRFAX FINANCIAL HOLDINGS LTD.		107,219		138,184
	4,797	FIRST QUANTUM MINERALS LTD.		101,833		84,804
	1,500	FORTIS, INC.		50,986		47,570
	1,165	FRANCO-NEVADA CORP.		50,098		52,679
	6,300	GENWORTH MI CANADA, INC.		132,975		114,098
	2,800	GEORGE WESTON LTD.		200,720		159,060
	3,052	GILDAN ACTIVEWEAR, INC.		33,435		84,080
	14,604	GOLDCORP, INC.		479,947		549,777
	2,200	GREAT-WEST LIFECO, INC.		49,273		47,687
	18,100	HUDBAY MINERALS, INC.		189,213		139,548
	8,953	HUSKY ENERGY, INC.		227,518		223,786
	8,203	IAMGOLD CORP.		91,103		97,001
	6,504	IMPERIAL OIL LTD.		230,241		272,060
	3,900	INMET MINING CORP.		192,169		159,841
	1,200	INTACT FINANCIAL CORP.		73,905		74,710
	8,170	IVANHOE MINES LTD.(b)		94,084		80,562
	27,736	KINROSS GOLD CORP.		341,385		226,371
	4,000	LINAMAR CORP.		85,282		77,472
	12,588	MAGNA INTERNATIONAL, INC.		342,706		497,126
	30,174	MANULIFE FINANCIAL CORP.		369,085		328,655
	3,469	METHANEX CORP.		31,828		96,624
	4,700	METRO, INC.		227,622		240,636
	800	MORGUARD CORP.		68,102		70,714
	2,810	NATIONAL BANK OF CANADA		211,249		200,833
	5,100	NEW GOLD, INC.(b)		49,436		48,637
	21,581	NEXEN, INC.		388,931		365,414
	4,500	NUVISTA ENERGY LTD.(b)		47,576		15,867
	1,641	OPEN TEXT CORP.(b)		72,477		82,213
	2,800	PACIFIC RUBIALES ENERGY CORP.		80,894		59,290
	2,253	PAN AMERICAN SILVER CORP.		41,183		38,126
	4,900	PASON SYSTEMS, INC.		69,833		71,610
	9,522	PEMBINA PIPELINE CORP.		182,001		243,339
	2,100	PENGROWTH ENERGY CORP.		21,359		13,324
	20,167	PENN WEST PETROLEUM LTD.		258,380		270,563
	6,700	PETROBANK ENERGY & RESOURCES LTD.(b)		106,114		71,134
	7,800	PETROMINERALES LTD.		129,106		88,098
	17,375	POTASH CORP. OF SASKATCHEWAN, INC.		526,973		759,383
	2,200	POWER CORP. OF CANADA		55,376		51,684
	1,900	POWER FINANCIAL CORP.		52,280		47,492
	5,400	QUEBECOR, INC., CLASS B		181,917		194,482
	3,884	RESEARCH IN MOTION LTD.(b)		80,431		28,762
	2,101	RITCHIE BROS AUCTIONEERS, INC.		37,504		45,025
	11,804	ROGERS COMMUNICATIONS, INC., CLASS B		297,724		427,907
	3,800	RONA, INC.		37,114		40,270
	27,302	ROYAL BANK OF CANADA		933,280		1,398,646
	7,100	SAPUTO, INC.		293,690		295,177
	10,261	SHAW COMMUNICATIONS, INC., CLASS B		165,540		193,897
	17,300	SHERRITT INTERNATIONAL CORP.		124,690		83,257
	3,094	SHOPPERS DRUG MART CORP.		130,456		124,741
	6,863	SILVER WHEATON CORP.		71,004		184,487
	1,400	SNC-LAVALIN GROUP, INC.		49,513		52,443
	200	STANTEC, INC.		5,599		5,696
	13,665	SUN LIFE FINANCIAL, INC.		280,304		297,276
	28,395	SUNCOR ENERGY, INC.		680,536		821,024
	12,100	SUNCOR ENERGY, INC. (NEW YORK EXCHANGE)		407,661		350,295

See accompanying notes to the financial statements. 73 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Canada (Cont’d):
	24,791	TALISMAN ENERGY, INC.	$	289,882		284,146
	10,976	TECK RESOURCES LTD., CLASS B		52,097		339,894
	4,274	TELUS CORP. (NON VOTING)		113,886		250,057
	5,089	TIM HORTONS, INC.		166,680		268,250
	17,042	TORONTO-DOMINION BANK (THE)		708,759		1,333,662
	6,974	TRANSALTA CORP.		120,620		118,154
	14,285	TRANSCANADA CORP.		389,231		598,658
	5,000	TRANSCONTINENTAL, INC., CLASS A		63,589		45,621
	5,900	TRANSFORCE, INC.		72,666		96,655
	800	TRICAN WELL SERVICE LTD.		14,017		9,232
	5,268	VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b)		97,816		236,294
	2,256	VERMILION ENERGY, INC.		83,841		101,857
	3,100	VITERRA, INC.		49,495		49,171
	3,000	WINPAK LTD.		47,998		46,495
	19,653	YAMANA GOLD, INC.		186,540		303,236
				20,804,610		26,997,832		8.13	%
China:
	3,200	BAIDU, INC. ADR(b)(c)		432,767		367,936
	10,000	CHINA MINZHONG FOOD CORP. LTD.(b)		10,321		4,643
	269,930	INDUSTRIAL & COMMERCIAL BANK OF CHINA, CLASS H		213,123		150,939
	139,000	YANGZIJIANG SHIPBUILDING HOLDINGS LTD.		110,270		111,522
				766,481		635,040		0.19	%
Denmark:
	10	A.P. MOELLER - MAERSK A/S, CLASS A		46,408		62,502
	30	A.P. MOELLER - MAERSK A/S, CLASS B		161,539		197,454
	18,702	CARLSBERG A/S, CLASS B		1,417,420		1,473,880
	300	COLOPLAST A/S, CLASS B		27,666		53,927
	13,100	DANSKE BANK A/S(b)		138,182		182,549
	4,000	DSV A/S		31,768		79,380
	200	FLSMIDTH & CO. A/S		6,013		10,969
	17,000	H. LUNDBECK A/S		326,798		350,272
	12,800	NOVO NORDISK A/S, CLASS B		998,937		1,852,057
	2,500	NOVOZYMES A/S, CLASS B		39,158		64,809
	10,488	PANDORA A/S		73,214		98,539
	325	TOPDANMARK A/S(b)		33,362		55,691
				3,300,465		4,482,029		1.35	%
Finland:
	8,400	CARGOTEC OYJ, CLASS B		331,717		194,132
	1,805	ELISA OYJ		21,851		36,344
	7,306	FORTUM OYJ		150,746		138,823
	5,760	KEMIRA OYJ		68,322		67,489
	1,396	KESKO OYJ, CLASS B		30,705		36,495
	1,628	KONE OYJ, CLASS B		35,674		98,589
	10,755	METSO OYJ		304,353		372,382
	27,359	NESTE OIL OYJ		295,191		308,287
	31,399	NOKIA OYJ		181,657		64,686
	2,240	NOKIAN RENKAAT OYJ		31,307		85,380
	10,565	POHJOLA BANK PLC, CLASS A		85,425		123,390
	5,573	SAMPO OYJ, CLASS A		77,600		144,875
	559	SANOMA OYJ		6,931		4,939
	15,829	STORA ENSO OYJ, CLASS R		75,698		97,700
	9,000	TIETO OYJ		122,401		143,928
	11,934	UPM-KYMMENE OYJ		99,928		135,263
	634	WARTSILA OYJ ABP		7,249		20,842
				1,926,755		2,073,544		0.62	%
France:
	7,275	ACCOR S.A.		255,066		229,062
	551	AEROPORTS DE PARIS		28,858		41,637
	5,432	AIR FRANCE-KLM(b)		38,168		25,937
	6,069	AIR LIQUIDE S.A.		508,863		694,391
	44,717	ALCATEL-LUCENT(b)		81,206		74,298
	2,297	ALSTOM S.A.		87,870		72,964
	608	ATOS		15,429		36,410
	32,877	AXA S.A.		444,269		440,054
	819	BIOMERIEUX		79,843		67,351

See accompanying notes to the financial statements. 74 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
France (Cont’d):
	17,827	BNP PARIBAS S.A.	$	762,807		688,223
	20,236	BOUYGUES S.A.		581,260		545,348
	735	BUREAU VERITAS S.A.		29,322		65,338
	1,862	CAP GEMINI S.A.		62,328		68,644
	10,277	CARREFOUR S.A.		246,184		189,906
	2,177	CASINO GUICHARD PERRACHON S.A.		172,738		191,162
	648	CHRISTIAN DIOR S.A.		36,000		89,247
	8,977	CIE DE ST-GOBAIN		309,749		332,205
	1,477	CIE GENERALE DE GEOPHYSIQUE-VERITAS(b)		39,433		38,164
	7,231	CIE GENERALE DES ETABLISSEMENTS MICHELIN		443,942		472,964
	3,462	CIE GENERALE D’OPTIQUE ESSILOR INTERNATIONAL S.A.		134,447		321,615
	22,736	CNP ASSURANCES		350,915		277,801
	6,072	CREDIT AGRICOLE S.A.(b)		40,526		26,804
	10,899	DANONE S.A.		562,364		676,668
	812	DASSAULT SYSTEMES S.A.		31,122		76,285
	3,633	EDENRED		65,572		103,094
	2,194	ELECTRICITE DE FRANCE S.A.		50,743		48,849
	1,612	EURAZEO		53,525		62,145
	3,941	EUTELSAT COMMUNICATIONS S.A.		92,604		121,179
	184	FONCIERE DES REGIONS		12,206		13,257
	33,231	FRANCE TELECOM S.A.		550,310		437,329
	24,659	GDF SUEZ		721,519		588,366
	564	GECINA S.A.		51,331		50,467
	648	HERMES INTERNATIONAL		64,252		198,876
	304	ILIAD S.A.		29,549		43,987
	3,300	IMERYS S.A.		164,895		168,532
	2,335	KLEPIERRE		57,367		76,947
	4,713	LAFARGE S.A.		166,939		210,942
	1,212	LAGARDERE S.C.A.		30,640		33,839
	3,554	LEGRAND S.A.		61,802		120,878
	4,196	L’OREAL S.A.		333,685		491,556
	4,103	LVMH MOET HENNESSY LOUIS VUITTON S.A.		335,206		625,402
	41,178	NATIXIS		92,351		111,435
	991	NEOPOST S.A.		83,847		52,893
	3,500	PERNOD-RICARD S.A.		239,500		374,436
	1,844	PEUGEOT S.A.(b)		31,688		18,236
	1,531	PPR		112,344		218,637
	36,788	PUBLICIS GROUPE S.A.		1,325,332		1,682,453
	14,954	RENAULT S.A.		607,830		599,623
	4,202	SAFRAN S.A.		40,399		155,977
	33,559	SANOFI		2,096,143		2,544,937
	11,344	SCHNEIDER ELECTRIC S.A.		504,223		632,103
	1,813	SCOR S.E.		36,441		43,990
	3,311	SES S.A.		62,443		78,300
	13,170	SOCIETE GENERALE S.A.(b)		355,817		310,526
	41,343	SOCIETE TELEVISION FRANCAISE 1		401,213		331,058
	5,364	SODEXO		268,073		417,975
	13,444	SODEXO PRIME FIDELITE(b)		721,005		1,044,671
	21,611	SUEZ ENVIRONNEMENT CO.		318,937		232,643
	2,589	TECHNIP S.A.		116,011		270,188
	2,172	THALES S.A.		86,735		71,877
	82,925	TOTAL S.A.		4,371,050		3,742,514
	1,568	UNIBAIL-RODAMCO S.E.		177,708		289,304
	6,600	VALEO S.A.		334,079		273,482
	1,472	VALLOUREC S.A.		62,762		60,418
	3,020	VEOLIA ENVIRONNEMENT S.A.		49,333		38,217
	9,691	VINCI S.A.		405,978		453,593
	19,764	VIVENDI S.A.		419,139		367,443
	2,916	ZODIAC AEROSPACE		286,157		296,726
				21,791,392		23,851,778		7.18	%
Germany:
	2,785	ADIDAS A.G.		94,549		199,758
	11,763	ALLIANZ S.E. (REGISTERED)		1,206,023		1,182,884
	6,600	AURUBIS A.G.		352,865		318,199
	24,462	BASF S.E.		1,186,615		1,699,912
	15,115	BAYER A.G. (REGISTERED)		808,478		1,089,974

See accompanying notes to the financial statements. 75 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Germany (Cont’d):
	15,146	BAYERISCHE MOTOREN WERKE A.G.	$	836,294		1,097,500
	828	BEIERSDORF A.G.		35,556		53,726
	4,500	BILFINGER BERGER S.E.		321,501		366,729
	435	BRENNTAG A.G.		47,835		48,125
	7,652	CELESIO A.G.		109,250		124,957
	46,561	COMMERZBANK A.G.(b)		118,384		79,096
	916	CONTINENTAL A.G.		47,943		76,361
	17,639	DAIMLER A.G. (REGISTERED)		589,913		793,333
	14,361	DEUTSCHE BANK A.G. (REGISTERED)		577,475		521,951
	2,057	DEUTSCHE BOERSE A.G.		105,574		111,026
	3,261	DEUTSCHE LUFTHANSA A.G. (REGISTERED)		35,709		37,749
	19,219	DEUTSCHE POST A.G. (REGISTERED)		228,974		340,406
	45,833	DEUTSCHE TELEKOM A.G. (REGISTERED)		562,032		502,823
	29,042	E.ON A.G.		723,641		625,608
	20,700	FREENET A.G.		291,026		300,883
	3,718	FRESENIUS MEDICAL CARE A.G. & CO. KGAA		153,995		263,179
	1,848	FRESENIUS S.E. & CO. KGAA		99,810		191,638
	2,738	GEA GROUP A.G.		27,680		72,704
	14,780	HANNOVER RUECKVERSICHERUNG A.G. (REGISTERED)		747,631		877,648
	26,256	HEIDELBERGCEMENT A.G.		1,202,760		1,260,514
	10,464	HENKEL A.G. & CO. KGAA		419,473		579,906
	1,550	HOCHTIEF A.G.(b)		59,506		75,069
	21,437	INFINEON TECHNOLOGIES A.G.		120,692		145,359
	2,921	K+S A.G. (REGISTERED)		149,718		133,281
	843	KABEL DEUTSCHLAND HOLDING A.G.(b)		48,850		52,465
	7,406	LANXESS A.G.		436,152		467,184
	2,642	LINDE A.G.		210,857		411,532
	2,275	MAN S.E.		122,285		232,520
	1,025	MERCK KGAA		86,079		102,292
	4,523	METRO A.G.		157,225		131,945
	4,041	MUENCHENER RUECKVERSICHERUNGS A.G. (REGISTERED)		512,591		570,171
	10,061	RWE A.G.		298,363		411,303
	1,458	SALZGITTER A.G.		79,130		59,938
	17,103	SAP A.G.		683,559		1,010,041
	14,479	SIEMENS A.G. (REGISTERED)		933,478		1,217,130
	4,100	SIEMENS A.G. ADR(c)		393,144		344,687
	7,600	SUEDZUCKER A.G.		242,157		268,853
	6,245	THYSSENKRUPP A.G.		125,145		101,744
	7,071	TUI A.G.(b)		57,698		42,250
	493	VOLKSWAGEN A.G.		49,099		74,384
	517	WACKER CHEMIE A.G.		55,413		35,538
	11,677	WINCOR NIXDORF A.G.		438,729		413,944
				16,190,856		19,118,219		5.76%
Greece:
	6,991	COCA COLA HELLENIC BOTTLING CO. S.A.(b)		108,814		124,029
	5,506	OPAP S.A.		50,019		34,650
				158,833		158,679		0.05%
Hong Kong:
	166,800	AIA GROUP LTD.		534,327		575,121
	23,100	BANK OF EAST ASIA LTD.		41,005		83,191
	60,000	BOC HONG KONG HOLDINGS LTD.		100,798		184,264
	26,000	CATHAY PACIFIC AIRWAYS LTD.		31,809		42,056
	164,000	CHAMPION REIT		72,761		68,069
	24,000	CHEUNG KONG HOLDINGS LTD.		218,472		296,264
	11,000	CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD.		51,146		66,265
	33,000	CHOW SANG SANG HOLDINGS INTERNATIONAL LTD.		90,252		64,378
	36,500	CLP HOLDINGS LTD.		253,113		310,451
	27,800	ESPRIT HOLDINGS LTD.		38,689		35,946
	18,000	GALAXY ENTERTAINMENT GROUP LTD.(b)		39,054		45,213
	71,439	GUOCO GROUP LTD.		600,943		554,316
	17,000	HANG LUNG GROUP LTD.		50,690		104,772
	44,000	HANG LUNG PROPERTIES LTD.		116,126		149,778
	15,300	HANG SENG BANK LTD.		175,457		209,682
	13,000	HENDERSON LAND DEVELOPMENT CO. LTD.		45,544		72,226
	121,121	HONG KONG & CHINA GAS CO. LTD.		149,918		257,296

See accompanying notes to the financial statements. 76 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Hong Kong (Cont’d):
	18,900	HONG KONG EXCHANGES AND CLEARING LTD.	$	202,799		271,121
	400	HOPEWELL HIGHWAY INFRASTRUCTURE LTD.		229		191
	4,000	HOPEWELL HOLDINGS LTD.		10,853		11,443
	48,000	HOPSON DEVELOPMENT HOLDINGS LTD.(b)		75,765		28,465
	41,000	HUTCHISON WHAMPOA LTD.		238,015		354,606
	116,000	JOHNSON ELECTRIC HOLDINGS LTD.		64,368		70,695
	27,000	KERRY PROPERTIES LTD.		90,767		115,694
	60,500	KINGBOARD CHEMICAL HOLDINGS LTD.		201,902		117,635
	150,000	LI & FUNG LTD.		208,513		291,069
	86,000	LINK REIT (THE)		232,845		351,607
	16,500	MTR CORP. LTD.		38,268		56,467
	224,000	NEW WORLD CHINA LAND LTD.		56,636		91,763
	152,000	NEW WORLD DEVELOPMENT CO. LTD.		156,379		179,451
	169,500	NWS HOLDINGS LTD.		240,670		246,810
	117,000	PACIFIC ANDES RESOURCES DEVELOPMENT LTD.		15,657		13,939
	73,000	POWER ASSETS HOLDINGS LTD.		451,268		548,116
	63,000	REGAL REAL ESTATE INVESTMENT TRUST		17,066		14,680
	114,400	SANDS CHINA LTD.		365,997		366,465
	22,000	SHANGRI-LA ASIA LTD.		29,501		42,194
	59,400	SINO LAND CO. LTD.		80,601		90,168
	2,800	SINO-FOREST CORP.(b)(d)		50,555		—
	85,000	SJM HOLDINGS LTD.		143,479		158,598
	27,000	SUN HUNG KAI PROPERTIES LTD.		268,549		320,392
	19,000	SWIRE PACIFIC LTD., CLASS A		127,857		221,626
	3,000	TELEVISION BROADCASTS LTD.		9,221		20,847
	37,000	WHARF HOLDINGS LTD.		91,952		205,705
	85,000	WHEELOCK & CO. LTD.		231,467		322,980
	30,000	WYNN MACAU LTD.		50,423		70,543
	85,500	YUE YUEN INDUSTRIAL HOLDINGS LTD.		232,162		269,146
				6,593,868		7,971,704		2.40%
Ireland:
	11,901	ACCENTURE PLC, CLASS A		388,916		715,131
	31,150	COVIDIEN PLC		1,125,383		1,666,525
	14,588	CRH PLC		212,444		283,101
	3,489	CRH PLC (DUBLIN EXCHANGE)		62,091		67,079
	9,600	DCC PLC		234,006		222,455
	6,124	ELAN CORP. PLC(b)		36,901		89,276
	77,253	EXPERIAN PLC		560,665		1,091,338
	36,995	ICON PLC ADR(b)(c)		730,132		833,497
	1,776	KERRY GROUP PLC, CLASS A		35,054		77,753
	11,192	SHIRE PLC		130,296		321,680
	3,200	SHIRE PLC ADR(c)		309,678		276,448
	34,000	SMURFIT KAPPA GROUP PLC		252,606		228,413
	2,333	UBM PLC		13,794		21,398
	54,632	WPP PLC		509,416		664,044
				4,601,382		6,558,138		1.98%
Israel:
	85,992	BANK HAPOALIM B.M.		356,731		266,436
	18,000	BANK LEUMI LE-ISRAEL B.M.(b)		61,393		43,891
	8,857	ISRAEL CHEMICALS LTD.		105,188		97,779
	53	ISRAEL CORP. (THE) LTD.		37,899		29,839
	96,000	ISRAEL DISCOUNT BANK LTD., CLASS A(b)		159,546		100,182
	35,900	MIZRAHI TEFAHOT BANK LTD.(b)		305,335		279,660
	14,592	TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(c)		624,936		575,508
				1,651,028		1,393,295		0.42%
Italy:
	26,031	ASSICURAZIONI GENERALI S.P.A.		405,603		353,274
	5,090	ATLANTIA S.P.A.		76,981		65,013
	12,162	AUTOGRILL S.P.A.		72,812		110,456
	91,413	BANCO POPOLARE SCARL(b)		152,031		122,886
	27,703	ENEL GREEN POWER S.P.A.		48,355		43,924
	96,114	ENEL S.P.A.		415,695		310,182
	41,562	ENI S.P.A.		782,048		887,032
	5,619	EXOR S.P.A.		100,186		121,011
	24,375	FIAT INDUSTRIAL S.P.A.		141,398		240,213
	10,667	FIAT S.P.A.(b)		28,452		53,978
	16,000	IMPREGILO S.P.A.		65,462		68,395

See accompanying notes to the financial statements. 77 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Italy (Cont’d):
	111,418	INTESA SANPAOLO S.P.A.	$	197,275		159,369
	1,095	LUXOTTICA GROUP S.P.A.		14,342		38,396
	225,000	MEDIASET S.P.A.		482,468		393,663
	6,795	MEDIOBANCA S.P.A.		46,613		30,092
	34,777	MEDIOLANUM S.P.A.		120,164		122,891
	2,966	PRYSMIAN S.P.A.		29,515		44,366
	3,781	SAIPEM S.P.A.		65,707		168,397
	40,318	SNAM S.P.A.		174,297		179,747
	79,341	TELECOM ITALIA S.P.A.		88,936		78,189
	5,059	TENARIS S.A.		50,651		88,456
	22,370	TERNA RETE ELETTRICA NAZIONALE S.P.A.		71,956		80,605
	68,603	UNICREDIT S.P.A.(b)		387,868		259,967
	20,409	UNIONE DI BANCHE ITALIANE S.C.P.A.		68,849		66,990
				4,087,664		4,087,492		1.23%
Japan:
	24,300	ADERANS CO. LTD.(b)		283,683		297,730
	47,400	AEON CO. LTD.		364,820		590,894
	4,800	AEON CREDIT SERVICE CO. LTD.		49,903		89,016
	1,100	AEON MALL CO. LTD.		23,091		23,400
	2,300	AISIN SEIKI CO. LTD.		37,584		76,545
	17,000	AJINOMOTO CO., INC.		136,093		236,354
	13,000	ALL NIPPON AIRWAYS CO. LTD.		37,823		36,871
	2,000	AMADA CO. LTD.		10,582		11,864
	110,000	AOZORA BANK LTD.		301,007		262,570
	45,000	ASAHI GLASS CO. LTD.		326,626		302,917
	5,900	ASAHI GROUP HOLDINGS LTD.		90,903		126,729
	96,000	ASAHI KASEI CORP.		506,291		520,853
	7,600	ASTELLAS PHARMA, INC.		243,758		331,997
	11,000	BANK OF KYOTO (THE) LTD.		98,298		83,327
	44,000	BANK OF YOKOHAMA (THE) LTD.		195,378		207,838
	1,300	BENESSE HOLDINGS, INC.		48,395		58,125
	13,800	BRIDGESTONE CORP.		205,726		316,569
	5,700	BROTHER INDUSTRIES LTD.		42,142		65,240
	1,100	CALBEE, INC.		64,773		68,940
	9,800	CANON MARKETING JAPAN, INC.		121,360		124,730
	29,100	CANON, INC.		925,802		1,165,346
	35	CENTRAL JAPAN RAILWAY CO.		211,543		276,630
	15,000	CHIBA BANK (THE) LTD.		81,968		90,098
	18,000	CHUBU ELECTRIC POWER CO., INC.		308,559		292,271
	1,900	CHUGAI PHARMACEUTICAL CO. LTD.		30,706		35,974
	11,800	CHUGOKU ELECTRIC POWER (THE) CO., INC.		185,442		194,299
	7,900	CITIZEN HOLDINGS CO. LTD.		31,581		46,374
	6,700	COCA-COLA WEST CO. LTD.		113,451		116,842
	69,119	CREDIT SAISON CO. LTD.		845,312		1,533,908
	47,000	DAI NIPPON PRINTING CO. LTD.		465,175		368,029
	22,000	DAIHATSU MOTOR CO. LTD.		356,576		385,436
	145	DAI-ICHI LIFE INSURANCE (THE) CO. LTD.		178,610		167,982
	13,100	DAIICHI SANKYO CO. LTD.		225,226		220,585
	3,700	DAIKIN INDUSTRIES LTD.		99,833		103,898
	24,300	DAINIPPON SUMITOMO PHARMA CO. LTD.		228,137		247,876
	1,200	DAITO TRUST CONSTRUCTION CO. LTD.		42,344		113,843
	6,000	DAIWA HOUSE INDUSTRY CO. LTD.		45,826		85,187
	31,000	DAIWA SECURITIES GROUP, INC.		119,396		116,726
	1,300	DENA CO. LTD.		40,158		34,512
	4,000	DENKI KAGAKU KOGYO K.K.		7,188		13,962
	8,200	DENSO CORP.		185,234		279,226
	2,900	DENTSU, INC.		48,680		85,797
	13,000	DOWA HOLDINGS CO. LTD.		55,385		80,613
	244	EACCESS LTD.		41,031		47,703
	7,000	EAST JAPAN RAILWAY CO.		392,789		439,527
	11,000	EBARA CORP.		38,641		42,604
	2,800	EDION CORP.		23,555		14,042
	3,800	EISAI CO. LTD.		120,732		166,850
	13,900	ELECTRIC POWER DEVELOPMENT CO. LTD.		354,078		364,571
	1,800	FAMILYMART CO. LTD.		52,590		82,424
	3,600	FANUC CORP.		326,790		591,522
	1,100	FAST RETAILING CO. LTD.		136,395		220,841
	52,000	FUJI ELECTRIC CO. LTD.		135,794		127,017

See accompanying notes to the financial statements. 78 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Japan (Cont’d):
	11,000	FUJI HEAVY INDUSTRIES LTD.	$	57,631		88,799
	25,900	FUJIFILM HOLDINGS CORP.		628,067		489,691
	72,000	FUJITSU LTD.		317,442		345,033
	85,000	FUKUOKA FINANCIAL GROUP, INC.		334,728		332,170
	15,000	FURUKAWA ELECTRIC CO. LTD.		48,082		35,544
	2,300	GREE, INC.		46,154		46,224
	44,000	GUNMA BANK (THE) LTD.		196,875		208,155
	12,000	HACHIJUNI BANK (THE) LTD.		67,350		62,438
	2,720	HAKUHODO DY HOLDINGS, INC.		146,468		180,110
	78,000	HANKYU HANSHIN HOLDINGS, INC.		331,920		393,918
	7	HANKYU REIT, INC.		31,957		31,719
	5,900	HEIWA CORP.		101,525		110,640
	500	HIROSE ELECTRIC CO. LTD.		48,402		49,441
	7,000	HIROSHIMA BANK (THE) LTD.		26,154		25,287
	600	HISAMITSU PHARMACEUTICAL CO., INC.		17,668		29,554
	1,000	HITACHI CAPITAL CORP.		11,765		16,742
	3,000	HITACHI CHEMICAL CO. LTD.		54,135		47,017
	2,800	HITACHI CONSTRUCTION MACHINERY CO. LTD.		52,201		52,717
	102,000	HITACHI LTD.		318,968		627,367
	13,500	HITACHI LTD. ADR(c)		717,502		828,900
	3,400	HOKKAIDO ELECTRIC POWER CO., INC.		51,347		43,948
	25,000	HOKUHOKU FINANCIAL GROUP, INC.		45,996		40,586
	44,200	HONDA MOTOR CO. LTD.		1,267,442		1,539,825
	7,100	HOYA CORP.		152,890		156,454
	1,600	IBIDEN CO. LTD.		37,951		28,898
	3,200	IDEMITSU KOSAN CO. LTD.		322,534		286,182
	24,000	IHI CORP.		31,334		51,226
	52	INPEX CORP.		293,098		291,554
	20,900	ISETAN MITSUKOSHI HOLDINGS LTD.		197,997		221,718
	31,000	ISUZU MOTORS LTD.		66,138		165,750
	28,000	ITOCHU CORP.		163,531		293,848
	7,700	ITOCHU ENEX CO. LTD.		42,905		43,610
	9,000	IWATANI CORP.		31,468		35,117
	8,000	J. FRONT RETAILING CO. LTD.		31,099		40,197
	12,000	JACCS CO. LTD.		36,683		38,357
	2,200	JAPAN PETROLEUM EXPLORATION CO.		89,226		83,772
	6	JAPAN REAL ESTATE INVESTMENT CORP.		46,693		55,167
	21	JAPAN RETAIL FUND INVESTMENT CORP.		28,810		33,302
	22,000	JAPAN STEEL WORKS (THE) LTD.		126,429		121,430
	15,400	JAPAN TOBACCO, INC.		200,326		456,397
	7,200	JFE HOLDINGS, INC.		154,832		120,402
	4,000	JGC CORP.		53,048		115,783
	5,100	JS GROUP CORP.		59,682		107,902
	3,100	JSR CORP.		39,530		53,784
	5,000	JTEKT CORP.		36,670		51,649
	45	JUPITER TELECOMMUNICATIONS CO. LTD.		27,159		45,941
	45,180	JX HOLDINGS, INC.		203,020		232,110
	7,000	KAJIMA CORP.		15,004		20,540
	11,000	KAMIGUMI CO. LTD.		72,240		87,807
	25,000	KANEKA CORP.		144,809		138,330
	7,600	KANSAI ELECTRIC POWER (THE) CO., INC.		113,716		91,053
	2,000	KANSAI PAINT CO. LTD.		10,449		21,418
	71,600	KAO CORP.		1,818,359		1,974,900
	35,000	KAWASAKI HEAVY INDUSTRIES LTD.		71,135		95,769
	50	KDDI CORP.		240,697		322,545
	13,000	KEIKYU CORP.		95,310		118,297
	5,000	KEIO CORP.		28,322		36,253
	5,000	KEISEI ELECTRIC RAILWAY CO. LTD.		23,110		42,225
	781	KEYENCE CORP.		131,805		193,172
	6,000	KIKKOMAN CORP.		52,867		74,207
	11,000	KINDEN CORP.		85,837		72,226
	49,000	KINTETSU CORP.		153,011		195,408
	15,000	KIRIN HOLDINGS CO. LTD.		169,540		176,802
	51,000	KOBE STEEL LTD.		74,632		61,268
	2,400	KOHNAN SHOJI CO. LTD.		32,281		31,718
	17,100	KOMATSU LTD.		234,965		409,888
	2,300	KONAMI CORP.		36,513		52,243
	26,000	KONICA MINOLTA HOLDINGS, INC.		196,098		204,917

See accompanying notes to the financial statements. 79 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Japan (Cont’d):
	4,500	K’S HOLDINGS CORP.	$	182,268		131,699
	21,000	KUBOTA CORP.		129,773		193,821
	5,500	KURARAY CO. LTD.		46,234		71,201
	4,300	KURITA WATER INDUSTRIES LTD.		96,931		99,432
	2,700	KYOCERA CORP.		198,000		233,157
	3,000	KYOWA HAKKO KIRIN CO. LTD.		23,089		30,825
	2,800	LAWSON, INC.		120,035		195,912
	14,000	LION CORP.		81,887		76,796
	2,000	MAKITA CORP.		45,574		70,323
	27,000	MARUBENI CORP.		91,249		179,721
	6,500	MARUI GROUP CO. LTD.		32,287		49,612
	26,000	MAZDA MOTOR CORP.(b)		48,589		35,294
	1,600	MCDONALD’S HOLDINGS CO. JAPAN LTD.		43,060		45,023
	1,700	MEIJI HOLDINGS CO. LTD.		54,895		78,047
	1,300	MIRACA HOLDINGS, INC.		50,134		54,059
	70,000	MITSUBISHI CHEMICAL HOLDINGS CORP.		313,803		308,314
	22,200	MITSUBISHI CORP.		327,068		448,337
	32,000	MITSUBISHI ELECTRIC CORP.		148,393		266,729
	27,000	MITSUBISHI ESTATE CO. LTD.		353,310		484,399
	17,000	MITSUBISHI GAS CHEMICAL CO., INC.		75,149		96,628
	57,000	MITSUBISHI HEAVY INDUSTRIES LTD.		185,317		231,470
	4,000	MITSUBISHI LOGISTICS CORP.		45,017		42,221
	18,000	MITSUBISHI MATERIALS CORP.		47,129		52,117
	5,000	MITSUBISHI TANABE PHARMA CORP.		54,031		71,851
	214,200	MITSUBISHI UFJ FINANCIAL GROUP, INC.		1,047,314		1,025,206
	2,700	MITSUBISHI UFJ LEASE & FINANCE CO. LTD.		83,878		112,500
	72,000	MITSUI & CO. LTD.		844,053		1,068,339
	16,000	MITSUI CHEMICALS, INC.		40,819		40,097
	20,000	MITSUI FUDOSAN CO. LTD.		254,116		388,010
	3,000	MITSUI MINING & SMELTING CO. LTD.		5,391		6,567
	28,000	MITSUI O.S.K. LINES LTD.		113,072		100,867
	437,020	MIZUHO FINANCIAL GROUP, INC.		723,730		739,866
	19,000	MORINAGA MILK INDUSTRY CO. LTD.		75,823		72,893
	14,180	MS&AD INSURANCE GROUP HOLDINGS		303,657		248,220
	3,600	MURATA MANUFACTURING CO. LTD.		162,615		188,866
	9,000	NAGASE & CO. LTD.		106,292		112,047
	52,000	NAGOYA RAILROAD CO. LTD.		132,810		142,743
	1,500	NAMCO BANDAI HOLDINGS, INC.		14,652		20,620
	27,000	NEC CORP.(b)		70,167		41,911
	3,000	NGK INSULATORS LTD.		44,485		33,114
	3,000	NGK SPARK PLUG CO. LTD.		28,359		39,612
	1,600	NIDEC CORP.		75,128		121,346
	10,800	NIFCO, INC.		246,775		261,221
	6,000	NIKON CORP.		75,728		182,292
	2,200	NINTENDO CO. LTD.		369,606		256,728
	11	NIPPON BUILDING FUND, INC.		90,970		106,522
	9,000	NIPPON ELECTRIC GLASS CO. LTD.		66,934		53,534
	88,000	NIPPON EXPRESS CO. LTD.		332,264		363,303
	12,000	NIPPON FLOUR MILLS CO. LTD.		52,590		52,734
	6,000	NIPPON MEAT PACKERS, INC.		72,315		79,465
	11,000	NIPPON SHEET GLASS CO. LTD.		30,764		12,155
	79,000	NIPPON STEEL CORP.		211,727		179,027
	21,300	NIPPON TELEGRAPH & TELEPHONE CORP.		944,460		989,731
	17,000	NIPPON YUSEN K.K.		49,425		45,152
	91,000	NISHI-NIPPON CITY BANK (THE) LTD.		250,065		221,771
	5,000	NISSAN CHEMICAL INDUSTRIES LTD.		50,851		48,812
	122,800	NISSAN MOTOR CO. LTD.		923,225		1,163,104
	2,500	NISSHIN SEIFUN GROUP, INC.		25,731		29,267
	3,000	NISSHINBO HOLDINGS, INC.		23,700		22,956
	1,300	NISSIN FOODS HOLDINGS CO. LTD.		47,622		49,535
	600	NITORI HOLDINGS CO. LTD.		33,819		56,820
	3,200	NITTO DENKO CORP.		77,639		136,493
	3,200	NKSJ HOLDINGS, INC.		64,364		68,209
	72,300	NOMURA HOLDINGS, INC.		256,136		270,031
	22	NOMURA REAL ESTATE OFFICE FUND, INC.		128,147		124,227
	2,700	NOMURA RESEARCH INSTITUTE LTD.		43,930		59,514
	6,000	NSK LTD.		24,006		38,739
	47,000	NTN CORP.		157,762		147,608

See accompanying notes to the financial statements. 80 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Japan (Cont’d):
	126	NTT DATA CORP.	$	362,783		386,929
	331	NTT DOCOMO, INC.		486,370		550,891
	12,000	OBAYASHI CORP.		48,665		52,587
	10,000	ODAKYU ELECTRIC RAILWAY CO. LTD.		84,937		99,501
	8,000	OITA BANK (THE) LTD.		25,912		26,084
	13,000	OJI PAPER CO. LTD.		49,994		49,923
	8,100	OLYMPUS CORP.(b)		119,871		131,383
	7,300	OMRON CORP.		99,962		154,149
	1,400	ONO PHARMACEUTICAL CO. LTD.		60,256		88,066
	8,000	ONWARD HOLDINGS CO. LTD.		54,094		60,717
	800	ORIENTAL LAND CO. LTD.		50,479		91,501
	9,860	ORIX CORP.		745,142		917,832
	122,000	OSAKA GAS CO. LTD.		446,984		511,417
	3,500	OTSUKA HOLDINGS CO. LTD.		97,073		107,251
	33,000	PANASONIC CORP.		327,624		268,432
	10,800	RAKUTEN, INC.		55,805		111,853
	78,000	RESONA HOLDINGS, INC.		317,053		321,964
	13,000	RICOH CO. LTD.		131,053		109,752
	2,100	RICOH LEASING CO. LTD.		46,154		47,180
	1,200	RINNAI CORP.		52,047		82,684
	3,000	ROHM CO. LTD.		156,163		115,405
	14,581	SANKYO CO. LTD.		762,079		711,473
	2,600	SANTEN PHARMACEUTICAL CO. LTD.		85,886		106,641
	35,000	SAPPORO HOKUYO HOLDINGS, INC.		109,166		108,410
	1,532	SBI HOLDINGS, INC.		124,129		113,622
	3,600	SCSK CORP.		55,948		52,350
	3,400	SECOM CO. LTD.		133,812		156,084
	4,100	SEGA SAMMY HOLDINGS, INC.		38,822		83,396
	16,600	SEIKO EPSON CORP.		240,763		168,279
	11,800	SEINO HOLDINGS CO. LTD.		87,341		79,091
	13,000	SEKISUI CHEMICAL CO. LTD.		66,177		121,069
	38,000	SEKISUI HOUSE LTD.		313,106		358,675
	13,000	SEVEN & I HOLDINGS CO. LTD.		286,258		391,741
	30,000	SHARP CORP.		234,866		152,302
	4,000	SHIMADZU CORP.		25,419		34,519
	1,000	SHIMAMURA CO. LTD.		61,206		115,682
	1,500	SHIMANO, INC.		58,204		98,123
	2,000	SHIMIZU CORP.		7,530		6,942
	7,500	SHIN-ETSU CHEMICAL CO. LTD.		365,373		412,660
	26,000	SHIONOGI & CO. LTD.		324,230		353,594
	11,000	SHISEIDO CO. LTD.		167,834		173,435
	8,000	SHIZUOKA BANK (THE) LTD.		74,794		82,269
	21,000	SHOWA DENKO K.K.		33,824		40,815
	900	SMC CORP.		106,941		155,781
	16,300	SOFTBANK CORP.		299,036		606,073
	21,900	SOJITZ CORP.		34,134		36,239
	14,300	SONY CORP.		294,339		203,516
	6,600	SONY FINANCIAL HOLDINGS, INC.		85,415		107,969
	4,100	SQUARE ENIX HOLDINGS CO. LTD.		74,222		64,655
	67,400	STANLEY ELECTRIC CO. LTD.		1,004,640		1,040,484
	125,000	SUMITOMO CHEMICAL CO. LTD.		440,779		384,450
	21,300	SUMITOMO CORP.		207,214		298,024
	13,100	SUMITOMO ELECTRIC INDUSTRIES LTD.		127,803		162,885
	12,000	SUMITOMO HEAVY INDUSTRIES LTD.		39,379		53,885
	38,000	SUMITOMO METAL INDUSTRIES LTD.		78,322		62,559
	20,000	SUMITOMO METAL MINING CO. LTD.		264,105		225,128
	23,200	SUMITOMO MITSUI FINANCIAL GROUP, INC.		724,753		765,409
	85,310	SUMITOMO MITSUI TRUST HOLDINGS, INC.		265,182		254,885
	7,000	SUMITOMO REALTY & DEVELOPMENT CO. LTD.		81,291		172,249
	18,800	SUMITOMO RUBBER INDUSTRIES LTD.		226,979		244,956
	1,100	SUZUKEN CO. LTD.		33,777		37,104
	5,700	SUZUKI MOTOR CORP.		102,733		116,848
	1,300	SYSMEX CORP.		51,707		51,381
	14,200	T&D HOLDINGS, INC.		144,568		151,462
	11,000	TAISEI CORP.		19,821		29,471
	600	TAISHO PHARMACEUTICAL HOLDINGS CO. LTD.		40,189		50,727
	41,000	TAKASHIMAYA CO. LTD.		275,212		314,828
	5,700	TAKATA CORP.		118,962		124,067

See accompanying notes to the financial statements. 81 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Japan (Cont’d):
	14,900	TAKEDA PHARMACEUTICAL CO. LTD.	$	568,727		676,212
	2,900	TDK CORP.		131,547		117,718
	7,000	TEIJIN LTD.		14,861		21,300
	2,600	TERUMO CORP.		95,419		106,826
	2,000	THK CO. LTD.		29,290		37,888
	13,000	TOBU RAILWAY CO. LTD.		49,764		68,485
	1,000	TOHO CO. LTD.		13,412		17,275
	17,000	TOHO GAS CO. LTD.		81,221		105,592
	3,400	TOHO HOLDINGS CO. LTD.		62,139		68,991
	5,100	TOHOKU ELECTRIC POWER CO., INC.(b)		64,437		51,244
	16,300	TOKIO MARINE HOLDINGS, INC.		411,422		409,881
	19,000	TOKUYAMA CORP.		93,604		46,817
	12,000	TOKYO BROADCASTING SYSTEM HOLDINGS, INC.		162,617		147,638
	24,500	TOKYO ELECTRIC POWER CO., INC.(b)		59,966		47,358
	3,200	TOKYO ELECTRON LTD.		128,746		149,666
	64,000	TOKYO GAS CO. LTD.		238,072		326,881
	25,000	TOKYU CORP.		103,448		117,685
	62,000	TOKYU LAND CORP.		256,269		307,799
	5,800	TOMY CO. LTD.		38,149		37,916
	4,000	TONENGENERAL SEKIYU K.K.		37,796		35,508
	58,000	TOPPAN PRINTING CO. LTD.		459,699		387,771
	32,000	TORAY INDUSTRIES, INC.		181,548		218,267
	66,000	TOSHIBA CORP.		197,553		250,513
	6,000	TOTO LTD.		30,029		44,811
	1,800	TOYO SEIKAN KAISHA LTD.		24,940		21,811
	1,000	TOYO SUISAN KAISHA LTD.		23,262		26,697
	2,300	TOYOTA INDUSTRIES CORP.		51,959		65,718
	49,800	TOYOTA MOTOR CORP.		1,710,211		2,007,394
	12,400	TOYOTA TSUSHO CORP.		210,241		236,536
	2,500	TREND MICRO, INC.		74,501		73,816
	1,700	TSUMURA & CO.		50,505		44,989
	8,000	UBE INDUSTRIES LTD.		13,963		18,569
	4,000	UNICHARM CORP.		141,844		227,888
	50	UNITED URBAN INVESTMENT CORP.		55,901		53,946
	12,600	UNY CO. LTD.		121,599		137,742
	1,000	USHIO, INC.		14,106		12,365
	130	USS CO. LTD.		5,696		14,044
	12,700	WEST JAPAN RAILWAY CO.		436,059		523,139
	236	YAHOO JAPAN CORP.		62,283		76,383
	2,500	YAKULT HONSHA CO. LTD.		42,793		97,882
	7,530	YAMADA DENKI CO. LTD.		491,174		384,367
	25,000	YAMAGUCHI FINANCIAL GROUP, INC.		220,002		220,379
	28,000	YAMAHA MOTOR CO. LTD.		307,524		267,153
	9,000	YAMATO HOLDINGS CO. LTD.		96,669		144,918
				52,688,091		60,608,633		18.25%
Mexico:
	6,700	FOMENTO ECONOMICO MEXICANO S.A.B. DE C.V. ADR(c)		204,664		597,975
	4,183	FRESNILLO PLC		101,969		96,004
				306,633		693,979		0.21%
Netherlands:
	85,297	AEGON N.V.		339,225		397,340
	3,274	AKZO NOBEL N.V.		134,323		154,016
	15,717	ARCELORMITTAL		287,868		242,809
	10,461	ASML HOLDING N.V.		263,592		533,090
	1,094	CORIO N.V.		43,642		48,189
	17,235	DE MASTER BLENDERS 1753 N.V.(b)		177,715		194,344
	6,423	EUROPEAN AERONAUTIC DEFENCE AND SPACE CO. N.V.		81,439		227,787
	520	FUGRO N.V. - CVA		19,413		31,599
	1,494	GEMALTO N.V.		100,979		107,448
	1,747	HEINEKEN HOLDING N.V.		53,733		78,196
	2,822	HEINEKEN N.V.		79,167		147,414
	251,844	ING GROEP N.V. - CVA(b)		2,445,742		1,699,230
	85,344	KONINKLIJKE AHOLD N.V.		1,083,653		1,057,582
	2,539	KONINKLIJKE DSM N.V.		86,313		125,274
	70,162	KONINKLIJKE KPN N.V.		926,866		671,862

See accompanying notes to the financial statements. 82 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Netherlands (Cont’d):
	70,275	KONINKLIJKE PHILIPS ELECTRONICS N.V.	$	1,549,089		1,389,656
	4,200	NUTRECO N.V.		305,015		292,664
	80,000	POSTNL N.V.		322,146		331,243
	9,716	QIAGEN N.V.(b)		139,904		162,249
	3,773	RANDSTAD HOLDING N.V.		73,225		111,429
	7,918	REED ELSEVIER N.V.		85,578		90,581
	9,300	ROYAL DUTCH SHELL PLC ADR(c)		640,138		627,099
	66,387	ROYAL DUTCH SHELL PLC, CLASS A		1,625,640		2,236,428
	45,954	ROYAL DUTCH SHELL PLC, CLASS B		1,102,423		1,603,875
	3,000	ROYAL IMTECH N.V.		80,176		71,585
	6,056	SBM OFFSHORE N.V.(b)		85,999		84,051
	31,278	TNT EXPRESS N.V.		328,212		365,904
	28,402	UNILEVER N.V. - CVA		579,364		950,672
	6,193	WOLTERS KLUWER N.V.		101,075		98,595
				13,141,654		14,132,211		4.26%
New Zealand:
	5,083	CHORUS LTD.(b)		8,483		12,852
	7,267	CONTACT ENERGY LTD.		20,979		28,130
	14,246	FLETCHER BUILDING LTD.		48,135		67,367
	25,416	TELECOM CORP. OF NEW ZEALAND LTD.		27,958		48,798
	9,200	VECTOR LTD.		17,307		19,780
				122,862		176,927		0.05%
Norway:
	3,900	AKER SOLUTIONS ASA		45,406		55,525
	13,800	DNB ASA		88,172		137,273
	3,900	KVAERNER ASA		6,507		8,788
	31,521	NORSK HYDRO ASA		131,018		142,248
	88,871	ORKLA ASA		605,504		645,007
	6,600	SEADRILL LTD.		70,381		235,599
	17,748	STATOIL ASA		328,001		424,352
	10,900	TELENOR ASA		62,904		181,768
	260	VERIPOS, INC.(b)		—		—
	4,000	YARA INTERNATIONAL ASA		109,527		175,157
				1,447,420		2,005,717		0.60%
Panama:
	4,100	COPA HOLDINGS S.A., CLASS A		307,751		338,168
				307,751		338,168		0.10%
Philippines:
	8,500	GLOBE TELECOM, INC.		172,737		225,401
				172,737		225,401		0.07%
Portugal:
	69,166	ENERGIAS DE PORTUGAL S.A.		210,575		163,405
	2,881	GALP ENERGIA SGPS S.A.		35,487		36,543
	6,408	JERONIMO MARTINS SGPS S.A.		30,015		108,138
				276,077		308,086		0.09%
Russia:
	10,100	LUKOIL OAO ADR(c)		705,252		564,608
	24,600	SBERBANK OF RUSSIA ADR(c)		320,233		267,585
	12,100	SBERBANK OF RUSSIA ADR (OTC EXCHANGE)(c)		171,650		126,877
				1,197,135		959,070		0.29%
Singapore:
	31,000	ASCENDAS REAL ESTATE INVESTMENT TRUST		51,652		52,927
	39,500	CAPITALAND LTD.		75,674		85,268
	36,000	CAPITAMALL TRUST		34,133		54,532
	5,000	CITY DEVELOPMENTS LTD.		14,259		44,684
	51,000	COSCO CORP. SINGAPORE LTD.		48,134		40,027
	106,500	DBS GROUP HOLDINGS LTD.		846,917		1,175,523
	28,000	FIRST RESOURCES LTD.		40,747		42,798
	22,000	FRASER AND NEAVE LTD.		58,463		122,601
	96,800	GENTING SINGAPORE PLC		48,634		108,631
	130,000	GLOBAL LOGISTIC PROPERTIES LTD.(b)		203,681		216,566
	427,000	GOLDEN AGRI-RESOURCES LTD.		248,804		228,263
	346,000	HUTCHISON PORT HOLDINGS TRUST, CLASS U		272,505		248,219
	4,000	JARDINE CYCLE & CARRIAGE LTD.		37,657		147,578

See accompanying notes to the financial statements. 83 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Singapore (Cont’d):
	167,120	KEPPEL CORP. LTD.	$	812,457		1,369,370
	4,000	K-GREEN TRUST		1,432		3,157
	95,000	OLAM INTERNATIONAL LTD.		134,039		138,242
	4,000	ORCHARD PARADE HOLDINGS LTD.		5,123		6,461
	50,000	OVERSEA-CHINESE BANKING CORP. LTD.		183,130		349,287
	78,000	SEMBCORP INDUSTRIES LTD.		183,185		318,882
	22,000	SEMBCORP MARINE LTD.		32,803		84,000
	12,000	SINGAPORE AIRLINES LTD.		70,334		98,646
	22,000	SINGAPORE EXCHANGE LTD.		89,462		110,439
	25,000	SINGAPORE PRESS HOLDINGS LTD.		41,026		77,195
	38,000	SINGAPORE TECHNOLOGIES ENGINEERING LTD.		91,421		93,773
	169,000	SINGAPORE TELECOMMUNICATIONS LTD.		321,975		441,899
	305,000	STARHILL GLOBAL REIT		152,995		160,227
	25,000	UNITED OVERSEAS BANK LTD.		160,579		371,507
	63,000	UOL GROUP LTD.		212,525		246,972
	35,000	WILMAR INTERNATIONAL LTD.		146,616		100,617
				4,620,362		6,538,291		1.97%
South Korea:
	265	AMOREPACIFIC GROUP		53,245		76,551
	1,578	CJ CORP.		123,301		110,275
	4,960	DONGBU INSURANCE CO. LTD.		179,739		183,071
	1,270	DOOSAN CORP.		149,957		144,585
	430	GLOBAL & YUASA BATTERY CO. LTD.		16,686		17,414
	970	GREEN CROSS HOLDINGS CORP.		15,638		12,295
	3,810	GS HOLDINGS		266,285		175,523
	180	GS HOME SHOPPING, INC.		11,109		15,180
	3,030	HALLA CLIMATE CONTROL CORP.		65,581		64,357
	8,090	HANA FINANCIAL GROUP, INC.		285,666		258,246
	6,050	HANKOOK TIRE CO. LTD.		232,946		240,426
	230	HYUNDAI DEPARTMENT STORE CO. LTD.		29,872		28,742
	360	HYUNDAI ENGINEERING & CONSTRUCTION CO. LTD.		23,541		20,697
	5,920	HYUNDAI MARINE & FIRE INSURANCE CO. LTD.		161,442		154,060
	320	KCC CORP.		79,787		78,202
	173	KISWIRE LTD.		5,374		4,942
	2,210	KOREA GAS CORP.		80,437		78,498
	750	KOREA ZINC CO. LTD.		156,083		254,551
	3,640	KT CORP.		145,775		96,281
	3,640	KT&G CORP.		222,608		258,166
	2,580	LG CORP.		165,582		125,293
	7,940	LG DISPLAY CO. LTD.(b)		196,174		150,052
	2,040	LS CORP.		133,848		153,805
	3,630	SAMSUNG CARD CO. LTD.		116,762		101,546
	70	SAMSUNG FIRE & MARINE INSURANCE CO. LTD.		10,044		13,860
	4,780	SAMSUNG HEAVY INDUSTRIES CO. LTD.		139,631		158,352
	90	SAMYANG HOLDINGS CORP.		5,534		3,837
	2,220	SK HOLDINGS CO. LTD.		202,433		260,533
	11,940	SK NETWORKS CO. LTD.		116,540		91,049
	52	TAEKWANG INDUSTRIAL CO. LTD.		52,215		38,231
				3,443,835		3,368,620		1.01%
Spain:
	5,000	ABENGOA S.A.		118,375		66,447
	4,082	ABERTIS INFRAESTRUCTURAS S.A.		59,419		55,272
	7,760	ACERINOX S.A.		96,174		87,182
	1,133	ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A.		43,928		24,290
	5,244	AMADEUS IT HOLDING S.A., CLASS A		99,300		111,058
	86,231	BANCO BILBAO VIZCAYA ARGENTARIA S.A.		665,807		621,527
	46,356	BANCO DE SABADELL S.A.		130,444		90,484
	11,881	BANCO POPULAR ESPANOL S.A.		65,227		26,937
	159,932	BANCO SANTANDER S.A.		1,169,698		1,068,203
	8,782	BANKIA S.A.(b)		40,800		10,317
	13,443	CAIXABANK		41,927		43,973
	210	CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.		94,787		97,617
	9,700	DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION S.A.(b)		46,997		45,592
	10,000	EDP RENOVAVEIS S.A.(b)		38,584		34,269
	2,531	ENAGAS S.A.		38,142		46,188

See accompanying notes to the financial statements. 84 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Spain (Cont’d):
	16,085	FERROVIAL S.A.	$	79,147		181,369
	3,797	FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.		150,651		48,545
	4,262	GAS NATURAL SDG S.A.		52,029		54,751
	2,222	GRIFOLS S.A.(b)		31,676		56,363
	56,060	IBERDROLA S.A.		391,650		265,451
	4,633	INDITEX S.A.		189,163		479,213
	2,100	OBRASCON HUARTE LAIN S.A.		39,697		43,473
	2,111	RED ELECTRICA CORP. S.A.		88,270		92,064
	13,070	REPSOL YPF S.A.		249,017		210,152
	69,321	TELEFONICA S.A.		1,367,872		914,598
	4,021	ZARDOYA OTIS S.A.(b)		49,157		44,680
				5,437,938		4,820,015		1.45%
Sweden:
	4,550	ALFA LAVAL AB		35,782		78,182
	15,400	ASSA ABLOY AB, CLASS B		309,300		430,611
	9,200	ATLAS COPCO AB, CLASS A		70,694		198,632
	24,000	ATLAS COPCO AB, CLASS B		433,816		458,855
	25,303	BOLIDEN AB		338,459		353,927
	9,423	ELECTROLUX AB, CLASS B		132,130		188,133
	1,144	ELEKTA AB, CLASS B		53,638		52,169
	20,700	GETINGE AB, CLASS B		447,653		512,941
	16,458	HENNES & MAURITZ AB, CLASS B		372,344		591,686
	3,700	HEXAGON AB, CLASS B		56,830		63,803
	9,500	HOLMEN AB, CLASS B		265,457		258,614
	17,500	HUSQVARNA AB, CLASS B		64,201		82,841
	10,000	INDUSTRIVARDEN AB, CLASS C		103,927		129,079
	3,000	INVESTMENT AB KINNEVIK, CLASS B		51,225		60,252
	11,800	INVESTOR AB, CLASS B		161,783		225,746
	10,900	LOOMIS AB, CLASS B		151,979		134,585
	2,861	LUNDIN PETROLEUM AB(b)		52,086		53,670
	6,000	MEDA AB, CLASS A		57,926		57,267
	1,600	MILLICOM INTERNATIONAL CELLULAR S.A. SDR		87,461		150,950
	1,100	MODERN TIMES GROUP AB, CLASS B		50,175		51,048
	43,400	NORDEA BANK AB		253,480		375,719
	3,200	RATOS AB, CLASS B		51,337		30,435
	16,000	SAAB AB, CLASS B		316,112		272,203
	23,773	SANDVIK AB		201,678		306,046
	7,800	SCANIA AB, CLASS B		65,585		133,927
	38,200	SECURITAS AB, CLASS B		419,421		297,160
	41,800	SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A		171,318		272,460
	2,800	SKANSKA AB, CLASS B		23,703		42,941
	13,800	SKF AB, CLASS B		141,836		273,005
	5,400	SSAB AB, CLASS A		48,129		44,934
	8,600	SVENSKA CELLULOSA AB, CLASS B		78,052		129,153
	8,900	SVENSKA HANDELSBANKEN AB, CLASS A		161,721		293,369
	18,300	SWEDBANK AB, CLASS A		58,744		289,378
	6,600	SWEDISH MATCH AB		95,099		266,350
	3,900	TELE2 AB, CLASS B		34,548		60,442
	50,000	TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B		454,962		456,226
	29,500	TELIASONERA AB		145,684		188,715
	10,000	TRELLEBORG AB, CLASS B		67,718		92,405
	46,800	VOLVO AB, CLASS B		453,534		536,102
				6,539,527		8,493,961		2.56%
Switzerland:
	41,343	ABB LTD. (REGISTERED)		560,773		674,789
	2,362	ACTELION LTD. (REGISTERED)		90,246		97,021
	21,219	ADECCO S.A. (REGISTERED)		926,232		944,368
	2,727	ARYZTA A.G.(b)		67,240		135,532
	1,089	BALOISE HOLDING A.G. (REGISTERED)		76,805		71,898
	9,400	CIE FINANCIERE RICHEMONT S.A., CLASS A (BEARER)		200,800		515,924
	23,691	CLARIANT A.G. (REGISTERED)		375,102		233,931
	17,570	CREDIT SUISSE GROUP A.G. (REGISTERED)		479,603		321,012
	680	FLUGHAFEN ZUERICH A.G. (REGISTERED)		252,783		238,812
	3,339	GAM HOLDING A.G.		20,061		37,176
	1,115	GEBERIT A.G. (REGISTERED)(b)		110,661		219,958
	174	GIVAUDAN S.A. (REGISTERED)(b)		105,989		170,915
	20,245	GLENCORE INTERNATIONAL PLC		131,421		94,057

See accompanying notes to the financial statements. 85 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
Switzerland (Cont’d):
	1,051	HELVETIA HOLDING A.G. (REGISTERED)	$	325,727		317,671
	3,916	HOLCIM LTD. (REGISTERED)		168,212		216,974
	6,304	JULIUS BAER GROUP LTD.		160,169		228,265
	967	KUEHNE + NAGEL INTERNATIONAL A.G. (REGISTERED)		57,750		102,362
	55	LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE)		90,640		170,025
	3	LINDT & SPRUENGLI A.G. (REGISTERED)		75,352		110,223
	6,301	LOGITECH INTERNATIONAL S.A. (REGISTERED)(b)		70,452		67,999
	2,644	LONZA GROUP A.G. (REGISTERED)		154,996		110,110
	82,958	NESTLE S.A. (REGISTERED)		3,027,164		4,949,016
	88,837	NOVARTIS A.G. (REGISTERED)		3,746,962		4,955,777
	50,000	OC OERLIKON CORP. A.G. (REGISTERED)		336,530		415,363
	12,500	PANALPINA WELTTRANSPORT HOLDING A.G. (REGISTERED)		957,741		1,121,901
	14,410	PARGESA HOLDING S.A. (BEARER)		931,106		858,729
	13,170	ROCHE HOLDING A.G. (GENUSSCHEIN)		1,731,283		2,273,712
	9,050	ROCHE HOLDING A.G. ADR(c)		366,561		391,141
	755	SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE)		34,888		84,439
	589	SCHINDLER HOLDING A.G. (REGISTERED)		68,597		66,422
	121	SGS S.A. (REGISTERED)		130,564		226,750
	53	SIKA A.G. (BEARER)		102,008		102,084
	1,300	SONOVA HOLDING A.G. (REGISTERED)		84,464		125,456
	17,678	STMICROELECTRONICS N.V.		104,709		97,225
	635	SULZER A.G. (REGISTERED)		30,609		75,287
	475	SWATCH GROUP (THE) A.G. (BEARER)		59,791		187,956
	2,391	SWATCH GROUP (THE) A.G. (REGISTERED)		61,462		166,367
	2,925	SWISS LIFE HOLDING A.G. (REGISTERED)		212,614		276,042
	12,031	SWISS RE A.G.		382,215		755,891
	527	SWISSCOM A.G. (REGISTERED)		178,636		211,874
	1,832	SYNGENTA A.G. (REGISTERED)		408,030		625,471
	65,374	TE CONNECTIVITY LTD.		1,363,200		2,086,084
	13,567	TRANSOCEAN LTD.		673,578		606,852
	4,513	WOLSELEY PLC		70,476		168,624
	39,138	XSTRATA PLC		341,461		494,023
	3,723	ZURICH FINANCIAL SERVICES A.G.		673,262		840,059
				20,578,925		27,241,567		8.20%
Thailand:
	1,141,566	THAI BEVERAGE PCL		254,724		307,483
				254,724		307,483		0.09%
United Kingdom:
	11,608	3I GROUP PLC		38,159		35,937
	13,185	ABERDEEN ASSET MANAGEMENT PLC		49,918		53,700
	2,834	ADMIRAL GROUP PLC		35,119		53,009
	125,000	AFREN PLC(b)		290,716		203,476
	2,907	AGGREKO PLC		87,133		94,566
	6,487	AMEC PLC		66,053		102,390
	23,475	ANGLO AMERICAN PLC		504,351		770,249
	23,400	ANGLO AMERICAN PLC ADR(c)		425,127		386,802
	4,811	ANTOFAGASTA PLC		33,978		82,572
	36,231	AON PLC		1,755,716		1,694,886
	18,843	ARM HOLDINGS PLC		70,354		150,061
	6,432	ASSOCIATED BRITISH FOODS PLC		84,273		129,422
	23,490	ASTRAZENECA PLC		827,840		1,050,025
	67,839	AVIVA PLC		252,388		290,396
	5,239	BABCOCK INTERNATIONAL GROUP PLC		47,416		70,106
	143,816	BAE SYSTEMS PLC		678,597		650,851
	76,000	BALFOUR BEATTY PLC		323,699		356,013
	374,632	BARCLAYS PLC		1,319,384		959,023
	61,011	BG GROUP PLC		970,646		1,248,818
	38,860	BHP BILLITON PLC		840,134		1,109,752
	11,400	BHP BILLITON PLC ADR(c)		820,712		651,966
	343,791	BP PLC		2,315,461		2,303,557
	63,994	BRITISH AMERICAN TOBACCO PLC		1,725,235		3,257,330
	11,630	BRITISH LAND CO. PLC		61,579		93,169
	17,468	BRITISH SKY BROADCASTING GROUP PLC		116,486		190,655
	486,009	BT GROUP PLC		1,158,344		1,611,155
	5,069	BUNZL PLC		39,524		83,043

See accompanying notes to the financial statements. 86 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

Shares		Security	Cost		Fair value (a)		Percent of net assets
United Kingdom (Cont’d):
	8,202	BURBERRY GROUP PLC	$	40,549		171,095
	15,984	CAIRN ENERGY PLC(b)		57,424		66,402
	16,980	CAPITA PLC		162,367		174,608
	6,025	CAPITAL & COUNTIES PROPERTIES PLC		6,933		19,839
	6,025	CAPITAL SHOPPING CENTRES GROUP PLC		23,472		30,472
	12,101	CARNIVAL PLC		416,964		414,118
	29,227	CARPETRIGHT PLC(b)		301,362		310,128
	92,189	CENTRICA PLC		340,421		459,599
	121,669	COBHAM PLC		427,434		443,144
	318,125	COMPASS GROUP PLC		2,125,685		3,337,034
	31,200	COOKSON GROUP PLC		256,693		288,954
	2,950	CRODA INTERNATIONAL PLC		101,220		104,750
	175,000	DEBENHAMS PLC		176,976		237,411
	107,337	DIAGEO PLC		1,498,904		2,761,395
	9,724	DRAX GROUP PLC		57,548		85,468
	46,000	EASYJET PLC		327,974		383,509
	2,968	ENQUEST PLC(b)		3,713		5,032
	11,872	EURASIAN NATURAL RESOURCES CORP. PLC		106,253		77,480
	54,094	FIRSTGROUP PLC		270,045		190,393
	27,619	G4S PLC		107,106		120,790
	32,712	GKN PLC		101,683		93,148
	97,250	GLAXOSMITHKLINE PLC		1,529,224		2,205,323
	26,000	GREENE KING PLC		210,578		224,649
	17,505	HAMMERSON PLC		69,535		122,030
	36,031	HAYS PLC		49,874		41,645
	366,013	HSBC HOLDINGS PLC		2,667,241		3,227,442
	15,611	ICAP PLC		78,003		82,652
	11,465	IMI PLC		43,254		149,643
	18,809	IMPERIAL TOBACCO GROUP PLC		441,612		723,747
	42,000	INCHCAPE PLC		178,807		217,872
	11,958	INMARSAT PLC		92,794		91,988
	21,590	INTERCONTINENTAL HOTELS GROUP PLC		336,478		521,800
	15,937	INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A.(b)		37,969		40,053
	2,722	INTERTEK GROUP PLC		108,909		114,404
	12,127	INVENSYS PLC		29,802		42,333
	24,275	INVESTEC PLC		158,102		141,716
	98,470	ITV PLC		52,339		118,871
	127,306	J. SAINSBURY PLC		664,300		603,021
	34,400	JOHN WOOD GROUP PLC		363,221		370,879
	2,494	JOHNSON MATTHEY PLC		35,938		86,480
	4,109	KAZAKHMYS PLC		31,447		46,779
	44,414	KINGFISHER PLC		115,253		200,827
	61,711	LAND SECURITIES GROUP PLC		614,173		715,713
	174,802	LEGAL & GENERAL GROUP PLC		205,778		350,509
	2,167,945	LLOYDS BANKING GROUP PLC(b)		1,685,431		1,066,398
	7,230	LONDON STOCK EXCHANGE GROUP PLC		86,287		113,903
	2,131	LONMIN PLC		42,554		26,014
	71,083	MARKS & SPENCER GROUP PLC		342,352		363,413
	13,587	MEGGITT PLC		60,745		82,400
	103,659	MICHAEL PAGE INTERNATIONAL PLC		586,221		610,934
	62,000	N BROWN GROUP PLC		242,938		237,936
	112,322	NATIONAL GRID PLC		973,907		1,188,939
	3,200	NEXT PLC		86,367		160,467
	96,618	OLD MUTUAL PLC		133,905		229,956
	12,536	PEARSON PLC		148,820		248,990
	3,761	PETROFAC LTD.		71,320		82,225
	1,900	PROVIDENT FINANCIAL PLC		32,565		36,213
	53,918	PRUDENTIAL PLC		337,248		624,742
	622,394	QINETIQ GROUP PLC		1,192,243		1,533,021
	2,892	RANDGOLD RESOURCES LTD.		212,501		260,253
	205,855	RAVEN RUSSIA LTD.		163,244		185,752
	10,550	RECKITT BENCKISER GROUP PLC		427,624		556,450
	212,811	REED ELSEVIER PLC		1,677,219		1,707,347
	36,637	RESOLUTION LTD.		143,696		112,564
	98,541	REXAM PLC		500,825		651,924
	24,886	RIO TINTO PLC		777,698		1,188,591

See accompanying notes to the financial statements. 87 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

Shares			Security	Cost		Fair value (a)		Percent of net assets
United Kingdom (Cont’d):
	34,367		ROLLS-ROYCE HOLDINGS PLC(b)	$	183,251		463,662
	25,731		ROYAL BANK OF SCOTLAND GROUP PLC(b)		90,637		87,233
	136,259		RSA INSURANCE GROUP PLC		244,217		230,998
	15,817		SABMILLER PLC		272,321		635,355
	21,731		SAGE GROUP (THE) PLC		74,327		94,428
	89,883		SAVILLS PLC		421,989		492,625
	5,566		SCHRODERS PLC		79,236		117,172
	10,277		SEGRO PLC		36,889		35,034
	7,999		SERCO GROUP PLC		42,799		67,260
	4,954		SEVERN TRENT PLC		76,220		128,315
	14,044		SMITH & NEPHEW PLC		98,628		140,591
	5,313		SMITHS GROUP PLC		80,666		84,571
	12,300		SPECTRIS PLC		302,501		295,842
	18,671		SSE PLC		331,442		407,078
	43,836		STANDARD CHARTERED PLC		718,425		955,704
	48,103		STANDARD LIFE PLC		131,737		176,418
	2,600		SUBSEA 7 S.A.		63,565		51,610
	3,855		TATE & LYLE PLC		41,242		39,175
	264,000		TAYLOR WIMPEY PLC		169,813		198,870
	362,997		TESCO PLC		1,846,834		1,764,554
	18,836		TULLOW OIL PLC		298,063		434,834
	24,180		UNILEVER PLC		542,801		812,705
	61,250		UNILEVER PLC ADR(c)		1,659,174		2,065,962
	10,541		UNITED UTILITIES GROUP PLC		80,109		111,535
	6,150		VEDANTA RESOURCES PLC		116,202		88,598
	928,295		VODAFONE GROUP PLC		1,671,709		2,608,285
	25,000		VODAFONE GROUP PLC ADR(c)		642,333		704,500
	3,462		WEIR GROUP (THE) PLC		94,034		83,503
	2,849		WHITBREAD PLC		65,613		90,918
	76,000		WILLIAM HILL PLC		274,578		336,927
	104,339		WM MORRISON SUPERMARKETS PLC		433,760		435,479
					51,074,524		63,406,247		19.09	%
United States:
	50,307		ARCH CAPITAL GROUP LTD.(b)		987,131		1,996,685
	15,691		BROOKFIELD OFFICE PROPERTIES, INC.		178,946		274,621
	1,990		JOHNSON & JOHNSON		92,114		134,444
	1,580		KRAFT FOODS, INC., CLASS A		4,586		61,020
	30,831		SIGNET JEWELERS LTD.		600,265		1,356,872
	1,300		SIMS METAL MANAGEMENT LTD.		14,504		12,873
	600		SXC HEALTH SOLUTIONS CORP.(b)		54,469		59,583
	9,775		THOMSON REUTERS CORP.		254,637		278,126
					2,186,652		4,174,224		1.26	%
		Sub-total Common Stocks:			264,769,563		319,233,901		96.12	%
Preferred Stocks:
Brazil:
	11,000		VALE S.A. ADR(c)		172,836		214,610
					172,836		214,610		0.06	%
	Germany:
	1,521		BAYERISCHE MOTOREN WERKE A.G.		49,612		75,040
	2,360		HENKEL A.G. & CO. KGAA		60,940		156,739
	3,478		PORSCHE AUTOMOBIL HOLDING S.E.		159,145		173,197
	3,577		PROSIEBENSAT.1 MEDIA A.G.		60,490		79,853
	3,746		RWE A.G. (NON VOTING)		104,122		138,693
	2,665		VOLKSWAGEN A.G.		183,670		422,550
					617,979		1,046,072		0.32	%
		Sub-total Preferred Stocks			790,815		1,260,682		0.38	%

See accompanying notes to the financial statements. 88 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

Shares			Security	Cost		Fair value (a)		Percent of net assets
Corporate Bonds:
United Kingdom:
	209,112		HSBC BANK PLC, EXP. 9/12/14(b)	$	865,046		1,057,699
		Sub-total Corporate Bonds			865,046		1,057,699		0.32	%
Rights:
Austria:
	10,586		IMMOEAST A.G.(b)		—		—
					—		—		0.00	%
Canada:
	8,170		IVANHOE MINES LTD.(b)		8,727		7,382
					8,727		7,382		0.00	%
		Sub-total Rights			8,727		7,382		0.00	%
Short-Term Investments:
	9,351,406		NORTHERN INSTITUTIONAL FUNDS -U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(e)		9,351,406		9,351,406
		Sub-total Short-Term Investments:			9,351,406		9,351,406		2.82	%
			Grand total(f)		$275,785,557		330,911,070		99.64	%

Notes to Schedule of Investments:

(a)	Securities are valued in accordance with procedures described in note 2 to the financial statements.
(b)	Currently non-income producing assets.
(c)	Securities are American Depositary Receipts of companies based outside of the United States representing 3.10% of net assets.
(d)	This security has been deemed worthless according to procedures adopted by the Board of Trustees.
(e)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2011, the value of the Clearwater International Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $2,073,315 with net purchases of approximately $7,278,091 during the six months ended June 30, 2012. The U.S. Government Select Portfolio was formerly known as the Government Select Portfolio. This name change was effective on April 1, 2012.
(f)	At June 30, 2012, the cost for Federal income tax purposes was $277,224,662. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows:

Gross unrealized appreciation	$	68,563,878
Gross unrealized depreciation		(14,877,470	)
Net unrealized appreciation	$	53,686,408

See accompanying notes to the financial statements. 89 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

At June 30, 2012, the industry sectors for the Clearwater International Fund were:

Industry Sector	Percent of Long-Term Investments
Consumer Discretionary		13.21	%
Consumer Staples		12.56
Energy		8.18
Financials		22.12
Health Care		8.42
Industrials		14.00
Information Technology		4.71
Materials		9.13
Telecommunication Services		4.42
Utilities		3.25
		100.00	%

At June 30, 2012, the Clearwater International Fund’s investments were denominated in the following currencies:

Concentration by Currency	Percent of Long-Term Investments
Euro		21.78	%
British Pound		20.18
Japanese Yen		18.59
Canadian Dollar		8.15
United States Dollar		7.32
Swiss Franc		7.25
Australian Dollar		6.01
All other currencies less than 5%		10.72
		100.00	%

At June 30, 2012, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:

Contracts To Deliver Currency	Amount (Local Currency)		In Exchange For Currency		Amount (Local Currency)		Settlement Date		Unrealized Gains (Losses)			Counterparty
British Pound		50,000		Euro		62,531		7/2/12	$	826			Northern Trust
British Pound		16,815		Swedish Krona		185,000		7/2/12		407			Northern Trust
British Pound		17,296		United States Dollar		26,787		7/2/12		(303	)		Northern Trust
Danish Krone		7,337		United States Dollar		1,227		7/2/12		(22	)		Northern Trust
Euro		-*		United States Dollar		1		7/2/12		-*			Northern Trust
Euro		1,719		United States Dollar		2,134		7/2/12		(41	)		Northern Trust
Euro		2,606		United States Dollar		3,235		7/2/12		(63	)		Northern Trust
Euro		3,396		United States Dollar		4,216		7/2/12		(82	)		Northern Trust
Euro		12,943		United States Dollar		16,084		7/2/12		(296	)		Northern Trust
Israeli Shekel		106,000		United States Dollar		26,875		7/2/12		(233	)		Northern Trust
Japanese Yen		1,247,130		United States Dollar		15,701		7/2/12		98			Northern Trust
Japanese Yen		1,219,286		United States Dollar		15,350		7/2/12		96			Northern Trust
Japanese Yen		868,527		United States Dollar		10,935		7/2/12		68			Northern Trust
Japanese Yen		716,100		United States Dollar		9,015		7/2/12		56			Northern Trust
Japanese Yen		425,940		United States Dollar		5,362		7/2/12		33			Northern Trust
Japanese Yen		356,060		United States Dollar		4,483		7/2/12		28			Northern Trust
Japanese Yen		284,580		United States Dollar		3,583		7/2/12		22			Northern Trust
Japanese Yen		193,440		United States Dollar		2,435		7/2/12		15			Northern Trust
Japanese Yen		139,500		United States Dollar		1,756		7/2/12		11			Northern Trust
Japanese Yen		120,900		United States Dollar		1,522		7/2/12		9			Northern Trust
Japanese Yen		106,020		United States Dollar		1,335		7/2/12		8			Northern Trust

See accompanying notes to the financial statements. 90 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

Contracts To Deliver Currency	Amount (Local Currency)		In Exchange For Currency		Amount (Local Currency)		Settlement Date		Unrealized Gains (Losses)			Counterparty
Japanese Yen		102,300		United States Dollar		1,288		7/2/12	$	8			Northern Trust
Japanese Yen		93,000		United States Dollar		1,171		7/2/12		7			Northern Trust
Japanese Yen		87,187		United States Dollar		1,098		7/2/12		7			Northern Trust
Japanese Yen		83,700		United States Dollar		1,054		7/2/12		7			Northern Trust
Japanese Yen		76,725		United States Dollar		966		7/2/12		6			Northern Trust
Japanese Yen		73,470		United States Dollar		925		7/2/12		6			Northern Trust
Japanese Yen		71,145		United States Dollar		896		7/2/12		6			Northern Trust
Japanese Yen		68,355		United States Dollar		861		7/2/12		5			Northern Trust
Japanese Yen		48,825		United States Dollar		615		7/2/12		4			Northern Trust
Japanese Yen		44,640		United States Dollar		562		7/2/12		3			Northern Trust
Japanese Yen		40,920		United States Dollar		515		7/2/12		3			Northern Trust
Japanese Yen		31,620		United States Dollar		398		7/2/12		2			Northern Trust
Japanese Yen		30,550		United States Dollar		385		7/2/12		2			Northern Trust
Japanese Yen		27,900		United States Dollar		351		7/2/12		2			Northern Trust
Japanese Yen		16,201		United States Dollar		204		7/2/12		1			Northern Trust
Japanese Yen		9,300		United States Dollar		117		7/2/12		1			Northern Trust
United States Dollar		29,000		Euro		23,338		7/2/12		536			Northern Trust
United States Dollar		5,008		Euro		4,014		7/2/12		72			Northern Trust
United States Dollar		65,241		Norwegian Krone		393,915		7/2/12		972			Northern Trust
Canadian Dollar		664		United States Dollar		650		7/3/12		(2	)		Northern Trust
Euro		1		United States Dollar		1		7/3/12		-	*		Northern Trust
Euro		25		United States Dollar		32		7/3/12		-	*		Northern Trust
Euro		27		United States Dollar		34		7/3/12		-	*		Northern Trust
Euro		31		United States Dollar		39		7/3/12		-	*		Northern Trust
Euro		34		United States Dollar		43		7/3/12		-	*		Northern Trust
Euro		51		United States Dollar		64		7/3/12		-	*		Northern Trust
Euro		57		United States Dollar		72		7/3/12		-	*		Northern Trust
Euro		70		United States Dollar		88		7/3/12		-	*		Northern Trust
Euro		94		United States Dollar		118		7/3/12		(1	)		Northern Trust
Euro		145		United States Dollar		183		7/3/12		(1	)		Northern Trust
Euro		157		United States Dollar		198		7/3/12		(1	)		Northern Trust
Euro		171		United States Dollar		215		7/3/12		(1	)		Northern Trust
Euro		225		United States Dollar		284		7/3/12		(1	)		Northern Trust
Euro		260		United States Dollar		328		7/3/12		(2	)		Northern Trust
Euro		282		United States Dollar		355		7/3/12		(2	)		Northern Trust
Euro		1,081		United States Dollar		1,360		7/3/12		(7	)		Northern Trust
Euro		6,922		United States Dollar		8,715		7/3/12		(46	)		Northern Trust
Japanese Yen		502,200		United States Dollar		6,289		7/3/12		6			Northern Trust
Japanese Yen		345,960		United States Dollar		4,333		7/3/12		4			Northern Trust
Japanese Yen		336,139		United States Dollar		4,210		7/3/12		4			Northern Trust
Japanese Yen		274,350		United States Dollar		3,436		7/3/12		3			Northern Trust
Japanese Yen		247,380		United States Dollar		3,098		7/3/12		3			Northern Trust
Japanese Yen		223,200		United States Dollar		2,795		7/3/12		3			Northern Trust
Japanese Yen		186,000		United States Dollar		2,329		7/3/12		2			Northern Trust
Japanese Yen		166,284		United States Dollar		2,082		7/3/12		2			Northern Trust
Japanese Yen		162,750		United States Dollar		2,038		7/3/12		2			Northern Trust
Japanese Yen		150,660		United States Dollar		1,887		7/3/12		2			Northern Trust
Japanese Yen		121,830		United States Dollar		1,526		7/3/12		1			Northern Trust
Japanese Yen		96,720		United States Dollar		1,211		7/3/12		1			Northern Trust

See accompanying notes to the financial statements. 91 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2012

Contracts To Deliver Currency	Amount (Local Currency)		In Exchange For Currency		Amount (Local Currency)		Settlement Date		Unrealized Gains (Losses)			Counterparty
Japanese Yen		74,400		United States Dollar		932		7/3/12	$	1			Northern Trust
Japanese Yen		65,100		United States Dollar		815		7/3/12		1			Northern Trust
Japanese Yen		58,125		United States Dollar		728		7/3/12		1			Northern Trust
Japanese Yen		55,800		United States Dollar		699		7/3/12		1			Northern Trust
Japanese Yen		53,010		United States Dollar		664		7/3/12		1			Northern Trust
Japanese Yen		45,570		United States Dollar		571		7/3/12		1			Northern Trust
Japanese Yen		42,315		United States Dollar		530		7/3/12		-	*		Northern Trust
Japanese Yen		41,850		United States Dollar		524		7/3/12		-	*		Northern Trust
Japanese Yen		23,250		United States Dollar		291		7/3/12		-	*		Northern Trust
Japanese Yen		16,275		United States Dollar		204		7/3/12		-	*		Northern Trust
Hong Kong Dollar		59,598		United States Dollar		7,683		7/5/12		1			Northern Trust
United States Dollar		69,983		Euro		56,014		7/9/12		910			Northern Trust
United States Dollar		67,156		Euro		53,741		7/9/12		860			Northern Trust
United States Dollar		21,353		Euro		17,115		7/9/12		308			Northern Trust
United States Dollar		14,193		Euro		11,421		7/9/12		262			Northern Trust
United States Dollar		5,025		Euro		4,015		7/9/12		57			Northern Trust
Japanese Yen		340,902,863		United States Dollar		4,370,718		8/16/12		103,009			Northern Trust
Japanese Yen		13,883,978		United States Dollar		172,489		8/16/12		(1,322	)		Northern Trust
United States Dollar		349,481		Japanese Yen		28,089,031		8/16/12		2,161			Northern Trust
									$	108,508

* Amount rounds to less than $1.

The Clearwater International Fund did not have any spot foreign currency transactions outstanding as of June 30, 2012.

See accompanying notes to the financial statements. 92 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater International Fund (unaudited)
June 30, 2012

See accompanying notes to the financial statements. 93 (Continued)

Item 2. Code of Ethics

Not applicable to this filing.

Item 3. Audit Committee Financial Expert

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable to this filing.

Item 6. Investments

(a)	Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this report on Form N-CSR.
(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable (the Trust is an open-end management investment company)

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable (the Trust is an open-end management investment company)

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable (the Trust is an open-end management investment company)

Item 10. Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board of Trustees.

Item 11. Controls and Procedures

(a) The Trust’s principal executive officer and principal financial officer have concluded that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) 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 have been no significant changes in the Trust’s internal controls over financial reporting since the filing of the last report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 12. Exhibits

(a)	The certifications for each principal executive and principal financial officer of the Trust as required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached.
(b)	No written solicitations to purchase securities were sent or delivered during the period covered by this report by or on behalf of the Trust.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Clearwater Investment Trust
By:	/s/George H. Weyerhaeuser, Jr.
	George H. Weyerhaeuser, Jr.
	Chief Executive Officer and Treasurer
Date:	September 7, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Clearwater Investment Trust
By:	/s/George H. Weyerhaeuser, Jr.
	George H. Weyerhaeuser, Jr.
	Chief Executive Officer
Date:	September 7, 2012
Clearwater Investment Trust
By:	/s/George H. Weyerhaeuser, Jr.
	George H. Weyerhaeuser, Jr.
	Treasurer (Principal Financial Officer)
Date:	September 7, 2012