UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT INVESTMENT COMPANY

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)
Jennifer D. Lammers
Chief Compliance Officer
Fiduciary Counselling, Inc.
2000 Wells Fargo Place, 30 East 7th Street
Saint Paul, Minnesota 55101-4930
Copy to:
John V. O’Hanlon, Esquire
Dechert LLP
200 Clarendon Street, 27th Floor
Boston, Massachusetts 02116-5021
(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: March 31, 2013

Item 1. Schedule of Investments.

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Common Stocks:
Consumer Discretionary:
	2,300	ABERCROMBIE & FITCH CO., CLASS A	$	50,218	106,260
	1,500	ADVANCE AUTO PARTS, INC.		53,557	123,975
	6,150	AMAZON.COM, INC.(b)		274,721	1,638,914
	1,600	AMC NETWORKS, INC., CLASS A(b)		25,785	101,088
	3,300	AMERICAN EAGLE OUTFITTERS, INC.		33,099	61,710
	1,600	AUTOLIV, INC.(c)		44,874	110,624
	500	AUTOZONE, INC.(b)		32,038	198,385
	23,295	BED BATH & BEYOND, INC.(b)		1,200,112	1,500,664
	1,400	BIG LOTS, INC.(b)		15,477	49,378
	2,200	BORGWARNER, INC.(b)		51,799	170,148
	750	BRINKER INTERNATIONAL, INC.		10,084	28,238
	1,700	CABLEVISION SYSTEMS CORP. (NEW YORK GROUP), CLASS A		15,956	25,432
	4,168	CARMAX, INC.(b)		50,984	173,806
	5,800	CARNIVAL CORP.		199,770	198,940
	7,343	CBS CORP., CLASS B (NON VOTING)		103,889	342,845
	600	CHARTER COMMUNICATIONS, INC., CLASS A(b)		30,036	62,508
	600	CHICO’S FAS, INC.		5,619	10,080
	300	CHIPOTLE MEXICAN GRILL, INC.(b)		89,324	97,761
	68,820	CINEMARK HOLDINGS, INC.		1,340,355	2,026,061
	18,500	CLEAR CHANNEL OUTDOOR HOLDINGS, INC., CLASS A(b)		72,792	138,565
	5,000	COACH, INC.		19,161	249,950
	42,300	COMCAST CORP., CLASS A		796,471	1,777,023
	4,600	D.R. HORTON, INC.		22,057	111,780
	20,518	DARDEN RESTAURANTS, INC.		900,430	1,060,370
	2,400	DEVRY, INC.		44,808	76,200
	1,500	DICK’S SPORTING GOODS, INC.		24,802	70,950
	14,821	DIRECTV(b)		174,284	839,017
	3,800	DISCOVERY COMMUNICATIONS, INC., CLASS A(b)		236,256	299,212
	1,300	DOLLAR GENERAL CORP.(b)		59,405	65,754
	6,700	DOLLAR TREE, INC.(b)		61,517	324,481
	710	EXPEDIA, INC.		10,883	42,607
	500	FAMILY DOLLAR STORES, INC.		12,652	29,525
	3,000	FOOT LOCKER, INC.		40,393	102,720
	55,763	FORD MOTOR CO.		301,565	733,284
	200	FOSSIL, INC.(b)		19,892	19,320
	4,600	GAMESTOP CORP., CLASS A		34,643	128,662
	5,700	GANNETT CO., INC.		51,199	124,659
	4,100	GAP (THE), INC.		58,946	145,140
	2,200	GARMIN LTD.(c)		40,557	72,688
	9,400	GENERAL MOTORS CO.(b)		246,196	261,508
	7,500	GENTEX CORP.		106,860	150,075
	3,450	GENUINE PARTS CO.		102,424	269,100
	1,900	GOODYEAR TIRE & RUBBER (THE) CO.(b)		26,258	23,959
	32,347	GUESS?, INC.		851,819	803,176
	205,600	H&R BLOCK, INC.		3,236,847	6,048,752
	500	HANESBRANDS, INC.(b)		10,750	22,780
	6,750	HARLEY-DAVIDSON, INC.		39,547	359,775
	30,202	HARMAN INTERNATIONAL INDUSTRIES, INC.		1,199,358	1,347,915
	400	HASBRO, INC.		10,206	17,576
	29,825	HOME DEPOT (THE), INC.		19,452	2,081,189
	2,200	INTERNATIONAL GAME TECHNOLOGY		31,196	36,300
	15,600	INTERPUBLIC GROUP OF (THE) COS., INC.		40,950	203,268
	2,700	J.C. PENNEY CO., INC.		53,244	40,797
	2,100	JARDEN CORP.(b)		25,277	89,985
	47,858	JOHNSON CONTROLS, INC.		1,223,072	1,678,380
	20,286	KOHL’S CORP.		654,907	935,793
	6,190	L BRANDS, INC.		70,745	276,445
	4,200	LAMAR ADVERTISING CO., CLASS A(b)		55,664	204,162
	6,238	LAS VEGAS SANDS CORP.		189,837	351,511
	3,000	LEAR CORP.		128,814	164,610
	2,900	LENNAR CORP., CLASS A		38,266	120,292
	5,800	LIBERTY GLOBAL, INC., CLASS A(b)		103,484	425,720
	88,880	LIBERTY INTERACTIVE CORP., CLASS A(b)		1,551,796	1,900,254
	5,032	LIBERTY MEDIA CORP.(b)		26,604	561,722
	790	LIBERTY VENTURES, SERIES A(b)		23,580	59,708

1

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Consumer Discretionary (Cont’d):
	2,000	LKQ CORP.(b)	$	24,950	43,520
	17,400	LOWE’S COS., INC.		483,438	659,808
	5,000	MACY’S, INC.		81,374	209,200
	1,000	MADISON SQUARE GARDEN (THE) CO., CLASS A(b)		55,960	57,600
	66,130	MARKS & SPENCER GROUP PLC ADR(c)(d)		772,476	782,318
	4,969	MARRIOTT INTERNATIONAL, INC., CLASS A		60,013	209,841
	75,496	MARRIOTT VACATIONS WORLDWIDE CORP.(b)		1,321,371	3,239,533
	4,200	MATTEL, INC.		75,213	183,918
	17,302	MCDONALD’S CORP.		470,052	1,724,836
	6,600	MGM RESORTS INTERNATIONAL(b)		54,922	86,790
	500	MICHAEL KORS HOLDINGS LTD.(b)(c)		26,660	28,395
	600	MOHAWK INDUSTRIES, INC.(b)		26,796	67,872
	1,400	MORNINGSTAR, INC.		57,577	97,888
	800	NETFLIX, INC.(b)		47,728	151,528
	2,200	NEWELL RUBBERMAID, INC.		26,950	57,420
	29,500	NEWS CORP., CLASS A		331,125	900,340
	12,500	NIKE, INC., CLASS B		309,382	737,625
	4,300	NORDSTROM, INC.		45,233	237,489
	100	NVR, INC.(b)		51,542	108,011
	2,695	OMNICOM GROUP, INC.		78,532	158,736
	2,300	O’REILLY AUTOMOTIVE, INC.(b)		69,868	235,865
	1,500	PANERA BREAD CO., CLASS A(b)		69,668	247,860
	500	PENN NATIONAL GAMING, INC.(b)		25,475	27,215
	2,600	PETSMART, INC.		55,966	161,460
	700	PRICELINE.COM, INC.(b)		125,392	481,551
	14,100	PULTEGROUP, INC.(b)		58,797	285,384
	900	PVH CORP.		50,626	96,129
	1,500	RALPH LAUREN CORP.		31,320	253,965
	3,000	REGAL ENTERTAINMENT GROUP, CLASS A		29,065	50,010
	4,600	ROSS STORES, INC.		36,395	278,852
	43,273	ROYAL CARIBBEAN CRUISES LTD.		1,363,072	1,437,529
	600	SCRIPPS NETWORKS INTERACTIVE, INC., CLASS A		21,337	38,604
	600	SEARS HOLDINGS CORP.(b)		24,822	29,982
	10,400	SERVICE CORP. INTERNATIONAL		74,152	173,992
	2,600	SIGNET JEWELERS LTD.(c)		52,469	174,200
	38,500	SIRIUS XM RADIO, INC.		106,710	118,580
	2,000	STAPLES, INC.		26,380	26,860
	14,250	STARBUCKS CORP.		182,046	811,680
	1,110	STARWOOD HOTELS & RESORTS WORLDWIDE, INC.		37,885	70,740
	5,032	STARZ - LIBERTY CAPITAL(b)		3,469	111,459
	12,200	TARGET CORP.		353,659	835,090
	1,000	TEMPUR-PEDIC INTERNATIONAL, INC.(b)		31,500	49,630
	900	TESLA MOTORS, INC.(b)		23,418	34,101
	6,200	THOMSON REUTERS CORP.		178,087	201,376
	1,900	THOR INDUSTRIES, INC.		22,316	69,901
	4,200	TIFFANY & CO.		122,192	292,068
	5,979	TIME WARNER CABLE, INC.		194,384	574,343
	21,033	TIME WARNER, INC.		476,695	1,211,921
	10,694	TJX COS., INC.		113,021	499,945
	500	TRACTOR SUPPLY CO.		51,070	52,065
	2,210	TRIPADVISOR, INC.(b)		42,908	116,069
	2,800	TRW AUTOMOTIVE HOLDINGS CORP.(b)		87,856	154,000
	600	ULTA SALON COSMETICS & FRAGRANCE, INC.(b)		55,683	48,702
	500	UNDER ARMOUR, INC., CLASS A(b)		23,330	25,600
	2,127	URBAN OUTFITTERS, INC.(b)		37,857	82,400
	1,700	VF CORP.		87,065	285,175
	43,792	VIACOM, INC., CLASS B		1,892,513	2,696,273
	4,000	VIRGIN MEDIA, INC.		55,548	195,880
	800	VISTEON CORP.(b)		33,968	46,160
	29,960	WALT DISNEY (THE) CO.		587,935	1,701,728
	2,300	WHIRLPOOL CORP.		98,184	272,458
	5,475	WYNDHAM WORLDWIDE CORP.		24,501	353,028
	1,600	WYNN RESORTS LTD.		32,322	200,256
	9,016	YUM! BRANDS, INC.		78,831	648,611
				28,228,614	57,374,841	12.68	%
Consumer Staples:
	34,500	ALTRIA GROUP, INC.		285,952	1,186,455

2

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Consumer Staples (Cont’d):
	52,016	ARCHER-DANIELS-MIDLAND CO.	$	1,434,097	1,754,500
	4,300	BEAM, INC.		115,443	273,222
	2,916	BROWN-FORMAN CORP., CLASS B		57,343	208,202
	23,505	BUNGE LTD.		1,518,601	1,735,374
	700	CAMPBELL SOUP CO.		28,819	31,752
	4,000	CHURCH & DWIGHT CO., INC.		100,310	258,520
	3,000	CLOROX (THE) CO.		154,515	265,590
	67,781	COCA-COLA (THE) CO.		1,113,200	2,741,064
	2,300	COCA-COLA ENTERPRISES, INC.		39,664	84,916
	8,490	COLGATE-PALMOLIVE CO.		539,355	1,002,075
	4,500	CONAGRA FOODS, INC.		109,982	161,145
	4,600	CONSTELLATION BRANDS, INC., CLASS A(b)		63,227	219,144
	7,800	COSTCO WHOLESALE CORP.		237,671	827,658
	470	CRIMSON WINE GROUP LTD.(b)		2,671	4,371
	30,656	CVS CAREMARK CORP.		890,510	1,685,773
	1,500	DEAN FOODS CO.(b)		26,175	27,195
	16,185	DIAGEO PLC ADR(c)(d)		1,214,077	2,036,720
	6,000	DR PEPPER SNAPPLE GROUP, INC.		125,060	281,700
	697	ENERGIZER HOLDINGS, INC.		45,379	69,512
	3,734	ESTEE LAUDER (THE) COS., INC., CLASS A		70,943	239,088
	1,800	FLOWERS FOODS, INC.		25,434	59,292
	12,400	GENERAL MILLS, INC.		277,055	611,444
	5,800	GREEN MOUNTAIN COFFEE ROASTERS, INC.(b)		122,296	329,208
	4,300	H.J. HEINZ CO.		169,927	310,761
	3,800	HERBALIFE LTD.(c)		52,204	142,310
	2,342	HERSHEY (THE) CO.		112,137	204,995
	800	HILLSHIRE BRANDS CO.		23,592	28,120
	2,400	HORMEL FOODS CORP.		43,206	99,168
	1,700	INGREDION, INC.		48,104	122,944
	1,600	J.M. SMUCKER (THE) CO.		64,617	158,656
	2,700	KELLOGG CO.		154,743	173,961
	6,450	KIMBERLY-CLARK CORP.		495,198	631,971
	9,679	KRAFT FOODS GROUP, INC.		201,146	498,759
	13,400	KROGER (THE) CO.		228,089	444,076
	5,322	LORILLARD, INC.		80,950	214,743
	1,200	MCCORMICK & CO., INC. (NON VOTING)		50,951	88,260
	2,200	MEAD JOHNSON NUTRITION CO.		103,422	170,390
	1,800	MOLSON COORS BREWING CO., CLASS B		54,437	88,074
	29,538	MONDELEZ INTERNATIONAL, INC., CLASS A		371,129	904,158
	2,200	MONSTER BEVERAGE CORP.(b)		80,569	105,028
	700	NU SKIN ENTERPRISES, INC., CLASS A		27,650	30,940
	27,891	PEPSICO, INC.		1,058,802	2,206,457
	30,132	PHILIP MORRIS INTERNATIONAL, INC.		261,758	2,793,538
	200	POST HOLDINGS, INC.(b)		4,616	8,586
	47,360	PROCTER & GAMBLE (THE) CO.		823,796	3,649,562
	4,800	REYNOLDS AMERICAN, INC.		106,778	213,552
	1,600	SAFEWAY, INC.		28,960	42,160
	5,700	SMITHFIELD FOODS, INC.(b)		106,346	150,936
	8,700	SYSCO CORP.		145,736	305,979
	6,010	TYSON FOODS, INC., CLASS A		53,610	149,168
	48,000	UNILEVER N.V. (REGISTERED)(c)		1,454,959	1,968,000
	20,150	WALGREEN CO.		231,445	960,752
	28,723	WAL-MART STORES, INC.		1,387,001	2,149,342
	4,400	WHOLE FOODS MARKET, INC.		116,393	381,700
				16,740,050	35,490,966	7.84	%
Energy:
	7,542	ALPHA NATURAL RESOURCES, INC.(b)		58,865	61,920
	9,446	ANADARKO PETROLEUM CORP.		319,802	826,053
	5,600	APACHE CORP.		511,553	432,096
	1,700	ATWOOD OCEANICS, INC.(b)		51,221	89,318
	3,600	BAKER HUGHES, INC.		151,956	167,076
	62,000	BP PLC ADR(c)(d)		2,753,380	2,625,700
	2,000	CABOT OIL & GAS CORP.		94,617	135,220
	4,800	CAMERON INTERNATIONAL CORP.(b)		124,988	312,960
	300	CARBO CERAMICS, INC.		24,891	27,321
	128,100	CHESAPEAKE ENERGY CORP.		2,300,610	2,614,521
	33,595	CHEVRON CORP.		1,471,891	3,991,758

3

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Energy (Cont’d):
	400	CIMAREX ENERGY CO.	$	24,076	30,176
	7,200	COBALT INTERNATIONAL ENERGY, INC.(b)		63,000	203,040
	1,700	CONCHO RESOURCES, INC.(b)		49,632	165,631
	25,444	CONOCOPHILLIPS		460,670	1,529,184
	4,531	CONSOL ENERGY, INC.		118,221	152,468
	1,000	CONTINENTAL RESOURCES, INC.(b)		20,765	86,930
	37,455	COSAN LTD., CLASS A(c)		519,427	730,372
	9,300	DENBURY RESOURCES, INC.(b)		88,950	173,445
	59,903	DEVON ENERGY CORP.		3,830,033	3,379,727
	400	DIAMOND OFFSHORE DRILLING, INC.		28,480	27,824
	3,000	DRESSER-RAND GROUP, INC.(b)		98,595	184,980
	20,283	ENSCO PLC, CLASS A(c)		981,074	1,216,980
	4,800	EOG RESOURCES, INC.		62,765	614,736
	4,000	EQT CORP.		132,900	271,000
	15,800	EXCO RESOURCES, INC.		115,036	112,654
	79,351	EXXON MOBIL CORP.		3,252,438	7,150,318
	3,900	FMC TECHNOLOGIES, INC.(b)		97,950	212,121
	14,958	HALLIBURTON CO.		295,103	604,453
	3,100	HELMERICH & PAYNE, INC.		39,003	188,170
	23,795	HESS CORP.		1,275,676	1,703,960
	4,000	HOLLYFRONTIER CORP.		52,098	205,800
	53,282	KINDER MORGAN, INC.		1,503,289	2,060,948
	9,000	KOSMOS ENERGY LTD.(b)(c)		89,726	101,700
	47,132	MARATHON OIL CORP.		1,148,676	1,589,291
	4,600	MARATHON PETROLEUM CORP.		274,651	412,160
	265,363	MCDERMOTT INTERNATIONAL, INC.(b)		3,084,257	2,916,339
	2,400	MURPHY OIL CORP.		32,055	152,952
	4,700	NABORS INDUSTRIES LTD.(c)		70,547	76,234
	8,722	NATIONAL OILWELL VARCO, INC.		214,854	617,082
	4,200	NOBLE ENERGY, INC.		158,332	485,772
	33,440	OCCIDENTAL PETROLEUM CORP.		1,520,458	2,620,693
	2,500	OCEANEERING INTERNATIONAL, INC.		66,222	166,025
	400	OIL STATES INTERNATIONAL, INC.(b)		30,712	32,628
	2,500	PATTERSON-UTI ENERGY, INC.		46,600	59,600
	4,500	PEABODY ENERGY CORP.		96,557	95,175
	503,000	PENGROWTH ENERGY CORP.(c)		2,317,791	2,565,300
	13,372	PHILLIPS 66		156,993	935,639
	3,200	PIONEER NATURAL RESOURCES CO.		48,507	397,600
	5,100	PLAINS EXPLORATION & PRODUCTION CO.(b)		137,713	242,097
	2,900	QEP RESOURCES, INC.		87,812	92,336
	1,200	RANGE RESOURCES CORP.		39,654	97,248
	700	ROWAN COS. PLC, CLASS A(b)		23,660	24,752
	12,200	SANDRIDGE ENERGY, INC.(b)		69,540	64,294
	22,500	SCHLUMBERGER LTD.		734,300	1,685,025
	1,100	SM ENERGY CO.		57,442	65,142
	7,200	SOUTHWESTERN ENERGY CO.(b)		107,060	268,272
	10,954	SPECTRA ENERGY CORP.		155,906	336,836
	1,200	TESORO CORP.		24,660	70,260
	29,517	TIDEWATER, INC.		1,446,858	1,490,608
	12,110	VALERO ENERGY CORP.		130,822	550,884
	2,600	WHITING PETROLEUM CORP.(b)		73,760	132,184
	7,200	WILLIAMS (THE) COS., INC.		152,628	269,712
	2,400	WPX ENERGY, INC.(b)		34,284	38,448
				33,605,992	50,941,148	11.26	%
Financials:
	6,000	ACE LTD.(c)		317,873	533,820
	1,100	AFFILIATED MANAGERS GROUP, INC.(b)		73,654	168,927
	9,850	AFLAC, INC.		262,100	512,397
	2,100	ALEXANDRIA REAL ESTATE EQUITIES, INC.		111,442	149,058
	4,916	ALLEGHANY CORP.(b)		1,400,737	1,946,343
	2,700	ALLIED WORLD ASSURANCE CO. HOLDINGS A.G.(c)		86,630	250,344
	8,300	ALLSTATE (THE) CORP.		197,623	407,281
	500	AMERICAN CAMPUS COMMUNITIES, INC.		23,070	22,670
	800	AMERICAN CAPITAL AGENCY CORP.		25,448	26,224
	18,333	AMERICAN EXPRESS CO.		546,904	1,236,744
	1,800	AMERICAN FINANCIAL GROUP, INC.		29,745	85,284

4

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Financials (Cont’d):
	94,500	AMERICAN INTERNATIONAL GROUP, INC.(b)	$	2,587,871	3,668,490
	22,580	AMERICAN INTERNATIONAL GROUP, INC. - (FRACTIONAL SHARES)(b)		-	-
	5,150	AMERICAN TOWER CORP.		287,787	396,138
	5,191	AMERIPRISE FINANCIAL, INC.		160,907	382,317
	23,200	ANNALY CAPITAL MANAGEMENT, INC.		340,137	368,648
	4,748	AON PLC(c)		110,582	292,002
	3,628	APARTMENT INVESTMENT & MANAGEMENT CO., CLASS A		39,421	111,234
	4,800	ARCH CAPITAL GROUP LTD.(b)(c)		101,982	252,336
	1,600	ARTHUR J. GALLAGHER & CO.		34,040	66,096
	2,500	ASSURANT, INC.		60,538	112,525
	2,000	ASSURED GUARANTY LTD.(c)		24,580	41,220
	1,834	AVALONBAY COMMUNITIES, INC.		180,298	232,313
	900	AXIS CAPITAL HOLDINGS LTD.(c)		23,391	37,458
	401,000	BANK OF AMERICA CORP.		4,068,499	4,884,180
	68,029	BANK OF NEW YORK MELLON (THE) CORP.		1,567,034	1,904,132
	40,258	BB&T CORP.		965,162	1,263,699
	29,000	BERKSHIRE HATHAWAY, INC., CLASS B(b)		2,392,101	3,021,800
	2,500	BIOMED REALTY TRUST, INC.		44,395	54,000
	1,600	BLACKROCK, INC.		300,619	411,008
	3,388	BOSTON PROPERTIES, INC.		171,468	342,391
	2,800	BRANDYWINE REALTY TRUST		31,804	41,580
	1,600	BRE PROPERTIES, INC.		50,588	77,888
	900	CAMDEN PROPERTY TRUST		24,065	61,812
	36,564	CAPITAL ONE FINANCIAL CORP.		1,616,850	2,009,192
	16,000	CAPITALSOURCE, INC.		78,410	153,920
	5,300	CBL & ASSOCIATES PROPERTIES, INC.		96,937	125,080
	2,500	CBRE GROUP, INC., CLASS A(b)		50,579	63,125
	21,400	CHARLES SCHWAB (THE) CORP.		186,608	378,566
	17,700	CHIMERA INVESTMENT CORP.		37,226	56,463
	2,700	CHUBB (THE) CORP.		86,607	236,331
	2,800	CIT GROUP, INC.(b)		100,145	121,744
	47,881	CITIGROUP, INC.		1,716,065	2,118,255
	2,000	CITY NATIONAL CORP.		75,539	117,820
	2,965	CME GROUP, INC.		118,746	182,021
	1,100	CNA FINANCIAL CORP.		25,102	35,959
	800	COMERICA, INC.		25,288	28,760
	700	COMMERCE BANCSHARES, INC.		25,578	28,581
	4,800	CORPORATE OFFICE PROPERTIES TRUST		107,522	128,064
	2,600	CORRECTIONS CORP. OF AMERICA		49,022	101,582
	2,216	CULLEN/FROST BANKERS, INC.		122,545	138,566
	8,500	DDR CORP.		117,951	148,070
	1,900	DIGITAL REALTY TRUST, INC.		117,405	127,129
	16,287	DISCOVER FINANCIAL SERVICES		233,079	730,309
	5,200	DOUGLAS EMMETT, INC.		61,495	129,636
	6,000	E*TRADE FINANCIAL CORP.(b)		48,576	64,260
	1,100	EAST WEST BANCORP, INC.		25,190	28,237
	34,828	ENDURANCE SPECIALTY HOLDINGS LTD.(c)		1,358,547	1,665,127
	400	EQUITY LIFESTYLE PROPERTIES, INC.		26,920	30,720
	5,416	EQUITY RESIDENTIAL		174,162	298,205
	200	ESSEX PROPERTY TRUST, INC.		29,691	30,116
	900	FEDERAL REALTY INVESTMENT TRUST		48,326	97,236
	1,600	FIDELITY NATIONAL FINANCIAL, INC., CLASS A		24,512	40,368
	25,300	FIFTH THIRD BANCORP		220,963	412,643
	400	FIRST CITIZENS BANCSHARES, INC., CLASS A		57,523	73,080
	30,500	FIRST HORIZON NATIONAL CORP.		193,065	325,740
	95,534	FIRST HORIZON NATIONAL CORP. - (FRACTIONAL SHARES)(b)		-	-
	67,197	FIRST INTERSTATE BANCSYSTEM, INC.		977,732	1,263,976
	15,200	FIRST NIAGARA FINANCIAL GROUP, INC.		120,688	134,672
	30,940	FIRST REPUBLIC BANK		875,451	1,194,903
	3,359	FRANKLIN RESOURCES, INC.		189,834	506,571
	5,300	GENERAL GROWTH PROPERTIES, INC.		99,602	105,364
	10,800	GENWORTH FINANCIAL, INC., CLASS A(b)		57,035	108,000
	93,000	GETTY REALTY CORP.		1,454,733	1,879,530
	8,700	GOLDMAN SACHS GROUP (THE), INC.		742,546	1,280,205
	3,500	GREENHILL & CO., INC.		106,120	186,830
	3,700	HARTFORD FINANCIAL SERVICES GROUP, INC.		62,228	95,460

5

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Financials (Cont’d):
	3,400	HATTERAS FINANCIAL CORP.	$	87,034	93,262
	1,000	HCC INSURANCE HOLDINGS, INC.		24,155	42,030
	7,600	HCP, INC.		127,713	378,936
	4,300	HEALTH CARE REIT, INC.		231,069	292,013
	2,900	HOSPITALITY PROPERTIES TRUST		49,740	79,576
	16,122	HOST HOTELS & RESORTS, INC.		138,445	281,974
	678	HOWARD HUGHES (THE) CORP.(b)		20,502	56,823
	10,500	HUDSON CITY BANCORP, INC.		65,625	90,720
	35,000	HUNTINGTON BANCSHARES, INC.		169,771	258,650
	700	INTERCONTINENTALEXCHANGE, INC.(b)		88,988	114,149
	11,400	INVESCO LTD.		176,068	330,144
	33,700	JANUS CAPITAL GROUP, INC.		222,792	316,780
	700	JONES LANG LASALLE, INC.		39,950	69,587
	61,546	JPMORGAN CHASE & CO.		1,594,040	2,920,973
	11,700	KEYCORP		80,298	116,532
	8,201	KIMCO REALTY CORP.		100,158	183,702
	3,752	LEGG MASON, INC.		52,584	120,627
	4,700	LEUCADIA NATIONAL CORP.		95,768	128,921
	1,100	LIBERTY PROPERTY TRUST		23,946	43,725
	1,100	LINCOLN NATIONAL CORP.		22,715	35,871
	6,000	LOEWS CORP.		131,444	264,420
	2,000	M&T BANK CORP.		145,114	206,320
	5,123	MACERICH (THE) CO.		121,389	329,819
	200	MARKEL CORP.(b)		67,789	100,700
	5,478	MARSH & MCLENNAN COS., INC.		153,199	208,000
	3,100	MBIA, INC.(b)		25,265	31,837
	3,600	MCGRAW-HILL (THE) COS., INC.		84,305	187,488
	1,300	MERCURY GENERAL CORP.		38,018	49,309
	12,400	METLIFE, INC.		380,550	471,448
	3,200	MFA FINANCIAL, INC.		24,800	29,824
	2,200	MOODY’S CORP.		77,502	117,304
	21,600	MORGAN STANLEY		332,129	474,768
	3,900	MSCI, INC.(b)		124,722	132,327
	1,800	NASDAQ OMX GROUP (THE), INC.		45,036	58,140
	30,810	NATIONSTAR MORTGAGE HOLDINGS, INC.(b)		429,098	1,136,889
	7,649	NEW YORK COMMUNITY BANCORP, INC.		86,776	109,763
	112,990	NEWCASTLE INVESTMENT CORP.		1,104,623	1,262,098
	3,002	NORTHERN TRUST CORP.		146,375	163,789
	4,100	NYSE EURONEXT		129,355	158,424
	245,000	OLD REPUBLIC INTERNATIONAL CORP.		2,422,210	3,113,950
	2,200	PARTNERRE LTD.(c)		119,028	204,842
	4,385	PLUM CREEK TIMBER CO., INC.		105,969	228,897
	23,002	PNC FINANCIAL SERVICES GROUP, INC.		1,129,077	1,529,633
	1,600	POPULAR, INC.(b)		33,280	44,176
	6,100	PRINCIPAL FINANCIAL GROUP, INC.		140,614	207,583
	6,048	PROGRESSIVE (THE) CORP.		80,691	152,833
	10,169	PROLOGIS, INC.		257,893	406,557
	2,200	PROTECTIVE LIFE CORP.		24,849	78,760
	8,500	PRUDENTIAL FINANCIAL, INC.		257,378	501,415
	2,561	PUBLIC STORAGE		280,283	390,091
	6,972	RAYONIER, INC.		104,763	416,019
	2,700	REALTY INCOME CORP.		62,340	122,445
	3,900	REGENCY CENTERS CORP.		91,178	206,349
	15,799	REGIONS FINANCIAL CORP.		86,452	129,394
	2,900	RENAISSANCERE HOLDINGS LTD.(c)		136,230	266,771
	9,800	RETAIL PROPERTIES OF AMERICA, INC., CLASS A		90,439	145,040
	7,500	SEI INVESTMENTS CO.		108,537	216,375
	3,900	SENIOR HOUSING PROPERTIES TRUST		82,394	104,637
	400	SIGNATURE BANK(b)		29,712	31,504
	4,895	SIMON PROPERTY GROUP, INC.		361,784	776,151
	1,900	SL GREEN REALTY CORP.		58,204	163,609
	12,600	SLM CORP.		134,787	258,048
	4,400	ST. JOE (THE) CO.(b)		69,320	93,500
	6,000	STATE STREET CORP.		262,103	354,540
	6,634	SUNTRUST BANKS, INC.		92,816	191,125
	79,260	SYMETRA FINANCIAL CORP.		929,924	1,062,877
	25,600	SYNOVUS FINANCIAL CORP.		48,740	70,912
	6,349	T. ROWE PRICE GROUP, INC.		125,884	475,350

6

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Financials (Cont’d):
	2,100	TAUBMAN CENTERS, INC.	$	60,147	163,086
	12,000	TCF FINANCIAL CORP.		111,496	179,520
	2,600	TFS FINANCIAL CORP.(b)		25,038	28,158
	5,100	TORCHMARK CORP.		138,962	304,980
	10,688	TRAVELERS (THE) COS., INC.		378,568	899,823
	29,285	U.S. BANCORP		702,718	993,640
	4,100	UDR, INC.		65,319	99,179
	1,600	UNUM GROUP		33,328	45,200
	1,100	VALIDUS HOLDINGS LTD.(c)		23,556	41,107
	3,200	VALLEY NATIONAL BANCORP		29,792	32,768
	4,900	VENTAS, INC.		273,189	358,680
	800	VORNADO REALTY TRUST		39,944	66,912
	1,106	W.R. BERKLEY CORP.		29,276	49,073
	2,900	WADDELL & REED FINANCIAL, INC., CLASS A		75,336	126,962
	1,800	WASHINGTON FEDERAL, INC.		23,535	31,500
	2,100	WEINGARTEN REALTY INVESTORS		30,002	66,255
	83,345	WELLS FARGO & CO.		1,152,024	3,082,932
	262	WHITE MOUNTAINS INSURANCE GROUP LTD.		136,992	148,585
	31,441	WILLIS GROUP HOLDINGS PLC(c)		1,116,310	1,241,605
	4,900	XL GROUP PLC(c)		95,648	148,470
	3,000	ZIONS BANCORPORATION		56,955	74,970
				47,968,502	71,917,225	15.89	%
Health Care:
	22,735	ABBOTT LABORATORIES		540,691	803,000
	24,435	ABBVIE, INC.		633,011	996,459
	3,175	ACTAVIS, INC.(b)		79,361	292,449
	8,103	AETNA, INC.		108,542	414,225
	5,600	AGILENT TECHNOLOGIES, INC.		221,244	235,032
	4,200	ALERE, INC.(b)		77,812	107,226
	3,000	ALEXION PHARMACEUTICALS, INC.(b)		58,087	276,420
	5,507	ALLERGAN, INC.		201,259	614,746
	7,200	AMERISOURCEBERGEN CORP.		115,968	370,440
	16,000	AMGEN, INC.		64,848	1,640,160
	1,200	ARIAD PHARMACEUTICALS, INC.(b)		25,176	21,708
	7,900	BAXTER INTERNATIONAL, INC.		461,318	573,856
	18,515	BAYER A.G. ADR(c)(d)		1,299,729	1,917,228
	2,300	BECTON, DICKINSON AND CO.		124,947	219,903
	5,750	BIOGEN IDEC, INC.(b)		72,723	1,109,233
	900	BIOMARIN PHARMACEUTICAL, INC.(b)		45,432	56,034
	220,891	BOSTON SCIENTIFIC CORP.(b)		1,347,022	1,725,159
	27,500	BRISTOL-MYERS SQUIBB CO.		730,394	1,132,725
	1,200	C.R. BARD, INC.		72,420	120,936
	3,900	CARDINAL HEALTH, INC.		149,182	162,318
	78,900	CAREFUSION CORP.(b)		1,963,933	2,760,711
	1,900	CATAMARAN CORP.(b)		73,474	100,757
	7,036	CELGENE CORP.(b)		198,565	815,543
	1,800	CERNER CORP.(b)		40,604	170,550
	5,700	CIGNA CORP.		89,680	355,509
	3,400	COMMUNITY HEALTH SYSTEMS, INC.		58,650	161,126
	5,800	COVIDIEN PLC(c)		304,565	393,472
	1,425	DAVITA HEALTHCARE PARTNERS, INC.(b)		21,812	168,991
	3,700	DENTSPLY INTERNATIONAL, INC.		102,582	156,954
	3,800	EDWARDS LIFESCIENCES CORP.(b)		118,152	312,208
	16,300	ELI LILLY & CO.		662,468	925,677
	4,200	ENDO HEALTH SOLUTIONS, INC.(b)		110,376	129,192
	17,002	EXPRESS SCRIPTS HOLDING CO.(b)		255,105	980,165
	4,300	FOREST LABORATORIES, INC.(b)		149,131	163,572
	28,520	GILEAD SCIENCES, INC.(b)		231,726	1,395,484
	800	HCA HOLDINGS, INC.		26,448	32,504
	6,900	HEALTH MANAGEMENT ASSOCIATES, INC., CLASS A(b)		44,746	88,803
	1,300	HEALTH NET, INC.(b)		31,603	37,206
	71,650	HEALTHSOUTH CORP.(b)		1,317,807	1,889,411
	1,900	HENRY SCHEIN, INC.(b)		86,166	175,845
	85,193	HOLOGIC, INC.(b)		1,517,449	1,925,362
	48,942	HOSPIRA, INC.(b)		1,641,249	1,606,766
	14,656	HUMANA, INC.		805,003	1,012,876
	1,400	IDEXX LABORATORIES, INC.(b)		60,410	129,346
	2,300	ILLUMINA, INC.(b)		98,233	124,200

7

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Health Care (Cont’d):
	600	INTUITIVE SURGICAL, INC.(b)	$	312,638	294,714
	72,808	JOHNSON & JOHNSON		3,504,247	5,936,036
	800	LABORATORY CORP. OF AMERICA HOLDINGS(b)		18,788	72,160
	1,873	LIFE TECHNOLOGIES CORP.(b)		59,724	121,052
	5,700	MCKESSON CORP.		202,596	615,372
	900	MEDIVATION, INC.(b)		46,946	42,093
	16,900	MEDTRONIC, INC.		617,995	793,624
	50,978	MERCK & CO., INC.		1,247,062	2,254,757
	1,321	METTLER-TOLEDO INTERNATIONAL, INC.(b)		91,350	281,664
	4,600	MYLAN, INC.(b)		85,192	133,124
	21,945	NOVARTIS A.G. ADR(c)(d)		1,287,171	1,563,362
	600	ONYX PHARMACEUTICALS, INC.(b)		48,279	53,316
	1,600	PATTERSON COS., INC.		29,864	60,864
	3,400	PERKINELMER, INC.		53,706	114,376
	2,900	PERRIGO CO.		109,545	344,317
	171,218	PFIZER, INC.		1,652,118	4,941,351
	3,900	QIAGEN N.V.(b)(c)		70,824	82,212
	22,139	QUEST DIAGNOSTICS, INC.		1,178,739	1,249,747
	1,200	REGENERON PHARMACEUTICALS, INC.(b)		187,859	211,680
	4,000	RESMED, INC.		81,990	185,440
	600	SALIX PHARMACEUTICALS LTD.(b)		24,294	30,708
	900	SIRONA DENTAL SYSTEMS, INC.(b)		38,745	66,357
	4,539	ST. JUDE MEDICAL, INC.		114,088	183,557
	4,700	STRYKER CORP.		18,139	306,628
	22,645	TELEFLEX, INC.		1,222,836	1,913,729
	7,500	THERMO FISHER SCIENTIFIC, INC.		162,174	573,675
	400	UNITED THERAPEUTICS CORP.(b)		21,372	24,348
	17,202	UNITEDHEALTH GROUP, INC.		273,316	984,126
	2,036	UNIVERSAL HEALTH SERVICES, INC., CLASS B		38,822	130,039
	29,760	VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b)(c)		878,700	2,232,595
	5,000	VARIAN MEDICAL SYSTEMS, INC.(b)		184,300	360,000
	3,000	VERTEX PHARMACEUTICALS, INC.(b)		74,805	164,940
	2,600	WATERS CORP.(b)		60,997	244,166
	9,249	WELLPOINT, INC.		325,438	612,561
	18,384	ZIMMER HOLDINGS, INC.		1,018,073	1,382,845
				31,781,835	57,363,022	12.67	%
Industrials:
	10,487	3M CO.		712,326	1,114,873
	948	ACCO BRANDS CORP.(b)		3,315	6,333
	5,250	ADT (THE) CORP.		124,100	256,935
	12,072	AGCO CORP.		437,310	629,193
	75,330	AIR LEASE CORP.		1,868,329	2,208,676
	500	ALLIANT TECHSYSTEMS, INC.		24,985	36,215
	5,175	AMETEK, INC.		73,220	224,388
	700	AVERY DENNISON CORP.		25,347	30,149
	1,700	B/E AEROSPACE, INC.(b)		47,625	102,493
	2,700	BABCOCK & WILCOX (THE) CO.		35,478	76,707
	29,760	BOEING (THE) CO.		1,404,260	2,554,896
	1,500	C.H. ROBINSON WORLDWIDE, INC.		95,270	89,190
	2,200	CARLISLE COS., INC.		45,116	149,138
	11,004	CATERPILLAR, INC.		295,368	957,018
	2,500	CHICAGO BRIDGE & IRON CO. N.V.(c)		50,995	155,250
	400	CLEAN HARBORS, INC.(b)		22,008	23,236
	2,027	CON-WAY, INC.		44,529	71,371
	800	COPA HOLDINGS S.A., CLASS A(c)		32,618	95,688
	3,948	CRANE CO.		66,572	220,535
	27,900	CSX CORP.		97,923	687,177
	3,700	CUMMINS, INC.		50,756	428,497
	11,163	DANAHER CORP.		255,642	693,780
	7,300	DEERE & CO.		199,160	627,654
	10,100	DELTA AIR LINES, INC.(b)		100,965	166,751
	2,160	DONALDSON CO., INC.		61,867	78,170
	3,325	DOVER CORP.		122,574	242,326
	19,161	DUN & BRADSTREET (THE) CORP.		1,402,238	1,602,818
	8,384	EATON CORP. PLC(c)		157,701	513,520
	15,500	EMERSON ELECTRIC CO.		422,332	865,985
	200	ENGILITY HOLDINGS, INC.(b)		2,327	4,796
	195,600	EXELIS, INC.		2,224,286	2,130,084

8

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Industrials (Cont’d):
	2,300	EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.	$	82,049	82,133
	3,700	FASTENAL CO.		129,121	189,995
	6,653	FEDEX CORP.		130,734	653,325
	100	FLOWSERVE CORP.		14,470	16,771
	1,950	FLUOR CORP.		26,013	129,343
	4,300	FORTUNE BRANDS HOME & SECURITY, INC.(b)		33,889	160,949
	1,400	GATX CORP.		24,276	72,758
	2,500	GENERAL CABLE CORP.(b)		60,825	91,575
	3,900	GENERAL DYNAMICS CORP.		260,595	274,989
	326,000	GENERAL ELECTRIC CO.		5,173,136	7,537,120
	2,800	GRAFTECH INTERNATIONAL LTD.(b)		26,320	21,504
	1,600	HARSCO CORP.		28,236	39,632
	6,600	HERTZ GLOBAL HOLDINGS, INC.(b)		37,676	146,916
	11,488	HONEYWELL INTERNATIONAL, INC.		425,783	865,621
	1,200	HUBBELL, INC., CLASS B		43,310	116,532
	610	HUNTINGTON INGALLS INDUSTRIES, INC.		14,978	32,531
	2,500	IDEX CORP.		58,238	133,550
	700	IHS, INC., CLASS A(b)		30,838	73,304
	5,624	ILLINOIS TOOL WORKS, INC.		205,252	342,727
	3,700	INGERSOLL-RAND PLC(c)		153,006	203,537
	1,524	IRON MOUNTAIN, INC.		35,583	55,336
	28,800	ITT CORP.		517,715	818,784
	2,100	J.B. HUNT TRANSPORT SERVICES, INC.		40,530	156,408
	2,068	JACOBS ENGINEERING GROUP, INC.(b)		46,598	116,304
	2,438	JOY GLOBAL, INC.		118,055	145,110
	2,900	KANSAS CITY SOUTHERN		46,328	321,610
	34,606	KBR, INC.		1,049,546	1,110,160
	400	KIRBY CORP.(b)		24,760	30,720
	35,950	KNIGHT TRANSPORTATION, INC.		577,949	578,795
	1,100	L-3 COMMUNICATIONS HOLDINGS, INC.		49,763	89,012
	1,200	LANDSTAR SYSTEM, INC.		38,351	68,508
	900	LENNOX INTERNATIONAL, INC.		26,811	57,141
	1,400	LINCOLN ELECTRIC HOLDINGS, INC.		28,970	75,852
	3,900	LOCKHEED MARTIN CORP.		194,786	376,428
	4,800	MANITOWOC (THE) CO., INC.		47,568	98,688
	25,938	MANPOWER, INC.		951,412	1,471,203
	13,200	MASCO CORP.		97,548	267,300
	18,407	MASTEC, INC.(b)		261,992	536,564
	2,200	NAVISTAR INTERNATIONAL CORP.(b)		47,586	76,054
	2,000	NIELSEN HOLDINGS N.V.		61,200	71,640
	700	NORDSON CORP.		29,470	46,165
	4,760	NORFOLK SOUTHERN CORP.		99,373	366,901
	3,660	NORTHROP GRUMMAN CORP.		139,878	256,749
	6,300	OSHKOSH CORP.(b)		109,053	267,687
	1,100	OWENS CORNING(b)		22,578	43,373
	8,389	PACCAR, INC.		91,278	424,148
	2,200	PALL CORP.		55,214	150,414
	2,850	PARKER HANNIFIN CORP.		123,853	261,003
	2,519	PENTAIR LTD. (REGISTERED)(c)		73,408	132,877
	2,200	PRECISION CASTPARTS CORP.		145,807	417,164
	4,100	QUANTA SERVICES, INC.(b)		52,132	117,178
	2,800	R.R. DONNELLEY & SONS CO.		25,228	33,740
	5,700	RAYTHEON CO.		160,192	335,103
	3,100	REPUBLIC SERVICES, INC.		92,639	102,300
	800	ROBERT HALF INTERNATIONAL, INC.		26,312	30,024
	5,250	ROCKWELL AUTOMATION, INC.		73,987	453,338
	5,214	ROCKWELL COLLINS, INC.		154,727	329,108
	600	ROPER INDUSTRIES, INC.		52,898	76,386
	19,846	RYDER SYSTEM, INC.		723,228	1,185,798
	700	SNAP-ON, INC.		17,991	57,890
	117,020	SOUTHWEST AIRLINES CO.		953,913	1,577,430
	42,475	SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A(b)		930,365	806,600
	17,155	SPIRIT AIRLINES, INC.(b)		382,739	435,051
	300	SPX CORP.		11,766	23,688
	2,557	STANLEY BLACK & DECKER, INC.		72,048	207,040
	2,000	STERICYCLE, INC.(b)		95,284	212,360
	1,700	TEREX CORP.(b)		31,637	58,514
	2,000	TEXTRON, INC.		49,440	59,620

9

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Industrials (Cont’d):
	1,000	TOWERS WATSON & CO., CLASS A	$	56,220	69,320
	200	TRANSDIGM GROUP, INC.		26,368	30,584
	10,500	TYCO INTERNATIONAL LTD.(c)		190,755	336,000
	7,600	UNION PACIFIC CORP.		219,426	1,082,316
	4,828	UNITED CONTINENTAL HOLDINGS, INC.(b)		104,937	154,544
	10,940	UNITED PARCEL SERVICE, INC., CLASS B		660,661	939,746
	16,850	UNITED TECHNOLOGIES CORP.		637,288	1,574,296
	20,507	UNIVERSAL FOREST PRODUCTS, INC.		705,981	816,384
	36,163	URS CORP.		1,491,181	1,714,488
	2,000	USG CORP.(b)		12,350	52,880
	2,200	UTI WORLDWIDE, INC.		25,509	31,856
	1,000	VERISK ANALYTICS, INC., CLASS A(b)		54,385	61,630
	1,700	W.W. GRAINGER, INC.		74,317	382,466
	1,966	WABCO HOLDINGS, INC.(b)		30,197	138,780
	700	WABTEC CORP.		25,602	71,477
	1,650	WASTE CONNECTIONS, INC.		29,914	59,367
	8,650	WASTE MANAGEMENT, INC.		135,675	339,166
	57,600	XYLEM, INC.		1,826,023	1,587,456
				32,831,565	52,660,676	11.63	%
Information Technology:
	9,700	ACCENTURE PLC, CLASS A(c)		483,431	736,909
	1,100	ACME PACKET, INC.(b)		23,529	32,142
	7,800	ACTIVISION BLIZZARD, INC.		34,584	113,646
	7,524	ADOBE SYSTEMS, INC.(b)		128,931	327,369
	3,300	AKAMAI TECHNOLOGIES, INC.(b)		45,920	116,457
	1,600	ALLIANCE DATA SYSTEMS CORP.(b)		75,650	259,024
	5,000	ALTERA CORP.		94,155	177,350
	1,600	AMDOCS LTD.		55,736	58,000
	1,200	AMPHENOL CORP., CLASS A		76,532	89,580
	8,600	ANALOG DEVICES, INC.		120,368	399,814
	1,300	ANSYS, INC.(b)		34,888	105,846
	7,800	AOL, INC.(b)		103,038	300,222
	15,800	APPLE, INC.		932,402	6,993,554
	12,100	APPLIED MATERIALS, INC.		130,014	163,108
	700	ARROW ELECTRONICS, INC.(b)		18,814	28,434
	139,250	ATMEL CORP.(b)		1,236,223	969,180
	51,711	ATMI, INC.(b)		997,015	1,159,878
	3,186	AUTODESK, INC.(b)		84,239	131,391
	6,866	AUTOMATIC DATA PROCESSING, INC.		295,983	446,427
	1,500	AVAGO TECHNOLOGIES LTD.(c)		50,833	53,880
	17,467	AVNET, INC.(b)		563,918	632,305
	2,300	AVX CORP.		24,817	27,370
	31,826	BENCHMARK ELECTRONICS, INC.(b)		511,794	573,505
	4,550	BMC SOFTWARE, INC.(b)		89,322	210,802
	9,791	BROADCOM CORP., CLASS A		155,428	339,454
	2,180	BROADRIDGE FINANCIAL SOLUTIONS, INC.		33,318	54,151
	4,500	BROCADE COMMUNICATIONS SYSTEMS, INC.(b)		24,705	25,965
	5,300	CA, INC.		122,856	133,401
	4,200	CADENCE DESIGN SYSTEMS, INC.(b)		24,003	58,506
	168,828	CISCO SYSTEMS, INC.		1,400,676	3,530,193
	4,234	CITRIX SYSTEMS, INC.(b)		47,866	305,525
	6,300	COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A(b)		95,625	482,643
	1,500	COMPUTER SCIENCES CORP.		62,082	73,845
	132,230	COMPUWARE CORP.(b)		1,249,466	1,652,875
	400	CONCUR TECHNOLOGIES, INC.(b)		27,272	27,464
	6,700	CORELOGIC, INC.(b)		76,313	173,262
	23,200	CORNING, INC.		181,284	309,256
	2,700	CYPRESS SEMICONDUCTOR CORP.(b)		6,528	29,781
	16,000	DELL, INC.		221,353	229,280
	2,000	DOLBY LABORATORIES, INC., CLASS A		43,420	67,120
	19,200	EBAY, INC.(b)		561,530	1,041,024
	2,140	ECHOSTAR CORP., CLASS A(b)		36,471	83,396
	8,900	ELECTRONIC ARTS, INC.(b)		125,795	157,530
	34,310	EMC CORP.(b)		233,560	819,666
	900	EQUINIX, INC.(b)		69,755	194,679
	1,300	F5 NETWORKS, INC.(b)		30,063	115,804
	7,400	FACEBOOK, INC., CLASS A(b)		174,204	189,292

10

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Information Technology (Cont’d):
	7,802	FIDELITY NATIONAL INFORMATION SERVICES, INC.	$	135,427	309,115
	3,950	FISERV, INC.(b)		108,063	346,928
	2,100	FLIR SYSTEMS, INC.		49,313	54,621
	1,300	FORTINET, INC.(b)		24,791	30,784
	3,100	FREESCALE SEMICONDUCTOR LTD.(b)		34,162	46,159
	2,800	FUSION-IO, INC.(b)		64,232	45,836
	2,100	GENPACT LTD.		33,894	38,199
	1,000	GLOBAL PAYMENTS, INC.		33,115	49,660
	6,776	GOOGLE, INC., CLASS A(b)		2,918,987	5,380,347
	2,800	HARRIS CORP.		37,337	129,752
	26,500	HEWLETT-PACKARD CO.		457,975	631,760
	1,800	INFORMATICA CORP.(b)		54,045	62,046
	5,200	INGRAM MICRO, INC., CLASS A(b)		68,614	102,336
	143,381	INTEL CORP.		1,271,976	3,132,875
	1,000	INTERACTIVECORP		46,100	44,680
	18,346	INTERNATIONAL BUSINESS MACHINES CORP.		1,525,392	3,913,202
	5,000	INTUIT, INC.		103,285	328,250
	1,900	ITRON, INC.(b)		65,968	88,160
	900	JABIL CIRCUIT, INC.		14,428	16,632
	8,567	JUNIPER NETWORKS, INC.(b)		147,336	158,832
	2,600	KLA-TENCOR CORP.		86,094	137,124
	4,800	LAM RESEARCH CORP.(b)		123,706	199,008
	3,700	LENDER PROCESSING SERVICES, INC.		55,722	94,202
	2,000	LEXMARK INTERNATIONAL, INC., CLASS A		30,530	52,800
	5,400	LINEAR TECHNOLOGY CORP.		119,475	207,198
	700	LINKEDIN CORP., CLASS A(b)		65,041	123,242
	23,700	LSI CORP.(b)		99,658	160,686
	14,800	MARVELL TECHNOLOGY GROUP LTD.(c)		94,528	156,584
	1,700	MASTERCARD, INC., CLASS A		182,282	919,921
	4,400	MAXIM INTEGRATED PRODUCTS, INC.		76,114	143,660
	4,200	MICROCHIP TECHNOLOGY, INC.		61,036	154,392
	15,300	MICRON TECHNOLOGY, INC.(b)		68,620	152,694
	1,000	MICROS SYSTEMS, INC.(b)		26,215	45,510
	130,150	MICROSOFT CORP.		702,435	3,723,592
	56,428	MOTOROLA SOLUTIONS, INC.		2,240,348	3,613,085
	900	NATIONAL INSTRUMENTS CORP.		24,354	29,475
	5,700	NETAPP, INC.(b)		144,148	194,712
	4,800	NEUSTAR, INC., CLASS A(b)		79,848	223,344
	4,800	NUANCE COMMUNICATIONS, INC.(b)		63,624	96,864
	8,900	NVIDIA CORP.		60,716	114,098
	116,392	ORACLE CORP.		1,579,274	3,764,117
	3,666	PAYCHEX, INC.		10,315	128,567
	28,900	QUALCOMM, INC.		986,487	1,934,855
	1,500	RACKSPACE HOSTING, INC.(b)		92,617	75,720
	4,200	RED HAT, INC.(b)		61,669	212,352
	246,269	RF MICRO DEVICES, INC.(b)		1,295,114	1,310,151
	2,700	RIVERBED TECHNOLOGY, INC.(b)		53,271	40,257
	214,000	SAIC, INC.		2,373,546	2,899,700
	2,100	SALESFORCE.COM, INC.(b)		120,892	375,543
	5,300	SANDISK CORP.(b)		51,148	291,500
	5,500	SEAGATE TECHNOLOGY PLC(c)		51,728	201,080
	400	SOLERA HOLDINGS, INC.		21,484	23,332
	15,519	SYMANTEC CORP.(b)		88,098	383,009
	1,500	SYNOPSYS, INC.(b)		24,907	53,820
	35,245	TE CONNECTIVITY LTD.(c)		1,189,977	1,477,823
	4,500	TERADATA CORP.(b)		73,317	263,295
	4,400	TERADYNE, INC.(b)		40,150	71,368
	17,400	TEXAS INSTRUMENTS, INC.		280,527	617,352
	1,100	TIBCO SOFTWARE, INC.(b)		24,189	22,242
	2,700	TOTAL SYSTEM SERVICES, INC.		60,453	66,906
	5,000	TRIMBLE NAVIGATION LTD.(b)		38,162	149,800
	1,700	VERIFONE SYSTEMS, INC.(b)		49,888	35,156
	900	VERISIGN, INC.(b)		40,779	42,552
	8,700	VISA, INC., CLASS A		729,311	1,477,608
	7,800	VISHAY INTERTECHNOLOGY, INC.(b)		48,931	106,158
	557	VISHAY PRECISION GROUP, INC.(b)		5,692	8,182
	1,500	VMWARE, INC., CLASS A(b)		47,285	118,320
	5,900	WESTERN DIGITAL CORP.		91,433	296,652

11

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Information Technology (Cont’d):
	11,800	WESTERN UNION (THE) CO.	$	154,477	177,472
	500	WORKDAY, INC., CLASS A(b)		27,255	30,815
	92,802	XEROX CORP.		630,591	798,097
	6,750	XILINX, INC.		47,180	257,648
	20,640	YAHOO!, INC.(b)		228,331	485,659
	26,400	ZYNGA, INC., CLASS A(b)		62,832	88,704
				33,495,953	67,938,482	15.01	%
Materials:
	3,175	AIR PRODUCTS & CHEMICALS, INC.		158,901	276,606
	400	AIRGAS, INC.		16,882	39,664
	1,300	ALBEMARLE CORP.		29,152	81,276
	8,800	ALCOA, INC.		79,932	74,976
	3,600	ALLEGHENY TECHNOLOGIES, INC.		100,332	114,156
	800	APTARGROUP, INC.		27,324	45,880
	1,600	ASHLAND, INC.		47,358	118,880
	176,990	AURICO GOLD, INC.(c)		1,185,551	1,115,062
	3,064	BALL CORP.		11,968	145,785
	3,000	BEMIS CO., INC.		66,889	121,080
	1,600	CELANESE CORP., SERIES A		70,510	70,480
	1,100	CF INDUSTRIES HOLDINGS, INC.		97,135	209,407
	3,400	CLIFFS NATURAL RESOURCES, INC.		108,332	64,634
	500	COMPASS MINERALS INTERNATIONAL, INC.		27,452	39,450
	42,780	CROWN HOLDINGS, INC.(b)		1,312,976	1,780,076
	700	CYTEC INDUSTRIES, INC.		25,564	51,856
	1,000	DOMTAR CORP.(c)		52,480	77,620
	19,000	DOW CHEMICAL (THE) CO.		485,497	604,960
	15,225	E.I. DU PONT DE NEMOURS & CO.		485,530	748,461
	438	EAGLE MATERIALS, INC.		1,727	29,184
	3,000	EASTMAN CHEMICAL CO.		58,011	209,610
	3,991	ECOLAB, INC.		137,417	319,998
	400	FMC CORP.		24,644	22,812
	82,496	FREEPORT-MCMORAN COPPER & GOLD, INC.		2,415,523	2,730,618
	900	GREIF, INC., CLASS A		27,103	48,258
	3,683	INTERNATIONAL FLAVORS & FRAGRANCES, INC.		79,231	282,376
	9,431	INTERNATIONAL PAPER CO.		117,152	439,296
	1,200	INTREPID POTASH, INC.		25,560	22,512
	4,500	LYONDELLBASELL INDUSTRIES N.V., CLASS A(c)		155,745	284,805
	700	MARTIN MARIETTA MATERIALS, INC.		27,965	71,414
	2,875	MEADWESTVACO CORP.		27,016	104,362
	10,115	MONSANTO CO.		47,604	1,068,447
	23,549	MOSAIC (THE) CO.		1,185,259	1,403,756
	87,400	NEWMONT MINING CORP.		4,194,036	3,661,186
	5,844	NUCOR CORP.		99,313	269,701
	59,640	OWENS-ILLINOIS, INC.(b)		1,494,166	1,589,406
	2,100	PACKAGING CORP. OF AMERICA		30,902	94,227
	3,986	PPG INDUSTRIES, INC.		180,558	533,885
	6,450	PRAXAIR, INC.		258,706	719,433
	2,200	RELIANCE STEEL & ALUMINUM CO.		61,215	156,574
	400	ROCK TENN CO., CLASS A		29,220	37,116
	1,500	ROYAL GOLD, INC.		82,762	106,545
	6,500	RPM INTERNATIONAL, INC.		72,503	205,270
	37,759	RTI INTERNATIONAL METALS, INC.(b)		883,650	1,196,583
	118,400	SEALED AIR CORP.		2,332,433	2,854,624
	1,585	SHERWIN-WILLIAMS (THE) CO.		72,398	267,691
	600	SIGMA-ALDRICH CORP.		45,636	46,608
	3,600	SONOCO PRODUCTS CO.		74,519	125,964
	3,234	SOUTHERN COPPER CORP.		38,445	121,501
	8,700	STEEL DYNAMICS, INC.		95,178	138,069
	1,273	SUNCOKE ENERGY, INC.(b)		8,474	20,788
	1,600	UNITED STATES STEEL CORP.		30,208	31,200
	3,200	VALSPAR CORP.		68,240	199,200
	2,100	VULCAN MATERIALS CO.		63,441	108,570
	1,800	WALTER ENERGY, INC.		42,609	51,300
				18,978,334	25,353,198	5.60	%
Telecommunication Services:
	97,390	AT&T, INC.		2,413,128	3,573,239

12

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
March 31, 2013

Shares			Security	Cost		Fair value (a)	Percent of net assets
Telecommunication Services (Cont’d):
	13,013		CENTURYLINK, INC.	$	507,915	457,147
	8,600		CLEARWIRE CORP., CLASS A(b)		24,940	27,864
	4,600		CROWN CASTLE INTERNATIONAL CORP.(b)		194,396	320,344
	5,100		LEVEL 3 COMMUNICATIONS, INC.(b)		115,002	103,479
	5,400		METROPCS COMMUNICATIONS, INC.(b)		49,902	58,860
	11,400		NII HOLDINGS, INC.(b)		83,027	49,362
	500		SBA COMMUNICATIONS CORP., CLASS A(b)		34,910	36,010
	41,800		SPRINT NEXTEL CORP.(b)		123,442	259,578
	5,435		TELEPHONE & DATA SYSTEMS, INC.		109,150	114,515
	2,300		TW TELECOM, INC.(b)		58,604	57,937
	3,600		UNITED STATES CELLULAR CORP.(b)		126,895	129,600
	45,383		VERIZON COMMUNICATIONS, INC.		1,580,875	2,230,574
	23,618		WINDSTREAM CORP.		200,625	187,763
					5,622,811	7,606,272	1.68	%
Utilities:
	9,100		AES CORP.		99,645	114,387
	4,500		AGL RESOURCES, INC.		135,198	188,775
	1,000		ALLIANT ENERGY CORP.		24,835	50,180
	4,000		AMEREN CORP.		114,624	140,080
	9,200		AMERICAN ELECTRIC POWER CO., INC.		289,948	447,396
	45,310		AMERICAN WATER WORKS CO., INC.		1,186,470	1,877,646
	1,388		AQUA AMERICA, INC.		22,973	43,639
	8,600		CALPINE CORP.(b)		57,319	177,160
	5,800		CENTERPOINT ENERGY, INC.		66,308	138,968
	10,200		CMS ENERGY CORP.		144,342	284,988
	4,589		CONSOLIDATED EDISON, INC.		184,849	280,067
	9,762		DOMINION RESOURCES, INC.		334,591	567,953
	2,300		DTE ENERGY CO.		84,036	157,182
	11,251		DUKE ENERGY CORP.		423,130	816,710
	8,525		EDISON INTERNATIONAL		182,117	428,978
	3,064		ENTERGY CORP.		60,101	193,767
	17,924		EXELON CORP.		587,983	618,020
	4,700		FIRSTENERGY CORP.		189,521	198,340
	2,800		GREAT PLAINS ENERGY, INC.		43,498	64,932
	3,500		ITC HOLDINGS CORP.		154,844	312,410
	821		MDU RESOURCES GROUP, INC.		18,618	20,517
	1,500		NATIONAL FUEL GAS CO.		38,322	92,025
	6,700		NEXTERA ENERGY, INC.		347,944	520,456
	6,900		NISOURCE, INC.		111,901	202,446
	4,961		NORTHEAST UTILITIES		125,492	215,605
	9,383		NRG ENERGY, INC.		149,215	248,556
	6,200		NV ENERGY, INC.		76,954	124,186
	2,400		OGE ENERGY CORP.		43,344	167,952
	2,000		ONEOK, INC.		31,518	95,340
	5,900		PG&E CORP.		79,340	262,727
	2,400		PINNACLE WEST CAPITAL CORP.		71,637	138,936
	9,000		PPL CORP.		245,589	281,790
	7,800		PUBLIC SERVICE ENTERPRISE GROUP, INC.		236,574	267,852
	73,285		QUESTAR CORP.		1,256,836	1,783,024
	4,800		SCANA CORP.		166,536	245,568
	3,300		SEMPRA ENERGY		170,451	263,802
	13,700		SOUTHERN (THE) CO.		366,351	642,804
	7,600		TECO ENERGY, INC.		90,842	135,432
	3,100		UGI CORP.		51,203	119,009
	1,400		WESTAR ENERGY, INC.		25,767	46,452
	4,820		WISCONSIN ENERGY CORP.		46,469	206,730
	4,825		XCEL ENERGY, INC.		43,342	143,302
					8,180,577	13,326,089	2.94	%
		Sub-total Common Stocks:			257,434,233	439,971,919	97.20	%
Master Limited Partnerships:
	Energy:
	27,570		ENTERPRISE PRODUCTS PARTNERS L.P.		1,184,195	1,662,195
	45,215		MAGELLAN MIDSTREAM PARTNERS L.P.		1,276,518	2,415,838
					2,460,713	4,078,033	0.90	%
		Sub-total Master Limited Partnerships:			2,460,713	4,078,033	0.90	%

13

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
March 31, 2013

Shares			Security	Cost		Fair value (a)	Percent of net assets
Rights:
	Health Care:
	700		SANOFI - CVR(b)(c)	$	-	1,246
		Sub-total Rights:			-	1,246	0.00	%
Short-Term Investments:
	8,216,633		NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(e)		8,216,633	8,216,633
		Sub-total Short-Term Investments:			8,216,633	8,216,633	1.82	%
			Grand total(f)	$	268,111,579	452,267,831	99.92	%

Notes to Schedule of Investments:

(a)	Investments in U.S. and foreign securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market in which such securities are traded. Foreign security values are stated in U.S. dollars.
(b)	Currently non-income producing assets.
(c)	Foreign security values are stated in U.S. dollars. As of March 31, 2013, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 6.48% of net assets.
(d)	Securities are American Depositary Receipts of companies based outside of the United States representing 1.97% of net assets.
(e)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2012, the value of the Clearwater Core Equity Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $26,364,287 with net sales of approximately $18,147,654 during the three months ended March 31, 2013.
(f)	At March 31, 2013, the cost for Federal income tax purposes was $268,348,068. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows:

Gross unrealized appreciation	$	186,610,985
Gross unrealized depreciation		(2,691,222	)
Net unrealized appreciation	$	183,919,763

14

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
March 31, 2013

Fair value is an estimate of the price the Core Equity Fund 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 Core Equity Fund’s investments, as described below. These inputs are summarized in the three broad levels listed below.

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other significant observable inputs including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc. or quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data are also considered 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.

Level 3 - Valuations based on unobservable inputs, which may include the Clearwater Management Company’s (the “Adviser’s”) own assumptions in determining the fair value of an investment.

Investments in U.S. and foreign equity securities, master limited partnerships and rights are valued at the last sales price or the regular trading session closing price on the principal exchange or market in which such securities are traded, with foreign security values stated in U.S. dollars. Security transactions are accounted for as of trade date. Wherever possible, the Core Equity Fund uses independent pricing services approved by the Board of Trustees to value its investments. When prices are not readily available (including those for which trading has been suspended), are determined not to reflect fair value, or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, the Core Equity Fund may value these securities at fair value as determined in good faith using procedures established by the Board of Trustees.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used in valuing the Core Equity Fund’s investments, which are carried at fair value, as of March 31, 2013.

	Level 1		Level 2		Level 3		Total
Common Stocks	$	439,971,919	$	—	$	—	$	439,971,919
Master Limited Partnerships		4,078,033		—		—		4,078,033
Rights		1,246		—		—		1,246
Short-Term Investments		8,216,633		—		—		8,216,633
Total	$	452,267,831	$	—	$	—	$	452,267,831

For the Core Equity Fund, 100% of the investment value is comprised of equity securities, master limited partnerships, rights and short-term investments. See the Core Equity Fund’s Schedule of Investments for industry classification.

The Core Equity Fund records all transfers between levels based on valuations at the end of each reporting period. At March 31, 2013, there were no transfers between any of the Level 1, Level 2 or Level 3 classifications based on levels assigned to the securities on December 31, 2012. 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.

15

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Core Equity Fund (unaudited)
March 31, 2013

16

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Common Stocks:
	Consumer Discretionary:
	47,052	1-800-FLOWERS.COM, INC., CLASS A(b)	$	181,723	233,848
	17,000	AMC NETWORKS, INC., CLASS A(b)		755,419	1,074,060
	1,285	AMERICA’S CAR-MART, INC.(b)		53,253	60,061
	46,335	ARCTIC CAT, INC.(b)		1,893,991	2,024,840
	43,176	BELO CORP., CLASS A		275,334	424,420
	46,473	BLACK DIAMOND, INC.(b)		326,223	423,369
	15,791	BRAVO BRIO RESTAURANT GROUP, INC.(b)		252,542	249,972
	10,477	CALLAWAY GOLF CO.		69,598	69,358
	35,144	CENTURY CASINOS, INC.(b)		67,511	100,512
	37,902	COOPER TIRE & RUBBER CO.		465,011	972,565
	5,355	CORE-MARK HOLDING CO., INC.		214,078	274,765
	162,000	DENNY’S CORP.(b)		628,669	934,740
	5,240	DESTINATION MATERNITY CORP.		123,613	122,616
	25,039	DGSE COS., INC.(b)		64,315	141,470
	12,270	E.W. SCRIPPS (THE) CO., CLASS A(b)		119,802	147,608
	116,950	EXPRESS, INC.(b)		1,974,843	2,082,880
	17,955	GAIAM, INC., CLASS A(b)		63,279	75,411
	16,012	GENESCO, INC.(b)		884,660	962,161
	76,467	GENTHERM, INC.(b)		1,099,905	1,252,530
	264,575	HANCOCK FABRICS, INC.(b)		357,610	161,391
	28,500	HANESBRANDS, INC.(b)		652,515	1,298,460
	100,539	ICONIX BRAND GROUP, INC.(b)		1,241,959	2,600,944
	54,479	JAMBA, INC.(b)		133,791	155,265
	21,979	JOE’S JEANS, INC.(b)		25,241	37,364
	8,733	JTH HOLDING, INC., CLASS A(b)		136,476	137,894
	21,500	LAMAR ADVERTISING CO., CLASS A(b)		818,073	1,045,115
	22,171	LEAPFROG ENTERPRISES, INC.(b)		178,294	189,784
	22,000	MADISON SQUARE GARDEN (THE) CO., CLASS A(b)		408,574	1,267,200
	111,074	MAIDENFORM BRANDS, INC.(b)		2,602,911	1,947,127
	30,000	MARRIOTT VACATIONS WORLDWIDE CORP.(b)		688,452	1,287,300
	68,651	OUTDOOR CHANNEL HOLDINGS, INC.		417,088	612,367
	37,000	PENSKE AUTOMOTIVE GROUP, INC.		723,337	1,234,320
	94,250	PIER 1 IMPORTS, INC.		1,146,227	2,167,750
	34,674	PINNACLE ENTERTAINMENT, INC.(b)		354,005	506,934
	26,375	PREMIER EXHIBITIONS, INC.(b)		74,277	70,158
	9,869	RED ROBIN GOURMET BURGERS, INC.(b)		298,412	450,026
	59,648	RENT-A-CENTER, INC.		2,006,913	2,203,397
	31,364	ROCKY BRANDS, INC.(b)		263,458	426,864
	34,246	RUBY TUESDAY, INC.(b)		244,353	252,393
	99,434	RUE21, INC.(b)		2,842,978	2,922,365
	25,000	RYLAND GROUP (THE), INC.		712,145	1,040,500
	43,000	SALLY BEAUTY HOLDINGS, INC.(b)		366,257	1,263,340
	89,890	SELECT COMFORT CORP.(b)		2,594,577	1,777,125
	6,377	SHILOH INDUSTRIES, INC.		64,386	68,680
	14,816	SHOE CARNIVAL, INC.		301,397	302,839
	45,000	STARZ - LIBERTY CAPITAL(b)		840,237	996,750
	41,859	STEINWAY MUSICAL INSTRUMENTS, INC.(b)		998,395	1,005,453
	6,557	SUMMER INFANT, INC.(b)		12,084	17,179
	27,337	TANDY LEATHER FACTORY, INC.(b)		133,897	194,093
	26,924	TEMPUR-PEDIC INTERNATIONAL, INC.(b)		790,429	1,336,238
	23,908	TRUE RELIGION APPAREL, INC.		586,236	624,238
	15,500	VAIL RESORTS, INC.		580,317	965,960
	96,908	WMS INDUSTRIES, INC.(b)		1,868,449	2,443,051
	69,946	WOLVERINE WORLD WIDE, INC.		2,143,015	3,103,504
	19,000	WYNDHAM WORLDWIDE CORP.		425,309	1,225,120
	10,773	ZAGG, INC.(b)		80,196	78,427
				37,626,039	49,044,101	15.33	%
Consumer Staples:
	174,575	COTT CORP.(c)		1,426,442	1,766,699
	46,496	DARLING INTERNATIONAL, INC.(b)		658,671	835,068
	8,237	DIAMOND FOODS, INC.(b)		117,512	138,876
	32,841	ELIZABETH ARDEN, INC.(b)		1,252,191	1,321,850
	40,500	FLOWERS FOODS, INC.		511,723	1,334,070
	28,000	HILLSHIRE BRANDS CO.		758,043	984,200
	70,396	INTER PARFUMS, INC.		1,152,567	1,719,774
	45,730	MEDIFAST, INC.(b)		717,872	1,048,132
	28,062	OMEGA PROTEIN CORP.(b)		203,610	301,667

17

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Consumer Staples (Cont’d):
	33,242	PANTRY (THE), INC.(b)	$	447,940	414,528
	54,863	S&W SEED CO.(b)		326,739	576,610
	9,230	SENECA FOODS CORP., CLASS A(b)		205,710	304,775
	40,000	SNYDERS-LANCE, INC.		898,946	1,010,400
	49,182	SPECTRUM BRANDS HOLDINGS, INC.		1,352,069	2,783,209
				10,030,035	14,539,858	4.54	%
Energy:
	63,329	BILL BARRETT CORP.(b)		1,656,720	1,283,679
	37,000	BONANZA CREEK ENERGY, INC.(b)		1,137,821	1,430,790
	78,444	CARRIZO OIL & GAS, INC.(b)		2,220,713	2,021,502
	24,239	DAKOTA PLAINS HOLDINGS, INC.(b)		95,980	94,532
	11,000	DRIL-QUIP, INC.(b)		534,766	958,870
	67,180	FORBES ENERGY SERVICES LTD.(b)		265,870	247,222
	28,000	GULFPORT ENERGY CORP.(b)		816,373	1,283,240
	37,500	HELIX ENERGY SOLUTIONS GROUP, INC.(b)		749,112	858,000
	301,476	HERCULES OFFSHORE, INC.(b)		1,576,691	2,236,952
	32,650	HORNBECK OFFSHORE SERVICES, INC.(b)		1,176,838	1,516,919
	134,413	KEY ENERGY SERVICES, INC.(b)		1,808,533	1,086,057
	32,000	OASIS PETROLEUM, INC.(b)		564,228	1,218,240
	27,438	ROSETTA RESOURCES, INC.(b)		1,297,812	1,305,500
	38,500	SANCHEZ ENERGY CORP.(b)		878,506	766,920
	54,303	STEEL EXCEL, INC.(b)		1,564,606	1,473,783
	64,239	SUPERIOR ENERGY SERVICES, INC.(b)		1,517,350	1,668,287
				17,861,919	19,450,493	6.08	%
Financials:
	26,648	AGREE REALTY CORP.		616,152	802,105
	48,895	AMERICAN EQUITY INVESTMENT LIFE HOLDING CO.		653,724	728,047
	12,277	AMERICAN NATIONAL BANKSHARES, INC.		248,426	264,692
	3,151	AMERICAN SAFETY INSURANCE HOLDINGS LTD.(b)(c)		67,701	78,649
	13,730	AMREIT, INC., CLASS B		236,556	267,186
	45,459	AMTRUST FINANCIAL SERVICES, INC.		718,375	1,575,154
	27,000	ARTHUR J. GALLAGHER & CO.		562,570	1,115,370
	9,967	ASHFORD HOSPITALITY TRUST, INC.		69,084	123,192
	29,354	ASPEN INSURANCE HOLDINGS LTD.(c)		702,903	1,132,477
	50,000	ASSOCIATED BANC-CORP		666,059	759,500
	25,508	ASSOCIATED ESTATES REALTY CORP.		368,487	475,469
	30,536	BERKSHIRE HILLS BANCORP, INC.		692,865	779,889
	35,188	BNC BANCORP		301,300	352,584
	34,559	BROOKLINE BANCORP, INC.		291,739	315,869
	219,724	CAMPUS CREST COMMUNITIES, INC.		2,430,963	3,054,164
	17,531	CAPE BANCORP, INC.		162,251	160,584
	66,792	CAPLEASE, INC.		115,657	425,465
	35,000	CBOE HOLDINGS, INC.		848,345	1,292,900
	1,735	CENTURY BANCORP, INC., CLASS A		54,608	58,834
	82,993	CHESAPEAKE LODGING TRUST		1,411,292	1,903,859
	10,749	CHEVIOT FINANCIAL CORP.		110,507	121,356
	1,832	CHICOPEE BANCORP, INC.		29,881	30,778
	12,836	CLIFTON SAVINGS BANCORP, INC.		142,143	159,937
	9,614	COLONY FINANCIAL, INC.		172,065	213,431
	13,409	COMMUNITY TRUST BANCORP, INC.		441,425	456,308
	50,075	CORPORATE OFFICE PROPERTIES TRUST		1,106,166	1,336,001
	22,000	CORRECTIONS CORP. OF AMERICA		666,092	859,540
	11,465	EMC INSURANCE GROUP, INC.		246,331	301,873
	16,668	EXCEL TRUST, INC.		195,480	227,518
	22,669	FINANCIAL INSTITUTIONS, INC.		389,399	452,473
	49,000	FIRST AMERICAN FINANCIAL CORP.		686,144	1,252,930
	30,553	FIRST COMMUNITY BANCSHARES, INC.		486,570	484,265
	18,833	FIRST FINANCIAL CORP.		562,248	593,051
	136,982	FIRSTMERIT CORP.		2,018,086	2,264,313
	5,502	FLUSHING FINANCIAL CORP.		90,935	93,204
	50,000	FORESTAR GROUP, INC.(b)		940,728	1,093,000
	15,573	FRANKLIN FINANCIAL CORP.		217,750	284,207
	16,740	GETTY REALTY CORP.		263,068	338,315
	34,617	GLADSTONE CAPITAL CORP.		265,157	318,476
	15,147	GOLUB CAPITAL BDC, INC.		228,484	250,077
	1,109	HAMPDEN BANCORP, INC.		17,609	17,090

18

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Financials (Cont’d):
	9,929	HENNESSY ADVISORS, INC.	$	29,849	76,453
	16,070	HERITAGE FINANCIAL CORP.		201,226	233,015
	26,207	HERITAGE FINANCIAL GROUP, INC.		366,630	379,477
	48,080	HOME FEDERAL BANCORP, INC.		611,641	615,424
	16,540	HOME PROPERTIES, INC.		905,602	1,048,967
	27,872	HORACE MANN EDUCATORS CORP.		356,450	581,131
	19,500	IBERIABANK CORP.		928,547	975,390
	93,855	INVESTORS BANCORP, INC.		1,370,861	1,762,597
	35,719	INVESTORS CAPITAL HOLDINGS LTD.(b)		151,806	133,946
	909	KANSAS CITY LIFE INSURANCE CO.		35,297	35,569
	48,699	KITE REALTY GROUP TRUST		208,256	328,231
	17,620	LAPORTE BANCORP, INC.		154,704	179,724
	60,000	MANNING & NAPIER, INC.		754,331	992,400
	120,941	MEDICAL PROPERTIES TRUST, INC.		1,195,672	1,939,894
	17,188	MEDLEY CAPITAL CORP.		234,727	272,430
	14,910	MERIDIAN INTERSTATE BANCORP, INC.(b)		227,983	279,563
	6,600	MIDSOUTH BANCORP, INC.		97,614	107,316
	47,031	NATIONAL FINANCIAL PARTNERS CORP.(b)		712,796	1,054,905
	48,381	NATIONAL RETAIL PROPERTIES, INC.		807,125	1,749,941
	126,505	NEW MOUNTAIN FINANCE CORP.		1,810,285	1,849,503
	86,731	NGP CAPITAL RESOURCES CO.		643,718	616,657
	193,382	NORTHWEST BANCSHARES, INC.		2,095,350	2,454,018
	664	OLD LINE BANCSHARES, INC.		7,783	8,247
	4,335	OMNIAMERICAN BANCORP, INC.(b)		104,213	109,589
	80,162	ORITANI FINANCIAL CORP.		1,019,287	1,241,709
	18,917	PACIFIC CONTINENTAL CORP.		173,771	211,303
	49,731	PACWEST BANCORP		1,159,423	1,447,669
	13,111	PARK STERLING CORP.(b)		80,326	73,946
	33,319	PENNANTPARK INVESTMENT CORP.		352,463	376,172
	1,247	PEOPLES BANCORP, INC.		24,991	27,920
	28,449	PLATINUM UNDERWRITERS HOLDINGS LTD.(c)		866,632	1,587,739
	30,477	POST PROPERTIES, INC.		1,495,297	1,435,467
	32,675	PREFERRED APARTMENT COMMUNITIES, INC., CLASS A		209,742	312,046
	22,076	RENASANT CORP.		355,767	494,061
	67,740	RETAIL OPPORTUNITY INVESTMENTS CORP.		860,784	949,037
	111,663	ROCKVILLE FINANCIAL, INC.		1,176,110	1,447,153
	31,990	RYMAN HOSPITALITY PROPERTIES		791,493	1,463,543
	38,000	SABRA HEALTH CARE REIT, INC.		674,953	1,102,380
	14,195	SANDY SPRING BANCORP, INC.		254,929	285,320
	13,149	SCBT FINANCIAL CORP.		491,992	662,710
	26,664	SI FINANCIAL GROUP, INC.		261,875	322,368
	26,907	SIMMONS FIRST NATIONAL CORP., CLASS A		673,089	681,285
	12,142	SIMPLICITY BANCORP, INC.		133,682	182,494
	31,690	SOUTHSIDE BANCSHARES, INC.		649,405	665,807
	50,000	SPIRIT REALTY CAPITAL, INC.		803,435	950,000
	33,701	STANCORP FINANCIAL GROUP, INC.		1,049,377	1,441,055
	28,682	STATE BANK FINANCIAL CORP.		453,149	469,524
	25,800	STELLARONE CORP.		341,581	416,670
	159,127	SUSQUEHANNA BANCSHARES, INC.		1,185,069	1,977,949
	435,198	SYNOVUS FINANCIAL CORP.		927,548	1,205,499
	3,223	TCP CAPITAL CORP.		47,213	51,439
	36,500	TERRITORIAL BANCORP, INC.		585,519	867,970
	16,845	THL CREDIT, INC.		230,068	252,338
	16,700	UMB FINANCIAL CORP.		798,033	819,469
	101,949	UMPQUA HOLDINGS CORP.		1,126,272	1,351,844
	26,029	UNIVEST CORP. OF PENNSYLVANIA		432,085	453,425
	14,950	URSTADT BIDDLE PROPERTIES, INC., CLASS A		249,409	325,312
	52,500	VIEWPOINT FINANCIAL GROUP, INC.		669,191	1,055,775
	89,619	WALKER & DUNLOP, INC.(b)		1,247,378	1,610,453
	23,000	WALTER INVESTMENT MANAGEMENT CORP.(b)		305,985	856,750
	30,510	WASHINGTON BANKING CO.		423,492	425,309
	30,041	WESTFIELD FINANCIAL, INC.		221,062	233,719
	25,000	WINTRUST FINANCIAL CORP.		855,525	926,000
				58,165,193	75,259,148	23.52	%
Health Care:
	128,704	ACCRETIVE HEALTH, INC.(b)		1,581,346	1,307,633
	18,346	ADDUS HOMECARE CORP.(b)		111,149	241,984
	69,947	ALEXZA PHARMACEUTICALS, INC.(b)		323,478	309,166

19

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Health Care (Cont’d):
	30,969	ANALOGIC CORP.	$	2,256,499	2,447,170
	14,179	ANGIODYNAMICS, INC.(b)		171,444	162,066
	71,031	BIODELIVERY SCIENCES INTERNATIONAL, INC.(b)		351,577	299,041
	1,783	BIO-REFERENCE LABS, INC.(b)		46,008	46,322
	76,512	CAMBREX CORP.(b)		758,953	978,589
	33,226	CENTENE CORP.(b)		1,341,123	1,463,273
	20,102	CONCEPTUS, INC.(b)		350,233	485,463
	17,247	CRYOLIFE, INC.		97,210	103,654
	37,000	HANGER, INC.(b)		718,063	1,166,610
	9,444	HARVARD BIOSCIENCE, INC.(b)		38,371	53,359
	37,914	HEALTH NET, INC.(b)		968,892	1,085,099
	110,769	HEALTHSOUTH CORP.(b)		1,777,206	2,920,979
	158,505	HEALTHWAYS, INC.(b)		1,574,697	1,941,686
	23,120	HESKA CORP.		187,656	214,322
	50,188	HILL-ROM HOLDINGS, INC.		1,242,828	1,767,621
	82,128	ICON PLC(b)(c)		1,972,955	2,651,913
	66,122	MERGE HEALTHCARE, INC.(b)		227,824	191,093
	76,062	MERIT MEDICAL SYSTEMS, INC.(b)		1,055,330	932,520
	12,379	NATUS MEDICAL, INC.(b)		144,641	166,374
	48,518	OMNICELL, INC.(b)		817,082	916,020
	67,124	ORTHOFIX INTERNATIONAL N.V.(b)(c)		2,023,832	2,407,738
	22,000	PATTERSON COS., INC.		514,141	836,880
	22,810	PDI, INC.(b)		152,203	134,579
	23,215	PHARMERICA CORP.(b)		292,507	325,010
	17,453	PSYCHEMEDICS CORP.		201,042	208,214
	28,434	SALIX PHARMACEUTICALS LTD.(b)		1,205,259	1,455,252
	10,563	SPECTRUM PHARMACEUTICALS, INC.		122,839	78,800
	155,698	UNIVERSAL AMERICAN CORP.		1,368,021	1,296,964
	19,703	VASCULAR SOLUTIONS, INC.(b)		244,028	319,583
	21,226	WEST PHARMACEUTICAL SERVICES, INC.		799,382	1,378,416
				25,037,819	30,293,393	9.47	%
Industrials:
	40,311	A.O. SMITH CORP.		1,789,328	2,965,680
	260,638	ACCO BRANDS CORP.(b)		2,041,389	1,741,062
	29,126	ACETO CORP.		287,443	322,425
	59,280	ACTUANT CORP., CLASS A		1,208,713	1,815,154
	38,000	AIR LEASE CORP.		840,658	1,114,160
	5,000	AMERCO		538,938	867,700
	9,168	AMERICAN RAILCAR INDUSTRIES, INC.		268,327	428,512
	16,251	ASTRONICS CORP.(b)		334,826	484,605
	942	ASTRONICS CORP., CLASS B(b)		19,609	27,704
	55,000	AVIS BUDGET GROUP, INC.(b)		738,891	1,530,650
	83,740	AZZ, INC.		2,411,914	4,036,268
	32,000	BABCOCK & WILCOX (THE) CO.		726,567	909,120
	55,583	CASELLA WASTE SYSTEMS, INC., CLASS A(b)		297,331	242,898
	9,411	CECO ENVIRONMENTAL CORP.		52,090	121,684
	24,000	CHICAGO BRIDGE & IRON CO. N.V.(c)		408,333	1,490,400
	4,386	CIRCOR INTERNATIONAL, INC.		141,041	186,405
	25,000	COLFAX CORP.(b)		197,420	1,163,500
	15,561	COMFORT SYSTEMS USA, INC.		166,096	219,255
	15,434	DUCOMMUN, INC.(b)		216,562	305,439
	2,025	DXP ENTERPRISES, INC.(b)		30,997	151,268
	11,858	ENNIS, INC.		156,390	178,700
	20,000	ENPRO INDUSTRIES, INC.(b)		569,233	1,023,400
	17,307	FEDERAL SIGNAL CORP.(b)		67,423	140,879
	32,000	FORTUNE BRANDS HOME & SECURITY, INC.(b)		637,834	1,197,760
	31,453	GENCORP, INC.(b)		153,999	418,325
	20,000	GENERAC HOLDINGS, INC.		731,346	706,800
	13,000	GENESEE & WYOMING, INC., CLASS A(b)		321,298	1,210,430
	7,855	GIBRALTAR INDUSTRIES, INC.(b)		143,275	143,354
	9,177	GP STRATEGIES CORP.(b)		62,336	218,963
	20,576	GRAHAM CORP.		451,669	509,050
	17,433	GREENBRIER COS., INC.(b)		307,644	395,903
	73,110	ICF INTERNATIONAL, INC.(b)		1,625,251	1,988,592
	35,000	ITT CORP.		698,010	995,050
	45,000	JOHN BEAN TECHNOLOGIES CORP.		604,564	933,750
	20,500	L.B. FOSTER CO., CLASS A		462,717	907,945

20

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CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Industrials (Cont’d):
	5,135	LYDALL, INC.(b)	$	37,593	78,822
	25,500	MACQUARIE INFRASTRUCTURE CO. LLC		695,627	1,378,020
	8,928	MIDDLEBY CORP.(b)		453,714	1,358,395
	31,993	POLYPORE INTERNATIONAL, INC.(b)		1,238,648	1,285,479
	5,237	QUANEX BUILDING PRODUCTS CORP.		84,203	84,316
	33,197	REGAL-BELOIT CORP.		1,869,299	2,707,547
	36,000	REXNORD CORP.(b)		759,725	764,280
	5,540	RUSH ENTERPRISES, INC., CLASS A(b)		91,484	133,625
	12,607	SL INDUSTRIES, INC.		166,647	228,565
	13,547	SPARTON CORP.(b)		112,820	181,530
	31,164	TELEDYNE TECHNOLOGIES, INC.(b)		1,276,916	2,444,504
	57,064	TENNANT CO.		2,138,346	2,771,028
	36,500	TEREX CORP.(b)		831,385	1,256,330
	44,484	TETRA TECH, INC.(b)		1,272,303	1,356,317
	57,571	TRINITY INDUSTRIES, INC.		1,726,651	2,609,693
	22,876	TRIUMPH GROUP, INC.		983,239	1,795,766
	9,611	US ECOLOGY, INC.		162,437	255,172
	8,629	WABASH NATIONAL CORP.(b)		58,024	87,671
	5,000	WABTEC CORP.		399,079	510,550
	22,924	WOODWARD, INC.		644,083	911,458
				34,711,685	53,291,858	16.65	%
Information Technology:
	5,234	ACCELRYS, INC.(b)		49,801	51,084
	17,723	ACTUATE CORP.(b)		90,532	106,338
	14,426	ALLIANCE FIBER OPTIC PRODUCTS, INC.		130,270	187,971
	65,721	ANAREN, INC.(b)		706,011	1,274,330
	59,066	ARUBA NETWORKS, INC.(b)		1,311,505	1,461,293
	4,900	BADGER METER, INC.		159,717	262,248
	96,367	BRIDGELINE DIGITAL, INC.(b)		130,323	122,386
	32,000	BROADRIDGE FINANCIAL SOLUTIONS, INC.		543,517	794,880
	28,612	CALAMP CORP.(b)		250,860	313,874
	29,627	CALLIDUS SOFTWARE, INC.(b)		125,410	135,395
	37,875	CAMTEK LTD.(b)(c)		82,558	54,919
	61,544	COGNEX CORP.		1,848,931	2,594,080
	290,110	ENTROPIC COMMUNICATIONS, INC.(b)		2,118,111	1,180,748
	6,239	EVOLVING SYSTEMS, INC.		31,216	39,555
	40,189	EXAR CORP.(b)		273,828	421,984
	29,142	FARO TECHNOLOGIES, INC.(b)		926,419	1,264,471
	36,111	FRANKLIN WIRELESS CORP.(b)		92,351	54,166
	27,200	FREQUENCY ELECTRONICS, INC.		199,884	254,048
	31,036	GLOBAL CASH ACCESS HOLDINGS, INC.(b)		242,175	218,804
	118,277	GSI GROUP, INC.(b)		1,378,340	1,008,903
	47,972	HACKETT GROUP (THE), INC.		192,541	219,232
	18,893	HARMONIC, INC.(b)		84,186	109,390
	5,786	IEC ELECTRONICS CORP.(b)		39,467	33,270
	6,983	INPHI CORP.(b)		62,810	72,972
	12,596	INTEST CORP.		40,621	37,158
	46,460	IPG PHOTONICS CORP.		2,297,006	3,085,409
	5,503	KEYNOTE SYSTEMS, INC.		78,770	76,822
	30,766	KVH INDUSTRIES, INC.(b)		338,916	417,495
	40,132	LIONBRIDGE TECHNOLOGIES, INC.(b)		143,406	155,311
	54,803	LIQUIDITY SERVICES, INC.(b)		2,214,624	1,633,677
	19,635	LTX-CREDENCE CORP.(b)		126,595	118,595
	89,790	MAGNACHIP SEMICONDUCTOR CORP.(b)(c)		1,325,230	1,554,265
	8,502	METHODE ELECTRONICS, INC.		91,863	109,506
	27,950	MKS INSTRUMENTS, INC.		730,125	760,240
	41,800	NAPCO SECURITY TECHNOLOGIES, INC.(b)		68,377	167,200
	37,000	NCR CORP.(b)		878,564	1,019,720
	100,558	NETGEAR, INC.(b)		3,489,363	3,369,699
	66,792	NEWPORT CORP.(b)		1,091,294	1,130,121
	18,621	NOVA MEASURING INSTRUMENTS LTD.(b)(c)		134,096	167,589
	84,785	OFFICIAL PAYMENTS HOLDINGS, INC.(b)		524,257	480,731
	11,933	OPLINK COMMUNICATIONS, INC.(b)		203,878	195,701
	24,339	OSI SYSTEMS, INC.(b)		1,468,371	1,516,076
	12,298	PERCEPTRON, INC.		71,053	88,792
	48,495	PLEXUS CORP.(b)		1,181,415	1,178,913
	34,814	SANMINA CORP.(b)		387,292	395,487

21

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CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
March 31, 2013

Shares			Security	Cost		Fair value (a)	Percent of net assets
Information Technology (Cont’d):
	23,007		SELECTICA, INC.(b)	$	111,021	208,213
	55,793		SILICON IMAGE, INC.(b)		278,822	271,154
	78,349		SUPPORT.COM, INC.(b)		240,122	327,499
	12,216		SYKES ENTERPRISES, INC.(b)		182,820	194,967
	77,291		SYNNEX CORP.(b)		2,343,353	2,859,767
	31,832		UNISYS CORP.(b)		490,628	724,178
	134,648		VALUECLICK, INC.(b)		2,087,513	3,978,848
	22,000		VERINT SYSTEMS, INC.(b)		777,362	804,100
	86,110		WESTELL TECHNOLOGIES, INC., CLASS A(b)		175,699	173,081
	14,000		WEX, INC.(b)		375,767	1,099,000
	140,270		ZIX CORP.(b)		397,473	502,167
					35,416,459	41,037,822	12.83	%
Materials:
	15,000		ASHLAND, INC.		551,175	1,114,500
	4,400		CHASE CORP.		67,610	85,008
	176,739		CHEMTURA CORP.(b)		3,093,171	3,819,330
	22,937		CORE MOLDING TECHNOLOGIES, INC.(b)		203,503	203,680
	11,500		DELTIC TIMBER CORP.		546,288	790,280
	8,703		FLOTEK INDUSTRIES, INC.(b)		85,453	142,294
	48,776		HANDY & HARMAN LTD.(b)		407,899	750,663
	83,024		INNOSPEC, INC.		2,387,367	3,676,303
	62,098		KOPPERS HOLDINGS, INC.		1,860,670	2,731,070
	13,584		LANDEC CORP.(b)		92,156	196,560
	100,177		MYERS INDUSTRIES, INC.		1,470,616	1,398,471
	17,690		NEENAH PAPER, INC.		511,680	544,144
	9,466		SYNALLOY CORP.		114,118	131,388
	38,730		US ANTIMONY CORP.(b)		77,064	67,003
	15,000		W.R. GRACE & CO.(b)		362,905	1,162,650
	28,079		WAUSAU PAPER CORP.		255,610	302,692
					12,087,285	17,116,036	5.35	%
Utilities:
	37,711		ALLETE, INC.		1,350,585	1,848,593
	5,238		CONNECTICUT WATER SERVICE, INC.		149,055	153,107
	20,796		MIDDLESEX WATER CO.		385,266	405,938
	35,000		PNM RESOURCES, INC.		733,499	815,150
	75,537		PORTLAND GENERAL ELECTRIC CO.		1,713,652	2,291,037
	73,951		PURE CYCLE CORP.(b)		186,665	388,243
	39,000		QUESTAR CORP.		663,326	948,870
	27,944		SOUTHWEST GAS CORP.		859,187	1,326,222
	37,088		UIL HOLDINGS CORP.		1,191,253	1,468,314
	18,155		UNITIL CORP.		434,938	510,700
					7,667,426	10,156,174	3.17	%
		Sub-total Common Stocks:			238,603,860	310,188,883	96.94	%
Escrow:
Energy:
	38,070		CVR ENERGY, INC.(b)		-	-
		Sub-total Escrow:			-	-	0.00	%
Short-Term Investments:
	5,974,372		NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(d)		5,974,372	5,974,372
		Sub-total Short-Term Investments:			5,974,372	5,974,372	1.87	%
			Grand total(e)	$	244,578,232	316,163,255	98.81	%

22

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
March 31, 2013

Notes to Schedule of Investments:

(a)	Investments in U.S. and foreign securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market in which such securities are traded. Foreign security values are stated in U.S. dollars.
(b)	Currently non-income producing assets.
(c)	Foreign security values are stated in U.S. dollars. As of March 31, 2013, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 4.03% of net assets.
(d)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2012, the value of the Clearwater Small Companies Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $22,370,992 with net sales of approximately $16,396,620 during the three months ended March 31, 2013.
(e)	At March 31, 2013, the cost for Federal income tax purposes was $244,711,552. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows:

Gross unrealized appreciation	$	78,201,036
Gross unrealized depreciation		(6,749,333	)
Net unrealized appreciation	$	71,451,703

23

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
March 31, 2013

Fair value is an estimate of the price the Small Companies Fund 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 Small Companies Fund’s investments, as described below. These inputs are summarized in the three broad levels listed below.

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other significant observable inputs including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc. or quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data are also considered 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.

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

Investments in U.S. and foreign equity securities are valued at the last sales price or the regular trading session closing price on the principal exchange or market in which such securities are traded, with foreign security values stated in U.S. dollars. Security transactions are accounted for as of trade date. Wherever possible, the Small Companies Fund uses independent pricing services approved by the Board of Trustees to value its investments. When prices are not readily available (including those for which trading has been suspended), are deteremined not to reflect fair value, or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, the Small Companies Fund may value these securities at fair value as determined in good faith using procedures established by the Board of Trustees.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used in valuing the Small Companies Fund’s investments, which are carried at fair value, as of March 31, 2013.

	Level 1		Level 2		Level 3		Total
Common Stocks	$	310,188,883	$	—	$	—	$	310,188,883
Short-Term Investments		5,974,372		—		—		5,974,372
Total	$	316,163,255	$	—	$	—	$	316,163,255

For the Small Companies Fund, 100% of the investment value is comprised of equity securities and short-term investments. See the Small Companies Fund’s Schedule of Investments for industry classification.

The Small Companies Fund records all transfers between levels based on valuations at the end of each reporting period. At March 31, 2013, there were no transfers between any of the Level 1, Level 2 or Level 3 classifications based on levels assigned to the securities on December 31, 2012. 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.

24

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Small Companies Fund (unaudited)
March 31, 2013

25

(Continued)

CLEARWATER INVESTMENT TRUST

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

March 31, 2013

Par/Share			Security	Maturity date	Coupon rate	Cost		Fair value (a)	Percent of net assets
Closed-End funds:
208,600			BLACKROCK LNG-TM MUN ADV			$	2,133,992	2,561,608
11,100			BLACKROCK MUN INC TRUST				94,733	179,265
7,471			BLACKROCK MUNI BOND TRUST				62,993	122,823
137,900			BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND				1,547,557	2,142,966
59,600			BLACKROCK MUNIHOLDINGS QUALITY FUND II INC				787,170	913,072
60,700			BLACKROCK MUNIYIELD INVES				759,694	997,301
21,837			BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND				275,931	329,520
81,800			BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND II INC				981,525	1,150,926
76,179			BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC				1,014,103	1,165,539
54,700			BLACKROCK MUNIYIELD PENNS				774,527	841,833
51,500			BLACKROCK MUNIYIELD QUAL				677,589	732,845
73,500			BLACKROCK MUNIYIELD QUALITY FUND III INC				963,910	1,121,610
209,000			DWS MUNICIPAL INCOME TRUS				2,278,136	3,070,210
66,800			EATON VANCE CALI MUN BOND				744,489	879,088
110,150			INVESCO ADV MUN INC TR II				1,261,284	1,405,514
76,505			INVESCO MUNICIPAL OPP TR				913,964	1,083,311
94,239			INVESCO PENN VAL MUNI				1,240,054	1,396,622
100,142			INVESCO QUALITY MUNI INC				1,173,329	1,333,891
94,277			INVESCO TRUST INV GRD MUN				1,342,033	1,401,899
56,248			MANAGED DURATION INVESTME				714,557	887,031
31,103			NUVEEN CAL INV QUAL MUNI				373,215	483,341
42,560			NUVEEN DIVIDEND ADV MUNI				523,323	636,272
13,500			NUVEEN DIVIDEND ADVANTAGE				181,771	201,285
41,700			NUVEEN DVD ADVANTAGE MUNI				475,800	638,010
29,530			NUVEEN MI QUALITY INCOME				404,604	447,380
44,600			NUVEEN MUNI ADVANTAGE FUN				522,316	663,648
6,453			NUVEEN NJ INV QUAL MUNI F				87,518	97,118
10,100			NUVEEN PA DVD ADV MUNI FD				127,550	144,228
48,500			NUVEEN PENN INV QUAL MUNI				673,352	727,500
27,100			NUVEEN PREMIER MUNI INC F				367,653	400,267
238,709			NUVEEN PREMIUM INC MUNI F				3,273,534	3,575,861
22,000			WESTERN ASSET MANAGED MUN				240,488	318,559
38,366			WESTERN ASSET MUNICIPAL P				486,666	626,900
	Sub-total Closed-End Funds						27,479,360	32,677,243	6.50%
Municipal Bonds:
650,000		ABAG CA FIN AUTH FOR NONPROFIT CORPS COPS		11/1/2029	6.20		634,487	650,560
2,500,000		ACALANES CA UNION HIGH SCH DIST(b)		8/1/2039	2.02		1,165,607	1,633,750
1,500,000		AGUA CALIENTE CA BAND OF CAHUILLA INDIANS REVENUE(c)		7/1/2018	6.00		1,476,765	1,465,695
1,095,000		ALABAMA ST HSG FIN AUTH SF MTGE REVENUE		10/1/2028	5.25		1,095,000	1,197,591
530,000		ALABAMA ST HSG FIN AUTH SF MTGE REVENUE		4/1/2038	4.50		399,842	541,342
1,250,000		ALACHUA CNTY FL HLTH FACS AUTH		11/15/2016	7.13		1,250,000	1,262,650
1,000,000		ALACHUA CNTY FL HLTH FACS AUTH CCRC		10/1/2032	8.00		1,173,415	1,219,380
2,000,000		ALASKA ST HSG FIN CORP		12/1/2034	5.25		2,002,970	2,124,240
750,000		ALASKA ST HSG FIN CORP MTGE REVENUE		12/1/2037	4.13		735,730	771,210
500,000		ALASKA ST HSG FIN CORP MTGE REVENUE		12/1/2040	4.63		495,202	525,750
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	35,969
1,025,000		ALISAL CA UNION SCH DIST(b)		8/1/2025	3.86		507,534	621,437
925,000		ALLEGHENY CNTY PA INDL DEV AUTH CHRT SCH REVENUE		8/15/2026	5.90		925,000	983,423
750,000		ALLEN ACADEMY MI		6/1/2017	5.25		750,000	753,008
227,061		ALPHARETTA GA DEV AUTH EDLFACS REV(e)		7/1/2031	6.25		221,020	2
1,000,000		ALVORD CA UNIF SCH DIST(b)		8/1/2046	1.89		355,138	610,600

26

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CLEARWATER INVESTMENT TRUST

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

March 31, 2013

Par/Shares	Security	Maturity date	Coupon rate	Cost		Fair value (a)	Percent of net assets
Municipal Bonds (Cont’d):
935,695	ARIZONA ST HLTH FACS AUTH	7/1/2027	5.25	$	909,514	1,002,270
900,000	ARIZONA ST HLTH FACS AUTH HLTH CARE FACS REVENUE	10/1/2022	5.10		779,871	912,906
2,000,000	ARLINGTON TX HGR EDU FIN CORP EDU REVENUE	8/15/2028	7.00		1,951,597	2,162,200
510,000	ARLINGTON TX SPL OBLIG	8/15/2034	5.00		527,479	536,836
500,000	ATLANTA GA ARPT REVENUE	1/1/2030	6.00		518,105	612,030
1,500,000	ATLANTA GA WTR & WSTWTR REVENUE	11/1/2039	5.00		1,498,542	1,504,485
1,500,000	BAY CNTY FL EDUCTNL FACS REVENUE	9/1/2030	5.25		1,381,056	1,556,865
1,000,000	BELLFLOWER CA UNIF SCH DIST	8/1/2042	4.25		1,000,000	1,004,950
1,195,000	BELLWOOD IL	12/1/2027	5.88		1,183,997	1,167,921
1,000,000	BEXAR CNTY TX HLTH FACS DEV CORP	7/1/2030	5.88		985,163	1,144,810
235,000	BEXAR CNTY TX HSG FIN CORP	12/1/2021	6.50		236,583	229,059
805,000	BEXAR CNTY TX HSG FIN CORP(e)	4/1/2030	9.00		802,520	158,883
600,000	BEXAR CNTY TX HSG FIN CORP	8/1/2030	6.10		521,370	605,922
365,000	BEXAR CNTY TX HSG FIN CORP	8/1/2030	8.13		353,084	317,670
1,005,000	BEXAR CNTY TX HSG FIN CORP(e)	6/1/2031	10.50		1,005,000	200,739
885,000	BEXAR CNTY TX HSG FIN CORP(e)	12/1/2036	9.25		864,190	528,805
2,000,000	BEXAR CNTY TX REVENUE	8/15/2039	5.00		2,165,430	2,211,080
4,000,000	BOLINGBROOK IL(b)	1/1/2036	3.29		992,696	983,360
500,000	BOONE CNTY MO HOSP REVENUE	8/1/2028	5.75		511,483	575,635
700,000	BOSTON MA REVENUE	10/1/2031	6.13		700,240	708,477
750,000	BOWLING GREEN OH STUDENT HSG REVENUE	6/1/2031	5.75		719,935	838,058
500,000	BOYNTON BEACH FLA REV	6/1/2022	5.75		500,000	512,850
500,000	BOYNTON BEACH FLA REV	6/1/2027	6.25		500,000	515,785
500,000	BRAZOS CNTY TX HLTH FACS DEV CORP	1/1/2033	5.50		503,615	545,615
81,000	BRIDGEVILLE DE SPL OBLIG	7/1/2035	5.13		81,000	69,553
890,000	BUCKEYE OH TOBACCO SETTLEMENT FING AUTH	6/1/2024	5.13		860,294	818,319
395,000	BUTLER CNTY PA GEN AUTH REVENUE	10/1/2034	0.89		395,000	322,624
129,154	CALIFORNIA ST CMNTY HSG FIN AGY LEASE REVENUE(e)	8/1/2012	4.65		129,138	5,153
358,752	CALIFORNIA ST CMNTY HSG FIN AGY LEASE REVENUE(d)(e)	11/1/2012	4.85		354,512	11,301
750,000	CALIFORNIA ST HLTH FACS FING AUTH REVENUE	8/15/2033	5.50		763,528	854,602
1,000,000	CALIFORNIA ST HSG FIN AGY REVENUE	8/1/2033	5.45		928,765	1,019,070
525,000	CALIFORNIA ST HSG FIN AGY REVENUE	8/1/2038	5.50		527,232	533,626
1,000,000	CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK REVENUE	2/1/2030	6.00		1,005,670	1,077,860
500,000	CALIFORNIA ST INFRASTRUCTURE & ECON
	DEV BANK ST SCH FUND APP	8/15/2029	5.75		504,194	553,735
570,000	CALIFORNIA ST MUNI FIN AUTH CHRT SCH LEASE REVENUE	9/1/2022	5.50		574,293	599,378
500,000	CALIFORNIA ST MUNI FIN AUTH REVENUE	5/1/2025	6.88		498,968	594,945
1,500,000	CALIFORNIA ST SCH FACS FING AUTH REVENUE(b)	8/1/2029	1.64		1,084,717	1,428,705
780,000	CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE	1/1/2016	5.25		777,506	790,514
1,300,000	CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE	1/1/2021	6.00		1,300,000	1,399,333
900,000	CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE	11/1/2021	6.50		900,000	1,023,606

27

(Continued)

CLEARWATER INVESTMENT TRUST

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

March 31, 2013

Par/Shares	Security	Maturity date	Coupon rate	Cost		Fair value (a)	Percent of net assets
Municipal Bonds (Cont’d):
750,000	CALIFORNIA ST STWD CMNTYS DEV AUTH SCH FAC REVENUE	7/1/2020	5.00	$	714,609	778,808
750,000	CALIFORNIA ST STWD CMNTYS DEVAUTH MFH REVENUE	7/15/2032	4.70		750,000	825,052
255,000	CAPITAL TRUST AGY FL MF REVENUE(e)	6/1/2013	4.75		255,000	145,312
750,000	CAPITAL TRUST AGY FL MF REVENUE(e)	6/1/2038	5.88		762,053	427,388
1,000,000	CARLSBAD CA UNIF SCH DIST(b)	8/1/2031	2.26		573,414	815,140
980,767	CARLSBAD NM INDL DEV REVENUE	4/15/2021	5.75		1,001,431	1,038,976
1,000,000	CARMEL IN REVENUE	11/15/2022	6.00		982,001	1,051,420
1,000,000	CARMEL IN REVENUE	11/15/2027	7.00		1,026,734	1,110,110
500,000	CEDAR FALLS IA CMNTY SCH DIST SCH INFRASTRUCTURE SALES SVCS	6/1/2027	5.38		498,756	553,740
1,000,000	CENTER CA UNIF SCH DIST(b)	8/1/2031	3.24		342,530	379,220
1,000,000	CENTRL BRADFORD PROGRESS AUTH PA	12/1/2031	5.50		1,034,743	1,167,200
500,000	CENTRL TX REGL MOBILITY AUTH REVENUE	1/1/2031	5.75		495,607	581,175
595,000	CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE	11/1/2022	5.00		460,289	596,981
275,000	CHESTERFIELD CNTY VA INDL DEV AUTH MF REVENUE	7/1/2019	5.20		260,647	275,676
500,000	CHICAGO IL	1/1/2035	5.25		513,335	550,760
5,000	CHICAGO IL MET HSG DEV CORP	7/1/2022	6.85		5,000	5,016
400,000	CITIZEN POTAWATOMI NATION OK SENIOR OBLG TAX REVENUE	9/1/2016	6.50		400,000	395,188
1,000,000	CLACKAMAS CNTY OR HSG AUTH MF REVENUE	9/1/2043	4.00		987,844	986,100
250,000	CLARK CNTY NV ECON DEV REVENUE	5/15/2033	5.38		250,219	251,292
355,000	CLEARWATER FL HSG AUTH	5/1/2024	5.35		269,887	354,964
645,000	CLIFTON TX HGR EDU FIN CORP EDU REVENUE	2/15/2018	7.75		638,543	691,659
500,000	CLIFTON TX HGR EDU FIN CORP EDU REVENUE	8/15/2031	5.50		483,137	560,495
1,000,000	CMNTY MEMORIAL HOSP DIST MO HOSP REVENUE	12/1/2034	6.68		888,388	949,520
500,000	COASTAL CAROLINA UNIV SC HGR EDU REVENUE	6/1/2040	3.50		496,246	474,860
190,000	COLLIER CNTY FL HSG FIN AUTH MF HSG REVENUE	8/15/2015	5.25		189,727	190,578
750,000	COLLIER CNTY FL INDL DEV AUTH	10/1/2039	6.25		735,709	872,475
1,000,000	COLONIAL COUNTRY CLUB FL CDD CAPITAL IMPT REVENUE	5/1/2033	4.10		995,892	992,120
1,500,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH INDEP SCH REVENUE	5/1/2030	6.00		1,460,818	1,620,135
835,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE	11/15/2028	6.75		835,000	960,125
1,000,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE	6/1/2033	5.50		976,133	1,107,920
1,000,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE	7/1/2034	5.60		993,775	1,060,720
495,000	COLORADO ST HSG & FIN AUTH	10/1/2029	5.40		495,000	532,407
720,000	COLORADO ST HSG & FIN AUTH	11/1/2029	5.50		720,000	746,287
625,000	COLORADO ST HSG FIN AUTH SF MTGE REVENUE	11/1/2034	5.00		625,036	651,756

28

(Continued)

CLEARWATER INVESTMENT TRUST

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

March 31, 2013

Par/Shares	Security	Maturity date	Coupon rate	Cost		Fair value (a)	Percent of net assets
Municipal Bonds (Cont’d):
1,000,000	COLTON CA JT UNIF SCH DIST(b)	8/1/2035	1.86	$	572,032	709,890
1,000,000	CONNECTICUT ST HSG FIN AUTH	11/15/2035	4.75		1,000,000	1,075,810
955,000	CONNECTICUT ST HSG FIN AUTH	11/15/2041	4.63		950,323	1,022,318
370,000	CONNECTICUT ST HSG FIN AUTH	11/15/2041	5.00		370,000	404,961
1,500,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	11/15/2035	3.75		1,500,000	1,515,690
5,000,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	5/15/2042	4.15		5,000,000	5,202,900
1,000,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	11/15/2042	3.40		996,023	961,420
5,000,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	11/15/2047	3.65		5,000,000	4,845,750
500,000	COOK CNTY IL SCH DIST #83	6/1/2031	5.38		490,051	567,395
1,105,000	CORONA-NORCO CA UNIF SCH DIST(b)	8/1/2039	1.35		702,350	1,104,713
637,000	CORTLAND IL SPL TAX REVENUE(e)	3/1/2017	5.50		633,881	388,271
680,000	CROW FIN AUTH MT TRIBAL PURPOSE REVENUE	10/1/2017	5.65		662,158	682,278
750,000	CULLMAN CNTY AL HLTH CARE AUTH	2/1/2023	6.25		736,461	818,722
500,000	CUYAHOGA CNTY OH HSG MTGE REVENUE	3/20/2042	5.70		512,592	546,090
2,000,000	DAMON RUN IN CONSERVANCY DIST	7/1/2025	6.10		2,036,251	2,204,180
1,000,000	DAMON RUN IN CONSERVANCY DIST	1/1/2027	6.38		1,014,078	1,109,820
500,000	DAVIESS CNTY IN HOSP ASSN LEASE RENTAL REVENUE	1/15/2029	5.25		489,460	552,405
1,000,000	DEKALB/KANE/LA SALLE CNTYS IL CMNTY CLG DIST #523(b)	2/1/2029	3.83		391,077	460,900
410,000	DELAWARE ST HSG AUTH REVENUE	7/1/2031	5.20		410,000	450,299
102,966	DENHAM SPRINGS-LIVINGSTON LA HSG & MTGE FIN AUTH	11/1/2040	5.00		106,347	103,607
1,000,000	D’IBERVILLE MS TAX INCR LTD OBLG	4/1/2033	4.75		1,040,771	1,029,400
500,000	DINUBA CA FING AUTH LEASE REVENUE	9/1/2038	5.38		494,852	508,135
500,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE	7/1/2033	5.45		500,000	577,520
1,000,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE	6/1/2040	4.90		1,000,000	1,069,910
1,000,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE	6/1/2041	5.00		1,000,000	1,084,850
1,000,000	DOUBLE BRANCH FL CDD SPL ASSMNT	5/1/2031	4.13		986,776	960,470
3,000,000	DUBLIN CA UNIF SCH DIST(b)	8/1/2034	3.18		785,604	862,440
550,000	E CHICAGO IN REDEV COMMISSION LAKE FRONT REDEV AREA TAX	7/15/2014	5.00		550,000	553,250
565,000	E CHICAGO IN REDEV COMMISSION LAKE FRONT REDEV AREA TAX	1/15/2015	5.25		565,000	567,978
500,000	EARLIMART CA ELEM SCH DIST	8/1/2037	5.00		558,234	545,965
885,000	EAST POINT GA	2/1/2026	8.00		885,000	886,443
2,045,000	EDEN TWP CA HOSP DIST COPS	6/1/2030	6.00		2,023,291	2,246,944
750,000	EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE	7/1/2033	6.38		741,964	849,922
500,000	ELKHART CNTY IN HOSP AUTH	8/15/2020	5.25		500,000	501,365

29

(Continued)

CLEARWATER INVESTMENT TRUST

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

March 31, 2013

Par/Shares	Security	Maturity date	Coupon rate	Cost		Fair value (a)	Percent of net assets
Municipal Bonds (Cont’d):
1,000,000	ENCINITAS CA UNION SCH DIST(b)	8/1/2035	2.16	$	515,912	844,640
1,155,000	ENTERPRISE CA ELEM SCH DIST(b)	8/1/2035	1.94		639,183	877,557
1,000,000	ERIE CNTY PA HOSP AUTH	7/1/2027	7.00		1,000,000	1,100,270
500,000	FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE	8/1/2039	5.60		500,000	547,665
239,000	FARMS NEW KENT VA CMNTY DEV AUTH SPL ASSMNT	3/1/2036	5.13		239,000	140,702
1,000,000	FESTIVAL RANCH AZ CMNTY FACS DIST	7/15/2024	6.25		1,012,908	1,089,350
315,000	FIDDLERS CREEK FL CDD #2 SPL ASSMNT REVENUE(e)	5/1/2013	5.75		314,118	165,507
1,000,000	FISHHAWK FL CDD II SPL ASSMNT REVENUE	5/1/2029	4.13		982,071	980,930
775,000	FLAGSTAFF AZ INDL DEV AUTH	7/1/2022	5.50		721,715	783,192
1,000,000	FLORIDA ST GOVTL UTILITY AUTH UTILITY REVENUE	10/1/2037	5.00		1,052,400	1,082,560
430,000	FLORIDA ST HSG FIN CORP REVENUE	7/1/2026	5.00		431,316	463,488
375,000	FLORIDA ST HSG FIN CORP REVENUE	7/1/2033	5.45		375,000	406,691
1,480,000	FLORIDA ST HSG FIN CORP REVENUE	7/1/2034	5.30		1,490,037	1,596,520
500,000	FLORIDA ST MID-BAY BRIDGE AUTH(b)	10/1/2021	4.94		289,575	291,025
290,000	FOREST CREEK FL CDD CAPITAL IMPT REVENUE	11/1/2013	7.00		305,261	288,034
1,250,000	FORT SILL APACHE TRIBE OK ECONDEV AUTH GAMING ENTERPRISE REV(c)	8/25/2026	8.50		1,250,000	1,370,025
1,145,000	FULTON CNTY GA DEV AUTH	11/1/2028	5.25		989,068	1,109,642
1,000,000	FYI PROPERTIES WA LEASE REVENUE	6/1/2034	5.50		981,523	1,119,580
500,000	GAINESVILLE & HALL CNTY GA DEV AUTH RETMNT CMNTY REVENUE	11/15/2029	6.38		512,825	571,660
400,000	GEISINGER PA AUTH	5/1/2037	0.97		400,000	338,448
500,000	GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC	2/15/2031	5.13		495,667	569,170
3,000,000	GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC	3/15/2031	5.13		3,000,000	3,410,040
500,000	GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC	2/15/2036	5.25		491,823	568,270
3,500,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2037	3.80		3,500,000	3,488,730
2,000,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2037	4.00		2,000,000	2,071,160
2,000,000	GLENDALE CA UNIF SCH DIST(b)	9/1/2028	3.82		767,465	898,000
750,000	GTR WENATCHEE WA REGL EVENTS CENTER PUBLIC FACS DIST REVENUE	9/1/2032	5.25		738,752	794,865
270,000	HAMDEN CT FAC REVENUE	1/1/2014	6.13		269,072	270,370
1,250,000	HAMILTON CNTY OH HLTH CARE REVENUE	1/1/2031	6.13		1,217,032	1,321,475
1,000,000	HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE	8/15/2025	6.50		1,013,056	1,040,120
1,000,000	HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE	8/15/2030	6.50		1,006,519	1,036,840
500,000	HAMMOND IN REDEV DIST REVENUE	1/15/2017	6.00		500,000	517,440

30

(Continued)

CLEARWATER INVESTMENT TRUST

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

March 31, 2013

Par/Shares	Security	Maturity date	Coupon rate	Cost		Fair value (a)	Percent of net assets
Municipal Bonds (Cont’d):
1,250,000	HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE(c)	8/15/2021	6.75	$	1,250,000	1,398,525
1,500,000	HARTNELL CA CMNTY CLG DIST(b)	8/1/2034	2.36		701,573	1,109,850
250,000	HARVEY IL	12/1/2027	5.50		197,862	245,782
590,000	HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE SENIOR LIVING REV	11/15/2029	8.75		582,281	707,386
500,000	HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE SENIOR LIVING REV	11/15/2037	5.25		507,504	535,480
3,500,000	HEALDSBURG CA UNIF SCH DIST(b)	8/1/2037	1.44		2,255,077	2,158,485
1,000,000	HELENDALE CA SCH DIST(b)	8/1/2034	1.82		596,324	826,950
500,000	HERITAGE ISLE AT VIERA FL CDD	5/1/2030	4.13		490,660	490,060
500,000	HIGHLANDS CNTY FL HLTH FACS AUTH	11/15/2032	5.13		501,067	551,230
148,000	HOUMA-TERREBONNE LA PUBLIC TRUST FING AUTH SF MTGE	12/1/2040	5.15		153,549	149,746
1,000,000	HOUSTON TX HOTEL OCCUPANCY TAX & SPL REVENUE	9/1/2030	5.00		1,028,914	1,015,550
245,000	IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE	8/1/2017	6.25		245,000	244,995
750,000	IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE	7/1/2030	5.50		750,000	769,320
430,000	IDAHO ST HSG & FIN ASSN SF MTGE REVENUE	7/1/2026	5.65		438,288	473,912
150,000	IDAHO ST HSG & FIN ASSN SF MTGE REVENUE	1/1/2040	5.50		150,000	156,609
900,000	ILLINOIS ST COPS	7/1/2017	5.80		900,000	901,395
250,000	ILLINOIS ST DEV FIN AUTH	5/15/2021	5.50		250,000	251,100
1,000,000	ILLINOIS ST FIN AUTH CHRT SCH REVENUE	10/1/2031	6.88		1,000,000	1,144,070
1,500,000	ILLINOIS ST FIN AUTH EDU REVENUE	9/1/2027	5.00		1,454,173	1,502,295
650,000	ILLINOIS ST FIN AUTH REVENUE	5/15/2017	6.00		650,000	650,702
610,000	ILLINOIS ST FIN AUTH REVENUE	8/15/2026	6.00		618,933	627,952
1,000,000	ILLINOIS ST FIN AUTH REVENUE	11/15/2026	5.25		969,769	1,045,070
500,000	ILLINOIS ST FIN AUTH REVENUE	3/15/2027	5.00		514,163	553,660
1,000,000	ILLINOIS ST FIN AUTH REVENUE	5/15/2027	5.50		1,033,043	1,059,540
500,000	ILLINOIS ST FIN AUTH REVENUE	5/15/2029	5.25		504,469	530,850
1,045,000	ILLINOIS ST FIN AUTH REVENUE	5/15/2030	5.50		1,071,858	1,091,429
1,500,000	ILLINOIS ST FIN AUTH REVENUE	8/15/2036	5.25		1,475,088	1,620,090
805,000	ILLINOIS ST FIN AUTH REVENUE	2/1/2037	5.25		799,607	815,546
500,000	ILLINOIS ST FIN AUTH REVENUE	3/1/2038	6.00		485,516	563,785
750,000	ILLINOIS ST FIN AUTH SPORTS FAC REVENUE(c)(e)(f)	10/1/2027	6.13		730,795	44,640
500,000	ILLINOIS ST FIN AUTH SPORTS FAC REVENUE(c)(e)(f)	10/1/2037	6.25		484,210	29,760
1,000,000	ILLINOIS ST FIN AUTH STUDENT HSG REVENUE	10/1/2024	6.00		989,747	1,143,030
750,000	ILLINOIS ST HLTH FACS AUTH	8/15/2028	5.38		738,450	751,282
500,000	ILLINOIS ST HLTH FACS AUTH REVENUE	7/1/2033	6.00		501,390	506,640
2,100,000	ILLINOIS ST HLTH FACS AUTH REVENUE	8/15/2033	5.10		2,104,781	2,125,053
500,000	ILLINOIS ST HSG DEV AUTH	7/1/2047	4.50		466,150	503,555
1,000,000	ILLINOIS ST SPORTS FACS AUTH	6/15/2032	5.00		1,014,233	1,002,600
1,000,000	IMPERIAL CA CMNTY CLG DIST(b)	8/1/2040	0.84		871,703	1,017,230

31

(Continued)

CLEARWATER INVESTMENT TRUST

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

March 31, 2013

Par/Shares	Security	Maturity date	Coupon rate	Cost		Fair value (a)	Percent of net assets
Municipal Bonds (Cont’d):
250,000	INDEPENDENCE MO THIRTY-NINTH STREET TRANSPRTN DIST REVENUE	9/1/2032	6.88	$	250,000	259,285
500,000	INDIANA ST BOND BANK REVENUE	2/1/2029	5.50		491,164	576,075
750,000	INDIANA ST FIN AUTH HOSP REVENUE	5/1/2031	5.75		771,217	860,880
3,000,000	INDIANA ST FIN AUTH REVENUE	9/15/2030	6.50		3,076,653	3,379,620
500,000	INDIANA ST FIN AUTH REVENUE	11/15/2031	5.50		492,529	552,340
1,000,000	INDIANA ST FIN AUTH REVENUE	3/1/2041	5.00		1,076,535	1,065,130
1,000,000	INDIANA ST HLTH & EDUCTNL FAC FING AUTH HOSP REVENUE	2/15/2030	5.25		755,187	1,033,920
6,506,976	INTERMEDIATE SCH DIST #287 MN LEASE REVENUE	11/1/2032	5.30		6,279,254	6,810,461
141,439	IOWA ST FIN AUTH SENIOR HSG REVENUE(e)	12/1/2014	5.00		141,146	5,219
410,000	IOWA ST STUDENT LOAN LIQUIDITY CORP	12/1/2027	5.50		401,517	428,102
2,000,000	JEFFERSON CA UNION HIGH SCH DIST SAN MATEO CNTY(b)	8/1/2031	4.10		491,513	506,780
439,000	JEFFERSON CNTY KY MTGE REVENUE	11/15/2013	6.13		439,000	440,440
695,000	JEFFERSON PARISH LA FIN AUTH	6/1/2038	5.00		724,412	726,789
175,000	JEFFERSON PARISH LA FIN AUTH	12/1/2048	5.70		183,414	185,526
750,000	JOHNSON CITY TN HLTH & EDUCTNL FACS BRD REVENUE	2/15/2034	5.00		776,817	770,565
1,140,000	KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE	1/1/2016	6.20		1,108,857	1,132,590
1,250,000	KANSAS CITY MO INDL DEV AUTH	9/1/2023	5.45		1,250,000	1,335,588
1,000,000	KANSAS CITY MO INDL DEV AUTH	11/20/2039	5.10		1,000,000	1,081,270
500,000	KENTUCKY ST ECON DEV FIN AUTH MF HSG REVENUE	11/20/2035	5.38		500,000	538,075
450,000	KENTUCKY ST HSG CORP HSG REVENUE	7/1/2039	5.15		450,000	486,882
1,940,000	KERRVILLE TX HLTH FACS DEV CORP HOSP REVENUE	8/15/2035	5.45		1,914,497	1,956,451
750,000	KING CNTY WA HSG AUTH	5/1/2028	5.20		750,000	832,545
500,000	KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE	5/15/2021	8.00		500,000	565,470
900,000	KLICKITAT CNTY WA PUBLIC HOSP DIST #2 HOSP REVENUE	12/1/2020	6.00		844,690	932,481
2,500,000	KOYUKUK AK REVENUE	10/1/2023	7.00		2,431,948	2,807,300
1,390,000	KREMMLING CO MEMORIAL HOSP DIST COPS	12/1/2022	6.00		1,377,455	1,526,554
1,500,000	LA MIRADA CA REDEV AGY(b)	8/15/2027	4.29		573,921	653,685
720,000	LAFAYETTE LA PUBLIC TRUST FING AUTH SF MTGE	1/1/2041	5.35		735,374	752,400
2,000,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE	5/1/2030	7.40		1,980,827	2,246,740
2,000,000	LAS VEGAS NV REDEV AGY TAX INCR REVENUE	6/15/2023	7.50		1,982,215	2,280,060
1,000,000	LEE CNTY FL INDL DEV AUTH	11/15/2029	5.00		836,182	1,031,340
250,000	LEHIGH CNTY PA GEN PURPOSE AUTH	8/15/2042	1.21		250,000	205,045
750,000	LEWISVILLE TX COMB CONTRACT REVENUE	9/1/2024	3.00		739,272	726,840
495,000	LEXINGTON OAKS FL CDD SPL ASSMNT REVENUE	5/1/2033	5.65		495,000	534,585

32

(Continued)

CLEARWATER INVESTMENT TRUST

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

March 31, 2013

Par/Shares	Security	Maturity date	Coupon rate	Cost		Fair value (a)	Percent of net assets
Municipal Bonds (Cont’d):
350,000	LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU	1/1/2015	6.38	$	350,000	289,674
550,000	LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU	1/1/2030	5.50		566,072	355,960
1,000,000	LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU	1/1/2036	5.25		1,007,801	456,450
1,250,000	LOUDOUN CNTY VA INDL DEV AUTH RSDL CARE FAC REVENUE	8/1/2028	6.00		1,250,000	1,336,762
500,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	12/1/2034	5.10		500,000	547,485
170,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	6/1/2038	5.85		177,580	181,694
865,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	12/1/2038	5.70		892,062	920,775
235,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	6/1/2039	5.60		242,423	261,022
400,000	LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH	6/20/2028	8.00		400,000	259,972
750,000	LOUISIANA ST PUBLIC FACS AUTH REVENUE	5/1/2031	6.50		746,769	870,060
490,000	LOUISIANA ST PUBLIC FACS AUTH REVENUE	2/15/2036	0.89		490,000	436,071
1,000,000	LOUISIANA ST TRANSPRTN AUTH TOLL REVENUE(b)	12/1/2027	3.68		460,151	463,800
500,000	LUCAS CNTY OH HLTH CARE FACS REVENUE	8/15/2030	5.50		491,727	554,060
1,490,000	LUZERNE CNTY PA	11/1/2026	7.00		1,570,869	1,778,390
342,229	LYONS CO	11/30/2016	4.75		343,991	344,933
1,000,000	MACON CNTY IL SCH DIST #61	1/1/2037	5.25		1,030,073	1,117,230
250,000	MAGNOLIA CREEK FL CDD CAPITAL IMPT REVENUE(e)	5/1/2014	5.60		250,000	87,528
1,000,000	MAINE ST HLTH & HGR EDUCTNL FACS AUTH REVENUE	7/1/2032	7.50		1,051,928	1,278,460
1,000,000	MAINE ST HSG AUTH MTGE REVENUE	11/15/2036	3.60		1,000,000	988,970
1,000,000	MAINE ST TECH CLG SYS COPS	1/1/2017	5.80		1,000,000	1,004,390
1,000,000	MALTA IL TAX INCR REVENUE	12/30/2025	5.75		1,000,000	647,890
500,000	MANATEE CNTY FL SCH BRD	7/1/2031	5.63		495,740	569,450
500,000	MANCHESTER NH HSG & REDEV AUTH REVENUE	1/1/2015	6.75		497,260	497,895
500,000	MANCHESTER NH HSG & REDEV AUTH REVENUE(b)	1/1/2020	3.58		345,743	308,990
452,000	MANHATTAN IL SPL SVC AREA SPL TAX(e)	3/1/2022	5.75		452,000	90,400
500,000	MANSFIELD OH	12/1/2024	6.00		520,835	582,080
462,000	MARQUIS VA CMNTY DEV AUTH REVENUE(b)	9/1/2041	2.95		74,936	50,751
349,000	MARQUIS VA CMNTY DEV AUTH REVENUE	9/1/2041	5.63		377,960	310,858
925,000	MARTIN CNTY FL HLTH FACS AUTH	11/15/2032	5.50		949,184	1,033,965
750,000	MARTINEZ CA UNIF SCH DIST(b)	8/1/2035	0.72		628,905	834,742
500,000	MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV	9/1/2030	5.13		500,000	560,940
500,000	MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV	7/1/2031	4.50		500,000	543,230
500,000	MASHANTUCKET WSTRN PEQUOT TRIBE CT(c)(e)(f)	9/1/2036	5.50		509,035	232,935
1,000,000	MASSACHUSETTS ST DEV FIN AGY REVENUE	7/1/2030	6.38		987,077	1,136,120

33

(Continued)

CLEARWATER INVESTMENT TRUST

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

March 31, 2013

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	145,006
1,980,000	MASSACHUSETTS ST EDUCTNL FING AUTH	1/1/2028	5.25		1,982,952	2,191,860
685,000	MASSACHUSETTS ST HLTH & EDUCTNL FACS AUTH	7/1/2013	7.30		685,000	688,480
750,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2031	3.50		750,000	762,938
1,000,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2032	4.05		1,000,000	1,038,530
830,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2033	5.35		830,000	872,529
2,000,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2037	3.45		2,000,000	1,949,860
885,000	MASSACHUSETTS ST HSG FIN AGY	6/1/2040	5.05		885,000	953,207
500,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2042	3.50		499,379	487,165
3,500,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2043	4.00		3,500,000	3,505,425
160,000	MEAD NE TAX INCR REVENUE(e)	7/1/2012	5.13		160,000	72,000
400,000	MEDITERRA FL S CDD CAPITAL IMPT REVENUE	5/1/2031	5.10		400,000	410,668
1,000,000	MESQUITE TX HLTH FAC DEV CORP	2/15/2025	5.50		998,194	1,030,490
1,070,000	MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e)	12/20/2020	8.00		1,070,000	502,729
855,000	MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e)	6/20/2036	10.00		855,000	401,713
1,830,000	MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e)	12/20/2040	7.50		1,830,000	1,006,207
2,000,000	MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE(b)	10/1/2041	1.14		1,334,152	1,955,960
500,000	MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE	8/1/2030	6.00		486,326	591,650
1,000,000	MIAMI-DADE CNTY FL SPL OBLG	10/1/2035	5.00		1,113,585	1,104,250
1,000,000	MICHIGAN ST HOSP FIN AUTH	12/1/2023	6.13		990,331	1,218,430
2,500,000	MICHIGAN ST HOSP FIN AUTH	11/15/2025	5.25		2,294,046	2,528,425
1,500,000	MICHIGAN ST HOSP FIN AUTH	6/1/2034	6.13		1,556,384	1,750,395
625,000	MICHIGAN ST HSG DEV AUTH	10/1/2020	5.38		603,398	697,494
1,000,000	MICHIGAN ST HSG DEV AUTH	10/1/2034	5.63		1,000,000	1,092,840
1,000,000	MICHIGAN ST MUNI BOND AUTH	5/1/2023	5.75		1,023,088	1,180,330
695,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH(c)(f)	9/1/2016	6.00		692,686	634,639
750,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH	6/1/2020	6.00		744,572	795,158
450,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH	10/1/2023	6.25		450,000	453,150
500,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH	11/1/2028	6.35		500,000	513,770
305,000	MICHIGAN ST TOBACCO SETTLEMENT FIN AUTH	6/1/2022	5.13		287,870	284,516
1,000,000	MIDDLEBURG HEIGHTS OH HOSP REVENUE	8/1/2047	5.00		1,079,176	1,080,500
495,000	MILLSBORO DE SPL OBLG	7/1/2036	5.45		495,000	385,848
318,641	MINNESOTA ST HGR EDU FACS AUTH REVENUE	10/1/2016	4.49		319,902	325,357
425,000	MINNESOTA ST HSG FIN AGY	7/1/2034	5.05		425,000	459,106
840,000	MINNESOTA ST HSG FIN AGY	1/1/2040	5.10		840,000	900,362
1,000,000	MINNESOTA ST OFFICE OF HGR EDU REVENUE	11/1/2029	5.00		1,000,000	1,109,060

34

(Continued)

CLEARWATER INVESTMENT TRUST

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

March 31, 2013

Par/Shares	Security	Maturity date	Coupon rate	Cost		Fair value (a)	Percent of net assets
Municipal Bonds (Cont’d):
1,000,000	MISSISSIPPI ST DEV BANK SPL OBLG	10/1/2031	6.50	$	973,712	1,210,910
165,000	MISSISSIPPI ST HOME CORP SF MTGE REVENUE	6/1/2039	6.75		173,580	170,536
500,000	MISSOURI ST DEV FIN BRD	11/1/2025	5.50		492,836	531,890
980,000	MISSOURI ST HLTH & EDUCTNL FACS AUTH	2/1/2022	5.13		996,592	1,046,611
500,000	MISSOURI ST HLTH & EDUCTNL FACS AUTH	2/1/2035	5.38		498,366	528,500
160,000	MISSOURI ST HSG DEV COMMISSION SF HSG REVENUE	9/1/2034	5.25		158,982	166,573
260,000	MISSOURI ST HSG DEV COMMISSION SF HSG REVENUE	9/1/2034	5.35		260,000	286,408
947,585	MOBERLY MO INDL DEV AUTH(e)	9/1/2024	6.00		963,425	56,846
1,105,000	MONTANA ST BRD OF HSG	12/1/2039	5.50		1,105,132	1,196,748
500,000	MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE	7/1/2037	5.13		500,000	542,545
1,755,000	MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVE(b)	7/1/2028	3.60		789,110	751,263
1,500,000	MONTGOMERY CNTY OH HLTH CARE FACS REVENUE	9/20/2032	6.55		1,459,738	1,506,540
650,000	MONTGOMERY CNTY PA INDL DEV AUTH	2/1/2014	5.38		649,343	656,026
800,000	MOUNT CARBON CO MET DIST REVENUE	6/1/2043	7.00		800,000	486,640
200,000	MOUNT CARBON CO MET DIST REVENUE(e)	6/1/2043	8.00		-	20,000
1,500,000	MOUNT VERNON IN SCH BLDG CORP	1/15/2037	5.00		1,532,057	1,573,905
500,000	MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE	12/1/2029	5.00		540,447	538,930
1,500,000	N SUMTER CNTY UTILITY DEPENDENT DIST FL SOLID WASTE REVENUE	10/1/2032	5.00		1,528,674	1,541,595
500,000	N TX TOLLWAY AUTH DALLAS N TOLLWAY SYS REVENUE	1/1/2025	6.00		500,000	598,925
1,000,000	N TX TOLLWAY AUTH REVENUE(b)	1/1/2028	3.44		424,114	554,970
1,000,000	N TX TOLLWAY AUTH REVENUE	1/1/2034	6.00		1,000,000	1,175,940
1,000,000	N TX TOLLWAY AUTH REVENUE(b)	1/1/2042	0.95		718,309	1,079,040
500,000	NARCOOSSEE FL CDD SPL ASSMNT	5/1/2033	4.15		497,953	487,330
1,000,000	NATRONA CNTY WY HOSP REVENUE	9/15/2031	6.35		1,000,000	1,170,800
235,000	NEVADA ST HSG DIV SF MTGE REVENUE	10/1/2039	5.38		235,000	243,782
1,025,000	NEVADA ST HSG DIV SF MTGE REVENUE	10/1/2040	5.10		1,025,000	1,101,219
1,000,000	NEW HAMPSHIRE ST HLTH & EDU FACS AUTH HOSP REVENUE	10/1/2024	5.00		987,372	1,026,770
1,000,000	NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE	1/1/2034	6.00		969,907	1,138,630
500,000	NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE	8/1/2038	6.00		490,413	579,445
1,000,000	NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE	7/1/2031	5.20		1,000,000	1,121,720
745,000	NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE	7/1/2034	5.38		745,000	815,611
565,000	NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE	7/1/2038	6.63		587,625	627,331

35

(Continued)

CLEARWATER INVESTMENT TRUST

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

March 31, 2013

Par/Shares	Security	Maturity date	Coupon rate	Cost		Fair value (a)	Percent of net assets
Municipal Bonds (Cont’d):
615,000	NEW JERSEY ST ECON DEV AUTH	12/1/2016	5.75	$	615,000	615,775
500,000	NEW JERSEY ST HGR EDU ASSISTANCE AUTH	6/1/2024	5.38		497,703	560,565
995,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2030	4.50		995,000	1,079,097
390,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2030	6.45		412,122	438,048
755,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2034	5.00		755,000	815,460
775,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2035	5.00		775,000	833,148
1,905,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2037	5.00		1,891,579	2,033,835
1,000,000	NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE	5/1/2041	4.95		970,403	1,046,270
370,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2029	4.80		370,000	403,230
730,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2029	5.00		730,000	798,744
740,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2034	5.00		740,000	811,832
680,000	NEW MEXICO ST MTGE FIN AUTH	3/1/2036	5.45		680,000	745,049
985,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2042	3.90		985,000	1,004,345
1,460,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2042	4.13		1,460,000	1,519,159
750,000	NEW ORLEANS LA SEWAGE SVC REVENUE	6/1/2024	6.00		740,957	878,378
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	5/1/2015	5.00		66,720	64,147
135,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE(b)	5/1/2018	1.19		122,193	64,106
175,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE(b)	5/1/2038	0.64		142,557	75,803
70,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE	5/1/2038	5.75		63,247	54,859
1,000,000	NEW YORK CITY NY HSG DEV CORPMF HSG REVENUE	11/1/2037	3.80		1,000,000	1,000,740
2,000,000	NEW YORK CITY NY MUNI WTR FINAUTH WTR & SWR SYS REVENUE	6/15/2038	5.00		2,261,402	2,275,940
2,500,000	NEW YORK ST HSG FIN AGY REVENUE	11/1/2042	3.80		2,500,000	2,513,325
5,000,000	NEW YORK ST HSG FIN AGY REVENUE	5/1/2048	4.10		5,000,000	4,942,000
1,750,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE	10/1/2040	4.13		1,750,000	1,808,642
500,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE	10/1/2042	3.75		500,000	504,190
450,000	NOBLESVILLE IN REDEV AUTH ECON DEV REVENUE	2/1/2031	5.13		446,085	507,942
1,000,000	NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE	10/1/2029	6.38		1,000,000	1,004,080
1,300,000	NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE	10/1/2035	6.63		1,300,000	1,254,461
1,820,000	NORTH DAKOTA ST HSG FIN AGY	7/1/2032	3.60		1,820,000	1,838,528
1,455,000	NORTH DAKOTA ST HSG FIN AGY	7/1/2040	5.05		1,455,000	1,546,185
1,000,000	NTHRN IL UNIV	4/1/2026	5.50		1,013,834	1,119,060

36

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
March 31, 2013

Par/Shares	Security	Maturity date	Coupon rate	Cost		Fair value (a)	Percent of net assets
Municipal Bonds (Cont’d):
650,000	NTHRN INYO CNTY CA LOCAL HOSP DIST	12/1/2029	5.00	$	679,094	665,632
2,000,000	OAK PARK CA UNIF SCH DIST(b)	8/1/2038	1.86		1,034,653	1,496,860
1,250,000	OAKLAND CNTY MI ECON DEV CORP LTD OBLG REVENUE	12/1/2020	6.50		1,243,246	1,330,500
520,000	OHIO ST HSG FIN AGY RSDL MTGE REVENUE	9/1/2033	5.40		520,000	570,034
140,000	OHIO ST HSG FIN AGY RSDL MTGE REVENUE	9/1/2033	5.45		140,000	144,865
500,000	OKLAHOMA CNTY OK FIN AUTH REVENUE	4/1/2033	5.00		505,470	507,975
500,000	OKLAHOMA CNTY OK FIN AUTH REVENUE	4/1/2042	5.13		500,000	510,230
355,000	OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE	3/1/2032	5.15		355,000	387,081
535,000	OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE	9/1/2038	6.50		556,870	548,782
1,000,000	OVERLAND PARK KS TRANSPRTN DEV DIST SALES TAX REVENUE	4/1/2032	5.90		1,000,000	1,108,680
2,280,000	PACHECO CA UNION SCH DIST COPS(b)	2/1/2037	2.96		536,917	661,200
1,000,000	PALM BAY FL UTILITY REVENUE(b)	10/1/2031	3.28		340,666	404,890
1,000,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE	11/15/2022	5.38		926,548	1,052,800
1,665,000	PATTERSON CA JT UNIF SCH DIST(b)	8/1/2027	3.77		661,087	850,415
1,000,000	PELL CITY AL SPL CARE FACS FING AUTH REVENUE	12/1/2039	5.00		1,067,120	1,074,150
500,000	PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE	7/1/2039	0.84		500,000	374,985
1,000,000	PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE	5/1/2042	5.38		1,007,475	1,050,940
500,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2025	5.00		501,542	544,325
1,000,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2029	4.63		921,006	1,058,260
1,000,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2034	4.88		1,002,869	1,063,890
1,000,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2037	3.65		1,007,297	990,390
1,000,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2042	3.70		1,000,000	989,880
1,000,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b)	6/1/2033	1.44		700,352	1,050,830
1,935,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b)	12/1/2035	0.90		1,533,140	1,819,461
1,500,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b)	12/1/2038	1.02		1,100,020	1,490,310
2,000,000	PEORIA IL PUBLIC BLDG COMMISSION SCH DIST FACS REVENUE(b)	12/1/2021	3.94		1,238,926	1,447,220
5,000,000	PEORIA IL PUBLIC BLDG COMMISSION SCH DIST FACS REVENUE(b)	12/1/2026	3.73		2,148,156	2,416,350
500,000	PHOENIX AZ INDL DEV AUTH EDU REVENUE	7/1/2022	5.00		500,000	502,540
3,000,000	PHOENIX AZ INDL DEV AUTH LEASE REVENUE	6/1/2034	5.25		3,056,528	3,319,440
75,000	PIMA CNTY AZ INDL DEV AUTH CHRT SCH REVENUE	4/1/2022	5.88		75,000	77,320

37

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
March 31, 2013

Par/Shares	Security	Maturity date	Coupon rate	Cost		Fair value (a)	Percent of net assets
Municipal Bonds (Cont’d):
650,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	6/1/2016	6.00	$	652,573	658,346
825,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	12/1/2017	5.35		750,855	830,123
330,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	12/1/2018	6.38		330,000	344,533
1,970,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	7/1/2021	6.70		1,970,000	1,975,693
865,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	6/1/2022	5.00		805,325	872,067
485,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	7/1/2031	6.75		358,788	485,951
2,625,000	PITTSBURG CALIF UNI SCH DIST FING AUTH REV(b)	9/1/2031	3.78		790,801	886,410
1,000,000	PUBLIC FIN AUTH WI CCRC REVENUE	6/1/2020	7.00		986,200	1,146,490
1,500,000	PUBLIC FIN AUTH WI CCRC REVENUE	6/1/2046	8.25		1,563,906	1,798,770
500,000	PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE	9/1/2022	5.25		500,000	502,195
1,000,000	PUBLIC FIN AUTH WI REVENUE	4/1/2022	5.00		1,000,000	1,030,710
600,000	PUBLIC FIN AUTH WI REVENUE	4/1/2032	5.50		600,000	617,598
221,000	PUBLIC FIN AUTH WI REVENUE(b)	10/1/2042	(0.46)		250,829	88,393
221,000	PUBLIC FIN AUTH WI REVENUE(b)	10/1/2042	(0.46)		250,826	2
515,000	PUBLIC FIN AUTH WI REVENUE	10/1/2042	7.00		585,423	496,383
1,000,000	PUERTO RICO CMWLTH	7/1/2028	6.00		990,080	1,035,410
1,500,000	PUERTO RICO CMWLTH	7/1/2035	5.00		1,500,000	1,493,895
1,500,000	PUERTO RICO CMWLTH	7/1/2040	6.50		1,523,727	1,611,705
500,000	PUERTO RICO ELEC PWR AUTH PWR REVENUE	7/1/2025	0.87		500,000	398,465
1,000,000	PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE(b)	8/1/2033	1.88		603,315	786,030
500,000	PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE	8/1/2057	1.13		500,000	359,935
750,000	QUAIL CREEK AZ CMNTY FACS DIST	7/15/2016	5.15		750,000	772,050
1,260,000	QUECHAN INDIAN TRIBE AZ FORT YUMA INDIAN RESERVATION	5/1/2025	9.75		1,260,000	1,350,103
500,000	RED RIVER TX HLTH FACS DEV CORP FIRST MTGE REVENUE	1/1/2032	5.50		514,653	516,440
1,000,000	REDONDO BEACH CA UNIF SCH DIST(b)	8/1/2034	1.38		696,509	1,010,330
750,000	REEF-SUNSET CA UNIF SCH DIST(b)	8/1/2038	1.30		501,523	496,958
750,000	RENO NV SPARKS INDIAN COLONY	6/1/2021	5.00		765,005	790,148
500,000	RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP	5/15/2030	6.25		493,755	580,335
1,000,000	RHODE ISLAND ST HSG & MTGE FIN CORP	10/1/2028	4.00		994,221	1,026,910
750,000	RHODE ISLAND ST HSG & MTGE FIN CORP	10/1/2037	3.90		750,000	750,000
500,000	RICHMOND CA JT PWRS FING AUTH	7/1/2024	6.25		500,000	584,915
325,000	RICHMOND IN HOSP AUTH REVENUE	1/1/2029	6.50		315,622	376,896
3,000,000	ROBLA CA SCH DIST(b)	8/1/2036	3.22		742,430	917,610
500,000	S BAYSIDE CA WST MGMT AUTH SOL WST ENTERPRISE REVENUE	9/1/2029	6.25		513,524	576,005
1,000,000	S COAST IN CONSERVANCY DIST	1/1/2028	5.25		994,862	998,900
610,000	S WSTRN IL DEV AUTH	10/1/2022	7.00		610,000	633,650

38

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
March 31, 2013

Par/Shares	Security	Maturity date	Coupon rate	Cost		Fair value (a)	Percent of net assets
Municipal Bonds (Cont’d):
195,000	S WSTRN IL DEV AUTH	11/1/2026	5.63	$	193,842	164,701
1,000,000	SACRAMENTO CA CITY FING AUTH(b)	12/1/2021	3.67		642,412	713,470
350,000	SACRAMENTO CNTY CA WTR FING AUTH REVENUE	6/1/2039	0.76		350,000	310,902
845,000	SADDLEBACK VLY CA UNIF SCH DIST PUBLIC FING AUTH	9/1/2017	5.65		845,000	848,659
1,000,000	SAGINAW MI HOSP FIN AUTH	7/1/2030	5.00		923,761	1,064,340
147,000	SAINT BERNARD PARISH LA HOME MTGE AUTH SF MTGE	3/1/2039	5.80		144,237	153,108
500,000	SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE	8/1/2040	5.88		492,969	554,075
460,000	SAINT JOSEPH CNTY IN ECON DEV REVENUE	5/15/2026	6.00		344,790	476,109
500,000	SAINT JOSEPH CNTY IN ECON DEV REVENUE	5/15/2038	6.00		371,080	511,385
1,000,000	SAINT JOSEPH CNTY IN ECON DEV REVENUE	5/15/2039	6.25		1,016,149	1,037,940
425,694	SAINT JOSEPH CNTY IN HOSP AUTH HLTH FACS REVENUE(e)	2/15/2028	5.25		431,280	51,130
500,000	SAINT LOUIS CNTY MO INDL DEV AUTH	8/15/2032	5.88		500,000	511,170
750,000	SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS	9/1/2042	5.00		769,770	782,625
107,934	SAINT TAMMANY PARISH LA FIN AUTH SF MTGE REVENUE	12/1/2039	5.25		110,341	110,289
1,000,000	SALEM OR HOSP FAC AUTH REVENUE	5/15/2027	5.75		1,026,708	1,093,860
500,000	SALINE CNTY MO INDL DEV AUTH HLTH FACS REVENUE	12/1/2028	5.60		489,790	547,895
500,000	SALINE MI ECON DEV CORP	6/1/2032	5.25		503,399	501,405
500,000	SALT LAKE CNTY UT HSG AUTH MF REVENUE	8/1/2028	3.38		500,000	503,535
500,000	SAN DIEGO CA HSG AUTH MF HSG REVENUE	5/1/2029	5.00		500,000	543,730
500,000	SANTA ANA CA CMNTY REDEV AGY	9/1/2022	6.00		495,549	588,495
1,000,000	SANTA BARBARA CA UNIF SCH DISTT(b)	8/1/2037	1.56		619,019	660,060
500,000	SANTA MONICA CA REDEV AGY	7/1/2036	5.88		518,656	596,765
1,450,000	SARASOTA CNTY FL HLTH FACS AUTH RETMNT FAC REVENUE	1/1/2027	5.50		1,213,228	1,549,122
500,000	SEMINOLE TRIBE FL SPL OBLG REVENUE(c)	10/1/2024	5.50		503,558	545,945
500,000	SEVEN OAKS FL CMNTY DEV DIST SPL ASSMNT REVENUE	5/1/2033	5.50		488,118	530,055
150,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e)	1/1/2019	5.35		134,966	14,985
625,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e)	1/1/2029	5.55		556,862	62,438
515,000	SOUTH CAROLINA ST EDU ASSISTANCE AUTH	10/1/2029	5.10		509,318	562,272
205,000	SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE	7/1/2032	5.50		205,000	223,097
356,475	SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE	11/15/2032	6.00		359,260	237,833
228,572	SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE(b)	11/15/2047	0.04		225,000	4,498
152,775	SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE(b)	11/15/2047	0.14		145,096	153

39

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
March 31, 2013

Par/Shares	Security	Maturity date	Coupon rate	Cost		Fair value (a)	Percent of net assets
Municipal Bonds (Cont’d):
533,336	SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE	11/15/2047	6.00	$	525,223	347,212
338,000	SOUTHSIDE AZ CMNTY FACS DIST #1 SPL ASSMNT REVENUE PRESCOTT	7/1/2018	6.13		256,160	259,942
1,000,000	SPARKS NV REDEV AGY TAX INCR REVENUE	6/1/2020	7.25		991,756	1,056,350
1,000,000	SPARKS NV REDEV AGY TAX INCR REVENUE	1/15/2022	5.00		981,140	1,049,590
1,000,000	SPRINGFIELD IL ELEC REVENUE	3/1/2035	5.00		1,041,180	1,034,860
2,500,000	SULPHUR SPRINGS CA UNION SCH DIST COPS(b)	12/1/2037	1.00		1,881,307	2,592,100
500,000	TALLAHASSEE FL HLTH FACS REVENUE	12/1/2030	6.38		491,537	508,110
915,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU	2/15/2016	7.25		915,000	917,452
750,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU	11/15/2019	7.75		750,000	869,475
1,000,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU	11/15/2026	6.00		1,022,082	1,064,650
1,000,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU	5/15/2027	5.13		735,306	1,019,980
750,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU	11/15/2036	6.00		764,299	794,588
500,000	TENNESSEE ST HSG DEV AGY	1/1/2031	3.30		500,000	494,015
685,000	TENNESSEE ST HSG DEV AGY	7/1/2038	5.45		685,000	722,757
2,000,000	TENNESSEE ST HSG DEV AGY	7/1/2043	3.80		2,000,000	1,978,600
150,000	TENNESSEE ST HSG DEV AGY MTGE FIN	7/1/2023	5.20		150,096	150,828
580,000	TEXAS ST DEPT OF HSG & CMNTY AFFAIRS	7/1/2039	5.45		580,000	631,545
250,000	TEXAS ST MUNI GAS ACQUISITION & SPLY CORP I GAS SPLY REVENUE	12/15/2026	1.64		250,000	214,708
2,000,000	TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE	6/30/2033	7.50		2,050,353	2,504,900
800,000	TEXAS ST STUDENT HSG AUTH REVENUE(e)	1/1/2033	11.00		800,000	8
360,257	TODD CREEK FARMS CO MET DIST #1 WTR & WSTWTR REVENUE(d)(e)	12/1/2009	4.75		356,355	180,129
300,000	TOLOMATO FL CDD(e)	5/1/2017	6.38		300,000	146,298
115,000	TOLOMATO FL CDD	5/1/2017	6.38		115,000	112,070
100,000	TOLOMATO FL CDD(e)	5/1/2017	6.38		100,000	1
10,000	TOLOMATO FL CDD(e)	5/1/2017	6.38		10,000	5,661
35,000	TOLOMATO FL CDD(b)	5/1/2039	1.39		22,228	25,082
90,000	TOLOMATO FL CDD(b)	5/1/2040	1.34		57,135	51,814
50,000	TOLOMATO FL CDD(b)	5/1/2040	1.34		31,742	21,176
2,000,000	TORRANCE CA UNIF SCH DIST(b)	8/1/2023	4.12		1,064,093	1,400,980
1,000,000	TRACY CA JT UNIF SCH DIST(b)	8/1/2041	2.00		432,357	546,030
1,000,000	TRAVIS CNTY TX HLTH FACS DEV CORP	11/1/2016	6.25		1,000,000	1,019,150
830,000	TRAVIS CNTY TX HLTH FACS DEV CORP	1/1/2017	5.50		817,943	830,498
1,000,000	TRAVIS CNTY TX HLTH FACS DEV CORP	1/1/2022	6.00		990,781	1,042,020
840,000	TRAVIS CNTY TX HSG FIN CORP(e)	6/1/2035	9.25		840,000	41,882
500,000	TURLOCK CA PUBLIC FING AUTH WTR REVENUE	5/1/2032	4.75		523,776	532,265
1,250,000	TUSTIN CA UNIF SCH DIST(b)	8/1/2028	2.33		781,597	970,962

40

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
March 31, 2013

Par/Shares	Security	Maturity date	Coupon rate	Cost		Fair value (a)	Percent of net assets
Municipal Bonds (Cont’d):
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	634,746
500,000	UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE	7/15/2025	6.50		500,000	553,060
1,000,000	UTAH ST HSG CORP MTGE REVENUE	7/1/2030	4.10		1,000,000	1,063,330
470,000	UTAH ST HSG CORP SF MTGE REVENUE	1/1/2032	4.95		470,000	501,922
725,000	UTAH ST HSG CORP SF MTGE REVENUE	1/1/2033	5.75		725,000	822,302
500,000	VANCOUVER WA HSG AUTH	3/1/2025	5.00		493,357	537,920
1,000,000	VERMONT ST HSG FIN AGY MULTI FAMILY	8/15/2041	3.80		982,882	969,520
1,000,000	VIRGIN ISLANDS PUBLIC FIN AUTH REVENUE	10/1/2042	5.00		1,041,510	1,054,960
750,000	VIRGINIA ST HSG DEV AUTH	12/1/2038	4.60		746,345	801,217
1,000,000	VIRGINIA ST HSG DEV AUTH	12/1/2039	5.00		1,000,000	1,078,000
695,000	VIRGINIA ST HSG DEV AUTH CMWLTH MTGE	7/1/2025	6.00		695,000	787,734
945,000	VIRGINIA ST HSG DEV AUTH CMWLTH MTGE	7/1/2031	6.25		961,790	1,078,755
1,750,000	VIRGINIA ST HSG DEV AUTH CMWLTH MTGE	1/1/2038	3.88		1,750,000	1,735,458
1,000,000	W CAMPUS HSG LLC AZ STUDENT HSG REVENUE	7/1/2025	5.00		890,135	1,011,840
230,000	W VLGS FL IMPT DIST(e)	5/1/2037	5.50		230,000	102,934
1,000,000	WASHINGTON ST HLTH CARE FACS AUTH	3/1/2029	7.13		976,722	1,253,830
500,000	WASHINGTON ST HSG FIN COMMISSION	10/1/2017	5.00		500,000	500,995
1,500,000	WASHINGTON ST HSG FIN COMMISSION	10/1/2022	6.00		1,500,000	1,522,770
1,000,000	WASHINGTON ST HSG FIN COMMISSION	7/15/2029	4.75		1,000,000	1,101,400
1,500,000	WASHINGTON ST HSG FIN COMMISSION	7/1/2030	3.50		1,500,000	1,523,715
500,000	WASHINGTON ST HSG FIN COMMISSION	7/1/2033	5.00		548,135	551,890
500,000	WASHINGTON ST HSG FIN COMMISSION	12/1/2033	3.50		500,000	496,340
935,000	WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE	1/1/2017	5.25		933,393	954,074
500,000	WATERLOO IA CMNTY SCH DIST SCH INFRASTRUCTURE SALES & SVCS T	7/1/2029	5.00		500,000	538,015
445,000	WATERS EDGE FL CDD CAPITAL IMPT REVENUE(b)	5/1/2039	0.87		359,233	209,159
6,000	WATERS EDGE FL CDD CAPITAL IMPT REVENUE	5/1/2039	5.35		9,476	6,039
750,000	WAYZATA MN SENIOR HSG REVENUE	11/1/2025	5.20		738,429	801,188
1,000,000	WEST TRAVIS CNTY TX PUBLIC UTILITY AGY REVENUE	8/15/2024	5.00		1,012,663	1,015,300
750,000	WESTCHESTER CO NY LOCAL DEV CORP REVENUE	1/1/2034	5.00		805,402	805,598
1,000,000	WISCONSIN ST GEN FUND ANNUAL APPROP REVENUE	5/1/2027	6.00		1,017,778	1,227,670
400,000	WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	8/15/2023	5.60		400,199	404,460
1,000,000	WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	7/1/2030	5.75		1,022,529	1,160,430
750,000	WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	4/15/2033	6.40		750,252	751,800

41

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
March 31, 2013

Par/Shares	Security	Maturity date	Coupon rate	Cost		Fair value (a)	Percent of net assets
Municipal Bonds (Cont’d):
500,000	WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	8/15/2034	6.75	$	502,874	511,695
1,000,000	WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	12/1/2034	6.31		1,000,000	550,090
1,000,000	WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	5/15/2036	5.00		1,021,814	1,022,310
500,000	WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	2/15/2040	5.00		513,490	534,730
215,000	WSTRN GENERATION AGY OR COGENERATION PROJ REVENUE	1/1/2021	5.00		215,129	215,684
500,000	WYOMING CMNTY DEV AUTH STUDENTHSG REV	7/1/2031	6.25		500,000	561,955
3,000,000	WYOMING ST CMNTY DEV AUTH HSGREVENUE	12/1/2038	4.05		3,000,000	3,003,690
355,000	ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(e)	5/1/2013	5.25		355,352	141,428
	Sub-total Municipal Bonds:				439,507,846	456,570,839	90.82	%
Short-Term Investments:
10,689,427	NORTHERN INSTITUTIONAL FUNDS -TAX-EXEMPT PORTFOLIO, 0.01%(g)				10,689,427	10,689,427
	Sub-total Short-Term Investments:				10,689,427	10,689,427	2.13	%
	Grand total(h)			$	477,676,633	499,937,509	99.45	%

Notes to Schedule of Investments:

(a)	Investments in U.S. and foreign securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market in which such securities are traded. Foreign security values are stated in U.S. dollars. Debt securities maturing more than 60 days from the valuation date are valued at the market price supplied by an independent pricing vendor. 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.
(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 traded 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 March 31, 2013, the value of these restricted illiquid securities amounted to approximately $941,974 or 0.19% 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
MICHIGAN ST PUBLIC EDUCTNL FACS AUTH, 6.00%, 9/1/16		9/24/07 - 4/12/11		691,563

42

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
March 31, 2013

(g)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2012, the value of the Clearwater Tax-Exempt Bond Fund’s investment in the Tax-Exempt Portfolio of the Northern Institutional Funds was approximately $18,121,788 with net sales of approximately $7,432,361 during the three months ended March 31, 2013.
(h)	At March 31, 2013, the cost for Federal income tax purposes was $477,676,633. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows:

Gross unrealized appreciation	$	40,106,341
Gross unrealized depreciation		(17,845,465	)
Net unrealized appreciation	$	22,260,876

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

Geographical Diversification	Percent
California		12.36	%
Illinois		10.45
Texas		6.50
Florida		6.14
Indiana		4.65
New York		4.05
Pennsylvania		3.40
New Jersey		3.30
Arizona		3.25
Connecticut		3.11
Other		42.79
		100.00	%

43

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
March 31, 2013

Fair value is an estimate of the price the Tax-Exempt Bond Fund would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market 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 Tax-Exempt Bond Fund’s investments, as described below. These inputs are summarized in the three broad levels listed below.

Level 1 - Unadjusted quoted 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.

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

Debt securities are valued at the market price supplied by an independent pricing vender when maturing more than 60 days from the valuation date and at amortized cost, which approximates fair value, when maturing within 60 days of the valuation date. Investments in closed-end funds are valued at the last sales price or the regular trading session closing price on the principal exchange or market in which the funds are traded. Security transactions are accounted for as of trade date. Wherever possible, the Tax-Exempt Bond Fund uses independent pricing services approved by the Board of Trustees to value its investments. When prices are not readily available (including those for which trading has been suspended), are deteremined not to reflect fair value, or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, the Tax-Exempt Bond Fund may value these securities at fair value as determined in good faith using procedures established by the Board of Trustees.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used in valuing the Tax-Exempt Bond Fund’s investments, which are carried at fair value, as of March 31, 2013.

	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	32,677,243	$	—	$	—	$	32,677,243
Municipal Bonds
Airport		—		612,030		—		612,030
Bond Bank		—		2,653,035		—		2,653,035
Development		—		18,177,310		180,129		18,357,439
Education		—		47,739,940		—		47,739,940
Facilities		—		6,202,047		—		6,202,047
General		—		47,639,178		11,301		47,650,479
General Obligation		—		16,194,338		—		16,194,338
Higher Education		—		16,106,587		—		16,106,587
Housing		—		26,314,808		—		26,314,808
Medical		—		57,381,000		237,380		57,618,380
Mello-Roos		—		848,659		—		848,659
Multi Family Housing		—		34,596,496		—		34,596,496
Nursing Home		—		51,510,465		—		51,510,465
Pollution		—		2,117,600		—		2,117,600
Power		—		3,048,342		619,400		3,667,742
School District		—		25,270,090		—		25,270,090
Single Family Housing		—		67,291,564		—		67,291,564
Student Loan		—		4,851,858		—		4,851,858
Tobacco Settlement		—		1,102,836		—		1,102,836
Transportation		—		15,196,196		—		15,196,196
Utilities		—		1,956,238		—		1,956,238
Water		—		8,712,012		—		8,712,012
Short-Term Investments		10,689,427		—		—		10,689,427
Total	$	43,366,670	$	455,522,629	$	1,048,210	$	499,937,509

For the Tax-Exempt Bond Fund, 100% of the investment value is comprised of closed-end funds, municipal bond securities and short-term investments.

44

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CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
March 31, 2013

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.

As of March 31, 2013, 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 or the default of a municipal bond. The Valuation Committee also looked at observations of similar securities which are not currently openly traded in the active market. Finally, the Valuation Committee will consider 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.

The Tax-Exempt Bond Fund records all transfers between levels based on valuations at the end of each reporting period. At March 31, 2013, there were no transfers between any of the Level 1 or Level 2 classification based on levels assigned to the securities on December 31, 2012. 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 cicumstances that indicate when a transaction is not orderly.

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

	Municipal Bonds
	Development			General			Higher Education			Medical			Power		Total
Balance as of 12/31/12	$	180,130		$	11,765		$	909,527		$	1,252,138		$	619,400	$	2,972,960
Realized Gains		—			174			—			338			—		512
Realized Losses		(53,963	)		—			(768	)		—			—		(54,731	)
Change in Unrealized Appreciation		69,999			14,099			153,320			—			—		237,418
Change in Unrealized Depreciation		—			—			—			(1,945	)		—		(1,945	)
Sales		(16,037	)		(14,737	)		(23,103	)		(10,881	)		—		(64,758	)
Transfers into Level 3(1)		—			—			—			—			—		—
Transfers out of Level 3(1)		—			—			(1,038,976	)(2)		(1,002,270	)(2)		—		(2,041,246	)
Balance as of 3/31/13	$	180,129		$	11,301		$	—		$	237,380		$	619,400	$	1,048,210
Change in net unrealized appreciation (depreciation)(3)	$	—		$	14,099		$	—		$	—		$	—	$	14,099

(1)	The value of Transfers into and out of Level 3 is measured using the fair value as of the end of the period March 31, 2013.
(2)	Transferred from Level 3 to Level 2 due to securities being valued based on an adjusted evaluated prices provided by the primary pricing provider.
(3)	The amount of change in net unrealized appreciation (depreciation) on Level 3 securities still held at March 31, 2013.

45

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CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Tax-Exempt Bond Fund (unaudited)
March 31, 2013

46

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Common Stocks:
Argentina:
	144,099	ARCOS DORADOS HOLDINGS, INC., CLASS A	$	2,073,729	1,902,107
				2,073,729	1,902,107	0.43	%
Australia:
	9,284	AGL ENERGY LTD.		105,943	153,303
	4,301	ALS LTD.		48,206	46,885
	51,722	ALUMINA LTD.(b)		50,177	59,774
	16,798	AMCOR LTD.		150,344	162,300
	36,255	AMP LTD.		95,058	196,661
	10,115	APA GROUP		50,066	62,766
	21,346	ASCIANO LTD.		100,771	124,234
	4,593	ASX LTD.		114,203	173,061
	25,843	AURIZON HOLDINGS LTD.		91,220	108,433
	50,341	AUSTRALIA & NEW ZEALAND BANKING GROUP LTD.		712,399	1,495,330
	6,281	BENDIGO AND ADELAIDE BANK LTD.		52,780	67,160
	179,910	BGP HOLDINGS PLC - (FRACTIONAL SHARES)(b)(c)		-	-
	60,332	BHP BILLITON LTD.		1,453,162	2,057,808
	10,199	BORAL LTD.		28,970	52,138
	38,613	BRAMBLES LTD.		218,269	340,510
	471,221	CARDNO LTD.		3,616,555	3,370,503
	40,505	CFS RETAIL PROPERTY TRUST GROUP		46,791	84,765
	10,606	COCA-COLA AMATIL LTD.		91,642	160,999
	971	COCHLEAR LTD.		35,893	68,796
	27,400	COMMONWEALTH BANK OF AUSTRALIA		1,248,722	1,940,156
	6,418	COMPUTERSHARE LTD.		56,556	68,157
	307,768	CREDIT CORP. GROUP LTD.		2,469,806	2,861,464
	9,576	CSL LTD.		226,091	590,526
	533,828	DECMIL GROUP LTD.		1,463,999	1,306,118
	85,105	DEXUS PROPERTY GROUP		62,970	92,151
	22,356	ECHO ENTERTAINMENT GROUP LTD.		70,002	81,000
	373,064	EMECO HOLDINGS LTD.		283,607	242,760
	25,256	FEDERATION CENTRES LTD.		52,870	62,057
	21,110	FORTESCUE METALS GROUP LTD.		37,574	86,596
	18,737	GOODMAN GROUP		48,414	93,248
	13,451	GPT GROUP		53,395	51,957
	34,456	ILUKA RESOURCES LTD.		367,218	335,421
	36,603	INCITEC PIVOT LTD.		83,901	117,757
	47,825	INSURANCE AUSTRALIA GROUP LTD.		120,292	284,318
	2,773	LEIGHTON HOLDINGS LTD.		49,627	59,301
	10,015	LEND LEASE GROUP		61,130	106,357
	9,837	MACQUARIE GROUP LTD.		195,127	380,483
	13,956	METCASH LTD.		38,758	60,155
	37,974	MIRVAC GROUP		50,570	64,049
	58,946	MONADELPHOUS GROUP LTD.		1,289,560	1,393,136
	39,852	NATIONAL AUSTRALIA BANK LTD.		675,928	1,279,610
	13,681	NEWCREST MINING LTD.		328,003	285,592
	5,329	ORICA LTD.		135,508	135,656
	16,215	ORIGIN ENERGY LTD.		176,156	224,196
	6,634	OZ MINERALS LTD.		49,800	36,814
	453,290	PACIFIC BRANDS LTD.		263,126	405,871
	416	PERPETUAL LTD.		7,027	17,446
	36,732	QANTAS AIRWAYS LTD.(b)		46,698	68,265
	20,769	QBE INSURANCE GROUP LTD.		283,045	292,135
	2,468	RAMSAY HEALTH CARE LTD.		49,765	82,997
	7,202	RIO TINTO LTD.		402,208	428,906
	127,767	SAI GLOBAL LTD.		526,355	448,293
	22,469	SANTOS LTD.		244,511	290,783
	4,898	SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP(b)		7,202	8,440
	474,655	SLATER & GORDON LTD.		969,965	1,279,944
	9,824	SONIC HEALTHCARE LTD.		79,849	142,480
	34,990	STOCKLAND		132,304	132,969
	16,581	SUNCORP GROUP LTD.		177,259	204,052
	8,477	TABCORP HOLDINGS LTD.		15,377	28,508
	8,846	TATTS GROUP LTD.		14,773	29,196
	65,264	TELSTRA CORP. LTD.		276,914	306,453
	22,161	TOLL HOLDINGS LTD.		98,848	136,822
	21,881	TRANSURBAN GROUP		88,365	145,345

47

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Australia (Cont’d):
	229,054	WEBJET LTD.	$	979,883	1,130,393
	17,231	WESFARMERS LTD.		647,981	721,190
	42,659	WESTFIELD GROUP		253,085	481,897
	35,413	WESTFIELD RETAIL TRUST		53,180	111,348
	60,789	WESTPAC BANKING CORP.		872,864	1,946,815
	45,860	WHITEHAVEN COAL LTD.		149,712	101,224
	13,603	WOODSIDE PETROLEUM LTD.		455,825	507,310
	22,832	WOOLWORTHS LTD.		435,292	803,240
	3,542	WORLEYPARSONS LTD.		57,010	91,051
				24,346,456	31,367,834	7.09	%
Austria:
	22,157	ANDRITZ A.G.		1,344,890	1,486,558
	3,566	ERSTE GROUP BANK A.G.(b)		63,769	99,330
	33,719	IMMOFINANZ A.G.(b)		94,190	127,723
	1,383	OMV A.G.		50,806	58,813
	3,309	RAIFFEISEN BANK INTERNATIONAL A.G.		106,621	112,467
	313	STRABAG S.E. (BEARER)		5,505	7,015
	19,070	TELEKOM AUSTRIA A.G.		124,529	125,133
	1,368	VOESTALPINE A.G.		51,510	42,007
	27,600	WIENERBERGER A.G.		213,061	328,601
				2,054,881	2,387,647	0.54	%
Belgium:
	9,207	AGEAS		155,603	311,396
	13,822	ANHEUSER-BUSCH INBEV N.V.		502,521	1,368,695
	10,910	BARCO N.V.		740,520	954,475
	1,645	COLRUYT S.A.		74,892	79,548
	1,238	DELHAIZE GROUP S.A.		51,243	67,532
	13,233	GROUPE BRUXELLES LAMBERT S.A.		1,093,923	1,011,826
	4,347	KBC GROEP N.V.		101,356	149,725
	415	SOLVAY S.A.		57,004	56,202
	1,066	TELENET GROUP HOLDING N.V.		50,357	52,718
	1,091	UCB S.A.		30,548	69,645
	3,347	UMICORE S.A.		177,603	157,220
				3,035,570	4,278,982	0.97	%
Brazil:
	77,661	BRASIL FOODS S.A. ADR(b)(d)		1,438,817	1,717,085
	13,600	CIA DE SANEAMENTO DE MINAS GERAIS-COPASA(b)		328,620	332,134
	5,900	LOJAS RENNER S.A.		217,003	220,788
				1,984,440	2,270,007	0.51	%
Canada:
	29,100	AGF MANAGEMENT LTD., CLASS B		309,797	308,803
	3,176	AGNICO-EAGLE MINES LTD.		138,785	130,279
	3,934	AGRIUM, INC.		176,472	383,622
	1,052	ALIMENTATION COUCHE TARD, INC., CLASS B		53,849	57,019
	4,900	ARC RESOURCES LTD.		108,943	129,464
	44,600	AUTOMATION TOOLING SYSTEMS, INC.(b)		401,190	434,651
	10,306	BANK OF MONTREAL		623,553	648,684
	19,232	BANK OF NOVA SCOTIA		982,143	1,119,066
	17,924	BARRICK GOLD CORP.		575,370	526,507
	3,479	BAYTEX ENERGY CORP.		151,408	145,790
	3,700	BCE, INC.		156,653	172,862
	1,900	BELL ALIANT, INC.		51,733	50,387
	12,732	BOMBARDIER, INC., CLASS B		50,302	50,509
	3,100	BONAVISTA ENERGY CORP.		50,156	45,591
	13,183	BROOKFIELD ASSET MANAGEMENT, INC., CLASS A		220,688	481,458
	11,740	CAE, INC.		85,345	114,759
	11,081	CAMECO CORP.		198,977	229,943
	46,300	CANACCORD FINANCIAL, INC.		237,982	310,839
	6,440	CANADIAN IMPERIAL BANK OF COMMERCE		260,643	505,133
	21,692	CANADIAN NATIONAL RAILWAY CO.		1,910,278	2,175,708
	9,614	CANADIAN NATIONAL RAILWAY CO.		389,611	966,274
	19,866	CANADIAN NATURAL RESOURCES LTD.		433,114	636,940
	4,722	CANADIAN OIL SANDS LTD.		97,388	97,336
	4,295	CANADIAN PACIFIC RAILWAY LTD.		154,434	560,377
	744	CANADIAN TIRE CORP. LTD., CLASS A		50,047	53,692

48

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Canada (Cont’d):
	10,512	CENOVUS ENERGY, INC.	$	323,427	325,548
	5,200	CENTERRA GOLD, INC.		48,907	30,969
	10,919	CGI GROUP, INC., CLASS A(b)		90,696	296,770
	1,964	CI FINANCIAL CORP.		49,854	54,327
	4,452	CRESCENT POINT ENERGY CORP.		139,616	168,070
	18,500	DOREL INDUSTRIES, INC., CLASS B		668,249	745,755
	15,478	ELDORADO GOLD CORP.		198,459	147,946
	10,375	ENBRIDGE, INC.		437,946	483,081
	9,252	ENCANA CORP.		190,539	179,967
	29,700	ENERFLEX LTD.		343,284	406,973
	32,600	ENSIGN ENERGY SERVICES, INC.		509,675	555,822
	211	FAIRFAX FINANCIAL HOLDINGS LTD.		52,589	82,389
	2,200	FINNING INTERNATIONAL, INC.		51,485	54,813
	5,096	FIRST QUANTUM MINERALS LTD.		98,955	96,919
	3,100	FORTIS, INC.		105,357	104,213
	2,866	FRANCO-NEVADA CORP.		145,380	130,823
	22,700	GENWORTH MI CANADA, INC.		467,217	558,199
	3,052	GILDAN ACTIVEWEAR, INC.		33,435	121,768
	14,442	GOLDCORP, INC.		460,940	485,926
	2,200	GREAT-WEST LIFECO, INC.		49,273	58,971
	35,321	HOME CAPITAL GROUP, INC.		1,796,656	2,042,384
	70,900	HUDBAY MINERALS, INC.		677,568	681,885
	8,953	HUSKY ENERGY, INC.		227,518	256,996
	4,003	IAMGOLD CORP.		28,201	28,884
	2,500	IGM FINANCIAL, INC.		100,363	112,640
	29,235	IMPERIAL OIL LTD.		1,254,272	1,194,898
	1,593	INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES, INC.		51,268	58,586
	1,100	INMET MINING CORP.		53,339	73,254
	1,899	INTACT FINANCIAL CORP.		119,497	116,368
	11,900	KINROSS GOLD CORP.		98,714	94,183
	1,500	LOBLAW COS. LTD.		53,150	63,110
	4,738	MAGNA INTERNATIONAL, INC.		61,549	278,492
	34,374	MANULIFE FINANCIAL CORP.		420,235	506,212
	1,542	MEG ENERGY CORP.(b)		49,741	49,500
	3,469	METHANEX CORP.		31,828	141,342
	1,000	METRO, INC.		54,328	62,657
	26,100	MULLEN GROUP LTD.		594,865	575,261
	2,810	NATIONAL BANK OF CANADA		214,109	206,383
	4,300	NEW GOLD, INC.(b)		41,682	39,112
	2,600	ONEX CORP.		105,376	123,979
	1,641	OPEN TEXT CORP.(b)		72,477	96,988
	10,000	OSISKO MINING CORP.(b)		81,325	59,359
	4,251	PACIFIC RUBIALES ENERGY CORP.		98,772	89,719
	4,753	PAN AMERICAN SILVER CORP.		88,411	78,137
	6,322	PEMBINA PIPELINE CORP.		85,382	199,770
	19,434	PENGROWTH ENERGY CORP.		99,676	99,097
	7,900	PENN WEST PETROLEUM LTD.		85,291	84,922
	50,391	POTASH CORP. OF SASKATCHEWAN, INC.		2,044,957	1,977,847
	14,521	POTASH CORP. OF SASKATCHEWAN, INC.		406,729	570,348
	4,200	POWER CORP. OF CANADA		105,623	112,871
	1,900	POWER FINANCIAL CORP.		52,279	55,998
	7,700	RESEARCH IN MOTION LTD.(b)		85,461	114,380
	2,701	RITCHIE BROS AUCTIONEERS, INC.		50,064	58,814
	11,804	ROGERS COMMUNICATIONS, INC., CLASS B		297,724	602,953
	28,202	ROYAL BANK OF CANADA		984,939	1,699,033
	2,400	SAPUTO, INC.		103,951	121,861
	9,661	SHAW COMMUNICATIONS, INC., CLASS B		153,543	239,278
	3,394	SHOPPERS DRUG MART CORP.		145,104	145,235
	6,180	SILVER WHEATON CORP.		233,224	193,458
	2,700	SNC-LAVALIN GROUP, INC.		100,003	113,013
	13,665	SUN LIFE FINANCIAL, INC.		280,304	372,884
	30,795	SUNCOR ENERGY, INC.		760,915	922,774
	24,791	TALISMAN ENERGY, INC.		289,882	303,100
	8,831	TECK RESOURCES LTD., CLASS B		301,330	248,626
	3,074	TELUS CORP.		109,313	212,307
	4,489	TIM HORTONS, INC.		137,057	243,971

49

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Canada (Cont’d):
	18,042	TORONTO-DOMINION BANK (THE)	$	792,660	1,502,183
	1,800	TOURMALINE OIL CORP.(b)		51,783	69,601
	8,260	TRANSALTA CORP.		129,937	120,747
	9,847	TRANSCANADA CORP.		417,514	470,128
	32,500	TRICAN WELL SERVICE LTD.		422,140	476,694
	5,592	TURQUOISE HILL RESOURCES LTD.(b)		50,887	35,616
	4,690	VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b)		275,245	352,079
	2,256	VERMILION ENERGY, INC.		83,841	116,814
	19,653	YAMANA GOLD, INC.		186,540	302,770
				28,032,686	34,594,443	7.82	%
China:
	128,500	AAC TECHNOLOGIES HOLDINGS, INC.		444,067	617,458
	636,000	ANHUI EXPRESSWAY CO. LTD., CLASS H		320,679	325,270
	10,468	BAIDU, INC. ADR(b)(d)		980,539	918,044
	1,121,000	CHINA MEDICAL SYSTEM HOLDINGS LTD.		675,149	1,137,961
	2,382,000	KINGDEE INTERNATIONAL SOFTWARE GROUP CO. LTD.(b)		469,114	392,778
	327,000	PRINCE FROG INTERNATIONAL HOLDINGS LTD.		148,425	168,501
	884,000	SHANDONG WEIGAO GROUP MEDICAL POLYMER CO. LTD., CLASS H		1,220,778	800,577
	589,000	SPRINGLAND INTERNATIONAL HOLDINGS LTD.		340,047	297,439
	33,000	TENCENT HOLDINGS LTD.		1,177,595	1,049,191
	728,000	WANT WANT CHINA HOLDINGS LTD.		1,075,498	1,116,025
				6,851,891	6,823,244	1.54	%
Denmark:
	10	A.P. MOELLER - MAERSK A/S, CLASS A		46,408	74,754
	24	A.P. MOELLER - MAERSK A/S, CLASS B		125,436	187,333
	11,397	CARLSBERG A/S, CLASS B		896,574	1,109,054
	1,500	COLOPLAST A/S, CLASS B		27,666	80,694
	13,100	DANSKE BANK A/S(b)		138,182	234,234
	200	FLSMIDTH & CO. A/S		6,012	12,107
	10,050	NOVO NORDISK A/S ADR(d)		1,701,685	1,623,075
	6,583	NOVO NORDISK A/S, CLASS B		612,851	1,069,551
	63,782	NOVOZYMES A/S, CLASS B		1,769,602	2,162,474
	10,488	PANDORA A/S		73,214	288,508
	15,973	TDC A/S		107,272	122,728
	3,250	TOPDANMARK A/S(b)		33,362	77,780
				5,538,264	7,042,292	1.59	%
Finland:
	64,170	AMER SPORTS OYJ		823,361	1,058,639
	4,899	ELISA OYJ		106,854	90,994
	4,509	FORTUM OYJ		87,100	90,859
	53,550	HUHTAMAKI OYJ		883,055	1,052,298
	1,396	KESKO OYJ, CLASS B		30,705	43,609
	2,451	KONE OYJ, CLASS B		86,493	192,750
	1,849	METSO OYJ		62,227	78,665
	11,359	NESTE OIL OYJ		110,935	160,166
	61,900	NOKIA OYJ		203,584	200,271
	2,240	NOKIAN RENKAAT OYJ		31,307	99,636
	10,565	POHJOLA BANK PLC, CLASS A		85,425	153,575
	2,904	SAMPO OYJ, CLASS A		101,099	111,675
	15,829	STORA ENSO OYJ, CLASS R		75,698	102,162
	11,934	UPM-KYMMENE OYJ		99,928	133,165
	2,352	WARTSILA OYJ ABP		56,960	105,673
				2,844,731	3,674,137	0.83	%
France:
	2,714	ACCOR S.A.		79,809	94,279
	3,200	AIR FRANCE-KLM(b)		22,485	30,190
	5,429	AIR LIQUIDE S.A.		664,882	659,590
	4,036	ALSTOM S.A.		142,736	164,260
	10,521	ARCELORMITTAL		163,439	135,538
	1,165	ARKEMA S.A.		98,307	105,983
	30,343	AXA S.A.		403,058	521,584
	16,500	BENETEAU S.A.(b)		166,299	167,512
	16,306	BNP PARIBAS S.A.		672,088	836,910

50

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
France (Cont’d):
	1,637	BOUYGUES S.A.	$	49,581	44,402
	665	BUREAU VERITAS S.A.		75,734	82,771
	3,068	CAP GEMINI S.A.		111,959	139,611
	12,351	CARREFOUR S.A.		296,772	338,095
	2,177	CASINO GUICHARD PERRACHON S.A.		172,738	228,772
	994	CHRISTIAN DIOR S.A.		84,311	164,876
	8,977	CIE DE ST-GOBAIN		309,749	332,787
	2,998	CIE GENERALE DE GEOPHYSIQUE - VERITAS(b)		87,186	67,521
	3,404	CIE GENERALE DES ETABLISSEMENTS MICHELIN		180,725	284,713
	3,084	CIE GENERALE D’OPTIQUE ESSILOR INTERNATIONAL S.A.		309,422	342,942
	16,517	CREDIT AGRICOLE S.A.(b)		122,493	136,053
	11,712	DANONE S.A.		612,831	814,907
	3,633	EDENRED		65,572	118,892
	14,107	ELECTRICITE DE FRANCE S.A.		261,183	270,523
	2,617	EURAZEO		104,346	132,674
	7,112	EUROPEAN AERONAUTIC DEFENCE AND SPACE CO. N.V.		127,911	361,926
	3,160	EUTELSAT COMMUNICATIONS S.A.		100,179	111,413
	19,203	FRANCE TELECOM S.A.		211,691	194,215
	15,020	GDF SUEZ		301,900	289,186
	564	GECINA S.A.		51,331	65,443
	13,307	GROUPE EUROTUNNEL S.A. (REGISTERED)		102,800	105,996
	304	ILIAD S.A.		29,549	64,668
	14,770	IPSOS		469,780	516,869
	2,121	JCDECAUX S.A.		50,974	58,128
	2,335	KLEPIERRE		57,367	91,724
	4,713	LAFARGE S.A.		166,939	313,124
	1,212	LAGARDERE S.C.A.		30,640	44,627
	4,882	LEGRAND S.A.		111,114	212,897
	18,906	L’OREAL S.A.		2,266,731	2,997,827
	11,662	LVMH MOET HENNESSY LOUIS VUITTON S.A.		1,567,288	2,001,662
	15,891	NATIXIS		55,209	60,336
	3,500	PERNOD-RICARD S.A.		239,500	436,130
	1,218	PPR		223,744	267,606
	2,007	PUBLICIS GROUPE S.A.		121,945	134,577
	5,954	RENAULT S.A.		173,471	373,021
	2,444	REXEL S.A.		51,580	53,337
	2,397	SAFRAN S.A.		103,557	106,911
	20,214	SANOFI		1,218,149	2,053,990
	11,344	SCHNEIDER ELECTRIC S.A.		504,223	828,854
	1,813	SCOR S.E.		36,441	52,057
	5,515	SES		114,220	172,847
	877	SOCIETE BIC S.A.		99,670	101,840
	12,879	SOCIETE GENERALE S.A.(b)		453,713	423,124
	41,523	SOCIETE TELEVISION FRANCAISE 1		390,640	465,464
	4,172	SODEXO		221,117	388,791
	13,444	SODEXO PRIME FIDELITE		721,006	1,252,853
	1,115	TECHNIP S.A.		111,452	114,313
	48,197	TOTAL S.A.		2,452,418	2,307,841
	1,808	UNIBAIL-RODAMCO S.E.		228,178	421,105
	2,466	VALLOUREC S.A.		112,672	118,539
	24,299	VEOLIA ENVIRONNEMENT S.A.		258,577	306,431
	7,810	VINCI S.A.		316,569	351,845
	20,807	VIVENDI S.A.		406,810	429,811
	1,345	WENDEL S.A.		91,561	142,341
	480	ZODIAC AEROSPACE		50,096	55,930
				19,660,417	25,064,984	5.67	%
Germany:
	3,492	ADIDAS A.G.		145,098	362,305
	8,718	ALLIANZ S.E. (REGISTERED)		780,413	1,184,009
	17,269	BASF S.E.		720,825	1,512,350
	15,596	BAYER A.G. (REGISTERED)		850,530	1,608,735
	4,538	BAYERISCHE MOTOREN WERKE A.G.		421,643	391,545
	1,591	BEIERSDORF A.G.		86,858	146,920
	435	BRENNTAG A.G.		47,835	67,916
	7,652	CELESIO A.G.		109,250	143,698
	102,069	COMMERZBANK A.G.(b)		178,818	149,809

51

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CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Germany (Cont’d):
	916	CONTINENTAL A.G.	$	47,943	109,515
	31,440	CTS EVENTIM A.G.		941,485	1,065,971
	17,639	DAIMLER A.G. (REGISTERED)		589,913	959,705
	14,103	DEUTSCHE BANK A.G. (REGISTERED)		527,174	549,840
	13,908	DEUTSCHE BOERSE A.G.		739,792	842,282
	3,261	DEUTSCHE LUFTHANSA A.G. (REGISTERED)		35,709	63,684
	19,219	DEUTSCHE POST A.G. (REGISTERED)		228,974	442,830
	33,958	DEUTSCHE TELEKOM A.G. (REGISTERED)		384,536	358,941
	20,728	E.ON S.E.		386,533	361,886
	3,460	FRESENIUS MEDICAL CARE A.G. & CO. KGAA		218,760	233,513
	2,289	FRESENIUS S.E. & CO. KGAA		150,261	282,530
	1,527	GEA GROUP A.G.		49,652	50,324
	9,320	GERRESHEIMER A.G.		469,617	535,517
	2,580	HANNOVER RUECKVERSICHERUNG S.E. (REGISTERED)		110,106	202,366
	22,484	HEIDELBERGCEMENT A.G.		1,008,588	1,615,712
	689	HENKEL A.G. & CO. KGAA		50,589	54,405
	2,600	HOCHTIEF A.G.(b)		108,936	169,107
	21,437	INFINEON TECHNOLOGIES A.G.		120,692	169,271
	37,820	JENOPTIK A.G.		336,539	390,406
	1,045	K+S A.G. (REGISTERED)		44,974	48,605
	1,680	KABEL DEUTSCHLAND HOLDING A.G.		100,991	155,010
	29,520	KLOECKNER & CO. S.E.(b)		297,635	418,134
	1,013	LANXESS A.G.		69,793	71,834
	2,743	LINDE A.G.		475,408	510,012
	465	MAN S.E.		50,636	49,991
	1,025	MERCK KGAA		86,079	154,646
	1,559	METRO A.G.		48,976	44,325
	4,041	MUENCHENER RUECKVERSICHERUNGS A.G. (REGISTERED)		512,591	755,756
	2,570	RATIONAL A.G.		642,664	772,032
	8,089	RWE A.G.		329,670	301,475
	2,588	SALZGITTER A.G.		129,200	103,885
	18,062	SAP A.G.		753,061	1,447,048
	15,642	SIEMENS A.G. (REGISTERED)		1,039,593	1,684,860
	7,661	THYSSENKRUPP A.G.(b)		152,398	155,798
	7,071	TUI A.G.(b)		57,698	75,874
	483	VOLKSWAGEN A.G.		48,103	90,858
	7,048	WINCOR NIXDORF A.G.		262,852	350,086
	44,123	WIRECARD A.G.		1,023,277	1,218,848
				15,972,668	22,434,169	5.07	%
Greece:
	3,332	COCA COLA HELLENIC BOTTLING CO. S.A.(b)		76,471	89,266
	45,170	JUMBO S.A.(b)		289,903	321,931
				366,374	411,197	0.09	%
Hong Kong:
	208,600	AIA GROUP LTD.		682,342	913,669
	12,800	BANK OF EAST ASIA LTD.		50,955	50,458
	82,500	BOC HONG KONG HOLDINGS LTD.		169,112	275,264
	8,109,380	BONJOUR HOLDINGS LTD.		1,060,635	1,295,403
	28,000	CHEUNG KONG HOLDINGS LTD.		277,057	413,369
	10,000	CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD.		46,496	68,599
	36,500	CLP HOLDINGS LTD.		253,113	319,740
	27,800	ESPRIT HOLDINGS LTD.		35,637	33,449
	26,000	GALAXY ENTERTAINMENT GROUP LTD.(b)		67,404	108,521
	50,014	GUOCO GROUP LTD.		417,780	610,795
	44,000	HANG LUNG PROPERTIES LTD.		116,126	164,379
	15,400	HANG SENG BANK LTD.		176,972	246,994
	13,000	HENDERSON LAND DEVELOPMENT CO. LTD.		45,544	88,927
	38,000	HONG KONG & CHINA GAS CO. LTD.		103,880	110,879
	18,400	HONG KONG EXCHANGES AND CLEARING LTD.		324,120	313,361
	400	HOPEWELL HIGHWAY INFRASTRUCTURE LTD.		229	198
	88,500	HOPEWELL HOLDINGS LTD.		337,564	358,558
	41,000	HUTCHISON WHAMPOA LTD.		238,015	427,295
	12,000	HYSAN DEVELOPMENT CO. LTD.		49,052	60,599
	27,000	KERRY PROPERTIES LTD.		90,767	119,825
	120,000	LI & FUNG LTD.		153,985	165,410

52

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Hong Kong (Cont’d):
	40,500	LINK REIT (THE)	$	84,196	220,694
	26,800	MGM CHINA HOLDINGS LTD.		51,645	57,311
	30,500	MTR CORP. LTD.		88,703	121,213
	54,000	NEW WORLD DEVELOPMENT CO. LTD.		62,818	91,408
	43,500	NWS HOLDINGS LTD.		52,824	77,445
	190,000	PCCW LTD.		77,805	88,115
	9,436,560	PICO FAR EAST HOLDINGS LTD.		2,576,671	3,391,669
	2,254,542	PORTS DESIGN LTD.		1,752,693	1,884,945
	24,000	POWER ASSETS HOLDINGS LTD.		139,092	226,472
	48,000	SANDS CHINA LTD.		128,061	248,887
	22,000	SHANGRI-LA ASIA LTD.		29,501	43,079
	59,400	SINO LAND CO. LTD.		80,601	100,702
	25,000	SJM HOLDINGS LTD.		52,349	62,415
	256,000	STELLA INTERNATIONAL HOLDINGS LTD.		679,964	768,407
	25,000	SUN HUNG KAI PROPERTIES LTD.		326,472	336,874
	19,000	SWIRE PACIFIC LTD., CLASS A		127,857	242,195
	13,400	SWIRE PROPERTIES LTD.		49,279	47,558
	513,000	TECHTRONIC INDUSTRIES CO.		934,072	1,249,035
	3,000	TELEVISION BROADCASTS LTD.		9,222	22,725
	270,000	TEXWINCA HOLDINGS LTD.		214,625	284,868
	78,200	VTECH HOLDINGS LTD.		918,763	953,505
	14,000	WHARF HOLDINGS LTD.		111,765	124,804
	19,000	WHEELOCK & CO. LTD.		30,489	101,210
	30,000	WYNN MACAU LTD.(b)		50,423	79,613
	2,923,100	XTEP INTERNATIONAL HOLDINGS		1,237,982	1,133,459
	360,500	YINGDE GASES		355,161	401,714
	53,000	YUE YUEN INDUSTRIAL HOLDINGS LTD.		121,972	172,740
				15,041,790	18,678,754	4.22	%
Ireland:
	10,242	ACCENTURE PLC, CLASS A		329,345	778,085
	56,398	COVIDIEN PLC		2,698,403	3,826,040
	14,894	CRH PLC		217,633	328,762
	9,616	ELAN CORP. PLC(b)		78,624	110,554
	12,223	EXPERIAN PLC		202,091	211,724
	73,977	HENDERSON GROUP PLC		145,288	179,060
	17,172	ICON PLC(b)		311,571	554,484
	6,478	JAMES HARDIE INDUSTRIES PLC		53,712	67,513
	1,848	KERRY GROUP PLC, CLASS A		101,410	110,116
	123	PROTHENA CORP. PLC(b)		551	823
	9,299	SHIRE PLC		267,371	283,153
	38,703	UBM PLC		411,567	414,297
				4,817,566	6,864,611	1.55	%
Israel:
	32,111	BANK HAPOALIM B.M.(b)		128,965	145,484
	42,130	BANK LEUMI LE-ISRAEL B.M.(b)		149,445	148,485
	217	DELEK GROUP LTD.		52,364	60,910
	53	ISRAEL (THE) CORP. LTD.		37,899	40,215
	11,702	ISRAEL CHEMICALS LTD.		142,587	151,203
	659	MELLANOX TECHNOLOGIES LTD.(b)		55,022	36,416
	5,900	MIZRAHI TEFAHOT BANK LTD.(b)		51,135	62,934
	1,494	NICE SYSTEMS LTD.(b)		50,675	54,914
	14,443	TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(d)		566,050	573,098
				1,234,142	1,273,659	0.29	%
Italy:
	52,599	AMPLIFON S.P.A.		228,620	275,090
	18,467	ASSICURAZIONI GENERALI S.P.A.		269,601	287,377
	2,238	ATLANTIA S.P.A.		25,873	35,343
	171,353	AZIMUT HOLDING S.P.A.		2,195,619	2,771,968
	37,200	BANCO POPOLARE SC(b)		61,868	46,898
	57,599	ENEL GREEN POWER S.P.A.		98,098	108,018
	84,176	ENEL S.P.A.		307,528	274,716
	49,857	ENI S.P.A.		958,264	1,120,328
	3,610	EXOR S.P.A.		90,616	100,833
	24,375	FIAT INDUSTRIAL S.P.A.		141,398	274,019
	10,222	FIAT S.P.A.(b)		27,207	54,378
	10,070	FINMECCANICA S.P.A.(b)		50,331	48,406
	115,887	INTESA SANPAOLO S.P.A.		196,195	169,644

53

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Italy (Cont’d):
	2,826	LUXOTTICA GROUP S.P.A.	$	118,626	141,676
	34,777	MEDIOLANUM S.P.A.		120,164	191,065
	2,801	PRYSMIAN S.P.A.		56,504	57,627
	5,722	SAIPEM S.P.A.		245,101	175,961
	57,530	SNAM S.P.A.		249,716	262,237
	7,497	TENARIS S.A.		100,710	152,319
	34,652	TERNA RETE ELETTRICA NAZIONALE S.P.A.		130,368	143,472
	70,413	UNICREDIT S.P.A.(b)		365,367	300,562
	25,343	UNIONE DI BANCHE ITALIANE S.C.P.A.		103,374	93,365
				6,141,148	7,085,302	1.60	%
Japan:
	15,014	ADERANS CO. LTD.(b)		173,432	250,725
	10,000	AEON CO. LTD.		112,237	129,070
	10,400	AEON CREDIT SERVICE CO. LTD.		165,828	295,423
	82,360	AEON DELIGHT CO. LTD.		1,679,353	1,784,824
	1,100	AEON MALL CO. LTD.		23,091	33,327
	2,300	AISIN SEIKI CO. LTD.		37,584	84,294
	17,000	AJINOMOTO CO., INC.		136,093	255,537
	1,300	ALFRESA HOLDINGS CORP.		50,794	70,293
	2,000	AMADA CO. LTD.		10,582	13,364
	17,000	AOZORA BANK LTD.		53,794	47,676
	36,100	ASAHI CO. LTD.		561,894	496,622
	16,000	ASAHI GLASS CO. LTD.		120,885	109,630
	5,600	ASAHI GROUP HOLDINGS LTD.		85,235	133,791
	31,000	ASAHI KASEI CORP.		147,138	206,809
	65,200	ASICS CORP.		891,584	1,091,573
	7,400	ASTELLAS PHARMA, INC.		236,149	397,769
	5,000	BANK OF KYOTO (THE) LTD.		43,972	48,760
	37,000	BANK OF YOKOHAMA (THE) LTD.		164,514	214,214
	3,000	BENESSE HOLDINGS, INC.		114,910	128,911
	13,800	BRIDGESTONE CORP.		205,726	464,716
	5,200	BROTHER INDUSTRIES LTD.		38,445	54,356
	20,100	CANON, INC.		672,638	725,979
	16,600	CAPCOM CO. LTD.		276,543	260,282
	1,000	CASIO COMPUTER CO. LTD.		7,474	7,702
	2,700	CENTRAL JAPAN RAILWAY CO.		229,516	284,528
	15,000	CHIBA BANK (THE) LTD.		81,968	107,558
	3,800	CHUBU ELECTRIC POWER CO., INC.		50,834	46,544
	4,500	CHUGAI PHARMACEUTICAL CO. LTD.		82,278	101,965
	11,800	CHUGOKU ELECTRIC POWER (THE) CO., INC.		185,442	157,317
	7,900	CITIZEN HOLDINGS CO. LTD.		31,581	41,457
	23,000	COSMO OIL CO. LTD.(b)		51,435	48,377
	43,836	CREDIT SAISON CO. LTD.		533,280	1,091,534
	11,000	DAIDO STEEL CO. LTD.		45,649	59,829
	4,000	DAIHATSU MOTOR CO. LTD.		80,570	82,945
	103	DAI-ICHI LIFE INSURANCE (THE) CO. LTD.		120,497	138,413
	9,800	DAIICHI SANKYO CO. LTD.		166,638	188,952
	4,500	DAIKIN INDUSTRIES LTD.		124,473	176,396
	1,100	DAITO TRUST CONSTRUCTION CO. LTD.		100,478	93,716
	10,000	DAIWA HOUSE INDUSTRY CO. LTD.		103,706	193,339
	31,000	DAIWA SECURITIES GROUP, INC.		119,396	216,030
	90,521	DENA CO. LTD.		2,758,992	2,456,909
	8,200	DENSO CORP.		185,234	347,129
	2,800	DENTSU, INC.		46,871	83,017
	48,000	DESCENTE LTD.		278,723	321,751
	13,000	DOWA HOLDINGS CO. LTD.		55,385	101,641
	7,000	EAST JAPAN RAILWAY CO.		392,789	574,069
	3,300	EISAI CO. LTD.		114,483	147,235
	888	EPS CORP.		1,191,339	1,280,093
	1,800	FAMILYMART CO. LTD.		52,590	83,178
	14,100	FANUC CORP.		2,036,196	2,170,383
	1,100	FAST RETAILING CO. LTD.		136,395	358,156
	21,000	FUJI ELECTRIC CO. LTD.		51,969	61,125
	11,000	FUJI HEAVY INDUSTRIES LTD.		57,631	170,723
	6,300	FUJIFILM HOLDINGS CORP.		113,804	122,875
	44,000	FUJITSU LTD.		171,664	181,357
	11,000	FUKUOKA FINANCIAL GROUP, INC.		36,036	56,440
	32,000	FURUKAWA ELECTRIC CO. LTD.		65,376	71,387

54

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Japan (Cont’d):
	16,700	GMO PAYMENT GATEWAY, INC.	$	300,118	389,758
	22,679	GREE, INC.		385,623	280,190
	12,000	GS YUASA CORP.		47,814	48,569
	6,000	GUNMA BANK (THE) LTD.		31,571	36,076
	1,500	HAMAMATSU PHOTONICS K.K.		52,686	60,392
	11,000	HANKYU HANSHIN HOLDINGS, INC.		51,221	66,490
	500	HIROSE ELECTRIC CO. LTD.		48,402	67,509
	7,000	HIROSHIMA BANK (THE) LTD.		26,154	34,206
	2,500	HITACHI CONSTRUCTION MACHINERY CO. LTD.		53,411	53,859
	95,000	HITACHI LTD.		295,895	547,990
	6,000	HITACHI METALS LTD.		45,405	56,153
	9,500	HOKKAIDO ELECTRIC POWER CO., INC.(b)		84,575	100,212
	11,400	HOKURIKU ELECTRIC POWER CO.		124,923	140,358
	28,800	HONDA MOTOR CO. LTD.		780,069	1,087,629
	7,900	HOYA CORP.		163,060	147,031
	300	IDEMITSU KOSAN CO. LTD.		23,804	25,878
	20,000	IHI CORP.		52,673	60,764
	37	INPEX CORP.		200,973	196,526
	9,800	ISETAN MITSUKOSHI HOLDINGS LTD.		85,535	141,376
	9,000	ISUZU MOTORS LTD.		55,583	53,062
	27,200	ITOCHU CORP.		291,860	326,799
	8,000	J. FRONT RETAILING CO. LTD.		31,099	61,954
	1,100	JAPAN AIRLINES CO. LTD.		51,768	51,065
	700	JAPAN EXCHANGE GROUP, INC.		56,090	63,430
	8	JAPAN REAL ESTATE INVESTMENT CORP.		76,499	109,545
	8	JAPAN RETAIL FUND INVESTMENT CORP.		8,807	19,733
	22,000	JAPAN STEEL WORKS (THE) LTD.		126,429	117,087
	17,700	JAPAN TOBACCO, INC.		521,356	564,084
	6,000	JFE HOLDINGS, INC.		94,802	112,625
	4,000	JGC CORP.		53,048	101,089
	12,000	JOYO BANK (THE) LTD.		54,056	67,180
	3,100	JSR CORP.		39,530	62,965
	5,000	JTEKT CORP.		36,670	47,379
	43	JUPITER TELECOMMUNICATIONS CO. LTD.		50,925	56,414
	29,100	JX HOLDINGS, INC.		159,013	161,057
	7,000	KAJIMA CORP.		15,004	19,036
	33,400	KANSAI ELECTRIC POWER (THE) CO., INC.(b)		305,345	329,263
	2,000	KANSAI PAINT CO. LTD.		10,449	22,223
	61,213	KAO CORP.		1,543,458	2,002,826
	35,000	KAWASAKI HEAVY INDUSTRIES LTD.		71,135	109,683
	9,954	KDDI CORP.		239,416	409,221
	21,500	KEIHIN CORP.		261,255	297,828
	13,000	KEIKYU CORP.		95,310	136,028
	5,000	KEIO CORP.		28,322	42,970
	5,000	KEISEI ELECTRIC RAILWAY CO. LTD.		23,110	53,275
	981	KEYENCE CORP.		180,512	298,359
	6,000	KIKKOMAN CORP.		52,867	105,614
	49,000	KINTETSU CORP.		153,011	226,951
	14,000	KIRIN HOLDINGS CO. LTD.		159,350	224,720
	18,300	KOBAYASHI PHARMACEUTICAL CO. LTD.		982,900	883,556
	15,400	KOMATSU LTD.		339,281	367,925
	2,300	KONAMI CORP.		50,313	46,301
	21,000	KUBOTA CORP.		129,773	298,486
	3,900	KURARAY CO. LTD.		51,445	58,126
	4,300	KURITA WATER INDUSTRIES LTD.		96,931	94,099
	2,700	KYOCERA CORP.		198,000	252,690
	11,400	KYUSHU ELECTRIC POWER CO., INC.(b)		116,896	118,317
	2,800	LAWSON, INC.		120,035	215,648
	4,200	LIXIL GROUP CORP.		71,097	82,898
	24,000	MARUBENI CORP.		173,505	179,232
	6,500	MARUI GROUP CO. LTD.		32,287	67,324
	57,000	MAZDA MOTOR CORP.(b)		95,886	170,149
	1,600	MCDONALD’S HOLDINGS CO. JAPAN LTD.		43,060	43,546
	47,500	MEGANE TOP CO. LTD.		538,247	662,028
	1,700	MEIJI HOLDINGS CO. LTD.		54,895	78,828
	31,000	MEITEC CORP.		690,083	771,583
	1,800	MIRACA HOLDINGS, INC.		71,311	87,672
	40,000	MITSUBISHI CHEMICAL HOLDINGS CORP.		161,621	184,841

55

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Japan (Cont’d):
	25,200	MITSUBISHI CORP.	$	378,464	466,602
	32,000	MITSUBISHI ELECTRIC CORP.		244,114	257,333
	27,000	MITSUBISHI ESTATE CO. LTD.		353,310	744,590
	17,000	MITSUBISHI GAS CHEMICAL CO., INC.		75,149	112,147
	57,000	MITSUBISHI HEAVY INDUSTRIES LTD.		185,317	323,950
	4,000	MITSUBISHI LOGISTICS CORP.		45,017	74,191
	18,000	MITSUBISHI MATERIALS CORP.		47,129	51,246
	54,000	MITSUBISHI MOTORS CORP.(b)		51,556	56,217
	3,800	MITSUBISHI TANABE PHARMA CORP.		49,996	58,331
	240,600	MITSUBISHI UFJ FINANCIAL GROUP, INC.		1,162,680	1,426,194
	27,000	MITSUBISHI UFJ LEASE & FINANCE CO. LTD.		83,878	142,551
	33,400	MITSUI & CO. LTD.		357,690	465,865
	37,000	MITSUI CHEMICALS, INC.		87,469	80,576
	10,000	MITSUI FUDOSAN CO. LTD.		232,901	280,342
	3,000	MITSUI MINING & SMELTING CO. LTD.		5,391	7,680
	389,220	MIZUHO FINANCIAL GROUP, INC.		684,577	822,805
	6,080	MS&AD INSURANCE GROUP HOLDINGS		125,874	133,439
	3,600	MURATA MANUFACTURING CO. LTD.		162,615	268,083
	1,500	NAMCO BANDAI HOLDINGS, INC.		14,652	26,531
	27,000	NEC CORP.		70,167	70,271
	3,000	NGK SPARK PLUG CO. LTD.		28,359	45,764
	1,500	NIDEC CORP.		70,097	89,712
	12,469	NIFCO, INC.		278,882	295,118
	6,000	NIKON CORP.		75,728	142,200
	1,800	NINTENDO CO. LTD.		172,120	193,318
	11	NIPPON BUILDING FUND, INC.		90,970	151,909
	17,000	NIPPON EXPRESS CO. LTD.		60,747	82,892
	6,000	NIPPON MEAT PACKERS, INC.		72,315	98,858
	4,200	NIPPON PAPER GROUP, INC.		49,572	65,408
	103,535	NIPPON STEEL & SUMITOMO METAL CORP.		253,094	258,466
	8,800	NIPPON TELEGRAPH & TELEPHONE CORP.		397,769	383,747
	17,000	NISHI-NIPPON CITY BANK (THE) LTD.		40,901	53,275
	5,000	NISSAN CHEMICAL INDUSTRIES LTD.		50,851	60,180
	39,100	NISSAN MOTOR CO. LTD.		362,480	375,902
	2,500	NISSHIN SEIFUN GROUP, INC.		25,731	33,967
	3,000	NISSHINBO HOLDINGS, INC.		23,700	21,034
	1,200	NISSIN FOODS HOLDINGS CO. LTD.		43,959	55,898
	17,400	NISSIN KOGYO CO. LTD.		232,900	286,688
	600	NITORI HOLDINGS CO. LTD.		33,819	45,892
	3,200	NITTO DENKO CORP.		77,639	189,345
	5,700	NKSJ HOLDINGS, INC.		114,918	118,923
	72,300	NOMURA HOLDINGS, INC.		256,136	443,162
	2,700	NOMURA RESEARCH INSTITUTE LTD.		43,930	69,296
	17,800	NORTH PACIFIC BANK LTD.		49,457	59,942
	7,000	NSK LTD.		50,459	53,168
	14	NTT DATA CORP.		36,520	46,625
	312	NTT DOCOMO, INC.		456,405	470,975
	65	NTT URBAN DEVELOPMENT CORP.		52,710	76,852
	12,000	OBAYASHI CORP.		48,665	57,364
	4,000	ODAKYU ELECTRIC RAILWAY CO. LTD.		30,548	49,758
	8,100	OLYMPUS CORP.(b)		119,871	190,249
	2,000	OMRON CORP.		50,016	49,291
	1,300	ONO PHARMACEUTICAL CO. LTD.		55,952	79,131
	8,000	ONWARD HOLDINGS CO. LTD.		54,094	71,727
	800	ORIENTAL LAND CO. LTD.		50,479	130,196
	10,900	ORIX CORP.		120,397	137,907
	37,000	OSAKA GAS CO. LTD.		121,878	162,724
	5,000	OTSUKA HOLDINGS CO. LTD.		144,921	175,280
	33,300	PANASONIC CORP.		217,151	231,351
	15,200	RAKUTEN, INC.		97,714	154,527
	23,400	RESONA HOLDINGS, INC.		97,985	121,307
	15,000	RICOH CO. LTD.		148,229	159,983
	1,200	RINNAI CORP.		52,047	86,302
	9,446	SANKYO CO. LTD.		494,930	447,038
	2,600	SANTEN PHARMACEUTICAL CO. LTD.		85,886	122,909
	21,520	SBI HOLDINGS, INC.		173,535	189,973
	3,400	SECOM CO. LTD.		133,812	175,174
	4,100	SEGA SAMMY HOLDINGS, INC.		38,822	83,233

56

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Japan (Cont’d):
	13,000	SEKISUI CHEMICAL CO. LTD.	$	66,177	142,519
	6,000	SEKISUI HOUSE LTD.		44,394	81,521
	9,000	SERIA CO. LTD.		141,997	223,912
	12,800	SEVEN & I HOLDINGS CO. LTD.		281,200	423,562
	25,000	SHARP CORP.(b)		50,043	72,237
	11,100	SHIKOKU ELECTRIC POWER CO., INC.(b)		118,917	161,309
	4,000	SHIMADZU CORP.		25,419	28,512
	1,000	SHIMAMURA CO. LTD.		61,206	118,128
	1,500	SHIMANO, INC.		58,204	126,680
	8,300	SHIN-ETSU CHEMICAL CO. LTD.		411,842	551,070
	41,600	SHINKO PLANTECH CO. LTD.		342,251	323,926
	4,000	SHIONOGI & CO. LTD.		67,679	82,562
	9,500	SHISEIDO CO. LTD.		141,913	133,919
	13,000	SHIZUOKA BANK (THE) LTD.		130,502	146,386
	21,000	SHOWA DENKO K.K.		33,824	31,455
	900	SMC CORP.		106,941	173,814
	76,750	SMS CO. LTD.		815,278	1,093,342
	17,900	SOFTBANK CORP.		355,350	825,262
	14,400	SONY CORP.		173,384	251,180
	4,400	SONY FINANCIAL HOLDINGS, INC.		56,074	65,905
	21,100	SQUARE ENIX HOLDINGS CO. LTD.		267,899	224,594
	58,402	STANLEY ELECTRIC CO. LTD.		859,276	1,028,014
	7,000	SUMCO CORP.		47,761	81,054
	43,000	SUMITOMO CHEMICAL CO. LTD.		145,530	133,840
	21,300	SUMITOMO CORP.		207,214	266,547
	13,100	SUMITOMO ELECTRIC INDUSTRIES LTD.		127,803	161,567
	12,000	SUMITOMO HEAVY INDUSTRIES LTD.		39,379	48,568
	9,000	SUMITOMO METAL MINING CO. LTD.		88,484	128,401
	26,400	SUMITOMO MITSUI FINANCIAL GROUP, INC.		824,716	1,058,692
	71,310	SUMITOMO MITSUI TRUST HOLDINGS, INC.		214,202	335,585
	6,000	SUMITOMO REALTY & DEVELOPMENT CO. LTD.		163,837	229,139
	50,800	SUMITOMO RUBBER INDUSTRIES LTD.		588,940	865,060
	5,800	SUZUKI MOTOR CORP.		104,611	130,066
	39,500	SYSMEX CORP.		1,825,892	2,429,543
	4,200	T&D HOLDINGS, INC.		47,440	50,685
	31,000	TAIHEIYO CEMENT CORP.		68,814	72,778
	11,000	TAISEI CORP.		19,822	30,265
	600	TAISHO PHARMACEUTICAL HOLDINGS CO. LTD.		40,190	43,469
	10,000	TAKASHIMAYA CO. LTD.		63,872	99,432
	14,700	TAKEDA PHARMACEUTICAL CO. LTD.		588,055	785,478
	1,500	TDK CORP.		58,582	52,106
	29,000	TEIJIN LTD.		67,529	67,159
	2,600	TERUMO CORP.		95,419	111,861
	2,000	THK CO. LTD.		29,290	38,625
	14,000	TOBU RAILWAY CO. LTD.		67,423	79,864
	1,000	TOHO CO. LTD.		13,412	20,821
	17,000	TOHO GAS CO. LTD.		81,221	110,703
	7,200	TOHOKU ELECTRIC POWER CO., INC.(b)		56,650	58,129
	13,100	TOKAI RIKA CO. LTD.		168,635	232,122
	14,400	TOKIO MARINE HOLDINGS, INC.		359,676	405,375
	3,200	TOKYO ELECTRON LTD.		128,746	141,584
	40,000	TOKYO GAS CO. LTD.		151,969	218,410
	25,000	TOKYU CORP.		103,449	188,293
	23,000	TOKYU LAND CORP.		86,617	214,277
	4,000	TONENGENERAL SEKIYU K.K.		37,796	39,263
	17,000	TORAY INDUSTRIES, INC.		70,413	114,856
	80,000	TOSHIBA CORP.		245,424	401,126
	6,000	TOTO LTD.		30,029	53,221
	1,800	TOYO SEIKAN KAISHA LTD.		24,940	25,317
	3,000	TOYO SUISAN KAISHA LTD.		74,691	91,783
	4,000	TOYOTA INDUSTRIES CORP.		101,266	145,748
	55,000	TOYOTA MOTOR CORP.		1,917,045	2,839,539
	4,000	TOYOTA TSUSHO CORP.		63,234	103,638
	2,500	TREND MICRO, INC.		74,501	71,095
	1,700	TSUMURA & CO.		50,505	62,756
	14,410	TSURUHA HOLDINGS, INC.		1,080,327	1,397,602
	8,000	UBE INDUSTRIES LTD.		13,963	15,722
	4,000	UNICHARM CORP.		141,844	236,681

57

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Japan (Cont’d):
	80	USS CO. LTD.	$	3,505	9,391
	4,100	WEST JAPAN RAILWAY CO.		134,756	196,648
	236	YAHOO JAPAN CORP.		62,283	108,555
	1,300	YAKULT HONSHA CO. LTD.		22,252	52,547
	2,720	YAMADA DENKI CO. LTD.		102,434	124,103
	1,000	YAMAGUCHI FINANCIAL GROUP, INC.		8,604	10,113
	4,700	YAMAHA MOTOR CO. LTD.		47,385	64,407
	3,100	YAMATO HOLDINGS CO. LTD.		48,197	57,301
	4,000	YAMAZAKI BAKING CO. LTD.		44,679	54,390
	5,000	YASKAWA ELECTRIC CORP.		48,019	49,556
				53,570,758	67,917,244	15.35	%
Mexico:
	4,183	FRESNILLO PLC		101,968	86,185
	500,419	WAL-MART DE MEXICO S.A.B. DE C.V., SERIES V		1,523,435	1,636,806
				1,625,403	1,722,991	0.39	%
Netherlands:
	36,750	AALBERTS INDUSTRIES N.V.		686,893	821,799
	25,740	ACCELL GROUP		426,901	452,029
	34,297	AEGON N.V.		128,398	206,233
	4,340	AKZO NOBEL N.V.		184,408	275,491
	21,730	ARCADIS N.V.		459,143	601,520
	8,054	ASML HOLDING N.V.		131,659	541,701
	26,119	ASML HOLDING N.V. (REGISTERED)		1,590,139	1,776,353
	17,379	CORE LABORATORIES N.V.		1,832,751	2,396,912
	1,094	CORIO N.V.		43,642	51,038
	28,308	DE MASTER BLENDERS 1753 N.V.(b)		308,423	437,254
	3,045	DELTA LLOYD N.V.		50,618	52,225
	1,259	FUGRO N.V. - CVA		70,525	69,686
	768	GEMALTO N.V.		50,382	66,993
	965	HEINEKEN HOLDING N.V.		23,862	61,837
	3,662	HEINEKEN N.V.		128,663	276,015
	180,390	ING GROEP N.V. - CVA(b)		1,529,994	1,280,337
	13,554	KONINKLIJKE AHOLD N.V.		152,134	207,708
	2,539	KONINKLIJKE DSM N.V.		86,313	147,792
	10,382	KONINKLIJKE KPN N.V.		54,166	34,921
	58,006	KONINKLIJKE PHILIPS ELECTRONICS N.V.		1,191,715	1,716,485
	9,716	QIAGEN N.V.(b)		139,904	202,509
	3,238	RANDSTAD HOLDING N.V.		99,928	132,571
	22,774	REED ELSEVIER N.V.		264,057	390,163
	67,775	ROYAL DUTCH SHELL PLC, CLASS A		1,891,597	2,192,460
	50,447	ROYAL DUTCH SHELL PLC, CLASS B		1,266,061	1,674,840
	21,030	ROYAL IMTECH N.V.		572,377	238,006
	53,789	TNT EXPRESS N.V.		419,899	394,253
	27,623	UNILEVER N.V. - CVA		917,402	1,131,480
	25,180	USG PEOPLE N.V.		195,853	215,707
	6,193	WOLTERS KLUWER N.V.		101,075	135,232
				14,998,882	18,181,550	4.11	%
New Zealand:
	11,811	CONTACT ENERGY LTD.		51,688	56,329
	7,321	FLETCHER BUILDING LTD.		51,323	52,495
	18,050	SKYCITY ENTERTAINMENT GROUP LTD.		49,428	66,602
	37,843	TELECOM CORP. OF NEW ZEALAND LTD.		73,138	74,092
				225,577	249,518	0.06	%
Norway:
	12,853	AKER SOLUTIONS ASA		223,620	238,982
	13,773	DNB ASA		87,874	201,970
	3,900	KVAERNER ASA		6,506	8,079
	21,490	NORSK HYDRO ASA		82,180	92,866
	103,332	ORKLA ASA		712,205	826,196
	11,450	SCHIBSTED ASA		434,923	509,695
	3,754	SEADRILL LTD.		39,723	136,065
	16,318	STATOIL ASA		293,362	394,487
	11,360	TELENOR ASA		229,860	248,371
	85,000	TOMRA SYSTEMS ASA		703,315	829,517
	4,000	YARA INTERNATIONAL ASA		109,527	181,210
				2,923,095	3,667,438	0.83	%

58

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Philippines:
	265,880	METROPOLITAN BANK & TRUST	$	591,567	762,263
				591,567	762,263	0.17	%
Poland:
	16,090	EUROCASH S.A.		194,354	262,568
				194,354	262,568	0.06	%
Portugal:
	35,520	ENERGIAS DE PORTUGAL S.A.		97,580	109,366
	6,581	GALP ENERGIA SGPS S.A.		104,186	103,086
	58,647	JERONIMO MARTINS SGPS S.A.		982,426	1,142,309
	42,710	PORTUGAL TELECOM SGPS S.A. (REGISTERED)		200,104	211,546
				1,384,296	1,566,307	0.35	%
Russia:
	6,460	X5 RETAIL GROUP N.V. GDR (REGISTERED)(b)		122,935	108,528
				122,935	108,528	0.02	%
Singapore:
	31,000	ASCENDAS REAL ESTATE INVESTMENT TRUST		51,644	64,982
	39,500	CAPITALAND LTD.		75,674	112,416
	36,000	CAPITAMALL TRUST		34,133	60,660
	11,000	CITY DEVELOPMENTS LTD.		71,096	100,480
	34,000	DBS GROUP HOLDINGS LTD.		221,626	438,586
	144,477	FLEXTRONICS INTERNATIONAL LTD.(b)		916,840	976,665
	22,000	FRASER AND NEAVE LTD.		58,463	167,437
	52,000	GENTING SINGAPORE PLC		65,403	62,676
	130,000	GLOBAL LOGISTIC PROPERTIES LTD.		203,681	274,600
	96,000	GOLDEN AGRI-RESOURCES LTD.		50,472	44,890
	59,000	HUTCHISON PORT HOLDINGS TRUST		48,423	50,298
	2,000	JARDINE CYCLE & CARRIAGE LTD.		79,848	82,444
	28,000	KEPPEL CORP. LTD.		105,334	252,832
	38,000	OVERSEA-CHINESE BANKING CORP. LTD.		302,981	326,279
	17,000	SEMBCORP INDUSTRIES LTD.		31,827	71,133
	22,000	SEMBCORP MARINE LTD.		32,803	78,575
	18,000	SINGAPORE AIRLINES LTD.		121,795	157,746
	31,000	SINGAPORE EXCHANGE LTD.		139,131	192,446
	41,000	SINGAPORE PRESS HOLDINGS LTD.		91,268	148,087
	38,000	SINGAPORE TECHNOLOGIES ENGINEERING LTD.		91,421	132,043
	188,000	SINGAPORE TELECOMMUNICATIONS LTD.		370,916	544,137
	22,000	UNITED OVERSEAS BANK LTD.		299,383	361,478
	15,000	UOL GROUP LTD.		49,917	84,411
	33,000	WILMAR INTERNATIONAL LTD.		95,945	91,788
				3,610,024	4,877,089	1.10	%
South Africa:
	74,726	SHOPRITE HOLDINGS LTD.		1,535,415	1,485,532
				1,535,415	1,485,532	0.34	%
South Korea:
	5,245	BINGGRAE CO. LTD.		488,445	619,915
	52,710	BS FINANCIAL GROUP, INC.		588,471	724,845
	46,420	DGB FINANCIAL GROUP, INC.		573,075	700,931
	23,040	HALLA CLIMATE CONTROL CORP.		484,251	575,689
	6,136	HYUNDAI MIPO DOCKYARD		694,724	642,499
	4,375	KIA MOTORS CORP.		215,892	218,632
	6,353	KIWOOM SECURITIES CO. LTD.		349,706	390,567
	6,820	KOREA INVESTMENT HOLDINGS CO. LTD.		241,658	281,051
	7,454	MEGASTUDY CO. LTD.		484,709	475,673
	9,049	YOUNGONE HOLDINGS CO. LTD.		515,320	628,697
				4,636,251	5,258,499	1.19	%
Spain:
	10,866	ABERTIS INFRAESTRUCTURAS S.A.		160,296	182,604
	1,260	ACCIONA S.A.		78,312	68,692
	7,760	ACERINOX S.A.		95,129	79,577
	5,299	AMADEUS IT HOLDING S.A., CLASS A		128,321	143,152
	97,279	BANCO BILBAO VIZCAYA ARGENTARIA S.A.		737,382	843,326
	66,479	BANCO DE SABADELL S.A.(b)		181,306	122,029
	160,321	BANCO SANTANDER S.A.		1,090,254	1,077,270
	27,341	CAIXABANK		92,783	92,524
	1,388	CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.		645,501	500,224

59

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund (unaudited)

March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
	Spain (Cont’d):
	9,700	DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION S.A.	$	47,567	67,094
	79,444	DURO FELGUERA S.A.		507,358	542,782
	7,427	ENAGAS S.A.		138,558	172,936
	3,362	FERROVIAL S.A.		50,676	53,353
	18,004	GAS NATURAL SDG S.A.		278,700	318,713
	1,818	GRIFOLS S.A.(b)		52,706	67,407
	40,140	IBERDROLA S.A.		188,865	186,930
	10,728	INDITEX S.A.		1,456,884	1,421,924
	80,017	MAPFRE S.A.		217,995	247,296
	20,350	MELIA HOTELS INTERNATIONAL S.A.		135,425	138,254
	3,172	RED ELECTRICA CORP. S.A.		137,295	159,592
	22,452	REPSOL S.A.		446,870	456,165
	10,104	TECNICAS REUNIDAS S.A.		503,100	473,454
	59,481	TELEFONICA S.A.		854,029	799,818
	4,021	ZARDOYA OTIS S.A.		49,157	53,759
				8,274,469	8,268,875	1.87	%
	Sweden:
	7,400	ASSA ABLOY AB, CLASS B		89,466	302,175
	11,337	ATLAS COPCO AB, CLASS A		121,649	321,849
	6,368	ATLAS COPCO AB, CLASS B		78,834	160,848
	39,960	DUNI AB		351,554	380,189
	8,524	ELECTROLUX AB, CLASS B		113,200	216,875
	8,575	ELEKTA AB, CLASS B		104,728	130,206
	77	GETINGE AB, CLASS B		905	2,351
	15,793	HENNES & MAURITZ AB, CLASS B		349,564	564,681
	3,700	HEXAGON AB, CLASS B		56,830	100,782
	17,500	HUSQVARNA AB, CLASS B		64,201	103,283
	10,000	INDUSTRIVARDEN AB, CLASS C		103,927	181,998
	29,125	INDUTRADE AB		811,057	1,021,256
	3,000	INVESTMENT AB KINNEVIK, CLASS B		51,225	72,692
	11,800	INVESTOR AB, CLASS B		161,783	340,788
	2,344	LUNDIN PETROLEUM AB(b)		54,274	50,718
	1,045	MILLICOM INTERNATIONAL CELLULAR S.A. SDR		88,132	83,468
	41,436	NORDEA BANK AB		232,747	469,263
	9,990	ORIFLAME COSMETICS S.A. SDR		328,762	340,330
	23,773	SANDVIK AB		201,678	365,539
	2,429	SCANIA AB, CLASS B		50,725	50,805
	15,868	SECURITAS AB, CLASS B		125,722	149,389
	41,800	SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A		171,318	419,825
	2,800	SKANSKA AB, CLASS B		23,703	50,616
	2,350	SKF AB, CLASS B		60,727	57,303
	5,400	SSAB AB, CLASS A		48,129	41,151
	79,180	SVENSKA CELLULOSA AB, CLASS B		1,599,284	2,041,301
	11,896	SVENSKA HANDELSBANKEN AB, CLASS A		264,805	508,403
	6,862	SWEDBANK AB, CLASS A		142,408	156,056
	3,023	SWEDISH MATCH AB		101,559	93,846
	8,034	TELE2 AB, CLASS B		140,452	139,807
	58,718	TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B		533,417	731,660
	43,674	TELIASONERA AB		244,086	311,845
	21,000	VOLVO AB, CLASS B		127,847	305,338
				6,998,698	10,266,636	2.32	%
	Switzerland:
	44,424	ABB LTD. (REGISTERED)		619,065	1,001,915
	25,102	ACE LTD.		2,022,995	2,233,325
	2,362	ACTELION LTD. (REGISTERED)		90,246	128,264
	18,895	ADECCO S.A. (REGISTERED)		790,950	1,035,015
	2,059	ARYZTA A.G.		50,704	121,571
	484	BALOISE HOLDING A.G. (REGISTERED)		26,452	45,326
	8,167	CIE FINANCIERE RICHEMONT S.A., CLASS A (BEARER)		550,611	640,937
	17,955	CREDIT SUISSE GROUP A.G. (REGISTERED)		457,690	471,146
	440	FORBO HOLDING A.G. (REGISTERED)(b)		288,223	287,370
	1,115	GEBERIT A.G. (REGISTERED)		110,661	274,492
	174	GIVAUDAN S.A. (REGISTERED)		105,989	213,720
	60,853	GLENCORE INTERNATIONAL PLC		347,144	329,261
	4,025	HOLCIM LTD. (REGISTERED)		183,971	320,753
	6,304	JULIUS BAER GROUP LTD.		156,474	245,108
	8,784	KUEHNE + NAGEL INTERNATIONAL A.G. (REGISTERED)		975,525	957,699

60

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CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Switzerland (Cont’d):
	41	LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE)	$	59,775	157,772
	3	LINDT & SPRUENGLI A.G. (REGISTERED)		75,352	135,384
	41,960	LOGITECH INTERNATIONAL S.A. (REGISTERED)(b)		369,319	292,461
	897	LONZA GROUP A.G. (REGISTERED)		50,452	58,206
	91,854	NESTLE S.A. (REGISTERED)		3,591,121	6,642,555
	40,470	NOBEL BIOCARE HOLDING A.G. (REGISTERED)(b)		378,692	404,998
	65,364	NOVARTIS A.G. (REGISTERED)		2,967,411	4,644,266
	15,256	PANALPINA WELTTRANSPORT HOLDING A.G. (REGISTERED)		1,198,279	1,345,125
	10,711	PARGESA HOLDING S.A. (BEARER)		685,433	727,193
	301	PARTNERS GROUP HOLDING A.G.		72,000	74,291
	14,218	ROCHE HOLDING A.G. (GENUSSCHEIN)		1,931,605	3,309,995
	1,381	SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE)		108,493	202,357
	589	SCHINDLER HOLDING A.G. (REGISTERED)		68,597	84,010
	1,089	SGS S.A. (REGISTERED)		2,245,506	2,670,591
	77	SIKA A.G. (BEARER)		152,753	187,045
	1,300	SONOVA HOLDING A.G. (REGISTERED)		84,464	155,978
	10,640	STMICROELECTRONICS N.V.		55,625	81,833
	635	SULZER A.G. (REGISTERED)		30,609	108,498
	510	SWATCH GROUP (THE) A.G. (BEARER)		241,014	296,555
	579	SWATCH GROUP (THE) A.G. (REGISTERED)		52,552	58,766
	743	SWISS LIFE HOLDING A.G. (REGISTERED)		101,194	110,123
	620	SWISS PRIME SITE A.G. (REGISTERED)(b)		50,243	50,192
	3,950	SWISS RE A.G.		287,909	321,226
	850	SWISSCOM A.G. (REGISTERED)		312,654	393,258
	1,170	SYNGENTA A.G. (REGISTERED)		237,102	488,065
	56,029	TE CONNECTIVITY LTD.		1,097,079	2,349,296
	5,012	TRANSOCEAN LTD.(b)		272,212	260,423
	4,316	WOLSELEY PLC		70,476	214,642
	42,081	XSTRATA PLC		389,442	682,879
	2,962	ZURICH INSURANCE GROUP A.G.		537,249	824,355
				24,551,312	35,638,240	8.05	%
Taiwan:
	803,000	D-LINK CORP.		454,041	473,972
	112,000	GIANT MANUFACTURING CO. LTD.		593,113	623,627
	188,000	SIMPLO TECHNOLOGY CO. LTD.		1,036,474	883,337
	159,151	TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. ADR(d)		2,442,840	2,735,806
				4,526,468	4,716,742	1.07	%
Thailand:
	1,024,700	LPN DEVELOPMENT PCL (REGISTERED)		612,245	909,756
				612,245	909,756	0.21	%
Turkey:
	35,552	AYGAZ A/S		160,534	213,198
				160,534	213,198	0.05	%
United Kingdom:
	25,248	3I GROUP PLC		88,645	121,227
	13,185	ABERDEEN ASSET MANAGEMENT PLC		49,918	85,986
	61,007	ADMIRAL GROUP PLC		1,098,808	1,234,725
	2,169	AGGREKO PLC		65,013	58,729
	91,638	ALENT PLC(b)		424,694	525,768
	6,487	AMEC PLC		66,053	104,086
	23,037	ANGLO AMERICAN PLC		466,555	592,260
	4,811	ANTOFAGASTA PLC		33,978	71,931
	33,451	AON PLC		1,617,255	2,057,236
	20,024	ARM HOLDINGS PLC		258,033	280,219
	43,335	ARM HOLDINGS PLC ADR(d)		1,236,681	1,836,104
	128,811	ASHMORE GROUP PLC		774,394	685,027
	6,351	ASSOCIATED BRITISH FOODS PLC		171,928	183,447
	23,825	ASTRAZENECA PLC		844,023	1,194,449
	59,299	AVIVA PLC		212,664	266,882
	5,239	BABCOCK INTERNATIONAL GROUP PLC		47,416	86,609
	69,985	BAE SYSTEMS PLC		356,154	419,294
	192,166	BARCLAYS PLC		735,199	850,119
	28,750	BELLWAY PLC		466,911	566,584

61

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CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
United Kingdom (Cont’d):
	66,670	BERENDSEN PLC	$	607,158	795,219
	61,258	BG GROUP PLC		967,887	1,050,856
	40,871	BHP BILLITON PLC		904,905	1,189,243
	84,450	BODYCOTE PLC		502,843	687,782
	40,090	BOVIS HOMES GROUP PLC		334,837	451,683
	335,818	BP PLC		2,248,089	2,346,680
	35,015	BRITISH AMERICAN TOBACCO PLC		1,372,113	1,876,489
	11,630	BRITISH LAND CO. PLC		61,579	96,043
	17,468	BRITISH SKY BROADCASTING GROUP PLC		116,486	234,364
	143,369	BT GROUP PLC		523,985	605,601
	5,069	BUNZL PLC		39,524	99,742
	8,202	BURBERRY GROUP PLC		40,549	165,627
	16,980	CAPITA PLC		162,367	231,944
	3,001	CARNIVAL PLC		81,398	105,059
	19,383	CARPETRIGHT PLC(b)		188,450	184,955
	92,189	CENTRICA PLC		340,421	515,062
	28,496	COBHAM PLC		93,701	105,215
	278,351	COMPASS GROUP PLC		1,770,331	3,554,814
	2,950	CRODA INTERNATIONAL PLC		101,220	122,952
	178,700	DEBENHAMS PLC		183,635	224,823
	86,957	DIAGEO PLC		1,189,739	2,741,631
	17,440	DIGNITY PLC		263,164	376,289
	140,504	DIPLOMA PLC		1,039,372	1,196,605
	78,731	DIRECT LINE INSURANCE GROUP PLC		243,123	243,801
	95	DRAX GROUP PLC		544	883
	15,800	EVRAZ PLC		58,891	53,296
	92,109	FIBERWEB PLC		101,889	116,862
	21,685	G4S PLC		77,070	96,014
	32,712	GKN PLC		101,683	131,468
	91,912	GLAXOSMITHKLINE PLC		1,410,189	2,148,603
	101,170	GREGGS PLC		781,008	732,950
	17,505	HAMMERSON PLC		69,535	130,835
	62,510	HOMESERVE PLC		239,482	190,437
	356,152	HSBC HOLDINGS PLC		2,511,669	3,801,615
	243,769	ICAP PLC		1,319,577	1,075,626
	335,722	IG GROUP HOLDINGS PLC		2,454,417	2,724,002
	2,830	IMI PLC		52,352	55,686
	18,792	IMPERIAL TOBACCO GROUP PLC		441,174	656,445
	11,958	INMARSAT PLC		92,794	127,641
	1,818	INTERCONTINENTAL HOTELS GROUP PLC		52,081	55,441
	32,745	INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A.(b)		90,834	125,923
	2,722	INTERTEK GROUP PLC		108,909	140,333
	6,025	INTU PROPERTIES PLC		23,472	30,604
	12,127	INVENSYS PLC		29,802	64,640
	11,111	INVESTEC PLC		66,959	77,491
	327,929	ITE GROUP PLC		1,078,460	1,359,784
	17,144	ITV PLC		9,112	33,708
	29,306	J. SAINSBURY PLC		141,007	168,542
	3,841	JOHNSON MATTHEY PLC		85,088	134,233
	4,109	KAZAKHMYS PLC		31,447	24,499
	42,914	KINGFISHER PLC		109,517	187,662
	195,230	LAIRD PLC		683,216	644,604
	15,511	LAND SECURITIES GROUP PLC		113,585	195,380
	50,311	LEGAL & GENERAL GROUP PLC		121,092	132,021
	2,026,284	LLOYDS BANKING GROUP PLC(b)		1,615,319	1,499,086
	6,030	LONDON STOCK EXCHANGE GROUP PLC		69,795	119,659
	417,190	MAN GROUP PLC		591,173	565,121
	25,083	MARKS & SPENCER GROUP PLC		101,882	148,638
	170,169	MEARS GROUP PLC		800,406	883,640
	13,587	MEGGITT PLC		60,745	101,366
	15,880	MELROSE INDUSTRIES PLC		52,258	64,062
	92,482	MICHAEL PAGE INTERNATIONAL PLC		519,290	592,721
	164,729	MITIE GROUP PLC		777,235	702,835
	46,527	NATIONAL GRID PLC		389,427	540,820
	3,200	NEXT PLC		86,367	212,285
	96,618	OLD MUTUAL PLC		133,905	297,576

62

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CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
United Kingdom (Cont’d):
	12,536	PEARSON PLC	$	148,820	225,526
	3,761	PETROFAC LTD.		71,320	81,891
	34,240	PRUDENTIAL PLC		488,505	554,077
	408,079	QINETIQ GROUP PLC		755,241	1,285,995
	1,475	RANDGOLD RESOURCES LTD.		157,773	127,300
	13,321	RECKITT BENCKISER GROUP PLC		585,115	954,951
	188,329	REED ELSEVIER PLC		1,477,551	2,234,882
	24,403	RESOLUTION LTD.		95,067	101,041
	18,486	REXAM PLC		87,981	148,167
	22,719	RIO TINTO PLC		1,048,734	1,064,954
	33,377	ROLLS-ROYCE HOLDINGS PLC(b)		497,076	573,076
	32,397	ROYAL BANK OF SCOTLAND GROUP PLC(b)		162,238	135,616
	65,996	RSA INSURANCE GROUP PLC		124,109	116,723
	15,561	SABMILLER PLC		703,052	819,034
	21,731	SAGE GROUP (THE) PLC		74,327	113,157
	64,102	SAVILLS PLC		298,194	528,881
	10,277	SEGRO PLC		36,889	39,710
	89,965	SERCO GROUP PLC		800,829	857,092
	4,954	SEVERN TRENT PLC		76,220	128,868
	14,030	SMITH & NEPHEW PLC		98,533	162,016
	5,478	SMITHS GROUP PLC		80,025	104,627
	16,949	SSE PLC		293,983	382,177
	46,350	STANDARD CHARTERED PLC		772,953	1,199,715
	48,103	STANDARD LIFE PLC		131,737	266,998
	6,872	SUBSEA 7 S.A.		162,265	160,601
	48,509	SYNERGY HEALTH PLC		736,906	750,337
	8,607	TATE & LYLE PLC		92,385	111,162
	491,113	TESCO PLC		2,579,995	2,847,209
	18,836	TULLOW OIL PLC		298,063	352,317
	24,244	UNILEVER PLC		545,189	1,025,557
	38,512	UNILEVER PLC ADR(d)		941,533	1,626,747
	10,541	UNITED UTILITIES GROUP PLC		80,109	113,477
	307,500	VECTURA GROUP PLC(b)		435,905	424,012
	2,343	VEDANTA RESOURCES PLC		35,450	35,779
	99,538	VESUVIUS PLC		475,098	533,283
	1,233,177	VODAFONE GROUP PLC		2,490,262	3,496,419
	1,806	WEIR GROUP (THE) PLC		44,508	62,099
	2,849	WHITBREAD PLC		65,613	111,166
	51,312	WM MORRISON SUPERMARKETS PLC		206,636	215,342
	23,432	WPP PLC		141,019	373,483
				58,443,063	76,013,662	17.18	%
United States:
	42,385	ARCH CAPITAL GROUP LTD.(b)		812,452	2,228,179
	23,080	AXIS CAPITAL HOLDINGS LTD.		861,791	960,590
	9,091	BROOKFIELD OFFICE PROPERTIES, INC.		79,818	156,073
	2,445	CATAMARAN CORP.(b)		121,708	129,561
	64,714	COCA-COLA ENTERPRISES, INC.		2,030,149	2,389,241
	52,194	LAZARD LTD., CLASS A		1,503,652	1,781,381
	20,233	SIGNET JEWELERS LTD.		392,145	1,355,611
	16,410	STEINER LEISURE LTD.(b)		777,562	793,588
	8,041	THOMSON REUTERS CORP.		206,631	260,896
				6,785,908	10,055,120	2.27	%
		Sub-total Common Stocks:		335,768,007	428,295,125	96.80	%
Preferred Stocks:
Germany:
	1,521	BAYERISCHE MOTOREN WERKE A.G.		49,612	97,163
	1,774	HENKEL A.G. & CO. KGAA		150,211	170,755
	3,478	PORSCHE AUTOMOBIL HOLDING S.E.		159,145	254,211
	3,577	PROSIEBENSAT.1 MEDIA A.G.		60,489	127,697
	2,770	RWE A.G. (NON VOTING)		76,994	99,349

63

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CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
March 31, 2013

Shares		Security	Cost		Fair value (a)	Percent of net assets
Germany (Cont’d):
	2,180	VOLKSWAGEN A.G.	$	478,130	433,137
				974,581	1,182,312	0.27	%
		Sub-total Preferred Stocks		974,581	1,182,312	0.27	%
Rights:
Austria:
	10,586	IMMOEAST A.G.(b)(c)		-	-
				-	-	0.00	%
		Sub-total Rights		-	-	0.00	%
Short-Term Investments:
	12,192,052	NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(e)		12,192,052	12,192,052
		Sub-total Short-Term Investments:		12,192,052	12,192,052	2.75	%
		Grand total(f)	$	348,934,640	441,669,489	99.82	%

Notes to Schedule of Investments:

(a)	Investments in U.S. and foreign securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market in which such securities are traded. Foreign security values are stated in U.S. dollars.
(b)	Currently non-income producing assets.
(c)	Security has been deemed worthless and is a Level 3 investment.
(d)	Securities are American Depositary Receipts of companies based outside of the United States representing 2.49% of net assets.
(e)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2012, the value of the Clearwater International Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $33,524,860 with net sales of approximately $21,332,808 during the three months ended March 31, 2013.
(f)	At March 31, 2013, the cost for Federal income tax purposes was $350,321,262. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows:

Gross unrealized appreciation	$	97,948,532
Gross unrealized depreciation		(6,600,305	)
Net unrealized appreciation	$	91,348,227

At March 31, 2013, the industry sectors for the Clearwater International Fund were:

Industry Sector	Percent of Long-Term Investments
Consumer Discretionary		15.61	%
Consumer Staples		12.83
Energy		6.31
Financials		21.06
Health Care		8.69
Industrials		15.64
Information Technology		8.03
Materials		7.04
Telecommunication Services		2.79
Utilities		2.00
		100.00	%

64

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CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
March 31, 2013

At March 31, 2013, the Clearwater International Fund’s investments were denominated in the following currencies:

Concentration by Currency	Percent of Long-Term Investments
Euro		20.32	%
British Pound		17.81
Japanese Yen		15.81
United States Dollar		10.30
Australian Dollar		7.32
Canadian Dollar		7.22
Swiss Franc		6.80
Hong Kong Dollar		5.72
All other currencies less than 5%		8.70
		100.00	%

At March 31, 2013, 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
Canadian Dollar		616	United States Dollar		605	4/1/13	$	(1	)	Northern Trust
Japanese Yen		1,432,381	United States Dollar		15,195	4/1/13		(21	)	Deutsche Bank
Japanese Yen		21,820	United States Dollar		231	4/1/13		-*		Northern Trust
Japanese Yen		70,568	United States Dollar		748	4/1/13		(1	)	Northern Trust
Japanese Yen		72,797	United States Dollar		772	4/1/13		(1	)	Northern Trust
Japanese Yen		155,529	United States Dollar		1,649	4/1/13		(3	)	Northern Trust
Japanese Yen		205,019	United States Dollar		2,174	4/1/13		(4	)	Northern Trust
Japanese Yen		287,844	United States Dollar		3,053	4/1/13		(5	)	Northern Trust
Japanese Yen		724,235	United States Dollar		7,671	4/1/13		(23	)	State Street
Australian Dollar		33,525	United States Dollar		34,906	4/2/13		2		Northern Trust
Australian Dollar		12,337	United States Dollar		12,845	4/2/13		1		Northern Trust
Australian Dollar		3,370	United States Dollar		3,509	4/2/13		-*		Northern Trust
Australian Dollar		1,884	United States Dollar		1,962	4/2/13		-*		Northern Trust
Australian Dollar		1,712	United States Dollar		1,783	4/2/13		-*		Northern Trust
Australian Dollar		832	United States Dollar		866	4/2/13		-*		Northern Trust
Australian Dollar		832	United States Dollar		866	4/2/13		-*		Northern Trust
Australian Dollar		14	United States Dollar		15	4/2/13		-*		Northern Trust
Australian Dollar		271	United States Dollar		282	4/2/13		-*		Northern Trust
Australian Dollar		716	United States Dollar		745	4/2/13		-*		Northern Trust
Australian Dollar		742	United States Dollar		772	4/2/13		-*		Northern Trust
Australian Dollar		894	United States Dollar		931	4/2/13		-*		Northern Trust
Australian Dollar		9,327	United States Dollar		9,710	4/2/13		(1	)	Northern Trust
Australian Dollar		2,188	United States Dollar		2,277	4/2/13		(1	)	Northern Trust
Australian Dollar		3,276	United States Dollar		3,409	4/2/13		(2	)	Northern Trust
Australian Dollar		4,037	United States Dollar		4,201	4/2/13		(2	)	Northern Trust
Australian Dollar		8,044	United States Dollar		8,371	4/2/13		(4	)	Northern Trust
Canadian Dollar		129	United States Dollar		126	4/2/13		-*		Northern Trust
Canadian Dollar		264	United States Dollar		259	4/2/13		-*		Northern Trust
Canadian Dollar		440	United States Dollar		433	4/2/13		(1	)	Northern Trust
Canadian Dollar		507	United States Dollar		499	4/2/13		(1	)	Northern Trust
Canadian Dollar		677	United States Dollar		665	4/2/13		(1	)	Northern Trust
Canadian Dollar		731	United States Dollar		719	4/2/13		(1	)	Northern Trust
Canadian Dollar		914	United States Dollar		898	4/2/13		(1	)	Northern Trust
Canadian Dollar		1,415	United States Dollar		1,390	4/2/13		(2	)	Northern Trust

65

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CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
March 31, 2013

Contracts To Deliver Currency	Amount (Local Currency)		In Exchange For Currency	Amount (Local Currency)		Settlement Date	Unrealized Gains (Losses)			Counterparty
Canadian Dollar		1,908	United States Dollar		1,875	4/2/13	$	(3	)	Northern Trust
Canadian Dollar		3,101	United States Dollar		3,047	4/2/13		(5	)	Northern Trust
Canadian Dollar		3,690	United States Dollar		3,626	4/2/13		(6	)	Northern Trust
Canadian Dollar		5,318	United States Dollar		5,226	4/2/13		(9	)	Northern Trust
Danish Krone		40,502	United States Dollar		6,973	4/2/13		10		Northern Trust
Danish Krone		9,417	United States Dollar		1,619	4/2/13		-*		Northern Trust
Danish Krone		42,109	United States Dollar		7,212	4/2/13		(28	)	Northern Trust
Danish Krone		86,501	United States Dollar		14,814	4/2/13		(58	)	Northern Trust
										Morgan
Japanese Yen		1,661,545	United States Dollar		17,618	4/2/13		(33	)	Stanley
Japanese Yen		83,568	United States Dollar		888	4/2/13		-*		Northern Trust
Japanese Yen		58,497	United States Dollar		621	4/2/13		-*		Northern Trust
Swedish Krona		57,744	United States Dollar		8,838	4/2/13		(23	)	Northern Trust
Swedish Krona		108,700	United States Dollar		16,637	4/2/13		(43	)	Northern Trust
Swiss Franc		6,264	United States Dollar		6,596	4/2/13		(3	)	Northern Trust
Swiss Franc		4,562	United States Dollar		4,779	4/2/13		(26	)	Northern Trust
United States Dollar		48,710	Euro		37,898	4/2/13		(131	)	Citibank
United States Dollar		33,441	Hong Kong Dollar		259,553	4/2/13		(5	)	Deutsche Bank
United States Dollar		10,168	Japanese Yen		956,442	4/2/13		(8	)	Northern Trust
United States Dollar		13,820	Japanese Yen		1,299,951	4/2/13		(11	)	Northern Trust
United States Dollar		40,278	Japanese Yen		3,788,565	4/2/13		(32	)	Northern Trust
United States Dollar		49,824	Japanese Yen		4,686,459	4/2/13		(40	)	Northern Trust
United States Dollar		58,294	Japanese Yen		5,483,150	4/2/13		(46	)	Northern Trust
United States Dollar		64,170	Japanese Yen		6,035,844	4/2/13		(51	)	Northern Trust
United States Dollar		86,464	Japanese Yen		8,132,823	4/2/13		(69	)	Northern Trust
British Pound		14,524	United States Dollar		22,061	4/3/13		(6	)	Northern Trust
British Pound		15,530	United States Dollar		23,590	4/3/13		(7	)	Northern Trust
British Pound		20,153	United States Dollar		30,613	4/3/13		(9	)	Northern Trust
Euro		5,826	United States Dollar		7,469	4/3/13		-*		Citibank
Euro		1,113	United States Dollar		1,427	4/3/13		-*		Northern Trust
Euro		17,161	United States Dollar		21,992	4/3/13		(6	)	Northern Trust
Euro		18,162	United States Dollar		23,267	4/3/13		(14	)	Northern Trust
Japanese Yen		1,173,038	United States Dollar		12,465	4/3/13		3		State Street
United States Dollar		72,619	Canadian Dollar		73,789	4/3/13		13		Northern Trust
United States Dollar		25,625	Euro		20,073	4/3/13		106		Deutsche Bank
United States Dollar		17,062	Euro		13,304	4/3/13		(8	)	Northern Trust
United States Dollar		43,371	Euro		33,817	4/3/13		(21	)	Northern Trust
United States Dollar		5,054	Hong Kong Dollar		39,234	4/3/13		1		Chase
United States Dollar		40,698	Hong Kong Dollar		315,933	4/3/13		2		Northern Trust
United States Dollar		16,122	Australian Dollar		15,480	4/4/13		(10	)	Northern Trust
United States Dollar		47,069	Australian Dollar		45,194	4/4/13		(30	)	Northern Trust
United States Dollar		49,746	Australian Dollar		47,764	4/4/13		(32	)	Northern Trust
United States Dollar		120,087	Australian Dollar		115,302	4/4/13		(76	)	Northern Trust
United States Dollar		24,750	British Pound		16,277	4/4/13		(19	)	Northern Trust
United States Dollar		28,928	British Pound		19,024	4/4/13		(23	)	Northern Trust
United States Dollar		42,139	British Pound		27,712	4/4/13		(33	)	Northern Trust
United States Dollar		42,967	British Pound		28,256	4/4/13		(33	)	Northern Trust
United States Dollar		49,522	British Pound		32,567	4/4/13		(39	)	Northern Trust
United States Dollar		98,873	British Pound		65,023	4/4/13		(77	)	Northern Trust
United States Dollar		9,388	Euro		7,324	4/4/13		1		Citibank
United States Dollar		19,466	Euro		15,178	4/4/13		(9	)	Northern Trust

66

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CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
March 31, 2013

Contracts To Deliver Currency	Amount (Local Currency)		In Exchange For Currency	Amount (Local Currency)		Settlement Date	Unrealized Gains (Losses)			Counterparty
United States Dollar		48,829	Euro		38,073	4/4/13	$	(24	)	Northern Trust
United States Dollar		81,342	Euro		63,424	4/4/13		(39	)	Northern Trust
Japanese Yen		339,314,948	United States Dollar		3,631,542	8/15/13		23,027		Northern Trust
Japanese Yen		19,649,885	United States Dollar		211,198	8/15/13		2,227		Northern Trust
							$	24,172

* Amount rounds to less than $1.

The Clearwater International Fund did not have any spot foreign currency transactions outstanding as of March 31, 2013.

67

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
March 31, 2013

Fair value is an estimate of the price the International Fund 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 International Fund’s investments and other financial instruments, as described below. These inputs are summarized in the three broad levels listed below.

Level 1 - Unadjusted quoted market prices in active markets for identical securities on the measurement date.

Level 2 - Other significant observable inputs including quoted prices for similar investments, interest rates, prepayments speeds, credit risks, 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.

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

Investments in U.S. and foreign equity securities are valued at the last sales price or the regular trading session closing price on the principal exchange or market in which such securities are traded, with foreign security values stated in U.S. dollars. Security transactions are accounted for as of trade date. Wherever possible, the International Fund uses independent pricing services approved by the Board of Trustees to value its investments. When prices are not readily available (including those for which trading has been suspended), are deteremined not to reflect fair value, or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, the International Fund may value these securities at fair value as determined in good faith using procedures established by the Board of Trustees.

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used in valuing the International Fund’s investments and other financial instruments, which are carried at fair value, as of March 31, 2013.

	Level 1		Level 2		Level 3		Total
Common Stocks
Consumer Discretionary	$	66,117,844	$	—	$	—	$	66,117,844
Consumer Staples		54,914,493		—		—		54,914,493
Energy		27,093,349		—		—		27,093,349
Financials		90,438,051		—		—		90,438,051
Health Care		37,325,901		—		—		37,325,901
Industrials		67,023,474		—		167,437		67,190,911
Information Technology		34,513,228		—		—		34,513,228
Materials		30,178,264		—		65,408		30,243,672
Telecommunication Services		11,979,691		—		—		11,979,691
Utilities		8,477,985		—		—		8,477,985
Preferred Stocks
Consumer Discretionary		912,208		—		—		912,208
Consumer Staples		170,755		—		—		170,755
Utilities		99,349		—		—		99,349
Rights
Consumer Staples		—		—		—		—
Short-Term Investments		12,192,052		—		—		12,192,052
Total	$	441,436,644	$	—	$	232,845	$	441,669,489

For the International Fund, 100% of the investment value is compromised of equity securities, rights and short-term investments. See the International Fund’s Schedule of Investments for geographical classification. As of March 31, 2013 the Valuation Committee determined the fair valuation of two common stocks based on inputs such as the last traded price at the time trading was suspended for the securities and considerations of any other events relevant to fair value. These investments have been classified as Level 3 instruments.

68

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CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
March 31, 2013

The International Fund records all tranfers between levels based on valuations at the end of each reporting period. At March 31, 2013, certain foreign equity securities with a fair value of $ 342,001,754 were transferred from Level 2 to Level 1 classifications from December 31, 2012 to March 31, 2013, due to receiving last sales or regular trading session closing prices from primary pricing service providers on March 31, 2013. 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.

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	25,393		$	—	$	25,393
Liabilities
Forward Foreign Currency Exchange Contracts	$	—	$	(1,221	)	$	—	$	(1,221	)
Total Other Financial Instruments	$	—	$	24,172		$	—	$	24,172

The forward foreign currency exchange contracts outstanding at March 31, 2013 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.

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

	Common Stocks
	Industrials			Materials			Total
Balance as of 12/31/12	$	—		$	—		$	—
Realized Gains		—			—			—
Realized Losses		—			—			—
Change in Unrealized Appreciation		—			—			—
Change in Unrealized Depreciation		—			—			—
Purchases		—			—			—
Issuances		—			—			—
Sales		—			—			—
Transfers into Level 3(1)		167,437	(2)		65,408	(2)		232,845
Transfers out of Level 3(1)		—			—			—
Balance as of 3/31/13	$	167,437		$	65,408		$	232,845
Change in net unrealized appreciation (depreciation)(3)	$	(7,666	)	$	7,023		$	(643	)

(1)	The value of Transfers into and out of Level 3 is measured using the fair value as of the end of the period March 31, 2013.
(2)	Transferred from Level 2 to Level 3 due to securities being valued based on unobservable inputs using the last traded price at the time trading was suspended on the securities’ primary exchange.
(3)	The amount of change in net unrealized appreciation (depreciation) on Level 3 securities still held at March 31, 2013.

69

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CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater International Fund (unaudited)
March 31, 2013

70

Item 2. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer has concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on his evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) The certifications required by Rule 30a-2 under the Investment Company Act of 1940, as amended, are attached hereto as Exhibit 99.CERT.

SIGNATURES

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

Clearwater Investment Trust

By:	/s/Justin H. Weyerhaeuser
	Justin H. Weyerhaeuser
	President (Principal Executive Officer) and Treasurer (Principal Financial Officer)
Date:	May 28, 2013

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

By:	/s/Justin H. Weyerhaeuser
	Justin H. Weyerhaeuser
	President (Principal Executive Officer)
Date:	May 28, 2013
By:	/s/Justin H. Weyerhaeuser
	Justin H. Weyerhaeuser
	Treasurer (Principal Financial Officer)
Date:	May 28, 2013