UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05038

Clearwater Investment Trust

(Exact name of registrant as specified in charter)

2000 Wells Fargo Place, 30 East 7th Street, Saint Paul, Minnesota 55101-4930

(Address of principal executive offices) (Zip code)

Stephen G. Simon

Fiduciary Counselling, Inc.

2000 Wells Fargo Place, 30 E. 7^th Street

Saint Paul, Minnesota 55101-4930

Copy to:

John O’Hanlon, Esq.

Dechert LLP

One International Place, 40^th Floor

100 Oliver Street

Boston, Massachusetts 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code:	651-228-0935
Date of fiscal year end:	December 31
Date of reporting period:	June 30, 2016

Item 1.   Reports to Stockholders

CLEARWATER INVESTMENT TRUST 

Clearwater Core Equity Fund

Clearwater Small Companies Fund

Clearwater Tax-Exempt Bond Fund

Clearwater International Fund

Semi-annual Report

for the period ended

June 30, 2016

Letter to Shareholders

(unaudited)

August 17, 2016

We are pleased to present you with this semi-annual report for the six-month period ended June 30, 2016. The report provides you with detailed information on the financial performance and holdings of the Clearwater Core Equity Fund, the Clearwater Small Companies Fund, the Clearwater Tax-Exempt Bond Fund, and the Clearwater International Fund.

During the six-month period ended June 30, 2016, the Clearwater Small Companies Fund, the Clearwater Tax-Exempt Bond Fund, and the Clearwater International Fund outperformed their benchmarks. The Clearwater Core Equity Fund underperformed its benchmark during the same period.

This semi-annual report also contains commentary from the managers who serve as subadvisers to the Clearwater Funds. The managers have provided information and analysis about how their portfolios have performed as well as their economic outlook for the markets in which they invest. The managers are identified and evaluated by the Clearwater Management Company prior to being reviewed and engaged by the Board of Trustees of the Clearwater Investment Trust.

We hope you find this report informative and we thank you for your continued confidence in choosing to invest with Clearwater. If you have any questions or would like further information, please contact your Financial Consultant at Fiduciary Counselling, Inc. or one of us.

Justin H. Weyerhaeuser	James E. Johnson
President	Chairman of the Board of Trustees
Clearwater Investment Trust	Clearwater Investment Trust

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Management Discussion of Clearwater Funds’ Performance

Clearwater Core Equity Fund

The Clearwater Core Equity Fund seeks long-term growth of capital. Current income, to the extent income is produced by the stocks held by the Fund, is a secondary objective. Under normal market conditions, the Clearwater Core Equity Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The Clearwater Core Equity Fund’s assets are managed in a “multi-manager, multi-style” approach. The Core Equity Fund has four subadvisers. Parametric Portfolio Associates LLC, (“Parametric”), with approximately 60% of the Fund’s assets, manages its portion of the Fund’s assets to seek investment results that match, before fees and expenses, the investment results of the Russell® 1000 Index as closely as possible without requiring the Fund to realize taxable gains. The remaining 40% of the Fund’s assets are divided among AQR Capital Management, LLC (“AQR”), O’Shaughnessy Asset Management, LLC (“OSAM”), and Osterweis Capital Management, LLC (“Osterweis”), who all utilize active management styles.

2016 Year-to-date Market Overview:

Domestic large capitalization equities achieved slightly positive returns in the first half of 2016. The dominant factors influencing share prices were the modest yet persistent growth of the U.S. economy, a rapid decline in the price of crude oil through mid-February followed by a meaningful recovery, the Federal Reserve’s delay in raising the federal funds rate, and concern about weak economic conditions outside the U.S. Corporate earnings growth continued a trend begun in 2014 by falling on a year-over-year basis led by declines in the Energy and Materials sectors.

2016 Year-to-date Performance and 2016 Outlook:

The Clearwater Core Equity Fund added 1.7%, net of fees, in the first half of 2016 compared to a gain of 3.7% for the Russell 1000® Index, the Fund’s benchmark. Parametric, the Fund’s tax-managed passive manager, slightly underperformed the Fund’s benchmark. Osterweis, one of the three active managers, performed in line with the benchmark while AQR and O’Shaughnessy, the other active managers, underperformed the benchmark to a greater extent.

Each of the three “active” subadvisers comment on the performance of their respective portfolios and their outlook for the remainder of the year in the paragraphs below. For comparison of the subadvisers’ capabilities, performance is shown gross of fees. The Fund pays a single advisory fee to Clearwater Management Co., Inc., which in turn pays the subadvisers out of its advisory fee.

Although the overall performance of the Clearwater Core Equity Fund is measured against its benchmark, as stated above, each of the underlying subadvisers may manage their portfolio of the Fund against a different benchmark that aligns more closely with their particular strategy. In each section below, the subadvisers discuss the performance of their portfolios with respect to the benchmark against which their particular portfolio is managed.

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AQR Commentary

2016 Year-to-date Performance: For the six-months ending June 30, 2016, the portion of the Clearwater Core Equity Fund managed by AQR (the “Portfolio”) generated a return of 0.2% (gross of fees) versus the Russell 1000® Index (the “benchmark”) which had a return of 3.7%, underperforming the benchmark by 3.5%. Both stock selection within sectors and sector selection detracted from performance. The Portfolio performed worst in the Energy sector where both stock selection and sector selection underperformed for the period.

2016 Outlook: In terms of sector positioning we are currently overweight in Consumer Discretionary while being underweight Health Care. Based on the long-term history of value versus growth investing, we see value stocks as more attractive in the U.S. market.

OSAM Commentary

2016 Year-to-date Performance: For the six-months ending June 30, 2016, the portion of the Clearwater Core Equity Fund managed by OSAM (the “Portfolio”) returned (1.6)% (gross of fees) while the Russell 1000® Value Index (the “benchmark”) was up 6.3%. The strategy’s goal is to keep client portfolios aligned with certain stock selection factors that our research has shown to be effective historically. Strategy weights to sectors are byproducts of that factor-based stock selection process, but they also have bearing on performance. Our underweight to Financials and Consumer Staples benefited the Portfolio for the period. Stock selection in Financials was also a bright spot. Underperformance was mainly driven by the Consumer Discretionary and Energy sectors. Within Consumer Discretionary, we were overweight in Retail which detracted from performance as weak growth numbers triggered many in the industry to underperform in the second quarter; our overweights to companies such as Macy’s, Bed Bath and Beyond, and Starbucks did not fare well. Stock selection within the Energy sector also struggled in the period. A number of stocks included in the benchmark, but not selected for the Portfolio, rallied for the period. As a result, the Energy sector overall detracted 3.8%.

2016 Outlook: Above all else, we believe long-term success comes from building a portfolio around proven stock selection factors—measured using key selection criteria like quality, valuation, and momentum. Based on our key selection criteria, we believe that the Portfolio is well positioned versus its benchmark and relative to the overall market. The Portfolio’s companies have stronger momentum, lower debt ratios and trade at deep discounts across a number of valuation factors. Currently, the Portfolio’s companies are also returning capital to shareholders by almost three times the average company in the index (shareholder yield of 7.6 versus 2.9). These combined advantages can only be delivered by a portfolio which is distinct from the benchmark. We believe that the Portfolio continues to represent a unique take on the U.S. market.

Osterweis Commentary

2016 Year-to-date Performance: For the six-months ending June 30, 2016, the portion of the Clearwater Core Equity Fund managed by Osterweis (the “Portfolio”) generated a total return of 3.7% (gross of fees) versus 3.8% for the S&P 500® Index (the “benchmark”). The primary contributors to both absolute and relative performance were the Portfolio’s investments as a whole in Financials, Utilities and Energy. The standouts in these sectors, as well as the Portfolio’s top three contributors to total returns, were EPR Properties, American Water Works, and Halliburton, respectively. EPR Properties is a real estate investment trust that invests in the entertainment, education and recreation segments. American Water Works provides drinking water and wastewater services to residential, commercial and industrial customers. Halliburton delivers a range of services and products to the upstream oil and natural gas industry worldwide. On the other hand, the Portfolio’s performance in Health Care was subpar and had the worst impact out of all sectors both on an absolute basis and compared to the benchmark. The main underperformers in this sector were pharmaceutical holdings Perrigo and Allergan, which were also the Portfolio’s two largest detractors from total returns. Since our initial investment in Perrigo, it has experienced a perfect storm of headwinds. However, we still believe that its core over-the-counter products offer real value to consumers and retailers. Regarding Allergan, we continue to believe that it is positioned to potentially benefit from

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both strong organic and mergers & acquisitions growth as well as margin expansion through cost cutting. In the second quarter, we continued to see volatility with a meaningful market correction related to the surprise U.K. vote to leave the European Union (the “Brexit vote”) as investors questioned how much of a headwind it might present to the U.K. and European economies. This followed volatility in the first quarter as investors initially wrestled with soft economic data early in the period that raised recessionary fears and triggered a sell-off in markets worldwide. Then, as economic data firmed somewhat in February and March, the markets rebounded.

2016 Outlook: We believe that the surprise Brexit vote raises the risk of economic slowdown in the U.K. and Europe, but with only minor potential risk of spillover to the U.S., and therefore our outlook for the U.S. remains essentially unchanged. We expect the pattern of slow growth, low inflation and low interest rates to continue but we will keep a close eye on developments in the U.K. and Europe. While stocks are not cheap, they do appear to have room to continue to rise given today’s low interest rate environment.

We believe that our equity strategy is well positioned for the current environment. We are particularly focused on companies that appear to be insulated from the strong dollar and weak non-U.S. demand. We also think companies with strong or rapidly improving balance sheets or with ample free cash flow should do well in this economy. Finally, when interest rates are low, we believe that consistent dividend growers are very attractive and may be rewarding.

Clearwater Small Companies Fund

The Clearwater Small Companies Fund seeks long-term growth of capital. Current income is a secondary objective. Under normal market conditions, the Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small companies. The Fund defines “small companies” as issuers with market capitalizations no greater than $5 billion at the time of purchase. Equity securities consist primarily of exchange-traded common and preferred stocks and convertible securities. The Fund uses a “multi-style, multi-manager” approach with two subadvisers who employ distinct investment styles: Kennedy Capital Management Inc. (“Kennedy”) and Keeley Asset Management Corp. (“Keeley”). At the period ending June 30, 2016 Kennedy and Keeley respectively managed approximately 75% and 25% of the Fund balances.

2016 Year-to-date Market Overview:

Domestic small capitalization equities recorded small gains over the period. The dominant factors influencing share prices were the modest yet persistent growth of the U.S. economy, a rapid decline in the price of crude oil through mid-February followed by a meaningful recovery, the Federal Reserve’s delay in raising the federal funds rate, and concern about weak economic conditions outside the U.S. Corporate earnings growth continued a trend begun in 2014 by falling on a year-over-year basis led by declines in the Energy and Materials sectors.

2016 Year-to-date Performance and 2016 Outlook:

The Clearwater Small Companies Fund gained 2.3%, net of fees, during the period compared to a gain of 2.2% for the Russell 2000® Index, the Fund’s benchmark. The slight outperformance was driven by Kennedy while Keeley performed in line with the benchmark.

The two subadvisers to the Fund comment on the performance of their specific portfolios and their outlook for the remainder of the year in the paragraphs below. For comparison of the subadvisers’ capabilities, performance is shown gross of fees. The Fund pays a single advisory fee to Clearwater Management Co., Inc., which in turn pays the subadvisers out of its advisory fee.

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Although the overall performance of the Clearwater Small Companies Fund is measured against its benchmark, as stated above, each of the underlying subadvisers may manage their portfolio of the Fund against a different benchmark that aligns more closely with their particular strategy. In each section below, the subadvisers discuss the performance of their portfolios with respect to the benchmark against which their particular portfolio is managed.

Kennedy Commentary

2016 Year-to-date Performance: For the six-months ending June 30, 2016, the portion of the Clearwater Small Companies Fund managed by Kennedy (the “Portfolio”) returned 2.9% (gross of fees) outperforming the 2.2% return of its benchmark, the Russell 2000® Index. Within Kennedy’s Portfolio are two “sub-portfolios”; one focused on small companies and the other one focused on microcap companies. The small companies sub-portfolio returned 3.0% (gross of fees) versus the 2.2% return of its benchmark, the Russell 2000® Index, while the microcap sub-portfolio returned 2.6% (gross of fees) versus the (1.7)% return of its benchmark, the Russell Microcap® Index. Stock selection was the dominant positive contributor during the period, adding 1.09% of relative performance. Sector allocation, particularly our Utilities underweight, was a negative factor. Additionally, our Financials underweight slightly weighed on performance. Although Health Care stocks have been laggards in our benchmark, our investments in this sector have fared quite well, adding 282 basis points of relative performance. For two days, U.K. vote to leave the European Union (the “Brexit vote”), appeared as if it would severely impact markets in 2016; however, a week after the vote, markets had largely recovered. The relatively stable global economy and the free flow of credit have had a more tangible impact on stocks during the past six months. The underlying metrics that have shaped and driven the markets during this mild economic expansion have continued on a positive trajectory. One of the leading indicators that we watch is U.S. Chemical Railcar volumes, which have remained stable to positive in recent months. Additionally, the U.S. consumer balance sheet remains fairly robust. When we look at Household Debt Service, we see that the consumer is well-primed to confront economic stresses, should they present themselves. Low bond yields, globally, have been an undeniable boon to the market, enabling capital spending, corporate takeovers, and a generally lower discounting mechanism for future cash flows.

2016 Outlook: The situation in Europe bears watching. We do not have an ideal set of past experiences against which to compare the United Kingdom’s exit from the European Union, but we do think that – if it does happen – the impact on our small cap companies will be muted. Nonetheless, the world is increasingly interconnected. One lesson we learned over the years is that weakness in one region often spills over into others. We will incorporate a heightened awareness of any impacts this might have. While remaining cognizant of the risks of global economic malaise, we continue to believe that the beneficial impact of historically low bond yields should not be underestimated. The exceedingly low cost of funding for companies around the world is helping to sustain growth. From a return on investment perspective, we compare a company’s project yields to its cost of capital, as do management teams. It remains relatively easy for companies to create value for shareholders in this manner. That will remain a key fuel for the global economy.

Keeley Commentary

2016 Year-to-date Performance: For the six-months ending June 30, 2016, the portion of the Clearwater Small Companies Fund managed by Keeley (the “Portfolio) underperformed its benchmark, the Russell 2000® Value Index (the “benchmark”). The Portfolio gained approximately 2.2% (gross of fees and expenses) versus a gain of 6.1% for the benchmark. Over this time period, the majority of relative underperformance was generated by weak stock selection in Financials, Materials, Consumer Staples and Technology sectors. In addition, the Portfolio’s significant overweight in the Consumer Discretionary sector (18.1% vs. 9.8%) detracted from performance. The Portfolio benefited from its exposures in Industrials, Energy and Health Care. The meaningful overweight in Industrials (17.8% vs. 11.9%) and strong stock selection was the leading contributor to the Portfolio’s performance. Good stock selection and an underweight in Energy (2.7% vs. 4.2%) also contributed to performance. An underweight in Health Care (2.8% vs. 4.3%) also served as a slight contributor.

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U.S. equity markets began the year under a rather ominous cloud following the Federal Reserve’s decision late last year to raise interest rates for the first time in nearly a decade. Large cap stocks, as measured by the S&P 500® Index, lost 5.0% in January and small cap stocks were especially volatile. The Russell 2000 Value® Index dropped nearly 7.0% in January and it was looking grim as the year began. However, markets quickly reversed course and started rising as a risk-on mentality took hold. Mixed economic indicators – particularly GDP and employment – suggested that the Fed might lower its projected rate increases (from four to two) during 2016, and market participants responded favorably. In the last week of June, the Brexit vote significantly rattled global equity markets and spurred a risk-off rally. Though this caused a short-term performance headwind, we do not believe this has dramatically changed the opportunity set for small cap value stocks.

2016 Outlook: Given the volatile equity markets seen in January and following the Brexit vote, we believe that markets are poised to follow a similar path for the next six months. Although the shorter-term volatility is uncomfortable while it is happening, we believe that these types of corrections often reveal attractive buying opportunities or catalysts reflecting long-term value. We focus on small cap stocks that usually have a unique story – perhaps the company is part of a spin-off, is emerging from bankruptcy, or is experiencing change due to operational or ownership changes. Because these complex situations are difficult to research there is often a void in Wall Street coverage. We believe that our research process will improve performance as these inefficiencies unfold.

Clearwater Tax-Exempt Bond Fund

The Clearwater Tax-Exempt Bond Fund seeks high current income that is exempt from U.S. federal income tax, consistent with preservation of capital. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in tax-exempt bonds, which are debt obligations issued by or for the U.S. states, territories and possessions and the District of Columbia. The interest on these securities is generally exempt from both U.S. regular federal income tax and U.S. federal alternative minimum tax. However, the Fund may invest up to 20% of its assets in securities that generate interest income subject to federal alternative minimum tax for individuals. The Fund invests in both revenue bonds, which are backed by and payable only from the revenues derived from a specific facility or specific revenue source, and in general obligation bonds, which are secured by the full faith, credit and taxation power of the issuing municipality. The Fund’s subadviser, Sit Fixed Income Advisers II, LLC (“Sit”), provides day to day management for the Fund. It should be noted that the Fund is not a money market fund and is not intended to be a money market fund substitute. Under normal market conditions, the Fund’s investments may be more susceptible than a money market fund to interest rate risk and credit risks relevant to the Fund’s investments.

Sit has provided the commentary below regarding the Clearwater Tax-Exempt Bond Fund (the “Fund”). The Fund pays a single advisory fee to Clearwater Management Co., Inc., which in turn pays the subadviser out of its advisory fee.

Sit Commentary

2016 Year-to-date Market Overview: Coming off a better than expected year in 2015, tax-exempt fixed income markets experienced a slow start to the year in 2016, as flows into tax-exempt municipal bond funds remained modestly positive but the yield curve steepened. However, the trend line turned late in the first quarter, as the curve began to flatten and flows into mutual funds accelerated. The U.K.’s vote to leave the European Union further accentuated these trends. Specifically, levels of interest rates, especially on the long end of the curve, have fallen in the first half of 2016, with long U.S. Treasury yields down 70-80 basis points, and long tax-exempt yields down 60-80 basis points. Credit fundamentals are generally sound. State and local government tax collections continued to improve and remain generally on the upswing, despite a few notable exceptions such as New Jersey, Chicago and the State of Illinois. Puerto Rico related debt took a positive turn at the end of June as Congress passed a bill mandating the establishment of a financial control board for Puerto Rico. The situation remains very fluid,

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however, and could lead to further volatility in the tax-exempt bond market. The Federal Reserve took no action on interest rates during first half of 2016, but an increase remains a possibility in the second half of 2016. Given how well this potential move has been telegraphed, its implementation is not expected to have much negative impact on the bond market. Concerns about tax reform and a potential reduction of the value of the municipal bond tax exemption remain but have had little overall effect on the market.

2016 Year-to-date Performance: For the six-months ending June 30, 2016, the Clearwater Tax-Exempt Bond Fund returned 5.7% (net of fees) compared to its benchmark, the Barclays Capital U.S. Municipal Bond Index 5 Year (4-6) Index (the “benchmark”) which returned 2.3% over the same period. We modestly decreased the Fund’s average life duration, a measure of the Fund’s sensitivity to changes in interest rates, from 5.6 years at the beginning of the year to 5.5 years at the end of the period. For comparison, the Fund’s benchmark had duration of 3.9 years at June 30, 2016. The Fund’s yield fell during the period, more than the yield of the benchmark. Revenue bonds and general obligation bonds both delivered strong performance during the first half of 2016, with revenue bonds in the benchmark returning 4.8% for the period, while general obligation bonds in the benchmark returned 4.0%. Furthermore, duration dictated much of the relative performance, as longer duration outperformed intermediate and short duration. Sector allocations had little effect on performance, but credit quality played a role, as lower investment grade rated bonds and non-rated bonds outperformed those of higher credit quality as investors sought yield. The Fund’s performance, due to its longer duration and meaningful exposure to lower investment grade and non-rated bonds, came in well ahead that of its benchmark in the first half of 2016.

2016 Outlook: We expect growth to be positive during the second half of 2016, although it remains slow by the standards of most recoveries. Housing is providing some strength, and employment appears to be steady, although underemployment remains elevated. The economy has been able to muddle through volatility in oil prices and global uncertainty over the past couple of years, but in our view does not seem able to accelerate to a consistently higher level of growth as is typical after most recessions. Interest rates, while likely to remain low in absolute terms, may rise a bit in the second half of 2016, as the Fed ponders if and when to hike short-term interest rates again. We believe that the Treasury yield curve will remain relatively steep, with yields rising a bit on the intermediate- and long-term portions of the curve, while the tax-exempt curve will flatten less, with short-term rates remaining low and long-term tax-exempt yields rising somewhat as supply continues at a near record but manageable level and most state and local government finances continue to improve, which we expect will help tax-exempt bonds to outperform Treasuries in the second half. We expect revenue bonds to continue to be stronger performers in the second half of 2016. Puerto Rico related concerns, as well as Chicago and Illinois, will continue to weigh on the market, however, and could lead to some increase in volatility. Furthermore, potential problems funding retirement pension and healthcare obligations still persist in many places, especially Chicago and Illinois (although local officials in and around Chicago seem to be making some positive changes), and remain the subject of many of the negative media reports about the municipal market. In addition to the strong performance in the first half of 2016, we believe that the Fund’s longer duration and its use of revenue and non-rated bonds have positioned it opportunistically for the economic and interest rate environment that we expect in the second half of 2016.

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Clearwater International Fund

The Clearwater International Fund seeks long-term growth of capital. The Fund generally invests at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside the United States. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund does not intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers. The Fund uses a “multi-style, multi-manager” approach. The Fund’s adviser allocates portions of the Fund’s assets among subadvisers who employ distinct investment styles. The Fund currently has five subadvisers. Parametric Portfolio Associates LLC (“Parametric”) manages its portion of the portfolio (approximately 50%) to seek investment results that match, before fees and expenses, the investment results of the MSCI World Ex U.S.A. Index - Net as closely as possible without requiring the Fund to realize taxable gains. The Fund also has four sub-advisers who utilize active management styles and each manages approximately 12.5% of the Fund: Artisan Partners Limited Partnership (“Artisan Partners”), Denver Investments (“Denver”), Templeton Investment Counsel, LLC (“Templeton”) and WCM Investment Management (“WCM”).

2016 Year-to-date Market Overview:  

International developed market equities declined slightly over the period. The dominant factors influencing share prices included weak economic growth in Europe and Japan, ultra-easy monetary policies from the European Central Bank and the Bank of Japan, the impact of slowing growth in China, and some unnerving geo-political events highlighted by the United Kingdom’s vote to exit the European Union (the “Brexit vote”). Currency adjustments were a positive contributor to performance as the Euro appreciated 1.9% and the Yen 17.1% against the U.S. dollar.

2016 Year-to-date Performance and 2016 Outlook:  

The Clearwater International Fund fell 1.5%, net of fees, during the period compared to a loss of 3.0% for the MSCI World Ex U.S.A. Index - Net, the Fund’s benchmark. The outperformance was driven primarily by three of the active managers, particularly WCM, with Denver and Artisan also additive but to a lesser extent. Parametric, the tax-managed passive manager, performed in line with the index and Templeton, one of the active managers, underperformed.

Each of the three “active” sub-advisers comment on the performance of their specific portions of the portfolio and provide market outlook for the remainder of the year in the paragraphs below. For comparison of the subadvisers’ capabilities, performance is shown gross of fees. The Fund pays a single advisory fee to Clearwater Management Co., Inc., which in turn pays the subadvisers out of its advisory fee.

Although the overall performance of the Clearwater International Fund is measured against its benchmark, as stated above, each of the underlying subadvisers may manage their portfolio of the Fund against a different benchmark that aligns more closely with their particular strategy. In each section below, the subadvisers discuss the performance of their portfolios with respect to the benchmark against which their particular portfolio is managed.

Artisan Partners Commentary

2016 Year-to-date Performance: During the six-months ending June 30, 2016, the portion of the Clearwater International Fund managed by Artisan (the “Portfolio”) returned (1.0)% (gross of fees), trailing the MSCI EAFE Index - Net (the “benchmark”), which returned (4.4)% over the same period. Performance of the following stocks had a positive impact on the Portfolio during the period: Telefonica Brasil, Tokyo Electron, Samsung Electronics, Compass Group and New Oriental Education. Notable detractors in the period included: Royal Bank of Scotland, UBS Group, ING Groep, Lloyds Banking Group and Baidu. Measured in US dollar terms, the benchmark returned (4.42)% during the six months ended June 30, 2016. After a fairly unremarkable quarter, volatility spiked following the U.K.’s late-June Brexit vote. Currencies were also volatile in Brexit’s wake. During the period, the pound lost

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considerable ground while the yen moved sharply stronger (relative to the U.S. dollar). Overall, a weaker dollar was a boon to USD-based investors. In local terms, the benchmark returned (7.21)% in the period. The euro area trailed year-to-date, while emerging markets returned a solid 6.41%.

2016 Outlook: The biggest impact from the Brexit vote is uncertainty. The uncertainty regarding how and on what terms the U.K. will trade with its European partners, including the close integration of the U.K.’s financial services center, is the largest unknown hanging over the U.K. economy. We do not believe that the U.K. is going out of business. Uncertainty creates opportunity, and we believe that buying well-capitalized, well-positioned businesses at cheap prices should ultimately lead to attractive investment returns.

Denver Commentary

2016 Year-to-date Performance: During the six-months ending June 30, 2016, the portion of the Clearwater International Fund managed by Denver Investments (the “Portfolio”) returned (1.0)%, gross of fees, which outperformed the (3.2)% return of the MSCI EAFE Small Cap Index (the “benchmark”). Similar to the Portfolio, the broader comparative MSCI ACWI ex USA Small Cap Index returned (0.2)% over the same time period. Both indexes were impacted by their Australia, Italy and Hong Kong components.

The Portfolio’s Japan holdings continue to help drive performance. The most significant contributors from Japan the first half of the year were Nihon M&A Center, Inc. and Tsuruha Holdings, Inc. Nihon focuses on small- and medium enterprise merger and acquisition activities across Japan. With the aging Japanese population, and at least 50% of Japanese companies headed by presidents over 60 years old, Nihon estimates that over 150,000 small- and medium-sized companies will lack a qualified successor, or suffer deteriorating business conditions due to a potential of inadequate management. Nihon leverages the knowledge and strength of their proprietary nationwide network of accountants, attorneys and consultants to quickly match sellers and buyers to execute succession management opportunities. Tsuruha operates over one thousand drugstores mostly in the Hokkaido and Tohoku regions. Tsuruha is a fast grower based on solid same-store-sales growth, new store openings and acquisitions. In addition to pharmaceuticals, the company has successfully broadened its offering to health and beauty-care items and food. Over the longer-term, we expect that drugstores such as Tsuruha will benefit from the aging population and the increasing demand for drugs. Mergers and acquisitions benefited the Portfolio in the second quarter. MTY Food Group, Inc. a Canadian-based franchiser of over thirty fast-food restaurant chains in North America (e.g. Big Smoke Burger and Extreme Pita), announced the acquisition of U.S.-based Kahala Brands. Kahala also has a broad list of fast service food chains, including Cold Stone Creamery and Blimpie, with exposure to over twenty countries. Although MTY’s acquisition of Kahala is a large transaction, we believe that the attractive MTY asset-light model should continue to add value for investors.

Stocks that detracted from performance in the second quarter include 3P Learning Ltd., an Australian-based global leader in online education. 3P e-learning programs span mathematics, reading and science from kindergarten through high school. Although largely an Australian business, 3P Learning is growing globally with a presence elsewhere in Asia, Europe and North America. The attractiveness of 3P Learning’s offering is that not only is the education content for students at a high level, but the diagnostics and resources provided to teachers and administrators helps to improve the entire educational system. Despite the recent weakness potentially driven by the change in management earlier in the year, we believe that the ongoing move to online education and 3P Learning’s valuable offering should help drive long-term growth. Italian-based asset manager Azimut Holding was another detractor from recent performance. Although Azimut continues to experience net inflows, investor sentiment remains weak in the face of turbulent and declining markets, particularly in Europe. Azimut has proven itself as an innovative money manager with launches of products such as Catastrophic Event funds. Solid performance coupled with a valuable network of financial advisors has enabled Azimut to build a strong business in Italy and an opportunistic management has brought this model overseas with joint ventures in Brazil, Australia and China.

Global markets saw a continuation of concern for global growth in light of a slowing China economy, the faltering results of Prime Minister Abe’s plan to stimulate the Japanese economy (Abenomics) and the uncertainty in Europe

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exacerbated by the Brexit vote. As a result of the weakening global backdrop, most international markets continued to perform in the red in the first half of 2016.

2016 Outlook: While flat to declining performance is usually unsatisfactory to investors, the market volatility created by Brexit in the first half of the year is presenting an opportunity to buy high-quality companies at lower prices. Often times in periods of market stress, fast-growing and value-creating businesses are also disregarded by investors in favor of less risky assets like cash. As long-term, bottom-up investors, we have an opportunity to hopefully turn other investors’ fear into attractive buying opportunities for our investors.

Templeton Commentary

2016 Year-to-date Performance: During the six-months ending June 30, 2016, the portion of the Clearwater International Fund managed by Templeton (the “Portfolio”) returned (4.7)%, gross of fees, which underperformed the (0.2)% return of the MSCI ACWI Ex U.S.A. Small Cap Index (net) (the “benchmark”). The Portfolio underperformed the benchmark for the period as the Brexit vote led to significant uncertainty across global markets. Consequently, stock selection in the U.K. was the most significant detractor from relative performance, with holdings falling on Brexit concerns. We think the market’s current extreme reaction is overdone, and we believe that long-term fundamentals for most of the companies we own will not be impacted significantly by Brexit. Several of our U.K. holdings derive the majority of their revenues from outside of the U.K. and would benefit from pound weakness associated with Brexit. Many source the bulk of their revenues outside of Europe altogether. Perhaps most importantly, we hold no European or U.K. banks and are underweight in Financials in general. While the vast majority of investors, ourselves included, were not fully positioned for a Brexit outcome, we believe our avoidance of European banks and ownership of companies with geographically diverse revenue streams should help limit our exposure to the Brexit fallout. International small-cap equities were relatively flat for the six-month period, starting the year with a notable drop as ongoing global growth concerns, falling commodity prices and worries about the health of banks, particularly in Europe, weighed on investor sentiment. Markets subsequently rallied after key central banks announced additional easing measures and amid a rally in crude oil prices and easing concerns about China’s economy. However, the Brexit vote rattled financial markets across the world.

2016 Outlook: We believe the market impact of current uncertainty, though severe, is more of a shorter-term phenomenon that will provide an opportunity for long-term investors. Small caps do not always “behave” in the short-term during times of optimism and pessimism given their liquidity. We strongly believe that nothing has changed and that our time tested approach to value investing will generate alpha. We believe conditions are best for long-term value investors to buy quality companies on the cheap when the markets think macro conditions are at their worst. We have a consistent approach to the integration of macro events: determine how we expect the event to impact a specific company’s value over the long-term, if at all, and make adjustments to specific business valuations, if needed. Because the stock market reacts mostly to short-term information flows, we seek to exploit market inefficiency.

WCM Commentary

2016 Year-to-date Performance: For the six-months ending June 30, 2016, the portion of Clearwater International Fund managed by WCM (the “Portfolio”) returned 3.3%, outperforming its benchmark, the MSCI ACWI Ex U.S.A. - Net (the “benchmark”), which returned (1.0)% over the same period. The Portfolio’s performance in the last year is consistent with what it has done since inception in 2004 -- hold up better in down markets. Our downside capture, which is a measure of the Portfolio’s correlation to the market when the market declines (the lower the downside capture the better the Portfolio has preserved value during market downturns), improved to 61%, a remarkable feat for a more focused strategy. Consistent with the attribution for the Portfolio’s history, the majority of the outperformance YTD has come from strong stock selection around the globe. In the most recent six-month period, picks in Technology have been the strongest contributors.

A-10

Global markets finished the trailing six months in mixed fashion, a surprise given the high drama at quarter-end. We are, of course, referencing the Brexit vote. While the full ramifications of Brexit are unknowable, what we do know is the Focused Growth International strategy (the strategy utilized in managing the Portfolio) weathered this latest episode of volatility well.

2016 Outlook: From a sector standpoint, we remain overweight in Technology, Health Care, and Consumer, while we are underweight in Financials and Energy. We believe this allocation best positions the Portfolio to take advantage of many of the long-lasting tailwinds we are seeing around the world, such as the emergence of the global middle class. We continue to look for attractive opportunities — companies benefiting from a secular tailwind, growing their competitive advantage, possessing a strong culture, and trading at a reasonable valuation.

A-11

Fund Expense Example

(unaudited)

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

The Example provided is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended June 30, 2016.

Actual Expenses  

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period January 1, 2016 through June 30, 2016” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes  

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

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

A-12

Actual returns	Beginning Account Value January 1, 2016	Ending Account Value June 30, 2016	Expenses Paid During the Period January 1, 2016 through June 30, 2016 *
Core Equity Fund	$1,000.00	$1,017.20	$2.11
Small Companies Fund	$1,000.00	$1,022.70	$5.08
Tax-Exempt Bond Fund	$1,000.00	$1,056.70	$1.74
International Fund	$1,000.00	$985.00	$3.45

Hypothetical 5% return (before expenses)
Core Equity Fund	$1,000.00	$1,022.77	$2.11
Small Companies Fund	$1,000.00	$1,019.84	$5.07
Tax-Exempt Bond Fund	$1,000.00	$1,023.17	$1.71
International Fund	$1,000.00	$1,021.38	$3.52

* Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Expense ratios for the most recent one-half year period may differ from expense ratios based on one-year data in the Financial Highlights.

The annualized expense ratios are as follows:

Core Equity Fund (a)	0.42%
Small Companies Fund (b)	1.01%
Tax-Exempt Bond Fund (c)	0.34%
International Fund (d)	0.70%

(a) The expense ratio for the Core Equity Fund represents the blended expense ratio during the six-month period. The management fee of the Fund was decreased through a voluntary waiver to 0.40% until March 16, 2016, when the voluntary waiver was decreased and the expense ratio of the Fund became 0.44%.

(b) The expense ratio for the Small Companies Fund represents the blended expense ratio during the six-month period. The management fee of the Fund was decreased through a voluntary waiver to 0.98% until March 16, 2016, when the voluntary waiver was decreased and the expense ratio of the Fund became 1.03%.

(c) The management fee of the Tax-Exempt Bond Fund was decreased through a voluntary waiver to 0.34%, which remained in effect in the reporting period.

(d) The expense ratio for the International Fund represents the blended expense ratio during the six-month period. The management fee of the Fund was decreased through a voluntary waiver to 0.69% until March 16, 2016, when the voluntary waiver was decreased and the expense ratio of the Fund became 0.70%.

 A-13

Quarterly Portfolio Schedule of Investments

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

Voting Proxies on Fund Portfolio Securities

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

 A-14

Clearwater Investment Trust

Financial Statements

For the Six Months Ended June 30, 2016 (unaudited)

Table of Contents

Financial Statements:
	1	Statements of Assets and Liabilities	1
	2	Statements of Operations	2
	3	Statements of Changes in Net Assets	3
	4	Financial Highlights	4
	8	Notes to Financial Statements	8
	30	Schedules of Investments	30
	30	Core Equity Fund	30
	43	Small Companies Fund	43
	50	Tax-Exempt Bond Fund	50
	67	International Fund	67

CLEARWATER INVESTMENT TRUST 

Statements of Assets and Liabilities

June 30, 2016 (unaudited)

	Core Equity Fund		Small Companies Fund			Tax-Exempt Bond Fund			International Fund
Assets
Investments in securities, at fair value (identified cost: $233,994,542 Core Equity Fund; $252,408,338 Small Companies Fund; $464,955,142 Tax-Exempt Bond Fund; $394,729,786 International Fund)	$	441,553,102		282,646,340			510,173,238			494,273,030
Foreign currencies, at value (cost: $401 Core Equity Fund; $571,628 International Fund)		399		-			-			573,409
Cash		-		-			10,091			-
Receivable for securities sold		3,441,413		12,936,529			-			1,343,855
Receivable for shares of beneficial interest sold		-		-			-			568,200
Accrued dividend and interest receivable		514,154		352,587			5,126,409			1,017,067
Foreign tax reclaim receivable		45,592		701			-			1,490,838
Unrealized appreciation on forward foreign currency exchange contracts		-		-			-			27,279
Total assets		445,554,660		295,936,157			515,309,738			499,293,678
Liabilities
Payables for investment securities purchased		3,394,597		2,386,171			605,952			1,676,323
Payables for fund shares redeemed		1,473,108		11,925,316			831,846			18,839
Accrued investment advisory fee		491,544		758,990			437,117			874,222
Payable for dividend distribution		-		-			108,558			-
Unrealized depreciation on forward foreign currency exchange contracts		-		-			-			128,487
Total liabilities		5,359,249		15,070,477			1,983,473			2,697,871
Net assets	$	440,195,411		280,865,680			513,326,265			496,595,807
Capital
Capital stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: 12,165,187, 15,982,069, 48,854,738 and 35,971,784 shares, respectively)	$	211,419,910		250,871,134			468,578,897			415,059,324
Undistributed net investment income		4,157,361		411,592			68,915			5,509,975
Accumulated net realized gain (loss) from investments and foreign currency transactions		17,059,582		(655,048	)		(539,643	)		(23,305,546	)
Unrealized appreciation of investments and translation of assets and liabilities in foreign currencies		207,558,558		30,238,002			45,218,096			99,332,054
Net assets	$	440,195,411		280,865,680			513,326,265			496,595,807
Net asset value per share of outstanding capital stock	$	36.18		17.57			10.51			13.81

See accompanying notes to financial statements.

1

CLEARWATER INVESTMENT TRUST 

Statements of Operations

for the six months ended June 30, 2016 (unaudited)

	Core Equity Fund			Small Companies Fund			Tax-Exempt Bond Fund			International Fund
Investment income:
Income:
Dividends (net of foreign taxes withheld of $22,182, $3,648, $0 and $826,824, respectively)	$	4,848,791			1,854,922			828,602			8,376,557
Interest		-			-			11,021,968			-
Total income		4,848,791			1,854,922			11,850,570			8,376,557
Expenses:
Investment advisory fee		2,022,178			1,928,734			1,544,820			2,424,169
Voluntary fee reduction		(1,070,795	)		(485,489	)		(669,421	)		(736,841	)
Other Expenses		85			85			-			85
Total net expenses		951,468			1,443,330			875,399			1,687,413
Net investment income		3,897,323			411,592			10,975,171			6,689,144
Net realized gain (loss) on:
Security transactions		16,448,491			(4,260,244	)		(526,154	)		(19,971,743	)
Futures contracts		(123	)		-			-			-
Forward foreign currency exchange contracts		-			-			-			(173,259	)
Foreign currency transactions		(91	)		-			-			111,434
Net increase (decrease) in unrealized appreciation/ depreciation on:
Security transactions		(15,085,606	)		9,963,108			18,103,564			6,490,725
Forward foreign currency exchange contracts		-			-			-			(107,077	)
Translation of other assets and liabilities denominated in foreign currencies		118			-			-			35,820
Net gain (loss) on investments		1,362,789			5,702,864			17,577,410			(13,614,100	)
Net increase (decrease) in net assets resulting from operations	$	5,260,112			6,114,456			28,552,581			(6,924,956	)

See accompanying notes to financial statements.

2

CLEARWATER INVESTMENT TRUST 

Statements of Changes in Net Assets

for the six months ended June 30, 2016 (unaudited)
and the year ended December 31, 2015

	Core Equity Fund						Small Companies Fund
	6/30/2016			12/31/2015			6/30/2016			12/31/2015
Operations:
Net investment income	$	3,897,323			7,966,804			411,592			691,390
Net realized gain (loss)		16,448,277			40,266,541			(4,260,244	)		39,821,655
Net increase (decrease) in unrealized appreciation/depreciation		(15,085,488	)		(52,000,243	)		9,963,108			(53,057,897	)
Net increase (decrease) in net assets resulting from operations		5,260,112			(3,766,898	)		6,114,456			(12,544,852	)
Distributions to shareholders from:
Net investment income		-			(7,757,756	)		-			(876,975	)
Net realized gain		-			(39,583,976	)		-			(35,922,516	)
Total distributions to shareholders		-			(47,341,732	)		-			(36,799,491	)
Equalization:
Net equalization		-			2,237,640.00			-			1,600,313.00
Capital share transactions:
Proceeds from shares sold		7,868,095			6,275,620			8,001,764			22,980,623
Reinvestment of distributions from net investment income and net realized gain		-			45,104,098			-			35,199,184
Payments for shares redeemed		(65,350,519	)		(51,108,187	)		(32,630,700	)		(44,943,480	)
Net increase (decrease) in net assets from capital share transactions		(57,482,424	)		271,531			(24,628,936	)		13,236,327
Total decrease in net assets		(52,222,312	)		(48,599,459	)		(18,514,480	)		(34,507,703	)
Net assets:
At the beginning of the year		492,417,723			541,017,182			299,380,160			333,887,863
At the end of the year	$	440,195,411			492,417,723			280,865,680			299,380,160
Undistributed net investment income	$	4,157,361			300,012			411,592			-

	Tax-Exempt Bond Fund						International Fund
	6/30/2016			12/31/2015			6/30/2016			12/31/2015
Operations:
Net investment income	$	10,975,171			21,500,396			6,689,144			9,507,244
Net realized gain (loss)		(526,154	)		2,120,557			(20,033,568	)		1,182,382
Net increase (decrease) in unrealized appreciation/depreciation		18,103,564			(474,940	)		6,419,468			(12,430,629	)
Net increase (decrease) in net assets resulting from operations		28,552,581			23,146,013			(6,924,956	)		(1,741,003	)
Distributions to shareholders from:
Net investment income		(11,019,041	)		(21,496,917	)		-			(9,471,417	)
Net realized gain		-			(2,015,724	)		-			(2,834,849	)
Total distributions to shareholders		(11,019,041	)		(23,512,641	)		-			(12,306,266	)
Equalization:
Net equalization		-			-			-			-
Capital share transactions:
Proceeds from shares sold		10,651,467			23,502,450			23,139,421			29,859,634
Reinvestment of distributions from net investment income and net realized gain		11,021,174			23,506,847			-			12,306,269
Payments for shares redeemed		(38,652,860	)		(41,851,737	)		(10,802,865	)		(18,877,071	)
Net increase (decrease) in net assets from capital share transactions		(16,980,219	)		5,157,560			12,336,556			23,288,832
Total increase in net assets		553,321			4,790,932			5,411,600			9,241,563
Net assets:
At the beginning of the year		512,772,944			507,982,012			491,184,207			481,942,644
At the end of the year	$	513,326,265			512,772,944			496,595,807			491,184,207
Undistributed (overdistributed) net investment income	$	68,915			112,785			5,509,975			(1,183,615	)

See accompanying notes to financial statements.

3

CLEARWATER INVESTMENT TRUST

Financial Highlights

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

	June 30, 2016			Year ended December 31,
Core Equity Fund	(Unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	35.57			39.41			37.77			28.81			25.26			26.38
Income (loss) from investment operations:
Net investment income		0.32			0.64			0.60			0.51			0.40			0.33
Net realized and unrealized gains (losses)		0.29			(0.96	)		2.91			8.95			3.54			(1.13	)
Total from investment operations		0.61			(0.32	)		3.51			9.46			3.94			(0.80	)
Less distributions to shareholders from:
Net investment income		-			(0.60	)		(0.63	)		(0.50	)		(0.39	)		(0.32	)
Net realized gain		-			(2.92	)		(1.24	)		-			-			-
Total distributions to shareholders		-			(3.52	)		(1.87	)		(0.50	)		(0.39	)		(0.32	)
Net asset value, end of period	$	36.18			35.57			39.41			37.77			28.81			25.26
Total return (a)		1.72	%		(0.71	)%		9.23	%		32.85	%		15.64	%		(3.04	)%
Net assets, end of period (000s omitted)	$	440,195			492,418			541,017			523,042			395,242			332,320
Ratio of expenses, net of waivers, to average net assets (b)(c)(d)(e)(f)(g)(h)		0.42	%		0.42	%		0.50	%		0.50	%		0.54	%		0.53	%
Ratio of expenses, before waivers, to average net assets (b)(c)(d)(e)(f)(g)(h)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.69	%
Ratio of net investment income, net of waivers, to average net assets (b)(d)(e)(f)(g)(h)		1.73	%		1.52	%		1.50	%		1.51	%		1.49	%		1.25	%
Ratio of net investment income, before waivers, to average net assets (b)(d)(e)(f)(g)(h)		1.25	%		1.02	%		1.10	%		1.11	%		1.13	%		1.09	%
Portfolio turnover rate (excluding short-term securities)		15.67	%		94.07	%		13.54	%		21.07	%		22.31	%		27.01	%

(a) Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year.

(b) Annualized for periods of less than one year.

(c) In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(d) Effective March 16, 2016, the investment advisory fee, net of voluntary waivers, increased to 0.44%. Also effective March 16, 2016, the Adviser decreased the voluntary waiver to 0.46%.

(e) Effective March 16, 2015, the investment advisory fee, net of voluntary waivers, decreased to 0.40%. Also effective March 16, 2015, the Advisor increased the voluntary waiver to 0.50%.

(f) Effective March 15, 2013, the investment advisory fee, net of voluntary waivers, decreased to 0.50%. Also effective March 15, 2013, the Advisor increased the voluntary waiver to 0.40%.

(g) Effective March 15, 2012, the investment advisory fee, net of voluntary waivers, decreased to 0.52%. Also effective March 15, 2012, the Adviser increased the voluntary waiver to 0.38%.

(h) Effective June 1, 2011, the investment advisory fee, net of voluntary waivers, increased to 0.60%. Also effective June 1, 2011, the Adviser increased the voluntary waiver to 0.30%.

See accompanying notes to financial statements.

 4

CLEARWATER INVESTMENT TRUST

Financial Highlights

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

	June 30, 2016			Year ended December 31,
Small Companies Fund	(Unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	17.18			20.30			22.35			18.70			16.91			18.70
Income (loss) from investment operations:
Net investment income		0.03			0.07			0.05			0.05			0.09			0.01
Net realized and unrealized gains (losses)		0.36			(0.90	)		1.10			6.30			3.10			(0.28	)
Total from investment operations		0.39			(0.83	)		1.15			6.35			3.19			(0.27	)
Less distributions to shareholders from:
Net investment income		-			(0.06	)		(0.04	)		(0.06	)		(0.10	)		(0.01	)
Net realized gain		-			(2.23	)		(3.16	)		(2.64	)		(1.30	)		(1.51	)
Total distributions to shareholders		-			(2.29	)		(3.20	)		(2.70	)		(1.40	)		(1.52	)
Net asset value, end of period	$	17.57			17.18			20.30			22.35			18.70			16.91
Total return (a)		2.27	%		(3.96	)%		5.03	%		34.01	%		19.02	%		(1.62	)%
Net assets, end of period (000s omitted)	$	280,866			299,380			333,888			343,068			281,936			239,508
Ratio of expenses, net of waivers, to average net assets (b)(c)(d)(e)(f)(g)		1.01	%		0.97	%		0.94	%		0.95	%		1.00	%		0.98	%
Ratio of expenses, before waivers, to average net assets (b)(c)(d)(e)(f)(g)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Ratio of net investment income (loss), net of waivers, to average net assets(b)(d)(e)(f)(g)		0.28	%		0.22	%		0.24	%		0.21	%		0.51	%		0.05	%
Ratio of net investment income (loss), before waivers, to average net assets(b)(d)(e)(f)(g)		(0.06	)%		(0.16	)%		(0.17	)%		(0.19	)%		0.16	%		(0.32	)%
Portfolio turnover rate (excluding short-term securities)		32.84	%		58.71	%		55.51	%		59.84	%		59.48	%		64.54	%

(a) Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year.

(b) Annualized for periods of less than one year.

(c) In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(d) Effective March 16, 2016, the investment advisory fee, net of voluntary waivers, increased to 1.03%. Also effective March 16, 2016, the Adviser decreased the voluntary waiver to 0.32%.

(e) Effective March 16, 2015, the investment advisory fee, net of voluntary waivers, increased to 0.98%. Also effective March 16, 2015, the Adviser decreased the voluntary waiver to 0.37%.

(f) Effective March 15, 2013, the investment advisory fee, net of voluntary waivers, decreased to 0.94%. Also effective March 15, 2013, the Adviser increased the voluntary waiver to 0.41%.

(g) Effective June 1, 2011, the investment advisory fee, net of voluntary waivers, increased to 1.00%. Also effective June 1, 2011, the Adviser decreased the voluntary waiver to 0.35%.

See accompanying notes to financial statements.

 5 (Continued)

CLEARWATER INVESTMENT TRUST

Financial Highlights

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

	June 30, 2016			Year ended December 31,
Tax-Exempt Bond Fund	(Unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	10.16			10.16			9.23			10.15			9.62			9.06
Income (loss) from investment operations:
Net investment income		0.23			0.42			0.44			0.46			0.48			0.48
Net realized and unrealized gains (losses)		0.35			0.04			0.95			(0.84	)		0.53			0.56
Total from investment operations		0.58			0.46			1.39			(0.38	)		1.01			1.04
Less distributions to shareholders from:
Net investment income		(0.23	)		(0.42	)		(0.44	)		(0.46	)		(0.48	)		(0.48	)
Net realized gain		-			(0.04	)		(0.02	)		(0.08	)		-			-
Total distributions to shareholders		(0.23	)		(0.46	)		(0.46	)		(0.54	)		(0.48	)		(0.48	)
Net asset value, end of period	$	10.51			10.16			10.16			9.23			10.15			9.62
Total return (a)		5.67	%		4.73	%		15.29	%		(3.77	)%		10.66	%		11.81	%
Net assets, end of period (000s omitted)	$	513,326			512,773			507,982			465,026			527,118			518,834
Ratio of expenses, net of waivers, to average net assets (b)(c)(d)(e)		0.34	%		0.34	%		0.33	%		0.34	%		0.36	%		0.36	%
Ratio of expenses, before waivers, to average net assets (b)(c)(d)(e)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income, net of waivers, to average net assets(b)(d)(e)		4.25	%		4.23	%		4.48	%		4.78	%		4.79	%		5.08	%
Ratio of net investment income, before waivers, to average net assets(b)(d)(e)		3.99	%		3.97	%		4.21	%		4.52	%		4.55	%		4.84	%
Portfolio turnover rate (excluding short-term securities)		2.73	%		18.93	%		22.25	%		31.65	%		28.06	%		24.83	%

(a) Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year.

(b) Annualized for periods of less than one year.

(c) In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(d) Effective March 16, 2015, the investment advisory fee, net of voluntary waivers, increased to 0.34%. Also effective March 16, 2015, the Adviser decreased the voluntary waiver to 0.26%.

(e) Effective March 15, 2013, the investment advisory fee, net of voluntary waivers, decreased to 0.33%. Also effective March 15, 2013, the Adviser increased the voluntary waiver to 0.27%.

See accompanying notes to financial statements.

 6 (Continued)

CLEARWATER INVESTMENT TRUST

Financial Highlights

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

	June 30, 2016			Year ended December 31,
International Fund	(Unaudited)			2015			2014			2013			2012			2011
Net asset value, beginning of period	$	14.02			14.41			15.76			13.33			12.23			14.33
Income (loss) from investment operations:
Net investment income		0.19			0.28			0.35			0.29			0.30			0.30
Net realized and unrealized gains (losses)		(0.40	)		(0.31	)		(1.08	)		2.62			1.88			(2.08	)
Total from investment operations		(0.21	)		(0.03	)		(0.73	)		2.91			2.18			(1.78	)
Less distributions to shareholders from:
Net investment income		-			(0.28	)		(0.36	)		(0.34	)		(0.31	)		(0.29	)
Net realized gain		-			(0.08	)		(0.26	)		(0.14	)		(0.77	)		(0.03	)
Total distributions to shareholders		-			(0.36	)		(0.62	)		(0.48	)		(1.08	)		(0.32	)
Net asset value, end of period	$	13.81			14.02			14.41			15.76			13.33			12.23
Total return (a)		(1.50	)%		(0.15	)%		(4.70	)%		21.85	%		17.91	%		(12.44	)%
Net assets, end of period (000s omitted)	$	496,596			491,184			481,943			511,904			408,059			305,071
Ratio of expenses, net of waivers, to average net assets (b)(c)(d)(e)(f)(g)(h)		0.70	%		0.69	%		0.67	%		0.66	%		0.62	%		0.77	%
Ratio of expenses, before waivers, to average net assets (b)(c)(d)(e)(f)(g)(h)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income, net of waivers, to average net assets (b)(d)(e)(f)(g)(h)		2.75	%		1.87	%		2.22	%		1.99	%		2.39	%		2.15	%
Ratio of net investment income, before waivers, to average net assets (b)(d)(e)(f)(g)(h)		2.45	%		1.56	%		1.89	%		1.65	%		2.01	%		1.92	%
Portfolio turnover rate (excluding short-term securities)		20.43	%		18.49	%		15.33	%		22.54	%		72.32	%		36.93	%

(a) Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year.

(b) Annualized for periods of less than one year.

(c) In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

(d) Effective March 16, 2016, the investment advisory fee, net of voluntary waivers, increased to 0.70%. Also effective March 16, 2016, the Adviser decreased the voluntary waiver to 0.30%.

(e) Effective March 16, 2015, the investment advisory fee, net of voluntary waivers, increased to 0.69%. Also effective March 16, 2015, the Adviser decreased the voluntary waiver to 0.31%.

(f) Effective March 15, 2013, the investment advisory fee, net of voluntary waivers, increased to 0.67%. Also effective March 15, 2013, the Adviser decreased the voluntary waiver to 0.33%.

(g) Effective March 15, 2012, the investment advisory fee, net of voluntary waivers, decreased to 0.60%. Also effective March 15, 2012, the Adviser increased the voluntary waiver to 0.40%.

(h) Effective June 1, 2011, the investment advisory fee, net of voluntary waivers, decreased to 0.75%. Also effective June 1, 2011, the Adviser increased the voluntary waiver to 0.25%. Effective December 5, 2011, the investment advisory fee, net of voluntary waivers, decreased to 0.70%. Also effective December 5, 2011, the Adviser increased the voluntary waiver to 0.30%.

See accompanying notes to financial statements.

 7 (Continued)

CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2016

(1) Organization

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

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

The Northern Trust Company serves as the custodian, administrator, accounting services agent and transfer agent for the Trust.

Under normal market conditions, the Core Equity Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The equity securities in which the Fund primarily invests are common and preferred stocks. The Fund employs a multi-style (growth and value) and multi-manager approach whereby portions of the Fund are allocated to different subadvisers who employ distinct investment styles. The Fund’s Adviser allocates portions of the Fund’s assets among subadvisers. The Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Parametric Portfolio Associates, LLC (“Parametric”), AQR Capital Management (“AQR”), O’Shaughnessy Asset Management (“OSAM”) and Osterweis Capital Management, LLC (“Osterweis”). The allocation among subadvisers will vary over time, but the current intent of the Fund’s Adviser is that under normal market conditions approximately 60% of the Fund’s total assets will be allocated to Parametric; the remaining assets will be allocated to one or more of the Fund’s three other subadvisers that provide day-to-day management. Parametric manages its portion of the Fund’s assets using a passive management strategy to seek investment results that match, before fees and expenses, the investment results of the Russell 1000® Index as closely as possible without requiring the Fund to realize taxable gains. In addition, as noted above, FCI also acts as a subadviser to the Fund but does not provide day-to-day management.

Under normal market conditions, the Small Companies Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small companies. The Fund defines

8 (Continued)

CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2016

“small companies” as issuers with market capitalizations no greater than $5 billion at the time of purchase. The equity securities the Fund invests in consist primarily of exchange traded common and preferred stocks. The Fund may also invest in a type of equity security called a convertible security to reduce volatility or correlation risk in the portfolio. A convertible security generally entitles the holder to receive interest paid or accrued on debt securities or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. It is intended that the Fund holds a portion of its portfolio for more than two years to allow for the change that prompted the relevant security’s purchase to yield results. The Fund uses a “multi-style, multi-manager” approach. The Fund’s Adviser allocates portions of the Fund’s assets between subadvisers who employ distinct investment styles. The Fund currently allocates assets between the following subadvisers who provide day-to-day management for the Fund: Kennedy Capital Management, Inc. (“Kennedy”) and Keeley Asset Management Corp. (“Keeley”). FCI also acts as a subadviser to the Fund but does not provide day-to-day management.

Under normal market conditions, the Tax-Exempt Bond Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in tax-exempt bonds, which are debt obligations issued by or for the U.S. states, territories and possessions and the District of Columbia. The interest on these bonds is generally exempt from both U.S. regular federal income tax and U.S. federal alternative minimum tax. However, the Fund may invest up to 20% of its net assets in bonds that generate interest income subject to federal alternative minimum tax for individuals. All exempt interest income may increase certain corporate shareholders’ alternative minimum tax. The Fund invests in both revenue bonds, which are backed by and payable only from the revenues derived from a specific facility or specific revenue source, and in general obligation bonds, which are secured by the full faith, credit and taxation power of the issuing municipality. The Fund currently has one subadviser that provides day-to-day management for the Fund, Sit Fixed Income Advisers II, LLC (“Sit”). FCI also acts as a subadviser to the Fund but does not provide day-to-day management.

Under normal market conditions, the International Fund intends to invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the U.S. and doing a substantial amount of business outside the U.S. Equity securities in which the Fund invests include common and preferred stock, sponsored and unsponsored American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts and exchange-traded funds and other investment companies. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund does not intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers. In order to hedge against adverse movements in currency exchange rates, the Fund may enter into foreign currency exchange contracts. The Fund does not intend to invest in foreign currency exchange contracts, options, future contracts or options in future contracts for speculative purposes. The Fund uses a “multi-style, multi-manager” approach. The Fund’s assets are allocated to different subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Parametric, Artisan Partners Limited Partnership (“Artisan Partners”), Denver Investments (“Denver”), WCM Investment Management (“WCM”) and Templeton Investment Counsel, LLC (“Templeton”). The allocation among subadvisers will vary over time, but the current intent of the Fund’s Adviser is that under normal market conditions approximately 50% of the Fund’s assets will be allocated to Parametric, and the remaining assets will be allocated to one or more of the Fund’s four other subadvisers that provide day-to-day management of the Fund. Parametric manages its portion of the Fund’s assets using a passive management strategy to seek investment results that match, before fees and expenses, the investment results of the MSCI World Ex U.S.A. Index - Net as closely as possible without requiring the Fund to realize taxable gains. FCI also acts as a subadviser to the Fund but does not provide day-to-day management.

9 (Continued)

CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2016

(2) Summary of Significant Accounting Policies

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies.”

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

(a) Investments in Securities

Investments in U.S. and foreign equity securities are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Foreign security values are stated in U.S. dollars. Equity securities which have not traded on the date of valuation or securities for which sales prices are not generally reported are valued at the mean between the last bid and asked prices. Debt securities are valued at the market price supplied by an independent pricing vendor provided such prices are believed to reflect the fair value of such securities. Shares of open end investment companies are valued at their daily net asset value (“NAV”). Shares of closed-end funds and exchange traded funds are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Securities for which no market quotations are readily available (including those for which trading has been suspended), or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the NAV, are valued at fair value as determined in good faith using procedures established by the Board of Trustees. This may occur particularly with respect to certain foreign securities held by the International Fund, whereby the Board of Trustees may use adjustment factors obtained from an independent evaluation service that are intended to reflect more accurately the fair value of these foreign securities as of the time the Fund’s NAV is calculated. The procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. These procedures are used by the Valuation Committee, in accordance with the procedures established by the Board of Trustees, to determine the fair value of the security or securities. Such determinations are then submitted for review and ratification by the Board of Trustees. The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments. Security transactions are accounted for on the trade date, which is the date the securities are purchased or sold. Realized gains and losses are calculated on an identified cost basis. Dividend income is recognized on the ex-dividend date or, for foreign securities, as soon as the information is available. Interest income, including accretion of original issue discount and amortization of original issue premium, is accrued daily.

10 (Continued)

CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2016

(b) Foreign Currency Translation

The International Fund invests in securities which are purchased and sold in foreign currencies as a principal investment strategy. The costs of purchases, proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The value of the International Fund’s net assets, as measured in U.S. dollars, may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations. The gains or losses, if any, on investments resulting from changes in foreign exchange rates are recorded within net realized gain (loss) on security transactions and within net increase (decrease) in unrealized appreciation/depreciation on security transactions on the Statements of Operations. The realized gains or losses, if any, on translation of other assets and liabilities denominated in foreign currencies are recorded within net realized gain (loss) on foreign currency transactions on the Statements of Operations. The International Fund also will incur costs in converting U.S. dollars to local currencies, and vice versa. Risks may arise upon investing in foreign securities including, but not limited to, political, social or economic instability in the country of the issuer, the difficulty of predicting international trade patterns, the possibility of the imposition of exchange controls, expropriation, limits on removal of currency or other assets, nationalization of assets, foreign withholding and income tax and possible delays in the settlement of foreign stock exchange transactions. The principal markets on which these securities trade may have less volume and liquidity, and may be more volatile, than securities markets in the U.S.

(c) Futures Contracts

The Core Equity Fund invests in long or short financial futures contracts for hedging purposes or to gain exposure to the equity market. When used as a hedge, the Fund will purchase and sell various kinds of futures contracts. The Fund will also enter into closing purchase and sale transactions with respect to any such futures contracts. The futures contracts may be based on various securities and securities indices. The Fund bears the market risk arising from changes in the value of these financial instruments. At the time the Fund enters into a futures contract, it is generally required to make a margin deposit with the custodian or broker of a specified amount of liquid assets. Futures are marked to market each day with the change in value reflected in the unrealized appreciation or depreciation. Risk may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. Credit risk is mitigated to the extent that the exchange on which a particular futures contract is traded assumes the risk of a counterparty defaulting on its obligations under the contract. The Statements of Operations include any realized gains or losses on closed futures contracts within Net realized gains (losses) on futures contracts, and any unrealized gains or losses on open futures contracts within Net increase (decrease) in unrealized appreciation/depreciation on futures contracts. Additional information on derivative instruments and how these positions may impact the financial statements is found in Note 8, Derivative Instruments.

(d) Forward Foreign Currency Exchange Contracts

The International Fund enters into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge against adverse movements in foreign currency exchange rates, specific transactions or the portfolio position. The objective of the International Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of the International Fund’s foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. Forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in forward foreign currency

11 (Continued)

CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2016

(d) Forward Foreign Currency Exchange Contracts (continued)

exchange contracts within net increase (decrease) in unrealized appreciation/depreciation on the Statements of Operations. The International Fund records any realized gains or losses at the time the forward foreign currency exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency. Realized gains or losses, if any, are recorded within net realized gain (loss) on forward foreign currency exchange contracts on the Statements of Operations. Risks may arise upon entering into forward foreign currency exchange contracts from the potential of the issuer to default on its obligations under the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The International Fund bears the market risk from changes in foreign currency exchange rates and the credit risk if the issuer fails to perform. Additional information on derivative instruments and how these positions may impact the financial statements is found in Note 8, Derivative Instruments. 

(e) Spot Contracts

The International Fund routinely enters into spot contracts in order to buy or sell a certain amount of foreign currency at the current market rate. The International Fund may enter into spot contracts in order to make payments, or to receive payments, based on investment trading activity in a foreign currency. A spot contract allows the International Fund to buy or sell foreign currency on the day it chooses to deal. From time to time, the Core Equity Fund may also enter into spot contracts in order to make or receive payments due to investment trading activity in a foreign currency on a non-U.S. exchange. Spot contracts are marked-to-market daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in translation of other assets and liabilities denominated in foreign currencies within net increase (decrease) in unrealized appreciation/depreciation on the Statements of Operations. Unrealized gains or losses on outstanding spot contracts are recorded in payables for investment securities purchased or receivable for securities sold, respectively, on the Statements of Assets and Liabilities. The Funds record any realized gains or losses at the time the spot contract settles. Realized gains or losses, if any, are included within net realized gain (loss) on foreign currency transactions on the Statements of Operations. Risks may arise upon entering into spot contracts from unanticipated movements in the value of a foreign currency relative to the U.S. dollar in a short period of time. The Funds bear the market risk from changes in foreign currency exchange rates.

(f) Master Limited Partnerships

The Core Equity and International Funds invest in Master Limited Partnerships (“MLPs”). The benefits derived from the Funds’ investments in MLPs are largely dependent on the MLPs being treated as partnerships for federal income tax purposes. If any of the MLPs held by the Funds were treated as corporations for U.S. federal income tax purposes, the after-tax return to the Funds with respect to their investments in such MLPs would be materially reduced, causing a decline in the value of the common stock. The Funds must include their allocable share of an MLP’s taxable income in their reportable taxable income, whether or not it receives a distribution in cash from the MLP. In such case, the Funds may have to liquidate securities to make required distributions to shareholders.

12 (Continued)

CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2016

(g) Delayed Delivery Transactions and When-Issued Securities

Certain Funds may engage in securities transactions on a when-issued or delayed-delivery basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment, with payment and delivery scheduled for a future date. During this period, the securities are subject to market fluctuations. When delayed-delivery purchases are outstanding, a Fund will segregate liquid assets on its records in amounts sufficient to meet the purchase price. A Fund may dispose of or renegotiate a delayed-delivery transaction, which may result in a capital gain or loss.

(h) Short-Term Investments

Each Fund currently invests uninvested cash in money market portfolios of Northern Institutional Funds, an investment company advised by Northern Trust Investments, Inc., a subsidiary of Northern Trust. The Core Equity, Small Companies and International Funds currently invest in the U.S. Government Select Portfolio and the Tax-Exempt Bond Fund currently invests in the Tax-Exempt Portfolio. The U.S. Government Select Portfolio primarily invests in securities issued by the U.S. government, government agencies, and government-sponsored enterprises. The Tax-Exempt Portfolio primarily invests in high-quality short-term municipal instruments.

(i) Recoverable Taxes

The balances disclosed as foreign tax reclaim receivable, if any, represent net amounts withheld by foreign governments on dividend income earned in the respective countries subject to reclamation. All reclaims are paid directly to the applicable Funds.

(j) Federal Taxes

The Trust’s policy is to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies. On a calendar-year basis, the Funds intend to distribute substantially all of their net investment income and net realized gains, if any, to avoid the payment of federal income and excise taxes. Therefore, no income tax provision is required. Each Fund is treated as a separate entity for federal income tax purposes. 

Management has analyzed the Funds’ tax positions taken on federal tax returns for all open tax years and has concluded that as of December 31, 2015, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for the 2012, 2013, 2014 and 2015 tax years for which the applicable statutes of limitations have not expired remain subject to examination by the Internal Revenue Service and state departments of revenue. Net investment income and net realized gain (loss) for the Funds may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains, if any, may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gain (loss) were recorded by the Funds. The tax character of distributions paid by the Funds during the years ended December 31, 2015 and 2014 was as follows:

13 (Continued)

CLEARWATER INVESTMENT TRUST 

Notes to Financial Statements (unaudited)

June 30, 2016

	Tax-Exempt				Ordinary Income
	2015		2014		2015		2014
Core Equity Fund	$	-	$	-	$	7,656,214	$	7,119,857
Small Companies Fund		-		-		2,251,204		4,041,973
Tax-Exempt Bond Fund		21,378,310		21,739,172		449,770		683,862
International Fund		-		-		9,665,584		13,341,732

	Long-Term Capital Gains
	2015		2014
Core Equity Fund	$	37,447,878	$	17,853,920
Small Companies Fund		32,947,975		43,827,345
Tax-Exempt Bond Fund		1,682,556		350,149
International Fund		2,640,682		6,673,460

As of June 30, 2016, the components of distributable earnings on a tax basis were as follows:

	Core		Small Companies			Tax-Exempt			International
	Equity Fund		Fund			Bond Fund			Fund
Undistributed ordinary income	$	3,818,585	$	411,592		$	1,801		$	6,894,718
Undistributed capital gain		17,531,240		4,310,646			16,964			12,673
Accumulated capital losses		-		(3,633,775	)		(558,408	)		(22,405,980	)
Unrealized appreciation		207,425,676		28,906,083			45,172,907			97,035,072
Total	$	228,775,501	$	29,994,546		$	44,633,264		$	81,536,483

Distributions to shareholders from net investment income and net realized gain are determined in accordance with federal income tax regulations, which may differ from such amounts recorded in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for financial reporting purposes. Accordingly, the Funds may make reclassifications among certain of their capital accounts in order to reflect the tax treatment for certain permanent differences that exist between federal income tax regulations and U.S. GAAP. These reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. These reclassifications may relate to net operating losses, Section 988 currency gains and losses, Passive Foreign Investment Companies (“PFICs”) gains and losses, recharacterization of dividends from investments in Real Estate Investment Trusts (“REITs”) and Partnerships gains and losses. At December 31, 2015, the reclassifications utilized equalization accounting whereby a portion of redemption payments were treated as distributions. These reclassifications have no impact on the total net assets or the NAV per share of the Funds. At June 30, 2016, reclassifications have been recorded among the following capital accounts on the Statements of Assets and Liabilities:

14  (Continued)

CLEARWATER INVESTMENT TRUST 

Notes to Financial Statements (unaudited)

June 30, 2016

	Core			International
	Equity Fund			Fund
Undistributed (overdistributed) net investment income	$	(39,974	)	$	4,446
Accumulated net realized gain (loss)		39,974			(4,446	)

(k) Distributions to Shareholders

Distributions to shareholders from net investment income, if any, are declared annually for the Core Equity, Small Companies, and International Funds and declared daily, payable monthly, for the Tax-Exempt Bond Fund. Distributions to shareholders from net realized gains, if any, are declared annually for all Funds. Distributions are paid in cash or reinvested in additional shares at the direction of the shareholders. During the year ended December 31, 2015, the Core Equity and Small Companies Funds utilized equalization accounting with respect to distributions to shareholders, in order to keep remaining shareholders’ interest in undistributed income from being affected. Such equalization is recorded on the Statements of Changes in Net Assets.

(l) Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increase and decrease in net assets from operations during the period. Actual results could differ from those estimates.

(m) Indemnification

Under each Fund’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to each Fund. In addition, certain of each Fund’s contracts with its service providers contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against each Fund cannot be determined and each Fund has no historical basis for predicting the likelihood of any such claims.

(3) Fair Value Measurements

Fair value is an estimate of the price the Funds would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. This guidance establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments, as described in Note 2(a) above. These inputs are summarized in the three broad levels listed below.

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

· Level 2 – Other significant observable inputs including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc. or quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data are also considered Level 2 measurement. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement.

15  (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2016

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following is a summary of the inputs used in valuing each Fund’s investments and other financial instruments, if any, which are carried at fair value, as of June 30, 2016.

	Core Equity Fund (a)
	Level 1		Level 2		Level 3		Total
Common Stocks	$	432,515,105	$	-	$	-	$	432,515,105
Master Limited Partnerships		3,902,818		-		-		3,902,818
Rights		-		-		1,702		1,702
Short-Term Investments		5,133,477		-		-		5,133,477
Total	$	441,551,400	$	-	$	1,702	$	441,553,102

(a)

For the Core Equity Fund, the investment value is comprised of equity securities, MLPs, rights and short-term investments. See the Fund’s Schedule of Investments for industry classification. Investments in equity, MLPs and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Investments in rights generally are determined by taking into account the terms of the rights as well as the value of the underlying equity securities, which are determined by the valuation methodology described above. Two rights were deemed Level 3 classifications, as their trading was suspended pending corporate actions and these rights were valued at period end using the applicable company’s internally determined prices, which also factored in the terms of the applicable corporate actions and third party valuations.

The Core Equity Fund records all transfers between levels based on valuations at the end of each reporting period. At June 30, 2016, there were no transfers between Level 1, Level 2 or Level 3 classifications based on levels assigned to the securities on December 31, 2015.

There were no significant Level 3 valuations for which significant unobservable valuations inputs were developed at June 30, 2016.

 16 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2016

	Small Companies Fund (b)
	Level 1		Level 2		Level 3		Total
Common Stocks	$	270,281,613	$	-	$	-	$	270,281,613
Short-Term Investments		12,364,727		-		-		12,364,727
Total	$	282,646,340	$	-	$	-	$	282,646,340

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

The Small Companies Fund records all transfers between levels based on valuations at the end of each reporting period. At June 30, 2016, there were no transfers between Level 1, Level 2 or Level 3 classifications based on levels assigned to the securities on December 31, 2015.

 17 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2016

	Tax-Exempt Bond Fund (c)
	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	28,711,969	$	-	$	-	$	28,711,969
Municipal Bonds
Airport		-		2,995,895		-		2,995,895
Bond Bank		-		555,380		-		555,380
Development		-		33,409,573		-		33,409,573
Education		-		42,132,933		-		42,132,933
Facilities		-		2,213,500		-		2,213,500
General		-		46,327,397		-		46,327,397
General Obligation		-		21,867,376		-		21,867,376
Higher Education		-		19,848,528		-		19,848,528
Housing		-		35,745,996		-		35,745,996
Medical		-		45,271,042		-		45,271,042
Mello-Roos		-		2,157,811		-		2,157,811
Multifamily Housing		-		34,602,439		-		34,602,439
Nursing Home		-		51,342,993		-		51,342,993
Power		-		4,765,344		-		4,765,344
School District		-		33,395,787		-		33,395,787
Single Family Housing		-		75,143,869		-		75,143,869
Student Loan		-		2,096,475		-		2,096,475
Transportation		-		9,977,134		-		9,977,134
Utilities		-		470,035		-		470,035
Water		-		6,006,081		-		6,006,081
Short-Term Investments		11,135,681		-		-		11,135,681
Total	$	39,847,650	$	470,325,588	$	-	$	510,173,238

(c) For the Tax-Exempt Bond Fund, the investment value is comprised of closed-end funds, municipal bonds, and short-term investments. Investments in closed-end funds and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Investments in municipal bonds generally are based on valuations using adjusted evaluated prices provided by the primary pricing provider. The Board of Trustees has delegated to the Valuation Committee the responsibility to determine in good faith the fair value of securities for which no price quotation is available from an approved pricing service or broker-dealer at the time the Tax-Exempt Bond Fund’s NAV is calculated, including securities for which the prices do not represent fair value or for which a significant event occurs that materially affects the value of the security after the close of the market on which the security principally trades and before the time the Tax-Exempt Bond Fund’s NAV is calculated.

 18 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2016

As of June 30, 2016, 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 in addition to the consideration of recent developments relating to a credit review of a municipal bond as well as observations and the nature of similar securities which are not currently openly traded in the active market. Such investments, if any, are 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 June 30, 2016, for the Tax-Exempt Bond Fund, there were seven transfers from Level 3 to Level 2 classifications based on levels assigned to the securities on December 31, 2015. Seven municipal bonds were transferred from Level 3 to Level 2 based on prices derived from observable market data for the current reporting period. No other transfers between levels occurred during the reporting period.

There were no significant Level 3 valuations for which significant unobservable valuations inputs were developed at June 30, 2016.

 19 (Continued)

CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2016

	International Fund (d)
	Level 1		Level 2		Level 3		Total
Common Stocks
Canada	$	3,258,598	$	30,358,366	$	-	$	33,616,964
China		4,504,898		7,805,617		-		12,310,515
Denmark		2,717,234		13,824,046		-		16,541,280
India		2,077,087		907,066		-		2,984,153
Ireland		5,985,037		3,549,752		-		9,534,789
Israel		6,785,595		606,593		-		7,392,188
Italy		41,830		7,334,497		-		7,376,327
Netherlands		2,454,637		14,645,346		-		17,099,983
Russia		1,592,756		-		-		1,592,756
Switzerland		5,083,672		39,044,672		-		44,128,344
Taiwan		3,303,564		2,352,614		-		5,656,178
United Kingdom		4,201,969		71,186,313		93,234		75,481,516
United States		3,872,087		1,341,078		-		5,213,165
All other countries		-		234,802,627		-		234,802,627
Master Limited Partnerships
Canada		-		8,265		-		8,265
United States		1,067,881		-		-		1,067,881
Preferred Stock
Brazil		1,786,686		365,675		-		2,152,361
All Other Countries		-		1,527,869		-		1,527,869
Investment Companies		868,680		-		-		868,680
Short-Term Investments		14,917,189		-		-		14,917,189
Total	$	64,519,400	$	429,660,396	$	93,234	$	494,273,030

(d) For the International Fund, the investment value is comprised of equity securities, MLPs, investment companies and short-term investments. See the Fund’s Schedule of Investments for additional information on industry sector and currency concentration information. Investments in equity, MLPs and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Shares of open end investment companies are valued at their daily net asset value. At June 30, 2016, the International Fund adjusted the price of certain foreign investments held in its portfolio using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their classification as Level 2 investments. Two Thailand based securities were valued based on the prices of similar securities as there was not any active trading on the securities’ foreign lines resulting in Level 2 classifications. At June 30, 2016, three securities were either deemed worthless or a fair value trigger was applied to an asset with a stale price, resulting in a Level 3 classification.

 20 (Continued)

CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2016

International Fund
Other Financial Instruments	Level 1		Level 2			Level 3		Total
Assets
Forward foreign currency exchange contracts	$	-	$	27,279		$	-	$	27,279
Liabilities
Forward foreign currency exchange contracts		-		(128,487	)		-		(128,487	)
Net Other Financial Instruments	$	-	$	(101,208	)	$	-	$	(101,208	)

The forward foreign currency exchange contracts outstanding at June 30, 2016 are considered Level 2 investments due to the contracts being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate. Forward foreign currency exchange contracts are shown on a gross basis in the above table and on the Statements of Assets and Liabilities.

 21 (Continued)

CLEARWATER INVESTMENT TRUST 

Notes to Financial Statements (unaudited)
June 30, 2016

The International Fund records all transfers between levels based on valuations at the end of each reporting period.

At June 30, 2016, the International Fund had transfers from Level 1 to Level 2 classifications from December 31, 2015 to June 30, 2016 as disclosed below:

Transfers from Level 1 to Level 2  

Country		Value	Reason
Common Stocks
Australia	$	31,023,441	Valuations at last trade with foreign fair value adjustments
Austria		492,387	Valuations at last trade with foreign fair value adjustments
Belgium		5,773,939	Valuations at last trade with foreign fair value adjustments
Brazil		2,554,864	Valuations at last trade with foreign fair value adjustments
Canada		27,356,868	Valuations at last trade with foreign fair value adjustments
China		6,733,595	Valuations at last trade with foreign fair value adjustments
Denmark		13,575,035	Valuations at last trade with foreign fair value adjustments
Finland		4,809,974	Valuations at last trade with foreign fair value adjustments
France		22,923,736	Valuations at last trade with foreign fair value adjustments
Germany		24,030,333	Valuations at last trade with foreign fair value adjustments
Greece		62,299	Valuations at last trade with foreign fair value adjustments
Hong Kong		13,834,836	Valuations at last trade with foreign fair value adjustments
Ireland		3,549,753	Valuations at last trade with foreign fair value adjustments
Israel		502,616	Valuations at last trade with foreign fair value adjustments
Italy		6,768,662	Valuations at last trade with foreign fair value adjustments
Japan		79,103,995	Valuations at last trade with foreign fair value adjustments
Mexico		1,281,874	Valuations at last trade with foreign fair value adjustments
Netherlands		14,436,743	Valuations at last trade with foreign fair value adjustments
New Zealand		862,514	Valuations at last trade with foreign fair value adjustments
Norway		3,171,334	Valuations at last trade with foreign fair value adjustments
Philippines		743,682	Valuations at last trade with foreign fair value adjustments
Portugal		178,095	Valuations at last trade with foreign fair value adjustments
Singapore		2,961,244	Valuations at last trade with foreign fair value adjustments

 22 (Continued)

CLEARWATER INVESTMENT TRUST 

Notes to Financial Statements (unaudited)
June 30, 2016

Transfers from Level 1 to Level 2 (continued)
Country	Value		Reason
South Africa	$	946,061	Valuations at last trade with foreign fair value adjustments
South Korea		6,704,314	Valuations at last trade with foreign fair value adjustments
Spain		7,475,960	Valuations at last trade with foreign fair value adjustments
Sweden		8,580,307	Valuations at last trade with foreign fair value adjustments
Switzerland		35,692,676	Valuations at last trade with foreign fair value adjustments
Taiwan		2,352,614	Valuations at last trade with foreign fair value adjustments
United Kingdom		66,112,687	Valuations at last trade with foreign fair value adjustments
United States		1,332,637	Valuations at last trade with foreign fair value adjustments
Preferred Stock
Brazil		365,675	Valuations at last trade with foreign fair value adjustments
Germany		1,191,678	Valuations at last trade with foreign fair value adjustments
South Korea		211,638	Valuations at last trade with foreign fair value adjustments
Total	$	397,698,066

At June 30, 2016, the International Fund had transfers from Level 1 to Level 3 classifications from December 31, 2015 to June 30, 2016 due to a fair value trigger being applied to an asset with a stale price, resulting in Level 3 classification.

There were no significant Level 3 valuations for which significant unobservable valuations inputs were developed at June 30, 2016.

 23 (Continued)

CLEARWATER INVESTMENT TRUST 

Notes to Financial Statements (unaudited)
June 30, 2016

(4)      Investment Security Transactions

The cost of purchases and proceeds from sales of securities (excluding short-term securities) for the period ended June 30, 2016, were as follows:

	Purchases		Sales
Core Equity Fund	$	70,011,727	$	114,003,894
Small Companies Fund		91,035,477		112,750,378
Tax-Exempt Bond Fund		13,630,578		28,885,372
International Fund		120,612,887		96,803,887

(5)     Capital Share Transactions

Transactions in capital shares for the six months ended June 30, 2016 and the fiscal year ended December 31, 2015, were as follows:

	Core Equity Fund						Small Companies Fund
		2016		2015			2016			2015
Sold		231,255			167,034			482,224			1,163,619
Issued for reinvestment of distributions		-			1,281,731			-			2,070,540
Redeemed		(1,910,124	)		(1,333,010	)		(1,923,065	)		(2,262,541	)
Net Increase (decrease)		(1,678,869	)		115,755			(1,440,841	)		971,618
	Tax-Exempt Bond Fund						International Fund
	2016			2015			2016			2015
Sold		1,041,104			2,331,345			1,734,588			2,003,543
Issued for reinvestment of distributions		1,070,280			2,431,950			-			894,351
Redeemed		(3,747,202	)		(4,258,540	)		(785,986	)		(1,314,000	)
Net Increase (decrease)		(1,635,818	)		504,755			948,602			1,583,894

(6)     Capital Loss Carryforward

For the period subsequent to October 31, 2015 through the fiscal year ended December 31, 2015, the following Funds incurred capital losses and/or Section 988 currency (gains) and losses yielding a net capital loss which each Fund intends to treat as having been incurred in the following fiscal year:

	Short-Term			Long-Term		Total
Core Equity Fund	$	-		$	-	$	-
Small Companies Fund		-			-		-
Tax-Exempt Bond Fund		(46,837	)		79,091		32,254
International Fund		1,158,372			1,402,398		2,560,770

 24 (Continued)

CLEARWATER INVESTMENT TRUST  

Notes to Financial Statements (unaudited)
June 30, 2016

At June 30, 2016, the Funds had the following short-term capital loss carryforwards and long-term capital loss carryforwards available to offset future net capital gains which do not expire. Future utilization of the capital loss carryforward may be limited.

	Short-Term		Long-Term		Total
Core Equity Fund	$	-	$	-	$	-
Small Companies Fund		3,633,775		-		3,633,775
Tax-Exempt Bond Fund		254,363		304,045		558,408
International Fund		5,050,496		17,355,484		22,405,980

(7)      Expenses and Related-Party Transactions

The Trust has a contract for investment advisory services with the Adviser. Under terms of separate agreements, Core Equity Fund, Small Companies Fund, Tax-Exempt Bond Fund and International Fund each pay an investment advisory fee equal to an annual rate of 0.90%, 1.35%, 0.60% and 1.00%, respectively, of each Fund’s average daily net assets. The Adviser is responsible for the payment or reimbursement of all the Funds’ expenses, except brokerage, taxes, interest, and extraordinary expenses. From the beginning of the reporting period until March 15, 2016, the management fees and the corresponding voluntary waivers for the Funds were as follows:

	Management Fees Prior to March 16, 2016
			Net Fee
	Management	Voluntary	Actually
	Fee %	Waiver %	Paid %
Core Equity Fund	0.90	(0.50)	0.40
Small Companies Fund	1.35	(0.37)	0.98
Tax Exempt Bond Fund	0.60	(0.26)	0.34
International Fund	1.00	(0.31)	0.69

The Adviser has periodically modified its management fee for each of the Funds through voluntary waivers. Effective March 16, 2016, the net management fees actually paid for the Core Equity Fund, Small Companies Fund and the International Fund changed due to the Adviser’s modification of the voluntary waivers for those Funds as shown below:

	Management Fees Effective March 16, 2016
			Net Fee
	Management	Voluntary	Actually
	Fee %	Waiver %	Paid %
Core Equity Fund	0.90	(0.46)	0.44
Small Companies Fund	1.35	(0.32)	1.03
Tax Exempt Bond Fund	0.60	(0.26)	0.34
International Fund	1.00	(0.30)	0.70

The Adviser currently intends to continue these voluntary waivers indefinitely. However, the Adviser may terminate these voluntary arrangements at any time.

 25 (Continued)

CLEARWATER INVESTMENT TRUST  

Notes to Financial Statements (unaudited)
June 30, 2016

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

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

The subadvisory fee for the Core Equity Fund, payable to Parametric and OSAM is equal to an annual rate of 0.15% and 0.35% of the portions of net assets managed, respectively.

The subadvisory fee for the Core Equity Fund, payable to Osterweis for Osterweis’ portion of net assets managed is based on the annual rates in the below table: 

	Osterweis
First $25 Million	0.75%
$25 Million to $100 Million	0.65%
More than $100 Million	0.55%

The subadvisory fee for the Core Equity Fund, payable to AQR for AQR’s portion of net assets managed is based on the following annual rates:

	AQR
All assets	0.35%

The subadvisory fee for the Small Companies Fund, payable to Kennedy and Keeley for each of their respective portions of net assets managed is based on the following annual rates:

	Kennedy
Up to and including $50 Million	0.85%
Over $50 Million	0.80%
	Keeley
First $2 Million	1.00%
Next $8 Million	0.85%
Over $10 Million	0.70%

 26 (Continued)

CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2016

The subadvisory fee for the Tax-Exempt Bond Fund, payable to Sit for Sit’s portion of net assets managed is based on the following annual rates:

	Sit
Up to and including $20 Million	0.40%
Next $30 Million	0.30%
Next $25 Million	0.25%
Next $175 Million	0.20%
Over $250 Million	0.18%

The subadvisory fee for the International Fund, payable to Parametric and WCM, is equal to an annual rate of 0.15% and 0.80% of the portions of net assets managed, respectively.

The subadvisory fee for the International Fund, payable to Artisan Partners, Denver, and Templeton for each of their respective portions of net assets managed is based on the following annual rates:

	Artisan Partners
First $50 Million	0.80%
Next $50 Million	0.60%
All assets in excess of $100 Million	0.50%

	Denver
First $10 Million	1.25%
All assets in excess of $10 Million	0.85%

	Templeton
First $25 Million	0.95%
Next $25 Million	0.85%
Next $50 Million	0.75%
Next $150 Million	0.65%
Next $250 Million	0.55%
Over $500 Million	0.50%

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

27 (Continued)

CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2016

(8)     Derivative Instruments

Information concerning the types of derivatives in which the Core Equity Fund and the International Fund invests, the objectives for using them and their related risks can be found in Note 2 (c) and (d). Below are the types of derivatives held in the International Fund by location as presented in the Statements of Assets and Liabilities as of June 30, 2016, with additional detail on the net amounts impacting the Statements of Assets and Liabilities. The forward foreign currency exchange contracts presented below are not subject to master netting agreements or other similar agreements. There were no derivative instruments held in the Core Equity Fund as of June 30, 2016.

		ASSETS			LIABILITIES
Name of Fund	Derivative Type	Statements of Assets and Liabilities Location		Value	Statements of Assets and Liabilities Location		Value		Net Amounts of Assets Presented in the Statements of Assets and Liabilities	Counterparty
International Fund	Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	27,279	Unrealized depreciation on forward foreign currency exchange contracts	$	128,487	$	(101,208)	Northern Trust

The following tables set forth by primary risk exposure the Core Equity Fund’s net realized gain (loss) on futures contracts and the International Fund’s net realized gain (loss) and net increase (decrease) in appreciation/depreciation on forward foreign currency exchange contracts for the six months ended June 30, 2016:

Name of Fund	Derivative Type	Statements of Operations Location	Value			Name of Fund	Derivative Type	Statements of Operations Location	Value
Core Equity Fund	Equity index futures contracts	Net realized gain (loss) on futures contracts	$	(123	)	Core Equity Fund	Equity index futures contracts	Net increase (decrease) in unrealized appreciation/depreciation on futures contracts	$	-
International Fund	Forward foreign currency exchange contracts	Net realized gain (loss) loss on forward foreign currency exchange contracts	$	(173,259	)	International Fund	Forward foreign currency exchange contracts	Net increase (decrease) in unrealized appreciation/depreciation on forward foreign currency exchange contracts	$	(107,077	)

28 (Continued)

CLEARWATER INVESTMENT TRUST
Notes to Financial Statements (unaudited)
June 30, 2016

Derivative transactions are measured in terms of the notional amount. The following table presents, for the Core Equity Fund, the number of transactions and weighted average notional amounts of equity index futures contracts and, for the International Fund, the number of transactions and weighted average notional amounts of forward foreign currency exchange contracts, which is indicative of the volume of derivative activity, for the six months ended June 30, 2016.

Core Equity Fund			International Fund
Equity Index Futures Contracts				Forward Foreign Currency Exchange Contracts
Number of Transactions	Weighted Average Notional Amount			Number of Transactions	Weighted Average Notional Amount
1	$	3,464,436		6	$	120,153,076

(9)     Subsequent Events

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

29

CLEARWATER INVESTMENT TRUST 

Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2016   

Shares		Security	Cost		Fair value (a)		Percent of net assets
Common Stocks:
	Consumer Discretionary:
	3,287	AARON’S, INC.	$	111,298		71,951
	2,347	ADVANCE AUTO PARTS, INC.		185,228		379,346
	6,150	AMAZON.COM, INC.(b)		274,721		4,401,063
	4,920	AMC NETWORKS, INC., CLASS A(b)		271,744		297,266
	1,300	AUTOLIV, INC.(c)		29,595		139,685
	2,729	AUTONATION, INC.(b)		170,704		128,208
	1,833	AUTOZONE, INC.(b)		1,065,729		1,455,109
	35,730	BED BATH & BEYOND, INC.		1,905,424		1,544,251
	22,351	BEST BUY CO., INC.		690,218		683,941
	1,400	BIG LOTS, INC.		15,477		70,154
	4,400	BORGWARNER, INC.		51,799		129,888
	750	BRINKER INTERNATIONAL, INC.		10,084		34,147
	2,178	BRUNSWICK CORP.		114,880		98,707
	300	CABLE ONE, INC.		113,966		153,423
	4,168	CARMAX, INC.(b)		50,984		204,357
	10,433	CARNIVAL CORP.		487,271		461,139
	1,877	CARTER’S, INC.		163,750		199,844
	33,532	CBS CORP., CLASS B (NON VOTING)		1,263,397		1,825,482
	14,414	CHARTER COMMUNICATIONS, INC., CLASS A(b)		1,791,797		3,295,628
	49,629	CINEMARK HOLDINGS, INC.		1,169,305		1,809,473
	9,400	CLEAR CHANNEL OUTDOOR HOLDINGS, INC., CLASS A		-		58,468
	5,000	COACH, INC.		19,161		203,700
	34,162	COMCAST CORP., CLASS A		966,042		2,227,021
	1,345	CST BRANDS, INC.		11,311		57,943
	13,417	D.R. HORTON, INC.		280,255		422,367
	5,793	DARDEN RESTAURANTS, INC.		242,013		366,929
	4,744	DELPHI AUTOMOTIVE PLC(c)		395,355		296,974
	4,105	DICK’S SPORTING GOODS, INC.		138,642		184,971
	3,035	DISCOVERY COMMUNICATIONS, INC., CLASS A(b)		84,709		76,573
	3,793	DOLLAR GENERAL CORP.		255,817		356,542
	6,724	DOLLAR TREE, INC.(b)		63,447		633,670
	900	DOMINO’S PIZZA, INC.		90,041		118,242
	2,544	DSW, INC., CLASS A		62,465		53,882
	3,710	EXPEDIA, INC.		274,189		394,373
	12,466	FOOT LOCKER, INC.		613,170		683,885
	38,163	FORD MOTOR CO.		164,117		479,709
	9,868	GAMESTOP CORP., CLASS A		281,291		262,291
	2,850	GANNETT CO., INC.		10,265		39,358
	2,200	GARMIN LTD.(c)		40,557		93,324
	21,294	GENERAL MOTORS CO.		625,609		602,620
	21,679	GENTEX CORP.		214,551		334,941
	4,250	GENUINE PARTS CO.		179,436		430,312
	1,228	GNC HOLDINGS, INC., CLASS A		35,270		29,828
	11,075	GOODYEAR TIRE & RUBBER (THE) CO.		343,466		284,184
	19,219	GROUPON, INC.(b)		70,098		62,462
	24,396	H&R BLOCK, INC.		588,782		561,108
	2,000	HANESBRANDS, INC.		10,291		50,260
	6,750	HARLEY-DAVIDSON, INC.		39,547		305,775
	4,300	HARMAN INTERNATIONAL INDUSTRIES, INC.		74,798		308,826
	5,633	HASBRO, INC.		405,781		473,116
	41,231	HOME DEPOT (THE), INC.		1,617,518		5,264,786
	15,600	INTERPUBLIC GROUP OF (THE) COS., INC.		40,950		360,360
	305	INTERVAL LEISURE GROUP, INC.		1,053		4,849
	107	J. ALEXANDER’S HOLDINGS, INC.(b)		481		1,062
	5,837	J.C. PENNEY CO., INC.(b)		53,234		51,833
	18,925	KOHL’S CORP.		597,503		717,636
	8,821	L BRANDS, INC.		301,217		592,154
	2,338	LAS VEGAS SANDS CORP.		14,654		101,680
	11,289	LEAR CORP.		1,284,832		1,148,769
	1,800	LEGGETT & PLATT, INC.		79,087		91,998
	2,900	LENNAR CORP., CLASS A		38,265		133,690
	313	LIBERTY BRAVES GROUP, CLASS A(b)		345		4,708
	626	LIBERTY BRAVES GROUP, CLASS C(b)		492		9,177
	783	LIBERTY BROADBAND CORP., CLASS A(b)		1,186		46,510
	1,566	LIBERTY BROADBAND CORP., CLASS C(b)		2,222		93,960
	1,019	LIBERTY GLOBAL PLC LILAC, CLASS A(b)(c)		9,026		32,862
	6,798	LIBERTY GLOBAL PLC LILAC, CLASS C(b)(c)		240,339		220,882

See accompanying notes to the financial statements.  30 (Continued)

CLEARWATER INVESTMENT TRUST 

Schedule of Investments - Clearwater Core Equity Fund (unaudited)

June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Consumer Discretionary (Cont’d):
	5,832	LIBERTY GLOBAL PLC, CLASS A(b)(c)	$	42,377		169,478
	51,539	LIBERTY GLOBAL PLC, SERIES C(b)(c)		1,546,431		1,476,592
	76,965	LIBERTY INTERACTIVE CORP. QVC GROUP, CLASS A(b)		1,132,003		1,952,602
	783	LIBERTY MEDIA GROUP, CLASS A(b)		658		14,987
	1,566	LIBERTY MEDIA GROUP, CLASS C(b)		1,276		29,707
	3,132	LIBERTY SIRIUSXM GROUP, CLASS A(b)		2,687		98,220
	6,264	LIBERTY SIRIUSXM GROUP, CLASS C(b)		5,109		193,370
	1,080	LIBERTY TRIPADVISOR HOLDINGS, INC., CLASS A(b)		3,377		23,630
	2,973	LIBERTY VENTURES, SERIES A(b)		15,728		110,209
	1,200	LKQ CORP.(b)		14,970		38,040
	9,039	LOWE’S COS., INC.		355,489		715,618
	36,428	MACY’S, INC.		1,300,639		1,224,345
	15,185	MARRIOTT INTERNATIONAL, INC., CLASS A		710,434		1,009,195
	496	MARRIOTT VACATIONS WORLDWIDE CORP.		3,643		33,971
	22,026	MCDONALD’S CORP.		1,822,554		2,650,609
	6,600	MGM RESORTS INTERNATIONAL(b)		54,921		149,358
	11,558	MICHAEL KORS HOLDINGS LTD.(b)(c)		604,829		571,890
	7,698	MICHAELS (THE) COS., INC.(b)		175,951		218,931
	815	MOHAWK INDUSTRIES, INC.(b)		67,672		154,654
	600	MURPHY USA, INC.(b)		4,392		44,496
	4,900	NETFLIX, INC.(b)		41,142		448,252
	4,915	NEWELL BRANDS, INC.		52,223		238,722
	6,475	NEWS CORP., CLASS A		28,965		73,491
	22,712	NIKE, INC., CLASS B		532,866		1,253,702
	4,300	NORDSTROM, INC.		45,233		163,615
	100	NVR, INC.(b)		128,601		178,034
	3,000	OMNICOM GROUP, INC.		120,179		244,470
	3,688	O’REILLY AUTOMOTIVE, INC.(b)		609,798		999,817
	1,500	PANERA BREAD CO., CLASS A(b)		69,667		317,910
	2,782	PENSKE AUTOMOTIVE GROUP, INC.		134,562		87,522
	663	PRICELINE GROUP (THE), INC.(b)		133,336		827,696
	14,100	PULTEGROUP, INC.		58,797		274,809
	1,561	PVH CORP.		109,470		147,093
	1,500	RALPH LAUREN CORP.		31,320		134,430
	1,500	REGAL ENTERTAINMENT GROUP, CLASS A		13,214		33,060
	13,677	ROSS STORES, INC.		249,746		775,349
	4,101	ROYAL CARIBBEAN CRUISES LTD.		89,055		275,382
	9,049	SKECHERS U.S.A., INC., CLASS A(b)		185,997		268,936
	44,563	STARBUCKS CORP.		997,913		2,545,439
	710	STARWOOD HOTELS & RESORTS WORLDWIDE, INC.		13,137		52,504
	14,409	TARGET CORP.		674,866		1,006,036
	5,700	TEGNA, INC.		40,935		132,069
	1,000	TEMPUR SEALY INTERNATIONAL, INC.(b)		31,500		55,320
	900	TESLA MOTORS, INC.(b)		23,418		191,052
	3,906	THOR INDUSTRIES, INC.		130,245		252,874
	1,400	TIFFANY & CO.		35,210		84,896
	14,233	TIME WARNER, INC.		283,582		1,046,695
	1,829	TIME, INC.		12,640		30,105
	12,487	TJX (THE) COS., INC.		253,699		964,371
	1,466	TOPBUILD CORP.(b)		11,809		53,069
	2,204	TRACTOR SUPPLY CO.		197,520		200,961
	810	TRIPADVISOR, INC.(b)		13,993		52,083
	12,400	TWENTY-FIRST CENTURY FOX, INC., CLASS A		79,285		335,420
	600	ULTA SALON COSMETICS & FRAGRANCE, INC.(b)		79,252		146,184
	800	UNDER ARMOUR, INC., CLASS A(b)		9,641		32,104
	906	UNDER ARMOUR, INC., CLASS C(b)		10,150		32,993
	2,189	URBAN OUTFITTERS, INC.(b)		62,116		60,198
	6,800	VF CORP.		87,065		418,132
	9,725	VIACOM, INC., CLASS B		478,082		403,296
	800	VISTEON CORP.		4,456		52,648
	27,560	WALT DISNEY (THE) CO.		532,656		2,695,919
	2,753	WHIRLPOOL CORP.		193,352		458,760
	5,475	WYNDHAM WORLDWIDE CORP.		24,501		389,984
	1,600	WYNN RESORTS LTD.		32,322		145,024
	9,016	YUM! BRANDS, INC.		78,831		747,607
				35,691,738		66,921,567		15.20	%
	Consumer Staples:
	37,440	ALTRIA GROUP, INC.		786,272		2,581,862

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

CLEARWATER INVESTMENT TRUST 

Schedule of Investments - Clearwater Core Equity Fund (unaudited)  

June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Consumer Staples (Cont’d):
	43,600	ARCHER-DANIELS-MIDLAND CO.	$	1,662,820		1,870,004
	2,916	BROWN-FORMAN CORP., CLASS B		57,343		290,900
	5,422	CAMPBELL SOUP CO.		353,797		360,726
	4,000	CHURCH & DWIGHT CO., INC.		100,310		411,560
	11,684	CLOROX (THE) CO.		1,237,148		1,616,949
	57,881	COCA-COLA (THE) CO.		869,464		2,623,746
	6,080	COLGATE-PALMOLIVE CO.		172,111		445,056
	1,900	CONAGRA FOODS, INC.		33,609		90,839
	4,600	CONSTELLATION BRANDS, INC., CLASS A		63,227		760,840
	8,422	COSTCO WHOLESALE CORP.		326,800		1,322,591
	4,100	COTY, INC., CLASS A		79,479		106,559
	470	CRIMSON WINE GROUP LTD.(b)		2,671		3,929
	11,874	CVS HEALTH CORP.		664,719		1,136,817
	8,450	DIAGEO PLC ADR(c)(d)		609,087		953,836
	24,017	DR. PEPPER SNAPPLE GROUP, INC.		1,544,480		2,320,763
	397	EDGEWELL PERSONAL CARE CO.(b)		15,226		33,511
	697	ENERGIZER HOLDINGS, INC.		17,436		35,888
	4,188	ESTEE LAUDER (THE) COS., INC., CLASS A		113,985		381,192
	4,832	FLOWERS FOODS, INC.		84,646		90,600
	12,930	GENERAL MILLS, INC.		309,428		922,168
	3,300	HERBALIFE LTD.(b)		45,262		193,149
	1,642	HERSHEY (THE) CO.		60,568		186,350
	8,403	HORMEL FOODS CORP.		194,581		307,550
	9,287	INGREDION, INC.		852,795		1,201,831
	1,600	JM SMUCKER (THE) CO.		64,617		243,856
	4,450	KIMBERLY-CLARK CORP.		442,957		611,786
	34,351	KONINKLIJKE AHOLD N.V. ADR(c)(d)		629,441		759,844
	5,579	KRAFT HEINZ (THE) CO.		45,339		493,630
	47,512	KROGER (THE) CO.		974,379		1,747,966
	700	MCCORMICK & CO., INC. (NON VOTING)		21,613		74,669
	4,114	MOLSON COORS BREWING CO., CLASS B		258,129		416,049
	24,295	MONDELEZ INTERNATIONAL, INC., CLASS A		278,687		1,105,665
	2,303	MONSTER BEVERAGE CORP.(b)		182,134		370,115
	4,924	NU SKIN ENTERPRISES, INC., CLASS A		174,547		227,439
	15,401	PEPSICO, INC.		975,203		1,631,582
	40,096	PHILIP MORRIS INTERNATIONAL, INC.		1,362,990		4,078,565
	6,000	PINNACLE FOODS, INC.		219,854		277,740
	200	POST HOLDINGS, INC.(b)		4,616		16,538
	36,560	PROCTER & GAMBLE (THE) CO.		619,687		3,095,535
	5,596	REYNOLDS AMERICAN, INC.		27,316		301,792
	1,900	SPECTRUM BRANDS HOLDINGS, INC.		176,648		226,689
	19,522	SYSCO CORP.		694,386		990,546
	10,601	TYSON FOODS, INC., CLASS A		237,958		708,041
	25,776	WALGREENS BOOTS ALLIANCE, INC.		750,017		2,146,367
	10,360	WAL-MART STORES, INC.		682,339		756,487
	7,800	WHOLE FOODS MARKET, INC.		97,833		249,756
				19,177,954		40,779,873		9.26	%
	Energy:
	14,281	ANADARKO PETROLEUM CORP.		608,117		760,463
	500	APACHE CORP.		18,831		27,835
	800	BAKER HUGHES, INC.		24,230		36,104
	56	CALIFORNIA RESOURCES CORP.		22		684
	33,195	CHEVRON CORP.		1,449,959		3,479,832
	500	CIMAREX ENERGY CO.		32,151		59,660
	9,826	CNOOC LTD. ADR(c)(d)		1,051,869		1,224,909
	6,900	COLUMBIA PIPELINE GROUP, INC.		67,929		175,881
	1,700	CONCHO RESOURCES, INC.(b)		49,631		202,759
	23,044	CONOCOPHILLIPS		383,142		1,004,718
	3,600	CONSOL ENERGY, INC.		30,888		57,924
	2,000	CONTINENTAL RESOURCES, INC.(b)		20,765		90,540
	6,099	CVR ENERGY, INC.		232,897		94,535
	400	DIAMONDBACK ENERGY, INC.(b)		26,472		36,484
	404	DRIL-QUIP, INC.(b)		25,967		23,606
	1,300	ENERGEN CORP.		44,343		62,673
	9,600	EOG RESOURCES, INC.		62,765		800,832
	4,000	EQT CORP.		132,900		309,720
	43,051	EXXON MOBIL CORP.		1,607,797		4,035,601

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

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Energy (Cont’d):
	2,400	FMC TECHNOLOGIES, INC.(b)	$	33,690		64,008
	3,834	FRANK’S INTERNATIONAL N.V.(c)		60,887		56,015
	39,073	HALLIBURTON CO.		1,097,893		1,769,616
	3,100	HELMERICH & PAYNE, INC.		39,003		208,103
	12,468	HOLLYFRONTIER CORP.		383,351		296,364
	7,312	KINDER MORGAN, INC.		64,699		136,881
	46,598	MARATHON PETROLEUM CORP.		2,076,731		1,768,860
	3,000	MURPHY OIL CORP.		39,255		95,250
	56,179	NATIONAL OILWELL VARCO, INC.		1,995,598		1,890,423
	7,000	NEWFIELD EXPLORATION CO.(b)		206,807		309,260
	3,800	NOBLE ENERGY, INC.		20,499		136,306
	6,000	OCCIDENTAL PETROLEUM CORP.		54,261		453,360
	2,000	ONEOK, INC.		27,592		94,900
	15,181	PATTERSON-UTI ENERGY, INC.		203,748		323,659
	6,353	PBF ENERGY, INC., CLASS A		211,498		151,074
	25,114	PHILLIPS 66		1,098,926		1,992,545
	3,200	PIONEER NATURAL RESOURCES CO.		48,507		483,872
	2,100	QEP RESOURCES, INC.		28,224		37,023
	1,300	RANGE RESOURCES CORP.		42,822		56,082
	2,327	ROWAN COS. PLC, CLASS A		40,828		41,095
	16,536	SCHLUMBERGER LTD.		356,517		1,307,667
	1,400	SM ENERGY CO.		27,342		37,800
	3,400	SOUTHWESTERN ENERGY CO.(b)		26,758		42,772
	9,954	SPECTRA ENERGY CORP.		137,808		364,615
	2,000	SUPERIOR ENERGY SERVICES, INC.		27,380		36,820
	1,100	TARGA RESOURCES CORP.		29,491		46,354
	24,337	TESORO CORP.		1,948,056		1,823,328
	66,474	VALERO ENERGY CORP.		3,115,676		3,390,174
	3,300	WHITING PETROLEUM CORP.(b)		26,631		30,558
	1,416	WORLD FUEL SERVICES CORP.		65,513		67,246
				19,406,666		29,996,790		6.81	%
	Financials:
	1,100	AFFILIATED MANAGERS GROUP, INC.(b)		73,654		154,847
	16,850	AFLAC, INC.		920,571		1,215,896
	2,100	ALEXANDRIA REAL ESTATE EQUITIES, INC.		109,947		217,392
	2,936	ALLEGHANY CORP.(b)		808,573		1,613,567
	9,516	ALLIED WORLD ASSURANCE CO. HOLDINGS A.G.(c)		139,322		334,392
	45,995	ALLSTATE (THE) CORP.		2,594,901		3,217,350
	10,133	AMERICAN EXPRESS CO.		257,999		615,681
	4,900	AMERICAN FINANCIAL GROUP, INC.		220,290		362,257
	17,739	AMERICAN INTERNATIONAL GROUP, INC.		671,929		938,216
	3,350	AMERICAN TOWER CORP.		141,863		380,594
	5,191	AMERIPRISE FINANCIAL, INC.		160,907		466,411
	9,000	AMTRUST FINANCIAL SERVICES, INC.		234,575		220,500
	4,748	AON PLC(c)		110,582		518,624
	5,628	APARTMENT INVESTMENT & MANAGEMENT CO., CLASS A		119,782		248,533
	15,055	ARCH CAPITAL GROUP LTD.(b)(c)		826,876		1,083,960
	1,600	ARTHUR J. GALLAGHER & CO.		34,040		76,160
	1,398	ASPEN INSURANCE HOLDINGS LTD.(c)		68,982		64,839
	3,116	ASSOCIATED BANC-CORP		61,095		53,439
	5,629	ASSURANT, INC.		278,461		485,839
	14,090	ASSURED GUARANTY LTD.(c)		367,190		357,463
	734	AVALONBAY COMMUNITIES, INC.		31,138		132,406
	4,327	AXIS CAPITAL HOLDINGS LTD.(c)		209,054		237,985
	164,600	BANK OF AMERICA CORP.		1,233,012		2,184,242
	12,700	BANK OF NEW YORK MELLON (THE) CORP.		268,332		493,395
	8,729	BB&T CORP.		192,071		310,840
	20,779	BERKSHIRE HATHAWAY, INC., CLASS B(b)		2,101,372		3,008,591
	3,388	BOSTON PROPERTIES, INC.		171,468		446,877
	2,600	BRANDYWINE REALTY TRUST		28,376		43,680
	900	CAMDEN PROPERTY TRUST		24,065		79,578
	9,647	CAPITAL ONE FINANCIAL CORP.		277,220		612,681
	4,646	CBRE GROUP, INC., CLASS A(b)		156,556		123,026
	21,400	CHARLES SCHWAB (THE) CORP.		186,608		541,634
	3,540	CHIMERA INVESTMENT CORP.		34,587		55,578
	5,233	CHUBB LTD.(c)		456,017		684,005
	15,353	CINCINNATI FINANCIAL CORP.		954,713		1,149,786

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

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Financials (Cont’d):
	12,781	CITIGROUP, INC.	$	346,993		541,787
	865	CME GROUP, INC.		31,878		84,251
	1,650	CNA FINANCIAL CORP.		60,862		51,843
	1,545	CORRECTIONS CORP. OF AMERICA		22,682		54,106
	911	CREDIT ACCEPTANCE CORP.(b)		172,104		168,608
	4,600	CROWN CASTLE INTERNATIONAL CORP.		194,396		466,578
	400	DIGITAL REALTY TRUST, INC.		15,648		43,596
	16,287	DISCOVER FINANCIAL SERVICES		233,079		872,820
	5,200	DOUGLAS EMMETT, INC.		54,023		184,704
	1,700	DUKE REALTY CORP.		28,477		45,322
	7,913	E*TRADE FINANCIAL CORP.(b)		103,334		185,876
	2,209	EAST WEST BANCORP, INC.		91,766		75,504
	2,726	ENDURANCE SPECIALTY HOLDINGS LTD.(c)		141,555		183,078
	27,190	EPR PROPERTIES		1,531,134		2,193,689
	845	EQUINIX, INC.		65,492		327,632
	800	EQUITY LIFESTYLE PROPERTIES, INC.		26,831		64,040
	5,416	EQUITY RESIDENTIAL		174,162		373,054
	675	ESSEX PROPERTY TRUST, INC.		73,423		153,961
	3,520	EVEREST RE GROUP LTD.(c)		627,890		642,998
	900	FEDERAL REALTY INVESTMENT TRUST		48,326		148,995
	33,944	FIFTH THIRD BANCORP		389,938		597,075
	400	FIRST CITIZENS BANCSHARES, INC., CLASS A		57,523		103,564
	36,400	FIRST HORIZON NATIONAL CORP.		273,237		501,592
	15,200	FIRST NIAGARA FINANCIAL GROUP, INC.		120,688		148,048
	1,863	FNF GROUP		21,555		69,863
	620	FNFV GROUP(b)		2,893		7,111
	1,046	FOUR CORNERS PROPERTY TRUST, INC.		9,555		21,537
	10,077	FRANKLIN RESOURCES, INC.		189,834		336,270
	4,000	GENERAL GROWTH PROPERTIES, INC.		73,394		119,280
	8,500	GOLDMAN SACHS GROUP (THE), INC.		723,238		1,262,930
	3,000	HANOVER INSURANCE GROUP (THE), INC.		215,948		253,860
	44,401	HARTFORD FINANCIAL SERVICES GROUP (THE), INC.		1,810,592		1,970,516
	7,000	HCP, INC.		100,690		247,660
	2,650	HEALTHCARE TRUST OF AMERICA, INC., CLASS A		59,425		85,701
	1,800	HOSPITALITY PROPERTIES TRUST		23,403		51,840
	12,222	HOST HOTELS & RESORTS, INC.		93,480		198,119
	678	HOWARD HUGHES (THE) CORP.(b)		20,502		77,509
	49,009	HUNTINGTON BANCSHARES, INC.		318,046		438,140
	101	INTERCONTINENTAL EXCHANGE, INC.		12,819		25,852
	11,400	INVESCO LTD.		176,068		291,156
	33,700	JANUS CAPITAL GROUP, INC.		222,792		469,104
	2,200	JONES LANG LASALLE, INC.		277,845		214,390
	63,226	JPMORGAN CHASE & CO.		1,765,936		3,928,864
	16,041	KEYCORP		166,520		177,253
	8,201	KIMCO REALTY CORP.		94,870		257,347
	4,200	LAMAR ADVERTISING CO., CLASS A		53,417		278,460
	3,752	LEGG MASON, INC.		52,584		110,647
	1,100	LIBERTY PROPERTY TRUST		23,618		43,692
	1,100	LINCOLN NATIONAL CORP.		22,715		42,647
	4,300	LOEWS CORP.		83,945		176,687
	5,123	MACERICH (THE) CO.		119,436		437,453
	644	MARKEL CORP.(b)		422,377		613,590
	2,978	MARSH & MCLENNAN COS., INC.		66,024		203,874
	4,600	MERCURY GENERAL CORP.		235,539		244,536
	19,665	METLIFE, INC.		781,486		783,257
	1,200	MID-AMERICA APARTMENT COMMUNITIES, INC.		78,164		127,680
	2,200	MOODY’S CORP.		77,502		206,162
	21,600	MORGAN STANLEY		332,129		561,168
	3,900	MSCI, INC.		124,722		300,768
	5,900	NASDAQ, INC.		240,309		381,553
	11,500	NAVIENT CORP.		77,545		137,425
	5,148	NEW YORK COMMUNITY BANCORP, INC.		88,917		77,169
	10,059	OLD REPUBLIC INTERNATIONAL CORP.		182,682		194,038
	5,177	PACWEST BANCORP		95,286		205,941
	11,203	PNC FINANCIAL SERVICES GROUP (THE), INC.		452,026		911,812
	8,040	POPULAR, INC.(c)		229,520		235,572
	1,600	POST PROPERTIES, INC.		97,204		97,680
	6,266	PRINCIPAL FINANCIAL GROUP, INC.		203,638		257,595

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

CLEARWATER INVESTMENT TRUST 

Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Financials (Cont’d):
	37,769	PROGRESSIVE (THE) CORP.	$	1,073,981		1,265,262
	10,169	PROLOGIS, INC.		257,893		498,688
	13,710	PRUDENTIAL FINANCIAL, INC.		606,867		978,071
	1,061	PUBLIC STORAGE		65,830		271,181
	6,972	RAYONIER, INC.		74,259		182,945
	2,700	REALTY INCOME CORP.		56,362		187,272
	3,900	REGENCY CENTERS CORP.		87,973		326,547
	20,732	REGIONS FINANCIAL CORP.		145,843		176,429
	3,371	REINSURANCE GROUP OF AMERICA, INC.		296,860		326,953
	1,379	RENAISSANCERE HOLDINGS LTD.(c)		146,120		161,950
	9,800	RETAIL PROPERTIES OF AMERICA, INC., CLASS A		83,973		165,620
	48	RMR GROUP (THE), INC., CLASS A		624		1,487
	3,151	ROYAL BANK OF CANADA(c)		75,538		186,193
	3,600	S&P GLOBAL, INC.		84,305		386,136
	7,500	SEI INVESTMENTS CO.		108,537		360,825
	3,300	SENIOR HOUSING PROPERTIES TRUST		48,930		68,739
	3,595	SIMON PROPERTY GROUP, INC.		148,165		779,756
	1,900	SL GREEN REALTY CORP.		58,204		202,293
	10,100	SLM CORP.(b)		36,679		62,418
	136,714	SOCIETE GENERALE S.A. ADR(c)(d)		1,009,931		879,071
	12,254	SUNTRUST BANKS, INC.		314,633		503,394
	259	SVB FINANCIAL GROUP(b)		33,084		24,646
	24,528	SWISS RE A.G. ADR(c)(d)		535,318		538,390
	4,704	SYNOVUS FINANCIAL CORP.		83,310		136,369
	6,349	T. ROWE PRICE GROUP, INC.		125,884		463,287
	2,100	TAUBMAN CENTERS, INC.		57,125		155,820
	14,946	TCF FINANCIAL CORP.		157,745		189,067
	2,600	TFS FINANCIAL CORP.		25,038		44,772
	2,468	TORCHMARK CORP.		145,321		152,572
	30,970	TRAVELERS (THE) COS., INC.		2,623,199		3,686,669
	4,100	UDR, INC.		65,319		151,372
	20,063	UNUM GROUP		676,438		637,803
	1,300	URBAN EDGE PROPERTIES		18,730		38,818
	22,216	US BANCORP		506,307		895,971
	6,518	VALIDUS HOLDINGS LTD.(c)		251,458		316,710
	1,800	VENTAS, INC.		63,969		131,076
	800	VORNADO REALTY TRUST		36,178		80,096
	18,412	VOYA FINANCIAL, INC.		732,764		455,881
	1,800	WASHINGTON FEDERAL, INC.		23,535		43,668
	2,100	WEINGARTEN REALTY INVESTORS		29,871		85,722
	77,645	WELLS FARGO & CO.		953,893		3,674,938
	400	WELLTOWER, INC.		13,745		30,468
	4,916	WEYERHAEUSER CO.		64,713		146,349
	300	WHITE MOUNTAINS INSURANCE GROUP LTD.		194,754		252,600
	1,000	WILLIS TOWERS WATSON PLC(c)		123,430		124,310
	2,497	WP GLIMCHER, INC.		15,818		27,941
	6,106	WR BERKLEY CORP.		273,043		365,872
	7,780	XL GROUP PLC(c)		266,117		259,152
	2,600	ZIONS BANCORPORATION		49,361		65,338
				42,858,733		69,223,600		15.73	%
	Health Care:
	12,735	ABBOTT LABORATORIES		208,212		500,613
	12,835	ABBVIE, INC.		229,019		794,615
	11,333	AETNA, INC.		723,403		1,384,099
	4,200	ALERE, INC.(b)		77,812		175,056
	3,529	ALEXION PHARMACEUTICALS, INC.(b)		152,322		412,046
	11,614	ALLERGAN PLC(b)		2,060,136		2,683,879
	7,200	AMERISOURCEBERGEN CORP.		115,968		571,104
	18,516	AMGEN, INC.		462,700		2,817,209
	17,601	ANTHEM, INC.		1,688,507		2,311,715
	14,165	BAYER A.G. ADR(c)(d)		1,209,976		1,425,707
	2,900	BECTON DICKINSON AND CO.		246,271		491,811
	5,250	BIOGEN, INC.(b)		66,400		1,269,555
	32,800	BOSTON SCIENTIFIC CORP.(b)		182,160		766,536
	18,300	BRISTOL-MYERS SQUIBB CO.		420,955		1,345,965
	5,828	C.R. BARD, INC.		913,874		1,370,512
	1,000	CARDINAL HEALTH, INC.		26,001		78,010
	12,872	CELGENE CORP.(b)		146,839		1,269,565

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

CLEARWATER INVESTMENT TRUST 

Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2016

Shares		Security		Cost	Fair value (a)	Percent of net assets
	Health Care (Cont’d):
	2,045	CENTENE CORP.(b)	$	117,559	145,952
	3,600	CERNER CORP.(b)		40,604	210,960
	7,777	CIGNA CORP.		318,265	995,378
	3,360	DAVITA HEALTHCARE PARTNERS, INC.(b)		60,592	259,795
	8,590	DENTSPLY SIRONA, INC.		338,321	532,924
	9,839	EDWARDS LIFESCIENCES CORP.(b)		270,051	981,243
	9,221	ELI LILLY & CO.		387,965	726,154
	17,807	EXPRESS SCRIPTS HOLDING CO.(b)		389,706	1,349,771
	31,900	GILEAD SCIENCES, INC.		767,541	2,661,098
	36,910	GLAXOSMITHKLINE PLC ADR(c)(d)		1,565,958	1,599,679
	193	HALYARD HEALTH, INC.(b)		3,014	6,276
	21,533	HCA HOLDINGS, INC.(b)		1,703,561	1,658,256
	1,900	HENRY SCHEIN, INC.(b)		86,166	335,920
	24,841	HOLOGIC, INC.(b)		763,609	859,499
	3,900	HUMANA, INC.		39,107	701,532
	2,800	IDEXX LABORATORIES, INC.(b)		60,410	260,008
	2,300	ILLUMINA, INC.(b)		98,233	322,874
	56,697	JOHNSON & JOHNSON		3,525,044	6,877,346
	500	LABORATORY CORP. OF AMERICA HOLDINGS(b)		11,742	65,135
	5,700	MCKESSON CORP.		202,596	1,063,905
	1,140	MEDTRONIC PLC(c)		87,120	98,918
	43,278	MERCK & CO., INC.		986,667	2,493,246
	1,321	METTLER-TOLEDO INTERNATIONAL, INC.(b)		91,350	482,059
	18,150	NOVARTIS A.G. ADR(c)(d)		1,122,679	1,497,557
	1,600	PATTERSON COS., INC.		29,864	76,624
	3,400	PERKINELMER, INC.		53,706	178,228
	17,720	PERRIGO CO. PLC(c)		2,350,261	1,606,672
	92,712	PFIZER, INC.		917,156	3,264,390
	1,861	QUINTILES TRANSNATIONAL HOLDINGS, INC.(b)		112,204	121,561
	4,000	RESMED, INC.		81,990	252,920
	4,539	ST. JUDE MEDICAL, INC.		114,088	354,042
	4,700	STRYKER CORP.		18,139	563,201
	6,025	TELEFLEX, INC.		305,619	1,068,293
	6,700	THERMO FISHER SCIENTIFIC, INC.		138,728	989,992
	20,909	UNITEDHEALTH GROUP, INC.		929,185	2,952,351
	3,936	UNIVERSAL HEALTH SERVICES, INC., CLASS B		239,148	527,818
	4,700	VARIAN MEDICAL SYSTEMS, INC.(b)		173,242	386,481
	962	VCA, INC.(b)		50,899	65,041
	900	VERTEX PHARMACEUTICALS, INC.(b)		22,442	77,418
	2,792	WATERS CORP.(b)		85,524	392,695
	3,374	ZIMMER BIOMET HOLDINGS, INC.		140,047	406,162
				27,730,657	59,137,371	13.43	%
	Industrials:
	7,546	3M CO.		512,301	1,321,456
	1,632	A.O. SMITH CORP.		124,751	143,796
	923	ACCO BRANDS CORP.(b)		3,137	9,535
	398	ACUITY BRANDS, INC.		79,415	98,688
	4,642	AGCO CORP.		225,963	218,777
	59,205	AIR LEASE CORP.		1,481,225	1,585,510
	4,300	ALASKA AIR GROUP, INC.		287,293	250,647
	1,533	ALLEGION PLC(c)		40,913	106,436
	400	AMERCO		120,202	149,820
	24,599	AMERICAN AIRLINES GROUP, INC.		884,764	696,398
	5,175	AMETEK, INC.		73,221	239,240
	1,700	B/E AEROSPACE, INC.		34,478	78,498
	25,665	BOEING (THE) CO.		1,326,338	3,333,114
	5,205	BWX TECHNOLOGIES, INC.		145,980	186,183
	3,054	CARLISLE COS., INC.		119,403	322,747
	10,504	CATERPILLAR, INC.		272,491	796,308
	7,392	CINTAS CORP.		596,190	725,377
	600	COPA HOLDINGS S.A., CLASS A(c)		23,043	31,356
	3,948	CRANE CO.		66,572	223,931
	27,900	CSX CORP.		97,923	727,632
	3,700	CUMMINS, INC.		50,756	416,028
	12,420	DANAHER CORP.		372,178	1,254,420
	7,300	DEERE & CO.		199,160	591,592
	40,785	DELTA AIR LINES, INC.		1,461,765	1,485,798
	1,525	DOVER CORP.		40,758	105,713

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

CLEARWATER INVESTMENT TRUST 

Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Industrials (Cont’d):
	1,987	DUN & BRADSTREET (THE) CORP.	$	49,383		242,096
	8,384	EATON CORP. PLC		108,015		500,776
	4,763	EQUIFAX, INC.		495,640		611,569
	2,280	EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.		112,692		111,811
	6,653	FEDEX CORP.		130,734		1,009,792
	1,950	FLUOR CORP.		26,013		96,096
	4,300	FORTUNE BRANDS HOME & SECURITY, INC.		33,889		249,271
	1,400	GATX CORP.		24,276		61,558
	2,907	GENERAL DYNAMICS CORP.		404,698		404,771
	138,351	GENERAL ELECTRIC CO.		2,679,407		4,355,289
	3,105	HD SUPPLY HOLDINGS, INC.(b)		91,681		108,116
	5,400	HERTZ GLOBAL HOLDINGS, INC.(b)		28,323		59,778
	11,151	HONEYWELL INTERNATIONAL, INC.		504,002		1,297,084
	1,200	HUBBELL, INC.		43,310		126,564
	2,455	HUNTINGTON INGALLS INDUSTRIES, INC.		308,960		412,514
	2,500	IDEX CORP.		58,238		205,250
	700	IHS, INC., CLASS A(b)		30,839		80,927
	21,789	ILLINOIS TOOL WORKS, INC.		1,688,136		2,269,542
	2,700	INGERSOLL-RAND PLC		83,437		171,936
	1,468	JACOBS ENGINEERING GROUP, INC.(b)		29,713		73,121
	2,100	JB HUNT TRANSPORT SERVICES, INC.		40,530		169,953
	14,472	JETBLUE AIRWAYS CORP.(b)		88,957		239,656
	2,900	KANSAS CITY SOUTHERN		46,328		261,261
	850	KLX, INC.(b)		13,147		26,350
	2,071	L-3 COMMUNICATIONS HOLDINGS, INC.		190,704		303,795
	1,000	LANDSTAR SYSTEM, INC.		30,070		68,660
	900	LENNOX INTERNATIONAL, INC.		26,811		128,340
	1,400	LINCOLN ELECTRIC HOLDINGS, INC.		28,970		82,712
	2,294	LOCKHEED MARTIN CORP.		342,483		569,302
	2,200	MACQUARIE INFRASTRUCTURE CORP.		152,446		162,910
	4,800	MANITOWOC (THE) CO., INC.		10,053		26,160
	4,800	MANITOWOC FOODSERVICE, INC.(b)		37,515		84,576
	5,214	MANPOWERGROUP, INC.		330,211		335,469
	23,793	MASCO CORP.		382,482		736,155
	2,000	NIELSEN HOLDINGS PLC		61,200		103,940
	4,760	NORFOLK SOUTHERN CORP.		99,373		405,219
	21,450	NORTHROP GRUMMAN CORP.		3,100,516		4,767,906
	2,180	NOW, INC.(b)		21,218		39,545
	3,500	OSHKOSH CORP.		60,585		166,985
	5,938	OWENS CORNING		241,110		305,926
	8,389	PACCAR, INC.		91,278		435,137
	4,012	PARKER-HANNIFIN CORP.		242,797		433,497
	4,739	PENTAIR PLC(c)		202,209		276,236
	4,100	QUANTA SERVICES, INC.(b)		52,132		94,792
	3,479	RAYTHEON CO.		195,989		472,970
	2,000	REPUBLIC SERVICES, INC.		81,516		102,620
	6,221	ROCKWELL AUTOMATION, INC.		179,002		714,295
	1,814	ROCKWELL COLLINS, INC.		43,808		154,444
	920	ROLLINS, INC.		24,890		26,928
	300	ROPER TECHNOLOGIES, INC.		19,526		51,168
	2,300	SNAP-ON, INC.		230,888		362,986
	27,060	SOUTHWEST AIRLINES CO.		553,687		1,061,023
	6,439	SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A(b)		267,176		276,877
	5,273	STANLEY BLACK & DECKER, INC.		334,697		586,463
	1,200	STERICYCLE, INC.(b)		50,064		124,944
	900	TYCO INTERNATIONAL PLC		16,350		38,340
	32,715	UNION PACIFIC CORP.		1,481,663		2,854,384
	10,815	UNITED CONTINENTAL HOLDINGS, INC.(b)		437,878		443,848
	4,635	UNITED PARCEL SERVICE, INC., CLASS B		280,241		499,282
	10,650	UNITED TECHNOLOGIES CORP.		359,588		1,092,157
	2,000	USG CORP.(b)		12,350		53,920
	180	VERITIV CORP.(b)		1,653		6,764
	1,700	W.W. GRAINGER, INC.		74,317		386,325
	2,843	WABCO HOLDINGS, INC.(b)		117,388		260,334
	1,400	WABTEC CORP.		25,602		98,322
	1,650	WASTE CONNECTIONS, INC.(c)		108,075		118,882

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

CLEARWATER INVESTMENT TRUST 

Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Industrials (Cont’d):
	11,755	WASTE MANAGEMENT, INC.	$	329,955		779,004
	3,710	XYLEM, INC.		120,583		165,652
				26,811,617		48,503,275		11.02	%
	Information Technology:
	8,700	ACCENTURE PLC, CLASS A(c)		572,170		985,623
	18,273	ACTIVISION BLIZZARD, INC.		261,150		724,159
	6,224	ADOBE SYSTEMS, INC.(b)		79,363		596,197
	3,300	AKAMAI TECHNOLOGIES, INC.(b)		45,920		184,569
	1,600	ALLIANCE DATA SYSTEMS CORP.(b)		75,650		313,472
	8,948	ALPHABET, INC., CLASS A(b)		3,814,971		6,295,186
	5,611	ALPHABET, INC., CLASS C(b)		1,207,730		3,883,373
	12,207	AMDOCS LTD.		670,504		704,588
	13,014	ANALOG DEVICES, INC.		385,778		737,113
	1,200	ANSYS, INC.(b)		30,630		108,900
	86,400	APPLE, INC.		236,479		8,259,840
	4,900	APPLIED MATERIALS, INC.		50,596		117,453
	7,600	ARRIS INTERNATIONAL PLC(b)		203,338		159,296
	4,877	ARROW ELECTRONICS, INC.(b)		267,343		301,886
	1,686	AUTODESK, INC.(b)		32,709		91,280
	4,066	AUTOMATIC DATA PROCESSING, INC.		116,002		373,543
	7,056	AVNET, INC.		317,350		285,839
	8,300	BOOZ ALLEN HAMILTON HOLDING CORP.		242,472		246,012
	4,333	BROADCOM LTD.(c)		227,686		673,348
	3,413	BROADRIDGE FINANCIAL SOLUTIONS, INC.		106,898		222,528
	3,470	CA, INC.		95,608		113,920
	11,400	CADENCE DESIGN SYSTEMS, INC.(b)		154,632		277,020
	1,522	CDK GLOBAL, INC.		19,712		84,455
	6,470	CDW CORP.		231,037		259,318
	99,578	CISCO SYSTEMS, INC.		150,221		2,856,893
	4,234	CITRIX SYSTEMS, INC.(b)		47,866		339,101
	14,882	COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A(b)		248,080		851,846
	7,708	COMMSCOPE HOLDING CO., INC.(b)		227,630		239,179
	4,900	COMPUTER SCIENCES CORP.		161,990		243,285
	8,308	CORELOGIC, INC.(b)		139,352		319,692
	15,600	CORNING, INC.		85,176		319,488
	2,700	CYPRESS SEMICONDUCTOR CORP.		2,667		28,485
	2,000	DOLBY LABORATORIES, INC., CLASS A		43,420		95,700
	24,314	EBAY, INC.(b)		478,032		569,191
	2,140	ECHOSTAR CORP., CLASS A(b)		36,471		84,958
	12,021	ELECTRONIC ARTS, INC.(b)		321,634		910,711
	34,310	EMC CORP.		233,560		932,203
	2,667	F5 NETWORKS, INC.(b)		181,488		303,611
	23,600	FACEBOOK, INC., CLASS A(b)		654,660		2,697,008
	7,802	FIDELITY NATIONAL INFORMATION SERVICES, INC.		135,427		574,851
	19,625	FISERV, INC.(b)		1,190,291		2,133,826
	2,600	FORTINET, INC.(b)		80,697		82,134
	3,648	GENPACT LTD.(b)		90,411		97,912
	3,800	GLOBAL PAYMENTS, INC.		113,707		271,244
	5,000	HARRIS CORP.		189,845		417,200
	18,800	HEWLETT PACKARD ENTERPRISE CO.		175,629		343,476
	1,300	IAC/INTERACTIVECORP		78,263		73,190
	114,062	INTEL CORP.		949,989		3,741,234
	2,703	INTERNATIONAL BUSINESS MACHINES CORP.		251,468		410,261
	5,000	INTUIT, INC.		103,285		558,050
	2,247	IPG PHOTONICS CORP.(b)		183,260		179,760
	5,643	JABIL CIRCUIT, INC.		117,827		104,226
	32,551	JUNIPER NETWORKS, INC.		817,680		732,072
	1,425	KEYSIGHT TECHNOLOGIES, INC.(b)		47,146		41,453
	2,600	KLA-TENCOR CORP.		71,718		190,450
	4,800	LAM RESEARCH CORP.		123,706		403,488
	900	LINEAR TECHNOLOGY CORP.		19,913		41,877
	400	LINKEDIN CORP., CLASS A(b)		25,488		75,700
	5,400	MARVELL TECHNOLOGY GROUP LTD.(c)		27,297		51,462
	17,000	MASTERCARD, INC., CLASS A		182,282		1,497,020
	2,700	MAXIM INTEGRATED PRODUCTS, INC.		45,260		96,363
	4,200	MICROCHIP TECHNOLOGY, INC.		44,162		213,192
	11,900	MICRON TECHNOLOGY, INC.(b)		53,372		163,744

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

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Information Technology (Cont’d):
	140,224	MICROSOFT CORP.	$	1,949,032		7,175,262
	15,135	MOTOROLA SOLUTIONS, INC.		1,031,066		998,456
	16,223	NETAPP, INC.		543,957		398,924
	1,900	NEUSTAR, INC., CLASS A(b)		31,607		44,669
	1,985	NUANCE COMMUNICATIONS, INC.(b)		33,845		31,026
	20,599	NVIDIA CORP.		282,802		968,359
	68,262	ORACLE CORP.		82,431		2,793,964
	2,973	PALO ALTO NETWORKS, INC.(b)		143,984		364,609
	3,666	PAYCHEX, INC.		10,315		218,127
	11,100	PAYPAL HOLDINGS, INC.(b)		120,672		405,261
	2,400	PTC, INC.(b)		82,674		90,192
	2,142	QORVO, INC.(b)		93,992		118,367
	10,400	QUALCOMM, INC.		147,628		557,128
	4,200	RED HAT, INC.(b)		61,669		304,920
	7,600	SALESFORCE.COM, INC.(b)		86,710		603,516
	42,999	SEAGATE TECHNOLOGY PLC		1,389,735		1,047,456
	500	SERVICENOW, INC.(b)		18,840		33,200
	14,419	SYMANTEC CORP.		71,242		296,166
	4,400	SYNOPSYS, INC.(b)		172,415		237,952
	4,310	TE CONNECTIVITY LTD.(c)		259,891		246,144
	2,400	TERADATA CORP.(b)		33,636		60,168
	17,445	TERADYNE, INC.		288,229		343,492
	23,875	TEXAS INSTRUMENTS, INC.		634,478		1,495,769
	26,172	TOTAL SYSTEM SERVICES, INC.		1,234,354		1,389,995
	5,000	TRIMBLE NAVIGATION LTD.(b)		38,162		121,800
	1,351	VERISIGN, INC.(b)		109,199		116,807
	23,200	VISA, INC., CLASS A		395,709		1,720,744
	7,800	VISHAY INTERTECHNOLOGY, INC.		48,931		96,642
	1,100	VMWARE, INC., CLASS A(b)		34,054		62,942
	10,718	WESTERN DIGITAL CORP.		285,630		506,533
	15,686	WESTERN UNION (THE) CO.		292,275		300,857
	11,961	XILINX, INC.		298,091		551,761
	15,840	YAHOO!, INC.(b)		135,324		594,950
				28,018,677		73,580,612		16.72	%
	Materials:
	1,575	AIR PRODUCTS & CHEMICALS, INC.		62,588		223,713
	1,300	ALBEMARLE CORP.		29,152		103,103
	10,658	ASHLAND, INC.		1,042,148		1,223,219
	2,853	AVERY DENNISON CORP.		185,748		213,262
	2,564	BALL CORP.		10,015		185,351
	2,700	BEMIS CO., INC.		60,200		139,023
	22,960	BERRY PLASTICS GROUP, INC.(b)		766,768		891,996
	7,092	BHP BILLITON PLC ADR(c)(d)		138,380		179,995
	2,695	CELANESE CORP., SERIES A		166,690		176,388
	5,500	CF INDUSTRIES HOLDINGS, INC.		97,135		132,550
	37,723	CROWN HOLDINGS, INC.(b)		1,245,559		1,911,424
	4,017	DOMTAR CORP.		162,643		140,635
	12,333	DOW CHEMICAL (THE) CO.		386,078		613,073
	11,925	E.I. DU PONT DE NEMOURS & CO.		332,718		772,740
	438	EAGLE MATERIALS, INC.		1,727		33,792
	3,737	EASTMAN CHEMICAL CO.		110,785		253,742
	3,991	ECOLAB, INC.		137,417		473,333
	15,800	FREEPORT-MCMORAN, INC.		103,648		176,012
	373	INGEVITY CORP.(b)		2,637		12,697
	3,683	INTERNATIONAL FLAVORS & FRAGRANCES, INC.		79,231		464,316
	7,831	INTERNATIONAL PAPER CO.		81,440		331,878
	31,202	LYONDELLBASELL INDUSTRIES N.V., CLASS A		2,679,126		2,322,053
	700	MARTIN MARIETTA MATERIALS, INC.		27,965		134,400
	12,592	MONSANTO CO.		274,040		1,302,139
	2,400	MOSAIC (THE) CO.		34,272		62,832
	8,689	NEWMONT MINING CORP.		185,245		339,914
	5,844	NUCOR CORP.		99,313		288,752
	111,460	OWENS-ILLINOIS, INC.(b)		2,174,749		2,007,395
	2,100	PACKAGING CORP. OF AMERICA		30,902		140,553
	7,972	PPG INDUSTRIES, INC.		180,558		830,284
	4,150	PRAXAIR, INC.		119,436		466,418
	6,555	RELIANCE STEEL & ALUMINUM CO.		321,215		504,079
	700	ROYAL GOLD, INC.		26,033		50,414

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Materials (Cont’d):
	6,500	RPM INTERNATIONAL, INC.	$	72,503		324,675
	5,473	SEALED AIR CORP.		224,396		251,594
	1,885	SHERWIN-WILLIAMS (THE) CO.		155,335		553,568
	3,600	SONOCO PRODUCTS CO.		74,519		178,776
	3,234	SOUTHERN COPPER CORP.(c)		38,445		87,253
	8,200	STEEL DYNAMICS, INC.		89,708		200,900
	3,200	VALSPAR (THE) CORP.		68,240		345,696
	2,100	VULCAN MATERIALS CO.		63,441		252,756
	2,242	WESTROCK CO.		24,357		87,146
				12,166,505		19,383,839		4.40	%
	Telecommunication Services:
	104,748	AT&T, INC.		2,665,442		4,526,161
	30,765	CENTURYLINK, INC.		861,077		892,493
	6,710	LEVEL 3 COMMUNICATIONS, INC.(b)		159,907		345,498
	14,466	NTT DOCOMO, INC. ADR(c)(d)		325,147		390,727
	9,840	SPRINT CORP.(b)		21,187		44,575
	2,843	TELEPHONE & DATA SYSTEMS, INC.		77,658		84,323
	9,650	T-MOBILE US, INC.(b)		334,860		417,556
	59,480	VERIZON COMMUNICATIONS, INC.		2,468,216		3,321,363
				6,913,494		10,022,696		2.28	%
	Utilities:
	4,500	AGL RESOURCES, INC.		135,198		296,865
	2,000	ALLIANT ENERGY CORP.		24,835		79,400
	1,600	AMEREN CORP.		40,872		85,728
	13,584	AMERICAN ELECTRIC POWER CO., INC.		572,991		952,103
	20,730	AMERICAN WATER WORKS CO., INC.		495,653		1,751,892
	1,735	AQUA AMERICA, INC.		22,973		61,870
	8,500	CALPINE CORP.(b)		56,653		125,375
	5,800	CENTERPOINT ENERGY, INC.		66,308		139,200
	13,300	CMS ENERGY CORP.		259,709		609,938
	5,495	CONSOLIDATED EDISON, INC.		361,304		442,018
	8,862	DOMINION RESOURCES, INC.		284,452		690,616
	2,300	DTE ENERGY CO.		84,036		227,976
	7,051	DUKE ENERGY CORP.		211,844		604,905
	10,388	EDISON INTERNATIONAL		317,902		806,836
	3,064	ENTERGY CORP.		60,101		249,256
	4,961	EVERSOURCE ENERGY		125,492		297,164
	816	EXELON CORP.		28,430		29,670
	2,800	GREAT PLAINS ENERGY, INC.		43,498		85,120
	10,500	ITC HOLDINGS CORP.		154,844		491,610
	1,500	NATIONAL FUEL GAS CO.		38,322		85,320
	9,423	NEXTERA ENERGY, INC.		809,632		1,228,759
	6,900	NISOURCE, INC.		43,973		182,988
	30,655	NRG YIELD, INC., CLASS A		509,461		466,569
	35,815	NRG YIELD, INC., CLASS C		574,618		558,356
	4,800	OGE ENERGY CORP.		43,344		157,200
	500	ONE GAS, INC.		3,925		33,295
	5,900	PG&E CORP.		79,340		377,128
	2,400	PINNACLE WEST CAPITAL CORP.		71,637		194,544
	3,633	PPL CORP.		119,602		137,146
	7,021	PUBLIC SERVICE ENTERPRISE GROUP, INC.		302,449		327,249
	4,800	SCANA CORP.		166,536		363,168
	2,700	SEMPRA ENERGY		124,368		307,854
	16,996	SOUTHERN (THE) CO.		593,767		911,495
	7,600	TECO ENERGY, INC.		90,842		210,064
	9,850	UGI CORP.		246,882		445,713
	1,600	VECTREN CORP.		77,182		84,272
	4,820	WEC ENERGY GROUP, INC.		46,469		314,746
	1,400	WESTAR ENERGY, INC.		25,767		78,526
	10,575	XCEL ENERGY, INC.		265,866		473,548
				7,581,077		14,965,482		3.40	%
	Sub-total Common Stocks:			226,357,118		432,515,105		98.25	%
	Master Limited Partnerships:
	Consumer Discretionary:
	12,400	CEDAR FAIR L.P.		715,211		716,968
				715,211		716,968		0.16	%

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2016

Shares		Security		Cost		Fair value (a)		Percent of net assets
	Energy:
	48,595		ENTERPRISE PRODUCTS PARTNERS L.P.	$	1,030,393		1,421,890
	23,210		MAGELLAN MIDSTREAM PARTNERS L.P.		756,641		1,763,960
					1,787,034		3,185,850		0.73	%
		Sub-total Master Limited Partnerships:			2,502,245		3,902,818		0.89	%
Rights:
	Consumer Staples:
	1,600		CASA LEY (CONTINGENT VALUE RIGHTS)(b)		1,624		1,624
	Financials:
	1,600
			PROPERTY DEVELOPMENT CENTERS LLC (CONTINGENT VALUE RIGHTS)(b)		78		78
		Sub-total Rights:			1,702		1,702		0.00	%
	Short-Term Investments:
	5,133,477		NORTHERN INSTITUTIONAL FUNDS -U.S. GOVERNMENT SELECT PORTFOLIO, 0.25%(e)		5,133,477		5,133,477
		Sub-total Short-Term Investments:			5,133,477		5,133,477		1.17	%
			Grand total(f)	$	233,994,542		441,553,102		100.31	%

Notes to Schedule of Investments:

(a) Investments are valued in accordance with procedures described in note 2 to the financial statements.

(b) Non-income producing assets.

(c) Foreign security values are stated in U.S. dollars. As of June 30, 2016, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 5.04% of net assets.

(d) Securities are American Depositary Receipts of companies based outside of the United States representing 2.15% of net assets as of June 30, 2016.

(e) The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds.

At December 31, 2015, the value of the Clearwater Core Equity Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $10,519,384 with net sales of $5,385,907 during the six months ended June 30, 2016.

(f) At June 30, 2016, the cost for Federal income tax purposes was $234,127,426. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows:

Gross unrealized appreciation	$	215,759,446
Gross unrealized depreciation		(8,333,770	)
Net unrealized appreciation	$	207,425,676

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

CLEARWATER INVESTMENT TRUST

Schedule of Investments – Clearwater Core Equity Fund (unaudited)
June 30, 2016

 

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
Common Stocks:
	Consumer Discretionary:
	57,475	1-800-FLOWERS.COM, INC., CLASS A(b)	$	450,332		518,424
	142,377	BLACK DIAMOND, INC.(b)		912,837		589,441
	48,900	BLOOMIN’ BRANDS, INC.		1,124,517		873,843
	60,534	BRAVO BRIO RESTAURANT GROUP, INC.(b)		754,588		495,773
	45,077	CALLAWAY GOLF CO.		404,107		460,236
	24,835	CARRIAGE SERVICES, INC.		455,737		588,093
	5,432	COOPER-STANDARD HOLDING, INC.(b)		444,088		429,074
	6,042	CSS INDUSTRIES, INC.		172,412		161,986
	41,100	CST BRANDS, INC.		1,266,746		1,770,588
	128,500	DENNY’S CORP.(b)		495,367		1,378,805
	10,863	FTD COS., INC.(b)		315,241		271,140
	17,875	GRAY TELEVISION, INC.(b)		215,918		193,944
	15,393	HELEN OF TROY LTD.(b)		1,205,233		1,583,016
	2,070	HIBBETT SPORTS, INC.(b)		67,770		72,015
	28,968	HORIZON GLOBAL CORP.(b)		258,329		328,787
	45,000	HOUGHTON MIFFLIN HARCOURT CO.(b)		939,234		703,350
	87,372	IROBOT CORP.(b)		2,714,041		3,065,010
	18,976	JAMBA, INC.(b)		258,676		195,263
	19,372	LIBERTY TAX, INC.		261,665		258,035
	113,155	LIFELOCK, INC.(b)		1,256,374		1,788,980
	41,527	LITHIA MOTORS, INC., CLASS A		3,063,503		2,951,324
	26,287	MARRIOTT VACATIONS WORLDWIDE CORP.		1,635,534		1,800,397
	73,000	MEDIA GENERAL, INC.(b)		1,166,231		1,254,870
	6,444	MOTORCAR PARTS OF AMERICA, INC.(b)		188,977		175,148
	31,100	NEXSTAR BROADCASTING GROUP, INC., CLASS A		1,536,896		1,479,738
	67,821	OUTERWALL, INC.		3,333,884		2,848,482
	32,100	PENSKE AUTOMOTIVE GROUP, INC.		692,549		1,009,866
	8,897	PERRY ELLIS INTERNATIONAL, INC.(b)		190,916		179,008
	5,170	RED ROBIN GOURMET BURGERS, INC.(b)		305,005		245,213
	25,400	RENT-A-CENTER, INC.		359,655		311,912
	45,346	SHUTTERFLY, INC.(b)		1,966,795		2,113,577
	13,401	SIZMEK, INC.(b)		33,754		30,688
	10,760	SUPERIOR INDUSTRIES INTERNATIONAL, INC.		195,146		288,153
	71,384	TILE SHOP HOLDINGS, INC.(b)		822,341		1,419,114
	57,000	TIME, INC.		1,346,835		938,220
	64,494	TOPBUILD CORP.(b)		1,812,084		2,334,683
	7,493	TOWER INTERNATIONAL, INC.		161,502		154,206
	81,100	TRI POINTE GROUP, INC.(b)		1,357,771		958,602
	12,854	UNIFI, INC.(b)		308,936		350,014
	12,300	VAIL RESORTS, INC.		445,869		1,700,229
	6,447	VINCE HOLDING CORP.(b)		33,046		35,330
	24,100	VISTA OUTDOOR, INC.(b)		1,069,330		1,150,293
	16,023	WCI COMMUNITIES, INC.(b)		293,194		270,789
	16,365	WINNEBAGO INDUSTRIES, INC.		341,147		375,086
				36,634,112		40,100,745		14.28	%
	Consumer Staples:
	64,350	FLOWERS FOODS, INC.		631,021		1,206,562
	45,182	MEDIFAST, INC.		1,348,047		1,503,205
	28,786	NATURAL GROCERS BY VITAMIN COTTAGE, INC.(b)		394,838		375,657
	95,110	S&W SEED CO.(b)		416,962		414,680
	3,866	SENECA FOODS CORP., CLASS A(b)		81,186		139,988
	27,570	SPARTANNASH CO.		631,365		843,091
	14,651	SPECTRUM BRANDS HOLDINGS, INC.		490,868		1,748,011
				3,994,287		6,231,194		2.22	%
	Energy:
	32,321	ALON USA ENERGY, INC.		258,777		209,440
	38,455	CARRIZO OIL & GAS, INC.(b)		985,152		1,378,612
	8,725	DELEK US HOLDINGS, INC.		118,740		115,257
	121,574	MEMORIAL RESOURCE DEVELOPMENT CORP.(b)		1,835,278		1,930,595
	64,300	PARSLEY ENERGY, INC., CLASS A(b)		1,262,523		1,739,958
	115,300	SYNERGY RESOURCES CORP.(b)		1,219,900		767,898
				5,680,370		6,141,760		2.19	%
	Financials:
	36,015	ALEXANDER & BALDWIN, INC.		1,410,977		1,301,582
	32,217	ALTISOURCE RESIDENTIAL CORP.(c)		308,140		296,074
	89,989	AMERICAN EQUITY INVESTMENT LIFE HOLDING CO.		1,291,597		1,282,343

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Financials (Cont’d):
	30,805	AMERICAN NATIONAL BANKSHARES, INC.	$	660,664		775,670
	18,944	AMERIS BANCORP		548,833		562,637
	218,048	ASHFORD HOSPITALITY TRUST, INC.		1,779,241		1,170,918
	41,400	BANCORPSOUTH, INC.		829,969		939,366
	9,976	BANK MUTUAL CORP.		71,542		76,616
	47,304	BANKFINANCIAL CORP.		560,702		567,175
	61,434	BANKUNITED, INC.		1,835,909		1,887,252
	3,923	BCB BANCORP, INC.		40,268		40,171
	20,849	BERKSHIRE HILLS BANCORP, INC.		461,824		561,255
	30,474	BLUE HILLS BANCORP, INC.		399,744		449,796
	27,100	BOK FINANCIAL CORP.		1,352,303		1,699,170
	9,688	BROOKLINE BANCORP, INC.		109,728		106,859
	15,105	BSB BANCORP, INC.(b)		236,123		342,128
	96,715	CARETRUST REIT, INC.		1,220,745		1,332,733
	11,413	CAROLINA FINANCIAL CORP.		174,037		213,195
	17,003	CHESAPEAKE LODGING TRUST		268,049		395,320
	12,224	CITIZENS & NORTHERN CORP.		240,204		247,169
	19,721	CNB FINANCIAL CORP.		335,081		351,034
	13,991	COMMUNITY BANKERS TRUST CORP.(b)		70,454		72,473
	8,556	COMMUNITY TRUST BANCORP, INC.		279,605		296,551
	29,590	CONNECTONE BANCORP, INC.		517,888		464,267
	13,051	DONEGAL GROUP, INC., CLASS A		202,131		215,211
	8,545	EDUCATION REALTY TRUST, INC.		375,920		394,266
	18,621	EMC INSURANCE GROUP, INC.		270,594		516,174
	14,782	ESSA BANCORP, INC.		198,900		198,079
	10,288	EVANS BANCORP, INC.		228,397		253,496
	88,338	FARMERS NATIONAL BANC CORP.		680,937		777,374
	7,411	FINANCIAL INSTITUTIONS, INC.		131,685		193,205
	11,144	FIRST BANCORP		176,862		195,912
	7,340	FIRST BUSINESS FINANCIAL SERVICES, INC.		159,645		172,270
	2,648	FIRST CLOVER LEAF FINANCIAL CORP.		25,042		31,511
	13,011	FIRST FINANCIAL CORP.		413,610		476,463
	457	FIRST FINANCIAL NORTHWEST, INC.		6,256		6,069
	12,573	FLUSHING FINANCIAL CORP.		197,675		249,951
	65,614	FORESTAR GROUP, INC.(b)		996,560		780,150
	35,200	GAMING AND LEISURE PROPERTIES, INC.		1,241,440		1,213,696
	9,718	GETTY REALTY CORP.		152,090		208,451
	123,580	GRAMERCY PROPERTY TRUST		876,568		1,139,408
	72,518	GREAT WESTERN BANCORP, INC.		1,643,766		2,287,218
	53,895	GUARANTY BANCORP		867,916		900,047
	46,738	HANMI FINANCIAL CORP.		1,020,818		1,097,876
	9,000	HANOVER INSURANCE GROUP (THE), INC.		520,024		761,580
	30,586	HERITAGE COMMERCE CORP.		275,322		322,071
	24,794	HERITAGE FINANCIAL CORP.		308,156		435,879
	91,500	HILLTOP HOLDINGS, INC.(b)		1,786,084		1,920,585
	9,482	HORACE MANN EDUCATORS CORP.		303,044		320,397
	18,100	IBERIABANK CORP.		853,747		1,081,113
	32,807	JERNIGAN CAPITAL, INC.		386,857		457,330
	123,400	KEARNY FINANCIAL CORP.		1,494,212		1,552,372
	103,200	KENNEDY-WILSON HOLDINGS, INC.		2,134,032		1,956,672
	81,808	KITE REALTY GROUP TRUST		2,046,322		2,293,078
	61,194	LCNB CORP.		987,467		966,865
	56,483	MARCUS & MILLICHAP, INC.(b)		1,614,877		1,435,233
	162,232	MEDICAL PROPERTIES TRUST, INC.		1,844,953		2,467,549
	6,736	MIDLAND STATES BANCORP, INC.(b)		148,192		146,104
	4,898	MIDWESTONE FINANCIAL GROUP, INC.		138,678		139,887
	116,025	NATIONAL BANK HOLDINGS CORP., CLASS A		2,261,240		2,362,269
	96,979	NEW MOUNTAIN FINANCE CORP.		1,427,329		1,251,029
	21,468	NEWCASTLE INVESTMENT CORP.		82,922		98,538
	39,433	NORTHWEST BANCSHARES, INC.		482,598		584,791
	14,417	OCEANFIRST FINANCIAL CORP.		221,152		261,957
	16,356	OLD LINE BANCSHARES, INC.		289,631		294,408
	46,378	OPUS BANK		1,698,702		1,567,576
	31,900	OUTFRONT MEDIA, INC.		731,776		771,023
	39,360	PACIFIC CONTINENTAL CORP.		452,033		618,346
	24,696	PACIFIC MERCANTILE BANCORP(b)		156,100		175,342
	29,286	PACWEST BANCORP		728,558		1,164,997
	16,341	PARK STERLING CORP.		111,567		115,858

See accompanying notes to the financial statements.  44 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Financials (Cont’d):
	15,507	PATRIOT NATIONAL, INC.(b)	$	133,325		126,847
	25,921	PEOPLES BANCORP, INC.		588,589		564,819
	27,259	PEOPLE’S UTAH BANCORP		416,298		452,499
	72,700	PROVIDENT FINANCIAL SERVICES, INC.		1,313,447		1,427,828
	10,622	QCR HOLDINGS, INC.		206,661		288,812
	28,790	RYMAN HOSPITALITY PROPERTIES, INC.		791,091		1,458,214
	55,900	SABRA HEALTH CARE REIT, INC.		1,036,167		1,153,497
	3,560	SHORE BANCSHARES, INC.		39,184		41,830
	29,297	SI FINANCIAL GROUP, INC.		292,666		387,892
	21,227	SOUTHERN MISSOURI BANCORP, INC.		510,327		499,471
	96,269	STAG INDUSTRIAL, INC.		1,778,564		2,292,165
	14,460	STATE BANK FINANCIAL CORP.		234,256		294,261
	16,871	STONEGATE BANK		462,865		544,427
	2,537	STRATUS PROPERTIES, INC.(b)		46,756		47,518
	44,000	SYNOVUS FINANCIAL CORP.		1,111,625		1,275,560
	11,025	TRICO BANCSHARES		267,391		304,290
	36,400	UMB FINANCIAL CORP.		1,889,017		1,936,844
	31,436	UNITED FINANCIAL BANCORP, INC.		407,491		408,039
	39,086	UNIVEST CORP. OF PENNSYLVANIA		709,690		821,588
	38,500	URBAN EDGE PROPERTIES		880,313		1,149,610
	12,435	URSTADT BIDDLE PROPERTIES, INC., CLASS A		209,933		308,139
	16,824	VALIDUS HOLDINGS LTD.(c)		755,212		817,478
	72,989	WALKER & DUNLOP, INC.(b)		1,418,027		1,662,689
	9,892	WASHINGTONFIRST BANKSHARES, INC.		197,840		213,766
	41,916	WESTERN ASSET MORTGAGE CAPITAL CORP.		412,297		393,591
	50,500	XENIA HOTELS & RESORTS, INC.		1,111,008		847,390
				65,576,054		71,980,494		25.63	%
	Health Care:
	38,622	ACCURAY, INC.(b)		220,178		200,448
	28,899	ADEPTUS HEALTH, INC., CLASS A(b)		1,723,676		1,492,922
	51,401	AIR METHODS CORP.(b)		2,107,599		1,841,698
	5,380	ALBANY MOLECULAR RESEARCH, INC.(b)		89,232		72,307
	83,387	ALERE, INC.(b)		3,013,224		3,475,570
	3,212	ALMOST FAMILY, INC.(b)		131,719		136,863
	64,411	AMN HEALTHCARE SERVICES, INC.(b)		1,820,840		2,574,508
	10,424	AMSURG CORP.(b)		851,060		808,277
	8,253	CROSS COUNTRY HEALTHCARE, INC.(b)		101,623		114,882
	86,090	DEPOMED, INC.(b)		2,237,574		1,689,086
	39,246	EMERGENT BIOSOLUTIONS, INC.(b)		1,064,530		1,103,598
	70,121	GLOBUS MEDICAL, INC., CLASS A(b)		1,191,665		1,670,984
	30,031	HEALTHSOUTH CORP.		916,807		1,165,803
	117,571	HMS HOLDINGS CORP.(b)		1,838,544		2,070,425
	52,609	HORIZON PHARMA PLC(b)		898,540		866,470
	42,842	ICON PLC(b)(c)		2,376,564		2,999,368
	3,134	LANDAUER, INC.		101,867		128,996
	24,963	LIFEPOINT HEALTH, INC.(b)		1,694,278		1,631,831
	13,304	MAGELLAN HEALTH, INC.(b)		860,861		875,004
	65,310	NUVECTRA CORP.(b)		431,874		483,294
	51,192	OMNICELL, INC.(b)		1,750,633		1,752,302
	20,862	PHARMERICA CORP.(b)		456,826		514,457
	21,516	PSYCHEMEDICS CORP.		245,454		295,630
	7,983	SAGENT PHARMACEUTICALS, INC.(b)		107,466		119,585
	47,639	STREAMLINE HEALTH SOLUTIONS, INC.(b)		65,051		57,167
	26,129	SYMMETRY SURGICAL, INC.(b)		266,279		343,074
	24,652	WEST PHARMACEUTICAL SERVICES, INC.		554,228		1,870,594
	48,246	WRIGHT MEDICAL GROUP N.V.(b)(c)		1,262,788		838,033
				28,380,980		31,193,176		11.11	%
	Industrials:
	18,900	A.O. SMITH CORP.		369,351		1,665,279
	12,026	AAR CORP.		271,187		280,687
	44,000	ABM INDUSTRIES, INC.		1,286,854		1,605,120
	52,250	AEROJET ROCKETDYNE HOLDINGS, INC.(b)		819,063		955,130
	6,236	AEROVIRONMENT, INC.(b)		143,559		173,361
	46,400	AIR LEASE CORP.		1,139,629		1,242,592
	19,574	ALBANY INTERNATIONAL CORP., CLASS A		743,849		781,590
	7,715	ALLEGIANT TRAVEL CO.		976,810		1,168,823
	9,939	ALLIED MOTION TECHNOLOGIES, INC.		222,230		231,181

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Industrials (Cont’d):
	34,992	ASTRONICS CORP.(b)	$	1,417,565		1,163,834
	77,951	BABCOCK & WILCOX ENTERPRISES, INC.(b)		1,664,569		1,145,100
	80,890	CASELLA WASTE SYSTEMS, INC., CLASS A(b)		395,401		634,987
	16,656	CURTISS-WRIGHT CORP.		1,148,539		1,403,268
	8,940	DIGITALGLOBE, INC.(b)		116,098		191,227
	82,895	ECHO GLOBAL LOGISTICS, INC.(b)		2,012,916		1,858,506
	5,862	ENCORE WIRE CORP.		212,351		218,535
	10,947	ENNIS, INC.		196,803		209,963
	20,000	ENPRO INDUSTRIES, INC.		569,233		887,800
	57,681	ESCO TECHNOLOGIES, INC.		2,093,236		2,303,779
	77,514	GENERAC HOLDINGS, INC.(b)		2,826,990		2,709,889
	25,623	GENERAL CABLE CORP.		352,425		325,668
	9,500	GENESEE & WYOMING, INC., CLASS A(b)		231,632		560,025
	59,473	HARSCO CORP.		450,051		394,901
	27,229	HURON CONSULTING GROUP, INC.(b)		1,518,352		1,645,176
	95,602	INTERFACE, INC.		1,592,298		1,457,931
	37,400	ITT, INC.		806,661		1,196,052
	34,320	JASON INDUSTRIES, INC.(b)		223,106		123,895
	24,000	JOHN BEAN TECHNOLOGIES CORP.		310,008		1,469,280
	3,113	KADANT, INC.		121,449		160,350
	91,039	LSI INDUSTRIES, INC.		807,178		1,007,802
	233,898	MANITOWOC (THE) CO., INC.		1,153,311		1,274,744
	74,169	MANITOWOC FOODSERVICE, INC.(b)		910,052		1,306,858
	8,458	MERCURY SYSTEMS, INC.(b)		122,123		210,266
	4,493	NCI BUILDING SYSTEMS, INC.(b)		46,444		71,843
	13,165	NORDSON CORP.		865,413		1,100,726
	34,823	NORTEK, INC.(b)		1,598,562		2,065,352
	83,678	ON ASSIGNMENT, INC.(b)		2,590,290		3,091,902
	3,446	PARK-OHIO HOLDINGS CORP.		83,743		97,453
	185,166	PGT, INC.(b)		2,271,109		1,907,210
	3,086	PIONEER POWER SOLUTIONS, INC.(b)		14,966		16,510
	30,289	QUANEX BUILDING PRODUCTS CORP.		566,996		563,072
	11,400	REGAL BELOIT CORP.		814,600		627,570
	43,800	RITCHIE BROS. AUCTIONEERS, INC.(c)		969,778		1,479,564
	43,777	SPARTON CORP.(b)		977,021		953,025
	5,120	TASER INTERNATIONAL, INC.(b)		78,030		127,386
	11,973	TELEDYNE TECHNOLOGIES, INC.(b)		414,675		1,185,926
	9,812	TITAN MACHINERY, INC.(b)		105,005		109,404
	20,491	TRIMAS CORP.(b)		403,836		368,838
	36,323	VIAD CORP.		977,323		1,126,013
	47,482	WOODWARD, INC.		1,871,091		2,736,862
				41,873,761		49,592,255		17.66	%
	Information Technology:
	9,029	ANGIE’S LIST, INC.(b)		73,156		58,779
	13,778	ASURE SOFTWARE, INC.(b)		81,915		64,894
	9,712	AUTOBYTEL, INC.(b)		137,415		134,705
	31,599	BELDEN, INC.		1,882,003		1,907,632
	10,783	BENCHMARK ELECTRONICS, INC.(b)		210,629		228,060
	113,301	CALLIDUS SOFTWARE, INC.(b)		1,276,838		2,263,754
	10,754	CARBONITE, INC.(b)		86,327		104,636
	52,848	COGNEX CORP.		1,443,273		2,277,749
	35,951	COMTECH TELECOMMUNICATIONS CORP.		494,109		461,611
	51,000	DIEBOLD, INC.		1,541,987		1,266,330
	25,831	DSP GROUP, INC.(b)		241,381		274,067
	87,742	ELECTRONICS FOR IMAGING, INC.(b)		3,675,992		3,776,416
	23,656	EPIQ SYSTEMS, INC.		371,975		345,378
	32,408	EURONET WORLDWIDE, INC.(b)		1,384,235		2,242,310
	23,518	EXAR CORP.(b)		147,260		189,320
	44,918	FARO TECHNOLOGIES, INC.(b)		1,597,779		1,519,576
	41,056	FLEETMATICS GROUP PLC(b)(c)		1,787,793		1,778,956
	91,526	FRANKLIN WIRELESS CORP.(b)		177,626		212,340
	53,259	FREQUENCY ELECTRONICS, INC.(b)		535,578		495,309
	29,036	GLOBALSCAPE, INC.		67,878		107,143
	168,115	INTERNAP CORP.(b)		817,989		346,317
	23,482	INTEST CORP.(b)		83,922		89,466
	33,627	IPG PHOTONICS CORP.(b)		1,931,026		2,690,160
	30,550	ITERIS, INC.(b)		59,851		87,373
	83,725	JABIL CIRCUIT, INC.		1,449,144		1,546,401

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2016

Shares			Security	Cost		Fair value (a)		Percent of net assets
	Information Technology (Cont’d):
	2,374		KIMBALL ELECTRONICS, INC.(b)	$	24,926		29,556
	68,700		KNOWLES CORP.(b)		1,566,725		939,816
	42,525		LATTICE SEMICONDUCTOR CORP.(b)		250,993		227,509
	50,874		LIONBRIDGE TECHNOLOGIES, INC.(b)		209,992		200,952
	49,194		MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.(b)		1,717,610		1,622,418
	114,398		MAGNACHIP SEMICONDUCTOR CORP.(b)(c)		501,568		647,493
	32,153		MARCHEX, INC., CLASS B(b)		119,058		102,247
	208,800		MITEL NETWORKS CORP.(b)(c)		1,781,983		1,313,352
	10,389		PC-TEL, INC.		55,601		48,932
	3,411		PERCEPTRON, INC.(b)		14,651		15,963
	79,939		PERFICIENT, INC.(b)		1,306,759		1,623,561
	144,591		QUANTUM CORP.(b)		117,428		60,728
	13,682		RADWARE LTD.(b)(c)		224,744		154,059
	29,882		ROFIN-SINAR TECHNOLOGIES, INC.(b)		959,779		954,431
	26,309		ROGERS CORP.(b)		1,562,329		1,607,480
	10,929		SHORETEL, INC.(b)		79,556		73,115
	298,882		SUPPORT.COM, INC.(b)		337,640		251,360
	70,883		SYNCHRONOSS TECHNOLOGIES, INC.(b)		2,594,715		2,258,332
	31,207		SYNNEX CORP.		1,423,811		2,959,048
	63,765		UNITED ONLINE, INC.(b)		727,119		701,415
	26,300		VERINT SYSTEMS, INC.(b)		998,158		871,319
	9,500		WEX, INC.(b)		248,602		842,365
					38,380,828		41,974,133		14.94	%
	Materials:
	82,230		BERRY PLASTICS GROUP, INC.(b)		2,288,629		3,194,636
	97,851		CHEMTURA CORP.(b)		2,189,731		2,581,309
	48,700		COMMERCIAL METALS CO.		803,504		823,030
	38,763		HANDY & HARMAN LTD.(b)		724,342		1,015,203
	11,083		INNOPHOS HOLDINGS, INC.		342,496		467,814
	11,600		KAISER ALUMINUM CORP.		883,670		1,048,756
	38,800		KAPSTONE PAPER AND PACKAGING CORP.		1,069,815		504,788
	47,851		KOPPERS HOLDINGS, INC.(b)		936,507		1,470,461
	143,548		RENTECH, INC.(b)		1,042,911		344,515
	23,600		SENSIENT TECHNOLOGIES CORP.		1,325,990		1,676,544
	3,782		UFP TECHNOLOGIES, INC.(b)		79,881		85,246
					11,687,476		13,212,302		4.70	%
	Telecommunication Services:
	3,370		INTELIQUENT, INC.		59,231		67,029
					59,231		67,029		0.02	%
	Utilities:
	47,981		ALLETE, INC.		2,137,192		3,101,012
	24,100		BLACK HILLS CORP.		1,424,609		1,519,264
	4,210		DELTA NATURAL GAS CO., INC.		83,575		113,417
	20,300		NORTHWESTERN CORP.		1,050,290		1,280,321
	61,893		PURE CYCLE CORP.(b)		291,244		291,516
	53,800		SOUTH JERSEY INDUSTRIES, INC.		1,515,959		1,701,156
	25,153		SPIRE, INC.		1,273,643		1,781,839
					7,776,512		9,788,525		3.48	%
		Sub-total Common Stocks:			240,043,611		270,281,613		96.23	%

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2016 

Shares	Security	Cost		Fair value (a)		Percent of net assets
Short-Term Investments:
12,364,727	NORTHERN INSTITUTIONAL FUNDS -
	U.S. GOVERNMENT SELECT PORTFOLIO, 0.25%(d)	$	12,364,727		12,364,727
	Sub-total Short-Term Investments:		12,364,727		12,364,727		4.40	%
	Grand total(e)	$	252,408,338		282,646,340		100.63	%

Notes to Schedule of Investments:

(a)	Investments are valued in accordance with procedures described in note 2 to the financial statements.
(b)	Non-income producing assets.
(c)	Foreign security values are stated in U.S. dollars. As of June 30, 2016, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 3.68% of net assets.
(d)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2015, the value of the Clearwater Small Companies Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $17,783,263 with net sales of $5,418,536 during the six months ended June 30, 2016.
(e)	At June 30, 2016, the cost for Federal income tax purposes was $253,740,258. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows:

Gross unrealized appreciation	$	43,369,776
Gross unrealized depreciation		(14,463,694	)
Net unrealized appreciation	$	28,906,082

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Small Companies Fund (unaudited)
July 19, 1913

 

 49 (Continued)

CLEARWATER INVESTMENT TRUST 

Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016

Par/Shares		Security		Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
	Closed-End Funds:
	227,600		BLACKROCK LNG-TM MUN ADV				$	2,360,733		2,904,176
	12,000		BLACKROCK MUNIHOLDINGS II					174,062		203,640
	148,800		BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND					1,705,296		2,398,656
	57,300		BLACKROCK MUNIHOLDINGS QUALITY FUND II INC					729,193		852,051
	35,700		BLACKROCK MUNIHOLDINGS QUALITY FUND INC					474,032		544,782
	8,302		BLACKROCK MUNIYIELD FUND INC					122,288		133,579
	55,111		BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND					701,111		860,283
	142,461		BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC					1,846,525		2,206,721
	51,700		BLACKROCK MUNIYIELD PENNS					729,423		825,649
	101,896		BLACKROCK MUNIYIELD QUAL					1,307,244		1,475,454
	118,472		BLACKROCK MUNIYIELD QUALITY FUND III INC					1,572,465		1,855,272
	119,596		DEUTSCHE MUNICIPAL INCOME					1,271,345		1,728,162
	33,000		DREYFUS STRAT MUN COM USD					301,450		313,500
	43,668		DREYFUS STRATEGIC MUNI BD					359,770		396,069
	19,318		EATON VANCE CALI MUN BOND					214,134		261,759
	178,050		INVESCO ADV MUN INC TR II					1,985,371		2,375,187
	113,205		INVESCO MUNICIPAL OPP TR					1,410,252		1,686,755
	66,122		INVESCO QUALITY MUNI INC					750,670		913,806
	30,000		INVESCO TST. FOR INV. GRA					398,796		445,800
	50,248		MANAGED DURATION INVESTME					635,196		739,651
	15,963		NUVEEN MI QUALITY INCOME					214,604		245,032
	52,779		NUVEEN PENN INV QUAL MUNI					723,142		813,324
	30,200		NUVEEN PREMIER MUNI INC F					409,657		455,114
	238,709		NUVEEN PREMIUM INC MUNI F					3,273,534		3,697,602
	22,077		WESTERN ASSET MUNICIPAL P					276,995		379,945
		Sub-total Closed-End Funds						23,947,288		28,711,969		5.60	%
	Municipal Bonds:
	2,350,000		ACALANES CA UNION HIGH SCH DIST(b)	8/1/2039		2.02		1,176,815		2,297,383
	1,000,000		AGUA CALIENTE CA BAND OF CAHUILLA INDIANS REVENUE(c)	7/1/2018		6.00		979,309		999,970
	650,000		ALABAMA ST HSG FIN AUTH SF MTGE REVENUE	10/1/2028		5.25		650,000		681,239
	1,000,000		ALACHUA CNTY FL HLTH FACS AUTH CCRC	10/1/2032		8.00		1,137,829		1,267,420
	750,000		ALASKA ST HSG FIN CORP MTGE REVENUE	12/1/2037		4.13		736,876		789,007
	500,000		ALASKA ST HSG FIN CORP MTGE REVENUE	12/1/2040		4.63		495,000		525,545
	350,000		ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(d)	12/1/2010		5.40		350,000		47,250
	780,000		ALLEGHENY CNTY PA INDL DEV AUTH CHRT SCH REVENUE	8/15/2026		5.90		780,000		853,359
	1,000,000		ALVORD CA UNIF SCH DIST	8/1/2036		5.25		1,023,683		1,214,450
	1,000,000		ALVORD CA UNIF SCH DIST(b)	8/1/2046		1.89		392,870		982,110
	1,000,000		AMERICAN SAMOA AS ECON DEV AUTH GEN REVENUE	9/1/2029		6.25		1,000,000		1,042,380
	780,469		ARIZONA ST HLTH FACS AUTH	7/1/2027		5.25		761,870		812,968
	895,000		ARIZONA ST HLTH FACS AUTH HLTH CARE FACS REVENUE	10/1/2022		5.10		882,944		898,249
	2,060,000		ARLINGTON TX HGR EDU FIN CORP EDU REVENUE	8/15/2028		7.00		2,032,491		2,316,058
	500,000		ASTURIA FL CMNTY DEV DIST SPL ASSMNT	5/1/2034		5.75		500,000		518,920
	300,000		ASTURIA FL CMNTY DEV DIST SPL ASSMNT	5/1/2045		5.75		297,059		309,831
	500,000		ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE	6/15/2039		5.00		519,016		587,750
	500,000		ATLANTA GA ARPT REVENUE	1/1/2030		6.00		510,837		611,285
	500,000		ATLANTA GA DEV AUTH	7/1/2035		4.00		491,803		547,040
	1,500,000		BAY CNTY FL EDUCTNL FACS REVENUE	9/1/2030		5.25		1,394,056		1,580,685
	1,000,000		BELLALAGO FL EDUCTNL FACS BENEFIT DIST CAPITAL IMPT REVENUE	5/1/2030		4.38		984,161		1,110,470

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

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016

Par/Shares		Security		Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
	Municipal Bonds (Cont’d):
	1,195,000		BELLWOOD IL	12/1/2027		5.88	$	1,185,689		1,436,653
	970,000		BEXAR CNTY TX HSG FIN CORP	2/1/2035		3.75		970,000		1,043,904
	2,000,000		BEXAR CNTY TX REVENUE	8/15/2039		5.00		2,115,418		2,262,840
	500,000		BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE	5/1/2035		6.25		500,000		524,845
	750,000		BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE	5/1/2045		6.25		750,000		788,512
	500,000		BOONE CNTY MO HOSP REVENUE	8/1/2028		5.75		504,868		547,640
	750,000		BOWLING GREEN OH STUDENT HSG REVENUE	6/1/2031		5.75		723,155		825,420
	1,150,000		BURBANK IL EDUCTNL FACS REVENUE(c)	9/1/2035		6.00		1,150,000		1,223,220
	1,000,000		BUREAU CNTY TWP IL HIGH SCH DIST #502	10/1/2043		6.63		1,058,340		1,297,390
	390,000		BUTLER CNTY PA GEN AUTH REVENUE	10/1/2034		1.11		390,000		313,673
	124,028		CALIFORNIA ST CMNTY HSG FIN AGY LEASE REVENUE(d)	8/1/2012		4.65		124,028		124
	351,527		CALIFORNIA ST CMNTY HSG FIN AGY LEASE REVENUE(d)	11/1/2012		4.85		347,373		35
	500,000		CALIFORNIA ST HLTH FACS FING AUTH REVENUE	8/15/2033		5.50		505,971		603,300
	1,000,000		CALIFORNIA ST HSG FIN AGY REVENUE	8/1/2033		5.45		931,579		1,053,630
	500,000		CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK ST SCH FUND APP	8/15/2029		5.75		502,408		579,250
	1,500,000		CALIFORNIA ST SCH FACS FING AUTH REVENUE(b)	8/1/2029		1.64		1,157,043		1,943,250
	1,000,000		CALIFORNIA ST STWD CMNTYS DEV AUTH EDUCTNL FACS REVENUE	7/1/2030		5.15		844,391		1,011,250
	600,000		CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE	11/1/2021		6.50		600,000		688,146
	1,400,000		CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE	1/15/2036		5.60		1,400,000		1,562,750
	400,000		CALIFORNIA STWD CMNTYS DEV AUTH REVENUE	11/1/2023		5.13		400,000		434,300
	750,000		CAPITAL TRUST AGY FL REVENUE	4/1/2035		7.00		750,000		808,440
	1,750,000		CAPITAL TRUST AGY FL REVENUE(c)	12/1/2035		6.75		1,748,637		1,841,612
	1,000,000		CARLSBAD CA UNIF SCH DIST(b)	8/1/2031		2.26		632,850		1,141,150
	1,000,000		CARMEL IN REVENUE	11/15/2022		6.00		986,940		1,126,840
	1,000,000		CARMEL IN REVENUE	11/15/2027		7.00		1,019,137		1,153,910
	500,000		CEDAR FALLS IA CMNTY SCH DIST SCH INFRASTRUCTURE SALES SVCS	6/1/2027		5.38		498,650		555,605
	1,000,000		CENTRL BRADFORD PROGRESS AUTH PA	12/1/2031		5.50		1,023,423		1,199,940
	595,000		CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE	11/1/2022		5.00		494,559		595,797
	80,000		CHICAGO IL BRD OF EDU	12/1/2017		5.00		80,000		81,345
	1,000,000		CHICAGO IL MIDWAY ARPT REVENUE	1/1/2035		5.25		1,002,149		1,169,990
	100,000		CITIZEN POTAWATOMI NATION OK SENIOR OBLG TAX REVENUE	9/1/2016		6.50		100,000		100,305
	320,000		CLIFTON TX HGR EDU FIN CORP EDU REVENUE	2/15/2018		7.75		318,771		330,816
	1,500,000		CLOVIS CA UNIF SCH DIST(e)	8/1/2030		0.00		641,733		878,325
	750,000		COLLIER CNTY FL INDL DEV AUTH	10/1/2039		6.25		736,462		908,205

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

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016

Par/Shares		Security		Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
	Municipal Bonds (Cont’d):
	1,000,000		COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV(c)	5/15/2020		6.50	$	1,000,000		1,002,000
	650,000		COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV(c)	5/15/2022		5.25		650,000		651,631
	750,000		COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV(c)	5/15/2026		7.25		750,000		892,560
	1,500,000		COLORADO ST EDUCTNL & CULTURAL FACS AUTH INDEP SCH REVENUE	5/1/2030		6.00		1,465,474		1,657,260
	1,000,000		COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE	6/1/2033		5.50		976,495		1,078,630
	1,000,000		COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE	7/1/2034		5.60		994,320		1,106,130
	1,000,000		COLORADO ST HLTH FACS AUTH REVENUE	8/1/2033		7.63		988,169		1,194,650
	500,000		COLORADO ST HLTH FACS AUTH REVENUE(c)	12/1/2035		5.75		491,962		524,045
	160,000		COLORADO ST HSG & FIN AUTH	10/1/2029		5.40		160,000		170,707
	170,000		COLORADO ST HSG FIN AUTH SF MTGE REVENUE	11/1/2034		5.00		170,000		173,645
	1,000,000		COLTON CA JT UNIF SCH DIST(b)	8/1/2035		1.86		620,515		972,250
	1,500,000		CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	11/15/2035		3.75		1,500,000		1,580,580
	1,000,000		CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	5/15/2038		3.95		1,000,000		1,075,430
	1,000,000		CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	11/15/2040		3.75		1,000,000		1,059,440
	5,000,000		CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	11/15/2047		3.65		5,000,000		5,180,550
	500,000		COPPERLEAF CO MET DIST #2	12/1/2030		5.25		500,000		535,545
	500,000		COPPERLEAF CO MET DIST #2	12/1/2045		5.75		500,000		536,615
	1,105,000		CORONA-NORCO CA UNIF SCH DIST(b)	8/1/2039		1.35		742,789		1,523,784
	637,000		CORTLAND IL SPL TAX REVENUE(d)	3/1/2017		5.50		633,881		127,260
	500,000		COVENTRY OH LOCAL SCH DIST	11/1/2037		5.25		505,779		561,890
	330,000		CROW FIN AUTH MT TRIBAL PURPOSE REVENUE	10/1/2017		5.65		327,344		331,333
	750,000		CRYSTAL CO CROSSING MET DIST	12/1/2040		5.25		750,000		773,580
	474,200		CUYAHOGA CNTY OH HSG MTGE REVENUE	3/20/2042		5.70		484,170		500,030
	1,000,000		DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE	11/1/2037		5.25		1,009,686		1,214,620
	2,000,000		DAMON RUN IN CONSERVANCY DIST	7/1/2025		6.10		2,019,000		2,240,640
	1,000,000		DAMON RUN IN CONSERVANCY DIST	1/1/2027		6.38		1,007,416		1,125,020
	1,000,000		DAVIE FL EDUCTNL FACS REVENUE	4/1/2042		6.00		1,024,415		1,228,750
	500,000		DAVIESS CNTY IN HOSP ASSN LEASE RENTAL REVENUE	1/15/2029		5.25		490,966		552,555
	1,000,000		DAYTON-MONTGOMERY CNTY OH PORT AUTH PROJ REVENUE	1/15/2040		7.00		1,000,000		1,038,310
	500,000		DECATUR IL	3/1/2034		5.00		516,042		582,180

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

CLEARWATER INVESTMENT TRUST 

Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016

Par/Shares		Security		Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
	Municipal Bonds (Cont’d):
	1,000,000		DEKALB/KANE/LA SALLE CNTYS IL CMNTY CLG DIST #523(e)	2/1/2029		0.00	$	516,020		543,830
	1,000,000		DEL MAR CA RACE TRACK AUTH	10/1/2035		5.00		1,055,774		1,137,230
	275,000		DELAWARE ST HSG AUTH REVENUE	7/1/2031		5.20		275,000		293,914
	500,000		DINUBA CA FING AUTH LEASE REVENUE	9/1/2038		5.38		495,188		512,110
	500,000		DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE	7/1/2033		5.45		500,000		564,690
	1,000,000		DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE	6/1/2040		4.90		1,000,000		1,081,880
	1,000,000		DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE	6/1/2041		5.00		1,000,000		1,101,960
	1,000,000		DOUGLAS CNTY CO MF REVENUE	10/1/2029		4.50		1,000,000		1,088,080
	3,000,000		DUBLIN CA UNIF SCH DIST(e)	8/1/2034		0.00		963,512		1,121,970
	1,000,000		EAST CHICAGO IN SAN DIST REVENUE	7/15/2035		4.00		993,270		1,091,730
	1,500,000		EAST MORGAN CNTY CO HOSP DIST COPS	12/1/2038		5.88		1,500,000		1,557,405
	2,045,000		EDEN TWP CA HOSP DIST COPS	6/1/2030		6.00		2,025,883		2,361,055
	750,000		EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE	7/1/2033		6.38		742,667		868,477
	1,000,000		EL PASO TX DOWNTOWN DEV CORP SPL REVENUE	8/15/2038		7.25		1,074,562		1,298,350
	1,000,000		ENCINITAS CA UNION SCH DIST(b)	8/1/2035		2.16		556,282		1,141,250
	1,155,000		ENTERPRISE CA ELEM SCH DIST(b)	8/1/2035		1.94		696,714		1,236,555
	1,000,000		ERIE CNTY PA HOSP AUTH	7/1/2027		7.00		1,000,000		1,073,620
	600,000		ESCONDIDO CA SPL TAX	9/1/2036		5.00		651,393		728,796
	500,000		FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE	8/1/2039		5.60		500,000		526,415
	238,000		FARMS NEW KENT VA CMNTY DEV AUTH SPL ASSMNT(d)	3/1/2036		5.13		238,000		59,512
	1,000,000		FAYETTE CNTY KY SCH DIST FIN CORP	8/1/2033		4.00		990,000		1,101,570
	1,000,000		FESTIVAL RANCH AZ CMNTY FACS DIST	7/15/2024		6.25		1,006,834		1,111,410
	315,000		FIDDLERS CREEK FL CDD #2 SPL ASSMNT REVENUE(d)	5/1/2013		5.75		314,118		233,100
	875,000		FISHHAWK CCD IV FL SPL ASSMNT REVENUE	5/1/2033		7.00		875,000		971,460
	1,000,000		FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE	6/15/2034		6.00		990,174		1,057,570
	1,000,000		FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(c)	6/15/2035		6.00		1,001,313		1,049,380
	305,000		FLORIDA ST HSG FIN CORP REVENUE	7/1/2026		5.00		305,555		334,359
	950,000		FLORIDA ST HSG FIN CORP REVENUE	7/1/2034		5.30		950,541		997,462
	1,000,000		FLORIDA ST HSG FIN CORP REVENUE	7/1/2035		3.75		1,000,000		1,088,810
	940,000		FLORIDA ST HSG FIN CORP REVENUE	7/1/2039		4.20		940,000		1,013,969
	1,250,000		FORT SILL APACHE TRIBE OK ECONDEV AUTH GAMING ENTERPRISE REV(c)	8/25/2026		8.50		1,250,000		1,518,050
	1,000,000		FRANKLIN CNTY KS UNIF SCH DIST #290	9/1/2039		4.75		1,052,325		1,173,480
	1,040,000		FULTON CNTY GA DEV AUTH	11/1/2028		5.25		905,429		1,041,612
	1,000,000		FYI PROPERTIES WA LEASE REVENUE	6/1/2034		5.50		983,151		1,123,560

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

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016

Par/Shares		Security		Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
	Municipal Bonds (Cont’d):
	500,000		GAINESVILLE & HALL CNTY GA DEV AUTH RETMNT CMNTY REVENUE	11/15/2029		6.38	$	507,146		588,965
	1,586,920		GALVESTON CNTY TEX MUN UTIL DIST NO 52	2/22/2017		5.37		1,288,407		1,189,968
	3,500,000		GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2037		3.80		3,500,000		3,666,495
	2,000,000		GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2037		4.00		2,000,000		2,111,620
	4,500,000		GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2040		3.80		4,500,000		4,777,680
	1,000,000		GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2041		3.85		1,006,118		1,055,260
	1,950,000		GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2043		3.90		1,947,619		2,036,677
	1,500,000		GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE(b)	10/1/2035		1.91		929,020		1,379,505
	1,115,000		HAMILTON CNTY OH HLTH CARE REVENUE	1/1/2031		6.13		1,088,841		1,305,464
	1,250,000		HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE	8/15/2021		6.75		1,250,000		1,377,200
	1,500,000		HARTNELL CA CMNTY CLG DIST(b)	8/1/2034		2.36		787,737		1,483,710
	3,500,000		HEALDSBURG CA UNIF SCH DIST(b)	8/1/2037		1.44		2,399,975		3,000,550
	1,000,000		HELENDALE CA SCH DIST(b)	8/1/2034		1.82		645,224		1,174,300
	750,000		HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE	9/1/2038		5.00		755,798		879,330
	2,000,000		HENDERSON NV HLTHCARE FAC REVENUE	7/1/2031		5.25		2,000,000		2,073,340
	840,000		HERITAGE HARBOUR FL N CDD SPLASSMNT	5/1/2034		5.00		840,000		923,849
	1,000,000		HIDALGO CNTY TX REGL MOBILITY AUTH VEHICLE REGISTRATION FEE	12/1/2038		5.25		1,028,418		1,206,960
	500,000		HIGHLANDS CNTY FL HLTH FACS AUTH	11/15/2032		5.13		500,119		508,560
	47,000		HOUMA-TERREBONNE LA PUBLIC TRUST FING AUTH SF MTGE	12/1/2040		5.15		48,488		47,062
	1,500,000		HOUSTON TX HGR EDU FIN CORP	9/1/2038		5.50		1,539,298		1,772,670
	500,000		IDAHO ST HLTH FACS AUTH REVENUE	10/1/2021		6.00		500,000		500,835
	750,000		IDAHO ST HLTH FACS AUTH REVENUE	10/1/2024		7.00		750,000		850,882
	750,000		IDAHO ST HLTH FACS AUTH REVENUE	10/1/2029		7.38		742,103		834,832
	500,000		ILLINOIS ST	7/1/2033		5.50		498,790		566,275
	1,500,000		ILLINOIS ST	3/1/2034		5.00		1,500,000		1,513,215
	480,000		ILLINOIS ST COPS	7/1/2017		5.80		480,000		481,262
	1,000,000		ILLINOIS ST EDUCTNL FACS AUTH	11/1/2036		4.50		1,000,000		1,073,960
	500,000		ILLINOIS ST FIN AUTH EDU REVENUE	9/1/2032		6.00		500,000		586,935
	675,000		ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE	2/1/2034		6.00		683,135		735,358
	610,000		ILLINOIS ST FIN AUTH REVENUE	8/15/2026		6.00		610,357		611,653
	500,000		ILLINOIS ST FIN AUTH REVENUE	3/15/2027		5.00		502,705		513,820
	465,000		ILLINOIS ST FIN AUTH REVENUE	5/15/2029		5.25		466,644		497,875
	1,045,000		ILLINOIS ST FIN AUTH REVENUE	5/15/2030		5.50		1,063,306		1,145,769
	750,000		ILLINOIS ST FIN AUTH REVENUE	11/15/2036		5.25		751,500		759,892
	570,000		ILLINOIS ST FIN AUTH REVENUE	2/1/2037		5.25		570,280		582,859
	750,000		ILLINOIS ST FIN AUTH REVENUE	12/1/2037		5.00		773,834		833,227

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016

Par/Shares		Security		Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
	Municipal Bonds (Cont’d):
	500,000		ILLINOIS ST FIN AUTH REVENUE	3/1/2038		6.00	$	486,400		554,670
	1,000,000		ILLINOIS ST FIN AUTH STUDENT HSG REVENUE	10/1/2024		6.00		991,964		1,136,930
	1,000,000		ILLINOIS ST HSG DEV AUTH	7/1/2034		4.95		1,000,000		1,114,320
	500,000		ILLINOIS ST HSG DEV AUTH	7/1/2047		4.50		465,720		500,470
	1,500,000		ILLINOIS ST SPORTS FACS AUTH	6/15/2031		5.25		1,614,962		1,753,530
	1,000,000		IMPERIAL CA CMNTY CLG DIST	8/1/2040		6.75		1,000,000		1,374,330
	500,000		INDIANA ST BOND BANK REVENUE	2/1/2029		5.50		492,401		555,380
	3,000,000		INDIANA ST FIN AUTH REVENUE	9/15/2030		6.50		3,052,706		3,540,690
	500,000		INDIANA ST FIN AUTH REVENUE	11/15/2031		5.50		493,344		569,590
	1,000,000		INDIANA ST FIN AUTH REVENUE	11/15/2033		6.50		987,125		1,177,110
	1,000,000		INDIANA ST FIN AUTH REVENUE	3/1/2041		5.00		1,050,238		1,125,160
	500,000		INDIANA ST FIN AUTH REVENUE	11/15/2041		5.88		542,721		595,915
	1,000,000		INDIANA ST FIN AUTH REVENUE	11/15/2041		6.00		987,062		1,200,790
	575,000		INDIANA ST HLTH & EDUCTNL FACFING AUTH HOSP REVENUE	2/15/2030		5.25		449,203		576,972
	1,500,000		INDIANA ST HSG & CMNTY DEV AUTH MF HSG REVENUE	1/1/2036		5.75		1,500,000		1,540,560
	5,798,733		INTERMEDIATE SCH DIST #287 MN LEASE REVENUE	11/1/2032		5.30		5,590,961		5,837,527
	2,000,000		JEFFERSON CA UNION HIGH SCH DIST SAN MATEO CNTY(e)	8/1/2031		0.00		758,922		679,820
	245,000		JEFFERSON PARISH LA FIN AUTH	6/1/2038		5.00		254,870		253,820
	90,000		JEFFERSON PARISH LA FIN AUTH	12/1/2048		5.70		94,458		95,324
	955,000		KANSAS CITY MO INDL DEV AUTH	9/1/2023		5.45		955,000		1,026,100
	1,000,000		KANSAS CITY MO INDL DEV AUTH	11/20/2039		5.10		1,000,000		1,066,830
	1,500,000		KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE(c)	11/15/2036		5.75		1,500,000		1,557,225
	175,000		KENTUCKY ST ECON DEV FIN AUTH MF HSG REVENUE	11/20/2035		5.38		175,000		180,638
	1,000,000		KENTUCKY ST HSG CORP HSG REVENUE	7/1/2028		3.75		985,720		1,079,580
	750,000		KING CNTY WA HSG AUTH	5/1/2028		5.20		750,000		816,105
	465,000		KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE	5/15/2021		8.00		465,000		527,143
	2,130,000		KOYUKUK AK REVENUE	10/1/2023		7.00		2,085,519		2,423,365
	208,000		LAFAYETTE LA PUBLIC TRUST FING AUTH SF MTGE	1/1/2041		5.35		212,619		211,919
	500,000		LAKE CNTY IL SCH DIST #33	12/1/2040		5.00		526,844		573,555
	1,800,000		LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE	5/1/2030		7.40		1,784,594		2,192,904
	750,000		LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE	5/1/2033		6.70		750,000		879,225
	500,000		LAKEWOOD RANCH FL STEWARDSHIPDIST SPL ASSMNT REVENUE	5/1/2025		4.25		498,890		533,760
	1,000,000		LAKEWOOD RANCH FL STEWARDSHIPDIST SPL ASSMNT REVENUE	5/1/2034		5.35		1,000,000		1,077,070
	1,400,000		LAKEWOOD RANCH FL STEWARDSHIPDIST SPL ASSMNT REVENUE	5/1/2036		5.00		1,400,000		1,476,706
	500,000		LAMBERTSON FARMS CO MET DIST #1 REVENUE	12/15/2025		5.00		500,000		518,565
	500,000		LAMBERTSON FARMS CO MET DIST #1 REVENUE	12/15/2035		5.50		500,000		518,225

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016

Par/Shares		Security		Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
	Municipal Bonds (Cont’d):
	2,000,000		LAS VEGAS NV REDEV AGY TAX INCR REVENUE	6/15/2023		7.50	$	1,986,487		2,383,480
	525,000		LAS VEGAS NV SPL IMPT DIST #812	12/1/2035		5.00		528,121		552,368
	240,000		LEHIGH CNTY PA GEN PURPOSE AUTH	8/15/2042		1.26		240,000		176,062
	750,000		LEWISVILLE TX COMB CONTRACT REVENUE	9/1/2024		3.00		741,945		792,712
	470,000		LEXINGTON OAKS FL CDD SPL ASSMNT REVENUE	5/1/2033		5.65		470,000		514,810
	1,000,000		LITTLETON VLG MET DIST NO 2 COLO SPL REV	12/1/2045		5.38		996,298		1,036,510
	180,000		LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU(d)	1/1/2015		6.38		180,000		90,000
	550,000		LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU	1/1/2030		5.50		550,000		477,906
	1,000,000		LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU(d)	1/1/2036		5.25		1,005,522		304,980
	385,000		LONG LAKE RANCH CMNTY DEV DISTFLA CAP IMPT REV	5/1/2024		5.63		385,000		406,672
	60,000		LONG LAKE RANCH CMNTY DEV DISTFLA CAP IMPT REV	5/1/2044		5.75		58,773		63,363
	1,000,000		LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE	6/1/2038		5.25		1,017,342		1,194,050
	315,000		LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	12/1/2034		5.10		315,000		336,354
	50,000		LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	6/1/2038		5.85		50,713		52,133
	225,000		LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	12/1/2038		5.70		226,674		232,261
	120,000		LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	6/1/2039		5.60		123,713		128,162
	1,000,000		LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH	11/15/2030		6.00		1,017,835		1,074,830
	500,000		LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE	7/1/2035		5.00		546,130		600,210
	750,000		LOUISIANA ST PUBLIC FACS AUTH REVENUE	5/1/2031		6.50		747,110		860,760
	445,000		LOUISIANA ST PUBLIC FACS AUTH REVENUE	2/15/2036		0.94		445,000		399,428
	500,000		LUCAS CNTY OH HLTH CARE FACS REVENUE	8/15/2030		5.50		492,725		577,970
	1,500,000		LUCAS MET HSG AUTH OH COPS	11/1/2036		5.00		1,579,961		1,685,430
	1,480,000		LUZERNE CNTY PA	11/1/2026		7.00		1,524,571		1,705,256
	1,000,000		MACON & MOULTRIE CNTYS IL CMNTY SCH DIST #3 MOUNT ZION	12/1/2041		5.50		1,028,129		1,217,110
	1,000,000		MACON CNTY IL SCH DIST #61	1/1/2037		5.25		1,018,783		1,139,740
	250,000		MAGNOLIA CREEK FL CDD CAPITAL IMPT REVENUE(d)	5/1/2014		5.60		250,000		53,750
	1,000,000		MAINE ST HSG AUTH MTGE PURCHASE	11/15/2035		4.00		1,000,000		1,082,020
	1,000,000		MAINE ST HSG AUTH MTGE PURCHASE	11/15/2040		3.55		1,000,000		1,045,470
	1,500,000		MAINE ST HSG AUTH MTGE PURCHASE	11/15/2040		3.85		1,500,000		1,595,055
	1,000,000		MAINE ST HSG AUTH MTGE REVENUE	11/15/2037		4.50		1,000,000		1,088,240
	1,000,000		MAINE ST TECH CLG SYS COPS	1/1/2017		5.80		1,000,000		1,004,560
	1,000,000		MALTA IL TAX INCR REVENUE(d)	12/30/2025		5.75		1,000,000		399,990
	500,000		MANATEE CNTY FL SCH BRD COPS	7/1/2031		5.63		496,217		589,140
	404,629		MANHATTAN IL SPL SVC AREA SPL TAX(d)	3/1/2022		5.75		404,629		72,797

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016 

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
	Municipal Bonds (Cont’d):
	500,000	MANSFIELD OH	12/1/2024		6.00	$	511,577		588,045
	800,000	MAPLE-STEELE ND JT WTR RESOURCE DIST	5/1/2030		4.00		800,000		800,600
	650,000	MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE	7/1/2035		5.00		703,097		716,677
	462,000	MARQUIS VA CMNTY DEV AUTH REVENUE(e)	9/1/2041		0.00		114,859		64,551
	349,000	MARQUIS VA CMNTY DEV AUTH REVENUE	9/1/2041		5.63		376,336		284,487
	750,000	MARSHALL CREEK FL CDD SPL ASSMNT	5/1/2032		5.00		768,804		797,287
	750,000	MARTINEZ CA UNIF SCH DIST	8/1/2035		6.13		630,618		1,015,245
	500,000	MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV	9/1/2030		5.13		500,000		554,345
	500,000	MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV	7/1/2031		4.50		500,000		544,540
	494,618	MASHANTUCKET WSTRN PEQUOT TRIBE CT	7/1/2031		6.05		521,660		19,780
	895,000	MASSACHUSETTS ST DEV FIN AGY REVENUE	7/1/2030		6.38		884,761		1,006,696
	1,205,000	MASSACHUSETTS ST EDUCTNL FING AUTH	1/1/2028		5.25		1,205,000		1,321,849
	715,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2033		5.00		715,000		789,160
	715,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2038		5.15		715,000		786,922
	1,000,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2043		5.00		1,000,000		1,119,470
	885,000	MASSACHUSETTS ST HSG FIN AGY HSG REVENUE	6/1/2040		5.05		885,000		936,852
	3,100,000	MASSACHUSETTS ST HSG FIN AGY HSG REVENUE	12/1/2043		4.00		3,100,000		3,244,646
	160,000	MEAD NE TAX INCR REVENUE(d)	7/1/2012		5.13		160,000		3,810
	1,000,000	MEDFORD OR HOSP FACS AUTH REVENUE	10/1/2042		5.00		1,040,038		1,132,230
	600,000	MERRILLVILLE IN ECON DEV REVENUE	4/1/2036		5.75		600,000		614,790
	1,070,000	MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(d)	12/20/2020		8.00		1,070,000		53,521
	855,000	MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(d)	6/20/2036		10.00		855,000		25,607
	1,830,000	MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(d)	12/20/2040		7.50		1,830,000		1,829,945
	500,000	MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE	8/1/2030		6.00		487,913		586,025
	1,000,000	MIAMI-DADE CNTY FL SPL OBLIG(e)	10/1/2038		0.00		315,641		315,890
	750,000	MICHIGAN ST FIN AUTH REVENUE	11/15/2035		5.25		745,312		801,472
	1,500,000	MICHIGAN ST HOSP FIN AUTH	6/1/2034		6.13		1,528,988		1,729,470
	1,000,000	MICHIGAN ST HSG DEV AUTH	10/1/2034		5.63		1,000,000		1,060,110
	1,850,000	MICHIGAN ST HSG DEV AUTH	10/1/2035		4.10		1,850,000		1,996,316
	1,000,000	MICHIGAN ST HSG DEV AUTH	12/1/2035		3.95		1,000,000		1,072,510
	1,000,000	MICHIGAN ST HSG DEV AUTH	12/1/2036		3.70		1,000,000		1,061,270
	940,000	MICHIGAN ST HSG DEV AUTH	12/1/2040		3.95		940,000		991,653
	1,000,000	MICHIGAN ST MUNI BOND AUTH	5/1/2023		5.75		1,011,673		1,136,310
	430,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH(c)(f)	9/1/2016		6.00		429,874		344,009
	360,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH	10/1/2023		6.25		360,000		107,989
	500,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH	11/1/2028		6.35		500,000		501,050

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016 

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
	Municipal Bonds (Cont’d):
	42,995	MINNESOTA ST HGR EDU FACS AUTH REVENUE	10/1/2016		4.49	$	43,008		43,113
	310,000	MINNESOTA ST HSG FIN AGY	7/1/2034		5.05		310,000		329,862
	620,000	MINNESOTA ST HSG FIN AGY	1/1/2040		5.10		620,000		657,851
	1,000,000	MISSISSIPPI ST DEV BANK SPL OBLG	10/1/2031		6.50		976,332		1,201,710
	55,000	MISSISSIPPI ST HOME CORP SF MTGE REVENUE	6/1/2039		6.75		57,470		57,672
	115,000	MISSOURI ST HSG DEV COMMISSION SF HSG REVENUE	9/1/2034		5.35		115,000		122,733
	1,130,000	MONTANA ST BRD OF HSG	12/1/2038		3.75		1,130,000		1,196,060
	775,000	MONTANA ST BRD OF HSG	12/1/2038		5.20		775,000		875,634
	375,000	MONTANA ST BRD OF HSG	12/1/2039		5.50		375,018		393,292
	955,000	MONTANA ST BRD OF HSG SF MTGE	12/1/2038		4.00		958,533		1,029,232
	1,250,000	MONTERRA FL CDD SPL ASSMNT	5/1/2036		3.50		1,221,918		1,316,875
	1,000,000	MONTGOMERY CNTY MD HSG OPPNTYSCOMMN MFH & RECONSTR DEV REV	7/1/2039		3.88		1,000,000		1,063,310
	500,000	MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE	7/1/2037		5.13		500,000		544,520
	1,305,000	MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVE	7/1/2038		4.00		1,305,000		1,376,044
	750,000	MOON INDL DEV AUTH PA REVENUE	7/1/2030		5.63		741,055		859,537
	800,000	MOUNT CARBON CO MET DIST REVENUE	6/1/2043		7.00		800,000		483,288
	200,000	MOUNT CARBON CO MET DIST REVENUE(d)	6/1/2043		8.00		-		1,000
	500,000	MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE	12/1/2029		5.00		528,040		576,585
	615,000	MUNSTER IN ECON DEV TAX INCR REVENUE	7/15/2026		4.75		612,549		694,187
	460,000	N CENTRL TEXAS ST HLTH FAC DEV CORP	2/15/2025		5.38		460,000		460,156
	1,000,000	N SLOPE BORO AK SVC AREA 10 WTR & WSTWTR FACS	6/30/2034		5.25		1,040,292		1,132,970
	425,000	N SPRINGS FL IMPT DIST	5/1/2027		6.00		425,000		462,306
	1,000,000	N TX TOLLWAY AUTH REVENUE	1/1/2034		6.00		1,000,000		1,199,090
	1,000,000	N TX TOLLWAY AUTH REVENUE	1/1/2042		6.20		698,574		1,356,180
	1,000,000	NATRONA CNTY WY HOSP REVENUE	9/15/2031		6.35		1,000,000		1,172,390
	500,000	NAVAJO NATION AZ(c)	12/1/2030		5.50		535,253		574,445
	990,000	NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE	9/1/2035		3.90		990,000		1,058,548
	1,860,000	NEVADA ST HSG DIV SF MTGE REVENUE	10/1/2039		3.85		1,860,000		1,959,808
	290,000	NEVADA ST HSG DIV SF MTGE REVENUE	10/1/2040		5.10		290,000		306,040
	1,000,000	NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE	1/1/2034		6.00		972,482		1,160,660
	500,000	NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE	8/1/2038		6.00		490,986		576,610
	1,000,000	NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE	7/1/2031		5.20		1,000,000		1,109,040
	380,000	NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE	7/1/2034		5.38		380,000		403,302
	215,000	NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE	7/1/2038		6.63		219,736		228,440

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

CLEARWATER INVESTMENT TRUST 

Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	750,000	NEW HOPE CULTURAL ED FACS FINCORP TX RETIREMENT FAC REVENUE	1/1/2035		5.50	$	766,300		822,480
	750,000	NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV	7/1/2035		5.00		775,227		853,620
	1,100,000	NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV	4/1/2046		5.00		1,156,161		1,262,602
	170,000	NEW JERSEY ST ECON DEV AUTH	12/1/2016		5.75		170,000		170,335
	370,000	NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE	6/1/2024		5.38		368,695		404,051
	940,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2030		4.50		940,000		1,028,576
	105,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2030		6.45		107,645		112,449
	420,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2034		5.00		420,000		444,070
	610,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2035		5.00		610,000		644,294
	1,055,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2037		5.00		1,048,113		1,108,024
	1,000,000	NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE	1/1/2030		3.60		1,000,000		1,061,670
	1,000,000	NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE	5/1/2041		4.95		968,990		1,067,990
	500,000	NEW JERSEY ST TRANSPRTN TRUSTFUND AUTH	6/15/2041		5.25		511,823		571,625
	245,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2029		4.80		245,000		257,671
	490,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2034		5.00		490,000		525,231
	515,000	NEW MEXICO ST MTGE FIN AUTH	3/1/2036		5.45		515,000		547,934
	830,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2042		3.90		830,000		868,653
	1,165,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2042		4.13		1,165,000		1,231,580
	1,000,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2046		3.80		1,000,000		1,054,380
	115,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE(d)	5/1/2013		5.00		114,821		1
	1,000,000	NEW YORK CITY NY HSG DEV CORPMF HSG REVENUE	11/1/2037		3.80		1,000,000		1,049,620
	1,000,000	NEW YORK CITY NY HSG DEV CORPMF HSG REVENUE	11/1/2039		4.30		1,000,000		1,073,380
	2,000,000	NEW YORK CITY NY MUNI WTR FINAUTH WTR & SWR SYS REVENUE	6/15/2038		5.00		2,187,561		2,431,380
	1,500,000	NEW YORK ST HSG FIN AGY REVENUE	11/1/2034		3.65		1,500,000		1,598,910
	500,000	NEW YORK ST HSG FIN AGY REVENUE	11/1/2045		5.10		500,000		559,850
	5,000,000	NEW YORK ST HSG FIN AGY REVENUE	5/1/2048		4.10		5,000,000		5,289,550
	750,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE	10/1/2038		3.75		750,000		785,392
	1,450,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE	10/1/2040		3.80		1,450,000		1,525,560

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

CLEARWATER INVESTMENT TRUST 

Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016 

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,465,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE	10/1/2040		4.13	$	1,465,000		1,552,534
	500,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE	10/1/2042		3.75		500,000		518,055
	500,000	NORTH CAROLINA ST CAPITAL FACS FIN AGY EDUCTNL FACS REVENUE	6/1/2023		5.00		500,000		500,920
	515,000	NORTH DAKOTA ST HSG FIN AGY	7/1/2032		3.60		515,000		515,510
	500,000	NORTH SPRINGS FL IMPT DIST	5/1/2044		6.50		500,000		539,090
	1,000,000	NTHRN IL UNIV	4/1/2026		5.50		1,008,035		1,107,540
	1,000,000	NTHRN PALM BEACH CNTY FL IMPTDIST	8/1/2029		5.00		1,000,000		1,068,120
	2,000,000	OAK PARK CA UNIF SCH DIST(b)	8/1/2038		1.86		1,125,941		2,260,240
	1,075,000	OAKLAND CNTY MI ECON DEV CORP LTD OBLG REVENUE	12/1/2020		6.50		1,071,307		1,139,930
	325,000	OHIO ST HSG FIN AGY RSDL MTGE REVENUE	9/1/2033		5.40		325,000		343,216
	4,597,677	OKLAHOMA CNTY OK HOME FIN AUTH SF REVENUE(e)	9/1/2034		0.00		1,533,010		1,567,118
	160,000	OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE	3/1/2032		5.15		160,000		169,634
	190,000	OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE	9/1/2038		6.50		193,392		198,594
	1,000,000	ORANGE CNTY FL HLTH FACS AUTHREVENUE	8/1/2034		5.00		1,056,426		1,165,260
	750,000	ORANGE CNTY FL HLTH FACS AUTHREVENUE	8/1/2035		5.00		790,248		880,890
	1,000,000	ORANGE CNTY FL HSG FIN AUTH	9/1/2035		3.80		1,000,000		1,060,530
	1,250,000	OREGON ST	12/1/2034		3.62		1,250,000		1,343,800
	2,000,000	OREGON ST	12/1/2039		3.90		2,000,000		2,159,520
	915,000	OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE	7/1/2038		4.00		915,000		963,166
	500,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE	6/1/2023		6.25		500,000		517,045
	500,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE	6/1/2034		7.25		500,000		616,070
	500,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE	6/1/2049		7.50		492,482		622,760
	500,000	PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE	7/1/2039		1.06		500,000		397,365
	1,000,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2037		3.65		1,004,752		1,042,220
	500,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2038		4.00		500,000		532,700
	3,200,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2040		4.05		3,200,000		3,441,809
	650,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2042		3.70		650,000		679,972
	1,935,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE	12/1/2035		5.13		1,540,492		2,201,004
	1,500,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b)	12/1/2037		1.25		1,092,773		1,384,155
	1,000,000	PEORIA AZ INDL DEV AUTH	11/15/2029		5.25		1,000,000		1,063,640
	5,000,000	PEORIA IL PUBLIC BLDG COMMISSION SCH DIST FACS REVENUE(e)	12/1/2026		0.00		2,637,906		2,872,250
	400,000	PHILADELPHIA PA AUTH FOR INDLDEV REVENUES	6/15/2023		6.13		400,000		446,804
	1,250,000	PHOENIX AZ INDL DEV AUTH EDU REVENUE(c)	7/1/2024		5.75		1,242,003		1,458,113
	1,000,000	PHOENIX AZ INDL DEV AUTH EDU REVENUE(c)	7/1/2036		5.13		984,555		1,014,860

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
	Municipal Bonds (Cont’d):
	2,500,000	PHOENIX AZ INDL DEV AUTH LEASE REVENUE	6/1/2034		5.25	$	2,531,639		2,937,675
	1,000,000	PIKE PLACE MARKET WA PRESERVATION & DEV AUTH SPL OBLG	12/1/2040		5.00		1,074,573		1,187,400
	150,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	12/1/2018		6.38		150,000		157,284
	620,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	6/1/2022		5.00		575,983		620,527
	10,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	7/1/2031		6.75		7,606		10,091
	2,625,000	PITTSBURG CALIF UNI SCH DIST FING AUTH REV(e)	9/1/2031		0.00		1,114,451		1,200,334
	750,000	POLK CNTY OR HOSP FAC AUTH REVENUE	7/1/2035		5.13		750,000		789,488
	2,000,000	PORT SAINT LUCIE FL RESEARCH FACS REVENUE	5/1/2033		5.00		2,058,970		2,040,820
	1,000,000	PROMENADE CASTLE ROCK CO MET DIST #1	12/1/2025		5.13		1,000,000		1,060,370
	710,000	PUBLIC FIN AUTH WI CCRC REVENUE	6/1/2020		7.00		704,032		805,815
	1,500,000	PUBLIC FIN AUTH WI CCRC REVENUE	6/1/2046		8.25		1,552,857		1,887,090
	420,000	PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE	9/1/2022		5.25		420,000		440,467
	750,000	PUBLIC FIN AUTH WI REVENUE	4/1/2025		5.00		755,272		800,318
	600,000	PUBLIC FIN AUTH WI REVENUE	4/1/2032		5.50		600,000		635,052
	427,010	PUBLIC FIN AUTH WI REVENUE(e)	10/1/2042		0.00		477,933		92,720
	515,000	PUBLIC FIN AUTH WI REVENUE	10/1/2042		7.00		560,328		521,273
	1,250,000	PUBLIC FIN AUTH WI SENIOR LIVING REVENUE	11/15/2024		5.00		1,245,709		1,385,050
	1,000,000	PUERTO RICO CMWLTH	7/1/2028		6.00		991,507		661,230
	1,500,000	PUERTO RICO CMWLTH	7/1/2035		5.00		1,500,000		1,526,595
	1,000,000	PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC	11/15/2025		6.13		1,000,000		1,020,350
	1,260,000	QUECHAN INDIAN TRIBE AZ FORT YUMA INDIAN RESERVATION	5/1/2025		9.75		1,260,000		1,428,626
	315,000	RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE	11/15/2020		6.13		315,000		315,614
	750,000	RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE	11/15/2034		7.50		746,204		896,820
	1,000,000	REDONDO BEACH CA UNIF SCH DIST(b)	8/1/2034		1.38		735,997		1,376,900
	750,000	REEF-SUNSET CA UNIF SCH DIST(b)	8/1/2038		1.30		528,107		681,938
	500,000	RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP	5/15/2030		6.25		494,488		571,900
	1,000,000	RHODE ISLAND ST HSG & MTGE FIN CORP	10/1/2028		4.00		995,167		1,065,410
	750,000	RHODE ISLAND ST HSG & MTGE FIN CORP	10/1/2037		3.90		750,000		787,320
	1,000,000	RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE	10/15/2038		6.00		1,021,255		1,267,000
	1,500,000	S TAHOE CA JT PWRS FING AUTH LEASE REVENUE	10/1/2030		5.00		1,641,974		1,778,025
	495,000	S WSTRN IL DEV AUTH	10/1/2022		7.00		495,000		424,522
	350,000	SACRAMENTO CNTY CA WTR FING AUTH REVENUE	6/1/2039		0.85		350,000		304,546
	270,000	SADDLEBACK VLY CA UNIF SCH DIST PUBLIC FING AUTH	9/1/2017		5.65		270,000		271,215
	65,000	SAINT BERNARD PARISH LA HOME MTGE AUTH SF MTGE	3/1/2039		5.80		63,700		67,233

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
	Municipal Bonds (Cont’d):
	500,000	SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE	8/1/2040		5.88	$	493,340		576,070
	1,000,000	SAINT JOSEPH CNTY IN ECON DEV REVENUE	5/15/2039		6.25		1,003,742		1,044,730
	750,000	SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS	9/1/2042		5.00		767,967		832,095
	750,000	SAINT TAMMANY LA PUBLIC TRUST FING AUTH	11/15/2037		5.25		762,649		802,898
	1,000,000	SAN CLEMENTE CA SPL TAX	9/1/2040		5.00		1,064,995		1,157,800
	500,000	SAN DIEGO CA HSG AUTH MF HSG REVENUE	5/1/2029		5.00		500,000		555,070
	1,500,000	SAN GABRIEL CA UNIF SCH DIST	8/1/2039		5.35		1,386,780		1,817,520
	1,000,000	SAN JOSE CA FING AUTH	6/1/2039		5.00		1,052,479		1,199,380
	500,000	SANTA MONICA CA REDEV AGY	7/1/2036		5.88		512,250		603,315
	1,450,000	SARASOTA CNTY FL HLTH FACS AUTH RETMNT FAC REVENUE	1/1/2027		5.50		1,244,054		1,520,354
	1,000,000	SARASOTA CNTY FL HLTH FACS AUTH RETMNT FAC REVENUE	1/1/2032		5.50		1,004,973		1,045,030
	1,000,000	SCHERERVILLE IN ECON DEV REVENUE	1/15/2030		6.00		1,016,115		1,238,560
	770,000	SEATTLE WA HSG AUTH POOLED HSG REVENUE	9/15/2033		5.75		783,604		927,342
	500,000	SEMINOLE TRIBE FL SPL OBLG REVENUE(c)	10/1/2024		5.50		501,075		521,530
	500,000	SEVEN OAKS FL CMNTY DEV DIST SPL ASSMNT REVENUE	5/1/2033		5.50		489,255		541,600
	150,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(d)	1/1/2019		5.35		134,965		3,758
	625,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(d)	1/1/2029		5.55		556,862		15,656
	130,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(d)	1/1/2029		6.00		-		1
	350,000	SILVERLEAF FL CDD CAPITAL IMPT REVENUE	5/1/2023		6.50		350,000		380,898
	240,000	SILVERLEAF FL CDD CAPITAL IMPT REVENUE	5/1/2044		6.75		235,537		263,213
	345,000	SOUTH CAROLINA ST EDU ASSISTANCE AUTH	10/1/2029		5.10		341,712		370,575
	356,475	SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE	11/15/2032		6.00		356,475		372,577
	363,347	SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE(e)	11/15/2047		0.00		353,668		40,608
	1,000,000	SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE	12/1/2038		5.00		1,063,759		1,190,460
	1,400,000	SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE	12/1/2043		5.75		1,473,162		1,770,230
	500,000	SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH	9/1/2032		5.00		499,500		562,480
	171,000	SOUTHSIDE AZ CMNTY FACS DIST #1 SPL ASSMNT REVENUE PRESCOTT	7/1/2018		6.13		152,108		152,542
	1,000,000	STC MET DIST #2 CO	12/1/2038		6.00		969,977		1,035,420
	150,000	STERLING HILL FL CDD CAPITAL IMPT REVENUE(d)	11/1/2010		5.50		150,000		107,250
	1,000,000	SUGAR LAND TX DEV CORP SALES TAX REVENUE	2/15/2033		5.00		1,097,235		1,178,460
	2,500,000	SULPHUR SPRINGS CA UNION SCH DIST COPS	12/1/2037		6.50		1,932,020		3,305,296
	1,500,000	SUTTER BUTTE CA FLOOD AGY ASSMNT REVENUE	10/1/2038		4.00		1,482,489		1,644,180

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
	Municipal Bonds (Cont’d):
	1,100,000	TALLAHASSEE FL HLTH FACS REVENUE	12/1/2040		5.00	$	1,170,763		1,286,032
	1,000,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE	11/15/2038		5.00		1,081,380		1,179,820
	750,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU	11/15/2035		5.00		781,317		857,918
	750,000	TAYLOR MI BROWNFIELD REDEV AUTH	5/1/2032		5.00		794,816		867,630
	875,000	TENNESSEE ST HSG DEV AGY	1/1/2035		3.85		875,000		946,846
	1,260,000	TENNESSEE ST HSG DEV AGY	7/1/2043		3.80		1,260,000		1,315,994
	415,000	TEXAS ST DEPT OF HSG & CMNTY AFFAIRS	7/1/2039		5.45		415,000		439,236
	2,000,000	TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE	6/30/2033		7.50		2,030,852		2,457,200
	1,235,000	TOLEDO-LUCAS CNTY OH PORT AUTHSTUDENT HSG REVENUE	7/1/2039		5.00		1,237,350		1,365,144
	105,000	TOLOMATO FL CDD(d)	5/1/2017		6.38		105,000		5,045
	25,000	TOLOMATO FL CDD	5/1/2017		6.38		25,000		25,059
	35,000	TOLOMATO FL CDD(b)	5/1/2039		1.39		23,670		28,320
	140,000	TOLOMATO FL CDD(b)	5/1/2040		1.34		93,720		76,934
	185,000	TOLOMATO FL CDD(b)	5/1/2040		1.37		123,876		115,838
	115,000	TOLOMATO FL CDD(b)	5/1/2040		1.91		61,873		61,025
	125,000	TOLOMATO FL CDD(d)	5/1/2040		6.61		-		1
	1,000,000	TRACY CA JT UNIF SCH DIST(b)	8/1/2041		2.00		465,686		841,950
	750,000	TROUT CREEK CDD FL CAPITAL IMPT REVENUE	5/1/2035		5.50		742,992		775,380
	500,000	TSR CDD FL SPL ASSMNT REVENUE	11/1/2035		5.38		498,505		531,770
	500,000	TURLOCK CA PUBLIC FING AUTH WTR REVENUE	5/1/2032		4.75		508,773		534,245
	1,250,000	TUSTIN CA UNIF SCH DIST(b)	8/1/2028		2.33		863,442		1,274,000
	690,000	UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE	12/1/2023		6.50		680,040		719,587
	1,500,000	UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE	10/15/2033		6.50		1,519,739		1,588,320
	750,000	UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(c)	4/15/2045		6.00		775,587		800,603
	290,000	UTAH ST HSG CORP SF MTGE REVENUE	1/1/2032		4.95		290,000		300,916
	545,000	UTAH ST HSG CORP SF MTGE REVENUE	1/1/2033		5.75		545,000		559,334
	490,000	VANCOUVER WA HSG AUTH	3/1/2025		5.00		481,862		547,399
	835,000	VERMONT ST HSG FIN AGY	5/1/2032		4.88		831,255		902,627
	1,000,000	VIRGINIA ST HSG DEV AUTH	7/1/2033		4.13		1,000,000		1,083,220
	1,500,000	VIRGINIA ST HSG DEV AUTH	10/1/2038		5.10		1,500,000		1,691,985
	1,000,000	VIRGINIA ST HSG DEV AUTH	12/1/2039		5.00		1,000,000		1,065,480
	500,000	VIRGINIA ST HSG DEV AUTH	5/1/2041		3.55		500,000		521,985
	3,500,000	VIRGINIA ST HSG DEV AUTH CMWLTH MTGE	1/1/2038		3.88		3,490,250		3,683,505
	3,000,000	VIRGINIA ST HSG DEV AUTH CMWLTH MTGE	7/1/2038		4.80		3,000,000		3,341,850
	2,000,000	VIRGINIA ST HSG DEV AUTH CMWLTH MTGE	10/1/2038		4.75		2,000,000		2,216,140
	1,245,000	VLG FL CDD #7 SPL ASSMNT REVENUE	5/1/2036		4.00		1,236,565		1,300,303
	1,300,000	WASHINGTON ST HSG FIN COMMISSION	10/1/2022		6.00		1,300,000		1,477,112
	530,000	WASHINGTON ST HSG FIN COMMISSION(c)	7/1/2025		6.00		533,626		569,633
	500,000	WASHINGTON ST HSG FIN COMMISSION	12/1/2033		3.50		500,000		525,835
	675,000	WASHINGTON ST HSG FIN COMMISSION(c)	1/1/2035		5.75		675,000		704,963

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

CLEARWATER INVESTMENT TRUST 

Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016

Par/Shares		Security		Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
	Municipal Bonds (Cont’d):
	580,000		WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE	1/1/2017		5.25	$	578,332		584,263
	3,050,000		WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE	1/1/2027		5.63		2,939,170		3,082,178
	5,000		WATERS EDGE FL CDD CAPITAL IMPT REVENUE	5/1/2039		5.35		5,000		5,003
	240,000		WATERS EDGE FL CDD CAPITAL IMPT REVENUE	5/1/2039		6.60		191,147		240,007
	1,500,000		WEST VIRGINIA ST HSG DEV FUND	11/1/2032		3.75		1,500,000		1,616,820
	690,000		WEST VIRGINIA ST HSG DEV FUND	11/1/2039		4.10		690,000		732,614
	550,000		WESTCHESTER CO NY LOCAL DEV CORP REVENUE	1/1/2034		5.00		578,926		624,630
	685,000		WESTMONT IL PARK DIST(e)	12/1/2031		0.00		277,834		348,405
	685,000		WESTMONT IL PARK DIST(e)	12/1/2033		0.00		240,950		303,647
	1,350,000		WICHITA KS HLTH CARE FACS REVENUE	5/15/2034		6.25		1,350,000		1,406,255
	600,000		WICHITA KS HLTH CARE FACS REVENUE	12/1/2036		5.25		605,952		612,996
	750,000		WICHITA KS HLTH CARE FACS REVENUE	12/15/2036		7.12		740,069		870,195
	750,000		WIREGRASS FL CDD CAPITAL IMPTREVENUE	5/1/2035		5.38		745,542		791,483
	1,000,000		WISCONSIN ST GEN FUND ANNUAL APPROP REVENUE	5/1/2027		6.00		1,009,034		1,143,140
	1,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	5/1/2026		5.50		1,000,000		1,003,750
	1,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	10/1/2029		5.00		1,000,000		1,071,090
	1,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	7/1/2030		5.75		1,013,488		1,162,400
	1,300,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	8/15/2032		5.00		1,434,386		1,539,629
	1,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	5/15/2036		5.00		1,000,000		1,001,940
	2,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	8/15/2043		5.00		2,104,029		2,275,440
	500,000		WISCONSIN ST HSG & ECON DEV AUTH	11/1/2035		3.88		500,000		534,525
	1,000,000		WISCONSIN ST HSG & ECON DEV AUTH	11/1/2040		4.00		1,000,000		1,070,660
	610,000		WSTRN GENERATION AGY OR COGENERATION PROJ REVENUE	1/1/2021		5.00		610,000		610,604
	1,000,000		WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE	9/1/2032		5.75		992,692		1,041,850
	750,000		WYNNFIELD LAKES FL CDD	5/1/2036		4.50		744,673		814,365
	1,880,000		WYOMING ST CMNTY DEV AUTH HSG REVENUE	12/1/2038		4.05		1,880,000		1,985,449
	765,000		WYOMING ST CMNTY DEV AUTH HSGREVENUE	12/1/2039		4.05		765,000		816,485
	355,000		ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(d)	5/1/2013		5.25		355,352		177,496
		Sub-total Municipal Bonds:						429,872,173		470,325,588		91.62	%

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

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016

Par/Shares		Security		Maturity date	Coupon rate	Cost		Fair value (a)		Percent of net assets
	Short-Term Investments:
	11,135,681		NORTHERN INSTITUTIONAL FUNDS - TAX EXEMPT PORTFOLIO, 0.06%(g)			$	11,135,681		11,135,681
		Sub-total Short-Term Investments:					11,135,681		11,135,681		2.17	%
			Grand total(h)			$	464,955,142		510,173,238		99.39	%

Notes to Schedule of Investments:

(a) Investments are valued in accordance with procedures described in note 2 to the financial statements.

(b) For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition.

(c) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees.

(d) Non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal.

(e) Zero coupon bond.

(f) Restricted security that has been deemed illiquid. At June 30, 2016, the value of this restricted illiquid security amounted to $344,009 or 0.07% of net assets. Additional information on this restricted illiquid security is as follows:

SECURITY	ACQUISITION DATE	COST
MICHIGAN ST PUBLIC EDUCTNL FACS AUTH, 6.00%, 9/1/16	9/24/07 - 4/12/11	429,874

(g) The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2015, the value of the Clearwater Tax-Exempt Bond Fund’s investment in the Tax-Exempt Portfolio of the Northern Institutional Funds was $14,220,233 with net sales of $3,084,552 during the six months ended June 30, 2016.

(h) At June 30, 2016, the cost for Federal income tax purposes was $465,000,331. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows:

Gross unrealized appreciation	$	54,854,075
Gross unrealized depreciation		(9,681,168	)
Net unrealized appreciation	$	45,172,907

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

Geographical Diversification	Percent
California	11.33	%
Florida	10.31
Illinois	9.56
Texas	5.77
NewYork	4.77
Indiana	4.27
Georgia	3.60
Wisconsin	3.40
Pennsylvania	3.20
Colorado	2.95
Other	40.84
	100.00	%

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

CLEARWATER INVESTMENT TRUST

Schedule of Investments – Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2016

 

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

CLEARWATER INVESTMENT TRUST 

Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016 

Shares		Security	Cost		Fair  value (a)		Percent  of net assets
	Common Stocks:
	Australia:
	2,205,555	3P LEARNING LTD.	$	2,728,194		1,210,869
	6,144	AGL ENERGY LTD.		74,586		88,664
	51,722	ALUMINA LTD.		50,177		50,575
	21,962	AMCOR LTD.		199,453		245,617
	133,076	AMP LTD.		509,127		516,545
	17,212	APA GROUP		98,943		119,224
	6,576	ARISTOCRAT LEISURE LTD.		49,294		67,949
	21,346	ASCIANO LTD.		100,771		141,342
	4,593	ASX LTD.		114,203		157,276
	82,914	AUSTRALIA & NEW ZEALAND BANKING GROUP LTD.		1,226,493		1,511,771
	68,613	BANK OF QUEENSLAND LTD.		536,424		546,575
	70,369	BENDIGO & ADELAIDE BANK LTD.		468,821		510,395
	179,910	BGP HOLDINGS PLC(b)(c)		-		-
	11,553	BHP BILLITON LTD.		134,009		164,548
	4,203	BHP BILLITON PLC		47,942		52,868
	29,728	BORAL LTD.		124,691		139,306
	32,841	BRAMBLES LTD.		174,637		304,736
	11,026	CHALLENGER LTD.		75,824		71,577
	1,962	CIMIC GROUP LTD.		54,620		52,546
	22,493	COCA-COLA AMATIL LTD.		143,242		138,811
	971	COCHLEAR LTD.		35,894		88,071
	13,990	COMMONWEALTH BANK OF AUSTRALIA		402,695		785,089
	173,800	CORPORATE TRAVEL MANAGEMENT LTD.		1,308,093		1,838,908
	266,573	CREDIT CORP. GROUP LTD.		2,097,785		2,396,986
	45,841	CSL LTD.		2,831,740		3,854,403
	39,647	DEXUS PROPERTY GROUP		223,436		267,749
	29,219	DUET GROUP		49,534		54,686
	97,180	FORTESCUE METALS GROUP LTD.		212,026		261,560
	603,736	G8 EDUCATION LTD.		1,297,038		1,721,781
	52,488	GOODMAN GROUP		211,371		279,794
	61,365	GPT GROUP (THE)		220,005		248,238
	17,989	HARVEY NORMAN HOLDINGS LTD.		52,604		62,368
	34,356	HEALTHSCOPE LTD.		67,413		73,570
	22,476	INCITEC PIVOT LTD.		40,394		50,398
	99,624	INSURANCE AUSTRALIA GROUP LTD.		346,696		409,172
	10,015	LENDLEASE GROUP		61,130		94,977
	11,250	MACQUARIE GROUP LTD.		340,166		585,088
	56,306	MEDIBANK PVT LTD.		123,930		124,201
	37,974	MIRVAC GROUP		50,570		57,450
	32,955	NATIONAL AUSTRALIA BANK LTD.		513,960		633,077
	17,346	NEWCREST MINING LTD.(b)		173,211		298,277
	56,579	OIL SEARCH LTD.		279,489		284,519
	16,330	ORORA LTD.		16,763		33,816
	1,426,168	OZFOREX GROUP LTD.		2,462,705		2,499,836
	416	PERPETUAL LTD.		7,027		12,873
	11,200	PLATINUM ASSET MANAGEMENT LTD.		49,201		48,535
	4,187	RAMSAY HEALTH CARE LTD.		126,416		225,152
	78,784	SANTOS LTD.		234,832		278,002
	159,095	SCENTRE GROUP		506,822		585,152
	5,884	SEEK LTD.		49,598		67,139
	4,898	SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP		7,202		8,365
	11,165	SONIC HEALTHCARE LTD.		99,657		180,482
	101,955	SOUTH32 LTD.(b)		70,421		119,146
	22,356	STAR ENTERTAINMENT GRP (THE) LTD.		70,002		90,409
	24,467	SYDNEY AIRPORT		97,626		127,129
	16,067	TABCORP HOLDINGS LTD.		39,321		54,934
	17,320	TATTS GROUP LTD.		40,111		49,557
	32,017	TELSTRA CORP. LTD.		124,263		133,244
	13,282	TPG TELECOM LTD.		109,547		118,170
	39,202	TRANSURBAN GROUP		233,118		351,600
	12,264	TREASURY WINE ESTATES LTD.		49,093		84,837
	105,557	VICINITY CENTRES		214,225		262,647
	8,732	VOCUS COMMUNICATIONS LTD.		57,667		56,944
	455,409	WEBJET LTD.		1,341,536		2,428,246
	15,900	WESFARMERS LTD.		586,028		478,889
	60,928	WESTFIELD CORP.		358,970		485,434
	85,630	WESTPAC BANKING CORP.		1,425,089		1,901,584

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

CLEARWATER INVESTMENT TRUST 

Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
Australia (Cont’d):
	25,317	WOODSIDE PETROLEUM LTD.	$	497,940		513,182
				26,725,811		31,756,860		6.39	%
	Austria:
	1,685	BUWOG A.G.(b)		30,804		38,909
	3,566	ERSTE GROUP BANK A.G.(b)		63,770		81,549
	313	STRABAG S.E. (BEARER)		5,505		9,435
	25,850	WIENERBERGER A.G.		199,552		362,494
				299,631		492,387		0.10	%
	Belgium:
	7,120	AGEAS		106,907		245,992
	15,242	ANHEUSER-BUSCH INBEV S.A./N.V.		672,087		2,003,555
	10,910	BARCO N.V.		740,520		712,886
	1,645	COLRUYT S.A.		74,892		90,789
	1,245	DELHAIZE GROUP		51,899		131,551
	26,663	ECONOCOM GROUP S.A./N.V.(b)		315,876		307,078
	16,920	GROUPE BRUXELLES LAMBERT S.A.		1,418,708		1,383,312
	11,872	KBC GROUP N.V.(b)		499,922		582,027
	12,430	ONTEX GROUP N.V.		322,500		392,911
	2,815	PROXIMUS SADP		69,206		89,143
	1,896	UCB S.A.		81,069		141,773
				4,353,586		6,081,017		1.22	%
	Brazil:
	111,245	CETIP S.A. - MERCADOS ORGANIZADOS		1,375,664		1,516,489
	54,000	GRENDENE S.A.		363,157		276,699
	314,508	LINX S.A.		1,252,930		1,577,289
	17,700	M DIAS BRANCO S.A.(b)		337,259		583,516
	33,700	QUALICORP S.A.		183,807		195,236
	48,500	TUPY S.A.(b)		278,940		178,159
				3,791,757		4,327,388		0.87	%
	Canada:
	4,546	AGNICO EAGLE MINES LTD.		141,127		243,284
	3,620	AGRIUM, INC.		154,492		327,522
	6,409	ALIMENTATION COUCHE-TARD, INC., CLASS B		200,962		275,221
	14,318	ALTAGAS LTD.		325,394		347,990
	1,557	ATCO LTD., CLASS I		50,859		54,618
	43,300	BADGER DAYLIGHTING LTD.		787,848		754,093
	11,663	BANK OF MONTREAL		692,033		739,799
	4,782	BANK OF NOVA SCOTIA (THE)		166,930		234,334
	27,451	BARRICK GOLD CORP.		239,298		586,012
	6,926	BCE, INC.		306,710		327,765
	49,653	BOMBARDIER, INC., CLASS B(b)		48,169		74,559
	21,782	BROOKFIELD ASSET MANAGEMENT, INC., CLASS A		300,036		720,571
	11,740	CAE, INC.		85,345		141,849
	67,600	CANACCORD GENUITY GROUP, INC.		313,233		257,434
	9,364	CANADIAN IMPERIAL BANK OF COMMERCE		485,534		703,342
	17,247	CANADIAN NATIONAL RAILWAY CO.		366,908		1,018,440
	27,706	CANADIAN NATURAL RESOURCES LTD.		629,646		854,802
	18,675	CANADIAN PACIFIC RAILWAY LTD.		2,232,050		2,405,153
	3,606	CANADIAN PACIFIC RAILWAY LTD.		112,878		464,249
	1,060	CANADIAN TIRE CORP. LTD., CLASS A		80,129		115,480
	1,884	CANADIAN UTILITIES LTD., CLASS A		45,048		54,583
	314	CCL INDUSTRIES, INC., CLASS B		45,979		54,646
	5,119	CENOVUS ENERGY, INC.		58,296		70,805
	6,978	CGI GROUP, INC., CLASS A(b)		55,128		298,089
	4,337	CONSTELLATION SOFTWARE, INC.		1,247,446		1,678,504
	6,580	CRESCENT POINT ENERGY CORP.		68,804		103,950
	2,064	DOLLARAMA, INC.		75,934		144,102
	17,400	DOREL INDUSTRIES, INC., CLASS B		628,515		463,030
	15,318	ELDORADO GOLD CORP.		63,079		68,886
	7,455	ELEMENT FINANCIAL CORP.		84,654		79,054
	4,666	ENBRIDGE, INC.		188,093		197,663
	33,604	ENCANA CORP.		212,882		261,403
	33,800	ENERFLEX LTD.		348,127		279,410
	325	FAIRFAX FINANCIAL HOLDINGS LTD.		113,797		175,041
	6,587	FINNING INTERNATIONAL, INC.		109,877		107,272

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016 

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Canada (Cont’d):
	8,046	FIRST QUANTUM MINERALS LTD.	$	52,095		56,486
	3,761	FRANCO-NEVADA CORP.		187,448		285,987
	18,700	GENWORTH MI CANADA, INC.		382,689		479,676
	614	GEORGE WESTON LTD.		48,280		53,138
	6,104	GILDAN ACTIVEWEAR, INC.		33,435		178,780
	8,937	GOLDCORP, INC.		100,680		170,999
	151,300	GRAN TIERRA ENERGY, INC.(b)		353,547		508,257
	6,052	GREAT-WEST LIFECO, INC.		155,062		159,644
	3,116	H&R REAL ESTATE INVESTMENT TRUST		49,596		54,291
	124,600	HUDBAY MINERALS, INC.		1,106,269		595,056
	50,354	IMPERIAL OIL LTD.		1,979,228		1,593,306
	2,672	INTACT FINANCIAL CORP.		170,651		190,873
	33,281	KINROSS GOLD CORP.(b)		62,810		163,320
	7,600	LAURENTIAN BANK OF CANADA		295,598		283,776
	4,185	LOBLAW COS. LTD.		167,040		223,867
	11,370	MAGNA INTERNATIONAL, INC.		139,001		399,109
	32,165	MANULIFE FINANCIAL CORP.		389,957		439,921
	4,453	METHANEX CORP.		109,241		129,563
	3,000	METRO, INC.		54,328		104,516
	46,720	MTY FOOD GROUP, INC.		1,258,473		1,569,809
	48,700	MULLEN GROUP LTD.		854,415		531,499
	2,600	ONEX CORP.		105,376		158,984
	3,282	OPEN TEXT CORP.		72,477		194,057
	21,359	PEMBINA PIPELINE CORP.		509,162		649,061
	583	PRAIRIESKY ROYALTY LTD.		11,473		11,065
	53,900	PRECISION DRILLING CORP.		324,622		285,781
	3,681	RESTAURANT BRANDS INTERNATIONAL, INC.		137,022		153,229
	2,701	RITCHIE BROS. AUCTIONEERS, INC.		50,064		91,277
	9,354	ROGERS COMMUNICATIONS, INC., CLASS B		221,766		378,663
	37,233	ROYAL BANK OF CANADA		1,502,282		2,200,060
	18,100	RUSSEL METALS, INC.		325,213		320,545
	4,800	SAPUTO, INC.		103,951		142,557
	5,933	SEVEN GENERATIONS ENERGY LTD., CLASS A(b)		68,304		113,246
	9,661	SHAW COMMUNICATIONS, INC., CLASS B		153,543		185,451
	4,726	SILVER WHEATON CORP.		58,903		111,241
	1,424	SNC-LAVALIN GROUP, INC.		50,445		59,806
	14,629	SUN LIFE FINANCIAL, INC.		328,200		480,556
	34,317	SUNCOR ENERGY, INC.		807,098		951,988
	28,555	TECK RESOURCES LTD., CLASS B		195,137		375,959
	26,505	TELUS CORP.		774,736		853,445
	47,404	TORONTO-DOMINION BANK (THE)		1,271,487		2,035,662
	3,168	TRANSCANADA CORP.		90,919		143,350
	18,713	TURQUOISE HILL RESOURCES LTD.(b)		35,694		63,296
	2,330	VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b)		45,370		46,981
	66,286	VERESEN, INC.		504,158		561,811
	817	WASTE CONNECTIONS, INC.		52,460		58,999
	25,967	YAMANA GOLD, INC.		47,350		135,066
				26,862,295		33,616,964		6.77	%
	China:
	77,000	AAC TECHNOLOGIES HOLDINGS, INC.		266,095		661,775
	11,648	BAIDU, INC. ADR(b)(d)		1,340,014		1,923,667
	1,718,129	CHINA MEDICAL SYSTEM HOLDINGS LTD.		1,428,685		2,633,407
	886,500	CHINA ZHENGTONG AUTO SERVICES HOLDINGS LTD.		505,928		329,172
	46,870	CTRIP.COM INTERNATIONAL LTD. ADR(b)(d)		2,273,397		1,931,044
	972,000	GOODBABY INTERNATIONAL HOLDINGS LTD.		409,543		448,693
	678,600	GREATVIEW ASEPTIC PACKAGING CO. LTD.		307,405		324,415
	1,558,000	KINGDEE INTERNATIONAL SOFTWARE GROUP CO. LTD.(b)		298,674		481,257
	15,525	NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP, INC. ADR(d)		347,328		650,187
	115,355	TENCENT HOLDINGS LTD.		784,811		2,627,984
	557,700	XTEP INTERNATIONAL HOLDINGS LTD.		293,151		298,914
				8,255,031		12,310,515		2.48	%
	Denmark:
	157	AP MOELLER - MAERSK A/S, CLASS A		186,844		199,778
	212	AP MOELLER - MAERSK A/S, CLASS B		247,046		279,521
	16,830	CARLSBERG A/S, CLASS B		1,365,709		1,597,174

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016 

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Denmark (Cont’d):
	29,089	CHR HANSEN HOLDING A/S	$	1,139,878		1,910,125
	29,600	COLOPLAST A/S, CLASS B		1,978,932		2,209,563
	21,751	DANSKE BANK A/S		380,757		576,374
	2,347	DSV A/S		78,328		98,679
	200	FLSMIDTH & CO. A/S		6,012		7,122
	808	GENMAB A/S(b)		101,229		147,185
	47,261	ISS A/S		1,416,472		1,769,687
	50,525	NOVO NORDISK A/S ADR(d)		1,709,675		2,717,234
	37,326	NOVO NORDISK A/S, CLASS B		797,137		2,007,283
	47,342	NOVOZYMES A/S, CLASS B		1,318,361		2,281,440
	2,600	PANDORA A/S		18,150		352,936
	3,250	TOPDANMARK A/S(b)		33,362		77,523
	3,792	VESTAS WIND SYSTEMS A/S		181,135		257,342
	2,690	WILLIAM DEMANT HOLDING A/S(b)		50,896		52,314
				11,009,923		16,541,280		3.33	%
	Finland:
	40,650	AMER SPORTS OYJ		517,387		1,116,410
	36,175	FORTUM OYJ		561,297		579,582
	28,300	HUHTAMAKI OYJ		466,721		1,176,300
	1,396	KESKO OYJ, CLASS B		30,705		59,419
	6,510	KONE OYJ, CLASS B		156,701		300,583
	10,384	NESTE OYJ		175,578		372,047
	61,900	NOKIA OYJ		203,584		352,209
	2,240	NOKIAN RENKAAT OYJ		31,307		80,013
	2,870	ORION OYJ, CLASS B		79,058		111,489
	1,697	SAMPO OYJ, CLASS A		56,535		69,332
	25,614	STORA ENSO OYJ (REGISTERED)		156,197		206,388
	14,474	UPM-KYMMENE OYJ		147,575		265,336
	1,849	VALMET OYJ		14,443		24,613
	2,352	WARTSILA OYJ ABP		56,960		96,253
				2,654,048		4,809,974		0.97	%
	France:
	5,664	ACCOR S.A.		207,366		219,589
	3,200	AIR FRANCE-KLM(b)		22,485		20,499
	8,323	AIR LIQUIDE S.A.		921,412		872,262
	6,947	AIRBUS GROUP S.E.		123,991		403,401
	82,680	ARCELORMITTAL(b)		380,361		380,667
	1,093	ARKEMA S.A.		77,841		84,346
	1,803	ATOS S.E.		138,320		150,602
	47,144	AXA S.A.		797,446		947,104
	26,840	BENETEAU S.A.		272,439		257,180
	15,950	BNP PARIBAS S.A.		654,067		717,080
	4,248	CAPGEMINI S.A.		218,390		370,731
	13,183	CARREFOUR S.A.		320,368		326,146
	883	CASINO GUICHARD PERRACHON S.A.		43,499		49,341
	1,360	CHRISTIAN DIOR S.E.		132,368		220,311
	8,207	CIE DE SAINT-GOBAIN		279,262		314,175
	4,539	CIE GENERALE DES ETABLISSEMENTS MICHELIN		297,967		430,000
	10,009	CNP ASSURANCES		161,064		148,350
	29,885	CREDIT AGRICOLE S.A.		241,953		253,137
	11,153	DANONE S.A.		581,350		786,428
	2,979	DASSAULT SYSTEMES S.A.		211,136		227,476
	2,570	EDENRED		43,109		53,027
	44,480	ELECTRICITE DE FRANCE S.A.		523,401		546,750
	3,163	ENGIE S.A.		48,411		51,046
	18,953	ESSILOR INTERNATIONAL S.A.		2,362,771		2,522,511
	2,546	EURAZEO S.A.		77,929		151,964
	530	EUROFINS SCIENTIFIC S.E.		189,893		197,022
	564	GECINA S.A.		51,331		77,093
	13,307	GROUPE EUROTUNNEL S.E. (REGISTERED)		102,800		141,618
	4,207	HERMES INTERNATIONAL		1,510,185		1,585,486
	713	ICADE		48,053		50,700
	304	ILIAD S.A.		29,549		61,796
	685	IMERYS S.A.		49,347		43,766
	19,670	INGENICO GROUP S.A.		2,218,181		2,304,690
	2,121	JCDECAUX S.A.		50,974		71,972
	4,010	KLEPIERRE		121,128		178,900

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	France (Cont’d):
	6,444	LEGRAND S.A.	$	197,986		332,478
	5,046	L’OREAL S.A.		452,843		965,229
	16,705	LVMH MOET HENNESSY LOUIS VUITTON S.E.		2,413,115		2,529,423
	15,891	NATIXIS S.A.		49,085		61,034
	50,877	ORANGE S.A.		630,138		831,026
	3,500	PERNOD RICARD S.A.		239,500		389,855
	14,723	PEUGEOT S.A.(b)		105,056		179,334
	2,509	PUBLICIS GROUPE S.A.		152,091		169,980
	4,895	RENAULT S.A.		134,511		372,992
	4,953	REXEL S.A.		69,520		62,532
	3,651	SAFRAN S.A.		184,115		248,132
	23,507	SANOFI		1,462,437		1,975,950
	14,808	SCHNEIDER ELECTRIC S.E.		713,650		876,355
	278	SCHNEIDER ELECTRIC S.E.		8,838		16,387
	1,813	SCOR S.E.		36,441		54,617
	5,515	SES S.A.		114,220		119,129
	457	SOCIETE BIC S.A.		49,235		64,622
	11,367	SOCIETE GENERALE S.A.		395,442		359,229
	6,746	SODEXO S.A.		418,231		726,654
	933	TECHNIP S.A.		48,935		50,743
	9,578	TELEVISION FRANCAISE 1		79,414		102,505
	1,413	THALES S.A.		81,763		118,588
	20,351	TOTAL S.A.		972,790		981,360
	2,129	UNIBAIL-RODAMCO S.E.		308,454		557,784
	4,605	VALEO S.A.		205,477		205,671
	13,671	VEOLIA ENVIRONNEMENT S.A.		145,445		296,996
	9,272	VINCI S.A.		416,675		660,368
	37,478	VIVENDI S.A.		711,646		710,102
	1,345	WENDEL S.A.		91,561		140,153
				24,398,761		29,376,394		5.92	%
	Germany:
	4,004	ADIDAS A.G.		193,788		570,989
	9,331	ALLIANZ S.E. (REGISTERED)		884,503		1,329,407
	21,971	BASF S.E.		1,076,438		1,676,104
	14,908	BAYER A.G. (REGISTERED)		793,310		1,499,927
	1,902	BEIERSDORF A.G.		113,608		179,730
	1,188	BRENNTAG A.G.		43,546		57,410
	32,638	CANCOM S.E.		1,408,262		1,621,618
	1,057	CONTINENTAL A.G.		78,301		198,640
	41,170	CTS EVENTIM A.G. & CO. KGAA		880,133		1,252,506
	22,373	DAIMLER A.G. (REGISTERED)		910,767		1,334,230
	36,527	DEUTSCHE BANK A.G. (REGISTERED)(b)		837,499		497,018
	3,028	DEUTSCHE BOERSE A.G.		155,699		247,923
	3,441	DEUTSCHE LUFTHANSA A.G. (REGISTERED)		38,611		40,061
	19,816	DEUTSCHE POST A.G. (REGISTERED)		266,311		553,235
	67,761	DEUTSCHE TELEKOM A.G. (REGISTERED)		910,643		1,152,922
	4,542	DEUTSCHE WOHNEN A.G. (BEARER)		109,838		154,142
	42,499	E.ON S.E.		412,174		425,187
	3,041	FRESENIUS MEDICAL CARE A.G. & CO. KGAA		190,582		263,125
	7,790	FRESENIUS S.E. & CO. KGAA		209,441		574,008
	1,527	GEA GROUP A.G.		49,653		71,771
	15,190	GERRESHEIMER A.G.		810,481		1,166,814
	40,600	GRAND CITY PROPERTIES S.A.		502,298		833,622
	2,246	HANNOVER RUECK S.E.		94,321		234,681
	3,952	HEIDELBERGCEMENT A.G.		143,515		296,322
	1,339	HENKEL A.G. & CO. KGAA		112,712		143,884
	2,600	HOCHTIEF A.G.		108,936		334,920
	21,437	INFINEON TECHNOLOGIES A.G.		117,250		308,060
	33,360	JENOPTIK A.G.		480,407		548,988
	2,383	MERCK KGAA		115,974		242,609
	3,139	METRO A.G.		96,766		96,026
	3,549	MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT
		A.G. IN MUENCHEN (REGISTERED)		444,935		593,138
	2,502	OSRAM LICHT A.G.		92,424		129,303
	2,854	PROSIEBENSAT.1 MEDIA S.E.		84,251		124,622
	2,270	RATIONAL A.G.		567,788		1,047,613
	572	RTL GROUP S.A.		46,162		46,653

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of  net assets
	Germany (Cont’d):
	15,571	RWE A.G.(b)	$	194,818		246,059
	18,719	SAP S.E.		805,845		1,399,201
	16,683	SIEMENS A.G. (REGISTERED)		1,147,367		1,708,974
	8,250	STABILUS S.A.(b)		338,171		391,854
	1,283	SYMRISE A.G.		81,345		87,424
	6,976	THYSSENKRUPP A.G.		138,544		139,244
	7,071	TUI A.G. - CDI		57,698		80,033
	1,929	UNITED INTERNET A.G. (REGISTERED)		87,227		79,591
	1,602	VOLKSWAGEN A.G.		213,812		215,249
	3,513	VONOVIA S.E.		110,192		128,208
				16,556,346		24,323,045		4.90	%
	Greece:
	6,746	HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.		54,075		62,299
				54,075		62,299		0.01	%
	Hong Kong:
	263,000	AIA GROUP LTD.		976,589		1,584,801
	7,200	ASM PACIFIC TECHNOLOGY LTD.		50,866		51,760
	243,000	BOC HONG KONG HOLDINGS LTD.		627,235		732,988
	10,000	CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD.		46,496		86,102
	77,544	CHEUNG KONG PROPERTY HOLDINGS LTD.		299,857		488,110
	62,044	CK HUTCHISON HOLDINGS LTD.		421,486		682,797
	36,500	CLP HOLDINGS LTD.		253,113		373,164
	1,882,000	EVA PRECISION INDUSTRIAL HOLDINGS LTD.		523,540		181,086
	27,000	GALAXY ENTERTAINMENT GROUP LTD.		67,479		80,447
	35,600	HANG SENG BANK LTD.		529,648		611,086
	19,033	HENDERSON LAND DEVELOPMENT CO. LTD.		45,544		107,851
	30,173	HONG KONG & CHINA GAS CO. LTD.		48,804		55,113
	15,300	HONG KONG EXCHANGES AND CLEARING LTD.		280,214		373,060
	400	HOPEWELL HIGHWAY INFRASTRUCTURE LTD.		229		199
	12,000	HYSAN DEVELOPMENT CO. LTD.		49,052		53,510
	5,100	JARDINE MATHESON HOLDINGS LTD.		286,187		298,651
	40,500	LINK REIT		84,195		277,065
	199,000	LUK FOOK HOLDINGS INTERNATIONAL LTD.		628,344		441,438
	30,500	MTR CORP. LTD.		88,703		154,769
	43,500	NWS HOLDINGS LTD.		52,824		69,103
	2,517,408	PAX GLOBAL TECHNOLOGY LTD.		1,341,520		2,205,650
	190,000	PCCW LTD.		77,804		127,503
	24,000	POWER ASSETS HOLDINGS LTD.		139,091		220,339
	189,200	SANDS CHINA LTD.		599,483		640,549
	1,143,324	SINO BIOPHARMACEUTICAL LTD.		794,950		748,934
	33,400	SINO LAND CO. LTD.		39,470		55,091
	566,000	SITOY GROUP HOLDINGS LTD.		361,652		228,051
	256,000	STELLA INTERNATIONAL HOLDINGS LTD.		679,964		452,434
	10,000	SUN HUNG KAI PROPERTIES LTD.		87,738		120,480
	19,000	SWIRE PACIFIC LTD., CLASS A		127,857		215,970
	305,900	TECHTRONIC INDUSTRIES CO. LTD.		599,734		1,280,566
	3,000	TELEVISION BROADCASTS LTD.		9,222		10,303
	665,000	VALUE PARTNERS GROUP LTD.		409,258		616,143
	163,000	VINDA INTERNATIONAL HOLDINGS LTD.		291,660		282,081
	88,000	VTECH HOLDINGS LTD.		1,043,083		928,312
	83,500	WH GROUP LTD.(e)		45,547		66,069
	23,000	WHEELOCK & CO. LTD.		48,337		108,332
	582,000	YINGDE GASES GROUP CO. LTD.		583,171		212,976
	15,000	YUE YUEN INDUSTRIAL HOLDINGS LTD.		30,233		59,448
				12,670,179		15,282,331		3.08	%
	India:
	83,514	HCL TECHNOLOGIES LTD.		920,783		907,066
	31,305	HDFC BANK LTD. ADR(d)		1,767,483		2,077,087
				2,688,266		2,984,153		0.60	%
	Ireland:
	16,769	ACCENTURE PLC, CLASS A		1,472,022		1,899,760
	22,330	CRH PLC		425,003		643,924
	126,334	EXPERIAN PLC		2,100,521		2,399,659
	27,151	ICON PLC(b)		1,806,277		1,900,842
	15,487	JAMES HARDIE INDUSTRIES PLC - CDI		160,183		237,224

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Ireland (Cont’d):
	3,027	KERRY GROUP PLC, CLASS A	$	208,357		268,945
	25,175	MEDTRONIC PLC		1,875,016		2,184,435
				8,047,379		9,534,789		1.92	%
	Israel:
	31,127	BANK HAPOALIM B.M.		129,966		157,121
	52,044	BANK LEUMI LE-ISRAEL B.M.(b)		188,059		183,509
	55,800	CAESARSTONE LTD.(b)		2,577,077		1,939,608
	1,194	CHECK POINT SOFTWARE TECHNOLOGIES LTD.(b)		95,533		95,138
	26,622	ISRAEL CHEMICALS LTD.		119,169		103,978
	334,551	MAGIC SOFTWARE ENTERPRISES LTD.		2,183,944		2,218,073
	5,900	MIZRAHI TEFAHOT BANK LTD.		51,135		68,172
	1,374	MOBILEYE N.V.(b)		41,544		63,397
	1,494	NICE LTD.		50,675		93,813
	148,397	SAPIENS INTERNATIONAL CORP. N.V.		1,649,197		1,737,729
	14,566	TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(d)		585,135		731,650
				7,671,434		7,392,188		1.49	%
	Italy:
	40,236	ASSICURAZIONI GENERALI S.P.A.		591,088		473,762
	6,927	ATLANTIA S.P.A.		148,178		172,769
	121,539	AZIMUT HOLDING S.P.A.		1,757,972		1,980,691
	25,272	BANCA MEDIOLANUM S.P.A.		87,322		173,136
	37,676	BANCO POPOLARE S.C.		174,801		91,917
	138,224	ENEL S.P.A.		518,225		614,751
	28,825	ENI S.P.A.		427,982		465,370
	3,610	EXOR S.P.A.		90,615		133,359
	6,101	FERRARI N.V.		258,153		248,707
	1,022	FERRARI N.V.		9,333		41,830
	61,846	INTERPUMP GROUP S.P.A.		907,225		972,123
	177,988	INTESA SANPAOLO S.P.A.		307,053		341,404
	177,217	INTESA SANPAOLO S.P.A. (RSP)		433,158		316,506
	10,070	LEONARDO-FINMECCANICA S.P.A.(b)		50,331		102,312
	2,103	LUXOTTICA GROUP S.P.A.		88,277		102,469
	2,079	MARR S.P.A.		32,833		39,352
	4,438	PRYSMIAN S.P.A.		86,023		97,288
	695	RIZZOLI CORRIERE DELLA SERA MEDIAGROUP S.P.A.(b)		460		622
	57,530	SNAM S.P.A.		249,716		344,182
	32,548	TENARIS S.A.		415,412		470,695
	34,652	TERNA RETE ELETTRICA NAZIONALE S.P.A.		130,368		193,082
				6,764,525		7,376,327		1.49	%
	Japan:
	1,400	ABC-MART, INC.		51,583		93,174
	14,200	AEON CO. LTD.		162,360		219,992
	6,300	AEON FINANCIAL SERVICE CO. LTD.		81,451		135,384
	2,300	AISIN SEIKI CO. LTD.		37,584		93,360
	15,000	AJINOMOTO CO., INC.		116,767		352,118
	2,500	ALFRESA HOLDINGS CORP.		24,420		52,063
	2,000	AMADA HOLDINGS CO. LTD.		10,582		20,223
	28,000	ANA HOLDINGS, INC.		71,669		79,444
	55,600	ANRITSU CORP.		318,676		319,512
	43,000	AOZORA BANK LTD.		140,314		148,570
	87,445	ARCLAND SERVICE CO. LTD.		1,718,313		2,458,253
	32,700	ASAHI CO. LTD.		508,794		468,287
	6,600	ASAHI GROUP HOLDINGS LTD.		116,505		212,907
	36,000	ASAHI KASEI CORP.		181,568		249,464
	51,100	ASICS CORP.		758,408		857,764
	37,000	ASTELLAS PHARMA, INC.		236,149		579,024
	1,500	BANDAI NAMCO HOLDINGS, INC.		14,652		38,543
	33,000	BANK OF KYOTO (THE) LTD.		216,700		201,471
	13,800	BRIDGESTONE CORP.		205,726		440,663
	11,500	BROTHER INDUSTRIES LTD.		111,543		122,707
	15,200	CAPCOM CO. LTD.		270,410		349,361
	3,800	CASIO COMPUTER CO. LTD.		51,908		54,302
	2,800	CENTRAL JAPAN RAILWAY CO.		246,680		495,590
	9,700	CHUBU ELECTRIC POWER CO., INC.		128,683		138,117
	5,300	CHUGAI PHARMACEUTICAL CO. LTD.		109,129		188,307
	7,900	CITIZEN HOLDINGS CO. LTD.		31,582		38,297
	21,957	CONCORDIA FINANCIAL GROUP LTD.(b)		99,708		85,918

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

CLEARWATER INVESTMENT TRUST 

Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Japan (Cont’d):
	20,736	CREDIT SAISON CO. LTD.	$	230,609		347,030
	6,000	DAI NIPPON PRINTING CO. LTD.		55,038		66,639
	49,900	DAIBIRU CORP.		501,148		426,957
	3,700	DAIHATSU MOTOR CO. LTD.		47,065		48,056
	10,300	DAI-ICHI LIFE INSURANCE (THE) CO. LTD.		120,497		114,198
	13,600	DAIICHI SANKYO CO. LTD.		229,746		328,161
	4,500	DAIKIN INDUSTRIES LTD.		124,473		374,922
	1,200	DAITO TRUST CONSTRUCTION CO. LTD.		117,985		194,515
	10,000	DAIWA HOUSE INDUSTRY CO. LTD.		103,706		291,798
	38,000	DAIWA SECURITIES GROUP, INC.		169,709		199,736
	8,200	DENSO CORP.		185,234		288,074
	3,900	DENTSU, INC.		102,513		182,216
	41,700	DESCENTE LTD.		242,140		448,374
	107,000	DOWA HOLDINGS CO. LTD.		628,003		547,532
	7,200	EAST JAPAN RAILWAY CO.		410,751		663,431
	3,400	EISAI CO. LTD.		112,861		188,908
	1,800	FAMILYMART CO. LTD.		52,590		109,339
	3,100	FANUC CORP.		243,447		501,786
	1,400	FAST RETAILING CO. LTD.		214,903		375,337
	21,000	FUJI ELECTRIC CO. LTD.		51,969		88,175
	13,500	FUJI HEAVY INDUSTRIES LTD.		263,117		462,135
	29,700	FUJI OIL HOLDINGS, INC.		442,260		549,506
	11,000	FUJIFILM HOLDINGS CORP.		253,899		425,080
	18,000	FUJITSU LTD.		64,886		65,961
	70,000	FUKUOKA FINANCIAL GROUP, INC.		230,551		230,225
	32,000	FURUKAWA ELECTRIC CO. LTD.		65,376		73,779
	12,000	GS YUASA CORP.		47,814		45,707
	48,200	GUNGHO ONLINE ENTERTAINMENT, INC.		126,813		129,809
	49,500	HACHIJUNI BANK (THE) LTD.		214,554		215,009
	3,000	HAMAMATSU PHOTONICS K.K.		52,686		83,527
	22,000	HANKYU HANSHIN HOLDINGS, INC.		117,409		163,744
	525	HIROSE ELECTRIC CO. LTD.		48,402		64,180
	2,000	HISAMITSU PHARMACEUTICAL CO., INC.		82,834		114,709
	158,000	HITACHI LTD.		579,912		656,790
	21,200	HITACHI METALS LTD.		202,414		214,494
	7,300	HOKURIKU ELECTRIC POWER CO.		76,486		90,140
	20,200	HONDA MOTOR CO. LTD.		488,101		510,027
	5,900	HOYA CORP.		132,155		210,064
	5,700	HULIC CO. LTD.		57,228		59,762
	10,600	IDEMITSU KOSAN CO. LTD.		225,199		228,562
	2,500	IIDA GROUP HOLDINGS CO. LTD.		44,925		50,920
	5,400	ISETAN MITSUKOSHI HOLDINGS LTD.		49,917		47,896
	4,800	ISUZU MOTORS LTD.		58,574		58,750
	38,300	ITOCHU CORP.		431,191		465,363
	4,000	J FRONT RETAILING CO. LTD.		31,099		41,309
	6,800	JAPAN AIRLINES CO. LTD.		212,347		218,256
	7,000	JAPAN EXCHANGE GROUP, INC.		56,090		80,078
	16	JAPAN PRIME REALTY INVESTMENT CORP.		56,433		68,526
	144,988	JAPAN PROPERTY MANAGEMENT CENTER CO. LTD.		1,935,234		1,925,118
	25	JAPAN REAL ESTATE INVESTMENT CORP.		125,468		153,869
	33	JAPAN RETAIL FUND INVESTMENT CORP.		60,174		83,986
	20,800	JAPAN TOBACCO, INC.		630,747		833,260
	4,000	JGC CORP.		53,048		56,840
	3,100	JSR CORP.		39,530		40,791
	5,000	JTEKT CORP.		36,670		56,373
	13,300	JX HOLDINGS, INC.		63,457		51,682
	13,000	KAJIMA CORP.		44,950		89,786
	117,938	KAKAKU.COM, INC.		1,849,735		2,324,917
	18,000	KANSAI ELECTRIC POWER (THE) CO., INC.(b)		164,557		174,530
	3,100	KANSAI PAINT CO. LTD.		29,763		62,447
	10,000	KAO CORP.		208,279		577,090
	55,000	KAWASAKI HEAVY INDUSTRIES LTD.		128,293		153,900
	42,762	KDDI CORP.		535,051		1,301,732
	20,400	KEIHIN CORP.		246,153		313,412
	13,000	KEIKYU CORP.		95,310		130,213
	5,000	KEIO CORP.		28,322		46,986
	5,000	KEISEI ELECTRIC RAILWAY CO. LTD.		23,110		64,128
	4,381	KEYENCE CORP.		1,836,750		2,954,777

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

CLEARWATER INVESTMENT TRUST 

Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Japan (Cont’d):
	6,000	KIKKOMAN CORP.	$	52,867		219,563
	35,000	KINTETSU GROUP HOLDINGS CO. LTD.		106,062		149,365
	12,000	KIRIN HOLDINGS CO. LTD.		132,745		201,696
	26,600	KOBAYASHI PHARMACEUTICAL CO. LTD.		726,536		1,176,568
	2,300	KONAMI HOLDINGS CORP.		50,313		87,089
	25,500	KONICA MINOLTA, INC.		214,953		184,924
	15,900	KOSHIDAKA HOLDINGS CO. LTD.		337,231		330,315
	21,000	KUBOTA CORP.		129,773		281,261
	4,300	KURITA WATER INDUSTRIES LTD.		96,931		95,672
	75,000	KYB CORP.		274,623		241,348
	8,600	KYOCERA CORP.		348,770		407,747
	5,000	KYOWA HAKKO KIRIN CO. LTD.		54,616		84,920
	6,500	KYUSHU ELECTRIC POWER CO., INC.		59,661		64,779
	2,800	LAWSON, INC.		120,035		221,979
	2,500	LIXIL GROUP CORP.		34,617		41,101
	2,400	M3, INC.		51,468		83,120
	1,600	MAKITA CORP.		82,169		105,502
	6,500	MARUI GROUP CO. LTD.		32,287		87,223
	1,700	MARUICHI STEEL TUBE LTD.		49,299		59,287
	19,900	MAZDA MOTOR CORP.		228,818		266,534
	2,400	MEIJI HOLDINGS CO. LTD.		38,749		243,672
	27,700	MEITEC CORP.		619,477		936,093
	1,300	MIRACA HOLDINGS, INC.		50,134		56,022
	40,000	MITSUBISHI CHEMICAL HOLDINGS CORP.		161,621		182,435
	19,400	MITSUBISHI CORP.		267,391		339,204
	46,000	MITSUBISHI ELECTRIC CORP.		389,405		545,430
	31,000	MITSUBISHI ESTATE CO. LTD.		430,753		566,806
	17,000	MITSUBISHI GAS CHEMICAL CO., INC.		75,149		88,180
	103,000	MITSUBISHI HEAVY INDUSTRIES LTD.		349,475		411,160
	4,000	MITSUBISHI LOGISTICS CORP.		45,017		55,760
	18,000	MITSUBISHI MATERIALS CORP.		47,129		42,874
	3,800	MITSUBISHI TANABE PHARMA CORP.		49,996		68,159
	72,600	MITSUBISHI UFJ FINANCIAL GROUP, INC.		336,099		323,602
	27,000	MITSUBISHI UFJ LEASE & FINANCE CO. LTD.		83,878		103,146
	25,500	MITSUI & CO. LTD.		248,595		301,936
	37,000	MITSUI CHEMICALS, INC.		87,469		134,942
	16,000	MITSUI FUDOSAN CO. LTD.		376,768		365,247
	3,000	MITSUI MINING & SMELTING CO. LTD.		5,391		4,967
	43,000	MITSUI OSK LINES LTD.		90,360		91,157
	9,780	MS&AD INSURANCE GROUP HOLDINGS, INC.		217,632		251,878
	4,800	MURATA MANUFACTURING CO. LTD.		304,817		538,456
	137,000	NACHI-FUJIKOSHI CORP.		706,535		415,699
	10,000	NAGOYA RAILROAD CO. LTD.		46,935		56,101
	60,000	NEC CORP.		147,482		139,200
	6,000	NGK INSULATORS LTD.		83,964		120,468
	3,000	NGK SPARK PLUG CO. LTD.		28,359		45,139
	6,000	NH FOODS LTD.		72,315		145,774
	4,300	NIDEC CORP.		158,515		324,564
	36,402	NIHON M&A CENTER, INC.		1,468,477		2,347,834
	3,500	NIKON CORP.		39,528		47,296
	2,600	NINTENDO CO. LTD.		285,625		370,981
	22	NIPPON BUILDING FUND, INC.		90,970		135,226
	17,000	NIPPON EXPRESS CO. LTD.		60,747		77,488
	2,900	NIPPON PAINT HOLDINGS CO. LTD.		67,323		71,230
	15,200	NIPPON TELEGRAPH & TELEPHONE CORP.		342,697		713,541
	5,000	NISSAN CHEMICAL INDUSTRIES LTD.		50,851		145,228
	34,600	NISSAN MOTOR CO. LTD.		316,967		311,780
	3,670	NISSHIN SEIFUN GROUP, INC.		31,991		58,664
	1,200	NISSIN FOODS HOLDINGS CO. LTD.		43,959		65,335
	2,700	NITORI HOLDINGS CO. LTD.		87,310		323,951
	4,000	NITTO DENKO CORP.		125,248		252,236
	4,700	NOK CORP.		80,364		79,436
	113,300	NOMURA HOLDINGS, INC.		427,212		406,004
	34	NOMURA REAL ESTATE MASTER FUND, INC.		46,931		53,746
	2,970	NOMURA RESEARCH INSTITUTE LTD.		43,930		108,169
	7,000	NSK LTD.		50,459		51,774
	1,400	NTT DATA CORP.		36,520		65,973
	30,800	NTT DOCOMO, INC.		528,835		828,764

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

 CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016 

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Japan (Cont’d):
	6,500	NTT URBAN DEVELOPMENT CORP.	$	52,710		69,199
	12,000	OBAYASHI CORP.		48,665		127,048
	7,000	ODAKYU ELECTRIC RAILWAY CO. LTD.		61,549		81,697
	15,000	OJI HOLDINGS CORP.		59,820		57,525
	5,800	OLYMPUS CORP.		97,673		215,783
	6,100	OMRON CORP.		180,652		197,651
	11,200	ONO PHARMACEUTICAL CO. LTD.		294,982		483,640
	8,000	ONWARD HOLDINGS CO. LTD.		54,094		49,566
	4,800	ORIENTAL LAND CO. LTD.		113,097		309,559
	12,000	ORIX CORP.		136,440		153,233
	37,000	OSAKA GAS CO. LTD.		121,878		141,682
	8,700	OTSUKA HOLDINGS CO. LTD.		264,752		400,906
	33,300	PANASONIC CORP.		217,151		288,130
	2,600	PARK24 CO. LTD.		51,627		89,048
	18,000	RAKUTEN, INC.		129,867		194,141
	1,600	RECRUIT HOLDINGS CO. LTD.		50,223		58,187
	30,100	RICOH CO. LTD.		248,535		260,105
	1,200	RINNAI CORP.		52,047		105,595
	4,200	ROHM CO. LTD.		166,807		164,681
	200	RYOHIN KEIKAKU CO. LTD.		43,741		48,524
	13,000	SANTEN PHARMACEUTICAL CO. LTD.		85,886		202,735
	13,720	SBI HOLDINGS, INC.		111,165		135,657
	3,400	SECOM CO. LTD.		133,812		250,960
	7,300	SEGA SAMMY HOLDINGS, INC.		68,324		78,374
	3,600	SEIKO EPSON CORP.		55,145		57,529
	13,000	SEKISUI CHEMICAL CO. LTD.		66,177		159,349
	9,800	SEKISUI HOUSE LTD.		105,606		170,535
	13,500	SEVEN & I HOLDINGS CO. LTD.		310,012		563,615
	4,900	SHIKOKU ELECTRIC POWER CO., INC.		52,495		57,698
	4,000	SHIMADZU CORP.		25,419		59,532
	1,000	SHIMAMURA CO. LTD.		61,206		147,615
	1,500	SHIMANO, INC.		58,204		227,332
	10,000	SHIN-ETSU CHEMICAL CO. LTD.		508,153		583,318
	41,600	SHINKO PLANTECH CO. LTD.		342,251		309,866
	5,600	SHIONOGI & CO. LTD.		137,671		304,557
	5,900	SHISEIDO CO. LTD.		88,706		152,124
	18,100	SHOWA SHELL SEKIYU K.K.		191,022		168,180
	1,100	SMC CORP.		155,380		268,324
	106,260	SMS CO. LTD.		1,449,228		2,349,027
	23,000	SOFTBANK GROUP CORP.		657,889		1,301,224
	9,000	SOMPO JAPAN NIPPONKOA HOLDINGS, INC.		202,248		238,405
	18,800	SONY CORP.		260,756		550,203
	13,100	SQUARE ENIX HOLDINGS CO. LTD.		160,290		422,078
	50,600	STANLEY ELECTRIC CO. LTD.		739,234		1,074,554
	42,000	SUMITOMO CHEMICAL CO. LTD.		150,149		172,237
	33,400	SUMITOMO CORP.		321,748		334,271
	4,000	SUMITOMO DAINIPPON PHARMA CO. LTD.		45,511		69,051
	14,800	SUMITOMO ELECTRIC INDUSTRIES LTD.		148,166		194,807
	12,000	SUMITOMO HEAVY INDUSTRIES LTD.		39,379		52,373
	18,000	SUMITOMO METAL MINING CO. LTD.		187,124		181,682
	41,000	SUMITOMO MITSUI FINANCIAL GROUP, INC.		1,267,071		1,175,481
	163,310	SUMITOMO MITSUI TRUST HOLDINGS, INC.		491,049		528,519
	8,000	SUMITOMO REALTY & DEVELOPMENT CO. LTD.		221,388		215,886
	66,600	SUMITOMO RUBBER INDUSTRIES LTD.		795,091		886,916
	2,600	SUNTORY BEVERAGE & FOOD LTD.		115,432		117,001
	9,300	SUZUKI MOTOR CORP.		199,522		250,989
	26,685	SYSMEX CORP.		610,242		1,824,063
	43,000	TAIHEIYO CEMENT CORP.		104,143		101,344
	17,000	TAISEI CORP.		55,809		138,628
	1,000	TAISHO PHARMACEUTICAL HOLDINGS CO. LTD.		68,094		104,794
	5,500	TAIYO NIPPON SANSO CORP.		49,981		50,275
	10,000	TAKASHIMAYA CO. LTD.		63,872		71,395
	7,100	TAKEDA PHARMACEUTICAL CO. LTD.		246,901		306,465
	1,100	TDK CORP.		52,815		61,293
	29,000	TEIJIN LTD.		67,529		95,517
	5,200	TERUMO CORP.		95,419		220,487
	2,000	THK CO. LTD.		29,290		33,936
	10,000	TOBU RAILWAY CO. LTD.		45,964		54,720

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016 

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Japan (Cont’d):
	2,200	TOHO CO. LTD.	$	42,502		60,599
	17,000	TOHO GAS CO. LTD.		81,221		138,311
	7,200	TOHOKU ELECTRIC POWER CO., INC.		56,650		90,292
	16,400	TOKIO MARINE HOLDINGS, INC.		426,902		542,500
	25,800	TOKYO ELECTRON LTD.		1,374,020		2,169,110
	30,000	TOKYO GAS CO. LTD.		103,615		123,156
	3,800	TOKYO TATEMONO CO. LTD.		49,544		45,393
	25,000	TOKYU CORP.		103,448		218,618
	23,000	TOKYU FUDOSAN HOLDINGS CORP.		86,617		142,664
	28,000	TONENGENERAL SEKIYU K.K.		263,514		254,256
	21,000	TORAY INDUSTRIES, INC.		104,587		178,476
	32,000	TOSHIBA CORP.(b)		68,535		87,433
	3,000	TOTO LTD.		30,029		118,872
	3,000	TOYO SUISAN KAISHA LTD.		74,690		121,202
	5,600	TOYOTA INDUSTRIES CORP.		168,810		221,475
	46,700	TOYOTA MOTOR CORP.		1,595,727		2,334,852
	7,300	TOYOTA TSUSHO CORP.		136,342		156,598
	2,500	TREND MICRO, INC.		74,501		89,039
	61,000	TSUGAMI CORP.		318,601		230,077
	42,600	TSUMURA & CO.		980,811		1,149,897
	19,262	TSURUHA HOLDINGS, INC.		706,440		2,313,539
	8,000	UBE INDUSTRIES LTD.		13,963		13,159
	7,800	UNICHARM CORP.		68,794		173,747
	34	UNITED URBAN INVESTMENT CORP.		52,061		61,071
	6,500	USHIO, INC.		68,874		75,882
	4,900	USS CO. LTD.		56,003		80,368
	4,100	WEST JAPAN RAILWAY CO.		134,756		259,147
	43,600	YAHOO JAPAN CORP.		149,039		192,009
	1,900	YAKULT HONSHA CO. LTD.		48,815		97,805
	16,300	YAMADA DENKI CO. LTD.		56,674		85,655
	12,000	YAMAGUCHI FINANCIAL GROUP, INC.		112,747		112,977
	9,500	YAMAHA MOTOR CO. LTD.		128,066		143,862
	4,700	YAMATO HOLDINGS CO. LTD.		81,942		107,647
	4,000	YAMAZAKI BAKING CO. LTD.		44,679		110,930
	5,000	YASKAWA ELECTRIC CORP.		48,019		64,775
	4,600	YOKOGAWA ELECTRIC CORP.		49,277		51,651
				57,647,745		82,088,729		16.53	%
	Mexico:
	6,107	FRESNILLO PLC		85,635		134,960
	477,534	WAL-MART DE MEXICO S.A.B. DE C.V.		1,453,765		1,146,914
				1,539,400		1,281,874		0.26	%
	Netherlands:
	34,440	AALBERTS INDUSTRIES N.V.		658,961		1,038,868
	26,780	ACCELL GROUP		446,234		555,348
	34,297	AEGON N.V.		128,398		136,806
	4,809	AKZO NOBEL N.V.		214,185		302,549
	10,414	ALTICE N.V., CLASS A(b)		150,435		156,604
	42,890	ARCADIS N.V.		1,006,886		652,473
	8,748	ASML HOLDING N.V.		251,458		867,129
	19,034	CORE LABORATORIES N.V.		2,201,838		2,358,122
	849	GEMALTO N.V.		46,638		51,999
	2,239	HEINEKEN HOLDING N.V.		116,937		182,898
	3,662	HEINEKEN N.V.		128,663		338,380
	267,039	ING GROEP N.V. - CVA		2,413,905		2,775,556
	17,271	KONINKLIJKE AHOLD N.V.		248,479		384,075
	3,281	KONINKLIJKE DSM N.V.		122,903		190,107
	56,504	KONINKLIJKE KPN N.V.		128,010		204,948
	20,095	KONINKLIJKE PHILIPS N.V.		343,642		501,399
	939	KONINKLIJKE VOPAK N.V.		49,727		47,033
	22,056	NN GROUP N.V.		645,795		612,733
	1,232	NXP SEMICONDUCTORS N.V.(b)		95,372		96,515
	8,430	QIAGEN N.V.(b)		119,420		182,591
	3,238	RANDSTAD HOLDING N.V.		99,928		130,416
	51,258	REFRESCO GROUP N.V.(e)		848,396		763,138
	65,588	ROYAL DUTCH SHELL PLC, CLASS A		1,559,101		1,790,776

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016  

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Netherlands (Cont’d):
	91,873	ROYAL DUTCH SHELL PLC, CLASS B	$	2,063,166		2,526,440
	6,193	WOLTERS KLUWER N.V.		101,075		253,080
				14,189,552		17,099,983		3.44	%
	New Zealand:
	16,545	AUCKLAND INTERNATIONAL AIRPORT LTD.		50,086		76,905
	14,416	CONTACT ENERGY LTD.		50,815		53,423
	8,708	FLETCHER BUILDING LTD.		44,688		53,538
	8,264	RYMAN HEALTHCARE LTD.		47,891		55,064
	18,050	SKYCITY ENTERTAINMENT GROUP LTD.		49,428		59,018
	243,839	SPARK NEW ZEALAND LTD.		569,401		617,989
				812,309		915,937		0.18	%
	Norway:
	60,330	AKER SOLUTIONS ASA(b)		565,857		261,908
	15,668	DNB ASA		111,044		189,429
	2,929	GJENSIDIGE FORSIKRING ASA		46,151		48,625
	51,491	NORSK HYDRO ASA		196,980		188,189
	97,615	ORKLA ASA		664,869		864,654
	51,432	STATOIL ASA		868,841		890,566
	60,850	TOMRA SYSTEMS ASA		503,097		649,599
	4,000	YARA INTERNATIONAL ASA		109,527		126,990
				3,066,366		3,219,960		0.65	%
	Philippines:
	386,461	METROPOLITAN BANK & TRUST CO.		658,640		743,682
	3,065,000	VISTA LAND & LIFESCAPES, INC.		315,280		349,171
				973,920		1,092,853		0.22	%
	Poland:
	7,430	CCC S.A.		326,018		302,223
				326,018		302,223		0.06	%
	Portugal:
	20,567	EDP - ENERGIAS DE PORTUGAL S.A.		48,529		63,164
	7,295	JERONIMO MARTINS SGPS S.A.		80,824		114,931
				129,353		178,095		0.04	%
	Russia:
	72,895	YANDEX N.V., CLASS A(b)		1,637,473		1,592,756
				1,637,473		1,592,756		0.32	%
	Singapore:
	31,000	ASCENDAS REAL ESTATE INVESTMENT TRUST		51,586		57,270
	28,500	CAPITALAND LTD.		45,291		65,470
	36,000	CAPITALAND MALL TRUST		34,133		57,163
	8,300	CITY DEVELOPMENTS LTD.		45,519		50,571
	32,000	COMFORTDELGRO CORP. LTD.		49,631		65,587
	45,300	DBS GROUP HOLDINGS LTD.		343,605		533,728
	22,000	FRASER AND NEAVE LTD.		7,411		32,911
	93,100	GENTING SINGAPORE PLC		46,422		50,810
	80,000	KEPPEL CORP. LTD.		278,811		328,533
	7,840	KEPPEL REIT		3,219		6,125
	8,000	OVERSEA-CHINESE BANKING CORP. LTD.		48,344		52,138
	86,700	SEMBCORP INDUSTRIES LTD.		171,183		182,607
	12,000	SINGAPORE AIRLINES LTD.		70,334		95,174
	22,000	SINGAPORE EXCHANGE LTD.		89,894		125,327
	26,000	SINGAPORE PRESS HOLDINGS LTD.		44,166		76,764
	29,900	SINGAPORE TECHNOLOGIES ENGINEERING LTD.		69,166		70,584
	335,200	SINGAPORE TELECOMMUNICATIONS LTD.		781,137		1,036,583
	4,600	UNITED OVERSEAS BANK LTD.		26,071		63,520
	15,000	UOL GROUP LTD.		49,917		61,189
	35,400	WILMAR INTERNATIONAL LTD.		68,955		86,244
				2,324,795		3,098,298		0.62	%
	South Africa:
	21,962	INVESTEC PLC		142,844		138,432
	71,356	SHOPRITE HOLDINGS LTD.		1,461,628		807,629
				1,604,472		946,061		0.19	%
	South Korea:
	61,397	BNK FINANCIAL GROUP, INC.		682,218		432,359

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016  

Shares		Security	Cost		Fair value (a)		Percent of net assets
	South Korea (Cont’d):
	83,221	DGB FINANCIAL GROUP, INC.	$	907,459		629,290
	33,890	HANON SYSTEMS		139,513		311,159
	5,243	HYUNDAI MIPO DOCKYARD CO. LTD.(b)		581,800		317,725
	11,741	KIA MOTORS CORP.		539,610		442,199
	6,353	KIWOOM SECURITIES CO. LTD.		349,706		397,348
	16,779	KOREA INVESTMENT HOLDINGS CO. LTD.		620,530		620,276
	2,459	SAMSUNG ELECTRONICS CO. LTD.		2,983,144		3,061,108
	9,049	YOUNGONE HOLDINGS CO. LTD.		515,320		492,850
				7,319,300		6,704,314		1.35	%
	Spain:
	29,154	ABERTIS INFRAESTRUCTURAS S.A.		449,127		428,476
	1,260	ACCIONA S.A.		78,312		91,556
	1,304	AENA S.A.(e)		144,570		171,709
	15,544	AMADEUS IT HOLDING S.A., CLASS A		578,465		680,959
	217,824	BANCO DE SABADELL S.A.		439,863		291,044
	194,838	BANCO SANTANDER S.A.		904,335		758,585
	1,388	CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.		645,501		474,009
	9,700	DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION S.A.		47,567		56,977
	6,512	ENAGAS S.A.		118,772		198,114
	11,416	ENDESA S.A.		234,852		229,604
	3,362	FERROVIAL S.A.		50,676		65,323
	22,722	GAS NATURAL SDG S.A.		408,386		450,601
	3,636	GRIFOLS S.A.		52,707		82,109
	85,481	IBERDROLA S.A.		472,337		577,388
	45,080	INDUSTRIA DE DISENO TEXTIL S.A.		1,187,295		1,503,304
	26,610	MELIA HOTELS INTERNATIONAL S.A.		201,272		286,096
	2,839	RED ELECTRICA CORP. S.A.		121,909		253,110
	48,252	REPSOL S.A.		589,661		612,128
	15,819	TECNICAS REUNIDAS S.A.		596,659		472,460
	10,893	TELEFONICA S.A.		111,218		104,121
				7,433,484		7,787,673		1.57	%
	Sweden:
	22,200	ASSA ABLOY AB, CLASS B		89,466		455,032
	17,828	ATLAS COPCO AB, CLASS A		275,239		461,629
	13,024	ATLAS COPCO AB, CLASS B		226,073		307,488
	3,519	BOLIDEN AB		59,035		68,362
	31,182	BULTEN AB		262,010		301,310
	150,564	CELLAVISION AB		1,072,428		1,058,459
	67,903	CLOETTA AB, CLASS B		225,901		233,240
	29,850	DUNI AB		262,610		382,214
	7,501	ELECTROLUX AB, CLASS B		95,788		203,728
	13,617	HENNES & MAURITZ AB, CLASS B		275,442		399,056
	4,591	HEXAGON AB, CLASS B		86,468		167,112
	17,500	HUSQVARNA AB, CLASS B		64,201		129,822
	8,270	INDUSTRIVARDEN AB, CLASS C		85,948		133,663
	10,953	INVESTOR AB, CLASS B		150,033		366,411
	3,000	KINNEVIK AB, CLASS B		51,225		71,305
	4,389	LUNDIN PETROLEUM AB(b)		66,376		79,349
	2,695	MILLICOM INTERNATIONAL CELLULAR S.A. SDR		148,179		164,822
	110,352	NORDEA BANK AB		862,821		932,107
	13,973	SANDVIK AB		86,678		139,271
	13,348	SECURITAS AB, CLASS B		106,689		205,149
	83,628	SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A		577,532		726,778
	4,287	SKANSKA AB, CLASS B		53,143		89,406
	2,910	SKF AB, CLASS B		46,158		46,466
	12,644	SVENSKA CELLULOSA AB S.C.A., CLASS B		187,887		403,202
	61,429	SVENSKA HANDELSBANKEN AB, CLASS A		588,266		743,067
	5,879	SWEDBANK AB, CLASS A		114,588		122,974
	87,132	TELIA CO. AB		379,436		411,045
	66,010	THULE GROUP AB (THE)(e)		805,989		940,089
	37,020	VOLVO AB, CLASS B		297,041		365,577
				7,602,650		10,108,133		2.04	%
	Switzerland:
	163,668	ABB LTD. (REGISTERED)(b)		3,014,761		3,223,690
	1,807	ACTELION LTD. (REGISTERED)(b)		109,134		303,208
	18,852	ADECCO GROUP A.G. (REGISTERED)		841,205		949,684

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent  of net assets
	Switzerland (Cont’d):
	2,059	ARYZTA A.G.(b)	$	50,704		75,661
	484	BALOISE HOLDING A.G. (REGISTERED)		26,452		53,976
	88	BARRY CALLEBAUT A.G. (REGISTERED)(b)		88,741		108,079
	3,470	BASILEA PHARMACEUTICA A.G. (REGISTERED)(b)		261,957		241,658
	2,540	BUCHER INDUSTRIES A.G. (REGISTERED)		572,606		595,476
	35	CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE)		50,308		208,190
	3	CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (REGISTERED)		75,352		214,093
	23,782	CHUBB LTD.		1,916,615		3,108,545
	31,771	CIE FINANCIERE RICHEMONT S.A. (REGISTERED)		2,072,566		1,863,847
	2,819	COCA-COLA HBC A.G. - CDI(b)		52,202		56,857
	521	DUFRY A.G. (REGISTERED)(b)		59,186		62,531
	110	EMS-CHEMIE HOLDING A.G. (REGISTERED)		45,821		56,884
	990	GEBERIT A.G. (REGISTERED)		85,632		373,977
	201	GIVAUDAN S.A. (REGISTERED)		184,207		403,897
	35,810	GLENCORE PLC(b)		60,094		73,165
	4,134	JULIUS BAER GROUP LTD.(b)		87,890		166,131
	348	KUEHNE + NAGEL INTERNATIONAL A.G. (REGISTERED)		46,581		48,653
	5,569	LAFARGEHOLCIM LTD. (REGISTERED)(b)		193,725		232,626
	28,280	LOGITECH INTERNATIONAL S.A. (REGISTERED)		243,257		460,398
	1,082	LONZA GROUP A.G. (REGISTERED)(b)		80,211		179,302
	97,411	NESTLE S.A. (REGISTERED)		4,135,801		7,513,864
	61,370	NOVARTIS A.G. (REGISTERED)		3,000,491		5,048,528
	11,805	PANALPINA WELTTRANSPORT HOLDING A.G. (REGISTERED)		985,400		1,411,137
	8,225	PARGESA HOLDING S.A. (BEARER)		522,375		544,500
	136	PARTNERS GROUP HOLDING A.G.		47,269		58,316
	12,406	ROCHE HOLDING A.G. (GENUSSCHEIN)		1,614,189		3,275,563
	1,381	SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE)		108,493		250,248
	589	SCHINDLER HOLDING A.G. (REGISTERED)		68,597		107,207
	1,044	SGS S.A. (REGISTERED)		2,147,187		2,393,867
	77	SIKA A.G. (BEARER)		152,753		322,103
	1,300	SONOVA HOLDING A.G. (REGISTERED)		84,464		172,722
	9,004	STMICROELECTRONICS N.V.		44,215		53,060
	635	SULZER A.G. (REGISTERED)		30,609		55,199
	938	SWATCH GROUP (THE) A.G. (REGISTERED)		58,575		53,804
	743	SWISS LIFE HOLDING A.G. (REGISTERED)(b)		101,194		171,643
	1,660	SWISS PRIME SITE A.G. (REGISTERED)(b)		125,957		150,134
	3,869	SWISS RE A.G.		292,830		338,252
	708	SWISSCOM A.G. (REGISTERED)		279,447		351,702
	1,839	SYNGENTA A.G.(b)		500,196		704,936
	26,523	TE CONNECTIVITY LTD.		498,023		1,514,729
	271,018	UBS GROUP A.G. (REGISTERED)		4,724,473		3,506,595
	5,500	VZ HOLDING A.G.		1,524,689		1,640,921
	4,176	WOLSELEY PLC		70,461		216,422
	4,900	ZURICH INSURANCE GROUP A.G.(b)		961,960		1,212,364
				32,298,855		44,128,344		8.89	%
	Taiwan:
	52,000	CASETEK HOLDINGS LTD.		307,756		182,282
	244,556	CHICONY ELECTRONICS CO. LTD.		622,261		550,664
	102,000	GIANT MANUFACTURING CO. LTD.		540,157		634,292
	176,000	SIMPLO TECHNOLOGY CO. LTD.		932,483		615,415
	125,946	TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. ADR(d)		1,933,170		3,303,564
	190,000	TRIPOD TECHNOLOGY CORP.		428,387		369,961
				4,764,214		5,656,178		1.14	%
	Thailand:
	843,000	LPN DEVELOPMENT PCL (REGISTERED)		503,454		309,468
	358,100	PRUKSA REAL ESTATE PCL (REGISTERED)		244,466		257,314
				747,920		566,782		0.11	%
	United Kingdom:
	28,238	3I GROUP PLC		108,512		210,168
	148,156	ABERDEEN ASSET MANAGEMENT PLC		524,111		572,545
	5,080	ADMIRAL GROUP PLC		89,059		138,656
	17,198	AGGREKO PLC		266,625		295,374
	82,472	AMEC FOSTER WHEELER PLC		1,059,190		539,776

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair  value (a)		Percent  of net assets
	United Kingdom (Cont’d):
	58,936	ANGLO AMERICAN PLC	$	468,356		572,326
	10,135	AON PLC		941,506		1,107,046
	14,400	ARM HOLDINGS PLC		185,686		218,102
	43,490	ARM HOLDINGS PLC ADR(d)		1,398,449		1,979,230
	5,120	ASSOCIATED BRITISH FOODS PLC		166,132		185,642
	22,825	ASTRAZENECA PLC		798,637		1,358,750
	9,142	AUTO TRADER GROUP PLC(e)		50,172		43,228
	59,299	AVIVA PLC		212,664		318,690
	13,102	BABCOCK INTERNATIONAL GROUP PLC		148,633		158,601
	46,467	BAE SYSTEMS PLC		230,164		325,822
	8,000	BELLWAY PLC		129,923		202,265
	4,082	BERKELEY GROUP HOLDINGS PLC		172,257		138,960
	18,190	BOVIS HOMES GROUP PLC		151,966		179,404
	140,408	BP PLC		901,206		819,889
	42,319	BRITISH AMERICAN TOBACCO PLC		1,831,432		2,753,718
	11,630	BRITISH LAND (THE) CO. PLC		61,579		96,310
	143,369	BT GROUP PLC		523,985		791,662
	6,330	BUNZL PLC		72,796		195,790
	8,202	BURBERRY GROUP PLC		40,549		128,213
	24,387	CAPITA PLC		269,821		313,232
	10,667	CNH INDUSTRIAL N.V.		37,111		77,553
	274,596	COBHAM PLC		532,026		576,084
	301,471	COMPASS GROUP PLC		3,047,773		5,746,520
	2,849	CRODA INTERNATIONAL PLC		101,252		119,414
	10,632	CYBG PLC - CDI(b)		28,649		33,585
	82,520	DEVRO PLC		362,296		284,849
	132,410	DFS FURNITURE PLC		611,442		374,293
	73,940	DIAGEO PLC		1,013,497		2,068,931
	14,844	DIGNITY PLC		263,151		510,211
	212,787	DIPLOMA PLC		1,751,458		2,369,233
	29,465	DIRECT LINE INSURANCE GROUP PLC		123,934		136,260
	18,912	DIXONS CARPHONE PLC		115,289		82,102
	435,060	DOMINO’S PIZZA GROUP PLC		1,842,096		1,936,407
	95	DRAX GROUP PLC		544		414
	36,653	FIAT CHRYSLER AUTOMOBILES N.V.		280,582		226,260
	10,222	FIAT CHRYSLER AUTOMOBILES N.V.		17,872		62,559
	195,744	FOXTONS GROUP PLC		709,083		288,714
	32,712	GKN PLC		101,683		117,745
	111,207	GLAXOSMITHKLINE PLC		1,822,940		2,390,761
	61,320	GREGGS PLC		473,469		794,937
	37,348	HAMMERSON PLC		236,927		272,847
	3,142	HARGREAVES LANSDOWN PLC		48,173		52,285
	218,181	HSBC HOLDINGS PLC		1,347,155		1,362,989
	59,060	IMI PLC		829,268		763,174
	19,716	IMPERIAL BRANDS PLC		491,542		1,070,280
	12,262	INDIVIOR PLC		11,861		41,268
	11,958	INMARSAT PLC		92,794		128,351
	1,398	INTERCONTINENTAL HOTELS GROUP PLC		52,064		51,948
	32,745	INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A. - CDI		90,834		163,167
	2,722	INTERTEK GROUP PLC		108,909		127,109
	11,822	INTU PROPERTIES PLC		46,408		46,250
	208,292	IOMART GROUP PLC		811,694		737,381
	17,144	ITV PLC		9,112		41,414
	12,948	J SAINSBURY PLC		49,098		40,155
	9,582	JOHNSON MATTHEY PLC		333,154		362,724
	65,245	KINGFISHER PLC		225,332		281,631
	133,080	LAIRD PLC		465,719		580,711
	36,360	LAND SECURITIES GROUP PLC		463,299		514,594
	69,234	LEGAL & GENERAL GROUP PLC		173,141		179,452
	8,787	LIVANOVA PLC(b)		545,066		441,371
	2,137,767	LLOYDS BANKING GROUP PLC		1,706,474		1,571,965
	6,030	LONDON STOCK EXCHANGE GROUP PLC		69,795		204,261
	429,337	MAN GROUP PLC		641,600		665,390
	25,083	MARKS & SPENCER GROUP PLC		101,882		106,648
	11,489	MEGGITT PLC		39,233		62,324
	92,603	NATIONAL GRID PLC		1,066,285		1,361,774

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016

Shares		Security	Cost		Fair value (a)		Percent of net assets
	United Kingdom (Cont’d):
	5,557	NEXT PLC	$	266,994		371,771
	178,248	OLD MUTUAL PLC		336,251		480,469
	33,987	OXFORD INSTRUMENTS PLC		529,849		322,446
	9,411	PEARSON PLC		97,880		122,740
	4,757	PERSIMMON PLC		114,693		92,829
	37,178	PRUDENTIAL PLC		537,409		633,357
	130,021	QINETIQ GROUP PLC		231,671		389,480
	2,341	RANDGOLD RESOURCES LTD.		150,411		262,848
	48,874	RECKITT BENCKISER GROUP PLC		3,744,276		4,916,999
	40,900	RELX N.V.		410,924		713,765
	128,853	RELX PLC		1,011,800		2,374,203
	10,746	REXAM PLC		57,562		93,234
	39,935	RIGHTMOVE PLC		1,557,933		1,946,831
	23,247	RIO TINTO LTD.		733,396		800,556
	41,280	RIO TINTO PLC		1,089,188		1,275,970
	27,374	ROLLS-ROYCE HOLDINGS PLC(b)		219,971		259,937
	985,008	ROYAL BANK OF SCOTLAND GROUP PLC(b)		4,501,788		2,319,817
	7,132	ROYAL MAIL PLC		51,841		48,350
	19,138	SABMILLER PLC		907,563		1,115,685
	28,748	SAGE GROUP (THE) PLC		143,414		250,001
	5,867	SCHRODERS PLC		208,015		185,259
	13,558	SEGRO PLC		57,085		76,113
	4,954	SEVERN TRENT PLC		76,220		161,832
	230,180	SIG PLC		633,870		346,076
	17,175	SKY PLC		114,547		194,941
	22,769	SMITH & NEPHEW PLC		216,632		386,149
	4,620	SMITHS GROUP PLC		58,251		71,161
	31,013	SSE PLC		600,679		648,479
	92,045	STANDARD CHARTERED PLC		654,783		700,135
	39,357	STANDARD LIFE PLC		131,737		154,677
	930,036	TESCO PLC(b)		3,478,473		2,175,828
	40,262	UBM PLC		351,115		344,691
	29,196	UNILEVER N.V. - CVA		999,893		1,361,090
	27,421	UNILEVER PLC		683,894		1,315,306
	12,769	UNILEVER PLC ADR(d)		304,634		611,763
	14,901	UNITED UTILITIES GROUP PLC		139,192		207,492
	767,987	UTILITYWISE PLC		2,038,895		1,267,507
	256,900	VECTURA GROUP PLC(b)		364,176		553,907
	151,142	VESUVIUS PLC		766,591		583,063
	247,347	VODAFONE GROUP PLC		791,371		752,971
	14,067	WEIR GROUP (THE) PLC		212,517		271,627
	8,554	WHITBREAD PLC		380,275		399,812
	40,874	WPP PLC		540,921		848,655
				64,594,956		75,481,516		15.20	%
	United States:
	33,763	ARCH CAPITAL GROUP LTD.(b)		694,797		2,430,936
	20,970	AXIS CAPITAL HOLDINGS LTD.		783,005		1,153,350
	4,351	CARNIVAL PLC		131,345		193,170
	24,390	FLEXTRONICS INTERNATIONAL LTD.(b)		146,155		287,802
	214	IRON MOUNTAIN, INC. - CDI		7,687		8,440
	13,221	SHIRE PLC		491,209		814,142
	8,041	THOMSON REUTERS CORP.		206,631		325,325
				2,460,829		5,213,165		1.05	%
		Sub-total Common Stocks:		374,276,658		473,730,785		95.40	%
	Master Limited Partnerships:
	Canada:
	436	BROOKFIELD BUSINESS PARTNERS L.P.(b)		11,823		8,265
				11,823		8,265		0.00	%

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016

Shares			Security		Cost	Fair value (a)	Percent of net assets
	United States:
	35,859		LAZARD LTD., CLASS A	$	1,033,058	1,067,881
					1,033,058	1,067,881	0.22	%
		Sub-total Master Limited Partnerships:			1,044,881	1,076,146	0.22	%
Preferred Stocks:
	Brazil:
	112,300		ALPARGATAS S.A.		332,064	365,675
	131,374		TELEFONICA BRASIL S.A. ADR(d)		1,619,467	1,786,686
					1,951,531	2,152,361	0.43	%
	Germany:
	1,521		BAYERISCHE MOTOREN WERKE A.G.		49,612	96,417
	4,000		DRAEGERWERK A.G. & CO. KGAA		399,957	244,374
	2,072		HENKEL A.G. & CO. KGAA		181,473	251,954
	4,736		PORSCHE AUTOMOBIL HOLDING S.E.		225,338	218,192
	9,395		SCHAEFFLER A.G.		154,171	124,553
	3,168		VOLKSWAGEN A.G.		423,609	380,741
					1,434,160	1,316,231	0.27	%
	South Korea:
	205		SAMSUNG ELECTRONICS CO. LTD.		179,321	211,638
					179,321	211,638	0.04	%
		Sub-total Preferred Stocks			3,565,012	3,680,230	0.74	%
Rights:
	Austria:
	10,586		IMMOEAST A.G.(b)(c)		-	-
					-	-	0.00	%
		Sub-total Rights			-	-	0.00	%
Investment Companies:
	United States:
	18,000		ISHARES MSCI EAFE SMALL-CAP ETF		926,046	868,680
					926,046	868,680	0.17	%
		Sub-total Investment Companies			926,046	868,680	0.17	%
Short-Term Investments:
	14,917,189		NORTHERN INSTITUTIONAL FUNDS -
			U.S. GOVERNMENT SELECT PORTFOLIO, 0.25%(f)		14,917,189	14,917,189
		Sub-total Short-Term Investments:			14,917,189	14,917,189	3.00	%
			Grand total(g)	$	394,729,786	494,273,030	99.53	%

(a)	Investments are valued in accordance with procedures described in note 2 to the financial statements.
(b)	Non-income producing assets.
(c)	Security has been deemed worthless and is a Level 3 investment.
(d)	Securities are American Depositary Receipts of companies based outside of the United States representing 3.57% of net assets as of June 30, 2016.
(e)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees.
(f)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds.
	At December 31, 2015, the value of the Clearwater International Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $17,987,135 with net sales of $3,069,946 during the six months ended June 30, 2016.
(g)	At June 30, 2016, the cost for Federal income tax purposes was $397,268,015. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows:

Gross unrealized appreciation	$	118,494,731
Gross unrealized depreciation		(21,489,716	)
Net unrealized appreciation	$	97,005,015

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016

At June 30, 2016, the industry sectors for the Clearwater International Fund were:

Industry Sector	Percent of Long-Term Investments
Consumer Discretionary	15.71	%
Consumer Staples	10.71
Energy	4.65
Financials	20.91
Health Care	11.00
Industrials	13.21
Information Technology	13.30
Materials	5.42
Telecommunication Services	3.06
Utilities	2.03
	100.00	%

At June 30, 2016, the Clearwater International Fund’s investments were denominated in the following currencies:

Concentration by Currency	Percent of Long-Term Investments
Euro	19.94	%
JapaneseYen	17.13
British Pound	15.92
United States Dollar	10.23
Swiss Franc	8.06
Australian Dollar	6.84
Canadian Dollar	6.58
All other currencies less than 5%	15.30
	100.00	%

At June 30, 2016, 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
JapaneseYen	131,220,897	United States Dollar	1,143,892	8/10/16	$	(128,487	)	Northern Trust
Chinese OffshoreYuan	15,236,328	United States Dollar	2,298,678	11/17/16		27,220		Northern Trust
United States Dollar	370,861	Chinese OffshoreYuan	2,488,032	11/17/16		59		Northern Trust
					$	(101,208	)

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2016

 

See accompanying notes to the financial statements.  85

Item 2.   Code of Ethics

Not applicable to this filing.

Item 3.   Audit Committee Financial Expert

Not applicable to this filing.

Item 4.   Principal Accountant Fees and Services

Not applicable to this filing.

Item 5.   Audit Committee of Listed Registrants

Not applicable to this filing.

Item 6.   Investments

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this report on Form N-CSR.

(b) Not applicable.

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

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

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

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

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

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

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

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

Item 11. Controls and Procedures

(a)

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

(b)

There have been no significant changes in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this

report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 12. Exhibits

(a)(1) Not applicable to this filing.

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the 1940 Act.

(a)(3) No written solicitations to purchase securities were sent or delivered during the period covered by this report by or on behalf of the Trust.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the 1940 Act.

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:  August 31, 2016

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

Clearwater Investment Trust
By	/s/ Justin H. Weyerhaeuser
	Justin H. Weyerhaeuser
	President (Principal Executive Officer)
Date: August 31, 2016

Clearwater Investment Trust
By	/s/ Justin H. Weyerhaeuser
	Justin H. Weyerhaeuser
	Treasurer (Principal Financial Officer)
Date: August 31, 2016