N-CSRS 1 clearwater181851_n-csrs.htm N-CSRS

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 V. 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, 2018

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, 2018

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. As of June 30, 2018, the Core Equity Fund had three subadvisers that provide day-to-day management of Fund assets. Parametric Portfolio Associates LLC (“Parametric”), with approximately 60% of the Fund’s assets, manages its portion of the Fund’s assets to track 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 between AQR Capital Management, LLC (“AQR”) and O’Shaughnessy Asset Management, LLC (“OSAM”), who both utilize an active management style.

2018 Year-To-Date Market Overview:

Domestic large capitalization equities, as defined by the Russell 1000® Index, generated positive low single digit returns in the first half of 2018, despite headwinds from tariff negotiations, tightening U.S. monetary policy, and the return of market volatility. Corporate tax cuts and record earnings and profit margins for U.S. companies helped offset these headwinds during this time period.

2018 Year-To-Date Performance and 2018 Outlook:

The Clearwater Core Equity Fund gained 2.5%, net of fees, in the first half of 2018, compared to an increase of 2.9% for the Russell 1000® Index, the Fund’s benchmark. Parametric, the subadviser that follows a tax-managed passive strategy, underperformed the Fund’s benchmark. AQR, one of the two active subadvisers, underperformed the Fund’s benchmark as well. The other active subadviser, OSAM, outperformed the Fund’s benchmark, helping to offset some of the underperformance from Parametric and AQR. OSAM’s outperformance was driven by its preference for high quality and high momentum stocks, which performed well in the first half of 2018.

Each of the three subadvisers comment on the performance of their specific portions of the Fund and provide a market outlook for the next six months 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 portion of the Fund against a different benchmark that aligns more closely with their strategy. In each section below, the subadvisers discuss their view of the market over the last six months, the performance of their portfolios with respect to the benchmark against which their particular portfolio is managed and their outlook for the next six months.

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AQR Commentary

General Market Overview:

We trade a set of strategies based on the value, momentum, and quality signals of individual securities that seek a positive expected return versus the appropriate benchmark, in a variety of economic environments. Because our investment approach employs a systematic set of rules based on economic intuition and testing to seek to ensure they are robust across time, macro environments, and geographies, we typically do not offer general market overviews.

2018 Performance for the 6-month period ending June 30, 2018:

The portion of the Clearwater Core Equity Fund managed by AQR (the “Portfolio”) underperformed the Russell 1000® Index (the “benchmark”) in the first six months of 2018, returning 1.8%, gross of fees, while the benchmark returned 2.9%. Both stock selection within sectors and sector selection detracted from performance. The strategy performed worst in the Consumer Discretionary sector, where both stock selection and sector selection underper-formed for the period.

2018 Remaining Year Outlook:

In terms of sector positioning we are currently overweight Information Technology while being underweight Healthcare. With respect to long-term attractiveness, we believe that valuations are currently less attractive in the U.S.

OSAM Commentary

General Market Overview:

A few key themes have emerged over the first six months of 2018. Growth outperformed value (the Russell 1000® Growth Index outperformed the Russell 1000® Value Index by 8.9% in the first six months of 2018) and small capitalization stocks outperformed large capitalization stocks (the Russell 2000® Index outperformed the Russell 1000® Index by 4.8%). Volatility in U.S. markets was extraordinarily low in 2017; in fact, the standard deviation of S&P 500 Index returns was the 2nd lowest in the last 90 years. 2018 has been marked by a return to more normal levels of volatility. Quality factors were rewarded in the first half of the year. Most notably, stocks with strong earnings growth significantly outperformed an equal-weighted group of large cap stocks over the period.

2018 Performance for the 6-month period ending June 30, 2018:

The portion of the Clearwater Core Equity Fund managed by OSAM (the “Portfolio”) outperformed the Russell 1000® Index (the “benchmark”) in the first six months of 2018, returning 4.3%, gross of fees, while the benchmark returned 2.9%. For the period, momentum was the highest factor contributor to the Portfolio’s return relative to the benchmark, followed by quality. Exposure to the value factor was the largest detractor from the Portfolio’s return relative to the benchmark. Shareholder yield, which is a combination of dividend yield and share repurchase yield, underperformed slightly. Industry and stock selection exposures were also additive to the Portfolio’s return relative to the benchmark.

2018 Remaining Year Outlook:

Based on our key factor themes, we believe the Portfolio is well positioned versus its benchmark and relative to the overall market. We believe that the companies included in the Portfolio have higher levels of return on capital, lower reliance on external financing, and trade at deep discounts across several valuation factors. They are also returning capital to shareholders at nearly two times the rate of the benchmark (shareholder yield of 4.6% versus 2.6% for the benchmark). We believe that these combined advantages can only be delivered by a portfolio which is distinct from

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the benchmark. We also believe that our Portfolio continues to represent a unique take on the U.S. equity market. Looking ahead, we expect to continue to focus on our niche of the market: quality companies, often trading at out-of-favor prices, which are aggressively returning capital to equity shareholders through dividends and share repurchases.

Parametric Commentary

General Market Overview:

In the first half of 2018, the market exhibited more volatility compared to 2017. The North Korean nuclear crisis weighed on the market leading up to the summit meeting between President Trump and North Korea’s leader, Kim Jong-Un. Markets have reacted to the threat of tariffs on products from China, Mexico, Canada, and the European Union, with rising concerns of an all-out global trade war. Relatively, the U.S. market performed better than international markets in part, due to the tax reform legislation passed in December 2017, which resulted in a lower corporate tax rate and strong dividend growth.

2018 Performance for the 6-month period ending June 30, 2018:

The portion of the Clearwater Core Equity Fund managed by Parametric (the “Portfolio”) underperformed the Russell 1000® Index (the “benchmark”) in the first six months of 2018, returning 2.5%, gross of fees, while the benchmark returned 2.9%. Most of the underperformance was attributable to small over and underweights to individual stocks within the Industrials and Consumer Discretionary sectors. An underweight to Netflix detracted from performance as the stock returned 103.9% for the six months of 2018. Underweights to several stocks in the Information Technology sector (including Microsoft and Apple) also contributed to the underperformance.

2018 Remaining Year Outlook:

With the threat of a global trade war, we believe that the market uncertainty for the remainder of 2018 has increased. We also believe that the positive impacts from the “Tax Cuts and Jobs Act” have been taken into account by the market. On the other hand, we have not yet observed any negative impact due to the Federal Reserve’s interest rate increases.

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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 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 that of the largest market capitalization company included in the Russell 2000® Index 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 three subadvisers who employ distinct investment styles: Cooke & Bieler, L.P. (“Cooke & Bieler”), Kennedy Capital Management Inc. (“KCM”), and Pzena Investment Management, LLC (“Pzena”). At the period ending June 30, 2018, KCM managed 60% of the Fund while Cooke & Bieler and Pzena managed 20% each.

2018 Year-To-Date Market Overview:

Domestic small capitalization equities, as defined by the Russell 2000® Index, generated positive upper single digit returns in the first half of 2018, despite headwinds from tariff negotiations, tightening U.S. monetary policy, and the return of market volatility. Corporate tax cuts and record earnings and profit margins for U.S. companies helped offset these headwinds during this time period.

2018 Year-To-Date Performance and 2018 Outlook:

The Clearwater Small Companies Fund gained 4.4%, net of fees, in the first half of 2018, compared to an increase of 7.7% for the Russell 2000® Index, the Fund’s benchmark. KCM and Cooke & Bieler underperformed the Fund’s benchmark, while Pzena was able to beat the benchmark rather meaningfully.

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 portion of the Fund against a different benchmark that aligns more closely with their strategy. In each section below, the subadvisers discuss their view of the market over the last six months, the performance of their portfolios with respect to the benchmark against which their particular portfolio is managed and their outlook for the next six months.

Cooke & Bieler Commentary

General Market Overview:

U.S. equity market momentum continued into early 2018, followed by a late January swoon that put first quarter value index returns down across the market capitalization spectrum. Second quarter market conditions improved broadly, with particular strength in stocks of small capitalization companies. The Russell 2000® Value Index gained 5.4% over the first six months of 2018. Volatility increased meaningfully in the first several months of the year and remained elevated through the end of June, with wide swings in stock prices that in our view were not justified by company fundamentals and seemed driven more by sentiment.

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2018 Performance for the 6-month period ending June 30, 2018:

The portion of the Clearwater Small Companies Fund managed by Cooke & Bieler (the “Portfolio”) underper-formed the Russell 2000® Value Index (the “benchmark”) in the first six months of 2018, returning 3.7%, gross of fees, while the benchmark returned 5.4%. The cumulative impact of sector allocation decisions was about neutral. The positive impact of the Portfolio’s overweight in Healthcare and underweight in Utilities was offset by the negative effect of its overweight in Industrials and underweight in Energy. Here, oil prices rose 23% in the period, breathing life into many small cap Energy companies whose narrow focus, combined with levered balance sheets, make them challenging to own given our focus on quality. With the exception of strong stock selection within the Portfolio’s Financials holdings, stock selection was generally weak elsewhere in the Portfolio - typically an indication of style-related headwinds. Poor stock selection in Healthcare was somewhat unsurprising as it was the benchmark’s best-performing sector, due primarily to the outperformance of its biotech constituents. Significant individual contributors to the Portfolio’s return included FirstCash, PGT Innovations, NOW Inc., TCF Financial and Malibu Boats. Significant detractors included Quanex Building Products, Gildan Activewear, Winnebago Industries, World Fuel Services and Air Lease.

2018 Remaining Year Outlook:

Entering the second half of 2018, we believe the Portfolio is now more attractive on a forward price-to-earnings (P/E) basis than it was at the start of the year. More importantly, the market has continued to move toward a place that we believe is more conducive to active management. The strong returns posted by small capitalization stocks during the first half of 2018 disguised considerable underlying volatility - a far cry from the long, quiet period witnessed over the past several years and one that further widened the gap between fundamental progress and stock price performance. This volatility and what we believe to be the resulting mispricings should provide opportunities for skilled stock pickers, in our opinion.

KCM Commentary

General Market Overview:

The 7.7% appreciation of the Russell 2000® Index during the first half of 2018 was achieved in spite of ongoing political turmoil in the U.S., increasingly aggressive protectionist trade rhetoric, and the implementation of new tariffs on a broad range of goods. Even with the background of these uncertainties, our conversations with management teams this quarter continued to exhibit the optimism that was present entering the year (talk of “synchronized global growth” was again common this quarter), and the overall demand backdrop remained healthy for most industries. In addition, we believe most U.S. companies are benefitting from the reduction in corporate tax rates. While overall U.S. small capitalization equity performance has been robust, a somewhat rare phenomenon has occurred thus far in 2018: unprofitable companies in the Russell 2000® Index are significantly outperforming their profitable peers. This has been a challenging environment for active managers.

2018 Performance for the 6-month period ending June 30, 2018:

The portion of the Clearwater Small Companies Fund managed by KCM (the “Portfolio”) underperformed the Russell 2000® Index (the “benchmark”) in the first six months of 2018, returning 3.5%, gross of fees, while the benchmark returned 7.7%. Both stock selection and sector allocation were negative contributors during the period. Sector-wise, our underweight in Healthcare detracted from performance while our underweight to Utilities aided performance.

2018 Remaining Year Outlook:

While the economy appears to be on solid footing, and while we believe that management teams are generally optimistic, we are seeing some early signs of skepticism and concern being reflected in equity valuations. For example, many companies with more cyclical exposure (either perceived or in reality) underperformed the broader market during the first half of 2018. While we remain cognizant of the power of the broader economy to overwhelm

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some business fundamentals, we see a number of situations where we feel company-specific drivers are underappreciated by the equity markets, independent of cyclical characteristics. We believe that history indicates that the outperformance of loss-making firms relative to their profitable peers is unsustainable, and we remain steadfast in our stock selection and portfolio construction process. We believe that our focus on identifying companies with superior returns on capital, reinvestment opportunities, reasonable valuations, and principled management teams has served us well over the long term.

Pzena Commentary

General Market Overview:

Concerns around inflation, interest rates, and global trade all disrupted economic optimism leading into the year. This was balanced against the benefits of domestic tax cuts, which led to market volatility throughout the first half of 2018. Against this backdrop, small capitalization stocks outperformed their large capitalization peers. More significantly, growth outperformed value across all market capitalizations, a continuing trend from 2017. We believe that small capitalization outperformance of large capitalization in the second quarter was driven by the threat of foreign tariffs and benefits of domestic tax cuts, which drove investors towards smaller companies that tend to be more domestically focused. Additionally, merger and acquisition activities continued to heat up, with many of our positions benefiting from acquisition or takeover speculation.

2018 Performance for the 6-month period ending June 30, 2018:

The portion of the Clearwater Small Companies Fund managed by Pzena (the “Portfolio”) outperformed the Russell 2000® Value Index (the “benchmark”) in the first six months of 2018, returning 10.1%, gross of fees, while the benchmark returned 5.4%. Outperformance was driven by the Producer Durables, Financial Services, and Healthcare sectors. One of the top individual contributors was Puerto Rican health insurer Triple-S, which outperformed after announcing improved earnings trends, as increased reimbursement rates and a stabilized operating environment helped profitability. Essendant (wholesaler of office essentials) was strong both after announcing a transaction to combine with competitor S.P. Richards, which should drive substantial synergies, as well as news that customer Staples tried to acquire the company. We believe the merger could generate substantial value, and we continue to hold our position. Chart Industries (maker of liquefied gas solutions) was strong due to organic growth and margin expansion across all three of its segments, and we believe that its strong position should allow it to benefit from eventual liquefied natural gas orders.

The detracting sectors were Consumer Discretionary and Materials. Jeld-Wen (door and window manufacturer) was the largest detractor as the company’s continued manufacturing problems led to an organic sales decline in North America. This drove the Board of Directors to replace the CEO with the Chairman and former CEO. We view the problems as temporary and continue to believe in the value proposition, as well as the below trend nature of the business. The corresponding market decline created an opportunity for us to increase our position. Also detracting were ATM manufacturer Diebold Nixdorf and specialty technology distributor Anixter International. Diebold traded down as results were below expectations and the company suspended its dividend to instead focus on paying down debt. The company’s new CEO is cutting costs, but demand for ATMs remains depressed. Anixter detracted after announcing disappointing margins in its largest segment, reflecting lower vendor rebates and rapid inflation in transportation costs. The company is rapidly working to adjust pricing.

2018 Remaining Year Outlook:

We continue to see opportunities in a broader number of industries due to market movements in recent months, but our Portfolio remains heavily invested in what we believe to be attractively valued, economically sensitive sectors, including Producer Durables as well as certain areas of Technology. We are still not yet finding opportunities in what we typically perceive to be “safe” sectors, such as Real Estate Investment Trusts (REITs) and Utilities.

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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 Advisors 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 pays a single advisory fee to Clearwater Management Co., Inc., which in turn pays the subadviser out of its advisory fee.

Sit Commentary

General Market Overview:

Tax-exempt municipal bonds generally outperformed taxable bonds in the first half of 2018, supported by a dramatic drop in the supply of tax-exempt municipal bonds and modestly positive flows into tax-exempt municipal bond funds. Despite the flattening of the U.S. Treasury yield curve, the tax-exempt yield curve bucked the trend and steepened. Credit fundamentals remain generally sound as credit spreads were mostly unchanged during the first half of 2018. State government general fund revenue collections are on the upswing and state budgets are largely healthy, despite a few notable exceptions such as Illinois, New Jersey and Connecticut. Prices of Puerto Rico-related debt appreciated markedly in the first half of 2018 as the Commonwealth navigated the recovery from last Fall’s hurricanes and the fiscal control board provided guidance to the market by certifying a six-year fiscal turnaround plan. We believe that the situation could still lead to volatility in the tax-exempt municipal bond market, however, as the debt restructuring process proceeds through U.S. District Court. The U.S. Federal Reserve hiked short-term interest rates by 25 basis points in both March and June and has signaled it intends to continue raising short-term interest rates in 2018. Going into 2018 there was some uncertainty as to how tax legislation passed in December 2017 would impact the demand for tax-exempt municipal bonds because of the reduction of the maximum corporate tax rate and the capping of state and local tax deductions. We believe that early indications suggest that corporate demand has softened, but demand from individuals remains solid.

2018 Performance for the 6-month period ending June 30, 2018:

The Clearwater Tax-Exempt Bond Fund returned 1.1%, net of fees, for the six months ended June 30, 2018. The Fund’s benchmark, the Barclays Municipal Bond 5 Year (4-6) Index (the “benchmark”), returned 0.3% over the same period. The Fund adjusted its interest rate hedge by decreasing the size of its short position in U.S. Treasury futures in order to modestly increase the Fund’s average life duration, a measure of the Fund’s sensitivity to changes in interest rates, from 3.5 years at the beginning of the year to 4.0 years at the end of the period. For comparison, the Fund’s benchmark, had duration of 4.0 years at December 31, 2017, and decreased slightly to 3.9 years at the end of the period. The Fund’s yield rose during the period, more than that of the benchmark. The Fund’s overweight in housing bonds helped performance as Housing was the best performing sector in the index during the period. Credit quality played a large role as well, with lower investment grade bonds and non-rated bonds outperforming bonds with higher credit quality as investors sought higher yields.

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2018 Remaining Year Outlook:

We expect growth to accelerate after a slow first quarter. GDP grew at a 2.0% annual rate in the first quarter of 2018 on continued momentum in business investment, though gains were offset by a slowdown in consumer spending and residential investment. The second quarter growth numbers are projected to be much stronger, fueled by strong manufacturing data and U.S. housing starts that rebounded in May to the highest levels since 2007. In turn, we believe we will see robust growth throughout the remainder of 2018, buoyed by a low unemployment rate, steady job and wage growth and low inflation. However we believe that, tariffs and growing trade conflicts could have a potentially dampening effect on the U.S. economy in the second half of 2018. We expect that interest rates, while remaining low in absolute terms, will likely rise, especially on the short end, as the U.S. Federal Reserve has signaled it intends to continue raising short-term interest rates in addition to unwinding its balance sheet at an accelerated pace. We expect the Treasury yield curve will continue to flatten and may invert in the second half of 2018, with yields rising more on the short and intermediate portions of the curve. We expect the tax-exempt municipal curve to reverse course and flatten as well in the second half of 2018, as normally seen during tightening interest rate cycles. Supply of tax-exempt municipal bonds should remain relatively light, providing strong technical support for the market, although partially offset by reduced demand from banks in response to recently passed tax legislation. All things considered, we expect tax-exempt municipal bonds to continue to outperform Treasuries in the second half of 2018. We expect lower investment grade bonds to continue their strong relative performance in the second half of 2018, as investor focus remains on yield. Puerto Rico-related concerns, as well as those from Illinois, New Jersey and Connecticut, will continue to weigh on the market, however, and could produce some volatility. Furthermore, potential problems with budgets and funding retirement pension and healthcare obligations still persist in other places and remain the subject of many of the negative media reports about the municipal bond market. We believe that the Fund’s 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 2018. Investment of new cash flows will be focused on maturities in the 5-30 year range.

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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 many 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 four subadvisers that provide day-to-day management of Fund assets. Parametric Portfolio Associates LLC (“Parametric”) manages its portion of the portfolio (approximately 40%) to track the MSCI World Ex U.S.A. Index - Net Dividends as closely as possible without requiring the Fund to realize taxable gains. The Fund’s other three subadvisers, Artisan Partners Limited Partnership (“Artisan”), Templeton Investment Counsel, LLC (“Templeton”) and WCM Investment Management (“WCM”), utilize an active management style and manage the remaining 60% of the Fund.

2018 Year-To-Date Market Overview:

As defined by the Fund’s benchmark, the MSCI World Ex U.S.A. Index - Net Dividends (the “benchmark”), large capitalization, international developed market equities generated negative low single digit returns in the first half of 2018. Improving corporate earnings were offset by less accommodative monetary policy in Europe and weaker international currencies, which negatively impacted returns for U.S.-based investors. These currency losses decrease the returns earned by shareholders because the Clearwater International Fund reports its results in U.S. dollars, after currency adjustments have taken place.

2018 Year-To-Date Performance and 2018 Outlook:

The Clearwater International Fund declined by 2.0%, net of fees, during the first six months of 2018, compared to a decrease of 2.8% for the benchmark. Parametric, the subadviser that follows a tax-managed passive strategy, outperformed the benchmark. Two of the Fund’s active subadvisers, Artisan and Templeton, underperformed the benchmark during the first six months of 2018. WCM, the other active subadviser, significantly outperformed the benchmark.

Each of the four subadvisers comment on the performance of their specific portions of the Fund and provide a market outlook for the next six months 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 portion of the Fund against a different benchmark that aligns more closely with their strategy. In each section below, the subadvisers discuss their view of the market over the last six months, the performance of their portfolios with respect to the benchmark against which their particular portfolio is managed and their outlook for the next six months.

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Artisan Partners Commentary

General Market Overview:

Measured in U.S. dollar terms, the MSCI EAFE Index (the “benchmark”) declined by 2.8% during the first six months of 2018. Overall, a stronger U.S. dollar modestly weighed on returns for U.S.-based investors. In local-currency-terms, the benchmark returned (1.0)% during the period. Emerging markets trailed developed equity markets on concerns that tighter monetary policy expectations would sap capital from that region. U.S. markets fared better than European markets, aided in part by the impact of corporate tax cuts and improved sentiment in the economy. In general, volatility picked up during the period on heightened protectionist rhetoric.

2018 Performance for the 6-month period ending June 30, 2018:

The portion of the Clearwater International Fund managed by Artisan (the “Portfolio”) underperformed the benchmark in the first six months of 2018, returning (5.1)%, gross of fees, while the benchmark returned (2.8)%. Performance of the following stocks had a positive impact on the Portfolio during the period: Tesco, Imperial Oil, Ericsson, Medtronic and GlaxoSmithKline. Notable detractors during the period included: ING, Samsung Electronics, ABB, UBS, and Telefonica Brasil.

2018 Remaining Year Outlook:

We believe the increased volatility in 2018 has created opportunities to begin deploying cash on hand and cash generated from the sale of what we believe to be fairly valued securities, into undervalued securities.

Parametric Commentary

General Market Overview:

2018 Performance for the 6-month period ending June 30, 2018:

The portion of the Clearwater International Fund managed by Parametric (the “Portfolio”) outperformed the MSCI World Ex U.S.A. Index - Net Dividends (the “benchmark”) in the first six months of 2018, returning (2.4)%, gross of fees, while the benchmark returned (2.8)%. Nearly all of the outperformance was attributable to small over and underweights to individual stocks within the Financials and Telecommunication services sectors. In particular, an underweight to Deutsche Bank contributed to performance. Stock selection in Spain and Canada was also a positive contributor.

2018 Remaining Year Outlook:

With the threat of a global trade war, we believe the market uncertainty for the remainder of 2018 has increased. We also believe that progress towards, or lack of, a nuclear deal with North Korea, is likely to impact the markets. The Federal Reserve’s tightening of monetary policy could have an impact on the global market.

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Templeton Commentary

General Market Overview:

International small capitalization stocks outperformed their larger capitalization counterparts during the first six months of 2018, but still closed the first half of 2018 with a loss in U.S. dollar terms. Intensifying trade tensions and their potential to slow global economic growth weighed on sentiment. Concerns also arose that the synchronized global growth story might be coming to an end, as the U.S. economy looked resilient, while pockets of Europe, Asia and Latin America faced various challenges. Developed market stocks, as measured by MSCI indexes, performed better than their emerging and frontier market peers, which generally suffered fairly steep declines.

2018 Performance for the 6-month period ending June 30, 2018:

The portion of the Clearwater International Fund managed by Templeton (the “Portfolio”) underperformed the MSCI All-Country World Ex U.S.A. Small Cap Index - Net Dividends (the “benchmark”) during the first six months of 2018, returning (3.7)%, gross of fees, while the benchmark returned (2.9)%. The construction of the Portfolio is based on the attractiveness of individual stocks. As a result, stock selection—particularly in the Industrials, Information Technology and Financials sectors—made the largest positive impact on the Portfolio’s performance relative to the benchmark. Stock selection in and an overweight to the Consumer Discretionary sector detracted from relative performance, as did stock selection in the Consumer Staples sector and stock selection in and an underweight to the Healthcare sector. Regionally, holdings in Asia contributed significantly to relative performance, while stock selection in Brazil detracted.

2018 Remaining Year Outlook:

Looking ahead, we remain optimistic on the prospects for value and believe that companies whose fundamentals are underappreciated by a market focused on the short-term should be well positioned for outperformance over time. At the close of the second quarter of 2018, the gap between the market’s cheapest and most expensive stocks was the widest it has been in at least 30 years. Put another way, value globally has been this cheap only a tiny fraction of the time in the past three decades. Though it certainly doesn’t feel like it, such signs suggest that now is a great time for opportunistic value investors. And despite our conviction in value’s long-term prospects, we are not sitting idly by waiting for the cycle to turn. We have worked hard to continuously refine and improve our process with recent initiatives, including enhanced quantitative capabilities, improved risk management strategies, and the integration of ESG (environmental, social and governance) analysis into our investment framework. The goal of these efforts is to ensure that our investment process remains true to Templeton’s time-tested fundamental value approach, while also evolving to best address client goals and market conditions.

WCM Commentary

General Market Overview:

Volatility has taken center stage for the first half of 2018 and the major non-U.S. equity benchmarks declined for a second straight quarter following a robust 2017. Developed markets (as measured by the MSCI EAFE Index) outperformed emerging markets (as measured by the MSCI Emerging Markets Index) by 3.9% during the first six months of 2018. This marks a reversal from 2017, when emerging markets outperformed developed markets. Our Portfolio is typically overweight the Technology, Healthcare, and Consumer Discretionary sectors, and under-weight the Financials and Energy sectors. We believe these allocations take advantage of what we believe are many long-lasting tailwinds around the world. Bottom-up fundamental analysis has also driven the most notable shifts in our sector weights over the last couple of years: a meaningful reduction in our Consumer Staples exposure, and an increase in our Technology and Industrials sector exposures. Shifts in the market—for example, falling barriers-to-entry for certain types of businesses, the shift from bricks & mortar to e-commerce, and increased local competition for the large multinationals—mean a less attractive outlook for many Consumer Staples companies. In

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Technology and Industrials, we believe we have identified several stocks with higher, more sustainable growth. We are still finding what we believe to be enticing opportunities: beneficiaries of secular tailwinds, with strengthening competitive advantages, plus strong company cultures, and that are trading at reasonable valuations.

2018 Performance for the 6-month period ending June 30, 2018:

The portion of the Clearwater International Fund managed by WCM (the “Portfolio”) significantly outperformed the MSCI All-Country World Ex U.S.A. Index - Net Dividends (the “benchmark”) during the first six months of 2018, returning 3.2%, gross of fees, while the benchmark returned (3.8)%. Notably, the Portfolio delivered a positive return in a down market. The majority of the Portfolio’s outperformance was attributable to stock selection. Looking at stock selection, Consumer Discretionary (Ferrari NV, Hermes International SCA, LVMH Moet Hennessy Louis Vuitton SE) was the best performing sector relative to the benchmark, followed by Financials (HDFC Bank Limited Sponsored ADR, AIA Group Limited, Chubb Limited) and Healthcare (CSL Limited, ICON Plc, Sysmex Corporation). On the flipside, Consumer Staples (Raia Drogasil S.A., Reckitt Benckiser Group plc, Nestle S.A.) was the worst performing sector relative to the benchmark, followed by Real Estate (no exposure) and Telecommunication Services (no exposure).

From a sector allocation perspective, our significant overweight to Consumer Discretionary was the largest driver of outperformance, followed by our overweight to Healthcare and Information Technology. On the other hand, our underweights to Energy, Materials and Consumer Staples detracted from our relative performance.

2018 Remaining Year Outlook:

Looking ahead, most observers expect continued volatility around interest rates, macroeconomic, and geopolitical rhetoric and events. We believe that such an uncertain backdrop tends to be favorable for the types of companies in which we seek to invest: those with good growth, expanding economic moats (referring to a business’ ability to maintain competitive advantages over its competitors in order to protect its long-term profits and market share from competitor firms), and strong free cash flow generation. When that type of backdrop gives us an opportunity, we seek to upgrade the quality of the Portfolio.

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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 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, 2018.

Actual Expenses

The first section of the table on the following page 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, 2018 through June 30, 2018” 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.

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Actual returns	Beginning Account Value January 1, 2018	Ending Account Value June 30, 2018	Expenses Paid During the Period January 1, 2018 through June 30, 2018*
Core Equity Fund	$1,000.00	$1,024.80	$1.91
Small Companies Fund	$1,000.00	$1,044.40	$5.22
Tax-Exempt Bond Fund	$1,000.00	$1,011.00	$1.70
International Fund	$1,000.00	$979.70	$3.34

Hypothetical 5% return (before expenses)
Core Equity Fund	$1,000.00	$1,022.91	$1.91
Small Companies Fund	$1,000.00	$1,019.69	$5.16
Tax-Exempt Bond Fund	$1,000.00	$1,023.11	$1.71
International Fund	$1,000.00	$1,021.42	$3.41

Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (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 (reflecting voluntary fee waivers currently in effect) are as follows:

Core Equity Fund	0.38%
Small Companies Fund	1.03%
Tax-Exempt Bond Fund	0.34%
International Fund	0.68%

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 TransferAgent 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 7th 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.

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Clearwater Investment Trust

Financial Statements

For the Six Months Ended June 30, 2018 (Unaudited)

Table of Contents

Financial Statements:

	1	Statements of Assets and Liabilities
	2	Statements of Operations
	3	Statements of Changes in Net Assets
	4	Financial Highlights
	8	Notes to Financial Statements
	27	Schedules of Investments
	27	Core Equity Fund
	40	Small Companies Fund
	48	Tax-Exempt Bond Fund
	63	International Fund

CLEARWATER INVESTMENT TRUST

Statements of Assets and Liabilities

June 30, 2018 (unaudited)

	Core Equity		Small Companies		Tax-Exempt		International
	Fund		Fund		Bond Fund		Fund
Assets
Investments in securities, at fair value (identified cost: $258,958,450, $329,021,588, $518,316,404 and $429,422,247, respectively)	$	519,914,084		376,856,868		535,693,646		603,001,950
Foreign currencies, at value (cost: $390, $0, $0 and $1,035,524, respectively)		392		-		-		1,034,666
Cash (restricted: $0, $0, $914,480 and $0, respectively)		-		-		4,449,382		-
Receivable for securities sold		-		1,119,047		-		970,479
Receivable for variation margin on futures contracts		-		-		7,258		-
Receivable for shares of beneficial interest sold		-		-		8,121		37,000
Accrued dividend and interest receivable		470,206		403,136		5,405,409		1,392,000
Foreign tax reclaim receivable		8,906		-		-		1,593,807
Unrealized appreciation on forward foreign currency exchange contracts		-		-		-		152,273
Total assets		520,393,588		378,379,051		545,563,816		608,182,175
Liabilities
Payables for investment securities purchased		-		2,425,918		3,362,886		1,030,188
Payable for fund shares redeemed		49,000		40,000		950,000		-
Accrued investment advisory fee		496,798		947,984		453,850		1,052,375
Payable for dividend distribution		-		-		124,319		-
Payable for variation margin on futures contracts		-		-		1,500		-
Unrealized depreciation on forward foreign currency exchange contracts		-		-		-		2,016
Deferred foreign capital gains taxes payable		-		-		-		26,314
Short-term Financing		401,947		-		-		-
Total liabilities		947,745		3,413,902		4,892,555		2,110,893
Net assets	$	519,445,843		374,965,149		540,671,261		606,071,282
Capital
Capital Stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: 11,731,374, 18,975,848, 53,514,905 and 35,903,831 shares, respectively)	$	234,908,962		307,747,245		515,568,014		413,484,161
Undistributed (overdistributed) net investment income		3,960,136		426,934		3,418,271		4,939,180
Accumulated net realized gain from investments and foreign currency transactions		19,621,108		18,955,690		5,100,403		14,097,809
Unrealized appreciation of investments and translation of assets and liabilities in foreign currencies		260,955,637		47,835,280		16,584,573		173,550,132
Net assets	$	519,445,843		374,965,149		540,671,261		606,071,282
Net asset value per share of outstanding capital stock	$	44.28		19.76		10.10		16.88

See accompanying notes to financial statements.

CLEARWATER INVESTMENT TRUST

Statements of Operations

for the six months ended June 30, 2018 (unaudited)

	Core Equity			Small Companies			Tax-Exempt			International
	Fund			Fund			Bond Fund			Fund
Investment income:
Income:
Dividends (net of foreign taxes withheld of $2,897, $4,565, $0 and $1,063,251, respectively)	$	4,771,895			2,292,845			805,302			9,782,166
Interest		-			-			11,065,599			-
Total income		4,771,895			2,292,845			11,870,901			9,782,166
Expenses:
Investment advisory fee		2,395,102			2,465,942			1,578,460			3,111,603
Voluntary fee reduction		(1,383,841	)		(584,518	)		(683,999	)		(994,749	)
Total net expenses		1,011,261			1,881,424			894,461			2,116,854
Net investment income		3,760,634			411,421			10,976,440			7,665,312
Net realized gain (loss) on:
Security transactions		35,769,054			13,467,695			(1,052,035	)		11,937,616
Forward foreign currency exchange contracts		-			-			-			(305,182	)
Foreign currency transactions		-			-			-			(58,416	)
Futures contracts		-			-			5,124,664			-
Net increase (decrease) in unrealized appreciation/depreciation on:
Security transactions (net of increase (decrease) in deferred foreign taxes of $0, $0, $0 and $98,901, respectively)		(26,361,882	)		2,042,842			(7,904,777	)		(31,757,539	)
Forward foreign currency exchange contracts		-			-			-			173,908
Futures contracts		-			-			(1,188,543	)		-
Translation of other assets and liabilities denominated in foreign currencies		(19	)		-			-			(37,816	)
Net gain (loss) on investments		9,407,153			15,510,537			(5,020,691	)		(20,047,429	)
Net increase (decrease) in net assets resulting from operations	$	13,167,787			15,921,958			5,955,749			(12,382,117	)

See accompanying notes to financial statements.

CLEARWATER INVESTMENT TRUST

Statements of Changes in Net Assets

for the six months ended June 30, 2018 (unaudited) and the year ended December 31, 2017

	Core Equity Fund						Small Companies Fund
	06/30/2018			12/31/2017			06/30/2018			12/31/2017
Operations:
Net investment income	$	3,760,634			7,574,470			411,421			354,268
Net realized gain		35,769,054			38,688,118			13,467,695			62,106,611
Net increase (decrease) in unrealized appreciation/depreciation		(26,361,901	)		59,003,270			2,042,842			(17,724,945	)
Net increase in net assets resulting from operations		13,167,787			105,265,858			15,921,958			44,735,934
Distributions to shareholders from:
Net investment income		-			(7,688,471	)		-			(483,397	)
Net realized gain		-			(26,497,925	)		-			(57,259,786	)
Total distributions to shareholders		-			(34,186,396	)		-			(57,743,183	)
Capital share transactions:
Proceeds from shares sold		31,022,325			17,783,135			2,035,200			4,295,100
Reinvestment of distributions from net investment income and net realized gain		-			34,174,713			-			57,743,183
Payments for shares redeemed		(63,136,077	)		(51,127,836	)		(12,711,959	)		(22,704,074	)
Net increase (decrease) in net assets from capital share transactions		(32,113,752	)		830,012			(10,676,759	)		39,334,209
Total increase (decrease) in net assets		(18,945,965	)		71,909,474			5,245,199			26,326,960
Net assets:
At the beginning of the year		538,391,808			466,482,334			369,719,950			343,392,990
At the end of the year	$	519,445,843			538,391,808			374,965,149			369,719,950
Undistributed net investment income	$	3,960,136			199,502			426,934			-

	Tax-Exempt Bond Fund						International Fund
	06/30/2018			12/31/2017			06/30/2018			12/31/2017
Operations:
Net investment income	$	10,976,440			21,975,142			7,665,312			9,695,264
Net realized gain		4,072,629			3,698,187			11,574,018			35,979,946
Net increase (decrease) in unrealized appreciation/depreciation		(9,093,320	)		15,727,491			(31,621,447	)		88,603,816
Net increase (decrease) in net assets resulting from operations		5,955,749			41,400,820			(12,382,117	)		134,279,026
Distributions to shareholders from:
Net investment income		(11,634,603	)		(24,005,546	)		-			(10,724,142	)
Net realized gain		-			(3,125,893	)		-			(7,930,041	)
Total distributions to shareholders		(11,634,603	)		(27,131,439	)		-			(18,654,183	)
Capital share transactions:
Proceeds from shares sold		18,707,521			25,194,500			2,990,300			13,231,107
Reinvestment of distributions from net investment income and net realized gain		11,749,173			27,662,365			-			18,654,200
Payments for shares redeemed		(9,262,484	)		(26,826,167	)		(9,178,903	)		(31,866,974	)
Net increase (decrease) in net assets from capital share transactions		21,194,210			26,030,698			(6,188,603	)		18,333
Total increase (decrease) in net assets		15,515,356			40,300,079			(18,570,720	)		115,643,176
Net assets:
At the beginning of the year		525,155,905			484,855,826			624,642,002			508,998,826
At the end of the year	$	540,671,261			525,155,905			606,071,282			624,642,002
Undistributed (overdistributed) net investment income	$	3,418,271			4,066,323			4,939,180			(2,481,650	)

See accompanying notes to financial statements.

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,			Year ended December 31,
	2018
Core Equity Fund	(Unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	43.21			37.43			35.57			39.41			37.77			28.81
Income (loss) from investment operations:
Net investment income		0.33			0.64			0.65			0.64			0.60			0.51
Net realized and unrealized gains (losses)		0.74			8.03			3.27			(0.96	)		2.91			8.95
Total from investment operations		1.07			8.67			3.92			(0.32	)		3.51			9.46
Less distributions to shareholders from:
Net investment income		-			(0.65	)		(0.49	)		(0.60	)		(0.63	)		(0.50	)
Net realized gain		-			(2.24	)		(1.57	)		(2.92	)		(1.24	)		-
Total distributions to shareholders:		-			(2.89	)		(2.06	)		(3.52	)		(1.87	)		(0.50	)
Net asset value, end of period	$	44.28			43.21			37.43			35.57			39.41			37.77
Total return (a)		2.48	%		23.26	%		10.98	%		(0.71	)%		9.23	%		32.85	%
Net assets, end of period (000s omitted)	$	519,446			538,392			466,482			492,418			541,017			523,042
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h)		0.38	%		0.39	%		0.43	%		0.42	%		0.50	%		0.50	%
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	%		0.90	%
Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e), (f), (g), (h)		1.41	%		1.51	%		1.63	%		1.52	%		1.50	%		1.51	%
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h)		0.89	%		1.00	%		1.16	%		1.02	%		1.10	%		1.11	%
Portfolio turnover rate (excluding short-term securities)		13.49	%		31.13	%		44.11	%		94.07	%		13.54	%		21.07	%

(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)

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.

(c)

Annualized for periods less than one year.

(d)

Effective September 22, 2017, the investment advisory fee, net of voluntary waivers, increased to 0.38%. Also effective September 22, 2017, the Adviser decreased the voluntary waiver to 0.52%

(e)

Effective March 16, 2017, the investment advisory fee, net of voluntary waivers, decreased to 0.37%. Also effective March 16, 2017, the Adviser increased the voluntary waiver to 0.53%.

(f)

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%.

(g)

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

(h)

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

See accompanying notes to financial statements.

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,			Year ended December 31,
	2018
Small Companies Fund	(Unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	18.92			19.79			17.18			20.30			22.35			18.70
Income (loss) from investment operations:
Net investment income		0.04			0.02			0.07			0.07			0.05			0.05
Net realized and unrealized gains (losses)		0.80			2.58			3.30			(0.90	)		1.10			6.30
Total from investment operations		0.84			2.60			3.37			(0.83	)		1.15			6.35
Less distributions to shareholders from:
Net investment income		-			(0.03	)		(0.05	)		(0.06	)		(0.04	)		(0.06	)
Net realized gain		-			(3.44	)		(0.71	)		(2.23	)		(3.16	)		(2.64	)
Total distributions to shareholders:		-			(3.47	)		(0.76	)		(2.29	)		(3.20	)		(2.70	)
Net asset value, end of period	$	19.76			18.92			19.79			17.18			20.30			22.35
Total return (a)		4.44	%		13.46	%		19.67	%		(3.96	)%		5.03	%		34.01	%
Net assets, end of period (000s omitted)	$	374,965			369,720			343,393			299,380			333,888			343,068
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h)		1.03	%		0.99	%		1.02	%		0.97	%		0.94	%		0.95	%
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e), (f), (g), (h)		0.23	%		0.11	%		0.28	%		0.22	%		0.24	%		0.21	%
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h)		(0.09	)%		(0.25	)%		(0.05	)%		(0.16	)%		(0.17	)%		(0.19	)%
Portfolio turnover rate (excluding short-term securities)		29.30	%		113.85	%		78.82	%		58.71	%		55.51	%		59.84	%

(a)

(b)

(c)

Annualized for periods less than one year.

(d)

Effective September 22, 2017, the investment advisory fee, net of voluntary waivers, increased to 1.03%. Also effective March 16, 2017, the Adviser decreased the voluntary waiver to 0.32%.

(e)

Effective March 16, 2017, the investment advisory fee, net of voluntary waivers, decreased to 0.96%. Also effective March 16, 2017, the Adviser increased the voluntary waiver to 0.39%.

(f)

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%.

(g)

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%.

(h)

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%.

See accompanying notes to financial statements.

(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,			Year ended December 31,
	2018
Tax-Exempt Bond Fund	(Unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	10.21			9.93			10.16			10.16			9.23			10.15
Income (loss) from investment operations:
Net investment income (loss)		(0.24	)		0.45			0.46			0.42			0.44			0.46
Net realized and unrealized gains (losses)		0.35			0.38			(0.23	)		0.04			0.95			(0.84	)
Total from investment operations		0.11			0.83			0.23			0.46			1.39			(0.38	)
Less distributions to shareholders from:
Net investment income		(0.22	)		(0.49	)		(0.44	)		(0.42	)		(0.44	)		(0.46	)
Net realized gain		-			(0.06	)		(0.02	)		(0.04	)		(0.02	)		(0.08	)
Total distributions to shareholders:		(0.22	)		(0.55	)		(0.46	)		(0.46	)		(0.46	)		(0.54	)
Net asset value, end of period	$	10.10			10.21			9.93			10.16			10.16			9.23
Total return (a)		1.10	%		8.54	%		2.28	%		4.73	%		15.29	%		(3.77	)%
Net assets, end of period (000s omitted)	$	540,671			525,156			484,856			512,773			507,982			465,026
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e)		0.34	%		0.34	%		0.34	%		0.34	%		0.33	%		0.34	%
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 (loss), net of waivers, to average net assets (c), (d), (e)		4.17	%		4.35	%		4.54	%		4.23	%		4.48	%		4.78	%
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e)		3.91	%		4.09	%		4.28	%		3.97	%		4.21	%		4.52	%
Portfolio turnover rate (excluding short-term securities)		4.83	%		13.28	%		13.48	%		18.93	%		22.25	%		31.65	%

(a)

(b)

(c)

Annualized for periods less than one year.

(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.

(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,			Year ended December 31,
	2018
International Fund	(Unaudited)			2017			2016			2015			2014			2013
Net asset value, beginning of period	$	17.23			14.04			14.02			14.41			15.76			13.33
Income (loss) from investment operations:
Net investment income		0.21			0.27			0.27			0.28			0.35			0.29
Net realized and unrealized gains (losses)		(0.56	)		3.44			0.02			(0.31	)		(1.08	)		2.62
Total from investment operations		(0.35	)		3.71			0.29			(0.03	)		(0.73	)		2.91
Less distributions to shareholders from:
Net investment income		-			(0.30	)		(0.27	)		(0.28	)		(0.36	)		(0.34	)
Net realized gain		-			(0.22	)		-	^(a)		(0.08	)		(0.26	)		(0.14	)
Total distributions to shareholders:		-			(0.52	)		(0.27	)		(0.36	)		(0.62	)		(0.48	)
Net asset value, end of period	$	16.88			17.23			14.04			14.02			14.41			15.76
Total return (b)		(2.03	)%		26.54	%		2.09	%		(0.15	)%		(4.70	)%		21.85	%
Net assets, end of period (000s omitted)	$	606,071			624,642			508,999			491,184			481,943			511,904
Ratio of expenses, net of waivers, to average net assets (c), (d), (e), (f), (g), (h), (i)		0.68	%		0.67	%		0.70	%		0.69	%		0.67	%		0.66	%
Ratio of expenses, before waivers, to average net assets (c), (d), (e), (f), (g), (h), (i)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income (loss), net of waivers, to average net assets (d), (e), (f), (g), (h), (i)		2.47	%		1.67	%		1.90	%		1.87	%		2.22	%		1.99	%
Ratio of net investment income (loss), before waivers, to average net assets (d), (e), (f), (g), (h), (i)		2.15	%		1.34	%		1.60	%		1.56	%		1.89	%		1.65	%
Portfolio turnover rate (excluding short-term securities)		10.22	%		36.17	%		37.21	%		18.49	%		15.33	%		22.54	%

(a)

Per share amounts from distributions paid from net realized gain were less than $0.01 per share.

(b)

(c)

(d)

Annualized for periods less than one year.

(e)

Effective September 22, 2017, the investment advisory fee, net of voluntary waivers, increased to 0.68%. Also effective September 22, 2017, the Adviser decreased the voluntary waiver to 0.32%.

(f)

Effective March 16, 2017, the investment advisory fee, net of voluntary waivers, decreased to 0.65%. Also effective March 16, 2017, the Adviser increased the voluntary waiver to 0.35%.

(g)

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%.

(h)

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%.

(i)

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%.

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

(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”), and O’Shaughnessy Asset Management (“OSAM”). 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 two 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 track, 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 “small companies” as issuers with market capitalizations no greater than that of the largest capitalization company included in the Russell 2000® Index 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

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

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. (“KCM”), Cooke & Bieler, L.P. (“Cooke & Bieler”), and Pzena Investment Management, LLC (“Pzena”). 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. 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 Advisors 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 United States and doing a substantial amount of business outside the United States. Equity securities in which the Fund invests include common and preferred stock, sponsored and unsponsored American Depositary Receipts, European Depositary Receipts, Global Depositary Receipts, 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, futures contracts or options in futures 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”), 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 40% 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 three 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 track, before fees and expenses, the investment results of the MSCI World Ex U.S.A. Index - Net Dividends 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.

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

(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 on the basis of evaluated prices provided by independent pricing services when such prices are believed to reflect the fair value of such securities or broker provided prices. Such prices may be determined by taking into account other similar securities’ prices, yields, maturities, call features, ratings, prepayment speeds, credit risks, cash flows, institutional size trading in similar groups of securities and developments related to specific 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, is recognized on an accrual basis and includes amortization of premiums and accretion of discounts using the effective yield method.

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

(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 Tax-Exempt Bond Fund invests in long or short financial futures contracts for hedging purposes or to manage duration or gain additional exposure to bond markets. 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 on forward foreign currency exchange contracts within net increase (decrease) in unrealized appreciation/depreciation on the Statements of Operations. The International Fund records

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

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 International Fund invests in Master Limited Partnerships (“MLPs”). The benefits derived from the Fund’s 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 Fund were treated as corporations for U.S. federal income tax purposes, the after-tax return to the Fund with respect to its investments in such MLPs would be materially reduced, causing a decline in the value of the common stock. The Fund must include its allocable share of an MLP’s taxable income in its reportable taxable income, whether or not it receives a distribution in cash from the MLP. In such case, the Fund may have to liquidate securities to make required distributions to shareholders.

(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

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

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

The Core Equity, Small Companies, Tax-Exempt Bond, and International Funds currently invest in the U.S. Government Select Portfolio, a money market portfolio of Northern Institutional Funds, an investment company advised by Northern Trust Investments, Inc. The U.S. Government Select Portfolio primarily invests in securities issued by the U.S. government, government agencies, and government-sponsored enterprises.

(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, 2017, 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 2014, 2015, 2016 and 2017 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 Trust has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Further, the Trust is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

months. The tax character of distributions by the Funds during the years ended December 31, 2017 and 2016 was as follows:

	Tax-Exempt				Ordinary Income*
	2017		2016		2017		2016
Core Equity Fund	$	-	$	-	$	7,688,471	$	5,855,360
Small Companies Fund		-		-		8,674,016		848,536
Tax-Exempt Bond Fund		24,359,964		21,330,974		1,189,281		97,304
International Fund		-		-		10,724,142		9,674,768

	Long-Term Capital Gains**
	2017		2016
Core Equity Fund	$	26,497,925	$	18,781,172
Small Companies Fund		49,069,167		12,075,262
Tax-Exempt Bond Fund		2,113,229		1,167,286
International Fund		7,930,041		12,673

* In addition to the ordinary income distributions, during 2017 the following Funds utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of ordinary income in the following amounts:

Core Equity Fund	$	43,242
Small Companies Fund		928,098
International Fund		60,990

** In addition to the long-term capital gain distributions, during 2017 the following Funds utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of long-term capital gains in the following amounts:

Core Equity Fund	$	1,370,009
Small Companies Fund		1,244,470
International Fund		604,615

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

As of June 30, 2018, the components of distributable earnings on a tax basis were as follows:

	Core Equity Fund		Small Companies Fund		Tax-Exempt Bond Fund			International Fund
Undistributed ordinary income	$	4,071,687	$	9,365,099	$	1,778,980		$	9,271,316
Undistributed tax-exempt income		-		-		448,495			-
Undistributed capital gain		19,664,964		10,434,797		2,528,754			13,063,761
Accumulated capital losses and other		-		-		(124,321	)		-
Unrealized appreciation		260,800,230		47,418,008		20,471,339			170,252,043
Total	$	284,536,881	$	67,217,904	$	25,103,247		$	192,587,120

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, 2017, the Funds 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, 2018, reclassifications have been recorded among the following capital accounts on the Statements of Assets and Liabilities:

	Core Equity Fund			Small Companies Fund			Tax-Exempt Bond Fund			International Fund
Undistributed (overdistributed) net investment income	$	-		$	15,513		$	10,110		$	(244,482	)
Accumulated net realized gain (loss)		(25,989,208	)		(15,513	)		(10,110	)		244,482
Additonal paid-in capital		25,989,208			-			-			-

(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, 2017, the Core Equity, Small Companies and International Funds utilized equalization accounting with respect to distributions to shareholders, in order to keep remaining shareholders’ interest in undistributed income from being affected.

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

(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. The Funds believe that the likelihood of any such claims is remote.

(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 for 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). 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.

●

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

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

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, 2018.

	Core Equity Fund (a)
	Level 1		Level 2		Level 3		Total
Common Stocks	$	516,544,181	$	-	$	-	$	516,544,181
Short-Term Investments		3,369,903		-		-		3,369,903
Total	$	519,914,084	$	-	$	-	$	519,914,084

(a) For the Core Equity Fund, the investment value is comprised of equity securities, rights 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. 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 internally determined prices.

The Core Equity Fund records all transfers between levels based on valuations at the end of each reporting period. At June 30, 2018, there were no transfers between Level 1, Level 2 or Level 3 classifications based on levels assigned to the securities on December 31, 2017.

	Small Companies Fund (b)
	Level 1		Level 2		Level 3			Total
Common Stocks	$	364,672,481	$	-	$	-		$	364,672,481
Convertible Bonds		-		128,342		-			128,342
Convertible Preferred Stock		422,648		-		-			422,648
Preferred Stocks		3,108,272		-		-			3,108,272
Warrants		-		-		-	*		-
Short-Term Investments		8,525,125		-		-			8,525,125
Total	$	376,728,526	$	128,342	$	-		$	376,856,868

* Security has been deemed worthless and is a Level 3 investment.

(b) For the Small Companies Fund, the investment value is comprised of equity securities, convertible bonds, warrants and short-term investments. See the Fund’s Schedule of Investments for industry classification. Investments in equity and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. At June 30, 2018, one security was deemed worthless, resulting in Level 3 classification.

There were no significant Level 3 valuations at June 30, 2018.

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

The Small Companies Fund records all transfers between levels based on valuations at the end of each reporting period. At June 30, 2018, there was one equity security transfer from Level 2 to Level 1 classification based on levels assigned to the securities on December 31, 2017. The common stock was transferred from Level 2 to Level 1 based on prices derived from listed last price for the current reporting period. No other transfers between levels occurred during the reporting period.

	Tax-Exempt Bond Fund (c)
	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	25,094,929	$	-	$	-	$	25,094,929
Municipal Bonds
Airports		-		2,772,155		-		2,772,155
Bond Banks		-		511,425		-		511,425
Development		-		37,610,635		-		37,610,635
Education		-		38,175,978		-		38,175,978
Facilities		-		2,942,067		-		2,942,067
General		-		47,527,337		-		47,527,337
General Obligations		-		21,631,527		-		21,631,527
Higher Education		-		18,534,613		-		18,534,613
Housing		-		25,507,920		-		25,507,920
Medical		-		31,488,338		-		31,488,338
Mello-Roos		-		666,984		-		666,984
Multifamily Housing		-		47,808,437		-		47,808,437
Nursing Home		-		70,413,313		-		70,413,313
Power		-		3,726,038		-		3,726,038
School District		-		32,844,530		-		32,844,530
Single Family Housing		-		97,594,873		-		97,594,873
Student Loan		-		1,379,586		-		1,379,586
Tobacco Settlement		-		1,413,758		-		1,413,758
Transportation		-		7,183,158		-		7,183,158
Utilities		-		397,262		-		397,262
Water		-		5,657,486		-		5,657,486
Short-Term Investments		14,811,297		-		-		14,811,297
Total	$	39,906,226	$	495,787,420	$	-	$	535,693,646

(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

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

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.

Tax-Exempt Bond Fund
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Liabilities
Futures Contracts	$	(792,669	)	$	-	$	-	$	(792,669	)
Net Other Financial Instruments	$	(792,669	)	$	-	$	-	$	(792,669	)

The futures contracts outstanding at June 30, 2018 are considered Level 1 investments due to the contracts being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate. Futures contracts are shown on a gross basis in the above table and on the Statements of Operations.

The Tax-Exempt Bond Fund, records all transfers between levels based on valuations at the end of each reporting period. At June 30, 2018, for the Tax-Exempt Bond Fund, there were no transfers between Level 1, Level 2 or Level 3 classifications based on levels assigned to the securities on December 31, 2017.

	International Fund (d)
	Level 1		Level 2		Level 3		Total
Common Stocks
Thailand	$	-	$	708,935	$	-	$	708,935
All other countries		572,417,887		-		-		572,417,887
Preferred Stocks		4,385,351		-		-		4,385,351
Rights		29,023		-		-		29,023
Investment Companies		2,302,558		-		-		2,302,558
Short-Term Investments		23,158,196		-		-		23,158,196
Total	$	602,293,015	$	708,935	$	-	$	603,001,950

(d) For the International Fund, the investment value is comprised of equity securities, rights, 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 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

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

traded. Shares of open end investment companies are valued at their daily net asset value. One inactively traded Thailand based security was valued based on the prices of similar securities resulting in Level 2 classifications.

International Fund
Other Financial Instruments	Level 1		Level 2			Level 3		Total
Assets
Forward foreign currency exchange contracts	$	-	$	152,273		$	-	$	152,273
Liabilities
Forward foreign currency exchange contracts		-		(2,016	)		-		(2,016	)
Net Other Financial Instruments	$	-	$	150,257		$	-	$	150,257

The forward foreign currency exchange contracts outstanding at June 30, 2018 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.

The International Fund records all transfers between levels based on valuations at the end of each reporting period. At June 30, 2018, for the International Fund, there were no transfers between Level 1, Level 2 or Level 3 classifications based on levels assigned to the securities on December 31, 2017.

(4) Investment Security Transactions

The cost of purchases and proceeds from sales of securities (excluding short-term securities) for the period ended June 30, 2018, were as follows:

	Purchases		Sales
Core Equity Fund	$	71,519,393	$	100,548,678
Small Companies Fund		103,818,624		107,995,343
Tax-Exempt Bond Fund		44,128,733		23,459,201
International Fund		65,310,084		60,737,829

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, deferral of post-October currency and capital losses for tax purposes, and the recharacterization of income recognition on investments in PFICs.

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

At June 30, 2018, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments (including the effects of foreign currency translation and derivative instruments, if any) and the cost basis of investments (including derivative instruments, if any) were as follows:

Funds	Unrealized Appreciation		Unrealized Depreciation			Net Appreciation (Depreciation)		Cost Basis of Investments
Core Equity Fund	$	264,527,788	$	(3,727,560	)	$	260,800,228	$	259,113,856
Small Companies Fund		57,530,594		(10,112,586	)		47,418,008		329,438,860
Tax-Exempt Bond Fund		26,405,512		(5,890,875	)		20,514,637		515,179,010
International Fund		183,452,488		(13,022,476	)		170,430,012		432,571,938

(5)

Capital Share Transactions

Transactions in capital shares for the six months ended June 30, 2018 and the fiscal year ended December 31, 2017 were as follows:

	Core Equity Fund						Small Companies Fund
	2018			2017			2018			2017
Sold		701,194			413,847			105,368			203,833
Issued for reinvestment of distributions		-			800,157			-			3,111,163
Redeemed		(1,429,748	)		(1,216,957	)		(667,260	)		(1,127,622	)
Net Increase (decrease)		(728,554	)		(2,953	)		(561,892	)		2,187,374

	Tax-Exempt Bond Fund						International Fund
	2018			2017			2018			2017
Sold		1,850,680			2,493,171			170,812			805,478
Issued for reinvestment of distributions		1,162,900			2,737,332			-			1,105,107
Redeemed		(916,609	)		(2,655,913	)		(528,755	)		(1,900,836	)
Net Increase (decrease)		2,096,971			2,574,590			(357,943	)		9,749

(6)

Capital Loss Carryforward

For the period subsequent to October 31, 2017 through the fiscal year ended December 31, 2017, the International Fund incurred capital losses and/or late year losses in the amount of $8,557 which the Fund intends to treat as having been incurred in the following fiscal year.

At June 30, 2018, the Funds had no short-term or long-term capital loss carryforwards available to offset future net capital gains. During the fiscal year ended December 31, 2017, the International Fund utilized $23,948,482 in capital losses.

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

(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 a percentage of each Fund’s average daily net assets. The Adviser is responsible for the payment or reimbursement of all the Funds’ expenses, except brokerage, taxes, interest, and extraordinary expenses. The Adviser has periodically modified its management fee for each of the Funds through voluntary waivers. For the period ending June 30, 2018, management fees and voluntary waivers were as follows:

	Management Fees and Voluntary Waivers
	Management Fee %	Voluntary Waiver %	Net Fee Actually Paid %
Core Equity Fund	0.90	0.52*	0.38
Small Companies Fund	1.35	0.32*	1.03
Tax-Exempt Bond Fund	0.60	0.26**	0.34
International Fund	1.00	0.32*	0.68

* Effective September 22, 2017.

** Effective March 16, 2015.

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

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, OSAM and AQR is equal to an annual rate of 0.15%, 0.35% and 0.35% of the portions of net assets managed, respectively.

The subadvisory fee for the Small Companies Fund, payable to Pzena for its portion of net assets managed is 1%.

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

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

		KCM
Up to and including $50 Million		0.85%
Over $50 Million		0.80%

	Cooke & Bieler
First $15 million		1.00%
Next $20 million		0.765%
Next $25 million		0.7225%
All assets in excess of $60 million		0.68%

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.

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

The subadvisory fee for the International Fund, payable to Artisan Partners 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%

	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.

(8) Derivative Instruments

Information concerning the types of derivatives in which the Tax-Exempt Bond Fund and International Fund invest, 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 Tax-Exempt Bond Fund and International Fund by location as presented in the Statements of Assets and Liabilities as of June 30, 2018, with additional detail on the net amounts impacting the Statements of

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

Assets and Liabilities. The futures contracts and forward foreign currency exchange contracts presented below are not subject to master netting agreements or other similar agreements.

ASSETS

LIABILITIES

Name of Fund

Derivative Type

Statements of Assets and Liabilities Location

Value

Statements of Assets and Liabilities Location

Value

Counterparty

Tax-Exempt Bond Fund

Futures contracts

Net unrealized appreciation on futures contracts

Net unrealized depreciation on futures contracts

792,669

Northern Trust

International Fund

Forward foreign currency exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

152,273

Unrealized depreciation on forward foreign currency exchange contracts

2,016

Northern Trust

* Represents cumulative appreciation/depreciation on futures contracts as in the Schedules of Investments. Only the variation margin receivable/payable is reported within the Statement of Assets and Liabilities for futures contracts.

The following tables set forth by primary risk exposure the Tax-Exempt Bond Fund’s and International Fund’s net realized gain (loss) and net increase (decrease) in appreciation/depreciation on futures contracts and forward foreign currency exchange contracts for the six months ended June 30, 2018:

Name of Fund

Derivative Type

Statements of Operations Location

Value

Name of Fund

Derivative Type

Statements of Operations Locations

Value

Tax-Exempt Bond Fund

Futures contracts

Net realized gain (loss) on futures contracts

5,124,663

Tax-Exempt Bond Fund

Futures contracts

Net increase (decrease) in unrealized appreciation/ depreciation on futures contracts

(1,188,543

)

International Fund

Forward foreign currency exchange contracts

Net realized gain (loss) on forward foreign currency exchange contracts

(305,182

)

International Fund

Forward foreign currency exchange contracts

Net increase (decrease) in unrealized appreciation/depreciation on forward foreign currency exchange contracts

173,908

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2018

Derivative transactions are measured in terms of the notional amount. The following table presents, for the Tax-Exempt Bond Fund and 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, 2018.

Tax-Exempt Bond Fund
Futures Contracts
Number of Transactions		Weighted Average Notional Amount
3,151	$	138,617,781

International Fund
Forward Foreign Currency
Exchange Contracts
Number of Transactions		Weighted Average Notional Amount
8	$	4,760,442

(9) Short-term Financing

ReFlow Fund, LLC (“ReFlow”) provides each Fund with a potential source of cash to meet net shareholder redemptions through share purchase for a fee. The Fund then generally redeems those shares when it experiences net sales. The shares may be redeemed in-kind in accordance with the Fund’s redemption in-kind policies. The Fund is generally required to redeem the shares purchased by ReFlow within 30 days (15 days if redeemed in-kind). As such, the proceeds received from ReFlow’s purchase of fund shares is treated as a liability on the statement of assets and liabilities. The fee paid on outstanding shares owned by ReFlow is based on an auction starting at a minimum bid of 0.20% and is paid by the Adviser under the unified advisory fee agreement. During the period ended June 30, 2018, the Fund below utilized the ReFlow arrangement. The average rate paid to ReFlow by the Adviser was 0.20%.

			Average Amount Oustanding for Days in Use
Core Equity Fund			$	589,929

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
Common Stocks:
	Consumer Discretionary:
	1,500	ADVANCE AUTO PARTS, INC.	$	53,558		203,550
	6,224	AMAZON.COM, INC.(b)		1,847,202		10,579,555
	1,600	AMC NETWORKS, INC., CLASS A(b)		25,785		99,520
	1,100	AUTOLIV, INC.(c)		19,410		157,542
	300	AUTOZONE, INC.(b)		19,223		201,279
	59,592	BEST BUY CO., INC.		2,196,167		4,444,371
	1,400	BIG LOTS, INC.		15,477		58,492
	1,048	BOOKING HOLDINGS, INC.(b)		805,444		2,124,390
	4,400	BORGWARNER, INC.		51,799		189,904
	750	BRINKER INTERNATIONAL, INC.		10,084		35,700
	631	BURLINGTON STORES, INC.(b)		52,729		94,984
	300	CABLE ONE, INC.		113,966		219,987
	4,168	CARMAX, INC.(b)		50,984		303,722
	1,377	CARTER’S, INC.		119,865		149,253
	4,161	CBS CORP., CLASS B (NON VOTING)		27,109		233,931
	3,229	CHARTER COMMUNICATIONS, INC., CLASS A(b)		121,025		946,775
	100	CLEAR CHANNEL OUTDOOR HOLDINGS, INC., CLASS A		94		430
	57,818	COMCAST CORP., CLASS A		633,587		1,897,009
	4,600	D.R. HORTON, INC.		22,057		188,600
	1,826	DARDEN RESTAURANTS, INC.		79,573		195,492
	1,500	DICK’S SPORTING GOODS, INC.		24,803		52,875
	3,089	DOLLAR GENERAL CORP.		207,226		304,575
	6,724	DOLLAR TREE, INC.(b)		63,447		571,540
	900	DOMINO’S PIZZA, INC.		90,041		253,953
	2,737	ENTERCOM COMMUNICATIONS CORP., CLASS A		2,989		20,664
	2,955	EXPEDIA GROUP, INC.		207,889		355,162
	700	FLOOR & DECOR HOLDINGS, INC., CLASS A(b)		30,751		34,531
	3,000	FOOT LOCKER, INC.		40,394		157,950
	38,163	FORD MOTOR CO.		164,117		422,464
	3,600	GAMESTOP CORP., CLASS A		14,505		52,452
	1,833	GAP (THE), INC.		42,086		59,371
	7,229	GARMIN LTD.(c)		282,862		440,969
	683	GCI LIBERTY, INC., CLASS A(b)		5,882		30,790
	4,533	GENERAL MOTORS CO.		146,247		178,600
	15,000	GENTEX CORP.		106,860		345,300
	3,450	GENUINE PARTS CO.		102,424		316,676
	1,200	H&R BLOCK, INC.		32,279		27,336
	4,700	HANESBRANDS, INC.		67,354		103,494
	6,750	HARLEY-DAVIDSON, INC.		39,547		284,040
	400	HASBRO, INC.		10,206		36,924
	800	HILTON GRAND VACATIONS, INC.(b)		34,176		27,760
	14,367	HOME DEPOT (THE), INC.		1,509,348		2,803,002
	305	ILG, INC.		1,053		10,074
	1,700	INTERNATIONAL GAME TECHNOLOGY PLC		45,829		39,508
	30,359	INTERPUBLIC GROUP OF (THE) COS., INC.		390,610		711,615
	24,237	KOHL’S CORP.		969,230		1,766,877
	6,190	L BRANDS, INC.		70,745		228,287
	9,064	LAS VEGAS SANDS CORP.		482,133		692,127
	11,703	LEAR CORP.		1,300,542		2,174,535
	2,900	LENNAR CORP., CLASS A		37,613		152,250
	58	LENNAR CORP., CLASS B		652		2,476
	1,600	LIBERTY BROADBAND CORP., CLASS C(b)		135,837		121,152
	14,010	LIBERTY EXPEDIA HOLDINGS, INC., CLASS A(b)		503,609		615,599
	5,832	LIBERTY GLOBAL PLC, CLASS A(b)(c)		42,377		160,613
	7,374	LIBERTY GLOBAL PLC, CLASS C(b)(c)		51,974		196,222
	1,000	LIBERTY MEDIA CORP.-LIBERTY FORMULA ONE, CLASS A(b)		33,470		35,310
	2,300	LIBERTY MEDIA CORP.-LIBERTY FORMULA ONE, CLASS C(b)		80,654		85,399
	980	LIBERTY TRIPADVISOR HOLDINGS, INC., CLASS A(b)		1,653		15,778
	1,200	LKQ CORP.(b)		14,970		38,280
	2,700	LOWE’S COS., INC.		277,417		258,039
	1,300	LULULEMON ATHLETICA, INC.(b)(c)		99,526		162,305
	13,830	MACY’S, INC.		347,574		517,657
	16,832	MARRIOTT INTERNATIONAL, INC., CLASS A		1,935,570		2,130,931
	244	MARRIOTT VACATIONS WORLDWIDE CORP.		3,057		27,562
	5,000	MATTEL, INC.		80,253		82,100

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
Consumer Discretionary (Cont’d):
	10,620	MCDONALD’S CORP.	$	433,348		1,664,048
	6,600	MGM RESORTS INTERNATIONAL		54,921		191,598
	500	MICHAEL KORS HOLDINGS LTD.(b)(c)		30,710		33,300
	600	MOHAWK INDUSTRIES, INC.(b)		26,796		128,562
	600	MURPHY USA, INC.(b)		4,392		44,574
	1,800	NETFLIX, INC.(b)		15,943		704,574
	4,915	NEWELL BRANDS, INC.		52,223		126,758
	2,375	NEWS CORP., CLASS A		7,170		36,813
	17,800	NIKE, INC., CLASS B		268,854		1,418,304
	4,300	NORDSTROM, INC.		45,233		222,654
	600	NORWEGIAN CRUISE LINE HOLDINGS LTD.(b)		31,692		28,350
	400	NVR, INC.(b)		944,289		1,188,140
	19,659	OMNICOM GROUP, INC.		1,360,994		1,499,392
	900	O’REILLY AUTOMOTIVE, INC.(b)		27,059		246,213
	400	POLARIS INDUSTRIES, INC.		50,284		48,872
	370	POOL CORP.		34,226		56,055
	34,679	PULTEGROUP, INC.		698,016		997,021
	2,464	PVH CORP.		205,689		368,910
	61,463	QURATE RETAIL, INC.(b)		1,311,807		1,304,245
	3,568	RALPH LAUREN CORP.		252,964		448,569
	12,800	ROSS STORES, INC.		207,188		1,084,800
	3,870	ROYAL CARIBBEAN CRUISES LTD.		82,045		400,932
	500	SIX FLAGS ENTERTAINMENT CORP.		33,760		35,025
	1,600	SKECHERS U.S.A., INC., CLASS A(b)		59,085		48,016
	28,500	STARBUCKS CORP.		182,045		1,392,225
	5,000	TAPESTRY, INC.		19,161		233,550
	10,222	TARGET CORP.		622,756		778,099
	5,700	TEGNA, INC.		26,227		61,845
	1,660	TESLA, INC.(b)		292,795		569,297
	4,136	THOR INDUSTRIES, INC.		148,062		402,805
	1,400	TIFFANY & CO.		35,210		184,240
	10,094	TJX (THE) COS., INC.		86,033		960,747
	1,466	TOPBUILD CORP.(b)		11,809		114,847
	800	TRIBUNE MEDIA CO., CLASS A		33,560		30,616
	810	TRIPADVISOR, INC.(b)		13,993		45,125
	14,107	TWENTY-FIRST CENTURY FOX, INC., CLASS A		220,305		700,977
	753	ULTA BEAUTY, INC.(b)		117,541		175,795
	4,100	UNDER ARMOUR, INC., CLASS A(b)		56,370		92,168
	906	UNDER ARMOUR, INC., CLASS C(b)		10,146		19,099
	9,578	VF CORP.		281,277		780,799
	100,199	VIACOM, INC., CLASS B		3,020,665		3,022,002
	28,667	WALT DISNEY (THE) CO.		647,872		3,004,588
	500	WAYFAIR, INC., CLASS A(b)		38,095		59,380
	2,100	WHIRLPOOL CORP.		89,510		307,083
	1,600	WYNN RESORTS LTD.		32,322		267,744
	4,416	YUM CHINA HOLDINGS, INC.(c)		9,382		169,839
	18,457	YUM! BRANDS, INC.		1,026,653		1,443,707
				29,657,396		66,571,912		12.82	%
Consumer Staples:
	8,800	ALTRIA GROUP, INC.		564,326		499,752
	36,088	ARCHER-DANIELS-MIDLAND CO.		1,293,792		1,653,913
	7,290	BROWN-FORMAN CORP., CLASS B		57,343		357,283
	500	BUNGE LTD.		33,065		34,855
	8,000	CHURCH & DWIGHT CO., INC.		100,310		425,280
	57,881	COCA-COLA (THE) CO.		869,464		2,538,661
	1,380	COLGATE-PALMOLIVE CO.		43,344		89,438
	17,524	CONAGRA BRANDS, INC.		543,262		626,133
	7,253	CONSTELLATION BRANDS, INC., CLASS A		671,569		1,587,464
	6,477	COSTCO WHOLESALE CORP.		231,819		1,353,563
	6,400	COTY, INC., CLASS A		123,575		90,240
	7,643	DR. PEPPER SNAPPLE GROUP, INC.		254,571		932,446
	700	ENERGIZER HOLDINGS, INC.		33,278		44,072
	5,708	ESTEE LAUDER (THE) COS., INC., CLASS A		348,336		814,474
	29,616	GENERAL MILLS, INC.		1,180,988		1,310,804
	6,600	HERBALIFE NUTRITION LTD.(b)		45,262		354,552
	1,642	HERSHEY (THE) CO.		60,568		152,805
	4,800	HORMEL FOODS CORP.		43,206		178,608

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
Consumer Staples (Cont’d):
	12,962	INGREDION, INC.	$	1,225,428		1,434,893
	1,600	JM SMUCKER (THE) CO.		64,617		171,968
	1,550	KIMBERLY-CLARK CORP.		69,760		163,277
	5,579	KRAFT HEINZ (THE) CO.		34,550		350,473
	67,464	KROGER (THE) CO.		1,218,211		1,919,351
	633	LAMB WESTON HOLDINGS, INC.		7,452		43,367
	700	MCCORMICK & CO., INC. (NON VOTING)		21,613		81,263
	3,456	MOLSON COORS BREWING CO., CLASS B		167,944		235,146
	15,338	MONDELEZ INTERNATIONAL, INC., CLASS A		125,797		628,858
	6,654	MONSTER BEVERAGE CORP.(b)		172,029		381,274
	4,924	NU SKIN ENTERPRISES, INC., CLASS A		174,547		385,008
	31,957	PEPSICO, INC.		2,666,047		3,479,159
	25,865	PHILIP MORRIS INTERNATIONAL, INC.		886,888		2,088,340
	2,305	PILGRIM’S PRIDE CORP.(b)		49,839		46,400
	6,000	PINNACLE FOODS, INC.		219,854		390,360
	700	POST HOLDINGS, INC.(b)		43,421		60,214
	64,765	PROCTER & GAMBLE (THE) CO.		3,189,653		5,055,556
	26,450	SYSCO CORP.		1,120,141		1,806,270
	21,977	TYSON FOODS, INC., CLASS A		1,044,801		1,513,116
	16,150	WALGREENS BOOTS ALLIANCE, INC.		185,200		969,242
	36,730	WALMART, INC.		2,907,264		3,145,924
				22,093,134		37,393,802		7.20	%
Energy:
	3,546	ANADARKO PETROLEUM CORP.		67,687		259,744
	2,479	ANDEAVOR		125,030		325,195
	30,277	ANTERO RESOURCES CORP.(b)		560,174		646,414
	762	APERGY CORP.(b)		7,853		31,814
	1,200	BAKER HUGHES A GE CO.		36,468		39,636
	32,795	CHEVRON CORP.		1,428,027		4,146,272
	500	CIMAREX ENERGY CO.		32,151		50,870
	3,600	CNX RESOURCES CORP.(b)		25,763		64,008
	1,700	CONCHO RESOURCES, INC.(b)		49,631		235,195
	29,983	CONOCOPHILLIPS		853,190		2,087,416
	450	CONSOL ENERGY, INC.(b)		5,125		17,258
	2,000	CONTINENTAL RESOURCES, INC.(b)		20,765		129,520
	6,000	DIAMONDBACK ENERGY, INC.		570,297		789,420
	9,794	ENBRIDGE, INC.(c)		137,797		349,548
	1,300	ENERGEN CORP.(b)		44,343		94,666
	600	EOG RESOURCES, INC.		19,976		74,658
	4,000	EQT CORP.		132,900		220,720
	42,529	EXXON MOBIL CORP.		1,611,996		3,518,424
	10,758	HALLIBURTON CO.		164,732		484,755
	3,100	HELMERICH & PAYNE, INC.		39,003		197,656
	1,800	HESS CORP.		77,007		120,402
	13,549	HOLLYFRONTIER CORP.		567,415		927,158
	7,312	KINDER MORGAN, INC.		64,699		129,203
	6,100	MARATHON OIL CORP.		92,456		127,246
	28,217	MARATHON PETROLEUM CORP.		1,751,828		1,979,705
	3,000	MURPHY OIL CORP.		39,255		101,310
	5,500	NABORS INDUSTRIES LTD.		30,723		35,255
	4,722	NATIONAL OILWELL VARCO, INC.		74,438		204,935
	1,200	NEWFIELD EXPLORATION CO.(b)		27,012		36,300
	3,800	NOBLE ENERGY, INC.		20,499		134,064
	6,000	OCCIDENTAL PETROLEUM CORP.		54,261		502,080
	2,300	OCEANEERING INTERNATIONAL, INC.		43,181		58,558
	2,000	ONEOK, INC.		27,076		139,660
	2,600	PATTERSON-UTI ENERGY, INC.		53,630		46,800
	30,963	PBF ENERGY, INC., CLASS A		1,045,190		1,298,279
	12,072	PHILLIPS 66		144,087		1,355,806
	3,930	PIONEER NATURAL RESOURCES CO.		165,650		743,713
	15,236	SCHLUMBERGER LTD.		336,122		1,021,269
	1,600	SM ENERGY CO.		31,501		41,104
	1,000	TARGA RESOURCES CORP.		22,120		49,490
	4,900	TRANSOCEAN LTD.(b)(c)		46,629		65,856
	60,636	VALERO ENERGY CORP.		3,544,266		6,720,288
	1,400	WHITING PETROLEUM CORP.(b)		31,358		73,808

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
Energy (Cont’d):
	5,200	WPX ENERGY, INC.(b)	$	50,544		93,756
				14,273,855		29,769,234		5.73	%
Financials:
	600	AFFILIATED MANAGERS GROUP, INC.		35,024		89,202
	51,432	AFLAC, INC.		1,855,928		2,212,605
	500	ALLEGHANY CORP.		140,685		287,485
	14,374	ALLSTATE (THE) CORP.		729,086		1,311,915
	19,826	ALLY FINANCIAL, INC.		404,611		520,829
	8,233	AMERICAN EXPRESS CO.		227,627		806,834
	4,900	AMERICAN FINANCIAL GROUP, INC.		220,290		525,917
	6,100	AMERICAN INTERNATIONAL GROUP, INC.		143,498		323,422
	2,134	AMERICAN NATIONAL INSURANCE CO.		259,877		255,205
	30,304	AMERIPRISE FINANCIAL, INC.		3,000,681		4,238,923
	3,021	AON PLC(c)		77,683		414,391
	27,300	ARCH CAPITAL GROUP LTD.(b)(c)		417,170		722,358
	2,300	ARTHUR J. GALLAGHER & CO.		80,002		150,144
	1,700	ASPEN INSURANCE HOLDINGS LTD.(c)		70,107		69,190
	4,900	ASSURANT, INC.		218,575		507,101
	14,090	ASSURED GUARANTY LTD.(c)		367,190		503,436
	739	ATHENE HOLDING LTD., CLASS A(b)		33,966		32,398
	1,300	AXIS CAPITAL HOLDINGS LTD.(c)		43,361		72,306
	165,803	BANK OF AMERICA CORP.		2,093,702		4,673,987
	13,901	BANK OF NEW YORK MELLON (THE) CORP.		390,433		749,681
	7,900	BB&T CORP.		173,879		398,476
	28,441	BERKSHIRE HATHAWAY, INC., CLASS B(b)		3,720,534		5,308,513
	210	BLACKROCK, INC.		113,742		104,798
	200	BRIGHTHOUSE FINANCIAL, INC.(b)		6,471		8,014
	620	CANNAE HOLDINGS, INC.(b)		2,893		11,501
	28,065	CAPITAL ONE FINANCIAL CORP.		1,893,675		2,579,173
	17,900	CHARLES SCHWAB (THE) CORP.		156,088		914,690
	6,250	CHUBB LTD.(c)		587,621		793,875
	47,758	CITIGROUP, INC.		2,666,305		3,195,965
	2,058	CME GROUP, INC.		219,513		337,347
	1,281	COMERICA, INC.		86,479		116,469
	500	CREDIT ACCEPTANCE CORP.(b)		86,421		176,700
	13,776	DISCOVER FINANCIAL SERVICES		358,994		969,968
	10,182	E*TRADE FINANCIAL CORP.(b)		276,402		622,731
	469	FAIRFAX FINANCIAL HOLDINGS LTD.(c)		86,576		262,903
	142,697	FIFTH THIRD BANCORP		4,051,221		4,095,404
	400	FIRST CITIZENS BANCSHARES, INC., CLASS A		57,523		161,320
	30,500	FIRST HORIZON NATIONAL CORP.		193,065		544,120
	21,413	FNF GROUP		775,160		805,557
	7,500	FRANKLIN RESOURCES, INC.		151,437		240,375
	9,248	GOLDMAN SACHS GROUP (THE), INC.		883,616		2,039,831
	3,000	HANOVER INSURANCE GROUP (THE), INC.		215,948		358,680
	3,700	HARTFORD FINANCIAL SERVICES GROUP (THE), INC.		62,227		189,181
	43,648	HUNTINGTON BANCSHARES, INC.		258,761		644,244
	505	INTERCONTINENTAL EXCHANGE, INC.		12,819		37,143
	2,700	INVESCO LTD.		32,171		71,712
	15,903	JANUS HENDERSON GROUP PLC(c)		222,792		488,699
	25,805	JEFFERIES FINANCIAL GROUP, INC.		650,645		586,806
	94,458	JPMORGAN CHASE & CO.		4,654,002		9,842,524
	7,735	KEYCORP		53,455		151,142
	3,752	LEGG MASON, INC.		52,584		130,307
	1,100	LINCOLN NATIONAL CORP.		22,715		68,475
	1,300	LOEWS CORP.		10,310		62,764
	200	MARKEL CORP.(b)		67,789		216,870
	5,684	MARSH & MCLENNAN COS., INC.		240,120		465,917
	1,300	MERCURY GENERAL CORP.		38,018		59,228
	2,200	METLIFE, INC.		52,967		95,920
	2,200	MOODY’S CORP.		77,502		375,232
	32,796	MORGAN STANLEY		929,518		1,554,530
	3,900	MSCI, INC.		124,722		645,177
	5,900	NASDAQ, INC.		240,309		538,493
	5,300	NAVIENT CORP.		28,833		69,059
	4,539	PACWEST BANCORP		65,912		224,317
	10,514	PNC FINANCIAL SERVICES GROUP (THE), INC.		508,110		1,420,441

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
Financials (Cont’d):
	1,600	POPULAR, INC.	$	33,280		72,336
	5,628	PRINCIPAL FINANCIAL GROUP, INC.		175,248		298,003
	900	PROASSURANCE CORP.		47,676		31,905
	20,386	PROGRESSIVE (THE) CORP.		496,849		1,205,832
	9,013	PRUDENTIAL FINANCIAL, INC.		304,801		842,806
	4,745	RAYMOND JAMES FINANCIAL, INC.		405,021		423,966
	57,111	REGIONS FINANCIAL CORP.		885,554		1,015,434
	6,314	REINSURANCE GROUP OF AMERICA, INC.		744,579		842,793
	3,355	RENAISSANCERE HOLDINGS LTD.(c)		403,064		403,674
	3,151	ROYAL BANK OF CANADA(c)		75,538		237,270
	2,535	S&P GLOBAL, INC.		62,263		516,861
	7,500	SEI INVESTMENTS CO.		108,537		468,900
	10,100	SLM CORP.(b)		36,679		115,645
	1,313	STATE STREET CORP.		105,277		122,227
	11,022	SUNTRUST BANKS, INC.		381,251		727,672
	4,737	SYNCHRONY FINANCIAL		128,601		158,121
	4,704	SYNOVUS FINANCIAL CORP.		83,310		248,512
	3,549	T. ROWE PRICE GROUP, INC.		106,978		412,003
	5,800	TCF FINANCIAL CORP.		51,852		142,796
	2,600	TFS FINANCIAL CORP.		25,038		41,002
	2,468	TORCHMARK CORP.		145,321		200,920
	6,468	TRAVELERS (THE) COS., INC.		490,381		791,295
	3,225	UNUM GROUP		105,603		119,293
	18,335	US BANCORP		353,553		917,117
	1,300	VALIDUS HOLDINGS LTD.(c)		32,791		87,880
	18,701	VOYA FINANCIAL, INC.		955,187		878,947
	6,106	W.R. BERKLEY CORP.		273,043		442,135
	1,800	WASHINGTON FEDERAL, INC.		23,535		58,860
	69,827	WELLS FARGO & CO.		860,628		3,871,209
	300	WILLIS TOWERS WATSON PLC(c)		46,047		45,480
	3,100	XL GROUP LTD.(c)		108,861		173,445
	4,014	ZIONS BANCORPORATION		106,804		211,498
				44,142,490		76,577,757		14.74	%
Health Care:
	12,487	ABBOTT LABORATORIES		246,035		761,582
	12,935	ABBVIE, INC.		238,839		1,198,428
	1,500	ACADIA PHARMACEUTICALS, INC.(b)		43,250		22,905
	1,360	AETNA, INC.		129,860		249,560
	4,120	AGILENT TECHNOLOGIES, INC.		181,587		254,781
	3,000	ALEXION PHARMACEUTICALS, INC.(b)		58,088		372,450
	937	ALIGN TECHNOLOGY, INC.(b)		111,337		320,585
	4,459	ALLERGAN PLC		145,720		743,404
	4,700	ALLSCRIPTS HEALTHCARE SOLUTIONS, INC.(b)		50,008		56,400
	1,000	ALNYLAM PHARMACEUTICALS, INC.(b)		123,670		98,490
	7,200	AMERISOURCEBERGEN CORP.		115,968		613,944
	8,218	AMGEN, INC.		1,381,543		1,516,961
	7,050	ANTHEM, INC.		381,518		1,678,111
	8,439	BAXTER INTERNATIONAL, INC.		397,601		623,136
	3,365	BECTON DICKINSON AND CO.		357,114		806,119
	7,838	BIOGEN, INC.(b)		912,645		2,274,901
	1,500	BLUEBIRD BIO, INC.(b)		253,362		235,425
	32,800	BOSTON SCIENTIFIC CORP.(b)		182,160		1,072,560
	18,300	BRISTOL-MYERS SQUIBB CO.		420,955		1,012,722
	2,145	BRUKER CORP.		43,219		62,291
	1,000	CARDINAL HEALTH, INC.		26,001		48,830
	9,872	CELGENE CORP.(b)		131,010		784,034
	16,804	CENTENE CORP.(b)		1,310,222		2,070,421
	3,600	CERNER CORP.(b)		40,604		215,244
	5,700	CIGNA CORP.		89,680		968,715
	4,513	COOPER (THE) COS., INC.		1,098,535		1,062,586
	23,143	CVS HEALTH CORP.		1,463,129		1,489,252
	12,160	DANAHER CORP.		263,810		1,199,949
	2,850	DAVITA, INC.(b)		21,812		197,904
	5,332	DENTSPLY SIRONA, INC.		141,306		233,382
	1,500	DEXCOM, INC.(b)		87,311		142,470
	9,526	EDWARDS LIFESCIENCES CORP.(b)		248,804		1,386,700
	8,244	ELI LILLY & CO.		337,754		703,461

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
Health Care (Cont’d):
	3,700	EXELIXIS, INC.(b)	$	96,482		79,624
	33,888	EXPRESS SCRIPTS HOLDING CO.(b)		1,624,849		2,616,492
	84,850	GILEAD SCIENCES, INC.		4,477,856		6,010,774
	193	HALYARD HEALTH, INC.(b)		3,014		11,049
	1,437	HCA HEALTHCARE, INC.		150,003		147,436
	3,800	HENRY SCHEIN, INC.(b)		86,167		276,032
	6,608	HOLOGIC, INC.(b)		92,603		262,668
	2,933	HUMANA, INC.		727,337		872,949
	2,299	IDEXX LABORATORIES, INC.(b)		98,745		501,044
	2,300	ILLUMINA, INC.(b)		98,233		642,367
	7,700	INTERCEPT PHARMACEUTICALS, INC.(b)		492,019		646,107
	6,477	INTUITIVE SURGICAL, INC.(b)		2,122,322		3,099,115
	700	IONIS PHARMACEUTICALS, INC.(b)		36,610		29,169
	1,861	IQVIA HOLDINGS, INC.(b)		112,204		185,765
	27,672	JOHNSON & JOHNSON		2,032,010		3,357,720
	842	LABORATORY CORP. OF AMERICA HOLDINGS(b)		53,269		151,164
	23,830	MALLINCKRODT PLC(b)		346,224		444,668
	5,700	MCKESSON CORP.		202,596		760,380
	8,500	MEDTRONIC PLC(c)		708,592		727,685
	44,310	MERCK & CO., INC.		1,043,166		2,689,617
	1,577	METTLER-TOLEDO INTERNATIONAL, INC.(b)		277,694		912,499
	6,700	MYLAN N.V.(b)		268,105		242,138
	400	NEUROCRINE BIOSCIENCES, INC.(b)		28,172		39,296
	12,800	OPKO HEALTH, INC.(b)		53,838		60,160
	1,900	PERRIGO CO. PLC(c)		140,505		138,529
	94,484	PFIZER, INC.		1,000,538		3,427,880
	1,962	QUEST DIAGNOSTICS, INC.		157,891		215,702
	100	REGENERON PHARMACEUTICALS, INC.(b)		38,340		34,499
	4,791	RESMED, INC.		129,046		496,252
	900	SAGE THERAPEUTICS, INC.(b)		138,123		140,877
	1,300	TELEFLEX, INC.		66,613		348,673
	6,998	THERMO FISHER SCIENTIFIC, INC.		196,316		1,449,566
	306	UNITED THERAPEUTICS CORP.(b)		36,355		34,624
	23,801	UNITEDHEALTH GROUP, INC.		1,408,686		5,839,337
	2,036	UNIVERSAL HEALTH SERVICES, INC., CLASS B		38,822		226,892
	1,880	VAREX IMAGING CORP.(b)		19,829		69,729
	5,199	VARIAN MEDICAL SYSTEMS, INC.(b)		193,000		591,230
	1,445	VEEVA SYSTEMS, INC., CLASS A(b)		55,063		111,063
	900	VERTEX PHARMACEUTICALS, INC.(b)		22,442		152,964
	2,600	WATERS CORP.(b)		60,997		503,334
	4,304	ZIMMER BIOMET HOLDINGS, INC.		233,961		479,638
	600	ZOETIS, INC.		43,236		51,114
				30,246,330		63,555,524		12.23	%
Industrials:
	8,665	3M CO.		811,139		1,704,579
	3,264	A.O. SMITH CORP.		124,751		193,066
	923	ACCO BRANDS CORP.		3,137		12,784
	1,020	AECOM(b)		28,495		33,691
	4,642	AGCO CORP.		225,963		281,862
	900	AIR LEASE CORP.		17,685		37,773
	1,533	ALLEGION PLC(c)		40,913		118,593
	400	AMERCO		120,202		142,460
	5,175	AMETEK, INC.		73,221		373,428
	18,302	BOEING (THE) CO.		1,969,297		6,140,504
	5,205	BWX TECHNOLOGIES, INC.		145,980		324,376
	2,996	CARLISLE COS., INC.		114,358		324,497
	10,504	CATERPILLAR, INC.		272,491		1,425,078
	3,200	CINTAS CORP.		258,101		592,224
	6,001	CRANE CO.		207,659		480,860
	3,724	CSX CORP.		136,592		237,517
	1,895	CUMMINS, INC.		83,862		252,035
	7,300	DEERE & CO.		199,160		1,020,540
	25,942	DELTA AIR LINES, INC.		945,911		1,285,167
	1,525	DOVER CORP.		32,899		111,630
	1,987	DUN & BRADSTREET (THE) CORP.		49,383		243,706
	16,254	EATON CORP. PLC		539,812		1,214,824
	2,280	EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.		112,692		166,668

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Industrials (Cont’d):
	8,601	FEDEX CORP.	$	478,914		1,952,943
	1,950	FLUOR CORP.		26,013		95,121
	4,109	FORTIVE CORP.		73,081		316,845
	4,300	FORTUNE BRANDS HOME & SECURITY, INC.		33,889		230,867
	1,400	GATX CORP.		24,276		103,922
	2,128	GENERAL DYNAMICS CORP.		296,250		396,680
	71,100	GENERAL ELECTRIC CO.		1,038,927		967,671
	10,443	HARRIS CORP.		904,184		1,509,431
	875	HEICO CORP.		61,334		63,814
	2,156	HEICO CORP., CLASS A		109,379		131,423
	360	HERC HOLDINGS, INC.(b)		5,808		20,282
	9,188	HONEYWELL INTERNATIONAL, INC.		277,615		1,323,531
	1,200	HUBBELL, INC.		43,310		126,888
	885	HUNTINGTON INGALLS INDUSTRIES, INC.		73,903		191,859
	19,036	IDEX CORP.		2,256,680		2,598,033
	4,824	ILLINOIS TOOL WORKS, INC.		155,812		668,317
	10,505	INGERSOLL-RAND PLC		631,190		942,614
	1,468	JACOBS ENGINEERING GROUP, INC.		29,713		93,203
	2,100	JB HUNT TRANSPORT SERVICES, INC.		40,530		255,255
	13,203	JETBLUE AIRWAYS CORP.(b)		81,151		250,593
	859	JOHNSON CONTROLS INTERNATIONAL PLC		16,341		28,734
	2,900	KANSAS CITY SOUTHERN		46,328		307,284
	850	KLX, INC.(b)		13,147		61,115
	1,596	L3 TECHNOLOGIES, INC.		122,430		306,943
	600	LENNOX INTERNATIONAL, INC.		17,874		120,090
	1,400	LINCOLN ELECTRIC HOLDINGS, INC.		28,970		122,864
	2,484	LOCKHEED MARTIN CORP.		486,437		733,848
	1,200	MANITOWOC (THE) CO., INC.(b)		10,053		31,032
	14,173	MANPOWERGROUP, INC.		1,451,755		1,219,728
	23,793	MASCO CORP.		382,483		890,334
	577	NORDSON CORP.		57,299		74,093
	5,602	NORFOLK SOUTHERN CORP.		198,534		845,174
	5,973	NORTHROP GRUMMAN CORP.		516,333		1,837,892
	2,180	NOW, INC.(b)		21,218		29,059
	2,519	NVENT ELECTRIC PLC(b)(c)		24,113		63,227
	5,905	OLD DOMINION FREIGHT LINE, INC.		843,248		879,609
	6,476	OSHKOSH CORP.		222,024		455,392
	5,938	OWENS CORNING		241,110		376,291
	9,067	PACCAR, INC.		128,927		561,791
	4,628	PARKER-HANNIFIN CORP.		350,966		721,274
	2,519	PENTAIR PLC(c)		49,295		106,000
	4,100	QUANTA SERVICES, INC.(b)		52,132		136,940
	3,398	RAYTHEON CO.		201,776		656,426
	12,257	REPUBLIC SERVICES, INC.		732,074		837,889
	6,221	ROCKWELL AUTOMATION, INC.		179,002		1,034,117
	1,841	ROCKWELL COLLINS, INC.		46,427		247,946
	1,720	ROLLINS, INC.		67,194		90,438
	700	ROPER TECHNOLOGIES, INC.		94,318		193,137
	2,015	SNAP-ON, INC.		191,097		323,851
	19,364	SOUTHWEST AIRLINES CO.		628,876		985,240
	9,681	SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A		543,723		831,695
	6,924	STANLEY BLACK & DECKER, INC.		533,158		919,576
	1,200	STERICYCLE, INC.(b)		50,064		78,348
	6,181	TEXTRON, INC.		396,678		407,390
	5,162	TIMKEN (THE) CO.		171,352		224,805
	7,788	TORO (THE) CO.		457,493		469,227
	100	TRANSDIGM GROUP, INC.		27,449		34,514
	6,947	TRINITY INDUSTRIES, INC.		189,804		238,004
	10,843	UNION PACIFIC CORP.		172,601		1,536,236
	1,928	UNITED CONTINENTAL HOLDINGS, INC.(b)		38,137		134,439
	3,540	UNITED PARCEL SERVICE, INC., CLASS B		166,527		376,054
	3,799	UNITED RENTALS, INC.(b)		315,894		560,808
	10,650	UNITED TECHNOLOGIES CORP.		359,588		1,331,569
	4,240	USG CORP.(b)		69,283		182,829
	1,144	VALMONT INDUSTRIES, INC.		146,411		172,458
	180	VERITIV CORP.(b)		1,653		7,173
	4,011	W.W. GRAINGER, INC.		534,167		1,236,992

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Industrials (Cont’d):
	1,066	WABCO HOLDINGS, INC.(b)	$	16,369		124,743
	1,200	WABTEC CORP.		21,945		118,296
	975	WASTE CONNECTIONS, INC.		42,575		73,398
	17,554	WASTE MANAGEMENT, INC.		879,219		1,427,842
	4,800	WELBILT, INC.(b)		37,515		107,088
	1,415	XPO LOGISTICS, INC.(b)		78,936		141,755
	4,296	XYLEM, INC.		230,822		289,464
				26,058,806		54,259,615		10.45	%
Information Technology:
	4,949	ACCENTURE PLC, CLASS A(c)		304,426		809,607
	18,273	ACTIVISION BLIZZARD, INC.		261,150		1,394,595
	10,827	ADOBE SYSTEMS, INC.(b)		697,111		2,639,731
	10,200	ADVANCED MICRO DEVICES, INC.(b)		103,382		152,898
	3,300	AKAMAI TECHNOLOGIES, INC.(b)		45,920		241,659
	2,737	ALLIANCE DATA SYSTEMS CORP.		327,503		638,268
	6,627	ALPHABET, INC., CLASS A(b)		2,935,384		7,483,142
	4,778	ALPHABET, INC., CLASS C(b)		1,903,715		5,330,576
	27,172	AMDOCS LTD.		1,741,679		1,798,515
	8,600	ANALOG DEVICES, INC.		120,368		824,912
	7,815	ANSYS, INC.(b)		840,376		1,361,217
	80,919	APPLE, INC.		4,430,281		14,978,916
	27,129	APPLIED MATERIALS, INC.		669,769		1,253,089
	409	ARISTA NETWORKS, INC.(b)		48,993		105,313
	1,300	ARRIS INTERNATIONAL PLC(b)		33,487		31,779
	4,877	ARROW ELECTRONICS, INC.(b)		267,343		367,141
	1,686	AUTODESK, INC.(b)		32,709		221,018
	6,766	AUTOMATIC DATA PROCESSING, INC.		361,211		907,591
	7,371	BLACK KNIGHT, INC.(b)		272,636		394,717
	9,100	BOOZ ALLEN HAMILTON HOLDING CORP.		273,897		397,943
	4,332	BROADCOM, INC.		235,609		1,051,116
	3,413	BROADRIDGE FINANCIAL SOLUTIONS, INC.		106,898		392,836
	60,267	CADENCE DESIGN SYSTEMS, INC.(b)		1,793,375		2,610,164
	1,900	CARS.COM, INC.(b)		14,708		53,941
	400	CAVIUM, INC.(b)		34,196		34,600
	5,913	CDK GLOBAL, INC.		295,331		384,641
	6,100	CDW CORP.		214,484		492,819
	74,342	CISCO SYSTEMS, INC.		114,765		3,198,936
	9,890	CITRIX SYSTEMS, INC.(b)		646,332		1,036,868
	790	COGNEX CORP.		20,408		35,242
	13,271	COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A		147,070		1,048,276
	3,700	CONDUENT, INC.(b)		59,585		67,229
	8,308	CORELOGIC, INC.(b)		139,352		431,185
	49,134	CORNING, INC.		988,452		1,351,676
	2,700	CYPRESS SEMICONDUCTOR CORP.		3,261		42,066
	1,424	DELL TECHNOLOGIES, INC., CLASS V(b)		41,143		120,442
	2,000	DOLBY LABORATORIES, INC., CLASS A		43,420		123,380
	12,966	DXC TECHNOLOGY CO.		774,394		1,045,189
	23,628	EBAY, INC.(b)		464,219		856,751
	1,640	ECHOSTAR CORP., CLASS A(b)		25,986		72,816
	11,266	ELECTRONIC ARTS, INC.(b)		280,102		1,588,731
	300	EURONET WORLDWIDE, INC.(b)		25,458		25,131
	4,014	F5 NETWORKS, INC.(b)		502,570		692,214
	29,684	FACEBOOK, INC., CLASS A(b)		1,723,242		5,768,195
	15,019	FIDELITY NATIONAL INFORMATION SERVICES, INC.		752,823		1,592,465
	2,200	FIREEYE, INC.(b)		32,268		33,858
	9,784	FISERV, INC.(b)		172,685		724,897
	1,200	FLEETCOR TECHNOLOGIES, INC.(b)		222,127		252,780
	5,300	FLIR SYSTEMS, INC.		266,227		275,441
	16,386	FORTINET, INC.(b)		974,498		1,022,978
	1,000	GENPACT LTD.		32,650		28,930
	3,800	GLOBAL PAYMENTS, INC.		113,707		423,662
	800	GODADDY, INC., CLASS A(b)		39,006		56,480
	20,700	HEWLETT PACKARD ENTERPRISE CO.		129,133		302,427
	16,210	HP, INC.		276,200		367,805
	1,972	IAC/INTERACTIVECORP(b)		156,820		300,710
	94,663	INTEL CORP.		645,759		4,705,698
	13,431	INTERNATIONAL BUSINESS MACHINES CORP.		1,885,055		1,876,311

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
Information Technology (Cont’d):
	8,300	INTUIT, INC.	$	615,438		1,695,731
	2,247	IPG PHOTONICS CORP.(b)		183,260		495,756
	8,615	JACK HENRY & ASSOCIATES, INC.		908,842		1,123,051
	25,435	JUNIPER NETWORKS, INC.		717,733		697,428
	4,207	KEYSIGHT TECHNOLOGIES, INC.(b)		258,291		248,339
	15,895	LAM RESEARCH CORP.		1,814,754		2,747,451
	1,441	LEIDOS HOLDINGS, INC.		46,816		85,019
	727	LOGMEIN, INC.		9,735		75,063
	3,700	MARVELL TECHNOLOGY GROUP LTD.		18,704		79,328
	18,354	MASTERCARD, INC., CLASS A		472,628		3,606,928
	1,100	MATCH GROUP, INC.(b)		33,561		42,614
	2,581	MICRO FOCUS INTERNATIONAL PLC ADR(c)(d)		76,191		44,574
	4,200	MICROCHIP TECHNOLOGY, INC.		38,201		381,990
	83,783	MICRON TECHNOLOGY, INC.(b)		3,085,365		4,393,581
	120,658	MICROSOFT CORP.		2,953,988		11,898,085
	14,735	MOTOROLA SOLUTIONS, INC.		1,341,656		1,714,712
	600	NATIONAL INSTRUMENTS CORP.		30,144		25,188
	13,494	NVIDIA CORP.		1,013,635		3,196,729
	19,581	ON SEMICONDUCTOR CORP.(b)		294,919		435,384
	33,162	ORACLE CORP.		17,570		1,461,118
	2,800	PALO ALTO NETWORKS, INC.(b)		116,508		575,316
	566	PAYCHEX, INC.		27,923		38,686
	7,200	PAYPAL HOLDINGS, INC.(b)		94,398		599,544
	907	PERSPECTA, INC.		8,504		18,639
	2,400	PTC, INC.(b)		82,674		225,144
	500	QORVO, INC.(b)		33,530		40,085
	15,000	QUALCOMM, INC.		427,469		841,800
	5,774	RED HAT, INC.(b)		299,563		775,852
	3,100	SABRE CORP.		62,820		76,384
	7,600	SALESFORCE.COM, INC.(b)		86,710		1,036,640
	60,705	SEAGATE TECHNOLOGY PLC		2,516,957		3,428,011
	2,100	SERVICENOW, INC.(b)		273,110		362,187
	500	SPLUNK, INC.(b)		40,835		49,555
	3,000	SQUARE, INC., CLASS A(b)		111,050		184,920
	15,893	SS&C TECHNOLOGIES HOLDINGS, INC.		812,312		824,847
	14,419	SYMANTEC CORP.		71,242		297,752
	4,400	SYNOPSYS, INC.(b)		172,415		376,508
	500	TABLEAU SOFTWARE, INC., CLASS A(b)		35,535		48,875
	200	TAKE-TWO INTERACTIVE SOFTWARE, INC.(b)		22,066		23,672
	13,845	TERADYNE, INC.		281,983		527,079
	34,792	TEXAS INSTRUMENTS, INC.		1,599,634		3,835,818
	30,439	TOTAL SYSTEM SERVICES, INC.		2,336,438		2,572,704
	7,720	TRIMBLE, INC.(b)		113,413		253,525
	8,700	TWITTER, INC.(b)		197,336		379,929
	100	TYLER TECHNOLOGIES, INC.(b)		18,187		22,210
	9,845	VERISIGN, INC.(b)		1,020,524		1,352,900
	787	VERSUM MATERIALS, INC.		4,722		29,237
	24,838	VISA, INC., CLASS A		613,923		3,289,793
	7,800	VISHAY INTERTECHNOLOGY, INC.		48,931		180,960
	10,485	VMWARE, INC., CLASS A(b)		1,097,007		1,540,980
	16,415	WESTERN DIGITAL CORP.		1,020,299		1,270,685
	79,755	WESTERN UNION (THE) CO.		1,526,961		1,621,419
	300	WEX, INC.(b)		41,025		57,144
	2,000	WORLDPAY, INC., CLASS A(b)		149,775		163,560
	6,750	XILINX, INC.		47,180		440,505
	800	YELP, INC.(b)		26,800		31,344
	400	ZEBRA TECHNOLOGIES CORP., CLASS A(b)		43,396		57,300
	2,200	ZILLOW GROUP, INC., CLASS C(b)		86,638		129,932
				59,565,882		137,851,023		26.54	%
Materials:
	367	ADVANSIX, INC.(b)		1,587		13,443
	1,575	AIR PRODUCTS & CHEMICALS, INC.		57,863		245,275
	1,300	ALBEMARLE CORP.		29,152		122,629
	1,600	ARDAGH GROUP S.A.(c)		32,397		26,592
	1,600	ASHLAND GLOBAL HOLDINGS, INC.		23,171		125,088
	3,165	AVERY DENNISON CORP.		207,899		323,147
	2,700	BEMIS CO., INC.		60,200		113,967

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Materials (Cont’d):
	728	BERRY GLOBAL GROUP, INC.(b)	$	26,333		33,444
	10,424	CELANESE CORP., CLASS A		886,841		1,157,689
	2,900	CF INDUSTRIES HOLDINGS, INC.		118,977		128,760
	4,267	CHEMOURS (THE) CO.		186,210		189,284
	1,800	CROWN HOLDINGS, INC.(b)		57,831		80,568
	29,193	DOWDUPONT, INC.		815,663		1,924,403
	9,332	EASTMAN CHEMICAL CO.		712,551		932,827
	3,891	ECOLAB, INC.		133,579		546,024
	46,467	FREEPORT-MCMORAN, INC.		638,756		802,020
	538	INTERNATIONAL FLAVORS & FRAGRANCES, INC.		11,574		66,690
	13,424	INTERNATIONAL PAPER CO.		335,084		699,122
	36,624	LYONDELLBASELL INDUSTRIES N.V., CLASS A		3,439,583		4,023,146
	700	MARTIN MARIETTA MATERIALS, INC.		27,965		156,331
	3,200	MOSAIC (THE) CO.		54,200		89,760
	7,400	NEWMONT MINING CORP.		136,530		279,054
	5,844	NUCOR CORP.		99,313		365,250
	3,000	OLIN CORP.		100,503		86,160
	7,343	PACKAGING CORP. OF AMERICA		569,796		820,874
	4,400	PLATFORM SPECIALTY PRODUCTS CORP.(b)		42,294		51,040
	7,972	PPG INDUSTRIES, INC.		180,558		826,936
	4,150	PRAXAIR, INC.		119,435		656,323
	6,625	RELIANCE STEEL & ALUMINUM CO.		325,929		579,953
	800	ROYAL GOLD, INC.		34,486		74,272
	6,200	RPM INTERNATIONAL, INC.		65,987		361,584
	500	SCOTTS MIRACLE-GRO (THE) CO.		51,425		41,580
	1,400	SEALED AIR CORP.		24,528		59,430
	1,385	SHERWIN-WILLIAMS (THE) CO.		62,295		564,484
	3,600	SONOCO PRODUCTS CO.		74,519		189,000
	3,234	SOUTHERN COPPER CORP.(c)		38,445		151,578
	55,770	STEEL DYNAMICS, INC.		1,617,861		2,562,631
	9,400	TAHOE RESOURCES, INC.		41,616		46,248
	4,392	VALVOLINE, INC.		24,184		94,735
	2,100	VULCAN MATERIALS CO.		63,441		271,026
	2,242	WESTROCK CO.		24,357		127,839
				11,554,918		20,010,206		3.85	%
	Real Estate:
	2,100	ALEXANDRIA REAL ESTATE EQUITIES, INC.		105,664		264,957
	2,900	AMERICAN HOMES 4 RENT, CLASS A		63,576		64,322
	2,850	AMERICAN TOWER CORP.		162,229		410,884
	3,628	APARTMENT INVESTMENT & MANAGEMENT CO., CLASS A		39,421		153,464
	1,734	AVALONBAY COMMUNITIES, INC.		193,548		298,057
	3,388	BOSTON PROPERTIES, INC.		171,468		424,923
	2,600	BRANDYWINE REALTY TRUST		28,512		43,888
	900	CAMDEN PROPERTY TRUST		24,065		82,017
	1,545	CORECIVIC, INC.		22,263		36,910
	11,000	CORPORATE OFFICE PROPERTIES TRUST		294,589		318,890
	4,600	CROWN CASTLE INTERNATIONAL CORP.		193,222		495,972
	2,300	CUBESMART		67,539		74,106
	600	CYRUSONE, INC.		35,508		35,016
	900	DIGITAL REALTY TRUST, INC.		73,251		100,422
	5,200	DOUGLAS EMMETT, INC.		47,885		208,936
	1,700	DUKE REALTY CORP.		28,435		49,351
	845	EQUINIX, INC.		65,492		363,257
	800	EQUITY LIFESTYLE PROPERTIES, INC.		26,751		73,520
	5,416	EQUITY RESIDENTIAL		174,162		344,945
	875	ESSEX PROPERTY TRUST, INC.		116,340		209,186
	1,500	EXTRA SPACE STORAGE, INC.		130,992		149,715
	900	FEDERAL REALTY INVESTMENT TRUST		48,326		113,895
	1,046	FOUR CORNERS PROPERTY TRUST, INC.		9,032		25,763
	4,435	GGP, INC.		88,429		90,607
	7,000	HCP, INC.		86,147		180,740
	1,800	HOSPITALITY PROPERTIES TRUST		23,088		51,498
	12,222	HOST HOTELS & RESORTS, INC.		93,480		257,518
	678	HOWARD HUGHES (THE) CORP.(b)		20,502		89,835
	2,700	HUDSON PACIFIC PROPERTIES, INC.		91,666		95,661
	3,600	INVITATION HOMES, INC.		85,227		83,016
	400	JBG SMITH PROPERTIES		6,941		14,588

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Real Estate (Cont’d):
	700	JONES LANG LASALLE, INC.	$	39,951		116,193
	8,201	KIMCO REALTY CORP.		89,647		139,335
	4,200	LAMAR ADVERTISING CO., CLASS A		52,067		286,902
	1,100	LIBERTY PROPERTY TRUST		23,353		48,763
	600	LIFE STORAGE, INC.		48,983		58,386
	5,123	MACERICH (THE) CO.		119,436		291,140
	1,800	MID-AMERICA APARTMENT COMMUNITIES, INC.		132,698		181,206
	11,400	PARAMOUNT GROUP, INC.		179,799		175,560
	10,169	PROLOGIS, INC.		257,893		668,002
	3,191	PUBLIC STORAGE		509,443		723,910
	6,972	RAYONIER, INC.		74,591		269,747
	2,700	REALTY INCOME CORP.		60,996		145,233
	3,900	REGENCY CENTERS CORP.		85,171		242,112
	9,800	RETAIL PROPERTIES OF AMERICA, INC., CLASS A		83,048		125,244
	2,100	SBA COMMUNICATIONS CORP.(b)		214,169		346,752
	3,300	SENIOR HOUSING PROPERTIES TRUST		48,067		59,697
	2,595	SIMON PROPERTY GROUP, INC.		125,473		441,643
	1,900	SL GREEN REALTY CORP.		58,204		191,007
	600	SPIRIT MTA REIT(b)		5,418		6,180
	6,000	SPIRIT REALTY CAPITAL, INC.		49,463		48,180
	2,500	STORE CAPITAL CORP.		64,831		68,500
	1,000	SUN COMMUNITIES, INC.		74,234		97,880
	2,100	TAUBMAN CENTERS, INC.		55,573		123,396
	4,100	UDR, INC.		65,319		153,914
	1,300	URBAN EDGE PROPERTIES		18,730		29,731
	3,527	VENTAS, INC.		150,097		200,863
	800	VORNADO REALTY TRUST		29,237		59,136
	1,715	WASHINGTON PRIME GROUP, INC.		8,005		13,909
	2,100	WEINGARTEN REALTY INVESTORS		29,927		64,701
	4,600	WELLTOWER, INC.		274,727		288,374
	8,293	WEYERHAEUSER CO.		185,937		302,363
				5,832,237		11,173,818		2.15	%
	Telecommunication Services:
	86,637	AT&T, INC.		1,499,906		2,781,911
	7,314	CENTURYLINK, INC.		115,551		136,333
	9,840	SPRINT CORP.(b)		21,187		53,529
	1,900	TELEPHONE & DATA SYSTEMS, INC.		50,350		52,098
	29,296	T-MOBILE U.S., INC.(b)		1,613,288		1,750,436
	51,083	VERIZON COMMUNICATIONS, INC.		2,028,534		2,569,986
	900	ZAYO GROUP HOLDINGS, INC.(b)		31,068		32,832
				5,359,884		7,377,125		1.42	%
	Utilities:
	3,000	AES CORP.		32,870		40,230
	2,000	ALLIANT ENERGY CORP.		24,835		84,640
	1,600	AMEREN CORP.		40,872		97,360
	8,554	AMERICAN ELECTRIC POWER CO., INC.		477,380		592,365
	1,735	AQUA AMERICA, INC.		22,973		61,037
	13,200	AVANGRID, INC.		502,113		698,676
	5,800	CENTERPOINT ENERGY, INC.		66,308		160,718
	13,300	CMS ENERGY CORP.		259,708		628,824
	5,589	CONSOLIDATED EDISON, INC.		362,768		435,830
	8,862	DOMINION ENERGY, INC.		284,452		604,211
	2,800	DTE ENERGY CO.		132,386		290,164
	14,104	DUKE ENERGY CORP.		729,148		1,115,345
	8,525	EDISON INTERNATIONAL		182,117		539,377
	3,164	ENTERGY CORP.		68,368		255,620
	2,975	EVERGY, INC.		67,425		167,028
	4,961	EVERSOURCE ENERGY		125,492		290,764
	47,962	EXELON CORP.		1,824,653		2,043,181
	5,500	FIRSTENERGY CORP.		176,692		197,505
	900	NATIONAL FUEL GAS CO.		20,790		47,664
	4,400	NEXTERA ENERGY, INC.		204,691		734,932
	6,900	NISOURCE, INC.		43,973		181,332
	1,200	NRG ENERGY, INC.		33,227		36,840
	4,800	OGE ENERGY CORP.		43,344		169,008
	500	ONE GAS, INC.		3,925		37,370
	5,900	PG&E CORP.		79,340		251,104

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
June 30, 2018 (unaudited)

Shares			Security	Cost		Fair value (a)		Percent of net assets
	Utilities (Cont’d):
	2,400		PINNACLE WEST CAPITAL CORP.	$	71,637		193,344
	700		PPL CORP.		10,384		19,985
	1,400		PUBLIC SERVICE ENTERPRISE GROUP, INC.		61,948		75,796
	5,100		SCANA CORP.		179,373		196,452
	3,200		SEMPRA ENERGY		174,758		371,552
	8,600		SOUTHERN (THE) CO.		176,010		398,266
	5,426		UGI CORP.		80,112		282,532
	356		VECTREN CORP.		22,050		25,436
	6,420		WEC ENERGY GROUP, INC.		137,909		415,053
	5,793		XCEL ENERGY, INC.		79,584		264,624
					6,803,615		12,004,165		2.31	%
		Sub-total Common Stocks:			255,588,547		516,544,181		99.44	%
	Short-Term Investments:
	3,369,903		NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 1.75%(e)		3,369,903		3,369,903
		Sub-total Short-Term Investments:			3,369,903		3,369,903		0.65	%
			Grand total	$	258,958,450		519,914,084		100.09	%

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, 2018, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 1.58% of net assets.

(d)

Securities are American Depositary Receipts of companies based outside of the United States representing 0.01% of net assets as of June 30, 2018.

(e)

The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2017, the value of the Clearwater Core Equity Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $2,725,588 with net purchases of $644,315 during the six months ended June 30, 2018.

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
June 30, 2018 (unaudited)

Clearwater Core Equity Fund Portfolio Diversification
(as a percentage of net assets)

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
Common Stocks:
Consumer Discretionary:
	104,898	BBX CAPITAL CORP.	$	633,515		947,229
	34,156	CARRIAGE SERVICES, INC.		831,695		838,530
	37,183	CENTURY CASINOS, INC.(b)		317,801		325,351
	18,352	CENTURY COMMUNITIES, INC.(b)		557,642		579,006
	14,636	CHILDREN’S PLACE (THE), INC.		1,799,642		1,768,029
	277,878	CLARUS CORP.(b)		1,661,913		2,292,493
	7,114	COOPER-STANDARD HOLDINGS, INC.(b)		581,194		929,586
	8,338	CORE-MARK HOLDING CO., INC.		189,741		189,273
	70,503	CSS INDUSTRIES, INC.		1,356,579		1,191,501
	19,357	DINE BRANDS GLOBAL, INC.		1,313,734		1,447,904
	14,668	FIESTA RESTAURANT GROUP, INC.(b)		247,601		420,972
	34,070	FOX FACTORY HOLDING CORP.(b)		1,304,472		1,585,958
	159,064	FULL HOUSE RESORTS, INC.(b)		366,548		529,683
	30,227	G-III APPAREL GROUP LTD.(b)		832,451		1,342,079
	104,400	GILDAN ACTIVEWEAR, INC.(c)		3,206,422		2,939,904
	6,707	GRAY TELEVISION, INC.(b)		73,232		105,971
	36,000	HELEN OF TROY LTD.(b)		3,353,674		3,544,200
	28,642	IROBOT CORP.(b)		1,902,016		2,170,204
	33,457	JAMBA, INC.(b)		267,225		356,317
	6,557	LCI INDUSTRIES		568,793		591,113
	125,924	LIFETIME BRANDS, INC.		1,439,757		1,592,939
	18,658	LITHIA MOTORS, INC., CLASS A		1,135,647		1,764,487
	45,504	LUBY’S, INC.(b)		129,857		117,855
	23,900	MALIBU BOATS, INC., CLASS A(b)		662,870		1,002,366
	5,043	MARINEMAX, INC.(b)		94,601		95,565
	6,348	MARRIOTT VACATIONS WORLDWIDE CORP.		386,476		717,070
	51,942	MOTORCAR PARTS OF AMERICA, INC.(b)		1,241,470		971,835
	149,900	NAUTILUS, INC.(b)		2,393,075		2,353,430
	91,547	NEW HOME (THE) CO., INC.(b)		960,938		912,724
	12,443	PARTY CITY HOLDCO, INC.(b)		189,848		189,756
	11,200	PENSKE AUTOMOTIVE GROUP, INC.		502,157		524,720
	33,144	PERRY ELLIS INTERNATIONAL, INC.(b)		877,934		900,522
	19,957	PETMED EXPRESS, INC.		882,157		879,106
	36,260	PINNACLE ENTERTAINMENT, INC.(b)		387,240		1,223,050
	8,369	POOL CORP.		835,778		1,267,903
	16,174	POTBELLY CORP.(b)		202,325		209,453
	32,573	SALEM MEDIA GROUP, INC., CLASS A		159,937		167,751
	7,200	SCHOOL SPECIALTY, INC.(b)		119,448		140,760
	12,200	TOPBUILD CORP.(b)		317,725		955,748
	23,039	UNIFI, INC.(b)		680,010		730,336
	31,400	WILLIAMS-SONOMA, INC.		1,493,807		1,927,332
	57,500	WINNEBAGO INDUSTRIES, INC.		2,330,415		2,334,500
				38,789,362		45,074,511		12.02	%
Consumer Staples:
	19,052	CALAVO GROWERS, INC.		1,401,289		1,831,850
	15,510	CENTRAL GARDEN & PET CO., CLASS A(b)		589,187		627,690
	18,064	COFFEE HOLDING CO., INC.(b)		85,208		97,545
	76,047	CRIMSON WINE GROUP LTD.(b)		704,122		703,435
	36,433	FARMER BROTHERS CO.(b)		1,143,052		1,113,028
	46,595	HOSTESS BRANDS, INC.(b)		599,626		633,692
	21,447	LANDEC CORP.(b)		263,632		319,560
	2,589	OIL-DRI CORP. OF AMERICA		105,294		109,100
	121,665	S&W SEED CO.(b)		455,518		395,411
	123,492	SUNOPTA, INC.(b)(c)		936,943		1,037,333
	34,139	UNITED NATURAL FOODS, INC.(b)		1,481,451		1,456,370
	39,215	UNIVERSAL CORP.		2,163,365		2,590,151
				9,928,687		10,915,165		2.91	%
Energy:
	96,243	MURPHY OIL CORP.		2,451,455		3,250,126
	24,386	OIL STATES INTERNATIONAL, INC.(b)		752,658		782,791
	65,106	PAR PACIFIC HOLDINGS, INC.(b)		1,145,866		1,131,542
	52,591	SM ENERGY CO.		1,456,865		1,351,063
	59,515	SOLARIS OILFIELD INFRASTRUCTURE, INC., CLASS A(b)		1,171,037		850,469
	80,389	SRC ENERGY, INC.(b)		723,674		885,887
	71,608	SUPERIOR ENERGY SERVICES, INC.(b)		720,870		697,462
	33,362	TPG PACE ENERGY HOLDINGS CORP., CLASS A(b)		357,736		362,645

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
Energy (Cont’d):
	36,900	WORLD FUEL SERVICES CORP.	$	1,329,632		753,129
				10,109,793		10,065,114		2.68	%
Financials:
	142,314	AMERICAN EQUITY INVESTMENT LIFE HOLDING CO.		3,411,240		5,123,304
	2,270	AMERICAN RIVER BANKSHARES		30,963		35,980
	31,552	AMERIS BANCORP		980,020		1,683,299
	1,323	AMES NATIONAL CORP.		36,782		40,815
	29,449	ARGO GROUP INTERNATIONAL HOLDINGS LTD.(c)		1,542,282		1,712,459
	75,536	ASPEN INSURANCE HOLDINGS LTD.(c)		3,060,337		3,074,315
	107,251	ASSOCIATED BANC-CORP		2,470,813		2,927,952
	40,013	AXIS CAPITAL HOLDINGS LTD.(c)		2,105,370		2,225,523
	41,537	BANC OF CALIFORNIA, INC.		778,287		812,048
	16,403	BANCORP (THE), INC.(b)		186,995		171,575
	4,838	BANK OF PRINCETON (THE)(b)		156,430		160,864
	11,563	BANKFINANCIAL CORP.		143,234		204,087
	1,758	BAY BANKS OF VIRGINIA, INC.		16,577		17,141
	34,787	BCB BANCORP, INC.		426,141		521,805
	9,423	BRIDGE BANCORP, INC.		270,964		338,757
	50,134	CAPITAL SOUTHWEST CORP.		814,977		907,927
	29,039	CATHAY GENERAL BANCORP		1,230,975		1,175,789
	8,020	CB FINANCIAL SERVICES, INC.		227,453		275,888
	13,939	CENTERSTATE BANK CORP.		365,108		415,661
	32,333	CENTRAL VALLEY COMMUNITY BANCORP		637,066		684,166
	33,164	CITIZENS COMMUNITY BANCORP, INC.		443,126		469,271
	1,908	CITIZENS HOLDING CO.		41,875		45,315
	32,454	CIVISTA BANCSHARES, INC.		669,097		786,685
	13,871	CNB FINANCIAL CORP.		264,228		416,962
	26,565	COMMERCE BANCSHARES, INC.		1,395,420		1,719,021
	13,701	COMMUNITY BANKERS TRUST CORP.(b)		72,307		122,624
	21,144	CRAWFORD & CO., CLASS A		170,406		182,050
	6,782	CRAWFORD & CO., CLASS B		52,628		58,664
	77,497	DONEGAL GROUP, INC., CLASS A		1,198,213		1,054,734
	20,013	EAGLE BANCORP MONTANA, INC.		366,069		386,251
	7,573	EHEALTH, INC.(b)		142,756		167,363
	32,752	EMC INSURANCE GROUP, INC.		686,273		909,851
	28,433	ENTERPRISE FINANCIAL SERVICES CORP.		1,153,019		1,533,960
	43,796	ESSA BANCORP, INC.		602,796		693,291
	131,667	EXANTAS CAPITAL CORP.		1,231,853		1,340,370
	19,986	FARMERS NATIONAL BANC CORP.		209,675		318,777
	92,537	FIDUS INVESTMENT CORP.		1,344,687		1,314,951
	20,046	FINANCIAL ENGINES, INC.		606,780		900,065
	11,310	FIRST BANCSHARES (THE), INC.		319,970		406,595
	20,886	FIRST BANK		267,387		290,315
	1,685	FIRST CAPITAL, INC.		59,862		70,012
	17,216	FIRST GUARANTY BANCSHARES, INC.		370,306		447,960
	35,659	FIRST MERCHANTS CORP.		1,516,493		1,654,578
	64,032	FIRST MIDWEST BANCORP, INC.		1,426,183		1,630,895
	24,700	FIRSTCASH, INC.		1,474,743		2,219,295
	65,479	FNB CORP.		841,981		878,728
	14,839	HANOVER INSURANCE GROUP (THE), INC.		1,422,332		1,774,151
	36,343	HERITAGE COMMERCE CORP.		409,547		617,468
	7,073	HOME BANCORP, INC.		198,149		329,248
	63,810	HOME BANCSHARES, INC.		1,532,906		1,439,554
	147,427	HOPE BANCORP, INC.		2,439,921		2,628,623
	2,660	HOWARD BANCORP, INC.(b)		47,986		47,880
	6,230	INVESTAR HOLDING CORP.		132,387		172,260
	7,667	ISABELLA BANK CORP.		212,268		204,333
	11,348	LANDMARK BANCORP, INC.		322,752		323,418
	65,176	LCNB CORP.		1,112,627		1,283,967
	14,938	LEGACYTEXAS FINANCIAL GROUP, INC.		531,078		582,881
	3,568	LENDINGTREE, INC.(b)		912,757		762,838
	37,629	MACKINAC FINANCIAL CORP.		555,731		623,889
	10,750	MERIDIAN BANK(b)		183,638		195,543
	6,263	METROPOLITAN BANK HOLDING CORP.(b)		266,794		328,682
	4,362	MIDDLEFIELD BANC CORP.		198,336		221,153
	37,777	MIDWESTONE FINANCIAL GROUP, INC.		1,248,565		1,276,107
	5,000	NATIONAL WESTERN LIFE GROUP, INC., CLASS A		1,664,104		1,536,300

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
Financials (Cont’d):
	50,829	NEW MOUNTAIN FINANCE CORP.	$	696,630		691,274
	4,359	NORWOOD FINANCIAL CORP.		99,470		157,011
	118,947	OAKTREE SPECIALTY LENDING CORP.		513,760		568,567
	11,265	OCEANFIRST FINANCIAL CORP.		294,021		337,499
	23,597	OHA INVESTMENT CORP.		26,975		35,985
	2,925	ORRSTOWN FINANCIAL SERVICES, INC.		62,731		76,050
	3,425	PACIFIC FINANCIAL CORP.		31,413		40,621
	4,319	PENNS WOODS BANCORP, INC.		181,459		193,405
	26,950	PEOPLES BANCORP OF NORTH CAROLINA, INC.		670,730		863,209
	5,858	PEOPLES FINANCIAL SERVICES CORP.		239,185		275,443
	56,200	PRA GROUP, INC.(b)		1,589,787		2,166,510
	17,500	RENAISSANCERE HOLDINGS LTD.(c)		2,317,318		2,105,600
	9,813	RIVERVIEW FINANCIAL CORP.		124,358		124,134
	3,636	SALISBURY BANCORP, INC.		137,808		162,529
	19,145	SELECT BANCORP, INC.(b)		220,935		257,883
	27,464	SHORE BANCSHARES, INC.		439,010		522,365
	58,567	SI FINANCIAL GROUP, INC.		734,119		863,863
	6,841	SIERRA BANCORP		128,495		193,190
	21,875	SIMMONS FIRST NATIONAL CORP., CLASS A		649,094		654,063
	14,622	SOUTHERN MISSOURI BANCORP, INC.		423,835		570,550
	53,414	SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.		870,504		952,906
	2,508	SOUTHWEST GEORGIA FINANCIAL CORP.		51,887		56,932
	18,040	SPIRIT OF TEXAS BANCSHARES, INC.(b)		379,732		371,624
	62,051	STERLING BANCORP		1,331,248		1,458,198
	25,674	STIFEL FINANCIAL CORP.		1,306,897		1,341,466
	15,778	SUMMIT FINANCIAL GROUP, INC.		343,722		423,482
	25,038	SUMMIT STATE BANK		321,064		386,837
	32,967	SYNOVUS FINANCIAL CORP.		966,978		1,741,647
	167,094	TCF FINANCIAL CORP.		2,659,655		4,113,854
	70,330	TCP CAPITAL CORP.		1,080,293		1,016,269
	111,200	UMPQUA HOLDINGS CORP.		2,020,524		2,512,008
	9,024	UNITED BANCORP, INC.		118,401		121,824
	8,782	UNITED BANCSHARES, INC.		192,772		199,791
	3,162	UNITED COMMUNITY BANCORP		60,216		86,006
	7,712	UNITED COMMUNITY FINANCIAL CORP.		71,281		84,755
	33,834	UNITED FINANCIAL BANCORP, INC.		544,321		592,772
	19,395	UNITY BANCORP, INC.		280,064		441,236
	46,247	WALKER & DUNLOP, INC.		1,120,258		2,573,646
	42,989	WEBSTER FINANCIAL CORP.		2,081,315		2,738,399
	22,903	WEST BANCORPORATION, INC.		498,385		576,010
				75,092,675		89,525,646		23.88	%
	Health Care:
	9,067	ANGIODYNAMICS, INC.(b)		145,602		201,650
	150,107	AVID BIOSERVICES, INC.(b)		337,741		588,419
	14,885	BIOTELEMETRY, INC.(b)		429,926		669,825
	27,876	CAMBREX CORP.(b)		1,274,883		1,457,915
	78,108	CAPITAL SENIOR LIVING CORP.(b)		1,081,158		833,412
	18,517	CUTERA, INC.(b)		723,239		746,235
	38,159	EMERGENT BIOSOLUTIONS, INC.(b)		1,275,345		1,926,648
	400	GLOBUS MEDICAL, INC., CLASS A(b)		19,616		20,184
	21,800	HILL-ROM HOLDINGS, INC.		1,661,686		1,904,012
	5,407	ICU MEDICAL, INC.(b)		723,040		1,587,766
	16,739	KINDRED HEALTHCARE, INC.(b)		149,898		150,651
	22,418	LHC GROUP, INC.(b)		1,460,915		1,918,757
	12,967	MAGELLAN HEALTH, INC.(b)		888,367		1,244,184
	36,400	MEDNAX, INC.(b)		1,619,639		1,575,392
	26,636	NANOVIBRONIX, INC.(b)		130,317		129,185
	41,479	OMNICELL, INC.(b)		1,671,545		2,175,573
	6,062	ORASURE TECHNOLOGIES, INC.(b)		103,269		99,841
	208,710	PDL BIOPHARMA, INC.(b)		546,010		488,381
	41,469	PREMIER, INC., CLASS A(b)		1,270,584		1,508,642
	50,973	PRESTIGE BRANDS HOLDINGS, INC.(b)		2,179,046		1,956,344
	18,415	PROVIDENCE SERVICE (THE) CORP.(b)		929,491		1,446,498
	5,362	PSYCHEMEDICS CORP.		108,978		103,165
	19,783	RTI SURGICAL, INC.(b)		88,102		91,002
	62,262	STREAMLINE HEALTH SOLUTIONS, INC.(b)		74,413		91,525
	61,300	SYNEOS HEALTH, INC.(b)		3,027,447		2,874,970

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
Health Care (Cont’d):
	61,154	TIVITY HEALTH, INC.(b)	$	2,147,981		2,152,621
	81,720	TRIPLE-S MANAGEMENT CORP., CLASS B(b)		1,988,370		3,191,983
	50,200	VAREX IMAGING CORP.(b)		1,725,134		1,861,918
				27,781,742		32,996,698		8.80	%
Industrials:
	163,822	ACTUANT CORP., CLASS A		4,228,286		4,808,176
	49,000	AIR LEASE CORP.		1,961,060		2,056,530
	21,231	AIR TRANSPORT SERVICES GROUP, INC.(b)		452,422		479,608
	22,160	ALBANY INTERNATIONAL CORP., CLASS A		917,001		1,332,924
	21,610	AMERICAN RAILCAR INDUSTRIES, INC.		795,993		853,163
	17,706	APOGEE ENTERPRISES, INC.		738,800		852,898
	92,183	ARC DOCUMENT SOLUTIONS, INC.(b)		363,444		163,164
	66,872	ARMSTRONG FLOORING, INC.(b)		1,070,692		938,883
	20,057	ASGN, INC.(b)		571,089		1,568,257
	11,130	ASTRONICS CORP.(b)		293,916		400,346
	4,879	ATKORE INTERNATIONAL GROUP, INC.(b)		80,105		101,337
	25,704	ATLAS AIR WORLDWIDE HOLDINGS, INC.(b)		1,257,139		1,842,977
	49,756	AVIS BUDGET GROUP, INC.(b)		1,867,925		1,617,070
	17,485	BLUE BIRD CORP.(b)		331,132		390,790
	30,560	BRINK’S (THE) CO.		2,107,281		2,437,160
	13,578	CBIZ, INC.(b)		213,922		312,294
	32,249	CHART INDUSTRIES, INC.(b)		1,158,765		1,989,118
	76,100	COLFAX CORP.(b)		2,522,483		2,332,465
	30,845	COLUMBUS MCKINNON CORP.		860,809		1,337,439
	23,088	CPI AEROSTRUCTURES, INC.(b)		204,081		242,424
	23,968	CUBIC CORP.		1,062,482		1,538,746
	9,800	CURTISS-WRIGHT CORP.		677,090		1,166,396
	34,500	DONALDSON CO., INC.		1,558,299		1,556,640
	5,430	DUCOMMUN, INC.(b)		145,051		179,679
	15,850	ENERSYS		1,141,298		1,183,044
	232,108	ESSENDANT, INC.		2,801,054		3,068,468
	58,000	GATES INDUSTRIAL CORP. PLC(b)		919,510		943,660
	48,269	GENCOR INDUSTRIES, INC.(b)		728,907		779,544
	77,493	GIBRALTAR INDUSTRIES, INC.(b)		2,240,546		2,905,987
	18,100	GORMAN-RUPP (THE) CO.		550,488		633,500
	36,386	GREAT LAKES DREDGE & DOCK CORP.(b)		160,256		191,026
	19,177	HARSCO CORP.(b)		116,952		423,812
	20,337	INNERWORKINGS, INC.(b)		195,868		176,728
	45,431	INTERFACE, INC.		796,423		1,042,641
	73,231	JELD-WEN HOLDING, INC.(b)		2,394,799		2,093,674
	12,474	KADANT, INC.		889,706		1,199,375
	57,379	KBR, INC.		987,770		1,028,232
	58,819	KENNAMETAL, INC.		2,273,533		2,111,602
	94,072	LSI INDUSTRIES, INC.		712,810		502,344
	43,109	MASONITE INTERNATIONAL CORP.(b)		2,828,344		3,097,382
	18,710	MCGRATH RENTCORP		707,826		1,183,782
	40,215	MERCURY SYSTEMS, INC.(b)		1,806,219		1,530,583
	59,428	MILACRON HOLDINGS CORP.(b)		918,662		1,124,972
	3,444	MSA SAFETY, INC.		298,532		331,795
	90,187	NAVIGANT CONSULTING, INC.(b)		1,984,403		1,996,740
	108,400	NOW, INC.(b)		1,182,250		1,444,972
	8,029	PARK-OHIO HOLDINGS CORP.		289,460		299,482
	103,400	PGT INNOVATIONS, INC.(b)		1,448,457		2,155,890
	86,113	PIONEER POWER SOLUTIONS, INC.(b)		520,760		443,482
	175,821	QUANEX BUILDING PRODUCTS CORP.		3,666,481		3,155,987
	65,761	REV GROUP, INC.		1,669,311		1,118,595
	26,060	RUSH ENTERPRISES, INC., CLASS A(b)		1,114,606		1,130,483
	11,236	RYDER SYSTEM, INC.		802,441		807,419
	22,160	SKYWEST, INC.		715,659		1,150,104
	31,754	SPX CORP.(b)		743,042		1,112,978
	326,578	STEELCASE, INC., CLASS A		4,793,111		4,408,803
	7,460	TELEDYNE TECHNOLOGIES, INC.(b)		217,885		1,484,988
	40,473	TEREX CORP.		1,711,459		1,707,556
	13,600	TETRA TECH, INC.		583,236		795,600
	19,484	THERMON GROUP HOLDINGS, INC.(b)		436,477		445,599
	45,098	TITAN MACHINERY, INC.(b)		757,393		701,274
	123,677	TRIMAS CORP.(b)		3,173,087		3,636,104

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
Industrials (Cont’d):
	40,747	TRIUMPH GROUP, INC.	$	973,790		798,641
	23,712	USA TRUCK, INC.(b)		545,316		556,521
	9,155	VALMONT INDUSTRIES, INC.		1,391,503		1,380,116
	25,786	VIAD CORP.		1,206,129		1,398,890
	69,993	WESCO AIRCRAFT HOLDINGS, INC.(b)		666,541		787,421
	17,007	WESTPORT FUEL SYSTEMS, INC.(b)(c)		43,815		43,028
	46,427	WOODWARD, INC.		2,677,254		3,568,379
	16,247	YRC WORLDWIDE, INC.(b)		175,289		163,282
				82,397,925		92,742,969		24.73	%
Information Technology:
	13,714	AMBER ROAD, INC.(b)		124,958		129,049
	38,311	ANIXTER INTERNATIONAL, INC.(b)		2,672,341		2,425,086
	33,125	ASTRONOVA, INC.		476,696		624,406
	4,310	AVIAT NETWORKS, INC.(b)		69,565		70,555
	30,376	BELDEN, INC.		1,898,277		1,856,581
	6,709	BRIGHTCOVE, INC.(b)		48,506		64,742
	136,000	CELESTICA, INC.(b)(c)		1,643,475		1,614,320
	55,412	COHU, INC.		1,152,725		1,358,148
	18,944	COMMVAULT SYSTEMS, INC.(b)		975,338		1,247,462
	81,156	CYPRESS SEMICONDUCTOR CORP.		1,097,513		1,264,410
	143,696	DIEBOLD NIXDORF, INC.		3,195,648		1,717,167
	37,394	DSP GROUP, INC.(b)		466,449		465,555
	23,410	EURONET WORLDWIDE, INC.(b)		1,420,037		1,961,056
	57,761	EVERTEC, INC.		854,792		1,262,078
	9,132	FARO TECHNOLOGIES, INC.(b)		463,661		496,324
	133,620	FRANKLIN WIRELESS CORP.(b)		287,454		247,197
	108,627	FREQUENCY ELECTRONICS, INC.(b)		1,007,238		875,534
	43,299	INSIGHT ENTERPRISES, INC.(b)		1,753,271		2,118,620
	53,188	INTERNAP CORP.(b)		581,482		554,219
	15,231	ITRON, INC.(b)		879,892		914,622
	42,774	JABIL, INC.		715,973		1,183,129
	16,188	KEMET CORP.(b)		308,331		390,940
	21,142	LUMENTUM HOLDINGS, INC.(b)		1,279,361		1,224,122
	97,815	MARCHEX, INC., CLASS B		225,799		299,314
	102,641	MITEL NETWORKS CORP.(b)(c)		1,107,986		1,125,972
	26,785	MONOTYPE IMAGING HOLDINGS, INC.		581,111		543,735
	34,796	MTS SYSTEMS CORP.		1,844,514		1,832,009
	26,336	NOVANTA, INC.(b)		737,159		1,640,733
	3,504	OSI SYSTEMS, INC.(b)		206,406		270,964
	12,983	PC CONNECTION, INC.		350,946		431,036
	10,190	PERCEPTRON, INC.(b)		67,862		107,505
	51,584	PERFICIENT, INC.(b)		799,219		1,360,270
	29,200	PLEXUS CORP.(b)		1,702,585		1,738,568
	27,072	PROS HOLDINGS, INC.(b)		669,136		990,023
	64,407	REIS, INC.		1,361,700		1,404,073
	55,418	SCANSOURCE, INC.(b)		2,220,979		2,233,345
	26,533	SHUTTERSTOCK, INC.(b)		1,260,932		1,259,256
	215,627	STEEL CONNECT, INC.(b)		364,708		465,754
	123,026	SUPPORT.COM, INC.(b)		364,441		350,624
	17,035	SYNNEX CORP.		448,641		1,644,048
	142,404	UNISYS CORP.(b)		1,722,722		1,837,012
	100,893	VERIFONE SYSTEMS, INC.(b)		1,981,270		2,302,378
	55,677	XCERRA CORP.(b)		765,213		777,808
				42,156,312		46,679,749		12.45	%
	Materials:
	2,503	ADVANSIX, INC.(b)		93,514		91,685
	5,438	AMERICAN VANGUARD CORP.		112,046		124,802
	19,859	BERRY GLOBAL GROUP, INC.(b)		446,616		912,322
	35,700	H.B. FULLER CO.		1,981,801		1,916,376
	23,435	INGEVITY CORP.(b)		1,205,024		1,894,954
	18,714	INNOPHOS HOLDINGS, INC.		824,422		890,786
	33,453	KOPPERS HOLDINGS, INC.(b)		771,899		1,282,923
	6,778	MATERION CORP.		344,347		367,029
	92,745	PQ GROUP HOLDINGS, INC.(b)		1,531,068		1,669,410
	19,900	RELIANCE STEEL & ALUMINUM CO.		1,474,611		1,742,046
	74,700	SCHWEITZER-MAUDUIT INTERNATIONAL, INC.		3,001,402		3,265,884
	11,544	SUNCOKE ENERGY, INC.(b)		125,592		154,690

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund
June 30, 2018 (unaudited)

Shares			Security	Cost		Fair value (a)		Percent of net assets
Materials (Cont’d):
	19,045		TRECORA RESOURCES(b)	$	213,059		282,818
	13,375		TRINSEO S.A.		903,040		948,956
	14,192		US CONCRETE, INC.(b)		674,710		745,080
					13,703,151		16,289,761		4.35	%
Real Estate:
	25,713		ASHFORD HOSPITALITY TRUST, INC.		149,174		208,275
	28,781		BLUEROCK RESIDENTIAL GROWTH REIT, INC.		269,039		256,727
	51,633		BRANDYWINE REALTY TRUST		899,678		871,565
	45,305		CATCHMARK TIMBER TRUST, INC., CLASS A		509,287		576,733
	94,317		CEDAR REALTY TRUST, INC.		431,231		445,176
	35,960		CITY OFFICE REIT, INC.(c)		440,491		461,367
	67,067		DIAMONDROCK HOSPITALITY CO.		728,503		823,583
	24,895		EDUCATION REALTY TRUST, INC.		994,610		1,033,143
	21,591		GRAMERCY PROPERTY TRUST		445,125		589,866
	37,300		HFF, INC., CLASS A		1,362,387		1,281,255
	55,497		INVESTORS REAL ESTATE TRUST		312,903		306,898
	61,140		JERNIGAN CAPITAL, INC.		1,166,595		1,165,328
	21,938		MARCUS & MILLICHAP, INC.(b)		499,060		855,801
	59,565		MEDICAL PROPERTIES TRUST, INC.		507,246		836,293
	28,312		RAMCO-GERSHENSON PROPERTIES TRUST		372,985		374,002
	69,283		REALOGY HOLDINGS CORP.		1,827,617		1,579,652
	28,421		RETAIL OPPORTUNITY INVESTMENTS CORP.		566,838		544,546
	50,656		STAG INDUSTRIAL, INC.		816,530		1,379,363
	17,723		STRATUS PROPERTIES, INC.(b)		521,175		541,438
					12,820,474		14,131,011		3.77	%
Telecommunication Services:
	120,133		ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.(b)		223,495		212,635
	40,271		HAWAIIAN TELCOM HOLDCO, INC.(b)		974,158		1,164,637
	36,936		ORBCOMM, INC.(b)		370,890		373,054
					1,568,543		1,750,326		0.47	%
	Utilities:
	8,253		ALLETE, INC.		245,827		638,865
	31,094		NEW JERSEY RESOURCES CORP.		1,197,572		1,391,457
	131,440		PURE CYCLE CORP.(b)		830,167		1,255,252
	17,211		SPIRE, INC.		844,174		1,215,957
					3,117,740		4,501,531		1.20	%
		Sub-total Common Stocks:			317,466,404		364,672,481		97.26	%
Convertible Bonds:
Health Care:
	139,789		PDL BIOPHARMA, INC., 2.75%, 12/1/21		138,822		128,342
					138,822		128,342		0.03	%
		Sub-total Convertible Bonds:			138,822		128,342		0.03	%
Convertible Preferred Stocks:
Real Estate:
	22,772		WHEELER REAL ESTATE INVESTMENT TRUST, INC. (STEP TO 10.75% ON 9/21/2023), 8.75%		380,966		422,648
					380,966		422,648		0.11	%
		Sub-total Convertible Preferred Stocks:			380,966		422,648		0.11	%
Preferred Stocks:
Industrials:
	152,441		STEEL PARTNERS HOLDINGS L.P., 6.00%(d)		2,510,072		3,108,272
					2,510,072		3,108,272		0.83	%
		Sub-total Preferred Stocks:			2,510,072		3,108,272		0.83	%
Rights:
Consumer Discretionary:
	55,700		MEDIA GENERAL, INC. (CONTINGENT VALUE RIGHTS)(b)(e)		—		—
					—		—		0.00	%
		Sub-total Rights:			—		—		0.00	%
Warrants:

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund
June 30, 2018 (unaudited)

Shares			Security	Cost		Fair value (a)		Percent of net assets
Health Care:
	19,977		NANOVIBRONIX, INC.(b)(e)	$	199		—
					199		—		0.00	%
		Sub-total Warrants:			199		—		0.00	%
Short-Term Investments:
	8,525,125		NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 1.75%(f)		8,525,125		8,525,125
		Sub-total Short-Term Investments:			8,525,125		8,525,125		2.27	%
			Grand total	$	329,021,588		376,856,868		100.50	%

Notes to Schedule of Investments:

(a)

This security is being measured at fair value according to procedures adopted by the Board of Trustees.

(b)

Non-income producing assets.

(c)

(d)

Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

(e)

Security has been deemed worthless and is a Level 3 investment.

(f)

The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2017, the value of the Clearwater Small Companies Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $16,001,365 with net sales of $7,476,240 during the six months ended June 30, 2018.

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund
June 30, 2018 (unaudited)

Clearwater Small Companies Fund Portfolio Diversification
(as a percentage of net assets)

(PIE CHART)

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2018 (unaudited)

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Closed-End Funds:
	227,600	BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST				$	2,360,733		2,560,500
	40,000	BLACKROCK MUNICIPAL INCOME QUALITY TRUST					548,760		519,600
	40,171	BLACKROCK MUNIHOLDINGS FUND II INC					575,479		555,565
	69,429	BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND					724,569		897,717
	57,300	BLACKROCK MUNIHOLDINGS QUALITY FUND II INC					729,193		700,779
	35,700	BLACKROCK MUNIHOLDINGS QUALITY FUND INC					474,032		441,966
	8,302	BLACKROCK MUNIYIELD FUND INC					122,288		110,583
	55,111	BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND					701,111		720,852
	142,461	BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC					1,846,525		1,867,664
	51,700	BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND					729,423		694,848
	101,896	BLACKROCK MUNIYIELD QUALITY FUND II INC					1,307,244		1,233,960
	118,472	BLACKROCK MUNIYIELD QUALITY FUND III INC					1,572,465		1,492,747
	36,970	DREYFUS STRATEGIC MUNICIPAL BOND FUND INC					301,534		279,863
	79,565	DWS MUNICIPAL INCOME TRUST					900,864		876,806
	178,050	INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II					1,985,371		1,898,013
	113,205	INVESCO MUNICIPAL OPPORTUNITY TRUST					1,410,252		1,329,027
	60,000	INVESCO MUNICIPAL TRUST					773,718		709,200
	76,122	INVESCO QUALITY MUNICIPAL INCOME TRUST					868,956		907,374
	60,000	INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS					774,122		742,200
	50,248	MANAGED DURATION INVESTMENT GRADE MUNICIPAL FUND					628,966		720,556
	53,000	NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND					748,312		773,270
	245,475	NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND					3,273,528		3,193,624
	15,963	NUVEEN MICHIGAN QUALITY MUNICIPAL INCOME FUND					214,604		202,092
	52,779	NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND					723,142		666,599
	29,740	NUVEEN QUALITY MUNICIPAL INCOME FUND					409,650		395,549
	28,000	PUTNAM MUNICIPAL OPPORTUNITIES TRUST					371,050		327,040
	19,613	WESTERN ASSET MUNICIPAL PARTNERS FUND INC.					246,036		276,935
		Sub-total Closed-End Funds:					25,321,927		25,094,929		4.64%
Municipal Bonds:
	2,350,000	ACALANES CA UNION HIGH SCH DIST (STEP TO 6.55% ON 8/1/2024)(b)	8/1/2039		0.00		1,590,321		2,201,080
	1,000,000	ALACHUA CNTY FL HLTH FACS AUTH CCRC	10/1/2032		8.00		1,104,475		1,160,440
	750,000	ALASKA ST HSG FIN CORP MTGE REVENUE	12/1/2037		4.13		737,663		762,225
	500,000	ALASKA ST HSG FIN CORP MTGE REVENUE	12/1/2040		4.63		495,000		516,385
	350,000	ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(c)	12/1/2010		5.40		350,000		23,625
	670,000	ALLEGHENY CNTY PA INDL DEV AUTH CHRT SCH REVENUE	8/15/2026		5.90		670,000		701,745
	1,000,000	ALVORD CA UNIF SCH DIST	8/1/2036		5.25		1,017,793		1,123,250
	1,000,000	ALVORD CA UNIF SCH DIST (STEP TO 7.35% ON 8/1/2026)(b)	8/1/2046		0.00		560,635		980,880
	1,000,000	APPLE VLY MN SENIOR LIVING REVENUE	1/1/2047		5.00		977,699		1,028,370
	1,095,000	ARBORWOOD FL CDD CAPITAL IMPT REVENUE	5/1/2032		3.50		1,065,607		1,070,264
	1,000,000	ARIZONA ST INDL DEV AUTH MF HSG REVENUE	1/1/2038		5.38		1,000,000		987,510
	1,915,000	ARLINGTON TX HGR EDU FIN CORP EDU REVENUE	8/15/2028		7.00		1,880,883		2,063,508
	500,000	ARLINGTON TX HGR EDU FIN CORP EDU REVENUE	6/15/2036		5.00		508,558		506,270
	650,000	ARLINGTON TX SPL TAX REVENUE	2/15/2041		5.00		707,134		718,022
	500,000	ASTURIA FL CMNTY DEV DIST SPL ASSMNT	5/1/2034		5.75		500,000		509,270
	500,000	ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE	6/15/2039		5.00		514,120		556,620
	500,000	ATLANTA GA ARPT REVENUE	1/1/2030		6.00		506,342		550,615
	500,000	ATLANTA GA DEV AUTH	7/1/2035		4.00		492,398		508,860
	1,000,000	ATLANTA GA DEV AUTH SENIOR HLTH CARE FACS REVENUE	1/1/2023		6.00		990,301		992,640
	750,000	ATLANTA GA DEV AUTH SENIOR HLTH CARE FACS REVENUE	1/1/2029		6.50		729,190		724,065
	1,425,000	BAY CNTY FL EDUCTNL FACS REVENUE	9/1/2030		5.25		1,329,594		1,476,400
	1,000,000	BELLALAGO FL EDUCTNL FACS BENEFIT DIST CAPITAL IMPT REVENUE	5/1/2030		4.38		985,890		1,047,880
	1,195,000	BELLWOOD IL	12/1/2027		5.88		1,186,902		1,350,685
	905,000	BEXAR CNTY TX HSG FIN CORP(d)	2/1/2035		3.75		905,000		929,290

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2018 (unaudited)

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	2,000,000	BEXAR CNTY TX REVENUE	8/15/2039		5.00	$	2,080,715		2,173,960
	500,000	BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE	5/1/2035		6.25		500,000		519,395
	305,000	BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE	5/1/2045		6.25		305,000		312,445
	1,150,000	BURBANK IL EDUCTNL FACS REVENUE(e)	9/1/2035		6.00		1,150,000		1,208,535
	1,000,000	BUREAU CNTY TWP IL HIGH SCH DIST #502	10/1/2043		6.63		1,044,904		1,227,420
	385,000	BUTLER CNTY PA GEN AUTH REVENUE (FLOATING, ICE LIBOR USD 3M + 0.00%)(f)	10/1/2034		2.27		385,000		355,405
	500,000	CALIFORNIA ST HLTH FACS FING AUTH REVENUE	8/15/2033		5.50		503,827		551,175
	500,000	CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK ST SCH FUND APP	8/15/2029		5.75		501,139		531,815
	1,500,000	CALIFORNIA ST SCH FACS FING AUTH REVENUE	8/1/2029		6.00		1,493,920		1,868,160
	1,370,000	CAPITAL TRUST AGY FL CHRT SCHREVENUE	2/1/2035		5.38		1,370,000		1,357,341
	750,000	CAPITAL TRUST AGY FL REVENUE	4/1/2035		7.00		750,000		755,483
	1,750,000	CAPITAL TRUST AGY FL REVENUE(e)	12/1/2035		6.75		1,747,211		1,826,405
	750,000	CAPITAL TRUST AGY FL REVENUE(e)	7/1/2037		6.75		750,000		786,532
	750,000	CAPITAL TRUST AGY FL SENIOR LIVING REVENUE(e)	8/1/2027		5.00		750,000		755,078
	750,000	CAPITAL TRUST AGY FL SENIOR LIVING REVENUE(e)	8/1/2032		5.38		750,000		759,908
	1,000,000	CARLSBAD CA UNIF SCH DIST (STEP TO 6.13% ON 8/1/2021)(b)	8/1/2031		0.00		829,225		1,102,340
	860,000	CARMEL IN REVENUE	11/15/2022		6.00		851,832		893,299
	1,000,000	CARMEL IN REVENUE	11/15/2027		7.00		1,013,962		1,046,010
	750,000	CELEBRATION POINTE CMNTY DEV DIST #1 FL SPL ASSMNT REVENUE(e)	5/1/2032		5.00		755,302		799,867
	1,000,000	CENTRL BRADFORD PROGRESS AUTH PA	12/1/2031		5.50		1,015,497		1,112,730
	445,000	CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE	11/1/2022		5.00		389,478		445,449
	1,000,000	CHICAGO HEIGHTS IL	12/1/2029		4.50		1,061,417		1,053,400
	1,000,000	CHICAGO IL MIDWAY ARPT REVENUE	1/1/2035		5.25		1,001,563		1,100,570
	1,000,000	CHICAGO IL PARK DIST	1/1/2028		5.00		1,112,477		1,100,670
	1,000,000	CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE	11/15/2052		5.00		1,046,530		1,093,620
	1,500,000	CLOVIS CA UNIF SCH DIST(g)	8/1/2030		0.00		723,954		886,860
	650,000	CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV	6/1/2039		4.00		646,785		661,713
	750,000	COLLIER CNTY FL INDL DEV AUTH	10/1/2039		6.25		737,008		826,005
	375,000	COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV(e)	5/15/2022		5.25		375,000		375,173
	750,000	COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV(e)	5/15/2026		7.25		750,000		818,122
	1,750,000	COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV(e)	5/15/2044		8.13		1,944,212		1,928,710
	1,000,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE	6/1/2033		5.50		977,481		1,002,940
	1,000,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE	7/1/2034		5.60		994,708		1,037,770
	1,000,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE(e)	9/1/2046		5.00		1,008,722		1,001,090
	1,000,000	COLORADO ST HLTH FACS AUTH REVENUE	8/1/2033		7.63		988,898		1,131,540
	500,000	COLORADO ST HLTH FACS AUTH REVENUE(e)	12/1/2035		5.75		492,436		521,075
	115,000	COLORADO ST HSG & FIN AUTH	10/1/2029		5.40		115,000		115,681
	1,000,000	COLTON CA JT UNIF SCH DIST (STEP TO 5.80% ON 8/1/2021)(b)	8/1/2035		0.00		838,367		991,310
	1,000,000	CONNECTICUT ST HSG FIN AUTH HSG FIN PROGRAM	11/15/2035		3.88		1,000,000		1,032,830
	1,500,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	11/15/2035		3.75		1,500,000		1,515,810
	515,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	5/15/2038		3.95		515,000		526,969

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2018 (unaudited)

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,000,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	11/15/2040		3.75	$	1,000,000		1,012,590
	5,000,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	11/15/2047		3.65		5,000,000		4,946,450
	500,000	COPPERLEAF CO MET DIST #2	12/1/2030		5.25		500,000		524,910
	500,000	COPPERLEAF CO MET DIST #2	12/1/2045		5.75		500,000		524,805
	1,105,000	CORONA-NORCO CA UNIF SCH DIST	8/1/2039		6.80		1,104,671		1,460,235
	637,000	CORTLAND IL SPL TAX REVENUE(c)	3/1/2017		5.50		633,881		127,400
	500,000	COVENTRY OH LOCAL SCH DIST	11/1/2037		5.25		503,788		532,090
	750,000	CRYSTAL CO CROSSING MET DIST	12/1/2040		5.25		750,000		758,678
	474,200	CUYAHOGA CNTY OH HSG MTGE REVENUE	3/20/2042		5.70		478,084		480,090
	1,000,000	DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE	11/1/2037		5.25		1,007,388		1,120,970
	2,000,000	DAMON RUN IN CONSERVANCY DIST	7/1/2025		6.10		2,006,696		2,082,960
	1,000,000	DAMON RUN IN CONSERVANCY DIST	1/1/2027		6.38		1,002,622		1,043,170
	1,000,000	DAUPHIN CNTY PA GEN AUTH UNIV REVENUE(e)	10/15/2022		4.00		997,915		1,002,200
	1,000,000	DAVIE FL EDUCTNL FACS REVENUE	4/1/2042		6.00		1,018,099		1,119,480
	500,000	DAVIESS CNTY IN HOSP ASSN LEASE RENTAL REVENUE	1/15/2029		5.25		492,031		528,620
	1,000,000	DAYTON-MONTGOMERY CNTY OH PORT AUTH PROJ REVENUE	1/15/2040		7.00		1,000,000		1,046,780
	500,000	DECATUR IL	3/1/2034		5.00		512,370		539,525
	1,000,000	DEKALB/KANE/LA SALLE CNTYS IL CMNTY CLG DIST #523(g)	2/1/2029		0.00		592,859		560,700
	1,000,000	DEL MAR CA RACE TRACK AUTH	10/1/2035		5.00		1,044,766		1,088,110
	220,000	DELAWARE ST HSG AUTH REVENUE	7/1/2031		5.20		220,000		223,839
	500,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE	7/1/2033		5.45		500,000		530,410
	1,000,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE	6/1/2040		4.90		1,000,000		1,069,520
	1,000,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE	6/1/2041		5.00		1,000,000		1,086,360
	750,000	DIST OF COLUMBIA REVENUE	7/1/2037		5.00		750,000		787,102
	1,000,000	DISTRICT OF COLUMBIA HSG FIN AGY	9/1/2043		4.05		1,000,000		1,010,160
	1,000,000	DOUGLAS CNTY CO MF REVENUE	10/1/2029		4.50		1,000,000		1,034,100
	3,000,000	DUBLIN CA UNIF SCH DIST(g)	8/1/2034		0.00		1,092,400		1,144,530
	1,000,000	EAST CHICAGO IN SAN DIST REVENUE	7/15/2035		4.00		993,270		1,039,750
	1,500,000	EAST MORGAN CNTY CO HOSP DIST COPS	12/1/2038		5.88		1,500,000		1,518,405
	2,045,000	EDEN TWP CA HOSP DIST COPS	6/1/2030		6.00		2,027,749		2,214,469
	750,000	EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE	7/1/2033		6.38		743,177		785,265
	1,000,000	EL PASO TX DOWNTOWN DEV CORP SPL REVENUE	8/15/2038		7.25		1,056,674		1,219,250
	1,000,000	ENCINITAS CA UNION SCH DIST (STEP TO 6.75% ON 8/1/2022)(b)	8/1/2035		0.00		762,849		1,114,720
	1,155,000	ENTERPRISE CA ELEM SCH DIST (STEP TO 6.20% ON 8/1/2021)(b)	8/1/2035		0.00		956,787		1,263,235
	1,000,000	ERIE CNTY PA HOSP AUTH	7/1/2027		7.00		1,000,000		1,101,840
	600,000	ESCONDIDO CA SPL TAX	9/1/2036		5.00		641,673		666,984
	750,000	EVANSVILLE IN MF HSG REVENUE	1/1/2038		5.45		750,000		747,315
	500,000	FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE	8/1/2039		5.60		500,000		500,790
	1,000,000	FAYETTE CNTY KY SCH DIST FIN CORP	8/1/2033		4.00		990,758		1,043,200
	1,000,000	FESTIVAL RANCH AZ CMNTY FACS DIST	7/15/2024		6.25		1,002,476		1,030,950
	315,000	FIDDLERS CREEK FL CDD #2 SPL ASSMNT REVENUE(c)	5/1/2013		5.75		314,118		220,500
	750,000	FISHHAWK CCD IV FL SPL ASSMNT REVENUE	5/1/2033		7.00		750,000		785,737
	1,000,000	FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE	6/15/2034		6.00		990,820		1,053,990
	1,000,000	FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(e)	6/15/2035		6.00		1,001,077		1,053,310
	185,000	FLORIDA ST HSG FIN CORP REVENUE	7/1/2026		5.00		185,177		191,830
	715,000	FLORIDA ST HSG FIN CORP REVENUE	7/1/2034		5.30		715,000		715,815
	885,000	FLORIDA ST HSG FIN CORP REVENUE	7/1/2035		3.75		885,000		919,657
	740,000	FLORIDA ST HSG FIN CORP REVENUE	7/1/2039		4.20		740,000		763,991
	1,000,000	FLORIDA ST HSG FIN CORP REVENUE	7/1/2047		3.80		1,000,000		994,770

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2018 (unaudited)

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,250,000	FORT SILL APACHE TRIBE OK ECONDEV AUTH GAMING ENTERPRISE REV(e)	8/25/2026		8.50	$	1,250,000		1,454,350
	1,000,000	FRANKLIN CNTY KS UNIF SCH DIST #290	9/1/2039		4.75		1,042,496		1,081,820
	1,000,000	FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE(e)	6/1/2027		6.50		1,000,000		1,011,800
	940,000	FULTON CNTY GA DEV AUTH	11/1/2028		5.25		821,073		908,670
	1,000,000	FYI PROPERTIES WA LEASE REVENUE	6/1/2034		5.50		984,310		1,030,870
	3,500,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2037		3.80		3,500,000		3,532,515
	2,000,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2037		4.00		2,000,000		2,034,420
	1,000,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2038		3.85		1,000,000		1,008,250
	1,000,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2039		4.00		1,000,000		1,027,300
	4,500,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2040		3.80		4,500,000		4,540,395
	1,000,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2041		3.85		1,004,365		1,008,060
	1,740,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2042		3.55		1,740,000		1,728,707
	1,000,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2042		3.65		1,000,000		995,170
	1,950,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2043		3.90		1,944,286		1,959,379
	1,100,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2048		4.00		1,100,000		1,106,534
	600,000	GLENDALE AZ INDL DEV AUTH	11/15/2036		5.00		616,685		620,838
	550,000	GLENDALE AZ INDL DEV AUTH	11/15/2046		5.25		559,274		561,160
	1,500,000	GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE (STEP TO 5.50% ON 10/1/2023)(b)	10/1/2035		0.00		1,127,676		1,394,550
	1,010,000	HAMILTON CNTY OH HLTH CARE REVENUE	1/1/2031		6.13		988,437		1,101,395
	1,250,000	HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE	8/15/2021		6.75		1,250,000		1,320,500
	1,500,000	HARTNELL CA CMNTY CLG DIST (STEP TO 7.00% ON 8/1/2022)(b)	8/1/2034		0.00		1,132,590		1,574,820
	3,500,000	HEALDSBURG CA UNIF SCH DIST (STEP TO 4.60% ON 8/1/2022)(b)	8/1/2037		0.00		2,905,130		3,150,070
	1,000,000	HELENDALE CA SCH DIST (STEP TO 6.25% ON 8/1/2019)(b)	8/1/2034		0.00		935,076		1,217,980
	750,000	HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE	9/1/2038		5.00		754,376		817,822
	800,000	HERITAGE HARBOUR FL N CDD SPLASSMNT	5/1/2034		5.00		800,000		862,008
	1,000,000	HIDALGO CNTY TX REGL MOBILITY AUTH VEHICLE REGISTRATION FEE	12/1/2038		5.25		1,021,711		1,130,780
	1,500,000	HOUSTON TX HGR EDU FIN CORP	9/1/2038		5.50		1,527,842		1,672,335
	750,000	IDAHO ST HLTH FACS AUTH REVENUE	10/1/2024		7.00		750,000		832,500
	750,000	IDAHO ST HLTH FACS AUTH REVENUE	10/1/2029		7.38		742,861		829,215
	1,000,000	IDAHO ST HLTH FACS AUTH REVENUE	10/1/2044		8.00		1,054,969		1,133,310
	1,500,000	ILLINOIS ST	2/1/2030		4.00		1,493,048		1,556,250
	500,000	ILLINOIS ST	7/1/2033		5.50		498,790		527,170
	1,000,000	ILLINOIS ST EDUCTNL FACS AUTH	11/1/2036		4.50		1,000,000		1,033,310
	500,000	ILLINOIS ST FIN AUTH EDU REVENUE	9/1/2032		6.00		500,000		555,285
	675,000	ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE	2/1/2034		6.00		681,320		708,811
	565,000	ILLINOIS ST FIN AUTH REVENUE	8/15/2026		6.00		565,000		565,740
	500,000	ILLINOIS ST FIN AUTH REVENUE	5/15/2036		5.00		501,589		526,880
	750,000	ILLINOIS ST FIN AUTH REVENUE	12/1/2037		5.00		769,586		780,570
	500,000	ILLINOIS ST FIN AUTH REVENUE	3/1/2038		6.00		487,039		514,565
	700,000	ILLINOIS ST FIN AUTH REVENUE	5/15/2038		5.13		685,018		700,203
	1,000,000	ILLINOIS ST FIN AUTH REVENUE	5/15/2045		5.00		1,071,978		1,073,130
	1,000,000	ILLINOIS ST HSG DEV AUTH	7/1/2034		4.95		1,000,000		1,063,090
	1,000,000	ILLINOIS ST HSG DEV AUTH REVENUE	4/1/2041		3.88		1,000,000		1,006,970
	1,500,000	ILLINOIS ST SPORTS FACS AUTH	6/15/2031		5.25		1,589,466		1,637,340
	1,000,000	IMPERIAL CA CMNTY CLG DIST	8/1/2040		6.75		1,008,426		1,299,740
	500,000	INDIANA ST BOND BANK REVENUE	2/1/2029		5.50		493,281		511,425
	3,000,000	INDIANA ST FIN AUTH REVENUE	9/15/2030		6.50		3,034,383		3,290,040
	500,000	INDIANA ST FIN AUTH REVENUE	11/15/2031		5.50		493,924		538,230
	1,000,000	INDIANA ST FIN AUTH REVENUE	11/15/2033		6.50		987,977		1,111,450
	1,000,000	INDIANA ST FIN AUTH REVENUE	3/1/2041		5.00		1,033,785		1,069,890
	500,000	INDIANA ST FIN AUTH REVENUE	11/15/2041		5.88		532,480		564,400
	1,000,000	INDIANA ST FIN AUTH REVENUE	11/15/2041		6.00		987,521		1,137,550
	1,000,000	INDIANA ST FIN AUTH REVENUE	11/15/2046		5.25		1,036,263		1,088,090
	1,500,000	INDIANA ST HSG & CMNTY DEV AUTH MF HSG REVENUE	1/1/2036		5.75		1,500,000		1,442,445
	1,500,000	IOWA ST FIN AUTH REVENUE	5/15/2036		5.00		1,649,300		1,635,180

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2018 (unaudited)

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	700,000	KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE	1/1/2038		5.25	$	685,743		716,821
	715,000	KANSAS CITY MO INDL DEV AUTH	9/1/2023		5.45		715,000		738,767
	1,000,000	KANSAS CITY MO INDL DEV AUTH	11/20/2039		5.10		1,000,000		1,041,560
	1,400,000	KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE(e)	11/15/2036		5.75		1,400,000		1,353,688
	885,000	KENTUCKY ST HSG CORP HSG REVENUE	7/1/2028		3.75		874,083		910,461
	750,000	KING CNTY WA HSG AUTH	5/1/2028		5.20		750,000		756,630
	1,500,000	KING CNTY WA HSG AUTH	5/1/2036		3.75		1,480,760		1,490,295
	1,000,000	KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE	5/15/2037		5.25		1,021,270		1,070,890
	500,000	LAKE CNTY IL SCH DIST #33	12/1/2040		5.00		522,006		525,555
	750,000	LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE(e)	12/1/2037		6.50		750,000		802,777
	240,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE	5/1/2025		4.25		239,571		243,082
	1,600,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE	5/1/2030		7.40		1,587,533		1,789,872
	735,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE	5/1/2033		6.70		735,000		800,422
	1,000,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE	5/1/2034		5.35		1,000,000		1,076,870
	1,400,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE	5/1/2036		5.00		1,400,000		1,458,800
	750,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(e)	5/1/2037		5.00		744,561		783,697
	750,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE	5/1/2037		5.25		745,504		796,170
	1,000,000	LAMBERTSON FARMS CO MET DIST #1 REVENUE	12/15/2025		5.00		991,140		999,360
	500,000	LAMBERTSON FARMS CO MET DIST #1 REVENUE	12/15/2035		5.50		500,000		503,255
	2,000,000	LAS VEGAS NV REDEV AGY TAX INCR REVENUE	6/15/2023		7.50		1,989,681		2,110,200
	650,000	LEE CNTY FL INDL DEV AUTH(e)	12/1/2032		5.38		650,000		663,195
	700,000	LEE CNTY FL INDL DEV AUTH(e)	12/1/2052		5.75		684,575		718,375
	750,000	LEWISVILLE TX COMB CONTRACT REVENUE	9/1/2024		3.00		743,731		756,428
	465,000	LEXINGTON OAKS FL CDD SPL ASSMNT REVENUE	5/1/2033		5.65		465,000		482,242
	750,000	LEYDEN ROCK MET DIST #10	12/1/2045		5.00		767,177		764,378
	1,000,000	LITTLETON VLG MET DIST #2 COLO SPL REV	12/1/2045		5.38		996,407		1,005,300
	385,000	LONG LAKE RANCH CMNTY DEV DIST FLA CAP IMPT REV	5/1/2024		5.63		385,000		397,262
	695,000	LONG LAKE RANCH CMNTY DEV DIST FLA CAP IMPT REV	5/1/2046		4.75		685,482		696,446
	250,000	LONG LAKE RANCH CMNTY DEV DISTFLA CAP IMPT REV	5/1/2026		4.00		249,666		250,615
	1,000,000	LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE	6/1/2038		5.25		1,012,916		1,109,240
	225,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	12/1/2034		5.10		225,000		228,155
	500,000	LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH	11/15/2025		5.25		529,712		535,435
	1,000,000	LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH	11/15/2030		6.00		1,014,781		1,113,650
	700,000	LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(e)	11/1/2037		5.65		700,000		722,050
	500,000	LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE	7/1/2035		5.00		537,179		553,989
	1,000,000	LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE	7/1/2047		5.00		1,106,810		1,099,490
	750,000	LOUISIANA ST PUBLIC FACS AUTH REVENUE	5/1/2031		6.50		747,358		794,872
	415,000	LOUISIANA ST PUBLIC FACS AUTH REVENUE (FLOATING, ICE LIBOR USD 3M + 0.00%)(f)	2/15/2036		2.27		415,000		392,623
	500,000	LUCAS CNTY OH HLTH CARE FACS REVENUE	8/15/2030		5.50		493,441		531,850

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2018 (unaudited)

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,500,000	LUCAS MET HSG AUTH OH COPS	11/1/2036		5.00	$	1,565,395		1,579,770
	1,480,000	LUZERNE CNTY PA	11/1/2026		7.00		1,498,894		1,575,830
	1,000,000	MACON & MOULTRIE CNTYS IL CMNTY SCH DIST #3 MOUNT ZION	12/1/2041		5.50		1,021,536		1,098,300
	1,000,000	MACON CNTY IL SCH DIST #61	1/1/2037		5.25		1,010,926		1,068,350
	1,080,000	MACOUPIN SANGAMON & MONTGOMERY CNTYS IL CMNTY SCH DIST #34	12/1/2037		4.25		1,112,886		1,109,711
	250,000	MAGNOLIA CREEK FL CDD CAPITAL IMPT REVENUE(c)	5/1/2014		5.60		250,000		52,500
	1,000,000	MAINE ST HSG AUTH MTGE PURCHASE	11/15/2035		4.00		1,000,000		1,024,260
	1,000,000	MAINE ST HSG AUTH MTGE PURCHASE	11/15/2036		3.90		1,000,000		1,023,810
	1,000,000	MAINE ST HSG AUTH MTGE PURCHASE	11/15/2038		3.75		1,000,000		991,520
	1,000,000	MAINE ST HSG AUTH MTGE PURCHASE	11/15/2040		3.55		1,000,000		983,270
	1,500,000	MAINE ST HSG AUTH MTGE PURCHASE	11/15/2040		3.85		1,500,000		1,517,115
	500,000	MAINE ST HSG AUTH MTGE PURCHASE	11/15/2042		4.05		500,000		510,120
	820,000	MAINE ST HSG AUTH MTGE REVENUE	11/15/2037		4.50		820,000		851,898
	1,000,000	MALTA IL TAX INCR REVENUE(c)	12/30/2025		5.75		1,000,000		320,000
	500,000	MANATEE CNTY FL SCH BRD COPS	7/1/2031		5.63		496,557		554,275
	800,000	MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE	7/1/2035		5.00		850,405		830,416
	750,000	MARICOPA CNTY AZ INDL DEV AUTH SENIOR LIVING FACS REVENUE(e)	1/1/2036		5.75		741,790		761,063
	462,000	MARQUIS VA CMNTY DEV AUTH REVENUE(g)	9/1/2041		0.00		140,065		23,922
	349,000	MARQUIS VA CMNTY DEV AUTH REVENUE	9/1/2041		5.63		375,197		244,551
	745,000	MARSHALL CREEK FL CDD SPL ASSMNT	5/1/2032		5.00		760,088		757,009
	750,000	MARTINEZ CA UNIF SCH DIST	8/1/2035		6.13		748,285		927,660
	500,000	MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV	7/1/2031		4.50		500,000		526,165
	546,418	MASHANTUCKET WSTRN PEQUOT TRIBE CT	7/1/2031		6.05		567,294		17,076
	820,000	MASSACHUSETTS ST DEV FIN AGY REVENUE	7/1/2030		6.38		811,502		885,977
	700,000	MASSACHUSETTS ST DEV FIN AGY REVENUE(e)	10/1/2047		5.00		751,382		748,580
	915,000	MASSACHUSETTS ST EDUCTNL FING AUTH	1/1/2028		5.25		915,000		943,914
	700,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2033		5.00		700,000		734,090
	700,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2038		5.15		700,000		735,868
	1,000,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2043		5.00		1,000,000		1,060,160
	670,000	MASSACHUSETTS ST HSG FIN AGY HSG REVENUE	6/1/2040		5.05		670,000		679,333
	2,770,000	MASSACHUSETTS ST HSG FIN AGY HSG REVENUE	12/1/2043		4.00		2,770,000		2,793,351
	2,000,000	MASSACHUSETTS ST HSG FIN AGY HSG REVENUE	6/1/2046		4.20		2,000,000		2,069,380
	160,000	MEAD NE TAX INCR REVENUE(c)	7/1/2012		5.13		160,000		14,880
	1,000,000	MEDFORD OR HOSP FACS AUTH REVENUE	10/1/2042		5.00		1,030,212		1,070,750
	500,000	MEMPHIS-SHELBY CNTY TN INDL DEV BRD ECON DEV GROWTH ENGINE T	7/1/2037		5.50		495,891		534,740
	600,000	MERRILLVILLE IN ECON DEV REVENUE	4/1/2036		5.75		600,000		571,122
	500,000	MET PIER & EXPOSITION AUTH ILREVENUE	6/15/2057		5.00		522,210		525,350
	1,000,000	MIAMI FL HLTH FACS AUTH	7/1/2038		5.13		1,041,295		1,105,760
	135,000	MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE	8/1/2030		6.00		131,055		145,390
	750,000	MICHIGAN ST FIN AUTH REVENUE	11/15/2035		5.25		745,731		779,655
	1,500,000	MICHIGAN ST HOSP FIN AUTH	6/1/2034		6.13		1,509,610		1,561,410
	1,000,000	MICHIGAN ST HSG DEV AUTH	10/1/2034		5.63		1,000,000		1,010,240
	1,850,000	MICHIGAN ST HSG DEV AUTH	10/1/2035		4.10		1,850,000		1,898,100
	930,000	MICHIGAN ST HSG DEV AUTH	12/1/2035		3.95		930,000		950,069
	1,000,000	MICHIGAN ST HSG DEV AUTH	12/1/2036		3.70		1,000,000		1,005,140
	940,000	MICHIGAN ST HSG DEV AUTH	12/1/2040		3.95		940,000		956,854
	600,000	MICHIGAN ST HSG DEV AUTH	10/1/2042		3.75		600,000		593,370
	1,650,000	MICHIGAN ST HSG DEV AUTH	10/1/2043		4.00		1,650,000		1,657,524
	1,000,000	MICHIGAN ST HSG DEV AUTH	12/1/2045		3.70		1,000,000		989,770
	1,000,000	MICHIGAN ST MUNI BOND AUTH	5/1/2023		5.75		1,003,617		1,034,890

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2018 (unaudited)

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	500,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH	11/1/2028		6.35	$	500,000		500,580
	220,000	MINNESOTA ST HSG FIN AGY	7/1/2034		5.05		220,000		223,282
	430,000	MINNESOTA ST HSG FIN AGY	1/1/2040		5.10		430,000		435,990
	1,000,000	MISHAWAKA IN MF HSG REVENUE(e)	1/1/2038		5.38		1,000,000		987,510
	1,000,000	MISSISSIPPI ST DEV BANK SPL OBLG	10/1/2031		6.50		978,250		1,051,340
	1,525,000	MISSISSIPPI ST HOME CORP SF MTGE REVENUE	12/1/2045		3.63		1,525,000		1,505,373
	55,000	MISSOURI ST HSG DEV COMMISSION SF HSG REVENUE	9/1/2034		5.35		55,000		55,501
	965,000	MONTANA ST BRD OF HSG	12/1/2038		3.75		965,000		984,261
	615,000	MONTANA ST BRD OF HSG	12/1/2038		5.20		615,000		657,773
	1,000,000	MONTANA ST BRD OF HSG	12/1/2048		3.90		1,000,000		996,440
	955,000	MONTANA ST BRD OF HSG SF MTGE	12/1/2037		3.95		955,000		988,874
	845,000	MONTANA ST BRD OF HSG SF MTGE	12/1/2038		4.00		847,517		874,465
	1,000,000	MONTGOMERY CNTY MD HSG OPPNTYS COMMN MFH & RECONSTR DEV REVENUE	7/1/2039		3.88		1,000,000		1,018,490
	500,000	MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE	7/1/2037		5.13		500,000		519,630
	890,000	MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVENUE	7/1/2038		4.00		890,000		897,476
	631,972	MOUNT CARBON CO MET DIST REVENUE	6/1/2043		7.00		631,972		568,775
	200,000	MOUNT CARBON CO MET DIST REVENUE(c)	6/1/2043		8.00		-		44,000
	500,000	MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE	12/1/2029		5.00		520,053		536,950
	615,000	MUNSTER IN ECON DEV TAX INCR REVENUE	7/15/2026		4.75		612,949		667,632
	371,000	N CENTRL TEXAS ST HLTH FAC DEV CORP	2/15/2025		5.38		371,000		371,237
	380,000	N SPRINGS FL IMPT DIST	5/1/2027		6.00		380,000		398,654
	1,000,000	N TX TOLLWAY AUTH REVENUE	1/1/2034		6.00		1,000,000		1,101,480
	1,000,000	N TX TOLLWAY AUTH REVENUE	1/1/2042		6.20		999,429		1,193,410
	1,000,000	NATRONA CNTY WY HOSP REVENUE	9/15/2031		6.35		1,000,000		1,116,260
	500,000	NAVAJO NATION AZ(e)	12/1/2030		5.50		528,968		562,330
	650,000	NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE	9/1/2035		3.75		650,000		654,284
	970,000	NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE	9/1/2035		3.90		970,000		987,528
	1,240,000	NEVADA ST HSG DIV SF MTGE REVENUE	10/1/2039		3.85		1,240,000		1,257,013
	130,000	NEVADA ST HSG DIV SF MTGE REVENUE	10/1/2040		5.10		130,000		130,631
	1,000,000	NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE	1/1/2034		6.00		974,342		1,100,200
	500,000	NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE	8/1/2038		6.00		491,399		523,240
	1,000,000	NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE	7/1/2031		5.20		1,000,000		1,049,670
	330,000	NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE	7/1/2034		5.38		330,000		332,746
	1,500,000	NEW HAMPSHIRE ST HSG FIN AUTHMF REVENUE	7/1/2052		4.00		1,500,000		1,512,915
	750,000	NEW HOPE CULTURAL ED FACS FINCORP TX RETIREMENT FAC REVENUE	1/1/2035		5.50		763,076		804,915
	1,100,000	NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV	4/1/2046		5.00		1,143,363		1,190,486
	750,000	NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE(e)	8/15/2036		5.00		755,779		751,455
	1,000,000	NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE	8/15/2036		5.50		1,004,766		1,021,430
	1,000,000	NEW HOPE CULTURAL EDU FACS FINCORP TX EDU REVENUE(e)	8/15/2037		6.00		1,017,026		1,045,240
	500,000	NEW JERSEY ST ECON DEV AUTH	6/15/2042		5.00		542,317		536,980
	750,000	NEW JERSEY ST ECON DEV AUTH REVENUE	7/15/2047		5.00		804,604		804,615
	170,000	NEW JERSEY ST HGR EDU ASSISTANCE AUTH STUDENT LOAN REVENUE	6/1/2024		5.38		169,529		173,907

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2018 (unaudited)

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,000,000	NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE	1/1/2030		3.60	$	1,000,000		1,016,480
	855,000	NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE	10/1/2030		4.50		855,000		887,088
	365,000	NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE	10/1/2034		5.00		365,000		371,446
	540,000	NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE	10/1/2035		5.00		540,000		545,994
	915,000	NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE	10/1/2037		5.00		909,359		922,256
	1,000,000	NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE	5/1/2041		4.95		968,990		1,020,830
	3,500,000	NEW JERSEY ST HSG & MTGE FIN AGY REVENUE	10/1/2035		3.75		3,500,000		3,516,170
	1,000,000	NEW JERSEY ST TRANSPRTN TRUST FUND AUTH	6/15/2024		5.00		1,000,000		1,002,240
	1,000,000	NEW JERSEY ST TRANSPRTN TRUST FUND AUTH	6/15/2030		5.00		1,000,000		1,002,200
	500,000	NEW JERSEY ST TRANSPRTN TRUST FUND AUTH	6/15/2041		5.25		509,610		536,330
	210,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2029		4.80		210,000		212,421
	425,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2034		5.00		425,000		432,361
	415,000	NEW MEXICO ST MTGE FIN AUTH	3/1/2036		5.45		415,000		419,528
	960,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2042		3.70		960,000		959,962
	675,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2042		3.90		675,000		682,324
	1,030,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2042		4.13		1,030,000		1,052,608
	1,550,000	NEW MEXICO ST MTGE FIN AUTH	7/1/2043		3.85		1,550,000		1,551,147
	905,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2046		3.80		905,000		910,801
	775,000	NEW MEXICO ST MTGE FIN AUTH	7/1/2048		3.90		775,000		778,503
	115,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE(c)	5/1/2013		5.00		114,821		1
	1,000,000	NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE	11/1/2037		3.80		1,000,000		1,010,270
	1,000,000	NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE	11/1/2039		4.30		1,000,000		1,029,380
	600,000	NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE	11/1/2042		3.85		601,933		602,730
	1,000,000	NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE	11/1/2047		3.65		1,000,000		978,780
	2,000,000	NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE	6/15/2038		5.00		2,138,152		2,226,480
	1,500,000	NEW YORK ST HSG FIN AGY REVENUE	11/1/2034		3.65		1,500,000		1,520,415
	1,000,000	NEW YORK ST HSG FIN AGY REVENUE	11/1/2041		4.10		1,000,000		1,035,190
	1,000,000	NEW YORK ST HSG FIN AGY REVENUE	11/1/2042		4.00		1,000,000		1,024,980
	500,000	NEW YORK ST HSG FIN AGY REVENUE	11/1/2045		5.10		500,000		538,450
	4,000,000	NEW YORK ST HSG FIN AGY REVENUE	5/1/2048		4.10		4,000,000		4,053,600
	1,000,000	NEW YORK ST HSG FIN AGY REVENUE	11/1/2048		3.95		1,000,000		1,004,400
	955,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE	10/1/2036		3.90		955,000		968,208
	750,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE	10/1/2038		3.75		750,000		756,375
	1,450,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE	10/1/2040		3.80		1,450,000		1,460,367
	500,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE	10/1/2042		3.75		500,000		501,540
	500,000	NORTH CAROLINA ST CAPITAL FACS FIN AGY EDUCTNL FACS REVENUE	6/1/2023		5.00		500,000		500,845
	1,000,000	NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE	7/1/2037		3.85		1,000,000		1,017,420
	1,000,000	NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE	1/1/2041		3.95		1,014,422		1,015,160
	1,000,000	NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE	1/1/2048		4.00		1,000,000		1,009,040
	500,000	NORTH DAKOTA ST HSG FIN AGY	7/1/2048		4.00		534,700		527,060
	600,000	NORTH LAS VEGAS NV LOCAL IMPT(e)	12/1/2027		4.00		585,269		585,714
	600,000	NORTH LAS VEGAS NV LOCAL IMPT(e)	12/1/2037		5.00		601,336		603,306
	500,000	NORTH SPRINGS FL IMPT DIST	5/1/2044		6.50		500,000		514,815
	1,000,000	NTHRN IL UNIV	4/1/2026		5.50		1,003,946		1,052,960
	1,400,000	NTHRN PALM BEACH CNTY FL IMPT DIST	8/1/2029		5.00		1,408,197		1,479,478
	500,000	NTHRN PALM BEACH CNTY FL IMPTDIST	8/1/2037		5.00		510,962		528,755

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2018 (unaudited)

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	2,000,000	OAK PARK CA UNIF SCH DIST (STEP TO 7.10% ON 8/1/2021)(b)	8/1/2038		0.00	$	1,614,527		2,292,900
	875,000	OAKLAND CNTY MI ECON DEV CORP LTD OBLG REVENUE	12/1/2020		6.50		873,249		894,661
	255,000	OHIO ST HSG FIN AGY RSDL MTGE REVENUE	9/1/2033		5.40		255,000		255,729
	950,000	OHIO ST HSG FIN AGY RSDL MTGE REVENUE	9/1/2039		3.35		849,773		935,788
	85,000	OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE	3/1/2032		5.15		85,000		85,850
	10,000	OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE	9/1/2038		6.50		10,015		10,071
	1,000,000	ORANGE CNTY FL HLTH FACS AUTH REVENUE	8/1/2034		5.00		1,044,172		1,083,160
	750,000	ORANGE CNTY FL HLTH FACS AUTH REVENUE	8/1/2035		5.00		782,669		818,002
	1,000,000	ORANGE CNTY FL HLTH FACS AUTH REVENUE	8/1/2047		5.00		1,080,705		1,087,970
	795,000	ORANGE CNTY FL HSG FIN AUTH	9/1/2035		3.80		795,000		804,564
	1,250,000	OREGON ST	12/1/2034		3.63		1,250,000		1,269,950
	2,000,000	OREGON ST	12/1/2039		3.90		2,000,000		2,053,980
	680,000	OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE	7/1/2035		3.75		680,000		687,031
	820,000	OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE	7/1/2038		4.00		820,000		832,136
	1,355,000	OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE	7/1/2048		3.75		1,355,000		1,314,580
	500,000	PALISADE CO MET DIST #2 LIMITED TAX	12/1/2046		5.00		508,020		504,890
	500,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE	6/1/2034		7.25		500,000		572,725
	1,200,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE	5/15/2036		5.00		1,319,440		1,308,144
	500,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE	6/1/2049		7.50		492,595		576,445
	1,000,000	PELL CITY AL SPL CARE FACS FING AUTH REVENUE	12/1/2031		5.00		1,037,128		1,081,580
	500,000	PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE (FLOATING, ICE LIBOR USD 3M + 0.00%)(f)	7/1/2039		2.22		500,000		427,685
	1,000,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2037		3.65		1,003,045		1,003,000
	1,000,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2038		3.95		1,000,000		1,008,060
	500,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2038		4.00		500,000		506,800
	3,200,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2040		4.05		3,200,000		3,275,132
	1,835,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2042		3.65		1,835,000		1,838,817
	580,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2042		3.70		580,000		587,325
	750,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2042		4.00		750,000		764,760
	1,935,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE	12/1/2035		5.13		1,930,261		2,088,968
	1,500,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE (STEP TO 4.60% ON 12/1/2021)(b)	12/1/2037		0.00		1,280,377		1,404,750
	1,000,000	PEORIA AZ INDL DEV AUTH	11/15/2029		5.25		1,000,000		1,017,240
	400,000	PHILADELPHIA PA AUTH FOR INDL DEV REVENUES	6/15/2023		6.13		400,000		428,728
	750,000	PHILADELPHIA PA AUTH FOR INDL DEV REVENUES	8/1/2036		5.63		739,492		768,780
	1,000,000	PHOENIX AZ INDL DEV AUTH EDU REVENUE(e)	7/1/2036		5.13		985,482		989,000
	750,000	PHOENIX AZ INDL DEV AUTH EDU REVENUE	7/1/2042		6.30		791,749		844,912
	2,500,000	PHOENIX AZ INDL DEV AUTH LEASE REVENUE	6/1/2034		5.25		2,521,963		2,734,075
	1,000,000	PIKE PLACE MARKET WA PRESERVATION & DEV AUTH SPL OBLG	12/1/2040		5.00		1,060,997		1,102,630

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2018 (unaudited)

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,000,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(e)	12/1/2026		5.25	$	1,000,000		1,032,190
	10,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	7/1/2031		6.75		7,767		10,062
	750,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(e)	6/15/2037		4.75		736,199		746,273
	2,625,000	PITTSBURG CALIF UNI SCH DIST FING AUTH REV(g)	9/1/2031		0.00		1,313,494		1,207,185
	820,000	POINCIANA FL W CDD SPL ASSMNT	5/1/2030		5.38		811,094		829,701
	750,000	POLK CNTY OR HOSP FAC AUTH REVENUE	7/1/2035		5.13		750,000		781,058
	2,000,000	PORT SAINT LUCIE FL RESEARCH FACS REVENUE	5/1/2033		5.00		2,029,373		2,053,280
	1,000,000	PROMENADE CASTLE ROCK CO MET DIST #1	12/1/2025		5.13		1,000,000		1,061,450
	380,000	PUBLIC FIN AUTH WI CCRC REVENUE	6/1/2020		7.00		378,325		401,778
	1,500,000	PUBLIC FIN AUTH WI CCRC REVENUE	6/1/2046		8.25		1,544,574		1,724,880
	16,520	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2046		0.00		566		508
	18,299	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2047		0.00		623		562
	17,930	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2048		0.00		607		550
	17,786	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2049		0.00		600		545
	17,496	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2050		0.00		587		535
	18,980	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2051		0.00		633		579
	451,406	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(f)(h)	7/1/2051		3.75		449,050		448,228
	19,357	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2052		0.00		643		590
	19,095	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2053		0.00		632		581
	18,909	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2054		0.00		623		575
	18,634	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2055		0.00		612		567
	18,360	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2056		0.00		600		557
	93,403	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)	7/1/2056		5.50		93,395		92,959
	18,454	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2057		0.00		1,383		560
	18,165	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2058		0.00		589		550
	17,992	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2059		0.00		582		544
	17,834	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2060		0.00		574		539
	17,573	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2061		0.00		564		531
	17,400	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2062		0.00		557		525
	17,125	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2063		0.00		547		516
	16,967	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2064		0.00		541		512
	16,823	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2065		0.00		535		507
	16,731	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2066		0.00		531		503
	215,987	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(e)(g)	1/1/2067		0.00		6,782		6,490
	655,000	PUBLIC FIN AUTH WI REVENUE	4/1/2025		5.00		658,717		696,848
	1,250,000	PUBLIC FIN AUTH WI REVENUE(e)	11/1/2028		6.25		1,250,000		1,268,487
	600,000	PUBLIC FIN AUTH WI REVENUE	4/1/2032		5.50		600,000		644,208
	371,751	PUBLIC FIN AUTH WI REVENUE(g)	10/1/2042		0.00		412,528		80,477
	515,000	PUBLIC FIN AUTH WI REVENUE	10/1/2042		7.00		544,781		516,602

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2018 (unaudited)

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,130,000	PUBLIC FIN AUTH WI SENIOR LIVING REVENUE(e)	11/15/2024		5.00	$	1,126,906		1,217,247
	1,500,000	PUERTO RICO CMWLTH	7/1/2035		5.00		1,500,000		1,584,060
	1,045,000	QUECHAN INDIAN TRIBE AZ FORT YUMA INDIAN RESERVATION	5/1/2025		9.75		1,045,000		1,173,305
	750,000	RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE	11/15/2034		7.50		746,413		858,127
	1,000,000	REDONDO BEACH CA UNIF SCH DIST	8/1/2034		6.38		998,315		1,276,770
	750,000	REEF-SUNSET CA UNIF SCH DIST (STEP TO 4.85% ON 8/1/2021)(b)	8/1/2038		0.00		646,980		707,483
	500,000	RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP	5/15/2030		6.25		495,019		520,185
	775,000	RHODE ISLAND ST HSG & MTGE FIN CORP	10/1/2028		4.00		771,748		791,546
	750,000	RHODE ISLAND ST HSG & MTGE FIN CORP	10/1/2037		3.90		750,000		758,453
	910,000	RHODE ISLAND ST HSG & MTGE FIN CORP	10/1/2046		3.40		910,000		859,322
	1,000,000	RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE	10/15/2038		6.00		1,016,253		1,207,940
	500,000	ROWLEY MA	5/1/2027		4.00		500,452		500,555
	1,500,000	S TAHOE CA JT PWRS FING AUTH LEASE REVENUE	10/1/2030		5.00		1,611,358		1,683,225
	450,000	S WSTRN IL DEV AUTH(c)	10/1/2022		7.00		450,000		261,000
	350,000	SACRAMENTO CNTY CA WTR FING AUTH REVENUE (FLOATING, ICE LIBOR USD 3M + 0.00%)(f)	6/1/2039		2.11		350,000		321,115
	750,000	SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS	9/1/2042		5.00		762,678		784,597
	750,000	SAINT TAMMANY LA PUBLIC TRUST FING AUTH	11/15/2037		5.25		760,085		800,895
	500,000	SAN DIEGO CA HSG AUTH MF HSG REVENUE	5/1/2029		5.00		500,000		526,760
	1,500,000	SAN GABRIEL CA UNIF SCH DIST	8/1/2039		5.35		1,497,433		1,664,115
	1,000,000	SAN JOSE CA FING AUTH	6/1/2039		5.00		1,038,797		1,114,350
	500,000	SANTA MONICA CA REDEV AGY	7/1/2036		5.88		507,731		557,585
	1,000,000	SCHERERVILLE IN ECON DEV REVENUE	1/15/2030		6.00		1,011,798		1,145,880
	1,000,000	SCOTTS BLUFF CNTY NE HOSP AUTH	2/1/2037		5.25		1,049,952		1,055,030
	500,000	SEATTLE WA HSG AUTH	12/1/2047		3.85		500,000		500,770
	770,000	SEATTLE WA HSG AUTH POOLED HSG REVENUE	9/15/2033		5.75		780,340		863,724
	500,000	SEVEN OAKS FL CMNTY DEV DIST SPL ASSMNT REVENUE	5/1/2033		5.50		490,067		522,940
	150,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c)	1/1/2019		5.35		134,966		375
	625,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c)	1/1/2029		5.55		556,863		1,563
	130,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c)	1/1/2029		6.00		-		1
	750,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e)	9/1/2037		5.00		795,090		702,495
	525,000	SHERIDAN AR SCH DIST #37	2/1/2047		4.00		537,134		531,626
	30,000	SILVERLEAF FL CDD CAPITAL IMPT REVENUE	5/1/2023		6.50		30,000		31,521
	215,000	SILVERLEAF FL CDD CAPITAL IMPT REVENUE	5/1/2044		6.75		211,105		228,592
	255,000	SOUTH CAROLINA ST EDU ASSISTANCE AUTH	10/1/2029		5.10		252,839		261,765
	1,000,000	SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP REVENUE	2/1/2038		5.00		1,113,207		1,105,370
	1,000,000	SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE	12/1/2038		5.00		1,049,513		1,067,880
	1,400,000	SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE	12/1/2043		5.75		1,455,948		1,548,918
	500,000	SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH	9/1/2032		5.00		499,500		520,650
	60,000	SOUTHSIDE AZ CMNTY FACS DIST #1 SPL ASSMNT REVENUE PRESCOTT	7/1/2018		6.13		60,000		60,000
	1,000,000	SPRINGDALE AR SALES & USE REVENUE	4/1/2041		3.60		971,168		987,700
	500,000	ST VRAIN LAKES MET DIST #2	12/1/2037		5.00		500,000		498,745
	1,000,000	STC MET DIST #2 CO	12/1/2038		6.00		971,299		1,029,530

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2018 (unaudited)

Par/Shares		Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	142,538	STERLING HILL FL CDD CAPITAL IMPT REVENUE(c)	11/1/2010		5.50	$	142,538		91,224
	1,000,000	SUGAR LAND TX DEV CORP SALES TAX REVENUE	2/15/2033		5.00		1,070,106		1,096,900
	2,385,000	SULPHUR SPRINGS CA UNION SCH DIST COPS	12/1/2037		6.50		2,383,044		2,912,633
	1,500,000	SUTTER BUTTE CA FLOOD AGY ASSMNT REVENUE	10/1/2038		4.00		1,483,500		1,541,385
	1,100,000	TALLAHASSEE FL HLTH FACS REVENUE	12/1/2040		5.00		1,157,058		1,188,561
	500,000	TALLMAN GULCH MET DIST CO	12/1/2047		5.25		500,000		497,750
	1,000,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE	11/15/2038		5.00		1,059,745		1,092,270
	1,000,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE	11/15/2022		5.50		1,000,000		1,000,010
	750,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE	11/15/2024		5.63		750,000		764,708
	750,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE	11/15/2035		5.00		775,674		786,675
	700,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE	5/15/2037		5.00		758,899		733,803
	1,485,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE	11/15/2037		6.63		1,509,431		1,654,899
	750,000	TAYLOR MI BROWNFIELD REDEV AUTH	5/1/2032		5.00		784,692		813,337
	500,000	TEMPE AZ INDL DEV AUTH REVENUE(e)	10/1/2024		4.70		498,628		504,190
	500,000	TEMPE AZ INDL DEV AUTH REVENUE(e)	10/1/2037		6.00		503,119		532,795
	1,000,000	TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE	1/1/2031		3.60		1,010,750		1,011,300
	955,000	TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE	7/1/2036		3.70		955,000		964,225
	1,000,000	TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE	7/1/2042		3.85		1,000,000		1,003,020
	1,000,000	TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE	7/1/2042		3.90		1,000,000		1,012,890
	1,245,000	TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE	7/1/2047		3.65		1,245,000		1,238,377
	580,000	TENNESSEE ST HSG DEV AGY	1/1/2035		3.85		580,000		600,317
	930,000	TENNESSEE ST HSG DEV AGY	7/1/2043		3.80		930,000		933,320
	325,000	TEXAS ST DEPT OF HSG & CMNTY AFFAIRS	7/1/2039		5.45		325,000		328,016
	700,000	TOBACCO SETTLEMENT FING CORP NJ	6/1/2046		5.00		705,401		752,045
	1,500,000	TOLOMATO FL CDD	5/1/2040		3.75		1,439,350		1,475,745
	125,000	TOLOMATO FL CDD(c)	5/1/2040		6.61		-		1
	185,000	TOLOMATO FL CDD (STEP TO 6.61% ON 11/1/2021)(b)	5/1/2040		0.00		150,016		147,341
	115,000	TOLOMATO FL CDD (STEP TO 6.61% ON 11/1/2024)(b)	5/1/2040		0.00		74,494		75,356
	90,000	TOLOMATO FL CDD (STEP TO 6.61% ON 5/1/2019)(b)	5/1/2040		0.00		83,519		85,978
	50,000	TOLOMATO FL CDD (STEP TO 6.61% ON 5/1/2022)(b)	5/1/2040		0.00		43,860		40,098
	1,000,000	TRACY CA JT UNIF SCH DIST (STEP TO 7.30% ON 8/1/2027)(b)	8/1/2041		0.00		613,766		837,040
	600,000	TRAVIS CNTY TX HLTH FACS DEV CORP	1/1/2046		7.13		650,122		676,494
	750,000	TRAVIS CNTY TX HLTH FACS DEV CORP(f)(h)	1/1/2047		5.25		750,000		796,350
	700,000	TROUT CREEK CDD FL CAPITAL IMPT REVENUE	5/1/2038		5.38		700,000		699,937
	500,000	TSR CDD FL SPL ASSMNT REVENUE	11/1/2035		5.38		498,598		535,790
	1,250,000	TUSTIN CA UNIF SCH DIST (STEP TO 6.00% ON 8/1/2019)(b)	8/1/2028		0.00		1,167,808		1,327,200
	555,000	UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE	12/1/2023		6.50		548,776		568,653
	750,000	UPPER IL RIVER VLY DEV AUTH(e)	12/1/2022		4.00		743,994		740,138
	750,000	UPPER IL RIVER VLY DEV AUTH(e)	12/1/2037		5.25		766,340		759,968
	1,000,000	UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(e)	7/15/2033		4.65		989,292		991,450
	1,500,000	UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE	10/15/2033		6.50		1,502,644		1,509,195
	750,000	UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(e)	4/15/2045		6.00		762,681		776,693
	165,000	UTAH ST HSG CORP SF MTGE REVENUE	1/1/2033		5.75		165,000		169,363

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2018 (unaudited)

Par/Shares			Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	490,000		VANCOUVER WA HSG AUTH	3/1/2025		5.00	$	481,862		516,779
	1,000,000		VANCOUVER WA HSG AUTH	8/1/2034		3.75		982,192		1,008,020
	680,000		VERMONT ST HSG FIN AGY	5/1/2032		4.88		677,219		712,851
	1,000,000		VIRGINIA ST HSG DEV AUTH	7/1/2033		4.13		1,000,000		1,038,010
	1,000,000		VIRGINIA ST HSG DEV AUTH	12/1/2039		5.00		1,000,000		1,024,190
	500,000		VIRGINIA ST HSG DEV AUTH	5/1/2041		3.55		500,000		498,430
	3,500,000		VIRGINIA ST HSG DEV AUTH CMWLTH MTGE	1/1/2038		3.88		3,490,250		3,555,370
	1,190,000		VLG FL CDD #7 SPL ASSMNT REVENUE	5/1/2036		4.00		1,182,491		1,214,205
	530,000		WASHINGTON ST HSG FIN COMMISSION(e)	7/1/2025		6.00		532,976		558,721
	1,000,000		WASHINGTON ST HSG FIN COMMISSION(e)	1/1/2031		5.00		1,001,668		1,077,320
	750,000		WASHINGTON ST HSG FIN COMMISSION(e)	7/1/2031		5.00		801,051		787,267
	675,000		WASHINGTON ST HSG FIN COMMISSION(e)	1/1/2035		5.75		675,000		683,377
	600,000		WASHINGTON ST HSG FIN COMMISSION(e)	7/1/2036		5.00		637,324		625,686
	500,000		WASHINGTON ST HSG FIN COMMISSION(e)	1/1/2038		5.00		546,820		550,840
	745,000		WASHINGTON ST HSG FIN COMMISSION	12/1/2045		3.80		745,000		752,852
	990,000		WASHINGTON ST HSG FIN COMMISSION	12/1/2047		4.00		1,053,292		1,037,926
	4,000		WATERS EDGE FL CDD CAPITAL IMPT REVENUE	5/1/2039		5.35		4,000		3,926
	145,000		WATERS EDGE FL CDD CAPITAL IMPT REVENUE	5/1/2039		6.60		144,023		145,225
	1,500,000		WEST VIRGINIA ST HSG DEV FUND	11/1/2032		3.75		1,500,000		1,538,220
	130,000		WEST VIRGINIA ST HSG DEV FUND	11/1/2039		4.10		130,000		131,179
	575,000		WEST VIRGINIA ST HSG DEV FUND	11/1/2047		4.13		575,000		590,272
	1,500,000		WEST VLY CITY UT MUNI BLDG AUTH LEASE REVENUE	2/1/2039		5.00		1,665,471		1,695,090
	550,000		WESTCHESTER CO NY LOCAL DEV CORP REVENUE	1/1/2034		5.00		570,819		587,571
	685,000		WESTMONT IL PARK DIST(g)	12/1/2031		0.00		312,341		359,639
	685,000		WESTMONT IL PARK DIST(g)	12/1/2033		0.00		271,666		313,107
	1,350,000		WICHITA KS HLTH CARE FACS REVENUE	5/15/2034		6.25		1,350,000		1,352,268
	600,000		WICHITA KS HLTH CARE FACS REVENUE	12/1/2036		5.25		605,045		632,058
	1,000,000		WINDSHIRE PARK CO MET DIST #2	12/1/2047		6.50		1,089,305		1,087,150
	750,000		WIREGRASS FL CDD CAPITAL IMPT REVENUE	5/1/2035		5.38		745,830		791,767
	905,000		WISCONSIN ST GEN FUND ANNUAL APPROP REVENUE	5/1/2027		6.00		907,569		937,670
	630,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	7/1/2030		5.75		634,474		678,794
	1,300,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	8/15/2032		5.00		1,406,801		1,454,947
	700,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	6/1/2037		5.00		734,422		732,844
	500,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	9/15/2040		5.00		519,942		525,150
	2,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	8/15/2043		5.00		2,077,801		2,146,140
	1,400,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	9/15/2045		5.00		1,452,508		1,467,074
	500,000		WISCONSIN ST HSG & ECON DEV AUTH	11/1/2035		3.88		500,000		508,240
	1,000,000		WISCONSIN ST HSG & ECON DEV AUTH	11/1/2040		4.00		1,000,000		1,022,160
	1,000,000		WISCONSIN ST HSG & ECON DEV AUTH	11/1/2042		3.90		1,004,815		1,008,460
	1,500,000		WISCONSIN ST HSG & ECON DEV AUTH	5/1/2055		4.15		1,500,000		1,505,175
	935,000		WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE	9/1/2032		5.75		928,711		999,908
	750,000		WYNNFIELD LAKES FL CDD	5/1/2036		4.50		745,019		772,035
	1,000,000		WYOMING ST CMNTY DEV AUTH HSG REVENUE	12/1/2038		3.90		1,000,000		1,017,320
	1,645,000		WYOMING ST CMNTY DEV AUTH HSG REVENUE	12/1/2038		4.05		1,645,000		1,664,098
	350,934		ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(c)	5/1/2013		5.25		351,276		294,784
		Sub-total Municipal Bonds:						478,183,179		495,787,419		91.70%

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2018 (unaudited)

Par/Shares			Security	Maturity date	Coupon rate	Cost		Fair value (a)		Percent of net assets
Short-Term Investments:
	14,811,298		NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT
			SELECT PORTFOLIO, 1.75%(i)			$	14,811,298		14,811,298
		Sub-total Short-Term Investments:					14,811,298		14,811,298		2.74	%
			Grand total			$	518,316,404		535,693,646		99.08	%

Notes to Schedule of Investments:

(a)

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

(b)

For step bonds, the coupon rate disclosed is the current rate in effect.

(c)

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

(d)

Security has converted to a fixed rate as of February 1, 2015, and will be going forward.

(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)

Variable rate security. Rate as of June 30, 2018 is disclosed.

(g)

Zero coupon bond.

(h)

Rate is determined by a remarketing agent which, in its judgment, on the basis of prevailing financial markets, will be the lowest interest rate necessary to enable the remarketing agent to sell the bonds at a price equal to 100% of the principal amount.

(i)

The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2017, the value of the Clearwater Tax-Exempt Bond Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $6,336,567 with net purchases of $8,474,731 for the six months ended June 30, 2018.

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

Geographical Diversification	Percent
Florida		11.00%
Illinois		9.33
California		8.83
Texas		6.02
New York		4.81
Georgia		4.64
Indiana		4.01
Pennsylvania		3.85
Wisconsin		3.57
Colorado		3.31
Other		40.63
		100.00%

At June 30, 2018, the Clearwater Tax-Exempt Bond Fund had outstanding futures contracts as follows:

Type	Number of Contracts	Notional Amount			Contract Position	Contract Exp.	Value and Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note	598	$	(71,872,125	)	Short	9/18	$	(557,371	)
U.S. Treasury Long Bond	48		(6,960,000	)	Short	9/18		(137,034	)
2-Year U.S. Treasury Note	207		(23,518,758	)	Short	9/18		(89,602	)
5-Year U.S. Treasury Note	77		(16,310,766	)	Short	9/18		(8,662	)
Total							$	(792,669	)

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2018 (unaudited)

Clearwater Tax-Exempt Bond Fund Portfolio Diversification
(as a percentage of net assets)

(flow chart)

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
Common Stocks:
	Australia:
	2,965	AGL ENERGY LTD.	$	31,502		49,327
	23,329	ALUMINA LTD.		18,929		48,341
	4,589	AMCOR LTD.		47,824		48,938
	78,760	AMP LTD.		202,267		207,499
	37,762	APA GROUP		210,499		275,266
	2,554	ASX LTD.		51,631		121,703
	39,920	AUSNET SERVICES		47,786		47,416
	77,846	AUSTRALIA & NEW ZEALAND BANKING GROUP LTD.		1,138,257		1,626,905
	68,613	BANK OF QUEENSLAND LTD.		536,423		517,418
	70,369	BENDIGO & ADELAIDE BANK LTD.		468,821		564,510
	179,910	BGP HOLDINGS PLC(b)		-		-
	11,117	BHP BILLITON LTD.		128,168		278,982
	10,199	BORAL LTD.		28,970		49,287
	17,400	BRAMBLES LTD.		64,294		114,347
	2,100	CALTEX AUSTRALIA LTD.		48,250		50,571
	971	COCHLEAR LTD.		35,893		143,840
	11,157	COMMONWEALTH BANK OF AUSTRALIA		235,177		601,668
	44,716	CSL LTD.		2,946,379		6,374,196
	14,184	DEXUS		62,970		101,925
	97,180	FORTESCUE METALS GROUP LTD.		212,026		315,720
	18,737	GOODMAN GROUP		48,414		133,394
	12,754	GPT GROUP (THE)		47,798		47,759
	18,683	INCITEC PIVOT LTD.		30,152		50,190
	47,825	INSURANCE AUSTRALIA GROUP LTD.		120,292		301,901
	10,015	LENDLEASE GROUP		61,130		146,824
	7,617	MACQUARIE GROUP LTD.		165,840		697,010
	28,767	MIRVAC GROUP		47,560		46,197
	19,199	NATIONAL AUSTRALIA BANK LTD.		247,937		389,447
	7,924	NEWCREST MINING LTD.		69,944		127,839
	24,361	OIL SEARCH LTD.		133,952		160,452
	17,965	ORIGIN ENERGY LTD.(c)		77,152		133,349
	16,330	ORORA LTD.		16,762		43,144
	416	PERPETUAL LTD.		7,027		12,807
	2,468	RAMSAY HEALTH CARE LTD.		49,765		98,591
	30,915	SANTOS LTD.(c)		91,731		143,449
	77,048	SCENTRE GROUP		181,975		250,315
	5,884	SEEK LTD.		49,598		94,971
	9,824	SONIC HEALTHCARE LTD.		79,849		178,339
	101,955	SOUTH32 LTD.		70,421		272,381
	11,647	STAR ENTERTAINMENT GROUP (THE) LTD.		31,304		42,493
	9,837	SYDNEY AIRPORT		33,263		52,124
	23,144	TABCORP HOLDINGS LTD.		58,046		76,390
	18,927	TRANSURBAN GROUP		89,057		167,663
	12,264	TREASURY WINE ESTATES LTD.		49,093		157,831
	43,395	VICINITY CENTRES		66,950		83,176
	12,394	WESFARMERS LTD.		440,675		452,739
	60,491	WESTPAC BANKING CORP.		871,309		1,311,655
	13,446	WOODSIDE PETROLEUM LTD.		310,775		352,852
	16,846	WOOLWORTHS GROUP LTD.		309,168		380,489
				10,373,005		17,943,630		2.96	%
	Austria:
	1,685	BUWOG A.G.(c)		30,804		56,671
	4,493	ERSTE GROUP BANK A.G.(c)		101,578		187,578
	93	IMMOFINANZ A.G.(c)		-		2,218
	313	STRABAG S.E. (BEARER)		5,505		12,245
				137,887		258,712		0.04	%
	Belgium:
	7,120	AGEAS		106,908		359,280
	13,822	ANHEUSER-BUSCH INBEV S.A./N.V.		502,521		1,396,225
	18,158	BARCO N.V.		1,517,130		2,218,034
	24,293	GROUPE BRUXELLES LAMBERT S.A.		2,132,635		2,562,321
	4,347	KBC GROUP N.V.		101,356		335,653
	68,086	ONTEX GROUP N.V.		2,135,625		1,495,599
	2,190	PROXIMUS SADP		49,577		49,385
	1,071	TELENET GROUP HOLDING N.V.(c)		51,789		50,028

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Belgium (Cont’d):
	1,091	UCB S.A.	$	30,547		85,796
				6,628,088		8,552,321		1.41	%
	Brazil:
	876,700	CAMIL ALIMENTOS S.A.(c)		2,209,296		1,492,929
	443,400	GRENDENE S.A.		1,138,996		906,077
	84,200	M DIAS BRANCO S.A.(c)		957,716		812,509
	90,900	RAIA DROGASIL S.A.(c)		1,902,688		1,557,314
				6,208,696		4,768,829		0.79	%
	Canada:
	3,480	AGNICO EAGLE MINES LTD.		121,170		159,540
	170,600	ALAMOS GOLD, INC., CLASS A		1,178,151		970,714
	4,817	ALIMENTATION COUCHE-TARD, INC., CLASS B		138,408		209,256
	5,283	ARC RESOURCES LTD.		52,295		54,572
	3,401	ATCO LTD., CLASS I		110,522		104,980
	95,100	BADGER DAYLIGHTING LTD.		1,696,426		2,290,965
	2,091	BANK OF MONTREAL		112,718		161,630
	9,963	BANK OF NOVA SCOTIA (THE)		462,784		564,139
	22,326	BARRICK GOLD CORP.		176,666		293,287
	49,653	BOMBARDIER, INC., CLASS B(c)		48,169		196,399
	17,842	BROOKFIELD ASSET MANAGEMENT, INC., CLASS A		164,184		723,777
	11,740	CAE, INC.		85,345		243,882
	305,800	CANACCORD GENUITY GROUP, INC.		1,171,500		1,688,745
	15,100	CANADA GOOSE HOLDINGS, INC.(c)		252,671		888,093
	6,639	CANADIAN IMPERIAL BANK OF COMMERCE		268,953		577,520
	15,994	CANADIAN NATIONAL RAILWAY CO.		292,557		1,308,207
	24,770	CANADIAN NATURAL RESOURCES LTD.		548,377		894,030
	3,606	CANADIAN PACIFIC RAILWAY LTD.		112,878		660,828
	22,695	CANADIAN PACIFIC RAILWAY LTD.		2,931,368		4,153,639
	744	CANADIAN TIRE CORP. LTD., CLASS A		50,047		97,114
	7,053	CANADIAN UTILITIES LTD., CLASS A		181,096		178,116
	72,306	CANADIAN WESTERN BANK		1,520,098		1,905,749
	1,570	CCL INDUSTRIES, INC., CLASS B		45,979		76,968
	8,822	CENOVUS ENERGY, INC.		83,447		91,599
	6,978	CGI GROUP, INC., CLASS A(c)		55,128		442,199
	167	CONSTELLATION SOFTWARE, INC.		49,226		129,513
	6,631	CRESCENT POINT ENERGY CORP.		47,243		48,724
	59,847	DOLLARAMA, INC.		2,299,336		2,319,859
	7,455	ECN CAPITAL CORP.		17,223		20,018
	33,604	ENCANA CORP.		212,882		438,885
	211	FAIRFAX FINANCIAL HOLDINGS LTD.		52,589		118,233
	5,843	FIRST QUANTUM MINERALS LTD.		37,831		86,091
	6,289	FORTIS, INC.		195,157		201,015
	2,389	FRANCO-NEVADA CORP.		109,265		174,362
	6,104	GILDAN ACTIVEWEAR, INC.		33,435		171,933
	13,297	GOLDCORP, INC.		152,025		182,566
	391,600	GRAN TIERRA ENERGY, INC.(c)		978,737		1,355,327
	75,599	IMPERIAL OIL LTD.		2,694,988		2,512,970
	1,100	INTERNATIONAL PETROLEUM CORP.(c)		2,833		7,369
	33,281	KINROSS GOLD CORP.(c)		62,810		125,312
	2,077	LOBLAW COS. LTD.		71,240		106,800
	9,476	MAGNA INTERNATIONAL, INC.		61,549		551,124
	31,473	MANULIFE FINANCIAL CORP.		380,571		565,468
	1,775	METHANEX CORP.		26,977		125,512
	3,000	METRO, INC.		54,328		101,982
	111,100	MULLEN GROUP LTD.		1,569,568		1,309,047
	46,114	NORTH WEST (THE) CO., INC.		998,940		1,028,458
	13,432	NUTRIEN LTD.		376,707		730,732
	2,600	ONEX CORP.		105,376		190,830
	6,564	OPEN TEXT CORP.		72,477		231,024
	23,139	PEMBINA PIPELINE CORP.		537,455		801,368
	583	PRAIRIESKY ROYALTY LTD.		11,472		11,508
	3,681	RESTAURANT BRANDS INTERNATIONAL, INC.		137,022		222,039
	2,701	RITCHIE BROS. AUCTIONEERS, INC.		50,064		92,126
	9,354	ROGERS COMMUNICATIONS, INC., CLASS B		221,766		444,273
	27,066	ROYAL BANK OF CANADA		909,444		2,038,005
	33,900	RUSSEL METALS, INC.		637,018		692,879
	4,800	SAPUTO, INC.		103,951		159,373

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Canada (Cont’d):
	4,800	SEVEN GENERATIONS ENERGY LTD., CLASS A(c)	$	46,370		52,905
	6,379	SHAW COMMUNICATIONS, INC., CLASS B		97,657		129,943
	62,400	SHAWCOR LTD.		1,504,741		1,211,309
	658	SHOPIFY, INC., CLASS A(c)		105,670		95,953
	25,735	SHOPIFY, INC., CLASS A(c)		3,104,966		3,754,479
	2,748	SMARTCENTRES REAL ESTATE INVESTMENT TRUST		63,889		63,817
	2,877	SNC-LAVALIN GROUP, INC.		119,463		127,059
	11,810	SUN LIFE FINANCIAL, INC.		235,812		474,592
	32,366	SUNCOR ENERGY, INC.		755,817		1,317,142
	19,201	TECK RESOURCES LTD., CLASS B		97,101		489,135
	4,548	TELUS CORP.		59,716		161,558
	8,041	THOMSON REUTERS CORP.		206,631		324,478
	30,016	TORONTO-DOMINION BANK (THE)		557,894		1,737,282
	3,846	TOURMALINE OIL CORP.		68,146		68,720
	2,568	TRANSCANADA CORP.		64,615		111,108
	104	TRISURA GROUP LTD.(c)		490		2,105
	4,726	WHEATON PRECIOUS METALS CORP.		58,903		104,323
	25,967	YAMANA GOLD, INC.		47,753		75,650
				32,328,076		46,532,231		7.68	%
	China:
	14,379	BAIDU, INC. ADR(c)(d)		1,869,279		3,494,097
	1,632,000	CHINA ZHENGTONG AUTO SERVICES HOLDINGS LTD.		941,242		1,087,917
	3,077,000	GOODBABY INTERNATIONAL HOLDINGS LTD.		1,576,045		1,862,923
	1,977,000	GREATVIEW ASEPTIC PACKAGING CO. LTD.		1,052,505		1,179,306
	42,000	HOLLYSYS AUTOMATION TECHNOLOGIES LTD.		856,363		929,880
	132,000	SHANGHAI HAOHAI BIOLOGICAL TECHNOLOGY CO. LTD., CLASS H(e)		763,143		825,252
	69,255	TENCENT HOLDINGS LTD.		464,936		3,476,167
	3,198,500	XTEP INTERNATIONAL HOLDINGS LTD.		1,375,201		2,189,246
				8,898,714		15,044,788		2.48	%
	Denmark:
	74	AP MOLLER - MAERSK A/S, CLASS A		73,820		87,861
	140	AP MOLLER - MAERSK A/S, CLASS B		147,760		174,409
	18,198	CARLSBERG A/S, CLASS B		1,506,955		2,143,844
	35,335	CHR HANSEN HOLDING A/S		1,625,437		3,264,359
	1,500	COLOPLAST A/S, CLASS B		27,666		149,954
	13,689	DANSKE BANK A/S		157,564		428,589
	1,592	DSV A/S		48,905		128,658
	200	FLSMIDTH & CO. A/S		6,013		11,972
	808	GENMAB A/S(c)		101,229		124,722
	41,056	ISS A/S		1,205,964		1,411,231
	30,356	NILFISK HOLDING A/S(c)		1,652,224		1,482,127
	22,329	NOVO NORDISK A/S, CLASS B		284,997		1,035,962
	2,500	NOVOZYMES A/S, CLASS B		39,158		126,843
	2,600	PANDORA A/S		18,150		181,675
	3,250	TOPDANMARK A/S		33,362		142,329
	3,244	VESTAS WIND SYSTEMS A/S		150,564		200,845
	3,896	WILLIAM DEMANT HOLDING A/S(c)		70,444		156,818
				7,150,212		11,252,198		1.86	%
	Finland:
	95,751	AMER SPORTS OYJ(c)		1,813,075		3,021,323
	2,770	ELISA OYJ		86,574		128,325
	64,770	HUHTAMAKI OYJ		1,931,841		2,396,981
	1,396	KESKO OYJ, CLASS B		30,705		85,425
	4,902	KONE OYJ, CLASS B		86,493		249,934
	7,075	NESTE OYJ		67,704		555,219
	61,900	NOKIA OYJ		203,584		356,374
	2,240	NOKIAN RENKAAT OYJ		31,307		88,521
	1,960	ORION OYJ, CLASS B		49,561		52,851
	103,442	OUTOTEC OYJ(c)		822,621		823,853
	4,598	SAMPO OYJ, CLASS A		184,113		224,447
	15,829	STORA ENSO OYJ (REGISTERED)		75,698		309,810
	11,934	UPM-KYMMENE OYJ		99,928		426,736
	1,849	VALMET OYJ		14,443		35,671

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Finland (Cont’d):
	7,056	WARTSILA OYJ ABP	$	56,960		138,679
				5,554,607		8,894,149		1.47	%
	France:
	1,275	ACCOR S.A.		29,826		62,565
	3,443	AEROPORTS DE PARIS		334,974		778,816
	10,877	AIRBUS S.E.		357,319		1,273,519
	1,093	ARKEMA S.A.		77,841		129,428
	435	ATOS S.E.		30,494		59,410
	30,343	AXA S.A.		403,058		744,657
	16,523	BNP PARIBAS S.A.		678,366		1,026,331
	16,698	BOLLORE S.A.		52,911		77,688
	2,871	BOUYGUES S.A.		90,917		123,750
	3,068	CAPGEMINI S.E.		111,959		412,740
	5,050	CARREFOUR S.A.		91,297		81,797
	8,207	CIE DE SAINT-GOBAIN		279,263		366,785
	3,404	CIE GENERALE DES ETABLISSEMENTS MICHELIN S.C.A.		180,725		414,612
	1,133	COVIVIO		96,781		117,890
	26,672	CREDIT AGRICOLE S.A.		211,038		356,172
	9,359	DANONE S.A.		473,663		687,134
	1,781	EDENRED		26,435		56,281
	67,951	ENGIE S.A.		864,155		1,041,907
	19,018	ESSILOR INTERNATIONAL CIE GENERALE D’OPTIQUE S.A.		2,383,453		2,685,095
	2,806	EURAZEO S.A.		77,893		212,831
	564	GECINA S.A.		51,331		94,383
	9,468	GETLINK		72,457		129,861
	304	ILIAD S.A.		29,549		48,051
	740	INGENICO GROUP S.A.		56,963		66,541
	1,026	KERING S.A.		174,510		579,432
	2,335	KLEPIERRE S.A.		57,367		87,940
	2,119	LAGARDERE S.C.A.		50,227		55,950
	4,882	LEGRAND S.A.		111,114		358,605
	6,266	L’OREAL S.A.		661,338		1,547,637
	16,443	LVMH MOET HENNESSY LOUIS VUITTON S.E.		2,408,212		5,476,449
	20,736	NATIXIS S.A.		68,871		147,182
	39,439	ORANGE S.A.		438,130		660,686
	23,111	PERNOD RICARD S.A.		3,581,297		3,775,765
	12,969	PEUGEOT S.A.		78,174		296,240
	1,281	PUBLICIS GROUPE S.A.		87,132		88,171
	4,895	RENAULT S.A.		134,511		416,324
	2,684	SAFRAN S.A.		123,278		326,132
	23,341	SANOFI		1,427,291		1,871,236
	278	SCHNEIDER ELECTRIC S.E.		8,838		23,209
	7,138	SCHNEIDER ELECTRIC S.E.		267,356		595,340
	1,813	SCOR S.E.		36,441		67,370
	5,438	SES S.A.		87,032		99,639
	14,520	SOCIETE GENERALE S.A.		503,103		612,382
	25,144	SODEXO S.A.		2,299,110		2,514,074
	9,578	TELEVISION FRANCAISE 1		79,414		101,002
	1,413	THALES S.A.		81,763		182,089
	25,714	TOTAL S.A.		1,258,342		1,567,804
	1,568	UNIBAIL-RODAMCO-WESTFIELD(c)		177,708		345,256
	10,960	UNIBAIL-RODAMCO-WESTFIELD - CDI(c)		121,533		118,988
	1,878	VALEO S.A.		76,759		102,682
	13,671	VEOLIA ENVIRONNEMENT S.A.		145,445		292,638
	7,810	VINCI S.A.		316,569		751,166
	88,523	VIVENDI S.A.		1,711,533		2,170,920
	1,345	WENDEL S.A.		91,561		185,342
				23,726,627		36,465,894		6.02	%
	Germany:
	19,779	ADIDAS A.G.		3,158,763		4,318,156
	8,277	ALLIANZ S.E. (REGISTERED)		727,077		1,711,054
	15,026	BASF S.E.		542,099		1,437,305
	25,870	BAYER A.G. (REGISTERED)		1,997,789		2,850,407
	4,753	BAYERISCHE MOTOREN WERKE A.G.		388,601		430,890
	2,206	BEIERSDORF A.G.		146,950		250,507
	1,188	BRENNTAG A.G.		43,546		66,204
	29,496	COMMERZBANK A.G.(c)		190,394		282,831

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Germany (Cont’d):
	916	CONTINENTAL A.G.	$	47,943		209,181
	17,639	DAIMLER A.G. (REGISTERED)		589,913		1,135,613
	17,792	DEUTSCHE BANK A.G. (REGISTERED)		191,448		191,610
	4,525	DEUTSCHE BOERSE A.G.		273,152		603,202
	2,487	DEUTSCHE LUFTHANSA A.G. (REGISTERED)		29,539		59,829
	17,828	DEUTSCHE POST A.G. (REGISTERED)		210,542		582,323
	72,227	DEUTSCHE TELEKOM A.G. (REGISTERED)(c)		948,582		1,119,281
	3,463	DEUTSCHE WOHNEN S.E.		80,362		167,425
	16,171	E.ON S.E.		135,984		172,869
	594	FRESENIUS MEDICAL CARE A.G. & CO. KGAA		21,418		59,920
	6,867	FRESENIUS S.E. & CO. KGAA		150,261		551,727
	30,101	GERRESHEIMER A.G.		2,083,037		2,443,060
	76,043	GRAND CITY PROPERTIES S.A.		1,218,832		1,974,979
	2,246	HANNOVER RUECK S.E.		94,321		280,124
	3,952	HEIDELBERGCEMENT A.G.		143,515		332,660
	671	HENKEL A.G. & CO. KGAA		49,267		74,637
	2,600	HOCHTIEF A.G.		108,936		470,016
	1,280	HUGO BOSS A.G.		70,065		116,234
	21,437	INFINEON TECHNOLOGIES A.G.		117,250		546,495
	58,053	JENOPTIK A.G.		1,164,895		2,276,532
	2,661	K+S A.G. (REGISTERED)		50,126		65,724
	1,373	LINDE A.G.		199,368		286,766
	1,053	LINDE A.G.		242,920		251,349
	542	MAN S.E.		59,053		61,364
	2,050	MERCK KGAA		86,079		200,185
	3,532	METRO A.G.		47,866		43,660
	3,091	MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. IN MUENCHEN (REGISTERED)		382,823		653,531
	1,517	OSRAM LICHT A.G.		42,957		62,004
	1,489	PROSIEBENSAT.1 MEDIA S.E.		25,180		37,785
	85	PUMA S.E.		44,213		49,731
	3,593	RATIONAL A.G.		1,260,610		2,345,511
	3,656	RWE A.G.		77,508		83,362
	17,103	SAP S.E.		683,559		1,976,317
	13,106	SIEMENS A.G. (REGISTERED)		795,701		1,732,853
	21,310	STABILUS S.A.		1,262,498		1,917,452
	33,787	TELEFONICA DEUTSCHLAND HOLDING A.G.		130,155		133,205
	2,356	THYSSENKRUPP A.G.		44,466		57,283
	7,071	TUI A.G. - CDI		57,698		155,117
	9,713	TUI A.G. - CDI		124,901		213,111
	4,249	UNIPER S.E.		47,803		126,729
	404	VOLKSWAGEN A.G.		40,235		66,759
	2,682	VONOVIA S.E.		98,410		127,662
	280	WIRECARD A.G.		45,195		45,107
	1,702	ZALANDO S.E.(c)(e)		61,430		95,146
	12,519	ZOOPLUS A.G.(c)		2,581,661		2,339,150
				23,416,896		37,841,934		6.24	%
	Greece:
	6,746	HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.		54,075		83,507
				54,075		83,507		0.01	%
	Hong Kong:
	669,800	AIA GROUP LTD.		3,771,814		5,856,567
	181,500	BOC HONG KONG HOLDINGS LTD.		447,601		854,801
	56,044	CK ASSET HOLDINGS LTD.		165,366		445,032
	52,044	CK HUTCHISON HOLDINGS LTD.		307,834		551,909
	10,000	CK INFRASTRUCTURE HOLDINGS LTD.		46,496		74,118
	34,500	CLP HOLDINGS LTD.		236,618		371,578
	18,000	GALAXY ENTERTAINMENT GROUP LTD.		39,054		139,377
	15,300	HANG SENG BANK LTD.		175,457		382,617
	23,029	HENDERSON LAND DEVELOPMENT CO. LTD.		45,544		121,814
	103,059	HONG KONG & CHINA GAS CO. LTD.		169,115		197,301
	12,300	HONG KONG EXCHANGES & CLEARING LTD.		212,928		369,991
	40,500	LINK REIT		84,196		369,866
	30,500	MTR CORP. LTD.		88,703		168,719
	43,500	NWS HOLDINGS LTD.		52,825		75,294
	2,690,000	PAX GLOBAL TECHNOLOGY LTD.		1,352,838		1,326,897
	190,000	PCCW LTD.		77,805		107,041

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Hong Kong (Cont’d):
	24,000	POWER ASSETS HOLDINGS LTD.	$	139,092		167,788
	172,800	SANDS CHINA LTD.		551,191		923,952
	27,400	SINO LAND CO. LTD.		29,978		44,563
	517,000	STELLA INTERNATIONAL HOLDINGS LTD.		1,145,145		640,517
	8,000	SUN HUNG KAI PROPERTIES LTD.		65,036		120,730
	19,000	SWIRE PACIFIC LTD., CLASS A		127,857		201,246
	380,400	TECHTRONIC INDUSTRIES CO. LTD.		1,265,925		2,121,253
	1,560,000	VALUE PARTNERS GROUP LTD.		1,265,139		1,232,793
	147,800	VTECH HOLDINGS LTD.		1,970,617		1,705,834
	83,500	WH GROUP LTD.(e)		45,547		68,008
	6,000	WHARF HOLDINGS (THE) LTD.		50,398		19,272
	6,000	WHARF REAL ESTATE INVESTMENT CO. LTD.		34,958		42,712
	19,000	WHEELOCK & CO. LTD.		30,489		132,348
	15,000	YUE YUEN INDUSTRIAL HOLDINGS LTD.		30,233		42,349
				14,025,799		18,876,287		3.11	%
	India:
	228,922	BHARTI INFRATEL LTD.		1,171,536		1,004,196
	330,691	DEWAN HOUSING FINANCE CORP. LTD.		1,624,266		3,077,167
	137,308	HCL TECHNOLOGIES LTD.		1,657,065		1,856,258
	38,045	HDFC BANK LTD. ADR(d)		2,396,990		3,995,486
				6,849,857		9,933,107		1.64	%
	Ireland:
	28,417	ACCENTURE PLC, CLASS A		3,324,792		4,648,737
	1,332	AERCAP HOLDINGS N.V.(c)		50,211		72,128
	12,255	AIB GROUP PLC		70,934		66,548
	8,740	BANK OF IRELAND GROUP PLC		68,337		68,231
	16,075	CRH PLC		247,660		569,742
	22,916	ICON PLC(c)		1,672,592		3,037,057
	11,673	JAMES HARDIE INDUSTRIES PLC - CDI		105,224		195,924
	3,255	KERRY GROUP PLC, CLASS A		214,084		340,587
	33,520	MEDTRONIC PLC		2,582,668		2,869,647
	610	PADDY POWER BETFAIR PLC		67,706		67,674
	19,340	RYANAIR HOLDINGS PLC ADR(c)(d)		2,102,283		2,209,208
	1,642	SMURFIT KAPPA GROUP PLC		65,704		66,538
				10,572,195		14,212,021		2.34	%
	Israel:
	21,007	BANK HAPOALIM B.M.		79,922		142,124
	2,094	CHECK POINT SOFTWARE TECHNOLOGIES LTD.(c)		161,340		204,542
	5,900	MIZRAHI TEFAHOT BANK LTD.		51,135		108,331
	2,937	NICE LTD.(c)		148,741		303,153
	10,209	TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(d)		187,118		248,283
				628,256		1,006,433		0.17	%
	Italy:
	25,746	ASSICURAZIONI GENERALI S.P.A.		314,339		432,051
	16,128	ATLANTIA S.P.A.		316,847		476,884
	66,509	AZIMUT HOLDING S.P.A.		1,015,718		1,029,505
	25,272	BANCA MEDIOLANUM S.P.A.		87,322		171,321
	81,915	ENEL S.P.A.		280,368		455,056
	2,548	ENI S.P.A.		47,597		47,329
	1,022	FERRARI N.V.		9,333		137,980
	22,181	FERRARI N.V.		2,144,396		3,017,696
	83,252	INTERPUMP GROUP S.P.A.		1,681,766		2,589,986
	190,462	INTESA SANPAOLO S.P.A.		334,054		553,051
	10,070	LEONARDO S.P.A.		50,331		99,558
	39,101	LUXOTTICA GROUP S.P.A.		2,058,977		2,523,290
	10,830	MEDIOBANCA BANCA DI CREDITO FINANZIARIO S.P.A.		70,955		100,698
	1,669	PRYSMIAN S.P.A.		29,837		41,573
	695	RIZZOLI CORRIERE DELLA SERA MEDIAGROUP S.P.A.(c)		460		877
	76,191	SNAM S.P.A.		276,534		318,178
	250,485	TECHNOGYM S.P.A.(e)		1,637,786		2,969,041
	5,059	TENARIS S.A.		50,651		92,843
	34,652	TERNA RETE ELETTRICA NAZIONALE S.P.A.		130,368		187,441
	18,447	TOD’S S.P.A.		1,228,297		1,149,288
	26,035	UNICREDIT S.P.A.		388,581		434,651

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Italy (Cont’d):
	95,230	UNIPOLSAI ASSICURAZIONI S.P.A.	$	153,826		210,464
				12,308,343		17,038,761		2.81	%
	Japan:
	1,400	ABC-MART, INC.		51,583		76,629
	4,700	AEON CO. LTD.		52,433		100,610
	4,800	AEON FINANCIAL SERVICE CO. LTD.		49,903		102,490
	3,600	AEON MALL CO. LTD.		50,736		64,707
	2,300	AISIN SEIKI CO. LTD.		37,584		104,909
	15,000	AJINOMOTO CO., INC.		116,767		283,972
	2,500	ALFRESA HOLDINGS CORP.		24,420		58,822
	2,000	AMADA HOLDINGS CO. LTD.		10,582		19,239
	1,400	ANA HOLDINGS, INC.		35,110		51,453
	65,400	ANICOM HOLDINGS, INC.		1,452,220		2,463,243
	1,800	AOZORA BANK LTD.		51,121		68,527
	67,700	ASAHI CO. LTD.		935,870		955,132
	5,600	ASAHI GROUP HOLDINGS LTD.		85,235		286,892
	31,000	ASAHI KASEI CORP.		147,138		394,237
	134,100	ASICS CORP.		2,185,913		2,268,611
	37,000	ASTELLAS PHARMA, INC.		236,149		564,449
	1,500	BANDAI NAMCO HOLDINGS, INC.		14,652		61,916
	6,600	BANK OF KYOTO (THE) LTD.		216,700		305,812
	13,800	BRIDGESTONE CORP.		205,726		540,084
	5,200	BROTHER INDUSTRIES LTD.		38,445		102,765
	156,800	BUNKA SHUTTER CO. LTD.		1,279,360		1,331,274
	15,500	CANON, INC.		438,724		508,337
	48,900	CAPCOM CO. LTD.		539,552		1,205,772
	2,700	CENTRAL JAPAN RAILWAY CO.		229,516		559,924
	4,500	CHUGAI PHARMACEUTICAL CO. LTD.		82,278		236,147
	7,900	CITIZEN WATCH CO. LTD.		31,581		51,946
	9,857	CONCORDIA FINANCIAL GROUP LTD.		47,717		50,213
	2,500	DAI NIPPON PRINTING CO. LTD.		46,806		55,977
	126,800	DAIBIRU CORP.		1,258,794		1,290,734
	16,500	DAI-ICHI LIFE HOLDINGS, INC.		198,959		294,486
	9,700	DAIICHI SANKYO CO. LTD.		150,922		371,213
	4,500	DAIKIN INDUSTRIES LTD.		124,473		539,358
	1,200	DAITO TRUST CONSTRUCTION CO. LTD.		117,985		195,204
	13,600	DAIWA HOUSE INDUSTRY CO. LTD.		194,625		463,836
	25,000	DAIWA SECURITIES GROUP, INC.		96,011		145,260
	8,200	DENSO CORP.		185,234		400,835
	2,800	DENTSU, INC.		46,871		132,773
	84,200	DESCENTE LTD.		762,552		1,492,123
	52,400	DOWA HOLDINGS CO. LTD.		1,799,579		1,616,276
	7,000	EAST JAPAN RAILWAY CO.		392,789		671,138
	3,400	EISAI CO. LTD.		112,861		239,657
	7,500	ELECTRIC POWER DEVELOPMENT CO. LTD.		169,053		193,741
	1,800	FAMILYMART UNY HOLDINGS CO. LTD.		52,590		189,568
	16,800	FANUC CORP.		3,633,463		3,339,060
	1,400	FAST RETAILING CO. LTD.		214,903		643,761
	21,000	FUJI ELECTRIC CO. LTD.		51,969		160,087
	65,700	FUJI OIL HOLDINGS, INC.		1,298,414		2,361,794
	8,800	FUJIFILM HOLDINGS CORP.		165,274		343,845
	18,000	FUJITSU LTD.		64,886		109,221
	70,000	FUKUOKA FINANCIAL GROUP, INC.		230,551		352,165
	3,200	FURUKAWA ELECTRIC CO. LTD.		65,376		111,999
	49,500	HACHIJUNI BANK (THE) LTD.		214,554		211,922
	3,000	HAMAMATSU PHOTONICS K.K.		52,686		128,980
	2,400	HANKYU HANSHIN HOLDINGS, INC.		57,098		96,572
	341	HIROSE ELECTRIC CO. LTD.		28,677		42,288
	95,000	HITACHI LTD.		295,895		670,659
	6,200	HITACHI METALS LTD.		47,471		64,400
	10,000	HONDA MOTOR CO. LTD.		238,405		293,817
	5,300	HOYA CORP.		112,594		301,537
	49,400	IDEC CORP.		1,197,991		1,157,865
	254,800	IDOM, INC.		1,560,383		1,410,761
	18,200	ITOCHU CORP.		192,005		330,005
	4,000	J FRONT RETAILING CO. LTD.		31,099		60,949
	7,000	JAPAN EXCHANGE GROUP, INC.		56,090		130,181

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Japan (Cont’d):
	10	JAPAN REAL ESTATE INVESTMENT CORP.	$	49,036		52,929
	27	JAPAN RETAIL FUND INVESTMENT CORP.		47,846		48,676
	5,400	JAPAN TOBACCO, INC.		155,770		150,955
	5,000	JTEKT CORP.		36,670		68,103
	84,700	JXTG HOLDINGS, INC.		326,972		589,224
	13,000	KAJIMA CORP.		44,950		100,745
	2,100	KANSAI PAINT CO. LTD.		12,205		43,663
	10,000	KAO CORP.		208,279		763,221
	3,500	KAWASAKI HEAVY INDUSTRIES LTD.		71,135		103,215
	29,862	KDDI CORP.		239,416		817,520
	1,200	KEIO CORP.		36,571		58,095
	2,500	KEISEI ELECTRIC RAILWAY CO. LTD.		23,110		85,919
	10,062	KEYENCE CORP.		2,566,618		5,685,578
	6,000	KIKKOMAN CORP.		52,867		302,940
	1,200	KINTETSU GROUP HOLDINGS CO. LTD.		35,697		48,991
	10,000	KIRIN HOLDINGS CO. LTD.		103,112		267,624
	34,100	KOBAYASHI PHARMACEUTICAL CO. LTD.		1,256,667		2,947,541
	5,700	KOMATSU LTD.		142,116		163,100
	2,300	KONAMI HOLDINGS CORP.		50,313		117,166
	21,000	KUBOTA CORP.		129,773		330,606
	4,100	KYOCERA CORP.		137,688		231,339
	5,000	KYOWA HAKKO KIRIN CO. LTD.		54,616		100,845
	8,000	KYUSHU ELECTRIC POWER CO., INC.		70,471		89,310
	1,400	LAWSON, INC.		63,601		87,504
	1,900	LIXIL GROUP CORP.		21,742		38,029
	2,400	M3, INC.		51,468		95,705
	3,200	MAKITA CORP.		82,169		143,504
	32,000	MARUBENI CORP.		162,807		244,260
	6,500	MARUI GROUP CO. LTD.		32,287		137,027
	11,400	MAZDA MOTOR CORP.		95,886		140,035
	2,400	MEIJI HOLDINGS CO. LTD.		38,749		202,466
	40,300	MEITEC CORP.		1,189,603		1,936,467
	8,700	MINEBEA MITSUMI, INC.		84,406		147,259
	36,800	MITSUBISHI CHEMICAL HOLDINGS CORP.		149,792		308,254
	18,300	MITSUBISHI CORP.		250,540		508,760
	40,000	MITSUBISHI ELECTRIC CORP.		322,861		532,719
	19,000	MITSUBISHI ESTATE CO. LTD.		228,537		332,412
	8,500	MITSUBISHI GAS CHEMICAL CO., INC.		75,149		192,702
	5,700	MITSUBISHI HEAVY INDUSTRIES LTD.		185,317		207,530
	13,300	MITSUBISHI MOTORS CORP.		60,808		106,073
	3,800	MITSUBISHI TANABE PHARMA CORP.		49,996		65,693
	195,000	MITSUBISHI UFJ FINANCIAL GROUP, INC.		915,016		1,111,543
	27,000	MITSUBISHI UFJ LEASE & FINANCE CO. LTD.		83,878		166,075
	14,000	MITSUI & CO. LTD.		128,045		233,618
	7,400	MITSUI CHEMICALS, INC.		87,469		197,173
	300	MITSUI MINING & SMELTING CO. LTD.		5,391		12,776
	370,200	MIZUHO FINANCIAL GROUP, INC.		565,773		623,604
	63,800	MORITA HOLDINGS CORP.		1,126,115		1,288,505
	8,280	MS&AD INSURANCE GROUP HOLDINGS, INC.		177,615		257,565
	3,600	MURATA MANUFACTURING CO. LTD.		162,615		605,446
	75,900	N FIELD CO. LTD.		1,350,940		1,198,331
	5,000	NGK INSULATORS LTD.		63,091		89,103
	4,100	NGK SPARK PLUG CO. LTD.		48,644		117,021
	3,000	NH FOODS LTD.		72,315		121,257
	3,900	NIDEC CORP.		129,234		585,625
	82,400	NIHON PARKERIZING CO. LTD.		1,121,238		1,187,828
	2,600	NINTENDO CO. LTD.		285,625		850,111
	22	NIPPON BUILDING FUND, INC.		90,970		126,975
	1,700	NIPPON EXPRESS CO. LTD.		60,747		123,452
	15,200	NIPPON TELEGRAPH & TELEPHONE CORP.		342,697		691,390
	5,000	NISSAN CHEMICAL INDUSTRIES LTD.		50,851		233,482
	4,800	NISSAN MOTOR CO. LTD.		35,069		46,736
	3,670	NISSHIN SEIFUN GROUP, INC.		31,991		77,732
	1,200	NISSIN FOODS HOLDINGS CO. LTD.		43,959		86,817
	2,700	NITORI HOLDINGS CO. LTD.		87,310		421,406
	4,000	NITTO DENKO CORP.		125,248		302,868
	97,400	NOMURA HOLDINGS, INC.		360,220		473,474

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Japan (Cont’d):
	8,400	NOMURA REAL ESTATE HOLDINGS, INC.	$	130,390		186,490
	3,267	NOMURA RESEARCH INSTITUTE LTD.		43,930		158,459
	7,000	NSK LTD.		50,459		72,267
	7,000	NTT DATA CORP.		36,520		80,676
	27,600	NTT DOCOMO, INC.		449,493		703,617
	18,900	NTT URBAN DEVELOPMENT CORP.		159,857		203,143
	12,000	OBAYASHI CORP.		48,665		124,970
	5,100	OLYMPUS CORP.		71,174		191,166
	1,100	OMRON CORP.		31,828		51,366
	5,000	ONO PHARMACEUTICAL CO. LTD.		43,040		117,283
	4,800	ORIENTAL LAND CO. LTD.		113,097		503,997
	12,200	ORIX CORP.		138,498		193,058
	2,400	OSAKA GAS CO. LTD.		36,678		49,695
	6,100	OTSUKA HOLDINGS CO. LTD.		176,203		295,537
	36,000	PANASONIC CORP.		242,138		485,625
	2,600	PARK24 CO. LTD.		51,627		70,803
	8,400	RAKUTEN, INC.		40,327		56,857
	3,100	RECRUIT HOLDINGS CO. LTD.		50,726		85,847
	19,300	RESONA HOLDINGS, INC.		74,265		103,303
	1,200	RINNAI CORP.		52,047		105,894
	4,200	ROHM CO. LTD.		166,807		352,798
	200	RYOHIN KEIKAKU CO. LTD.		45,535		70,451
	13,000	SANTEN PHARMACEUTICAL CO. LTD.		85,886		226,735
	13,720	SBI HOLDINGS, INC.		111,165		353,673
	3,400	SECOM CO. LTD.		133,812		261,246
	7,300	SEGA SAMMY HOLDINGS, INC.		68,324		125,145
	8,400	SEIBU HOLDINGS, INC.		139,989		141,726
	13,000	SEKISUI CHEMICAL CO. LTD.		66,177		221,686
	6,000	SEKISUI HOUSE LTD.		44,394		106,219
	13,300	SEVEN & I HOLDINGS CO. LTD.		300,882		580,340
	35,900	SEVEN BANK LTD.		107,465		109,923
	4,000	SHIMADZU CORP.		25,419		121,031
	1,000	SHIMAMURA CO. LTD.		61,206		88,064
	1,500	SHIMANO, INC.		58,204		220,295
	6,000	SHIMIZU CORP.		50,949		62,268
	9,200	SHIN-ETSU CHEMICAL CO. LTD.		461,684		820,409
	4,000	SHIONOGI & CO. LTD.		67,679		205,609
	5,900	SHISEIDO CO. LTD.		88,706		468,845
	900	SMC CORP.		106,941		330,280
	18,400	SOFTBANK GROUP CORP.		412,233		1,325,053
	9,000	SOMPO HOLDINGS, INC.		202,248		364,178
	18,800	SONY CORP.		260,756		961,778
	10,900	SQUARE ENIX HOLDINGS CO. LTD.		342,427		535,573
	2,700	STANLEY ELECTRIC CO. LTD.		30,745		92,183
	5,700	SUBARU CORP.		26,572		166,034
	25,000	SUMITOMO CHEMICAL CO. LTD.		74,256		141,806
	7,800	SUMITOMO CORP.		67,035		128,221
	4,000	SUMITOMO DAINIPPON PHARMA CO. LTD.		45,511		84,722
	8,800	SUMITOMO ELECTRIC INDUSTRIES LTD.		75,679		131,148
	2,400	SUMITOMO HEAVY INDUSTRIES LTD.		39,379		81,073
	7,000	SUMITOMO MITSUI FINANCIAL GROUP, INC.		248,253		272,249
	1,331	SUMITOMO MITSUI TRUST HOLDINGS, INC.		33,400		52,812
	4,000	SUMITOMO REALTY & DEVELOPMENT CO. LTD.		110,500		147,731
	68,700	SUMITOMO RUBBER INDUSTRIES LTD.		896,144		1,092,101
	9,300	SUZUKI MOTOR CORP.		199,522		513,909
	31,885	SYSMEX CORP.		981,487		2,977,834
	7,200	T&D HOLDINGS, INC.		71,473		108,245
	1,400	TAIHEIYO CEMENT CORP.		29,931		46,091
	3,400	TAISEI CORP.		55,809		187,635
	5,000	TAKASHIMAYA CO. LTD.		31,428		42,813
	5,600	TAKEDA PHARMACEUTICAL CO. LTD.		196,205		236,615
	1,100	TDK CORP.		52,815		112,469
	31,400	TECHNOPRO HOLDINGS, INC.		1,204,459		1,931,391
	5,800	TEIJIN LTD.		67,529		106,450
	5,800	TERUMO CORP.		117,165		332,656
	2,000	THK CO. LTD.		29,290		57,354
	1,500	TOHO CO. LTD.		25,533		50,332

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Japan (Cont’d):
	3,400	TOHO GAS CO. LTD.	$	81,221		117,771
	10,600	TOHOKU ELECTRIC POWER CO., INC.		96,604		129,538
	14,400	TOKIO MARINE HOLDINGS, INC.		359,676		675,421
	28,100	TOKYO ELECTRIC POWER CO. HOLDINGS, INC.(c)		104,659		130,963
	3,300	TOKYO ELECTRON LTD.		135,391		566,915
	6,000	TOKYO GAS CO. LTD.		103,615		159,355
	9,800	TOKYO TATEMONO CO. LTD.		110,919		134,632
	12,500	TOKYU CORP.		103,448		215,418
	20,000	TOKYU FUDOSAN HOLDINGS CORP.		69,576		141,264
	17,000	TORAY INDUSTRIES, INC.		70,413		134,200
	68,000	TOSHIBA CORP.(c)		187,287		204,525
	3,000	TOTO LTD.		30,029		139,277
	3,000	TOYO SUISAN KAISHA LTD.		74,690		106,896
	4,000	TOYOTA INDUSTRIES CORP.		101,266		224,360
	46,662	TOYOTA MOTOR CORP.		1,594,403		3,021,872
	1,800	TOYOTA TSUSHO CORP.		14,973		60,317
	900	TREND MICRO, INC.		26,540		51,375
	87,500	TSUMURA & CO.		2,572,511		2,829,337
	7,800	UNICHARM CORP.		68,794		234,814
	47	UNITED URBAN INVESTMENT CORP.		64,693		72,974
	47,500	USHIO, INC.		553,345		604,503
	4,900	USS CO. LTD.		56,003		93,295
	4,100	WEST JAPAN RAILWAY CO.		134,756		302,329
	443,200	YAHOO JAPAN CORP.		1,937,289		1,473,130
	2,500	YAKULT HONSHA CO. LTD.		74,984		167,096
	16,300	YAMADA DENKI CO. LTD.		56,674		81,121
	8,300	YAMAHA MOTOR CO. LTD.		106,577		208,859
	3,000	YAMATO HOLDINGS CO. LTD.		46,642		88,443
	4,000	YAMAZAKI BAKING CO. LTD.		44,679		104,774
	5,000	YASKAWA ELECTRIC CORP.		48,019		176,805
	70,300	ZOJIRUSHI CORP.		1,024,437		859,741
				60,930,668		97,754,348		16.13	%
	Jersey:
	1,320	RANDGOLD RESOURCES LTD.		104,369		101,388
				104,369		101,388		0.02	%
	Mexico:
	3,986	FRESNILLO PLC		52,236		60,154
	1,059,134	WAL-MART DE MEXICO S.A.B. DE C.V.		2,640,356		2,792,324
				2,692,592		2,852,478		0.47	%
	Netherlands:
	9,540	AALBERTS INDUSTRIES N.V.		176,556		456,996
	774	ABN AMRO GROUP N.V. - CVA(e)		20,171		20,084
	1,843	ABN AMRO GROUP N.V. - CVA(e)		46,894		47,651
	39,919	ACCELL GROUP		739,842		853,099
	35,981	AEGON N.V.		133,041		215,808
	7,074	AKZO NOBEL N.V.		412,307		605,698
	99,880	ARCADIS N.V.		1,934,773		1,803,252
	27,560	ARCELORMITTAL		380,361		808,155
	7,173	ASML HOLDING N.V.		106,863		1,421,514
	36,253	BETER BED HOLDING N.V.		632,263		292,967
	23,129	CORE LABORATORIES N.V.		2,535,916		2,919,111
	3,610	EXOR N.V.		90,616		243,249
	2,765	HEINEKEN HOLDING N.V.		148,540		265,098
	3,662	HEINEKEN N.V.		128,663		367,863
	331,816	ING GROEP N.V.		3,518,805		4,777,035
	42,862	INTERTRUST N.V.(e)		817,000		761,826
	17,656	KONINKLIJKE AHOLD DELHAIZE N.V.		203,381		422,786
	3,281	KONINKLIJKE DSM N.V.		122,903		329,973
	51,375	KONINKLIJKE KPN N.V.		108,346		139,790
	45,035	KONINKLIJKE PHILIPS N.V.		1,203,101		1,915,659
	1,264	NN GROUP N.V.		37,113		51,427
	4,877	NXP SEMICONDUCTORS N.V.(c)		393,113		532,910
	316,161	POSTNL N.V.		1,187,676		1,187,019
	8,117	QIAGEN N.V.(c)		119,394		295,746
	3,238	RANDSTAD N.V.		99,928		190,655
	62,525	ROYAL DUTCH SHELL PLC, CLASS A		1,556,275		2,169,382

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Netherlands (Cont’d):
	81,662	ROYAL DUTCH SHELL PLC, CLASS B	$	1,800,118		2,924,432
	6,193	WOLTERS KLUWER N.V.		101,075		349,025
				18,755,034		26,368,210		4.35	%
	New Zealand:
	5,783	A2 MILK CO. LTD.(c)		46,019		44,887
	16,545	AUCKLAND INTERNATIONAL AIRPORT LTD.		50,086		75,976
	169,758	SPARK NEW ZEALAND LTD.		404,493		428,865
				500,598		549,728		0.09	%
	Norway:
	1,596	AKER BP ASA		59,621		58,946
	14,797	DNB ASA		107,533		289,423
	11,584	EQUINOR ASA		201,736		307,793
	5,275	MARINE HARVEST ASA		105,431		105,055
	68,659	ORKLA ASA		472,842		601,921
	1,589	SCHIBSTED ASA, CLASS B		47,016		44,874
	14,536	TELENOR ASA		210,513		298,329
	120,979	XXL ASA(e)		1,349,217		980,387
	2,500	YARA INTERNATIONAL ASA		58,115		103,753
				2,612,024		2,790,481		0.46	%
	Philippines:
	3,065,000	VISTA LAND & LIFESCAPES, INC.		315,279		352,632
				315,279		352,632		0.06	%
	Poland:
	23,200	CCC S.A.		1,222,714		1,282,127
				1,222,714		1,282,127		0.21	%
	Portugal:
	20,567	EDP - ENERGIAS DE PORTUGAL S.A.		48,529		81,662
	8,119	GALP ENERGIA SGPS S.A.		108,273		154,878
	10,286	JERONIMO MARTINS SGPS S.A.		127,947		148,588
				284,749		385,128		0.06	%
	Singapore:
	124,600	CAPITALAND LTD.		247,485		288,980
	36,000	CAPITALAND MALL TRUST		34,133		54,694
	5,000	CITY DEVELOPMENTS LTD.		14,259		40,110
	28,300	DBS GROUP HOLDINGS LTD.		159,243		552,707
	21,000	KEPPEL CORP. LTD.		53,869		110,202
	7,840	KEPPEL REIT		3,183		6,329
	10,900	OVERSEA-CHINESE BANKING CORP. LTD.		76,296		93,120
	12,000	SINGAPORE AIRLINES LTD.		70,334		94,150
	13,000	SINGAPORE EXCHANGE LTD.		40,226		68,411
	24,600	SINGAPORE PRESS HOLDINGS LTD.		41,284		46,943
	49,000	SINGAPORE TECHNOLOGIES ENGINEERING LTD.		119,584		118,319
	112,000	SINGAPORE TELECOMMUNICATIONS LTD.		184,276		253,182
	4,600	UNITED OVERSEAS BANK LTD.		26,071		90,346
	15,000	UOL GROUP LTD.		49,917		83,890
	35,400	WILMAR INTERNATIONAL LTD.		68,955		79,504
				1,189,115		1,980,887		0.33	%
	South Africa:
	6,584	MEDICLINIC INTERNATIONAL PLC		46,858		45,757
	73,408	OLD MUTUAL LTD.(c)		87,200		145,708
				134,058		191,465		0.03	%
	South Korea:
	173,742	BNK FINANCIAL GROUP, INC.		1,666,526		1,457,593
	238,308	DGB FINANCIAL GROUP, INC.		2,459,771		2,191,707
	8,573	HYUNDAI MIPO DOCKYARD CO. LTD.(c)		730,021		659,994
	6,241	HYUNDAI MOTOR CO.		879,730		702,777
	3,728	KOREA INVESTMENT HOLDINGS CO. LTD.		132,374		281,314
	3,152	KT&G CORP.		314,672		302,615
	247	NAVER CORP.		155,614		169,099
	126,473	SAMSUNG ELECTRONICS CO. LTD.		3,782,233		5,293,823
				10,120,941		11,058,922		1.82	%
	Spain:
	1,260	ACCIONA S.A.		78,312		104,354
	1,731	ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A.		50,359		70,145

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Spain (Cont’d):
	583	AENA S.M.E. S.A.(e)	$	50,199		105,869
	33,684	AMADEUS IT GROUP S.A.		2,448,106		2,659,125
	127,837	BANCO BILBAO VIZCAYA ARGENTARIA S.A.		731,627		906,776
	28,723	BANCO DE SABADELL S.A.		46,826		48,151
	160,514	BANCO SANTANDER S.A.		708,650		860,762
	329,788	BANKIA S.A.		1,491,749		1,235,100
	7,551	BANKINTER S.A.		51,111		73,560
	96,203	CAIXABANK S.A.		236,376		416,354
	46,016	CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.		1,972,504		2,208,611
	10,362	ENAGAS S.A.		213,104		303,003
	13,433	FERROVIAL S.A.		246,565		275,700
	16,489	GAS NATURAL SDG S.A.		264,629		436,723
	15,282	GRIFOLS S.A.		273,864		460,078
	54,401	IBERDROLA S.A.		265,914		420,819
	45,260	INDUSTRIA DE DISENO TEXTIL S.A.		1,213,200		1,546,526
	21,686	MAPFRE S.A.		49,735		65,465
	26,579	RED ELECTRICA CORP. S.A.		390,097		541,319
	47,986	REPSOL S.A.		589,129		939,478
	13,844	TELEFONICA S.A.		117,739		117,680
				11,489,795		13,795,598		2.28	%
	Sweden:
	22,200	ASSA ABLOY AB, CLASS B		89,466		473,161
	85,889	ATLAS COPCO AB, CLASS A		2,102,247		2,500,891
	4,000	ATLAS COPCO AB, CLASS B		22,805		104,792
	315,176	CLOETTA AB, CLASS B		1,231,417		956,428
	49,173	DUNI AB		561,852		703,824
	7,501	ELECTROLUX AB, CLASS B		95,788		170,844
	9,604	EPIROC AB, CLASS A(c)		18,146		100,782
	4,000	EPIROC AB, CLASS B(c)		7,248		36,620
	8,600	ESSITY AB, CLASS B		62,137		212,390
	88,478	GRANGES AB		998,575		1,158,732
	10,170	HENNES & MAURITZ AB, CLASS B		153,747		151,583
	43,495	HEXAGON AB, CLASS B		2,396,105		2,425,629
	17,500	HUSQVARNA AB, CLASS B		64,201		166,115
	8,270	INDUSTRIVARDEN AB, CLASS C		85,948		160,382
	10,953	INVESTOR AB, CLASS B		150,033		446,228
	3,000	KINNEVIK AB, CLASS B		51,225		102,794
	3,301	LUNDIN PETROLEUM AB		46,596		105,294
	41,436	NORDEA BANK AB		232,747		399,151
	13,973	SANDVIK AB		86,678		248,048
	13,348	SECURITAS AB, CLASS B		106,689		219,741
	35,236	SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A		139,725		335,021
	2,800	SKANSKA AB, CLASS B		23,703		50,893
	8,600	SVENSKA CELLULOSA AB S.C.A., CLASS B		15,915		93,444
	26,700	SVENSKA HANDELSBANKEN AB, CLASS A		161,721		296,788
	7,280	SWEDBANK AB, CLASS A		153,405		155,894
	153,163	TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B		832,332		1,184,366
	112,540	TETHYS OIL AB		863,807		1,274,073
	124,540	THULE GROUP AB (THE)(e)		1,917,481		3,097,944
	25,108	VOLVO AB, CLASS B		162,740		401,425
				12,834,479		17,733,277		2.93	%
	Switzerland:
	201,168	ABB LTD. (REGISTERED)		3,967,183		4,410,136
	3,728	ADECCO GROUP A.G. (REGISTERED)		131,290		221,203
	484	BALOISE HOLDING A.G. (REGISTERED)		26,452		70,525
	6,726	BUCHER INDUSTRIES A.G. (REGISTERED)		1,903,406		2,257,621
	35	CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE)		50,308		227,254
	3	CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (REGISTERED)		75,352		228,416
	28,902	CHUBB LTD.		2,721,276		3,671,132
	28,468	CIE FINANCIERE RICHEMONT S.A. (REGISTERED)		1,930,806		2,418,184
	26,209	CREDIT SUISSE GROUP A.G. (REGISTERED)(c)		305,324		395,662
	3,956	FERGUSON PLC		70,457		321,087
	990	GEBERIT A.G. (REGISTERED)		85,632		425,771
	140	GIVAUDAN S.A. (REGISTERED)		76,496		318,368
	121,887	GLENCORE PLC(c)		266,010		582,315

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Switzerland (Cont’d):
	1,807	IDORSIA LTD.(c)	$	18,603		47,990
	4,134	JULIUS BAER GROUP LTD.(c)		87,890		243,289
	41,698	LAFARGEHOLCIM LTD. (REGISTERED)(c)		2,146,364		2,037,109
	34,310	LOGITECH INTERNATIONAL S.A. (REGISTERED)		625,267		1,506,209
	897	LONZA GROUP A.G. (REGISTERED)(c)		50,452		238,675
	122,913	NESTLE S.A. (REGISTERED)		6,195,925		9,544,592
	65,681	NOVARTIS A.G. (REGISTERED)		3,393,411		4,992,897
	16,323	PANALPINA WELTTRANSPORT HOLDING A.G. (REGISTERED)		1,593,513		2,225,189
	9,695	PARGESA HOLDING S.A. (BEARER)		636,914		823,336
	12,406	ROCHE HOLDING A.G. (GENUSSCHEIN)		1,614,189		2,762,944
	1,381	SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE)		108,493		297,871
	589	SCHINDLER HOLDING A.G. (REGISTERED)		68,597		124,188
	121	SGS S.A. (REGISTERED)		130,564		322,813
	21,840	SIKA A.G. (REGISTERED)		2,339,326		3,030,209
	1,300	SONOVA HOLDING A.G. (REGISTERED)		84,464		233,470
	7,867	STMICROELECTRONICS N.V.		36,286		175,565
	635	SULZER A.G. (REGISTERED)		30,609		77,331
	984	SWATCH GROUP (THE) A.G. (BEARER)		257,037		468,103
	743	SWISS LIFE HOLDING A.G. (REGISTERED)(c)		101,194		258,846
	504	SWISS RE A.G.		37,466		43,616
	529	SWISSCOM A.G. (REGISTERED)		191,612		236,749
	29,598	TE CONNECTIVITY LTD.		750,239		2,665,596
	4,544	TECAN GROUP A.G. (REGISTERED)		831,886		1,105,831
	252,542	UBS GROUP A.G. (REGISTERED)(c)		4,121,558		3,908,115
	4,668	ZURICH INSURANCE GROUP A.G.		912,787		1,386,306
				37,974,638		54,304,513		8.96	%
	Taiwan:
	625,846	CHICONY ELECTRONICS CO. LTD.		1,612,040		1,410,224
	361,000	GIANT MANUFACTURING CO. LTD.		1,983,969		1,527,429
	2,448,600	KING YUAN ELECTRONICS CO. LTD.		2,462,778		2,228,665
	323,000	MERIDA INDUSTRY CO. LTD.		1,692,528		1,615,609
	96,161	TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. ADR(d)		1,911,494		3,515,646
	663,000	TRIPOD TECHNOLOGY CORP.		1,817,057		1,822,307
				11,479,866		12,119,880		2.00	%
	Thailand:
	2,348,700	LPN DEVELOPMENT PCL (REGISTERED)		1,016,239		708,935
				1,016,239		708,935		0.12	%
	Turkey:
	68,099	MAVI GIYIM SANAYI VE TICARET A.S., CLASS B(e)		855,265		578,727
				855,265		578,727		0.09	%
	United Kingdom:
	25,248	3I GROUP PLC		88,645		300,089
	2,834	ADMIRAL GROUP PLC		35,119		71,344
	58,936	ANGLO AMERICAN PLC		468,356		1,318,229
	12,195	AON PLC		1,218,437		1,672,788
	1,891	ASHTEAD GROUP PLC		49,652		56,726
	11,482	ASSOCIATED BRITISH FOODS PLC		349,112		414,899
	26,375	ASTRAZENECA PLC		983,695		1,828,486
	14,221	AUTO TRADER GROUP PLC(e)		68,171		79,934
	76,752	AVIVA PLC		307,975		510,519
	5,239	BABCOCK INTERNATIONAL GROUP PLC		41,807		56,544
	46,467	BAE SYSTEMS PLC		230,164		396,649
	318,603	BARCLAYS PLC		647,028		794,700
	16,437	BELLWAY PLC		442,531		651,650
	2,391	BERKELEY GROUP HOLDINGS (THE) PLC		71,739		119,437
	40,530	BOVIS HOMES GROUP PLC		415,638		612,722
	272,121	BP PLC		1,596,033		2,076,859
	15,241	BRITISH AMERICAN TOBACCO PLC		352,059		770,378
	37,587	BRITISH LAND (THE) CO. PLC		252,586		333,448
	125,949	BT GROUP PLC		346,733		362,030
	5,757	BUNZL PLC		59,557		174,370
	8,202	BURBERRY GROUP PLC		40,549		233,811
	83,639	CENTRICA PLC		167,720		174,018
	13,580	CNH INDUSTRIAL N.V.		56,886		144,251

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	United Kingdom (Cont’d):
	1,447	COCA-COLA EUROPEAN PARTNERS PLC	$	55,218		58,806
	405,623	COMPASS GROUP PLC		5,559,054		8,664,170
	16,550	CONVATEC GROUP PLC(e)		46,885		46,392
	2,332	CRODA INTERNATIONAL PLC		82,807		147,789
	70,113	DIAGEO PLC		941,574		2,518,711
	50,421	DIXONS CARPHONE PLC		103,690		124,170
	3,792	EASYJET PLC		49,609		83,725
	176,111	EXPERIAN PLC		3,132,395		4,356,760
	10,222	FIAT CHRYSLER AUTOMOBILES N.V.(c)		17,872		193,094
	24,413	FIAT CHRYSLER AUTOMOBILES N.V.		161,492		465,674
	30,218	G4S PLC		92,368		106,759
	149,626	GLAXOSMITHKLINE PLC		2,621,182		3,020,880
	129,347	GREGGS PLC		1,419,609		1,699,375
	25,875	HAMMERSON PLC		126,745		178,460
	226,183	HSBC HOLDINGS PLC		1,416,410		2,121,475
	45,732	IMI PLC		652,022		683,217
	18,792	IMPERIAL BRANDS PLC		441,174		699,877
	12,262	INDIVIOR PLC(c)		11,861		62,012
	2,381	INFORMA PLC		26,331		26,238
	1,338	INTERCONTINENTAL HOTELS GROUP PLC		52,044		83,347
	32,745	INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A. -CDI		90,834		287,638
	622	INTERTEK GROUP PLC		47,316		46,922
	63,684	INTU PROPERTIES PLC		169,226		151,453
	24,324	ITV PLC		24,019		55,857
	31,939	J SAINSBURY PLC		93,794		135,391
	102,556	JOHN WOOD GROUP PLC		1,218,120		849,717
	2,248	JOHNSON MATTHEY PLC		35,933		107,368
	30,414	KINGFISHER PLC		60,107		119,213
	26,094	LAND SECURITIES GROUP PLC		262,910		329,533
	23,585	LEGAL & GENERAL GROUP PLC		66,978		82,796
	3,027,297	LLOYDS BANKING GROUP PLC		2,461,762		2,519,021
	6,030	LONDON STOCK EXCHANGE GROUP PLC		69,795		355,806
	1,023,729	MAN GROUP PLC		1,865,102		2,385,983
	14,004	MARKS & SPENCER GROUP PLC		54,346		54,540
	7,217	MEGGITT PLC		16,687		46,985
	35,540	MELROSE INDUSTRIES PLC		51,515		99,765
	4,162	MICRO FOCUS INTERNATIONAL PLC		74,859		72,697
	50,296	NATIONAL GRID PLC		443,209		556,514
	2,148	NEXT PLC		36,823		171,507
	34,908	OXFORD INSTRUMENTS PLC		539,512		460,698
	7,366	PEARSON PLC		69,206		86,033
	46,063	PRUDENTIAL PLC		714,750		1,054,431
	24,469	QUILTER PLC(c)(e)		49,058		46,799
	12,341	RECKITT BENCKISER GROUP PLC		519,685		1,016,148
	37,896	RELX N.V.		361,301		808,317
	161,400	RELX PLC		1,753,809		3,456,049
	23,247	RIO TINTO LTD.		733,396		1,435,497
	37,688	RIO TINTO PLC		992,616		2,089,525
	18,136	ROLLS-ROYCE HOLDINGS PLC(c)		203,949		236,526
	2,245,446	ROLLS-ROYCE HOLDINGS PLC(c)		3,125		2,963
	848,876	ROYAL BANK OF SCOTLAND GROUP PLC(c)		3,219,507		2,869,099
	20,657	SAGE GROUP (THE) PLC		74,323		171,369
	16,135	SEGRO PLC		67,053		142,543
	4,954	SEVERN TRENT PLC		76,220		129,421
	703,745	SIG PLC		1,511,381		1,297,488
	19,613	SKY PLC		145,505		378,298
	26,103	SMITH & NEPHEW PLC		251,030		481,603
	2,453	SMITHS GROUP PLC		28,519		54,970
	15,150	SSE PLC		261,972		270,922
	92,045	STANDARD CHARTERED PLC		654,783		841,346
	39,357	STANDARD LIFE ABERDEEN PLC		131,737		169,173
	1,424	TECHNIPFMC PLC		35,975		45,482
	1,097,392	TESCO PLC		3,709,702		3,717,743
	3,970	TRAVIS PERKINS PLC		69,979		74,531
	11,442	UNILEVER N.V. - CVA		333,348		638,502
	24,244	UNILEVER PLC		545,189		1,341,273
	21,836	UNITED UTILITIES GROUP PLC		202,552		219,939

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

Shares			Security	Cost		Fair value (a)		Percent of net assets
	United Kingdom (Cont’d):
	3,762		WEIR GROUP (THE) PLC	$	43,887		99,298
	5,178		WHITBREAD PLC		168,592		270,545
	20,383		WM MORRISON SUPERMARKETS PLC		52,509		67,789
	23,432		WPP PLC		141,019		368,928
					50,109,058		71,266,766		11.76	%
	United States:
	137,877		ARCH CAPITAL GROUP LTD.(c)		1,891,836		3,648,225
	20,110		AXIS CAPITAL HOLDINGS LTD.		1,025,983		1,118,518
	4,351		CARNIVAL PLC		131,345		249,615
	4,045		METTLER-TOLEDO INTERNATIONAL, INC.(c)		2,349,784		2,340,558
	1,487		ONEMARKET LTD.(c)		1,709		1,409
	9,299		SHIRE PLC		267,371		523,416
	1,794		VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(c)		41,403		41,758
	3,950		WORLDPAY, INC., CLASS A(c)		310,561		323,031
					6,019,992		8,246,530		1.36	%
		Sub-total Common Stocks:			399,502,806		573,126,822		94.56	%
Preferred Stocks:
	Brazil:
	187,700		ALPARGATAS S.A., 1.83%(f)		600,320		585,995
	219,451		TELEFONICA BRASIL S.A. ADR, 3.40%(d)(f)		2,825,129		2,604,883
					3,425,449		3,190,878		0.53	%
	Germany:
	1,521		BAYERISCHE MOTOREN WERKE A.G., 5.88%(f)		49,612		121,316
	1,217		HENKEL A.G. & CO. KGAA, 1.64%(f)		101,251		155,623
	1,443		PORSCHE AUTOMOBIL HOLDING S.E., 3.22%(f)		60,635		91,941
	770		VOLKSWAGEN A.G., 2.79%(f)		99,996		127,885
					311,494		496,765		0.08	%
	South Korea:
	1,888		HYUNDAI MOTOR CO. LTD., 4.71%(f)		176,037		153,818
	16,100		SAMSUNG ELECTRONICS CO. LTD., 2.87%(f)		366,307		543,890
					542,344		697,708		0.11	%
		Sub-total Preferred Stocks:			4,279,287		4,385,351		0.72	%
Rights:
	Italy:
	190,462		INTESA SANPAOLO S.P.A.(c)		-		-
					-		-		0.00	%
	Spain:
	1,731		ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A.(c)		1,889		1,783
	47,986		REPSOL S.A.(c)		27,036		27,240
					28,925		29,023		0.01	%
		Sub-total Rights:			28,925		29,023		0.01	%
Investment Companies:
	United States:
	36,700		ISHARES MSCI EAFE SMALL-CAP ETF		2,453,033		2,302,558
					2,453,033		2,302,558		0.38	%
			Sub-total Investment Companies:		2,453,033		2,302,558		0.38	%
Short-Term Investments:
	23,158,196		NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 1.75%(g)		23,158,196		23,158,196
		Sub-total Short-Term Investments:			23,158,196		23,158,196		3.82	%
			Grand total	$	429,422,247		603,001,950		99.49	%

Notes to Schedule of Investments:

(a)

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

(b)

Security has been deemed worthless and is a Level 3 investment.

(c)

Non-income producing assets.

(d)

Securities are American Depositary Receipts of companies based outside of the United States representing 2.65% of net assets as of June 30, 2018.

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

(e)

(f)

Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

(g)

The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2017, the value of the Clearwater International Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $28,399,890 with net sales of $5,241,694 during the six months ended June 30, 2018.

At June 30, 2018, the industry sectors for the Clearwater International Fund were:

Industry Sector	Percent of Long-Term Investments
Consumer Discretionary		17.32	%
Consumer Staples		9.69
Energy		4.91
Financials		18.37
Health Care		9.87
Industrials		15.53
Information Technology		12.68
Materials		6.22
Real Estate		2.00
Telecommunication Services		2.06
Utilities		1.35
		100.00	%

At June 30, 2018, the Clearwater International Fund’s investments were denominated in the following currencies:

Concentration by Currency	Percent of Long-Term Investments
Euro		25.00	%
Japanese Yen		16.86
British Pound		12.56
United States Dollar		10.31
Swiss Franc		7.83
Canadian Dollar		6.50
Hong Kong Dollar		5.09
Other currencies		15.85
		100.00	%

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

At June 30, 2018, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:


	Contract Settlement	Contract Amount					Unrealized Appreciation
Counterparty	Date	Deliver		Receive			(Depreciation)
Northern Trust	11/07/2018	CNH	17,894,427		USD	2,791,120	$	106,880
Northern Trust	07/26/2018	JPY	161,680,000		USD	1,488,887		25,957
Northern Trust	11/07/2018	CNH	2,854,324		USD	447,597		19,436
							$	152,273
Northern Trust	07/26/2018	USD	160,916		JPY	17,561,348	$	(2,016	)
							$	(2,016	)
							$	150,257

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2018 (unaudited)

Clearwater International Fund Portfolio Diversification
(as a percentage of net assets)

(PIE CHART)

See accompanying notes to financial statements.

(Continued)

Item 2. Code of Ethics

Not applicable to this filing.

Item 3. Audit Committee Financial Expert

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable to this filing.

Item 6. Investments

(a)

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

(b)

Not applicable.

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

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

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

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

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

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

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

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

Item 11. Controls and Procedures

(a)

The Trust’s principal executive officer and principal financial officer have concluded that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

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

Item 13. 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 30, 2018

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 30, 2018

	Clearwater Investment Trust

	By	/s/ Justin H. Weyerhaeuser
		Justin H. Weyerhaeuser
		Treasurer (Principal Financial Officer)

	Date: August 30, 2018