Clearwater Investment Trust N-CSR Certified annual shareholder report (management investment company)

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         811-5038        

Clearwater Investment Trust

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Owen T. Meacham, Esq.
The Northern Trust Company
50 South LaSalle Street, B-9
Chicago, IL  60603

(Name and address of agent for service)

Copy to:

John O’Hanlon
Dechert LLP
200 Clarendon Street
27^th Floor
Boston, Massachusetts 02116

Registrant’s telephone number, including area code:    651-228-0935

Date of fiscal year end:   12/31/2010

Date of reporting period:   12/31/2010

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

Item 1. Reports to Stockholders

CLEARWATER INVESTMENT TRUST

Clearwater Growth Fund

Clearwater Small Cap Fund

Clearwater Tax-Exempt Bond Fund

Clearwater International Fund

Annual Report

for the year ended

December 31, 2010

Letter to our shareholders (unaudited)

February 28, 2011

We are pleased to present to you this annual report, which provides detailed information as to the financial and investment performance of your Clearwater Funds. The Clearwater Growth, Small Cap, Tax-Exempt Bond, and International Funds all reported positive performance for the year ended December 31, 2010. The Clearwater Small Cap Fund and the Clearwater International Fund also both outperformed their respective indices for the same period.

We encourage you to read this annual report as it contains important information about your Clearwater Funds. In addition, this report includes information describing the contract renewal process in December 2010, during which your Board of Trustees reviewed the performance of your investment manager, Clearwater Management Company and each of the Clearwater subadvisers. This report also includes information describing the contract approval process in September 2010 for the three new subadvisers, Heartland, Osterweis, and Knightsbridge, hired to manage portions of the Clearwater Growth Fund portfolio as it changed to a multi-manager, multi-style approach.

We also encourage you to watch for the updated prospectus and statement of additional information to be mailed to you at the end of April. The updated prospectus and statement of additional information include important information for you as a Clearwater Funds shareholder.

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

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

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Discussion of Clearwater Funds’ Performance

Clearwater Growth Fund
The Clearwater Growth Fund seeks long-term growth of capital. Current income, to the extent income is produced by the stocks held by the Fund, is a secondary objective. During December 2010, the Clearwater Growth Fund changed from a passively managed fund designed to track the Russell 1000^® Index and managed by a single subadviser, Parametric Portfolio Associates (“Parametric”) to a multi-manager, multi-style fund. The Growth Fund now has four subadvisers. Parametric, with approximately 60% of the Fund’s assets, manages its portion of the Fund’s assets to mirror the Russell 1000^® Index. During December 2010, three new subadvisers, Heartland Advisers, Inc. (“Heartland”), Osterweis Capital Management, LLC (“Osterweis”), and Knightsbridge Asset Management, LLC (“Knightsbridge”) were added to the Fund. The remaining 40% of the Fund’s assets are divided between these three managers who all utilize an active management style.

2010 Market Overview:
The U.S. stock market, in which the Growth Fund primarily invests, expanded during 2010, with significant gains during the fourth quarter. For example, the S&P 500 Index was up 10.8% in the final three months of the year, accounting for the bulk of the S&P 500’s 15% gain for all of 2010. Whether the result of a second round of quantitative easing by the Federal Reserve or the extension of the Bush-era tax cuts, the Federal government appeared to have had a great deal of influence on the stock market gains in the last quarter of the year. All economic sectors were up in the fourth quarter, led by the cyclicals, those most sensitive to changes in the overall economy, including Energy (+21%), Materials (+19%), Consumer Discretionary ( +13%) and Industrials (+12%). The worst performing were the defensive sectors of Utilities (+1%), Health Care (+4%) and Consumer Staples (+6%) as investors were not as focused on sectors that can weather a slumping economy.

2010 Performance:
The Clearwater Growth Fund’s return for 2010 was a positive 14.4%, net of fees, as compared to a positive 16.10% for the Russell 1000^® Index, the Fund’s benchmark. The portion of the portfolio managed by Parametric gained 16.03%, gross of fees. The variance in performance to the Fund’s benchmark resulted primarily from timing related to the investment of cash within the portfolio. During December 2010, a portion of the Fund’s assets were transferred from Parametric to Heartland, Osterweis, and Knightsbridge. These transfers were both in cash, as Parametric sold assets with built-up capital gains in order to take advantage of expiring capital loss carry forwards and, where appropriate, in securities. As Heartland, Osterweis, and Knightsbridge were in the process of fully investing their portions of the Fund’s assets during December 2010, the performance for their portions of the Fund’s portfolio is not being reported for the year ended December 31, 2010. Heartland, Osterweis, and Knightsbridge have each provided information as to their outlook for 2011 as described below:

2011 Outlook (Heartland):
The portfolio funded in early December and was nearly fully invested by year’s end. As we look into 2011, we have a positive, though balanced view on the economy. We are cognizant of several risks to the outlook including an unsettled housing picture, an increasing threat of inflation, stubbornly high unemployment and fiscal austerity facing all levels of government. However, these risks are balanced against positive news on corporate profits, increasing deal activity and return of investor flows into equities. Against this backdrop, we are confident there will be ample opportunity to apply our disciplined investment process, seeking value in companies with high quality earnings and strong balance sheets.

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2011 Outlook (Osterweis):
We believe the additional stimulus from the recent Federal tax bill modestly improves visibility on 2011 GDP growth, but many of the cyclical and structural headwinds confronting the economy that have been in place over much of the past 24 months remain. Notwithstanding these systemic challenges, we continue to think the path of least resistance for the stock market is up. Even a continued, gradual economic recovery should allow many companies to deliver meaningful earnings and cash flow growth. A modest rise in interest rates seems likely in 2011 but, historically, this has not derailed a stock market recovery as long as economic growth remains intact. Moreover, corporate balance sheets are so strong that a modest increase in borrowing costs should not materially impact earnings or cash flows. In fact, we could see a significant increase in mergers & acquisition activity in the coming year as corporate America makes strategic moves before interest rates move higher in coming years. We hasten to note that we remain fully aware of the risks posed by being heavily invested in a market that has rallied over 90% up off of its lows just 22 months ago. To balance the increased risk represented by our higher equity exposure, we remain keenly focused on out-of-favor, undervalued, larger cap equities that have lagged recently.

2011 Outlook (Knightsbridge):
A strong upward move in equities in recent months has produced conditions of improved investor sentiment and limited volatility. In the near term, we see potential for an equity correction of 5% or more, based on our observation that historically, bull markets have experienced temporary pullbacks of notable magnitude, particularly during periods of elevated optimism and positive investor sentiment. Consequently, we are more cautious in investing new capital added to client portfolios at this time, opting to hold up to 35% in cash reserves in anticipation of such correction. We would likely view any pullback as an opportunity to deploy these cash reserves, given our expectation that equity valuation will expand further into 2011. Our assumptions around valuation are based on our belief that eventual bond fund outflows will make their way into U.S. equities and U.S. companies will continue to deliver earnings growth throughout the year. We continue to maintain exposure to gold (through the equity securities of gold mining companies), given concerns regarding inflation, currency and sovereign debt issues. We currently are finding value in the equities of out-of-favor natural gas producers and are expecting a multi-year recovery in associated stocks. Finally, our portion of the Clearwater Growth Fund portfolio is generally tilted toward names more sensitive to inflation and economic recovery, along with exposure to recovering financial stocks.

Clearwater Small Cap Fund
The Fund normally invests at least 80% of its assets in equity securities of small companies. The Fund defines “small companies” as issuers with market capitalizations no greater than the range of capitalizations of the companies included in the Russell 2000^® Index at the time of investment. Equity securities consist primarily of exchange traded common and preferred stocks and convertible securities. The Fund may invest up to 20% of its assets in microcap securities. The Fund uses a “multi-style, multi-manager” approach with two subadvisers who employ distinct investment styles; Kennedy Capital Management (“Kennedy”) and Keeley Asset Management (“Keeley”).

2010 Market Overview:
During 2010, several market dynamics and specific events affected the portfolio. The underlying fuel for much of this year’s performance was simply growing investor confidence in economic recovery. Consumer and corporate purse strings, which had been severely constricted during the two previous years, gradually loosened during 2010. Consumer spending grew, capital equipment orders rose, and more goods made their way across the country and across the globe. While confidence in a recovery is a somewhat vague factor, there was also a much more direct force driving stocks higher – cash and credit availability. A number of factors also set a positive tone for the markets late in the year, including the agreement in Washington to extend the Bush-era tax cuts. Investors also were heartened by a rebound in global equity markets along with encouraging reports on retail sales. Meanwhile, commodity prices were on the rise with gold, silver, copper,

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and oil all at or near multi-year high price levels. Finally, there was a noticeable uptick in durable goods orders into the end of the year, and third quarter GDP was revised upward to 2.60%. Despite this good news, we have not seen a meaningful improvement in employment. The unemployment rate continues to be stuck near the 9.80% level. In addition, housing continues to weigh heavily on the recovery, as home prices have come under further pressure. Both of these factors remain a concern in 2011.

2010 Performance:
The Clearwater Small Cap fund posted a strong one-year return of 30.0%, net of fees and expenses, outperforming its benchmark, the Russell 2000^® Index, which gained 26.9%. Performance commentary by each of the Fund’s two subadvisers is included below:

Kennedy Performance Commentary: In 2010, our portion of the Clearwater Small Cap Fund generated a return of 33.2% (gross of fees), outperforming the Russell 2000^® benchmark return of 26.9%. As was the case in 2009, security selection was the deciding factor in our annual outperformance. Sector allocation was a negative factor this year, although it detracted less than 1% from performance. The strongest areas of outperformance – each of which added over 100 basis points – were the Industrial, Consumer Discretionary, and Health Care sectors. We underperformed in Energy and Information Technology. Within the Energy sector, we experienced several negative impacts to the portfolio. We were invested in companies influenced by the slowdown of activity in the Gulf of Mexico due to the oil spill, which resulted from government-imposed regulatory restrictions. We also had exposure to natural gas prices, through the equity securities of natural gas producers, which we believe were driven lower by growing supply in several nascent fields, including the Marcellus and Haynesville shale plays. On the positive side, acquisitions and confidence in the global economy contributed to gains in our Consumer Discretionary and Industrial stocks.

Keeley Performance Commentary: For the 12 months ended December 31, 2010, our portion of the Clearwater Small Cap portfolio underperformed its benchmark, the Russell 2000^® Index. The portfolio increased approximately 24.26%, gross of fees, versus an increase of 26.9% for the benchmark. From a sector contribution perspective, the Industrials and Materials sectors contributed positively to returns as both sectors had strong stock selection. However, stock selection in the Information Technology and Financials sectors detracted from performance, as did an over-weight allocation to the Energy sector. While domestic equities were strong across the board for the year, small cap stocks continued to outpace large cap stocks. Among small cap stocks, all sectors in the Russell 2000^® Index had positive returns during the year.

2011 Outlook (Kennedy):
As we consider performance drivers for 2011, several elements influence our thinking. First, we are seeing low to negative effective interest rates in the U.S. economy. The Federal Reserve is supporting this through its extraordinary bond purchase commitments. Furthermore, investor bond allocations remain at historically high levels. As low effective interest rates incentivize investors to migrate away from lower risk assets, we expect demand for equities will grow, expanding multiples. More specifically, we expect secular and cyclical revenue growth for our portfolio companies and solid margin expansion. The economy is operating at relatively low capacity utilization rates, and companies have done an admirable job of constraining expenses. Therefore, as revenues grow, we believe gross margins will ratchet higher and operating leverage will be positive. Finally, we closely follow credit availability and see the strong increases in high yield issuance and leveraged loans as distinct positives for our small cap companies. In general, we believe that the market is underestimating earnings growth simply from refinancing debt.

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2011 Outlook (Keeley):
Although a number of challenges remain, we expect a slow, but positive recovery. Additionally, valuations continue to be attractive, as an improving credit environment and enhanced stability in the financial system has provided more clarity and visibility regarding future prospects. Merger and acquisition activity, the number of companies emerging from bankruptcy, and the projected number of spin-offs are all evidence that credit markets are improving. This is critical if our companies are to experience prolonged growth and especially important to our corporate restructuring investment philosophy. Looking ahead, in this slow growth economy we believe that companies of all sizes and in all sectors will increasing rely on corporate restructuring to help maximize shareholder value. Since restructuring is what we have focused on for over 20 years, we believe that we have an advantage in this market environment. We continue to identify attractive opportunities in today’s environment and we remain committed to our value driven strategy which buys stocks of relatively unknown (spin-offs) and out of favor (below book value) companies.

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

2010 Market Overview:
Tax-exempt fixed income markets returned to near normalcy for the first ten months of 2010 after the liquidity crisis of 2008, which was caused by downgrades of bond insurers, failures of auction-rate securities, unwinding of leveraged positions and the collapse of Bear Stearns and Lehman Brothers. Liquidity began improving early in 2009, and was enhanced by many government programs, including TARP, TALF, PPIP and BABs. Furthermore, the $787 billion fiscal stimulus bill enacted in February 2009 provided support for many state and local governments and helped the economy return to growth in the second half of 2009. The market continued to enjoy benefits from these programs in the first ten months of 2010. However, once the Federal Reserve announced plans to engage in another round of quantitative easing (QE2) in early November 2010, the Treasury market began to sell off rapidly, and took the tax-exempt bond market with it. The tax-exempt bond market was further negatively impacted by the apparent expiration of the Build America Bond (“BAB”) program, and a significant ratcheting up of headline risk, as some politicians and analysts began beating the drum about increased likelihood and magnitude of municipal defaults. While the concerns expressed appear to apply to only a very small number of municipal bond issuers, all have been painted with the same brush. The weakening of prices and disconcerting media reports led to significant outflows from tax-exempt bond funds beginning in early November. These outflows have put additional pressure on prices of tax-exempt bonds.

The Federal Reserve held the federal funds rate near zero throughout 2009 and 2010. In addition, the Federal Reserve continued to use many other means to pump liquidity into fixed income markets. The U.S. Treasury yield curve flattened considerably during the year. Long-term and intermediate Treasury yields finished the year about 50 basis points lower, while short-term yields remained below 1%. On the other hand, the tax-exempt yield curve steepened. Long-term tax-exempt yields actually rose about 10 basis points during 2010, while short-term yields were relatively unchanged, remaining below 1%. Heavy issuance in the government

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bond markets continued and issuance picked up considerably in the corporate and tax-exempt bond markets as the liquidity crisis abated.

2010 Performance (Sit):
The Clearwater Tax-Exempt Bond Fund returned 3.0%, net of fees, for the year ended December 31, 2010. The Fund’s benchmark, the Barclays 5-Year Muni Index gained 3.4% over the same period. Given the Federal Reserve’s accommodative policies and the steep tax-exempt yield curve, we lengthened the Fund’s average life duration, a measure of the Fund’s sensitivity to changes in interest rates, to 6.2 years from 5.6 years during the year, while yield rose due to the weakness in market conditions in November and December. For comparison, the Fund’s benchmark had duration of 4.0 years at December 31, 2010. Revenue bonds and general obligation bonds produced similar returns during 2010, with revenue bonds returning 2.6% for the year, while general obligation bonds returned 2.7%. Furthermore, longer duration underperformed intermediate duration, but lower quality issues outperformed those of higher credit quality, as investors sought yield. The Fund’s performance, with its heavy emphasis on revenue bonds, was in line on an absolute basis due to the sectors and structures in which it was invested, despite its longer duration.

2011 Market Outlook (Sit):
We expect growth to remain positive throughout 2011, although it may slow somewhat in the second half of the year, as the Federal Reserve looks to wean the economy off its accommodative policies of the past few years and the federal government’s stimulus runs out of steam. With the housing and subprime mortgage mess still unwinding and unemployment still elevated, interest rates may continue to be volatile during the year. We expect revenue bonds to again be strong performers in 2011, as the Federal Reserve’s accommodative policies should continue to allay liquidity concerns in the market, and investor focus remains on yield. General obligation bond performance should remain weak on a relative basis, however, as many cities, counties and states continue to experience revenue shortfalls despite the economy pulling out of recession. In addition, potential problems funding retirement pension and healthcare obligations still persist, and are now the subject of many of the negative media reports afflicting the municipal market. The Treasury yield curve should remain relatively steep, with yields rising across the curve, while the tax-exempt yield curve grows somewhat flatter, with short-term rates rising and long-term tax-exempt yields steadier after the recent sell off. BABs ate up over $200 billion of tax-exempt supply in 2009 and 2010, helping tax-exempt bonds outperform. If BABs are not reauthorized, the tax-exempt market may feel a little additional supply pressure. The Fund’s longer duration and its use of non-rated bonds have positioned it opportunistically for the economic and interest rate environment that we expect in 2011.

Clearwater International Fund
The Fund generally invests at least 80% of the value of its net assets in equity securities that trade in markets outside the United States. Such securities are generally issued by companies domiciled outside of the United States or companies that derive more than half of their revenues or pre-tax income from activities occurring outside of the United States. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund generally does not 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, Parametric Portfolio Associates (“Parametric”), AXA Rosenberg Investment Management LLC (“AXA Rosenberg”), Artisan Partners Limited Partnership (“Artisan Partners”), and Eagle Global Advisors, LLC (“Eagle”).

2010 Market Overview:
2010 proved to be a volatile year for equities as investors see-sawed between the fear of a double-dip recession and the hope for economic recovery. Economic influences included the European sovereign debt crisis, Chinese policy tightening concerns and new U.S. stimulus measures. However, a powerful year-end rally

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helped the global equity market post its best fourth quarter return in years as markets ended the year above their pre-Lehman crisis levels. Global equity markets reacted positively to the Federal Reserve embarking on a second round of quantitative easing as well as legislation extending tax breaks. Markets also showed resilience to the European sovereign debt crisis and improving economic and corporate news in key developing and emerging markets helped markets finish the year on a high note. International equities, as measured by the MSCI EAFE^® Index, ultimately ended the year with a healthy gain of 7.8%.

2010 Performance:
The Clearwater International Fund outperformed its benchmark, the MSCI World, ex USA Index, gaining 11.4%, net of fees, versus the Index’s 9.4%. Performance commentary from each of the Fund’s four subadvisers is included below:

Parametric Performance Commentary: The performance of our portion of the Fund’s portfolio was 9.3%, gross of fees, versus the Fund’s benchmark performance of 9.4%. The MSCI World, ex USA Index does not include fees or expenses. Parametric manages its portion of the portfolio to mirror as closely as possible the MSCI World, ex USA Index, and the variance in performance to the Fund’s benchmark resulted primarily from timing related to the investment of cash within the portfolio.

Axa Rosenberg Performance Commentary: For the year ended December 31, 2010, our portion of portfolio outperformed the Fund’s benchmark, showing a 21.30%, gross of fees, return versus 9.4% for the MSCI World, ex USA Index. Our strong exposure to mid cap stocks benefited the portfolio’s return as did underweight exposures to Financials, Healthcare, and Telecomm, and overweight exposures to Consumer Discretionary and Materials. While the portfolio benefited from sector and industry exposure, stock selection was a negative factor as valuation and earnings were not consistently rewarded until the fourth quarter. Large differences in stock contribution fell across sectors. Selection within Machinery, IT Hardware, Chemicals and Instruments were positive for the year while Metals, Media, Oil and Retail stocks lagged their peers. Some industries, however, experienced strong rationalization between prices and earnings: within Machinery, Hitachi posted a 77% return for the year, and Weir Group PLC and Hyundai Mipo Dockyard both posted returns over 120%; Chemicals holdings Arkema SA, and Mitsubishi Chemical captured returns of 98% and 63% respectively.

Artisan Partners Performance Commentary: During the year ended December 31, 2010, our portion of the Fund returned 20.49%, gross of fees, outperforming the MSCI World ex USA Index, which returned 9.4%. Stock selection was a key driver of performance during the period. Performance of the following stocks had a positive impact on the portfolio during the period: Panalpina Welttransport Holding AG, a Swiss-based freight forwarder; Signet Jewelers Limited, a jewelry retailer in the U.S. and U.K.; Tyco Electronics Ltd., a maker of electronic connectors; Experian PLC, a U.K. credit information firm; and Compass Group PLC, a catering company. Notable detractors included: Home Retail Group plc, a U.K.-based general merchandise retailer; Total SA, a French oil company; Covidien plc, a maker of medical products; Societe Television Francaise 1, operator of the French television channel TF1; and Carpetright plc, a carpet and floor coverings retailer.

Eagle Performance Commentary: For the year ended December 31, 2010 our portion of the Fund returned 4.68%, gross of fees, underperforming the MSCI World ex USA Index return of 9.4%. The entirety of the underperformance occurred in the first half of the year as sovereign debt concerns dominated world headlines. During the second half of the year our sector weightings added to overall performance, but poor stock selection detracted from these gains. Portfolio exposures in Europe, particularly to Portugal, Italy, Ireland, Greece, and Spain (“PIIGS”) region, were particularly hard hit during the second half of the year. Overall, the year’s final six months proved to be more productive for the portfolio as investor emotions calmed and global markets began to react to fundamental news. While emerging markets outpaced

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developed markets for the year, the portfolio has historically maintained an underweight to emerging markets which certainly detracted from performance in 2010.

2011 Outlook (Axa Rosenberg):
Our investment process is designed to capitalize on the belief that earnings matter and that investors will eventually reconcile prices paid for earnings delivered. We would expect that our earnings and valuation profiles will outperform as investors refocus on the relationship between earnings and prices. In our earnings forecasts, we continue to see improvement in the earnings profiles of companies around the world. Our fundamental approach shows that earnings revisions, based on one year forecasts, have been positive. As the recovery takes hold, we would expect investors to take a more consistent approach in evaluating companies with superior earnings and valuation profile that are expected to outperform as they have done historically.

2011 Outlook (Artisan Partners):
As we enter 2011, we believe that the previous two years afforded value investors a truly rare opportunity to invest in high-quality companies at historically low valuations. In 2011, we see that valuations for high-quality businesses (particularly outside the U.S.) have risen, and that therefore it will be more difficult to find high-quality growth stocks at cheap prices. We expect that this will mean increased portfolio turnover as we sell equities which we believe are close to their intrinsic value and seek to purchase new or existing securities at more attractive valuations.

2011 Outlook (Eagle):
Signs point to a continuation of growth in many of the major economies of the world, but stresses are mounting in some regions. The biggest stress point continues to be Europe. Signs of faster growth appeared in Germany and Northern Europe while the economies of the PIIGS have slowed. While Europe made progress in crafting some policies to assist the financing needs of the struggling countries, the central economic and political problems remain. The main economic problem is that the Euro is too strong for the weak economies to boost their exports; absent a weak Euro, these economies have to suffer an “internal devaluation” of wages and prices which is very painful and incompatible with closing large budget deficits. At the same time a weakened Euro is boosting exports of Germany and Northern Europe, whose productivity makes their wages effectively competitive. One help would be for the prospering economies to subsidize the economies of the struggling economies, but this is politically difficult. We expect Europe will muddle through this mess with a series of highly disguised bailouts, but it will be a difficult road. The developing countries of Asia, in particular China, are struggling with rising inflation, and are starting to raise interest rates and enact policies to cool off sectors of overheating. While we expect these actions will continue during 2011, we do not expect the high growth of these developing countries to be derailed as the underlying trends are very strong.

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Comparison of the Change in Value of a $10,000 Investment in the Clearwater
Growth Fund and the Russell 1000 Index

Comparison of the Change in Value of a $10,000 Investment in the Clearwater
Small Cap Fund and the Russell 2000 Index

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Comparison of the Change in Value of a $10,000 Investment in the Clearwater
Tax Exempt Bond Fund and the Barclays 5-Year Municipal Bond Fund Index

Comparison of the Change in Value of a $10,000 Investment in the Clearwater
International Fund and the MSCI World ex-US Index

* Clearwater International Fund inception date.

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Fund Expense Example
(unaudited)

As a shareholder of the Funds, you incur costs, including management fees and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. In addition to the ongoing costs which the Funds pay directly, you as a shareholder indirectly bear the expenses of any outside exchange traded funds or mutual funds in which the Funds invest. (These are also referred to as “acquired fund” and those indirect expenses represent the Funds’ pro rata portion of the cumulative expenses 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 December 31, 2010.

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

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

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

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Actual	Beginning Account Value July 1, 2010	Ending Account Value December 31, 2010	Expenses Paid During the Period July 1, 2010 thru December 31, 2010*
Growth Fund	$1,000.00	$1,222.50	$1.74
Small Cap Fund	$1,000.00	$1,294.10	$5.49
Tax-Exempt Bond Fund	$1,000.00	$986.90	$1.80
International Fund	$1,000.00	$1,252.00	$4.54

Hypothetical (5% return before expenses)
Growth Fund	$1,000.00	$1,023.64	$1.58
Small Cap Fund	$1,000.00	$1,020.42	$4.84
Tax-Exempt Bond Fund	$1,000.00	$1,023.39	$1.84
International Fund	$1,000.00	$1,021.17	$4.08

*Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The annualized expense ratios are as follows:

Growth Fund (a)	0.30%
Small Cap Fund	0.95%
Tax-Exempt Bond Fund	0.36%
International Fund	0.80%
(a) The expense ratio for the Growth Fund represents the blended expense ratio during the period. The management fee of the Fund was reduced through voluntary waivers to 0.28%, until December 1, 2010, when the voluntary waivers were discontinued and the expense ratio of the fund returned to 0.45%.

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 SEC on Form N-Q. Shareholders may request copies of Form N-Q free of charge by calling the Transfer Agent toll free at 1-888-228-0935 or by sending a written request to: Fiduciary Counselling, Inc, 30 East 7^th Street, Suite 2000, St. Paul, MN 55101 Attn: Clearwater Investment Trust Transfer Agent. 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.

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Voting Proxies on Fund Portfolio Securities

The funds have established Proxy Voting Policies and Procedure (“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 the Transfer Agent toll free at 1-888-228-0935 or by sending a written request to: Fiduciary Counselling, Inc, 30 East 7^th Street, Suite 2000, St. Paul, MN 55101 Attn: Clearwater Investment Trust Transfer Agent. 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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EXECUTIVE OFFICERS AND TRUSTEES

Information About the Funds’ Independent Trustees

Name, Address, and Age	Positions Held with the Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Last 5 Years	Number of Portfolios in the Fund Complex Overseen by the Trustee	Other Directorships Held by the Trustee
Lucy R. Jones (69) 30 East 7th Street, Saint. Paul, Minnesota 55101	Trustee	Tenure: 11 yrs Term: Indefinite	Private Investor	4	None
Charles W. Rasmussen (44)1 30 East 7th Street, Saint. Paul, Minnesota 55101	Trustee	Tenure: 11 yrs Term: Indefinite	President and Chief Executive Officer, P&G Manufacturing, Inc. (air filtration equipment, 2002- Present);	4	None
Laura E. Rasmussen (47)1 30 East 7th Street, Saint. Paul, Minnesota 55101	Trustee	Tenure: 11 yrs Term: Indefinite	Business Owner	4	None
Justin H. Weyerhaeuser (37) 30 East 7th Street, Saint. Paul, Minnesota 55101	Trustee	Tenure: 3 yrs Term: Indefinite	Attorney	4	None

¹ Mr. Rasmussen and Ms. Rasmussen are spouses-in-law, and are nieces or nephews of Mr. F. T. Weyerhaeuser (see below).

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EXECUTIVE OFFICERS AND TRUSTEES

Information About the Funds’ Officers and Interested Trustee

Name, Address, and Age	Positions Held with the Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Last 5 Years	Number of Portfolios in the Fund Complex Overseen by the Trustee	Other Directorships Held by the Trustee
George H. Weyerhaeuser, Jr. (57) 30 East 7th Street, Saint. Paul, Minnesota 55101	Trustee, Chairman, Chief Executive Officer and Treasurer	As Trustee; Tenure: 4 yrs Term: Indefinite As Officer; Tenure: 4 yr Term: Reappointed annually	Senior Vice President, Technology, Weyerhaeuser Company (1998 - 2006) Director, Clearwater Management Company (1987- 2006) Member, Advisory Board, Pictet Advisory Overseas Services Ltd (2009 - Present)	4	Foss Waterway Development Authority, Fermi Research Alliance
Frederick T. Weyerhaeuser (79)1 30 East 7th Street, Saint. Paul, Minnesota 55101	Trustee, Vice President and Secretary	As Trustee; Tenure: 23 yrs Term: Indefinite As Officer; Tenure: 23 yrs Term: Reappointed Annually	Private Investor	4	Potlach Corporation (1960 - 2003)

¹ Mr. F. T. Weyerhaeuser is an interested trustee due to his daughter’s position as a director of Clearwater Management Company, the Funds’ adviser.

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EXECUTIVE OFFICERS AND TRUSTEES

Information About the Funds’ Officers and Interested Trustee

Name, Address, and Age	Positions Held with the Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Last 5 Years	Number of Portfolios in the Fund Complex Overseen by the Trustee	Other Directorships Held by the Trustee
Jennifer D. Lammers (50)	Chief Compliance Officer	Tenure: September 2009- Present Term: Reappointed Annually	Clearwater Management Company, Inc: Chief Compliance Officer, 9/09 - Present; Fiduciary Counselling, Chief Financial Officer and Chief Compliance Officer, 9/09 - Present; RiverSource Investments and RiverSource Funds, Chief Compliance Officer, 2006 - 2009; President, Tamarack Funds, 2003 - 2006	N/A	N/A
30 East 7th Street, Saint. Paul, Minnesota 55101

Additional information about the Fund Directors is available in the Funds’ Statement of Additional Information (SAI). The SAI is available, without charge, upon request, by contacting the transfer agent at (888) 228-0935 or writing the Funds at 2000 Wells Fargo Place, 30 East 7th Street, St. Paul, Minnesota 55101-4930. The Funds do not have an Internet Web site.

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Approval of the Investment Management and Subadviser Service Agreements

Clearwater Management Company (“CMC”) is responsible for managing the investment programs and strategies for the Growth Fund, Small Cap Fund, Tax-Exempt Bond Fund, and International Fund (collectively, “the Funds”). CMC also provides other administrative services to the Funds, and these services, as well as its investment management services, are provided to the Funds under an agreement (the “Management Agreement”). CMC conducts due diligence when selecting each subadviser (collectively, the “Subadvisers”) for the Funds and oversees the performance of the Subadvisers. The Subadvisers provide portfolio management and related services for the Funds under individual subadvisory agreements (the “Subadvisory Agreements”).

On an annual basis, the Funds’ Board of Trustees (the “Trustees”) including the independent trustees, considers renewal of the Management Agreement and the Subadvisory Agreements. In addition, the Trustees may periodically consider the retention of new subadvisers and may also review any individual subadvisory agreement.

The Trustees met in-person on September 17-18, 2010 to consider the retention of three additional subadvisers for the Growth Fund, Heartland Advisors, Inc. (“Heartland”), Knightsbridge Asset Management, LLC (“Knightsbridge”) and Osterweis Capital Management, LLC (“Osterweis”), as well as the renewal of the subadvisory agreement with AXA Rosenberg Investment Management LLC (“AXA Rosenberg”), a subadviser to the International Fund. Prior to the meeting, the Trustees requested, received, and reviewed written responses and supporting materials from Heartland, Knightsbridge, Osterweis and AXA Rosenberg. These written responses were received in response to questions posed to them on behalf of the Trustees. In addition to these materials, the Trustees also reviewed materials presented to them by CMC as to the proposed changes to the Growth Fund from a single manager, passively-managed fund, to a multi-manager, multi-style fund. CMC further presented information as to the due diligence process in identifying and proposing these additional subadvisers to the Trustees. The Trustees also received information as to proposed subadvisory fees for each additional subadviser. During this meeting, counsel to the Funds reviewed with the Trustees the various factors relevant to their consideration of the Subadvisory Agreements, and the Trustees’ responsibilities related to their review. The Trustees also reviewed information on the investment performance of AXA Rosenberg and the recent changes in ownership, which had resulted in a change of control at the organization. The Trustees considered information presented throughout the year in addition to the materials presented at the September 2010 Board meeting. The Trustees considered a number of factors, including those discussed below, that they believed to be relevant. No single factor determined whether or not an agreement would be approved but rather the totality of factors considered was determinative. Following an analysis and discussion, the Trustees, including all independent trustees present, approved the Heartland, Knightsbridge and Osterweis subadvisory agreements for an initial two-year period, and approved the renewal of the AXA Rosenberg subadvisory agreement for a one-year period.

Nature, Extent and Quality of Services Provided
The Trustees considered information presented as to the services to be provided by Heartland, Knightsbridge and Osterweis, as well as their investment expertise, resources and capabilities. The Trustees considered the services provided by AXA Rosenberg, as well as its investment

A-17

expertise, resources and capabilities. The Trustees reviewed information regarding the financial condition of Heartland, Knightsbridge, Osterweis and AXA Rosenberg as related to their ongoing ability to provide services as specified under their respective subadvisory agreements. The Trustees considered AXA Rosenberg’s ability to continue to provide the services specified in its subadvisory agreement given the Securities and Exchange Commission’s on-going investigation of a coding error in AXA Rosenberg’s quantitative investing model. Based on their analysis of the data presented, the Trustees concluded that they were generally satisfied with the nature and quality of the proposed services for the additional subadvisers to the Growth Fund, as well as those being provided by AXA Rosenberg as described in the respective subadvisory agreements.

Investment Performance
The Trustees considered AXA Rosenberg’s performance in the period since the International Fund’s inception on February 5, 2009. The Trustees concluded that they were satisfied with AXA Rosenberg’s investment management performance to date. The Trustees did not consider the investment performance of Heartland, Knightsbridge and Osterweis as their services to the Growth Fund had not yet commenced.

Comparative Fees and Cost of Services Provided
The Trustees reviewed the proposed fees to be paid to Heartland, Knightsbridge and Osterweis and the fees paid to AXA Rosenberg. The Trustees reviewed reports describing the total expense ratios of the Growth and International Funds in comparison to those of similarly situated funds. In addition, throughout the year, the Trustees reviewed information as to the expense ratios of the Growth and International Funds compared to the median expense ratio of a peer group of funds with a comparable investment strategy. The Trustees reviewed information provided by each of the subadvisers as to fees they charge to other subadvisory clients.

Profitability
The Trustees considered that Heartland, Knightsbridge, Osterweis and AXA Rosenberg are each independent firms and their advisory fees charged are the result of arm’s length bargaining between them and CMC under the supervision of the Trustees.

Based on the factors as described above, the Trustees, including all of the independent trustees present, concluded that subadvisory fees were fair and reasonable in view of the investment performance and quality of services proposed for the additional subadvisers for the Growth Fund and for AXA Rosenberg for the International Fund. In reaching this conclusion, no single factor was considered determinative.

At their in-person meeting on December 3-4, 2010, the Trustees considered the renewal of the Management Agreement and those of the Subadvisory Agreements for Artisan Partners Limited Partnership, Eagle Global Advisors, LLC, Keeley Asset Management Corp., Kennedy Capital Management, Inc., Parametric Portfolio Associates, Sit Fixed Income Advisors II, LLC (“Existing Subadvisers”) which had not been previously considered at their in-person meeting on September 17-18, 2010 (the “Existing Subadvisory Agreements”). Prior to the meeting, the Trustees requested, received, and reviewed written responses from CMC and the Existing Subadvisers to questions posed to them on behalf of the Trustees and supporting materials relating to those questions and responses. The information presented at the meeting, including performance and expense data obtained from independent sources were designed to assist the

A-18

Trustees in making their determination as to the renewal of the Management Agreement and Existing Subadvisory Agreements. Also during this meeting, counsel to the Funds reviewed with the Trustees the various factors relevant to their consideration of the Management Agreement and Existing Subadvisory Agreements, and the Trustees’ responsibilities related to their review. In addition to the information presented on December 3-4, 2010, at each regularly scheduled meeting throughout the year, the Trustees reviewed information on the investment performance and financial results of the Funds. The Trustees considered a number of factors, including those discussed below, that they believed to be relevant. No single factor determined whether or not an agreement would be approved but rather the totality of factors considered was determinative. Following an analysis and discussion of the factors described below, the Trustees, including all independent trustees present, approved renewal of the Management Agreement and the Existing Subadvisory Agreements for an additional one-year period.

Nature, Extent and Quality of Services Provided
The Trustees considered information presented as to the services provided by CMC and the Existing Subadvisers, as well as their investment expertise, resources and capabilities. The Trustees considered the quality of the Existing Subadvisers previously recommended by CMC, as well as the ongoing work performed by CMC to recommend enhancements as to individual fund management or creation of new funds. The Board of Trustees specifically noted the work performed by CMC to enhance the Growth Fund to a multi-manager, multi-style approach through the identification and hiring of additional subadvisers during 2010. The Trustees reviewed information regarding the financial condition of CMC and the Existing Subadvisers as related to their ongoing ability to provide services as specified under the Management Agreement and Existing Subadvisory Agreements. Based on their analysis of the data presented, the Trustees concluded that they were generally satisfied with the nature and quality of the services being provided under the Management Agreement and respective Existing Subadvisory Agreements.

Investment Performance
The Trustees reviewed specific information as to the investment performance of the Funds as compared to the performance of their respective benchmark indices and peer groups over various periods of time. The Trustees also reviewed reports summarizing the net assets, redemptions and purchases of shares of the Funds during 2010. The Trustees concluded that they were satisfied with CMC and the Existing Subadvisers’ investment performance to date.

Comparative Fees and Cost of Services Provided
The Trustees reviewed the fees paid to CMC and the Existing Subadvisers. The Trustees reviewed reports describing both the management fees charged by CMC and the total expense ratios of the Funds in comparison to those of similarly situated funds. In addition, throughout the year, the Trustees reviewed information as to the expense ratios of the Funds compared to the median expense ratio of a peer group of funds with a comparable investment strategy. The Trustees also reviewed information provided by each of the Existing Subadvisers as to fees they charge to other subadvisory clients. The Trustees noted the ongoing efforts of CMC to reduce fees paid by shareholders via voluntary waivers which were in place for the International Fund, Small Cap Fund and Tax-Exempt Fund for the entirety of 2010 and for the Growth Fund until it brought on additional subadvisers. The Trustees also noted the commitment of CMC to subsidize the operating costs of the multi-manager Growth Fund until such time as a revised fee

A-19

structure to reflect the change from a single manager to multi-manager, multi-style could be presented to shareholders for approval.

Management Profitability
The Trustees also reviewed CMC’s profitability, particularly noting CMC’s payment of fees and expenses normally absorbed by mutual fund shareholders. The Trustees concluded that profitability levels for CMC were reasonable. The Trustees considered that the Existing Subadvisers are each independent firms and their advisory fees charged are the result of arm’s length bargaining between them and CMC under the supervision of the Trustees.

Economies of Scale
The Trustees considered whether economies of scale might be realized by CMC as the Funds’ assets grow, and whether there also might be benefits from such growth for the Funds’ shareholders. The Trustees noted that the Growth, Tax-Exempt and Small Cap Funds have been in operation for a number of years, and based on the distribution strategy of the Funds will probably not see significant increases in size. The Trustees noted that the International Fund’s assets had remained relatively stable throughout 2010. However, the Trustees determined that they would continue to monitor the assets of the Funds and consider whether there were additional opportunities to realize benefits from economies of scale for shareholders in the future.

Based on the factors as described above, the Trustees, including all of the independent trustees present, concluded that the investment management fees and subadvisory fees were fair and reasonable in view of the investment performance and quality of services provided. In reaching this conclusion, no single factor was considered determinative.

Additional information regarding AXA Rosenberg
On February 3, 2011, AXA Rosenberg announced that the firm had reached a settlement with the Securities and Exchange Commission regarding the investigation of the coding error in AXA Rosenberg’s quantitative investing model. The terms of this settlement require AXA Rosenberg to pay compensation to any client adversely affected by the coding error. The terms of the settlement further require AXA Rosenberg to pay an additional civil penalty and implement certain changes in their internal policies and procedures.

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Federal Tax Information
(unaudited)

Qualified Dividend Income Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), 100% and 93.52% of ordinary dividends paid during the years ended December 31, 2009 and 2010, respectively, for the Growth Fund, 81.15% of ordinary dividends paid during the year ended December 31, 2010 for the Small Cap Fund, and 47.02% and 88.34% of ordinary dividends paid during the period ended December 31, 2009 and the year ended December 31, 2010, respectively, for the International Fund are designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates in 2010.

Foreign Tax Credit The International Fund made an election that will allow shareholders to treat their proportionate share of foreign taxes paid by the Fund as having been paid by them. The amounts per share which represent income from sources within foreign countries and the foreign tax credit were $0.8606 and $0.0262, respectively. None of the Fund’s income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.

KPMG LLP
4200 Wells Fargo Center
90 South Seventh Street
Minneapolis, MN 55402

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders
Clearwater Investment Trust:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Clearwater Growth Fund, Clearwater Small Cap Fund, Clearwater Tax-Exempt Bond Fund, and Clearwater International Fund (funds within Clearwater Investment Trust) (the Funds) as of December 31, 2010, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Clearwater Growth Fund, Clearwater Small Cap Fund, Clearwater Tax-Exempt Bond Fund, and Clearwater International Fund as of December 31, 2010, the results of their operations for the year then ended, the changes in their net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota
February 28, 2011

KPMG LLP is a Delaware limited liability partnership,
the U.S. member firm of KPMG International Cooperative
(“KPMG International”), a Swiss entity.

CLEARWATER INVESTMENT TRUST

Statements of Assets and Liabilities

December 31, 2010

	Growth Fund			Small Cap Fund			Tax-Exempt Bond Fund			International Fund
Assets
Investments in securities, at fair value (identified cost: $235,991,349 Growth Fund; $198,513,218 Small Cap Fund; $540,111,121 Tax-Exempt Bond Fund; $251,930,522 International Fund)	$	342,738,497			258,189,507			514,761,290			346,584,265
Foreign currencies, at value (cost: $399,062)		—			—			—			406,917
Receivable for securities sold		1,907,846			592,896			1,720,240			25,788
Receivable for shares of beneficial interest sold		123,000			—			6,002			377,000
Accrued dividend and interest receivable, less the allowance for uncollectible interest of $641,634 (Tax-Exempt Bond Fund)		340,975			260,848			6,711,192			432,113
Foreign tax reclaim receivable		396			—			—			266,736
Unrealized appreciation on forward foreign currency exchange contracts		—			—			—			5,103
Unrealized appreciation on foreign currency transactions		—			—			—			7
Total assets		345,110,714			259,043,251			523,198,724			348,097,929
Liabilities
Payables for investment securities purchased		425,781			2,218,044			6,278,437			1,008,666
Payables for fund shares redeemed		—			7,400			—			—
Accrued investment advisory fee		284,341			581,081			478,004			674,554
Payable for dividend distribution		—			—			240,161			—
Foreign currencies, at value (cost: $129,147)		130,885			—			—			—
Unrealized depreciation on forward foreign currency exchange contracts		—			—			—			56
Unrealized depreciation on foreign currency transactions		—			—			—			9
Total liabilities		841,007			2,806,525			6,996,602			1,683,285
Net assets	$	344,269,707			256,236,726			516,202,122			346,414,644
Capital
Capital stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: outstanding 13,051,993; 13,700,302; 56,990,436; and 24,170,121 shares, respectively)	$	248,675,305			209,547,076			549,001,982			252,033,680
Undistributed net investment loss		—			—			(20,090	)		(807,038	)
Accumulated net realized gain (loss) from investments and foreign currency transactions		(11,151,008	)		(12,986,639	)		(7,429,939	)		500,869
Unrealized appreciation (depreciation) of investments and translation of assets and liabilities in foreign currencies		106,745,410			59,676,289			(25,349,831	)		94,687,133
Net assets	$	344,269,707			256,236,726			516,202,122			346,414,644
Net asset value per share of outstanding capital stock	$	26.38			18.70			9.06			14.33

See accompanying notes to financial statements.

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CLEARWATER INVESTMENT TRUST

Statements of Operations

Year ended December 31, 2010

	Growth Fund			Small Cap Fund			Tax-Exempt Bond Fund			International Fund
Investment income:
Income:
Dividends (net of foreign taxes withheld of $2,033, $1,534, $0, and $725,737 respectively)	$	5,797,345			2,093,168			2,264,224			7,736,466
Interest		136			1,147			26,676,165			3,032
Total income		5,797,481			2,094,315			28,940,389			7,739,498
Expenses:
Investment advisory fee		1,376,681			3,045,202			3,237,313			3,014,913
Voluntary fee reduction		(470,608	)		(902,282	)		(1,294,925	)		(602,982	)
Total net expenses		906,073			2,142,920			1,942,388			2,411,931
Net investment income (loss)		4,891,408			(48,605	)		26,998,001			5,327,567
Realized and unrealized gain (loss) on investments:
Net realized gain on security transactions		6,916,468			32,392,758			1,110,682			2,107,855
Net realized gain on litigation proceeds		40,557			5,576			—			—
Net realized loss on forward foreign currency exchange contracts		—			—			—			(1,897	)
Net realized loss on foreign currency transactions		(1,647	)		—			—			(73,500	)
Net change in unrealized appreciation (depreciation) on security transactions		31,769,819			28,799,775			(11,571,237	)		27,583,851
Net change in unrealized appreciation on forward foreign currency exchange contracts		—			—			—			4,115
Net change in unrealized depreciation on foreign currency transactions		(1,738	)		—			—			(2	)
Net change in unrealized appreciation on translation of other assets and liabilities denominated in foreign currencies		—			—			—			29,610
Net gain (loss) on investments		38,723,459			61,198,109			(10,460,555	)		29,650,032
Net increase in net assets resulting from operations	$	43,614,867			61,149,504			16,537,446			34,977,599

See accompanying notes to financial statements.

3

CLEARWATER INVESTMENT TRUST

Statements of Changes in Net Assets

Years ended December 31, 2010 and 2009

	Growth Fund						Small Cap Fund
	12/31/2010			12/31/2009			12/31/2010			12/31/2009
Operations:
Net investment income (loss)	$	4,891,408			4,693,990			(48,605	)		(66,057	)
Net realized gain (loss) on investments		6,955,378			(8,594,039	)		32,398,334			(12,244,262	)
Net change in unrealized appreciation/depreciation		31,768,081			68,041,563			28,799,775			71,407,497
Net increase in net assets resulting from operations		43,614,867			64,141,514			61,149,504			59,097,178
Distributions to shareholders from:
Net investment income		(5,115,464	)		(4,613,011	)		(215,518	)		—
Net realized gain on investments		—			—			—			—
Total distributions to shareholders		(5,115,464	)		(4,613,011	)		(215,518	)		—
Capital share transactions:
Proceeds from shares sold		20,011,202			85,875,365			7,569,800			75,386,269
Reinvestment of distributions from net investment income and gain		5,115,464			4,613,011			215,518			—
Payments for shares redeemed		(12,544,217	)		(54,091,900	)		(26,817,519	)		(40,994,631	)
Increase (decrease) in net assets from capital share transactions		12,582,449			36,396,476			(19,032,201	)		34,391,638
Total increase in net assets		51,081,852			95,924,979			41,901,785			93,488,816
Net assets:
At the beginning of the year		293,187,855			197,262,876			214,334,941			120,846,125
At the end of the year	$	344,269,707			293,187,855			256,236,726			214,334,941
Undistributed net investment income (loss)	$	—			133,061			—			—	(1)

	Tax-Exempt Bond Fund						International Fund
	12/31/2010			12/31/2009			12/31/2010			12/31/2009		(2)
Operations:
Net investment income	$	26,998,001			25,093,557			5,327,567			3,061,595
Net realized gain (loss) on investments		1,110,682			(3,545,962	)		2,032,458			5,561,677
Net change in unrealized appreciation/depreciation during the period		(11,571,237	)		62,240,551			27,617,574			67,069,559
Net increase in net assets from operations		16,537,446			83,788,146			34,977,599			75,692,831
Distributions to shareholders from:
Net investment income		(27,018,340	)		(25,117,859	)		(5,388,519	)		(4,013,644	)
Net realized gain on investments		—			—			(2,441,263	)		(4,446,040	)
Total distributions to shareholders		(27,018,340	)		(25,117,859	)		(7,829,782	)		(8,459,684	)
Capital share transactions:
Proceeds from shares sold		27,399,592			120,179,220			31,956,533			244,076,067
Reinvestment of distributions from net investment income and gain		26,778,179			25,117,859			7,829,782			8,459,684
Payments for shares redeemed		(69,888,506	)		(32,421,588	)		(13,421,383	)		(26,867,003	)
Increase (decrease) in net assets from capital share transactions		(15,710,735	)		112,875,491			26,364,932			225,668,748
Total increase (decrease) in net assets		(26,191,629	)		171,545,778			53,512,749			292,901,895
Net assets:
At the beginning of the period		542,393,751			370,847,973			292,901,895			—
At the end of the period	$	516,202,122			542,393,751			346,414,644			292,901,895
Undistributed net investment income (loss)	$	(20,090	)		188			(807,038	)		(679,781	)(1)

See accompanying notes to financial statements.

(1)	Certain prior year capital account balances have been reclassified to reflect permanent differences between financial reporting and federal income tax basis distributions. These reclassifications did not result in a change to the prior year net assets.
(2)	Period from February 5, 2009 (commencement of operations) to December 31, 2009.

4

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2010

(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 of funds: Clearwater Growth Fund, Clearwater Small Cap Fund, Clearwater Tax-Exempt Bond Fund, and Clearwater International Fund (the “Funds”). The Trust’s declaration of trust permits the Board of Trustees to create additional funds in the future. The investment objective of the Clearwater Growth, Small Cap, and International Funds is long- term capital growth. The investment objective of the Clearwater Tax-Exempt Bond Fund is high current income that is exempt from U.S. federal income tax, consistent with preservation of capital. The Clearwater International Fund commenced operations on February 5, 2009.

The Clearwater Growth Fund, using a “multi-style, multi-manager” approach, allocates portions of its assets among subadvisors who employ distinct investment styles. The Fund currently has four subadvisors, Parametric Portfolio Associates (“Parametric”), Heartland Advisors, Inc. (“Heartland”), Knightsbridge Asset Management, LLC (“Knightsbridge”) and Osterweis Capital Management, LLC (“Osterweis”). The allocation among subadvisors will vary over time, but the current intent of the Fund’s advisor is that under normal market conditions approximately 60% of the fund’s net assets will be allocated to Parametric; the remaining net assets will be allocated to one or more of the Fund’s three other subadvisors. Parametric manages its portion of the Fund’s assets in a passive management strategy so that its portion of the Fund’s holdings matches the holdings of the Russell 1000 Index as closely as possible.

The Clearwater Small Cap Fund invests primarily in equity securities of issuers with market capitalizations, at the time of investment, no greater than the range of capitalizations of the companies included in the Russell 2000^® Index, an unmanaged, capitalization weighted index. The Fund may invest up to 20% of its assets in microcap securities, generally defined as securities with a market capitalization under $300 million.

The Clearwater Tax-Exempt Bond Fund invests at least 80% of its assets in municipal securities, which are debt obligations issued by or for the U.S. states, territories and possessions, and the District of Columbia. The interest on these securities is generally exempt from regular federal income tax and may also be exempt from federal alternative minimum tax. However, the Fund may invest up to 20% of its assets in securities that generate interest income subject to federal alternative minimum tax.

The Clearwater International Fund, using a “multi-style, multi-manager” approach, allocates portions of its assets among subadvisers who employ distinct investment styles. The Fund currently has four subadvisers, Parametric, AXA Rosenberg Investment Management LLC (“AXA Rosenberg”), Artisan Partners Limited Partnership (“Artisan Partners”), and Eagle Global Advisors, LLC (“Eagle”). The Fund generally invests at least 80% of the value of its net assets in equity securities that trade in markets outside the United States. Such securities are generally issued by companies domiciled outside of the United States or companies that derive more than half of their revenues or pre-tax income from activities occurring outside of the United States. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund does not currently intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers.

5 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2010

(2)	Summary of Significant Accounting Policies
The significant accounting policies followed by the Funds are as follows:
(a)	Investments in Securities
	Investments in U.S. and foreign equity securities are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Foreign security values are stated in U.S. dollars. Equity securities which have not traded on the date of valuation or securities for which sales prices are not generally reported are valued at the mean between the last bid and asked prices. Debt securities maturing more than 60 days from the valuation date are valued at the market price supplied by an independent pricing vendor; those securities of sufficient credit quality with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued at amortized cost, which approximates fair value. Securities for which no market quotations are readily available (including those the trading of which has been suspended) or when the Advisor becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, securities are valued at fair value as determined in good faith using procedures established by the Board of Trustees. The procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security are valued at fair value as determined in good faith by the Pricing and Valuation Committee as designated by the Board of Trustees. Such determinations are then reviewed and approved by the Board of Trustees.
	Security transactions are accounted for on the trade date which is the date the securities are purchased or sold. Realized gains and losses are calculated on an identified cost basis. Dividend income is recognized on the ex-dividend date or, for foreign securities, as soon as the information is available. Interest income, including amortization of original issue discount and premium, is accrued daily.
(b)	Foreign Currency Translations
	The International Fund invests in securities which are purchased and sold in foreign currencies as a principal investment strategy. The cost of purchases and proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The value of the International Fund’s assets, as measured in U.S. dollars, may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations. The gains or losses, if any, on investments resulting from changes in foreign exchange rates are included in the Statements of Operations with realized and unrealized gain (loss) on investments. The realized gains or losses, if any, on translations of other assets and liabilities denominated in foreign currencies are included in 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. The International Fund therefore may enter into foreign currency transactions as a principal investment strategy.

6 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2010

	Risks may arise upon investing in foreign securities including, but not limited to, political, social or economic instability in the country of the issuer, the difficulty of predicting international trade patterns, the possibility of the imposition of exchange controls, expropriation, limits on removal of currency or other assets, nationalization of assets, foreign withholding and income tax and possible delays in the settlement of foreign stock exchange transactions. The principal markets on which these securities trade may have less volume and liquidity, and may be more volatile, than securities markets in the United States.
(c)	Forward Foreign Currency Exchange Contracts
	The International Fund enters into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge against either specific transactions or the portfolio position. The objective of the International Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of the International Fund’s 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 and any resulting unrealized gains or losses are recorded in the financial statements. The International Fund records realized gains or losses at the time the forward foreign currency exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency.
	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 Statements of Operations reflect realized gains or losses, if any, in net realized gain (loss) on foreign currency transactions and unrealized gains or losses in unrealized appreciation (depreciation) on forward foreign currency exchange contracts. Additional information on derivative instruments and how these positions may impact the financial statements is found in Note 8.
(d)	Spot Contracts
	The International Fund routinely enters into spot contracts in order to buy or sell a certain amount of foreign currency at the current market rate, with settlement occurring in two business days. The International Fund may enter into spot contracts in order to make payments, or to receive payments, based on trading activity in a foreign currency. A spot contract allows the International Fund to buy or sell foreign currency on the day it chooses to deal. From time to time, the Growth Fund may also enter into spot contracts in order to make or receive payments due to trading activity in a foreign currency on a non-U.S. exchange.
	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. Additional information on derivative instruments and how these positions may impact the financial statements is found in Note 8.

7 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2010

(e)	Delayed Delivery Transactions and When-Issued Securities
	Certain Funds may engage in securities transactions on a when-issued or delayed-delivery basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment, with payment and delivery scheduled for a future date. During this period, the securities are subject to market fluctuations. When delayed-delivery purchases are outstanding, a Fund will segregate liquid assets on their records in amounts sufficient to meet the purchase price. A Fund may dispose of or renegotiate a delayed-delivery transaction, which may result in a capital gain or loss.
(f)	Short-Term Investments
	Each Fund currently invests uninvested cash in money market portfolios of Northern Institutional Funds. The Growth, Small Cap and International Funds currently invest in the Government Select Portfolio and the Tax-Exempt Bond Fund currently invests in the Tax-Exempt Portfolio. Northern Institutional Funds is an investment company advised by Northern Trust Investments, N.A. (“NTI”), a subsidiary of The Northern Trust Company (“Northern Trust”). Northern Trust serves as custodian for the Trust.
	The Government Select Portfolio primarily invests in securities issued by the U.S. government, government agencies, and government-sponsored enterprises. The Tax-Exempt Portfolio primarily invests in high-quality short-term municipal instruments.
(g)	Recoverable Taxes
	The balance disclosed as foreign tax reclaim receivable represents net amounts withheld by foreign governments on dividend income earned in the respective countries subject to reclamation. All reclaims are paid directly to the Growth and International Funds, respectively.
(h)	Federal Taxes
	The Trust’s policy is to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies. On a calendar-year basis, the Funds intend to distribute substantially all of their net investment income and net realized gains, if any, to avoid the payment of federal income and excise taxes. Therefore, no income tax provision is required. Each fund is treated as a separate entity for federal income tax purposes.
	Management has analyzed the Funds’ tax positions taken on federal tax returns for all open tax years and has concluded that as of December 31, 2010, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and Minnesota state income and federal excise tax returns for the 2007, 2008, 2009 and 2010 tax years for which the applicable statutes of limitations have not expired remain subject to examination by the Internal Revenue Service and state departments of revenue.
	Net investment income and net realized gains (losses) for the Funds may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains, if any, may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the period or fiscal year in which amounts are distributed may differ from the period or year that the income or realized gains

8 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2010

(losses) were recorded by the Funds. The tax character of distributions paid by the Funds during the years ended December 31, 2010 and 2009 was as follows:

	Tax-Exempt				Ordinary Income
	2010		2009		2010		2009
Growth Fund	$	—		—		5,115,464		4,613,011
Small Cap Fund		—		—		215,518		—
Tax-Exempt Bond Fund		26,457,141		24,795,282		321,038		322,577
International Fund*		—		—		6,288,664		8,459,684

*Commenced investment operations on February 5, 2009.

	Long-Term Capital Gains
	2010		2009
Growth Fund	$	—	—
Small Cap Fund		—	—
Tax-Exempt Bond Fund		—	—
International Fund*		1,541,118	—

*Commenced investment operations on February 5, 2009.

9 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2010

As of December 31, 2010, the components of distributable earnings on a tax basis were as follows:

	Growth Fund			Small Cap Fund			Tax-Exempt Bond Fund			International Fund
Undistributed ordinary income	$	—			—			—			341,826
Undistributed capital gain		—			—			—			635,976
Accumulated capital losses		(10,839,788	)		(12,956,601	)		(7,429,939	)		—
Unrealized appreciation (depreciation)		106,434,190			59,646,251			(25,349,831	)		93,403,162
Total	$	95,594,402			46,689,650			(32,779,770	)		94,380,964

On the statements of assets and liabilities, due to permanent book-to-tax differences, the following adjustments have been made:

	Growth Fund			Small Cap Fund			Tax-Exempt Bond Fund			International Fund
Undistributed net
investment income (loss)	$	90,995		$	264,123		$	61		$	(66,305	)
Accumulated net realized gain (loss)		1,647			—			—			66,305
Additional paid-in capital		(92,642	)		(264,123	)		(61	)		—

(i)	Distributions to Shareholders
	Distributions to shareholders from net investment income, if any, are declared annually for the Growth, Small Cap, and International Funds and declared daily, payable monthly, for the Tax-Exempt Bond Fund. Distributions to shareholders from net realized gains, if any, are declared annually for all Funds. Distributions are paid in cash or reinvested in additional shares at the direction of the shareholders.
(j)	Use of Estimates
	The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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.
(k)	Recent Accounting Pronouncements
	In January 2010, the Financial Accounting Standards Board (“FASB”) issued Auditing Standards Updated (“ASU”) No. 2010-06, Improving Disclosures about Fair Value Measurements (“ASU 2010-06”). ASU 2010-06 amends ASC 820, “Fair Value Measurements and Disclosures” (formerly

10 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2010

		FASB Statement No. 157). Specifically, ASU 2010-06 requires entities to disclose: a) the amounts of significant transfers between Level 1 and Level 2 of the fair value hierarchy and the reasons for these transfers; b) the reasons for any transfers in or out of Level 3; and c) information in the reconciliation of recurring Level 3 measurements about purchases, sales issuances and settlements on a gross basis. In addition, ASU 2010-06 clarifies the requirement for entities to disclose information about both the valuation techniques and inputs used in estimating Level 2 and Level 3 fair value measurements. The requirement to separately disclose purchases, sales, issuances and settlements of recurring Level 3 measurements will be effective for the Clearwater Investment Trust as of the Form N-Q to be filed for the period ended March 31, 2011. At this time, management is evaluating the implications of this requirement under ASU 2010-06 and the impact it will have to the Funds’ financial statement disclosures. All other disclosures required by ASU 2010-06 were adopted on January 1, 2010, and are reflected in these financial statements.
	(l)	Indemnification
		Under each Fund’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to each Fund. In addition, certain of each Fund’s contracts with its service providers contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against each Fund cannot be determined and each Fund has no historical basis for predicting the likelihood of any such claims.
(3)		Fair Value Measurements
Fair value is an estimate of the price the Funds would receive upon selling a security in a timely transaction to an independent buyer in the principal or most advantageous market of the security. This guidance establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments, as described in Note 2(a) above. These inputs are summarized in the three broad levels listed below.
	•	Level 1 – quoted prices in active markets for identical securities
	•	Level 2 – other significant observable inputs including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc. or quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data are also considered a Level 2 measurement. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement.
	•	Level 3 – valuations based on unobservable inputs, which may include the advisor’s own assumptions in determining the fair value of an investment.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the investments of each Fund as of December 31, 2010 using the fair value methodology and levels described above:

11 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2010

	Growth Fund (a)
	Level 1			Level 2		Level 3		Total
Common Stocks	$	318,526,306	$	—	$	—	$	318,526,306
Short Term Investments		24,212,191		—		—		24,212,191
Total	$	342,738,497	$	—	$	—	$	342,738,497

(a) For the Growth Fund, 100% of the investment value is compromised of equity securities and short term investments. See the Fund’s Schedule of Investments for industry classification.

	Small Cap Fund (b)
	Level 1			Level 2		Level 3		Total
Common Stocks
Consumer discretionary	$	39,190,169	$	—	$	—	$	39,190,169
Consumer staples		5,768,953		—		—		5,768,953
Energy		14,831,177		—		—		14,831,177
Financials		40,238,842		197,955		—		40,436,797
Healthcare		26,213,064		—		—		26,213,064
Industrials		52,918,103				—		52,918,103
Information technology		45,488,891		—		350		45,489,241
Materials		21,120,258		—		—		21,120,258
Utilities		7,088,025		—		—		7,088,025
Short Term Investments		5,133,720		—		—		5,133,720
Total	$	257,991,202	$	197,955	$	350	$	258,189,507

(b) For the Small Cap Fund, 100% of the investment value is compromised of equity and short term investments. Common stocks are generally considered Level 1 securities. One common stock has been classified as a Level 2 investment as of December 31, 2010 based on the valuations using a bid price by service providers rather than a last traded or official close price. One common stock has been classified as a Level 3 investment as of December 31, 2010 based on a fair valuation determined by procedures adopted by the Board of Trustees.

12 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2010

	Tax-Exempt Bond Fund (c)
	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	35,260,109	$	—	$	—	$	35,260,109
Municipal Bonds
Airport		—		5,932,665		—		5,932,665
Bond Bank		—		1,529,315		—		1,529,315
Development		—		23,488,442		—		23,488,442
Education		—		48,788,912		—		48,788,912
Facilities		—		7,610,233		—		7,610,233
General		—		51,897,583		—		51,897,583
General Obligation		—		11,358,264		—		11,358,264
Higher Education		—		18,851,835		96,381		18,948,216
Housing		—		16,986,791		—		16,986,791
Medical		—		88,139,934		—		88,139,934
Mello-Roos		—		4,261,749		—		4,261,749
Multifamily Housing		—		34,301,742		—		34,301,742
Nursing Home		—		48,705,156		—		48,705,156
Pollution		—		5,160,361		—		5,160,361
Power		—		5,601,980		671,000		6,272,980
School District		—		12,299,921		—		12,299,921
Single Family Housing		—		43,871,060		—		43,871,060
Student Loan		—		8,867,996		—		8,867,996
Tobacco Settlement		—		2,147,056		—		2,147,056
Transportation		—		23,560,029		—		23,560,029
Utilities		—		3,290,389		—		3,290,389
Water		—		3,606,873		—		3,606,873
Total Municipal Bonds		—		470,258,286		767,381		471,025,667
Short Term Investments		8,475,514		—		—		8,475,514
Total	$	43,735,623	$	470,258,286	$	767,381	$	514,761,290

(c) For the Tax-Exempt Bond Fund, 100% of the investment value is compromised of closed-end funds, municipal bonds securities, and short term investments. The municipal bond securities are generally considered Level 2 securities based on valuations using adjusted evaluated prices provided by the primary pricing provider. Certain municipal bond securities are classified as Level 3 investments as of December 31, 2010 based on fair valuations determined by procedures adopted by the Board of Trustees.

13 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2010

	International Fund (d)
	Level 1		Level 2		Level 3		Total
Common Stocks	$	335,562,959	$	—	$	—	$	335,562,959
Preferred Stocks		2,448,377		—		—		2,448,377
Rights		5,431		—		—		5,431
Warrants		48		—		—		48
Corporate Bonds		—		—		819,483		819,483
Short Term Investments		7,747,967		—		—		7,747,967
Total	$	345,764,782	$	—	$	819,483	$	346,584,265

(d) For the International Fund, 100% of the investment value is compromised of equity securities, corporate bonds, rights, warrants, and short term investments. See the Fund’s Schedule of Investments for geographical classification. The only security in the International Fund considered a Level 3 investment at December 31, 2010 is a corporate bond that currently is being valued based on unobservable inputs using an evaluated adjusted price provided by a service provider that is not deemed a primary pricing provider.

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Assets
Forward foreign currency exchange contracts	$	—	$	5,103		$	—	$	—
Foreign currency transactions		—		7			—		—
Liabilities
Forward foreign currency exchange contracts	$	—	$	(56	)	$	—	$	—
Foreign currency transactions		—		(9	)		—		—
Total Other Financial Instruments	$	—	$	5,045		$	—	$	—

The forward foreign currency exchange contracts and foreign currency transactions outstanding at December 31, 2010 are considered Level 2 investments due to the contracts and transactions being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate. Forward foreign currency exchange contracts and foreign currency transactions are shown on a gross basis in the above table and on the statement of assets and liabilities.

14 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2010

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

	Balance as of 12/31/2009		Net Realized Gains/(Losses)			Net Change in Unrealized Appreciation/ (Depreciation)			Net Purchases/(Sales)			Net Transfers in And/or Out of Level 3 *			Balance as of 12/31/2010
Small Cap Fund
Information Technology	$	—	$	—		$	—		$	—		$	350		$	350
Total	$	—	$	—		$	—		$	—		$	350		$	350
Tax-Exempt Bond Fund
Power	$	552,924	$	—		$	118,076		$	—		$	—		$	671,000
Higher Education		—		—			20,000			—			76,381			96,381
Total	$	552,924	$	—		$	138,076		$	—		$	76,381		$	767,381
International Fund
Corporate Bonds	$	995,466	$	23,717		$	126,855		$	(326,555	)	$	—		$	819,483
Common Stock		770,576		(18,011	)		(31,966	)		71,185			(791,784	)		—
Total	$	1,766,042	$	5,706		$	94,889		$	(255,370	)	$	(791,784	)	$	819,483

* The value of Net Transfers In and/or Out of Level 3 was measured using the fair value as of the end of the year December 31, 2010. Additionally, no single security is deemed significant for separate breakout.

At December 31, 2009, one municipal bond in the Tax-Exempt Bond Fund was priced using a fair value as determined in good faith by the Pricing and Valuation Committee as designated by the Board of Trustees. At December 31, 2010, the municipal bond was priced using an evaluated adjusted price by a primary pricing provider. As a result, at December 31, 2010, this municipal bond was considered Level 2 investment rather than Level 3.

At December 31, 2009, in the International Fund, certain foreign equity securities that were restricted were also deemed illiquid. Another foreign equity security was also valued based on unobservable inputs. All of these securities were fair valued as a result of the Fund applying its good-faith valuation procedures and classified as Level 3. At December 31, 2010, the same foreign equity securities are valued at the closing exchange price and therefore are classified as Level 1 investments. In addition, at December 31, 2009, for certain foreign equity securities, the International Fund’s fair value trigger was met as a result of the monitoring of events impacting the value of securities after the closing of the exchange on which the securities principally trade, but before the calculation of the daily net asset value, resulting in certain securities being classified as Level 2. Since the fair value trigger was not met at December 31, 2010,

15 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2010

these securities were transferred to level 1. The fair value of the securities transferred from Level 2 to Level 1, using the December 31, 2010 end of year fair value, was $272,044,107.

The forward foreign currency exchange contracts outstanding at December 31, 2010 in the International Fund are considered Level 2 investments since the contracts are marked-to-marked daily at the applicable exchange rates that have been adjusted from the initial quoted rate.

As of December 31, 2010, the total change in unrealized gains or losses on Level 3 securities still held at year end and included in the Statements of Operations was $0, $138,076, and $126,855, for the Small Cap, Tax-Exempt Bond, and International Funds, respectively.

(4) Investment Security Transactions

The cost of purchases and proceeds from sales of securities, other than temporary investments in short term securities, for the year ended December 31, 2010, were as follows:

	Purchases		Sales
Growth Fund	$	127,783,887	$	140,121,018
Small Cap Fund		155,078,059		171,153,749
Tax-Exempt Bond Fund		151,609,389		159,178,599
International Fund		112,090,199		90,360,082

(5) Capital Share Transactions

Transactions in shares of each fund for the years ended December 31, 2010 and 2009 were as follows:

	Growth Fund						Small Cap Fund
	2010			2009			2010			2009
Sold		834,658			4,317,991			493,809			6,858,845
Issued for reinvested distributions		193,841			197,053			11,507			—
Redeemed		(503,567	)		(2,592,135	)		(1,679,055	)		(3,617,902	)
Increase (decrease)		524,932			1,922,909			(1,173,739	)		3,240,943

16 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2010

	Tax-Exempt Bond Fund						International Fund*
	2010			2009			2010			2009
Sold		2,944,661			13,601,897			2,404,910			23,904,428
Issued for reinvested distributions		2,846,912			2,823,365			550,618			642,834
Redeemed		(7,420,481	)		(3,640,932	)		(1,042,676	)		(2,289,993	)
Increase (decrease)		(1,628,908	)		12,784,330			1,912,852			22,257,269

* Commenced investment operations on February 5, 2009

(6) Capital Loss Carry Over

For federal income tax purposes, the Growth Fund, Small Cap Fund, Tax-Exempt Bond Fund, and International Fund have capital loss carryovers of $10,839,788, $12,956,601, $7,429,939, and $0, respectively, at December 31, 2010, which, if not offset by subsequent capital gains, will expire as follows:

	Growth Fund		Small Cap Fund		Tax-Exempt Bond Fund		International Fund
Year of expiration:
2010	$	—		—		—		—
2012		—		—		—		—
2013		—		—		—		—
2014		—		—		—		—
2015		—		—		411,406		—
2016		2,269,706		583,243		3,472,571		—
2017		8,570,082		12,373,358		3,545,962		—
Total	$	10,839,788		12,956,601		7,429,939		—

The following capital loss carryforwards were utilized at December 31, 2010, for U.S. Federal income tax purposes:

	Capital Losses
Growth Fund		6,958,118
Small Cap Fund		32,371,900
Tax-Exempt Bond Fund		1,110,682

17 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2010

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted on December 22, 2010. The Act makes changes to several tax rules impacting the Funds. In general, the provisions of the Act will be effective for the Funds’ fiscal year ending December 31, 2011. Although the Act provides several benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all or a portion of each fund’s pre-enactment capital loss carryovers may expire without being utilized due to the fact that post-enactment capital losses get utilized before pre-enactment capital loss carryovers. Relevant information regarding the impact of the Act on the Fund, if any, will be contained within the “Federal Taxes” section of the financial statement notes for the fiscal year ending December 31, 2011.

(7)     Expenses and Related-Party Transactions

The Trust has a contract for investment advisory services with Clearwater Management Company (“CMC”). Under terms of separate agreements, Clearwater Growth Fund, Clearwater Small Cap Fund, Clearwater Tax-Exempt Bond Fund and Clearwater International Fund pay a fee equal to an annual rate of 0.45%, 1.35%, 0.60% and 1.00% of average net assets, respectively. CMC is responsible for the payment or reimbursement of all the Funds’ expenses, except brokerage, taxes, interest, and extraordinary expenses. CMC has periodically reduced its management fee for each of the Funds through voluntary waivers. As of December 31, 2010, the management fees paid by the Small Cap, Tax-Exempt and International Funds net of voluntary waiver are 0.95%, 0.36%, and 0.80%, respectively. Previously, CMC periodically reduced its management fee for the Growth Fund through a voluntary waiver to 0.28%. Effective December 1, 2010, this voluntary waiver was discontinued. For the year ended, December 31, 2010, the effective expense rate for the Clearwater Growth Fund was 0.30%

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

CMC has entered into sub advisory contracts with independent investment advisory firms for each fund to provide daily investment management services. The sub advisory fee for the Clearwater Growth Fund, payable to Parametric, Heartland, Osterweis and Knightsbridge, is equal to an annual rate of 0.14% of net assets, an annual rate of 0.65% of net assets, an annual rate of 0.75% of net assets, and an annual rate of 0.75% on the first $20 million in net assets it manages and then decreasing to 0.50% of net assets in excess of $20 million, respectively.

The sub advisory fee for the Clearwater Small Cap Fund, payable to Kennedy Capital Management, Inc. is equal to an annual rate of 0.85% on the first $50 million in net assets it manages and then decreasing to 0.80% of net assets in excess of $50 million.

The sub advisory fee for the Clearwater Small Cap Fund, payable to Keeley Asset Management, is equal to an annual rate of 1.00% on the first $2 million in net assets it manages, decreasing to 0.85% on the next $8 million in net assets, and further decreasing to 0.70% of net assets in excess of $10 million.

The sub advisory fee for the Clearwater Tax-Exempt Bond Fund, payable to Sit Fixed Income Advisers II, LLC, is equal to an annual rate of 0.40% on the first $20 million in net assets it manages and then decreasing in reduced percentages to 0.20% of net assets it manages in excess of $75 million.

18 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2010

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

(8)    Derivative Instruments

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

Below are the types of derivatives in the International Fund by location as presented in the Statement of Assets and Liabilities as of December 31, 2010:

	ASSETS			LIABILITIES
Derivative Type	Statement of Assets and Liabilities Location		Value	Statement of Assets and Liabilities Location		Value
Forward foreign	Unrealized appreciation on			Unrealized depreciation on
exchange	forward foreign currency			forward foreign currency
contracts	exchange contracts	$	5,103	exchange contracts	$	56

The following tables set forth by primary risk exposure the International Fund’s realized gains (losses) and change in unrealized gains (losses) by type of derivative contract for the year ended December 31, 2010:

AMOUNT OF REALIZED GAIN (LOSS) ON DERIVATIVE CONTRACTS					CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON DERVIATIVE CONTRACTS
Derivative Type	Statement of Operations Location		Value		Derivative Type	Statement of Operations Location		Value
	Net realized loss on					Net change in unrealized
Forward foreign	forward foreign				Forward foreign	appreciation on forward foreign
exchange	currency exchange				exchange	currency exchange contracts
contracts	contracts	$	(1,897	)	contracts	during the year	$	4,115

19 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2010

The following table presents the volume of derivative activity for the year ended December 31, 2010. Derivative activity during the year is measured by number of transactions during the period and average notional amount for foreign exchange contracts.

	Foreign Exchange Contracts
	Number of Transactions		Average Notional Amount
Clearwater International Fund		508	$	51,870

(9)	Subsequent Events
Management has evaluated subsequent events for the Funds through the date the financial statements were issued, and has concluded there are no recognized or non-recognized subsequent events that require financial statement disclosure and/or adjustments to the financial statements.

20 (Continued)

CLEARWATER INVESTMENT TRUST

Financial Highlights

December 31, 2010

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

	Year ended December 31,
Growth Fund	2010			2009			2008			2007			2006
Net asset value, beginning of year	$	23.40			18.60			30.57			29.47			26.03
Income from investment operations:
Net investment income		0.38			0.39			0.51			0.48			0.40
Net realized and unrealized gain (loss)		2.99			4.78			(11.96	)		1.10			3.44
Total from investment operations		3.37			5.17			(11.45	)		1.58			3.84
Less distributions:
Dividends from net investment income		(0.39	)		(0.37	)		(0.52	)		(0.48	)		(0.40	)
Distributions from net realized gains		—			—			—			—			—
Total distributions		(0.39	)		(0.37	)		(0.52	)		(0.48	)		(0.40	)
Net asset value, end of year	$	26.38			23.40			18.60			30.57			29.47
Total return (a)		14.4	%		27.9	%		(37.5	)%		5.4	%		14.8	%
Net assets, end of year (000s omitted)	$	344,270			293,188			197,263			330,991			291,513
Ratio of expenses, net of waivers, to average net assets (b) (c)		0.30	%		0.28	%		0.28	%		0.28	%		0.31	%
Ratio of expenses, before waivers, to average net assets (b) (c)		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Ratio of net investment income, net of waivers, to average net assets (b)		1.60	%		1.98	%		1.92	%		1.61	%		1.56	%
Ratio of net investment income, before waivers, to average net assets (b)		1.45	%		1.81	%		1.75	%		1.44	%		1.42	%
Portfolio turnover rate (excluding short-term securities)		43.65	%		21.83	%		14.71	%		17.99	%		5.24	%

(a)	Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value.
(b)	Effective December 1, 2010, the investment advisor discontinued the voluntary waiver previously in effect.
(c)	In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.

21 (Continued)

CLEARWATER INVESTMENT TRUST

Financial Highlights

December 31, 2010

	Year ended December 31,
Small Cap Fund	2010			2009			2008			2007			2006
Net asset value, beginning of year	$	14.41			10.39			16.68			18.71			18.09
Income from investment operations:
Net investment income (loss)		—			—			0.05			—			(0.04	)
Net realized and unrealized gains (losses)		4.31			4.02			(6.29	)		0.58			3.13
Total from investment operations		4.31			4.02			(6.24	)		0.58			3.09
Less distributions:
Distributions from net investment income		(0.02	)		—			(0.05	)		—			—
Distributions from net realized gains		—			—			—			(2.61	)		(2.47	)
Total distributions		(0.02	)		—			(0.05	)		(2.61	)		(2.47	)
Net asset value, end of year	$	18.70			14.41			10.39			16.68			18.71
Total return (a)		30.0	%		38.7	%		(37.4	)%		3.1	%		17.1	%
Net assets, end of year (000s omitted)	$	256,237			214,335			120,846			246,987			253,846
Ratio of expenses, net of waivers, to average net assets (b)		0.95	%		0.95	%		0.95	%		0.98	%		1.03	%
Ratio of expenses, before waivers, to average net assets (b)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Ratio of net investment income (loss), net of waivers, to average net assets		(0.02	)%		(0.04	)%		0.32	%		—	%		(0.23	)%
Ratio of net investment income (loss), before waivers, to average net assets		(0.42	)%		(0.44	)%		(0.08	)%		(0.37	)%		(0.55	)%
Portfolio turnover rate (excluding short-term securities)		71.05	%		95.13	%		117.12	%		115.19	%		69.57	%

(a)	Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value.
(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.

22 (Continued)

CLEARWATER INVESTMENT TRUST

Financial Highlights

December 31, 2010

Tax-Exempt	Year ended December 31,
Bond Fund	2010			2009			2008			2007			2006
Net asset value, beginning of year	$	9.25			8.09			9.64			10.06			10.00
Income from investment operations:
Net investment income		0.47			0.47			0.46			0.46			0.43
Net realized and unrealized gains (losses)		(0.19	)		1.16			(1.55	)		(0.42	)		0.06
Total from investment operations		0.28			1.63			(1.09	)		0.04			0.49
Less distributions:
Distributions from net investment income		(0.47	)		(0.47	)		(0.46	)		(0.46	)		(0.43	)
Distributions from net realized gains		—			—			—			—			—
Total distributions		(0.47	)		(0.47	)		(0.46	)		(0.46	)		(0.43	)
Net asset value, end of year	$	9.06			9.25			8.09			9.64			10.06
Total return (a)		3.0	%		20.6	%		(11.8	)%		0.6	%		5.3	%
Net assets, end of year (000s omitted)	$	516,202			542,394			370,848			337,395			283,745
Ratio of expenses, net of waivers, to average net assets (b)		0.36	%		0.36	%		0.37	%		0.38	%		0.42	%
Ratio of expenses, before waivers, to average net assets (b)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income, net of waivers, to average net assets		5.00	%		5.34	%		5.03	%		4.75	%		4.66	%
Ratio of net investment income, before waivers, to average net assets		4.76	%		5.10	%		4.80	%		4.53	%		4.48	%
Portfolio turnover rate (excluding short-term securities)		28.95	%		22.90	%		32.20	%		27.58	%		40.20	%

(a)	Total return figures are based on the change in net asset value of a share during the year and assume reinvestment of distributions at net asset value.
(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.

23 (Continued)

CLEARWATER INVESTMENT TRUST

Financial Highlights

December 31, 2010

	Year ended December 31,			Period ended December 31,
International Fund	2010			2009 (c)(d)
Net asset value, beginning of period	$	13.16			10.00
Income from investment operations:
Net investment income		0.23			0.19
Net realized and unrealized gains		1.27			3.35
Total from investment operations		1.50			3.54
Less distributions:
Distributions from net investment income		(0.23	)		(0.18	)
Distributions from net realized gains		(0.10	)		(0.20	)
Total distributions		(0.33	)		(0.38	)
Net asset value, end of period	$	14.33			13.16
Total return (a)		11.4	%		35.5	%
Net assets, end of period (000s omitted)	$	346,415			292,902
Ratio of expenses, net of waivers, to average net assets (b)		0.80	%		0.92	%
Ratio of expenses, before waivers, to average net assets (b)		1.00	%		1.00	%
Ratio of net investment income, net of waivers, to average net assets (b)		1.77	%		1.74	%
Ratio of net investment income, before waivers, to average net assets (b)		1.57	%		1.66	%
Portfolio turnover rate (excluding short-term securities)		30.82	%		35.33	%

(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 less than one year.
(b)	Annualized for periods less than one year.
(c)	Commenced investment operations on February 5, 2009.
(d)	Net investment income for the period ended was calculated using the average shares outstanding method.

24 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Common stocks:
Consumer discretionary:
	1,200	AARON S INC	$	24,772		24,468
	2,300	ABERCROMBIE & FITCH CO-CL A		50,218		132,549
	1,500	ADVANCE AUTO PARTS INC		53,558		99,225
	6,150	AMAZON.COM INC (b)		274,722		1,107,000
	3,300	AMERICAN EAGLE OUTFITTERS		33,099		48,279
	1,100	AUTOLIV INC (c)		19,410		86,834
	500	AUTOZONE INC (b)		32,038		136,295
	4,575	BED BATH & BEYOND INC (b)		120,780		224,861
	4,800	BEST BUY CO INC		84,882		164,592
	1,400	BIG LOTS INC (b)		15,477		42,644
	1,900	BJ’S WHOLESALE CLUB INC (b)		62,368		91,010
	2,200	BORGWARNER INC (b)		51,799		159,192
	5,450	BRINKER INTERNATIONAL INC		73,275		113,796
	5,300	BROCADE COMMUNICATIONS SYS (b)		27,300		28,037
	6,400	CABLEVISION SYSTEMS-NY GRP-A		85,854		216,576
	4,168	CARMAX INC (b)		50,984		132,876
	7,800	CARNIVAL CORP		234,585		359,658
	6,043	CBS CORP-CLASS B NON VOTING		52,350		115,119
	2,400	CENTRAL EUROPEAN MEDIA ENT-A (b)(c)		50,118		48,840
	5,100	CHICO’S FAS INC		55,562		61,353
	11,800	CLEAR CHANNEL OUTDOOR-CL A (b)		98,115		165,672
	5,000	COACH INC		19,161		276,550
	40,567	COMCAST CORP-CLASS A		643,281		891,257
	7,800	COSTCO WHOLESALE CORP		237,671		563,238
	6,900	D R HORTON INC		46,031		82,317
	2,300	DARDEN RESTAURANTS INC		47,909		106,812
	1,500	DICK’S SPORTING GOODS INC (b)		24,803		56,250
	14,821	DIRECTV-CLASS A (b)		174,284		591,803
	2,000	DOLBY LABORATORIES INC-CL A (b)		43,420		133,400
	3,350	DOLLAR TREE INC (b)		61,517		187,868
	3,600	DREAMWORKS ANIMATION SKG-A (b)		77,238		106,092
	5,320	EXPEDIA INC		102,537		133,479
	500	FAMILY DOLLAR STORES		12,653		24,855
	3,000	FOOT LOCKER INC		40,394		58,860
	59,163	FORD MOTOR CO (b)		305,760		993,347
	4,300	FORTUNE BRANDS INC		149,332		259,075
	4,600	GAMESTOP CORP-CLASS A (b)		34,643		105,248
	3,100	GANNETT INC		25,746		46,779
	7,700	GAP INC/THE		112,586		170,478
	4,500	GARMIN LTD (c)		104,221		139,455
	7,500	GENTEX CORP		106,860		221,700
	3,450	GENUINE PARTS CO		102,425		177,123
	800	GUESS? INC		27,580		37,856
	1,700	HANESBRANDS INC (b)		43,166		43,180
	6,750	HARLEY-DAVIDSON INC		39,547		234,023
	4,300	HARMAN INTERNATIONAL (b)		74,799		199,090
	400	HASBRO INC		10,206		18,872
	6,600	HERTZ GLOBAL HOLDINGS INC (b)		37,676		95,634
	33,825	HOME DEPOT INC		22,060		1,185,905
	2,710	IAC/INTERACTIVECORP (b)		66,598		77,777
	15,600	INTERPUBLIC GROUP OF COS INC (b)		40,950		165,672
	2,500	INTL GAME TECHNOLOGY		29,763		44,225
	6,800	J.C. PENNEY CO INC		259,828		219,708
	31,050	JOHNSON CONTROLS INC		874,850		1,186,110
	7,750	KOHLS CORP (b)		86,001		421,135
	2,800	LAMAR ADVERTISING CO-A (b)		29,498		111,552
	5,738	LAS VEGAS SANDS CORP (b)		39,736		263,661
	400	LEAR CORP (b)		31,536		39,484
	2,500	LEGGETT & PLATT INC		48,888		56,900
	4,700	LENNAR CORP-A		64,339		88,125
	4,440	LIBERTY MEDIA CORP-CAP SER A (b)		22,396		277,766

See accompanying notes to financial statements. 25 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Consumer discretionary (Cont’d):
	9,800	LIBERTY MEDIA CORP-INTER A (b)	$	30,625		154,546
	1,272	LIBERTY MEDIA-STARZ SERIES A (b)		18,267		84,563
	6,190	LIMITED BRANDS INC		70,745		190,219
	46,400	LOWE’S COS INC		884,987		1,163,712
	3,100	MACYS INC		29,714		78,430
	1,600	MADISON SQUARE GAR INC-A (b)		18,242		41,248
	41,730	MARKS & SPENCER PLC-ADR (c)(d)		485,763		479,895
	4,969	MARRIOTT INTERNATIONAL-CL A		63,668		206,412
	4,200	MATTEL INC		75,213		106,806
	16,400	MCDONALD’S CORP		370,761		1,258,864
	4,700	MCGRAW-HILL COMPANIES INC		121,958		171,127
	2,200	MDC HOLDINGS INC		73,073		63,294
	7,000	MGM RESORTS INTERNATIONAL (b)		61,970		103,950
	13,000	MOHAWK INDUSTRIES INC (b)		768,826		737,880
	34,000	NEWS CORP-CL A		354,723		495,040
	4,400	NIKE INC -CL B		126,358		375,848
	4,300	NORDSTROM INC		45,233		182,234
	100	NVR INC (b)		51,543		69,102
	2,395	OMNICOM GROUP		60,312		109,691
	2,300	O’REILLY AUTOMOTIVE INC (b)		69,869		138,966
	1,500	PANERA BREAD COMPANY-CLASS A (b)		69,668		151,815
	1,600	PENN NATIONAL GAMING INC (b)		59,240		56,240
	2,600	PETSMART INC		55,966		103,532
	700	PHILLIPS-VAN HEUSEN		26,254		44,107
	1,500	POLO RALPH LAUREN CORP		31,320		166,380
	600	PRICELINE.COM INC (b)		55,053		239,730
	8,600	PULTEGROUP INC (b)		87,785		64,672
	6,200	RADIOSHACK CORP		75,547		114,638
	3,000	REGAL ENTERTAINMENT GROUP-A		30,735		35,220
	2,300	ROSS STORES INC		36,395		145,475
	2,900	ROYAL CARIBBEAN CRUISES LTD (b)		48,744		136,300
	600	SCRIPPS NETWORKS INTER-CL A		21,337		31,050
	1,227	SEARS HOLDINGS CORP (b)		78,518		90,491
	1,585	SHERWIN-WILLIAMS CO/THE		72,398		132,744
	2,600	SIGNET JEWELERS LTD (b)(c)		52,469		112,840
	700	SNAP ON INC		17,991		39,606
	2,557	STANLEY BLACK & DECKER INC		72,048		170,987
	15,250	STAPLES INC		239,208		347,243
	15,750	STARBUCKS CORP		204,658		506,048
	810	STARWOOD HOTELS & RESORTS		17,520		49,232
	12,200	TARGET CORP		353,659		733,586
	6,600	THOMSON REUTERS CORP		244,751		245,982
	1,900	THOR INDUSTRIES INC		22,316		64,524
	4,200	TIFFANY & CO		122,192		261,534
	6,279	TIME WARNER CABLE		208,890		414,602
	21,833	TIME WARNER INC		498,014		702,368
	5,047	TJX COMPANIES INC		86,032		224,036
	2,900	TOLL BROTHERS INC (b)		61,023		55,100
	800	TRW AUTOMOTIVE HOLDINGS CORP (b)		18,215		42,160
	3,227	URBAN OUTFITTERS INC (b)		61,561		115,559
	1,700	VF CORP		87,064		146,506
	8,457	VIACOM INC-CLASS B		218,418		334,982
	5,300	VIRGIN MEDIA INC		78,460		144,372
	1,966	WABCO HOLDINGS INC (b)		30,196		119,788
	700	WABTEC CORP		25,602		37,023
	26,396	WAL-MART STORES INC		1,091,485		1,423,536
	29,960	WALT DISNEY CO/THE		587,934		1,123,800
	2,300	WHIRLPOOL CORP		98,183		204,309
	5,475	WYNDHAM WORLDWIDE CORP		24,500		164,030
	1,600	WYNN RESORTS LTD		42,371		166,143
	9,016	YUM! BRANDS INC		78,830		442,234
				15,047,555		29,767,888		8.65	%

See accompanying notes to financial statements. 26 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Consumer staples:
	1,600	ALBERTO-CULVER CO	$	38,952		59,264
	31,300	ALTRIA GROUP INC		154,111		770,606
	10,900	ARCHER-DANIELS-MIDLAND CO		201,692		327,872
	7,162	AVON PRODUCTS INC		161,290		208,128
	1,944	BROWN-FORMAN CORP-CLASS B		57,343		135,341
	13,900	BUNGE LTD		938,386		910,728
	2,500	CAMPBELL SOUP CO		82,729		86,875
	1,500	CENTRAL EURO DISTRIBUTION CP (b)		21,353		34,350
	2,000	CHURCH & DWIGHT CO INC		100,310		138,040
	4,000	CLOROX COMPANY		216,975		253,120
	32,261	COCA-COLA CO/THE		992,260		2,121,806
	2,300	COCA-COLA ENTERPRISES		39,664		57,569
	7,390	COLGATE PALMOLIVE CO		422,681		593,934
	3,500	CONAGRA FOODS INC		67,841		79,030
	6,000	CONSTELLATION BRANDS INC-A (b)		88,385		132,900
	1,300	CORN PRODUCTS INTL INC		29,972		59,800
	31,795	COSAN LTD-CLASS A SHARES (c)		441,269		433,048
	44,922	CVS CAREMARK CORP		992,800		1,561,938
	5,773	DEL MONTE FOODS CO		57,723		108,532
	17,920	DIAGEO PLC-SPONSORED ADR (c)(d)		1,296,437		1,331,994
	6,000	DR PEPPER SNAPPLE GROUP INC		125,060		210,960
	1,867	ESTEE LAUDER COMPANIES-CL A		70,943		150,667
	1,200	FLOWERS FOODS INC		25,434		32,292
	12,400	GENERAL MLS INC		277,056		441,316
	2,400	GREEN MOUNTAIN COFFEE ROASTE (b)		44,948		78,864
	900	HANSEN NATURAL CORP (b)		30,956		47,052
	1,900	HERBALIFE LTD (c)		52,204		129,903
	1,700	HERSHEY CO / THE		62,743		80,155
	3,500	HJ HEINZ CO		111,698		173,110
	1,200	HORMEL FOODS CORP		43,206		61,512
	1,600	JM SMUCKER CO/THE		64,617		105,040
	2,300	KELLOGG CO		99,285		117,484
	4,050	KIMBERLY CLARK CORP		202,323		255,312
	21,538	KRAFT FOODS INC-CLASS A		246,937		678,662
	14,600	KROGER CO		250,327		326,456
	1,374	LORILLARD INC		34,726		112,750
	800	MCCORMICK & CO-NON VTG SHRS		24,815		37,224
	51,978	MERCK & CO. INC.		1,241,233		1,873,287
	1,800	MOLSON COORS BREWING CO -B		54,437		90,342
	11,515	NESTLE SA-SPONS ADR FOR REG (c)(d)		646,154		677,312
	33,800	PEPSICO INC		1,372,242		2,208,154
	34,432	PHILIP MORRIS INTERNATIONAL		359,253		2,015,305
	51,160	PROCTER & GAMBLE CO/THE		926,550		3,291,123
	300	RALCORP HOLDINGS INC (b)		18,248		19,503
	3,000	REYNOLDS AMERICAN INC		29,474		97,860
	47,419	SAFEWAY INC		1,001,322		1,066,453
	13,350	SARA LEE CORP		110,338		233,759
	4,400	SMITHFIELD FOODS INC (b)		81,906		90,772
	7,900	SYSCO CORP		121,025		232,260
	9,527	TYSON FOODS INC-CL A		111,285		164,055
	42,930	UNILEVER N V -NY SHARES (c)		1,291,746		1,348,002
	21,050	WALGREEN CO		255,879		820,108
	4,400	WHOLE FOODS MARKET INC		116,392		222,597
				15,906,935		26,894,526		7.81	%
Energy:
	10,646	ANADARKO PETROLEUM CORP		387,404		810,799
	12,291	APACHE CORP		803,684		1,465,456
	1,700	ATWOOD OCEANICS INC (b)		51,221		63,529
	3,300	BAKER HUGHES INC		131,950		188,661
	1,504	CABOT OIL & GAS CORP		38,739		56,926
	4,800	CAMERON INTERNATIONAL CORP (b)		124,988		243,504
	8,700	CHESAPEAKE ENERGY CORP		167,088		225,417
	34,095	CHEVRON CORP		1,499,394		3,111,169

See accompanying notes to financial statements. 27 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Energy (Cont’d):
	7,800	CIMAREX ENERGY CO	$	593,462		690,534
	15,000	CLOUD PEAK ENERGY INC (b)		343,546		348,450
	1,700	CONCHO RESOURCES INC (b)		49,632		149,039
	29,844	CONOCOPHILLIPS		803,147		2,032,376
	5,431	CONSOL ENERGY INC		148,332		264,707
	1,000	CONTINENTAL RESOURCES INC/OK (b)		20,765		58,850
	9,300	DENBURY RESOURCES INC (b)		88,950		177,537
	37,700	DEVON ENERGY CORPORATION		2,459,521		2,959,827
	400	DIAMOND OFFSHORE DRILLING		24,190		26,748
	3,000	DRESSER-RAND GROUP INC (b)		98,595		127,770
	17,400	EL PASO CORP		139,789		239,424
	21,955	ENERGY TRANSFER EQUITY LP		869,738		857,782
	18,750	ENSCO PLC-SPON ADR (c)(d)		941,499		1,000,875
	26,075	ENTERPRISE PRODUCTS PARTNERS		1,074,465		1,084,981
	6,200	EOG RESOURCES INC		160,571		566,742
	3,700	EXCO RESOURCES INC		56,238		71,854
	7,000	EXTERRAN HOLDINGS INC (b)		145,915		167,650
	85,951	EXXON MOBIL CORP		3,404,310		6,284,737
	1,200	FMC TECHNOLOGIES INC (b)		33,690		106,692
	4,100	FRONTIER OIL CORP (b)		57,462		73,841
	15,158	HALLIBURTON CO		274,762		618,901
	3,100	HELMERICH & PAYNE		39,003		150,288
	4,900	HESS CORP		313,547		375,046
	2,000	HOLLY CORP		52,098		81,540
	19,395	MAGELLAN MIDSTREAM PARTNERS		1,080,995		1,095,818
	28,586	MARATHON OIL CORP		813,274		1,058,540
	1,700	MASSEY ENERGY CO		54,661		91,205
	5,200	MURPHY OIL CORP		172,519		387,660
	8,722	NATIONAL OILWELL VARCO INC		214,854		586,555
	5,142	NEWFIELD EXPLORATION CO (b)		222,527		370,790
	4,200	NOBLE ENERGY INC		158,333		361,536
	21,614	OCCIDENTAL PETROLEUM CORP		513,483		2,120,333
	1,700	OCEANEERING INTL INC (b)		87,015		125,171
	47,900	PATTERSON-UTI ENERGY INC		1,062,044		1,032,245
	3,500	PEABODY ENERGY CORP		69,937		223,930
	3,200	PIONEER NATURAL RESOURCES CO		48,507		277,824
	3,300	PLAINS EXPLORATION & PRODUCT (b)		92,785		106,062
	4,600	PRIDE INTERNATIONAL INC (b)		141,383		151,800
	44,000	QEP RESOURCES INC		1,513,042		1,597,640
	3,700	RANGE RESOURCES CORP		128,867		166,426
	700	ROWAN COMPANIES INC (b)		19,887		24,437
	23,400	SANDRIDGE ENERGY INC (b)		153,249		171,288
	20,600	SCHLUMBERGER LTD		579,055		1,720,100
	9,300	SOUTHWESTERN ENERGY CO (b)		163,645		348,099
	2,400	SUNOCO INC		50,440		96,744
	600	SUPERIOR ENERGY SERVICES INC (b)		21,266		20,994
	1,800	TESORO CORP (b)		28,808		33,372
	17,700	TIDEWATER INC		895,470		952,968
	3,939	ULTRA PETROLEUM CORP (b)		180,069		188,166
	14,210	VALERO ENERGY CORP		172,649		328,535
	19,400	WEATHERFORD INTL LTD (b)(c)		279,487		442,320
	1,300	WHITING PETROLEUM CORP (b)		73,760		152,347
	113,840	WILLIAMS COS INC		2,623,645		2,814,124
				27,013,351		41,728,681		12.12	%
Financials:
	6,000	ACE LTD (c)		317,873		373,500
	800	AFFILIATED MANAGERS GROUP (b)		48,196		79,376
	9,850	AFLAC INC		262,100		555,836
	700	ALEXANDRIA REAL ESTATE EQUIT		24,992		51,282
	2,700	ALLIED WORLD ASSURANCE CO (c)		86,630		160,488
	29,100	ALLSTATE CORP		985,329		927,708
	19,433	AMERICAN EXPRESS CO		587,716		834,064
	1,800	AMERICAN FINANCIAL GROUP INC		29,745		58,122
	2,600	AMERICAN INTERNATIONAL GROUP (b)		40,854		149,812
	3,591	AMERIPRISE FINANCIAL INC		94,747		206,662

See accompanying notes to financial statements. 28 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Financials (Cont’d):
	4,900	ANNALY CAPITAL MANAGEMENT IN	$	78,180		87,808
	6,348	AON CORP		173,358		292,071
	3,628	APARTMENT INVT & MGMT CO -A		39,421		93,748
	1,600	ARCH CAPITAL GROUP LTD (b)(c)		101,982		140,880
	1,600	ARTHUR J GALLAGHER & CO		34,040		46,528
	2,000	ASPEN INSURANCE HOLDINGS LTD (c)		45,330		57,240
	2,500	ASSURANT INC		60,538		96,300
	5,500	ASSURED GUARANTY LTD (c)		75,350		97,350
	734	AVALONBAY COMMUNITIES INC		31,138		82,612
	2,400	AXIS CAPITAL HOLDINGS LTD (c)		81,468		86,112
	47,850	BANCORPSOUTH INC		699,472		763,208
	244,018	BANK OF AMERICA CORP		5,053,712		3,255,200
	19,601	BANK OF NEW YORK MELLON CORP		538,667		591,950
	44,422	BB&T CORP		1,114,923		1,167,854
	23,600	BERKSHIRE HATHAWAY INC-CL B (b)		1,929,002		1,890,596
	1,142	BLACKROCK INC		202,635		217,642
	3,388	BOSTON PROPERTIES INC		171,467		291,707
	1,100	BRE PROPERTIES INC		25,471		47,850
	2,600	BROWN & BROWN INC		50,447		62,244
	900	CAMDEN PROPERTY TRUST		24,532		48,582
	10,747	CAPITAL ONE FINANCIAL CORP		323,988		457,392
	6,900	CAPITALSOURCE INC		23,267		48,990
	2,400	CB RICHARD ELLIS GROUP INC-A (b)		45,504		49,152
	14,200	CHIMERA INVESTMENT CORP		49,341		58,362
	2,700	CHUBB CORP		86,607		161,028
	4,900	CIT GROUP INC (b)		183,899		230,790
	707,545	CITIGROUP INC (b)		3,314,179		3,346,688
	1,300	CITY NATIONAL CORP		47,574		79,768
	873	CME GROUP INC		181,749		280,888
	900	CORPORATE OFFICE PROPERTIES		24,641		31,455
	1,600	CORRECTIONS CORP OF AMERICA (b)		25,672		40,096
	400	DIGITAL REALTY TRUST INC		15,650		20,616
	16,287	DISCOVER FINANCIAL SERVICES		233,079		301,798
	2,800	DOUGLAS EMMETT INC		22,554		46,480
	3,300	EAST WEST BANCORP INC		53,889		64,515
	900	ENDURANCE SPECIALTY HOLDINGS (c)		25,106		41,463
	5,416	EQUITY RESIDENTIAL		174,162		281,361
	2,400	EVEREST RE GROUP LTD (c)		184,908		203,568
	900	FEDERAL REALTY INVS TRUST		48,473		70,137
	800	FEDERATED INVESTORS INC-CL B		17,620		20,936
	17,400	FIFTH THIRD BANCORP		138,329		255,432
	600	FIRST CITIZENS BCSHS -CL A		86,506		113,430
	16,851	FIRST HORIZON NATIONAL CORP (b)		213,278		198,505
	3,200	FIRST NIAGARA FINANCIAL GRP		37,456		44,736
	20,095	FIRST REPUBLIC BANK/SAN FRAN (b)		543,972		585,166
	3,359	FRANKLIN RESOURCES INC		189,834		373,554
	3,500	FULTON FINANCIAL CORP		37,748		36,190
	98,000	GENWORTH FINANCIAL INC-CL A (b)		1,239,704		1,287,720
	13,000	GOLDMAN SACHS GROUP INC		1,342,905		2,186,080
	400	GREENHILL & CO INC		27,762		32,672
	1,200	HANOVER INSURANCE GROUP INC		51,342		56,064
	6,000	HARTFORD FINANCIAL SVCS GRP		123,208		158,940
	1,000	HCC INSURANCE HOLDINGS INC		24,155		28,940
	7,100	HCP INC		113,708		261,209
	400	HEALTH CARE REIT INC		14,103		19,056
	1,800	HOSPITALITY PROPERTIES TRUST		23,967		41,472
	10,122	HOST HOTELS & RESORTS INC		69,685		180,880
	678	HOWARD HUGHES CORP/THE (b)		20,502		36,897
	7,500	HUDSON CITY BANCORP INC		118,763		95,550
	11,100	HUNTINGTON BANCSHARES INC		51,227		76,257
	82,675	INLAND REAL ESTATE CORP		707,855		727,540
	4,000	INVESCO LTD		61,778		96,240
	3,500	JANUS CAPITAL GROUP INC		39,533		45,395
	2,700	JEFFERIES GROUP INC		64,508		71,901
	300	JONES LANG LASALLE INC		17,291		25,176
	71,046	JPMORGAN CHASE & CO		1,879,857		3,013,771

See accompanying notes to financial statements. 29 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Financials (Cont’d):
	5,900	KEYCORP	$	30,061		52,215
	6,601	KIMCO REALTY CORP		77,824		119,082
	3,852	LEGG MASON INC		55,351		139,712
	1,100	LIBERTY PROPERTY TRUST		24,364		35,112
	4,948	LINCOLN NATIONAL CORP		141,984		137,604
	6,000	LOEWS CORP		131,444		233,460
	700	M & T BANK CORP		50,526		60,935
	5,123	MACERICH CO/THE		127,300		242,677
	5,200	MACK-CALI REALTY CORP		154,599		171,912
	600	MARKEL CORP (b)		203,366		226,878
	7,178	MARSH & MCLENNAN COS		174,543		196,247
	12,899	MARSHALL & ILSLEY CORP		96,056		89,261
	7,800	MBIA INC (b)		38,883		93,522
	1,300	MERCURY GENERAL CORP		38,019		55,913
	10,800	METLIFE INC		327,156		479,952
	47,197	MORGAN STANLEY		1,354,110		1,284,230
	1,400	MORNINGSTAR INC		57,577		74,312
	2,400	MSCI INC-A (b)		68,930		93,504
	8,949	NEW YORK COMMUNITY BANCORP		102,889		168,689
	6,502	NORTHERN TRUST CORP		301,334		360,276
	3,800	NYSE EURONEXT		120,213		113,924
	5,125	OLD REP INTL CORP		59,894		69,854
	1,000	PARTNERRE LTD (c)		66,204		80,350
	10,031	PEOPLE’S UNITED FINANCIAL		144,869		140,534
	5,085	PLUM CREEK TIMBER CO		128,128		190,433
	26,200	PNC FINANCIAL SERVICES GROUP		1,312,789		1,590,864
	32,200	POPULAR INC (b)(c)		71,645		101,108
	5,050	PRINCIPAL FINANCIAL GROUP		125,030		164,428
	6,048	PROGRESSIVE CORP		80,691		120,174
	7,100	PROLOGIS		73,876		102,524
	2,200	PROTECTIVE LIFE CORP		24,849		58,608
	8,500	PRUDENTIAL FINANCIAL INC		257,378		499,035
	1,091	PUBLIC STORAGE		67,691		110,649
	32,425	RAYMOND JAMES FINANCIAL INC		1,021,413		1,060,298
	2,700	REALTY INCOME CORP		64,486		92,340
	3,900	REGENCY CENTERS CORP		97,960		164,736
	28,699	REGIONS FINANCIAL CORP		133,361		200,893
	2,900	RENAISSANCERE HOLDINGS LTD (c)		136,231		184,701
	21,400	SCHWAB (CHARLES) CORP		186,608		366,154
	5,400	SEI INVESTMENTS COMPANY		74,937		128,466
	49,325	SELECTIVE INSURANCE GROUP		867,714		895,249
	1,500	SENIOR HOUSING PROP TRUST		24,126		32,910
	3,595	SIMON PROPERTY GROUP INC		157,583		357,667
	1,500	SL GREEN REALTY CORP		32,888		101,265
	6,500	SLM CORP (b)		56,402		81,835
	6,835	STATE STREET CORP		273,996		316,734
	14,334	SUNTRUST BANKS INC		249,943		422,996
	52,395	SYMETRA FINANCIAL CORP		647,597		717,812
	48,100	SYNOVUS FINANCIAL CORP		126,481		126,984
	6,349	T ROWE PRICE GROUP INC		125,884		409,764
	2,100	TAUBMAN CENTERS INC		62,222		106,008
	3,900	TCF FINANCIAL CORP		33,574		57,759
	5,566	TD AMERITRADE HOLDING CORP		85,425		105,698
	19,125	TORCHMARK CORP		1,098,064		1,142,528
	20,650	TRANSATLANTIC HOLDINGS INC		1,090,193		1,065,953
	10,688	TRAVELERS COS INC/THE		378,568		595,428
	2,400	UDR INC		24,876		56,448
	4,000	UNITRIN INC		101,606		98,160
	37,500	UNUM GROUP		815,810		908,250
	36,185	US BANCORP		742,051		975,909
	1,100	VALIDUS HOLDINGS LTD (c)		23,556		33,671
	1,593	VALLEY NATL BANCORP		25,082		22,780
	1,800	VENTAS INC		73,052		94,464
	4,500	VISA INC-CLASS A SHARES		314,289		316,710
	2,900	VORNADO REALTY TRUST		206,690		241,657
	2,900	WADDELL & REED FINANCIAL-A		75,336		102,341
	5,200	WASHINGTON FEDERAL INC		71,015		87,984

See accompanying notes to financial statements. 30 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Financials (Cont’d):
	1,900	WEINGARTEN REALTY INVESTORS	$	25,127		45,144
	86,945	WELLS FARGO & CO		1,186,941		2,694,426
	1,106	WR BERKLEY CORP		29,275		30,282
	60,000	XL GROUP PLC (c)		1,178,206		1,309,200
				43,338,294		52,108,170		15.14	%
Healthcare:
	42,435	ABBOTT LABORATORIES		1,728,762		2,033,061
	8,703	AETNA INC		122,419		265,529
	200	ALCON INC (c)		30,135		32,680
	1,800	ALERE INC (b)		57,627		65,880
	1,500	ALEXION PHARMACEUTICALS INC (b)		58,088		120,825
	5,507	ALLERGAN INC		201,259		378,166
	7,200	AMERISOURCEBERGEN CORP		115,968		245,664
	26,700	AMGEN INC (b)		365,908		1,465,830
	22,100	BAXTER INTERNATIONAL INC		830,917		1,118,702
	1,900	BECKMAN COULTER INC		99,749		142,937
	3,900	BECTON DICKINSON AND CO		226,543		329,628
	6,550	BIOGEN IDEC INC (b)		82,841		439,178
	113,800	BOSTON SCIENTIFIC CORP (b)		812,353		861,466
	20,100	BRISTOL-MYERS SQUIBB CO		454,721		532,248
	3,400	CARDINAL HEALTH INC		102,635		130,254
	53,000	CAREFUSION CORP (b)		1,261,278		1,362,100
	6,436	CELGENE CORP (b)		146,839		380,625
	300	CEPHALON INC (b)		14,717		18,516
	800	CHARLES RIVER LABORATORIES (b)		24,460		28,432
	5,700	CIGNA CORP		89,680		208,962
	3,000	COMMUNITY HEALTH SYSTEMS INC (b)		97,596		112,110
	700	COVANCE INC (b)		31,465		35,987
	20,400	COVIDIEN PLC (c)		861,243		931,464
	1,700	CR BARD INC		111,570		156,009
	1,425	DAVITA INC (b)		21,812		99,023
	3,700	DENTSPLY INTERNATIONAL INC		102,583		126,429
	3,800	EDWARDS LIFESCIENCES CORP (b)		118,152		307,192
	10,700	ELI LILLY & CO		372,409		374,928
	10,300	ENDO PHARMACEUT HLDGS INC (b)		292,835		367,813
	9,100	EXPRESS SCRIPTS INC (b)		173,782		491,855
	26,150	FOREST LABORATORIES INC (b)		801,233		836,277
	19,760	GEN-PROBE INC (b)		1,048,654		1,152,996
	700	GENZYME CORP (b)		36,911		49,840
	14,260	GILEAD SCIENCES INC (b)		231,726		516,782
	9,200	HEALTH MGMT ASSOCIATES INC-A (b)		59,662		87,768
	60,090	HEALTHSOUTH CORP (b)		1,079,018		1,244,464
	1,900	HENRY SCHEIN INC (b)		86,167		116,641
	1,300	HILL-ROM HOLDINGS INC		38,228		51,181
	1,708	HOLOGIC INC (b)		12,625		32,145
	6,405	HOSPIRA INC (b)		231,083		356,694
	3,900	HUMANA INC (b)		39,107		213,486
	1,400	IDEXX LABORATORIES INC (b)		60,410		96,908
	700	INTUITIVE SURGICAL INC (b)		165,982		180,425
	61,184	JOHNSON & JOHNSON		2,714,406		3,784,230
	1,931	KINETIC CONCEPTS INC (b)		71,019		80,870
	8,800	KING PHARMACEUTICALS INC (b)		93,510		123,640
	800	LABORATORY CRP OF AMER HLDGS (b)		18,788		70,336
	4,373	LIFE TECHNOLOGIES CORP (b)		134,809		242,702
	2,325	LINCARE HOLDINGS INC		46,233		62,380
	5,700	MCKESSON CORP		202,597		401,166
	2,200	MEAD JOHNSON NUTRITION CO		103,422		136,950
	9,756	MEDCO HEALTH SOLUTIONS INC (b)		137,776		597,750
	13,800	MEDTRONIC INC		482,727		511,842
	62,000	MYLAN INC (b)		1,189,888		1,310,060
	1,200	OMNICARE INC		29,082		30,468
	3,500	PATTERSON COS INC		93,515		107,205
	2,900	PERRIGO CO		109,545		183,657
	170,725	PFIZER INC		1,402,986		2,989,395
	1,300	PHARMACEUTICAL PRODUCT DEVEL		24,770		35,282
	8,065	QUEST DIAGNOSTICS INC		391,363		435,268
	4,000	RESMED INC (b)		81,990		138,560

See accompanying notes to financial statements. 31 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Healthcare (Cont’d):
	12,600	SERVICE CORP INTERNATIONAL	$	90,438		103,950
	8,639	ST JUDE MEDICAL INC (b)		254,799		369,317
	7,200	STRYKER CORP		119,192		386,640
	12,900	TENET HEALTHCARE CORP (b)		56,567		86,301
	7,400	THERMO FISHER SCIENTIFIC INC (b)		156,536		409,664
	17,202	UNITEDHEALTH GROUP INC		273,316		621,164
	2,036	UNIVERSAL HEALTH SERVICES-B		38,822		88,403
	46,095	VALEANT PHARMACEUTICALS INTE (c)		1,296,247		1,304,028
	5,000	VARIAN MEDICAL SYSTEMS INC (b)		184,300		346,400
	1,200	VCA ANTECH INC (b)		28,592		27,948
	3,000	VERTEX PHARMACEUTICALS INC (b)		74,804		105,090
	2,600	WATERS CORP (b)		60,996		202,046
	3,175	WATSON PHARMACEUTICALS INC (b)		79,360		163,989
	2,666	WEBMD HEALTH CORP (b)		58,226		136,126
	9,249	WELLPOINT INC (b)		325,437		525,898
	3,374	ZIMMER HOLDINGS INC (b)		140,046		181,115
				23,467,256		34,398,940		9.99	%
Industrials:
	9,087	3M CO		561,634		784,208
	35,000	ABB LTD-SPON ADR (b)(c)(d)		715,485		785,750
	610	AGCO CORP (b)		23,281		30,903
	3,450	AMETEK INC		73,221		135,413
	19,800	AMR CORP (b)		151,331		154,242
	32,970	AVERY DENNISON CORP		1,344,184		1,395,950
	2,700	BABCOCK & WILCOX COMPANY (b)		35,478		69,093
	1,700	BE AEROSPACE INC (b)		47,626		62,951
	17,400	BOEING CO/THE		411,597		1,135,524
	1,700	BUCYRUS INTERNATIONAL INC		47,502		151,980
	3,400	C.H. ROBINSON WORLDWIDE INC		164,205		272,646
	1,600	CAREER EDUCATION CORP (b)		26,824		33,168
	2,200	CARLISLE COS INC		45,116		87,428
	11,604	CATERPILLAR INC		322,821		1,086,831
	2,500	CHICAGO BRIDGE & IRON-NY SHR (b)(c)		50,995		82,250
	5,700	CINTAS CORP		175,434		159,372
	2,027	CON-WAY INC		44,529		74,127
	1,400	COOPER INDUSTRIES PLC		60,725		81,606
	1,300	COPA HOLDINGS SA-CLASS A (c)		61,294		76,492
	3,948	CRANE CO		66,572		162,144
	9,300	CSX CORP		97,923		600,873
	3,800	CUMMINS INC		53,831		418,038
	11,163	DANAHER CORP		255,642		526,559
	7,300	DEERE & CO		199,160		606,265
	150,000	DELTA AIR LINES INC (b)		1,891,832		1,890,000
	678	DEVRY INC		31,924		32,530
	1,600	DONALDSON CO INC		63,715		93,248
	3,325	DOVER CORP		122,574		194,346
	1,987	DUN & BRADSTREET CORP		49,383		163,113
	4,200	EATON CORP		158,064		426,342
	32,875	EMCOR GROUP INC (b)		934,677		952,718
	15,500	EMERSON ELECTRIC CO		422,332		886,135
	1,197	ENERGIZER HOLDINGS INC (b)		74,281		87,261
	3,200	EXPEDITORS INTL WASH INC		115,188		174,720
	1,900	FASTENAL CO		62,225		113,829
	6,653	FEDEX CORP		130,734		618,796
	300	FIRST SOLAR INC (b)		23,489		39,042
	1,300	FLOWSERVE CORP		119,620		154,986
	2,550	FLUOR CORP		52,518		168,963
	300	GARDNER DENVER INC		16,685		20,646
	1,400	GATX CORP		24,276		49,392
	258,400	GENERAL ELECTRIC CO		4,753,642		4,726,136
	1,000	GLOBAL PAYMENTS INC		33,115		46,210
	3,200	GOODRICH CORP		95,088		281,824
	6,200	H&R BLOCK INC		58,017		73,842
	1,600	HARSCO CORP		28,236		45,312
	17,600	HONEYWELL INTERNATIONAL INC		471,639		935,616
	2,200	HUBBELL INC -CL B		91,526		132,286
	2,100	HUNT (JB) TRANSPRT SVCS INC		40,530		85,701

See accompanying notes to financial statements. 32 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Industrials (Cont’d):
	2,500	IDEX CORP	$	58,238		97,800
	6,424	ILLINOIS TOOL WORKS		223,340		343,042
	3,700	INGERSOLL-RAND PLC (c)		140,926		174,233
	5,400	IRON MOUNTAIN INC		121,527		135,054
	1,600	ITT CORP		52,360		83,376
	1,300	ITT EDUCATIONAL SERVICES INC (b)		52,038		82,797
	3,000	JABIL CIRCUIT INC		49,755		60,270
	2,068	JACOBS ENGINEERING GROUP INC (b)		46,598		94,818
	2,038	JOY GLOBAL INC		92,539		176,797
	2,900	KANSAS CITY SOUTHERN (b)		46,328		138,794
	2,800	KBR INC		55,655		85,316
	17,000	KIRBY CORP (b)		764,537		748,850
	2,400	L-3 COMMUNICATIONS HOLDINGS		143,754		169,176
	1,200	LANDSTAR SYSTEM INC		38,351		49,128
	700	LINCOLN ELECTRIC HOLDINGS		28,970		45,689
	2,600	LOCKHEED MARTIN CORP		74,846		181,766
	12,500	MANITOWOC COMPANY INC		120,438		163,875
	1,475	MANPOWER INC		46,518		92,571
	48,000	MASTEC INC (b)		709,778		700,320
	5,500	MCDERMOTT INTL INC (b)		36,783		113,795
	3,900	MONSTER WORLDWIDE INC (b)		48,446		92,157
	1,300	NAVISTAR INTERNATIONAL CORP (b)		51,064		75,283
	5,360	NORFOLK SOUTHERN CORP		121,639		336,715
	3,660	NORTHROP GRUMMAN CORP		154,856		237,095
	2,300	OSHKOSH CORP (b)		74,375		81,052
	28,475	OVERSEAS SHIPHOLDING GROUP		1,035,187		1,008,585
	2,600	OWENS CORNING (b)		59,847		80,990
	8,389	PACCAR INC		91,278		481,696
	2,200	PALL CORP		55,214		109,076
	2,850	PARKER HANNIFIN CORP		123,853		245,955
	2,200	PENTAIR INC		72,761		80,322
	2,100	PRECISION CASTPARTS CORP		126,967		292,341
	4,100	QUANTA SERVICES INC (b)		52,132		81,672
	6,500	RAYTHEON COMPANY		191,236		301,210
	2,200	RELIANCE STEEL & ALUMINUM		61,215		112,420
	44,843	REPUBLIC SERVICES INC		1,203,205		1,339,012
	1,900	ROBERT HALF INTL INC		47,352		58,140
	5,250	ROCKWELL AUTOMATION INC		73,987		376,478
	5,214	ROCKWELL COLLINS INC		154,727		303,768
	300	ROPER INDUSTRIES INC		19,526		22,929
	14,100	SOUTHWEST AIRLINES CO		100,966		183,018
	1,800	SPIRIT AEROSYSTEMS HOLD-CL A (b)		35,134		37,458
	1,000	SPX CORP		51,053		71,490
	2,080	STERICYCLE INC (b)		99,902		168,314
	1,100	TEEKAY CORP (c)		31,416		36,388
	16,775	TELEFLEX INC		856,456		902,663
	1,400	TEREX CORP (b)		29,239		43,456
	52,000	TEXTRON INC		1,211,937		1,229,280
	10,500	TYCO INTERNATIONAL LTD (c)		388,274		435,120
	7,600	UNION PACIFIC CORP		219,426		704,216
	15	UNITED CONTINENTAL HOLDINGS (b)		314		357
	7,240	UNITED PARCEL SERVICE-CL B		374,766		525,479
	16,850	UNITED TECHNOLOGIES CORP		637,287		1,326,432
	2,500	URS CORP (b)		94,337		104,025
	2,000	USG CORP (b)		12,349		33,660
	4,100	UTI WORLDWIDE INC (c)		50,356		86,920
	1,800	WALTER ENERGY INC		42,608		230,112
	1,650	WASTE CONNECTIONS INC		29,914		45,424
	9,450	WASTE MANAGEMENT INC		159,686		348,421
	23,100	WERNER ENTERPRISES INC		524,871		522,059
	1,700	WW GRAINGER INC		74,316		234,786
				26,648,473		38,090,248		11.07	%
Information technology:
	4,700	ACCENTURE PLC-CL A (c)		182,665		227,903
	10,800	ACTIVISION BLIZZARD INC		63,094		134,352
	8,924	ADOBE SYSTEMS INC (b)		163,063		274,681
	14,300	ADVANCED MICRO DEVICES (b)		64,279		116,974

See accompanying notes to financial statements. 33 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Growth Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Information technology (Cont’d):
	34,810	AGILENT TECHNOLOGIES INC (b)	$	1,161,050		1,442,178
	3,300	AKAMAI TECHNOLOGIES INC (b)		45,920		155,265
	1,600	ALLIANCE DATA SYSTEMS CORP (b)		75,650		113,648
	5,000	ALTERA CORP		94,155		177,900
	3,100	AMPHENOL CORP-CL A		130,340		163,618
	8,600	ANALOG DEVICES INC		120,368		323,962
	2,400	ANSYS INC (b)		81,726		124,968
	2,393	AOL INC (b)		44,922		56,738
	15,000	APPLE INC (b)		411,858		4,838,400
	16,400	APPLIED MATERIALS INC		190,748		230,420
	700	ARROW ELECTRONICS INC (b)		18,814		23,975
	44,200	ATMI INC (b)		876,365		881,348
	2,486	AUTODESK INC (b)		54,831		94,965
	4,066	AUTOMATIC DATA PROCESSING		132,231		188,174
	56,200	AVNET INC (b)		1,856,540		1,856,286
	62,475	BENCHMARK ELECTRONICS INC (b)		1,082,348		1,134,546
	4,550	BMC SOFTWARE INC (b)		89,322		214,487
	9,791	BROADCOM CORP-CL A		161,988		426,398
	2,180	BROADRIDGE FINANCIAL SOLUTIO		33,318		47,807
	35,655	CA INC		807,587		871,408
	4,200	CADENCE DESIGN SYS INC (b)		24,003		34,692
	900	CERNER CORP (b)		40,604		85,266
	105,450	CISCO SYSTEMS INC (b)		160,814		2,133,254
	4,234	CITRIX SYSTEMS INC (b)		47,866		289,648
	6,300	COGNIZANT TECH SOLUTIONS-A (b)		95,625		461,727
	9,557	COMPUTER SCIENCES CORP		447,904		474,027
	117,595	COMPUWARE CORP (b)		1,273,339		1,372,334
	900	CORELOGIC INC		16,993		16,668
	25,400	CORNING INC		205,191		490,728
	1,800	CREE INC (b)		56,445		118,602
	2,700	CYPRESS SEMICONDUCTOR CORP (b)		8,499		50,166
	6,750	DELL INC (b)		80,373		91,463
	5,600	EBAY INC (b)		46,264		155,848
	3,900	ELECTRONIC ARTS INC (b)		73,745		63,882
	34,310	EMC CORP/MASS (b)		233,560		785,699
	1,000	EQUINIX INC (b)		77,505		81,260
	1,300	F5 NETWORKS INC (b)		30,063		169,208
	1,600	FAIRCHILD SEMICONDUCTOR INTE (b)		21,840		24,976
	7,802	FIDELITY NATIONAL INFORMATIO		135,427		213,697
	3,950	FISERV INC (b)		108,063		231,312
	2,400	FLIR SYSTEMS INC (b)		58,222		71,400
	4,167	GOOGLE INC-CL A (b)		1,257,780		2,475,073
	2,800	HARRIS CORP		37,337		126,840
	64,697	HEWLETT-PACKARD CO		1,661,289		2,723,744
	700	IHS INC-CLASS A (b)		30,839		56,273
	7,200	INGRAM MICRO INC-CL A (b)		99,833		137,448
	100,300	INTEL CORP		208,477		2,109,309
	3,600	INTERSIL CORP-A		50,850		54,972
	19,041	INTL BUSINESS MACHINES CORP		1,535,376		2,794,457
	5,000	INTUIT INC (b)		103,285		246,500
	1,300	ITRON INC (b)		73,205		72,085
	10,967	JUNIPER NETWORKS INC (b)		215,572		404,902
	2,600	KLA-TENCOR CORPORATION		86,094		100,464
	3,000	LAM RESEARCH CORP (b)		83,706		155,340
	2,371	LENDER PROCESSING SERVICES		76,903		69,992
	2,000	LEXMARK INTERNATIONAL INC-A (b)		30,530		69,640
	5,400	LINEAR TECHNOLOGY CORP		119,475		186,786
	28,600	LSI CORP (b)		120,263		171,314
	7,800	MARVELL TECHNOLOGY GROUP LTD (b)(c)		55,397		144,690
	1,700	MASTERCARD INC-CLASS A		182,283		380,987
	7,000	MAXIM INTEGRATED PRODUCTS		125,147		165,340
	3,900	MCAFEE INC (b)		96,027		180,609
	1,300	METTLER-TOLEDO INTERNATIONAL (b)(c)		87,484		196,573
	59,800	MICREL INC		817,532		776,802
	4,200	MICROCHIP TECHNOLOGY INC		66,924		143,682
	19,100	MICRON TECHNOLOGY INC (b)		94,334		153,182
	1,000	MICROS SYSTEMS INC (b)		26,215		43,860

See accompanying notes to financial statements. 34 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Growth Fund

December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Information technology (Cont’d):
	199,125	MICROSOFT CORP	$	2,534,698		5,559,570
	63,900	MOTOROLA INC (b)		392,845		579,573
	1,600	NATIONAL SEMICONDUCTOR CORP		12,291		22,016
	4,200	NETAPP INC (b)		94,994		230,832
	1,600	NOVELLUS SYSTEMS INC (b)		40,000		51,712
	4,800	NUANCE COMMUNICATIONS INC (b)		63,624		87,264
	8,900	NVIDIA CORP (b)		60,716		137,060
	4,000	ON SEMICONDUCTOR CORPORATION (b)		30,100		39,520
	70,462	ORACLE CORP		105,191		2,205,461
	7,266	PAYCHEX INC		101,485		224,592
	3,400	PERKINELMER INC		53,706		87,788
	3,200	PMC - SIERRA INC (b)		26,160		27,488
	5,100	QLOGIC CORP (b)		72,882		86,802
	31,483	QUALCOMM INC		704,505		1,558,094
	4,000	RAMBUS INC (b)		70,262		81,920
	4,200	RED HAT INC (b)		61,669		191,730
	2,300	ROVI CORP (b)		55,715		142,623
	2,800	SAIC INC (b)		52,654		44,408
	1,900	SALESFORCE.COM INC (b)		86,711		250,800
	5,300	SANDISK CORP (b)		51,149		264,258
	12,100	SEAGATE TECHNOLOGY (b)(c)		118,421		181,863
	20,519	SYMANTEC CORP (b)		166,785		343,488
	3,800	SYNOPSYS INC (b)		79,130		102,258
	104,750	TELLABS INC		690,340		710,205
	4,500	TERADATA CORP (b)		73,317		185,220
	4,400	TERADYNE INC (b)		40,149		61,776
	17,400	TEXAS INSTRUMENTS INC		280,526		565,500
	2,500	TRIMBLE NAVIGATION LTD (b)		38,162		99,825
	27,550	TYCO ELECTRONICS LTD (c)		911,112		975,270
	7,800	VISHAY INTERTECHNOLOGY INC (b)		48,930		114,504
	557	VISHAY PRECISION GROUP (b)		5,691		10,494
	1,500	VMWARE INC-CLASS A (b)		47,284		133,365
	50,280	WEBSENSE INC (b)		1,071,507		1,018,170
	5,900	WESTERN DIGITAL CORP (b)		91,432		200,010
	67,000	WESTERN UNION CO		1,063,848		1,244,190
	24,707	XEROX CORP		183,105		284,625
	6,750	XILINX INC		47,179		195,614
	25,340	YAHOO! INC (b)		276,920		421,403
				28,432,879		54,398,413		15.80%
Materials:
	3,375	AIR PRODUCTS & CHEMICALS INC		165,820		306,956
	400	AIRGAS INC		16,882		24,984
	1,300	ALBEMARLE CORP		29,153		72,514
	9,700	ALCOA INC		109,718		149,283
	1,600	ALLEGHENY TECHNOLOGIES INC		39,592		88,288
	1,400	ALPHA NATURAL RESOURCES INC (b)		35,679		84,042
	25,000	ANGLOGOLD ASHANTI-SPON ADR (c)(d)		1,237,738		1,230,750
	800	APTARGROUP INC		27,324		38,056
	4,900	ARCH COAL INC		44,088		171,794
	1,600	ASHLAND INC		47,358		81,376
	1,532	BALL CORP		11,968		104,253
	16,790	BAYER AG-SPONSORED ADR (c)(d)		1,301,173		1,231,714
	3,000	BEMIS COMPANY		66,889		97,980
	126,000	CEMEX SAB-SPONS ADR PART CER (b)(c)(d)		1,255,864		1,349,460
	1,100	CF INDUSTRIES HOLDINGS INC		97,135		148,665
	1,700	CLIFFS NATURAL RESOURCES INC		42,764		132,617
	500	COMPASS MINERALS INTERNATION		27,453		44,635
	40,325	CROWN HOLDINGS INC (b)		1,219,867		1,346,049
	537	CYTEC INDUSTRIES INC		28,176		28,493
	1,000	DOMTAR CORP (c)		52,480		75,920
	17,500	DOW CHEMICAL CO/THE		416,708		597,450
	13,425	DU PONT (E.I.) DE NEMOURS		398,402		669,639
	1,938	EAGLE MATERIALS INC		37,630		54,749
	1,500	EASTMAN CHEMICAL CO		58,012		126,120
	3,371	ECOLAB INC		113,674		169,966
	1,900	FMC CORP		113,204		151,791
	11,848	FREEPORT-MCMORAN COPPER		650,032		1,422,826

See accompanying notes to financial statements. 35 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Growth Fund

December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Materials (Cont’d):
	116,925	GAMMON GOLD INC (b)(c)	$	901,896		954,834
	900	GREIF INC-CL A		27,104		55,710
	9,431	INTERNATIONAL PAPER CO		117,152		256,900
	3,683	INTL FLAVORS & FRAGRANCES		79,231		204,738
	1,000	INTREPID POTASH INC (b)		30,875		37,290
	3,100	JARDEN CORP		77,025		95,697
	1,500	LUBRIZOL CORP		72,108		160,320
	700	MARTIN MARIETTA MATERIALS		27,965		64,568
	2,875	MEADWESTVACO CORP		30,334		75,210
	10,115	MONSANTO CO		47,604		704,409
	2,600	MOSAIC CO/THE		41,501		198,536
	26,900	NEWMONT MINING CORP		1,240,322		1,652,467
	10,344	NUCOR CORP		287,672		453,274
	3,950	OWENS-ILLINOIS INC (b)		57,616		121,265
	2,100	PACKAGING CORP OF AMERICA		30,902		54,264
	3,986	PPG INDUSTRIES INC		180,558		335,103
	6,450	PRAXAIR INC		258,706		615,782
	4,648	RAYONIER INC		104,763		244,113
	2,600	ROYAL GOLD INC		115,996		142,038
	6,500	RPM INTERNATIONAL INC		72,503		143,650
	700	SCOTTS MIRACLE-GRO CO-CL A		25,183		35,539
	6,500	SEALED AIR CORP		160,306		165,425
	300	SIGMA-ALDRICH		17,362		19,968
	3,600	SONOCO PRODUCTS CO		74,518		121,212
	3,200	SOUTHERN COPPER CORP		38,447		155,968
	2,000	TEMPLE-INLAND INC		22,889		42,480
	1,000	UNITED STATES STEEL CORP		27,344		58,420
	26,025	UNIVERSAL FOREST PRODUCTS		946,196		1,012,373
	3,200	VALSPAR CORP		68,239		110,335
	2,057	VULCAN MATERIALS CO		94,088		91,248
				12,921,188		18,383,506		5.34%
Telecommunication services:
	650	AMERICAN TOWER CORP-CL A (b)		6,123		33,566
	157,915	AT&T INC		3,917,094		4,639,543
	27,875	DIGITALGLOBE INC (b)		861,797		883,916
	2,140	ECHOSTAR CORP-A (b)		36,471		53,436
	5,800	LIBERTY GLOBAL INC-A (b)		103,484		205,204
	4,800	NEUSTAR INC-CLASS A (b)		79,848		125,040
	77,283	VERIZON COMMUNICATIONS INC		2,375,855		2,765,185
				7,380,672		8,705,890		2.53%
Utilities:
	10,700	AES CORP (b)		132,801		130,326
	4,500	AGL RESOURCES INC		135,198		161,325
	2,800	ALLEGHENY ENERGY INC		74,298		67,872
	1,000	ALLIANT ENERGY CORP		24,835		36,770
	1,600	AMEREN CORPORATION		40,872		45,104
	9,200	AMERICAN ELECTRIC POWER		289,948		331,016
	34,455	AMERICAN WATER WORKS CO INC		840,292		871,367
	1,888	AQUA AMERICA INC		32,248		42,442
	8,600	CALPINE CORP (b)		57,319		114,724
	5,800	CENTERPOINT ENERGY INC		66,308		91,176
	10,200	CMS ENERGY CORP		144,342		189,720
	4,589	CONSOLIDATED EDISON INC		184,849		227,477
	2,715	CONSTELLATION ENERGY GROUP (b)		79,463		83,160
	8,862	DOMINION RESOURCES INC/VA		284,452		378,585
	1,100	DPL INC		24,481		28,281
	2,800	DTE ENERGY COMPANY		105,289		126,896
	22,213	DUKE ENERGY CORP		247,310		395,614
	8,525	EDISON INTERNATIONAL		182,117		329,065
	3,664	ENTERGY CORP		102,452		259,521
	4,000	EQT CORP		132,900		179,360
	6,500	EXELON CORP		245,607		270,660
	2,100	FIRSTENERGY CORP		79,683		77,742
	8,700	GREAT PLAINS ENERGY INC		157,250		168,693
	35,400	HAWAIIAN ELECTRIC INDS		782,060		806,766
	3,500	ITC HOLDINGS CORP		154,844		216,930
	97,000	KOREA ELEC POWER CORP-SP ADR (b)(c)(d)		1,222,268		1,310,470

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

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Growth Fund

December 31, 2010

Shares			Security	Cost		Fair value (a)		Percent of net assets
Utilities (Cont’d):
	20,715		NALCO HOLDING CO	$	614,105		661,637
	1,500		NATIONAL FUEL GAS CO		38,322		98,430
	4,000		NEXTERA ENERGY INC		157,876		207,960
	6,900		NISOURCE INC		111,901		121,578
	2,600		NORTHEAST UTILITIES		64,649		82,888
	5,600		NRG ENERGY INC (b)		111,284		109,424
	1,800		NSTAR		60,859		75,942
	6,200		NV ENERGY INC		76,954		87,110
	2,400		OGE ENERGY CORP		43,344		109,296
	1,700		ONEOK INC		69,220		94,299
	7,700		P G & E CORP		145,781		368,368
	4,028		PEPCO HOLDINGS INC		71,539		73,511
	4,200		PETROHAWK ENERGY CORP (b)		94,073		76,650
	2,400		PINNACLE WEST CAPITAL		71,637		99,480
	69,925		PNM RESOURCES INC		855,647		910,424
	1,600		PPL CORPORATION		35,717		42,112
	4,600		PROGRESS ENERGY INC		166,393		200,008
	8,384		PUBLIC SERVICE ENTERPRISE GP		245,903		266,695
	59,945		QUESTAR CORP		1,009,492		1,043,642
	4,800		SCANA CORP		166,536		194,880
	3,200		SEMPRA ENERGY		149,225		167,936
	11,300		SOUTHERN CO		258,573		431,999
	32,700		SOUTHERN UNION CO		766,513		787,089
	10,954		SPECTRA ENERGY CORP		155,906		273,740
	7,600		TECO ENERGY INC		90,842		135,280
	3,100		UGI CORP		51,203		97,898
	1,400		WESTAR ENERGY INC		25,766		35,224
	2,410		WISCONSIN ENERGY CORP		46,468		141,853
	4,825		XCEL ENERGY INC		43,341		113,629
					11,622,555		14,050,044		4.08%
		Sub-total Common Stock:			211,779,158		318,526,306
	Short-term investments
	24,212,191		NORTHERN INSTL GOVERNMENT SELECT PORTFOLIO, 0.01% (e)		24,212,191		24,212,191
		Sub-total Short-term investments:			24,212,191		24,212,191		7.03	%
	Grand total (f)			$	235,991,349		342,738,497		99.56	%

Notes to Schedule of Investments:
(a)	Securities are valued in accordance with procedures described in Note 2 to the financial statements.
(b)	Currently non-income producing assets.
(c)	Foreign security values are stated in U.S. dollars. As of December 31, 2010 the value of foreign stocks or depository receipts of companies based outside of the United States represented 6.08% of net assets.
(d)	Securities are American Depository Receipts of companies based outside of the United States representing 2.73% of net assets.
(e)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds.
(f)	At December 31, 2010, the cost for Federal income tax purposes was $236,302,569. The aggregate gross
	unrealized appreciation and depreciation of investments in securities based of this cost were as follows:

Gross unrealized appreciation	$	110,416,258
Gross unrealized depreciation		(3,980,330	)
Net unrealized appreciation	$	106,435,928

See accompanying notes to financial statements. 37 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments – Clearwater Growth Fund

December 31, 2010

See accompanying notes to financial statements. 38 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Cap Fund

December 31, 2010

Shares/Par		Security	Cost		Fair value (a)		Percent of net assets
Common stocks:
Consumer discretionary:
	7,419	BERKSHIRE HILLS	$	163,389		163,960
	20,039	CACHE INC (b)		102,394		88,973
	31,800	CENTURY CASINOS INC (b)		56,023		76,956
	11,952	CHEROKEE INC		221,806		224,817
	15,660	CHRISTOPHER & BANKS CORP		101,380		96,309
	11,909	CLARUS CORPORATION (b)		71,811		94,200
	53,715	COOPER TIRE & RUBBER		1,144,202		1,266,600
	13,939	COST PLUS INC/CALIFORNIA (b)		30,610		135,208
	140,000	DENNY’S CORP (b)		540,636		501,200
	25,245	DGSE COMPANIES INC (b)		53,897		108,049
	209,340	ENTERCOM COMMUNICATIONS-CL A (b)		1,309,720		2,424,157
	150,425	EXIDE TECHNOLOGIES (b)		874,135		1,415,499
	32,000	GAYLORD ENTERTAINMENT CO (b)		812,882		1,150,080
	37,257	GENESCO INC (b)		972,076		1,396,765
	284,200	HANCOCK FABRICS INC /DE (b)		405,103		289,884
	26,500	HANESBRANDS INC (b)		605,173		673,100
	38,205	HILLENBRAND INC		786,755		795,046
	162,556	ICONIX BRAND GROUP INC (b)		1,888,537		3,138,956
	29,023	INTERCLICK INC (b)		166,264		155,854
	46,827	JO-ANN STORES INC (b)		1,165,078		2,819,922
	96,989	KNOLOGY INC (b)		760,265		1,515,938
	31,000	MADISON SQUARE GAR INC-A (b)		599,247		799,180
	104,166	MAIDENFORM BRANDS INC (b)		2,599,170		2,476,026
	8,530	MDC PARTNERS INC-A (c)		100,501		147,313
	35,760	MOTORCAR PARTS OF AMERICA IN (b)		193,256		466,310
	14,795	O’CHARLEYS INC (b)		100,199		106,524
	53,000	ORIENT EXPRESS HOTELS LTD -A (b)(c)		788,949		688,470
	54,483	OUTDOOR CHANNEL HOLDINGS INC (b)		310,890		390,643
	6,663	OXFORD INDUSTRIES INC		176,883		170,639
	13,143	PACIFIC SUNWEAR OF CALIF (b)		75,200		71,235
	7,953	PEP BOYS-MANNY MOE & JACK		69,260		106,809
	27,000	PETSMART INC		584,596		1,075,140
	127,143	RC2 CORP (b)		2,110,646		2,767,903
	7,012	RED ROBIN GOURMET BURGERS (b)		147,025		150,548
	38,659	ROCKY BRANDS INC (b)		324,736		388,136
	65,000	SALLY BEAUTY HOLDINGS INC (b)		562,956		944,450
	16,387	SINCLAIR BROADCAST GROUP-A		82,427		134,046
	21,626	STANDARD MOTOR PRODS		194,451		296,276
	110,993	STONERIDGE INC (b)		1,193,175		1,752,579
	20,998	SUMMER INFANT INC (b)		159,590		159,165
	17,793	TANDY LEATHER FACTORY INC		81,842		82,915
	32,000	TOLL BROTHERS INC (b)		621,879		608,000
	21,291	TUESDAY MORNING CORP (b)		91,110		112,416
	13,000	VAIL RESORTS INC (b)		472,042		676,520
	55,242	VALASSIS COMMUNICATIONS INC (b)		1,013,704		1,787,079
	18,973	WET SEAL INC/THE-CLASS A (b)		71,805		70,200
	20,391	WMS INDUSTRIES INC (b)		805,678		922,489
	75,561	WOLVERINE WORLD WIDE INC		2,111,986		2,408,885
	30,000	WYNDHAM WORLDWIDE CORP		766,350		898,800
				28,641,689		39,190,169		15.29%
Consumer staples:
	9,459	CENTRAL GARDEN & PET CO (b)		93,683		93,077
	8,712	CHIQUITA BRANDS INTL (b)		120,865		122,142
	21,000	DR PEPPER SNAPPLE GROUP INC		329,293		738,360
	27,000	FLOWERS FOODS INC		511,723		726,570
	6,012	MEDIFAST INC (b)		168,274		173,627
	26,977	OMEGA PROTEIN CORP (b)		136,109		218,514
	5,407	SENECA FOODS CORP - CL A (b)		131,132		145,881
	51,650	SPARTAN STORES INC		696,730		875,468
	28,667	SPECTRUM BRANDS HOLDINGS INC (b)		776,934		893,550
	34,875	TREEHOUSE FOODS INC (b)		1,368,586		1,781,764
				4,333,329		5,768,953		2.25%
Energy:
	34,550	CARRIZO OIL & GAS INC (b)		1,087,272		1,191,630
	11,000	CONTANGO OIL & GAS (b)		487,508		637,230
	37,368	DHT HOLDINGS INC (c)		145,321		173,761
	10,000	DRIL-QUIP INC (b)		474,728		777,200
	11,429	GASTAR EXPLORATION LTD (b)		51,174		49,145
	5,453	GEORESOURCES INC (b)		112,004		121,111
	178,489	GMX RESOURCES INC (b)		1,163,827		985,259

See accompanying notes to financial statements. 39 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Cap Fund

December 31, 2010

Shares/Par		Security	Cost		Fair value (a)		Percent of net assets
Energy (Cont’d):
	340,670	HERCULES OFFSHORE INC (b)	$	1,661,536		1,178,718
	42,500	MCDERMOTT INTL INC (b)		509,483		879,325
	30,000	OASIS PETROLEUM INC (b)		507,417		813,600
	40,000	PETROHAWK ENERGY CORP (b)		448,994		730,000
	185,277	PIONEER DRILLING COMPANY (b)		1,424,875		1,632,290
	16,000	QEP RESOURCES INC		587,366		580,960
	48,522	SUPERIOR ENERGY SERVICES INC (b)		933,194		1,697,785
	129,586	TESCO CORP (b)(c)		1,306,204		2,057,826
	185,103	VAALCO ENERGY INC (b)		1,033,402		1,325,337
				11,934,305		14,831,177		5.79%
Financials:
	25,470	ABINGTON BANCORP INC		219,131		303,857
	4,398	AMERICAN SAFETY INS HOLDINGS (b)		89,930		94,029
	103,762	AMTRUST FINANCIAL SERVICES		1,099,658		1,815,835
	25,000	ARTHUR J GALLAGHER & CO		505,110		727,000
	35,184	ASPEN INSURANCE HOLDINGS LTD (c)		844,609		1,006,966
	16,474	ASSOCIATED ESTATES REALTY CP		215,954		251,887
	336,650	BANNER CORPORATION		673,300		781,028
	119,964	BRANDYWINE REALTY TRUST		1,417,666		1,397,581
	23,469	BROOKLINE BANCORP INC		226,566		254,639
	25,000	CAPITOL FEDERAL FINANCIAL IN		297,626		297,750
	52,900	CAPLEASE INC		86,376		307,878
	61,945	CHESAPEAKE LODGING TRUST		1,016,155		1,165,185
	25,976	COGDELL SPENCER INC		162,846		150,661
	33,580	COMMUNITY TRUST BANCORP INC		935,205		972,477
	42,244	CORPORATE OFFICE PROPERTIES		1,326,546		1,476,428
	42,307	DELPHI FINANCIAL GROUP-CL A		947,862		1,220,134
	13,279	EDUCATION REALTY TRUST INC		78,080		103,178
	8,752	EMC INS GROUP INC		196,630		198,145
	50,000	EPOCH HOLDING CORP		662,894		776,500
	49,000	FIRST AMERICAN FINANCIAL		686,145		732,060
	76,053	FIRST MERCHANTS CORP		437,305		673,830
	77,000	FIRST NIAGARA FINANCIAL GRP		1,110,190		1,076,460
	17,650	FIRST POTOMAC REALTY TRUST		186,947		296,873
	38,000	FORESTAR GROUP INC (b)		775,560		733,400
	14,629	GLIMCHER REALTY TRUST		89,720		122,884
	32,895	HALLMARK FINL SERVICES INC (b)		228,631		299,345
	10,617	HERITAGE FINANCIAL CORP (b)		132,888		147,789
	18,272	HFF INC-CLASS A (b)		139,290		176,508
	40,080	HOME FEDERAL BANCORP INC/MD		519,241		491,782
	26,373	HORACE MANN EDUCATORS		333,290		475,769
	7,470	HORIZON BANCORP INDIANA		100,149		197,955
	34,116	IBERIABANK CORP		1,751,722		2,017,279
	16,950	KAISER FEDERAL FINANCIAL GRO		169,500		196,281
	24,000	LEGG MASON INC		598,797		870,480
	60,453	MB FINANCIAL INC		840,868		1,047,046
	136,190	MEDICAL PROPERTIES TRUST INC		1,301,712		1,474,938
	6,600	MIDSOUTH BANCORP INC		97,614		101,376
	98,706	MISSION WEST PROPERTIES		685,178		660,343
	15,375	NATIONAL FINANCIAL PARTNERS (b)		176,331		206,025
	51,795	NATIONAL RETAIL PROPERTIES		843,115		1,372,568
	169,893	NGP CAPITAL RESOURCES CO		1,727,068		1,563,016
	173,681	NORTHWEST BANCSHARES INC		1,751,562		2,042,489
	7,178	PACIFIC CONTINENTAL CORP		64,948		72,211
	33,525	PACWEST BANCORP		720,094		716,765
	13,111	PARK STERLING CORP		80,326		80,764
	77,048	PHOENIX COMPANIES INC (b)		213,226		195,702
	5,892	PINNACLE FINANCIAL PARTNERS (b)		72,214		80,013
	25,206	PLATINUM UNDERWRITERS HLDGS (c)		794,564		1,133,514
	39,936	PRESIDENTIAL LIFE CORP		397,782		396,564
	56,310	PRIVATEBANCORP INC		820,228		809,738
	7,040	PROVIDENT NEW YORK BANCORP		74,958		73,850
	43,187	REDWOOD TRUST INC		554,008		644,782
	4,290	RENASANT CORP		74,344		72,544
	17,983	RETAIL OPPORTUNITY INVESTMEN		177,842		178,212
	2,337	SCBT FINANCIAL CORP		73,981		76,537
	3,436	SOUTHSIDE BANCSHARES INC		74,343		72,397
	25,000	SPDR KBW REGIONAL BANKING ET		610,828		661,250
	4,697	STELLARONE CORP		74,170		68,294
	111,825	SWS GROUP INC		1,285,988		564,716
	33,000	TERRITORIAL BANCORP INC		510,807		657,030
	8,490	TOWER BANCORP INC		193,076		187,120
	10,070	UNITED FINANCIAL BANCORP INC		126,155		153,769

See accompanying notes to financial statements. 40 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
December 31, 2010

Shares/Par		Security	Cost		Fair value (a)		Percent of net assets
Financials (Cont’d):
	8,805	UNIVEST CORP OF PENNSYLVANIA	$	145,377		168,792
	9,969	URSTADT BIDDLE - CLASS A		162,823		193,897
	138,587	U-STORE-IT TRUST		783,847		1,320,734
	35,000	WALTER INVESTMENT MANAGEMENT		465,880		627,900
	7,423	WASHINGTON BANKING CO		66,807		101,769
	91,922	WESTFIELD FINANCIAL INC		928,902		850,279
				35,232,485		40,436,797		15.78%
Healthcare:
	36,496	ALPHATEC HOLDINGS INC (b)		146,970		98,539
	10,305	AMERICAN DENTAL PARTNERS INC (b)		129,621		139,221
	83,602	AMERICAN MEDICAL SYS HLDGS (b)		1,274,906		1,576,734
	21,000	AMERISOURCEBERGEN CORP		346,011		716,520
	21,285	BIOSCRIP INC (b)		94,580		111,321
	32,039	CATALYST HEALTH SOLUTIONS INC (b)		823,343		1,489,493
	17,000	COVIDIEN PLC (c)		712,946		776,220
	116,191	DEL GLOBAL TECHNOLOGIES CORP (b)		73,162		85,981
	119,491	EMDEON INC-CLASS A (b)		1,496,358		1,617,908
	8,478	ENZON PHARMACEUTICALS INC (b)		84,744		103,177
	9,005	ERESEARCH TECHNOLOGY INC (b)		68,983		66,187
	44,749	GENOPTIX INC (b)		930,031		851,126
	39,000	HANGER ORTHOPEDIC GROUP INC (b)		758,300		826,410
	111,989	HEALTHSOUTH CORP (b)		1,835,652		2,319,292
	122,203	HEALTHSPRING INC (b)		1,701,576		3,242,046
	59,654	HEALTHSTREAM INC (b)		304,984		479,618
	27,000	HILL-ROM HOLDINGS INC		525,200		1,062,990
	11,346	INTEGRAMED AMERICA INC (b)		87,872		98,029
	15,310	MEDTOX SCIENTIFIC INC		178,719		200,561
	111,633	ORTHOFIX INTERNATIONAL NV (b)(c)		2,645,345		3,237,357
	20,000	PATTERSON COS INC		448,311		612,600
	18,000	PERRIGO CO		357,095		1,139,940
	65,411	PHC INC-CL A (MASS) (b)		89,016		106,620
	98,812	REHABCARE GROUP INC (b)		2,655,785		2,341,844
	9,400	RURAL/METRO CORP (b)		80,597		137,052
	74,571	ZOLL MEDICAL CORP (b)		1,393,051		2,776,278
				19,243,158		26,213,064		10.23	%
Industrials:
	52,550	ACTUANT CORP-A		978,276		1,398,881
	15,000	ACUITY BRANDS INC		533,328		865,050
	27,000	AECOM TECHNOLOGY CORP (b)		628,313		755,190
	369,922	AIR TRANSPORT SERVICES GROUP (b)		1,986,229		2,922,384
	12,950	APPLIED SIGNAL TECHNOLOGY		234,997		490,676
	49,000	AVIS BUDGET GROUP INC (b)		667,732		762,440
	36,464	AZZ INC		1,197,313		1,458,925
	30,000	BABCOCK & WILCOX COMPANY (b)		683,537		767,700
	16,296	BREEZE-EASTERN CORP (b)		116,687		115,539
	6,455	CASCADE CORP		167,661		305,192
	18,400	CECO ENVIRONMENTAL CORP (b)		102,166		109,664
	32,500	CHICAGO BRIDGE & IRON-NY SHR (b)(c)		631,117		1,069,250
	50,000	COLFAX CORP (b)		570,484		920,500
	157,447	COMMERCIAL VEHICLE GROUP INC (b)		994,004		2,558,514
	28,000	COVANTA HOLDING CORP		524,966		481,320
	38,950	CURTISS-WRIGHT CORP		1,362,005		1,293,140
	108,564	DOLAN CO/THE (b)		1,093,238		1,511,211
	42,921	DUCOMMUN INC		861,733		934,819
	6,698	DXP ENTERPRISES INC (b)		103,879		160,752
	5,400	ENNIS INC		69,365		92,340
	20,000	ENPRO INDUSTRIES INC (b)		569,233		831,200
	31,748	ESCO TECHNOLOGIES INC		1,122,637		1,201,344
	25,921	FEDERAL SIGNAL CORP		146,630		177,818
	8,500	FLOWSERVE CORP		433,671		1,013,370
	23,500	FOSTER (LB) CO-A (b)		542,920		962,090
	24,000	FOSTER WHEELER AG (b)(c)		513,529		828,480
	13,079	GARDNER DENVER INC		290,540		900,097
	103,562	GENCORP INC (b)		531,683		535,416
	19,950	GENESEE & WYOMING INC-CL A (b)		502,922		1,056,353
	9,177	GP STRATEGIES CORP (b)		62,336		93,972
	77,300	GRAFTECH INTERNATIONAL LTD (b)		1,066,786		1,533,632
	37,000	GREENBRIER COMPANIES INC (b)		533,907		776,630
	32,541	HAWAIIAN HOLDINGS INC (b)		190,221		255,121
	28,964	II-VI INC (b)		662,148		1,342,771
	16,247	ITEX CORP		61,311		76,361
	40,000	JOHN BEAN TECHNOLOGIES CORP		516,680		805,200
	13,500	JOY GLOBAL INC		521,593		1,171,125

See accompanying notes to financial statements. 41 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
December 31, 2010

Shares/Par		Security	Cost		Fair value (a)		Percent of net assets
Industrials (Cont’d):
	25,000	KANSAS CITY SOUTHERN (b)	$	582,716		1,196,500
	14,125	LABARGE INC (b)		168,481		221,904
	16,133	LADISH CO INC (b)		407,445		784,225
	21,548	LYDALL INC (b)		147,110		173,461
	68,369	MAGNETEK INC (b)		98,223		92,298
	57,000	MANITOWOC COMPANY INC		550,335		747,270
	356,032	METALICO INC (b)		2,167,487		2,093,468
	20,886	MIDDLEBY CORP (b)		942,301		1,763,196
	5,500	NATIONAL PRESTO INDS INC		611,385		715,055
	1,917	PREFORMED LINE PRODUCTS CO		65,250		112,192
	35,000	RR DONNELLEY & SONS CO		602,981		611,450
	20,000	SHAW GROUP INC (b)		806,578		684,600
	53,172	SL INDS INC (b)		636,887		929,978
	5,000	SMITH (A.O.) CORP		212,859		190,400
	13,000	SNAP-ON INC		589,135		735,540
	77,973	SPARTON CORP (b)		466,655		642,498
	16,987	STANDEX INTERNATIONAL CORP		406,921		508,081
	35,902	TELEDYNE TECHNOLOGIES INC (b)		1,513,741		1,578,611
	19,000	TENNANT CO		696,347		729,790
	27,000	TEREX CORP (b)		757,805		838,080
	12,500	THOMAS & BETTS CORP (b)		547,678		603,750
	8,998	TRIUMPH GROUP INC		735,215		804,511
	6,558	TWIN DISC INC		117,142		195,822
	15,500	TYCO INTERNATIONAL LTD (c)		700,631		642,320
	11,850	UNITEK GLOBAL SERVICES INC (b)		112,575		116,367
	11,627	UQM TECHNOLOGIES INC (b)		22,754		26,626
	76,458	VALENCE TECHNOLOGY INC (b)		69,670		128,449
	47,593	WABTEC CORP		1,511,442		2,517,194
				38,023,526		52,918,103		20.66	%
Information technology:
	32,339	ACTUATE CORP (b)		170,165		184,332
	321,617	ADPT CORP (b)		1,025,541		942,338
	14,371	ALLIANCE FIBER (b)		113,238		225,337
	130,204	ANAREN INC (b)		1,392,560		2,714,753
	30,347	BLUE COAT SYSTEMS INC (b)		706,666		906,465
	126,517	BRIDGELINE DIGITAL INC (b)		177,249		180,919
	32,000	BROADRIDGE FINANCIAL SOLUTION		543,517		701,760
	40,681	COMTECH TELECOMMUNICATIONS		1,040,993		1,128,084
	40,000	CORELOGIC INC		809,814		740,800
	123,500	DDI CORP		1,029,259		1,452,360
	52,372	DYNAMICS RESEARCH CORP (b)		393,179		701,785
	54,328	EASYLINK SERVICES INTL-CL A (b)		179,179		228,178
	15,073	EMAGIN CORPORATION (b)		73,966		90,438
	24,770	EMS TECHNOLOGIES INC (b)		450,363		489,951
	22,716	EPICOR SOFTWARE CORP (b)		203,082		229,432
	106,019	EVOLVING SYSTEMS INC		731,107		882,078
	27,547	FREQUENCY ELECTRONICS INC (b)		109,078		184,840
	60,713	GILAT SATELLITE NETWORKS LTD (b)(c)		283,657		301,744
	36,920	GLOBAL CASH ACCESS HOLDINGS (b)		104,567		117,775
	18,976	IEC ELECTRONICS CORP (b)		101,678		144,218
	20,880	INTEGRAL SYSTEMS INC/MD (b)		163,064		206,921
	14,889	INTERNET MEDIA SERVICES INC (b)(d)		723		350
	9,815	KULICKE & SOFFA INDUSTRIES (b)		73,875		70,668
	106,765	KVH INDUSTRIES INC (b)		1,409,275		1,275,842
	44,487	LANTRONIX INC (b)		148,858		164,602
	345,992	LOOKSMART LTD (b)		468,636		730,043
	90,283	MAGMA DESIGN AUTOMATION INC (b)		237,809		452,318
	24,422	MERCURY COMPUTER SYSTEMS INC (b)		184,968		448,876
	27,855	MICRONETICS INC (b)		143,538		122,562
	84,945	MKS INSTRUMENTS INC (b)		1,809,026		2,080,303
	41,800	NAPCO SECURITY TECHNOLOGIES (b)		68,377		74,822
	5,138	NCI INC-A (b)		116,324		118,123
	47,282	NETSCOUT SYSTEMS INC (b)		694,420		1,087,959
	20,525	NOVA MEASURING INSTRUMENTS (b)(c)		101,038		170,563
	32,889	OCCAM NETWORKS INC (b)		243,506		285,148
	100,560	OCLARO INC (b)		1,426,484		1,322,364
	42,609	ONLINE RESOURCES CORP (b)		195,869		198,132
	12,915	OSI SYSTEMS INC (b)		333,292		469,589
	556,312	QUANTUM CORP (b)		1,582,236		2,069,481
	28,598	QUEPASA CORP (b)		233,174		334,597
	76,875	QUEST SOFTWARE INC (b)		1,336,414		2,132,513
	19,783	REALNETWORKS INC (b)		64,831		83,089
	177,594	RF MICRO DEVICES INC (b)		761,991		1,305,316

See accompanying notes to financial statements. 42 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
December 31, 2010

Shares/Par		Security	Cost		Fair value (a)		Percent of net assets
Information technology (Cont’d):
	28,874	ROVI CORP (b)	$	576,815		1,790,477
	230,455	SANMINA-SCI CORP (b)		2,222,382		2,645,623
	33,870	SELECTICA INC (b)		195,859		165,963
	9,958	SIGMATRON INTERNATIONAL INC (b)		63,863		63,731
	16,050	SILICON GRAPHICS INTERNATION (b)		114,693		144,932
	20,076	SMART MODULAR TECHNOLOGIES (b)		110,502		115,638
	12,793	SMITH MICRO SOFTWARE INC (b)		108,421		201,362
	22,450	SPECTRUM CONTROL INC (b)		176,736		336,526
	82,365	SYNIVERSE HOLDINGS INC (b)		1,076,698		2,540,960
	85,284	SYNNEX CORP (b)		2,378,233		2,660,861
	23,523	TAKE-TWO INTERACTIVE SOFTWRE (b)		233,071		287,922
	107,274	TIER TECHNOLOGIES INC (b)		702,933		642,571
	76,461	TNS INC (b)		1,730,020		1,590,389
	29,927	TOLLGRADE COMMUNICATIONS INC (b)		209,138		277,723
	98,767	UNISYS CORP (b)		2,851,575		2,557,078
	48,882	WEB.COM GROUP INC (b)		237,886		413,053
	45,378	WESTELL TECHNOLOGIES INC-A (b)		65,588		148,386
	18,000	WRIGHT EXPRESS CORP (b)		495,073		828,000
	37,077	ZORAN CORP (b)		296,853		326,278
				35,282,925		45,489,241		17.75	%
Materials:
	17,000	APTARGROUP INC		711,338		808,690
	15,000	ASHLAND INC		551,175		762,900
	20,500	BEMIS COMPANY		601,990		669,530
	9,463	BUCKEYE TECHNOLOGIES INC		93,096		198,818
	12,000	CLEARWATER PAPER CORP (b)		271,297		939,600
	1,100	CONTANGO ORE INC (b)		3,714		11,550
	11,500	DELTIC TIMBER CORP		546,288		647,910
	268,798	ENTROPIC COMMUNI (b)		2,232,807		3,247,080
	10,684	GREIF INC-CL A		455,256		661,340
	11,184	HORSEHEAD HOLDING CORP (b)		114,883		145,839
	5,435	INNOPHOS HOLDINGS INC		123,237		196,095
	18,143	INNOSPEC INC (b)		155,995		370,117
	20,000	KAPSTONE PAPER AND PACKAGING (b)		145,550		306,000
	38,668	KOPPERS HOLDINGS INC		1,067,633		1,383,541
	147,325	NEO MATERIAL TECHNOLOGIES IN (b)(c)		592,826		1,163,868
	4,119	OLYMPIC STEEL INC		90,167		118,133
	253,509	OMNOVA SOLUTIONS INC (b)		1,742,920		2,119,335
	63,347	ROCK-TENN COMPANY -CL A		2,395,021		3,417,571
	8,981	STEPAN CO		638,960		684,981
	5,004	SYNALLOY CORP		60,595		60,648
	14,000	TEXAS INDUSTRIES INC		775,328		640,920
	46,492	UNITED STATES ANTIMONY CORP (b)		20,564		27,895
	84,369	WHX CORP (b)		184,683		1,095,109
	19,000	WR GRACE & CO (b)		465,151		667,469
	39,000	ZEP INC		555,900		775,319
				14,596,374		21,120,258		8.24	%
Utilities:
	21,030	ALLETE INC		671,405		783,577
	27,000	AMERICAN WATER WORKS CO INC		583,883		682,829
	19,000	CLECO CORPORATION		470,134		584,439
	14,000	ITC HOLDINGS CORP		638,988		867,719
	53,371	PORTLAND GENERAL ELECTRIC CO		1,104,732		1,158,150
	31,000	QUESTAR CORP		521,602		539,709
	7,540	SJW CORP		172,466		199,583
	22,525	SOUTHWEST GAS CORP		552,857		825,991
	32,317	UIL HOLDINGS CORP		917,736		968,216
	21,012	UNITIL CORP		457,904		477,812
				6,091,707		7,088,025		2.77	%
		Sub-total Common Stock:		193,379,498		253,055,787
Short-term investments:
	5,133,720	NORTHERN INSTL GOVERNMENT SELECT PORTFOLIO, 0.01% (e)		5,133,720		5,133,720
		Sub-total Short-term investments:		5,133,720		5,133,720		2.00	%
		Grand Total (f)	$	198,513,218		258,189,507		100.76	%

See accompanying notes to financial statements. 43 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Cap Fund
December 31, 2010

Notes to Schedule of Investments:
	(a)	Securities are valued in accordance with procedures described in note 2 to the financial statements.
	(b)	Currently non-income producing assets.
	(c)	Foreign security values are stated in U.S. dollars. As of December 31, 2010, the value of stocks or depository receipts represented 5.23% of net assets.
	(d)	This security is being fair valued according to procedures adopted by the Board of Trustees.
	(e)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds.
	(f)	At December 31, 2010, the cost for Federal income tax purposes was $198,543,256. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows:
		Gross unrealized appreciation	$	63,891,094
		Gross unrealized depreciation		(4,244,843	)
		Net unrealized appreciation	$	59,646,251

See accompanying notes to financial statements. 44 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments – Clearwater Small Cap Fund

December 31, 2010

See accompanying notes to financial statements. 45 (continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2010

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair Value (a)		Percent of net assets
Closed-End funds:
	47,200	AMERICAN MUNI INCOME PT			$	554,976		606,992
	208,600	BLACKROCK LNG-TM MUN ADV				2,133,992		2,102,688
	35,600	BLACKROCK MUN INC TRUST				373,567		466,360
	18,200	BLACKROCK MUNI BOND TRUST				169,379		249,886
	54,700	BLACKROCK MUNIYIELD PENNS				774,527		735,715
	21,837	BLACKROCK MUNIYIELD QUALI				275,930		268,813
	71,200	BLACKROCK MUNIYIELD INVES				905,807		924,176
	81,800	BLACKROCK MUNIYIELD MI QU				981,525		990,598
	59,500	BLACKROCK MUNIHOLDINGS QU				749,861		711,620
	78,300	BLACKROCK MUNIYIELD QUALI				1,032,557		976,401
	28,100	BLACKROCK MUNIYIELD QUAL				333,747		318,935
	186,000	BLACKROCK MUNIHOLDINGS QU				2,175,942		2,390,100
	76,179	BLACKROCK MUNIYIELD MI QU				1,014,103		1,016,990
	12,500	DREYFUS STRATEGIC MUNI BD				68,613		94,750
	209,000	DWS MUNICIPAL INCOME TRUS				2,278,136		2,386,780
	26,905	EATON VANCE MUNICIPAL INC				286,929		299,453
	1,000	EATON VANCE CAL MUNI BOND				8,280		11,250
	66,800	EATON VANCE CALI MUN BOND				744,489		734,800
	1,100	EATON VANCE MICHI MUNI BN				15,510		13,563
	10,800	FEDERATED PREMIER MUNI IN				128,672		143,316
	68,200	INVESCO MUNICIPAL PREMIUM				515,130		516,956
	101,881	INVESCO QUALITY MUNI INC				1,164,128		1,253,136
	95,900	INVESCO QUALITY MUNI INV				1,173,337		1,198,750
	37,800	INVESCO VAN KAMPEN S S MN				398,849		424,116
	83,800	INVESCO VAN KAMPEN TRUST				954,508		1,142,194
	94,239	INVESCO VAN KAMPEN PENN V				1,240,054		1,192,123
	74,277	INVESCO VAN KAMPEN TRUST				1,042,890		991,598
	124,300	INVESCO VAN KAMPEN AD MIT				1,443,464		1,409,562
	56,248	MANAGED DURATION INVESTME				714,557		737,411
	6,500	MFS HIGH INCOME MUNICIPAL				23,108		30,615
	10,299	NEUBERGER BERMAN INTMD MU				126,917		143,259
	31,103	NUVEEN CAL INV QUAL MUNI				373,215		392,831
	13,700	NUVEEN CAL MUNI MKT OPPOR				157,825		174,401
	42,560	NUVEEN DIVIDEND ADV MUNI				523,323		565,197
	41,700	NUVEEN DVD ADVANTAGE MUNI				475,800		537,930
	13,500	NUVEEN INSD DVD ADV MUNI				181,771		183,600
	4,800	NUVEEN MA PREMIUM INC MUN				65,734		64,080
	30,600	NUVEEN MI PREMIUM INC MUN				404,605		400,248
	44,600	NUVEEN MUNI ADVANTAGE FUN				522,316		583,368
	15,500	NUVEEN NJ INV QUAL MUNI F				211,528		203,360
	10,100	NUVEEN PA DVD ADV MUNI FD				127,549		133,118
	48,500	NUVEEN PENN INV QUAL MUNI				673,352		646,505
	238,709	NUVEEN PREMIUM INC MUNI F				3,273,534		3,160,507
	27,100	NUVEEN PREMIER MUNI INC F				367,653		353,655
	216,190	PUTNAM MUNI OPPORTUNITIES				2,450,699		2,347,823
	12,700	WESTERN ASSET INTERMEDIAT				111,045		120,523
	22,000	WESTERN ASSET MANAGED MUN				240,488		265,540
	48,606	WESTERN ASSET MUNICIPAL P				620,291		644,517
						34,584,212		35,260,109		6.83	%
Municipal bonds:
	750,000	ABAG FIN AUTH FOR NONPROFIT CORPS CALIF REV	9/1/2037	6.00		745,014		728,573
	1,000,000	ABAG FIN AUTH FOR NONPROFIT CORPS CALIF REV	7/1/2037	5.75		954,256		940,580
	1,000,000	ABERDEEN S D ECONOMIC DEV REV	5/1/2029	5.63		964,007		936,400
	1,500,000	AGUA CALIENTE BAND CAHUILLA INDIANS CALIF REV	7/1/2018	6.00		1,468,924		1,425,420
	1,500,000	ALASKA ST HSG FIN CORP	6/1/2032	5.25		1,284,690		1,501,545
	960,000	ALASKA HSG FIN CORP HOME MTG REV	12/1/2034	5.25		957,318		948,365
	500,000	ALASKA HSG FIN CORP MTG REV	12/1/2040	4.63		495,019		443,130
	445,000	ALASKA HSG FIN CORP HOME MTG REV	12/1/2033	5.45		445,000		448,800
	2,000,000	ALASKA ST HSG FIN CORP	12/1/2034	5.25		2,006,599		2,000,600
	200,000	ALABAMA SPL CARE FACS FING AUTH MOBILE HOSP REV	11/1/2019	5.00		206,512		200,594
	650,000	ALABAMA HSG FIN AUTH SINGLE FAMILY MTG REV	4/1/2038	4.50		484,960		573,723
	1,320,000	ALABAMA HSG FIN AUTH SINGLE FAMILY MTG REV	10/1/2028	5.25		1,320,000		1,327,788
	500,000	ALAMEDA CORRIDOR TRANSN AUTH CALIF REV (b)(c)	10/1/2024	1.60		409,986		393,854
	600,000	ALASKA INDL DEV & EXPT AUTH CMNTY PROVIDER REV	12/1/2011	5.45		600,000		394,290
	240,000	ALBANY N Y INDL DEV AGY CIVIC FAC REV (b)	5/1/2016	6.50		240,000		95,645
	350,000	ALEUTIANS EAST BOROUGH ALASKA PROJ REV	6/1/2025	5.50		316,018		300,969
	485,000	ALEXANDRIA VA REDEV & HSG AUTH MULTI-FAMILY HSG REV	10/1/2029	6.13		508,298		487,100
	1,025,000	ALISAL CALIF UN SCH DIST (b)(c)	8/1/2025	10.55		446,541		417,770
	1,000,000	ALLEGHENY CNTY PA INDL DEV AUTH CHRTR SCH REV	8/15/2026	5.90		1,000,000		904,320
	1,500,000	CLIFTON TEX HIGHER ED FIN CORPED REV	8/15/2028	7.00		1,462,817		1,448,415
	1,750,000	ARLINGTON TEX SPL OBLIG	8/15/2034	5.00		1,872,269		1,750,508
	965,000	ASMS PUB EDL BLDG AUTH MOBILE ALA REV	9/1/2026	4.38		939,313		914,434
	500,000	ATLANTA GA ARPT REV	1/1/2020	5.75		502,500		504,080

See accompanying notes to financial statements. 46 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2010

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair Value (a)		Percent of net assets
Municipal bonds (Cont’d):
	500,000	ATLANTA GA ARPT REV	1/1/2030	6.00	$	520,981		529,285
	1,000,000	ATLANTA GA ARPT REV (b)	1/1/2030	5.60		924,130		919,970
	630,000	AUSTIN TEX CONVENTION ENTERPRISES INC CONVENTION CTR	1/1/2012	6.00		606,558		629,761
	400,000	AVE MARIA STEWARDSHIP CMNTY DEV DIST FLA	11/1/2012	4.80		399,828		370,120
	1,028,683	ARIZONA HEALTH FACS AUTH REV	7/1/2027	5.25		997,486		854,588
	1,000,000	BAY CNTY FLA EDL FACS REV	9/1/2030	5.25		981,935		831,260
	500,000	BERKELEY CNTY S C SCH DIST INSTALLMENT LEASE	12/1/2024	5.25		510,131		505,895
	1,000,000	BEXAR CNTY TEX HEALTH FACS DEV CORP REV	7/1/2030	5.88		984,123		952,670
	250,000	BEXAR CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV	12/1/2021	6.50		265,871		232,798
	500,000	BEXAR CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV	1/1/2021	5.70		445,412		462,265
	600,000	BEXAR CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV	8/1/2030	6.10		518,489		532,374
	890,000	BEXAR CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV	12/1/2036	9.25		868,580		617,785
	445,000	BEXAR CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV	9/15/2021	8.75		445,000		438,548
	365,000	BEXAR CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV	8/1/2030	8.13		352,455		313,265
	805,000	BEXAR CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV (b)	4/1/2030	9.00		802,520		158,988
	1,005,000	BEXAR CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV (b)	6/1/2031	10.50		1,005,000		298,344
	1,000,000	BIRMINGHAM ALA ARPT AUTH ARPT REV	7/1/2030	5.25		970,303		988,580
	500,000	BIRMINGHAM-SOUTHERN COLLEGE AL PVT EDL BLDG AUTH TUITION	12/1/2019	5.35		504,110		436,285
	96,381	BISMARCK STATE COLLEGE (d)	4/1/2032	5.01		98,017		96,381
	650,000	BI-STATE DEV AGY MO ILL MET DIST MASS TRAN SALES TAX	10/1/2033	5.25		650,000		649,090
	1,000,000	BLOOMINGTON MINN HSG REV	12/1/2030	6.00		971,716		938,170
	500,000	BOONE CNTY MO HOSP REV	8/1/2028	5.75		515,445		502,105
	700,000	BOSTON MASS REV	10/1/2031	6.13		701,236		714,350
	500,000	BOWLING GREEN OHIO STUDENT HSGREV	6/1/2031	5.75		491,733		457,380
	965,000	BRAZOS CNTY TEX HEALTH FAC DEV CORP FRANCISCAN SVCS CORP REV	1/1/2032	5.38		954,386		888,128
	500,000	BRAZOS CNTY TEX HEALTH FAC DEV CORP FRANCISCAN SVCS CORP REV	1/1/2033	5.50		504,881		462,795
	204,000	BRIDGEVILLE DEL SPL OBLIG	7/1/2035	5.13		204,000		134,218
	890,000	BUCKEYE OHIO TOB SETTLEMENT FING AUTH	6/1/2024	5.13		856,213		685,407
	750,000	BUNCOME CNTY N C PROJ DEV FING REV	8/1/2024	6.75		737,558		649,148
	395,000	BUTLER CNTY PA GEN AUTH REV	10/1/2034	0.90		395,000		236,834
	350,000	CALIFORNIA STATEWIDE CMNTYS DEV AUTH SPL TAX	9/1/2029	6.00		350,000		289,741
	385,000	CALIFORNIA CMNTYS HSG FIN AGY LEASE REV	11/1/2012	4.85		382,409		209,521
	750,000	CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV	6/1/2017	5.40		747,961		738,008
	500,000	CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV	10/1/2025	5.75		487,839		471,715
	1,500,000	CALIFORNIA SCH FACS FING AUTH REV (b)	1/1/2021	6.00		1,500,000		1,492,545
	1,500,000	CALIFORNIA STATEWIDE CMNTYS DEV AUTH REV	1/1/2016	5.25		1,491,771		1,484,445
	750,000	CALIFORNIA MUN FIN AUTH SR LIVING REV	5/15/2029	5.88		750,000		751,170
	570,000	CALIFORNIA MUN FIN AUTH CHARTER SCH LEASE REV	9/1/2022	5.50		575,294		526,463
	750,000	CALIFORNIA MUN FIN AUTH ED REV	6/1/2026	5.25		744,594		634,890
	500,000	CALIFORNIA HSG FIN AGY REV	8/1/2033	5.45		481,119		470,905
	750,000	CALIFORNIA HSG FIN AGY REV	8/1/2038	5.50		754,412		682,830
	500,000	CALIFORNIA HEALTH FACS FING AUTH REV	3/1/2033	5.00		503,040		443,015
	145,000	CALIFORNIA CMNTYS HSG FIN AGY LEASE REV	8/1/2012	4.65		144,892		79,015
	500,000	CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK ST SCH FD	8/15/2029	5.75		505,253		484,965
	1,000,000	CALIFORNIA INFRASTRUCTURE & ECONOMIC DEV BK REV	2/1/2030	6.00		1,011,859		1,029,780
	600,000	CALIFORNIA STATEWIDE CMNTYS DEV AUTH MULTIFAMILY REV	11/20/2036	6.15		628,663		672,858
	500,000	CALIFORNIA MUN FIN AUTH REV	5/1/2025	6.88		498,853		517,150
	1,500,000	CALIFORNIA SCH FACS FING AUTH REV (b)(c)	8/1/2029	2.42		1,037,415		1,013,985
	500,000	CALIFORNIA ST PUB WKS BRD LEASE REV	10/1/2030	5.75		503,384		483,910
	500,000	CALIFORNIA STATEWIDE CMNTYS DEV AUTH	5/15/2032	5.75		493,295		471,255
	400,000	CALIFORNIA STATEWIDE CMNTYS DEV AUTH CTFS PARTN	8/15/2031	5.50		372,061		384,900
	200,000	CALIFORNIA STATEWIDE CMNTYS DEV AUTHR EV	4/20/2036	7.00		200,000		210,640
	500,000	CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB	6/1/2036	5.00		495,020		350,760
	135,000	CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB	6/1/2021	4.50		133,560		114,881
	130,000	CALIFORNIA CNTY CALIF TOB SECURITIZATION AGY TOB	6/1/2023	5.63		125,119		129,419
	260,000	CAMERON TEX ED CORP REV	8/15/2021	5.00		205,126		229,117
	1,000,000	CAPITAL AREA CULTURAL ED FACS FIN CORP TEX REV	4/1/2024	5.50		978,692		954,460
	750,000	CAPITAL TR AGY FLA MULTIFAMILYREV	6/1/2038	5.88		762,991		239,903
	255,000	CAPITAL TR AGY FLA MULTIFAMILYREV	6/1/2013	4.75		255,000		81,567
	1,177,292	CARLSBAD N M INDL DEV REV	4/15/2021	5.75		1,207,298		1,072,913
	125,000	CARSON CITY NEV HOSP REV	9/1/2031	5.75		129,903		118,763
	900,000	CENTINELA VALLEY CALIF UN HIGH SCH DIST	8/1/2033	5.50		911,786		845,739
	595,000	CHANDLER PARK ACADEMY MICH PUB SCH ACADEMY REV	11/1/2022	5.00		441,448		529,276
	400,000	CHARTIERS VALLEY PA INDL & COML DEV AUTH REV	8/15/2012	5.00		399,070		400,580
	500,000	CHATHAM CNTY GA HOSP AUTH REV	1/1/2034	5.50		519,648		410,940
	275,000	CHESTERFIELD CNTY VA INDL DEV AUTH MULTI-FAMILY REV	7/1/2019	5.20		256,688		275,195
	250,000	CHESTERFIELD CNTY VA INDL DEV AUTH POLLUTN CTL REV	6/1/2017	5.88		254,823		255,525
	15,000	CHICAGO ILL MET HSG DEV CORP MTG REV	7/1/2022	6.85		15,357		15,022
	1,000,000	CHICAGO-REF-A-AGM	1/1/2027	5.00		962,659		960,610
	500,000	CITIZEN POTAWATOMI NATION OKLASR OBLIG TAX REV	9/1/2016	6.50		500,000		478,055
	250,000	CLARK CNTY NEV ECONOMIC DEV REV	5/15/2033	5.38		254,067		237,240
	455,000	CLARK CNTY NEV IMPT DIST	2/1/2019	5.00		456,399		386,700
	1,000,000	CLARK CNTY NEV PASSENGER FAC CHARGE REV	7/1/2030	5.00		984,651		954,450

See accompanying notes to financial statements. 47 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2010

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair Value (a)		Percent of net assets
Municipal bonds (Cont’d):
	500,000	CLAYTON GA SO REGL MED	8/1/2030	5.00		489,615		484,205
	355,000	CLEARWATER FLA HSG AUTH REV	5/1/2024	5.35		260,490		300,348
	500,000	CLEVELAND CNTY OKLA JUSTICE AUTH SALES TAX REV	3/1/2029	5.75		488,437		509,410
	1,000,000	CLIFTON TEX HIGHER ED FIN CORPED REV	12/1/2030	6.00		982,809		902,270
	1,000,000	CLIFTON TEX HIGHER ED FIN CORPED REV	12/1/2025	5.70		991,985		909,160
	750,000	CLIFTON TEX HIGHER ED FIN CORPED REV	2/15/2018	7.75		739,888		839,138
	1,000,000	COMMUNITY MEM HOSP DIST MO HOSP REV	12/1/2034	6.68		884,208		810,120
	350,000	COLORADO EDL & CULTURAL FACS AUTH REV	12/1/2039	5.13		330,600		309,922
	835,000	COLORADO EDL & CULTURAL FACS AUTH REV	11/15/2028	6.75		835,000		887,204
	1,000,000	COLORADO EDL & CULTURAL FACS AUTH REV	7/1/2034	5.60		993,452		905,690
	1,000,000	COLORADO EDL & CULTURAL FACS AUTH REV	6/1/2033	5.50		974,789		949,370
	1,500,000	COLORADO EDL & CULTURAL FACS AUTH INDPT SCH REV	5/1/2030	6.00		1,458,098		1,430,640
	940,000	COLORADO HSG & FIN AUTH	10/1/2029	5.40		940,000		939,915
	845,000	COLORADO HSG & FIN AUTH	11/1/2029	5.50		845,000		844,932
	625,000	COLO HSG FIN AUTH SINGLE FAMILY MTG REV	11/1/2034	5.00		625,049		626,550
	365,000	COLLIER CNTY FLA HSG FIN AUTH MULTIFAMILY REV	8/15/2015	5.25		364,037		372,588
	1,000,000	COLTON CALIF JT UNI SCH DIST (b)(c)	8/1/2035	3.46		540,774		466,570
	1,750,000	COMPARK BUSINESS CAMPUS MET DIST COLO	12/1/2027	5.75		1,571,970		1,414,578
	375,000	CONNERTON WEST CMNTY DEV DIST FLA CAP IMPT REV (b)	5/1/2016	5.13		374,540		142,350
	1,105,000	CORONA-NORCO CALIF UNI SCH DIST (b)(c)	8/1/2039	2.24		675,711		728,096
	637,000	CORTLAND ILL SPL TAX REV	3/1/2017	5.50		632,914		394,985
	500,000	CRAWFORD CNTY PA INDL DEV AUTH	11/1/2031	6.00		492,401		509,795
	880,000	CROW FIN AUTH MONT TRIBAL PURP REV	10/1/2017	5.65		847,589		881,822
	1,250,000	CROWN POINT IND ECONOMIC DEV REV	11/15/2013	6.50		1,250,000		1,240,875
	1,000,000	CONNECTICUT ST HSG FIN AUTH	11/15/2035	4.75		1,000,000		946,880
	1,250,000	CONNECTICUT ST DEV AUTH POLLUTN CTL REV	9/1/2028	5.85		1,311,738		1,257,563
	1,000,000	CENTER UNI SCH DIST CALIF (b)(c)	8/1/2031	12.90		300,383		226,510
	1,000,000	CULLMAN CNTY ALA HEALTH CARE AUTH	2/1/2023	6.25		979,190		966,260
	500,000	CUYAHOGA CNTY OHIO HSG MTG REV	3/20/2042	5.70		513,834		509,470
	3,354,000	DALLAS TEX HSG FIN CORP MULTI	10/20/2032	6.75		3,333,363		3,444,625
	1,000,000	DAMON RUN CONSERVANCY DIST IND	1/1/2027	6.38		1,017,981		1,004,230
	2,000,000	DAMON RUN CONSERVANCY DIST IND	7/1/2025	6.10		2,046,452		1,998,100
	500,000	DISTRICT COLUMBIA REV	6/1/2026	5.00		508,209		416,085
	500,000	METROPOLITAN WASHINGTON D C ARPTS AUTH DULLES TOLL ROAD REV	7/1/2033	5.45		500,000		488,600
	750,000	DE KALB CNTY GA HOSP AUTH REV ANTIC CTFS	9/1/2030	6.00		742,245		740,558
	475,000	DELAWARE ST HSG AUTH REV	7/1/2031	5.20		475,000		468,288
	500,000	DELANO CALIF FING AUTH REV	12/1/2025	5.00		493,779		468,945
	500,000	DELAWARE RIV PORT AUTH PA & N J	1/1/2022	5.70		500,000		500,570
	500,000	DELTA CNTY COLO MEM HOSP DIST	9/1/2030	5.50		488,793		463,165
	178,630	DENHAM SPRINGS-LIVINGSTON HSG & MTG FIN AUTH LA SGLE F M REV	11/1/2040	5.00		185,175		181,145
	500,000	DENVER COLO CITY & CNTY ARPT REV	11/15/2031	5.00		493,608		481,165
	500,000	DENVER COLO CONVENTION CTR HOTEL AUTH REV	12/1/2030	5.00		511,940		408,670
	500,000	DETROIT LAKES MINN HSG & HEALTH FACS REV	8/1/2034	2.39		500,000		491,845
	750,000	DETROIT SER A	4/1/2020	5.25		752,771		638,775
	500,000	DINUBA CALIF FING AUTH LEASE REV	9/1/2038	5.38		494,652		368,530
	1,105,000	DIRECTOR ST NEV DEPT BUSINESS & INDUSTRY (b)	11/15/2014	6.00		1,097,305		666,735
	3,000,000	DUBLIN CALIF UNI SCH DIST (b)(c)	8/1/2034	15.06		682,232		580,140
	500,000	EAST BATON ROUGE LA MTG FIN AUTH SINGLE FAMILY REV	10/1/2034	5.00		500,000		481,790
	500,000	E-470 PUB HWY AUTH COLO REV	9/1/2024	5.50		505,296		501,385
	565,000	EAST CHICAGO IND REDEV COMMN LAKE FRONT REDEV AREA TAX	1/15/2015	5.25		565,000		573,419
	550,000	EAST CHICAGO IND REDEV COMMN LAKE FRONT REDEV AREA TAX	7/15/2014	5.00		550,000		556,534
	950,000	EAST POINT GA	2/1/2026	8.00		1,064,482		952,955
	800,000	EDEN PRAIRIE MINN MULTIFAMILY HSG REV	2/20/2043	6.20		868,908		842,240
	2,045,000	EDEN TWP CALIF HEALTHCARE DIST CTFS PARTN	6/1/2030	6.00		2,021,772		1,928,701
	140,000	EL PASO CNTY TEX HSG FIN CORP MULTIFAMILY HSG REV	12/1/2015	7.00		140,000		140,010
	750,000	EL PASO DE ROBLES CALIF REDEV AGY TAX ALLOCATION REV	7/1/2033	6.38		741,557		760,050
	794,940	EL PASO TEX HSG FIN CORP MTG REV	4/1/2033	6.18		822,186		832,072
	500,000	ELKHART CNTY IND HOSP AUTH REV	8/15/2020	5.25		504,009		500,180
	2,000,000	EMERY CNTY UTAH POLLUTN CTL REV	11/1/2023	5.65		2,019,469		2,004,500
	1,155,000	ENTERPRISE CALIF ELEM SCH DIST (b)(c)	8/1/2035	3.73		602,247		515,939
	1,000,000	ERIE CNTY PA HOSP AUTH REV	7/1/2027	7.00		1,000,000		975,230
	1,000,000	ERIE CNTY OHIO HOSP FACS REV	8/15/2032	5.63		1,009,752		949,040
	500,000	ESTHERVILLE IOWA HOSP REV	7/1/2020	6.30		503,757		505,295
	500,000	FAIRFAX CNTY VA REDEV & HSG AUTH MULTIFAMILY REV	8/1/2039	5.60		500,000		508,865
	250,000	FARGO N D HEALTH SYS REV	6/1/2027	5.38		246,761		239,088
	2,861,643	FARGO N D UNIV FACS REV	11/29/2027	5.11		2,861,643		2,767,466
	239,000	FARMS NEW KENT VA CMNTY DEV AUTH SPL ASSMT	3/1/2036	5.13		239,000		160,371
	1,000,000	FESTIVAL RANCH CMNTY FACS DISTARIZ	7/15/2024	6.25		1,016,474		992,310
	315,000	FIDDLERS CREEK CMNTY DEV DIST NO 2 FLA SPL ASSMT REV (b)	5/1/2013	5.75		314,118		100,611
	750,000	FLORIDA HIGHER EDL FACS FING AUTH REV	7/1/2032	5.38		759,691		718,223
	420,000	FLORIDA HSG FIN CORP REV	7/1/2033	5.45		420,000		421,331
	1,960,000	FLORIDA HSG FIN CORP REV	7/1/2034	5.30		1,982,307		1,921,310

See accompanying notes to financial statements. 48 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2010

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair Value (a)		Percent of net assets
Municipal bonds (Cont’d):
	900,000	FLAGSTAFF ARIZ INDL DEV AUTH REV	7/1/2022	5.50	$	827,851		827,892
	1,400,000	FLINT MICH HOSP BLDG AUTH REV	7/1/2020	6.00		1,360,298		1,354,822
	675,000	FOREST CREEK CMNTY DEV DIST FLA CAP IMPT REV	11/1/2013	7.00		851,395		648,986
	250,000	FOREST GROVE ORE REV	5/1/2030	6.00		245,764		255,185
	1,000,000	FRANKLIN CNTY OHIO HEALTH CARE FACS REV	7/1/2035	5.13		585,977		831,530
	1,245,000	FULTON CNTY GA DEV AUTH REV	11/1/2028	5.25		1,076,434		945,851
	1,000,000	FYI PROPERTIES WASH LEASE REV	6/1/2034	5.50		980,557		1,026,360
	1,000,000	GAINESVILLE & HALL CNTY GA HOSP AUTH REV ANTIC CTFS	2/15/2030	5.00		971,218		926,740
	500,000	GAINESVILLE & HALL CNTY GA DEVAUTH RETIREMENT CMNTY REV	11/15/2029	6.38		516,172		505,180
	1,206,508	GALVESTON CNTY TEX MUN UTIL DIST NO 52	3/1/2011	6.16		1,206,508		964,483
	400,000	GEISINGER AUTH PA HEALTH SYS	5/1/2037	0.96		400,000		256,352
	500,000	GILA CNTY ARIZ UNI SCH DIST NO 10 PAYSON	7/1/2028	5.75		476,766		520,360
	750,000	GLENDALE CALIF REDEV AGY TAX ALLOCATION REV	12/1/2024	5.50		739,184		726,585
	1,000,000	GOLDEN ST TOB SECURITIZATION CORP CALIF TOB SETTLEMENT REV	6/1/2047	5.13		849,251		603,960
	2,000,000	GRAND FORKS N D HEALTH CARE SYS REV	8/15/2027	5.63		2,000,000		1,921,640
	500,000	GRAND VALLEY MICH ST UNIV REV	12/1/2024	5.30		495,108		514,280
	500,000	GUAM GOVT DEPT ED CTFS PARTN	12/1/2015	5.50		497,831		504,685
	500,000	GUNNISON CNTY COLO	7/15/2019	6.10		508,861		494,820
	1,000,000	HAMDEN CONN FAC REV	1/1/2014	6.13		987,223		1,005,340
	1,000,000	HAMMOND IND LOC PUB IMPT BD BKSPL REV	8/15/2025	6.50		1,023,849		1,012,210
	500,000	HAMMOND IND REDEV DIST REV	1/15/2017	6.00		500,000		495,555
	1,500,000	HARBOR POINT INFRASTRUCTURE IMPT DIST CONN SPL OBLIG REV	4/1/2022	7.00		1,500,000		1,516,035
	1,250,000	HARRIS CNTY TEX CULTURAL ED FACS FIN CORP REV	8/15/2021	6.75		1,250,000		1,238,688
	1,000,000	HARRISON CNTY TEX HEALTH FACS DEV CORP REV	7/1/2028	5.25		985,843		899,410
	1,500,000	HARTNELL CALIF CMNTY COLLEGE DIST(b)(c)	8/1/2034	5.71		647,613		709,020
	350,000	HARVEY-REF-SER A	12/1/2027	5.50		357,234		312,074
	2,000,000	HAWTHORNE CALIF SCH DIST CTFS PARTN (b)(c)	12/1/2029	1.69		1,517,336		1,486,880
	1,000,000	HAWTHORNE SD-CABS-C (b)(c)	11/1/2026	11.90		354,608		326,290
	1,000,000	HEALDSBURG REDEV-SOTO	8/1/2034	5.38		990,039		970,690
	1,000,000	HELENDALE CONV CABS (b)(c)	8/1/2034	3.31		564,723		545,000
	590,000	HAWAII ST DEPT BUDGET & FIN SPL PURP REV	11/15/2029	8.75		581,859		667,898
	500,000	HAWAII ST DEPT BUDGET & FIN SPL PURP REV	11/15/2014	6.40		500,000		501,755
	1,000,000	HAWAII ST DEPT BUDGET & FIN SPL PURP REV	11/15/2023	7.88		968,295		1,059,850
	1,500,000	HAWAII ST DEPT BUDGET & FIN SPL PURP REV	11/15/2033	8.00		1,584,501		1,578,045
	500,000	HIGHLANDS CNTY FLA HEALTH FACS AUTH REV	11/15/2032	5.13		501,639		469,630
	255,000	HIGHLANDS CNTY FLA HEALTH FACS AUTH REV	11/15/2027	5.00		257,577		246,797
	500,000	HIMALAYA WTR & SANTN DIST COLO	12/1/2035	5.00		512,655		422,665
	500,000	HOPKINS CNTY TEX HOSP DIST HOSP REV	2/15/2023	5.50		488,729		454,555
	250,000	HOUMA-TERREBONNE PUB TR FING AUTH LA SINGLE FAMILY MTG REV	12/1/2040	5.15		260,258		255,475
	250,000	HOWARD CNTY MD RETIREMENT CMNTY REV	4/1/2027	5.25		254,792		199,235
	400,000	HUNTSVILLE-REDSTONE VLG ALA SPL CARE FACS FING AUTH	1/1/2015	5.25		400,000		391,548
	400,000	IOWA FIN AUTH SR HSG REV	12/1/2014	5.00		398,155		367,208
	500,000	IOWA FIN AUTH SR LIVING FAC REV	11/15/2027	5.50		508,863		358,705
	1,000,000	IOWA STUDENT LN LIQUIDITY CORP STUDENT LN REV	12/1/2027	5.50		977,394		956,470
	750,000	IDAHO HSG & FIN ASSN NONPROFIT FACS REV	7/1/2021	9.00		750,000		848,475
	250,000	IDAHO HSG & FIN ASSN NONPROFIT FACS REV	12/1/2018	5.50		247,614		236,773
	270,000	IDAHO HSG & FIN ASSN SINGLE FAMILY MTG REV	1/1/2040	5.50		270,000		271,642
	250,000	IDAHO HSG & FIN ASSN NONPROFIT FACS REV	7/1/2021	5.63		249,304		234,263
	750,000	IDAHO HSG & FIN ASSN NONPROFIT FACS REV	7/1/2030	5.50		750,000		633,405
	245,000	IDAHO HSG & FIN ASSN NONPROFIT FACS REV	8/1/2017	6.25		245,000		233,069
	1,000,000	IDAHO HSG & FIN ASSN NONPROFIT FACS REV	2/1/2026	6.50		1,000,000		995,180
	445,000	IDAHO HSG & FIN ASSN SINGLE FAMILY MTG REV	7/1/2038	5.50		445,000		448,605
	720,000	IDAHO HSG & FIN ASSN SINGLE FAMILY MTG REV	7/1/2026	5.65		737,861		720,000
	250,000	IDAHO HSG & FIN ASSN NONPROFIT FACS REV	6/1/2021	5.50		250,000		237,438
	250,000	ILLINOIS DEV FIN AUTH REV	5/15/2021	5.50		256,822		250,010
	195,000	ILLINOIS DEV FIN AUTH POLLUTN CTL REV	2/1/2024	5.70		196,814		194,279
	500,000	ILLINOIS FIN AUTH REV	3/15/2027	5.00		521,233		483,255
	610,000	ILLINOIS FIN AUTH REV	8/15/2026	6.00		624,030		507,435
	250,000	ILLINOIS FIN AUTH REV	11/15/2026	5.75		252,105		238,258
	1,250,000	ILLINOIS FIN AUTH REV	11/15/2022	5.25		1,247,725		1,211,600
	1,000,000	ILLINOIS FIN AUTH REV	11/15/2026	5.25		970,611		849,110
	500,000	ILLINOIS FIN AUTH REV	11/15/2016	5.00		510,185		462,910
	500,000	ILLINOIS FIN AUTH REV	3/1/2038	6.00		484,999		518,220
	440,000	ILLINOIS FIN AUTH SPORTS FAC REV (b)	12/1/2035	7.00		436,698		39,455
	500,000	ILLINOIS FIN AUTH REV	5/15/2012	5.10		499,341		493,605
	250,000	ILLINOIS FIN AUTH REV	5/15/2038	5.75		257,038		197,738
	600,000	ILLINOIS FIN AUTH ED REV	9/1/2027	5.00		567,776		453,420
	750,000	ILLINOIS FIN AUTH SPORTS FAC REV (b)	10/1/2027	6.13		730,795		149,783
	500,000	ILLINOIS FIN AUTH SPORTS FAC REV (b)	10/1/2037	6.25		484,210		99,830
	500,000	ILLINOIS FIN AUTH REV	5/15/2029	5.25		506,098		475,095
	1,500,000	ILLINOIS FIN AUTH REV	8/15/2036	5.25		1,473,949		1,342,830
	750,000	ILLINOIS FIN AUTH REV	5/15/2026	5.75		729,066		669,645
	600,000	ILLINOIS FIN AUTH REV	5/15/2012	5.25		601,165		596,520

See accompanying notes to financial statements. 49 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2010

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair Value (a)		Percent of net assets
Municipal bonds (Cont’d):
	150,000	ILLINOIS FIN AUTH REV	12/1/2036	5.00	$	151,445		119,298
	805,000	ILLINOIS FIN AUTH REV	2/1/2037	5.25		801,349		681,111
	350,000	ILLINOIS FIN AUTH REV	8/15/2023	6.00		362,954		358,565
	1,000,000	ILLINOIS FIN AUTH REV	5/15/2017	6.00		1,000,000		980,270
	630,000	ILLINOIS HEALTH FACS AUTH REV	5/15/2014	6.25		630,878		635,185
	500,000	ILLINOIS HEALTH FACS AUTH REV	7/1/2033	6.00		513,103		505,245
	750,000	ILLINOIS HEALTH FACS AUTH REV	8/15/2028	5.38		737,435		707,948
	2,100,000	ILLINOIS HEALTH FACS AUTH REV	8/15/2033	5.10		2,132,811		1,981,518
	500,000	ILLINOIS HEALTH FACS AUTH REV	2/15/2037	5.15		501,109		472,555
	750,000	ILLINOIS FIN AUTH REV	11/1/2029	6.38		741,412		780,615
	500,000	INDIANA BD BK REV	2/1/2029	5.50		490,432		517,105
	1,250,000	INDIANA ST FIN AUTH REV	7/1/2039	5.75		1,270,925		1,243,063
	1,000,000	INDIANA HEALTH & EDL FAC FING AUTH HOSP REV	2/15/2030	5.25		740,688		903,700
	500,000	INDIANA HEALTH & EDL FAC FING AUTH HOSP REV	2/15/2036	5.25		502,255		435,870
	1,315,000	INDIANA HEALTH FAC FING AUTH REV	8/15/2018	5.00		1,191,097		1,309,161
	500,000	INDIANA HEALTH FAC FING AUTH HOSP REV	2/15/2017	5.13		492,781		500,320
	1,000,000	INDIANA FIN AUTH HOSP REV	3/1/2030	5.13		950,966		924,620
	1,750,000	INDIANA HEALTH & EDL FAC FING AUTH HOSP REV	3/1/2022	5.50		1,618,806		1,736,473
	250,000	INDEPENDENCE MO THIRTY-NINTH STR TRANSN DIST REV	9/1/2032	6.88		250,000		231,103
	1,000,000	INDIANA ST FIN AUTH REV	10/1/2021	6.00		1,000,000		983,590
	6,857,179	INTERMEDIATE SCH DIST 287 MINNLEASE REV	11/1/2032	5.30		6,621,105		6,390,754
	450,000	JACKSONVILLE FLA ECONOMIC DEV COMMN HEALTH CARE FACS REV	9/1/2017	6.00		450,000		450,936
	1,000,000	JACKSONVILLE FLA HEALTH FACS AUTH	11/1/2027	5.00		959,372		916,690
	250,000	JEFFERSON PARISH LA FIN AUTH REV	12/1/2048	5.70		261,802		263,575
	145,000	JEFFERSON PARISH LA FIN AUTH REV	6/1/2033	5.00		152,476		147,572
	1,210,000	JEFFERSON PARISH LA FIN AUTH REV	6/1/2038	5.00		1,264,233		1,173,083
	1,209,000	JEFFERSON CNTY KY MTG REV	11/15/2013	6.13		1,209,000		1,211,212
	700,000	JOPLIN MO INDL DEV AUTH INDL REV	5/15/2017	5.50		707,451		668,801
	1,930,000	KALISPEL TRIBE INDIANS PRIORITY DISTR WASH REV	1/1/2016	6.20		1,877,682		1,792,140
	200,000	KATY TEX DEV AUTH REV	6/1/2011	5.80		199,483		200,144
	250,000	KENTWOOD MICH ECONOMIC DEV	11/15/2014	5.25		248,858		243,673
	2,655,000	KERRVILLE TEX HEALTH FACS DEV CORP HOSP REV	8/15/2035	5.45		2,638,072		2,311,762
	750,000	KING CNTY WASH HSG AUTH REV	5/1/2028	5.20		750,000		756,668
	500,000	KIRKWOOD MO INDL DEV AUTH RETIREMENT CMNTY REV	5/15/2021	8.00		500,000		521,325
	500,000	KIRKWOOD MO INDL DEV AUTH RETIREMENT CMNTY REV	5/15/2015	6.50		500,000		496,585
	500,000	KIRKWOOD MO INDL DEV AUTH RETIREMENT CMNTY REV	11/15/2015	7.00		500,000		500,845
	900,000	KLICKITAT CNTY WASH PUB HOSP DIST NO 2 HOSP REV	12/1/2020	6.00		833,721		833,922
	1,390,000	KREMMLING COLO MEM HOSP DIST CTFS PARTN	12/1/2022	6.00		1,375,446		1,346,285
	1,250,000	KANSAS CITY MO INDL DEV AUTH REV	9/1/2023	5.45		1,250,000		1,170,538
	1,000,000	KANSAS CITY MO INDL DEV AUTH MULTIFAMILY HSG REV	11/20/2039	5.10		1,000,000		961,960
	4,500,000	KANSAS CITY MO INDL DEV AUTH MULTIFAMILY HSG REV	1/1/2012	5.00		4,474,984		4,496,985
	1,000,000	KANSAS ST DEV FIN AUTH HOSP REV	11/15/2029	5.50		976,984		1,036,860
	500,000	KENTUCKY ECONOMIC DEV FIN AUTHMULTIFAMILY HSG REV	11/20/2035	5.38		500,000		509,785
	250,000	KENTUCKY ECONOMIC DEV FIN AUTHHEALTH SYS REV	10/1/2012	6.25		251,882		253,290
	200,000	KENTUCKY ECONOMIC DEV FIN AUTHLOUISVILLE ARENA PROJ REV	12/1/2033	6.00		198,502		205,522
	500,000	KENTUCKY HSG CORP HSG REV	7/1/2039	5.15		500,000		494,840
	1,000,000	LOS ANGELES CALIF CTFS PARTN	2/1/2027	5.00		1,000,494		977,270
	1,250,000	LOS ANGELES CALIF HSG AUTH	6/1/2029	5.00		1,091,686		1,056,213
	500,000	LOS ANGELES CALIF UNI SCH DIST CTFS PARTN	10/1/2031	5.00		443,229		443,935
	440,000	LOUISIANA LOC GOVT ENVIR FACS CMNTY DEV AUTH REV	6/20/2028	8.00		440,000		350,979
	500,000	LOUISIANA PUB FACS AUTH REV	2/15/2036	0.89		500,000		351,580
	500,000	LOUISIANA PUB FACS AUTH HOSP REV	7/1/2024	6.75		515,629		521,750
	235,000	LOUISIANA HSG FIN AGY SINGLE FAMILY MTG REV	6/1/2039	5.60		242,514		241,126
	1,345,000	LOUISIANA HSG FIN AGY SINGLE FAMILY MTG REV	12/1/2038	5.70		1,406,505		1,421,773
	500,000	LOUISIANA HSG FIN AGY SINGLE FAMILY MTG REV	12/1/2034	5.10		500,000		491,165
	285,000	LOUISIANA HSG FIN AGY SINGLE FAMILY MTG REV	6/1/2038	5.85		302,959		298,748
	455,000	LA VERNIA TEX HIGHER ED FIN CORP ED REV	2/15/2018	6.00		455,000		443,416
	1,251,000	LAFAYETTE LA PUB TR FING AUTH SINGLE FAMILY MTG REV	1/1/2041	5.35		1,280,524		1,291,445
	250,000	LAKELAND FLA RETIREMENT CMNTY	1/1/2019	5.88		250,000		248,193
	750,000	LAKESIDE 370 LEVEE DIST MO	4/1/2028	7.00		750,000		670,718
	500,000	LANCASTER CNTY NEB HOSP AUTH NO 1 HEALTH FACS REV	1/1/2023	5.13		496,644		498,005
	750,000	LANCASTER CALIF REDEV AGY TAX ALLOCATION	8/1/2024	6.00		737,657		778,980
	2,000,000	LAS VEGAS NEV REDEV AGY TAX INCREMENT REV	6/15/2023	7.50		1,979,814		2,211,960
	250,000	LEE CNTY FLA INDL DEV AUTH HEALTH CARE FACS REV	11/15/2029	5.00		254,493		208,115
	400,000	LEE CNTY S C SCH FACS INC INSTALLMENT PUR REV	12/1/2031	6.00		366,997		379,904
	750,000	LEE CNTY FLA INDL DEV AUTH INDL DEV REV	6/15/2027	5.25		753,620		624,878
	250,000	LEHIGH CNTY PA GEN PURP AUTH REVS	8/15/2042	1.21		250,000		157,375
	750,000	LEMON GROVE CALIF CMNTY DEV AGY TAX ALLOCATION	8/1/2025	5.15		750,000		685,170
	200,000	LEWISVILLE TEX COMBINATION CONTRACT REV	9/1/2028	5.70		132,452		184,102
	1,750,000	LOMBARD ILL PUB FACS CORP CONFERENCE CTR & HOTEL REV	1/1/2036	5.25		1,776,603		1,009,820
	500,000	LOMBARD ILL PUB FACS CORP CONFERENCE CTR & HOTEL REV	1/1/2015	6.38		500,000		410,380
	550,000	LOMBARD ILL PUB FACS CORP CONFERENCE CTR & HOTEL REV	1/1/2030	5.50		577,862		324,418
	250,000	LOMPOC CALIF HEALTHCARE DIST	8/1/2034	5.00		252,446		225,050

See accompanying notes to financial statements. 50 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2010

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair Value (a)		Percent of net assets
Municipal bonds (Cont’d):
	500,000	LOUDOUN CNTY VA INDL DEV AUTH RESIDENTIAL CARE FAC REV	8/1/2028	7.00	$	500,000		502,800
	350,000	LUCAS CNTY OHIO HEALTH CARE FAC REV	8/15/2015	6.38		343,961		354,046
	1,495,000	LUZERNE CNTY PA	11/1/2026	7.00		1,597,380		1,622,867
	490,945	LYONS COLO REV	11/30/2016	4.75		494,827		446,544
	645,000	MASSACHUSETTS DEV FIN AGY SR LIVING FAC REV	6/1/2014	6.25		645,000		636,892
	1,000,000	MASSACHUSETTS ST DEV FIN AGY REV	7/1/2030	6.38		986,218		996,690
	775,000	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV	1/15/2012	5.13		773,630		770,350
	750,000	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV	7/1/2024	5.38		750,782		725,205
	1,000,000	MASSACHUSETTS ST HSG FIN AGY HSG REV	6/1/2040	5.05		1,000,000		957,170
	1,925,000	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV	7/1/2013	7.30		1,925,000		1,931,526
	1,000,000	MASSACHUSETTS ST DEV FIN AGY REV	1/1/2030	5.50		1,035,873		1,002,810
	500,000	MASSACHUSETTS ST HEALTH & EDL FACS AUTH REV	10/15/2026	5.50		504,288		513,985
	1,000,000	MASSACHUSETTS ST HSG FIN AGY HSG REV	12/1/2033	5.35		1,000,000		1,001,160
	875,000	MASSACHUSETTS ST TPK AUTH WESTERN TPK REV	1/1/2017	5.55		875,000		878,640
	450,000	MADISON CNTY FLA REV	7/1/2025	6.00		443,570		391,590
	250,000	MAGNOLIA CREEK FLA CMNTY DEV DIST (b)	5/1/2014	5.60		250,000		119,975
	1,000,000	MALTA ILL TAX INCREMENT REV	12/30/2025	5.75		1,000,000		624,200
	500,000	MANCHESTER N H HSG & REDEV AUTH REV	1/1/2015	6.75		494,218		476,020
	500,000	MANCHESTER N H HSG & REDEV AUTH REV (b)(c)	1/1/2020	7.87		305,767		221,200
	452,000	MANHATTAN ILL SPL SVC AREA SPL TAX	3/1/2022	5.75		452,000		248,329
	500,000	MANSFIELD-VAR PURP IM	12/1/2024	6.00		526,384		538,240
	825,000	MANTECA CALIF FING AUTH SWR REV	12/1/2033	5.00		762,873		803,228
	300,000	MARICOPA CNTY ARIZ ELEM SCH DIST NO 21 MURPHY	7/1/2024	8.00		308,262		318,681
	1,000,000	MARICOPA CNTY ARIZ UNI SCH DIST NO 89 DYSART	7/1/2026	6.25		1,017,849		1,091,220
	439,000	MARQUIS CMNTY DEV AUTH VA REV	9/1/2013	5.10		439,000		399,143
	450,000	MARYLAND ST HEALTH & HIGHER EDL FACS AUTH REV	7/1/2029	6.75		440,673		494,514
	500,000	MASHANTUCKET WESTERN PEQUOT TRIBE CONN (b)	9/1/2036	5.50		509,035		222,600
	500,000	MASSACHUSETTS EDL FING AUTH ED LN REV	1/1/2027	5.20		500,000		480,065
	2,500,000	MASSACHUSETTS EDL FING AUTH ED LN REV	1/1/2028	5.25		2,507,772		2,375,950
	1,750,000	MC ALESTER OKLA PUB WKS AUTH UTIL SYS REV (b)(c)	2/1/2030	11.04		610,058		598,745
	750,000	MAINE EDL LN AUTH STUDENT LN REV	12/1/2027	5.63		750,000		754,703
	200,000	MEAD VLG NEB TAX INCREMENT REV (b)	7/1/2012	5.13		200,000		132,936
	2,000,000	METROPOLITAN WASHINGTON D C ARPTS AUTH DULLES TOLL ROAD REV (b)(c)	10/1/2041	1.80		1,292,235		1,404,200
	1,070,000	MET GOVT NASHVILLE & DAVIDSON CNTY TENN H & E FACS BRD REV (b)	12/20/2020	8.00		1,070,000		545,989
	500,000	MET GOVT NASHVILLE & DAVIDSON CNTY TENN INDL DEV BRD REV	2/15/2015	9.75		516,190		555,720
	1,830,000	MET GOVT NASHVILLE & DAVIDSON CNTY TENN H & E FACS BRD REV (b)	12/20/2040	7.50		1,830,000		1,073,405
	855,000	MET GOVT NASHVILLE & DAVIDSON CNTY TENN H & E FACS BRD REV (b)	6/20/2036	10.00		855,000		421,524
	500,000	MICHIGAN PUB EDL FACS AUTH REV	9/1/2021	8.00		500,000		542,215
	500,000	MICHIGAN PUB EDL FACS AUTH REV	11/1/2028	6.35		500,000		481,485
	300,000	MICHIGAN PUB EDL FACS AUTH REV	9/1/2022	5.00		300,000		258,045
	750,000	MICHIGAN PUB EDL FACS AUTH REV	9/1/2016	6.00		750,000		757,088
	450,000	MICHIGAN PUB EDL FACS AUTH REV	10/1/2023	6.25		450,000		382,590
	1,500,000	MICHIGAN ST HOSP FIN AUTH REV	6/1/2034	6.13		1,572,738		1,524,030
	1,000,000	MICHIGAN ST HSG DEV AUTH RENTAL HSG REV	10/1/2034	5.63		1,000,000		1,004,580
	1,000,000	MICHIGAN MUN BD AUTH REV	5/1/2023	5.75		1,029,926		1,064,330
	750,000	MICHIGAN PUB EDL FACS AUTH REV	6/1/2020	6.00		743,300		734,153
	625,000	MICHIGAN ST HSG DEV AUTH RENTAL HSG REV	10/1/2020	5.38		598,571		637,844
	545,000	MICHIGAN ST HSG DEV AUTH RENTAL HSG REV	10/1/2038	5.70		545,000		553,126
	1,000,000	MICHIGAN ST STRATEGIC FD LTD OBLIG REV	9/1/2029	5.45		1,049,608		961,430
	310,000	MICHIGAN TOB SETTLEMENT FIN AUTH TOB SETTLEMENT ASSET	6/1/2022	5.13		289,943		262,629
	1,500,000	MIAMI-DADE CNTY FLA SPL OBLIG (b)(c)	10/1/2026	10.87		572,789		519,270
	500,000	PALM BEACH CNTY FL HEALTH FACS AUTH RETIREMENT CMNTY REV	8/1/2030	6.00		485,400		495,425
	1,000,000	MICHIGAN ST HOSP FIN AUTH REV	12/1/2023	6.13		988,985		1,087,050
	496,000	MILLSBORO DEL SPL OBLG	7/1/2036	5.45		496,000		337,052
	2,500,000	MINNESOTA ST HSG FIN AGY (b)	11/1/2013	6.00		2,483,800		2,481,875
	1,000,000	MINNESOTA ST OFFICE OF HIGHER ED REV	11/1/2029	5.00		1,000,000		959,860
	495,000	MINNESOTA ST HSG FIN AGY	7/1/2034	5.05		495,000		481,071
	985,000	MINNESOTA ST HSG FIN AGY	1/1/2040	5.10		985,000		944,733
	457,941	MINNESOTA ST HIGHER ED FACS AUTH REV	10/1/2016	4.49		460,781		460,244
	220,000	MINNESOTA ST HSG FIN AGY	1/1/2020	5.00		211,504		220,667
	500,000	MISSOURI ST DEV FIN BRD INFRASTRUCTURE FACS REV	10/1/2027	6.13		484,452		510,475
	500,000	MISSOURI ST DEV FIN BRD INFRASTRUCTURE FACS REV	11/1/2025	5.50		492,006		505,980
	500,000	MISSOURI DEV FIN BRD INFRASTRUCTURE FACS LEASEHOLD	6/1/2029	5.63		486,823		502,515
	500,000	MISSOURI ST DEV FIN BRD INFRASTRUCTURE FACS REV	4/1/2027	6.00		504,666		506,120
	500,000	MISSOURI ST HEALTH & EDL FACS AUTH REV	2/1/2035	5.38		498,282		452,775
	435,000	MISSOURI ST HSG DEV COMMN SINGLE FAMILY MTG REV	9/1/2034	5.35		435,000		437,253
	650,000	MISSOURI ST HSG DEV COMMN MULTIFAMILY HSG REV	7/1/2042	5.25		641,122		626,743
	345,000	MISSOURI ST HSG DEV COMMN SINGLE FAMILY MTG REV	9/1/2034	5.25		342,687		345,383
	980,000	MISSOURI ST HEALTH & EDL FACS AUTH REV	2/1/2022	5.13		1,008,331		973,659
	1,000,000	MOBERLY MO INDL DEV AUTH	9/1/2024	6.00		1,020,261		985,260
	450,000	MODESTO CALIF IRR DIST CTFS PARTN	7/1/2022	5.30		426,805		451,170
	1,000,000	MOHAVE CNTY ARIZ INDL DEV AUTHCORRECTIONAL FACS CONTRACT REV	5/1/2015	7.25		993,398		1,054,360
	1,500,000	MONTGOMERY CNTY OHIO HEALTH CARE FACS REV	9/20/2032	6.55		1,457,638		1,517,505

See accompanying notes to financial statements. 51 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2010

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair Value (a)		Percent of net assets
Municipal bonds (Cont’d):
	650,000	MONTGOMERY CNTY PA INDL DEV AUTH REV	2/1/2014	5.38	$	647,720		625,976
	375,000	MONTGOMERY CNTY PA INDL DEV AUTH REV	2/1/2028	6.13		370,114		328,046
	500,000	MONTGOMERY CNTY MD HSG OPPTYS COMMN MULTIFAMILY REV	7/1/2037	5.13		500,000		475,340
	500,000	MOORHEAD MINN REV	6/1/2027	5.65		494,714		485,410
	310,000	MISSISSIPPI HOME CORP SINGLE FAM MTG REV	6/1/2039	6.75		327,405		338,114
	1,480,000	MONTANA ST BRD HSG	12/1/2039	5.50		1,480,239		1,489,768
	800,000	MOUNT CARBON MET DIST COLO REV	6/1/2043	7.00		800,000		229,520
	200,000	MOUNT CARBON MET DIST COLO REV	6/1/2043	8.00		-		20,000
	500,000	NORTHERN CALIF GAS AUTH NO 1	7/1/2027	0.92		500,000		332,635
	1,000,000	NORTH CENT TEX HEALTH FAC DEV CORP REV	5/15/2017	5.00		1,000,000		1,001,060
	750,000	NORTH OAKS MINN SR HSG REV	10/1/2022	5.75		740,543		744,240
	1,250,000	NORTH TEX TWY AUTH REV	1/1/2031	6.13		1,302,569		1,259,338
	1,000,000	NORTH TEX TWY AUTH REV (b)(c)	1/1/2028	10.85		372,133		354,750
	1,000,000	NORTH TEX TWY AUTH REV (b)(c)	1/1/2042	1.40		699,960		774,110
	500,000	NORTH TEX TWY AUTH DALLAS NORTH TWY SYS REV	1/1/2025	6.00		500,000		521,260
	750,000	NAPLES FLA HOSP REV	10/1/2026	5.50		754,384		715,455
	920,000	NORTH DAKOTA ST HSG FIN AGY	7/1/2034	5.35		920,000		920,000
	1,820,000	NORTH DAKOTA ST HSG FIN AGY	7/1/2039	5.45		1,820,000		1,827,025
	500,000	MEAD VLG NEB TAX INCREMENT REV (b)	9/1/2036	5.90		500,000		503,245
	500,000	NEW JERSEY ST HSG & MTG FIN AGY REV	10/1/2030	6.45		537,815		516,225
	500,000	NEW ORLEANS LA AVIATION BRD GULF OPPORTUNITY ZONE CFC REV	1/1/2025	6.00		489,793		507,925
	750,000	NEW ORLEANS LA SEW SVC REV	6/1/2024	6.00		739,767		775,973
	115,000	NEW RIVER CMNTY DEV DIST FLA CAP IMPT REV	5/1/2013	5.00		114,821		1
	70,000	NEW RIVER CMNTY DEV DIST FLA CAP IMPT REV (b)(c)	5/1/2038	0.37		62,675		40,653
	175,000	NEW RIVER CMNTY DEV DIST FLA CAP IMPT REV (b)(c)	5/1/2038	0.80		139,961		63,235
	70,000	NEW RIVER CMNTY DEV DIST FLA CAP IMPT REV (b)(c)	5/1/2015	1.20		63,711		55,824
	135,000	NEW RIVER CMNTY DEV DIST FLA CAP IMPT REV (b)(c)	5/1/2018	1.37		116,922		51,566
	1,000,000	NEW HAMPSHIRE HEALTH & ED FACS AUTH HOSP REV	10/1/2024	5.00		985,656		967,100
	500,000	NEW HAMPSHIRE HEALTH & ED FACS AUTH REV	8/1/2038	6.00		490,078		523,510
	745,000	NEW HAMPSHIRE ST HSG FIN AUTH SINGLE FAMILY MTG REV	7/1/2034	5.38		745,000		746,199
	825,000	NEW HAMPSHIRE ST HSG FIN AUTH SINGLE FAMILY MTG REV	7/1/2038	6.63		866,795		909,101
	45,000	NEW JERSEY ECONOMIC DEV AUTH REV	1/1/2015	5.00		44,678		44,123
	500,000	NEW JERSEY ST HIGHER ED ASSISTANCE AUTH STUDENT LN REV	6/1/2024	5.38		497,385		503,170
	2,500,000	NEW JERSEY ST HIGHER ED ASSISTANCE AUTH STUDENT LN REV	6/1/2027	5.00		2,496,455		2,559,200
	360,000	NEW JERSEY HEALTH CARE FACS FING AUTH REV	7/1/2015	5.75		355,084		384,948
	2,500,000	NEW JERSEY HEALTH CARE FACS FING AUTH REV	7/1/2016	6.25		2,500,000		2,504,250
	2,335,000	NEW JERSEY ST HSG & MTG FIN AGY REV	10/1/2037	5.00		2,317,821		2,238,471
	925,000	NEW JERSEY ST HSG & MTG FIN AGY REV	10/1/2034	5.00		925,000		888,888
	800,000	NEW JERSEY ST HSG & MTG FIN AGY REV	10/1/2035	5.00		800,000		773,480
	4,250,000	NEW JERSEY ST TRANSN TR FD AUTH (b)(c)	12/15/2025	9.43		1,794,096		1,742,840
	1,000,000	NEW JERSEY ST HSG & MTG FIN AGY MULT-FAMILY REV	5/1/2041	4.95		969,395		925,860
	25,000	NEW MEXICO MTG FIN AUTH	1/1/2026	6.95		26,192		25,333
	995,000	NEW MEXICO MTG FIN AUTH	9/1/2029	5.00		995,000		971,339
	995,000	NEW MEXICO MTG FIN AUTH	9/1/2034	5.00		995,000		954,941
	500,000	NEW MEXICO MTG FIN AUTH	9/1/2029	4.80		500,000		472,715
	1,030,000	NEW MEXICO MTG FIN AUTH	3/1/2036	5.45		1,030,000		1,034,635
	500,000	NOBLESVILLE IND REDEV AUTH ECONOMIC DEV REV	2/1/2031	5.13		495,333		494,725
	325,000	NORCO CALIF REDEV AGY TAX ALLOCATION	3/1/2021	6.25		323,761		349,921
	500,000	NORCO CALIF REDEV AGY TAX ALLOCATION	3/1/2032	5.88		492,512		474,065
	1,300,000	NORTH CAROLINA MED CARE COMMN HEALTH CARE FACS REV	10/1/2035	6.63		1,300,000		1,156,805
	2,000,000	NORTH DAKOTA ST HSG FIN AGY	7/1/2040	5.05		2,000,000		1,863,880
	1,000,000	NORTH DAKOTA ST HSG FIN AGY	7/1/2030	4.75		1,000,000		937,110
	350,000	NORTH RANGE MET DIST NO 1 COLO	12/15/2024	5.00		359,592		283,427
	1,000,000	NORTH TEX TWY AUTH REV	1/1/2034	6.00		1,000,000		1,002,230
	2,000,000	NORWALK-LA MIRADA CALIF UNI SCH DIST (b)(c)	8/1/2029	4.51		1,097,139		980,940
	220,000	NORTHERN CALIF PWR AGY PUB PWR REV	7/1/2032	5.20		223,640		205,304
	1,000,000	NORTHERN IL UNIV-RF-AUX (b)	4/1/2026	5.50		1,017,290		1,008,560
	400,000	NORTHERN MARIANA ISLANDS COMWLTH	10/1/2022	5.00		403,006		342,480
	405,000	NEVADA HSG DIV SINGLE FAMILY MTG REV	10/1/2039	5.38		405,000		413,517
	1,350,000	NEVADA HSG DIV SINGLE FAMILY MTG REV	10/1/2040	5.10		1,350,000		1,288,332
	750,000	NEW YORK ST DORM AUTH REVS NONST SUPPORTED DEBT	7/1/2029	6.25		761,136		807,795
	350,000	NEW YORK ST DORM AUTH REVS	7/1/2019	6.88		355,280		356,888
	1,820,000	NEW YORK ST MED CARE FACS FIN AGY REV	2/15/2035	6.38		1,802,433		1,825,296
	865,000	NEW YORK ST MED CARE FACS FIN AGY REV	8/15/2023	6.30		865,000		867,863
	210,000	NEW YORK ST URBAN DEV CORP	7/1/2016	5.50		210,000		210,752
	250,000	NEW YORK N Y CITY INDL DEV AGY REV	1/1/2029	6.13		246,633		265,483
	1,000,000	NEW YORK ST DORM AUTH REV	8/15/2024	6.45		998,402		1,025,480
	300,000	OAK ISLAND N C ENTERPRISE SYS REV	6/1/2028	5.75		293,520		313,821
	300,000	OAK ISLAND N C ENTERPRISE SYS REV	6/1/2029	5.88		295,824		315,108
	500,000	OHIO ST AIR QUALITY DEV AUTH REV	5/1/2026	5.15		496,971		477,010
	725,000	OHIO ST HSG FIN AGY RESIDENTIAL MTG REV	9/1/2033	5.40		725,000		728,103
	375,000	OHIO ST HSG FIN AGY RESIDENTIAL MTG REV	9/1/2033	5.45		375,000		377,621
	660,000	OHIO ST HSG FIN AGY RESIDENTIAL MTG REV	9/1/2028	6.13		660,000		699,316

See accompanying notes to financial statements. 52 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2010

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair Value (a)		Percent of net assets
Municipal bonds (Cont’d):
	500,000	OHIO ST HIGHER EDL FAC REV	12/1/2024	5.50	$	507,972		528,875
	880,000	OKLAHOMA HSG FIN AGY SINGLE FAMILY MTG REV	9/1/2038	6.50		928,010		954,624
	480,000	OKLAHOMA HSG FIN AGY SINGLE FAMILY MTG REV	3/1/2032	5.15		480,000		476,664
	500,000	OREGON HEALTH SCIENCES UNIV REV	7/1/2039	5.75		485,671		514,185
	480,000	OREGON ST VETERANS WELFARE	10/1/2031	5.13		476,548		480,120
	1,000,000	ORANGE CNTY FLA HEALTH FACS AUTH REV	10/1/2021	6.25		984,520		1,112,570
	1,000,000	OVERLAND PK KANS TRANSN DEV DIST SALES TAX REV	4/1/2032	5.90		1,000,000		963,580
	1,500,000	PENNSYLVANIA ECONOMIC DEV FINGAUTH HEALTH SYS REV	10/15/2023	6.25		1,467,601		1,557,300
	500,000	PENNSYLVANIA ST HIGHER EDL FACS AUTH REV	7/1/2039	0.85		500,000		260,155
	1,025,000	PENNSYLVANIA ST TPK COMMN TPK REV (b)(c)	12/1/2030	2.91		652,431		682,927
	1,500,000	PENNSYLVANIA ST TPK COMMN TPK REV (b)(c)	12/1/2038	1.44		1,070,553		1,022,940
	1,000,000	PENNSYLVANIA ST TPK COMMN TPK REV (b)(c)	6/1/2033	2.19		673,101		752,710
	2,935,000	PENNSYLVANIA ST TPK COMMN TPK REV (b)(c)	12/1/2035	1.17		2,272,407		1,989,343
	750,000	PENNSYLVANIA ST TPK COMMN TPK REV (b)(c)	12/1/2035	2.01		500,014		516,563
	1,405,000	PACHECO CALIF UN SCH DIST CTFSPARTNB (b)(c)	2/1/2037	15.26		274,466		351,798
	2,280,000	PACHECO CALIF UN SCH DIST CTFSPARTN (b)(c)	2/1/2037	15.27		445,275		396,515
	1,000,000	PALM BAY UTIL IMPT (b)(c)	10/1/2031	11.87		298,896		272,980
	1,000,000	PALM BEACH CNTY FLA HEALTH FACS AUTH REV	11/15/2022	5.38		915,390		905,520
	675,000	PALM BEACH CNTY FL HEALTH FACS AUTH RETIREMENT CMNTY REV	11/15/2029	5.13		682,621		611,604
	600,000	PARKLANDS LEE CMNTY DEV DIST FLA SPL ASSMT (b)	5/1/2011	5.13		599,935		296,940
	1,665,000	PATTERSON CALIF JT UNI SCH DIST (b)(c)	8/1/2027	12.31		571,979		581,984
	750,000	PELL CITY ALA SPL CARE FACS FING AUTH REV	12/1/2027	5.25		621,702		695,205
	500,000	PEORIA ILL PUB BLDG COMMN SCH DIST FACS REV (b)(c)	12/1/2022	9.39		242,949		258,930
	2,000,000	PEORIA ILL PUB BLDG COMMN SCH DIST FACS REV (b)(c)	12/1/2021	8.01		1,094,261		1,127,620
	5,000,000	PEORIA ILL PUB BLDG COMMN SCH DIST FACS REV (b)(c)	12/1/2026	11.11		1,878,339		1,858,450
	1,000,000	PHILADELPHIA PA HOSPS & HIGHER ED FACS AUTH HOSP REV	11/15/2023	6.63		1,000,860		1,000,500
	70,000	PHOENIX ARIZ STR & HWY USER REV	7/1/2011	6.25		70,236		70,300
	330,000	PIMA CNTY ARIZ INDL DEV AUTH ED REV	6/1/2016	6.00		330,000		322,252
	1,000,000	PIMA CNTY ARIZ INDL DEV AUTH ED REV	7/1/2026	5.00		863,559		798,120
	500,000	PIMA CNTY ARIZ INDL DEV AUTH ED REV	7/1/2031	6.75		364,594		467,725
	460,000	PIMA CNTY ARIZ INDL DEV AUTH ED REV	12/1/2018	6.38		460,000		452,277
	250,000	PIMA CNTY ARIZ INDL DEV AUTH ED REV	6/1/2022	5.00		253,408		215,188
	1,000,000	PIMA CNTY ARIZ INDL DEV AUTH REV	9/1/2029	5.75		1,000,000		1,006,750
	170,000	PIMA CNTY ARIZ INDL DEV AUTH ED REV	7/1/2015	5.13		169,486		168,589
	200,000	PIMA CNTY ARIZ INDL DEV AUTH ED REV	12/15/2016	5.25		198,479		198,084
	1,045,000	PIMA CNTY ARIZ INDL DEV AUTH ED REV	12/1/2017	5.35		934,221		996,157
	1,000,000	PIMA CNTY ARIZ INDL DEV AUTH CHARTER SCH REV	4/1/2022	5.88		1,000,000		938,410
	455,000	PIMA CNTY ARIZ INDL DEV AUTH ED REV	7/1/2022	5.38		459,133		405,178
	70,000	PIMA CNTY ARIZ INDL DEV AUTH ED REV	8/1/2012	6.25		70,000		71,462
	185,000	PIMA CNTY ARIZ INDL DEV AUTH ED REV	7/1/2024	6.10		182,080		169,704
	500,000	PINAL CNTY ARIZ CTFS PARTN	12/1/2023	5.25		475,640		504,905
	300,000	PINAL CNTY ARIZ INDL DEV AUTH CORRECTIONAL FACS CONTRACT REV	10/1/2018	5.25		253,030		293,076
	1,000,000	PITTSBURG CALIF REDEV AGY TAX ALLOC	9/1/2028	6.50		977,319		1,061,130
	500,000	PLEASANT VALLEY CALIF SCH DIST VENTURA CNTY	2/1/2022	5.85		498,232		539,295
	750,000	PLEASANTS CNTY W VA POLLUTN CTL REV	5/1/2015	6.15		771,425		751,133
	750,000	PORT CORPUS CHRISTI AUTH TEX NUECES CNTY GEN REV	12/1/2022	5.65		750,000		723,878
	1,750,000	PORT EVERGLADES AUTH FLA PORT	9/1/2016	5.00		1,750,110		1,780,730
	1,000,000	FOREST GROVE ORE REV	12/1/2025	6.00		985,437		992,160
	250,000	PORTLAND ME HSG DEV CORP	8/1/2021	5.70		250,000		246,865
	450,000	PUERTO RICO COMWLTH HWY & TRANSN AUTH TRANSN REV	7/1/2045	0.73		450,000		235,584
	500,000	PUERTO RICO ELEC PWR AUTH PWR REV	7/1/2025	0.88		500,000		370,465
	1,000,000	PUERTO RICO SALES TAX FING CORP SALES TAX REV (b)(c)	8/1/2033	3.37		570,551		604,330
	500,000	PUERTO RICO SALES TAX FING CORP SALES TAX REV	8/1/2057	1.12		500,000		283,870
	500,000	PROVIDENCE R I HSG AUTH HSG REV	9/1/2027	5.00		508,259		476,580
	250,000	PROVIDENCE R I HSG AUTH HSG REV	9/1/2026	5.00		255,192		241,550
	245,000	PROVO UTAH CHARTER SCH REV	6/15/2037	5.50		245,000		176,586
	750,000	QUAIL CREEK CMNTY FACS DIST ARIZ	7/15/2016	5.15		750,000		722,565
	750,000	QUINAULT INDIAN NATION WASH	12/1/2015	5.80		745,616		648,518
	2,000,000	ILLINOIS FIN AUTH SPORTS FAC REV	6/1/2024	6.25		2,045,923		2,028,240
	975,000	RAMONA CALIF UNI SCH DIST CTFS PARTN (b)(c)	5/1/2032	1.10		789,440		769,022
	1,000,000	REDONDO BEACH CALIF UNI SCH DIST (b)(c)	8/1/2034	2.10		670,477		697,120
	1,500,000	REGIONAL TRANSN DIST COLO PRIVATE ACTIVITY REV	1/15/2034	6.00		1,485,129		1,488,855
	750,000	RENO-SPARKS INDIAN COLONY NEV	6/1/2021	5.00		765,015		727,463
	400,000	RENO NEV HOSP REV	6/1/2032	5.25		411,156		364,524
	500,000	RENO NEV HOSP REV	6/1/2020	5.50		507,582		526,320
	500,000	RHODE ISLAND ST HEALTH & EDL BLDG CORP REV	5/15/2030	6.25		493,329		530,705
	285,000	RHODE ISLAND ST HEALTH & EDL BLDG CORP REV	5/15/2026	5.25		289,238		272,526
	495,000	RHODE ISLAND HSG & MTG FIN CORP	10/1/2038	5.63		495,000		502,158
	500,000	RHODE ISLAND ST STUDENT LN AUTH STUDENT LN REV	12/1/2027	5.75		500,000		487,835
	500,000	RICHARDSON TEX HOSP AUTH HOSP	12/1/2028	5.63		513,594		446,290
	325,000	RICHMOND IND HOSP AUTH REV	1/1/2029	6.50		314,921		343,655
	500,000	RICHMOND CALIF JT PWRS FING AUTH REV	7/1/2024	6.25		500,000		527,550
	1,000,000	RICHMOND CALIF CMNTY REDEV AGYTAX ALLOC	9/1/2030	6.00		971,832		975,460

See accompanying notes to financial statements. 53 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2010

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair Value (a)		Percent of net assets
Municipal bonds (Cont’d):
	925,000	RIO GRANDE VY HEALTH FACS DEV CORP TEX HOSP REV	8/1/2012	6.40	$	925,000		927,692
	550,000	RIVERSIDE MO INDL DEV AUTH INDL DEV REV	5/1/2027	4.50		521,889		492,938
	1,000,000	RIVERSIDE CNTY CALIF REDEV AGY TAX ALLOC	10/1/2030	6.00		1,014,623		962,980
	1,000,000	RIVERSIDE CNTY CALIF REDEV AGY TAX ALLOC	10/1/2025	6.00		995,050		980,730
	250,000	RIVERWOOD ESTATES CMNTY DEV DIST FLA SPL ASSMT (b)	5/1/2013	5.00		250,000		43,025
	500,000	ROSS COUNTY OHIO HOSP REV	12/1/2028	5.75		502,480		503,130
	2,200,000	ROWLAND CALIF UNI SCH DIST (b)(c)	8/1/2027	11.00		799,327		738,738
	500,000	SOUTH BAYSIDE WASTE MGMT AUTH CALIF SOLID WASTE ENTERPRISE	9/1/2029	6.25		517,213		516,485
	1,000,000	SOUTH CAROLINA JOBS-ECONOMIC DEV AUTH STUDENT HSG REV	4/1/2030	6.00		969,943		972,990
	1,000,000	SOUTH COAST CONSERVANCY DIST IND	1/1/2028	5.25		994,372		1,026,360
	500,000	SACRAMENTO CNTY CALIF CTFS PARTN	10/1/2027	4.75		500,258		436,885
	1,000,000	SACRAMENTO CALIF CITY FING AUTH REV (b)(c)	12/1/2021	7.46		572,777		493,660
	500,000	SACRAMENTO CALIF PWR AUTH COGENERATION PROJ REV	7/1/2022	4.50		432,788		465,695
	250,000	SACRAMENTO CNTY CALIF SANTN DIST FING AUTH REV	12/1/2035	0.73		250,000		168,153
	350,000	SACRAMENTO CNTY CALIF WTR FINGAUTH REV	6/1/2039	0.77		350,000		201,243
	1,200,000	SADDLEBACK VY UNI SCH DIST CALIF PUB FING AUTH SPL TAX REV	9/1/2017	5.65		1,200,000		1,204,452
	2,000,000	SALINE CNTY MO INDL DEV AUTH HEALTH FACS REV	12/1/2020	5.00		1,980,732		1,900,780
	500,000	SALINE CNTY MO INDL DEV AUTH HEALTH FACS REV	12/1/2028	5.60		488,941		453,235
	1,750,000	SAN BERNARDINO CNTY CALIF CTFS PARTN	8/1/2028	5.00		1,789,266		1,587,898
	500,000	SAN DIEGO CALIF REDEV AGY	9/1/2023	5.00		450,906		489,545
	1,000,000	SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN INTL ARPT REV	5/1/2039	6.00		1,033,032		1,047,210
	750,000	SAN GORGONIO CALIF MEM HEALTHCARE	8/1/2027	7.00		764,784		802,425
	250,000	SAN JOAQUIN HILLS CALIF TRANSN CORRIDOR AGY TOLL RD REV	1/15/2030	5.25		251,234		220,035
	1,000,000	SANTA PAULA CALIF UTIL AUTH WASTEWTR ENTERPRISE REV	2/1/2030	5.00		987,857		940,200
	250,000	SARASOTA NATL CMNTY DEV DIST FLA SPL ASSMT (b)	5/1/2039	5.30		248,217		44,850
	1,250,000	SARASOTA CNTY FLA HEALTH FACS AUTH RETIREMENT FAC REV	1/1/2027	5.50		1,026,750		1,083,138
	750,000	SARTELL MINN HEALTH CARE & HSG FACS REV	9/1/2029	6.63		753,318		721,455
	560,000	SOUTH CAROLINA ST ED ASSISTANCE AUTH REV	10/1/2029	5.10		553,316		545,446
	245,000	SOUTH CAROLINA HSG FIN & DEV AUTH MTG REV	7/1/2032	5.50		245,000		247,693
	500,000	SOUTH CAROLINA JOBS ECONOMIC DEV AUTH REV	11/15/2027	6.00		503,467		401,530
	200,000	SEMINOLE TRIBE FLA SPL OBLIG REV	10/1/2022	5.75		205,620		196,138
	500,000	SEMINOLE TRIBE FLA SPL OBLIG REV	10/1/2024	5.50		505,044		469,240
	500,000	SEMINOLE TRIBE FLA	10/1/2017	5.13		500,000		482,970
	250,000	SENECA NATION INDIANS CAP IMPTS AUTH N Y SPL OBLIG	12/1/2023	5.00		248,813		197,948
	150,000	SHELBY CNTY TENN HEALTH EDL & HSG FACS BRD REV (b)	1/1/2019	5.35		134,966		16,235
	625,000	SHELBY CNTY TENN HEALTH EDL & HSG FACS BRD REV (b)	1/1/2029	5.55		556,863		62,763
	500,000	SKAGIT CNTY WASH PUB HOSP DIST NO 001 REV	12/1/2030	6.00		513,133		488,620
	1,250,000	SMYRNA TENN HSG ASSN INC MULTIFAMILY HSG REV	10/20/2035	6.45		1,253,728		1,286,600
	550,000	SNOHOMISH CNTY WASH HSG AUTH HSG REV	4/1/2026	6.40		550,000		551,584
	750,000	SOUTH CAROLINA JOBS ECONOMIC DEV AUTH REV	11/15/2042	5.15		750,000		720,428
	660,000	SOUTHWESTERN ILL DEV AUTH REV	10/1/2022	7.00		660,000		609,734
	750,000	SPARKS NEV REDEV AGY TAX INCREMENT REV	6/1/2020	6.40		721,278		696,840
	1,000,000	SPARKS NEV REDEV AGY TAX INCREMENT REV	6/1/2020	7.25		989,938		984,890
	1,000,000	SPARKS NEV REDEV AGY TAX INCREMENT REV	1/15/2022	5.00		977,549		963,740
	490,000	SPARKS NEV TOURISM IMPT DIST NO 1 REV	6/15/2020	6.50		474,880		466,421
	229,000	ST BERNARD PARISH LA HOME MTG AUTH SINGLE FAMILY MTG REV	3/1/2039	5.80		224,547		228,979
	1,025,000	ST JOHN BAPTIST PARISH LA REV	6/1/2037	5.13		1,025,000		921,824
	500,000	ST JOHNS CNTY FLA INDL DEV AUTH HEALTH CARE	1/1/2016	5.00		471,428		459,010
	500,000	ST JOHNS CNTY FLA INDL DEV AUTH REV	8/1/2040	5.88		492,751		485,975
	400,000	ST JOSEPH CNTY IND ECONOMIC DEV REV	5/15/2014	5.75		405,476		394,148
	500,000	ST JOSEPH CNTY IND ECONOMIC DEV REV	5/15/2038	6.00		367,978		456,315
	460,000	ST JOSEPH CNTY IND ECONOMIC DEV REV	5/15/2026	6.00		335,556		434,396
	500,000	ST JOSEPH CNTY IND HOSP AUTH HEALTH FACS REV (b)	2/15/2028	5.25		507,503		190,650
	1,000,000	ST JOSEPH MO INDL DEV AUTH TAXINCREMENT REV	11/1/2019	5.10		989,454		925,570
	500,000	ST JOSEPH MO INDL DEV AUTH TAXINCREMENT REV	11/1/2023	5.38		496,531		429,980
	1,000,000	ST PAUL MINN PORT AUTH REV	12/1/2036	5.00		974,480		957,940
	175,341	ST TAMMANY PARISH LA FIN AUTH SINGLE FAMILY MTG REV	12/1/2039	5.25		179,099		180,175
	300,000	SOUTHERN MINN MUN PWR AGY PWR SUPPLY SYS REV	1/1/2013	0.00		300,000		290,841
	500,000	STONEYBROOK SOUTH CMNTY DEV DIST FLA SPL ASSMT REV (b)	11/1/2015	5.45		498,792		212,500
	500,000	SULLIVAN CNTY TENN HEALTH EDL & HSG FACS BRD HOSP REV	9/1/2036	5.25		515,725		425,170
	2,500,000	HAWTHORNE CALIF SCH DIST CTFS PARTN	12/1/2037	1.37		1,824,776		1,810,500
	175,000	SUMMIT ACADEMY NORTH MICH PUB SCH ACADEMY REV	11/1/2011	4.75		175,013		175,387
	213,000	SOUTHWESTERN ILL DEV AUTH REV	8/15/2015	5.38		217,219		214,265
	1,500,000	SOUTHWESTERN ILL DEV AUTH REV	8/15/2029	5.63		1,533,689		1,383,615
	225,000	SOUTHWESTERN ILL DEV AUTH REV	11/1/2026	5.63		223,526		154,807
	1,000,000	TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC	2/15/2016	7.25		1,000,000		1,006,720
	250,000	TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC	2/15/2013	5.00		249,849		242,898
	500,000	TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC	2/15/2014	6.50		500,000		497,865
	1,000,000	TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC	5/15/2027	5.13		714,849		868,980
	750,000	TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC	11/15/2019	7.75		750,000		775,613
	250,000	TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC	11/15/2014	6.25		250,000		248,203
	1,000,000	TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC	11/15/2026	6.00		1,033,823		986,840

See accompanying notes to financial statements. 54 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2010

Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair Value (a)		Percent of net assets
Municipal bonds (Cont’d):
	750,000	TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC	11/15/2036	6.00	$	771,881		685,815
	1,000,000	TARRANT CNTY TEX CULTURAL ED FACS FIN CORP RETIREMENT FAC	11/15/2014	6.50		1,000,000		982,860
	795,000	TERREBONNE PARISH LA	3/1/2024	5.88		801,333		873,808
	800,000	TEXAS ST STUDENT HSG AUTH (b)	1/1/2033	11.00		800,000		8
	965,000	TENNESSEE HSG DEV AGY	7/1/2038	5.45		965,000		969,121
	200,000	TENNESSEE HSG DEV AGY MTG FIN	7/1/2023	5.20		201,212		202,052
	425,000	TODD CREEK FARMS MET DIST NO 1 COLO WTR REV (b)	12/1/2009	4.75		425,000		211,438
	750,000	TOLOMATO CMNTY DEV DIST FLA	5/1/2017	6.38		750,000		621,158
	2,000,000	TORRANCE CALIF UNI SCH DIST (b)(c)	8/1/2023	9.54		927,689		956,920
	840,000	TRAVIS CNTY TEX HSG FIN CORP MULTI FAMILY HSG REV (b)	6/1/2035	9.25		840,000		158,374
	1,000,000	TRAVIS CNTY TEX HEALTH FACS DEV CORP REV	11/1/2016	6.25		1,000,000		990,290
	1,000,000	TULSA OKLA TULSA INDL AUTH REV	10/1/2027	6.00		1,027,313		1,057,010
	1,250,000	TUSTIN CALIF UNI SCH DIST (b)(c)	8/1/2028	4.10		729,630		705,013
	400,000	TEXAS ST PUB FIN AUTH CHARTER SCH FIN CORP REV	9/1/2018	5.50		400,000		381,908
	250,000	TEXAS MUN GAS ACQUISITION & SUPPLY CORP I GAS SUPPLY REV	12/15/2026	1.65		250,000		167,635
	185,000	TEXAS MUN GAS ACQUISITION & SUPPLY CORP I GAS SUPPLY REV	12/15/2026	6.25		177,778		195,763
	2,000,000	TEXAS PRIVATE ACTIVITY SURFACE TRANSPORTATION CORP	6/30/2033	7.50		2,061,487		2,103,940
	500,000	TEXAS ST PUB FIN AUTH CHARTER SCH FIN CORP REV	2/15/2030	6.00		500,000		477,545
	1,000,000	TEXAS ST PUB FIN AUTH CHARTER SCH FIN CORP REV	8/15/2030	5.00		877,121		833,960
	745,000	TEXAS ST DEPT HSG & CMNTY AFFAIRS RESIDENTIAL MTG REV	7/1/2039	5.45		745,000		747,876
	375,000	ULSTER CNTY N Y INDL DEV AGY CIVIC FAC REV	9/15/2013	5.10		373,588		366,195
	500,000	ULSTER CNTY N Y INDL DEV AGY CIVIC FAC REV	9/15/2016	5.25		495,132		460,025
	495,000	UTAH HSG CORP SINGLE FAMILY MTG REV	1/1/2040	5.55		495,000		497,252
	500,000	UTAH ST CHARTER SCH FIN AUTH CHARTER SCH REV	1/1/2032	4.95		500,000		476,405
	1,000,000	UTAH HSG CORP SINGLE FAMILY MTG REV	7/1/2034	4.60		1,000,000		981,720
	600,000	UTAH ST CHARTER SCH FIN AUTH CHARTER SCH REV	7/15/2018	6.38		600,000		586,854
	500,000	UTAH HSG CORP SINGLE FAMILY MTG REV	7/15/2025	6.50		500,000		495,355
	671,000	UTAH ASSOC MUNI POWER (d)	5/1/2022	4.75		671,000		671,000
	750,000	VIRGINIA ST HSG DEV AUTH COMWLTH MTG	7/1/2025	6.00		750,000		787,823
	1,500,000	VIRGINIA ST HSG AUTH DEV AUTH	12/1/2039	5.00		1,500,000		1,442,745
	425,000	VIRGINIA ST HSG DEV AUTH COMWLTH MTG	7/1/2031	5.35		425,826		425,527
	2,000,000	VIRGINIA ST HSG DEV AUTH COMWLTH MTG	7/1/2036	5.38		2,078,037		2,014,000
	750,000	VALLEJO CITY CALIF UNI SCH DIST SPL TAX	9/1/2031	4.15		544,951		486,930
	985,000	VERANO CTR CMNTY DEV DIST FLA	11/1/2012	5.00		985,000		738,217
	165,000	VERRADO CMNTY FACS DIST NO 1 ARIZ	7/15/2013	6.00		165,000		170,152
	300,000	VIGO CNTY IND HOSP AUTH REV	9/1/2027	5.50		297,075		272,261
	1,500,000	VERMONT EDL & HEALTH BLDGS FING AGY REV	12/1/2027	6.13		1,501,020		1,468,634
	1,000,000	WEST CAMPUS HSG LLC ARIZ STUDENT HSG REV	7/1/2025	5.00		877,568		901,369
	500,000	WEST ORANGE HEALTHCARE DIST FLA REV	2/1/2031	5.80		502,535		494,129
	235,000	WEST VLGS IMPT DIST FLA REV (b)	5/1/2037	5.50		235,000		104,943
	500,000	WASHINGTON ST HEALTH CARE FACS AUTH REV	8/1/2028	6.25		515,171		531,564
	1,150,000	WASHINGTON ST HSG FIN COMMN NONPROFIT REV	1/1/2017	5.25		1,147,012		999,326
	650,000	WASHINGTON ST HSG FIN COMMN NONPROFIT REV	1/1/2013	5.10		650,000		620,632
	500,000	WASHINGTON ST HEALTH CARE FACS AUTH REV	3/1/2024	6.50		478,685		527,779
	1,000,000	WASHINGTON ST HEALTH CARE FACS AUTH REV	3/1/2029	7.13		975,109		1,071,679
	420,000	WATERS EDGE CMNTY DEV DIST FLACAP IMPT REV (b)	11/1/2012	5.00		420,018		184,757
	500,000	WATERSET NORTH CMNTY DEV DIST FLA SPL ASSMT REV (b)	11/1/2015	6.55		498,942		300,624
	130,000	WESTPARK CMNTY FACS DIST AZ	7/15/2016	4.90		130,000		124,070
	1,000,000	WISCONSIN ST GEN REV	5/1/2027	6.00		1,022,966		1,103,209
	1,000,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	12/1/2034	9.00		1,000,000		996,430
	350,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	7/1/2021	6.00		357,247		359,617
	750,000	WISCONSIN ST HEALTH & EDL FACSAUTH REV	4/15/2033	6.40		764,115		758,152
	960,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	2/15/2029	5.60		952,696		950,236
	500,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	6/1/2028	5.70		515,575		467,014
	1,000,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	9/15/2014	5.40		1,000,000		990,669
	525,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	2/15/2018	6.25		508,451		525,703
	500,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	7/1/2026	5.00		504,835		454,934
	1,000,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	8/15/2022	5.75		905,597		1,002,719
	500,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	8/15/2024	6.50		352,493		487,624
	500,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	8/15/2034	6.75		507,070		482,259
	750,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	5/15/2029	5.13		600,857		657,779
	195,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	11/15/2023	6.00		206,362		199,566
	250,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	11/15/2032	6.00		267,313		252,837
	750,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	6/1/2030	6.00		750,000		704,992
	610,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	11/15/2025	5.75		604,252		610,402
	1,000,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	10/1/2027	5.38		977,785		956,809
	500,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	12/1/2030	5.25		493,903		474,014
	1,000,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	7/1/2030	5.75		1,027,930		982,759
	500,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	2/15/2032	5.25		488,735		457,629
	500,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	1/15/2025	5.65		504,738		505,789
	400,000	WISCONSIN ST HEALTH & EDL FACS AUTH REV	8/15/2023	5.60		401,307		396,759
	255,000	WILL CNTY ILL SPL ED JT AGREEMENT DIST 843 LINCOLN-WAY	1/1/2021	5.50		263,726		262,394
	750,000	WINNEBAGO & STEPHENSON CNTYS ILL CMNTY UNIT SCH DIST NO 321 (b)(c)	1/1/2019	6.88		494,746		517,598

See accompanying notes to financial statements. 55 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2010

Par/Shares			Security	Maturity date	Coupon rate	Cost			Fair Value (a)		Percent of net assets
Municipal bonds (Cont’d):
	335,000		WISCONSIN ST HEALTH & EDL FACS AUTH REV	8/15/2026	5.88	$	319,618			326,266
	700,000		WOODHILL PUB FAC CORP TEX MULTIFAMILY REV	12/1/2015	7.25		694,275			706,180
	530,000		WESTERN GENERATION AGY ORE COGENERATION PROJ REV	1/1/2021	5.00		533,502			473,066
	750,000		WYOMING CMNTY DEV AUTH HSG REV	12/1/2023	5.25		759,132			770,819
	1,500,000		WYANDOTTE CNTY/KANS CITY KANS UNI GOVT SPL OBLIG REV (b)(c)	6/1/2021	8.45		804,678			798,030
	500,000		YORBA LINDA CALIF REDEV AGY TAX ALLOCATION REV (b)(c)	9/1/2027	12.29		166,035			147,984
	355,000		ZEPHYR RIDGE CMNTY DEV DIST FLA CAP IMPT REV (b)	5/1/2013	5.25		355,351			140,898
			Sub-total Municipal Bonds				497,051,395			471,025,667		91.25	%
Short-term investments:
	8,475,514		NORTHERN INSTL TAX-EXEMPT PORTFOLIO, 0.03% (e)				8,475,514			8,475,514
			Sub-total Short-term investments:				8,475,514			8,475,514		1.64	%
			Grand total (f)			$	540,111,121			514,761,290		99.72	%
Notes to Schedule of Investments:
	��
		(a)	Securities are valued in accordance with procedures described in Note 2 to the financial statements.
		(b)	Currently non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest
			and/or principal.
		(c)	For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition.
		(d)	This security is being fair-valued according to procedures adopted by the Board of Trustees.
		(e)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds.
		(f)	At December 31, 2010, the cost for Federal income tax purposes was $540,111,121. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost were as follows:
			Gross unrealized appreciation			$	8,460,777
			Gross unrealized depreciation				(33,810,608	)
			Net unrealized depreciation			$	(25,349,831	)

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

Geographical Diversification	Percent
California	12.28	%
Illinois	8.59
Texas	8.05
Florida	6.96
Arizona	3.68
Missouri	3.68
Indiana	3.41
Wisconsin	3.14
Colorado	3.00
Louisiana	2.73
Other	44.48
	100.00	%

See accompanying notes to financial statements. 56 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments – Clearwater Tax-Exempt Bond Fund

December 31, 2010

See accompanying notes to financial statements. 57 (continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Common stocks:
Australia:
	17,844	AGL ENERGY LTD	$	215,924		277,824
	51,722	ALUMINA LTD		50,177		131,131
	22,815	AMCOR LIMITED		74,580		157,435
	37,706	AMP LTD		144,346		203,912
	16,005	ARISTOCRAT LEISURE LTD		56,089		48,922
	33,298	ASCIANO LTD (b)		49,426		54,295
	4,112	ASX LTD		84,309		158,395
	42,961	AUST AND NZ BANKING GROUP		561,645		1,025,507
	19,517	AXA ASIA PACIFIC HOLDINGS		47,802		125,898
	1,214	BANK OF QUEENSLAND LTD		10,871		12,895
	6,281	BENDIGO AND ADELAIDE BANK		52,780		63,889
	179,910	BGP HOLDINGS PLC (b)		-		-
	58,575	BHP BILLITON LTD		1,409,751		2,709,620
	1,182	BILLABONG INTERNATIONAL LTD		7,263		9,848
	55,100	BLUESCOPE STEEL LTD		106,835		126,739
	13,040	BORAL LTD		38,661		64,388
	24,400	BRAMBLES LTD		108,335		177,602
	2,900	CALTEX AUSTRALIA LTD		37,894		42,602
	43,633	CFS RETAIL PROPERTY TRUST		50,404		78,506
	38,300	CFS RETAIL PROPERTY TRUST		64,189		68,911
	28,298	COCA-COLA AMATIL LTD		178,894		314,169
	971	COCHLEAR LTD		35,893		79,819
	26,215	COMMONWEALTH BANK OF AUSTRAL		711,623		1,360,613
	8,520	COMPUTERSHARE LTD		47,796		93,894
	38,753	CROWN LTD		246,016		326,841
	9,576	CSL LTD		226,091		355,262
	41,838	CSR LTD		48,720		71,855
	8,070	DART ENERGY LTD (b)		5,627		9,487
	85,105	DEXUS PROPERTY GROUP		62,970		69,167
	5,726	DULUXGROUP LTD		5,840		16,098
	180,435	FAIRFAX MEDIA LTD		251,231		258,242
	1,900	FLEETWOOD CORPORATION LTD (b)		23,315		25,231
	2,200	FLIGHT CENTRE LTD		50,557		55,732
	21,110	FORTESCUE METALS GROUP LTD (b)		37,574		141,138
	50,738	FOSTER’S GROUP LTD		203,854		294,618
	93,686	GOODMAN GROUP		48,414		62,254
	35,982	GPT GROUP		55,818		108,146
	34,615	HARVEY NORMAN HOLDINGS LTD		79,261		104,037
	21,900	ILUKA RESOURCES LTD (b)		152,553		204,629
	19,665	INCITEC PIVOT LTD		31,737		79,610
	53,125	INSURANCE AUSTRALIA GROUP LT (b)		138,476		210,721
	2,244	LEIGHTON HOLDINGS LTD		29,819		70,610
	10,015	LEND LEASE CORP LIMITED		61,130		88,357
	4,498	MACARTHUR COAL LTD		51,823		58,858
	6,268	MACQUARIE ATLAS ROADS GROUP (b)		2,373		9,740
	7,065	MACQUARIE GROUP LTD		164,941		267,306
	65,948	METCASH LTD		212,747		277,090
	4,000	MINERAL RESOURCES LTD		37,806		50,420
	37,974	MIRVAC GROUP		50,570		47,555
	34,500	MOUNT GIBSON IRON LTD (b)		52,969		74,771
	35,937	NATIONAL AUSTRALIA BANK LTD		582,953		870,698
	13,000	NEW HOPE CORP LTD		65,879		64,456
	12,972	NEWCREST MINING LTD		371,329		536,285
	116,487	ONESTEEL LTD		277,273		308,429
	7,126	ORICA LIMITED		66,068		181,394
	15,652	ORIGIN ENERGY LTD		168,941		266,577
	74,197	OZ MINERALS LTD		41,896		130,464
	14,231	PALADIN ENERGY LTD (b)		54,196		71,723
	38,400	PANAUST LTD (b)		28,583		34,938
	416	PERPETUAL LTD		7,027		13,273
	116,632	QANTAS AIRWAYS LTD (b)		222,335		302,851
	19,365	QBE INSURANCE GROUP LTD		267,517		359,312
	8,245	RIO TINTO LTD		321,508		720,414
	16,799	SANTOS LTD		180,505		225,833
	1,300	SIMS METAL MANAGEMENT LTD		14,504		28,666
	9,824	SONIC HEALTHCARE LTD		79,849		116,499

See accompanying notes to financial statements. 58 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Australia (Cont’d):
	121,829	STOCKLAND (b)	$	354,514		448,364
	67,773	SUNCORP GROUP LTD		426,885		596,537
	42,177	TABCORP HOLDINGS LTD		208,429		306,565
	96,846	TATTS GROUP LTD		186,970		255,434
	69,046	TELSTRA CORP LTD		158,437		196,934
	11,689	TOLL HOLDINGS LTD		48,972		68,471
	13,099	TRANSURBAN GROUP		36,728		68,562
	18,625	WESFARMERS LTD		275,011		609,290
	2,560	WESFARMERS LTD-PPS		32,507		84,532
	35,413	WESTFIELD GROUP		200,586		346,821
	35,413	WESTFIELD RETAIL TRUST (b)		53,180		93,041
	52,832	WESTPAC BANKING CORP		701,839		1,199,563
	11,991	WOODSIDE PETROLEUM LTD		392,813		521,716
	19,482	WOOLWORTHS LTD		346,571		537,146
	2,623	WORLEYPARSONS LTD		30,535		71,703
				12,682,059		20,361,080		5.88	%
Austria:
	3,566	ERSTE GROUP BANK AG		63,769		167,448
	10,586	IMMOEAST A.G. (b)		-		-
	15,879	IMMOFINANZ AG (b)		51,791		67,666
	14,958	OMV AG		573,376		621,627
	1,965	RAIFFEISEN BANK INTERNATIONA		63,526		107,657
	313	STRABAG SE-BR		5,505		8,574
	6,287	TELEKOM AUSTRIA AG		88,325		88,380
	915	VERBUND AG		30,953		34,089
	2,303	VOESTALPINE AG		32,585		109,711
				909,830		1,205,152		0.35	%
Belgium:
	48,619	AGEAS		87,769		111,096
	12,078	ANHEUSER-BUSCH INBEV NV		385,199		690,772
	5,100	ANHEUSER-BUSCH INBEV SPN ADR (c)		318,185		291,159
	1,320	CNP -CIE NATL A PORTEFEUILLE		65,973		64,558
	1,645	COLRUYT SA (b)		74,892		83,640
	8,404	DELHAIZE GROUP		582,741		620,685
	5,979	GROUPE BRUXELLES LAMBERT SA		483,152		502,785
	7,945	KBC GROEP NV (b)		246,574		270,726
	400	MOBISTAR SA		25,537		25,929
	625	SOLVAY SA		36,847		66,605
	9,491	UCB SA		281,368		325,562
	2,966	UMICORE		53,114		154,255
				2,641,351		3,207,772		0.93	%
Bermuda:
	60,474	LANCASHIRE HOLDINGS LTD		461,199		521,385
	6,600	SEADRILL LTD		70,381		223,050
				531,580		744,435		0.21	%
Brazil:
	14,900	BANCO BRADESCO-ADR (c)		290,011		302,321
	36,600	BRASIL BROKERS PARTICIPACOES		201,667		210,560
	600	HRT PARTICIPACOES EM PETROLE (b)		577,239		574,699
				1,068,917		1,087,580		0.31	%
Britain:
	52,662	3I GROUP PLC		232,331		269,710
	2,834	ADMIRAL GROUP PLC		35,119		66,939
	4,578	AMEC PLC		34,931		82,080
	46,000	AMLIN PLC		302,852		293,251
	22,551	ANGLO AMERICAN PLC		483,866		1,172,713
	19,600	ANGLO AMERICAN PLC-UNSP ADR (c)		333,272		511,756
	4,811	ANTOFAGASTA PLC		33,978		120,911
	19,184	ARM HOLDINGS PLC		71,627		126,605
	16,299	ASSOCIATED BRITISH FOODS PLC		218,984		300,107
	22,292	ASTRAZENECA PLC		778,768		1,015,533
	10,000	ASTRAZENECA PLC-SPONS ADR (c)		461,598		461,900
	2,131	AUTONOMY CORP PLC (b)		36,969		50,002
	45,179	AVIVA PLC		147,874		276,818
	5,239	BABCOCK INTL GROUP PLC		47,416		46,639
	120,026	BAE SYSTEMS PLC		650,696		617,525
	80,626	BALFOUR BEATTY PLC		341,838		393,320

See accompanying notes to financial statements. 59 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Britain (Cont’d):
	277,676	BARCLAYS PLC	$	1,051,273		1,132,724
	58,418	BG PLC (b)		917,965		1,180,366
	37,298	BHP BILLITON PLC		795,489		1,483,409
	4,500	BHP BILLITON PLC-ADR (c)		354,720		362,250
	307,544	BP PLC		2,039,977		2,232,228
	11,825	BRITISH AIRWAYS PLC (b)		49,663		50,238
	60,994	BRITISH AMERICAN TOBACCO PLC		1,607,805		2,342,635
	11,630	BRITISH LAND CO PLC		61,579		95,102
	17,468	BRITISH SKY BROADCASTING GRO		116,486		200,441
	368,009	BT GROUP PLC		791,671		1,037,342
	5,069	BUNZL PLC		39,524		56,822
	8,202	BURBERRY GROUP PLC		40,549		143,731
	20,702	CABLE & WIRELESS WORLDWIDE		27,090		21,205
	40,577	CAIRN ENERGY PLC (b)		155,293		265,702
	16,980	CAPITA GROUP PLC		162,367		184,384
	6,025	CAPITAL & COUNTIES PROPERTIE		6,933		14,156
	6,025	CAPITAL SHOPPING CENTRES GRO		23,472		39,227
	34,000	CARILLION PLC		178,605		203,764
	8,602	CARNIVAL PLC		279,378		399,919
	29,130	CARPETRIGHT PLC		323,811		362,871
	82,257	CENTRICA PLC		290,637		425,258
	11,669	COBHAM PLC		30,337		37,022
	28,000	COLT GROUP SA (b)		53,210		60,111
	268,758	COMPASS GROUP PLC		1,681,663		2,434,459
	65,000	COOKSON GROUP PLC (b)		439,737		667,320
	115,087	DIAGEO PLC		1,568,947		2,126,227
	8,724	DRAX GROUP PLC		50,000		50,094
	2,968	ENQUEST PLC (b)		3,713		6,455
	2,760	EURASIAN NATURAL RESOURCES		15,790		45,096
	54,094	FIRSTGROUP PLC		286,166		335,911
	9,699	G4S PLC		26,165		38,499
	91,912	GLAXOSMITHKLINE PLC		1,410,189		1,776,883
	12,300	GLAXOSMITHKLINE PLC-SPON ADR (c)		464,571		482,406
	17,505	HAMMERSON PLC		69,535		113,860
	36,031	HAYS PLC		49,874		72,409
	126,209	HOME RETAIL GROUP		499,329		370,908
	336,940	HSBC HOLDINGS PLC (b)		2,439,627		3,420,308
	12,114	ICAP PLC		51,874		101,043
	30,665	IMI PLC		253,515		451,793
	18,809	IMPERIAL TOBACCO GROUP PLC		441,612		577,106
	30,000	INCHCAPE PLC (b)		123,756		166,789
	17,590	INTERCONTINENTAL HOTELS GROU		253,023		340,880
	23,055	INTERMEDIATE CAPITAL GROUP		117,259		119,659
	20,434	INTERNATIONAL POWER PLC		61,912		139,411
	1,741	INTERTEK GROUP PLC		50,306		48,179
	12,127	INVENSYS PLC		29,802		66,968
	27,249	INVESTEC PLC		193,266		223,886
	98,470	ITV PLC (b)		52,339		107,542
	13,894	JOHNSON MATTHEY PLC		337,176		441,465
	4,109	KAZAKHMYS PLC		31,447		103,396
	30,414	KINGFISHER PLC		60,107		124,898
	15,511	LAND SECURITIES GROUP PLC		113,585		162,991
	424,802	LEGAL & GENERAL GROUP PLC		491,661		640,770
	1,600,060	LLOYDS BANKING GROUP PLC (b)		1,352,294		1,638,953
	136,000	LOGICACMG PLC (b)		271,521		277,763
	3,727	LONDON STOCK EXCHANGE GROUP		38,197		48,693
	3,321	LONMIN PLC (b)		69,014		101,793
	33,399	MAN GROUP PLC		106,502		154,131
	25,083	MARKS & SPENCER GROUP PLC		101,882		144,301
	19,659	MEGGITT PLC		45,921		113,404
	15,000	MILLENNIUM & COPTHORNE HOTEL		101,388		138,094
	30,000	MONDI PLC		68,373		240,174
	63,965	NATIONAL GRID PLC		475,389		551,483
	2,148	NEXT PLC		36,823		66,140
	6,000	NORTHUMBRIAN WATER GROUP PLC		33,655		30,963
	211,185	OLD MUTUAL PLC		251,201		405,309
	38,984	PEARSON PLC		553,963		612,649

See accompanying notes to financial statements. 60 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Britain (Cont’d):
	20,700	PENNON GROUP PLC	$	182,327		206,545
	5,085	PETROFAC LTD		95,413		125,815
	46,210	PRUDENTIAL PLC		267,423		481,257
	602,560	QINETIQ GROUP PLC		1,166,904		1,221,261
	10,671	RECKITT BENCKISER GROUP PLC		434,025		586,448
	184,575	REED ELSEVIER PLC		1,441,371		1,558,247
	68,541	REXAM PLC		319,882		355,523
	25,868	RIO TINTO PLC		842,466		1,809,404
	27,303	ROLLS-ROYCE GROUP PLC (b)		108,772		265,194
	248,250	ROYAL BANK OF SCOTLAND GROUP (b)		114,766		151,216
	40,053	RSA INSURANCE GROUP PLC		76,424		78,182
	21,731	SAGE GROUP PLC/THE		74,327		92,628
	29,306	SAINSBURY (J) PLC		141,007		171,932
	122,249	SAVILLS PLC		591,275		736,076
	3,966	SCHRODERS PLC		45,826		114,700
	17,487	SCOTTISH & SOUTHERN ENERGY		292,525		333,977
	10,277	SEGRO PLC		36,889		45,889
	7,999	SERCO GROUP PLC		42,799		69,276
	4,954	SEVERN TRENT PLC		76,220		114,155
	52,148	SIGNET JEWELERS LTD (b)		1,023,171		2,263,223
	14,044	SMITH & NEPHEW PLC		98,628		148,123
	5,313	SMITHS GROUP PLC		80,666		103,127
	16,562	SOUTH AFRICAN BREWERIES (b)		295,625		582,657
	35,540	STANDARD CHARTERED PLC		550,423		956,087
	145,857	STANDARD LIFE PLC		399,382		491,186
	1,041	TATE & LYLE PLC		5,037		8,407
	137,122	TESCO PLC		702,562		908,576
	58,647	THOMAS COOK GROUP PLC		199,514		173,452
	13,300	TRAVIS PERKINS PLC		127,864		219,383
	9,072	TUI TRAVEL PLC		30,186		34,822
	16,151	TULLOW OIL PLC		238,242		317,526
	38,065	UNILEVER PLC		875,570		1,164,960
	37,297	UNILEVER PLC-SPONSORED ADR (c)		905,720		1,151,731
	8,787	UNITED UTILITIES GROUP PLC		62,187		81,101
	2,343	VEDANTA RESOURCES PLC		35,450		91,943
	928,295	VODAFONE GROUP PLC		1,671,709		2,399,581
	18,500	VODAFONE GROUP PLC-SP ADR (c)		460,348		488,955
	13,800	WEIR GROUP PLC/THE		191,219		382,969
	15,094	WHITBREAD PLC		333,324		421,233
	39,500	WILLIAM HILL PLC		105,002		105,122
	42,339	WM MORRISON SUPERMARKETS		156,009		176,641
				43,682,501		59,606,707		17.20	%
Canada:
	6,300	ADVANTAGE OIL & GAS LTD (b)		43,266		42,830
	3,442	AGNICO-EAGLE MINES LTD		198,299		264,001
	11,232	AGRIUM INC		479,092		1,030,996
	6,700	ALIMENTATION COUCHE-TARD -B		165,741		182,334
	2,700	ATCO LTD -CLASS I		84,929		160,614
	11,468	BANK OF MONTREAL		388,026		660,213
	19,897	BANK OF NOVA SCOTIA		575,222		1,138,108
	18,008	BARRICK GOLD CORP		602,311		957,665
	7,800	BCE INC		164,418		276,588
	8,660	BOMBARDIER INC-B		44,066		43,634
	11,627	BROOKFIELD ASSET MANAGE-CL A		172,468		387,063
	25,840	CAE INC		218,066		298,577
	1,700	CALFRAC WELL SERVICES LTD		41,139		58,539
	11,679	CAMECO CORP		234,805		472,046
	7,499	CAN IMPERIAL BK OF COMMERCE		334,499		587,922
	9,614	CANADIAN NATL RAILWAY CO		389,611		639,043
	22,671	CANADIAN NATURAL RESOURCES		540,039		1,007,046
	4,842	CANADIAN PACIFIC RAILWAY LTD		155,812		313,988
	3,260	CANADIAN TIRE CORP-CLASS A		163,013		223,564
	2,500	CANADIAN UTILITIES LTD-A		126,015		136,774
	15,213	CENOVUS ENERGY INC		314,780		505,680
	4,200	CGI GROUP INC - CLASS A (b)		66,100		72,651
	10,919	CGI GROUP INC - CLASS A (NEW YORK EXCHANGE) (b)		90,696		188,462
	3,261	CRESCENT POINT ENERGY CORP		91,062		145,066

See accompanying notes to financial statements. 61 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Canada (Cont’d):
	4,600	DAYLIGHT ENERGY LTD	$	45,685		47,788
	1,300	DOREL INDUSTRIES-CL B		42,946		45,105
	1,700	DUNDEE CORP -CL A (b)		29,862		34,963
	11,658	ELDORADO GOLD CORP		147,527		216,489
	7,936	ENBRIDGE INC		263,158		447,590
	16,793	ENCANA CORP		404,507		489,012
	6,047	ENERPLUS RESOURCES FUND (b)		113,667		186,489
	949	FAIRFAX FINANCIAL HLDGS LTD		324,299		389,727
	7,400	FINNING INTERNATIONAL INC		183,675		201,607
	1,400	FIRST QUANTUM MINERALS LTD		126,385		152,060
	3,052	GILDAN ACTIVEWEAR INC (b)		33,435		86,951
	14,001	GOLDCORP INC		447,524		643,766
	1,200	HOME CAPITAL GROUP INC		50,741		62,502
	8,203	IAMGOLD CORP		91,103		146,013
	7,165	IMPERIAL OIL LTD		255,881		290,326
	600	INMET MINING CORPORATION		27,545		46,620
	3,879	IVANHOE MINES LTD (b)		22,068		88,907
	20,211	KINROSS GOLD CORP		341,556		383,201
	2,100	LINAMAR CORP		38,757		42,978
	13,500	LUNDIN MINING CORP (b)		78,502		98,568
	100	MACDONALD DETTWILER & ASSOC (b)		4,346		5,086
	11,938	MAGNA INTERNATIONAL INC		223,849		621,885
	34,136	MANULIFE FINANCIAL CORP		456,763		586,456
	3,469	METHANEX CORP		31,828		105,458
	2,610	NATIONAL BANK OF CANADA		88,730		179,855
	23,914	NEXEN INC		479,052		548,014
	11,800	NORTHGATE MINERALS CORP (b)		39,374		37,738
	2,700	NUVISTA ENERGY LTD		32,415		25,117
	1,560	OPEN TEXT CORP (b)		48,602		71,854
	1,300	PACE OIL AND GAS LTD (b)		5,385		10,686
	2,253	PAN AMERICAN SILVER CORP		41,183		92,846
	10,621	PENN WEST ENERGY TRUST		114,717		254,054
	1,300	PETROBANK ENERGY & RESOURCES (b)		27,920		33,012
	5,262	POTASH CORP OF SASKATCHEWAN		456,856		814,715
	10,641	PROVIDENT ENERGY TRUST-UTS (b)		33,300		84,596
	3,200	QUADRA FNX MINING LTD (b)		46,304		53,905
	700	QUEBECOR INC -CL B		9,236		26,484
	8,496	RESEARCH IN MOTION (b)		390,098		493,872
	2,101	RITCHIE BROS AUCTIONEERS		37,504		48,428
	10,965	ROGERS COMMUNICATIONS INC-B		267,397		379,718
	26,310	ROYAL BANK OF CANADA		887,281		1,377,592
	1,600	SAPUTO INC		43,054		63,688
	10,061	SHAW COMMUNICATIONS INC-B		160,660		215,141
	4,700	SHERRITT INTERNATIONAL CORP		35,088		40,036
	600	SHOPPERS DRUG MART CORP		22,437		23,853
	2,500	SILVER WHEATON CORP (b)		57,728		98,005
	6,863	SILVER WHEATON CORP (NEW YORK EXCHANGE) (b)		71,004		267,931
	500	SNC-LAVALIN GROUP INC		19,219		30,055
	11,589	SUN LIFE FINANCIAL INC		229,193		348,829
	27,764	SUNCOR ENERGY INC		661,747		1,063,084
	22,619	TALISMAN ENERGY INC		278,651		501,916
	12,027	TECK RESOURCES LTD-CLS B		104,689		743,629
	4,274	TELUS CORPORATION -NON VOTE		113,886		186,175
	33,400	THOMPSON CREEK METALS CO INC (b)		404,611		491,648
	5,889	TIM HORTONS INC		188,354		242,949
	2,900	TOROMONT INDUSTRIES LTD		77,974		89,712
	16,563	TORONTO-DOMINION BANK		671,143		1,230,797
	5,081	TRANSALTA CORP		79,391		107,768
	14,285	TRANSCANADA CORP		389,230		543,401
	7,800	TRICAN WELL SERVICE LTD		123,904		157,986
	10,769	VALEANT PHARMACEUTICALS INTE		252,275		305,138
	2,256	VERMILION ENERGY INC		83,841		104,866
	1,100	WEST FRASER TIMBER CO LTD		25,324		51,817
	1,600	WESTON (GEORGE) LTD		121,006		135,487
	36,331	YAMANA GOLD INC		353,699		465,929
				17,042,546		27,255,277		7.87	%

See accompanying notes to financial statements. 62 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
China:
	77,000	AAC ACOUSTIC TECHNOLOGIES	$	203,584		205,569
	20,400	FOCUS MEDIA HOLDING-ADR (b)(c)		359,449		447,372
	118,000	FOSUN INTERNATIONAL		87,459		86,690
	369,930	IND & COMM BK OF CHINA - H		292,088		275,579
	20,000	XINGDA INT’L HOLDINGS		10,194		21,615
				952,774		1,036,825		0.30	%
Columbia:
	799	PETROMINERALES LTD (b)		22,707		26,646
				22,707		26,646		0.01	%
Cyprus:
	9,794	BANK OF CYPRUS PUBLIC CO LTD		42,468		33,766
				42,468		33,766		0.01	%
Denmark:
	10	A P MOLLER - MAERSK A/S - A		46,408		88,095
	20	A P MOLLER - MAERSK A/S - B		112,871		181,102
	10,539	CARLSBERG AS-B		745,020		1,055,208
	500	COLOPLAST-B		46,110		67,945
	9,800	DANSKE BANK A/S (b)		125,891		251,234
	4,000	DSV A/S		31,768		88,418
	200	FLSMIDTH & CO-B SHS		6,013		19,075
	7,951	H LUNDBECK A/S		147,209		151,093
	200	JYSKE BANK-REG (b)		4,423		9,286
	9,900	NOVO NORDISK A/S-B		554,060		1,116,353
	500	NOVOZYMES A/S-B SHARES		39,158		69,648
	325	TOPDANMARK A/S (b)		33,362		42,970
	900	TRYG A/S		49,560		41,547
				1,941,853		3,181,974		0.92	%
Finland:
	1,805	ELISA OYJ		21,851		39,243
	7,306	FORTUM OYJ (b)		150,746		219,956
	7,285	KEMIRA OYJ		103,325		113,897
	1,396	KESKO OYJ-B SHS		30,705		65,160
	8,664	KONE OYJ-B		358,012		481,623
	11,779	METSO OYJ		264,384		657,931
	1,251	NESTE OIL OYJ		14,206		19,977
	45,358	NOKIA OYJ (b)		466,406		469,127
	2,240	NOKIAN RENKAAT OYJ		31,307		82,165
	2,272	OUTOKUMPU OYJ		32,298		42,140
	10,565	POHJOLA BANK PLC		85,425		126,636
	1,988	RAUTARUUKKI OYJ		39,419		46,516
	5,573	SAMPO OYJ-A SHS		77,600		149,314
	559	SANOMA OYJ		6,931		12,116
	19,829	STORA ENSO OYJ-R SHS		105,318		203,629
	38,934	UPM-KYMMENE OYJ		401,499		687,791
	3,876	WARTSILA OYJ		196,080		295,744
				2,385,512		3,712,965		1.07	%
France:
	1,275	ACCOR SA		29,826		56,735
	551	ADP		28,858		43,493
	4,557	AIR FRANCE-KLM (b)		56,714		82,999
	4,624	AIR LIQUIDE SA		383,798		584,774
	38,015	ALCATEL-LUCENT (b)		63,037		110,741
	2,325	ALSTOM		125,921		111,256
	4,400	ARKEMA		124,681		316,735
	608	ATOS ORIGIN SA (b)		15,429		32,368
	30,926	AXA SA		438,278		514,504
	819	BIOMERIEUX		79,843		80,789
	22,110	BNP PARIBAS		1,172,670		1,406,639
	3,837	BOUYGUES SA		142,415		165,381
	735	BUREAU VERITAS SA		29,322		55,708
	1,862	CAP GEMINI		62,328		86,911
	9,700	CARREFOUR SA		357,241		399,874
	4,738	CASINO GUICHARD PERRACHON		405,237		461,866
	648	CHRISTIAN DIOR		36,000		92,565
	9,789	CNP ASSURANCES		166,866		176,656
	6,264	COMPAGNIE DE SAINT-GOBAIN		203,267		322,261
	19,360	CREDIT AGRICOLE SA		241,398		245,871

See accompanying notes to financial statements. 63 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
France (Cont’d):
	9,764	DANONE	$	490,226		613,488
	812	DASSAULT SYSTEMES SA		31,122		61,219
	3,633	EDENRED (b)		65,572		86,001
	4,099	EDF		160,627		168,129
	614	EIFFAGE (b)		30,643		27,080
	193	ERAMET		51,818		66,152
	3,462	ESSILOR INTERNATIONAL		134,447		222,866
	510	EURAZEO		9,917		37,816
	3,941	EUTELSAT COMMUNICATIONS		92,604		144,243
	29,665	FRANCE TELECOM SA		681,844		618,195
	20,995	GDF SUEZ		732,731		753,279
	1,364	GECINA SA (b)		142,556		150,025
	6,331	GROUPE EUROTUNNEL SA - REGR		49,553		55,667
	648	HERMES INTERNATIONAL		64,252		135,731
	304	ILIAD SA		29,549		33,067
	2,335	KLEPIERRE		57,367		84,230
	3,031	LAFARGE SA		151,025		190,038
	1,212	LAGARDERE S.C.A.		30,640		49,931
	3,772	LEGRAND SA		68,920		153,607
	3,974	L’OREAL		310,044		441,184
	5,619	LVMH MOET HENNESSY LOUIS VUI		573,423		924,300
	2,472	M6-METROPOLE TELEVISION		58,547		59,789
	2,031	MICHELIN (CGDE)-B		78,557		145,740
	24,670	NATIXIS (b)		41,439		115,381
	991	NEOPOST SA		83,847		86,341
	2,898	PERNOD-RICARD SA		177,566		272,471
	13,344	PEUGEOT SA (b)		387,525		506,586
	1,531	PPR		112,344		243,455
	33,053	PUBLICIS GROUPE		1,032,702		1,722,548
	3,682	RENAULT SA (b)		98,990		214,027
	4,202	SAFRAN SA		40,399		148,798
	22,527	SANOFI-AVENTIS		1,307,314		1,440,393
	4,171	SCHNEIDER ELECTRIC SA		355,993		624,244
	1,813	SCOR SE		36,441		46,031
	18,085	SOCIETE GENERALE		998,189		971,978
	21,253	SODEXO		1,125,358		1,464,580
	3,762	SUEZ ENVIRONNEMENT CO		55,709		77,668
	2,589	TECHNIP SA		116,011		239,059
	39,846	TELEVISION FRANCAISE (T.F.1)		417,486		692,188
	2,172	THALES SA		86,735		75,999
	75,214	TOTAL SA		4,011,520		3,985,086
	1,568	UNIBAIL-RODAMCO SE		183,033		310,101
	6,400	VALEO SA (b)		172,988		363,167
	2,024	VALLOUREC		112,949		212,583
	5,373	VEOLIA ENVIRONNEMENT		121,010		157,022
	8,329	VINCI SA		346,780		452,762
	19,603	VIVENDI		505,588		529,139
	3,595	ZODIAC AEROSPACE		196,748		269,980
				20,383,777		25,791,490		7.45	%
Germany:
	462	AAREAL BANK AG (b)		11,027		14,076
	2,785	ADIDAS AG (b)		94,549		181,945
	8,135	ALLIANZ SE-REG		732,172		966,722
	24,933	BASF SE (b)		1,215,619		1,989,045
	14,206	BAYER AG-REG		752,479		1,049,767
	14,464	BAYERISCHE MOTOREN WERKE AG		786,641		1,137,446
	1,012	BEIERSDORF AG		47,436		56,155
	4,000	BILFINGER BERGER SE		273,213		337,810
	6,246	CELESIO AG		195,305		155,243
	6,290	COMMERZBANK AG (b)		22,833		46,682
	916	CONTINENTAL AG (b)		47,943		72,389
	15,532	DAIMLER AG-REGISTERED SHARES (b)		498,387		1,052,902
	15,255	DEUTSCHE BANK AG-REGISTERED		692,276		797,049
	4,009	DEUTSCHE BOERSE AG		243,499		277,499
	22,261	DEUTSCHE LUFTHANSA-REG (b)		350,690		486,509
	13,453	DEUTSCHE POST AG-REG		152,569		228,307
	41,318	DEUTSCHE TELEKOM AG-REG		511,289		533,074

See accompanying notes to financial statements. 64 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Germany (Cont’d):
	28,508	E.ON AG	$	799,004		873,698
	3,418	FRESENIUS MEDICAL CARE AG &		133,793		197,448
	734	FRESENIUS SE		48,634		61,547
	2,738	GEA GROUP AG (b)		27,680		79,138
	1,851	HANNOVER RUECKVERSICHERU-REG		87,646		99,272
	20,211	HEIDELBERGCEMENT AG		1,025,256		1,266,650
	10,464	HENKEL AG & CO KGAA		419,473		539,945
	1,550	HOCHTIEF AG		59,506		131,606
	41,437	INFINEON TECHNOLOGIES AG (b)		306,215		385,550
	2,921	K+S AG		149,718		219,988
	3,044	LINDE AG		269,615		461,878
	1,901	MAN SE		119,821		226,058
	1,310	MERCK KGAA		110,683		104,769
	2,503	METRO AG		81,367		180,212
	4,000	MTU AERO ENGINES HOLDING AG		220,475		270,515
	3,476	MUENCHENER RUECKVER AG-REG		451,147		526,963
	8,093	RWE AG		564,143		539,534
	582	SALZGITTER AG		34,934		44,928
	17,103	SAP AG		683,559		870,749
	14,083	SIEMENS AG-REG		898,057		1,744,499
	4,100	SIEMENS AG-SPONS ADR		427,864		509,425
	2,068	SUEDZUCKER AG		43,410		55,061
	6,245	THYSSENKRUPP AG		125,145		258,571
	22,071	TUI AG (b)		245,701		309,676
	493	VOLKSWAGEN AG		49,099		69,765
	517	WACKER CHEMIE AG		55,413		90,226
				14,065,285		19,500,291		5.63	%
Greece:
	11,140	ALPHA BANK A.E. (b)		55,130		56,567
	3,147	COCA-COLA HELLENIC BOTTLING		40,208		81,414
	12,167	EFG EUROBANK ERGASIAS (b)		60,017		60,969
	16,096	NATIONAL BANK OF GREECE (b)		208,323		130,128
	4,045	OPAP SA		65,259		69,944
	8,795	PIRAEUS BANK S.A. (b)		44,788		42,897
	11,492	PUBLIC POWER CORP		189,989		164,929
				663,714		606,848		0.18	%
Guernsey:
	329,768	RAVEN RUSSIA LTD		274,940		321,332
	36,637	RESOLUTION LTD (b)		143,696		133,717
				418,636		455,049		0.13	%
Hong Kong:
	71,400	AIA GROUP LTD (b)		206,993		200,724
	59,100	BANK OF EAST ASIA		184,595		247,507
	20,000	BELLE INTERNATIONAL HOLDINGS		9,604		33,812
	207,600	BOC HONG KONG HOLDINGS LTD		377,750		706,483
	92,000	BRIGHTOIL PETROLEUM HOLDINGS		43,584		47,939
	97,000	CATHAY PACIFIC AIRWAYS		135,947		267,700
	24,000	CHEUNG KONG HOLDINGS LTD		234,661		370,236
	34,500	CLP HOLDINGS LTD		236,618		280,090
	174,000	CNOOC LTD		349,790		412,818
	42,000	DAH CHONG HONG		29,216		44,581
	12,800	DAH SING BANKING GROUP LTD		23,096		21,739
	11,600	DAH SING FINANCIAL		82,246		75,892
	23,862	ESPRIT HOLDINGS LTD		151,145		113,594
	33,000	FOXCONN INTERNATIONAL HLDGS (b)		22,488		23,055
	17,000	GREAT EAGLE HOLDINGS LTD		44,170		52,822
	106,500	GUOCO GROUP LTD		906,505		1,414,093
	17,000	HANG LUNG GROUP LTD		50,690		111,768
	40,000	HANG LUNG PROPERTIES LTD		110,431		187,074
	11,500	HANG SENG BANK LTD		124,740		189,094
	20,000	HENDERSON LAND DEVELOPMENT		96,864		136,381
	100,100	HONG KONG & CHINA GAS		149,918		235,944
	19,900	HONG KONG EXCHANGES & CLEAR		250,145		451,392
	10,500	HONGKONG & SHANGHAI HOTELS		9,511		17,995
	56,500	HONGKONG ELECTRIC HOLDINGS		333,731		356,199
	400	HOPEWELL HIGHWAY INFRASTRUCT		229		307
	4,000	HOPEWELL HOLDINGS LTD		10,853		12,557
	48,000	HOPSON DEVELOPMENT HOLDINGS (b)		75,765		51,629

See accompanying notes to financial statements. 65 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Hong Kong (Cont’d):
	42,000	HUTCHISON WHAMPOA LTD	$	253,519		432,303
	74,000	JOHNSON ELECTRIC HOLDINGS		40,277		52,936
	27,000	KERRY PROPERTIES LTD		90,767		140,691
	6,000	KINGBOARD CHEMICALS HOLDINGS		14,300		35,935
	54,000	LI & FUNG LTD		132,174		313,342
	127,500	LINK REIT		285,741		396,165
	16,500	MTR CORP		38,268		60,078
	143,000	NEW WORLD DEVELOPMENT		234,526		268,620
	4,000	NOBLE GROUP LTD		5,575		6,763
	43,500	NWS HOLDINGS LTD		52,824		66,042
	16,000	ORIENT OVERSEAS INTL LTD		118,890		155,217
	30,000	SANDS CHINA LTD (b)		50,128		65,926
	22,000	SHANGRI-LA ASIA LTD		29,709		59,725
	24,000	SINO LAND CO		28,396		44,898
	2,900	SINO-FOREST CORP (b)		50,418		67,925
	23,000	SUN HUNG KAI PROPERTIES		222,078		382,035
	19,000	SWIRE PACIFIC LTD-A		143,178		312,416
	3,000	TELEVISION BROADCASTS LTD		9,222		16,211
	37,000	WHARF HOLDINGS LTD		94,826		284,676
	78,000	WHEELOCK & CO LTD		215,231		315,620
	59,000	YUE YUEN INDUSTRIAL HLDG		143,841		212,169
				6,505,173		9,753,118		2.82	%
Ireland:
	29,561	ACCENTURE PLC-CL A		1,108,546		1,433,413
	42,294	COVIDIEN PLC		1,574,285		1,931,144
	10,635	CRH PLC		228,294		221,953
	8,000	DCC PLC		190,798		252,289
	5,458	ELAN CORP PLC (b)		31,760		28,809
	666	ELAN CORP PLC (LONDON EXCHANGE) (b)		5,141		3,693
	248,114	EXPERIAN PLC		1,913,477		3,086,875
	3,196	ICON PLC - SPONSORED ADR (b)(c)		69,787		69,992
	1,776	KERRY GROUP PLC-A		35,054		59,141
	11,192	SHIRE PLC		130,296		269,239
	2,000	SMURFIT KAPPA GROUP PLC (b)		17,837		19,510
	2,333	UNITED BUSINESS MEDIA LTD		13,794		25,097
	23,432	WPP PLC		141,019		288,421
				5,460,088		7,689,576		2.22	%
Israel:
	13,486	BANK HAPOALIM BM (b)		51,982		70,195
	11,685	BANK LEUMI LE-ISRAEL		51,733		59,833
	36,809	BEZEQ ISRAELI TELECOM CORP		89,512		112,237
	384	DELEK GROUP LTD		108,528		98,908
	8,857	ISRAEL CHEMICALS LTD		105,188		151,831
	64	ISRAEL CORP LIMITED/THE (b)		50,868		77,644
	66,665	ISRAEL DISCOUNT BANK-A (b)		133,568		152,079
	1,600	KOOR INDUSTRIES LTD		40,363		39,002
	14,564	MAKHTESHIM-AGAN INDUSTRIES (b)		52,915		74,657
	15,796	MIZRAHI TEFAHOT BANK LTD		153,857		173,607
	11,803	TEVA PHARMACEUTICAL-SP ADR (c)		674,494		615,290
				1,513,008		1,625,283		0.47	%
Italy:
	41,159	A2A SPA		67,304		56,595
	2,890	ACEA SPA (b)		31,698		33,212
	19,503	ASSICURAZIONI GENERALI		310,560		370,332
	4,618	ATLANTIA SPA		77,005		94,230
	12,162	AUTOGRILL SPA (b)		72,812		171,781
	2,752	BANCA CARIGE SPA		7,205		5,766
	10,061	BANCA POPOLARE DI MILANO		43,243		35,224
	16,537	BANCO POPOLARE SCARL		73,635		74,912
	2,003	BENETTON GROUP SPA		14,818		13,175
	2,148	BULGARI SPA		9,445		23,207
	707	DANIELI & CO (b)		18,567		22,627
	118,832	ENEL SPA (b)		533,144		593,883
	34,744	ENI SPA		661,873		758,626
	2,842	EXOR SPA		48,366		93,727
	23,667	FIAT SPA		293,240		487,983

See accompanying notes to financial statements. 66 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Italy (Cont’d):
	3,656	FINMECCANICA SPA	$	44,203		41,551
	642	FONDIARIA-SAI SPA (b)		7,308		5,375
	101,826	INTESA SANPAOLO (b)		265,964		276,217
	18,247	INTESA SANPAOLO-RNC		48,163		43,475
	6,000	ITALCEMENTI SPA		79,057		50,712
	1,095	LUXOTTICA GROUP SPA		14,342		33,361
	58,238	MEDIASET SPA		394,018		352,339
	7,202	MEDIOBANCA SPA		50,231		64,095
	34,777	MEDIOLANUM SPA		120,164		143,714
	20,039	PARMALAT SPA		36,886		54,894
	2,966	PRYSMIAN SPA		29,515		50,533
	3,842	SAIPEM SPA		66,811		189,135
	48,516	SNAM RETE GAS		216,794		241,170
	158,727	TELECOM ITALIA SPA		212,786		205,104
	22,370	TERNA SPA		71,955		94,460
	5,082	UBI BANCA SCPA		44,449		44,481
	251,615	UNICREDIT SPA		406,327		520,479
				4,371,888		5,246,375		1.51	%
Japan:
	2,000	77 BANK LTD/THE		10,160		10,617
	5,200	ADVANTEST CORP		86,387		117,649
	46,100	AEON CO LTD		344,949		576,862
	4,800	AEON CREDIT SERVICE CO LTD		49,903		67,867
	1,100	AEON MALL CO LTD		23,091		29,534
	2,300	AISIN SEIKI CO LTD		37,584		81,384
	50,000	AJINOMOTO CO INC		387,741		520,976
	2,900	ALFRESA HOLDINGS CORP		138,845		128,760
	95,000	ALL NIPPON AIRWAYS CO LTD (b)		304,805		354,522
	2,000	AMADA CO LTD		10,582		16,282
	20,300	ASAHI BREWERIES LTD		342,455		393,280
	15,000	ASAHI GLASS CO LTD		80,697		175,321
	22,000	ASAHI KASEI CORP		99,438		143,607
	7,600	ASTELLAS PHARMA INC		243,758		289,702
	11,000	BANK OF KYOTO LTD/THE		98,298		104,318
	23,000	BANK OF YOKOHAMA LTD/THE		96,740		119,258
	1,300	BENESSE HOLDINGS INC		48,395		59,881
	13,800	BRIDGESTONE CORP		205,726		266,673
	5,700	BROTHER INDUSTRIES LTD		42,142		84,524
	35,000	CANON INC		1,202,051		1,814,795
	1,100	CANON MARKETING JAPAN INC		15,818		15,661
	3,800	CASIO COMPUTER CO LTD		28,796		30,655
	29	CENTRAL JAPAN RAILWAY CO		162,730		242,876
	15,000	CHIBA BANK LTD/THE (b)		81,968		97,544
	13,800	CHUBU ELECTRIC POWER CO INC		306,766		339,248
	1,900	CHUGAI PHARMACEUTICAL CO LTD		30,706		34,867
	3,200	CHUGOKU ELECTRIC POWER CO		69,825		65,030
	36,000	CHUO MITSUI TRUST HOLDINGS		125,658		149,420
	7,900	CITIZEN HOLDINGS CO LTD		31,581		54,487
	2,000	COCA-COLA WEST CO LTD		30,433		36,234
	73,000	COSMO OIL COMPANY LTD		182,679		239,156
	66,119	CREDIT SAISON CO LTD		787,612		1,087,139
	25,000	DAI NIPPON PRINTING CO LTD		234,314		340,543
	23,000	DAIHATSU MOTOR CO LTD		270,880		352,958
	125	DAI-ICHI LIFE INSURANCE (b)		157,718		203,064
	13,100	DAIICHI SANKYO CO LTD		225,226		286,706
	4,300	DAIKIN INDUSTRIES LTD		117,015		152,524
	1,200	DAITO TRUST CONSTRUCT CO LTD		42,344		82,174
	6,000	DAIWA HOUSE INDUSTRY CO LTD		45,826		73,750
	186,300	DAIWA SECURITIES GROUP INC		1,120,308		959,106
	1,600	DENA CO LTD		49,492		57,384
	4,000	DENKI KAGAKU KOGYO K K		7,188		19,016
	8,200	DENSO CORP		185,234		282,982
	2,900	DENTSU INC		48,680		90,043
	13,000	DOWA HOLDINGS CO LTD		55,385		85,339
	6,200	EAST JAPAN RAILWAY CO		344,432		403,184
	3,800	EISAI CO LTD		120,732		137,597
	2,100	ELECTRIC POWER DEVELOPMENT C		62,041		65,876

See accompanying notes to financial statements. 67 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Japan (Cont’d):
	1,800	FAMILYMART CO LTD	$	52,590		67,838
	3,100	FANUC CORP		243,447		476,108
	700	FAST RETAILING CO LTD		76,899		111,474
	50,000	FUJI HEAVY INDUSTRIES LTD		206,605		387,961
	37,300	FUJIFILM HOLDINGS CORP		1,035,482		1,348,784
	22,000	FUJIKURA LTD		122,650		111,092
	31,000	FUJITSU LTD		124,538		215,719
	79,000	FUKUOKA FINANCIAL GROUP INC		308,478		343,462
	15,000	FURUKAWA ELECTRIC CO LTD		48,082		67,431
	5,000	GS YUASA CORP		36,696		34,609
	6,000	GUNMA BANK LTD/THE		31,571		32,958
	12,000	HACHIJUNI BANK LTD/THE		67,350		67,099
	3,220	HAKUHODO DY HOLDINGS INC		174,361		184,609
	15,000	HANKYU HOLDINGS CORP (b)		71,596		69,648
	500	HIROSE ELECTRIC CO LTD		48,402		56,347
	7,000	HIROSHIMA BANK LTD/THE		26,154		29,485
	600	HISAMITSU PHARMACEUTICAL CO		17,668		25,273
	3,000	HITACHI CHEMICAL CO LTD		54,135		62,111
	2,200	HITACHI CONSTRUCTION MACHINE (b)		48,655		52,728
	153,000	HITACHI LTD		463,298		815,937
	15,900	HOKKAIDO ELECTRIC POWER CO		332,832		325,074
	25,000	HOKUHOKU FINANCIAL GROUP INC		45,996		50,804
	5,000	HOKURIKU ELECTRIC POWER CO		118,737		122,854
	40,000	HONDA MOTOR CO LTD		1,114,704		1,583,866
	7,100	HOYA CORP		150,194		172,442
	1,600	IBIDEN CO LTD		37,951		50,487
	300	IDEMITSU KOSAN CO LTD		23,804		31,850
	24,000	IHI CORP		31,334		53,502
	26	INPEX CORP		126,100		152,265
	11,100	ISETAN MITSUKOSHI HOLDINGS L		111,994		129,054
	47,000	ISUZU MOTORS LTD		100,274		213,600
	28,000	ITOCHU CORP		163,531		283,470
	8,000	J FRONT RETAILING CO LTD		31,099		43,747
	6	JAPAN REAL ESTATE INVESTMENT		46,693		62,222
	8	JAPAN RETAIL FUND INVESTMENT		8,807		15,341
	5,000	JAPAN STEEL WORKS LTD		47,736		52,221
	77	JAPAN TOBACCO INC		200,326		284,979
	7,400	JFE HOLDINGS INC		181,345		257,744
	4,000	JGC CORP		53,048		87,051
	7,000	JOYO BANK LTD/THE		32,424		30,778
	5,100	JS GROUP CORP		59,682		112,246
	3,100	JSR CORP		39,530		57,843
	29,900	JTEKT CORP		274,921		352,788
	45	JUPITER TELECOMMUNICATIONS		27,159		47,331
	79,180	JX HOLDINGS INC		390,898		537,334
	7,000	KAJIMA CORP		15,004		18,622
	16,000	KAMIGUMI CO LTD		112,464		134,395
	38,000	KANEKA CORP		253,846		263,493
	11,900	KANSAI ELECTRIC POWER CO INC		258,103		293,712
	2,000	KANSAI PAINT CO LTD		10,449		19,361
	18,600	KAO CORP		435,196		501,231
	92,000	KAWASAKI HEAVY INDUSTRIES		220,820		309,334
	20,000	KAWASAKI KISEN KAISHA LTD		71,674		87,938
	50	KDDI CORP		240,697		288,815
	6,000	KEIKYU CORP		45,614		52,984
	3,000	KEIO CORP		15,740		20,470
	5,000	KEISEI ELECTRIC RAILWAY CO		23,110		33,377
	710	KEYENCE CORP		131,805		205,671
	6,000	KIKKOMAN CORP		52,867		67,247
	20,000	KINTETSU CORP		66,744		62,566
	15,000	KIRIN HOLDINGS CO LTD		169,540		210,423
	51,000	KOBE STEEL LTD		74,632		129,394
	15,100	KOMATSU LTD		187,238		456,940
	3,900	KONAMI CORP		61,913		82,905
	18,500	KONICA MINOLTA HOLDINGS INC		174,028		192,305
	21,000	KUBOTA CORP		129,773		198,895
	5,500	KURARAY CO LTD		46,234		78,848
	4,300	KURITA WATER INDUSTRIES LTD		96,931		135,471

See accompanying notes to financial statements. 68 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Japan (Cont’d):
	2,700	KYOCERA CORP	$	198,000		275,674
	3,000	KYOWA HAKKO KIRIN CO LTD		23,089		30,889
	4,300	KYUSHU ELECTRIC POWER CO INC		96,737		96,387
	4,300	LAWSON INC		186,552		212,633
	700	MABUCHI MOTOR CO LTD		36,674		36,080
	10,400	MAKITA CORP		298,565		425,254
	44,000	MARUBENI CORP		181,070		309,433
	6,500	MARUI GROUP CO LTD		32,287		52,997
	32,000	MAZDA MOTOR CORP		59,801		91,830
	22,700	MEDIPAL HOLDINGS CORP		268,711		250,222
	6,900	MEIJI HOLDINGS CO LTD		260,803		311,884
	7,540	MEITEC CORP (b)		124,966		161,305
	76,500	MITSUBISHI CHEMICAL HOLDINGS		336,902		519,147
	34,600	MITSUBISHI CORP		648,370		936,658
	32,000	MITSUBISHI ELECTRIC CORP		148,393		335,789
	18,000	MITSUBISHI ESTATE CO LTD		212,941		333,868
	17,000	MITSUBISHI GAS CHEMICAL CO		75,149		120,810
	57,000	MITSUBISHI HEAVY INDUSTRIES		185,317		214,117
	4,000	MITSUBISHI LOGISTICS CORP		45,017		53,305
	108,000	MITSUBISHI MATERIALS CORP (b)		293,296		344,509
	48,000	MITSUBISHI MOTORS CORP (b)		72,153		69,759
	5,000	MITSUBISHI TANABE PHARMA		54,031		84,428
	419,200	MITSUBISHI UFJ FINANCIAL GRO		2,059,726		2,266,539
	3,960	MITSUBISHI UFJ LEASE & FINAN		130,425		157,047
	71,000	MITSUI & CO LTD		824,847		1,172,640
	102,000	MITSUI CHEMICALS INC		317,085		365,570
	35,000	MITSUI ENGINEER & SHIPBUILD		83,842		92,680
	14,000	MITSUI FUDOSAN CO LTD		160,770		279,159
	3,000	MITSUI MINING & SMELTING CO		5,391		9,902
	17,000	MITSUI OSK LINES LTD		90,171		115,994
	314,000	MIZUHO FINANCIAL GROUP INC		567,650		591,696
	29,000	MIZUHO SECURITIES CO LTD		61,853		83,221
	10,280	MS&AD INSURANCE GROUP HOLDIN		242,067		257,653
	3,600	MURATA MANUFACTURING CO LTD		162,615		252,285
	23,500	NAMCO BANDAI HOLDINGS INC		240,157		252,384
	41,000	NEC CORP		114,733		123,211
	123,000	NEC CORP		342,135		369,634
	3,000	NGK INSULATORS LTD		44,485		48,957
	3,000	NGK SPARK PLUG CO LTD		28,359		46,038
	1,600	NIDEC CORP		75,128		161,786
	6,000	NIKON CORP		75,728		121,709
	11,500	NIKON CORP		209,644		233,275
	1,600	NINTENDO CO LTD		401,254		469,593
	11	NIPPON BUILDING FUND INC		90,970		112,854
	9,000	NIPPON ELECTRIC GLASS CO LTD		66,934		129,911
	17,000	NIPPON EXPRESS CO LTD		60,747		76,632
	72,000	NIPPON EXPRESS CO LTD		277,746		324,557
	6,000	NIPPON MEAT PACKERS INC		72,315		78,405
	3,100	NIPPON PAPER GROUP INC		78,898		81,324	��
	11,000	NIPPON SHEET GLASS CO LTD		30,764		29,670
	83,000	NIPPON STEEL CORP		239,272		298,496
	9,300	NIPPON TELEGRAPH & TELEPHONE		356,996		420,938
	29,000	NIPPON YUSEN		99,727		128,581
	45,000	NIPPON YUSEN		175,208		199,523
	17,000	NISHI-NIPPON CITY BANK LTD		40,901		51,716
	74,000	NISHI-NIPPON CITY BANK LTD		209,165		225,116
	55,000	NISSAN MOTOR CO LTD		480,250		523,624
	42,600	NISSAN MOTOR CO LTD		187,438		405,571
	2,500	NISSHIN SEIFUN GROUP INC		25,731		31,745
	3,000	NISSHINBO HOLDINGS INC		23,700		32,884
	1,300	NISSIN FOODS HOLDINGS CO LTD		47,622		46,592
	600	NITORI HOLDINGS CO LTD		33,819		52,467
	3,200	NITTO DENKO CORP		77,639		150,751
	35,200	NKSJ HOLDINGS INC (b)		219,922		259,251
	48,500	NOMURA HOLDINGS INC		262,863		307,628
	2,700	NOMURA RESEARCH INSTITUTE LT		43,930		60,123
	6,000	NSK LTD		24,006		54,241

See accompanying notes to financial statements. 69 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Japan (Cont’d):
	29,000	NTN CORP	$	116,432		153,940
	15	NTT DATA CORP		39,108		51,931
	284	NTT DOCOMO INC		404,857		495,989
	58	NTT URBAN DEVELOPMENT CORP		54,407		57,147
	12,000	OBAYASHI CORP		48,665		55,275
	8,000	ODAKYU ELECTRIC RAILWAY CO		62,234		74,488
	13,000	OJI PAPER CO LTD		49,994		62,924
	4,000	OLYMPUS CORP		61,766		121,093
	7,300	OMRON CORP		99,962		193,393
	1,400	ONO PHARMACEUTICAL CO LTD		60,256		65,350
	8,000	ONWARD HOLDINGS CO LTD		54,094		69,266
	800	ORIENTAL LAND CO LTD		50,479		74,094
	7,210	ORIX CORP		484,775		709,512
	86,000	OSAKA GAS CO LTD		307,684		333,646
	30,500	PANASONIC CORP		376,359		433,118
	153	RAKUTEN INC (b)		84,827		128,138
	30,000	RICOH CO LTD		378,821		439,689
	1,200	RINNAI CORP		52,047		73,306
	1,800	ROHM CO LTD		99,465		117,497
	15,900	SANKYO CO LTD		848,356		897,871
	2,600	SANTEN PHARMACEUTICAL CO LTD		85,886		90,303
	35,000	SAPPORO HOKUYO HOLDINGS INC		109,166		163,806
	10,000	SAPPORO HOLDINGS LTD		50,459		45,324
	433	SBI HOLDINGS INC		45,378		65,702
	3,400	SECOM CO LTD		133,812		161,010
	4,100	SEGA SAMMY HOLDINGS INC		38,822		78,017
	12,900	SEIKO EPSON CORP		193,547		235,141
	25,000	SEINO HOLDINGS CO LTD		196,920		171,811
	13,000	SEKISUI CHEMICAL CO LTD		66,177		93,345
	6,000	SEKISUI HOUSE LTD		44,394		60,670
	13,000	SEVEN & I HOLDINGS CO LTD		286,258		347,441
	4	SEVEN BANK LTD		9,649		8,469
	20,000	SHARP CORP		174,731		206,174
	4,200	SHIKOKU ELECTRIC POWER CO		116,898		123,527
	4,000	SHIMADZU CORP		25,419		31,086
	1,000	SHIMAMURA CO LTD		61,206		92,741
	1,500	SHIMANO INC		58,204		76,299
	2,000	SHIMIZU CORP		7,530		8,547
	6,600	SHIN-ETSU CHEMICAL CO LTD		318,188		357,663
	4,000	SHIONOGI & CO LTD		67,679		78,972
	3,000	SHISEIDO CO LTD		43,317		65,547
	8,000	SHIZUOKA BANK LTD/THE (b)		74,794		73,799
	21,000	SHOWA DENKO K K		33,824		47,331
	7,400	SHOWA SHELL SEKIYU KK		69,579		67,808
	600	SMC CORP		57,789		102,791
	14,200	SOFTBANK CORP		235,288		491,617
	21,900	SOJITZ CORP		34,134		48,011
	17,300	SONY CORP		411,992		623,658
	33	SONY FINANCIAL HOLDINGS INC		85,415		133,514
	2,700	STANLEY ELECTRIC CO LTD		30,745		50,446
	97,000	SUMITOMO CHEMICAL CO LTD		443,397		477,869
	21,300	SUMITOMO CORP		207,214		301,423
	13,100	SUMITOMO ELECTRIC INDUSTRIES		127,803		181,994
	12,000	SUMITOMO HEAVY INDUSTRIES		39,379		77,149
	62,000	SUMITOMO METAL INDUSTRIES		136,710		152,721
	18,000	SUMITOMO METAL MINING CO LTD		242,021		314,581
	23,000	SUMITOMO MITSUI FINANCIAL GR		728,366		819,226
	7,000	SUMITOMO REALTY & DEVELOPMNT		81,291		167,168
	23,000	SUMITOMO TRUST & BANKING CO		99,242		145,036
	1,000	SURUGA BANK LTD		8,247		9,311
	500	SUZUKEN CO LTD		12,835		15,272
	5,700	SUZUKI MOTOR CORP		102,733		140,405
	19,400	T&D HOLDINGS INC		440,678		492,205
	11,000	TAISEI CORP		19,821		25,741
	2,000	TAISHO PHARMACEUTICAL CO LTD		40,190		43,772
	2,000	TAIYO NIPPON SANSO CORP		11,493		17,661
	27,000	TAKASHIMAYA CO LTD		194,251		231,446

See accompanying notes to financial statements. 70 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Japan (Cont’d):
	3,400	TAKATA CORP	$	83,835		100,584
	13,400	TAKEDA PHARMACEUTICAL CO LTD		499,404		659,324
	1,500	TDK CORP		58,582		104,380
	83,000	TEIJIN LTD		212,360		354,719
	2,600	TERUMO CORP		95,419		146,341
	2,000	THK CO LTD		29,290		45,989
	19,000	TOBU RAILWAY CO LTD		97,844		106,708
	1,000	TOHO CO LTD		13,412		16,060
	6,800	TOHOKU ELECTRIC POWER CO INC		143,233		151,588
	11,600	TOKIO MARINE HOLDINGS INC		296,326		346,741
	14,400	TOKYO BROADCASTING SYSTEM		196,223		204,489
	24,700	TOKYO ELECTRIC POWER CO INC		607,774		603,250
	3,200	TOKYO ELECTRON LTD		128,746		202,577
	46,000	TOKYO GAS CO LTD		160,535		203,957
	14,000	TOKYO TATEMONO CO LTD		52,674		64,833
	14,000	TOKYU CORP		57,421		64,143
	20,000	TOKYU LAND CORP		69,576		100,500
	4,000	TONENGENERAL SEKIYU KK		37,796		43,747
	48,000	TOPPAN PRINTING CO LTD		383,614		438,654
	17,000	TORAY INDUSTRIES INC		70,413		101,547
	66,000	TOSHIBA CORP		197,553		359,289
	6,000	TOTO LTD		30,029		43,526
	15,900	TOYO SEIKAN KAISHA LTD		265,689		302,554
	1,000	TOYO SUISAN KAISHA LTD		23,262		22,255
	9,200	TOYOTA AUTO BODY CO LTD		172,671		171,777
	2,300	TOYOTA INDUSTRIES CORP		51,959		71,413
	46,900	TOYOTA MOTOR CORP		1,599,107		1,859,971
	19,700	TOYOTA TSUSHO CORP		264,953		346,960
	2,500	TREND MICRO INC (b)		74,501		82,549
	1,700	TSUMURA & CO		50,505		55,045
	8,000	UBE INDUSTRIES LTD		13,963		24,041
	2,100	UNICHARM CORP		42,706		83,541
	23,800	UNIHAIR CO LTD (b)		281,701		319,507
	1,000	USHIO INC		14,106		19,066
	130	USS CO LTD		5,696		10,631
	126	WEST JAPAN RAILWAY CO		427,214		470,985
	236	YAHOO JAPAN CORP		62,283		91,559
	2,500	YAKULT HONSHA CO LTD		42,793		72,019
	1,270	YAMADA DENKI CO LTD		52,100		86,654
	2,000	YAMAGUCHI FINANCIAL GROUP IN		18,216		20,248
	15,100	YAMAHA CORP		164,370		187,463
	11,300	YAMAHA MOTOR CO LTD (b)		134,328		184,126
	9,000	YAMATO HOLDINGS CO LTD		96,669		128,138
	12,000	YOKOGAWA ELECTRIC CORP		94,287		95,475
				49,315,381		63,267,029		18.25	%
Jersey:
	868	RANDGOLD RESOURCES LTD		57,706		71,385
				57,706		71,385		0.02	%
Luxembourg:
	15,315	ARCELORMITTAL		336,733		580,798
	1,600	MILLICOM INTL CELLULAR-SDR		87,461		153,676
	3,311	SES		62,443		78,821
	6,028	TENARIS SA		60,927		147,810
				547,564		961,105		0.28	%
Macau:
	30,000	WYNN MACAU LTD		50,423		67,161
				50,423		67,161		0.02	%
Mexico:
	13,800	DESARROLLADORA HOMEX-ADR (b)(c)		414,776		466,578
	7,700	FOMENTO ECONOMICO MEX-SP ADR (c)		236,240		430,584
	2,393	FRESNILLO PLC		48,607		62,231
	86,000	GENOMMA LAB INTERNACIONAL-B (b)		157,664		205,853
				857,287		1,165,246		0.34	%
Netherlands:
	27,148	AEGON NV (b)		127,577		166,004
	9,407	AKZO NOBEL		457,135		584,332
	5,963	ASML HOLDING NV		107,018		230,281

See accompanying notes to financial statements. 71 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Netherlands (Cont’d):
	28,133	BRIT INSURANCE HOLDINGS NV (b)	$	328,384		457,034
	1,079	CORIO NV		43,024		69,230
	5,200	CSM		148,650		181,985
	2,751	DELTA LLOYD NV		50,800		55,454
	6,423	EADS NV (b)		81,439		149,686
	1,198	FUGRO NV-CVA		57,119		98,453
	12,624	GEMALTO		426,701		537,198
	1,747	HEINEKEN HOLDING NV		53,733		75,929
	3,004	HEINEKEN NV		84,487		147,280
	70,094	ING GROEP NV-CVA (b)		469,277		681,880
	27,137	KONINKLIJKE AHOLD NV		326,725		358,128
	2,539	KONINKLIJKE DSM NV		86,313		144,550
	72,374	KONINKLIJKE KPN NV		1,004,855		1,056,090
	18,384	KONINKLIJKE PHILIPS ELECTRON		321,594		563,055
	3,200	NUTRECO NV		177,318		242,839
	2,977	QIAGEN N.V. (b)		47,317		58,199
	3,773	RANDSTAD HOLDING NV (b)		73,225		199,150
	11,940	REED ELSEVIER NV		133,131		147,697
	94,127	ROYAL DUTCH SHELL PLC-A SHS		2,363,341		3,128,860
	46,554	ROYAL DUTCH SHELL PLC-B SHS		1,089,498		1,535,085
	6,056	SBM OFFSHORE NV		85,999		135,670
	2,181	SNS REAAL (b)		6,124		9,297
	8,454	TNT NV		150,536		223,113
	28,402	UNILEVER NV-CVA		579,364		884,302
	6,193	WOLTERS KLUWER (b)		101,075		135,719
				8,981,759		12,256,500		3.54	%
New Zealand:
	7,267	CONTACT ENERGY LTD (b)		21,310		35,265
	14,246	FLETCHER BUILDING LTD		48,135		85,000
	25,416	TELECOM CORP OF NEW ZEALAND		36,442		42,960
				105,887		163,225		0.05	%
Norway:
	3,900	AKER SOLUTIONS ASA		51,913		66,336
	17,600	DNB NOR ASA		139,946		247,029
	3,600	FRED OLSEN ENERGY ASA (b)		100,130		159,051
	31,521	NORSK HYDRO ASA		131,018		230,178
	12,000	ORKLA ASA		80,407		116,605
	20,900	RENEWABLE ENERGY CORP ASA (b)		51,708		63,720
	29,448	STATOIL ASA		576,188		699,473
	10,900	TELENOR ASA		62,904		177,087
	4,000	YARA INTERNATIONAL ASA		109,527		231,359
				1,303,741		1,990,838		0.57	%
Papua New Guinea:
	1,700	OIL SEARCH LTD		11,427		12,235
				11,427		12,235		0.00	%
Portugal:
	14,486	BANCO ESPIRITO SANTO-REG		65,645		55,749
	3,480	BRISA-AUTO-ESTRADAS PORTUGAL		21,107		24,270
	8,464	CIMPOR-CIMENTOS DE PORTUGAL		39,214		57,343
	12,192	EDP-ENERGIAS DE PORTUGAL SA		41,221		40,583
	2,881	GALP ENERGIA SGPS SA-B SHRS		35,487		55,206
	6,408	JERONIMO MARTINS		30,015		97,616
	37,175	PORTUGAL TELECOM SGPS SA-REG		459,082		416,285
				691,771		747,052		0.22	%
Russia:
	62,800	ROSNEFT OJSC-REG S GDR (b)		424,989		449,648
	25,200	TMK-GDR REG S (b)		417,226		520,632
				842,215		970,280		0.28	%
Singapore:
	30,000	ASCENDAS REAL ESTATE INV TRT		49,252		48,388
	109,000	CAPITACOMMERCIAL TRUST		120,707		127,398
	49,500	CAPITALAND LTD		85,171		143,095
	36,000	CAPITAMALL TRUST (b)		34,178		54,699
	11,000	CITY DEVELOPMENTS LTD		70,839		107,654
	51,000	COSCO CORP SINGAPORE LTD		48,134		85,041
	106,500	DBS GROUP HOLDINGS LTD		846,917		1,188,335
	13,000	FORTUNE REIT		5,158		6,690

See accompanying notes to financial statements. 72 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Singapore (Cont’d):
	75,000	FRASER AND NEAVE LTD	$	214,133		374,598
	118,800	GENTING SINGAPORE PLC (b)		60,943		202,725
	9,000	HI-P INTERNATIONAL LTD (b)		6,828		7,153
	11,000	JARDINE CYCLE & CARRIAGE LTD		97,679		313,704
	196,200	KEPPEL CORP LTD		1,125,391		1,730,579
	4,000	K-GREEN TRUST (b)		1,432		3,319
	28,000	OLAM INTERNATIONAL LTD		32,014		68,507
	44,000	OVERSEA-CHINESE BANKING CORP		141,236		338,732
	93,000	SEMBCORP INDUSTRIES LTD		228,763		372,471
	22,000	SEMBCORP MARINE LTD		32,803		92,054
	14,000	SIA ENGINEERING CO LTD		20,258		46,144
	12,000	SINGAPORE AIRLINES LTD		70,334		143,060
	13,000	SINGAPORE EXCHANGE LTD		40,226		85,291
	25,000	SINGAPORE PRESS HOLDINGS LTD (b)		41,026		77,530
	23,000	SINGAPORE TECH ENGINEERING		52,809		61,291
	137,000	SINGAPORE TELECOM LTD		242,938		325,587
	50,000	STARHILL GLOBAL REIT		20,684		24,350
	99,000	SUNTEC REIT		98,210		115,710
	8,000	UNITED ENGINEERS LTD (b)		15,529		16,955
	25,000	UNITED OVERSEAS BANK LTD		160,579		354,534
	47,000	UOL GROUP LIMITED (b)		121,410		173,955
				4,085,581		6,689,549		1.93	%
South Korea:
	430	CJ CHEILJEDANG CORP (b)		91,936		82,219
	890	CJ CORP (b)		51,821		61,874
	1,360	DAELIM INDUSTRIAL CO LTD (b)		82,546		140,805
	2,360	DAISHIN SECURITIES CO. (b)		29,927		34,415
	2,690	DONGBU INSURANCE CO LTD (b)		83,391		106,661
	890	DOOSAN CORP (b)		99,096		120,768
	3,090	GS HOLDINGS (b)		112,129		177,520
	180	GS HOME SHOPPING INC (b)		11,109		17,335
	1,260	HALLA CLIMATE CONTROL (b)		24,557		22,205
	6,843	HANA FINANCIAL GROUP		170,292		261,082
	4,850	HANWHA CHEMICAL CORP (b)		61,676		132,479
	1,220	HYOSUNG CORPORATION (b)		119,364		113,948
	790	HYUNDAI MIPO DOCKYARD (b)		67,775		155,926
	150	HYUNDAI STEEL CO (b)		13,008		16,455
	9,730	INDUSTRIAL BANK OF KOREA (b)		119,744		160,752
	6,050	KANGWON LAND INC (b)		107,865		148,998
	2,190	KIA MOTORS CORPORATION (b)		57,502		97,642
	828	KOREA ZINC CO LTD (b)		90,286		201,729
	3,430	KT&G CORP (b)		189,118		195,542
	279	LOTTE CHILSUNG BEVERAGE CO (b)		180,038		236,003
	510	LOTTE SHOPPING CO (b)		104,433		212,556
	1,610	MIRAE ASSET SECURITIES CO LT		78,699		84,976
	1,020	NH INVESTMENT & SECURITIES		9,590		9,347
	100	NHN CORP (b)		13,537		20,002
	510	SAMSUNG C&T CORP (b)		31,067		35,456
	120	SAMSUNG FIRE & MARINE INS (b)		18,522		23,791
	7,850	SAMSUNG HEAVY INDUSTRIES (b)		181,434		284,977
	250	SAMYANG CORPORATION (b)		14,802		15,376
	20	SHINSEGAE CO LTD (b)		8,483		10,820
	310	SK ENERGY CO LTD (b)		38,846		52,991
	1,820	SK HOLDINGS CO LTD (b)		155,087		223,711
	5,810	SK NETWORKS CO LTD (b)		55,710		68,344
	500	WOONGJIN COWAY CO LTD (b)		16,420		17,755
				2,489,810		3,544,460		1.02	%
Spain:
	4,500	ABENGOA (b)		129,412		110,493
	4,082	ABERTIS INFRAESTRUCTURAS SA		61,599		73,393
	5,493	ACERINOX SA		66,922		96,340
	2,447	ACS ACTIVIDADES CONS Y SERV		105,135		114,691
	66,802	BANCO BILBAO VIZCAYA ARGENTA		585,775		674,850
	13,498	BANCO DE SABADELL SA		64,346		53,209
	51,061	BANCO POPULAR ESPANOL		343,582		262,009
	125,228	BANCO SANTANDER SA (b)		953,246		1,326,664
	173	CONSTRUCC Y AUX DE FERROCARR		78,797		90,158

See accompanying notes to financial statements. 73 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Spain (Cont’d):
	24,405	CRITERIA CAIXACORP SA		$98,086		129,860
	2,531	ENAGAS		38,143		50,444
	16,085	FERROVIAL SA		79,147		159,808
	3,797	FOMENTO DE CONSTRUC Y CONTRA		150,651		99,752
	2,805	GAMESA CORP TECNOLOGICA SA (b)		23,996		21,410
	21,362	GAS NATURAL SDG SA		318,614		327,988
	2,222	GRIFOLS SA		33,845		30,286
	13,908	IBERDROLA RENOVABLES SA		53,405		49,362
	65,599	IBERDROLA SA		462,139		505,613
	4,941	INDITEX		202,632		369,940
	16,420	MAPFRE SA		54,049		45,595
	2,111	RED ELECTRICA CORPORACION SA		88,270		99,295
	13,070	REPSOL YPF SA		249,017		364,148
	68,940	TELEFONICA SA		1,394,523		1,562,863
	1,030	ZARDOYA OTIS SA		15,577		14,507
				5,650,908		6,632,678		1.91	%
Sweden:
	4,550	ALFA LAVAL AB		35,782		95,860
	7,400	ASSA ABLOY AB-B		89,466		208,495
	9,200	ATLAS COPCO AB-A SHS		72,813		232,126
	19,000	ATLAS COPCO AB-B SHS		331,283		429,672
	1,910	AXFOOD AB (b)		64,408		71,421
	1,100	CDON GROUP (b)		2,942		5,086
	17,000	ELECTROLUX AB-SER B		320,805		482,766
	49,000	ERICSSON LM-B SHS		453,735		569,350
	3,200	GETINGE AB-B SHS		37,616		67,037
	15,150	HENNES & MAURITZ AB-B SHS		327,861		504,563
	3,700	HEXAGON AB-B SHS		56,830		79,327
	400	HOLMEN AB-B SHARES		8,156		13,167
	17,500	HUSQVARNA AB-B SHS		64,201		146,097
	11,800	INVESTOR AB-B SHS		161,782		252,463
	3,000	KINNEVIK INVESTMENT AB-B (b)		51,225		61,108
	22,800	MEDA AB-A SHS (b)		179,779		173,564
	1,100	MODERN TIMES GROUP-B SHS		50,174		72,779
	8,000	NCC AB-B SHS (b)		132,699		175,800
	50,800	NORDEA BANK AB (b)		331,033		552,500
	1,600	RATOS AB-B SHS		51,337		59,234
	13,973	SANDVIK AB		86,678		272,362
	7,800	SCANIA AB-B SHS		65,585		179,407
	30,200	SECURITAS AB-B SHS		334,777		353,151
	20,400	SKANDINAVISKA ENSKILDA BAN-A		71,603		170,156
	5,600	SKANSKA AB-B SHS		76,386		110,987
	13,800	SKF AB-B SHARES		141,836		393,124
	5,400	SSAB AB-A SHARES		48,129		90,725
	41,976	SVENSKA CELLULOSA AB-B SHS		412,152		662,796
	6,900	SVENSKA HANDELSBANKEN-A SHS		116,989		220,465
	18,300	SWEDBANK AB - A SHARES (b)		58,744		255,216
	6,600	SWEDISH MATCH AB		95,099		191,058
	3,900	TELE2 AB-B SHS		34,548		80,948
	36,500	TELIASONERA AB		199,153		289,251
	15,032	TRELLEBORG AB-B SHS		103,955		158,906
	5,800	VOLVO AB-A SHS (b)		29,472		99,170
	58,100	VOLVO AB-B SHS (b)		689,395		1,023,644
				5,388,428		8,803,781		2.54	%
Switzerland:								��
	41,343	ABB LTD-REG (b)		560,773		921,116
	17,000	ABB LTD-SPON ADR (b)(c)		269,654		381,650
	1,591	ACTELION LTD-REG (b)		73,405		87,129
	36,970	ADECCO SA-REG		1,734,763		2,422,026
	300	ALLREAL HOLDING AG-REG		41,087		43,704
	2,727	ARYZTA AG (b)		68,593		125,860
	2,289	BALOISE HOLDING AG - REG		185,242		222,798
	148	BKW FMB ENERGIE AG		11,039		11,192
	8,185	CIE FINANCIERE RICHEMON-BR A		130,638		481,509
	12,459	CLARIANT AG-REG (b)		179,875		252,398
	18,108	CREDIT SUISSE GROUP AG-REG		547,506		729,608
	3,082	EFG INTERNATIONAL AG		32,625		42,195

See accompanying notes to financial statements. 74 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2010

Shares			Security	Cost		Fair value (a)		Percent of net assets
Switzerland (Cont’d):
	120		FORBO HOLDING AG-REG	$	63,400		75,728
	7,257		GAM HOLDING AG (b)		78,489		119,925
	953		GEBERIT AG-REG		83,492		220,380
	476		GIVAUDAN-REG		276,626		513,714
	560		HELVETIA HOLDING AG-REG		180,864		215,333
	3,916		HOLCIM LTD-REG		168,212		295,923
	3,728		JULIUS BAER GROUP LTD		78,764		174,652
	967		KUEHNE & NAGEL INTL AG-REG		57,750		134,460
	55		LINDT & SPRUENGLI AG-PC		90,640		166,249
	3		LINDT & SPRUENGLI AG-REG		75,352		96,585
	6,301		LOGITECH INTERNATIONAL-REG (b)		70,452		119,964
	863		LONZA GROUP AG-REG		59,400		69,184
	91,645		NESTLE SA-REG		3,275,296		5,366,809
	2,629		NOBEL BIOCARE HOLDING AG-REG		45,806		49,575
	84,967		NOVARTIS AG-REG		3,516,081		4,993,916
	9,216		PANALPINA WELTTRANSPORT -REG (b)		638,290		1,187,826
	19,480		PARGESA HOLDING SA-BR		1,361,824		1,654,370
	1,450		PARGESA HOLDING SA-BR		94,567		123,144
	12,394		ROCHE HOLDING AG-GENUSSCHEIN		1,602,744		1,816,165
	4,279		SCHINDLER HOLDING AG-REG		355,774		512,148
	755		SCHINDLER HOLDING-PART CERT		34,888		89,315
	121		SGS SA-REG		130,564		203,063
	27		SIKA AG-BR		52,359		59,231
	648		SONOVA HOLDING AG-REG		35,616		83,658
	65,678		STMICROELECTRONICS NV		438,245		679,205
	257		STRAUMANN HOLDING AG-REG		41,380		58,826
	1,872		SULZER AG-REG		96,613		285,328
	475		SWATCH GROUP AG/THE-BR		59,791		211,760
	2,391		SWATCH GROUP AG/THE-REG		61,462		192,830
	3,454		SWISS LIFE HOLDING AG-REG (b)		283,601		499,485
	9,001		SWISS REINSURANCE CO LTD-REG		262,435		484,264
	451		SWISSCOM AG-REG		152,347		198,311
	1,734		SYNGENTA AG-REG		377,174		507,259
	1,901		TAMEDIA AG-REG (b)		113,489		252,335
	4,746		TRANSOCEAN LTD (b)		325,038		325,140
	59,520		TYCO ELECTRONICS LTD		1,190,727		2,107,008
	19,300		UBS AG-REG (b)		318,432		316,876
	400		UNIQUE ZURICH AIRPORT-REG (b)		144,877		163,436
	36,346		XSTRATA PLC		298,411		853,105
	3,853		ZURICH FINANCIAL SERVICES AG		705,997		998,151
	4,513		WOLSELEY PLC (b)		70,476		143,958
					21,202,945		32,339,779		9.34	%
Taiwan:
	33,600		HON HAI PRECISION-GDR REG S (c)		258,773		271,152
					258,773		271,152		0.08	%
Turkey:
	36,900		TURKCELL ILETISIM HIZMET-ADR (c)		556,561		632,097
	46,757		TURKIYE IS BANKASI-C		139,566		166,552
					696,127		798,649		0.23	%
United States:
	19,703		ARCH CAPITAL GROUP LTD (b)		1,157,280		1,734,849
	5,526		BROOKFIELD PROPERTIES CORP		32,353		96,871
	13,600		CENTRAL EURO DISTRIBUTION CP (b)		387,094		311,439
	3,384		KRAFT FOODS INC-CLASS A		10,684		106,630
	1,159		SYNTHES INC (b)		141,367		156,570
	7,405		THOMSON REUTERS CORP		187,233		276,287
					1,916,011		2,682,646		0.77	%
		Sub-total Common Stock:			241,739,411		335,562,959
Preferred Stocks:
	Austria:
	1,003		VIENNA INSURANCE GROUP AG		49,974		52,130
					49,974		52,130		0.02	%
	Brazil:
	15,200		PETROLEO BRASILEIRO-SPON ADR (c)		481,349		519,384
	29,300		VALE SA-SP PREF ADR (c)		636,136		885,446
					1,117,485		1,404,830		0.40	%

See accompanying notes to financial statements. 75 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2010

Shares		Security	Cost		Fair value (a)		Percent of net assets
Germany:
	1,521	BAYERISCHE MOTOREN WERKE-PFD	$	49,611		78,250
	1,114	FRESENIUS SE-PREF		51,175		95,375
	2,360	HENKEL AG & CO KGAA VORZUG		60,940		146,754
	1,443	PORSCHE AUTOMOBIL HLDG-PFD		70,934		115,039
	861	RWE AG-NON VTG PFD		54,598		55,214
	3,087	VOLKSWAGEN AG-PFD		235,465		500,785
				522,723		991,417		0.29	%
		Sub-total Preferred Stock:		1,690,182		2,448,377
	Corporate Bonds:
	United Kingdom:
	163,772	HSBC BANK PLC
		0.00%, 9/25/11		751,620		819,483
		Sub-total Corporate Bonds:		751,620		819,483		0.24	%
	Rights:							��
	3,879	IVANHOE MINES LTD-RT-W/I		1,342		5,431
		Sub-total Rights:		1,342		5,431		0.00	%
	Warrants:
	11,384	UBI BANCA SCPA-CW11 (b)		-		48
		Sub-total Warrants:		-		48		0.00	%
	Short-term investments:
	7,747,967	NORTHERN INSTL GOVERNMENT SELECT PORTFOLIO, 0.01% (d)		7,747,967		7,747,967
		Sub-total Short-term investments:		7,747,967		7,747,967		2.24	%
	Grand total (e)		$	251,930,522		346,584,265		100.05	%

Notes to Schedule of Investments:
(a)	Securities are valued in accordance with procedures described in Note 2 to the financial statements.
(b)	Currently non-income producing assets.
(c)	Securities are American Depository Receipts of companies based outside of the United States representing 2.82% of net assets.
(d)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds.
(e)	At December 31, 2010, the cost for Federal income tax purposes was $253,209,535. The aggregate gross unrealized appreciation
	and depreciation of investments in securities based of this cost were as follows:

	Gross unrealized appreciation	$	95,384,386
	Gross unrealized depreciation		(2,009,656)
Net unrealized appreciation		$	93,374,730

See accompanying notes to financial statements. 76 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2010

At December 31, 2010, the Clearwater International Fund’s investments were denominated in the following currencies:

Concentration by Currency	Percent of Long-Term Investments
Euro	22.78	%
British Pound	18.81
Japanese Yen	18.67
United States Dollar	12.80
Swiss Franc	8.36
Australian Dollar	6.01
All other currencies less than 5%	12.57
	100.00	%

At December 31, 2010, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:

Contracts to Deliver Currency	Amount (Local Currency)		In Exchange for Currency	Amount (Local Currency)		Settlement Date		Unrealized Gain (Loss)
United States Dollar		60,667	Euro		45,849		1/3/2011		599
United States Dollar		14,883	Euro		11,251		1/3/2011		150
United States Dollar		70,973	Hong Kong Dollar		552,312		1/3/2011		90
United States Dollar		70,812	Norwegian Krone		418,527		1/3/2011		903
United States Dollar		103,169	Swedish Kronor		701,851		1/3/2011		1,172
United States Dollar		1,013	British Pound		653		1/4/2011		6
United States Dollar		69,981	British Pound		45,278		1/4/2011		608
United States Dollar		47,792	British Pound		30,921		1/4/2011		415
United States Dollar		47,495	Euro		35,810		1/4/2011		357
United States Dollar		29,410	Japanese Yen		2,412,517		1/4/2011		304
United States Dollar		28,744	Euro		21,468		1/5/2011		(56	)
United States Dollar		13,390	Japanese Yen		1,099,476		1/5/2011		152
United States Dollar		65,909	Japanese Yen		5,369,618		1/5/2011		229
United States Dollar		29,622	Japanese Yen		2,414,471		1/6/2011		118
								$	5,047

At December 31, 2010, the Clearwater International Fund had outstanding spot foreign currency transactions as follows:

Contracts to Deliver Currency	Amount (Local Currency)		In Exchange for Currency	Amount (Local Currency)		Settlement Date		Unrealized Gain (Loss)
Hong Kong Dollar		12,828	United States Dollar		1,648		1/3/2011	$	(2	)
Hong Kong Dollar		9,570	United States Dollar		1,230		1/3/2011		(2	)
United States Dollar		8,458	Korean Won		9,606,380		1/3/2011		7
Norwegian Krone		25,581	United States Dollar		4,378		1/4/2011		(5	)
								$	(2	)

See accompanying notes to financial statements. 77 (Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments – Clearwater International Fund

December 31, 2010

See accompanying notes to financial statements. 78

Item 2. Code of Ethics

(a)	As of the end of the period covered by this Report, the Board of Trustees (the “Trustees”) of Clearwater Investment Trust (the “Trust”), adopted a code of ethics that applies to the Trust’s President/Principal Executive Officer and Chief Financial Officer/Treasurer or persons performing similar function whether or not those individuals are employed by the Trust or third parties.
(c)	During the period covered by this Report the Trustees adopted an amendment to the Trust’s code of ethics referred to in (a) above to augment the provisions of the Trust’s code of ethics that address honest and ethical conduct, including ethical handling of actual or apparent conflicts of interest between personal and professional relationships; full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission and in other public communications made by the Trust; and the prompt internal reporting of violations of the Trust’s code of ethics to an appropriate person or persons identified in the Trust’s code of ethics.
(d)	During the period covered by this report, the Trustees have granted no waivers, including implicit waivers, from any provisions of the Trust’s code of ethics referred to in (a) above.
(e)	Not applicable.
(f)	See Item 12(a).

Item 3. Audit Committee Financial Expert

The Board of Trustees of the Trust consists of six members, four of whom are Independent Trustees as defined by the Investment Company Act of 1940. The Board of Trustees does not include an “audit committee financial expert” as defined by Section 407 of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. Given the restrictive nature of the definition of an “audit committee financial expert”, the Trustees have determined that no current member of the Board of Trustees of the Trust qualifies as an “audit committee financial expert”. Furthermore, the Trustees have determined that given the nature of investment company financial statements in general and the investment policies of the Trust’s fund offerings in particular that the independent trustees possess the necessary skills and experience to perform the functions of the audit committee.

Item 4. Principal Accountant Fees and Services

(a)	Audit Fees			2010 = $78,000	2009 = $62,675
(b)	Audit-Related Fees			2010 = $0	2009 = $0
(c)	Tax Fees			2010 = $20,000	2009 = $0
(d)	All Other Fees			2010 = $0	2009 = $0
(e)
		1.	The Independent Trustees have not adopted pre-approval policies and procedures regarding the provision of audit or non-audit services to the trust, as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X, as they require that all such proposed services be approved by them in advance.
		2.	No services were pre-approved by the Independent Trustees pursuant to paragraph (c)(7) of Rule 2-01 of Regulation S-X.
(f)	Not applicable.
(g)	Non-Audit Related Fees Provided to the Trust or to the Trust’s Investment Adviser.
	2010 = $0			2009 = $0
(h)	Not applicable.

Item 5. Audit Committee of Listed Registrants

The Audit Committee includes the four members of the Board of Trustees who have been deemed independent. The Audit Committee has adopted a charter.

Item 6. Investments

See Item 1.

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

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

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

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

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

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

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

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

Item 11. Controls and Procedures

(a)	The Trust’s principal executive officer and principal financial officer have concluded that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment company Act of 1940, as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.
(b)	There have been no significant changes in the Trust’s internal controls over financial reporting since the filing of the last report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 12. Exhibits

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

SIGNATURES

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

Clearwater Investment Trust
By	/s/ George H. Weyerhaeuser, Jr.
	George H. Weyerhaeuser, Jr., Chairman
Date:   March 10, 2011

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

Clearwater Investment Trust
By	/s/ George H. Weyerhaeuser, Jr.
	George H. Weyerhaeuser, Jr., Chairman
Date:   March 10, 2011

Clearwater Investment Trust
By	/s/ George H. Weyerhaeuser, Jr.
	George H. Weyerhaeuser, Jr., Treasurer
Date:   March 10, 2011