Clearwater Investment Trust N-CSRS Certified semi-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	811-05038
Clearwater Investment Trust
(Exact name of registrant as specified in charter)
2000 Wells Fargo Place, 30 East 7th Street, Saint Paul, Minnesota 55101-4930
(Address of principal executive offices) (Zip code)

Stephen G. Simon
Fiduciary Counselling, Inc.
2000 Wells Fargo Place, 30 E. 7^th Street
Saint Paul, Minnesota 55101-4930

Copy to:

John O’Hanlon, Esq.
Dechert LLP

One International Place, 40^th Floor
100 Oliver Street

Boston, Massachusetts 02110

(Name and address of agent for service)

Registrant’s telephone number, including area code:		651-228-0935
	Date of fiscal year end:	December 31
	Date of reporting period:	June 30, 2014

Item 1. Reports to Stockholders

CLEARWATER INVESTMENT TRUST

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

Semi-annual Report
for the period ended
June 30, 2014

Letter to our Shareholders

(unaudited)

August 29, 2014

We are pleased to present you with this semi-annual report for the six-month period ended June 30, 2014. The report provides you with detailed information on the financial performance and holdings of your Clearwater Funds.

During the six-month period ended June 30, 2014, the Clearwater Tax Exempt Bond Fund outperformed its benchmark. During the same period the Clearwater Small Companies Fund finished slightly under its benchmark while the Clearwater Core Equity Fund and the Clearwater International Fund underperformed compared to their respective benchmarks.

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

We hope you find this report informative, and we thank you for your continued confidence and for choosing to invest with us.

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

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Management Discussion of Clearwater Funds’ Performance

Clearwater Core Equity Fund

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

2014 Year-to-date Market Overview:

The U.S. Federal Reserve and the other major central banks around the world have adopted and continue to implement monetary policies that have provided a positive environment for U.S. large capitalization stocks. The Russell 1000® Index gained 7.3% for the year-to-date.

2014 Year-to-date Performance and 2014 Outlook:

The Clearwater Core Equity Fund’s return for the six-month period ended June 30, 2014 was 6.4%, net of fees, as compared to 7.3% for the Russell 1000® Index, the Fund’s benchmark. The portion of the portfolio managed by Parametric to closely track the benchmark gained 7.2%, gross of fees. The slight underperformance was caused primarily by cash drag. The average cash cushion is 0.6%, contributing to approximately 5 basis points underperformance.

Each of the three “active” managers in the Clearwater Core Equity Fund comment on the performance of their respective portfolios for the six-month period ended June 30, 2014, and their outlook for the remainder of 2014, in the paragraphs that follow. Performance is shown “gross of fees,” for comparison of the subadvisers’ capabilities. The Fund pays a single advisory fee to Clearwater Management Company, which in turn pays the subadvisers out of its advisory fee.

Heartland Commentary

2014 Year-to-date Performance: For the first six months of 2014, Heartland’s portion of the Clearwater Core Equity Fund returned 5.6% gross of fees, compared to 7.3% for the Russell 1000® Index (the “benchmark”). While we are disappointed with our relative underperformance, we were unwilling to chase momentum into large-caps. Utilities is an example of where sticking to our disciplines cost us relatively, as that was the benchmark’s best performing sector year-to-date, but we did not see compelling valuations and maintained a zero-weighting. Similarly to Real Estate Investment Trusts over the past few years, Utilities have surprised with their long positive run, which we associated with the Fed’s extended accommodative stance and investors’ search for yield. On the positive side, while we carried an underweight to Information Technology (“IT”), our names in this sector outperformed the benchmark average. Our best-performing company for the period was RF Micro Devices, Inc., which announced a strategic consolidation. Overall, we liked IT because of what we view to be strong balance sheets, growing demand for bandwidth, a pressing need for IT capital spending, and because of the number of

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stocks with what we consider attractive valuations. Elsewhere in the portfolio, standouts included Energy holdings Devon Energy Corporation and Unit Corporation, both boosted by rising oil and natural gas prices. Detractors included several weather-impacted investments in Industrials, where the portfolio was overweight.

2014 Outlook: Despite Industrials’ drag on the portfolio, we have a bullish outlook for American business. The initial slow start to the year has given way to improving manufacturing surveys, consumer confidence, and falling unemployment. While housing starts are not recovering as quickly as had been anticipated, auto sales have picked up. Furthermore, we believe the U.S. is well-positioned globally, given low natural gas prices, plentiful labor, increasing price competitiveness versus Chinese production, and relative political stability. These are among the reasons for our emphasis on more cyclical businesses in sectors such as Industrials, Energy, and Information Technology.

Knightsbridge Commentary

2014 Year-to-date Performance: For the first six months of 2014, Knightsbridge’s portion of the Clearwater Core Equity Fund returned 3.9% gross of fees, compared to 7.3% for the Russell 1000® Index (the “benchmark”). Our bottom-up investment approach resulted in a portfolio that is 66% invested in companies with a market capitalization below $50 billion. Unfortunately, investors favored larger, stable companies over smaller, less followed ones as market tops and subsequent corrections became daily news headlines. (For comparison: the Russell 2000 Index, which measures the small-cap segment of U.S. equities, returned 3.2% for the first six months of 2014.)

2014 Outlook: We believe that historically low levels of volatility and trading volumes are indicators of complacency in the market, yet we note volatility can and has in the past remained low for a long time. Our experience indicates that while high volatility provides a “buy” signal, low volatility does not necessarily provide the converse “sell” signal. While the overall U.S. equity market no longer appears to be extremely cheap, we continue to find individually attractive stocks, and there are signs that the market may go higher. Investors seem more focused on what can go wrong than what can go right, and Wall Street analysts are not overly bullish at this time, which should provide a healthy backdrop. We also believe in stock market cycles, although it is difficult to know how stretched these cycles might become. It may be later in the current cycle, but we expect there remains money to be made in stocks. Interest rates could remain lower for longer than expected, with funds continuing to slush into equities in search of a higher return. Better yet, investors may win either way, as stocks have tended to rise strongly in the year prior to the Fed’s initial rate hike, currently expected by many to occur during the second half of 2015.

Osterweis Commentary

2014 Year-to-date Performance: For the first six months of 2014, Osterweis’ portion of the Clearwater Core Equity Fund (“the Portfolio”) returned 8.5% gross of fees, compared to 7.3% for the Russell 1000® Index (the “benchmark”). The Portfolio’s solid performance was broad-based with all sectors showing positive returns. Leading the Portfolio’s sector returns was Utilities, which rose 20% vs. 18% for the benchmark Utility sector. Other sectors in the Portfolio that were in double digits for the six-month period were Energy and Health Care. These three sectors were also the top contributors to absolute performance. Relative to the benchmark, we added value through both sector weighting and stock selection. The greatest positive impact came from our stock picks in Consumer Discretionary and Energy along with our higher weighting in Health Care. On the downside, our outperformance was dampened by residual cash in the portfolio, though it averaged less than 4% for the period. In addition, stock selection in Materials and Information Technology also detracted a bit from relative returns. During the six-month period, the top five contributors to the Portfolio’s absolute returns were Magellan Midstream, Air Lease, DirecTV,

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Valeant Pharmaceuticals and Enterprise Products Partners. The bottom five contributors were Bed Bath & Beyond, Triumph Group, Boeing, Stonegate Mortgage and PHH Corp.

2014 Outlook: Equities continue to appear attractive in a low inflation, low interest rate, slow growth environment. However, valuations no longer appear cheap, and compelling new ideas are fewer and farther apart. While there is a nice balance today between market multiples (the comparative value of a stock based on ratios), growth rates and interest rates, we have been through enough market cycles to be fully cognizant of the potential risks to both the economy and stock market. We believe that financial and economic excesses will develop in the years ahead that may need to be addressed by a combination of sharply higher interest rates and a contraction in both credit and economic growth. Our read of the data today is that this appears to be some ways off in the future and therefore investors have time before they should develop a more defensive posture. In terms of stock selection, with overall market valuations continuing to rise, we find it challenging but not impossible to find compelling new investment opportunities. We are pleased with the way our current holdings have performed, but continue to evaluate possible additions that could be more attractive than existing holdings. Regardless of market conditions, we believe that there are always companies that are overlooked by the market due to past management mistakes or misunderstood business models. We continue to focus on businesses that can thrive in a slow growth economic environment. Lastly, we maintain our focus on companies with strong and growing free cash flow, particularly those that return this cash flow to shareholders through dividends and stock repurchases.

Clearwater Small Companies Fund

The Clearwater Small Companies Fund seeks long-term growth of capital. Current income is a secondary objective. Under normal market conditions, the Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small companies. The Fund defines “small companies” as issuers with market capitalizations no greater than $5 billion at the time of purchase. Equity securities consist primarily of exchange-traded common and preferred stocks and convertible securities. The Fund uses a “multi-style, multi-manager” approach with two subadvisers who employ distinct investment styles: Kennedy Capital Management (“Kennedy”) and Keeley Asset Management (“Keeley”). At the period ending June 30, 2014, Kennedy and Keeley respectively managed approximately 75% and 25% of the Fund balances.

2014 Year-to-date Market Overview:

Smaller U.S. company indices gained modestly in the first half of the year. The dominant event was a second quarter correction that was centered in consumer discretionary, telecommunications, and technology stocks in the small cap arena. By June 30, much of the drop had been retraced, but not enough for smaller company indices to catch up to larger company indices. Small capitalization equity valuations appear to be above their historic norms.

2014 Year-to-date Performance and 2014 Outlook:

The Clearwater Small Companies Fund posted a return of 3.0% net of fees, for the six-month period ended June 30, 2014, slightly underperforming its benchmark, the Russell 2000® Index, which returned 3.2% for the same period.

Each of the two subadvisers for the Clearwater Small Companies Fund comments on the performance of their specific portfolio for the six-month period ended June 30, 2014 and their outlook for the remainder of 2014, in the paragraphs below. Performance is shown “gross of fees,” for comparison of the

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subadvisers’ capabilities. The Fund pays a single advisory fee to Clearwater Management Company, which in turn pays the subadvisers out of its advisory fee.

Kennedy Commentary

2014 Year-to-date Performance: For the first six months of 2014, Kennedy’s portion of the Clearwater Small Companies Fund returned 3.0% gross of fees, compared to 3.2% for the Russell 2000® Index (the “benchmark”). Stock selection was a marginally positive contributor during the period, while sector allocation was a negative factor. Most notable for us was the recovery in our Health Care performance despite continued strength in Biotech, an area in which we remain substantially underweight. Within domestic Health Care, the industry seems to have worked its way through some of the larger initial reimbursement cuts and uncertainties. At this point, we believe opportunities are becoming clearer. Although Energy was one of our strongest performing sectors, we did underperform the benchmark on a relative basis. That being said, we benefited from a number of indirect energy opportunities, including the resurgence of petrochemical construction activity on the U.S. Gulf Coast and the upsurge in demand for oil tank cars. These are themes upon which several of our portfolio holdings have capitalized, and we believe prospects continue to be bright.

2014 Outlook: The current geopolitical tensions that we are witnessing may have ripple effects across many sectors in the markets. The Energy and Defense sectors often see the most direct impact, but indirect pressures can be seen across industries. We are keeping a watchful eye on how this could affect our portfolio companies’ returns and how the discounting mechanism could change for future streams of cash flows. While we believe it is never clear sailing for the small cap market, we do believe that investors have moved into a more rational period of value assessment. We no longer appear to be experiencing prolonged runs in highly speculative industries. This stage has now seemed to exist for a matter of months, so we would be rash to label it a trend; however, it is encouraging nonetheless.

Keeley Commentary

2014 Year-to-date Performance: For the first six months of 2014, Keeley’s portion of the Clearwater Small Companies Fund returned approximately 4.3% gross of fees, compared to 3.2% for the Russell 2000® Index (the “benchmark”). From a sector contribution perspective, Energy, Technology and Industrials contributed positively to returns. However, stock selection within the Health Care and Consumer Staples sectors detracted from performance. With regard to portfolio construction, we remain comfortable with our sector emphasis: underweight Health Care and Technology and overweight Industrials, Financials and Energy sectors. Over the past six months we have been trimming our exposure in Industrials and Energy. We have also slightly increased our Utilities sector exposure, and maintain our relative overweight compared to the benchmark.

2014 Outlook: The Fed has been fairly explicit that the tapering program will be completed this Fall and that the first interest rate increase could come approximately six months after the bond purchase program ends. Stabilization of rate expectations and continued low U.S. GDP growth should allow the market to focus back on company fundamentals. We have recently seen stock correlations fall leading to what should be a more stock picking friendly market. Although we believe that valuation is a concern, particularly for small caps relative to large and mid-cap stocks, this low growth, low rate environment should continue to foster shareholder value enhancing activities. Corporations have benefited from low interest rates to reduce high cost debt, implement share buybacks and increase dividends. Low rates are enabling value-adding mergers and acquisitions and we would expect this cycle to strengthen as a means to drive growth. We are optimistic that these types of corporate actions, initiated either by management or with increasing frequency by shareholder activists, may offer a suitable environment for the types of

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stocks we own in the portfolio. We are encouraged by the health of the restructuring market and specifically the environment for spin-offs. There were more than a dozen completed spin-offs in the first half of 2014, and over thirty have been announced for later in 2014 or early 2015. This activity continues to offer a strong source of ideas for our portfolios and has constantly challenged our investment team to replace existing holdings with new ideas that offer potentially greater upside.

Clearwater Tax-Exempt Bond Fund

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

Sit has provided all of the commentary below regarding the Clearwater Tax-Exempt Bond Fund.

Sit Commentary

2014 Year-to-date Performance: In the first six months of 2014 the Clearwater Tax-Exempt Bond Fund returned 9.9% net of fees, while the Fund’s benchmark, the Barclays 5-Year Municipal Bond Index (the “benchmark”), returned 2.3%. Given the Fed’s accommodative policies, the steep tax-exempt yield curve and the rally in the tax-exempt market in the first half of 2014, we decreased the Fund’s average life duration (a measure of the Fund’s sensitivity to changes in interest rates), from 6.7 years at the beginning of the year to 6.2 years at the end of the period. For comparison, the benchmark had duration of 3.8 years at June 30, 2014. The Fund’s yield fell during the period, more than the yield of the benchmark. Revenue bonds and general obligation bonds both performed well during the first half of 2014, with revenue bonds returning 6.6% for the period, while general obligation bonds returned 5.3%. Furthermore, duration dictated much of the relative performance, as longer duration significantly outperformed intermediate and short duration. Sector allocations had little effect on performance, but credit quality played a role, as lower investment grade rated bonds and non-rated bonds significantly outperformed those of higher credit quality as investors sought yield. The Fund’s performance, due to its longer duration and meaningful exposure to lower investment grade and non-rated bonds, came in significantly ahead of that of the benchmark in the first half of 2014.

2014 Outlook: We expect economic growth to be positive during the second half of 2014, although it remains sluggish. We believe that housing is moderating, but employment appears to be improving, although unemployment remains elevated. The economy has been able to muddle through the

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sequestration cuts and reduction in stimulus over the past two years, but does not seem able to accelerate to a consistently higher level of growth as is typical after most recessions. Interest rates, while likely to remain low in absolute terms, may become more volatile later in 2014, particularly after the November elections, when debt ceiling, deficit reduction and possible tax reform discussions may restart.

Additionally, the Fed will consider if and when to consider hiking short-term interest rates. The Treasury yield curve (i.e., an indicator of U.S. Treasury yields with different maturities at specific points in time) should remain relatively steep, with yields rising a bit on the intermediate and long-term portions of the curve. We believe that the tax-exempt curve will steepen less, with short-term rates remaining low and long-term tax-exempt yields rising somewhat as supply continues at a still manageable level. The finances of many state and local governments appear to continue to improve, which should help tax-exempt bonds continue to outperform in the second half of 2014. We also expect revenue bonds will continue to be strong performers in the second half of 2014.

However, concerns about Puerto Rico’s credit problems may weigh on the market, and this could lead to some increase in volatility. Furthermore, potential problems funding retirement pension and healthcare obligations still persist in many states and localities, such as Illinois and Chicago, and remain the subject of many of the negative media reports about the municipal bond market. Despite the strength enjoyed in the first half of 2014, the Fund’s longer duration and its use of revenue and non-rated bonds have also positioned it opportunistically for the economic and interest rate environment that we anticipate in the second half of 2014. We plan to focus our investment of new cash flows on maturities in the 5-25 year range.

Clearwater International Fund

The Clearwater International Fund seeks long-term growth of capital. The Fund generally invests at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside the United States. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund does not intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers. The Fund uses a “multi-style, multi-manager” approach. The Fund’s adviser allocates portions of the Fund’s assets among subadvisers who employ distinct investment styles. The Fund currently has five subadvisers. Parametric Portfolio Associates (“Parametric”) manages its portion of the portfolio (approximately 50%) to mirror the MSCI World Ex USA Index (net). The Fund also has four “active” managers who each manage approximately 12.5% of the Fund: Artisan Partners Limited Partnership (“Artisan Partners”), Denver Investments (“Denver”), Templeton Investment Counsel, LLC (“Templeton”) and WCM Investment Management (“WCM”).

2014 Year-to-date Market Overview:

Despite sluggish economic growth and geopolitical struggles in the Ukraine and Iraq, international markets finished the first half of 2014 in positive territory, with the non-U.S. developed markets producing returns that nearly matched the U.S. large cap indices. Additionally, the emerging markets have come on strong as of late. After producing a small loss in the first quarter, the MSCI Emerging Markets Index (net) rose 6.6% in the second quarter and it now stands at 6.1% for the year-to-date.

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2014 Year-to-date Performance and 2014 Outlook:

The Clearwater International Fund returned 4.4%, net of fees, for the six-month period ended June 30, 2014, as compared to 5.4% for the MSCI World Ex USA Index (net), the Fund’s benchmark. The portion of the portfolio managed by Parametric to mirror the benchmark returned 5.4%, gross of fees. Parametric’s objective is to closely track the benchmark using a subset of the benchmark constituents. During the period French and German stocks under-performed the rest of the benchmark, weighted down by renewed fears of Eurozone problems that have been triggered by Portugal’s debt crisis.

Each of the four “active” managers in the Clearwater International Fund comments on the performance of their portfolio for the six-month period ended June 30, 2014 and their outlook for the remainder of 2014, in the paragraphs below. Performance is shown “gross of fees,” for comparison of the sub-adviser’s capabilities. The Fund pays a single advisory fee to Clearwater Management Company, which in turn pays the subadvisers out of its advisory fee.

Artisan Partners Commentary

2014 Year-to-date Performance: During the first six months of 2014, Artisan Partners’ portion of the Clearwater International Fund returned 7.1% gross of fees, compared to the MSCI World ex USA Index (net) (the “benchmark”), which returned 5.4% in USD terms. The three largest contributors to return were: medical devices manufacturer Covidien, Japanese consumer goods company Kao Corporation, and semiconductor equipment supplier Applied Materials. Covidien’s share price jumped after a merger with Medtronic was announced; the combined company will be one of the world’s largest suppliers of medical equipment. The U.K. grocer Tesco, Japanese credit card company Credit Saison and insurer Arch Capital Group detracted the most from performance. Tesco continues to face intense competition in an oversupplied market.

2014 Outlook: Whether this is a bubble or not, only time will tell. It appears for now that optimism is in far greater supply than pessimism. In the absence of attractive reinvestment opportunities, we will maintain our discipline until our research process uncovers opportunities that meet our return hurdles.

Denver Commentary

2014 Year-to-date Performance: The portion of the Clearwater International Fund managed by Denver returned (2.4)% gross of fees, compared to the MSCI World ex USA Index (net) (the “benchmark”) which returned 5.4%. Most of the underperformance relative to the benchmark came from holdings in Hong Kong. Negative sentiment surrounding slowing growth in China as well as the government’s campaign to limit luxury gift giving and consumption has significantly impacted share prices in the consumer discretionary sector. The largest detractor from the portfolio’s performance was Pico Far East Holdings Ltd. Pico Far East is a leader in the exhibition and event marketing space where local and multinational companies looking to market their brands can reach the Chinese consumer. Although certain of its business segments may face pressure over the near-term, we believe that overall Pico will continue to perform well over the long-term. The largest contributor to the portfolio’s performance in the first half of 2014 was Kentz Corp. Ltd. Kentz Corp. provides design, engineering and construction services primarily for companies in the oil and gas sector. During the second quarter, SNC-Lavalin Group Inc. announced a cash acquisition of Kentz at a 33% premium. This acquisition is a great example of a high-quality and undervalued company held in the portfolio being recognized.

2014 Outlook: One of our beliefs is that success will not be overlooked for long. We focus on finding what we believe are high-quality stocks that are undervalued. We keep a watchful eye on operating performance rather than short-term price movements, with the goal of rewarding our investors over the

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long-term. Although it is disappointing to underperform in any time frame, we remain confident in our investment process. Overall, the portfolio’s holdings are currently outperforming the benchmark in terms of growth and cash generation, supporting our opinion that they will not be overlooked for long.

Templeton Commentary

2014 Year-to-date Performance: In the first six months of 2014, Templeton’s portion of the Clearwater International Fund returned 6.4% gross of fees, compared to the MSCI World ex USA Index (net) (the “benchmark”) which returned 5.4%. Stock selection in the Information Technology, Consumer Staples and Consumer Discretionary sectors contributed to relative performance for the period. From a regional standpoint, stock selection in Europe detracted from performance, as did stock selection in the Industrial, Materials and Health Care sectors. Nonetheless, we believe Europe has made remarkable progress: we believe that the financial markets have stabilized, an early-stage economic recovery is underway, austerity is largely over, and thus far, no major political risks appear to have materialized. In our view, corporate fundamentals are improving while valuations still fail to reflect the long-term recovery potential of our regional holdings. Geographically, stock selection in Japan contributed to relative performance for the period.

2014 Outlook: Many economic indicators paint a favorable picture of the world economy, even though momentum in the emerging markets has slowed. The recovery of the U.S. economy appears to be intact, and data from Europe suggest that the region is slowly overcoming the recession. Equity valuations do not appear cheap across the board anymore, so corporate profit developments will likely get more attention. Further price gains will depend on profit growth, so in our opinion individual stocks are more likely to rise than the market as a whole. We believe that in this environment, active management and sound stock picking will play a more important role in investment performance. We believe that small caps should disproportionately benefit from a continuation of the major central banks’ expansionary monetary policies and from a global economic recovery, even though their valuations have already risen considerably from depressed levels.

WCM Commentary

2014 Year-to-date Performance: In the first six months of 2014, WCM’s portion of the Clearwater International Fund returned 5.1% gross of fees, compared to the MSCI World ex USA Index (net) (the “benchmark”), which returned 5.4%. Underperformance for the first half of 2014 is equally attributable to allocation and selection. Regarding allocation, the detractors were our overweight to Information Technology (the poorest performer in the benchmark), and our underweights to Energy and Utilities, the best benchmark performers. Contributors to relative performance were our overweight to Health Care, a good performer in the benchmark, and our underweight to Financials, a poor performer. Our selection was strong in Health Care, Information Technology and Industrial, while weak spots were in the consumer sectors, mostly in Consumer Staples and Consumer Discretionary.

2014 Outlook: Looking forward, overall market volatility has diminished significantly in recent months (one popular volatility measure approached near a decade low in June), prompting several commentators to call for a ‘new normal’ of low volatility. We could not disagree more. While we cannot predict the exact sources, we expect continued market volatility to create great new buying opportunities, as it has in the past. Further, money flows into emerging markets seem to be picking up in recent months, although they are initially going into value markets and sectors. But as emerging markets economies remain choppy and the risks (such as higher interest rates) come back into view, we expect that our types of companies—those with strong fundamentals that can grow irrespective of the macro environment—are likely to return to favor.

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Fund Expense Example

(unaudited)

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

The Example provided is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended June 30, 2014.

Actual Expenses

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period January 1, 2014 through June 30, 2014” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

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

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

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Actual returns	Beginning Account Value January 1, 2014	Ending Account Value June 30, 2014	Expenses Paid During the Period January 1, 2014 through June 30, 2014 *
Core Equity Fund	$1,000.00	$1,064.30	$2.56
Small Companies Fund	$1,000.00	$1,030.40	$4.73
Tax-Exempt Bond Fund	$1,000.00	$1,099.30	$1.72
International Fund	$1,000.00	$1,044.40	$3.40

Hypothetical 5% return (before expenses)
Core Equity Fund	$1,000.00	$1,022.32	$2.51
Small Companies Fund	$1,000.00	$1,020.13	$4.71
Tax-Exempt Bond Fund	$1,000.00	$1,023.16	$1.66
International Fund	$1,000.00	$1,021.47	$3.36

* Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expense ratios for the most recent one-half year period may differ from expense ratios based on one-year data in the Financial Highlights.

The annualized expense ratios are as follows:

Core Equity Fund	0.50%
Small Companies Fund	0.94%
Tax-Exempt Bond Fund	0.33%
International Fund	0.67%

Quarterly Portfolio Schedule of Investments

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

Voting Proxies on Fund Portfolio Securities

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

A-11

Clearwater Investment Trust

Financial Statements

For the Six Months Ended June 30, 2014 (unaudited)

Table of Contents

Financial Statements:

1	Statements of Assets and Liabilities
2	Statements of Operations
3	Statements of Changes in Net Assets
4	Financial Highlights
8	Notes to Financial Statements
25	Schedule of Investments
	25 Core Equity Fund
	39 Small Companies Fund
	47 Tax-Exempt Bond Fund
	66 International Fund

CLEARWATER INVESTMENT TRUST

Statements of Assets and Liabilities

June 30, 2014 (unaudited)

	Core Equity Fund		Small Companies Fund		Tax-Exempt Bond Fund		International Fund
Assets
Investments in securities, at fair value (identified cost: $278,192,034 Core Equity Fund; $274,548,910 Small Companies Fund; $477,858,959 Tax-Exempt Bond Fund; $369,062,163 International Fund)	$	544,198,347		350,693,770		492,451,085		525,267,961
Foreign currencies, at value (cost: $13,962 and $602,784, respectively)		13,687		-		-		604,582
Receivable for securities sold		2,528,610		1,810,672		913,924		183,057
Receivable for shares of beneficial interest sold		-		121,100		214,500		386,400
Accrued dividend and interest receivable		653,979		393,482		5,597,726		890,341
Foreign tax reclaim receivable		31,033		741		-		1,298,687
Total assets		547,425,656		353,019,765		499,177,235		528,631,028
Liabilities
Payables for investment securities purchased		1,472,390		4,572,838		6,119,541		567,914
Payables for fund shares redeemed		96,500		548		-		-
Accrued investment advisory fee		659,163		785,016		400,590		863,714
Payable for dividend distribution		-		-		329,006		-
Unrealized depreciation on forward foreign currency exchange contracts		-		-		-		42,849
Total liabilities		2,228,053		5,358,402		6,849,137		1,474,477
Net assets	$	545,197,603		347,661,363		492,328,098		527,156,551
Capital
Capital stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: 13,561,600, 15,095,544, 49,640,243 and 32,034,878 shares, respectively)	$	259,839,861		233,218,815		476,971,194		358,119,863
Undistributed net investment income		3,984,733		322,036		50,591		6,603,957
Accumulated net realized gain from investments and foreign currency transactions		15,366,981		37,975,652		714,187		6,233,178
Unrealized appreciation of investments and translation of assets and liabilities in foreign currencies		266,006,028		76,144,860		14,592,126		156,199,553
Net assets	$	545,197,603		347,661,363		492,328,098		527,156,551
Net asset value per share of outstanding capital stock	$	40.20		23.03		9.92		16.46

See accompanying notes to financial statements.

1

CLEARWATER INVESTMENT TRUST

Statements of Operations

for the six months ended June 30, 2014 (unaudited)

	Core Equity Fund			Small Companies Fund			Tax-Exempt Bond Fund			International Fund
Investment income:
Income:
Dividends (net of foreign taxes withheld of $63,548, $4,340, $0 and $937,438, respectively)	$	5,039,774			1,907,662			975,234			9,804,919
Interest		-			-			10,729,799			-
Total income		5,039,774			1,907,662			11,705,033			9,804,919
Expenses:
Investment advisory fee		2,334,048			2,247,144			1,425,791			2,537,106
Voluntary fee reduction		(1,037,356	)		(682,467	)		(641,608	)		(837,244	)
Total net expenses		1,296,692			1,564,677			784,183			1,699,862
Net investment income		3,743,082			342,985			10,920,850			8,105,057
Net realized gain on:
Security transactions		15,668,413			27,436,725			1,036,457			5,949,141
Forward foreign currency exchange contracts		-			-			-			134,143
Foreign currency transactions		-			-			-			40,858
Net increase (decrease) in unrealized appreciation/ depreciation on:
Security transactions		13,637,437			(17,530,798	)		33,368,628			8,381,464
Forward foreign currency exchange contracts		-			-			-			(298,383	)
Translation of other assets and liabilities denominated in foreign currencies		(64	)		-			-			(22,625	)
Net gain on investments		29,305,786			9,905,927			34,405,085			14,184,598
Net increase in net assets resulting from operations	$	33,048,868			10,248,912			45,325,935			22,289,655

See accompanying notes to financial statements.

2

CLEARWATER INVESTMENT TRUST

Statements of Changes in Net Assets

for the six months ended June 30, 2014 (unaudited)
and the year ended December 31, 2013

	Core Equity Fund						Small Companies Fund
	6/30/2014			12/31/2013			6/30/2014			12/31/2013
Operations:
Net investment income	$	3,743,082			7,086,228			342,985			691,640
Net realized gain		15,668,413			13,465,166			27,436,725			44,785,569
Net increase (decrease) in unrealized appreciation/depreciation		13,637,373			111,306,273			(17,530,798	)		49,036,212
Net increase in net assets resulting from operations		33,048,868			131,857,667			10,248,912			94,513,421
Distributions to shareholders from:
Net investment income		-			(6,883,274	)		-			(891,425	)
Net realized gain		-			-			-			(37,952,618	)
Total distributions to shareholders		-			(6,883,274	)		-			(38,844,043	)
Capital share transactions:
Proceeds from shares sold		1,245,240			15,629,091			5,129,272			4,225,025
Reinvestment of distributions from net investment income and net realized gain		-			6,883,274			-			38,844,043
Payments for shares redeemed		(12,138,898	)		(19,686,851	)		(10,784,537	)		(37,606,332	)
Net increase (decrease) in net assets from capital share transactions		(10,893,658	)		2,825,514			(5,655,265	)		5,462,736
Total increase in net assets		22,155,210			127,799,907			4,593,647			61,132,114
Net assets:
At the beginning of the period		523,042,393			395,242,486			343,067,716			281,935,602
At the end of the period	$	545,197,603			523,042,393			347,661,363			343,067,716
Undistributed net investment income	$	3,984,733			330,514			322,036			-
	Tax-Exempt Bond Fund						International Fund
	6/30/2014			12/31/2013			6/30/2014			12/31/2013
Operations:
Net investment income	$	10,920,850			23,141,104			8,105,057			9,215,783
Net realized gain		1,036,457			3,650,141			6,124,142			10,320,161
Net increase (decrease) in unrealized appreciation/depreciation		33,368,628			(45,551,290	)		8,060,456			72,443,614
Net increase (decrease) in net assets resulting from operations		45,325,935			(18,760,045	)		22,289,655			91,979,558
Distributions to shareholders from:
Net investment income		(10,909,503	)		(23,112,535	)		-			(10,730,659	)
Net realized gain		-			(4,029,044	)		-			(4,515,432	)
Total distributions to shareholders		(10,909,503	)		(27,141,579	)		-			(15,246,091	)
Capital share transactions:
Proceeds from shares sold		10,621,100			28,246,973			3,042,345			27,992,633
Reinvestment of distributions from net investment income and net realized gain		10,649,312			27,132,457			-			15,246,091
Payments for shares redeemed		(28,384,982	)		(71,569,136	)		(10,079,633	)		(16,126,924	)
Net increase (decrease) in net assets from capital share transactions		(7,114,570	)		(16,189,706	)		(7,037,288	)		27,111,800
Total increase (decrease) in net assets		27,301,862			(62,091,330	)		15,252,367			103,845,267
Net assets:
At the beginning of the period		465,026,236			527,117,566			511,904,184			408,058,917
At the end of the period	$	492,328,098			465,026,236			527,156,551			511,904,184
Undistributed (overdistributed) net investment income	$	50,591			39,244			6,603,957			(1,676,102	)

See accompanying notes to financial statements.

3

CLEARWATER INVESTMENT TRUST

Financial Highlights

June 30, 2014 (unaudited)

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

	June 30,			Year ended December 31,
Core Equity Fund	2014			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	37.77			28.81			25.26			26.38			23.40			18.60
Income (loss) from investment operations:
Net investment income		0.28			0.51			0.40			0.33			0.38			0.39
Net realized and unrealized gains (losses)		2.15			8.95			3.54			(1.13	)		2.99			4.78
Total from investment operations		2.43			9.46			3.94			(0.80	)		3.37			5.17
Less distributions to shareholders from:
Net investment income		-			(0.50	)		(0.39	)		(0.32	)		(0.39	)		(0.37	)
Total distributions to shareholders		-			(0.50	)		(0.39	)		(0.32	)		(0.39	)		(0.37	)
Net asset value, end of period	$	40.20			37.77			28.81			25.26			26.38			23.40
Total return (a)		6.43	%		32.85	%		15.64	%		(3.04	)%		14.42	%		27.90	%
Net assets, end of period (000s omitted)	$	545,198			523,042			395,242			332,320			344,270			293,188
Ratio of expenses, net of waivers, to average net assets (b)(c)(d)(e)(f)(g)		0.50	%		0.50	%		0.54	%		0.53	%		0.30	%		0.28	%
Ratio of expenses, before waivers, to average net assets (b)(c)(d)(e)(f)(g)		0.90	%		0.90	%		0.90	%		0.69	%		0.45	%		0.45	%
Ratio of net investment income, net of waivers, to average net assets (b)(d)(e)(f)(g)		1.44	%		1.51	%		1.49	%		1.25	%		1.60	%		1.98	%
Ratio of net investment income, before waivers, to average net assets (b)(d)(e)(f)(g)		1.04	%		1.11	%		1.13	%		1.09	%		1.45	%		1.81	%
Portfolio turnover rate (excluding short-term securities)		8.06	%		21.07	%		22.31	%		27.01	%		43.65	%		21.83	%

(a)	Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year.
(b)	Annualized for periods of less than one year.
(c)	In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.
(d)	Effective March 15, 2013, the investment advisory fee, net of voluntary waivers, decreased to 0.50%. Also effective March 15, 2013, the Advisor increased the voluntary waiver to 0.40%.
(e)	Effective March 15, 2012, the investment advisory fee, net of voluntary waivers, decreased to 0.52%. Also effective March 15, 2012, the Adviser increased the voluntary waiver to 0.38%.
(f)	Effective June 1, 2011, the investment advisory fee, net of voluntary waivers, increased to 0.60%. Also effective June 1, 2011, the Adviser increased the voluntary waiver to 0.30%.
(g)	Effective December 1, 2010, the Adviser discontinued the voluntary waiver previously in effect.

See accompanying notes to financial statements.

4

CLEARWATER INVESTMENT TRUST

Financial Highlights

June 30, 2014 (unaudited)

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

	June 30,			Year ended December 31,
Small Companies Fund	2014			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	22.35			18.70			16.91			18.70			14.41			10.39
Income (loss) from investment operations:
Net investment income		0.02			0.05			0.09			0.01			-			-
Net realized and unrealized gains (losses)		0.66			6.30			3.10			(0.28	)		4.31			4.02
Total from investment operations		0.68			6.35			3.19			(0.27	)		4.31			4.02
Less distributions to shareholders from:
Net investment income		-			(0.06	)		(0.10	)		(0.01	)		(0.02	)		-
Net realized gain		-			(2.64	)		(1.30	)		(1.51	)		-			-
Total distributions to shareholders		-			(2.70	)		(1.40	)		(1.52	)		(0.02	)		-
Net asset value, end of period	$	23.03			22.35			18.70			16.91			18.70			14.41
Total return (a)		3.04	%		34.01	%		19.02	%		(1.62	)%		29.99	%		38.70	%
Net assets, end of period (000s omitted)	$	347,661			343,068			281,936			239,508			256,237			214,335
Ratio of expenses, net of waivers, to average net assets (b)(c)(d)(e)		0.94	%		0.95	%		1.00	%		0.98	%		0.95	%		0.95	%
Ratio of expenses, before waivers, to average net assets (b)(c)(d)(e)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Ratio of net investment income (loss), net of waivers, to average net assets(b)(d)(e)		0.21	%		0.21	%		0.51	%		0.05	%		(0.02	)%		(0.04	)%
Ratio of net investment income (loss), before waivers, to average net assets(b)(d)(e)		(0.20	)%		(0.19	)%		0.16	%		(0.32	)%		(0.42	)%		(0.44	)%
Portfolio turnover rate (excluding short-term securities)		32.45	%		59.84	%		59.48	%		64.54	%		71.05	%		95.13	%

(a)	Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year.
(b)	Annualized for periods of less than one year.
(c)	In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.
(d)	Effective March 15, 2013, the investment advisory fee, net of voluntary waivers, decreased to 0.94%. Also effective March 15, 2013, the Adviser increased the voluntary waiver to 0.41%.
(e)	Effective June 1, 2011, the investment advisory fee, net of voluntary waivers, increased to 1.00%. Also effective June 1, 2011, the Adviser reduced the voluntary waiver to 0.35%.

See accompanying notes to financial statements.

5 (Continued)

CLEARWATER INVESTMENT TRUST

Financial Highlights

June 30, 2014 (unaudited)

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

	June 30,			Year ended December 31,
Tax-Exempt Bond Fund	2014			2013			2012			2011			2010			2009
Net asset value, beginning of period	$	9.23			10.15			9.62			9.06			9.25			8.09
Income (loss) from investment operations:
Net investment income		0.22			0.46			0.48			0.48			0.47			0.47
Net realized and unrealized gains (losses)		0.69			(0.84	)		0.53			0.56			(0.19	)		1.16
Total from investment operations		0.91			(0.38	)		1.01			1.04			0.28			1.63
Less distributions to shareholders from:
Net investment income		(0.22	)		(0.46	)		(0.48	)		(0.48	)		(0.47	)		(0.47	)
Net realized gain		-			(0.08	)		-			-			-			-
Total distributions to shareholders		(0.22	)		(0.54	)		(0.48	)		(0.48	)		(0.47	)		(0.47	)
Net asset value, end of period	$	9.92			9.23			10.15			9.62			9.06			9.25
Total return (a)		9.93	%		(3.77	)%		10.66	%		11.81	%		2.99	%		20.60	%
Net assets, end of period (000s omitted)	$	492,328			465,026			527,118			518,834			516,202			542,394
Ratio of expenses, net of waivers, to average net assets (b)(c)(d)		0.33	%		0.34	%		0.36	%		0.36	%		0.36	%		0.36	%
Ratio of expenses, before waivers, to average net assets (b)(c)(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income, net of waivers, to average net assets(b)(d)		4.60	%		4.78	%		4.79	%		5.08	%		5.00	%		5.34	%
Ratio of net investment income, before waivers, to average net assets(b)(d)		4.33	%		4.52	%		4.55	%		4.84	%		4.76	%		5.10	%
Portfolio turnover rate (excluding short-term securities)		10.97	%		31.65	%		28.06	%		24.83	%		28.95	%		22.90	%

(a)	Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year.
(b)	Annualized for periods of less than one year.
(c)	In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.
(d)	Effective March 15, 2013, the investment advisory fee, net of voluntary waivers, decreased to 0.33%. Also effective March 15, 2013, the Adviser increased the voluntary waiver to 0.27%.

See accompanying notes to financial statements.

6 (Continued)

CLEARWATER INVESTMENT TRUST

Financial Highlights

June 30, 2014 (unaudited)

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

	June 30,			Year ended December 31,												Period ended December 31,
International Fund	2014			2013			2012			2011			2010			2009(a)(b)
Net asset value, beginning of period	$	15.76			13.33			12.23			14.33			13.16			10.00
Income (loss) from investment operations:
Net investment income		0.25			0.29			0.30			0.30			0.23			0.19
Net realized and unrealized gains (losses)		0.45			2.62			1.88			(2.08	)		1.27			3.35
Total from investment operations		0.70			2.91			2.18			(1.78	)		1.50			3.54
Less distributions to shareholders from:
Net investment income		-			(0.34	)		(0.31	)		(0.29	)		(0.23	)		(0.18	)
Net realized gain		-			(0.14	)		(0.77	)		(0.03	)		(0.10	)		(0.20	)
Total distributions to shareholders		-			(0.48	)		(1.08	)		(0.32	)		(0.33	)		(0.38	)
Net asset value, end of period	$	16.46			15.76			13.33			12.23			14.33			13.16
Total return (c)		4.44	%		21.85	%		17.91	%		(12.44	)%		11.39	%		35.50	%
Net assets, end of period (000s omitted)	$	527,157			511,904			408,059			305,071			346,415			292,902
Ratio of expenses, net of waivers, to average net assets (d)(e)(f)(g)(h)		0.67	%		0.66	%		0.62	%		0.77	%		0.80	%		0.92	%
Ratio of expenses, before waivers, to average net assets (d)(e)(f)(g)(h)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income, net of waivers, to average net assets (d)(f)(g)(h)		3.19	%		1.99	%		2.39	%		2.15	%		1.77	%		1.74	%
Ratio of net investment income, before waivers, to average net assets (d)(f)(g)(h)		2.86	%		1.65	%		2.01	%		1.92	%		1.57	%		1.66	%
Portfolio turnover rate (excluding short-term securities)		8.53	%		22.54	%		72.32	%		36.93	%		30.82	%		35.33	%

(a)	Commenced investment operations on February 5, 2009.
(b)	Net investment income for the period ended was calculated using the average shares outstanding method.
(c)	Total return figures are based on the change in net asset value of a share during the period and assume reinvestment of distributions at net asset value. Total return is not annualized for periods of less than one year.
(d)	Annualized for periods of less than one year.
(e)	In addition to fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any acquired funds in which it invests. Such indirect expenses are not included in the above reported expense ratios.
(f)	Effective March 15, 2013, the investment advisory fee, net of voluntary waivers, increased to 0.67%. Also effective March 15, 2013, the Adviser reduced the voluntary waiver to 0.33%.
(g)	Effective March 15, 2012, the investment advisory fee, net of voluntary waivers, decreased to 0.60%. Also effective March 15, 2012, the Adviser increased the voluntary waiver to 0.40%.
(h)	Effective June 1, 2011, the investment advisory fee, net of voluntary waivers, decreased to 0.75%. Also effective June 1, 2011, the Adviser increased the voluntary waiver to 0.25%. Effective December 5, 2011, the investment advisory fee, net of voluntary waivers, decreased to 0.70%. Also effective December 5, 2011, the Adviser increased the voluntary waiver to 0.30%.

See accompanying notes to financial statements.

7 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2014

(1) Organization

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

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

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

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

Under normal market conditions, the Clearwater Small Companies Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small companies. The Fund defines “small companies” as issuers with market capitalizations no greater than $5 billion at the time of purchase. The equity securities the Fund invests in consist primarily of exchange traded common and preferred stocks. The Fund may also invest in a type of equity security called a convertible security to reduce volatility or correlation risk associated with individual securities or sectors. A convertible security generally entitles the holder to receive interest paid or accrued on debt securities or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. The Fund uses a “multi-style, multi-manager” approach, whereby portions of the Fund’s net assets are allocated between subadvisers who employ

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Notes to Financial Statements (unaudited)

June 30, 2014

distinct investment styles. The Fund currently has two subadvisers that provide day-to-day management for the Fund, Kennedy Capital Management, Inc. (“Kennedy”) and Keeley Asset Management (“Keeley”). In addition, as noted above, FCI also acts as a subadviser to the Fund.

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

Under normal market conditions, the Clearwater International Fund intends to invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the U.S. and doing a substantial amount of business outside the U.S. Equity securities in which the Fund invests include common and preferred stock, sponsored and unsponsored American Depositary Receipts, European Depositary Receipts, and Global Depositary Receipts as well as exchange-traded funds and other investment companies. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund currently does not intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers. In order to hedge against adverse movements in currency exchange rates, the Fund may enter into foreign currency exchange contracts. The Fund does not intend to invest in foreign currency exchange contracts for speculative purposes. The Fund uses a “multi-style, multi-manager” approach, whereby portions of the Fund’s net assets are allocated to different subadvisers who employ distinct investment styles. The Fund currently allocates net assets among the following subadvisers who provide day-to-day management for the Fund: Parametric, Artisan Partners Limited Partnership (“Artisan Partners”), Denver Investments (“Denver”), WCM Investment Management (“WCM”) and Templeton Investment Counsel, LLC (“Templeton”). The allocation among subadvisers will vary over time, but the current intent of the Fund’s Adviser is that under normal market conditions approximately 50% of the Fund’s net assets will be allocated to Parametric; the remaining net assets will be allocated to one or more of the Fund’s four other subadvisers. To the extent feasible, Parametric manages its portion of the Fund’s net assets in a passive management strategy so that its portion of the Fund’s holdings generally matches the holdings of the MSCI World Ex USA Index (net) on a net basis as closely as possible. In addition, as noted above, FCI also acts as a subadviser to the Fund.

(2) Summary of Significant Accounting Policies

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

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

(a)	Investments in Securities
Investments in U.S. and foreign equity securities are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Foreign security values are

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Notes to Financial Statements (unaudited)

June 30, 2014

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 for which trading has been suspended), or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value (“NAV”), are valued at fair value as determined in good faith using procedures established by the Board of Trustees. This may occur particularly with respect to certain foreign securities held by the International Fund, whereby the Board of Trustees may use adjustment factors obtained from an independent evaluation service that are intended to reflect more accurately the fair value of these foreign securities as of the time the Fund’s NAV is calculated. The procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. These procedures are used by the Valuation Committee, in accordance with the procedures established by the Board of Trustees, to determine the fair value of the security or securities. Such determinations are then submitted for review and ratificationby the Board of Trustees. The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments. Security transactions are accounted for on the trade date, which is the date the securities are purchased or sold. Realized gains and losses are calculated on an identified cost basis. Dividend income is recognized on the ex-dividend date or, for foreign securities, as soon as the information is available. Interest income, including accretion of original issue discount and amortization of original issue premium, is accrued daily.
(b)	Foreign Currency Translation
The International Fund invests in securities which are purchased and sold in foreign currencies as a principal investment strategy. The costs of purchases, proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The value of the International Fund’s net assets, as measured in U.S. dollars, may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations. The gains or losses, if any, on investments resulting from changes in foreign exchange rates are recorded within net realized gain on security transactions and within net increase (decrease) in unrealized appreciation/depreciation on security transactions on the Statements of Operations. The realized gains or losses, if any, on translation of other assets and liabilities denominated in foreign currencies are recorded within net realized gain on foreign currency transactions on the Statements of Operations. The International Fund also will incur costs in converting U.S. dollars to local currencies, and vice versa. The International Fund therefore may enter into foreign currency transactions as a principal investment strategy. Risks may arise upon investing in foreign securities including, but not limited to, political, social or economic instability in the country of the issuer, the difficulty of predicting international trade patterns, the possibility of the imposition of exchange controls, expropriation, limits on removal of currency or other assets, nationalization of assets, foreign withholding and income tax and possible delays in the settlement of foreign stock exchange transactions. The principal markets on which these securities trade may have less volume and liquidity, and may be more volatile, than securities markets in the U.S.

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Notes to Financial Statements (unaudited)

June 30, 2014

(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 adverse movements in foreign currency exchange rates, specific transactions or the portfolio position. The objective of the International Fund’s foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of the International Fund’s foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. Forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in forward foreign currency exchange contracts within net increase (decrease) in unrealized appreciation/depreciation on the Statements of Operations. The International Fund records any realized gains or losses at the time the forward foreign currency exchange contract is offset by entering into a closing transaction with the same counterparty or is extinguished by delivery of the currency. Realized gains or losses, if any, are recorded within net realized gain on forwardforeign currency exchange contracts on the Statements of Operations.
Risks may arise upon entering into forward foreign currency exchange contracts from the potential of the issuer to default on its obligations under the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The International Fund bears the market risk from changes in foreign currency exchange rates and the credit risk if the issuer fails to perform. Additional information on derivative instruments and how these positions may impact the financial statements is found in Note 8, Derivative Instruments.
(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. The International Fund may enter into spot contracts in order to make payments, or to receive payments, based on investment trading activity in a foreign currency. A spot contract allows the International Fund to buy or sell foreign currency on the day it chooses to deal. From time to time, the Core Equity Fund may also enter into spot contracts in order to make or receive payments due to investment trading activity in a foreign currency on a non-U.S. exchange. Spot contracts are marked-to-market daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in foreign currency transactions within net increase (decrease) in unrealized appreciation/depreciation on the Statements of Operations. Foreign currency amounts payable to or receivable from counterparties related to outstanding spot contracts, if any, are recorded in payables for investment securities purchased or receivable for securities sold, respectively, on the Statements of Assets and Liabilities. The Funds record any realized gains or losses at the time the spot contract settles. Realized gains or losses, if any, are included within net realized gain on foreign currency transactions on the Statements of Operations. Risks may arise upon entering into spot contracts from unanticipated movements in the value of a foreign currency relative to the U.S. dollar in a short period of time. The Funds bear the market risk from changes in foreign currency exchange rates.

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Notes to Financial Statements (unaudited)

June 30, 2014

(e)	Master Limited Partnerships
The Core Equity and International Funds invest in Master Limited Partnerships (“MLPs”). The benefits derived from the Funds’ investments in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. If any of the MLPs held by the Funds were treated as corporations for U.S. federal income tax purposes, the after-tax return to the Funds with respect to their investments in such MLPs would be materially reduced, causing a decline in the value of the common stock. The Funds must include their allocable share of an MLP’s taxable income in their reportable taxable income, whether or not it receives a distribution in cash from the MLP. In such case, the Funds may have to liquidate securities to make required distributions to shareholders.
(f)	Delayed Delivery Transactions and When-Issued Securities
Certain Funds may engage in securities transactions on a when-issued or delayed-delivery basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment, with payment and delivery scheduled for a future date. During this period, the securities are subject to market fluctuations. When delayed-delivery purchases are outstanding, a Fund will segregate liquid assets on its records in amounts sufficient to meet the purchase price. A Fund may dispose of or renegotiate a delayed-delivery transaction, which may result in a capital gain or loss.
(g)	Short-Term Investments
Each Fund currently invests uninvested cash in money market portfolios of Northern Institutional Funds, an investment company advised by Northern Trust Investments, Inc. (“NTI”), a subsidiary of Northern Trust. The Core Equity, Small Companies and International Funds currently invest in the U.S. Government Select Portfolio and the Tax-Exempt Bond Fund currently invests in the Tax-Exempt Portfolio. The U.S. Government Select Portfolio primarily invests in securities issued by the U.S. government, government agencies, and government-sponsored enterprises. The Tax-Exempt Portfolio primarily invests in high-quality short-term municipal instruments.
(h)	Recoverable Taxes
The balances disclosed as foreign tax reclaim receivable, if any, represent net amounts withheld by foreign governments on dividend income earned in the respective countries subject to reclamation. All reclaims are paid directly to the applicable Funds.
(i)	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.

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Notes to Financial Statements (unaudited)

June 30, 2014

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, 2013, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for the 2010, 2011, 2012 and 2013 tax years for which the applicable statutes of limitations have not expired remain subject to examination by the Internal Revenue Service and state departments of revenue. Net investment income and net realized gain (loss) for the Funds may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains, if any, may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gain (loss) were recorded by the Funds. The tax character of distributions paid by the Funds during the years ended December 31, 2013 and 2012 was as follows:

	Tax-Exempt				Ordinary Income
	2013		2012		2013		2012
Core Equity Fund	$	-	$	-	$	6,741,356	$	5,308,828
Small Companies Fund		-		-		7,282,854		1,592,303
Tax-Exempt Bond Fund		22,903,417		24,948,863		199,996		356,024
International Fund		-		-		12,704,376		8,901,744

	Long-Term Capital Gains
	2013		2012
Core Equity Fund	$	141,918	$	-
Small Companies Fund		31,561,189		18,490,667
Tax-Exempt Bond Fund		4,029,044		-
International Fund		2,541,715		22,141,275

As of June 30, 2014, the components of distributable earnings on a tax basis were as follows:

	Core Equity Fund		Small Companies Fund		Tax-Exempt Bond Fund		International Fund
Undistributed ordinary income	$	3,951,965	$	4,900,897	$	374,242	$	10,869,418
Undistributed capital gain		15,149,696		33,566,061		339,945		5,059,258
Unrealized appreciation		266,256,079		75,975,591		14,592,126		153,108,012
Total	$	285,357,740	$	114,442,549	$	15,306,313	$	169,036,688

Distributions to shareholders from net investment income and net realized gain are determined in accordance with federal income tax regulations, which may differ from such amounts recorded in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for financial reporting purposes. Accordingly, the Funds may make reclassifications among certain of their capital accounts in order to reflect the tax treatment for certain permanent differences that exist between federal income tax regulations and U.S. GAAP. These

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Notes to Financial Statements (unaudited)

June 30, 2014

reclassifications have no impact on the total net assets or the NAV per share of the Funds. At June 30, 2014, reclassifications have been recorded among the following capital accounts on the Statements of Assets and Liabilities:

	Core Equity Fund			Small Companies Fund			International Fund
Undistributed (overdistributed) net investment income	$	(88,863	)	$	(20,949	)	$	175,002
Accumulated net realized gain (loss)		88,863			20,949			(175,002	)

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

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Notes to Financial Statements (unaudited)

June 30, 2014

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following is a summary of the inputs used in valuing each Fund’s investments and other financial instruments, if any, which are carried at fair value, as of June 30, 2014.

	Core Equity Fund (a)
	Level 1		Level 2		Level 3		Total
Common Stocks	$	522,129,276	$	-	$	-	$	522,129,276
Master Limited Partnerships		7,369,280		-		-		7,369,280
Short-Term Investments		14,699,791		-		-		14,699,791
Total	$	544,198,347	$	-	$	-	$	544,198,347

	(a)	For the Core Equity Fund, the investment value is comprised of equity securities, master limited partnerships, and short-term investments. See the Fund’s Schedule of Investments for industry classification. Investments in equity, master limited partnerships and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded.
The Core Equity Fund records all transfers between levels based on valuations at the end of each reporting period. At June 30, 2014, there were no transfers between Level 1, Level 2 or Level 3 classifications based on levels assigned to the securities on December 31, 2013.

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Notes to Financial Statements (unaudited)

June 30, 2014

	Small Companies Fund (b)
	Level 1		Level 2		Level 3		Total
Common Stocks	$	340,770,146	$	-	$	-	$	340,770,146
Short-Term Investments		9,923,624		-		-		9,923,624
Total	$	350,693,770	$	-	$	-	$	350,693,770

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

The Small Companies Fund records all transfers between levels based on valuations at the end of each reporting period. At June 30, 2014, there were no transfers between Level 1, Level 2 or Level 3 classifications based on levels assigned to the securities on December 31, 2013.

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Notes to Financial Statements (unaudited)

June 30, 2014

	Tax-Exempt Bond Fund (c)
	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	28,642,649	$	-	$	-	$	28,642,649
Municipal Bonds
Airport		-		3,839,825		-		3,839,825
Bond Bank		-		2,567,872		-		2,567,872
Development		-		21,784,894		267,629		22,052,523
Education		-		41,217,166		-		41,217,166
Facilities		-		3,665,934		-		3,665,934
General		-		48,376,241		3,515		48,379,756
General Obligation		-		16,447,885		-		16,447,885
Higher Education		-		18,735,400		-		18,735,400
Housing		-		44,912,997		-		44,912,997
Medical		-		51,740,324		157,500		51,897,824
Mello-Roos		-		647,851		-		647,851
Multifamily Housing		-		26,879,464		-		26,879,464
Nursing Home		-		49,392,601		-		49,392,601
Pollution		-		572,100		-		572,100
Power		-		7,443,090		-		7,443,090
School District		-		26,089,254		-		26,089,254
Single Family Housing		-		60,782,447		-		60,782,447
Student Loan		-		3,068,990		-		3,068,990
Tobacco Settlement		-		939,669		-		939,669
Transportation		-		13,038,321		-		13,038,321
Utilities		-		1,487,325		-		1,487,325
Water		-		9,532,949		-		9,532,949
Short-Term Investments		10,217,193		-		-		10,217,193
Total	$	38,859,842	$	453,162,599	$	428,644	$	492,451,085

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

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Notes to Financial Statements (unaudited)

June 30, 2014

As of June 30, 2014, the Valuation Committee determined the fair valuation of municipal bonds based on inputs such as the last traded price at the time of significant events or the default of a municipal bond in addition to the consideration of observations and the nature of similar securities which are not currently openly traded in the active market. Such investments have been classified as Level 3 instruments.

The Tax-Exempt Bond Fund records all transfers between levels based on valuations at the end of each reporting period. At June 30, 2014, there were no transfers between Level 1 or Level 2 classifications based on levels assigned to the securities on December 31, 2013.

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

	Municipal Bonds
	Development			General		Medical		Total
Balance as of 12/31/13	$	180,129		$	3,515	$	157,500	$	341,144
Accrued Discounts		-			-		-		-
Realized Gains (Losses)		-			-		-		-
Change in Unrealized Appreciation (Depreciation)		-			-		-		-
Purchases		-			-		-		-
Sales		-			-		-		-
Transfers into Level 3 (1)		87,500	(2)		-		-		87,500
Transfers out of Level 3 (1)		-			-		-		-
Balance as of 6/30/14	$	267,629		$	3,515	$	157,500	$	428,644
Net increase (decrease) in unrealized appreciation (depreciation) (3)	$	1,418		$	-	$	-	$	1,418

(1)	The value of the Transfers into and out of Level 3 is measured using the fair value as of the period ended June 30, 2014.
(2)	Transferred from Level 2 to Level 3 due to the security being valued based on an evaluated price as the time of default on May 1, 2014. This fair valuation was determined using procedures adopted by the Board of Trustees.
(3)	The net increase (decrease) in unrealized appreciation (depreciation) on Level 3 securities still held at June 30, 2014 is included in the Statements of Operations.

There were no significant Level 3 valuations for which significant unobservable valuations inputs were developed at June 30, 2014.

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Notes to Financial Statements (unaudited)

June 30, 2014

	International Fund (d)
	Level 1		Level 2		Level 3		Total
Common Stocks	$	502,051,757	$	-	$	-	$	502,051,757
Master Limited Partnerships		2,730,050		-		-		2,730,050
Preferred Stock		1,824,805		-		-		1,824,805
Rights
South Korea		-		20,482		-		20,482
All other countries		4,719		-		-		4,719
Warrants		30,607		-		-		30,607
Investment Companies		984,312		-		-		984,312
Short-Term Investments		17,621,229		-		-		17,621,229
Total	$	525,247,479	$	20,482	$	-	$	525,267,961

(d)

For the International Fund, the investment value is comprised of equity securities, master limited partnerships, rights, warrants, investment companies and short-term investments. See the Fund’s Schedule of Investments for additional information on industry sector and currency concentration information. Investments in equity, master limited partnerships, investment companies and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Investments in rights and warrants generally are determined by taking into account the terms of the rights and warrants as well as the value of the underlying equity securities, which are determined by the valuation methodology described above. At June 30, 2014, rights with a fair value of $20,482, within the Financials sector, was valued using observable inputs from the last traded price of the rights prior to its expiration.

The International Fund records all transfers between levels based on valuations at the end of each reporting period. At June 30, 2014, there were no transfers between Level 1, Level 2 or Level 3 classifications based on levels assigned to the securities on December 31, 2013.

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Liabilities
Forward foreign currency exchange contracts	$	-	$	(42,849	)	$	-	$	(42,849	)
Net Other Financial Instruments	$	-	$	(42,849	)	$	-	$	(42,849	)

The forward foreign currency exchange contracts outstanding at June 30, 2014 are considered Level 2 investments due to the contracts being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate. Forward foreign currency exchange contracts are shown on a gross basis in the above table and on the Statements of Assets and Liabilities.

19 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2014

(4) Investment Security Transactions

The cost of purchases and proceeds from sales of securities (excluding short-term securities) for the period ended June 30, 2014, were as follows:

	Purchases		Sales
Core Equity Fund	$	41,117,551	$	51,256,408
Small Companies Fund		107,209,225		113,048,411
Tax-Exempt Bond Fund		50,969,439		58,355,582
International Fund		42,832,021		42,236,326

(5) Capital Share Transactions

Transactions in capital shares for each fund for the six months ended June 30, 2014 and the fiscal year ended December 31, 2013, were as follows:

	Core Equity Fund						Small Companies Fund
	2014			2013			2014			2013
Sold		32,527			507,556			233,875			201,528
Issued for reinvestment of distributions		-			183,114			-			1,743,449
Redeemed		(320,540	)		(560,122	)		(488,894	)		(1,670,646	)
Net Increase (decrease)		(288,013	)		130,548			(255,019	)		274,331

	Tax-Exempt Bond Fund						International Fund
	2014			2013			2014			2013
Sold		1,098,920			2,901,091			192,526			1,958,551
Issued for reinvestment of distributions		1,098,015			2,834,108			-			973,569
Redeemed		(2,960,000	)		(7,249,870	)		(634,609	)		(1,067,258	)
Net Increase (decrease)		(763,065	)		(1,514,671	)		(442,083	)		1,864,862

(6) Capital Loss Carryforward

For the period subsequent to October 31, 2013 through the fiscal year ended December 31, 2013, the following Funds incurred net capital losses, and/or Section 988 currency losses which each Fund intends to treat as having been incurred in the following fiscal year:

	Short-Term		Long-Term		Total
Core Equity Fund	$	322,990	$	-	$	322,990
Tax-Exempt Bond Fund		211,282		151,144		362,426
International Fund		176,175		-		176,175

20 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2014

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes were made effective for the Funds for the fiscal year ended December 31, 2011. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation. As of December 31, 2013, there were no pre-enactment capital loss carryforwards for U.S. Federal income tax purposes for the Core Equity Fund, as they were all utilized at December 31, 2013.

The following capital loss carryforwards were utilized at December 31, 2013, for U.S. Federal income tax purposes:

	Amount
Core Equity Fund	$	10,839,789

(7) Expenses and Related-Party Transactions

The Trust has a contract for investment advisory services with the Adviser. Under terms of separate agreements, Clearwater Core Equity Fund, Clearwater Small Companies Fund, Clearwater Tax-Exempt Bond Fund and Clearwater International Fund each pay an investment advisory fee equal to an annual rate of 0.90%, 1.35%, 0.60% and 1.00%, respectively, of each Fund’s average daily net assets. The Adviser is responsible for the payment or reimbursement of all the Funds’ expenses, except brokerage, taxes, interest, and extraordinary expenses. The Adviser has periodically modified its management fee for each of the Funds through voluntary waivers. As of June 30, 2014, the management fees in place, net of voluntary waivers, for the Core Equity, Small Companies, Tax-Exempt Bond, and International Funds are 0.50%, 0.94%, 0.33%, and 0.67%, respectively. The Adviser currently intends to continue these voluntary waivers indefinitely. However, the Adviser may terminate these voluntary arrangements at any time.

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

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

21 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2014

The subadvisory fee for the Clearwater Core Equity Fund, payable to Parametric, Heartland and Osterweis, is equal to an annual rate of 0.15% of the portion of net assets managed, an annual rate of 0.65% of the portion of net assets managed and an annual rate of 0.75% of the portion of net assets managed, respectively. The subadvisory fee payable to Knightsbridge is equal to a fee schedule based on an annual rate of 0.75% on the first $20 million of the portion of net assets managed, decreasing to 0.50% of the portion of net assets managed in excess of $20 million.

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

The subadvisory fee for the Clearwater Tax-Exempt Bond Fund, payable to Sit, is equal to a fee schedule based on an annual rate of 0.40% on the first $20 million in net assets managed, decreasing to 0.30% on the next $30 million in net assets managed, decreasing to 0.25% on the next $25 million in net assets managed, decreasing to 0.20% on the next $175 million in net assets managed, and further decreasing to 0.18% of net assets managed in excess of $250 million.

The subadvisory fee for the Clearwater International Fund, payable to Parametric, is equal to an annual rate of 0.15% of the portion of net assets managed. The subadvisory fee payable to Artisan Partners is equal to a fee schedule based on an annual rate of 0.80% on the first $50 million of the portion of net assets managed, decreasing to 0.60% on the next $50 million of the portion of net assets managed, and further decreasing to 0.50% of the portion of net assets managed in excess of $100 million. The subadvisory fee payable to Denver is equal to a fee schedule based on an annual rate of 1.25% on the first $10 million of the portion of net assets managed, decreasing to 0.85% of the portion of net assets managed in excess of $10 million. The subadvisory fee payable to WCM is equal to an annual rate of 0.80% of the portion of net assets managed. The subadvisory fee payable to Templeton is equal to a fee schedule based on an annual rate of 0.95% on the first $25 million of the portion of net assets managed, decreasing to 0.85% on the next $25 million of the portion of net assets managed, decreasing to 0.75% on the next $50 million of the portion of net assets managed, decreasing to 0.65% on the next $150 million of the portion of net assets managed, decreasing to 0.55% on the next $250 million of the portion of net assets managed and further decreasing to 0.50% of the portion of net assets managed in excess of $500 million.

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

22 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2014

(8) Derivative Instruments

Information concerning the types of derivatives in which the International Fund invests, the objectives for using them and their related risks can be found in Note 2 (c). Below are the types of derivatives held in the International Fund by location as presented in the Statements of Assets and Liabilities as of June 30, 2014, with additional detail on the net amounts impacting the Statements of Assets and Liabilities. The forward foreign currency exchange contracts presented below are not subject to master netting agreements or other similar agreements.

	ASSETS			LIABILITIES
Derivative Type	Statements of Assets and Liabilities Location		Value	Statements of Assets and Liabilities Location		Value		Net Amounts of Assets Presented in the Statements of Assets and Liabilities	Counterparty
Forward foreign currency exchange contracts	Unrealized appreciation on forward foreign currency exchange contracts	$	-	Unrealized depreciation on forward foreign currency exchange contracts	$	42,849	$	(42,849)	Northern Trust

The following tables set forth by primary risk exposure the International Fund’s net realized gain (loss) and net increase (decrease) in appreciation/depreciation on forward foreign currency exchange contracts for the six months ended June 30, 2014:

Derivative Type	Statements of Operations Location		Value	Derivative Type	Statements of Operations Location		Value
Forward foreign currency exchange contracts	Net realized gain on forward foreign currency exchange contracts	$	134,143	Forward foreign currency exchange contracts	Net increase (decrease) in unrealized appreciation/depreciation on forward foreign currency exchange contracts	$	(298,383)

Derivative transactions are measured in terms of the notional amount. The following table presents, for the International Fund, the number of transactions and weighted average notional amounts, which is indicative of the volume of derivative activity, for the six months ended June 30, 2014.

Forward Foreign Currency Exchange Contracts
Number of Transactions	Weighted Average Notional Amount
5	$	131,625,336

23 (Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)

June 30, 2014

(9) Subsequent Events

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

24 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
Common Stocks:
	Consumer Discretionary:
	2,300	ABERCROMBIE & FITCH CO., CLASS A	$	50,218		99,475
	1,500	ADVANCE AUTO PARTS, INC.		53,557		202,380
	6,150	AMAZON.COM, INC.(b)		274,721		1,997,397
	1,600	AMC NETWORKS, INC., CLASS A(b)		25,785		98,384
	3,300	AMERICAN EAGLE OUTFITTERS, INC.		33,099		37,026
	37,632	AMERICAN PUBLIC EDUCATION, INC.(b)		1,489,733		1,293,788
	1,300	AUTOLIV, INC.(c)		29,596		138,554
	500	AUTOZONE, INC.(b)		32,038		268,120
	4,575	BED BATH & BEYOND, INC.(b)		120,780		262,514
	1,400	BIG LOTS, INC.(b)		15,477		63,980
	4,400	BORGWARNER, INC.		51,799		286,836
	750	BRINKER INTERNATIONAL, INC.		10,084		36,488
	4,168	CARMAX, INC.(b)		50,984		216,778
	2,700	CARNIVAL CORP.		80,825		101,655
	6,043	CBS CORP., CLASS B (NON VOTING)		52,350		375,512
	14,430	CHARTER COMMUNICATIONS, INC., CLASS A(b)		1,866,908		2,285,423
	600	CHICO’S FAS, INC.		5,619		10,176
	300	CHIPOTLE MEXICAN GRILL, INC.(b)		89,324		177,753
	68,820	CINEMARK HOLDINGS, INC.		1,340,356		2,433,475
	18,500	CLEAR CHANNEL OUTDOOR HOLDINGS, INC., CLASS A		62,472		151,330
	5,000	COACH, INC.		19,161		170,950
	36,800	COMCAST CORP., CLASS A		586,118		1,975,424
	1,345	CST BRANDS, INC.		11,311		46,402
	2,300	DARDEN RESTAURANTS, INC.		47,909		106,421
	2,400	DEVRY EDUCATION GROUP, INC.		44,808		101,616
	1,500	DICK’S SPORTING GOODS, INC.		24,803		69,840
	39,751	DIRECTV(b)		1,598,180		3,379,233
	2,800	DISCOVERY COMMUNICATIONS, INC., CLASS A(b)		168,186		207,984
	1,000	DOLLAR GENERAL CORP.(b)		46,180		57,360
	6,700	DOLLAR TREE, INC.(b)		61,517		364,882
	4,600	DR HORTON, INC.		22,057		113,068
	710	EXPEDIA, INC.		10,883		55,920
	500	FAMILY DOLLAR STORES, INC.		12,653		33,070
	3,000	FOOT LOCKER, INC.		40,394		152,160
	54,163	FORD MOTOR CO.		279,997		933,770
	3,600	GAMESTOP CORP., CLASS A		14,505		145,692
	5,700	GANNETT CO., INC.		51,200		178,467
	4,100	GAP (THE), INC.		58,946		170,437
	2,200	GARMIN LTD.(c)		40,557		133,980
	7,200	GENERAL MOTORS CO.		180,240		261,360
	7,500	GENTEX CORP.		106,860		218,175
	3,450	GENUINE PARTS CO.		102,425		302,910
	1,900	GOODYEAR TIRE & RUBBER (THE) CO.		26,258		52,782
	22,100	GROUPON, INC.(b)		169,823		146,302
	57,900	H&R BLOCK, INC.		799,932		1,940,808
	500	HANESBRANDS, INC.		10,750		49,220
	6,750	HARLEY-DAVIDSON, INC.		39,547		471,488
	4,300	HARMAN INTERNATIONAL INDUSTRIES, INC.		74,799		461,949
	400	HASBRO, INC.		10,206		21,220
	29,525	HOME DEPOT (THE), INC.		19,256		2,390,344
	15,600	INTERPUBLIC GROUP OF (THE) COS., INC.		40,950		304,356
	2,100	JARDEN CORP.(b)		25,277		124,635
	9,500	JOHNSON CONTROLS, INC.		262,575		474,335
	7,750	KOHL’S CORP.		86,001		408,270
	6,190	L BRANDS, INC.		70,745		363,105
	4,200	LAMAR ADVERTISING CO., CLASS A		55,664		222,600
	21,536	LANDS’ END, INC.(b)		621,845		723,179
	6,238	LAS VEGAS SANDS CORP.		182,807		475,460
	3,000	LEAR CORP.		128,814		267,960
	2,900	LENNAR CORP., CLASS A		38,266		121,742
	5,832	LIBERTY GLOBAL PLC, CLASS A(b)(c)		51,410		257,891
	7,374	LIBERTY GLOBAL PLC, SERIES C(b)(c)		64,301		311,994
	88,880	LIBERTY INTERACTIVE CORP., CLASS A(b)		1,551,796		2,609,517
	3,132	LIBERTY MEDIA CORP., CLASS A(b)		13,975		428,082
	1,580	LIBERTY VENTURES, SERIES A(b)		23,580		116,604
	1,200	LKQ CORP.(b)		14,970		32,028
	13,100	LOWE’S COS., INC.		335,332		628,669

See accompanying notes to the financial statements. 25 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Consumer Discretionary (Cont’d):
	5,000	MACY’S, INC.	$	81,375		290,100
	66,130	MARKS & SPENCER GROUP PLC ADR(c)(d)		772,476		960,208
	4,969	MARRIOTT INTERNATIONAL, INC., CLASS A		60,013		318,513
	496	MARRIOTT VACATIONS WORLDWIDE CORP.(b)		3,643		29,080
	4,200	MATTEL, INC.		65,973		163,674
	16,002	MCDONALD’S CORP.		358,888		1,612,041
	6,600	MGM RESORTS INTERNATIONAL(b)		54,921		174,240
	2,300	MICHAEL KORS HOLDINGS LTD.(b)(c)		143,056		203,895
	600	MOHAWK INDUSTRIES, INC.(b)		26,796		83,004
	1,400	MORNINGSTAR, INC.		57,577		100,534
	35,323	MURPHY USA, INC.(b)		1,388,911		1,726,941
	700	NETFLIX, INC.(b)		41,142		308,420
	2,200	NEWELL RUBBERMAID, INC.		26,950		68,178
	7,175	NEWS CORP., CLASS A(b)		36,051		128,720
	11,100	NIKE, INC., CLASS B		238,633		860,805
	4,300	NORDSTROM, INC.		45,233		292,099
	100	NVR, INC.(b)		51,542		115,060
	2,695	OMNICOM GROUP, INC.		78,532		191,938
	2,300	O’REILLY AUTOMOTIVE, INC.(b)		69,868		346,380
	1,500	PANERA BREAD CO., CLASS A(b)		69,667		224,745
	2,600	PETSMART, INC.		55,966		155,480
	800	PRICELINE GROUP (THE), INC.(b)		194,799		962,400
	14,100	PULTEGROUP, INC.		58,797		284,256
	600	PVH CORP.		22,503		69,960
	1,500	RALPH LAUREN CORP.		31,320		241,035
	3,000	REGAL ENTERTAINMENT GROUP, CLASS A		28,787		63,300
	4,600	ROSS STORES, INC.		36,395		304,198
	30,020	ROYAL CARIBBEAN CRUISES LTD.		906,417		1,669,112
	600	SCRIPPS NETWORKS INTERACTIVE, INC., CLASS A		21,337		48,684
	71,600	SEARS HOLDINGS CORP.(b)		2,655,844		2,861,136
	10,400	SERVICE CORP. INTERNATIONAL		74,152		215,488
	11,000	SIRIUS XM HOLDINGS, INC.(b)		29,370		38,060
	14,250	STARBUCKS CORP.		182,045		1,102,665
	710	STARWOOD HOTELS & RESORTS WORLDWIDE, INC.		14,193		57,382
	12,200	TARGET CORP.		353,659		706,990
	1,000	TEMPUR SEALY INTERNATIONAL, INC.(b)		31,500		59,700
	2,100	TESLA MOTORS, INC.(b)		147,498		504,126
	6,200	THOMSON REUTERS CORP.		178,087		225,432
	1,900	THOR INDUSTRIES, INC.		22,315		108,053
	4,200	TIFFANY & CO.		122,192		421,050
	5,979	TIME WARNER CABLE, INC.		194,383		880,707
	21,033	TIME WARNER, INC.		457,012		1,477,568
	2,629	TIME, INC.(b)		19,683		63,674
	10,094	TJX (THE) COS., INC.		86,033		536,496
	400	TRACTOR SUPPLY CO.		20,180		24,160
	2,210	TRIPADVISOR, INC.(b)		42,908		240,139
	900	TRW AUTOMOTIVE HOLDINGS CORP.(b)		21,698		80,568
	21,400	TWENTY-FIRST CENTURY FOX, INC., CLASS A		165,966		752,210
	1,000	UNDER ARMOUR, INC., CLASS A(b)		23,330		59,490
	2,127	URBAN OUTFITTERS, INC.(b)		37,857		72,020
	22,963	VERA BRADLEY, INC.(b)		477,369		502,201
	6,800	VF CORP.		87,065		428,400
	32,607	VIACOM, INC., CLASS B		1,360,367		2,828,005
	800	VISTEON CORP.(b)		33,968		77,608
	29,560	WALT DISNEY (THE) CO.		578,637		2,534,474
	2,100	WHIRLPOOL CORP.		89,510		292,362
	5,475	WYNDHAM WORLDWIDE CORP.		24,501		414,567
	1,600	WYNN RESORTS LTD.		32,322		332,096
	9,016	YUM! BRANDS, INC.		78,831		732,099
				26,653,537		63,746,631		11.69	%
	Consumer Staples:
	29,200	ALTRIA GROUP, INC.		128,021		1,224,648
	11,500	ARCHER-DANIELS-MIDLAND CO.		219,815		507,265
	2,916	BROWN-FORMAN CORP., CLASS B		57,343		274,600
	15,219	BUNGE LTD.		937,683		1,151,165
	4,000	CHURCH & DWIGHT CO., INC.		100,310		279,800

See accompanying notes to the financial statements. 26 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Consumer Staples (Cont’d):
	3,000	CLOROX (THE) CO.	$	154,515		274,200
	64,481	COCA-COLA (THE) CO.		991,395		2,731,415
	1,900	COCA-COLA ENTERPRISES, INC.		80,180		90,782
	16,980	COLGATE-PALMOLIVE CO.		539,355		1,157,696
	2,700	CONAGRA FOODS, INC.		55,905		80,136
	4,600	CONSTELLATION BRANDS, INC., CLASS A(b)		63,227		405,398
	7,800	COSTCO WHOLESALE CORP.		237,671		898,248
	470	CRIMSON WINE GROUP LTD.(b)		2,671		4,254
	16,225	CVS CAREMARK CORP.		642,050		1,222,878
	750	DEAN FOODS CO.		12,421		13,192
	16,185	DIAGEO PLC ADR(c)(d)		1,214,077		2,059,865
	6,000	DR PEPPER SNAPPLE GROUP, INC.		125,060		351,480
	397	ENERGIZER HOLDINGS, INC.		20,533		48,446
	3,734	ESTEE LAUDER (THE) COS., INC., CLASS A		70,943		277,287
	2,700	FLOWERS FOODS, INC.		25,434		56,916
	12,400	GENERAL MILLS, INC.		277,055		651,496
	3,300	HERBALIFE LTD.		45,262		212,982
	2,342	HERSHEY (THE) CO.		112,137		228,041
	800	HILLSHIRE BRANDS (THE) CO.		23,592		49,840
	2,400	HORMEL FOODS CORP.		43,206		118,440
	1,700	INGREDION, INC.		48,103		127,568
	1,600	JM SMUCKER (THE) CO.		64,617		170,512
	2,700	KELLOGG CO.		155,123		177,390
	5,800	KEURIG GREEN MOUNTAIN, INC.		122,296		722,738
	1,550	KIMBERLY-CLARK CORP.		72,786		172,391
	7,679	KRAFT FOODS GROUP, INC.		111,450		460,356
	13,400	KROGER (THE) CO.		228,089		662,362
	5,322	LORILLARD, INC.		80,950		324,482
	700	MCCORMICK & CO., INC. (NON VOTING)		21,613		50,113
	2,200	MEAD JOHNSON NUTRITION CO.		103,422		204,974
	1,300	MOLSON COORS BREWING CO., CLASS B		37,840		96,408
	26,338	MONDELEZ INTERNATIONAL, INC., CLASS A		285,157		990,572
	1,400	MONSTER BEVERAGE CORP.(b)		44,343		99,442
	27,391	PEPSICO, INC.		1,025,750		2,447,112
	30,132	PHILIP MORRIS INTERNATIONAL, INC.		261,758		2,540,429
	200	POST HOLDINGS, INC.(b)		4,616		10,182
	45,360	PROCTER & GAMBLE (THE) CO.		772,158		3,564,842
	3,500	REYNOLDS AMERICAN, INC.		50,449		211,225
	1,600	SAFEWAY, INC.		28,960		54,944
	8,000	SYSCO CORP.		124,114		299,600
	6,010	TYSON FOODS, INC., CLASS A		53,610		225,615
	48,000	UNILEVER N.V. (REGISTERED)(c)		1,454,959		2,100,480
	20,150	WALGREEN CO.		231,445		1,493,720
	19,723	WAL-MART STORES, INC.		776,452		1,480,606
	8,800	WHOLE FOODS MARKET, INC.		116,393		339,944
				12,456,314		33,398,477		6.13	%
	Energy:
	9,446	ANADARKO PETROLEUM CORP.		319,802		1,034,054
	2,000	APACHE CORP.		160,522		201,240
	600	ATWOOD OCEANICS, INC.(b)		18,078		31,488
	27,311	BAKER HUGHES, INC.		1,490,910		2,033,304
	62,000	BP PLC ADR(c) (d)		2,753,380		3,270,500
	3,400	CABOT OIL & GAS CORP.		76,023		116,076
	4,800	CAMERON INTERNATIONAL CORP.(b)		124,988		325,008
	146,100	CHESAPEAKE ENERGY CORP.		2,686,183		4,540,788
	33,195	CHEVRON CORP.		1,449,959		4,333,607
	400	CIMAREX ENERGY CO.		24,076		57,384
	7,200	COBALT INTERNATIONAL ENERGY, INC.(b)		63,000		132,120
	1,700	CONCHO RESOURCES, INC.(b)		49,631		245,650
	25,444	CONOCOPHILLIPS		460,670		2,181,314
	4,531	CONSOL ENERGY, INC.		118,221		208,743
	1,000	CONTINENTAL RESOURCES, INC.(b)		20,765		158,040
	9,300	DENBURY RESOURCES, INC.		88,950		171,678
	34,743	DEVON ENERGY CORP.		2,174,196		2,758,594
	3,000	DRESSER-RAND GROUP, INC.(b)		98,595		191,190
	1,597	ENSCO PLC, CLASS A(c)		62,508		88,745
	9,600	EOG RESOURCES, INC.		62,765		1,121,856
	4,000	EQT CORP.		132,900		427,600

See accompanying notes to the financial statements. 27 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Energy (Cont’d):
	73,551	EXXON MOBIL CORP.	$	2,863,497		7,405,115
	3,900	FMC TECHNOLOGIES, INC.(b)		97,950		238,173
	14,958	HALLIBURTON CO.		295,103		1,062,168
	3,100	HELMERICH & PAYNE, INC.		39,003		359,941
	10,195	HESS CORP.		491,296		1,008,183
	4,000	HOLLYFRONTIER CORP.		52,098		174,760
	153,835	KEY ENERGY SERVICES, INC.(b)		1,390,366		1,406,052
	7,412	KINDER MORGAN, INC.		67,014		268,759
	6,400	KOSMOS ENERGY LTD.(b)(c)		61,257		71,872
	5,000	MARATHON OIL CORP.		152,135		199,600
	3,600	MARATHON PETROLEUM CORP.		199,978		281,052
	5,500	MCDERMOTT INTERNATIONAL, INC.(b)		36,783		44,495
	2,400	MURPHY OIL CORP.		27,663		159,552
	4,700	NABORS INDUSTRIES LTD.(c)		70,547		138,039
	8,722	NATIONAL OILWELL VARCO, INC.		193,630		718,257
	1,200	NEWFIELD EXPLORATION CO.(b)		27,012		53,040
	8,400	NOBLE ENERGY, INC.		158,333		650,664
	32,305	OCCIDENTAL PETROLEUM CORP.		1,432,435		3,315,462
	2,500	OCEANEERING INTERNATIONAL, INC.		66,222		195,325
	400	OIL STATES INTERNATIONAL, INC.(b)		17,546		25,636
	2,000	ONEOK, INC.		27,592		136,160
	2,500	PATTERSON-UTI ENERGY, INC.		46,600		87,350
	503,000	PENGROWTH ENERGY CORP.(c)		2,317,791		3,611,540
	13,372	PHILLIPS 66		156,993		1,075,510
	3,200	PIONEER NATURAL RESOURCES CO.		48,507		735,392
	1,200	RANGE RESOURCES CORP.		39,654		104,340
	700	ROWAN COS. PLC, CLASS A		23,660		22,351
	36,800	SANDRIDGE ENERGY, INC.(b)		192,048		263,120
	24,100	SCHLUMBERGER LTD.		848,876		2,842,595
	127,800	SCORPIO TANKERS, INC.(c)		1,288,287		1,299,726
	1,100	SM ENERGY CO.		57,442		92,510
	7,200	SOUTHWESTERN ENERGY CO.(b)		107,060		327,528
	10,954	SPECTRA ENERGY CORP.		155,906		465,326
	1,200	TESORO CORP.		24,660		70,404
	29,526	TIDEWATER, INC.		1,450,478		1,657,885
	23,441	UNIT CORP.(b)		1,185,492		1,613,444
	12,110	VALERO ENERGY CORP.		119,502		606,711
	2,600	WHITING PETROLEUM CORP.(b)		73,760		208,650
	6,600	WILLIAMS (THE) COS., INC.		139,909		384,186
	69,535	WPX ENERGY, INC.(b)		1,549,252		1,662,582
				30,029,459		58,672,434		10.76	%
	Financials:
	5,300	ACE LTD.(c)		280,788		549,610
	1,100	AFFILIATED MANAGERS GROUP, INC.(b)		73,654		225,940
	9,850	AFLAC, INC.		262,100		613,162
	2,100	ALEXANDRIA REAL ESTATE EQUITIES, INC.		110,671		163,044
	4,346	ALLEGHANY CORP.(b)		1,209,887		1,904,070
	8,100	ALLIED WORLD ASSURANCE CO. HOLDINGS A.G.(c)		86,630		307,962
	8,300	ALLSTATE (THE) CORP.		197,623		487,376
	800	AMERICAN CAMPUS COMMUNITIES, INC.		29,341		30,592
	6,400	AMERICAN CAPITAL AGENCY CORP.		149,488		149,824
	18,333	AMERICAN EXPRESS CO.		546,904		1,739,252
	1,800	AMERICAN FINANCIAL GROUP, INC.		29,745		107,208
	101,000	AMERICAN INTERNATIONAL GROUP, INC.		2,881,346		5,512,580
	22,580	AMERICAN INTERNATIONAL GROUP, INC.- (FRACTIONAL SHARES)		-		-
	3,450	AMERICAN TOWER CORP.		159,151		310,431
	5,191	AMERIPRISE FINANCIAL, INC.		160,907		622,920
	7,300	ANNALY CAPITAL MANAGEMENT, INC.		86,724		83,439
	4,748	AON PLC(c)		110,582		427,747
	3,628	APARTMENT INVESTMENT & MANAGEMENT CO., CLASS A		39,421		117,076
	4,800	ARCH CAPITAL GROUP LTD.(b)(c)		101,982		275,712
	1,600	ARTHUR J GALLAGHER & CO.		34,040		74,560
	2,500	ASSURANT, INC.		60,538		163,875
	734	AVALONBAY COMMUNITIES, INC.		31,138		104,367
	900	AXIS CAPITAL HOLDINGS LTD.(c)		23,391		39,852
	432,000	BANK OF AMERICA CORP.		4,490,969		6,639,840
	56,783	BANK OF NEW YORK MELLON (THE) CORP.		1,287,045		2,128,227

See accompanying notes to the financial statements. 28 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Financials (Cont’d):
	43,078	BB&T CORP.	$	1,067,364		1,698,566
	28,000	BERKSHIRE HATHAWAY, INC., CLASS B(b)		2,296,518		3,543,680
	709,000	BFC FINANCIAL CORP., CLASS A(b)		2,859,268		2,623,300
	2,500	BIOMED REALTY TRUST, INC.		44,395		54,575
	1,600	BLACKROCK, INC.		300,619		511,360
	95,261	BOSTON PRIVATE FINANCIAL HOLDINGS, INC.		1,001,243		1,280,308
	3,388	BOSTON PROPERTIES, INC.		171,468		400,394
	2,800	BRANDYWINE REALTY TRUST		31,473		43,680
	900	CAMDEN PROPERTY TRUST		24,065		64,035
	167,357	CAMPUS CREST COMMUNITIES, INC.		1,565,640		1,449,312
	29,984	CAPITAL ONE FINANCIAL CORP.		1,286,775		2,476,678
	5,300	CBL & ASSOCIATES PROPERTIES, INC.		96,937		100,700
	2,500	CBRE GROUP, INC., CLASS A(b)		50,579		80,100
	21,400	CHARLES SCHWAB (THE) CORP.		186,608		576,302
	36,400	CHIMERA INVESTMENT CORP.		84,259		116,116
	2,700	CHUBB (THE) CORP.		86,607		248,859
	2,800	CIT GROUP, INC.		100,145		128,128
	43,581	CITIGROUP, INC.		1,510,680		2,052,665
	2,000	CITY NATIONAL CORP.		75,539		151,520
	1,365	CME GROUP, INC.		50,304		96,847
	1,100	CNA FINANCIAL CORP.		25,102		44,462
	800	COMERICA, INC.		25,288		40,128
	735	COMMERCE BANCSHARES, INC.		25,578		34,178
	4,800	CORPORATE OFFICE PROPERTIES TRUST		107,156		133,488
	3,045	CORRECTIONS CORP. OF AMERICA		64,631		100,028
	4,600	CROWN CASTLE INTERNATIONAL CORP.		194,396		341,596
	816	CULLEN/FROST BANKERS, INC.		45,125		64,807
	8,500	DDR CORP.		112,376		149,855
	58,055	DIGITAL REALTY TRUST, INC.		2,975,977		3,385,768
	16,287	DISCOVER FINANCIAL SERVICES		233,079		1,009,468
	5,200	DOUGLAS EMMETT, INC.		58,109		146,744
	1,700	DUKE REALTY CORP.		28,471		30,872
	6,000	E*TRADE FINANCIAL CORP.(b)		48,576		127,560
	1,100	EAST WEST BANCORP, INC.		25,190		38,489
	900	ENDURANCE SPECIALTY HOLDINGS LTD.(c)		25,106		46,431
	800	EQUITY LIFESTYLE PROPERTIES, INC.		26,920		35,328
	8,216	EQUITY RESIDENTIAL		331,618		517,608
	875	ESSEX PROPERTY TRUST, INC.		106,279		161,796
	900	FEDERAL REALTY INVESTMENT TRUST		48,326		108,828
	1,863	FIDELITY NATIONAL FINANCIAL, INC., CLASS A		25,990		61,032
	25,300	FIFTH THIRD BANCORP		220,963		540,155
	400	FIRST CITIZENS BANCSHARES, INC., CLASS A		57,523		98,000
	30,500	FIRST HORIZON NATIONAL CORP.		193,065		361,730
	28,087	FIRST INTERSTATE BANCSYSTEM, INC.		405,231		763,405
	15,200	FIRST NIAGARA FINANCIAL GROUP, INC.		120,688		132,848
	10,077	FRANKLIN RESOURCES, INC.		189,834		582,854
	6,400	GENERAL GROWTH PROPERTIES, INC.		122,757		150,784
	10,800	GENWORTH FINANCIAL, INC., CLASS A(b)		57,035		187,920
	108,000	GETTY REALTY CORP.		1,769,035		2,060,640
	8,500	GOLDMAN SACHS GROUP (THE), INC.		723,238		1,423,240
	3,500	GREENHILL & CO., INC.		106,120		172,375
	3,700	HARTFORD FINANCIAL SERVICES GROUP (THE), INC.		62,228		132,497
	1,000	HCC INSURANCE HOLDINGS, INC.		24,155		48,940
	7,600	HCP, INC.		126,147		314,488
	4,300	HEALTH CARE REIT, INC.		221,806		269,481
	8,500	HEALTHCARE TRUST OF AMERICA, INC., CLASS A		97,644		102,340
	500	HOME PROPERTIES, INC.		30,360		31,980
	2,900	HOSPITALITY PROPERTIES TRUST		49,495		88,160
	16,122	HOST HOTELS & RESORTS, INC.		138,445		354,845
	678	HOWARD HUGHES (THE) CORP.(b)		20,502		107,009
	10,500	HUDSON CITY BANCORP, INC.		65,625		103,215
	35,000	HUNTINGTON BANCSHARES, INC.		169,771		333,900
	701	INTERCONTINENTAL EXCHANGE, INC.		89,127		132,419
	11,400	INVESCO LTD.		176,069		430,350
	33,700	JANUS CAPITAL GROUP, INC.		222,792		420,576
	700	JONES LANG LASALLE, INC.		39,951		88,473
	60,546	JPMORGAN CHASE & CO.		1,549,200		3,488,661
	11,700	KEYCORP		80,299		167,661

See accompanying notes to the financial statements. 29 (Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Financials (Cont’d):
	600	KILROY REALTY CORP.	$	31,559		37,368
	8,201	KIMCO REALTY CORP.		96,934		188,459
	3,752	LEGG MASON, INC.		52,584		192,515
	5,900	LEUCADIA NATIONAL CORP.		127,376		154,698
	1,100	LIBERTY PROPERTY TRUST		23,946		41,723
	1,100	LINCOLN NATIONAL CORP.		22,715		56,584
	6,000	LOEWS CORP.		131,444		264,060
	2,000	M&T BANK CORP.		145,114		248,100
	5,123	MACERICH (THE) CO.		121,389		341,960
	200	MARKEL CORP.(b)		67,789		131,128
	5,478	MARSH & MCLENNAN COS., INC.		153,199		283,870
	3,100	MBIA, INC.(b)		25,265		34,224
	3,600	MCGRAW HILL FINANCIAL, INC.		84,305		298,908
	1,300	MERCURY GENERAL CORP.		38,018		61,152
	12,400	METLIFE, INC.		380,550		688,944
	1,200	MID-AMERICA APARTMENT COMMUNITIES, INC.		78,360		87,660
	2,200	MOODY’S CORP.		77,502		192,852
	21,600	MORGAN STANLEY		332,129		698,328
	3,900	MSCI, INC.(b)		124,722		178,815
	1,800	NASDAQ OMX GROUP (THE), INC.		45,036		69,516
	188,600	NAVIENT CORP.		2,896,870		3,340,106
	199,375	NEW RESIDENTIAL INVESTMENT CORP.		1,155,570		1,256,062
	7,649	NEW YORK COMMUNITY BANCORP, INC.		86,776		122,231
	300,410	NEWCASTLE INVESTMENT CORP.		1,223,947		1,438,964
	1,402	NORTHERN TRUST CORP.		66,115		90,022
	247,100	OLD REPUBLIC INTERNATIONAL CORP.		2,450,161		4,087,034
	4,539	PACWEST BANCORP		65,912		195,949
	2,200	PARTNERRE LTD.(c)		119,028		240,262
	5,200	PEOPLE’S UNITED FINANCIAL, INC.		68,068		78,884
	62,460	PHH CORP.(b)		1,402,341		1,435,331
	4,385	PLUM CREEK TIMBER CO., INC.		105,969		197,764
	26,027	PNC FINANCIAL SERVICES GROUP (THE), INC.		1,363,412		2,317,704
	1,600	POPULAR, INC.(b)(c)		33,280		54,688
	32,300	PRINCIPAL FINANCIAL GROUP, INC.		1,223,487		1,630,504
	6,048	PROGRESSIVE (THE) CORP.		80,691		153,377
	10,169	PROLOGIS, INC.		257,893		417,844
	2,200	PROTECTIVE LIFE CORP.		24,849		152,526
	8,500	PRUDENTIAL FINANCIAL, INC.		257,378		754,545
	2,261	PUBLIC STORAGE		235,264		387,422
	6,972	RAYONIER, INC.		78,189		247,855
	2,700	REALTY INCOME CORP.		58,917		119,934
	3,900	REGENCY CENTERS CORP.		91,178		217,152
	15,799	REGIONS FINANCIAL CORP.		86,452		167,785
	9,800	RETAIL PROPERTIES OF AMERICA, INC., CLASS A		85,871		150,724
	7,500	SEI INVESTMENTS CO.		108,537		245,775
	3,900	SENIOR HOUSING PROPERTIES TRUST		80,450		94,731
	400	SIGNATURE BANK(b)		29,712		50,472
	132,000	SILVER BAY REALTY TRUST CORP.		2,407,027		2,154,240
	3,595	SIMON PROPERTY GROUP, INC.		148,165		597,776
	1,900	SL GREEN REALTY CORP.		58,203		207,879
	12,600	SLM CORP.		48,157		104,706
	3,000	SPIRIT REALTY CAPITAL, INC.		28,078		34,080
	2,700	ST. JOE (THE) CO.(b)		42,426		68,661
	1,200	STARWOOD PROPERTY TRUST, INC.		29,604		28,524
	240	STARWOOD WAYPOINT RESIDENTIAL TRUST(b)		6,960		6,290
	6,000	STATE STREET CORP.		262,103		403,560
	36,220	STONEGATE MORTGAGE CORP.(b)		615,094		505,269
	6,634	SUNTRUST BANKS, INC.		92,816		265,758
	3,657	SYNOVUS FINANCIAL CORP.		48,738		89,158
	6,349	T ROWE PRICE GROUP, INC.		125,884		535,919
	2,100	TAUBMAN CENTERS, INC.		59,294		159,201
	12,000	TCF FINANCIAL CORP.		111,496		196,440
	2,600	TFS FINANCIAL CORP.(b)		25,038		37,076
	3,600	TORCHMARK CORP.		95,047		294,912
	9,588	TRAVELERS (THE) COS., INC.		334,488		901,943
	7,600	TWO HARBORS INVESTMENT CORP.		77,164		79,648
	4,100	UDR, INC.		65,319		117,383
	1,600	UNUM GROUP		33,328		55,616

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Financials (Cont’d):
	17,885	US BANCORP	$	325,796		774,778
	1,100	VALIDUS HOLDINGS LTD.(c)		23,556		42,064
	3,200	VALLEY NATIONAL BANCORP		29,792		31,712
	3,800	VENTAS, INC.		201,381		243,580
	2,600	VORNADO REALTY TRUST		198,652		277,498
	2,400	VOYA FINANCIAL, INC.		64,032		87,216
	2,900	WADDELL & REED FINANCIAL, INC., CLASS A		75,336		181,511
	41,660	WASHINGTON FEDERAL, INC.		721,829		934,434
	1,797	WASHINGTON PRIME GROUP, INC.(b)		9,413		33,676
	2,100	WEINGARTEN REALTY INVESTORS		30,001		68,964
	85,445	WELLS FARGO & CO.		1,229,493		4,490,989
	5,300	WEYERHAEUSER CO.		159,708		175,377
	62	WHITE MOUNTAINS INSURANCE GROUP LTD.		32,418		37,723
	1,106	WR BERKLEY CORP.		29,276		51,219
	4,900	XL GROUP PLC(c)		95,648		160,377
	51,199	ZIONS BANCORPORATION		1,505,953		1,508,834
				62,339,915		99,983,705		18.34	%
	Health Care:
	17,435	ABBOTT LABORATORIES		380,902		713,092
	23,735	ABBVIE, INC.		606,253		1,339,603
	3,175	ACTAVIS PLC(b)		79,361		708,184
	4,503	AETNA, INC.		34,521		365,103
	5,600	AGILENT TECHNOLOGIES, INC.		221,244		321,664
	4,200	ALERE, INC.(b)		77,812		157,164
	3,000	ALEXION PHARMACEUTICALS, INC.(b)		58,087		468,750
	5,507	ALLERGAN, INC.		201,259		931,895
	7,200	AMERISOURCEBERGEN CORP.		115,968		523,152
	16,000	AMGEN, INC.		64,848		1,893,920
	4,200	BAXTER INTERNATIONAL, INC.		220,382		303,660
	17,970	BAYER A.G. ADR(c)(d)		1,257,826		2,538,622
	2,500	BECTON DICKINSON AND CO.		143,665		295,750
	5,250	BIOGEN IDEC, INC.(b)		66,399		1,655,378
	900	BIOMARIN PHARMACEUTICAL, INC.(b)		45,432		55,989
	32,800	BOSTON SCIENTIFIC CORP.(b)		182,160		418,856
	27,500	BRISTOL-MYERS SQUIBB CO.		730,394		1,334,025
	3,400	CARDINAL HEALTH, INC.		128,461		233,104
	1,800	CATAMARAN CORP.(b)		60,287		79,488
	14,072	CELGENE CORP.(b)		198,565		1,208,503
	3,600	CERNER CORP.(b)		40,603		185,688
	5,700	CIGNA CORP.		89,680		524,229
	3,879	COMMUNITY HEALTH SYSTEMS, INC.(b)		68,097		175,990
	4,100	COVIDIEN PLC(c)		186,882		369,738
	1,200	CR BARD, INC.		72,420		171,612
	2,850	DAVITA HEALTHCARE PARTNERS, INC.(b)		21,812		206,112
	3,700	DENTSPLY INTERNATIONAL, INC.		102,582		175,195
	3,800	EDWARDS LIFESCIENCES CORP.(b)		118,151		326,192
	7,100	ELI LILLY & CO.		239,060		441,407
	4,200	ENDO INTERNATIONAL PLC(b)(c)		110,376		294,084
	16,502	EXPRESS SCRIPTS HOLDING CO.(b)		241,921		1,144,084
	3,700	FOREST LABORATORIES, INC.(b)		127,525		366,300
	27,920	GILEAD SCIENCES, INC.(b)		226,342		2,314,847
	1,300	HEALTH NET, INC.(b)		31,603		54,002
	58,140	HEALTHSOUTH CORP.		1,044,126		2,085,482
	1,900	HENRY SCHEIN, INC.(b)		86,166		225,473
	7,208	HOLOGIC, INC.(b)		102,880		182,723
	1,805	HOSPIRA, INC.(b)		47,736		92,723
	3,900	HUMANA, INC.		39,107		498,108
	1,400	IDEXX LABORATORIES, INC.(b)		60,410		186,998
	2,300	ILLUMINA, INC.(b)		98,233		410,642
	300	INTUITIVE SURGICAL, INC.(b)		112,800		123,540
	66,693	JOHNSON & JOHNSON		3,074,466		6,977,422
	800	LABORATORY CORP. OF AMERICA HOLDINGS(b)		18,788		81,920
	5,700	MCKESSON CORP.		202,597		1,061,397
	16,900	MEDTRONIC, INC.		617,995		1,077,544
	49,878	MERCK & CO., INC.		1,199,047		2,885,442
	1,321	METTLER-TOLEDO INTERNATIONAL, INC.(b)		91,350		334,451
	4,600	MYLAN, INC.(b)		85,192		237,176

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Health Care (Cont’d):
	21,945	NOVARTIS A.G. ADR(c)(d)	$	1,287,171		1,986,681
	1,600	PATTERSON COS., INC.		29,864		63,216
	3,400	PERKINELMER, INC.		53,706		159,256
	166,719	PFIZER, INC.		1,746,348		4,948,220
	2,400	QIAGEN N.V.(b)(c)		43,584		58,680
	28,759	QUEST DIAGNOSTICS, INC.		1,534,500		1,687,866
	1,200	REGENERON PHARMACEUTICALS, INC.(b)		187,859		338,964
	4,000	RESMED, INC.		81,990		202,520
	600	SALIX PHARMACEUTICALS LTD.(b)		24,294		74,010
	26,745	SANOFI ADR(c)(d)		1,396,231		1,422,031
	900	SIRONA DENTAL SYSTEMS, INC.(b)		38,745		74,214
	4,539	ST. JUDE MEDICAL, INC.		114,088		314,326
	4,700	STRYKER CORP.		18,139		396,304
	20,625	TELEFLEX, INC.		1,094,711		2,178,000
	35,670	TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(c)(d)		1,376,046		1,869,821
	6,700	THERMO FISHER SCIENTIFIC, INC.		138,728		790,600
	77,370	TRIPLE-S MANAGEMENT CORP., CLASS B(b)(c)		1,441,335		1,387,244
	16,802	UNITEDHEALTH GROUP, INC.		263,626		1,373,563
	2,036	UNIVERSAL HEALTH SERVICES, INC., CLASS B		38,822		194,967
	20,130	VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b)		566,080		2,538,795
	4,700	VARIAN MEDICAL SYSTEMS, INC.(b)		173,242		390,758
	3,000	VERTEX PHARMACEUTICALS, INC.(b)		74,805		284,040
	2,600	WATERS CORP.(b)		60,997		271,544
	9,249	WELLPOINT, INC.		325,438		995,285
	3,374	ZIMMER HOLDINGS, INC.		140,047		350,424
				25,682,169		63,107,752		11.57	%
	Industrials:
	7,987	3M CO.		480,442		1,144,058
	948	ACCO BRANDS CORP.(b)		3,315		6,077
	38,593	ADT (THE) CORP.		1,174,484		1,348,439
	1,410	AGCO CORP.		54,377		79,270
	75,330	AIR LEASE CORP.		1,868,329		2,906,231
	1,533	ALLEGION PLC(c)		40,913		86,890
	5,175	AMETEK, INC.		73,221		270,549
	1,700	B/E AEROSPACE, INC.(b)		47,626		157,233
	29,760	BOEING (THE) CO.		1,404,260		3,786,365
	2,200	CARLISLE COS., INC.		45,116		190,564
	11,004	CATERPILLAR, INC.		295,368		1,195,805
	2,500	CHICAGO BRIDGE & IRON CO. N.V.(c)		50,995		170,500
	800	CIVEO CORP.(b)		13,166		20,024
	400	COLFAX CORP.(b)		29,484		29,816
	2,027	CON-WAY, INC.		44,529		102,181
	800	COPA HOLDINGS S.A., CLASS A(c)		32,619		114,056
	3,948	CRANE CO.		66,572		293,573
	27,900	CSX CORP.		97,923		859,599
	3,700	CUMMINS, INC.		50,756		570,873
	11,163	DANAHER CORP.		255,642		878,863
	7,300	DEERE & CO.		199,160		661,015
	10,100	DELTA AIR LINES, INC.		100,965		391,072
	1,460	DONALDSON CO., INC.		38,557		61,787
	2,125	DOVER CORP.		61,065		193,269
	1,987	DUN & BRADSTREET (THE) CORP.		49,383		218,967
	8,384	EATON CORP. PLC		149,387		647,077
	15,500	EMERSON ELECTRIC CO.		422,332		1,028,580
	194,000	EXELIS, INC.		2,211,224		3,294,120
	900	EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.		26,150		39,744
	1,600	FASTENAL CO.		34,863		79,184
	6,653	FEDEX CORP.		130,734		1,007,131
	300	FLOWSERVE CORP.		14,470		22,305
	1,950	FLUOR CORP.		26,013		149,955
	4,300	FORTUNE BRANDS HOME & SECURITY, INC.		33,889		171,699
	1,400	GATX CORP.		24,276		93,716
	2,500	GENERAL CABLE CORP.		60,825		64,150
	3,100	GENERAL DYNAMICS CORP.		204,878		361,305
	310,100	GENERAL ELECTRIC CO.		4,828,483		8,149,428
	1,600	HARSCO CORP.		28,236		42,608
	6,600	HERTZ GLOBAL HOLDINGS, INC.(b)		37,676		184,998
	9,288	HONEYWELL INTERNATIONAL, INC.		285,338		863,320

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Industrials (Cont’d):
	1,200	HUBBELL, INC., CLASS B	$	43,310		147,780
	610	HUNTINGTON INGALLS INDUSTRIES, INC.		14,978		57,700
	2,500	IDEX CORP.		58,238		201,850
	700	IHS, INC., CLASS A(b)		30,839		94,969
	5,624	ILLINOIS TOOL WORKS, INC.		205,252		492,437
	4,600	INGERSOLL-RAND PLC		160,916		287,546
	1,524	IRON MOUNTAIN, INC.		35,583		54,026
	800	ITT CORP.		8,681		38,480
	1,468	JACOBS ENGINEERING GROUP, INC.(b)		29,713		78,215
	2,100	JB HUNT TRANSPORT SERVICES, INC.		40,530		154,938
	176,290	JETBLUE AIRWAYS CORP.(b)		1,122,110		1,912,746
	26,038	JOY GLOBAL, INC.		1,400,097		1,603,420
	2,900	KANSAS CITY SOUTHERN		46,328		311,779
	88,826	KBR, INC.		2,556,638		2,118,500
	400	KIRBY CORP.(b)		24,760		46,856
	1,100	L-3 COMMUNICATIONS HOLDINGS, INC.		49,763		132,825
	1,200	LANDSTAR SYSTEM, INC.		38,351		76,800
	26,425	LATAM AIRLINES GROUP S.A. ADR(b)(c)(d)		420,167		354,624
	900	LENNOX INTERNATIONAL, INC.		26,811		80,613
	1,400	LINCOLN ELECTRIC HOLDINGS, INC.		28,970		97,832
	2,900	LOCKHEED MARTIN CORP.		102,203		466,117
	4,800	MANITOWOC (THE) CO., INC.		47,568		157,728
	2,475	MANPOWERGROUP, INC.		81,958		210,004
	13,200	MASCO CORP.		97,548		293,040
	22,741	MASTEC, INC.(b)		671,931		700,878
	2,200	NAVISTAR INTERNATIONAL CORP.(b)		47,586		82,456
	2,000	NIELSEN N.V.		61,200		96,820
	700	NORDSON CORP.		29,470		56,133
	4,760	NORFOLK SOUTHERN CORP.		99,373		490,423
	3,660	NORTHROP GRUMMAN CORP.		139,878		437,846
	2,180	NOW, INC.(b)		21,218		78,938
	6,300	OSHKOSH CORP.		109,053		349,839
	1,100	OWENS CORNING		22,578		42,548
	8,389	PACCAR, INC.		91,278		527,081
	2,200	PALL CORP.		55,214		187,858
	2,850	PARKER HANNIFIN CORP.		123,853		358,330
	2,519	PENTAIR PLC(c)		73,408		181,670
	2,000	PRECISION CASTPARTS CORP.		118,921		504,800
	4,100	QUANTA SERVICES, INC.(b)		52,132		141,778
	5,300	RAYTHEON CO.		148,950		488,925
	3,100	REPUBLIC SERVICES, INC.		92,639		117,707
	5,250	ROCKWELL AUTOMATION, INC.		73,987		657,090
	5,214	ROCKWELL COLLINS, INC.		154,727		407,422
	300	ROPER INDUSTRIES, INC.		19,525		43,803
	2,800	RR DONNELLEY & SONS CO.		25,228		47,488
	9,431	RYDER SYSTEM, INC.		325,233		830,777
	700	SNAP-ON, INC.		17,991		82,964
	2,700	SOLARCITY CORP.(b)		98,496		190,620
	17,600	SOUTHWEST AIRLINES CO.		129,729		472,736
	1,500	SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A(b)		25,470		50,550
	300	SPX CORP.		11,766		32,463
	2,557	STANLEY BLACK & DECKER, INC.		72,048		224,556
	2,000	STERICYCLE, INC.(b)		95,283		236,840
	1,700	TEREX CORP.		31,637		69,870
	1,100	TEXTRON, INC.		27,165		42,119
	1,000	TOWERS WATSON & CO., CLASS A		56,220		104,230
	22,240	TRIUMPH GROUP, INC.		1,567,233		1,552,797
	10,500	TYCO INTERNATIONAL LTD.(c)		190,755		478,800
	15,000	UNION PACIFIC CORP.		216,086		1,496,250
	4,828	UNITED CONTINENTAL HOLDINGS, INC.(b)		104,937		198,286
	10,640	UNITED PARCEL SERVICE, INC., CLASS B		635,863		1,092,302
	55,790	UNITED STATIONERS, INC.		2,172,240		2,313,611
	16,850	UNITED TECHNOLOGIES CORP.		637,288		1,945,332
	24,387	UNIVERSAL FOREST PRODUCTS, INC.		889,549		1,177,160
	25,543	URS CORP.		1,032,957		1,171,147
	2,000	USG CORP.(b)		12,350		60,260
	2,200	UTI WORLDWIDE, INC.		25,509		22,748
	500	VERISK ANALYTICS, INC., CLASS A(b)		25,120		30,010

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Industrials (Cont’d):
	1,966	WABCO HOLDINGS, INC.(b)	$	30,197		210,008
	1,400	WABTEC CORP.		25,602		115,626
	1,650	WASTE CONNECTIONS, INC.		29,914		80,108
	8,650	WASTE MANAGEMENT, INC.		135,675		386,915
	1,700	WW GRAINGER, INC.		74,317		432,259
	1,600	XYLEM, INC.		30,618		62,528
				32,727,750		62,570,926		11.48	%
	Information Technology:
	7,300	ACCENTURE PLC, CLASS A(c)		354,872		590,132
	7,800	ACTIVISION BLIZZARD, INC.		34,584		173,940
	7,524	ADOBE SYSTEMS, INC.(b)		128,931		544,437
	15,454	ADTRAN, INC.		360,058		348,642
	3,300	AKAMAI TECHNOLOGIES, INC.(b)		45,920		201,498
	1,600	ALLIANCE DATA SYSTEMS CORP.(b)		75,650		450,000
	5,000	ALTERA CORP.		94,155		173,800
	8,600	ANALOG DEVICES, INC.		120,368		465,002
	1,300	ANSYS, INC.(b)		34,888		98,566
	6,900	AOL, INC.(b)		91,149		274,551
	103,200	APPLE, INC.		392,472		9,590,376
	12,100	APPLIED MATERIALS, INC.		130,014		272,855
	700	ARROW ELECTRONICS, INC.(b)		18,814		42,287
	165,955	ATMEL CORP.(b)		1,426,742		1,554,998
	2,386	AUTODESK, INC.(b)		55,907		134,523
	6,066	AUTOMATIC DATA PROCESSING, INC.		248,537		480,912
	800	AVAGO TECHNOLOGIES LTD.(c)		26,256		57,656
	2,300	AVX CORP.		24,817		30,544
	262	BLACKHAWK NETWORK HOLDINGS, INC., CLASS B(b)		6,196		7,035
	9,791	BROADCOM CORP., CLASS A		148,770		363,442
	2,180	BROADRIDGE FINANCIAL SOLUTIONS, INC.		33,318		90,775
	3,000	CA, INC.		66,523		86,220
	4,200	CADENCE DESIGN SYSTEMS, INC.(b)		24,003		73,458
	167,628	CISCO SYSTEMS, INC.		1,393,890		4,165,556
	4,234	CITRIX SYSTEMS, INC.(b)		47,866		264,837
	12,600	COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A(b)		95,625		616,266
	1,500	COMPUTER SCIENCES CORP.		62,082		94,800
	400	CONCUR TECHNOLOGIES, INC.(b)		27,272		37,336
	6,700	CORELOGIC, INC.(b)		76,313		203,412
	23,200	CORNING, INC.		181,284		509,240
	2,700	CYPRESS SEMICONDUCTOR CORP.(b)		5,340		29,457
	2,000	DOLBY LABORATORIES, INC., CLASS A(b)		43,420		86,400
	11,100	EBAY, INC.(b)		208,371		555,666
	286,000	EBIX, INC.		3,185,369		4,092,660
	2,140	ECHOSTAR CORP., CLASS A(b)		36,471		113,292
	8,900	ELECTRONIC ARTS, INC.(b)		125,795		319,243
	34,310	EMC CORP.		233,560		903,725
	900	EQUINIX, INC.(b)		69,755		189,081
	1,300	F5 NETWORKS, INC.(b)		30,063		144,872
	85,105	FABRINET(b)(c)		1,488,524		1,753,163
	26,400	FACEBOOK, INC., CLASS A(b)		806,504		1,776,456
	7,802	FIDELITY NATIONAL INFORMATION SERVICES, INC.		135,427		427,082
	7,900	FISERV, INC.(b)		108,063		476,528
	2,100	FLIR SYSTEMS, INC.		49,313		72,933
	1,300	FORTINET, INC.(b)		24,791		32,669
	1,300	FREESCALE SEMICONDUCTOR LTD.(b)		14,326		30,550
	2,100	GENPACT LTD.(b)(c)		33,894		36,813
	1,000	GLOBAL PAYMENTS, INC.		33,115		72,850
	6,021	GOOGLE, INC., CLASS A(b)		1,239,018		3,520,298
	6,021	GOOGLE, INC., CLASS C(b)		1,236,617		3,463,761
	2,800	HARRIS CORP.		37,337		212,100
	31,300	HEWLETT-PACKARD CO.		555,703		1,054,184
	500	IAC/INTERACTIVECORP		22,745		34,615
	1,800	INFORMATICA CORP.(b)		54,045		64,170
	5,200	INGRAM MICRO, INC., CLASS A(b)		68,614		151,892
	90,500	INTEL CORP.		181,195		2,796,450
	15,246	INTERNATIONAL BUSINESS MACHINES CORP.		1,200,820		2,763,642
	5,000	INTUIT, INC.		103,285		402,650
	1,900	ITRON, INC.(b)		65,968		77,045

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Information Technology (Cont’d):
	900	JABIL CIRCUIT, INC.	$	13,996		18,810
	2,567	JUNIPER NETWORKS, INC.(b)		35,912		62,994
	2,600	KLA-TENCOR CORP.		86,094		188,864
	1,062	KNOWLES CORP.(b)		12,542		32,646
	4,800	LAM RESEARCH CORP.		123,706		324,384
	53,500	LEIDOS HOLDINGS, INC.		1,634,312		2,051,190
	5,400	LINEAR TECHNOLOGY CORP.		119,475		254,178
	1,100	LINKEDIN CORP., CLASS A(b)		136,813		188,617
	14,800	MARVELL TECHNOLOGY GROUP LTD.(c)		94,527		212,084
	17,000	MASTERCARD, INC., CLASS A		182,282		1,248,990
	4,400	MAXIM INTEGRATED PRODUCTS, INC.		76,114		148,764
	4,200	MICROCHIP TECHNOLOGY, INC.		52,109		205,002
	11,900	MICRON TECHNOLOGY, INC.(b)		53,371		392,105
	1,000	MICROS SYSTEMS, INC.(b)		26,215		67,900
	118,450	MICROSOFT CORP.		435,643		4,939,365
	85,363	MOTOROLA SOLUTIONS, INC.		3,912,609		5,682,615
	5,700	NETAPP, INC.		144,148		208,164
	4,800	NEUSTAR, INC., CLASS A(b)		79,848		124,896
	4,800	NUANCE COMMUNICATIONS, INC.(b)		63,624		90,096
	8,900	NVIDIA CORP.		60,076		165,006
	123,297	ORACLE CORP.		1,858,662		4,997,227
	2,800	PALO ALTO NETWORKS, INC.(b)		116,508		234,780
	3,666	PAYCHEX, INC.		10,315		152,359
	171,723	PHOTRONICS, INC.(b)		1,433,476		1,476,818
	20,700	QUALCOMM, INC.		502,530		1,639,440
	4,200	RED HAT, INC.(b)		61,669		232,134
	8,100	SALESFORCE.COM, INC.(b)		113,765		470,448
	5,300	SANDISK CORP.		51,148		553,479
	30,571	SCIENCE APPLICATIONS INTERNATIONAL CORP.		739,224		1,350,015
	5,500	SEAGATE TECHNOLOGY PLC(c)		51,727		312,510
	3,700	SERVICENOW, INC.(b)		139,416		229,252
	15,519	SYMANTEC CORP.		88,098		355,385
	800	SYNOPSYS, INC.(b)		13,284		31,056
	4,500	TERADATA CORP.(b)		73,317		180,900
	73,267	TERADYNE, INC.		1,293,136		1,436,033
	17,400	TEXAS INSTRUMENTS, INC.		280,527		831,546
	2,700	TOTAL SYSTEM SERVICES, INC.		60,453		84,807
	5,000	TRIMBLE NAVIGATION LTD.(b)		38,163		184,750
	900	VERISIGN, INC.(b)		40,779		43,929
	7,000	VISA, INC., CLASS A		498,468		1,474,970
	7,800	VISHAY INTERTECHNOLOGY, INC.		48,931		120,822
	557	VISHAY PRECISION GROUP, INC.(b)		5,692		9,168
	1,500	VMWARE, INC., CLASS A(b)		47,285		145,215
	5,900	WESTERN DIGITAL CORP.		91,433		544,570
	6,000	WESTERN UNION (THE) CO.		76,080		104,040
	3,000	WORKDAY, INC., CLASS A(b)		180,280		269,580
	5,307	XEROX CORP.		32,248		66,019
	6,750	XILINX, INC.		47,180		319,343
	20,640	YAHOO!, INC.(b)		228,331		725,083
	60,000	ZYNGA, INC., CLASS A(b)		160,272		192,600
				32,950,537		83,026,291		15.23	%
	Materials:
	2,775	AIR PRODUCTS & CHEMICALS, INC.		126,374		356,920
	400	AIRGAS, INC.		16,882		43,564
	1,300	ALBEMARLE CORP.		29,153		92,950
	1,600	ALLEGHENY TECHNOLOGIES, INC.		39,592		72,160
	800	APTARGROUP, INC.		27,324		53,608
	1,600	ASHLAND, INC.		47,358		173,984
	700	AVERY DENNISON CORP.		25,347		35,875
	2,564	BALL CORP.		10,015		160,712
	3,000	BEMIS CO., INC.		66,889		121,980
	87,980	BOISE CASCADE CO.(b)		2,436,127		2,519,747
	600	CELANESE CORP., SERIES A		24,630		38,568
	1,100	CF INDUSTRIES HOLDINGS, INC.		97,135		264,583
	500	COMPASS MINERALS INTERNATIONAL, INC.		27,453		47,870
	42,780	CROWN HOLDINGS, INC.(b)		1,312,976		2,128,733
	700	CYTEC INDUSTRIES, INC.		25,564		73,794

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Materials (Cont’d):
	2,000	DOMTAR CORP.(c)	$	52,480		85,700
	17,700	DOW CHEMICAL (THE) CO.		441,871		910,842
	15,225	E.I. DU PONT DE NEMOURS & CO.		485,530		996,324
	438	EAGLE MATERIALS, INC.		1,727		41,295
	3,000	EASTMAN CHEMICAL CO.		58,011		262,050
	3,991	ECOLAB, INC.		137,417		444,358
	17,896	FREEPORT-MCMORAN COPPER & GOLD, INC.		437,128		653,204
	900	GREIF, INC., CLASS A		27,103		49,104
	27,421	HAYNES INTERNATIONAL, INC.		1,405,606		1,551,754
	3,683	INTERNATIONAL FLAVORS & FRAGRANCES, INC.		79,231		384,063
	9,431	INTERNATIONAL PAPER CO.		117,152		475,983
	22,726	LSB INDUSTRIES, INC.(b)		739,156		946,992
	1,900	LYONDELLBASELL INDUSTRIES N.V., CLASS A		54,874		185,535
	700	MARTIN MARIETTA MATERIALS, INC.		27,965		92,435
	2,875	MEADWESTVACO CORP.		27,016		127,248
	10,115	MONSANTO CO.		47,604		1,261,745
	39,149	MOSAIC (THE) CO.		1,888,309		1,935,918
	96,000	NEWMONT MINING CORP.		2,343,871		2,442,240
	5,844	NUCOR CORP.		99,313		287,817
	68,625	OWENS-ILLINOIS, INC.(b)		1,803,126		2,377,170
	2,100	PACKAGING CORP. OF AMERICA		30,901		150,129
	3,986	PPG INDUSTRIES, INC.		180,558		837,658
	6,450	PRAXAIR, INC.		258,706		856,818
	2,324	RAYONIER ADVANCED MATERIALS, INC.(b)		26,574		90,055
	2,200	RELIANCE STEEL & ALUMINUM CO.		61,215		162,162
	400	ROCK-TENN CO., CLASS A		29,220		42,236
	2,300	ROYAL GOLD, INC.		111,969		175,076
	6,500	RPM INTERNATIONAL, INC.		72,503		300,170
	53,255	RTI INTERNATIONAL METALS, INC.(b)		1,345,818		1,416,050
	86,400	SEALED AIR CORP.		1,696,699		2,952,288
	1,585	SHERWIN-WILLIAMS (THE) CO.		72,398		327,952
	3,600	SONOCO PRODUCTS CO.		74,519		158,148
	3,234	SOUTHERN COPPER CORP.		38,445		98,217
	8,700	STEEL DYNAMICS, INC.		95,178		156,165
	1,273	SUNCOKE ENERGY, INC.(b)		8,474		27,370
	1,600	UNITED STATES STEEL CORP.		30,208		41,664
	3,200	VALSPAR (THE) CORP.		68,240		243,808
	2,100	VULCAN MATERIALS CO.		63,441		133,875
				18,852,375		29,866,666		5.48	%
	Telecommunication Services:
	135,790	AT&T, INC.		3,740,511		4,801,535
	900	CENTURYLINK, INC.		31,014		32,580
	16,300	FRONTIER COMMUNICATIONS CORP.		68,784		95,192
	5,100	LEVEL 3 COMMUNICATIONS, INC.(b)		115,002		223,941
	700	SBA COMMUNICATIONS CORP., CLASS A(b)		53,338		71,610
	10,940	SPRINT CORP.(b)		26,341		93,318
	5,435	TELEPHONE & DATA SYSTEMS, INC.		109,150		141,908
	8,000	T-MOBILE US, INC.(b)		215,375		268,960
	284,000	TURKCELL ILETISIM HIZMETLERI A/S ADR(b)(c)(d)		3,474,067		4,430,400
	2,300	TW TELECOM, INC.(b)		58,604		92,713
	52,983	VERIZON COMMUNICATIONS, INC.		1,942,309		2,592,458
	18,218	WINDSTREAM HOLDINGS, INC.		138,162		181,451
				9,972,657		13,026,066		2.39	%
	Utilities:
	9,100	AES CORP.		99,645		141,505
	4,500	AGL RESOURCES, INC.		135,198		247,635
	1,000	ALLIANT ENERGY CORP.		24,835		60,860
	4,000	AMEREN CORP.		114,624		163,520
	9,200	AMERICAN ELECTRIC POWER CO., INC.		289,948		513,084
	45,310	AMERICAN WATER WORKS CO., INC.		1,186,470		2,240,580
	1,735	AQUA AMERICA, INC.		22,973		45,492
	8,500	CALPINE CORP.(b)		56,653		202,385
	5,800	CENTERPOINT ENERGY, INC.		66,308		148,132
	10,200	CMS ENERGY CORP.		144,342		317,730
	4,589	CONSOLIDATED EDISON, INC.		184,849		264,969
	9,762	DOMINION RESOURCES, INC.		334,591		698,178
	2,300	DTE ENERGY CO.		84,036		179,101

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund (unaudited)
June 30, 2014

Shares			Security	Cost		Fair value (a)		Percent of net assets
	Utilities (Cont’d):
	10,851		DUKE ENERGY CORP.	$	395,594		805,036
	8,525		EDISON INTERNATIONAL		182,117		495,388
	3,064		ENTERGY CORP.		60,101		251,524
	8,124		EXELON CORP.		239,927		296,363
	1,100		FIRSTENERGY CORP.		39,643		38,192
	2,800		GREAT PLAINS ENERGY, INC.		43,498		75,236
	10,500		ITC HOLDINGS CORP.		154,843		383,040
	1,500		NATIONAL FUEL GAS CO.		38,322		117,450
	5,400		NEXTERA ENERGY, INC.		259,568		553,392
	6,900		NISOURCE, INC.		111,901		271,446
	4,961		NORTHEAST UTILITIES		125,492		234,507
	10,883		NRG ENERGY, INC.		189,415		404,848
	18,925		NRG YIELD, INC., CLASS A		717,525		985,046
	4,800		OGE ENERGY CORP.		43,344		187,584
	500		ONE GAS, INC.		3,925		18,875
	1,500		PEPCO HOLDINGS, INC.		28,485		41,220
	5,900		PG&E CORP.		79,340		283,318
	2,400		PINNACLE WEST CAPITAL CORP.		71,637		138,816
	9,000		PPL CORP.		245,589		319,770
	7,800		PUBLIC SERVICE ENTERPRISE GROUP, INC.		236,574		318,162
	57,300		QUESTAR CORP.		959,089		1,421,040
	4,800		SCANA CORP.		166,536		258,288
	3,300		SEMPRA ENERGY		170,451		345,543
	11,700		SOUTHERN (THE) CO.		275,353		530,946
	7,600		TECO ENERGY, INC.		90,842		140,448
	3,100		UGI CORP.		51,203		156,550
	1,400		WESTAR ENERGY, INC.		25,767		53,466
	4,820		WISCONSIN ENERGY CORP.		46,469		226,154
	4,825		XCEL ENERGY, INC.		43,342		155,509
					7,840,364		14,730,328		2.70	%
		Sub-total Common Stocks:			259,505,077		522,129,276		95.77	%
	Master Limited Partnerships:
	Energy:
	46,855		ATLAS PIPELINE PARTNERS L.P.		1,605,499		1,611,812
	27,570		ENTERPRISE PRODUCTS PARTNERS L.P.		1,184,195		2,158,455
	42,825		MAGELLAN MIDSTREAM PARTNERS L.P.		1,197,472		3,599,013
					3,987,166		7,369,280		1.35	%
		Sub-total Master Limited Partnerships:			3,987,166		7,369,280		1.35	%
	Short-Term Investments:
	14,699,791		NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(e)		14,699,791		14,699,791
		Sub-total Short-Term Investments:			14,699,791		14,699,791		2.70	%
			Grand total(f)	$	278,192,034		544,198,347		99.82	%

Notes to Schedule of Investments:

(a)	Investments are valued in accordance with procedures described in note 2 to the financial statements.
(b)	Non-income producing assets.
(c)	Foreign security values are stated in U.S. dollars. As of June 30, 2014, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 6.53% of net assets.
(d)	Securities are American Depositary Receipts of companies based outside of the United States representing 3.47% of net assets as of June 30, 2014.
(e)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2013, the value of the Clearwater Core Equity Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $15,630,648 with net sales of approximately $930,857 during the six months ended June 30, 2014.
(f)	At June 30, 2014, the cost for Federal income tax purposes was $277,941,983. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows:

Gross unrealized appreciation	$	267,864,359
Gross unrealized depreciation		(1,607,995	)
Net unrealized appreciation	$	266,256,364

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Core Equity Fund (unaudited)
June 30, 2014

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
Common Stocks:
	Consumer Discretionary:
	31,242	BEBE STORES, INC.	$	167,843		95,288
	114,352	BLACK DIAMOND, INC.(b)		946,860		1,283,029
	16,120	BRAVO BRIO RESTAURANT GROUP, INC.(b)		255,382		251,633
	24,318	CALLAWAY GOLF CO.		201,062		202,326
	10,292	CARRIAGE SERVICES, INC.		183,593		176,302
	31,720	COOPER TIRE & RUBBER CO.		393,344		951,600
	38,500	CST BRANDS, INC.		1,164,103		1,328,250
	136,567	DANA HOLDING CORP.		2,683,157		3,334,966
	18,963	DECKERS OUTDOOR CORP.(b)		1,370,670		1,637,076
	162,000	DENNY’S CORP.(b)		628,669		1,056,240
	6,810	DESTINATION MATERNITY CORP.		176,799		155,064
	36,323	DGSE COS., INC.(b)		93,711		52,668
	18,392	DIVERSIFIED RESTAURANT HOLDINGS, INC.(b)		93,461		87,730
	139,312	EXPRESS, INC.(b)		2,455,796		2,372,483
	74,000	FEDERAL-MOGUL HOLDINGS CORP.(b)		1,323,946		1,497,020
	27,000	FTD COS., INC.(b)		878,752		858,330
	90,180	HANCOCK FABRICS, INC.(b)		36,974		85,671
	31,079	HELEN OF TROY LTD.(b)(c)		1,845,755		1,884,320
	3,711	JAMBA, INC.(b)		43,448		44,903
	22,419	JOE’S JEANS, INC.(b)		24,526		23,764
	5,736	JTH HOLDING, INC., CLASS A(b)		98,104		191,066
	12,209	K12, INC.(b)		229,480		293,871
	185,114	LIFELOCK, INC.(b)		2,339,610		2,584,191
	41,228	LITHIA MOTORS, INC., CLASS A		2,371,762		3,878,318
	20,000	MARRIOTT VACATIONS WORLDWIDE CORP.(b)		457,786		1,172,600
	47,728	MOVADO GROUP, INC.		1,955,108		1,988,826
	6,421	MULTIMEDIA GAMES HOLDING CO., INC.(b)		187,320		190,318
	12,844	NATHAN’S FAMOUS, INC.(b)		645,723		696,016
	343,559	OFFICE DEPOT, INC.(b)		1,768,135		1,954,851
	25,782	OUTERWALL, INC.(b)		1,831,008		1,530,162
	31,500	PENSKE AUTOMOTIVE GROUP, INC.		609,816		1,559,250
	113,839	PIER 1 IMPORTS, INC.		1,860,971		1,754,259
	96,692	PINNACLE ENTERTAINMENT, INC.(b)		2,187,244		2,434,705
	31,752	QUINPARIO ACQUISITION CORP.(b)		327,681		333,078
	6,970	REMY INTERNATIONAL, INC.		129,544		162,750
	37,654	ROCKY BRANDS, INC.		396,859		535,816
	43,000	SALLY BEAUTY HOLDINGS, INC.(b)		366,257		1,078,440
	16,923	SHILOH INDUSTRIES, INC.(b)		293,941		312,399
	33,199	SHOE CARNIVAL, INC.		757,577		685,559
	61,031	SHUTTERFLY, INC.(b)		2,891,158		2,627,995
	45,000	STARZ, CLASS A(b)		840,237		1,340,550
	19,319	STONERIDGE, INC.(b)		219,628		207,100
	21,146	SUPERIOR INDUSTRIES INTERNATIONAL, INC.		420,602		436,031
	17,218	TOWER INTERNATIONAL, INC.(b)		377,117		634,311
	65,000	TRI POINTE HOMES, INC.(b)		1,132,463		1,021,800
	15,500	VAIL RESORTS, INC.		580,317		1,196,290
	10,594	WINNEBAGO INDUSTRIES, INC.(b)		285,033		266,757
				40,528,332		48,445,972		13.93	%
	Consumer Staples:
	15,263	CASEY’S GENERAL STORES, INC.		1,059,423		1,072,836
	10,648	DIAMOND FOODS, INC.(b)		272,073		300,274
	60,750	FLOWERS FOODS, INC.		511,723		1,280,610
	35,208	FRESH MARKET (THE), INC.(b)		1,452,020		1,178,412
	48,482	INTER PARFUMS, INC.		1,047,487		1,432,643
	22,905	MEDIFAST, INC.(b)		737,965		696,541
	34,429	OMEGA PROTEIN CORP.(b)		318,139		470,989
	55,285	PANTRY (THE), INC.(b)		751,838		895,617
	36,073	PRIMO WATER CORP.(b)		116,320		172,068
	43,171	S&W SEED CO.(b)		253,883		280,180
	7,087	SENECA FOODS CORP., CLASS A(b)		154,404		216,862
	30,000	SNYDER’S-LANCE, INC.		663,181		793,800
	17,418	SPARTANNASH CO.		401,711		365,952
	43,337	SPECTRUM BRANDS HOLDINGS, INC.		1,145,483		3,728,282
				8,885,650		12,885,066		3.71	%
	Energy:
	14,189	ALON USA ENERGY, INC.		177,190		176,511

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2014

Shares		Security		Cost		Fair value (a)		Percent of net assets
	Energy (Cont’d):
	28,000	BONANZA CREEK ENERGY, INC.(b)		$	861,029		1,601,320
	29,000	C&J ENERGY SERVICES, INC.(b)			874,556		979,620
	44,200	CARRIZO OIL & GAS, INC.(b)			1,149,167		3,061,292
	121,430	CLOUD PEAK ENERGY, INC.(b)			2,165,084		2,236,741
	8,969	COMSTOCK RESOURCES, INC.			128,606		258,666
	99,096	DAKOTA PLAINS HOLDINGS, INC.(b)			320,554		265,577
	42,723	EMERALD OIL, INC.(b)			297,615		326,831
	40,229	EVOLUTION PETROLEUM CORP.			446,882		440,507
	75,184	FORBES ENERGY SERVICES LTD.(b)			293,310		343,591
	65,000	HELIX ENERGY SOLUTIONS GROUP, INC.(b)			1,412,522		1,710,150
	46,104	HORNBECK OFFSHORE SERVICES, INC.(b)			1,842,554		2,163,200
	32,120	PETROQUEST ENERGY, INC.(b)			134,249		241,542
	30,809	RESOLUTE ENERGY CORP.(b)	��		232,560		266,190
	24,209	ROSETTA RESOURCES, INC.(b)			1,145,081		1,327,864
	61,500	SANCHEZ ENERGY CORP.(b)			1,527,913		2,311,785
	49,851	STEEL EXCEL, INC.(b)			1,411,799		1,762,233
	49,545	SYNERGY RESOURCES CORP.(b)			547,779		656,471
	94,170	TRIANGLE PETROLEUM CORP.(b)			1,011,411		1,106,497
					15,979,861		21,236,588		6.11	%
	Financials:
	60,500	AMERICAN EQUITY INVESTMENT LIFE HOLDING CO.			1,241,731		1,488,300
	18,062	AMERICAN NATIONAL BANKSHARES, INC.			377,488		392,487
	31,720	AMREIT, INC.			556,933		580,476
	49,235	AMTRUST FINANCIAL SERVICES, INC.			1,029,508		2,058,515
	9,347	ASHFORD HOSPITALITY PRIME, INC.			143,284		160,395
	44,938	ASHFORD HOSPITALITY TRUST, INC.			474,781		518,585
	16,537	ATLAS FINANCIAL HOLDINGS, INC.(b)			206,712		250,701
	42,000	BANCORPSOUTH, INC.			816,306		1,031,940
	41,726	BANKUNITED, INC.			1,358,344		1,396,987
	25,220	BERKSHIRE HILLS BANCORP, INC.			581,467		585,608
	9,186	BNC BANCORP			149,972		156,805
	88,429	BROOKLINE BANCORP, INC.			762,579		828,580
	7,531	BSB BANCORP, INC.(b)			104,925		129,232
	205,667	CAMPUS CREST COMMUNITIES, INC.			2,135,196		1,781,076
	33,338	CAPE BANCORP, INC.			311,944		357,717
	67,500	CAPITOL FEDERAL FINANCIAL, INC.			846,025		820,800
	23,000	CBOE HOLDINGS, INC.			542,346		1,131,830
	12,708	CENTER BANCORP, INC.			225,376		244,375
	66,525	CHARTER FINANCIAL CORP.			677,808		738,428
	73,101	CHESAPEAKE LODGING TRUST			1,232,343		2,209,843
	33,294	CHEVIOT FINANCIAL CORP.			369,046		414,843
	5,414	CHICOPEE BANCORP, INC.			92,705		91,442
	10,819	CITIZENS & NORTHERN CORP.			213,286		210,862
	3,692	CLIFTON BANCORP, INC.			42,732		46,778
	7,264	CNB FINANCIAL CORP.			120,322		122,035
	12,201	COMMUNITY TRUST BANCORP, INC.			388,275		417,518
	25,768	CORRECTIONS CORP. OF AMERICA			798,266		846,479
	127,490	COUSINS PROPERTIES, INC.			1,291,375		1,587,251
	19,911	DONEGAL GROUP, INC., CLASS A			316,178		304,638
	17,684	EMC INSURANCE GROUP, INC.			412,923		544,314
	5,599	EVANS BANCORP, INC.			115,674		129,617
	28,869	FARMERS NATIONAL BANC CORP.			184,999		224,890
	23,621	FINANCIAL INSTITUTIONS, INC.			410,802		553,204
	49,000	FIRST AMERICAN FINANCIAL CORP.			686,144		1,361,710
	21,395	FIRST COMMUNITY BANCSHARES, INC.			327,544		306,590
	5,284	FIRST CONNECTICUT BANCORP, INC.			74,716		84,808
	18,548	FIRST FINANCIAL CORP.			559,232		597,060
	112,838	FIRSTMERIT CORP.			1,689,022		2,228,551
	20,535	FLUSHING FINANCIAL CORP.			326,021		421,994
	50,000	FORESTAR GROUP, INC.(b)			940,728		954,500
	15,573	FRANKLIN FINANCIAL CORP.(b)			217,750		337,934
	24,500	GAMING AND LEISURE PROPERTIES, INC.			895,550		832,265
	9,356	GERMAN AMERICAN BANCORP, INC.			258,265		253,360
	42,678	GETTY REALTY CORP.			765,036		814,296
	171,388	GLIMCHER REALTY TRUST			1,626,524		1,856,132
	13,058	HAMPDEN BANCORP, INC.			210,199		220,158
	94,705	HANMI FINANCIAL CORP.			2,050,960		1,996,381

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Financials (Cont’d):
	20,000	HANOVER INSURANCE GROUP (THE), INC.	$	1,071,683		1,263,000
	56,225	HERITAGE FINANCIAL CORP.		764,333		904,660
	31,966	HERITAGE FINANCIAL GROUP, INC.		479,950		633,886
	14,178	HORACE MANN EDUCATORS CORP.		178,549		443,346
	19,500	IBERIABANK CORP.		928,547		1,349,205
	153,828	INVESTORS BANCORP, INC.		841,012		1,699,799
	35,396	INVESTORS CAPITAL HOLDINGS LTD.(b)		225,724		254,143
	8,648	KANSAS CITY LIFE INSURANCE CO.		342,474		393,311
	298,265	KITE REALTY GROUP TRUST		1,863,463		1,831,347
	20,701	MANNING & NAPIER, INC.		348,536		357,299
	45,120	MEADOWBROOK INSURANCE GROUP, INC.		287,816		324,413
	131,679	MEDICAL PROPERTIES TRUST, INC.		1,395,728		1,743,430
	24,834	MIDSOUTH BANCORP, INC.		385,320		493,948
	100,383	NATIONAL BANK HOLDINGS CORP., CLASS A		1,912,559		2,001,637
	111,423	NEW MOUNTAIN FINANCE CORP.		1,683,602		1,655,746
	65,000	NORTHWEST BANCSHARES, INC.		736,533		882,050
	24,762	OMNIAMERICAN BANCORP, INC.		556,714		619,050
	119,659	ORITANI FINANCIAL CORP.		1,637,009		1,841,552
	24,520	PACIFIC CONTINENTAL CORP.		236,385		336,660
	24,649	PACIFIC MERCANTILE BANCORP(b)		146,951		164,162
	66,756	PACWEST BANCORP		1,941,152		2,881,857
	20,445	PARK STERLING CORP.		128,157		134,733
	8,961	PEOPLES BANCORP, INC.		184,760		237,018
	9,466	PHOENIX (THE) COS., INC.(b)		490,997		458,060
	25,186	PLATINUM UNDERWRITERS HOLDINGS LTD.(c)		741,638		1,633,312
	134,033	PREFERRED APARTMENT COMMUNITIES, INC., CLASS A		946,711		1,188,873
	62,500	PROVIDENT FINANCIAL SERVICES, INC.		1,152,044		1,082,500
	3,969	RCS CAPITAL CORP., CLASS A		79,511		84,262
	4,637	RENASANT CORP.		74,444		134,798
	31,990	RYMAN HOSPITALITY PROPERTIES, INC.		787,043		1,540,319
	38,000	SABRA HEALTH CARE REIT, INC.		622,567		1,090,980
	22,224	SANDY SPRING BANCORP, INC.		450,236		553,600
	29,297	SI FINANCIAL GROUP, INC.		292,666		337,208
	26,523	SIMPLICITY BANCORP, INC.		345,325		462,826
	12,063	SOUTHSIDE BANCSHARES, INC.		326,629		349,344
	95,240	SPIRIT REALTY CAPITAL, INC.		756,012		1,081,926
	23,641	STATE BANK FINANCIAL CORP.		379,459		399,769
	49,303	STERLING BANCORP		530,252		591,636
	9,693	STOCK YARDS BANCORP, INC.		269,840		289,821
	54,889	SYNOVUS FINANCIAL CORP.		821,276		1,338,194
	25,200	UMB FINANCIAL CORP.		1,324,423		1,597,428
	147,100	UMPQUA HOLDINGS CORP.		1,916,011		2,636,032
	116,846	UNITED FINANCIAL BANCORP, INC.		1,288,152		1,583,263
	10,616	UNITED FIRE GROUP, INC.		277,259		311,261
	19,457	UNIVEST CORP. OF PENNSYLVANIA		325,441		402,760
	9,113	URSTADT BIDDLE PROPERTIES, INC., CLASS A		151,677		190,279
	52,500	VIEWPOINT FINANCIAL GROUP, INC.		669,191		1,412,775
	77,369	WALKER & DUNLOP, INC.(b)		1,065,940		1,091,677
	3,350	WATERSTONE FINANCIAL, INC.		36,648		38,224
	1,530	WESTBURY BANCORP, INC.(b)		22,959		23,118
	25,000	WINTRUST FINANCIAL CORP.		855,525		1,150,000
				64,436,175		80,122,787		23.05	%
	Health Care:
	50,660	AIR METHODS CORP.(b)		2,054,383		2,616,589
	76,671	ALERE, INC.(b)		2,451,826		2,869,029
	32,817	ALEXZA PHARMACEUTICALS, INC.(b)		153,243		149,974
	12,405	AMN HEALTHCARE SERVICES, INC.(b)		158,995		152,581
	34,290	ANALOGIC CORP.		2,555,584		2,682,850
	8,917	ANGIODYNAMICS, INC.(b)		103,780		145,615
	16,294	BIO-REFERENCE LABS, INC.(b)		454,304		492,405
	4,337	CAMBREX CORP.(b)		71,620		89,776
	18,368	CENTENE CORP.(b)		853,870		1,388,804
	44,580	CRYOLIFE, INC.		328,748		398,991
	16,101	CYNOSURE, INC., CLASS A(b)		394,723		342,146
	50,587	CYTRX CORP.(b)		280,917		211,454
	103,437	EXAMWORKS GROUP, INC.(b)		3,195,024		3,282,056
	20,157	FLAMEL TECHNOLOGIES S.A. ADR(b)(c)(d)		296,215		302,355
	57,090	GLOBUS MEDICAL, INC., CLASS A(b)		857,800		1,365,593

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Health Care (Cont’d):
	37,000	HANGER, INC.(b)	$	718,063		1,163,650
	63,544	HEALTHSOUTH CORP.		983,669		2,279,323
	160,406	HEALTHWAYS, INC.(b)		1,978,424		2,813,521
	25,000	HILL-ROM HOLDINGS, INC.		477,681		1,037,750
	20,528	ICON PLC(b)(c)		785,586		967,074
	21,157	ICU MEDICAL, INC.(b)		1,367,290		1,286,557
	32,283	LEMAITRE VASCULAR, INC.		240,468		266,980
	10,555	LHC GROUP, INC.(b)		225,068		225,560
	5,123	MEDICAL ACTION INDUSTRIES, INC.(b)		35,852		70,339
	64,412	MERGE HEALTHCARE, INC.(b)		167,988		146,215
	17,866	NATUS MEDICAL, INC.(b)		273,860		449,151
	19,252	OHR PHARMACEUTICAL, INC.(b)		178,765		183,086
	50,537	PDI, INC.(b)		274,755		221,352
	17,003	PHARMERICA CORP.(b)		220,405		486,116
	46,073	PSYCHEMEDICS CORP.		566,936		652,394
	4,036	SALIX PHARMACEUTICALS LTD.(b)		170,861		497,841
	7,918	SANGAMO BIOSCIENCES, INC.(b)		129,487		120,908
	7,829	SCICLONE PHARMACEUTICALS, INC.(b)		36,334		41,180
	18,168	SPECTRUM PHARMACEUTICALS, INC.(b)		154,271		147,706
	809	U.S. PHYSICAL THERAPY, INC.		25,097		27,660
	37,553	WEST PHARMACEUTICAL SERVICES, INC.		699,591		1,583,986
				23,921,483		31,158,567		8.96	%
	Industrials:
	76,040	A.O. SMITH CORP.		1,753,640		3,770,063
	15,928	ACETO CORP.		286,883		288,934
	74,734	ACTUANT CORP., CLASS A		1,998,023		2,583,554
	38,000	AIR LEASE CORP.		840,658		1,466,040
	14,713	ALLEGIANT TRAVEL CO.		1,503,075		1,732,750
	45,486	ALTRA INDUSTRIAL MOTION CORP.		1,579,630		1,655,236
	5,000	AMERCO		538,938		1,453,800
	49,253	API TECHNOLOGIES CORP.(b)		154,103		134,953
	50,611	ASTRONICS CORP.(b)		2,429,446		2,856,991
	12,478	AZZ, INC.		444,250		574,986
	55,583	CASELLA WASTE SYSTEMS, INC., CLASS A(b)		297,331		278,471
	14,510	CELADON GROUP, INC.		298,514		309,353
	14,885	CHART INDUSTRIES, INC.(b)		1,456,138		1,231,585
	4,386	CIRCOR INTERNATIONAL, INC.		141,041		338,292
	23,176	CLARCOR, INC.		1,329,331		1,433,436
	31,583	COMFORT SYSTEMS USA, INC.		403,152		499,011
	28,128	COMMERCIAL VEHICLE GROUP, INC.(b)		231,871		282,405
	70,317	ECHO GLOBAL LOGISTICS, INC.(b)		1,413,236		1,347,977
	12,457	ENNIS, INC.		165,309		190,094
	20,000	ENPRO INDUSTRIES, INC.(b)		569,233		1,463,200
	27,000	ESCO TECHNOLOGIES, INC.		927,910		935,280
	32,000	FORTUNE BRANDS HOME & SECURITY, INC.		637,834		1,277,760
	49,339	GENCORP, INC.(b)		777,914		942,375
	94,088	GENERAC HOLDINGS, INC.(b)		3,376,513		4,585,849
	13,000	GENESEE & WYOMING, INC., CLASS A(b)		321,298		1,365,000
	17,703	GIBRALTAR INDUSTRIES, INC.(b)		304,380		274,574
	34,179	GRAHAM CORP.		944,804		1,189,771
	3,750	GREENBRIER (THE) COS., INC.(b)		59,564		216,000
	34,000	HARSCO CORP.		910,852		905,420
	37,000	HILLENBRAND, INC.		1,072,033		1,206,940
	20,360	HOUSTON WIRE & CABLE CO.		280,595		252,668
	35,000	ITT CORP.		698,010		1,683,500
	45,000	JOHN BEAN TECHNOLOGIES CORP.		604,564		1,394,550
	20,500	LB FOSTER CO., CLASS A		462,717		1,109,460
	30,503	LSI INDUSTRIES, INC.		247,029		243,414
	25,500	MACQUARIE INFRASTRUCTURE CO. LLC		598,154		1,590,435
	16,275	MIDDLEBY (THE) CORP.(b)		241,436		1,346,268
	7,885	MILLER INDUSTRIES, INC.		139,718		162,273
	5,700	POWELL INDUSTRIES, INC.		359,818		372,666
	13,420	QUANEX BUILDING PRODUCTS CORP.		229,521		239,815
	11,828	REGAL-BELOIT CORP.		587,807		929,208
	101,928	REXNORD CORP.(b)		2,454,514		2,869,273
	57,000	RITCHIE BROS. AUCTIONEERS, INC.(c)		1,266,141		1,405,050
	4,309	SL INDUSTRIES, INC.(b)		108,751		127,116
	6,353	SUPREME INDUSTRIES, INC., CLASS A(b)		36,284		41,294

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Industrials (Cont’d):
	27,579	TELEDYNE TECHNOLOGIES, INC.(b)	$	1,075,219		2,679,851
	19,000	TENNANT CO.		696,347		1,450,080
	95,442	TETRA TECH, INC.		2,443,097		2,624,655
	53,456	TRIMAS CORP.(b)		1,648,659		2,038,277
	31,707	TRINITY INDUSTRIES, INC.		489,110		1,386,230
	43,205	TRIUMPH GROUP, INC.		2,766,246		3,016,573
	34,420	WOODWARD, INC.		1,178,364		1,727,196
				45,779,005		65,479,952		18.83	%
	Information Technology:
	30,054	ADVENT SOFTWARE, INC.		861,802		978,859
	91,940	ARUBA NETWORKS, INC.(b)		1,969,341		1,610,789
	11,547	ASURE SOFTWARE, INC.(b)		70,149		69,744
	118,648	AVIAT NETWORKS, INC.(b)		239,419		151,870
	32,000	BROADRIDGE FINANCIAL SOLUTIONS, INC.		543,517		1,332,480
	50,464	BROADSOFT, INC.(b)		1,688,586		1,331,745
	113,043	CALIX, INC.(b)		1,008,873		924,692
	75,413	CALLIDUS SOFTWARE, INC.(b)		673,484		900,431
	46,871	CIBER, INC.(b)		210,773		231,543
	59,397	COGNEX CORP.(b)		1,145,680		2,280,845
	27,730	COHU, INC.		291,390		296,711
	90,187	CTS CORP.		1,816,330		1,686,497
	25,000	DIEBOLD, INC.		847,560		1,004,250
	7,582	DIGITAL RIVER, INC.(b)		117,019		116,990
	78,731	ELECTRONICS FOR IMAGING, INC.(b)		3,304,272		3,558,641
	24,027	EPIQ SYSTEMS, INC.		317,592		337,579
	48,256	EURONET WORLDWIDE, INC.(b)		1,960,435		2,327,869
	15,412	EVOLVING SYSTEMS, INC.		100,187		131,927
	30,980	EXAR CORP.(b)		203,637		350,074
	87,000	FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC.(b)		1,109,264		1,357,200
	68,934	FRANKLIN WIRELESS CORP.(b)		125,915		124,081
	36,809	FREQUENCY ELECTRONICS, INC.(b)		361,015		453,119
	17,555	GLOBAL CASH ACCESS HOLDINGS, INC.(b)		137,747		156,240
	43,918	GLOBALSCAPE, INC.		104,838		107,599
	26,184	HACKETT GROUP (THE), INC.		96,826		156,319
	53,432	HARMONIC, INC.(b)		303,561		398,603
	71,206	IGATE CORP.(b)		2,373,299		2,591,186
	12,752	INTEGRATED SILICON SOLUTION, INC.(b)		147,055		188,347
	24,827	INTERNAP NETWORK SERVICES CORP.(b)		179,020		175,030
	31,878	INTEST CORP.(b)		120,089		124,005
	128,454	INVENSENSE, INC.(b)		2,078,345		2,914,621
	61,012	IPG PHOTONICS CORP.(b)		3,580,540		4,197,626
	68,049	ITERIS, INC.(b)		127,528		115,683
	42,100	KNOWLES CORP.(b)		1,284,374		1,294,154
	17,013	KVH INDUSTRIES, INC.(b)		164,135		221,679
	37,832	LIONBRIDGE TECHNOLOGIES, INC.(b)		167,884		224,722
	30,795	MARCHEX, INC., CLASS B		297,068		370,156
	15,850	MATTSON TECHNOLOGY, INC.(b)		40,142		34,712
	27,892	MERCURY SYSTEMS, INC.(b)		334,740		316,295
	10,321	METHODE ELECTRONICS, INC.		236,187		394,365
	79,600	MITEL NETWORKS CORP.(b)(c)		813,590		838,984
	29,377	MODUSLINK GLOBAL SOLUTIONS, INC.(b)		108,534		109,870
	2,426	OPLINK COMMUNICATIONS, INC.(b)		37,319		41,169
	91,855	ORBOTECH LTD.(b)(c)		1,314,391		1,394,359
	1,754	PC-TEL, INC.		13,638		14,190
	41,794	PLANET PAYMENT, INC.(b)		102,342		118,695
	34,628	PLEXUS CORP.(b)		840,142		1,499,046
	41,972	QUANTUM CORP.(b)		49,552		51,206
	75,846	RIVERBED TECHNOLOGY, INC.(b)		1,209,320		1,564,703
	18,059	SELECTICA, INC.(b)		82,422		114,494
	33,602	SERVICESOURCE INTERNATIONAL, INC.(b)		193,230		194,892
	9,444	SHORETEL, INC.(b)		47,503		61,575
	136,835	SUPPORT.COM, INC.(b)		584,317		370,823
	30,998	SYKES ENTERPRISES, INC.(b)		526,780		673,587
	54,725	SYNCHRONOSS TECHNOLOGIES, INC.(b)		1,759,971		1,913,186
	30,054	SYNNEX CORP.(b)		1,146,588		2,189,434
	9,062	ULTRA CLEAN HOLDINGS, INC.(b)		49,908		82,011
	31,133	UNISYS CORP.(b)		569,362		770,230
	22,000	VERINT SYSTEMS, INC.(b)		777,362		1,079,100

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2014

Shares			Security	Cost		Fair value (a)		Percent of net assets
	Information Technology (Cont’d):
	14,000		WEX, INC.(b)	$	375,768		1,469,580
	9,863		XCERRA CORP.(b)		60,570		89,753
	131,386		ZIX CORP.(b)		372,554		449,340
					41,774,781		50,629,505		14.56	%
	Materials:
	58,491		BERRY PLASTICS GROUP, INC.(b)		1,351,799		1,509,068
	121,349		CHEMTURA CORP.(b)		2,021,306		3,170,850
	22,937		CORE MOLDING TECHNOLOGIES, INC.(b)		203,503		298,181
	11,500		DELTIC TIMBER CORP.		546,288		694,830
	108,297		FERRO CORP.(b)		685,549		1,360,210
	45,291		HANDY & HARMAN LTD.(b)		539,181		1,212,440
	22,949		INNOSPEC, INC.		540,755		990,708
	50,500		KAPSTONE PAPER AND PACKAGING CORP.(b)		1,426,903		1,673,065
	48,188		KOPPERS HOLDINGS, INC.		1,367,125		1,843,191
	19,600		NEENAH PAPER, INC.		577,070		1,041,740
	39,965		OMNOVA SOLUTIONS, INC.(b)		346,987		363,282
	82,130		PH GLATFELTER CO.		2,189,861		2,178,909
	17,000		SENSIENT TECHNOLOGIES CORP.		925,098		947,240
	3,929		SYNALLOY CORP.		53,596		64,514
	81,649		TRONOX LTD., CLASS A		1,954,312		2,196,358
	63,390		US ANTIMONY CORP.(b)		101,047		90,014
					14,830,380		19,634,600		5.65	%
	Utilities:
	35,788		ALLETE, INC.		1,273,120		1,837,714
	1,372		DELTA NATURAL GAS CO., INC.		27,006		30,129
	6,677		GENIE ENERGY LTD., CLASS B(b)		60,796		52,548
	22,192		MIDDLESEX WATER CO.		421,640		470,027
	26,500		ONE GAS, INC.		949,901		1,000,375
	35,000		PNM RESOURCES, INC.		733,499		1,026,550
	27,323		PORTLAND GENERAL ELECTRIC CO.		564,512		947,288
	12,810		PURE CYCLE CORP.(b)		77,833		86,724
	39,000		QUESTAR CORP.		663,326		967,200
	26,435		SJW CORP.		712,865		719,032
	24,733		SOUTHWEST GAS CORP.		728,896		1,305,655
	32,817		UIL HOLDINGS CORP.		1,038,255		1,270,346
	7,022		UNITIL CORP.		150,822		237,554
	21,500		VECTREN CORP.		792,713		913,750
	14,996		YORK WATER CO.		294,435		312,217
					8,489,619		11,177,109		3.22	%
		Sub-total Common Stocks:			264,625,286		340,770,146		98.02	%
	Short-Term Investments:
	9,923,624		NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(e)		9,923,624		9,923,624
		Sub-total Short-Term Investments:			9,923,624		9,923,624		2.85	%
			Grand total(f)	$	274,548,910		350,693,770		100.87	%

Notes to Schedule of Investments:

(a)	Investments are valued in accordance with procedures described in note 2 to the financial statements.
(b)	Non-income producing assets.
(c)	Foreign security values are stated in U.S. dollars. As of June 30, 2014, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 2.42% of net assets.
(d)	Securities are American Depositary Receipts of companies based outside of the United States representing 0.09% of net assets as of June 30, 2014.
(e)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2013, the value of the Clearwater Small Companies Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $7,122,336 with net purchases of approximately $2,801,288 during the six months ended June 30, 2014.

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Small Companies Fund (unaudited)
June 30, 2014

(f) At June 30, 2014, the cost for Federal income tax purposes was $274,718,180. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows:

Gross unrealized appreciation	$	80,344,970
Gross unrealized depreciation		(4,369,380	)
Net unrealized appreciation	$	75,975,590

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Small Companies Fund (unaudited)
June 30, 2014

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Par/Shares			Security	Maturity date		Coupon rate		Cost		Fair value (a)		Percent of net assets
Closed-End funds:
	225,100		BLACKROCK LNG-TM MUN ADV					$	2,332,461		2,541,379
	52,100		BLACKROCK MUN INC TRUST						791,528		757,534
	6,200		BLACKROCK MUN INCOMSCI BR						84,766		85,064
	148,800		BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND						1,705,296		2,065,344
	50,300		BLACKROCK MUNIHOLDINGS QUALITY FUND II INC						635,673		666,475
	60,700		BLACKROCK MUNIYIELD INVES						759,694		891,683
	43,111		BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND						537,141		578,981
	81,800		BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND II INC						981,525		1,060,946
	76,179		BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC						1,014,103		1,064,221
	54,700		BLACKROCK MUNIYIELD PENNS						774,527		770,723
	101,896		BLACKROCK MUNIYIELD QUAL						1,307,244		1,303,250
	73,500		BLACKROCK MUNIYIELD QUALITY FUND III INC						963,910		1,015,035
	33,827		BLACKROCK MUNIYIELD QUALITY FUND INC						465,514		509,773
	33,000		DREYFUS STRAT MUN COM USD						301,450		278,520
	28,668		DREYFUS STRATEGIC MUNI BD						239,110		237,658
	193,098		DWS MUNICIPAL INCOME TRUS						2,097,006		2,633,857
	66,800		EATON VANCE CALI MUN BOND						744,489		820,304
	160,650		INVESCO ADV MUN INC TR II						1,785,089		1,823,377
	108,205		INVESCO MUNICIPAL OPP TR						1,345,903		1,363,383
	66,122		INVESCO QUALITY MUNI INC						750,670		811,978
	60,248		MANAGED DURATION INVESTME						779,111		830,217
	39,100		MFC NUVEEN INSD MUN						588,519		551,701
	32,088		NUVEEN CALIF DIV ADVAN						373,215		447,944
	15,963		NUVEEN MI QUALITY INCOME						214,604		230,985
	52,779		NUVEEN PENN INV QUAL MUNI						723,142		733,628
	30,200		NUVEEN PREMIER MUNI INC F						409,657		411,626
	238,709		NUVEEN PREMIUM INC MUNI F						3,273,534		3,303,732
	22,000		WESTERN ASSET MANAGED MUN						240,488		288,200
	38,366		WESTERN ASSET MUNICIPAL P						486,666		565,131
		Sub-total Closed-End Funds							26,706,035		28,642,649		5.82	%
Municipal Bonds:
	2,350,000		ACALANES CA UNION HIGH SCH DIST(b)		8/1/2039		2.02		1,155,140		1,590,880
	1,500,000		AGUA CALIENTE CA BAND OF CAHUILLA INDIANS REVENUE(c)		7/1/2018		6.00		1,481,630		1,474,710
	870,000		ALABAMA ST HSG FIN AUTH SF MTGE REVENUE		10/1/2028		5.25		870,000		923,140
	465,000		ALABAMA ST HSG FIN AUTH SF MTGE REVENUE		4/1/2038		4.50		353,209		468,636
	1,000,000		ALACHUA CNTY FL HLTH FACS AUTH CCRC		10/1/2032		8.00		1,167,679		1,184,800
	2,000,000		ALASKA ST HSG FIN CORP		12/1/2034		5.25		2,000,768		2,042,700
	750,000		ALASKA ST HSG FIN CORP MTGE REVENUE		12/1/2037		4.13		736,152		756,952
	500,000		ALASKA ST HSG FIN CORP MTGE REVENUE		12/1/2040		4.63		495,312		514,095
	350,000		ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(d)(e)		12/1/2010		5.40		350,000		157,500
	240,000		ALBANY NY INDL DEV AGY(e)		5/1/2016		6.50		240,000		36,022
	880,000		ALLEGHENY CNTY PA INDL DEV AUTH CHRT SCH REVENUE		8/15/2026		5.90		880,000		919,679
	555,000		ALLEN ACADEMY MI		6/1/2017		5.25		555,000		565,184
	1,000,000		ALVORD CA UNIF SCH DIST		8/1/2036		5.25		1,029,038		1,117,010
	1,000,000		ALVORD CA UNIF SCH DIST(b)		8/1/2046		1.89		369,211		701,880
	879,098		ARIZONA ST HLTH FACS AUTH		7/1/2027		5.25		855,804		954,815
	1,000,000		ARIZONA ST HLTH FACS AUTH HLTH CARE FACS REVENUE		10/1/2022		5.10		986,716		1,000,300
	2,000,000		ARLINGTON TX HGR EDU FIN CORP EDU REVENUE		8/15/2028		7.00		1,953,865		2,121,020
	500,000		ARLINGTON TX HGR EDU FIN CORPEDU REVENUE		3/1/2024		5.88		500,000		512,930
	500,000		ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE		6/15/2039		5.00		523,508		533,445
	500,000		ATLANTA GA ARPT REVENUE		1/1/2030		6.00		516,346		590,935
	1,325,000		ATLANTA GA WTR & WSTWTR REVENUE		11/1/2039		5.00		1,323,742		1,326,404

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Par/Shares		Security	Maturity date		Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,500,000	BAY CNTY FL EDUCTNL FACS REVENUE		9/1/2030		5.25	$	1,385,716		1,503,795
	1,000,000	BELLALAGO FL EDUCTNL FACS BENEFIT DIST CAPITAL IMPT REVENUE		5/1/2030		4.38		982,580		1,007,110
	1,195,000	BELLWOOD IL		12/1/2027		5.88		1,184,610		1,153,569
	600,000	BEXAR CNTY TX HSG FIN CORP		8/1/2030		6.10		524,009		602,262
	365,000	BEXAR CNTY TX HSG FIN CORP		8/1/2030		8.13		353,489		311,009
	2,000,000	BEXAR CNTY TX REVENUE		8/15/2039		5.00		2,155,351		2,120,380
	1,000,000	BIRMINGHAM AL BAPTIST MED CTRS SPL CARE FACS FING AUTH REVEN		11/15/2030		5.00		1,010,919		1,005,620
	500,000	BOONE CNTY MO HOSP REVENUE		8/1/2028		5.75		509,068		550,470
	750,000	BOWLING GREEN OH STUDENT HSG REVENUE		6/1/2031		5.75		721,097		789,458
	500,000	BOYNTON BEACH FLA REV		6/1/2022		5.75		500,000		486,970
	500,000	BOYNTON BEACH FLA REV		6/1/2027		6.25		500,000		481,550
	500,000	BRAZOS CNTY TX HLTH FACS DEV CORP		1/1/2033		5.50		502,842		528,815
	81,000	BRIDGEVILLE DE SPL OBLIG		7/1/2035		5.13		81,000		77,781
	1,000,000	BUREAU CNTY TWP IL HIGH SCH DIST #502		10/1/2043		6.63		1,070,359		1,234,400
	600,000	BURLINGTON CNTY NJ BRIDGE COMMISSION ECON DEV REVENUE		1/1/2038		5.63		605,192		605,208
	390,000	BUTLER CNTY PA GEN AUTH REVENUE		10/1/2034		0.86		390,000		303,463
	124,028	CALIFORNIA ST CMNTY HSG FIN AGY LEASE REVENUE(e)		8/1/2012		4.65		124,028		73
	351,528	CALIFORNIA ST CMNTY HSG FIN AGY LEASE REVENUE(d)(e)		11/1/2012		4.85		347,374		3,515
	500,000	CALIFORNIA ST HLTH FACS FING AUTH REVENUE		8/15/2033		5.50		507,906		568,295
	1,000,000	CALIFORNIA ST HSG FIN AGY REVENUE		8/1/2033		5.45		931,055		1,020,150
	500,000	CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK ST SCH FUND APP		8/15/2029		5.75		503,544		569,000
	750,000	CALIFORNIA ST MUNI FIN AUTH MOBILE HOME PARK REVENUE		8/15/2039		5.25		783,482		800,332
	500,000	CALIFORNIA ST MUNI FIN AUTH REVENUE		5/1/2025		6.88		499,040		569,995
	1,500,000	CALIFORNIA ST SCH FACS FING AUTH REVENUE(b)		8/1/2029		1.64		1,111,987		1,617,885
	1,000,000	CALIFORNIA ST STWD CMNTYS DEV AUTH EDUCTNL FACS REVENUE		7/1/2030		5.15		831,936		983,530
	1,170,000	CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE		1/1/2021		6.00		1,170,000		1,216,706
	800,000	CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE		11/1/2021		6.50		800,000		900,568
	1,400,000	CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE		1/15/2036		5.60		1,400,000		1,404,676
	500,000	CALIFORNIA STWD CMNTYS DEV AUTH REVENUE		11/1/2023		5.13		500,000		521,445
	255,000	CAPITAL TRUST AGY FL MF REVENUE(e)		6/1/2013		4.75		255,000		112,200
	750,000	CAPITAL TRUST AGY FL MF REVENUE(e)		6/1/2038		5.88		762,053		427,298
	1,000,000	CARLSBAD CA UNIF SCH DIST(b)		8/1/2031		2.26		595,595		827,850
	860,172	CARLSBAD NM INDL DEV REVENUE		4/15/2021		5.75		875,965		906,888
	1,000,000	CARMEL IN REVENUE		11/15/2022		6.00		983,790		1,066,270

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Par/Shares		Security	Maturity date		Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,000,000	CARMEL IN REVENUE		11/15/2027		7.00	$	1,023,679		1,087,610
	500,000	CEDAR FALLS IA CMNTY SCH DIST SCH INFRASTRUCTURE SALES SVCS		6/1/2027		5.38		498,832		551,760
	1,000,000	CENTRL BRADFORD PROGRESS AUTH PA		12/1/2031		5.50		1,030,604		1,168,780
	595,000	CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE		11/1/2022		5.00		472,378		597,553
	275,000	CHESTERFIELD CNTY VA INDL DEV AUTH MF REVENUE		7/1/2019		5.20		263,097		275,715
	1,000,000	CHICAGO IL MIDWAY ARPT REVENUE		1/1/2035		5.25		1,002,678		1,100,700
	1,025,000	CHICAGO IL MTR FUEL TAX REVENUE		1/1/2033		5.00		1,025,000		1,028,044
	300,000	CITIZEN POTAWATOMI NATION OK SENIOR OBLG TAX REVENUE		9/1/2016		6.50		300,000		293,745
	590,000	CLIFTON TX HGR EDU FIN CORP EDU REVENUE		2/15/2018		7.75		585,401		601,995
	1,500,000	CLOVIS CA UNIF SCH DIST(b)		8/1/2030		3.76		568,843		642,060
	120,000	COLLIER CNTY FL HSG FIN AUTH MF HSG REVENUE		8/15/2015		5.25		119,916		120,404
	750,000	COLLIER CNTY FL INDL DEV AUTH		10/1/2039		6.25		735,980		844,688
	1,000,000	COLLIER CNTY FLA INDL DEV AUTHCONTINUING CARE CMNTY REV(c)		5/15/2020		6.50		1,000,000		1,005,210
	750,000	COLLIER CNTY FLA INDL DEV AUTHCONTINUING CARE CMNTY REV(c)		5/15/2026		7.25		750,000		817,268
	1,000,000	COLONIAL COUNTRY CLUB FL CDD CAPITAL IMPT REVENUE		5/1/2033		4.10		996,061		984,260
	1,500,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH INDEP SCH REVENUE		5/1/2030		6.00		1,462,499		1,575,000
	835,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE		11/15/2028		6.75		835,000		926,984
	1,000,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE		6/1/2033		5.50		976,957		1,106,330
	1,000,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE		7/1/2034		5.60		993,974		1,051,930
	1,000,000	COLORADO ST HLTH FACS AUTH REVENUE		12/1/2028		5.50		1,014,595		1,090,480
	1,000,000	COLORADO ST HLTH FACS AUTH REVENUE		8/1/2033		7.63		987,543		1,147,770
	430,000	COLORADO ST HSG & FIN AUTH		10/1/2029		5.40		430,000		461,842
	590,000	COLORADO ST HSG & FIN AUTH		11/1/2029		5.50		590,000		611,016
	620,000	COLORADO ST HSG FIN AUTH SF MTGE REVENUE		11/1/2034		5.00		620,027		645,395
	1,000,000	COLTON CA JT UNIF SCH DIST(b)		8/1/2035		1.86		590,215		738,460
	1,000,000	CONNECTICUT ST HSG FIN AUTH		11/15/2035		4.75		1,000,000		1,046,250
	890,000	CONNECTICUT ST HSG FIN AUTH		11/15/2041		4.63		885,736		927,122
	135,000	CONNECTICUT ST HSG FIN AUTH		11/15/2041		5.00		135,000		143,320
	1,500,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM		11/15/2035		3.75		1,500,000		1,505,370
	2,785,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM		5/15/2042		4.15		2,785,000		2,834,935

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Par/Shares		Security	Maturity date		Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	5,000,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM		11/15/2047		3.65	$	5,000,000		4,603,450
	1,105,000	CORONA-NORCO CA UNIF SCH DIST(b)		8/1/2039		1.35		717,637		1,215,014
	637,000	CORTLAND IL SPL TAX REVENUE(e)		3/1/2017		5.50		633,881		191,673
	500,000	COVENTRY OH LOCAL SCH DIST		11/1/2037		5.25		507,582		540,360
	580,000	CROW FIN AUTH MT TRIBAL PURPOSE REVENUE		10/1/2017		5.65		568,586		582,065
	500,000	CUYAHOGA CNTY OH HSG MTGE REVENUE		3/20/2042		5.70		511,836		532,805
	1,000,000	DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE		11/1/2037		5.25		1,011,764		1,117,190
	2,000,000	DAMON RUN IN CONSERVANCY DIST		7/1/2025		6.10		2,029,985		2,150,740
	1,000,000	DAMON RUN IN CONSERVANCY DIST		1/1/2027		6.38		1,011,667		1,082,230
	1,000,000	DAVIE FL EDUCTNL FACS REVENUE		4/1/2042		6.00		1,030,074		1,124,390
	500,000	DAVIESS CNTY IN HOSP ASSN LEASE RENTAL REVENUE		1/15/2029		5.25		490,009		541,635
	500,000	DECATUR IL		3/1/2034		5.00		519,400		537,665
	1,000,000	DEKALB/KANE/LA SALLE CNTYS IL CMNTY CLG DIST #523(b)		2/1/2029		3.83		439,076		477,670
	320,000	DELAWARE ST HSG AUTH REVENUE		7/1/2031		5.20		320,000		339,398
	1,000,000	D’IBERVILLE MS TAX INCR LTD OBLG		4/1/2033		4.75		1,036,023		1,010,270
	500,000	DINUBA CA FING AUTH LEASE REVENUE		9/1/2038		5.38		494,974		509,895
	500,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE		7/1/2033		5.45		500,000		553,870
	1,000,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE		6/1/2040		4.90		1,000,000		1,041,610
	1,000,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE		6/1/2041		5.00		1,000,000		1,053,120
	1,000,000	DOUBLE BRANCH FL CDD SPL ASSMNT		5/1/2031		4.13		987,403		977,590
	1,000,000	DOUGLAS CNTY CO MF REVENUE		10/1/2029		4.50		1,000,000		1,049,130
	3,000,000	DUBLIN CA UNIF SCH DIST(b)		8/1/2034		3.18		849,813		966,180
	825,000	EAST POINT GA		2/1/2026		8.00		825,000		826,881
	2,045,000	EDEN TWP CA HOSP DIST COPS		6/1/2030		6.00		2,024,228		2,185,246
	750,000	EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE		7/1/2033		6.38		742,218		820,792
	1,000,000	EL PASO TX DOWNTOWN DEV CORP SPL REVENUE		8/15/2038		7.25		1,090,480		1,302,560
	1,000,000	ENCINITAS CA UNION SCH DIST(b)		8/1/2035		2.16		542,974		824,370
	1,155,000	ENTERPRISE CA ELEM SCH DIST(b)		8/1/2035		1.94		660,725		907,888
	1,000,000	ERIE CNTY PA HOSP AUTH		7/1/2027		7.00		1,000,000		1,050,300
	500,000	FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE		8/1/2039		5.60		500,000		531,260
	238,000	FARMS NEW KENT VA CMNTY DEV AUTH SPL ASSMNT(e)		3/1/2036		5.13		238,000		125,788
	1,000,000	FESTIVAL RANCH AZ CMNTY FACS DIST		7/15/2024		6.25		1,010,707		1,093,030
	315,000	FIDDLERS CREEK FL CDD #2 SPL ASSMNT REVENUE(e)		5/1/2013		5.75		314,118		236,880
	1,000,000	FISHHAWK CCD IV FL SPL ASSMNT REVENUE		5/1/2033		7.00		1,000,000		1,071,310
	725,000	FLAGSTAFF AZ INDL DEV AUTH		7/1/2022		5.50		680,299		730,967
	1,000,000	FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE		12/15/2025		6.38		1,000,000		1,041,470

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Par/Shares		Security	Maturity date		Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	385,000	FLORIDA ST HSG FIN CORP REVENUE		7/1/2026		5.00	$	386,003		405,775
	125,000	FLORIDA ST HSG FIN CORP REVENUE		7/1/2033		5.45		125,000		131,265
	1,250,000	FLORIDA ST HSG FIN CORP REVENUE		7/1/2034		5.30		1,254,904		1,321,588
	1,000,000	FLORIDA ST HSG FIN CORP REVENUE		7/1/2039		4.20		1,000,000		1,013,310
	1,250,000	FORT SILL APACHE TRIBE OK ECONDEV AUTH GAMING ENTERPRISE REV(c)		8/25/2026		8.50		1,250,000		1,450,788
	1,145,000	FULTON CNTY GA DEV AUTH		11/1/2028		5.25		996,124		1,054,007
	1,000,000	FYI PROPERTIES WA LEASE REVENUE		6/1/2034		5.50		982,114		1,130,960
	500,000	GAINESVILLE & HALL CNTY GA DEV AUTH RETMNT CMNTY REVENUE		11/15/2029		6.38		510,768		561,005
	1,490,316	GALVESTON COUNTY MUNICIPAL UTILITY DISTRICT		2/25/2015		6.50		1,490,316		1,188,974
	400,000	GEISINGER PA AUTH		5/1/2037		0.92		400,000		307,800
	1,000,000	GENESEE CNTY MI		11/1/2030		5.00		1,014,869		1,014,650
	500,000	GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC		2/15/2031		5.13		495,858		548,270
	500,000	GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC		2/15/2036		5.25		492,060		546,375
	3,500,000	GEORGIA ST HSG & FIN AUTH REVENUE		12/1/2037		3.80		3,500,000		3,489,150
	2,000,000	GEORGIA ST HSG & FIN AUTH REVENUE		12/1/2037		4.00		2,000,000		2,011,440
	1,000,000	GEORGIA ST HSG & FIN AUTH REVENUE		12/1/2043		3.90		986,015		994,770
	2,000,000	GLENDALE CA UNIF SCH DIST(b)		9/1/2028		3.82		829,389		978,760
	1,500,000	GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE(b)		10/1/2035		1.91		883,901		1,073,550
	1,210,000	HAMILTON CNTY OH HLTH CARE REVENUE		1/1/2031		6.13		1,179,361		1,344,854
	970,000	HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE		8/15/2025		6.50		976,212		986,897
	1,000,000	HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE		8/15/2030		6.50		1,003,203		1,014,930
	385,000	HAMMOND IN REDEV DIST REVENUE		1/15/2017		6.00		385,000		389,331
	1,250,000	HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE(c)		8/15/2021		6.75		1,250,000		1,381,450
	1,500,000	HARTNELL CA CMNTY CLG DIST(b)		8/1/2034		2.36		733,547		1,158,450
	590,000	HAWAII ST DEPT OF BUDGET & FIN SPL PURPOSE SENIOR LIVING REV		11/15/2029		8.75		582,554		687,474
	3,500,000	HEALDSBURG CA UNIF SCH DIST(b)		8/1/2037		1.44		2,315,582		2,269,785
	1,000,000	HELENDALE CA SCH DIST(b)		8/1/2034		1.82		614,681		870,910
	750,000	HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE		9/1/2038		5.00		757,090		811,245
	2,000,000	HENDERSON NV HLTHCARE FAC REVENUE		7/1/2031		5.25		2,000,000		2,102,440
	1,000,000	HIDALGO CNTY TX REGL MOBILITY AUTH VEHICLE REGISTRATION FEE		12/1/2038		5.25		1,034,520		1,116,400

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Par/Shares		Security	Maturity date		Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	500,000	HIGHLANDS CNTY FL HLTH FACS AUTH		11/15/2032		5.13	$	500,721		534,505
	89,000	HOUMA-TERREBONNE LA PUBLIC TRUST FING AUTH SF MTGE		12/1/2040		5.15		92,146		89,303
	1,500,000	HOUSTON TX HGR EDU FIN CORP		9/1/2038		5.50		1,549,675		1,654,305
	1,000,000	HOUSTON TX HOTEL OCCUPANCY TAX & SPL REVENUE		9/1/2030		5.00		1,000,000		1,003,200
	500,000	IDAHO ST HLTH FACS AUTH REVENUE		10/1/2021		6.00		500,000		504,200
	750,000	IDAHO ST HLTH FACS AUTH REVENUE		10/1/2024		7.00		750,000		781,065
	750,000	IDAHO ST HLTH FACS AUTH REVENUE		10/1/2029		7.38		741,449		773,535
	750,000	IDAHO ST HSG & FIN ASSN NONPROFIT FACS REVENUE		7/1/2030		5.50		750,000		750,375
	145,000	IDAHO ST HSG & FIN ASSN SF MTGE REVENUE		7/1/2026		5.65		147,306		152,669
	80,000	IDAHO ST HSG & FIN ASSN SF MTGE REVENUE		1/1/2040		5.50		80,000		83,462
	1,000,000	ILLINOIS ST		2/1/2031		5.25		1,042,035		1,087,880
	500,000	ILLINOIS ST		7/1/2033		5.50		498,824		551,860
	900,000	ILLINOIS ST COPS		7/1/2017		5.80		900,000		901,791
	995,000	ILLINOIS ST FIN AUTH CHRT SCH REVENUE		10/1/2031		6.88		995,000		1,131,683
	1,500,000	ILLINOIS ST FIN AUTH EDU REVENUE		9/1/2027		5.00		1,455,346		1,509,945
	500,000	ILLINOIS ST FIN AUTH EDU REVENUE		9/1/2032		6.00		500,000		529,960
	1,000,000	ILLINOIS ST FIN AUTH REVENUE		8/15/2023		5.25		973,435		1,029,150
	610,000	ILLINOIS ST FIN AUTH REVENUE		8/15/2026		6.00		615,811		619,412
	500,000	ILLINOIS ST FIN AUTH REVENUE		3/15/2027		5.00		509,944		539,530
	1,000,000	ILLINOIS ST FIN AUTH REVENUE		5/15/2027		5.50		1,028,903		1,041,400
	500,000	ILLINOIS ST FIN AUTH REVENUE		5/15/2029		5.25		503,482		529,015
	1,045,000	ILLINOIS ST FIN AUTH REVENUE		5/15/2030		5.50		1,068,393		1,069,725
	750,000	ILLINOIS ST FIN AUTH REVENUE		11/15/2036		5.25		759,127		762,495
	570,000	ILLINOIS ST FIN AUTH REVENUE		2/1/2037		5.25		571,177		578,356
	500,000	ILLINOIS ST FIN AUTH REVENUE		3/1/2038		6.00		485,835		557,950
	750,000	ILLINOIS ST FIN AUTH SPORTS FAC REVENUE(c)(e)(f)		10/1/2027		6.13		730,795		54,638
	500,000	ILLINOIS ST FIN AUTH SPORTS FAC REVENUE(c)(e)(f)		10/1/2037		6.25		484,210		36,425
	1,000,000	ILLINOIS ST FIN AUTH STUDENT HSG REVENUE		10/1/2024		6.00		990,548		1,111,460
	750,000	ILLINOIS ST HLTH FACS AUTH		8/15/2028		5.38		739,071		751,118
	1,000,000	ILLINOIS ST HSG DEV AUTH		7/1/2034		4.95		1,000,000		1,060,360
	500,000	ILLINOIS ST HSG DEV AUTH		7/1/2047		4.50		466,647		501,720
	1,000,000	ILLINOIS ST SPORTS FACS AUTH		6/15/2032		5.00		1,000,000		1,000,630
	1,000,000	IMPERIAL CA CMNTY CLG DIST(b)		8/1/2040		0.84		933,740		1,098,320
	500,000	INDIANA ST BOND BANK REVENUE		2/1/2029		5.50		491,614		566,045
	3,000,000	INDIANA ST FIN AUTH REVENUE		9/15/2030		6.50		3,068,953		3,388,890
	500,000	INDIANA ST FIN AUTH REVENUE		2/1/2031		4.00		492,815		503,575
	500,000	INDIANA ST FIN AUTH REVENUE		11/15/2031		5.50		492,825		536,895
	1,000,000	INDIANA ST FIN AUTH REVENUE		11/15/2033		6.50		986,376		1,103,230
	1,000,000	INDIANA ST FIN AUTH REVENUE		2/1/2037		4.00		961,066		953,610
	1,000,000	INDIANA ST FIN AUTH REVENUE		3/1/2041		5.00		1,065,438		1,041,940
	500,000	INDIANA ST FIN AUTH REVENUE		11/15/2041		5.88		552,090		547,675
	1,000,000	INDIANA ST FIN AUTH REVENUE		11/15/2041		6.00		986,654		1,104,780
	575,000	INDIANA ST HLTH & EDUCTNL FACFING AUTH HOSP REVENUE		2/15/2030		5.25		439,546		584,902
	6,219,226	INTERMEDIATE SCH DIST #287 MN LEASE REVENUE		11/1/2032		5.30		5,999,588		6,288,135

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Par/Shares		Security	Maturity date		Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,000,000	IOWA ST FIN AUTH HLTH CARE FACS REVENUE		7/1/2033		5.50	$	1,040,973		1,137,580
	1,150,000	IOWA ST FIN AUTH MIDWSTRN DISASTER AREA REVENUE		12/1/2022		5.50		1,169,866		1,198,852
	200,000	IOWA ST STUDENT LOAN LIQUIDITY CORP		12/1/2027		5.50		196,097		212,080
	2,000,000	JEFFERSON CA UNION HIGH SCH DIST SAN MATEO CNTY(b)		8/1/2031		4.10		594,241		541,200
	370,000	JEFFERSON PARISH LA FIN AUTH		6/1/2038		5.00		385,382		385,603
	120,000	JEFFERSON PARISH LA FIN AUTH		12/1/2048		5.70		125,833		124,807
	780,000	KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE		1/1/2016		6.20		766,151		774,595
	1,215,000	KANSAS CITY MO INDL DEV AUTH		9/1/2023		5.45		1,215,000		1,274,049
	1,000,000	KANSAS CITY MO INDL DEV AUTH		11/20/2039		5.10		1,000,000		1,051,820
	500,000	KENTUCKY ST ECON DEV FIN AUTH MF HSG REVENUE		11/20/2035		5.38		500,000		525,435
	1,000,000	KENTUCKY ST HSG CORP HSG REVENUE		7/1/2028		3.75		983,919		1,029,760
	370,000	KENTUCKY ST HSG CORP HSG REVENUE		7/1/2039		5.15		370,000		389,399
	1,895,000	KERRVILLE TX HLTH FACS DEV CORP HOSP REVENUE		8/15/2035		5.45		1,870,233		1,899,510
	750,000	KING CNTY WA HSG AUTH		5/1/2028		5.20		750,000		828,885
	500,000	KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE		5/15/2021		8.00		500,000		587,170
	2,500,000	KOYUKUK AK REVENUE		10/1/2023		7.00		2,437,601		2,772,000
	1,300,000	KREMMLING CO MEMORIAL HOSP DIST COPS		12/1/2022		6.00		1,289,427		1,194,986
	435,000	LAFAYETTE LA PUBLIC TRUST FING AUTH SF MTGE		1/1/2041		5.35		444,424		445,227
	1,900,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE		5/1/2030		7.40		1,882,482		2,359,990
	750,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE		5/1/2033		6.70		750,000		793,425
	2,000,000	LAS VEGAS NV REDEV AGY TAX INCR REVENUE		6/15/2023		7.50		1,983,736		2,336,280
	245,000	LEHIGH CNTY PA GEN PURPOSE AUTH		8/15/2042		1.17		245,000		177,177
	750,000	LEWISVILLE TX COMB CONTRACT REVENUE		9/1/2024		3.00		740,267		733,418
	480,000	LEXINGTON OAKS FL CDD SPL ASSMNT REVENUE		5/1/2033		5.65		480,000		503,155
	500,000	LEXINGTON VA INDL DEV AUTH RSDL CARE FAC REVENUE		1/1/2028		5.38		504,648		505,530
	180,000	LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU		1/1/2015		6.38		180,000		107,995
	550,000	LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU		1/1/2030		5.50		558,998		380,798
	1,000,000	LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU(e)		1/1/2036		5.25		1,005,522		365,260
	500,000	LONG LAKE RANCH CMNTY DEV DISTFLA CAP IMPT REV		5/1/2024		5.63		500,000		501,455
	1,000,000	LONG LAKE RANCH CMNTY DEV DISTFLA CAP IMPT REV		5/1/2044		5.75		978,988		985,870
	1,000,000	LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE		6/1/2038		5.25		1,021,356		1,101,640
	445,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE		12/1/2034		5.10		445,000		472,772

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Par/Shares		Security	Maturity date		Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	110,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE		6/1/2038		5.85	$	113,682		116,652
	575,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE		12/1/2038		5.70		587,968		611,369
	210,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE		6/1/2039		5.60		216,584		227,732
	375,000	LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH		6/20/2028		8.00		375,000		243,679
	750,000	LOUISIANA ST PUBLIC FACS AUTH REVENUE		5/1/2031		6.50		746,891		813,495
	475,000	LOUISIANA ST PUBLIC FACS AUTH REVENUE		2/15/2036		0.85		475,000		412,951
	500,000	LUCAS CNTY OH HLTH CARE FACS REVENUE		8/15/2030		5.50		492,084		540,280
	1,490,000	LUZERNE CNTY PA		11/1/2026		7.00		1,557,844		1,711,503
	262,532	LYONS CO		11/30/2016		4.75		263,448		257,961
	1,000,000	MACON & MOULTRIE CNTYS IL CMNTY SCH DIST #3 MOUNT ZION		12/1/2041		5.50		1,034,096		1,139,470
	1,000,000	MACON CNTY IL SCH DIST #61		1/1/2037		5.25		1,025,932		1,081,060
	250,000	MAGNOLIA CREEK FL CDD CAPITAL IMPT REVENUE(d)(e)		5/1/2014		5.60		250,000		87,500
	1,000,000	MAINE ST HLTH & HGR EDUCTNL FACS AUTH REVENUE		7/1/2032		7.50		1,045,743		1,167,860
	1,000,000	MAINE ST HSG AUTH MTGE REVENUE		11/15/2036		3.60		1,000,000		946,860
	1,000,000	MAINE ST HSG AUTH MTGE REVENUE		11/15/2037		4.50		1,000,000		1,039,580
	1,000,000	MAINE ST TECH CLG SYS COPS		1/1/2017		5.80		1,000,000		1,004,490
	1,000,000	MALTA IL TAX INCR REVENUE(e)		12/30/2025		5.75		1,000,000		516,950
	500,000	MANATEE CNTY FL SCH BRD COPS		7/1/2031		5.63		495,914		556,780
	500,000	MANCHESTER NH HSG & REDEV AUTH REVENUE		1/1/2015		6.75		499,182		499,560
	500,000	MANCHESTER NH HSG & REDEV AUTH REVENUE(b)		1/1/2020		3.58		370,211		338,070
	452,000	MANHATTAN IL SPL SVC AREA SPL TAX(e)		3/1/2022		5.75		452,000		88,230
	500,000	MANSFIELD OH		12/1/2024		6.00		517,458		562,730
	462,000	MARQUIS VA CMNTY DEV AUTH REVENUE(b)		9/1/2041		2.95		91,940		64,569
	349,000	MARQUIS VA CMNTY DEV AUTH REVENUE		9/1/2041		5.63		377,367		326,357
	750,000	MARTINEZ CA UNIF SCH DIST(b)		8/1/2035		0.72		635,675		864,450
	500,000	MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV		9/1/2030		5.13		500,000		540,670
	500,000	MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV		7/1/2031		4.50		500,000		528,745
	439,038	MASHANTUCKET WSTRN PEQUOT TRIBE CT		7/1/2031		6.05		510,158		219,624
	965,000	MASSACHUSETTS ST DEV FIN AGY REVENUE		7/1/2030		6.38		953,045		1,052,902
	1,695,000	MASSACHUSETTS ST EDUCTNL FING AUTH		1/1/2028		5.25		1,696,007		1,828,227
	1,000,000	MASSACHUSETTS ST HSG FIN AGY		12/1/2033		5.00		1,000,000		1,063,560
	1,000,000	MASSACHUSETTS ST HSG FIN AGY		12/1/2038		5.15		1,000,000		1,051,030
	1,000,000	MASSACHUSETTS ST HSG FIN AGY		12/1/2043		5.00		1,000,000		1,068,180
	885,000	MASSACHUSETTS ST HSG FIN AGY HSG REVENUE		6/1/2040		5.05		885,000		928,515

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Par/Shares		Security	Maturity date		Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	500,000	MASSACHUSETTS ST HSG FIN AGY HSG REVENUE		12/1/2042		3.50	$	499,394		448,355
	3,435,000	MASSACHUSETTS ST HSG FIN AGY HSG REVENUE		12/1/2043		4.00		3,435,000		3,319,481
	160,000	MEAD NE TAX INCR REVENUE(e)		7/1/2012		5.13		160,000		22,400
	750,000	MEADOW PINES FL CDD		5/1/2030		4.45		750,000		767,985
	1,000,000	MEDFORD OR HOSP FACS AUTH REVENUE		10/1/2042		5.00		1,049,054		1,044,360
	1,070,000	MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e)		12/20/2020		8.00		1,070,000		534,989
	855,000	MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e)		6/20/2036		10.00		855,000		299,259
	1,830,000	MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e)		12/20/2040		7.50		1,830,000		1,097,982
	2,000,000	MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE(b)		10/1/2041		1.14		1,358,028		2,214,020
	1,000,000	MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE		10/1/2053		5.00		1,038,979		1,031,000
	500,000	MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE		8/1/2030		6.00		486,899		563,010
	2,500,000	MICHIGAN ST HOSP FIN AUTH		11/15/2025		5.25		2,308,353		2,500,475
	1,500,000	MICHIGAN ST HOSP FIN AUTH		6/1/2034		6.13		1,546,406		1,715,820
	1,000,000	MICHIGAN ST HSG DEV AUTH		10/1/2034		5.63		1,000,000		1,064,770
	1,000,000	MICHIGAN ST MUNI BOND AUTH		5/1/2023		5.75		1,018,928		1,134,960
	610,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH(c)(f)		9/1/2016		6.00		608,475		396,524
	750,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH		6/1/2020		6.00		745,357		786,030
	360,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH		10/1/2023		6.25		360,000		346,280
	500,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH		11/1/2028		6.35		500,000		507,170
	260,000	MICHIGAN ST TOBACCO SETTLEMENT FIN AUTH		6/1/2022		5.13		245,682		227,347
	494,000	MILLSBORO DE SPL OBLG		7/1/2036		5.45		494,000		408,923
	205,734	MINNESOTA ST HGR EDU FACS AUTH REVENUE		10/1/2016		4.49		206,272		209,219
	375,000	MINNESOTA ST HSG FIN AGY		7/1/2034		5.05		375,000		397,028
	745,000	MINNESOTA ST HSG FIN AGY		1/1/2040		5.10		745,000		784,582
	1,000,000	MISSISSIPPI ST DEV BANK SPL OBLG		10/1/2031		6.50		974,653		1,137,080
	105,000	MISSISSIPPI ST HOME CORP SF MTGE REVENUE		6/1/2039		6.75		110,191		105,968
	215,000	MISSOURI ST HSG DEV COMMISSION SF HSG REVENUE		9/1/2034		5.35		215,000		229,579
	947,585	MOBERLY MO INDL DEV AUTH(e)		9/1/2024		6.00		963,425		65,734
	1,365,000	MONTANA ST BRD OF HSG		12/1/2038		3.75		1,365,000		1,364,973
	955,000	MONTANA ST BRD OF HSG		12/1/2038		5.20		955,000		1,032,785
	705,000	MONTANA ST BRD OF HSG		12/1/2039		5.50		705,066		742,464
	500,000	MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE		7/1/2037		5.13		500,000		527,025
	2,000,000	MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVE		7/1/2038		4.00		2,000,000		1,978,680
	800,000	MOUNT CARBON CO MET DIST REVENUE		6/1/2043		7.00		800,000		473,664
	200,000	MOUNT CARBON CO MET DIST REVENUE(e)		6/1/2043		8.00		-		20,000
	500,000	MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE		12/1/2029		5.00		535,418		530,655

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Par/Shares		Security	Maturity date		Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	615,000	MUNSTER IN ECON DEV TAX INCR REVENUE		7/15/2026		4.75	$	612,186		652,982
	1,000,000	N SLOPE BORO AK SVC AREA 10 WTR & WSTWTR FACS		6/30/2034		5.25		1,054,400		1,088,740
	500,000	N SPRINGS FL IMPT DIST		5/1/2027		6.00		500,000		531,290
	1,000,000	N TX TOLLWAY AUTH REVENUE		1/1/2034		6.00		1,000,000		1,168,960
	1,000,000	N TX TOLLWAY AUTH REVENUE(b)		1/1/2042		0.95		728,728		1,186,300
	1,000,000	NATRONA CNTY WY HOSP REVENUE		9/15/2031		6.35		1,000,000		1,113,360
	490,000	NEVADA ST HSG DIV SF MTGE REVENUE		10/1/2040		5.10		490,000		513,089
	1,000,000	NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE		1/1/2034		6.00		970,837		1,099,710
	500,000	NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE		8/1/2038		6.00		490,620		557,515
	1,000,000	NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE		7/1/2031		5.20		1,000,000		1,078,610
	620,000	NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE		7/1/2034		5.38		620,000		658,614
	405,000	NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE		7/1/2038		6.63		418,571		439,599
	1,500,000	NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV		4/1/2034		5.00		1,523,025		1,530,060
	1,100,000	NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV		4/1/2046		5.00		1,167,934		1,174,184
	475,000	NEW JERSEY ST ECON DEV AUTH		12/1/2016		5.75		475,000		475,513
	500,000	NEW JERSEY ST HGR EDU ASSISTANCE AUTH		6/1/2024		5.38		497,897		563,590
	940,000	NEW JERSEY ST HSG & MTGE FIN AGY		10/1/2030		4.50		940,000		994,153
	245,000	NEW JERSEY ST HSG & MTGE FIN AGY		10/1/2030		6.45		256,080		264,958
	520,000	NEW JERSEY ST HSG & MTGE FIN AGY		10/1/2034		5.00		520,000		545,948
	710,000	NEW JERSEY ST HSG & MTGE FIN AGY		10/1/2035		5.00		710,000		743,853
	1,305,000	NEW JERSEY ST HSG & MTGE FIN AGY		10/1/2037		5.00		1,296,053		1,356,887
	1,000,000	NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE		1/1/2030		3.60		1,000,000		955,230
	1,000,000	NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE		5/1/2041		4.95		971,015		1,013,500
	310,000	NEW MEXICO ST MTGE FIN AUTH		9/1/2029		4.80		310,000		327,899
	600,000	NEW MEXICO ST MTGE FIN AUTH		9/1/2029		5.00		600,000		635,250
	620,000	NEW MEXICO ST MTGE FIN AUTH		9/1/2034		5.00		620,000		659,376
	565,000	NEW MEXICO ST MTGE FIN AUTH		3/1/2036		5.45		565,000		600,945
	890,000	NEW MEXICO ST MTGE FIN AUTH		9/1/2042		3.90		890,000		864,733
	1,290,000	NEW MEXICO ST MTGE FIN AUTH		9/1/2042		4.13		1,290,000		1,297,959
	115,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE(e)		5/1/2013		5.00		114,821		1
	65,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE		5/1/2015		5.00		63,724		64,486
	135,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE		5/1/2018		5.00		124,336		95,789

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Par/Shares		Security	Maturity date		Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	175,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE(b)		5/1/2038		0.64	$	144,020		122,938
	70,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE		5/1/2038		5.75		63,045		69,572
	1,000,000	NEW YORK CITY NY HSG DEV CORPMF HSG REVENUE		11/1/2037		3.80		1,000,000		975,740
	1,000,000	NEW YORK CITY NY HSG DEV CORPMF HSG REVENUE		11/1/2039		4.30		1,000,000		1,013,910
	2,000,000	NEW YORK CITY NY MUNI WTR FINAUTH WTR & SWR SYS REVENUE		6/15/2038		5.00		2,233,685		2,212,760
	500,000	NEW YORK ST HSG FIN AGY REVENUE		11/1/2045		5.10		500,000		536,340
	5,000,000	NEW YORK ST HSG FIN AGY REVENUE		5/1/2048		4.10		5,000,000		5,003,400
	2,000,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE		10/1/2038		4.85		2,000,000		2,130,460
	1,465,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE		10/1/2040		4.13		1,465,000		1,486,506
	500,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE		10/1/2042		3.75		500,000		478,115
	1,000,000	NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE		10/1/2029		6.38		1,000,000		1,004,490
	1,000,000	NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE		7/1/2035		6.25		977,051		1,046,910
	1,365,000	NORTH DAKOTA ST HSG FIN AGY		7/1/2032		3.60		1,365,000		1,390,594
	1,000,000	NORTH DAKOTA ST HSG FIN AGY		7/1/2033		5.00		1,000,000		1,083,470
	1,735,000	NORTH DAKOTA ST HSG FIN AGY		1/1/2038		5.15		1,735,000		1,877,617
	670,000	NORTH DAKOTA ST HSG FIN AGY		7/1/2040		5.05		670,000		705,751
	500,000	NORTH SPRINGS FL IMPT DIST		5/1/2044		6.50		500,000		530,395
	1,000,000	NTHRN IL UNIV		4/1/2026		5.50		1,011,720		1,111,050
	2,000,000	OAK PARK CA UNIF SCH DIST(b)		8/1/2038		1.86		1,068,853		1,603,160
	1,250,000	OAKLAND CNTY MI ECON DEV CORP LTD OBLG REVENUE		12/1/2020		6.50		1,244,131		1,329,262
	440,000	OHIO ST HSG FIN AGY RSDL MTGE REVENUE		9/1/2033		5.40		440,000		467,931
	6,940,866	OKLAHOMA CNTY OK HOME FIN AUTH SF REVENUE(b)		9/1/2034		3.42		2,112,523		2,124,530
	285,000	OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE		3/1/2032		5.15		285,000		300,282
	410,000	OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE		9/1/2038		6.50		423,333		413,411
	1,000,000	ORANGE CNTY FL HLTH FACS AUTHREVENUE		8/1/2034		5.00		1,067,700		1,072,850
	970,000	OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE		7/1/2038		4.00		970,000		970,000
	500,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE		6/1/2021		6.00		500,000		525,045
	1,000,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE		11/15/2022		5.38		933,544		1,081,430
	500,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE		6/1/2023		6.25		500,000		529,380
	500,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE		6/1/2034		7.25		500,000		551,910
	500,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE		6/1/2049		7.50		492,385		552,955
	500,000	PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE		7/1/2039		0.81		500,000		346,195
	1,000,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE		10/1/2029		4.63		924,879		1,046,810
	1,000,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE		10/1/2037		3.65		1,006,343		963,450

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Par/Shares		Security	Maturity date		Coupon rate			Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	500,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE		10/1/2038		4.00		$	500,000		502,070
	885,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE		10/1/2042		3.70			885,000		828,298
	1,935,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b)		12/1/2035		0.90			1,552,941		1,913,870
	1,500,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b)		12/1/2037		1.25			1,060,925		1,103,415
	1,500,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b)		12/1/2038		1.02			1,116,754		1,533,795
	5,000,000	PEORIA IL PUBLIC BLDG COMMISSION SCH DIST FACS REVENUE(b)		12/1/2026		3.73			2,314,612		2,675,550
	500,000	PHILADELPHIA PA AUTH FOR INDLDEV REVENUES		6/15/2023		6.13			500,000		512,615
	500,000	PHOENIX AZ INDL DEV AUTH EDU REVENUE		7/1/2022		5.00			500,000		508,905
	1,250,000	PHOENIX AZ INDL DEV AUTH EDU REVENUE(c)		7/1/2024		5.75			1,240,518		1,318,050
	2,500,000	PHOENIX AZ INDL DEV AUTH LEASE REVENUE		6/1/2034		5.25			2,544,958		2,661,350
	315,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE		6/1/2016		6.00			315,939		320,913
	660,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE		12/1/2017		5.35			614,579		666,877
	310,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE		12/1/2018		6.38			310,000		325,946
	45,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE		7/1/2021		6.70			45,000		45,278
	785,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE		6/1/2022		5.00			730,613		780,408
	10,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE		7/1/2031		6.75			7,467		10,032
	2,625,000	PITTSBURG CALIF UNI SCH DIST FING AUTH REV(b)		9/1/2031		3.78			915,135		953,295
	2,000,000	PORT SAINT LUCIE FL RESEARCH FACS REVENUE		5/1/2033		5.00			2,086,228		2,107,340
	1,000,000	PUBLIC FIN AUTH WI CCRC REVENUE		6/1/2020		7.00			988,128		1,157,830
	1,500,000	PUBLIC FIN AUTH WI CCRC REVENUE		6/1/2046		8.25			1,559,976		1,754,205
	500,000	PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE		9/1/2022		5.25			500,000		494,085
	800,000	PUBLIC FIN AUTH WI REVENUE		4/1/2022		5.00			800,000		832,256
	600,000	PUBLIC FIN AUTH WI REVENUE		4/1/2032		5.50			600,000		612,846
	221,000	PUBLIC FIN AUTH WI REVENUE(b)		10/1/2042		(0.46	)		249,488		69,301
	221,000	PUBLIC FIN AUTH WI REVENUE(b)		10/1/2042		(0.46	)		249,487		2
	515,000	PUBLIC FIN AUTH WI REVENUE		10/1/2042		7.00			574,386		490,069
	1,250,000	PUBLIC FIN AUTH WI SENIOR LIVING REVENUE		11/15/2024		5.00			1,244,925		1,247,925
	1,000,000	PUERTO RICO CMWLTH		7/1/2028		6.00			990,597		741,370
	1,500,000	PUERTO RICO CMWLTH		7/1/2035		5.00			1,500,000		1,434,240
	500,000	PUERTO RICO ELEC PWR AUTH PWR REVENUE		7/1/2025		0.84			500,000		204,945
	1,000,000	PUERTO RICO ELEC PWR AUTH PWRREVENUE		7/1/2030		7.25			1,034,558		462,500
	1,000,000	PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC		11/15/2025		6.13			1,000,000		1,010,080
	1,000,000	PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE(b)		8/1/2033		1.88			622,369		589,090
	500,000	PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE		8/1/2037		5.75			371,950		406,950

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Par/Shares		Security	Maturity date		Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	500,000	PUERTO RICO SALES TAX FING CORP SALES TAX REVENUE		8/1/2057		1.08	$	500,000		307,675
	1,260,000	QUECHAN INDIAN TRIBE AZ FORT YUMA INDIAN RESERVATION		5/1/2025		9.75		1,260,000		1,424,669
	500,000	RED RIVER TX HLTH FACS DEV CORP FIRST MTGE REVENUE		1/1/2032		5.50		513,237		505,200
	750,000	RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE		11/15/2020		6.13		750,000		754,590
	750,000	RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE		11/15/2034		7.50		746,024		773,895
	1,000,000	REDONDO BEACH CA UNIF SCH DIST(b)		8/1/2034		1.38		711,441		1,053,790
	750,000	REEF-SUNSET CA UNIF SCH DIST(b)		8/1/2038		1.30		511,591		511,080
	500,000	RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP		5/15/2030		6.25		494,019		563,495
	1,000,000	RHODE ISLAND ST HSG & MTGE FIN CORP		10/1/2028		4.00		994,580		1,032,990
	750,000	RHODE ISLAND ST HSG & MTGE FIN CORP		10/1/2037		3.90		750,000		720,000
	325,000	RICHMOND IN HOSP AUTH REVENUE		1/1/2029		6.50		316,060		372,430
	1,000,000	RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE		10/15/2038		6.00		1,025,730		1,168,250
	500,000	S BAYSIDE CA WST MGMT AUTH SOL WST ENTERPRISE REVENUE		9/1/2029		6.25		511,264		572,100
	1,000,000	S COAST IN CONSERVANCY DIST		1/1/2028		5.25		995,161		1,013,080
	560,000	S WSTRN IL DEV AUTH		10/1/2022		7.00		560,000		459,105
	350,000	SACRAMENTO CNTY CA WTR FING AUTH REVENUE		6/1/2039		0.72		350,000		285,117
	645,000	SADDLEBACK VLY CA UNIF SCH DIST PUBLIC FING AUTH		9/1/2017		5.65		645,000		647,851
	101,000	SAINT BERNARD PARISH LA HOME MTGE AUTH SF MTGE		3/1/2039		5.80		99,142		105,071
	500,000	SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE		8/1/2040		5.88		493,103		537,050
	460,000	SAINT JOSEPH CNTY IN ECON DEV REVENUE		5/15/2026		6.00		350,802		469,674
	500,000	SAINT JOSEPH CNTY IN ECON DEV REVENUE		5/15/2038		6.00		373,071		505,510
	1,000,000	SAINT JOSEPH CNTY IN ECON DEV REVENUE		5/15/2039		6.25		1,011,650		1,022,550
	425,694	SAINT JOSEPH CNTY IN HOSP AUTH HLTH FACS REVENUE(e)		2/15/2028		5.25		431,280		35,111
	500,000	SAINT LOUIS CNTY MO INDL DEV AUTH		8/15/2032		5.88		500,000		503,730
	750,000	SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS		9/1/2042		5.00		772,800		775,350
	1,000,000	SALEM OR HOSP FAC AUTH REVENUE		5/15/2027		5.75		1,023,767		1,071,780
	500,000	SALINE MI ECON DEV CORP		6/1/2032		5.25		503,181		504,975
	500,000	SAN DIEGO CA HSG AUTH MF HSG REVENUE		5/1/2029		5.00		500,000		526,055
	1,500,000	SAN GABRIEL CA UNIF SCH DIST(b)		8/1/2039		0.32		1,379,722		1,519,200
	1,000,000	SAN JOSE CA FING AUTH		6/1/2039		5.00		1,065,090		1,092,410
	500,000	SANTA MONICA CA REDEV AGY		7/1/2036		5.88		516,319		574,860
	1,450,000	SARASOTA CNTY FL HLTH FACS AUTH RETMNT FAC REVENUE		1/1/2027		5.50		1,224,032		1,539,422
	1,000,000	SARASOTA CNTY FL HLTH FACS AUTH RETMNT FAC REVENUE		1/1/2032		5.50		1,011,039		1,047,580
	1,000,000	SCHERERVILLE IN ECON DEV REVENUE		1/15/2030		6.00		1,019,973		1,134,970

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Par/Shares		Security	Maturity date		Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	770,000	SEATTLE WA HSG AUTH POOLED HSG REVENUE		9/15/2033		5.75	$	786,534		896,103
	500,000	SEMINOLE TRIBE FL SPL OBLG REVENUE(c)		10/1/2024		5.50		502,654		542,790
	500,000	SEVEN OAKS FL CMNTY DEV DIST SPL ASSMNT REVENUE		5/1/2033		5.50		488,531		515,355
	150,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e)		1/1/2019		5.35		134,966		7,498
	625,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e)		1/1/2029		5.55		556,863		31,244
	130,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e)		1/1/2029		6.00		-		1
	530,000	SILVERLEAF FL CDD CAPITAL IMPT REVENUE		5/1/2023		6.50		530,000		555,689
	250,000	SILVERLEAF FL CDD CAPITAL IMPT REVENUE		5/1/2044		6.75		245,246		260,905
	435,000	SOUTH CAROLINA ST EDU ASSISTANCE AUTH		10/1/2029		5.10		430,439		465,093
	170,000	SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE		7/1/2032		5.50		170,000		177,805
	356,475	SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE		11/15/2032		6.00		356,475		290,459
	228,572	SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE(b)		11/15/2047		0.04		225,025		9,134
	152,775	SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE(b)		11/15/2047		0.14		145,241		6,105
	1,000,000	SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE		12/1/2038		5.00		1,076,770		1,089,740
	1,400,000	SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE		12/1/2043		5.75		1,488,788		1,620,430
	500,000	SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH		9/1/2032		5.00		499,516		519,585
	290,000	SOUTHSIDE AZ CMNTY FACS DIST #1 SPL ASSMNT REVENUE PRESCOTT		7/1/2018		6.13		232,749		232,873
	1,000,000	SPARKS NV REDEV AGY TAX INCR REVENUE		6/1/2020		7.25		992,902		1,047,290
	1,000,000	SPRINGFIELD IL ELEC REVENUE		3/1/2035		5.00		1,021,150		1,017,560
	155,000	STERLING HILL FL CDD CAPITAL IMPT REVENUE(e)		11/1/2010		5.50		155,000		97,650
	2,500,000	SULPHUR SPRINGS CA UNION SCH DIST COPS(b)		12/1/2037		1.00		1,912,619		2,680,675
	1,500,000	SUTTER BUTTE CA FLOOD AGY ASSMNT REVENUE		10/1/2038		4.00		1,481,556		1,460,895
	500,000	TALLAHASSEE FL HLTH FACS REVENUE		12/1/2030		6.38		491,873		501,635
	1,000,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE		11/15/2038		5.00		1,101,504		1,085,720
	80,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU		2/15/2016		7.25		80,000		80,259
	750,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU		11/15/2019		7.75		750,000		745,365
	1,000,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU		11/15/2026		6.00		1,014,934		1,040,460
	750,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU		11/15/2036		6.00		759,676		771,112

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Par/Shares		Security	Maturity date		Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	145,000	TENNESSEE ST HSG DEV AGY		7/1/2038		5.45	$	145,000		146,028
	1,485,000	TENNESSEE ST HSG DEV AGY		7/1/2043		3.80		1,485,000		1,451,766
	510,000	TEXAS ST DEPT OF HSG & CMNTY AFFAIRS		7/1/2039		5.45		510,000		539,764
	250,000	TEXAS ST MUNI GAS ACQUISITION & SPLY CORP I GAS SPLY REVENUE		12/15/2026		1.61		250,000		225,578
	2,000,000	TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE		6/30/2033		7.50		2,043,363		2,455,080
	800,000	TEXAS ST STUDENT HSG AUTH REVENUE(e)		1/1/2033		11.00		800,000		8
	1,000,000	TOBACCO SETTLEMENT AUTH WA TOBACCO SETTLEMENT REVENUE		6/1/2029		5.25		1,038,252		1,075,690
	650,000	TOBACCO SETTLEMENT FING CORP LA REVENUE		5/15/2030		5.50		681,470		712,322
	360,257	TODD CREEK FARMS CO MET DIST #1 WTR & WSTWTR REVENUE(d)(e)		12/1/2009		4.75		356,355		180,129
	1,235,000	TOLEDO-LUCAS CNTY OH PORT AUTHSTUDENT HSG REVENUE		7/1/2039		5.00		1,237,807		1,261,330
	300,000	TOLOMATO FL CDD(e)		5/1/2017		6.38		300,000		184,923
	100,000	TOLOMATO FL CDD(e)		5/1/2017		6.38		100,000		1
	75,000	TOLOMATO FL CDD		5/1/2017		6.38		75,000		73,994
	10,000	TOLOMATO FL CDD(e)		5/1/2017		6.38		10,000		10,068
	35,000	TOLOMATO FL CDD(b)		5/1/2039		1.39		22,717		25,628
	90,000	TOLOMATO FL CDD(b)		5/1/2040		1.34		58,348		53,694
	50,000	TOLOMATO FL CDD(b)		5/1/2040		1.34		32,415		22,079
	1,000,000	TRACY CA JT UNIF SCH DIST(b)		8/1/2041		2.00		457,369		570,900
	1,000,000	TRAVIS CNTY TX HLTH FACS DEV CORP		11/1/2016		6.25		1,000,000		1,002,260
	80,000	TRAVIS CNTY TX HLTH FACS DEV CORP		1/1/2017		5.50		79,081		80,145
	1,000,000	TRAVIS CNTY TX HLTH FACS
		DEV CORP		1/1/2022		6.00		991,820		1,066,350
	500,000	TURLOCK CA PUBLIC FING AUTH WTR REVENUE		5/1/2032		4.75		517,680		521,500
	1,250,000	TUSTIN CA UNIF SCH DIST(b)		8/1/2028		2.33		812,123		1,014,925
	750,000	UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE		12/1/2023		6.50		737,058		764,212
	500,000	UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE		7/15/2025		6.50		500,000		548,775
	1,500,000	UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE		10/15/2033		6.50		1,534,963		1,577,535
	410,000	UTAH ST HSG CORP SF MTGE REVENUE		1/1/2032		4.95		410,000		425,826
	645,000	UTAH ST HSG CORP SF MTGE REVENUE		1/1/2033		5.75		645,000		703,676
	490,000	VANCOUVER WA HSG AUTH		3/1/2025		5.00		483,170		520,919
	955,000	VERMONT ST HSG FIN AGY		5/1/2032		4.88		950,374		999,971
	580,000	VIRGIN ISLANDS WTR & PWR AUTH WTR SYS REVENUE		7/1/2017		5.50		580,000		581,937
	1,000,000	VIRGINIA ST HSG DEV AUTH		7/1/2033		4.13		1,000,000		1,031,500
	1,500,000	VIRGINIA ST HSG DEV AUTH		10/1/2038		5.10		1,500,000		1,617,105
	1,000,000	VIRGINIA ST HSG DEV AUTH		12/1/2039		5.00		1,000,000		1,048,780
	3,500,000	VIRGINIA ST HSG DEV AUTH CMWLTH MTGE		1/1/2038		3.88		3,490,382		3,486,595
	3,000,000	VIRGINIA ST HSG DEV AUTH CMWLTH MTGE		7/1/2038		4.80		3,000,000		3,221,640
	2,000,000	VIRGINIA ST HSG DEV AUTH CMWLTH MTGE		10/1/2038		4.75		2,000,000		2,133,400
	1,000,000	W CAMPUS HSG LLC AZ STUDENT HSG REVENUE		7/1/2025		5.00		897,927		1,001,550

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Par/Shares			Security	Maturity date		Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,000,000		WASHINGTON ST HLTH CARE FACS AUTH		3/1/2029		7.12	$	977,738		1,208,750
	1,500,000		WASHINGTON ST HSG FIN COMMISSION		10/1/2022		6.00		1,500,000		1,621,335
	825,000		WASHINGTON ST HSG FIN COMMISSION(c)		1/1/2024		6.00		819,045		860,797
	1,500,000		WASHINGTON ST HSG FIN COMMISSION		7/1/2030		3.50		1,500,000		1,465,785
	500,000		WASHINGTON ST HSG FIN COMMISSION		7/1/2033		5.00		543,370		529,730
	500,000		WASHINGTON ST HSG FIN COMMISSION		12/1/2033		3.50		500,000		498,590
	1,475,000		WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE		1/1/2017		5.25		1,460,840		1,481,505
	2,000,000		WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE		1/1/2027		5.63		1,868,179		1,931,280
	360,000		WATERS EDGE FL CDD CAPITAL IMPT REVENUE(b)		5/1/2039		0.87		313,142		222,170
	6,000		WATERS EDGE FL CDD CAPITAL IMPT REVENUE		5/1/2039		5.35		7,512		6,010
	700,000		WEST VIRGINIA ST HSG DEV FUND		11/1/2039		4.10		700,000		706,468
	550,000		WESTCHESTER CO NY LOCAL DEV CORP REVENUE		1/1/2034		5.00		586,406		579,980
	685,000		WESTMONT IL PARK DIST(b)		12/1/2031		3.61		247,139		265,890	��
	685,000		WESTMONT IL PARK DIST(b)		12/1/2033		3.48		213,707		231,598
	1,350,000		WICHITA KS HLTH CARE FACS REVENUE		5/15/2034		6.25		1,350,000		1,388,583
	1,000,000		WICHITA KS HLTH CARE FACS REVENUE		12/15/2036		7.12		986,225		1,063,570
	1,000,000		WISCONSIN ST GEN FUND ANNUAL APPROP REVENUE		5/1/2027		6.00		1,014,603		1,195,840
	1,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE		7/1/2030		5.75		1,019,232		1,110,010
	1,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE		12/1/2034		6.31		1,000,000		697,560
	1,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE		5/15/2036		5.00		1,013,315		1,014,230
	1,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE		8/15/2043		5.00		1,048,452		1,030,230
	720,000		WSTRN GENERATION AGY OR COGENERATION PROJ REVENUE		1/1/2021		5.00		720,111		729,569
	500,000		WYOMING CMNTY DEV AUTH STUDENTHSG REV		7/1/2031		6.25		500,000		541,145
	1,000,000		WYOMING MI SWR DIST SYS REVENUE		6/1/2027		5.00		1,036,438		1,036,610
	2,410,000		WYOMING ST CMNTY DEV AUTH HSGREVENUE		12/1/2038		4.05		2,410,000		2,391,443
	355,000		ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(e)		5/1/2013		5.25		355,352		139,661
		Sub-total Municipal Bonds:							440,935,731		453,591,243		92.13%
Short-Term Investments:
	10,217,193		NORTHERN INSTITUTIONAL FUNDS -TAX-EXEMPT PORTFOLIO, 0.01%(g)						10,217,193		10,217,193
		Sub-total Short-Term Investments:							10,217,193		10,217,193		2.07%
			Grand total(h)					$	477,858,959		492,451,085		100.02%

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

Notes to Schedule of Investments:
	(a)	Investments are valued in accordance with procedures described in note 2 to the financial statements.
	(b)	For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition.
	(c)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees.
	(d)	This security is being fair valued according to procedures adopted by the Board of Trustees.
	(e)	Non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal.
	(f)	Restricted security that has been deemed illiquid. At June 30, 2014, the value of these restricted illiquid securities amounted to approximately $487,587 or 0.10% of net assets. Additional information on each restricted illiquid security is as follows:

SECURITY	ACQUISITION AND ENFORCEABLE DATE		ACQUISITION COST
ILLINOIS ST FIN AUTH SPORTS FAC REVENUE, 6.13%, 10/1/27		9/28/07	$	728,963
ILLINOIS ST FIN AUTH SPORTS FAC REVENUE, 6.25%, 10/1/37		9/28/07		483,580
MICHIGAN ST PUBLIC EDUCTNL FACS AUTH, 6.00%, 9/1/16		9/24/07 - 4/12/11		606,563

(g)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2013, the value of the Clearwater Tax-Exempt Bond Fund’s investment in the Tax-Exempt Portfolio of the Northern Institutional Funds was approximately $10,777,197 with net sales of approximately $560,004 during the six months ended June 30, 2014.
(h)	At June 30, 2014, the cost for Federal income tax purposes was $477,858,959. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows:

Gross unrealized appreciation	$	31,713,306
Gross unrealized depreciation		(17,121,180	)
Net unrealized appreciation	$	14,592,126

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

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

Geographical Diversification	Percent
Illinois		10.03	%
California		10.00
Florida		7.74
Texas		7.20
Indiana		4.84
New York		4.75
Virginia		3.04
Washington		3.01
Michigan		2.94
Pennsylvania		2.92
Other		43.53
		100.00	%

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater Tax-Exempt Bond Fund (unaudited)
June 30, 2014

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
Common Stocks:
	Australia:
	9,284	AGL ENERGY LTD.	$	105,943		135,517
	51,722	ALUMINA LTD.(b)		50,177		65,841
	16,330	AMCOR LTD.		148,761		160,605
	60,339	AMP LTD.		196,569		301,552
	10,115	APA GROUP		50,066		65,716
	21,346	ASCIANO LTD.		100,771		113,322
	4,593	ASX LTD.		114,203		154,356
	25,843	AURIZON HOLDINGS LTD.		91,220		121,356
	50,341	AUSTRALIA & NEW ZEALAND BANKING GROUP LTD.		712,399		1,582,618
	6,281	BENDIGO AND ADELAIDE BANK LTD.		52,780		72,256
	179,910	BGP HOLDINGS PLC(b)(c)		-		-
	58,607	BHP BILLITON LTD.		1,389,858		1,983,959
	10,199	BORAL LTD.		28,970		50,490
	32,841	BRAMBLES LTD.		174,636		284,591
	425,470	CARDNO LTD.		2,796,774		2,535,564
	40,505	CFS RETAIL PROPERTY TRUST GROUP		46,791		77,916
	10,469	COCA-COLA AMATIL LTD.		85,707		93,387
	971	COCHLEAR LTD.		35,893		56,493
	26,220	COMMONWEALTH BANK OF AUSTRALIA		1,168,956		1,999,689
	6,418	COMPUTERSHARE LTD.		56,556		75,527
	417,094	CREDIT CORP. GROUP LTD.		3,445,438		3,421,699
	4,684	CROWN RESORTS LTD.		75,332		66,782
	9,576	CSL LTD.		226,091		600,926
	918,201	DECMIL GROUP LTD.		2,232,829		1,545,484
	85,105	DEXUS PROPERTY GROUP		62,970		89,077
	22,356	ECHO ENTERTAINMENT GROUP LTD.		70,002		66,193
	25,256	FEDERATION CENTRES LTD.		52,870		59,300
	21,110	FORTESCUE METALS GROUP LTD.		37,575		86,591
	18,737	GOODMAN GROUP		48,414		89,224
	16,493	GPT GROUP (THE)		50,424		59,720
	39,228	ILUKA RESOURCES LTD.		401,510		300,729
	36,603	INCITEC PIVOT LTD.		83,901		100,093
	47,825	INSURANCE AUSTRALIA GROUP LTD.		120,292		263,364
	10,015	LEND LEASE GROUP		61,130		123,806
	9,284	MACQUARIE GROUP LTD.		195,127		522,031
	13,956	METCASH LTD.		38,758		34,742
	37,974	MIRVAC GROUP		50,569		63,917
	40,383	NATIONAL AUSTRALIA BANK LTD.		694,465		1,248,233
	17,346	NEWCREST MINING LTD.(b)		173,211		172,069
	20,046	ORIGIN ENERGY LTD.		226,734		276,353
	16,330	ORORA LTD.		16,762		21,943
	416	PERPETUAL LTD.		7,027		18,586
	2,468	RAMSAY HEALTH CARE LTD.		49,765		105,888
	6,568	RECALL HOLDINGS LTD.(b)		24,961		29,604
	7,202	RIO TINTO LTD.		402,208		402,782
	22,469	SANTOS LTD.		244,511		302,129
	99,326	SCENTRE GROUP(b)		196,796		299,710
	5,884	SEEK LTD.		49,598		87,941
	4,898	SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP		7,202		7,944
	403,238	SLATER & GORDON LTD.		824,090		1,962,004
	9,824	SONIC HEALTHCARE LTD.		79,849		160,537
	34,990	STOCKLAND		132,304		128,016
	20,662	SUNCORP GROUP LTD.		228,479		263,803
	9,837	SYDNEY AIRPORT		33,263		39,144
	8,477	TABCORP HOLDINGS LTD.		15,377		26,858
	25,827	TATTS GROUP LTD.		65,548		79,636
	50,353	TELSTRA CORP. LTD.		207,723		247,373
	22,161	TOLL HOLDINGS LTD.		98,848		106,573
	21,881	TRANSURBAN GROUP		88,365		152,475
	499,429	WEBJET LTD.		2,066,472		1,139,665
	15,826	WESFARMERS LTD.		589,127		624,384
	42,659	WESTFIELD CORP.		159,704		287,611
	59,259	WESTPAC BANKING CORP.		833,676		1,893,156
	10,898	WOODSIDE PETROLEUM LTD.		352,178		422,046
	22,832	WOOLWORTHS LTD.		435,292		758,267

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
Australia (Cont’d):
	6,982	WORLEYPARSONS LTD.	$	108,974		114,622
				23,072,771		28,803,785		5.46	%
	Austria:
	31,126	ANDRITZ A.G.		1,795,816		1,798,812
	1,685	BUWOG A.G.(b)		30,804		32,556
	5,146	ERSTE GROUP BANK A.G.		114,055		166,436
	33,719	IMMOFINANZ A.G.(b)		87,282		119,122
	1,383	OMV A.G.		50,806		62,493
	3,309	RAIFFEISEN BANK INTERNATIONAL A.G.		106,621		105,641
	313	STRABAG S.E. (BEARER)		5,505		9,847
	19,070	TELEKOM AUSTRIA A.G.		124,529		186,444
	1,368	VOESTALPINE A.G.		51,510		65,103
	27,540	WIENERBERGER A.G.		212,598		461,954
				2,579,526		3,008,408		0.57	%
	Belgium:
	9,207	AGEAS		143,296		367,309
	13,822	ANHEUSER-BUSCH INBEV N.V.		502,521		1,587,930
	10,910	BARCO N.V.		740,520		868,706
	2,190	BELGACOM S.A.		49,577		72,675
	1,645	COLRUYT S.A.		74,892		83,568
	1,238	DELHAIZE GROUP S.A.		51,243		83,760
	15,841	GROUPE BRUXELLES LAMBERT S.A.		1,332,249		1,646,136
	4,347	KBC GROEP N.V.(b)		101,356		236,606
	415	SOLVAY S.A., CLASS A		57,004		71,430
	1,896	UCB S.A.		81,069		160,523
	1,457	UMICORE S.A.		72,577		67,693
				3,206,304		5,246,336		1.00	%
	Brazil:
	107,577	CETIP S.A. - MERCADOS ORGANIZADOS		1,331,159		1,531,250
	13,600	CIA DE SANEAMENTO DE MINAS GERAIS - COPASA(b)		328,620		249,287
	89,403	TOTVS S.A.		1,376,892		1,537,594
				3,036,671		3,318,131		0.63	%
	Canada:
	31,400	AGF MANAGEMENT LTD., CLASS B		334,748		367,248
	2,346	AGNICO EAGLE MINES LTD.		80,562		89,834
	3,934	AGRIUM, INC.		176,472		360,385
	4,900	ARC RESOURCES LTD.		108,943		149,197
	7,049	ATHABASCA OIL CORP.(b)		47,354		50,602
	10,306	BANK OF MONTREAL		623,553		758,957
	17,922	BANK OF NOVA SCOTIA		896,716		1,194,856
	6,533	BARRICK GOLD CORP.		120,410		119,633
	3,479	BAYTEX ENERGY CORP.		151,408		160,574
	1,071	BCE, INC.		45,345		48,579
	12,732	BOMBARDIER, INC., CLASS B		50,302		44,984
	13,183	BROOKFIELD ASSET MANAGEMENT, INC., CLASS A		202,867		580,791
	11,740	CAE, INC.		85,345		153,592
	11,081	CAMECO CORP.		198,977		217,352
	49,900	CANACCORD GENUITY GROUP, INC.		261,393		574,735
	6,440	CANADIAN IMPERIAL BANK OF COMMERCE		260,643		586,031
	16,770	CANADIAN NATIONAL RAILWAY CO.		313,790		1,090,706
	44,534	CANADIAN NATIONAL RAILWAY CO. (NEW YORK EXCHANGE)		1,966,254		2,895,601
	19,866	CANADIAN NATURAL RESOURCES LTD.		433,114		912,825
	4,722	CANADIAN OIL SANDS LTD.		97,388		107,003
	3,976	CANADIAN PACIFIC RAILWAY LTD.		130,624		720,304
	17,795	CANADIAN PACIFIC RAILWAY LTD. (NEW YORK EXCHANGE)		2,115,946		3,223,386
	744	CANADIAN TIRE CORP. LTD., CLASS A		50,047		71,377
	4,380	CENOVUS ENERGY, INC.		110,388		141,984
	9,579	CGI GROUP, INC., CLASS A(b)		78,602		339,513
	1,964	CI FINANCIAL CORP.		49,854		64,513
	5,882	CRESCENT POINT ENERGY CORP.		190,849		260,681
	675	DOLLARAMA, INC.		46,003		55,573
	22,400	DOREL INDUSTRIES, INC., CLASS B		805,238		826,893

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
Canada (Cont’d):
	8,493	ENBRIDGE, INC.	$	355,371		402,981
	11,992	ENCANA CORP.		240,407		284,108
	32,200	ENERFLEX LTD.		376,606		613,190
	3,995	ENERPLUS CORP.		57,117		100,675
	32,600	ENSIGN ENERGY SERVICES, INC.		509,675		506,239
	211	FAIRFAX FINANCIAL HOLDINGS LTD.		52,589		100,101
	2,200	FINNING INTERNATIONAL, INC.		51,485		61,523
	3,000	FIRST CAPITAL REALTY, INC.		51,131		52,350
	6,854	FIRST QUANTUM MINERALS LTD.		123,021		146,580
	3,100	FORTIS, INC.		105,357		94,332
	1,695	FRANCO-NEVADA CORP.		78,995		97,295
	19,600	GENWORTH MI CANADA, INC.		401,647		698,183
	3,052	GILDAN ACTIVEWEAR, INC.		33,435		179,822
	12,365	GOLDCORP, INC.		373,349		345,091
	2,200	GREAT-WEST LIFECO, INC.		49,273		62,224
	36,292	HOME CAPITAL GROUP, INC.		914,184		1,626,771
	104,500	HUDBAY MINERALS, INC.		949,853		966,604
	5,697	HUSKY ENERGY, INC.		144,766		183,983
	14,262	IAMGOLD CORP.		78,431		58,676
	2,500	IGM FINANCIAL, INC.		100,363		119,676
	38,770	IMPERIAL OIL LTD.		1,637,757		2,043,051
	2,780	INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES, INC.		97,885		121,824
	2,672	INTACT FINANCIAL CORP.		170,651		184,252
	2,077	LOBLAW COS. LTD.		71,240		92,692
	4,738	MAGNA INTERNATIONAL, INC.		61,549		510,010
	28,359	MANULIFE FINANCIAL CORP.		338,337		563,698
	1,369	METHANEX CORP.		12,561		84,638
	1,000	METRO, INC.		54,328		61,825
	42,654	MTY FOOD GROUP, INC.		1,302,880		1,207,208
	24,900	MULLEN GROUP LTD.		563,002		716,862
	3,816	NATIONAL BANK OF CANADA		142,523		161,859
	11,280	NEW GOLD, INC.(b)		90,970		71,567
	2,600	ONEX CORP.		105,376		160,866
	3,282	OPEN TEXT CORP.		72,477		157,479
	4,328	PAN AMERICAN SILVER CORP.		53,923		66,357
	4,772	PEMBINA PIPELINE CORP.		40,530		205,316
	19,434	PENGROWTH ENERGY CORP.		99,676		139,328
	7,900	PENN WEST PETROLEUM LTD.		85,291		77,145
	13,239	POTASH CORP. OF SASKATCHEWAN, INC.		356,548		503,480
	4,200	POWER CORP. OF CANADA		105,623		116,705
	2,701	RITCHIE BROS. AUCTIONEERS, INC.		50,064		66,573
	10,807	ROGERS COMMUNICATIONS, INC., CLASS B		262,922		434,893
	26,066	ROYAL BANK OF CANADA		866,758		1,863,375
	2,400	SAPUTO, INC.		103,951		143,791
	9,661	SHAW COMMUNICATIONS, INC., CLASS B		153,543		247,716
	2,614	SILVER WHEATON CORP.		62,499		68,789
	2,700	SNC-LAVALIN GROUP, INC.		100,003		142,003
	11,810	SUN LIFE FINANCIAL, INC.		235,812		434,083
	24,565	SUNCOR ENERGY, INC.		576,706		1,047,474
	24,791	TALISMAN ENERGY, INC.		289,882		262,071
	2,219	TECK RESOURCES LTD., CLASS B		62,551		50,658
	7,587	TELUS CORP.(b)		157,622		282,775
	4,489	TIM HORTONS, INC.		137,057		245,558
	33,126	TORONTO-DOMINION BANK (THE)		671,143		1,705,273
	1,800	TOURMALINE OIL CORP.(b)		51,783		94,905
	3,818	TRANSALTA CORP.		60,803		46,802
	8,206	TRANSCANADA CORP.		334,057		391,670
	32,500	TRICAN WELL SERVICE LTD.		422,140		524,788
	3,591	VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b)		261,719		454,121
	2,256	VERMILION ENERGY, INC.		83,841		156,982
	19,653	YAMANA GOLD, INC.		186,540		161,711
				25,674,713		38,940,286		7.39	%
	China:
	118,000	AAC TECHNOLOGIES HOLDINGS, INC.		407,781		768,102
	9,650	BAIDU, INC. ADR(b)(d)		901,171		1,802,716
	1,308,746	CHINA MEDICAL SYSTEM HOLDINGS LTD.		926,873		1,602,498

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

	Shares	Security	Cost		Fair value (a)		Percent of net assets
China (Cont’d):
	590,000	CHINA ZHENGTONG AUTO SERVICES HOLDINGS LTD.	$	344,567		330,383
	716,000	DAPHNE INTERNATIONAL HOLDINGS LTD.		422,968		280,842
	2,382,000	KINGDEE INTERNATIONAL SOFTWARE GROUP CO. LTD.(b)		469,113		780,641
	984,300	SHENGUAN HOLDINGS GROUP LTD.		413,990		415,290
	413,000	SINOMEDIA HOLDING LTD.		348,063		319,193
	359,600	SPRINGLAND INTERNATIONAL HOLDINGS LTD.		179,225		142,441
	1,354,000	SUN ART RETAIL GROUP LTD.		2,188,966		1,549,595
	158,000	TENCENT HOLDINGS LTD.		1,089,166		2,409,630
	4,317,728	XTEP INTERNATIONAL HOLDINGS LTD.		1,891,076		1,821,709
				9,582,959		12,223,040		2.32	%
	Denmark:
	50	AP MOELLER - MAERSK A/S, CLASS A		46,408		117,634
	120	AP MOELLER - MAERSK A/S, CLASS B		125,436		298,190
	13,925	CARLSBERG A/S, CLASS B		1,152,063		1,499,952
	48,735	CHR HANSEN HOLDING A/S		1,907,977		2,052,386
	1,500	COLOPLAST A/S, CLASS B		27,666		135,651
	13,100	DANSKE BANK A/S		138,182		370,275
	200	FLSMIDTH & CO. A/S		6,013		11,174
	10,729	ISS A/S(b)		361,386		383,260
	68,510	NOVO NORDISK A/S ADR(d)		2,355,614		3,164,477
	35,825	NOVO NORDISK A/S, CLASS B		714,442		1,648,851
	50,507	NOVOZYMES A/S, CLASS B		1,407,733		2,533,304
	2,600	PANDORA A/S		18,150		199,363
	15,973	TDC A/S		107,272		165,308
	3,250	TOPDANMARK A/S(b)		33,361		98,905
	1,440	VESTAS WIND SYSTEMS A/S(b)		78,500		72,650
	538	WILLIAM DEMANT HOLDING A/S(b)		50,896		48,851
				8,531,099		12,800,231		2.43	%
	Finland:
	59,010	AMER SPORTS OYJ		756,234		1,207,996
	4,509	FORTUM OYJ		87,100		121,075
	45,730	HUHTAMAKI OYJ		754,175		1,196,006
	1,396	KESKO OYJ, CLASS B		30,705		55,186
	4,902	KONE OYJ, CLASS B		86,493		204,591
	1,849	METSO OYJ		47,784		70,056
	11,359	NESTE OIL OYJ		110,935		221,643
	61,900	NOKIA OYJ		203,584		468,721
	2,240	NOKIAN RENKAAT OYJ		31,307		87,416
	1,960	ORION OYJ, CLASS B		49,561		73,081
	2,832	SAMPO OYJ, CLASS A		115,135		143,287
	15,829	STORA ENSO OYJ (REGISTERED)		75,698		154,107
	11,934	UPM-KYMMENE OYJ		99,928		203,938
	1,849	VALMET OYJ		14,443		22,128
	3,486	WARTSILA OYJ ABP		107,429		172,892
				2,570,511		4,402,123		0.83	%
	France:
	2,714	ACCOR S.A.		79,809		141,181
	3,200	AIR FRANCE-KLM(b)		22,485		40,321
	5,972	AIR LIQUIDE S.A.		664,882		806,284
	7,775	AIRBUS GROUP N.V.		200,963		521,030
	40,600	ALCATEL-LUCENT(b)		165,772		144,988
	3,171	ALSTOM S.A.		111,651		115,607
	15,974	ARCELORMITTAL		233,322		236,887
	1,165	ARKEMA S.A.		98,307		113,389
	30,426	AXA S.A.		405,215		727,216
	26,840	BENETEAU S.A.(b)		272,439		489,353
	16,306	BNP PARIBAS S.A.		672,088		1,106,231
	1,253	BOUYGUES S.A.		50,411		52,141
	3,068	CAP GEMINI S.A.		111,959		218,873
	10,544	CARREFOUR S.A.		248,258		388,957
	2,177	CASINO GUICHARD PERRACHON S.A.		172,738		288,647
	994	CHRISTIAN DIOR S.A.		84,311		197,766
	7,447	CIE DE ST-GOBAIN		248,952		420,175
	3,404	CIE GENERALE DES ETABLISSEMENTS MICHELIN		180,725		406,727
	16,517	CREDIT AGRICOLE S.A.		122,492		232,952

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

	Shares	Security	Cost		Fair value (a)		Percent of net assets
France (Cont’d):
	9,584	DANONE S.A.	$	479,394		711,812
	3,633	EDENRED		65,572		110,164
	11,204	ELECTRICITE DE FRANCE S.A.		207,435		352,858
	3,084	ESSILOR INTERNATIONAL S.A.		309,422		327,065
	2,884	EURAZEO S.A.		104,289		239,905
	3,160	EUTELSAT COMMUNICATIONS S.A.		100,178		109,797
	16,706	GDF SUEZ		336,971		459,912
	564	GECINA S.A.		51,331		82,248
	13,307	GROUPE EUROTUNNEL S.A. (REGISTERED)		102,800		179,972
	304	ILIAD S.A.		29,549		91,891
	19,090	IPSOS		630,769		716,365
	2,121	JCDECAUX S.A.		50,974		79,142
	1,442	KERING		274,344		316,221
	2,335	KLEPIERRE		57,367		118,988
	4,713	LAFARGE S.A.		166,939		409,153
	4,882	LEGRAND S.A.		111,114		298,716
	4,633	L’OREAL S.A.		385,425		798,388
	11,635	LVMH MOET HENNESSY LOUIS VUITTON S.A.		1,564,357		2,243,198
	15,891	NATIXIS		49,085		101,878
	34,547	ORANGE S.A.		364,836		545,193
	3,500	PERNOD RICARD S.A.		239,500		420,307
	12,969	PEUGEOT S.A.(b)		78,174		191,702
	3,471	PUBLICIS GROUPE S.A.		251,099		294,391
	1,096	REMY COINTREAU S.A.		83,290		100,836
	5,954	RENAULT S.A.		173,471		538,330
	2,444	REXEL S.A.		51,580		57,159
	3,167	SAFRAN S.A.		153,480		207,353
	18,977	SANOFI		1,105,722		2,015,932
	11,344	SCHNEIDER ELECTRIC S.E.		504,223		1,067,917
	278	SCHNEIDER ELECTRIC S.E.		8,839		26,272
	1,813	SCOR S.E.		36,441		62,361
	5,515	SES S.A.		114,220		209,182
	457	SOCIETE BIC S.A.		49,235		62,527
	11,367	SOCIETE GENERALE S.A.		395,442		595,433
	50,802	SOCIETE TELEVISION FRANCAISE 1		593,885		832,324
	4,976	SODEXO		270,432		535,211
	11,303	SODEXO PRIME FIDELITE(b)		606,183		1,215,734
	1,581	TECHNIP S.A.		161,403		172,951
	36,579	TOTAL S.A.		1,846,777		2,643,625
	1,808	UNIBAIL-RODAMCO S.E.		228,178		525,961
	674	VALEO S.A.		91,950		90,528
	2,466	VALLOUREC S.A.		112,672		110,435
	17,297	VEOLIA ENVIRONNEMENT S.A.		184,022		329,574
	7,810	VINCI S.A.		316,569		583,905
	44,067	VIVENDI S.A.(b)		847,699		1,078,293
	1,345	WENDEL S.A.		91,561		192,643
				18,184,977		29,102,477		5.52	%
	Germany:
	3,492	ADIDAS A.G.		145,098		353,695
	8,718	ALLIANZ S.E. (REGISTERED)		780,413		1,452,801
	16,707	BASF S.E.		672,194		1,945,222
	15,120	BAYER A.G. (REGISTERED)		808,915		2,135,599
	5,125	BAYERISCHE MOTOREN WERKE A.G.		483,372		649,976
	1,591	BEIERSDORF A.G.		86,858		153,959
	435	BRENNTAG A.G.		47,835		77,732
	37,145	CANCOM S.E.		1,776,083		1,904,043
	7,652	CELESIO A.G.(b)		109,250		272,425
	16,269	COMMERZBANK A.G.(b)		189,114		255,742
	1,143	CONTINENTAL A.G.		96,818		264,738
	26,370	CTS EVENTIM A.G. & CO. KGAA		390,118		752,680
	17,639	DAIMLER A.G. (REGISTERED)		589,913		1,652,071
	12,096	DEUTSCHE BANK A.G. (REGISTERED)		415,527		425,588
	13,828	DEUTSCHE BOERSE A.G.		735,468		1,073,218
	3,261	DEUTSCHE LUFTHANSA A.G. (REGISTERED)		35,709		70,016
	17,828	DEUTSCHE POST A.G. (REGISTERED)		210,542		644,718
	48,143	DEUTSCHE TELEKOM A.G. (REGISTERED)		576,920		843,804
	17,275	DMG MORI SEIKI A.G.		362,982		601,538

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

	Shares	Security	Cost		Fair value (a)		Percent of net assets
Germany (Cont’d):
	27,124	E.ON S.E.	$	500,011		560,085
	2,613	FRESENIUS MEDICAL CARE A.G. & CO. KGAA		160,741		175,643
	2,289	FRESENIUS S.E. & CO. KGAA		150,261		341,328
	1,527	GEA GROUP A.G.		49,652		72,304
	17,150	GERRESHEIMER A.G.		957,826		1,183,098
	29,875	GRAND CITY PROPERTIES S.A.(b)		364,206		375,657
	2,580	HANNOVER RUECK S.E.		110,106		232,493
	3,952	HEIDELBERGCEMENT A.G.		143,515		337,297
	1,156	HENKEL A.G. & CO. KGAA		99,438		116,344
	2,600	HOCHTIEF A.G.		108,936		225,039
	387	HUGO BOSS A.G.		50,390		57,841
	21,437	INFINEON TECHNOLOGIES A.G.		117,250		267,970
	1,800	K+S A.G. (REGISTERED)		50,566		59,191
	41,130	KLOECKNER & CO. S.E.(b)		452,627		620,075
	1,013	LANXESS A.G.		69,793		68,377
	4,200	LEONI A.G.		233,895		334,252
	2,743	LINDE A.G.		475,408		583,305
	465	MAN S.E.		50,636		57,464
	2,050	MERCK KGAA		86,079		177,940
	1,559	METRO A.G.(b)		48,976		67,949
	4,041	MUENCHENER RUECKVERSICHERUNGS A.G. (REGISTERED)		512,591		895,848
	2,502	OSRAM LICHT A.G.(b)		92,424		126,196
	1,489	PROSIEBENSAT.1 MEDIA A.G. (REGISTERED)		25,180		66,335
	2,770	RATIONAL A.G.		702,746		895,328
	686	RTL GROUP S.A.		86,514		76,312
	6,701	RWE A.G.		216,363		287,795
	1,130	SALZGITTER A.G.		50,070		47,564
	17,263	SAP A.G.		695,154		1,333,196
	15,179	SIEMENS A.G. (REGISTERED)		992,308		2,004,675
	7,661	THYSSENKRUPP A.G.(b)		152,398		223,336
	7,071	TUI A.G.		57,697		119,093
	483	VOLKSWAGEN A.G.		48,103		124,867
				16,424,989		27,643,762		5.24	%
	Greece:
	6,746	HELLENIC TELECOMMUNICATIONS
		ORGANIZATION S.A.(b)		54,075		99,763
	20,281	JUMBO S.A.(b)		123,759		332,138
	3,968	OPAP S.A.		51,161		70,634
				228,995		502,535		0.10	%
	Hong Kong:
	220,400	AIA GROUP LTD.		733,244		1,107,631
	16,600	BANK OF EAST ASIA LTD.		71,196		68,860
	82,500	BOC HONG KONG HOLDINGS LTD.		169,112		238,972
	11,504,621	BONJOUR HOLDINGS LTD.		1,486,754		1,796,113
	28,000	CHEUNG KONG HOLDINGS LTD.		277,057		496,749
	10,000	CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD.		46,496		68,964
	36,500	CLP HOLDINGS LTD.		253,113		299,520
	27,800	ESPRIT HOLDINGS LTD.		35,637		39,456
	26,000	GALAXY ENTERTAINMENT GROUP LTD.		67,404		207,989
	433,522	HAIER ELECTRONICS GROUP CO. LTD.		821,346		1,132,693
	44,000	HANG LUNG PROPERTIES LTD.		116,126		135,683
	18,600	HANG SENG BANK LTD.		228,767		303,824
	15,730	HENDERSON LAND DEVELOPMENT CO. LTD.		45,544		92,041
	25,300	HONG KONG & CHINA GAS CO. LTD.		52,929		55,363
	8,700	HONG KONG EXCHANGES AND CLEARING LTD.		143,468		162,205
	400	HOPEWELL HIGHWAY INFRASTRUCTURE LTD.		229		201
	41,000	HUTCHISON WHAMPOA LTD.		238,015		560,745
	12,000	HYSAN DEVELOPMENT CO. LTD.		49,052		56,204
	13,500	KERRY LOGISTICS NETWORK LTD.		28,209		21,320
	27,000	KERRY PROPERTIES LTD.		90,767		94,408
	84,000	LI & FUNG LTD.		101,052		124,422
	40,500	LINK REIT (THE)		84,196		217,905
	100,000	LUK FOOK HOLDINGS INTERNATIONAL LTD.		336,416		292,888
	26,800	MGM CHINA HOLDINGS LTD.		51,645		93,017
	891,000	MIE HOLDINGS CORP.		212,626		164,395

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

Shares	Security	Cost		Fair value (a)			Percent of net assets
Hong Kong (Cont’d):
30,500	MTR CORP. LTD.	$	88,703		117,468
54,000	NEW WORLD DEVELOPMENT CO. LTD.		59,135		61,452
43,500	NWS HOLDINGS LTD.		52,824		80,709
1,578,300	PAX GLOBAL TECHNOLOGY LTD.(b)		531,041		1,036,533
190,000	PCCW LTD.		77,805		113,259
10,718,713	PICO FAR EAST HOLDINGS LTD.		2,978,417		2,489,379
3,130,406	PORTS DESIGN LTD.		2,357,812		1,413,659
24,000	POWER ASSETS HOLDINGS LTD.		139,091		209,796
20,209,912	REXLOT HOLDINGS LTD.		1,909,355		2,372,912
48,000	SANDS CHINA LTD.		128,061		362,614
22,000	SHANGRI-LA ASIA LTD.		29,501		34,460
1,001,600	SINO BIOPHARMACEUTICAL LTD.		873,766		811,577
59,400	SINO LAND CO. LTD.		80,601		97,794
566,000	SITOY GROUP HOLDINGS LTD.		361,652		345,425
25,000	SJM HOLDINGS LTD.		52,349		62,642
256,000	STELLA INTERNATIONAL HOLDINGS LTD.		679,964		695,293
26,000	SUN HUNG KAI PROPERTIES LTD.		310,693		356,601
19,000	SWIRE PACIFIC LTD., CLASS A		127,857		233,872
17,800	SWIRE PROPERTIES LTD.		50,632		52,019
415,000	TECHTRONIC INDUSTRIES CO.		776,722		1,330,609
3,000	TELEVISION BROADCASTS LTD.		9,222		19,489
708,000	VALUE PARTNERS GROUP LTD.		442,082		474,107	��
84,300	VTECH HOLDINGS LTD.		996,749		1,120,316
14,000	WHARF HOLDINGS LTD.		111,765		100,795
19,000	WHEELOCK & CO. LTD.		30,489		79,306
30,000	WYNN MACAU LTD.		50,423		117,671
582,000	YINGDE GASES GROUP CO. LTD.		583,170		631,531
15,000	YUE YUEN INDUSTRIAL HOLDINGS LTD.		30,233		50,223
			19,660,514		22,703,079			4.31	%
Ireland:
10,803	ACCENTURE PLC, CLASS A		368,730		873,314
329,197	BANK OF IRELAND(b)		119,783		111,340
60,072	COVIDIEN PLC		2,703,929		5,417,293
14,894	CRH PLC		217,633		382,190
11,888	EXPERIAN PLC		196,535		201,010
11,673	JAMES HARDIE INDUSTRIES PLC - CDI		105,224		152,338
1,645	KERRY GROUP PLC, CLASS A		100,185		123,549
15,535	PERRIGO CO. PLC		1,989,532		2,264,422
9,299	SHIRE PLC		267,371		727,284
38,703	UBM PLC		411,567		440,803
			6,480,489		10,693,543			2.03	%
Israel:
21,030	BANK HAPOALIM B.M.		80,002		121,590
21,775	BANK LEUMI LE-ISRAEL B.M.(b)		77,241		84,968
217	DELEK GROUP LTD.		52,364		89,797
6,042	ISRAEL CHEMICALS LTD.		49,265		51,766
181,982	MAGIC SOFTWARE ENTERPRISES LTD.		1,333,108		1,363,045
5,900	MIZRAHI TEFAHOT BANK LTD.		51,135		76,306
1,494	NICE SYSTEMS LTD.		50,675		61,040
12,836	TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(d)		495,591		672,863
			2,189,381		2,521,375			0.48	%
Italy:
56,711	AMPLIFON S.P.A.		248,331		356,589
18,467	ASSICURAZIONI GENERALI S.P.A.		269,601		404,843
5,758	ATLANTIA S.P.A.		117,756		164,154
86,585	AZIMUT HOLDING S.P.A.		1,081,483		2,231,315
124,173	BANCA MONTE DEI PASCHI DI SIENA S.P.A.(b)		250,145		240,593
8,137	BANCO POPOLARE SC(b)		144,387		134,038
57,599	ENEL GREEN POWER S.P.A.		98,098		163,104
95,489	ENEL S.P.A.		357,926		556,224
49,857	ENI S.P.A.		958,264		1,364,018
3,610	EXOR S.P.A.		90,616		148,246
10,222	FIAT S.P.A.(b)		27,207		100,918
10,070	FINMECCANICA S.P.A.(b)		50,331		95,763
177,988	INTESA SANPAOLO S.P.A.		307,053		549,830
18,185	INTESA SANPAOLO S.P.A. (RSP)		53,136		48,357
2,826	LUXOTTICA GROUP S.P.A.		118,626		163,570

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

Shares	Security	Cost		Fair value (a)		Percent of net assets
Italy (Cont’d):
19,749	MARR S.P.A.	$	315,231		368,857
5,176	MEDIOBANCA S.P.A.(b)		52,251		51,597
25,272	MEDIOLANUM S.P.A.		87,322		194,826
2,801	PRYSMIAN S.P.A.		56,504		63,284
2,549	SAIPEM S.P.A.(b)		53,855		68,760
57,530	SNAM S.P.A.		249,716		346,613
214,771	SORIN S.P.A.(b)		634,461		630,520
111,427	TELECOM ITALIA S.P.A.(b)		150,893		141,134
7,497	TENARIS S.A.		100,710		176,569
34,652	TERNA RETE ELETTRICA NAZIONALE S.P.A.		130,368		182,773
67,174	UNICREDIT S.P.A.		347,501		562,466
25,343	UNIONE DI BANCHE ITALIANE S.C.P.A.		103,374		219,318
			6,455,146		9,728,279		1.85	%
Japan:
1,400	ABC-MART, INC.		51,583		74,903
30,200	ADERANS CO. LTD.		398,005		473,398
14,200	AEON CO. LTD.		162,360		174,653
6,300	AEON FINANCIAL SERVICE CO. LTD.		81,451		164,737
1,210	AEON MALL CO. LTD.		23,091		31,879
2,300	AISIN SEIKI CO. LTD.		37,584		91,496
17,000	AJINOMOTO CO., INC.		136,093		266,482
1,300	ALFRESA HOLDINGS CORP.		50,794		83,796
2,000	AMADA CO. LTD.		10,582		20,335
18,000	AOZORA BANK LTD.		51,121		59,168
36,100	ASAHI CO. LTD.		561,894		519,914
16,000	ASAHI GLASS CO. LTD.		97,913		94,290
5,600	ASAHI GROUP HOLDINGS LTD.		85,235		175,786
31,000	ASAHI KASEI CORP.		147,138		237,155
63,100	ASICS CORP.		874,881		1,471,845
37,000	ASTELLAS PHARMA, INC.		236,149		486,126
1,500	BANDAI NAMCO HOLDINGS, INC.		14,652		35,122
37,000	BANK OF YOKOHAMA (THE) LTD.		164,514		212,931
3,000	BENESSE HOLDINGS, INC.		114,910		130,152
13,800	BRIDGESTONE CORP.		205,726		482,908
5,200	BROTHER INDUSTRIES LTD.		38,445		90,084
20,100	CANON, INC.		672,638		653,962
16,600	CAPCOM CO. LTD.		276,543		281,350
3,800	CASIO COMPUTER CO. LTD.		51,908		55,140
2,700	CENTRAL JAPAN RAILWAY CO.		229,516		385,124
15,000	CHIBA BANK (THE) LTD.		81,968		105,868
7,800	CHUBU ELECTRIC POWER CO., INC.(b)		102,883		96,937
4,500	CHUGAI PHARMACEUTICAL CO. LTD.		82,278		126,820
4,000	CHUGOKU BANK (THE) LTD.		53,626		61,517
5,200	CHUGOKU ELECTRIC POWER (THE) CO., INC.		81,720		70,938
7,900	CITIZEN HOLDINGS CO. LTD.		31,581		61,996
40,536	CREDIT SAISON CO. LTD.		518,677		843,491
6,000	DAI NIPPON PRINTING CO. LTD.		55,038		62,662
11,000	DAIDO STEEL CO. LTD.		45,649		56,246
17,500	DAI-ICHI LIFE INSURANCE (THE) CO. LTD.		222,759		260,673
6,000	DAIICHI SANKYO CO. LTD.		96,542		111,939
4,500	DAIKIN INDUSTRIES LTD.		124,473		283,935
1,200	DAITO TRUST CONSTRUCTION CO. LTD.		117,985		141,079
10,000	DAIWA HOUSE INDUSTRY CO. LTD.		103,706		207,295
25,000	DAIWA SECURITIES GROUP, INC.		96,011		216,426
8,200	DENSO CORP.		185,234		391,363
2,800	DENTSU, INC.		46,871		114,012
48,000	DESCENTE LTD.		278,723		430,226
13,000	DOWA HOLDINGS CO. LTD.		55,385		122,679
7,000	EAST JAPAN RAILWAY CO.		392,789		551,335
3,400	EISAI CO. LTD.		112,861		142,437
2,400	ELECTRIC POWER DEVELOPMENT CO. LTD.		71,894		77,943
1,800	FAMILYMART CO. LTD.		52,590		77,558
14,000	FANUC CORP.		2,014,204		2,414,293
1,100	FAST RETAILING CO. LTD.		136,395		361,907
21,000	FUJI ELECTRIC CO. LTD.		51,969		99,502
8,000	FUJI HEAVY INDUSTRIES LTD.		84,767		221,509
8,800	FUJIFILM HOLDINGS CORP.		165,274		245,398

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

Shares			Security	Cost		Fair value (a)		Percent of net assets
	Japan (Cont’d):
	44,000		FUJITSU LTD.	$	171,664		329,658
	11,000		FUKUOKA FINANCIAL GROUP, INC.		36,036		53,097
	32,000		FURUKAWA ELECTRIC CO. LTD.		65,376		67,914
	6,500		GREE, INC.		69,594		56,976
	12,000		GS YUASA CORP.		47,814		76,403
	7,000		GUNGHO ONLINE ENTERTAINMENT, INC.		50,683		45,190
	6,000		GUNMA BANK (THE) LTD.		31,571		35,477
	1,500		HAMAMATSU PHOTONICS K.K.		52,686		73,590
	11,000		HANKYU HANSHIN HOLDINGS, INC.		51,221		62,761
	3,000		HINO MOTORS LTD.		42,968		41,311
	500		HIROSE ELECTRIC CO. LTD.		48,402		74,281
	7,000		HIROSHIMA BANK (THE) LTD.		26,154		33,444
	95,000		HITACHI LTD.		295,895		695,820
	6,000		HITACHI METALS LTD.		45,405		90,854
	9,500		HOKKAIDO ELECTRIC POWER CO., INC.(b)		84,575		73,427
	7,300		HOKURIKU ELECTRIC POWER CO.		76,486		96,776
	28,800		HONDA MOTOR CO. LTD.		780,069		1,005,534
	5,300		HOYA CORP.		112,594		176,100
	3,800		HULIC CO. LTD.		52,207		50,076
	3,800		IBIDEN CO. LTD.		71,559		76,521
	1,200		IDEMITSU KOSAN CO. LTD.		23,804		26,072
	20,000		IHI CORP.		52,673		93,184
	15,600		INPEX CORP.		192,488		237,145
	9,800		ISETAN MITSUKOSHI HOLDINGS LTD.		85,535		127,694
	17,000		ISUZU MOTORS LTD.		108,047		112,433
	27,200		ITOCHU CORP.		291,860		349,313
	5,000		IYO BANK (THE) LTD.		43,448		50,540
	8,000		J FRONT RETAILING CO. LTD.		31,099		56,147
	3,500		JAPAN EXCHANGE GROUP, INC.		56,090		86,200
	1,500		JAPAN PETROLEUM EXPLORATION CO.		54,111		62,559
	10		JAPAN REAL ESTATE INVESTMENT CORP.		52,344		58,240
	33		JAPAN RETAIL FUND INVESTMENT CORP.		60,174		74,206
	13,100		JAPAN TOBACCO, INC.		375,868		477,551
	6,000		JFE HOLDINGS, INC.		94,802		123,844
	4,000		JGC CORP.		53,048		121,534
	12,000		JOYO BANK (THE) LTD.		54,056		63,965
	3,100		JSR CORP.		39,530		53,184
	5,000		JTEKT CORP.		36,670		84,251
	29,200		JX HOLDINGS, INC.		150,765		156,225
	7,000		KAJIMA CORP.		15,004		30,956
	18,000		KANSAI ELECTRIC POWER (THE) CO., INC.(b)		164,557		169,686
	2,000		KANSAI PAINT CO. LTD.		10,449		33,424
	50,213		KAO CORP.		1,250,440		1,976,203
	35,000		KAWASAKI HEAVY INDUSTRIES LTD.		71,135		133,360
	9,954		KDDI CORP.		239,416		607,135
	24,800		KEIHIN CORP.		308,810		394,137
	13,000		KEIKYU CORP.		95,310		116,776
	5,000		KEIO CORP.		28,322		39,287
	5,000		KEISEI ELECTRIC RAILWAY CO. LTD.		23,110		49,800
	981		KEYENCE CORP.		180,512		427,968
	6,000		KIKKOMAN CORP.		52,867		124,969
	35,000		KINTETSU CORP.		106,062		127,486
	10,000		KIRIN HOLDINGS CO. LTD.		103,112		144,415
	19,300		KOBAYASHI PHARMACEUTICAL CO. LTD.		1,039,320		1,225,004
	15,400		KOMATSU LTD.		339,281		357,542
	2,300		KONAMI CORP.		50,313		50,834
	7,000		KONICA MINOLTA, INC.		53,139		69,167
	21,000		KUBOTA CORP.		129,773		297,675
	4,300		KURITA WATER INDUSTRIES LTD.		96,931		99,621
	5,400		KYOCERA CORP.		198,000		256,287
	5,000	��	KYOWA HAKKO KIRIN CO. LTD.		54,616		67,667
	6,500		KYUSHU ELECTRIC POWER CO., INC.(b)		59,661		73,210
	2,800		LAWSON, INC.		120,035		210,059
	4,200		LIXIL GROUP CORP.		71,097		113,349
	1,000		MAKITA CORP.		48,587		61,794
	24,000		MARUBENI CORP.		173,505		175,549
	6,500		MARUI GROUP CO. LTD.		32,287		62,430
	57,000		MAZDA MOTOR CORP.		95,886		267,262

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Japan (Cont’d):
	1,600	MCDONALD’S HOLDINGS CO. JAPAN LTD.	$	43,060		44,934
	1,700	MEIJI HOLDINGS CO. LTD.		54,895		112,601
	33,800	MEITEC CORP.		760,894		1,054,321
	1,800	MIRACA HOLDINGS, INC.		71,311		87,242
	40,000	MITSUBISHI CHEMICAL HOLDINGS CORP.		161,621		177,286
	25,200	MITSUBISHI CORP.		378,464		524,124
	32,000	MITSUBISHI ELECTRIC CORP.		244,114		394,847
	27,000	MITSUBISHI ESTATE CO. LTD.		353,310		666,571
	17,000	MITSUBISHI GAS CHEMICAL CO., INC.		75,149		108,741
	57,000	MITSUBISHI HEAVY INDUSTRIES LTD.		185,317		355,599
	4,000	MITSUBISHI LOGISTICS CORP.		45,017		59,898
	18,000	MITSUBISHI MATERIALS CORP.		47,129		63,077
	9,400	MITSUBISHI MOTORS CORP.		94,685		103,738
	3,800	MITSUBISHI TANABE PHARMA CORP.		49,996		56,903
	240,600	MITSUBISHI UFJ FINANCIAL GROUP, INC.		1,162,680		1,474,879
	27,000	MITSUBISHI UFJ LEASE & FINANCE CO. LTD.		83,878		155,116
	29,600	MITSUI & CO. LTD.		306,203		474,512
	37,000	MITSUI CHEMICALS, INC.		87,469		101,170
	14,000	MITSUI FUDOSAN CO. LTD.		364,288		472,079
	3,000	MITSUI MINING & SMELTING CO. LTD.		5,391		8,558
	12,000	MITSUI OSK LINES LTD.		47,398		44,657
	358,420	MIZUHO FINANCIAL GROUP, INC.		616,962		735,910
	8,280	MS&AD INSURANCE GROUP HOLDINGS, INC.		177,615		200,002
	3,600	MURATA MANUFACTURING CO. LTD.		162,615		336,919
	27,000	NEC CORP.		70,167		86,087
	5,000	NGK INSULATORS LTD.		63,090		113,519
	3,000	NGK SPARK PLUG CO. LTD.		28,359		84,636
	6,000	NH FOODS LTD.		72,315		117,210
	3,000	NIDEC CORP.		70,097		184,078
	12,069	NIFCO, INC.		270,359		402,677
	6,000	NIKON CORP.		75,728		94,467
	1,800	NINTENDO CO. LTD.		172,120		215,439
	22	NIPPON BUILDING FUND, INC.		90,970		128,562
	17,000	NIPPON EXPRESS CO. LTD.		60,747		82,395
	123,535	NIPPON STEEL & SUMITOMO METAL CORP.		307,243		395,097
	7,600	NIPPON TELEGRAPH & TELEPHONE CORP.		342,697		473,983
	17,000	NISHI-NIPPON CITY BANK (THE) LTD.		40,901		41,785
	5,000	NISSAN CHEMICAL INDUSTRIES LTD.		50,851		77,736
	36,300	NISSAN MOTOR CO. LTD.		335,335		344,349
	7,700	NISSHIN SEIFUN GROUP, INC.		78,577		91,894
	1,200	NISSIN FOODS HOLDINGS CO. LTD.		43,959		61,715
	13,900	NISSIN KOGYO CO. LTD.		186,052		275,654
	2,700	NITORI HOLDINGS CO. LTD.		87,310		147,653
	3,200	NITTO DENKO CORP.		77,639		149,947
	5,700	NKSJ HOLDINGS, INC.		114,918		153,493
	72,300	NOMURA HOLDINGS, INC.		256,136		511,713
	2,700	NOMURA RESEARCH INSTITUTE LTD.		43,930		85,020
	17,800	NORTH PACIFIC BANK LTD.		49,457		76,784
	7,000	NSK LTD.		50,459		91,002
	1,400	NTT DATA CORP.		36,520		53,758
	20,300	NTT DOCOMO, INC.		301,036		347,067
	6,500	NTT URBAN DEVELOPMENT CORP.		52,710		73,145
	12,000	OBAYASHI CORP.		48,665		85,642
	4,000	ODAKYU ELECTRIC RAILWAY CO. LTD.		30,548		38,498
	5,100	OLYMPUS CORP.(b)		71,174		175,697
	2,000	OMRON CORP.		50,016		84,300
	1,300	ONO PHARMACEUTICAL CO. LTD.		55,952		114,466
	8,000	ONWARD HOLDINGS CO. LTD.		54,094		57,411
	1,200	ORIENTAL LAND CO. LTD.		113,097		205,577
	10,700	ORIX CORP.		118,187		177,339
	37,000	OSAKA GAS CO. LTD.		121,878		155,590
	4,200	OTSUKA HOLDINGS CO. LTD.		115,946		130,181
	33,300	PANASONIC CORP.		217,151		405,629
	2,600	PARK24 CO. LTD.		51,627		47,275
	211,586	PRESTIGE INTERNATIONAL, INC.		1,493,211		1,927,781
	15,200	RAKUTEN, INC.		97,714		196,405
	23,400	RESONA HOLDINGS, INC.		97,985		136,282
	10,000	RICOH CO. LTD.		94,506		119,145

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Japan (Cont’d):
	1,200	RINNAI CORP.	$	52,047		115,848
	1,500	ROHM CO. LTD.		51,836		86,027
	7,500	SANKYO CO. LTD.		383,433		288,362
	2,600	SANTEN PHARMACEUTICAL CO. LTD.		85,886		146,291
	13,720	SBI HOLDINGS, INC.		111,165		167,936
	3,400	SECOM CO. LTD.		133,812		207,749
	4,100	SEGA SAMMY HOLDINGS, INC.		38,822		80,660
	1,800	SEIKO EPSON CORP.		55,145		76,581
	13,000	SEKISUI CHEMICAL CO. LTD.		66,177		150,526
	6,000	SEKISUI HOUSE LTD.		44,394		82,266
	8,100	SERIA CO. LTD.		125,942		372,198
	12,800	SEVEN & I HOLDINGS CO. LTD.		281,200		539,267
	41,000	SHARP CORP.(b)		105,611		131,533
	4,900	SHIKOKU ELECTRIC POWER CO., INC.(b)		52,495		68,393
	4,000	SHIMADZU CORP.		25,419		36,681
	1,000	SHIMAMURA CO. LTD.		61,206		98,317
	1,500	SHIMANO, INC.		58,204		166,428
	8,300	SHIN-ETSU CHEMICAL CO. LTD.		411,842		504,530
	41,600	SHINKO PLANTECH CO. LTD.		342,251		325,638
	25,000	SHINSEI BANK LTD.		51,465		56,266
	4,000	SHIONOGI & CO. LTD.		67,679		83,471
	5,900	SHISEIDO CO. LTD.		88,706		107,569
	7,000	SHIZUOKA BANK (THE) LTD.		65,240		75,663
	900	SMC CORP.		106,941		240,847
	16,100	SOFTBANK CORP.		319,621		1,198,779
	14,400	SONY CORP.		173,384		239,088
	4,400	SONY FINANCIAL HOLDINGS, INC.		56,074		75,053
	22,200	SQUARE ENIX HOLDINGS CO. LTD.		278,007		392,918
	61,002	STANLEY ELECTRIC CO. LTD.		917,514		1,590,309
	7,000	SUMCO CORP.		47,761		64,123
	25,000	SUMITOMO CHEMICAL CO. LTD.		74,256		94,517
	21,300	SUMITOMO CORP.		207,214		287,630
	13,100	SUMITOMO ELECTRIC INDUSTRIES LTD.		127,803		184,270
	12,000	SUMITOMO HEAVY INDUSTRIES LTD.		39,379		57,095
	9,000	SUMITOMO METAL MINING CO. LTD.		88,484		146,143
	26,400	SUMITOMO MITSUI FINANCIAL GROUP, INC.		824,716		1,105,983
	71,310	SUMITOMO MITSUI TRUST HOLDINGS, INC.		214,202		325,912
	6,000	SUMITOMO REALTY & DEVELOPMENT CO. LTD.		163,837		257,460
	67,200	SUMITOMO RUBBER INDUSTRIES LTD.		817,767		969,808
	5,800	SUZUKI MOTOR CORP.		104,611		181,663
	63,000	SYSMEX CORP.		1,452,391		2,366,270
	7,700	T&D HOLDINGS, INC.		97,474		104,663
	13,000	TAIHEIYO CEMENT CORP.		27,372		52,357
	11,000	TAISEI CORP.		19,821		60,915
	600	TAISHO PHARMACEUTICAL HOLDINGS CO. LTD.		40,190		43,769
	10,000	TAKASHIMAYA CO. LTD.		63,872		97,034
	8,700	TAKEDA PHARMACEUTICAL CO. LTD.		318,723		403,547
	1,100	TDK CORP.		52,815		51,577
	29,000	TEIJIN LTD.		67,529		72,711
	5,200	TERUMO CORP.		95,419		116,263
	2,000	THK CO. LTD.		29,290		47,145
	14,000	TOBU RAILWAY CO. LTD.		67,422		73,244
	1,000	TOHO CO. LTD.		13,412		23,454
	17,000	TOHO GAS CO. LTD.		81,221		93,470
	7,200	TOHOKU ELECTRIC POWER CO., INC.		56,650		84,505
	19,100	TOKAI RIKA CO. LTD.		279,165		383,489
	14,400	TOKIO MARINE HOLDINGS, INC.		359,676		473,627
	21,600	TOKYO ELECTRIC POWER CO., INC.(b)		102,702		89,978
	4,300	TOKYO ELECTRON LTD.		191,374		290,671
	40,000	TOKYO GAS CO. LTD.		151,969		233,750
	6,000	TOKYO TATEMONO CO. LTD.		56,308		55,496
	25,000	TOKYU CORP.		103,448		177,188
	23,000	TOKYU FUDOSAN HOLDINGS CORP.		86,617		181,403
	4,000	TONENGENERAL SEKIYU K.K.		37,796		37,984
	17,000	TORAY INDUSTRIES, INC.		70,413		111,761
	80,000	TOSHIBA CORP.		245,424		373,525
	6,000	TOTO LTD.		30,029		80,845
	3,000	TOYO SUISAN KAISHA LTD.		74,690		92,542

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Japan (Cont’d):
	4,000	TOYOTA INDUSTRIES CORP.	$	101,266		206,505
	46,700	TOYOTA MOTOR CORP.		1,595,727		2,804,627
	1,900	TOYOTA TSUSHO CORP.		17,167		54,634
	2,500	TREND MICRO, INC.		74,501		82,301
	22,200	TSUMURA & CO.		512,417		523,526
	24,596	TSURUHA HOLDINGS, INC.		904,437		1,357,205
	8,000	UBE INDUSTRIES LTD.		13,963		13,899
	2,600	UNICHARM CORP.		68,794		154,940
	17,500	UNIPRES CORP.		363,607		420,636
	34	UNITED URBAN INVESTMENT CORP.		52,061		54,874
	6,500	USHIO, INC.		68,874		83,732
	4,900	USS CO. LTD.		56,003		83,630
	4,100	WEST JAPAN RAILWAY CO.		134,756		180,504
	23,600	YAHOO JAPAN CORP.		62,283		109,025
	1,300	YAKULT HONSHA CO. LTD.		22,252		65,831
	27,200	YAMADA DENKI CO. LTD.		102,434		96,927
	4,800	YAMAHA MOTOR CO. LTD.		48,849		82,586
	3,100	YAMATO HOLDINGS CO. LTD.		48,197		64,231
	1,600	YAMATO KOGYO CO. LTD.		50,862		46,908
	4,000	YAMAZAKI BAKING CO. LTD.		44,679		49,948
	5,000	YASKAWA ELECTRIC CORP.		48,018		60,560
				47,346,287		69,185,046		13.12	%
	Mexico:
	7,695	FRESNILLO PLC		109,038		114,836
	520,519	WAL-MART DE MEXICO S.A.B. DE C.V., SERIES V		1,588,759		1,392,223
				1,697,797		1,507,059		0.29	%
	Netherlands:
	32,780	AALBERTS INDUSTRIES N.V.		612,434		1,070,298
	26,780	ACCELL GROUP		446,234		515,945
	34,297	AEGON N.V.		128,398		299,341
	4,340	AKZO NOBEL N.V.		184,408		325,366
	685	ALTICE S.A.(b)		52,206		47,724
	27,380	ARCADIS N.V.		647,390		943,659
	8,054	ASML HOLDING N.V.		131,659		750,038
	26,754	ASML HOLDING N.V. (REGISTERED)		1,631,514		2,495,346
	10,564	CORE LABORATORIES N.V.		1,114,056		1,764,822
	1,094	CORIO N.V.		43,642		55,876
	3,045	DELTA LLOYD N.V.		50,618		77,303
	1,259	FUGRO N.V. - CVA		70,525		72,087
	768	GEMALTO N.V.		50,382		79,608
	965	HEINEKEN HOLDING N.V.		23,862		63,446
	3,662	HEINEKEN N.V.		128,663		262,904
	226,816	ING GROEP N.V. - CVA(b)		1,946,976		3,186,542
	12,511	KONINKLIJKE AHOLD N.V.		152,129		234,870
	2,539	KONINKLIJKE DSM N.V.		86,313		184,923
	51,375	KONINKLIJKE KPN N.V.(b)		108,346		187,195
	24,966	KONINKLIJKE PHILIPS N.V.		456,529		792,259
	1,765	KONINKLIJKE VOPAK N.V.		97,890		86,280
	1,395	OCI N.V.(b)		50,711		54,440
	9,716	QIAGEN N.V.(b)		139,904		235,483
	3,238	RANDSTAD HOLDING N.V.		99,928		175,534
	17,673	REED ELSEVIER N.V.		197,590		405,344
	64,046	ROYAL DUTCH SHELL PLC, CLASS A		1,771,613		2,650,877
	46,609	ROYAL DUTCH SHELL PLC, CLASS B		1,125,077		2,028,067
	48,305	SENSATA TECHNOLOGIES HOLDING N.V.(b)		1,678,661		2,259,708
	64,747	TNT EXPRESS N.V.		486,647		586,030
	23,790	UNILEVER N.V. - CVA		768,995		1,040,955
	31,070	USG PEOPLE N.V.		245,533		472,666
	6,193	WOLTERS KLUWER N.V.		101,075		183,339
	52,400	YANDEX N.V., CLASS A(b)		1,384,923		1,867,536
	1,188	ZIGGO N.V.		50,621		54,935
				16,265,452		25,510,746		4.84	%
	New Zealand:
	15,912	AUCKLAND INTERNATIONAL AIRPORT LTD.		48,078		54,334
	11,811	CONTACT ENERGY LTD.		51,688		54,911
	7,321	FLETCHER BUILDING LTD.		51,323		56,471

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	New Zealand (Cont’d):
	18,050	SKYCITY ENTERTAINMENT GROUP LTD.	$	49,428		62,899
	37,843	TELECOM CORP. OF NEW ZEALAND LTD.		73,138		88,798
				273,655		317,413		0.06	%
	Norway:
	69,858	AKER SOLUTIONS ASA		1,092,021		1,214,060
	13,773	DNB ASA		87,874		251,935
	12,002	FRED OLSEN ENERGY ASA		342,646		340,463
	3,900	KVAERNER ASA		6,507		8,011
	21,490	NORSK HYDRO ASA		82,180		115,020
	101,488	ORKLA ASA		693,755		904,215
	12,350	SCHIBSTED ASA		474,812		643,287
	5,278	SEADRILL LTD.		104,057		209,353
	21,587	STATOIL ASA		418,607		663,040
	11,360	TELENOR ASA		229,860		258,727
	47,000	TGS NOPEC GEOPHYSICAL CO. ASA		1,255,821		1,502,596
	85,000	TOMRA SYSTEMS ASA		703,315		691,491
	4,000	YARA INTERNATIONAL ASA		109,527		200,396
				5,600,982		7,002,594		1.33	%
	Philippines:
	345,644	METROPOLITAN BANK & TRUST CO.		591,567		692,080
				591,567		692,080		0.13	%
	Poland:
	12,594	EUROCASH S.A.		160,973		166,751
				160,973		166,751		0.03	%
	Portugal:
	20,567	EDP - ENERGIAS DE PORTUGAL S.A.		48,529		103,187
	10,080	GALP ENERGIA SGPS S.A.		157,855		184,678
	58,030	JERONIMO MARTINS SGPS S.A.		975,111		954,718
	25,788	PORTUGAL TELECOM SGPS S.A. (REGISTERED)		118,941		94,493
				1,300,436		1,337,076		0.25	%
	Russia:
	510	X5 RETAIL GROUP N.V. GDR (REGISTERED)(b)		8,769		11,011
	20,770	X5 RETAIL GROUP N.V. GDR (REGISTERED) (LONDON EXCHANGE)(b)		352,644		448,424
				361,413		459,435		0.09	%
	Singapore:
	31,000	ASCENDAS REAL ESTATE INVESTMENT TRUST		51,637		57,182
	39,500	CAPITALAND LTD.		75,674		101,371
	36,000	CAPITAMALL TRUST		34,133		57,022
	11,000	CITY DEVELOPMENTS LTD.		71,096		90,248
	32,000	COMFORTDELGRO CORP. LTD.		49,631		64,159
	34,000	DBS GROUP HOLDINGS LTD.		221,626		456,733
	22,000	FRASER AND NEAVE LTD.		7,411		53,461
	44,000	FRASERS CENTREPOINT LTD.		52,608		65,458
	130,000	GLOBAL LOGISTIC PROPERTIES LTD.		203,681		281,498
	2,000	JARDINE CYCLE & CARRIAGE LTD.		60,253		70,992
	28,000	KEPPEL CORP. LTD.		105,334		242,297
	7,840	KEPPEL REIT MANAGEMENT LTD.		3,257		8,048
	26,000	OVERSEA-CHINESE BANKING CORP. LTD.		206,011		199,134
	17,000	SEMBCORP INDUSTRIES LTD.		31,827		73,214
	22,000	SEMBCORP MARINE LTD.		32,803		72,339
	12,000	SINGAPORE AIRLINES LTD.		70,334		99,800
	31,000	SINGAPORE EXCHANGE LTD.		139,131		172,788
	26,000	SINGAPORE PRESS HOLDINGS LTD.		44,166		86,952
	21,000	SINGAPORE TECHNOLOGIES ENGINEERING LTD.		48,624		63,999
	170,000	SINGAPORE TELECOMMUNICATIONS LTD.		324,551		524,902
	16,000	STARHUB LTD.		54,214		53,509
	24,000	UNITED OVERSEAS BANK LTD.		333,181		433,459
	15,000	UOL GROUP LTD.		49,917		78,433
				2,271,100		3,406,998		0.65	%
	South Africa:
	77,786	SHOPRITE HOLDINGS LTD.		1,596,359		1,126,379
	191,900	WOOLWORTHS HOLDINGS LTD.		1,289,380		1,410,154
				2,885,739		2,536,533		0.48	%

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	South Korea:
	5,245	BINGGRAE CO. LTD.	$	488,445		448,401
	56,830	BS FINANCIAL GROUP, INC.		621,230		836,892
	5,842	DAUM COMMUNICATIONS CORP.		446,130		675,543
	50,050	DGB FINANCIAL GROUP, INC.		625,621		749,415
	22,930	HALLA VISTEON CLIMATE CONTROL CORP.		481,495		1,037,946
	5,243	HYUNDAI MIPO DOCKYARD		581,800		759,142
	68,521	KGINICIS CO. LTD.		1,234,753		761,871
	17,106	KIA MOTORS CORP.		806,018		956,908
	6,353	KIWOOM SECURITIES CO. LTD.		349,706		262,772
	8,630	KOREA INVESTMENT HOLDINGS CO. LTD.		309,155		342,880
	1,343	SAMSUNG ELECTRONICS CO. LTD.		1,732,944		1,754,740
	9,049	YOUNGONE HOLDINGS CO. LTD.		515,320		710,111
				8,192,617		9,296,621		1.76	%
	Spain:
	7,845	ABERTIS INFRAESTRUCTURAS S.A.		102,995		180,522
	1,260	ACCIONA S.A.		78,312		112,698
	7,760	ACERINOX S.A.		95,129		137,497
	5,299	AMADEUS IT HOLDING S.A., CLASS A		128,321		218,548
	103,161	BANCO BILBAO VIZCAYA ARGENTARIA S.A.		787,415		1,314,974
	41,342	BANCO DE SABADELL S.A.		106,298		141,071
	19,444	BANCO POPULAR ESPANOL S.A.		75,512		129,928
	182,443	BANCO SANTANDER S.A.		1,267,967		1,906,120
	98,076	BANKIA S.A.(b)		167,891		190,162
	27,341	CAIXABANK S.A.		92,783		168,733
	1,388	CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.		645,501		663,876
	9,700	DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION S.A.		47,567		89,310
	7,427	ENAGAS S.A.		138,558		238,990
	3,362	FERROVIAL S.A.		50,676		74,877
	13,148	GAS NATURAL SDG S.A.		203,530		415,252
	1,818	GRIFOLS S.A.		52,706		99,364
	60,806	IBERDROLA S.A.		298,760		464,850
	17,462	INDITEX S.A.		2,377,165		2,687,565
	49,976	MAPFRE S.A.		136,152		199,206
	21,941	MELIA HOTELS INTERNATIONAL S.A.		146,843		269,343
	3,172	RED ELECTRICA CORP. S.A.		137,295		290,141
	19,639	REPSOL S.A.		379,635		517,934
	8,036	TECNICAS REUNIDAS S.A.		388,496		497,092
	62,394	TELEFONICA S.A.		864,770		1,069,660
	4,021	ZARDOYA OTIS S.A.		46,860		71,577
				8,817,137		12,149,290		2.30	%
	Sweden:
	7,400	ASSA ABLOY AB, CLASS B		89,466		376,559
	11,337	ATLAS COPCO AB, CLASS A		121,649		327,645
	6,368	ATLAS COPCO AB, CLASS B		78,834		170,123
	34,110	DUNI AB		300,088		536,036
	8,524	ELECTROLUX AB, CLASS B		113,200		215,602
	8,575	ELEKTA AB, CLASS B		104,728		109,088
	15,793	HENNES & MAURITZ AB, CLASS B		349,564		690,193
	3,700	HEXAGON AB, CLASS B		56,830		119,281
	17,500	HUSQVARNA AB, CLASS B		64,201		136,065
	10,000	INDUSTRIVARDEN AB, CLASS C		103,927		197,559
	3,000	INVESTMENT AB KINNEVIK, CLASS B		51,225		127,874
	11,800	INVESTOR AB, CLASS B		161,782		442,750
	1,045	MILLICOM INTERNATIONAL CELLULAR S.A. SDR		88,132		95,717
	41,436	NORDEA BANK AB		232,747		584,807
	13,730	ORIFLAME COSMETICS S.A. SDR		453,020		319,950
	23,773	SANDVIK AB		201,678		324,846
	15,868	SECURITAS AB, CLASS B		125,722		188,211
	41,800	SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A		171,318		558,664
	2,800	SKANSKA AB, CLASS B		23,703		63,907
	5,793	SKF AB, CLASS B		143,420		147,826
	5,400	SSAB AB, CLASS A(b)		48,129		50,229
	80,905	SVENSKA CELLULOSA AB S.C.A., CLASS B		1,643,443		2,108,128
	11,896	SVENSKA HANDELSBANKEN AB, CLASS A		264,804		582,377
	6,826	SWEDBANK AB, CLASS A		151,759		181,031
	3,023	SWEDISH MATCH AB		101,559		104,966

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Sweden (Cont’d):
	9,481	TELE2 AB, CLASS B	$	115,918		111,674
	58,718	TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B		533,417		709,637
	36,666	TELIASONERA AB		193,138		267,852
	21,000	VOLVO AB, CLASS B		127,847		289,312
				6,215,248		10,137,909		1.92	%
	Switzerland:
	44,424	ABB LTD. (REGISTERED)(b)		619,065		1,022,934
	25,512	ACE LTD.		2,060,085		2,645,594
	1,367	ACTELION LTD. (REGISTERED)(b)		52,159		172,956
	19,310	ADECCO S.A. (REGISTERED)(b)		835,700		1,589,569
	2,059	ARYZTA A.G.(b)		50,704		195,034
	484	BALOISE HOLDING A.G. (REGISTERED)		26,452		57,034
	93	BANQUE CANTONALE VAUDOISE (REGISTERED)		50,737		50,705
	88	BARRY CALLEBAUT A.G. (REGISTERED)(b)		88,741		119,576
	8,167	CIE FINANCIERE RICHEMONT S.A. (REGISTERED)		550,611		856,946
	3,112	COCA-COLA HBC A.G. - CDI(b)		71,422		71,473
	18,838	CREDIT SUISSE GROUP A.G. (REGISTERED)(b)		467,080		538,714
	1,115	GEBERIT A.G. (REGISTERED)		110,661		391,407
	140	GIVAUDAN S.A. (REGISTERED)(b)		76,496		233,491
	189,200	GLENCORE PLC		736,586		1,054,121
	4,025	HOLCIM LTD. (REGISTERED)(b)		183,971		353,799
	4,134	JULIUS BAER GROUP LTD.(b)		87,890		170,432
	41	LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE)		59,775		208,699
	3	LINDT & SPRUENGLI A.G. (REGISTERED)		75,352		185,318
	45,240	LOGITECH INTERNATIONAL S.A. (REGISTERED)		392,534		589,477
	897	LONZA GROUP A.G. (REGISTERED)(b)		50,452		97,610
	89,357	NESTLE S.A. (REGISTERED)		3,474,052		6,922,447
	40,470	NOBEL BIOCARE HOLDING A.G. (REGISTERED)(b)		378,692		602,395
	61,763	NOVARTIS A.G. (REGISTERED)		2,784,000		5,592,658
	11,856	PANALPINA WELTTRANSPORT HOLDING A.G. (REGISTERED)		916,152		1,877,066
	8,383	PARGESA HOLDING S.A. (BEARER)		532,821		752,939
	13,103	ROCHE HOLDING A.G. (GENUSSCHEIN)		1,721,829		3,908,146
	1,381	SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE)		108,493		209,922
	589	SCHINDLER HOLDING A.G. (REGISTERED)		68,597		88,802
	1,109	SGS S.A. (REGISTERED)		2,294,555		2,657,448
	77	SIKA A.G. (BEARER)		152,753		314,842
	1,300	SONOVA HOLDING A.G. (REGISTERED)		84,464		198,342
	10,640	STMICROELECTRONICS N.V.		55,625		95,458
	635	SULZER A.G. (REGISTERED)		30,609		89,078
	510	SWATCH GROUP (THE) A.G. (BEARER)		241,014		307,967
	743	SWISS LIFE HOLDING A.G. (REGISTERED)(b)		101,194		176,199
	884	SWISS PRIME SITE A.G. (REGISTERED)(b)		67,167		73,268
	3,576	SWISS RE A.G.(b)		269,423		318,162
	459	SWISSCOM A.G. (REGISTERED)		157,641		266,818
	1,427	SYNGENTA A.G. (REGISTERED)		339,691		531,504
	38,776	TE CONNECTIVITY LTD.		711,805		2,397,908
	1,640	TRANSOCEAN LTD.		83,656		73,849
	52,597	UBS A.G. (REGISTERED)(b)		836,383		964,990
	4,176	WOLSELEY PLC		70,461		228,912
	2,235	ZURICH INSURANCE GROUP A.G.(b)		358,327		673,676
				22,485,877		39,927,685		7.57	%
	Taiwan:
	658,000	D-LINK CORP.		372,053		436,345
	121,000	GIANT MANUFACTURING CO. LTD.		642,691		942,210
	176,000	SIMPLO TECHNOLOGY CO. LTD.		932,483		1,090,495
	161,401	TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. ADR(d)		2,481,419		3,452,367
	190,000	TRIPOD TECHNOLOGY CORP.		428,387		366,535
				4,857,033		6,287,952		1.19	%
	Thailand:
	891,900	LPN DEVELOPMENT PCL (REGISTERED)		532,733		557,867
	476,700	PRUKSA REAL ESTATE PCL (REGISTERED)		328,735		429,625
				861,468		987,492		0.19	%
	Turkey:
	14,820	AYGAZ A.S.		65,745		63,376

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Turkey (Cont’d):
	185,420	TEKNOSA IC VE DIS TICARET A.S.	$	1,131,777		1,015,233
				1,197,522		1,078,609		0.20	%
	United Kingdom:
	25,248	3I GROUP PLC		88,645		173,659
	13,185	ABERDEEN ASSET MANAGEMENT PLC		49,918		102,422
	85,589	ADMIRAL GROUP PLC		1,587,292		2,268,929
	707,299	ADVANCED COMPUTER SOFTWARE GROUP PLC		1,258,482		1,392,042
	142,560	AFRICAN MINERALS LTD.(b)		540,030		169,564
	5,755	AGGREKO PLC		166,030		162,510
	101,625	ALENT PLC		477,289		636,899
	49,843	AMEC PLC		775,468		1,036,411
	24,964	ANGLO AMERICAN PLC		493,529		610,944
	9,080	ANTOFAGASTA PLC		92,822		118,566
	15,812	AON PLC		753,281		1,424,503
	20,590	ARM HOLDINGS PLC		287,778		310,444
	32,055	ARM HOLDINGS PLC ADR(d)		914,776		1,450,168
	171,186	ASHMORE GROUP PLC		986,974		1,083,981
	38,304	ASOS PLC(b)		2,464,732		1,940,383
	3,713	ASSOCIATED BRITISH FOODS PLC		105,697		193,747
	22,825	ASTRAZENECA PLC		798,637		1,695,517
	59,299	AVIVA PLC		212,664		518,077
	5,239	BABCOCK INTERNATIONAL GROUP PLC		41,807		104,185
	46,467	BAE SYSTEMS PLC		230,164		344,258
	13,290	BALFOUR BEATTY PLC		50,926		53,108
	261,595	BARCLAYS PLC		989,502		952,692
	13,160	BELLWAY PLC		213,724		352,695
	32,640	BERENDSEN PLC		296,386		546,870
	61,258	BG GROUP PLC		967,887		1,294,736
	39,133	BHP BILLITON PLC		853,977		1,265,440
	23,170	BOVIS HOMES GROUP PLC		193,551		313,855
	342,163	BP PLC		2,297,004		3,015,140
	30,844	BRITISH AMERICAN TOBACCO PLC		1,151,360		1,835,912
	11,630	BRITISH LAND CO. PLC		61,579		139,823
	17,175	BRITISH SKY BROADCASTING GROUP PLC		114,547		265,715
	143,369	BT GROUP PLC		523,985		944,397
	5,069	BUNZL PLC		39,524		140,710
	65,002	BURBERRY GROUP PLC		1,388,312		1,649,755
	16,980	CAPITA PLC		162,367		332,732
	92,189	CENTRICA PLC		340,421		493,196
	24,375	CNH INDUSTRIAL N.V.		141,398		250,325
	28,496	COBHAM PLC		93,701		152,303
	226,493	COMPASS GROUP PLC		1,321,743		3,942,097
	2,950	CRODA INTERNATIONAL PLC		101,220		111,120
	268,760	DEBENHAMS PLC		325,200		314,840
	82,520	DEVRO PLC		362,296		351,297
	73,551	DIAGEO PLC		1,002,365		2,348,831
	16,194	DIGNITY PLC		263,160		379,965
	142,245	DIPLOMA PLC		1,049,766		1,560,438
	32,144	DIRECT LINE INSURANCE GROUP PLC		123,935		148,420
	95	DRAX GROUP PLC		544		1,041
	34,018	FRIENDS LIFE GROUP LTD.		144,933		183,563
	21,685	G4S PLC		77,070		94,709
	32,712	GKN PLC		101,683		203,275
	90,076	GLAXOSMITHKLINE PLC		1,381,195		2,411,001
	101,170	GREGGS PLC		781,008		928,043
	17,505	HAMMERSON PLC		69,535		173,757
	104,290	HOMESERVE PLC		364,770		574,712
	335,233	HSBC HOLDINGS PLC		2,323,658		3,401,573
	108,829	IG GROUP HOLDINGS PLC		792,035		1,094,218
	2,476	IMI PLC		52,347		63,011
	18,792	IMPERIAL TOBACCO GROUP PLC		441,174		845,825
	11,958	INMARSAT PLC		92,794		152,975
	1,818	INTERCONTINENTAL HOTELS GROUP PLC		52,081		75,325
	32,745	INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A.(b)		90,834		207,644
	2,722	INTERTEK GROUP PLC		108,909		128,060
	6,025	INTU PROPERTIES PLC		21,274		32,130

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

Shares		Security	Cost		Fairvalue (a)		Percent of net assets
	United Kingdom (Cont’d):
	11,111	INVESTEC PLC	$	66,959		102,493
	592,380	ITE GROUP PLC		2,220,151		2,401,690
	31,976	ITV PLC		59,191		97,518
	29,306	J SAINSBURY PLC		141,007		158,237
	3,841	JOHNSON MATTHEY PLC		85,088		203,778
	120,600	KENTZ CORP. LTD.		1,344,240		1,911,216
	42,914	KINGFISHER PLC		109,517		263,660
	183,030	LAIRD PLC		640,521		888,968
	15,511	LAND SECURITIES GROUP PLC		113,585		275,012
	69,234	LEGAL & GENERAL GROUP PLC		173,141		267,070
	1,932,207	LLOYDS BANKING GROUP PLC(b)		1,564,844		2,455,283
	6,030	LONDON STOCK EXCHANGE GROUP PLC		69,795		207,117
	449,800	MAN GROUP PLC		638,904		809,817
	25,083	MARKS & SPENCER GROUP PLC		101,882		182,526
	253,451	MEARS GROUP PLC		1,269,828		2,016,966
	13,587	MEGGITT PLC		60,745		117,659
	13,437	MELROSE INDUSTRIES PLC		52,258		59,835
	50,201	NATIONAL GRID PLC		462,058		721,678
	3,200	NEXT PLC		86,367		354,602
	96,618	OLD MUTUAL PLC		133,905		326,901
	17,030	PEARSON PLC		231,527		336,335
	6,290	PETROFAC LTD.		120,064		129,499
	39,359	PRUDENTIAL PLC		587,695		903,284
	131,661	QINETIQ GROUP PLC		235,697		465,971
	2,341	RANDGOLD RESOURCES LTD.		150,411		195,231
	12,630	RECKITT BENCKISER GROUP PLC		545,806		1,102,364
	177,300	REED ELSEVIER PLC		1,380,652		2,852,253
	10,746	REXAM PLC		57,562		98,344
	8,000	RIGHTMOVE PLC		320,530		293,539
	18,483	RIO TINTO PLC		788,163		983,275
	33,377	ROLLS-ROYCE HOLDINGS PLC(b)		497,076		610,628
	23,600	ROTORK PLC		1,041,897		1,078,387
	397,549	ROYAL BANK OF SCOTLAND GROUP PLC(b)		2,258,274		2,234,320
	12,917	RSA INSURANCE GROUP PLC		94,770		104,962
	15,612	SABMILLER PLC		708,109		905,219
	20,657	SAGE GROUP (THE) PLC		74,323		135,789
	6,208	SAVILLS PLC		28,057		66,827
	10,277	SEGRO PLC		36,889		60,714
	57,924	SERCO GROUP PLC		334,845		362,324
	4,954	SEVERN TRENT PLC		76,220		163,800
	18,823	SMITH & NEPHEW PLC		151,602		334,700
	5,478	SMITHS GROUP PLC		80,025		121,594
	16,949	SSE PLC		293,983		454,532
	40,912	STANDARD CHARTERED PLC		640,820		836,001
	48,103	STANDARD LIFE PLC		131,737		307,972
	3,117	SUBSEA 7 S.A.		70,429		58,134
	8,607	TATE & LYLE PLC		92,385		100,827
	556,574	TESCO PLC		2,941,826		2,707,064
	7,537	TUI TRAVEL PLC		50,440		51,337
	14,874	TULLOW OIL PLC		212,172		217,262
	24,244	UNILEVER PLC		545,190		1,099,931
	29,006	UNILEVER PLC ADR(d)		695,397		1,314,262
	10,541	UNITED UTILITIES GROUP PLC		80,109		159,112
	256,900	VECTURA GROUP PLC(b)		364,176		584,746
	2,343	VEDANTA RESOURCES PLC		35,450		44,469
	108,283	VESUVIUS PLC		519,107		849,857
	506,343	VODAFONE GROUP PLC		1,671,709		1,689,782
	3,239	WEIR GROUP (THE) PLC		94,600		145,177
	2,849	WHITBREAD PLC		65,613		214,973
	51,312	WM MORRISON SUPERMARKETS PLC		206,637		161,053
	25,749	WPP PLC		191,382		561,412
				61,749,037		88,383,771		16.77	%
	United States:
	75,641	APPLIED MATERIALS, INC.		1,318,408		1,705,705
	32,627	ARCH CAPITAL GROUP LTD.(b)		623,608		1,874,095
	24,880	AXIS CAPITAL HOLDINGS LTD.		938,631		1,101,686
	4,351	CARNIVAL PLC		131,345		164,414
	50,664	COCA-COLA ENTERPRISES, INC.		1,589,385		2,420,726

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

Shares			Security	Cost		Fairvalue (a)		Percent of net assets
	United States (Cont’d):
	159,702		FLEXTRONICS INTERNATIONAL LTD.(b)	$	1,065,067		1,767,901
	16,540		STEINER LEISURE LTD.(b)		783,275		716,017
	8,041		THOMSON REUTERS CORP.		206,631		292,763
					6,656,350		10,043,307		1.91	%
		Sub-total Common Stocks:			347,666,735		502,051,757		95.24	%
Master Limited Partnerships:
	United States:
	52,949		LAZARD LTD., CLASS A		1,528,961		2,730,050
					1,528,961		2,730,050		0.52	%
		Sub-total Master Limited Partnerships:			1,528,961		2,730,050		0.52	%
Preferred Stocks:
	Germany:
	1,521		BAYERISCHE MOTOREN WERKE A.G.		49,612		145,810
	2,200		DRAEGERWERK A.G. & CO. KGAA		284,294		236,508
	1,792		HENKEL A.G. & CO. KGAA		151,997		207,173
	3,478		PORSCHE AUTOMOBIL HOLDING S.E.		159,145		362,373
	2,770		RWE A.G. (NON VOTING)		76,994		92,169
	2,203		VOLKSWAGEN A.G.		491,404		578,578
					1,213,446		1,622,611		0.31	%
	South Korea:
	193		SAMSUNG ELECTRONICS CO. LTD.		167,351		202,194
					167,351		202,194		0.04	%
		Sub-total Preferred Stocks			1,380,797		1,824,805		0.35	%
Rights:
	Austria:
	10,586		IMMOEAST A.G.(b) (c)		-		-
					-		-		0.00	%
	France:
	2		GROUPE FNAC(b)		-		12
					-		12		0.00	%
	South Korea:
	9,639		BS FINANCIAL GROUP, INC.(b)		19,353		20,482
					19,353		20,482		0.00	%
	Spain:
	7,760		ACERINOX S.A.(b)		4,740		4,707
					4,740		4,707		0.00	%
		Sub-total Rights			24,093		25,201		0.00	%
Warrants:
	France:
	12,969		PEUGEOT S.A. EXP. 4/29/17, STRIKE $6.43(b)		-		28,431
					-		28,431		0.00	%
	Hong Kong:
	1,666		SUN HUNG KAI PROPERTIES LTD. EXP. 4/22/16, STRIKE $98.60(b)		-		2,176
					-		2,176		0.00	%
		Sub-total Warrants			-		30,607		0.00	%

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

Shares			Security	Cost		Fairvalue (a)		Percent of net assets
Investment Companies:
	United States:
	18,600		ISHARES MSCI EAFE SMALL-CAP ETF	$	840,348		984,312
					840,348		984,312		0.19	%
		Sub-total Investment Companies			840,348		984,312		0.19	%
	Short-Term Investments:
	17,621,229		NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(e)		17,621,229		17,621,229
		Sub-total Short-Term Investments:			17,621,229		17,621,229		3.34	%
			Grand total(f)	$	369,062,163		525,267,961		99.64	%

(a)	Investments are valued in accordance with procedures described in note 2 to the financial statements.
(b)	Non-income producing assets.
(c)	Security has been deemed worthless and is a Level 3 investment.
(d)	Securities are American Depositary Receipts of companies based outside of the United States representing 2.25% of net assets as of June 30, 2014.
(e)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2013, the value of the Clearwater International Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $17,465,003 with net purchases of approximately $156,226 during the six months ended June 30, 2014.
(f)	At June 30, 2014, the cost for Federal income tax purposes was $372,194,249. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows:

Gross unrealized appreciation	$	161,618,347
Gross unrealized depreciation		(8,544,635	)
Net unrealized appreciation	$	153,073,712

At June 30, 2014, the industry sectors for the Clearwater International Fund were:

Industry Sector	Percent of Long-Term Investments
Consumer Discretionary		17.49	%
Consumer Staples		10.40
Energy		6.74
Financials		20.85
Health Care		9.58
Industrials		15.18
Information Technology		9.41
Materials		5.89
Telecommunication Services		2.53
Utilities		1.93
		100.00	%

At June 30, 2014, the Clearwater International Fund’s investments were denominated in the following currencies:

Concentration by Currency	Percent of Long-Term Investments
Euro		21.35	%
British Pound		18.00
Japanese Yen		13.63
United States Dollar		11.26
Hong Kong Dollar		6.53
Canadian Dollar		6.52
Swiss Franc		6.46
Australian Dollar		5.70
All other currencies less than 5%		10.55
		100.00	%

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund (unaudited)
June 30, 2014

At June 30, 2014, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:

Contracts To Deliver Currency	Amount (Local Currency)		In Exchange For Currency	Amount (Local Currency)		Settlement Date	Unrealized Gains (Losses)			Counterparty
Japanese Yen		337,612,887	United States Dollar		3,295,746	8/14/14	$	(38,042	)	Northern Trust
Japanese Yen		12,504,871	United States Dollar		122,143	8/14/14		(1,337	)	Northern Trust
Japanese Yen		11,714,564	United States Dollar		114,740	8/14/14		(937	)	Northern Trust
Japanese Yen		11,042,558	United States Dollar		106,888	8/14/14		(2,153	)	Northern Trust
Japanese Yen		3,599,392	United States Dollar		35,163	8/14/14		(380	)	Northern Trust
							$	(42,849	)

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

CLEARWATER INVESTMENT TRUST
Schedule of Investments – Clearwater International Fund (unaudited)
June 30, 2014

See accompanying notes to the financial statements. 86

Item 2. Code of Ethics

Not applicable to this filing

Item 3. Audit Committee Financial Expert

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable to this filing.

Item 6. Investments

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

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

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

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

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

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

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

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

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

Item 11. Controls and Procedures

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

control over financial reporting.

Item 12. Exhibits

(a)(1)	Not applicable to this filing.
(a)(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940.
(a)(3)	No written solicitations to purchase securities were sent or delivered during the period covered by this report by or on behalf of the Trust.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

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

Clearwater Investment Trust
By	/s/ Justin H. Weyerhaeuser
	Justin H. Weyerhaeuser
	President (Principal Executive Officer) and
	Treasurer (Principal Financial Officer)
Date: September 3, 2014

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

Clearwater Investment Trust
By	/s/ Justin H. Weyerhaeuser
	Justin H. Weyerhaeuser
	President (Principal Executive Officer)
Date: September 3, 2014

Clearwater Investment Trust
By	/s/ Justin H. Weyerhaeuser
	Justin H. Weyerhaeuser
	Treasurer (Principal Financial Officer)
Date: September 3, 2014