Clearwater Investment Trust NCSRS 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^thStreet

Saint Paul, Minnesota 55101-4930

Copy to:

John V. O’Hanlon, Esq.

Dechert LLP

One International Place, 40^th Floor

100 Oliver Street

	Boston, Massachusetts 02110
	(Name and address of agent for service)

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

	Date of fiscal year end:		December 31

	Date of reporting period:		June 30, 2019

Item 1. Reports to Stockholders

(a)

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1)

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, 2019

Management Discussion of Clearwater Funds’ Performance

Clearwater Core Equity Fund

The Clearwater Core Equity Fund (the “Core Equity Fund” or the “Fund”) seeks long-term growth of capital. Under normal market conditions, the Core Equity Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The Core Equity Fund’s assets are managed in a “multi-manager, multi-style” approach. As of June 30, 2019, the Fund had three subadvisers that provide day-to-day management of Fund assets. Parametric Portfolio Associates LLC (“Parametric”), with approximately 40% to 60% of the Fund’s assets, manages its portion of the Fund’s assets to track the Russell 1000® Index as closely as possible without requiring the Fund to realize taxable gains. The remaining Fund assets are divided between AQR Capital Management, LLC (“AQR”) and O’Shaughnessy Asset Management, LLC (“OSAM”), who both utilize an active management style.

2019 Year-To-Date Market Overview:

Domestic large capitalization equities, as defined by the Russell 1000® Index, generated nearly 20% returns in the first half of 2019, driven by a more accommodative monetary policy stance from the Federal Reserve. The strong returns during the period occurred despite headwinds from tariff negotiations and signs of a slowing global economy.

2019 Year-To-Date Performance and 2019 Outlook:

The Core Equity Fund gained 17.0%, net of fees, in the first half of 2019, compared to an increase of 18.8% for the Russell 1000® Index, the Fund’s benchmark. Parametric, the subadviser that follows a tax-managed passive strategy, underperformed the Fund’s benchmark. Both active subadvisers, AQR and OSAM, underperformed the Fund’s benchmark as well, as their preference for stocks they believe to be underpriced relative to their value, with higher momentum and higher quality, was out of favor during the period.

Each of the three subadvisers comment on the performance of their specific portions of the Fund and provide a market outlook for the next six months in the paragraphs below. For comparison of the subadvisers’ capabilities, performance is shown gross of fees. The Fund pays a single advisory fee to Clearwater Management Co., Inc., which in turn pays the subadvisers out of its advisory fee.

Although the overall performance of the Core Equity Fund is measured against its benchmark, as stated above, each of the underlying subadvisers may manage their portion of the Fund against a different benchmark that aligns more closely with their strategy. In each section below, the subadvisers discuss their view of the market over the last six months, the performance of their portfolios with respect to the benchmark against which their particular portfolio is managed and their outlook for the next six months.

AQR Commentary

General Market Overview:

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

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2019 Performance for the 6-month period ending June 30, 2019:

The portion of the Core Equity Fund managed by AQR (the “Portfolio”) underperformed the Russell 1000® Index (the “benchmark”) in the first six months of 2019, returning 15.8%, gross of fees, while the benchmark returned 18.8%. Stock selection within sectors detracted from performance, while sector allocation contributed positively. The largest detractor was the Health Care sector, where both stock selection and sector allocation underperformed.

2019 Remaining Year Outlook:

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

OSAM Commentary

General Market Overview:

2019 has been a strong year for returns in global equity markets and a few key themes emerged for the year. Growth outperformed value (the Russell 1000® Growth Index outperformed the Russell 1000®Value Index by 5.3% in the first six months of 2019) and large capitalization stocks outperformed small capitalization stocks (the Russell 1000® Index outperformed the Russell 2000® Index by 1.9%). During the first quarter, we saw what can be considered a classic “junk rally”, defined as a period where expensive, low quality, and high volatility names outperform. However, a defensive trend retrenched in the second quarter. While the market continues to reach new highs, investors have settled into a conservative tact, which is supported by the outperformance of low volatility stocks.

2019 Performance for the 6-month period ending June 30, 2019:

The portion of the Core Equity Fund managed by OSAM (the “Portfolio”) underperformed the Russell 1000® Index (the “benchmark”) for the first six months of 2019, returning 16.5% (gross of fees), while the benchmark returned 18.8%.

In the first quarter, having a smaller average market capitalization than the benchmark was additive to performance. We assess our performance by looking at the top decile of stocks within the following selection factors: shareholder yield (a combination of dividend yield and share repurchase yield), value, and momentum. These selection factors detracted from performance during the period. From the top deciles of our selection factors, we then eliminate low quality stocks. Doing so detracted from our performance relative to the benchmark. Finally, our portfolio construction methodology, which seeks to overweight stocks qualifying in our model most frequently, recently, and with the highest overall factor score, had a positive impact.

Moving to the second quarter, having a smaller average market capitalization than the benchmark detracted from performance. Our focus on the top decile of stocks by value, momentum, and shareholder yield, was additive to performance. Eliminating low quality stocks detracted from our performance relative to the benchmark. Finally, our portfolio construction methodology had a negative impact on performance. This was primarily related to poor stock selection within the Technology sector.

2019 Remaining Year Outlook:

Growth (as measured by the Russell 1000® Growth Index) has continued to outperform value (as measured by the Russell 1000® Value Index) during the first six months of 2019. Based on our research, we believe we are positioned well for the remainder of 2019. Our investment process favors portfolio companies that have higher levels of return on capital, lower reliance on external financing, and trade at what we believe are deep discounts across many valuation factors relative to the benchmark. As of June 30, 2019, the Portfolio’s holdings were returning capital to shareholders (via dividends and share repurchases) at a rate of 6.1% versus the benchmark at 2.8%. We believe that these combined advantages can only be delivered by a portfolio which is distinct from the

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

Parametric Commentary

General Market Overview:

Market returns for the first half of 2019 were quite strong, recovering from a pessimistic outlook late last year, and finishing near record highs. The market rallied during the first four months of the year, encouraged by strong earnings and the prospect of a trade deal with China. Market sentiment turned negative in May with increased tariffs on Chinese products and the threat of new tariffs and the coinciding retaliatory announcements by China. Market sentiment turned positive after the G-20 summit announcement that the trade war would be put on pause and that trade talks would resume.

2019 Performance for the 6-month period ending June 30, 2019:

The portion of the Core Equity Fund managed by Parametric (the “Portfolio”) underperformed the Russell 1000® Index (the “benchmark”) in the first six months of 2019, returning 18.0%, gross of fees, while the benchmark returned 18.8%. Most of the underperformance was attributable to small over and underweights to individual stocks within the Technology, Consumer Discretionary, and Communication sectors. An underweight to Netflix detracted from performance as the stock returned 37.2% in the first six months of 2019. Underweights to several stocks in the Technology sector (including Microsoft and Apple) also contributed to the underperformance.

2019 Remaining Year Outlook:

Although the trade war has paused pending further negotiations, market uncertainty remains for the second half of 2019. If a comprehensive trade deal remains elusive, we believe the tariffs will drag down the economic expansion. On the other hand, the Federal Reserve’s stance on monetary policy has become more accommodative. The market has priced in a rate cut in July, however, it’s highly uncertain if or when the Federal Reserve will cut rates, after leaving rates unchanged year-to-date in 2019.

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Clearwater Small Companies Fund

The Clearwater Small Companies Fund (the “Small Companies Fund” or the “Fund”) seeks long-term growth 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 equity securities of small companies. The Fund defines “small companies” as issuers with market capitalizations no greater than that of the largest market capitalization company included in the Russell 2000® Index at the time of purchase. Equity securities consist primarily of exchange-traded common and preferred stocks and convertible securities. The Fund uses a “multi-style, multi-manager” approach with three subadvisers who employ distinct investment styles: Cooke & Bieler, L.P. (“Cooke & Bieler”), Kennedy Capital Management Inc. (“Kennedy”), and Pzena Investment Management, LLC (“Pzena”). At June 30, 2019, Kennedy managed about 60% of the Fund while Cooke & Bieler and Pzena each managed about 20%.

2019 Year-To-Date Market Overview:

Domestic small capitalization equities, as defined by the Russell 2000® Index, generated returns of more than 15% in the first half of 2019, driven by a more accommodative monetary policy stance from the Federal Reserve. The strong returns during the period occurred despite headwinds from tariff negotiations and signs of a slowing global economy.

2019 Year-To-Date Performance and 2019 Outlook:

The Small Companies Fund gained 16.4%, net of fees, in the first half of 2019, compared to an increase of 17.0% for the Russell 2000® Index, the Fund’s benchmark. Cooke & Bieler outperformed the Fund’s benchmark, while Kennedy slightly underperformed and Pzena underperformed to a greater extent.

Although the overall performance of the Small Companies Fund is measured against its benchmark, as stated above, each of the underlying subadvisers may manage their portion of the Fund against a different benchmark that aligns more closely with their strategy. In each section below, the subadvisers discuss their view of the market over the last six months, the performance of their portfolios with respect to the benchmark against which their particular portfolio is managed and their outlook for the next six months.

Cooke & Bieler Commentary

General Market Overview:

The rally that began late last year continued through April but was upended in May by renewed concerns about the economy and a more protracted trade war, then was revived in June by the Federal Reserve’s clear pivot toward monetary easing. The June rally was enough to push major indices into positive territory for the second quarter, capping a strong first half of the year that saw stocks up by double digits.

2019 Performance for the 6-month period ending June 30, 2019:

The portion of the Small Companies Fund managed by Cooke & Bieler (the “Portfolio”) outperformed the Russell 2000® Value Index (the “benchmark”) in the first six months of 2019, returning 20.8%, gross of fees, while the benchmark returned 13.5%. Stock selection within sectors drove the majority of the Portfolio’s outperformance and was positive in every sector in which the Portfolio held a position. Results were particularly strong in the Consumer Discretionary and Industrials sectors, which included a number of 2018’s most significant detractors. Cooke &

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Bieler’s style often generates strong stock selection results in the benchmark’s weakest-performing sectors. Significant individual contributors to the Portfolio’s return included Winnebago, Woodward, Colfax, Air Lease, and Quanex Building Products. Major detractors were Nautilus, Mednax, Gates Industrial, National Western Life Group, and American Eagle Outfitters. The impact of sector allocation was negative, with the Portfolio’s overweight in the Consumer Discretionary sector – where stock selection was very strong – accounting for the biggest drag.

2019 Remaining Year Outlook:

Over the last 15 years – a period that saw two oil price spikes, a global financial crisis, unprecedented monetary intervention and countless political shocks – the benchmark has generated a fairly typical 7.3% annualized return. In other words, the confusion and cross currents of the second quarter were par for the course and in our view presented opportunities to profit from others’ impatience rather than causes for alarm. We believe that the business environment remains mostly positive, albeit with pockets of weakness emerging as trade tensions begin to take their toll. We also believe that valuations, broadly speaking, seem fair – neither compellingly cheap, nor worryingly expensive. This combination leads us to believe returns will be volatile, but positive over time.

Kennedy Commentary

General Market Overview:

Thus far 2019 has been a whirlwind, as the prospect of a more accommodative monetary policy in the U.S. more than offset a complex and uncertain trade policy backdrop. Companies with a connection to Mexico or China saw their stock prices tossed about as the media wrestled with interpretations of phrases released by the current U.S. administration. We heard from management teams that trade was being disrupted as customers and intermediaries strove to interpret potential landed costs.

While some see the domestic ten-year government treasury yield of about 2% as extremely low, we are reminded that relative interest rates hold a great amount of importance with those who allocate funds globally. The U.S. government can borrow funds for 10 years at 2% per year, but France can borrow money for about 0.2% per year, and the German government enjoys the luxury of a negative interest rate.

What does all of this mean for stocks? In our minds, there are two important, related impacts. If an investor can get a consistent stream of cash flows (e.g., a U.S. utility), they will pay a historically lofty price. This has driven and sustained those stocks’ P/E ratios well above previously established norms. For companies that have a strong competitive advantage in large, untapped markets with comparatively low trade friction (e.g., U.S. software companies), investors have also been inclined to afford historically high valuations to those companies.

2019 Performance for the 6-month period ending June 30, 2019:

The portion of the Small Companies Fund managed by Kennedy (the “Portfolio”) underperformed the Russell 2000® Index (the “benchmark”) in the first six months of 2019, returning 16.6%, gross of fees, while the benchmark returned 17.0%. Positive stock selection in the Financials and Materials sectors was offset by negative stock selection in the Health Care sector. The Portfolio’s positive aggregate selection effect through the first six months of the year was more than offset by the drag on performance associated with a 4.9% cash weighting given the strong absolute performance of the equity markets.

2019 Remaining Year Outlook:

The second half of 2019 will see the ramp up of the Democratic presidential debates and further machinations in the trade and geopolitical environment. We believe that these developments will likely create volatility in certain companies, sectors, and the market as a whole. In the end, we believe this market environment bodes well for Kennedy. We may be viewed as somewhat obstinate stalwarts when it comes to our investment approach, but we typically direct our client’s funds towards investments that make sense for the longer term. We do not turn a blind

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eye to the developments in the world around us, but we do have the self-discipline to withstand some near-term perturbations in our quest for longer term outperformance. We’d expect this type of environment to present us with opportunities to buy into longer term cash flow streams that will be temporarily under-appreciated by the majority of investors. While we cannot – and would not – predict how we’ll perform versus our peers in the near term, this does seem to be shaping up to be a market full of opportunities.

Pzena Commentary

General Market Overview:

Markets were positive in the first half of the year, rotating through risk-on and risk-off periods with international trade uncertainty driving much of the sentiment. U.S. small capitalization stocks underperformed their larger capitalization peers and value continued to underperform growth across all market capitalizations.

2019 Performance for the 6-month period ending June 30, 2019:

The portion of the Small Companies Fund managed by Pzena (the “Portfolio”) outperformed the Russell 2000® Value Index (the “benchmark”) in the first six months of 2019, returning 14.0%, gross of fees, while the benchmark returned 13.5%. The outperformance was driven roughly equally by both stock selection and sector allocation. The largest individual contributor was REV Group (specialty vehicle manufacturer of firetrucks, ambulances, shuttle buses, and RVs), which reported weaker than expected sales due to manufacturing delays but has moved past supply chain issues and is well positioned to improve production, in our estimation. We believe the company continues to face extended lead times from its suppliers but has gotten past the worst of its operational issues and is better positioned for the rest of the year. Car rental company Avis was additive to performance on news that competitor Hertz was doing a rights offering, as its competitive position should strengthen while Hertz deals with balance sheet issues. Door and window manufacturer JELD-WEN performed well as it showed progress on its past operational issues and focused on pricing and profitability.

Energy was the only detracting sector. Realogy was the largest individual detractor after reporting weak quarterly results driven by lower sales and soft margins that were impacted by negative operating leverage, as well as continued upward pressure on commission splits. Celestica, an outsourced manufacturer, fell after it reported disappointing earnings due to weakness in the semiconductor capital equipment and digital display markets. These are both areas where end markets are weak and Celestica has high fixed costs but the company is adjusting its cost structure and we believe remains well positioned to capitalize on volume recovery. C&J Energy Services, an oil service company, traded down on lower oil prices. While facing the continued challenging pricing environment, C&J is merging with peer Keane Group to remove duplicative costs.

2019 Remaining Year Outlook:

The challenging environment for value and small capitalization stocks continues to create investment opportunities across a range of sectors. We still are not yet finding opportunities in perceived “safe” sectors including Real Estate and Utilities but we believe there are many opportunities in light of the market adjustments in recent months.

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Clearwater Tax-Exempt Bond Fund

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

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

Sit Commentary

General Market Overview:

Tax-exempt municipal bonds delivered strong returns in the first half of 2019, supported by record flows of almost $44 billion into tax-exempt municipal bond funds, and modest municipal issuance volume, which was slightly above that of the first six months of 2018, but about 18% below the first half average since 2001. The U.S. Treasury yield curve inverted in March of 2019 and remained inverted at the end of June. Ultra-short yields fell approximately 25-40 basis points in the first half of the year compared to short to intermediate yields, which fell 70-75 basis points and long U.S. Treasury yields, which fell by about 50 basis points. Meanwhile, the municipal yield curve flattened somewhat with short and intermediate tax-exempt yields down roughly 50-65 basis points compared to the 30-year maturity, which was down about 70 basis points. Credit fundamentals remain generally sound as credit spreads tightened during the first half of the year. State government general fund revenue collections continue to be strong and state budgets remain largely healthy, despite a few notable exceptions such as Illinois, New Jersey and Connecticut. Puerto Rico bonds rallied significantly in the first six months of 2019 as the Financial Oversight and Management Board for Puerto Rico reached agreements with various creditor groups and the debt restructuring process proceeded through U.S. District Court. The U.S. Federal Reserve kept short-term interest rates unchanged through the first six months of 2019. Finally, direct and indirect retail demand remained solid during the period in the wake of the tax legislation passed in December 2017 that capped state and local (“SALT”) tax deductions.

2019 Performance for the 6-month period ending June 30, 2019:

The Tax-Exempt Bond Fund returned 5.2%, net of fees, for the six months ended June 30, 2019. The Fund’s benchmark, the Barclays Municipal Bond 5 Year (4-6) Index (the “benchmark”), returned 3.8% over the same period.

In the first half of 2019, the Fund continued the strategy of hedging interest rate risk by shorting U.S. Treasury futures. The Fund’s average life duration, a measure of the Fund’s sensitivity to changes in interest rates, began the year at 4.6 years, where it remained at the end of the period. For comparison, the Fund’s benchmark had a duration of 4.0 years at December 31, 2018, and 3.9 years at June 30, 2019. The Fund’s significant overweight in housing

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bonds was a primary reason for the outperformance in the first six months of 2019, as housing was one of the better performing sectors in the market. Credit quality played a large role as well, with lower investment grade rated bonds and non-rated bonds outperforming those of higher credit quality as investors sought yield. BBB-rated bonds in the benchmark returned 6.6%, while AAA-rated bonds returned 4.6% for the period. Another factor that contributed positively to performance was the Fund’s position in closed-end funds, which returned 14.5% during the period. The Fund’s yield fell during the period, but the Fund continues to maintain a significant yield advantage over its benchmark.

2019 Remaining Year Outlook:

Political discord in Washington D.C. and evolving trade policies will continue to add political risk to the financial markets in the second half of 2019. We expect U.S. real GDP growth to slow after a strong first quarter. GDP grew at a 3.1% annual rate in the first quarter, driven largely by gains in two of its more volatile components, inventories and net exports. The second quarter growth numbers are expected to be weaker due in part to lower government spending and trade tensions, which have likely contributed to a reversal in the net exports and inventory investment trends of the beginning of the year. However, we believe a recession is unlikely in 2019 as consumer spending continues to stay resilient. A great deal of uncertainty remains regarding the direction of interest rates and the shape of the yield curve in 2019. The tightening cycle appears to be over. The Federal Reserve held interest rates steady in June but signaled easing during the remainder of the year in response to increased economic uncertainty and a drop in expected inflation. We expect gross municipal supply in the second half of 2019 to be greater than the first half of 2019, but not exceeding maturities and redemptions. We believe negative net supply will provide solid technical support for the market. We also expect strong retail demand from residents of high-income tax states to continue in the wake of the virtual elimination of the SALT deduction.

Regarding credit, we expect credit spreads to modestly widen the remainder of the year, which will dampen the performance of lower investment grade and non-rated bonds. Progress has been made in Puerto Rico including a recent deal struck with general obligation bondholders, which was a major milestone, but the situation is unlikely to be fully resolved in 2019. We expect that Illinois, New Jersey and Connecticut related concerns will continue to weigh on the market, however it is a positive sign that all now have fully adopted budgets for fiscal year 2020. Furthermore, the funding of retirement pension and healthcare obligations for states and large local municipalities will in our view remain a hot topic and the subject of negative media reports about the municipal market. We believe that the Fund’s use of revenue and non-rated bonds as well as closed-end funds, have positioned it opportunistically for the economic and interest rate environment that we expect in the second half of 2019. We expect that investment of new cash flows will be focused on maturities in the 5 to 30-year range.

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Clearwater International Fund

The Clearwater International Fund (the “International Fund” or the “Fund”) seeks long-term growth of capital. The Fund generally invests at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside the United States. The Fund diversifies its investments among many different countries throughout the world and may invest in companies of any size. The Fund does not intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers. The Fund uses a “multi-style, multi-manager” approach. The Fund’s adviser allocates portions of the Fund’s assets among subadvisers who employ distinct investment styles. The Fund currently has four subadvisers that provide day-to-day management of Fund assets. Parametric Portfolio Associates LLC (“Parametric”) manages its portion of the portfolio (approximately 40%) to track the MSCI World Ex U.S.A. Index – Net Dividends as closely as possible without requiring the Fund to realize taxable gains. The Fund’s other three subadvisers, Artisan Partners Limited Partnership (“Artisan”), Templeton Investment Counsel, LLC (“Templeton”) and WCM Investment Management, LLC (“WCM”), utilize an active management style and manage the remaining 60% of the Fund.

2019 Year-To-Date Market Overview:

As defined by the Fund’s benchmark, the MSCI World Ex U.S.A. Index - Net Dividends (the “benchmark”), large and mid-capitalization, international developed market stocks generated nearly 15% returns during the first half of 2019, driven by renewed prospects of a U.S. trade deal with China and a more accommodative monetary policy stance from some of the world’s central banks. During the period, U.S. dollar-based investors also benefitted slightly from a weaker dollar versus other international currencies.

2019 Year-To-Date Performance and 2019 Outlook:

The International Fund returned 16.3%, net of fees, during the first six months of 2019, compared to an increase of 14.6% for the benchmark. Parametric, the subadviser that follows a tax-managed passive strategy, slightly outperformed the benchmark while WCM, one of the three active subadvisers, significantly outperformed the benchmark. The other two active subadvisers, Artisan and Templeton, performed in line with the benchmark during the period.

Each of the four subadvisers comment on the performance of their specific portions of the Fund and provide a market outlook for the next six months in the paragraphs below. For comparison of the subadvisers’ capabilities, performance is shown gross of fees. The Fund pays a single advisory fee to Clearwater Management Co., Inc., which in turn pays the subadvisers out of its advisory fee.

Although the overall performance of the International Fund is measured against its benchmark, as stated above, each of the underlying subadvisers may manage their portion of the Fund against a different benchmark that aligns more closely with their strategy. In each section below, the subadvisers discuss their view of the market over the last six months, the performance of their portfolios with respect to the benchmark against which their particular portfolio is managed and their outlook for the next six months.

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Artisan Partners Commentary

General Market Overview:

Measured in U.S. dollar terms, the MSCI EAFE Index (the “benchmark”) returned 14.0% during the six months ended June 30, 2019. Emerging markets trailed developed markets as ongoing trade tensions have pressured major emerging market countries—namely, China. U.S. markets led European markets as economic growth generally remains robust in the U.S., while there are signs of slowing in Europe. In general, markets have remained volatile during the period on heightened protectionist rhetoric. Overall, U.S. dollar-based investors benefited from a modestly weaker dollar. In local currency terms, the benchmark returned 13.7% during the period.

2019 Performance for the 6-month period ending June 30, 2019:

The portion of the International Fund managed by Artisan (the “Portfolio”) outperformed the benchmark in the first six months of 2019, returning 14.9%, gross of fees, while the benchmark returned 14.0%. Performance of the following stocks had a positive impact on the Portfolio during the period: Arch Capital Group, Panalpina Welttransport, Samsung Electronics, Richemont and Compass Group. Notable detractors in the period included: Baidu, Bankia, NAVER, Fresenius Medical Care and John Wood Group.

2019 Remaining Year Outlook:

As markets have risen thus far in 2019, the Portfolio’s attractiveness, as measured by the discount to intrinsic value, has accordingly narrowed. However, we still believe the Portfolio holds strong businesses that are trading at attractive valuations.

Parametric Commentary

General Market Overview:

For the first half of 2019, global markets rallied strongly from the December 2018 lows. Global markets rebounded on the renewed prospects of a U.S. trade deal with China. The rally was widespread across all economic sectors and countries. The Technology sector had the highest returns followed by Materials and Industrials. From a country perspective, Switzerland had the highest returns, followed by New Zealand.

2019 Performance for the 6-month period ending June 30, 2019:

The portion of the International Fund managed by Parametric (the “Portfolio”) outperformed the MSCI World Ex U.S.A. Index - Net Dividends (the “benchmark”) in the first six months of 2019, returning 15.3%, gross of fees, while the benchmark returned 14.6%. Nearly all the outperformance was attributable to small over and underweights to individual stocks within the Materials sector. In particular, a moderate overweight to Fortescue Metals Group contributed positively to performance as the stock returned 141.6% during the period. A small overweight to Rio Tinto contributed positively as the stock returned 40.5% during the period.

2019 Remaining Year Outlook:

The rest of the world has been caught in the crossfire of the trade war between the U.S. and China. Given China’s large market and imports, a slowdown in their economy due to the trade war directly affects the rest of the world. We believe this risk factor will persist into the foreseeable future.

Templeton Commentary

General Market Overview:

International small capitalization stocks underperformed their larger capitalization counterparts during the period. International stocks (large and small) overall rose during the period as optimism for renewed central bank easing ultimately overcame concerns about softening economic growth and ongoing international trade disputes. Trade drama dominated the headlines during the period, with the U.S. alternately reporting progress and setbacks in

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negotiations with China, Mexico, India and the European Union. Unsurprisingly, the World Trade Organization forecasted a decline in global trade this year, blaming tariffs and retaliatory measures, as well as weaker economic growth and volatile markets. The European Central Bank also cited the threat of protectionism as it reiterated its pledge not to raise interest rates and that it would continue its monetary stimulus program. The International Monetary Fund subsequently downgraded its 2019 Euro area growth outlook to 1.3% (from 1.6% in January) and also reduced its global growth estimate to 3.3% (from 3.5% in January), warning specifically of the risks of a “no-deal” Brexit for the global economy. On that front, British Prime Minister Theresa May promised to resign after repeatedly failing to deliver a Brexit solution, adding to the uncertainty surrounding the United Kingdom’s planned divorce from the European Union. China’s economy appeared to be slowing more than initially thought, with retail sales growth hitting 16-year lows and industrial production expanding at the slowest rate in a decade. In response to the slowdown, the People’s Bank of China injected further liquidity into the system in May.

2019 Performance for the 6-month period ending June 30, 2019:

The portion of the International Fund managed by Templeton (the “Portfolio”) outperformed the MSCI All-Country World Ex U.S.A. Small Cap Index - Net Dividends (the “benchmark”) during the first six months of 2019, returning 15.0%, gross of fees, while the benchmark returned 11.6%. Stock selection was the most significant factor driving outperformance during the period, particularly in the Consumer Discretionary, Health Care and Technology sectors. Sector allocation also contributed, as an underweight in Health Care and an overweight in Technology proved beneficial. Regionally, stock selection was positive in North America, Asia and Europe, while stock selection in Latin America detracted from performance.

2019 Remaining Year Outlook:

Looking ahead, we remain optimistic on the prospects for international small capitalization value stocks and believe that companies whose fundamentals are underappreciated by a market focused on the short term should be well-positioned for outperformance over time.

WCM Commentary

General Market Overview:

While global markets finished higher at the end of the period, the path to that result was eventful. Markets started strong at the beginning of the period, only to retreat sharply in May, and then reverse upward in June. The concerns were the usual suspects: interest rates, macroeconomics, and trade. Equity outflows jumped as the quarter ended. This stresses the importance of the old adage: “it is time in the market, not timing the market”. We still see examples of intelligent, well-reasoned investors getting rattled and reacting to the concern du jour, believing they can successfully trade around it. For example, central bank cadence shifted from expectations for a 25 basis point rate hike to rate cuts, with as much as a 50 basis point rate cut hoped for by the end of the period. We believe that predicting rates is unknowable and is expiring knowledge. During the period, the best performing factor was momentum, in all geographies. Momentum ideas are especially popular in an environment where growth is hard to find, like it is today. The concern about momentum is that investors pile into high momentum stocks, sometimes without supporting fundamentals. This can be called the “fear of missing out” effect. We consider secular growth ideas to be the key cohort to long term portfolio upside. But we also take what the market gives us. Here, the market is rewarding secular growth and is not in our view giving us many opportunities to add to it.

2019 Performance for the 6-month period ending June 30, 2019:

The portion of the International Fund managed by WCM (the “Portfolio”) significantly outperformed the MSCI All-Country World Ex U.S.A. Growth Index - Net Dividends (the “benchmark”) during the first six months of 2019, returning 25.1%, gross of fees, while the benchmark returned 17.2%. Most of our outperformance can be attributed to stock selection. Stock selection was the strongest in the Financials (AIA Group Limited, HDFC Bank Limited Sponsored ADR, Chubb Limited), Consumer Discretionary (Adidas AG, LVMH Moet Hennessy Louis

A-11

Vuitton SE, Dollarama Inc.) and Industrials (Canadian Pacific Railway Limited, Experian PLC, Atlas Copco AB Class A) sectors. Energy (Core Laboratories NV) was the worst performing sector relative to the benchmark, followed by Real Estate (no exposure) and Utilities (no exposure).

From a sector allocation perspective, our overweight to Technology and Consumer Discretionary and our underweight to Energy contributed positively to performance. Our underweight to Financials, Communication Services and Materials detracted from performance.

2019 Remaining Year Outlook:

While we are pleased with our returns, it is good to remember that this period was a bit more atypical given the performance dispersion of value and growth stocks. In other words, we don’t expect this kind of backdrop to continue uninterrupted. We are a bit puzzled that our cupboard of cyclical growth ideas is a little bare right now given the weakness in value stocks, but our research team continues to search for interesting global growth opportunities.

A-12

Fund Expense Example

(unaudited)

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

The example provided is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended June 30, 2019.

Actual Expenses

The first section of the table on the following page provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period January 1, 2019 through June 30, 2019” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

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

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

A-13

Actual returns	Beginning Account Value January 1, 2019	Ending Account Value June 30, 2019	Expenses Paid During the Period January 1, 2019 through June 30, 2019*
Core Equity Fund	$1,000.00	$1,170.20	$1.88
Small Companies Fund	$1,000.00	$1,163.80	$5.26
Tax-Exempt Bond Fund	$1,000.00	$1,051.60	$1.63
International Fund	$1,000.00	$1,163.40	$3.65

Hypothetical 5% return (before expenses)
Core Equity Fund	$1,000.00	$1,023.06	$1.76
Small Companies Fund	$1,000.00	$1,019.93	$4.91
Tax-Exempt Bond Fund	$1,000.00	$1,023.21	$1.61
International Fund	$1,000.00	$1,021.42	$3.41

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

The annualized expense ratios (reflecting voluntary fee waivers in effect during the period) are as follows:

Core Equity Fund	0.35%
Small Companies Fund	0.98%
Tax-Exempt Bond Fund	0.32%
International Fund	0.68%

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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-PORT. Shareholders may request portfolio holdings information 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: Clear-water Investment Trust Funds. These filings are also available on the SEC’s Internet site athttp://www.sec.gov.

Voting Proxies on Fund Portfolio Securities

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

A-15

Clearwater Investment Trust

Financial Statements

For the Six Months Ended June 30, 2019 (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
28		Schedules of Investments
28		Core Equity Fund
40		Small Companies Fund
48		Tax-Exempt Bond Fund
63		International Fund

CLEARWATER INVESTMENT TRUST
Statements of Assets and Liabilities
June 30, 2019 (unaudited)


	Core Equity Fund		Small Companies Fund		Tax-Exempt Bond Fund		International Fund
Assets
Investments in securities, at fair value (including securities on loan of: $0, $8,957,844, $0 and $5,659,580, respectively); (identified cost: $265,867,393, $331,648,389, $513,691,870 and $446,372,333, respectively)	$	507,460,771		356,276,671		540,640,297		615,018,443
Foreign currencies, at value (cost: $0, $0, $0 and $629,405, respectively)		-		-		-		629,866
Cash (restricted: $0, $0, $281,880 and $0, respectively)		644		-		3,608,444		66
Receivable for securities sold		-		599,967		862,160		319,341
Receivable for variation margin on futures contracts		-		-		5,750		-
Receivable for shares of beneficial interest sold		169,000		-		107,000		-
Accrued dividend and interest receivable		507,969		383,640		5,450,085		1,395,921
Foreign tax reclaim receivable		3,498		-		-		1,165,243
Unrealized appreciation on forward foreign currency exchange contracts		-		-		-		38,285
Total assets		508,141,882		357,260,278		550,673,736		618,567,165
Liabilities
Payables for investment securities purchased		-		2,196,992		3,135,584		962,644
Payable for fund shares redeemed		-		30,500		-		-
Accrued investment advisory fee		438,871		833,691		431,752		1,007,999
Payable for dividend distribution		-		-		303,713		-
Payable for variation margin on futures contracts		-		-		3,375		-
Payable upon return of securities loaned		-		9,158,405		-		7,027,654
Unrealized depreciation on forward foreign currency exchange contracts		-		-		-		29,970
Deferred foreign capital gains taxes payable		-		-		-		34,476
Short-term financing		761,296		-		-		-
Total liabilities		1,200,167		12,219,588		3,874,424		9,062,743
Net assets	$	506,941,715		345,040,690		546,799,312		609,504,422
Capital
Capital Stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: 11,428,347, 19,900,020, 54,122,001 and 37,204,343 shares, respectively)	$	257,813,370		319,966,057		521,549,514		432,295,131
Distributable earnings		249,128,345		25,074,633		25,249,798		177,209,291
Net assets	$	506,941,715		345,040,690		546,799,312		609,504,422
Net asset value per share of outstanding capital stock	$	44.36		17.34		10.10		16.38

See accompanying notes to financial statements.

CLEARWATER INVESTMENT TRUST
Statements of Operations
for the six months ended June 30, 2019 (unaudited)

	Core Equity Fund			Small Companies Fund			Tax-Exempt Bond Fund			International Fund
Investment income:
Income:
Dividends (net of foreign taxes withheld of $5,700, $3,380, $0 and $890,522, respectively)	$	4,768,135			2,568,991			671,725			9,969,669
Interest		2,360			-			11,495,562			-
Net income from securities loaned		-			4,244			-			74,073
Total income		4,770,495			2,573,235			12,167,287			10,043,742
Expenses:
Investment advisory fee		2,220,214			2,272,380			1,596,582			2,861,027
Voluntary fee reduction		(1,356,800	)		(622,801	)		(745,067	)		(915,525	)
Other expenses		185			-			-			185
Total net expenses		863,599			1,649,579			851,515			1,945,687
Net investment income		3,906,896			923,656			11,315,772			8,098,055
Net realized gain (loss) on:
Security transactions		24,505,191			930,505			538,201			5,145,877
Forward foreign currency exchange contracts		-			-			-			(53,373	)
Foreign currency transactions		(6	)		-			-			(6,854	)
Futures contracts		-			-			(2,868,464	)		-
Net increase (decrease) in unrealized appreciation/depreciation on:
Security transactions (net of increase (decrease) in deferred foreign taxes of $0, $0, $0 and $(34,476), respectively)		48,276,762			48,224,371			16,902,084			72,114,920
Forward foreign currency exchange contracts		-			-			-			52,930
Futures contracts		-			-			1,334,378			-
Translation of other assets and liabilities denominated in foreign currencies		13			-			-			565
Net gain (loss) on investments		72,781,960			49,154,876			15,906,199			77,254,065
Net increase (decrease) in net assets resulting from operations	$	76,688,856			50,078,532			27,221,971			85,352,120

See accompanying notes to financial statements.

CLEARWATER INVESTMENT TRUST

Statements of Changes in Net Assets
for the six months ended June 30, 2019 (unaudited) and the year ended December 31, 2018

	Core Equity Fund					Small Companies Fund
		06/30/2019		12/31/2018			06/30/2019		12/31/2018
Operations:
Net investment income	$	3,906,896		7,754,414			923,656		1,227,135
Net realized gain		24,505,185		54,663,683			930,505		24,516,139
Net increase (decrease) in unrealized appreciation/depreciation		48,276,775		(94,000,932	)		48,224,371		(69,388,527	)
Net increase (decrease) in net assets resulting from operations		76,688,856		(31,582,835	)		50,078,532		(43,645,253	)
Distributions to shareholders		-		(28,188,556	)		-		(31,837,966	)
Capital share transactions:
Proceeds from shares sold		26,326,254		52,599,700			3,015,200		3,357,200
Reinvestment of distributions from net investment income and net realized gain		-		28,187,392			-		31,837,966
Payments for shares redeemed		(52,947,301	)	(102,533,603	)		(13,973,931	)	(23,511,008	)
Net increase (decrease) in net assets from capital share transactions		(26,621,047	)	(21,746,511	)		(10,958,731	)	11,684,158
Total increase (decrease) in net assets		50,067,809		(81,517,902	)		39,119,801		(63,799,061	)
Net assets:
At the beginning of the year		456,873,906		538,391,808			305,920,889		369,719,950
At the end of the year	$	506,941,715		456,873,906			345,040,690		305,920,889

	Tax-Exempt Bond Fund					International Fund
		06/30/2019		12/31/2018			06/30/2019		12/31/2018
Operations:
Net investment income	$	11,315,772		22,454,249			8,098,055		10,808,402
Net realized gain (loss)		(2,330,263	)	3,454,386			5,085,650		12,136,620
Net increase (decrease) in unrealized appreciation/depreciation		18,236,462		(17,587,001	)		72,168,415		(108,837,773	)
Net increase (decrease) in net assets resulting from operations		27,221,971		8,321,634			85,352,120		(85,892,751	)
Distributions to shareholders		(11,971,958	)	(29,103,950	)		-		(26,624,900	)
Capital share transactions:
Proceeds from shares sold		10,997,500		21,685,452			21,022,200		7,693,600
Reinvestment of distributions from net investment income and net realized gain		11,916,224		29,094,769			-		26,624,900
Payments for shares redeemed		(20,849,419	)	(25,668,816	)		(21,578,356	)	(21,734,393	)
Net increase (decrease) in net assets from capital share transactions		2,064,305		25,111,405			(556,156	)	12,584,107
Total increase (decrease) in net assets		17,314,318		4,329,089			84,795,964		(99,933,544	)
Net assets:
At the beginning of the year		529,484,994		525,155,905			524,708,458		624,642,002
At the end of the year	$	546,799,312		529,484,994			609,504,422		524,708,458

See accompanying notes to financial statements.

CLEARWATER INVESTMENT TRUST

Financial Highlights

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

	June 30,			Year ended December 31,
Core Equity Fund	2019 (Unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	37.97			43.21			37.43			35.57			39.41			37.77
Income (loss) from investment operations:
Net investment income		0.35			0.68			0.64			0.65			0.64			0.60
Net realized and unrealized gains (losses)		6.04			(3.46	)		8.03			3.27			(0.96	)		2.91
Total from investment operations		6.39			(2.78	)		8.67			3.92			(0.32	)		3.51
Less distributions to shareholders from:
Net investment income		-			(0.67	)		(0.65	)		(0.49	)		(0.60	)		(0.63	)
Net realized gain		-			(1.79	)		(2.24	)		(1.57	)		(2.92	)		(1.24	)
Total distributions to shareholders:		-			(2.46	)		(2.89	)		(2.06	)		(3.52	)		(1.87	)
Net asset value, end of period	$	44.36			37.97			43.21			37.43			35.57			39.41
Total return (a)		17.02	%		(6.61	)%		23.26	%		10.98	%		(0.71	)%		9.23	%
Net assets, end of period (000s omitted)	$	506,942			456,874			538,392			466,482			492,418			541,017
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h)		0.35	%		0.38	%		0.39	%		0.43	%		0.42	%		0.50	%
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e), (f), (g), (h)		1.58	%		1.47	%		1.51	%		1.63	%		1.52	%		1.50	%
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h)		1.03	%		0.95	%		1.00	%		1.16	%		1.02	%		1.10	%
Portfolio turnover rate (excluding short-term securities)		15.03	%		34.64	%		31.13	%		44.11	%		94.07	%		13.54	%

(a)

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

(b)

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

(c)

Annualized for periods less than one year.

(d)

Effective December 12, 2018 the investment advisory fee, net of voluntary waivers, decreased to 0.35%. Also effective December 12, 2018, the Adviser increased the voluntary waiver to 0.55%.

(e)

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

(f)

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

(g)

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

(h)

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

See accompanying notes to financial statements.

CLEARWATER INVESTMENT TRUST

Financial Highlights

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

	June 30,			Year ended December 31,
Small Companies Fund	2019 (Unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	14.90			18.92			19.79			17.18			20.30			22.35
Income (loss) from investment operations:
Net investment income		0.98			0.07			0.02			0.07			0.07			0.05
Net realized and unrealized gains (losses)		1.46			(2.37	)		2.58			3.30			(0.90	)		1.10
Total from investment operations		2.44			(2.30	)		2.60			3.37			(0.83	)		1.15
Less distributions to shareholders from:
Net investment income		-			(0.07	)		(0.03	)		(0.05	)		(0.06	)		(0.04	)
Net realized gain		-			(1.65	)		(3.44	)		(0.71	)		(2.23	)		(3.16	)
Total distributions to shareholders:		-			(1.72	)		(3.47	)		(0.76	)		(2.29	)		(3.20	)
Net asset value, end of period	$	17.34			14.90			18.92			19.79			17.18			20.30
Total return (a)		16.38	%		(12.49	)%		13.46	%		19.67	%		(3.96	)%		5.03	%
Net assets, end of period (000s omitted)	$	345,041			305,921			369,720			343,393			299,380			333,888
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e), (f), (g), (h)		0.98	%		1.03	%		0.99	%		1.02	%		0.97	%		0.94	%
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e), (f), (g), (h)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e), (f), (g), (h)		0.55	%		0.33	%		0.11	%		0.28	%		0.22	%		0.24	%
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e), (f), (g), (h)		0.18	%		0.01	%		(0.25	)%		(0.05	)%		(0.16	)%		(0.17	)%
Portfolio turnover rate (excluding short-term securities)		30.80	%		63.08	%		113.85	%		78.82	%		58.71	%		55.51	%

(a)

(b)

(c)

Annualized for periods less than one year.

(d)

Effective December 12, 2018, the investment advisory fee, net of voluntary waivers, decreased to 0.98%. Also effective December 12, 2018, the Adviser increased the voluntary waiver to 0.37%.

(e)

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

(f)

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

(g)

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

(h)

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

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Financial Highlights

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

	June 30,			Year ended December 31,
Tax-Exempt Bond Fund	2019 (Unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	9.82			10.21			9.93			10.16			10.16			9.23
Income (loss) from investment operations:
Net investment income		0.17			0.42			0.45			0.46			0.42			0.44
Net realized and unrealized gains (losses)		(0.07	)		(0.26	)		0.38			(0.23	)		0.04			0.95
Total from investment operations		0.10			0.16			0.83			0.23			0.46			1.39
Less distributions to shareholders from:
Net investment income		0.18			(0.45	)		(0.49	)		(0.44	)		(0.42	)		(0.44	)
Net realized gain		-			(0.10	)		(0.06	)		(0.02	)		(0.04	)		(0.02	)
Total distributions to shareholders:		0.18			(0.55	)		(0.55	)		(0.46	)		(0.46	)		(0.46	)
Net asset value, end of period	$	10.10			9.82			10.21			9.93			10.16			10.16
Total return (a)		5.16	%		1.59	%		8.54	%		2.28	%		4.73	%		15.29	%
Net assets, end of period (000s omitted)	$	546,799			529,485			525,156			484,856			512,773			507,982
Ratio of expenses, net of waivers, to average net assets (b), (c), (d), (e)		0.32	%		0.34	%		0.34	%		0.34	%		0.34	%		0.33	%
Ratio of expenses, before waivers, to average net assets (b), (c), (d), (e)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income (loss), net of waivers, to average net assets (c), (d), (e)		4.25	%		4.22	%		4.35	%		4.54	%		4.23	%		4.48	%
Ratio of net investment income (loss), before waivers, to average net assets (c), (d), (e)		3.97	%		3.96	%		4.09	%		4.28	%		3.97	%		4.21	%
Portfolio turnover rate (excluding short-term securities)		5.64	%		11.36	%		13.28	%		13.48	%		18.93	%		22.25	%

(a)

(b)

(c)

Annualized for periods less than one year.

(d)

Effective December 12, 2018, the investment advisory fee, net of voluntary waivers, decreased to 0.32%. Also effective December 12, 2018, the Adviser increased the voluntary waiver to 0.28%.

(e)

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

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Financial Highlights

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

	June 30,			Year ended December 31,
International Fund	2019 (Unaudited)			2018			2017			2016			2015			2014
Net asset value, beginning of period	$	14.08			17.23			14.04			14.02			14.41			15.76
Income (loss) from investment operations:
Net investment income		0.22			0.30			0.27			0.27			0.28			0.35
Net realized and unrealized gains (losses)		2.08			(2.70	)		3.44			0.02			(0.31	)		(1.08	)
Total from investment operations		2.30			(2.40	)		3.71			0.29			(0.03	)		(0.73	)
Less distributions to shareholders from:
Net investment income		-			(0.29	)		(0.30	)		(0.27	)		(0.28	)		(0.36	)
Net realized gain		-			(0.46	)		(0.22	)		-	^(a)		(0.08	)		(0.26	)
Total distributions to shareholders:		-			(0.75	)		(0.52	)		(0.27	)		(0.36	)		(0.62	)
Net asset value, end of period	$	16.38			14.08			17.23			14.04			14.02			14.41
Total return (b)		16.34	%		(14.01	)%		26.54	%		2.09	%		(0.15	)%		(4.70	)%
Net assets, end of period (000s omitted)	$	609,504			524,708			624,642			508,999			491,184			481,943
Ratio of expenses, net of waivers, to average net assets (c), (d), (e), (f), (g), (h)		0.68	%		0.68	%		0.67	%		0.70	%		0.69	%		0.67	%
Ratio of expenses, before waivers, to average net assets (c), (d), (e), (f), (g), (h)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income (loss), net of waivers, to average net assets (d), (e), (f), (g), (h)		2.83	%		1.79	%		1.67	%		1.90	%		1.87	%		2.22	%
Ratio of net investment income (loss), before waivers, to average net assets (d), (e), (f), (g), (h)		2.51	%		1.47	%		1.34	%		1.60	%		1.56	%		1.89	%
Portfolio turnover rate (excluding short-term securities)		12.11	%		19.57	%		36.17	%		37.21	%		18.49	%		15.33	%

(a)

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

(b)

(c)

(d)

Annualized for periods less than one year.

(e)

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

(f)

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

(g)

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

(h)

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

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

(1)

Organization

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

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

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

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

Under normal market conditions, the Small Companies Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small companies. The Fund defines “small companies” as issuers with market capitalizations no greater than that of the largest capitalization company included in the Russell 2000® Index at the time of purchase. The equity securities the Fund invests in consist primarily of exchange-traded common and preferred stocks. The Fund may also invest in a type of equity security called a convertible security to reduce volatility or correlation risk in the portfolio. A convertible security generally

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

entitles the holder to receive interest paid or accrued on debt securities or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. It is intended that the Fund holds a portion of its portfolio for more than two years to allow for the change that prompted the relevant security’s purchase to yield results. The Fund uses a “multi-style, multi-manager” approach. The Fund’s Adviser allocates portions of the Fund’s assets between subadvisers who employ distinct investment styles. The Fund currently allocates assets between the following subadvisers who provide day-to-day management for the Fund: Kennedy Capital Management, Inc. (“KCM”), Cooke & Bieler, L.P. (“Cooke & Bieler”), and Pzena Investment Management, LLC (“Pzena”). FCI also acts as a subadviser to the Fund but does not provide day-to-day management.

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

Under normal market conditions, the International Fund intends to invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the United States and doing a substantial amount of business outside the United States. Equity securities in which the Fund invests include common and preferred stock, sponsored and unsponsored American Depositary Receipts, European Depositary Receipts, Global Depositary Receipts, exchange-traded funds, and other investment companies. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund does not intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers. In order to hedge against adverse movements in currency exchange rates, the Fund may enter into foreign currency exchange contracts. The Fund does not intend to invest in foreign currency exchange contracts, options, futures contracts or options in futures contracts for speculative purposes. The Fund uses a “multi-style, multi-manager” approach. The Fund’s assets are allocated to different subadvisers who employ distinct investment styles. The Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Parametric, Artisan Partners Limited Partnership (“Artisan Partners”), WCM Investment Management, LLC (“WCM”) and Templeton Investment Counsel, LLC (“Templeton”). The allocation among subadvisers will vary over time, but the current intent of the Fund’s Adviser is that under normal market conditions approximately 40% of the Fund’s assets will be allocated to Parametric, and the remaining assets will be allocated to one or more of the Fund’s three other subadvisers that provide day-to-day management of the Fund. Parametric manages its portion of the Fund’s assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the MSCI World Ex U.S.A. Index - Net Dividends as closely as possible without requiring the Fund to realize taxable gains. FCI also acts as a subadviser to the Fund but does not provide day-to-day management.

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

(2)

Summary of Significant Accounting Policies

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

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

(a)

Investments in Securities

Investments in U.S. and foreign equity securities are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Foreign security values are stated in U.S. dollars. Equity securities which have not traded on the date of valuation or securities for which sales prices are not generally reported are valued at the mean between the last bid and asked prices. Debt securities are valued on the basis of evaluated prices provided by independent pricing services when such prices are believed to reflect the fair value of such securities or broker provided prices. Such prices may be determined by taking into account other similar securities’ prices, yields, maturities, call features, ratings, prepayment speeds, credit risks, cash flows, institutional size trading in similar groups of securities and developments related to specific securities. Shares of open end investment companies are valued at their daily net asset value (“NAV”). Shares of closed-end funds and exchange traded funds are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded.

Securities for which no market quotations are readily available (including those for which trading has been suspended), or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the NAV, are valued at fair value as determined in good faith using procedures established by the Board of Trustees. This may occur particularly with respect to certain foreign securities held by the International Fund, whereby the Board of Trustees may use adjustment factors obtained from an independent evaluation service that are intended to reflect more accurately the fair value of these foreign securities as of the time the Fund’s NAV is calculated. The procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. These procedures are used by the Valuation Committee, in accordance with the procedures established by the Board of Trustees, to determine the fair value of the security or securities. Such determinations are then submitted for review and ratification by the Board of Trustees. The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

Security transactions are accounted for on the trade date, which is the date the securities are purchased or sold. Realized gains and losses are calculated on an identified cost basis. Dividend income is recognized on the ex-dividend date or, for foreign securities, as soon as the information is available. Interest income, is recognized on an accrual basis and includes amortization of premiums and accretion of discounts using the effective yield method.

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

(b)

Foreign Currency Translation

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

(c)

Futures Contracts

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

(d)

Forward Foreign Currency Exchange Contracts

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

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

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

(e)

Spot Contracts

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

(f)

Master Limited Partnerships

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

(g)

Delayed Delivery Transactions and When-Issued Securities

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

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

the purchase price. A Fund may dispose of or renegotiate a delayed-delivery transaction, which may result in a capital gain or loss.

(h)

Short-Term Investments

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

(i)

Recoverable Taxes

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

(j)

Federal Taxes

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

Management has analyzed the Funds’ tax positions taken on federal tax returns for all open tax years and has concluded that as of December 31, 2018, no provision for income tax is required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for the 2015, 2016, 2017 and 2018 tax years for which the applicable statutes of limitations have not expired remain subject to examination by the Internal Revenue Service and state departments of revenue. Net investment income and net realized gain (loss) for the Funds may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains, if any, may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gain (loss) were recorded by the Funds. The Trust has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Further, the Trust is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The tax character of distributions by the Funds during the years ended December 31, 2018 and 2017 was as follows:

	Tax-Exempt				Ordinary Income*
	2018		2017		2018		2017
Core Equity Fund	$	—	$	—	$	7,833,537	$	7,688,471
Small Companies Fund		—		—		13,643,176		8,674,016
Tax-Exempt Bond Fund		23,513,734		24,359,964		2,426,996		1,189,281
International Fund		—		—		10,507,300		10,724,142

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

	Long-Term Capital Gains**
	2018		2017
Core Equity Fund	$	20,355,019	$	26,497,925
Small Companies Fund		18,194,790		49,069,167
Tax-Exempt Bond Fund		3,154,039		2,113,229
International Fund		16,117,600		7,930,041

* In addition to the ordinary income distributions, during 2018 the following Funds utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of ordinary income in the following amounts:

Core Equity Fund		$	199,375
International Fund		$	116,598

** In addition to the long-term capital gain distributions, during 2018 the following Funds utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of long-term capital gains in the following amounts:

Core Equity Fund	$	1,594,736
Small Companies	$	816,626
International Fund	$	603,033

As of June 30, 2019, 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	$	3,939,223	$	991,853	$	—		$	8,452,390
Undistributed tax-exempt income		—		—		538,829			—
Undistributed capital gain		4,071,767		637,802		—			4,019,766
Accumulated capital losses and other		—		—		(4,078,892	)		—
Unrealized appreciation		241,117,355		23,444,978		28,789,861			164,737,135
Total	$	249,128,345	$	25,074,633	$	25,249,798		$	177,209,291

Distributions to shareholders 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

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

tax regulations and U.S. GAAP. These reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. At December 31, 2018, the Funds utilized equalization accounting whereby a portion of redemption payments were treated as distributions. These reclassifications have no impact on the total net assets or the NAV per share of the Funds. At June 30, 2019, reclassifications have been recorded among the following capital accounts on the Statements of Assets and Liabilities:

	Core Equity Fund			Small Companies Fund			Tax-Exempt Bond Fund			International Fund
Undistributed (overdistributed) net investment income	$	118		$	68,197		$	(6,676	)	$	(52,742	)
Accumulated net realized gain (loss)		(20,681,059	)		(68,197	)		6,676			52,742
Additional paid-in capital		20,680,941			—			—			—

(k)

Distributions to Shareholders

Distributions to shareholders from net investment income, if any, are declared annually for the Core Equity, Small Companies, and International Funds and declared daily, payable monthly, for the Tax-Exempt Bond Fund. Distributions to shareholders from net realized gains, if any, are declared annually for all Funds. Distributions are paid in cash or reinvested in additional shares at the direction of the shareholders. During the year ended December 31, 2018, the Core Equity, Small Companies and International Funds utilized equalization accounting with respect to distributions to shareholders, in order to keep remaining shareholders’ interest in undistributed income from being affected.

(l)

Use of Estimates

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

(m)

Indemnification

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

(3)

Fair Value Measurements

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

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

•

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

•

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

•

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

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, 2019.

	Core Equity Fund (a)
		Level 1		Level 2		Level 3		Total
Common Stocks	$	504,969,571	$	—	$	—	$	504,969,571
Short-Term Investments		2,491,200		—		—		2,491,200
Total	$	507,460,771	$	—	$	—	$	507,460,771

(a) For the Core Equity 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. Investments in rights generally are determined by taking into account the terms of the rights as well as the value of the underlying equity securities, which are determined by the valuation methodology described above.

	Small Companies Fund (b)
		Level 1		Level 2		Level 3		Total
Common Stocks	$	328,003,056	$	—	$	—	$	328,003,056
Convertible Bonds		—		252,502		—		252,502
Convertible Preferred Stocks		59,009		100,100		—		159,109
Investment Companies		1,694,172		—		—		1,694,172
Master Limited Partnerships		361,452		—		—		361,452
Preferred Stocks		3,867,521		—		—		3,867,521
Short-Term Investments		21,938,859		—		—		21,938,859
Total	$	355,924,069	$	352,602	$	—	$	356,276,671

(b) For the Small Companies Fund, the investment value is comprised of equity securities, convertible bonds, investment companies, master limited partnerships 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

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

last sales price or the regular trading session closing price on the principal exchange or market where they are traded.

	Tax-Exempt Bond Fund (c)
		Level 1		Level 2		Level 3		Total
Closed-End Funds	$	27,482,641	$	—	$	—	$	27,482,641
Municipal Bonds
Airports		—		2,772,735		—		2,772,735
Development		—		40,593,318		—		40,593,318
Education		—		38,840,661		—		38,840,661
Facilities		—		2,911,070		—		2,911,070
General		—		46,393,248		—		46,393,248
General Obligations		—		20,397,278		—		20,397,278
Higher Education		—		17,255,765		—		17,255,765
Housing		—		23,890,356		—		23,890,356
Medical		—		27,991,758		—		27,991,758
Mello-Roos		—		696,102		—		696,102
Multifamily Housing		—		41,683,466		—		41,683,466
Nursing Home		—		71,724,244		—		71,724,244
Power		—		3,897,504		—		3,897,504
School District		—		34,868,769		—		34,868,769
Single Family Housing		—		105,675,517		—		105,675,517
Student Loan		—		739,214		—		739,214
Tobacco Settlement		—		1,457,060		—		1,457,060
Transportation		—		7,414,893		—		7,414,893
Water		—		7,244,176		—		7,244,176
Short-Term Investments		16,710,522		—		—		16,710,522
Total	$	44,193,163	$	496,447,134	$	—	$	540,640,297

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

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

of the security after the close of the market on which the security principally trades and before the time the Tax-Exempt Bond Fund’s NAV is calculated.

Tax-Exempt Bond Fund Other Financial Instruments	Level 1			Level 2		Level 3		Total
Liabilities
Futures Contracts	$	(621,074	)	$	—	$	—	$	(621,074	)
Net Other Financial Instruments	$	(621,074	)	$	—	$	—	$	(621,074	)

The futures contracts outstanding at June 30, 2019 are considered Level 1 investments due to the contracts being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate. Futures contracts are shown on a gross basis in the above table, but the net increase/(decrease) in unrealized appreciation/(depreciation) on futures contracts is shown on the Statements of Operations.

	International Fund (d)
	Level 1		Level 2		Level 3		Total
Common Stocks	$	577,741,964	$	—	$	—*	$	577,741,964
Preferred Stocks		5,678,419		—		—		5,678,419
Rights		29,514		—		—		29,514
Investment Companies		2,135,280		—		—		2,135,280
Warrants		160,736		—		—		160,736
Short-Term Investments		29,272,530		—		—		29,272,530
Total	$	615,018,443	$	—	$	—	$	615,018,443

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

(d) For the International Fund, the investment value is comprised of equity securities, rights, investment companies and short-term investments. See the Fund’s Schedule of Investments for additional information on industry sector and currency concentration information. Investments in equity and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Shares of open end investment companies are valued at their daily net asset value.

There were no significant Level 3 valuations at June 30, 2019.

International Fund Other Financial Instruments	Level 1		Level 2			Level 3		Total
Assets
Forward foreign currency exchange contracts	$	—	$	38,285		$	—	$	38,285
Liabilities
Forward foreign currency exchange contracts		—		(29,970	)		—		(29,970	)
Net Other Financial Instruments	$	—	$	8,315		$	—	$	8,315

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

The forward foreign currency exchange contracts outstanding at June 30, 2019 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.

(4)

Investment Security Transactions

The cost of purchases and proceeds from sales of securities (excluding short-term securities) for the period ended June 30, 2019, were as follows:

	Purchases		Sales
Core Equity Fund	$	73,767,852	$	94,668,104
Small Companies Fund		99,547,316		108,655,399
Tax-Exempt Bond Fund		28,021,611		39,997,947
International Fund		67,312,458		67,139,797

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

At June 30, 2019, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments (including the effects of foreign currency translation and derivative instruments, if any) and the cost basis of investments (including derivative instruments, if any) were as follows:

Funds	Unrealized Appreciation		Unrealized Depreciation			Net Appreciation (Depreciation)		Cost Basis of Investments
Core Equity Fund		243,933,710		(2,816,355	)		241,117,355		266,343,416
Small Companies Fund		46,821,354		(23,376,378	)		23,444,976		332,831,695
Tax-Exempt Bond Fund		34,733,277		(5,943,416	)		28,789,861		511,850,437
International Fund		189,854,244		(25,090,114	)		164,764,130		450,254,313

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

(5)

Capital Share Transactions

Transactions in capital shares for the six months ended June 30, 2019 and the fiscal year ended December 31, 2018 were as follows:

	Core Equity Fund						Small Companies Fund
	2019			2018			2019			2018
Sold		617,221			1,199,527			179,819			187,783
Issued for reinvestment of distributions		—			718,516			—			2,068,744
Redeemed		(1,221,168	)		(2,345,677	)		(816,315	)		(1,257,751	)
Net Increase (decrease)		(603,947	)		(427,634	)		(636,496	)		998,776

	Tax-Exempt Bond Fund						International Fund
	2019			2018			2019			2018
Sold		1,102,667			2,150,381			1,345,909			487,916
Issued for reinvestment of distributions		1,194,918			2,915,620			—			1,865,795
Redeemed		(2,093,984	)		(2,565,535	)		(1,402,566	)		(1,354,485	)
Net Increase (decrease)		203,601			2,500,466			(56,657	)		999,226

(6)

Capital Loss Carryforward

For the period subsequent to October 31, 2018 through the fiscal year ended December 31, 2018, the following funds incurred capital losses and/or late year losses which the Funds intend to treat as having been incurred in the following fiscal year.

	Short-Term		Long-Term		Late-year Gain/Loss		Total
Small Companies Fund	$	208,244	$	—	$	—	$	208,244
Tax-Exempt Bond Fund		1,113,974		1,671,900		—		2,785,874
International Fund		1,799,449		—		353,719		2,153,168

At June 30, 2019, one Fund had the following short term capital loss carry-forwards and long term capital loss carry forwards available to offset future net capital gains which do not expire. Future utilization of the capital loss carry-forward, may be limited.

			Short-Term				Long-Term				Late-year Gain/Loss				Total
Tax-Exempt Bond Fund			$	1,602,751			$	2,172,331			$	—			$	3,775,082

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

(7)

Expenses and Related-Party Transactions

The Trust has a contract for investment advisory services with the Adviser. Under terms of separate agreements, Core Equity Fund, Small Companies Fund, Tax-Exempt Bond Fund and International Fund each pay an investment advisory fee equal to an annual rate of 0.90%, 1.35%, 0.60% and 1.00%, respectively, of each Fund’s average daily net assets. The Adviser is responsible for the payment or reimbursement of all the Funds’ expenses, except brokerage, taxes, interest, and extraordinary expenses. The Adviser has periodically modified its management fee for each of the Funds through voluntary waivers. For the period ending June 30, 2019, voluntary waivers on management fees were as follows:

	Management Fees Voluntary Waivers %
Core Equity Fund	(0.55)
Small Companies Fund	(0.37)
Tax-Exempt Bond Fund	(0.28)
International Fund	(0.32)

The Adviser has periodically modified its management fee for each of the Funds through voluntary waivers. Effective September 22, 2017, the net management fee actually paid for the International Fund due to the Adviser’s modification of the voluntary waiver for the Fund was 0.68%. Effective December 12, 2018, the net management fees actually paid for the Core Equity Fund, the Small Companies Fund and the Tax-Exempt Bond Fund due to the Adviser’s modification of the voluntary waivers for those Funds were 0.35%, 0.98% and 0.32%, 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. For each subadviser, the fee schedule is detailed according to the following schedule:

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

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

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

	AQR
First $100 million	0.25%
Next $100 million	0.23%
Next $100 million	0.21%
All assets in excess of $300 million	0.20%

The subadvisory fee for the Small Companies Fund, payable to KCM for its portion of net assets managed is based on the following annual rates:

Clearwater Small Cap Core Net Assets	Percent
Up to and including $50 Million	0.75%
Next $50 million	0.70%
Over $100 Million	0.60%

Clearwater Micro Cap Core AssetsPercent		Net Assets
0.80%		All Assets

The subadvisory fee for the Small Companies Fund, payable to Cooke & Bieler for its portion of net assets managed is based on the following annual rates:

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

The subadvisory fee for the Small Companies Fund, payable to Pzena for its portion of net assets managed is 1.00%.

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

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

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

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

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

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

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

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

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

(8)

Derivative Instruments

Information concerning the types of derivatives in which the Tax-Exempt Bond Fund and International Fund invest, the objectives for using them and their related risks can be found in Note 2 (c) and (d). Below are the types of derivatives held in the Tax-Exempt Bond Fund and International Fund by location as presented in the Statements of Assets and Liabilities as of June 30, 2019, with additional detail on the net amounts impacting the Statements of Assets and Liabilities. The futures contracts and forward foreign currency exchange contracts presented below are not subject to master netting agreements or other similar agreements.

ASSETS

LIABILITIES

Name of Fund

Derivative Type

Statements of Assets and
Liabilities Location

Value

Statements of Assets and
Liabilities Location

Value

Counterparty

Tax-Exempt Bond
Fund

Futures contract

Net unrealized
appreciation on futures
contracts

—

Net unrealized
depreciation on futures
contracts

621,074

Northern Trust

International Fund

Forward foreign
currency exchange
contracts

Unrealized appreciation
on forward foreign
currency exchange
contracts

38,285

Unrealized depreciation
on forward foreign
currency exchange
contracts

29,970

Northern Trust

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

The following tables set forth by primary risk exposure the Tax-Exempt Bond Fund’s and International Fund’s net realized gain (loss) and net increase (decrease) in appreciation/depreciation on futures contracts and forward foreign currency exchange contracts for the six months ended June 30, 2019:

Name of Fund

Derivative Type

Statements of Operations
Location

Value

Name of Fund

Derivative Type

Statements of Operations
Locations

Value

Tax-Exempt
Bond Fund

Futures contracts

Net realized gain (loss)
on futures contracts

(2,868,464

)

Futures contracts

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

1,334,378

International Fund

Forward foreign
currency exchange
contracts

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

(53,373

)

Forward foreign
currency exchange
contracts

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

52,930

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

Derivative transactions are measured in terms of the notional amount. The following table presents, for the Tax-Exempt Bond Fund and International Fund, the number of transactions and weighted average notional amounts of forward foreign currency exchange contracts, which is indicative of the volume of derivative activity, for the six months ended June 30, 2019.

Tax-Exempt Bond Fund
Future Contracts
Number of Transactions		Weighted Average Notional Amount
1,335	$	68,996,928

International Fund
Forward Foreign Currency
Exchange Contracts
Number of Transactions		Weighted Average Notional Amount
11	$	6,785,589

(9)

Short-term Financing

ReFlow Fund, LLC (“ReFlow”) provides each Fund with a potential source of cash to meet net shareholder redemptions through share purchases for a fee. The Fund then generally redeems those shares when it experiences net sales. The shares may be redeemed in-kind in accordance with the Fund’s redemption in-kind policies. The Fund is generally required to redeem the shares purchased by ReFlow within 30 days (15 days if redeemed in-kind). As such, the proceeds received from ReFlow’s purchase of fund shares is treated as a liability on the statement of assets and liabilities. The fee paid on outstanding shares owned by ReFlow is based on an auction starting at a minimum bid of 0.20% and is paid by the Adviser under the unified advisory fee agreement. As of June 30, 2019, the Fund’s ReFlow account had a balance of $761,296.

			Average Amount Outstanding for Days in Use
Core Equity Fund			$	529,063

(10)

Portfolio Securities Loaned

The Clearwater Small Companies Fund and the Clearwater International Fund participate in a securities lending program and have loaned portions of their investment portfolios at June 30, 2019. Under the program, the Funds loan securities to borrowers who post collateral for those loaned securities. The Securities Finance Trust Company serves as the Funds’ securities lending agent (the lending agent) who operates and maintains the securities lending program. The loans are governed by a securities lending agreement between the lending agent, acting on behalf of

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

the Funds, and each borrowing counterparty. The fair value of securities on loan as of June 30, 2019 is recognized within investments in securities, at fair value, on the Funds’ Statements of Assets and Liabilities.

Each borrower receives a negotiated interest rate, which is generally referred to as the rebate rate, on the cash that it delivers to the Funds as collateral for the securities loaned and agrees to pay a negotiated rate with respect to the loaned securities. The amount of these rates for each securities lending transaction may differ depending on several factors, including the demand for the security, tax considerations and the credit quality of the borrower. A net payment is generally made by the borrower with respect to these rates upon termination of the loan (the Net Rate). The value of the securities loan will be marked-to-market daily, and the borrower will be required to provide additional collateral if the posted amount falls below certain negotiated levels, and the lending agent (on behalf of the Funds) will be required to return collateral to the borrower if the amount of collateral posted is greater than such negotiated levels.

During the reporting period, the cash collateral received from borrowers related to the Funds’ securities lending activities was invested in the Fidelity Investments Money Market Government Portfolio and the daily residual was swept into the Northern Institutional Fund-U.S Government Select Portfolio. The short-term investments purchased with the cash collateral in the amount of $9,158,405 and $7,027,654 are included in Investment in Securities on the Statement of Assets and Liabilities of the Clearwater Small Companies Fund and the Clearwater International Fund, respectively.

The Funds provide compensation to the lending agent in connection with operating and maintaining the securities lending program. The lending agent is compensated in an amount of 15% of gross revenues for the 12 month period commencing as of implementation date. The fee will then be increased to 20% for the first $1 million of gross revenues and 15% of any gross revenues in excess of $ 1 million. The revenues derived from the securities lending activities of the Funds depend on many factors, including the value of the securities available to be loaned, the demand for the securities available to be loaned, the actual percentage of the Fund’s securities that are on loan (the utilization rate), the amount earned from the investment of any collateral and the amount of the fees or profit retained by the lending agent. All compensation, costs and expenses associated with the securities lending program are considered transaction charges that are borne by the Funds and are not an obligation of the Manager under the securities lending agency agreement. These transaction charges are netted with the income from securities lending and included in net income from securities loaned on the accompanying Statement of Operations.

The Funds’ securities lending program involves certain risks, including counterparty or borrower risk, collateral investment risk, replacement risk, operational, legal, tax and accounting risks. In the event the borrower does not meet its contractual obligation to return the securities, the Funds may be exposed to the risk of loss of reacquiring the loaned securities at prevailing market prices using the proceeds of the sale of the collateral.

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements (unaudited)
June 30, 2019

The following is information on the securities lending activities by the lending agent for the Funds as of June 30, 2019:

	Gross Amounts of Securities Loaned in Statement of Assets, Liabilities		% of Net Assets		Cash Collateral Received
Small Companies Fund	$	8,957,844		1.02%	$	9,158,405
International Fund		5,659,580		1.24		7,027,654

At June 30, 2019, there were no offsetting of securities and they are presented on a gross basis.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

June 30, 2019 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
Common Stocks:
	Communication Services:
	18,873	ACTIVISION BLIZZARD, INC.	$	289,106		890,806
	6,317	ALPHABET, INC., CLASS A(b)		2,636,989		6,840,048
	4,679	ALPHABET, INC., CLASS C(b)		1,801,776		5,057,578
	17,181	AMC NETWORKS, INC., CLASS A(b)		1,032,433		936,193
	73,716	AT&T, INC.		1,280,506		2,470,223
	300	CABLE ONE, INC.		113,966		351,297
	1,900	CARS.COM, INC.(b)		14,708		37,468
	2,214	CENTURYLINK, INC.		32,921		26,037
	1,929	CHARTER COMMUNICATIONS, INC., CLASS A(b)		79,053		762,302
	100	CLEAR CHANNEL OUTDOOR HOLDINGS, INC.(b)		101		472
	79,256	COMCAST CORP., CLASS A		1,393,118		3,350,944
	1,000	DISCOVERY, INC., CLASS A(b)		28,210		30,700
	2,939	DISH NETWORK CORP., CLASS A(b)		116,148		112,887
	11,266	ELECTRONIC ARTS, INC.(b)		280,102		1,140,795
	30,240	FACEBOOK, INC., CLASS A(b)		1,594,219		5,836,320
	2,257	FOX CORP., CLASS A		93,778		82,696
	1,360	GCI LIBERTY, INC., CLASS A(b)		51,149		83,586
	1,972	IAC/INTERACTIVECORP(b)		156,820		428,969
	15,600	INTERPUBLIC GROUP OF (THE) COS., INC.		40,950		352,404
	5,832	LIBERTY GLOBAL PLC, CLASS A(b)(c)		42,377		157,406
	7,374	LIBERTY GLOBAL PLC, CLASS C(b)(c)		51,974		195,632
	1,500	LIONS GATE ENTERTAINMENT CORP., CLASS A		27,387		18,375
	1,600	LIVE NATION ENTERTAINMENT, INC.(b)		88,717		106,000
	1,100	MATCH GROUP, INC.		31,366		73,997
	1,200	NETFLIX, INC.(b)		421,679		440,784
	2,375	NEWS CORP., CLASS A		7,170		32,039
	27,391	OMNICOM GROUP, INC.		1,946,173		2,244,692
	14,300	SIRIUS XM HOLDINGS, INC.		90,452		79,794
	9,840	SPRINT CORP.(b)		21,187		64,649
	5,700	TEGNA, INC.		26,227		86,355
	1,900	TELEPHONE & DATA SYSTEMS, INC.		50,350		57,760
	11,308	T-MOBILE U.S., INC.(b)		563,139		838,375
	5,675	TRIPADVISOR, INC.(b)		303,974		262,696
	34,931	TWDC ENTERPRISES 18 CORP.		1,209,569		4,877,764
	8,700	TWITTER, INC.(b)		197,336		303,630
	79,188	VERIZON COMMUNICATIONS, INC.		3,698,307		4,524,010
	127,267	VIACOM, INC., CLASS B		3,887,605		3,801,465
	800	YELP, INC.(b)		26,800		27,344
	1,000	ZAYO GROUP HOLDINGS, INC.(b)		26,680		32,910
				23,754,522		47,017,402		9.28	%
	Consumer Discretionary:
	1,800	ADIENT PLC		38,861		43,686
	1,500	ADVANCE AUTO PARTS, INC.		53,558		231,210
	4,867	AMAZON.COM, INC.(b)		1,444,189		9,216,297
	500	APTIV PLC(c)		30,790		40,415
	1,100	AUTOLIV, INC.(c)		13,982		77,561
	2,539	AUTOZONE, INC.(b)		2,185,068		2,791,554
	48,711	BEST BUY CO., INC.		1,665,845		3,396,618
	1,400	BIG LOTS, INC.		15,477		40,054
	200	BOOKING HOLDINGS, INC.(b)		26,315		374,942
	28,006	BORGWARNER, INC.		1,000,054		1,175,692
	831	BURLINGTON STORES, INC.(b)		85,265		141,395
	8,300	CAESARS ENTERTAINMENT CORP.(b)		66,994		98,106
	3,068	CARMAX, INC.(b)		33,093		266,394
	4,600	D.R. HORTON, INC.		22,057		198,398
	4,874	DARDEN RESTAURANTS, INC.		434,713		593,312
	12,863	DICK’S SPORTING GOODS, INC.		402,463		445,446
	3,089	DOLLAR GENERAL CORP.		207,226		417,509
	5,224	DOLLAR TREE, INC.(b)		52,773		561,005
	900	DOMINO’S PIZZA, INC.		90,041		250,452
	51,633	EBAY, INC.		1,643,431		2,039,504
	3,055	EXPEDIA GROUP, INC.		219,155		406,407
	791	FLOOR & DECOR HOLDINGS, INC., CLASS A(b)		22,319		33,143
	30,458	FOOT LOCKER, INC.		1,350,478		1,276,799
	38,163	FORD MOTOR CO.		164,117		390,408
	1,300	FRONTDOOR, INC.(b)		30,172		56,615

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

June 30, 2019 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
Consumer Discretionary (Cont’d):
	1,336	GAMESTOP CORP., CLASS A	$	5,383		7,308
	5,579	GARMIN LTD.(c)		202,757		445,204
	2,018	GARRETT MOTION, INC.(b)(c)		16,668		30,976
	6,433	GENERAL MOTORS CO.		211,146		247,863
	15,000	GENTEX CORP.		106,860		369,150
	4,856	GENUINE PARTS CO.		261,724		502,984
	322	GRAHAM HOLDINGS CO., CLASS B		215,889		222,190
	578	GRAND CANYON EDUCATION, INC.(b)		68,338		67,638
	2,000	HANESBRANDS, INC.		10,095		34,440
	400	HASBRO, INC.		10,206		42,272
	900	HILTON GRAND VACATIONS, INC.(b)		23,760		28,638
	13,767	HOME DEPOT (THE), INC.		1,998,411		2,863,123
	27,540	KOHL’S CORP.		1,190,199		1,309,527
	971	KONTOOR BRANDS, INC.(b)		5,113		27,207
	2,790	L BRANDS, INC.		31,188		72,819
	4,011	LAS VEGAS SANDS CORP.		105,390		237,010
	2,900	LENNAR CORP., CLASS A		37,613		140,534
	58	LENNAR CORP., CLASS B		652		2,234
	589	LIBERTY EXPEDIA HOLDINGS, INC., CLASS A(b)		13,315		28,148
	1,200	LKQ CORP.(b)		14,970		31,932
	400	LOWE’S COS., INC.		34,236		40,364
	12,636	LULULEMON ATHLETICA, INC.(b)(c)		1,760,088		2,277,134
	3,800	MACY’S, INC.		47,081		81,548
	3,038	MARRIOTT INTERNATIONAL, INC., CLASS A		63,603		426,201
	294	MARRIOTT VACATIONS WORLDWIDE CORP.		4,103		28,342
	10,620	MCDONALD’S CORP.		433,348		2,205,349
	7,000	MGM RESORTS INTERNATIONAL		64,629		199,990
	600	MOHAWK INDUSTRIES, INC.(b)		26,796		88,482
	600	MURPHY USA, INC.(b)		4,392		50,418
	5,915	NEWELL BRANDS, INC.		73,613		91,209
	24,127	NIKE, INC., CLASS B		782,108		2,025,462
	4,300	NORDSTROM, INC.		45,233		136,998
	15,508	NORWEGIAN CRUISE LINE HOLDINGS LTD.(b)		879,554		831,694
	503	NVR, INC.(b)		1,170,386		1,695,236
	2,300	O’REILLY AUTOMOTIVE, INC.(b)		511,946		849,436
	800	PENSKE AUTOMOTIVE GROUP, INC.		32,264		37,840
	300	POLARIS INDUSTRIES, INC.		23,007		27,369
	370	POOL CORP.		34,226		70,670
	21,954	PULTEGROUP, INC.		313,334		694,185
	1,561	PVH CORP.		109,470		147,733
	9,200	QURATE RETAIL, INC.(b)		21,448		113,988
	1,500	RALPH LAUREN CORP.		31,320		170,385
	4,743	ROSS STORES, INC.		176,855		470,126
	3,870	ROYAL CARIBBEAN CRUISES LTD.		82,045		469,083
	2,241	SERVICEMASTER GLOBAL HOLDINGS, INC.(b)		119,559		116,734
	4,933	SKECHERS U.S.A., INC., CLASS A(b)		162,556		155,340
	41,170	STARBUCKS CORP.		1,263,743		3,451,281
	5,000	TAPESTRY, INC.		19,161		158,650
	1,700	TARGET CORP.		105,311		147,237
	1,260	TESLA, INC.(b)		165,777		281,560
	1,900	THOR INDUSTRIES, INC.		22,316		111,055
	1,400	TIFFANY & CO.		35,210		131,096
	20,188	TJX (THE) COS., INC.		86,033		1,067,541
	1,466	TOPBUILD CORP.(b)		11,809		121,326
	753	ULTA BEAUTY, INC.(b)		117,541		261,208
	200	VAIL RESORTS, INC.		42,166		44,636
	1,100	VEONEER, INC.(b)(c)		5,428		19,041
	6,800	VF CORP.		81,950		593,980
	400	VISTEON CORP.(b)		24,116		23,432
	600	WAYFAIR, INC., CLASS A(b)		49,325		87,600
	2,100	WHIRLPOOL CORP.		89,510		298,956
	637	WILLIAMS-SONOMA, INC.		36,201		41,405
	1,800	WYNN RESORTS LTD.		52,106		223,182
	2,716	YUM CHINA HOLDINGS, INC.(c)		5,770		125,479
	16,116	YUM! BRANDS, INC.		1,376,408		1,783,558
				26,425,194		53,747,658		10.60	%

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

June 30, 2019 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Consumer Staples:
	16,050	ALTRIA GROUP, INC.	$	1,001,123		759,967
	10,300	ARCHER-DANIELS-MIDLAND CO.		188,618		420,240
	7,290	BROWN-FORMAN CORP., CLASS B		57,343		404,085
	28,466	CHURCH & DWIGHT CO., INC.		1,479,914		2,079,726
	57,881	COCA-COLA (THE) CO.		869,464		2,947,301
	1,380	COLGATE-PALMOLIVE CO.		43,344		98,905
	31,341	CONAGRA BRANDS, INC.		1,047,535		831,163
	6,277	COSTCO WHOLESALE CORP.		226,000		1,658,760
	4,680	ESTEE LAUDER (THE) COS., INC., CLASS A		203,878		856,955
	12,400	GENERAL MILLS, INC.		277,055		651,248
	5,300	HERBALIFE NUTRITION LTD.(b)		36,401		226,628
	1,642	HERSHEY (THE) CO.		60,568		220,077
	4,800	HORMEL FOODS CORP.		43,206		194,592
	1,700	INGREDION, INC.		48,103		140,233
	1,300	JM SMUCKER (THE) CO.		60,304		149,747
	7,643	KEURIG DR. PEPPER, INC.		–		220,883
	3,336	KIMBERLY-CLARK CORP.		278,758		444,622
	3,714	KRAFT HEINZ (THE) CO.		26,692		115,283
	115,158	KROGER (THE) CO.		2,380,744		2,500,080
	633	LAMB WESTON HOLDINGS, INC.		7,452		40,107
	700	MCCORMICK & CO., INC. (NON VOTING)		21,613		108,507
	4,160	MOLSON COORS BREWING CO., CLASS B		192,976		232,960
	6,969	MONDELEZ INTERNATIONAL, INC., CLASS A		94,887		375,629
	8,354	MONSTER BEVERAGE CORP.(b)		258,761		533,236
	232	NU SKIN ENTERPRISES, INC., CLASS A		8,194		11,442
	32,255	PEPSICO, INC.		2,820,673		4,229,598
	18,929	PHILIP MORRIS INTERNATIONAL, INC.		554,556		1,486,494
	1,600	PILGRIM’S PRIDE CORP.(b)		24,829		40,624
	700	POST HOLDINGS, INC.(b)		43,421		72,779
	55,929	PROCTER & GAMBLE (THE) CO.		2,551,422		6,132,615
	500	SPECTRUM BRANDS HOLDINGS, INC.		24,845		26,885
	7,700	SYSCO CORP.		117,906		544,544
	34,672	TYSON FOODS, INC., CLASS A		1,798,281		2,799,417
	20,914	WALGREENS BOOTS ALLIANCE, INC.		523,669		1,143,368
	12,104	WALMART, INC.		905,704		1,337,371
				18,278,239		34,036,071		6.71	%
	Energy:
	5,460	ANADARKO PETROLEUM CORP.		193,761		385,258
	1,162	APERGY CORP.(b)		18,689		38,973
	43,402	CABOT OIL & GAS CORP.		1,166,001		996,510
	31,075	CHEVRON CORP.		1,373,345		3,866,973
	500	CIMAREX ENERGY CO.		32,151		29,665
	3,600	CNX RESOURCES CORP.(b)		25,763		26,316
	2,200	CONCHO RESOURCES, INC.		101,031		226,996
	66,289	CONOCOPHILLIPS		3,267,289		4,043,629
	450	CONSOL ENERGY, INC.(b)		5,125		11,974
	2,000	CONTINENTAL RESOURCES, INC.(b)		20,765		84,180
	1,337	DIAMONDBACK ENERGY, INC.		80,335		145,693
	9,794	ENBRIDGE, INC.(c)		137,797		353,367
	1,400	EOG RESOURCES, INC.		89,752		130,424
	4,000	EQT CORP.		72,343		63,240
	40,851	EXXON MOBIL CORP.		1,591,403		3,130,412
	10,158	HALLIBURTON CO.		138,080		230,993
	3,100	HELMERICH & PAYNE, INC.		39,003		156,922
	37,590	HOLLYFRONTIER CORP.		2,363,333		1,739,665
	7,312	KINDER MORGAN, INC.		58,585		152,674
	3,652	MARATHON PETROLEUM CORP.		134,026		204,074
	3,000	MURPHY OIL CORP.		39,255		73,950
	4,022	NATIONAL OILWELL VARCO, INC.		51,730		89,409
	6,000	OCCIDENTAL PETROLEUM CORP.		54,261		301,680
	2,000	ONEOK, INC.		19,065		137,620
	31,900	PARSLEY ENERGY, INC., CLASS A(b)		509,926		606,419
	2,400	PATTERSON-UTI ENERGY, INC.		24,857		27,624
	8,722	PHILLIPS 66		458,328		815,856
	2,530	PIONEER NATURAL RESOURCES CO.		144,428		389,266
	2,600	RANGE RESOURCES CORP.		24,900		18,148
	2,500	RPC, INC.		24,681		18,025

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

June 30, 2019 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Energy (Cont’d):
	13,336	SCHLUMBERGER LTD.	$	222,256		529,973
	1,000	TARGA RESOURCES CORP.		18,740		39,260
	17,219	VALERO ENERGY CORP.		752,442		1,474,119
	6,100	WPX ENERGY, INC.(b)		60,768		70,211
				13,314,214		20,609,498		4.07	%
	Financials:
	15,982	AFLAC, INC.		520,002		875,973
	500	ALLEGHANY CORP.(b)		140,685		340,555
	9,753	ALLSTATE (THE) CORP.		296,804		991,783
	19,826	ALLY FINANCIAL, INC.		404,611		614,408
	3,633	AMERICAN EXPRESS CO.		111,938		448,457
	3,400	AMERICAN FINANCIAL GROUP, INC.		210,306		348,398
	5,500	AMERICAN INTERNATIONAL GROUP, INC.		129,086		293,040
	26,274	AMERIPRISE FINANCIAL, INC.		2,605,145		3,813,934
	848	AON PLC(c)		32,575		163,647
	31,505	ARCH CAPITAL GROUP LTD.(b)(c)		759,687		1,168,205
	2,300	ARTHUR J. GALLAGHER & CO.		80,002		201,457
	4,900	ASSURANT, INC.		218,575		521,262
	32,332	ASSURED GUARANTY LTD.(c)		1,194,637		1,360,531
	1,165	ATHENE HOLDING LTD., CLASS A(b)		51,104		50,165
	1,300	AXIS CAPITAL HOLDINGS LTD.(c)		43,361		77,545
	194,143	BANK OF AMERICA CORP.		3,110,057		5,630,147
	10,000	BANK OF NEW YORK MELLON (THE) CORP.		206,454		441,500
	7,900	BB&T CORP.		173,879		388,127
	27,906	BERKSHIRE HATHAWAY, INC., CLASS B(b)		3,620,611		5,948,722
	11,926	BRIGHTHOUSE FINANCIAL, INC.(b)		443,135		437,565
	620	CANNAE HOLDINGS, INC.(b)		2,893		17,968
	22,243	CAPITAL ONE FINANCIAL CORP.		1,525,515		2,018,330
	17,900	CHARLES SCHWAB (THE) CORP.		156,088		719,401
	6,250	CHUBB LTD.(c)		587,621		920,562
	47,842	CITIGROUP, INC.		2,692,501		3,350,375
	865	CME GROUP, INC.		31,878		167,905
	4,871	COMERICA, INC.		409,337		353,829
	500	CREDIT ACCEPTANCE CORP.(b)		86,421		241,915
	18,084	DISCOVER FINANCIAL SERVICES		813,653		1,403,138
	10,182	E*TRADE FINANCIAL CORP.		276,402		454,117
	469	FAIRFAX FINANCIAL HOLDINGS LTD.(c)		86,576		229,679
	1,863	FIDELITY NATIONAL FINANCIAL, INC.		15,560		75,079
	113,213	FIFTH THIRD BANCORP		2,937,895		3,158,643
	400	FIRST CITIZENS BANCSHARES, INC., CLASS A		57,523		180,108
	30,500	FIRST HORIZON NATIONAL CORP.		193,065		455,365
	47,824	FRANKLIN RESOURCES, INC.		1,452,675		1,664,275
	8,500	GOLDMAN SACHS GROUP (THE), INC.		723,237		1,739,100
	3,000	HANOVER INSURANCE GROUP (THE), INC.		215,948		384,900
	30,246	HARTFORD FINANCIAL SERVICES GROUP (THE), INC.		1,394,762		1,685,307
	35,000	HUNTINGTON BANCSHARES, INC.		169,770		483,700
	505	INTERCONTINENTAL EXCHANGE, INC.		12,819		43,400
	2,700	INVESCO LTD.		32,170		55,242
	15,903	JANUS HENDERSON GROUP PLC(c)		222,792		340,324
	74,743	JPMORGAN CHASE & CO.		3,141,402		8,356,267
	5,904	KEYCORP		30,107		104,796
	1,852	LEGG MASON, INC.		25,956		70,895
	1,100	LINCOLN NATIONAL CORP.		22,715		70,895
	200	MARKEL CORP.(b)		67,789		217,920
	5,684	MARSH & MCLENNAN COS., INC.		240,120		566,979
	1,300	MERCURY GENERAL CORP.		38,018		81,250
	11,412	METLIFE, INC.		482,154		566,834
	2,200	MOODY’S CORP.		77,502		429,682
	16,800	MORGAN STANLEY		240,305		736,008
	3,900	MSCI, INC.		124,722		931,281
	5,900	NASDAQ, INC.		240,309		567,403
	1,700	NEW RESIDENTIAL INVESTMENT CORP.		23,886		26,163
	4,539	PACWEST BANCORP		65,912		176,249
	9,025	PNC FINANCIAL SERVICES GROUP (THE), INC.		331,251		1,238,952
	24,483	POPULAR, INC.		1,311,326		1,327,958
	5,628	PRINCIPAL FINANCIAL GROUP, INC.		175,248		325,974
	9,491	PROGRESSIVE (THE) CORP.		285,859		758,616

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

June 30, 2019 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Financials (Cont’d):
	8,100	PRUDENTIAL FINANCIAL, INC.	$	246,520		818,100
	17,302	REGIONS FINANCIAL CORP.		116,601		258,492
	3,371	REINSURANCE GROUP OF AMERICA, INC.		296,860		525,977
	800	RENAISSANCERE HOLDINGS LTD.(c)		81,779		142,408
	3,151	ROYAL BANK OF CANADA(c)		75,538		250,189
	735	S&P GLOBAL, INC.		24,183		167,426
	7,500	SEI INVESTMENTS CO.		108,537		420,750
	10,100	SLM CORP.		36,679		98,172
	5,825	SUNTRUST BANKS, INC.		141,999		366,101
	4,737	SYNCHRONY FINANCIAL		128,601		164,232
	3,657	SYNOVUS FINANCIAL CORP.		49,372		127,995
	3,549	T. ROWE PRICE GROUP, INC.		106,978		389,361
	5,800	TCF FINANCIAL CORP.		51,852		120,582
	2,600	TFS FINANCIAL CORP.		25,038		46,982
	2,468	TORCHMARK CORP.		145,321		220,787
	8,514	TRAVELERS (THE) COS., INC.		814,739		1,273,013
	17,585	US BANCORP		318,503		921,454
	26,345	VOYA FINANCIAL, INC.		1,415,896		1,456,878
	9,159	W.R. BERKLEY CORP.		273,043		603,853
	1,800	WASHINGTON FEDERAL, INC.		23,535		62,874
	58,124	WELLS FARGO & CO.		730,988		2,750,428
	2,604	WILLIS TOWERS WATSON PLC(c)		454,330		498,770
	2,600	ZIONS BANCORP N.A.		49,361		119,548
				41,090,589		72,616,577		14.32	%
	Health Care:
	17,530	ABBOTT LABORATORIES		620,869		1,474,273
	21,711	ABBVIE, INC.		939,598		1,578,824
	1,000	ACADIA HEALTHCARE CO., INC.(b)		25,720		34,950
	4,120	AGILENT TECHNOLOGIES, INC.		181,587		307,640
	2,076	ALEXION PHARMACEUTICALS, INC.(b)		140,496		271,914
	737	ALIGN TECHNOLOGY, INC.(b)		64,241		201,717
	800	ALKERMES PLC(b)(c)		23,616		18,032
	1,059	ALLERGAN PLC		37,006		177,308
	17,659	AMERISOURCEBERGEN CORP.		1,003,487		1,505,606
	25,126	AMGEN, INC.		4,710,321		4,630,219
	9,418	ANTHEM, INC.		1,019,367		2,657,854
	193	AVANOS MEDICAL, INC.(b)		3,014		8,417
	8,439	BAXTER INTERNATIONAL, INC.		397,601		691,154
	3,965	BECTON DICKINSON AND CO.		492,312		999,220
	8,394	BIOGEN, INC.(b)		2,205,500		1,963,105
	400	BIOMARIN PHARMACEUTICAL, INC.(b)		34,064		34,260
	1,000	BLUEBIRD BIO, INC.(b)		120,239		127,200
	32,800	BOSTON SCIENTIFIC CORP.(b)		182,160		1,409,744
	25,160	BRISTOL-MYERS SQUIBB CO.		731,159		1,141,006
	2,145	BRUKER CORP.		43,219		107,143
	500	CANTEL MEDICAL CORP.		37,230		40,320
	4,706	CARDINAL HEALTH, INC.		224,605		221,653
	7,680	CELGENE CORP.(b)		355,305		709,939
	3,704	CENTENE CORP.(b)		106,465		194,238
	3,600	CERNER CORP.		40,604		263,880
	3,963	CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(b)		560,082		562,350
	7,043	CIGNA CORP.		236,147		1,109,576
	200	COOPER (THE) COS., INC.		50,902		67,378
	1,520	COVETRUS, INC.(b)		18,619		37,179
	7,625	CVS HEALTH CORP.		236,748		415,486
	10,529	DANAHER CORP.		287,475		1,504,805
	5,632	DENTSPLY SIRONA, INC.		152,472		328,683
	1,500	DEXCOM, INC.(b)		87,311		224,760
	9,526	EDWARDS LIFESCIENCES CORP.(b)		248,804		1,759,833
	23,999	ELI LILLY & CO.		2,072,167		2,658,849
	1,400	EXACT SCIENCES CORP.(b)		111,825		165,256
	85,227	EXELIXIS, INC.(b)		1,770,708		1,821,301
	25,720	GILEAD SCIENCES, INC.		207,436		1,737,643
	12,271	HCA HEALTHCARE, INC.		1,526,051		1,658,671
	3,800	HENRY SCHEIN, INC.(b)		67,547		265,620
	6,608	HOLOGIC, INC.(b)		92,603		317,316
	224	HUMANA, INC.		53,999		59,427

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

June 30, 2019 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Health Care (Cont’d):
	200	ICU MEDICAL, INC.(b)	$	45,928		50,382
	2,299	IDEXX LABORATORIES, INC.(b)		98,745		632,984
	2,300	ILLUMINA, INC.(b)		98,233		846,745
	1,900	INCYTE CORP.(b)		120,835		161,424
	900	INSULET CORP.(b)		71,397		107,442
	6,500	INTERCEPT PHARMACEUTICALS, INC.(b)		416,369		517,205
	462	INTUITIVE SURGICAL, INC.(b)		100,629		242,342
	6,867	IONIS PHARMACEUTICALS, INC.(b)		472,980		441,342
	5,314	IQVIA HOLDINGS, INC.(b)		558,261		855,023
	1,980	JAZZ PHARMACEUTICALS PLC(b)(c)		246,791		282,269
	22,372	JOHNSON & JOHNSON		1,280,869		3,115,972
	842	LABORATORY CORP. OF AMERICA HOLDINGS(b)		53,269		145,582
	5,700	MCKESSON CORP.		202,596		766,023
	17,316	MEDNAX, INC.(b)		432,758		436,883
	9,400	MEDTRONIC PLC(c)		790,465		915,466
	85,283	MERCK & CO., INC.		4,021,975		7,150,980
	1,317	METTLER-TOLEDO INTERNATIONAL, INC.(b)		123,051		1,106,280
	5,243	MOLINA HEALTHCARE, INC.(b)		698,340		750,483
	4,027	MYLAN N.V.(b)		70,353		76,674
	5,440	NEKTAR THERAPEUTICS(b)		176,322		193,555
	300	PENUMBRA, INC.(b)		36,663		48,000
	100,224	PFIZER, INC.		2,892,366		4,341,704
	4,736	PRA HEALTH SCIENCES, INC.(b)		460,319		469,574
	4,791	RESMED, INC.		129,046		584,646
	200	SAGE THERAPEUTICS, INC.(b)		19,160		36,618
	9,742	STERIS PLC		1,135,558		1,450,389
	1,800	TELEFLEX, INC.		195,858		596,070
	11,147	THERMO FISHER SCIENTIFIC, INC.		1,195,862		3,273,651
	13,546	UNITEDHEALTH GROUP, INC.		1,342,430		3,305,359
	14,933	UNIVERSAL HEALTH SERVICES, INC., CLASS B		1,667,213		1,947,114
	1,880	VAREX IMAGING CORP.(b)		19,829		57,622
	5,199	VARIAN MEDICAL SYSTEMS, INC.(b)		193,000		707,740
	499	VEEVA SYSTEMS, INC., CLASS A(b)		19,015		80,893
	900	VERTEX PHARMACEUTICALS, INC.(b)		22,442		165,042
	2,600	WATERS CORP.(b)		60,997		559,624
	4,304	ZIMMER BIOMET HOLDINGS, INC.		233,961		506,753
	9,420	ZOETIS, INC.		809,953		1,069,076
				42,034,519		73,458,680		14.49	%
	Industrials:
	6,987	3M CO.		417,187		1,211,127
	923	ACCO BRANDS CORP.		3,137		7,264
	300	ACUITY BRANDS, INC.		34,488		41,373
	4,642	AGCO CORP.		225,963		360,080
	900	AIR LEASE CORP.		17,685		37,206
	1,533	ALLEGION PLC(c)		40,913		169,473
	400	AMERCO		120,202		151,420
	1,700	AMERICAN AIRLINES GROUP, INC.		67,419		55,437
	5,175	AMETEK, INC.		73,220		470,097
	8,303	BOEING (THE) CO.		814,972		3,022,375
	1,200	BWX TECHNOLOGIES, INC.		54,215		62,520
	5,604	CARLISLE COS., INC.		470,886		786,858
	10,504	CATERPILLAR, INC.		272,491		1,431,590
	3,200	CINTAS CORP.		258,101		759,328
	5,739	CRANE CO.		189,222		478,862
	3,724	CSX CORP.		136,592		288,126
	4,932	CUMMINS, INC.		518,505		845,049
	7,300	DEERE & CO.		199,160		1,209,683
	16,300	DELTA AIR LINES, INC.		416,507		925,025
	24,630	DOVER CORP.		1,980,175		2,467,926
	16,254	EATON CORP. PLC		495,276		1,353,633
	2,280	EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.		112,692		172,961
	5,753	FEDEX CORP.		113,466		944,585
	782	FLUOR CORP.		10,432		26,346
	3,953	FORTIVE CORP.		71,279		322,249
	4,300	FORTUNE BRANDS HOME & SECURITY, INC.		33,889		245,659
	1,400	GATX CORP.		24,276		111,006
	2,828	GENERAL DYNAMICS CORP.		423,356		514,187

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

June 30, 2019 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Industrials (Cont’d):
	94,400	GENERAL ELECTRIC CO.	$	715,085		991,200
	2,200	HARRIS CORP.		152,508		416,086
	875	HEICO CORP.		61,334		117,084
	2,156	HEICO CORP., CLASS A		109,365		222,866
	360	HERC HOLDINGS, INC.(b)		5,808		16,499
	9,188	HONEYWELL INTERNATIONAL, INC.		265,803		1,604,133
	1,200	HUBBELL, INC.		43,310		156,480
	1,423	HUNTINGTON INGALLS INDUSTRIES, INC.		192,370		319,805
	2,271	IDEX CORP.		140,770		390,930
	4,824	ILLINOIS TOOL WORKS, INC.		155,812		727,507
	10,505	INGERSOLL-RAND PLC		631,190		1,330,668
	1,468	JACOBS ENGINEERING GROUP, INC.		29,713		123,884
	2,100	JB HUNT TRANSPORT SERVICES, INC.		40,530		191,961
	13,203	JETBLUE AIRWAYS CORP.(b)		81,151		244,123
	859	JOHNSON CONTROLS INTERNATIONAL PLC		16,341		35,485
	1,700	KANSAS CITY SOUTHERN		27,158		207,094
	1,596	L3 TECHNOLOGIES, INC.		122,430		391,291
	5,697	LENNOX INTERNATIONAL, INC.		1,235,207		1,566,675
	1,400	LINCOLN ELECTRIC HOLDINGS, INC.		28,970		115,248
	1,684	LOCKHEED MARTIN CORP.		232,821		612,201
	1,200	MANITOWOC (THE) CO., INC.(b)		10,053		21,360
	2,475	MANPOWERGROUP, INC.		81,957		239,085
	15,263	MASCO CORP.		139,724		598,920
	200	MIDDLEBY (THE) CORP.(b)		20,548		27,140
	1,100	NIELSEN HOLDINGS PLC		29,762		24,860
	577	NORDSON CORP.		57,299		81,536
	1,702	NORFOLK SOUTHERN CORP.		117,419		339,260
	5,973	NORTHROP GRUMMAN CORP.		516,333		1,929,936
	2,519	NVENT ELECTRIC PLC(c)		24,113		62,446
	10,230	OSHKOSH CORP.		527,523		854,103
	1,100	OWENS CORNING		22,578		64,020
	9,067	PACCAR, INC.		128,927		649,741
	4,628	PARKER-HANNIFIN CORP.		350,966		786,806
	2,519	PENTAIR PLC(c)		49,295		93,707
	4,100	QUANTA SERVICES, INC.		52,132		156,579
	3,198	RAYTHEON CO.		164,018		556,068
	14,185	REPUBLIC SERVICES, INC.		880,819		1,228,988
	1,531	RESIDEO TECHNOLOGIES, INC.(b)		8,723		33,559
	9,210	ROCKWELL AUTOMATION, INC.		692,444		1,508,874
	2,580	ROLLINS, INC.		67,194		92,545
	700	ROPER TECHNOLOGIES, INC.		94,317		256,382
	2,015	SNAP-ON, INC.		191,097		333,765
	19,364	SOUTHWEST AIRLINES CO.		628,876		983,304
	17,499	SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A		1,213,853		1,423,894
	2,557	STANLEY BLACK & DECKER, INC.		72,048		369,768
	600	STERICYCLE, INC.(b)		18,858		28,650
	47,961	TEXTRON, INC.		2,638,281		2,543,851
	5,162	TIMKEN (THE) CO.		171,352		265,017
	1,596	TORO (THE) CO.		76,510		106,772
	500	TRANSDIGM GROUP, INC.(b)		176,409		241,900
	8,643	UNION PACIFIC CORP.		137,416		1,461,618
	7,361	UNITED CONTINENTAL HOLDINGS, INC.(b)		505,701		644,456
	3,540	UNITED PARCEL SERVICE, INC., CLASS B		166,527		365,576
	2,565	UNITED RENTALS, INC.(b)		196,251		340,196
	11,340	UNITED TECHNOLOGIES CORP.		444,920		1,476,468
	3,634	VERISK ANALYTICS, INC.		459,914		532,236
	180	VERITIV CORP.(b)		1,653		3,496
	700	W.W. GRAINGER, INC.		30,601		187,761
	1,707	WABTEC CORP.		60,644		122,494
	975	WASTE CONNECTIONS, INC.		42,575		93,190
	26,746	WASTE MANAGEMENT, INC.		1,728,843		3,085,686
	4,800	WELBILT, INC.(b)		37,515		80,160
	1,600	XYLEM, INC.		30,618		133,824
				24,949,988		52,682,662		10.39	%
	Information Technology:
	4,949	ACCENTURE PLC, CLASS A(c)		304,426		914,427
	8,492	ADOBE, INC.(b)		643,139		2,502,168

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

June 30, 2019 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Information Technology (Cont’d):
	10,700	ADVANCED MICRO DEVICES, INC.(b)	$	115,242		324,959
	12,236	AKAMAI TECHNOLOGIES, INC.(b)		641,680		980,593
	2,067	ALLIANCE DATA SYSTEMS CORP.		141,798		289,649
	4,065	AMDOCS LTD.		200,086		252,396
	400	AMPHENOL CORP., CLASS A		35,916		38,376
	8,600	ANALOG DEVICES, INC.		120,368		970,682
	2,736	ANSYS, INC.(b)		217,083		560,388
	67,723	APPLE, INC.		3,319,688		13,403,736
	7,400	APPLIED MATERIALS, INC.		134,145		332,334
	1,109	ARISTA NETWORKS, INC.(b)		215,910		287,919
	4,877	ARROW ELECTRONICS, INC.(b)		267,343		347,584
	1,300	ATLASSIAN CORP. PLC, CLASS A(b)(c)		116,368		170,092
	2,586	AUTODESK, INC.(b)		163,995		421,259
	8,749	AUTOMATIC DATA PROCESSING, INC.		687,276		1,446,472
	7,371	BLACK KNIGHT, INC.(b)		272,636		443,366
	9,493	BOOZ ALLEN HAMILTON HOLDING CORP.		296,190		628,532
	5,291	BROADCOM, INC.		497,844		1,523,067
	3,413	BROADRIDGE FINANCIAL SOLUTIONS, INC.		106,898		435,772
	38,178	CADENCE DESIGN SYSTEMS, INC.(b)		1,879,777		2,703,384
	14,463	CDK GLOBAL, INC.		781,533		715,051
	7,000	CDW CORP.		292,424		777,000
	95,434	CISCO SYSTEMS, INC.		2,057,712		5,223,103
	30,520	CITRIX SYSTEMS, INC.		3,140,985		2,995,233
	10,090	COGNEX CORP.		458,211		484,118
	2,700	COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A		25,751		171,153
	400	COHERENT, INC.(b)		51,825		54,548
	6,700	CORELOGIC, INC.(b)		76,313		280,261
	36,119	CORNING, INC.		620,203		1,200,234
	2,700	CYPRESS SEMICONDUCTOR CORP.		3,261		60,048
	1,635	DELL TECHNOLOGIES, INC., CLASS C(b)		75,203		83,058
	700	DOCUSIGN, INC.(b)		29,771		34,797
	2,000	DOLBY LABORATORIES, INC., CLASS A		43,420		129,200
	6,467	DXC TECHNOLOGY CO.		221,083		356,655
	1,640	ECHOSTAR CORP., CLASS A(b)		25,986		72,685
	400	ELASTIC N.V.(b)		28,596		29,864
	1,107	EPAM SYSTEMS, INC.(b)		184,369		191,622
	300	EURONET WORLDWIDE, INC.(b)		25,458		50,472
	1,300	F5 NETWORKS, INC.(b)		30,063		189,319
	11,102	FIDELITY NATIONAL INFORMATION SERVICES, INC.		388,684		1,361,993
	1,000	FIRST SOLAR, INC.(b)		46,410		65,680
	9,784	FISERV, INC.(b)		172,685		891,909
	2,135	FLEETCOR TECHNOLOGIES, INC.(b)		508,464		599,615
	10,928	FORTINET, INC.(b)		830,687		839,598
	200	GARTNER, INC.(b)		25,570		32,188
	3,800	GLOBAL PAYMENTS, INC.		113,707		608,494
	1,700	GODADDY, INC., CLASS A(b)		98,073		119,255
	18,800	HEWLETT PACKARD ENTERPRISE CO.		102,062		281,060
	27,110	HP, INC.		537,314		563,617
	64,628	INTEL CORP.		374,306		3,093,742
	4,878	INTERNATIONAL BUSINESS MACHINES CORP.		495,522		672,676
	11,087	INTUIT, INC.		1,217,652		2,897,366
	500	IPG PHOTONICS CORP.(b)		74,090		77,125
	17,060	KEYSIGHT TECHNOLOGIES, INC.(b)		1,039,524		1,532,159
	8,428	LAM RESEARCH CORP.		666,550		1,583,116
	6,916	LEIDOS HOLDINGS, INC.		504,371		552,243
	827	LOGMEIN, INC.		17,893		60,933
	1,721	MANHATTAN ASSOCIATES, INC.(b)		112,154		119,317
	3,770	MARVELL TECHNOLOGY GROUP LTD.		20,234		89,990
	6,855	MASTERCARD, INC., CLASS A		1,234,187		1,813,353
	2,141	MICRO FOCUS INTERNATIONAL PLC ADR(c)(d)		76,184		56,073
	4,200	MICROCHIP TECHNOLOGY, INC.		38,962		364,140
	61,009	MICRON TECHNOLOGY, INC.(b)		1,566,411		2,354,337
	111,818	MICROSOFT CORP.		3,722,823		14,979,139
	500	MKS INSTRUMENTS, INC.		32,310		38,945
	11,445	NETAPP, INC.		876,626		706,156
	1,500	NUTANIX, INC., CLASS A(b)		63,843		38,910
	3,491	NVIDIA CORP.		68,182		573,327

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

June 30, 2019 (unaudited)

Shares		Security	Cost		Fair value (a)		Percent of net assets
	Information Technology (Cont’d):
	38,526	NXP SEMICONDUCTORS N.V.(c)	$	3,533,140		3,760,523
	1,100	OKTA, INC.(b)		68,912		135,861
	46,947	ON SEMICONDUCTOR CORP.(b)		1,052,859		948,799
	25,467	ORACLE CORP.		1,298,208		1,450,855
	2,800	PALO ALTO NETWORKS, INC.(b)		116,508		570,528
	1,952	PAYCHEX, INC.		139,107		160,630
	2,263	PAYCOM SOFTWARE, INC.(b)		359,075		513,067
	9,660	PAYPAL HOLDINGS, INC.(b)		822,409		1,105,684
	907	PERSPECTA, INC.		8,504		21,233
	600	PROOFPOINT, INC.(b)		56,232		72,150
	2,700	PTC, INC.(b)		107,547		242,352
	2,400	PURE STORAGE, INC., CLASS A(b)		43,850		36,648
	1,700	QUALCOMM, INC.		21,216		129,319
	4,950	RED HAT, INC.(b)		195,072		929,412
	800	RINGCENTRAL, INC., CLASS A(b)		67,416		91,936
	3,100	SABRE CORP.		62,820		68,820
	7,600	SALESFORCE.COM, INC.(b)		86,710		1,153,148
	54,321	SEAGATE TECHNOLOGY PLC		1,896,747		2,559,606
	2,100	SERVICENOW, INC.(b)		273,110		576,597
	300	SKYWORKS SOLUTIONS, INC.		22,041		23,181
	500	SPLUNK, INC.(b)		40,835		62,875
	3,300	SQUARE, INC., CLASS A(b)		131,052		239,349
	5,100	SWITCH, INC., CLASS A		38,659		66,759
	14,419	SYMANTEC CORP.		71,242		313,757
	5,744	SYNOPSYS, INC.(b)		341,335		739,195
	700	TABLEAU SOFTWARE, INC., CLASS A(b)		61,023		116,214
	4,600	TERADYNE, INC.		82,730		220,386
	28,440	TEXAS INSTRUMENTS, INC.		952,040		3,263,774
	2,356	TOTAL SYSTEM SERVICES, INC.		183,880		302,204
	7,720	TRIMBLE, INC.(b)		113,413		348,249
	605	UBIQUITI NETWORKS, INC.		87,252		79,557
	200	VERISIGN, INC.(b)		23,200		41,832
	787	VERSUM MATERIALS, INC.		4,722		40,593
	28,480	VISA, INC., CLASS A		1,119,204		4,942,704
	7,800	VISHAY INTERTECHNOLOGY, INC.		48,931		128,856
	5,192	VMWARE, INC., CLASS A		411,139		868,154
	6,045	WESTERN DIGITAL CORP.		99,733		287,440
	71,219	WESTERN UNION (THE) CO.		1,363,843		1,416,546
	300	WEX, INC.(b)		41,025		62,430
	1,700	WORKDAY, INC., CLASS A(b)		254,727		349,486
	3,238	WORLDPAY, INC., CLASS A(b)		290,063		396,817
	6,750	XILINX, INC.		47,180		795,960
	2,795	ZEBRA TECHNOLOGIES CORP., CLASS A(b)		414,834		585,525
	1,300	ZENDESK, INC.(b)		79,216		115,739
				50,108,216		109,376,782		21.58	%
	Materials:
	1,075	AIR PRODUCTS & CHEMICALS, INC.		43,205		243,348
	1,300	ALBEMARLE CORP.		29,153		91,533
	13,770	AMCOR PLC(b)(c)		60,200		158,217
	700	ASHLAND GLOBAL HOLDINGS, INC.		12,006		55,979
	3,165	AVERY DENNISON CORP.		207,899		366,127
	2,592	BALL CORP.		140,020		181,414
	4,112	CELANESE CORP.		313,618		443,274
	3,100	CF INDUSTRIES HOLDINGS, INC.		129,445		144,801
	2,400	CHEMOURS (THE) CO.		69,007		57,600
	7,262	CORTEVA, INC.(b)		88,857		214,737
	1,800	CROWN HOLDINGS, INC.(b)		57,831		109,980
	7,262	DOW, INC.		147,036		358,089
	7,262	DUPONT DE NEMOURS, INC.		212,802		545,158
	3,000	EASTMAN CHEMICAL CO.		58,012		233,490
	3,891	ECOLAB, INC.		133,579		768,239
	4,400	ELEMENT SOLUTIONS, INC.(b)		42,294		45,496
	51,418	FREEPORT-MCMORAN, INC.		503,061		596,963
	238	INTERNATIONAL FLAVORS & FRAGRANCES, INC.		5,120		34,532
	30,628	INTERNATIONAL PAPER CO.		1,087,636		1,326,805
	4,450	LINDE PLC(c)		723,931		893,560
	23,861	LYONDELLBASELL INDUSTRIES N.V., CLASS A		2,063,758		2,055,148

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

June 30, 2019 (unaudited)

Shares		Security	Cost		Fair value (a)			Percent of net assets
	Materials (Cont’d):
	700	MARTIN MARIETTA MATERIALS, INC.	$	27,965		161,077
	3,200	MOSAIC (THE) CO.		54,200		80,096
	7,400	NEWMONT GOLDCORP CORP.		136,530		284,678
	5,844	NUCOR CORP.		99,313		322,004
	3,100	OLIN CORP.		65,390		67,921
	3,245	PACKAGING CORP. OF AMERICA		133,051		309,313
	5,572	PPG INDUSTRIES, INC.		131,983		650,308
	6,625	RELIANCE STEEL & ALUMINUM CO.		325,929		626,858
	600	ROYAL GOLD, INC.		22,314		61,494
	2,400	RPM INTERNATIONAL, INC.		24,657		146,664
	500	SCOTTS MIRACLE-GRO (THE) CO.		37,765		49,250
	1,400	SEALED AIR CORP.		24,528		59,892
	857	SHERWIN-WILLIAMS (THE) CO.		41,646		392,755
	3,600	SONOCO PRODUCTS CO.		74,519		235,224
	3,234	SOUTHERN COPPER CORP.(c)		38,445		125,641
	26,431	STEEL DYNAMICS, INC.		719,954		798,216
	4,392	VALVOLINE, INC.		24,184		85,776	��
	2,100	VULCAN MATERIALS CO.		63,441		288,351
	2,242	WESTROCK CO.		24,357		81,766
				8,198,641		13,751,774			2.71	%
	Real Estate:
	2,100	ALEXANDRIA REAL ESTATE EQUITIES, INC.		106,143		296,289
	9,673	AMERICAN TOWER CORP.		1,556,483		1,977,645
	3,629	APARTMENT INVESTMENT & MANAGEMENT CO., CLASS A		44,956		181,886
	1,734	AVALONBAY COMMUNITIES, INC.		193,548		352,314
	3,388	BOSTON PROPERTIES, INC.		171,468		437,052
	2,600	BRANDYWINE REALTY TRUST		27,832		37,232
	900	CAMDEN PROPERTY TRUST		24,065		93,951
	5,500	COLONY CAPITAL, INC.		29,068		27,500
	1,545	CORECIVIC, INC.		22,130		32,074
	500	CORESITE REALTY CORP.		43,409		57,585
	4,700	CROWN CASTLE INTERNATIONAL CORP.		193,063		612,645
	500	DIGITAL REALTY TRUST, INC.		26,734		58,895
	5,200	DOUGLAS EMMETT, INC.		45,222		207,168
	1,700	DUKE REALTY CORP.		28,435		53,737
	845	EQUINIX, INC.		65,492		426,125
	5,446	EQUITY LIFESTYLE PROPERTIES, INC.		574,160		660,818
	5,416	EQUITY RESIDENTIAL		174,162		411,183
	875	ESSEX PROPERTY TRUST, INC.		116,032		255,439
	1,500	EXTRA SPACE STORAGE, INC.		130,992		159,150
	900	FEDERAL REALTY INVESTMENT TRUST		48,326		115,884
	1,046	FOUR CORNERS PROPERTY TRUST, INC.		8,807		28,587
	7,000	HCP, INC.		75,334		223,860
	1,800	HOSPITALITY PROPERTIES TRUST		23,171		45,000
	12,222	HOST HOTELS & RESORTS, INC.		93,479		222,685
	678	HOWARD HUGHES (THE) CORP.(b)		20,502		83,964
	700	JBG SMITH PROPERTIES		17,888		27,538
	700	JONES LANG LASALLE, INC.		39,951		98,483
	6,601	KIMCO REALTY CORP.		67,254		121,986
	3,900	LAMAR ADVERTISING CO., CLASS A		41,016		314,769
	1,100	LIBERTY PROPERTY TRUST		23,353		55,044
	600	LIFE STORAGE, INC.		48,946		57,048
	5,123	MACERICH (THE) CO.		111,630		171,569
	1,800	MID-AMERICA APARTMENT COMMUNITIES, INC.		132,698		211,968
	800	OMEGA HEALTHCARE INVESTORS, INC.		25,945		29,400
	10,169	PROLOGIS, INC.		257,893		814,537
	1,424	PUBLIC STORAGE		135,843		339,154
	6,972	RAYONIER, INC.		74,591		211,252
	2,700	REALTY INCOME CORP.		55,485		186,219
	3,900	REGENCY CENTERS CORP.		85,344		260,286
	9,800	RETAIL PROPERTIES OF AMERICA, INC., CLASS A		80,756		115,248
	1,224	RETAIL VALUE, INC.		33,005		42,595
	4,942	SBA COMMUNICATIONS CORP.(b)		792,573		1,111,159
	4,598	SIMON PROPERTY GROUP, INC.		555,000		734,577
	1,900	SL GREEN REALTY CORP.		58,204		152,703
	2,800	STORE CAPITAL CORP.		73,379		92,932
	1,100	SUN COMMUNITIES, INC.		83,590		141,009

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

June 30, 2019 (unaudited)

Shares			Security	Cost		Fair value (a)		Percent of net assets
	Real Estate (Cont’d):
	2,100		TAUBMAN CENTERS, INC.	$	52,545		85,743
	4,100		UDR, INC.		64,026		184,049
	1,300		URBAN EDGE PROPERTIES		18,730		22,529
	3,527		VENTAS, INC.		150,097		241,070
	800		VORNADO REALTY TRUST		29,237		51,280
	1,715		WASHINGTON PRIME GROUP, INC.		8,005		6,551
	2,100		WEINGARTEN REALTY INVESTORS		29,916		57,582
	4,600		WELLTOWER, INC.		273,029		375,038
	5,416		WEYERHAEUSER CO.		75,648		142,657
					7,338,590		13,514,643		2.67	%
	Utilities:
	3,000		AES CORP.		32,870		50,280
	2,000		ALLIANT ENERGY CORP.		24,835		98,160
	1,600		AMEREN CORP.		40,872		120,176
	8,554		AMERICAN ELECTRIC POWER CO., INC.		477,380		752,838
	1,735		AQUA AMERICA, INC.		22,973		71,777
	13,200		AVANGRID, INC.		502,113		666,600
	5,800		CENTERPOINT ENERGY, INC.		66,308		166,054
	13,300		CMS ENERGY CORP.		259,708		770,203
	7,775		CONSOLIDATED EDISON, INC.		539,780		681,712
	12,073		DOMINION ENERGY, INC.		450,978		933,484
	6,243		DTE ENERGY CO.		510,391		798,355
	14,004		DUKE ENERGY CORP.		721,544		1,235,713
	8,325		EDISON INTERNATIONAL		179,967		561,188
	3,164		ENTERGY CORP.		68,368		325,671
	2,974		EVERGY, INC.		67,407		178,886
	4,961		EVERSOURCE ENERGY		125,492		375,845
	38,749		EXELON CORP.		1,463,785		1,857,627
	5,500		FIRSTENERGY CORP.		176,693		235,455
	900		NATIONAL FUEL GAS CO.		20,790		47,475
	4,400		NEXTERA ENERGY, INC.		204,691		901,384
	6,900		NISOURCE, INC.		43,973		198,720
	1,200		NRG ENERGY, INC.		33,011		42,144
	14,491		OGE ENERGY CORP.		421,639		616,737
	10,448		PINNACLE WEST CAPITAL CORP.		807,416		983,052
	700		PPL CORP.		10,384		21,707
	1,200		PUBLIC SERVICE ENTERPRISE GROUP, INC.		51,552		70,584
	3,200		SEMPRA ENERGY		174,758		439,808
	8,600		SOUTHERN (THE) CO.		176,010		475,408
	5,426		UGI CORP.		80,112		289,803
	1,600		WEC ENERGY GROUP, INC.		91,440		133,392
	968		XCEL ENERGY, INC.		36,241		57,586
					7,883,481		14,157,824		2.79	%
		Sub-total Common Stocks:			263,376,193		504,969,571		99.61	%
	Short-Term Investments:
	2,491,200		NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 2.25%(e)		2,491,200		2,491,200
		Sub-total Short-Term Investments:			2,491,200		2,491,200		0.49	%
			Grand total	$	265,867,393		507,460,771		100.10	%

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, 2019, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 3.25% of net assets.

^(d)

Securities are American Depositary Receipts of companies based outside of the United States representing 0.01% of net assets as of June 30, 2019.

^(e)

The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2018, the value of the Clearwater Core Equity Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $4,473,835 with net sales of $1,982,635 during the six months ended June 30, 2019.

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund
June 30, 2019 (unaudited)

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

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund
June 30, 2019 (unaudited)

	Shares	Security	Cost		Fair value (a)		Percent of net assets
Common Stocks:
	Communication Services:
	109,240	ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.(b)	$	200,768		186,800
	26,394	BEASLEY BROADCAST GROUP, INC., CLASS A		85,517		84,989
	14,301	GANNETT CO., INC.		112,160		116,696
	5,089	HEMISPHERE MEDIA GROUP, INC.(b)		70,598		65,750
	17,382	IMAX CORP.(b)(c)		339,065		351,116
	115,656	MARCHEX, INC., CLASS B(b)		282,313		543,583
	20,368	ORBCOMM, INC.(b)		148,890		147,668
	53,166	READING INTERNATIONAL, INC., CLASS A(b)		788,350		690,095
	5,348	SAGA COMMUNICATIONS, INC., CLASS A		174,892		167,072
				2,202,553		2,353,769	0.68	%
	Consumer Discretionary:
	120,500	AMERICAN EAGLE OUTFITTERS, INC.		2,323,315		2,036,450
	151,119	BBX CAPITAL CORP.		895,393		741,994
	11,546	BLUEGREEN VACATIONS CORP.		120,054		134,973
	81,501	CALLAWAY GOLF CO.		1,318,602		1,398,557
	72,043	CARRIAGE SERVICES, INC.		1,579,913		1,369,537
	15,688	CHILDREN’S PLACE (THE), INC.		1,712,128		1,496,321
	282,097	CLARUS CORP.		1,759,123		4,073,481
	21,625	CROWN CRAFTS, INC.		103,151		101,638
	68,112	CSS INDUSTRIES, INC.		1,066,662		332,387
	93,048	DEL FRISCO’S RESTAURANT GROUP, INC.(b)		689,852		740,662
	10,143	DORMAN PRODUCTS, INC.(b)		845,836		883,861
	68,800	EXTENDED STAY AMERICA, INC.		1,351,173		1,162,032
	97,891	FIESTA RESTAURANT GROUP, INC.(b)		1,387,972		1,286,288
	175,902	FULL HOUSE RESORTS, INC.(b)		396,501		328,937
	33,782	G-III APPAREL GROUP LTD.(b)		918,237		993,866
	55,200	GILDAN ACTIVEWEAR, INC.(c)		1,641,636		2,135,136
	20,200	HELEN OF TROY LTD.(b)		2,032,428		2,637,918
	11,036	IROBOT CORP.(b)(d)		821,346		1,011,339
	19,346	LAKELAND INDUSTRIES, INC.(b)		216,942		216,675
	194,252	LIFETIME BRANDS, INC.		2,029,553		1,837,624
	11,440	LITHIA MOTORS, INC., CLASS A		606,812		1,358,843
	29,100	MALIBU BOATS, INC., CLASS A(b)		944,242		1,130,535
	9,565	MARINEMAX, INC.(b)		165,230		157,249
	20,841	MARRIOTT VACATIONS WORLDWIDE CORP.		1,813,254		2,009,072
	46,111	MASTERCRAFT BOAT HOLDINGS, INC.(b)		1,142,859		903,315
	41,420	MOTORCAR PARTS OF AMERICA, INC.(b)		755,108		886,802
	424,919	OFFICE DEPOT, INC.		998,472		875,333
	79,136	PARTY CITY HOLDCO, INC.(b)		1,128,456		580,067
	78,778	PENN NATIONAL GAMING, INC.(b)		1,761,039		1,517,264
	99,274	POTBELLY CORP.(b)		1,077,136		505,305
	25,179	RED LION HOTELS CORP.(b)		189,618		179,023
	61,370	SKYLINE CHAMPION CORP.(b)		1,260,056		1,680,311
	2,056	STANDARD MOTOR PRODUCTS, INC.		96,247		93,219
	85,299	TWIN RIVER WORLDWIDE HOLDINGS, INC.(b)(d)		2,660,550		2,537,639
	7,584	UNIFI, INC.(b)		152,019		137,801
	33,500	WILLIAMS-SONOMA, INC.(d)		1,628,979		2,177,500
	91,400	WINNEBAGO INDUSTRIES, INC.		2,935,774		3,532,610
				42,525,668		45,181,564	13.09	%
	Consumer Staples:
	14,333	CALAVO GROWERS, INC.		1,183,861		1,386,574
	67,962	CENTRAL GARDEN & PET CO., CLASS A(b)		2,126,426		1,674,584
	2,787	COFFEE HOLDING CO., INC.(b)		12,265		11,399
	33,810	PERFORMANCE FOOD GROUP CO.(b)		1,090,573		1,353,414
	36,550	PRIMO WATER CORP.(b)		456,656		449,565
	30,708	SPECTRUM BRANDS HOLDINGS, INC.		1,703,480		1,651,169
	391,113	SUNOPTA, INC.(b)(c)(d)		2,034,092		1,286,762
	39,757	UNIVERSAL CORP.		2,167,649		2,416,033
				10,775,002		10,229,500	2.96	%
	Energy:
	34,247	BERRY PETROLEUM CORP.		398,174		363,018
	150,629	C&J ENERGY SERVICES, INC.(b)		2,213,171		1,774,410
	60,751	MURPHY OIL CORP.		1,560,712		1,497,512
	45,544	OIL STATES INTERNATIONAL, INC.(b)		1,138,368		833,455
	17,053	PROFIRE ENERGY, INC.(b)		28,972		25,750

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund
June 30, 2019 (unaudited)

Shares	Security	Cost		Fair value (a)		Percent of net assets
Energy (Cont’d):
62,524	SM ENERGY CO.	$	1,452,040		782,801
31,728	SOLARIS OILFIELD INFRASTRUCTURE, INC., CLASS A(d)		568,859		475,285
21,501	WORLD FUEL SERVICES CORP.		774,156		773,176
			8,134,452		6,525,407	1.89	%
Financials:
20,146	AMBAC FINANCIAL GROUP, INC.(b)		366,156		339,460
105,399	AMERICAN EQUITY INVESTMENT LIFE HOLDING CO.		2,735,795		2,862,637
28,078	AMERIS BANCORP		855,284		1,100,377
13,813	ARGO GROUP INTERNATIONAL HOLDINGS LTD.(c)		723,465		1,022,853
107,251	ASSOCIATED BANC-CORP		2,470,813		2,267,286
40,013	AXIS CAPITAL HOLDINGS LTD.(c)		2,105,370		2,386,775
36,559	BANCORP (THE), INC.(b)		337,429		326,106
2,354	BANKWELL FINANCIAL GROUP, INC.		68,210		67,560
24,775	BCB BANCORP, INC.		303,494		343,134
29,078	BLACKROCK CAPITAL INVESTMENT CORP.		178,103		175,340
77,621	BLACKROCK TCP CAPITAL CORP.		1,118,482		1,106,099
57,137	CANNAE HOLDINGS, INC.(b)		1,107,118		1,655,830
22,437	CAROLINA FINANCIAL CORP.		795,621		787,314
9,471	CB FINANCIAL SERVICES, INC.		255,287		224,936
36,233	CENTERSTATE BANK CORP.		891,755		834,446
1,879	CENTRAL VALLEY COMMUNITY BANCORP		37,299		40,342
1,908	CITIZENS HOLDING CO.		41,875		39,362
54,317	CM FINANCE, INC.		394,667		413,352
5,771	CNB FINANCIAL CORP.		93,783		162,973
197,746	CNO FINANCIAL GROUP, INC.		3,612,146		3,298,403
27,893	COMMERCE BANCSHARES, INC.		1,395,407		1,664,096
50,776	CRAWFORD & CO., CLASS A		437,434		534,671
6,782	CRAWFORD & CO., CLASS B		52,628		63,140
101,211	DONEGAL GROUP, INC., CLASS A		1,520,565		1,545,492
10,563	DYNEX CAPITAL, INC.		188,561		176,936
9,170	EAGLE BANCORP MONTANA, INC.		167,190		152,222
43,260	EMC INSURANCE GROUP, INC.		1,284,571		1,558,658
19,339	ENTERPRISE FINANCIAL SERVICES CORP.		786,061		804,502
33,303	ESSENT GROUP LTD.(b)		1,387,483		1,564,908
137,437	EXANTAS CAPITAL CORP.		1,236,260		1,554,412
8,365	FARMERS NATIONAL BANC CORP.		87,755		124,053
76,048	FIDUS INVESTMENT CORP.		1,080,978		1,212,966
27,248	FIRST HAWAIIAN, INC.		698,862		704,906
31,785	FIRST MERCHANTS CORP.		1,309,231		1,204,652
77,252	FIRST MIDWEST BANCORP, INC.		1,720,204		1,581,348
15,500	FIRSTCASH, INC.		923,675		1,550,310
47,600	GLACIER BANCORP, INC.		2,014,105		1,930,180
23,674	HANCOCK WHITNEY CORP.		1,178,375		948,380
36,343	HERITAGE COMMERCE CORP.		409,547		445,202
147,427	HOPE BANCORP, INC.		2,439,921		2,031,544
52,522	HUNT COS. FINANCE TRUST, INC.		179,449		179,100
13,289	LANDMARK BANCORP, INC.		354,013		318,272
4,350	LCNB CORP.		66,448		82,650
3,860	LENDINGTREE, INC.(b)(d)		957,133		1,621,316
18,427	LUTHER BURBANK CORP.		193,359		200,670
24,892	MACKINAC FINANCIAL CORP.		352,609		393,294
31,662	MVC CAPITAL, INC.		286,618		291,607
3,500	NATIONAL WESTERN LIFE GROUP, INC., CLASS A		1,164,873		899,500
45,235	NEW MOUNTAIN FINANCE CORP.		613,896		631,933
298,912	OAKTREE SPECIALTY LENDING CORP.		1,350,809		1,620,103
163,263	OAKTREE STRATEGIC INCOME CORP.		1,373,924		1,386,103
14,825	OCEANFIRST FINANCIAL CORP.		381,331		368,401
1,581	OCONEE FEDERAL FINANCIAL CORP.		36,347		36,284
20,619	PENNANTPARK FLOATING RATE CAPITAL LTD.(d)		239,812		238,356
185,761	PENNANTPARK INVESTMENT CORP.		1,285,128		1,174,010
4,319	PENNS WOODS BANCORP, INC.		181,459		195,435
21,263	PEOPLES BANCORP OF NORTH CAROLINA, INC.		501,748		638,953
52,800	PRA GROUP, INC.(b)		1,491,319		1,485,792
4,800	RENAISSANCERE HOLDINGS LTD.(c)		607,018		854,448
3,636	SALISBURY BANCORP, INC.		137,808		141,804
6,307	SHORE BANCSHARES, INC.		86,022		103,056
2,336	SIERRA BANCORP		40,971		63,352

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund
June 30, 2019 (unaudited)

Shares	Security	Cost		Fair value (a)		Percent of net assets
Financials (Cont’d):
47,025	SIMMONS FIRST NATIONAL CORP., CLASS A	$	1,428,180		1,093,802
26,121	SOUTHERN NATIONAL BANCORP OF VIRGINIA, INC.		415,576		399,913
2,508	SOUTHWEST GEORGIA FINANCIAL CORP.		51,887		52,292
27,690	STIFEL FINANCIAL CORP.		1,354,417		1,635,371
25,038	SUMMIT STATE BANK		321,064		275,418
48,613	SYNOVUS FINANCIAL CORP.		1,568,049		1,701,455
173,794	TCF FINANCIAL CORP.		2,906,776		3,613,177
125,700	UMPQUA HOLDINGS CORP.		2,227,631		2,085,363
9,024	UNITED BANCORP, INC.		118,401		101,700
5,918	UNITED BANCSHARES, INC.		128,716		119,366
13,436	UNITED FINANCIAL BANCORP, INC.		184,429		190,523
15,665	UNITY BANCORP, INC.		226,203		355,596
43,503	WALKER & DUNLOP, INC.		984,090		2,314,795
36,189	WEBSTER FINANCIAL CORP.		1,749,738		1,728,749
20,006	WEST BANCORPORATION, INC.		422,370		424,527
898	WHITEHORSE FINANCE, INC.		12,351		12,348
32,236	WSFS FINANCIAL CORP.		1,348,832		1,331,347
			66,141,769		71,167,344	20.63	%
Health Care:
31,480	AMN HEALTHCARE SERVICES, INC.(b)		1,588,056		1,707,790
34,000	BIOTELEMETRY, INC.(b)		1,375,275		1,637,100
26,355	BRUKER CORP.		740,335		1,316,432
7,610	CAMBREX CORP.(b)		300,897		356,224
43,300	CUTERA, INC.(b)		1,002,116		899,774
21,843	EMERGENT BIOSOLUTIONS, INC.(b)		695,870		1,055,235
41,397	GLOBUS MEDICAL, INC., CLASS A(b)		2,046,331		1,751,093
26,348	HARVARD BIOSCIENCE, INC.(b)		53,223		52,696
15,600	HILL-ROM HOLDINGS, INC.		1,188,688		1,632,072
5,795	ICU MEDICAL, INC.(b)		851,819		1,459,818
43,381	INFUSYSTEM HOLDINGS, INC.(b)		182,107		186,538
13,731	INTEGRA LIFESCIENCES HOLDINGS CORP.(b)		793,219		766,876
11,325	INTRICON CORP.(b)		257,639		264,552
28,021	INVACARE CORP.		167,383		145,429
22,034	LHC GROUP, INC.(b)		1,450,806		2,634,826
2,478	LIGAND PHARMACEUTICALS, INC.(b)		271,751		282,864
10,142	LIVANOVA PLC(b)(c)		1,115,990		729,818
9,169	LUMINEX CORP.		221,244		189,248
12,002	MAGELLAN HEALTH, INC.(b)		753,802		890,909
68,000	MEDNAX, INC.(b)		2,604,302		1,715,640
27,231	NANOVIBRONIX, INC.(b)(d)		132,728		78,970
18,850	OMNICELL, INC.(b)		664,818		1,621,666
7,257	ORASURE TECHNOLOGIES, INC.(b)		62,287		67,345
9,552	ORTHOFIX MEDICAL, INC.(b)		487,255		505,110
15,241	PREMIER, INC., CLASS A(b)		443,721		596,076
27,039	PROVIDENCE SERVICE (THE) CORP.(b)		1,751,093		1,550,416
51,191	PSYCHEMEDICS CORP.		735,870		516,517
76,419	STREAMLINE HEALTH SOLUTIONS, INC.(b)		88,634		115,393
37,600	SYNEOS HEALTH, INC.(b)		1,732,066		1,920,984
43,209	TIVITY HEALTH, INC.(b)		1,223,896		710,356
81,720	TRIPLE-S MANAGEMENT CORP., CLASS B(b)		1,988,370		1,949,022
114,475	VAREX IMAGING CORP.(b)		3,265,257		3,508,659
			30,236,848		32,815,448	9.51	%
Industrials:
168,502	ACTUANT CORP., CLASS A		4,274,601		4,180,535
63,600	AIR LEASE CORP.		2,390,380		2,629,224
11,684	AIR TRANSPORT SERVICES GROUP, INC.(b)		231,323		285,090
1,132	ALAMO GROUP, INC.		88,287		113,121
15,008	ALBANY INTERNATIONAL CORP., CLASS A		579,755		1,244,313
14,100	AMERICAN WOODMARK CORP.(b)		1,164,533		1,193,142
3,672	APOGEE ENTERPRISES, INC.		134,468		159,512
92,183	ARC DOCUMENT SOLUTIONS, INC.(b)		363,444		188,053
79,219	ARMSTRONG FLOORING, INC.(b)		1,089,732		780,307
29,766	ASGN, INC.(b)		1,248,008		1,803,820
8,618	ASTRONICS CORP.(b)		187,912		346,616
69,786	AVIS BUDGET GROUP, INC.(b)		2,473,365		2,453,676
25,026	BRINK’S (THE) CO.		1,673,767		2,031,611
9,810	CBIZ, INC.(b)		194,940		192,178

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund
June 30, 2019 (unaudited)

Shares	Security	Cost		Fair value (a)		Percent of net assets
Industrials (Cont’d):
77,180	COLFAX CORP.(b)	$	2,289,036		2,163,355
32,520	COLUMBUS MCKINNON CORP.		916,069		1,364,864
2,387	CURTISS-WRIGHT CORP.		164,301		303,459
27,600	DONALDSON CO., INC.		1,249,708		1,403,736
6,815	DUCOMMUN, INC.(b)		221,380		307,152
119,500	GATES INDUSTRIAL CORP. PLC(b)		1,811,727		1,363,495
51,675	GIBRALTAR INDUSTRIES, INC.(b)		1,489,069		2,085,603
11,900	GORMAN-RUPP (THE) CO.		360,214		390,677
12,263	HARSCO CORP.(b)		47,393		336,497
24,300	HEXCEL CORP.		1,486,940		1,965,384
73,806	INTERFACE, INC.		1,409,300		1,131,446
125,028	JELD-WEN HOLDING, INC.(b)		3,484,070		2,654,344
20,807	KADANT, INC.		1,610,911		1,889,484
22,249	KENNAMETAL, INC.		781,139		822,990
155,726	LSI INDUSTRIES, INC.		878,526		568,400
43,109	MASONITE INTERNATIONAL CORP.(b)		2,828,344		2,270,982
4,771	MCGRATH RENTCORP		158,938		296,518
29,142	MERCURY SYSTEMS, INC.(b)		1,213,083		2,050,140
5,524	MSA SAFETY, INC.		493,439		582,174
45,458	NAVIGANT CONSULTING, INC.		970,907		1,054,171
87,170	NOW, INC.(b)		967,183		1,286,629
6,479	PARK-OHIO HOLDINGS CORP.		229,982		211,151
162,760	PGT INNOVATIONS, INC.(b)		2,550,705		2,721,347
106,190	PIONEER POWER SOLUTIONS, INC.(b)		627,210		504,402
95,300	QUANEX BUILDING PRODUCTS CORP.		2,016,841		1,800,217
172,626	REV GROUP, INC.		2,066,215		2,487,541
33,000	RUSH ENTERPRISES, INC., CLASS A		1,376,111		1,205,160
34,968	RYDER SYSTEM, INC.		2,252,825		2,038,634
15,432	SITEONE LANDSCAPE SUPPLY, INC.(b)		1,146,380		1,069,438
14,363	SKYWEST, INC.		461,154		871,403
14,842	SPX CORP.(b)		324,558		490,083
181,239	STEELCASE, INC., CLASS A		2,589,944		3,099,187
77,126	TEREX CORP.		2,856,752		2,421,756
22,527	THERMON GROUP HOLDINGS, INC.(b)		499,907		577,817
41,679	TITAN MACHINERY, INC.(b)		640,930		857,754
10,364	TPI COMPOSITES, INC.(b)		279,039		256,198
68,793	TRIMAS CORP.(b)		1,808,640		2,130,519
10,386	VALMONT INDUSTRIES, INC.		1,523,166		1,317,049
32,261	VIAD CORP.		1,641,372		2,136,969
59,791	WESCO AIRCRAFT HOLDINGS, INC.(b)		569,019		663,680
28,737	WOODWARD, INC.		1,422,401		3,251,879
			67,809,343		74,004,882	21.45	%
Information Technology:
45,503	ADESTO TECHNOLOGIES CORP.(b)(d)		239,580		370,849
41,834	ANIXTER INTERNATIONAL, INC.(b)		2,898,060		2,497,908
24,921	ASTRONOVA, INC.		433,683		643,959
27,698	AUDIOCODES LTD.(c)		392,268		428,765
69,627	AVIAT NETWORKS, INC.(b)		1,229,827		953,890
11,693	AXT, INC.(b)		50,256		46,304
15,966	BELDEN, INC.		908,428		951,095
27,550	BRIGHTCOVE, INC.(b)		218,248		284,591
234,090	CELESTICA, INC.(b)(c)		2,491,392		1,598,835
70,510	COHU, INC.		1,212,658		1,087,969
12,358	COMMVAULT SYSTEMS, INC.(b)		636,255		613,204
18,686	COMTECH TELECOMMUNICATIONS CORP.		461,483		525,263
72,220	CYPRESS SEMICONDUCTOR CORP.		962,775		1,606,173
102,385	DSP GROUP, INC.(b)		1,306,291		1,470,249
25,800	ENTEGRIS, INC.		712,668		962,856
10,022	EURONET WORLDWIDE, INC.(b)		448,175		1,686,101
7,187	EVERBRIDGE, INC.(b)		689,525		642,661
35,311	EVO PAYMENTS, INC., CLASS A(b)		842,266		1,113,356
100,897	FIREEYE, INC.(b)		1,658,322		1,494,285
133,620	FRANKLIN WIRELESS CORP.(b)		287,454		327,369
119,539	FREQUENCY ELECTRONICS, INC.(b)		1,117,791		1,361,549
28,392	IMMERSION CORP.(b)		213,889		216,063
18,008	INSIGHT ENTERPRISES, INC.(b)		725,635		1,048,066
10,188	ITERIS, INC.(b)		47,374		52,672

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund
June 30, 2019 (unaudited)

Shares	Security	Cost		Fair value (a)		Percent of net assets
Information Technology (Cont’d):
66,624	JABIL, INC.	$	1,382,706		2,105,318
85,971	KBR, INC.		1,548,044		2,144,117
6,983	KEMET CORP.		116,888		131,350
19,181	LUMENTUM HOLDINGS, INC.(b)		1,039,951		1,024,457
6,190	MKS INSTRUMENTS, INC.		444,669		482,139
70,714	MONOTYPE IMAGING HOLDINGS, INC.		1,214,140		1,190,824
6,300	MTS SYSTEMS CORP.		325,933		368,739
19,122	NOVANTA, INC.(b)		577,472		1,803,205
12,429	OSI SYSTEMS, INC.(b)		883,641		1,399,878
45,909	PERFICIENT, INC.(b)		726,814		1,575,597
35,040	PLEXUS CORP.(b)		1,963,116		2,045,285
35,591	PROS HOLDINGS, INC.(b)		1,006,892		2,251,487
96,547	RIBBON COMMUNICATIONS, INC.(b)		493,954		472,115
3,444	ROGERS CORP.(b)		398,157		594,365
65,846	SCANSOURCE, INC.(b)		2,514,326		2,143,946
354,747	SERVICESOURCE INTERNATIONAL, INC.(b)		348,239		337,010
258,208	STEEL CONNECT, INC.(b)		431,614		469,939
33,900	SUPER MICRO COMPUTER, INC.(b)		708,973		655,965
10,408	SYNNEX CORP.		273,545		1,024,147
261,542	TIVO CORP.		2,825,064		1,927,564
105,225	UNISYS CORP.(b)(d)		1,143,984		1,022,787
25,167	VIRTUSA CORP.(b)		1,188,166		1,118,170
			41,740,591		48,272,436	13.99	%
Materials:
11,705	AMERICAN VANGUARD CORP.		210,316		180,374
40,000	H.B. FULLER CO.		2,190,810		1,856,000
30,554	INGEVITY CORP.(b)		1,967,758		3,213,364
10,025	INNOPHOS HOLDINGS, INC.		321,097		291,828
29,795	KOPPERS HOLDINGS, INC.(b)		579,129		874,781
6,778	MATERION CORP.		344,347		459,616
11,547	MERCER INTERNATIONAL, INC.(c)		157,306		178,632
60,268	PQ GROUP HOLDINGS, INC.(b)		966,309		955,248
29,000	RELIANCE STEEL & ALUMINUM CO.		2,272,423		2,743,980
76,000	SCHWEITZER-MAUDUIT INTERNATIONAL, INC.		3,021,050		2,521,680
			12,030,545		13,275,503	3.85	%
Real Estate:
54,500	BLUEROCK RESIDENTIAL GROWTH REIT, INC.		466,274		640,375
27,853	CATCHMARK TIMBER TRUST, INC., CLASS A		276,424		291,064
15,901	CITY OFFICE REIT, INC.(c)		154,948		190,653
67,067	DIAMONDROCK HOSPITALITY CO.		728,909		693,473
60,323	EASTERLY GOVERNMENT PROPERTIES, INC.		999,169		1,092,449
70,635	EMPIRE STATE REALTY TRUST, INC., CLASS A		1,095,355		1,046,104
40,802	ESSENTIAL PROPERTIES REALTY TRUST, INC.		841,130		817,672
26,700	HFF, INC., CLASS A		949,848		1,214,316
4,136	INNOVATIVE INDUSTRIAL PROPERTIES, INC.(d)		432,858		511,044
18,712	INVESTORS REAL ESTATE TRUST		1,011,436		1,097,833
30,340	MARCUS & MILLICHAP, INC.(b)		789,156		935,989
101,573	MONMOUTH REAL ESTATE INVESTMENT CORP.		1,331,019		1,376,314
3,926	ONE LIBERTY PROPERTIES, INC.		115,636		113,697
61,402	PHYSICIANS REALTY TRUST		1,025,793		1,070,851
10,945	QTS REALTY TRUST, INC., CLASS A		497,351		505,440
69,283	REALOGY HOLDINGS CORP.		1,827,617		501,609
25,289	RETAIL OPPORTUNITY INVESTMENTS CORP.		495,618		433,201
58,182	RPT REALTY		690,980		704,584
36,692	STAG INDUSTRIAL, INC.		546,142		1,109,566
48,651	STRATUS PROPERTIES, INC.(b)		1,343,562		1,577,752
8,263	TEJON RANCH CO.(b)		142,978		137,083
112,173	UMH PROPERTIES, INC.		1,474,457		1,392,067
46,594	XENIA HOTELS & RESORTS, INC.		1,059,497		971,485
			18,296,157		18,424,621	5.34	%
Utilities:
7,344	ALLETE, INC.		218,367		611,094
17,625	EL PASO ELECTRIC CO.		1,047,990		1,152,675
170,761	PURE CYCLE CORP.(b)		1,216,968		1,810,067
18,266	SJW GROUP		1,121,249		1,110,025

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund

June 30, 2019 (unaudited)

	Shares		Security	Cost		Fair value (a)		Percent of net assets
	Utilities (Cont’d):
	12,735		SPIRE, INC.	$	612,564		1,068,721
					4,217,138		5,752,582	1.67	%
		Sub-total Common Stocks:			304,110,066		328,003,056	95.06	%
Convertible Bonds:
	Health Care:
	340,000		INVACARE CORP., 4.50%, 6/1/22		283,190		252,502
					283,190		252,502	0.07	%
		Sub-total Convertible Bonds:			283,190		252,502	0.07	%
Convertible Preferred Stocks:
	Real Estate:
	6,660		WHEELER REAL ESTATE INVESTMENT TRUST, INC. (Step to 10.75% on 9/21/2023), 8.75%(e)		64,211		100,100
	4,224		WHEELER REAL ESTATE INVESTMENT TRUST, INC., 9.00%		47,126		59,009
					111,337		159,109	0.05	%
		Sub-total Convertible Preferred Stocks:			111,337		159,109	0.05	%
Investment Companies:
	Financials:
	10,895		ISHARES RUSSELL 2000 ETF(d)		1,646,649		1,694,172
					1,646,649		1,694,172	0.49	%
		Sub-total Investment Companies:			1,646,649		1,694,172	0.49	%
Master Limited Partnerships:
	Industrials:
	25,818		STEEL PARTNERS HOLDINGS L.P.(b)		359,035		361,452
					359,035		361,452	0.11	%
		Sub-total Master Limited Partnerships:			359,035		361,452	0.11	%
Preferred Stocks:
	Industrials:
	184,080		STEEL PARTNERS HOLDINGS L.P., 6.00%		3,199,053		3,867,521
					3,199,053		3,867,521	1.12	%
		Sub-total Preferred Stocks:			3,199,053		3,867,521	1.12	%
Rights:
	Consumer Discretionary:
	55,700		MEDIA GENERAL, INC. (CONTINGENT VALUE RIGHTS)(b)		-		-
					-		-	0.00	%
		Sub-total Rights:			-		-	0.00	%
Warrants:
	Health Care:
	19,977		NANOVIBRONIX, INC.(b)(f)		200		-
					200		-	0.00	%
		Sub-total Warrants:			200		-	0.00	%
Short-Term Investments:
	9,158,405		FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO(g)		9,158,405		9,158,405
	12,780,454		NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 2.25%(h)		12,780,454		12,780,454
		Sub-total Short-Term Investments:			21,938,859		21,938,859	6.36	%
			Grand total	$	331,648,389		356,276,671	103.26	%

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)

^(d)

Security is either wholly or partially on loan.

^(e)

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

^(f)

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

^(g)

Investment relates to cash collateral received from portfolio securities loaned.

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund
June 30, 2019 (unaudited)

^(h)

The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2018, the value of the Clearwater Small Companies Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $12,345,333 with net purchases of $435,121 during the six months ended June 30, 2019.

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund

June 30, 2019 (unaudited)

Clearwater Small Companies Fund Portfolio Diversification

(as a percentage of net assets)

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

June 30, 2019 (unaudited)

				Maturity		Coupon						Percent of
Par/Shares			Security	date		rate		Cost		Fair value (a)		net assets
Closed-End Funds:
	227,600		BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST					$	2,360,733		2,874,588
	54,180		BLACKROCK MUNICIPAL INCOME QUALITY TRUST						739,165		745,517
	19,200		BLACKROCK MUNIENHANCED FUND INC						201,815		213,120
	58,171		BLACKROCK MUNIHOLDINGS FUND II INC						822,153		877,800
	91,327		BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND						1,010,095		1,214,649
	77,015		BLACKROCK MUNIHOLDINGS QUALITY FUND II INC						972,439		968,849
	35,700		BLACKROCK MUNIHOLDINGS QUALITY FUND INC						474,032		443,751
	55,111		BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND						701,111		762,185
	142,461		BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC						1,846,525		1,957,414
	51,700		BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND						729,423		724,834
	102,096		BLACKROCK MUNIYIELD QUALITY FUND II INC						1,309,732		1,282,326
	118,472		BLACKROCK MUNIYIELD QUALITY FUND III INC						1,572,465		1,563,830
	36,970		BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC						301,534		293,172
	83,165		DWS MUNICIPAL INCOME TRUST						940,535		937,270
	178,050		INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II						1,985,371		1,958,550
	113,205		INVESCO MUNICIPAL OPPORTUNITY TRUST						1,410,253		1,392,422
	60,000		INVESCO MUNICIPAL TRUST						773,718		739,200
	76,122		INVESCO QUALITY MUNICIPAL INCOME TRUST						868,956		945,435
	60,000		INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS						774,122		760,200
	53,000		NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND						748,312		841,110
	245,475		NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND						3,273,528		3,390,010
	19,000		NUVEEN CONNECTICUT QUALITY MUNICIPAL INCOME FUND						247,059		246,430
	15,963		NUVEEN MICHIGAN QUALITY MUNICIPAL INCOME FUND						214,604		216,458
	52,779		NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND						723,142		720,433
	54,741		NUVEEN QUALITY MUNICIPAL INCOME FUND						752,960		766,374
	28,000		PUTNAM MUNICIPAL OPPORTUNITIES TRUST						371,050		354,480
	19,613		WESTERN ASSET MUNICIPAL PARTNERS FUND INC						246,036		292,234
		Sub-total Closed-End Funds:							26,370,868		27,482,641		5.03	%
Municipal Bonds:
	500,000		9TH AVENUE MET DIST #2 CO		12/1/2048		5.00		500,000		519,425
	2,350,000		ACALANES CA UNION HIGH SCH DIST (Step to 6.55% on 8/1/2024)(b)		8/1/2039		0.00		1,695,982		2,429,148
	1,000,000		AEROTROPOLIS REGL TRANPRTN AUTH CO SPL REVENUE		12/1/2051		5.00		1,015,450		1,017,300
	1,000,000		ALACHUA CNTY FL HLTH FACS AUTH CCRC		10/1/2032		8.00		1,086,359		1,138,500
	640,000		ALASKA ST HSG FIN CORP MTGE REVENUE		12/1/2037		4.13		629,830		656,749
	500,000		ALASKA ST HSG FIN CORP MTGE REVENUE		12/1/2040		4.63		495,000		505,910
	350,000		ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(c)		12/1/2010		5.40		350,000		17,500
	610,000		ALLEGHENY CNTY PA INDL DEV AUTH CHRT SCH REVENUE		8/15/2026		5.90		610,000		628,532
	500,000		ALTA LAKES CMNTY DEV DIST FL SPL ASSMNT		5/1/2039		4.40		497,360		499,970
	1,000,000		ALVORD CA UNIF SCH DIST		8/1/2036		5.25		1,014,628		1,140,130
	1,000,000		ALVORD CA UNIF SCH DIST (Step to 7.35% on 8/1/2026)(b)		8/1/2046		0.00		602,588		1,104,690
	1,000,000		APPLE VLY MN SENIOR LIVING REVENUE		1/1/2047		5.00		978,056		1,026,090
	500,000		ARIZONA ST INDL DEV AUTH EDU REVENUE(d)		7/15/2038		5.75		523,504		560,350
	1,000,000		ARIZONA ST INDL DEV AUTH MF HSG REVENUE		1/1/2038		5.38		1,000,000		1,026,660
	1,835,000		ARLINGTON TX HGR EDU FIN CORP EDU REVENUE		8/15/2028		7.00		1,802,201		1,940,090
	500,000		ARLINGTON TX HGR EDU FIN CORP EDU REVENUE		6/15/2036		5.00		505,785		509,950
	650,000		ARLINGTON TX SPL TAX REVENUE		2/15/2041		5.00		699,328		729,391
	400,000		ASTURIA FL CMNTY DEV DIST SPL ASSMNT		5/1/2034		5.75		400,000		413,348
	500,000		ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE		6/15/2039		5.00		511,509		556,205
	500,000		ATLANTA GA ARPT REVENUE		1/1/2030		6.00		503,907		534,555
	1,350,000		BAY CNTY FL EDUCTNL FACS REVENUE		9/1/2030		5.25		1,260,747		1,389,015
	1,000,000		BELLALAGO FL EDUCTNL FACS BENEFIT DIST CAPITAL IMPT REVENUE		5/1/2030		4.38		986,815		1,094,400
	1,195,000		BELLWOOD IL		12/1/2027		5.88		1,187,564		1,346,873
	865,000		BEXAR CNTY TX HSG FIN CORP(e)(f)		2/1/2035		3.75		865,000		896,477

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

June 30, 2019 (unaudited)

			Maturity		Coupon						Percent of
Par/Shares		Security	date		rate		Cost		Fair value (a)		net assets
Municipal Bonds (Cont’d):
	2,000,000	BEXAR CNTY TX REVENUE		8/15/2039		5.00	$	2,062,317		2,180,500
	500,000	BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE		5/1/2035		6.25		500,000		541,730
	225,000	BLACKBURN CREEK CMNTY DEV DISTFL CAP IMPT REVENUE		5/1/2045		6.25		225,000		241,364
	1,500,000	BOLINGBROOK IL SPL SVC AREA SPL TAX		3/1/2030		4.00		1,555,112		1,647,930
	750,000	BROADWAY STATION MET DIST #2 CO		12/1/2048		5.13		750,000		780,893
	650,000	BUFFALO HIGHLANDS MET DIST		12/1/2038		5.25		651,939		669,344
	1,150,000	BURBANK IL EDUCTNL FACS REVENUE(d)		9/1/2035		6.00		1,150,000		1,269,853
	1,000,000	BUREAU CNTY TWP IL HIGH SCH DIST #502		10/1/2043		6.63		1,037,603		1,224,320
	380,000	BUTLER CNTY PA GEN AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(e)		10/1/2034		2.25		380,000		365,229
	500,000	CALIFORNIA ST HLTH FACS FING AUTH REVENUE		8/15/2033		5.50		502,669		542,575
	1,500,000	CALIFORNIA ST SCH FACS FING AUTH REVENUE		8/1/2029		6.00		1,492,612		1,936,545
	1,370,000	CAPITAL TRUST AGY FL CHRT SCH REVENUE		2/1/2035		5.38		1,370,000		1,409,456
	750,000	CAPITAL TRUST AGY FL REVENUE		4/1/2035		7.00		750,000		752,340
	1,750,000	CAPITAL TRUST AGY FL REVENUE(d)		12/1/2035		6.75		1,746,431		1,804,845
	750,000	CAPITAL TRUST AGY FL REVENUE(d)		7/1/2037		6.75		750,000		788,228
	750,000	CAPITAL TRUST AGY FL SENIOR LIVING REVENUE(d)		8/1/2027		5.00		750,000		772,268
	750,000	CAPITAL TRUST AGY FL SENIOR LIVING REVENUE(d)		8/1/2032		5.38		750,000		779,085
	500,000	CAPITAL TRUST AGY FL STUDENT HSG REVENUE(d)		12/1/2043		5.25		515,703		518,780
	1,000,000	CARLSBAD CA UNIF SCH DIST (Step to 6.13% on 8/1/2021)(b)		8/1/2031		0.00		880,421		1,226,120
	705,000	CARMEL IN REVENUE(c)		11/15/2022		6.00		699,554		493,500
	1,000,000	CARMEL IN REVENUE(c)		11/15/2027		7.00		1,011,374		700,000
	750,000	CELEBRATION POINTE CMNTY DEV DIST #1 FL SPL ASSMNT REVENUE(d)		5/1/2032		5.00		754,809		806,505
	1,000,000	CENTRL BRADFORD PROGRESS AUTH PA		12/1/2031		5.50		1,011,231		1,081,060
	365,000	CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE		11/1/2022		5.00		328,558		365,533
	1,000,000	CHICAGO HEIGHTS IL		12/1/2029		4.50		1,054,043		1,085,630
	1,000,000	CHICAGO IL MIDWAY ARPT REVENUE		1/1/2035		5.25		1,001,246		1,110,950
	1,000,000	CHICAGO IL PARK DIST		1/1/2028		5.00		1,093,277		1,115,930
	1,000,000	CLACKAMAS CNTY OR HOSP FAC AUTH REVENUE		11/15/2052		5.00		1,044,400		1,118,500
	1,500,000	CLOVIS CA UNIF SCH DIST(g)		8/1/2030		0.00		768,937		930,705
	650,000	CMWLTH FING AUTH PA TOBACCO MASTER SETTLEMENT PAYMENT REV		6/1/2039		4.00		646,885		706,667
	750,000	COLLIER CNTY FL INDL DEV AUTH		10/1/2039		6.25		737,308		807,742
	750,000	COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV(d)		5/15/2026		7.25		750,000		743,708
	1,750,000	COLLIER CNTY FLA INDL DEV AUTH CONTINUING CARE CMNTY REV(d)		5/15/2044		8.13		1,915,608		1,737,785
	500,000	COLORADO SCIENCE AND TECH PARK MET DIST #1		12/1/2033		5.00		506,106		527,845
	1,000,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE		7/1/2034		5.60		994,919		1,025,670
	1,000,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE(d)		9/1/2046		5.00		1,006,106		1,011,170
	1,250,000	COLORADO ST HLTH FACS AUTH HOSP REVENUE		12/1/2048		5.00		1,312,861		1,416,462
	1,000,000	COLORADO ST HLTH FACS AUTH REVENUE		8/1/2033		7.63		989,306		1,122,290
	1,000,000	COLTON CA JT UNIF SCH DIST (Step to 5.80% on 8/1/2021)(b)		8/1/2035		0.00		887,698		1,093,310
	1,000,000	CONNECTICUT ST HSG FIN AUTH HSG FIN PROGRAM		11/15/2035		3.88		1,000,000		1,066,220
	515,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM		5/15/2038		3.95		515,000		538,644
	5,000,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM		11/15/2047		3.65		5,000,000		5,063,600
	500,000	COPPERLEAF CO MET DIST #2		12/1/2030		5.25		500,000		524,450

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

June 30, 2019 (unaudited)

			Maturity		Coupon						Percent of
Par/Shares		Security	date		rate		Cost		Fair value (a)		net assets
Municipal Bonds (Cont’d):
	500,000	COPPERLEAF CO MET DIST #2		12/1/2045		5.75	$	500,000		524,300
	1,105,000	CORONA-NORCO CA UNIF SCH DIST		8/1/2039		6.80		1,104,306		1,498,015
	637,000	CORTLAND IL SPL TAX REVENUE(c)		3/1/2017		5.50		633,881		127,400
	500,000	COVENTRY OH LOCAL SCH DIST		11/1/2037		5.25		502,717		535,160
	750,000	CRYSTAL CO CROSSING MET DIST		12/1/2040		5.25		750,000		770,078
	1,000,000	DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE		11/1/2037		5.25		1,006,150		1,127,230
	2,000,000	DAMON RUN IN CONSERVANCY DIST		7/1/2025		6.10		2,000,000		2,007,560
	1,000,000	DAMON RUN IN CONSERVANCY DIST		1/1/2027		6.38		1,000,000		1,003,950
	800,000	DAUPHIN CNTY PA GEN AUTH UNIV REVENUE(d)		10/15/2022		4.00		798,695		811,008
	1,000,000	DAVIE FL EDUCTNL FACS REVENUE		4/1/2042		6.00		1,014,671		1,128,620
	500,000	DAVIESS CNTY IN HOSP ASSN LEASE RENTAL REVENUE		1/15/2029		5.25		492,609		521,490
	1,000,000	DAYTON-MONTGOMERY CNTY OH PORT AUTH PROJ REVENUE		1/15/2040		7.00		1,000,000		1,026,160
	500,000	DECATUR IL		3/1/2034		5.00		510,408		552,130
	1,000,000	DEKALB/KANE/LA SALLE CNTYS IL CMNTY CLG DIST #523(g)		2/1/2029		0.00		603,980		583,140
	210,000	DELAWARE ST HSG AUTH REVENUE		7/1/2031		5.20		210,000		210,399
	1,000,000	DENVER CO URBAN RENEWAL AUTH TAX INCR REVENUE(d)		12/1/2039		5.25		985,158		1,057,120
	500,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE		7/1/2033		5.45		500,000		528,010
	1,000,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE		6/1/2040		4.90		1,000,000		1,065,160
	1,000,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE		6/1/2041		5.00		1,000,000		1,076,770
	1,200,000	DIST OF COLUMBIA REVENUE		7/1/2037		5.00		1,200,000		1,287,948
	1,000,000	DISTRICT OF COLUMBIA HSG FIN AGY		9/1/2043		4.05		1,000,000		1,070,510
	1,000,000	DOUGLAS CNTY CO MF REVENUE		10/1/2029		4.50		1,000,000		1,044,170
	500,000	DOWDEN WEST CMNTY DEV DIST FL SPL ASSMNT REVENUE(d)		5/1/2039		5.40		500,000		524,855
	3,000,000	DUBLIN CA UNIF SCH DIST(g)		8/1/2034		0.00		1,163,189		1,167,960
	1,000,000	EAST CHICAGO IN SAN DIST REVENUE		7/15/2035		4.00		993,270		1,067,170
	1,500,000	EAST MORGAN CNTY CO HOSP DIST COPS		12/1/2038		5.88		1,500,000		1,509,990
	2,045,000	EDEN TWP CA HOSP DIST COPS		6/1/2030		6.00		2,028,770		2,133,548
	750,000	EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE		7/1/2033		6.38		743,458		752,820
	1,000,000	EL PASO TX DOWNTOWN DEV CORP SPL REVENUE		8/15/2038		7.25		1,046,909		1,217,790
	1,000,000	ENCINITAS CA UNION SCH DIST (Step to 6.75% on 8/1/2022)(b)		8/1/2035		0.00		815,054		1,266,060
	1,155,000	ENTERPRISE CA ELEM SCH DIST (Step to 6.20% on 8/1/2021)(b)		8/1/2035		0.00		1,017,029		1,412,958
	1,000,000	ERIE CNTY PA HOSP AUTH		7/1/2027		7.00		1,000,000		1,055,260
	1,000,000	ESCAMBIA CNTY FL HSG FIN AUTH SF MTGE REVENUE		10/1/2049		3.75		1,000,000		1,029,820
	600,000	ESCONDIDO CA SPL TAX		9/1/2036		5.00		636,526		696,102
	750,000	EVANSVILLE IN MF HSG REVENUE		1/1/2038		5.45		750,000		777,338
	500,000	FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE		8/1/2039		5.60		500,000		501,025
	1,000,000	FESTIVAL RANCH AZ CMNTY FACS DIST		7/15/2024		6.25		1,000,095		1,005,790
	315,000	FIDDLERS CREEK FL CDD #2 SPL ASSMNT REVENUE(c)		5/1/2013		5.75		314,118		198,450
	715,000	FISHHAWK CCD IV FL SPL ASSMNT REVENUE		5/1/2033		7.00		715,000		793,643
	1,000,000	FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE(d)		6/15/2035		6.00		1,000,948		1,095,020
	140,000	FLORIDA ST HSG FIN CORP REVENUE		7/1/2026		5.00		140,068		142,575
	825,000	FLORIDA ST HSG FIN CORP REVENUE		7/1/2035		3.75		825,000		860,599
	605,000	FLORIDA ST HSG FIN CORP REVENUE		7/1/2039		4.20		605,000		619,260
	2,000,000	FLORIDA ST HSG FIN CORP REVENUE		1/1/2045		4.20		2,000,000		2,159,260
	1,200,000	FORT SILL APACHE TRIBE OK ECONDEV AUTH GAMING ENTERPRISE REV(d)		8/25/2026		8.50		1,200,000		1,344,456
	1,000,000	FRANKLIN CNTY KS UNIF SCH DIST #290		9/1/2039		4.75		1,037,276		1,127,650
	1,000,000	FRANKLIN TN HLTH & EDUCTNL FACS BRD REVENUE(d)		6/1/2027		6.50		1,000,000		1,050,670
	845,000	FULTON CNTY GA DEV AUTH		11/1/2028		5.25		735,013		845,084

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

June 30, 2019 (unaudited)

			Maturity		Coupon						Percent of
Par/Shares		Security	date		rate		Cost		Fair value (a)		net assets
Municipal Bonds (Cont’d):
	3,500,000	GEORGIA ST HSG & FIN AUTH REVENUE		12/1/2037		3.80	$	3,500,000		3,602,585
	2,000,000	GEORGIA ST HSG & FIN AUTH REVENUE		12/1/2037		4.00		2,000,000		2,048,000
	1,000,000	GEORGIA ST HSG & FIN AUTH REVENUE		12/1/2038		3.85		1,000,000		1,062,600
	1,000,000	GEORGIA ST HSG & FIN AUTH REVENUE		12/1/2039		4.00		1,000,000		1,062,010
	2,500,000	GEORGIA ST HSG & FIN AUTH REVENUE		12/1/2040		3.80		2,500,000		2,609,300
	1,000,000	GEORGIA ST HSG & FIN AUTH REVENUE		12/1/2041		3.85		1,003,439		1,027,090
	1,950,000	GEORGIA ST HSG & FIN AUTH REVENUE		12/1/2043		3.90		1,942,526		1,997,911
	1,100,000	GEORGIA ST HSG & FIN AUTH REVENUE		12/1/2048		4.00		1,100,000		1,162,007
	2,000,000	GEORGIA ST HSG & FIN AUTH REVENUE		12/1/2048		4.20		2,014,157		2,146,760
	600,000	GLENDALE AZ INDL DEV AUTH		11/15/2036		5.00		616,141		645,990
	550,000	GLENDALE AZ INDL DEV AUTH		11/15/2046		5.25		558,357		578,419
	1,500,000	GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE (Step to 5.50% on 10/1/2023)(b)		10/1/2035		0.00		1,190,294		1,567,695
	950,000	HAMILTON CNTY OH HLTH CARE REVENUE		1/1/2031		6.13		930,820		1,012,462
	1,250,000	HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE		8/15/2021		6.75		1,250,000		1,258,137
	1,500,000	HARTNELL CA CMNTY CLG DIST (Step to 7.00% on 8/1/2022)(b)		8/1/2034		0.00		1,213,260		1,702,605
	3,500,000	HEALDSBURG CA UNIF SCH DIST (Step to 4.60% on 8/1/2022)(b)		8/1/2037		0.00		3,039,788		3,421,215
	1,000,000	HELENDALE CA SCH DIST (Step to 6.25% on 8/1/2019)(b)		8/1/2034		0.00		994,180		1,348,360
	750,000	HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE		9/1/2038		5.00		753,612		833,467
	800,000	HERITAGE HARBOUR FL N CDD SPL ASSMNT		5/1/2034		5.00		800,000		870,248
	1,000,000	HIDALGO CNTY TX REGL MOBILITY AUTH VEHICLE REGISTRATION FEE		12/1/2038		5.25		1,018,111		1,144,980
	1,500,000	HOUSTON TX HGR EDU FIN CORP		9/1/2038		5.50		1,521,676		1,669,995
	750,000	IDAHO ST HLTH FACS AUTH REVENUE		10/1/2024		7.00		750,000		831,525
	750,000	IDAHO ST HLTH FACS AUTH REVENUE		10/1/2029		7.38		743,283		828,330
	1,000,000	IDAHO ST HLTH FACS AUTH REVENUE		10/1/2044		8.00		1,047,664		1,128,000
	1,500,000	ILLINOIS ST		2/1/2030		4.00		1,493,529		1,635,420
	500,000	ILLINOIS ST		7/1/2033		5.50		498,790		550,025
	1,000,000	ILLINOIS ST EDUCTNL FACS AUTH		11/1/2036		4.50		1,000,000		1,068,060
	675,000	ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE		2/1/2034		6.00		680,332		738,052
	515,000	ILLINOIS ST FIN AUTH REVENUE		8/15/2026		6.00		515,000		515,433
	500,000	ILLINOIS ST FIN AUTH REVENUE		5/15/2036		5.00		501,419		533,465
	750,000	ILLINOIS ST FIN AUTH REVENUE		12/1/2037		5.00		767,313		802,035
	500,000	ILLINOIS ST FIN AUTH REVENUE		5/1/2038		5.25		509,002		532,675
	1,450,000	ILLINOIS ST FIN AUTH REVENUE		5/15/2038		5.13		1,409,554		1,497,777
	1,000,000	ILLINOIS ST FIN AUTH REVENUE		5/15/2045		5.00		1,062,516		1,081,160
	395,000	ILLINOIS ST HSG DEV AUTH		7/1/2034		4.95		395,000		407,857
	1,000,000	ILLINOIS ST HSG DEV AUTH REVENUE		4/1/2041		3.88		1,000,000		1,049,830
	1,000,000	ILLINOIS ST SALES TAX REVENUE		6/15/2033		5.00		1,074,622		1,139,530
	1,500,000	ILLINOIS ST SPORTS FACS AUTH		6/15/2031		5.25		1,575,919		1,676,715
	1,000,000	IMPERIAL CA CMNTY CLG DIST		8/1/2040		6.75		1,007,737		1,321,060
	3,000,000	INDIANA ST FIN AUTH REVENUE		9/15/2030		6.50		3,024,362		3,254,760
	500,000	INDIANA ST FIN AUTH REVENUE		11/15/2031		5.50		494,239		533,520
	1,000,000	INDIANA ST FIN AUTH REVENUE		11/15/2033		6.50		988,447		1,108,130
	1,000,000	INDIANA ST FIN AUTH REVENUE		3/1/2041		5.00		1,025,057		1,068,720
	500,000	INDIANA ST FIN AUTH REVENUE		11/15/2041		5.88		527,007		560,665
	1,000,000	INDIANA ST FIN AUTH REVENUE		11/15/2041		6.00		987,773		1,128,620
	1,000,000	INDIANA ST FIN AUTH REVENUE		11/15/2046		5.25		1,032,639		1,124,400
	1,500,000	INDIANA ST HSG & CMNTY DEV AUTH MF HSG REVENUE		1/1/2036		5.75		1,500,000		1,521,120
	1,500,000	IOWA ST FIN AUTH REVENUE		5/15/2036		5.00		1,632,541		1,653,360
	700,000	KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE(d)		1/1/2038		5.25		686,169		769,916
	630,000	KANSAS CITY MO INDL DEV AUTH		9/1/2023		5.45		630,000		643,860
	1,000,000	KANSAS CITY MO INDL DEV AUTH		11/20/2039		5.10		1,000,000		1,014,270
	1,300,000	KANSAS CITY MO INDL DEV AUTH SENIOR LIVING FACS REVENUE(d)		11/15/2036		5.75		1,300,000		1,169,311
	885,000	KENTUCKY ST HSG CORP HSG REVENUE		7/1/2028		3.75		874,995		925,958
	550,000	KING CNTY WA HSG AUTH		5/1/2028		5.20		550,000		551,496

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

June 30, 2019 (unaudited)

			Maturity		Coupon						Percent of
Par/Shares		Security	date		rate		Cost		Fair value (a)		net assets
Municipal Bonds (Cont’d):
	1,000,000	KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE		5/15/2037		5.25	$	1,019,307		1,119,430
	500,000	LAKE CNTY IL SCH DIST #33		12/1/2040		5.00		519,429		543,110
	750,000	LAKE CNTY OH PORT & ECON DEV AUTH LEASE REVENUE(d)		12/1/2037		6.50		750,000		774,443
	240,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE		5/1/2025		4.25		239,626		246,989
	1,600,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE		5/1/2030		7.40		1,588,217		1,737,552
	730,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE		5/1/2033		6.70		730,000		791,210
	1,000,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE		5/1/2034		5.35		1,000,000		1,083,970
	1,300,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE		5/1/2036		5.00		1,300,000		1,353,196
	750,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(d)		5/1/2037		5.00		744,740		789,135
	750,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE		5/1/2037		5.25		745,647		809,310
	700,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE		5/1/2038		5.00		700,000		726,740
	1,000,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE(d)		5/1/2039		5.30		1,000,000		1,065,380
	500,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE		5/1/2049		4.50		492,713		501,945
	1,000,000	LAMBERTSON FARMS CO MET DIST #1 REVENUE		12/15/2025		5.00		991,140		1,026,160
	500,000	LAMBERTSON FARMS CO MET DIST #1 REVENUE		12/15/2035		5.50		500,000		518,325
	750,000	LEWISVILLE TX COMB CONTRACT REVENUE		9/1/2024		3.00		744,667		773,513
	465,000	LEXINGTON OAKS FL CDD SPL ASSMNT REVENUE		5/1/2033		5.65		465,000		485,079
	750,000	LEYDEN ROCK MET DIST #10		12/1/2045		5.00		766,724		779,910
	1,000,000	LITTLETON VLG MET DIST #2 COLO SPL REV		12/1/2045		5.38		996,467		1,031,810
	315,000	LONG LAKE RANCH CMNTY DEV DIST FLA CAP IMPT REV		5/1/2024		5.63		315,000		326,176
	225,000	LONG LAKE RANCH CMNTY DEV DISTFLA CAP IMPT REV		5/1/2026		4.00		224,733		228,060
	500,000	LONG LAKE RESERVE CMNTY DEV DIST SPL ASSMNT		5/1/2038		5.00		498,765		519,500
	1,000,000	LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE		6/1/2038		5.25		1,010,535		1,119,360
	500,000	LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH		11/15/2025		5.25		526,207		537,225
	1,000,000	LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH		11/15/2030		6.00		1,013,120		1,116,780
	700,000	LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(d)		11/1/2037		5.65		700,000		778,785
	1,000,000	LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(d)		7/1/2039		5.00		1,069,786		1,079,170
	750,000	LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVE(d)		11/1/2044		4.40		750,000		755,228
	700,000	LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH REVENUE(d)		11/1/2039		5.50		700,000		747,999
	500,000	LOUISIANA ST PUBLIC FACS AUTH HOSP REVENUE		7/1/2035		5.00		532,445		565,546
	750,000	LOUISIANA ST PUBLIC FACS AUTH REVENUE		5/1/2031		6.50		747,495		789,202
	400,000	LOUISIANA ST PUBLIC FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.70%)(e)		2/15/2036		2.39		400,000		386,948
	500,000	LUCAS CNTY OH HLTH CARE FACS REVENUE		8/15/2030		5.50		493,831		531,150
	1,500,000	LUCAS MET HSG AUTH OH COPS		11/1/2036		5.00		1,557,634		1,638,795
	1,480,000	LUZERNE CNTY PA		11/1/2026		7.00		1,484,874		1,505,841
	1,000,000	MACON & MOULTRIE CNTYS IL CMNTY SCH DIST #3 MOUNT ZION		12/1/2041		5.50		1,017,986		1,122,010
	1,000,000	MACON CNTY IL SCH DIST #61		1/1/2037		5.25		1,006,710		1,046,610

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2019 (unaudited)

Par/Shares	Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
1,080,000	MACOUPIN SANGAMON & MONTGOMERY CNTYS IL CMNTY SCH DIST #34	12/1/2037		4.25	$	1,107,501		1,136,246
250,000	MAGNOLIA CREEK FL CDD CAPITAL IMPT REVENUE(c)	5/1/2014		5.60		250,000		45,000
1,000,000	MAINE ST HSG AUTH MTGE PURCHASE	11/15/2035		4.00		1,000,000		1,052,720
1,000,000	MAINE ST HSG AUTH MTGE PURCHASE	11/15/2036		3.90		1,000,000		1,060,180
1,500,000	MAINE ST HSG AUTH MTGE PURCHASE	11/15/2040		3.85		1,500,000		1,560,990
500,000	MAINE ST HSG AUTH MTGE PURCHASE	11/15/2042		4.05		500,000		526,190
430,000	MAINE ST HSG AUTH MTGE REVENUE	11/15/2037		4.50		430,000		450,090
1,000,000	MALTA IL TAX INCR REVENUE(c)	12/30/2025		5.75		1,000,000		320,000
500,000	MANATEE CNTY FL SCH BRD COPS	7/1/2031		5.63		496,742		542,395
800,000	MARICOPA CNTY AZ INDL DEV AUTH EDU REVENUE	7/1/2035		5.00		844,952		846,408
750,000	MARICOPA CNTY AZ INDL DEV AUTH SENIOR LIVING FACS REVENUE(d)	1/1/2036		5.75		742,070		786,240
462,000	MARQUIS VA CMNTY DEV AUTH REVENUE(g)	9/1/2041		0.00		149,271		26,177
349,000	MARQUIS VA CMNTY DEV AUTH REVENUE	9/1/2041		5.63		374,582		232,033
745,000	MARSHALL CREEK FL CDD SPL ASSMNT	5/1/2032		5.00		758,165		764,258
750,000	MARTINEZ CA UNIF SCH DIST	8/1/2035		6.13		747,939		933,195
500,000	MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV	7/1/2031		4.50		500,000		525,500
568,716	MASHANTUCKET WSTRN PEQUOT TRIBE CT	7/1/2031		6.05		586,336		19,479
775,000	MASSACHUSETTS ST DEV FIN AGY REVENUE	7/1/2030		6.38		767,428		810,340
700,000	MASSACHUSETTS ST DEV FIN AGY REVENUE(d)	10/1/2047		5.00		747,784		761,600
1,500,000	MASSACHUSETTS ST DEV FIN AGY REVENUE	6/1/2049		4.00		1,518,384		1,580,670
530,000	MASSACHUSETTS ST EDUCTNL FING AUTH	1/1/2028		5.25		530,000		537,690
700,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2033		5.00		700,000		748,195
700,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2038		5.15		700,000		747,782
1,000,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2043		5.00		1,000,000		1,075,040
625,000	MASSACHUSETTS ST HSG FIN AGY HSG REVENUE	6/1/2040		5.05		625,000		625,444
2,770,000	MASSACHUSETTS ST HSG FIN AGY HSG REVENUE	12/1/2043		4.00		2,770,000		2,839,721
1,975,000	MASSACHUSETTS ST HSG FIN AGY HSG REVENUE	6/1/2046		4.20		1,975,000		2,103,533
160,000	MEAD NE TAX INCR REVENUE(c)	7/1/2012		5.13		160,000		6,640
1,000,000	MEDFORD OR HOSP FACS AUTH REVENUE	10/1/2042		5.00		1,024,973		1,080,690
600,000	MERRILLVILLE IN ECON DEV REVENUE	4/1/2036		5.75		600,000		589,818
500,000	MET PIER & EXPOSITION AUTH IL REVENUE	6/15/2057		5.00		520,272		548,705
135,000	MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE	8/1/2030		6.00		131,055		141,082
750,000	MICHIGAN ST FIN AUTH REVENUE	11/15/2035		5.25		745,886		783,345
1,850,000	MICHIGAN ST HSG DEV AUTH	10/1/2035		4.10		1,850,000		1,954,876
1,000,000	MICHIGAN ST HSG DEV AUTH	12/1/2036		3.70		1,000,000		1,044,220
600,000	MICHIGAN ST HSG DEV AUTH	10/1/2042		3.75		600,000		623,022
1,650,000	MICHIGAN ST HSG DEV AUTH	10/1/2043		4.00		1,650,000		1,749,495
230,000	MICHIGAN ST HSG DEV AUTH	12/1/2045		3.70		230,000		234,108
2,500,000	MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE	12/1/2038		4.13		2,500,000		2,696,775
1,000,000	MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE	6/1/2049		4.00		1,003,684		1,056,230
500,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH	11/1/2028		6.35		500,000		500,905
185,000	MINNESOTA ST HSG FIN AGY	7/1/2034		5.05		185,000		185,000
375,000	MINNESOTA ST HSG FIN AGY	1/1/2040		5.10		375,000		375,000
1,000,000	MISHAWAKA IN MF HSG REVENUE(d)	1/1/2038		5.38		1,000,000		1,031,290
1,000,000	MISSISSIPPI ST DEV BANK SPL OBLG	10/1/2031		6.50		979,308		1,055,390
1,000,000	MISSISSIPPI ST DEV BANK SPL OBLG(d)	11/1/2039		4.55		1,000,000		1,011,320
975,000	MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE	11/1/2048		3.80		975,000		1,024,257

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2019 (unaudited)

Par/Shares	Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
500,000	MISSOURI ST HSG DEV COMMISSION SF MTGE REVENUE	11/1/2049		3.35	$	500,000		500,685
920,000	MONTANA ST BRD OF HSG	12/1/2038		3.75		920,000		944,334
600,000	MONTANA ST BRD OF HSG	12/1/2038		5.20		600,000		649,158
1,000,000	MONTANA ST BRD OF HSG	6/1/2045		4.00		1,000,000		1,065,600
935,000	MONTANA ST BRD OF HSG SF MTGE	12/1/2037		3.95		935,000		991,614
835,000	MONTANA ST BRD OF HSG SF MTGE	12/1/2038		4.00		837,168		883,330
500,000	MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE	7/1/2037		5.13		500,000		513,565
890,000	MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVENUE	7/1/2038		4.00		890,000		906,260
700,000	MORONGO BAND OF MISSION INDIANS CA REVENUE(d)	10/1/2042		5.00		700,000		778,491
611,973	MOUNT CARBON CO MET DIST REVENUE	6/1/2043		7.00		611,972		550,775
200,000	MOUNT CARBON CO MET DIST REVENUE(c)	6/1/2043		8.00		-		44,000
500,000	MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE	12/1/2029		5.00		515,817		537,915
615,000	MUNSTER IN ECON DEV TAX INCR REVENUE	7/15/2026		4.75		613,164		675,627
323,000	N CENTRL TEXAS ST HLTH FAC DEV CORP	2/15/2025		5.38		323,000		323,388
355,000	N SPRINGS FL IMPT DIST	5/1/2027		6.00		355,000		376,790
1,000,000	N TX TOLLWAY AUTH REVENUE	1/1/2034		6.00		1,000,000		1,068,540
1,000,000	N TX TOLLWAY AUTH REVENUE	1/1/2042		6.20		999,250		1,221,100
600,000	NASHVILLE MET DEV & HSG AGY TN TAX INCR REVENUE(d)	6/1/2036		5.13		600,000		652,050
1,000,000	NATRONA CNTY WY HOSP REVENUE	9/15/2031		6.35		1,000,000		1,083,690
500,000	NAVAJO NATION AZ(d)	12/1/2030		5.50		525,605		563,410
570,000	NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE	9/1/2035		3.75		570,000		605,790
970,000	NEBRASKA ST INVESTMENT FIN AUTH SF HSG REVENUE	9/1/2035		3.90		970,000		1,017,016
940,000	NEVADA ST HSG DIV SF MTGE REVENUE	10/1/2039		3.85		940,000		969,159
105,000	NEVADA ST HSG DIV SF MTGE REVENUE	10/1/2040		5.10		105,000		105,689
1,000,000	NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE	1/1/2034		6.00		975,361		1,067,770
1,000,000	NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE	7/1/2031		5.20		1,000,000		1,049,160
1,500,000	NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE	7/1/2052		4.00		1,500,000		1,569,345
255,000	NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE	7/1/2034		5.38		255,000		257,917
1,000,000	NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE	10/1/2034		5.00		1,006,600		1,080,620
750,000	NEW HOPE CULTURAL ED FACS FIN CORP TX RETIREMENT FAC REVENUE	1/1/2035		5.50		761,336		807,705
750,000	NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE(d)	8/15/2036		5.00		754,020		766,290
1,000,000	NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE	8/15/2036		5.50		1,003,325		1,029,730
1,000,000	NEW HOPE CULTURAL EDU FACS FIN CORP TX EDU REVENUE(d)	8/15/2037		6.00		1,016,379		1,067,820
1,100,000	NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV	4/1/2046		5.00		1,136,552		1,213,916
750,000	NEW JERSEY ST ECON DEV AUTH	6/15/2037		5.00		779,752		858,397
500,000	NEW JERSEY ST ECON DEV AUTH	6/15/2042		5.00		538,540		560,695
750,000	NEW JERSEY ST ECON DEV AUTH REVENUE	7/15/2047		5.00		799,486		828,757
1,000,000	NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE	1/1/2030		3.60		1,000,000		1,042,040
1,000,000	NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE	5/1/2041		4.95		968,990		1,007,310
825,000	NEW JERSEY ST HSG & MTGE FIN AGY REVENUE	10/1/2030		4.50		825,000		863,131
3,425,000	NEW JERSEY ST HSG & MTGE FIN AGY REVENUE	10/1/2035		3.75		3,425,000		3,632,966
1,000,000	NEW JERSEY ST HSG & MTGE FIN AGY REVENUE	4/1/2049		4.00		1,002,922		1,061,810

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2019 (unaudited)

Par/Shares	Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
500,000	NEW JERSEY ST TRANSPRTN TRUST FUND AUTH	6/15/2041		5.25	$	508,421		556,035
195,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2029		4.80		195,000		195,472
395,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2034		5.00		395,000		396,288
655,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2042		3.90		655,000		668,578
975,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2042		4.13		975,000		1,005,069
1,530,000	NEW MEXICO ST MTGE FIN AUTH	7/1/2043		3.85		1,530,000		1,612,880
905,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2046		3.80		905,000		937,716
770,000	NEW MEXICO ST MTGE FIN AUTH	7/1/2048		3.90		770,000		811,087
1,000,000	NEW MEXICO ST MTGE FIN AUTH	7/1/2048		4.00		1,002,099		1,056,800
1,000,000	NEW MEXICO ST MTGE FIN AUTH	7/1/2049		4.00		1,000,000		1,070,270
115,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE(c)	5/1/2013		5.00		114,821		1
1,000,000	NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE	11/1/2037		3.80		1,000,000		1,024,020
1,000,000	NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE	11/1/2039		4.30		1,000,000		1,048,630
600,000	NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE	11/1/2042		3.85		601,709		623,550
1,000,000	NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE	11/1/2047		3.65		1,000,000		1,027,630
1,000,000	NEW YORK CITY NY HSG DEV CORP MF HSG REVENUE	11/1/2049		3.95		1,000,000		1,052,010
2,000,000	NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE	6/15/2038		5.00		2,112,142		2,243,020
1,000,000	NEW YORK ST HSG FIN AGY	11/1/2041		4.10		1,000,000		1,061,930
1,000,000	NEW YORK ST HSG FIN AGY	11/1/2042		4.00		1,000,000		1,056,640
1,000,000	NEW YORK ST HSG FIN AGY	11/1/2048		3.95		1,000,000		1,051,090
1,500,000	NEW YORK ST HSG FIN AGY REVENUE	11/1/2034		3.65		1,500,000		1,556,925
500,000	NEW YORK ST HSG FIN AGY REVENUE	11/1/2045		5.10		500,000		542,880
4,000,000	NEW YORK ST HSG FIN AGY REVENUE	5/1/2048		4.10		4,000,000		4,100,120
940,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE	10/1/2036		3.90		940,000		993,326
435,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE	10/1/2042		3.75		435,000		442,456
1,000,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE	10/1/2043		4.20		1,000,000		1,079,990
1,490,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE	10/1/2048		3.80		1,490,000		1,548,259
1,000,000	NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE	7/1/2037		3.85		1,000,000		1,056,930
995,000	NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE	1/1/2041		3.95		1,007,887		1,046,471
1,000,000	NORTH CAROLINA ST HSG FIN AGY HOME OWNERSHIP REVENUE	1/1/2048		4.00		1,000,000		1,056,730
600,000	NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE	10/1/2038		5.00		596,299		651,786
480,000	NORTH DAKOTA ST HSG FIN AGY	7/1/2048		4.00		509,825		515,141
565,000	NORTH LAS VEGAS NV LOCAL IMPT(d)	12/1/2027		4.00		552,351		581,470
565,000	NORTH LAS VEGAS NV LOCAL IMPT(d)	12/1/2037		5.00		566,150		604,510
500,000	NORTH SPRINGS FL IMPT DIST	5/1/2044		6.50		500,000		522,685
1,000,000	NTHRN IL UNIV	4/1/2026		5.50		1,001,737		1,025,760
1,400,000	NTHRN PALM BEACH CNTY FL IMPT DIST	8/1/2029		5.00		1,407,001		1,494,248
500,000	NTHRN PALM BEACH CNTY FL IMPT DIST	8/1/2037		5.00		509,969		532,085
2,000,000	OAK PARK CA UNIF SCH DIST (Step to 7.10% on 8/1/2021)(b)	8/1/2038		0.00		1,730,807		2,567,380
580,000	OAKLAND CNTY MI ECON DEV CORP LTD OBLG REVENUE	12/1/2020		6.50		579,297		590,063
920,000	OHIO ST HSG FIN AGY RSDL MTGE REVENUE	9/1/2039		3.35		825,892		936,321
1,495,000	OHIO ST HSG FIN AGY RSDL MTGE REVENUE	9/1/2048		4.00		1,495,000		1,597,647
1,500,000	OHIO ST HSG FIN AGY RSDL MTGE REVENUE	3/1/2049		4.00		1,500,000		1,589,790
1,000,000	OHIO ST HSG FIN AGY RSDL MTGE REVENUE	9/1/2049		3.35		1,000,000		1,006,170
50,000	OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE	3/1/2032		5.15		50,000		50,075
1,000,000	ORANGE CNTY FL HLTH FACS AUTH REVENUE	8/1/2034		5.00		1,037,654		1,103,390

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2019 (unaudited)

Par/Shares	Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
750,000	ORANGE CNTY FL HLTH FACS AUTH REVENUE	8/1/2035		5.00	$	778,631		839,925
1,000,000	ORANGE CNTY FL HLTH FACS AUTH REVENUE	8/1/2047		5.00		1,071,483		1,095,790
655,000	ORANGE CNTY FL HSG FIN AUTH	9/1/2035		3.80		655,000		683,309
2,000,000	OREGON ST	12/1/2039		3.90		2,000,000		2,068,840
645,000	OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE	7/1/2035		3.75		645,000		667,839
780,000	OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE	7/1/2038		4.00		780,000		796,084
1,280,000	OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE	7/1/2048		3.75		1,280,000		1,325,709
500,000	PALISADE CO MET DIST #2 LIMITED TAX	12/1/2046		5.00		511,074		511,390
500,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE	6/1/2034		7.25		500,000		561,570
1,200,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE	5/15/2036		5.00		1,306,033		1,330,464
500,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE	6/1/2049		7.50		492,658		564,410
1,000,000	PELL CITY AL SPL CARE FACS FING AUTH REVENUE	12/1/2031		5.00		1,026,759		1,072,530
500,000	PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.65%)(e)	7/1/2039		2.20		500,000		438,290
1,000,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2038		3.95		1,000,000		1,059,450
490,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2038		4.00		490,000		503,642
3,200,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2040		4.05		3,200,000		3,343,146
1,835,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2042		3.65		1,835,000		1,899,629
535,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2042		3.70		535,000		542,560
745,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2042		4.00		745,000		783,598
1,000,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2047		4.00		1,000,000		1,056,380
1,000,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE	10/1/2049		3.40	��	1,000,000		1,010,950
1,935,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE	12/1/2035		5.13		1,929,302		2,038,058
1,500,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE (Step to 4.60% on 12/1/2021)(b)	12/1/2037		0.00		1,340,215		1,519,500
1,000,000	PEORIA AZ INDL DEV AUTH	11/15/2029		5.25		1,000,000		1,018,180
300,000	PHILADELPHIA PA AUTH FOR INDL DEV REVENUES	6/15/2023		6.13		300,000		320,841
750,000	PHILADELPHIA PA AUTH FOR INDL DEV REVENUES	8/1/2036		5.63		739,835		785,363
1,000,000	PHOENIX AZ INDL DEV AUTH EDU REVENUE(d)	7/1/2036		5.13		985,983		1,076,920
750,000	PHOENIX AZ INDL DEV AUTH EDU REVENUE	7/1/2042		6.30		778,421		822,757
2,500,000	PHOENIX AZ INDL DEV AUTH LEASE REVENUE	6/1/2034		5.25		2,516,755		2,721,700
1,000,000	PIKE PLACE MARKET WA PRESERVATION & DEV AUTH SPL OBLG	12/1/2040		5.00		1,053,790		1,151,280
900,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(d)	12/1/2026		5.25		900,000		951,408
10,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE	7/1/2031		6.75		7,859		10,081
1,370,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(d)	6/15/2035		5.38		1,465,035		1,489,286
750,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE(d)	6/15/2037		4.75		736,654		768,443
2,625,000	PITTSBURG CALIF UNI SCH DIST FING AUTH REV(g)	9/1/2031		0.00		1,331,155		1,246,376
725,000	POINCIANA FL W CDD SPL ASSMNT	5/1/2030		5.38		717,613		765,470
750,000	POLK CNTY OR HOSP FAC AUTH REVENUE	7/1/2035		5.13		750,000		792,547

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
June 30, 2019 (unaudited)

Par/Shares	Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
2,000,000	PORT SAINT LUCIE FL RESEARCH FACS REVENUE	5/1/2033		5.00	$	2,013,634		2,058,360
1,000,000	PROMENADE CASTLE ROCK CO MET DIST #1	12/1/2025		5.13		1,000,000		1,053,190
200,000	PUBLIC FIN AUTH WI CCRC REVENUE(d)	6/1/2020		7.00		199,563		207,318
1,500,000	PUBLIC FIN AUTH WI CCRC REVENUE(d)	6/1/2046		8.25		1,539,938		1,668,300
16,520	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2046		0.00		836		551
18,299	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2047		0.00		907		606
17,930	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2048		0.00		875		590
17,786	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2049		0.00		853		581
17,496	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2050		0.00		826		567
18,980	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2051		0.00		883		611
451,406	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(e)(f)	7/1/2051		3.75		449,050		405,530
19,357	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2052		0.00		886		619
19,095	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2053		0.00		862		607
18,909	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2054		0.00		841		599
18,634	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2055		0.00		817		586
18,360	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2056		0.00		795		574
95,189	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)	7/1/2056		5.50		95,098		90,964
18,454	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2057		0.00		1,573		574
18,165	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2058		0.00		763		562
17,992	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2059		0.00		747		554
17,834	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2060		0.00		733		547
17,573	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2061		0.00		714		537
17,400	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2062		0.00		699		529
17,125	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2063		0.00		681		518
16,967	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2064		0.00		668		510
16,823	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2065		0.00		656		504
16,731	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2066		0.00		646		499
215,987	PUBLIC FIN AUTH WI CONFERENCE CENTER & HOTEL REVENUE(d)(g)	1/1/2067		0.00		8,022		6,424
535,000	PUBLIC FIN AUTH WI REVENUE	4/1/2025		5.00		537,647		571,000
1,250,000	PUBLIC FIN AUTH WI REVENUE(d)	11/1/2028		6.25		1,250,000		1,395,950
600,000	PUBLIC FIN AUTH WI REVENUE	4/1/2032		5.50		600,000		633,876
1,000,000	PUBLIC FIN AUTH WI REVENUE(d)	1/1/2033		6.13		988,611		1,092,700
341,645	PUBLIC FIN AUTH WI REVENUE(g)	10/1/2042		0.00		377,495		65,018
515,000	PUBLIC FIN AUTH WI REVENUE	10/1/2042		7.00		536,400		524,213
450,000	PUBLIC FIN AUTH WI REVENUE(d)	12/1/2048		5.50		450,000		481,352
1,130,000	PUBLIC FIN AUTH WI SENIOR LIVING REVENUE(d)	11/15/2024		5.00		1,127,329		1,221,462
520,000	PUBLIC FIN AUTH WIS ED REV(d)	6/15/2049		5.00		527,596		544,211
1,500,000	PUERTO RICO CMWLTH	7/1/2035		5.00		1,500,000		1,573,290
930,000	QUECHAN INDIAN TRIBE AZ FORT YUMA INDIAN RESERVATION	5/1/2025		9.75		930,000		1,024,748
750,000	RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE	11/15/2034		7.50		746,530		868,987
1,000,000	REDONDO BEACH CA UNIF SCH DIST	8/1/2034		6.38		997,855		1,305,790

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

June 30, 2019 (unaudited)

Par/Shares	Security	Maturity date	Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
750,000	REEF-SUNSET CA UNIF SCH DIST (Step to 4.85% on 8/1/2021)(b)	8/1/2038		0.00	$	678,739		767,805
665,000	RHODE ISLAND ST HSG & MTGE FIN CORP	10/1/2028		4.00		662,434		684,657
750,000	RHODE ISLAND ST HSG & MTGE FIN CORP	10/1/2037		3.90		750,000		770,115
1,000,000	RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE	10/15/2038		6.00		1,013,535		1,204,110
1,000,000	ROCHESTER MN	9/1/2038		5.13		1,000,000		1,028,660
500,000	ROWLEY MA	5/1/2027		4.00		500,000		500,930
1,500,000	S TAHOE CA JT PWRS FING AUTH LEASE REVENUE	10/1/2030		5.00		1,595,197		1,725,135
425,000	S WSTRN IL DEV AUTH(c)	10/1/2022		7.00		425,000		246,500
350,000	SACRAMENTO CNTY CA WTR FING AUTH REVENUE (Floating, ICE LIBOR USD 3M + 0.57%)(e)	6/1/2039		2.26		350,000		330,628
750,000	SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS	9/1/2042		5.00		759,850		788,437
750,000	SAINT TAMMANY LA PUBLIC TRUST FING AUTH	11/15/2037		5.25		758,704		803,842
500,000	SAN DIEGO CA HSG AUTH MF HSG REVENUE	5/1/2029		5.00		500,000		526,170
1,500,000	SAN GABRIEL CA UNIF SCH DIST	8/1/2039		5.35		1,496,760		1,662,705
1,000,000	SAN JOSE CA FING AUTH	6/1/2039		5.00		1,031,526		1,128,280
500,000	SANTA MONICA CA REDEV AGY	7/1/2036		5.88		505,288		544,375
1,000,000	SCHERERVILLE IN ECON DEV REVENUE	1/15/2030		6.00		1,009,451		1,142,440
1,000,000	SCOTTS BLUFF CNTY NE HOSP AUTH	2/1/2037		5.25		1,045,075		1,104,650
770,000	SEATTLE WA HSG AUTH POOLED HSG REVENUE	9/15/2033		5.75		778,572		871,324
500,000	SEVEN OAKS FL CMNTY DEV DIST SPL ASSMNT REVENUE	5/1/2033		5.50		490,508		526,560
150,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c)	1/1/2019		5.35		134,965		375
625,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c)	1/1/2029		5.55		556,862		1,563
130,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(c)	1/1/2029		6.00		-		1
525,000	SHERIDAN AR SCH DIST #37	2/1/2047		4.00		533,892		539,054
190,000	SILVERLEAF FL CDD CAPITAL IMPT REVENUE	5/1/2044		6.75		186,609		205,322
500,000	SNOHOMISH CNTY WA HSG AUTH	4/1/2044		4.00		508,896		528,175
200,000	SOUTH CAROLINA ST EDU ASSISTANCE AUTH	10/1/2029		5.10		198,420		201,524
1,000,000	SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE	12/1/2038		5.00		1,041,949		1,115,070
1,400,000	SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE	12/1/2043		5.75		1,446,694		1,663,074
500,000	SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH	9/1/2032		5.00		499,500		515,105
1,000,000	SPRINGDALE AR SALES & USE REVENUE	4/1/2041		3.60		971,986		1,025,680
500,000	ST VRAIN LAKES MET DIST #2	12/1/2037		5.00		500,000		518,850
1,000,000	STC MET DIST #2 CO	12/1/2038		6.00		972,024		1,032,880
142,538	STERLING HILL FL CDD CAPITAL IMPT REVENUE(c)	11/1/2010		5.50		142,538		91,224
1,000,000	SUGAR LAND TX DEV CORP SALES TAX REVENUE	2/15/2033		5.00		1,055,845		1,104,360
2,320,000	SULPHUR SPRINGS CA UNION SCH DIST COPS	12/1/2037		6.50		2,318,211		2,848,851
1,500,000	SUTTER BUTTE CA FLOOD AGY ASSMNT REVENUE	10/1/2038		4.00		1,484,037		1,577,025
1,100,000	TALLAHASSEE FL HLTH FACS REVENUE	12/1/2040		5.00		1,149,774		1,222,936
500,000	TALLMAN GULCH MET DIST CO	12/1/2047		5.25		500,000		507,310
1,000,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE	11/15/2038		5.00		1,048,326		1,105,110
1,000,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE(c)	11/15/2022		5.50		1,000,000		700,000
750,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE	11/15/2024		5.63		750,000		756,023
750,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE	11/15/2035		5.00		772,660		758,925

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

June 30, 2019 (unaudited)

Par/Shares	Security	Maturity date	Coupon rate			Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
1,485,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENUE	11/15/2037		6.63	$		1,507,271		1,704,810
750,000	TAYLOR MI BROWNFIELD REDEV AUTH	5/1/2032		5.00			779,314		833,482
500,000	TEMPE AZ INDL DEV AUTH REVENUE(d)	10/1/2024		4.70			498,821		512,965
500,000	TEMPE AZ INDL DEV AUTH REVENUE(d)	10/1/2037		6.00			502,857		570,380
820,000	TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE	1/1/2031		3.60			826,968		836,876
985,000	TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE	7/1/2042		3.85			985,000		1,035,511
985,000	TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE	7/1/2042		3.90			985,000		1,033,285
2,000,000	TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE	7/1/2044		4.00			2,014,951		2,135,420
990,000	TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE	1/1/2049		3.95			990,000		1,042,044
1,985,000	TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE	1/1/2049		4.05			1,985,000		2,109,718
520,000	TENNESSEE ST HSG DEV AGY	1/1/2035		3.85			520,000		545,345
1,000,000	TEXAS ST AFFORDABLE HSG CORP SF MTGE REVENUE	3/1/2050		4.00			1,025,790		1,062,110
1,000,000	TEXAS ST DEPT OF HSG & CMNTY AFFAIRS	9/1/2048		4.25			1,019,355		1,067,950
700,000	TOBACCO SETTLEMENT FING CORP NJ	6/1/2046		5.00			704,967		750,393
500,000	TOLOMATO FL CDD	5/1/2037		4.25			500,000		500,395
50,000	TOLOMATO FL CDD (Step to 6.61% on 5/1/2022)(b)	5/1/2040		0.00			46,434		42,261
115,000	TOLOMATO FL CDD (Step to 6.61% on 11/1/2024)(b)	5/1/2040		0.00			79,609		78,889
185,000	TOLOMATO FL CDD (Step to 6.61% on 11/1/2021)(b)	5/1/2040		0.00			160,015		154,257
1,500,000	TOLOMATO FL CDD	5/1/2040		3.75			1,441,127		1,567,275
125,000	TOLOMATO FL CDD(c)	5/1/2040		6.61			-		1
85,000	TOLOMATO FL CDD	5/1/2040		6.61			83,333		85,246
1,000,000	TRACY CA JT UNIF SCH DIST (Step to 7.30% on 8/1/2027)(b)	8/1/2041		0.00			653,501		954,600
600,000	TRAVIS CNTY TX HLTH FACS DEV CORP	1/1/2046		7.13			630,608		650,160
750,000	TRAVIS CNTY TX HLTH FACS DEV CORP(e)(f)	1/1/2047		5.25			750,000		772,058
700,000	TROUT CREEK CDD FL CAPITAL IMPT REVENUE	5/1/2038		5.38			700,000		739,494
500,000	TSR CDD FL SPL ASSMNT REVENUE	11/1/2035		5.38			498,648		540,925
1,250,000	TUSTIN CA UNIF SCH DIST (Step to 6.00%on 8/1/2019)(b)	8/1/2028		0.00			1,239,530		1,364,462
485,000	UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE	12/1/2023		6.50			480,424		501,650
750,000	UPPER IL RIVER VLY DEV AUTH(d)	12/1/2022		4.00			745,258		749,265
750,000	UPPER IL RIVER VLY DEV AUTH(d)	12/1/2037		5.25			767,100		779,423
1,000,000	UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(d)	7/15/2033		4.65			989,793		1,010,980
1,500,000	UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE	10/15/2033		6.50			1,500,000		1,502,835
1,000,000	UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE(d)	4/15/2045		6.00			1,007,067		1,013,780
120,000	UTAH ST HSG CORP SF MTGE REVENUE	1/1/2033		5.75			120,000		121,870
490,000	VANCOUVER WA HSG AUTH	3/1/2025		5.00			481,862		502,103
1,000,000	VANCOUVER WA HSG AUTH	8/1/2034		3.75			983,007		1,057,310
500,000	VELOCITY MET DIST #3 CO	12/1/2039		5.38			500,000		518,050
680,000	VERMONT ST HSG FIN AGY	5/1/2032		4.88			677,363		725,370
1,000,000	VIRGINIA ST HSG DEV AUTH	7/1/2033		4.13			1,000,000		1,055,640
3,500,000	VIRGINIA ST HSG DEV AUTH CMWLTH MTGE	1/1/2038		3.88			3,490,250		3,610,985
1,170,000	VLG FL CDD #7 SPL ASSMNT REVENUE	5/1/2036		4.00			1,162,907		1,233,355
530,000	WASHINGTON ST HSG FIN COMMISSION(d)	7/1/2025		6.00			532,621		579,820
1,000,000	WASHINGTON ST HSG FIN COMMISSION(d)	1/1/2031		5.00			1,001,506		1,107,950
750,000	WASHINGTON ST HSG FIN COMMISSION(d)	7/1/2031		5.00			795,623		813,780
675,000	WASHINGTON ST HSG FIN COMMISSION(d)	1/1/2035		5.75			675,000		690,937

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

June 30, 2019 (unaudited)

Par/Shares		Security	Maturity date	Coupon rate			Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
600,000		WASHINGTON ST HSG FIN COMMISSION(d)	7/1/2036		5.00	$		633,291		635,556
500,000		WASHINGTON ST HSG FIN COMMISSION(d)	1/1/2038		5.00			542,992		559,785
955,000		WASHINGTON ST HSG FIN COMMISSION	12/1/2047		4.00			1,010,030		1,004,421
4,000		WATERS EDGE FL CDD CAPITAL IMPT REVENUE	5/1/2039		5.35			4,000		4,000
105,000		WATERS EDGE FL CDD CAPITAL IMPT REVENUE	5/1/2039		6.60			104,236		105,588
1,500,000		WEST VIRGINIA ST HSG DEV FUND	11/1/2032		3.75			1,500,000		1,580,895
495,000		WEST VIRGINIA ST HSG DEV FUND	11/1/2047		4.13			495,000		513,290
1,500,000		WEST VLY CITY UT MUNI BLDG AUTH LEASE REVENUE	2/1/2039		5.00			1,648,636		1,753,815
550,000		WESTCHESTER CO NY LOCAL DEV CORP REVENUE	1/1/2034		5.00			566,513		585,481
685,000		WESTMONT IL PARK DIST(g)	12/1/2031		0.00			331,170		387,710
685,000		WESTMONT IL PARK DIST(g)	12/1/2033		0.00			288,463		338,417
1,350,000		WICHITA KS HLTH CARE FACS REVENUE	5/15/2034		6.25			1,350,000		1,351,890
600,000		WICHITA KS HLTH CARE FACS REVENUE	12/1/2036		5.25			604,552		648,084
1,000,000		WINDSHIRE PARK CO MET DIST #2	12/1/2047		6.50			1,084,351		1,105,650
740,000		WIREGRASS FL CDD CAPITAL IMPT REVENUE	5/1/2035		5.38			736,039		787,005
630,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	7/1/2030		5.75			632,296		657,367
1,300,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	8/15/2032		5.00			1,392,249		1,484,054
700,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	6/1/2037		5.00			733,821		749,315
500,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	9/15/2040		5.00			516,435		524,465
2,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	8/15/2043		5.00			2,063,862		2,164,180
1,400,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	9/15/2045		5.00			1,443,283		1,462,958
2,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE	10/1/2048		5.13			1,962,824		2,130,500
500,000		WISCONSIN ST HSG & ECON DEV AUTH	11/1/2035		3.88			500,000		526,530
1,000,000		WISCONSIN ST HSG & ECON DEV AUTH	11/1/2040		4.00			1,000,000		1,045,690
1,000,000		WISCONSIN ST HSG & ECON DEV AUTH	11/1/2042		3.90			1,004,315		1,053,820
1,500,000		WISCONSIN ST HSG & ECON DEV AUTH	5/1/2055		4.15			1,500,000		1,584,630
935,000		WYANDOTTE CNTY KS KANSAS CITY UNIF GOVT SPL OBLG REVENUE	9/1/2032		5.75			929,007		1,018,224
750,000		WYNNFIELD LAKES FL CDD	5/1/2036		4.50			745,204		797,062
1,000,000		WYOMING ST CMNTY DEV AUTH HSG REVENUE	12/1/2038		3.90			1,000,000		1,059,580
1,645,000		WYOMING ST CMNTY DEV AUTH HSG REVENUE	12/1/2038		4.05			1,645,000		1,692,524
350,934		ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(c)	5/1/2013		5.25			351,276		294,784
	Sub-total Municipal Bonds:							470,610,480		496,447,134		90.79	%
Short-Term Investments:
16,710,522		NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 2.25%(h)						16,710,522		16,710,522
	Sub-total Short-Term Investments:							16,710,522		16,710,522		3.05	%
		Grand total				$		513,691,870		540,640,297		98.87	%

Notes to Schedule of Investments:

^(a)

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

^(b)

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

^(c)

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

^(d)

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.

^(e)

Variable rate security. Rate as of June 30, 2019 is disclosed.

^(f)

These securities are remarketed by an agent, and the rate at which these securities are set are determined by general market conditions and supply and demand.

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

June 30, 2019 (unaudited)

^(g)

Zero coupon bond.

^(h)

The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2018, the value of the Clearwater Tax-Exempt Bond Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $4,274,380 with net purchases of $12,436,142 for the six months ended June 30, 2019.

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

Geographical Diversification	Percent
Florida	10.86	%
Illinois	10.31
California	8.99
Texas	6.32
New York	5.07
Colorado	4.20
Wisconsin	4.12
Pennsylvania	3.97
Georgia	3.77
Indiana	3.76
Other	38.63
	100.00	%

At June 30, 2019, the Fund had open futures contracts as follows:

Type	Number of Contracts		Notional Amount			Contract Position	Contract Exp.		Value and Unrealized Appreciation (Depreciation)
10-Year U.S. Treasury Note		108	$	(13,820,625	)	Short		9/19	$	(269,516	)
U.S. Treasury Long Bond		46		(7,157,313	)	Short		9/19		(217,215	)
5-Year U.S. Treasury Note		88		(10,397,750	)	Short		9/19		(134,343	)
									$	(621,074	)

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

June 30, 2019 (unaudited)

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

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2019 (unaudited)

Shares	Security (a)	Cost		Fair value		Percent of net assets
Common Stocks:
Australia:
4,830	AGL ENERGY LTD.	$	56,687		67,852
23,329	ALUMINA LTD.		18,928		38,161
41,047	APA GROUP		230,317		311,224
2,724	ARISTOCRAT LEISURE LTD.		41,431		58,748
2,554	ASX LTD.		51,631		147,692
65,176	AUSTRALIA & NEW ZEALAND BANKING GROUP LTD.		917,668		1,290,800
70,369	BENDIGO & ADELAIDE BANK LTD.		468,821		572,082
179,910	BGP HOLDINGS PLC(b)(c)		-		-
11,117	BHP GROUP LTD.		128,168		321,241
23,686	BORAL LTD.		75,396		85,139
17,400	BRAMBLES LTD.		64,294		157,338
8,604	CHALLENGER LTD.		47,284		40,109
7,457	COCA-COLA AMATIL LTD.		47,691		53,504
971	COCHLEAR LTD.		35,893		141,001
19,339	COLES GROUP LTD.(b)		154,507		181,252
27,611	COMMONWEALTH BANK OF AUSTRALIA		1,066,004		1,604,633
41,351	CSL LTD.		2,613,904		6,241,551
14,184	DEXUS		62,970		129,253
97,180	FORTESCUE METALS GROUP LTD.		212,026		615,392
18,737	GOODMAN GROUP		48,414		197,709
12,754	GPT GROUP (THE)		47,798		55,067
17,655	HARVEY NORMAN HOLDINGS LTD.		46,984		50,446
18,683	INCITEC PIVOT LTD.		30,152		44,727
46,677	INSURANCE AUSTRALIA GROUP LTD.		120,292		270,677
12,403	LENDLEASE GROUP		80,469		113,198
7,617	MACQUARIE GROUP LTD.		165,840		670,525
24,195	MIRVAC GROUP		46,656		53,166
21,604	NATIONAL AUSTRALIA BANK LTD.		287,411		405,265
10,055	NEWCREST MINING LTD.		111,010		225,539
65,479	ORIGIN ENERGY LTD.		315,103		336,037
16,330	ORORA LTD.		16,762		37,145
416	PERPETUAL LTD.		7,027		12,336
2,468	RAMSAY HEALTH CARE LTD.		49,765		125,167
20,500	SANTOS LTD.		45,732		101,896
77,291	SCENTRE GROUP		170,541		208,367
5,884	SEEK LTD.		49,598		87,409
9,824	SONIC HEALTHCARE LTD.		79,849		186,907
101,955	SOUTH32 LTD.		70,421		227,617
11,647	STAR ENTERTAINMENT GROUP (THE) LTD.		31,304		33,688
43,370	STOCKLAND		115,690		126,968
7,589	SUNCORP GROUP LTD.		71,620		71,766
9,837	SYDNEY AIRPORT		33,263		55,525
16,365	TABCORP HOLDINGS LTD.		33,181		51,126
38,770	TELSTRA CORP. LTD.		84,588		104,791
27,592	TRANSURBAN GROUP		166,408		285,528
12,264	TREASURY WINE ESTATES LTD.		49,093		128,460
77,784	VICINITY CENTRES		126,700		133,790
17,677	WESFARMERS LTD.		430,202		448,751
78,500	WESTPAC BANKING CORP.		1,161,598		1,562,946
10,214	WOODSIDE PETROLEUM LTD.		228,766		260,728
6,250	WOOLWORTHS GROUP LTD.		142,746		145,807
7,869	WORLEYPARSONS LTD.		62,034		81,264
			10,820,637		18,957,310		3.11	%
Austria:
4,693	ERSTE GROUP BANK A.G.(b)		106,346		174,181
93	IMMOFINANZ A.G.(b)		-		2,424
992	OMV A.G.		48,797		48,335
2,309	RAIFFEISEN BANK INTERNATIONAL A.G.		56,546		54,165
313	STRABAG S.E. (BEARER)		5,505		10,855
			217,194		289,960		0.05	%
Belgium:
7,120	AGEAS		106,908		370,075
13,180	ANHEUSER-BUSCH INBEV S.A./N.V.		452,184		1,166,587
12,562	BARCO N.V.		982,918		2,645,443
23,739	GROUPE BRUXELLES LAMBERT S.A.		2,076,742		2,329,009
4,347	KBC GROUP N.V.		101,356		284,913

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2019 (unaudited)

Shares	Security (a)	Cost		Fair value		Percent of net assets
Belgium (Cont’d):
74,799	ONTEX GROUP N.V.	$	2,261,661		1,206,065
2,190	PROXIMUS SADP		49,577		64,547
495	SOLVAY S.A., CLASS A		49,166		51,277
969	TELENET GROUP HOLDING N.V.		45,566		53,991
1,972	UCB S.A.		98,732		163,513
			6,224,810		8,335,420		1.37	%
Brazil:
891,700	CAMIL ALIMENTOS S.A.(b)		2,235,422		1,667,315
446,700	GRENDENE S.A.		1,146,997		907,371
122,300	M DIAS BRANCO S.A.(b)		1,386,494		1,240,852
			4,768,913		3,815,538		0.63	%
Canada:
2,489	AGNICO EAGLE MINES LTD.		77,836		127,610
4,817	ALIMENTATION COUCHE-TARD, INC., CLASS B		138,408		303,134
31,523	ALTAGAS LTD.		346,931		476,859
2,039	ATCO LTD., CLASS I		61,318		68,727
19,100	BADGER DAYLIGHTING LTD.		325,157		696,879
1,818	BANK OF MONTREAL		92,929		137,327
5,979	BANK OF NOVA SCOTIA (THE)		229,315		321,151
40,918	BARRICK GOLD CORP.		384,639		645,852
8,112	BLACKBERRY LTD.(b)		59,603		60,458
49,653	BOMBARDIER, INC., CLASS B(b)		48,169		83,415
17,842	BROOKFIELD ASSET MANAGEMENT, INC., CLASS A		164,184		853,577
11,740	CAE, INC.		85,345		315,655
6,179	CAMECO CORP.		63,421		66,247
290,300	CANACCORD GENUITY GROUP, INC.		1,083,675		1,330,075
17,800	CANADA GOOSE HOLDINGS, INC.(b)		373,770		689,002
6,639	CANADIAN IMPERIAL BANK OF COMMERCE		268,953		522,076
15,994	CANADIAN NATIONAL RAILWAY CO.		292,557		1,480,259
20,842	CANADIAN NATURAL RESOURCES LTD.		431,693		561,972
3,606	CANADIAN PACIFIC RAILWAY LTD.		112,878		849,298
20,435	CANADIAN PACIFIC RAILWAY LTD. (NEW YORK EXCHANGE)		2,575,070		4,807,129
744	CANADIAN TIRE CORP. LTD., CLASS A		50,047		81,061
4,317	CANADIAN UTILITIES LTD., CLASS A		103,924		121,841
83,565	CANADIAN WESTERN BANK		1,743,613		1,906,101
1,538	CANOPY GROWTH CORP.(b)(d)		41,295		62,093
1,570	CCL INDUSTRIES, INC., CLASS B		45,979		76,992
6,978	CGI, INC.(b)		55,128		536,478
32,000	COMPUTER MODELLING GROUP LTD.		165,063		177,893
167	CONSTELLATION SOFTWARE, INC.		49,225		157,397
32,459	CRESCENT POINT ENERGY CORP.		105,391		107,325
2,955	CRONOS GROUP, INC.(b)		52,375		47,409
54,517	DOLLARAMA, INC.		2,070,798		1,917,909
7,455	ECN CAPITAL CORP.		17,223		24,024
9,184	ENBRIDGE, INC.		333,714		331,719
40,173	ENCANA CORP.		253,707		206,149
211	FAIRFAX FINANCIAL HOLDINGS LTD.		52,589		103,564
3,611	FINNING INTERNATIONAL, INC.		63,013		65,820
5,843	FIRST QUANTUM MINERALS LTD.		37,831		55,505
6,289	FORTIS, INC.		195,157		248,333
2,389	FRANCO-NEVADA CORP.		109,265		202,770
616	GEORGE WESTON LTD.		47,137		46,743
6,104	GILDAN ACTIVEWEAR, INC.		33,435		236,227
346,100	GRAN TIERRA ENERGY, INC.(b)		841,948		541,793
7,617	HUSKY ENERGY, INC.		75,526		72,183
78,692	IMPERIAL OIL LTD.		2,773,968		2,178,895
3,057	INTER PIPELINE LTD.		44,071		47,552
1,100	INTERNATIONAL PETROLEUM CORP.(b)		2,833		4,880
1,988	KEYERA CORP.		40,155		51,159
33,281	KINROSS GOLD CORP.(b)		62,810		128,595
2,077	LOBLAW COS. LTD.		71,240		106,344
9,476	MAGNA INTERNATIONAL, INC.		61,549		471,503
31,473	MANULIFE FINANCIAL CORP.		380,571		571,996
1,723	METHANEX CORP.		23,658		78,220
3,000	METRO, INC.		54,328		112,573
111,900	MULLEN GROUP LTD.		1,576,565		811,767

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
June 30, 2019 (unaudited)

Shares	Security (a)	Cost		Fair value		Percent of net assets
Canada (Cont’d):
52,200	NORTH WEST (THE) CO., INC.(d)	$	1,129,519		1,191,446
13,432	NUTRIEN LTD.		376,707		718,500
2,600	ONEX CORP.		105,376		156,828
6,564	OPEN TEXT CORP.		72,477		270,871
23,139	PEMBINA PIPELINE CORP.		537,455		861,385
7,859	PRAIRIESKY ROYALTY LTD.		100,764		110,424
3,681	RESTAURANT BRANDS INTERNATIONAL, INC.		137,022		255,988
2,701	RITCHIE BROS. AUCTIONEERS, INC.		50,064		89,824
9,354	ROGERS COMMUNICATIONS, INC., CLASS B		221,766		500,718
27,066	ROYAL BANK OF CANADA		909,444		2,150,936
34,200	RUSSEL METALS, INC.		642,295		577,160
4,800	SAPUTO, INC.		103,951		143,683
6,983	SEVEN GENERATIONS ENERGY LTD., CLASS A(b)		46,325		34,234
6,379	SHAW COMMUNICATIONS, INC., CLASS B		97,658		130,157
49,100	SHAWCOR LTD.		1,138,755		686,886
711	SHOPIFY, INC., CLASS A(b)		161,836		213,688
18,470	SHOPIFY, INC., CLASS A (NEW YORK EXCHANGE)(b)		2,192,928		5,543,771
2,748	SMARTCENTRES REAL ESTATE INVESTMENT TRUST		63,857		69,689
2,740	SNC-LAVALIN GROUP, INC.		51,508		55,405
2,648	STARS GROUP (THE), INC.(b)		43,347		45,193
11,810	SUN LIFE FINANCIAL, INC.		235,812		489,066
28,774	SUNCOR ENERGY, INC.		661,700		897,574
12,747	TC ENERGY CORP.		530,210		631,923
19,201	TECK RESOURCES LTD., CLASS B		97,101		443,094
4,548	TELUS CORP.		59,716		168,125
8,041	THOMSON REUTERS CORP.		206,631		518,731
30,016	TORONTO-DOMINION BANK (THE)		557,894		1,753,903
3,676	TOURMALINE OIL CORP.		46,277		46,822
104	TRISURA GROUP LTD.(b)		490		2,382
3,709	VERMILION ENERGY, INC.		80,183		80,578
1,150	WEST FRASER TIMBER CO. LTD.		48,190		52,426
6,930	WHEATON PRECIOUS METALS CORP.		108,261		167,594
25,967	YAMANA GOLD, INC.		47,753		65,832
			29,714,254		45,412,351		7.45	%
China:
22,179	BAIDU, INC. ADR(b)(e)		3,175,349		2,602,927
1,644,500	CHINA ZHENGTONG AUTO SERVICES HOLDINGS LTD.		948,150		682,077
3,815,000	GOODBABY INTERNATIONAL HOLDINGS LTD.(b)		1,823,865		864,415
1,279,700	GREATVIEW ASEPTIC PACKAGING CO. LTD.		621,913		730,630
81,900	HOLLYSYS AUTOMATION TECHNOLOGIES LTD.		1,736,888		1,556,100
126,500	SHANGHAI HAOHAI BIOLOGICAL TECHNOLOGY CO. LTD., CLASS H(f)		723,708		689,850
88,355	TENCENT HOLDINGS LTD.		1,179,522		3,988,117
3,050,500	XTEP INTERNATIONAL HOLDINGS LTD.		1,295,642		1,839,274
			11,505,037		12,953,390		2.12	%
Denmark:
74	AP MOLLER - MAERSK A/S, CLASS A		64,278		85,903
87	AP MOLLER - MAERSK A/S, CLASS B		75,031		107,912
1,846	CARLSBERG A/S, CLASS B		110,654		244,722
31,910	CHR HANSEN HOLDING A/S		1,384,338		2,996,477
1,500	COLOPLAST A/S, CLASS B		27,666		169,512
12,200	DANSKE BANK A/S		119,186		192,828
3,896	DEMANT A/S(b)		70,444		121,139
352	DRILLING CO. OF 1972 (THE) A/S(b)		22,714		27,348
27,718	DSV A/S		2,173,520		2,721,910
200	FLSMIDTH & CO. A/S		6,012		9,046
808	GENMAB A/S(b)		101,229		148,573
1,206	H LUNDBECK A/S		47,122		47,640
1,574	ISS A/S		47,072		47,502
72,477	MATAS A/S		691,581		786,143
44,542	NILFISK HOLDING A/S(b)		2,368,316		1,244,487
20,983	NOVO NORDISK A/S, CLASS B		231,686		1,069,265
3,773	NOVOZYMES A/S, CLASS B		100,500		175,943
864	ORSTED A/S(f)		68,168		74,710
3,622	PANDORA A/S		57,734		128,842
3,250	TOPDANMARK A/S		33,362		183,291
1,838	TRYG A/S		51,447		59,753

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater International Fund
June 30, 2019 (unaudited)

Shares	Security (a)	Cost		Fair value		Percent of net assets
Denmark (Cont’d):
3,244	VESTAS WIND SYSTEMS A/S	$	150,564		280,211
			8,002,624		10,923,157		1.79	%
Finland:
2,770	ELISA OYJ		86,574		135,157
2,247	FORTUM OYJ		48,145		49,658
67,513	HUHTAMAKI OYJ		2,033,207		2,775,968
1,396	KESKO OYJ, CLASS B		30,705		77,655
4,902	KONE OYJ, CLASS B		86,493		289,294
21,225	NESTE OYJ		67,704		720,187
71,621	NOKIA OYJ		251,740		355,568
2,240	NOKIAN RENKAAT OYJ		31,307		69,943
1,960	ORION OYJ, CLASS B		49,561		71,832
104,213	OUTOTEC OYJ(b)		825,394		550,317
1,697	SAMPO OYJ, CLASS A		56,535		80,081
15,829	STORA ENSO OYJ (REGISTERED)		75,698		186,021
11,934	UPM-KYMMENE OYJ		99,928		317,134
1,849	VALMET OYJ		14,443		46,087
7,056	WARTSILA OYJ ABP		56,960		102,338
			3,814,394		5,827,240		0.96	%
France:
1,275	ACCOR S.A.		29,826		54,730
3,443	AEROPORTS DE PARIS		334,974		607,613
2,197	AIR LIQUIDE S.A.		282,858		307,405
10,877	AIRBUS S.E.		357,319		1,542,072
1,093	ARKEMA S.A.		77,841		101,640
435	ATOS S.E.		30,494		36,366
30,343	AXA S.A.		403,058		797,020
19,939	BNP PARIBAS S.A.		847,533		946,923
16,698	BOLLORE S.A.		52,911		73,671
2,871	BOUYGUES S.A.		90,917		106,328
3,068	CAPGEMINI S.E.		111,959		381,481
9,962	CARREFOUR S.A.		171,901		192,346
4,755	CIE DE SAINT-GOBAIN		143,782		185,322
3,404	CIE GENERALE DES ETABLISSEMENTS MICHELIN S.C.A.		180,725		431,775
2,114	CNP ASSURANCES		47,863		47,980
1,133	COVIVIO		96,781		118,591
28,386	CREDIT AGRICOLE S.A.		231,498		340,368
9,359	DANONE S.A.		473,663		792,838
39	DASSAULT AVIATION S.A.		55,701		56,054
572	DASSAULT SYSTEMES S.E.		84,567		91,254
1,781	EDENRED		26,435		90,849
988	EIFFAGE S.A.		97,231		97,673
9,390	ELECTRICITE DE FRANCE S.A.		135,489		118,359
67,951	ENGIE S.A.		864,155		1,030,743
15,893	ESSILORLUXOTTICA S.A.		1,815,129		2,069,236
19,656	ESSILORLUXOTTICA S.A. (NEW YORK EXCHANGE)		2,401,182		2,564,759
2,946	EURAZEO S.E.		77,882		205,349
178	EUROFINS SCIENTIFIC S.E.		77,699		78,735
3,770	EUTELSAT COMMUNICATIONS S.A.		67,301		70,476
711	GECINA S.A.		70,962		106,396
9,468	GETLINK S.E.		72,457		151,694
99	HERMES INTERNATIONAL		65,266		71,394
793	ICADE		62,060		72,679
414	ILIAD S.A.		49,209		46,492
1,437	IMERYS S.A.		67,443		76,178
537	IPSEN S.A.		66,787		73,275
1,026	KERING S.A.		174,510		606,782
3,189	KLEPIERRE S.A.		86,463		106,901
2,119	LAGARDERE S.C.A.		50,227		55,178
4,882	LEGRAND S.A.		111,114		356,950
6,266	L’OREAL S.A.		661,338		1,784,830
15,183	LVMH MOET HENNESSY LOUIS VUITTON S.E.		2,146,556		6,462,136
34,916	MAISONS DU MONDE S.A.(f)		935,554		832,174
24,258	NATIXIS S.A.(d)		89,060		97,619
24,865	NEXANS S.A.		713,492		834,648
37,227	ORANGE S.A.		404,850		586,917
21,161	PERNOD RICARD S.A.		3,242,150		3,899,275

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2019 (unaudited)

Shares	Security (a)	Cost		Fair value		Percent of net assets
France (Cont’d):
12,969	PEUGEOT S.A.	$	78,174		319,569
1,889	PUBLICIS GROUPE S.A.		105,153		99,731
4,895	RENAULT S.A.		134,511		307,750
7,377	REXEL S.A.		83,781		93,656
2,982	SAFRAN S.A.		163,488		436,909
18,369	SANOFI		1,038,393		1,585,562
278	SCHNEIDER ELECTRIC S.E.		8,838		25,261
7,138	SCHNEIDER ELECTRIC S.E. (EURONEXT PARIS EXCHANGE)		267,356		647,382
1,813	SCOR S.E.		36,441		79,494
3,283	SES S.A.		48,195		51,330
23,077	SODEXO S.A.		2,035,387		2,697,560
3,361	SUEZ		45,101		48,498
1,413	THALES S.A.		81,763		174,570
22,629	TOTAL S.A.		1,069,449		1,267,916
29,495	UBISOFT ENTERTAINMENT S.A.(b)		2,694,474		2,308,809
4,924	UNIBAIL-RODAMCO-WESTFIELD		751,592		737,679
1,700	VALEO S.A.		48,218		55,286
13,671	VEOLIA ENVIRONNEMENT S.A.		145,445		332,980
7,810	VINCI S.A.		316,569		799,800
85,570	VIVENDI S.A.		1,659,477		2,355,673
1,345	WENDEL S.A.		91,561		183,375
174	WORLDLINE S.A./FRANCE(b)(f)		10,981		12,663
			29,652,519		44,380,927		7.28	%
Germany:
1,491	1&1 DRILLISCH A.G.		47,218		49,710
18,269	ADIDAS A.G.		2,799,756		5,640,054
8,277	ALLIANZ S.E. (REGISTERED)		727,077		1,995,297
5,539	AROUNDTOWN S.A.		46,672		45,638
1,267	AXEL SPRINGER S.E.		68,418		89,252
15,026	BASF S.E.		542,099		1,092,141
14,878	BAYER A.G. (REGISTERED)		779,041		1,030,969
2,206	BEIERSDORF A.G.		146,950		264,766
1,188	BRENNTAG A.G.		43,546		58,506
29,496	COMMERZBANK A.G.		190,394		211,939
916	CONTINENTAL A.G.		47,943		133,552
17,639	DAIMLER A.G. (REGISTERED)		589,913		981,304
1,107	DELIVERY HERO S.E.(b)(f)		44,619		50,212
4,525	DEUTSCHE BOERSE A.G.		273,152		640,085
2,487	DEUTSCHE LUFTHANSA A.G. (REGISTERED)		29,539		42,617
17,828	DEUTSCHE POST A.G. (REGISTERED)		210,542		585,867
72,227	DEUTSCHE TELEKOM A.G. (REGISTERED)		948,582		1,249,351
3,463	DEUTSCHE WOHNEN S.E.		80,362		127,072
11,958	E.ON S.E.		90,058		129,869
35,030	FRESENIUS MEDICAL CARE A.G. & CO. KGAA		2,824,854		2,750,044
6,867	FRESENIUS S.E. & CO. KGAA		150,261		372,308
30,325	GERRESHEIMER A.G.		2,097,876		2,232,746
74,076	GRAND CITY PROPERTIES S.A.		1,180,489		1,693,060
2,246	HANNOVER RUECK S.E.		94,321		363,168
3,952	HEIDELBERGCEMENT A.G.		143,515		319,780
15,108	HELLA GMBH & CO. KGAA		689,859		746,956
671	HENKEL A.G. & CO. KGAA		49,267		61,612
2,600	HOCHTIEF A.G.		108,936		316,637
1,280	HUGO BOSS A.G.		70,065		85,146
21,437	INFINEON TECHNOLOGIES A.G.		117,250		379,047
1,006	INNOGY S.E.(f)		46,650		47,702
53,010	JENOPTIK A.G.		1,022,648		1,714,900
1,054	KION GROUP A.G.		60,202		66,445
877	LANXESS A.G.		48,124		52,116
2,050	MERCK KGAA		86,079		214,364
2,757	METRO A.G.		44,306		50,395
206	MTU AERO ENGINES A.G.		46,193		49,074
3,091	MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT A.G. IN MUENCHEN (REGISTERED)		382,823		775,711
2,170	OSRAM LICHT A.G.		64,123		71,459
3,467	RATIONAL A.G.		1,197,168		2,387,078
887	RTL GROUP S.A.		46,355		45,428

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2019 (unaudited)

Shares	Security (a)	Cost		Fair value		Percent of net assets
Germany (Cont’d):
3,608	RWE A.G.	$	78,041		88,905
17,103	SAP S.E.		683,559		2,348,519
13,106	SIEMENS A.G. (REGISTERED)		795,701		1,558,836
25,092	STABILUS S.A.		1,403,791		1,164,110
6,797	THYSSENKRUPP A.G.		100,339		99,123
7,071	TUI A.G. - CDI		57,698		69,180
6,877	TUI A.G. - CDI (LONDON INTERNATIONAL EXCHANGE)		70,312		67,457
4,249	UNIPER S.E.		47,803		128,664
1,918	UNITED INTERNET A.G. (REGISTERED)		68,585		63,160
404	VOLKSWAGEN A.G.		40,235		69,436
3,076	VONOVIA S.E.		118,729		146,904
1,746	WIRECARD A.G.		227,274		293,935
1,182	ZALANDO S.E.(b)(f)		46,492		52,445
13,091	ZOOPLUS A.G.(b)(d)		2,675,446		1,783,316
			24,691,250		37,147,367		6.09	%
Greece:
6,746	HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.		54,075		99,721
			54,075		99,721		0.02	%
Hong Kong:
625,000	AIA GROUP LTD.		3,380,759		6,740,690
181,500	BOC HONG KONG HOLDINGS LTD.		447,601		714,457
56,044	CK ASSET HOLDINGS LTD.		165,366		438,712
52,044	CK HUTCHISON HOLDINGS LTD.		307,834		512,998
10,000	CK INFRASTRUCTURE HOLDINGS LTD.		46,496		81,544
34,500	CLP HOLDINGS LTD.		236,618		380,698
18,000	GALAXY ENTERTAINMENT GROUP LTD.		39,054		121,318
15,300	HANG SENG BANK LTD.		175,457		380,948
25,331	HENDERSON LAND DEVELOPMENT CO. LTD.		45,544		139,598
113,364	HONG KONG & CHINA GAS CO. LTD.		169,115		251,349
11,800	HONG KONG EXCHANGES & CLEARING LTD.		203,281		416,611
1,300	JARDINE MATHESON HOLDINGS LTD.		83,934		81,926
314,500	JOHNSON ELECTRIC HOLDINGS LTD.		751,765		671,539
40,500	LINK REIT		84,196		497,715
30,500	MTR CORP. LTD.		88,703		205,371
43,500	NWS HOLDINGS LTD.		52,824		89,431
2,237,000	PAX GLOBAL TECHNOLOGY LTD.		1,124,872		910,642
190,000	PCCW LTD.		77,805		109,694
19,500	POWER ASSETS HOLDINGS LTD.		108,242		140,290
27,400	SINO LAND CO. LTD.		29,978		45,949
9,000	SUN HUNG KAI PROPERTIES LTD.		81,725		152,656
19,000	SWIRE PACIFIC LTD., CLASS A		127,857		233,496
362,400	TECHTRONIC INDUSTRIES CO. LTD.		1,289,286		2,774,239
1,944,000	VALUE PARTNERS GROUP LTD.		1,566,460		1,296,547
158,900	VTECH HOLDINGS LTD.		2,090,137		1,421,856
83,500	WH GROUP LTD.(f)		45,547		84,658
18,000	WHARF HOLDINGS (THE) LTD.		46,295		47,698
6,000	WHARF REAL ESTATE INVESTMENT CO. LTD.		34,958		42,283
19,000	WHEELOCK & CO. LTD.		30,489		136,206
15,000	YUE YUEN INDUSTRIAL HOLDINGS LTD.		30,233		41,092
			12,962,431		19,162,211		3.14	%
India:
320,448	BHARTI INFRATEL LTD.		1,534,665		1,239,733
302,908	DCB BANK LTD.		676,881		1,040,447
148,065	HCL TECHNOLOGIES LTD.		1,804,523		2,283,690
34,260	HDFC BANK LTD. ADR(e)		2,077,940		4,455,170
912,624	WELSPUN INDIA LTD.		703,935		758,895
			6,797,944		9,777,935		1.60	%
Ireland:
25,592	ACCENTURE PLC, CLASS A		2,980,667		4,728,634
1,332	AERCAP HOLDINGS N.V.(b)		50,212		69,277
30,866	AIB GROUP PLC		132,903		126,212
16,075	CRH PLC		247,660		524,421
757	DCC PLC		66,565		67,487
618	FLUTTER ENTERTAINMENT PLC		48,168		46,478
13,131	ICON PLC(b)		869,539		2,021,780
11,673	JAMES HARDIE INDUSTRIES PLC - CDI		105,224		153,247

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2019 (unaudited)


Shares		Security (a)	Cost		Fair value		Percent of net assets
	Ireland (Cont’d):
	3,425	KERRY GROUP PLC, CLASS A	$	234,436		408,930
	2,065	KINGSPAN GROUP PLC		100,718		112,146
	234	PERRIGO CO. PLC		9,702		11,143
				4,845,794		8,269,755		1.36	%
	Isle of Man:
	11,103	GVC HOLDINGS PLC		86,182		91,905
				86,182		91,905		0.01	%
	Israel:
	1,123	AZRIELI GROUP LTD.		65,459		75,207
	21,007	BANK HAPOALIM B.M.		79,922		155,751
	9,921	BANK LEUMI LE-ISRAEL B.M.		67,446		71,611
	2,094	CHECK POINT SOFTWARE TECHNOLOGIES LTD.(b)		161,340		242,087
	338	ELBIT SYSTEMS LTD.		43,582		50,291
	9,132	ISRAEL CHEMICALS LTD.		47,288		47,825
	5,900	MIZRAHI TEFAHOT BANK LTD.(b)		51,135		136,010
	2,937	NICE LTD.(b)		148,741		399,221
	324	WIX.COM LTD.(b)		47,649		46,040
				712,562		1,224,043		0.20	%
	Italy:
	25,746	ASSICURAZIONI GENERALI S.P.A.		314,340		484,807
	3,782	ATLANTIA S.P.A.		66,043		98,525
	25,272	BANCA MEDIOLANUM S.P.A.		87,322		186,071
	85,116	ENEL S.P.A.		300,516		594,262
	1,211	FERRARI N.V.		46,128		196,640
	1,022	FERRARI N.V. (NEW YORK EXCHANGE)		7,568		164,971
	73,214	INTERPUMP GROUP S.P.A.		1,392,438		2,252,789
	426,636	INTESA SANPAOLO S.P.A.		902,250		913,010
	10,070	LEONARDO S.P.A.		50,331		127,617
	10,830	MEDIOBANCA BANCA DI CREDITO FINANZIARIO S.P.A.		70,955		111,646
	1,157	MONCLER S.P.A.		45,613		49,467
	3,764	PRYSMIAN S.P.A.		70,326		77,683
	1,669	RECORDATI S.P.A.		68,164		69,574
	695	RIZZOLI CORRIERE DELLA SERA MEDIAGROUP S.P.A.		460		737
	76,191	SNAM S.P.A.		276,534		378,689
	216,632	TECHNOGYM S.P.A.(f)		1,366,577		2,411,593
	99,406	TELECOM ITALIA S.P.A. (RSP)		46,425		51,555
	11,743	TENARIS S.A.		131,805		153,693
	34,652	TERNA RETE ELETTRICA NAZIONALE S.P.A.		130,368		220,656
	18,585	TOD’S S.P.A.(d)		1,234,884		867,721
	95,230	UNIPOLSAI ASSICURAZIONI S.P.A.(d)		153,826		244,618
				6,762,873		9,656,324		1.58	%
	Japan:
	1,400	ABC-MART, INC.		51,583		91,156
	4,700	AEON CO. LTD.		52,433		80,691
	4,800	AEON FINANCIAL SERVICE CO. LTD.		49,903		77,243
	3,600	AEON MALL CO. LTD.		50,736		54,159
	2,300	AISIN SEIKI CO. LTD.		37,584		79,145
	15,000	AJINOMOTO CO., INC.		116,767		259,890
	2,500	ALFRESA HOLDINGS CORP.		24,420		61,633
	2,000	AMADA HOLDINGS CO. LTD.		10,582		22,502
	1,400	ANA HOLDINGS, INC.		35,110		46,331
	56,300	ANICOM HOLDINGS, INC.		1,226,702		2,013,045
	2,700	AOZORA BANK LTD.		65,561		64,761
	60,800	ASAHI CO. LTD.		851,839		685,738
	5,600	ASAHI GROUP HOLDINGS LTD.		85,235		251,653
	31,000	ASAHI KASEI CORP.		147,138		330,228
	135,100	ASICS CORP.		2,200,712		1,462,335
	37,000	ASTELLAS PHARMA, INC.		236,149		526,782
	1,900	BANDAI NAMCO HOLDINGS, INC.		33,289		92,167
	6,600	BANK OF KYOTO (THE) LTD.		216,700		254,965
	13,800	BRIDGESTONE CORP.		205,726		542,963
	5,200	BROTHER INDUSTRIES LTD.		38,445		98,150
	136,300	BUNKA SHUTTER CO. LTD.		1,071,837		1,032,854
	5,800	CANON, INC.		164,347		169,242
	2,700	CENTRAL JAPAN RAILWAY CO.		229,516		540,426
	9,700	CHIBA BANK (THE) LTD.		47,640		47,324

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2019 (unaudited)


Shares		Security (a)	Cost		Fair value		Percent of net assets
	Japan (Cont’d):
	4,500	CHUGAI PHARMACEUTICAL CO. LTD.	$	82,278		293,837
	7,900	CITIZEN WATCH CO. LTD.		31,581		40,520
	2,600	COCA-COLA BOTTLERS JAPAN HOLDINGS, INC.		64,917		65,811
	1,300	CYBERAGENT, INC.		48,658		47,085
	2,500	DAI NIPPON PRINTING CO. LTD.		46,806		53,239
	127,700	DAIBIRU CORP.		1,267,518		1,186,805
	900	DAIFUKU CO. LTD.		45,843		50,503
	16,500	DAI-ICHI LIFE HOLDINGS, INC.		198,959		248,690
	9,700	DAIICHI SANKYO CO. LTD.		150,922		506,975
	4,500	DAIKIN INDUSTRIES LTD.		124,473		587,047
	1,200	DAITO TRUST CONSTRUCTION CO. LTD.		117,985		152,873
	13,600	DAIWA HOUSE INDUSTRY CO. LTD.		194,625		396,212
	38	DAIWA HOUSE REIT INVESTMENT CORP.		83,440		91,674
	29,500	DAIWA SECURITIES GROUP, INC.		115,554		129,175
	8,200	DENSO CORP.		185,234		344,763
	2,800	DENTSU, INC.		46,871		97,649
	8,300	DESCENTE LTD.		48,196		145,576
	47,200	DOWA HOLDINGS CO. LTD.		1,563,071		1,512,554
	7,000	EAST JAPAN RAILWAY CO.		392,789		654,454
	3,400	EISAI CO. LTD.		112,861		192,083
	6,600	ELECTRIC POWER DEVELOPMENT CO. LTD.		148,031		149,857
	22,400	EN-JAPAN, INC.		845,777		871,567
	7,200	FAMILYMART UNY HOLDINGS CO. LTD.		52,590		171,761
	3,100	FANUC CORP.		243,447		573,046
	1,300	FAST RETAILING CO. LTD.		188,734		785,317
	4,200	FUJI ELECTRIC CO. LTD.		51,969		144,720
	84,100	FUJI OIL HOLDINGS, INC.		1,844,803		2,535,130
	8,800	FUJIFILM HOLDINGS CORP.		165,274		445,897
	1,800	FUJITSU LTD.		64,886		125,415
	14,000	FUKUOKA FINANCIAL GROUP, INC.		230,551		255,419
	3,200	FURUKAWA ELECTRIC CO. LTD.		65,376		93,642
	40,800	HACHIJUNI BANK (THE) LTD.		176,428		166,129
	3,000	HAMAMATSU PHOTONICS K.K.		52,686		116,728
	2,400	HANKYU HANSHIN HOLDINGS, INC.		57,098		85,925
	341	HIROSE ELECTRIC CO. LTD.		28,677		38,017
	1,600	HISAMITSU PHARMACEUTICAL CO., INC.		66,399		63,145
	19,000	HITACHI LTD.		295,895		695,924
	6,200	HITACHI METALS LTD.		47,471		69,985
	10,400	HONDA MOTOR CO. LTD.		248,947		268,645
	5,300	HOYA CORP.		112,594		405,752
	71,400	IDEC CORP.		1,644,104		1,337,736
	254,800	IDOM, INC.(d)		1,560,383		682,996
	16,000	INPEX CORP.		149,502		144,143
	18,200	ITOCHU CORP.		192,005		347,828
	4,000	J FRONT RETAILING CO. LTD.		31,099		45,819
	7,000	JAPAN EXCHANGE GROUP, INC.		56,090		111,153
	10	JAPAN REAL ESTATE INVESTMENT CORP.		49,036		60,845
	24	JAPAN RETAIL FUND INVESTMENT CORP.		41,483		48,528
	3,600	JGC CORP.		47,805		49,351
	5,000	JTEKT CORP.		36,670		60,567
	84,700	JXTG HOLDINGS, INC.		326,972		419,827
	6,500	KAJIMA CORP.		44,950		89,106
	2,100	KANSAI PAINT CO. LTD.		12,205		44,000
	10,000	KAO CORP.		208,279		761,490
	3,500	KAWASAKI HEAVY INDUSTRIES LTD.		71,135		82,229
	29,862	KDDI CORP.		239,416		759,879
	1,200	KEIO CORP.		36,571		78,913
	2,500	KEISEI ELECTRIC RAILWAY CO. LTD.		23,110		91,012
	9,262	KEYENCE CORP.		2,216,041		5,680,991
	6,000	KIKKOMAN CORP.		52,867		261,003
	1,200	KINTETSU GROUP HOLDINGS CO. LTD.		35,697		57,432
	10,000	KIRIN HOLDINGS CO. LTD.		103,112		215,508
	16,900	KOBAYASHI PHARMACEUTICAL CO. LTD.		451,749		1,208,542
	2,100	KOMATSU LTD.		48,104		50,642
	2,300	KONAMI HOLDINGS CORP.		50,313		107,731
	21,000	KUBOTA CORP.		129,773		349,237
	4,100	KYOCERA CORP.		137,688		267,528

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2019 (unaudited)


Shares		Security (a)	Cost		Fair value		Percent of net assets
	Japan (Cont’d):
	5,000	KYOWA HAKKO KIRIN CO. LTD.	$	54,616		89,923
	8,000	KYUSHU ELECTRIC POWER CO., INC.		70,471		78,505
	2,200	LAWSON, INC.		100,677		105,496
	9,600	LIXIL GROUP CORP.		116,604		151,727
	4,800	M3, INC.		51,468		87,661
	3,200	MAKITA CORP.		82,169		108,631
	32,000	MARUBENI CORP.		162,807		211,622
	6,500	MARUI GROUP CO. LTD.		32,287		132,273
	11,400	MAZDA MOTOR CORP.		95,886		118,901
	2,400	MEIJI HOLDINGS CO. LTD.		38,749		171,405
	48,500	MEITEC CORP.		1,582,401		2,487,641
	8,700	MINEBEA MITSUMI, INC.		84,406		147,266
	1,900	MISUMI GROUP, INC.		46,858		47,617
	36,800	MITSUBISHI CHEMICAL HOLDINGS CORP.		149,792		256,882
	18,300	MITSUBISHI CORP.		250,540		482,048
	40,000	MITSUBISHI ELECTRIC CORP.		322,861		526,457
	18,000	MITSUBISHI ESTATE CO. LTD.		215,299		334,740
	8,500	MITSUBISHI GAS CHEMICAL CO., INC.		75,149		113,212
	5,700	MITSUBISHI HEAVY INDUSTRIES LTD.		185,317		248,005
	13,300	MITSUBISHI MOTORS CORP.		60,808		63,653
	5,700	MITSUBISHI TANABE PHARMA CORP.		65,869		63,442
	203,500	MITSUBISHI UFJ FINANCIAL GROUP, INC.		954,505		966,396
	27,000	MITSUBISHI UFJ LEASE & FINANCE CO. LTD.		83,878		142,995
	16,600	MITSUI & CO. LTD.		168,396		270,059
	7,400	MITSUI CHEMICALS, INC.		87,469		183,052
	2,600	MITSUI FUDOSAN CO. LTD.		64,528		63,001
	204,100	MIZUHO FINANCIAL GROUP, INC.		310,898		295,506
	63,800	MORITA HOLDINGS CORP.		1,126,115		1,115,457
	8,280	MS&AD INSURANCE GROUP HOLDINGS, INC.		177,615		262,650
	10,800	MURATA MANUFACTURING CO. LTD.		162,615		484,831
	75,900	N FIELD CO. LTD.		1,350,940		494,901
	3,100	NEXON CO. LTD.(b)		47,074		44,912
	5,000	NGK INSULATORS LTD.		63,091		72,856
	4,100	NGK SPARK PLUG CO. LTD.		48,644		76,893
	3,000	NH FOODS LTD.		72,315		128,414
	41,700	NICHIHA CORP.		1,152,569		1,162,255
	3,900	NIDEC CORP.		129,234		532,649
	83,000	NIHON PARKERIZING CO. LTD.		1,128,819		919,186
	2,600	NINTENDO CO. LTD.		285,625		952,316
	22	NIPPON BUILDING FUND, INC.		90,970		150,591
	1,700	NIPPON EXPRESS CO. LTD.		60,747		90,349
	26	NIPPON PROLOGIS REIT, INC.		54,492		60,023
	15,200	NIPPON TELEGRAPH & TELEPHONE CORP.		342,697		707,308
	5,000	NISSAN CHEMICAL CORP.		50,851		225,154
	28,200	NISSAN MOTOR CO. LTD.		201,166		201,819
	3,670	NISSHIN SEIFUN GROUP, INC.		31,991		83,704
	1,200	NISSIN FOODS HOLDINGS CO. LTD.		43,959		77,243
	2,700	NITORI HOLDINGS CO. LTD.		87,310		357,613
	3,200	NITTO DENKO CORP.		77,639		157,811
	67,300	NOMURA HOLDINGS, INC.		225,895		236,828
	8,400	NOMURA REAL ESTATE HOLDINGS, INC.		130,390		180,442
	46	NOMURA REAL ESTATE MASTER FUND, INC.		64,976		70,697
	9,801	NOMURA RESEARCH INSTITUTE LTD.		43,930		156,994
	7,000	NSK LTD.		50,459		62,329
	7,000	NTT DATA CORP.		36,520		93,169
	23,800	NTT DOCOMO, INC.		362,981		554,631
	12,000	OBAYASHI CORP.		48,665		118,091
	33,200	OLYMPUS CORP.		211,415		368,290
	1,100	OMRON CORP.		31,828		57,339
	6,100	ONO PHARMACEUTICAL CO. LTD.		61,884		109,309
	4,800	ORIENTAL LAND CO. LTD.		113,097		593,906
	15,500	ORIX CORP.		185,456		231,174
	2,400	OSAKA GAS CO. LTD.		36,678		41,783
	7,300	OTSUKA HOLDINGS CO. LTD.		217,894		238,063
	1,800	PAN PACIFIC INTERNATIONAL HOLDINGS CORP.		114,304		114,196
	33,300	PANASONIC CORP.		217,151		277,235
	2,600	PARK24 CO. LTD.		51,627		60,506

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2019 (unaudited)


Shares		Security (a)	Cost		Fair value		Percent of net assets
	Japan (Cont’d):
	65,100	QOL HOLDINGS CO. LTD.	$	940,398		998,705
	8,400	RAKUTEN, INC.		40,327		99,726
	10,400	RECRUIT HOLDINGS CO. LTD.		256,808		346,683
	10,300	RENESAS ELECTRONICS CORP.(b)		48,441		51,111
	81,100	RESONA HOLDINGS, INC.		337,234		337,443
	1,200	RINNAI CORP.		52,047		76,242
	4,200	ROHM CO. LTD.		166,807		282,039
	13,000	SANTEN PHARMACEUTICAL CO. LTD.		85,886		215,230
	13,720	SBI HOLDINGS, INC.		111,165		339,389
	3,400	SECOM CO. LTD.		133,812		292,460
	7,300	SEGA SAMMY HOLDINGS, INC.		68,324		88,631
	8,400	SEIBU HOLDINGS, INC.		139,989		139,929
	13,000	SEKISUI CHEMICAL CO. LTD.		66,177		195,093
	6,000	SEKISUI HOUSE LTD.		44,394		98,808
	13,400	SEVEN & I HOLDINGS CO. LTD.		301,391		453,399
	6,400	SHARP CORP.		61,105		70,165
	4,000	SHIMADZU CORP.		25,419		98,020
	1,000	SHIMAMURA CO. LTD.		61,206		74,665
	1,500	SHIMANO, INC.		58,204		223,021
	9,200	SHIN-ETSU CHEMICAL CO. LTD.		461,684		856,300
	4,000	SHIONOGI & CO. LTD.		67,679		230,358
	5,900	SHISEIDO CO. LTD.		88,706		444,408
	1,600	SHOWA DENKO K.K.		46,625		47,044
	900	SMC CORP.		106,941		335,324
	19,900	SOFTBANK CORP.		248,181		258,313
	36,800	SOFTBANK GROUP CORP.		412,233		1,762,946
	9,000	SOMPO HOLDINGS, INC.		202,248		347,345
	18,800	SONY CORP.		260,756		984,857
	28,300	SQUARE ENIX HOLDINGS CO. LTD.		952,262		905,579
	2,700	STANLEY ELECTRIC CO. LTD.		30,745		66,314
	5,700	SUBARU CORP.		26,572		138,462
	9,300	SUMCO CORP.		108,434		110,584
	25,000	SUMITOMO CHEMICAL CO. LTD.		74,256		115,939
	17,500	SUMITOMO CORP.		207,148		264,979
	4,000	SUMITOMO DAINIPPON PHARMA CO. LTD.		45,511		75,797
	8,800	SUMITOMO ELECTRIC INDUSTRIES LTD.		75,679		115,453
	2,400	SUMITOMO HEAVY INDUSTRIES LTD.		39,379		82,475
	14,700	SUMITOMO MITSUI FINANCIAL GROUP, INC.		509,559		518,928
	1,931	SUMITOMO MITSUI TRUST HOLDINGS, INC.		54,164		69,958
	4,000	SUMITOMO REALTY & DEVELOPMENT CO. LTD.		110,500		142,763
	9,300	SUZUKI MOTOR CORP.		199,522		436,815
	2,600	SYSMEX CORP.		51,707		169,459
	8,700	T&D HOLDINGS, INC.		83,668		94,371
	124,900	TADANO LTD.		1,390,588		1,300,957
	1,400	TAIHEIYO CEMENT CORP.		29,931		42,332
	3,400	TAISEI CORP.		55,809		123,461
	1,597	TAKEDA PHARMACEUTICAL CO. LTD.		53,934		56,628
	1,100	TDK CORP.		52,815		85,090
	28,800	TECHNOPRO HOLDINGS, INC.		1,094,943		1,527,951
	5,800	TEIJIN LTD.		67,529		98,823
	11,600	TERUMO CORP.		117,165		345,369
	2,000	THK CO. LTD.		29,290		47,767
	1,500	TOHO CO. LTD.		25,533		63,720
	3,400	TOHO GAS CO. LTD.		81,221		125,038
	7,200	TOHOKU ELECTRIC POWER CO., INC.		56,650		72,725
	14,400	TOKIO MARINE HOLDINGS, INC.		359,676		721,102
	28,100	TOKYO ELECTRIC POWER CO. HOLDINGS, INC.(b)		104,659		146,475
	3,300	TOKYO ELECTRON LTD.		135,391		462,793
	6,000	TOKYO GAS CO. LTD.		103,615		141,214
	9,800	TOKYO TATEMONO CO. LTD.		110,919		108,803
	12,500	TOKYU CORP.		103,448		221,560
	20,000	TOKYU FUDOSAN HOLDINGS CORP.		69,576		110,374
	3,000	TOPPAN PRINTING CO. LTD.		46,386		45,495
	17,000	TORAY INDUSTRIES, INC.		70,413		129,169
	3,200	TOSHIBA CORP.		104,204		99,578
	3,000	TOTO LTD.		30,029		118,397
	3,000	TOYO SUISAN KAISHA LTD.		74,690		123,545

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2019 (unaudited)


Shares		Security (a)	Cost		Fair value		Percent of net assets
	Japan (Cont’d):
	4,000	TOYOTA INDUSTRIES CORP.	$	101,266		220,006
	46,662	TOYOTA MOTOR CORP.		1,594,403		2,894,546
	1,800	TOYOTA TSUSHO CORP.		14,973		54,510
	900	TREND MICRO, INC.		26,540		40,110
	84,900	TSUMURA & CO.		2,476,141		2,366,317
	7,800	UNICHARM CORP.		68,794		234,691
	60	UNITED URBAN INVESTMENT CORP.		85,311		100,506
	4,900	USS CO. LTD.		56,003		96,487
	1,400	WELCIA HOLDINGS CO. LTD.		48,069		56,940
	4,100	WEST JAPAN RAILWAY CO.		134,756		331,453
	488,200	YAHOO JAPAN CORP.		2,062,286		1,430,888
	2,500	YAKULT HONSHA CO. LTD.		74,984		147,243
	16,300	YAMADA DENKI CO. LTD.		56,674		72,115
	63,800	YAMAGUCHI FINANCIAL GROUP, INC.		475,563		435,531
	8,300	YAMAHA MOTOR CO. LTD.		106,577		147,424
	3,000	YAMATO HOLDINGS CO. LTD.		46,642		60,966
	4,000	YAMAZAKI BAKING CO. LTD.		44,679		60,437
	5,000	YASKAWA ELECTRIC CORP.		48,019		169,735
	87,400	ZOJIRUSHI CORP.(d)		1,233,394		931,434
				60,249,444		86,256,233		14.15	%
	Macau:
	172,800	SANDS CHINA LTD.		551,191		826,207
				551,191		826,207		0.14	%
	Mexico:
	4,536	FRESNILLO PLC		46,047		50,128
	953,834	WAL-MART DE MEXICO S.A.B. DE C.V.		2,392,185		2,604,019
				2,438,232		2,654,147		0.44	%
	Netherlands:
	18,479	AALBERTS N.V.		561,003		726,401
	7,521	ABN AMRO GROUP N.V. - CVA(f)		166,330		160,908
	37,400	ACCELL GROUP N.V.		686,051		1,031,293
	58	ADYEN N.V.(b)(f)		47,253		44,755
	52,608	AEGON N.V.		212,484		261,894
	11,694	AKZO NOBEL N.V.		922,336		1,098,885
	94,103	ARCADIS N.V.		1,756,343		1,786,976
	27,560	ARCELORMITTAL		380,361		493,142
	7,173	ASML HOLDING N.V.		106,863		1,498,660
	11,055	ASML HOLDING N.V. (REGISTERED)		1,888,738		2,298,666
	3,610	EXOR N.V.		90,616		252,864
	40,073	FLOW TRADERS(f)		1,155,056		1,170,161
	2,765	HEINEKEN HOLDING N.V.		148,540		290,199
	3,662	HEINEKEN N.V.		128,663		408,661
	370,499	ING GROEP N.V.		3,857,128		4,295,518
	119,927	INTERTRUST N.V.(f)		2,206,316		2,477,825
	18,515	KONINKLIJKE AHOLD DELHAIZE N.V.		223,304		416,394
	3,281	KONINKLIJKE DSM N.V.		122,903		405,541
	51,375	KONINKLIJKE KPN N.V.		108,346		157,730
	20,095	KONINKLIJKE PHILIPS N.V.		343,642		872,528
	1,264	NN GROUP N.V.		37,113		50,880
	24,776	NXP SEMICONDUCTORS N.V.		2,109,835		2,418,385
	659,001	POSTNL N.V.		2,337,187		1,141,635
	8,117	QIAGEN N.V.(b)		119,394		329,413
	3,238	RANDSTAD N.V.		99,928		177,837
	70,285	ROYAL DUTCH SHELL PLC, CLASS A		1,810,548		2,296,173
	81,662	ROYAL DUTCH SHELL PLC, CLASS B		1,800,118		2,676,669
	6,193	WOLTERS KLUWER N.V.		101,075		450,833
				23,527,474		29,690,826		4.87	%
	New Zealand:
	4,399	A2 MILK CO. LTD.(b)		45,605		43,353
	16,545	AUCKLAND INTERNATIONAL AIRPORT LTD.		50,086		109,482
	13,965	FLETCHER BUILDING LTD.		46,455		45,501
	6,185	RYMAN HEALTHCARE LTD.		47,219		48,822

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2019 (unaudited)

Shares		Security (a)	Cost		Fair value		Percent of net assets
	New Zealand (Cont’d):
	169,758	SPARK NEW ZEALAND LTD.	$	404,492		456,174
				593,857		703,332		0.12	%
	Norway:
	1,208	ADEVINTA ASA, CLASS B(b)		11,661		13,311
	13,773	DNB ASA		87,874		256,232
	11,584	EQUINOR ASA		201,737		228,748
	7,669	MOWI ASA		162,203		179,309
	15,494	ORKLA ASA		115,249		137,459
	15,551	TELENOR ASA		230,159		330,145
	95,239	XXL ASA(d)(f)		1,046,049		318,638
	2,500	YARA INTERNATIONAL ASA		58,115		121,271
				1,913,047		1,585,113		0.26	%
	Poland:
	23,373	CCC S.A.		1,230,729		1,055,452
				1,230,729		1,055,452		0.17	%
	Portugal:
	20,567	EDP - ENERGIAS DE PORTUGAL S.A.		48,529		78,158
	9,917	GALP ENERGIA SGPS S.A.		137,193		152,516
	9,417	JERONIMO MARTINS SGPS S.A.		105,677		151,680
				291,399		382,354		0.06	%
	Singapore:
	49,500	ASCENDAS REAL ESTATE INVESTMENT TRUST		104,920		114,146
	133,000	CAPITALAND LTD.		268,012		346,999
	46,700	CAPITALAND MALL TRUST		54,337		90,777
	11,600	CITY DEVELOPMENTS LTD.		55,211		81,192
	28,300	DBS GROUP HOLDINGS LTD.		159,243		542,992
	2,600	JARDINE CYCLE & CARRIAGE LTD.		62,114		69,622
	29,800	KEPPEL CORP. LTD.		94,163		146,687
	7,840	KEPPEL REIT		3,183		7,301
	6,000	OVERSEA-CHINESE BANKING CORP. LTD.		33,180		50,554
	12,100	SATS LTD.		45,122		46,683
	12,000	SINGAPORE AIRLINES LTD.		70,334		82,217
	13,000	SINGAPORE EXCHANGE LTD.		40,226		76,098
	70,000	SINGAPORE PRESS HOLDINGS LTD.		120,788		126,238
	23,700	SINGAPORE TECHNOLOGIES ENGINEERING LTD.		65,893		72,519
	146,400	SINGAPORE TELECOMMUNICATIONS LTD.		263,973		378,714
	4,600	UNITED OVERSEAS BANK LTD.		26,071		88,838
	28,000	UOL GROUP LTD.		110,140		156,245
	4,100	VENTURE CORP. LTD.		47,813		49,364
	35,400	WILMAR INTERNATIONAL LTD.		68,955		96,807
				1,693,678		2,623,993		0.43	%
	South Africa:
	13,348	INVESTEC PLC		83,096		86,621
	2,357	NEDBANK GROUP LTD.		39,047		42,371
	73,408	OLD MUTUAL LTD.		87,200		109,464
				209,343		238,456		0.04	%
	South Korea:
	175,038	BNK FINANCIAL GROUP, INC.		1,674,948		1,135,439
	240,085	DGB FINANCIAL GROUP, INC.		2,473,822		1,694,620
	9,547	HYUNDAI MOTOR CO.		1,214,492		1,157,563
	655	KT&G CORP.		64,255		55,876
	19,381	NAVER CORP.		2,363,685		1,913,510
	150,914	SAMSUNG ELECTRONICS CO. LTD.		4,713,544		6,142,950
				12,504,746		12,099,958		1.98	%
	Spain:
	1,260	ACCIONA S.A.		78,312		135,251
	1,798	ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A.		53,125		71,783
	583	AENA S.M.E. S.A.(f)		50,200		115,548
	45,592	AMADEUS IT GROUP S.A.		3,362,764		3,611,360
	127,837	BANCO BILBAO VIZCAYA ARGENTARIA S.A.		731,627		714,752
	132,745	BANCO SANTANDER S.A.		579,999		615,928
	557,498	BANKIA S.A.		2,012,006		1,317,309
	13,291	BANKINTER S.A.		93,679		91,556
	183,293	CAIXABANK S.A.		508,053		524,808
	42,130	CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.		1,805,290		1,930,613

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund
June 30, 2019 (unaudited)

Shares		Security (a)	Cost		Fair value		Percent of net assets
	Spain (Cont’d):
	10,362	ENAGAS S.A.	$	213,104		276,538
	5,653	FERROVIAL S.A.		95,037		144,695
	15,282	GRIFOLS S.A.		273,864		451,806
	56,440	IBERDROLA S.A.		286,201		562,584
	11,150	INDUSTRIA DE DISENO TEXTIL S.A.		278,217		335,351
	21,686	MAPFRE S.A.		49,735		63,399
	16,489	NATURGY ENERGY GROUP S.A.		264,629		454,304
	26,579	RED ELECTRICA CORP. S.A.		390,097		553,534
	48,123	REPSOL S.A.		589,690		754,324
	2,970	SIEMENS GAMESA RENEWABLE ENERGY S.A.		45,075		49,374
	7,285	TELEFONICA S.A.		60,973		59,817
				11,821,677		12,834,634		2.11	%
	Sweden:
	3,022	ALFA LAVAL AB		66,859		65,932
	22,200	ASSA ABLOY AB, CLASS B		89,466		501,799
	78,299	ATLAS COPCO AB, CLASS A		1,891,878		2,502,560
	4,000	ATLAS COPCO AB, CLASS B		22,805		114,752
	315,176	CLOETTA AB, CLASS B		1,231,417		1,025,001
	157,239	DOMETIC GROUP AB(f)		1,090,159		1,574,397
	7,501	ELECTROLUX AB, CLASS B		95,788		191,682
	9,604	EPIROC AB, CLASS A		18,146		99,989
	4,000	EPIROC AB, CLASS B		7,248		39,620
	8,600	ESSITY AB, CLASS B		62,137		264,312
	151,656	GRANGES AB		1,645,421		1,737,663
	14,726	HENNES & MAURITZ AB, CLASS B		222,503		262,228
	3,700	HEXAGON AB, CLASS B		56,830		205,437
	17,500	HUSQVARNA AB, CLASS B		64,201		163,690
	8,270	INDUSTRIVARDEN AB, CLASS C		85,948		183,280
	10,953	INVESTOR AB, CLASS B		150,033		526,174
	3,786	KINNEVIK AB, CLASS B		71,401		98,460
	3,301	LUNDIN PETROLEUM AB		46,595		102,341
	1,031	MILLICOM INTERNATIONAL CELLULAR S.A. SDR		60,294		58,011
	142	MODERN TIMES GROUP MTG AB, CLASS B(b)		2,063		1,590
	142	NORDIC ENTERTAINMENT GROUP AB, CLASS B		2,874		3,334
	13,973	SANDVIK AB		86,678		256,704
	13,348	SECURITAS AB, CLASS B		106,689		234,154
	37,385	SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A		159,849		345,904
	2,800	SKANSKA AB, CLASS B		23,703		50,566
	8,600	SVENSKA CELLULOSA AB S.C.A., CLASS B		15,915		74,737
	30,392	SVENSKA HANDELSBANKEN AB, CLASS A		201,057		300,708
	14,125	SWEDBANK AB, CLASS A		213,236		212,115
	1,561	SWEDISH MATCH AB		60,521		65,895
	59,340	TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B		304,553		562,973
	10,851	TELIA CO. AB		46,872		48,190
	70,265	TETHYS OIL AB		524,483		563,715
	114,560	THULE GROUP AB (THE)(f)		1,725,582		2,830,028
	25,108	VOLVO AB, CLASS B		162,740		398,407
				10,615,944		15,666,348		2.57	%
	Switzerland:
	243,552	ABB LTD. (REGISTERED)(d)		4,795,509		4,887,506
	3,728	ADECCO GROUP A.G. (REGISTERED)		131,290		224,016
	65,922	ALCON, INC.(b)		3,562,403		4,070,660
	484	BALOISE HOLDING A.G. (REGISTERED)		26,452		85,674
	6,776	BUCHER INDUSTRIES A.G. (REGISTERED)		1,918,564		2,335,020
	35	CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (PARTICIPATION CERTIFICATE)		50,308		254,738
	3	CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. (REGISTERED)		75,352		244,007
	26,027	CHUBB LTD.		2,316,495		3,833,517
	41,860	CIE FINANCIERE RICHEMONT S.A. (REGISTERED)		2,844,261		3,552,225
	24,343	CREDIT SUISSE GROUP A.G. (REGISTERED)(b)		277,976		291,882
	776	DUFRY A.G. (REGISTERED)(b)		66,344		65,724
	6,064	GEBERIT A.G. (REGISTERED)		2,038,004		2,832,600
	140	GIVAUDAN S.A. (REGISTERED)		76,496		395,247
	121,887	GLENCORE PLC(b)		266,010		423,120
	1,807	IDORSIA LTD.(b)		18,603		41,279
	4,134	JULIUS BAER GROUP LTD.(b)		87,890		184,044

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

June 30, 2019 (unaudited)

Shares		Security (a)	Cost		Fair value		Percent of net assets
	Switzerland (Cont’d):
	57,414	LAFARGEHOLCIM LTD. (REGISTERED)(b)	$	2,827,133		2,803,652
	10,914	LANDIS+GYR GROUP A.G.(b)		783,131		869,252
	29,110	LOGITECH INTERNATIONAL S.A. (REGISTERED)		439,082		1,157,414
	897	LONZA GROUP A.G. (REGISTERED)(b)		50,452		302,675
	121,888	NESTLE S.A. (REGISTERED)		6,211,689		12,618,317
	58,652	NOVARTIS A.G. (REGISTERED)		2,694,983		5,359,310
	13,878	PANALPINA WELTTRANSPORT HOLDING A.G.(b)		1,257,152		3,022,396
	11,930	PARGESA HOLDING S.A. (BEARER)		797,491		919,619
	12,406	ROCHE HOLDING A.G. (GENUSSCHEIN)		1,614,189		3,490,379
	1,381	SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE)		108,493		307,408
	589	SCHINDLER HOLDING A.G. (REGISTERED)		68,597		128,636
	121	SGS S.A. (REGISTERED)		130,564		308,264
	20,095	SIKA A.G. (REGISTERED)		2,115,111		3,429,448
	1,300	SONOVA HOLDING A.G. (REGISTERED)		84,464		295,370
	7,867	STMICROELECTRONICS N.V.		36,286		139,551
	635	SULZER A.G. (REGISTERED)		30,609		69,406
	948	SWATCH GROUP (THE) A.G. (BEARER)		247,633		271,426
	743	SWISS LIFE HOLDING A.G. (REGISTERED)		101,194		368,227
	777	SWISS PRIME SITE A.G. (REGISTERED)(b)		65,303		67,854
	504	SWISS RE A.G.		37,466		51,236
	196	SWISSCOM A.G. (REGISTERED)		49,924		98,402
	18,807	TE CONNECTIVITY LTD.		367,716		1,801,334
	2,993	TECAN GROUP A.G. (REGISTERED)		540,256		776,304
	328,277	UBS GROUP A.G. (REGISTERED)(b)		5,092,423		3,900,853
	675	VIFOR PHARMA A.G.		92,698		97,530
	4,668	ZURICH INSURANCE GROUP A.G.		912,788		1,625,336
				45,308,784		68,000,858		11.16	%
	Taiwan:
	628,975	CHICONY ELECTRONICS CO. LTD.		1,612,040		1,547,149
	310,000	GIANT MANUFACTURING CO. LTD.		1,680,584		2,425,345
	2,584,000	KING YUAN ELECTRONICS CO. LTD.		2,583,228		2,229,630
	325,000	MERIDA INDUSTRY CO. LTD.		1,702,164		1,920,105
	86,596	TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. ADR(e)		1,572,435		3,391,965
	668,000	TRIPOD TECHNOLOGY CORP.		1,830,581		2,365,782
				10,981,032		13,879,976		2.28	%
	United Arab Emirates:
	1,623	NMC HEALTH PLC		52,645		49,529
				52,645		49,529		0.01	%
	United Kingdom:
	25,248	3I GROUP PLC		88,645		357,029
	2,834	ADMIRAL GROUP PLC		35,119		79,467
	4,408	AMCOR PLC - CDI		47,017		50,102
	54,172	ANGLO AMERICAN PLC		423,475		1,544,120
	1,885	ASHTEAD GROUP PLC		47,343		53,958
	4,863	ASSOCIATED BRITISH FOODS PLC		145,660		152,109
	26,375	ASTRAZENECA PLC		983,695		2,156,404
	14,221	AUTO TRADER GROUP PLC(f)		68,171		98,932
	63,027	AVIVA PLC		232,916		333,371
	55,115	BABCOCK INTERNATIONAL GROUP PLC		362,895		320,709
	49,840	BAE SYSTEMS PLC		250,267		313,560
	359,028	BARCLAYS PLC		727,568		683,010
	16,560	BELLWAY PLC		446,950		585,696
	2,391	BERKELEY GROUP HOLDINGS (THE) PLC		71,739		113,290
	40,832	BOVIS HOMES GROUP PLC		419,632		535,658
	300,692	BP PLC		1,798,895		2,094,905
	15,241	BRITISH AMERICAN TOBACCO PLC		352,059		532,077
	25,757	BRITISH LAND (THE) CO. PLC		165,814		176,111
	141,091	BT GROUP PLC		386,591		352,014
	5,069	BUNZL PLC		39,524		133,704
	8,202	BURBERRY GROUP PLC		40,549		193,948
	288,402	CARD FACTORY PLC		748,536		644,245
	15,837	CNH INDUSTRIAL N.V.		77,673		162,398
	1,447	COCA-COLA EUROPEAN PARTNERS PLC		55,218		81,756
	384,633	COMPASS GROUP PLC		5,095,491		9,217,329
	2,276	CRODA INTERNATIONAL PLC		82,785		147,989

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

June 30, 2019 (unaudited)

Shares		Security (a)	Cost		Fair value		Percent of net assets
	United Kingdom (Cont’d):
	137,282	DE LA RUE PLC	$	849,109		531,741
	41,623	DIAGEO PLC		507,983		1,788,753
	159,763	EXPERIAN PLC		2,795,109		4,836,922
	3,956	FERGUSON PLC		70,457		281,340
	24,413	FIAT CHRYSLER AUTOMOBILES N.V.		161,492		340,504
	10,222	FIAT CHRYSLER AUTOMOBILES N.V. (NEW YORK EXCHANGE)		17,872		141,268
	24,200	G4S PLC		66,908		63,924
	55,766	GLAXOSMITHKLINE PLC		838,777		1,116,549
	89,143	GREGGS PLC		854,506		2,601,501
	312,478	HSBC HOLDINGS PLC		2,135,600		2,606,786
	77,708	IMI PLC		1,026,734		1,024,353
	19,522	IMPERIAL BRANDS PLC		460,901		457,858
	8,754	INFORMA PLC		85,956		92,828
	1,271	INTERCONTINENTAL HOTELS GROUP PLC		52,040		83,482
	32,745	INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A. - CDI		90,834		197,938
	735	INTERTEK GROUP PLC		46,188		51,356
	36,802	ITV PLC		44,524		50,476
	105,901	JOHN WOOD GROUP PLC		996,756		607,890
	2,248	JOHNSON MATTHEY PLC		35,933		95,038
	37,981	KINGFISHER PLC		80,172		103,655
	17,324	LAND SECURITIES GROUP PLC		143,577		183,309
	17,003	LEGAL & GENERAL GROUP PLC		46,196		58,193
	3,327,334	LLOYDS BANKING GROUP PLC		2,589,084		2,391,238
	6,030	LONDON STOCK EXCHANGE GROUP PLC		69,795		420,107
	1,188,932	MAN GROUP PLC		2,205,976		2,352,400
	20,302	MARKS & SPENCER GROUP PLC		68,937		54,324
	7,217	MEGGITT PLC		16,687		48,026
	69,531	MELROSE INDUSTRIES PLC		130,566		159,692
	5,728	MONDI PLC		122,446		130,210
	53,010	NATIONAL GRID PLC		449,994		562,661
	2,148	NEXT PLC		36,823		150,741
	34,908	OXFORD INSTRUMENTS PLC		539,512		571,875
	7,366	PEARSON PLC		69,206		76,650
	5,463	PERSIMMON PLC		133,937		138,547
	34,240	PRUDENTIAL PLC		488,505		746,170
	26,127	RECKITT BENCKISER GROUP PLC		1,598,579		2,061,804
	39,546	RELX PLC		394,798		956,914
	166,592	RELX PLC (LONDON EXCHANGE)		1,862,041		4,039,806
	19,426	RIO TINTO LTD.		611,119		1,415,081
	34,005	RIO TINTO PLC		893,598		2,107,627
	26,467	ROLLS-ROYCE HOLDINGS PLC(b)		303,269		282,473
	792,214	ROYAL BANK OF SCOTLAND GROUP PLC		2,701,955		2,211,347
	15,117	ROYAL MAIL PLC		45,749		40,680
	20,657	SAGE GROUP (THE) PLC		74,323		210,496
	16,135	SEGRO PLC		67,053		149,623
	4,954	SEVERN TRENT PLC		76,220		128,847
	708,993	SIG PLC		1,519,587		1,167,800
	26,103	SMITH & NEPHEW PLC		251,030		565,199
	5,789	SMITHS GROUP PLC		93,822		115,055
	92,045	STANDARD CHARTERED PLC		654,783		834,847
	39,027	STANDARD LIFE ABERDEEN PLC		134,038		146,011
	72,176	TAYLOR WIMPEY PLC		122,883		144,594
	1,191,723	TESCO PLC		3,857,602		3,430,943
	3,749	TRAVIS PERKINS PLC		51,659		60,680
	13,782	UNILEVER N.V. - CVA		483,796		839,366
	24,244	UNILEVER PLC		545,189		1,506,952
	10,230	UNITED UTILITIES GROUP PLC		76,454		101,698
	3,770	WEIR GROUP (THE) PLC		44,042		74,042
	5,178	WHITBREAD PLC		168,592		304,394
	9,098	WILLIS TOWERS WATSON PLC		1,345,985		1,742,631
	20,383	WM MORRISON SUPERMARKETS PLC		52,509		52,133
	26,869	WPP PLC		181,268		337,879
				49,735,262		71,261,118		11.69	%
	United States:
	18,668	ALLERGAN PLC		3,056,480		3,125,583

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

June 30, 2019 (unaudited)

Shares			Security (a)	Cost		Fair value		Percent of net assets
	United States (Cont’d):
	139,081		ARCH CAPITAL GROUP LTD.(b)	$	1,909,195		5,157,123
	20,310		AXIS CAPITAL HOLDINGS LTD.		1,037,094		1,211,492
	4,931		BAUSCH HEALTH COS., INC.(b)		117,766		124,409
	4,351		CARNIVAL PLC		131,345		192,234
	5,495		METTLER-TOLEDO INTERNATIONAL, INC.(b)		3,193,600		4,615,800
	3,157		NEWMONT GOLDCORP CORP.		101,845		121,068
	197,078		ONESPAWORLD HOLDINGS LTD.(b)		1,970,780		3,054,709
	29,129		RESMED, INC.		3,095,272		3,554,612
	3,687		WORLDPAY, INC., CLASS A(b)		289,883		451,842
					14,903,260		21,608,872		3.55	%
		Sub-total Common Stocks:			410,255,237		577,741,960		94.79	%
Preferred Stocks:
	Brazil:
	236,375		ALPARGATAS S.A.(b)		607,813		1,256,374
	245,250		TELEFONICA BRASIL S.A. ADR, 3.04%(e)(g)		3,100,786		3,193,155
					3,708,599		4,449,529		0.73	%
	Germany:
	1,521		BAYERISCHE MOTOREN WERKE A.G., 6.46%(g)		49,612		94,432
	1,427		HENKEL A.G. & CO. KGAA, 2.13%(g)		121,338		139,580
	1,443		PORSCHE AUTOMOBIL HOLDING S.E., 3.85%(g)		60,635		93,757
	272		SARTORIUS A.G., 0.34%(g)		45,992		55,765
	1,014		VOLKSWAGEN A.G., 3.23%(g)		139,988		170,901
					417,565		554,435		0.09	%
	South Korea:
	1,888		HYUNDAI MOTOR CO. LTD. (2ND PREFERRED), 4.66%(g)		176,037		141,112
	16,100		SAMSUNG ELECTRONICS CO. LTD., 3.69%(g)		366,307		533,343
					542,344		674,455		0.11	%
		Sub-total Preferred Stocks:			4,668,508		5,678,419		0.93	%
Rights:
	Spain:
	1,798		ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. (MADRID EXCHANGE)(b)		2,971		2,821
	48,123		REPSOL S.A. (MADRID EXCHANGE)(b)		27,261		26,693
					30,232		29,514		0.00	%
		Sub-total Rights:			30,232		29,514		0.00	%
Investment Companies:
	United States:
	37,200		ISHARES MSCI EAFE SMALL-CAP ETF		2,145,822		2,135,280
					2,145,822		2,135,280		0.35	%
		Sub-total Investment Companies:			2,145,822		2,135,280		0.35	%
Warrants:
	United States:
	34,272		ONESPAWORLD HOLDINGS LTD. (b)		-		160,736
					-		160,736		0.03	%
		Sub-total Warrants:			-		160,736		0.03	%
Short-Term Investments:
	7,027,654		FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO(h)		7,027,654		7,027,654
	22,244,880		NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 2.25%(i)		22,244,880		22,244,880
		Sub-total Short-Term Investments:			29,272,534		29,272,534		4.80	%
			Grand total	$	446,372,333		615,018,443		100.90	%

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)

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

(d)

Security is either wholly or partially on loan.

(e)

Securities are American Depositary Receipts of companies based outside of the United States representing 2.23% of net assets as of June 30, 2019.

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

June 30, 2019 (unaudited)

(f)

(g)

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

(h)

Investment relates to cash collateral received from portfolio securities loaned.

(i)

The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2018, the value of the Clearwater International Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $15,216,595 with net purchases of $7,028,285 during the six months ended June 30, 2019.

At June 30, 2019, the industry sectors for the Clearwater International Fund were:

Industry Sector	Percent of Long-Term Investments
Communication Services		5.44	%
Consumer Discretionary		15.93
Consumer Staples		9.28
Energy		3.54
Financials		17.62
Health Care		9.93
Industrials		17.02
Information Technology		11.70
Materials		6.17
Real Estate		1.83
Utilities		1.54
		100.00	%

At June 30, 2019, the Clearwater International Fund’s investments were denominated in the following currencies:

Concentration by Currency	Percent of Long-Term Investments
Euro		24.44	%
Japanese Yen		14.73
British Pound		12.20
United States Dollar		11.93
Swiss Franc		10.35
Canadian Dollar		6.03
Other currencies		20.32
		100.00	%

At June 30, 2019, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:


	Contract Settlement Date	Contract Amount				Unrealized Appreciation (Depreciation)
Counterparty	Contract Settlement Date	Deliver		Receive		Unrealized Appreciation (Depreciation)
Northern Trust	11/13/2019	CNH	19,488,032	USD	2,865,164	$	32,373
Northern Trust	11/13/2019	USD	528,501	CNH	3,676,463	$	5,912
						$	38,285
Northern Trust	07/23/2019	JPY	104,443,581	USD	940,543	$	(29,970	)
						$	(29,970	)
						$	8,315

See accompanying notes to financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

June 30, 2019 (unaudited)

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

See accompanying notes to financial statements.

(Continued)

Item 1. Reports to Stockholders (cont.).

(b)

Not applicable.

Item 2. Code of Ethics

Not applicable to this filing.

Item 3. Audit Committee Financial Expert

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable to this filing.

Item 6. Investments

(a)

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

(b)

Not applicable.

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

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

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

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

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

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

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

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

Item 11. Controls and Procedures

(a)

The Trust’s principal executive officer and principal financial officer have concluded that the Trust’s

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

(b)

There have been no significant changes in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Trust’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

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

Item 13. Exhibits

(a)(1)

Not applicable to this filing.

(a)(2)

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

(a)(3)

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

(a)(4)

Not applicable.

(b)

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

SIGNATURES

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

	Clearwater Investment Trust

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

	Date: August 30, 2019

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

	Clearwater Investment Trust

	By	/s/ Justin H. Weyerhaeuser
		Justin H. Weyerhaeuser
		President (Principal Executive Officer)

	Date: August 30, 2019

	Clearwater Investment Trust

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

	Date: August 30, 2019

Clearwater Investment Trust N-CSRSCertified semi-annual shareholder report (management investment company)