CLEARWATER INVESTMENT TRUST

Clearwater Core Equity Fund

Clearwater Small Companies Fund

Clearwater Tax-Exempt Bond Fund

Clearwater International Fund

Annual Report

for the year ended

December 31, 2014

Letter to Shareholders

(unaudited)

February 26, 2015

This annual report provides information regarding the performance and holdings of your Clearwater Funds for the year ended December 31, 2014. During 2014, the Clearwater Tax-Exempt Bond Fund and the Clearwater Small Companies Fund outperformed their respective benchmarks while the Clearwater Core Equity Fund and the Clearwater International Fund underperformed their respective benchmarks.

We encourage you to read this annual report as it contains important information about the Clearwater Funds, including commentary from the Funds’ investment manager, Clearwater Management Company, and the managers who act as subadvisers to the Funds provided in the section of the report that follows this letter titled: Management Discussion of Clearwater Funds’ Performance. Additionally, this report includes information describing the contract renewal process in December 2014, during which the Board of Trustees reviewed the services provided and fees charged by, as well as performance of, Clearwater Management Company and that of each Clearwater subadviser. Effective January 29, 2015, the Trust terminated Heartland Advisers, Inc. and Knightsbridge Asset Management, LLC as subadvisers to the Clearwater Core Equity Fund. Effective as of February 3, 2015 and February 4, 2015, respectively, the Trust engaged AQR Capital Management, LLC and O’Shaughnessy Asset Management, LLC as subadvisers to the Clearwater Core Equity Fund.

The updated annual Prospectus of the Clearwater Funds will be mailed to you by the end of April 2015. This annual update of the Prospectus and the related Statement of Additional Information, which is available from your Financial Consultant at Fiduciary Counselling, Inc. upon request, includes a detailed discussion of the investment objectives and risks of investing in each Fund. We believe this will help you better understand how your shareholder assets are invested and managed. For additional information that is available at this time, please see the Clearwater Funds’ current prospectus and statement of additional information.

We hope the information disclosed within this annual report is helpful in understanding the 2014 results of each of the Clearwater Funds. We appreciate your continued confidence and your choice to invest with us.


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

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Management Discussion of Clearwater Funds’ Performance

Clearwater Core Equity Fund

The Clearwater Core Equity Fund seeks long-term growth of capital. Current income, to the extent income is produced by the stocks held by the Fund, is a secondary objective. Under normal market conditions, the Clearwater Core Equity Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The Clearwater Core Equity Fund’s assets are managed in a “multi-manager, multi-style” approach. During the period ending December 31, 2014, the Core Equity Fund had four subadvisers. Parametric Portfolio Associates (“Parametric”), with approximately 60% of the Fund’s assets, manages its portion of the Fund’s assets to mirror the Russell 1000® Index as closely as possible without requiring the Fund to realize taxable gains. The remaining 40% of the Fund’s assets were divided evenly between Heartland Advisers, Inc. (“Heartland”), Knightsbridge Asset Management, LLC (“Knightsbridge”), and Osterweis Capital Management, LLC (“Osterweis”) who all utilized an active management style.

2014 Market Overview:

U.S. equity prices were supported in 2014 by strong corporate earnings, an accelerating economic recovery, low inflation, improving investor sentiment, and an accommodative Federal Reserve Bank. Domestic equity prices were pressured by weak economic conditions outside the U.S., particularly in Japan and Europe and slowing growth in China. On the geo-political front, tension between Russia and the West over the Ukraine also weighed on equities.

2014 Performance and 2015 Outlook:

The Clearwater Core Equity Fund advanced 9.2%, net of fees, in 2014. We believe that absolute returns were excellent considering the uncertain economic and geo-political conditions, but relative returns were disappointing in comparison to the Fund’s benchmark, the Russell 1000® Index, which returned 13.2% for the year. The underperformance was generated by Fund’s three active sub-advisers - Heartland, Knightsbridge, and Osterweis.

Each of the three active managers in the Clearwater Core Equity Fund comment on the performance of their respective portfolios for 2014, and their outlook for 2015, in the paragraphs that follow. For comparison of the subadvisers’ capabilities, performance is shown gross of fees. The Fund pays a single advisory fee to Clearwater Management Company, which in turn pays the subadvisers out of its advisory fee.

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Heartland Commentary

2014 Performance: For the year ended December 31, 2014, the portion of the Clearwater Core Equity Fund managed by Heartland returned 4.5%, gross of fees, underperforming the Russell 1000® Index (the “benchmark”), which returned 13.2%. Stock selection in Information Technology and Consumer Discretionary, particularly Royal Caribbean Cruises Ltd. (RCL), was strong, but unable to offset the underperformance of our holdings in and allocation to Energy. An overweight to and selection in the Energy Equipment and Services industry accounted for the majority of the shortfall. Our stocks in this area were hit harder than those in the benchmark, on average, primarily because the Russell 1000® Index includes a pair of behemoths in the energy space: Exxon Mobil Corporation (XOM) and Chevron Corporation (CVX). These highly diversified companies are arguably more immune to downside volatility than the smaller names we hold, but may not represent the upside potential we seek. Stock selection in Financials also held back relative performance.

2015 Outlook: Our outlook is squarely centered on improving Consumer and Industrial fundamentals as part of a broad, if slow moving, economic expansion. As such, catalysts dependent upon a reviving U.S. economy are prevalent in the portfolio. We also believe the much discussed “tax break” associated with cheap energy may benefit moderate income households disproportionately and we are positioned accordingly. While uncertainty remains for the year ahead, we are uncovering companies that appear to have reasonable valuations, strong balance sheets and earnings, and—even in the face of investor skepticism—management team confidence expressed in the form of personal investing.

Knightsbridge Commentary

2014 Performance: For 2014, the Knightsbridge managed portion of the Clearwater Fund returned 1.8%, gross of fees, compared to 13.2% for the Russell 1000® Index (the “benchmark”). Lack of exposure to the best performing sectors (Healthcare and Utilities) detracted from relative performance, as did underperformance in the worst performing sector (Energy). A modest cash allocation throughout the year also hindered performance.

2015 Outlook: Although there are some positive tailwinds for stocks in 2015, we see more reasons for concern. First, the good news: we believe that low interest rates, low inflation and an improving economy should provide some support for U.S. stocks. Yet, as contrarian value investors, we worry about things such as record profit margins, the most IPOs since the tech bubble and U.S. households holding high levels of stock. Domestic equity valuations are rising, pushing the market’s cash flow multiple to previous market peak levels. The cyclically adjusted “Shiller” P/E has risen to levels that may indicate low stock returns going forward. Measures of sentiment also appear elevated. Due to our evaluation of these factors, we have raised cash, and when looking at new stocks, we are prioritizing resilient business models employing manageable financial leverage. Fortunately, our internal research on what we believe are investment anomalies provides us with a universe of prospective stocks that have company-specific valuation drivers that do not appear to rely on overall market strength.

Osterweis Commentary

2014 Performance: Against a backdrop of improving U.S. growth and weak growth abroad, the U.S. stock market chalked up another solid year. The Russell 1000 Index® (the “benchmark”) was up 13.2% while our portion of the Clearwater Core Equity Fund was up 7.8% (gross of fees). The strong aggregate return of the benchmark masked some rather stark divergences. In the first half of the year, our portion of the Clearwater Core Equity Fund had no trouble keeping pace with a strong benchmark and in fact modestly outperformed the benchmark. For the second half of the year, however, the top 100 stocks (in

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performance impact) of the benchmark accounted for a whopping 115% of the benchmark’s return. Furthermore, performance was clearly bifurcated with large-cap stocks in the benchmark rising over 6% in aggregate while those in the small- and mid-cap segments plunged, returning (41)% and (9)%, respectively. In other words, it was a very narrow market, which according to S&P Capital IQ Fund Research, caused about 80% of all active managers – ourselves included – to underperform the benchmark. Essentially, if you did not own the top stocks and the large cap names, you could not keep up. This was very reminiscent of the mid- to late-1990’s when a small group of high-tech stocks accounted for an outsized share of the market’s gain. We believe such a concentration of performance will reverse, collapsing under its own weight. In part this is because the benchmark is capitalization weighted, so those buying into the benchmark have to buy more of the largest cap stocks, which could push the largest stocks further and further along the path towards overvaluation. This process may feed on itself until the overvaluation of the “winners” simply becomes too great. Eventually they can crack, dragging the benchmark down sharply and allowing active managers who did not buy these stocks to outperform the benchmark. We may be entering such a phase now.

2015 Outlook: We expect moderate, low-inflation growth to continue in the U.S. in 2015 alongside continued weak results in Europe, Japan, China and much of the emerging markets. Strong relative and absolute economic growth in the U.S., coupled with a likelihood that the Federal Reserve will begin to tighten in 2015, suggest that the dollar may continue to rally versus most other currencies and as a result, U.S.-focused companies may be at an advantage this year. While we believe that the U.S. stock market is not currently cheap, we think valuations are not unreasonable given the current low level of interest rates. The key risk is the potential for deflationary contagion, a period of weak prices and declining spending, particularly capital spending. The primary investment risk in such a scenario would be persistent earnings disappointments, which in turn would lead to declining stock prices. While we regard this scenario as unlikely, the probability of its occurrence may have increased and we are, therefore, monitoring the development of what we view to be key components. In this environment, we believe companies that can deliver growth will be rewarded. We believe that consistent growers tend to be well identified by the market and hence fully valued. Instead we are focused on what we view to be attractively valued companies that can demonstrate accelerated growth that is unanticipated by the market. We particularly like companies with strong and growing free cash flow, especially those that return this cash flow to shareholders through dividends and stock repurchases.

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Clearwater Small Companies Fund

The Clearwater Small Companies Fund seeks long-term growth of capital. Current income is a secondary objective. Under normal market conditions, the Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small companies. The Fund defines “small companies” as issuers with market capitalizations no greater than $5 billion at the time of purchase. Equity securities consist primarily of exchange-traded common and preferred stocks and convertible securities. The Fund uses a “multi-style, multi-manager” approach with two subadvisers who employ distinct investment styles: Kennedy Capital Management (“Kennedy”) and Keeley Asset Management (“Keeley”). At the period ending December 31, 2014, Kennedy and Keeley respectively managed approximately 75% and 25% of the Fund balances.

2014 Market Overview:

2014 Performance and 2015 Outlook:

The Clearwater Small Companies Fund advanced 5.0%, net of fees, in 2014, slightly beating its benchmark, the Russell 2000® Index, which returned 4.9% for the year. The Fund’s performance was helped by its underweighting of unprofitable smaller companies and it was hurt by its stock selection in the Energy sector.

Each of the two subadvisers for the Clearwater Small Companies Fund comments on the performance of their specific portfolio for 2014 and their outlook for 2015, 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 Company, which in turn pays the subadvisers out of its advisory fee.

Kennedy Commentary

2014 Performance: For the year ended December 31, 2014, the portion of the Clearwater Small Companies Fund managed by Kennedy Capital Management returned 7.4%, gross of fees, outperforming the 4.9% return of the Fund’s benchmark, the Russell 2000® Index (the “benchmark”). Stock selection had a positive impact on relative performance during the year, particularly in the Financial, Industrial and Health Care sectors.

2015 Outlook: As we see it, the U.S. economy is generally trundling along fairly well. New car sales are still solid. Housing starts are adequate (not great yet, but not lapsing back to 2010/11 levels). Employment growth seems to be real (not just offsetting monthly positives and negatives as we progress throughout the year). Consumer sentiment is moving back into the ranges we saw in the ‘80s and ‘90s. The Energy sector, however, is going through a difficult period. Of course, the cost of energy (e.g., for consumers and industry) is clearly a windfall – which could be a nice shot in the arm for our economy in 2015. Unfortunately, lower oil prices may set the stage for more geopolitical tensions. When we think of economic malaise outside the U.S., we do have some level of unease but not grave concern. Weaker currencies are a double-edged sword. While they hurt a consumer’s ability to buy foreign goods, they

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help a company’s ability to sell its goods abroad. This may not “rescue” the European Union and Japan, but it will likely boost competitiveness of companies exporting from those countries. As the Yen weakens, for instance, Japanese companies may gain a competitive edge over their U.S. counterparts. While we are not buying stocks to explicitly capitalize on these factors, we are mindful of them as we consider initiating or maintaining positions.

Keeley Commentary

2014 Performance: For the year ending December 31, 2014, Keeley’s portion of the Clearwater Small Companies Fund produced a return of 2.1%, gross of fees, compared to 4.9% for the Russell 2000® Index (the “benchmark”). In terms of sector attribution, our exposure to the Energy and Health Care sectors served as the two primary detractors in 2014. Our significant underweight to Health Care, relative to the benchmark, combined with poor stock selection within the Health Care sector, resulted in the largest drag on performance relative to the benchmark. While our stock selection was positive within Energy, our overweight stance relative to the benchmark amidst falling oil prices resulted in the second largest drag on relative performance. For the year, the primary positive contribution came from strong stock selection in Consumer Discretionary. Our overweight to Financials and our underweight to Utilities also provided small positive contributions.

2015 Outlook: Today, we are cautiously optimistic that much of the declines in the Energy sector have been realized and that prices in this sector have stabilized, but we do believe that markets tend to overshoot on the downside while searching for equilibrium. While we do not feel it would be prudent to add at this point, we are not against adding to our holdings in the future if we become more comfortable with the stability in the price of oil. In general, we are optimistic that the environment for restructuring activity remains attractive over the near-to-long term. Spin-off activity has accelerated, and we believe shareholder activism is poised to remain high in 2015. In addition, we believe that a healthy environment exists for companies emerging from bankruptcy, which are often shunned by investors.

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Clearwater Tax-Exempt Bond Fund

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

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

Sit Commentary

2014 Market Overview: Tax-exempt fixed income markets experienced a remarkably strong year in 2014, as the U.S. Treasury and tax-exempt yield curves flattened considerably (long rates fell over 100 basis points), and funds flows that had been significantly negative in 2013 turned modestly positive. Supply, while increasing slightly from 2013, was very manageable to absorb, particularly as fund inflows were concentrated in long-term and high yield tax-exempt funds. Credit fundamentals were generally sound, and spreads tightened substantially during the year. State and local government tax collections continued to improve from the low recession-driven levels of 2008 and 2009, and have now exceeded pre-recession levels, such that even though assistance from the federal government’s stimulus programs is no longer helping, state and local government finances remain generally on the upswing, with the notable exceptions of Detroit (although it now has emerged from bankruptcy), Chicago, and the states of Illinois and New Jersey. Puerto Rico related debt was volatile throughout the year, absorbing significant downgrades in the early and middle parts of the year that sparked selloffs but also rallying significantly in late summer. We believe more volatility is likely in 2015 as Puerto Rico continues to suffer a recession and it attempts to restructure some of its debt. The Fed ended its quantitative easing program in 2014 but remained quite accommodative. Concerns about tax reform and a potential reduction of the value of the municipal bond tax exemption remain, but appear to have had little overall effect on the market.

2014 Performance: The Clearwater Tax-Exempt Bond Fund returned 15.3%, net of fees, for the year ended December 31, 2014. The Fund’s benchmark, the Barclays 5 Year Municipal Bond Index (the “benchmark”), gained 3.2% over the same period. Given the Fed’s accommodative policies and the steep tax-exempt yield curve, the Fund’s average life duration, a measure of the Fund’s sensitivity to changes in interest rates, began the year at 6.7 years. However, it shortened to 5.6 years by year-end primarily due to the rally in the tax-exempt bond market. For comparison, the Fund’s benchmark had duration of 3.9 years at December 31, 2013, and it remained there throughout the year. The Fund’s longer duration was the primary reason for its outperformance during 2014. The Fund’s yield fell significantly, much more than

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the yield of the benchmark. Revenue bonds significantly outperformed general obligation bonds during 2014, with revenue bonds returning 10.1% for the year, while general obligation bonds returned 7.8%. Furthermore, lower quality issues (especially lower investment grade and non-rated issues) significantly outperformed those of higher credit quality, as investors sought yield. The Fund’s performance, due to its heavy emphasis on revenue bonds, its considerably longer duration and its meaningful exposure to lower quality issues, outperformed that of its benchmark in 2014.

2015 Outlook: We expect U.S. growth to moderate from its rapid pace in late 2014 to lower levels during 2015, and inflation to remain subdued. Single-family housing has moderated, but unemployment, despite some improvement, remains elevated, and wage growth remains slow. We believe that Republicans gaining control of the U.S. Senate is not likely to have a significant impact on fiscal or economic policy. Although Republican policy goals differ greatly from those of President Obama, it appears that both sides want to avoid the drama and volatility caused by budget and debt ceiling negotiations in recent years. Therefore, we expect agreements to be reached timely that will avoid unsettling the markets. Interest rates, which we believe are likely to remain low in absolute terms, may start to rise during 2015, as the economy continues to grow. The Fed has signaled it intends to begin raising short-term interest rates in 2015. We believe that the Treasury yield curve should remain relatively steep, with yields rising more on the short and intermediate portions of the curve, while the tax-exempt curve flattens similarly, with short-term and intermediate rates rising some and long-term tax-exempt yields rising less as supply continues at a still manageable level and state and local government finances continue to improve, helping tax-exempt bonds outperform. One potential concern for the market will be the performance of the equity markets. If they weaken, it could be a positive for bonds, but if they rally strongly, more money could move out of fixed income into equities, again creating negative pressure on the bond market. We expect revenue bonds to continue their strong relative performance in 2015, as investor focus remains on yield. Puerto Rico related concerns may weigh on the market, however, and could produce some volatility. Furthermore, potential problems funding retirement pension and healthcare obligations still persist in other places, especially Chicago and Illinois, and remain the subject of many of the negative media reports about the municipal market. The Fund’s longer duration and its use of revenue and non-rated bonds have positioned it opportunistically for the economic and interest rate environment that we expect in 2015, although we do expect to continue to shorten duration during the year. We expect investment of new cash flows to be focused on maturities in the 5-25 year range.

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Clearwater International Fund

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

2014 Market Overview:

Sub-par economic conditions, weakening currencies, and the threat of deflation pressured stock prices in the developed market countries in 2014. In Japan, a big increase in the national consumption tax tempered consumer demand. When the economy headed toward recession, the Bank of Japan responded by adopting an ultra-easy monetary policy. On the geo-political front, tension between Russia and the West over the Ukraine also weighed on equities. In Europe, economic growth was sub-par, interest rates fell, and policymakers voiced concern that deflation was a possibility. These conditions paled against the stronger economic conditions in the U.S. and as a result, the currencies in Japan and Europe were pressured. In 2014, Japanese Yen dropped 13.7% against the U.S. Dollar while the Euro fell 13.6%. The Clearwater International Fund reports its results in U.S. dollars, after these currencies adjustments have taken place.

2014 Performance and 2015 Outlook:

The Clearwater International Fund lost 4.7% for the year and underperformed its benchmark, the MSCI World Ex USA. Index (net), which fell 4.3%. Performance was hurt by poor stock selection in smaller international companies but was helped by the Fund’s underweighting of Energy and Industrial companies.

Each of the four active managers in the Clearwater International Fund comments on the performance of their portfolio in 2014 and their outlook for 2015, in the paragraphs below. For comparison of the sub-adviser’s capabilities, performance is shown gross of fees. The Fund pays a single advisory fee to Clearwater Management Company, which in turn pays the subadvisers out of its advisory fee.

Artisan Partners Commentary

2014 Performance: During the year ended December 31, 2014, Artisan’s portion of the Clearwater International Fund returned 1.1%, gross of fees, outperforming the MSCI World Ex USA Index (net) (the “benchmark”), which declined 4.3% over the same period. Performance of the following stocks had a positive impact on the portfolio during the period: U.S. health care products developer Covidien plc; U.S. semiconductor equipment provider Applied Materials, Inc.; Chinese internet search provider Baidu, Inc.;

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U.K. publisher Reed Elsevier plc1; and Japanese household products company Kao Corp. Notable detractors included: U.K. food retailer TESCO plc; Norwegian oil and gas services and equipment company Aker Solutions ASA; Denmark-based brewing company Carlsberg AS; U.K. outsourcing services provider Serco Group plc; and Japanese consumer credit company Credit Saison Co., Ltd.

2015 Outlook: Given the performance of the international equities markets on a local currency basis, we are still finding that, with few exceptions, stocks appear mostly fairly priced. Broadly speaking, valuations appear to be more attractive in Financials. Banks are still trading at big discounts to book value and are not priced for the same kind of optimism as other industries. Additionally, the recent rout in oil prices has created dislocations in the share prices of many Energy companies. We are busy prospecting for investment opportunities that we believe are both undervalued and that have the balance sheet strength to sustain an extended period of low oil prices.

Denver Commentary

2014 Performance: The portion of the Clearwater International Fund managed by Denver returned (12.4)%, gross of fees, compared to the MSCI World Ex USA Index (net) (the “benchmark”) which returned (4.3)%. Our portfolio’s largest detractor for the year was Ports Design Limited. Ports Design, based in Hong Kong, designs, manufactures and sells high-end branded apparel in mainland China. The company sells its products under the Ports International and Ports 1961 brand names. Throughout the year, Ports’ stock price was negatively impacted by investor concerns relating to China’s crackdown on government officials’ luxury spending and China’s slowing growth. Additionally during the year, Ports pursued a store refurbishment campaign resulting in company costs exceeding revenues. Since December 31, 2014, the company announced that it will be acquired at approximately a 27% premium. Our portfolio’s largest contributor for the year was PAX Global. PAX is based in Hong Kong and is a leading electronic funds transfer (EFT) point of sales (POS) terminal solutions provider. The company develops and sells countertop and mobile EFT-POS terminals, which are able to process a range of electronic payment types, including signature and PIN-based debit cards, credit cards, contactless/radio frequency (RF) identification cards, RF-enabled mobile phones, integrated circuit cards, pre-paid gift and other stored-value cards. PAX has seen strong overseas growth as it expands into emerging markets including Latin America, Africa and the Middle East. Throughout the year investors reacted positively as PAX continued to execute on its growth plan as demonstrated by strong earnings growth.

2015 Outlook: Although it is disappointing to underperform in any timeframe, we remain encouraged by our portfolio’s holdings. Our portfolio’s underperformance relative to its benchmark has mostly been driven by performance of holdings that have exposure to China and related markets such as Australia. We feel these holdings have suffered mostly as a result of fear of China’s economy slowing, rather than because of operational disappointments. As of December 31, our portion of the fund held a diversified portfolio of roughly 40 stocks of companies that we believe are fast-growing, high-return, cash-generative businesses with sound balance sheets.

Templeton Commentary

2014 Performance: Templeton’s portion of the Clearwater International Fund returned (1.7)%, gross of fees, for the year ending 12/31/14. The Fund’s benchmark, the MSCI World Ex USA Index (net) (the “benchmark”), returned (4.3)%. Our portfolio outperformed the Fund’s benchmark for the period. The largest sector contributors were stock selection in Consumer Discretionary and Information Technology

1 *The portfolio owns Reed Elsevier plc and Reed Elsevier N.V., which are separate legal entities with jointly owned operating companies. Holdings of Reed Elsevier plc and Reed Elsevier N.V. are aggregated to determine Reed Elsevier’s contribution to return.

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and an underweight to Utilities. In our view, Utilities are broadly expensive considering the potential impacts of weaker economic growth and increasing regulatory interference on power demand and industry pricing. Stock selection in Industrials and Health Care were the largest detractors. Since mid-June, the performance of our Cyclical Industrials holdings have been negatively impacted by rising geopolitical tension in the Middle East and Ukraine, slowing GDP growth and heightened risk aversion. Regionally, stock selection in Asia was the largest regional contributor for the year, further boosted by an overweight to the region. Our focus in Asia is on finding companies that we believe have balance sheet strength, capital discipline and the ability to sustainably generate strong free cash flow. Stock selection in Canada was the largest regional detractor.

2015 Outlook: At the core of Templeton’s investment philosophy is an acceptance that any given investor has imperfect knowledge of market and economic variables. Throughout this challenging period, we have tried to use the market’s distraction to our advantage by focusing on what we determine to be overlooked value. In doing so, we have continued to build differentiated portfolios that embed long-term assumptions about company-level business fundamentals. Reassuringly, academic studies attesting to the potential benefits of the type of truly active, long-term value investing long practiced by Templeton have begun to emerge in recent years. Overall, we believe performance comes from value recognition, and, in our experience, price and value eventually do intersect over time. Going into 2015, we remain confident that our portfolio contains far more long-term value potential than its prices reflected at year-end.

WCM Commentary

2014 Performance: The portfolio managed by WCM returned 1.5% for the period, gross of fees. This compares to the MSCI World Ex USA Index (net) (the “benchmark”), which returned (4.3)% for the same period. Stock selection overall was positive and broad based. The standouts were Industrials and Health Care; the weak spots were Discretionary and Staples, isolated to just a few specific names. Allocation was actually the dominant contributor this year, led by the strategy’s underweights to Energy and Materials and overweights to Technology and Health Care. Even so, we still strive to deliver outperformance due to selection.

2015 Outlook: Looking ahead to 2015, we expect the recent bouts of volatility to persist as the market digests the various global macro cross-currents (prospect of Fed tightening, European Central Bank Qualitative Easing, oil price and currency volatility, etc.). We believe these are the periods during which stock selection matters most, and we seek to exploit this with our focused portfolio approach. We believe that companies with improving competitive advantages—our primary focus—are able to gain ground during volatile macro periods, since we believe they can fully capitalize on growth opportunities while their peers are playing defense and/or dealing with internal issues.

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Comparison of the Change in Value of a $10,000 Investment in the Clearwater Core

Equity Fund and the Russell 1000® Index

Comparison of the Change in Value of a $10,000 Investment in the Clearwater Small

Companies Fund and the Russell 2000® Index

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Comparison of the Change in Value of a $10,000 Investment in the Clearwater Tax-

Exempt Bond Fund and the Barclays 5-Year Municipal Bond Index

Comparison of the Change in Value of a $10,000 Investment in the Clearwater

International Fund and the MSCI World Ex USA Index (net)

* Clearwater International Fund inception date.

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Fund Expense Example

(unaudited)

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

The Example provided is based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended December 31, 2014.

Actual Expenses

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During the Period July 1, 2014 through December 31, 2014” to estimate the expenses attributable to your investment during this period.

Hypothetical Example for Comparison Purposes

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

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

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Actual returns	Beginning Account Value July 1, 2014	Ending Account Value December 31, 2014	Expenses Paid During the Period July 1, 2014 through December 31, 2014 *
Core Equity Fund	$1,000.00	$1,026.20	$2.55
Small Companies Fund	$1,000.00	$1,019.30	$4.78
Tax-Exempt Bond Fund	$1,000.00	$1,048.80	$1.70
International Fund	$1,000.00	$912.50	$3.23

Hypothetical 5% return
(before expenses)
Core Equity Fund	$1,000.00	$1,022.68	$2.55
Small Companies Fund	$1,000.00	$1,020.47	$4.79
Tax-Exempt Bond Fund	$1,000.00	$1,023.54	$1.68
International Fund	$1,000.00	$1,021.83	$3.41


*	Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). Expense ratios for the most recent one-half year period may differ from expense ratios based on one-year data in the Financial Highlights.

The annualized expense ratios are as follows:


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

Quarterly Portfolio Schedule of Investments

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

Voting Proxies on Fund Portfolio Securities

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

A-15

EXECUTIVE OFFICERS AND TRUSTEES

Information About the Independent Trustees


Name and Age	Positions Held With the Funds	Term of Office	Principal Occupation or Employment During the Last Five Years	Number of Portfolios in the Fund Complex to Be Overseen by the Trustee	Other Directorships Held by the Trustee During the Last 5 Years
James E. Johnson (72) 30 East 7th Street Saint Paul, Minnesota 55101	Trustee, Chairman of the Board	As Trustee: Tenure: 4 years Term: Indefinite As Chairman: Tenure: May 2013 – Present Term: Reappointed Annually	Retired as Executive Vice President, Securian Financial Group, Inc. in 2010, Securian Financial Group, Inc. (1968- 2010)	4	None

Charles W. Rasmussen (48)1 30 East 7th Street Saint Paul, Minnesota 55101	Trustee, Chairman of the Nominating Committee	As Trustee: Tenure: 15 years Term: Indefinite As Chairman of the Nominating Committee: Tenure: 2 Years Term: Reappointed Annually	President and Chief Executive Officer, P&G Manufacturing, Inc. (air filtration equipment, 2002-Present)	4	None

Laura E. Rasmussen (51)1 30 East 7th Street Saint Paul, Minnesota 55101	Trustee	Tenure: 15 years Term: Indefinite	Business Owner, 3 Kittens Needle Arts (textile sales, 2006-Present)	4	None

Edward R. Titcomb III (40) 30 East 7th Street Saint Paul, Minnesota 55101	Trustee, Chairman of the Audit Committee	As Trustee: Tenure: 4 years Term: Indefinite As Chairman of the Audit Committee: Tenure: May 2013 – Present Term: Reappointed Annually	Vice President, Wells Fargo Institutional Trust (August 2013-Present), Vice President, Trust Point Inc. (2010-2013), Key Account Manager, GWG Life (2008- 2010)	4	None

1	Mr. Rasmussen and Ms. Rasmussen are spouses-in-law, and are the niece or nephew of Mr. Frederick T. Weyerhaeuser (see below).

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Information about the Funds’ Executive Officers and Interested Trustees


Name and Age	Positions Held With the Funds	Term of Office	Principal Occupation or Employment During the Last Five Years	Number of Portfolios in the Fund Complex to Be Overseen by the Officer/ Trustee	Other Directorships Held by the Officer/ Trustee During the Last 5 Years
Sara G. Dent (56) 1 30 East 7th Street Saint Paul, Minnesota 55101	Trustee	Tenure: December 2013 – Present Term: Indefinite	Private Investor	4	None

Frederick T. Weyerhaeuser (83) 2 30 East 7th Street Saint Paul, Minnesota 55101	Trustee, Secretary	Tenure: 27 years Term: Indefinite As Secretary: Tenure: December 2013 - Present Term: Reappointed Annually	Private Investor	4	None

Justin H. Weyerhaeuser (41) 3 30 East 7th Street Saint Paul, Minnesota 55101	Trustee, President and Treasurer	Tenure: 7 years Term: Indefinite As President and Treasurer: Tenure: May 2013 - Present Term: Reappointed Annually	Private Investor (February 2013 – Present), Attorney, Davis Graham &Stubbs LLP (law firm, November 2011 – February 2013), Husch Blackwell (law firm, July 2011 – November 2011), Jacobs Chase Attorneys (2009-July 2011), Volunteer Attorney, ACLU of Colorado (2007- 2009)	4	None

Stephen G. Simon (46) 30 East 7th Street Saint Paul, Minnesota 55101	Chief Compliance Officer	Tenure: March 2014 – Present Term: Reappointed Annually	Chief Compliance Officer, Fiduciary Counselling, Inc. (February 2014 – Present), Chief Compliance Officer, Allianz Investment Management, LLC (2004 – February 2014).	N/A	N/A

1	Ms. Sara G. Dent is an interested Trustee due to her mother’s level of ownership of voting securities in two of the Funds in the Trust.

2	Mr. Frederick T. Weyerhaeuser is an interested Trustee due to his daughter’s position as a director of Clearwater Management Company, the Funds’ investment manager.

3	Mr. Justin H. Weyerhaeuser is an interested Trustee due to his position as the Funds’ President and Treasurer.

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Name and Age	Positions Held With the Funds	Term of Office	Principal Occupation or Employment During the Last Five Years	Number of Portfolios in the Fund Complex to Be Overseen by the Officer/ Trustee	Other Directorships Held by the Officer/ Trustee During the Last 5 Years
Joe Chavosky (34) The Northern Trust Company 50 South LaSalle Street Chicago, IL 60603	Assistant Treasurer	Tenure: December 2014 – Present Term: Reappointed Annually	The Northern Trust Company, Vice President and Client Service Delivery Manager (2014-Present), The Northern Trust Company, Vice President and Fund Administration Manager (2011-2014), Invesco, Fund Administration Assistant Manager (2011-2010), Van Kampen Investments, Senior Associate (2008- 2010)	N/A	N/A

Shari L. Clifford (46) 30 East 7th Street Saint Paul, Minnesota 55101	Assistant Treasurer	Tenure: March 2014 – Present Term: Reappointed Annually	Chief Financial Officer and Treasurer, Fiduciary Counselling, Inc. (February 2014 – Present), Controller and Finance Director, Woodbury Financial Services, Inc. (November 2007 – February 2014)	N/A	N/A

Brianne Mitchell (32) 30 East 7th Street Saint Paul, Minnesota 55101	Assistant Secretary	Tenure: December 2014 – Present Term: Reappointed Annually	Senior Compliance Analyst, Fiduciary Counselling, Inc. (July 2014-Present), Legal & Compliance Analyst, Highbridge Capital Management (June 2013- June 2014), Assoc. General Counsel & Asst. Director of Compliance, Catterton Management Company (January 2011-June 2013), Candidate for J.D., St. John’s University School of Law (August 2008-May 2011)	N/A	N/A

Marcia Lucas (47) The Northern Trust Company 50 South LaSalle Street Chicago, IL 60603	Assistant Secretary	Tenure: March 2011 – Present Term: Reappointed Annually	The Northern Trust Company, Vice President (2011-Present), Second Vice President (2010-2011)	N/A	N/A

Additional information about the Fund Directors is available in the Funds’ Statement of Additional Information (“SAI”). The SAI is available, without charge, upon request, by contacting the transfer agent at 1-855-684-9144 or writing the Funds at The Northern Trust Company, P.O. Box 4766, Chicago, IL 60680-4766. The Funds do not have an internet website.

A-18

Approval of the Investment Management and Subadviser Service Agreements

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

The Funds’ Board of Trustees (the “Trustees”) met periodically throughout the year to address a broad range of agenda items. For example, at each regularly scheduled meeting, the Trustees reviewed information about the investment performance and financial results of the Funds. On an annual basis, the Trustees, including the independent trustees, consider the renewal of the Management Agreement and the Subadvisory Agreements. In addition, the Trustees may periodically consider the retention of new subadvisers.

At their in-person meeting on December 5-6, 2014, the Trustees considered the renewal of the Management Agreement and the Subadvisory Agreements for Artisan Partners Limited Partnership, Denver Investments, Fiduciary Counselling, Inc. (“FCI”), Heartland Advisors, Inc., Keeley Asset Management Corp., Kennedy Capital Management, Inc., Knightsbridge Asset Management, LLC, Osterweis Capital Management, LLC, Parametric Portfolio Associates LLC, Sit Fixed Income Advisors II, LLC, Templeton Investment Counsel, LLC, and WCM Investment Management.

Prior to the December 5-6, 2014 meeting, the Trustees requested, received, and reviewed written responses from CMC and the Subadvisers to questions posed to them on behalf of the Trustees and supporting materials relating to those questions and responses. The information presented at the meeting, including performance and expense data obtained from independent sources, was designed to assist the Trustees in making their determination as to the renewal of the Management Agreement and Subadvisory Agreements. At this meeting, counsel to the Funds reviewed with the Trustees the various factors relevant to their consideration of the Management Agreement and Subadvisory Agreements, and the Trustees’ responsibilities related to their review. The Trustees considered a number of factors, including those discussed below, that they believed to be relevant. No single factor determined whether or not an agreement would be approved but rather the totality of factors considered was determinative. Following an analysis and discussion of the factors described below, the Trustees, including all independent trustees, approved the renewal of the Management Agreement and the Subadvisory Agreements for an additional one-year period.

Nature, Extent, and Quality of Services Provided

The Trustees considered information presented as to the nature, extent, and quality of services provided by CMC and the Subadvisers, as well as their investment expertise, resources, and capabilities. The Trustees considered the quality of the Subadvisers previously recommended by

A-19

CMC, as well as the ongoing work performed by CMC to recommend enhancements to individual fund management or creation of new funds. The Trustees reviewed information regarding the financial condition of CMC and the Subadvisers related to their ongoing ability to provide services specified under the Management Agreement and Subadvisory Agreements. The Trustees considered that FCI provides, in addition to investment management services, certain services related to due diligence, performance reporting, compliance, and other administrative functions which support the investment management services and Subadviser oversight services provided by CMC. Based on their analysis of the data presented, the Trustees concluded that they were generally satisfied with the nature and quality of the services being provided under the Management Agreement and respective Subadvisory Agreements.

Investment Performance

The Trustees reviewed specific information as to the investment performance of the Funds as compared to the performance of their respective benchmark indices and peer groups over various periods of time. The Trustees also reviewed reports summarizing the net assets, redemptions, and purchases of shares of the Funds during 2014. The Trustees concluded that they were generally satisfied with CMC’s and the Subadvisers’ investment performance to date. The Trustees noted that, notwithstanding the satisfactory performance of the Core Equity Fund, CMC reported that it was likely to recommend certain changes to the Subadvisers for the Fund in the near term in an effort to enhance the Fund’s performance.

Comparative Fees and Cost of Services Provided

The Trustees reviewed the fees paid to CMC and the Subadvisers. The Trustees reviewed reports describing both the management fees charged by CMC and the total expense ratios of the Funds in comparison to those of similarly situated funds. In addition, on a quarterly basis, the Trustees reviewed information as to the expense ratios of the Funds compared to the median expense ratio of a peer group of funds with comparable investment strategies. The Trustees also reviewed information provided by each of the Subadvisers as to fees they charge to other clients. The Trustees noted the ongoing efforts of CMC to reduce expenses charged to shareholders through oversight of service providers and by voluntarily waiving certain fees payable to CMC as specified in the prospectuses of the Core Equity Fund, International Fund, Small Companies Fund and Tax-Exempt Fund.

The Board considered that between June 1, 2011 and March 14, 2012, CMC voluntarily waived the management fee for the Core Equity Fund from the contractual fee of 0.90% to 0.60%. Between March 15, 2012 and March 14, 2013, CMC voluntarily waived the management fee for the Core Equity Fund to 0.52%. Effective March 15, 2013, CMC voluntarily waived the management fee for the Core Equity Fund to 0.50%. Between June 1, 2011 and March 14, 2013, CMC voluntarily waived the management fee for the Small Companies Fund from the contractual fee of 1.35% to 1.00%. Effective March 15, 2013, CMC voluntarily waived the management fee for the Small Companies Fund to 0.94%. Between July 1, 2008 and March 14, 2013, CMC voluntarily waived the management fee for the Tax-Exempt Bond Fund from the contractual fee of 0.60% to 0.36%. Effective March 15, 2013, CMC voluntarily waived the management fee for the Tax-Exempt Bond Fund to 0.33%. Between June 1, 2011 and December 4, 2011, CMC voluntarily waived the management fee for the International Fund from the

A-20

contractual fee of 1.00% to 0.75%. Between December 5, 2011 and March 14, 2012, CMC voluntarily waived the management fee for the International Fund to 0.70%. Between March 15, 2012 and March 14, 2013, CMC voluntarily waived the management fee for the International Fund to 0.60%. Effective March 15, 2013, CMC reduced its voluntary waiver of the management fee for the International Fund such that its management fee would be 0.67%. The reduction in the voluntary waiver for the International Fund was a result of the replacement of two Subadvisers to the International Fund with three new Subadvisers. CMC had undertaken to subsidize any additional cost to the International Fund, if applicable, between the initiation of the new Subadvisers’ services to the International Fund through March 2013.

Management Profitability

The Trustees reviewed CMC’s level of profitability with respect to the Funds, particularly noting CMC’s payment of fees and expenses typically absorbed by mutual fund shareholders. The Trustees concluded that profitability levels for CMC were reasonable. The Trustees considered that the Subadvisers are each independent firms and the subadvisory fees charged are the result of arm’s length bargaining between them and CMC under the supervision of the Trustees.

Economies of Scale

The Trustees considered whether economies of scale might be realized by CMC as the Funds’ assets grow and whether there also might be benefits from such growth for the Funds’ shareholders. The Trustees noted that the Funds have been in operation for a number of years and, based on their distribution strategy, the Funds will probably not see significant increases in size. However, the Trustees determined that they would continue to monitor the assets of the Funds and consider whether there were additional opportunities to realize benefits from economies of scale for shareholders in the future.

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

A-21

Federal Tax Information

(unaudited)

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), 100.00% of ordinary dividends paid during the fiscal year ended December 31, 2014 for the Core Equity Fund, 12.45% of ordinary dividends paid during the fiscal year ended December 31, 2014 for the Small Companies Fund, and 74.91% of ordinary dividends paid during the fiscal year ended December 31, 2014 for the International Fund are designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates in 2014.

Corporate Dividends-Received Deduction. 85.54%, 11.69% and 0.97% of the dividends distributed during the fiscal year ended December 31, 2014, for the Core Equity, Small Companies and International Funds, respectively, qualify for the dividends-received deduction for corporate shareholders.

Capital Gain Distribution. The following Fund’s made capital gain distributions in December 2014, and hereby designated these long-term capital gain distributions as follows:

Fund	Long-Term Capital Gain

Core Equity	$	17,853,920
Small Companies		43,827,345
Tax-Exempt Bond		350,149
International		6,673,460

A-22

Clearwater Investment Trust

Financial Statements

For the Fiscal Year Ended December 31, 2014

Table of Contents

Financial Statements:


	1	Report of Independent Registered Public Accounting Firm
	2	Statements of Assets and Liabilities
	3	Statements of Operations
	4	Statements of Changes in Net Assets
	5	Financial Highlights
	9	Notes to Financial Statements
	29	Schedules of Investments
	29	Core Equity Fund
	43	Small Companies Fund
	50	Tax-Exempt Bond Fund
	69	International Fund


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

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders

Clearwater Investment Trust:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Clearwater Core Equity Fund, Clearwater Small Companies Fund, Clearwater Tax-Exempt Bond Fund and the Clearwater International Fund (collectively, the “Funds”), as of December 31, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian, transfer agent (of underlying funds) and brokers, or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Clearwater Core Equity Fund, Clearwater Small Companies Fund, Clearwater Tax-Exempt Bond Fund and the Clearwater International Fund as of December 31, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Minneapolis, Minnesota

February 26, 2015


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


	1

CLEARWATER INVESTMENT TRUST

Statements of Assets and Liabilities

December 31, 2014


	Core Equity			Small Companies			Tax-Exempt			International
	Fund			Fund			Bond Fund			Fund
Assets
Investments in securities, at fair value (identified cost: $266,262,701 Core Equity Fund; $262,995,710 Small Companies Fund; $475,071,657 Tax-Exempt Bond Fund; $376,143,985 International Fund)	$	540,908,430			336,328,501			502,661,129			481,075,841
Foreign currencies, at value (cost: $13,962 and $487,990, respectively)		12,571			-			-			489,775
Cash		-			-			1,933,491			-
Receivable for securities sold		297			232,509			-			78,711
Receivable for shares of beneficial interest sold		168,700			144,300			-			1,071,100
Accrued dividend and interest receivable		721,767			366,167			5,280,309			486,024
Foreign tax reclaim receivable		30,875			-			-			1,047,277
Unrealized appreciation on forward foreign currency exchange contracts		-			-			-			567,896
Total assets		541,842,640			337,071,477			509,874,929			484,816,624
Liabilities
Payables for investment securities purchased		143,558			2,383,742			1,364,348			1,985,622
Accrued investment advisory fee		681,900			799,872			419,272			834,565
Payable for dividend distribution		-			-			109,297			-
Unrealized depreciation on forward foreign currency exchange contracts		-			-			-			53,793
Total liabilities		825,458			3,183,614			1,892,917			2,873,980
Net assets	$	541,017,182			333,887,863			507,982,012			481,942,644
Capital
Capital stock and additional paid-in capital (authorized unlimited number of shares at no par value for each Fund: 13,728,301, 16,451,292, 49,985,800 and 33,439,287 shares, respectively)	$	266,393,163			260,663,430			480,401,556			379,433,936
Undistributed (overdistributed) net investment income		445,248			130,675			49,910			(1,759,655	)
Accumulated net realized loss from investments and foreign currency transactions		(465,518	)		(239,033	)		(58,926	)		(1,074,852	)
Unrealized appreciation of investments and translation of assets and liabilities in foreign currencies		274,644,289			73,332,791			27,589,472			105,343,215
Net assets	$	541,017,182			333,887,863			507,982,012			481,942,644
Net asset value per share of outstanding capital stock	$	39.41			20.30			10.16			14.41

See accompanying notes to financial statements.


	2

CLEARWATER INVESTMENT TRUST

Statements of Operations

Year ended December 31, 2014


	Core Equity			Small Companies			Tax-Exempt			International
	Fund			Fund			Bond Fund			Fund
Investment income:
Income:
Dividends (net of foreign taxes withheld of $98,590, $9,071, $0 and $1,302,802, respectively)	$	10,652,953			3,988,944			1,898,991			14,755,712
Interest		-			-			21,649,946			-
Total income		10,652,953			3,988,944			23,548,937			14,755,712
Expenses:
Investment advisory fee		4,793,491			4,557,342			2,937,555			5,100,494
Voluntary fee reduction		(2,130,443	)		(1,384,084	)		(1,321,903	)		(1,683,162	)
Total net expenses		2,663,048			3,173,258			1,615,652			3,417,332
Net investment income		7,989,905			815,686			21,933,285			11,338,380
Net realized gain (loss) on:
Security transactions		17,023,383			36,427,294			1,154,381			7,178,352
Forward foreign currency exchange contracts		-			-			-			(2,309	)
Foreign currency transactions		-			-			-			58,326
Net increase (decrease) in unrealized appreciation/depreciation on:
Security transactions		22,276,853			(20,342,867	)		46,365,974			(42,892,478	)
Forward foreign currency exchange contracts		-			-			-			258,569
Translation of other assets and liabilities denominated in foreign currencies		(1,219	)		-			-			(161,973	)
Net gain (loss) on investments		39,299,017			16,084,427			47,520,355			(35,561,513	)
Net increase (decrease) in net assets resulting from operations	$	47,288,922			16,900,113			69,453,640			(24,223,133	)

See accompanying notes to financial statements.


	3

CLEARWATER INVESTMENT TRUST

Statements of Changes in Net Assets

Years ended December 31, 2014 and 2013


	Core Equity Fund						Small Companies Fund
	12/31/2014			12/31/2013			12/31/2014			12/31/2013
Operations:
Net investment income	$	7,989,905			7,086,228			815,686			691,640
Net realized gain		17,023,383			13,465,166			36,427,294			44,785,569
Net increase (decrease) in unrealized appreciation/depreciation		22,275,634			111,306,273			(20,342,867	)		49,036,212
Net increase in net assets resulting from operations		47,288,922			131,857,667			16,900,113			94,513,421
Distributions to shareholders from:
Net investment income		(8,347,216	)		(6,883,274	)		(637,608	)		(891,425	)
Net realized gain		(16,626,561	)		-			(47,231,708	)		(37,952,618	)
Total distributions to shareholders		(24,973,777	)		(6,883,274	)		(47,869,316	)		(38,844,043	)
Capital share transactions:
Proceeds from shares sold		3,000,890			15,629,091			8,274,472			4,225,025
Reinvestment of distributions from net investment income and net realized gain		24,973,774			6,883,274			47,869,316			38,844,043
Payments for shares redeemed		(32,315,020	)		(19,686,851	)		(34,354,438	)		(37,606,332	)
Net increase (decrease) in net assets from capital share transactions		(4,340,356	)		2,825,514			21,789,350			5,462,736
Total increase (decrease) in net assets		17,974,789			127,799,907			(9,179,853	)		61,132,114
Net assets:
At the beginning of the year		523,042,393			395,242,486			343,067,716			281,935,602
At the end of the year	$	541,017,182			523,042,393			333,887,863			343,067,716
Undistributed net investment income	$	445,248			330,514			130,675			-

	Tax-Exempt Bond Fund						International Fund
	12/31/2014			12/31/2013			12/31/2014			12/31/2013
Operations:
Net investment income	$	21,933,285			23,141,104			11,338,380			9,215,783
Net realized gain		1,154,381			3,650,141			7,234,369			10,320,161
Net increase (decrease) in unrealized appreciation/depreciation		46,365,974			(45,551,290	)		(42,795,882	)		72,443,614
Net increase (decrease) in net assets resulting from operations		69,453,640			(18,760,045	)		(24,223,133	)		91,979,558
Distributions to shareholders from:
Net investment income		(21,919,530	)		(23,112,535	)		(11,567,920	)		(10,730,659	)
Net realized gain		(894,126	)		(4,029,044	)		(8,447,272	)		(4,515,432	)
Total distributions to shareholders		(22,813,656	)		(27,141,579	)		(20,015,192	)		(15,246,091	)
Capital share transactions:
Proceeds from shares sold		18,525,800			28,246,973			14,290,245			27,992,633
Reinvestment of distributions from net investment income and net realized gain		22,773,030			27,132,457			20,015,199			15,246,091
Payments for shares redeemed		(44,983,038	)		(71,569,136	)		(20,028,659	)		(16,126,924	)
Net increase (decrease) in net assets from capital share transactions		(3,684,208	)		(16,189,706	)		14,276,785			27,111,800
Total increase (decrease) in net assets		42,955,776			(62,091,330	)		(29,961,540	)		103,845,267
Net assets:
At the beginning of the year		465,026,236			527,117,566			511,904,184			408,058,917
At the end of the year	$	507,982,012			465,026,236			481,942,644			511,904,184
Undistributed (overdistributed) net investment income	$	49,910			39,244			(1,759,655	)		(1,676,102	)

See accompanying notes to financial statements.


	4

CLEARWATER INVESTMENT TRUST

Financial Highlights

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


	Year ended December 31,
Core Equity Fund	2014			2013			2012			2011			2010
Net asset value, beginning of year	$	37.77			28.81			25.26			26.38			23.40
Income (loss) from investment operations:
Net investment income		0.60			0.51			0.40			0.33			0.38
Net realized and unrealized gains (losses)		2.91			8.95			3.54			(1.13	)		2.99
Total from investment operations		3.51			9.46			3.94			(0.80	)		3.37
Less distributions to shareholders from:
Net investment income		(0.63	)		(0.50	)		(0.39	)		(0.32	)		(0.39	)
Distributions from net realized gains		(1.24	)		-			-			-			-
Total distributions to shareholders		(1.87	)		(0.50	)		(0.39	)		(0.32	)		(0.39	)
Net asset value, end of year	$	39.41			37.77			28.81			25.26			26.38
Total return (a)		9.23	%		32.85	%		15.64	%		(3.04	)%		14.42	%
Net assets, end of year (000s omitted)	$	541,017			523,042			395,242			332,320			344,270
Ratio of expenses, net of waivers, to average net assets (b)(c)(d)(e)(f)		0.50	%		0.50	%		0.54	%		0.53	%		0.30	%
Ratio of expenses, before waivers, to average net assets (b)(c)(d)(e)(f)		0.90	%		0.90	%		0.90	%		0.69	%		0.45	%
Ratio of net investment income, net of waivers, to average net assets (c)(d)(e)(f)		1.50	%		1.51	%		1.49	%		1.25	%		1.60	%
Ratio of net investment income, before waivers, to average net assets (c)(d)(e)(f)		1.10	%		1.11	%		1.13	%		1.09	%		1.45	%
Portfolio turnover rate (excluding short-term securities)		13.54	%		21.07	%		22.31	%		27.01	%		43.65	%

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

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

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

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

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

	(f)	Effective December 1, 2010, the Adviser discontinued the voluntary waiver previously in effect.

See accompanying notes to financial statements.


	5

CLEARWATER INVESTMENT TRUST

Financial Highlights

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


	Year ended December 31,
Small Companies Fund	2014			2013			2012			2011			2010
Net asset value, beginning of year	$	22.35			18.70			16.91			18.70			14.41
Income (loss) from investment operations:
Net investment income		0.05			0.05			0.09			0.01			-
Net realized and unrealized gains (losses)		1.10			6.30			3.10			(0.28	)		4.31
Total from investment operations		1.15			6.35			3.19			(0.27	)		4.31
Less distributions to shareholders from:
Net investment income		(0.04	)		(0.06	)		(0.10	)		(0.01	)		(0.02	)
Net realized gain		(3.16	)		(2.64	)		(1.30	)		(1.51	)		-
Total distributions to shareholders		(3.20	)		(2.70	)		(1.40	)		(1.52	)		(0.02	)
Net asset value, end of year	$	20.30			22.35			18.70			16.91			18.70
Total return (a)		5.03	%		34.01	%		19.02	%		(1.62	)%		29.99	%
Net assets, end of year (000s omitted)	$	333,888			343,068			281,936			239,508			256,237
Ratio of expenses, net of waivers, to average net assets (b)(c)(d)		0.94	%		0.95	%		1.00	%		0.98	%		0.95	%
Ratio of expenses, before waivers, to average net assets (b)(c)(d)		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)		0.24	%		0.21	%		0.51	%		0.05	%		(0.02	)%
Ratio of net investment income (loss), before waivers, to average net assets(c)(d)		(0.17	)%		(0.19	)%		0.16	%		(0.32	)%		(0.42	)%
Portfolio turnover rate (excluding short-term securities)		55.51	%		59.84	%		59.48	%		64.54	%		71.05	%

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

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

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

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

See accompanying notes to financial statements.


	6	(Continued)

CLEARWATER INVESTMENT TRUST

Financial Highlights

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


	Year ended December 31,
Tax-Exempt Bond Fund	2014			2013			2012			2011			2010
Net asset value, beginning of year	$	9.23			10.15			9.62			9.06			9.25
Income (loss) from investment operations:
Net investment income		0.44			0.46			0.48			0.48			0.47
Net realized and unrealized gains (losses)		0.95			(0.84	)		0.53			0.56			(0.19	)
Total from investment operations		1.39			(0.38	)		1.01			1.04			0.28
Less distributions to shareholders from:
Net investment income		(0.44	)		(0.46	)		(0.48	)		(0.48	)		(0.47	)
Net realized gain		(0.02	)		(0.08	)		-			-			-
Total distributions to shareholders		(0.46	)		(0.54	)		(0.48	)		(0.48	)		(0.47	)
Net asset value, end of year	$	10.16			9.23			10.15			9.62			9.06
Total return (a)		15.29	%		(3.77	)%		10.66	%		11.81	%		2.99	%
Net assets, end of year (000s omitted)	$	507,982			465,026			527,118			518,834			516,202
Ratio of expenses, net of waivers, to average net assets (b)(c)		0.33	%		0.34	%		0.36	%		0.36	%		0.36	%
Ratio of expenses, before waivers, to average net assets (b)(c)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of net investment income, net of waivers, to average net assets(c)		4.48	%		4.78	%		4.79	%		5.08	%		5.00	%
Ratio of net investment income, before waivers, to average net assets(c)		4.21	%		4.52	%		4.55	%		4.84	%		4.76	%
Portfolio turnover rate (excluding short-term securities)		22.25	%		31.65	%		28.06	%		24.83	%		28.95	%

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

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

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

See accompanying notes to financial statements.


	7	(Continued)

CLEARWATER INVESTMENT TRUST

Financial Highlights

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


	Year ended December 31,
International Fund	2014			2013			2012			2011			2010
Net asset value, beginning of year	$	15.76			13.33			12.23			14.33			13.16
Income (loss) from investment operations:
Net investment income		0.35			0.29			0.30			0.30			0.23
Net realized and unrealized gains (losses)		(1.08	)		2.62			1.88			(2.08	)		1.27
Total from investment operations		(0.73	)		2.91			2.18			(1.78	)		1.50
Less distributions to shareholders from:
Net investment income		(0.36	)		(0.34	)		(0.31	)		(0.29	)		(0.23	)
Net realized gain		(0.26	)		(0.14	)		(0.77	)		(0.03	)		(0.10	)
Total distributions to shareholders		(0.62	)		(0.48	)		(1.08	)		(0.32	)		(0.33	)
Net asset value, end of year	$	14.41			15.76			13.33			12.23			14.33
Total return (a)		(4.70	)%		21.85	%		17.91	%		(12.44	)%		11.39	%
Net assets, end of year (000s omitted)	$	481,943			511,904			408,059			305,071			346,415
Ratio of expenses, net of waivers, to average net assets (b)(c)(d)(e)		0.67	%		0.66	%		0.62	%		0.77	%		0.80	%
Ratio of expenses, before waivers, to average net assets (b)(c)(d)(e)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income, net of waivers, to average net assets (c)(d)(e)		2.22	%		1.99	%		2.39	%		2.15	%		1.77	%
Ratio of net investment income, before waivers, to average net assets (c)(d)(e)		1.89	%		1.65	%		2.01	%		1.92	%		1.57	%
Portfolio turnover rate (excluding short-term securities)		15.33	%		22.54	%		72.32	%		36.93	%		30.82	%

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

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

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

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

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

See accompanying notes to financial statements.


	8	(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014


(1)	Organization

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

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

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

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

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

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014

convertible security matures or is redeemed, converted or exchanged. The Fund uses a “multi-style, multi-manager” approach, whereby portions of the Fund’s net assets are allocated between subadvisers who employ distinct investment styles. The Fund currently has two subadvisers that provide day-to-day management for the Fund, Kennedy Capital Management, Inc. (“Kennedy”) and Keeley Asset Management (“Keeley”). In addition, as noted above, FCI also acts as a subadviser to the Fund.

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

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


	10	(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014


(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 maturing more than 60 days from the valuation date are valued at the market price supplied by an independent pricing vendor; those securities of sufficient credit quality with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued at amortized cost, which approximates fair value. Securities for which no market quotations are readily available (including those for which trading has been suspended), or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value (“NAV”), are valued at fair value as determined in good faith using procedures established by the Board of Trustees. This may occur particularly with respect to certain foreign securities held by the International Fund, whereby the Board of Trustees may use adjustment factors obtained from an independent evaluation service that are intended to reflect more accurately the fair value of these foreign securities as of the time the Fund’s NAV is calculated. The procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security. These procedures are used by the Valuation Committee, in accordance with the procedures established by the Board of Trustees, to determine the fair value of the security or securities. Such determinations are then submitted for review and ratification by the Board of Trustees. The use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments. Security transactions are accounted for on the trade date, which is the date the securities are purchased or sold. Realized gains and losses are calculated on an identified cost basis. Dividend income is recognized on the ex-dividend date or, for foreign securities, as soon as the information is available. Interest income, including accretion of original issue discount and amortization of original issue premium, is accrued daily.

	(b)	Foreign Currency Translation

	The International Fund invests in securities which are purchased and sold in foreign currencies as a principal investment strategy. The costs of purchases, proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The value of the International Fund’s net assets, as measured in U.S. dollars, may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations. The gains or losses, if any, on investments resulting from changes in foreign exchange rates are recorded within net realized gain on security transactions and within net increase (decrease) in unrealized appreciation/depreciation on security transactions on the Statements of Operations. The realized gains or

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014


	losses, if any, on translation of other assets and liabilities denominated in foreign currencies are recorded within net realized gain on foreign currency transactions on the Statements of Operations. The International Fund also will incur costs in converting U.S. dollars to local currencies, and vice versa. The International Fund therefore may enter into foreign currency transactions as a principal investment strategy. Risks may arise upon investing in foreign securities including, but not limited to, political, social or economic instability in the country of the issuer, the difficulty of predicting international trade patterns, the possibility of the imposition of exchange controls, expropriation, limits on removal of currency or other assets, nationalization of assets, foreign withholding and income tax and possible delays in the settlement of foreign stock exchange transactions. The principal markets on which these securities trade may have less volume and liquidity, and may be more volatile, than securities markets in the U.S.

	(c)	Forward Foreign Currency Exchange Contracts

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

	(d)	Spot Contracts

	The International Fund routinely enters into spot contracts in order to buy or sell a certain amount of foreign currency at the current market rate. The International Fund may enter into spot contracts in order to make payments, or to receive payments, based on investment trading activity in a foreign currency. A spot contract allows the International Fund to buy or sell foreign currency on the day it chooses to deal. From time to time, the Core Equity Fund may also enter into spot contracts in order to make or receive payments due to investment trading activity in a foreign currency on a non-U.S. exchange. Spot contracts are marked-to-market daily at the applicable exchange rates. Any resulting unrealized gains or losses are recorded in foreign currency transactions within net increase (decrease) in unrealized appreciation/depreciation on the Statements of Operations. Foreign currency amounts payable to or receivable from counterparties related to outstanding spot contracts, if any, are recorded in payables for investment securities purchased or receivable for securities

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014


	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.

	(e)	Master Limited Partnerships

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

	(f)	Delayed Delivery Transactions and When-Issued Securities

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

	(g)	Short-Term Investments

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

	(h)	Recoverable Taxes

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

	(i)	Federal Taxes

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

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014


	Management has analyzed the Funds’ tax positions taken on federal tax returns for all open tax years and has concluded that as of December 31, 2014, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for the 2011, 2012, 2013 and 2014 tax years for which the applicable statutes of limitations have not expired remain subject to examination by the Internal Revenue Service and state departments of revenue. Net investment income and net realized gain (loss) for the Funds may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains, if any, may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gain (loss) were recorded by the Funds. The tax character of distributions paid by the Funds during the years ended December 31, 2014 and 2013 was as follows:

	Tax-Exempt				Ordinary Income
	2014		2013		2014		2013
Core Equity Fund	$	-	$	-	$	7,119,857	$	6,741,356
Small Companies Fund		-		-		4,041,973		7,282,854
Tax-Exempt Bond Fund		21,739,172		22,903,417		683,862		199,996
International Fund		-		-		13,341,732		12,704,376

	Long-Term Capital Gains
	2014		2013
Core Equity Fund	$	17,853,920	$	141,918
Small Companies Fund		43,827,345		31,561,189
Tax-Exempt Bond Fund		350,149		4,029,044
International Fund		6,673,460		2,541,715

As of December 31, 2014, the components of distributable earnings on a tax basis were as follows:


	Core			Small Companies			Tax-Exempt			International
	Equity Fund			Fund			Bond Fund			Fund
Undistributed ordinary income	$	-		$	159,906		$	154,583		$	299,490
Undistributed capital gain		861,434			1,191,873			3,131			1,377,850
Accumulated capital losses		(1,129,556	)		(1,262,085	)		(216,640	)		(1,823,469	)
Unrealized appreciation		274,892,141			73,134,739			27,589,472			102,654,837
Total	$	274,624,019		$	73,224,433		$	27,530,546		$	102,508,708


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

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014


	between income tax regulations and U.S. GAAP. These reclassifications may relate to net operating losses, Section 998 currency gains and losses, Passive Foreign Investment Companies (“PFICs”) gains and losses, recharacterization of dividends from investments in REITs, and Partnerships. These reclassifications have no impact on the total net assets or the NAV per share of the Funds. At December 31, 2014, reclassifications have been recorded among the following capital accounts on the Statements of Assets and Liabilities:


	Core			Small Companies			Tax-Exempt			International
	Equity Fund			Fund			Bond Fund			Fund
Undistributed (overdistributed) net investment income	$	472,045		$	(47,403	)	$	(3,089	)	$	145,987
Accumulated net realized
gain (loss)		(472,045	)		47,403			3,089			(145,987	)


	(j)	Distributions to Shareholders

		Distributions to shareholders from net investment income, if any, are declared annually for the Core Equity, Small Companies, and International Funds and declared daily, payable monthly, for the Tax-Exempt Bond Fund. Distributions to shareholders from net realized gains, if any, are declared annually for all Funds. Distributions are paid in cash or reinvested in additional shares at the direction of the shareholders.

	(k)	Use of Estimates

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

	(l)	Indemnification

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

(3)	Fair Value Measurements

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


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

(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014


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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities and other financial instruments, if any. The following is a summary of the inputs used in valuing each Fund’s investments and other financial instruments, if any, which are carried at fair value, as of December 31, 2014.


	Core Equity Fund (a)
	Level 1		Level 2		Level 3		Total

Common Stocks	$	520,274,803	$	-	$	-	$	520,274,803
Master Limited Partnerships		9,950,098		-		-		9,950,098
Rights		4,475		-		-		4,475
Warrants		321,624		-		-		321,624
Short-Term Investments		10,357,430		-		-		10,357,430
Total	$	540,908,430	$	-	$	-	$	540,908,430


	(a)	For the Core Equity Fund, the investment value is comprised of equity securities, master limited partnerships, rights, warrants and short-term investments. See the Fund’s Schedule of Investments for industry classification. Investments in equity, master limited partnerships and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Investments in rights and warrants generally are determined by taking into account the terms of the rights and warrants as well as the value of the underlying equity securities, which are determined by the valuation methodology described above.

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


	16	(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014


	Small Companies Fund (b)
	Level 1		Level 2		Level 3			Total
Common Stocks	$	325,278,777	$	-		$	-	$	325,278,777
Short-Term Investments		11,049,724		-			-		11,049,724
Total	$	336,328,501	$	-		$	-	$	336,328,501


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

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


	17	(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014


	Tax-Exempt Bond Fund (c)
	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	28,448,179	$	-	$	-	$	28,448,179
Municipal Bonds
Airport		-		3,955,890		-		3,955,890
Bond Bank		-		2,546,461		-		2,546,461
Development		-		24,267,564		267,629		24,535,193
Education		-		40,546,020		-		40,546,020
Facilities		-		2,038,535		-		2,038,535
General		-		45,907,386		3,515		45,910,901
General Obligation		-		19,198,526		-		19,198,526
Higher Education		-		20,664,231		-		20,664,231
Housing		-		43,740,289		-		43,740,289
Medical		-		52,967,507		157,500		53,125,007
Mello-Roos		-		431,905		-		431,905
Multifamily Housing		-		27,559,434		-		27,559,434
Nursing Home		-		48,336,392		-		48,336,392
Pollution		-		586,980		-		586,980
Power		-		6,234,800		-		6,234,800
School District		-		29,244,325		-		29,244,325
Single Family Housing		-		69,587,218		-		69,587,218
Student Loan		-		2,811,461		-		2,811,461
Tobacco Settlement		-		720,213		-		720,213
Transportation		-		13,242,121		-		13,242,121
Utilities		-		2,714,438		-		2,714,438
Water		-		9,464,613		-		9,464,613
Short-Term Investments		7,017,997		-		-		7,017,997
Total	$	35,466,176	$	466,766,309	$	428,644	$	502,661,129


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


	18	(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014

As of December 31, 2014, the Valuation Committee determined the fair valuation of municipal bonds based on inputs such as the last traded price at the time of significant events or the default of a municipal bond in addition to the consideration of observations and the nature of similar securities which are not currently openly traded in the active market. Such investments have been classified as Level 3 instruments.

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

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


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


(1)	The value of Transfers into Level 3 is measured using the fair value as of the year ended December 31, 2014.

(2)	Transferred from Level 2 to Level 3 due to the security being measured at fair value at the time of default using procedures adopted by the Board of Trustees.

(3)	The net increase (decrease) in unrealized appreciation (depreciation) on Level 3 securities still held at December 31, 2014 is included in the Statements of Operations.

There were no significant Level 3 valuations for which significant unobservable valuations inputs were developed at December 31, 2014.


	19	(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014


	International Fund (d)
	Level 1		Level 2		Level 3		Total
Common Stocks
Canada	$	5,483,238	$	31,347,506	$	-	$	36,830,744
China		1,767,679		9,477,493		-		11,245,172
Denmark		2,224,127		10,197,082		-		12,421,209
Ireland		5,738,985		3,422,158		-		9,161,143
Israel		2,707,264		409,433		-		3,116,697
Netherlands		7,852,025		14,190,905		-		22,042,930
Russia		122		56,753		-		56,875
Switzerland		5,492,208		32,900,323		-		38,392,531
Taiwan		3,502,157		2,706,777		-		6,208,934
United Kingdom		3,325,920		77,216,202		-		80,542,122
United States		9,818,593		649,028		-		10,467,621
All other countries		-		228,504,223		-		228,504,223
Master Limited Partnerships		2,568,490		-		-		2,568,490
Preferred Stock		-		1,782,442		-		1,782,442
Rights
South Korea		16,549		-		-		16,549
All other countries		-		2,350		-		2,350
Warrants		22,112		-		-		22,112
Investment Companies		906,174		-		-		906,174
Short-Term Investments		16,787,523		-		-		16,787,523
Total	$	68,213,166	$	412,862,675	$	-	$	481,075,841


	(d)	For the International Fund, the investment value is comprised of equity securities, master limited partnerships, rights, warrants, investment companies and short-term investments. See the Fund’s Schedule of Investments for additional information on industry sector and currency concentration information. Investments in equity, master limited partnerships, investment companies and short-term securities generally are valued at the last sales price or the regular trading session closing price on the principal exchange or market where they are traded. Investments in rights and warrants generally are determined by taking into account the terms of the rights and warrants as well as the value of the underlying equity securities, which are determined by the valuation methodology described above. At December 31, 2014, an equity security, based in the United Kingdom, with a fair value of $4,682, was valued nominally using observable inputs other than the last traded price from the primary pricing provider.


	20	(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014


	At December 31, 2014, the International Fund adjusted the price of certain foreign equity securities held in its portfolio on December 31, 2014 using adjustment factors designed to reflect more accurately the fair value of the securities. The fair valuation of these securities resulted in their classification as Level 2 investments. Additionally, a Hong Kong security’s trading was suspended pending a potential corporate action and was valued using the last traded price from the primary pricing provider. The security was classified as Level 2 because the security was not actively trading at year end.

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

	At December 31, 2014, the International Fund had transfers from Level 1 to Level 2 classifications from December 31, 2013 to December 31, 2014 as disclosed below:


Transfers from Level 1 to Level 2
Country	Value		Reason
Common Stocks
Australia	$	25,526,209	Valuations at last trade with foreign fair value adjustments
Austria		1,439,060	Valuations at last trade with foreign fair value adjustments
Belgium		4,670,602	Valuations at last trade with foreign fair value adjustments
Brazil		1,129,683	Valuations at last trade with foreign fair value adjustments
Canada		30,118,470	Valuations at last trade with foreign fair value adjustments
China		6,591,946	Valuations at last trade with foreign fair value adjustments
Denmark		4,462,612	Valuations at last trade with foreign fair value adjustments
Finland		4,327,176	Valuations at last trade with foreign fair value adjustments
France		23,706,067	Valuations at last trade with foreign fair value adjustments
Germany		22,817,779	Valuations at last trade with foreign fair value adjustments
Greece		322,809	Valuations at last trade with foreign fair value adjustments
Hong Kong		18,499,944	Valuations at last trade with foreign fair value adjustments
		729,641	Valuation other than last traded price based on active trading
Ireland		2,025,820	Valuations at last trade with foreign fair value adjustments
Israel		365,852	Valuations at last trade with foreign fair value adjustments
Italy		7,588,951	Valuations at last trade with foreign fair value adjustments
Japan		62,526,418	Valuations at last trade with foreign fair value adjustments
Mexico		1,067,927	Valuations at last trade with foreign fair value adjustments
Netherlands		13,862,058	Valuations at last trade with foreign fair value adjustments
New Zealand		252,215	Valuations at last trade with foreign fair value adjustments


	21	(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014


Country	Value		Reason
Norway	$	3,572,353	Valuations at last trade with foreign fair value adjustments
Philippines		614,957	Valuations at last trade with foreign fair value adjustments
Portugal		224,820	Valuations at last trade with foreign fair value adjustments
Russia		56,753	Valuations at last trade with foreign fair value adjustments
Singapore		3,267,146	Valuations at last trade with foreign fair value adjustments
South Africa		1,167,171	Valuations at last trade with foreign fair value adjustments
South Korea		9,134,601	Valuations at last trade with foreign fair value adjustments
Spain		7,654,920	Valuations at last trade with foreign fair value adjustments
Sweden		8,908,856	Valuations at last trade with foreign fair value adjustments
Switzerland		29,809,149	Valuations at last trade with foreign fair value adjustments
Taiwan		2,706,778	Valuations at last trade with foreign fair value adjustments
Thailand		563,708	Valuations at last trade with foreign fair value adjustments
United Kingdom		63,021,082	Valuations at last trade with foreign fair value adjustments
United States		520,850	Valuations at last trade with foreign fair value adjustments
Preferred Stock
Germany		1,601,852	Valuations at last trade with foreign fair value adjustments
South Korea		180,590	Valuations at last trade with foreign fair value adjustments
Rights
France		11	Valuations at last trade with foreign fair value adjustments
Total	$	365,036,836


	22	(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014


Other Financial Instruments	Level 1		Level 2			Level 3		Total
Assets

Forward foreign currency exchange contracts	$	-	$	567,896		$	-	$	567,896

Liabilities

Forward foreign currency exchange contracts		-		(53,793	)		-		(53,793	)

Net Other Financial Instruments	$	-	$	514,103		$	-	$	514,103

The forward foreign currency exchange contracts outstanding at December 31, 2014 are considered Level 2 investments due to the contracts being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate. Forward foreign currency exchange contracts are shown on a gross basis in the above table and on the Statements of Assets and Liabilities.


(4)	Investment Security Transactions

The cost of purchases and proceeds from sales of securities (excluding short-term securities) for the year ended December 31, 2014, were as follows:


	Purchases		Sales
Core Equity Fund	$	70,142,080	$	88,250,989
Small Companies Fund		183,124,537		210,559,783
Tax-Exempt Bond Fund		105,524,620		112,988,629
International Fund		82,642,774		75,404,274


	23	(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014


(5)	Capital Share Transactions

Transactions in capital shares for fiscal years ended December 31, 2014 and December 31, 2013, were as follows:


	Core Equity Fund						Small Companies Fund
	2014			2013			2014			2013
Sold		76,703			507,556			375,718			201,528
Issued for reinvestment of distributions		625,596			183,114			2,336,228			1,743,449
Redeemed		(823,611	)		(560,122	)		(1,611,217	)		(1,670,646	)
Net Increase (decrease)		(121,312	)		130,548			1,100,729			274,331


	Tax-Exempt Bond Fund						International Fund
	2014			2013			2014			2013
Sold		1,888,829			2,901,091			897,252			1,958,551
Issued for reinvestment of distributions		2,303,187			2,834,108			1,374,670			973,569
Redeemed		(4,609,524	)		(7,249,870	)		(1,309,596	)		(1,067,258	)
Net Increase (decrease)		(417,508	)		(1,514,671	)		962,326			1,864,862


(6)	Capital Loss Carryforward

For the period subsequent to October 31, 2014 through the fiscal year ended December 31, 2014, the following Funds incurred net capital losses, and/or Section 988 currency losses which each Fund intends to treat as having been incurred in the following fiscal year:


	Short-Term		Long-Term		Total
Core Equity Fund	$	1,129,556	$	-	$	1,129,556
Small Companies Fund		1,262,085		-		1,262,085
Tax-Exempt Bond Fund		-		216,640		216,640
International Fund		1,823,469		-		1,823,469


	24	(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014


(7)	Expenses and Related-Party Transactions

The Trust has a contract for investment advisory services with the Adviser. Under terms of separate agreements, Clearwater Core Equity Fund, Clearwater Small Companies Fund, Clearwater Tax-Exempt Bond Fund and Clearwater International Fund each pay an investment advisory fee equal to an annual rate of 0.90%, 1.35%, 0.60% and 1.00%, respectively, of each Fund’s average daily net assets. The Adviser is responsible for the payment or reimbursement of all the Funds’ expenses, except brokerage, taxes, interest, and extraordinary expenses. The Adviser has periodically modified its management fee for each of the Funds through voluntary waivers. As of December 31, 2014, the management fees in place, net of voluntary waivers, for the Core Equity, Small Companies, Tax-Exempt Bond, and International Funds are 0.50%, 0.94%, 0.33%, and 0.67%, respectively. The Adviser currently intends to continue these voluntary waivers indefinitely. However, the Adviser may terminate these voluntary arrangements at any time.

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

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

The subadvisory fee for the Clearwater Core Equity Fund, payable to Parametric, Heartland and Osterweis, is equal to an annual rate of 0.15% of the portion of net assets managed, an annual rate of 0.65% of the portion of net assets managed and an annual rate of 0.75% of the portion of net assets managed, respectively.

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


	Knightsbridge
First $20 Million	0.75%
Over $20 Million	0.50%


	25	(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014

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


	Kennedy
First $50 Million	0.85%
Over $50 Million	0.80%

	Keeley
First $2 Million	1.00%
Next $8 Million	0.85%
Over $10 Million	0.70%

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


	Sit
First $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 Clearwater International Fund, payable to Parametric and WCM, is equal to an annual rate of 0.15% and 0.80% of the portion of net assets managed, respectively.

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


	Artisan Partners
First $50 Million	0.80%
Next $50 Million	0.60%
Over $100 Million	0.50%

	Denver
First $10 Million	1.25%
Over $10 Million	0.85%

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


	26	(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014

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


(8)	Derivative Instruments

Information concerning the types of derivatives in which the International Fund invests, the objectives for using them and their related risks can be found in Note 2 (c). Below are the types of derivatives held in the International Fund by location as presented in the Statements of Assets and Liabilities as of December 31, 2014, with additional detail on the net amounts impacting the Statements of Assets and Liabilities. The forward foreign currency exchange contracts presented below are not subject to master netting agreements or other similar agreements.

ASSETS

LIABILITIES

Derivative Type

Statements of Assets and

Liabilities Location

Value

Statements of Assets and

Liabilities Location

Value

Net Amounts of

Assets Presented

in the Statements

of Assets and

Liabilities

Counterparty

Forward foreign currency exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts

567,896

Unrealized depreciation on forward foreign currency exchange contracts

53,793

514,103

Northern Trust

The following tables set forth by primary risk exposure the International Fund’s net realized gain (loss) and net increase (decrease) in appreciation/depreciation on forward foreign currency exchange contracts for the fiscal year ended December 31, 2014:

Derivative Type

Statements of

Operations Location

Value

Derivative Type

Statements of Operations

Location

Value

Forward foreign currency exchange contracts

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

(2,309)

Forward foreign currency exchange contracts

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

258,569


	27	(Continued)

CLEARWATER INVESTMENT TRUST

Notes to Financial Statements

December 31, 2014

Derivative transactions are measured in terms of the notional amount. The following table presents, for the International Fund, the number of transactions and weighted average notional amounts, which is indicative of the volume of derivative activity, for the fiscal year ended December 31, 2014.


Forward Foreign Currency Exchange Contracts
Number of Transactions	Weighted Average Notional Amount
12	$	121,364,742


(9)	Subsequent Events

The Trust terminated Knightbridge and Heartland as subadvisers to Clearwater Core Equity Fund, effective January 29, 2015. Effective February 3, 2015 and February 4, 2015, respectively, the Trust engaged AQR Capital Management, LLC and O’Shaughnessy Asset Management, LLC as subadvisers to the Clearwater Core Equity Fund.

The subadvisory fee for the Clearwater Core Equity Fund payable to AQR Capital Management LLC for their portion of the net assets managed (“Allocated Assets”), is 0.375% on all Allocated Assets while Allocated Assets are under $100 million and 0.35% on all Allocated Assets while Allocated Assets are at or above $100 million. The subadvisory fee for the Clearwater Core Equity Fund payable to O’Shaughnessy Asset Management, LLC for their portion of the net assets managed is 0.35% of the Allocated Assets.

Effective January 29, 2015, the Trust also approved a change to the fee schedule for the Clearwater Core Equity Fund payable to Osterweis Capital Management. The new subadvisory fee for the Clearwater Core Equity Fund payable to Osterweis Capital Management for their portion of the net assets managed is 0.75% on all Allocated Assets up to $25 million, 0.65% for Allocated Assets from $25 million to $100 million, and 0.55% on all Allocated Assets in excess of $100 million.

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


	28	(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Common Stocks:
Consumer Discretionary:
	2,300	ABERCROMBIE & FITCH CO., CLASS A	$	50,218		65,872
	1,500	ADVANCE AUTO PARTS, INC.		53,558		238,920
	6,150	AMAZON.COM, INC.(b)		274,721		1,908,652
	1,600	AMC NETWORKS, INC., CLASS A(b)		25,785		102,032
	3,300	AMERICAN EAGLE OUTFITTERS, INC.		33,099		45,804
	1,300	AUTOLIV, INC.(c)		29,596		137,956
	500	AUTOZONE, INC.(b)		32,038		309,555
	4,575	BED BATH & BEYOND, INC.(b)		120,780		348,478
	709,000	BFC FINANCIAL CORP., CLASS A(b)		2,859,268		2,268,800
	1,400	BIG LOTS, INC.		15,477		56,028
	4,400	BORGWARNER, INC.		51,799		241,780
	750	BRINKER INTERNATIONAL, INC.		10,084		44,017
	4,168	CARMAX, INC.(b)		50,984		277,505
	2,700	CARNIVAL CORP.		80,824		122,391
	6,043	CBS CORP., CLASS B (NON VOTING)		52,350		334,420
	14,430	CHARTER COMMUNICATIONS, INC., CLASS A(b)		1,866,908		2,404,327
	600	CHICO’S FAS, INC.		5,619		9,726
	300	CHIPOTLE MEXICAN GRILL, INC.(b)		89,324		205,353
	68,820	CINEMARK HOLDINGS, INC.		1,340,355		2,448,616
	18,500	CLEAR CHANNEL OUTDOOR HOLDINGS, INC., CLASS A		53,472		195,915
	5,000	COACH, INC.		19,161		187,800
	36,800	COMCAST CORP., CLASS A		586,118		2,134,768
	1,345	CST BRANDS, INC.		11,311		58,655
	2,300	DARDEN RESTAURANTS, INC.		47,909		134,849
	2,400	DEVRY EDUCATION GROUP, INC.		44,808		113,928
	1,500	DICK’S SPORTING GOODS, INC.		24,803		74,475
	28,216	DIRECTV(b)		934,923		2,446,327
	1,000	DOLLAR GENERAL CORP.(b)		46,180		70,700
	6,700	DOLLAR TREE, INC.(b)		61,517		471,546
	4,600	DR HORTON, INC.		22,057		116,334
	710	EXPEDIA, INC.		10,883		60,606
	500	FAMILY DOLLAR STORES, INC.		12,653		39,605
	3,000	FOOT LOCKER, INC.		40,394		168,540
	77,808	FORD MOTOR CO.		639,323		1,206,024
	3,600	GAMESTOP CORP., CLASS A		14,505		121,680
	5,700	GANNETT CO., INC.		51,200		182,001
	4,100	GAP (THE), INC.		58,946		172,651
	2,200	GARMIN LTD.(c)		40,557		116,226
	4,100	GENERAL MOTORS CO.		88,015		143,131
	7,500	GENTEX CORP.		106,860		270,975
	3,450	GENUINE PARTS CO.		102,424		367,666
	1,900	GOODYEAR TIRE & RUBBER (THE) CO.		26,258		54,283
	22,100	GROUPON, INC.(b)		169,823		182,546
	57,900	H&R BLOCK, INC.		799,932		1,950,072
	500	HANESBRANDS, INC.		10,750		55,810
	6,750	HARLEY-DAVIDSON, INC.		39,547		444,892
	4,300	HARMAN INTERNATIONAL INDUSTRIES, INC.		74,798		458,853
	400	HASBRO, INC.		10,206		21,996
	29,525	HOME DEPOT (THE), INC.		19,256		3,099,239
	15,600	INTERPUBLIC GROUP OF (THE) COS., INC.		40,950		324,012
	3,150	JARDEN CORP.(b)		25,277		150,822
	9,500	JOHNSON CONTROLS, INC.		262,575		459,230
	7,750	KOHL’S CORP.		86,000		473,060
	6,190	L BRANDS, INC.		70,745		535,744
	180	LANDS’ END, INC.(b)		4,697		9,713
	5,738	LAS VEGAS SANDS CORP.		159,855		333,722
	3,000	LEAR CORP.		128,814		294,240
	2,900	LENNAR CORP., CLASS A		38,266		129,949
	783	LIBERTY BROADBAND CORP., CLASS A(b)		1,186		39,220
	1,566	LIBERTY BROADBAND CORP., CLASS C(b)		2,222		78,018
	5,832	LIBERTY GLOBAL PLC, SERIES A(b)(c)		51,410		292,796
	7,374	LIBERTY GLOBAL PLC, SERIES C(b)(c)		64,301		356,238
	88,880	LIBERTY INTERACTIVE CORP., CLASS A(b)		1,313,283		2,614,850
	3,132	LIBERTY MEDIA CORP., CLASS A(b)		3,690		110,466
	6,264	LIBERTY MEDIA CORP., CLASS C(b)		6,877		219,428
	1,580	LIBERTY TRIPADVISOR HOLDINGS, INC., CLASS A(b)		11,997		42,502
	16,645	LIBERTY VENTURES, SERIES A(b)		341,955		627,849

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Consumer Discretionary (Cont’d):
	1,200	LKQ CORP.(b)	$	14,970		33,744
	13,100	LOWE’S COS., INC.		335,332		901,280
	5,000	MACY’S, INC.		81,374		328,750
	4,969	MARRIOTT INTERNATIONAL, INC., CLASS A		60,013		387,731
	496	MARRIOTT VACATIONS WORLDWIDE CORP.		3,643		36,972
	4,200	MATTEL, INC.		64,058		129,969
	16,002	MCDONALD’S CORP.		358,888		1,499,387
	6,600	MGM RESORTS INTERNATIONAL(b)		54,921		141,108
	1,900	MICHAEL KORS HOLDINGS LTD.(b)(c)		112,956		142,690
	600	MOHAWK INDUSTRIES, INC.(b)		26,796		93,216
	1,400	MORNINGSTAR, INC.		57,577		90,594
	35,323	MURPHY USA, INC.(b)		1,388,911		2,432,342
	700	NETFLIX, INC.(b)		41,142		239,127
	2,200	NEWELL RUBBERMAID, INC.		26,950		83,798
	7,175	NEWS CORP., CLASS A(b)		36,051		112,576
	11,100	NIKE, INC., CLASS B		238,633		1,067,265
	4,300	NORDSTROM, INC.		45,233		341,377
	100	NVR, INC.(b)		51,543		127,533
	2,695	OMNICOM GROUP, INC.		78,532		208,782
	2,300	O’REILLY AUTOMOTIVE, INC.(b)		69,869		443,026
	1,500	PANERA BREAD CO., CLASS A(b)		69,668		262,200
	2,600	PETSMART, INC.		55,966		211,367
	800	PRICELINE GROUP (THE), INC.(b)		194,799		912,168
	14,100	PULTEGROUP, INC.		58,797		302,586
	600	PVH CORP.		22,503		76,902
	1,500	RALPH LAUREN CORP.		31,320		277,740
	3,000	REGAL ENTERTAINMENT GROUP, CLASS A		26,428		64,080
	4,600	ROSS STORES, INC.		36,395		433,596
	30,020	ROYAL CARIBBEAN CRUISES LTD.		906,417		2,474,549
	600	SCRIPPS NETWORKS INTERACTIVE, INC., CLASS A		21,337		45,162
	47,600	SEARS HOLDINGS CORP.(b)		1,759,568		1,569,848
	10,400	SERVICE CORP. INTERNATIONAL		74,152		236,080
	11,000	SIRIUS XM HOLDINGS, INC.(b)		29,370		38,500
	14,250	STARBUCKS CORP.		182,045		1,169,212
	710	STARWOOD HOTELS & RESORTS WORLDWIDE, INC.		14,193		57,560
	12,200	TARGET CORP.		353,659		926,102
	1,000	TEMPUR SEALY INTERNATIONAL, INC.(b)		31,500		54,910
	2,100	TESLA MOTORS, INC.(b)		147,498		467,061
	6,200	THOMSON REUTERS CORP.		178,087		250,108
	1,900	THOR INDUSTRIES, INC.		22,316		106,153
	4,200	TIFFANY & CO.		122,192		448,812
	5,979	TIME WARNER CABLE, INC.		194,383		909,167
	21,033	TIME WARNER, INC.		457,012		1,796,639
	2,629	TIME, INC.		19,683		64,700
	10,094	TJX (THE) COS., INC.		86,033		692,247
	400	TRACTOR SUPPLY CO.		20,180		31,528
	12,585	TRI POINTE HOMES, INC.(b)		186,102		191,921
	2,210	TRIPADVISOR, INC.(b)		42,908		164,999
	900	TRW AUTOMOTIVE HOLDINGS CORP.(b)		21,698		92,565
	21,400	TWENTY-FIRST CENTURY FOX, INC., CLASS A		165,966		821,867
	1,000	UNDER ARMOUR, INC., CLASS A(b)		23,330		67,900
	2,127	URBAN OUTFITTERS, INC.(b)		37,857		74,721
	6,800	VF CORP.		87,065		509,320
	39,452	VIACOM, INC., CLASS B		1,860,938		2,968,763
	800	VISTEON CORP.(b)		33,968		85,488
	29,560	WALT DISNEY (THE) CO.		578,637		2,784,256
	2,100	WHIRLPOOL CORP.		89,510		406,854
	5,475	WYNDHAM WORLDWIDE CORP.		24,501		469,536
	1,600	WYNN RESORTS LTD.		32,322		238,016
	9,016	YUM! BRANDS, INC.		78,831		656,816
				25,352,002		66,037,450		12.21	%
Consumer Staples:
	29,200	ALTRIA GROUP, INC.		128,021		1,438,684
	11,500	ARCHER-DANIELS-MIDLAND CO.		219,815		598,000
	2,916	BROWN-FORMAN CORP., CLASS B		57,343		256,141
	21,567	BUNGE LTD.		1,406,979		1,960,656
	4,000	CHURCH & DWIGHT CO., INC.		100,310		315,240

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Consumer Staples (Cont’d):
	3,000	CLOROX (THE) CO.	$	154,515		312,630
	64,481	COCA-COLA (THE) CO.		991,395		2,722,388
	15,880	COLGATE-PALMOLIVE CO.		480,871		1,098,737
	2,700	CONAGRA FOODS, INC.		55,905		97,956
	4,600	CONSTELLATION BRANDS, INC., CLASS A(b)		63,227		451,582
	7,800	COSTCO WHOLESALE CORP.		237,671		1,105,650
	470	CRIMSON WINE GROUP LTD.(b)		2,671		4,465
	16,225	CVS CAREMARK CORP.		642,050		1,562,630
	19,120	DIAGEO PLC ADR(c)(d)		1,551,209		2,181,401
	6,000	DR. PEPPER SNAPPLE GROUP, INC.		125,060		430,080
	397	ENERGIZER HOLDINGS, INC.		20,533		51,038
	3,734	ESTEE LAUDER (THE) COS., INC., CLASS A		70,943		284,531
	2,700	FLOWERS FOODS, INC.		25,434		51,813
	12,400	GENERAL MILLS, INC.		277,055		661,292
	3,300	HERBALIFE LTD.		45,262		124,410
	2,042	HERSHEY (THE) CO.		88,044		212,225
	2,400	HORMEL FOODS CORP.		43,206		125,040
	1,700	INGREDION, INC.		48,104		144,228
	1,600	JM SMUCKER (THE) CO.		64,617		161,568
	5,800	KEURIG GREEN MOUNTAIN, INC.		122,296		767,891
	1,550	KIMBERLY-CLARK CORP.		69,760		179,087
	7,279	KRAFT FOODS GROUP, INC.		89,966		456,102
	13,400	KROGER (THE) CO.		228,089		860,414
	5,322	LORILLARD, INC.		80,950		334,967
	700	MCCORMICK & CO., INC. (NON VOTING)		21,613		52,010
	2,200	MEAD JOHNSON NUTRITION CO.		103,422		221,188
	1,300	MOLSON COORS BREWING CO., CLASS B		37,841		96,876
	26,338	MONDELEZ INTERNATIONAL, INC., CLASS A		285,157		956,728
	1,400	MONSTER BEVERAGE CORP.(b)		44,343		151,690
	27,391	PEPSICO, INC.		1,025,750		2,590,093
	30,132	PHILIP MORRIS INTERNATIONAL, INC.		261,758		2,454,251
	200	POST HOLDINGS, INC.(b)		4,616		8,378
	45,360	PROCTER & GAMBLE (THE) CO.		772,158		4,131,842
	3,500	REYNOLDS AMERICAN, INC.		50,449		224,945
	1,600	SAFEWAY, INC.		28,960		56,192
	8,000	SYSCO CORP.		124,113		317,520
	6,010	TYSON FOODS, INC., CLASS A		53,610		240,941
	48,000	UNILEVER N.V. (REGISTERED)(c)		1,454,959		1,873,920
	20,150	WALGREENS BOOTS ALLIANCE, INC.		231,445		1,535,430
	19,723	WAL-MART STORES, INC.		776,452		1,693,811
	8,800	WHOLE FOODS MARKET, INC.		116,393		443,696
				12,884,340		36,000,357		6.65	%
Energy:
	9,446	ANADARKO PETROLEUM CORP.		319,802		779,295
	600	ATWOOD OCEANICS, INC.(b)		18,078		17,022
	15,248	BAKER HUGHES, INC.		725,397		854,955
	62,000	BP PLC ADR(c)(d)		2,753,380		2,363,440
	3,400	CABOT OIL & GAS CORP.		76,023		100,674
	11,962	CALIFORNIA RESOURCES CORP.(b)		50,304		65,911
	4,800	CAMERON INTERNATIONAL CORP.(b)		124,988		239,760
	146,100	CHESAPEAKE ENERGY CORP.		2,540,798		2,859,177
	33,195	CHEVRON CORP.		1,449,959		3,723,815
	400	CIMAREX ENERGY CO.		24,076		42,400
	7,200	COBALT INTERNATIONAL ENERGY, INC.(b)		63,000		64,008
	1,700	CONCHO RESOURCES, INC.(b)		49,632		169,575
	25,444	CONOCOPHILLIPS		460,670		1,757,163
	4,531	CONSOL ENERGY, INC.		118,221		153,193
	2,000	CONTINENTAL RESOURCES, INC.(b)		20,765		76,720
	32,358	DEVON ENERGY CORP.		2,007,357		1,980,633
	3,000	DRESSER-RAND GROUP, INC.(b)		98,595		245,400
	9,600	EOG RESOURCES, INC.		62,765		883,872
	4,000	EQT CORP.		132,900		302,800
	73,551	EXXON MOBIL CORP.		2,863,497		6,799,790
	3,900	FMC TECHNOLOGIES, INC.(b)		97,950		182,676
	14,958	HALLIBURTON CO.		295,103		588,298
	3,100	HELMERICH & PAYNE, INC.		39,003		209,002
	10,195	HESS CORP.		491,296		752,595
	4,000	HOLLYFRONTIER CORP.		52,098		149,920

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Energy (Cont’d):
	7,412	KINDER MORGAN, INC.	$	67,014		313,602
	3,600	MARATHON PETROLEUM CORP.		199,978		324,936
	2,400	MURPHY OIL CORP.		27,663		121,248
	2,600	NABORS INDUSTRIES LTD.(c)		39,026		33,748
	8,722	NATIONAL OILWELL VARCO, INC.		193,630		571,553
	1,200	NEWFIELD EXPLORATION CO.(b)		27,012		32,544
	8,400	NOBLE ENERGY, INC.		158,332		398,412
	33,825	OCCIDENTAL PETROLEUM CORP.		1,487,582		2,726,633
	2,500	OCEANEERING INTERNATIONAL, INC.		66,222		147,025
	400	OIL STATES INTERNATIONAL, INC.(b)		17,546		19,560
	2,000	ONEOK, INC.		27,592		99,580
	2,500	PATTERSON-UTI ENERGY, INC.		46,600		41,475
	503,000	PENGROWTH ENERGY CORP.(c)		2,317,791		1,564,330
	13,372	PHILLIPS 66		156,993		958,772
	3,200	PIONEER NATURAL RESOURCES CO.		48,507		476,320
	1,200	RANGE RESOURCES CORP.		39,654		64,140
	19,800	SCHLUMBERGER LTD.		540,329		1,691,118
	157,495	SCORPIO TANKERS, INC.(c)		1,566,285		1,368,632
	9,857	SEVENTY SEVEN ENERGY, INC.(b)		139,799		53,326
	7,200	SOUTHWESTERN ENERGY CO.(b)		107,060		196,488
	10,954	SPECTRA ENERGY CORP.		155,906		397,630
	1,200	TESORO CORP.		24,660		89,220
	43,871	TIDEWATER, INC.		2,058,361		1,421,859
	26,886	UNIT CORP.(b)		1,390,345		916,813
	12,110	VALERO ENERGY CORP.		119,502		599,445
	2,600	WHITING PETROLEUM CORP.(b)		73,760		85,800
	6,600	WILLIAMS (THE) COS., INC.		139,909		296,604
				26,172,715		40,372,907		7.46	%
Financials:
	5,300	ACE LTD.(c)		280,788		608,864
	1,100	AFFILIATED MANAGERS GROUP, INC.(b)		73,654		233,464
	9,850	AFLAC, INC.		262,100		601,737
	2,100	ALEXANDRIA REAL ESTATE EQUITIES, INC.		110,574		186,354
	4,346	ALLEGHANY CORP.(b)		1,209,887		2,014,371
	8,100	ALLIED WORLD ASSURANCE CO. HOLDINGS A.G.(c)		86,629		307,152
	8,300	ALLSTATE (THE) CORP.		197,623		583,075
	800	AMERICAN CAMPUS COMMUNITIES, INC.		28,915		33,088
	18,333	AMERICAN EXPRESS CO.		546,904		1,705,702
	1,800	AMERICAN FINANCIAL GROUP, INC.		29,745		109,296
	101,000	AMERICAN INTERNATIONAL GROUP, INC.		2,881,346		5,657,010
	3,450	AMERICAN TOWER CORP.		159,151		341,033
	5,191	AMERIPRISE FINANCIAL, INC.		160,907		686,510
	4,748	AON PLC(c)		110,582		450,253
	3,628	APARTMENT INVESTMENT & MANAGEMENT CO., CLASS A		39,421		134,780
	4,800	ARCH CAPITAL GROUP LTD.(b)(c)		101,982		283,680
	1,600	ARTHUR J GALLAGHER & CO.		34,040		75,328
	2,500	ASSURANT, INC.		60,538		171,075
	734	AVALONBAY COMMUNITIES, INC.		31,138		119,928
	900	AXIS CAPITAL HOLDINGS LTD.(c)		23,391		45,981
	432,000	BANK OF AMERICA CORP.		4,490,969		7,728,480
	56,783	BANK OF NEW YORK MELLON (THE) CORP.		1,287,045		2,303,686
	52,608	BB&T CORP.		1,445,131		2,045,925
	28,000	BERKSHIRE HATHAWAY, INC., CLASS B(b)		2,296,518		4,204,200
	2,500	BIOMED REALTY TRUST, INC.		44,395		53,850
	1,600	BLACKROCK, INC.		300,619		572,096
	110,309	BOSTON PRIVATE FINANCIAL HOLDINGS, INC.		1,201,677		1,485,862
	3,388	BOSTON PROPERTIES, INC.		171,468		436,002
	2,800	BRANDYWINE REALTY TRUST		31,119		44,744
	900	CAMDEN PROPERTY TRUST		24,065		66,456
	35,999	CAPITAL ONE FINANCIAL CORP.		1,772,221		2,971,717
	5,300	CBL & ASSOCIATES PROPERTIES, INC.		96,937		102,926
	2,500	CBRE GROUP, INC., CLASS A(b)		50,579		85,625
	21,400	CHARLES SCHWAB (THE) CORP.		186,608		646,066
	36,400	CHIMERA INVESTMENT CORP.		85,297		115,752
	2,700	CHUBB (THE) CORP.		86,607		279,369
	2,800	CIT GROUP, INC.		100,145		133,924
	43,581	CITIGROUP, INC.		1,510,680		2,358,168
	2,000	CITY NATIONAL CORP.		75,538		161,620

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Financials (Cont’d):
	1,365	CME GROUP, INC.	$	50,304		121,007
	1,100	CNA FINANCIAL CORP.		25,102		42,581
	800	COMERICA, INC.		25,288		37,472
	771	COMMERCE BANCSHARES, INC.		25,553		33,531
	4,800	CORPORATE OFFICE PROPERTIES TRUST		106,129		136,176
	3,045	CORRECTIONS CORP. OF AMERICA		64,833		110,655
	4,600	CROWN CASTLE INTERNATIONAL CORP.		194,396		362,020
	816	CULLEN/FROST BANKERS, INC.		45,125		57,642
	8,500	DDR CORP.		111,401		156,060
	59,225	DIGITAL REALTY TRUST, INC.		3,046,470		3,926,618
	16,287	DISCOVER FINANCIAL SERVICES		233,079		1,066,636
	5,200	DOUGLAS EMMETT, INC.		57,331		147,680
	1,700	DUKE REALTY CORP.		28,468		34,340
	6,000	E*TRADE FINANCIAL CORP.(b)		48,576		145,530
	1,100	EAST WEST BANCORP, INC.		25,190		42,581
	900	ENDURANCE SPECIALTY HOLDINGS LTD.(c)		25,106		53,856
	800	EQUITY LIFESTYLE PROPERTIES, INC.		26,920		41,240
	8,216	EQUITY RESIDENTIAL		331,618		590,237
	875	ESSEX PROPERTY TRUST, INC.		105,181		180,775
	900	FEDERAL REALTY INVESTMENT TRUST		48,326		120,114
	25,300	FIFTH THIRD BANCORP		220,963		515,488
	400	FIRST CITIZENS BANCSHARES, INC., CLASS A		57,523		101,116
	30,500	FIRST HORIZON NATIONAL CORP.		193,065		414,190
	55,327	FIRST INTERSTATE BANCSYSTEM, INC., CLASS A		1,149,813		1,539,197
	15,200	FIRST NIAGARA FINANCIAL GROUP, INC.		120,688		128,136
	1,863	FNF GROUP		21,555		64,180
	620	FNFV GROUP(b)		4,427		9,759
	10,077	FRANKLIN RESOURCES, INC.		189,834		557,963
	54,700	FRANKLIN STREET PROPERTIES CORP.		651,794		671,169
	6,400	GENERAL GROWTH PROPERTIES, INC.		122,757		180,032
	10,800	GENWORTH FINANCIAL, INC., CLASS A(b)		57,035		91,800
	108,000	GETTY REALTY CORP.		1,769,035		1,966,680
	8,500	GOLDMAN SACHS GROUP (THE), INC.		723,237		1,647,555
	3,500	GREENHILL & CO., INC.		106,120		152,600
	3,700	HARTFORD FINANCIAL SERVICES GROUP (THE), INC.		62,228		154,253
	1,000	HCC INSURANCE HOLDINGS, INC.		24,155		53,520
	7,000	HCP, INC.		101,851		308,210
	4,300	HEALTH CARE REIT, INC.		221,375		325,381
	4,250	HEALTHCARE TRUST OF AMERICA, INC., CLASS A		96,571		114,495
	500	HOME PROPERTIES, INC.		30,360		32,800
	2,900	HOSPITALITY PROPERTIES TRUST		49,578		89,900
	16,122	HOST HOTELS & RESORTS, INC.		138,445		383,220
	678	HOWARD HUGHES (THE) CORP.(b)		20,502		88,425
	10,500	HUDSON CITY BANCORP, INC.		65,625		106,260
	35,000	HUNTINGTON BANCSHARES, INC.		169,771		368,200
	701	INTERCONTINENTAL EXCHANGE, INC.		89,127		153,722
	11,400	INVESCO LTD.		176,068		450,528
	1,634	IRON MOUNTAIN, INC.		38,000		63,170
	33,700	JANUS CAPITAL GROUP, INC.		222,792		543,581
	700	JONES LANG LASALLE, INC.		39,951		104,951
	60,546	JPMORGAN CHASE & CO.		1,549,200		3,788,969
	11,700	KEYCORP		80,298		162,630
	600	KILROY REALTY CORP.		31,529		41,442
	8,201	KIMCO REALTY CORP.		94,870		206,173
	4,200	LAMAR ADVERTISING CO., CLASS A		55,317		225,288
	3,752	LEGG MASON, INC.		52,584		200,244
	4,700	LEUCADIA NATIONAL CORP.		95,768		105,374
	1,100	LIBERTY PROPERTY TRUST		23,645		41,393
	1,100	LINCOLN NATIONAL CORP.		22,715		63,437
	6,000	LOEWS CORP.		131,444		252,120
	2,000	M&T BANK CORP.		145,114		251,240
	5,123	MACERICH (THE) CO.		119,436		427,309
	200	MARKEL CORP.(b)		67,789		136,568
	5,478	MARSH & MCLENNAN COS., INC.		153,199		313,561
	3,100	MBIA, INC.(b)		25,265		29,574
	3,600	MCGRAW HILL FINANCIAL, INC.		84,305		320,328
	1,300	MERCURY GENERAL CORP.		38,019		73,671
	12,400	METLIFE, INC.		380,550		670,716

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Financials (Cont’d):
	1,200	MID-AMERICA APARTMENT COMMUNITIES, INC.	$	78,164		89,616
	2,200	MOODY’S CORP.		77,502		210,782
	21,600	MORGAN STANLEY		332,129		838,080
	3,900	MSCI, INC.		124,722		185,016
	1,800	NASDAQ OMX GROUP (THE), INC.		45,036		86,328
	188,600	NAVIENT CORP.		2,896,870		4,075,646
	112,257	NEW RESIDENTIAL INVESTMENT CORP.		1,320,470		1,433,522
	86,104	NEW SENIOR INVESTMENT GROUP, INC.		1,647,904		1,416,411
	7,649	NEW YORK COMMUNITY BANCORP, INC.		86,776		122,384
	1,402	NORTHERN TRUST CORP.		66,115		94,495
	247,100	OLD REPUBLIC INTERNATIONAL CORP.		2,450,161		3,615,073
	4,539	PACWEST BANCORP		65,912		206,343
	2,200	PARTNERRE LTD.(c)		119,028		251,086
	5,200	PEOPLE’S UNITED FINANCIAL, INC.		68,068		78,936
	62,460	PHH CORP.(b)		1,402,341		1,496,542
	4,385	PLUM CREEK TIMBER CO., INC.		105,969		187,634
	27,915	PNC FINANCIAL SERVICES GROUP (THE), INC.		1,530,042		2,546,685
	1,600	POPULAR, INC.(b)(c)		33,280		54,480
	41,665	PRINCIPAL FINANCIAL GROUP, INC.		1,719,196		2,164,080
	6,048	PROGRESSIVE (THE) CORP.		80,691		163,236
	10,169	PROLOGIS, INC.		257,893		437,572
	2,200	PROTECTIVE LIFE CORP.		24,849		153,230
	8,500	PRUDENTIAL FINANCIAL, INC.		257,378		768,910
	2,261	PUBLIC STORAGE		235,264		417,946
	6,972	RAYONIER, INC.		75,256		194,798
	2,700	REALTY INCOME CORP.		58,594		128,817
	3,900	REGENCY CENTERS CORP.		90,152		248,742
	15,799	REGIONS FINANCIAL CORP.		86,452		166,837
	9,800	RETAIL PROPERTIES OF AMERICA, INC., CLASS A		85,814		163,562
	7,500	SEI INVESTMENTS CO.		108,537		300,300
	1,500	SENIOR HOUSING PROPERTIES TRUST		23,231		33,165
	400	SIGNATURE BANK(b)		29,712		50,384
	132,000	SILVER BAY REALTY TRUST CORP.		2,399,767		2,185,920
	3,595	SIMON PROPERTY GROUP, INC.		148,165		654,685
	1,900	SL GREEN REALTY CORP.		58,204		226,138
	12,600	SLM CORP.		48,157		128,394
	3,000	SPIRIT REALTY CAPITAL, INC.		27,083		35,670
	2,700	ST. JOE (THE) CO.(b)		42,426		49,653
	240	STARWOOD WAYPOINT RESIDENTIAL TRUST		6,926		6,329
	6,000	STATE STREET CORP.		262,103		471,000
	36,220	STONEGATE MORTGAGE CORP.(b)		615,094		433,191
	6,634	SUNTRUST BANKS, INC.		92,816		277,965
	3,657	SYNOVUS FINANCIAL CORP.		49,372		99,068
	6,349	T ROWE PRICE GROUP, INC.		125,884		545,125
	2,100	TAUBMAN CENTERS, INC.		57,437		160,482
	12,000	TCF FINANCIAL CORP.		111,496		190,680
	2,600	TFS FINANCIAL CORP.		25,038		38,701
	5,400	TORCHMARK CORP.		95,047		292,518
	9,588	TRAVELERS (THE) COS., INC.		334,488		1,014,890
	7,600	TWO HARBORS INVESTMENT CORP.		78,052		76,152
	4,100	UDR, INC.		65,319		126,362
	1,600	UNUM GROUP		33,328		55,808
	17,885	US BANCORP		325,796		803,931
	1,100	VALIDUS HOLDINGS LTD.(c)		23,557		45,716
	3,200	VALLEY NATIONAL BANCORP		29,792		31,072
	3,800	VENTAS, INC.		201,381		272,460
	2,600	VORNADO REALTY TRUST		198,652		306,046
	2,400	VOYA FINANCIAL, INC.		64,032		101,712
	2,900	WADDELL & REED FINANCIAL, INC., CLASS A		75,337		144,478
	47,575	WASHINGTON FEDERAL, INC.		851,441		1,053,786
	1,797	WASHINGTON PRIME GROUP, INC.		9,413		30,944
	2,100	WEINGARTEN REALTY INVESTORS		30,002		73,332
	85,445	WELLS FARGO & CO.		1,229,493		4,684,095
	5,300	WEYERHAEUSER CO.		159,708		190,217
	1,106	WR BERKLEY CORP.		29,276		56,694
	4,900	XL GROUP PLC(c)		95,648		168,413
	27,284	ZIONS BANCORPORATION		770,920		777,867
				60,750,779		104,432,550		19.30	%

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Health Care:
	13,035	ABBOTT LABORATORIES	$	216,782		586,836
	23,735	ABBVIE, INC.		606,253		1,553,218
	10,090	ACTAVIS PLC(b)		1,664,589		2,597,267
	4,503	AETNA, INC.		34,521		400,001
	5,600	AGILENT TECHNOLOGIES, INC.		158,209		229,264
	4,200	ALERE, INC.(b)		77,812		159,600
	3,000	ALEXION PHARMACEUTICALS, INC.(b)		58,088		555,090
	5,507	ALLERGAN, INC.		201,259		1,170,733
	7,200	AMERISOURCEBERGEN CORP.		115,968		649,152
	16,000	AMGEN, INC.		64,848		2,548,640
	9,249	ANTHEM, INC.		325,438		1,162,322
	3,800	BAXTER INTERNATIONAL, INC.		196,258		278,502
	17,970	BAYER A.G. ADR(c)(d)		1,257,826		2,459,015
	2,500	BECTON DICKINSON AND CO.		143,665		347,900
	5,250	BIOGEN IDEC, INC.(b)		66,400		1,782,113
	900	BIOMARIN PHARMACEUTICAL, INC.(b)		45,432		81,360
	32,800	BOSTON SCIENTIFIC CORP.(b)		182,160		434,600
	27,500	BRISTOL-MYERS SQUIBB CO.		730,394		1,623,325
	3,400	CARDINAL HEALTH, INC.		128,461		274,482
	1,800	CATAMARAN CORP.(b)		60,287		93,150
	14,072	CELGENE CORP.(b)		198,565		1,574,094
	3,600	CERNER CORP.(b)		40,604		232,776
	5,700	CIGNA CORP.		89,680		586,587
	3,879	COMMUNITY HEALTH SYSTEMS, INC.(b)		68,097		209,156
	4,100	COVIDIEN PLC(c)		186,882		419,348
	1,200	CR BARD, INC.		72,420		199,944
	2,850	DAVITA HEALTHCARE PARTNERS, INC.(b)		21,812		215,859
	3,700	DENTSPLY INTERNATIONAL, INC.		102,582		197,099
	3,800	EDWARDS LIFESCIENCES CORP.(b)		118,151		484,044
	7,100	ELI LILLY & CO.		239,059		489,829
	4,200	ENDO INTERNATIONAL PLC(b)(c)		110,376		302,904
	16,502	EXPRESS SCRIPTS HOLDING CO.(b)		241,921		1,397,224
	27,920	GILEAD SCIENCES, INC.(b)		226,342		2,631,739
	193	HALYARD HEALTH, INC.(b)		3,014		8,776
	1,300	HEALTH NET, INC.(b)		31,603		69,589
	29,070	HEALTHSOUTH CORP.		522,001		1,118,032
	1,900	HENRY SCHEIN, INC.(b)		86,167		258,685
	7,208	HOLOGIC, INC.(b)		102,880		192,742
	1,805	HOSPIRA, INC.(b)		47,736		110,556
	3,900	HUMANA, INC.		39,107		560,157
	1,400	IDEXX LABORATORIES, INC.(b)		60,410		207,578
	2,300	ILLUMINA, INC.(b)		98,233		424,534
	300	INTUITIVE SURGICAL, INC.(b)		112,800		158,682
	66,693	JOHNSON & JOHNSON		3,074,466		6,974,087
	800	LABORATORY CORP. OF AMERICA HOLDINGS(b)		18,788		86,320
	5,700	MCKESSON CORP.		202,596		1,183,206
	16,900	MEDTRONIC, INC.		617,995		1,220,180
	49,178	MERCK & CO., INC.		1,169,227		2,792,819
	1,321	METTLER-TOLEDO INTERNATIONAL, INC.(b)		91,350		399,550
	4,600	MYLAN, INC.(b)		85,192		259,302
	21,945	NOVARTIS A.G. ADR(c)(d)		1,287,171		2,033,424
	1,600	PATTERSON COS., INC.		29,864		76,960
	3,400	PERKINELMER, INC.		53,706		148,682
	187,411	PFIZER, INC.		2,362,232		5,837,853
	2,400	QIAGEN N.V.(b)(c)		43,584		56,304
	36,385	QUEST DIAGNOSTICS, INC.		2,015,966		2,439,978
	1,200	REGENERON PHARMACEUTICALS, INC.(b)		187,859		492,300
	4,000	RESMED, INC.		81,990		224,240
	600	SALIX PHARMACEUTICALS LTD.(b)		24,294		68,964
	900	SIRONA DENTAL SYSTEMS, INC.(b)		38,745		78,633
	4,539	ST. JUDE MEDICAL, INC.		114,088		295,171
	4,700	STRYKER CORP.		18,139		443,351
	20,625	TELEFLEX, INC.		1,094,711		2,368,163
	35,670	TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(c)(d)		1,376,046		2,051,382
	6,700	THERMO FISHER SCIENTIFIC, INC.		138,727		839,443
	96,426	TRIPLE-S MANAGEMENT CORP., CLASS B(b)(c)		1,794,751		2,305,546
	16,802	UNITEDHEALTH GROUP, INC.		263,626		1,698,514

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST
Schedule of Investments - Clearwater Core Equity Fund
December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Health Care (Cont’d):
	2,036	UNIVERSAL HEALTH SERVICES, INC., CLASS B	$	38,822		226,525
	20,130	VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b)		566,080		2,880,804
	4,700	VARIAN MEDICAL SYSTEMS, INC.(b)		173,242		406,597
	3,000	VERTEX PHARMACEUTICALS, INC.(b)		74,805		356,400
	2,600	WATERS CORP.(b)		60,997		293,072
	3,374	ZIMMER HOLDINGS, INC.		140,047		382,679
				26,394,198		69,956,953		12.93	%
Industrials:
	7,987	3M CO.		480,442		1,312,424
	923	ACCO BRANDS CORP.(b)		3,137		8,316
	49,340	ADT (THE) CORP.		1,539,537		1,787,588
	1,410	AGCO CORP.		54,377		63,732
	75,330	AIR LEASE CORP.		1,868,329		2,584,572
	1,533	ALLEGION PLC(c)		40,913		85,020
	5,175	AMETEK, INC.		73,220		272,360
	1,700	B/E AEROSPACE, INC.(b)		34,478		98,634
	29,760	BOEING (THE) CO.		1,404,260		3,868,205
	2,200	CARLISLE COS., INC.		45,116		198,528
	11,004	CATERPILLAR, INC.		295,368		1,007,196
	2,500	CHICAGO BRIDGE & IRON CO. N.V.(c)		50,995		104,950
	2,027	CON-WAY, INC.		44,529		99,688
	800	COPA HOLDINGS S.A., CLASS A(c)		32,618		82,912
	3,948	CRANE CO.		66,572		231,748
	27,900	CSX CORP.		97,923		1,010,817
	3,700	CUMMINS, INC.		50,756		533,429
	11,163	DANAHER CORP.		255,642		956,781
	7,300	DEERE & CO.		199,160		645,831
	10,100	DELTA AIR LINES, INC.		100,965		496,819
	1,460	DONALDSON CO., INC.		38,557		56,400
	2,125	DOVER CORP.		61,065		152,405
	1,987	DUN & BRADSTREET (THE) CORP.		49,383		240,347
	8,384	EATON CORP. PLC		136,018		569,777
	15,500	EMERSON ELECTRIC CO.		422,332		956,815
	194,000	EXELIS, INC.		2,063,687		3,400,820
	900	EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.		26,150		40,149
	1,600	FASTENAL CO.		34,863		76,096
	6,653	FEDEX CORP.		130,734		1,155,360
	300	FLOWSERVE CORP.		14,470		17,949
	1,950	FLUOR CORP.		26,013		118,228
	4,300	FORTUNE BRANDS HOME & SECURITY, INC.		33,889		194,661
	1,400	GATX CORP.		24,276		80,556
	3,100	GENERAL DYNAMICS CORP.		204,878		426,622
	133,200	GENERAL ELECTRIC CO.		2,090,503		3,365,964
	1,200	HARSCO CORP.		17,510		22,668
	6,600	HERTZ GLOBAL HOLDINGS, INC.(b)		37,676		164,604
	9,288	HONEYWELL INTERNATIONAL, INC.		285,338		928,057
	1,200	HUBBELL, INC., CLASS B		43,309		128,196
	610	HUNTINGTON INGALLS INDUSTRIES, INC.		14,978		68,601
	2,500	IDEX CORP.		58,238		194,600
	700	IHS, INC., CLASS A(b)		30,839		79,716
	5,624	ILLINOIS TOOL WORKS, INC.		205,252		532,593
	4,600	INGERSOLL-RAND PLC		160,916		291,594
	800	ITT CORP.		8,681		32,368
	1,468	JACOBS ENGINEERING GROUP, INC.(b)		29,713		65,605
	2,100	JB HUNT TRANSPORT SERVICES, INC.		40,530		176,925
	167,030	JETBLUE AIRWAYS CORP.(b)		1,042,688		2,649,096
	1,138	JOY GLOBAL, INC.		49,509		52,940
	2,900	KANSAS CITY SOUTHERN		46,327		353,887
	66,719	KBR, INC.		1,791,892		1,130,887
	400	KIRBY CORP.(b)		24,760		32,296
	850	KLX, INC.(b)		13,147		35,062
	1,100	L-3 COMMUNICATIONS HOLDINGS, INC.		49,763		138,831
	1,200	LANDSTAR SYSTEM, INC.		38,351		87,036
	900	LENNOX INTERNATIONAL, INC.		26,811		85,563
	1,400	LINCOLN ELECTRIC HOLDINGS, INC.		28,970		96,726
	2,900	LOCKHEED MARTIN CORP.		102,203		558,453
	4,800	MANITOWOC (THE) CO., INC.		47,568		106,080

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Industrials (Cont’d):
	2,475	MANPOWERGROUP, INC.	$	81,958		168,721
	13,200	MASCO CORP.		97,548		332,640
	2,200	NAVISTAR INTERNATIONAL CORP.(b)		47,586		73,656
	2,000	NIELSEN N.V.		61,200		89,460
	700	NORDSON CORP.		29,470		54,572
	4,760	NORFOLK SOUTHERN CORP.		99,373		521,744
	3,660	NORTHROP GRUMMAN CORP.		139,878		539,447
	2,180	NOW, INC.(b)		21,218		56,091
	13,985	OSHKOSH CORP.		468,929		680,370
	1,100	OWENS CORNING		22,578		39,391
	8,389	PACCAR, INC.		91,278		570,536
	2,200	PALL CORP.		55,214		222,662
	2,850	PARKER-HANNIFIN CORP.		123,853		367,507
	2,519	PENTAIR PLC(c)		73,408		167,312
	2,000	PRECISION CASTPARTS CORP.		118,921		481,760
	4,100	QUANTA SERVICES, INC.(b)		52,131		116,399
	5,300	RAYTHEON CO.		148,950		573,301
	3,100	REPUBLIC SERVICES, INC.		92,639		124,775
	5,250	ROCKWELL AUTOMATION, INC.		73,987		583,800
	5,214	ROCKWELL COLLINS, INC.		154,727		440,479
	300	ROPER INDUSTRIES, INC.		19,526		46,905
	2,800	RR DONNELLEY & SONS CO.		25,228		47,054
	15,095	RYDER SYSTEM, INC.		825,392		1,401,571
	700	SNAP-ON, INC.		17,991		95,718
	2,700	SOLARCITY CORP.(b)		98,496		144,396
	17,600	SOUTHWEST AIRLINES CO.		129,729		744,832
	1,500	SPIRIT AEROSYSTEMS HOLDINGS, INC., CLASS A(b)		25,470		64,560
	300	SPX CORP.		11,766		25,776
	2,557	STANLEY BLACK & DECKER, INC.		72,048		245,677
	2,000	STERICYCLE, INC.(b)		95,283		262,160
	1,700	TEREX CORP.		31,637		47,396
	1,100	TEXTRON, INC.		27,165		46,321
	1,000	TOWERS WATSON & CO., CLASS A		56,220		113,170
	22,240	TRIUMPH GROUP, INC.		1,567,233		1,494,973
	10,500	TYCO INTERNATIONAL PLC		190,755		460,530
	15,000	UNION PACIFIC CORP.		216,086		1,786,950
	4,828	UNITED CONTINENTAL HOLDINGS, INC.(b)		104,937		322,945
	10,640	UNITED PARCEL SERVICE, INC., CLASS B		635,863		1,182,849
	59,925	UNITED STATIONERS, INC.		2,330,640		2,526,438
	16,850	UNITED TECHNOLOGIES CORP.		637,288		1,937,750
	33,640	UNIVERSAL FOREST PRODUCTS, INC.		1,326,043		1,789,648
	2,000	USG CORP.(b)		12,350		55,980
	62,000	VECTRUS, INC.(b)		1,153,716		1,698,800
	500	VERISK ANALYTICS, INC., CLASS A(b)		25,120		32,025
	180	VERITIV CORP.(b)		1,653		9,337
	1,966	WABCO HOLDINGS, INC.(b)		30,197		205,997
	1,400	WABTEC CORP.		25,603		121,646
	1,650	WASTE CONNECTIONS, INC.		29,915		72,583
	8,650	WASTE MANAGEMENT, INC.		135,675		443,918
	1,700	WW GRAINGER, INC.		74,317		433,313
	1,600	XYLEM, INC.		30,618		60,912
				28,308,930		58,440,836		10.80	%
Information Technology:
	5,600	ACCENTURE PLC, CLASS A(c)		230,959		500,136
	7,800	ACTIVISION BLIZZARD, INC.		34,584		157,170
	7,524	ADOBE SYSTEMS, INC.(b)		128,931		546,995
	63,924	ADTRAN, INC.		1,475,958		1,393,543
	3,300	AKAMAI TECHNOLOGIES, INC.(b)		45,920		207,768
	1,600	ALLIANCE DATA SYSTEMS CORP.(b)		75,650		457,680
	5,000	ALTERA CORP.		94,155		184,700
	8,600	ANALOG DEVICES, INC.		120,368		477,472
	1,300	ANSYS, INC.(b)		34,888		106,600
	6,900	AOL, INC.(b)		91,149		318,573
	102,300	APPLE, INC.		382,779		11,291,874
	12,100	APPLIED MATERIALS, INC.		130,014		301,532
	700	ARROW ELECTRONICS, INC.(b)		18,814		40,523
	2,386	AUTODESK, INC.(b)		55,907		143,303
	6,066	AUTOMATIC DATA PROCESSING, INC.		218,033		505,722

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Information Technology (Cont’d):
	800	AVAGO TECHNOLOGIES LTD.(c)	$	26,256		80,472
	2,300	AVX CORP.		24,817		32,200
	262	BLACKHAWK NETWORK HOLDINGS, INC., CLASS B(b)		6,196		9,875
	9,791	BROADCOM CORP., CLASS A		146,420		424,244
	2,180	BROADRIDGE FINANCIAL SOLUTIONS, INC.		33,318		100,672
	3,000	CA, INC.		66,523		91,350
	4,200	CADENCE DESIGN SYSTEMS, INC.(b)		24,003		79,674
	2,022	CDK GLOBAL, INC.		30,504		82,416
	173,924	CISCO SYSTEMS, INC.		1,554,709		4,837,696
	4,234	CITRIX SYSTEMS, INC.(b)		47,866		270,129
	12,600	COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A(b)		95,625		663,516
	1,500	COMPUTER SCIENCES CORP.		62,082		94,575
	6,700	CORELOGIC, INC.(b)		76,313		211,653
	23,200	CORNING, INC.		181,284		531,976
	2,700	CYPRESS SEMICONDUCTOR CORP.(b)		4,449		38,556
	2,000	DOLBY LABORATORIES, INC., CLASS A		43,420		86,240
	44,220	EBAY, INC.(b)		1,884,324		2,481,626
	187,000	EBIX, INC.		2,065,748		3,177,130
	2,140	ECHOSTAR CORP., CLASS A(b)		36,471		112,350
	8,900	ELECTRONIC ARTS, INC.(b)		125,795		418,434
	34,310	EMC CORP.		233,560		1,020,379
	921	EQUINIX, INC.		74,468		208,818
	1,300	F5 NETWORKS, INC.(b)		30,063		169,605
	85,105	FABRINET(b)(c)		1,488,524		1,509,763
	26,400	FACEBOOK, INC., CLASS A(b)		806,504		2,059,728
	7,802	FIDELITY NATIONAL INFORMATION SERVICES, INC.		135,427		485,284
	7,900	FISERV, INC.(b)		108,063		560,663
	2,100	FLIR SYSTEMS, INC.		49,313		67,851
	1,300	FORTINET, INC.(b)		24,791		39,858
	1,300	FREESCALE SEMICONDUCTOR LTD.(b)		14,326		32,799
	1,000	GLOBAL PAYMENTS, INC.		33,115		80,730
	6,021	GOOGLE, INC., CLASS A(b)		1,239,018		3,195,104
	6,021	GOOGLE, INC., CLASS C(b)		1,236,617		3,169,454
	2,800	HARRIS CORP.		37,337		201,096
	31,300	HEWLETT-PACKARD CO.		555,703		1,256,069
	500	IAC/INTERACTIVECORP		22,745		30,395
	1,800	INFORMATICA CORP.(b)		54,045		68,643
	5,200	INGRAM MICRO, INC., CLASS A(b)		68,614		143,728
	90,500	INTEL CORP.		181,195		3,284,245
	15,246	INTERNATIONAL BUSINESS MACHINES CORP.		1,200,820		2,446,068
	5,000	INTUIT, INC.		103,285		460,950
	1,900	ITRON, INC.(b)		65,968		80,351
	900	JABIL CIRCUIT, INC.		14,140		19,647
	2,567	JUNIPER NETWORKS, INC.		35,912		57,295
	2,800	KEYSIGHT TECHNOLOGIES, INC.(b)		63,035		94,556
	2,600	KLA-TENCOR CORP.		75,369		182,832
	1,062	KNOWLES CORP.(b)		12,542		25,010
	4,800	LAM RESEARCH CORP.		123,706		380,832
	53,500	LEIDOS HOLDINGS, INC.		1,634,312		2,328,320
	5,400	LINEAR TECHNOLOGY CORP.		119,475		246,240
	1,100	LINKEDIN CORP., CLASS A(b)		136,813		252,681
	14,800	MARVELL TECHNOLOGY GROUP LTD.(c)		94,528		214,600
	17,000	MASTERCARD, INC., CLASS A		182,282		1,464,720
	4,400	MAXIM INTEGRATED PRODUCTS, INC.		76,114		140,228
	4,200	MICROCHIP TECHNOLOGY, INC.		49,116		189,462
	11,900	MICRON TECHNOLOGY, INC.(b)		53,372		416,619
	118,450	MICROSOFT CORP.		435,643		5,502,003
	62,428	MOTOROLA SOLUTIONS, INC.		2,597,865		4,187,670
	5,700	NETAPP, INC.		144,148		236,265
	4,800	NEUSTAR, INC., CLASS A(b)		79,848		133,440
	4,800	NUANCE COMMUNICATIONS, INC.(b)		63,624		68,496
	8,900	NVIDIA CORP.		58,789		178,445
	68,262	ORACLE CORP.		82,431		3,069,742
	2,800	PALO ALTO NETWORKS, INC.(b)		116,508		343,196
	3,666	PAYCHEX, INC.		10,315		169,259
	189,780	PHOTRONICS, INC.(b)		1,592,558		1,577,072
	20,700	QUALCOMM, INC.		502,530		1,538,631
	4,200	RED HAT, INC.(b)		61,669		290,388

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Information Technology (Cont’d):
	8,100	SALESFORCE.COM, INC.(b)	$	113,766		480,411
	5,300	SANDISK CORP.		51,149		519,294
	30,571	SCIENCE APPLICATIONS INTERNATIONAL CORP.		739,224		1,514,182
	5,500	SEAGATE TECHNOLOGY PLC		51,728		365,750
	3,700	SERVICENOW, INC.(b)		139,416		251,045
	13,000	SUNEDISON, INC.(b)		285,740		253,630
	15,519	SYMANTEC CORP.		88,098		398,140
	800	SYNOPSYS, INC.(b)		13,284		34,776
	36,958	TERADATA CORP.(b)		1,535,042		1,614,326
	82,388	TERADYNE, INC.		1,475,933		1,630,459
	17,400	TEXAS INSTRUMENTS, INC.		280,527		930,291
	2,700	TOTAL SYSTEM SERVICES, INC.		60,453		91,692
	5,000	TRIMBLE NAVIGATION LTD.(b)		38,163		132,700
	900	VERISIGN, INC.(b)		40,779		51,300
	7,000	VISA, INC., CLASS A		498,468		1,835,400
	7,800	VISHAY INTERTECHNOLOGY, INC.		48,931		110,370
	557	VISHAY PRECISION GROUP, INC.(b)		5,692		9,558
	1,500	VMWARE, INC., CLASS A(b)		47,285		123,780
	5,900	WESTERN DIGITAL CORP.		91,433		653,130
	6,000	WESTERN UNION (THE) CO.		76,080		107,460
	3,000	WORKDAY, INC., CLASS A(b)		180,280		244,830
	5,307	XEROX CORP.		32,248		73,555
	6,750	XILINX, INC.		47,180		292,208
	20,640	YAHOO!, INC.(b)		228,331		1,042,526
	60,000	ZYNGA, INC., CLASS A(b)		160,272		159,600
				32,183,879		87,258,018		16.13	%
Materials:
	2,775	AIR PRODUCTS & CHEMICALS, INC.		126,374		400,238
	400	AIRGAS, INC.		16,882		46,072
	1,300	ALBEMARLE CORP.		29,153		78,169
	1,600	ALLEGHENY TECHNOLOGIES, INC.		39,592		55,632
	800	APTARGROUP, INC.		27,324		53,472
	1,600	ASHLAND, INC.		47,358		191,616
	700	AVERY DENNISON CORP.		25,347		36,316
	2,564	BALL CORP.		10,015		174,788
	3,000	BEMIS CO., INC.		66,889		135,630
	87,980	BOISE CASCADE CO.(b)		2,436,127		3,268,457
	600	CELANESE CORP., SERIES A		24,630		35,976
	1,100	CF INDUSTRIES HOLDINGS, INC.		97,135		299,794
	500	COMPASS MINERALS INTERNATIONAL, INC.		27,452		43,415
	42,780	CROWN HOLDINGS, INC.(b)		1,312,976		2,177,502
	1,400	CYTEC INDUSTRIES, INC.		25,564		64,638
	2,000	DOMTAR CORP.(c)		52,480		80,440
	17,700	DOW CHEMICAL (THE) CO.		441,871		807,297
	15,225	E.I. DU PONT DE NEMOURS & CO.		485,530		1,125,737
	438	EAGLE MATERIALS, INC.		1,727		33,301
	3,000	EASTMAN CHEMICAL CO.		58,011		227,580
	3,991	ECOLAB, INC.		137,417		417,139
	6,196	FREEPORT-MCMORAN, INC.		100,778		144,739
	900	GREIF, INC., CLASS A		27,103		42,507
	27,421	HAYNES INTERNATIONAL, INC.		1,405,606		1,329,919
	3,683	INTERNATIONAL FLAVORS & FRAGRANCES, INC.		79,231		373,309
	9,431	INTERNATIONAL PAPER CO.		115,495		505,313
	22,726	LSB INDUSTRIES, INC.(b)		739,156		714,506
	1,900	LYONDELLBASELL INDUSTRIES N.V., CLASS A		54,143		150,841
	700	MARTIN MARIETTA MATERIALS, INC.		27,965		77,224
	2,875	MEADWESTVACO CORP.		27,016		127,621
	10,115	MONSANTO CO.		47,604		1,208,439
	34,299	MOSAIC (THE) CO.		1,612,376		1,565,749
	96,000	NEWMONT MINING CORP.		2,343,871		1,814,400
	5,844	NUCOR CORP.		99,313		286,648
	95,070	OWENS-ILLINOIS, INC.(b)		2,455,571		2,565,939
	2,100	PACKAGING CORP. OF AMERICA		30,902		163,905
	3,986	PPG INDUSTRIES, INC.		180,558		921,364
	6,450	PRAXAIR, INC.		258,706		835,662
	2,324	RAYONIER ADVANCED MATERIALS, INC.		26,574		51,825
	2,200	RELIANCE STEEL & ALUMINUM CO.		61,215		134,794
	800	ROCK-TENN CO., CLASS A		29,220		48,784

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Materials (Cont’d):
	2,300	ROYAL GOLD, INC.	$	111,969		144,210
	6,500	RPM INTERNATIONAL, INC.		72,503		329,615
	53,255	RTI INTERNATIONAL METALS, INC.(b)		1,345,818		1,345,221
	86,400	SEALED AIR CORP.		1,696,699		3,665,952
	1,585	SHERWIN-WILLIAMS (THE) CO.		72,398		416,918
	3,600	SONOCO PRODUCTS CO.		74,519		157,320
	3,234	SOUTHERN COPPER CORP.		38,445		91,199
	8,700	STEEL DYNAMICS, INC.		95,178		171,738
	1,273	SUNCOKE ENERGY, INC.		8,474		24,620
	1,600	UNITED STATES STEEL CORP.		30,208		42,784
	3,200	VALSPAR (THE) CORP.		68,240		276,736
	2,100	VULCAN MATERIALS CO.		63,441		138,033
				18,890,149		29,621,043		5.48	%
Telecommunication Services:
	139,032	AT&T, INC.		3,882,085		4,670,085
	900	CENTURYLINK, INC.		31,014		35,622
	16,300	FRONTIER COMMUNICATIONS CORP.		65,330		108,721
	6,710	LEVEL 3 COMMUNICATIONS, INC.(b)		159,907		331,340
	700	SBA COMMUNICATIONS CORP., CLASS A(b)		53,338		77,532
	10,940	SPRINT CORP.(b)		26,340		45,401
	5,435	TELEPHONE & DATA SYSTEMS, INC.		109,150		137,234
	1,500	T-MOBILE US, INC.(b)		13,875		40,410
	284,000	TURKCELL ILETISIM HIZMETLERI A/S ADR(b)(c)(d)		3,474,067		4,294,080
	47,583	VERIZON COMMUNICATIONS, INC.		1,687,855		2,225,932
	18,218	WINDSTREAM HOLDINGS, INC.		129,582		150,116
				9,632,543		12,116,473		2.24	%
Utilities:
	9,100	AES CORP.		97,825		125,307
	4,500	AGL RESOURCES, INC.		135,198		245,295
	1,000	ALLIANT ENERGY CORP.		24,835		66,420
	4,000	AMEREN CORP.		114,624		184,520
	9,200	AMERICAN ELECTRIC POWER CO., INC.		289,948		558,624
	45,310	AMERICAN WATER WORKS CO., INC.		1,186,470		2,415,023
	1,735	AQUA AMERICA, INC.		22,973		46,324
	8,500	CALPINE CORP.(b)		56,653		188,105
	5,800	CENTERPOINT ENERGY, INC.		66,308		135,894
	10,200	CMS ENERGY CORP.		144,342		354,450
	4,589	CONSOLIDATED EDISON, INC.		184,849		302,920
	9,762	DOMINION RESOURCES, INC.		334,591		750,698
	2,300	DTE ENERGY CO.		84,036		198,651
	10,851	DUKE ENERGY CORP.		395,594		906,492
	8,525	EDISON INTERNATIONAL		182,117		558,217
	3,064	ENTERGY CORP.		60,101		268,039
	8,124	EXELON CORP.		239,927		301,238
	2,800	GREAT PLAINS ENERGY, INC.		43,498		79,548
	10,500	ITC HOLDINGS CORP.		154,843		424,515
	1,500	NATIONAL FUEL GAS CO.		38,322		104,295
	5,100	NEXTERA ENERGY, INC.		234,503		542,079
	6,900	NISOURCE, INC.		111,901		292,698
	4,961	NORTHEAST UTILITIES		125,492		265,513
	10,883	NRG ENERGY, INC.		189,415		293,297
	33,360	NRG YIELD, INC., CLASS A		1,425,959		1,572,590
	4,800	OGE ENERGY CORP.		43,344		170,304
	500	ONE GAS, INC.		3,925		20,610
	1,500	PEPCO HOLDINGS, INC.		28,485		40,395
	5,900	PG&E CORP.		79,340		314,116
	2,400	PINNACLE WEST CAPITAL CORP.		71,637		163,944
	9,000	PPL CORP.		245,589		326,970
	7,800	PUBLIC SERVICE ENTERPRISE GROUP, INC.		236,574		322,998
	57,300	QUESTAR CORP.		959,089		1,448,544
	4,800	SCANA CORP.		166,536		289,920
	3,300	SEMPRA ENERGY		170,451		367,488
	11,700	SOUTHERN (THE) CO.		275,353		574,587
	7,600	TECO ENERGY, INC.		90,842		155,724
	4,650	UGI CORP.		51,203		176,607
	1,400	WESTAR ENERGY, INC.		25,767		57,736

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Core Equity Fund

December 31, 2014


Shares			Security	Cost		Fair value (a)		Percent of net assets
Utilities (Cont’d):
	4,820		WISCONSIN ENERGY CORP.	$	46,469		254,207
	4,825		XCEL ENERGY, INC.		43,342		173,314
					8,482,270		16,038,216		2.97	%
		Sub-total Common Stocks:			249,051,805		520,274,803		96.17	%
Master Limited Partnerships:
Energy:
	58,615		CONE MIDSTREAM PARTNERS L.P.(b)		1,564,739		1,413,794
	60,340		ENTERPRISE PRODUCTS PARTNERS L.P.		1,358,885		2,179,481
	42,825		MAGELLAN MIDSTREAM PARTNERS L.P.		1,197,471		3,539,914
	79,965		PLAINS GP HOLDINGS LP, CLASS A		1,994,391		2,053,501
	30,795		VTTI ENERGY PARTNERS L.P.(c)		661,649		763,408
					6,777,135		9,950,098		1.84	%
		Sub-total Master Limited Partnerships:			6,777,135		9,950,098		1.84	%
Rights:
Consumer Discretionary:
	471		LIBERTY BROADBAND CORP.(b)		-		4,475
		Sub-total Rights:			-		4,475		0.00	%
Warrants:
Consumer Discretionary:
	15,575		SEARS HOLDINGS CORP. EXP. 12/15/2019, STRIKE $28.41(b)		76,331		321,624
		Sub-total Warrants:			76,331		321,624		0.06	%
Short-Term Investments:
	10,357,430		NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(e)		10,357,430		10,357,430
		Sub-total Short-Term Investments:			10,357,430		10,357,430		1.91	%
			Grand total(f)	$	266,262,701		540,908,430		99.98	%

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 December 31, 2014, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 5.58% of net assets.
	(d)	Securities are American Depositary Receipts of companies based outside of the United States representing 2.84% of net assets as of December 31, 2014.
	(e)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2013, the value of the Clearwater Core Equity Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $15,630,648 with net sales of approximately $5,273,218 during the fiscal year ended December 31, 2014.
	(f)	At December 31, 2014, the cost for Federal income tax purposes was $266,014,849. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows:

Gross unrealized appreciation	$	280,907,508
Gross unrealized depreciation		(6,013,927	)
Net unrealized appreciation	$	274,893,581

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments – Clearwater Core Equity Fund

December 31, 2014

See accompanying notes to the financial statements

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Common Stocks:
Consumer Discretionary:
	16,373	1-800-FLOWERS.COM, INC., CLASS A(b)	$	127,450		134,914
	4,438	ARCTIC CAT, INC.		143,447		157,549
	142,563	BLACK DIAMOND, INC.(b)		1,209,025		1,247,426
	32,900	BLOOMIN’ BRANDS, INC.(b)		757,789		814,604
	38,381	BRAVO BRIO RESTAURANT GROUP, INC.(b)		541,841		533,880
	22,988	CARRIAGE SERVICES, INC.		417,803		481,599
	35,700	CST BRANDS, INC.		1,075,899		1,556,877
	162,000	DENNY’S CORP.(b)		628,669		1,670,220
	46,077	DGSE COS., INC.(b)		106,456		57,596
	21,814	DIVERSIFIED RESTAURANT HOLDINGS, INC.(b)		108,586		112,560
	42,600	EW SCRIPPS (THE) CO., CLASS A(b)		841,353		952,110
	170,015	EXPRESS, INC.(b)		2,915,571		2,497,520
	68,600	FEDERAL-MOGUL HOLDINGS CORP.(b)		1,232,520		1,103,774
	34,386	FTD COS., INC.(b)		1,130,207		1,197,320
	2,987	GOOD TIMES RESTAURANTS, INC.(b)		17,633		20,789
	81,656	IROBOT CORP.(b)		2,715,537		2,835,096
	52,687	JAMBA, INC.(b)		739,767		795,047
	22,256	JASON INDUSTRIES, INC.(b)		229,682		219,222
	168,264	LIFELOCK, INC.(b)		2,148,463		3,114,567
	47,278	LITHIA MOTORS, INC., CLASS A		3,039,932		4,098,530
	20,000	MARRIOTT VACATIONS WORLDWIDE CORP.		457,786		1,490,800
	4,249	NATHAN’S FAMOUS, INC.(b)		209,747		339,920
	159,461	OFFICE DEPOT, INC.(b)		786,908		1,367,378
	25,264	OUTERWALL, INC.(b)		1,794,220		1,900,358
	31,500	PENSKE AUTOMOTIVE GROUP, INC.		609,816		1,545,705
	104,180	PIER 1 IMPORTS, INC.		1,658,240		1,604,372
	80,755	PINNACLE ENTERTAINMENT, INC.(b)		1,778,778		1,796,799
	39,424	ROCKY BRANDS, INC.		420,464		522,762
	43,000	SALLY BEAUTY HOLDINGS, INC.(b)		366,257		1,321,820
	16,923	SHILOH INDUSTRIES, INC.(b)		293,941		266,199
	10,010	SHOE CARNIVAL, INC.		232,242		257,157
	59,803	SHUTTERFLY, INC.(b)		2,827,805		2,493,486
	41,700	STARZ, CLASS A(b)		778,590		1,238,490
	27,774	SUPERIOR INDUSTRIES INTERNATIONAL, INC.		545,306		549,647
	33,000	TIME, INC.		789,414		812,130
	13,474	TOWER INTERNATIONAL, INC.(b)		293,542		344,261
	23,922	TRAVELCENTERS OF AMERICA LLC(b)		218,132		301,896
	75,100	TRI POINTE HOMES, INC.(b)		1,269,144		1,145,275
	11,933	UNIFI, INC.(b)		325,299		354,768
	38,214	US AUTO PARTS NETWORK, INC.(b)		105,586		89,421
	15,500	VAIL RESORTS, INC.		580,317		1,412,515
	18,758	WINNEBAGO INDUSTRIES, INC.		471,610		408,174
				36,940,774		45,164,533		13.52	%
Consumer Staples:
	32,701	CASEY’S GENERAL STORES, INC.		2,279,786		2,953,554
	26,857	DIAMOND FOODS, INC.(b)		722,620		758,173
	56,350	FLOWERS FOODS, INC.		466,377		1,081,356
	58,144	FRESH MARKET (THE), INC.(b)		2,141,988		2,395,533
	35,073	INTER PARFUMS, INC.		699,283		962,754
	49,457	MEDIFAST, INC.(b)		1,544,449		1,659,282
	30,718	PANTRY (THE), INC.(b)		404,403		1,138,409
	26,214	PRIMO WATER CORP.(b)		81,667		112,982
	42,303	S&W SEED CO.(b)		188,827		169,212
	7,087	SENECA FOODS CORP., CLASS A(b)		154,404		191,562
	25,169	SPARTANNASH CO.		568,431		657,918
	45,739	SPECTRUM BRANDS HOLDINGS, INC.		1,522,965		4,376,308
				10,775,200		16,457,043		4.93	%
Energy:
	18,578	ALON USA ENERGY, INC.		229,060		235,383
	60,938	CALLON PETROLEUM CO.(b)		357,877		332,112
	43,311	CARRIZO OIL & GAS, INC.(b)		1,122,172		1,801,738
	38,579	FORBES ENERGY SERVICES LTD.(b)		115,919		46,681
	60,200	HELIX ENERGY SOLUTIONS GROUP, INC.(b)		1,294,927		1,306,340
	41,683	ROSETTA RESOURCES, INC.(b)		1,757,252		929,948
	28,202	STEEL EXCEL, INC.(b)		816,240		717,741

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Energy (Cont’d):
	98,377	SYNERGY RESOURCES CORP.(b)	$	1,090,784		1,233,647
				6,784,231		6,603,590		1.98	%
Financials:
	56,100	AMERICAN EQUITY INVESTMENT LIFE HOLDING CO.		1,154,324		1,637,559
	36,814	AMERICAN NATIONAL BANKSHARES, INC.		800,768		913,355
	52,239	AMREIT, INC.		1,032,011		1,386,423
	47,783	AMTRUST FINANCIAL SERVICES, INC.		1,318,170		2,687,794
	18,211	ASHFORD HOSPITALITY PRIME, INC.		287,363		312,501
	29,788	ASHFORD HOSPITALITY TRUST, INC.		307,100		312,178
	16,537	ATLAS FINANCIAL HOLDINGS, INC.(b)		206,712		269,884
	38,900	BANCORPSOUTH, INC.		753,702		875,639
	4,251	BBX CAPITAL CORP., CLASS A(b)		73,417		69,929
	25,220	BERKSHIRE HILLS BANCORP, INC.		581,467		672,365
	20,198	BNC BANCORP		340,540		347,608
	88,429	BROOKLINE BANCORP, INC.		762,579		886,943
	15,893	BSB BANCORP, INC.(b)		247,593		296,086
	10,639	CAMPUS CREST COMMUNITIES, INC.		82,909		77,771
	33,338	CAPE BANCORP, INC.		311,944		313,710
	3,146	CAPITAL SOUTHWEST CORP.		115,478		119,265
	62,600	CAPITOL FEDERAL FINANCIAL, INC.		784,610		800,028
	21,300	CBOE HOLDINGS, INC.		501,811		1,350,846
	11,706	CHARTER FINANCIAL CORP.		117,280		134,034
	71,630	CHESAPEAKE LODGING TRUST		1,200,457		2,665,352
	33,294	CHEVIOT FINANCIAL CORP.		369,046		473,108
	8,363	CHICOPEE BANCORP, INC.		134,125		140,080
	10,819	CITIZENS & NORTHERN CORP.		213,286		223,629
	7,264	CNB FINANCIAL CORP.		120,321		134,384
	8,821	COMMUNITY TRUST BANCORP, INC.		288,471		322,937
	16,505	CONNECTONE BANCORP, INC.		295,909		313,595
	23,868	CORRECTIONS CORP. OF AMERICA		726,241		867,363
	124,925	COUSINS PROPERTIES, INC.		1,264,353		1,426,643
	19,911	DONEGAL GROUP, INC., CLASS A		316,178		318,178
	19,305	EMC INSURANCE GROUP, INC.		461,114		684,555
	5,599	EVANS BANCORP, INC.		115,674		138,015
	28,869	FARMERS NATIONAL BANC CORP.		184,999		241,056
	23,621	FINANCIAL INSTITUTIONS, INC.		410,802		594,068
	49,000	FIRST AMERICAN FINANCIAL CORP.		686,144		1,661,100
	17,014	FIRST COMMUNITY BANCSHARES, INC.		258,149		280,221
	18,548	FIRST FINANCIAL CORP.		559,232		660,680
	107,674	FIRSTMERIT CORP.		1,605,447		2,033,962
	20,535	FLUSHING FINANCIAL CORP.		326,021		416,245
	46,300	FORESTAR GROUP, INC.(b)		769,985		713,020
	15,573	FRANKLIN FINANCIAL CORP.(b)		217,750		329,836
	22,700	GAMING AND LEISURE PROPERTIES, INC.		828,957		666,018
	9,356	GERMAN AMERICAN BANCORP, INC.		258,265		285,545
	50,449	GETTY REALTY CORP.		905,458		918,676
	63,822	GLIMCHER REALTY TRUST		601,565		876,914
	44,403	GRAMERCY PROPERTY TRUST, INC.		272,057		306,381
	13,058	HAMPDEN BANCORP, INC.		210,199		279,441
	93,075	HANMI FINANCIAL CORP.		2,015,035		2,029,966
	24,100	HANOVER INSURANCE GROUP (THE), INC.		1,337,061		1,718,812
	56,225	HERITAGE FINANCIAL CORP.		764,333		986,749
	15,912	HERITAGE FINANCIAL GROUP, INC.		221,781		412,121
	14,178	HORACE MANN EDUCATORS CORP.		178,549		470,426
	18,100	IBERIABANK CORP.		853,747		1,173,785
	150,733	INVESTORS BANCORP, INC.		822,731		1,691,978
	7,838	KANSAS CITY LIFE INSURANCE CO.		307,791		376,459
	105,628	KITE REALTY GROUP TRUST		2,662,372		3,035,749
	48,700	LEGACYTEXAS FINANCIAL GROUP, INC.		618,187		1,161,495
	5,054	MANNING & NAPIER, INC.		73,417		69,846
	24,629	MARCUS & MILLICHAP, INC.(b)		767,101		818,914
	47,832	MEADOWBROOK INSURANCE GROUP, INC.		306,764		404,659
	103,330	MEDICAL PROPERTIES TRUST, INC.		958,999		1,423,887
	98,363	NATIONAL BANK HOLDINGS CORP., CLASS A		1,875,172		1,909,226
	109,181	NEW MOUNTAIN FINANCE CORP.		1,649,725		1,631,164
	115,359	ORITANI FINANCIAL CORP.		1,580,024		1,776,529
	24,520	PACIFIC CONTINENTAL CORP.		236,385		347,694
	24,649	PACIFIC MERCANTILE BANCORP(b)		146,951		173,529

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Financials (Cont’d):
	65,413	PACWEST BANCORP	$	1,894,985		2,973,675
	20,445	PARK STERLING CORP.		128,157		150,271
	8,961	PEOPLES BANCORP, INC.		184,760		232,359
	11,381	PHOENIX (THE) COS., INC.(b)		600,793		783,809
	24,679	PLATINUM UNDERWRITERS HOLDINGS LTD.(c)		726,674		1,811,932
	148,117	PREFERRED APARTMENT COMMUNITIES, INC., CLASS A		1,110,166		1,347,865
	72,700	PROVIDENT FINANCIAL SERVICES, INC.		1,313,447		1,312,962
	4,637	RENASANT CORP.		74,444		134,148
	29,690	RYMAN HOSPITALITY PROPERTIES, INC.		701,230		1,565,851
	35,200	SABRA HEALTH CARE REIT, INC.		560,494		1,069,024
	22,224	SANDY SPRING BANCORP, INC.		450,236		579,602
	29,297	SI FINANCIAL GROUP, INC.		292,666		326,369
	6,178	SIMPLICITY BANCORP, INC.		61,780		105,953
	91,700	SLM CORP.		808,164		934,423
	88,240	SPIRIT REALTY CAPITAL, INC.		669,749		1,049,174
	23,641	STATE BANK FINANCIAL CORP.		379,459		472,347
	49,303	STERLING BANCORP		530,252		708,977
	4,885	STOCK YARDS BANCORP, INC.		134,954		162,866
	21,365	STONEGATE BANK		585,464		632,831
	88,584	SYNOVUS FINANCIAL CORP.		1,657,200		2,399,741
	23,400	UMB FINANCIAL CORP.		1,237,898		1,331,226
	144,141	UMPQUA HOLDINGS CORP.		1,866,838		2,451,838
	34,400	UNION BANKSHARES CORP.		802,320		828,352
	63,058	UNITED FINANCIAL BANCORP, INC.		658,521		905,513
	11,659	UNITED FIRE GROUP, INC.		308,798		346,622
	19,896	UNIVEST CORP. OF PENNSYLVANIA		334,146		402,695
	9,113	URSTADT BIDDLE PROPERTIES, INC., CLASS A		149,210		199,392
	83,820	WALKER & DUNLOP, INC.(b)		1,139,220		1,470,203
	27,800	WINTRUST FINANCIAL CORP.		1,006,799		1,299,928
				61,124,932		81,037,856		24.27	%
Health Care:
	62,381	ACCURAY, INC.(b)		481,678		470,977
	49,345	AIR METHODS CORP.(b)		2,086,510		2,172,660
	109,120	ALERE, INC.(b)		3,641,719		4,146,560
	12,405	AMN HEALTHCARE SERVICES, INC.(b)		158,995		243,138
	24,936	ANALOGIC CORP.		1,846,323		2,109,835
	12,374	ANGIODYNAMICS, INC.(b)		170,498		235,230
	1,485	ANIKA THERAPEUTICS, INC.(b)		52,276		60,499
	18,215	ATRICURE, INC.(b)		287,184		363,571
	16,294	BIO-REFERENCE LABORATORIES, INC.(b)		454,304		523,526
	5,854	CAMBREX CORP.(b)		136,502		126,564
	16,928	CRYOLIFE, INC.		161,766		191,794
	21,229	CYNOSURE, INC., CLASS A(b)		524,482		582,099
	32,819	CYTRX CORP.(b)		133,199		89,924
	79,002	EMERGENT BIOSOLUTIONS, INC.(b)		1,775,489		2,151,224
	7,439	ENZO BIOCHEM, INC.(b)		35,811		33,029
	114,391	EXAMWORKS GROUP, INC.(b)		3,587,617		4,757,522
	125,705	FLAMEL TECHNOLOGIES S.A. ADR(b)(c)(d)		1,756,389		2,153,327
	77,073	GLOBUS MEDICAL, INC., CLASS A(b)		1,233,427		1,832,025
	55,795	HEALTHSOUTH CORP.		1,079,844		2,145,876
	778	HEALTHSTREAM, INC.(b)		18,898		22,935
	121,905	HEALTHWAYS, INC.(b)		1,597,057		2,423,471
	44,689	ICON PLC(b)(c)		2,033,826		2,278,692
	11,060	ICU MEDICAL, INC.(b)		692,604		905,814
	26,756	LEMAITRE VASCULAR, INC.		195,585		204,683
	13,603	LHC GROUP, INC.(b)		298,407		424,142
	47,428	MEDASSETS, INC.(b)		929,124		937,177
	64,412	MERGE HEALTHCARE, INC.(b)		167,988		229,307
	17,866	NATUS MEDICAL, INC.(b)		273,860		643,891
	18,866	OHR PHARMACEUTICAL, INC.(b)		149,688		157,342
	25,500	PAREXEL INTERNATIONAL CORP.(b)		1,378,777		1,416,780
	34,639	PHARMERICA CORP.(b)		665,176		717,374
	44,873	PSYCHEMEDICS CORP.		551,048		676,236
	15,048	SANGAMO BIOSCIENCES, INC.(b)		203,494		228,880
	10,670	SCICLONE PHARMACEUTICALS, INC.(b)		51,727		93,469
	10,368	SYMMETRY SURGICAL, INC.(b)		67,322		80,767
	14,432	U.S. PHYSICAL THERAPY, INC.		508,157		605,567
	36,462	VOLCANO CORP.(b)		610,135		651,941

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Health Care (Cont’d):
	36,797	WEST PHARMACEUTICAL SERVICES, INC.	$	685,403		1,959,072
	28,500	WRIGHT MEDICAL GROUP, INC.(b)		821,617		765,795
				31,503,906		39,812,715	11.92	%
Industrials:
	75,064	A.O. SMITH CORP.		1,719,008		4,234,360
	31,693	ACETO CORP.		617,249		687,738
	76,035	ACTUANT CORP., CLASS A		2,043,876		2,071,193
	35,200	AIR LEASE CORP.		776,980		1,207,712
	11,250	ALLEGIANT TRAVEL CO.		1,146,936		1,691,212
	92,416	API TECHNOLOGIES CORP.(b)		246,558		196,846
	38,141	ASTRONICS CORP.(b)		1,748,426		2,109,579
	36,492	CASELLA WASTE SYSTEMS, INC., CLASS A(b)		173,936		147,428
	22,355	CDI CORP.		357,745		395,907
	10,919	CELADON GROUP, INC.		217,378		247,752
	40,225	CLARCOR, INC.		2,355,849		2,680,594
	19,540	COMFORT SYSTEMS USA, INC.		257,153		334,525
	10,471	COMMERCIAL VEHICLE GROUP, INC.(b)		79,218		69,737
	68,902	ECHO GLOBAL LOGISTICS, INC.(b)		1,382,919		2,011,938
	25,738	ENNIS, INC.		360,412		346,691
	20,000	ENPRO INDUSTRIES, INC.(b)		569,233		1,255,200
	29,397	ESCO TECHNOLOGIES, INC.		1,008,385		1,084,749
	47,000	EXELIS, INC.		806,079		823,910
	29,700	FORTUNE BRANDS HOME & SECURITY, INC.		588,009		1,344,519
	57,866	GENCORP, INC.(b)		919,310		1,058,948
	82,771	GENERAC HOLDINGS, INC.(b)		3,053,088		3,870,372
	13,000	GENESEE & WYOMING, INC., CLASS A(b)		321,298		1,168,960
	10,212	GIBRALTAR INDUSTRIES, INC.(b)		167,670		166,047
	27,306	GRAHAM CORP.		694,756		785,594
	40,300	HARSCO CORP.		1,056,914		761,267
	41,700	HILLENBRAND, INC.		1,231,301		1,438,650
	13,624	HOUSTON WIRE & CABLE CO.		183,562		162,807
	32,400	ITT CORP.		644,275		1,310,904
	45,000	JOHN BEAN TECHNOLOGIES CORP.		604,564		1,478,700
	19,000	LB FOSTER CO., CLASS A		424,937		922,830
	34,029	LSI INDUSTRIES, INC.		270,924		231,057
	15,948	MIDDLEBY (THE) CORP.(b)		236,583		1,580,447
	10,065	NN, INC.		238,210		206,936
	83,372	ON ASSIGNMENT, INC.(b)		2,475,153		2,767,117
	284	ORBITAL SCIENCES CORP.(b)		6,962		7,637
	11,879	QUANEX BUILDING PRODUCTS CORP.		215,834		223,088
	11,591	REGAL-BELOIT CORP.		575,852		871,643
	98,002	REXNORD CORP.(b)		2,364,080		2,764,636
	52,800	RITCHIE BROS. AUCTIONEERS, INC.(c)		1,177,399		1,419,792
	4,430	SPARTON CORP.(b)		109,934		125,546
	6,353	SUPREME INDUSTRIES, INC., CLASS A		36,284		44,852
	13,117	TELEDYNE TECHNOLOGIES, INC.(b)		411,875		1,347,641
	52,380	TRIMAS CORP.(b)		1,613,572		1,638,970
	27,963	TRIUMPH GROUP, INC.		1,779,494		1,879,673
	48,022	VERSAR, INC.(b)		167,260		151,750
	16,190	VIAD CORP.		338,030		431,625
	35,769	WOODWARD, INC.		1,257,246		1,760,908
				39,031,716		53,519,987	16.03	%
Information Technology:
	39,800	ADVENT SOFTWARE, INC.		1,170,977		1,219,472
	13,778	ASURE SOFTWARE, INC.(b)		81,915		75,779
	16,700	BROADRIDGE FINANCIAL SOLUTIONS, INC.		270,669		771,206
	3,627	CALAMP CORP.(b)		63,243		66,374
	131,126	CALLIDUS SOFTWARE, INC.(b)		1,385,979		2,141,288
	51,232	COGNEX CORP.(b)		1,029,288		2,117,419
	5,393	COMTECH TELECOMMUNICATIONS CORP.		187,064		169,987
	21,972	DEALERTRACK TECHNOLOGIES, INC.(b)		936,314		973,579
	23,200	DIEBOLD, INC.		786,024		803,648
	39,003	DIGITAL RIVER, INC.(b)		877,345		964,544
	21,334	DSP GROUP, INC.(b)		212,618		231,901
	87,261	ELECTRONICS FOR IMAGING, INC.(b)		3,644,052		3,737,389
	34,244	EPIQ SYSTEMS, INC.		568,241		584,888

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Information Technology (Cont’d):
	55,403	EURONET WORLDWIDE, INC.(b)	$	2,312,123		3,041,625
	15,412	EVOLVING SYSTEMS, INC.		124,907		144,410
	30,980	EXAR CORP.(b)		203,637		315,996
	80,600	FAIRCHILD SEMICONDUCTOR INTERNATIONAL, INC.(b)		1,020,949		1,360,528
	15,375	FEI CO.		1,240,069		1,389,131
	68,934	FRANKLIN WIRELESS CORP.(b)		125,914		99,954
	36,809	FREQUENCY ELECTRONICS, INC.(b)		361,015		420,727
	58,452	GLOBALSCAPE, INC.		141,114		129,763
	26,184	HACKETT GROUP (THE), INC.		96,826		230,157
	36,035	HARMONIC, INC.(b)		201,700		252,605
	69,774	IGATE CORP.(b)		2,324,971		2,754,678
	44,162	INFORMATICA CORP.(b)		1,343,194		1,684,118
	12,752	INTEGRATED SILICON SOLUTION, INC.		147,055		211,301
	38,335	INTERNAP CORP.(b)		280,001		305,147
	31,878	INTEST CORP.(b)		120,089		135,800
	106,980	INVENSENSE, INC.(b)		1,748,538		1,739,495
	63,285	IPG PHOTONICS CORP.(b)		3,755,394		4,741,312
	30,550	ITERIS, INC.(b)		59,851		52,852
	39,000	KNOWLES CORP.(b)		1,186,746		918,450
	11,981	KVH INDUSTRIES, INC.(b)		112,398		151,560
	44,627	LIONBRIDGE TECHNOLOGIES, INC.(b)		197,813		256,605
	43,651	MARCHEX, INC., CLASS B		211,446		200,358
	20,378	MATTSON TECHNOLOGY, INC.(b)		49,446		69,285
	25,944	MAXLINEAR, INC., CLASS A(b)		191,073		192,245
	44,920	MERCURY SYSTEMS, INC.(b)		520,965		625,286
	8,052	METHODE ELECTRONICS, INC.		212,278		293,978
	73,800	MITEL NETWORKS CORP.(b)(c)		747,984		788,922
	74,066	MODUSLINK GLOBAL SOLUTIONS, INC.(b)		256,811		277,747
	100,829	ORBOTECH LTD.(b)(c)		1,461,856		1,492,269
	43,214	PC-TEL, INC.		332,086		374,233
	26,867	PLANET PAYMENT, INC.(b)		62,891		55,883
	53,612	PLEXUS CORP.(b)		1,625,330		2,209,351
	29,613	QUANTUM CORP.(b)		34,742		52,119
	74,598	RMG NETWORKS HOLDING CORP.(b)		109,416		93,247
	40,677	ROGERS CORP.(b)		2,569,143		3,312,735
	8,737	SABA SOFTWARE, INC.(b)		79,847		71,294
	13,060	SCIQUEST, INC.(b)		199,956		188,717
	18,059	SELECTICA, INC.(b)		82,422		93,546
	32,416	SERVICESOURCE INTERNATIONAL, INC.(b)		155,397		151,707
	51,416	SHORETEL, INC.(b)		366,139		377,908
	186,135	SUPPORT.COM, INC.(b)		693,672		392,745
	30,998	SYKES ENTERPRISES, INC.(b)		526,780		727,523
	63,255	SYNCHRONOSS TECHNOLOGIES, INC.(b)		2,292,947		2,647,854
	49,551	SYNNEX CORP.		2,399,385		3,872,906
	30,075	ULTRA CLEAN HOLDINGS, INC.(b)		222,423		279,096
	20,400	VERINT SYSTEMS, INC.(b)		720,670		1,188,912
	12,000	WEX, INC.(b)		318,887		1,187,040
	131,386	ZIX CORP.(b)		372,554		472,990
				45,134,579		55,883,584		16.74	%
Materials:
	57,315	BERRY PLASTICS GROUP, INC.(b)		1,323,507		1,808,288
	49,600	CHEMTURA CORP.(b)		863,595		1,226,608
	22,937	CORE MOLDING TECHNOLOGIES, INC.(b)		203,503		316,531
	10,700	DELTIC TIMBER CORP.		504,016		731,880
	106,118	FERRO CORP.(b)		671,631		1,375,289
	32,139	HANDY & HARMAN LTD.(b)		411,576		1,479,358
	5,591	INNOSPEC, INC.		186,934		238,736
	11,600	KAISER ALUMINUM CORP.		883,670		828,588
	46,800	KAPSTONE PAPER AND PACKAGING CORP.		1,313,978		1,371,708
	11,672	NEENAH PAPER, INC.		333,498		703,471
	22,756	OMNOVA SOLUTIONS, INC.(b)		197,081		185,234
	51,146	POLYONE CORP.		1,788,098		1,938,945
	18,500	SENSIENT TECHNOLOGIES CORP.		1,007,928		1,116,290
	3,929	SYNALLOY CORP.		53,596		69,190
	13,650	TRECORA RESOURCES(b)		172,947		200,655

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Small Companies Fund

December 31, 2014


Shares			Security	Cost		Fair value (a)		Percent of net assets
Materials (Cont’d):
	76,358		TRONOX LTD., CLASS A	$	1,825,949		1,823,429
	53,673		US ANTIMONY CORP.(b)		73,643		37,571
					11,815,150		15,451,771		4.63	%
Utilities:
	33,990		ALLETE, INC.		1,203,836		1,874,209
	23,566		DELTA NATURAL GAS CO., INC.		484,167		500,777
	18,962		LACLEDE GROUP (THE), INC.		912,486		1,008,778
	22,192		MIDDLESEX WATER CO.		421,640		511,748
	24,600		ONE GAS, INC.		880,972		1,014,012
	32,400		PNM RESOURCES, INC.		677,634		960,012
	14,955		PURE CYCLE CORP.(b)		86,528		59,820
	36,100		QUESTAR CORP.		611,290		912,608
	26,435		SJW CORP.		712,865		849,092
	48,866		UIL HOLDINGS CORP.		1,638,863		2,127,626
	4,872		UNITIL CORP.		103,553		178,656
	19,900		VECTREN CORP.		733,717		919,977
	18,543		YORK WATER (THE) CO.		367,947		430,383
					8,835,498		11,347,698		3.40	%
		Sub-total Common Stocks:			251,945,986		325,278,777		97.42	%
Short-Term Investments:
	11,049,724		NORTHERN INSTITUTIONAL FUNDS -
			U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(e)		11,049,724		11,049,724
		Sub-total Short-Term Investments:			11,049,724		11,049,724		3.31	%
			Grand total(f)	$	262,995,710		336,328,501		100.73	%

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 December 31, 2014, the value of foreign stocks or depositary receipts of companies based outside of the United States represented 2.98% of net assets.
	(d)	Securities are American Depositary Receipts of companies based outside of the United States representing 0.64% of net assets as of December 31, 2014.
	(e)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2013, the value of the Clearwater Small Companies Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $7,122,336 with net purchases of approximately $3,927,388 during the fiscal year ended December 31, 2014.
	(f)	At December 31, 2014, the cost for Federal income tax purposes was $263,193,761. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows:


Gross unrealized appreciation	$	77,487,843
Gross unrealized depreciation		(4,353,103	)
Net unrealized appreciation	$	73,134,740

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments – Clearwater Small Companies Fund

December 31, 2014


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

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014


Par/Shares			Security	Maturity date	Coupon rate	Cost		Fair value (a)		Percent of net assets
Closed-End Funds:
	225,100		BLACKROCK LNG-TM MUN ADV			$	2,332,461		2,543,630
	22,000		BLACKROCK MUN INCOMSCI BR				300,539		311,960
	148,800		BLACKROCK MUNIHOLDINGS INVESTMENT QUALITY FUND				1,705,296		2,124,864
	57,300		BLACKROCK MUNIHOLDINGS QUALITY FUND II INC				729,193		772,404
	15,000		BLACKROCK MUNIHOLDINGS QUALITY FUND INC				199,057		199,800
	8,302		BLACKROCK MUNIYIELD FUND INC				122,288		122,372
	67,229		BLACKROCK MUNIYIELD INVES				854,076		1,040,705
	55,111		BLACKROCK MUNIYIELD INVESTMENT QUALITY FUND				701,111		758,327
	86,800		BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND II INC				1,045,017		1,116,248
	76,179		BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC				1,014,103		1,056,603
	54,700		BLACKROCK MUNIYIELD PENNS				774,527		784,398
	101,896		BLACKROCK MUNIYIELD QUAL				1,307,244		1,344,008
	118,472		BLACKROCK MUNIYIELD QUALITY FUND III INC				1,572,465		1,666,901
	24,027		BLACKROCK MUNIYIELD QUALITY FUND INC				331,620		368,574
	193,098		DEUTSCHE MUNICIPAL INCOME				2,097,006		2,581,720
	33,000		DREYFUS STRAT MUN COM USD				301,450		270,270
	28,668		DREYFUS STRATEGIC MUNI BD				239,110		228,197
	43,662		EATON VANCE CALI MUN BOND				486,047		549,705
	178,050		INVESCO ADV MUN INC TR II				1,985,371		2,065,380
	108,205		INVESCO MUNICIPAL OPP TR				1,345,902		1,391,516
	66,122		INVESCO QUALITY MUNI INC				750,670		825,864
	50,248		MANAGED DURATION INVESTME				635,196		678,850
	39,100		MFC NUVEEN INSD MUN				588,519		573,597
	15,963		NUVEEN MI QUALITY INCOME				214,604		218,214
	52,779		NUVEEN PENN INV QUAL MUNI				723,142		724,656
	30,200		NUVEEN PREMIER MUNI INC F				409,657		421,894
	238,709		NUVEEN PREMIUM INC MUNI F				3,273,534		3,380,120
	22,077		WESTERN ASSET MUNICIPAL P				276,995		327,402
		Sub-total Closed-End Funds					26,316,200		28,448,179		5.60	%
Municipal Bonds:
	2,350,000		ACALANES CA UNION HIGH SCH DIST(b)	8/1/2039	2.02		1,179,136		1,796,857
	1,200,000		AGUA CALIENTE CA BAND OF CAHUILLA INDIANS REVENUE(c)	7/1/2018	6.00		1,186,946		1,187,736
	790,000		ALABAMA ST HSG FIN AUTH SF MTGE REVENUE	10/1/2028	5.25		790,000		839,573
	450,000		ALABAMA ST HSG FIN AUTH SF MTGE REVENUE	4/1/2038	4.50		342,808		453,447
	1,000,000		ALACHUA CNTY FL HLTH FACS AUTH CCRC	10/1/2032	8.00		1,160,464		1,265,080
	750,000		ALASKA ST HSG FIN CORP MTGE REVENUE	12/1/2037	4.13		736,329		773,663
	500,000		ALASKA ST HSG FIN CORP MTGE REVENUE	12/1/2040	4.63		495,358		521,745
	350,000		ALASKA ST INDL DEV & EXPORT AUTH CMNTY PROVIDER REVENUE(d)(e)	12/1/2010	5.40		350,000		157,500
	240,000		ALBANY NY INDL DEV AGY(e)	5/1/2016	6.50		207,593		2,995
	830,000		ALLEGHENY CNTY PA INDL DEV AUTH CHRT SCH REVENUE	8/15/2026	5.90		830,000		893,337
	1,000,000		ALVORD CA UNIF SCH DIST	8/1/2036	5.25		1,027,744		1,148,730
	1,000,000		ALVORD CA UNIF SCH DIST(b)	8/1/2046	1.89		374,989		791,240
	855,401		ARIZONA ST HLTH FACS AUTH	7/1/2027	5.25		833,275		968,596
	1,000,000		ARIZONA ST HLTH FACS AUTH HLTH CARE FACS REVENUE	10/1/2022	5.10		987,373		1,008,880
	1,940,000		ARLINGTON TX HGR EDU FIN CORP EDU REVENUE	8/15/2028	7.00		1,896,125		2,160,093
	500,000		ARLINGTON TX HGR EDU FIN CORPEDU REVENUE	3/1/2024	5.88		500,000		529,365
	500,000		ASTURIA FL CMNTY DEV DIST SPL ASSMNT	5/1/2034	5.75		500,000		498,855
	500,000		ASTURIA FL CMNTY DEV DIST SPL ASSMNT	5/1/2045	5.75		495,002		493,595
	500,000		ATHENS-CLARKE CNTY GA UNIF GOVT DEV AUTH REVENUE	6/15/2039	5.00		522,415		551,015

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014


Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	500,000	ATLANTA GA ARPT REVENUE	1/1/2030	6.00	$	515,608		602,510
	1,325,000	ATLANTA GA WTR & WSTWTR REVENUE	11/1/2039	5.00		1,323,755		1,329,426
	1,500,000	BAY CNTY FL EDUCTNL FACS REVENUE	9/1/2030	5.25		1,387,719		1,557,900
	1,000,000	BELLALAGO FL EDUCTNL FACS BENEFIT DIST CAPITAL IMPT REVENUE	5/1/2030	4.38		982,964		1,041,190
	1,195,000	BELLWOOD IL	12/1/2027	5.88		1,184,870		1,366,184
	2,000,000	BEXAR CNTY TX REVENUE	8/15/2039	5.00		2,150,341		2,183,720
	1,000,000	BIRMINGHAM AL BAPTIST MED CTRS SPL CARE FACS FING AUTH REVEN	11/15/2030	5.00		1,006,995		1,007,160
	500,000	BOONE CNTY MO HOSP REVENUE	8/1/2028	5.75		508,056		555,900
	750,000	BOWLING GREEN OH STUDENT HSG REVENUE	6/1/2031	5.75		721,591		813,323
	500,000	BOYNTON BEACH FLA REV	6/1/2022	5.75		500,000		299,995
	500,000	BOYNTON BEACH FLA REV	6/1/2027	6.25		500,000		299,995
	500,000	BRAZOS CNTY TX HLTH FACS DEV CORP	1/1/2033	5.50		502,518		547,510
	1,000,000	BUREAU CNTY TWP IL HIGH SCH DIST #502	10/1/2043	6.63		1,067,460		1,257,640
	600,000	BURLINGTON CNTY NJ BRIDGE COMMISSION ECON DEV REVENUE	1/1/2038	5.63		604,507		617,562
	390,000	BUTLER CNTY PA GEN AUTH REVENUE	10/1/2034	0.87		390,000		318,763
	124,028	CALIFORNIA ST CMNTY HSG FIN AGY LEASE REVENUE(e)	8/1/2012	4.65		124,028		15
	351,527	CALIFORNIA ST CMNTY HSG FIN AGY LEASE REVENUE(d)(e)	11/1/2012	4.85		347,373		3,515
	500,000	CALIFORNIA ST HLTH FACS FING AUTH REVENUE	8/15/2033	5.50		507,439		595,380
	1,000,000	CALIFORNIA ST HSG FIN AGY REVENUE	8/1/2033	5.45		932,023		1,050,820
	500,000	CALIFORNIA ST INFRASTRUCTURE & ECON DEV BANK ST SCH FUND APP	8/15/2029	5.75		503,271		586,760
	750,000	CALIFORNIA ST MUNI FIN AUTH MOBILE HOME PARK REVENUE	8/15/2039	5.25		782,166		828,653
	1,500,000	CALIFORNIA ST SCH FACS FING AUTH REVENUE(b)	8/1/2029	1.64		1,123,104		1,739,730
	1,000,000	CALIFORNIA ST STWD CMNTYS DEV AUTH EDUCTNL FACS REVENUE	7/1/2030	5.15		834,893		1,009,940
	700,000	CALIFORNIA ST STWD CMNTYS DEV AUTH REVENUE	11/1/2021	6.50		700,000		796,957
	1,400,000	CALIFORNIA ST STWD CMNTYS DEVAUTH STUDENT HSG REVENUE	1/15/2036	5.60		1,400,000		1,458,772
	400,000	CALIFORNIA STWD CMNTYS DEV AUTH REVENUE	11/1/2023	5.13		400,000		431,796
	255,000	CAPITAL TRUST AGY FL MF REVENUE(e)	6/1/2013	4.75		255,000		229,503
	750,000	CAPITAL TRUST AGY FL MF REVENUE(e)	6/1/2038	5.88		762,053		675,008
	1,000,000	CARLSBAD CA UNIF SCH DIST(b)	8/1/2031	2.26		604,721		930,250
	809,472	CARLSBAD NM INDL DEV REVENUE	4/15/2021	5.75		823,415		866,953
	1,000,000	CARMEL IN REVENUE	11/15/2022	6.00		984,545		1,115,280
	1,000,000	CARMEL IN REVENUE	11/15/2027	7.00		1,022,594		1,135,030
	500,000	CEDAR FALLS IA CMNTY SCH DIST SCH INFRASTRUCTURE SALES SVCS	6/1/2027	5.38		498,864		554,720
	1,000,000	CENTRL BRADFORD PROGRESS AUTH PA	12/1/2031	5.50		1,028,863		1,183,170

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014


Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	595,000	CHANDLER PARK ACADEMY MI PUBLIC SCH ACADEMY REVENUE	11/1/2022	5.00	$	477,612		600,432
	275,000	CHESTERFIELD CNTY VA INDL DEV AUTH MF REVENUE	7/1/2019	5.20		264,130		275,484
	500,000	CHICAGO IL BRD OF EDU	12/1/2017	5.00		503,088		501,935
	1,000,000	CHICAGO IL MIDWAY ARPT REVENUE	1/1/2035	5.25		1,002,551		1,133,870
	200,000	CITIZEN POTAWATOMI NATION OK SENIOR OBLG TAX REVENUE	9/1/2016	6.50		200,000		197,206
	590,000	CLIFTON TX HGR EDU FIN CORP EDU REVENUE	2/15/2018	7.75		585,963		626,857
	1,500,000	CLOVIS CA UNIF SCH DIST(b)	8/1/2030	3.76		586,260		784,005
	85,000	COLLIER CNTY FL HSG FIN AUTH MF HSG REVENUE	8/15/2015	5.25		84,967		85,288
	750,000	COLLIER CNTY FL INDL DEV AUTH	10/1/2039	6.25		736,096		860,303
	1,000,000	COLLIER CNTY FLA INDL DEV AUTHCONTINUING CARE CMNTY REV(c)	5/15/2020	6.50		1,000,000		1,006,530
	750,000	COLLIER CNTY FLA INDL DEV AUTHCONTINUING CARE CMNTY REV(c)	5/15/2026	7.25		750,000		868,290
	1,500,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH INDEP SCH REVENUE	5/1/2030	6.00		1,463,214		1,604,790
	835,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE	11/15/2028	6.75		835,000		1,005,507
	1,000,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE	6/1/2033	5.50		977,306		1,105,700
	1,000,000	COLORADO ST EDUCTNL & CULTURAL FACS AUTH REVENUE	7/1/2034	5.60		994,057		1,092,730
	1,000,000	COLORADO ST HLTH FACS AUTH REVENUE	12/1/2028	5.50		1,013,984		1,121,090
	1,000,000	COLORADO ST HLTH FACS AUTH REVENUE	8/1/2033	7.63		987,691		1,184,880
	430,000	COLORADO ST HSG & FIN AUTH	10/1/2029	5.40		430,000		460,229
	515,000	COLORADO ST HSG & FIN AUTH	11/1/2029	5.50		515,000		532,989
	620,000	COLORADO ST HSG FIN AUTH SF MTGE REVENUE	11/1/2034	5.00		620,024		645,290
	1,000,000	COLTON CA JT UNIF SCH DIST(b)	8/1/2035	1.86		597,662		842,730
	1,000,000	CONNECTICUT ST HSG FIN AUTH	11/15/2035	4.75		1,000,000		1,059,650
	870,000	CONNECTICUT ST HSG FIN AUTH	11/15/2041	4.63		865,870		922,061
	85,000	CONNECTICUT ST HSG FIN AUTH	11/15/2041	5.00		85,000		91,688
	1,500,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	11/15/2035	3.75		1,500,000		1,528,950
	1,000,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	5/15/2038	3.95		1,000,000		1,032,490
	2,485,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	5/15/2042	4.15		2,485,000		2,576,448
	5,000,000	CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM	11/15/2047	3.65		5,000,000		4,921,250
	1,105,000	CORONA-NORCO CA UNIF SCH DIST(b)	8/1/2039	1.35		723,855		1,334,951
	637,000	CORTLAND IL SPL TAX REVENUE(e)	3/1/2017	5.50		633,881		127,324

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund
December 31, 2014


Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	500,000	COVENTRY OH LOCAL SCH DIST	11/1/2037	5.25	$	507,145		556,280
	515,000	CROW FIN AUTH MT TRIBAL PURPOSE REVENUE	10/1/2017	5.65		506,305		516,808
	500,000	CUYAHOGA CNTY OH HSG MTGE REVENUE	3/20/2042	5.70		511,515		532,880
	1,000,000	DALLAS-FORT WORTH TX INTERNATIONAL ARPT REVENUE	11/1/2037	5.25		1,011,261		1,150,800
	2,000,000	DAMON RUN IN CONSERVANCY DIST	7/1/2025	6.10		2,027,354		2,285,420
	1,000,000	DAMON RUN IN CONSERVANCY DIST	1/1/2027	6.38		1,010,652		1,156,580
	1,000,000	DAVIE FL EDUCTNL FACS REVENUE	4/1/2042	6.00		1,028,706		1,166,820
	500,000	DAVIESS CNTY IN HOSP ASSN LEASE RENTAL REVENUE	1/15/2029	5.25		490,239		551,830
	500,000	DECATUR IL	3/1/2034	5.00		518,579		556,695
	1,000,000	DEKALB/KANE/LA SALLE CNTYS IL CMNTY CLG DIST #523(b)	2/1/2029	3.83		458,443		497,530
	310,000	DELAWARE ST HSG AUTH REVENUE	7/1/2031	5.20		310,000		331,821
	500,000	DINUBA CA FING AUTH LEASE REVENUE	9/1/2038	5.38		495,026		516,260
	500,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE	7/1/2033	5.45		500,000		562,430
	1,000,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE	6/1/2040	4.90		1,000,000		1,063,200
	1,000,000	DIST OF COLUMBIA HSG FIN AGY MF HSG REVENUE	6/1/2041	5.00		1,000,000		1,073,610
	1,000,000	DOUGLAS CNTY CO MF REVENUE	10/1/2029	4.50		1,000,000		1,065,800
	3,000,000	DUBLIN CA UNIF SCH DIST(b)	8/1/2034	3.18		876,989		1,005,630
	1,500,000	EAST MORGAN CNTY CO HOSP DIST COPS	12/1/2038	5.88		1,500,000		1,532,280
	825,000	EAST POINT GA	2/1/2026	8.00		825,000		827,261
	2,045,000	EDEN TWP CA HOSP DIST COPS	6/1/2030	6.00		2,024,626		2,218,498
	750,000	EL PASO DE ROBLES CA REDEV AGY TAX ALLOCATION REVENUE	7/1/2033	6.38		742,325		875,242
	1,000,000	EL PASO TX DOWNTOWN DEV CORP SPL REVENUE	8/15/2038	7.25		1,086,660		1,273,550
	1,000,000	ENCINITAS CA UNION SCH DIST(b)	8/1/2035	2.16		553,894		944,610
	1,155,000	ENTERPRISE CA ELEM SCH DIST(b)	8/1/2035	1.94		669,559		1,058,916
	1,000,000	ERIE CNTY PA HOSP AUTH	7/1/2027	7.00		1,000,000		1,068,410
	500,000	FAIRFAX CNTY VA REDEV & HSG AUTH MF REVENUE	8/1/2039	5.60		500,000		534,395
	238,000	FARMS NEW KENT VA CMNTY DEV AUTH SPL ASSMNT(e)	3/1/2036	5.13		238,000		128,289
	1,000,000	FESTIVAL RANCH AZ CMNTY FACS DIST	7/15/2024	6.25		1,009,780		1,103,510
	315,000	FIDDLERS CREEK FL CDD #2 SPL ASSMNT REVENUE(e)	5/1/2013	5.75		314,118		236,880
	1,000,000	FISHHAWK CCD IV FL SPL ASSMNT REVENUE	5/1/2033	7.00		1,000,000		1,090,030
	700,000	FLAGSTAFF AZ INDL DEV AUTH	7/1/2022	5.50		658,940		704,179
	1,000,000	FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE	12/15/2025	6.38		1,000,000		1,065,460
	1,000,000	FLORIDA ST DEV FIN CORP EDUCTNL FACS REVENUE	6/15/2034	6.00		989,738		1,006,410
	370,000	FLORIDA ST HSG FIN CORP REVENUE	7/1/2026	5.00		370,894		388,086
	80,000	FLORIDA ST HSG FIN CORP REVENUE	7/1/2033	5.45		80,000		84,371
	1,205,000	FLORIDA ST HSG FIN CORP REVENUE	7/1/2034	5.30		1,208,828		1,281,746

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014


Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	995,000	FLORIDA ST HSG FIN CORP REVENUE	7/1/2039	4.20	$	995,000		1,037,437
	1,250,000	FORT SILL APACHE TRIBE OK ECONDEV AUTH GAMING ENTERPRISE REV(c)	8/25/2026	8.50		1,250,000		1,468,613
	750,000	FOSSIL RIDGE CO MET DIST #3	12/1/2044	5.00		789,276		790,358
	1,145,000	FULTON CNTY GA DEV AUTH	11/1/2028	5.25		999,150		1,095,204
	1,000,000	FYI PROPERTIES WA LEASE REVENUE	6/1/2034	5.50		982,364		1,138,500
	500,000	GAINESVILLE & HALL CNTY GA DEV AUTH RETMNT CMNTY REVENUE	11/15/2029	6.38		509,898		579,630
	1,490,316	GALVESTON COUNTY MUNICIPAL UTILITY DISTRICT	2/25/2015	6.50		1,490,316		1,189,138
	500,000	GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC	2/15/2031	5.13		495,938		566,175
	355,000	GEORGIA ST ENVRNMNTL LOAN ACQUISITION CORP LOC GOVT LOAN SEC	2/15/2036	5.25		349,433		407,387
	3,500,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2037	3.80		3,500,000		3,555,020
	2,000,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2037	4.00		2,000,000		2,059,680
	1,000,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2039	3.55		1,000,000		1,001,570
	1,000,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2041	3.85		1,007,347		1,000,650
	1,950,000	GEORGIA ST HSG & FIN AUTH REVENUE	12/1/2043	3.90		1,950,103		1,965,834
	2,000,000	GLENDALE CA UNIF SCH DIST(b)	9/1/2028	3.82		855,769		1,027,980
	1,500,000	GRAND PARKWAY TRANSPRTN CORP TX SYS TOLL REVENUE(b)	10/1/2035	1.91		895,000		1,148,400
	1,210,000	HAMILTON CNTY OH HLTH CARE REVENUE	1/1/2031	6.13		1,179,899		1,359,471
	940,000	HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE	8/15/2025	6.50		943,380		960,351
	1,000,000	HAMMOND IN LOCAL PUBLIC IMPT BOND BANK SPL REVENUE	8/15/2030	6.50		1,001,800		1,020,370
	1,250,000	HARRIS CNTY TX CULTURAL EDU FACS FIN CORP REVENUE(c)	8/15/2021	6.75		1,250,000		1,380,600
	1,500,000	HARTNELL CA CMNTY CLG DIST(b)	8/1/2034	2.36		746,764		1,247,325
	3,500,000	HEALDSBURG CA UNIF SCH DIST(b)	8/1/2037	1.44		2,336,451		2,502,640
	1,000,000	HELENDALE CA SCH DIST(b)	8/1/2034	1.82		622,194		963,740
	750,000	HEMPSTEAD TOWN NY LOCAL DEV CORP REVENUE	9/1/2038	5.00		756,775		842,985
	2,000,000	HENDERSON NV HLTHCARE FAC REVENUE	7/1/2031	5.25		2,000,000		2,123,500
	850,000	HERITAGE HARBOUR FL N CDD SPLASSMNT	5/1/2034	5.00		850,000		859,036
	1,000,000	HIDALGO CNTY TX REGL MOBILITY AUTH VEHICLE REGISTRATION FEE	12/1/2038	5.25		1,033,039		1,153,720
	500,000	HIGHLANDS CNTY FL HLTH FACS AUTH	11/15/2032	5.13		500,575		530,745
	1,000,000	HILLSBORO OR HOSP FAC AUTH	10/1/2031	5.38		1,000,000		1,012,540
	63,000	HOUMA-TERREBONNE LA PUBLIC TRUST FING AUTH SF MTGE	12/1/2040	5.15		65,171		63,209

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014


Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,500,000	HOUSTON TX HGR EDU FIN CORP	9/1/2038	5.50	$	1,547,148		1,700,130
	500,000	IDAHO ST HLTH FACS AUTH REVENUE	10/1/2021	6.00		500,000		505,210
	750,000	IDAHO ST HLTH FACS AUTH REVENUE	10/1/2024	7.00		750,000		807,532
	750,000	IDAHO ST HLTH FACS AUTH REVENUE	10/1/2029	7.38		741,604		799,530
	120,000	IDAHO ST HSG & FIN ASSN SF MTGE REVENUE	7/1/2026	5.65		121,739		126,047
	75,000	IDAHO ST HSG & FIN ASSN SF MTGE REVENUE	1/1/2040	5.50		75,000		78,116
	1,000,000	ILLINOIS ST	2/1/2031	5.25		1,040,269		1,105,620
	500,000	ILLINOIS ST	7/1/2033	5.50		498,842		562,025
	700,000	ILLINOIS ST COPS	7/1/2017	5.80		700,000		701,393
	1,000,000	ILLINOIS ST EDUCTNL FACS AUTH	11/1/2036	4.50		1,000,000		1,009,450
	1,500,000	ILLINOIS ST FIN AUTH EDU REVENUE	9/1/2027	5.00		1,455,871		1,530,270
	500,000	ILLINOIS ST FIN AUTH EDU REVENUE	9/1/2032	6.00		500,000		565,170
	675,000	ILLINOIS ST FIN AUTH EDUCTNL FAC REVENUE	2/1/2034	6.00		684,366		701,770
	935,000	ILLINOIS ST FIN AUTH REVENUE	8/15/2023	5.25		911,226		982,563
	750,000	ILLINOIS ST FIN AUTH REVENUE	5/15/2025	6.00		758,538		755,092
	610,000	ILLINOIS ST FIN AUTH REVENUE	8/15/2026	6.00		614,498		623,932
	500,000	ILLINOIS ST FIN AUTH REVENUE	3/15/2027	5.00		508,174		536,140
	1,000,000	ILLINOIS ST FIN AUTH REVENUE	5/15/2027	5.50		1,027,379		1,072,460
	500,000	ILLINOIS ST FIN AUTH REVENUE	5/15/2029	5.25		503,067		541,825
	1,045,000	ILLINOIS ST FIN AUTH REVENUE	5/15/2030	5.50		1,067,164		1,108,546
	750,000	ILLINOIS ST FIN AUTH REVENUE	11/15/2036	5.25		757,279		769,988
	570,000	ILLINOIS ST FIN AUTH REVENUE	2/1/2037	5.25		570,961		588,348
	500,000	ILLINOIS ST FIN AUTH REVENUE	3/1/2038	6.00		485,971		563,660
	750,000	ILLINOIS ST FIN AUTH SPORTS FAC REVENUE(c)(e)(f)	10/1/2027	6.13		730,795		54,022
	500,000	ILLINOIS ST FIN AUTH SPORTS FAC REVENUE(c)(e)(f)	10/1/2037	6.25		484,210		36,015
	1,000,000	ILLINOIS ST FIN AUTH STUDENT HSG REVENUE	10/1/2024	6.00		990,889		1,133,650
	600,000	ILLINOIS ST HSG DEV AUTH	7/1/2029	3.40		600,000		600,486
	1,000,000	ILLINOIS ST HSG DEV AUTH	7/1/2034	4.95		1,000,000		1,086,650
	500,000	ILLINOIS ST HSG DEV AUTH	7/1/2047	4.50		466,854		503,905
	1,500,000	ILLINOIS ST SPORTS FACS AUTH	6/15/2031	5.25		1,632,733		1,722,765
	1,000,000	IMPERIAL CA CMNTY CLG DIST(b)	8/1/2040	0.84		963,778		1,224,490
	500,000	INDIANA ST BOND BANK REVENUE	2/1/2029	5.50		491,803		565,740
	3,000,000	INDIANA ST FIN AUTH REVENUE	9/15/2030	6.50		3,065,034		3,430,620
	500,000	INDIANA ST FIN AUTH REVENUE	2/1/2031	4.00		492,969		519,945
	500,000	INDIANA ST FIN AUTH REVENUE	11/15/2031	5.50		492,950		549,060
	1,000,000	INDIANA ST FIN AUTH REVENUE	11/15/2033	6.50		986,555		1,142,550
	1,000,000	INDIANA ST FIN AUTH REVENUE	3/1/2041	5.00		1,061,709		1,083,750
	500,000	INDIANA ST FIN AUTH REVENUE	11/15/2041	5.88		549,815		563,840
	1,000,000	INDIANA ST FIN AUTH REVENUE	11/15/2041	6.00		986,752		1,137,680
	575,000	INDIANA ST HLTH & EDUCTNL FACFING AUTH HOSP REVENUE	2/15/2030	5.25		441,827		595,361
	6,118,187	INTERMEDIATE SCH DIST #287 MN LEASE REVENUE	11/1/2032	5.30		5,901,327		6,275,730
	1,000,000	IOWA ST FIN AUTH HLTH CARE FACS REVENUE	7/1/2033	5.50		1,039,137		1,171,610
	90,000	IOWA ST STUDENT LOAN LIQUIDITY CORP	12/1/2027	5.50		88,288		97,009
	2,000,000	JEFFERSON CA UNION HIGH SCH DIST SAN MATEO CNTY(b)	8/1/2031	4.10		635,693		790,880

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014


Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	330,000	JEFFERSON PARISH LA FIN AUTH	6/1/2038	5.00	$	343,616		343,533
	110,000	JEFFERSON PARISH LA FIN AUTH	12/1/2048	5.70		115,372		115,466
	780,000	KALISPEL TRIBE OF INDIANS PRIORITY DIST WA REVENUE	1/1/2016	6.20		770,599		777,582
	1,090,000	KANSAS CITY MO INDL DEV AUTH	9/1/2023	5.45		1,090,000		1,161,210
	1,000,000	KANSAS CITY MO INDL DEV AUTH	11/20/2039	5.10		1,000,000		1,065,240
	500,000	KENTUCKY ST ECON DEV FIN AUTH MF HSG REVENUE	11/20/2035	5.38		500,000		523,970
	1,000,000	KENTUCKY ST HSG CORP HSG REVENUE	7/1/2028	3.75		984,356		1,047,910
	185,000	KENTUCKY ST HSG CORP HSG REVENUE	7/1/2039	5.15		185,000		185,128
	1,850,000	KERRVILLE TX HLTH FACS DEV CORP HOSP REVENUE	8/15/2035	5.45		1,825,544		1,855,458
	750,000	KING CNTY WA HSG AUTH	5/1/2028	5.20		750,000		833,602
	500,000	KIRKWOOD MO INDL DEV AUTH RETMNT CMNTY REVENUE	5/15/2021	8.00		500,000		591,545
	2,325,000	KOYUKUK AK REVENUE	10/1/2023	7.00		2,269,230		2,589,794
	1,175,000	KREMMLING CO MEMORIAL HOSP DIST COPS	12/1/2022	6.00		1,165,889		1,078,333
	396,000	LAFAYETTE LA PUBLIC TRUST FING AUTH SF MTGE	1/1/2041	5.35		404,630		405,124
	1,900,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE	5/1/2030	7.40		1,882,781		2,362,707
	750,000	LAKEWOOD RANCH FL STEWARDSHIP DIST SPL ASSMNT REVENUE	5/1/2033	6.70		750,000		838,125
	1,000,000	LAKEWOOD RANCH FL STEWARDSHIPDIST SPL ASSMNT REVENUE	5/1/2034	5.35		1,000,000		1,011,920
	2,000,000	LAS VEGAS NV REDEV AGY TAX INCR REVENUE	6/15/2023	7.50		1,984,390		2,287,420
	245,000	LEHIGH CNTY PA GEN PURPOSE AUTH	8/15/2042	1.18		245,000		195,405
	750,000	LEWISVILLE TX COMB CONTRACT REVENUE	9/1/2024	3.00		740,681		753,045
	480,000	LEXINGTON OAKS FL CDD SPL ASSMNT REVENUE	5/1/2033	5.65		480,000		516,466
	500,000	LEXINGTON VA INDL DEV AUTH RSDL CARE FAC REVENUE	1/1/2028	5.38		504,527		514,155
	180,000	LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU	1/1/2015	6.38		180,000		107,633
	550,000	LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU	1/1/2030	5.50		556,063		387,722
	1,000,000	LOMBARD IL PUBLIC FACS CORP CONFERENCE CENTER & HOTEL REVENU(e)	1/1/2036	5.25		1,005,522		310,000
	500,000	LONG LAKE RANCH CMNTY DEV DISTFLA CAP IMPT REV	5/1/2024	5.63		500,000		511,250
	1,000,000	LONG LAKE RANCH CMNTY DEV DISTFLA CAP IMPT REV	5/1/2044	5.75		979,121		1,014,050
	1,000,000	LOUISIANA ST ENERGY & PWR AUTH PWR PROJ REVENUE	6/1/2038	5.25		1,020,383		1,143,050
	430,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	12/1/2034	5.10		430,000		461,373
	90,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	6/1/2038	5.85		92,592		95,308
	490,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	12/1/2038	5.70		499,254		506,930
	185,000	LOUISIANA ST HSG FIN AGY SF MTGE REVENUE	6/1/2039	5.60		190,782		201,341

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014


Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	365,000	LOUISIANA ST LOCAL GOVT ENVRNMNTL FACS & CMNTY DEV AUTH	6/20/2028	8.00	$	365,000		328,504
	750,000	LOUISIANA ST PUBLIC FACS AUTH REVENUE	5/1/2031	6.50		746,944		840,135
	475,000	LOUISIANA ST PUBLIC FACS AUTH REVENUE	2/15/2036	0.86		475,000		419,306
	500,000	LUCAS CNTY OH HLTH CARE FACS REVENUE	8/15/2030	5.50		492,238		551,485
	1,485,000	LUZERNE CNTY PA	11/1/2026	7.00		1,547,112		1,790,168
	1,000,000	MACON & MOULTRIE CNTYS IL CMNTY SCH DIST #3 MOUNT ZION	12/1/2041	5.50		1,032,650		1,183,130
	1,000,000	MACON CNTY IL SCH DIST #61	1/1/2037	5.25		1,024,208		1,104,790
	250,000	MAGNOLIA CREEK FL CDD CAPITAL IMPT REVENUE(d)(e)	5/1/2014	5.60		250,000		87,500
	1,000,000	MAINE ST HLTH & HGR EDUCTNL FACS AUTH REVENUE	7/1/2032	7.50		1,043,126		1,213,490
	1,000,000	MAINE ST HSG AUTH MTGE REVENUE	11/15/2036	3.60		1,000,000		1,002,700
	1,000,000	MAINE ST HSG AUTH MTGE REVENUE	11/15/2037	4.50		1,000,000		1,065,420
	1,000,000	MAINE ST TECH CLG SYS COPS	1/1/2017	5.80		1,000,000		1,004,550
	1,000,000	MALTA IL TAX INCR REVENUE(e)	12/30/2025	5.75		1,000,000		535,550
	500,000	MANATEE CNTY FL SCH BRD COPS	7/1/2031	5.63		495,986		568,920
	500,000	MANCHESTER NH HSG & REDEV AUTH REVENUE	1/1/2015	6.75		500,000		500,000
	500,000	MANCHESTER NH HSG & REDEV AUTH REVENUE(b)	1/1/2020	3.58		380,465		377,325
	452,000	MANHATTAN IL SPL SVC AREA SPL TAX(e)	3/1/2022	5.75		452,000		81,365
	500,000	MANSFIELD OH	12/1/2024	6.00		516,035		568,260
	462,000	MARQUIS VA CMNTY DEV AUTH REVENUE(b)	9/1/2041	2.95		98,801		65,456
	349,000	MARQUIS VA CMNTY DEV AUTH REVENUE	9/1/2041	5.63		377,116		330,953
	750,000	MARTINEZ CA UNIF SCH DIST	8/1/2035	6.13		626,675		976,672
	500,000	MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV	9/1/2030	5.13		500,000		547,740
	500,000	MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV	7/1/2031	4.50		500,000		537,115
	452,318	MASHANTUCKET WSTRN PEQUOT TRIBE CT	7/1/2031	6.05		513,038		61,628
	930,000	MASSACHUSETTS ST DEV FIN AGY REVENUE	7/1/2030	6.38		918,689		1,031,788
	1,580,000	MASSACHUSETTS ST EDUCTNL FING AUTH	1/1/2028	5.25		1,580,380		1,721,710
	1,000,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2033	5.00		1,000,000		1,095,530
	1,000,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2038	5.15		1,000,000		1,077,760
	1,000,000	MASSACHUSETTS ST HSG FIN AGY	12/1/2043	5.00		1,000,000		1,091,740
	885,000	MASSACHUSETTS ST HSG FIN AGY HSG REVENUE	6/1/2040	5.05		885,000		938,799
	500,000	MASSACHUSETTS ST HSG FIN AGY HSG REVENUE	12/1/2042	3.50		499,400		474,315
	3,295,000	MASSACHUSETTS ST HSG FIN AGY HSG REVENUE	12/1/2043	4.00		3,295,000		3,330,619
	160,000	MEAD NE TAX INCR REVENUE(e)	7/1/2012	5.13		160,000		16,000
	750,000	MEADOW PINES FL CDD	5/1/2030	4.45		750,000		783,172

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014


Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,000,000	MEDFORD OR HOSP FACS AUTH REVENUE	10/1/2042	5.00 $		1,046,854		1,076,980
	1,070,000	MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e)	12/20/2020	8.00		1,070,000		320,989
	855,000	MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e)	6/20/2036	10.00		855,000		25,650
	1,830,000	MET GOVT NASHVILLE & DAVIDSON CNTY TN HLTH & EDUCTNL FAC BRD(e)	12/20/2040	7.50		1,830,000		1,097,927
	2,000,000	MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE(b)	10/1/2041	1.14		1,367,788		2,355,160
	1,000,000	MET WASHINGTON DC ARPTS AUTH DULLES TOLL ROAD REVENUE	10/1/2053	5.00		1,036,824		1,068,710
	500,000	MIAMI-DADE CNTY FL HLTH FACS AUTH HOSP REVENUE	8/1/2030	6.00		487,142		579,355
	1,000,000	MIAMI-DADE CNTY FL SPL OBLIG(b)	10/1/2038	2.96		294,760		293,580
	2,500,000	MICHIGAN ST HOSP FIN AUTH	11/15/2025	5.25		2,314,404		2,503,625
	1,500,000	MICHIGAN ST HOSP FIN AUTH	6/1/2034	6.13		1,542,197		1,812,405
	1,000,000	MICHIGAN ST HSG DEV AUTH	10/1/2034	5.63		1,000,000		1,071,700
	1,000,000	MICHIGAN ST HSG DEV AUTH	12/1/2040	3.95		1,000,000		1,008,600
	1,000,000	MICHIGAN ST MUNI BOND AUTH	5/1/2023	5.75		1,017,175		1,161,610
	610,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH(c)(f)	9/1/2016	6.00		608,812		396,506
	360,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH	10/1/2023	6.25		360,000		179,993
	500,000	MICHIGAN ST PUBLIC EDUCTNL FACS AUTH	11/1/2028	6.35		500,000		508,275
	166,395	MINNESOTA ST HGR EDU FACS AUTH REVENUE	10/1/2016	4.49		166,736		168,485
	350,000	MINNESOTA ST HSG FIN AGY	7/1/2034	5.05		350,000		369,092
	705,000	MINNESOTA ST HSG FIN AGY	1/1/2040	5.10		705,000		750,684
	1,000,000	MISSISSIPPI ST DEV BANK SPL OBLG	10/1/2031	6.50		975,055		1,156,770
	90,000	MISSISSIPPI ST HOME CORP SF MTGE REVENUE	6/1/2039	6.75		94,351		94,881
	200,000	MISSOURI ST HSG DEV COMMISSION SF HSG REVENUE	9/1/2034	5.35		200,000		215,328
	947,585	MOBERLY MO INDL DEV AUTH(e)	9/1/2024	6.00		963,425		60,361
	1,305,000	MONTANA ST BRD OF HSG	12/1/2038	3.75		1,305,000		1,341,005
	915,000	MONTANA ST BRD OF HSG	12/1/2038	5.20		915,000		1,013,454
	630,000	MONTANA ST BRD OF HSG	12/1/2039	5.50		630,052		667,516
	1,000,000	MONTGOMERY CNTY MD HSG OPPNTYSCOMMN MFH & RECONSTR DEV REV	7/1/2039	3.88		1,000,000		1,017,120
	500,000	MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION MF REVENUE	7/1/2037	5.13		500,000		543,980
	2,000,000	MONTGOMERY CNTY MD HSG OPPORTUNITIES COMMISSION SF MTGE REVE	7/1/2038	4.00		2,000,000		2,045,400
	1,500,000	MONTGOMERY CNTY PA INDL DEV AUTH	2/1/2021	6.00		1,506,247		1,504,680
	800,000	MOUNT CARBON CO MET DIST REVENUE	6/1/2043	7.00		800,000		480,344
	200,000	MOUNT CARBON CO MET DIST REVENUE(e)	6/1/2043	8.00		-		20,000
	500,000	MULTNOMAH CNTY OR HOSP FACS AUTH REVENUE	12/1/2029	5.00		533,616		542,455
	615,000	MUNSTER IN ECON DEV TAX INCR REVENUE	7/15/2026	4.75		612,274		667,318

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014


Par/Shares		Security	Maturity date	Coupon rate	Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	1,000,000	N ESTRN IL UNIV	7/1/2030	4.00	$	997,503		1,018,180
	1,000,000	N SLOPE BORO AK SVC AREA 10 WTR & WSTWTR FACS	6/30/2034	5.25		1,050,967		1,114,970
	500,000	N SPRINGS FL IMPT DIST	5/1/2027	6.00		500,000		521,995
	1,000,000	N TX TOLLWAY AUTH REVENUE	1/1/2034	6.00		1,000,000		1,173,800
	1,000,000	N TX TOLLWAY AUTH REVENUE	1/1/2042	6.20		732,933		1,248,200
	1,000,000	NATRONA CNTY WY HOSP REVENUE	9/15/2031	6.35		1,000,000		1,156,460
	2,000,000	NEVADA ST HSG DIV SF MTGE REVENUE	10/1/2039	3.85		2,000,000		2,007,300
	400,000	NEVADA ST HSG DIV SF MTGE REVENUE	10/1/2040	5.10		400,000		423,264
	1,000,000	NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE	1/1/2034	6.00		971,230		1,125,610
	500,000	NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE	8/1/2038	6.00		490,708		578,380
	1,000,000	NEW HAMPSHIRE ST HSG FIN AUTH MF REVENUE	7/1/2031	5.20		1,000,000		1,095,270
	575,000	NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE	7/1/2034	5.38		575,000		615,693
	350,000	NEW HAMPSHIRE ST HSG FIN AUTH SF REVENUE	7/1/2038	6.63		360,766		378,626
	750,000	NEW HOPE CULTURAL ED FACS FINCORP TX RETIREMENT FAC REVENUE	1/1/2035	5.50		768,511		778,035
	1,500,000	NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV	4/1/2034	5.00		1,522,082		1,575,840
	1,100,000	NEW HOPE CULTURAL EDU FACS FIN CORP TX STUDENT HSG REV	4/1/2046	5.00		1,165,059		1,204,720
	325,000	NEW JERSEY ST ECON DEV AUTH	12/1/2016	5.75		325,000		325,474
	500,000	NEW JERSEY ST HGR EDU ASSISTANCE AUTH	6/1/2024	5.38		497,979		548,425
	940,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2030	4.50		940,000		1,010,660
	205,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2030	6.45		213,275		222,388
	500,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2034	5.00		500,000		530,365
	680,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2035	5.00		680,000		720,195
	1,260,000	NEW JERSEY ST HSG & MTGE FIN AGY	10/1/2037	5.00		1,251,462		1,325,318
	1,000,000	NEW JERSEY ST HSG & MTGE FIN AGY MF CONDUIT REVENUE	1/1/2030	3.60		1,000,000		1,021,330
	1,000,000	NEW JERSEY ST HSG & MTGE FIN AGY MF REVENUE	5/1/2041	4.95		971,273		1,028,920
	295,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2029	4.80		295,000		314,691
	600,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2029	5.00		600,000		639,378
	590,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2034	5.00		590,000		634,350
	560,000	NEW MEXICO ST MTGE FIN AUTH	3/1/2036	5.45		560,000		600,992
	880,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2042	3.90		880,000		890,956
	1,270,000	NEW MEXICO ST MTGE FIN AUTH	9/1/2042	4.13		1,270,000		1,306,881
	115,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE(e)	5/1/2013	5.00		114,821		1
	60,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE	5/1/2015	5.00		59,523		59,780
	175,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE	5/1/2038	5.75		144,613		158,088

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014


Par/Shares		Security	Maturity date		Coupon rate		Cost		Fair value (a)		Percent of net assets
Municipal Bonds (Cont’d):
	70,000	NEW RIVER FL CDD CAPITAL IMPT REVENUE		5/1/2038		5.75	$	63,108		70,174
	1,000,000	NEW YORK CITY NY HSG DEV CORPMF HSG REVENUE		11/1/2037		3.80		1,000,000		1,014,690
	1,000,000	NEW YORK CITY NY HSG DEV CORPMF HSG REVENUE		11/1/2039		4.30		1,000,000		1,040,460
	2,000,000	NEW YORK CITY NY MUNI WTR FINAUTH WTR & SWR SYS REVENUE		6/15/2038		5.00		2,222,382		2,303,200
	1,500,000	NEW YORK ST HSG FIN AGY REVENUE		11/1/2034		3.65		1,500,000		1,502,295
	500,000	NEW YORK ST HSG FIN AGY REVENUE		11/1/2045		5.10		500,000		547,150
	5,000,000	NEW YORK ST HSG FIN AGY REVENUE		5/1/2048		4.10		5,000,000		5,109,500
	750,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE		10/1/2038		3.75		750,000		759,472
	2,000,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE		10/1/2038		4.85		2,000,000		2,179,960
	1,465,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE		10/1/2040		4.13		1,465,000		1,521,344
	500,000	NEW YORK ST MTGE AGY HOMEOWNER MTGE REVENUE		10/1/2042		3.75		500,000		502,190
	500,000	NORTH CAROLINA ST CAPITAL FACS FIN AGY EDUCTNL FACS REVENUE		6/1/2023		5.00		502,538		500,555
	1,000,000	NORTH CAROLINA ST MED CARE COMMISSION HLTH CARE FACS REVENUE		10/1/2029		6.38		1,000,000		1,001,040
	1,000,000	NORTH CAROLINA ST MED CARE COMMISSION RETMNT FACS REVENUE		7/1/2035		6.25		977,316		1,090,040
	1,075,000	NORTH DAKOTA ST HSG FIN AGY		7/1/2032		3.60		1,075,000		1,087,997
	750,000	NORTH DAKOTA ST HSG FIN AGY		7/1/2033		5.00		750,000		830,670
	1,290,000	NORTH DAKOTA ST HSG FIN AGY		1/1/2038		5.15		1,290,000		1,427,914
	230,000	NORTH DAKOTA ST HSG FIN AGY		7/1/2040		5.05		230,000		230,000
	500,000	NORTH SPRINGS FL IMPT DIST		5/1/2044		6.50		500,000		517,545
	1,000,000	NTHRN IL UNIV		4/1/2026		5.50		1,010,827		1,146,440
	1,000,000	NTHRN PALM BEACH CNTY FL IMPTDIST		8/1/2029		5.00		1,000,000		1,022,120
	2,000,000	OAK PARK CA UNIF SCH DIST(b)		8/1/2038		1.86		1,082,848		1,852,480
	1,160,000	OAKLAND CNTY MI ECON DEV CORP LTD OBLG REVENUE		12/1/2020		6.50		1,154,904		1,243,207
	410,000	OHIO ST HSG FIN AGY RSDL MTGE REVENUE		9/1/2033		5.40		410,000		438,753
	6,253,432	OKLAHOMA CNTY OK HOME FIN AUTH SF REVENUE(b)		9/1/2034		3.42		1,920,648		1,966,954
	265,000	OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE		3/1/2032		5.15		265,000		281,782
	350,000	OKLAHOMA ST HSG FIN AGY SF MTGE REVENUE		9/1/2038		6.50		360,138		372,505
	1,000,000	ORANGE CNTY FL HLTH FACS AUTHREVENUE		8/1/2034		5.00		1,064,973		1,104,060
	1,000,000	ORANGE CNTY FL HSG FIN AUTH		9/1/2035		3.80		1,000,000		1,012,090
	1,250,000	OREGON ST		12/1/2034		3.62		1,250,000		1,271,450
	2,000,000	OREGON ST		12/1/2039		3.90		2,000,000		2,035,280
	970,000	OREGON ST HSG & CMNTY SVCS DEPT MTGE REVENUE		7/1/2038		4.00		970,000		996,762
	500,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE		6/1/2021		6.00		500,000		546,325
	1,000,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE		11/15/2022		5.38		936,532		1,090,210

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014


												Percent
			Maturity		Coupon					Fair		of
Par/Shares		Security	date		rate			Cost		value (a)		net assets
Municipal Bonds (Cont’d):
	500,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE		6/1/2023		6.25		$	500,000		551,510
	500,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE		6/1/2034		7.25			500,000		570,280
	500,000	PALM BEACH CNTY FL HLTH FACS AUTH REVENUE		6/1/2049		7.50			492,408		571,500
	500,000	PENNSYLVANIA ST HGR EDUCTNL FACS AUTH REVENUE		7/1/2039		0.81			500,000		396,185
	1,000,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE		10/1/2029		4.63			926,517		1,055,140
	1,000,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE		10/1/2037		3.65			1,005,953		1,013,720
	500,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE		10/1/2038		4.00			500,000		515,450
	815,000	PENNSYLVANIA ST HSG FIN AGY SF MTGE REVENUE		10/1/2042		3.70			815,000		818,839
	1,935,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b)		12/1/2035		0.90			1,560,987		2,016,251
	1,500,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b)		12/1/2037		1.25			1,068,850		1,185,855
	1,500,000	PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE(b)		12/1/2038		1.02			1,123,565		1,629,735
	1,000,000	PEORIA AZ INDL DEV AUTH		11/15/2029		5.25			1,000,000		1,011,850
	5,000,000	PEORIA IL PUBLIC BLDG COMMISSION SCH DIST FACS REVENUE(b)		12/1/2026		3.73			2,385,232		2,717,250
	500,000	PHILADELPHIA PA AUTH FOR INDLDEV REVENUES		6/15/2023		6.13			500,000		540,175
	1,250,000	PHOENIX AZ INDL DEV AUTH EDU REVENUE(c)		7/1/2024		5.75			1,240,873		1,369,712
	2,500,000	PHOENIX AZ INDL DEV AUTH LEASE REVENUE		6/1/2034		5.25			2,544,054		2,813,075
	315,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE		6/1/2016		6.00			315,703		319,671
	575,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE		12/1/2017		5.35			540,634		580,744
	185,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE		12/1/2018		6.38			185,000		194,540
	45,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE		7/1/2021		6.70			45,000		45,347
	785,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE		6/1/2022		5.00			733,184		783,045
	10,000	PIMA CNTY AZ INDL DEV AUTH EDU REVENUE		7/1/2031		6.75			7,498		10,061
	2,625,000	PITTSBURG CALIF UNI SCH DIST FING AUTH REV(b)		9/1/2031		3.78			965,304		1,033,699
	2,000,000	PORT SAINT LUCIE FL RESEARCH FACS REVENUE		5/1/2033		5.00			2,079,586		2,203,040
	1,000,000	PUBLIC FIN AUTH WI CCRC REVENUE		6/1/2020		7.00			988,954		1,133,830
	1,500,000	PUBLIC FIN AUTH WI CCRC REVENUE		6/1/2046		8.25			1,558,285		1,768,290
	450,000	PUBLIC FIN AUTH WI EDUCTNL FAC REVENUE		9/1/2022		5.25			450,000		458,780
	600,000	PUBLIC FIN AUTH WI REVENUE		4/1/2032		5.50			600,000		649,056
	221,000	PUBLIC FIN AUTH WI REVENUE(b)		10/1/2042		(0.46	)		248,949		69,281
	221,000	PUBLIC FIN AUTH WI REVENUE(b)		10/1/2042		(0.46	)		248,947		2
	515,000	PUBLIC FIN AUTH WI REVENUE		10/1/2042		7.00			570,975		516,447
	1,250,000	PUBLIC FIN AUTH WI SENIOR LIVING REVENUE		11/15/2024		5.00			1,245,113		1,310,488
	1,000,000	PUERTO RICO CMWLTH		7/1/2028		6.00			990,814		756,080
	1,500,000	PUERTO RICO CMWLTH		7/1/2035		5.00			1,500,000		1,495,800

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014


											Percent
			Maturity		Coupon				Fair		of
Par/Shares		Security	date		rate		Cost		value (a)		net assets
Municipal Bonds (Cont’d):
	1,000,000	PUERTO RICO ELEC PWR AUTH PWRREVENUE		7/1/2030		7.25	$	1,033,130		500,240
	1,000,000	PUERTO RICO INDL TOURIST EDUCTNL MED & ENVRNMNTL CONTROL FAC		11/15/2025		6.13		1,000,000		1,024,560
	1,260,000	QUECHAN INDIAN TRIBE AZ FORT YUMA INDIAN RESERVATION		5/1/2025		9.75		1,260,000		1,428,475
	750,000	RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE		11/15/2020		6.13		750,000		759,368
	750,000	RED RIVER TX HLTH FACS DEV CORP RETIREMENT FAC REVENUE		11/15/2034		7.50		746,067		853,215
	1,000,000	REDONDO BEACH CA UNIF SCH DIST(b)		8/1/2034		1.38		717,514		1,121,590
	750,000	REEF-SUNSET CA UNIF SCH DIST(b)		8/1/2038		1.30		515,681		590,220
	500,000	RHODE ISLAND ST HLTH & EDUCTNL BLDG CORP		5/15/2030		6.25		494,131		578,080
	1,000,000	RHODE ISLAND ST HSG & MTGE FIN CORP		10/1/2028		4.00		994,724		1,040,920
	750,000	RHODE ISLAND ST HSG & MTGE FIN CORP		10/1/2037		3.90		750,000		756,465
	325,000	RICHMOND IN HOSP AUTH REVENUE		1/1/2029		6.50		316,246		374,325
	1,000,000	RIVERSIDE CA CMNTY PPTYS DEV INC LEASE REVENUE		10/15/2038		6.00		1,024,649		1,201,940
	500,000	S BAYSIDE CA WST MGMT AUTH SOL WST ENTERPRISE REVENUE		9/1/2029		6.25		510,302		586,980
	1,500,000	S TAHOE CA JT PWRS FING AUTH LEASE REVENUE		10/1/2030		5.00		1,663,464		1,696,350
	540,000	S WSTRN IL DEV AUTH		10/1/2022		7.00		540,000		450,355
	350,000	SACRAMENTO CNTY CA WTR FING AUTH REVENUE		6/1/2039		0.73		350,000		309,956
	430,000	SADDLEBACK VLY CA UNIF SCH DIST PUBLIC FING AUTH		9/1/2017		5.65		430,000		431,905
	92,000	SAINT BERNARD PARISH LA HOME MTGE AUTH SF MTGE		3/1/2039		5.80		90,323		95,496
	500,000	SAINT JOHNS CNTY FL INDL DEV AUTH REVENUE		8/1/2040		5.88		493,160		561,625
	460,000	SAINT JOSEPH CNTY IN ECON DEV REVENUE		5/15/2026		6.00		353,418		470,778
	500,000	SAINT JOSEPH CNTY IN ECON DEV REVENUE		5/15/2038		6.00		373,931		508,310
	1,000,000	SAINT JOSEPH CNTY IN ECON DEV REVENUE		5/15/2039		6.25		1,009,749		1,032,980
	425,694	SAINT JOSEPH CNTY IN HOSP AUTH HLTH FACS REVENUE(e)		2/15/2028		5.25		431,280		35,073
	750,000	SAINT LOUIS CNTY MO INDL DEV AUTH SENIOR LIVING FACS		9/1/2042		5.00		771,619		797,025
	750,000	SAINT TAMMANY LA PUBLIC TRUST FING AUTH		11/15/2037		5.25		764,348		767,655
	500,000	SAN DIEGO CA HSG AUTH MF HSG REVENUE		5/1/2029		5.00		500,000		533,465
	1,500,000	SAN GABRIEL CA UNIF SCH DIST(b)		8/1/2039		0.32		1,382,029		1,596,780
	1,000,000	SAN JOSE CA FING AUTH		6/1/2039		5.00		1,062,013		1,140,580
	500,000	SANTA MONICA CA REDEV AGY		7/1/2036		5.88		515,341		601,990
	1,450,000	SARASOTA CNTY FL HLTH FACS AUTH RETMNT FAC REVENUE		1/1/2027		5.50		1,228,706		1,548,107
	1,000,000	SARASOTA CNTY FL HLTH FACS AUTH RETMNT FAC REVENUE		1/1/2032		5.50		1,009,580		1,061,170
	1,000,000	SCHERERVILLE IN ECON DEV REVENUE		1/15/2030		6.00		1,019,047		1,178,440

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014


											Percent
			Maturity		Coupon				Fair		of
Par/Shares		Security	date		rate		Cost		value (a)		net assets
Municipal Bonds (Cont’d):
	770,000	SEATTLE WA HSG AUTH POOLED HSG REVENUE		9/15/2033		5.75	$	785,824		914,899
	500,000	SEMINOLE TRIBE FL SPL OBLG REVENUE(c)		10/1/2024		5.50		502,271		542,800
	500,000	SEVEN OAKS FL CMNTY DEV DIST SPL ASSMNT REVENUE		5/1/2033		5.50		488,705		530,265
	150,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e)		1/1/2019		5.35		134,966		7,494
	625,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e)		1/1/2029		5.55		556,863		31,225
	130,000	SHELBY CNTY TN HLTH EDUCTNL & HSG FACS BRD REVENUE(e)		1/1/2029		6.00		-		1
	530,000	SILVERLEAF FL CDD CAPITAL IMPT REVENUE		5/1/2023		6.50		530,000		564,270
	250,000	SILVERLEAF FL CDD CAPITAL IMPT REVENUE		5/1/2044		6.75		245,271		265,842
	410,000	SOUTH CAROLINA ST EDU ASSISTANCE AUTH		10/1/2029		5.10		405,796		444,317
	155,000	SOUTH CAROLINA ST HSG FIN & DEV AUTH MTGE REVENUE		7/1/2032		5.50		155,000		162,854
	356,475	SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE		11/15/2032		6.00		356,475		335,254
	228,572	SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE(b)		11/15/2047		0.04		225,031		13,488
	152,775	SOUTH CAROLINA ST JOBS-ECON DEV AUTH REVENUE(b)		11/15/2047		0.14		145,322		9,015
	1,000,000	SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE		12/1/2038		5.00		1,073,699		1,135,670
	1,400,000	SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE		12/1/2043		5.75		1,484,998		1,670,200
	500,000	SOUTH DAKOTA ST HLTH & EDUCTNL FACS AUTH		9/1/2032		5.00		499,524		537,695
	238,000	SOUTHSIDE AZ CMNTY FACS DIST #1 SPL ASSMNT REVENUE PRESCOTT		7/1/2018		6.13		195,733		196,681
	1,000,000	SPARKS NV REDEV AGY TAX INCR REVENUE		6/1/2020		7.25		993,394		1,048,690
	1,000,000	SPRINGFIELD IL ELEC REVENUE		3/1/2035		5.00		1,014,878		1,039,230
	155,000	STERLING HILL FL CDD CAPITAL IMPT REVENUE(e)		11/1/2010		5.50		155,000		97,650
	1,000,000	SUGAR LAND TX DEV CORP SALES TAX REVENUE		2/15/2033		5.00		1,116,421		1,128,580
	2,500,000	SULPHUR SPRINGS CA UNION SCH DIST COPS(b)		12/1/2037		1.00		1,925,254		2,973,775
	1,500,000	SUTTER BUTTE CA FLOOD AGY ASSMNT REVENUE		10/1/2038		4.00		1,481,784		1,552,425
	500,000	TALLAHASSEE FL HLTH FACS REVENUE		12/1/2030		6.38		492,016		501,875
	1,000,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP HOSP REVENUE		11/15/2038		5.00		1,096,588		1,116,460
	15,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU		2/15/2016		7.25		15,000		15,049
	1,000,000	TARRANT CNTY TX CULTURAL EDU FACS FIN CORP RETMNT FAC REVENU		11/15/2026		6.00		1,011,927		1,060,360
	1,000,000	TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE		7/1/2039		3.55		1,000,000		987,090

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014


											Percent
			Maturity		Coupon				Fair		of
Par/Shares		Security	date		rate		Cost		value (a)		net assets
Municipal Bonds (Cont’d):
	1,475,000	TENNESSEE ST HSG DEV AGY		7/1/2043		3.80	$	1,475,000		1,482,213
	465,000	TEXAS ST DEPT OF HSG & CMNTY AFFAIRS		7/1/2039		5.45		465,000		496,248
	2,000,000	TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE		6/30/2033		7.50		2,040,395		2,484,720
	1,000,000	TOBACCO SETTLEMENT AUTH WA TOBACCO SETTLEMENT REVENUE		6/1/2029		5.25		1,033,680		1,089,990
	650,000	TOBACCO SETTLEMENT FING CORP LA REVENUE		5/15/2030		5.50		679,092		720,213
	360,257	TODD CREEK FARMS CO MET DIST #1 WTR & WSTWTR REVENUE(d)(e)		12/1/2009		4.75		356,355		180,129
	1,235,000	TOLEDO-LUCAS CNTY OH PORT AUTHSTUDENT HSG REVENUE		7/1/2039		5.00		1,237,697		1,304,802
	300,000	TOLOMATO FL CDD(e)		5/1/2017		6.38		300,000		199,002
	100,000	TOLOMATO FL CDD(e)		5/1/2017		6.38		100,000		1
	75,000	TOLOMATO FL CDD		5/1/2017		6.38		75,000		74,586
	10,000	TOLOMATO FL CDD(e)		5/1/2017		6.38		10,000		10,115
	35,000	TOLOMATO FL CDD(b)		5/1/2039		1.39		22,917		25,630
	90,000	TOLOMATO FL CDD(b)		5/1/2040		1.34		58,841		53,698
	50,000	TOLOMATO FL CDD(b)		5/1/2040		1.34		32,690		22,082
	1,000,000	TRACY CA JT UNIF SCH DIST(b)		8/1/2041		2.00		467,461		671,470
	500,000	TURLOCK CA PUBLIC FING AUTH WTR REVENUE		5/1/2032		4.75		515,503		534,920
	1,250,000	TUSTIN CA UNIF SCH DIST(b)		8/1/2028		2.33		824,686		1,119,412
	750,000	UNIVERSAL ACADEMY MI PUBLIC SCH ACADEMY REVENUE		12/1/2023		6.50		737,564		788,768
	500,000	UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE		7/15/2025		6.50		500,000		552,400
	1,500,000	UTAH ST CHRT SCH FIN AUTH CHRT SCH REVENUE		10/15/2033		6.50		1,531,292		1,608,705
	340,000	UTAH ST HSG CORP SF MTGE REVENUE		1/1/2032		4.95		340,000		358,000
	585,000	UTAH ST HSG CORP SF MTGE REVENUE		1/1/2033		5.75		585,000		647,343
	490,000	VANCOUVER WA HSG AUTH		3/1/2025		5.00		483,417		552,990
	945,000	VERMONT ST HSG FIN AGY		5/1/2032		4.88		940,505		1,013,446
	420,000	VIRGIN ISLANDS WTR & PWR AUTH WTR SYS REVENUE		7/1/2017		5.50		420,000		421,474
	1,000,000	VIRGINIA ST HSG DEV AUTH		7/1/2033		4.13		1,000,000		1,057,590
	1,500,000	VIRGINIA ST HSG DEV AUTH		10/1/2038		5.10		1,500,000		1,672,380
	1,000,000	VIRGINIA ST HSG DEV AUTH		12/1/2039		5.00		1,000,000		1,060,440
	3,500,000	VIRGINIA ST HSG DEV AUTH CMWLTH MTGE		1/1/2038		3.88		3,490,509		3,588,270
	3,000,000	VIRGINIA ST HSG DEV AUTH CMWLTH MTGE		7/1/2038		4.80		3,000,000		3,283,890
	2,000,000	VIRGINIA ST HSG DEV AUTH CMWLTH MTGE		10/1/2038		4.75		2,000,000		2,182,500
	1,000,000	W CAMPUS HSG LLC AZ STUDENT HSG REVENUE		7/1/2025		5.00		901,213		1,003,620
	1,000,000	WASHINGTON ST HLTH CARE FACS AUTH		3/1/2029		7.12		978,176		1,239,810
	1,400,000	WASHINGTON ST HSG FIN COMMISSION		10/1/2022		6.00		1,400,000		1,547,574
	1,500,000	WASHINGTON ST HSG FIN COMMISSION		7/1/2030		3.50		1,500,000		1,524,780
	500,000	WASHINGTON ST HSG FIN COMMISSION		12/1/2033		3.50		500,000		508,655
	1,475,000	WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE		1/1/2017		5.25		1,463,514		1,500,164
	2,000,000	WASHINGTON ST HSG FIN COMMISSION NONPROFIT REVENUE		1/1/2027		5.63		1,871,688		2,014,060

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014


												Percent
				Maturity		Coupon				Fair		of
Par/Shares			Security	date		rate		Cost		value (a)		net assets
Municipal Bonds (Cont’d):
	330,000		WATERS EDGE FL CDD CAPITAL IMPT REVENUE(b)		5/1/2039		0.87	$	295,799		275,302
	6,000		WATERS EDGE FL CDD CAPITAL IMPT REVENUE		5/1/2039		5.35		7,077		6,028
	700,000		WEST VIRGINIA ST HSG DEV FUND		11/1/2039		4.10		700,000		726,789
	550,000		WESTCHESTER CO NY LOCAL DEV CORP REVENUE		1/1/2034		5.00		584,593		595,952
	750,000		WESTMINSTER MD PROJ REVENUE		7/1/2034		6.00		750,000		800,325
	685,000		WESTMONT IL PARK DIST(b)		12/1/2031		3.61		254,504		309,545
	685,000		WESTMONT IL PARK DIST(b)		12/1/2033		3.48		220,236		269,232
	1,350,000		WICHITA KS HLTH CARE FACS REVENUE		5/15/2034		6.25		1,350,000		1,414,030
	750,000		WICHITA KS HLTH CARE FACS REVENUE		12/15/2036		7.12		739,764		855,472
	750,000		WIREGRASS FL CDD CAPITAL IMPTREVENUE		5/1/2035		5.38		745,346		755,265
	1,000,000		WISCONSIN ST GEN FUND ANNUAL APPROP REVENUE		5/1/2027		6.00		1,013,261		1,193,180
	1,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE		10/1/2029		5.00		1,000,000		1,019,260
	1,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE		7/1/2030		5.75		1,017,852		1,127,130
	1,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE		12/1/2034		6.80		1,000,000		1,000,000
	1,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE		5/15/2036		5.00		1,009,846		1,019,750
	1,000,000		WISCONSIN ST HLTH & EDUCTNL FACS AUTH REVENUE		8/15/2043		5.00		1,046,251		1,062,530
	720,000		WSTRN GENERATION AGY OR COGENERATION PROJ REVENUE		1/1/2021		5.00		720,104		746,410
	750,000		WYNNFIELD LAKES FL CDD		5/1/2036		4.50		744,434		773,625
	1,000,000		WYOMING MI SWR DIST SYS REVENUE		6/1/2027		5.00		1,016,507		1,017,530
	2,350,000		WYOMING ST CMNTY DEV AUTH HSG REVENUE		12/1/2038		4.05		2,350,000		2,405,930
	1,000,000		WYOMING ST CMNTY DEV AUTH HSGREVENUE		12/1/2039		4.05		1,000,000		1,027,880
	355,000		ZEPHYR RIDGE FL CDD CAPITAL IMPT REVENUE(e)		5/1/2013		5.25		355,352		139,742
		Sub-total Municipal Bonds:							441,737,460		467,194,953		91.97	%

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014


										Percent
				Maturity	Coupon			Fair		of
Par/Shares			Security	date	rate	Cost		value (a)		net assets
Short-Term Investments:
	7,017,997		NORTHERN INSTITUTIONAL FUNDS -TAX-EXEMPT PORTFOLIO, 0.01%(g)			$	7,017,997		7,017,997
		Sub-total Short-Term Investments:					7,017,997		7,017,997		1.38	%
			Grand total(h)			$	475,071,657		502,661,129		98.95	%

Notes to Schedule of Investments:


	(a)	Investments are valued in accordance with procedures described in note 2 to the financial statements.
	(b)	For zero coupon bonds, the interest rate disclosed represents the annualized effective yield on the date of acquisition.
	(c)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees.
	(d)	This security is being measured at fair value according to procedures adopted by the Board of Trustees.
	(e)	Non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal.
	(f)	Restricted security that has been deemed illiquid. At December 31, 2014, the value of these restricted illiquid securities amounted to approximately $486,543 or 0.10% of net assets. Additional information on each restricted illiquid security is as follows:


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


	(g)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2013, the value of the Clearwater Tax-Exempt Bond Fund’s investment in the Tax-Exempt Portfolio of the Northern Institutional Funds was approximately $10,777,197 with net sales of approximately $3,759,200 during the fiscal year ended December 31, 2014.
	(h)	At December 31, 2014, the cost for Federal income tax purposes was $475,160,073. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows:

Gross unrealized appreciation	$	41,831,312
Gross unrealized depreciation		(14,330,256	)
Net unrealized appreciation	$	27,501,056

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater Tax-Exempt Bond Fund

December 31, 2014

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


Geographical Diversification	Percent
California		10.39	%
Illinois		9.68
Florida		8.85
Texas		6.28
New York		5.21
Indiana		4.39
Georgia		3.26
Pennyslvania		3.21
Virginia		3.01
Colorado		2.76
Other		42.96
		100.00	%

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments – Clearwater Tax-Exempt Bond Fund

December 31, 2014

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
Common Stocks:
	Australia:
	9,284	AGL ENERGY LTD.	$	105,943		100,927
	51,722	ALUMINA LTD.(b)		50,177		74,952
	16,330	AMCOR LTD.		148,761		179,703
	60,339	AMP LTD.		196,569		268,508
	10,115	APA GROUP		50,066		61,588
	21,346	ASCIANO LTD.		100,771		104,511
	4,593	ASX LTD.		114,203		137,099
	25,843	AURIZON HOLDINGS LTD.		91,220		96,825
	50,341	AUSTRALIA & NEW ZEALAND BANKING GROUP LTD.		712,399		1,309,510
	6,281	BENDIGO AND ADELAIDE BANK LTD.		52,780		65,278
	179,910	BGP HOLDINGS PLC(b)(c)		-		-
	58,607	BHP BILLITON LTD.		1,389,859		1,390,660
	39,133	BHP BILLITON PLC		853,977		837,047
	10,199	BORAL LTD.		28,970		43,748
	32,841	BRAMBLES LTD.		174,637		282,822
	403,770	CARDNO LTD.		2,516,763		1,117,743
	10,469	COCA-COLA AMATIL LTD.		85,706		79,224
	971	COCHLEAR LTD.		35,893		61,283
	27,759	COMMONWEALTH BANK OF AUSTRALIA		1,283,262		1,927,871
	6,418	COMPUTERSHARE LTD.		56,556		61,380
	422,858	CREDIT CORP. GROUP LTD.		3,491,348		3,363,827
	9,576	CSL LTD.		226,091		674,257
	1,648,101	DECMIL GROUP LTD.		3,353,500		1,967,257
	14,184	DEXUS PROPERTY GROUP		62,970		80,207
	22,356	ECHO ENTERTAINMENT GROUP LTD.		70,002		68,473
	25,256	FEDERATION CENTRES		52,870		58,780
	21,110	FORTESCUE METALS GROUP LTD.		37,574		46,520
	18,737	GOODMAN GROUP		48,414		86,377
	30,080	GPT GROUP (THE)		100,097		106,272
	17,989	HARVEY NORMAN HOLDINGS LTD.		52,604		49,052
	44,610	ILUKA RESOURCES LTD.		451,020		214,448
	36,603	INCITEC PIVOT LTD.		83,901		94,651
	47,825	INSURANCE AUSTRALIA GROUP LTD.		120,292		242,468
	10,015	LEND LEASE GROUP		61,130		133,347
	7,617	MACQUARIE GROUP LTD.		165,843		359,520
	37,974	MIRVAC GROUP		50,570		54,842
	40,383	NATIONAL AUSTRALIA BANK LTD.		694,465		1,100,327
	17,346	NEWCREST MINING LTD.(b)		173,211		154,460
	40,505	NOVION PROPERTY GROUP		46,791		69,733
	2,947	ORICA LTD.		51,960		45,165
	20,046	ORIGIN ENERGY LTD.		226,734		189,175
	16,330	ORORA LTD.		16,762		25,770
	416	PERPETUAL LTD.		7,027		15,582
	15,297	QBE INSURANCE GROUP LTD.		162,994		138,750
	2,468	RAMSAY HEALTH CARE LTD.		49,765		114,444
	1,268	REA GROUP LTD.		52,915		46,586
	6,568	RECALL HOLDINGS LTD.		24,961		38,353
	22,469	SANTOS LTD.		244,511		151,807
	99,326	SCENTRE GROUP(b)		185,324		282,438
	5,884	SEEK LTD.		49,598		82,117
	4,898	SHOPPING CENTRES AUSTRALASIA PROPERTY GROUP		7,202		7,392
	424,938	SLATER & GORDON LTD.		937,638		2,201,900
	9,824	SONIC HEALTHCARE LTD.		79,849		147,533
	34,990	STOCKLAND		132,304		116,886
	22,978	SUNCORP GROUP LTD.		258,173		261,838
	9,837	SYDNEY AIRPORT		33,263		37,598
	8,477	TABCORP HOLDINGS LTD.		15,377		28,598
	35,105	TATTS GROUP LTD.		95,309		98,760
	70,571	TELSTRA CORP. LTD.		308,487		342,707
	22,161	TOLL HOLDINGS LTD.		98,848		105,478
	26,039	TRANSURBAN GROUP		118,706		182,027
	747,139	WEBJET LTD.		2,736,537		1,754,044
	16,278	WESFARMERS LTD.		619,257		551,074
	42,659	WESTFIELD CORP.(b)		159,704		311,890
	58,094	WESTPAC BANKING CORP.		811,435		1,561,783

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
	Australia (Cont’d):
	11,700	WOODSIDE PETROLEUM LTD.	$	381,919		363,731
	22,832	WOOLWORTHS LTD.		435,292		568,867
				25,693,056		26,897,790		5.58	%
	Austria:
	13,326	ANDRITZ A.G.		718,254		732,348
	1,685	BUWOG A.G.(b)		30,804		33,394
	5,146	ERSTE GROUP BANK A.G.		114,055		117,979
	33,719	IMMOFINANZ A.G.		87,282		85,350
	1,383	OMV A.G.		50,806		36,596
	313	STRABAG S.E. (BEARER)		5,505		6,884
	1,368	VOESTALPINE A.G.		51,509		53,928
	29,470	WIENERBERGER A.G.		241,514		405,975
				1,299,729		1,472,454		0.31	%
	Belgium:
	7,120	AGEAS		106,907		252,502
	13,822	ANHEUSER-BUSCH INBEV N.V.		502,521		1,555,441
	10,910	BARCO N.V.		740,520		768,913
	2,190	BELGACOM S.A.		49,577		79,299
	1,645	COLRUYT S.A.		74,892		76,277
	1,238	DELHAIZE GROUP S.A.		51,243		89,930
	15,841	GROUPE BRUXELLES LAMBERT S.A.		1,332,249		1,348,344
	4,347	KBC GROEP N.V.(b)		101,356		241,261
	12,430	ONTEX GROUP N.V.(b)		322,500		356,433
	415	SOLVAY S.A., CLASS A		57,004		56,063
	1,896	UCB S.A.		81,069		143,888
	1,457	UMICORE S.A.		72,577		58,684
				3,492,415		5,027,035		1.04	%
	Brazil:
	113,403	CETIP S.A. - MERCADOS ORGANIZADOS		1,402,793		1,373,434
	13,600	CIA DE SANEAMENTO DE MINAS GERAIS-COPASA(b)		328,620		129,662
	55,400	GRENDENE S.A.		372,958		318,639
	76,003	TOTVS S.A.		1,167,487		1,000,021
				3,271,858		2,821,756		0.59	%
	Canada:
	45,400	AGF MANAGEMENT LTD., CLASS B		488,633		331,766
	2,346	AGNICO EAGLE MINES LTD.		80,561		58,398
	3,620	AGRIUM, INC.		154,492		342,744
	4,817	ALIMENTATION COUCHE TARD, INC., CLASS B		138,408		201,876
	1,130	ALTAGAS LTD.		52,858		42,154
	4,900	ARC RESOURCES LTD.		108,943		106,115
	10,982	BANK OF MONTREAL		673,721		776,812
	21,213	BANK OF NOVA SCOTIA		1,118,013		1,210,737
	6,662	BARRICK GOLD CORP.		122,880		71,792
	3,479	BAYTEX ENERGY CORP.		151,408		57,854
	3,581	BCE, INC.		153,196		164,224
	8,500	BLACKBERRY LTD.(b)		90,213		93,209
	12,732	BOMBARDIER, INC., CLASS B		50,302		45,479
	11,895	BROOKFIELD ASSET MANAGEMENT, INC., CLASS A		164,693		596,081
	11,740	CAE, INC.		85,345		152,384
	11,081	CAMECO CORP.		198,977		181,695
	49,900	CANACCORD GENUITY GROUP, INC.		261,393		335,444
	7,334	CANADIAN IMPERIAL BANK OF COMMERCE		342,248		630,252
	34,284	CANADIAN NATIONAL RAILWAY CO.		1,509,588		2,362,510
	15,994	CANADIAN NATIONAL RAILWAY CO.		292,557		1,101,601
	19,866	CANADIAN NATURAL RESOURCES LTD.		433,114		614,208
	4,722	CANADIAN OIL SANDS LTD.		97,388		42,351
	14,240	CANADIAN PACIFIC RAILWAY LTD.		1,686,012		2,743,906
	3,606	CANADIAN PACIFIC RAILWAY LTD.		112,878		694,476
	1,060	CANADIAN TIRE CORP. LTD., CLASS A		80,129		111,985
	8,988	CENOVUS ENERGY, INC.		253,226		185,438
	6,978	CGI GROUP, INC., CLASS A(b)		55,128		266,014
	1,964	CI FINANCIAL CORP.		49,854		54,586
	1,256	CONSTELLATION SOFTWARE, INC.		363,301		373,449
	5,882	CRESCENT POINT ENERGY CORP.		190,849		136,241
	2,064	DOLLARAMA, INC.		75,934		105,527

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
	Canada (Cont’d):
	22,400	DOREL INDUSTRIES, INC., CLASS B	$	805,238		771,603
	12,292	ELDORADO GOLD CORP.		92,575		74,907
	14,138	ENBRIDGE, INC.		623,673		726,979
	11,992	ENCANA CORP.		240,407		166,905
	17,900	ENERFLEX LTD.		204,385		252,523
	3,995	ENERPLUS CORP.		57,117		38,478
	32,600	ENSIGN ENERGY SERVICES, INC.		509,675		286,211
	211	FAIRFAX FINANCIAL HOLDINGS LTD.		52,589		110,563
	2,200	FINNING INTERNATIONAL, INC.		51,485		47,776
	3,000	FIRST CAPITAL REALTY, INC.		51,131		48,184
	6,854	FIRST QUANTUM MINERALS LTD.		123,021		97,400
	3,100	FORTIS, INC.		105,357		103,956
	1,695	FRANCO-NEVADA CORP.		78,995		83,466
	18,700	GENWORTH MI CANADA, INC.		382,689		595,219
	3,052	GILDAN ACTIVEWEAR, INC.		33,435		172,591
	15,817	GOLDCORP, INC.		468,301		292,842
	3,958	GREAT-WEST LIFECO, INC.		99,709		114,434
	2,408	H&R REAL ESTATE INVESTMENT TRUST		51,440		45,039
	38,192	HOME CAPITAL GROUP, INC.		992,558		1,577,581
	124,600	HUDBAY MINERALS, INC.		1,106,269		1,085,343
	5,697	HUSKY ENERGY, INC.		144,766		134,849
	14,262	IAMGOLD CORP.(b)		78,431		38,546
	2,500	IGM FINANCIAL, INC.		100,363		99,651
	38,499	IMPERIAL OIL LTD.		1,625,703		1,658,526
	2,780	INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES, INC.		97,885		106,314
	2,672	INTACT FINANCIAL CORP.		170,651		192,845
	2,582	INTER PIPELINE LTD.		82,335		79,874
	700	KEYERA CORP.		51,327		48,846
	3,199	LOBLAW COS. LTD.		121,245		171,184
	4,738	MAGNA INTERNATIONAL, INC.		61,549		513,399
	28,359	MANULIFE FINANCIAL CORP.		338,337		541,404
	1,369	METHANEX CORP.		12,561		62,888
	1,000	METRO, INC.		54,328		80,306
	71,556	MTY FOOD GROUP, INC.		2,148,508		2,076,220
	20,000	MULLEN GROUP LTD.		450,618		366,845
	6,295	NATIONAL BANK OF CANADA		247,929		267,882
	11,280	NEW GOLD, INC.(b)		90,970		48,351
	2,600	ONEX CORP.		105,376		150,969
	3,282	OPEN TEXT CORP.		72,477		190,993
	4,328	PAN AMERICAN SILVER CORP.		53,923		39,935
	4,772	PEMBINA PIPELINE CORP.		40,530		173,908
	19,434	PENGROWTH ENERGY CORP.		99,676		61,223
	2,500	PEYTO EXPLORATION & DEVELOPMENT CORP.		95,328		72,022
	13,239	POTASH CORP. OF SASKATCHEWAN, INC.		356,548		468,003
	4,200	POWER CORP. OF CANADA		105,623		114,815
	1,672	POWER FINANCIAL CORP.		52,980		52,068
	3,681	RESTAURANT BRANDS INTERNATIONAL, INC.(b)		137,022		144,160
	2,546	RIOCAN REAL ESTATE INVESTMENT TRUST		64,797		57,919
	2,701	RITCHIE BROS. AUCTIONEERS, INC.		50,064		72,582
	9,354	ROGERS COMMUNICATIONS, INC., CLASS B		221,766		363,677
	26,066	ROYAL BANK OF CANADA		866,758		1,800,255
	4,800	SAPUTO, INC.		103,951		144,273
	9,661	SHAW COMMUNICATIONS, INC., CLASS B		153,543		260,692
	6,133	SILVER WHEATON CORP.		155,292		124,740
	2,700	SNC-LAVALIN GROUP, INC.		100,003		102,976
	11,810	SUN LIFE FINANCIAL, INC.		235,812		426,128
	24,565	SUNCOR ENERGY, INC.		576,706		780,210
	24,791	TALISMAN ENERGY, INC.		289,882		194,180
	10,451	TELUS CORP.		261,680		376,822
	33,126	TORONTO-DOMINION BANK (THE)		671,143		1,582,737
	2,738	TOURMALINE OIL CORP.(b)		103,345		91,204
	3,818	TRANSALTA CORP.		60,803		34,572
	10,568	TRANSCANADA CORP.		451,538		519,395
	32,500	TRICAN WELL SERVICE LTD.		422,140		155,814
	15,331	TURQUOISE HILL RESOURCES LTD.(b)		53,846		47,373
	5,205	VALEANT PHARMACEUTICALS INTERNATIONAL, INC.(b)		458,741		745,178

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
	Canada (Cont’d):
	2,256	VERMILION ENERGY, INC.	$	83,841		110,683
				28,148,931		36,830,744		7.64	%
	China:
	103,500	AAC TECHNOLOGIES HOLDINGS, INC.		357,673		550,024
	7,754	BAIDU, INC. ADR(b)(d)		718,666		1,767,679
	1,247,898	CHINA MEDICAL SYSTEM HOLDINGS LTD.		911,776		2,048,786
	908,500	CHINA ZHENGTONG AUTO SERVICES HOLDINGS LTD.		519,426		401,972
	2,382,000	KINGDEE INTERNATIONAL SOFTWARE GROUP CO. LTD.(b)		469,113		703,550
	1,102,000	SHENGUAN HOLDINGS GROUP LTD.		462,633		366,749
	589,000	SINOMEDIA HOLDING LTD.		492,982		329,242
	865,500	SUN ART RETAIL GROUP LTD.		1,379,016		858,272
	152,600	TENCENT HOLDINGS LTD.		1,050,626		2,189,556
	5,054,228	XTEP INTERNATIONAL HOLDINGS LTD.		2,217,935		2,029,342
				8,579,846		11,245,172		2.33	%
	Denmark:
	50	AP MOELLER - MAERSK A/S, CLASS A		46,408		95,667
	120	AP MOELLER - MAERSK A/S, CLASS B		125,436		238,525
	14,193	CARLSBERG A/S, CLASS B		1,170,298		1,102,166
	62,920	CHR HANSEN HOLDING A/S		2,449,257		2,799,616
	1,500	COLOPLAST A/S, CLASS B		27,666		126,251
	13,100	DANSKE BANK A/S		138,182		352,581
	200	FLSMIDTH & CO. A/S		6,012		8,773
	46,955	ISS A/S(b)		1,405,048		1,351,777
	52,555	NOVO NORDISK A/S ADR(d)		1,778,838		2,224,128
	35,825	NOVO NORDISK A/S, CLASS B		714,442		1,515,813
	49,087	NOVOZYMES A/S, CLASS B		1,367,636		2,059,487
	2,600	PANDORA A/S		18,150		210,893
	15,973	TDC A/S		107,272		121,725
	3,250	TOPDANMARK A/S(b)		33,362		105,708
	1,862	VESTAS WIND SYSTEMS A/S(b)		92,473		67,264
	538	WILLIAM DEMANT HOLDING A/S(b)		50,896		40,835
				9,531,376		12,421,209		2.58	%
	Finland:
	59,010	AMER SPORTS OYJ		756,234		1,146,601
	4,509	FORTUM OYJ		87,100		97,437
	45,730	HUHTAMAKI OYJ		754,175		1,205,329
	1,396	KESKO OYJ, CLASS B		30,705		50,867
	5,600	KONE OYJ, CLASS B		116,154		254,343
	1,849	METSO OYJ		47,784		55,148
	7,075	NESTE OIL OYJ		67,704		171,433
	61,900	NOKIA OYJ		203,584		487,186
	2,240	NOKIAN RENKAAT OYJ		31,307		54,866
	1,960	ORION OYJ, CLASS B		49,561		60,847
	5,328	SAMPO OYJ, CLASS A		242,279		249,828
	15,829	STORA ENSO OYJ (REGISTERED)		75,698		140,896
	11,934	UPM-KYMMENE OYJ		99,928		195,964
	1,849	VALMET OYJ		14,443		22,771
	3,486	WARTSILA OYJ ABP		107,429		156,431
				2,684,085		4,349,947		0.90	%
	France:
	2,714	ACCOR S.A.		79,810		121,604
	695	AEROPORTS DE PARIS		87,114		84,239
	3,200	AIR FRANCE-KLM(b)		22,485		30,619
	5,971	AIR LIQUIDE S.A.		664,778		736,753
	8,186	AIRBUS GROUP N.V.		198,085		406,576
	40,600	ALCATEL-LUCENT(b)		165,772		144,137
	3,171	ALSTOM S.A.(b)		111,651		102,292
	15,974	ARCELORMITTAL		233,322		173,018
	1,165	ARKEMA S.A.		98,307		77,257
	661	ATOS		51,394		52,307
	30,426	AXA S.A.		405,215		702,735
	26,840	BENETEAU S.A.(b)		272,439		375,860
	17,630	BNP PARIBAS S.A.		762,443		1,036,014
	1,253	BOUYGUES S.A.		50,411		45,215
	1,977	BUREAU VERITAS S.A.		52,037		43,656

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
	France (Cont’d):
	3,068	CAP GEMINI S.A.	$	111,960		218,527
	10,544	CARREFOUR S.A.		248,258		320,348
	2,177	CASINO GUICHARD PERRACHON S.A.		172,738		200,337
	994	CHRISTIAN DIOR S.A.		70,757		169,832
	7,447	CIE DE SAINT-GOBAIN		248,952		313,513
	3,404	CIE GENERALE DES ETABLISSEMENTS MICHELIN		180,725		308,615
	16,517	CREDIT AGRICOLE S.A.		122,492		212,337
	9,584	DANONE S.A.		479,394		630,498
	1,296	DASSAULT SYSTEMES S.A.		86,663		78,872
	3,633	EDENRED		65,572		100,878
	8,317	ELECTRICITE DE FRANCE S.A.		153,984		228,375
	3,084	ESSILOR INTERNATIONAL S.A.		309,421		343,301
	2,310	EURAZEO S.A.		77,962		161,357
	3,160	EUTELSAT COMMUNICATIONS S.A.		100,179		102,155
	20,350	GDF SUEZ		433,306		475,280
	564	GECINA S.A.		51,331		70,589
	13,307	GROUPE EUROTUNNEL S.A. (REGISTERED)		102,800		171,775
	275	HERMES INTERNATIONAL		95,103		98,093
	304	ILIAD S.A.		29,549		73,026
	19,090	IPSOS		630,769		547,472
	2,121	JCDECAUX S.A.		50,974		72,834
	1,442	KERING		274,344		277,235
	2,335	KLEPIERRE		57,367		100,576
	4,713	LAFARGE S.A.		166,939		330,779
	4,882	LEGRAND S.A.		111,114		255,567
	4,633	L’OREAL S.A.		385,425		777,821
	11,477	LVMH MOET HENNESSY LOUIS VUITTON S.A.		1,514,395		1,814,904
	15,891	NATIXIS S.A.		49,085		104,497
	34,547	ORANGE S.A.		364,835		587,516
	3,500	PERNOD RICARD S.A.		239,500		388,069
	12,969	PEUGEOT S.A.(b)		78,174		158,207
	3,471	PUBLICIS GROUPE S.A.		251,099		248,604
	4,895	RENAULT S.A.		134,511		357,705
	2,444	REXEL S.A.		51,580		43,642
	3,651	SAFRAN S.A.		184,115		224,715
	19,270	SANOFI		1,135,907		1,756,189
	10,522	SCHNEIDER ELECTRIC S.E.		454,997		764,548
	278	SCHNEIDER ELECTRIC S.E.		8,838		20,167
	1,813	SCOR S.E.		36,441		54,866
	5,515	SES S.A.		114,220		197,829
	457	SOCIETE BIC S.A.		49,235		60,650
	11,367	SOCIETE GENERALE S.A.		395,442		477,656
	66,982	SOCIETE TELEVISION FRANCAISE 1		834,791		1,024,626
	5,160	SODEXO S.A.		267,994		505,935
	1,581	TECHNIP S.A.		161,403		94,407
	36,579	TOTAL S.A.		1,846,777		1,885,985
	1,808	UNIBAIL-RODAMCO S.E.		228,178		462,102
	674	VALEO S.A.		91,950		83,952
	2,466	VALLOUREC S.A.		112,671		67,338
	13,671	VEOLIA ENVIRONNEMENT S.A.		145,445		242,777
	7,810	VINCI S.A.		316,569		427,369
	47,725	VIVENDI S.A.		933,054		1,190,508
	1,345	WENDEL S.A.		91,561		150,316
	1,601	ZODIAC AEROSPACE		51,780		54,030
				18,217,888		24,221,383		5.03	%
	Germany:
	3,492	ADIDAS A.G.		145,098		243,386
	8,540	ALLIANZ S.E. (REGISTERED)		758,733		1,418,952
	16,707	BASF S.E.		672,193		1,412,304
	14,908	BAYER A.G. (REGISTERED)		793,310		2,038,064
	5,125	BAYERISCHE MOTOREN WERKE A.G.		483,372		556,595
	1,591	BEIERSDORF A.G.		86,858		129,766
	1,305	BRENNTAG A.G.		47,835		73,432
	54,100	CANCOM S.E.		2,500,765		2,322,536
	4,528	CELESIO A.G.		63,758		146,410
	20,348	COMMERZBANK A.G.(b)		248,184		270,317
	1,564	CONTINENTAL A.G.		187,604		332,119

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
	Germany (Cont’d):
	26,370	CTS EVENTIM A.G. & CO. KGAA	$	390,118		783,755
	17,639	DAIMLER A.G. (REGISTERED)		589,913		1,471,633
	21,220	DEUTSCHE BANK A.G. (REGISTERED)		743,686		641,390
	13,804	DEUTSCHE BOERSE A.G.		734,170		989,250
	3,261	DEUTSCHE LUFTHANSA A.G. (REGISTERED)		35,709		54,611
	17,828	DEUTSCHE POST A.G. (REGISTERED)		210,542		583,308
	50,136	DEUTSCHE TELEKOM A.G. (REGISTERED)		607,871		803,593
	2,229	DEUTSCHE WOHNEN A.G. (BEARER)		49,350		52,962
	18,495	DMG MORI SEIKI A.G. (BEARER)		399,162		525,857
	27,124	E.ON S.E.		500,011		465,773
	3,041	FRESENIUS MEDICAL CARE A.G. & CO. KGAA		190,582		227,591
	6,867	FRESENIUS S.E. & CO. KGAA		150,261		358,596
	1,527	GEA GROUP A.G.		49,653		67,611
	18,980	GERRESHEIMER A.G.		1,060,450		1,026,468
	40,600	GRAND CITY PROPERTIES S.A.(b)		502,298		596,848
	2,246	HANNOVER RUECK S.E.		94,321		203,728
	3,952	HEIDELBERGCEMENT A.G.		143,515		281,138
	1,460	HENKEL A.G. & CO. KGAA		129,118		142,168
	2,600	HOCHTIEF A.G.		108,936		183,714
	387	HUGO BOSS A.G.		50,390		47,513
	21,437	INFINEON TECHNOLOGIES A.G.		117,250		229,827
	1,800	K+S A.G. (REGISTERED)		50,566		49,984
	54,120	KLOECKNER & CO. S.E.(b)		611,006		583,246
	1,013	LANXESS A.G.		69,793		47,128
	4,200	LEONI A.G.		233,895		250,929
	2,743	LINDE A.G.		475,408		511,624
	728	MAN S.E.		80,772		81,192
	2,050	MERCK KGAA		86,079		194,474
	1,559	METRO A.G.(b)		48,976		47,731
	3,549	MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG IN MUENCHEN (REGISTERED)		444,935		711,013
	2,502	OSRAM LICHT A.G.(b)		92,424		98,585
	1,489	PROSIEBENSAT.1 MEDIA A.G. (REGISTERED)		25,180		62,730
	2,970	RATIONAL A.G.		770,182		933,455
	6,701	RWE A.G.		216,363		209,794
	1,130	SALZGITTER A.G.		50,070		31,839
	17,263	SAP S.E.		695,155		1,220,589
	14,594	SIEMENS A.G. (REGISTERED)		934,614		1,655,108
	7,661	THYSSENKRUPP A.G.(b)		152,398		197,045
	7,071	TUI A.G.		57,698		117,201
	3,007	TUI A.G.(b)		50,440		48,324
	483	VOLKSWAGEN A.G.		48,103		105,243
				18,039,073		25,838,449		5.36	%
	Greece:
	6,746	HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.(b)		54,075		73,618
	20,281	JUMBO S.A.		123,759		206,789
	3,968	OPAP S.A.		51,161		42,401
				228,995		322,808		0.07	%
	Hong Kong:
	220,400	AIA GROUP LTD.		733,244		1,213,624
	16,600	BANK OF EAST ASIA LTD.		71,196		66,581
	82,500	BOC HONG KONG HOLDINGS LTD.		169,112		274,676
	9,140,684	BONJOUR HOLDINGS LTD.		1,077,855		1,000,208
	28,000	CHEUNG KONG HOLDINGS LTD.		277,057		467,214
	10,000	CHEUNG KONG INFRASTRUCTURE HOLDINGS LTD.		46,496		73,696
	36,500	CLP HOLDINGS LTD.		253,113		316,026
	27,800	ESPRIT HOLDINGS LTD.		35,637		33,227
	26,000	GALAXY ENTERTAINMENT GROUP LTD.		67,404		144,733
	84,000	GLOBAL BRANDS GROUP HOLDING LTD.(b)		14,386		16,419
	456,822	HAIER ELECTRONICS GROUP CO. LTD.		876,894		1,079,619
	44,000	HANG LUNG PROPERTIES LTD.		116,126		122,623
	18,600	HANG SENG BANK LTD.		228,767		309,270
	15,730	HENDERSON LAND DEVELOPMENT CO. LTD.		45,544		109,188
	48,300	HONG KONG & CHINA GAS CO. LTD.		103,438		109,982
	15,300	HONG KONG EXCHANGES AND CLEARING LTD.		281,244		336,580
	400	HOPEWELL HIGHWAY INFRASTRUCTURE LTD.		229		201

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
	Hong Kong (Cont’d):
	41,000	HUTCHISON WHAMPOA LTD.	$	238,015		469,393
	12,000	HYSAN DEVELOPMENT CO. LTD.		49,052		53,321
	13,500	KERRY LOGISTICS NETWORK LTD.		28,209		21,366
	27,000	KERRY PROPERTIES LTD.		90,767		97,547
	84,000	LI & FUNG LTD.		86,666		78,557
	40,500	LINK REIT (THE)		84,196		252,813
	164,000	LUK FOOK HOLDINGS INTERNATIONAL LTD.		538,949		614,154
	26,800	MGM CHINA HOLDINGS LTD.		51,645		67,561
	30,500	MTR CORP. LTD.		88,703		124,569
	54,000	NEW WORLD DEVELOPMENT CO. LTD.		59,135		61,767
	43,500	NWS HOLDINGS LTD.		52,824		79,775
	1,663,100	PAX GLOBAL TECHNOLOGY LTD.(b)		618,904		1,707,580
	190,000	PCCW LTD.		77,805		129,435
	8,130,757	PICO FAR EAST HOLDINGS LTD.		2,165,357		1,863,149
	2,397,506	PORTS DESIGN LTD.(b)		1,773,831		729,641
	24,000	POWER ASSETS HOLDINGS LTD.		139,091		231,854
	25,937,742	REXLOT HOLDINGS LTD.		2,497,354		2,094,115
	48,000	SANDS CHINA LTD.		128,061		233,462
	22,000	SHANGRI-LA ASIA LTD.		29,501		30,273
	1,055,400	SINO BIOPHARMACEUTICAL LTD.		922,369		954,651
	59,400	SINO LAND CO. LTD.		80,601		95,346
	566,000	SITOY GROUP HOLDINGS LTD.		361,652		458,061
	25,000	SJM HOLDINGS LTD.		52,349		39,536
	256,000	STELLA INTERNATIONAL HOLDINGS LTD.		679,964		675,038
	26,000	SUN HUNG KAI PROPERTIES LTD.		310,693		393,157
	19,000	SWIRE PACIFIC LTD., CLASS A		127,857		246,130
	17,800	SWIRE PROPERTIES LTD.		50,632		52,531
	415,000	TECHTRONIC INDUSTRIES CO. LTD.		776,722		1,329,946
	3,000	TELEVISION BROADCASTS LTD.		9,222		17,433
	708,000	VALUE PARTNERS GROUP LTD.		442,082		591,305
	84,300	VTECH HOLDINGS LTD.		996,749		1,206,221
	18,000	WHARF HOLDINGS (THE) LTD.		142,156		129,262
	19,000	WHEELOCK & CO. LTD.		30,489		88,219
	30,000	WYNN MACAU LTD.		50,423		83,636
	582,000	YINGDE GASES GROUP CO. LTD.		583,171		407,054
	15,000	YUE YUEN INDUSTRIAL HOLDINGS LTD.		30,233		54,005
				18,843,171		21,435,730		4.45	%
	Ireland:
	6,412	ACCENTURE PLC, CLASS A		203,726		572,656
	329,197	BANK OF IRELAND(b)		119,783		122,742
	26,160	COVIDIEN PLC		851,052		2,675,645
	14,894	CRH PLC		217,633		358,339
	87,393	EXPERIAN PLC		1,408,425		1,474,120
	11,673	JAMES HARDIE INDUSTRIES PLC - CDI		105,224		124,292
	2,463	KERRY GROUP PLC, CLASS A		160,052		169,937
	14,900	PERRIGO CO. PLC		1,908,034		2,490,684
	9,423	SHIRE PLC		277,551		666,707
	67,799	UBM PLC		542,163		506,021
				5,793,643		9,161,143		1.90	%
	Israel:
	21,030	BANK HAPOALIM B.M.		80,002		99,182
	21,775	BANK LEUMI LE-ISRAEL B.M.(b)		77,241		74,703
	217	DELEK GROUP LTD.		52,364		54,452
	6,042	ISRAEL CHEMICALS LTD.		49,265		43,581
	314,214	MAGIC SOFTWARE ENTERPRISES LTD.		2,294,243		1,869,573
	5,900	MIZRAHI TEFAHOT BANK LTD.(b)		51,135		61,887
	1,494	NICE SYSTEMS LTD.		50,675		75,628
	14,566	TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(d)		585,135		837,691
				3,240,060		3,116,697		0.65	%
	Italy:
	56,711	AMPLIFON S.P.A.		248,331		335,776
	18,467	ASSICURAZIONI GENERALI S.P.A.		269,600		377,381
	5,758	ATLANTIA S.P.A.		117,756		133,739
	93,475	AZIMUT HOLDING S.P.A.		1,279,167		2,016,559
	57,599	ENEL GREEN POWER S.P.A.		98,098		119,672
	95,489	ENEL S.P.A.		357,926		426,955
	49,857	ENI S.P.A.		958,264		870,763

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
	Italy (Cont’d):
	3,610	EXOR S.P.A.	$	90,616		147,278
	10,070	FINMECCANICA S.P.A.(b)		50,331		93,500
	221,737	INTESA SANPAOLO S.P.A.		432,354		641,450
	18,185	INTESA SANPAOLO S.P.A. (RSP)		53,136		44,762
	2,826	LUXOTTICA GROUP S.P.A.		118,626		154,717
	19,749	MARR S.P.A.		315,231		349,859
	5,176	MEDIOBANCA S.P.A.		52,251		41,908
	25,272	MEDIOLANUM S.P.A.		87,322		160,321
	2,801	PRYSMIAN S.P.A.		56,504		50,981
	57,530	SNAM S.P.A.		249,716		283,803
	214,771	SORIN S.P.A.(b)		634,461		500,460
	111,427	TELECOM ITALIA S.P.A.(b)		150,893		118,171
	7,497	TENARIS S.A.		100,710		113,239
	34,652	TERNA RETE ELETTRICA NAZIONALE S.P.A.		130,368		156,977
	74,546	UNICREDIT S.P.A.		407,835		475,120
	25,343	UNIONE DI BANCHE ITALIANE S.C.P.A.		103,374		180,401
				6,362,870		7,793,792		1.62	%
	Japan:
	1,400	ABC-MART, INC.		51,583		67,840
	30,200	ADERANS CO. LTD.		398,005		284,937
	14,200	AEON CO. LTD.		162,360		142,929
	6,300	AEON FINANCIAL SERVICE CO. LTD.		81,451		123,159
	1,210	AEON MALL CO. LTD.		23,091		21,397
	2,300	AISIN SEIKI CO. LTD.		37,584		82,668
	15,000	AJINOMOTO CO., INC.		116,767		277,946
	5,200	ALFRESA HOLDINGS CORP.		50,794		62,844
	2,000	AMADA CO. LTD.		10,582		17,148
	21,000	ANA HOLDINGS, INC.		52,231		51,689
	18,000	AOZORA BANK LTD.		51,121		55,864
	36,100	ASAHI CO. LTD.		561,894		332,401
	16,000	ASAHI GLASS CO. LTD.		97,913		78,130
	5,600	ASAHI GROUP HOLDINGS LTD.		85,235		172,851
	31,000	ASAHI KASEI CORP.		147,138		284,096
	57,900	ASICS CORP.		802,820		1,383,682
	37,000	ASTELLAS PHARMA, INC.		236,149		514,952
	1,500	BANDAI NAMCO HOLDINGS, INC.		14,652		31,838
	37,000	BANK OF YOKOHAMA (THE) LTD.		164,514		200,817
	3,000	BENESSE HOLDINGS, INC.		114,910		89,117
	13,800	BRIDGESTONE CORP.		205,726		479,562
	5,200	BROTHER INDUSTRIES LTD.		38,445		94,342
	20,100	CANON, INC.		672,638		638,414
	16,600	CAPCOM CO. LTD.		276,543		250,201
	3,800	CASIO COMPUTER CO. LTD.		51,908		58,357
	2,700	CENTRAL JAPAN RAILWAY CO.		229,516		405,059
	15,000	CHIBA BANK (THE) LTD.		81,968		98,449
	7,800	CHUBU ELECTRIC POWER CO., INC.(b)		102,883		91,763
	4,500	CHUGAI PHARMACEUTICAL CO. LTD.		82,278		110,618
	4,000	CHUGOKU BANK (THE) LTD.		53,626		54,617
	5,200	CHUGOKU ELECTRIC POWER (THE) CO., INC.		81,720		68,098
	7,900	CITIZEN HOLDINGS CO. LTD.		31,581		60,777
	43,036	CREDIT SAISON CO. LTD.		561,719		800,717
	6,000	DAI NIPPON PRINTING CO. LTD.		55,038		54,151
	33,400	DAIBIRU CORP.		353,886		313,923
	11,000	DAIDO STEEL CO. LTD.		45,649		41,643
	17,500	DAI-ICHI LIFE INSURANCE (THE) CO. LTD.		222,759		265,557
	6,000	DAIICHI SANKYO CO. LTD.		96,542		83,883
	4,500	DAIKIN INDUSTRIES LTD.		124,473		290,238
	1,200	DAITO TRUST CONSTRUCTION CO. LTD.		117,985		135,871
	10,000	DAIWA HOUSE INDUSTRY CO. LTD.		103,706		189,357
	25,000	DAIWA SECURITIES GROUP, INC.		96,011		194,690
	8,200	DENSO CORP.		185,234		382,166
	2,800	DENTSU, INC.		46,871		117,834
	48,000	DESCENTE LTD.		278,723		465,736
	13,000	DOWA HOLDINGS CO. LTD.		55,385		103,755
	7,000	EAST JAPAN RAILWAY CO.		392,789		524,444
	3,400	EISAI CO. LTD.		112,861		131,743
	2,400	ELECTRIC POWER DEVELOPMENT CO. LTD.		71,894		81,235

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
	Japan (Cont’d):
	1,800	FAMILYMART CO. LTD.	$	52,590		67,197
	13,700	FANUC CORP.		1,968,162		2,261,029
	1,100	FAST RETAILING CO. LTD.		136,395		400,765
	21,000	FUJI ELECTRIC CO. LTD.		51,969		83,773
	10,000	FUJI HEAVY INDUSTRIES LTD.		146,485		352,151
	8,800	FUJIFILM HOLDINGS CORP.		165,274		265,573
	44,000	FUJITSU LTD.		171,664		234,382
	11,000	FUKUOKA FINANCIAL GROUP, INC.		36,036		56,793
	32,000	FURUKAWA ELECTRIC CO. LTD.		65,376		52,884
	12,000	GS YUASA CORP.		47,814		51,044
	6,000	GUNMA BANK (THE) LTD.		31,571		38,920
	1,500	HAMAMATSU PHOTONICS K.K.		52,686		71,677
	11,000	HANKYU HANSHIN HOLDINGS, INC.		51,221		59,180
	3,000	HINO MOTORS LTD.		42,968		39,246
	500	HIROSE ELECTRIC CO. LTD.		48,402		58,208
	7,000	HIROSHIMA BANK (THE) LTD.		26,154		33,273
	95,000	HITACHI LTD.		295,895		695,140
	6,000	HITACHI METALS LTD.		45,405		102,178
	9,500	HOKKAIDO ELECTRIC POWER CO., INC.(b)		84,575		75,995
	7,300	HOKURIKU ELECTRIC POWER CO.		76,486		93,224
	28,800	HONDA MOTOR CO. LTD.		780,069		837,495
	6,300	HOYA CORP.		145,196		210,930
	3,800	IBIDEN CO. LTD.		71,559		55,845
	1,200	IDEMITSU KOSAN CO. LTD.		23,804		19,884
	20,000	IHI CORP.		52,673		101,547
	15,600	INPEX CORP.		192,488		173,087
	9,800	ISETAN MITSUKOSHI HOLDINGS LTD.		85,535		120,141
	8,500	ISUZU MOTORS LTD.		108,047		103,705
	27,200	ITOCHU CORP.		291,860		290,813
	5,000	IYO BANK (THE) LTD.		43,448		54,196
	4,000	J FRONT RETAILING CO. LTD.		31,099		46,581
	1,600	JAPAN AIRLINES CO. LTD.		47,656		46,737
	3,500	JAPAN EXCHANGE GROUP, INC.		56,090		81,544
	1,500	JAPAN PETROLEUM EXPLORATION CO. LTD.		54,111		47,001
	10	JAPAN REAL ESTATE INVESTMENT CORP.		52,344		48,126
	33	JAPAN RETAIL FUND INVESTMENT CORP.		60,174		69,592
	13,500	JAPAN TOBACCO, INC.		389,868		370,684
	6,000	JFE HOLDINGS, INC.		94,802		133,551
	4,000	JGC CORP.		53,048		82,436
	12,000	JOYO BANK (THE) LTD.		54,056		59,549
	3,100	JSR CORP.		39,530		53,233
	5,000	JTEKT CORP.		36,670		84,685
	29,200	JX HOLDINGS, INC.		150,765		113,760
	7,000	KAJIMA CORP.		15,004		28,930
	18,000	KANSAI ELECTRIC POWER (THE) CO., INC.(b)		164,557		171,247
	2,000	KANSAI PAINT CO. LTD.		10,449		30,909
	40,913	KAO CORP.		1,003,886		1,614,001
	35,000	KAWASAKI HEAVY INDUSTRIES LTD.		71,135		159,835
	9,954	KDDI CORP.		239,416		622,824
	24,800	KEIHIN CORP.		308,810		368,190
	13,000	KEIKYU CORP.		95,310		96,283
	5,000	KEIO CORP.		28,322		35,884
	5,000	KEISEI ELECTRIC RAILWAY CO. LTD.		23,110		60,971
	981	KEYENCE CORP.		180,512		434,522
	6,000	KIKKOMAN CORP.		52,867		147,203
	35,000	KINTETSU CORP.		106,062		115,439
	10,000	KIRIN HOLDINGS CO. LTD.		103,112		123,871
	19,300	KOBAYASHI PHARMACEUTICAL CO. LTD.		1,039,320		1,126,178
	15,400	KOMATSU LTD.		339,281		341,411
	2,300	KONAMI CORP.		50,313		42,408
	7,000	KONICA MINOLTA, INC.		53,139		75,506
	21,000	KUBOTA CORP.		129,773		304,946
	4,300	KURITA WATER INDUSTRIES LTD.		96,931		89,833
	5,400	KYOCERA CORP.		198,000		247,502
	5,000	KYOWA HAKKO KIRIN CO. LTD.		54,616		47,066
	6,500	KYUSHU ELECTRIC POWER CO., INC.(b)		59,661		65,098
	2,800	LAWSON, INC.		120,035		169,311
	4,200	LIXIL GROUP CORP.		71,097		88,822

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
	Japan (Cont’d):
	1,000	MAKITA CORP.	$	48,587		45,244
	24,000	MARUBENI CORP.		173,505		143,863
	6,500	MARUI GROUP CO. LTD.		32,287		58,785
	11,400	MAZDA MOTOR CORP.		95,886		273,647
	2,700	MCDONALD’S HOLDINGS CO. JAPAN LTD.		73,436		59,068
	1,700	MEIJI HOLDINGS CO. LTD.		54,895		154,828
	32,100	MEITEC CORP.		736,840		947,496
	1,800	MIRACA HOLDINGS, INC.		71,311		77,570
	40,000	MITSUBISHI CHEMICAL HOLDINGS CORP.		161,621		194,788
	25,200	MITSUBISHI CORP.		378,464		462,165
	32,000	MITSUBISHI ELECTRIC CORP.		244,114		380,993
	27,000	MITSUBISHI ESTATE CO. LTD.		353,310		571,438
	17,000	MITSUBISHI GAS CHEMICAL CO., INC.		75,149		85,399
	57,000	MITSUBISHI HEAVY INDUSTRIES LTD.		185,317		315,163
	4,000	MITSUBISHI LOGISTICS CORP.		45,017		57,830
	18,000	MITSUBISHI MATERIALS CORP.		47,129		59,836
	6,400	MITSUBISHI MOTORS CORP.		62,338		58,631
	3,800	MITSUBISHI TANABE PHARMA CORP.		49,996		55,685
	240,600	MITSUBISHI UFJ FINANCIAL GROUP, INC.		1,162,680		1,318,763
	27,000	MITSUBISHI UFJ LEASE & FINANCE CO. LTD.		83,878		127,589
	29,600	MITSUI & CO. LTD.		306,203		395,698
	37,000	MITSUI CHEMICALS, INC.		87,469		105,098
	14,000	MITSUI FUDOSAN CO. LTD.		364,288		376,537
	3,000	MITSUI MINING & SMELTING CO. LTD.		5,391		7,227
	12,000	MITSUI OSK LINES LTD.		47,398		35,645
	387,420	MIZUHO FINANCIAL GROUP, INC.		672,532		650,981
	8,280	MS&AD INSURANCE GROUP HOLDINGS, INC.		177,615		196,665
	3,600	MURATA MANUFACTURING CO. LTD.		162,615		393,241
	27,000	NEC CORP.		70,167		78,713
	5,000	NGK INSULATORS LTD.		63,090		102,977
	3,000	NGK SPARK PLUG CO. LTD.		28,359		90,592
	6,000	NH FOODS LTD.		72,315		131,239
	3,500	NIDEC CORP.		102,546		227,019
	9,369	NIFCO, INC.		209,429		303,823
	6,000	NIKON CORP.		75,728		79,668
	1,800	NINTENDO CO. LTD.		172,120		187,598
	22	NIPPON BUILDING FUND, INC.		90,970		110,224
	17,000	NIPPON EXPRESS CO. LTD.		60,747		86,459
	2,000	NIPPON PAINT HOLDINGS CO. LTD.		44,426		58,051
	123,535	NIPPON STEEL & SUMITOMO METAL CORP.		307,243		306,579
	7,600	NIPPON TELEGRAPH & TELEPHONE CORP.		342,697		391,081
	17,000	NISHI-NIPPON CITY BANK (THE) LTD.		40,901		49,093
	5,000	NISSAN CHEMICAL INDUSTRIES LTD.		50,851		90,167
	39,400	NISSAN MOTOR CO. LTD.		365,539		343,184
	8,470	NISSHIN SEIFUN GROUP, INC.		78,577		82,068
	1,200	NISSIN FOODS HOLDINGS CO. LTD.		43,959		57,426
	13,900	NISSIN KOGYO CO. LTD.		186,052		193,523
	2,700	NITORI HOLDINGS CO. LTD.		87,310		145,094
	3,200	NITTO DENKO CORP.		77,639		178,955
	72,300	NOMURA HOLDINGS, INC.		256,136		411,429
	2,700	NOMURA RESEARCH INSTITUTE LTD.		43,930		82,906
	17,800	NORTH PACIFIC BANK LTD.		49,457		68,886
	7,000	NSK LTD.		50,459		82,904
	1,400	NTT DATA CORP.		36,520		52,335
	23,800	NTT DOCOMO, INC.		362,981		348,388
	6,500	NTT URBAN DEVELOPMENT CORP.		52,710		65,204
	12,000	OBAYASHI CORP.		48,665		77,124
	4,000	ODAKYU ELECTRIC RAILWAY CO. LTD.		30,548		35,495
	5,100	OLYMPUS CORP.(b)		71,174		179,703
	2,700	OMRON CORP.		80,696		121,015
	1,300	ONO PHARMACEUTICAL CO. LTD.		55,952		115,196
	8,000	ONWARD HOLDINGS CO. LTD.		54,094		48,136
	1,200	ORIENTAL LAND CO. LTD.		113,097		275,184
	10,700	ORIX CORP.		118,187		133,760
	37,000	OSAKA GAS CO. LTD.		121,878		138,291
	5,100	OTSUKA HOLDINGS CO. LTD.		146,161		152,959
	35,800	PANASONIC CORP.		247,727		420,602
	2,600	PARK24 CO. LTD.		51,627		38,288

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
	Japan (Cont’d):
	190,400	PRESTIGE INTERNATIONAL, INC.	$	1,329,082		1,500,571
	15,200	RAKUTEN, INC.		97,714		211,624
	28,900	RESONA HOLDINGS, INC.		128,453		145,862
	10,000	RICOH CO. LTD.		94,506		101,586
	1,200	RINNAI CORP.		52,047		80,805
	1,500	ROHM CO. LTD.		51,836		91,003
	4,000	SANKYO CO. LTD.		195,165		137,857
	2,600	SANTEN PHARMACEUTICAL CO. LTD.		85,886		139,141
	13,720	SBI HOLDINGS, INC.		111,165		148,979
	3,400	SECOM CO. LTD.		133,812		195,337
	4,100	SEGA SAMMY HOLDINGS, INC.		38,822		52,601
	3,400	SEIBU HOLDINGS, INC.		65,652		69,367
	1,800	SEIKO EPSON CORP.		55,145		75,606
	13,000	SEKISUI CHEMICAL CO. LTD.		66,177		156,501
	6,000	SEKISUI HOUSE LTD.		44,394		78,587
	8,100	SERIA CO. LTD.		125,942		268,829
	12,800	SEVEN & I HOLDINGS CO. LTD.		281,200		461,705
	25,000	SHARP CORP.(b)		50,043		55,403
	4,900	SHIKOKU ELECTRIC POWER CO., INC.(b)		52,495		59,400
	4,000	SHIMADZU CORP.		25,419		40,708
	1,000	SHIMAMURA CO. LTD.		61,206		86,158
	1,500	SHIMANO, INC.		58,204		194,025
	6,000	SHIMIZU CORP.		50,924		40,855
	8,300	SHIN-ETSU CHEMICAL CO. LTD.		411,842		539,975
	41,600	SHINKO PLANTECH CO. LTD.		342,251		291,896
	25,000	SHINSEI BANK LTD.		51,465		43,645
	4,000	SHIONOGI & CO. LTD.		67,679		103,622
	5,900	SHISEIDO CO. LTD.		88,706		82,620
	7,000	SHIZUOKA BANK (THE) LTD.		65,240		64,029
	900	SMC CORP.		106,941		234,366
	16,500	SOFTBANK CORP.		351,077		981,952
	5,700	SOMPO JAPAN NIPPONKOA HOLDINGS, INC.		114,918		143,241
	16,000	SONY CORP.		201,655		325,741
	4,400	SONY FINANCIAL HOLDINGS, INC.		56,074		64,882
	22,200	SQUARE ENIX HOLDINGS CO. LTD.		278,007		461,450
	54,900	STANLEY ELECTRIC CO. LTD.		805,200		1,186,666
	7,000	SUMCO CORP.		47,761		100,659
	25,000	SUMITOMO CHEMICAL CO. LTD.		74,256		98,981
	21,300	SUMITOMO CORP.		207,214		218,772
	13,100	SUMITOMO ELECTRIC INDUSTRIES LTD.		127,803		163,446
	12,000	SUMITOMO HEAVY INDUSTRIES LTD.		39,379		64,489
	9,000	SUMITOMO METAL MINING CO. LTD.		88,484		134,296
	25,500	SUMITOMO MITSUI FINANCIAL GROUP, INC.		795,433		921,379
	71,310	SUMITOMO MITSUI TRUST HOLDINGS, INC.		214,202		272,146
	6,000	SUMITOMO REALTY & DEVELOPMENT CO. LTD.		163,837		204,393
	67,200	SUMITOMO RUBBER INDUSTRIES LTD.		817,767		1,000,533
	1,500	SUNTORY BEVERAGE & FOOD LTD.		54,566		51,792
	5,800	SUZUKI MOTOR CORP.		104,611		174,354
	47,000	SYSMEX CORP.		1,081,349		2,085,072
	7,700	T&D HOLDINGS, INC.		97,474		92,634
	13,000	TAIHEIYO CEMENT CORP.		27,372		40,907
	11,000	TAISEI CORP.		19,822		62,615
	600	TAISHO PHARMACEUTICAL HOLDINGS CO. LTD.		40,190		36,602
	10,000	TAKASHIMAYA CO. LTD.		63,872		80,199
	12,800	TAKEDA PHARMACEUTICAL CO. LTD.		505,987		531,145
	1,100	TDK CORP.		52,815		64,812
	29,000	TEIJIN LTD.		67,529		77,230
	5,200	TERUMO CORP.		95,419		118,428
	2,000	THK CO. LTD.		29,290		48,287
	14,000	TOBU RAILWAY CO. LTD.		67,422		59,828
	2,200	TOHO CO. LTD.		42,502		49,919
	17,000	TOHO GAS CO. LTD.		81,221		83,311
	7,200	TOHOKU ELECTRIC POWER CO., INC.		56,650		83,638
	19,100	TOKAI RIKA CO. LTD.		279,165		401,226
	14,400	TOKIO MARINE HOLDINGS, INC.		359,676		467,636
	21,600	TOKYO ELECTRIC POWER CO., INC.(b)		102,702		88,017
	4,300	TOKYO ELECTRON LTD.		191,374		326,314
	40,000	TOKYO GAS CO. LTD.		151,969		215,847

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
	Japan (Cont’d):
	6,000	TOKYO TATEMONO CO. LTD.	$	56,308		43,696
	25,000	TOKYU CORP.		103,448		155,094
	23,000	TOKYU FUDOSAN HOLDINGS CORP.		86,617		158,478
	4,000	TONENGENERAL SEKIYU K.K.		37,796		34,194
	17,000	TORAY INDUSTRIES, INC.		70,413		136,153
	80,000	TOSHIBA CORP.		245,424		338,752
	6,000	TOTO LTD.		30,029		69,787
	3,000	TOYO SUISAN KAISHA LTD.		74,690		96,868
	4,000	TOYOTA INDUSTRIES CORP.		101,266		204,389
	48,000	TOYOTA MOTOR CORP.		1,673,413		2,993,307
	1,900	TOYOTA TSUSHO CORP.		17,167		43,914
	2,500	TREND MICRO, INC.		74,501		68,400
	61,000	TSUGAMI CORP.		318,601		326,233
	34,800	TSUMURA & CO.		799,027		769,362
	24,596	TSURUHA HOLDINGS, INC.		904,437		1,425,875
	8,000	UBE INDUSTRIES LTD.		13,963		11,953
	7,800	UNICHARM CORP.		68,794		187,704
	17,500	UNIPRES CORP.		363,607		287,037
	34	UNITED URBAN INVESTMENT CORP.		52,061		53,405
	6,500	USHIO, INC.		68,874		67,993
	4,900	USS CO. LTD.		56,003		75,406
	4,100	WEST JAPAN RAILWAY CO.		134,756		194,282
	23,600	YAHOO JAPAN CORP.		62,283		85,158
	1,300	YAKULT HONSHA CO. LTD.		22,252		68,605
	16,300	YAMADA DENKI CO. LTD.		56,674		54,404
	4,800	YAMAHA MOTOR CO. LTD.		48,849		96,535
	4,500	YAMATO HOLDINGS CO. LTD.		77,981		88,607
	1,600	YAMATO KOGYO CO. LTD.		50,862		44,984
	4,000	YAMAZAKI BAKING CO. LTD.		44,679		49,354
	5,000	YASKAWA ELECTRIC CORP.		48,019		63,956
				47,848,075		65,150,047		13.52	%
	Mexico:
	7,695	FRESNILLO PLC		109,038		91,315
	496,719	WAL-MART DE MEXICO S.A.B. DE C.V., SERIES V		1,512,171		1,067,927
				1,621,209		1,159,242		0.24	%
	Netherlands:
	35,080	AALBERTS INDUSTRIES N.V.		676,899		1,036,408
	26,780	ACCELL GROUP		446,234		440,405
	34,297	AEGON N.V.		128,398		257,330
	4,340	AKZO NOBEL N.V.		184,408		300,956
	1,349	ALTICE S.A.(b)		91,892		106,452
	30,290	ARCADIS N.V.		736,105		905,795
	7,173	ASML HOLDING N.V.		106,863		768,491
	25,939	ASML HOLDING N.V. (REGISTERED)		1,571,559		2,797,002
	14,274	CORE LABORATORIES N.V.		1,662,464		1,717,733
	1,094	CORIO N.V.		43,642		53,390
	3,045	DELTA LLOYD N.V.		50,617		66,922
	768	GEMALTO N.V.		50,382		63,129
	965	HEINEKEN HOLDING N.V.		23,862		60,489
	3,662	HEINEKEN N.V.		128,663		260,146
	240,268	ING GROEP N.V. - CVA(b)		2,123,546		3,110,896
	12,511	KONINKLIJKE AHOLD N.V.		152,129		222,396
	2,539	KONINKLIJKE DSM N.V.		86,313		154,387
	51,375	KONINKLIJKE KPN N.V.		108,346		161,974
	20,095	KONINKLIJKE PHILIPS N.V.		343,642		583,462
	1,765	KONINKLIJKE VOPAK N.V.		97,890		91,434
	1,395	OCI N.V.(b)		50,711		48,414
	8,430	QIAGEN N.V.(b)		119,420		197,415
	3,238	RANDSTAD HOLDING N.V.		99,928		155,721
	69,437	ROYAL DUTCH SHELL PLC, CLASS A		1,986,780		2,301,592
	45,720	ROYAL DUTCH SHELL PLC, CLASS B		1,093,318		1,570,661
	46,270	SENSATA TECHNOLOGIES HOLDING N.V.(b)		1,607,892		2,425,011
	121,345	TNT EXPRESS N.V.		825,513		806,198
	24,590	USG PEOPLE N.V.		199,072		277,336
	6,193	WOLTERS KLUWER N.V.		101,075		189,107
	50,795	YANDEX N.V., CLASS A(b)		1,341,566		912,278
				16,239,129		22,042,930		4.57	%

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
	New Zealand:
	25,444	AUCKLAND INTERNATIONAL AIRPORT LTD.	$	78,319		83,739
	11,811	CONTACT ENERGY LTD.		51,688		58,780
	7,321	FLETCHER BUILDING LTD.		51,323		47,220
	18,050	SKYCITY ENTERTAINMENT GROUP LTD.		49,428		54,525
	37,843	SPARK NEW ZEALAND LTD.		73,138		91,690
				303,896		335,954		0.07	%
	Norway:
	76,926	AKASTOR ASA		262,774		222,960
	94,877	AKER SOLUTIONS ASA(b)		1,065,672		522,791
	15,353	DNB ASA		117,829		226,370
	3,900	KVAERNER ASA		6,507		4,580
	21,490	NORSK HYDRO ASA		82,180		120,868
	104,344	ORKLA ASA		711,925		711,134
	12,350	SCHIBSTED ASA		474,812		784,995
	5,278	SEADRILL LTD.		104,057		60,757
	21,587	STATOIL ASA		418,607		378,300
	11,360	TELENOR ASA		229,860		229,056
	53,300	TGS NOPEC GEOPHYSICAL CO. ASA		1,394,842		1,153,217
	85,000	TOMRA SYSTEMS ASA		703,315		654,446
	4,000	YARA INTERNATIONAL ASA		109,527		178,887
				5,681,907		5,248,361		1.09	%
	Philippines:
	333,554	METROPOLITAN BANK & TRUST CO.		570,875		614,957
				570,875		614,957		0.13	%
	Portugal:
	20,567	EDP - ENERGIAS DE PORTUGAL S.A.		48,529		79,541
	10,080	GALP ENERGIA SGPS S.A.		157,855		101,979
	4,320	JERONIMO MARTINS SGPS S.A.		51,516		43,300
				257,900		224,820		0.05	%
	Russia:
	10	X5 RETAIL GROUP N.V.(b)		172		122
	4,670	X5 RETAIL GROUP N.V. GDR (REGISTERED)(b)		69,764		56,753
				69,936		56,875		0.01	%
	Singapore:
	31,000	ASCENDAS REAL ESTATE INVESTMENT TRUST		51,629		55,646
	39,500	CAPITALAND LTD.		75,674		98,141
	36,000	CAPITAMALL TRUST		34,133		55,394
	11,000	CITY DEVELOPMENTS LTD.		71,096		84,928
	32,000	COMFORTDELGRO CORP. LTD.		49,631		62,648
	34,000	DBS GROUP HOLDINGS LTD.		221,626		525,043
	22,000	FRASER AND NEAVE LTD.		7,411		45,184
	44,000	FRASERS CENTREPOINT LTD.		52,608		56,074
	113,000	GLOBAL LOGISTIC PROPERTIES LTD.		177,046		211,334
	2,000	JARDINE CYCLE & CARRIAGE LTD.		60,253		64,220
	28,000	KEPPEL CORP. LTD.		105,334		186,835
	7,840	KEPPEL REIT		3,250		7,218
	40,000	OVERSEA-CHINESE BANKING CORP. LTD.		316,737		314,375
	17,000	SEMBCORP INDUSTRIES LTD.		31,827		57,009
	22,000	SEMBCORP MARINE LTD.		32,803		54,193
	12,000	SINGAPORE AIRLINES LTD.		70,334		104,917
	31,000	SINGAPORE EXCHANGE LTD.		139,131		182,270
	26,000	SINGAPORE PRESS HOLDINGS LTD.		44,166		82,588
	21,000	SINGAPORE TECHNOLOGIES ENGINEERING LTD.		48,624		53,764
	170,000	SINGAPORE TELECOMMUNICATIONS LTD.		324,551		499,013
	16,000	STARHUB LTD.		54,214		50,104
	24,000	UNITED OVERSEAS BANK LTD.		333,181		443,709
	15,000	UOL GROUP LTD.		49,917		78,717
				2,355,176		3,373,324		0.70	%
	South Africa:
	11,111	INVESTEC PLC		66,959		92,819
	74,221	SHOPRITE HOLDINGS LTD.		1,521,660		1,074,352
	271,007	WOOLWORTHS HOLDINGS LTD.		1,736,434		1,791,525
				3,325,053		2,958,696		0.61	%
	South Korea:
	6,492	BINGGRAE CO. LTD.		586,045		445,151

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
	South Korea (Cont’d):
	61,397	BS FINANCIAL GROUP, INC.	$	682,218		808,011
	2,493	DAUM KAKAO CORP.		183,545		278,395
	57,052	DGB FINANCIAL GROUP, INC.		701,742		587,017
	22,930	HALLA VISTEON CLIMATE CONTROL CORP.		481,495		1,003,559
	5,243	HYUNDAI MIPO DOCKYARD		581,800		330,723
	68,521	KGINICIS CO. LTD.		1,234,753		1,109,712
	18,148	KIA MOTORS CORP.		860,470		857,440
	6,353	KIWOOM SECURITIES CO. LTD.		349,706		264,115
	8,630	KOREA INVESTMENT HOLDINGS CO. LTD.		309,155		379,207
	1,948	SAMSUNG ELECTRONICS CO. LTD.		2,418,879		2,341,597
	9,049	YOUNGONE HOLDINGS CO. LTD.		515,320		729,674
				8,905,128		9,134,601		1.89	%
	Spain:
	7,845	ABERTIS INFRAESTRUCTURAS S.A.		102,995		154,986
	1,260	ACCIONA S.A.(b)		78,312		84,594
	7,760	ACERINOX S.A.		95,129		116,006
	5,299	AMADEUS IT HOLDING S.A., CLASS A		128,322		210,567
	103,161	BANCO BILBAO VIZCAYA ARGENTARIA S.A.		787,415		970,902
	52,763	BANCO DE SABADELL S.A.		136,577		138,226
	19,444	BANCO POPULAR ESPANOL S.A.		75,512		96,273
	202,261	BANCO SANTANDER S.A.		1,458,460		1,691,271
	98,076	BANKIA S.A.(b)		167,891		145,399
	33,767	CAIXABANK S.A.		125,921		175,392
	1,388	CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES S.A.		645,501		506,303
	9,700	DISTRIBUIDORA INTERNACIONAL DE ALIMENTACION S.A.		47,567		65,222
	6,512	ENAGAS S.A.		118,772		206,123
	3,362	FERROVIAL S.A.		50,676		66,244
	10,622	GAS NATURAL SDG S.A.		164,427		267,216
	1,818	GRIFOLS S.A.		52,706		72,370
	72,700	IBERDROLA S.A.		385,685		489,138
	84,315	INDITEX S.A.		2,292,219		2,415,873
	41,424	MAPFRE S.A.		112,854		139,498
	21,941	MELIA HOTELS INTERNATIONAL S.A.		146,843		233,955
	2,839	RED ELECTRICA CORP. S.A.		121,909		249,227
	19,639	REPSOL S.A.		379,635		365,053
	6,246	TECNICAS REUNIDAS S.A.		299,368		273,977
	62,394	TELEFONICA S.A.		864,770		892,481
	4,021	ZARDOYA OTIS S.A.		45,057		44,497
				8,884,523		10,070,793		2.09	%
	Sweden:
	7,400	ASSA ABLOY AB, CLASS B		89,466		391,067
	11,337	ATLAS COPCO AB, CLASS A		121,648		315,590
	6,368	ATLAS COPCO AB, CLASS B		78,834		163,173
	31,182	BULTEN AB		262,010		266,793
	34,110	DUNI AB		300,088		504,997
	7,501	ELECTROLUX AB, CLASS B		95,788		220,089
	8,575	ELEKTA AB, CLASS B		104,728		87,518
	15,793	HENNES & MAURITZ AB, CLASS B		349,564		655,122
	3,700	HEXAGON AB, CLASS B		56,830		114,422
	17,500	HUSQVARNA AB, CLASS B		64,201		128,701
	8,270	INDUSTRIVARDEN AB, CLASS C		85,948		143,639
	3,000	INVESTMENT AB KINNEVIK, CLASS B		51,225		97,294
	10,953	INVESTOR AB, CLASS B		150,033		396,929
	1,045	MILLICOM INTERNATIONAL CELLULAR S.A. SDR		88,132		77,718
	43,747	NORDEA BANK AB		262,992		505,256
	13,730	ORIFLAME COSMETICS S.A. SDR		453,020		189,822
	23,773	SANDVIK AB		201,678		231,470
	13,348	SECURITAS AB, CLASS B		106,689		161,728
	35,236	SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A		139,725		445,718
	2,800	SKANSKA AB, CLASS B		23,703		59,860
	5,793	SKF AB, CLASS B		143,420		121,867
	5,400	SSAB AB, CLASS A(b)		48,129		31,188
	78,705	SVENSKA CELLULOSA AB S.C.A., CLASS B		1,587,366		1,699,714
	11,056	SVENSKA HANDELSBANKEN AB, CLASS A		235,903		516,235
	10,728	SWEDBANK AB, CLASS A		252,261		266,944
	3,023	SWEDISH MATCH AB		101,559		94,290
	9,481	TELE2 AB, CLASS B		115,918		114,779

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
	Sweden (Cont’d):
	58,718	TELEFONAKTIEBOLAGET LM ERICSSON, CLASS B	$	533,417		711,130
	36,666	TELIASONERA AB		193,138		235,797
	21,000	VOLVO AB, CLASS B		127,847		226,797
				6,425,260		9,175,647		1.90	%
	Switzerland:
	91,143	ABB LTD. (REGISTERED)		1,653,847		1,927,829
	24,737	ACE LTD.		1,993,580		2,841,786
	1,367	ACTELION LTD. (REGISTERED)		52,159		157,269
	19,843	ADECCO S.A. (REGISTERED)		869,461		1,359,324
	2,059	ARYZTA A.G.		50,704		158,208
	484	BALOISE HOLDING A.G. (REGISTERED)		26,452		61,814
	93	BANQUE CANTONALE VAUDOISE (REGISTERED)		50,737		50,173
	88	BARRY CALLEBAUT A.G. (REGISTERED)		88,741		90,127
	35	CHOCOLADEFABRIKEN LINDT & SPRUNGLI A.G. (PARTICIPATION CERTIFICATE)		50,308		172,788
	3	CHOCOLADEFABRIKEN LINDT & SPRUNGLI A.G. (REGISTERED)		75,352		172,190
	8,167	CIE FINANCIERE RICHEMONT S.A. (REGISTERED)		550,611		723,411
	21,908	CREDIT SUISSE GROUP A.G. (REGISTERED)		555,076		549,208
	990	GEBERIT A.G. (REGISTERED)		85,632		336,435
	140	GIVAUDAN S.A. (REGISTERED)		76,496		250,328
	189,200	GLENCORE PLC		736,586		870,839
	4,025	HOLCIM LTD. (REGISTERED)		183,971		285,816
	4,134	JULIUS BAER GROUP LTD.		87,890		188,655
	45,240	LOGITECH INTERNATIONAL S.A. (REGISTERED)		392,534		607,573
	897	LONZA GROUP A.G. (REGISTERED)		50,452		101,090
	87,529	NESTLE S.A. (REGISTERED)		3,375,183		6,416,011
	61,842	NOVARTIS A.G. (REGISTERED)		2,791,270		5,687,453
	12,477	PANALPINA WELTTRANSPORT HOLDING A.G. (REGISTERED)		996,903		1,675,134
	8,225	PARGESA HOLDING S.A. (BEARER)		522,376		633,599
	12,406	ROCHE HOLDING A.G. (GENUSSCHEIN)		1,614,189		3,362,528
	1,381	SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE)		108,493		199,269
	589	SCHINDLER HOLDING A.G. (REGISTERED)		68,597		84,478
	1,079	SGS S.A. (REGISTERED)		2,223,657		2,200,019
	77	SIKA A.G. (BEARER)		152,753		225,842
	1,300	SONOVA HOLDING A.G. (REGISTERED)		84,464		190,571
	10,640	STMICROELECTRONICS N.V.		55,625		79,349
	635	SULZER A.G. (REGISTERED)		30,609		67,461
	2,995	SWATCH GROUP (THE) A.G. (BEARER)		1,446,159		1,329,892
	743	SWISS LIFE HOLDING A.G. (REGISTERED)		101,194		175,582
	1,660	SWISS PRIME SITE A.G. (REGISTERED)		125,957		121,631
	4,658	SWISS RE A.G.		362,000		389,750
	459	SWISSCOM A.G. (REGISTERED)		157,641		241,021
	1,427	SYNGENTA A.G. (REGISTERED)		339,691		458,210
	32,298	TE CONNECTIVITY LTD.		587,755		2,042,848
	56,395	UBS GROUP A.G.(b)		905,252		969,413
	4,176	WOLSELEY PLC		70,461		237,733
	2,235	ZURICH INSURANCE GROUP A.G.		358,327		699,874
				24,109,145		38,392,531		7.97	%
	Taiwan:
	671,160	D-LINK CORP.		372,053		391,783
	121,000	GIANT MANUFACTURING CO. LTD.		642,691		1,070,950
	176,000	SIMPLO TECHNOLOGY CO. LTD.		932,483		873,250
	156,486	TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. ADR(d)		2,401,935		3,502,157
	190,000	TRIPOD TECHNOLOGY CORP.		428,387		370,794
				4,777,549		6,208,934		1.29	%
	Thailand:
	843,000	LPN DEVELOPMENT PCL (REGISTERED)		503,455		563,708
	358,100	PRUKSA REAL ESTATE PCL (REGISTERED)		244,466		312,929
				747,921		876,637		0.18	%
	United Kingdom:
	25,248	3I GROUP PLC		88,645		175,469
	13,185	ABERDEEN ASSET MANAGEMENT PLC		49,918		88,064
	89,889	ADMIRAL GROUP PLC		1,676,101		1,840,804

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
	United Kingdom (Cont’d):
	1,020,354	ADVANCED COMPUTER SOFTWARE GROUP PLC	$	1,875,273		2,206,417
	5,755	AGGREKO PLC		166,030		134,082
	100,516	ALENT PLC		496,170		501,497
	50,155	AMEC FOSTER WHEELER PLC		774,558		656,427
	24,964	ANGLO AMERICAN PLC		493,529		461,882
	9,080	ANTOFAGASTA PLC		92,822		105,421
	20,590	ARM HOLDINGS PLC		287,778		317,050
	45,240	ARM HOLDINGS PLC ADR(d)		1,472,829		2,094,612
	64,586	ASHMORE GROUP PLC		355,710		280,012
	4,622	ASHTEAD GROUP PLC		77,679		81,713
	5,043	ASSOCIATED BRITISH FOODS PLC		166,737		245,017
	22,825	ASTRAZENECA PLC		798,636		1,605,639
	59,299	AVIVA PLC		212,664		444,337
	5,239	BABCOCK INTERNATIONAL GROUP PLC		41,807		85,715
	46,467	BAE SYSTEMS PLC		230,164		339,210
	13,290	BALFOUR BEATTY PLC		50,926		43,516
	269,400	BARCLAYS PLC		1,019,431		1,012,809
	13,160	BELLWAY PLC		213,724		395,324
	30,110	BERENDSEN PLC		273,326		513,388
	61,258	BG GROUP PLC		967,887		815,388
	23,170	BOVIS HOMES GROUP PLC		193,551		319,098
	336,758	BP PLC		2,260,533		2,138,325
	30,795	BRITISH AMERICAN TOBACCO PLC		1,148,773		1,673,210
	11,630	BRITISH LAND (THE) CO. PLC		61,579		139,712
	143,369	BT GROUP PLC		523,985		889,972
	5,069	BUNZL PLC		39,524		138,180
	68,102	BURBERRY GROUP PLC		1,468,017		1,725,610
	16,980	CAPITA PLC		162,367		284,571
	13,691	CARPHONE WAREHOUSE GROUP PLC		84,128		98,611
	92,189	CENTRICA PLC		340,421		396,777
	24,375	CNH INDUSTRIAL N.V.		141,398		196,497
	28,496	COBHAM PLC		93,701		142,890
	210,376	COMPASS GROUP PLC		1,296,438		3,585,716
	2,950	CRODA INTERNATIONAL PLC		101,220		121,552
	268,760	DEBENHAMS PLC		325,200		312,706
	82,520	DEVRO PLC		362,296		390,345
	73,493	DIAGEO PLC		1,001,558		2,107,862
	14,844	DIGNITY PLC		263,151		442,812
	142,245	DIPLOMA PLC		1,049,766		1,570,278
	32,144	DIRECT LINE INSURANCE GROUP PLC		123,935		144,980
	95	DRAX GROUP PLC		544		675
	2,272	EASYJET PLC		52,680		58,643
	10,222	FIAT CHRYSLER AUTOMOBILES N.V.(b)		27,207		118,371
	34,018	FRIENDS LIFE GROUP LTD.		144,933		192,326
	21,685	G4S PLC		77,070		93,323
	32,712	GKN PLC		101,683		173,510
	88,301	GLAXOSMITHKLINE PLC		1,353,348		1,889,203
	101,170	GREGGS PLC		781,008		1,148,446
	17,505	HAMMERSON PLC		69,535		163,610
	104,290	HOMESERVE PLC		364,770		545,295
	335,233	HSBC HOLDINGS PLC		2,323,658		3,168,111
	81,929	IG GROUP HOLDINGS PLC		612,506		913,182
	2,476	IMI PLC		52,347		48,471
	18,792	IMPERIAL TOBACCO GROUP PLC		441,174		822,960
	41,477	INDIVIOR PLC(b)		69,421		96,581
	11,958	INMARSAT PLC		92,794		148,189
	1,678	INTERCONTINENTAL HOTELS GROUP PLC		52,076		67,241
	32,745	INTERNATIONAL CONSOLIDATED AIRLINES GROUP S.A.(b)		90,834		242,377
	2,722	INTERTEK GROUP PLC		108,909		98,669
	6,025	INTU PROPERTIES PLC		21,274		31,157
	687,159	ITE GROUP PLC		2,554,971		1,713,346
	40,973	ITV PLC		90,693		136,496
	29,306	J SAINSBURY PLC		141,007		111,414
	3,841	JOHNSON MATTHEY PLC		85,088		201,361
	42,914	KINGFISHER PLC		109,517		226,140
	133,080	LAIRD PLC		465,719		638,545

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares		Security	Cost		Fair value (a)		Percent of net assets
	United Kingdom (Cont’d):
	15,511	LAND SECURITIES GROUP PLC	$	113,585		277,552
	76,900	LEGAL & GENERAL GROUP PLC		203,240		295,359
	271	LIBERTY GLOBAL PLC, CLASS A(b)		12,461		13,606
	669	LIBERTY GLOBAL PLC, SERIES C(b)		29,576		32,319
	2,013,775	LLOYDS BANKING GROUP PLC(b)		1,667,432		2,378,001
	6,030	LONDON STOCK EXCHANGE GROUP PLC		69,795		207,169
	449,800	MAN GROUP PLC		638,904		1,112,938
	25,083	MARKS & SPENCER GROUP PLC		101,882		185,194
	309,051	MEARS GROUP PLC		1,592,404		1,801,939
	13,587	MEGGITT PLC		60,745		108,606
	13,437	MELROSE INDUSTRIES PLC		52,258		55,289
	58,002	NATIONAL GRID PLC		577,740		826,866
	3,200	NEXT PLC		86,367		337,523
	96,618	OLD MUTUAL PLC		133,905		284,145
	17,030	PEARSON PLC		231,527		313,270
	2,408	PERSIMMON PLC(b)		52,915		58,904
	6,290	PETROFAC LTD.		120,064		68,219
	40,642	PRUDENTIAL PLC		617,594		935,259
	126,222	QINETIQ GROUP PLC		220,779		367,350
	2,341	RANDGOLD RESOURCES LTD.		150,411		158,394
	41,477	RECKITT BENCKISER GROUP PLC		3,002,452		3,346,005
	21,004	REED ELSEVIER N.V.		272,359		501,969
	163,258	REED ELSEVIER PLC		1,280,530		2,777,572
	10,746	REXAM PLC		57,562		75,548
	44,200	RIGHTMOVE PLC		1,610,114		1,538,824
	7,202	RIO TINTO LTD.		402,208		337,826
	20,340	RIO TINTO PLC		890,650		937,115
	33,377	ROLLS-ROYCE HOLDINGS PLC		497,076		449,623
	20,800	ROTORK PLC		903,523		748,493
	417,869	ROYAL BANK OF SCOTLAND GROUP PLC(b)		2,373,403		2,536,682
	7,055	ROYAL MAIL PLC		51,348		46,979
	12,917	RSA INSURANCE GROUP PLC(b)		94,770		86,931
	15,612	SABMILLER PLC		708,109		807,956
	20,657	SAGE GROUP (THE) PLC		74,323		148,966
	8,660	SAVILLS PLC		53,120		91,304
	10,277	SEGRO PLC		36,889		58,910
	139,395	SERCO GROUP PLC		651,134		346,650
	4,954	SEVERN TRENT PLC		76,220		153,598
	18,980	SKY PLC		142,985		264,168
	18,823	SMITH & NEPHEW PLC		151,602		345,579
	5,478	SMITHS GROUP PLC		80,025		92,716
	4,369	SPORTS DIRECT INTERNATIONAL PLC(b)		53,128		47,916
	16,949	SSE PLC		293,983		425,499
	31,024	STANDARD CHARTERED PLC		418,962		465,267
	48,103	STANDARD LIFE PLC		131,737		296,335
	689,878	TESCO PLC		3,300,612		2,007,491
	1,868	TRAVIS PERKINS PLC		52,605		53,780
	22,129	TSB BANKING GROUP PLC(b)(e)		101,184		95,663
	8,792	TULLOW OIL PLC		101,958		55,629
	26,076	UNILEVER N.V. - CVA		863,492		1,024,337
	24,244	UNILEVER PLC		545,190		984,809
	26,359	UNILEVER PLC ADR(d)		631,457		1,067,012
	10,541	UNITED UTILITIES GROUP PLC		80,109		149,376
	256,900	VECTURA GROUP PLC(b)		364,176		510,146
	2,343	VEDANTA RESOURCES PLC		35,450		20,690
	118,639	VESUVIUS PLC		588,138		824,277
	484,417	VODAFONE GROUP PLC		1,593,934		1,659,835
	3,239	WEIR GROUP (THE) PLC		94,600		92,707
	2,849	WHITBREAD PLC		65,613		210,248
	8,611	WILLIAM HILL PLC		52,153		48,425
	51,312	WM MORRISON SUPERMARKETS PLC		206,637		146,032
	25,749	WPP PLC		191,382		534,193
				63,119,137		80,542,122		16.71	%
	United States:
	75,947	APPLIED MATERIALS, INC.		1,325,523		1,892,599
	33,092	ARCH CAPITAL GROUP LTD.(b)		650,221		1,955,737
	24,880	AXIS CAPITAL HOLDINGS LTD.		938,631		1,271,119

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares			Security	Cost		Fair value (a)		Percent of net assets
United States (Cont’d):
	4,351		CARNIVAL PLC	$	131,345		196,455
	2,477		CATAMARAN CORP.(b)		112,176		128,178
	49,124		COCA-COLA ENTERPRISES, INC.		1,541,074		2,172,264
	157,653		FLEXTRONICS INTERNATIONAL LTD.(b)		1,057,465		1,762,560
	16,540		STEINER LEISURE LTD.(b)		783,275		764,314
	8,041		THOMSON REUTERS CORP.		206,631		324,395
					6,746,341		10,467,621		2.17	%
		Sub-total Common Stocks:			355,415,156		458,990,201		95.24	%
Master Limited Partnerships:
United States:
	51,339		LAZARD LTD., CLASS A		1,479,020		2,568,490
					1,479,020		2,568,490		0.53	%
		Sub-total Master Limited Partnerships:			1,479,020		2,568,490		0.53	%
Preferred Stocks:
Germany:
	1,521		BAYERISCHE MOTOREN WERKE A.G.		49,612		124,830
	3,500		DRAEGERWERK A.G. & CO. KGAA		397,095		355,142
	2,072		HENKEL A.G. & CO. KGAA		181,473		224,138
	3,478		PORSCHE AUTOMOBIL HOLDING S.E.		159,145		282,591
	2,770		RWE A.G. (NON VOTING)		76,994		62,976
	2,472		VOLKSWAGEN A.G.		552,028		552,175
					1,416,347		1,601,852		0.33	%
South Korea:
	193		SAMSUNG ELECTRONICS CO. LTD.		167,351		180,590
					167,351		180,590		0.04	%
		Sub-total Preferred Stocks			1,583,698		1,782,442		0.37	%
Rights:
Austria:
	10,586		IMMOEAST A.G.(b)(c)		-		-
					-		-		0.00	%
France:
	2		GROUPE FNAC(b)		-		11
					-		11		0.00	%
South Korea:
	10,454		DGB FINANCIAL GROUP, INC.(b)		-		16,549
					-		16,549		0.00	%
United Kingdom:
	3,371		APA GROUP(b)		-		2,339
					-		2,339		0.00	%
		Sub-total Rights			-		18,899		0.00	%
Warrants:
France:
	12,969		PEUGEOT S.A.
			EXP. 4/29/17, STRIKE $6.43(b)		-		22,112
					-		22,112		0.01	%
		Sub-total Warrants			-		22,112		0.01	%

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014


Shares			Security	Cost		Fair value (a)		Percent of net assets
Investment Companies:
United States:
	19,400		ISHARES MSCI EAFE SMALL-CAP ETF	$	878,588		906,174
					878,588		906,174		0.19	%
		Sub-total Investment Companies			878,588		906,174		0.19	%
Short-Term Investments:
	16,787,523		NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT SELECT PORTFOLIO, 0.01%(f)		16,787,523		16,787,523
		Sub-total Short-Term Investments:			16,787,523		16,787,523		3.48	%
			Grand total(g)	$	376,143,985		481,075,841		99.82	%

	(a)	Investments are valued in accordance with procedures described in note 2 to the financial statements.
	(b)	Non-income producing assets.
	(c)	Security has been deemed worthless and is a Level 3 investment.
	(d)	Securities are American Depositary Receipts of companies based outside of the United States representing 2.38% of net assets as of December 31, 2014.
	(e)	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or brokers, or, if not available, in accordance with procedures established by the Board of Trustees.
	(f)	The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2013, the value of the Clearwater International Fund’s investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was approximately $17,465,003 with net sales of approximately $677,480 during the fiscal year ended December 31, 2014.
	(g)	At December 31, 2014, the cost for Federal income tax purposes was $378,319,708. The aggregate gross unrealized appreciation and depreciation of investments in securities based on this cost was as follows:


Gross unrealized appreciation	$	124,149,675
Gross unrealized depreciation		(21,393,542	)
Net unrealized appreciation	$	102,756,133

At December 31, 2014, the industry sectors for the Clearwater International Fund were:


Industry Sector	Percent of Long-Term Investments
Consumer Discretionary		17.99	%
Consumer Staples		10.35
Energy		5.25
Financials		21.24
Health Care		9.64
Industrials		15.01
Information Technology		10.38
Materials		5.68
Telecommunication Services		2.60
Utilities		1.86
		100.00	%

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments - Clearwater International Fund

December 31, 2014

At December 31, 2014, the Clearwater International Fund’s investments were denominated in the following currencies:


Concentration by Currency	Percent of Long-Term Investments
Euro		20.23	%
British Pound		18.05
Japanese Yen		14.03
United States Dollar		11.00
Canadian Dollar		6.93
Swiss Franc		6.83
Hong Kong Dollar		6.66
Australian Dollar		5.71
All other currencies less than 5%		10.56
		100.00	%

At December 31, 2014, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:


Contracts To Deliver Currency	Amount (Local Currency)	In Exchange For Currency	Amount (Local Currency)	Settlement Date	Unrealized Gains (Losses)			Counterparty
Japanese Yen	376,474,272	United States Dollar	3,688,393	2/13/15	$	544,169		Northern Trust
Japanese Yen	15,098,441	United States Dollar	139,765	2/13/15		13,666		Northern Trust
Japanese Yen	21,258,338	United States Dollar	187,606	2/13/15		10,061		Northern Trust
Japanese Yen	18,808,240	United States Dollar	155,040	2/13/15		(2,042	)	Northern Trust
United States Dollar	246,446	Japanese Yen	26,899,872	2/13/15		(21,785	)	Northern Trust
United States Dollar	280,061	Japanese Yen	29,945,249	2/13/15		(29,966	)	Northern Trust
					$	514,103

See accompanying notes to the financial statements.

(Continued)

CLEARWATER INVESTMENT TRUST

Schedule of Investments – Clearwater International Fund

December 31, 2014

See accompanying notes to the financial statements

(Continued)


	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)

	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:		December 31, 2014

		2014	2013

(a)	Audit Fees	$100,635	$92,354

(b)	Audit-Related Fees	$0	$0

(c)	Tax Fees1	$54,400	$29,700

(d)	All Other Fees	$0	$0

		1	Tax Fees are the aggregate amount billed by the Trust's principal accountant for tax compliance, tax advice, international tax reclaim filings and tax planning during the fiscal year.

(e)

	1.	The audit committee has not adopted pre-approval policies and procedures regarding the provision of audit or non-audit services to the trust, as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X, as the audit committee requires that all such services be approved by them in advance.

	2.	No services were pre-approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)	Not applicable.

(g)	Non-Audit Related Fees Provided to the Trust or to the Trust’s Investment Adviser.


	(h)	For the most recent fiscal year, the Audit Committee has determined that the provision of non-audit services to Clearwater Management Company and its affiliates was compatible with maintaining the principal accountant’s independence.

	(a)	The Trust’s principal executive officer and principal financial officer has concluded that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under 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 and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended) as of a date within 90 days of the filing date of this document.

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

	(a)(1)	Code of Ethics pursuant to Item 2 of Form N-CSR.

	(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.

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


	Clearwater Investment Trust

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

	Date: March 5, 2015