# EDGAR Filing Document

**Accession Number:** 0000811161
**File Stem:** 0002066578-26-000856
**Filing Date:** 2026-3
**Character Count:** 452020
**Document Hash:** 2318c7c672d627e9b82152d5dbf8c86f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000856.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0002066578-26-000856

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CLEARWATER INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000811161

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05038
- **FILM NUMBER:** 26724921

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 WELLS FARGO PLACE
- **STREET 2:** 30 EAST 7TH STREET
- **CITY:** ST PAUL
- **STATE:** MN
- **ZIP:** 55101-4930
- **BUSINESS PHONE:** 651-228-0935

**MAIL ADDRESS:**
- **STREET 1:** 2000 WELLS FARGO PLACE
- **STREET 2:** 30 EAST 7TH STREET
- **CITY:** ST PAUL
- **STATE:** MN
- **ZIP:** 55101

## Series and Classes Contracts Data

### Clearwater Core Equity Fund (Series ID: S000000697)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000002050 | Clearwater Core Equity Fund | QWVPX           |

### Clearwater Select Equity Fund (Series ID: S000000698)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000002051 | Clearwater Select Equity Fund | QWVOX           |

### Clearwater Tax-Exempt Bond Fund (Series ID: S000000699)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000002052 | Clearwater Tax-Exempt Bond Fund | QWVQX           |

### CLEARWATER INTERNATIONAL FUND (Series ID: S000024756)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000073549 | CLEARWATER INTERNATIONAL FUND | QCVAX           |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-05038

#### Clearwater Investment Trust
(Exact name of registrant as specified in charter)

------

2000 Wells Fargo Place, 30 E. 7th Street

Saint Paul, Minnesota 55101-4930

(Address of principal executive offices) (Zip code)

Jason K. Mitchell

Fiduciary Counselling, Inc.

2000 Wells Fargo Place, 30 E. 7th Street

Saint Paul, Minnesota 55101-4930

Copy to:

John V. O'Hanlon, Esq.

Dechert LLP

One International Place, 40th Floor

100 Oliver Street

Boston, Massachusetts 02110

(Name and address of agent for service)

#### Registrant's telephone number, including area code:

#### 651-228-0935

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### December 31, 2025

#### Item 1. Reports to Stockholders.
(a) The Annual Report to Shareholders is filed herewith.

(b) Not Applicable.

Clearwater Core Equity Fund

TICKER: QWVPX

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Clearwater Core Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Clearwater. You can also request this information by contacting us at (855) 684-9144.

 **This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 Investment | Cost of $10,000 investment as a percentage |
| Core Equity Fund | $24 | 0.22% |

---

#### Management's Discussion of Fund Performance
2025 Market Overview:

* Domestic large capitalization equities, as defined by the Russell 1000<sup>®</sup> Index, the Fund's performance benchmark (the "benchmark"), increased 17.4% in 2025. 

* Despite finishing the year with strong returns, the U.S. market displayed significant volatility, particularly in the first half of the year. Markets retracted significantly on April 2<sup>nd</sup> when the liberation day tariffs were announced, but throughout the rest of the year, equities shrugged off the impact and ended the year with strong returns once again for the third year in a row. 

* Strong market performance was mainly driven by the resilient U.S. economy with declining inflation metrics and the U.S. Federal Reserve softening its monetary policy again in 2025. 

* Large cap growth stocks, particularly the mega-cap technology stocks, outperformed their value counterparts again in 2025, as measured by the Russell 1000<sup>®</sup> Growth Index and the Russell 1000<sup>®</sup> Value Index. 

* All sectors posted positive returns with the Communication Services, Information Technology, and Industrials sectors demonstrating significant gains. 

2025 Performance:

* The Core Equity Fund returned 19.4%, net of fees, in 2025 compared to an increase of 17.4% for the benchmark. 

* Parametric Portfolio Associates LLC ("Parametric"), the subadviser that follows a tax-managed passive strategy, generated performance in line with the benchmark in 2025. 

* The active subadviser, AQR Capital Management, LLC, generated significant outperformance versus the benchmark in 2025. 

* From a Fund-level perspective, stock selection was the largest contributor to the Fund's outperformance relative to the benchmark. 

* Sector positioning contributed slightly to the Fund's returns relative to the benchmark due to underweight positions in the Real Estate, Energy and Materials sectors, and overweight positions in the Financials and Information Technology sectors. 

* The stock selection contribution to the Fund's outperformance was widespread across nearly all sectors—excluding Real Estate and Telecommunication Services—with the largest contributing sectors being Information Technology and Industrials. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_3281212.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 year | 5 year | 10 year |
| Core Equity Fund | 19.40% | 14.91% | 14.44% |
| Russell 1000<sup>®</sup> Index | 17.37% | 13.59% | 14.59% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://connect.rightprospectus.com/Clearwater for the most recent performance information. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1443710374 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;523 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after waiver/reimbursement)** | &nbsp;&nbsp;&nbsp;&nbsp;$2743052 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| NVIDIA Corp. | 7.29% |
| Apple, Inc. | 6.17% |
| Microsoft Corp. | 5.49% |
| Alphabet, Inc., Class A | 3.44% |
| Amazon.com, Inc. | 3.26% |
| Meta Platforms, Inc., Class A | 2.67% |
| Broadcom, Inc. | 2.61% |
| Tesla, Inc. | 1.96% |
| Alphabet, Inc., Class C | 1.61% |
| Berkshire Hathaway, Inc., Class B | 1.59% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3281202.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at https://connect.rightprospectus.com/Clearwater or upon special request at (855) 684-9144.

Clearwater Management Co., Inc. voluntarily agreed to waive a portion of the Fund's management fee to achieve an effective management fee rate equal to 0.22% and 0.21% of average daily net assets effective April 1, 2025 and July 1, 2025, respectively.

Availability of Additional Information

![TSR - QR Code](images_8090.jpg)

Scan the QR code at left or visit https://connect.rightprospectus.com/Clearwater to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at (855) 684-9144.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (855) 684-9144 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

CLEARWATER INVESTMENT TRUST

Clearwater Select Equity Fund

TICKER: QWVOX

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Clearwater Select Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Clearwater. You can also request this information by contacting us at (855) 684-9144.

 **This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 Investment | Cost of $10,000 investment as a percentage |
| Select Equity Fund | $95 | 0.93% |

---

#### Management's Discussion of Fund Performance
2025 Market Overview:

* Domestic small capitalization equities, as defined by the Russell 2000<sup>®</sup> Index, the Fund's performance benchmark (the "benchmark"), increased by 12.8% in 2025. 

* Markets retracted significantly on April 2<sup>nd</sup> when the liberation day tariffs were announced, but throughout the rest of the year, equities shrugged off the impact and ended the year with strong returns once again for the third year in a row. 

* Strong market performance was mainly driven by the resilient U.S. economy with declining inflation metrics and the U.S. Federal Reserve softening its monetary policy again in 2025. 

* The U.S. small cap market was driven by lower-quality stocks demonstrated by the outperformance of the benchmark compared to the S&P 600<sup>®</sup> Index which screens for higher quality stocks that are profitable. 

* The Telecommunication Services, Materials and Health Care sectors experienced significant gains, while Energy, Consumer Staples, and Real Estate sectors posted negative returns in 2025. 

2025 Performance:

* The Select Equity Fund increased 4.1%, net of fees, during 2025 compared to an increase of 12.8% for the benchmark. 

* The Fund's underperformance was driven by broad-based underperformance from all of the Fund's active managers as they all have a bias towards higher quality stocks, which underperformed lower quality. Parametric, the subadviser that follows a tax-managed passive strategy, also slightly underperformed the Fund's benchmark. 

* From a Fund-level perspective, poor stock selection more than offset positive sector positioning, driving the Fund's underperformance. 

* Sector positioning contributed positively to the Fund's returns relative to the benchmark due to underweight positions in the Energy, Real Estate and Financials sectors, and overweight positions in the Industrials and Telecommunication Services sectors. 

* Negative stock selection within the Health Care, Materials, Information Technology and Consumer Discretionary sectors lead to the Fund's significant underperformance relative to the benchmark. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_3281085.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 year | 5 year | 10 year |
| Select Equity Fund | 4.14% | 3.68% | 7.19% |
| Russell 3000<sup>®</sup> Index\* | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Index | 12.81% | 6.09% | 9.62% |

---

 **\*** **The Fund has included the returns of the Russell 3000<sup>®</sup> Index, which represents a broad measure of market performance, to comply with regulatory requirements.*

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://connect.rightprospectus.com/Clearwater for the most recent performance information. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$451963096 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;904 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after waiver/reimbursement)** | &nbsp;&nbsp;&nbsp;&nbsp;$4054980 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;183% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Gildan Activewear, Inc. | 1.62% |
| Columbia Banking System, Inc. | 1.21% |
| White Mountains Insurance Group Ltd. | 1.21% |
| WSFS Financial Corp. | 1.16% |
| Amicus Therapeutics, Inc. | 1.05% |
| MKS, Inc. | 1.04% |
| H.B. Fuller Co. | 1.04% |
| Ryman Hospitality Properties, Inc. | 1.03% |
| Commerce Bancshares, Inc. | 1.01% |
| Enerpac Tool Group Corp. | 0.99% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3281095.jpg)

#### Material Fund Changes
This is a summary of certain changes and planned changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at https://connect.rightprospectus.com/Clearwater or upon special request at (855) 684-9144.

Clearwater Management Co., Inc. voluntarily agreed to waive a portion of the Fund's management fee to achieve an effective management fee rate equal to 0.94%, 0.93% and 0.80% of average daily net assets effective April 1, 2025, July 1, 2025 and January 1, 2026, respectively.

In addition, on December 11, 2025, the Board of Trustees approved the termination of Pzena Investment Management LLC and Wasatch Global Investors as subadvisers to the Fund.

Availability of Additional Information

![TSR - QR Code](images_8090.jpg)

Scan the QR code at left or visit https://connect.rightprospectus.com/Clearwater to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at (855) 684-9144.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (855) 684-9144 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

CLEARWATER INVESTMENT TRUST

Clearwater Tax-Exempt Bond Fund

TICKER: QWVQX

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Clearwater Tax-Exempt Bond Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Clearwater. You can also request this information by contacting us at (855) 684-9144.

 **This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 Investment | Cost of $10,000 investment as a percentage |
| Tax-Exempt Bond Fund | $29 | 0.28% |

---

#### Management's Discussion of Fund Performance
2025 Market Overview:

* As defined by the Fund's performance benchmark, the Bloomberg Municipal Bond 5 Year (4-6) Index (the "benchmark"), intermediate duration municipal bonds posted a 5.0% gain in 2025. 

* Tax-exempt municipal bonds delivered solid returns in 2025, driven by a strong second half of the year. 

* The U.S. Federal Reserve paused their rate cutting to open the year, amid tariff uncertainty, before continuing its easing cycle in September given concern the labor market was weakening. 

* The U.S. Federal Reserve cut short-term interest rates three times for a total of 75 basis points to make policy less restrictive. As a result, U.S. Treasury yields were mixed for the year with ultrashort yields steadily declining to close the year down ~65 basis points, short and intermediate yields declining to end the year down ~40-75 basis points, and long yields ending the year up slightly. The net result was a much steeper yield curve at the end of the year. 

* The tax-exempt municipal yield curve steepened as well, although the path was very different. Short and intermediate municipal yields peaked in April, before declining dramatically throughout the remainder of the year to close 30-45 basis points lower. 

* Long municipal yields peaked in April as well, then rallied to a lesser degree to close the year up 30 basis points. 

* Total municipal bond issuance in 2025 was $575 billion, more than 13% greater than the prior year. This set a new annual record and was still comfortably absorbed by the market. 

* Credit spreads widened slightly throughout the year, but municipal credit quality largely remained sound. 

* Further, 80% of states reported general fund revenue collections meeting or exceeding original estimates in 2025 and budget forecasts expect continued increases in 2026 for a fourth consecutive year. 

2025 Performance:

* The Tax-Exempt Bond Fund increased 5.0%, net of fees, in 2025 consistent with the Fund's benchmark. 

* The Fund's performance was driven by solid performance from both Sit Fixed Income Advisors II, LLC and MacKay Shields, LLC. 

* The Fund's duration, a measure of the Fund's sensitivity to changes in interest rates, ended the year at 6.0 years, which was slightly longer than the start of the year at 5.6 years. For comparison, the duration of the Fund's benchmark remained steady from the beginning of the year and remained at 3.7 years as of December 31, 2025. 

* The Fund's performance was, in part, driven by a larger weighting of short and long duration bonds relative to the benchmark. 

* Credit quality was also a primary driver of the Fund's performance, as high yield bonds, which are a greater percentage of the portfolio than the benchmark, outperformed high grade bonds. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_3281157.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 year | 5 year | 10 year |
| Tax-Exempt Bond Fund | 5.00% | 1.57% | 3.19% |
| Bloomberg Municipal Bond Index\* | 4.25% | 0.80% | 2.34% |
| Bloomberg Municipal Bond 5 Year (4-6) Index | 5.03% | 1.05% | 1.93% |

---

 **\*** **The Fund has included the returns of the Bloomberg Municipal Bond Index, which represents a broad measure of market performance, to comply with regulatory requirements.*

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://connect.rightprospectus.com/Clearwater for the most recent performance information. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$830397646 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;796 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after waiver/reimbursement)** | &nbsp;&nbsp;&nbsp;&nbsp;$2254244 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 0.62% |
| MISSISSIPPI ST HOME CORP SF MTGE REVENUE | 0.61% |
| TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 0.61% |
| MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 0.53% |
| UTAH ST HSG CORP | 0.50% |
| GEORGIA ST HSG & FIN AUTH REVENUE | 0.49% |
| NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 0.48% |
| MINNESOTA ST HSG FIN AGY | 0.48% |
| NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 0.48% |
| TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 0.44% |

---

State Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3281167.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at https://connect.rightprospectus.com/Clearwater or upon special request at (855) 684-9144.

Clearwater Management Co., Inc. voluntarily agreed to waive a portion of the Fund's management fee to achieve an effective management fee rate equal to 0.28% of average daily net assets effective July 1, 2025.

Availability of Additional Information

![TSR - QR Code](images_8090.jpg)

Scan the QR code at left or visit https://connect.rightprospectus.com/Clearwater to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at (855) 684-9144.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (855) 684-9144 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

CLEARWATER INVESTMENT TRUST

Clearwater International Fund

TICKER: QCVAX

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about the Clearwater International Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Clearwater. You can also request this information by contacting us at (855) 684-9144.

 **This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 Investment | Cost of $10,000 investment as a percentage |
| International Fund | $83 | 0.75% |

---

#### Management's Discussion of Fund Performance
2025 Market Overview:

* As defined by the Fund's performance benchmark, the MSCI World Ex U.S.A. Index - Net Dividends (the "benchmark"), international developed market large and mid-capitalization stocks increased by 31.9% in 2025. 

* Strong developed international market performance was mainly driven by a significant weakening of the U.S. dollar, generally positive economic growth despite geopolitical tensions, and a surge in Artificial Intelligence investments. 

* Value stocks significantly outperformed growth stocks in the international developed markets as measured by the MSCI World Ex U.S.A. Value Index - Net Dividends and the MSCI World Ex U.S.A. Growth Index - Net Dividends. 

* International large capitalization stocks slightly outperformed international small capitalization stocks, as measured by the Fund's benchmark and the MSCI World Ex U.S.A. Small Cap Index - Net Dividends. 

2025 Performance:

* The International Fund increased 22.2%, net of fees, in 2025 compared to an increase of 31.9% for the benchmark. 

* The Fund's underperformance was driven by broad-based underperformance from all of the Fund's active managers and strategies. Parametric, the subadviser that follows a tax-managed passive strategy, also slightly underperformed the Fund's benchmark. 

* From a Fund-level perspective, sector positioning and stock selection both drove the Fund's underperformance in 2025. 

* Sector positioning detracted to the Fund's returns relative to the benchmark in every sector besides Health Care, Industrials, and Energy. 

* Stock selection within the Financials, Consumer Staples, and Materials sectors also detracted the Fund's returns relative to the benchmark. 

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund. It assumes a $10,000 initial investment.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](chartimages_3281140.jpg)

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns | 1 year | 5 year | 10 year |
| International Fund | 22.21% | 7.46% | 9.13% |
| MSCI World Ex U.S.A. Index - Net Dividends | 31.85% | 9.46% | 8.55% |

---

 **Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.**

Visit https://connect.rightprospectus.com/Clearwater for the most recent performance information. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1173848792 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;504 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after waiver/reimbursement)** | &nbsp;&nbsp;&nbsp;&nbsp;$8568902 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;74% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| Siemens Energy A.G. | 1.82% |
| Glenveagh Properties PLC | 1.80% |
| Samsung Electronics Co. Ltd. | 1.78% |
| UBS Group A.G. (Registered) | 1.77% |
| Arch Capital Group Ltd. | 1.76% |
| Safran S.A. | 1.68% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.64% |
| Rolls-Royce Holdings PLC | 1.52% |
| Novartis A.G. (Registered) | 1.32% |
| Danone S.A. | 1.32% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_3281130.jpg)

#### Material Fund Changes
This is a summary of certain changes and planned changes to the Fund since January 1, 2025. For more comprehensive information, you may review the Fund's next prospectus, which we expect to be available by April 30, 2026 at https://connect.rightprospectus.com/Clearwater or upon special request at (855) 684-9144.

Clearwater Management Co., Inc. voluntarily agreed to waive a portion of the Fund's management fee to achieve an effective management fee rate equal to 0.76%, 0.75% and 0.76% of average daily net assets effective April 1, 2025, July 1, 2025 and January 1, 2026, respectively.

Availability of Additional Information

![TSR - QR Code](images_8090.jpg)

Scan the QR code at left or visit https://connect.rightprospectus.com/Clearwater to view additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information. You may also request this information by contacting us at (855) 684-9144.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (855) 684-9144 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

CLEARWATER INVESTMENT TRUST

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
As of December 31, 2025, the Board of Trustees of Clearwater Investment Trust (the "Trust") has adopted a code of ethics that applies to the Trust's President/Principal Executive Officer and Treasurer/Principal Financial Officer ("Code of Ethics"). For the fiscal year ended December 31, 2025, there were no amendments to any provision of the Code of Ethics, nor were there any waivers granted from a provision of the Code of Ethics.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
The Board of Trustees of the Trust consists of eight members, six of whom are Independent Trustees as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The Board of Trustees does not include an "audit committee financial expert" (as defined in Item 3 of Form N-CSR). Given the restrictive nature of the definition of an "audit committee financial expert," the Board of Trustees has determined that no current member of the Board of Trustees of the Trust qualifies as an "audit committee financial expert." Furthermore, the Board of Trustees has determined that given the nature of investment company financial statements in general and the investment policies of the Trust's fund offerings in particular that the Independent Trustees possess the necessary skills and experience to perform the functions of the Audit Committee.

------

#### Item 4. Principal Accountant Fees and Services.
Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $132,950 and $138,250 for 2024 and 2025, respectively.

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 and $0 for 2024 and 2025, respectively.

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $70,375 and $85,478 for 2024 and 2025, respectively. Tax fees are related to tax services in connection with the Funds' excise tax calculations and review of the Funds' applicable tax returns in 2024, and excise tax calculations, shareholder reporting preparation, Passive Foreign Investment Companies identification services, and preparation of the Funds' applicable tax returns in 2025.

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 and $0 for 2024 and 2025, respectively.

(e)(1) The audit committee has 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.

The policies and procedures provide that, if pre-approval of non-audit services is requested other than at a regularly scheduled Audit Committee Meeting, Fund management shall present such request to the Audit Committee Chair, or committee member if a Chair is not designated, for review of the proposal and determination if a special session of the Audit Committee is required. If the Chair or member determines the request requires a special session, the Audit Committee Chair will call a session per standard protocols and invite non-members as required. If the request is deemed in adherence to the independence of the auditor and to the benefit of the Fund, the Chair or designee may grant the pre-approval without a special session.

The Chair, designee or Audit Committee shall review the purpose, terms and risks of the request in addition to assurances of maintaining auditor independence and adherence to Regulation S-X, paragraph (c)(7) of Rule 2-01. If the pre-approval request is approved, the request will be presented at the next regularly scheduled Audit Committee for ratification.

(e)(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 are $18,600 and $19,400 for 2024 and 2025, respectively.

(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.

(i) Not applicable.

(j) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Investments.
(a) Schedule of Investments is included as part of the Financial Statements filed under Item 7 of this report on Form N-CSR.

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The Financial Statements are filed herewith.

(b) The Financial Highlights are filed herewith.

------

**CLEARWATER INVESTMENT TRUST**

*Clearwater Core Equity Fund*

*Clearwater Select Equity Fund*

*Clearwater Tax-Exempt Bond Fund*

*Clearwater International Fund*

Annual Financial Statements and Additional Information

for the year ended

December 31, 2025

------

**Clearwater Investment Trust**

Financial Statements

For the Year Ended December 31, 2025

**Table of Contents**

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| | |
|:---|:---|
| 1 | [Federal Tax Information (unaudited)](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_FTI-FederalTaxInformation-TOC_1) |
| 2 | [Report of Independent Registered Public Accounting Firm](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_ROPAF2-AuditReportTOC_1) |
| 3 | [Statements of Assets and Liabilities](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_FIN-StatementofAssetsandLiabilities_1) |
| 4 | [Statements of Operations](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_FIN-StatementofAssetsandLiabilities_2) |
| 5 | [Statements of Changes in Net Assets](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_FIN-StatementofAssetsandLiabilities_3) |
| 6 | [Financial Highlights](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_FIN-StatementofAssetsandLiabilities_4) |
| 10 | [Notes to Financial Statements](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_NTF-NotestoFinancialStatements_1) |
| 30 | [Schedules of Investments](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_SOI-ScheduleofInvestments-433_1) |
| 30 | *[Core Equity Fund](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_SOI-ScheduleofInvestments-433_1)* |
| 39 | *[Select Equity Fund](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_SOI-ScheduleofInvestments-433_10)* |
| 54 | *[Tax-Exempt Bond Fund](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_SOI-ScheduleofInvestments-433_25)* |
| 77 | *[International Fund](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_SOI-ScheduleofInvestments-433_48)* |
| 88 | [Changes in and Disagreements with Accountants for Open-End Management](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_CAD-TOC-ChangesinandDisagreements_1)<br> [Investment Companies](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_CAD-TOC-ChangesinandDisagreements_1)<br>|
| 89 | [Proxy Disclosures for Open-End Management Investment Companies](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_SMR-SMR-TOC_1) |
| 90 | [Remuneration Paid to Directors, Officers, and Others of Open-End Management](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_RPD-TOC-RemunerationPaidtoDirectors_1)<br> [Investment Companies](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_RPD-TOC-RemunerationPaidtoDirectors_1)<br>|
| 91 | [Statement Regarding Basis for Approval of Investment Management and](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_ASA-ASA-TOC_1)<br> [Subadvisory Agreements](#xx_aeb556ee-466b-40bd-8bee-db747d7d37f9_ASA-ASA-TOC_1)<br>|

---

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**Federal Tax Information**

(unaudited)

***Qualified Dividend Income.*** Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act"), 100.00% of ordinary dividends paid during the year ended December 31, 2025 for the Core Equity Fund, 100.00% of ordinary dividends paid during the year ended December 31, 2025 for the Select Equity Fund and 58.04% of ordinary dividends paid during the year ended December 31, 2025 for the International Fund are designated as "qualified dividend income", as defined in the Act, subject to reduced tax rates in 2025.

***Corporate Dividends-Received Deduction.*** 100.00%, 100.00%, and 0.80% of the dividends distributed during the year ended December 31, 2025, for the Core Equity, Select Equity and International Funds, respectively, qualify for the dividends-received deduction for corporate shareholders.

***Distribution Information.*** For purposes of Section 19 of the Investment Company Act of 1940 (the "1940 Act"), the Tax-Exempt Bond Fund estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Tax-Exempt Bond Fund did not issue a Section 19(a) notice because at the time the Fund did not believe that such a notice was necessary. Pursuant to Rule 19a-1(e) under the 1940 Act, the information in the table below includes the sources of the Tax-Exempt Bond Fund's distributions paid during the year ended December 31, 2025. Please note that the information in the table below is for financial accounting purposes only. Form 1099-DIV received by shareholders for the calendar year specifies how shareholders should characterize and report distributions paid by the Fund during the year for U.S. federal income tax purposes. The Fund's distributions during the year ended December 31, 2025, were paid from:

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| | | | |
|:---|:---|:---|:---|
| **Payable Date** | **Tax-Exempt** <br> **Income**<br>| **Ordinary** <br> **Income**<br>| **Return of** <br> **Capital**<br>|
| 01/28/2025 | 0.035283258 | 0.001056622 | &nbsp;&nbsp;&nbsp;&nbsp;0.000630061 |
| 02/25/2025 | 0.028321736 | 0.000848146 | &nbsp;&nbsp;&nbsp;&nbsp;0.000505748 |
| 03/27/2025 | 0.030469397 | 0.000912461 | &nbsp;&nbsp;&nbsp;&nbsp;0.000544099 |
| 04/25/2025 | 0.031587723 | 0.000945952 | &nbsp;&nbsp;&nbsp;&nbsp;0.000564069 |
| 05/28/2025 | 0.032466880 | 0.000972280 | &nbsp;&nbsp;&nbsp;&nbsp;0.000579768 |
| 06/25/2025 | 0.029152566 | 0.000873027 | &nbsp;&nbsp;&nbsp;&nbsp;0.000520584 |
| 07/28/2025 | 0.033659226 | 0.001007987 | &nbsp;&nbsp;&nbsp;&nbsp;0.000601060 |
| 08/26/2025 | 0.030043402 | 0.000899704 | &nbsp;&nbsp;&nbsp;&nbsp;0.000536492 |
| 09/25/2025 | 0.030846062 | 0.000923742 | &nbsp;&nbsp;&nbsp;&nbsp;0.000550825 |
| 10/28/2025 | 0.033803266 | 0.001012301 | &nbsp;&nbsp;&nbsp;&nbsp;0.000603632 |
| 11/24/2025 | 0.028215557 | 0.000844967 | &nbsp;&nbsp;&nbsp;&nbsp;0.000503851 |
| 12/26/2025 | 0.035192091 | 0.001053891 | &nbsp;&nbsp;&nbsp;&nbsp;0.000628433 |

---

***Foreign Tax Credit.*** The pass-through of this foreign tax credit will only affect those who are shareholders on the dividend record date on December 17, 2025. These shareholders will receive more detailed information along with their 2025 Form 1099-DIV.

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| | | |
|:---|:---|:---|
| **Fund** | **Foreign** <br> **Source** <br> **Income Per** <br> **Share**<br>| **Foreign Tax** <br> **Exepense Per** <br> **Share**<br>|
| International Fund | 0.254935 | 0.032368 |

---

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**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees

Clearwater Investment Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities of Clearwater Core Equity Fund, Clearwater Select Equity Fund, Clearwater Tax-Exempt Bond Fund, and Clearwater International Fund (collectively, the Funds), including the schedules of investments, as of December 31, 2025, 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 related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights of each Fund present fairly, in all material respects, the financial position of each Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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 are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. 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, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with custodians and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Clearwater Investment Trust investment companies since 1992.

Columbus, Ohio

February 24, 2026

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**CLEARWATER INVESTMENT TRUST**

Statements of Assets and Liabilities

December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Equity**<br> **Fund**<br>| **Select Equity**<br> **Fund**<br>| **Tax-Exempt**<br> **Bond Fund**<br>| **International**<br> **Fund**<br>|
| **Assets** |  |  |  |  |
| Investments in securities, at fair value (including <br> securities on loan of: $0, $3,471,401, $0 and <br> $14,632,211, respectively); (identified cost: <br> $612,720,014, $431,069,628, $854,112,431 and <br> $841,693,694, respectively)<br>| $1443667523 | &nbsp;&nbsp; 455084817 | &nbsp;&nbsp; 822413197 | &nbsp;&nbsp; 1187391420 |
| Foreign currencies, at value (cost: $0, $2, $0 and <br> $2,109,748, respectively)<br>| - | &nbsp;&nbsp; 2 | &nbsp;&nbsp; - | &nbsp;&nbsp; 2113387 |
| Cash | - | &nbsp;&nbsp; 210900 | &nbsp;&nbsp; - | &nbsp;&nbsp; 6947 |
| Cash held at broker for futures contracts | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 255010 | &nbsp;&nbsp; - |
| Receivable for securities sold | 106393 | &nbsp;&nbsp; 1070416 | &nbsp;&nbsp; 9513 | &nbsp;&nbsp; 503169 |
| Receivable for variation margin on futures contracts | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 18750 | &nbsp;&nbsp; - |
| Receivable for shares of beneficial interest sold | 429900 | &nbsp;&nbsp; 199612 | &nbsp;&nbsp; - | &nbsp;&nbsp; 13400 |
| Accrued dividend and interest receivable | 767865 | &nbsp;&nbsp; 315175 | &nbsp;&nbsp; 10088688 | &nbsp;&nbsp; 1218311 |
| Foreign tax reclaim receivable | 9375 | &nbsp;&nbsp; 331 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3393387 |
| Unrealized appreciation on forward foreign currency <br> exchange contracts<br>| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 259084 |
| Total assets | 1444981056 | &nbsp;&nbsp; 456881253 | &nbsp;&nbsp; 832785158 | &nbsp;&nbsp; 1194899105 |
| **Liabilities** |  |  |  |  |
| Payables for investment securities purchased | - | &nbsp;&nbsp; 94532 | &nbsp;&nbsp; 1506960 | &nbsp;&nbsp; 1984066 |
| Payable for fund shares redeemed | 134795 | &nbsp;&nbsp; 36258 | &nbsp;&nbsp; 45300 | &nbsp;&nbsp; - |
| Accrued investment advisory fee | 757262 | &nbsp;&nbsp; 1055752 | &nbsp;&nbsp; 582325 | &nbsp;&nbsp; 2239615 |
| Payable for dividend distribution | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 252927 | &nbsp;&nbsp; - |
| Payable upon return of securities loaned | - | &nbsp;&nbsp; 3551623 | &nbsp;&nbsp; - | &nbsp;&nbsp; 15656683 |
| Unrealized depreciation on forward foreign currency <br> exchange contracts<br>| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 362360 |
| Deferred foreign capital gains taxes payable | - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 807589 |
| Short-term financing | 378625 | &nbsp;&nbsp; 179992 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Total liabilities | 1270682 | &nbsp;&nbsp; 4918157 | &nbsp;&nbsp; 2387512 | &nbsp;&nbsp; 21050313 |
| Net assets | $1443710374 | &nbsp;&nbsp; 451963096 | &nbsp;&nbsp; 830397646 | &nbsp;&nbsp; 1173848792 |
| **Capital** |  |  |  |  |
| Capital Stock and additional paid-in capital (authorized <br> unlimited number of shares at no par value for each <br> Fund: 14,178,465, 22,105,659, 94,100,232 and <br> 54,508,840 shares outstanding, respectively)<br>| $643795685 | &nbsp;&nbsp; 424628340 | &nbsp;&nbsp; 900918348 | &nbsp;&nbsp; 834159978 |
| Distributable earnings | 799914689 | &nbsp;&nbsp; 27334756 | &nbsp;&nbsp; (70520702)<br>| &nbsp;&nbsp; 339688814 |
| Net assets | $1443710374 | &nbsp;&nbsp; 451963096 | &nbsp;&nbsp; 830397646 | &nbsp;&nbsp; 1173848792 |
| Net asset value per share of outstanding capital stock | $101.82 | 20.45 | 8.82 | 21.54 |

---

See accompanying notes to financial statements.

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**CLEARWATER INVESTMENT TRUST**

Statements of Operations

Year ended December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Equity**<br> **Fund**<br>| **Select Equity**<br> **Fund**<br>| **Tax-Exempt**<br> **Bond Fund**<br>| **International**<br> **Fund**<br>|
| Investment income: |  |  |  |  |
| Income: |  |  |  |  |
| Dividends (net of foreign taxes withheld of $12,170, <br> $84,372, $0 and $1,812,150, respectively)<br>| $16698338 | &nbsp;&nbsp; 5474084 | &nbsp;&nbsp; 2085915 | &nbsp;&nbsp; 23154461 |
| Interest | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 35279756 | &nbsp;&nbsp; 315710 |
| Net income from securities loaned | - | &nbsp;&nbsp; 93505 | &nbsp;&nbsp; - | &nbsp;&nbsp; 177206 |
| Total income | 16698338 | &nbsp;&nbsp; 5567589 | &nbsp;&nbsp; 37365671 | &nbsp;&nbsp; 23647377 |
| Expenses: |  |  |  |  |
| Investment advisory fee | 11395816 | &nbsp;&nbsp; 5887540 | &nbsp;&nbsp; 4748408 | &nbsp;&nbsp; 11388309 |
| Other expenses | 185 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 185 |
| Total expenses | 11396001 | &nbsp;&nbsp; 5887725 | &nbsp;&nbsp; 4748593 | &nbsp;&nbsp; 11388494 |
| Less: waivers of investment advisory fee or other <br> expense reimbursements<br>| (8652764)<br>| &nbsp;&nbsp; (1832560)<br>| &nbsp;&nbsp; (2494164)<br>| &nbsp;&nbsp; (2819407)<br>|
| Net expenses | 2743237 | &nbsp;&nbsp; 4055165 | &nbsp;&nbsp; 2254429 | &nbsp;&nbsp; 8569087 |
| Net investment income | 13955101 | &nbsp;&nbsp; 1512424 | &nbsp;&nbsp; 35111242 | &nbsp;&nbsp; 15078290 |
| Net realized gain (loss) on: |  |  |  |  |
| Security transactions | (893960)<br>| &nbsp;&nbsp; 46144501 | &nbsp;&nbsp; (16362134)<br>| &nbsp;&nbsp; 92024647 |
| Foreign currency transactions | - | &nbsp;&nbsp; (1571)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 263300 |
| Futures contracts | - | &nbsp;&nbsp; - | &nbsp;&nbsp; (70484)<br>| &nbsp;&nbsp; - |
| Net increase (decrease) in unrealized <br> appreciation/depreciation on:<br>|  |  |  |  |
| Security transactions (net of increase (decrease) in <br> deferred foreign taxes of $0, $0, $0 and <br> $605,149, respectively)<br>| 222514955 | &nbsp;&nbsp; (30094967)<br>| &nbsp;&nbsp; 22411846 | &nbsp;&nbsp; 114973312 |
| Forward foreign currency exchange contracts | - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (103276)<br>|
| Futures contracts | - | &nbsp;&nbsp; - | &nbsp;&nbsp; (922734)<br>| &nbsp;&nbsp; - |
| Translation of other assets and liabilities denominated in <br> foreign currencies<br>| - | &nbsp;&nbsp; (152)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 431996 |
| Net gain (loss) on investments | 221620995 | &nbsp;&nbsp; 16047811 | &nbsp;&nbsp; 5056494 | &nbsp;&nbsp; 207589979 |
| Net increase (decrease) in net assets resulting <br> from operations<br>| $235576096 | &nbsp;&nbsp; 17560235 | &nbsp;&nbsp; 40167736 | &nbsp;&nbsp; 222668269 |

---

See accompanying notes to financial statements.

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**CLEARWATER INVESTMENT TRUST**

Statements of Changes in Net Assets

Years ended December 31, 2025 and 2024

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Equity**<br> **Fund** | **Core Equity**<br> **Fund** | **Select Equity**<br> **Fund** | **Select Equity**<br> **Fund** |
|  | **12/31/2025** | **12/31/2024** | **12/31/2025** | **12/31/2024** |
| Operations: |  |  |  |  |
| Net investment income | $13955101 | &nbsp;&nbsp; 11492946 | &nbsp;&nbsp;&nbsp;&nbsp; 1512424 | &nbsp;&nbsp; 1870643 |
| Net realized gain (loss) | (893960)<br>| &nbsp;&nbsp; 28881855 | &nbsp;&nbsp;&nbsp;&nbsp; 46142930 | &nbsp;&nbsp; 34796336 |
| Net increase (decrease) in unrealized appreciation/depreciation | 222514955 | &nbsp;&nbsp; 183985109 | &nbsp;&nbsp;&nbsp;&nbsp; (30095119)<br>| &nbsp;&nbsp; 4899096 |
| Net increase in net assets resulting from operations | 235576096 | &nbsp;&nbsp; 224359910 | &nbsp;&nbsp;&nbsp;&nbsp; 17560235 | &nbsp;&nbsp; 41566075 |
| Distributions to shareholders | (14314000)<br>| &nbsp;&nbsp; (11515759)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3999586)<br>| &nbsp;&nbsp; - |
| Tax return of capital | - | &nbsp;&nbsp; (333083)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Capital share transactions: |  |  |  |  |
| Proceeds from shares sold | 150991902 | &nbsp;&nbsp; 62511090 | &nbsp;&nbsp;&nbsp;&nbsp; 37849581 | &nbsp;&nbsp; 27334824 |
| Reinvestment of distributions from net investment income and net <br> realized gain<br>| 14314000 | &nbsp;&nbsp; 11848292 | &nbsp;&nbsp;&nbsp;&nbsp; 3999585 | &nbsp;&nbsp; - |
| Payments for shares redeemed | (46118221)<br>| &nbsp;&nbsp; (55578591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (57724243)<br>| &nbsp;&nbsp; (41687005)<br>|
| Net increase (decrease) in net assets from capital share transactions | 119187681 | &nbsp;&nbsp; 18780791 | &nbsp;&nbsp;&nbsp;&nbsp; (15875077)<br>| &nbsp;&nbsp; (14352181)<br>|
| Total increase (decrease) in net assets | 340449777 | &nbsp;&nbsp; 231291859 | &nbsp;&nbsp;&nbsp;&nbsp; (2314428)<br>| &nbsp;&nbsp; 27213894 |
| Net assets: |  |  |  |  |
| At the beginning of the year | 1103260597 | &nbsp;&nbsp; 871968738 | &nbsp;&nbsp;&nbsp;&nbsp; 454277524 | &nbsp;&nbsp; 427063630 |
| At the end of the year | $1443710374 | &nbsp;&nbsp; 1103260597 | &nbsp;&nbsp;&nbsp;&nbsp; 451963096 | &nbsp;&nbsp; 454277524 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax-Exempt**<br> **Bond Fund** | **Tax-Exempt**<br> **Bond Fund** | **International**<br> **Fund** | **International**<br> **Fund** |
|  | **12/31/2025** | **12/31/2024** | **12/31/2025** | **12/31/2024** |
| Operations: |  |  |  |  |
| Net investment income | $35111242 | &nbsp;&nbsp; 32084220 | &nbsp;&nbsp;&nbsp;&nbsp; 15078290 | &nbsp;&nbsp; 17940952 |
| Net realized gain (loss) | (16432618)<br>| &nbsp;&nbsp; (6245431)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 92287947 | &nbsp;&nbsp; 72493772 |
| Net increase (decrease) in unrealized appreciation/depreciation | 21489112 | &nbsp;&nbsp; 9273905 | &nbsp;&nbsp;&nbsp;&nbsp; 115302032 | &nbsp;&nbsp; (36273873)<br>|
| Net increase in net assets resulting from operations | 40167736 | &nbsp;&nbsp; 35112694 | &nbsp;&nbsp;&nbsp;&nbsp; 222668269 | &nbsp;&nbsp; 54160851 |
| Distributions to shareholders | (35312906)<br>| &nbsp;&nbsp; (32473756)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (117466459)<br>| &nbsp;&nbsp; (58926318)<br>|
| Tax return of capital | (616747)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Capital share transactions: |  |  |  |  |
| Proceeds from shares sold | 66537100 | &nbsp;&nbsp; 65578419 | &nbsp;&nbsp;&nbsp;&nbsp; 12518810 | &nbsp;&nbsp; 48915403 |
| Reinvestment of distributions from net investment income and net <br> realized gain<br>| 36181625 | &nbsp;&nbsp; 32256719 | &nbsp;&nbsp;&nbsp;&nbsp; 117466459 | &nbsp;&nbsp; 58924844 |
| Payments for shares redeemed | (31885947)<br>| &nbsp;&nbsp; (45611040)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (84811763)<br>| &nbsp;&nbsp; (94983087)<br>|
| Net increase in net assets from capital share transactions | 70832778 | &nbsp;&nbsp; 52224098 | &nbsp;&nbsp;&nbsp;&nbsp; 45173506 | &nbsp;&nbsp; 12857160 |
| Total increase in net assets | 75070861 | &nbsp;&nbsp; 54863036 | &nbsp;&nbsp;&nbsp;&nbsp; 150375316 | &nbsp;&nbsp; 8091693 |
| Net assets: |  |  |  |  |
| At the beginning of the year | 755326785 | &nbsp;&nbsp; 700463749 | &nbsp;&nbsp;&nbsp;&nbsp; 1023473476 | &nbsp;&nbsp; 1015381783 |
| At the end of the year | $830397646 | &nbsp;&nbsp; 755326785 | &nbsp;&nbsp;&nbsp;&nbsp; 1173848792 | &nbsp;&nbsp; 1023473476 |

---

See accompanying notes to financial statements.

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**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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Core Equity**<br> **Fund**<br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $86.13 | &nbsp;&nbsp;&nbsp;&nbsp;69.31 | &nbsp;&nbsp;&nbsp;&nbsp;55.93 | &nbsp;&nbsp;&nbsp;&nbsp;68.01 | &nbsp;&nbsp;&nbsp;&nbsp;55.11 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income | 0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net realized and unrealized gains (losses) | 15.72 | &nbsp;&nbsp;&nbsp;&nbsp;16.84 | &nbsp;&nbsp;&nbsp;&nbsp;13.40 | &nbsp;&nbsp;&nbsp; (12.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.36 |
| Total from investment operations | 16.71 | &nbsp;&nbsp;&nbsp;&nbsp;17.75 | &nbsp;&nbsp;&nbsp;&nbsp;14.37 | &nbsp;&nbsp;&nbsp; (11.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.08 |
| Less distributions to shareholders from: |  |  |  |  |  |
| Net investment income | (1.02)<br>| &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>|
| Net realized gain | - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (1.49)<br>|
| Tax return of capital | - | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions to shareholders: | (1.02)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (2.18)<br>|
| Net asset value, end of year | $101.82 | &nbsp;&nbsp;&nbsp;&nbsp;86.13 | &nbsp;&nbsp;&nbsp;&nbsp;69.31 | &nbsp;&nbsp;&nbsp;&nbsp;55.93 | &nbsp;&nbsp;&nbsp;&nbsp;68.01 |
| Total return (a) | 19.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.71<br> %<br>| &nbsp;&nbsp;&nbsp; (16.58)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.44<br> %<br>|
| Net assets, end of year (000s omitted) | $1443710 | &nbsp;&nbsp;&nbsp; 1103261 | &nbsp;&nbsp;&nbsp; 871969 | &nbsp;&nbsp;&nbsp; 718170 | &nbsp;&nbsp;&nbsp; 879589 |
| Ratio of expenses, net of waivers, to average net assets <br> (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m)<br>| 0.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Ratio of expenses, before waivers, to average net assets <br> (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m)<br>| 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Ratio of net investment income (loss), net of waivers, to <br> average net assets (c), (d), (e), (f), (g), (h), (i), (j), (k), <br> (l), (m)<br>| 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>|
| Ratio of net investment income (loss), before waivers, to <br> average net assets (c), (d), (e), (f), (g), (h), (i), (j), (k), <br> (l), (m)<br>| 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>|
| Portfolio turnover rate (excluding short-term securities) | 23.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 67.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 62.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.97<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 and are excluded from the voluntary waivers reflected above and described in the below footnotes.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Effective July 1, 2025, the investment advisory fee, net of voluntary waivers, decreased
 to 0.21%. Also effective July 1, 2025, the Adviser increased the voluntary waiver to 0.69%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective April 1, 2025, the investment advisory fee, net of voluntary waivers, decreased
 to 0.22%. Also effective April 1, 2025, the Adviser increased the voluntary waiver to 0.68%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective October 1, 2024, the investment advisory fee, net of voluntary waivers,
 decreased to 0.23%. Also effective October 1, 2024, the Adviser increased the voluntary waiver to 0.67%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective April 1, 2024, the investment advisory fee, net of voluntary waivers, decreased
 to 0.24%. Also effective April 1, 2024, the Adviser increased the voluntary waiver to 0.66%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective January 1, 2024, the investment advisory fee, net of voluntary waivers,
 increased to 0.26%. Also effective January 1, 2024, the Adviser decreased the voluntary waiver to 0.64%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Effective April 1, 2023, the investment advisory fee, net of voluntary waivers, decreased
 to 0.25%. Also effective April 1, 2023, the Adviser increased the voluntary waiver to 0.65%.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Effective January 1, 2023, the investment advisory fee, net of voluntary waivers,
 increased to 0.28%. Also effective January 1, 2023, the Adviser decreased the voluntary waiver to 0.62%.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Effective July 1, 2022, the investment advisory fee, net of voluntary waivers, increased
 to 0.27%. Also effective July 1, 2022, the Adviser decreased the voluntary waiver to 0.63%.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Effective April 1, 2022, the investment advisory fee, net of voluntary waivers, increased
 to 0.26%. Also effective April 1, 2022, the Adviser decreased the voluntary waiver to 0.64%.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Effective October 1, 2021, the investment advisory fee, net of voluntary waivers,
 decreased to 0.25%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.65%.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased
 to 0.30%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.60%.

See accompanying notes to financial statements.

------

**CLEARWATER INVESTMENT TRUST**

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Select Equity**<br> **Fund**<br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $19.81 | &nbsp;&nbsp;&nbsp;&nbsp;18.01 | &nbsp;&nbsp;&nbsp;&nbsp;15.08 | &nbsp;&nbsp;&nbsp;&nbsp;19.76 | &nbsp;&nbsp;&nbsp;&nbsp;20.09 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gains (losses) | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp; (4.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.20 |
| Total from investment operations | 0.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp; (4.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.27 |
| Less distributions to shareholders from: |  |  |  |  |  |
| Net investment income | (0.18)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Net realized gain | - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (2.54)<br>|
| Total distributions to shareholders: | (0.18)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (2.60)<br>|
| Net asset value, end of year | $20.45 | &nbsp;&nbsp;&nbsp;&nbsp;19.81 | &nbsp;&nbsp;&nbsp;&nbsp;18.01 | &nbsp;&nbsp;&nbsp;&nbsp;15.08 | &nbsp;&nbsp;&nbsp;&nbsp;19.76 |
| Total return (a) | 4.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.97<br> %<br>| &nbsp;&nbsp;&nbsp; (22.01)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.77<br> %<br>|
| Net assets, end of year (000s omitted) | $451963 | &nbsp;&nbsp;&nbsp; 454278 | &nbsp;&nbsp;&nbsp; 427064 | &nbsp;&nbsp;&nbsp; 364947 | &nbsp;&nbsp;&nbsp; 534067 |
| Ratio of expenses, net of waivers, to average net assets <br> (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m)<br>| 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>|
| Ratio of expenses, before waivers, to average net assets <br> (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m)<br>| 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>|
| Ratio of net investment income (loss), net of waivers, to <br> average net assets (c), (d), (e), (f), (g), (h), (i), (j), (k), <br> (l), (m)<br>| 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>|
| Ratio of net investment income (loss), before waivers, to <br> average net assets (c), (d), (e), (f), (g), (h), (i), (j), (k), <br> (l), (m)<br>| (0.07)%<br>| &nbsp;&nbsp;&nbsp; (0.04)%<br>| &nbsp;&nbsp;&nbsp; (0.12)%<br>| &nbsp;&nbsp;&nbsp; (0.25)%<br>| &nbsp;&nbsp;&nbsp; (0.21)%<br>|
| Portfolio turnover rate (excluding short-term securities) | 183.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 125.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 109.01<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 and are excluded from the voluntary waivers reflected above and described in the below footnotes.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Effective July 1, 2025, the investment advisory fee, net of voluntary waivers, decreased
 to 0.93%. Also effective July 1, 2025, the Adviser increased the voluntary waiver to 0.42%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective April 1, 2025, the investment advisory fee, net of voluntary waivers, increased
 to 0.94%. Also effective April 1, 2025, the Adviser decreased the voluntary waiver to 0.41%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective January 1, 2025, the investment advisory fee, net of voluntary waivers,
 decreased to 0.92%. Also effective January 1, 2025, the Adviser increased the voluntary waiver to 0.43%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective October 1, 2024, the investment advisory fee, net of voluntary waivers,
 increased to 0.94%. Also effective October 1, 2024, the Adviser decreased the voluntary waiver to 0.41%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective April 1, 2024, the investment advisory fee, net of voluntary waivers, decreased
 to 0.82%. Also effective April 1, 2024, the Adviser increased the voluntary waiver to 0.53%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Effective January 1, 2024, the investment advisory fee, net of voluntary waivers,
 increased to 0.96%. Also effective January 1, 2024, the Adviser decreased the voluntary waiver to 0.40%.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Effective October 1, 2023, the investment advisory fee, net of voluntary waivers,
 decreased to 0.94%. Also effective October 1, 2023, the Adviser increased the voluntary waiver to 0.41%.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Effective July 1, 2022, the investment advisory fee, net of voluntary waivers, increased
 to 0.97%. Also effective July 1, 2022, the Adviser decreased the voluntary waiver to 0.38%.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Effective April 1, 2022, the investment advisory fee, net of voluntary waivers, increased
 to 0.93%. Also effective April 1, 2022, the Adviser decreased the voluntary waiver to 0.42%.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Effective October 1, 2021, the investment advisory fee, net of voluntary waivers,
 increased to 0.89%. Also effective October 1, 2021, the Adviser decreased the voluntary waiver to 0.46%.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased
 to 0.87%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.48%.

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,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Tax-Exempt**<br> **Bond Fund**<br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $8.79 | &nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;10.14 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gains (losses) | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Total from investment operations | 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Less distributions to shareholders from: |  |  |  |  |  |
| Net investment income | (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>|
| Net realized gain | - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; - |
| Tax return of capital | (0.01)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions to shareholders: | (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>|
| Net asset value, end of year | $8.82 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp;10.17 |
| Total return (a) | 5.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.64<br> %<br>| &nbsp;&nbsp;&nbsp; (11.39)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.89<br> %<br>|
| Net assets, end of year (000s omitted) | $830398 | &nbsp;&nbsp;&nbsp; 755327 | &nbsp;&nbsp;&nbsp; 700464 | &nbsp;&nbsp;&nbsp; 565634 | &nbsp;&nbsp;&nbsp; 732494 |
| Ratio of expenses, net of waivers, to average net assets (b), <br> (c), (d), (e), (f), (g), (h), (i), (j)<br>| 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| Ratio of expenses, before waivers, to average net assets (b), <br> (c), (d), (e), (f), (g), (h), (i), (j)<br>| 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Ratio of net investment income (loss), net of waivers, to <br> average net assets (c), (d), (e), (f), (g), (h), (i), (j)<br>| 4.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.52<br> %<br>|
| Ratio of net investment income (loss), before waivers, to <br> average net assets (c), (d), (e), (f), (g), (h), (i), (j)<br>| 4.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20<br> %<br>|
| Portfolio turnover rate (excluding short-term securities) | 24.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.91<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 and are excluded from the voluntary waivers reflected above and described in the below footnotes.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Effective July 1, 2025, the investment advisory fee, net of voluntary waivers, decreased
 to 0.28%. Also effective July 1, 2025, the Adviser increased the voluntary waiver to 0.32%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective October 1, 2024, the investment advisory fee, net of voluntary waivers,
 decreased to 0.29%. Also effective October 1, 2024, the Adviser increased the voluntary waiver to 0.31%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective April 1, 2024, the investment advisory fee, net of voluntary waivers, decreased
 to 0.31%. Also effective April 1, 2024, the Adviser increased the voluntary waiver to 0.29%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective January 1, 2024, the investment advisory fee, net of voluntary waivers,
 increased to 0.32%. Also effective January 1, 2024, the Adviser decreased the voluntary waiver to 0.28%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective October 1, 2023, the investment advisory fee, net of voluntary waivers,
 increased to 0.31%. Also effective October 1, 2023, the Adviser decreased the voluntary waiver to 0.29%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Effective January 1, 2023, the investment advisory fee, net of voluntary waivers,
 increased to 0.29%. Also effective January 1, 2023, the Adviser decreased the voluntary waiver to 0.31%.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Effective July 1, 2022, the investment advisory fee, net of voluntary waivers, increased
 to 0.28%. Also effective July 1, 2022, the Adviser decreased the voluntary waiver to 0.32%.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Effective October 1, 2021, the investment advisory fee, net of voluntary waivers,
 decreased to 0.27%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.33%.

See accompanying notes to financial statements.

8(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,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **International**<br> **Fund**<br>| **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of year | $19.57 | &nbsp;&nbsp;&nbsp;&nbsp;19.64 | &nbsp;&nbsp;&nbsp;&nbsp;16.81 | &nbsp;&nbsp;&nbsp;&nbsp;21.14 | &nbsp;&nbsp;&nbsp;&nbsp;20.16 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Net realized and unrealized gains (losses) | 4.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.68 |
| Total from investment operations | 4.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp; (4.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.04 |
| Less distributions to shareholders from: |  |  |  |  |  |
| Net investment income | (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| Net realized gain | (1.90)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.64)<br>|
| Total distributions to shareholders: | (2.35)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (2.06)<br>|
| Net asset value, end of year | $21.54 | &nbsp;&nbsp;&nbsp;&nbsp;19.57 | &nbsp;&nbsp;&nbsp;&nbsp;19.64 | &nbsp;&nbsp;&nbsp;&nbsp;16.81 | &nbsp;&nbsp;&nbsp;&nbsp;21.14 |
| Total return (a) | 22.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.66<br> %<br>| &nbsp;&nbsp;&nbsp; (19.45)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.39<br> %<br>|
| Net assets, end of year (000s omitted) | $1173849 | &nbsp;&nbsp;&nbsp; 1023473 | &nbsp;&nbsp;&nbsp; 1015382 | &nbsp;&nbsp;&nbsp; 878046 | &nbsp;&nbsp;&nbsp; 1090945 |
| Ratio of expenses, net of waivers, to average net assets <br> (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m)<br>| 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Ratio of expenses, before waivers, to average net assets <br> (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), (l), (m)<br>| 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|
| Ratio of net investment income (loss), net of waivers, to <br> average net assets (c), (d), (e), (f), (g), (h), (i), (j), (k), <br> (l), (m)<br>| 1.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>|
| Ratio of net investment income (loss), before waivers, to <br> average net assets (c), (d), (e), (f), (g), (h), (i), (j), (k), <br> (l), (m)<br>| 1.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %<br>|
| Portfolio turnover rate (excluding short-term securities) | 73.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 73.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.50<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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 and are excluded from the voluntary waivers reflected above and described in the below footnotes.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Effective July 1, 2025, the investment advisory fee, net of voluntary waivers, decreased
 to 0.75%. Also effective July 1, 2025, the Adviser increased the voluntary waiver to 0.25%.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Effective April 1, 2025, the investment advisory fee, net of voluntary waivers, increased
 to 0.76%. Also effective April 1, 2025, the Adviser decreased the voluntary waiver to 0.24%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective January 1, 2025, the investment advisory fee, net of voluntary waivers,
 increased to 0.75%. Also effective January 1, 2025, the Adviser decreased the voluntary waiver to 0.25%.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Effective January 1, 2024, the investment advisory fee, net of voluntary waivers,
 increased to 0.73%. Also effective January 1, 2024, the Adviser decreased the voluntary waiver to 0.27%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Effective October 1, 2023, the investment advisory fee, net of voluntary waivers,
 increased to 0.72%. Also effective October 1, 2023, the Adviser decreased the voluntary waiver to 0.28%.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Effective April 1, 2023, the investment advisory fee, net of voluntary waivers, decreased
 to 0.70%. Also effective April 1, 2023, the Adviser increased the voluntary waiver to 0.30%.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Effective January 1, 2023, the investment advisory fee, net of voluntary waivers,
 increased to 0.71%. Also effective January 1, 2023, the Adviser decreased the voluntary waiver to 0.29%.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Effective July 1, 2022, the investment advisory fee, net of voluntary waivers, increased
 to 0.70%. Also effective July 1, 2022, the Adviser decreased the voluntary waiver to 0.30%.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Effective April 1, 2022, the investment advisory fee, net of voluntary waivers, increased
 to 0.65%. Also effective April 1, 2022, the Adviser decreased the voluntary waiver to 0.35%.

&nbsp;&nbsp;&nbsp;&nbsp;(l) Effective October 1, 2021, the investment advisory fee, net of voluntary waivers,
 decreased to 0.60%. Also effective October 1, 2021, the Adviser increased the voluntary waiver to 0.40%.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Effective April 1, 2021, the investment advisory fee, net of voluntary waivers, decreased
 to 0.67%. Also effective April 1, 2021, the Adviser increased the voluntary waiver to 0.33%.

See accompanying notes to financial statements.

9(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(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 (the "1940 Act"), as a diversified open end management investment company and presently includes four series: Clearwater Core Equity Fund ("Core Equity Fund"), Clearwater Select Equity Fund ("Select Equity Fund"), Clearwater Tax-Exempt Bond Fund ("Tax-Exempt Bond Fund") and Clearwater International Fund ("International Fund" and together with the Core Equity Fund, Select Equity Fund and Tax-Exempt Bond Fund, the "Funds"). Clearwater Management Co., Inc. (the "Adviser" or "CMC") serves as the investment adviser for each of the Funds and is responsible for the oversight of each of the Fund's subadvisers. The Trust's declaration of trust permits the Board of Trustees to create additional funds in the future. The investment objective of the Core Equity, Select Equity and International Funds is long-term capital growth. The investment objective of the Tax-Exempt Bond Fund is high current income that is exempt from United States ("U.S.") federal income tax, consistent with preservation of capital.

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

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

Under normal market conditions, the Core Equity Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The equity securities in which the Fund primarily invests are common and preferred stocks. The Fund employs a multi-style (growth and value) and multi-manager approach whereby portions of the Fund are allocated to different subadvisers who employ distinct investment styles. The Fund's Adviser allocates portions of the Fund's assets among subadvisers. The Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Parametric Portfolio Associates LLC ("Parametric") and AQR Capital Management, LLC ("AQR"). The allocation among subadvisers will vary over time, but the current intent of the Fund's Adviser is that under normal market conditions approximately 40% to 60% of the Fund's total assets will be allocated to Parametric and the remaining assets will be allocated to AQR. Parametric manages its portion of the Fund's assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the S&P 500<sup>®</sup> Index (the "Index") as closely as possible without requiring the Fund to realize taxable gains. Parametric utilizes a representative sampling strategy, meaning that it does not intend that the portion of the Fund's assets it manages will be invested in all the components of the Index at any given time. In addition, as noted above, FCI also acts as a subadviser to the Fund but does not provide day-to-day management.

Under normal market conditions, the Select Equity Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities. Equity securities in which the Fund invests consist primarily of exchange-traded common and preferred stocks. The Fund may also invest in a type of equity security called a convertible security to reduce volatility or correlation risk in the portfolio. A convertible security generally entitles the holder to receive interest paid or accrued on debt securities or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. While the Fund is permitted to invest in

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

securities of any market capitalization, the Fund invests primarily in securities of micro-, small- and medium-sized companies. The Fund may obtain exposure to equity securities through investment in exchange-traded funds and other investment companies. 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 allocates assets among the following subadvisers who provide day-to-day management for the Fund: Acadian Asset Management LLC, Cooke & Bieler, L.P., Parametric and Rice Hall James & Associates, LLC. The allocation among subadvisers will vary over time, but the current intent of the Fund's adviser is that under normal market conditions approximately 15% of the Fund's assets will be allocated to Parametric and the remaining assets will be allocated to one or more of the Fund's three other subadvisers that provide day-to-day management of the Fund. The percentage of the Fund's assets allocated to Parametric will change from time to time in the discretion of the Adviser and could be higher or lower in the future. Parametric manages its portion of the Fund's assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the S&P SmallCap 600<sup>®</sup> Index as closely as possible without requiring the Fund to realize taxable gains. FCI also acts as a subadviser to the Fund but does not provide day-to-day management.

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

Under normal market conditions, the International Fund intends to invest at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies organized or located outside the 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, Global Depositary Receipts, exchange-traded funds and other investment companies. The Fund diversifies its investments among a number of different countries throughout the world, and may invest in companies of any size. The Fund does not intend to invest more than 20% of its net assets in the equity securities of developing or emerging market issuers (including frontier market issuers). In order to hedge against adverse movements in currency exchange rates, the Fund may enter into foreign currency exchange contracts. The Fund may use options, futures contracts, and options on futures contracts to attempt to manage market or business risks. The Fund does not intend to invest in foreign currency exchange contracts, options, futures contracts, or options on futures contracts for speculative purposes. The Fund uses a "multi-style, multi-manager" approach. The Fund's assets are allocated to different subadvisers who employ distinct investment styles. As of December 31, 2025, the Fund allocates assets among the following subadvisers who provide day-to-day management for the Fund: Parametric, Artisan Partners Limited Partnership and WCM Investment Management, LLC. The allocation among subadvisers will vary over time, but the current intent of the Fund's Adviser is that under normal market conditions approximately 15% to 25% of the Fund's assets will be allocated to Parametric, and the remaining assets will be allocated to one or more of the Fund's two other subadvisers that provide day-to-day management of the Fund.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

Parametric manages its portion of the Fund's assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the MSCI World Ex U.S.A. Index - Net Dividends as closely as possible without requiring the Fund to realize taxable gains. FCI also acts as a subadviser to the Fund but does not provide day-to-day management.

**(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:

&nbsp;&nbsp;&nbsp;&nbsp;***(a) Investments in Securities***

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

With respect to the Funds' investments that do not have readily available market quotations, the Board of Trustees has designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the 1940 Act. This may occur particularly with respect to certain foreign equity securities held by a Fund, whereby the valuation designee 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 use of fair valuation involves the risk that the values used by the Funds to price their investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments.

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

Non cash dividends are recognized as investment income at the fair value of the property received.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;***(b) Foreign Currency Translation***

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

&nbsp;&nbsp;&nbsp;&nbsp;***(c) Futures Contracts***

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

&nbsp;&nbsp;&nbsp;&nbsp;***(d) Forward Foreign Currency Exchange Contracts***

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

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

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 counterparty 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.

&nbsp;&nbsp;&nbsp;&nbsp;***(e) Spot Contracts***

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

&nbsp;&nbsp;&nbsp;&nbsp;***(f) Master Limited Partnerships***

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

&nbsp;&nbsp;&nbsp;&nbsp;***(g) Delayed Delivery Transactions and When-Issued Securities***

Certain Funds may engage in securities transactions on a when-issued or delayed-delivery basis. In these transactions, the securities' prices and yields are fixed on the date of the commitment, with payment and delivery scheduled for a future date. During this period, the securities are subject to market fluctuations. A Fund may dispose of or renegotiate a delayed-delivery transaction, which may result in a capital gain or loss.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;***(h) Short-Term Investments***

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

&nbsp;&nbsp;&nbsp;&nbsp;***(i) Recoverable Taxes***

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

&nbsp;&nbsp;&nbsp;&nbsp;***(j) Federal Taxes***

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

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned. Taxes are accrued based on net investment income, net realized gains and net unrealized appreciation as such income and/or gains are recorded. Taxes accrued on unrealized gains are reflected as a liability on the Statements of Assets and Liabilities under the caption deferred foreign capital gains taxes payable and as a reduction in net increase (decrease) in unrealized appreciation/depreciation on security transactions on the Statements of Operations. When assets subject to capital gains tax are sold, accrued taxes are relieved, and the actual amount of the taxes paid is reflected on the Statements of Operations as a reduction in net realized gain (loss) on security transactions.

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, 2025, no provision for income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for all open 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 was recorded by the Funds. The Trust has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Further, the Trust is not aware of any tax positions for which it is reasonably possible that the total amounts of

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

unrecognized tax benefits will significantly change in the next twelve months. The tax character of distributions by the Funds during the years ended December 31, 2025 and 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax-Exempt**  | **Tax-Exempt**  | **Ordinary Income\*** | **Ordinary Income\*** |
|  | 2025 | 2024 | 2025 | 2024 |
| Core Equity Fund | $—<br>| $—<br>| &nbsp;&nbsp;&nbsp; $14314000 | $11515759<br>|
| Select Equity Fund | —<br>| —<br>| &nbsp;&nbsp;&nbsp; 3999586 | —<br>|
| Tax-Exempt Bond Fund | 34530907<br>| 29619936<br>| &nbsp;&nbsp;&nbsp; 1034090 | 2636816<br>|
| International Fund | —<br>| —<br>| &nbsp;&nbsp;&nbsp; 34264803 | 25023671<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Long-Term Capital Gains\*\*** | **Long-Term Capital Gains\*\*** | **Tax Return of Capital** | **Tax Return of Capital** |
|  | 2025 | 2024 | 2025 | 2024 |
| Core Equity Fund | $— | $— | &nbsp;&nbsp;&nbsp; $— | $333083 |
| Tax-Exempt Bond Fund |  |  | &nbsp;&nbsp;&nbsp; 616747 |  |
| International Fund | 83201656 | 33902647 | &nbsp;&nbsp;&nbsp; — |  |

---

\* In addition to the ordinary income distributions, during 2025 the following Funds utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of ordinary income in the following amounts:

---

| | |
|:---|:---|
| Select Equity Fund | $7616<br>|
| International Fund | $648785<br>|

---

\*\* In addition to the long-term capital gain distributions, during 2025 the following Funds utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of long-term capital gains in the following amounts:

---

| | |
|:---|:---|
| Select Equity Fund | $30264<br>|
| International Fund | $1339016<br>|

---

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core**<br> **Equity Fund**<br>| **Select Equity** <br> **Fund**<br>| **Tax-Exempt**<br> **Bond Fund**<br>| **International**<br> **Fund**<br>|
| Undistributed ordinary income | $— | $1545506 | $— | $119477 |
| Undistributed capital gain |  | 6141110 |  | 7568995 |
| Accumulated capital losses and other | (28379496)<br>|  | (38073846)<br>|  |
| Unrealized appreciation/depreciation | 828294185 | 19648140 | (32193929)<br>| 332000342 |
| Distribution Payable |  |  | (252927)<br>|  |
| Total | $799914689 | $27334756 | $(70520702)<br>| $339688814 |

---

Distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from such amounts recorded in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for financial reporting purposes. Accordingly, the Funds may make reclassifications among certain of their capital accounts in order to reflect the tax treatment for certain permanent differences that exist between federal income tax regulations and U.S. GAAP. These reclassifications are reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and U.S. GAAP. The primary reasons for permanent differences are the Funds realization of gains on in-kind redemptions that are not recognized for tax purposes. These reclassifications have no impact on the total net assets or the NAV per share of the Funds. At December 31, 2025, reclassifications have been recorded among the following capital accounts on the Statements of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core**<br> **Equity Fund**<br>| **Select Equity** <br> **Fund**<br>| **Tax-Exempt**<br> **Bond Fund**<br>| **International**<br> **Fund**<br>|
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp; $(14715718)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(12397765)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $616746 | &nbsp;&nbsp;&nbsp;&nbsp; $(1987801)<br>|
| Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; 14715718 | &nbsp;&nbsp;&nbsp;&nbsp; 12397765 | &nbsp;&nbsp;&nbsp;&nbsp; (616746)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1987801 |

---

&nbsp;&nbsp;&nbsp;&nbsp;***(k) Distributions to Shareholders***

Distributions to shareholders from net investment income, if any, are declared annually for the Core Equity, Select Equity 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.

&nbsp;&nbsp;&nbsp;&nbsp;***(l) Use of Estimates***

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

&nbsp;&nbsp;&nbsp;&nbsp;***(m) Indemnification***

Under each Fund's organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to each Fund. In addition, certain of each Fund's contracts with its service providers contain general indemnification clauses. Each Fund's maximum exposure under these

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

arrangements is unknown since the amount of any future claims that may be made against each Fund cannot be determined and each Fund has no historical basis for predicting the likelihood of any such claims. The Funds believe that the likelihood of any such claims is remote.

&nbsp;&nbsp;&nbsp;&nbsp;***(n) Cash and Cash held at brokers***

Cash, including cash denominated in foreign currencies, represents cash on hand and demand deposits held at financial institutions. Cash equivalents include short-term, highly liquid investments of sufficient credit quality that are readily convertible to known amounts of cash and have original maturities of three months or less. Cash equivalents are carried at cost, plus accrued interest, which approximates fair value. Cash equivalents are held to meet short-term liquidity requirements, rather than for investment purposes. Cash and cash equivalents are held at major financial institutions and are subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) limitations.

Cash held at brokers represents cash balances and securities on deposit with, or cash balances owed to, the Funds' prime brokers and counterparties. Cash held with brokers is not available for withdrawal upon demand and is considered restricted as it is not available for use until it is returned to the Fund upon exiting the position to which the collateral relates. The Funds are subject to credit risk should the prime brokers or counterparties be unable to meet their obligations to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;***(o) New Accounting Pronouncements***

In 2024, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Board of Directors of the Funds' adviser, CMC, acts as each Fund's CODM. Since its commencement, each Fund operates as a single segment. The CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by each Fund's applicable subadvisers. The financial information, in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations and capital share transactions) are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, which is consistent with that presented within each Fund's financial statements. Segment assets are reflected on each Fund's accompanying statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statement of operations.

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Taxes Disclosures ("ASU 2023-09"), which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the result of its operations.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(3) Fair Value Measurements**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Equity Fund (a)** | **Core Equity Fund (a)** | **Core Equity Fund (a)** | **Core Equity Fund (a)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1437106828 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1437106828 |
| Escrows |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Rights |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Short-Term Investments | 6560695 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6560695 |
| Total | $1443667523 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1443667523 |

---

\* *Security has been deemed worthless and is a Level 3 investment.*<br>

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

There were no significant Level 3 valuations at December 31, 2025.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Select Equity Fund (b)** | **Select Equity Fund (b)** | **Select Equity Fund (b)** | **Select Equity Fund (b)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $435620419 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $435620419 |
| Escrows |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Rights |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Short-Term Investments | 19464398 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19464398 |
| Total | $455084817 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $455084817 |

---

\* *Security has been deemed worthless and is a Level 3 investment.*<br>

(b) For the Select Equity Fund, the investment value is comprised of equity securities, escrows, rights and short-term investments (money market funds). See the Select Equity Fund's Schedule of Investments for industry classification. Investments in 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. Investments in money market funds are valued at their net asset value.

There were no significant Level 3 valuations at December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax-Exempt Bond Fund (c)** | **Tax-Exempt Bond Fund (c)** | **Tax-Exempt Bond Fund (c)** | **Tax-Exempt Bond Fund (c)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Closed-End Funds | $23933769 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23933769 |
| Municipal Bonds |  |  |  |  |
| Alabama |  | &nbsp;&nbsp; 21886379 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21886379 |
| Alaska |  | &nbsp;&nbsp; 1114966 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1114966 |
| Arizona |  | &nbsp;&nbsp; 9425702 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9425702 |
| Arkansas |  | &nbsp;&nbsp; 4403663 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4403663 |
| California |  | &nbsp;&nbsp; 41072271 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41072271 |
| Colorado |  | &nbsp;&nbsp; 24093837 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24093837 |
| Connecticut |  | &nbsp;&nbsp; 5820404 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5820404 |
| Delaware |  | &nbsp;&nbsp; 3903095 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3903095 |
| District of Columbia |  | &nbsp;&nbsp; 7070859 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7070859 |
| Florida |  | &nbsp;&nbsp; 109604938 | &nbsp;&nbsp; — | &nbsp;&nbsp; 109604938 |
| Georgia |  | &nbsp;&nbsp; 21653414 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21653414 |
| Guam |  | &nbsp;&nbsp; 275169 | &nbsp;&nbsp; — | &nbsp;&nbsp; 275169 |
| Idaho |  | &nbsp;&nbsp; 7369030 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7369030 |
| Illinois |  | &nbsp;&nbsp; 31229470 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31229470 |
| Indiana |  | &nbsp;&nbsp; 11625368 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11625368 |
| Iowa |  | &nbsp;&nbsp; 6296889 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6296889 |
| Kansas |  | &nbsp;&nbsp; 4297464 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4297464 |
| Kentucky |  | &nbsp;&nbsp; 7069298 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7069298 |
| Louisiana |  | &nbsp;&nbsp; 12097171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12097171 |
| Maine |  | &nbsp;&nbsp; 2052736 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2052736 |

---

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax-Exempt Bond Fund (c)** | **Tax-Exempt Bond Fund (c)** | **Tax-Exempt Bond Fund (c)** | **Tax-Exempt Bond Fund (c)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Maryland | $— | &nbsp;&nbsp; $3844677 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3844677 |
| Massachusetts |  | &nbsp;&nbsp; 12594825 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12594825 |
| Michigan |  | &nbsp;&nbsp; 38626646 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38626646 |
| Minnesota |  | &nbsp;&nbsp; 8300187 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8300187 |
| Mississippi |  | &nbsp;&nbsp; 5807510 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5807510 |
| Missouri |  | &nbsp;&nbsp; 18420582 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18420582 |
| Montana |  | &nbsp;&nbsp; 4288769 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4288769 |
| Nebraska |  | &nbsp;&nbsp; 1741211 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1741211 |
| Nevada |  | &nbsp;&nbsp; 4880111 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4880111 |
| New Hampshire |  | &nbsp;&nbsp; 13934785 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13934785 |
| New Jersey |  | &nbsp;&nbsp; 19875597 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19875597 |
| New Mexico |  | &nbsp;&nbsp; 7831270 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7831270 |
| New York |  | &nbsp;&nbsp; 36899859 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36899859 |
| North Carolina |  | &nbsp;&nbsp; 14732200 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14732200 |
| North Dakota |  | &nbsp;&nbsp; 6088214 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6088214 |
| Ohio |  | &nbsp;&nbsp; 31334173 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31334173 |
| Oklahoma |  | &nbsp;&nbsp; 7570773 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7570773 |
| Oregon |  | &nbsp;&nbsp; 3862174 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3862174 |
| Pennsylvania |  | &nbsp;&nbsp; 17626176 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17626176 |
| Puerto Rico |  | &nbsp;&nbsp; 9168893 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9168893 |
| Rhode Island |  | &nbsp;&nbsp; 2773204 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2773204 |
| South Carolina |  | &nbsp;&nbsp; 22007207 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22007207 |
| South Dakota |  | &nbsp;&nbsp; 1570108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1570108 |
| Tennessee |  | &nbsp;&nbsp; 18162056 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18162056 |
| Texas |  | &nbsp;&nbsp; 62189830 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62189830 |
| Utah |  | &nbsp;&nbsp; 38005940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38005940 |
| Vermont |  | &nbsp;&nbsp; 291247 | &nbsp;&nbsp; — | &nbsp;&nbsp; 291247 |
| Virginia |  | &nbsp;&nbsp; 12068471 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12068471 |
| Washington |  | &nbsp;&nbsp; 7356029 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7356029 |
| West Virginia |  | &nbsp;&nbsp; 5671672 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5671672 |
| Wisconsin |  | &nbsp;&nbsp; 15379375 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15379375 |
| Wyoming |  | &nbsp;&nbsp; 988966 | &nbsp;&nbsp; — | &nbsp;&nbsp; 988966 |
| Short-Term Investments | 12224568 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12224568 |
| Total | $36158337 | &nbsp;&nbsp; $786254860 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $822413197 |

---

(c) For the Tax-Exempt Bond Fund, the investment value is comprised of closed-end funds, municipal bonds, and short-term investments (money market funds). Investments in closed-end funds 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 money market funds are valued at their net asset value. Investments in municipal bonds generally are based on valuations using evaluated prices provided by the primary pricing service. The Board has designated to the Adviser the responsibility to determine in good faith the fair value of securities for which no price

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

quotation is available from an approved pricing service or broker-dealer at the time the Tax-Exempt Bond Fund's net asset value 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 net asset value is calculated.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tax-Exempt Bond Fund**<br> **Other Financial Instruments**<br>| **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets |  |  |  |  |
| Futures Contracts | $127788 | $— | $— | $127788 |

---

The futures contracts outstanding at December 31, 2025 are considered Level 1 investments due to the contracts being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate. Futures contracts are shown on a gross basis in the above table, but the net increase/(decrease) in unrealized appreciation/(depreciation) on futures contracts is shown on the Statements of Operations.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Fund (d)** | **International Fund (d)** | **International Fund (d)** | **International Fund (d)** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| Austria | $— | &nbsp;&nbsp; $3180574 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3180574 |
| Brazil | 8184494 | &nbsp;&nbsp; 5365501 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13549995 |
| Canada | 73394329 | &nbsp;&nbsp; 20208 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73414537 |
| China | 12664132 | &nbsp;&nbsp; 2899142 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15563274 |
| Denmark | 61768 | &nbsp;&nbsp; 11697011 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11758779 |
| Finland | 4328611 | &nbsp;&nbsp; 4535802 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8864413 |
| Germany | 10413310 | &nbsp;&nbsp; 65245949 | &nbsp;&nbsp; — | &nbsp;&nbsp; 75659259 |
| Indonesia | 2465462 | &nbsp;&nbsp; 1506835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3972297 |
| Ireland | 39959933 | &nbsp;&nbsp; 1877610 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41837543 |
| Italy | 2345787 | &nbsp;&nbsp; 25758674 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28104461 |
| Japan | 25851384 | &nbsp;&nbsp; 78684811 | &nbsp;&nbsp; — | &nbsp;&nbsp; 104536195 |
| Norway | 1414259 | &nbsp;&nbsp; 3456966 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4871225 |
| Russia |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| South Korea | 4963836 | &nbsp;&nbsp; 26598745 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31562581 |
| Sweden | 7638079 | &nbsp;&nbsp; 14131020 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21769099 |
| Switzerland | 19913142 | &nbsp;&nbsp; 87232144 | &nbsp;&nbsp; — | &nbsp;&nbsp; 107145286 |
| United Arab Emirates |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| All other countries | 539137294 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 539137294 |
| Convertible Bonds |  | &nbsp;&nbsp; 2664372 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2664372 |
| Preferred Stocks |  | &nbsp;&nbsp; 5734015 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5734015 |
| Rights |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 36 |
| Warrants |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Short-Term Investments | 94066185 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 94066185 |
| Total | $846802005 | &nbsp;&nbsp; $340589379 | &nbsp;&nbsp; $36 | &nbsp;&nbsp; $1187391420 |

---

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

\* *Security has been deemed worthless and is a Level 3 investment.*<br>

(d) For the International Fund, the investment value is comprised of equity securities, convertible bonds, preferred stocks, rights, warrants and short-term investments (money market funds). See the International Fund's Schedule of Investments for additional information on industry sector and currency concentration information. Investments in equity 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 money market funds are valued at their net asset value.

There were no significant Level 3 valuations at December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Fund**<br> **Other Financial Instruments**<br>| **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets |  |  |  |  |
| Forward foreign currency exchange contracts | $— | $259084 | $— | $259084 |
| Liabilities |  |  |  |  |
| Forward foreign currency exchange contracts |  | (362360) |  | (362360) |
| Net Other Financial Instruments | $— | $(103276) | $— | $(103276) |

---

**(4) Investment Security Transactions**

The cost of purchases and proceeds from sales of securities (excluding short-term securities) for the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales**  |
| Core Equity Fund | &nbsp;&nbsp; $420472405 | &nbsp;&nbsp; $301408373 |
| Select Equity Fund | &nbsp;&nbsp; 785244833 | &nbsp;&nbsp; 810108469 |
| Tax-Exempt Bond Fund | &nbsp;&nbsp; 265058411 | &nbsp;&nbsp; 191813289 |
| International Fund | &nbsp;&nbsp; 779892411 | &nbsp;&nbsp; 861051038 |

---

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

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

At December 31, 2025, for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation, net unrealized appreciation (depreciation) on investments (including the effects of foreign currency translation and derivative instruments, if any) and the cost basis of investments (including derivative instruments, if any) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds**  | **Unrealized**<br> **Appreciation** <br>| **Unrealized**<br> **Depreciation**<br>| **Net**<br> **Appreciation**<br> **(Depreciation)**<br>| **Cost Basis of**<br> **Investments** <br>|
| Core Equity Fund | &nbsp;&nbsp; $829290336 | &nbsp;&nbsp; $(996151)<br>| &nbsp;&nbsp; $828294185 | &nbsp;&nbsp; $615373335 |
| Select Equity Fund | &nbsp;&nbsp; 50726965 | &nbsp;&nbsp; (31078802)<br>| &nbsp;&nbsp; 19648163 | &nbsp;&nbsp; 435436732 |
| Tax-Exempt Bond Fund | &nbsp;&nbsp; 15176963 | &nbsp;&nbsp; (47370892)<br>| &nbsp;&nbsp; (32193929)<br>| &nbsp;&nbsp; 854534916 |
| International Fund | &nbsp;&nbsp; 364252394 | &nbsp;&nbsp; (31853589)<br>| &nbsp;&nbsp; 332398805 | &nbsp;&nbsp; 854889339 |

---

**(5) Capital Share Transactions**

Transactions in capital shares for the years ended December 31, 2025 and 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Equity Fund** | **Core Equity Fund** | **Select Equity Fund** | **Select Equity Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
| Sold | &nbsp;&nbsp; 1703497 | &nbsp;&nbsp; 792854 | &nbsp;&nbsp; 1963494 | &nbsp;&nbsp; 1478630 |
| Issued for reinvestment of distributions | &nbsp;&nbsp; 141948 | &nbsp;&nbsp; 133457 | &nbsp;&nbsp; 193967 | &nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp; (475737)<br>| &nbsp;&nbsp; (698184)<br>| &nbsp;&nbsp; (2987701)<br>| &nbsp;&nbsp; (2256373)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1369708 | &nbsp;&nbsp; 228127 | &nbsp;&nbsp; (830240)<br>| &nbsp;&nbsp; (777743)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax-Exempt Bond Fund** | **Tax-Exempt Bond Fund** | **International Fund** | **International Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
| Sold | &nbsp;&nbsp; 7635287 | &nbsp;&nbsp; 7481084 | &nbsp;&nbsp; 566719 | &nbsp;&nbsp; 2426314 |
| Issued for reinvestment of distributions | &nbsp;&nbsp; 4171144 | &nbsp;&nbsp; 3674241 | &nbsp;&nbsp; 5520041 | &nbsp;&nbsp; 2909869 |
| Redeemed | &nbsp;&nbsp; (3670967)<br>| &nbsp;&nbsp; (5195260)<br>| &nbsp;&nbsp; (3880893)<br>| &nbsp;&nbsp; (4730495)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 8135464 | &nbsp;&nbsp; 5960065 | &nbsp;&nbsp; 2205867 | &nbsp;&nbsp; 605688 |

---

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(6) Capital Loss Carryforward**

At December 31, 2025, the Funds had the following short term capital loss carry-forwards and long term capital loss carry-forwards available to offset future net capital gains which do not expire. Future utilization of the capital loss carry-forward may be limited. During the year ended December 31, 2025, Select Equity Fund utilized $27,275,864 in capital loss carryforwards to offset capital gains.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term**  | **Long-Term**  | **Total**  |
| Core Equity Fund | &nbsp;&nbsp; $28379496 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28379496 |
| Tax-Exempt Bond Fund | &nbsp;&nbsp; 1799826 | &nbsp;&nbsp; 36274020 | &nbsp;&nbsp; 38073846 |

---

**(7) Expenses and Related-Party Transactions**

The Trust has a contract for investment advisory services with the Adviser. Under terms of separate agreements, Core Equity Fund, Select Equity Fund, Tax-Exempt Bond Fund and International Fund each pay an investment advisory fee equal to an annual rate of 0.90%, 1.35%, 0.60% and 1.00%, respectively, of each Fund's average daily net assets. Management fees are calculated and accrued daily, and are paid quarterly. The Adviser is responsible for the payment or reimbursement of all the Funds' expenses, except brokerage, taxes, interest, and extraordinary expenses. The Adviser has periodically modified its management fee for each of the Funds through voluntary waivers. For the year ended December 31, 2025, voluntary waivers on management fees and net management fees actually paid, respectively, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Management Fees Voluntary Waivers  | Management Fees Voluntary Waivers  | Management Fees Voluntary Waivers  |
|  | Voluntary <br> Waiver % <br> Prior to April <br> 1, 2025<br>| Voluntary <br> Waiver % <br> Effective <br> April 1, 2025<br>| Voluntary <br> Waiver % <br> Effective <br> July 1, 2025<br>|
| Core Equity Fund | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.69)<br>|
| Select Equity Fund | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.42)<br>|
| Tax-Exempt Bond Fund | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.32)<br>|
| International Fund | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.25)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
|  | Net Management Fees Paid | Net Management Fees Paid | Net Management Fees Paid |
|  | Management<br> Fees %<br> Prior to<br> April 1, 2025<br>| Management <br> Fees % <br> Effective <br> April 1, 2025<br>| Management <br> Fees % <br> Effective <br> July 1, 2025<br>|
| Core Equity Fund | 0.23 | 0.22 | 0.21 |
| Select Equity Fund | 0.92 | 0.94 | 0.93 |
| Tax-Exempt Bond Fund | 0.29 | 0.29 | 0.28 |
| International Fund | 0.75 | 0.76 | 0.75 |

---

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

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 and are excluded from the voluntary waivers described above.

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.

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. The subadvisory fee payable to FCI is subject to reduction pursuant to the terms of a fee waiver agreement.

**(8) Derivative Instruments**

Information concerning the types of derivatives in which the Tax-Exempt Bond Fund and International Fund invest, the objectives for using them and their related risks can be found in Note 2 (c) and (d). Below are the types of derivatives held in the Tax-Exempt Bond Fund and International Fund by location as presented in the Statements of Assets and Liabilities as of December 31, 2025, with additional detail on the net amounts impacting the Statements of Assets and Liabilities. The futures contracts and forward foreign currency exchange contracts presented below are not subject to master netting agreements or other similar agreements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ASSETS | ASSETS | ASSETS | ASSETS | LIABILITIES | LIABILITIES | LIABILITIES |
| Name of Fund | Derivative Type | &nbsp;&nbsp; Statements of Assets and<br> Liabilities Location<br>| Value | Statements of Assets and<br> Liabilities Location<br>| Value | Counterparty |
| Tax-Exempt Bond <br> Fund<br>| Futures contracts | &nbsp;&nbsp; Unrealized appreciation<br> on futures contracts<br>| &nbsp;&nbsp; $127,788<br> \*<br>| Unrealized depreciation<br> on futures contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; J.P. Morgan <br> Securities, LLC<br>|
| International Fund | &nbsp;&nbsp; Forward foreign<br> currency exchange<br> contracts<br>| &nbsp;&nbsp; Unrealized appreciation<br> on forward foreign<br> currency exchange<br> contracts<br>| &nbsp;&nbsp; 259084 | Unrealized depreciation<br> on forward foreign<br> currency exchange<br> contracts<br>| &nbsp;&nbsp; 362360 | Northern Trust |

---

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

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

The following table sets forth, by primary risk exposure, the Tax-Exempt Bond Fund's and International Fund's net realized gain (loss) and net increase (decrease) in appreciation/depreciation on futures contracts and forward foreign currency exchange contracts for the year ended December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Name of Fund  | Derivative Type | Statements of<br> Operations Location<br>| Value | Name of Fund | Derivative Type | Statements of<br> Operations Location<br>| Value |
| Tax-Exempt <br> Bond Fund<br>| Futures contracts  | Net realized gain (loss)<br> on futures contracts <br>| $(70484) <br>| Tax-Exempt Bond Fund | Futures contracts  | Net increase<br> (decrease) in<br> unrealized<br> appreciation/<br> depreciation<br> on futures contracts <br>| $(922734) <br>|
| International Fund | Forward foreign<br> currency exchange<br> contracts <br>| Net realized gain<br> (loss) on forward<br> foreign currency<br> exchange contracts <br>| $—<br>| International Fund | Forward foreign<br> currency exchange<br> contracts <br>| Net increase<br> (decrease) in<br> unrealized<br> appreciation/depreciation<br> on forward foreign<br> currency exchange<br> contracts <br>| $(103276) <br>|

---

Derivative transactions are measured in terms of the notional amount. The following table presents, for the Tax-Exempt Bond Fund and International Fund, the number of transactions and weighted average daily notional amount of futures contracts and forward foreign currency exchange contracts, which is indicative of the volume of derivative activity, for the year ended December 31, 2025.

---

| | |
|:---|:---|
| Tax-Exempt Bond Fund | Tax-Exempt Bond Fund |
| Future Contracts | Future Contracts |
| Number of<br> Transactions<br>| Weighted<br> Average Notional<br> Amount<br>|
| 100 | &nbsp;&nbsp; $1134401 |

---

---

| | |
|:---|:---|
| International Fund | International Fund |
| Forward Foreign Currency Exchange<br> Contracts | Forward Foreign Currency Exchange<br> Contracts |
| Number of<br> Transactions<br>| Weighted<br> Average Notional<br> Amount<br>|
| 32 | &nbsp;&nbsp; $20137913 |

---

**(9) Short-term Financing**

ReFlow Fund, LLC ("ReFlow") provides each Fund with a potential source of cash to meet net shareholder redemptions through share purchases for a fee. The Fund then generally redeems those shares when it experiences net sales. The shares may be redeemed in-kind in accordance with the Fund's redemption in-kind policies. The Fund is generally required to redeem the shares purchased by ReFlow within 8 days. As such, the proceeds received from ReFlow's purchase of fund shares is treated as a liability on the Statements of Assets and Liabilities. The fee paid

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

on outstanding shares owned by ReFlow is based on an auction starting at a minimum bid of 0.14% and is paid by the Adviser under the unified advisory fee agreement. For the year ended December 31, 2025, the Core Equity Fund had total redemptions in kind of $17,880,316, resulting in realized gains of $15,042,639. For the year ended December 31, 2025, the Select Equity Fund had total redemptions in kind of $23,860,961, resulting in realized gains of $12,378,126. These realized gains are not recognized for tax purposes as discussed in Note 2. During the year ended December 31, 2025, the Funds had the following activity:

---

| | | |
|:---|:---|:---|
|  | **Average Amount**<br> **Oustanding for**<br> **Days in Use** <br>| **Days Used**  |
| Core Equity Fund | &nbsp;&nbsp; $3331<br>| &nbsp;&nbsp; 133<br>|
| Select Equity Fund | &nbsp;&nbsp; 15823<br>| &nbsp;&nbsp; 174<br>|

---

**(10) Portfolio Securities Loaned**

The Select Equity Fund and the International Fund participate in a securities lending program and have loaned portions of their investment portfolios during the year ended December 31, 2025. Under the program, the Funds loan securities to borrowers who post collateral for those loaned securities. The Securities Finance Trust Company serves as the Funds' securities lending agent (the lending agent) who operates and maintains the securities lending program. The loans are governed by a securities lending agreement between the lending agent, acting on behalf of the Funds, and each borrowing counterparty. The fair value of securities on loan as of December 31, 2025 is recognized within investments in securities, at fair value, on the Statements of Assets and Liabilities.

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

During the reporting period, the cash collateral received from borrowers related to the Funds' securities lending activities was invested in the Institutional Shares of Fidelity Investments Money Market Government Portfolio and the daily residual was swept into the Northern Institutional Fund-U.S Government Select Portfolio. The short-term investments purchased with the cash collateral in the amount of $3,551,623 and $15,656,683 are included in Investments in Securities on the Statements of Assets and Liabilities of the Select Equity Fund and International Fund, respectively.

The Funds provide compensation to the lending agent in connection with operating and maintaining the securities lending program. The lending agent is compensated in an amount of 15% of gross revenues for the 12 month period commencing as of implementation date. The fee will then be increased to 20% for the first $1 million of gross

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements

December 31, 2025

revenues and 15% of any gross revenues in excess of $1 million. The revenues derived from the securities lending activities of the Funds depend on many factors, including the value of the securities available to be loaned, the demand for the securities available to be loaned, the actual percentage of the Fund's securities that are on loan (the utilization rate), the amount earned from the investment of any collateral and the amount of the fees or profit retained by the lending agent. All compensation, costs and expenses associated with the securities lending program are considered transaction charges that are borne by the Funds and are not an obligation of the Manager under the securities lending agency agreement. These transaction charges are netted with the income from securities lending and included in net income from securities loaned on the accompanying Statements of Operations.

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

The following is information on the securities lending activities by the lending agent as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Gross Amounts of**<br> **Securities Loaned in**<br> **Statements of Assets**<br> **and**<br> **Liabilities**<br>| **% of Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cash Collateral**<br> **Received**<br>|
| Select Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3471401<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3551623<br>|
| International Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14632211<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15656683<br>|

---

At December 31, 2025, there were no offsetting of securities and they are presented on a gross basis.

**(11) Subsequent Events**

Effective January 1, 2026, CMC has voluntarily agreed to waive a portion of the management fee for the Select Equity Fund and International Fund to achieve an effective management fee rate equal to 0.80% and 0.76%, respectively, of each Fund's average daily net assets. It is CMC's current intent to continue these fee reductions indefinitely. Nonetheless, the investment manager may terminate any voluntary fee reduction at any time.

Management has evaluated subsequent events for the Funds through the date the financial statements were issued and has concluded that there are no additional events that require financial statement disclosure and/or adjustments to the financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Core Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Common Stocks:** | **Common Stocks:** |  |  |  |
| **Communication Services:** | **Communication Services:** |  |  |  |
| 158722 | ALPHABET, INC., CLASS A | $12020412 | 49679986 |  |
| 74248 | ALPHABET, INC., CLASS C | 3681818 | 23299022 |  |
| 359189 | AT&T, INC. | 7148627 | 8922255 |  |
| 49600 | COMCAST CORP., CLASS A | 384473 | 1482544 |  |
| 8300 | ELECTRONIC ARTS, INC. | 116945 | 1695939 |  |
| 3300 | FOX CORP., CLASS A | 181296 | 241131 |  |
| 2100 | FOX CORP., CLASS B | 108441 | 136353 |  |
| 183 | LIBERTY GLOBAL LTD., CLASS A(b)(c) | 879 | 2039 |  |
| 3500 | LIVE NATION ENTERTAINMENT, INC.(c) | 342687 | 498750 |  |
| 3538 | MATCH GROUP, INC. | 106302 | 114242 |  |
| 58416 | META PLATFORMS, INC., CLASS A | 9748928 | 38559817 |  |
| 38046 | MILLICOM INTERNATIONAL CELLULAR S.A. | 1774460 | 2109270 |  |
| 64060 | NETFLIX, INC.(c) | 1726498 | 6006266 |  |
| 7075 | NEWS CORP., CLASS A | 129581 | 184799 |  |
| 8395 | OMNICOM GROUP, INC. | 507488 | 677896 |  |
| 3165 | PARAMOUNT SKYDANCE CORP., CLASS B | 36669 | 42411 |  |
| 5785 | PINTEREST, INC., CLASS A(c) | 157681 | 149774 |  |
| 8606 | SPOTIFY TECHNOLOGY S.A.(b)(c) | 3543134 | 4997590 |  |
| 2500 | TAKE-TWO INTERACTIVE SOFTWARE, INC.(c) | 299873 | 640075 |  |
| 900 | TKO GROUP HOLDINGS, INC. | 132552 | 188100 |  |
| 11220 | T-MOBILE U.S., INC. | 1551471 | 2278109 |  |
| 93174 | VERIZON COMMUNICATIONS, INC. | 3429046 | 3794977 |  |
| 28118 | WALT DISNEY (THE) CO. | 890300 | 3198985 |  |
| 42002 | WARNER BROS. DISCOVERY, INC.(c) | 311756 | 1210498 |  |
|  |  | 48331317 | 150110828 | 10.40% |
| **Consumer Discretionary:** | **Consumer Discretionary:** |  |  |  |
| 6100 | AIRBNB, INC., CLASS A(c) | 687140 | 827892 |  |
| 203626 | AMAZON.COM, INC.(c) | 22972245 | 47000953 |  |
| 3700 | APTIV PLC(b)(c) | 233049 | 281533 |  |
| 7973 | ARAMARK | 229724 | 293885 |  |
| 10830 | AUTONATION, INC.(c) | 1247171 | 2236178 |  |
| 551 | AUTOZONE, INC.(c) | 1080544 | 1868717 |  |
| 11419 | BEST BUY CO., INC. | 517128 | 764274 |  |
| 1289 | BOOKING HOLDINGS, INC. | 2757890 | 6903020 |  |
| 2228 | CARMAX, INC.(c) | 62335 | 86090 |  |
| 14000 | CARNIVAL CORP.(c) | 128765 | 427560 |  |
| 20000 | CHIPOTLE MEXICAN GRILL, INC.(c) | 558552 | 740000 |  |
| 4500 | D.R. HORTON, INC. | 465172 | 648135 |  |
| 2200 | DARDEN RESTAURANTS, INC. | 211169 | 404844 |  |
| 600 | DOMINO'S PIZZA, INC. | 257882 | 250092 |  |
| 6500 | DOORDASH, INC., CLASS A(c) | 1220087 | 1472120 |  |
| 7500 | EBAY, INC. | 231075 | 653250 |  |
| 14008 | EXPEDIA GROUP, INC. | 1406366 | 3968607 |  |
| 54779 | FORD MOTOR CO. | 380050 | 718700 |  |
| 13928 | GAP (THE), INC. | 139153 | 356557 |  |
| 3000 | GARMIN LTD.(b) | 188511 | 608550 |  |
| 102470 | GENERAL MOTORS CO. | 3522530 | 8332860 |  |
| 3450 | GENUINE PARTS CO. | 102425 | 424212 |  |
| 10855 | H&R BLOCK, INC. | 368543 | 473061 |  |
| 526 | HASBRO, INC. | 17647 | 43132 |  |
| 3000 | HILTON WORLDWIDE HOLDINGS, INC. | 437249 | 861750 |  |
| 23626 | HOME DEPOT (THE), INC. | 5037142 | 8129707 |  |
| 7935 | LAS VEGAS SANDS CORP. | 239060 | 516489 |  |
| 8204 | LENNAR CORP., CLASS A | 832094 | 843371 |  |
| 3300 | LKQ CORP. | 99905 | 99660 |  |
| 9146 | LOWE'S COS., INC. | 1744243 | 2205649 |  |
| 70986 | MACY'S, INC. | 769670 | 1565241 |  |
| 2938 | MARRIOTT INTERNATIONAL, INC., CLASS A | 61838 | 911485 |  |
| 9302 | MCDONALD'S CORP. | 1436164 | 2842970 |  |
| 3106 | MGM RESORTS INTERNATIONAL(c) | 88432 | 113338 |  |
| 600 | MOHAWK INDUSTRIES, INC.(c) | 26796 | 65580 |  |
| 19667 | NIKE, INC., CLASS B | 783645 | 1252985 |  |
| 302 | NVR, INC.(c) | 1057231 | 2202417 |  |
| 16100 | O'REILLY AUTOMOTIVE, INC.(c) | 1306585 | 1468481 |  |
| 5853 | PENSKE AUTOMOTIVE GROUP, INC. | 765614 | 926471 |  |
| 40 | PHINIA, INC. | 880 | 2508 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Core Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Consumer Discretionary (Cont'd):** | **Consumer Discretionary (Cont'd):** |  |  |  |
| 645 | POOL CORP. | $111529 | 147544 |  |
| 17150 | PULTEGROUP, INC. | 834021 | 2011009 |  |
| 4543 | ROSS STORES, INC. | 468350 | 818376 |  |
| 3808 | ROYAL CARIBBEAN CRUISES LTD. | 172635 | 1062127 |  |
| 17126 | STARBUCKS CORP. | 117695 | 1442180 |  |
| 5800 | TAPESTRY, INC. | 163077 | 741066 |  |
| 62900 | TESLA, INC.(c) | 15076222 | 28287388 |  |
| 13300 | TJX (THE) COS., INC. | 1264358 | 2043013 |  |
| 31659 | TOLL BROTHERS, INC. | 1844510 | 4280930 |  |
| 8300 | TRACTOR SUPPLY CO. | 395067 | 415083 |  |
| 600 | ULTA BEAUTY, INC.(c) | 232308 | 363006 |  |
| 28250 | WILLIAMS-SONOMA, INC. | 1875952 | 5045168 |  |
| 1554 | WYNN RESORTS LTD. | 31066 | 186993 |  |
| 3900 | YUM! BRANDS, INC. | 472661 | 589992 |  |
|  |  | 76731152 | 151226199 | 10.47% |
| **Consumer Staples:** | **Consumer Staples:** |  |  |  |
| 130346 | ALTRIA GROUP, INC. | 6210041 | 7515750 |  |
| 10300 | ARCHER-DANIELS-MIDLAND CO. | 188618 | 592147 |  |
| 17000 | BROWN-FORMAN CORP., CLASS B | 460280 | 443020 |  |
| 10068 | CHURCH & DWIGHT CO., INC. | 241887 | 844202 |  |
| 1700 | CLOROX (THE) CO. | 210031 | 171411 |  |
| 65185 | COCA-COLA (THE) CO. | 1620785 | 4557083 |  |
| 19480 | COLGATE-PALMOLIVE CO. | 1410034 | 1539310 |  |
| 10200 | CONAGRA BRANDS, INC. | 207304 | 176562 |  |
| 3488 | CONSTELLATION BRANDS, INC., CLASS A | 467186 | 481204 |  |
| 5961 | COSTCO WHOLESALE CORP. | 3710378 | 5140409 |  |
| 5400 | DOLLAR GENERAL CORP. | 387809 | 716958 |  |
| 4124 | DOLLAR TREE, INC.(c) | 233533 | 507293 |  |
| 3600 | ESTEE LAUDER (THE) COS., INC., CLASS A | 269015 | 376992 |  |
| 12400 | GENERAL MILLS, INC. | 277055 | 576600 |  |
| 2942 | HERSHEY (THE) CO. | 250275 | 535385 |  |
| 20877 | HORMEL FOODS CORP. | 429139 | 494785 |  |
| 1300 | J.M. SMUCKER (THE) CO. | 60304 | 127153 |  |
| 4477 | KIMBERLY-CLARK CORP. | 420547 | 451685 |  |
| 35505 | KRAFT HEINZ (THE) CO. | 830326 | 860996 |  |
| 76566 | KROGER (THE) CO. | 2518998 | 4783844 |  |
| 1833 | LAMB WESTON HOLDINGS, INC. | 73271 | 76784 |  |
| 7200 | MCCORMICK & CO., INC. (NON VOTING) | 396095 | 490392 |  |
| 2360 | MOLSON COORS BEVERAGE CO., CLASS B | 84088 | 110165 |  |
| 8033 | MONDELEZ INTERNATIONAL, INC., CLASS A | 164034 | 432416 |  |
| 11372 | MONSTER BEVERAGE CORP.(c) | 517685 | 871891 |  |
| 22491 | PEPSICO, INC. | 2199569 | 3227908 |  |
| 19905 | PHILIP MORRIS INTERNATIONAL, INC. | 1907691 | 3192762 |  |
| 29060 | PROCTER & GAMBLE (THE) CO. | 1225258 | 4164589 |  |
| 7100 | SYSCO CORP. | 110707 | 523199 |  |
| 5041 | TARGET CORP. | 418167 | 492758 |  |
| 7967 | TYSON FOODS, INC., CLASS A | 312870 | 467026 |  |
| 98754 | WALMART, INC. | 3524013 | 11002183 |  |
|  |  | 31336993 | 55944862 | 3.87% |
| **Energy:** | **Energy:** |  |  |  |
| 15393 | BAKER HUGHES CO. | 377695 | 700997 |  |
| 36408 | CHEVRON CORP. | 2037649 | 5548943 |  |
| 23525 | CONOCOPHILLIPS | 572618 | 2202175 |  |
| 74637 | COTERRA ENERGY, INC. | 1725468 | 1964446 |  |
| 6026 | DEVON ENERGY CORP. | 160506 | 220732 |  |
| 8600 | DIAMONDBACK ENERGY, INC. | 1119940 | 1292838 |  |
| 42575 | EOG RESOURCES, INC. | 4022127 | 4470801 |  |
| 9600 | EQT CORP. | 399265 | 514560 |  |
| 89635 | EXXON MOBIL CORP. | 6328240 | 10786676 |  |
| 13400 | HALLIBURTON CO. | 278587 | 378684 |  |
| 49812 | KINDER MORGAN, INC. | 676557 | 1369332 |  |
| 16786 | MARATHON PETROLEUM CORP. | 1500674 | 2729907 |  |
| 236343 | NOV, INC. | 3483695 | 3694041 |  |
| 13235 | OCCIDENTAL PETROLEUM CORP. | 329934 | 544223 |  |
| 6700 | ONEOK, INC. | 273061 | 492450 |  |
| 6438 | PHILLIPS 66 | 440133 | 830760 |  |
| 25733 | SLB LTD. | 658749 | 987633 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Core Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Energy (Cont'd):** | **Energy (Cont'd):** |  |  |  |
| 2900 | TARGA RESOURCES CORP. | $189675 | 535050 |  |
| 17291 | TECHNIPFMC PLC(b) | 710289 | 770487 |  |
| 11373 | VALERO ENERGY CORP. | 562148 | 1851411 |  |
| 13000 | WILLIAMS (THE) COS., INC. | 195867 | 781430 |  |
|  |  | 26042877 | 42667576 | 2.96% |
| **Financials:** | **Financials:** |  |  |  |
| 6579 | AFLAC, INC. | 439251 | 725466 |  |
| 20769 | ALLSTATE (THE) CORP. | 2367553 | 4323067 |  |
| 9333 | AMERICAN EXPRESS CO. | 1092631 | 3452743 |  |
| 31871 | AMERICAN INTERNATIONAL GROUP, INC. | 1566127 | 2726564 |  |
| 2745 | AMERIPRISE FINANCIAL, INC. | 869321 | 1345983 |  |
| 3548 | AON PLC, CLASS A(b) | 760558 | 1252018 |  |
| 24110 | APOLLO GLOBAL MANAGEMENT, INC. | 3297168 | 3490164 |  |
| 4455 | ARCH CAPITAL GROUP LTD.(c) | 219651 | 427324 |  |
| 1900 | ARTHUR J. GALLAGHER & CO. | 371876 | 491701 |  |
| 26045 | ASSURANT, INC. | 3816300 | 6272938 |  |
| 22198 | ASSURED GUARANTY LTD. | 1695078 | 1994934 |  |
| 54484 | AXIS CAPITAL HOLDINGS LTD. | 3112506 | 5834692 |  |
| 103602 | BANK OF AMERICA CORP. | 1138664 | 5698110 |  |
| 74408 | BANK OF NEW YORK MELLON (THE) CORP. | 4962843 | 8638025 |  |
| 9516 | BANK OZK | 430509 | 437926 |  |
| 45564 | BERKSHIRE HATHAWAY, INC., CLASS B(c) | 10548382 | 22902745 |  |
| 2400 | BLACKROCK, INC. | 1749231 | 2568816 |  |
| 11376 | BLACKSTONE, INC. | 1249758 | 1753497 |  |
| 2207 | BOK FINANCIAL CORP. | 215924 | 261441 |  |
| 4700 | BROWN & BROWN, INC. | 377736 | 374590 |  |
| 14375 | CAPITAL ONE FINANCIAL CORP. | 1299009 | 3483925 |  |
| 8746 | CBOE GLOBAL MARKETS, INC. | 1773176 | 2195246 |  |
| 26608 | CHARLES SCHWAB (THE) CORP. | 878935 | 2658405 |  |
| 6685 | CHUBB LTD.(b) | 1034817 | 2086522 |  |
| 300 | CINCINNATI FINANCIAL CORP. | 34708 | 48996 |  |
| 75974 | CITIGROUP, INC. | 3255219 | 8865406 |  |
| 26097 | CME GROUP, INC. | 5612241 | 7126569 |  |
| 21145 | CNA FINANCIAL CORP. | 893958 | 1009462 |  |
| 79228 | COREBRIDGE FINANCIAL, INC. | 1411696 | 2390309 |  |
| 1000 | CORPAY, INC.(c) | 266785 | 300930 |  |
| 1402 | EVEREST GROUP LTD. | 416252 | 475769 |  |
| 2300 | FACTSET RESEARCH SYSTEMS, INC. | 625906 | 667437 |  |
| 469 | FAIRFAX FINANCIAL HOLDINGS LTD.(b) | 86576 | 894860 |  |
| 8303 | FIDELITY NATIONAL INFORMATION SERVICES, INC. | 169776 | 551817 |  |
| 10565 | FIFTH THIRD BANCORP | 109297 | 494548 |  |
| 361 | FIRST CITIZENS BANCSHARES, INC., CLASS A | 504565 | 774771 |  |
| 2376 | FISERV, INC.(c) | 95749 | 159596 |  |
| 4800 | FRANKLIN RESOURCES, INC. | 85895 | 114672 |  |
| 5196 | GLOBAL PAYMENTS, INC. | 368161 | 402170 |  |
| 1100 | GLOBE LIFE, INC. | 90838 | 153846 |  |
| 7579 | GOLDMAN SACHS GROUP (THE), INC. | 807418 | 6661941 |  |
| 11988 | HANOVER INSURANCE GROUP (THE), INC. | 1769954 | 2191047 |  |
| 5619 | HARTFORD INSURANCE GROUP (THE), INC. | 468941 | 774298 |  |
| 43846 | HUNTINGTON BANCSHARES, INC. | 221603 | 760728 |  |
| 10000 | INTERACTIVE BROKERS GROUP, INC., CLASS A | 693555 | 643100 |  |
| 7140 | INTERCONTINENTAL EXCHANGE, INC. | 634550 | 1156394 |  |
| 6900 | INVESCO LTD. | 97513 | 181263 |  |
| 28800 | JANUS HENDERSON GROUP PLC(b) | 925965 | 1370016 |  |
| 56092 | JPMORGAN CHASE & CO. | 3647942 | 18073964 |  |
| 20104 | KEYCORP | 178289 | 414947 |  |
| 10500 | KKR & CO., INC. | 1309474 | 1338540 |  |
| 7377 | MARSH & MCLENNAN COS., INC. | 675052 | 1368581 |  |
| 17267 | MASTERCARD, INC., CLASS A | 5624860 | 9857385 |  |
| 12131 | METLIFE, INC. | 717545 | 957621 |  |
| 84222 | MGIC INVESTMENT CORP. | 1181306 | 2460967 |  |
| 2500 | MOODY'S CORP. | 773332 | 1277125 |  |
| 1300 | MSCI, INC. | 623661 | 745849 |  |
| 6400 | NASDAQ, INC. | 142009 | 621632 |  |
| 2000 | NORTHERN TRUST CORP. | 264915 | 273180 |  |
| 15476 | PAYPAL HOLDINGS, INC. | 799357 | 903489 |  |
| 7114 | PNC FINANCIAL SERVICES GROUP (THE), INC. | 273331 | 1484905 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Core Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Financials (Cont'd):** | **Financials (Cont'd):** |  |  |  |
| 10575 | POPULAR, INC. | $728404 | 1316799 |  |
| 2900 | PRINCIPAL FINANCIAL GROUP, INC. | 116400 | 255809 |  |
| 7688 | PROGRESSIVE (THE) CORP. | 858806 | 1750711 |  |
| 5900 | PRUDENTIAL FINANCIAL, INC. | 182566 | 665992 |  |
| 2550 | RAYMOND JAMES FINANCIAL, INC. | 288037 | 409505 |  |
| 6699 | REGIONS FINANCIAL CORP. | 27215 | 181543 |  |
| 9764 | REINSURANCE GROUP OF AMERICA, INC. | 1439746 | 1986583 |  |
| 8762 | RENAISSANCERE HOLDINGS LTD. | 1929599 | 2463524 |  |
| 6100 | S&P GLOBAL, INC. | 2172779 | 3187799 |  |
| 1300 | STATE STREET CORP. | 86298 | 167713 |  |
| 92585 | SYNCHRONY FINANCIAL | 2559891 | 7724367 |  |
| 14552 | T. ROWE PRICE GROUP, INC. | 1079450 | 1489834 |  |
| 3020 | TRAVELERS (THE) COS., INC. | 193928 | 875981 |  |
| 41430 | TRUIST FINANCIAL CORP. | 1152936 | 2038770 |  |
| 20785 | U.S. BANCORP | 423741 | 1109088 |  |
| 66669 | UNUM GROUP | 2805095 | 5166848 |  |
| 56013 | VIRTU FINANCIAL, INC., CLASS A | 1731131 | 1866353 |  |
| 29237 | VISA, INC., CLASS A | 5874347 | 10253708 |  |
| 17672 | W.R. BERKLEY CORP. | 230535 | 1239161 |  |
| 51027 | WELLS FARGO & CO. | 729863 | 4755716 |  |
| 214954 | WESTERN UNION (THE) CO. | 1746008 | 2001222 |  |
| 6655 | WEX, INC.(c) | 815650 | 991462 |  |
| 2000 | WILLIS TOWERS WATSON PLC(b) | 510259 | 657200 |  |
|  |  | 108807882 | 215900660 | 14.95% |
| **Health Care:** | **Health Care:** |  |  |  |
| 23834 | ABBOTT LABORATORIES | 1687374 | 2986162 |  |
| 35041 | ABBVIE, INC. | 3204389 | 8006518 |  |
| 13100 | AGILENT TECHNOLOGIES, INC. | 1347536 | 1782517 |  |
| 3300 | ALIGN TECHNOLOGY, INC.(c) | 452815 | 515295 |  |
| 11340 | AMGEN, INC. | 2272114 | 3711695 |  |
| 5009 | BECTON, DICKINSON & CO. | 620881 | 972097 |  |
| 2300 | BIOGEN, INC.(c) | 267633 | 404777 |  |
| 2500 | BIO-TECHNE CORP. | 125343 | 147025 |  |
| 27032 | BOSTON SCIENTIFIC CORP.(c) | 150897 | 2577501 |  |
| 25280 | BRISTOL-MYERS SQUIBB CO. | 811175 | 1363603 |  |
| 11188 | CARDINAL HEALTH, INC. | 963606 | 2299134 |  |
| 21977 | CENCORA, INC. | 4315699 | 7422732 |  |
| 900 | CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(c) | 130770 | 179532 |  |
| 11337 | CIGNA GROUP (THE) | 2397193 | 3120283 |  |
| 20825 | CVS HEALTH CORP. | 1093767 | 1652672 |  |
| 10960 | DANAHER CORP. | 876007 | 2508963 |  |
| 6700 | DEXCOM, INC.(c) | 135781 | 444679 |  |
| 7700 | EDWARDS LIFESCIENCES CORP.(c) | 558658 | 656425 |  |
| 1556 | ELEVANCE HEALTH, INC. | 357487 | 545456 |  |
| 12663 | ELI LILLY & CO. | 2838353 | 13608673 |  |
| 64606 | EXELIXIS, INC.(c) | 1483675 | 2831681 |  |
| 6882 | GE HEALTHCARE TECHNOLOGIES, INC. | 390423 | 564462 |  |
| 19417 | GILEAD SCIENCES, INC. | 384467 | 2383243 |  |
| 3200 | HCA HEALTHCARE, INC. | 955522 | 1493952 |  |
| 1700 | HENRY SCHEIN, INC.(c) | 107607 | 128486 |  |
| 5008 | HOLOGIC, INC.(c) | 81572 | 373046 |  |
| 3087 | IDEXX LABORATORIES, INC.(c) | 1195016 | 2088448 |  |
| 45016 | INCYTE CORP.(c) | 2472640 | 4446230 |  |
| 2800 | INSULET CORP.(c) | 505243 | 795872 |  |
| 4900 | INTUITIVE SURGICAL, INC.(c) | 938250 | 2775164 |  |
| 3773 | IQVIA HOLDINGS, INC.(c) | 448528 | 850472 |  |
| 37661 | JOHNSON & JOHNSON | 3696952 | 7793944 |  |
| 700 | LABCORP HOLDINGS, INC. | 172629 | 175616 |  |
| 6065 | MCKESSON CORP. | 1645672 | 4975059 |  |
| 628 | MEDPACE HOLDINGS, INC.(c) | 344430 | 352716 |  |
| 9100 | MEDTRONIC PLC(b) | 737852 | 874146 |  |
| 40678 | MERCK & CO., INC. | 1150731 | 4281766 |  |
| 500 | METTLER-TOLEDO INTERNATIONAL, INC.(c) | 542391 | 697095 |  |
| 12500 | MODERNA, INC.(c) | 313170 | 368625 |  |
| 2600 | MOLINA HEALTHCARE, INC.(c) | 402890 | 451204 |  |
| 1647 | ORGANON & CO. | 14705 | 11809 |  |
| 90708 | PFIZER, INC. | 1545178 | 2258629 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Core Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Health Care (Cont'd):** | **Health Care (Cont'd):** |  |  |  |
| 1400 | QUEST DIAGNOSTICS, INC. | $174774 | 242942 |  |
| 4658 | REGENERON PHARMACEUTICALS, INC. | 2990735 | 3595370 |  |
| 4000 | RESMED, INC. | 81990 | 963480 |  |
| 15139 | SOLVENTUM CORP.(c) | 844740 | 1199614 |  |
| 1200 | STERIS PLC | 204368 | 304224 |  |
| 3100 | STRYKER CORP. | 865871 | 1089557 |  |
| 5022 | THERMO FISHER SCIENTIFIC, INC. | 1960164 | 2909998 |  |
| 8927 | UNITED THERAPEUTICS CORP.(c) | 2166861 | 4349681 |  |
| 22297 | UNITEDHEALTH GROUP, INC. | 5426874 | 7360463 |  |
| 2838 | UNIVERSAL HEALTH SERVICES, INC., CLASS B | 257448 | 618741 |  |
| 3400 | VERTEX PHARMACEUTICALS, INC.(c) | 586843 | 1541424 |  |
| 4826 | VIATRIS, INC. | 36838 | 60084 |  |
| 700 | WATERS CORP.(c) | 16422 | 265881 |  |
| 1100 | WEST PHARMACEUTICAL SERVICES, INC. | 239756 | 302654 |  |
| 3374 | ZIMMER BIOMET HOLDINGS, INC. | 135863 | 303390 |  |
| 3620 | ZOETIS, INC. | 494096 | 455468 |  |
|  |  | 60620664 | 121440375 | 8.41% |
| **Industrials:** | **Industrials:** |  |  |  |
| 12787 | 3M CO. | 787976 | 2047199 |  |
| 1400 | A.O. SMITH CORP. | 72742 | 93632 |  |
| 17717 | ACUITY, INC. | 2880782 | 6378829 |  |
| 100 | ALLEGION PLC(b) | 10618 | 15922 |  |
| 49948 | ALLISON TRANSMISSION HOLDINGS, INC. | 2135146 | 4889909 |  |
| 5175 | AMETEK, INC. | 73221 | 1062479 |  |
| 7466 | AUTOMATIC DATA PROCESSING, INC. | 537997 | 1920479 |  |
| 1300 | AXON ENTERPRISE, INC.(c) | 398627 | 738309 |  |
| 12087 | BOEING (THE) CO.(c) | 1667130 | 2624329 |  |
| 2213 | BROADRIDGE FINANCIAL SOLUTIONS, INC. | 89066 | 493875 |  |
| 21594 | BUILDERS FIRSTSOURCE, INC.(c) | 1694679 | 2221807 |  |
| 2200 | C.H. ROBINSON WORLDWIDE, INC. | 156465 | 353672 |  |
| 16840 | CARRIER GLOBAL CORP. | 379615 | 889826 |  |
| 12360 | CATERPILLAR, INC. | 962839 | 7080673 |  |
| 17200 | CINTAS CORP. | 667194 | 3234804 |  |
| 13400 | COPART, INC.(c) | 380358 | 524610 |  |
| 39272 | CSX CORP. | 903591 | 1423610 |  |
| 4218 | CUMMINS, INC. | 959137 | 2153078 |  |
| 948 | CURTISS-WRIGHT CORP. | 262835 | 522604 |  |
| 2300 | DAYFORCE, INC.(c) | 122843 | 159068 |  |
| 3193 | DEERE & CO. | 101416 | 1486565 |  |
| 11840 | DELTA AIR LINES, INC. | 465882 | 821696 |  |
| 225 | DOVER CORP. | 26143 | 43929 |  |
| 9827 | EATON CORP. PLC(b) | 254796 | 3129998 |  |
| 3561 | EMCOR GROUP, INC. | 649186 | 2178584 |  |
| 6305 | EMERSON ELECTRIC CO. | 741680 | 836800 |  |
| 2510 | EQUIFAX, INC. | 539450 | 544620 |  |
| 2900 | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | 275171 | 432129 |  |
| 2856 | FEDEX CORP. | 262843 | 824984 |  |
| 7076 | FORTIVE CORP. | 280397 | 390666 |  |
| 110089 | GATES INDUSTRIAL CORP. PLC(c) | 1234770 | 2363611 |  |
| 10112 | GE VERNOVA, INC. | 2406675 | 6608900 |  |
| 5270 | GENERAL DYNAMICS CORP. | 1121102 | 1774198 |  |
| 46868 | GENERAL ELECTRIC CO. | 4288732 | 14436750 |  |
| 12694 | HONEYWELL INTERNATIONAL, INC. | 1051372 | 2476472 |  |
| 29639 | HOWMET AEROSPACE, INC. | 957715 | 6076588 |  |
| 5712 | HUBBELL, INC. | 1323044 | 2536756 |  |
| 6628 | HUNTINGTON INGALLS INDUSTRIES, INC. | 1792442 | 2253984 |  |
| 1371 | IDEX CORP. | 119804 | 243956 |  |
| 4924 | ILLINOIS TOOL WORKS, INC. | 182025 | 1212781 |  |
| 4000 | INGERSOLL RAND, INC. | 219892 | 316880 |  |
| 800 | JB HUNT TRANSPORT SERVICES, INC. | 111216 | 155472 |  |
| 9859 | JOHNSON CONTROLS INTERNATIONAL PLC | 813672 | 1180615 |  |
| 2652 | L3HARRIS TECHNOLOGIES, INC. | 422126 | 778548 |  |
| 3800 | LOCKHEED MARTIN CORP. | 1517617 | 1837946 |  |
| 5354 | MASCO CORP. | 232203 | 339765 |  |
| 4962 | NORFOLK SOUTHERN CORP. | 1035097 | 1432629 |  |
| 2380 | NORTHROP GRUMMAN CORP. | 359223 | 1357100 |  |
| 7800 | OLD DOMINION FREIGHT LINE, INC. | 666126 | 1223040 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Core Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Industrials (Cont'd):** | **Industrials (Cont'd):** |  |  |  |
| 5320 | OTIS WORLDWIDE CORP. | $90693 | 464702 |  |
| 22367 | OWENS CORNING | 2031477 | 2503091 |  |
| 22310 | PACCAR, INC. | 1506462 | 2443168 |  |
| 4628 | PARKER-HANNIFIN CORP. | 350966 | 4067827 |  |
| 8185 | PAYCHEX, INC. | 892680 | 918193 |  |
| 587 | PAYCOM SOFTWARE, INC. | 86275 | 93544 |  |
| 2719 | PENTAIR PLC(b) | 57667 | 283157 |  |
| 1637 | QUANTA SERVICES, INC. | 462020 | 690912 |  |
| 3217 | REPUBLIC SERVICES, INC. | 303852 | 681779 |  |
| 5156 | ROCKET LAB CORP.(c) | 200262 | 359683 |  |
| 2000 | ROCKWELL AUTOMATION, INC. | 624795 | 778140 |  |
| 10172 | ROLLINS, INC. | 254570 | 610523 |  |
| 68896 | RTX CORP. | 6656585 | 12635526 |  |
| 17901 | RYDER SYSTEM, INC. | 1534307 | 3426072 |  |
| 9200 | SOUTHWEST AIRLINES CO. | 248654 | 380236 |  |
| 2057 | STANLEY BLACK & DECKER, INC. | 58948 | 152794 |  |
| 8554 | TEXTRON, INC. | 551135 | 745652 |  |
| 11005 | TRANE TECHNOLOGIES PLC(b) | 621772 | 4283146 |  |
| 600 | TRANSDIGM GROUP, INC. | 226294 | 797910 |  |
| 30766 | UBER TECHNOLOGIES, INC.(c) | 1996183 | 2513890 |  |
| 9702 | UNION PACIFIC CORP. | 1232512 | 2244267 |  |
| 4500 | UNITED AIRLINES HOLDINGS, INC.(c) | 194042 | 503190 |  |
| 6886 | UNITED PARCEL SERVICE, INC., CLASS B | 469815 | 683022 |  |
| 4560 | UNITED RENTALS, INC. | 773617 | 3690499 |  |
| 2021 | VERALTO CORP. | 14111 | 201655 |  |
| 494 | VERISK ANALYTICS, INC. | 83738 | 110503 |  |
| 2626 | VERTIV HOLDINGS CO., CLASS A | 117276 | 425438 |  |
| 8650 | WASTE MANAGEMENT, INC. | 135675 | 1900492 |  |
| 2100 | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. | 208398 | 448245 |  |
| 600 | WW GRAINGER, INC. | 592704 | 605430 |  |
| 3200 | XYLEM, INC. | 174704 | 435776 |  |
|  |  | 61346867 | 148203138 | 10.27% |
| **Information Technology:** | **Information Technology:** |  |  |  |
| 14286 | ACCENTURE PLC, CLASS A(b) | 3485708 | 3832934 |  |
| 7199 | ADOBE, INC.(c) | 944096 | 2519578 |  |
| 25137 | ADVANCED MICRO DEVICES, INC.(c) | 1144075 | 5383340 |  |
| 42836 | AMKOR TECHNOLOGY, INC. | 749635 | 1691165 |  |
| 19000 | AMPHENOL CORP., CLASS A | 920353 | 2567660 |  |
| 6949 | ANALOG DEVICES, INC. | 679925 | 1884569 |  |
| 327463 | APPLE, INC. | 30634530 | 89024091 |  |
| 21531 | APPLIED MATERIALS, INC. | 2152713 | 5533252 |  |
| 11089 | APPLOVIN CORP., CLASS A(c) | 2610486 | 7471990 |  |
| 41328 | ARISTA NETWORKS, INC.(c) | 2490023 | 5415208 |  |
| 3186 | AUTODESK, INC.(c) | 430853 | 943088 |  |
| 25946 | AVNET, INC. | 1082080 | 1247484 |  |
| 109030 | BROADCOM, INC. | 8663026 | 37735283 |  |
| 11600 | CADENCE DESIGN SYSTEMS, INC.(c) | 970077 | 3625928 |  |
| 8200 | CDW CORP. | 477146 | 1116840 |  |
| 12223 | CIRRUS LOGIC, INC.(c) | 1492353 | 1448425 |  |
| 75685 | CISCO SYSTEMS, INC. | 2382778 | 5830016 |  |
| 10994 | COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A | 582615 | 912502 |  |
| 15600 | CORNING, INC. | 85176 | 1365936 |  |
| 3700 | CROWDSTRIKE HOLDINGS, INC., CLASS A(c) | 1008315 | 1734412 |  |
| 4500 | DATADOG, INC., CLASS A(c) | 618732 | 611955 |  |
| 6187 | DELL TECHNOLOGIES, INC., CLASS C | 598890 | 778820 |  |
| 38021 | DROPBOX, INC., CLASS A(c) | 796223 | 1056984 |  |
| 37272 | DXC TECHNOLOGY CO.(c) | 494675 | 546035 |  |
| 100 | F5, INC.(c) | 14240 | 25526 |  |
| 2949 | FAIR ISAAC CORP.(c) | 1596171 | 4985638 |  |
| 1800 | FIRST SOLAR, INC.(c) | 224614 | 470214 |  |
| 27615 | FORTINET, INC.(c) | 393491 | 2192907 |  |
| 4257 | GARTNER, INC.(c) | 1029461 | 1073956 |  |
| 22781 | GEN DIGITAL, INC. | 207695 | 619415 |  |
| 3773 | GODADDY, INC., CLASS A(c) | 514519 | 468154 |  |
| 100994 | HEWLETT PACKARD ENTERPRISE CO. | 1239124 | 2425876 |  |
| 178617 | HP, INC. | 4543171 | 3979587 |  |
| 68265 | INTEL CORP.(c) | 1053834 | 2518978 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Core Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Information Technology (Cont'd):** | **Information Technology (Cont'd):** |  |  |  |
| 13523 | INTERNATIONAL BUSINESS MACHINES CORP. | $1632353 | 4005648 |  |
| 4280 | INTUIT, INC. | 896120 | 2835158 |  |
| 25938 | JABIL, INC. | 2190154 | 5914383 |  |
| 3000 | KEYSIGHT TECHNOLOGIES, INC.(c) | 410598 | 609570 |  |
| 5676 | KLA CORP. | 1927363 | 6896794 |  |
| 45530 | LAM RESEARCH CORP. | 471075 | 7793825 |  |
| 24368 | MICROCHIP TECHNOLOGY, INC. | 646205 | 1552729 |  |
| 32616 | MICRON TECHNOLOGY, INC. | 779843 | 9308933 |  |
| 163756 | MICROSOFT CORP. | 26604717 | 79195677 |  |
| 600 | MONOLITHIC POWER SYSTEMS, INC. | 229398 | 543816 |  |
| 2800 | MOTOROLA SOLUTIONS, INC. | 775984 | 1073296 |  |
| 4583 | NETAPP, INC. | 430412 | 490793 |  |
| 564415 | NVIDIA CORP. | 12753050 | 105263397 |  |
| 3825 | NXP SEMICONDUCTORS N.V.(b) | 327712 | 830254 |  |
| 1900 | ON SEMICONDUCTOR CORP.(c) | 98376 | 102885 |  |
| 26477 | ORACLE CORP. | 2227979 | 5160632 |  |
| 65185 | PALANTIR TECHNOLOGIES, INC., CLASS A(c) | 4792111 | 11586634 |  |
| 10200 | PALO ALTO NETWORKS, INC.(c) | 1451753 | 1878840 |  |
| 4000 | PTC, INC.(c) | 313055 | 696840 |  |
| 3681 | QNITY ELECTRONICS, INC. | 127119 | 300554 |  |
| 28348 | QUALCOMM, INC. | 3536463 | 4848925 |  |
| 2358 | RALLIANT CORP. | 91775 | 120046 |  |
| 63434 | RINGCENTRAL, INC., CLASS A(c) | 1642065 | 1831974 |  |
| 900 | ROPER TECHNOLOGIES, INC. | 194232 | 400617 |  |
| 13390 | SALESFORCE, INC. | 939415 | 3547145 |  |
| 1681 | SANDISK CORP.(c) | 20521 | 399036 |  |
| 1742 | SEAGATE TECHNOLOGY HOLDINGS PLC | 16384 | 479729 |  |
| 15950 | SERVICENOW, INC.(c) | 959704 | 2443380 |  |
| 9771 | SKYWORKS SOLUTIONS, INC. | 675347 | 619579 |  |
| 10200 | SUPER MICRO COMPUTER, INC.(c) | 318412 | 298554 |  |
| 5700 | SYNOPSYS, INC.(c) | 604602 | 2677404 |  |
| 7524 | TD SYNNEX CORP. | 672396 | 1130331 |  |
| 800 | TE CONNECTIVITY PLC(b) | 98296 | 182008 |  |
| 600 | TELEDYNE TECHNOLOGIES, INC.(c) | 226008 | 306438 |  |
| 5300 | TERADYNE, INC. | 138023 | 1025868 |  |
| 27783 | TEXAS INSTRUMENTS, INC. | 936448 | 4820073 |  |
| 7049 | TRIMBLE, INC.(c) | 94849 | 552289 |  |
| 2896 | TWILIO, INC., CLASS A(c) | 287823 | 411927 |  |
| 700 | TYLER TECHNOLOGIES, INC.(c) | 300961 | 317765 |  |
| 5846 | UBIQUITI, INC. | 2066170 | 3234884 |  |
| 1376 | VERISIGN, INC. | 283031 | 334299 |  |
| 5245 | WESTERN DIGITAL CORP. | 69838 | 903556 |  |
| 700 | ZEBRA TECHNOLOGIES CORP., CLASS A(c) | 142504 | 169974 |  |
| 42515 | ZOOM COMMUNICATIONS, INC.(c) | 2565924 | 3668619 |  |
|  |  | 152277371 | 483802824 | 33.51% |
| **Materials:** | **Materials:** |  |  |  |
| 2394 | AIR PRODUCTS AND CHEMICALS, INC. | 355952 | 591366 |  |
| 8289 | ALBEMARLE CORP. | 402966 | 1172396 |  |
| 108917 | AMCOR PLC(b) | 810073 | 908368 |  |
| 43368 | ANGLOGOLD ASHANTI PLC(b) | 2935197 | 3698423 |  |
| 4465 | AVERY DENNISON CORP. | 425188 | 812094 |  |
| 4600 | BALL CORP. | 248396 | 243662 |  |
| 200 | CF INDUSTRIES HOLDINGS, INC. | 17729 | 15468 |  |
| 7862 | CORTEVA, INC. | 164943 | 526990 |  |
| 27702 | DOW, INC. | 634481 | 647673 |  |
| 7362 | DUPONT DE NEMOURS, INC. | 91392 | 295953 |  |
| 3991 | ECOLAB, INC. | 236070 | 1047717 |  |
| 23600 | FREEPORT-MCMORAN, INC. | 465657 | 1198644 |  |
| 3521 | INTERNATIONAL FLAVORS & FRAGRANCES, INC. | 229674 | 237280 |  |
| 6465 | LINDE PLC | 1521181 | 2756611 |  |
| 4476 | LYONDELLBASELL INDUSTRIES N.V., CLASS A | 176907 | 193811 |  |
| 1100 | MARTIN MARIETTA MATERIALS, INC. | 253615 | 684926 |  |
| 26529 | MOSAIC (THE) CO. | 643446 | 639084 |  |
| 82293 | NEWMONT CORP. | 5250569 | 8216956 |  |
| 1000 | NUCOR CORP. | 114108 | 163110 |  |
| 1300 | PACKAGING CORP. OF AMERICA | 173604 | 268099 |  |
| 5172 | PPG INDUSTRIES, INC. | 123888 | 529923 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Core Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Materials (Cont'd):** | **Materials (Cont'd):** |  |  |  |
| 1000 | SHERWIN-WILLIAMS (THE) CO. | $342418 | 324030 |  |
| 3173 | SOLSTICE ADVANCED MATERIALS, INC.(c) | 64517 | 154144 |  |
| 5400 | STEEL DYNAMICS, INC. | 576937 | 915030 |  |
| 2100 | VULCAN MATERIALS CO. | 63441 | 598962 |  |
|  |  | 16322349 | 26840720 | 1.86% |
| **Real Estate:** | **Real Estate:** |  |  |  |
| 2500 | ALEXANDRIA REAL ESTATE EQUITIES, INC. | 131617 | 122350 |  |
| 6250 | AMERICAN TOWER CORP. | 780212 | 1097312 |  |
| 1934 | AVALONBAY COMMUNITIES, INC. | 225956 | 350654 |  |
| 3288 | BXP, INC. | 160334 | 221874 |  |
| 1500 | CAMDEN PROPERTY TRUST | 88106 | 165120 |  |
| 3700 | CBRE GROUP, INC., CLASS A(c) | 481875 | 594923 |  |
| 15300 | CROWN CASTLE, INC. | 1072156 | 1359711 |  |
| 4957 | DIGITAL REALTY TRUST, INC. | 650238 | 766897 |  |
| 1416 | EQUINIX, INC. | 512288 | 1084883 |  |
| 5416 | EQUITY RESIDENTIAL | 174162 | 341425 |  |
| 675 | ESSEX PROPERTY TRUST, INC. | 73174 | 176634 |  |
| 3300 | EXTRA SPACE STORAGE, INC. | 353898 | 429726 |  |
| 1000 | FEDERAL REALTY INVESTMENT TRUST | 55911 | 100800 |  |
| 70 | GAMING AND LEISURE PROPERTIES, INC. | 2750 | 3128 |  |
| 7000 | HEALTHPEAK PROPERTIES, INC. | 60139 | 112560 |  |
| 10022 | HOST HOTELS & RESORTS, INC. | 68301 | 177690 |  |
| 7700 | INVITATION HOMES, INC. | 228811 | 213983 |  |
| 4541 | IRON MOUNTAIN, INC. | 319795 | 376676 |  |
| 6872 | KIMCO REALTY CORP. | 64536 | 139295 |  |
| 1800 | MID-AMERICA APARTMENT COMMUNITIES, INC. | 132698 | 250038 |  |
| 14318 | PROLOGIS, INC. | 593996 | 1827836 |  |
| 1735 | PUBLIC STORAGE | 227274 | 450232 |  |
| 13602 | REALTY INCOME CORP. | 619439 | 766745 |  |
| 3900 | REGENCY CENTERS CORP. | 85344 | 269217 |  |
| 2100 | SBA COMMUNICATIONS CORP. | 214169 | 406203 |  |
| 7934 | SIMON PROPERTY GROUP, INC. | 704821 | 1468663 |  |
| 33 | SUN COMMUNITIES, INC. | 3097 | 4089 |  |
| 4100 | UDR, INC. | 63318 | 150388 |  |
| 100 | VENTAS, INC. | 3967 | 7738 |  |
| 13565 | VICI PROPERTIES, INC. | 319963 | 381448 |  |
| 9100 | WELLTOWER, INC. | 860668 | 1689051 |  |
| 10216 | WEYERHAEUSER CO. | 197853 | 242017 |  |
|  |  | 9530866 | 15749306 | 1.09% |
| **Utilities:** | **Utilities:** |  |  |  |
| 11900 | AES (THE) CORP. | 132426 | 170646 |  |
| 2000 | ALLIANT ENERGY CORP. | 24835 | 130020 |  |
| 2100 | AMEREN CORP. | 89374 | 209706 |  |
| 8400 | AMERICAN ELECTRIC POWER CO., INC. | 680906 | 968604 |  |
| 3900 | AMERICAN WATER WORKS CO., INC. | 482205 | 508950 |  |
| 2300 | ATMOS ENERGY CORP. | 340884 | 385549 |  |
| 6000 | CENTERPOINT ENERGY, INC. | 71768 | 230040 |  |
| 10200 | CMS ENERGY CORP. | 115866 | 713286 |  |
| 5075 | CONSOLIDATED EDISON, INC. | 328937 | 504049 |  |
| 5200 | CONSTELLATION ENERGY CORP. | 542360 | 1837004 |  |
| 15573 | DOMINION ENERGY, INC. | 557765 | 912422 |  |
| 8900 | DTE ENERGY CO. | 709034 | 1147922 |  |
| 7451 | DUKE ENERGY CORP. | 257148 | 873332 |  |
| 4325 | EDISON INTERNATIONAL | 135088 | 259586 |  |
| 5728 | ENTERGY CORP. | 233541 | 529439 |  |
| 6621 | EVERGY, INC. | 326781 | 479956 |  |
| 4961 | EVERSOURCE ENERGY | 125492 | 334024 |  |
| 14800 | EXELON CORP. | 524799 | 645132 |  |
| 8000 | FIRSTENERGY CORP. | 234641 | 358160 |  |
| 12676 | NATIONAL FUEL GAS CO. | 999456 | 1014841 |  |
| 35354 | NEXTERA ENERGY, INC. | 1375909 | 2838219 |  |
| 7100 | NISOURCE, INC. | 49003 | 296496 |  |
| 21700 | NRG ENERGY, INC. | 1897450 | 3455508 |  |
| 34700 | PG&E CORP. | 474921 | 557629 |  |
| 7900 | PINNACLE WEST CAPITAL CORP. | 524840 | 700730 |  |
| 9600 | PPL CORP. | 221808 | 336192 |  |
| 7700 | PUBLIC SERVICE ENTERPRISE GROUP, INC. | 568584 | 618310 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Core Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Utilities (Cont'd):** | **Utilities (Cont'd):** |  |  |  |
| 11100 | SEMPRA | $494416 | 980019 |  |
| 19600 | SOUTHERN (THE) CO. | 1100845 | 1709120 |  |
| 5300 | VISTRA CORP. | 610747 | 855049 |  |
| 2200 | WEC ENERGY GROUP, INC. | 155370 | 232012 |  |
| 5800 | XCEL ENERGY, INC. | 423782 | 428388 |  |
|  |  | 14810981 | 25220340 | 1.75% |
|  | **Sub-total Common Stocks:** | 606159319 | 1437106828 | 99.54% |
| **Escrows:** | **Escrows:** |  |  |  |
| **Communication Services:** | **Communication Services:** |  |  |  |
| 1360 | GCI LIBERTY, INC., CLASS A(c)(d) | - | - |  |
|  |  | - | - | 0.00% |
|  | **Sub-total Escrows:** | - | - | 0.00% |
| **Rights:** | **Rights:** |  |  |  |
| **Health Care:** | **Health Care:** |  |  |  |
| 300 | ABIOMED, INC. (CONTINGENT VALUE RIGHTS)(c)(d) | - | - |  |
|  |  | - | - | 0.00% |
|  | **Sub-total Rights:** | - | - | 0.00% |
| **Short-Term Investments:** | **Short-Term Investments:** |  |  |  |
| 6560695 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT <br> SELECT PORTFOLIO, INSTITUTIONAL SHARES, 3.66%(e)<br>| 6560695 | 6560695 |  |
|  | **Sub-total Short-Term Investments:** | 6560695 | 6560695 | 0.46% |
|  | Total Investments | $612720014 | 1443667523 | 100.00% |

---

---

| | |
|:---|:---|
| **Notes to Schedule of Investments:** | **Notes to Schedule of Investments:** |
| <sup>(a)</sup> | Investments are valued in accordance with procedures described in Note 2 to the financial statements. |
| <sup>(b)</sup> | Foreign security values are stated in U.S. dollars. As of December 31, 2025, the value of foreign stocks or depositary receipts of companies based <br> outside of the United States represented 2.14% of net assets.<br>|
| <sup>(c)</sup> | Non-income producing assets. |
| <sup>(d)</sup> | Security has been deemed worthless and is a Level 3 investment. |
| <sup>(e)</sup> | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2024, the value <br> of the Clearwater Core Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $6,445,998 with <br> net purchases of $114,697 during the fiscal year ended December 31, 2025.<br>|

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Select Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Common Stocks:** | **Common Stocks:** |  |  |  |
| **Communication Services:** | **Communication Services:** |  |  |  |
| 1052 | ANGI, INC.(b) | $12766 | 13602 |  |
| 5598 | BANDWIDTH, INC., CLASS A(b) | 82796 | 86489 |  |
| 500 | CABLE ONE, INC. | 73689 | 56425 |  |
| 25706 | CARGURUS, INC.(b) | 829320 | 985825 |  |
| 956 | CARS.COM, INC.(b) | 12838 | 11663 |  |
| 3900 | CINEMARK HOLDINGS, INC. | 102994 | 90636 |  |
| 574 | COGENT COMMUNICATIONS HOLDINGS, INC. | 13353 | 12375 |  |
| 1243 | DOUBLEVERIFY HOLDINGS, INC.(b) | 14228 | 14220 |  |
| 17772 | EVERQUOTE, INC., CLASS A(b) | 340237 | 479844 |  |
| 5001 | GLOBALSTAR, INC.(b) | 324371 | 305261 |  |
| 5700 | GOGO, INC.(b) | 39649 | 26562 |  |
| 382 | IAC, INC.(b) | 14911 | 14936 |  |
| 41651 | IDT CORP., CLASS B | 2124418 | 2132948 |  |
| 4589 | IRIDIUM COMMUNICATIONS, INC. | 76734 | 79757 |  |
| 14835 | JOHN WILEY & SONS, INC., CLASS A | 470197 | 454396 |  |
| 119460 | LUMEN TECHNOLOGIES, INC.(b) | 759439 | 928204 |  |
| 4436 | MADISON SQUARE GARDEN ENTERTAINMENT CORP.(b) | 230687 | 239056 |  |
| 1018 | MADISON SQUARE GARDEN SPORTS CORP.(b) | 198374 | 263306 |  |
| 26407 | MEDIAALPHA, INC., CLASS A(b) | 313937 | 341971 |  |
| 277260 | NEXXEN INTERNATIONAL LTD.(b)(c) | 2167785 | 1813280 |  |
| 52090 | PLAYTIKA HOLDING CORP.(c) | 211120 | 205756 |  |
| 31054 | QUINSTREET, INC.(b) | 445264 | 446246 |  |
| 396 | SCHOLASTIC CORP. | 11535 | 11734 |  |
| 2536 | SHENANDOAH TELECOMMUNICATIONS CO. | 29664 | 29316 |  |
| 108370 | SHUTTERSTOCK, INC. | 2890976 | 2069867 |  |
| 216132 | TECHTARGET, INC.(b) | 1716253 | 1167113 |  |
| 5062 | TEGNA, INC. | 94372 | 98253 |  |
| 4200 | TELEPHONE AND DATA SYSTEMS, INC. | 144674 | 172200 |  |
| 29716 | THRYV HOLDINGS, INC.(b) | 180268 | 179782 |  |
| 24769 | TRIPADVISOR, INC.(b) | 377469 | 360637 |  |
| 7648 | UNITI GROUP, INC.(b) | 55187 | 53613 |  |
| 23677 | YELP, INC.(b) | 774687 | 719544 |  |
| 84043 | ZIFF DAVIS, INC.(b) | 3037247 | 2954111 |  |
| 53691 | ZIPRECRUITER, INC., CLASS A(b) | 279742 | 209395 |  |
|  |  | 18451181 | 17028323 | 3.77% |
| **Consumer Discretionary:** | **Consumer Discretionary:** |  |  |  |
| 3435 | ABERCROMBIE & FITCH CO., CLASS A(b) | 269561 | 432363 |  |
| 4946 | ACADEMY SPORTS & OUTDOORS, INC. | 219855 | 247102 |  |
| 1946 | ACUSHNET HOLDINGS CORP. | 125001 | 155330 |  |
| 3000 | ADIENT PLC(b) | 59960 | 57510 |  |
| 1841 | ADTALEM GLOBAL EDUCATION, INC.(b) | 185417 | 190488 |  |
| 1296 | ADVANCE AUTO PARTS, INC. | 44995 | 50933 |  |
| 7500 | AMERICAN EAGLE OUTFITTERS, INC. | 67923 | 197775 |  |
| 15096 | AMERICAN PUBLIC EDUCATION, INC.(b) | 405764 | 570629 |  |
| 27973 | ARHAUS, INC.(b) | 302659 | 313577 |  |
| 701 | ASBURY AUTOMOTIVE GROUP, INC.(b) | 131278 | 163004 |  |
| 4100 | BJ'S RESTAURANTS, INC.(b) | 140610 | 161540 |  |
| 2371 | BOOT BARN HOLDINGS, INC.(b) | 393926 | 418410 |  |
| 5468 | BORGWARNER, INC. | 158711 | 246388 |  |
| 2540 | BRINKER INTERNATIONAL, INC.(b) | 374191 | 364541 |  |
| 22209 | BUCKLE (THE), INC. | 1259734 | 1186405 |  |
| 3728 | CAESARS ENTERTAINMENT, INC.(b) | 89034 | 87198 |  |
| 8400 | CARMAX, INC.(b) | 342851 | 324576 |  |
| 1400 | CARTER'S, INC. | 44364 | 45402 |  |
| 191 | CAVCO INDUSTRIES, INC.(b) | 114739 | 112831 |  |
| 199372 | CENTURY CASINOS, INC.(b) | 1186230 | 265165 |  |
| 1948 | CENTURY COMMUNITIES, INC. | 87986 | 115614 |  |
| 2100 | CHAMPION HOMES, INC.(b) | 143155 | 177450 |  |
| 480 | CHEESECAKE FACTORY (THE), INC. | 24235 | 24230 |  |
| 70046 | COURSERA, INC.(b) | 528488 | 515539 |  |
| 3190 | DANA, INC. | 70828 | 75794 |  |
| 19479 | DENNY'S CORP.(b) | 232488 | 121159 |  |
| 408 | DICK'S SPORTING GOODS, INC. | 90723 | 80772 |  |
| 1216 | DORMAN PRODUCTS, INC.(b) | 134927 | 149799 |  |
| 159280 | DREAM FINDERS HOMES, INC., CLASS A(b) | 3212153 | 2723688 |  |
| 870 | ETHAN ALLEN INTERIORS, INC. | 23306 | 19871 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Select Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Consumer Discretionary (Cont'd):** | **Consumer Discretionary (Cont'd):** |  |  |  |
| 4679 | ETSY, INC.(b) | $232947 | 259404 |  |
| 8164 | FRONTDOOR, INC.(b) | 398773 | 470981 |  |
| 14245 | GENESCO, INC.(b) | 597763 | 352849 |  |
| 400 | GENTHERM, INC.(b) | 14040 | 14548 |  |
| 1500 | G-III APPAREL GROUP LTD. | 41998 | 43440 |  |
| 116899 | GILDAN ACTIVEWEAR, INC.(c) | 4831359 | 7301512 |  |
| 5500 | GOLDEN ENTERTAINMENT, INC. | 156013 | 149545 |  |
| 2340 | GREEN BRICK PARTNERS, INC.(b) | 138667 | 146624 |  |
| 574 | GROUP 1 AUTOMOTIVE, INC. | 234560 | 225754 |  |
| 4521 | GROUPON, INC.(b) | 93327 | 79615 |  |
| 3600 | GUESS?, INC.(c) | 40127 | 60300 |  |
| 38279 | HASBRO, INC. | 2281425 | 3138878 |  |
| 12459 | HAVERTY FURNITURE COS., INC. | 233262 | 291042 |  |
| 5000 | HELEN OF TROY LTD.(b) | 101180 | 106250 |  |
| 2689 | INSTALLED BUILDING PRODUCTS, INC. | 526405 | 697500 |  |
| 2586 | KOHL'S CORP. | 20750 | 52780 |  |
| 2251 | KONTOOR BRANDS, INC. | 140591 | 137514 |  |
| 509 | LA-Z-BOY, INC. | 11758 | 18970 |  |
| 4209 | LCI INDUSTRIES | 402086 | 510720 |  |
| 4900 | LEGGETT & PLATT, INC. | 40504 | 53900 |  |
| 2800 | LGI HOMES, INC.(b) | 136183 | 120288 |  |
| 1776 | LINCOLN EDUCATIONAL SERVICES CORP.(b) | 27177 | 42890 |  |
| 27497 | LINDBLAD EXPEDITIONS HOLDINGS, INC.(b) | 384939 | 396507 |  |
| 10038 | LKQ CORP. | 301793 | 303148 |  |
| 2373 | LOVESAC (THE) CO.(b) | 31270 | 35002 |  |
| 65617 | LUCKY STRIKE ENTERTAINMENT CORP.(d) | 617069 | 555776 |  |
| 1700 | M/I HOMES, INC.(b) | 198342 | 217515 |  |
| 120853 | MALIBU BOATS, INC., CLASS A(b) | 5217311 | 3409263 |  |
| 575 | MARINEMAX, INC.(b) | 13007 | 13932 |  |
| 191 | MARRIOTT VACATIONS WORLDWIDE CORP. | 11068 | 11019 |  |
| 287 | MERITAGE HOMES CORP. | 19561 | 18885 |  |
| 1912 | MOHAWK INDUSTRIES, INC.(b) | 208612 | 208982 |  |
| 13059 | MONARCH CASINO & RESORT, INC. | 1052594 | 1249746 |  |
| 800 | MONRO, INC. | 14072 | 16032 |  |
| 3200 | NATIONAL VISION HOLDINGS, INC.(b) | 73461 | 82624 |  |
| 14053 | NEWELL BRANDS, INC. | 46601 | 52277 |  |
| 900 | PAPA JOHN'S INTERNATIONAL, INC. | 40824 | 34641 |  |
| 1838 | PATRICK INDUSTRIES, INC. | 168719 | 199294 |  |
| 65887 | PELOTON INTERACTIVE, INC., CLASS A(b) | 441913 | 405864 |  |
| 12427 | PENN ENTERTAINMENT, INC.(b) | 188336 | 183298 |  |
| 382 | PERDOCEO EDUCATION CORP. | 11077 | 11204 |  |
| 12866 | PETCO HEALTH & WELLNESS CO., INC.(b) | 40628 | 36153 |  |
| 1044 | PHINIA, INC. | 46985 | 65448 |  |
| 3920 | PURSUIT ATTRACTIONS AND HOSPITALITY, INC.(b) | 134322 | 132026 |  |
| 9300 | REALREAL (THE), INC.(b) | 136229 | 146754 |  |
| 13612 | RED ROCK RESORTS, INC., CLASS A | 826869 | 843263 |  |
| 17478 | REVOLVE GROUP, INC.(b) | 397066 | 527661 |  |
| 21117 | RUSH STREET INTERACTIVE, INC.(b) | 256054 | 410303 |  |
| 14900 | SABRE CORP.(b) | 29118 | 20264 |  |
| 700 | SALLY BEAUTY HOLDINGS, INC.(b) | 10108 | 9982 |  |
| 894 | SHAKE SHACK, INC., CLASS A(b) | 61955 | 72566 |  |
| 1730 | SIGNET JEWELERS LTD. | 142117 | 143382 |  |
| 860 | SIX FLAGS ENTERTAINMENT CORP.(b) | 12695 | 13192 |  |
| 3780 | SLEEP NUMBER CORP.(b) | 33046 | 31979 |  |
| 2269 | SONIC AUTOMOTIVE, INC., CLASS A | 136429 | 140360 |  |
| 74753 | SONOS, INC.(b) | 1257428 | 1312663 |  |
| 2700 | STEVEN MADDEN LTD. | 75486 | 112428 |  |
| 12619 | STITCH FIX, INC., CLASS A(b) | 66718 | 66250 |  |
| 1200 | STRATEGIC EDUCATION, INC. | 69847 | 96240 |  |
| 3818 | STRIDE, INC.(b) | 267443 | 247903 |  |
| 1391 | STURM RUGER & CO., INC. | 49613 | 45416 |  |
| 37715 | SUPER GROUP SGHC LTD. | 296584 | 450694 |  |
| 38020 | THREDUP, INC., CLASS A(b) | 241709 | 242948 |  |
| 9153 | TOPGOLF CALLAWAY BRANDS CORP.(b) | 62573 | 106816 |  |
| 4600 | TRI POINTE HOMES, INC.(b) | 135728 | 144762 |  |
| 41348 | UDEMY, INC.(b) | 229708 | 241886 |  |
| 3400 | UNITED PARKS & RESORTS, INC.(b) | 157170 | 123420 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Select Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Consumer Discretionary (Cont'd):** | **Consumer Discretionary (Cont'd):** |  |  |  |
| 10253 | URBAN OUTFITTERS, INC.(b) | $405638 | 771641 |  |
| 142296 | VALVOLINE, INC.(b) | 4802211 | 4135122 |  |
| 15982 | VICTORIA'S SECRET & CO.(b) | 737418 | 865745 |  |
| 18300 | WENDY'S (THE) CO. | 168966 | 152439 |  |
| 95080 | WINNEBAGO INDUSTRIES, INC. | 4242467 | 3852642 |  |
| 2008 | WOLVERINE WORLD WIDE, INC. | 38097 | 36445 |  |
| 1541 | XPEL, INC.(b) | 42236 | 76911 |  |
|  |  | 45817217 | 46951100 | 10.39% |
| **Consumer Staples:** | **Consumer Staples:** |  |  |  |
| 1802 | ANDERSONS (THE), INC. | 56600 | 95812 |  |
| 9400 | B&G FOODS, INC. | 38404 | 40420 |  |
| 3245 | CAL-MAINE FOODS, INC. | 231824 | 258205 |  |
| 638 | CENTRAL GARDEN & PET CO., CLASS A(b) | 18118 | 18623 |  |
| 1714 | CHEFS' WAREHOUSE (THE), INC.(b) | 93067 | 106834 |  |
| 1200 | EDGEWELL PERSONAL CARE CO. | 23400 | 20460 |  |
| 2800 | ENERGIZER HOLDINGS, INC. | 63943 | 55692 |  |
| 400 | FRESH DEL MONTE PRODUCE, INC. | 10912 | 14252 |  |
| 1900 | FRESHPET, INC.(b) | 103659 | 115767 |  |
| 3800 | GROCERY OUTLET HOLDING CORP.(b) | 49538 | 38380 |  |
| 22364 | INGREDION, INC. | 2297157 | 2465855 |  |
| 1800 | INTERPARFUMS, INC. | 151129 | 152694 |  |
| 191 | J & J SNACK FOODS CORP. | 18166 | 17261 |  |
| 586 | JOHN B. SANFILIPPO & SON, INC. | 41826 | 41372 |  |
| 956 | NATIONAL BEVERAGE CORP.(b) | 31173 | 30487 |  |
| 6784 | NATURE'S SUNSHINE PRODUCTS, INC.(b) | 79725 | 146399 |  |
| 1223 | PRICESMART, INC. | 72337 | 150025 |  |
| 400 | REYNOLDS CONSUMER PRODUCTS, INC. | 9444 | 9168 |  |
| 2000 | SIMPLY GOOD FOODS (THE) CO.(b) | 41175 | 40160 |  |
| 964 | SPECTRUM BRANDS HOLDINGS, INC. | 52597 | 56953 |  |
| 721 | TOOTSIE ROLL INDUSTRIES, INC. | 19677 | 26410 |  |
| 2100 | TREEHOUSE FOODS, INC.(b) | 40272 | 49539 |  |
| 2581 | UNITED NATURAL FOODS, INC.(b) | 85493 | 86902 |  |
| 1229 | UNIVERSAL CORP. | 59977 | 64830 |  |
| 8259 | VITA COCO (THE) CO., INC.(b) | 375186 | 437809 |  |
| 382 | VITAL FARMS, INC.(b) | 12046 | 12201 |  |
| 220 | WD-40 CO. | 43408 | 43318 |  |
|  |  | 4120253 | 4595828 | 1.02% |
| **Energy:** | **Energy:** |  |  |  |
| 30400 | ARCHROCK, INC. | 757700 | 791008 |  |
| 270879 | ATLAS ENERGY SOLUTIONS, INC.(d) | 3910644 | 2551680 |  |
| 300 | BRISTOW GROUP, INC.(b) | 11625 | 10986 |  |
| 8464 | CACTUS, INC., CLASS A | 352249 | 386636 |  |
| 3626 | CALIFORNIA RESOURCES CORP. | 148155 | 162118 |  |
| 538 | CENTRUS ENERGY CORP., CLASS A(b) | 136174 | 130605 |  |
| 362 | CHEVRON CORP. | 35198 | 55172 |  |
| 3000 | COMSTOCK RESOURCES, INC.(b) | 54650 | 69540 |  |
| 1700 | CORE LABORATORIES, INC. | 20482 | 27251 |  |
| 1688 | CORE NATURAL RESOURCES, INC. | 109164 | 149405 |  |
| 15793 | CRESCENT ENERGY CO., CLASS A | 130954 | 132508 |  |
| 1500 | CVR ENERGY, INC.(b) | 40513 | 38160 |  |
| 15770 | DELEK U.S. HOLDINGS, INC. | 568603 | 467738 |  |
| 167328 | DMC GLOBAL, INC.(b) | 3775548 | 1119424 |  |
| 1352 | DORIAN LPG LTD. | 35349 | 32908 |  |
| 12718 | ENERGY SERVICES OF AMERICA CORP. | 108397 | 103906 |  |
| 34290 | FLOWCO HOLDINGS, INC., CLASS A | 585835 | 642595 |  |
| 48085 | HELIX ENERGY SOLUTIONS GROUP, INC.(b) | 314667 | 301493 |  |
| 3643 | HELMERICH & PAYNE, INC. | 68660 | 104481 |  |
| 2600 | INNOVEX INTERNATIONAL, INC.(b) | 40630 | 56862 |  |
| 1692 | INTERNATIONAL SEAWAYS, INC. | 75097 | 82147 |  |
| 3550 | KODIAK GAS SERVICES, INC. | 127094 | 132770 |  |
| 5000 | LIBERTY ENERGY, INC. | 58880 | 92300 |  |
| 8123 | MAGNOLIA OIL & GAS CORP., CLASS A | 183707 | 177812 |  |
| 15688 | NATIONAL ENERGY SERVICES REUNITED CORP.(b) | 223690 | 245674 |  |
| 4700 | NOBLE CORP. PLC | 131974 | 132728 |  |
| 1625 | NORTHERN OIL & GAS, INC. | 36727 | 34889 |  |
| 10232 | NOV, INC. | 94293 | 159926 |  |
| 6202 | OCEANEERING INTERNATIONAL, INC.(b) | 114143 | 149034 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Select Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Energy (Cont'd):** | **Energy (Cont'd):** |  |  |  |
| 16682 | PAR PACIFIC HOLDINGS, INC.(b) | $493217 | 586206 |  |
| 24300 | PATTERSON-UTI ENERGY, INC. | 140824 | 148473 |  |
| 6100 | PEABODY ENERGY CORP. | 78543 | 181170 |  |
| 6201 | REX AMERICAN RESOURCES CORP.(b) | 210548 | 200416 |  |
| 3300 | RPC, INC. | 14938 | 17952 |  |
| 4937 | SM ENERGY CO. | 96476 | 92322 |  |
| 1600 | TALOS ENERGY, INC.(b) | 14648 | 17632 |  |
| 1700 | TIDEWATER, INC.(b) | 75067 | 85867 |  |
| 9188 | URANIUM ENERGY CORP.(b)(c) | 110336 | 107316 |  |
| 19169 | WEATHERFORD INTERNATIONAL PLC | 1374657 | 1500166 |  |
| 20677 | WORLD KINECT CORP. | 484206 | 484462 |  |
|  |  | 15344262 | 11963738 | 2.65% |
| **Financials:** | **Financials:** |  |  |  |
| 956 | ACADIAN ASSET MANAGEMENT, INC. | 46200 | 44932 |  |
| 5616 | ADAMAS TRUST, INC. | 33122 | 40997 |  |
| 16165 | AMERICAN INTEGRITY INSURANCE GROUP, INC.(b) | 332042 | 336717 |  |
| 1200 | AMERIS BANCORP | 72947 | 89124 |  |
| 765 | AMERISAFE, INC. | 30247 | 29384 |  |
| 5354 | APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. | 44350 | 51827 |  |
| 18900 | ARBOR REALTY TRUST, INC. | 180972 | 146664 |  |
| 4700 | ARMOUR RESIDENTIAL REIT, INC. | 74339 | 83143 |  |
| 8768 | ARROW FINANCIAL CORP. | 278905 | 275315 |  |
| 2996 | ARTISAN PARTNERS ASSET MANAGEMENT, INC., CLASS A | 92913 | 122057 |  |
| 8354 | ASSOCIATED BANC-CORP | 143527 | 215199 |  |
| 1835 | ASSURED GUARANTY LTD. | 165920 | 164911 |  |
| 5500 | ATLANTIC UNION BANKSHARES CORP. | 180432 | 194150 |  |
| 2524 | AXOS FINANCIAL, INC.(b) | 107811 | 217468 |  |
| 19623 | BANC OF CALIFORNIA, INC. | 286412 | 378528 |  |
| 2200 | BANCFIRST CORP. | 219431 | 233244 |  |
| 1800 | BANCORP (THE), INC.(b) | 105600 | 121536 |  |
| 8221 | BANK OF HAWAII CORP. | 470130 | 562070 |  |
| 287 | BANKUNITED, INC. | 13083 | 12792 |  |
| 7960 | BANKWELL FINANCIAL GROUP, INC. | 386302 | 364727 |  |
| 287 | BANNER CORP. | 19226 | 17983 |  |
| 8000 | BEACON FINANCIAL CORP. | 167165 | 210960 |  |
| 18800 | BGC GROUP, INC., CLASS A | 174926 | 167884 |  |
| 7977 | BLACKSTONE MORTGAGE TRUST, INC., CLASS A | 132700 | 152600 |  |
| 1400 | BREAD FINANCIAL HOLDINGS, INC. | 39463 | 103642 |  |
| 376516 | BURFORD CAPITAL LTD. | 4307564 | 3358523 |  |
| 12280 | CAPITOL FEDERAL FINANCIAL, INC. | 59147 | 83627 |  |
| 5906 | CASS INFORMATION SYSTEMS, INC. | 256539 | 245217 |  |
| 1620 | CATHAY GENERAL BANCORP | 75116 | 78392 |  |
| 635 | CITY HOLDING CO. | 67053 | 75692 |  |
| 4063 | COASTALSOUTH BANCSHARES, INC.(b) | 99968 | 94465 |  |
| 1243 | COHEN & STEERS, INC. | 78538 | 78036 |  |
| 196094 | COLUMBIA BANKING SYSTEM, INC. | 4649354 | 5480827 |  |
| 87269 | COMMERCE BANCSHARES, INC. | 4060566 | 4567646 |  |
| 600 | COMMUNITY FINANCIAL SYSTEM, INC. | 25494 | 34464 |  |
| 5242 | CONNECTONE BANCORP, INC. | 145645 | 137445 |  |
| 5369 | CUSTOMERS BANCORP, INC.(b) | 379449 | 392581 |  |
| 12000 | CVB FINANCIAL CORP. | 199210 | 223200 |  |
| 1710 | DAVE, INC.(b) | 151162 | 378611 |  |
| 1816 | DIME COMMUNITY BANCSHARES, INC. | 58178 | 54643 |  |
| 51489 | DONNELLEY FINANCIAL SOLUTIONS, INC.(b) | 2466935 | 2404021 |  |
| 6800 | EAGLE BANCORP, INC. | 116183 | 145656 |  |
| 13400 | ELLINGTON FINANCIAL, INC. | 144910 | 181972 |  |
| 2800 | EMPLOYERS HOLDINGS, INC. | 105439 | 120876 |  |
| 3751 | ENCORE CAPITAL GROUP, INC.(b) | 129357 | 203867 |  |
| 923 | ENOVA INTERNATIONAL, INC.(b) | 88317 | 145096 |  |
| 64257 | ESSENT GROUP LTD. | 3312166 | 4177348 |  |
| 936 | EVERTEC, INC. | 25980 | 27228 |  |
| 3000 | EZCORP, INC., CLASS A(b) | 39350 | 58260 |  |
| 287 | FB FINANCIAL CORP. | 16547 | 16015 |  |
| 16645 | FEDERAL AGRICULTURAL MORTGAGE CORP., CLASS C | 2505485 | 2922363 |  |
| 69947 | FINWISE BANCORP(b) | 1043298 | 1254849 |  |
| 896 | FIRST BANCORP | 39173 | 45508 |  |
| 47230 | FIRST BANCORP (NEW YORK STOCK EXCHANGE) | 946550 | 979078 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Select Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Financials (Cont'd):** | **Financials (Cont'd):** |  |  |  |
| 765 | FIRST COMMONWEALTH FINANCIAL CORP. | $13446 | 12898 |  |
| 1423 | FIRST COMMUNITY CORP. | 44213 | 42192 |  |
| 4302 | FIRST FINANCIAL BANCORP | 115040 | 107636 |  |
| 8600 | FIRST HAWAIIAN, INC. | 159089 | 217580 |  |
| 1423 | FIRST INTERNET BANCORP | 26019 | 29698 |  |
| 382 | FIRST INTERSTATE BANCSYSTEM, INC., CLASS A | 13688 | 13217 |  |
| 11630 | FIRST MERCHANTS CORP. | 422950 | 435892 |  |
| 6264 | FIRST WESTERN FINANCIAL, INC.(b) | 144090 | 167938 |  |
| 4078 | FIRSTCASH HOLDINGS, INC. | 644076 | 649952 |  |
| 1100 | FRANKLIN BSP REALTY TRUST, INC. | 12066 | 11033 |  |
| 669 | FULTON FINANCIAL CORP. | 13678 | 12932 |  |
| 7550 | GENWORTH FINANCIAL, INC.(b) | 47432 | 68176 |  |
| 98689 | GLACIER BANCORP, INC. | 3986002 | 4347250 |  |
| 1165 | GOOSEHEAD INSURANCE, INC., CLASS A | 84515 | 85802 |  |
| 5449 | HA SUSTAINABLE INFRASTRUCTURE CAPITAL, INC. | 180006 | 171262 |  |
| 478 | HANMI FINANCIAL CORP. | 13768 | 12920 |  |
| 514 | HCI GROUP, INC. | 61880 | 98529 |  |
| 9441 | HERITAGE INSURANCE HOLDINGS, INC.(b) | 286141 | 276244 |  |
| 2500 | HILLTOP HOLDINGS, INC. | 66017 | 84850 |  |
| 4200 | HOPE BANCORP, INC. | 38242 | 46032 |  |
| 1951 | HORACE MANN EDUCATORS CORP. | 69639 | 90097 |  |
| 909 | HUNTINGTON BANCSHARES, INC. | 9494 | 15771 |  |
| 191 | INDEPENDENT BANK CORP. | 14708 | 13958 |  |
| 3906 | JACKSON FINANCIAL, INC., CLASS A | 323204 | 416575 |  |
| 3400 | LAKELAND FINANCIAL CORP. | 190694 | 194004 |  |
| 2487 | LEMONADE, INC.(b) | 182134 | 177025 |  |
| 5731 | LENDINGTREE, INC.(b) | 275327 | 304259 |  |
| 7545 | LINCOLN NATIONAL CORP. | 190718 | 335979 |  |
| 4783 | LINKBANCORP, INC. | 36486 | 39508 |  |
| 2050 | MAINSTREET BANCSHARES, INC. | 44756 | 41738 |  |
| 10530 | MARKETAXESS HOLDINGS, INC. | 1824411 | 1908562 |  |
| 892 | MERCURY GENERAL CORP. | 48685 | 83901 |  |
| 4230 | MERIDIAN CORP. | 76582 | 74363 |  |
| 3400 | MOELIS & CO., CLASS A | 169091 | 233716 |  |
| 669 | NATIONAL BANK HOLDINGS CORP., CLASS A | 26847 | 25429 |  |
| 2600 | NAVIENT CORP. | 30932 | 33800 |  |
| 8334 | NBT BANCORP, INC. | 361491 | 346028 |  |
| 20390 | NCR ATLEOS CORP.(b) | 736991 | 777063 |  |
| 5781 | NERDWALLET, INC., CLASS A(b) | 86543 | 78333 |  |
| 5500 | NMI HOLDINGS, INC.(b) | 161182 | 224345 |  |
| 7700 | NORTHWEST BANCSHARES, INC. | 78507 | 92400 |  |
| 253 | OFG BANCORP | 5987 | 10368 |  |
| 5985 | ORIGIN BANCORP, INC. | 235700 | 225096 |  |
| 15384 | OSCAR HEALTH, INC., CLASS A(b) | 242969 | 221068 |  |
| 6577 | PAGSEGURO DIGITAL LTD., CLASS A(c) | 63102 | 63402 |  |
| 1000 | PALOMAR HOLDINGS, INC.(b) | 116583 | 134760 |  |
| 582 | PARK NATIONAL CORP. | 93903 | 88569 |  |
| 20100 | PAYONEER GLOBAL, INC.(b) | 89953 | 112962 |  |
| 3200 | PENNYMAC MORTGAGE INVESTMENT TRUST | 39317 | 40160 |  |
| 2050 | PIPER SANDLER COS. | 670890 | 696405 |  |
| 970 | PJT PARTNERS, INC., CLASS A | 153893 | 162184 |  |
| 478 | PREFERRED BANK | 48052 | 45138 |  |
| 1700 | PROASSURANCE CORP.(b) | 40763 | 41072 |  |
| 3500 | PROG HOLDINGS, INC. | 88326 | 103215 |  |
| 574 | PROVIDENT FINANCIAL SERVICES, INC. | 12041 | 11336 |  |
| 5790 | RADIAN GROUP, INC. | 154838 | 208382 |  |
| 28600 | READY CAPITAL CORP. | 86940 | 62348 |  |
| 7200 | REDWOOD TRUST, INC. | 36605 | 39816 |  |
| 1500 | RENASANT CORP. | 52663 | 52830 |  |
| 5155 | ROCKET COS., INC., CLASS A | 79260 | 99801 |  |
| 1625 | S&T BANCORP, INC. | 67777 | 63944 |  |
| 1100 | SAFETY INSURANCE GROUP, INC. | 79838 | 85701 |  |
| 3235 | SEACOAST BANKING CORP. OF FLORIDA | 68991 | 101644 |  |
| 3400 | SERVISFIRST BANCSHARES, INC. | 196453 | 244086 |  |
| 1689 | SEZZLE, INC.(b) | 101754 | 107209 |  |
| 1810 | SIMMONS FIRST NATIONAL CORP., CLASS A | 29926 | 34118 |  |
| 20580 | SIRIUSPOINT LTD.(b)(c) | 416403 | 450496 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Select Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Financials (Cont'd):** | **Financials (Cont'd):** |  |  |  |
| 5671 | SLIDE INSURANCE HOLDINGS, INC.(b) | $105065 | 110471 |  |
| 2461 | SMARTFINANCIAL, INC. | 92818 | 91032 |  |
| 2973 | SOUTHERN MISSOURI BANCORP, INC. | 183658 | 175764 |  |
| 2500 | SOUTHSIDE BANCSHARES, INC. | 69393 | 75975 |  |
| 2391 | SOUTHSTATE BANK CORP. | 150567 | 225017 |  |
| 1912 | STELLAR BANCORP, INC. | 61328 | 59157 |  |
| 1914 | STEPSTONE GROUP, INC., CLASS A | 108171 | 122821 |  |
| 50329 | STEWART INFORMATION SERVICES CORP. | 2896798 | 3536115 |  |
| 1777 | STONEX GROUP, INC.(b) | 153262 | 169046 |  |
| 15308 | SUNRISE REALTY TRUST, INC. | 131802 | 144354 |  |
| 12346 | TEXAS CAPITAL BANCSHARES, INC.(b) | 1073290 | 1117807 |  |
| 478 | TOMPKINS FINANCIAL CORP. | 36545 | 34665 |  |
| 191 | TRIUMPH FINANCIAL, INC.(b) | 12355 | 11962 |  |
| 2081 | TRUPANION, INC.(b) | 66742 | 77767 |  |
| 287 | TRUSTMARK CORP. | 11773 | 11179 |  |
| 11400 | UNITED COMMUNITY BANKS, INC. | 276626 | 355908 |  |
| 860 | UNITED FIRE GROUP, INC. | 31993 | 31261 |  |
| 28072 | UNIVERSAL INSURANCE HOLDINGS, INC. | 802400 | 948834 |  |
| 2180 | USCB FINANCIAL HOLDINGS, INC. | 38890 | 40156 |  |
| 103456 | VALLEY NATIONAL BANCORP | 1221811 | 1208366 |  |
| 3297 | VICTORY CAPITAL HOLDINGS, INC., CLASS A | 208058 | 208008 |  |
| 3346 | VIRTU FINANCIAL, INC., CLASS A | 113617 | 111489 |  |
| 200 | VIRTUS INVESTMENT PARTNERS, INC. | 32442 | 32630 |  |
| 3444 | WAFD, INC. | 103136 | 110311 |  |
| 174 | WALKER & DUNLOP, INC. | 11155 | 10466 |  |
| 1087 | WESTAMERICA BANCORP | 52795 | 51991 |  |
| 10993 | WESTERN UNION (THE) CO. | 107075 | 102345 |  |
| 2627 | WHITE MOUNTAINS INSURANCE GROUP LTD. | 5015803 | 5458985 |  |
| 2840 | WISDOMTREE, INC. | 13871 | 34620 |  |
| 100 | WORLD ACCEPTANCE CORP.(b) | 10682 | 14039 |  |
| 94683 | WSFS FINANCIAL CORP. | 4349268 | 5230289 |  |
|  |  | 61517734 | 68121187 | 15.07% |
| **Health Care:** | **Health Care:** |  |  |  |
| 30676 | 10X GENOMICS, INC., CLASS A(b) | 492472 | 500326 |  |
| 956 | ACADIA HEALTHCARE CO., INC.(b) | 14005 | 13566 |  |
| 36759 | ACADIA PHARMACEUTICALS, INC.(b) | 881735 | 981833 |  |
| 4300 | ADAPTHEALTH CORP.(b) | 40791 | 42828 |  |
| 22999 | ADAPTIVE BIOTECHNOLOGIES CORP.(b) | 323534 | 373504 |  |
| 16244 | ADC THERAPEUTICS S.A.(b)(c) | 66128 | 57341 |  |
| 700 | ADDUS HOMECARE CORP.(b) | 70401 | 75173 |  |
| 10229 | ADMA BIOLOGICS, INC.(b) | 192115 | 186577 |  |
| 77182 | AGILON HEALTH, INC.(b) | 50699 | 53155 |  |
| 53846 | AKEBIA THERAPEUTICS, INC.(b) | 95866 | 86692 |  |
| 8881 | ALDEYRA THERAPEUTICS, INC.(b) | 45013 | 46004 |  |
| 137679 | ALECTOR, INC.(b) | 321821 | 214779 |  |
| 57061 | ALIGNMENT HEALTHCARE, INC.(b) | 1051106 | 1126955 |  |
| 45112 | ALKERMES PLC(b)(c) | 1280500 | 1262234 |  |
| 7724 | ALPHATEC HOLDINGS, INC.(b) | 156961 | 162513 |  |
| 7338 | ALTIMMUNE, INC.(b) | 37580 | 26490 |  |
| 332109 | AMICUS THERAPEUTICS, INC.(b) | 2879750 | 4729232 |  |
| 2100 | AMN HEALTHCARE SERVICES, INC.(b) | 39223 | 33096 |  |
| 74859 | AMNEAL PHARMACEUTICALS, INC.(b) | 649420 | 943223 |  |
| 5600 | AMPHASTAR PHARMACEUTICALS, INC.(b) | 141769 | 149968 |  |
| 2456 | AMYLYX PHARMACEUTICALS, INC.(b) | 33853 | 29668 |  |
| 4168 | ANAPTYSBIO, INC.(b) | 174558 | 202065 |  |
| 7630 | ANGIODYNAMICS, INC.(b) | 101546 | 97969 |  |
| 1200 | ANI PHARMACEUTICALS, INC.(b) | 69383 | 94728 |  |
| 678315 | AOTI, INC.(b) | 761107 | 251442 |  |
| 8012 | ARCTURUS THERAPEUTICS HOLDINGS, INC.(b) | 64312 | 49114 |  |
| 2951 | ARCUS BIOSCIENCES, INC.(b) | 26402 | 70322 |  |
| 11791 | ARCUTIS BIOTHERAPEUTICS, INC.(b) | 303120 | 342411 |  |
| 46410 | ARDELYX, INC.(b) | 275455 | 270570 |  |
| 6019 | ARDENT HEALTH, INC.(b) | 54060 | 53148 |  |
| 17225 | ARROWHEAD PHARMACEUTICALS, INC.(b) | 622461 | 1143568 |  |
| 382 | ARTIVION, INC.(b) | 18394 | 17423 |  |
| 19769 | ARVINAS, INC.(b) | 154279 | 234460 |  |
| 691 | ASTRANA HEALTH, INC.(b) | 20915 | 17144 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Select Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Health Care (Cont'd):** | **Health Care (Cont'd):** |  |  |  |
| 12334 | ATRICURE, INC.(b) | $469456 | 487933 |  |
| 6675 | AURINIA PHARMACEUTICALS, INC.(b)(c) | 106509 | 106466 |  |
| 1147 | AVANOS MEDICAL, INC.(b) | 13351 | 12881 |  |
| 25118 | AVEANNA HEALTHCARE HOLDINGS, INC.(b) | 197406 | 205214 |  |
| 3874 | AXOGEN, INC.(b) | 79382 | 126796 |  |
| 718 | AXSOME THERAPEUTICS, INC.(b) | 104418 | 131136 |  |
| 2000 | AZENTA, INC.(b) | 54215 | 66520 |  |
| 194114 | BIOCRYST PHARMACEUTICALS, INC.(b) | 1464854 | 1514089 |  |
| 5094 | BIOHAVEN LTD.(b) | 45993 | 57511 |  |
| 1249 | BIOLIFE SOLUTIONS, INC.(b) | 27265 | 30201 |  |
| 68230 | BIOTE CORP., CLASS A(b) | 271546 | 177398 |  |
| 3171 | BIOVENTUS, INC., CLASS A(b) | 24702 | 23592 |  |
| 12474 | BRIDGEBIO PHARMA, INC.(b) | 833682 | 954136 |  |
| 28645 | BRIGHTSPRING HEALTH SERVICES, INC.(b) | 967917 | 1072755 |  |
| 21892 | BROOKDALE SENIOR LIVING, INC.(b) | 229242 | 236215 |  |
| 15104 | CAREDX, INC.(b) | 251661 | 284559 |  |
| 32847 | CATALYST PHARMACEUTICALS, INC.(b) | 734170 | 766649 |  |
| 1565 | CELCUITY, INC.(b) | 139684 | 156093 |  |
| 5162 | CERTARA, INC.(b) | 46025 | 45477 |  |
| 62481 | CERUS CORP.(b) | 123421 | 128711 |  |
| 17018 | CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(b) | 2803014 | 3394751 |  |
| 11578 | COGENT BIOSCIENCES, INC.(b) | 415715 | 411251 |  |
| 3176 | COLLEGIUM PHARMACEUTICAL, INC.(b) | 131495 | 147049 |  |
| 84219 | COMMUNITY HEALTH SYSTEMS, INC.(b) | 256445 | 262763 |  |
| 4867 | COMPASS THERAPEUTICS, INC.(b) | 24475 | 26136 |  |
| 4587 | CONCENTRA GROUP HOLDINGS PARENT, INC. | 69143 | 90272 |  |
| 77952 | CONMED CORP. | 4312957 | 3164851 |  |
| 4235 | CORCEPT THERAPEUTICS, INC.(b) | 306441 | 147378 |  |
| 2700 | CORVEL CORP.(b) | 204872 | 182709 |  |
| 6151 | CRYOPORT, INC.(b) | 42308 | 59050 |  |
| 24392 | CYTEK BIOSCIENCES, INC.(b) | 60861 | 123180 |  |
| 185125 | DENTSPLY SIRONA, INC. | 3906612 | 2115979 |  |
| 60823 | DYNAVAX TECHNOLOGIES CORP.(b) | 673600 | 935458 |  |
| 1731 | EDGEWISE THERAPEUTICS, INC.(b) | 38854 | 42955 |  |
| 910 | ELECTROMED, INC.(b) | 26624 | 26499 |  |
| 25467 | EMBECTA CORP. | 314089 | 302548 |  |
| 2200 | ENOVIS CORP.(b) | 69294 | 58608 |  |
| 1188 | ENSIGN GROUP (THE), INC. | 192527 | 206950 |  |
| 11112 | ESPERION THERAPEUTICS, INC.(b) | 40817 | 41114 |  |
| 48476 | ESTABLISHMENT LABS HOLDINGS, INC.(b)(c)(d) | 2281581 | 3532931 |  |
| 113023 | EVOLUS, INC.(b) | 933423 | 751603 |  |
| 8600 | FORTREA HOLDINGS, INC.(b) | 49928 | 148350 |  |
| 13717 | FULCRUM THERAPEUTICS, INC.(b) | 121812 | 155139 |  |
| 995 | FULGENT GENETICS, INC.(b) | 16832 | 26139 |  |
| 2383 | GENEDX HOLDINGS CORP.(b) | 272718 | 309933 |  |
| 2706 | GINKGO BIOWORKS HOLDINGS, INC.(b) | 21742 | 22487 |  |
| 3623 | GLAUKOS CORP.(b) | 387256 | 409073 |  |
| 73929 | GOSSAMER BIO, INC.(b) | 216078 | 229180 |  |
| 14094 | GUARDANT HEALTH, INC.(b) | 1366685 | 1439561 |  |
| 21845 | GUARDIAN PHARMACY SERVICES, INC., CLASS A(b) | 672862 | 657316 |  |
| 4235 | HAEMONETICS CORP.(b) | 328823 | 339435 |  |
| 12672 | HARMONY BIOSCIENCES HOLDINGS, INC.(b) | 388479 | 474186 |  |
| 77487 | HARROW, INC.(b) | 2272559 | 3796863 |  |
| 7262 | HEALTHEQUITY, INC.(b) | 713950 | 665272 |  |
| 16436 | HEALTHSTREAM, INC. | 450833 | 379179 |  |
| 1683 | ICU MEDICAL, INC.(b) | 149647 | 240114 |  |
| 39336 | INDIVIOR PLC(b)(c) | 966229 | 1411376 |  |
| 16914 | INNOVAGE HOLDING CORP.(b) | 97122 | 87784 |  |
| 28277 | INNOVIVA, INC.(b) | 564465 | 565257 |  |
| 1300 | INSPIRE MEDICAL SYSTEMS, INC.(b) | 107645 | 119899 |  |
| 45956 | INTEGER HOLDINGS CORP.(b) | 3551974 | 3604329 |  |
| 2963 | INTEGRA LIFESCIENCES HOLDINGS CORP.(b) | 38967 | 36800 |  |
| 96713 | IOVANCE BIOTHERAPEUTICS, INC.(b) | 632661 | 264026 |  |
| 6712 | IRADIMED CORP. | 613506 | 652943 |  |
| 2161 | IRHYTHM TECHNOLOGIES, INC.(b) | 372673 | 383448 |  |
| 70763 | IRONWOOD PHARMACEUTICALS, INC.(b) | 283869 | 238471 |  |
| 3167 | JOURNEY MEDICAL CORP.(b) | 15412 | 24418 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Select Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Health Care (Cont'd):** | **Health Care (Cont'd):** |  |  |  |
| 59124 | KINIKSA PHARMACEUTICALS INTERNATIONAL PLC(b) | $1527034 | 2438865 |  |
| 12881 | KORU MEDICAL SYSTEMS, INC.(b) | 66731 | 74839 |  |
| 1700 | KRYSTAL BIOTECH, INC.(b) | 257304 | 419118 |  |
| 1382 | KYMERA THERAPEUTICS, INC.(b) | 116069 | 107533 |  |
| 38550 | LEMAITRE VASCULAR, INC. | 2658070 | 3126405 |  |
| 22093 | LIGAND PHARMACEUTICALS, INC.(b) | 2997141 | 4177123 |  |
| 2609 | LIQUIDIA CORP.(b) | 89717 | 89984 |  |
| 1877 | MADRIGAL PHARMACEUTICALS, INC.(b) | 994313 | 1093052 |  |
| 74207 | MANNKIND CORP.(b) | 434264 | 420754 |  |
| 4059 | MERIT MEDICAL SYSTEMS, INC.(b) | 268554 | 357760 |  |
| 2221 | MINERALYS THERAPEUTICS, INC.(b) | 100483 | 80600 |  |
| 17764 | MIRUM PHARMACEUTICALS, INC.(b) | 785512 | 1403178 |  |
| 16400 | MYRIAD GENETICS, INC.(b) | 71099 | 100860 |  |
| 526 | NATIONAL HEALTHCARE CORP. | 50961 | 72109 |  |
| 8200 | NEOGEN CORP.(b) | 50384 | 57318 |  |
| 6400 | NEOGENOMICS, INC.(b) | 41125 | 75264 |  |
| 19773 | NOVOCURE LTD.(b)(c) | 228478 | 255665 |  |
| 130 | NUTEX HEALTH, INC.(b) | 20678 | 21401 |  |
| 2687 | OCULAR THERAPEUTIX, INC.(b) | 36704 | 32620 |  |
| 5286 | OMNIAB, INC.(b)(e) | - | - |  |
| 5286 | OMNIAB, INC. (EARNOUT SHARES)(b)(e) | - | - |  |
| 231270 | OMNIAB, INC. (NASDAQ GLOBAL MARKET EXCHANGE)(b) | 1027116 | 427849 |  |
| 1900 | OMNICELL, INC.(b) | 55818 | 86070 |  |
| 126805 | OPTIMIZERX CORP.(b) | 1810806 | 1554629 |  |
| 4735 | OPTION CARE HEALTH, INC.(b) | 153736 | 150857 |  |
| 24288 | ORGANOGENESIS HOLDINGS, INC.(b) | 68008 | 125812 |  |
| 4684 | ORGANON & CO. | 33173 | 33584 |  |
| 10822 | ORTHOPEDIATRICS CORP.(b) | 190562 | 192199 |  |
| 3525 | OUTSET MEDICAL, INC.(b) | 18010 | 13078 |  |
| 22069 | PACIRA BIOSCIENCES, INC.(b) | 703494 | 571146 |  |
| 3200 | PEDIATRIX MEDICAL GROUP, INC.(b) | 40789 | 68448 |  |
| 145222 | PERRIGO CO. PLC(c) | 3560309 | 2021490 |  |
| 3709 | PHATHOM PHARMACEUTICALS, INC.(b) | 55113 | 61532 |  |
| 13399 | PHIBRO ANIMAL HEALTH CORP., CLASS A | 296211 | 500587 |  |
| 44625 | PHREESIA, INC.(b) | 851982 | 755055 |  |
| 33681 | PLIANT THERAPEUTICS, INC.(b) | 279596 | 41091 |  |
| 79 | PRAXIS PRECISION MEDICINES, INC.(b) | 21104 | 23284 |  |
| 2008 | PRESTIGE CONSUMER HEALTHCARE, INC.(b) | 125047 | 123874 |  |
| 478 | PRIVIA HEALTH GROUP, INC.(b) | 11403 | 11333 |  |
| 24399 | PROGYNY, INC.(b) | 482665 | 626566 |  |
| 2500 | PROTAGONIST THERAPEUTICS, INC.(b) | 102665 | 218350 |  |
| 26270 | PROTHENA CORP. PLC(b)(c) | 225163 | 250878 |  |
| 16989 | PTC THERAPEUTICS, INC.(b) | 826869 | 1290484 |  |
| 93045 | QUIDELORTHO CORP.(b) | 2642660 | 2657365 |  |
| 3167 | RADNET, INC.(b) | 159796 | 225965 |  |
| 4593 | RHYTHM PHARMACEUTICALS, INC.(b) | 488444 | 491635 |  |
| 9756 | RIGEL PHARMACEUTICALS, INC.(b) | 246258 | 417849 |  |
| 19284 | ROCKET PHARMACEUTICALS, INC.(b) | 247636 | 67687 |  |
| 11043 | RXSIGHT, INC.(b) | 126913 | 115068 |  |
| 4493 | SAREPTA THERAPEUTICS, INC.(b) | 95032 | 96689 |  |
| 5926 | SAVARA, INC.(b) | 40941 | 35734 |  |
| 3743 | SCHRODINGER, INC.(b) | 72264 | 66925 |  |
| 3749 | SELECT MEDICAL HOLDINGS CORP. | 46056 | 55673 |  |
| 5499 | SI-BONE, INC.(b) | 110788 | 108440 |  |
| 12998 | SIGA TECHNOLOGIES, INC. | 79361 | 79418 |  |
| 15811 | SIGHT SCIENCES, INC.(b) | 58868 | 125381 |  |
| 2298 | STAAR SURGICAL CO.(b) | 41105 | 53061 |  |
| 8398 | STOKE THERAPEUTICS, INC.(b) | 228912 | 266553 |  |
| 59738 | SUPERNUS PHARMACEUTICALS, INC.(b) | 2513031 | 2968979 |  |
| 8477 | SYNDAX PHARMACEUTICALS, INC.(b) | 157748 | 178102 |  |
| 24282 | TALKSPACE, INC.(b) | 88498 | 88144 |  |
| 24415 | TANDEM DIABETES CARE, INC.(b) | 329675 | 536642 |  |
| 154079 | TAYSHA GENE THERAPIES, INC.(b) | 674572 | 847434 |  |
| 16379 | TELADOC HEALTH, INC.(b) | 126601 | 114653 |  |
| 30260 | TELEFLEX, INC. | 3640963 | 3692930 |  |
| 15873 | TG THERAPEUTICS, INC.(b) | 510584 | 473174 |  |
| 14973 | THERAVANCE BIOPHARMA, INC.(b) | 272921 | 280145 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Select Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Health Care (Cont'd):** | **Health Care (Cont'd):** |  |  |  |
| 6124 | TRANSMEDICS GROUP, INC.(b) | $652786 | 744985 |  |
| 33997 | TRAVERE THERAPEUTICS, INC.(b) | 1135446 | 1299025 |  |
| 32484 | TREACE MEDICAL CONCEPTS, INC.(b) | 93775 | 79586 |  |
| 1880 | TWIST BIOSCIENCE CORP.(b) | 57017 | 59634 |  |
| 332 | U.S. PHYSICAL THERAPY, INC. | 25780 | 25926 |  |
| 154 | UFP TECHNOLOGIES, INC.(b) | 32785 | 34193 |  |
| 60166 | UROGEN PHARMA LTD.(b) | 1167403 | 1409088 |  |
| 14263 | UTAH MEDICAL PRODUCTS, INC. | 1277767 | 798157 |  |
| 372258 | VAREX IMAGING CORP.(b) | 5678482 | 4336806 |  |
| 3959 | VERA THERAPEUTICS, INC.(b) | 146952 | 200484 |  |
| 7304 | VERACYTE, INC.(b) | 306467 | 307498 |  |
| 30906 | VERICEL CORP.(b) | 1097316 | 1112925 |  |
| 8700 | VIR BIOTECHNOLOGY, INC.(b) | 38677 | 52461 |  |
| 102817 | VIRIDIAN THERAPEUTICS, INC.(b) | 2526651 | 3199665 |  |
| 5823 | WAVE LIFE SCIENCES LTD.(b)(c) | 97835 | 98991 |  |
| 4300 | WAYSTAR HOLDING CORP.(b) | 158284 | 140825 |  |
| 5100 | XENCOR, INC.(b) | 39046 | 78081 |  |
| 28782 | XERIS BIOPHARMA HOLDINGS, INC.(b) | 213575 | 225939 |  |
| 4827 | ZEVRA THERAPEUTICS, INC.(b) | 39721 | 43250 |  |
|  |  | 98995159 | 105072675 | 23.25% |
| **Industrials:** | **Industrials:** |  |  |  |
| 987 | AAR CORP.(b) | 58847 | 81714 |  |
| 6300 | ABM INDUSTRIES, INC. | 271642 | 266490 |  |
| 78973 | AEBI SCHMIDT HOLDING A.G.(c) | 795871 | 999008 |  |
| 610 | AEROVIRONMENT, INC.(b) | 134267 | 147553 |  |
| 5784 | AIR LEASE CORP. | 172708 | 371506 |  |
| 442 | ALAMO GROUP, INC. | 73578 | 74199 |  |
| 287 | ALBANY INTERNATIONAL CORP., CLASS A | 14474 | 14551 |  |
| 200 | ALLEGIANT TRAVEL CO.(b) | 14516 | 17054 |  |
| 2178 | ALLIENT, INC. | 117868 | 117067 |  |
| 5398 | AMENTUM HOLDINGS, INC.(b) | 117735 | 156542 |  |
| 6585 | AMERICAN SUPERCONDUCTOR CORP.(b) | 334942 | 189516 |  |
| 9730 | AMERICAN WOODMARK CORP.(b) | 668410 | 524447 |  |
| 3669 | AMPRIUS TECHNOLOGIES, INC.(b) | 32819 | 28948 |  |
| 1766 | ARCBEST CORP. | 104075 | 131019 |  |
| 1800 | ARCOSA, INC. | 108698 | 191376 |  |
| 1571 | ARGAN, INC. | 186428 | 492226 |  |
| 20104 | ARMSTRONG WORLD INDUSTRIES, INC. | 2810358 | 3841874 |  |
| 11438 | ASTRONICS CORP.(b) | 467572 | 620397 |  |
| 113797 | ASURE SOFTWARE, INC.(b) | 977108 | 1071968 |  |
| 23758 | ATMUS FILTRATION TECHNOLOGIES, INC. | 1230470 | 1233278 |  |
| 344 | AZZ, INC. | 32001 | 36870 |  |
| 21307 | BLOOM ENERGY CORP., CLASS A(b) | 1678203 | 1851365 |  |
| 1448 | BLUE BIRD CORP.(b) | 75395 | 68056 |  |
| 1477 | BOISE CASCADE CO. | 88639 | 108707 |  |
| 2600 | BRADY CORP., CLASS A | 111195 | 203762 |  |
| 272931 | BRIGHTVIEW HOLDINGS, INC.(b) | 3493089 | 3458036 |  |
| 183 | CARPENTER TECHNOLOGY CORP. | 29203 | 57616 |  |
| 1243 | CASELLA WASTE SYSTEMS, INC., CLASS A(b) | 124325 | 121739 |  |
| 1541 | CECO ENVIRONMENTAL CORP.(b) | 88623 | 92229 |  |
| 18466 | CIMPRESS PLC(b)(c) | 1306404 | 1229651 |  |
| 5652 | CORECIVIC, INC.(b) | 102633 | 108010 |  |
| 13612 | CRA INTERNATIONAL, INC. | 1971224 | 2731860 |  |
| 9120 | CSG SYSTEMS INTERNATIONAL, INC. | 419851 | 699413 |  |
| 1200 | CSW INDUSTRIALS, INC. | 291566 | 352236 |  |
| 2008 | DELUXE CORP. | 47008 | 44839 |  |
| 12895 | DNOW, INC.(b) | 141028 | 170859 |  |
| 1797 | DOUGLAS DYNAMICS, INC. | 42105 | 58672 |  |
| 191 | DXP ENTERPRISES, INC.(b) | 19288 | 20970 |  |
| 4797 | DYCOM INDUSTRIES, INC.(b) | 1600355 | 1620906 |  |
| 18230 | ENERGY RECOVERY, INC.(b) | 260387 | 245923 |  |
| 116959 | ENERPAC TOOL GROUP CORP. | 3506884 | 4472512 |  |
| 864 | ENPRO, INC. | 167461 | 185008 |  |
| 669 | ENVIRI CORP.(b) | 12072 | 11988 |  |
| 27083 | ESAB CORP. | 2254246 | 3025713 |  |
| 1136 | ESCO TECHNOLOGIES, INC. | 214731 | 221963 |  |
| 2256 | EVERUS CONSTRUCTION GROUP, INC.(b) | 135322 | 193023 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Select Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Industrials (Cont'd):** | **Industrials (Cont'd):** |  |  |  |
| 4977 | FEDERAL SIGNAL CORP. | $532232 | 540452 |  |
| 64088 | FIVERR INTERNATIONAL LTD.(b)(c) | 1382057 | 1266379 |  |
| 4778 | FLUENCE ENERGY, INC.(b) | 114019 | 94509 |  |
| 900 | FORWARD AIR CORP.(b) | 15930 | 22500 |  |
| 55801 | FRANKLIN COVEY CO.(b) | 1862149 | 936341 |  |
| 1600 | FRANKLIN ELECTRIC CO., INC. | 145965 | 152848 |  |
| 14806 | GATES INDUSTRIAL CORP. PLC(b) | 206987 | 317885 |  |
| 5927 | GEO GROUP (THE), INC.(b) | 100188 | 95543 |  |
| 1400 | GIBRALTAR INDUSTRIES, INC.(b) | 56403 | 69216 |  |
| 17282 | GORMAN-RUPP (THE) CO. | 640563 | 825215 |  |
| 1413 | GRANITE CONSTRUCTION, INC. | 133538 | 162990 |  |
| 1200 | GREENBRIER (THE) COS., INC. | 51131 | 56088 |  |
| 1289 | GRIFFON CORP. | 81162 | 94935 |  |
| 7300 | HAYWARD HOLDINGS, INC.(b) | 103702 | 112785 |  |
| 10202 | HEALTHCARE SERVICES GROUP, INC.(b) | 167832 | 195062 |  |
| 1434 | HEARTLAND EXPRESS, INC. | 13267 | 12949 |  |
| 7500 | HERTZ GLOBAL HOLDINGS, INC.(b) | 39343 | 38550 |  |
| 1996 | HILLENBRAND, INC. | 44630 | 63313 |  |
| 56764 | HNI CORP. | 2517040 | 2386359 |  |
| 3946 | HUB GROUP, INC., CLASS A | 129965 | 168139 |  |
| 4132 | IBEX HOLDINGS LTD.(b) | 166967 | 157760 |  |
| 414 | IES HOLDINGS, INC.(b) | 179231 | 161054 |  |
| 382 | INSPERITY, INC. | 15145 | 14791 |  |
| 11585 | INTERFACE, INC. | 331056 | 323453 |  |
| 490718 | JANUS INTERNATIONAL GROUP, INC.(b) | 4555434 | 3209296 |  |
| 1848 | JBT MAREL CORP. | 176786 | 278438 |  |
| 34680 | JETBLUE AIRWAYS CORP.(b) | 136818 | 157794 |  |
| 5150 | JOBY AVIATION, INC.(b) | 77755 | 67980 |  |
| 184 | KADANT, INC. | 54457 | 52444 |  |
| 2443 | KENNAMETAL, INC. | 48120 | 69406 |  |
| 3300 | KORN FERRY | 167464 | 217866 |  |
| 8834 | KRATOS DEFENSE & SECURITY SOLUTIONS, INC.(b) | 624381 | 670589 |  |
| 58546 | LEGALZOOM.COM, INC.(b) | 475183 | 581362 |  |
| 97502 | LIQUIDITY SERVICES, INC.(b) | 2379531 | 2955286 |  |
| 2500 | MANPOWERGROUP, INC. | 74468 | 74325 |  |
| 233153 | MASTERBRAND, INC.(b) | 2415482 | 2574009 |  |
| 1360 | MATSON, INC. | 88996 | 168028 |  |
| 2366 | MERCURY SYSTEMS, INC.(b) | 144751 | 172742 |  |
| 18339 | MIDDLEBY (THE) CORP.(b) | 2566722 | 2726459 |  |
| 2868 | MILLERKNOLL, INC. | 52599 | 52427 |  |
| 4111 | MODINE MANUFACTURING CO.(b) | 613268 | 548860 |  |
| 3270 | MOOG, INC., CLASS A | 682641 | 796408 |  |
| 26720 | MSA SAFETY, INC. | 4476622 | 4278941 |  |
| 1092 | MUELLER INDUSTRIES, INC. | 78416 | 125362 |  |
| 5900 | MUELLER WATER PRODUCTS, INC., CLASS A | 153185 | 140538 |  |
| 6035 | MYR GROUP, INC.(b) | 977604 | 1318647 |  |
| 9525 | NEXTPOWER, INC., CLASS A(b) | 846059 | 829723 |  |
| 5359 | OPENLANE, INC.(b) | 77544 | 159591 |  |
| 18348 | ORION GROUP HOLDINGS, INC.(b) | 134872 | 182379 |  |
| 8928 | PITNEY BOWES, INC. | 78795 | 94369 |  |
| 30636 | PLANET LABS PBC(b) | 367119 | 604142 |  |
| 2120 | POWELL INDUSTRIES, INC. | 669741 | 675814 |  |
| 206 | PREFORMED LINE PRODUCTS CO. | 43058 | 42582 |  |
| 1707 | PRIMORIS SERVICES CORP. | 204311 | 211907 |  |
| 686 | PROTO LABS, INC.(b) | 25903 | 34705 |  |
| 22041 | PUBLIC POLICY HOLDING CO., INC. | 316602 | 314928 |  |
| 10408 | QUAD/GRAPHICS, INC. | 67997 | 65258 |  |
| 7906 | RESIDEO TECHNOLOGIES, INC.(b) | 130493 | 277659 |  |
| 4206 | ROBERT HALF, INC. | 110525 | 114235 |  |
| 67349 | RUSH ENTERPRISES, INC., CLASS A | 3078179 | 3632805 |  |
| 11679 | RXO, INC.(b) | 164949 | 147623 |  |
| 478 | SCHNEIDER NATIONAL, INC., CLASS B | 12840 | 12681 |  |
| 6330 | SHOALS TECHNOLOGIES GROUP, INC., CLASS A(b) | 51837 | 53805 |  |
| 11392 | SIMPSON MANUFACTURING CO., INC. | 1911747 | 1839466 |  |
| 1571 | SKYWEST, INC.(b) | 139989 | 157744 |  |
| 2404 | SPX TECHNOLOGIES, INC.(b) | 424606 | 480944 |  |
| 600 | STANDEX INTERNATIONAL CORP. | 52056 | 130368 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Select Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Industrials (Cont'd):** | **Industrials (Cont'd):** |  |  |  |
| 3546 | STERLING INFRASTRUCTURE, INC.(b) | $1147772 | 1085892 |  |
| 10168 | SUNRUN, INC.(b) | 115274 | 187091 |  |
| 34447 | TECNOGLASS, INC. | 1536300 | 1733373 |  |
| 1846 | TENNANT CO. | 135648 | 136050 |  |
| 3736 | TEREX CORP. | 118136 | 199428 |  |
| 46549 | TIMKEN (THE) CO. | 3605477 | 3916167 |  |
| 8322 | TITAN INTERNATIONAL, INC.(b) | 57606 | 65161 |  |
| 4436 | TRINITY INDUSTRIES, INC. | 104142 | 117288 |  |
| 574 | UNIFIRST CORP. | 100605 | 110725 |  |
| 29383 | UPWORK, INC.(b) | 407860 | 582371 |  |
| 6864 | VERRA MOBILITY CORP.(b) | 151742 | 153822 |  |
| 8700 | VESTIS CORP. | 40156 | 58029 |  |
| 6188 | VICOR CORP.(b) | 314853 | 678205 |  |
| 4568 | WATTS WATER TECHNOLOGIES, INC., CLASS A | 1152660 | 1260859 |  |
| 382 | WERNER ENTERPRISES, INC. | 11772 | 11464 |  |
| 9868 | WILLDAN GROUP, INC.(b) | 551404 | 1022917 |  |
| 7648 | WILLSCOT HOLDINGS CORP. | 146814 | 144012 |  |
| 1874 | WORTHINGTON ENTERPRISES, INC. | 75908 | 96642 |  |
| 5388 | XOMETRY, INC., CLASS A(b) | 322887 | 320424 |  |
| 6553 | ZURN ELKAY WATER SOLUTIONS CORP. | 284608 | 304649 |  |
|  |  | 76247655 | 83716279 | 18.52% |
| **Information Technology:** | **Information Technology:** |  |  |  |
| 13600 | A10 NETWORKS, INC. | 166129 | 240584 |  |
| 3218 | ACI WORLDWIDE, INC.(b) | 150342 | 153853 |  |
| 1700 | ACM RESEARCH, INC., CLASS A(b) | 52951 | 67065 |  |
| 4780 | ADEIA, INC. | 62337 | 82455 |  |
| 11662 | ADTRAN HOLDINGS, INC.(b) | 100698 | 101343 |  |
| 7688 | ADVANCED ENERGY INDUSTRIES, INC. | 1396212 | 1609637 |  |
| 59250 | AEHR TEST SYSTEMS(b)(d) | 958874 | 1196257 |  |
| 1186 | AGILYSYS, INC.(b) | 102950 | 140944 |  |
| 19556 | ALARM.COM HOLDINGS, INC.(b) | 1046577 | 997747 |  |
| 8040 | AMBARELLA, INC.(b) | 441048 | 569554 |  |
| 48855 | AMPLITUDE, INC., CLASS A(b) | 558534 | 565741 |  |
| 16181 | APPIAN CORP., CLASS A(b) | 452656 | 573131 |  |
| 282753 | ARLO TECHNOLOGIES, INC.(b) | 2646460 | 3955714 |  |
| 14515 | ARROW ELECTRONICS, INC.(b) | 1486951 | 1599263 |  |
| 7655 | ARTERIS, INC.(b) | 122913 | 118653 |  |
| 48104 | ASANA, INC., CLASS A(b) | 676413 | 659506 |  |
| 8004 | AUDIOEYE, INC.(b) | 87331 | 79960 |  |
| 3673 | AXCELIS TECHNOLOGIES, INC.(b) | 179633 | 295089 |  |
| 31561 | BACKBLAZE, INC., CLASS A(b) | 173586 | 147074 |  |
| 1280 | BADGER METER, INC. | 231525 | 223245 |  |
| 1600 | BENCHMARK ELECTRONICS, INC. | 58365 | 68416 |  |
| 565 | BK TECHNOLOGIES CORP.(b) | 40359 | 42143 |  |
| 6463 | BLACKBAUD, INC.(b) | 402519 | 409237 |  |
| 87113 | BLACKLINE SAFETY CORP.(b)(c) | 397584 | 403066 |  |
| 2212 | BLACKLINE, INC.(b) | 127090 | 122301 |  |
| 39686 | BOX, INC., CLASS A(b) | 1267487 | 1187008 |  |
| 32581 | BRAZE, INC., CLASS A(b) | 1091713 | 1117202 |  |
| 32642 | CALIX, INC.(b) | 1134764 | 1727741 |  |
| 4708 | CERENCE, INC.(b) | 53463 | 50329 |  |
| 37010 | CEVA, INC.(b) | 1234761 | 796455 |  |
| 13600 | CLEANSPARK, INC.(b) | 109009 | 137632 |  |
| 14258 | CLEAR SECURE, INC., CLASS A | 492908 | 500171 |  |
| 28550 | CODA OCTOPUS GROUP, INC.(b) | 247008 | 265515 |  |
| 30254 | COMMERCE.COM, INC.(b) | 129842 | 124646 |  |
| 7608 | COMMVAULT SYSTEMS, INC.(b) | 1113763 | 953739 |  |
| 55298 | COMPOSECURE, INC., CLASS A(b) | 704787 | 1066145 |  |
| 18648 | CONSENSUS CLOUD SOLUTIONS, INC.(b) | 646312 | 406899 |  |
| 2008 | CORSAIR GAMING, INC.(b) | 12455 | 11928 |  |
| 13973 | CREDO TECHNOLOGY GROUP HOLDING LTD.(b) | 1236134 | 2010575 |  |
| 3730 | CS DISCO, INC.(b) | 31627 | 28945 |  |
| 1900 | CTS CORP. | 80515 | 81453 |  |
| 17397 | DAKTRONICS, INC.(b) | 330218 | 343939 |  |
| 7755 | DIEBOLD NIXDORF, INC.(b) | 514923 | 526487 |  |
| 1800 | DIGI INTERNATIONAL, INC.(b) | 49970 | 77922 |  |
| 14040 | DIGITAL TURBINE, INC.(b) | 73371 | 70200 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Select Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Information Technology (Cont'd):** | **Information Technology (Cont'd):** |  |  |  |
| 9114 | DIGITALOCEAN HOLDINGS, INC.(b) | $383524 | 438566 |  |
| 4893 | DIODES, INC.(b) | 187089 | 241421 |  |
| 28512 | DOMO, INC., CLASS B(b) | 409887 | 240356 |  |
| 15809 | D-WAVE QUANTUM, INC.(b) | 377517 | 413405 |  |
| 7552 | DXC TECHNOLOGY CO.(b) | 116416 | 110637 |  |
| 2963 | ENPHASE ENERGY, INC.(b) | 93850 | 94964 |  |
| 896 | EPLUS, INC. | 60052 | 78579 |  |
| 28568 | EXPENSIFY, INC., CLASS A(b) | 44426 | 43138 |  |
| 60198 | EXTREME NETWORKS, INC.(b) | 1005603 | 1002297 |  |
| 4022 | FABRINET(b)(c) | 1646360 | 1831136 |  |
| 38485 | FIVE9, INC.(b) | 852575 | 771624 |  |
| 13841 | FORMFACTOR, INC.(b) | 737780 | 772051 |  |
| 26919 | FRESHWORKS, INC., CLASS A(b) | 328596 | 329758 |  |
| 13440 | GLOBANT S.A.(b) | 902699 | 878573 |  |
| 29984 | GRID DYNAMICS HOLDINGS, INC.(b) | 250297 | 270756 |  |
| 4900 | HARMONIC, INC.(b) | 44962 | 48461 |  |
| 2600 | ICHOR HOLDINGS LTD.(b) | 42503 | 47918 |  |
| 3194 | IMPINJ, INC.(b) | 484666 | 555788 |  |
| 2383 | INSIGHT ENTERPRISES, INC.(b) | 208418 | 194143 |  |
| 8272 | INTAPP, INC.(b) | 318384 | 379023 |  |
| 3525 | INTERDIGITAL, INC. | 964343 | 1122290 |  |
| 10415 | IONQ, INC.(b) | 471607 | 467321 |  |
| 2614 | ITRON, INC.(b) | 224294 | 242736 |  |
| 87254 | ITURAN LOCATION AND CONTROL LTD.(c) | 2963899 | 3752795 |  |
| 99332 | KALTURA, INC.(b) | 189577 | 162904 |  |
| 53183 | KNOWLES CORP.(b) | 1093849 | 1139712 |  |
| 14438 | KULICKE & SOFFA INDUSTRIES, INC.(c) | 622780 | 657795 |  |
| 28822 | LIVERAMP HOLDINGS, INC.(b) | 739519 | 846502 |  |
| 2413 | MARA HOLDINGS, INC.(b) | 32307 | 21669 |  |
| 21618 | MAXLINEAR, INC.(b) | 303586 | 376802 |  |
| 10774 | MIRION TECHNOLOGIES, INC.(b) | 252163 | 252327 |  |
| 29527 | MKS, INC. | 3284539 | 4718415 |  |
| 1721 | N-ABLE, INC.(b) | 13071 | 12873 |  |
| 11448 | NAPCO SECURITY TECHNOLOGIES, INC. | 497995 | 477382 |  |
| 4100 | NCR VOYIX CORP.(b) | 46888 | 41820 |  |
| 4800 | NETSCOUT SYSTEMS, INC.(b) | 96844 | 129888 |  |
| 13653 | NLIGHT, INC.(b) | 423868 | 512124 |  |
| 76566 | OOMA, INC.(b) | 956447 | 898119 |  |
| 53366 | OPEN TEXT CORP.(c) | 1520931 | 1738664 |  |
| 406 | OSI SYSTEMS, INC.(b) | 80016 | 103554 |  |
| 9112 | OUSTER, INC.(b) | 340281 | 197184 |  |
| 10821 | PAGAYA TECHNOLOGIES LTD., CLASS A(b) | 320337 | 226159 |  |
| 26075 | PAGERDUTY, INC.(b) | 398840 | 341843 |  |
| 478 | PC CONNECTION, INC. | 28967 | 27609 |  |
| 5774 | PDF SOLUTIONS, INC.(b) | 145040 | 164732 |  |
| 2916 | PENGUIN SOLUTIONS, INC.(b) | 49667 | 57037 |  |
| 3800 | PHOTRONICS, INC.(b) | 67240 | 121600 |  |
| 1693 | PLEXUS CORP.(b) | 224877 | 248871 |  |
| 7319 | PORCH GROUP, INC.(b) | 33225 | 66822 |  |
| 2043 | POWER INTEGRATIONS, INC. | 74395 | 72608 |  |
| 58243 | PROGRESS SOFTWARE CORP.(b) | 2578299 | 2502119 |  |
| 2300 | Q2 HOLDINGS, INC.(b) | 140750 | 165968 |  |
| 2200 | QORVO, INC.(b) | 168397 | 185922 |  |
| 4641 | QUALYS, INC.(b) | 633371 | 616789 |  |
| 75747 | RADWARE LTD.(b)(c) | 2248935 | 1824745 |  |
| 4872 | RALLIANT CORP. | 229888 | 248034 |  |
| 13508 | RAMBUS, INC.(b) | 1004618 | 1241250 |  |
| 15606 | RAPID7, INC.(b) | 343462 | 237211 |  |
| 156188 | REPOSITRAK, INC. | 1361878 | 1932046 |  |
| 16194 | RIGETTI COMPUTING, INC.(b) | 493372 | 358697 |  |
| 35526 | RIMINI STREET, INC.(b) | 121572 | 137841 |  |
| 925 | ROGERS CORP.(b) | 52780 | 84702 |  |
| 6917 | SANMINA CORP.(b) | 823447 | 1038034 |  |
| 1100 | SCANSOURCE, INC.(b) | 39181 | 42966 |  |
| 13318 | SEMTECH CORP.(b) | 838490 | 981403 |  |
| 10015 | SILICON LABORATORIES, INC.(b) | 1362480 | 1308960 |  |
| 3059 | SITIME CORP.(b) | 688616 | 1080408 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Select Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Information Technology (Cont'd):** | **Information Technology (Cont'd):** |  |  |  |
| 2485 | SOLAREDGE TECHNOLOGIES, INC.(b)(c) | $75165 | 71692 |  |
| 93317 | SOUNDTHINKING, INC.(b) | 1600564 | 749336 |  |
| 69516 | SPRINKLR, INC., CLASS A(b) | 546663 | 540834 |  |
| 59883 | SPROUT SOCIAL, INC., CLASS A(b) | 721216 | 674881 |  |
| 1530 | SPS COMMERCE, INC.(b) | 139111 | 136369 |  |
| 6475 | SYNAPTICS, INC.(b) | 431732 | 479280 |  |
| 18284 | TENABLE HOLDINGS, INC.(b) | 489553 | 430223 |  |
| 3500 | TERADATA CORP.(b) | 78944 | 106540 |  |
| 3443 | TERAWULF, INC.(b) | 53172 | 39560 |  |
| 4581 | TTM TECHNOLOGIES, INC.(b) | 156051 | 316089 |  |
| 1967 | ULTRA CLEAN HOLDINGS, INC.(b) | 43623 | 49824 |  |
| 202402 | UPLAND SOFTWARE, INC.(b) | 613122 | 289435 |  |
| 8534 | VARONIS SYSTEMS, INC.(b) | 291417 | 279915 |  |
| 2597 | VEECO INSTRUMENTS, INC.(b) | 49836 | 74222 |  |
| 2772 | VIANT TECHNOLOGY, INC., CLASS A(b) | 32720 | 33375 |  |
| 5802 | VIASAT, INC.(b) | 180573 | 199937 |  |
| 43263 | VIAVI SOLUTIONS, INC.(b) | 706879 | 770947 |  |
| 4336 | WORKIVA, INC.(b) | 388759 | 373980 |  |
| 30517 | ZETA GLOBAL HOLDINGS CORP., CLASS A(b) | 561027 | 621021 |  |
|  |  | 67921726 | 74074215 | 16.39% |
| **Materials:** | **Materials:** |  |  |  |
| 600 | ADVANSIX, INC. | 11544 | 10380 |  |
| 616 | ALPHA METALLURGICAL RESOURCES, INC.(b) | 73956 | 123126 |  |
| 326769 | ASPEN AEROGELS, INC.(b) | 1728216 | 924756 |  |
| 769 | BALCHEM CORP. | 117069 | 117934 |  |
| 4780 | CELANESE CORP. | 199487 | 202098 |  |
| 1260 | CENTURY ALUMINUM CO.(b) | 39253 | 49367 |  |
| 16600 | CHEMOURS (THE) CO. | 166254 | 195714 |  |
| 1707 | COMPASS MINERALS INTERNATIONAL, INC.(b) | 17593 | 33525 |  |
| 48070 | CONSTELLIUM S.E.(b)(c) | 809962 | 906119 |  |
| 6200 | EASTMAN CHEMICAL CO. | 378794 | 395746 |  |
| 8700 | ELEMENT SOLUTIONS, INC. | 201101 | 217413 |  |
| 78669 | H.B. FULLER CO. | 4621553 | 4677659 |  |
| 800 | HAWKINS, INC. | 103946 | 113648 |  |
| 29417 | HECLA MINING CO. | 442427 | 564512 |  |
| 22659 | INGEVITY CORP.(b) | 1194660 | 1340960 |  |
| 860 | INNOSPEC, INC. | 68095 | 65824 |  |
| 3032 | KAISER ALUMINUM CORP. | 302907 | 348255 |  |
| 382 | KOPPERS HOLDINGS, INC. | 7793 | 10345 |  |
| 635 | MATERION CORP. | 57711 | 78943 |  |
| 1530 | METALLUS, INC.(b) | 28933 | 26255 |  |
| 1700 | MINERALS TECHNOLOGIES, INC. | 86510 | 103615 |  |
| 67689 | NOVAGOLD RESOURCES, INC.(b)(c) | 670841 | 631248 |  |
| 7800 | O-I GLASS, INC.(b) | 82958 | 115128 |  |
| 325 | OLIN CORP. | 5473 | 6770 |  |
| 300 | QUAKER CHEMICAL CORP. | 36531 | 41193 |  |
| 6009 | RAMACO RESOURCES, INC., CLASS A(b) | 90610 | 108162 |  |
| 6000 | SEALED AIR CORP. | 183969 | 248580 |  |
| 1105 | SENSIENT TECHNOLOGIES CORP. | 92391 | 103815 |  |
| 10796 | SMITH-MIDLAND CORP.(b) | 303219 | 392327 |  |
| 6787 | SOLSTICE ADVANCED MATERIALS, INC.(b) | 332999 | 329712 |  |
| 191 | STEPAN CO. | 9401 | 9046 |  |
| 8300 | SUNCOKE ENERGY, INC. | 50926 | 59760 |  |
| 1352 | SYLVAMO CORP. | 63117 | 65099 |  |
| 3296 | TITAN AMERICA S.A.(b)(c) | 55886 | 54318 |  |
| 3965 | TRIMAS CORP. | 91375 | 140559 |  |
| 1864 | WARRIOR MET COAL, INC. | 54108 | 164349 |  |
| 1338 | WORTHINGTON STEEL, INC. | 48645 | 46322 |  |
|  |  | 12830213 | 13022582 | 2.88% |
| **Real Estate:** | **Real Estate:** |  |  |  |
| 3900 | ACADIA REALTY TRUST | 49022 | 80106 |  |
| 8500 | ALEXANDER & BALDWIN, INC. | 140127 | 175440 |  |
| 791 | AMERICAN ASSETS TRUST, INC. | 14832 | 14974 |  |
| 9464 | APPLE HOSPITALITY REIT, INC. | 116377 | 112148 |  |
| 3400 | BRANDYWINE REALTY TRUST | 11174 | 9928 |  |
| 8838 | CARETRUST REIT, INC. | 178195 | 319582 |  |
| 3100 | CENTERSPACE | 160540 | 206832 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Select Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Real Estate (Cont'd):** | **Real Estate (Cont'd):** |  |  |  |
| 3480 | CURBLINE PROPERTIES CORP. | $76430 | 80771 |  |
| 21617 | CUSHMAN & WAKEFIELD LTD.(b) | 181696 | 349979 |  |
| 45003 | DIAMONDROCK HOSPITALITY CO. | 388985 | 403227 |  |
| 15000 | DOUGLAS EMMETT, INC. | 181270 | 164850 |  |
| 1463 | EASTERLY GOVERNMENT PROPERTIES, INC. | 29030 | 31001 |  |
| 11600 | ELME COMMUNITIES | 144075 | 201840 |  |
| 12200 | ESSENTIAL PROPERTIES REALTY TRUST, INC. | 269716 | 361852 |  |
| 3500 | EXP WORLD HOLDINGS, INC. | 35198 | 31675 |  |
| 10300 | FOUR CORNERS PROPERTY TRUST, INC. | 232265 | 237518 |  |
| 478 | GETTY REALTY CORP. | 13574 | 13083 |  |
| 1982 | GLOBAL NET LEASE, INC. | 12675 | 17045 |  |
| 4600 | HIGHWOODS PROPERTIES, INC. | 82376 | 118772 |  |
| 1400 | INNOVATIVE INDUSTRIAL PROPERTIES, INC. | 74212 | 66304 |  |
| 6212 | KENNEDY-WILSON HOLDINGS, INC. | 38426 | 60070 |  |
| 4416 | KIMCO REALTY CORP. | 53046 | 89512 |  |
| 382 | LTC PROPERTIES, INC. | 13216 | 13133 |  |
| 1680 | LXP INDUSTRIAL TRUST | 68522 | 83294 |  |
| 10849 | MACERICH (THE) CO. | 153681 | 200273 |  |
| 26000 | MEDICAL PROPERTIES TRUST, INC. | 110430 | 130000 |  |
| 6601 | MILLROSE PROPERTIES, INC. | 189313 | 197172 |  |
| 500 | NEXPOINT RESIDENTIAL TRUST, INC. | 13889 | 15050 |  |
| 6236 | OUTFRONT MEDIA, INC. | 142417 | 150288 |  |
| 4500 | PEBBLEBROOK HOTEL TRUST | 46288 | 50940 |  |
| 2700 | PHILLIPS EDISON & CO., INC. | 92024 | 96039 |  |
| 555 | REGENCY CENTERS CORP. | 24356 | 38312 |  |
| 49140 | RYMAN HOSPITALITY PROPERTIES, INC. | 5045667 | 4649627 |  |
| 1912 | SAFEHOLD, INC. | 25796 | 26175 |  |
| 478 | SAUL CENTERS, INC. | 15365 | 15071 |  |
| 700 | SL GREEN REALTY CORP. | 32844 | 32109 |  |
| 2730 | ST. JOE (THE) CO. | 101450 | 162080 |  |
| 4256 | STRAWBERRY FIELDS REIT, INC. | 52384 | 55754 |  |
| 8770 | SUNSTONE HOTEL INVESTORS, INC. | 70735 | 78404 |  |
| 4600 | TANGER, INC. | 135498 | 153502 |  |
| 1492 | TERRENO REALTY CORP. | 85701 | 87595 |  |
| 787 | UNIVERSAL HEALTH REALTY INCOME TRUST | 30719 | 30858 |  |
| 4600 | URBAN EDGE PROPERTIES | 60500 | 88274 |  |
| 3952 | XENIA HOTELS & RESORTS, INC. | 60087 | 55881 |  |
|  |  | 9054123 | 9556340 | 2.11% |
| **Utilities:** | **Utilities:** |  |  |  |
| 1404 | AMERICAN STATES WATER CO. | 102953 | 101762 |  |
| 7500 | AVISTA CORP. | 243389 | 289050 |  |
| 2444 | CHESAPEAKE UTILITIES CORP. | 221453 | 304913 |  |
| 1600 | CLEARWAY ENERGY, INC., CLASS A | 33838 | 50272 |  |
| 3905 | CLEARWAY ENERGY, INC., CLASS C | 93170 | 129880 |  |
| 1817 | HALLADOR ENERGY CO.(b) | 33799 | 34596 |  |
| 7456 | HAWAIIAN ELECTRIC INDUSTRIES, INC.(b) | 88541 | 91709 |  |
| 9328 | MDU RESOURCES GROUP, INC. | 154082 | 182082 |  |
| 1530 | MGE ENERGY, INC. | 123663 | 119983 |  |
| 2800 | MIDDLESEX WATER CO. | 144219 | 141176 |  |
| 900 | OTTER TAIL CORP. | 66600 | 72729 |  |
|  |  | 1305707 | 1518152 | 0.33% |
|  | **Sub-total Common Stocks:** | 411605230 | 435620419 | 96.38% |
| **Escrows:** | **Escrows:** |  |  |  |
| **Communication Services:** | **Communication Services:** |  |  |  |
| 39067 | GCI LIBERTY, INC., CLASS A(b)(e) | - | - |  |
|  |  | - | - | 0.00% |
|  | **Sub-total Escrows:** | - | - | 0.00% |
| **Rights:** | **Rights:** |  |  |  |
| **Health Care:** | **Health Care:** |  |  |  |
| 35134 | POSEIDA THERAPEUTICS, INC. (CONTINGENT <br> VALUE RIGHTS)(b)(e)<br>| - | - |  |
|  |  | - | - | 0.00% |
|  | **Sub-total Rights:** | - | - | 0.00% |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Select Equity Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Short-Term Investments:** | **Short-Term Investments:** |  |  |  |
| 3551623 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT <br> PORTFOLIO, INSTITUTIONAL SHARES(f)<br>| $3551623 | 3551623 |  |
| 15912775 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT <br> SELECT PORTFOLIO, INSTITUTIONAL SHARES, 3.66%(g)<br>| 15912775 | 15912775 |  |
|  | **Sub-total Short-Term Investments:** | 19464398 | 19464398 | 4.31% |
|  | Total Investments | $431069628 | 455084817 | 100.69% |

---

---

| | |
|:---|:---|
| **Notes to Schedule of Investments:** | **Notes to Schedule of Investments:** |
| <sup>(a)</sup> | Investments are valued in accordance with procedures described in Note 2 to the financial statements. |
| <sup>(b)</sup> | Non-income producing assets. |
| <sup>(c)</sup> | Foreign security values are stated in U.S. dollars. As of December 31, 2025, the value of foreign stocks or depositary receipts of companies based <br> outside of the United States represented 7.60% of net assets.<br>|
| <sup>(d)</sup> | Security is either wholly or partially on loan. |
| <sup>(e)</sup> | Security has been deemed worthless and is a Level 3 investment. |
| <sup>(f)</sup> | Investment relates to cash collateral received from portfolio securities loaned. |
| <sup>(g)</sup> | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2024, the value <br> of the Clearwater Select Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $10,692,389 <br> with net purchases of $5,220,386 during the fiscal year ended December 31, 2025.<br>|

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Closed-End Funds:** |  |  |  |  |  |  |
| 93623 | BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | BLACKROCK LONG-TERM MUNICIPAL ADVANTAGE TRUST | $823294 | 868822 |  |
| 39969 | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | 469433 | 437261 |  |
| 39949 | BLACKROCK MUNICIPAL INCOME TRUST II | BLACKROCK MUNICIPAL INCOME TRUST II | BLACKROCK MUNICIPAL INCOME TRUST II | 416205 | 417068 |  |
| 28000 | BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND INC | BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND INC | BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND INC | 299279 | 296800 |  |
| 98691 | BLACKROCK MUNIHOLDINGS FUND INC | BLACKROCK MUNIHOLDINGS FUND INC | BLACKROCK MUNIHOLDINGS FUND INC | 1447937 | 1158632 |  |
| 27182 | BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND INC | BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND INC | BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND INC | 360767 | 323466 |  |
| 116304 | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | 1351560 | 1166529 |  |
| 67362 | BLACKROCK MUNIVEST FUND II INC | BLACKROCK MUNIVEST FUND II INC | BLACKROCK MUNIVEST FUND II INC | 712139 | 728183 |  |
| 57500 | BLACKROCK MUNIYIELD FUND INC | BLACKROCK MUNIYIELD FUND INC | BLACKROCK MUNIYIELD FUND INC | 598572 | 603175 |  |
| 53157 | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | 635346 | 624063 |  |
| 48700 | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | 656465 | 539596 |  |
| 85285 | BLACKROCK MUNIYIELD QUALITY FUND II INC | BLACKROCK MUNIYIELD QUALITY FUND II INC | BLACKROCK MUNIYIELD QUALITY FUND II INC | 968446 | 857114 |  |
| 78574 | BLACKROCK MUNIYIELD QUALITY FUND III INC | BLACKROCK MUNIYIELD QUALITY FUND III INC | BLACKROCK MUNIYIELD QUALITY FUND III INC | 1000116 | 854099 |  |
| 71728 | BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | 478778 | 442562 |  |
| 201769 | DWS MUNICIPAL INCOME TRUST | DWS MUNICIPAL INCOME TRUST | DWS MUNICIPAL INCOME TRUST | 2138338 | 1834080 |  |
| 165452 | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | 1753558 | 1508922 |  |
| 176905 | INVESCO MUNICIPAL OPPORTUNITY TRUST | INVESCO MUNICIPAL OPPORTUNITY TRUST | INVESCO MUNICIPAL OPPORTUNITY TRUST | 2020781 | 1692981 |  |
| 147637 | INVESCO MUNICIPAL TRUST | INVESCO MUNICIPAL TRUST | INVESCO MUNICIPAL TRUST | 1643807 | 1424697 |  |
| 7540 | INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST | INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST | INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST | 71327 | 78868 |  |
| 190374 | INVESCO QUALITY MUNICIPAL INCOME TRUST | INVESCO QUALITY MUNICIPAL INCOME TRUST | INVESCO QUALITY MUNICIPAL INCOME TRUST | 2233651 | 1896125 |  |
| 115073 | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | 1292342 | 1193307 |  |
| 117942 | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | 1448561 | 1493146 |  |
| 76922 | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | 917063 | 894603 |  |
| 70998 | NUVEEN NEW JERSEY QUALITY MUNICIPAL INCOME FUND | NUVEEN NEW JERSEY QUALITY MUNICIPAL INCOME FUND | NUVEEN NEW JERSEY QUALITY MUNICIPAL INCOME FUND | 1034991 | 897415 |  |
| 91466 | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | 1220472 | 1087531 |  |
| 32418 | NUVEEN QUALITY MUNICIPAL INCOME FUND | NUVEEN QUALITY MUNICIPAL INCOME FUND | NUVEEN QUALITY MUNICIPAL INCOME FUND | 416977 | 389664 |  |
| 25780 | PIMCO CALIFORNIA MUNICIPAL INCOME FUND | PIMCO CALIFORNIA MUNICIPAL INCOME FUND | PIMCO CALIFORNIA MUNICIPAL INCOME FUND | 227339 | 225060 |  |
|  | **Sub-total Closed-End Funds:** |  |  | 26637544 | 23933769 | 2.88% |
| **Municipal Bonds:** | **Municipal Bonds:** |  |  |  |  |  |
| **Alabama** | **Alabama** |  |  |  |  |  |
| 1450000 | ALABAMA ST HSG FIN AUTH SF <br> MTGE REVENUE<br>| 10/1/2054 | 4.80 | 1450000 | 1443733 |  |
| 3000000 | ALABAMA ST HSG FIN AUTH SF <br> MTGE REVENUE<br>| 10/1/2055 | 4.88 | 3000000 | 3001573 |  |
| 1500000 | ALABAMA ST HSG FIN AUTH SF <br> MTGE REVENUE<br>| 10/1/2055 | 4.95 | 1500000 | 1504184 |  |
| 2500000 | ALABAMA ST HSG FIN AUTH SF <br> MTGE REVENUE<br>| 10/1/2055 | 5.18 | 2500000 | 2537216 |  |
| 480000 | BALDWIN CNTY AL INDL DEV AUTH SOL <br> WST DISP REVENUE(b)(c)<br>| 6/1/2032 | 4.63 | 480000 | 482085 |  |
| 1000000 | BALDWIN CNTY AL INDL DEV AUTH SOL <br> WST DISP REVENUE(b)(c)<br>| 6/1/2032 | 5.00 | 1000000 | 1019471 |  |
| 1000000 | BLACK BELT ENERGY GAS DIST AL GAS <br> PROJECT REVENUE(c)<br>| 9/1/2032 | 5.25 | 1048588 | 1086065 |  |
| 290000 | BLACK BELT ENERGY GAS DIST AL GAS <br> PROJECT REVENUE(c)<br>| 8/1/2035 | 5.00 | 311923 | 311286 |  |
| 1860000 | BLACK BELT ENERGY GAS DIST AL GAS <br> PROJECT REVENUE<br>| 10/1/2035 | 5.00 | 1929715 | 1915824 |  |
| 1000000 | ENERGY S E AL A COOPERATIVE DIST <br> ENERGY SPLY REVENUE<br>| 9/1/2033 | 5.00 | 1041927 | 1036406 |  |
| 300000 | MOBILE CNTY AL LTD OBLG(b) | 11/1/2045 | 4.00 | 300000 | 272772 |  |
| 1495000 | S E ALABAMA ST GAS SPLY DIST GAS <br> SPLY REVENUE(c)<br>| 4/1/2032 | 5.00 | 1515180 | 1604895 |  |
| 1000000 | SOUTHEAST ENERGY AUTH <br> COOPERATIVE DIST AL ENERGY <br> SUPPLY REVE(c)<br>| 6/1/2035 | 5.00 | 1032551 | 1041925 |  |
| 1700000 | SOUTHEAST ENERGY AUTH <br> COOPERATIVE DIST AL ENERGY <br> SUPPLY REVE<br>| 11/1/2035 | 5.00 | 1760106 | 1805074 |  |
| 1000000 | SOUTHEAST ENERGY AUTHORITY <br> A COOPERATIVE(c)<br>| 2/1/2031 | 5.00 | 1021512 | 1070201 |  |
| 1750000 | TUSCALOOSA CNTY AL INDL DEV AUTH <br> GULF OPPORTUNITY ZONE(b)<br>| 5/1/2044 | 5.25 | 1713300 | 1753669 |  |
|  |  |  |  | 21604802 | 21886379 | 2.64% |
| **Alaska** | **Alaska** |  |  |  |  |  |
| 1000000 | ALASKA ST RAILROAD CORP CRUISE <br> PORT REVENUE<br>| 10/1/2040 | 5.50 | 1040492 | 1114966 |  |
|  |  |  |  | 1040492 | 1114966 | 0.13% |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Arizona** | **Arizona** |  |  |  |  |  |
| 1250000 | ARIZONA ST INDL DEV AUTH ECON <br> DEV REVENUE(b)(d)(e)<br>| 7/1/2030 | 6.75 | $1239818 | 29375 |  |
| 1250000 | ARIZONA ST INDL DEV AUTH ECON <br> DEV REVENUE(b)(d)(e)<br>| 7/1/2050 | 7.75 | 1237783 | 29375 |  |
| 400000 | ARIZONA ST INDL DEV AUTH ECON <br> DEV REVENUE(b)(d)(e)<br>| 7/1/2051 | 6.00 | 400000 | 9400 |  |
| 1000000 | ARIZONA ST INDL DEV AUTH MF <br> HSG REVENUE(c)<br>| 1/1/2027 | 5.00 | 1010971 | 1016150 |  |
| 1000000 | AZ INDL DEV AUTH SF MTGE REVENUE | 10/1/2050 | 5.10 | 1000000 | 1024463 |  |
| 1985000 | MARICOPA CNTY & PHOENIX AZ INDL <br> DEV AUTHORITIES MTGE REVENUE<br>| 9/1/2055 | 4.70 | 1985000 | 1976196 |  |
| 1000000 | MARICOPA CNTY AZ INDL DEV AUTH <br> SALES TAX REVENUE(b)<br>| 5/1/2033 | 4.38 | 984519 | 983638 |  |
| 500000 | NAVAJO NATION AZ(b) | 12/1/2030 | 5.50 | 500000 | 500603 |  |
| 1500000 | PHOENIX AZ INDL DEV AUTH RENTAL <br> HSG REVENUE<br>| 12/1/2050 | 5.50 | 1460321 | 1495174 |  |
| 650000 | PIMA CNTY AZ INDL DEV AUTH SENIOR <br> LIVING REVENUE(b)<br>| 11/15/2035 | 6.25 | 650000 | 714014 |  |
| 750000 | SIERRA VISTA AZ INDL DEV AUTH AUTH <br> ED FAC REV(b)<br>| 6/15/2044 | 6.00 | 750000 | 769276 |  |
| 500000 | TEMPE AZ | 1/1/2029 | 5.00 | 500000 | 500854 |  |
| 500000 | TEMPE AZ INDL DEV AUTH REVENUE(b) | 10/1/2037 | 6.00 | 500725 | 377184 |  |
|  |  |  |  | 12219137 | 9425702 | 1.14% |
| **Arkansas** | **Arkansas** |  |  |  |  |  |
| 1000000 | ARKANSAS ST DEV FIN AUTH INDL <br> DEV REVENUE(b)<br>| 9/1/2049 | 4.50 | 895942 | 970549 |  |
| 1000000 | ARKANSAS ST DEV FIN AUTH <br> RESOURCE RECOVERY REVENUE(c)<br>| 10/15/2032 | 3.88 | 1000000 | 1000891 |  |
| 500000 | ARKANSAS ST DEV FIN AUTH SF <br> MTGE REVENUE<br>| 1/1/2056 | 5.50 | 544861 | 545157 |  |
| 1355000 | BENTONVILLE AR SALES & USE TAX | 11/1/2045 | 4.00 | 1349418 | 1370983 |  |
| 515000 | BENTONVILLE AR SALES & USE TAX | 11/1/2046 | 4.13 | 511771 | 516083 |  |
|  |  |  |  | 4301992 | 4403663 | 0.53% |
| **California** | **California** |  |  |  |  |  |
| 2350000 | ACALANES CA UNION HIGH SCH DIST | 8/1/2039 | 6.55 | 2347577 | 2637371 |  |
| 1000000 | ALVORD CA UNIF SCH DIST (Step to <br> 7.35% on 8/1/26)(f)<br>| 8/1/2046 | 0.00 | 961790 | 1215857 |  |
| 1000000 | CALIFORNIA CMNTY CHOICE FING AUTH <br> CLEAN ENERGY PROJ REVENUE(c)<br>| 10/1/2032 | 5.00 | 1023165 | 1059362 |  |
| 600000 | CALIFORNIA CMNTY CHOICE FING AUTH <br> CLEAN ENERGY PROJ REVENUE(c)<br>| 10/1/2033 | 5.00 | 645423 | 636834 |  |
| 885000 | CALIFORNIA SCH FIN AUTH SCH <br> FAC REVENUE(b)<br>| 7/1/2033 | 5.00 | 918175 | 930257 |  |
| 500000 | CALIFORNIA ST ENTERPRISE DEV <br> AUTH REVENUE<br>| 8/1/2040 | 3.50 | 454949 | 484797 |  |
| 500000 | CALIFORNIA ST ENTERPRISE DEV <br> AUTH REVENUE<br>| 8/1/2040 | 4.00 | 481750 | 501360 |  |
| 2000000 | CALIFORNIA ST MUNI FIN AUTH MF <br> HSG REVENUE(c)<br>| 12/1/2044 | 5.00 | 2000000 | 2128553 |  |
| 500000 | CALIFORNIA ST MUNI FIN AUTH MOBILE <br> HOME PARK REVENUE<br>| 8/15/2053 | 5.25 | 515299 | 515952 |  |
| 250000 | CALIFORNIA ST MUNI FIN <br> AUTH REVENUE(b)<br>| 11/1/2040 | 5.13 | 250000 | 260754 |  |
| 1500000 | CALIFORNIA ST SCH FACS FING <br> AUTH REVENUE<br>| 8/1/2029 | 6.00 | 1482006 | 1531172 |  |
| 500000 | CALIFORNIA ST SCH FIN AUTH CHRT <br> SCH REVENUE(b)<br>| 4/15/2035 | 6.00 | 500000 | 523818 |  |
| 500000 | CALIFORNIA ST SCH FIN AUTH CHRT <br> SCH REVENUE(b)<br>| 4/15/2045 | 6.75 | 497332 | 505873 |  |
| 230000 | CALIFORNIA ST STWD CMNTYS DEV <br> AUTH STWD REVENUE<br>| 9/2/2033 | 4.75 | 228539 | 235631 |  |
| 1000000 | CARLSBAD CA UNIF SCH DIST | 8/1/2031 | 6.13 | 993565 | 1158614 |  |
| 1000000 | CENTRL CA UNIF SCH DIST | 8/1/2043 | 5.00 | 1008529 | 1010013 |  |
| 1000000 | COLTON CA JT UNIF SCH DIST | 8/1/2035 | 5.80 | 998743 | 1021948 |  |
| 1105000 | CORONA-NORCO CA UNIF SCH DIST | 8/1/2039 | 6.80 | 1101251 | 1178950 |  |
| 750000 | EL PASO DE ROBLES CA REDEV AGY TAX <br> ALLOCATION REVENUE<br>| 7/1/2033 | 6.38 | 745789 | 752254 |  |
| 1000000 | ENCINITAS CA UNION SCH DIST | 8/1/2035 | 6.75 | 997626 | 1262764 |  |
| 1155000 | ENTERPRISE CA ELEM SCH DIST | 8/1/2035 | 6.20 | 1151865 | 1377085 |  |
| 1000000 | HELENDALE CA SCH DIST | 8/1/2034 | 6.25 | 996624 | 1133676 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **California (Cont'd):** | **California (Cont'd):** |  |  |  |  |  |
| 500000 | LOS ANGELES CA DEPT OF ARPTS <br> ARPT REVENUE<br>| 5/15/2041 | 4.00 | $464568 | 486914 |  |
| 500000 | LOS ANGELES CA DEPT OF ARPTS <br> ARPT REVENUE<br>| 5/15/2042 | 5.25 | 523713 | 546732 |  |
| 500000 | LOS ANGELES CA DEPT OF ARPTS <br> ARPT REVENUE<br>| 5/15/2044 | 5.25 | 518320 | 536806 |  |
| 1000000 | LOS ANGELES CA DEPT OF ARPTS <br> ARPT REVENUE<br>| 5/15/2047 | 5.25 | 1027868 | 1037588 |  |
| 1000000 | LOS ANGELES CA DEPT OF WTR & <br> PWR REVENUE<br>| 7/1/2033 | 5.00 | 1064174 | 1141344 |  |
| 500000 | LOS ANGELES CA DEPT OF WTR & <br> PWR REVENUE<br>| 7/1/2035 | 5.00 | 542064 | 581744 |  |
| 325000 | LOS ANGELES CA DEPT OF WTR & <br> PWR REVENUE<br>| 7/1/2037 | 5.00 | 334380 | 351571 |  |
| 500000 | LOS ANGELES CA DEPT OF WTR & <br> PWR REVENUE<br>| 7/1/2042 | 5.00 | 533862 | 543671 |  |
| 500000 | LOS ANGELES CA DEPT OF WTR & <br> PWR REVENUE<br>| 7/1/2045 | 5.00 | 525433 | 527682 |  |
| 500000 | LOS ANGELES CA DEPT OF WTR & <br> PWR REVENUE<br>| 7/1/2046 | 5.25 | 522575 | 535855 |  |
| 500000 | LOS ANGELES CA DEPT OF WTR & PWR <br> WTRWKS REVENUE<br>| 7/1/2042 | 5.00 | 544121 | 545745 |  |
| 2000000 | OAK PARK CA UNIF SCH DIST | 8/1/2038 | 7.10 | 1995688 | 2438885 |  |
| 1000000 | REDONDO BEACH CA UNIF SCH DIST | 8/1/2034 | 6.38 | 994061 | 1022584 |  |
| 750000 | RIVER ISLANDS CA PUBLIC FING AUTH <br> SPL TAX<br>| 9/1/2052 | 5.25 | 797349 | 788792 |  |
| 350000 | SACRAMENTO CNTY CA WTR FING AUTH <br> REVENUE (Floating, 3M CME Term SOFR <br> + 0.57%)(g)<br>| 6/1/2039 | 3.29 | 350000 | 329356 |  |
| 1000000 | SAN DIEGO CNTY CA REGL ARPT AUTH <br> AIRPORT REVENUE<br>| 7/1/2038 | 5.25 | 1021680 | 1112860 |  |
| 1500000 | SAN FRANCISCO CA CITY &CNTY ARPTS <br> COMMN INTL ARPT REV<br>| 5/1/2055 | 5.25 | 1549057 | 1553923 |  |
| 1000000 | SAN FRANCISCO CALIF CITY & CNTY <br> ARPTS COMMN INTL ARPT REV<br>| 5/1/2033 | 5.00 | 1020890 | 1124001 |  |
| 1000000 | SAN FRANCISCO CALIF CITY &CNTY <br> ARPTS COMMN INTL ARPT REV<br>| 5/1/2041 | 5.00 | 1002109 | 1002317 |  |
| 500000 | SANTA MONICA CA REDEV AGY | 7/1/2036 | 5.88 | 500000 | 501311 |  |
| 1000000 | STHRN CALIFORNIA ST PUBLIC PWR <br> AUTH STHRN TRANSMISSION SYSTE(c)<br>| 7/1/2029 | 5.00 | 1046972 | 1057064 |  |
| 145000 | SULPHUR SPRINGS CA UNION SCH <br> DIST COPS<br>| 12/1/2037 | 6.50 | 144883 | 145398 |  |
| 1000000 | TRACY CA JT UNIF SCH DIST (Step to <br> 7.30% on 8/1/27)(f)<br>| 8/1/2041 | 0.00 | 982487 | 1097233 |  |
|  |  |  |  | 38306251 | 41072271 | 4.95% |
| **Colorado** | **Colorado** |  |  |  |  |  |
| 1390000 | COLLIERS HILL MET DIST #2 CO(c) | 12/15/2047 | 5.75 | 1390000 | 1356163 |  |
| 1040000 | COLORADO EDUCTNL & CULTURAL <br> AUTH REVENUE(b)<br>| 7/1/2043 | 6.00 | 1040000 | 957068 |  |
| 1000000 | COLORADO ST EDUCTNL & CULTURAL <br> FACS AUTH REVENUE<br>| 7/1/2034 | 5.60 | 996616 | 1001247 |  |
| 500000 | COLORADO ST HLTH FACS <br> AUTH REVENUE<br>| 5/15/2030 | 3.50 | 500000 | 492159 |  |
| 1000000 | COLORADO ST HLTH FACS <br> AUTH REVENUE<br>| 8/1/2033 | 7.63 | 992867 | 735671 |  |
| 1500000 | COLORADO ST HLTH FACS <br> AUTH REVENUE<br>| 12/1/2043 | 5.00 | 1502345 | 1510561 |  |
| 735000 | COLORADO ST HLTH FACS <br> AUTH REVENUE<br>| 5/15/2049 | 5.00 | 766840 | 556157 |  |
| 1020000 | COLORADO ST HLTH FACS <br> AUTH REVENUE<br>| 5/15/2058 | 5.00 | 1035747 | 729364 |  |
| 1250000 | COLORADO ST HSG & FIN AUTH | 5/1/2040 | 5.15 | 1250000 | 1300268 |  |
| 1125000 | COLORADO ST HSG & FIN AUTH | 11/1/2052 | 6.00 | 1173375 | 1197329 |  |
| 1500000 | DENVER CO CITY & CNTY MF <br> HSG REVENUE<br>| 2/1/2039 | 2.05 | 1500000 | 1166125 |  |
| 870000 | DENVER CO CONVENTION CENTER <br> HOTEL AUTH REVENUE<br>| 12/1/2030 | 5.00 | 877422 | 881195 |  |
| 1000000 | E-470 CO PUBLIC HIGHWAY AUTH <br> (Floating, U.S. SOFR + 0.75%)(g)<br>| 9/1/2026 | 3.24 | 1000000 | 998192 |  |
| 1000000 | GREEN VALLEY RANCH EAST MET DIST <br> #6 CO<br>| 12/1/2050 | 5.88 | 1000000 | 1012949 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Colorado (Cont'd):** | **Colorado (Cont'd):** |  |  |  |  |  |
| 1000000 | LEDGE ROCK CENTER RSDL MET DIST <br> #1 CO<br>| 12/1/2054 | 6.38 | $1000000 | 1015585 |  |
| 2000000 | LEGATO CMNTY AUTH CO LTD TAX <br> SUPPORTED REVENUE (Step to 5.00% <br> on 12/1/26)(f)<br>| 12/1/2051 | 0.00 | 1954284 | 1572978 |  |
| 1000000 | MINERAL BUSINESS IMP DIST CO <br> LIMTED TAX & SPL REVENUE(b)<br>| 12/1/2054 | 5.75 | 1000000 | 1006358 |  |
| 184432 | MOUNT CARBON CO MET <br> DIST REVENUE(d)<br>| 6/1/2043 | 8.00 | - | 184509 |  |
| 1000000 | PINNACLE FARMS MET DIST #1 CO(b) | 12/1/2055 | 6.50 | 1000000 | 1024287 |  |
| 1276939 | REUNION MET DIST CO SPL REVENUE | 12/1/2044 | 3.63 | 1234392 | 945233 |  |
| 1000000 | RUDOLPH FARMS MET DIST #6 CO <br> REVENUE SUPPORTED<br>| 6/1/2052 | 6.50 | 1000000 | 969115 |  |
| 1000000 | ST VRAIN LAKES MET DIST NO 4 (Step to <br> 6.75% on 12/1/30)(b)(f)<br>| 9/20/2054 | 0.00 | 721676 | 707136 |  |
| 1000000 | VERVE MET DIST #1 CO (Step to 7.00% on <br> 12/1/29)(f)<br>| 12/1/2054 | 0.00 | 763895 | 728573 |  |
| 1000000 | WEEMS NEIGHBORHOOD MET DIST CO | 12/1/2055 | 5.88 | 1000000 | 1023330 |  |
| 1000000 | WINDSHIRE PARK CO MET DIST #2 | 12/1/2047 | 6.50 | 1044635 | 1022285 |  |
|  |  |  |  | 25744094 | 24093837 | 2.90% |
| **Connecticut** | **Connecticut** |  |  |  |  |  |
| 1000000 | CONNECTICUT ST HGR EDU <br> SUPPLEMENT LOAN AUTH REVENUE(c)<br>| 5/14/2026 | 5.00 | 1003052 | 1003743 |  |
| 1965000 | CONNECTICUT ST HSG FIN AUTH HSG <br> MTGE FIN PROGRAM<br>| 5/15/2045 | 3.85 | 1965000 | 1826087 |  |
| 583408 | MASHANTUCKET WSTRN PEQUOT <br> TRIBE CT<br>| 7/1/2031 | 6.05 | 577902 | 145852 |  |
| 1750000 | STAMFORD CT HSG AUTH | 10/1/2055 | 6.50 | 1774218 | 1780675 |  |
| 1000000 | STEEL POINT INFRASTRUCTURE IMPT <br> DIST CT SPL OBLIG REVENUE(b)<br>| 4/1/2052 | 6.00 | 988184 | 1064047 |  |
|  |  |  |  | 6308356 | 5820404 | 0.70% |
| **Delaware** | **Delaware** |  |  |  |  |  |
| 1460000 | DELAWARE ST HSG AUTH REVENUE | 7/1/2054 | 4.50 | 1460000 | 1423916 |  |
| 1460000 | DELAWARE ST HSG AUTH REVENUE | 7/1/2054 | 4.75 | 1460000 | 1449281 |  |
| 945000 | DELAWARE ST HSG AUTH REVENUE | 1/1/2055 | 5.75 | 1013295 | 1029898 |  |
|  |  |  |  | 3933295 | 3903095 | 0.47% |
| **District of Columbia** | **District of Columbia** |  |  |  |  |  |
| 1425000 | DIST OF COLUMBIA HSG FIN AGY MF <br> HSG MTGE REVENUE<br>| 6/15/2031 | 4.45 | 1425000 | 1432111 |  |
| 1000000 | DIST OF COLUMBIA HSG FIN AGY MF <br> HSG REVENUE<br>| 6/1/2041 | 5.00 | 1000000 | 1000847 |  |
| 3500000 | DISTRICT OF COLUMBIA HSG FIN AGY | 3/1/2042 | 2.50 | 3500000 | 2643989 |  |
| 1000000 | DISTRICT OF COLUMBIA HSG FIN AGY | 9/1/2043 | 4.05 | 1000000 | 968202 |  |
| 993332 | FEDERAL HOME LOAN MTGE CORP MF <br> VARIABLE RATE CTFS(g)(j)<br>| 8/25/2041 | 4.76 | 1039850 | 1025710 |  |
|  |  |  |  | 7964850 | 7070859 | 0.85% |
| **Florida** | **Florida** |  |  |  |  |  |
| 1000000 | ARBOR PK PHASE 1 CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2035 | 5.75 | 1000000 | 1057895 |  |
| 1100000 | ARTISAN LAKES EAST CDD FL CAPITAL <br> IMPT REVENUE(b)<br>| 5/1/2052 | 4.00 | 981333 | 891189 |  |
| 150000 | AVE MARIA FL STEWARDSHIP CMNTY <br> DIST CAPITAL IMPT REVENUE(b)<br>| 5/1/2033 | 4.50 | 149529 | 153522 |  |
| 820000 | AVE MARIA FL STEWARDSHIP CMNTY <br> DIST CAPITAL IMPT REVENUE(b)<br>| 5/1/2053 | 5.50 | 818773 | 824233 |  |
| 1000000 | AVE MARIA FL STEWARDSHIP CMNTY <br> DIST CAPITAL IMPT REVENUE<br>| 6/1/2056 | 5.60 | 1000000 | 994252 |  |
| 995000 | BEACH CMNTY DEV DIST FL CAPITAL <br> IMPT REVENUE<br>| 5/1/2044 | 5.25 | 1049835 | 1036654 |  |
| 420000 | BLACKBURN CREEK CMNTY DEV DIST FL <br> CAP IMPT REVENUE<br>| 5/1/2035 | 6.25 | 420000 | 430254 |  |
| 170000 | BLACKBURN CREEK CMNTY DEV DIST FL <br> CAP IMPT REVENUE<br>| 5/1/2045 | 6.25 | 170000 | 172511 |  |
| 1250000 | BROWARD CNTY FL ARPT SYS REVENUE | 10/1/2045 | 5.00 | 1250000 | 1247683 |  |
| 1000000 | CAPITAL PROJS FIN AUTH FL EDUCTNL <br> FACS REVENUE(b)<br>| 6/15/2055 | 6.50 | 983795 | 1006707 |  |
| 525000 | CAPITAL TRUST AGY FL EDUCTNL <br> FACS REVENUE(b)<br>| 7/1/2051 | 4.00 | 548179 | 400087 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Florida (Cont'd):** | **Florida (Cont'd):** |  |  |  |  |  |
| 445000 | CAPITAL TRUST AGY FL EDUCTNL <br> FACS REVENUE(b)<br>| 7/1/2056 | 4.00 | $462365 | 332108 |  |
| 750000 | CAPITAL TRUST AGY FL REVENUE(d) | 4/1/2035 | 7.00 | 750000 | 412500 |  |
| 1750000 | CAPITAL TRUST AGY <br> FL REVENUE(b)(d)(e)<br>| 12/1/2035 | 6.75 | 1745953 | 210000 |  |
| 1000000 | CAPITAL TRUST AUTH FL EDUCTNL <br> FACS REVENUE(b)<br>| 7/1/2055 | 6.13 | 992543 | 997535 |  |
| 1500000 | CAPITAL TRUST AUTH FL EDUCTNL <br> FACS REVENUE(b)<br>| 7/1/2055 | 6.50 | 1475646 | 1512237 |  |
| 680000 | CELEBRATION FL CDD | 5/1/2055 | 5.63 | 654752 | 684974 |  |
| 1000000 | COASTAL RIDGE CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2055 | 6.00 | 1000000 | 1025571 |  |
| 665000 | COBBLESTONE CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2042 | 4.20 | 577130 | 616765 |  |
| 1100000 | COBBLESTONE CDD FL SPL <br> ASSMNT REVENUE(b)<br>| 5/1/2053 | 4.30 | 1086020 | 934707 |  |
| 1000000 | COLLIER CNTY FL EDUCTNL FACS <br> AUTH REVENUE<br>| 6/1/2038 | 5.25 | 1015278 | 1029131 |  |
| 825000 | CYPRESS BLUFF CDD FL SPL ASSMNT | 5/1/2051 | 4.00 | 624625 | 660252 |  |
| 400000 | DARBY CDD FL SPL ASSMNT REVENUE | 5/1/2035 | 5.88 | 398000 | 421964 |  |
| 1000000 | EAST NASSAU STEWARDSHIP DIST FL <br> SPL ASSMNT REVENUE<br>| 5/1/2051 | 4.00 | 1014395 | 843082 |  |
| 1105000 | EAST NASSAU STEWARDSHIP DIST FL <br> SPL ASSMNT REVENUE<br>| 5/1/2055 | 5.50 | 1095177 | 1094985 |  |
| 1000000 | ELEVATION POINTE CMNTY DEV DIST FL <br> SPL ASSMNT REVENUE<br>| 5/1/2032 | 4.40 | 1000000 | 1021448 |  |
| 500000 | ENTRADA CMNTY DEV DIST FL CAPITAL <br> IMPT REVENUE<br>| 5/1/2043 | 5.60 | 500000 | 526608 |  |
| 800000 | ENTRADA CMNTY DEV DIST FL CAPITAL <br> IMPT REVENUE(b)<br>| 5/1/2052 | 4.00 | 827519 | 668927 |  |
| 1500000 | FIRELIGHT CDD FL SPL ASSMNT REV | 5/1/2035 | 5.75 | 1489212 | 1556206 |  |
| 1000000 | FIRETHORN CDD FL CAPITAL <br> IMPT REVENUE<br>| 5/1/2055 | 5.60 | 1000000 | 993862 |  |
| 1000000 | FLORIDA HSG FIN CORP REVENUE | 1/1/2056 | 5.13 | 1000000 | 1009749 |  |
| 2000000 | FLORIDA ST DEV FIN CORP EDUCTNL <br> FACS REVENUE(b)(c)<br>| 6/15/2028 | 6.25 | 1987128 | 1989673 |  |
| 800000 | FLORIDA ST DEV FIN CORP SENIOR <br> LIVING REVENUE(b)<br>| 11/15/2030 | 5.00 | 800000 | 778415 |  |
| 950000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2046 | 3.25 | 950000 | 793685 |  |
| 975000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2048 | 4.55 | 975000 | 964065 |  |
| 2000000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2049 | 4.60 | 2000000 | 1969906 |  |
| 2235000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2049 | 4.70 | 2235000 | 2259417 |  |
| 1435000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2052 | 4.55 | 1435000 | 1422476 |  |
| 1000000 | FLORIDA ST LOCAL GOVT FIN <br> COMMISSION REVENUE(b)<br>| 12/22/2030 | 11.00 | 1000000 | 1004505 |  |
| 820000 | FLORIDA ST MUNI LOAN COUNCIL <br> CAPITAL IMPT REVENUE<br>| 5/1/2054 | 5.40 | 820000 | 828015 |  |
| 1000000 | FORT LAUDERDAL FL SPL ASSMNT(b) | 7/1/2048 | 4.00 | 1030567 | 845783 |  |
| 700000 | GRANDE PINES CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2041 | 3.75 | 699169 | 625413 |  |
| 1000000 | GRANDE PINES CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2054 | 5.80 | 1000000 | 1008945 |  |
| 1000000 | GTR ORLANDO FL AVIATION AUTH ARPT <br> FACS REVENUE<br>| 10/1/2046 | 5.00 | 1003971 | 1015233 |  |
| 1000000 | HACIENDA NORTH CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2053 | 6.50 | 1000000 | 1063757 |  |
| 265000 | HARBOR BAY FL CDD CAPITAL <br> IMPT REVENUE<br>| 5/1/2048 | 4.10 | 263453 | 233022 |  |
| 600000 | HERITAGE HARBOUR FL N CDD <br> SPL ASSMNT<br>| 5/1/2034 | 5.00 | 600000 | 626789 |  |
| 1000000 | HGR EDU FACS FING AUTH FL HGR <br> EDUCTNL FACS REVENUE(b)<br>| 7/1/2045 | 6.00 | 994293 | 995469 |  |
| 1300000 | HILLSBOROUGH CNTY FL <br> AVIATION AUTH<br>| 10/1/2044 | 5.25 | 1332029 | 1386517 |  |
| 1150000 | HOBE ST LUCIE CONSERVANCY DIST FL | 5/1/2044 | 5.60 | 1150000 | 1186322 |  |
| 1200000 | HYDE PARK CDD #1 FL SPL ASSMNT | 5/1/2034 | 5.25 | 1198092 | 1235672 |  |
| 700000 | HYDE PARK CDD #1 FL SPL ASSMNT | 5/1/2052 | 4.00 | 694337 | 561234 |  |
| 1000000 | JULINGTON CREEK PLANTATION FLCDD | 5/1/2043 | 5.50 | 1081278 | 1082766 |  |
| 1150000 | KD52 CDD #1 FL SPL ASSMNT REVENUE | 5/1/2056 | 6.13 | 1150000 | 1151161 |  |
| 1000000 | LAKE CNTY FLA RETMNT FAC REVENUE | 8/15/2055 | 5.75 | 978140 | 940028 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Florida (Cont'd):** | **Florida (Cont'd):** |  |  |  |  |  |
| 1150000 | LAKES OF SARASOTA CDD #2 CAPITAL <br> IMPT REVENUE<br>| 5/1/2035 | 5.20 | $1150000 | 1188907 |  |
| 100000 | LAKES OF SARASOTA CDD FL <br> IMPT REVENUE<br>| 5/1/2031 | 3.88 | 99594 | 100983 |  |
| 300000 | LAKES OF SARASOTA CDD FL <br> IMPT REVENUE<br>| 5/1/2031 | 4.13 | 299499 | 304515 |  |
| 385000 | LAKES OF SARASOTA CDD FL <br> IMPT REVENUE<br>| 5/1/2041 | 4.13 | 383910 | 364009 |  |
| 975000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2034 | 5.35 | 976232 | 1020202 |  |
| 1000000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2036 | 5.00 | 1000000 | 1003597 |  |
| 750000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE(b)<br>| 5/1/2037 | 5.00 | 746144 | 759853 |  |
| 740000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2037 | 5.25 | 736834 | 751134 |  |
| 530000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2038 | 5.00 | 530000 | 540168 |  |
| 1000000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2039 | 5.30 | 1000000 | 1021800 |  |
| 1000000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE(b)<br>| 5/1/2040 | 3.75 | 1000000 | 935125 |  |
| 1000000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2040 | 5.50 | 997930 | 1059549 |  |
| 1250000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2043 | 6.13 | 1250000 | 1336802 |  |
| 210000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2049 | 4.50 | 207305 | 188970 |  |
| 1440000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2050 | 4.00 | 1308778 | 1195854 |  |
| 930000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2052 | 4.00 | 878810 | 764918 |  |
| 960000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2055 | 5.50 | 945741 | 963583 |  |
| 750000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2055 | 5.90 | 744745 | 770365 |  |
| 2500000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2056 | 6.00 | 2472100 | 2580998 |  |
| 1000000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST UTILITY REVENUE<br>| 10/1/2053 | 5.25 | 1055227 | 1046756 |  |
| 850000 | LANDINGS CDD FL SPL ASSMNT | 5/1/2055 | 5.80 | 850000 | 857043 |  |
| 500000 | LAUREL ROAD CDD FL CAPITAL <br> IMPT REVENUE<br>| 5/1/2031 | 3.13 | 500000 | 477788 |  |
| 988234 | LEE CNTY FL HSG FIN AUTH MF MTGE | 1/1/2040 | 4.55 | 988234 | 1034666 |  |
| 1000000 | LEE CNTY FL INDL DEV AUTH HLTHCR <br> FACS REVENUE<br>| 11/15/2049 | 5.00 | 971250 | 984732 |  |
| 550000 | LT RANCH CDD FL CAPITAL <br> IMPT REVENUE<br>| 5/1/2054 | 5.85 | 550000 | 563327 |  |
| 1000000 | LT RANCH SOUTH CDD FL CAPITAL <br> IMPT REVENUE<br>| 5/1/2055 | 5.75 | 985930 | 1005470 |  |
| 545000 | MARSHALL CREEK FL CDD SPL ASSMNT | 5/1/2032 | 5.00 | 545000 | 545464 |  |
| 400000 | MEADOW VIEW AT TWIN CREEKS CDD FL <br> SPL ASSMNT<br>| 5/1/2052 | 3.75 | 396687 | 310037 |  |
| 500000 | MEADOW VIEW AT TWIN CREEKS CDD FL <br> SPL ASSMNT<br>| 5/1/2052 | 4.00 | 511327 | 406907 |  |
| 1000000 | MIAMI-DADE CNTY FL <br> AVIATION REVENUE<br>| 10/1/2038 | 5.00 | 1000000 | 1001380 |  |
| 1000000 | MIAMI-DADE CNTY FL HLTH FACS AUTH <br> HOSP REVENUE<br>| 8/1/2047 | 5.00 | 1009034 | 1006577 |  |
| 75000 | N SPRINGS FL IMPT DIST | 5/1/2027 | 6.00 | 75000 | 76269 |  |
| 115000 | NEW RIVER FL CDD CAPITAL <br> IMPT REVENUE(d)<br>| 5/1/2013 | 5.00 | 114821 | 1 |  |
| 1225000 | NORTH RIVER RANCH IMPT <br> STEWARDSHIP DIST FL SPL <br> ASSMNT REVENU<br>| 5/1/2033 | 5.75 | 1225000 | 1293715 |  |
| 735000 | NORTH RIVER RANCH IMPT <br> STEWARDSHIP DIST FL SPL <br> ASSMNT REVENU<br>| 5/1/2035 | 6.80 | 735000 | 735641 |  |
| 500000 | NORTH SPRINGS FL IMPT DIST | 5/1/2044 | 6.50 | 500000 | 508218 |  |
| 1250000 | ORANGE CNTY FL HLTH FACS <br> AUTH REVENUE<br>| 8/1/2040 | 5.00 | 1242750 | 1250674 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Florida (Cont'd):** | **Florida (Cont'd):** |  |  |  |  |  |
| 1000000 | ORLANDO FL CONTRACT TOURIST DEV <br> TAX PAYMENTS REVENUE<br>| 11/1/2038 | 5.00 | $1043344 | 1109466 |  |
| 1000000 | PALM BEACH CNTY FL HLTH FACS <br> AUTH REVENUE(b)<br>| 7/1/2027 | 11.50 | 1000000 | 1450557 |  |
| 1000000 | PALM BEACH CNTY FL HLTH FACS <br> AUTH REVENUE<br>| 6/1/2041 | 4.00 | 1023428 | 894664 |  |
| 2935000 | PALM BEACH CNTY FL HLTH FACS <br> AUTH REVENUE<br>| 5/15/2053 | 4.00 | 2835405 | 2257107 |  |
| 1000000 | PALM COAST PARK FL CDD SPL <br> ASSMNT REVENUE<br>| 5/1/2042 | 5.00 | 996624 | 1008161 |  |
| 500000 | PARKER ROAD FL CDD CAPITAL <br> IMPT REVENUE<br>| 5/1/2050 | 4.10 | 498449 | 408057 |  |
| 1500000 | PENSACOLA FL ARPT REVENUE | 10/1/2055 | 5.50 | 1597745 | 1577603 |  |
| 450000 | POINCIANA FL W CDD SPL ASSMNT | 5/1/2030 | 5.38 | 447840 | 459135 |  |
| 1000000 | POITRAS EAST CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2052 | 5.25 | 997088 | 1006437 |  |
| 270000 | ROLLING HILLS FL CDD CAPITAL <br> IMPT REVENUE<br>| 5/1/2032 | 3.65 | 270000 | 258874 |  |
| 1000000 | SAINT JOHNS CNTY FL INDL DEV <br> AUTH REVENUE<br>| 8/1/2055 | 4.00 | 1024573 | 831120 |  |
| 1000000 | SANDRIDGE CMNTY DEV DIST FL SPL <br> ASSMNT REVENUE<br>| 5/1/2044 | 5.50 | 1000000 | 1022833 |  |
| 725000 | SANDRIDGE CMNTY DEV DIST FL SPL <br> ASSMNT REVENUE<br>| 5/1/2051 | 4.00 | 715860 | 625691 |  |
| 1000000 | SAWYERS LANDING CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2041 | 4.13 | 992655 | 945478 |  |
| 142538 | STERLING HILL FL CDD CAPITAL <br> IMPT REVENUE(d)<br>| 11/1/2010 | 5.50 | 142538 | 58441 |  |
| 1480000 | TOLOMATO FL CDD | 5/1/2040 | 3.75 | 1435186 | 1480494 |  |
| 880000 | TRADITION CDD #9 FL SPL ASSMNT | 5/1/2056 | 5.65 | 880000 | 883139 |  |
| 1000000 | TRANQUILITY CDD FL SPL ASSMNT | 5/1/2055 | 5.63 | 1000000 | 990348 |  |
| 700000 | TROUT CREEK CDD FL CAPITAL <br> IMPT REVENUE<br>| 5/1/2038 | 5.38 | 700000 | 714674 |  |
| 1005000 | TROUT CREEK CDD FL CAPITAL <br> IMPT REVENUE<br>| 5/1/2052 | 5.50 | 999421 | 1016027 |  |
| 390000 | TSR CDD FL SPL ASSMNT REVENUE | 11/1/2035 | 5.38 | 389260 | 403208 |  |
| 1500000 | UNIVERSITY PARK RECREATION DIST FL <br> ON-AD VALOREM ASSMNT<br>| 5/1/2050 | 3.50 | 1500000 | 1234302 |  |
| 800000 | VILLAGE CDD #15 SPL <br> ASSMNT REVENUE(b)<br>| 5/1/2028 | 4.25 | 800000 | 809370 |  |
| 1000000 | VILLAGE CDD #15 SPL <br> ASSMNT REVENUE(b)<br>| 5/1/2038 | 4.85 | 1000000 | 1037202 |  |
| 1500000 | VLG CDD #16 FL SPL ASSMNT REVENUE | 5/1/2056 | 5.13 | 1500000 | 1498932 |  |
| 500000 | WATERSET SOUTH CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2053 | 6.10 | 500000 | 520621 |  |
| 450000 | WINDWARD AT LAKEWOOD RANCH CDD <br> FL CAPITAL IMPT<br>| 5/1/2040 | 4.85 | 434193 | 454463 |  |
| 800000 | WINDWARD AT LAKEWOOD RANCH CDD <br> FL CAPITAL IMPT<br>| 5/1/2050 | 4.50 | 662522 | 715384 |  |
| 800000 | WINDWARD AT LAKEWOOD RANCH CDD <br> FL CAPITAL IMPT<br>| 5/1/2052 | 4.25 | 803060 | 679201 |  |
| 1000000 | WIREGRASS II CDD FL CAPITAL <br> IMPROVEMENT REVENUE<br>| 5/1/2050 | 3.88 | 986789 | 811507 |  |
| 1000000 | WIREGRASS II CDD FL CAPITAL <br> IMPROVEMENT REVENUE<br>| 5/1/2052 | 5.25 | 995696 | 1000337 |  |
| 750000 | WYNNFIELD LAKES FL CDD | 5/1/2036 | 4.50 | 746634 | 750242 |  |
|  |  |  |  | 113358708 | 109604938 | 13.20% |
| **Georgia** | **Georgia** |  |  |  |  |  |
| 1250000 | GAINESVILLE & HALL CNTY GA DEV <br> AUTH EDUCTNL FACS REVENUE(b)<br>| 9/1/2044 | 6.25 | 1216464 | 1194599 |  |
| 855000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2043 | 3.90 | 843030 | 829564 |  |
| 4000000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2045 | 5.05 | 4000000 | 4092446 |  |
| 2000000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2050 | 4.65 | 2000000 | 1972519 |  |
| 1750000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2050 | 5.20 | 1750000 | 1780506 |  |
| 1000000 | GEORGIA ST HSG & FIN AUTH REVENUE | 12/1/2054 | 4.70 | 1000000 | 1000117 |  |
| 1500000 | GEORGIA ST HSG & FIN AUTH REVENUE | 6/1/2055 | 4.95 | 1500000 | 1507570 |  |
| 1000000 | MAIN STREET ENERGY INC ENERGY <br> PROJ REVENUE<br>| 12/1/2033 | 5.00 | 1056690 | 1063820 |  |
| 750000 | MAIN STREET NATURAL GAS INC GA <br> GAS SUPPLY REVENUE(c)<br>| 3/1/2030 | 5.00 | 767195 | 791527 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Georgia (Cont'd):** | **Georgia (Cont'd):** |  |  |  |  |  |
| 2250000 | MAIN STREET NATURAL GAS INC GA <br> GAS SUPPLY REVENUE(c)<br>| 9/1/2030 | 5.00 | $2275298 | 2394877 |  |
| 1000000 | MAIN STREET NATURAL GAS INC GA <br> GAS SUPPLY REVENUE(c)<br>| 4/1/2031 | 5.00 | 1023294 | 1074366 |  |
| 1000000 | MAIN STREET NATURAL GAS INC GA <br> GAS SUPPLY REVENUE (Floating, U.S. <br> SOFR + 1.70%)(g)<br>| 6/1/2031 | 4.19 | 1000000 | 1034643 |  |
| 2250000 | MAIN STREET NATURAL GAS INC GA <br> GAS SUPPLY REVENUE(c)<br>| 12/1/2032 | 5.00 | 2276089 | 2400064 |  |
| 500000 | SUNBRIDGE STEWARDSHIP DIST FL SPL <br> ASSMNT REVENUE<br>| 5/1/2042 | 5.40 | 500000 | 516796 |  |
|  |  |  |  | 21208060 | 21653414 | 2.61% |
| **Guam** | **Guam** |  |  |  |  |  |
| 250000 | GUAM GOVT BUSINESS PRIVILEGE <br> TAX REVENUE<br>| 1/1/2038 | 5.25 | 261850 | 275169 |  |
|  |  |  |  | 261850 | 275169 | 0.03% |
| **Idaho** | **Idaho** |  |  |  |  |  |
| 130000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2028 | 8.00 | 130000 | 129127 |  |
| 1000000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2050 | 4.50 | 1024687 | 863381 |  |
| 2410000 | IDAHO ST HSG & FIN ASSN SF <br> MTGE REVENUE<br>| 1/1/2048 | 4.75 | 2410000 | 2414982 |  |
| 1905000 | IDAHO ST HSG & FIN ASSN SF <br> MTGE REVENUE<br>| 7/1/2048 | 4.75 | 1905000 | 1908842 |  |
| 1000000 | SPRING VLY CMNTY INFRASTRUCTURE <br> DIST #1 SPL ASSMNT(b)<br>| 9/1/2053 | 6.25 | 1000000 | 1024286 |  |
| 1000000 | SPRING VLY CMNTY INFRASTRUCTURE <br> DIST #1 SPL ASSMNT(b)<br>| 9/1/2054 | 6.25 | 1000000 | 1028412 |  |
|  |  |  |  | 7469687 | 7369030 | 0.89% |
| **Illinois** | **Illinois** |  |  |  |  |  |
| 1250000 | BURBANK IL EDUCTNL FACS REVENUE(b) | 9/1/2035 | 6.00 | 1250000 | 1250346 |  |
| 400000 | CHICAGO IL BRD OF EDU | 12/1/2034 | 5.50 | 414239 | 423103 |  |
| 1100000 | CHICAGO IL BRD OF EDU | 12/1/2039 | 5.25 | 1093480 | 1096923 |  |
| 1000000 | CHICAGO IL BRD OF EDU | 12/1/2041 | 4.00 | 897181 | 870774 |  |
| 1000000 | CHICAGO IL BRD OF EDU | 12/1/2042 | 5.00 | 997500 | 966998 |  |
| 250000 | CHICAGO IL BRD OF EDU | 12/1/2046 | 5.00 | 249676 | 230080 |  |
| 1000000 | CHICAGO IL MIDWAY ARPT REVENUE | 1/1/2043 | 5.75 | 1033640 | 1088317 |  |
| 2250000 | CHICAGO IL O'HARE INTERNATIONAL <br> ARPT REVENUE<br>| 1/1/2034 | 5.00 | 2338512 | 2508312 |  |
| 1750000 | CHICAGO IL O'HARE INTERNATIONAL <br> ARPT REVENUE<br>| 1/1/2048 | 5.25 | 1860218 | 1799559 |  |
| 1000000 | CHICAGO IL O'HARE INTERNATIONAL <br> ARPT SPL FAC REVENUE<br>| 7/1/2048 | 5.00 | 990000 | 985462 |  |
| 830000 | EVANSTON ILL EDL FAC REV(b) | 4/1/2041 | 4.38 | 828606 | 730461 |  |
| 1000000 | ILLINOIS FIN AUTH SURFACE FREIGHT <br> TRANSFER FACS REVENUE(b)(c)<br>| 12/31/2034 | 4.13 | 1000000 | 998243 |  |
| 1500000 | ILLINOIS ST | 5/1/2047 | 5.50 | 1581819 | 1571969 |  |
| 1000000 | ILLINOIS ST EDUCTNL FACS AUTH | 11/1/2036 | 4.50 | 1000000 | 1000388 |  |
| 500000 | ILLINOIS ST FIN AUTH CHRT <br> SCH REVENUE<br>| 12/1/2047 | 5.00 | 497925 | 485476 |  |
| 750000 | ILLINOIS ST FIN AUTH EDUCTNL <br> FAC REVENUE(b)<br>| 8/1/2045 | 6.25 | 753926 | 775361 |  |
| 160410 | ILLINOIS ST FIN AUTH REVENUE(d) | 5/15/2036 | 5.00 | 159539 | 8020 |  |
| 500000 | ILLINOIS ST FIN AUTH REVENUE | 9/1/2036 | 5.00 | 521770 | 523015 |  |
| 750000 | ILLINOIS ST FIN AUTH REVENUE | 12/1/2037 | 5.00 | 750000 | 719810 |  |
| 1450000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2038 | 5.13 | 1416802 | 1334469 |  |
| 500000 | ILLINOIS ST FIN AUTH REVENUE | 7/1/2042 | 5.00 | 537523 | 548708 |  |
| 1000000 | ILLINOIS ST FIN AUTH REVENUE | 11/15/2045 | 5.00 | 1000000 | 999996 |  |
| 1000000 | ILLINOIS ST HSG DEV AUTH REVENUE | 4/1/2050 | 4.63 | 1000000 | 987772 |  |
| 1000000 | ILLINOIS ST HSG DEV AUTH REVENUE | 4/1/2051 | 4.95 | 1000000 | 998284 |  |
| 2005000 | ILLINOIS ST HSG DEV AUTH REVENUE | 4/1/2053 | 5.25 | 2101243 | 2137297 |  |
| 1000000 | ILLINOIS ST SALES TAX REVENUE | 6/15/2033 | 5.00 | 1023137 | 1044751 |  |
| 1500000 | ILLINOIS ST SPORTS FACS AUTH | 6/15/2031 | 5.25 | 1500000 | 1523994 |  |
| 1080000 | MACOUPIN SANGAMON & MONTGOMERY <br> CNTYS IL CMNTY SCH DIST #34<br>| 12/1/2037 | 4.25 | 1080000 | 1080129 |  |
| 1000000 | MALTA IL TAX INCR REVENUE(d) | 12/30/2025 | 5.75 | 1000000 | 240000 |  |
| 745000 | MARION IL SALES TAX REVENUE | 6/1/2045 | 6.38 | 742854 | 744731 |  |
| 650000 | MET PIER & EXPOSITION AUTH <br> IL REVENUE<br>| 12/15/2042 | 4.00 | 625261 | 619713 |  |
| 313172 | S WSTRN IL DEV AUTH REV(d) | 10/1/2022 | 7.00 | 313173 | 3 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Illinois (Cont'd):** | **Illinois (Cont'd):** |  |  |  |  |  |
| 1000000 | SPRINGFIELD IL ELEC REVENUE | 3/1/2038 | 3.00 | $899890 | 937006 |  |
|  |  |  |  | 32457914 | 31229470 | 3.76% |
| **Indiana** | **Indiana** |  |  |  |  |  |
| 150000 | INDIANA ST FIN AUTH HSG REVENUE | 11/20/2027 | 4.80 | 150000 | 151016 |  |
| 1500000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 4.00 | 1633229 | 1398924 |  |
| 1150000 | INDIANA ST FIN AUTH REVENUE | 5/1/2050 | 5.38 | 1126261 | 1148382 |  |
| 1500000 | INDIANA ST HSG & CMNTY DEV AUTH MF <br> HSG REVENUE<br>| 1/1/2036 | 5.75 | 1500000 | 1500049 |  |
| 850000 | INDIANA ST HSG & CMNTY DEV AUTH SF <br> MTGE REVENUE<br>| 7/1/2053 | 5.75 | 909639 | 897732 |  |
| 3000000 | INDIANA ST HSG & CMNTY DEV AUTH SF <br> MTGE REVENUE<br>| 7/1/2054 | 4.80 | 3000000 | 2980378 |  |
| 1055000 | INDIANAPOLIS IN LOCAL PUBLIC IMPT <br> BOND BANK<br>| 1/1/2034 | 5.00 | 1106669 | 1185563 |  |
| 315000 | MUNSTER IN ECON DEV TAX <br> INCR REVENUE<br>| 7/15/2026 | 4.75 | 314917 | 315444 |  |
| 1000000 | TERRE HAUTE IN SANTN DIST | 7/1/2043 | 5.00 | 1056658 | 1046760 |  |
| 1000000 | VALPARAISO IN EXEMPT <br> FACS REVENUE(b)<br>| 1/1/2044 | 4.88 | 1000000 | 1001120 |  |
|  |  |  |  | 11797373 | 11625368 | 1.40% |
| **Iowa** | **Iowa** |  |  |  |  |  |
| 1200000 | DES MOINES IA | 6/1/2034 | 1.50 | 979057 | 975388 |  |
| 1415000 | DES MOINES IA | 6/1/2038 | 1.75 | 923236 | 1046300 |  |
| 1500000 | IOWA ST FIN AUTH REVENUE | 5/15/2038 | 7.25 | 1500000 | 1709346 |  |
| 1000000 | IOWA ST FIN AUTH REVENUE | 5/15/2053 | 4.00 | 1064362 | 769032 |  |
| 1705000 | IOWA ST FIN AUTH SF MTGE REVENUE | 7/1/2053 | 5.50 | 1782863 | 1796823 |  |
|  |  |  |  | 6249518 | 6296889 | 0.76% |
| **Kansas** | **Kansas** |  |  |  |  |  |
| 1000000 | WICHITA KS HLTH CARE FACS REVENUE | 6/1/2055 | 6.75 | 1011020 | 1023557 |  |
| 935000 | WYANDOTTE CNTY KS KANSAS CITY <br> UNIF GOVT SPL OBLG REVENUE<br>| 9/1/2032 | 5.75 | 931409 | 898445 |  |
| 1385000 | WYANDOTTE CNTY KS KANSAS CITY <br> UNIF GOVT SPL OBLG REVENUE(b)<br>| 9/1/2035 | 5.25 | 1374044 | 1396260 |  |
| 1000000 | WYANDOTTE CNTY KS KANSAS CITY <br> UNIF GOVT SPL OBLG REVENUE(b)<br>| 3/1/2041 | 5.50 | 974828 | 979202 |  |
|  |  |  |  | 4291301 | 4297464 | 0.52% |
| **Kentucky** | **Kentucky** |  |  |  |  |  |
| 250000 | ASHLAND KY MED CENTER REVENUE | 2/1/2040 | 5.00 | 240685 | 250174 |  |
| 1000000 | CHRISTIAN CNTY KY SCH DIST FIN CORP | 10/1/2041 | 5.00 | 1046372 | 1090704 |  |
| 1500000 | KENTUCKY ST ECON DEV FIN AUTH | 1/1/2045 | 5.00 | 1488210 | 1500399 |  |
| 3000000 | KENTUCKY ST PUBLIC ENERGY AUTH <br> GAS SPLY REVENUE(c)<br>| 8/1/2032 | 5.00 | 3079645 | 3227221 |  |
| 1000000 | WSTRN KY UNIV | 9/1/2033 | 4.75 | 1000000 | 1000800 |  |
|  |  |  |  | 6854912 | 7069298 | 0.85% |
| **Louisiana** | **Louisiana** |  |  |  |  |  |
| 1000000 | CAPITAL AREA FIN AUTH LA SF <br> MTGE REVENUE<br>| 10/1/2053 | 5.50 | 1016941 | 1038534 |  |
| 1000000 | LOUISIANA PUB FACS AUTH REVENUE(b) | 6/1/2051 | 5.00 | 1043953 | 810717 |  |
| 1000000 | LOUISIANA PUB FACS AUTH REVENUE | 9/1/2059 | 5.50 | 1060013 | 1009710 |  |
| 1000000 | LOUISIANA ST HSG CORP MF <br> HSG REVENUE<br>| 7/1/2026 | 5.00 | 1006670 | 1009399 |  |
| 1500000 | LOUISIANA ST HSG CORP SF <br> MTGE REVENUE<br>| 6/1/2045 | 5.05 | 1500000 | 1537432 |  |
| 1250000 | LOUISIANA ST HSG CORP SF <br> MTGE REVENUE<br>| 12/1/2046 | 2.55 | 1250000 | 915822 |  |
| 915000 | LOUISIANA ST HSG CORP SF <br> MTGE REVENUE<br>| 6/1/2054 | 5.75 | 968787 | 989368 |  |
| 1000000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL <br> FACS & CMNTY DEV AUTH<br>| 11/15/2030 | 6.00 | 1000000 | 1000740 |  |
| 400000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL <br> FACS & CMNTY DEV AUTH REVE(b)<br>| 11/1/2037 | 5.65 | 400000 | 418857 |  |
| 800000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL <br> FACS & CMNTY DEV AUTH REVE(b)<br>| 11/1/2044 | 4.00 | 800000 | 734467 |  |
| 945000 | LOUISIANA ST LOCAL GOVT ENVRNMNTL <br> FACS & CMNTY DEV AUTH REVE(b)<br>| 11/1/2046 | 4.00 | 945000 | 845052 |  |
| 495000 | LOUISIANA ST PUBLIC FACS AUTH <br> HOSP REVENUE<br>| 7/1/2035 | 5.00 | 495000 | 495412 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Louisiana (Cont'd):** | **Louisiana (Cont'd):** |  |  |  |  |  |
| 295000 | LOUISIANA ST PUBLIC FACS AUTH <br> REVENUE (Floating, 3M CME Term SOFR <br> + 0.70%)(g)<br>| 2/15/2036 | 3.46 | $295000 | 291461 |  |
| 1000000 | NEW ORLEANS LA AVIATION BRD | 1/1/2048 | 5.00 | 1003842 | 1000200 |  |
|  |  |  |  | 12785206 | 12097171 | 1.46% |
| **Maine** | **Maine** |  |  |  |  |  |
| 1500000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2054 | 4.85 | 1500000 | 1502106 |  |
| 500000 | MAINE ST TURNPIKE AUTH SPL OBLG | 7/1/2030 | 5.00 | 538496 | 550630 |  |
|  |  |  |  | 2038496 | 2052736 | 0.25% |
| **Maryland** | **Maryland** |  |  |  |  |  |
| 435000 | MARYLAND ST CMNTY DEV ADMIN DEPT <br> HSG & CMNTY DEV<br>| 7/1/2031 | 4.50 | 435000 | 437370 |  |
| 1000000 | MARYLAND ST CMNTY DEV ADMIN DEPT <br> HSG & CMNTY DEV<br>| 3/1/2047 | 5.05 | 1000000 | 1025483 |  |
| 700000 | MARYLAND ST CMNTY DEV ADMIN DEPT <br> HSG & CMNTY DEV<br>| 9/1/2052 | 5.00 | 724090 | 726257 |  |
| 1000000 | MARYLAND ST HLTH & HGR EDUCTNL <br> FACS AUTH REVENUE<br>| 7/1/2036 | 5.00 | 1077557 | 1146355 |  |
| 500000 | MONTGOMERY CNTY MD HSG <br> OPPORTUNITIES COMMISSION <br> MF REVENUE<br>| 7/1/2037 | 5.13 | 500000 | 509212 |  |
|  |  |  |  | 3736647 | 3844677 | 0.46% |
| **Massachusetts** | **Massachusetts** |  |  |  |  |  |
| 1000000 | MASSACHUSETTS ST BAY TRANSPRTN <br> AUTH SALES TAX REVENUE(h)<br>| 7/1/2031 | 3.30(h)<br>| 819160 | 844540 |  |
| 3911206 | MASSACHUSETTS ST DEV FIN AGY <br> MF REVENUE<br>| 1/1/2042 | 2.30 | 2886393 | 2961242 |  |
| 1500000 | MASSACHUSETTS ST DEV FIN <br> AGY REVENUE<br>| 6/1/2049 | 4.00 | 1507128 | 1574302 |  |
| 955000 | MASSACHUSETTS ST EDUCTNL <br> FING AUTH<br>| 7/1/2037 | 2.00 | 931340 | 794665 |  |
| 1500000 | MASSACHUSETTS ST EDUCTNL <br> FING AUTH<br>| 7/1/2048 | 3.75 | 1451137 | 1186484 |  |
| 1700000 | MASSACHUSETTS ST EDUCTNL <br> FING AUTH<br>| 7/1/2051 | 3.00 | 1705993 | 1160201 |  |
| 265000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2033 | 5.00 | 265000 | 265198 |  |
| 270000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2038 | 5.15 | 270000 | 270189 |  |
| 310000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2043 | 5.00 | 310000 | 310102 |  |
| 2000000 | MASSACHUSETTS ST HSG FIN AGY <br> HSG REVENUE<br>| 12/1/2048 | 4.90 | 2000000 | 2006823 |  |
| 1500000 | SOMERVILLE MA | 10/15/2038 | 2.00 | 1055206 | 1221079 |  |
|  |  |  |  | 13201357 | 12594825 | 1.52% |
| **Michigan** | **Michigan** |  |  |  |  |  |
| 1000000 | ESTRN MICHIGAN UNIV REVENUES | 3/1/2055 | 5.25 | 1040669 | 1040624 |  |
| 1000000 | GRAND RAPIDS MI ECON DEV CORP | 11/1/2050 | 6.00 | 989727 | 987084 |  |
| 1000000 | GRAND RAPIDS MI ECON DEV CORP | 11/1/2060 | 6.13 | 993492 | 989575 |  |
| 2000000 | MICHIGAIN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 6/1/2051 | 5.05 | 2000000 | 2014831 |  |
| 515000 | MICHIGAN ST FIN AUTH LTD <br> OBLIG REVENUE<br>| 12/1/2031 | 3.00 | 512508 | 479388 |  |
| 545000 | MICHIGAN ST FIN AUTH LTD <br> OBLIG REVENUE<br>| 12/1/2039 | 4.25 | 545988 | 480786 |  |
| 1000000 | MICHIGAN ST FIN AUTH REVENUE <br> (Floating, SIFMA Municipal Swap Index <br> Yield + 0.00%)(g)<br>| 2/1/2029 | 3.21 | 1000000 | 1000074 |  |
| 1000000 | MICHIGAN ST FIN AUTH REVENUE | 12/1/2029 | 3.75 | 1000000 | 1033912 |  |
| 950000 | MICHIGAN ST FIN AUTH REVENUE | 12/1/2045 | 5.00 | 952882 | 951908 |  |
| 1500000 | MICHIGAN ST HSG DEV AUTH RENTAL <br> HSG REVENUE<br>| 10/1/2048 | 5.00 | 1500000 | 1534154 |  |
| 1000000 | MICHIGAN ST HSG DEV AUTH RENTAL <br> HSG REVENUE<br>| 10/1/2049 | 3.35 | 1024574 | 820519 |  |
| 1000000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 12/1/2040 | 5.20 | 1000000 | 1036550 |  |
| 1000000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 12/1/2048 | 4.90 | 1000000 | 1002865 |  |
| 1500000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 12/1/2048 | 4.95 | 1500000 | 1518612 |  |
| 1000000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 12/1/2050 | 4.95 | 1000000 | 1001675 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Michigan (Cont'd):** | **Michigan (Cont'd):** |  |  |  |  |  |
| 5000000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 6/1/2051 | 2.75 | $4887815 | 3666372 |  |
| 6500000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 6/1/2052 | 2.50 | 6500000 | 4422225 |  |
| 2000000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 12/1/2053 | 4.70 | 2000000 | 1988358 |  |
| 3435000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 12/1/2053 | 4.95 | 3435000 | 3431367 |  |
| 1240000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 6/1/2054 | 5.75 | 1297086 | 1331652 |  |
| 2000000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 6/1/2055 | 4.55 | 2000000 | 1959389 |  |
| 185000 | MICHIGAN ST PUBLIC EDUCTNL <br> FACS AUTH<br>| 11/1/2028 | 6.35 | 185000 | 185153 |  |
| 1490000 | MICHIGAN ST STRATEGIC FUND LTD <br> OBLG REVENUE<br>| 12/31/2038 | 4.25 | 1486566 | 1491418 |  |
| 1000000 | MICHIGAN ST TRUNK LINE | 11/15/2044 | 5.50 | 1093321 | 1108102 |  |
| 1000000 | NTHRN MI UNIV REVENUES | 6/1/2055 | 5.50 | 1031812 | 1069600 |  |
| 2000000 | VAN DYKE MI PUBLIC SCHS | 5/1/2050 | 5.50 | 2036360 | 2080453 |  |
|  |  |  |  | 42012800 | 38626646 | 4.65% |
| **Minnesota** | **Minnesota** |  |  |  |  |  |
| 950000 | APPLE VLY MN SENIOR LIVING REVENUE | 1/1/2047 | 5.00 | 931831 | 520436 |  |
| 1585000 | ELK RIVER MN INDEP SCH DIST #728 | 2/1/2039 | 2.50 | 1302246 | 1306927 |  |
| 1000000 | LAUDERDALE MN MF REVENUE | 1/1/2040 | 5.13 | 992594 | 987759 |  |
| 3760000 | MINNESOTA ST HSG FIN AGY | 1/1/2053 | 6.00 | 3933221 | 3981140 |  |
| 1615000 | MINNESOTA ST OFFICE OF HGR <br> EDU REVENUE<br>| 11/1/2038 | 2.65 | 1549132 | 1503925 |  |
|  |  |  |  | 8709024 | 8300187 | 1.00% |
| **Mississippi** | **Mississippi** |  |  |  |  |  |
| 700000 | MISSISSIPPI ST DEV BANK SPL OBLG(b) | 11/1/2039 | 4.55 | 700000 | 709241 |  |
| 5000000 | MISSISSIPPI ST HOME CORP SF <br> MTGE REVENUE<br>| 12/1/2045 | 5.13 | 5000000 | 5098269 |  |
|  |  |  |  | 5700000 | 5807510 | 0.70% |
| **Missouri** | **Missouri** |  |  |  |  |  |
| 1000000 | BEAR CREEK CMNTY IMPT DIST MO <br> SALES TAX REVENUE<br>| 5/1/2045 | 6.25 | 992125 | 1031285 |  |
| 225000 | JOPLIN MO INDL DEV AUTH SALES <br> TAX REV<br>| 11/1/2040 | 3.50 | 223168 | 211527 |  |
| 306825 | KANSAS CITY MO INDL DEV AUTH <br> SENIOR LIVING FACS REVENUE<br>| 11/15/2046 | 2.00 | 396462 | 31 |  |
| 687493 | KANSAS CITY MO INDL DEV AUTH <br> SENIOR LIVING FACS REVENUE(d)<br>| 11/15/2046 | 5.00 | 884470 | 261247 |  |
| 1000000 | MISSOURI ST ENVRNMNTL IMPT & <br> ENERGY RESOURCES AUTH<br>| 9/1/2033 | 2.90 | 956695 | 935456 |  |
| 2000000 | MISSOURI ST HLTH & EDUCTNL <br> FACS AUTH<br>| 2/1/2048 | 4.00 | 2031300 | 1676571 |  |
| 2500000 | MISSOURI ST HSG DEV COMMISSION SF <br> MTGE REVENUE<br>| 11/1/2045 | 5.05 | 2500000 | 2561602 |  |
| 975000 | MISSOURI ST HSG DEV COMMISSION SF <br> MTGE REVENUE<br>| 11/1/2047 | 3.25 | 975000 | 802873 |  |
| 1985000 | MISSOURI ST HSG DEV COMMISSION SF <br> MTGE REVENUE<br>| 11/1/2049 | 4.45 | 1985000 | 1938800 |  |
| 1840000 | MISSOURI ST HSG DEV COMMISSION SF <br> MTGE REVENUE<br>| 11/1/2049 | 4.65 | 1840000 | 1821165 |  |
| 1000000 | MISSOURI ST HSG DEV COMMISSION SF <br> MTGE REVENUE<br>| 11/1/2050 | 4.95 | 1000000 | 1001098 |  |
| 2390000 | MISSOURI ST HSG DEV COMMISSION SF <br> MTGE REVENUE<br>| 11/1/2053 | 5.15 | 2419949 | 2424733 |  |
| 1970000 | MISSOURI ST HSG DEV COMMISSION SF <br> MTGE REVENUE<br>| 11/1/2054 | 4.70 | 1970000 | 1964167 |  |
| 1000000 | SAINT LOUIS MO INDL DEV AUTH TAX <br> INCR & SPL DIST REVENUE<br>| 6/15/2054 | 5.75 | 993038 | 1011115 |  |
| 1000000 | WENTZVILLE MO SCH DIST #R-4 | 3/1/2039 | 1.88 | 743218 | 778912 |  |
|  |  |  |  | 19910425 | 18420582 | 2.22% |
| **Montana** | **Montana** |  |  |  |  |  |
| 1000000 | FORSYTH MT POLL CONTROL REVENUE | 7/1/2028 | 3.88 | 1000000 | 1016269 |  |
| 980000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2042 | 2.55 | 980000 | 763880 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Montana (Cont'd):** | **Montana (Cont'd):** |  |  |  |  |  |
| 2500000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2050 | 4.85 | $2500000 | 2508620 |  |
|  |  |  |  | 4480000 | 4288769 | 0.52% |
| **Nebraska** | **Nebraska** |  |  |  |  |  |
| 1750000 | NEBRASKA ST INVESTMENT FIN AUTH <br> SF HSG REVENUE<br>| 9/1/2051 | 4.70 | 1750000 | 1741211 |  |
|  |  |  |  | 1750000 | 1741211 | 0.21% |
| **Nevada** | **Nevada** |  |  |  |  |  |
| 695000 | LAS VEGAS NV SPL ASSMNT DIST #817 | 6/1/2048 | 6.00 | 691604 | 733459 |  |
| 1250000 | NEVADA ST HSG DIV SF MTGE REVENUE | 4/1/2046 | 2.60 | 1250000 | 930969 |  |
| 1480000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2051 | 2.45 | 1480000 | 989227 |  |
| 990000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2053 | 4.55 | 990000 | 978010 |  |
| 1250000 | NEVADA ST HSG DIV SF MTGE REVENUE | 10/1/2054 | 4.70 | 1250000 | 1248446 |  |
|  |  |  |  | 5661604 | 4880111 | 0.59% |
| **New Hampshire** | **New Hampshire** |  |  |  |  |  |
| 1000000 | NATIONAL FIN AUTH LEASE REVENUE | 6/1/2051 | 5.25 | 1059731 | 1041409 |  |
| 1200000 | NATIONAL FIN AUTH NH EDU REVENUE | 8/1/2055 | 5.75 | 1134908 | 1180125 |  |
| 988761 | NATIONAL FIN AUTH NH MUNI CTFS | 8/20/2039 | 3.63 | 900166 | 949298 |  |
| 989660 | NATIONAL FIN AUTH NH MUNI CTFS(g)(i) | 11/20/2039 | 4.06 | 984335 | 985788 |  |
| 332815 | NATIONAL FIN AUTH NH MUNI CTFS(g)(i) | 1/20/2041 | 4.09 | 321914 | 329831 |  |
| 1395196 | NATIONAL FIN AUTH NH MUNI CTFS(g)(i) | 11/20/2042 | 4.22 | 1295191 | 1361253 |  |
| 991325 | NATIONAL FIN AUTH NH MUNI CTFS(g)(i) | 10/1/2051 | 4.03 | 948324 | 982469 |  |
| 500000 | NATIONAL FIN AUTH NH SPL REVENUE(b) | 12/1/2032 | 5.30 | 500000 | 500195 |  |
| 750000 | NATIONAL FIN AUTH NH SPL REVENUE(b) | 12/1/2032 | 5.88 | 750000 | 750327 |  |
| 1500000 | NATIONAL FIN AUTH NH <br> SPL REVENUE(b)(h)<br>| 12/15/2032 | 5.06(h)<br>| 952548 | 946530 |  |
| 750000 | NATIONAL FIN AUTH NH SPL REVENUE(b) | 6/1/2039 | 5.63 | 750000 | 750239 |  |
| 999320 | NATIONAL FINANCE AUTHORITY | 2/20/2041 | 4.79 | 1037597 | 1047097 |  |
| 1500000 | NEW HAMPSHIRE ST BUSINESS FIN <br> AUTH WTR FAC REVENUE<br>| 4/1/2048 | 5.00 | 1500000 | 1453023 |  |
| 515000 | NEW HAMPSHIRE ST BUSINESS FIN <br> AUTH WTR FAC REVENUE<br>| 4/1/2059 | 5.63 | 511525 | 518660 |  |
| 1000000 | NEW HAMPSHIRE ST HSG FIN AUTH <br> SF REVENUE<br>| 7/1/2056 | 6.50 | 1112904 | 1138541 |  |
|  |  |  |  | 13759143 | 13934785 | 1.68% |
| **New Jersey** | **New Jersey** |  |  |  |  |  |
| 1000000 | CAMDEN CNTY NJ IMPT AUTH CHRT <br> SCH REVENUE(b)<br>| 7/15/2042 | 5.00 | 1028950 | 1010394 |  |
| 695000 | NEW JERSEY ST HGR EDU ASSISTANCE <br> AUTH STUDENT LOAN REVENUE<br>| 12/1/2041 | 4.00 | 675033 | 691503 |  |
| 2880000 | NEW JERSEY ST HGR EDU ASSISTANCE <br> AUTH STUDENT LOAN REVENUE<br>| 12/1/2045 | 4.50 | 2831604 | 2956356 |  |
| 2675000 | NEW JERSEY ST HSG & MTGE FIN <br> AGY REVENUE<br>| 10/1/2035 | 3.75 | 2675000 | 2678460 |  |
| 3950000 | NEW JERSEY ST HSG & MTGE FIN <br> AGY REVENUE<br>| 10/1/2042 | 4.50 | 3950000 | 4021849 |  |
| 875000 | NEW JERSEY ST HSG & MTGE FIN <br> AGY REVENUE<br>| 4/1/2049 | 4.00 | 875742 | 787365 |  |
| 1000000 | NEW JERSEY ST HSG & MTGE FIN <br> AGY REVENUE<br>| 10/1/2050 | 5.10 | 1000000 | 1024984 |  |
| 4000000 | NEW JERSEY ST HSG & MTGE FIN <br> AGY REVENUE<br>| 10/1/2053 | 4.80 | 4000000 | 3960314 |  |
| 1140000 | NEW JERSEY ST HSG & MTGE FIN <br> AGY REVENUE<br>| 10/1/2053 | 5.00 | 1182217 | 1184580 |  |
| 500000 | NEW JERSEY ST TRANSPRTN TRUST <br> FUND AUTH<br>| 6/15/2041 | 5.25 | 500000 | 500376 |  |
| 1000000 | NEW JERSEY ST TURNPIKE AUTH <br> TURNPIKE REVENUE<br>| 1/1/2045 | 5.00 | 1022418 | 1059416 |  |
|  |  |  |  | 19740964 | 19875597 | 2.39% |
| **New Mexico** | **New Mexico** |  |  |  |  |  |
| 1000000 | FARMINGTON NM POLL <br> CONTROL REVENUE(c)<br>| 6/1/2029 | 3.88 | 1000000 | 1016351 |  |
| 1975000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2047 | 3.95 | 1975000 | 1805259 |  |
| 265000 | NEW MEXICO ST MTGE FIN AUTH | 3/1/2048 | 3.75 | 265880 | 264345 |  |
| 590000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 4.00 | 590330 | 537156 |  |
| 690000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 3.35 | 690000 | 569846 |  |
| 605000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 4.00 | 605000 | 545637 |  |
| 990000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2051 | 2.35 | 990000 | 661045 |  |
| 985000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2052 | 4.30 | 985000 | 948993 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **New Mexico (Cont'd):** | **New Mexico (Cont'd):** |  |  |  |  |  |
| 1480000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2053 | 4.70 | $1480000 | 1482638 |  |
|  |  |  |  | 8581210 | 7831270 | 0.94% |
| **New York** | **New York** |  |  |  |  |  |
| 340000 | BUILD NYC RESOURCE CORP <br> NY REVENUE<br>| 7/1/2041 | 5.50 | 359300 | 370363 |  |
| 998696 | DUTCHESS CNTY NY LOCAL DEV <br> CORP MF<br>| 10/1/2040 | 5.00 | 998696 | 1081080 |  |
| 750000 | HEMPSTEAD TOWN NY LOCAL DEV <br> CORP REVENUE<br>| 9/1/2038 | 5.00 | 750000 | 750592 |  |
| 600000 | NEW YORK CITY NY HSG DEV CORP MF <br> HSG REVENUE<br>| 11/1/2042 | 3.85 | 600025 | 586111 |  |
| 825000 | NEW YORK CITY NY HSG DEV CORP MF <br> HSG REVENUE<br>| 5/1/2045 | 3.90 | 780656 | 765105 |  |
| 1000000 | NEW YORK CITY NY HSG DEV CORP MF <br> HSG REVENUE<br>| 11/1/2047 | 3.65 | 1000000 | 868054 |  |
| 1000000 | NEW YORK CITY NY HSG DEV <br> CORP REVENUE<br>| 8/1/2040 | 2.40 | 743353 | 770646 |  |
| 1000000 | NEW YORK ENERGY FIN DEV CORP(c) | 12/1/2033 | 5.00 | 1030902 | 1059283 |  |
| 250000 | NEW YORK NY CITY TRANSITIONAL FIN <br> AUTH REV<br>| 11/1/2046 | 5.00 | 261370 | 262119 |  |
| 1000000 | NEW YORK NY CITY TRANSITIONAL FIN <br> AUTH REV<br>| 5/1/2048 | 5.25 | 1038597 | 1055465 |  |
| 2000000 | NEW YORK ST CONVENTION CENTER <br> DEV CORP REVENUE<br>| 11/15/2040 | 5.00 | 2000000 | 2000005 |  |
| 750000 | NEW YORK ST DORM AUTH REVENUES <br> NON ST SUPPORTED DEBT<br>| 10/1/2030 | 5.00 | 802849 | 806110 |  |
| 1000000 | NEW YORK ST DORM AUTH REVENUES <br> NON ST SUPPORTED DEBT<br>| 7/1/2038 | 5.00 | 1054101 | 1124280 |  |
| 1000000 | NEW YORK ST DORM AUTH ST <br> PERSONAL INCOME TAX REVENUE<br>| 3/15/2048 | 5.00 | 1008777 | 1038107 |  |
| 2000000 | NEW YORK ST HSG FIN AGY <br> AFFORDABLE HSG REVENUE<br>| 11/1/2046 | 2.60 | 2000000 | 1424665 |  |
| 1000000 | NEW YORK ST HSG FIN AGY <br> AFFORDABLE HSG REVENUE<br>| 11/1/2050 | 5.10 | 1000000 | 1019167 |  |
| 500000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2045 | 5.10 | 500000 | 500166 |  |
| 1000000 | NEW YORK ST LIBERTY DEV CORP <br> LIBERTY REVENUE(b)<br>| 11/15/2044 | 5.00 | 971250 | 998405 |  |
| 1700000 | NEW YORK ST MTGE AGY HOMEOWNER <br> MTGE REVENUE<br>| 10/1/2045 | 2.45 | 1606007 | 1245392 |  |
| 980000 | NEW YORK ST MTGE AGY HOMEOWNER <br> MTGE REVENUE<br>| 10/1/2046 | 2.50 | 975795 | 711826 |  |
| 1000000 | NEW YORK ST MTGE AGY HOMEOWNER <br> MTGE REVENUE<br>| 10/1/2047 | 3.25 | 772895 | 802010 |  |
| 1685000 | NEW YORK ST MTGE AGY HOMEOWNER <br> MTGE REVENUE<br>| 10/1/2047 | 3.30 | 1685000 | 1362769 |  |
| 835000 | NEW YORK ST MTGE AGY HOMEOWNER <br> MTGE REVENUE<br>| 10/1/2048 | 3.80 | 835000 | 742252 |  |
| 1875000 | NEW YORK ST MTGE AGY HOMEOWNER <br> MTGE REVENUE<br>| 10/1/2049 | 2.95 | 1875000 | 1409420 |  |
| 1435000 | NEW YORK ST MTGE AGY HOMEOWNER <br> MTGE REVENUE<br>| 4/1/2050 | 2.55 | 1435000 | 1000886 |  |
| 2030000 | NEW YORK ST MTGE AGY HOMEOWNER <br> MTGE REVENUE<br>| 10/1/2053 | 4.65 | 2030000 | 1990292 |  |
| 1000000 | NEW YORK ST TRANSPRTN DEV CORP <br> SPL FAC REVENUE<br>| 1/1/2029 | 5.00 | 1018035 | 1030690 |  |
| 1000000 | NEW YORK ST TRANSPRTN DEV CORP <br> SPL FAC REVENUE<br>| 4/1/2035 | 6.00 | 1017929 | 1102073 |  |
| 1000000 | NEW YORK ST TRANSPRTN DEV CORP <br> SPL FAC REVENUE<br>| 6/30/2038 | 5.50 | 1062667 | 1128323 |  |
| 1375000 | NEW YORK ST TRANSPRTN DEV CORP <br> SPL FAC REVENUE<br>| 6/30/2041 | 5.25 | 1407521 | 1465869 |  |
| 700000 | NEW YORK ST TRANSPRTN DEV CORP <br> SPL FAC REVENUE<br>| 6/30/2044 | 5.50 | 726825 | 731437 |  |
| 2000000 | NEW YORK ST TRANSPRTN DEV CORP <br> SPL FAC REVENUE<br>| 12/31/2054 | 5.25 | 2088793 | 2027595 |  |
| 1500000 | NEW YORK ST TRANSPRTN DEV CORP <br> SPL FAC REVENUE<br>| 6/30/2055 | 6.00 | 1527883 | 1583948 |  |
| 1500000 | NEW YORK ST TRANSPRTN DEV CORP <br> SPL FAC REVENUE<br>| 6/30/2060 | 5.50 | 1571219 | 1512147 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **New York (Cont'd):** | **New York (Cont'd):** |  |  |  |  |  |
| 500000 | ONONDAGA NY CIVIC DEV CORP | 12/1/2038 | 5.00 | $542146 | 573207 |  |
|  |  |  |  | 39077591 | 36899859 | 4.44% |
| **North Carolina** | **North Carolina** |  |  |  |  |  |
| 1445000 | MECKLENBURG CNTY NC MF <br> HSG REVENUE<br>| 1/1/2036 | 5.38 | 1445000 | 1448165 |  |
| 2375000 | NORTH CAROLINA ST EDU <br> ASSISTANCE AUTH<br>| 6/1/2045 | 5.00 | 2366170 | 2486870 |  |
| 2000000 | NORTH CAROLINA ST HSG FIN AGY | 7/1/2045 | 4.55 | 2000000 | 1994538 |  |
| 2500000 | NORTH CAROLINA ST HSG FIN AGY <br> HOMEOWNERSHIP REVENUE<br>| 7/1/2042 | 3.50 | 2500000 | 2316441 |  |
| 1985000 | NORTH CAROLINA ST HSG FIN AGY <br> HOMEOWNERSHIP REVENUE<br>| 7/1/2046 | 4.40 | 1985000 | 1976313 |  |
| 1475000 | NORTH CAROLINA ST HSG FIN AGY <br> HOMEOWNERSHIP REVENUE<br>| 7/1/2046 | 5.00 | 1476555 | 1506338 |  |
| 1750000 | NORTH CAROLINA ST HSG FIN AGY <br> HOMEOWNERSHIP REVENUE<br>| 1/1/2055 | 4.80 | 1750000 | 1731746 |  |
| 715000 | NORTH CAROLINA ST HSG FIN AGY <br> HOMEOWNERSHIP REVENUE<br>| 1/1/2055 | 6.25 | 753386 | 771205 |  |
| 500000 | NORTH CAROLINA ST MED CARE <br> COMMISSION RETMNT FACS REVENUE<br>| 10/1/2030 | 3.63 | 500000 | 500584 |  |
|  |  |  |  | 14776111 | 14732200 | 1.77% |
| **North Dakota** | **North Dakota** |  |  |  |  |  |
| 795000 | GRAND FORKS ND HLTH CARE <br> SYS REVENUE<br>| 12/1/2035 | 5.00 | 833047 | 882371 |  |
| 390000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2043 | 3.05 | 390450 | 329831 |  |
| 905000 | NORTH DAKOTA ST HSG FIN AGY | 1/1/2044 | 3.05 | 905000 | 752718 |  |
| 920000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2044 | 2.50 | 920000 | 688849 |  |
| 1000000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2048 | 5.10 | 1000000 | 1018496 |  |
| 1500000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2049 | 4.75 | 1500000 | 1511145 |  |
| 855000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2053 | 5.75 | 912876 | 904804 |  |
|  |  |  |  | 6461373 | 6088214 | 0.73% |
| **Ohio** | **Ohio** |  |  |  |  |  |
| 1500000 | ALLEN CNTY OH HOSP FACS REVENUE | 11/1/2043 | 5.00 | 1500000 | 1500964 |  |
| 500000 | CLEVELAND-CUYAHOGA CNTY OH PORT <br> AUTH TAX INCREMENT FING REV(b)<br>| 12/1/2055 | 4.50 | 500000 | 401174 |  |
| 1500000 | CLOVERLEAF OH LOCAL SCH DIST COPS | 12/1/2047 | 5.75 | 1536689 | 1555479 |  |
| 2000000 | COLUMBUS OH REGL ARPT <br> AUTH REVENUE<br>| 1/1/2050 | 5.50 | 2129822 | 2112340 |  |
| 1000000 | EHOVE OH JT VOCATIONAL SCH DIST | 12/1/2055 | 5.50 | 1032639 | 1050062 |  |
| 1405000 | LUCAS MET HSG AUTH OH COPS | 11/1/2036 | 5.00 | 1405000 | 1406452 |  |
| 1000000 | MADISON-PLAINS OH LOCAL SCH <br> DIST COPS<br>| 12/1/2054 | 5.50 | 1009631 | 1044916 |  |
| 1000000 | NORTH RIDGEVILLE OH CITY SCH DIST | 12/1/2057 | 5.50 | 1034813 | 1029042 |  |
| 500000 | OHIO ST AIR QUALITY DEV AUTH <br> EXEMPT FACS REVENUE(b)<br>| 1/15/2038 | 4.25 | 452035 | 500447 |  |
| 2000000 | OHIO ST HGR EDUCTNL <br> FAC COMMISSION<br>| 11/1/2049 | 4.00 | 2018386 | 1528452 |  |
| 1000000 | OHIO ST HSG FIN AGY MF <br> HSG REVENUE(b)<br>| 3/1/2026 | 6.25 | 1000000 | 1002500 |  |
| 505000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2039 | 3.35 | 465660 | 471663 |  |
| 2000000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2045 | 2.90 | 1539380 | 1587604 |  |
| 2120000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2047 | 5.10 | 2120000 | 2173276 |  |
| 850000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2048 | 4.50 | 850569 | 857653 |  |
| 1000000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2050 | 4.65 | 1000000 | 989496 |  |
| 1500000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2050 | 5.20 | 1500000 | 1538222 |  |
| 3615000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2051 | 2.45 | 3629229 | 2417832 |  |
| 1950000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2051 | 2.75 | 1950000 | 1421804 |  |
| 715000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 3/1/2052 | 5.00 | 741250 | 742160 |  |
| 2485000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2054 | 4.70 | 2485000 | 2485267 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Ohio (Cont'd):** | **Ohio (Cont'd):** |  |  |  |  |  |
| 1000000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2055 | 4.80 | $1000000 | 989899 |  |
| 1500000 | SAINT BERNARD OH INCOME <br> TAX REVENUE<br>| 12/1/2043 | 5.00 | 1500000 | 1501275 |  |
| 1000000 | XENIA OH | 12/1/2054 | 5.00 | 1038328 | 1026194 |  |
|  |  |  |  | 33438431 | 31334173 | 3.77% |
| **Oklahoma** | **Oklahoma** |  |  |  |  |  |
| 2000000 | OKLAHOMA ST DEV FIN AUTH | 8/1/2049 | 5.00 | 2097428 | 1835247 |  |
| 990000 | OKLAHOMA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 9/1/2043 | 4.50 | 991011 | 997620 |  |
| 1000000 | OKLAHOMA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 9/1/2047 | 5.05 | 1000000 | 1021549 |  |
| 1500000 | OKLAHOMA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 3/1/2049 | 4.60 | 1500000 | 1478578 |  |
| 1560000 | OKLAHOMA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 9/1/2053 | 6.25 | 1640951 | 1665297 |  |
| 500000 | TULSA OK MUNI ARPT TRUST TRUSTEES | 12/1/2035 | 6.25 | 540646 | 572482 |  |
|  |  |  |  | 7770036 | 7570773 | 0.91% |
| **Oregon** | **Oregon** |  |  |  |  |  |
| 425000 | OREGON ST HSG & CMNTY SVCS DEPT <br> MTGE REVENUE<br>| 7/1/2038 | 4.00 | 425000 | 425000 |  |
| 1000000 | OREGON ST HSG & CMNTY SVCS DEPT <br> MTGE REVENUE<br>| 1/1/2042 | 3.70 | 1000000 | 962074 |  |
| 2000000 | OREGON ST HSG & CMNTY SVCS DEPT <br> MTGE REVENUE<br>| 1/1/2045 | 2.38 | 1833589 | 1406531 |  |
| 1050000 | OREGON ST HSG & CMNTY SVCS DEPT <br> MTGE REVENUE<br>| 1/1/2046 | 4.70 | 1050000 | 1068569 |  |
|  |  |  |  | 4308589 | 3862174 | 0.47% |
| **Pennsylvania** | **Pennsylvania** |  |  |  |  |  |
| 1000000 | ALLENTOWN PA NEIGHBORHOOD IMPT <br> ZONE DEV AUTH TAX REVENUE(b)<br>| 5/1/2042 | 5.00 | 1000000 | 1025468 |  |
| 370000 | BUTLER CNTY PA GEN AUTH REVENUE <br> (Floating, 3M CME Term SOFR + <br> 0.70%)(g)<br>| 10/1/2034 | 3.33 | 370000 | 361796 |  |
| 1500000 | COATESVILLE PA AREA SCH DIST | 11/15/2037 | 5.25 | 1544045 | 1603398 |  |
| 1500000 | CUMBERLAND CNTY PA MUNI AUTH | 6/1/2051 | 5.50 | 1506960 | 1508740 |  |
| 250000 | DOYLESTOWN PA HOSP AUTH(b) | 7/1/2031 | 5.00 | 252979 | 265464 |  |
| 1000000 | LAMPETER-STRASBURG PA SCH DIST | 3/1/2047 | 5.00 | 1007246 | 1030080 |  |
| 1000000 | PENNSYLVANIA HGR EDU ASSISTANCE <br> AGY LOAN REVENUE<br>| 6/1/2030 | 5.00 | 1033146 | 1057158 |  |
| 1125000 | PENNSYLVANIA HGR EDU ASSISTANCE <br> AGY LOAN REVENUE<br>| 6/1/2034 | 5.00 | 1165626 | 1200320 |  |
| 1000000 | PENNSYLVANIA ST HGR EDUCTNL FACS <br> AUTH REVENUE<br>| 10/1/2034 | 5.00 | 1000000 | 1001506 |  |
| 500000 | PENNSYLVANIA ST HGR EDUCTNL FACS <br> AUTH REVENUE (Floating, 3M CME Term <br> SOFR + 0.65%)(g)<br>| 7/1/2039 | 3.28 | 500000 | 464051 |  |
| 500000 | PENNSYLVANIA ST HSG FIN AGY MF <br> HSG REVENUE<br>| 6/1/2041 | 4.90 | 500000 | 515814 |  |
| 1500000 | PENNSYLVANIA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 10/1/2045 | 5.10 | 1500000 | 1535719 |  |
| 1000000 | PENNSYLVANIA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 10/1/2046 | 3.00 | 1017184 | 778756 |  |
| 2000000 | PENNSYLVANIA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 10/1/2051 | 2.55 | 2000000 | 1392704 |  |
| 425000 | PENNSYLVANIA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 10/1/2051 | 3.00 | 423092 | 421152 |  |
| 960000 | PENNSYLVANIA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 10/1/2054 | 6.00 | 1027599 | 1041677 |  |
| 500000 | PHILADELPHIA PA AUTH FOR INDL DEV <br> CHRT SCH REVENUE(b)<br>| 6/15/2034 | 4.50 | 498254 | 503763 |  |
| 750000 | PHILADELPHIA PA AUTH FOR INDL <br> DEV REVENUES<br>| 8/1/2036 | 5.63 | 742607 | 753478 |  |
| 1055000 | PHILADELPHIA PA HSG AUTH <br> GTD REVENUE<br>| 3/1/2037 | 5.00 | 1112056 | 1165132 |  |
|  |  |  |  | 18200794 | 17626176 | 2.12% |
| **Puerto Rico** | **Puerto Rico** |  |  |  |  |  |
| 797706 | GDB DEBT RECOVERY AUTH OF <br> CMWLTH PUERTO RICO<br>| 8/20/2040 | 7.50 | 778755 | 775912 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Puerto Rico (Cont'd):** | **Puerto Rico (Cont'd):** |  |  |  |  |  |
| 1300000 | PUERTO RICO CMWLTH | 7/1/2041 | 4.00 | $1223902 | 1201973 |  |
| 1255114 | PUERTO RICO CMWLTH(g)(j) | 11/1/2043 | 2.53 | 771957 | 803273 |  |
| 2033910 | PUERTO RICO CMWLTH(g)(j) | 11/1/2051 | 1.66 | 1282625 | 1329669 |  |
| 1000000 | PUERTO RICO CMWLTH AQUEDUCT & <br> SWR AUTH REVENUE(b)<br>| 7/1/2033 | 5.00 | 1021133 | 1045747 |  |
| 250000 | PUERTO RICO CMWLTH AQUEDUCT & <br> SWR AUTH REVENUE(b)<br>| 7/1/2042 | 4.00 | 230649 | 236278 |  |
| 500000 | PUERTO RICO CMWLTH AQUEDUCT & <br> SWR AUTH REVENUE(b)<br>| 7/1/2047 | 5.00 | 504190 | 489935 |  |
| 1825000 | PUERTO RICO SALES TAX FING CORP <br> SALES TAX REVENUE<br>| 7/1/2040 | 4.33 | 1792806 | 1785549 |  |
| 1500000 | PUERTO RICO SALES TAX FING CORP <br> SALES TAX REVENUE<br>| 7/1/2040 | 4.55 | 1464729 | 1500557 |  |
|  |  |  |  | 9070746 | 9168893 | 1.10% |
| **Rhode Island** | **Rhode Island** |  |  |  |  |  |
| 1000000 | RHODE ISLAND ST HSG & MTGE <br> FIN CORP<br>| 10/1/2041 | 5.00 | 1062346 | 1070425 |  |
| 990000 | RHODE ISLAND ST STUDENT LOAN AUTH <br> LOAN REVENUE<br>| 12/1/2044 | 5.00 | 981589 | 997106 |  |
| 715000 | RHODE ISLAND ST STUDENT LOAN AUTH <br> STUDENT LOAN REVENUE<br>| 12/1/2037 | 3.63 | 709868 | 705673 |  |
|  |  |  |  | 2753803 | 2773204 | 0.33% |
| **South Carolina** | **South Carolina** |  |  |  |  |  |
| 650000 | BERKELEY CNTY SC ASSMNT REVENUE | 11/1/2040 | 4.25 | 647860 | 614473 |  |
| 1000000 | MED UNIV SC HOSP AUTH HOSP <br> MTGE REVENUE<br>| 11/15/2041 | 5.25 | 1068824 | 1070413 |  |
| 1440000 | MED UNIV SC HOSP AUTH HOSP <br> MTGE REVENUE<br>| 11/15/2046 | 5.25 | 1496250 | 1493395 |  |
| 1000000 | MED UNIV SC HOSP AUTH HOSP <br> MTGE REVENUE<br>| 11/15/2050 | 5.25 | 1029559 | 1029406 |  |
| 1000000 | PATRIOTS ENERGY GROUP FING AGY SC <br> GAS SPLY REVENUE (Floating, U.S. <br> SOFR + 1.90%)(g)<br>| 3/1/2031 | 4.43 | 1000000 | 1042737 |  |
| 1000000 | SOUTH CAROLINA JOBS-ECON <br> DEV AUTH<br>| 11/15/2053 | 7.50 | 1000000 | 1057184 |  |
| 1000000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MF REVENUE<br>| 5/1/2043 | 4.80 | 1000000 | 1063388 |  |
| 1070000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MTGE REVENUE<br>| 7/1/2045 | 3.05 | 1070000 | 874491 |  |
| 965000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MTGE REVENUE<br>| 7/1/2048 | 4.90 | 965000 | 972162 |  |
| 965000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MTGE REVENUE<br>| 7/1/2049 | 4.63 | 958535 | 953888 |  |
| 1160000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MTGE REVENUE<br>| 7/1/2054 | 4.63 | 1160000 | 1149554 |  |
| 1480000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MTGE REVENUE<br>| 1/1/2055 | 4.70 | 1480000 | 1481090 |  |
| 1500000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MTGE REVENUE<br>| 1/1/2055 | 5.00 | 1500000 | 1510484 |  |
| 1500000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MTGE REVENUE<br>| 7/1/2055 | 4.95 | 1500000 | 1508102 |  |
| 500000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MTGE REVENUE<br>| 7/1/2055 | 6.50 | 556698 | 569983 |  |
| 950000 | SOUTH CAROLINA ST JOBS-ECON DEV <br> AUTH EDUCTNL FACS REVENUE(b)<br>| 6/15/2043 | 7.00 | 940514 | 974321 |  |
| 1500000 | SOUTH CAROLINA ST JOBS-ECON DEV <br> AUTH HOSP REVENUE<br>| 7/1/2047 | 5.25 | 1471875 | 1460769 |  |
| 1500000 | SOUTH CAROLINA ST JOBS-ECON DEV <br> AUTH LEASE REVENUE<br>| 8/15/2046 | 5.25 | 1502229 | 1502695 |  |
| 1000000 | SOUTH CAROLINA ST JOBS-ECON DEV <br> AUTH SOL WST DISP REVENUE(b)(d)(e)<br>| 6/1/2031 | 6.00 | 1000000 | 110000 |  |
| 1000000 | SOUTH CAROLINA ST PUBLIC SVC <br> AUTH REVENUE<br>| 12/1/2045 | 5.00 | 1008937 | 1047792 |  |
| 500000 | SOUTH CAROLINA ST PUBLIC SVC <br> AUTH REVENUE<br>| 12/1/2046 | 5.00 | 501095 | 520880 |  |
|  |  |  |  | 22857376 | 22007207 | 2.65% |
| **South Dakota** | **South Dakota** |  |  |  |  |  |
| 2000000 | SOUTH DAKOTA ST HSG DEV AUTH | 11/1/2042 | 2.50 | 2000000 | 1570108 |  |
|  |  |  |  | 2000000 | 1570108 | 0.19% |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Tennessee** | **Tennessee** |  |  |  |  |  |
| 1000000 | MET NASHVILLE TN ARPT AUTH <br> ARPT REVENUE<br>| 7/1/2049 | 5.00 | $1023005 | 1008635 |  |
| 600000 | NASHVILLE MET DEV & HSG AGY TN TAX <br> INCR REVENUE(b)<br>| 6/1/2036 | 5.13 | 600000 | 609492 |  |
| 1000000 | SHELBY CNTY TN HLTH EDUCTNL & HSG <br> FACS BRD HLTH CARE REVENUE(c)<br>| 9/1/2029 | 5.00 | 1039660 | 1057539 |  |
| 150000 | SHELBY CNTY TN HLTH EDUCTNL & HSG <br> FACS BRD REVENUE(d)<br>| 1/1/2019 | 5.35 | 134965 | 15 |  |
| 625000 | SHELBY CNTY TN HLTH EDUCTNL & HSG <br> FACS BRD REVENUE(d)<br>| 1/1/2029 | 5.55 | 556862 | 63 |  |
| 130000 | SHELBY CNTY TN HLTH EDUCTNL & HSG <br> FACS BRD REVENUE(d)<br>| 1/1/2029 | 6.00 | - | 1 |  |
| 2995000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2042 | 3.50 | 2995000 | 2785443 |  |
| 495000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2042 | 3.85 | 495000 | 486222 |  |
| 430000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2042 | 3.90 | 430000 | 421388 |  |
| 2980000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2046 | 2.38 | 2863307 | 2129756 |  |
| 770000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2046 | 2.55 | 770000 | 566150 |  |
| 1000000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2048 | 5.35 | 1000000 | 1039673 |  |
| 605000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 1/1/2049 | 3.95 | 605000 | 551951 |  |
| 1500000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2050 | 5.00 | 1500000 | 1514921 |  |
| 1500000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2050 | 5.15 | 1500000 | 1538512 |  |
| 1990000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2051 | 2.50 | 1990000 | 1370789 |  |
| 1360000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 1/1/2054 | 6.25 | 1419303 | 1468572 |  |
| 1500000 | TENNESSEE ST ENERGY ACQUISITION <br> CORP GAS REVENUE<br>| 12/1/2035 | 5.00 | 1565444 | 1612934 |  |
|  |  |  |  | 20487546 | 18162056 | 2.19% |
| **Texas** | **Texas** |  |  |  |  |  |
| 1000000 | ALAMITO TX PUBLIC FACS CORP MF <br> HSG REVENUE(c)<br>| 8/1/2026 | 5.00 | 1006514 | 1002016 |  |
| 2000000 | ARLINGTON TX HGR EDU FIN CORP <br> EDU REVENUE<br>| 8/15/2050 | 5.25 | 2030060 | 2081513 |  |
| 1000000 | ARLINGTON TX HGR EDU FIN CORP <br> EDU REVENUE(b)<br>| 6/1/2053 | 6.00 | 981475 | 1002119 |  |
| 2000000 | AUSTIN TX ARPT SYS REVENUE | 11/15/2044 | 5.00 | 2000000 | 2000447 |  |
| 1000000 | BRAZOS TX HGR EDU AUTH STUDENT <br> LOAN PROGRAM REV<br>| 4/1/2032 | 5.00 | 1063275 | 1075307 |  |
| 1000000 | BRAZOS TX HGR EDU AUTH STUDENT <br> LOAN PROGRAM REV<br>| 4/1/2040 | 3.00 | 1001974 | 826005 |  |
| 1500000 | CLIFTON TX HGR EDU FIN CORP <br> EDU REVENUE<br>| 8/15/2050 | 6.00 | 1471497 | 1476065 |  |
| 1000000 | CYPRESS-FAIRBANKS TX INDEP <br> SCH DIST<br>| 2/15/2041 | 2.25 | 730979 | 774423 |  |
| 1000000 | DALLAS TX INDEP SCH DIST | 2/15/2042 | 2.00 | 676977 | 709035 |  |
| 750000 | DALLAS TX SPL TAX REVENUE(b)(c) | 8/15/2028 | 6.25 | 750000 | 750414 |  |
| 700000 | EDINBURG TX ECON DEV CORP SALES <br> TAX REVENUE<br>| 8/15/2046 | 3.38 | 691265 | 471437 |  |
| 2500000 | EL PASO TX HSG FIN CORP | 3/1/2055 | 5.20 | 2545461 | 2566252 |  |
| 1500000 | FORT WORTH TX | 3/1/2040 | 2.00 | 1097350 | 1085341 |  |
| 500000 | GALVESTON TX WHARVES & <br> TERMINAL REVENUE<br>| 8/1/2038 | 5.25 | 535462 | 538415 |  |
| 1000000 | GEORGETOWN TX INDEP SCH DIST | 8/15/2035 | 2.50 | 889300 | 920431 |  |
| 1500000 | GRAND PARKWAY TRANSPRTN CORP TX <br> SYS TOLL REVENUE<br>| 10/1/2035 | 5.50 | 1495109 | 1604813 |  |
| 2000000 | HOUSTON TX ARPT SYS REVENUE | 7/1/2048 | 5.25 | 2112778 | 2066399 |  |
| 1000000 | MATAGORDA CNTY TX NAV DIST #1 | 11/1/2029 | 2.60 | 924475 | 968822 |  |
| 1000000 | MATAGORDA CNTY TX NAV DIST #1 | 5/1/2030 | 4.25 | 1000000 | 1041255 |  |
| 273000 | N CENTRL TEXAS ST HLTH FAC <br> DEV CORP(d)<br>| 2/15/2025 | 5.38 | 273000 | 215670 |  |
| 1000000 | NEW HOPE CULTURAL ED FACS FIN <br> CORP TX RETIREMENT FAC REVENUE<br>| 10/1/2033 | 6.50 | 1000000 | 1079128 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Texas (Cont'd):** | **Texas (Cont'd):** |  |  |  |  |  |
| 1000000 | NEW HOPE CULTURAL ED FACS FIN <br> CORP TX RETIREMENT FAC REVENUE<br>| 10/1/2045 | 6.25 | $1004312 | 1039071 |  |
| 1100000 | NEW HOPE CULTURAL ED FACS FIN <br> CORP TX RETIREMENT FAC REVENUE<br>| 1/1/2055 | 5.00 | 1133000 | 983181 |  |
| 500000 | NEW HOPE CULTURAL ED FACS FIN <br> CORP TX RETIREMENT FAC REVENUE<br>| 10/1/2060 | 6.50 | 503207 | 514561 |  |
| 1081962 | NEW HOPE CULTURAL ED FACS FIN <br> CORP TX RETIREMENT <br> FAC REVENUE(g)(j)<br>| 11/15/2061 | 2.00 | 1081962 | 465265 |  |
| 645000 | NEW HOPE CULTURAL EDU FACS FIN <br> CORP TX SENIOR LIVING REVENUE(d)<br>| 7/1/2025 | 4.00 | 638869 | 548250 |  |
| 250000 | NEW HOPE CULTURAL EDU FACS FIN <br> CORP TX SENIOR LIVING REVENUE<br>| 12/1/2049 | 5.00 | 219552 | 225723 |  |
| 1100000 | NEW HOPE CULTURAL EDU FACS FIN <br> CORP TX STUDENT HSG REV<br>| 4/1/2046 | 5.00 | 1100000 | 1099999 |  |
| 1000000 | SUGAR LAND TX DEV CORP SALES <br> TAX REVENUE<br>| 2/15/2033 | 5.00 | 1000000 | 1001332 |  |
| 1000000 | TARRANT CNTY TX CULTURAL EDU FACS <br> FIN CORP REVENUE(c)<br>| 11/15/2032 | 5.00 | 1085757 | 1116216 |  |
| 1500000 | TEXAS ST AFFORDABLE HSG CORP SF <br> MTGE REVENUE<br>| 3/1/2049 | 5.00 | 1530201 | 1546219 |  |
| 3500000 | TEXAS ST AFFORDABLE HSG CORP SF <br> MTGE REVENUE<br>| 3/1/2053 | 4.88 | 3568887 | 3501000 |  |
| 635000 | TEXAS ST DEPT OF HSG & <br> CMNTY AFFAIRS<br>| 9/1/2048 | 4.25 | 637832 | 607900 |  |
| 1500000 | TEXAS ST DEPT OF HSG & <br> CMNTY AFFAIRS<br>| 9/1/2052 | 5.25 | 1529956 | 1539242 |  |
| 2160000 | TEXAS ST DEPT OF HSG & <br> CMNTY AFFAIRS<br>| 9/1/2052 | 5.50 | 2289880 | 2297733 |  |
| 1000000 | TEXAS ST DEPT OF HSG & <br> CMNTY AFFAIRS<br>| 9/1/2053 | 5.25 | 1025346 | 1021665 |  |
| 3500000 | TEXAS ST DEPT OF HSG & CMNTY <br> AFFAIRS RESDL MTG REVENUE<br>| 1/1/2048 | 5.13 | 3545087 | 3564280 |  |
| 1000000 | TEXAS ST DEPT OF HSG & CMNTY <br> AFFAIRS RESDL MTG REVENUE<br>| 1/1/2049 | 5.00 | 1030284 | 1027377 |  |
| 485000 | TEXAS ST DEPT OF HSG & CMNTY <br> AFFAIRS RESDL MTG REVENUE<br>| 7/1/2051 | 2.50 | 487431 | 334087 |  |
| 4750000 | TEXAS ST DEPT OF HSG & CMNTY <br> AFFAIRS RESDL MTG REVENUE<br>| 1/1/2052 | 3.13 | 4810419 | 3687932 |  |
| 5000000 | TEXAS ST DEPT OF HSG & CMNTY <br> AFFAIRS RESDL MTG REVENUE<br>| 1/1/2054 | 5.13 | 5125391 | 5126196 |  |
| 5000000 | TEXAS ST DEPT OF HSG & CMNTY <br> AFFAIRS RESDL MTG REVENUE<br>| 7/1/2055 | 5.13 | 5085364 | 5056559 |  |
| 500000 | TEXAS ST DEPT OF HSG & CMNTY <br> AFFAIRS RESDL MTG REVENUE<br>| 1/1/2056 | 5.75 | 539944 | 551548 |  |
| 1000000 | TEXAS ST MUNI GAS ACQUISITION & <br> SPLY CORP V GAS SPLY REVENUE(c)<br>| 1/1/2034 | 5.00 | 1060040 | 1079187 |  |
|  |  |  |  | 64309672 | 62189830 | 7.49% |
| **Utah** | **Utah** |  |  |  |  |  |
| 1000000 | BLACK DESERT PUB <br> INFRASTRUCTURE DIST(b)<br>| 3/1/2051 | 4.00 | 1010050 | 810910 |  |
| 300000 | BLACK RIDGE INFRASTRUCTURE FING <br> DIST UT SPL ASSMNT<br>| 12/1/2035 | 5.00 | 300000 | 301898 |  |
| 500000 | DOWNTOWN REVITALIZATION PUBLIC <br> INFRASTRUCTURE DIST UT SALES<br>| 6/1/2034 | 5.00 | 550797 | 575326 |  |
| 725000 | FIELDS ESTATES PUBLIC <br> INFRASTRUCTURE DIST UT(b)<br>| 3/1/2055 | 6.13 | 725000 | 730387 |  |
| 1000000 | FIELDS ESTATES PUBLIC <br> INFRASTRUCTURE DIST UT <br> SPL ASSMNT(b)<br>| 12/1/2053 | 5.25 | 1000000 | 976091 |  |
| 1250000 | INTERMOUNTAIN PWR AGY UT PWR <br> SPLY REVENUE<br>| 7/1/2043 | 5.00 | 1263958 | 1326032 |  |
| 1000000 | JORDANELLE RIDGE PUBLIC <br> INFRASTRUCTURE DIST #2 UT(b)<br>| 3/1/2054 | 7.75 | 1000000 | 1043891 |  |
| 1000000 | MIDA MOUNTAIN VLG PUBLIC <br> INFRASTRUCTURE DIST UT <br> TAX ALLOCATI(b)<br>| 6/15/2054 | 6.00 | 1015022 | 1026522 |  |
| 1000000 | MOONLIGHT VLG PUB INFRASTRUCTURE <br> DIST #1 UT(b)<br>| 3/1/2056 | 6.00 | 1000000 | 1008545 |  |
| 985000 | OLYMPIA PUBLIC INFRASTRUCTURE <br> DIST #1 UT(b)<br>| 3/1/2055 | 6.38 | 978920 | 1012668 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Utah (Cont'd):** | **Utah (Cont'd):** |  |  |  |  |  |
| 1000000 | PANORAMA PUBLIC INFRASTRUCTURE <br> DIST #1 UT(b)<br>| 3/1/2055 | 6.25 | $1000000 | 1006640 |  |
| 1000000 | SALT LAKE CITY UT ARPT REVENUE | 7/1/2039 | 5.25 | 1047364 | 1095448 |  |
| 1000000 | SALT LAKE CITY UT ARPT REVENUE | 7/1/2047 | 5.00 | 1009995 | 1000814 |  |
| 1000000 | SAWMILL INFRASTRUCTURE FING DIST <br> UT SPL ASSMNT(b)<br>| 12/1/2054 | 6.00 | 1000000 | 1035792 |  |
| 1000000 | SOUTH SALT LAKE UT REDEV AGY TAX <br> INCREMENT REVENUE(b)<br>| 4/15/2046 | 6.25 | 1000000 | 1009005 |  |
| 950000 | UTAH HSG CORP SF MTGE REVENUE | 1/1/2054 | 5.00 | 950000 | 964333 |  |
| 935000 | UTAH INFRASTRUCTURE AGY <br> TELECOMUNICATION REVENUE<br>| 10/15/2033 | 5.50 | 960591 | 1054444 |  |
| 2000000 | UTAH INFRASTRUCTURE AGY <br> TELECOMUNICATION REVENUE<br>| 10/15/2037 | 5.00 | 2006706 | 2023766 |  |
| 720000 | UTAH ST CHRT SCH FIN AUTH CHRT <br> SCH REVENUE(b)<br>| 12/15/2031 | 3.50 | 718079 | 666005 |  |
| 3820278 | UTAH ST HSG CORP | 12/21/2052 | 6.00 | 3955294 | 4161468 |  |
| 1668720 | UTAH ST HSG CORP | 1/21/2053 | 6.50 | 1736258 | 1785493 |  |
| 3193557 | UTAH ST HSG CORP | 4/21/2053 | 5.50 | 3263552 | 3335589 |  |
| 1980986 | UTAH ST HSG CORP | 5/21/2053 | 6.50 | 2058553 | 2119710 |  |
| 3225802 | UTAH ST HSG CORP | 6/21/2053 | 6.00 | 3300808 | 3514811 |  |
| 2236377 | UTAH ST HSG CORP | 9/21/2053 | 6.50 | 2304153 | 2393655 |  |
| 5000 | UTAH ST HSG CORP SF MTGE REVENUE | 1/1/2033 | 5.75 | 5000 | 5009 |  |
| 1000000 | VERK INDL REGL PUBLIC <br> INFRASTRUCTURE DIST UT TAX(b)<br>| 9/1/2047 | 6.63 | 1000000 | 1053947 |  |
| 959437 | WOOD RANCH PUB INFRASTRUCTURE <br> DIST UT SPL ASSMNT(b)<br>| 12/1/2053 | 5.63 | 959436 | 967741 |  |
|  |  |  |  | 37119536 | 38005940 | 4.58% |
| **Vermont** | **Vermont** |  |  |  |  |  |
| 305000 | VERMONT ST STUDENT ASSISTANCE <br> CORP EDU LOAN REVENUE<br>| 6/15/2036 | 3.38 | 303005 | 291247 |  |
|  |  |  |  | 303005 | 291247 | 0.04% |
| **Virginia** | **Virginia** |  |  |  |  |  |
| 2000000 | CHARLES CITY VA CNTY ECON DEV <br> AUTH SOL WST DISP REVENUE(c)<br>| 8/1/2027 | 4.25 | 2000000 | 2008724 |  |
| 2000000 | CHESAPEAKE BAY VA BRIDGE & TUNNEL <br> DIST REVENUE<br>| 7/1/2041 | 5.00 | 2010291 | 2009320 |  |
| 500000 | FAIRFAX CNTY VA REDEV & HSG AUTH <br> MF REVENUE<br>| 8/1/2039 | 5.60 | 500000 | 501198 |  |
| 1000000 | JAMES CITY CNTY VA ECON DEV AUTH <br> RSDL CARE FAC REVENUE<br>| 12/1/2058 | 6.88 | 1004759 | 1079273 |  |
| 462000 | MARQUIS VA CMNTY DEV <br> AUTH REVENUE(h)<br>| 9/1/2041 | 2.91(h)<br>| 207953 | 1155 |  |
| 349000 | MARQUIS VA CMNTY DEV <br> AUTH REVENUE(d)<br>| 9/1/2041 | 5.63 | 373459 | 122150 |  |
| 850000 | VIRGINIA BEACH VA DEV AUTH RSDL <br> CARE FAC REVENUE<br>| 9/1/2030 | 6.25 | 850000 | 859454 |  |
| 1000000 | VIRGINIA HSG DEV AUTH | 7/1/2050 | 5.05 | 1000000 | 1015170 |  |
| 2000000 | VIRGINIA HSG DEV AUTH | 7/1/2055 | 4.70 | 2000000 | 1986547 |  |
| 810000 | VIRGINIA ST HSG DEV AUTH | 10/1/2043 | 5.35 | 810000 | 810368 |  |
| 1000000 | VIRGINIA ST HSG DEV AUTH | 9/1/2050 | 2.50 | 1000000 | 648369 |  |
| 1000000 | VIRGINIA ST HSG DEV AUTH <br> CMWLTH MTGE<br>| 11/1/2048 | 5.25 | 1000000 | 1026743 |  |
|  |  |  |  | 12756462 | 12068471 | 1.45% |
| **Washington** | **Washington** |  |  |  |  |  |
| 185000 | KING CNTY WA HSG AUTH | 5/1/2028 | 5.20 | 185000 | 187493 |  |
| 1000000 | KING CNTY WA HSG AUTH | 7/1/2045 | 5.38 | 986290 | 1046742 |  |
| 500000 | SEATTLE WA HSG AUTH | 6/1/2054 | 2.50 | 487038 | 314753 |  |
| 500000 | SKAGIT CNTY WA PUBLIC HOSP DIST #1 | 12/1/2039 | 5.50 | 527847 | 544382 |  |
| 1500000 | VANCOUVER WA HSG AUTH | 6/1/2038 | 3.00 | 1496901 | 1272506 |  |
| 515000 | WALLA WALLA CNTY WA SCH DIST #300 <br> TOUCHET<br>| 12/1/2029 | 4.00 | 515000 | 515094 |  |
| 1000000 | WASHINGTON ST HSG FIN COMMISSION <br> NONPROFIT HSG REVENUE(b)<br>| 1/1/2044 | 5.50 | 983105 | 980275 |  |
| 1000000 | WASHINGTON ST HSG FIN COMMISSION <br> NONPROFIT HSG REVENUE<br>| 1/1/2046 | 6.00 | 979430 | 998348 |  |
| 1500000 | WASHINGTON ST HSG FIN COMMISSION <br> NONPROFIT HSG REVENUE<br>| 1/1/2056 | 6.25 | 1468092 | 1496436 |  |
|  |  |  |  | 7628703 | 7356029 | 0.89% |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **West Virginia** | **West Virginia** |  |  |  |  |  |
| 1000000 | WEST VIRGINIA ST ECON DEV AUTH SOL <br> WST DISP FACS(c)<br>| 6/15/2028 | 3.38 | $1000000 | 1011125 |  |
| 3000000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2049 | 4.85 | 3000000 | 3029307 |  |
| 1005000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2051 | 2.50 | 1005000 | 690586 |  |
| 940000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2053 | 4.85 | 940000 | 940654 |  |
|  |  |  |  | 5945000 | 5671672 | 0.68% |
| **Wisconsin** | **Wisconsin** |  |  |  |  |  |
| 16520 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2046 | 3.44(h)<br>| 2953 | 100 |  |
| 18299 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2047 | 3.32(h)<br>| 3132 | 110 |  |
| 17930 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2048 | 3.21(h)<br>| 2956 | 109 |  |
| 17786 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2049 | 3.11(h)<br>| 2825 | 107 |  |
| 17496 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2050 | 3.01(h)<br>| 2681 | 105 |  |
| 18980 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2051 | 2.92(h)<br>| 2808 | 114 |  |
| 429120 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & <br> HOTEL REVENUE(b)(d)(e)(g)(j)<br>| 7/1/2051 | 3.75 | 426880 | 292971 |  |
| 19357 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2052 | 2.83(h)<br>| 2758 | 117 |  |
| 19095 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2053 | 2.75(h)<br>| 2628 | 115 |  |
| 18909 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2054 | 2.67(h)<br>| 2516 | 113 |  |
| 18634 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2055 | 2.60(h)<br>| 2397 | 112 |  |
| 18360 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2056 | 2.53(h)<br>| 2284 | 110 |  |
| 2167 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2057 | 1.55(h)<br>| 1021 | 13 |  |
| 16287 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2057 | 2.47(h)<br>| 1988 | 98 |  |
| 18165 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2058 | 2.40(h)<br>| 2094 | 109 |  |
| 17992 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2059 | 2.35(h)<br>| 2012 | 107 |  |
| 17834 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2060 | 2.29(h)<br>| 1933 | 107 |  |
| 17573 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2061 | 2.24(h)<br>| 1848 | 105 |  |
| 17400 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2062 | 2.18(h)<br>| 1776 | 104 |  |
| 17125 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2063 | 2.14(h)<br>| 1696 | 102 |  |
| 16967 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2064 | 2.09(h)<br>| 1633 | 101 |  |
| 16823 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2065 | 2.04(h)<br>| 1573 | 101 |  |
| 16731 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2066 | 2.00(h)<br>| 1517 | 100 |  |
| 215987 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(e)(h)<br>| 1/1/2067 | 1.96(h)<br>| 17438 | 1289 |  |
| 690000 | PUBLIC FIN AUTH WI EDU REVENUE(b) | 12/15/2044 | 5.00 | 702116 | 658786 |  |
| 520000 | PUBLIC FIN AUTH WI EDU REVENUE(b) | 6/15/2049 | 5.00 | 520574 | 476228 |  |
| 500000 | PUBLIC FIN AUTH WI EXEMPT <br> FACS REVENUE<br>| 8/1/2035 | 4.00 | 476944 | 486977 |  |
| 2000000 | PUBLIC FIN AUTH WI HOSP REVENUE | 10/1/2044 | 5.00 | 2040107 | 2029417 |  |
| 1000000 | PUBLIC FIN AUTH WI HOTEL REVENUE | 2/1/2052 | 5.00 | 1038695 | 987175 |  |
| 1000000 | PUBLIC FIN AUTH WI HOTEL REVENUE(b) | 2/1/2062 | 6.00 | 1000000 | 1025568 |  |
| 975000 | PUBLIC FIN AUTH WI LIMITED <br> OBLIG REVENUE<br>| 8/1/2039 | 5.00 | 967335 | 993238 |  |
| 1250000 | PUBLIC FIN AUTH WI REVENUE(b)(d)(e) | 11/1/2028 | 6.25 | 1250000 | 432375 |  |
| 1000000 | PUBLIC FIN AUTH WI REVENUE(b)(d)(e) | 1/1/2033 | 6.13 | 992141 | 450000 |  |
| 250000 | PUBLIC FIN AUTH WI REVENUE(b) | 10/1/2034 | 5.00 | 246587 | 259436 |  |
| 1000000 | PUBLIC FIN AUTH WI REVENUE(b)(h) | 12/15/2039 | 4.30 | 389007 | 389423 |  |
| 1000000 | PUBLIC FIN AUTH WI REVENUE(b) | 11/15/2045 | 6.00 | 971932 | 970450 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Wisconsin (Cont'd):** | **Wisconsin (Cont'd):** |  |  |  |  |  |
| 570000 | PUBLIC FIN AUTH WI REVENUE(b) | 12/1/2045 | 6.25 | $561643 | 579029 |  |
| 1661633 | PUBLIC FIN AUTH WI REVENUE(b) | 11/15/2053 | 4.75 | 1671334 | 1169318 |  |
| 80000 | RACINE CNTY WI | 3/1/2026 | 4.00 | 80000 | 80071 |  |
| 1000000 | WISCONSIN HLTH EDL FACS AUTH <br> SENIOR LIVING REVENUE<br>| 11/15/2045 | 6.00 | 982911 | 984848 |  |
| 500000 | WISCONSIN ST HLTH & EDUCTNL FACS <br> AUTH REVENUE<br>| 8/1/2032 | 5.00 | 507972 | 386769 |  |
| 300000 | WISCONSIN ST HLTH & EDUCTNL FACS <br> AUTH REVENUE<br>| 3/15/2033 | 4.50 | 303667 | 305009 |  |
| 1410000 | WISCONSIN ST HLTH & EDUCTNL FACS <br> AUTH REVENUE<br>| 6/1/2041 | 5.00 | 1413087 | 1383636 |  |
| 1000000 | WISCONSIN ST HLTH & EDUCTNL FACS <br> AUTH REVENUE<br>| 10/1/2049 | 6.00 | 992381 | 1035103 |  |
|  |  |  |  | 17601780 | 15379375 | 1.85% |
| **Wyoming** | **Wyoming** |  |  |  |  |  |
| 500000 | CAMPBELL CNTY WY SOL WST <br> FACS REVENUE<br>| 7/15/2039 | 3.63 | 444297 | 475545 |  |
| 500000 | WYOMING ST CMNTY DEV AUTH <br> HSG REVENUE<br>| 12/1/2040 | 4.30 | 500000 | 513421 |  |
|  |  |  |  | 944297 | 988966 | 0.12% |
|  | **Sub-total Municipal Bonds:** | **Sub-total Municipal Bonds:** |  | 815250319 | 786254860 | 94.69% |
| **Short-Term Investments:** | **Short-Term Investments:** |  |  |  |  |  |
| 12224568 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT <br> SELECT PORTFOLIO, INSTITUTIONAL SHARES, 3.66%(k) | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT <br> SELECT PORTFOLIO, INSTITUTIONAL SHARES, 3.66%(k) | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT <br> SELECT PORTFOLIO, INSTITUTIONAL SHARES, 3.66%(k) | 12224568 | 12224568 |  |
|  | **Sub-total Short-Term Investments:** |  |  | 12224568 | 12224568 | 1.47% |
|  | Total Investments |  |  | $854112431 | 822413197 | 99.04% |

---

---

| | |
|:---|:---|
| **Notes to Schedule of Investments:** | **Notes to Schedule of Investments:** |
| <sup>(a)</sup> | Investments are valued in accordance with procedures described in Note 2 to the financial statements. |
| <sup>(b)</sup> | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from <br> registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or <br> brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Clearwater Investment Trust.<br>|
| <sup>(c)</sup> | Security has converted to a fixed rate and is the rate in effect as of period end. |
| <sup>(d)</sup> | Non-income producing assets. For long-term debt securities, item identified is in default as to payment of interest and/or principal. |
| <sup>(e)</sup> | Restricted security that has been deemed illiquid. At December 31, 2025, the value of these restricted illiquid securities amounted to $1,567,044 or <br> 0.19% of net assets. Additional information on these restricted illiquid securities is as follows: <br>|

---

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION** <br> **DATE**<br>| &nbsp;&nbsp; **ACQUISITION** <br> **COST**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARIZONA ST INDL DEV AUTH <br> ECON DEV REVENUE, 7.75%, <br> 7/1/2050<br>| 8/12/20 | $1237500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARIZONA ST INDL DEV AUTH <br> ECON DEV REVENUE, 6.75%, <br> 7/1/2030<br>| 8/12/20 | 1237500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARIZONA ST INDL DEV AUTH <br> ECON DEV REVENUE, 6.00%, <br> 7/1/2051<br>| 6/4/21 | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAPITAL TRUST AGY FL REVENUE, <br> 6.75%, 12/1/2035<br>| 12/2/15-1/21/16 | 1748875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 3.75%, 7/1/2051<br>| 3/26/18 | 431617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 1.96%, 1/1/2067<br>| 3/26/18 | 704-5754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 3.32%, 1/1/2047<br>| 3/26/18 | 60-488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 3.21%, 1/1/2048<br>| 3/26/18 | 53-485 |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION** <br> **DATE**<br>| &nbsp;&nbsp; **ACQUISITION** <br> **COST**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 3.11%, 1/1/2049<br>| 3/26/18 | $52-481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 3.01%, 1/1/2050<br>| 3/26/18 | 50-474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 2.92%, 1/1/2051<br>| 3/26/18 | 49-519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 2.83%, 1/1/2052<br>| 3/26/18 | 64-516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 2.75%, 1/1/2053<br>| 3/26/18 | 63-509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 2.67%, 1/1/2054<br>| 3/26/18 | 61-505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 2.60%, 1/1/2055<br>| 3/26/18 | 60-498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 2.53%, 1/1/2056<br>| 3/26/18 | 59-491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 1.55%, 1/1/2057<br>| 3/26/18 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 2.40%, 1/1/2058<br>| 3/26/18 | 63-481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 2.35%, 1/1/2059<br>| 3/26/18 | 61-477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 2.29%, 1/1/2060<br>| 3/26/18 | 60-473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 2.24%, 1/1/2061<br>| 3/26/18 | 59-466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 2.18%, 1/1/2062<br>| 3/26/18 | 58-463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 2.14%, 1/1/2063<br>| 3/26/18 | 56-456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 2.09%, 1/1/2064<br>| 3/26/18 | 55-452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 2.04%, 1/1/2065<br>| 3/26/18 | 54-449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 2.00%, 1/1/2066<br>| 3/26/18 | 58-442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 2.47%, 1/1/2057<br>| 3/26/18 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 3.44%, 1/1/2046<br>| 3/26/18 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI REVENUE, <br> 6.25%, 11/1/2028<br>| 4/3/17 | 1250000 |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater Tax-Exempt Bond Fund**

**December 31, 2025**

---

| | | |
|:---|:---|:---|
| **SECURITY** | &nbsp;&nbsp; **ACQUISITION** <br> **DATE**<br>| &nbsp;&nbsp; **ACQUISITION** <br> **COST**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI REVENUE, <br> 6.13%, 1/1/2033<br>| 8/16/18 | $988170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOUTH CAROLINA ST JOBS-ECON <br> DEV AUTH SOL WST DISP <br> REVENUE, 6.00%, 6/1/2031<br>| 6/16/21 | 1000000 |

---

<sup>(f)</sup> For step bonds, the rate disclosed is the current rate in effect.

<sup>(g)</sup> Variable or floating rate security. Rate as of December 31, 2025 is disclosed.

<sup>(h)</sup> Zero coupon bond. Yield disclosed as of December 31, 2025.

<sup>(i)</sup> The interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

<sup>(j)</sup> These securities are remarketed by an agent, and the rate at which these securities are set are determined by general market conditions and supply and demand. 

<sup>(k)</sup> The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2024, the value of the Clearwater Tax-Exempt Bond Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $13,211,177 with net sales of $986,609 during the fiscal year ended December 31, 2025. 

At December 31, 2025, the Clearwater Tax-Exempt Bond Fund had open futures contracts as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type** | **Number of**<br> **Contracts**<br>| **Notional**<br> **Amount**<br> **(000s)**<br>| **Contract**<br> **Position**<br>| **Contract**<br> **Exp.**<br>| **Value and**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br> **(000s)**<br>|
| Ultra 10-Year U.S. Treasury Note | &nbsp;&nbsp; 100 | &nbsp;&nbsp; $(11502) | &nbsp;&nbsp; Short | &nbsp;&nbsp; 3/26 | &nbsp;&nbsp; $128 |
|  |  |  |  |  | &nbsp;&nbsp; $128 |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Common Stocks:** | **Common Stocks:** |  |  |  |
| **Australia:** | **Australia:** |  |  |  |
| 10590 | ANZ GROUP HOLDINGS LTD. | $95677 | 256823 |  |
| 9073 | BHP GROUP LTD. | 272293 | 275436 |  |
| 17400 | BRAMBLES LTD. | 64294 | 266609 |  |
| 971 | COCHLEAR LTD. | 35893 | 168907 |  |
| 11157 | COMMONWEALTH BANK OF AUSTRALIA | 235177 | 1195544 |  |
| 9576 | CSL LTD. | 226091 | 1103327 |  |
| 102518 | DOMINO'S PIZZA ENTERPRISES LTD. | 1178752 | 1436723 |  |
| 93264 | FORTESCUE LTD. | 203049 | 1369897 |  |
| 411541 | GENERATION DEVELOPMENT GROUP LTD. | 1905259 | 1617641 |  |
| 19923 | GOODMAN GROUP | 57689 | 411898 |  |
| 32153 | HUB24 LTD. | 439349 | 2065266 |  |
| 178215 | LYNAS RARE EARTHS LTD.(b) | 1752430 | 1479511 |  |
| 7819 | MACQUARIE GROUP LTD. | 175414 | 1060300 |  |
| 39095 | NATIONAL AUSTRALIA BANK LTD. | 481322 | 1103870 |  |
| 159483 | NEUREN PHARMACEUTICALS LTD.(b) | 2166605 | 1980681 |  |
| 23240 | NORTHERN STAR RESOURCES LTD. | 115895 | 414561 |  |
| 180538 | PEXA GROUP LTD.(b) | 1862022 | 1618074 |  |
| 14595 | RIO TINTO LTD. | 456521 | 1430023 |  |
| 20500 | SANTOS LTD. | 45732 | 84410 |  |
| 5884 | SEEK LTD. | 49598 | 90785 |  |
| 5811 | SONIC HEALTHCARE LTD. | 50546 | 87681 |  |
| 57859 | SOUTH32 LTD. | 37235 | 137459 |  |
| 1632888 | STEADFAST GROUP LTD. | 6015191 | 5753657 |  |
| 82719 | STOCKLAND | 180620 | 316310 |  |
| 1158129 | SUPERLOOP LTD.(b) | 2014801 | 2001753 |  |
| 13099 | TRANSURBAN GROUP | 36728 | 124218 |  |
| 2900 | WESFARMERS LTD. | 83539 | 156935 |  |
|  |  | 20237722 | 28008299 | 2.39% |
| **Austria:** | **Austria:** |  |  |  |
| 19777 | BAWAG GROUP A.G.(b)(c) | 1972232 | 2972799 |  |
| 1727 | ERSTE GROUP BANK A.G. | 28884 | 207775 |  |
|  |  | 2001116 | 3180574 | 0.27% |
| **Belgium:** | **Belgium:** |  |  |  |
| 7120 | AGEAS S.A./N.V. | 106907 | 500372 |  |
| 49752 | GROUPE BRUXELLES LAMBERT N.V. | 4097380 | 4440687 |  |
| 3413 | KBC GROUP N.V. | 77680 | 446219 |  |
| 2245 | UCB S.A. | 107034 | 629504 |  |
|  |  | 4389001 | 6016782 | 0.51% |
| **Brazil:** | **Brazil:** |  |  |  |
| 196900 | EMBRAER S.A. | 1459640 | 3180736 |  |
| 207178 | INTER & CO., INC. | 1159906 | 1756870 |  |
| 383968 | NU HOLDINGS LTD., CLASS A(b) | 3841526 | 6427624 |  |
| 62922 | PRIO S.A.(b) | 465776 | 473532 |  |
| 224600 | TOTVS S.A.(b) | 1736343 | 1711233 |  |
|  |  | 8663191 | 13549995 | 1.15% |
| **Canada:** | **Canada:** |  |  |  |
| 171219 | 5N PLUS, INC.(b) | 1916276 | 2210485 |  |
| 9900 | AGNICO EAGLE MINES LTD. | 952009 | 1678347 |  |
| 107291 | ALIMENTATION COUCHE-TARD, INC. | 3284723 | 5859556 |  |
| 11882 | ALTAGAS LTD. | 233265 | 362290 |  |
| 125676 | CANADIAN NATURAL RESOURCES LTD. | 4172310 | 4256805 |  |
| 90863 | CANADIAN PACIFIC KANSAS CITY LTD. | 2218394 | 6690243 |  |
| 13314 | CANADIAN UTILITIES LTD., CLASS A | 382053 | 414489 |  |
| 10793 | CCL INDUSTRIES, INC., CLASS B | 433492 | 681762 |  |
| 16224 | CENOVUS ENERGY, INC. | 218110 | 274468 |  |
| 14024 | CENOVUS ENERGY, INC. (NEW YORK STOCK EXCHANGE) | 212258 | 237286 |  |
| 307 | CONSTELLATION SOFTWARE, INC. | 271176 | 738428 |  |
| 63985 | DEFINITY FINANCIAL CORP. | 2604239 | 3539675 |  |
| 23049 | DESCARTES SYSTEMS GROUP (THE), INC.(b) | 2175359 | 2022025 |  |
| 7013 | DOLLARAMA, INC. | 130283 | 1048156 |  |
| 10842 | EMERA, INC. | 434124 | 534300 |  |
| 25833 | ENBRIDGE, INC. | 1036093 | 1235592 |  |
| 332 | FAIRFAX FINANCIAL HOLDINGS LTD. | 109228 | 632746 |  |
| 795 | FIRSTSERVICE CORP. | 122044 | 123633 |  |
| 3196 | IMPERIAL OIL LTD. | 141353 | 275847 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Canada (Cont'd):** | **Canada (Cont'd):** |  |  |  |
| 415 | INTACT FINANCIAL CORP. | $33776 | 86392 |  |
| 1100 | INTERNATIONAL PETROLEUM CORP.(b) | 2833 | 20208 |  |
| 34300 | KINROSS GOLD CORP. | 370611 | 965888 |  |
| 534840 | KNIGHT THERAPEUTICS, INC.(b) | 2089400 | 2357497 |  |
| 10540 | LOBLAW COS. LTD. | 101823 | 476490 |  |
| 921 | LUMINE GROUP, INC.(b) | 9604 | 18211 |  |
| 12181 | MAGNA INTERNATIONAL, INC. | 493716 | 649363 |  |
| 300 | MAGNA INTERNATIONAL, INC. (NEW YORK <br> STOCK EXCHANGE)<br>| 13823 | 15990 |  |
| 86409 | MDA SPACE LTD.(b) | 2535945 | 1677123 |  |
| 3000 | METRO, INC. | 54328 | 215927 |  |
| 19328 | NATIONAL BANK OF CANADA | 618005 | 2430663 |  |
| 3028 | ONEX CORP. | 138833 | 249202 |  |
| 17760 | PEMBINA PIPELINE CORP. | 564324 | 675946 |  |
| 2253 | POWER CORP. OF CANADA | 51403 | 119745 |  |
| 125288 | PRAIRIESKY ROYALTY LTD. | 2015950 | 2467331 |  |
| 376923 | REAL MATTERS, INC.(b) | 1818117 | 1592768 |  |
| 1306 | RESTAURANT BRANDS INTERNATIONAL, INC. | 72310 | 89108 |  |
| 2148 | ROGERS COMMUNICATIONS, INC., CLASS B | 82967 | 81044 |  |
| 4710 | ROYAL BANK OF CANADA | 542623 | 803008 |  |
| 5304 | ROYAL BANK OF CANADA (TSX TORONTO EXCHANGE) | 901234 | 904217 |  |
| 189789 | SECURE WASTE INFRASTRUCTURE CORP. | 2510842 | 2388005 |  |
| 37731 | SHOPIFY, INC., CLASS A(b) | 6587995 | 6073559 |  |
| 6094 | SHOPIFY, INC., CLASS A (TORONTO EXCHANGE)(b) | 750811 | 981220 |  |
| 1080 | SOUTH BOW CORP. | 22447 | 29668 |  |
| 219463 | SUNCOR ENERGY, INC. | 5835888 | 9740764 |  |
| 11656 | TC ENERGY CORP. | 472445 | 641197 |  |
| 3444 | TORONTO-DOMINION (THE) BANK | 273636 | 324425 |  |
| 416 | TRISURA GROUP LTD.(b) | 490 | 12948 |  |
| 22335 | WASTE CONNECTIONS, INC. | 3146117 | 3916666 |  |
| 70875 | WHITECAP RESOURCES, INC.(d) | 496816 | 593831 |  |
|  |  | 53655901 | 73414537 | 6.25% |
| **China:** | **China:** |  |  |  |
| 426262 | ANHUI CONCH CEMENT CO. LTD., CLASS H | 2038672 | 1209332 |  |
| 943077 | HARBIN ELECTRIC CO. LTD., CLASS H | 1819565 | 2015158 |  |
| 1715500 | MEITU, INC.(b)(c) | 1259142 | 1542974 |  |
| 63300 | SMG SWISS MARKETPLACE GROUP A.G.(b)(c) | 3505462 | 2899142 |  |
| 102600 | TENCENT HOLDINGS LTD. | 7039160 | 7896668 |  |
|  |  | 15662001 | 15563274 | 1.33% |
| **Denmark:** | **Denmark:** |  |  |  |
| 68003 | ALK-ABELLO A/S(b) | 906925 | 2439577 |  |
| 175 | AP MOLLER - MAERSK A/S, CLASS A | 324636 | 403022 |  |
| 65 | AP MOLLER - MAERSK A/S, CLASS B | 50354 | 149821 |  |
| 1300 | CARLSBERG A/S, CLASS B | 50752 | 170419 |  |
| 1500 | COLOPLAST A/S, CLASS B | 27666 | 128754 |  |
| 12716 | DANSKE BANK A/S | 176930 | 634341 |  |
| 3896 | DEMANT A/S(b) | 70444 | 131514 |  |
| 2447 | DSV A/S | 121246 | 615778 |  |
| 20542 | NKT A/S(b) | 2312599 | 2568009 |  |
| 1214 | NOVO NORDISK A/S ADR(e) | 109250 | 61768 |  |
| 78244 | NOVO NORDISK A/S, CLASS B | 4556994 | 3988316 |  |
| 2460 | NOVONESIS NOVOZYMES B | 38505 | 157538 |  |
| 2802 | PANDORA A/S | 27668 | 309922 |  |
|  |  | 8773969 | 11758779 | 1.00% |
| **Finland:** | **Finland:** |  |  |  |
| 5584 | KESKO OYJ, CLASS B | 30705 | 126318 |  |
| 3256 | KONE OYJ, CLASS B | 35674 | 230942 |  |
| 21225 | NESTE OYJ | 67704 | 480308 |  |
| 414106 | NOKIA OYJ | 1610389 | 2682174 |  |
| 669028 | NOKIA OYJ ADR(e) | 2843202 | 4328611 |  |
| 14218 | NORDEA BANK ABP | 120790 | 268420 |  |
| 20310 | SAMPO OYJ, CLASS A | 33358 | 245863 |  |
| 7565 | STORA ENSO OYJ (REGISTERED) | 31849 | 94720 |  |
| 11934 | UPM-KYMMENE OYJ | 99929 | 345837 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Finland (Cont'd):** | **Finland (Cont'd):** |  |  |  |
| 1849 | VALMET OYJ | $14443 | 61220 |  |
|  |  | 4888043 | 8864413 | 0.76% |
| **France:** | **France:** |  |  |  |
| 194 | AIR LIQUIDE S.A. | 31267 | 36537 |  |
| 6167 | AIRBUS S.E. | 78207 | 1437896 |  |
| 55463 | ALSTOM S.A.(b) | 1239541 | 1640584 |  |
| 115115 | ALTEN S.A. | 9997320 | 9801265 |  |
| 14011 | AXA S.A. | 161805 | 674436 |  |
| 1192 | BNP PARIBAS S.A. | 49869 | 113174 |  |
| 15296 | CAPGEMINI S.E. | 2183403 | 2557066 |  |
| 7987 | CIE DE SAINT-GOBAIN S.A. | 173298 | 816235 |  |
| 8124 | CIE GENERALE DES ETABLISSEMENTS MICHELIN S.C.A. | 78557 | 270285 |  |
| 1134 | COVIVIO S.A./FRANCE | 74784 | 75496 |  |
| 30927 | CREDIT AGRICOLE S.A. | 249255 | 637862 |  |
| 171848 | DANONE S.A. | 10643317 | 15506166 |  |
| 591 | ESSILORLUXOTTICA S.A. | 53785 | 188289 |  |
| 2068 | ESSILORLUXOTTICA S.A. (EURONEXT PARIS EXCHANGE) | 286293 | 655942 |  |
| 1150 | EURAZEO S.E. | 18746 | 72034 |  |
| 19690 | EXAIL TECHNOLOGIES S.A.(b) | 1469778 | 1885885 |  |
| 36111 | EXOSENS SAS | 780070 | 2056104 |  |
| 6524 | GETLINK S.E. | 50218 | 120602 |  |
| 31 | HERMES INTERNATIONAL S.C.A. | 36976 | 77307 |  |
| 671 | KLEPIERRE S.A. | 8398 | 26606 |  |
| 3768 | L'OREAL S.A. | 285245 | 1623361 |  |
| 8926 | LVMH MOET HENNESSY LOUIS VUITTON S.E. | 3121998 | 6765944 |  |
| 200010 | PLUXEE N.V.(d) | 4839414 | 3152044 |  |
| 943 | PUBLICIS GROUPE S.A. | 46202 | 98210 |  |
| 8279 | RENAULT S.A. | 292817 | 344618 |  |
| 56463 | SAFRAN S.A. | 7690916 | 19734074 |  |
| 5479 | SCHNEIDER ELECTRIC S.E. | 181812 | 1512503 |  |
| 278 | SCHNEIDER ELECTRIC S.E. (LONDON EXCHANGE) | 8838 | 76621 |  |
| 14443 | SOCIETE GENERALE S.A. | 201715 | 1166413 |  |
| 55846 | SODEXO S.A. | 3593851 | 2868041 |  |
| 11869 | SODEXO S.A.(b) | 779774 | 609547 |  |
| 1413 | THALES S.A. | 81763 | 381596 |  |
| 1697 | TOTALENERGIES S.E. | 112093 | 110864 |  |
| 1384 | TOTALENERGIES S.E. (NEW YORK STOCK EXCHANGE) | 66845 | 90541 |  |
| 13514 | VEOLIA ENVIRONNEMENT S.A. | 143775 | 472003 |  |
| 6739 | VINCI S.A. | 270019 | 950757 |  |
|  |  | 49381964 | 78606908 | 6.70% |
| **Germany:** | **Germany:** |  |  |  |
| 1793 | ADIDAS A.G. | 58332 | 352950 |  |
| 5656 | ALLIANZ S.E. (REGISTERED) | 472719 | 2594228 |  |
| 337 | ALZCHEM GROUP A.G. | 59248 | 61116 |  |
| 67914 | AUTO1 GROUP S.E.(b) | 1698390 | 2177477 |  |
| 178791 | BRENNTAG S.E. | 11602007 | 10413310 |  |
| 22388 | DEUTSCHE BANK A.G. (REGISTERED) | 867714 | 870773 |  |
| 17339 | DEUTSCHE BOERSE A.G. | 5355876 | 4554282 |  |
| 45633 | DEUTSCHE LUFTHANSA A.G. (REGISTERED) | 458006 | 451238 |  |
| 17828 | DEUTSCHE POST A.G. | 210542 | 976479 |  |
| 8928 | DEUTSCHE TELEKOM A.G. (REGISTERED) | 98694 | 289601 |  |
| 53005 | FRESENIUS MEDICAL CARE A.G. | 3364022 | 2539468 |  |
| 2246 | HANNOVER RUECK S.E. | 94321 | 701747 |  |
| 2860 | HEIDELBERG MATERIALS A.G. | 117941 | 748947 |  |
| 20563 | INFINEON TECHNOLOGIES A.G. | 112405 | 911123 |  |
| 2050 | MERCK KGAA | 86079 | 294259 |  |
| 1669 | MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT <br> A.G. IN MUENCHEN (REGISTERED)<br>| 197341 | 1102172 |  |
| 76671 | NORDEX S.E.(b) | 1843482 | 2623001 |  |
| 2910 | RHEINMETALL A.G. | 3986412 | 5336074 |  |
| 2704 | RWE A.G. | 55911 | 143882 |  |
| 41130 | SAP S.E. | 10285947 | 10063621 |  |
| 37393 | SCOUT24 S.E.(c) | 2299067 | 3769052 |  |
| 11640 | SIEMENS A.G. (REGISTERED) | 690725 | 3268932 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Germany (Cont'd):** | **Germany (Cont'd):** |  |  |  |
| 151531 | SIEMENS ENERGY A.G.(b) | $6978211 | 21415527 |  |
|  |  | 50993392 | 75659259 | 6.45% |
| **Greece:** | **Greece:** |  |  |  |
| 418268 | PIRAEUS BANK S.A.(b) | 2424019 | 3339581 |  |
|  |  | 2424019 | 3339581 | 0.28% |
| **Hong Kong:** | **Hong Kong:** |  |  |  |
| 124400 | AIA GROUP LTD. | 387106 | 1277135 |  |
| 106899 | ALIBABA GROUP HOLDING LTD. | 1219143 | 1961424 |  |
| 46000 | BOC HONG KONG HOLDINGS LTD. | 63016 | 232994 |  |
| 44544 | CK ASSET HOLDINGS LTD. | 117686 | 225046 |  |
| 18000 | GALAXY ENTERTAINMENT GROUP LTD. | 39054 | 88627 |  |
| 25331 | HENDERSON LAND DEVELOPMENT CO. LTD. | 45544 | 91590 |  |
| 15246670 | IMPRO PRECISION INDUSTRIES LTD.(c) | 4081727 | 9540556 |  |
| 40500 | LINK REIT | 84196 | 180782 |  |
| 27000 | WHARF REAL ESTATE INVESTMENT CO. LTD. | 87631 | 85274 |  |
|  |  | 6125103 | 13683428 | 1.17% |
| **India:** | **India:** |  |  |  |
| 103469 | CARE RATINGS LTD. | 1483957 | 1841802 |  |
| 40427 | CARTRADE TECH LTD.(b) | 805034 | 1271201 |  |
| 715237 | FEDERAL BANK LTD. | 1676298 | 2125513 |  |
| 43735 | GODFREY PHILLIPS INDIA LTD. | 1785893 | 1344125 |  |
| 432093 | HCL TECHNOLOGIES LTD. | 3322104 | 7803975 |  |
| 185643 | ICICI BANK LTD. ADR(e) | 4116720 | 5532161 |  |
| 11317 | MULTI COMMODITY EXCHANGE OF INDIA LTD. | 1283147 | 1402169 |  |
| 247670 | TRIVENI TURBINE LTD. | 1590738 | 1483192 |  |
|  |  | 16063891 | 22804138 | 1.94% |
| **Indonesia:** | **Indonesia:** |  |  |  |
| 11268200 | BANK SYARIAH INDONESIA TBK PT | 1680082 | 1506835 |  |
| 35288900 | MITRA ADIPERKASA TBK PT | 2904860 | 2465462 |  |
|  |  | 4584942 | 3972297 | 0.34% |
| **Ireland:** | **Ireland:** |  |  |  |
| 14222 | COSMO PHARMACEUTICALS N.V. | 1572628 | 1877610 |  |
| 91206 | EXPERIAN PLC | 1469972 | 4134511 |  |
| 9285265 | GLENVEAGH PROPERTIES PLC(b)(c) | 16292269 | 21060246 |  |
| 43950 | ICON PLC(b) | 7293177 | 8008569 |  |
| 6141 | PERMANENT TSB GROUP HOLDINGS PLC(b) | 11769 | 20857 |  |
| 193962 | RYANAIR HOLDINGS PLC | 4806002 | 6735750 |  |
|  |  | 31445817 | 41837543 | 3.56% |
| **Israel:** | **Israel:** |  |  |  |
| 33212 | BANK HAPOALIM B.M. | 146192 | 751417 |  |
| 21424 | MIZRAHI TEFAHOT BANK LTD. | 335473 | 1496192 |  |
| 20542 | MONDAY.COM LTD.(b) | 4532413 | 3031177 |  |
| 65697 | TEVA PHARMACEUTICAL INDUSTRIES LTD. ADR(b)(e) | 1991302 | 2050403 |  |
| 21528 | TOWER SEMICONDUCTOR LTD.(b) | 1528078 | 2527818 |  |
|  |  | 8533458 | 9857007 | 0.84% |
| **Italy:** | **Italy:** |  |  |  |
| 92909 | AVIO S.P.A. | 3284026 | 3170794 |  |
| 22976 | BANCA MEDIOLANUM S.P.A. | 79388 | 523170 |  |
| 65944 | BANCA MONTE DEI PASCHI DI SIENA S.P.A. | 197491 | 702017 |  |
| 48971 | BUZZI S.P.A. | 2132788 | 2976669 |  |
| 111404 | CEMENTIR HOLDING N.V. | 2335656 | 2443692 |  |
| 11304 | FERRARI N.V. | 1519217 | 4208868 |  |
| 2133 | IVECO GROUP N.V. | 4835 | 47051 |  |
| 9386 | LEONARDO S.P.A. | 46912 | 537684 |  |
| 185491 | LOTTOMATICA GROUP S.P.A. | 3061250 | 4867656 |  |
| 22228 | SESA S.P.A. | 1509512 | 2345787 |  |
| 40271 | SOL S.P.A. | 2301056 | 2315744 |  |
| 47766 | UNICREDIT S.P.A. | 495567 | 3965329 |  |
|  |  | 16967698 | 28104461 | 2.39% |
| **Japan:** | **Japan:** |  |  |  |
| 45000 | 77 BANK (THE) LTD. | 2149764 | 2168385 |  |
| 6900 | AISIN CORP. | 37584 | 129042 |  |
| 30000 | AJINOMOTO CO., INC. | 116767 | 634524 |  |
| 9000 | ASAHI GROUP HOLDINGS LTD. | 37327 | 94146 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Japan (Cont'd):** | **Japan (Cont'd):** |  |  |  |
| 4500 | BANDAI NAMCO HOLDINGS, INC. | $14652 | 119940 |  |
| 27600 | BRIDGESTONE CORP. | 205726 | 620832 |  |
| 38300 | CHUBU ELECTRIC POWER CO., INC. | 574421 | 589570 |  |
| 13500 | CHUGAI PHARMACEUTICAL CO. LTD. | 82278 | 709668 |  |
| 29100 | DAIICHI SANKYO CO. LTD. | 150922 | 619762 |  |
| 20400 | DAIKIN INDUSTRIES LTD. | 2220666 | 2618810 |  |
| 6000 | DAIWA HOUSE INDUSTRY CO. LTD. | 45826 | 199258 |  |
| 25200 | DENSO CORP. | 131613 | 347619 |  |
| 3300 | FAST RETAILING CO. LTD. | 136395 | 1196752 |  |
| 26100 | FUJIFILM HOLDINGS CORP. | 163215 | 557657 |  |
| 18000 | FUJITSU LTD. | 64886 | 493517 |  |
| 31800 | FURUKAWA ELECTRIC CO. LTD. | 1894220 | 2037591 |  |
| 63400 | HITACHI LTD. | 191736 | 1966899 |  |
| 5300 | HOYA CORP. | 112594 | 802786 |  |
| 12400 | INPEX CORP. | 252312 | 245389 |  |
| 78500 | INTEGRAL CORP.(d) | 1178977 | 1665406 |  |
| 91000 | ITOCHU CORP. | 192005 | 1148660 |  |
| 23300 | JAPAN AIRLINES CO. LTD. | 430597 | 433702 |  |
| 34868 | JAPAN STEEL WORKS (THE) LTD. | 2022414 | 1713557 |  |
| 3500 | KAJIMA CORP. | 15004 | 130517 |  |
| 421311 | KANSAI PAINT CO. LTD. | 5719867 | 6656950 |  |
| 59524 | KDDI CORP. | 238488 | 1029668 |  |
| 7200 | KEISEI ELECTRIC RAILWAY CO. LTD. | 22185 | 59185 |  |
| 3624 | KEYENCE CORP. | 162247 | 1312992 |  |
| 30000 | KIKKOMAN CORP. | 52867 | 272042 |  |
| 2300 | KONAMI GROUP CORP. | 50313 | 313497 |  |
| 110200 | LIFEDRINK CO., INC.(d) | 1485561 | 1222604 |  |
| 418500 | LION CORP. | 4511730 | 4405685 |  |
| 52500 | MITSUBISHI CORP. | 230376 | 1203003 |  |
| 12900 | MITSUBISHI HC CAPITAL, INC. | 33945 | 107975 |  |
| 398400 | MITSUBISHI HEAVY INDUSTRIES LTD. | 4547411 | 9757598 |  |
| 30500 | MITSUBISHI UFJ FINANCIAL GROUP, INC. | 414383 | 484349 |  |
| 28000 | MITSUI & CO. LTD. | 128045 | 827560 |  |
| 4000 | MITSUI OSK LINES LTD. | 114554 | 120091 |  |
| 22500 | MURATA MANUFACTURING CO. LTD. | 101583 | 467092 |  |
| 21500 | NEC CORP. | 144614 | 724960 |  |
| 4700 | NIDEC CORP. | 25876 | 63648 |  |
| 109500 | NINTENDO CO. LTD. | 6940475 | 7396654 |  |
| 9300 | NIPPON YUSEN K.K. | 39009 | 301106 |  |
| 3000 | NITERRA CO. LTD. | 28359 | 132128 |  |
| 10500 | NITORI HOLDINGS CO. LTD. | 65914 | 183804 |  |
| 16000 | NITTO DENKO CORP. | 77639 | 380175 |  |
| 9801 | NOMURA RESEARCH INSTITUTE LTD. | 43930 | 377306 |  |
| 339700 | NTT, INC. | 149807 | 342723 |  |
| 332400 | OLYMPUS CORP. | 4001287 | 4234186 |  |
| 24000 | ORIENTAL LAND CO. LTD. | 113097 | 443942 |  |
| 278700 | RAKUS CO. LTD. | 1711942 | 1852176 |  |
| 56200 | RAKUTEN BANK LTD.(b) | 2874675 | 2459253 |  |
| 5400 | RECRUIT HOLDINGS CO. LTD. | 207957 | 308054 |  |
| 45300 | RESONA HOLDINGS, INC. | 172185 | 429521 |  |
| 255700 | SATO CORP. | 3578638 | 3919406 |  |
| 27240 | SBI HOLDINGS, INC. | 110355 | 587875 |  |
| 12700 | SEKISUI CHEMICAL CO. LTD. | 64585 | 213066 |  |
| 6000 | SEKISUI HOUSE LTD. | 44394 | 133928 |  |
| 15600 | SHIBAURA MECHATRONICS CORP. | 1923355 | 1892090 |  |
| 4000 | SHIMADZU CORP. | 25419 | 106528 |  |
| 1500 | SHIMANO, INC. | 58204 | 158369 |  |
| 26500 | SHIN-ETSU CHEMICAL CO. LTD. | 256455 | 824100 |  |
| 12000 | SHIONOGI & CO. LTD. | 67679 | 217130 |  |
| 31600 | SINFONIA TECHNOLOGY CO. LTD. | 1960296 | 1834476 |  |
| 400 | SMC CORP. | 37846 | 139279 |  |
| 79200 | SOFTBANK GROUP CORP. | 131623 | 2232828 |  |
| 800 | SOMPO HOLDINGS, INC. | 5392 | 27236 |  |
| 13000 | SONY GROUP CORP. | 328062 | 332282 |  |
| 5700 | SUBARU CORP. | 26572 | 122419 |  |
| 2800 | SUMITOMO CORP. | 30610 | 96838 |  |
| 1100 | SUMITOMO MITSUI FINANCIAL GROUP, INC. | 35498 | 35402 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Japan (Cont'd):** | **Japan (Cont'd):** |  |  |  |
| 23200 | SUZUKI MOTOR CORP. | $104611 | 344565 |  |
| 2200 | TAISEI CORP. | 19821 | 208559 |  |
| 16500 | TDK CORP. | 52815 | 233452 |  |
| 20800 | TERUMO CORP. | 95419 | 303042 |  |
| 259788 | TIMEE, INC.(b)(d) | 2461938 | 2099147 |  |
| 18400 | TOKIO MARINE HOLDINGS, INC. | 144365 | 683116 |  |
| 8600 | TOKYO ELECTRON LTD. | 114327 | 1888711 |  |
| 60800 | TOYO TIRE CORP. | 1719054 | 1684782 |  |
| 4000 | TOYOTA INDUSTRIES CORP. | 101266 | 454209 |  |
| 30800 | TOYOTA MOTOR CORP. | 566414 | 658868 |  |
| 5100 | TOYOTA TSUSHO CORP. | 14141 | 171988 |  |
| 13500 | UNICHARM CORP. | 30008 | 77376 |  |
| 1600 | USS CO. LTD. | 3505 | 17553 |  |
| 13800 | YAMAHA MOTOR CO. LTD. | 46377 | 101925 |  |
| 50900 | YOKOHAMA FINANCIAL GROUP, INC. | 164564 | 419527 |  |
| 110000 | YONEX CO. LTD. | 3002377 | 2332864 |  |
| 348531 | ZUKEN, INC. | 10890399 | 10869343 |  |
|  |  | 75048606 | 104536195 | 8.91% |
| **Lithuania:** | **Lithuania:** |  |  |  |
| 1108109 | BALTIC CLASSIFIEDS GROUP PLC | 2543179 | 3032162 |  |
|  |  | 2543179 | 3032162 | 0.26% |
| **Mexico:** | **Mexico:** |  |  |  |
| 80829 | GRUMA S.A.B. DE C.V., CLASS B | 908404 | 1392553 |  |
| 111630 | GRUPO AEROPORTUARIO DEL CENTRO NORTE S.A.B. <br> DE C.V.<br>| 1011112 | 1509663 |  |
| 39458 | VISTA ENERGY S.A.B. DE C.V. ADR(b)(e) | 2008189 | 1920026 |  |
|  |  | 3927705 | 4822242 | 0.41% |
| **Netherlands:** | **Netherlands:** |  |  |  |
| 4065 | ADYEN N.V.(b)(c) | 4543357 | 6568634 |  |
| 19302 | AKZO NOBEL N.V. | 1303939 | 1342876 |  |
| 8644 | ASM INTERNATIONAL N.V. | 2419654 | 5258003 |  |
| 2413 | ASML HOLDING N.V. | 1975995 | 2612867 |  |
| 10505 | ASML HOLDING N.V. ADR (REGISTERED) | 3056258 | 11238879 |  |
| 3610 | EXOR N.V. | 90616 | 307367 |  |
| 39 | FERROVIAL S.E. | 588 | 2536 |  |
| 2004 | HEINEKEN HOLDING N.V. | 99043 | 146958 |  |
| 2822 | HEINEKEN N.V. | 79167 | 231287 |  |
| 2991 | JDE PEET'S N.V. | 112273 | 111989 |  |
| 17656 | KONINKLIJKE AHOLD DELHAIZE N.V. | 203381 | 723529 |  |
| 65970 | KONINKLIJKE KPN N.V. | 190999 | 308251 |  |
| 465027 | KONINKLIJKE PHILIPS N.V. | 10174145 | 12700655 |  |
| 47026 | MAGNUM ICE CREAM (THE) CO. N.V.(b) | 573234 | 746402 |  |
| 1212 | NEBIUS GROUP N.V.(b) | 112832 | 101451 |  |
| 2587 | PROSUS N.V.(b) | 61381 | 160677 |  |
| 2403 | RANDSTAD N.V. | 88952 | 91413 |  |
| 293284 | SIGNIFY N.V.(c) | 6688828 | 7224229 |  |
| 140176 | UNIVERSAL MUSIC GROUP N.V. | 3310646 | 3662056 |  |
| 6594 | WOLTERS KLUWER N.V. | 143598 | 684571 |  |
|  |  | 35228886 | 54224630 | 4.62% |
| **Norway:** | **Norway:** |  |  |  |
| 27984 | AKER BP ASA | 935807 | 712071 |  |
| 9200 | DNB BANK ASA | 37422 | 256209 |  |
| 23955 | NORSK HYDRO ASA | 48328 | 185091 |  |
| 44435 | PROTECTOR FORSIKRING ASA | 1730256 | 2303595 |  |
| 1689068 | SPIR GROUP ASA | 1377316 | 1414259 |  |
|  |  | 4129129 | 4871225 | 0.41% |
| **Poland:** | **Poland:** |  |  |  |
| 6667 | INPOST S.A.(b) | 81574 | 82033 |  |
|  |  | 81574 | 82033 | 0.01% |
| **Portugal:** | **Portugal:** |  |  |  |
| 20567 | EDP S.A. | 48529 | 94627 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Portugal (Cont'd):** | **Portugal (Cont'd):** |  |  |  |
| 14452 | GALP ENERGIA SGPS S.A. | $143129 | 248476 |  |
|  |  | 191658 | 343103 | 0.03% |
| **Russia:** | **Russia:** |  |  |  |
| 25740000 | RUSHYDRO PJSC(b)(d)(f) | 218665 | - |  |
|  |  | 218665 | - | 0.00% |
| **Singapore:** | **Singapore:** |  |  |  |
| 5000 | CITY DEVELOPMENTS LTD. | 23356 | 31119 |  |
| 31020 | DBS GROUP HOLDINGS LTD. | 158529 | 1360111 |  |
| 39200 | KEPPEL LTD. | 150880 | 315637 |  |
| 13480 | KEPPEL REIT | 5756 | 10225 |  |
| 88295 | SEA LTD. ADR(b)(e) | 6506085 | 11263793 |  |
| 19700 | SINGAPORE AIRLINES LTD. | 73950 | 98086 |  |
| 4600 | UNITED OVERSEAS BANK LTD. | 26071 | 125468 |  |
|  |  | 6944627 | 13204439 | 1.12% |
| **South Africa:** | **South Africa:** |  |  |  |
| 581685 | FAMOUS BRANDS LTD. | 1996242 | 1878533 |  |
| 5284 | THUNGELA RESOURCES LTD. | 1911 | 30271 |  |
|  |  | 1998153 | 1908804 | 0.16% |
| **South Korea:** | **South Korea:** |  |  |  |
| 10109 | APR CORP.(b) | 992983 | 1615042 |  |
| 1730 | HYOSUNG HEAVY INDUSTRIES CORP. | 2322160 | 2116324 |  |
| 11833 | SAMSUNG C&T CORP. | 1284089 | 1949378 |  |
| 250983 | SAMSUNG ELECTRONICS CO. LTD. | 9099049 | 20918001 |  |
| 405826 | VITZROCELL CO. LTD. | 3930486 | 4963836 |  |
|  |  | 17628767 | 31562581 | 2.69% |
| **Spain:** | **Spain:** |  |  |  |
| 1260 | ACCIONA S.A. | 78312 | 275272 |  |
| 5680 | ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. | 127632 | 566385 |  |
| 5299 | AMADEUS IT GROUP S.A. | 128322 | 391329 |  |
| 5810 | BANCO BILBAO VIZCAYA ARGENTARIA S.A. | 135428 | 136900 |  |
| 51052 | BANCO SANTANDER S.A. | 144309 | 604163 |  |
| 60498 | CAIXABANK S.A. | 164674 | 742611 |  |
| 20985 | GRENERGY RENOVABLES S.A.(b) | 1934270 | 2123362 |  |
| 72837 | IBERDROLA S.A. | 481239 | 1580568 |  |
| 12493 | INDUSTRIA DE DISENO TEXTIL S.A. | 239195 | 827171 |  |
| 6389 | NATURGY ENERGY GROUP S.A. | 98901 | 194616 |  |
| 3164 | REDEIA CORP. S.A. | 28806 | 56407 |  |
| 20840 | REPSOL S.A. | 149937 | 390022 |  |
|  |  | 3711025 | 7888806 | 0.67% |
| **Sweden:** | **Sweden:** |  |  |  |
| 226567 | APOTEA AB(b) | 1201859 | 2262839 |  |
| 19371 | ASSA ABLOY AB, CLASS B | 77286 | 751003 |  |
| 36800 | ATLAS COPCO AB, CLASS A | 54586 | 659300 |  |
| 15920 | ATLAS COPCO AB, CLASS B | 22691 | 255316 |  |
| 57158 | BONESUPPORT HOLDING AB(b)(c) | 1539927 | 1160519 |  |
| 9183 | EPIROC AB, CLASS A | 16079 | 207783 |  |
| 4000 | EPIROC AB, CLASS B | 7248 | 80716 |  |
| 8600 | ESSITY AB, CLASS B | 62137 | 247746 |  |
| 23582 | HEXAGON AB, CLASS B | 51744 | 278929 |  |
| 8270 | INDUSTRIVARDEN AB, CLASS C | 85948 | 370895 |  |
| 42618 | INVESTOR AB, CLASS B | 145892 | 1520883 |  |
| 44171 | MIPS AB | 1919713 | 1683772 |  |
| 106882 | RAYSEARCH LABORATORIES AB | 2676781 | 2644642 |  |
| 1190 | SANDVIK AB | 6636 | 38544 |  |
| 35236 | SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A | 139725 | 743851 |  |
| 13153 | SPOTIFY TECHNOLOGY S.A.(b) | 3957900 | 7638079 |  |
| 8600 | SVENSKA CELLULOSA AB S.C.A., CLASS B | 15915 | 114233 |  |
| 11299 | SVENSKA HANDELSBANKEN AB, CLASS A | 51168 | 164779 |  |
| 5189 | SWEDBANK AB, CLASS A | 71650 | 180521 |  |
| 64209 | TELIA CO. AB | 268023 | 274324 |  |
| 15300 | VOLVO AB, CLASS B | 78992 | 490425 |  |
|  |  | 12451900 | 21769099 | 1.85% |
| **Switzerland:** | **Switzerland:** |  |  |  |
| 195840 | ABB LTD. (REGISTERED) | 3786785 | 14476748 |  |
| 106246 | AMRIZE LTD.(b) | 3324969 | 5787744 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Switzerland (Cont'd):** | **Switzerland (Cont'd):** |  |  |  |
| 384 | AVOLTA A.G.(b) | $8927 | 22774 |  |
| 4279 | BARRY CALLEBAUT A.G. (REGISTERED)(d) | 5791355 | 7032335 |  |
| 34 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. <br> (PARTICIPATION CERTIFICATE)<br>| 48855 | 497251 |  |
| 2 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI <br> A.G. (REGISTERED)<br>| 46639 | 292979 |  |
| 39671 | CIE FINANCIERE RICHEMONT S.A. (REGISTERED) | 2730722 | 8561645 |  |
| 117117 | DSM-FIRMENICH A.G. | 10297658 | 9463845 |  |
| 38135 | GARMIN LTD. | 4270982 | 7735685 |  |
| 140 | GIVAUDAN S.A. (REGISTERED) | 76496 | 556585 |  |
| 331 | HELVETIA BALOISE HOLDING A.G. | 17075 | 87262 |  |
| 3711 | JULIUS BAER GROUP LTD. | 74659 | 290121 |  |
| 53953 | KUROS BIOSCIENCES A.G. (REGISTERED)(b) | 1742569 | 1861338 |  |
| 897 | LONZA GROUP A.G. (REGISTERED) | 50452 | 606872 |  |
| 187268 | MEDMIX A.G.(c) | 2517746 | 2657357 |  |
| 30131 | NESTLE S.A. (REGISTERED) | 959894 | 2994823 |  |
| 112277 | NOVARTIS A.G. (REGISTERED) | 8537457 | 15509743 |  |
| 10375 | ROCHE HOLDING A.G. (GENUSSCHEIN) | 1334373 | 4287656 |  |
| 773 | SANDOZ GROUP A.G. ADR(e) | 16416 | 56255 |  |
| 755 | SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) | 34888 | 284530 |  |
| 367 | SGS S.A. (REGISTERED) | 14320 | 42074 |  |
| 3304 | SIKA A.G. (REGISTERED) | 110397 | 677173 |  |
| 1308 | SONOVA HOLDING A.G. (REGISTERED) | 84414 | 337485 |  |
| 485 | SULZER A.G. (REGISTERED) | 15563 | 89931 |  |
| 810 | SWATCH GROUP (THE) A.G. (BEARER) | 172741 | 171910 |  |
| 634 | SWISS LIFE HOLDING A.G. (REGISTERED) | 86165 | 732464 |  |
| 449878 | UBS GROUP A.G. (REGISTERED) | 9207036 | 20796539 |  |
| 1626 | ZURICH INSURANCE GROUP A.G. | 236396 | 1234162 |  |
|  |  | 55595949 | 107145286 | 9.13% |
| **Taiwan:** | **Taiwan:** |  |  |  |
| 54000 | BIZLINK HOLDING, INC. | 1772747 | 2612307 |  |
| 310000 | E INK HOLDINGS, INC. | 2266727 | 1953502 |  |
| 32000 | JENTECH PRECISION INDUSTRIAL CO. LTD. | 1255305 | 2795627 |  |
| 394000 | LITE-ON TECHNOLOGY CORP. | 2141087 | 2050222 |  |
| 390000 | TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. | 10167832 | 19239032 |  |
|  |  | 17603698 | 28650690 | 2.44% |
| **United Arab Emirates:** | **United Arab Emirates:** |  |  |  |
| 3168 | GLOBALTRANS INVESTMENT PLC <br> GDR (REGISTERED)(b)(f)<br>| 21771 | - |  |
|  |  | 21771 | - | 0.00% |
| **United Kingdom:** | **United Kingdom:** |  |  |  |
| 189213 | 3I GROUP PLC | 6430874 | 8322271 |  |
| 2834 | ADMIRAL GROUP PLC | 35119 | 121326 |  |
| 1927022 | ADVANCEDADVT LTD.(b) | 3544862 | 4480739 |  |
| 382519 | ALLFUNDS GROUP PLC | 1977999 | 3616520 |  |
| 42921 | ANGLO AMERICAN PLC | 370507 | 1784838 |  |
| 11036 | AON PLC, CLASS A | 2153349 | 3894384 |  |
| 6043 | ASHTEAD GROUP PLC | 268033 | 414288 |  |
| 277964 | ASHTEAD TECHNOLOGY HOLDINGS PLC(d) | 2678300 | 1161513 |  |
| 222766 | ASSOCIATED BRITISH FOODS PLC | 5565058 | 6386902 |  |
| 42099 | ASTRAZENECA PLC | 5584211 | 7825460 |  |
| 25964 | ASTRAZENECA PLC ADR(e) | 1459857 | 2386871 |  |
| 223582 | BABCOCK INTERNATIONAL GROUP PLC | 1644407 | 3746121 |  |
| 552245 | BAE SYSTEMS PLC | 7446045 | 12758994 |  |
| 63683 | BERKELEY GROUP HOLDINGS PLC | 3558793 | 3351253 |  |
| 1458 | BRITISH AMERICAN TOBACCO PLC | 83239 | 82818 |  |
| 5069 | BUNZL PLC | 39524 | 141848 |  |
| 163304 | BURBERRY GROUP PLC(b) | 2561517 | 2793394 |  |
| 10667 | CNH INDUSTRIAL N.V. | 32275 | 98699 |  |
| 213379 | CNH INDUSTRIAL N.V. (BORSA ITALIANA EXCHANGE) | 2063460 | 1967354 |  |
| 2405 | COCA-COLA EUROPACIFIC PARTNERS PLC | 219517 | 218133 |  |
| 263205 | COMPASS GROUP PLC | 2488600 | 8387170 |  |
| 50060 | CRANSWICK PLC | 3092291 | 3343554 |  |
| 415327 | DIAGEO PLC | 11018847 | 8977036 |  |
| 3783022 | ELEMENTIS PLC | 7688984 | 8464880 |  |
| 2476825 | ESSENTRA PLC | 3527190 | 3225123 |  |
| 1609250 | FDM GROUP HOLDINGS PLC | 4764443 | 2906713 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **United Kingdom (Cont'd):** | **United Kingdom (Cont'd):** |  |  |  |
| 55420 | GENUS PLC | $1598767 | 1938553 |  |
| 76081 | HSBC HOLDINGS PLC | 641481 | 1203772 |  |
| 25000 | INFORMA PLC | 150330 | 297897 |  |
| 1567 | INTERTEK GROUP PLC | 73290 | 97712 |  |
| 24357010 | IQE PLC(b) | 3950067 | 1641602 |  |
| 216546 | J SAINSBURY PLC | 440212 | 948653 |  |
| 1165670 | KINGFISHER PLC | 3401950 | 4913346 |  |
| 6030 | LONDON STOCK EXCHANGE GROUP PLC | 69795 | 727631 |  |
| 343239 | LSL PROPERTY SERVICES PLC | 1183726 | 1216820 |  |
| 3060351 | M&C SAATCHI PLC | 7011363 | 5404013 |  |
| 9085 | M&G PLC | 16194 | 35073 |  |
| 373527 | MELROSE INDUSTRIES PLC | 2690294 | 2962569 |  |
| 30507 | NATIONAL GRID PLC | 382627 | 469407 |  |
| 1 | NATWEST GROUP PLC | - | 9 |  |
| 2141 | NEXT PLC | 36699 | 394799 |  |
| 379655 | PEARSON PLC | 4588074 | 5373438 |  |
| 771479 | PETS AT HOME GROUP PLC | 2355805 | 2059032 |  |
| 8289 | RECKITT BENCKISER GROUP PLC | 303157 | 670613 |  |
| 9953 | RELX PLC | 68808 | 405644 |  |
| 146401 | RELX PLC (LONDON EXCHANGE) | 1656364 | 5959706 |  |
| 106915 | RENTOKIL INITIAL PLC | 499360 | 644920 |  |
| 1153194 | ROLLS-ROYCE HOLDINGS PLC | 7429247 | 17876152 |  |
| 2617131 | SABRE INSURANCE GROUP PLC(c) | 4336098 | 4586091 |  |
| 24928 | SAGE GROUP (THE) PLC | 108477 | 363906 |  |
| 16135 | SEGRO PLC | 67053 | 156681 |  |
| 4954 | SEVERN TRENT PLC | 76220 | 186242 |  |
| 276698 | SHAWBROOK GROUP PLC(b)(c) | 1771043 | 1812659 |  |
| 19012 | SHELL PLC | 646103 | 702186 |  |
| 7350 | SHELL PLC ADR(e) | 389109 | 540078 |  |
| 147096 | ST. JAMES'S PLACE PLC | 1577853 | 2745160 |  |
| 108800 | STANDARD CHARTERED PLC | 699097 | 2672090 |  |
| 198394 | TRUSTPILOT GROUP PLC(b)(c) | 559222 | 439647 |  |
| 200780 | UNILEVER PLC | 11133338 | 13151820 |  |
| 8137 | UNITED UTILITIES GROUP PLC | 56989 | 130961 |  |
| 2756 | WHITBREAD PLC | 54937 | 94731 |  |
| 23163 | WILLIS TOWERS WATSON PLC | 5235355 | 7611362 |  |
|  |  | 145555805 | 191293177 | 16.30% |
| **United States:** | **United States:** |  |  |  |
| 215850 | ARCH CAPITAL GROUP LTD.(b) | 7914544 | 20704332 |  |
| 37976 | AXALTA COATING SYSTEMS LTD.(b) | 1212669 | 1227005 |  |
| 259167 | COUPANG, INC.(b) | 4910484 | 6113749 |  |
| 24903 | FERGUSON ENTERPRISES, INC. | 6189685 | 5544155 |  |
| 77430 | LIFE360, INC. - CDI(b)(c) | 997935 | 1732593 |  |
| 10913 | LINDE PLC | 3620380 | 4653194 |  |
| 312700 | LUXFER HOLDINGS PLC | 4411130 | 4230831 |  |
| 64516 | PHILIP MORRIS INTERNATIONAL, INC. | 10893117 | 10348366 |  |
| 1781 | RB GLOBAL, INC. | 188704 | 183362 |  |
| 28816 | SEAGATE TECHNOLOGY HOLDINGS PLC | 5453328 | 7935638 |  |
| 90851 | SENSATA TECHNOLOGIES HOLDING PLC | 4200397 | 3024430 |  |
| 2110 | SUNOCOCORP LLC(b) | 107610 | 103981 |  |
|  |  | 50099983 | 65801636 | 5.61% |
| **Uruguay:** | **Uruguay:** |  |  |  |
| 2765 | MERCADOLIBRE, INC.(b) | 3538249 | 5569429 |  |
|  |  | 3538249 | 5569429 | 0.47% |
|  | **Sub-total Common Stocks:** | 741310557 | 1084926812 | 92.42% |
| **Preferred Stocks:** | **Preferred Stocks:** |  |  |  |
| **Germany:** | **Germany:** |  |  |  |
| 1521 | BAYERISCHE MOTOREN WERKE A.G., 4.71%(g) | 49612 | 163469 |  |
| 2308 | VOLKSWAGEN A.G., 6.11%(g) | 282706 | 280707 |  |
|  |  | 332318 | 444176 | 0.04% |
| **South Korea:** | **South Korea:** |  |  |  |
| 86198 | SAMSUNG ELECTRONICS CO. LTD., 1.64%(g) | 3409217 | 5289839 |  |
|  |  | 3409217 | 5289839 | 0.45% |
|  | **Sub-total Preferred Stocks:** | 3741535 | 5734015 | 0.49% |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**December 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Rights:** | **Rights:** |  |  |  |
| **United States:** | **United States:** |  |  |  |
| 3100 | KEPPEL REIT(b)(h) | $- | 36 |  |
|  |  | - | 36 | 0.00% |
|  | **Sub-total Rights:** | - | 36 | 0.00% |
| **Warrants:** | **Warrants:** |  |  |  |
| **Canada:** | **Canada:** |  |  |  |
| 307 | CONSTELLATION SOFTWARE, INC.(b)(f) | - | - |  |
|  |  | - | - | 0.00% |
|  | **Sub-total Warrants:** | - | - | 0.00% |
| **Convertible Bonds:** | **Convertible Bonds:** |  |  |  |
| **United Kingdom:** | **United Kingdom:** |  |  |  |
| 2053408 | IQE PLC, 14.79%, 3/13/2026(i) | 2575417 | 2664372 |  |
|  |  | 2575417 | 2664372 | 0.23% |
|  | **Sub-total Convertible Bonds:** | 2575417 | 2664372 | 0.23% |
| **Short-Term Investments:** | **Short-Term Investments:** |  |  |  |
| 15656683 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT <br> PORTFOLIO, INSTITUTIONAL SHARES(j)<br>| 15656683 | 15656683 |  |
| 78409502 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT <br> SELECT PORTFOLIO, INSTITUTIONAL SHARES, 3.66%(k)<br>| 78409502 | 78409502 |  |
|  | **Sub-total Short-Term Investments:** | 94066185 | 94066185 | 8.01% |
|  | Total Investments | $841693694 | 1187391420 | 101.15% |

---

---

| | |
|:---|:---|
| **Notes to Schedule of Investments:** | **Notes to Schedule of Investments:** |
| <sup>(a)</sup> | Investments are valued in accordance with procedures described in Note 2 to the financial statements. |
| <sup>(b)</sup> | Non-income producing assets. |
| <sup>(c)</sup> | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from <br> registration, normally to qualified institutional buyers. The value of these securities is determined by valuations supplied by a pricing service or <br> brokers, or, if not available, in accordance with procedures established by the Board of Trustees of Clearwater Investment Trust.<br>|
| <sup>(d)</sup> | Security is either wholly or partially on loan. |
| <sup>(e)</sup> | Securities are American Depositary Receipts of companies based outside of the United States representing 2.40% of net assets as of December 31, <br> 2025.<br>|
| <sup>(f)</sup> | Security has been deemed worthless and is a Level 3 investment. |
| <sup>(g)</sup> | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
| <sup>(h)</sup> | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| <sup>(i)</sup> | Zero coupon bond. Yield disclosed as of December 31, 2025. |
| <sup>(j)</sup> | Investment relates to cash collateral received from portfolio securities loaned. |
| <sup>(k)</sup> | The short-term investment is a money market portfolio of the investment company, Northern Institutional Funds. At December 31, 2024, the value <br> of the Clearwater International Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $52,980,892 <br> with net purchases of $25,428,610 during the year ended December 31, 2025.<br>|

---

At December 31, 2025, the Clearwater International Fund's investments were denominated in the following currencies:

---

| | |
|:---|:---|
| **Concentration by Currency** | **Percent of**<br> **Long-Term**<br> **Investments**<br>|
| Euro | 26.63<br> %<br>|
| United States Dollar | 16.78 |
| British Pound | 16.57 |
| Japanese Yen | 9.56 |
| Swiss Franc | 8.66 |
| Other currencies | 21.80 |
|  | 100.00<br> %<br>|

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**December 31, 2025**

At December 31, 2025, the Clearwater International Fund had outstanding forward foreign currency exchange contracts as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Contract Amount** | **Contract Amount** | **Contract Amount** | **Contract Amount** |  |  |  |
| **Counterparty** | **Contract**<br> **Settlement**<br> **Date**<br>| **Contract Amount** | **Contract Amount** | **Contract Amount** | **Contract Amount** |  | **Receive** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Northern Trust | &nbsp;&nbsp; 01/28/2026 | USD | 12804059 | CNH | 90963080 | &nbsp;&nbsp; $259084 |  |  |
| Northern Trust | &nbsp;&nbsp; 01/28/2026 | CNH | 104239453 | USD | 14607393 | &nbsp;&nbsp; $(362360) |  |  |
|  |  |  |  |  |  | &nbsp;&nbsp; $(103276) |  |  |

---

See accompanying notes to financial statements.

(Continued)

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

(unaudited)

Not applicable.

------

**Proxy Disclosures for Open-End Management Investment Companies**

(unaudited)

Not applicable.

------

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

(unaudited)

Under its management contract with each Fund, CMC is responsible for paying directly or reimbursing the Funds for expenses, with certain exceptions. Expenses borne by CMC include trustee and officer compensation. Additional information related to such compensation is available in the Funds' Statement of Additional Information.

------

**Approval of Investment Management and Subadvisory Agreements**

(unaudited)

Clearwater Management Co., Inc. ("CMC") is responsible for managing the investment programs and strategies for the Core Equity Fund, Select Equity 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 Trust's Board of Trustees (the "Board" or "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 Trustees who are not "interested persons" of the Trust (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 meetings on November 6 and December 11, 2025, the Trustees considered the renewal of the Management Agreement and the Subadvisory Agreements for Acadian Asset Management, LLC, AQR Capital Management, LLC, Artisan Partners Limited Partnership ("Artisan Partners"), Cooke & Bieler, L.P., Fiduciary Counselling, Inc. ("FCI"), MacKay Shields LLC, Parametric Portfolio Associates LLC, Rice Hall James & Associates, LLC ("RHJ"), Sit Fixed Income Advisors II, LLC, and WCM Investment Management, LLC.

Prior to the November 6, 2025, 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 comparative performance and expense data, 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 and Trustees reviewed with the Trustees the various factors relevant to their consideration of the Agreements, and the Trustees' responsibilities related to their review.

At the November 6 and December 11, 2025, meetings, 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 of the Independent Trustees, unanimously approved the renewal of the Management Agreement and the Subadvisory Agreements.

<u>Nature, Extent, and Quality of Services Provided</u>

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 CMC, as well as the ongoing work performed by CMC to recommend enhancements to individual fund management. 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 that 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 Agreements.

<u>Investment Performance</u>

The Trustees reviewed specific information as to the investment performance of the Funds over various periods of time as compared to the performance of their respective benchmark indices and peer groups. On a quarterly basis, the Trustees reviewed reports summarizing the net assets, redemptions, and purchases of shares of the Funds, as well as information regarding the performance of each Subadviser compared to the benchmark against which its particular portfolio is measured.

The Trustees made certain observations and findings as to each Fund's performance as set forth below.

*Core Equity Fund.* The Trustees noted that the Fund had outperformed its benchmark, the Russell 1000 Index, for the 1-, 3-, and 5-year periods ended September 30, 2025, and underperformed its benchmark for the 10-year period ended September 30, 2025.

*Select Equity Fund.* The Trustees noted that the Fund had outperformed its benchmark, the Russell 2000 Index, for the 3-year period ended September 30, 2025, and underperformed its benchmark for the 1-, 5-, and 10-year periods ended September 30, 2025. The Trustees considered recent and upcoming Subadviser changes for the Fund, including the Subadviser terminations approved at the December 11, 2025, meeting.

*Tax-Exempt Bond Fund.* The Trustees noted that the Fund had outperformed its benchmark, the Bloomberg Municipal Bond 5 Year (4-6) Index, for the 3-, 5-, and 10-year periods ended September 30, 2025, and underperformed its benchmark for the 1-year period ended September 30, 2025*.*

*International Fund.* The Trustees noted that the Fund had outperformed its benchmark, the MSCI World Ex U.S.A. Index - Net Dividends, for the 10-year period ended September 30, 2025, and underperformed its benchmark for the 1-, 3-, and 5-year periods ended September 30, 2025.

The Trustees noted that the performance of each Fund was in the range of the performance of peer funds presented for comparison for the 3-, 5-, and 10-year periods ended September 30, 2025.

The Trustees concluded that they were generally satisfied with CMC's and the Subadvisers' investment performance to date.

<u>Comparative Fees and Cost of Services Provided</u>

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, including comparative fee information detailing the fees they charge to other clients, as applicable.

------

The Trustees noted the ongoing efforts of CMC to reduce expenses charged to shareholders through oversight of service providers and by voluntarily waiving a portion of the management fee payable to CMC as specified in the Funds' prospectus. In this regard, the Board considered that, effective July 1, 2025, CMC has voluntarily agreed to waive (i) the management fee for the Core Equity Fund from the contractual fee of 0.90% to 0.21% and (ii) the management fee for the Tax-Exempt Bond Fund from the contractual fee of 0.60% to 0.28%; and, effective January 1, 2026, CMC has voluntarily agreed to waive a portion of (i) the management fee for the Select Equity Fund from the contractual fee of 1.35% to 0.80% and (ii) the management fee for the International Fund from the contractual fee of 1.00% to 0.76%.

With respect to the Core Equity Fund and Tax-Exempt Bond Fund, the Trustees noted that each Fund's expense ratio, after management fee waiver, was lower than those of the peer funds and the Morningstar category median and average presented for comparison. The Trustees noted that the International Fund's expense ratio, after management fee waiver, was lower than that of the Morningstar category median and average and almost all of the peer funds presented for comparison. The Trustees noted that the Select Equity Fund's expense ratio, after management fee waiver, was lower than that of the Morningstar category average, in line with the Morningstar category median, and lower than almost all of the peer funds presented for comparison. The Trustees further noted that, assuming the post-waiver expense ratio to take effect January 1, 2026, the Fund's expense ratio would be lower than that of the Morningstar category median.

The Trustees approved an amendment to the subadvisory agreement among CMC, RHJ and the Trust, on behalf of the Select Equity Fund, to add a breakpoint to the fee rate payable thereunder. The Trustees noted that CMC passes through the benefit of subadvisory fee reductions to the Funds through its voluntary fee waiver arrangements.

<u>Management Profitability</u> 

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.

<u>Economies of Scale</u> 

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.

<u>Conclusion</u>

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.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Board of Trustees.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. Controls and Procedures.
(a) The Trust's principal executive officer and principal financial officer have concluded that the Trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective based on the principal executive officer and principal financial officer's evaluation of these controls and procedures, as required by Rule 30a-3(b) under the 1940 Act, as of a date within 90 days of the filing date of this document.

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

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

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#### Item 19. Exhibits.
(a)(1) [The Code of Ethics of the Registrant are required pursuant to Item 2 of this Form N-CSR is filed herewith.](CodeofEthics.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the 1940 Act are filed herewith.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the 1940 Act is filed herewith.](Exhibit_b.htm)

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

---

| | |
|:---|:---|
|  Clearwater Investment Trust  | Clearwater Investment Trust  |
|  By  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Justin H. Weyerhaeuser&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Justin H. Weyerhaeuser  |
|  | President (Principal Executive Officer) and  |
|  | Treasurer (Principal Financial Officer)  |
|  Date: March 5, 2026  | Date: March 5, 2026  |

---

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

---

| | |
|:---|:---|
|  Clearwater Investment Trust  | Clearwater Investment Trust  |
|  By  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Justin H. Weyerhaeuser&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Justin H. Weyerhaeuser  |
|  | President (Principal Executive Officer)  |
|  Date: March 5, 2026  | Date: March 5, 2026  |
|  Clearwater Investment Trust  | Clearwater Investment Trust  |
|  By  | &nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Justin H. Weyerhaeuser&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Justin H. Weyerhaeuser  |
|  | Treasurer (Principal Financial Officer)  |
|  Date: March 5, 2026  | Date: March 5, 2026  |

---

------

## Ex-99.Code

#### CLEARWATER INVESTMENT TRUST

#### CODE OF ETHICS FOR THE

#### PRESIDENT, CHIEF FINANCIAL OFFICER AND TREASURER

#### Purposes of the Code/Covered Officers
This Code of Ethics (the "Code") is adopted by the Clearwater Investment Trust ("CIT"), a registered investment company under the Investment Company Act of 1940, as amended ("Investment Company Act"). CIT may issue shares in separate series of funds (the "Trust") and this Code applies to the Trust's Principal Executive Officer ("President"), Chief Financial Officer ("CFO") and Treasurer or persons performing similar functions (collectively referred to as the "Covered Officers") whether or not these individuals are employed by the Trust or third parties.

No policy can anticipate every ethical question that Covered Officers may face. As a guiding principle they should strive to implement the spirit of this Code and cultivate a culture of ethical behavior and full and fair disclosure.

The purposes of the Code are to deter wrongdoing and to promote:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust submits to the Securities and Exchange Commission (the "SEC"), and in other public communications by the Trust;

· compliance with applicable laws and governmental rules and regulations;

· the prompt internal reporting to an appropriate person or persons identified in this Code of violations of the Code; and

· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

#### Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

#### Overview

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A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Trust. It is the duty of each Covered Officer to be aware of and to avoid any transaction, interest, personal activity, or investment that interferes or may appear to interfere with the Covered Officer's execution of their duties and responsibilities for the Trust. Under no circumstances should a Covered Officer have any undisclosed and unapproved financial or other business relationship with the Trust or a third party that might impair or might be viewed as impairing the exercise of the Covered Officer's best judgment with respect to matters involving the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and are already subject to conflict of interest provisions of the Investment Company Act and the Investment Advisers Act of 1940 (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. Separate compliance programs and procedures of the Trust and Clearwater Management Company, Inc. ("CMC"), its investment adviser, and other service providers are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between the Trust, CMC and/or other service providers of which the Covered Officers may also be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties be involved in establishing policies and implementing decisions that have different effects on the Trust, CMC and service providers. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust, CMC and other service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any fund or series of the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

· not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

· not use, or disclose to a third party (unless required by applicable laws or regulations) nonpublic or confidential information about the Trust or any of its service providers for personal gain by the Covered Officer; or

· not exploit for their personal gain opportunities that are discovered through the use of Trust property, information or the Covered Officer's position unless the opportunity is first fully disclosed to the Trustees of the Trust (the "Trustees") and the Trustees determine not to pursue such opportunity for the Trust.

------

Conflicts of interest may arise in other situations, the propriety of which may be discussed, if material, with the Trust's Chief Compliance Officer ("CCO"). Some examples include:

· service as a director/trustee on the board of any public or private company (excludes service on boards of non-profits);

· the receipt of any non-nominal gifts;

· the receipt of any entertainment from any company with which the Trust has a business-related relationship, unless the entertainment is provided at a reasonable cost, is appropriate as to time and place, and both the Covered Officer and representative(s) from the company attend together, and not is so frequent as to raise any question of impropriety;

· any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, any sub-adviser, administrator or other affiliated person thereof; and

· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

Any questions a Covered Officer has generally regarding the application or interpretation of this Code should be directed to the Trust's CCO immediately. When consulting the CCO, the Covered Officer shall provide a detailed and accurate description of the proposed transaction, investment, interest or activity. Upon such consultation, the CCO shall conduct a review to determine (i) whether engaging in such transaction, investment, interest or activity reasonably could be expected to give rise to a conflict of interest, and (ii) the appropriate resolution of any such conflict.

Based on its review, the CCO shall advise the Covered Officer that the proposed transaction, investment, interest or activity: (i) would not violate this Code; (ii) would not violate this Code only if conducted in a particular manner and/or subject to certain conditions or safeguards; or (iii) would violate the Code. If the CCO has advised the Covered Officer that the proposed transaction, investment, interest or activity would not violate the Code only if conducted in a particular manner and/or subject to certain conditions or safeguards, the Covered Person must conduct the proposed transaction, investment, interest or activity in that manner and/or subject to those conditions or safeguards. If the CCO has advised the Covered Officer that the proposed transaction, investment, interest or activity would violate the Code, the Covered Officer may not conduct the proposed transaction, investment, interest or activity.

#### Disclosure and Compliance
· Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust;

------

· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the organization, including to the Trustees and auditors, and to governmental regulators and self-regulatory organizations; each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Trust, CMC and the Trust's service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Accordingly, each Covered Officer must not knowingly misrepresent or cause others to misrepresent facts about the Trust. In addition, each Covered Officer must seek to ensure that all of the Trust's books, records, accounts and financial information, as well as reports produced from those materials:

· are supported by accurate documentation maintained in reasonable detail;

· are recorded in the proper account and in the proper accounting period;

· do not contain any false or intentionally misleading entries;

· fairly and accurately reflect the transactions or occurrences to which they relate; and

· conform to both the Trust's system of internal controls, its disclosure controls and procedures, and to all applicable laws, rules and regulations.

Each Covered Officer shall promptly bring to the attention of the Trustees any information they may have concerning any violation of the provisions of this Code, involving any Trust management, employees or agents thereof who have a significant role in the Trust's financial reporting, disclosures or internal controls.

#### Reporting and Accountability
Each Covered Officer must:

· upon adoption of the Code or upon becoming a Covered Officer, affirm in writing to the Trust's CCO that they have received, read, understand and will adhere to this Code; and

· annually affirm in writing to the Trustees that they have received, read, understand and have complied with the requirements of the Code;

· not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential violations that are made in good faith;

· promptly notify the CCO if they know of any violation of the Code (*Failure to do so is itself a violation of the Code)*; and,

· report at least annually any change in their affiliates from the prior year *.* 

The Trust's CCO must:

· apply this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation;

------

· make a report to the Trustees regularly, but not less frequently than annually, which describes any issues arising under the Code since the last report to the Trustees, including but not limited to information about material violations of the Code and sanctions imposed in response to the material violations.

The Trust will follow these procedures in investigating and enforcing this Code:

· the CCO will take all action they consider appropriate to investigate any actual or potential reported violations;

· if no written report is made by a Covered Officer, the CCO shall document such receipt of a report by the CCO of a suspected material violation;

· if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take any further action;

· if, after completion of the investigation, the CCO believes a violation has occurred, the matter will be reviewed with the Trustees or other appropriate parties;

· the Trustees shall be entitled to consult with legal counsel;

· if the Trustees agree that a violation has occurred, the Trustees will consider appropriate action which may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of federal securities laws, notification to the SEC or other appropriate law enforcement authorities. The Trustees will be responsible for granting waivers, as appropriate; and

· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

#### Other Policies and Procedures
This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Other Trust policies or procedures that govern the behavior or activities of Covered Officers who are subject to this Code are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust and its investment adviser's codes of ethics under Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act, respectively, are separate requirements applying to the Covered Officers and others, and are not part of this Code.

#### Amendments
Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Trustees, including a majority of the Trustees who are not "interested persons," as defined in the Investment Company Act, of the Trust.

#### Filing, Records and Confidentiality

------

The Trust must disclose this Code, any substantive amendments and any waivers by: (i) filing with the SEC a copy of the Code, any such amendments and waivers in the Trust's annual report on Form N-CSR; (ii) posting the text of the Code, any such amendments and waivers on the Trust's Internet website and disclosing in each report on Form N-CSR, its Internet address and the fact that it has posted the Code on the website; or (iii) undertaking in each report on Form N-CSR to provide to any person without charge, upon request, a copy of the Code, any such amendments and waivers and explain the manner in which such request may be made.

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees and their counsel, the Trust's CCO, and its investment adviser or service providers as applicable.

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Clearwater Investment Trust

Code of Ethics for the

President, Chief Financial Officer and Treasurer

Annual Certification of Covered Persons

As an applicable officer of the Clearwater Investment Trust (the "Trust"), I hereby affirm to the Trustees of the Trust that I have received, read, understand and have complied with the requirements of this Code of Ethics (the "Code") since the previous report to the Trustees.

I confirm that I am not aware of any violations of the Code or that if I am aware of possible violations, any such violations have been reported to the Trust's Chief Compliance Officer as required under this Code.

Finally, I confirm that the statement checked below accurately reflects any changes to affiliations, including but not limited to serving on the board of a public or private company, and/or ownership interests or other relationships with service providers to the Trust that I have which I am obligated to report under this Code:

No changes to affiliations since previous report

I have the following changes in affiliations to report

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

Signature<br>

Title <br>

Date<br>

Received by:

Signature<br>

Title <u>Chief Compliance Officer</u>

Date<br>

------

## Ex-99.Cert

#### CLEARWATER INVESTMENT TRUST

#### Section 302 Certifications
I, Justin H. Weyerhaeuser, certify that:

1. I have reviewed this report on Form N-CSR of Clearwater Investment Trust.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date:&nbsp;&nbsp;&nbsp;&nbsp; March 5, 2026  | <u>/s/ Justin H. Weyerhaeuser&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Justin H. Weyerhaeuser  |
|  | President (Principal Executive Officer) and  |
|  | Treasurer (Principal Financial Officer)  |

---

------

## Exhibit 99.906

#### CLEARWATER INVESTMENT TRUST

#### Section 906 Certifications
In connection with the Certified Shareholder Report of Clearwater Investment Trust (the "Registrant") on Form N-CSR for the period ending December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: March 5, 2026  | <u>/s/ Justin H. Weyerhaeuser&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |
|  | Justin H. Weyerhaeuser  |
|  | President (Principal Executive Officer) and  |
|  | Treasurer (Principal Financial Officer)  |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

------