# EDGAR Filing Document

**Accession Number:** 0000811161
**File Stem:** 0001145549-25-053266
**Filing Date:** 2025-8
**Character Count:** 385351
**Document Hash:** 8d6f1d35d01b568d159bc65cefabba86
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-053266.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0001145549-25-053266

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**EFFECTIVENESS DATE**: 20250825

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05038
- **FILM NUMBER:** 251250543

**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

------

#### 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:

#### June 30, 2025
 **Item 1. Reports to Stockholders.**

(a) The Semi-Annual Report to Shareholders is filed herewith.

(b) Not Applicable.

Clearwater Core Equity Fund

TICKER: QWVPX

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the Clearwater Core Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 Investment | Cost of $10,000 investment as a percentage |
| Core Equity Fund | $11 | 0.22% |

---

#### 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;$1302610227 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;555 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after waiver/reimbursement)** | &nbsp;&nbsp;&nbsp;&nbsp;$1269290 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### 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. | 6.87% |
| Microsoft Corp. | 6.34% |
| Apple, Inc. | 5.23% |
| Meta Platforms, Inc., Class A | 3.36% |
| Amazon.com, Inc. | 3.15% |
| Broadcom, Inc. | 2.31% |
| Alphabet, Inc., Class A | 2.27% |
| Berkshire Hathaway, Inc., Class B | 1.65% |
| Tesla, Inc. | 1.54% |
| JPMorgan Chase & Co. | 1.25% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_2999383.jpg)

Availability of Additional Information

![TSR - QR Code](images_7422.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

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the Clearwater Select Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 Investment | Cost of $10,000 investment as a percentage |
| Select Equity Fund | $45 | 0.93% |

---

#### 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;$426982313 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;717 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after waiver/reimbursement)** | &nbsp;&nbsp;&nbsp;&nbsp;$1948294 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

#### 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

---

| | |
|:---|:---|
| WSFS Financial Corp. | 1.09% |
| Arlo Technologies, Inc. | 1.02% |
| American Woodmark Corp. | 0.94% |
| Columbia Banking System, Inc. | 0.94% |
| Malibu Boats, Inc., Class A | 0.88% |
| Advance Auto Parts, Inc. | 0.84% |
| Limbach Holdings, Inc. | 0.82% |
| Steelcase, Inc., Class A | 0.82% |
| Air Lease Corp. | 0.80% |
| Woodward, Inc. | 0.79% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_2999276.jpg)

Availability of Additional Information

![TSR - QR Code](images_7422.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

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the Clearwater Tax-Exempt Bond Fund ("Fund") for the period of January 1, 2025 to June 30, 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.

#### Fund Expenses for the Last Six Months
(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 | $14 | 0.29% |

---

#### 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;$787204951 |
| &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;$1111197 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

#### 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 | 0.64% |
| TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 0.64% |
| MINNESOTA ST HSG FIN AGY | 0.56% |
| UTAH ST HSG CORP | 0.52% |
| GEORGIA ST HSG & FIN AUTH REVENUE | 0.51% |
| MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 0.50% |
| MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE | 0.50% |
| NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 0.50% |
| NEW JERSEY ST HSG & MTGE FIN AGY REVENUE | 0.49% |
| TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | 0.45% |

---

State Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_2999348.jpg)

Availability of Additional Information

![TSR - QR Code](images_7422.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

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about the Clearwater International Fund ("Fund") for the period of January 1, 2025 to June 30, 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.

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

---

| | | |
|:---|:---|:---|
| Fund | Cost of $10,000 Investment | Cost of $10,000 investment as a percentage |
| International Fund | $41 | 0.76% |

---

#### 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;$1192004804 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;514 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after waiver/reimbursement)** | &nbsp;&nbsp;&nbsp;&nbsp;$4074452 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;59% |

---

#### 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

---

| | |
|:---|:---|
| Safran S.A. | 1.75% |
| Arch Capital Group Ltd. | 1.73% |
| Glenveagh Properties PLC | 1.57% |
| Siemens Energy A.G. | 1.55% |
| Rolls-Royce Holdings PLC | 1.35% |
| UBS Group A.G. (Registered) | 1.32% |
| Danone S.A. | 1.28% |
| BAE Systems PLC | 1.27% |
| Sea Ltd. ADR | 1.26% |
| Novartis A.G. (Registered) | 1.24% |

---

Sector Allocation

![Graphical Representation - Allocation 2 Chart](chartimages_2999311.jpg)

Availability of Additional Information

![TSR - QR Code](images_7422.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.**

Not applicable to this filing.

------

&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.**

Not applicable to this filing.

------

&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 4. Principal Accountant Fees and Services.**

Not applicable to this filing.

------

&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*

Semi-Annual Financial Statements and Additional Information

for the period ended

June 30, 2025

------

**Clearwater Investment Trust**

Financial Statements

For the Six Months Ended June 30, 2025 (Unaudited)

**Table of Contents**

---

| | |
|:---|:---|
| 1 | [Statements of Assets and Liabilities](#xx_2222d181-af54-4906-8313-a34e3f3d03e0_FIN-StatementofAssetsandLiabilities_1) |
| 2 | [Statements of Operations](#xx_2222d181-af54-4906-8313-a34e3f3d03e0_FIN-StatementofAssetsandLiabilities_2) |
| 3 | [Statements of Changes in Net Assets](#xx_2222d181-af54-4906-8313-a34e3f3d03e0_FIN-StatementofAssetsandLiabilities_3) |
| 4 | [Financial Highlights](#xx_2222d181-af54-4906-8313-a34e3f3d03e0_FIN-StatementofAssetsandLiabilities_4) |
| 8 | [Notes to Financial Statements](#xx_2222d181-af54-4906-8313-a34e3f3d03e0_NTF-NotestoFinancialStatements_1) |
| 28 | [Schedules of Investments](#xx_2222d181-af54-4906-8313-a34e3f3d03e0_SOI-ScheduleofInvestments-433_1) |
| 28 | *[Core Equity Fund](#xx_2222d181-af54-4906-8313-a34e3f3d03e0_SOI-ScheduleofInvestments-433_1)* |
| 38 | *[Select Equity Fund](#xx_2222d181-af54-4906-8313-a34e3f3d03e0_SOI-ScheduleofInvestments-433_11)* |
| 50 | *[Tax-Exempt Bond Fund](#xx_2222d181-af54-4906-8313-a34e3f3d03e0_SOI-ScheduleofInvestments-433_23)* |
| 75 | *[International Fund](#xx_2222d181-af54-4906-8313-a34e3f3d03e0_SOI-ScheduleofInvestments-433_48)* |
| 86 | [Changes in and Disagreements with Accountants for Open-End Management](#xx_2222d181-af54-4906-8313-a34e3f3d03e0_CAD-TOC-ChangesinandDisagreements_1)<br> [Investment Companies](#xx_2222d181-af54-4906-8313-a34e3f3d03e0_CAD-TOC-ChangesinandDisagreements_1)<br>|
| 87 | [Proxy Disclosures for Open-End Management Investment Companies](#xx_2222d181-af54-4906-8313-a34e3f3d03e0_SMR-SMR-TOC_1) |
| 88 | [Remuneration Paid to Directors, Officers, and Others of Open-End Management](#xx_2222d181-af54-4906-8313-a34e3f3d03e0_RPD-TOC-RemunerationPaidtoDirectors_1)<br> [Investment Companies](#xx_2222d181-af54-4906-8313-a34e3f3d03e0_RPD-TOC-RemunerationPaidtoDirectors_1)<br>|
| 89 | [Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_2222d181-af54-4906-8313-a34e3f3d03e0_ASA-ASA-TOC_1) |

---

------

**CLEARWATER INVESTMENT TRUST**

Statements of Assets and Liabilities

June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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, $7,103,213, $0 and <br> $7,721,834, respectively); (identified cost: <br> $609,763,246, $406,125,692, $862,660,992 and <br> $821,123,504, respectively)<br>| $1303918210 | &nbsp;&nbsp; 435175595 | &nbsp;&nbsp; 792446866 | &nbsp;&nbsp; 1190224676 |
| Foreign currencies, at value (cost: $0, $2, $0 and <br> $5,516,554, respectively)<br>| - | &nbsp;&nbsp; 2 | &nbsp;&nbsp; - | &nbsp;&nbsp; 5657552 |
| Cash (restricted: $0, $0, $255,000 and $0, respectively) | - | &nbsp;&nbsp; 94278 | &nbsp;&nbsp; 202946 | &nbsp;&nbsp; - |
| Receivable for securities sold | - | &nbsp;&nbsp; 536027 | &nbsp;&nbsp; 658694 | &nbsp;&nbsp; 2764590 |
| Receivable for shares of beneficial interest sold | 29600 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Accrued dividend and interest receivable | 667751 | &nbsp;&nbsp; 241482 | &nbsp;&nbsp; 9697710 | &nbsp;&nbsp; 1430480 |
| Foreign tax reclaim receivable | 27577 | &nbsp;&nbsp; 332 | &nbsp;&nbsp; - | &nbsp;&nbsp; 3272572 |
| Unrealized appreciation on forward foreign currency <br> exchange contracts<br>| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 101884 |
| Total assets | 1304643138 | &nbsp;&nbsp; 436047716 | &nbsp;&nbsp; 803006216 | &nbsp;&nbsp; 1203451754 |
| **Liabilities** |  |  |  |  |
| Cash overdraft | - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 266241 |
| Payables for investment securities purchased | - | &nbsp;&nbsp; 565552 | &nbsp;&nbsp; 14733963 | &nbsp;&nbsp; 2852 |
| Payable for fund shares redeemed | 100000 | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Accrued investment advisory fee | 634570 | &nbsp;&nbsp; 943453 | &nbsp;&nbsp; 562237 | &nbsp;&nbsp; 2101973 |
| Payable for dividend distribution | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 456635 | &nbsp;&nbsp; - |
| Payable for variation margin on futures contracts | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 48430 | &nbsp;&nbsp; - |
| Payable upon return of securities loaned | - | &nbsp;&nbsp; 7272398 | &nbsp;&nbsp; - | &nbsp;&nbsp; 8104664 |
| Unrealized depreciation on forward foreign currency <br> exchange contracts<br>| - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 184997 |
| Deferred foreign capital gains taxes payable | - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 735653 |
| Short-term financing | 1298341 | &nbsp;&nbsp; 284000 | &nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Other payable | - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 50570 |
| Total liabilities | 2032911 | &nbsp;&nbsp; 9065403 | &nbsp;&nbsp; 15801265 | &nbsp;&nbsp; 11446950 |
| Net assets | $1302610227 | &nbsp;&nbsp; 426982313 | &nbsp;&nbsp; 787204951 | &nbsp;&nbsp; 1192004804 |
| **Capital** |  |  |  |  |
| Capital Stock and additional paid-in capital (authorized <br> unlimited number of shares at no par value for each <br> Fund: 14,125,384, 22,267,651, 92,023,671 and <br> 51,102,768 shares outstanding, respectively)<br>| $623960183 | &nbsp;&nbsp; 415575930 | &nbsp;&nbsp; 883582907 | &nbsp;&nbsp; 762125762 |
| Distributable earnings | 678650044 | &nbsp;&nbsp; 11406383 | &nbsp;&nbsp; (96377956)<br>| &nbsp;&nbsp; 429879042 |
| Net assets | $1302610227 | &nbsp;&nbsp; 426982313 | &nbsp;&nbsp; 787204951 | &nbsp;&nbsp; 1192004804 |
| Net asset value per share of outstanding capital stock | $92.22 | 19.18 | 8.55 | 23.33 |

---

See accompanying notes to financial statements.

------

**CLEARWATER INVESTMENT TRUST**

Statements of Operations

for the six months ended June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 $7,107, <br> $19,196, $0 and $1,259,463, respectively)<br>| $8404888 | &nbsp;&nbsp; 2926737 | &nbsp;&nbsp; 1556725 | &nbsp;&nbsp; 14130216 |
| Interest | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 16917986 | &nbsp;&nbsp; 95900 |
| Tax reclaims | - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; 759696 |
| Net income from securities loaned | - | &nbsp;&nbsp; 35981 | &nbsp;&nbsp; - | &nbsp;&nbsp; 113977 |
| Total income | 8404888 | &nbsp;&nbsp; 2962718 | &nbsp;&nbsp; 18474711 | &nbsp;&nbsp; 15099789 |
| Expenses: |  |  |  |  |
| Investment advisory fee | 5079675 | &nbsp;&nbsp; 2829454 | &nbsp;&nbsp; 2299036 | &nbsp;&nbsp; 5395716 |
| Total expenses | 5079675 | &nbsp;&nbsp; 2829454 | &nbsp;&nbsp; 2299036 | &nbsp;&nbsp; 5395716 |
| Less: waivers of investment advisory fee or other <br> expense reimbursements<br>| (3810385)<br>| &nbsp;&nbsp; (881160)<br>| &nbsp;&nbsp; (1187839)<br>| &nbsp;&nbsp; (1321264)<br>|
| Net expenses | 1269290 | &nbsp;&nbsp; 1948294 | &nbsp;&nbsp; 1111197 | &nbsp;&nbsp; 4074452 |
| Net investment income | 7135598 | &nbsp;&nbsp; 1014424 | &nbsp;&nbsp; 17363514 | &nbsp;&nbsp; 11025337 |
| Net realized gain (loss) on: |  |  |  |  |
| Security transactions | (7576275)<br>| &nbsp;&nbsp; 9280974 | &nbsp;&nbsp; (3922490)<br>| &nbsp;&nbsp; 43135891 |
| Foreign currency transactions | - | &nbsp;&nbsp; (538)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 301777 |
| Futures contracts | - | &nbsp;&nbsp; - | &nbsp;&nbsp; 371742 | &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> $677,085, respectively)<br>| 85722410 | &nbsp;&nbsp; (25060253)<br>| &nbsp;&nbsp; (16103046)<br>| &nbsp;&nbsp; 138448694 |
| Forward foreign currency exchange contracts | - | &nbsp;&nbsp; - | &nbsp;&nbsp; - | &nbsp;&nbsp; (83113)<br>|
| Futures contracts | - | &nbsp;&nbsp; - | &nbsp;&nbsp; (1272881)<br>| &nbsp;&nbsp; - |
| Translation of other assets and liabilities denominated in <br> foreign currencies<br>| - | &nbsp;&nbsp; (96)<br>| &nbsp;&nbsp; - | &nbsp;&nbsp; 575651 |
| Net gain (loss) on investments | 78146135 | &nbsp;&nbsp; (15779913)<br>| &nbsp;&nbsp; (20926675)<br>| &nbsp;&nbsp; 182378900 |
| Net increase (decrease) in net assets resulting <br> from operations<br>| $85281733 | &nbsp;&nbsp; (14765489)<br>| &nbsp;&nbsp; (3563161)<br>| &nbsp;&nbsp; 193404237 |

---

See accompanying notes to financial statements.

------

**CLEARWATER INVESTMENT TRUST**

Statements of Changes in Net Assets

for the six months ended June 30, 2025 (unaudited) and the year ended December 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Equity**<br> **Fund** | **Core Equity**<br> **Fund** | **Select Equity**<br> **Fund** | **Select Equity**<br> **Fund** |
|  | **06/30/2025** | **12/31/2024** | **06/30/2025** | **12/31/2024** |
| Operations: |  |  |  |  |
| Net investment income | $7135598 | &nbsp;&nbsp; 11492946 | &nbsp;&nbsp;&nbsp;&nbsp; 1014424 | &nbsp;&nbsp; 1870643 |
| Net realized gain (loss) | (7576275)<br>| &nbsp;&nbsp; 28881855 | &nbsp;&nbsp;&nbsp;&nbsp; 9280436 | &nbsp;&nbsp; 34796336 |
| Net increase (decrease) in unrealized appreciation/depreciation | 85722410 | &nbsp;&nbsp; 183985109 | &nbsp;&nbsp;&nbsp;&nbsp; (25060349)<br>| &nbsp;&nbsp; 4899096 |
| Net increase (decrease) in net assets resulting from operations | 85281733 | &nbsp;&nbsp; 224359910 | &nbsp;&nbsp;&nbsp;&nbsp; (14765489)<br>| &nbsp;&nbsp; 41566075 |
| Distributions to shareholders | - | &nbsp;&nbsp; (11515759)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Tax return of capital | - | &nbsp;&nbsp; (333083)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Capital share transactions: |  |  |  |  |
| Proceeds from shares sold | 122996053 | &nbsp;&nbsp; 62511090 | &nbsp;&nbsp;&nbsp;&nbsp; 23778507 | &nbsp;&nbsp; 27334824 |
| Reinvestment of distributions from net investment income and net <br> realized gain<br>| - | &nbsp;&nbsp; 11848292 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; - |
| Payments for shares redeemed | (8928156)<br>| &nbsp;&nbsp; (55578591)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (36308229)<br>| &nbsp;&nbsp; (41687005)<br>|
| Net increase (decrease) in net assets from capital share transactions | 114067897 | &nbsp;&nbsp; 18780791 | &nbsp;&nbsp;&nbsp;&nbsp; (12529722)<br>| &nbsp;&nbsp; (14352181)<br>|
| Total increase (decrease) in net assets | 199349630 | &nbsp;&nbsp; 231291859 | &nbsp;&nbsp;&nbsp;&nbsp; (27295211)<br>| &nbsp;&nbsp; 27213894 |
| Net assets: |  |  |  |  |
| At the beginning of the period | 1103260597 | &nbsp;&nbsp; 871968738 | &nbsp;&nbsp;&nbsp;&nbsp; 454277524 | &nbsp;&nbsp; 427063630 |
| At the end of the period | $1302610227 | &nbsp;&nbsp; 1103260597 | &nbsp;&nbsp;&nbsp;&nbsp; 426982313 | &nbsp;&nbsp; 454277524 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax-Exempt**<br> **Bond Fund** | **Tax-Exempt**<br> **Bond Fund** | **International**<br> **Fund** | **International**<br> **Fund** |
|  | **06/30/2025** | **12/31/2024** | **06/30/2025** | **12/31/2024** |
| Operations: |  |  |  |  |
| Net investment income | $17363514 | &nbsp;&nbsp; 32084220 | &nbsp;&nbsp;&nbsp;&nbsp; 11025337 | &nbsp;&nbsp; 17940952 |
| Net realized gain (loss) | (3550748)<br>| &nbsp;&nbsp; (6245431)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 43437668 | &nbsp;&nbsp; 72493772 |
| Net increase (decrease) in unrealized appreciation/depreciation | (17375927)<br>| &nbsp;&nbsp; 9273905 | &nbsp;&nbsp;&nbsp;&nbsp; 138941232 | &nbsp;&nbsp; (36273873)<br>|
| Net increase (decrease) in net assets resulting from operations | (3563161)<br>| &nbsp;&nbsp; 35112694 | &nbsp;&nbsp;&nbsp;&nbsp; 193404237 | &nbsp;&nbsp; 54160851 |
| Distributions to shareholders | (17439264)<br>| &nbsp;&nbsp; (32473756)<br>| &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; (58926318)<br>|
| Capital share transactions: |  |  |  |  |
| Proceeds from shares sold | 51152500 | &nbsp;&nbsp; 65578419 | &nbsp;&nbsp;&nbsp;&nbsp; 6230000 | &nbsp;&nbsp; 48915403 |
| Reinvestment of distributions from net investment income and net <br> realized gain<br>| 17487441 | &nbsp;&nbsp; 32256719 | &nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp; 58924844 |
| Payments for shares redeemed | (15759350)<br>| &nbsp;&nbsp; (45611040)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31102909)<br>| &nbsp;&nbsp; (94983087)<br>|
| Net increase (decrease) in net assets from capital share transactions | 52880591 | &nbsp;&nbsp; 52224098 | &nbsp;&nbsp;&nbsp;&nbsp; (24872909)<br>| &nbsp;&nbsp; 12857160 |
| Total increase in net assets | 31878166 | &nbsp;&nbsp; 54863036 | &nbsp;&nbsp;&nbsp;&nbsp; 168531328 | &nbsp;&nbsp; 8091693 |
| Net assets: |  |  |  |  |
| At the beginning of the period | 755326785 | &nbsp;&nbsp; 700463749 | &nbsp;&nbsp;&nbsp;&nbsp; 1023473476 | &nbsp;&nbsp; 1015381783 |
| At the end of the period | $787204951 | &nbsp;&nbsp; 755326785 | &nbsp;&nbsp;&nbsp;&nbsp; 1192004804 | &nbsp;&nbsp; 1023473476 |

---

See accompanying notes to financial statements.

------

**CLEARWATER INVESTMENT TRUST**

Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Core Equity**<br> **Fund**<br>| **2025**<br> **(Unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $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 | &nbsp;&nbsp;&nbsp;&nbsp;48.14 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| Net realized and unrealized gains (losses) | 5.59 | &nbsp;&nbsp;&nbsp;&nbsp;16.84 | &nbsp;&nbsp;&nbsp;&nbsp;13.40 | &nbsp;&nbsp;&nbsp; (12.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.36 | &nbsp;&nbsp;&nbsp;&nbsp;7.22 |
| Total from investment operations | 6.09 | &nbsp;&nbsp;&nbsp;&nbsp;17.75 | &nbsp;&nbsp;&nbsp;&nbsp;14.37 | &nbsp;&nbsp;&nbsp; (11.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.08 | &nbsp;&nbsp;&nbsp;&nbsp;7.93 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| Net investment income | - | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| Net realized gain | - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| Tax return of capital | - | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions to shareholders: | - | &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp;&nbsp; (0.96)<br>|
| Net asset value, end of period | $92.22 | &nbsp;&nbsp;&nbsp;&nbsp;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 |
| Total return (a) | 7.07<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>| &nbsp;&nbsp;&nbsp;&nbsp; 16.54<br> %<br>|
| Net assets, end of period (000s omitted) | $1302610 | &nbsp;&nbsp;&nbsp; 1103261 | &nbsp;&nbsp;&nbsp; 871969 | &nbsp;&nbsp;&nbsp; 718170 | &nbsp;&nbsp;&nbsp; 879589 | &nbsp;&nbsp;&nbsp; 616984 |
| Ratio of expenses, net of waivers, to average net <br> assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), <br> (l), (m), (n)<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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>|
| Ratio of expenses, before waivers, to average net <br> assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), <br> (l), (m), (n)<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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Ratio of net investment income (loss), net of <br> waivers, to average net assets (c), (d), (e), (f), <br> (g), (h), (i), (j), (k), (l), (m), (n)<br>| 1.27<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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>|
| Ratio of net investment income (loss), before <br> waivers, to average net assets (c), (d), (e), (f), <br> (g), (h), (i), (j), (k), (l), (m), (n)<br>| 0.59<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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Portfolio turnover rate (excluding short-term <br> securities)<br>| 14.63<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; 37.16<br> %<br>|

---

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

&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) Annualized for periods less than one year.

&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%.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Effective January 1, 2020, the investment advisory fee, net of voluntary waivers,
 decreased to 0.31%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.59%.

See accompanying notes to financial statements.

------

**CLEARWATER INVESTMENT TRUST**

Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Select Equity**<br> **Fund**<br>| **2025**<br> **(Unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $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 | &nbsp;&nbsp;&nbsp;&nbsp;18.45 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gains (losses) | (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp; (4.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.95 |
| Total from investment operations | (0.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp; (4.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| Net investment income | - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| Net realized gain | - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (2.54)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| Total distributions to shareholders: | - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| Net asset value, end of period | $19.18 | &nbsp;&nbsp;&nbsp;&nbsp;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 |
| Total return (a) | (3.18)%<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>| &nbsp;&nbsp;&nbsp;&nbsp; 11.25<br> %<br>|
| Net assets, end of period (000s omitted) | $426982 | &nbsp;&nbsp;&nbsp; 454278 | &nbsp;&nbsp;&nbsp; 427064 | &nbsp;&nbsp;&nbsp; 364947 | &nbsp;&nbsp;&nbsp; 534067 | &nbsp;&nbsp;&nbsp; 455974 |
| Ratio of expenses, net of waivers, to average net <br> assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), <br> (l), (m), (n), (o)<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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>|
| Ratio of expenses, before waivers, to average net <br> assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), <br> (l), (m), (n), (o)<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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>|
| Ratio of net investment income (loss), net of <br> waivers, to average net assets (c), (d), (e), (f), <br> (g), (h), (i), (j), (k), (l), (m), (n), (o)<br>| 0.48<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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Ratio of net investment income (loss), before <br> waivers, to average net assets (c), (d), (e), (f), <br> (g), (h), (i), (j), (k), (l), (m), (n), (o)<br>| 0.06<br> %<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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Portfolio turnover rate (excluding short-term <br> securities)<br>| 45.29<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; 102.30<br> %<br>|

---

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

&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) Annualized for periods less than one year.

&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%.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Effective October 1, 2020, the investment advisory fee, net of voluntary waivers,
 decreased to 0.91%. Also effective October 1, 2020, the Adviser increased the voluntary waiver to 0.44%.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Effective January 1, 2020, the investment advisory fee, net of voluntary waivers,
 decreased to 0.95%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.40%.

See accompanying notes to financial statements.

5(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** | **Year ended December 31,** |
| **Tax-Exempt**<br> **Bond Fund**<br>| **2025**<br> **(Unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $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 | &nbsp;&nbsp;&nbsp;&nbsp;10.13 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| Net realized and unrealized gains (losses) | (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Total from investment operations | (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| Net investment income | (0.20)<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>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Net realized gain | - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; - |
| Total distributions to shareholders: | (0.20)<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>| &nbsp;&nbsp;&nbsp; (0.41)<br>|
| Net asset value, end of period | $8.55 | &nbsp;&nbsp;&nbsp;&nbsp;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 |
| Total return (a) | (0.51)%<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>| &nbsp;&nbsp;&nbsp;&nbsp; 4.26<br> %<br>|
| Net assets, end of period (000s omitted) | $787205 | &nbsp;&nbsp;&nbsp; 755327 | &nbsp;&nbsp;&nbsp; 700464 | &nbsp;&nbsp;&nbsp; 565634 | &nbsp;&nbsp;&nbsp; 732494 | &nbsp;&nbsp;&nbsp; 616839 |
| Ratio of expenses, net of waivers, to average <br> net assets (b), (c), (d), (e), (f), (g), (h), (i), <br> (j), (k)<br>| 0.29<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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>|
| Ratio of expenses, before waivers, to average <br> net assets (b), (c), (d), (e), (f), (g), (h), (i), <br> (j), (k)<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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Ratio of net investment income (loss), net of <br> waivers, to average net assets (c), (d), (e), <br> (f), (g), (h), (i), (j), (k)<br>| 4.53<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>| &nbsp;&nbsp;&nbsp;&nbsp; 3.85<br> %<br>|
| Ratio of net investment income (loss), before <br> waivers, to average net assets (c), (d), (e), <br> (f), (g), (h), (i), (j), (k)<br>| 4.22<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>| &nbsp;&nbsp;&nbsp;&nbsp; 3.54<br> %<br>|
| Portfolio turnover rate (excluding short-term <br> securities)<br>| 11.78<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; 17.21<br> %<br>|

---

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

&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) Annualized for periods less than one year.

&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%.

&nbsp;&nbsp;&nbsp;&nbsp;(k) Effective January 1, 2020, the investment advisory fee, net of voluntary waivers,
 decreased to 0.29%. Also effective January 1, 2020, the Adviser decreased the voluntary waiver to 0.31%.

See accompanying notes to financial statements.

6(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30,** | **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**<br> **(Unaudited)**<br>| **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $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 | &nbsp;&nbsp;&nbsp;&nbsp;17.28 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Net realized and unrealized gains (losses) | 3.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;3.07 |
| Total from investment operations | 3.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp; (4.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 |
| Less distributions to shareholders from: |  |  |  |  |  |  |
| Net investment income | - | &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Net realized gain | - | &nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>|
| Total distributions to shareholders: | - | &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>|
| Net asset value, end of period | $23.33 | &nbsp;&nbsp;&nbsp;&nbsp;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 |
| Total return (a) | 19.21<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>| &nbsp;&nbsp;&nbsp;&nbsp; 19.02<br> %<br>|
| Net assets, end of period (000s omitted) | $1192005 | &nbsp;&nbsp;&nbsp; 1023473 | &nbsp;&nbsp;&nbsp; 1015382 | &nbsp;&nbsp;&nbsp; 878046 | &nbsp;&nbsp;&nbsp; 1090945 | &nbsp;&nbsp;&nbsp; 867784 |
| Ratio of expenses, net of waivers, to average net <br> assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), <br> (l), (m), (n), (o)<br>| 0.76<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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>|
| Ratio of expenses, before waivers, to average net <br> assets (b), (c), (d), (e), (f), (g), (h), (i), (j), (k), <br> (l), (m), (n), (o)<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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>|
| Ratio of net investment income (loss), net of <br> waivers, to average net assets (c), (d), (e), (f), <br> (g), (h), (i), (j), (k), (l), (m), (n), (o)<br>| 2.04<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>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>|
| Ratio of net investment income (loss), before <br> waivers, to average net assets (c), (d), (e), (f), <br> (g), (h), (i), (j), (k), (l), (m), (n), (o)<br>| 1.80<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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>|
| Portfolio turnover rate (excluding short-term <br> securities)<br>| 58.98<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; 39.61<br> %<br>|

---

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

&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) Annualized for periods less than one year.

&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%.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Effective October 1, 2020, the investment advisory fee, net of voluntary waivers,
 increased to 0.68%. Also effective October 1, 2020, the Adviser decreased the voluntary waiver to 0.32%.

&nbsp;&nbsp;&nbsp;&nbsp;(o) Effective January 1, 2020, the investment advisory fee, net of voluntary waivers,
 decreased to 0.65%. Also effective January 1, 2020, the Adviser increased the voluntary waiver to 0.35%.

See accompanying notes to financial statements.

7(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 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)

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**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 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, Pzena Investment Management LLC, Rice Hall James & Associates, LLC and Wasatch Global Investors. 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 five 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 June 30, 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

(Continued)

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**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 2025

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

**(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)

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**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 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)

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**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 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 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)

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**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 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, 2024, no provision for income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for the 2021, 2022, 2023 and 2024 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

(Continued)

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**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 2025

the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The tax character of distributions by the Funds during the years ended December 31, 2024 and 2023 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax-Exempt**  | **Tax-Exempt**  | **Ordinary Income\*** | **Ordinary Income\*** |
|  | 2024 | 2023 | 2024 | 2023 |
| Core Equity Fund | $—<br>| $—<br>| &nbsp;&nbsp;&nbsp; $11515759 | $12223108<br>|
| Select Equity Fund | —<br>| —<br>| &nbsp;&nbsp;&nbsp; — | 1761996<br>|
| Tax-Exempt Bond Fund | 29619936<br>| 27234076<br>| &nbsp;&nbsp;&nbsp; 2636816 | 1611581<br>|
| International Fund | —<br>| —<br>| &nbsp;&nbsp;&nbsp; 25023671 | 23498478<br>|

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Long-Term Capital Gains\*\*** | **Long-Term Capital Gains\*\*** | **Tax Return of Capital** | **Tax Return of Capital** |
|  | 2024 | 2023 | 2024 | 2023 |
| Core Equity Fund | $— | $— | &nbsp;&nbsp;&nbsp; $333083 | $129066 |
| Select Equity Fund |  |  | &nbsp;&nbsp;&nbsp; — | 134871 |
| International Fund | 33902647 |  | &nbsp;&nbsp;&nbsp; — |  |

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\* In addition to the ordinary income distributions, during 2024 the following Fund utilized equalization accounting for tax purposes whereby a portion of redemption payments were treated as distributions of ordinary income in the following amounts:

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| | |
|:---|:---|
| International Fund | $74282<br>|

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\*\* In addition to the long-term capital gain distributions, during 2024 the following Fund 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:

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| | |
|:---|:---|
| International Fund | $901390<br>|

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(Continued)

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**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 2025

As of December 31, 2024, the components of distributable earnings on a tax basis were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core**<br> **Equity Fund**<br>| **Select Equity** <br> **Fund**<br>| **Tax-Exempt**<br> **Bond Fund**<br>| **International**<br> **Fund**<br>|
| Undistributed ordinary income | $— | $4012366 | $— | $1435760 |
| Undistributed tax-exempt income |  |  | 286770 |  |
| Undistributed capital gain |  |  |  | 17422547 |
| Accumulated capital losses and other | (12250888)<br>| (27288930)<br>| (20492003)<br>|  |
| Unrealized appreciation/depreciation | 605619199 | 49448436 | (54665280)<br>| 217616498 |
| Other temporary differences |  |  | (505018)<br>|  |
| Total | $593368311 | $26171872 | $(75375531)<br>| $236474805 |

---

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, 2024, reclassifications have been recorded among the following capital accounts on the Statements of Assets and Liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; $(19053416)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(8583929)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(156154)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(15106765)<br>|
| Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp; 19053416 | &nbsp;&nbsp;&nbsp;&nbsp; 8583929 | &nbsp;&nbsp;&nbsp;&nbsp; 156154 | &nbsp;&nbsp;&nbsp;&nbsp; 15106765 |

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&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.

(Continued)

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**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 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;***(m) Indemnification***

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

&nbsp;&nbsp;&nbsp;&nbsp;***(n) Cash and Restricted Cash*** 

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.

Restricted cash is subject to a legal or contractual restriction by third parties as well as a restriction as to withdrawal or use, including restrictions that require the funds to be used for a specified purpose and restrictions that limit the purpose for which the funds can be used. The Funds consider cash collateral posted with counterparties for derivative contracts to be restricted cash.

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

In this reporting period, 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.

(Continued)

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**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 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 June 30, 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 | $1297479408 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1297479408 |
| Escrows |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Rights |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Short-Term Investments | 6438802 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6438802 |
| Total | $1303918210 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1303918210 |

---

\* *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. Investment in money market funds are valued at their net asset value.

There were no significant Level 3 valuations at June 30, 2025.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 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 | $417412675 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $417412675 |
| Escrows |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Rights |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Short-Term Investments | 17762920 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17762920 |
| Total | $435175595 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $435175595 |

---

\* *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 June 30, 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 | $27974101 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27974101 |
| Municipal Bonds |  |  |  |  |
| Alabama |  | &nbsp;&nbsp; 17112322 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17112322 |
| Arizona |  | &nbsp;&nbsp; 6863525 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6863525 |
| Arkansas |  | &nbsp;&nbsp; 3022923 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3022923 |
| California |  | &nbsp;&nbsp; 42892772 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42892772 |
| Colorado |  | &nbsp;&nbsp; 22836634 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22836634 |
| Connecticut |  | &nbsp;&nbsp; 5634659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5634659 |
| Delaware |  | &nbsp;&nbsp; 3890539 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3890539 |
| District of Columbia |  | &nbsp;&nbsp; 6865915 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6865915 |
| Florida |  | &nbsp;&nbsp; 98709924 | &nbsp;&nbsp; — | &nbsp;&nbsp; 98709924 |
| Georgia |  | &nbsp;&nbsp; 16841693 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16841693 |
| Guam |  | &nbsp;&nbsp; 584216 | &nbsp;&nbsp; — | &nbsp;&nbsp; 584216 |
| Idaho |  | &nbsp;&nbsp; 7769554 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7769554 |
| Illinois |  | &nbsp;&nbsp; 34296508 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34296508 |
| Indiana |  | &nbsp;&nbsp; 14300709 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14300709 |
| Iowa |  | &nbsp;&nbsp; 8364772 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8364772 |
| Kansas |  | &nbsp;&nbsp; 2281036 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2281036 |
| Kentucky |  | &nbsp;&nbsp; 6954668 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6954668 |
| Louisiana |  | &nbsp;&nbsp; 12059084 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12059084 |
| Maine |  | &nbsp;&nbsp; 2012387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2012387 |
| Maryland |  | &nbsp;&nbsp; 4901103 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4901103 |

---

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 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** |
| Massachusetts | $— | &nbsp;&nbsp; $12060487 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12060487 |
| Michigan |  | &nbsp;&nbsp; 31891413 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31891413 |
| Minnesota |  | &nbsp;&nbsp; 9199071 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9199071 |
| Mississippi |  | &nbsp;&nbsp; 1247721 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1247721 |
| Missouri |  | &nbsp;&nbsp; 21003091 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21003091 |
| Montana |  | &nbsp;&nbsp; 4192194 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4192194 |
| Nebraska |  | &nbsp;&nbsp; 4301230 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4301230 |
| Nevada |  | &nbsp;&nbsp; 5447238 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5447238 |
| New Hampshire |  | &nbsp;&nbsp; 9640163 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9640163 |
| New Jersey |  | &nbsp;&nbsp; 20314348 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20314348 |
| New Mexico |  | &nbsp;&nbsp; 9563672 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9563672 |
| New York |  | &nbsp;&nbsp; 35036429 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35036429 |
| North Carolina |  | &nbsp;&nbsp; 13026593 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13026593 |
| North Dakota |  | &nbsp;&nbsp; 5922792 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5922792 |
| Ohio |  | &nbsp;&nbsp; 31834381 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31834381 |
| Oklahoma |  | &nbsp;&nbsp; 8542008 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8542008 |
| Oregon |  | &nbsp;&nbsp; 3641510 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3641510 |
| Pennsylvania |  | &nbsp;&nbsp; 16844373 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16844373 |
| Puerto Rico |  | &nbsp;&nbsp; 8566132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8566132 |
| Rhode Island |  | &nbsp;&nbsp; 2813435 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2813435 |
| South Carolina |  | &nbsp;&nbsp; 13577132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13577132 |
| South Dakota |  | &nbsp;&nbsp; 1431210 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1431210 |
| Tennessee |  | &nbsp;&nbsp; 16598569 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16598569 |
| Texas |  | &nbsp;&nbsp; 64181392 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64181392 |
| Utah |  | &nbsp;&nbsp; 39527064 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39527064 |
| Vermont |  | &nbsp;&nbsp; 290093 | &nbsp;&nbsp; — | &nbsp;&nbsp; 290093 |
| Virginia |  | &nbsp;&nbsp; 13796913 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13796913 |
| Washington |  | &nbsp;&nbsp; 7107059 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7107059 |
| West Virginia |  | &nbsp;&nbsp; 5970715 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5970715 |
| Wisconsin |  | &nbsp;&nbsp; 13470509 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13470509 |
| Wyoming |  | &nbsp;&nbsp; 923565 | &nbsp;&nbsp; — | &nbsp;&nbsp; 923565 |
| Short-Term Investments | 14315320 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14315320 |
| Total | $42289421 | &nbsp;&nbsp; $750157445 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $792446866 |

---

(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 adjusted evaluated prices provided by the primary pricing provider. The Board has designated to the Adviser the responsibility to determine in good faith the fair value of securities for which no price quotation is available from an approved pricing service or broker-dealer at the time the Tax-Exempt

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 2025

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** |
| Liabilities |  |  |  |  |
| Futures Contracts | $(222359) | $— | $— | $(222359) |

---

The futures contracts outstanding at June 30, 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 |  |  |  |  |
| Russia | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—<br> \*<br>| &nbsp;&nbsp; $— |
| United Arab Emirates |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| All other countries | 1111976034 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1111976034 |
| Convertible Bonds |  | &nbsp;&nbsp; 2577056 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2577056 |
| Preferred Stocks | 3419376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3419376 |
| Warrants |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*<br>| &nbsp;&nbsp; — |
| Short-Term Investments | 72252210 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 72252210 |
| Total | $1187647620 | &nbsp;&nbsp; $2577056 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1190224676 |

---

\* *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, 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.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 2025

There were no significant Level 3 valuations at June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Fund**<br> **Other Financial Instruments**<br>| **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets |  |  |  |  |
| Forward foreign currency exchange contracts | $— | $101884 | $— | $101884 |
| Liabilities |  |  |  |  |
| Forward foreign currency exchange contracts |  | (184997) |  | (184997) |
| Net Other Financial Instruments | $— | $(83113) | $— | $(83113) |

---

The forward foreign currency exchange contracts outstanding at June 30, 2025 are considered Level 2 investments due to the contracts being marked-to-market daily at the applicable exchange rates that have been adjusted from the initial quoted rate. Forward foreign currency exchange contracts are shown on a gross basis in the above table and on the Statements of Assets and Liabilities.

**(4) Investment Security Transactions**

The cost of purchases and proceeds from sales of securities (excluding short-term securities) for the period ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales**  |
| Core Equity Fund | &nbsp;&nbsp; $290836485 | &nbsp;&nbsp; $168270316 |
| Select Equity Fund | &nbsp;&nbsp; 189180878 | &nbsp;&nbsp; 200705428 |
| Tax-Exempt Bond Fund | &nbsp;&nbsp; 154034458 | &nbsp;&nbsp; 88316711 |
| International Fund | &nbsp;&nbsp; 600458787 | &nbsp;&nbsp; 631240064 |

---

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 (unaudited)

June 30, 2025

At June 30, 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; $695272770 | &nbsp;&nbsp; $(3805292)<br>| &nbsp;&nbsp; $691467478 | &nbsp;&nbsp; $612450732 |
| Select Equity Fund | &nbsp;&nbsp; 75833341 | &nbsp;&nbsp; (51934736)<br>| &nbsp;&nbsp; 23898605 | &nbsp;&nbsp; 411276990 |
| Tax-Exempt Bond Fund | &nbsp;&nbsp; 6761439 | &nbsp;&nbsp; (77529766)<br>| &nbsp;&nbsp; (70768327)<br>| &nbsp;&nbsp; 863215193 |
| International Fund | &nbsp;&nbsp; 388610194 | &nbsp;&nbsp; (33427661)<br>| &nbsp;&nbsp; 355182533 | &nbsp;&nbsp; 835047143 |

---

**(5) Capital Share Transactions**

Transactions in capital shares for the six months ended June 30, 2025 and the fiscal year ended December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Equity Fund** | **Core Equity Fund** | **Select Equity Fund** | **Select Equity Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
| Sold | &nbsp;&nbsp; 1421668 | &nbsp;&nbsp; 792854 | &nbsp;&nbsp; 1275823 | &nbsp;&nbsp; 1478630 |
| Issued for reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; 133457 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp; (105041)<br>| &nbsp;&nbsp; (698184)<br>| &nbsp;&nbsp; (1944071)<br>| &nbsp;&nbsp; (2256373)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 1316627 | &nbsp;&nbsp; 228127 | &nbsp;&nbsp; (668248)<br>| &nbsp;&nbsp; (777743)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax-Exempt Bond Fund** | **Tax-Exempt Bond Fund** | **International Fund** | **International Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
| Sold | &nbsp;&nbsp; 5862036 | &nbsp;&nbsp; 7481084 | &nbsp;&nbsp; 292797 | &nbsp;&nbsp; 2426314 |
| Issued for reinvestment of distributions | &nbsp;&nbsp; 2023850 | &nbsp;&nbsp; 3674241 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2909869 |
| Redeemed | &nbsp;&nbsp; (1826983)<br>| &nbsp;&nbsp; (5195260)<br>| &nbsp;&nbsp; (1493002)<br>| &nbsp;&nbsp; (4730495)<br>|
| Net increase (decrease) | &nbsp;&nbsp; 6058903 | &nbsp;&nbsp; 5960065 | &nbsp;&nbsp; (1200205)<br>| &nbsp;&nbsp; 605688 |

---

**(6) Capital Loss Carryforward**

At December 31, 2024, 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, 2024, Core Equity Fund, Select Equity

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 2025

Fund and International Fund utilized $9,835,787, $25,790,421 and $1,888,378, respectively, in capital loss carryforwards to offset capital gains.

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term**  | **Long-Term**  | **Total**  |
| Core Equity Fund | &nbsp;&nbsp; $12250888 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12250888 |
| Select Equity Fund | &nbsp;&nbsp; 27288930 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27288930 |
| Tax-Exempt Bond Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 20492003 | &nbsp;&nbsp; 20492003 |

---

**(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 period ending June 30, 2025, voluntary waivers on management fees were as follows:

---

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

---

Effective January 1, 2025, the net management fees actually paid for the Select Equity Fund and International Fund due to the Adviser's modification of the voluntary waivers for those Funds were 0.92% and 0.75%, respectively. Effective April 1, 2025, the net management fees actually paid for the Core Equity Fund, Select Equity Fund and International Fund due to the Adviser's modification of the voluntary waivers for those Funds were 0.22%, 0.94% and 0.76%, respectively.

The Adviser currently intends to continue these voluntary waivers indefinitely. However, the Adviser may terminate these voluntary arrangements at any time.

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

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 2025

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. FCI has agreed to waive the difference between the amount calculated under the subadvisory fee schedule and an amount determined by multiplying the total number of hours worked by FCI in providing services under the subadvisory agreement by an hourly rate that is approved by the Adviser.

**(8) Derivative Instruments**

Information concerning the types of derivatives in which the Tax-Exempt Bond Fund and International Fund invest, the objectives for using them and their related risks can be found in Note 2 (c) and (d). Below are the types of derivatives held in the Tax-Exempt Bond Fund and International Fund by location as presented in the Statements of Assets and Liabilities as of June 30, 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; $— | Unrealized depreciation<br> on futures contracts<br>| &nbsp;&nbsp; $222,359<br> \*<br>| &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; 101884 | Unrealized depreciation<br> on forward foreign<br> currency exchange<br> contracts<br>| &nbsp;&nbsp; 184997 | Northern Trust |

---

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

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 six months ended June 30, 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>| $371742<br>| Tax-Exempt Bond Fund | Futures contracts  | Net increase<br> (decrease) in<br> unrealized<br> appreciation/<br> depreciation<br> on futures contracts <br>| $(1272881) <br>|

---

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 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 |
| 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>| $(83113) <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 notional amount of futures contracts and forward foreign currency exchange contracts, which is indicative of the volume of derivative activity, for the six months ended June 30, 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; $1064392 |

---

---

| | |
|:---|:---|
| 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>|
| 21 | &nbsp;&nbsp; $14813547 |

---

**(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 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 six months ended June 30, 2025, the Core Equity Fund had total redemptions in kind of $1,983,887, resulting in realized gains of $1,126,304. For the six months ended June 30, 2025, the Select Equity Fund had total redemptions in kind of $15,041,213, resulting in realized

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 2025

gains of $7,903,847. These realized gains are not recognized for tax purposes as discussed in Note 2. During the period ended June 30, 2025, the Funds had the following activity:

---

| | | |
|:---|:---|:---|
|  | **Average Amount**<br> **Oustanding for**<br> **Days in Use** <br>| **Days Used**  |
| Core Equity Fund | &nbsp;&nbsp; $3431<br>| &nbsp;&nbsp; 43<br>|
| Select Equity Fund | &nbsp;&nbsp; 20532<br>| &nbsp;&nbsp; 86<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 period ended June 30, 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 June 30, 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 $7,272,398 and $8,104,664 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 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

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

Notes to Financial Statements (unaudited)

June 30, 2025

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 June 30, 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; $7103213<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7272398<br>|
| International Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7721834<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8104664<br>|

---

At June 30, 2025, there were no offsetting of securities and they are presented on a gross basis.

**(11) Recent Market Events**

U.S. and international markets have experienced significant periods of volatility due to a number of economic, political and global macro factors including the growth concerns in the U.S. and overseas, high interest rates, trade and geopolitical tensions, and armed conflicts in multiple locations. In particular, the events have resulted in disruptions to supply chains and customer activity, cancellations and market declines. Related political, social and economic disruptions may also exacerbate other pre-existing political, social and economic risks in certain countries. It is not possible to know the extent of these impacts, and they may be short term or may last for an extended period of time. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets. The Adviser will monitor developments and seek to manage each Fund in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that it will be successful in doing so.

**(12) Subsequent Events**

Effective July 1, 2025, CMC has voluntarily agreed to waive a portion of the management fee for the Core Equity Fund, Select Equity Fund, Tax-Exempt Bond Fund and International Fund to achieve an effective management fee rate equal to 0.21%, 0.93%, 0.28% and 0.75%, 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**

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Common Stocks:** | **Common Stocks:** |  |  |  |
| **Communication Services:** | **Communication Services:** |  |  |  |
| 167568 | ALPHABET, INC., CLASS A | $12085216 | 29530509 |  |
| 74248 | ALPHABET, INC., CLASS C | 3681818 | 13170853 |  |
| 50843 | ANGI, INC.(b) | 817808 | 775864 |  |
| 361589 | AT&T, INC. | 7215690 | 10464386 |  |
| 1429 | CHARTER COMMUNICATIONS, INC., CLASS A(b) | 462940 | 584189 |  |
| 70100 | COMCAST CORP., CLASS A | 1094150 | 2501869 |  |
| 8300 | ELECTRONIC ARTS, INC. | 116945 | 1325510 |  |
| 3300 | FOX CORP., CLASS A | 181296 | 184932 |  |
| 2100 | FOX CORP., CLASS B | 108441 | 108423 |  |
| 183 | LIBERTY GLOBAL LTD., CLASS A(b)(c) | 879 | 1832 |  |
| 2900 | LIVE NATION ENTERTAINMENT, INC.(b) | 261807 | 438712 |  |
| 3538 | MATCH GROUP, INC. | 106301 | 109289 |  |
| 59251 | META PLATFORMS, INC., CLASS A | 9766677 | 43732571 |  |
| 7106 | NETFLIX, INC.(b) | 2566063 | 9515858 |  |
| 7075 | NEWS CORP., CLASS A | 129848 | 210269 |  |
| 2695 | OMNICOM GROUP, INC. | 89075 | 193878 |  |
| 8100 | PARAMOUNT GLOBAL, CLASS B | 93844 | 104490 |  |
| 80522 | PLAYTIKA HOLDING CORP.(c) | 387437 | 380869 |  |
| 8631 | SPOTIFY TECHNOLOGY S.A.(b)(c) | 3555656 | 6622911 |  |
| 36 | SUNRISE COMMUNICATIONS A.G., CLASS A ADR(b)(c)(d) | 814 | 2036 |  |
| 2500 | TAKE-TWO INTERACTIVE SOFTWARE, INC.(b) | 299873 | 607125 |  |
| 900 | TKO GROUP HOLDINGS, INC. | 132552 | 163755 |  |
| 7907 | T-MOBILE U.S., INC. | 876518 | 1883922 |  |
| 119012 | VERIZON COMMUNICATIONS, INC. | 4585923 | 5149649 |  |
| 28118 | WALT DISNEY (THE) CO. | 890300 | 3486913 |  |
| 42002 | WARNER BROS. DISCOVERY, INC.(b) | 311756 | 481343 |  |
|  |  | 49819627 | 131731957 | 10.11% |
| **Consumer Discretionary:** | **Consumer Discretionary:** |  |  |  |
| 6100 | AIRBNB, INC., CLASS A(b) | 687139 | 807274 |  |
| 187025 | AMAZON.COM, INC.(b) | 19151529 | 41031415 |  |
| 3700 | APTIV PLC(b)(c) | 233049 | 252414 |  |
| 7973 | ARAMARK | 229724 | 333830 |  |
| 10830 | AUTONATION, INC.(b) | 1247171 | 2151380 |  |
| 451 | AUTOZONE, INC.(b) | 703172 | 1674216 |  |
| 11419 | BEST BUY CO., INC. | 517128 | 766557 |  |
| 1289 | BOOKING HOLDINGS, INC. | 2757890 | 7462330 |  |
| 2328 | CARMAX, INC.(b) | 69832 | 156465 |  |
| 14000 | CARNIVAL CORP.(b) | 128765 | 393680 |  |
| 4263 | CARTER'S, INC. | 135850 | 128444 |  |
| 21300 | CHIPOTLE MEXICAN GRILL, INC.(b) | 624258 | 1195995 |  |
| 4500 | D.R. HORTON, INC. | 465171 | 580140 |  |
| 2200 | DARDEN RESTAURANTS, INC. | 211169 | 479534 |  |
| 2200 | DECKERS OUTDOOR CORP.(b) | 226660 | 226754 |  |
| 600 | DOMINO'S PIZZA, INC. | 257882 | 270360 |  |
| 6500 | DOORDASH, INC., CLASS A(b) | 1220087 | 1602315 |  |
| 7500 | EBAY, INC. | 231075 | 558450 |  |
| 14008 | EXPEDIA GROUP, INC. | 1406366 | 2362869 |  |
| 54779 | FORD MOTOR CO. | 380050 | 594352 |  |
| 38790 | GAP (THE), INC. | 672475 | 846010 |  |
| 3000 | GARMIN LTD.(c) | 188511 | 626160 |  |
| 102470 | GENERAL MOTORS CO. | 3522530 | 5042549 |  |
| 3450 | GENUINE PARTS CO. | 102425 | 418520 |  |
| 6038 | GRAND CANYON EDUCATION, INC.(b) | 1057405 | 1141182 |  |
| 15209 | H&R BLOCK, INC. | 596924 | 834822 |  |
| 526 | HASBRO, INC. | 17647 | 38829 |  |
| 3000 | HILTON WORLDWIDE HOLDINGS, INC. | 437249 | 799020 |  |
| 23626 | HOME DEPOT (THE), INC. | 5037142 | 8662237 |  |
| 7935 | LAS VEGAS SANDS CORP. | 239060 | 345252 |  |
| 8194 | LENNAR CORP., CLASS A | 837774 | 906338 |  |
| 15174 | LKQ CORP. | 472814 | 561590 |  |
| 8746 | LOWE'S COS., INC. | 1653075 | 1940475 |  |
| 70986 | MACY'S, INC. | 769670 | 827697 |  |
| 2938 | MARRIOTT INTERNATIONAL, INC., CLASS A | 61838 | 802691 |  |
| 11102 | MCDONALD'S CORP. | 2032692 | 3243671 |  |
| 3106 | MGM RESORTS INTERNATIONAL(b) | 88432 | 106815 |  |
| 600 | MOHAWK INDUSTRIES, INC.(b) | 26796 | 62904 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Consumer Discretionary (Cont'd):** | **Consumer Discretionary (Cont'd):** |  |  |  |
| 734 | MURPHY U.S.A., INC. | $275958 | 298591 |  |
| 19667 | NIKE, INC., CLASS B | 783645 | 1397144 |  |
| 302 | NVR, INC.(b) | 1057230 | 2230469 |  |
| 16100 | O'REILLY AUTOMOTIVE, INC.(b) | 1306585 | 1451093 |  |
| 5853 | PENSKE AUTOMOTIVE GROUP, INC. | 765614 | 1005604 |  |
| 40 | PHINIA, INC. | 880 | 1780 |  |
| 1758 | POOL CORP. | 465949 | 512422 |  |
| 17150 | PULTEGROUP, INC. | 834021 | 1808639 |  |
| 5143 | ROSS STORES, INC. | 560748 | 656144 |  |
| 3808 | ROYAL CARIBBEAN CRUISES LTD. | 172635 | 1192437 |  |
| 17726 | STARBUCKS CORP. | 173069 | 1624233 |  |
| 5800 | TAPESTRY, INC. | 163077 | 509298 |  |
| 63200 | TESLA, INC.(b) | 15231971 | 20076112 |  |
| 19260 | TJX (THE) COS., INC. | 1289817 | 2378417 |  |
| 31659 | TOLL BROTHERS, INC. | 1844510 | 3613242 |  |
| 8300 | TRACTOR SUPPLY CO. | 395067 | 437991 |  |
| 600 | ULTA BEAUTY, INC.(b) | 232308 | 280692 |  |
| 2425 | VF CORP. | 26244 | 28494 |  |
| 28250 | WILLIAMS-SONOMA, INC. | 1875952 | 4615202 |  |
| 1554 | WYNN RESORTS LTD. | 31066 | 145563 |  |
| 3600 | YUM! BRANDS, INC. | 428099 | 533448 |  |
|  |  | 76612871 | 135032551 | 10.37% |
| **Consumer Staples:** | **Consumer Staples:** |  |  |  |
| 49023 | ALBERTSONS COS., INC., CLASS A | 1001681 | 1054485 |  |
| 130346 | ALTRIA GROUP, INC. | 6210041 | 7642186 |  |
| 10300 | ARCHER-DANIELS-MIDLAND CO. | 188618 | 543634 |  |
| 2000 | BUNGE GLOBAL S.A. | 160223 | 160560 |  |
| 10068 | CHURCH & DWIGHT CO., INC. | 241887 | 967635 |  |
| 1700 | CLOROX (THE) CO. | 210031 | 204119 |  |
| 76091 | COCA-COLA (THE) CO. | 2312770 | 5383438 |  |
| 11480 | COLGATE-PALMOLIVE CO. | 780184 | 1043532 |  |
| 18770 | CONAGRA BRANDS, INC. | 415337 | 384222 |  |
| 1600 | CONSTELLATION BRANDS, INC., CLASS A | 202589 | 260288 |  |
| 6952 | COSTCO WHOLESALE CORP. | 3940154 | 6882063 |  |
| 5400 | DOLLAR GENERAL CORP. | 387809 | 617652 |  |
| 2824 | DOLLAR TREE, INC.(b) | 89244 | 279689 |  |
| 3600 | ESTEE LAUDER (THE) COS., INC., CLASS A | 269015 | 290880 |  |
| 12400 | GENERAL MILLS, INC. | 277055 | 642444 |  |
| 2942 | HERSHEY (THE) CO. | 250275 | 488225 |  |
| 4800 | HORMEL FOODS CORP. | 43206 | 145200 |  |
| 1300 | J.M. SMUCKER (THE) CO. | 60305 | 127660 |  |
| 800 | KELLANOVA | 65712 | 63624 |  |
| 23800 | KENVUE, INC. | 511458 | 498134 |  |
| 21200 | KEURIG DR. PEPPER, INC. | 729174 | 700872 |  |
| 4450 | KIMBERLY-CLARK CORP. | 417244 | 573694 |  |
| 108322 | KRAFT HEINZ (THE) CO. | 2802217 | 2796874 |  |
| 76566 | KROGER (THE) CO. | 2518998 | 5492079 |  |
| 1833 | LAMB WESTON HOLDINGS, INC. | 73271 | 95041 |  |
| 1400 | MCCORMICK & CO., INC. (NON VOTING) | 21613 | 106148 |  |
| 41768 | MOLSON COORS BEVERAGE CO., CLASS B | 2054014 | 2008623 |  |
| 20269 | MONDELEZ INTERNATIONAL, INC., CLASS A | 974802 | 1366941 |  |
| 11372 | MONSTER BEVERAGE CORP.(b) | 517685 | 712342 |  |
| 8991 | PEPSICO, INC. | 320746 | 1187172 |  |
| 36609 | PHILIP MORRIS INTERNATIONAL, INC. | 4576036 | 6667597 |  |
| 67422 | PILGRIM'S PRIDE CORP. | 2857156 | 3032642 |  |
| 37860 | PROCTER & GAMBLE (THE) CO. | 2676913 | 6031855 |  |
| 7100 | SYSCO CORP. | 110707 | 537754 |  |
| 6967 | TARGET CORP. | 602960 | 687295 |  |
| 7967 | TYSON FOODS, INC., CLASS A | 312870 | 445674 |  |
| 9700 | WALGREENS BOOTS ALLIANCE, INC. | 108694 | 111356 |  |
| 98754 | WALMART, INC. | 3524013 | 9656166 |  |
|  |  | 42816707 | 69889795 | 5.37% |
| **Energy:** | **Energy:** |  |  |  |
| 15393 | BAKER HUGHES CO. | 377695 | 590168 |  |
| 29580 | CHEVRON CORP. | 1386102 | 4235560 |  |
| 23525 | CONOCOPHILLIPS | 572618 | 2111134 |  |
| 8000 | COTERRA ENERGY, INC. | 157673 | 203040 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Energy (Cont'd):** | **Energy (Cont'd):** |  |  |  |
| 6026 | DEVON ENERGY CORP. | $160506 | 191687 |  |
| 8600 | DIAMONDBACK ENERGY, INC. | 1119940 | 1181640 |  |
| 10799 | EOG RESOURCES, INC. | 645309 | 1291668 |  |
| 9600 | EQT CORP. | 399265 | 559872 |  |
| 200 | EXPAND ENERGY CORP. | 20559 | 23388 |  |
| 89116 | EXXON MOBIL CORP. | 6269082 | 9606705 |  |
| 13400 | HALLIBURTON CO. | 278587 | 273092 |  |
| 6662 | HESS CORP. | 651611 | 922954 |  |
| 49812 | KINDER MORGAN, INC. | 676557 | 1464473 |  |
| 16786 | MARATHON PETROLEUM CORP. | 1500674 | 2788322 |  |
| 10273 | NOV, INC. | 137322 | 127693 |  |
| 13235 | OCCIDENTAL PETROLEUM CORP. | 329934 | 556002 |  |
| 7400 | ONEOK, INC. | 328571 | 604062 |  |
| 6438 | PHILLIPS 66 | 440133 | 768053 |  |
| 25733 | SCHLUMBERGER N.V. | 658749 | 869775 |  |
| 2900 | TARGA RESOURCES CORP. | 189675 | 504832 |  |
| 11373 | VALERO ENERGY CORP. | 562148 | 1528759 |  |
| 13000 | WILLIAMS (THE) COS., INC. | 200704 | 816530 |  |
|  |  | 17063414 | 31219409 | 2.40% |
| **Financials:** | **Financials:** |  |  |  |
| 6579 | AFLAC, INC. | 439251 | 693821 |  |
| 20769 | ALLSTATE (THE) CORP. | 2367553 | 4181007 |  |
| 9333 | AMERICAN EXPRESS CO. | 1092631 | 2977040 |  |
| 31871 | AMERICAN INTERNATIONAL GROUP, INC. | 1566127 | 2727839 |  |
| 2845 | AMERIPRISE FINANCIAL, INC. | 920434 | 1518462 |  |
| 3548 | AON PLC, CLASS A(c) | 760558 | 1265784 |  |
| 7100 | APOLLO GLOBAL MANAGEMENT, INC. | 1008903 | 1007277 |  |
| 4234 | ARCH CAPITAL GROUP LTD. | 200599 | 385506 |  |
| 3100 | ARTHUR J. GALLAGHER & CO. | 761566 | 992372 |  |
| 26045 | ASSURANT, INC. | 3816300 | 5143627 |  |
| 22198 | ASSURED GUARANTY LTD. | 1695078 | 1933446 |  |
| 54484 | AXIS CAPITAL HOLDINGS LTD. | 3112506 | 5656529 |  |
| 103602 | BANK OF AMERICA CORP. | 1138664 | 4902447 |  |
| 76301 | BANK OF NEW YORK MELLON (THE) CORP. | 5092800 | 6951784 |  |
| 44364 | BERKSHIRE HATHAWAY, INC., CLASS B(b) | 9974447 | 21550700 |  |
| 2400 | BLACKROCK, INC. | 1749231 | 2518200 |  |
| 11376 | BLACKSTONE, INC. | 1274920 | 1701622 |  |
| 1442 | BOK FINANCIAL CORP. | 137824 | 140782 |  |
| 1700 | BROWN & BROWN, INC. | 88516 | 188479 |  |
| 14375 | CAPITAL ONE FINANCIAL CORP. | 1299009 | 3058425 |  |
| 8246 | CBOE GLOBAL MARKETS, INC. | 1651051 | 1923050 |  |
| 26608 | CHARLES SCHWAB (THE) CORP. | 878935 | 2427714 |  |
| 5985 | CHUBB LTD.(c) | 839636 | 1733974 |  |
| 300 | CINCINNATI FINANCIAL CORP. | 34708 | 44676 |  |
| 71274 | CITIGROUP, INC. | 2817634 | 6066843 |  |
| 26297 | CME GROUP, INC. | 5669015 | 7247979 |  |
| 41541 | CNA FINANCIAL CORP. | 1790609 | 1932903 |  |
| 2000 | COMERICA, INC. | 80100 | 119300 |  |
| 79228 | COREBRIDGE FINANCIAL, INC. | 1560645 | 2812594 |  |
| 1000 | CORPAY, INC.(b) | 266785 | 331820 |  |
| 200 | ERIE INDEMNITY CO., CLASS A | 72293 | 69358 |  |
| 13550 | EURONET WORLDWIDE, INC.(b) | 1403777 | 1373699 |  |
| 600 | EVEREST GROUP LTD. | 168122 | 203910 |  |
| 600 | FACTSET RESEARCH SYSTEMS, INC. | 256344 | 268368 |  |
| 469 | FAIRFAX FINANCIAL HOLDINGS LTD.(c) | 86576 | 847286 |  |
| 8003 | FIDELITY NATIONAL INFORMATION SERVICES, INC. | 150413 | 651524 |  |
| 10565 | FIFTH THIRD BANCORP | 109297 | 434538 |  |
| 361 | FIRST CITIZENS BANCSHARES, INC., CLASS A | 504565 | 706286 |  |
| 9084 | FISERV, INC.(b) | 1155407 | 1566172 |  |
| 4800 | FRANKLIN RESOURCES, INC. | 85895 | 114480 |  |
| 5196 | GLOBAL PAYMENTS, INC. | 368161 | 415888 |  |
| 1100 | GLOBE LIFE, INC. | 90838 | 136719 |  |
| 7579 | GOLDMAN SACHS GROUP (THE), INC. | 807418 | 5364037 |  |
| 11988 | HANOVER INSURANCE GROUP (THE), INC. | 1769954 | 2036402 |  |
| 5619 | HARTFORD INSURANCE GROUP (THE), INC. | 468941 | 712883 |  |
| 43846 | HUNTINGTON BANCSHARES, INC. | 221602 | 734859 |  |
| 8840 | INTERCONTINENTAL EXCHANGE, INC. | 918567 | 1621875 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Financials (Cont'd):** | **Financials (Cont'd):** |  |  |  |
| 6900 | INVESCO LTD. | $97513 | 108813 |  |
| 1000 | JACK HENRY & ASSOCIATES, INC. | 171890 | 180170 |  |
| 28800 | JANUS HENDERSON GROUP PLC(c) | 925965 | 1118592 |  |
| 56092 | JPMORGAN CHASE & CO. | 3647942 | 16261632 |  |
| 20104 | KEYCORP | 178289 | 350212 |  |
| 10500 | KKR & CO., INC. | 1309474 | 1396815 |  |
| 31638 | LINCOLN NATIONAL CORP. | 688606 | 1094675 |  |
| 500 | MARKETAXESS HOLDINGS, INC. | 105058 | 111670 |  |
| 7377 | MARSH & MCLENNAN COS., INC. | 675052 | 1612907 |  |
| 17267 | MASTERCARD, INC., CLASS A | 5624860 | 9703018 |  |
| 1300 | MERCURY GENERAL CORP. | 38019 | 87542 |  |
| 12131 | METLIFE, INC. | 717545 | 975575 |  |
| 84222 | MGIC INVESTMENT CORP. | 1181306 | 2344740 |  |
| 2500 | MOODY'S CORP. | 773332 | 1253975 |  |
| 1200 | MSCI, INC. | 566749 | 692088 |  |
| 6400 | NASDAQ, INC. | 142009 | 572288 |  |
| 48602 | PAYPAL HOLDINGS, INC.(b) | 3060645 | 3612101 |  |
| 7114 | PNC FINANCIAL SERVICES GROUP (THE), INC. | 273331 | 1326192 |  |
| 10575 | POPULAR, INC. | 728404 | 1165471 |  |
| 2900 | PRINCIPAL FINANCIAL GROUP, INC. | 116400 | 230347 |  |
| 8888 | PROGRESSIVE (THE) CORP. | 1204184 | 2371852 |  |
| 5900 | PRUDENTIAL FINANCIAL, INC. | 182566 | 633896 |  |
| 2550 | RAYMOND JAMES FINANCIAL, INC. | 288037 | 391093 |  |
| 6699 | REGIONS FINANCIAL CORP. | 27215 | 157560 |  |
| 9764 | REINSURANCE GROUP OF AMERICA, INC. | 1439746 | 1936787 |  |
| 8762 | RENAISSANCERE HOLDINGS LTD. | 1929599 | 2128290 |  |
| 6100 | S&P GLOBAL, INC. | 2172778 | 3216469 |  |
| 1300 | STATE STREET CORP. | 86298 | 138242 |  |
| 94373 | SYNCHRONY FINANCIAL | 2636405 | 6298454 |  |
| 14552 | T. ROWE PRICE GROUP, INC. | 1079450 | 1404268 |  |
| 3020 | TRAVELERS (THE) COS., INC. | 193928 | 807971 |  |
| 41430 | TRUIST FINANCIAL CORP. | 1152936 | 1781076 |  |
| 20785 | U.S. BANCORP | 423741 | 940521 |  |
| 64544 | UNUM GROUP | 2659345 | 5212573 |  |
| 62526 | VIRTU FINANCIAL, INC., CLASS A | 1973562 | 2800540 |  |
| 29037 | VISA, INC., CLASS A | 5803861 | 10309587 |  |
| 17672 | W.R. BERKLEY CORP. | 230535 | 1298362 |  |
| 51027 | WELLS FARGO & CO. | 729863 | 4088283 |  |
| 383752 | WESTERN UNION (THE) CO. | 3520771 | 3231192 |  |
| 6655 | WEX, INC.(b) | 815650 | 977553 |  |
| 1300 | WILLIS TOWERS WATSON PLC(c) | 274247 | 398450 |  |
| 2700 | ZIONS BANCORP N.A. | 52466 | 140238 |  |
|  |  | 112623777 | 206256366 | 15.83% |
| **Health Care:** | **Health Care:** |  |  |  |
| 23934 | ABBOTT LABORATORIES | 1727450 | 3255263 |  |
| 35041 | ABBVIE, INC. | 3204389 | 6504310 |  |
| 13100 | AGILENT TECHNOLOGIES, INC. | 1347536 | 1545931 |  |
| 1000 | ALIGN TECHNOLOGY, INC.(b) | 167190 | 189330 |  |
| 11340 | AMGEN, INC. | 2272114 | 3166241 |  |
| 106050 | AVANTOR, INC.(b) | 1284300 | 1427433 |  |
| 200 | BAXTER INTERNATIONAL, INC. | 5566 | 6056 |  |
| 5109 | BECTON, DICKINSON AND CO. | 637809 | 880025 |  |
| 2300 | BIOGEN, INC.(b) | 267633 | 288857 |  |
| 2500 | BIO-TECHNE CORP. | 125343 | 128625 |  |
| 27032 | BOSTON SCIENTIFIC CORP.(b) | 150897 | 2903507 |  |
| 25280 | BRISTOL-MYERS SQUIBB CO. | 811175 | 1170211 |  |
| 10588 | CARDINAL HEALTH, INC. | 845526 | 1778784 |  |
| 21977 | CENCORA, INC. | 4315699 | 6589803 |  |
| 10572 | CENTENE CORP.(b) | 560160 | 573848 |  |
| 900 | CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(b) | 130770 | 136557 |  |
| 12737 | CIGNA GROUP (THE) | 2843361 | 4210598 |  |
| 19825 | CVS HEALTH CORP. | 1012866 | 1367529 |  |
| 10960 | DANAHER CORP. | 876007 | 2165038 |  |
| 700 | DAVITA, INC.(b) | 95060 | 99715 |  |
| 6300 | DEXCOM, INC.(b) | 109365 | 549927 |  |
| 5700 | EDWARDS LIFESCIENCES CORP.(b) | 405874 | 445797 |  |
| 8907 | ELEVANCE HEALTH, INC. | 3336258 | 3464467 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Health Care (Cont'd):** | **Health Care (Cont'd):** |  |  |  |
| 12900 | ELI LILLY & CO. | $2658098 | 10055937 |  |
| 64606 | EXELIXIS, INC.(b) | 1483675 | 2847509 |  |
| 6882 | GE HEALTHCARE TECHNOLOGIES, INC. | 390423 | 509750 |  |
| 19417 | GILEAD SCIENCES, INC. | 384467 | 2152763 |  |
| 18979 | GRAIL, INC.(b) | 553572 | 975900 |  |
| 3200 | HCA HEALTHCARE, INC. | 955522 | 1225920 |  |
| 1700 | HENRY SCHEIN, INC.(b) | 107607 | 124185 |  |
| 5008 | HOLOGIC, INC.(b) | 81572 | 326321 |  |
| 2000 | HUMANA, INC. | 499301 | 488960 |  |
| 3087 | IDEXX LABORATORIES, INC.(b) | 1195016 | 1655682 |  |
| 2300 | ILLUMINA, INC.(b) | 95466 | 219443 |  |
| 45016 | INCYTE CORP.(b) | 2472640 | 3065590 |  |
| 2800 | INSULET CORP.(b) | 505242 | 879704 |  |
| 6500 | INTUITIVE SURGICAL, INC.(b) | 1733943 | 3532165 |  |
| 3773 | IQVIA HOLDINGS, INC.(b) | 448528 | 594587 |  |
| 37361 | JOHNSON & JOHNSON | 3649642 | 5706893 |  |
| 1200 | LABCORP HOLDINGS, INC. | 182716 | 315012 |  |
| 6065 | MCKESSON CORP. | 1645672 | 4444311 |  |
| 9100 | MEDTRONIC PLC(c) | 737852 | 793247 |  |
| 40578 | MERCK & CO., INC. | 1142328 | 3212155 |  |
| 500 | METTLER-TOLEDO INTERNATIONAL, INC.(b) | 542391 | 587360 |  |
| 7000 | MODERNA, INC.(b) | 176370 | 193130 |  |
| 4100 | MOLINA HEALTHCARE, INC.(b) | 997794 | 1221390 |  |
| 77696 | ORGANON & CO. | 788707 | 752097 |  |
| 88666 | PFIZER, INC. | 1494909 | 2149264 |  |
| 1400 | QUEST DIAGNOSTICS, INC. | 174774 | 251482 |  |
| 2278 | REGENERON PHARMACEUTICALS, INC. | 1204662 | 1195950 |  |
| 4000 | RESMED, INC. | 81990 | 1032000 |  |
| 15139 | SOLVENTUM CORP.(b) | 844740 | 1148142 |  |
| 1200 | STERIS PLC | 204899 | 288264 |  |
| 3600 | STRYKER CORP. | 1061679 | 1424268 |  |
| 2322 | THERMO FISHER SCIENTIFIC, INC. | 699337 | 941478 |  |
| 8927 | UNITED THERAPEUTICS CORP.(b) | 2166861 | 2565173 |  |
| 9997 | UNITEDHEALTH GROUP, INC. | 1849875 | 3118764 |  |
| 2838 | UNIVERSAL HEALTH SERVICES, INC., CLASS B | 257448 | 514104 |  |
| 3500 | VERTEX PHARMACEUTICALS, INC.(b) | 630326 | 1558200 |  |
| 4826 | VIATRIS, INC. | 36838 | 43096 |  |
| 700 | WATERS CORP.(b) | 16422 | 244328 |  |
| 1100 | WEST PHARMACEUTICAL SERVICES, INC. | 239756 | 240680 |  |
| 3374 | ZIMMER BIOMET HOLDINGS, INC. | 135863 | 307743 |  |
| 7547 | ZOETIS, INC. | 1095044 | 1176955 |  |
|  |  | 62156315 | 106927754 | 8.21% |
| **Industrials:** | **Industrials:** |  |  |  |
| 12787 | 3M CO. | 787976 | 1946693 |  |
| 1400 | A.O. SMITH CORP. | 72742 | 91798 |  |
| 17725 | ACUITY, INC. | 2881518 | 5288076 |  |
| 100 | ALLEGION PLC(c) | 10618 | 14412 |  |
| 49948 | ALLISON TRANSMISSION HOLDINGS, INC. | 2135146 | 4744560 |  |
| 5175 | AMETEK, INC. | 73221 | 936468 |  |
| 6866 | AUTOMATIC DATA PROCESSING, INC. | 382249 | 2117474 |  |
| 1300 | AXON ENTERPRISE, INC.(b) | 398627 | 1076322 |  |
| 12087 | BOEING (THE) CO.(b) | 1667130 | 2532589 |  |
| 2213 | BROADRIDGE FINANCIAL SOLUTIONS, INC. | 89066 | 537825 |  |
| 21594 | BUILDERS FIRSTSOURCE, INC.(b) | 1694679 | 2519804 |  |
| 2200 | C.H. ROBINSON WORLDWIDE, INC. | 156465 | 211090 |  |
| 16840 | CARRIER GLOBAL CORP. | 379615 | 1232520 |  |
| 12432 | CATERPILLAR, INC. | 964374 | 4826227 |  |
| 18200 | CINTAS CORP. | 890020 | 4056234 |  |
| 58354 | CONCENTRIX CORP. | 2842390 | 3084301 |  |
| 11500 | COPART, INC.(b) | 296588 | 564305 |  |
| 39272 | CSX CORP. | 903591 | 1281445 |  |
| 4218 | CUMMINS, INC. | 959137 | 1381395 |  |
| 948 | CURTISS-WRIGHT CORP. | 262835 | 463145 |  |
| 2300 | DAYFORCE, INC.(b) | 122843 | 127397 |  |
| 3693 | DEERE & CO. | 364819 | 1877854 |  |
| 11840 | DELTA AIR LINES, INC. | 465882 | 582291 |  |
| 225 | DOVER CORP. | 26143 | 41227 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Industrials (Cont'd):** | **Industrials (Cont'd):** |  |  |  |
| 11904 | EATON CORP. PLC(c) | $223705 | 4249609 |  |
| 3561 | EMCOR GROUP, INC. | 649186 | 1904743 |  |
| 6305 | EMERSON ELECTRIC CO. | 741680 | 840646 |  |
| 1900 | EQUIFAX, INC. | 426566 | 492803 |  |
| 2900 | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. | 275171 | 331325 |  |
| 2400 | FASTENAL CO. | 90370 | 100800 |  |
| 2856 | FEDEX CORP. | 262843 | 649197 |  |
| 7076 | FORTIVE CORP. | 280397 | 368872 |  |
| 110089 | GATES INDUSTRIAL CORP. PLC(b) | 1234771 | 2535350 |  |
| 9950 | GE VERNOVA, INC. | 2320820 | 5265042 |  |
| 4826 | GENERAL DYNAMICS CORP. | 981578 | 1407551 |  |
| 48778 | GENERAL ELECTRIC CO. | 4465538 | 12554969 |  |
| 12694 | HONEYWELL INTERNATIONAL, INC. | 1115910 | 2956179 |  |
| 28639 | HOWMET AEROSPACE, INC. | 766245 | 5330577 |  |
| 5712 | HUBBELL, INC. | 1323044 | 2332838 |  |
| 500 | HUNTINGTON INGALLS INDUSTRIES, INC. | 107805 | 120730 |  |
| 1371 | IDEX CORP. | 119804 | 240706 |  |
| 4824 | ILLINOIS TOOL WORKS, INC. | 155812 | 1192734 |  |
| 4000 | INGERSOLL RAND, INC. | 219892 | 332720 |  |
| 800 | JB HUNT TRANSPORT SERVICES, INC. | 111216 | 114880 |  |
| 9859 | JOHNSON CONTROLS INTERNATIONAL PLC | 813672 | 1041308 |  |
| 1552 | L3HARRIS TECHNOLOGIES, INC. | 93408 | 389304 |  |
| 6545 | LOCKHEED MARTIN CORP. | 2729796 | 3031251 |  |
| 35259 | MANPOWERGROUP, INC. | 1505812 | 1424464 |  |
| 5047 | MASCO CORP. | 212150 | 324825 |  |
| 3077 | NORFOLK SOUTHERN CORP. | 507606 | 787620 |  |
| 3271 | NORTHROP GRUMMAN CORP. | 397418 | 1635435 |  |
| 7800 | OLD DOMINION FREIGHT LINE, INC. | 666126 | 1265940 |  |
| 5320 | OTIS WORLDWIDE CORP. | 90693 | 526786 |  |
| 22367 | OWENS CORNING | 2031477 | 3075910 |  |
| 22310 | PACCAR, INC. | 1506462 | 2120789 |  |
| 4628 | PARKER-HANNIFIN CORP. | 350966 | 3232519 |  |
| 4885 | PAYCHEX, INC. | 536016 | 710572 |  |
| 587 | PAYCOM SOFTWARE, INC. | 86275 | 135832 |  |
| 2719 | PENTAIR PLC(c) | 57667 | 279132 |  |
| 1637 | QUANTA SERVICES, INC. | 462020 | 618917 |  |
| 682 | RB GLOBAL, INC. | 35812 | 72422 |  |
| 4417 | REPUBLIC SERVICES, INC. | 607295 | 1089276 |  |
| 2000 | ROCKWELL AUTOMATION, INC. | 624795 | 664340 |  |
| 10131 | ROLLINS, INC. | 252318 | 571591 |  |
| 70513 | RTX CORP. | 6676048 | 10296308 |  |
| 17901 | RYDER SYSTEM, INC. | 1534307 | 2846259 |  |
| 9200 | SOUTHWEST AIRLINES CO. | 248654 | 298448 |  |
| 2057 | STANLEY BLACK & DECKER, INC. | 58948 | 139362 |  |
| 8554 | TEXTRON, INC. | 551135 | 686801 |  |
| 11005 | TRANE TECHNOLOGIES PLC(c) | 621772 | 4813697 |  |
| 800 | TRANSDIGM GROUP, INC. | 556479 | 1216512 |  |
| 30166 | UBER TECHNOLOGIES, INC.(b) | 1941103 | 2814488 |  |
| 9302 | UNION PACIFIC CORP. | 1137708 | 2140204 |  |
| 4200 | UNITED AIRLINES HOLDINGS, INC.(b) | 166805 | 334446 |  |
| 10440 | UNITED PARCEL SERVICE, INC., CLASS B | 847155 | 1053814 |  |
| 4560 | UNITED RENTALS, INC. | 773617 | 3435504 |  |
| 2121 | VERALTO CORP. | 14727 | 214115 |  |
| 494 | VERISK ANALYTICS, INC. | 83738 | 153881 |  |
| 2626 | VERTIV HOLDINGS CO., CLASS A | 117276 | 337205 |  |
| 8650 | WASTE MANAGEMENT, INC. | 135675 | 1979293 |  |
| 2100 | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP. | 208398 | 439635 |  |
| 600 | WW GRAINGER, INC. | 592704 | 624144 |  |
| 3200 | XYLEM, INC. | 174704 | 413952 |  |
|  |  | 64708764 | 142094024 | 10.91% |
| **Information Technology:** | **Information Technology:** |  |  |  |
| 13286 | ACCENTURE PLC, CLASS A(c) | 3394047 | 3971053 |  |
| 13337 | ADOBE, INC.(b) | 3037417 | 5159819 |  |
| 25464 | ADVANCED MICRO DEVICES, INC.(b) | 696812 | 3613342 |  |
| 2500 | AKAMAI TECHNOLOGIES, INC.(b) | 194510 | 199400 |  |
| 42836 | AMKOR TECHNOLOGY, INC. | 749635 | 899128 |  |
| 16800 | AMPHENOL CORP., CLASS A | 704055 | 1659000 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Information Technology (Cont'd):** | **Information Technology (Cont'd):** |  |  |  |
| 5749 | ANALOG DEVICES, INC. | $385758 | 1368377 |  |
| 800 | ANSYS, INC.(b) | 226964 | 280976 |  |
| 332008 | APPLE, INC. | 30162271 | 68118081 |  |
| 21531 | APPLIED MATERIALS, INC. | 2152713 | 3941680 |  |
| 9143 | APPLOVIN CORP., CLASS A(b) | 120485 | 3200781 |  |
| 41228 | ARISTA NETWORKS, INC.(b) | 2479393 | 4218037 |  |
| 3186 | AUTODESK, INC.(b) | 430853 | 986290 |  |
| 25946 | AVNET, INC. | 1082080 | 1377214 |  |
| 109030 | BROADCOM, INC. | 8663026 | 30054119 |  |
| 11600 | CADENCE DESIGN SYSTEMS, INC.(b) | 970077 | 3574540 |  |
| 8000 | CDW CORP. | 441204 | 1428720 |  |
| 87135 | CISCO SYSTEMS, INC. | 2398738 | 6045426 |  |
| 7594 | COGNIZANT TECHNOLOGY SOLUTIONS CORP., CLASS A | 333435 | 592560 |  |
| 15600 | CORNING, INC. | 85176 | 820404 |  |
| 3700 | CROWDSTRIKE HOLDINGS, INC., CLASS A(b) | 1008315 | 1884447 |  |
| 4900 | DELL TECHNOLOGIES, INC., CLASS C | 423701 | 600740 |  |
| 38021 | DROPBOX, INC., CLASS A(b) | 796223 | 1087401 |  |
| 97836 | DXC TECHNOLOGY CO.(b) | 1551124 | 1495912 |  |
| 1100 | EPAM SYSTEMS, INC.(b) | 202335 | 194502 |  |
| 3061 | F5, INC.(b) | 769846 | 900914 |  |
| 2949 | FAIR ISAAC CORP.(b) | 1596171 | 5390654 |  |
| 1800 | FIRST SOLAR, INC.(b) | 224613 | 297972 |  |
| 27615 | FORTINET, INC.(b) | 393491 | 2919458 |  |
| 1257 | GARTNER, INC.(b) | 495540 | 508105 |  |
| 22781 | GEN DIGITAL, INC. | 207695 | 669761 |  |
| 2973 | GODADDY, INC., CLASS A(b) | 408031 | 535318 |  |
| 100994 | HEWLETT PACKARD ENTERPRISE CO. | 1239124 | 2065327 |  |
| 11910 | HP, INC. | 179763 | 291319 |  |
| 67665 | INTEL CORP. | 1039536 | 1515696 |  |
| 14323 | INTERNATIONAL BUSINESS MACHINES CORP. | 1831441 | 4222134 |  |
| 4280 | INTUIT, INC. | 896120 | 3371056 |  |
| 25938 | JABIL, INC. | 2190154 | 5657078 |  |
| 2900 | KEYSIGHT TECHNOLOGIES, INC.(b) | 394113 | 475194 |  |
| 5676 | KLA CORP. | 1927363 | 5084220 |  |
| 20960 | KYNDRYL HOLDINGS, INC.(b) | 666101 | 879482 |  |
| 45530 | LAM RESEARCH CORP. | 471075 | 4431890 |  |
| 24368 | MICROCHIP TECHNOLOGY, INC. | 646205 | 1714776 |  |
| 32616 | MICRON TECHNOLOGY, INC. | 779843 | 4019922 |  |
| 166102 | MICROSOFT CORP. | 26218563 | 82620796 |  |
| 394 | MICROSTRATEGY, INC., CLASS A(b) | 120112 | 159267 |  |
| 600 | MONOLITHIC POWER SYSTEMS, INC. | 229398 | 438828 |  |
| 2800 | MOTOROLA SOLUTIONS, INC. | 775984 | 1177288 |  |
| 2800 | NETAPP, INC. | 227799 | 298340 |  |
| 566020 | NVIDIA CORP. | 12970649 | 89425500 |  |
| 3825 | NXP SEMICONDUCTORS N.V.(c) | 327712 | 835724 |  |
| 1800 | ON SEMICONDUCTOR CORP.(b) | 92423 | 94338 |  |
| 26477 | ORACLE CORP. | 2227979 | 5788666 |  |
| 63285 | PALANTIR TECHNOLOGIES, INC., CLASS A(b) | 4190219 | 8627011 |  |
| 10200 | PALO ALTO NETWORKS, INC.(b) | 1451753 | 2087328 |  |
| 4000 | PTC, INC.(b) | 313055 | 689360 |  |
| 20802 | QUALCOMM, INC. | 2221108 | 3312926 |  |
| 2358 | RALLIANT CORP.(b) | 91802 | 114339 |  |
| 63434 | RINGCENTRAL, INC., CLASS A(b) | 1642065 | 1798354 |  |
| 1600 | ROPER TECHNOLOGIES, INC. | 588015 | 906944 |  |
| 14790 | SALESFORCE, INC. | 1340592 | 4033085 |  |
| 1681 | SANDISK CORP.(b) | 20521 | 76233 |  |
| 5500 | SEAGATE TECHNOLOGY HOLDINGS PLC | 51728 | 793815 |  |
| 3290 | SERVICENOW, INC.(b) | 1062280 | 3382383 |  |
| 10200 | SUPER MICRO COMPUTER, INC.(b) | 318411 | 499902 |  |
| 6000 | SYNOPSYS, INC.(b) | 754406 | 3076080 |  |
| 7524 | TD SYNNEX CORP. | 672396 | 1021007 |  |
| 800 | TE CONNECTIVITY PLC(c) | 98296 | 134936 |  |
| 600 | TELEDYNE TECHNOLOGIES, INC.(b) | 226008 | 307386 |  |
| 5300 | TERADYNE, INC. | 138023 | 476576 |  |
| 27783 | TEXAS INSTRUMENTS, INC. | 936448 | 5768306 |  |
| 7049 | TRIMBLE, INC.(b) | 94849 | 535583 |  |
| 2896 | TWILIO, INC., CLASS A(b) | 287823 | 360147 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Information Technology (Cont'd):** | **Information Technology (Cont'd):** |  |  |  |
| 700 | TYLER TECHNOLOGIES, INC.(b) | $300961 | 414988 |  |
| 3104 | UBIQUITI, INC. | 959704 | 1277762 |  |
| 1376 | VERISIGN, INC. | 283031 | 397389 |  |
| 5245 | WESTERN DIGITAL CORP. | 69838 | 335628 |  |
| 400 | ZEBRA TECHNOLOGIES CORP., CLASS A(b) | 43396 | 123344 |  |
| 48337 | ZOOM COMMUNICATIONS, INC.(b) | 3004696 | 3769319 |  |
|  |  | 143398615 | 416881103 | 32.00% |
| **Materials:** | **Materials:** |  |  |  |
| 3194 | AIR PRODUCTS AND CHEMICALS, INC. | 566091 | 900900 |  |
| 8289 | ALBEMARLE CORP. | 402966 | 519472 |  |
| 60917 | AMCOR PLC(c) | 422468 | 559827 |  |
| 4465 | AVERY DENNISON CORP. | 425188 | 783473 |  |
| 4600 | BALL CORP. | 248396 | 258014 |  |
| 200 | CF INDUSTRIES HOLDINGS, INC. | 17729 | 18400 |  |
| 9862 | CORTEVA, INC. | 302878 | 735015 |  |
| 11002 | DOW, INC. | 255231 | 291333 |  |
| 7362 | DUPONT DE NEMOURS, INC. | 218512 | 504959 |  |
| 3100 | EASTMAN CHEMICAL CO. | 231644 | 231446 |  |
| 3991 | ECOLAB, INC. | 236070 | 1075335 |  |
| 23600 | FREEPORT-MCMORAN, INC. | 465657 | 1023060 |  |
| 3521 | INTERNATIONAL FLAVORS & FRAGRANCES, INC. | 229674 | 258969 |  |
| 8131 | INTERNATIONAL PAPER CO. | 404807 | 380775 |  |
| 7365 | LINDE PLC | 1933406 | 3455511 |  |
| 13174 | LYONDELLBASELL INDUSTRIES N.V., CLASS A | 630902 | 762248 |  |
| 1100 | MARTIN MARIETTA MATERIALS, INC. | 253615 | 603856 |  |
| 4500 | MOSAIC (THE) CO. | 112428 | 164160 |  |
| 17100 | NEWMONT CORP. | 560250 | 996246 |  |
| 1000 | NUCOR CORP. | 114108 | 129540 |  |
| 1300 | PACKAGING CORP. OF AMERICA | 173604 | 244985 |  |
| 5172 | PPG INDUSTRIES, INC. | 123888 | 588315 |  |
| 1400 | SEALED AIR CORP. | 24528 | 43442 |  |
| 3200 | SHERWIN-WILLIAMS (THE) CO. | 1140349 | 1098752 |  |
| 8000 | SMURFIT WESTROCK PLC(c) | 330951 | 345200 |  |
| 5400 | STEEL DYNAMICS, INC. | 576936 | 691254 |  |
| 2100 | VULCAN MATERIALS CO. | 63441 | 547722 |  |
|  |  | 10465717 | 17212209 | 1.32% |
| **Real Estate:** | **Real Estate:** |  |  |  |
| 2500 | ALEXANDRIA REAL ESTATE EQUITIES, INC. | 133420 | 181575 |  |
| 7350 | AMERICAN TOWER CORP. | 1018007 | 1624497 |  |
| 1934 | AVALONBAY COMMUNITIES, INC. | 225956 | 393569 |  |
| 3288 | BXP, INC. | 160585 | 221841 |  |
| 1500 | CAMDEN PROPERTY TRUST | 88106 | 169035 |  |
| 3700 | CBRE GROUP, INC., CLASS A(b) | 481875 | 518444 |  |
| 6500 | COSTAR GROUP, INC.(b) | 499553 | 522600 |  |
| 15300 | CROWN CASTLE, INC. | 1084823 | 1571769 |  |
| 4957 | DIGITAL REALTY TRUST, INC. | 650238 | 864154 |  |
| 1416 | EQUINIX, INC. | 512288 | 1126386 |  |
| 5416 | EQUITY RESIDENTIAL | 174162 | 365526 |  |
| 675 | ESSEX PROPERTY TRUST, INC. | 73174 | 191295 |  |
| 3300 | EXTRA SPACE STORAGE, INC. | 353898 | 486552 |  |
| 1000 | FEDERAL REALTY INVESTMENT TRUST | 55911 | 94990 |  |
| 70 | GAMING AND LEISURE PROPERTIES, INC. | 2757 | 3268 |  |
| 7000 | HEALTHPEAK PROPERTIES, INC. | 62377 | 122570 |  |
| 10022 | HOST HOTELS & RESORTS, INC. | 68301 | 153938 |  |
| 7700 | INVITATION HOMES, INC. | 228811 | 252560 |  |
| 4541 | IRON MOUNTAIN, INC. | 323701 | 465770 |  |
| 6872 | KIMCO REALTY CORP. | 64575 | 144449 |  |
| 1800 | MID-AMERICA APARTMENT COMMUNITIES, INC. | 132698 | 266418 |  |
| 3080 | MILLROSE PROPERTIES, INC. | 34059 | 87811 |  |
| 14318 | PROLOGIS, INC. | 593996 | 1505108 |  |
| 1735 | PUBLIC STORAGE | 227274 | 509084 |  |
| 13602 | REALTY INCOME CORP. | 630697 | 783611 |  |
| 3900 | REGENCY CENTERS CORP. | 85345 | 277797 |  |
| 2100 | SBA COMMUNICATIONS CORP. | 214169 | 493164 |  |
| 7934 | SIMON PROPERTY GROUP, INC. | 704821 | 1275470 |  |
| 33 | SUN COMMUNITIES, INC. | 3118 | 4174 |  |
| 4100 | UDR, INC. | 63318 | 167403 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Real Estate (Cont'd):** | **Real Estate (Cont'd):** |  |  |  |
| 100 | VENTAS, INC. | $3992 | 6315 |  |
| 13565 | VICI PROPERTIES, INC. | 321057 | 442219 |  |
| 7600 | WELLTOWER, INC. | 581131 | 1168348 |  |
| 10216 | WEYERHAEUSER CO. | 197853 | 262449 |  |
|  |  | 10056046 | 16724159 | 1.28% |
| **Utilities:** | **Utilities:** |  |  |  |
| 11900 | AES (THE) CORP. | 132426 | 125188 |  |
| 2000 | ALLIANT ENERGY CORP. | 24835 | 120940 |  |
| 2100 | AMEREN CORP. | 89374 | 201684 |  |
| 8400 | AMERICAN ELECTRIC POWER CO., INC. | 680906 | 871584 |  |
| 3100 | AMERICAN WATER WORKS CO., INC. | 377421 | 431241 |  |
| 2300 | ATMOS ENERGY CORP. | 340884 | 354453 |  |
| 6000 | CENTERPOINT ENERGY, INC. | 71768 | 220440 |  |
| 10200 | CMS ENERGY CORP. | 115866 | 706656 |  |
| 5575 | CONSOLIDATED EDISON, INC. | 381601 | 559451 |  |
| 5100 | CONSTELLATION ENERGY CORP. | 510997 | 1646076 |  |
| 15573 | DOMINION ENERGY, INC. | 557765 | 880186 |  |
| 8900 | DTE ENERGY CO. | 709034 | 1178894 |  |
| 7151 | DUKE ENERGY CORP. | 220926 | 843818 |  |
| 4325 | EDISON INTERNATIONAL | 135088 | 223170 |  |
| 5728 | ENTERGY CORP. | 233541 | 476111 |  |
| 6621 | EVERGY, INC. | 326781 | 456385 |  |
| 4961 | EVERSOURCE ENERGY | 125492 | 315619 |  |
| 14800 | EXELON CORP. | 524799 | 642616 |  |
| 8000 | FIRSTENERGY CORP. | 234641 | 322080 |  |
| 12676 | NATIONAL FUEL GAS CO. | 999456 | 1073784 |  |
| 32154 | NEXTERA ENERGY, INC. | 1137040 | 2232131 |  |
| 7100 | NISOURCE, INC. | 49003 | 286414 |  |
| 21700 | NRG ENERGY, INC. | 1897450 | 3484586 |  |
| 3100 | PG&E CORP. | 30614 | 43214 |  |
| 13100 | PINNACLE WEST CAPITAL CORP. | 782497 | 1172057 |  |
| 9600 | PPL CORP. | 221808 | 325344 |  |
| 7700 | PUBLIC SERVICE ENTERPRISE GROUP, INC. | 568584 | 648186 |  |
| 11100 | SEMPRA | 494416 | 841047 |  |
| 17100 | SOUTHERN (THE) CO. | 861461 | 1570293 |  |
| 5300 | VISTRA CORP. | 610747 | 1027193 |  |
| 2200 | WEC ENERGY GROUP, INC. | 155370 | 229240 |  |
|  |  | 13602591 | 23510081 | 1.81% |
|  | **Sub-total Common Stocks:** | 603324444 | 1297479408 | 99.61% |
| **Escrows:** | **Escrows:** |  |  |  |
| **Communication Services:** | **Communication Services:** |  |  |  |
| 1360 | GCI LIBERTY, INC., CLASS A(b)(e) | - | - |  |
|  |  | - | - | 0.00% |
|  | **Sub-total Escrows:** | - | - | 0.00% |
| **Rights:** | **Rights:** |  |  |  |
| **Health Care:** | **Health Care:** |  |  |  |
| 300 | ABIOMED, INC. (CONTINGENT VALUE RIGHTS)(b)(e) | - | - |  |
|  |  | - | - | 0.00% |
|  | **Sub-total Rights:** | - | - | 0.00% |
| **Short-Term Investments:** | **Short-Term Investments:** |  |  |  |
| 6438802 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT <br> SELECT PORTFOLIO, INSTITUTIONAL SHARES, 4.23%(f)<br>| 6438802 | 6438802 |  |
|  | **Sub-total Short-Term Investments:** | 6438802 | 6438802 | 0.49% |
|  | Grand total | $609763246 | 1303918210 | 100.10% |

---

---

| | |
|:---|:---|
| **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 June 30, 2025, the value of foreign stocks or depositary receipts of companies based <br> outside of the United States represented 2.25% of net assets.<br>|
| <sup>(d)</sup> | Securities are American Depositary Receipts of companies based outside of the United States representing less than 0.1% of net assets as of June <br> 30, 2025.<br>|

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

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

<sup>(e)</sup> Security has been deemed worthless and is a Level 3 investment.

<sup>(f)</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 Core Equity Fund's investment in the U.S. Government Select Portfolio of the Northern Institutional Funds was $6,445,998 with net sales of $7,196 during the six months ended June 30, 2025. 

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Common Stocks:** | **Common Stocks:** |  |  |  |
| **Communication Services:** | **Communication Services:** |  |  |  |
| 67774 | CARGURUS, INC.(b) | $2382205 | 2268396 |  |
| 4500 | CINEMARK HOLDINGS, INC. | 134326 | 135810 |  |
| 2400 | COGENT COMMUNICATIONS HOLDINGS, INC. | 107920 | 115704 |  |
| 6000 | DOUBLEVERIFY HOLDINGS, INC.(b) | 80915 | 89820 |  |
| 204933 | EVENTBRITE, INC., CLASS A(b) | 979406 | 538974 |  |
| 47583 | EVERQUOTE, INC., CLASS A(b) | 925372 | 1150557 |  |
| 5700 | GOGO, INC.(b) | 39649 | 83676 |  |
| 3600 | IAC, INC.(b) | 132150 | 134424 |  |
| 7712 | IBOTTA, INC., CLASS A(b) | 295527 | 282259 |  |
| 12090 | IDT CORP., CLASS B | 640959 | 825989 |  |
| 2722 | JOHN WILEY & SONS, INC., CLASS A | 109685 | 121483 |  |
| 30703 | LIVEONE, INC.(b) | 37076 | 23178 |  |
| 43200 | LUMEN TECHNOLOGIES, INC.(b) | 132845 | 189216 |  |
| 318 | MADISON SQUARE GARDEN SPORTS CORP.(b) | 57367 | 66446 |  |
| 23982 | MEDIAALPHA, INC., CLASS A(b) | 282501 | 262603 |  |
| 140593 | NEXXEN INTERNATIONAL LTD.(b)(c)(d) | 1186836 | 1463573 |  |
| 77004 | PUBMATIC, INC., CLASS A(b) | 1033139 | 957930 |  |
| 706 | QUINSTREET, INC.(b) | 7793 | 11367 |  |
| 2536 | SHENANDOAH TELECOMMUNICATIONS CO. | 29664 | 34642 |  |
| 66426 | SHUTTERSTOCK, INC. | 2187124 | 1259437 |  |
| 70555 | TECHTARGET, INC.(b) | 915316 | 548212 |  |
| 4694 | TEGNA, INC. | 83432 | 78671 |  |
| 4200 | TELEPHONE AND DATA SYSTEMS, INC. | 144674 | 149436 |  |
| 5500 | TRIPADVISOR, INC.(b) | 75878 | 71775 |  |
| 16012 | YELP, INC.(b) | 529284 | 548731 |  |
| 53590 | ZIFF DAVIS, INC.(b) | 1968192 | 1622169 |  |
| 62011 | ZIPRECRUITER, INC., CLASS A(b) | 329575 | 310675 |  |
|  |  | 14828810 | 13345153 | 3.12% |
| **Consumer Discretionary:** | **Consumer Discretionary:** |  |  |  |
| 14903 | 1-800-FLOWERS.COM, INC., CLASS A(b) | 353818 | 73323 |  |
| 2046 | ACADEMY SPORTS & OUTDOORS, INC. | 82840 | 91681 |  |
| 1946 | ACUSHNET HOLDINGS CORP. | 125001 | 141708 |  |
| 163225 | ADIENT PLC(b) | 4236620 | 3176358 |  |
| 4211 | ADTALEM GLOBAL EDUCATION, INC.(b) | 422577 | 535766 |  |
| 76907 | ADVANCE AUTO PARTS, INC. | 4042412 | 3575406 |  |
| 7500 | AMERICAN EAGLE OUTFITTERS, INC. | 67923 | 72150 |  |
| 19472 | AMERICAN PUBLIC EDUCATION, INC.(b) | 502736 | 593117 |  |
| 78190 | ARHAUS, INC.(b) | 708027 | 677907 |  |
| 701 | ASBURY AUTOMOTIVE GROUP, INC.(b) | 131278 | 167217 |  |
| 7869 | BATH & BODY WORKS, INC. | 249443 | 235755 |  |
| 4751 | BLOOMIN' BRANDS, INC. | 39415 | 40906 |  |
| 812 | BOOT BARN HOLDINGS, INC.(b) | 99758 | 123424 |  |
| 10800 | BORGWARNER, INC. | 313475 | 361584 |  |
| 2038 | BRINKER INTERNATIONAL, INC.(b) | 319112 | 367513 |  |
| 2558 | BUCKLE (THE), INC. | 93535 | 116005 |  |
| 1960 | CALERES, INC. | 30805 | 23951 |  |
| 70 | CAVCO INDUSTRIES, INC.(b) | 32547 | 30410 |  |
| 115393 | CENTURY CASINOS, INC.(b) | 1075050 | 244056 |  |
| 1948 | CENTURY COMMUNITIES, INC. | 88179 | 109711 |  |
| 20430 | CHAMPION HOMES, INC.(b) | 1228791 | 1279122 |  |
| 1580 | CHEESECAKE FACTORY (THE), INC. | 83494 | 99003 |  |
| 106818 | COURSERA, INC.(b) | 818479 | 935726 |  |
| 5633 | DANA, INC. | 70615 | 96606 |  |
| 11275 | DENNY'S CORP.(b) | 181459 | 46227 |  |
| 1216 | DORMAN PRODUCTS, INC.(b) | 134927 | 149167 |  |
| 93714 | DREAM FINDERS HOMES, INC., CLASS A(b) | 1966470 | 2355033 |  |
| 494 | ETHAN ALLEN INTERIORS, INC. | 12299 | 13758 |  |
| 5179 | ETSY, INC.(b) | 263727 | 259779 |  |
| 3500 | FOOT LOCKER, INC.(b) | 83323 | 85750 |  |
| 3310 | FRONTDOOR, INC.(b) | 134010 | 195091 |  |
| 86894 | GENESCO, INC.(b) | 2595043 | 1710943 |  |
| 64278 | GILDAN ACTIVEWEAR, INC.(c) | 1528994 | 3165049 |  |
| 2340 | GREEN BRICK PARTNERS, INC.(b) | 138667 | 147139 |  |
| 300 | GROUP 1 AUTOMOTIVE, INC. | 129549 | 131013 |  |
| 3600 | GUESS?, INC.(c) | 40127 | 43524 |  |
| 232572 | HANESBRANDS, INC.(b) | 2565038 | 1065180 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Consumer Discretionary (Cont'd):** | **Consumer Discretionary (Cont'd):** |  |  |  |
| 25870 | HASBRO, INC. | $1202875 | 1909723 |  |
| 57931 | HAVERTY FURNITURE COS., INC. | 1381394 | 1178896 |  |
| 29560 | HELEN OF TROY LTD.(b) | 1769836 | 838913 |  |
| 47911 | HOOKER FURNISHINGS CORP. | 1123840 | 506898 |  |
| 1588 | INSTALLED BUILDING PRODUCTS, INC. | 233340 | 286348 |  |
| 17090 | KOHL'S CORP. | 120233 | 144923 |  |
| 2251 | KONTOOR BRANDS, INC. | 140591 | 148498 |  |
| 40231 | LAKELAND INDUSTRIES, INC. | 872661 | 547544 |  |
| 157311 | LATHAM GROUP, INC.(b) | 1018395 | 1003644 |  |
| 1609 | LA-Z-BOY, INC. | 53344 | 59807 |  |
| 1488 | LCI INDUSTRIES | 118023 | 135691 |  |
| 4900 | LEGGETT & PLATT, INC. | 40504 | 43708 |  |
| 14738 | LGI HOMES, INC.(b) | 771621 | 759302 |  |
| 57082 | LINCOLN EDUCATIONAL SERVICES CORP.(b) | 1023077 | 1315740 |  |
| 21150 | LUCKY STRIKE ENTERTAINMENT CORP.(d) | 208592 | 193099 |  |
| 1700 | M/I HOMES, INC.(b) | 198341 | 190604 |  |
| 119454 | MALIBU BOATS, INC., CLASS A(b) | 5247405 | 3743688 |  |
| 575 | MARINEMAX, INC.(b) | 13007 | 14456 |  |
| 14449 | MONARCH CASINO & RESORT, INC. | 1149111 | 1248972 |  |
| 3373 | NATIONAL VISION HOLDINGS, INC.(b) | 35101 | 77613 |  |
| 177684 | NEWELL BRANDS, INC. | 1611712 | 959494 |  |
| 9114 | PATRICK INDUSTRIES, INC. | 554767 | 840949 |  |
| 80038 | PELOTON INTERACTIVE, INC., CLASS A(b) | 737151 | 555464 |  |
| 12427 | PENN ENTERTAINMENT, INC.(b) | 188336 | 222070 |  |
| 1044 | PHINIA, INC. | 46985 | 46448 |  |
| 1320 | PURSUIT ATTRACTIONS AND HOSPITALITY, INC.(b) | 39638 | 38056 |  |
| 18521 | PVH CORP. | 923940 | 1270541 |  |
| 21117 | RUSH STREET INTERACTIVE, INC.(b) | 256054 | 314643 |  |
| 18604 | SABRE CORP.(b) | 40469 | 58789 |  |
| 1787 | SHAKE SHACK, INC., CLASS A(b) | 119702 | 251252 |  |
| 36521 | SHOE CARNIVAL, INC. | 872048 | 683308 |  |
| 1626 | SIGNET JEWELERS LTD. | 99042 | 129348 |  |
| 2320 | SIX FLAGS ENTERTAINMENT CORP.(b) | 73577 | 70598 |  |
| 6635 | SLEEP NUMBER CORP.(b) | 577901 | 44819 |  |
| 2269 | SONIC AUTOMOTIVE, INC., CLASS A | 136429 | 181361 |  |
| 5198 | SONOS, INC.(b) | 47593 | 56190 |  |
| 1500 | STANDARD MOTOR PRODUCTS, INC. | 39313 | 46080 |  |
| 2000 | STEVEN MADDEN LTD. | 49355 | 47960 |  |
| 1600 | STRATEGIC EDUCATION, INC. | 102399 | 136208 |  |
| 3451 | STRIDE, INC.(b) | 379084 | 501051 |  |
| 1391 | STURM RUGER & CO., INC. | 49613 | 49937 |  |
| 58587 | SUPER GROUP SGHC LTD. | 466135 | 642699 |  |
| 73474 | THREDUP, INC., CLASS A(b) | 524449 | 550320 |  |
| 9153 | TOPGOLF CALLAWAY BRANDS CORP.(b) | 62573 | 73682 |  |
| 4600 | TRI POINTE HOMES, INC.(b) | 135728 | 146970 |  |
| 8545 | UDEMY, INC.(b) | 64168 | 60071 |  |
| 2066 | UPBOUND GROUP, INC. | 45702 | 51857 |  |
| 29030 | URBAN OUTFITTERS, INC.(b) | 1144197 | 2105836 |  |
| 50960 | VALVOLINE, INC.(b) | 1850767 | 1929855 |  |
| 1900 | VICTORIA'S SECRET & CO.(b) | 39896 | 35188 |  |
| 54593 | WINNEBAGO INDUSTRIES, INC. | 2598522 | 1583197 |  |
| 2801 | WOLVERINE WORLD WIDE, INC. | 39759 | 50642 |  |
| 1541 | XPEL, INC.(b) | 42236 | 55322 |  |
|  |  | 55670094 | 50674330 | 11.87% |
| **Consumer Staples:** | **Consumer Staples:** |  |  |  |
| 1802 | ANDERSONS (THE), INC. | 56601 | 66224 |  |
| 9400 | B&G FOODS, INC. | 38404 | 39762 |  |
| 11399 | CAL-MAINE FOODS, INC. | 815898 | 1135682 |  |
| 2442 | CENTRAL GARDEN & PET CO., CLASS A(b) | 77593 | 76410 |  |
| 22350 | CHEFS' WAREHOUSE (THE), INC.(b) | 731729 | 1426154 |  |
| 2100 | EDGEWELL PERSONAL CARE CO. | 58249 | 49161 |  |
| 2800 | ENERGIZER HOLDINGS, INC. | 63943 | 56448 |  |
| 113630 | FLOWERS FOODS, INC. | 2747775 | 1815808 |  |
| 400 | FRESH DEL MONTE PRODUCE, INC. | 10912 | 12968 |  |
| 2100 | FRESHPET, INC.(b) | 167428 | 142716 |  |
| 11984 | INGREDION, INC. | 1126376 | 1625270 |  |
| 900 | INTERPARFUMS, INC. | 68995 | 118179 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Consumer Staples (Cont'd):** | **Consumer Staples (Cont'd):** |  |  |  |
| 130397 | MAMAMANCINI'S HOLDINGS, INC.(b) | $439628 | 1082295 |  |
| 2327 | MGP INGREDIENTS, INC. | 73323 | 69740 |  |
| 1800 | NATIONAL BEVERAGE CORP.(b) | 71312 | 77832 |  |
| 6784 | NATURE'S SUNSHINE PRODUCTS, INC.(b) | 79725 | 100335 |  |
| 1300 | PRICESMART, INC. | 76855 | 136552 |  |
| 1907 | SIMPLY GOOD FOODS (THE) CO.(b) | 63972 | 60242 |  |
| 1000 | SPARTANNASH CO. | 18620 | 26490 |  |
| 30722 | SPECTRUM BRANDS HOLDINGS, INC. | 2187264 | 1628266 |  |
| 1994 | SPROUTS FARMERS MARKET, INC.(b) | 289879 | 328292 |  |
| 721 | TOOTSIE ROLL INDUSTRIES, INC. | 19677 | 24118 |  |
| 22218 | UNIVERSAL CORP. | 1135525 | 1293976 |  |
| 40103 | USANA HEALTH SCIENCES, INC.(b) | 3141755 | 1224345 |  |
| 27701 | VITA COCO (THE) CO., INC.(b) | 769554 | 1000006 |  |
| 34464 | VITAL FARMS, INC.(b) | 1088784 | 1327553 |  |
| 720 | WD-40 CO. | 157722 | 164225 |  |
| 2910 | WK KELLOGG CO. | 47482 | 46385 |  |
|  |  | 15624980 | 15155434 | 3.55% |
| **Energy:** | **Energy:** |  |  |  |
| 2831 | ARCHROCK, INC. | 67523 | 70294 |  |
| 121440 | ATLAS ENERGY SOLUTIONS, INC.(d) | 2367290 | 1623653 |  |
| 79060 | BERRY CORP. | 201757 | 218996 |  |
| 4155 | CACTUS, INC., CLASS A | 160990 | 181657 |  |
| 1826 | CALIFORNIA RESOURCES CORP. | 64581 | 83393 |  |
| 362 | CHEVRON CORP. | 35198 | 51835 |  |
| 11603 | COMSTOCK RESOURCES, INC.(b) | 221412 | 321055 |  |
| 1592 | CORE NATURAL RESOURCES, INC. | 101100 | 111026 |  |
| 7985 | CRESCENT ENERGY CO., CLASS A | 67917 | 68671 |  |
| 99021 | DMC GLOBAL, INC.(b) | 3326938 | 798109 |  |
| 2780 | HELIX ENERGY SOLUTIONS GROUP, INC.(b) | 17755 | 17347 |  |
| 7087 | HELMERICH & PAYNE, INC. | 130561 | 107439 |  |
| 545 | INTERNATIONAL SEAWAYS, INC. | 18736 | 19882 |  |
| 5000 | LIBERTY ENERGY, INC. | 58880 | 57400 |  |
| 9923 | MAGNOLIA OIL & GAS CORP., CLASS A | 226330 | 223069 |  |
| 120278 | NOV, INC. | 1502707 | 1495055 |  |
| 4502 | OCEANEERING INTERNATIONAL, INC.(b) | 74741 | 93281 |  |
| 14800 | PATTERSON-UTI ENERGY, INC. | 83107 | 87764 |  |
| 6100 | PEABODY ENERGY CORP. | 78543 | 81862 |  |
| 6297 | SM ENERGY CO. | 145938 | 155599 |  |
| 1200 | TIDEWATER, INC.(b) | 49462 | 55356 |  |
| 2619 | VITAL ENERGY, INC.(b) | 40194 | 42140 |  |
| 14370 | WEATHERFORD INTERNATIONAL PLC | 991102 | 722955 |  |
| 8100 | WORLD KINECT CORP. | 190480 | 229635 |  |
|  |  | 10223242 | 6917473 | 1.62% |
| **Financials:** | **Financials:** |  |  |  |
| 7700 | ACADIAN ASSET MANAGEMENT, INC. | 136180 | 271348 |  |
| 48604 | AMERICAN INTEGRITY INSURANCE GROUP, INC.(b) | 807365 | 893828 |  |
| 1200 | AMERIS BANCORP | 72947 | 77640 |  |
| 5354 | APOLLO COMMERCIAL REAL ESTATE FINANCE, INC. | 47380 | 51827 |  |
| 4700 | ARMOUR RESIDENTIAL REIT, INC. | 75758 | 79007 |  |
| 2900 | ARTISAN PARTNERS ASSET MANAGEMENT, INC., CLASS A | 92935 | 128557 |  |
| 82381 | ASSOCIATED BANC-CORP | 1415355 | 2009273 |  |
| 2514 | ASSURED GUARANTY LTD. | 225053 | 218969 |  |
| 10077 | AXOS FINANCIAL, INC.(b) | 474815 | 766255 |  |
| 12902 | BANC OF CALIFORNIA, INC. | 153060 | 181273 |  |
| 2200 | BANCFIRST CORP. | 219431 | 271964 |  |
| 800 | BANCORP (THE), INC.(b) | 42880 | 45576 |  |
| 3900 | BANK OF HAWAII CORP. | 184963 | 263367 |  |
| 800 | BANNER CORP. | 52624 | 51320 |  |
| 8000 | BERKSHIRE HILLS BANCORP, INC. | 167165 | 200320 |  |
| 18800 | BGC GROUP, INC., CLASS A | 175020 | 192324 |  |
| 7977 | BLACKSTONE MORTGAGE TRUST, INC., CLASS A | 113574 | 153557 |  |
| 28607 | BOWHEAD SPECIALTY HOLDINGS, INC.(b) | 486319 | 1073621 |  |
| 30813 | BREAD FINANCIAL HOLDINGS, INC. | 1166133 | 1760039 |  |
| 119810 | BURFORD CAPITAL LTD. | 1660416 | 1708491 |  |
| 10464 | CAPITOL FEDERAL FINANCIAL, INC. | 48712 | 63830 |  |
| 1620 | CATHAY GENERAL BANCORP | 75116 | 73759 |  |
| 600 | CITY HOLDING CO. | 53184 | 73452 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Financials (Cont'd):** | **Financials (Cont'd):** |  |  |  |
| 48838 | CNO FINANCIAL GROUP, INC. | $851177 | 1884170 |  |
| 1200 | COHEN & STEERS, INC. | 93515 | 90420 |  |
| 171015 | COLUMBIA BANKING SYSTEM, INC. | 4049586 | 3998331 |  |
| 47015 | COMMERCE BANCSHARES, INC. | 2046537 | 2922923 |  |
| 600 | COMMUNITY FINANCIAL SYSTEM, INC. | 25494 | 34122 |  |
| 12000 | CVB FINANCIAL CORP. | 199210 | 237480 |  |
| 5204 | DAVE, INC.(b) | 575011 | 1396806 |  |
| 31606 | DONNELLEY FINANCIAL SOLUTIONS, INC.(b) | 1563713 | 1948510 |  |
| 6800 | EAGLE BANCORP, INC. | 116183 | 132464 |  |
| 13400 | ELLINGTON FINANCIAL, INC. | 148649 | 174066 |  |
| 4900 | ENCORE CAPITAL GROUP, INC.(b) | 168982 | 189679 |  |
| 923 | ENOVA INTERNATIONAL, INC.(b) | 88317 | 102933 |  |
| 13481 | ESQUIRE FINANCIAL HOLDINGS, INC. | 403316 | 1276111 |  |
| 27765 | ESSENT GROUP LTD. | 980408 | 1686168 |  |
| 2936 | EVERTEC, INC. | 90899 | 105843 |  |
| 103775 | EZCORP, INC., CLASS A(b) | 891209 | 1440397 |  |
| 9635 | FEDERAL AGRICULTURAL MORTGAGE CORP., CLASS C | 1262413 | 1871888 |  |
| 75785 | FINWISE BANCORP(b) | 1165762 | 1137533 |  |
| 2096 | FIRST BANCORP | 87400 | 92413 |  |
| 7878 | FIRST BANCORP (NEW YORK EXCHANGE) | 158756 | 164099 |  |
| 500 | FIRST FINANCIAL BANCORP | 12974 | 12130 |  |
| 8600 | FIRST HAWAIIAN, INC. | 159089 | 214656 |  |
| 3326 | FIRST WESTERN FINANCIAL, INC.(b) | 67266 | 75035 |  |
| 2960 | FIRSTCASH HOLDINGS, INC. | 404046 | 400014 |  |
| 2200 | FRANKLIN BSP REALTY TRUST, INC. | 24406 | 23518 |  |
| 7168 | GENWORTH FINANCIAL, INC.(b) | 43957 | 55767 |  |
| 55376 | GLACIER BANCORP, INC. | 1963835 | 2385598 |  |
| 7647 | GLOBE LIFE, INC. | 428372 | 950446 |  |
| 1458 | GOOSEHEAD INSURANCE, INC., CLASS A | 132110 | 153834 |  |
| 4070 | HCI GROUP, INC. | 445526 | 619454 |  |
| 2500 | HILLTOP HOLDINGS, INC. | 66017 | 75875 |  |
| 4200 | HOPE BANCORP, INC. | 38242 | 45066 |  |
| 1951 | HORACE MANN EDUCATORS CORP. | 69639 | 83834 |  |
| 909 | HUNTINGTON BANCSHARES, INC. | 9494 | 15235 |  |
| 3906 | JACKSON FINANCIAL, INC., CLASS A | 323204 | 346814 |  |
| 52362 | JDC GROUP A.G.(b)(c) | 1195017 | 1443308 |  |
| 2700 | KKR REAL ESTATE FINANCE TRUST, INC. | 23910 | 23679 |  |
| 3400 | LAKELAND FINANCIAL CORP. | 190694 | 208930 |  |
| 8540 | LENDINGTREE, INC.(b) | 413120 | 316578 |  |
| 7545 | LINCOLN NATIONAL CORP. | 190718 | 261057 |  |
| 892 | MERCURY GENERAL CORP. | 48685 | 60067 |  |
| 3400 | MOELIS & CO., CLASS A | 172895 | 211888 |  |
| 225 | MR COOPER GROUP, INC.(b) | 8997 | 33572 |  |
| 2667 | NCR ATLEOS CORP.(b) | 70128 | 76089 |  |
| 5616 | NEW YORK MORTGAGE TRUST, INC. | 34684 | 37627 |  |
| 31565 | NMI HOLDINGS, INC.(b) | 1164385 | 1331727 |  |
| 7700 | NORTHWEST BANCSHARES, INC. | 78507 | 98406 |  |
| 253 | OFG BANCORP | 5987 | 10828 |  |
| 107507 | OLD NATIONAL BANCORP | 1568018 | 2294199 |  |
| 313147 | OPEN LENDING CORP.(b) | 503748 | 607505 |  |
| 7333 | PACIFIC PREMIER BANCORP, INC. | 158634 | 154653 |  |
| 1158 | PALOMAR HOLDINGS, INC.(b) | 177358 | 178621 |  |
| 400 | PARK NATIONAL CORP. | 63194 | 66904 |  |
| 20100 | PAYONEER GLOBAL, INC.(b) | 89953 | 137685 |  |
| 3200 | PENNYMAC MORTGAGE INVESTMENT TRUST | 39092 | 41152 |  |
| 64818 | PERELLA WEINBERG PARTNERS | 857782 | 1258766 |  |
| 893 | PIPER SANDLER COS. | 203063 | 248200 |  |
| 301 | PJT PARTNERS, INC., CLASS A | 40463 | 49668 |  |
| 7628 | PRIORITY TECHNOLOGY HOLDINGS, INC.(b) | 66543 | 59346 |  |
| 2100 | PROG HOLDINGS, INC. | 48260 | 61635 |  |
| 5790 | RADIAN GROUP, INC. | 154838 | 208556 |  |
| 8900 | REDWOOD TRUST, INC. | 48449 | 52599 |  |
| 4179 | REGIONAL MANAGEMENT CORP. | 132682 | 122069 |  |
| 1500 | RENASANT CORP. | 52663 | 53895 |  |
| 3235 | SEACOAST BANKING CORP. OF FLORIDA | 68991 | 89351 |  |
| 2200 | SERVISFIRST BANCSHARES, INC. | 111050 | 170522 |  |
| 6616 | SEZZLE, INC.(b) | 267382 | 1185918 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Financials (Cont'd):** | **Financials (Cont'd):** |  |  |  |
| 10210 | SIMMONS FIRST NATIONAL CORP., CLASS A | $192849 | 193582 |  |
| 2847 | SIRIUSPOINT LTD.(b)(c) | 40048 | 58050 |  |
| 22551 | SKYWARD SPECIALTY INSURANCE GROUP, INC.(b) | 518088 | 1303222 |  |
| 2500 | SOUTHSIDE BANCSHARES, INC. | 69393 | 73575 |  |
| 2391 | SOUTHSTATE CORP. | 150567 | 220044 |  |
| 1914 | STEPSTONE GROUP, INC., CLASS A | 108171 | 106227 |  |
| 24160 | STEWART INFORMATION SERVICES CORP. | 1046351 | 1572816 |  |
| 1777 | STONEX GROUP, INC.(b) | 153263 | 161956 |  |
| 75976 | SUNRISE REALTY TRUST, INC. | 830894 | 805346 |  |
| 30910 | SYNOVUS FINANCIAL CORP. | 857377 | 1599592 |  |
| 24914 | THIRD COAST BANCSHARES, INC.(b) | 631041 | 813940 |  |
| 544 | TRIUMPH FINANCIAL, INC.(b) | 32537 | 29980 |  |
| 2081 | TRUPANION, INC.(b) | 66742 | 115183 |  |
| 11400 | UNITED COMMUNITY BANKS, INC. | 276626 | 339606 |  |
| 38838 | UNIVEST FINANCIAL CORP. | 713192 | 1166694 |  |
| 25113 | VICTORY CAPITAL HOLDINGS, INC., CLASS A | 1416230 | 1598945 |  |
| 4237 | VIRTU FINANCIAL, INC., CLASS A | 160048 | 189775 |  |
| 400 | VIRTUS INVESTMENT PARTNERS, INC. | 67812 | 72560 |  |
| 3444 | WAFD, INC. | 103136 | 100840 |  |
| 78 | WALKER & DUNLOP, INC. | 5251 | 5497 |  |
| 46009 | WEBSTER FINANCIAL CORP. | 1994582 | 2512091 |  |
| 1227 | WHITE MOUNTAINS INSURANCE GROUP LTD. | 2221414 | 2203348 |  |
| 2840 | WISDOMTREE, INC. | 13871 | 32688 |  |
| 100 | WORLD ACCEPTANCE CORP.(b) | 10682 | 16512 |  |
| 84466 | WSFS FINANCIAL CORP. | 3754721 | 4645630 |  |
|  |  | 50785875 | 68045928 | 15.94% |
| **Health Care:** | **Health Care:** |  |  |  |
| 1900 | ACADIA PHARMACEUTICALS, INC.(b) | 41852 | 40983 |  |
| 8506 | ADDUS HOMECARE CORP.(b) | 700889 | 979806 |  |
| 14396 | ADMA BIOLOGICS, INC.(b) | 242168 | 262151 |  |
| 137679 | ALECTOR, INC.(b) | 321821 | 192751 |  |
| 22397 | ALIGNMENT HEALTHCARE, INC.(b) | 335433 | 313558 |  |
| 68644 | ALKERMES PLC(b)(c) | 2087458 | 1963905 |  |
| 123634 | AMICUS THERAPEUTICS, INC.(b) | 763163 | 708423 |  |
| 5403 | AMN HEALTHCARE SERVICES, INC.(b) | 118939 | 111680 |  |
| 207980 | AMNEAL PHARMACEUTICALS, INC.(b) | 1779726 | 1682558 |  |
| 2035 | AMPHASTAR PHARMACEUTICALS, INC.(b) | 58629 | 46724 |  |
| 1200 | ANI PHARMACEUTICALS, INC.(b) | 69383 | 78300 |  |
| 7166 | ANIKA THERAPEUTICS, INC.(b) | 114311 | 75816 |  |
| 466315 | AOTI, INC.(b) | 742370 | 576079 |  |
| 2951 | ARCUS BIOSCIENCES, INC.(b) | 26402 | 24021 |  |
| 6483 | ARDENT HEALTH, INC.(b) | 79700 | 88558 |  |
| 6264 | ARROWHEAD PHARMACEUTICALS, INC.(b) | 84088 | 98971 |  |
| 94860 | ARVINAS, INC.(b) | 756766 | 698170 |  |
| 3900 | ASTRANA HEALTH, INC.(b) | 100782 | 97032 |  |
| 36051 | ATRICURE, INC.(b) | 1437205 | 1181391 |  |
| 11708 | AVEANNA HEALTHCARE HOLDINGS, INC.(b) | 59098 | 61233 |  |
| 77919 | AXOGEN, INC.(b) | 1219618 | 845421 |  |
| 2000 | AZENTA, INC.(b) | 54215 | 61560 |  |
| 232177 | BIOCRYST PHARMACEUTICALS, INC.(b) | 1758305 | 2080306 |  |
| 1249 | BIOLIFE SOLUTIONS, INC.(b) | 27265 | 26903 |  |
| 43033 | BIOTE CORP., CLASS A(b) | 215106 | 172993 |  |
| 7469 | CASTLE BIOSCIENCES, INC.(b) | 146861 | 152517 |  |
| 6693 | CATALYST PHARMACEUTICALS, INC.(b) | 110658 | 145238 |  |
| 11472 | CERTARA, INC.(b) | 128877 | 134222 |  |
| 8370 | CHARLES RIVER LABORATORIES INTERNATIONAL, INC.(b) | 1134110 | 1269980 |  |
| 39200 | COMMUNITY HEALTH SYSTEMS, INC.(b) | 106597 | 133280 |  |
| 4987 | CONCENTRA GROUP HOLDINGS PARENT, INC. | 81234 | 102583 |  |
| 36820 | CONMED CORP. | 2677217 | 1917586 |  |
| 4928 | CORCEPT THERAPEUTICS, INC.(b) | 323856 | 361715 |  |
| 792 | CORVEL CORP.(b) | 88030 | 81402 |  |
| 20764 | CRYOPORT, INC.(b) | 158500 | 154899 |  |
| 35400 | CYTEK BIOSCIENCES, INC.(b) | 88328 | 120360 |  |
| 104410 | DENTSPLY SIRONA, INC. | 2987801 | 1658031 |  |
| 1179 | DYNAVAX TECHNOLOGIES CORP.(b) | 13202 | 11696 |  |
| 3600 | EMBECTA CORP. | 38003 | 34884 |  |
| 2484 | ENOVIS CORP.(b) | 83945 | 77898 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Health Care (Cont'd):** | **Health Care (Cont'd):** |  |  |  |
| 168 | ENSIGN GROUP (THE), INC. | $13918 | 25916 |  |
| 91886 | ENVISTA HOLDINGS CORP.(b) | 1731001 | 1795452 |  |
| 37022 | ESTABLISHMENT LABS HOLDINGS, INC.(b)(c)(d) | 1345464 | 1581210 |  |
| 61141 | EVOLUS, INC.(b) | 547278 | 563109 |  |
| 8901 | FULCRUM THERAPEUTICS, INC.(b) | 31713 | 61239 |  |
| 3808 | FULGENT GENETICS, INC.(b) | 63882 | 75703 |  |
| 2607 | GLAUKOS CORP.(b) | 248572 | 269277 |  |
| 8562 | HARMONY BIOSCIENCES HOLDINGS, INC.(b) | 253309 | 270559 |  |
| 44851 | HARROW HEALTH, INC.(b) | 801185 | 1369750 |  |
| 19735 | HARVARD BIOSCIENCE, INC.(b) | 48389 | 8758 |  |
| 16538 | HEALTHSTREAM, INC. | 465885 | 457606 |  |
| 22032 | HILLEVAX, INC.(b) | 43645 | 43844 |  |
| 1683 | ICU MEDICAL, INC.(b) | 149647 | 222408 |  |
| 2551 | INNOVIVA, INC.(b) | 46446 | 51250 |  |
| 1154 | INSMED, INC.(b) | 117506 | 116139 |  |
| 16250 | INTEGER HOLDINGS CORP.(b) | 1309691 | 1998262 |  |
| 9600 | INTEGRA LIFESCIENCES HOLDINGS CORP.(b) | 121973 | 117792 |  |
| 55977 | IOVANCE BIOTHERAPEUTICS, INC.(b)(d) | 530438 | 96280 |  |
| 3745 | IRADIMED CORP. | 187064 | 223914 |  |
| 112134 | IRONWOOD PHARMACEUTICALS, INC.(b) | 458101 | 80422 |  |
| 106903 | JOURNEY MEDICAL CORP.(b) | 571591 | 767564 |  |
| 102521 | KINIKSA PHARMACEUTICALS INTERNATIONAL PLC(b) | 2064418 | 2836756 |  |
| 18987 | LEMAITRE VASCULAR, INC. | 990237 | 1576870 |  |
| 18610 | LIGAND PHARMACEUTICALS, INC.(b) | 1749941 | 2115585 |  |
| 50311 | MACROGENICS, INC.(b) | 170602 | 60876 |  |
| 77846 | MANNKIND CORP.(b) | 454101 | 291144 |  |
| 3312 | MERIT MEDICAL SYSTEMS, INC.(b) | 207485 | 309606 |  |
| 300 | MESA LABORATORIES, INC. | 30924 | 28266 |  |
| 9446 | MIRUM PHARMACEUTICALS, INC.(b) | 220748 | 480707 |  |
| 16400 | MYRIAD GENETICS, INC.(b) | 71099 | 87084 |  |
| 126 | NATIONAL HEALTHCARE CORP. | 12473 | 13483 |  |
| 23307 | NEUMORA THERAPEUTICS, INC.(b) | 19258 | 17091 |  |
| 20247 | NOVOCURE LTD.(b)(c) | 346085 | 360397 |  |
| 5286 | OMNIAB, INC.(b)(e) | - | - |  |
| 5286 | OMNIAB, INC. (EARNOUT SHARES)(b)(e) | - | - |  |
| 133867 | OMNIAB, INC. (NASDAQ GLOBAL MARKET EXCHANGE)(b) | 821006 | 232929 |  |
| 1900 | OMNICELL, INC.(b) | 55817 | 55860 |  |
| 73397 | OPTIMIZERX CORP.(b) | 1092365 | 990859 |  |
| 106326 | ORGANOGENESIS HOLDINGS, INC.(b) | 307981 | 389153 |  |
| 21824 | ORGANON & CO. | 246501 | 211256 |  |
| 10459 | OWENS & MINOR, INC.(b) | 85801 | 95177 |  |
| 19900 | PACIRA BIOSCIENCES, INC.(b) | 623141 | 475610 |  |
| 23165 | PENNANT GROUP (THE), INC.(b) | 272834 | 691475 |  |
| 74760 | PERRIGO CO. PLC(c) | 2565149 | 1997587 |  |
| 30600 | PHIBRO ANIMAL HEALTH CORP., CLASS A | 699107 | 781524 |  |
| 62435 | PHREESIA, INC.(b) | 1472507 | 1776900 |  |
| 19488 | PLIANT THERAPEUTICS, INC.(b) | 261970 | 22606 |  |
| 2021 | PREMIER, INC., CLASS A | 40415 | 44321 |  |
| 1444 | PRESTIGE CONSUMER HEALTHCARE, INC.(b) | 114854 | 115303 |  |
| 6205 | PRIVIA HEALTH GROUP, INC.(b) | 145627 | 142715 |  |
| 44795 | PROGYNY, INC.(b) | 964141 | 985490 |  |
| 2500 | PROTAGONIST THERAPEUTICS, INC.(b) | 102664 | 138175 |  |
| 77681 | PROTHENA CORP. PLC(b)(c) | 452017 | 471524 |  |
| 35410 | PTC THERAPEUTICS, INC.(b) | 1430951 | 1729424 |  |
| 3449 | QUIDELORTHO CORP.(b) | 95787 | 99400 |  |
| 3167 | RADNET, INC.(b) | 159796 | 180234 |  |
| 20872 | RIGEL PHARMACEUTICALS, INC.(b) | 428461 | 390933 |  |
| 42312 | ROCKET PHARMACEUTICALS, INC.(b) | 301459 | 103664 |  |
| 6844 | SCHOLAR ROCK HOLDING CORP.(b) | 210283 | 242414 |  |
| 5543 | SCHRODINGER, INC.(b) | 111014 | 111525 |  |
| 177858 | SCPHARMACEUTICALS, INC.(b)(d) | 742676 | 677639 |  |
| 11649 | SELECT MEDICAL HOLDINGS CORP. | 162338 | 176832 |  |
| 15811 | SIGHT SCIENCES, INC.(b) | 58868 | 65299 |  |
| 1200 | SIMULATIONS PLUS, INC. | 38183 | 20940 |  |
| 2298 | STAAR SURGICAL CO.(b) | 41105 | 38560 |  |
| 30511 | SUPERNUS PHARMACEUTICALS, INC.(b) | 1031772 | 961707 |  |
| 32604 | TANDEM DIABETES CARE, INC.(b) | 580219 | 607739 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Health Care (Cont'd):** | **Health Care (Cont'd):** |  |  |  |
| 22465 | TELADOC HEALTH, INC.(b) | $176541 | 195670 |  |
| 23903 | TELEFLEX, INC. | 2910594 | 2829159 |  |
| 2126 | TG THERAPEUTICS, INC.(b) | 68275 | 76515 |  |
| 1649 | TRANSMEDICS GROUP, INC.(b) | 114587 | 220982 |  |
| 11306 | TRAVERE THERAPEUTICS, INC.(b) | 338628 | 167329 |  |
| 332 | U.S. PHYSICAL THERAPY, INC. | 25780 | 25962 |  |
| 5592 | UFP TECHNOLOGIES, INC.(b) | 1085703 | 1365343 |  |
| 34825 | UROGEN PHARMA LTD.(b)(d) | 580064 | 477102 |  |
| 8256 | UTAH MEDICAL PRODUCTS, INC. | 936764 | 469932 |  |
| 348943 | VAREX IMAGING CORP.(b) | 5953960 | 3025336 |  |
| 2154 | VERICEL CORP.(b) | 77457 | 91653 |  |
| 15319 | VERONA PHARMA PLC ADR(b)(c)(f) | 236935 | 1448871 |  |
| 141283 | VIEMED HEALTHCARE, INC.(b) | 858920 | 976266 |  |
| 50419 | VIRIDIAN THERAPEUTICS, INC.(b) | 913818 | 704858 |  |
| 13239 | Y-MABS THERAPEUTICS, INC.(b) | 295381 | 59708 |  |
|  |  | 67076196 | 64359363 | 15.07% |
| **Industrials:** | **Industrials:** |  |  |  |
| 500 | AAR CORP.(b) | 18655 | 34395 |  |
| 42595 | ABM INDUSTRIES, INC. | 2133998 | 2010910 |  |
| 37840 | ADENTRA, INC.(c) | 859850 | 801677 |  |
| 1223 | AEROVIRONMENT, INC.(b) | 176748 | 348494 |  |
| 58514 | AIR LEASE CORP. | 1991706 | 3422484 |  |
| 552 | ALAMO GROUP, INC. | 93160 | 120546 |  |
| 1367 | ALBANY INTERNATIONAL CORP., CLASS A | 89509 | 95868 |  |
| 5302 | AMENTUM HOLDINGS, INC.(b) | 114978 | 125180 |  |
| 75321 | AMERICAN WOODMARK CORP.(b) | 5542622 | 4019882 |  |
| 34480 | API GROUP CORP.(b) | 942388 | 1760204 |  |
| 300 | APOGEE ENTERPRISES, INC. | 12364 | 12180 |  |
| 3236 | APPLIED INDUSTRIAL TECHNOLOGIES, INC. | 747742 | 752208 |  |
| 1766 | ARCBEST CORP. | 104075 | 136000 |  |
| 1800 | ARCOSA, INC. | 108698 | 156078 |  |
| 8424 | ARGAN, INC. | 1286134 | 1857324 |  |
| 11784 | ARMSTRONG WORLD INDUSTRIES, INC. | 1287639 | 1914193 |  |
| 1200 | ASTEC INDUSTRIES, INC. | 41003 | 50028 |  |
| 50011 | ASURE SOFTWARE, INC.(b) | 421373 | 488107 |  |
| 200 | ATI, INC.(b) | 7972 | 17268 |  |
| 248 | AZZ, INC. | 21591 | 23431 |  |
| 1177 | BOISE CASCADE CO. | 67222 | 102187 |  |
| 2600 | BRADY CORP., CLASS A | 111195 | 176722 |  |
| 102700 | BRIGHTVIEW HOLDINGS, INC.(b) | 1202612 | 1709955 |  |
| 17238 | CIMPRESS PLC(b)(c) | 1328161 | 810186 |  |
| 43892 | CONCENTRIX CORP. | 2484112 | 2319912 |  |
| 13907 | CONSTRUCTION PARTNERS, INC., CLASS A(b) | 490388 | 1478036 |  |
| 5652 | CORECIVIC, INC.(b) | 102633 | 119088 |  |
| 7879 | CRA INTERNATIONAL, INC. | 784651 | 1476288 |  |
| 32457 | CSG SYSTEMS INTERNATIONAL, INC. | 1584044 | 2119767 |  |
| 549 | CSW INDUSTRIALS, INC. | 169376 | 157470 |  |
| 2100 | DELUXE CORP. | 32418 | 33411 |  |
| 5300 | DNOW, INC.(b) | 79797 | 78599 |  |
| 91594 | DOUGLAS DYNAMICS, INC. | 2192015 | 2699275 |  |
| 10325 | DXP ENTERPRISES, INC.(b) | 658408 | 904986 |  |
| 1274 | DYCOM INDUSTRIES, INC.(b) | 172877 | 311353 |  |
| 48360 | ENERPAC TOOL GROUP CORP. | 1015090 | 1961482 |  |
| 610 | ENPRO, INC. | 52433 | 116846 |  |
| 9700 | ENVIRI CORP.(b) | 54422 | 84196 |  |
| 10653 | ESAB CORP. | 406633 | 1284219 |  |
| 333 | ESCO TECHNOLOGIES, INC. | 52942 | 63893 |  |
| 3000 | EVERUS CONSTRUCTION GROUP, INC.(b) | 114050 | 190590 |  |
| 552 | FEDERAL SIGNAL CORP. | 42791 | 58744 |  |
| 37095 | FIVERR INTERNATIONAL LTD.(b)(c) | 835263 | 1087996 |  |
| 40562 | FRANKLIN COVEY CO.(b) | 1672531 | 925625 |  |
| 51276 | GATES INDUSTRIAL CORP. PLC(b) | 615818 | 1180886 |  |
| 6784 | GEO GROUP (THE), INC.(b) | 175884 | 162477 |  |
| 1400 | GIBRALTAR INDUSTRIES, INC.(b) | 56403 | 82600 |  |
| 1600 | GMS, INC.(b) | 116093 | 174000 |  |
| 21340 | GORMAN-RUPP (THE) CO. | 631256 | 783605 |  |
| 29392 | GRAHAM CORP.(b) | 392159 | 1455198 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Industrials (Cont'd):** | **Industrials (Cont'd):** |  |  |  |
| 13524 | GRANITE CONSTRUCTION, INC. | $638788 | 1264629 |  |
| 1189 | GRIFFON CORP. | 73824 | 86048 |  |
| 7300 | HAYWARD HOLDINGS, INC.(b) | 103702 | 100740 |  |
| 6000 | HEALTHCARE SERVICES GROUP, INC.(b) | 64838 | 90180 |  |
| 1600 | HEIDRICK & STRUGGLES INTERNATIONAL, INC. | 65619 | 73216 |  |
| 6346 | HUB GROUP, INC., CLASS A | 218230 | 212147 |  |
| 3876 | HURON CONSULTING GROUP, INC.(b) | 540553 | 533105 |  |
| 27080 | HYSTER-YALE, INC. | 1311817 | 1077242 |  |
| 11638 | ICF INTERNATIONAL, INC. | 1129691 | 985855 |  |
| 1500 | INSTEEL INDUSTRIES, INC. | 39313 | 55815 |  |
| 263730 | JANUS INTERNATIONAL GROUP, INC.(b) | 3201929 | 2146762 |  |
| 1848 | JBT MAREL CORP. | 176786 | 222240 |  |
| 34680 | JETBLUE AIRWAYS CORP.(b) | 136818 | 146696 |  |
| 400 | KADANT, INC. | 126432 | 126980 |  |
| 32592 | KARAT PACKAGING, INC. | 693792 | 917791 |  |
| 2443 | KENNAMETAL, INC. | 48120 | 56091 |  |
| 15806 | KFORCE, INC. | 897016 | 650101 |  |
| 32986 | KORN FERRY | 1615341 | 2418863 |  |
| 7600 | KRATOS DEFENSE & SECURITY SOLUTIONS, INC.(b) | 247499 | 353020 |  |
| 124710 | LEGALZOOM.COM, INC.(b) | 1014911 | 1111166 |  |
| 11235 | LEONARDO DRS, INC. | 458242 | 522203 |  |
| 24932 | LIMBACH HOLDINGS, INC.(b) | 1526084 | 3492973 |  |
| 564 | LINDSAY CORP. | 72235 | 81357 |  |
| 74561 | LIQUIDITY SERVICES, INC.(b) | 1589751 | 1758894 |  |
| 130150 | MASTERBRAND, INC.(b) | 1267201 | 1422540 |  |
| 1360 | MATSON, INC. | 88996 | 151436 |  |
| 741 | MERCURY SYSTEMS, INC.(b) | 30270 | 39910 |  |
| 881 | MOOG, INC., CLASS A | 150352 | 159435 |  |
| 195420 | MRC GLOBAL, INC.(b) | 1748327 | 2679208 |  |
| 13834 | MSA SAFETY, INC. | 2415912 | 2317610 |  |
| 1092 | MUELLER INDUSTRIES, INC. | 78416 | 86781 |  |
| 5436 | MUELLER WATER PRODUCTS, INC., CLASS A | 143760 | 130681 |  |
| 4013 | MYR GROUP, INC.(b) | 551772 | 728159 |  |
| 145080 | NPK INTERNATIONAL, INC.(b) | 988514 | 1234631 |  |
| 2300 | NV5 GLOBAL, INC.(b) | 40474 | 53107 |  |
| 5359 | OPENLANE, INC.(b) | 77544 | 131028 |  |
| 72612 | ORION GROUP HOLDINGS, INC.(b) | 622057 | 658591 |  |
| 8928 | PITNEY BOWES, INC. | 78795 | 97404 |  |
| 400 | POWELL INDUSTRIES, INC. | 65846 | 84180 |  |
| 1000 | PROTO LABS, INC.(b) | 37760 | 40040 |  |
| 647 | QUANEX BUILDING PRODUCTS CORP. | 12287 | 12228 |  |
| 120833 | RESIDEO TECHNOLOGIES, INC.(b) | 2071956 | 2665576 |  |
| 2667 | RESOLUTE HOLDINGS MANAGEMENT, INC.(b)(d) | 101613 | 84997 |  |
| 34530 | ROBERT HALF INTERNATIONAL, INC. | 1735625 | 1417457 |  |
| 16085 | RUSH ENTERPRISES, INC., CLASS A | 294011 | 828538 |  |
| 13871 | RXO, INC.(b) | 198970 | 218052 |  |
| 157406 | SHYFT GROUP (THE), INC. | 1830369 | 1973871 |  |
| 1571 | SKYWEST, INC.(b) | 139989 | 161766 |  |
| 1791 | SPX TECHNOLOGIES, INC.(b) | 239113 | 300315 |  |
| 9715 | STANDEX INTERNATIONAL CORP. | 1469138 | 1520203 |  |
| 333783 | STEELCASE, INC., CLASS A | 4163167 | 3481357 |  |
| 1340 | STERLING INFRASTRUCTURE, INC.(b) | 195652 | 309178 |  |
| 8315 | SUN COUNTRY AIRLINES HOLDINGS, INC.(b) | 105818 | 97701 |  |
| 9171 | SUNRUN, INC.(b) | 64064 | 75019 |  |
| 39937 | TAT TECHNOLOGIES LTD.(b)(c) | 1036893 | 1219676 |  |
| 21820 | TECNOGLASS, INC. | 940282 | 1687995 |  |
| 646 | TENNANT CO. | 45805 | 50052 |  |
| 3736 | TEREX CORP. | 118136 | 174434 |  |
| 18620 | TIMKEN (THE) CO. | 1327367 | 1350881 |  |
| 8322 | TITAN INTERNATIONAL, INC.(b) | 57606 | 85467 |  |
| 2936 | TRINITY INDUSTRIES, INC. | 64230 | 79301 |  |
| 3102 | TRIUMPH GROUP, INC.(b) | 78718 | 79877 |  |
| 112956 | TRUEBLUE, INC.(b) | 1635350 | 731955 |  |
| 200 | UNIFIRST CORP. | 37788 | 37644 |  |
| 113168 | UPWORK, INC.(b) | 1771181 | 1520978 |  |
| 1797 | VERRA MOBILITY CORP.(b) | 39710 | 45626 |  |
| 7874 | VICOR CORP.(b) | 308889 | 357165 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Industrials (Cont'd):** | **Industrials (Cont'd):** |  |  |  |
| 3574 | VIRCO MFG. CORP. | $31241 | 28521 |  |
| 8281 | VSE CORP. | 650695 | 1084645 |  |
| 29875 | WILLDAN GROUP, INC.(b) | 1369280 | 1867486 |  |
| 2300 | WILLSCOT HOLDINGS CORP. | 63497 | 63020 |  |
| 13760 | WOODWARD, INC. | 1247458 | 3372438 |  |
| 1874 | WORTHINGTON ENTERPRISES, INC. | 75908 | 119261 |  |
| 1225 | ZURN ELKAY WATER SOLUTIONS CORP. | 41330 | 44798 |  |
|  |  | 81636345 | 97902382 | 22.93% |
| **Information Technology:** | **Information Technology:** |  |  |  |
| 13899 | 8X8, INC.(b) | 38013 | 27242 |  |
| 13600 | A10 NETWORKS, INC. | 166129 | 263160 |  |
| 251 | ACI WORLDWIDE, INC.(b) | 11441 | 11523 |  |
| 5427 | ACM RESEARCH, INC., CLASS A(b) | 114510 | 140559 |  |
| 833 | ADEIA, INC. | 10296 | 11779 |  |
| 1342 | ADVANCED ENERGY INDUSTRIES, INC. | 101891 | 177815 |  |
| 34295 | AEHR TEST SYSTEMS(b)(d) | 415873 | 443434 |  |
| 900 | AGILYSYS, INC.(b) | 47400 | 103176 |  |
| 19726 | ALARM.COM HOLDINGS, INC.(b) | 1071504 | 1115900 |  |
| 26059 | AMBARELLA, INC.(b) | 1432096 | 1721588 |  |
| 56396 | APPIAN CORP., CLASS A(b) | 1713391 | 1683985 |  |
| 255752 | ARLO TECHNOLOGIES, INC.(b) | 2237391 | 4337554 |  |
| 10860 | ARROW ELECTRONICS, INC.(b) | 1039688 | 1383890 |  |
| 89601 | ASANA, INC., CLASS A(b) | 1543793 | 1209613 |  |
| 77270 | AUDIOEYE, INC.(b) | 1157556 | 900195 |  |
| 81718 | AVEPOINT, INC.(b) | 940682 | 1577975 |  |
| 43099 | AVNET, INC. | 1687956 | 2287695 |  |
| 3673 | AXCELIS TECHNOLOGIES, INC.(b) | 179633 | 255971 |  |
| 3178 | BADGER METER, INC. | 698619 | 778451 |  |
| 14100 | BEL FUSE, INC., CLASS B | 1078047 | 1377429 |  |
| 5668 | BELDEN, INC. | 616491 | 656354 |  |
| 1600 | BENCHMARK ELECTRONICS, INC. | 58365 | 62128 |  |
| 7385 | BIGCOMMERCE HOLDINGS, INC., CLASS 1(b) | 38987 | 36925 |  |
| 195999 | BLACKLINE SAFETY CORP.(b)(c) | 921281 | 1036308 |  |
| 800 | BLACKLINE, INC.(b) | 44048 | 45296 |  |
| 69636 | BLEND LABS, INC., CLASS A(b) | 264734 | 229799 |  |
| 11276 | BOX, INC., CLASS A(b) | 370220 | 385301 |  |
| 44295 | CALIX, INC.(b) | 1567855 | 2356051 |  |
| 11779 | CAMTEK LTD.(b)(c)(d) | 845458 | 996032 |  |
| 66510 | CEVA, INC.(b) | 2060777 | 1461890 |  |
| 13600 | CLEANSPARK, INC.(b) | 109009 | 150008 |  |
| 4000 | CLEAR SECURE, INC., CLASS A | 97465 | 111040 |  |
| 12835 | CLIMB GLOBAL SOLUTIONS, INC. | 829183 | 1372190 |  |
| 36239 | CODA OCTOPUS GROUP, INC.(b) | 292609 | 296435 |  |
| 13162 | COMMVAULT SYSTEMS, INC.(b) | 1985774 | 2294531 |  |
| 32007 | COMPOSECURE, INC., CLASS A(b)(d) | 253375 | 450979 |  |
| 10794 | CONSENSUS CLOUD SOLUTIONS, INC.(b) | 460618 | 248910 |  |
| 33087 | CPI CARD GROUP, INC.(b) | 718118 | 784824 |  |
| 15614 | CREDO TECHNOLOGY GROUP HOLDING LTD.(b) | 1069715 | 1445700 |  |
| 31654 | CTS CORP. | 1488458 | 1348777 |  |
| 35801 | DIGI INTERNATIONAL, INC.(b) | 916346 | 1248023 |  |
| 11741 | DIGITALOCEAN HOLDINGS, INC.(b) | 338725 | 335323 |  |
| 4893 | DIODES, INC.(b) | 187089 | 258791 |  |
| 21257 | DOMO, INC., CLASS B(b) | 295015 | 296960 |  |
| 6795 | DXC TECHNOLOGY CO.(b) | 104410 | 103896 |  |
| 700 | EPLUS, INC.(b) | 44072 | 50470 |  |
| 29254 | EXTREME NETWORKS, INC.(b) | 470299 | 525109 |  |
| 600 | FABRINET(b)(c) | 110076 | 176808 |  |
| 82845 | FASTLY, INC., CLASS A(b) | 648303 | 584886 |  |
| 17213 | FRESHWORKS, INC., CLASS A(b) | 244600 | 256646 |  |
| 95122 | GRID DYNAMICS HOLDINGS, INC.(b) | 1201356 | 1098659 |  |
| 4900 | HARMONIC, INC.(b) | 44963 | 46403 |  |
| 28276 | I3 VERTICALS, INC., CLASS A(b) | 753197 | 777024 |  |
| 2400 | ICHOR HOLDINGS LTD.(b) | 39161 | 47136 |  |
| 300 | IMPINJ, INC.(b) | 34467 | 33321 |  |
| 1683 | INSIGHT ENTERPRISES, INC.(b) | 141925 | 232397 |  |
| 21633 | INTAPP, INC.(b) | 1202271 | 1116695 |  |
| 1506 | INTERDIGITAL, INC. | 311437 | 337690 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Information Technology (Cont'd):** | **Information Technology (Cont'd):** |  |  |  |
| 1984 | ITRON, INC.(b) | $163295 | 261154 |  |
| 45810 | ITURAN LOCATION AND CONTROL LTD.(c) | 1214087 | 1774221 |  |
| 135552 | KALTURA, INC.(b) | 273511 | 272460 |  |
| 12600 | KNOWLES CORP.(b) | 199526 | 222012 |  |
| 1306 | KULICKE & SOFFA INDUSTRIES, INC.(c) | 41804 | 45188 |  |
| 6632 | LIVERAMP HOLDINGS, INC.(b) | 180074 | 219121 |  |
| 14376 | MARA HOLDINGS, INC.(b) | 199973 | 225416 |  |
| 40951 | MAXLINEAR, INC.(b) | 635382 | 581914 |  |
| 22190 | MKS, INC. | 1887861 | 2204798 |  |
| 4800 | NETSCOUT SYSTEMS, INC.(b) | 96844 | 119088 |  |
| 77055 | OLO, INC., CLASS A(b) | 369962 | 685790 |  |
| 85639 | ONESPAN, INC. | 1340610 | 1429315 |  |
| 76566 | OOMA, INC.(b) | 956447 | 987701 |  |
| 30130 | OPEN TEXT CORP.(c) | 742116 | 879796 |  |
| 406 | OSI SYSTEMS, INC.(b) | 80016 | 91293 |  |
| 52552 | PAGERDUTY, INC.(b) | 899796 | 802995 |  |
| 9323 | PAR TECHNOLOGY CORP.(b) | 424923 | 646737 |  |
| 33989 | PDF SOLUTIONS, INC.(b) | 904242 | 726685 |  |
| 8468 | PENGUIN SOLUTIONS, INC.(b) | 144083 | 167751 |  |
| 3800 | PHOTRONICS, INC.(b) | 67240 | 71554 |  |
| 10501 | PLEXUS CORP.(b) | 1513823 | 1420890 |  |
| 18710 | PORCH GROUP, INC.(b) | 84936 | 220591 |  |
| 137438 | POWERFLEET, INC. NJ(b) | 626466 | 592358 |  |
| 11468 | PROGRESS SOFTWARE CORP. | 511854 | 732117 |  |
| 87225 | PROS HOLDINGS, INC.(b) | 1540325 | 1365943 |  |
| 2100 | QORVO, INC.(b) | 159427 | 178311 |  |
| 8216 | QUALYS, INC.(b) | 1064767 | 1173820 |  |
| 46165 | RADWARE LTD.(b)(c) | 1556269 | 1359098 |  |
| 817 | RAMBUS, INC.(b) | 46190 | 52304 |  |
| 21649 | RAPID7, INC.(b) | 770553 | 500741 |  |
| 42863 | RED VIOLET, INC. | 823201 | 2108860 |  |
| 90405 | REPOSITRAK, INC. | 498039 | 1776458 |  |
| 10556 | RIMINI STREET, INC.(b) | 18531 | 39796 |  |
| 925 | ROGERS CORP.(b) | 52781 | 63344 |  |
| 3600 | SANMINA CORP.(b) | 203866 | 352188 |  |
| 46414 | SCANSOURCE, INC.(b) | 1582693 | 1940569 |  |
| 2700 | SEMTECH CORP.(b) | 99946 | 121878 |  |
| 1585 | SITIME CORP.(b) | 236099 | 337732 |  |
| 104140 | SOUNDTHINKING, INC.(b) | 1804764 | 1359548 |  |
| 1043 | SPS COMMERCE, INC.(b) | 121768 | 141942 |  |
| 9100 | TERADATA CORP.(b) | 212535 | 203021 |  |
| 4451 | TTM TECHNOLOGIES, INC.(b) | 89225 | 181690 |  |
| 1967 | ULTRA CLEAN HOLDINGS, INC.(b) | 43623 | 44395 |  |
| 117159 | UPLAND SOFTWARE, INC.(b) | 485624 | 228460 |  |
| 66947 | VEECO INSTRUMENTS, INC.(b) | 1531670 | 1360363 |  |
| 4700 | VIASAT, INC.(b) | 40237 | 68620 |  |
| 160710 | WEAVE COMMUNICATIONS, INC.(b) | 1412536 | 1337107 |  |
| 21293 | WORKIVA, INC.(b) | 1743716 | 1457506 |  |
| 9686 | XEROX HOLDINGS CORP. | 40347 | 51045 |  |
|  |  | 66603764 | 76290333 | 17.87% |
| **Materials:** | **Materials:** |  |  |  |
| 500 | ADVANSIX, INC. | 11615 | 11875 |  |
| 616 | ALPHA METALLURGICAL RESOURCES, INC.(b) | 73956 | 69288 |  |
| 186798 | ASPEN AEROGELS, INC.(b) | 1293029 | 1105844 |  |
| 2073 | BALCHEM CORP. | 343974 | 330022 |  |
| 407 | CARPENTER TECHNOLOGY CORP. | 62693 | 112487 |  |
| 2500 | CELANESE CORP. | 134843 | 138325 |  |
| 16600 | CHEMOURS (THE) CO. | 166254 | 190070 |  |
| 2381 | COMPASS MINERALS INTERNATIONAL, INC.(b) | 24540 | 47834 |  |
| 5600 | ELEMENT SOLUTIONS, INC. | 120209 | 126840 |  |
| 36967 | H.B. FULLER CO. | 2128654 | 2223565 |  |
| 300 | HAWKINS, INC. | 40206 | 42630 |  |
| 101629 | HUNTSMAN CORP. | 2002792 | 1058974 |  |
| 17101 | INGEVITY CORP.(b) | 779689 | 736882 |  |
| 1841 | INNOSPEC, INC. | 162966 | 154810 |  |
| 249 | KAISER ALUMINUM CORP. | 14825 | 19895 |  |
| 58095 | KOPPERS HOLDINGS, INC. | 1737001 | 1867754 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Materials (Cont'd):** | **Materials (Cont'd):** |  |  |  |
| 635 | MATERION CORP. | $50387 | 50400 |  |
| 1700 | MINERALS TECHNOLOGIES, INC. | 86510 | 93619 |  |
| 7800 | O-I GLASS, INC.(b) | 82958 | 114972 |  |
| 69250 | OLIN CORP. | 1974122 | 1391232 |  |
| 177840 | ORION S.A. | 2370219 | 1865542 |  |
| 1200 | SEALED AIR CORP. | 38951 | 37236 |  |
| 1105 | SENSIENT TECHNOLOGIES CORP. | 92391 | 108865 |  |
| 6249 | SMITH-MIDLAND CORP.(b) | 140575 | 209716 |  |
| 7900 | SUNCOKE ENERGY, INC. | 48142 | 67861 |  |
| 2092 | SYLVAMO CORP. | 94999 | 104809 |  |
| 94485 | TRIMAS CORP. | 2646161 | 2703216 |  |
| 1864 | WARRIOR MET COAL, INC. | 54108 | 85427 |  |
|  |  | 16776769 | 15069990 | 3.53% |
| **Real Estate:** | **Real Estate:** |  |  |  |
| 3900 | ACADIA REALTY TRUST | 48947 | 72423 |  |
| 8500 | ALEXANDER & BALDWIN, INC. | 134404 | 151555 |  |
| 1100 | AMERICAN ASSETS TRUST, INC. | 21918 | 21725 |  |
| 3400 | APPLE HOSPITALITY REIT, INC. | 38786 | 39678 |  |
| 8838 | CARETRUST REIT, INC. | 178960 | 270443 |  |
| 3100 | CENTERSPACE | 161585 | 186589 |  |
| 3480 | CURBLINE PROPERTIES CORP. | 75798 | 79448 |  |
| 23200 | CUSHMAN & WAKEFIELD PLC(b) | 195001 | 256824 |  |
| 143831 | DIAMONDROCK HOSPITALITY CO. | 1136296 | 1101745 |  |
| 6600 | DOUGLAS EMMETT, INC. | 84960 | 99264 |  |
| 5310 | EASTERLY GOVERNMENT PROPERTIES, INC. | 108794 | 117882 |  |
| 11600 | ELME COMMUNITIES | 149056 | 184440 |  |
| 12200 | ESSENTIAL PROPERTIES REALTY TRUST, INC. | 268652 | 389302 |  |
| 5200 | EXP WORLD HOLDINGS, INC. | 39915 | 47320 |  |
| 10300 | FOUR CORNERS PROPERTY TRUST, INC. | 233120 | 277173 |  |
| 1900 | GLOBAL NET LEASE, INC. | 13095 | 14345 |  |
| 4600 | HIGHWOODS PROPERTIES, INC. | 82288 | 143014 |  |
| 700 | INNOVATIVE INDUSTRIAL PROPERTIES, INC. | 39039 | 38654 |  |
| 6212 | KENNEDY-WILSON HOLDINGS, INC. | 39917 | 42242 |  |
| 4778 | KIMCO REALTY CORP. | 57422 | 100433 |  |
| 8400 | LXP INDUSTRIAL TRUST | 68826 | 69384 |  |
| 10849 | MACERICH (THE) CO. | 159086 | 175537 |  |
| 27028 | MARCUS & MILLICHAP, INC. | 884741 | 830030 |  |
| 1630 | MILLROSE PROPERTIES, INC. | 40828 | 46471 |  |
| 500 | NEXPOINT RESIDENTIAL TRUST, INC. | 14919 | 16660 |  |
| 878 | OUTFRONT MEDIA, INC. | 11209 | 14329 |  |
| 5868 | PHILLIPS EDISON & CO., INC. | 216094 | 205556 |  |
| 555 | REGENCY CENTERS CORP. | 24356 | 39533 |  |
| 25110 | RYMAN HOSPITALITY PROPERTIES, INC. | 2707080 | 2477604 |  |
| 700 | SL GREEN REALTY CORP. | 32844 | 43330 |  |
| 2730 | ST. JOE (THE) CO. | 101450 | 130221 |  |
| 2495 | STRAWBERRY FIELDS REIT, INC. | 29673 | 26297 |  |
| 8770 | SUNSTONE HOTEL INVESTORS, INC. | 70735 | 76124 |  |
| 4600 | TANGER, INC. | 134806 | 140668 |  |
| 3405 | TERRENO REALTY CORP. | 199321 | 190918 |  |
| 500 | UNIVERSAL HEALTH REALTY INCOME TRUST | 19146 | 19985 |  |
| 4600 | URBAN EDGE PROPERTIES | 60501 | 85836 |  |
| 2500 | WHITESTONE REIT | 21790 | 31200 |  |
|  |  | 7905358 | 8254182 | 1.93% |
| **Utilities:** | **Utilities:** |  |  |  |
| 1504 | AMERICAN STATES WATER CO. | 110286 | 115296 |  |
| 7500 | AVISTA CORP. | 243389 | 284625 |  |
| 2444 | CHESAPEAKE UTILITIES CORP. | 221453 | 293818 |  |
| 1600 | CLEARWAY ENERGY, INC., CLASS A | 38013 | 48416 |  |
| 3905 | CLEARWAY ENERGY, INC., CLASS C | 98728 | 124960 |  |
| 637 | H2O AMERICA | 32309 | 33105 |  |
| 9328 | MDU RESOURCES GROUP, INC. | 154082 | 155498 |  |
| 2800 | MIDDLESEX WATER CO. | 144219 | 151704 |  |
| 2000 | OTTER TAIL CORP. | 153818 | 154180 |  |
| 700 | UNITIL CORP. | 35042 | 36505 |  |
|  |  | 1231339 | 1398107 | 0.33% |
|  | **Sub-total Common Stocks:** | 388362772 | 417412675 | 97.76% |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **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% |
| **Short-Term Investments:** | **Short-Term Investments:** |  |  |  |
| 7272398 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT <br> PORTFOLIO, INSTITUTIONAL SHARES(g)<br>| 7272398 | 7272398 |  |
| 10490522 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT <br> SELECT PORTFOLIO, INSTITUTIONAL SHARES, 4.23%(h)<br>| 10490522 | 10490522 |  |
|  | **Sub-total Short-Term Investments:** | 17762920 | 17762920 | 4.16% |
|  | Grand total | $406125692 | 435175595 | 101.92% |

---

---

| | |
|:---|:---|
| **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 June 30, 2025, the value of foreign stocks or depositary receipts of companies based <br> outside of the United States represented 5.66% 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> | Securities are American Depositary Receipts of companies based outside of the United States representing 0.34% of net assets as of June 30, <br> 2025.<br>|
| <sup>(g)</sup> | Investment relates to cash collateral received from portfolio securities loaned. |
| <sup>(h)</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 sales of $201,867 during the six months ended June 30, 2025.<br>|

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $834481 | 858523 |  |
| 14751 | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | BLACKROCK MUNICIPAL INCOME QUALITY TRUST | 194467 | 155771 |  |
| 33420 | BLACKROCK MUNICIPAL INCOME TRUST II | BLACKROCK MUNICIPAL INCOME TRUST II | BLACKROCK MUNICIPAL INCOME TRUST II | 355096 | 335537 |  |
| 28000 | BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND INC | BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND INC | BLACKROCK MUNIHOLDINGS CALIFORNIA QUALITY FUND INC | 304762 | 289800 |  |
| 88691 | BLACKROCK MUNIHOLDINGS FUND INC | BLACKROCK MUNIHOLDINGS FUND INC | BLACKROCK MUNIHOLDINGS FUND INC | 1347963 | 993339 |  |
| 27182 | BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND INC | BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND INC | BLACKROCK MUNIHOLDINGS NEW JERSEY QUALITY FUND INC | 366332 | 297643 |  |
| 86554 | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | BLACKROCK MUNIHOLDINGS QUALITY FUND II INC | 1068031 | 829187 |  |
| 65556 | BLACKROCK MUNIVEST FUND II INC | BLACKROCK MUNIVEST FUND II INC | BLACKROCK MUNIVEST FUND II INC | 704966 | 676538 |  |
| 25000 | BLACKROCK MUNIYIELD FUND INC | BLACKROCK MUNIYIELD FUND INC | BLACKROCK MUNIYIELD FUND INC | 261770 | 251000 |  |
| 125827 | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | BLACKROCK MUNIYIELD MICHIGAN QUALITY FUND INC | 1606223 | 1389130 |  |
| 48700 | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | BLACKROCK MUNIYIELD PENNSYLVANIA QUALITY FUND | 675864 | 525473 |  |
| 80784 | BLACKROCK MUNIYIELD QUALITY FUND II INC | BLACKROCK MUNIYIELD QUALITY FUND II INC | BLACKROCK MUNIYIELD QUALITY FUND II INC | 937063 | 778758 |  |
| 96091 | BLACKROCK MUNIYIELD QUALITY FUND III INC | BLACKROCK MUNIYIELD QUALITY FUND III INC | BLACKROCK MUNIYIELD QUALITY FUND III INC | 1251634 | 1007995 |  |
| 71728 | BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | BNY MELLON STRATEGIC MUNICIPAL BOND FUND INC | 478778 | 401677 |  |
| 186271 | DWS MUNICIPAL INCOME TRUST | DWS MUNICIPAL INCOME TRUST | DWS MUNICIPAL INCOME TRUST | 2047865 | 1646636 |  |
| 167452 | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | INVESCO ADVANTAGE MUNICIPAL INCOME TRUST II | 1820424 | 1401573 |  |
| 176905 | INVESCO MUNICIPAL OPPORTUNITY TRUST | INVESCO MUNICIPAL OPPORTUNITY TRUST | INVESCO MUNICIPAL OPPORTUNITY TRUST | 2071844 | 1623988 |  |
| 147637 | INVESCO MUNICIPAL TRUST | INVESCO MUNICIPAL TRUST | INVESCO MUNICIPAL TRUST | 1687175 | 1350879 |  |
| 18003 | INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST | INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST | INVESCO PENNSYLVANIA VALUE MUNICIPAL INCOME TRUST | 192322 | 181110 |  |
| 190374 | INVESCO QUALITY MUNICIPAL INCOME TRUST | INVESCO QUALITY MUNICIPAL INCOME TRUST | INVESCO QUALITY MUNICIPAL INCOME TRUST | 2288455 | 1785708 |  |
| 115073 | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | INVESCO TRUST FOR INVESTMENT GRADE MUNICIPALS | 1327640 | 1092043 |  |
| 91582 | INVESCO VALUE MUNICIPAL INCOME TRUST | INVESCO VALUE MUNICIPAL INCOME TRUST | INVESCO VALUE MUNICIPAL INCOME TRUST | 1340963 | 1066014 |  |
| 117942 | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND | 1492442 | 1407048 |  |
| 212362 | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | NUVEEN AMT-FREE QUALITY MUNICIPAL INCOME FUND | 2755854 | 2318993 |  |
| 92222 | NUVEEN MUNICIPAL CREDIT INCOME FUND | NUVEEN MUNICIPAL CREDIT INCOME FUND | NUVEEN MUNICIPAL CREDIT INCOME FUND | 1070189 | 1099286 |  |
| 71998 | NUVEEN NEW JERSEY QUALITY MUNICIPAL INCOME FUND | NUVEEN NEW JERSEY QUALITY MUNICIPAL INCOME FUND | NUVEEN NEW JERSEY QUALITY MUNICIPAL INCOME FUND | 1096678 | 817177 |  |
| 91466 | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | NUVEEN PENNSYLVANIA QUALITY MUNICIPAL INCOME FUND | 1276759 | 1026248 |  |
| 209657 | NUVEEN QUALITY MUNICIPAL INCOME FUND | NUVEEN QUALITY MUNICIPAL INCOME FUND | NUVEEN QUALITY MUNICIPAL INCOME FUND | 2915911 | 2367027 |  |
|  | **Sub-total Closed-End Funds:** |  |  | 33771951 | 27974101 | 3.55% |
| **Municipal Bonds:** | **Municipal Bonds:** |  |  |  |  |  |
| **Alabama** | **Alabama** |  |  |  |  |  |
| 2000000 | ALABAMA ST HSG FIN AUTH SF <br> MTGE REVENUE<br>| 10/1/2054 | 4.70 | 2000000 | 1916453 |  |
| 1500000 | ALABAMA ST HSG FIN AUTH SF <br> MTGE REVENUE<br>| 10/1/2054 | 4.80 | 1500000 | 1453590 |  |
| 3000000 | ALABAMA ST HSG FIN AUTH SF <br> MTGE REVENUE<br>| 10/1/2055 | 4.88 | 3000000 | 2944932 |  |
| 2500000 | ALABAMA ST HSG FIN AUTH SF <br> MTGE REVENUE<br>| 10/1/2055 | 5.18 | 2500000 | 2507631 |  |
| 1000000 | BALDWIN CNTY AL INDL DEV AUTH SOL <br> WST DISP REVENUE(b)(ac)<br>| 6/1/2032 | 5.00 | 1000000 | 1008142 |  |
| 1000000 | BLACK BELT ENERGY GAS DIST AL GAS <br> PROJECT REVENUE(c)<br>| 9/1/2032 | 5.25 | 1051730 | 1039845 |  |
| 400000 | MOBILE CNTY AL LTD OBLG(b) | 11/1/2045 | 4.00 | 400000 | 343259 |  |
| 1495000 | S E ALABAMA ST GAS SPLY DIST GAS <br> SPLY REVENUE(d)<br>| 4/1/2032 | 5.00 | 1516396 | 1571821 |  |
| 1000000 | SOUTHEAST ENERGY AUTH <br> COOPERATIVE DIST AL ENERGY <br> SUPPLY REVE(e)<br>| 6/1/2035 | 5.00 | 1033931 | 1020329 |  |
| 1700000 | SOUTHEAST ENERGY AUTH <br> COOPERATIVE DIST AL ENERGY <br> SUPPLY REVE<br>| 11/1/2035 | 5.00 | 1762504 | 1756342 |  |
| 1000000 | SOUTHEAST ENERGY AUTHORITY <br> A COOPERATIVE(f)<br>| 2/1/2031 | 5.00 | 1023380 | 1055978 |  |
| 500000 | TUSCALOOSA CNTY AL INDL DEV AUTH <br> GULF OPPORTUNITY ZONE(b)<br>| 5/1/2044 | 5.25 | 460636 | 494000 |  |
|  |  |  |  | 17248577 | 17112322 | 2.17% |
| **Arizona** | **Arizona** |  |  |  |  |  |
| 1250000 | ARIZONA ST INDL DEV AUTH ECON <br> DEV REVENUE(b)(g)(h)<br>| 7/1/2030 | 6.75 | 1239818 | 37500 |  |
| 1250000 | ARIZONA ST INDL DEV AUTH ECON <br> DEV REVENUE(b)(g)(h)<br>| 7/1/2050 | 7.75 | 1237783 | 37500 |  |
| 400000 | ARIZONA ST INDL DEV AUTH ECON <br> DEV REVENUE(b)(g)(h)<br>| 7/1/2051 | 6.00 | 400000 | 12000 |  |
| 1000000 | ARIZONA ST INDL DEV AUTH MF <br> HSG REVENUE(i)<br>| 1/1/2027 | 5.00 | 1017389 | 1024526 |  |
| 1000000 | AZ INDL DEV AUTH SF MTGE REVENUE | 10/1/2050 | 5.10 | 1000000 | 1000005 |  |
| 2000000 | MARICOPA CNTY & PHOENIX AZ INDL <br> DEV AUTHORITIES MTGE REVENUE<br>| 9/1/2055 | 4.70 | 2000000 | 1933289 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Arizona (Cont'd):** | **Arizona (Cont'd):** |  |  |  |  |  |
| 500000 | NAVAJO NATION AZ(b) | 12/1/2030 | 5.50 | $501904 | 502587 |  |
| 650000 | PIMA CNTY AZ INDL DEV AUTH SENIOR <br> LIVING REVENUE(b)<br>| 11/15/2035 | 6.25 | 650000 | 686573 |  |
| 750000 | SIERRA VISTA AZ INDL DEV AUTH AUTH <br> ED FAC REV(b)<br>| 6/15/2044 | 6.00 | 750000 | 757675 |  |
| 500000 | TEMPE AZ | 1/1/2029 | 5.00 | 500000 | 500737 |  |
| 500000 | TEMPE AZ INDL DEV AUTH REVENUE(b) | 10/1/2037 | 6.00 | 500920 | 371133 |  |
|  |  |  |  | 9797814 | 6863525 | 0.87% |
| **Arkansas** | **Arkansas** |  |  |  |  |  |
| 1000000 | ARKANSAS ST DEV FIN AUTH INDL <br> DEV REVENUE(b)<br>| 9/1/2049 | 4.50 | 894831 | 961117 |  |
| 1500000 | BENTONVILLE AR SALES & USE TAX | 11/1/2045 | 4.00 | 1493719 | 1497513 |  |
| 570000 | BENTONVILLE AR SALES & USE TAX | 11/1/2046 | 4.13 | 566372 | 564293 |  |
|  |  |  |  | 2954922 | 3022923 | 0.38% |
| **California** | **California** |  |  |  |  |  |
| 2350000 | ACALANES CA UNION HIGH SCH DIST | 8/1/2039 | 6.55 | 2348224 | 2615992 |  |
| 1000000 | ALVORD CA UNIF SCH DIST (Step to <br> 7.35% on 8/1/26)(j)<br>| 8/1/2046 | 0.00 | 927885 | 1149704 |  |
| 1000000 | CALIFORNIA CMNTY CHOICE FING <br> AUTH CLEAN ENERGY <br> PROJ REVENUE(k)<br>| 10/1/2032 | 5.00 | 1024466 | 1053956 |  |
| 930000 | CALIFORNIA SCH FIN AUTH SCH <br> FAC REVENUE(b)<br>| 7/1/2033 | 5.00 | 966163 | 963746 |  |
| 500000 | CALIFORNIA ST ENTERPRISE DEV <br> AUTH REVENUE<br>| 8/1/2040 | 3.50 | 453847 | 451633 |  |
| 500000 | CALIFORNIA ST ENTERPRISE DEV <br> AUTH REVENUE<br>| 8/1/2040 | 4.00 | 481303 | 472799 |  |
| 2000000 | CALIFORNIA ST MUNI FIN AUTH MF <br> HSG REVENUE(l)<br>| 12/1/2044 | 5.00 | 2000000 | 2016458 |  |
| 500000 | CALIFORNIA ST MUNI FIN AUTH MOBILE <br> HOME PARK REVENUE<br>| 8/15/2053 | 5.25 | 516484 | 510027 |  |
| 250000 | CALIFORNIA ST MUNI FIN <br> AUTH REVENUE(b)<br>| 11/1/2040 | 5.13 | 250000 | 250549 |  |
| 1500000 | CALIFORNIA ST SCH FACS FING <br> AUTH REVENUE<br>| 8/1/2029 | 6.00 | 1482970 | 1555972 |  |
| 500000 | CALIFORNIA ST SCH FIN AUTH CHRT <br> SCH REVENUE(b)<br>| 4/15/2035 | 6.00 | 500000 | 510212 |  |
| 500000 | CALIFORNIA ST SCH FIN AUTH CHRT <br> SCH REVENUE(b)<br>| 4/15/2045 | 6.75 | 497298 | 497429 |  |
| 250000 | CALIFORNIA ST STWD CMNTYS DEV <br> AUTH STWD REVENUE<br>| 9/2/2033 | 4.75 | 248326 | 251984 |  |
| 1000000 | CARLSBAD CA UNIF SCH DIST | 8/1/2031 | 6.13 | 994030 | 1152658 |  |
| 1000000 | CENTRL CA UNIF SCH DIST | 8/1/2043 | 5.00 | 1015712 | 1017327 |  |
| 1000000 | CENTRL VLY CA ENERGY AUTH <br> COMMODITY SPLY REVENUE(m)<br>| 8/1/2035 | 5.00 | 1058448 | 1065894 |  |
| 1000000 | COLTON CA JT UNIF SCH DIST | 8/1/2035 | 5.80 | 998838 | 1035471 |  |
| 1105000 | CORONA-NORCO CA UNIF SCH DIST | 8/1/2039 | 6.80 | 1101535 | 1199633 |  |
| 750000 | EL PASO DE ROBLES CA REDEV AGY <br> TAX ALLOCATION REVENUE<br>| 7/1/2033 | 6.38 | 745573 | 752138 |  |
| 1000000 | ENCINITAS CA UNION SCH DIST | 8/1/2035 | 6.75 | 997883 | 1230117 |  |
| 1155000 | ENTERPRISE CA ELEM SCH DIST | 8/1/2035 | 6.20 | 1152130 | 1359418 |  |
| 1000000 | HELENDALE CA SCH DIST | 8/1/2034 | 6.25 | 996863 | 1119631 |  |
| 1000000 | IMPERIAL CA CMNTY CLG DIST | 8/1/2040 | 6.75 | 1004239 | 1003090 |  |
| 500000 | LOS ANGELES CA DEPT OF ARPTS <br> ARPT REVENUE<br>| 5/15/2041 | 4.00 | 463781 | 470043 |  |
| 500000 | LOS ANGELES CA DEPT OF ARPTS <br> ARPT REVENUE<br>| 5/15/2042 | 5.25 | 524720 | 523691 |  |
| 500000 | LOS ANGELES CA DEPT OF ARPTS <br> ARPT REVENUE<br>| 5/15/2044 | 5.25 | 519092 | 517780 |  |
| 2090000 | LOS ANGELES CA DEPT OF WTR & <br> PWR REVENUE<br>| 7/1/2028 | 5.00 | 2165311 | 2188983 |  |
| 1000000 | LOS ANGELES CA DEPT OF WTR & <br> PWR REVENUE<br>| 7/1/2033 | 5.00 | 1067812 | 1097678 |  |
| 500000 | LOS ANGELES CA DEPT OF WTR & <br> PWR REVENUE<br>| 7/1/2035 | 5.00 | 543876 | 548887 |  |
| 325000 | LOS ANGELES CA DEPT OF WTR & <br> PWR REVENUE<br>| 7/1/2037 | 5.00 | 335212 | 339846 |  |
| 500000 | LOS ANGELES CA DEPT OF WTR & <br> PWR REVENUE<br>| 7/1/2046 | 5.25 | 523577 | 523118 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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):** |  |  |  |  |  |
| 390000 | LOS ANGELES CA DEPT WTR & <br> PWR REVENUE<br>| 7/1/2028 | 5.00 | $406257 | 410003 |  |
| 2000000 | OAK PARK CA UNIF SCH DIST | 8/1/2038 | 7.10 | 1996247 | 2404275 |  |
| 1000000 | REDONDO BEACH CA UNIF SCH DIST | 8/1/2034 | 6.38 | 994409 | 1040640 |  |
| 750000 | RIVER ISLANDS CA PUBLIC FING AUTH <br> SPL TAX<br>| 9/1/2052 | 5.25 | 800494 | 761847 |  |
| 350000 | SACRAMENTO CNTY CA WTR FING <br> AUTH REVENUE (Floating, 3M CME <br> Term SOFR + 0.57%)(n)<br>| 6/1/2039 | 3.65 | 350000 | 316250 |  |
| 920000 | SAN DIEGO CA HSG AUTH MF <br> HSG REVENUE(o)<br>| 10/15/2025 | 5.30 | 920917 | 926931 |  |
| 1000000 | SAN DIEGO CNTY CA REGL ARPT AUTH <br> AIRPORT REVENUE<br>| 7/1/2038 | 5.25 | 1022864 | 1061200 |  |
| 1000000 | SAN FRANCISCO CALIF CITY & CNTY <br> ARPTS COMMN INTL ARPT REV<br>| 5/1/2033 | 5.00 | 1022081 | 1086991 |  |
| 1000000 | SAN FRANCISCO CALIF CITY &CNTY <br> ARPTS COMMN INTL ARPT REV<br>| 5/1/2041 | 5.00 | 1005252 | 999593 |  |
| 1000000 | SAN JOSE CA FING AUTH <br> LEASE REVENUE<br>| 6/1/2039 | 5.00 | 1000000 | 1001515 |  |
| 500000 | SANTA MONICA CA REDEV AGY | 7/1/2036 | 5.88 | 500000 | 501334 |  |
| 1865000 | SULPHUR SPRINGS CA UNION SCH <br> DIST COPS<br>| 12/1/2037 | 6.50 | 1863616 | 1892994 |  |
| 1000000 | TRACY CA JT UNIF SCH DIST (Step to <br> 7.30% on 8/1/27)(j)<br>| 8/1/2041 | 0.00 | 952150 | 1043335 |  |
|  |  |  |  | 40739885 | 42892772 | 5.45% |
| **Colorado** | **Colorado** |  |  |  |  |  |
| 1396000 | COLLIERS HILL MET DIST #2 CO(p) | 12/15/2047 | 5.75 | 1396000 | 1312045 |  |
| 1040000 | COLORADO EDUCTNL & CULTURAL <br> AUTH REVENUE(b)<br>| 7/1/2043 | 6.00 | 1040000 | 916003 |  |
| 1000000 | COLORADO ST EDUCTNL & CULTURAL <br> FACS AUTH REVENUE<br>| 7/1/2034 | 5.60 | 996463 | 1001422 |  |
| 600000 | COLORADO ST HLTH FACS <br> AUTH REVENUE<br>| 5/15/2030 | 3.50 | 600000 | 573231 |  |
| 1000000 | COLORADO ST HLTH FACS <br> AUTH REVENUE<br>| 8/1/2033 | 7.63 | 992529 | 721313 |  |
| 735000 | COLORADO ST HLTH FACS <br> AUTH REVENUE<br>| 5/15/2049 | 5.00 | 768792 | 532933 |  |
| 1020000 | COLORADO ST HLTH FACS <br> AUTH REVENUE<br>| 5/15/2058 | 5.00 | 1036291 | 699459 |  |
| 1250000 | COLORADO ST HSG & FIN AUTH | 5/1/2040 | 5.15 | 1250000 | 1256236 |  |
| 1240000 | COLORADO ST HSG & FIN AUTH | 11/1/2052 | 6.00 | 1297220 | 1319453 |  |
| 1500000 | DENVER CO CITY & CNTY MF <br> HSG REVENUE<br>| 2/1/2039 | 2.05 | 1500000 | 1068472 |  |
| 870000 | DENVER CO CONVENTION CENTER <br> HOTEL AUTH REVENUE<br>| 12/1/2030 | 5.00 | 881390 | 882256 |  |
| 1000000 | E-470 CO PUBLIC HIGHWAY AUTH <br> (Floating, U.S. SOFR + 0.75%)(n)<br>| 9/1/2026 | 3.73 | 1000000 | 994150 |  |
| 1000000 | GREEN VALLEY RANCH EAST MET DIST <br> #6 CO<br>| 12/1/2050 | 5.88 | 1000000 | 1013439 |  |
| 1000000 | LEDGE ROCK CENTER RSDL MET DIST <br> #1 CO<br>| 12/1/2054 | 6.38 | 1000000 | 966202 |  |
| 2000000 | LEGATO CMNTY AUTH CO LTD TAX <br> SUPPORTED REVENUE (Step to 5.00% <br> on 12/1/26)(j)<br>| 12/1/2051 | 0.00 | 1908003 | 1475037 |  |
| 1000000 | MINERAL BUSINESS IMP DIST CO <br> LIMTED TAX & SPL REVENUE(b)<br>| 12/1/2054 | 5.75 | 1000000 | 967299 |  |
| 184432 | MOUNT CARBON CO MET <br> DIST REVENUE(g)<br>| 6/1/2043 | 8.00 | - | 184492 |  |
| 1312392 | REUNION MET DIST CO SPL REVENUE | 12/1/2044 | 3.63 | 1267879 | 917838 |  |
| 1000000 | RUDOLPH FARMS MET DIST #6 CO <br> REVENUE SUPPORTED<br>| 6/1/2052 | 6.50 | 1000000 | 922088 |  |
| 1000000 | ST VRAIN LAKES MET DIST #4 (Step to <br> 6.75% on 12/1/30)(b)(j)<br>| 9/20/2054 | 0.00 | 698064 | 673728 |  |
| 1000000 | VERVE MET DIST #1 CO (Step to 7.00% <br> on 12/1/29)(j)<br>| 12/1/2054 | 0.00 | 738031 | 712527 |  |
| 1000000 | WATERVIEW NORTH MET DIST #1 CO(b) | 12/1/2054 | 5.75 | 1000000 | 917094 |  |
| 1000000 | WEEMS NEIGHBORHOOD MET DIST CO | 12/1/2055 | 5.88 | 1000000 | 1002533 |  |
| 1000000 | WINDLER PUB IMPT AUTH CO LTD TAX <br> SUPPORTED REVENUE<br>| 12/1/2041 | 4.00 | 1000000 | 805082 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | WINDSHIRE PARK CO MET DIST #2 | 12/1/2047 | 6.50 | $1048235 | 1002302 |  |
|  |  |  |  | 25418897 | 22836634 | 2.90% |
| **Connecticut** | **Connecticut** |  |  |  |  |  |
| 1000000 | CONNECTICUT ST HGR EDU <br> SUPPLEMENT LOAN <br> AUTH REVENUE(q)<br>| 5/14/2026 | 5.00 | 1007450 | 1007853 |  |
| 2000000 | CONNECTICUT ST HSG FIN AUTH HSG <br> MTGE FIN PROGRAM<br>| 5/15/2045 | 3.85 | 2000000 | 1698329 |  |
| 583408 | MASHANTUCKET WSTRN PEQUOT <br> TRIBE CT<br>| 7/1/2031 | 6.05 | 579683 | 134184 |  |
| 1750000 | STAMFORD CT HSG AUTH | 10/1/2055 | 6.50 | 1774552 | 1752510 |  |
| 1000000 | STEEL POINT INFRASTRUCTURE IMPT <br> DIST CT SPL OBLIG REVENUE(b)<br>| 4/1/2052 | 6.00 | 988092 | 1041783 |  |
|  |  |  |  | 6349777 | 5634659 | 0.72% |
| **Delaware** | **Delaware** |  |  |  |  |  |
| 1500000 | DELAWARE ST HSG AUTH REVENUE | 7/1/2054 | 4.50 | 1500000 | 1409450 |  |
| 1475000 | DELAWARE ST HSG AUTH REVENUE | 7/1/2054 | 4.75 | 1475000 | 1418477 |  |
| 985000 | DELAWARE ST HSG AUTH REVENUE | 1/1/2055 | 5.75 | 1060466 | 1062612 |  |
|  |  |  |  | 4035466 | 3890539 | 0.49% |
| **District of Columbia** | **District of Columbia** |  |  |  |  |  |
| 1440000 | DIST OF COLUMBIA HSG FIN AGY MF <br> HSG MTGE REVENUE<br>| 6/15/2031 | 4.45 | 1440000 | 1447118 |  |
| 1000000 | DIST OF COLUMBIA HSG FIN AGY MF <br> HSG REVENUE<br>| 6/1/2041 | 5.00 | 1000000 | 1000418 |  |
| 3500000 | DISTRICT OF COLUMBIA HSG FIN AGY | 3/1/2042 | 2.50 | 3500000 | 2505606 |  |
| 1000000 | DISTRICT OF COLUMBIA HSG FIN AGY | 9/1/2043 | 4.05 | 1000000 | 909473 |  |
| 996652 | FEDERAL HOME LOAN MTGE CORP MF <br> VARIABLE RATE CTFS<br>| 8/25/2041 | 4.76 | 1044356 | 1003300 |  |
|  |  |  |  | 7984356 | 6865915 | 0.87% |
| **Florida** | **Florida** |  |  |  |  |  |
| 1000000 | ARBOR PK PHASE 1 CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2035 | 5.75 | 1000000 | 1019345 |  |
| 455000 | ARTISAN LAKES EAST CDD FL CAPITAL <br> IMPT REVENUE<br>| 5/1/2051 | 4.00 | 343536 | 354383 |  |
| 1100000 | ARTISAN LAKES EAST CDD FL CAPITAL <br> IMPT REVENUE(b)<br>| 5/1/2052 | 4.00 | 981813 | 850422 |  |
| 150000 | AVE MARIA FL STEWARDSHIP CMNTY <br> DIST CAPITAL IMPT REVENUE(b)<br>| 5/1/2033 | 4.50 | 149502 | 151499 |  |
| 820000 | AVE MARIA FL STEWARDSHIP CMNTY <br> DIST CAPITAL IMPT REVENUE(b)<br>| 5/1/2053 | 5.50 | 818763 | 798796 |  |
| 1000000 | BEACH CMNTY DEV DIST FL CAPITAL <br> IMPT REVENUE<br>| 5/1/2044 | 5.25 | 1057833 | 1018023 |  |
| 435000 | BLACKBURN CREEK CMNTY DEV DIST <br> FL CAP IMPT REVENUE<br>| 5/1/2035 | 6.25 | 435000 | 445436 |  |
| 170000 | BLACKBURN CREEK CMNTY DEV DIST <br> FL CAP IMPT REVENUE<br>| 5/1/2045 | 6.25 | 170000 | 172149 |  |
| 1500000 | BROWARD CNTY FL ARPT <br> SYS REVENUE<br>| 10/1/2038 | 5.00 | 1553284 | 1524886 |  |
| 1250000 | BROWARD CNTY FL ARPT <br> SYS REVENUE<br>| 10/1/2045 | 5.00 | 1251350 | 1241818 |  |
| 525000 | CAPITAL TRUST AGY FL EDUCTNL <br> FACS REVENUE(b)<br>| 7/1/2051 | 4.00 | 550097 | 391623 |  |
| 485000 | CAPITAL TRUST AGY FL EDUCTNL <br> FACS REVENUE<br>| 6/1/2056 | 4.00 | 505460 | 375042 |  |
| 900000 | CAPITAL TRUST AGY FL EDUCTNL <br> FACS REVENUE(b)<br>| 6/1/2056 | 5.00 | 954075 | 747846 |  |
| 445000 | CAPITAL TRUST AGY FL EDUCTNL <br> FACS REVENUE(b)<br>| 7/1/2056 | 4.00 | 463798 | 321366 |  |
| 750000 | CAPITAL TRUST AGY FL REVENUE(g) | 4/1/2035 | 7.00 | 750000 | 412500 |  |
| 1750000 | CAPITAL TRUST AGY <br> FL REVENUE(b)(g)(h)<br>| 12/1/2035 | 6.75 | 1745953 | 210000 |  |
| 750000 | CAPITAL TRUST AGY <br> FL REVENUE(b)(g)(h)<br>| 7/1/2037 | 6.75 | 750000 | 9187 |  |
| 680000 | CELEBRATION FL CDD | 5/1/2055 | 5.63 | 654752 | 654752 |  |
| 1000000 | COASTAL RIDGE CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2055 | 6.00 | 1000000 | 998555 |  |
| 665000 | COBBLESTONE CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2042 | 4.20 | 575451 | 575451 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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):** |  |  |  |  |  |
| 1100000 | COBBLESTONE CDD FL SPL <br> ASSMNT REVENUE(b)<br>| 5/1/2053 | 4.30 | $1085887 | 885564 |  |
| 1000000 | COLLIER CNTY FL EDUCTNL FACS <br> AUTH REVENUE<br>| 6/1/2038 | 5.25 | 1016126 | 983933 |  |
| 559271 | COLLIER CNTY FLA INDL DEV AUTH <br> CONTINUING CARE <br> CMNTY REV(b)(g)(h)<br>| 5/15/2026 | 7.25 | 559270 | 56 |  |
| 1304964 | COLLIER CNTY FLA INDL DEV AUTH <br> CONTINUING CARE <br> CMNTY REV(b)(g)(h)<br>| 5/15/2044 | 8.13 | 1414997 | 130 |  |
| 825000 | CYPRESS BLUFF CDD FL SPL ASSMNT | 5/1/2051 | 4.00 | 622894 | 625138 |  |
| 700000 | DARBY CDD FL SPL ASSMNT REVENUE | 5/1/2035 | 5.88 | 696500 | 711610 |  |
| 1150000 | EAST NASSAU STEWARDSHIP DIST FL | 5/1/2029 | 5.25 | 1150000 | 1150001 |  |
| 1000000 | EAST NASSAU STEWARDSHIP DIST FL <br> SPL ASSMNT REVENUE<br>| 5/1/2051 | 4.00 | 1015612 | 778863 |  |
| 1105000 | EAST NASSAU STEWARDSHIP DIST FL <br> SPL ASSMNT REVENUE<br>| 5/1/2055 | 5.50 | 1095177 | 1038826 |  |
| 1000000 | ELEVATION POINTE CMNTY DEV DIST <br> FL SPL ASSMNT REVENUE<br>| 5/1/2032 | 4.40 | 1000000 | 998630 |  |
| 500000 | ENTRADA CMNTY DEV DIST FL CAPITAL <br> IMPT REVENUE<br>| 5/1/2043 | 5.60 | 500000 | 510822 |  |
| 800000 | ENTRADA CMNTY DEV DIST FL CAPITAL <br> IMPT REVENUE(b)<br>| 5/1/2052 | 4.00 | 829464 | 635260 |  |
| 1500000 | FIRELIGHT CDD FL SPL ASSMNT REV | 5/1/2035 | 5.75 | 1488780 | 1498570 |  |
| 1000000 | FLORIDA HSG FIN CORP REVENUE | 1/1/2056 | 5.13 | 1000000 | 1000145 |  |
| 2000000 | FLORIDA ST DEV FIN CORP EDUCTNL <br> FACS REVENUE(b)(r)<br>| 6/15/2028 | 6.25 | 1987067 | 1972467 |  |
| 900000 | FLORIDA ST DEV FIN CORP SENIOR <br> LIVING REVENUE(b)<br>| 11/15/2030 | 5.00 | 900000 | 843773 |  |
| 950000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2046 | 3.25 | 950000 | 740522 |  |
| 980000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2048 | 4.55 | 980000 | 926030 |  |
| 2000000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2049 | 4.60 | 2000000 | 1905927 |  |
| 2245000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2049 | 4.70 | 2245000 | 2167709 |  |
| 2265000 | FLORIDA ST HSG FIN CORP REVENUE | 1/1/2052 | 2.30 | 2265000 | 1294565 |  |
| 1435000 | FLORIDA ST HSG FIN CORP REVENUE | 7/1/2052 | 4.55 | 1435000 | 1342687 |  |
| 820000 | FLORIDA ST MUNI LOAN COUNCIL <br> CAPITAL IMPT REVENUE<br>| 5/1/2054 | 5.40 | 820000 | 794504 |  |
| 1000000 | FORT LAUDERDAL FL SPL ASSMNT(b) | 7/1/2048 | 4.00 | 1032647 | 810886 |  |
| 700000 | GRANDE PINES CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2041 | 3.75 | 699148 | 580087 |  |
| 1000000 | GRANDE PINES CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2054 | 5.80 | 1000000 | 968849 |  |
| 1000000 | GTR ORLANDO FL AVIATION AUTH ARPT <br> FACS REVENUE<br>| 10/1/2046 | 5.00 | 1006578 | 1024544 |  |
| 1000000 | HACIENDA NORTH CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2053 | 6.50 | 1000000 | 1043755 |  |
| 265000 | HARBOR BAY FL CDD CAPITAL <br> IMPT REVENUE<br>| 5/1/2048 | 4.10 | 263432 | 221346 |  |
| 600000 | HERITAGE HARBOUR FL N CDD <br> SPL ASSMNT<br>| 5/1/2034 | 5.00 | 600000 | 617933 |  |
| 1000000 | HGR EDU FACS FING AUTH FL HGR <br> EDUCTNL FACS REVENUE(b)<br>| 7/1/2045 | 6.00 | 994220 | 996312 |  |
| 1300000 | HILLSBOROUGH CNTY FL <br> AVIATION AUTH<br>| 10/1/2044 | 5.25 | 1333493 | 1338982 |  |
| 1150000 | HOBE ST LUCIE CONSERVANCY DIST FL | 5/1/2044 | 5.60 | 1150000 | 1150028 |  |
| 1200000 | HYDE PARK CDD #1 FL SPL ASSMNT | 5/1/2034 | 5.25 | 1198092 | 1197641 |  |
| 700000 | HYDE PARK CDD #1 FL SPL ASSMNT | 5/1/2052 | 4.00 | 694277 | 530924 |  |
| 1000000 | JULINGTON CREEK PLANTATION FLCDD | 5/1/2043 | 5.50 | 1085996 | 1060224 |  |
| 1000000 | LAKE CNTY FLA RETMNT FAC REVENUE | 8/15/2055 | 5.75 | 978140 | 915159 |  |
| 1150000 | LAKES OF SARASOTA CDD 2 CAPITAL <br> IMPT REVENUE<br>| 5/1/2035 | 5.20 | 1150000 | 1143656 |  |
| 100000 | LAKES OF SARASOTA CDD FL <br> IMPT REVENUE<br>| 5/1/2031 | 3.88 | 99560 | 99114 |  |
| 300000 | LAKES OF SARASOTA CDD FL <br> IMPT REVENUE<br>| 5/1/2031 | 4.13 | 299457 | 299197 |  |
| 385000 | LAKES OF SARASOTA CDD FL <br> IMPT REVENUE<br>| 5/1/2041 | 4.13 | 383884 | 338819 |  |
| 975000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2034 | 5.35 | 976401 | 1014364 |  |
| 1000000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2036 | 5.00 | 1000000 | 1005204 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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):** |  |  |  |  |  |
| 750000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE(b)<br>| 5/1/2037 | 5.00 | $746019 | 756297 |  |
| 740000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2037 | 5.25 | 736732 | 748392 |  |
| 530000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2038 | 5.00 | 530000 | 534009 |  |
| 1000000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2039 | 5.30 | 1000000 | 1017361 |  |
| 580000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE(b)<br>| 5/1/2040 | 3.63 | 576364 | 498412 |  |
| 1000000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE(b)<br>| 5/1/2040 | 3.75 | 1000000 | 873288 |  |
| 1250000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2043 | 6.13 | 1250000 | 1298417 |  |
| 210000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2049 | 4.50 | 207273 | 180495 |  |
| 1440000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2050 | 4.00 | 1307517 | 1153594 |  |
| 930000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2052 | 4.00 | 880234 | 732778 |  |
| 965000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST SPL ASSMNT REVENUE<br>| 5/1/2055 | 5.50 | 950690 | 922784 |  |
| 1000000 | LAKEWOOD RANCH FL STEWARDSHIP <br> DIST UTILITY REVENUE<br>| 10/1/2053 | 5.25 | 1058215 | 1023649 |  |
| 850000 | LANDINGS CDD FL SPL ASSMNT | 5/1/2055 | 5.80 | 850000 | 821894 |  |
| 600000 | LAUREL ROAD CDD FL CAPITAL <br> IMPT REVENUE<br>| 5/1/2031 | 3.13 | 600000 | 557878 |  |
| 991368 | LEE CNTY FL HSG FIN AUTH MF MTGE | 1/1/2040 | 4.55 | 991368 | 1014547 |  |
| 1000000 | LEE CNTY FL INDL DEV AUTH HLTHCR <br> FACS REVENUE<br>| 11/15/2049 | 5.00 | 971250 | 960420 |  |
| 550000 | LT RANCH CDD FL CAPITAL <br> IMPT REVENUE<br>| 5/1/2054 | 5.85 | 550000 | 550008 |  |
| 545000 | MARSHALL CREEK FL CDD <br> SPL ASSMNT<br>| 5/1/2032 | 5.00 | 545000 | 545307 |  |
| 400000 | MEADOW VIEW AT TWIN CREEKS CDD <br> FL SPL ASSMNT<br>| 5/1/2052 | 3.75 | 396650 | 296852 |  |
| 500000 | MEADOW VIEW AT TWIN CREEKS CDD <br> FL SPL ASSMNT<br>| 5/1/2052 | 4.00 | 512290 | 390584 |  |
| 1000000 | MIAMI-DADE CNTY FL <br> AVIATION REVENUE<br>| 10/1/2038 | 5.00 | 1001718 | 999985 |  |
| 1000000 | MIAMI-DADE CNTY FL HLTH FACS AUTH <br> HOSP REVENUE<br>| 8/1/2047 | 5.00 | 1011766 | 984374 |  |
| 75000 | N SPRINGS FL IMPT DIST | 5/1/2027 | 6.00 | 75000 | 76855 |  |
| 115000 | NEW RIVER FL CDD CAPITAL <br> IMPT REVENUE(g)<br>| 5/1/2013 | 5.00 | 114821 | 1 |  |
| 125000 | NORTH RIVER RANCH CDD FL CAPITAL <br> IMPT REVENUE<br>| 5/1/2035 | 4.20 | 125000 | 121540 |  |
| 1595000 | NORTH RIVER RANCH IMPT <br> STEWARDSHIP DIST FL SPL <br> ASSMNT REVENU<br>| 5/1/2033 | 5.75 | 1595000 | 1643833 |  |
| 740000 | NORTH RIVER RANCH IMPT <br> STEWARDSHIP DIST FL SPL <br> ASSMNT REVENU<br>| 5/1/2035 | 6.80 | 740000 | 740360 |  |
| 500000 | NORTH SPRINGS FL IMPT DIST | 5/1/2044 | 6.50 | 500000 | 506834 |  |
| 1250000 | ORANGE CNTY FL HLTH FACS <br> AUTH REVENUE<br>| 8/1/2040 | 5.00 | 1242750 | 1250109 |  |
| 1000000 | PALM BEACH CNTY FL HLTH FACS <br> AUTH REVENUE(b)<br>| 7/1/2027 | 11.50 | 1000000 | 1368677 |  |
| 1000000 | PALM BEACH CNTY FL HLTH FACS <br> AUTH REVENUE<br>| 6/1/2041 | 4.00 | 1024104 | 876433 |  |
| 2935000 | PALM BEACH CNTY FL HLTH FACS <br> AUTH REVENUE<br>| 5/15/2053 | 4.00 | 2839712 | 2285889 |  |
| 1000000 | PALM COAST PARK FL CDD SPL <br> ASSMNT REVENUE<br>| 5/1/2042 | 5.00 | 996558 | 954594 |  |
| 500000 | PARKER ROAD FL CDD CAPITAL <br> IMPT REVENUE<br>| 5/1/2050 | 4.10 | 498430 | 385795 |  |
| 500000 | PARKVIEW AT LONG LAKE RANCH CDD <br> FL SPL ASSMNET<br>| 5/1/2051 | 4.00 | 502179 | 395159 |  |
| 450000 | POINCIANA FL W CDD SPL ASSMNT | 5/1/2030 | 5.38 | 447620 | 459875 |  |
| 1000000 | POITRAS EAST CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2052 | 5.25 | 997062 | 964738 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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):** |  |  |  |  |  |
| 275000 | ROLLING HILLS FL CDD CAPITAL <br> IMPT REVENUE<br>| 5/1/2032 | 3.65 | $275000 | 256404 |  |
| 1000000 | SAINT JOHNS CNTY FL INDL DEV <br> AUTH REVENUE<br>| 8/1/2055 | 4.00 | 1028432 | 782106 |  |
| 1000000 | SANDRIDGE CMNTY DEV DIST FL SPL <br> ASSMNT REVENUE<br>| 5/1/2044 | 5.50 | 1000000 | 985122 |  |
| 725000 | SANDRIDGE CMNTY DEV DIST FL SPL <br> ASSMNT REVENUE<br>| 5/1/2051 | 4.00 | 715757 | 591868 |  |
| 1000000 | SAWYERS LANDING CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2041 | 4.13 | 992485 | 883996 |  |
| 2250000 | SAWYERS LANDING CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2053 | 4.25 | 2199538 | 1844399 |  |
| 400000 | SOUTHERN GROVE CMNTY DEV DIST <br> #5 SPL ASSMNT<br>| 5/1/2048 | 4.00 | 415221 | 327050 |  |
| 142538 | STERLING HILL FL CDD CAPITAL <br> IMPT REVENUE(g)<br>| 11/1/2010 | 5.50 | 142538 | 62717 |  |
| 1480000 | TOLOMATO FL CDD | 5/1/2040 | 3.75 | 1434032 | 1391329 |  |
| 880000 | TRADITION CDD #9 FL SPL ASSMNT | 5/1/2056 | 5.65 | 880000 | 837878 |  |
| 700000 | TROUT CREEK CDD FL CAPITAL <br> IMPT REVENUE<br>| 5/1/2038 | 5.38 | 700000 | 706450 |  |
| 1005000 | TROUT CREEK CDD FL CAPITAL <br> IMPT REVENUE<br>| 5/1/2052 | 5.50 | 999374 | 983888 |  |
| 420000 | TSR CDD FL SPL ASSMNT REVENUE | 11/1/2035 | 5.38 | 419173 | 429510 |  |
| 1500000 | UNIVERSITY PARK RECREATION DIST <br> FL ON-AD VALOREM ASSMNT<br>| 5/1/2050 | 3.50 | 1500000 | 1189452 |  |
| 750000 | VIERA STEWARDSHIP DIST FL SPL <br> ASSMNT REVENUE<br>| 5/1/2053 | 4.00 | 774416 | 569191 |  |
| 800000 | VILLAGE CDD #15 SPL <br> ASSMNT REVENUE(b)<br>| 5/1/2028 | 4.25 | 800000 | 808127 |  |
| 1000000 | VILLAGE CDD #15 SPL <br> ASSMNT REVENUE(b)<br>| 5/1/2038 | 4.85 | 1000000 | 1008568 |  |
| 500000 | WATERSET SOUTH CDD FL SPL <br> ASSMNT REVENUE<br>| 5/1/2053 | 6.10 | 500000 | 511554 |  |
| 450000 | WINDWARD AT LAKEWOOD RANCH CDD <br> FL CAPITAL IMPT<br>| 5/1/2040 | 4.85 | 433822 | 433822 |  |
| 800000 | WINDWARD AT LAKEWOOD RANCH CDD <br> FL CAPITAL IMPT<br>| 5/1/2050 | 4.50 | 661238 | 674544 |  |
| 800000 | WINDWARD AT LAKEWOOD RANCH CDD <br> FL CAPITAL IMPT<br>| 5/1/2052 | 4.25 | 803270 | 636620 |  |
| 1000000 | WIREGRASS II CDD FL CAPITAL <br> IMPROVEMENT REVENUE<br>| 5/1/2050 | 3.88 | 986628 | 767176 |  |
| 1000000 | WIREGRASS II CDD FL CAPITAL <br> IMPROVEMENT REVENUE<br>| 5/1/2052 | 5.25 | 995659 | 951297 |  |
| 750000 | WYNNFIELD LAKES FL CDD | 5/1/2036 | 4.50 | 746508 | 749004 |  |
|  |  |  |  | 110487179 | 98709924 | 12.54% |
| **Georgia** | **Georgia** |  |  |  |  |  |
| 1250000 | GAINESVILLE & HALL CNTY GA DEV <br> AUTH EDUCTNL FACS REVENUE(b)<br>| 9/1/2044 | 6.25 | 1215999 | 1098846 |  |
| 855000 | GEORGIA ST HSG & FIN <br> AUTH REVENUE<br>| 12/1/2043 | 3.90 | 843030 | 743718 |  |
| 4000000 | GEORGIA ST HSG & FIN <br> AUTH REVENUE<br>| 12/1/2045 | 5.05 | 4000000 | 4009142 |  |
| 2000000 | GEORGIA ST HSG & FIN <br> AUTH REVENUE<br>| 12/1/2050 | 4.65 | 2000000 | 1925037 |  |
| 1000000 | GEORGIA ST HSG & FIN <br> AUTH REVENUE<br>| 12/1/2054 | 4.70 | 1000000 | 961114 |  |
| 750000 | MAIN STREET NATURAL GAS INC GA <br> GAS SUPPLY REVENUE(s)<br>| 3/1/2030 | 5.00 | 769079 | 790211 |  |
| 2250000 | MAIN STREET NATURAL GAS INC GA <br> GAS SUPPLY REVENUE(t)<br>| 9/1/2030 | 5.00 | 2277523 | 2379464 |  |
| 1000000 | MAIN STREET NATURAL GAS INC GA <br> GAS SUPPLY REVENUE(u)<br>| 4/1/2031 | 5.00 | 1025106 | 1060342 |  |
| 1000000 | MAIN STREET NATURAL GAS INC GA <br> GAS SUPPLY REVENUE (Floating, U.S. <br> SOFR + 1.70%)(n)<br>| 6/1/2031 | 4.68 | 1000000 | 1004850 |  |
| 2250000 | MAIN STREET NATURAL GAS INC GA <br> GAS SUPPLY REVENUE(v)<br>| 12/1/2032 | 5.00 | 2277674 | 2367984 |  |
| 500000 | SUNBRIDGE STEWARDSHIP DIST FL <br> SPL ASSMNT REVENUE<br>| 5/1/2042 | 5.40 | 500000 | 500985 |  |
|  |  |  |  | 16908411 | 16841693 | 2.14% |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Guam** | **Guam** |  |  |  |  |  |
| 660000 | GUAM GOVT BUSINESS PRIVILEGE <br> TAX REVENUE<br>| 1/1/2042 | 4.00 | $639758 | 584216 |  |
|  |  |  |  | 639758 | 584216 | 0.07% |
| **Idaho** | **Idaho** |  |  |  |  |  |
| 130000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2028 | 8.00 | 130000 | 127920 |  |
| 570000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2031 | 3.80 | 570000 | 526444 |  |
| 1000000 | IDAHO ST HLTH FACS AUTH REVENUE | 10/1/2050 | 4.50 | 1025263 | 804968 |  |
| 2480000 | IDAHO ST HSG & FIN ASSN SF <br> MTGE REVENUE<br>| 1/1/2048 | 4.75 | 2480000 | 2435602 |  |
| 1905000 | IDAHO ST HSG & FIN ASSN SF <br> MTGE REVENUE<br>| 7/1/2048 | 4.75 | 1905000 | 1869989 |  |
| 1000000 | SPRING VLY CMNTY INFRASTRUCTURE <br> DIST #1 SPL ASSMNT(b)<br>| 9/1/2053 | 6.25 | 1000000 | 1002489 |  |
| 1000000 | SPRING VLY CMNTY INFRASTRUCTURE <br> DIST #1 SPL ASSMNT(b)<br>| 9/1/2054 | 6.25 | 1000000 | 1002142 |  |
|  |  |  |  | 8110263 | 7769554 | 0.99% |
| **Illinois** | **Illinois** |  |  |  |  |  |
| 1250000 | BURBANK IL EDUCTNL <br> FACS REVENUE(b)<br>| 9/1/2035 | 6.00 | 1250366 | 1249939 |  |
| 1100000 | CHICAGO IL BRD OF EDU | 12/1/2039 | 5.25 | 1093322 | 1086008 |  |
| 1000000 | CHICAGO IL BRD OF EDU | 12/1/2041 | 4.00 | 895057 | 864703 |  |
| 1000000 | CHICAGO IL BRD OF EDU | 12/1/2042 | 5.00 | 997500 | 937841 |  |
| 250000 | CHICAGO IL BRD OF EDU | 12/1/2046 | 5.00 | 249671 | 226826 |  |
| 1000000 | CHICAGO IL MIDWAY ARPT REVENUE | 1/1/2043 | 5.75 | 1035614 | 1068055 |  |
| 2250000 | CHICAGO IL O'HARE INTERNATIONAL <br> ARPT REVENUE<br>| 1/1/2034 | 5.00 | 2343084 | 2417049 |  |
| 1750000 | CHICAGO IL O'HARE INTERNATIONAL <br> ARPT REVENUE<br>| 1/1/2048 | 5.25 | 1865937 | 1778272 |  |
| 1000000 | CHICAGO IL O'HARE INTERNATIONAL <br> ARPT SPL FAC REVENUE<br>| 7/1/2048 | 5.00 | 990000 | 958651 |  |
| 500000 | DECATUR IL | 3/1/2034 | 5.00 | 500000 | 500138 |  |
| 830000 | EVANSTON ILL EDL FAC REV(b) | 4/1/2041 | 4.38 | 828574 | 654194 |  |
| 1000000 | ILLINOIS FIN AUTH SURFACE FREIGHT <br> TRANSFER FACS REVENUE(b)(w)<br>| 12/31/2034 | 4.13 | 1000000 | 968189 |  |
| 1500000 | ILLINOIS ST | 5/1/2047 | 5.50 | 1587381 | 1531103 |  |
| 1000000 | ILLINOIS ST EDUCTNL FACS AUTH | 11/1/2036 | 4.50 | 1000000 | 999996 |  |
| 500000 | ILLINOIS ST FIN AUTH CHRT <br> SCH REVENUE<br>| 12/1/2047 | 5.00 | 497925 | 483593 |  |
| 585000 | ILLINOIS ST FIN AUTH EDUCTNL <br> FAC REVENUE<br>| 2/1/2034 | 6.00 | 585000 | 585165 |  |
| 194940 | ILLINOIS ST FIN AUTH REVENUE(g) | 5/15/2036 | 5.00 | 194196 | 56532 |  |
| 500000 | ILLINOIS ST FIN AUTH REVENUE | 9/1/2036 | 5.00 | 523479 | 517554 |  |
| 750000 | ILLINOIS ST FIN AUTH REVENUE | 12/1/2037 | 5.00 | 751287 | 728408 |  |
| 1450000 | ILLINOIS ST FIN AUTH REVENUE | 5/15/2038 | 5.13 | 1416150 | 1249135 |  |
| 500000 | ILLINOIS ST FIN AUTH REVENUE | 7/1/2042 | 5.00 | 539130 | 526691 |  |
| 2250000 | ILLINOIS ST FIN AUTH REVENUE | 8/15/2044 | 5.00 | 2251476 | 2255044 |  |
| 1000000 | ILLINOIS ST FIN AUTH REVENUE | 11/15/2045 | 5.00 | 1003836 | 981806 |  |
| 1230000 | ILLINOIS ST HSG DEV AUTH REVENUE | 10/1/2048 | 4.75 | 1230000 | 1214634 |  |
| 1500000 | ILLINOIS ST HSG DEV AUTH REVENUE | 4/1/2050 | 4.63 | 1500000 | 1429203 |  |
| 2145000 | ILLINOIS ST HSG DEV AUTH REVENUE | 4/1/2053 | 5.25 | 2254505 | 2274132 |  |
| 1000000 | ILLINOIS ST SALES TAX REVENUE | 6/15/2033 | 5.00 | 1027610 | 1035983 |  |
| 1500000 | ILLINOIS ST SPORTS FACS AUTH | 6/15/2031 | 5.25 | 1500000 | 1502862 |  |
| 500000 | LAKE CNTY IL SCH DIST #33 | 12/1/2040 | 5.00 | 501433 | 501468 |  |
| 1080000 | MACOUPIN SANGAMON & <br> MONTGOMERY CNTYS IL CMNTY SCH <br> DIST #34<br>| 12/1/2037 | 4.25 | 1080000 | 1000926 |  |
| 1000000 | MALTA IL TAX INCR REVENUE(g) | 12/30/2025 | 5.75 | 1000000 | 240000 |  |
| 750000 | MARION IL SALES TAX REVENUE | 6/1/2045 | 6.38 | 747811 | 758614 |  |
| 650000 | MET PIER & EXPOSITION AUTH <br> IL REVENUE<br>| 12/15/2042 | 4.00 | 625261 | 581546 |  |
| 313172 | S WSTRN IL DEV AUTH REV(g) | 10/1/2022 | 7.00 | 313173 | 250538 |  |
| 1000000 | SPRINGFIELD IL ELEC REVENUE | 3/1/2038 | 3.00 | 896695 | 881710 |  |
|  |  |  |  | 36075473 | 34296508 | 4.36% |
| **Indiana** | **Indiana** |  |  |  |  |  |
| 1000000 | INDIANA ST FIN AUTH HLTH <br> SYS REVENUE(x)<br>| 10/1/2033 | 5.00 | 1086450 | 1099151 |  |
| 500000 | INDIANA ST FIN AUTH HOSP REVENUE | 12/1/2040 | 5.00 | 500000 | 500000 |  |
| 370000 | INDIANA ST FIN AUTH HSG REVENUE | 11/20/2027 | 4.80 | 370000 | 372685 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Indiana (Cont'd):** | **Indiana (Cont'd):** |  |  |  |  |  |
| 1500000 | INDIANA ST FIN AUTH REVENUE | 11/15/2041 | 4.00 | $1646022 | 1317728 |  |
| 1000000 | INDIANA ST FIN AUTH REVENUE | 11/15/2046 | 5.25 | 1006955 | 982018 |  |
| 1150000 | INDIANA ST FIN AUTH REVENUE | 5/1/2050 | 5.38 | 1126029 | 1116668 |  |
| 1500000 | INDIANA ST HSG & CMNTY DEV AUTH <br> MF HSG REVENUE<br>| 1/1/2036 | 5.75 | 1500000 | 1438422 |  |
| 915000 | INDIANA ST HSG & CMNTY DEV AUTH <br> SF MTGE REVENUE<br>| 7/1/2053 | 5.75 | 983413 | 966602 |  |
| 3000000 | INDIANA ST HSG & CMNTY DEV AUTH <br> SF MTGE REVENUE<br>| 7/1/2054 | 4.80 | 3000000 | 2916805 |  |
| 1055000 | INDIANAPOLIS IN LOCAL PUBLIC IMPT <br> BOND BANK<br>| 1/1/2034 | 5.00 | 1109354 | 1133328 |  |
| 465000 | MUNSTER IN ECON DEV TAX <br> INCR REVENUE<br>| 7/15/2026 | 4.75 | 464765 | 465745 |  |
| 1000000 | TERRE HAUTE IN SANTN DIST | 7/1/2043 | 5.00 | 1059408 | 1030456 |  |
| 1000000 | VALPARAISO IN EXEMPT <br> FACS REVENUE(b)<br>| 1/1/2044 | 4.88 | 1000000 | 961101 |  |
|  |  |  |  | 14852396 | 14300709 | 1.82% |
| **Iowa** | **Iowa** |  |  |  |  |  |
| 1200000 | DES MOINES IA | 6/1/2034 | 1.50 | 968051 | 920641 |  |
| 1415000 | DES MOINES IA | 6/1/2038 | 1.75 | 909449 | 961091 |  |
| 1500000 | IOWA ST FIN AUTH REVENUE | 5/15/2038 | 7.25 | 1500000 | 1682262 |  |
| 1150000 | IOWA ST FIN AUTH REVENUE | 5/15/2049 | 5.00 | 1138741 | 1068488 |  |
| 1000000 | IOWA ST FIN AUTH REVENUE | 5/15/2053 | 4.00 | 1070651 | 778838 |  |
| 1815000 | IOWA ST FIN AUTH SF MTGE REVENUE | 7/1/2053 | 5.50 | 1902093 | 1917359 |  |
| 1000000 | POLK CNTY IA | 6/1/2027 | 5.00 | 1029273 | 1036093 |  |
|  |  |  |  | 8518258 | 8364772 | 1.06% |
| **Kansas** | **Kansas** |  |  |  |  |  |
| 935000 | WYANDOTTE CNTY KS KANSAS CITY <br> UNIF GOVT SPL OBLG REVENUE<br>| 9/1/2032 | 5.75 | 931189 | 876177 |  |
| 1385000 | WYANDOTTE CNTY KS KANSAS CITY <br> UNIF GOVT SPL OBLG REVENUE(b)<br>| 9/1/2035 | 5.25 | 1373610 | 1404859 |  |
|  |  |  |  | 2304799 | 2281036 | 0.29% |
| **Kentucky** | **Kentucky** |  |  |  |  |  |
| 250000 | ASHLAND KY MED CENTER REVENUE | 2/1/2040 | 5.00 | 240465 | 247619 |  |
| 1000000 | CHRISTIAN CNTY KY SCH DIST <br> FIN CORP<br>| 10/1/2041 | 5.00 | 1048893 | 1040926 |  |
| 1500000 | KENTUCKY ST ECON DEV FIN AUTH | 1/1/2045 | 5.00 | 1488210 | 1496097 |  |
| 3000000 | KENTUCKY ST PUBLIC ENERGY AUTH <br> GAS SPLY REVENUE(y)<br>| 8/1/2032 | 5.00 | 3084909 | 3169637 |  |
| 1000000 | WSTRN KY UNIV | 9/1/2033 | 4.75 | 1000000 | 1000389 |  |
|  |  |  |  | 6862477 | 6954668 | 0.88% |
| **Louisiana** | **Louisiana** |  |  |  |  |  |
| 1000000 | CAPITAL AREA FIN AUTH LA SF <br> MTGE REVENUE<br>| 10/1/2053 | 5.50 | 1017826 | 1025256 |  |
| 1000000 | LOUISIANA PUB FACS <br> AUTH REVENUE(b)<br>| 6/1/2051 | 5.00 | 1046929 | 794686 |  |
| 1000000 | LOUISIANA PUB FACS AUTH REVENUE | 9/1/2059 | 5.50 | 1062830 | 1014975 |  |
| 1000000 | LOUISIANA ST HSG CORP MF <br> HSG REVENUE<br>| 7/1/2026 | 5.00 | 1013221 | 1017514 |  |
| 960000 | LOUISIANA ST HSG CORP SF <br> MTGE REVENUE<br>| 12/1/2042 | 4.05 | 960000 | 897570 |  |
| 1250000 | LOUISIANA ST HSG CORP SF <br> MTGE REVENUE<br>| 12/1/2046 | 2.55 | 1250000 | 820192 |  |
| 930000 | LOUISIANA ST HSG CORP SF <br> MTGE REVENUE<br>| 6/1/2054 | 5.75 | 987235 | 997776 |  |
| 120000 | LOUISIANA ST LOCAL GOVT <br> ENVRNMNTL FACS & CMNTY <br> DEV AUTH<br>| 11/15/2025 | 5.50 | 119880 | 119995 |  |
| 1000000 | LOUISIANA ST LOCAL GOVT <br> ENVRNMNTL FACS & CMNTY <br> DEV AUTH<br>| 11/15/2030 | 6.00 | 1000904 | 1002257 |  |
| 400000 | LOUISIANA ST LOCAL GOVT <br> ENVRNMNTL FACS & CMNTY DEV <br> AUTH REVE(b)<br>| 11/1/2037 | 5.65 | 400000 | 414891 |  |
| 800000 | LOUISIANA ST LOCAL GOVT <br> ENVRNMNTL FACS & CMNTY DEV <br> AUTH REVE(b)<br>| 11/1/2044 | 4.00 | 800000 | 689500 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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):** |  |  |  |  |  |
| 645000 | LOUISIANA ST LOCAL GOVT <br> ENVRNMNTL FACS & CMNTY DEV <br> AUTH REVE(b)<br>| 11/1/2044 | 4.40 | $645000 | 598504 |  |
| 1050000 | LOUISIANA ST LOCAL GOVT <br> ENVRNMNTL FACS & CMNTY DEV <br> AUTH REVE(b)<br>| 11/1/2046 | 4.00 | 1050000 | 897294 |  |
| 500000 | LOUISIANA ST PUBLIC FACS AUTH <br> HOSP REVENUE<br>| 7/1/2035 | 5.00 | 500000 | 500193 |  |
| 295000 | LOUISIANA ST PUBLIC FACS AUTH <br> REVENUE (Floating, 3M CME Term <br> SOFR + 0.70%)(n)<br>| 2/15/2036 | 3.77 | 295000 | 287577 |  |
| 1000000 | NEW ORLEANS LA AVIATION BRD | 1/1/2048 | 5.00 | 1005699 | 980904 |  |
|  |  |  |  | 13154524 | 12059084 | 1.53% |
| **Maine** | **Maine** |  |  |  |  |  |
| 1500000 | MAINE ST HSG AUTH MTGE PURCHASE | 11/15/2054 | 4.85 | 1500000 | 1464982 |  |
| 500000 | MAINE ST TURNPIKE AUTH SPL OBLG | 7/1/2030 | 5.00 | 542449 | 547405 |  |
|  |  |  |  | 2042449 | 2012387 | 0.26% |
| **Maryland** | **Maryland** |  |  |  |  |  |
| 470000 | MARYLAND ST CMNTY DEV ADMIN <br> DEPT HSG & CMNTY DEV<br>| 7/1/2031 | 4.50 | 470000 | 472533 |  |
| 1000000 | MARYLAND ST CMNTY DEV ADMIN <br> DEPT HSG & CMNTY DEV<br>| 9/1/2044 | 2.55 | 1000000 | 679397 |  |
| 1000000 | MARYLAND ST CMNTY DEV ADMIN <br> DEPT HSG & CMNTY DEV<br>| 3/1/2047 | 5.05 | 1000000 | 979948 |  |
| 780000 | MARYLAND ST CMNTY DEV ADMIN <br> DEPT HSG & CMNTY DEV<br>| 9/1/2052 | 5.00 | 809172 | 806467 |  |
| 1000000 | MARYLAND ST HLTH & HGR EDUCTNL <br> FACS AUTH REVENUE<br>| 7/1/2036 | 5.00 | 1080910 | 1098182 |  |
| 500000 | MONTGOMERY CNTY MD HSG <br> OPPORTUNITIES COMMISSION <br> MF REVENUE<br>| 7/1/2037 | 5.13 | 500000 | 509576 |  |
| 355000 | MONTGOMERY CNTY MD HSG <br> OPPORTUNITIES COMMISSION SF <br> MTGE REVE<br>| 7/1/2038 | 4.00 | 355000 | 355000 |  |
|  |  |  |  | 5215082 | 4901103 | 0.62% |
| **Massachusetts** | **Massachusetts** |  |  |  |  |  |
| 1000000 | MASSACHUSETTS ST BAY TRANSPRTN <br> AUTH SALES TAX REVENUE(z)<br>| 7/1/2031 | 3.30(z)<br>| 801275 | 812560 |  |
| 3934795 | MASSACHUSETTS ST DEV FIN AGY <br> MF REVENUE<br>| 1/1/2042 | 2.30 | 2882264 | 2692226 |  |
| 1500000 | MASSACHUSETTS ST DEV FIN <br> AGY REVENUE<br>| 6/1/2049 | 4.00 | 1508102 | 1574643 |  |
| 955000 | MASSACHUSETTS ST EDUCTNL <br> FING AUTH<br>| 7/1/2037 | 2.00 | 930482 | 812711 |  |
| 1500000 | MASSACHUSETTS ST EDUCTNL <br> FING AUTH<br>| 7/1/2048 | 3.75 | 1450468 | 1143031 |  |
| 1700000 | MASSACHUSETTS ST EDUCTNL <br> FING AUTH<br>| 7/1/2051 | 3.00 | 1706492 | 1077769 |  |
| 265000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2033 | 5.00 | 265000 | 265121 |  |
| 270000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2038 | 5.15 | 270000 | 270073 |  |
| 310000 | MASSACHUSETTS ST HSG FIN AGY | 12/1/2043 | 5.00 | 310000 | 308234 |  |
| 2000000 | MASSACHUSETTS ST HSG FIN AGY <br> HSG REVENUE<br>| 12/1/2048 | 4.90 | 2000000 | 2006507 |  |
| 1500000 | SOMERVILLE MA | 10/15/2038 | 2.00 | 1042832 | 1097612 |  |
|  |  |  |  | 13166915 | 12060487 | 1.53% |
| **Michigan** | **Michigan** |  |  |  |  |  |
| 535000 | MICHIGAN ST FIN AUTH LTD <br> OBLIG REVENUE<br>| 12/1/2031 | 3.00 | 532212 | 485788 |  |
| 545000 | MICHIGAN ST FIN AUTH LTD <br> OBLIG REVENUE<br>| 12/1/2039 | 4.25 | 546235 | 443056 |  |
| 1000000 | MICHIGAN ST FIN AUTH REVENUE | 12/1/2029 | 3.75 | 1000000 | 1026934 |  |
| 1000000 | MICHIGAN ST FIN AUTH REVENUE | 12/1/2045 | 5.00 | 1006644 | 982297 |  |
| 1500000 | MICHIGAN ST HSG DEV AUTH RENTAL <br> HSG REVENUE<br>| 10/1/2048 | 5.00 | 1500000 | 1504445 |  |
| 1000000 | MICHIGAN ST HSG DEV AUTH RENTAL <br> HSG REVENUE<br>| 10/1/2049 | 3.35 | 1028909 | 762704 |  |
| 1000000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 12/1/2040 | 5.20 | 1000000 | 1004529 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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):** |  |  |  |  |  |
| 1000000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 12/1/2048 | 4.90 | $1000000 | 1002671 |  |
| 1500000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 12/1/2048 | 4.95 | 1500000 | 1509804 |  |
| 1000000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 12/1/2050 | 4.95 | 1000000 | 990869 |  |
| 5000000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 6/1/2051 | 2.75 | 4886314 | 3172669 |  |
| 6500000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 6/1/2052 | 2.50 | 6500000 | 3977626 |  |
| 2000000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 12/1/2053 | 4.70 | 2000000 | 1944889 |  |
| 3950000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 12/1/2053 | 4.95 | 3950000 | 3943837 |  |
| 1330000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 6/1/2054 | 5.75 | 1394928 | 1421410 |  |
| 2000000 | MICHIGAN ST HSG DEV AUTH SF <br> MTGE REVENUE<br>| 6/1/2055 | 4.55 | 2000000 | 1886838 |  |
| 240000 | MICHIGAN ST PUBLIC EDUCTNL <br> FACS AUTH<br>| 11/1/2028 | 6.35 | 240000 | 240176 |  |
| 1490000 | MICHIGAN ST STRATEGIC FUND LTD <br> OBLG REVENUE<br>| 12/31/2038 | 4.25 | 1486467 | 1440860 |  |
| 1000000 | MICHIGAN ST TRUNK LINE | 11/15/2044 | 5.50 | 1098323 | 1075579 |  |
| 1000000 | NTHRN MI UNIV REVENUES | 6/1/2055 | 5.50 | 1033070 | 1035432 |  |
| 2000000 | VAN DYKE MI PUBLIC SCHS | 5/1/2050 | 5.50 | 2037864 | 2039000 |  |
|  |  |  |  | 36740966 | 31891413 | 4.05% |
| **Minnesota** | **Minnesota** |  |  |  |  |  |
| 950000 | APPLE VLY MN SENIOR <br> LIVING REVENUE<br>| 1/1/2047 | 5.00 | 931592 | 528141 |  |
| 1585000 | ELK RIVER MN INDEP SCH DIST #728 | 2/1/2039 | 2.50 | 1294134 | 1232422 |  |
| 1000000 | LAUDERDALE MN MF REVENUE | 1/1/2040 | 5.13 | 992415 | 943634 |  |
| 995000 | MINNESOTA ST HSG FIN AGY | 7/1/2051 | 2.50 | 812640 | 592411 |  |
| 4175000 | MINNESOTA ST HSG FIN AGY | 1/1/2053 | 6.00 | 4380898 | 4433422 |  |
| 1615000 | MINNESOTA ST OFFICE OF HGR <br> EDU REVENUE<br>| 11/1/2038 | 2.65 | 1547034 | 1469041 |  |
|  |  |  |  | 9958713 | 9199071 | 1.17% |
| **Mississippi** | **Mississippi** |  |  |  |  |  |
| 400000 | MISSISSIPPI DEV BK SPL OBLIG(b) | 11/1/2036 | 3.63 | 400000 | 362805 |  |
| 900000 | MISSISSIPPI ST DEV BANK SPL OBLG(b) | 11/1/2039 | 4.55 | 900000 | 884916 |  |
|  |  |  |  | 1300000 | 1247721 | 0.16% |
| **Missouri** | **Missouri** |  |  |  |  |  |
| 260000 | JOPLIN MO INDL DEV AUTH SALES <br> TAX REV<br>| 11/1/2040 | 3.50 | 257828 | 237791 |  |
| 306825 | KANSAS CITY MO INDL DEV AUTH <br> SENIOR LIVING FACS REVENUE<br>| 11/15/2046 | 2.00 | 396462 | 14209 |  |
| 687493 | KANSAS CITY MO INDL DEV AUTH <br> SENIOR LIVING FACS REVENUE<br>| 11/15/2046 | 5.00 | 884471 | 457478 |  |
| 1000000 | MISSOURI ST ENVRNMNTL IMPT & <br> ENERGY RESOURCES AUTH<br>| 9/1/2033 | 2.90 | 954229 | 901969 |  |
| 2000000 | MISSOURI ST HLTH & EDUCTNL <br> FACS AUTH<br>| 2/1/2048 | 4.00 | 2036082 | 1592989 |  |
| 1000000 | MISSOURI ST HLTH & EDUCTNL FACS <br> AUTH HLTH FACS REVENUE<br>| 11/15/2038 | 5.00 | 1000000 | 999977 |  |
| 995000 | MISSOURI ST HSG DEV COMMISSION <br> SF MTGE REVENUE<br>| 11/1/2043 | 4.75 | 1001379 | 974942 |  |
| 2500000 | MISSOURI ST HSG DEV COMMISSION <br> SF MTGE REVENUE<br>| 11/1/2045 | 5.05 | 2500000 | 2502822 |  |
| 975000 | MISSOURI ST HSG DEV COMMISSION <br> SF MTGE REVENUE<br>| 11/1/2047 | 3.25 | 975000 | 751594 |  |
| 1985000 | MISSOURI ST HSG DEV COMMISSION <br> SF MTGE REVENUE<br>| 11/1/2049 | 4.45 | 1985000 | 1857555 |  |
| 1840000 | MISSOURI ST HSG DEV COMMISSION <br> SF MTGE REVENUE<br>| 11/1/2049 | 4.65 | 1840000 | 1761917 |  |
| 2000000 | MISSOURI ST HSG DEV COMMISSION <br> SF MTGE REVENUE<br>| 11/1/2050 | 4.63 | 2000000 | 1901673 |  |
| 1000000 | MISSOURI ST HSG DEV COMMISSION <br> SF MTGE REVENUE<br>| 11/1/2050 | 4.95 | 1000000 | 999764 |  |
| 2485000 | MISSOURI ST HSG DEV COMMISSION <br> SF MTGE REVENUE<br>| 11/1/2053 | 5.15 | 2520204 | 2489365 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Missouri (Cont'd):** | **Missouri (Cont'd):** |  |  |  |  |  |
| 1985000 | MISSOURI ST HSG DEV COMMISSION <br> SF MTGE REVENUE<br>| 11/1/2054 | 4.70 | $1985000 | 1901965 |  |
| 1000000 | SAINT LOUIS MO INDL DEV AUTH TAX <br> INCR & SPL DIST REVENUE<br>| 6/15/2054 | 5.75 | 992990 | 977615 |  |
| 1000000 | WENTZVILLE MO SCH DIST #R-4 | 3/1/2039 | 1.88 | 735999 | 679466 |  |
|  |  |  |  | 23064644 | 21003091 | 2.67% |
| **Montana** | **Montana** |  |  |  |  |  |
| 1000000 | FORSYTH MT POLL <br> CONTROL REVENUE<br>| 7/1/2028 | 3.88 | 1000000 | 1014553 |  |
| 1000000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2042 | 2.55 | 1000000 | 722064 |  |
| 2500000 | MONTANA ST BRD OF HSG SF MTGE | 12/1/2050 | 4.85 | 2500000 | 2455577 |  |
|  |  |  |  | 4500000 | 4192194 | 0.53% |
| **Nebraska** | **Nebraska** |  |  |  |  |  |
| 1745000 | NEBRASKA ST INVESTMENT FIN AUTH <br> SF HSG REVENUE<br>| 9/1/2040 | 4.35 | 1745000 | 1710418 |  |
| 1000000 | NEBRASKA ST INVESTMENT FIN AUTH <br> SF HSG REVENUE<br>| 9/1/2048 | 4.65 | 1000000 | 951442 |  |
| 1750000 | NEBRASKA ST INVESTMENT FIN AUTH <br> SF HSG REVENUE<br>| 9/1/2051 | 4.70 | 1750000 | 1639370 |  |
|  |  |  |  | 4495000 | 4301230 | 0.55% |
| **Nevada** | **Nevada** |  |  |  |  |  |
| 700000 | LAS VEGAS NV SPL ASSMNT DIST #817 | 6/1/2048 | 6.00 | 696544 | 724323 |  |
| 1250000 | NEVADA ST HSG DIV SF <br> MTGE REVENUE<br>| 4/1/2046 | 2.60 | 1250000 | 835394 |  |
| 1480000 | NEVADA ST HSG DIV SF <br> MTGE REVENUE<br>| 10/1/2051 | 2.45 | 1480000 | 886414 |  |
| 990000 | NEVADA ST HSG DIV SF <br> MTGE REVENUE<br>| 10/1/2053 | 4.55 | 990000 | 944581 |  |
| 1250000 | NEVADA ST HSG DIV SF <br> MTGE REVENUE<br>| 10/1/2054 | 4.70 | 1250000 | 1199643 |  |
| 820000 | RENO-TAHOE NV ARPT AUTH <br> ARPT REVENUE<br>| 7/1/2041 | 5.25 | 886489 | 856883 |  |
|  |  |  |  | 6553033 | 5447238 | 0.69% |
| **New Hampshire** | **New Hampshire** |  |  |  |  |  |
| 1000000 | NATIONAL FIN AUTH LEASE REVENUE | 6/1/2051 | 5.25 | 1063142 | 1024289 |  |
| 1600000 | NATIONAL FIN AUTH NH HLTHCARE <br> FACS REVENUE(n)(al)<br>| 7/6/2025 | 4.05 | 1600000 | 1600000 |  |
| 993107 | NATIONAL FIN AUTH NH MUNI CTFS | 8/20/2039 | 3.63 | 901792 | 908813 |  |
| 994839 | NATIONAL FIN AUTH NH <br> MUNI CTFS(n)(ak)<br>| 11/20/2039 | 4.18 | 989345 | 959073 |  |
| 334284 | NATIONAL FIN AUTH NH <br> MUNI CTFS(n)(ak)<br>| 1/20/2041 | 4.17 | 323083 | 317407 |  |
| 994505 | NATIONAL FIN AUTH NH <br> MUNI CTFS(n)(ak)<br>| 10/20/2041 | 4.16 | 950445 | 922072 |  |
| 1500000 | NATIONAL FIN AUTH NH <br> SPL REVENUE(b)(z)<br>| 12/15/2032 | 5.06(z)<br>| 921723 | 925856 |  |
| 1500000 | NEW HAMPSHIRE ST BUSINESS FIN <br> AUTH WTR FAC REVENUE<br>| 4/1/2048 | 5.00 | 1500000 | 1352836 |  |
| 515000 | NEW HAMPSHIRE ST BUSINESS FIN <br> AUTH WTR FAC REVENUE<br>| 4/1/2059 | 5.63 | 511507 | 497223 |  |
| 1000000 | NEW HAMPSHIRE ST HSG FIN AUTH <br> SF REVENUE<br>| 7/1/2056 | 6.50 | 1119124 | 1132594 |  |
|  |  |  |  | 9880161 | 9640163 | 1.23% |
| **New Jersey** | **New Jersey** |  |  |  |  |  |
| 1000000 | CAMDEN CNTY NJ IMPT AUTH CHRT <br> SCH REVENUE(b)<br>| 7/15/2042 | 5.00 | 1031815 | 981383 |  |
| 780000 | NEW JERSEY ST HGR EDU ASSISTANCE <br> AUTH STUDENT LOAN REVENUE<br>| 12/1/2041 | 4.00 | 757099 | 769172 |  |
| 2880000 | NEW JERSEY ST HGR EDU ASSISTANCE <br> AUTH STUDENT LOAN REVENUE<br>| 12/1/2045 | 4.50 | 2830863 | 2852890 |  |
| 2675000 | NEW JERSEY ST HSG & MTGE FIN <br> AGY REVENUE<br>| 10/1/2035 | 3.75 | 2675000 | 2583881 |  |
| 3950000 | NEW JERSEY ST HSG & MTGE FIN <br> AGY REVENUE<br>| 10/1/2042 | 4.50 | 3950000 | 3915549 |  |
| 1220000 | NEW JERSEY ST HSG & MTGE FIN <br> AGY REVENUE<br>| 10/1/2046 | 2.30 | 1220000 | 758298 |  |
| 875000 | NEW JERSEY ST HSG & MTGE FIN <br> AGY REVENUE<br>| 4/1/2049 | 4.00 | 875900 | 734437 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **New Jersey (Cont'd):** | **New Jersey (Cont'd):** |  |  |  |  |  |
| 1000000 | NEW JERSEY ST HSG & MTGE FIN <br> AGY REVENUE<br>| 10/1/2050 | 5.10 | $1000000 | 1005084 |  |
| 4000000 | NEW JERSEY ST HSG & MTGE FIN <br> AGY REVENUE<br>| 10/1/2053 | 4.80 | 4000000 | 3891432 |  |
| 1245000 | NEW JERSEY ST HSG & MTGE FIN <br> AGY REVENUE<br>| 10/1/2053 | 5.00 | 1294428 | 1284879 |  |
| 500000 | NEW JERSEY ST TRANSPRTN TRUST <br> FUND AUTH<br>| 6/15/2041 | 5.25 | 500000 | 500012 |  |
| 1000000 | NEW JERSEY ST TURNPIKE AUTH <br> TURNPIKE REVENUE<br>| 1/1/2045 | 5.00 | 1023563 | 1037331 |  |
|  |  |  |  | 21158668 | 20314348 | 2.58% |
| **New Mexico** | **New Mexico** |  |  |  |  |  |
| 1000000 | FARMINGTON NM POLL <br> CONTROL REVENUE(ae)<br>| 6/1/2029 | 3.88 | 1000000 | 1013938 |  |
| 650000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2047 | 2.70 | 494529 | 434116 |  |
| 1975000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2047 | 3.95 | 1975000 | 1662062 |  |
| 310000 | NEW MEXICO ST MTGE FIN AUTH | 3/1/2048 | 3.75 | 311465 | 308825 |  |
| 590000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2048 | 4.00 | 590408 | 506758 |  |
| 690000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 3.35 | 690000 | 530865 |  |
| 605000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2049 | 4.00 | 605000 | 514617 |  |
| 1370000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2050 | 3.00 | 1388901 | 952038 |  |
| 990000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2051 | 2.35 | 990000 | 565775 |  |
| 1210000 | NEW MEXICO ST MTGE FIN AUTH | 7/1/2051 | 2.63 | 1210000 | 737935 |  |
| 1000000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2052 | 4.30 | 1000000 | 897228 |  |
| 1480000 | NEW MEXICO ST MTGE FIN AUTH | 9/1/2053 | 4.70 | 1480000 | 1439515 |  |
|  |  |  |  | 11735303 | 9563672 | 1.22% |
| **New York** | **New York** |  |  |  |  |  |
| 340000 | BUILD NYC RESOURCE CORP <br> NY REVENUE<br>| 7/1/2041 | 5.50 | 360097 | 359819 |  |
| 1000000 | DUTCHESS CNTY NY LOCAL DEV <br> CORP MF<br>| 10/1/2040 | 5.00 | 1000000 | 1027807 |  |
| 750000 | HEMPSTEAD TOWN NY LOCAL DEV <br> CORP REVENUE<br>| 9/1/2038 | 5.00 | 750000 | 750042 |  |
| 600000 | NEW YORK CITY NY HSG DEV CORP MF <br> HSG REVENUE<br>| 11/1/2042 | 3.85 | 600170 | 545965 |  |
| 2330000 | NEW YORK CITY NY HSG DEV CORP MF <br> HSG REVENUE<br>| 5/1/2045 | 3.90 | 2204762 | 1961183 |  |
| 1000000 | NEW YORK CITY NY HSG DEV CORP MF <br> HSG REVENUE<br>| 11/1/2047 | 3.65 | 1000000 | 802653 |  |
| 2250000 | NEW YORK CITY NY HSG DEV CORP MF <br> HSG REVENUE<br>| 11/1/2056 | 2.60 | 2250000 | 1320784 |  |
| 1000000 | NEW YORK CITY NY HSG DEV <br> CORP REVENUE<br>| 8/1/2040 | 2.40 | 737344 | 704032 |  |
| 250000 | NEW YORK NY CITY TRANSITIONAL FIN <br> AUTH REV<br>| 11/1/2046 | 5.00 | 261861 | 257572 |  |
| 1000000 | NEW YORK NY CITY TRANSITIONAL FIN <br> AUTH REV<br>| 5/1/2048 | 5.25 | 1040353 | 1042467 |  |
| 2000000 | NEW YORK ST CONVENTION CENTER <br> DEV CORP REVENUE<br>| 11/15/2040 | 5.00 | 2005315 | 2001183 |  |
| 750000 | NEW YORK ST DORM AUTH REVENUES <br> NON ST SUPPORTED DEBT<br>| 10/1/2030 | 5.00 | 807982 | 800005 |  |
| 1000000 | NEW YORK ST DORM AUTH REVENUES <br> NON ST SUPPORTED DEBT<br>| 7/1/2038 | 5.00 | 1056388 | 1065918 |  |
| 1000000 | NEW YORK ST DORM AUTH ST <br> PERSONAL INCOME TAX REVENUE<br>| 3/15/2047 | 5.00 | 1051804 | 1023220 |  |
| 1000000 | NEW YORK ST HSG FIN AGY | 11/1/2042 | 4.00 | 1000000 | 923745 |  |
| 2000000 | NEW YORK ST HSG FIN AGY <br> AFFORDABLE HSG REVENUE<br>| 11/1/2046 | 2.60 | 2000000 | 1326369 |  |
| 1000000 | NEW YORK ST HSG FIN AGY <br> AFFORDABLE HSG REVENUE<br>| 11/1/2050 | 5.10 | 1000000 | 1000647 |  |
| 500000 | NEW YORK ST HSG FIN AGY REVENUE | 11/1/2045 | 5.10 | 500000 | 500011 |  |
| 1700000 | NEW YORK ST MTGE AGY HOMEOWNER <br> MTGE REVENUE<br>| 10/1/2045 | 2.45 | 1606007 | 1136636 |  |
| 980000 | NEW YORK ST MTGE AGY HOMEOWNER <br> MTGE REVENUE<br>| 10/1/2046 | 2.50 | 975717 | 642782 |  |
| 3435000 | NEW YORK ST MTGE AGY HOMEOWNER <br> MTGE REVENUE<br>| 10/1/2047 | 3.30 | 3435000 | 2658847 |  |
| 865000 | NEW YORK ST MTGE AGY HOMEOWNER <br> MTGE REVENUE<br>| 10/1/2048 | 3.80 | 865000 | 732839 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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):** |  |  |  |  |  |
| 1875000 | NEW YORK ST MTGE AGY HOMEOWNER <br> MTGE REVENUE<br>| 10/1/2049 | 2.95 | $1875000 | 1300144 |  |
| 1435000 | NEW YORK ST MTGE AGY HOMEOWNER <br> MTGE REVENUE<br>| 4/1/2050 | 2.55 | 1435000 | 896041 |  |
| 2030000 | NEW YORK ST MTGE AGY HOMEOWNER <br> MTGE REVENUE<br>| 10/1/2053 | 4.65 | 2030000 | 1967911 |  |
| 1000000 | NEW YORK ST TRANSPRTN DEV CORP <br> SPL FAC REVENUE<br>| 1/1/2029 | 5.00 | 1022323 | 1023504 |  |
| 1000000 | NEW YORK ST TRANSPRTN DEV CORP <br> SPL FAC REVENUE<br>| 4/1/2035 | 6.00 | 1019393 | 1087754 |  |
| 1375000 | NEW YORK ST TRANSPRTN DEV CORP <br> SPL FAC REVENUE<br>| 6/30/2041 | 5.25 | 1466437 | 1401916 |  |
| 700000 | NEW YORK ST TRANSPRTN DEV CORP <br> SPL FAC REVENUE<br>| 6/30/2044 | 5.50 | 728955 | 724523 |  |
| 2000000 | NEW YORK ST TRANSPRTN DEV CORP <br> SPL FAC REVENUE<br>| 12/31/2054 | 5.25 | 2092734 | 2001540 |  |
| 1500000 | NEW YORK ST TRANSPRTN DEV CORP <br> SPL FAC REVENUE<br>| 6/30/2060 | 5.50 | 1575138 | 1499793 |  |
| 500000 | ONONDAGA NY CIVIC DEV CORP | 12/1/2038 | 5.00 | 543994 | 548777 |  |
|  |  |  |  | 40296774 | 35036429 | 4.45% |
| **North Carolina** | **North Carolina** |  |  |  |  |  |
| 1000000 | CUMBERLAND CNTY NC INDL FACS & <br> POLL CONTROL FING AUTH <br> SOL WS(ad)<br>| 11/1/2025 | 3.75 | 1000000 | 1000386 |  |
| 1490000 | MECKLENBURG CNTY NC MF <br> HSG REVENUE<br>| 1/1/2036 | 5.38 | 1490000 | 1492330 |  |
| 2500000 | NORTH CAROLINA ST EDU <br> ASSISTANCE AUTH<br>| 6/1/2045 | 5.00 | 2490564 | 2526631 |  |
| 2500000 | NORTH CAROLINA ST HSG FIN AGY <br> HOMEOWNERSHIP REVENUE<br>| 7/1/2042 | 3.50 | 2500000 | 2155492 |  |
| 1985000 | NORTH CAROLINA ST HSG FIN AGY <br> HOMEOWNERSHIP REVENUE<br>| 7/1/2046 | 4.40 | 1985000 | 1850265 |  |
| 1500000 | NORTH CAROLINA ST HSG FIN AGY <br> HOMEOWNERSHIP REVENUE<br>| 7/1/2046 | 5.00 | 1501683 | 1500499 |  |
| 1750000 | NORTH CAROLINA ST HSG FIN AGY <br> HOMEOWNERSHIP REVENUE<br>| 1/1/2055 | 4.80 | 1750000 | 1700971 |  |
| 740000 | NORTH CAROLINA ST HSG FIN AGY <br> HOMEOWNERSHIP REVENUE<br>| 1/1/2055 | 6.25 | 782264 | 800019 |  |
|  |  |  |  | 13499511 | 13026593 | 1.66% |
| **North Dakota** | **North Dakota** |  |  |  |  |  |
| 795000 | GRAND FORKS ND HLTH CARE <br> SYS REVENUE<br>| 12/1/2035 | 5.00 | 835061 | 854770 |  |
| 390000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2043 | 3.05 | 390521 | 301167 |  |
| 905000 | NORTH DAKOTA ST HSG FIN AGY | 1/1/2044 | 3.05 | 905000 | 710928 |  |
| 920000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2044 | 2.50 | 920000 | 619616 |  |
| 1000000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2048 | 5.10 | 1000000 | 1004087 |  |
| 1500000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2049 | 4.75 | 1500000 | 1458821 |  |
| 920000 | NORTH DAKOTA ST HSG FIN AGY | 7/1/2053 | 5.75 | 986357 | 973403 |  |
|  |  |  |  | 6536939 | 5922792 | 0.75% |
| **Ohio** | **Ohio** |  |  |  |  |  |
| 1500000 | ALLEN CNTY OH HOSP FACS REVENUE | 11/1/2043 | 5.00 | 1500000 | 1500038 |  |
| 500000 | CLEVELAND-CUYAHOGA CNTY OH <br> PORT AUTH TAX INCREMENT <br> FING REV(b)<br>| 12/1/2055 | 4.50 | 500000 | 398981 |  |
| 1500000 | CLOVERLEAF OH LOCAL SCH <br> DIST COPS<br>| 12/1/2047 | 5.75 | 1542521 | 1539101 |  |
| 2000000 | COLUMBUS OH REGL ARPT <br> AUTH REVENUE<br>| 1/1/2050 | 5.50 | 2135590 | 2073112 |  |
| 585000 | DAYTON OH ARPT REVENUE | 12/1/2025 | 5.00 | 585000 | 585583 |  |
| 1000000 | EHOVE OH JT VOCATIONAL SCH DIST | 12/1/2055 | 5.50 | 1034796 | 1031237 |  |
| 2000000 | FRANKLIN CNTY OH HLTH CARE <br> FACS REVENUE<br>| 7/1/2045 | 4.00 | 2041565 | 1571999 |  |
| 1500000 | LUCAS MET HSG AUTH OH COPS | 11/1/2036 | 5.00 | 1503445 | 1502513 |  |
| 1000000 | NORTH RIDGEVILLE OH CITY SCH DIST | 12/1/2057 | 5.50 | 1039520 | 1025391 |  |
| 500000 | OHIO ST AIR QUALITY DEV AUTH <br> EXEMPT FACS REVENUE(b)<br>| 1/15/2038 | 4.25 | 450626 | 480429 |  |
| 2000000 | OHIO ST HGR EDUCTNL <br> FAC COMMISSION<br>| 11/1/2049 | 4.00 | 2020610 | 1439532 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 MF <br> HSG REVENUE(b)<br>| 3/1/2026 | 6.25 | $1000000 | 1001617 |  |
| 505000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2039 | 3.35 | 464582 | 430103 |  |
| 2000000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2045 | 2.90 | 1532226 | 1434370 |  |
| 3815000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2046 | 2.85 | 3815000 | 2656478 |  |
| 2175000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2047 | 5.10 | 2175000 | 2162260 |  |
| 930000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2048 | 4.50 | 930732 | 939012 |  |
| 1485000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2049 | 4.65 | 1485000 | 1422700 |  |
| 1000000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2050 | 4.65 | 1000000 | 953638 |  |
| 3615000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2051 | 2.45 | 3630864 | 2206902 |  |
| 1950000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2051 | 2.75 | 1950000 | 1243573 |  |
| 805000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 3/1/2052 | 5.00 | 836865 | 832990 |  |
| 2500000 | OHIO ST HSG FIN AGY RSDL <br> MTGE REVENUE<br>| 9/1/2054 | 4.70 | 2500000 | 2395750 |  |
| 1000000 | XENIA OH | 12/1/2054 | 5.00 | 1041169 | 1007072 |  |
|  |  |  |  | 36715111 | 31834381 | 4.04% |
| **Oklahoma** | **Oklahoma** |  |  |  |  |  |
| 2000000 | OKLAHOMA ST DEV FIN AUTH | 8/1/2049 | 5.00 | 2110106 | 1828233 |  |
| 990000 | OKLAHOMA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 9/1/2043 | 4.50 | 991083 | 953489 |  |
| 1000000 | OKLAHOMA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 9/1/2047 | 5.05 | 1000000 | 992805 |  |
| 1500000 | OKLAHOMA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 3/1/2049 | 4.60 | 1500000 | 1430730 |  |
| 1000000 | OKLAHOMA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 9/1/2049 | 4.60 | 1000000 | 952399 |  |
| 1710000 | OKLAHOMA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 9/1/2053 | 6.25 | 1805476 | 1832084 |  |
| 500000 | TULSA OK MUNI ARPT <br> TRUST TRUSTEES<br>| 12/1/2035 | 6.25 | 542208 | 552268 |  |
|  |  |  |  | 8948873 | 8542008 | 1.09% |
| **Oregon** | **Oregon** |  |  |  |  |  |
| 425000 | OREGON ST HSG & CMNTY SVCS DEPT <br> MTGE REVENUE<br>| 7/1/2038 | 4.00 | 425000 | 401963 |  |
| 1000000 | OREGON ST HSG & CMNTY SVCS DEPT <br> MTGE REVENUE<br>| 1/1/2042 | 3.70 | 1000000 | 894275 |  |
| 2000000 | OREGON ST HSG & CMNTY SVCS DEPT <br> MTGE REVENUE<br>| 1/1/2045 | 2.38 | 1830340 | 1311254 |  |
| 1050000 | OREGON ST HSG & CMNTY SVCS DEPT <br> MTGE REVENUE<br>| 1/1/2046 | 4.70 | 1050000 | 1034018 |  |
|  |  |  |  | 4305340 | 3641510 | 0.46% |
| **Pennsylvania** | **Pennsylvania** |  |  |  |  |  |
| 1000000 | ALLENTOWN PA NEIGHBORHOOD IMPT <br> ZONE DEV AUTH TAX REVENUE(b)<br>| 5/1/2042 | 5.00 | 1000000 | 981427 |  |
| 370000 | BUTLER CNTY PA GEN AUTH REVENUE <br> (Floating, 3M CME Term SOFR + <br> 0.70%)(n)<br>| 10/1/2034 | 3.75 | 370000 | 355651 |  |
| 1500000 | COATESVILLE PA AREA SCH DIST | 11/15/2037 | 5.25 | 1548059 | 1569606 |  |
| 250000 | DOYLESTOWN PA HOSP AUTH(b) | 7/1/2031 | 5.00 | 253213 | 263488 |  |
| 1000000 | LAMPETER-STRASBURG PA SCH DIST | 3/1/2047 | 5.00 | 1007707 | 1009812 |  |
| 1000000 | PENNSYLVANIA HGR EDU ASSISTANCE <br> AGY LOAN REVENUE<br>| 6/1/2030 | 5.00 | 1036555 | 1049359 |  |
| 1125000 | PENNSYLVANIA HGR EDU ASSISTANCE <br> AGY LOAN REVENUE<br>| 6/1/2034 | 5.00 | 1167609 | 1168012 |  |
| 1000000 | PENNSYLVANIA ST HGR EDUCTNL FACS <br> AUTH REVENUE<br>| 10/1/2034 | 5.00 | 1004161 | 1004743 |  |
| 500000 | PENNSYLVANIA ST HGR EDUCTNL FACS <br> AUTH REVENUE (Floating, 3M CME <br> Term SOFR + 0.65%)(n)<br>| 7/1/2039 | 3.70 | 500000 | 460659 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Pennsylvania (Cont'd):** | **Pennsylvania (Cont'd):** |  |  |  |  |  |
| 500000 | PENNSYLVANIA ST HSG FIN AGY MF <br> HSG REVENUE<br>| 6/1/2041 | 4.90 | $500000 | 505418 |  |
| 1685000 | PENNSYLVANIA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 10/1/2042 | 3.65 | 1685000 | 1473997 |  |
| 1500000 | PENNSYLVANIA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 10/1/2045 | 5.10 | 1500000 | 1498446 |  |
| 1000000 | PENNSYLVANIA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 10/1/2046 | 3.00 | 1020219 | 715267 |  |
| 1000000 | PENNSYLVANIA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 10/1/2049 | 3.40 | 1000000 | 790578 |  |
| 2000000 | PENNSYLVANIA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 10/1/2051 | 2.55 | 2000000 | 1203955 |  |
| 485000 | PENNSYLVANIA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 10/1/2051 | 3.00 | 482822 | 479897 |  |
| 990000 | PENNSYLVANIA ST HSG FIN AGY SF <br> MTGE REVENUE<br>| 10/1/2054 | 6.00 | 1063721 | 1070752 |  |
| 500000 | PHILADELPHIA PA AUTH FOR INDL DEV <br> CHRT SCH REVENUE(b)<br>| 6/15/2034 | 4.50 | 498169 | 489884 |  |
| 750000 | PHILADELPHIA PA AUTH FOR INDL <br> DEV REVENUES<br>| 8/1/2036 | 5.63 | 742355 | 753422 |  |
|  |  |  |  | 18379590 | 16844373 | 2.14% |
| **Puerto Rico** | **Puerto Rico** |  |  |  |  |  |
| 321684 | GDB DEBT RECOVERY AUTH OF <br> CMWLTH PUERTO RICO<br>| 8/20/2040 | 7.50 | 314499 | 308110 |  |
| 1300000 | PUERTO RICO CMWLTH | 7/1/2041 | 4.00 | 1222194 | 1155282 |  |
| 1348086 | PUERTO RICO CMWLTH(n)(al) | 11/1/2043 | 2.68 | 817849 | 829073 |  |
| 2193221 | PUERTO RICO CMWLTH(n)(al) | 11/1/2051 | 1.76 | 1370708 | 1384471 |  |
| 1000000 | PUERTO RICO CMWLTH AQUEDUCT & <br> SWR AUTH REVENUE(b)<br>| 7/1/2033 | 5.00 | 1022806 | 1036389 |  |
| 250000 | PUERTO RICO CMWLTH AQUEDUCT & <br> SWR AUTH REVENUE(b)<br>| 7/1/2042 | 4.00 | 230263 | 217368 |  |
| 500000 | PUERTO RICO CMWLTH AQUEDUCT & <br> SWR AUTH REVENUE(b)<br>| 7/1/2047 | 5.00 | 504603 | 485234 |  |
| 1825000 | PUERTO RICO SALES TAX FING CORP <br> SALES TAX REVENUE<br>| 7/1/2040 | 4.33 | 1792043 | 1712441 |  |
| 1500000 | PUERTO RICO SALES TAX FING CORP <br> SALES TAX REVENUE<br>| 7/1/2040 | 4.55 | 1464199 | 1437764 |  |
|  |  |  |  | 8739164 | 8566132 | 1.09% |
| **Rhode Island** | **Rhode Island** |  |  |  |  |  |
| 1000000 | RHODE ISLAND ST HSG & MTGE <br> FIN CORP<br>| 10/1/2041 | 5.00 | 1066053 | 1030242 |  |
| 1000000 | RHODE ISLAND ST STUDENT LOAN <br> AUTH LOAN REVENUE<br>| 12/1/2044 | 5.00 | 991370 | 979291 |  |
| 835000 | RHODE ISLAND ST STUDENT LOAN <br> AUTH STUDENT LOAN REVENUE<br>| 12/1/2037 | 3.63 | 828806 | 803902 |  |
|  |  |  |  | 2886229 | 2813435 | 0.36% |
| **South Carolina** | **South Carolina** |  |  |  |  |  |
| 650000 | BERKELEY CNTY SC ASSMNT REVENUE | 11/1/2040 | 4.25 | 647808 | 576721 |  |
| 1000000 | PATRIOTS ENERGY GROUP FING AGY <br> SC GAS SPLY REVENUE (Floating, U.S. <br> SOFR + 1.90%)(n)<br>| 3/1/2031 | 4.88 | 1000000 | 1029757 |  |
| 1000000 | SOUTH CAROLINA JOBS-ECON <br> DEV AUTH<br>| 11/15/2053 | 7.50 | 1000000 | 1037676 |  |
| 1000000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MF REVENUE<br>| 5/1/2043 | 4.80 | 1000000 | 997140 |  |
| 1070000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MTGE REVENUE<br>| 7/1/2045 | 3.05 | 1070000 | 812741 |  |
| 965000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MTGE REVENUE<br>| 7/1/2048 | 4.90 | 965000 | 967046 |  |
| 980000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MTGE REVENUE<br>| 7/1/2049 | 4.63 | 973434 | 936001 |  |
| 1215000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MTGE REVENUE<br>| 7/1/2054 | 4.63 | 1215000 | 1145323 |  |
| 1500000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MTGE REVENUE<br>| 1/1/2055 | 4.70 | 1500000 | 1443888 |  |
| 1500000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MTGE REVENUE<br>| 1/1/2055 | 5.00 | 1500000 | 1480109 |  |
| 500000 | SOUTH CAROLINA ST HSG FIN & DEV <br> AUTH MTGE REVENUE<br>| 7/1/2055 | 6.50 | 558689 | 565279 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **South Carolina (Cont'd):** | **South Carolina (Cont'd):** |  |  |  |  |  |
| 950000 | SOUTH CAROLINA ST JOBS-ECON DEV <br> AUTH EDUCTNL FACS REVENUE(b)<br>| 6/15/2043 | 7.00 | $940377 | 957558 |  |
| 1000000 | SOUTH CAROLINA ST JOBS-ECON DEV <br> AUTH SOL WST <br> DISP REVENUE(b)(g)(h)<br>| 6/1/2031 | 6.00 | 1000000 | 110000 |  |
| 1000000 | SOUTH CAROLINA ST PUBLIC SVC <br> AUTH REVENUE<br>| 12/1/2045 | 5.00 | 1009310 | 1013321 |  |
| 500000 | SOUTH CAROLINA ST PUBLIC SVC <br> AUTH REVENUE<br>| 12/1/2046 | 5.00 | 501140 | 504572 |  |
|  |  |  |  | 14880758 | 13577132 | 1.73% |
| **South Dakota** | **South Dakota** |  |  |  |  |  |
| 2000000 | SOUTH DAKOTA ST HSG DEV AUTH | 11/1/2042 | 2.50 | 2000000 | 1431210 |  |
|  |  |  |  | 2000000 | 1431210 | 0.18% |
| **Tennessee** | **Tennessee** |  |  |  |  |  |
| 1000000 | MET NASHVILLE TN ARPT AUTH <br> ARPT REVENUE<br>| 7/1/2049 | 5.00 | 1025292 | 981225 |  |
| 600000 | NASHVILLE MET DEV & HSG AGY TN <br> TAX INCR REVENUE(b)<br>| 6/1/2036 | 5.13 | 600000 | 604012 |  |
| 1000000 | SHELBY CNTY TN HLTH EDUCTNL & <br> HSG FACS BRD HLTH <br> CARE REVENUE(y)<br>| 9/1/2029 | 5.00 | 1045118 | 1048124 |  |
| 150000 | SHELBY CNTY TN HLTH EDUCTNL & <br> HSG FACS BRD REVENUE(g)<br>| 1/1/2019 | 5.35 | 134966 | 15 |  |
| 625000 | SHELBY CNTY TN HLTH EDUCTNL & <br> HSG FACS BRD REVENUE(g)<br>| 1/1/2029 | 5.55 | 556862 | 62 |  |
| 130000 | SHELBY CNTY TN HLTH EDUCTNL & <br> HSG FACS BRD REVENUE(g)<br>| 1/1/2029 | 6.00 | - | 1 |  |
| 910000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE(af)<br>| 10/1/2025 | 3.50 | 910000 | 910108 |  |
| 2995000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2042 | 3.50 | 2995000 | 2582279 |  |
| 495000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2042 | 3.85 | 495000 | 451307 |  |
| 430000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2042 | 3.90 | 430000 | 394517 |  |
| 2980000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2046 | 2.38 | 2861229 | 1891895 |  |
| 770000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2046 | 2.55 | 770000 | 507495 |  |
| 495000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2048 | 4.70 | 495000 | 484516 |  |
| 1000000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2048 | 5.35 | 1000000 | 1021412 |  |
| 605000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 1/1/2049 | 3.95 | 605000 | 501456 |  |
| 1500000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2050 | 5.00 | 1500000 | 1487035 |  |
| 1990000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2051 | 2.50 | 1990000 | 1184822 |  |
| 1460000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 1/1/2054 | 6.25 | 1527700 | 1578998 |  |
| 1000000 | TENNESSEE HSG DEV AGY RSDL FIN <br> PROGRAM REVENUE<br>| 7/1/2054 | 4.80 | 1000000 | 969290 |  |
|  |  |  |  | 19941167 | 16598569 | 2.11% |
| **Texas** | **Texas** |  |  |  |  |  |
| 1000000 | ALAMITO TX PUBLIC FACS CORP MF <br> HSG REVENUE(ag)<br>| 8/1/2026 | 5.00 | 1011989 | 1009881 |  |
| 2000000 | ARLINGTON TX HGR EDU FIN CORP <br> EDU REVENUE<br>| 8/15/2050 | 5.25 | 2031267 | 2038800 |  |
| 1000000 | ARLINGTON TX HGR EDU FIN CORP <br> EDU REVENUE(b)<br>| 6/1/2053 | 6.00 | 981344 | 985493 |  |
| 2000000 | AUSTIN TX ARPT SYS REVENUE | 11/15/2044 | 5.00 | 2000000 | 1986907 |  |
| 1000000 | BRAZOS TX HGR EDU AUTH STUDENT <br> LOAN PROGRAM REV<br>| 4/1/2032 | 5.00 | 1067753 | 1061347 |  |
| 1000000 | BRAZOS TX HGR EDU AUTH STUDENT <br> LOAN PROGRAM REV<br>| 4/1/2040 | 3.00 | 1002192 | 767038 |  |
| 1000000 | CYPRESS-FAIRBANKS TX INDEP <br> SCH DIST<br>| 2/15/2041 | 2.25 | 724851 | 700594 |  |
| 1000000 | DALLAS TX INDEP SCH DIST | 2/15/2042 | 2.00 | 670364 | 643466 |  |
| 750000 | DALLAS TX SPL TAX REVENUE(b)(ah) | 8/15/2028 | 6.25 | 750000 | 750232 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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):** |  |  |  |  |  |
| 700000 | EDINBURG TX ECON DEV CORP SALES <br> TAX REVENUE<br>| 8/15/2046 | 3.38 | $691120 | 447060 |  |
| 2500000 | EL PASO TX HSG FIN CORP | 3/1/2055 | 5.20 | 2547425 | 2510609 |  |
| 1500000 | FORT WORTH TX | 3/1/2040 | 2.00 | 1087230 | 1002055 |  |
| 500000 | GALVESTON TX WHARVES & <br> TERMINAL REVENUE<br>| 8/1/2038 | 5.25 | 537440 | 517108 |  |
| 1000000 | GEORGETOWN TX INDEP SCH DIST | 8/15/2035 | 2.50 | 884575 | 849734 |  |
| 1500000 | GRAND PARKWAY TRANSPRTN CORP <br> TX SYS TOLL REVENUE<br>| 10/1/2035 | 5.50 | 1495523 | 1589561 |  |
| 1000000 | HARRIS CNTY TX CULTURAL EDU FACS <br> FIN CORP REVENUE(y)<br>| 7/1/2029 | 5.00 | 1056678 | 1066070 |  |
| 2000000 | HOUSTON TX ARPT SYS REVENUE | 7/1/2048 | 5.25 | 2119077 | 2038682 |  |
| 1000000 | HSG SYNERGY PFC TX MF <br> HSG REVENUE(ai)<br>| 2/1/2026 | 5.00 | 1006759 | 1009742 |  |
| 1000000 | MATAGORDA CNTY TX NAV DIST #1 | 11/1/2029 | 2.60 | 915542 | 953049 |  |
| 1000000 | MATAGORDA CNTY TX NAV DIST #1 | 5/1/2030 | 4.25 | 1000000 | 1026398 |  |
| 273000 | N CENTRL TEXAS ST HLTH FAC <br> DEV CORP(g)<br>| 2/15/2025 | 5.38 | 273000 | 177450 |  |
| 1890000 | NEW HOPE CULTURAL ED FACS FIN <br> CORP TX RETIREMENT FAC REVENUE<br>| 10/1/2027 | 5.50 | 1871475 | 1890505 |  |
| 1000000 | NEW HOPE CULTURAL ED FACS FIN <br> CORP TX RETIREMENT FAC REVENUE<br>| 10/1/2033 | 6.50 | 1000000 | 1042948 |  |
| 1000000 | NEW HOPE CULTURAL ED FACS FIN <br> CORP TX RETIREMENT FAC REVENUE<br>| 10/1/2045 | 6.25 | 1004472 | 969875 |  |
| 1000000 | NEW HOPE CULTURAL ED FACS FIN <br> CORP TX RETIREMENT FAC REVENUE<br>| 11/1/2049 | 4.00 | 1069218 | 824607 |  |
| 1100000 | NEW HOPE CULTURAL ED FACS FIN <br> CORP TX RETIREMENT FAC REVENUE<br>| 1/1/2055 | 5.00 | 1134481 | 846845 |  |
| 500000 | NEW HOPE CULTURAL ED FACS FIN <br> CORP TX RETIREMENT FAC REVENUE<br>| 10/1/2060 | 6.50 | 503326 | 482725 |  |
| 1071256 | NEW HOPE CULTURAL ED FACS FIN <br> CORP TX RETIREMENT <br> FAC REVENUE(n)(al)<br>| 11/15/2061 | 2.00 | 1071256 | 269938 |  |
| 645000 | NEW HOPE CULTURAL EDU FACS FIN <br> CORP TX SENIOR LIVING REVENUE<br>| 7/1/2025 | 4.00 | 638869 | 503100 |  |
| 250000 | NEW HOPE CULTURAL EDU FACS FIN <br> CORP TX SENIOR LIVING REVENUE<br>| 12/1/2049 | 5.00 | 219264 | 219858 |  |
| 1100000 | NEW HOPE CULTURAL EDU FACS FIN <br> CORP TX STUDENT HSG REV<br>| 4/1/2046 | 5.00 | 1100000 | 1077871 |  |
| 1000000 | PECOS BARSTOW TOYAH TX INDEP <br> SCH DIST<br>| 2/15/2042 | 5.00 | 1005670 | 1003522 |  |
| 1000000 | SUGAR LAND TX DEV CORP SALES <br> TAX REVENUE<br>| 2/15/2033 | 5.00 | 1000000 | 1001288 |  |
| 1500000 | TEXAS ST AFFORDABLE HSG CORP SF <br> MTGE REVENUE<br>| 3/1/2049 | 5.00 | 1531721 | 1491846 |  |
| 3500000 | TEXAS ST AFFORDABLE HSG CORP SF <br> MTGE REVENUE<br>| 3/1/2053 | 4.88 | 3572960 | 3452871 |  |
| 635000 | TEXAS ST DEPT OF HSG & <br> CMNTY AFFAIRS<br>| 9/1/2048 | 4.25 | 638657 | 583194 |  |
| 1000000 | TEXAS ST DEPT OF HSG & <br> CMNTY AFFAIRS<br>| 3/1/2050 | 3.00 | 729656 | 698202 |  |
| 1500000 | TEXAS ST DEPT OF HSG & <br> CMNTY AFFAIRS<br>| 9/1/2052 | 5.25 | 1532041 | 1515995 |  |
| 2310000 | TEXAS ST DEPT OF HSG & <br> CMNTY AFFAIRS<br>| 9/1/2052 | 5.50 | 2456498 | 2440379 |  |
| 1000000 | TEXAS ST DEPT OF HSG & <br> CMNTY AFFAIRS<br>| 9/1/2053 | 5.25 | 1026961 | 1007586 |  |
| 3500000 | TEXAS ST DEPT OF HSG & CMNTY <br> AFFAIRS RESDL MTG REVENUE<br>| 1/1/2048 | 5.13 | 3548003 | 3523112 |  |
| 1000000 | TEXAS ST DEPT OF HSG & CMNTY <br> AFFAIRS RESDL MTG REVENUE<br>| 1/1/2049 | 5.00 | 1032108 | 999252 |  |
| 485000 | TEXAS ST DEPT OF HSG & CMNTY <br> AFFAIRS RESDL MTG REVENUE<br>| 7/1/2051 | 2.50 | 487719 | 288763 |  |
| 4750000 | TEXAS ST DEPT OF HSG & CMNTY <br> AFFAIRS RESDL MTG REVENUE<br>| 1/1/2052 | 3.13 | 4816004 | 3281309 |  |
| 5000000 | TEXAS ST DEPT OF HSG & CMNTY <br> AFFAIRS RESDL MTG REVENUE<br>| 1/1/2054 | 5.13 | 5132883 | 5013804 |  |
| 5000000 | TEXAS ST DEPT OF HSG & CMNTY <br> AFFAIRS RESDL MTG REVENUE<br>| 7/1/2055 | 5.13 | 5090037 | 5010482 |  |
| 500000 | TEXAS ST DEPT OF HSG & CMNTY <br> AFFAIRS RESDL MTG REVENUE<br>| 1/1/2056 | 5.75 | 541432 | 547289 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | TEXAS ST MUNI GAS ACQUISITION & <br> SPLY CORP V GAS SPLY REVENUE(aj)<br>| 1/1/2034 | 5.00 | $1063183 | 1062950 |  |
|  |  |  |  | 68672023 | 64181392 | 8.15% |
| **Utah** | **Utah** |  |  |  |  |  |
| 1000000 | BLACK DESERT PUB <br> INFRASTRUCTURE DIST(b)<br>| 3/1/2051 | 4.00 | 1010059 | 779826 |  |
| 500000 | DOWNTOWN REVITALIZATION PUBLIC <br> INFRASTRUCTURE DIST UT SALES<br>| 6/1/2034 | 5.00 | 553379 | 556640 |  |
| 725000 | FIELDS ESTATES PUBLIC <br> INFRASTRUCTURE DIST UT(b)<br>| 3/1/2055 | 6.13 | 725000 | 705017 |  |
| 1000000 | FIELDS ESTATES PUBLIC <br> INFRASTRUCTURE DIST UT <br> SPL ASSMNT(b)<br>| 12/1/2053 | 5.25 | 1000000 | 928367 |  |
| 1250000 | INTERMOUNTAIN PWR AGY UT PWR <br> SPLY REVENUE<br>| 7/1/2043 | 5.25 | 1364448 | 1293290 |  |
| 1000000 | JORDANELLE RIDGE PUBLIC <br> INFRASTRUCTURE DIST #2 UT(b)<br>| 3/1/2054 | 7.75 | 1000000 | 1028450 |  |
| 1000000 | MIDA MOUNTAIN VLG PUBLIC <br> INFRASTRUCTURE DIST UT <br> TAX ALLOCATI(b)<br>| 6/15/2054 | 6.00 | 1015375 | 1005153 |  |
| 2000000 | MILITARY INSTALLATION DEV AUTH UT <br> TAX ALLOCATION REVENUE<br>| 6/1/2052 | 4.00 | 2026931 | 1586826 |  |
| 1000000 | MOONLIGHT VLG PUB <br> INFRASTRUCTURE DIST #1 UT(b)<br>| 3/1/2056 | 6.00 | 1000000 | 953632 |  |
| 985000 | OLYMPIA PUBLIC INFRASTRUCTURE <br> DIST #1 UT(b)<br>| 3/1/2055 | 6.38 | 978883 | 987275 |  |
| 500000 | RED BRIDGE PUBLIC <br> INFRASTRUCTURE DIST #1 UT(b)<br>| 2/1/2041 | 4.13 | 500000 | 404276 |  |
| 1000000 | SALT LAKE CITY UT ARPT REVENUE | 7/1/2039 | 5.25 | 1049995 | 1050080 |  |
| 1000000 | SALT LAKE CITY UT ARPT REVENUE | 7/1/2047 | 5.00 | 1013188 | 981627 |  |
| 1000000 | SAWMILL INFRASTRUCTURE FING DIST <br> UT SPL ASSMNT(b)<br>| 12/1/2054 | 6.00 | 1000000 | 1000732 |  |
| 1985000 | UTAH HSG CORP SF MTGE REVENUE | 1/1/2054 | 4.70 | 1985000 | 1903699 |  |
| 955000 | UTAH HSG CORP SF MTGE REVENUE | 1/1/2054 | 5.00 | 955000 | 939285 |  |
| 1000000 | UTAH INFRASTRUCTURE AGY <br> TELECOMUNICATION REVENUE<br>| 10/15/2033 | 5.50 | 1028800 | 1108380 |  |
| 2000000 | UTAH INFRASTRUCTURE AGY <br> TELECOMUNICATION REVENUE<br>| 10/15/2037 | 5.00 | 2008498 | 2022082 |  |
| 410000 | UTAH ST CHRT SCH FIN AUTH CHRT <br> SCH REVENUE(b)<br>| 6/15/2027 | 4.25 | 410000 | 404580 |  |
| 900000 | UTAH ST CHRT SCH FIN AUTH CHRT <br> SCH REVENUE(b)<br>| 12/15/2031 | 3.50 | 897418 | 811938 |  |
| 3959432 | UTAH ST HSG CORP | 12/21/2052 | 6.00 | 4100441 | 4118592 |  |
| 1870038 | UTAH ST HSG CORP | 1/21/2053 | 6.50 | 1946256 | 1975965 |  |
| 3362083 | UTAH ST HSG CORP | 4/21/2053 | 5.50 | 3436362 | 3412811 |  |
| 2311594 | UTAH ST HSG CORP | 5/21/2053 | 6.50 | 2402727 | 2439427 |  |
| 3246457 | UTAH ST HSG CORP | 6/21/2053 | 6.00 | 3322495 | 3375659 |  |
| 2605868 | UTAH ST HSG CORP | 9/21/2053 | 6.50 | 2685365 | 2768420 |  |
| 10000 | UTAH ST HSG CORP SF <br> MTGE REVENUE<br>| 1/1/2033 | 5.75 | 10000 | 10015 |  |
| 1000000 | WOOD RANCH PUB INFRASTRUCTURE <br> DIST UT SPL ASSMNT(b)<br>| 12/1/2053 | 5.63 | 1000000 | 975020 |  |
|  |  |  |  | 40425620 | 39527064 | 5.02% |
| **Vermont** | **Vermont** |  |  |  |  |  |
| 305000 | VERMONT ST STUDENT ASSISTANCE <br> CORP EDU LOAN REVENUE<br>| 6/15/2036 | 3.38 | 302926 | 290093 |  |
|  |  |  |  | 302926 | 290093 | 0.04% |
| **Virginia** | **Virginia** |  |  |  |  |  |
| 2000000 | CHARLES CITY VA CNTY ECON DEV <br> AUTH SOL WST DISP REVENUE(aa)<br>| 8/1/2027 | 4.25 | 2000000 | 2016606 |  |
| 2000000 | CHESAPEAKE BAY VA BRIDGE & <br> TUNNEL DIST REVENUE<br>| 7/1/2041 | 5.00 | 2020382 | 2009467 |  |
| 500000 | FAIRFAX CNTY VA REDEV & HSG AUTH <br> MF REVENUE<br>| 8/1/2039 | 5.60 | 500000 | 500929 |  |
| 1000000 | JAMES CITY CNTY VA ECON DEV AUTH <br> RSDL CARE FAC REVENUE<br>| 12/1/2058 | 6.88 | 1004985 | 1059312 |  |
| 462000 | MARQUIS VA CMNTY DEV <br> AUTH REVENUE(z)<br>| 9/1/2041 | 2.91(z)<br>| 202664 | 1155 |  |
| 349000 | MARQUIS VA CMNTY DEV <br> AUTH REVENUE(g)<br>| 9/1/2041 | 5.63 | 373459 | 115170 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Par/Shares**  | **Security**  | **Maturity**<br> **date** <br>| **Coupon**<br> **rate** <br>| **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Virginia (Cont'd):** | **Virginia (Cont'd):** |  |  |  |  |  |
| 850000 | VIRGINIA BEACH VA DEV AUTH RSDL <br> CARE FAC REVENUE<br>| 9/1/2030 | 6.25 | $850000 | 857412 |  |
| 675000 | VIRGINIA HSG DEV AUTH(aj) | 4/1/2026 | 3.63 | 675000 | 674998 |  |
| 1000000 | VIRGINIA HSG DEV AUTH | 7/1/2050 | 5.05 | 1000000 | 999756 |  |
| 3250000 | VIRGINIA HSG DEV AUTH | 7/1/2055 | 4.70 | 3250000 | 3127267 |  |
| 810000 | VIRGINIA ST HSG DEV AUTH | 10/1/2043 | 5.35 | 810000 | 810070 |  |
| 1000000 | VIRGINIA ST HSG DEV AUTH | 9/1/2050 | 2.50 | 1000000 | 614067 |  |
| 1000000 | VIRGINIA ST HSG DEV AUTH <br> CMWLTH MTGE<br>| 11/1/2048 | 5.25 | 1000000 | 1010704 |  |
|  |  |  |  | 14686490 | 13796913 | 1.75% |
| **Washington** | **Washington** |  |  |  |  |  |
| 185000 | KING CNTY WA HSG AUTH | 5/1/2028 | 5.20 | 185000 | 187642 |  |
| 1000000 | PIKE PLACE MARKET WA <br> PRESERVATION & DEV AUTH <br> SPL OBLG<br>| 12/1/2040 | 5.00 | 1003939 | 1002963 |  |
| 500000 | SEATTLE WA HSG AUTH | 6/1/2054 | 2.50 | 486884 | 294808 |  |
| 500000 | SKAGIT CNTY WA PUBLIC HOSP DIST #1 | 12/1/2039 | 5.50 | 529298 | 526964 |  |
| 1500000 | VANCOUVER WA HSG AUTH | 6/1/2038 | 3.00 | 1496798 | 1190149 |  |
| 515000 | WALLA WALLA CNTY WA SCH DIST #300 <br> TOUCHET<br>| 12/1/2029 | 4.00 | 515000 | 515016 |  |
| 1000000 | WASHINGTON ST HLTH CARE <br> FACS AUTH<br>| 10/1/2025 | 5.00 | 1000000 | 1001186 |  |
| 130000 | WASHINGTON ST HSG FIN <br> COMMISSION NONPROFIT <br> HSG REVENUE(b)<br>| 7/1/2025 | 6.00 | 130000 | 130000 |  |
| 1000000 | WASHINGTON ST HSG FIN <br> COMMISSION NONPROFIT <br> HSG REVENUE(b)<br>| 1/1/2044 | 5.50 | 982836 | 943743 |  |
| 1500000 | WASHINGTON ST HSG FIN <br> COMMISSION NONPROFIT REVENUE<br>| 7/1/2055 | 4.50 | 1417362 | 1314588 |  |
|  |  |  |  | 7747117 | 7107059 | 0.90% |
| **West Virginia** | **West Virginia** |  |  |  |  |  |
| 1000000 | WEST VIRGINIA ST ECON DEV AUTH <br> SOL WST DISP FACS(ab)<br>| 6/15/2028 | 3.38 | 1000000 | 997819 |  |
| 3000000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2049 | 4.85 | 3000000 | 2976560 |  |
| 1335000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2051 | 2.50 | 1335000 | 792379 |  |
| 1225000 | WEST VIRGINIA ST HSG DEV FUND | 11/1/2053 | 4.85 | 1225000 | 1203957 |  |
|  |  |  |  | 6560000 | 5970715 | 0.76% |
| **Wisconsin** | **Wisconsin** |  |  |  |  |  |
| 1000000 | PUB FIN AUTH WI TAX <br> INCREMENT REVNUE(b)<br>| 6/1/2041 | 5.00 | 973301 | 990843 |  |
| 16520 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2046 | 3.44(z)<br>| 2765 | 521 |  |
| 18299 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2047 | 3.32(z)<br>| 2935 | 531 |  |
| 17930 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2048 | 3.21(z)<br>| 2772 | 489 |  |
| 17786 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2049 | 3.11(z)<br>| 2652 | 454 |  |
| 17496 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2050 | 3.01(z)<br>| 2517 | 412 |  |
| 18980 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2051 | 2.92(z)<br>| 2638 | 420 |  |
| 438536 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & <br> HOTEL REVENUE(b)(g)(h)(n)(al)<br>| 7/1/2051 | 3.75 | 436247 | 293884 |  |
| 19357 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2052 | 2.83(z)<br>| 2595 | 397 |  |
| 19095 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2053 | 2.75(z)<br>| 2473 | 369 |  |
| 18909 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2054 | 2.67(z)<br>| 2370 | 342 |  |
| 18634 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2055 | 2.60(z)<br>| 2259 | 317 |  |
| 18360 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2056 | 2.53(z)<br>| 2155 | 295 |  |
| 106459 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(g)(h)<br>| 7/1/2056 | 5.50 | 104505 | 76475 |  |
| 2167 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2057 | 1.55(z)<br>| 1008 | 33 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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):** |  |  |  |  |  |
| 16287 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2057 | 2.47(z)<br>| $1876 | 246 |  |
| 18165 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2058 | 2.40(z)<br>| 1979 | 258 |  |
| 17992 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2059 | 2.35(z)<br>| 1901 | 242 |  |
| 17834 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2060 | 2.29(z)<br>| 1829 | 224 |  |
| 17573 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2061 | 2.24(z)<br>| 1749 | 207 |  |
| 17400 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2062 | 2.18(z)<br>| 1683 | 193 |  |
| 17125 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2063 | 2.14(z)<br>| 1609 | 180 |  |
| 16967 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2064 | 2.09(z)<br>| 1550 | 169 |  |
| 16823 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2065 | 2.04(z)<br>| 1494 | 157 |  |
| 16731 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2066 | 2.00(z)<br>| 1442 | 144 |  |
| 215987 | PUBLIC FIN AUTH WI CONFERENCE <br> CENTER & HOTEL REVENUE(b)(h)(z)<br>| 1/1/2067 | 1.96(z)<br>| 16622 | 1677 |  |
| 690000 | PUBLIC FIN AUTH WI EDU REVENUE(b) | 12/15/2044 | 5.00 | 702850 | 627837 |  |
| 520000 | PUBLIC FIN AUTH WI EDU REVENUE(b) | 6/15/2049 | 5.00 | 521197 | 466919 |  |
| 500000 | PUBLIC FIN AUTH WI EXEMPT <br> FACS REVENUE<br>| 8/1/2035 | 4.00 | 475993 | 474403 |  |
| 2000000 | PUBLIC FIN AUTH WI HOSP REVENUE | 10/1/2044 | 5.00 | 2045848 | 1974371 |  |
| 1000000 | PUBLIC FIN AUTH WI HOTEL REVENUE | 2/1/2052 | 5.00 | 1041462 | 950992 |  |
| 1000000 | PUBLIC FIN AUTH WI <br> HOTEL REVENUE(b)<br>| 2/1/2062 | 6.00 | 1000000 | 1019503 |  |
| 1000000 | PUBLIC FIN AUTH WI LIMITED <br> OBLIG REVENUE<br>| 8/1/2039 | 5.00 | 991938 | 970529 |  |
| 1250000 | PUBLIC FIN AUTH WI REVENUE(b)(g)(h) | 11/1/2028 | 6.25 | 1250000 | 687500 |  |
| 1000000 | PUBLIC FIN AUTH WI REVENUE(b)(g)(h) | 1/1/2033 | 6.13 | 992141 | 450000 |  |
| 250000 | PUBLIC FIN AUTH WI REVENUE(b) | 10/1/2034 | 5.00 | 246587 | 254703 |  |
| 1695000 | PUBLIC FIN AUTH WI REVENUE(b) | 11/15/2053 | 4.75 | 1707827 | 1162394 |  |
| 80000 | RACINE CNTY WI | 3/1/2026 | 4.00 | 80000 | 80060 |  |
| 500000 | WISCONSIN ST HLTH & EDUCTNL FACS <br> AUTH REVENUE<br>| 8/1/2032 | 5.00 | 510436 | 378357 |  |
| 300000 | WISCONSIN ST HLTH & EDUCTNL FACS <br> AUTH REVENUE<br>| 3/15/2033 | 4.50 | 303884 | 304255 |  |
| 1410000 | WISCONSIN ST HLTH & EDUCTNL FACS <br> AUTH REVENUE<br>| 6/1/2041 | 5.00 | 1413686 | 1295611 |  |
| 1000000 | WISCONSIN ST HLTH & EDUCTNL FACS <br> AUTH REVENUE<br>| 10/1/2049 | 6.00 | 992308 | 1003596 |  |
|  |  |  |  | 15853083 | 13470509 | 1.71% |
| **Wyoming** | **Wyoming** |  |  |  |  |  |
| 500000 | CAMPBELL CNTY WY SOL WST <br> FACS REVENUE<br>| 7/15/2039 | 3.63 | 442840 | 436311 |  |
| 500000 | WYOMING ST CMNTY DEV AUTH <br> HSG REVENUE<br>| 12/1/2040 | 4.30 | 500000 | 487254 |  |
|  |  |  |  | 942840 | 923565 | 0.12% |
|  | **Sub-total Municipal Bonds:** | **Sub-total Municipal Bonds:** |  | 814573721 | 750157445 | 95.30% |
| **Short-Term Investments:** | **Short-Term Investments:** |  |  |  |  |  |
| 14315320 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT <br> SELECT PORTFOLIO, INSTITUTIONAL SHARES, 4.23%(am) | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT <br> SELECT PORTFOLIO, INSTITUTIONAL SHARES, 4.23%(am) | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT <br> SELECT PORTFOLIO, INSTITUTIONAL SHARES, 4.23%(am) | 14315320 | 14315320 |  |
|  | **Sub-total Short-Term Investments:** |  |  | 14315320 | 14315320 | 1.82% |
|  | Grand total |  |  | $862660992 | 792446866 | 100.67% |

---

---

| | |
|:---|:---|
| **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 as of March 26, 2024, and will be going forward. |
| <sup>(d)</sup> | Security has converted to a fixed rate as of January 18, 2024, and will be going forward. |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

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

<sup>(e)</sup> Security has converted to a fixed rate as of January 15, 2025, and will be going forward.

<sup>(f)</sup> Security has converted to a fixed rate as of February 26, 2025, and will be going forward.

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

<sup>(h)</sup> Restricted security that has been deemed illiquid. At June 30, 2025, the value of these restricted illiquid securities amounted to $1,932,510 or 0.25% of net assets. Additional information on these restricted illiquid securities is as follows: 

---

| | | |
|:---|:---|:---|
| **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 | 1235125  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAPITAL TRUST AGY FL REVENUE, <br> 6.75%, 7/1/2037<br>| 6/28/17 | 750000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COLLIER CNTY FLA INDL DEV <br> AUTH CONTINUING CARE CMNTY <br> REV, 7.25%, 5/15/2026<br>| 12/16/13 | 559270  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COLLIER CNTY FLA INDL DEV <br> AUTH CONTINUING CARE CMNTY <br> REV, 8.13%, 5/15/2044<br>| 6/27/17-4/12/18 | 833812  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUBLIC FIN AUTH WI <br> CONFERENCE CENTER & HOTEL <br> REVENUE, 5.50%, 7/1/2056<br>| 3/26/18-3/8/22 | 92616  |
| &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 | 443916  |
| &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  |
| &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  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **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, 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  |
| &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>(i)</sup> Security has converted to a fixed rate as of December 14, 2023, and will be going forward.

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

<sup>(k)</sup> Security has converted to a fixed rate as of October 10, 2024, and will be going forward.

<sup>(l)</sup> Security has converted to a fixed rate as of May 30, 2025, and will be going forward.

<sup>(m)</sup> Security has converted to a fixed rate as of January 22, 2025, and will be going forward.

<sup>(n)</sup> Variable or floating rate security. Rate as of June 30, 2025 is disclosed.

<sup>(o)</sup> Security has converted to a fixed rate as of September 1, 2007, and will be going forward.

<sup>(p)</sup> Security has converted to a fixed rate as of December 16, 2022, and will be going forward.

<sup>(q)</sup> Security has converted to a fixed rate as of May 22, 2025, and will be going forward.

<sup>(r)</sup> Security has converted to a fixed rate as of April 24, 2023, and will be going forward.

<sup>(s)</sup> Security has converted to a fixed rate as of February 15, 2023, and will be going forward.

<sup>(t)</sup> Security has converted to a fixed rate as of June 15, 2023, and will be going forward.

<sup>(u)</sup> Security has converted to a fixed rate as of October 16, 2024, and will be going forward.

<sup>(v)</sup> Security has converted to a fixed rate as of December 18, 2024, and will be going forward.

<sup>(w)</sup> Security has converted to a fixed rate as of December 6, 2024, and will be going forward.

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

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

<sup>(x)</sup> Security has converted to a fixed rate as of July 1, 2025, and will be going forward.

<sup>(y)</sup> Security has converted to a fixed rate as of June 27, 2024, and will be going forward.

<sup>(z)</sup> Zero coupon bond. Yield disclosed as of June 30, 2025.

<sup>(aa)</sup> Security has converted to a fixed rate as of July 1, 2024, and will be going forward.

<sup>(ab)</sup> Security has converted to a fixed rate as of April 1, 2024, and will be going forward.

<sup>(ac)</sup> Security has converted to a fixed rate as of June 17, 2025, and will be going forward.

<sup>(ad)</sup> Security has converted to a fixed rate as of December 12, 2024, and will be going forward.

<sup>(ae)</sup> Security has converted to a fixed rate as of June 1, 2024, and will be going forward.

<sup>(af)</sup> Security has converted to a fixed rate as of December 19, 2024, and will be going forward.

<sup>(ag)</sup> Security has converted to a fixed rate as of August 3, 2023, and will be going forward.

<sup>(ah)</sup> Security has converted to a fixed rate as of November 28, 2023, and will be going forward.

<sup>(ai)</sup> Security has converted to a fixed rate as of July 21, 2023, and will be going forward.

<sup>(aj)</sup> Security has converted to a fixed rate as of November 21, 2024, and will be going forward.

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

<sup>(al)</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>(am)</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 purchases of $1,104,143 during the six months ended June 30, 2025. 

At June 30, 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; $(11427) | &nbsp;&nbsp; Short | &nbsp;&nbsp; 9/25 | &nbsp;&nbsp; $(222) |
|  |  |  |  |  | &nbsp;&nbsp; $(222) |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

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

**June 30, 2025 (unaudited)**

**Clearwater Tax-Exempt Bond Fund Portfolio Diversification**

**(as a percentage of net assets)**

![](imgf85afe1b1.jpg)

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Common Stocks:** | **Common Stocks:** |  |  |  |
| **Australia:** | **Australia:** |  |  |  |
| 10590 | ANZ GROUP HOLDINGS LTD. | $95677 | 203240 |  |
| 288 | ASX LTD. | 5293 | 13223 |  |
| 19958 | ATLASSIAN CORP., CLASS A(b) | 3209659 | 4053270 |  |
| 17400 | BRAMBLES LTD. | 64294 | 268201 |  |
| 971 | COCHLEAR LTD. | 35893 | 191988 |  |
| 11330 | COMMONWEALTH BANK OF AUSTRALIA | 245530 | 1377651 |  |
| 9576 | CSL LTD. | 226091 | 1509309 |  |
| 97180 | FORTESCUE LTD. | 212026 | 977294 |  |
| 19923 | GOODMAN GROUP | 57689 | 448966 |  |
| 45008 | HUB24 LTD. | 622835 | 2641395 |  |
| 7819 | MACQUARIE GROUP LTD. | 175414 | 1177062 |  |
| 44772 | NATIONAL AUSTRALIA BANK LTD. | 551214 | 1159809 |  |
| 26749 | NORTHERN STAR RESOURCES LTD. | 133395 | 326570 |  |
| 16999 | RIO TINTO LTD. | 533452 | 1198559 |  |
| 20500 | SANTOS LTD. | 45732 | 103349 |  |
| 5884 | SEEK LTD. | 49598 | 93135 |  |
| 14904 | SONIC HEALTHCARE LTD. | 146085 | 262785 |  |
| 57859 | SOUTH32 LTD. | 37235 | 110813 |  |
| 1322005 | STEADFAST GROUP LTD. | 4919981 | 5229167 |  |
| 82719 | STOCKLAND | 180620 | 291806 |  |
| 13099 | TRANSURBAN GROUP | 36728 | 120523 |  |
| 12261 | TREASURY WINE ESTATES LTD. | 49081 | 63023 |  |
| 8635 | WESFARMERS LTD. | 249487 | 481645 |  |
|  |  | 11883009 | 22302783 | 1.87% |
| **Austria:** | **Austria:** |  |  |  |
| 21175 | BAWAG GROUP A.G.(b)(c) | 2113210 | 2703831 |  |
| 1727 | ERSTE GROUP BANK A.G. | 28884 | 147081 |  |
| 391 | STRABAG S.E. (BEARER) | 8563 | 37169 |  |
|  |  | 2150657 | 2888081 | 0.24% |
| **Belgium:** | **Belgium:** |  |  |  |
| 7120 | AGEAS S.A./N.V. | 106907 | 480995 |  |
| 49440 | GROUPE BRUXELLES LAMBERT N.V. | 4092116 | 4210597 |  |
| 3413 | KBC GROUP N.V. | 77680 | 352423 |  |
| 2245 | UCB S.A. | 107034 | 441499 |  |
|  |  | 4383737 | 5485514 | 0.46% |
| **Brazil:** | **Brazil:** |  |  |  |
| 160193 | CI&T, INC., CLASS A(b) | 2077078 | 956352 |  |
| 210400 | EMBRAER S.A. | 1562925 | 2982258 |  |
| 281550 | INTER & CO., INC. | 1616640 | 2091916 |  |
| 407047 | NU HOLDINGS LTD., CLASS A(b) | 4149517 | 5584685 |  |
|  |  | 9406160 | 11615211 | 0.98% |
| **Canada:** | **Canada:** |  |  |  |
| 9900 | AGNICO EAGLE MINES LTD. | 952009 | 1177407 |  |
| 111191 | ALIMENTATION COUCHE-TARD, INC. | 3499956 | 5527093 |  |
| 11882 | ALTAGAS LTD. | 233265 | 344920 |  |
| 31627 | ATKINSREALIS GROUP, INC. | 1532947 | 2218245 |  |
| 133230 | CANADIAN NATURAL RESOURCES LTD. | 4432172 | 4187438 |  |
| 96325 | CANADIAN PACIFIC KANSAS CITY LTD. | 2504995 | 7635683 |  |
| 13725 | CCL INDUSTRIES, INC., CLASS B | 551253 | 800369 |  |
| 16224 | CENOVUS ENERGY, INC. | 218110 | 220768 |  |
| 307 | CONSTELLATION SOFTWARE, INC. | 271176 | 1125693 |  |
| 59225 | DEFINITY FINANCIAL CORP. | 2361747 | 3451947 |  |
| 7013 | DOLLARAMA, INC. | 130283 | 988129 |  |
| 10842 | EMERA, INC. | 434124 | 496658 |  |
| 31464 | ENBRIDGE, INC. | 1268219 | 1425948 |  |
| 332 | FAIRFAX FINANCIAL HOLDINGS LTD. | 109228 | 599270 |  |
| 3196 | IMPERIAL OIL LTD. | 141353 | 254018 |  |
| 415 | INTACT FINANCIAL CORP. | 33776 | 96501 |  |
| 1100 | INTERNATIONAL PETROLEUM CORP.(b) | 2833 | 17882 |  |
| 34300 | KINROSS GOLD CORP. | 370611 | 536109 |  |
| 534840 | KNIGHT THERAPEUTICS, INC.(b) | 2089400 | 2289787 |  |
| 2635 | LOBLAW COS. LTD. | 101823 | 435861 |  |
| 921 | LUMINE GROUP, INC.(b) | 9604 | 32349 |  |
| 6840 | MAGNA INTERNATIONAL, INC. | 246877 | 264408 |  |
| 3000 | METRO, INC. | 54328 | 235660 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Canada (Cont'd):** | **Canada (Cont'd):** |  |  |  |
| 19328 | NATIONAL BANK OF CANADA | $618005 | 1994471 |  |
| 3028 | ONEX CORP. | 138833 | 249267 |  |
| 7809 | PARKLAND CORP. | 166853 | 220894 |  |
| 23037 | PEMBINA PIPELINE CORP. | 732001 | 864118 |  |
| 2253 | POWER CORP. OF CANADA | 51403 | 88002 |  |
| 133902 | PRAIRIESKY ROYALTY LTD. | 2200187 | 2322574 |  |
| 368823 | REAL MATTERS, INC.(b) | 1783973 | 1505897 |  |
| 1306 | RESTAURANT BRANDS INTERNATIONAL, INC. | 72310 | 86575 |  |
| 4906 | ROYAL BANK OF CANADA | 564727 | 645384 |  |
| 795 | SHOPIFY, INC., CLASS A(b) | 80882 | 91703 |  |
| 4544 | SHOPIFY, INC., CLASS A (TORONTO EXCHANGE)(b) | 487258 | 524091 |  |
| 1080 | SOUTH BOW CORP. | 22447 | 27983 |  |
| 227563 | SUNCOR ENERGY, INC. | 6155098 | 8524317 |  |
| 20043 | TC ENERGY CORP. | 836876 | 977898 |  |
| 1400 | TORONTO-DOMINION BANK (THE) | 83447 | 102830 |  |
| 416 | TRISURA GROUP LTD.(b) | 490 | 13527 |  |
| 23677 | WASTE CONNECTIONS, INC. | 3340460 | 4420970 |  |
| 39808 | WHITECAP RESOURCES, INC. | 251893 | 267482 |  |
|  |  | 39137232 | 57290126 | 4.81% |
| **China:** | **China:** |  |  |  |
| 422076 | ALIBABA GROUP HOLDING LTD. | 4401155 | 5903725 |  |
| 426262 | ANHUI CONCH CEMENT CO. LTD., CLASS H | 2038672 | 1083853 |  |
| 2369500 | MEITU, INC.(b)(c) | 1741560 | 2725697 |  |
| 380800 | MEITUAN, CLASS B(b)(c) | 9366858 | 6078286 |  |
| 88900 | TENCENT HOLDINGS LTD. | 5974332 | 5696431 |  |
|  |  | 23522577 | 21487992 | 1.80% |
| **Denmark:** | **Denmark:** |  |  |  |
| 72672 | ALK-ABELLO A/S(b) | 969194 | 2144448 |  |
| 54 | AP MOLLER - MAERSK A/S, CLASS A | 48600 | 99751 |  |
| 65 | AP MOLLER - MAERSK A/S, CLASS B | 50354 | 120841 |  |
| 1300 | CARLSBERG A/S, CLASS B | 50752 | 184191 |  |
| 1500 | COLOPLAST A/S, CLASS B | 27666 | 142475 |  |
| 12005 | DANSKE BANK A/S | 141793 | 489582 |  |
| 3896 | DEMANT A/S(b) | 70444 | 162514 |  |
| 2447 | DSV A/S | 121246 | 588014 |  |
| 1214 | NOVO NORDISK A/S ADR(d) | 109250 | 83790 |  |
| 90588 | NOVO NORDISK A/S, CLASS B | 5658073 | 6287347 |  |
| 2460 | NOVONESIS NOVOZYMES B | 38505 | 176370 |  |
| 2802 | PANDORA A/S | 27668 | 491940 |  |
| 2450 | ROCKWOOL A/S, CLASS B | 37155 | 114653 |  |
|  |  | 7350700 | 11085916 | 0.93% |
| **Finland:** | **Finland:** |  |  |  |
| 5584 | KESKO OYJ, CLASS B | 30705 | 137736 |  |
| 3256 | KONE OYJ, CLASS B | 35674 | 214322 |  |
| 21225 | NESTE OYJ | 67704 | 288023 |  |
| 431362 | NOKIA OYJ | 1689124 | 2238790 |  |
| 728842 | NOKIA OYJ ADR(d) | 3169124 | 3775402 |  |
| 46541 | NORDEA BANK ABP | 419121 | 692637 |  |
| 20310 | SAMPO OYJ, CLASS A | 33358 | 216255 |  |
| 15829 | STORA ENSO OYJ (REGISTERED) | 75698 | 171989 |  |
| 11934 | UPM-KYMMENE OYJ | 99929 | 325575 |  |
| 1849 | VALMET OYJ | 14443 | 57217 |  |
|  |  | 5634880 | 8117946 | 0.68% |
| **France:** | **France:** |  |  |  |
| 194 | AIR LIQUIDE S.A. | 31267 | 40023 |  |
| 6167 | AIRBUS S.E. | 78207 | 1287691 |  |
| 34240 | ALSTOM S.A.(b) | 737314 | 798594 |  |
| 96293 | ALTEN S.A. | 8515670 | 8444741 |  |
| 19636 | AXA S.A. | 234788 | 963837 |  |
| 13889 | BNP PARIBAS S.A. | 652763 | 1248637 |  |
| 26699 | CAPGEMINI S.E. | 4136131 | 4561836 |  |
| 10899 | CIE DE SAINT-GOBAIN | 236481 | 1279226 |  |
| 8124 | CIE GENERALE DES ETABLISSEMENTS MICHELIN S.C.A. | 78557 | 301827 |  |
| 43315 | CREDIT AGRICOLE S.A. | 349095 | 819683 |  |
| 187455 | DANONE S.A. | 11700666 | 15315564 |  |
| 1697 | EDENRED | 24660 | 52553 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **France (Cont'd):** | **France (Cont'd):** |  |  |  |
| 591 | ESSILORLUXOTTICA S.A. | $53785 | 162347 |  |
| 2068 | ESSILORLUXOTTICA S.A. (EURONEXT PARIS EXCHANGE) | 286293 | 567345 |  |
| 2901 | EURAZEO S.E. | 76265 | 206913 |  |
| 30068 | EXAIL TECHNOLOGIES S.A.(b) | 2306804 | 3506442 |  |
| 55071 | EXOSENS SAS | 1189644 | 2617540 |  |
| 6524 | GETLINK S.E. | 50218 | 125956 |  |
| 376 | HERMES INTERNATIONAL S.C.A. | 464612 | 1018248 |  |
| 671 | KLEPIERRE S.A. | 8398 | 26431 |  |
| 4175 | L'OREAL S.A. | 331309 | 1785705 |  |
| 3788 | LVMH MOET HENNESSY LOUIS VUITTON S.E. | 267174 | 1983839 |  |
| 2260 | PERNOD RICARD S.A. | 123838 | 225219 |  |
| 63780 | PLANISWARE S.A. | 1871234 | 1780573 |  |
| 204362 | PLUXEE N.V. | 4975538 | 4451065 |  |
| 1591 | PUBLICIS GROUPE S.A. | 77950 | 179316 |  |
| 2858 | RENAULT S.A. | 56206 | 131734 |  |
| 64095 | SAFRAN S.A. | 8619645 | 20830646 |  |
| 278 | SCHNEIDER ELECTRIC S.E. | 8838 | 73918 |  |
| 6658 | SCHNEIDER ELECTRIC S.E. (EURONEXT <br> PARIS EXCHANGE)<br>| 242283 | 1770902 |  |
| 14443 | SOCIETE GENERALE S.A. | 201715 | 825988 |  |
| 4719 | SODEXO S.A.(b) | 304678 | 290167 |  |
| 7150 | SODEXO S.A.(b) | 475096 | 439646 |  |
| 53210 | SODEXO S.A. (EURONEXT PARIS EXCHANGE) | 3399606 | 3271829 |  |
| 1413 | THALES S.A. | 81763 | 415445 |  |
| 3356 | TOTALENERGIES S.E. ADR(d) | 162089 | 206025 |  |
| 13514 | VEOLIA ENVIRONNEMENT S.A. | 143775 | 481544 |  |
| 6739 | VINCI S.A. | 270019 | 993070 |  |
|  |  | 52824374 | 83482065 | 7.00% |
| **Germany:** | **Germany:** |  |  |  |
| 1793 | ADIDAS A.G. | 58332 | 418083 |  |
| 6258 | ALLIANZ S.E. (REGISTERED) | 530060 | 2536572 |  |
| 89601 | AUTO1 GROUP S.E.(b)(c) | 2247232 | 2887725 |  |
| 828 | BEIERSDORF A.G. | 35556 | 103972 |  |
| 124681 | BRENNTAG S.E. | 8358189 | 8253981 |  |
| 21965 | CTS EVENTIM A.G. & CO. KGAA | 2066552 | 2727085 |  |
| 5205 | DAIMLER TRUCK HOLDING A.G. | 126102 | 246292 |  |
| 18200 | DEUTSCHE BOERSE A.G. | 5640033 | 5936374 |  |
| 17828 | DEUTSCHE POST A.G. | 210542 | 823429 |  |
| 17468 | DEUTSCHE TELEKOM A.G. (REGISTERED) | 246334 | 637252 |  |
| 55214 | FRESENIUS MEDICAL CARE A.G. | 3541687 | 3164164 |  |
| 6137 | FRESENIUS S.E. & CO. KGAA | 142558 | 308537 |  |
| 2246 | HANNOVER RUECK S.E. | 94321 | 706925 |  |
| 4440 | HEIDELBERG MATERIALS A.G. | 183098 | 1043143 |  |
| 20563 | INFINEON TECHNOLOGIES A.G. | 112405 | 874784 |  |
| 1916 | KION GROUP A.G. | 36282 | 106618 |  |
| 2159 | MERCK KGAA | 96589 | 279751 |  |
| 2674 | MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT <br> A.G. IN MUENCHEN (REGISTERED)<br>| 327080 | 1734301 |  |
| 30121 | RENK GROUP A.G. | 1524561 | 2407743 |  |
| 3130 | RHEINMETALL A.G. | 4201985 | 6625510 |  |
| 3230 | RWE A.G. | 68611 | 134803 |  |
| 44852 | SAP S.E. | 11232802 | 13638947 |  |
| 45774 | SCOUT24 S.E.(c) | 2886123 | 6313972 |  |
| 12193 | SIEMENS A.G. (REGISTERED) | 724684 | 3126052 |  |
| 159601 | SIEMENS ENERGY A.G.(b) | 7382733 | 18435477 |  |
|  |  | 52074451 | 83471492 | 7.00% |
| **Greece:** | **Greece:** |  |  |  |
| 539280 | PIRAEUS FINANCIAL HOLDINGS S.A. | 3168209 | 3736511 |  |
|  |  | 3168209 | 3736511 | 0.31% |
| **Hong Kong:** | **Hong Kong:** |  |  |  |
| 176800 | AIA GROUP LTD. | 567870 | 1585580 |  |
| 46000 | BOC HONG KONG HOLDINGS LTD. | 63016 | 199823 |  |
| 44544 | CK ASSET HOLDINGS LTD. | 117686 | 196335 |  |
| 18000 | GALAXY ENTERTAINMENT GROUP LTD. | 39054 | 79911 |  |
| 25331 | HENDERSON LAND DEVELOPMENT CO. LTD. | 45544 | 88579 |  |
| 15246670 | IMPRO PRECISION INDUSTRIES LTD.(c) | 4081727 | 5729677 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Hong Kong (Cont'd):** | **Hong Kong (Cont'd):** |  |  |  |
| 40500 | LINK REIT | $84196 | 216173 |  |
| 16500 | MTR CORP. LTD. | 38268 | 59274 |  |
| 58850 | NETEASE CLOUD MUSIC, INC.(b)(c) | 1014502 | 1806744 |  |
| 49500 | SWIRE PACIFIC LTD., CLASS A | 316208 | 424063 |  |
| 7000 | TECHTRONIC INDUSTRIES CO. LTD. | 44938 | 76956 |  |
|  |  | 6413009 | 10463115 | 0.88% |
| **India:** | **India:** |  |  |  |
| 103469 | CARE RATINGS LTD. | 1483957 | 2157454 |  |
| 59939 | CARTRADE TECH LTD.(b) | 1208424 | 1188646 |  |
| 553539 | FEDERAL BANK LTD. | 1311701 | 1375586 |  |
| 471620 | HCL TECHNOLOGIES LTD. | 3952569 | 9506091 |  |
| 196801 | ICICI BANK LTD. ADR(d) | 4423774 | 6620386 |  |
| 701195 | INDIAN ENERGY EXCHANGE LTD.(c) | 1622429 | 1578915 |  |
| 64553 | MUTHOOT MICROFIN LTD.(b) | 199196 | 108007 |  |
| 53940 | POLY MEDICURE LTD. | 1588971 | 1398565 |  |
| 205990 | TRIVENI TURBINE LTD. | 1356304 | 1471065 |  |
|  |  | 17147325 | 25404715 | 2.13% |
| **Indonesia:** | **Indonesia:** |  |  |  |
| 12041900 | BANK SYARIAH INDONESIA TBK PT | 1799040 | 1913650 |  |
| 35288900 | MITRA ADIPERKASA TBK PT | 2904860 | 2564884 |  |
|  |  | 4703900 | 4478534 | 0.38% |
| **Ireland:** | **Ireland:** |  |  |  |
| 3568 | DCC PLC | 188706 | 231559 |  |
| 96653 | EXPERIAN PLC | 1565094 | 4977806 |  |
| 9285265 | GLENVEAGH PROPERTIES PLC(b)(c) | 16292269 | 18768885 |  |
| 68459 | ICON PLC(b) | 10778900 | 9957362 |  |
| 920 | KERRY GROUP PLC, CLASS A | 50283 | 101598 |  |
| 6141 | PERMANENT TSB GROUP HOLDINGS PLC(b) | 11769 | 14323 |  |
| 205032 | RYANAIR HOLDINGS PLC | 4980913 | 5801250 |  |
|  |  | 33867934 | 39852783 | 3.34% |
| **Israel:** | **Israel:** |  |  |  |
| 48641 | BANK HAPOALIM B.M. | 229967 | 933166 |  |
| 29044 | MIZRAHI TEFAHOT BANK LTD. | 475042 | 1892693 |  |
| 21777 | MONDAY.COM LTD.(b) | 4873101 | 6848431 |  |
| 14242 | WIX.COM LTD.(b) | 2305604 | 2256787 |  |
|  |  | 7883714 | 11931077 | 1.00% |
| **Italy:** | **Italy:** |  |  |  |
| 25272 | BANCA MEDIOLANUM S.P.A. | 87322 | 435225 |  |
| 52790 | BUZZI S.P.A. | 2302688 | 2926378 |  |
| 37920 | ENEL S.P.A. | 178324 | 359844 |  |
| 11880 | FERRARI N.V. | 1597588 | 5822923 |  |
| 2133 | IVECO GROUP N.V. | 4835 | 41960 |  |
| 10070 | LEONARDO S.P.A. | 50331 | 566764 |  |
| 160990 | LOTTOMATICA GROUP S.P.A. | 2082716 | 4467876 |  |
| 26034 | MEDIOBANCA BANCA DI CREDITO FINANZIARIO S.P.A. | 197490 | 605209 |  |
| 22228 | SESA S.P.A. | 1509512 | 2255706 |  |
| 34652 | TERNA - RETE ELETTRICA NAZIONALE | 130368 | 356181 |  |
| 61398 | UNICREDIT S.P.A. | 646692 | 4115946 |  |
|  |  | 8787866 | 21954012 | 1.84% |
| **Japan:** | **Japan:** |  |  |  |
| 6900 | AISIN CORP. | 37584 | 88499 |  |
| 30000 | AJINOMOTO CO., INC. | 116767 | 814347 |  |
| 16500 | ASAHI GROUP HOLDINGS LTD. | 83346 | 220852 |  |
| 13000 | ASAHI KASEI CORP. | 46220 | 92712 |  |
| 29000 | ASTELLAS PHARMA, INC. | 179918 | 285257 |  |
| 4500 | BANDAI NAMCO HOLDINGS, INC. | 14652 | 161588 |  |
| 13800 | BRIDGESTONE CORP. | 205726 | 565397 |  |
| 5100 | BROTHER INDUSTRIES LTD. | 37706 | 88220 |  |
| 32500 | CHIBA BANK (THE) LTD. | 178628 | 301179 |  |
| 13500 | CHUGAI PHARMACEUTICAL CO. LTD. | 82278 | 705444 |  |
| 55900 | CONCORDIA FINANCIAL GROUP LTD. | 180730 | 363803 |  |
| 29100 | DAIICHI SANKYO CO. LTD. | 150922 | 679987 |  |
| 19700 | DAIKIN INDUSTRIES LTD. | 2138045 | 2329034 |  |
| 7400 | DAIWA HOUSE INDUSTRY CO. LTD. | 74451 | 254572 |  |
| 32800 | DENSO CORP. | 185234 | 444265 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Japan (Cont'd):** | **Japan (Cont'd):** |  |  |  |
| 3300 | FAST RETAILING CO. LTD. | $136395 | 1134794 |  |
| 26100 | FUJIFILM HOLDINGS CORP. | 163215 | 569468 |  |
| 66800 | FUJIKURA LTD. | 2386903 | 3511981 |  |
| 18500 | FUJITSU LTD. | 70423 | 451564 |  |
| 68100 | HITACHI LTD. | 207228 | 1988546 |  |
| 5300 | HOYA CORP. | 112594 | 631377 |  |
| 29700 | IHI CORP. | 2003313 | 3225638 |  |
| 119800 | INTEGRAL CORP.(e) | 1855448 | 2657970 |  |
| 18200 | ITOCHU CORP. | 192005 | 954961 |  |
| 3500 | KAJIMA CORP. | 15004 | 91459 |  |
| 421311 | KANSAI PAINT CO. LTD. | 5719867 | 5785511 |  |
| 59524 | KDDI CORP. | 238488 | 1025100 |  |
| 7200 | KEISEI ELECTRIC RAILWAY CO. LTD. | 22185 | 67573 |  |
| 3924 | KEYENCE CORP. | 180512 | 1576085 |  |
| 30000 | KIKKOMAN CORP. | 52867 | 278740 |  |
| 2300 | KONAMI GROUP CORP. | 50313 | 364394 |  |
| 13000 | KUBOTA CORP. | 71606 | 146425 |  |
| 117800 | LIFEDRINK CO., INC. | 1591531 | 1732581 |  |
| 279800 | LION CORP. | 3093313 | 2895052 |  |
| 6600 | MARUBENI CORP. | 63546 | 133508 |  |
| 8800 | MARUWA CO. LTD. | 2332896 | 2526246 |  |
| 52500 | MITSUBISHI CORP. | 230376 | 1052880 |  |
| 12900 | MITSUBISHI HC CAPITAL, INC. | 33945 | 95000 |  |
| 525800 | MITSUBISHI HEAVY INDUSTRIES LTD. | 6170349 | 13181056 |  |
| 16900 | MITSUBISHI UFJ FINANCIAL GROUP, INC. | 198148 | 232719 |  |
| 28000 | MITSUI & CO. LTD. | 128045 | 573008 |  |
| 69800 | MONEY FORWARD, INC.(b) | 2434932 | 2377480 |  |
| 22500 | MURATA MANUFACTURING CO. LTD. | 101583 | 336551 |  |
| 22500 | NEC CORP. | 151340 | 659196 |  |
| 12000 | NIDEC CORP. | 70097 | 233742 |  |
| 105500 | NINTENDO CO. LTD. | 5988016 | 10168675 |  |
| 9300 | NIPPON YUSEN K.K. | 39009 | 335047 |  |
| 3000 | NITERRA CO. LTD. | 28359 | 99997 |  |
| 2100 | NITORI HOLDINGS CO. LTD. | 65914 | 202993 |  |
| 16000 | NITTO DENKO CORP. | 77639 | 310156 |  |
| 9801 | NOMURA RESEARCH INSTITUTE LTD. | 43930 | 393592 |  |
| 760000 | NTT, INC. | 342697 | 812750 |  |
| 207100 | OLYMPUS CORP. | 2495914 | 2466418 |  |
| 24000 | ORIENTAL LAND CO. LTD. | 113097 | 553981 |  |
| 148900 | RAKUS CO. LTD. | 1822352 | 2395242 |  |
| 30000 | RAKUTEN BANK LTD.(b) | 1529703 | 1378077 |  |
| 2400 | RECRUIT HOLDINGS CO. LTD. | 31274 | 142245 |  |
| 45300 | RESONA HOLDINGS, INC. | 172185 | 419010 |  |
| 315700 | SATO CORP. | 4449139 | 4525160 |  |
| 13620 | SBI HOLDINGS, INC. | 110355 | 475738 |  |
| 2400 | SECOM CO. LTD. | 44072 | 86380 |  |
| 12700 | SEKISUI CHEMICAL CO. LTD. | 64585 | 230356 |  |
| 6000 | SEKISUI HOUSE LTD. | 44394 | 132620 |  |
| 171792 | SEVEN & I HOLDINGS CO. LTD. | 2013360 | 2771243 |  |
| 185300 | SHIFT, INC.(b) | 2286521 | 2249258 |  |
| 4000 | SHIMADZU CORP. | 25419 | 99219 |  |
| 1500 | SHIMANO, INC. | 58204 | 217753 |  |
| 30400 | SHIN-ETSU CHEMICAL CO. LTD. | 294047 | 1007387 |  |
| 12000 | SHIONOGI & CO. LTD. | 67679 | 216159 |  |
| 600 | SMC CORP. | 57789 | 216826 |  |
| 33400 | SOFTBANK GROUP CORP. | 327708 | 2438811 |  |
| 800 | SOMPO HOLDINGS, INC. | 5392 | 24138 |  |
| 5700 | SUBARU CORP. | 26572 | 99568 |  |
| 13500 | SUMITOMO CORP. | 177033 | 349582 |  |
| 1600 | SUMITOMO REALTY & DEVELOPMENT CO. LTD. | 36088 | 61853 |  |
| 23200 | SUZUKI MOTOR CORP. | 104611 | 280807 |  |
| 7800 | SYSMEX CORP. | 51707 | 136170 |  |
| 2200 | TAISEI CORP. | 19821 | 128329 |  |
| 18000 | TDK CORP. | 62321 | 211930 |  |
| 23200 | TERUMO CORP. | 117165 | 426930 |  |
| 329945 | TIMEE, INC.(b) | 3125224 | 4719883 |  |
| 18400 | TOKIO MARINE HOLDINGS, INC. | 144365 | 780823 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Japan (Cont'd):** | **Japan (Cont'd):** |  |  |  |
| 8600 | TOKYO ELECTRON LTD. | $114327 | 1653054 |  |
| 8200 | TOKYO GAS CO. LTD. | 148002 | 272868 |  |
| 1000 | TOYO SUISAN KAISHA LTD. | 25714 | 66560 |  |
| 4000 | TOYOTA INDUSTRIES CORP. | 101266 | 452762 |  |
| 26600 | TOYOTA MOTOR CORP. | 467809 | 460496 |  |
| 5100 | TOYOTA TSUSHO CORP. | 14142 | 115773 |  |
| 13500 | UNICHARM CORP. | 30008 | 97543 |  |
| 1600 | USS CO. LTD. | 3505 | 17649 |  |
| 2600 | YAKULT HONSHA CO. LTD. | 22252 | 48974 |  |
| 13800 | YAMAHA MOTOR CO. LTD. | 46377 | 103448 |  |
| 348531 | ZUKEN, INC. | 10890399 | 12972648 |  |
|  |  | 72118135 | 115712642 | 9.71% |
| **Lithuania:** | **Lithuania:** |  |  |  |
| 1001752 | BALTIC CLASSIFIEDS GROUP PLC | 2366905 | 5128955 |  |
|  |  | 2366905 | 5128955 | 0.43% |
| **Mexico:** | **Mexico:** |  |  |  |
| 80829 | GRUMA S.A.B. DE C.V., CLASS B | 908404 | 1394655 |  |
| 137062 | GRUPO AEROPORTUARIO DEL CENTRO NORTE S.A.B. <br> DE C.V.<br>| 1247582 | 1800516 |  |
| 42286 | VISTA ENERGY S.A.B. DE C.V. ADR(b)(d) | 2155821 | 2021694 |  |
|  |  | 4311807 | 5216865 | 0.44% |
| **Netherlands:** | **Netherlands:** |  |  |  |
| 4308 | ADYEN N.V.(b)(c) | 4926419 | 7908271 |  |
| 459 | AKZO NOBEL N.V. | 18664 | 32116 |  |
| 9103 | ASM INTERNATIONAL N.V. | 2640532 | 5826813 |  |
| 1853 | ASML HOLDING N.V. | 1322475 | 1479026 |  |
| 8857 | ASML HOLDING N.V. (REGISTERED) | 1699472 | 7097911 |  |
| 19986 | BE SEMICONDUCTOR INDUSTRIES N.V. | 2226469 | 2991076 |  |
| 3610 | EXOR N.V. | 90616 | 364005 |  |
| 39 | FERROVIAL S.E. | 588 | 2079 |  |
| 980 | HEINEKEN HOLDING N.V. | 24979 | 73015 |  |
| 2822 | HEINEKEN N.V. | 79167 | 246055 |  |
| 17656 | KONINKLIJKE AHOLD DELHAIZE N.V. | 203381 | 738325 |  |
| 65970 | KONINKLIJKE KPN N.V. | 190999 | 321406 |  |
| 483274 | KONINKLIJKE PHILIPS N.V. | 10650583 | 11618855 |  |
| 54703 | NEBIUS GROUP N.V.(b) | 2008791 | 3026717 |  |
| 2587 | PROSUS N.V.(b) | 61381 | 144658 |  |
| 209 | RANDSTAD N.V. | 4033 | 9651 |  |
| 17239 | REDCARE PHARMACY N.V.(b)(c) | 2595849 | 1901721 |  |
| 293284 | SIGNIFY N.V.(c) | 6688828 | 7938991 |  |
| 145630 | UNIVERSAL MUSIC GROUP N.V. | 3472177 | 4714053 |  |
| 6193 | WOLTERS KLUWER N.V. | 101075 | 1035532 |  |
|  |  | 39006478 | 57470276 | 4.82% |
| **Norway:** | **Norway:** |  |  |  |
| 30933 | AKER BP ASA | 1041758 | 791171 |  |
| 12068 | DNB BANK ASA | 82736 | 333566 |  |
| 23955 | NORSK HYDRO ASA | 48328 | 136751 |  |
| 43857 | PROTECTOR FORSIKRING ASA | 1701187 | 1866644 |  |
| 1456173 | SPIR GROUP ASA(b) | 1134596 | 1349352 |  |
| 66788 | VEND MARKETPLACES ASA | 2009102 | 2352297 |  |
| 2400 | YARA INTERNATIONAL ASA | 55523 | 88576 |  |
|  |  | 6073230 | 6918357 | 0.58% |
| **Poland:** | **Poland:** |  |  |  |
| 167670 | INPOST S.A.(b) | 2423831 | 2784847 |  |
|  |  | 2423831 | 2784847 | 0.24% |
| **Portugal:** | **Portugal:** |  |  |  |
| 20567 | EDP S.A. | 48529 | 89203 |  |
| 14452 | GALP ENERGIA SGPS S.A. | 143129 | 265060 |  |
|  |  | 191658 | 354263 | 0.03% |
| **Russia:** | **Russia:** |  |  |  |
| 25740000 | RUSHYDRO PJSC(b)(e)(f) | 218665 | - |  |
|  |  | 218665 | - | 0.00% |
| **Singapore:** | **Singapore:** |  |  |  |
| 5000 | CITY DEVELOPMENTS LTD. | 23356 | 20409 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Singapore (Cont'd):** | **Singapore (Cont'd):** |  |  |  |
| 31020 | DBS GROUP HOLDINGS LTD. | $158529 | 1095641 |  |
| 39200 | KEPPEL LTD. | 150880 | 228757 |  |
| 13480 | KEPPEL REIT | 5756 | 9382 |  |
| 5200 | OVERSEA-CHINESE BANKING CORP. LTD. | 43484 | 66702 |  |
| 93603 | SEA LTD. ADR(b)(d) | 6954238 | 14970864 |  |
| 51700 | SINGAPORE AIRLINES LTD. | 194072 | 283405 |  |
| 4600 | UNITED OVERSEAS BANK LTD. | 26071 | 130240 |  |
|  |  | 7556386 | 16805400 | 1.41% |
| **South Africa:** | **South Africa:** |  |  |  |
| 581685 | FAMOUS BRANDS LTD. | 1996242 | 2060109 |  |
| 431010 | OUTSURANCE GROUP LTD. | 1489430 | 1906998 |  |
| 5284 | THUNGELA RESOURCES LTD. | 1910 | 25132 |  |
| 5407 | VALTERRA PLATINUM LTD. | 207271 | 237501 |  |
|  |  | 3694853 | 4229740 | 0.36% |
| **South Korea:** | **South Korea:** |  |  |  |
| 14133 | APR CORP.(b) | 1394932 | 1614781 |  |
| 11109 | HD HYUNDAI MARINE SOLUTION CO. LTD. | 1335976 | 1691538 |  |
| 16986 | HYUNDAI ROTEM CO. LTD. | 1710153 | 2473139 |  |
| 14975 | NAVER CORP. | 1774757 | 2912669 |  |
| 12327 | SAMSUNG C&T CORP. | 1343235 | 1474198 |  |
| 279056 | SAMSUNG ELECTRONICS CO. LTD. | 10855450 | 12364811 |  |
| 1465 | SAMYANG FOODS CO. LTD. | 1381070 | 1514282 |  |
| 202913 | VITZROCELL CO. LTD. | 3930487 | 4247401 |  |
|  |  | 23726060 | 28292819 | 2.37% |
| **Spain:** | **Spain:** |  |  |  |
| 1260 | ACCIONA S.A. | 78312 | 226788 |  |
| 5734 | ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS S.A. | 128832 | 398170 |  |
| 5299 | AMADEUS IT GROUP S.A. | 128321 | 446175 |  |
| 51052 | BANCO SANTANDER S.A. | 144309 | 422581 |  |
| 60498 | CAIXABANK S.A. | 164674 | 524073 |  |
| 71017 | IBERDROLA S.A. | 447037 | 1362731 |  |
| 12493 | INDUSTRIA DE DISENO TEXTIL S.A. | 239195 | 650159 |  |
| 10622 | NATURGY ENERGY GROUP S.A. | 164427 | 337829 |  |
| 119438 | PUIG BRANDS S.A., CLASS B | 2304416 | 2357998 |  |
| 3164 | REDEIA CORP. S.A. | 28806 | 67646 |  |
| 20840 | REPSOL S.A. | 149937 | 305260 |  |
|  |  | 3978266 | 7099410 | 0.60% |
| **Sweden:** | **Sweden:** |  |  |  |
| 2065 | ALLEIMA AB | 1539 | 16315 |  |
| 322307 | APOTEA SVERIGE AB(b) | 1709726 | 3004733 |  |
| 22200 | ASSA ABLOY AB, CLASS B | 89466 | 692687 |  |
| 38416 | ATLAS COPCO AB, CLASS A | 61494 | 620648 |  |
| 15920 | ATLAS COPCO AB, CLASS B | 22691 | 226241 |  |
| 61101 | BONESUPPORT HOLDING AB(b)(c) | 1651877 | 1808314 |  |
| 7501 | ELECTROLUX PROFESSIONAL AB, CLASS B | 16773 | 53120 |  |
| 9604 | EPIROC AB, CLASS A | 18146 | 208507 |  |
| 4000 | EPIROC AB, CLASS B | 7248 | 76525 |  |
| 8600 | ESSITY AB, CLASS B | 62137 | 238159 |  |
| 68701 | HEMNET GROUP AB | 2003734 | 2008551 |  |
| 25557 | HEXAGON AB, CLASS B | 56077 | 257058 |  |
| 8270 | INDUSTRIVARDEN AB, CLASS C | 85948 | 298688 |  |
| 43812 | INVESTOR AB, CLASS B | 150033 | 1295480 |  |
| 38413 | MIPS AB | 1717618 | 1799474 |  |
| 90915 | RAYSEARCH LABORATORIES AB | 2300434 | 3219200 |  |
| 1190 | SANDVIK AB | 6636 | 27282 |  |
| 35236 | SKANDINAVISKA ENSKILDA BANKEN AB, CLASS A | 139725 | 614895 |  |
| 2634 | SKANSKA AB, CLASS B | 22223 | 61306 |  |
| 18653 | SPOTIFY TECHNOLOGY S.A.(b) | 5758944 | 14313193 |  |
| 8600 | SVENSKA CELLULOSA AB S.C.A., CLASS B | 15915 | 111808 |  |
| 12497 | SVENSKA HANDELSBANKEN AB, CLASS A | 60798 | 167029 |  |
| 12741 | SWEDBANK AB, CLASS A | 176972 | 337348 |  |
| 322296 | TRUECALLER AB, CLASS B | 1946565 | 2285836 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Sweden (Cont'd):** | **Sweden (Cont'd):** |  |  |  |
| 15300 | VOLVO AB, CLASS B | $78992 | 429200 |  |
|  |  | 18161711 | 34171597 | 2.87% |
| **Switzerland:** | **Switzerland:** |  |  |  |
| 212943 | ABB LTD. (REGISTERED) | 4262629 | 12696872 |  |
| 384 | AVOLTA A.G.(b) | 8927 | 20820 |  |
| 458 | BALOISE HOLDING A.G. (REGISTERED) | 24668 | 108057 |  |
| 4564 | BARRY CALLEBAUT A.G. (REGISTERED)(e) | 6294767 | 4969810 |  |
| 34 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI A.G. <br> (PARTICIPATION CERTIFICATE)<br>| 48855 | 572059 |  |
| 3 | CHOCOLADEFABRIKEN LINDT & SPRUENGLI <br> A.G. (REGISTERED)<br>| 75352 | 499842 |  |
| 41298 | CIE FINANCIERE RICHEMONT S.A. (REGISTERED) | 2901214 | 7778671 |  |
| 23513 | DSM-FIRMENICH A.G. | 1985424 | 2499944 |  |
| 39581 | GARMIN LTD. | 4576530 | 8261346 |  |
| 140 | GIVAUDAN S.A. (REGISTERED) | 76496 | 677724 |  |
| 71632 | HOLCIM A.G.(b) | 1798039 | 5317443 |  |
| 3711 | JULIUS BAER GROUP LTD. | 74659 | 250877 |  |
| 57965 | KUROS BIOSCIENCES A.G. (REGISTERED)(b) | 1879358 | 1988540 |  |
| 897 | LONZA GROUP A.G. (REGISTERED) | 50452 | 638736 |  |
| 187268 | MEDMIX A.G.(c) | 2517746 | 2851090 |  |
| 37330 | NESTLE S.A. (REGISTERED) | 1197354 | 3708770 |  |
| 121626 | NOVARTIS A.G. (REGISTERED) | 9465899 | 14741663 |  |
| 11183 | ROCHE HOLDING A.G. | 1437730 | 3641927 |  |
| 773 | SANDOZ GROUP A.G. ADR(d) | 16416 | 42256 |  |
| 755 | SCHINDLER HOLDING A.G. (PARTICIPATION CERTIFICATE) | 34888 | 280705 |  |
| 367 | SGS S.A. (REGISTERED) | 14320 | 37234 |  |
| 3517 | SIKA A.G. (REGISTERED) | 117252 | 954769 |  |
| 1308 | SONOVA HOLDING A.G. (REGISTERED) | 84414 | 389705 |  |
| 635 | SULZER A.G. (REGISTERED) | 20376 | 114603 |  |
| 743 | SWISS LIFE HOLDING A.G. (REGISTERED) | 101194 | 751568 |  |
| 40576 | U-BLOX HOLDING A.G.(b) | 3002979 | 5088301 |  |
| 466064 | UBS GROUP A.G. (REGISTERED) | 9508290 | 15771401 |  |
| 2062 | ZURICH INSURANCE GROUP A.G. | 320760 | 1441282 |  |
|  |  | 51896988 | 96096015 | 8.06% |
| **Taiwan:** | **Taiwan:** |  |  |  |
| 262000 | E INK HOLDINGS, INC. | 1889027 | 1982131 |  |
| 40000 | JENTECH PRECISION INDUSTRIAL CO. LTD. | 1248385 | 2067643 |  |
| 390000 | TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD. | 10167833 | 14151719 |  |
|  |  | 13305245 | 18201493 | 1.53% |
| **United Arab Emirates:** | **United Arab Emirates:** |  |  |  |
| 3168 | GLOBALTRANS INVESTMENT PLC <br> GDR (REGISTERED)(b)(f)<br>| 21771 | - |  |
|  |  | 21771 | - | 0.00% |
| **United Kingdom:** | **United Kingdom:** |  |  |  |
| 198880 | 3I GROUP PLC | 6834801 | 11247297 |  |
| 2834 | ADMIRAL GROUP PLC | 35119 | 127206 |  |
| 1927022 | ADVANCEDADVT LTD.(b) | 3544862 | 4364459 |  |
| 382519 | ALLFUNDS GROUP PLC | 1977999 | 2928824 |  |
| 46545 | ANGLO AMERICAN PLC | 409091 | 1373635 |  |
| 11700 | AON PLC, CLASS A | 2287180 | 4174092 |  |
| 6043 | ASHTEAD GROUP PLC | 268033 | 387290 |  |
| 301833 | ASHTEAD TECHNOLOGY HOLDINGS PLC | 2947809 | 1833327 |  |
| 228649 | ASSOCIATED BRITISH FOODS PLC | 5778068 | 6459137 |  |
| 40726 | ASTRAZENECA PLC | 5187285 | 5657338 |  |
| 29537 | ASTRAZENECA PLC ADR(d) | 1660753 | 2064045 |  |
| 301527 | BABCOCK INTERNATIONAL GROUP PLC | 2233440 | 4751469 |  |
| 583279 | BAE SYSTEMS PLC | 8090516 | 15104035 |  |
| 15447 | BARRATT REDROW PLC | 84854 | 96666 |  |
| 68205 | BERKELEY GROUP HOLDINGS PLC | 3800310 | 3613794 |  |
| 5069 | BUNZL PLC | 39524 | 161425 |  |
| 8193 | BURBERRY GROUP PLC(b) | 40501 | 132929 |  |
| 10667 | CNH INDUSTRIAL N.V. | 32275 | 139222 |  |
| 222270 | CNH INDUSTRIAL N.V. (BORSA ITALIANA EXCHANGE) | 2210158 | 2880619 |  |
| 431397 | COMPASS GROUP PLC | 7215779 | 14608516 |  |
| 43225 | CRANSWICK PLC | 2612408 | 3174305 |  |
| 338074 | DIAGEO PLC | 9247274 | 8482967 |  |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **United Kingdom (Cont'd):** | **United Kingdom (Cont'd):** |  |  |  |
| 30752 | DIPLOMA PLC | $924604 | 2063310 |  |
| 2577005 | ELEMENTIS PLC | 5019076 | 5659722 |  |
| 2395924 | ESSENTRA PLC | 3417375 | 3518979 |  |
| 30000 | FD TECHNOLOGIES PLC(b) | 710216 | 1004780 |  |
| 1421945 | FDM GROUP HOLDINGS PLC | 4460404 | 4167163 |  |
| 5927 | GAMES WORKSHOP GROUP PLC | 457895 | 1319610 |  |
| 45889 | GENUS PLC | 1286120 | 1288136 |  |
| 76081 | HSBC HOLDINGS PLC | 641481 | 920887 |  |
| 1116793 | IDOX PLC | 867891 | 1011757 |  |
| 25000 | INFORMA PLC | 150330 | 276520 |  |
| 1567 | INTERTEK GROUP PLC | 73290 | 101955 |  |
| 16957926 | IQE PLC(b) | 3143881 | 2397562 |  |
| 216546 | J SAINSBURY PLC | 440212 | 861407 |  |
| 1165670 | KINGFISHER PLC | 3401950 | 4652966 |  |
| 6921771 | LLOYDS BANKING GROUP PLC | 4259893 | 7287397 |  |
| 6030 | LONDON STOCK EXCHANGE GROUP PLC | 69795 | 880267 |  |
| 300682 | LSL PROPERTY SERVICES PLC | 1026502 | 1308358 |  |
| 3267476 | M&C SAATCHI PLC | 7487983 | 8678671 |  |
| 9085 | M&G PLC | 16194 | 32049 |  |
| 52812 | MAREX GROUP PLC | 2433729 | 2084490 |  |
| 458794 | MELROSE INDUSTRIES PLC | 3335855 | 3342785 |  |
| 30507 | NATIONAL GRID PLC | 382627 | 444508 |  |
| 1 | NATWEST GROUP PLC | - | 7 |  |
| 2141 | NEXT PLC | 36699 | 365592 |  |
| 270651 | PEARSON PLC | 3086335 | 3980720 |  |
| 268670 | PETS AT HOME GROUP PLC | 789150 | 966229 |  |
| 8289 | RECKITT BENCKISER GROUP PLC | 303157 | 563775 |  |
| 9953 | RELX PLC | 68808 | 538372 |  |
| 153139 | RELX PLC (LONDON EXCHANGE) | 1816294 | 8275820 |  |
| 109546 | RENTOKIL INITIAL PLC | 512017 | 529447 |  |
| 1207339 | ROLLS-ROYCE HOLDINGS PLC | 7832581 | 16035589 |  |
| 2262271 | SABRE INSURANCE GROUP PLC(c) | 3733997 | 4589643 |  |
| 24928 | SAGE GROUP (THE) PLC | 108477 | 427889 |  |
| 16135 | SEGRO PLC | 67053 | 150516 |  |
| 4954 | SEVERN TRENT PLC | 76220 | 185915 |  |
| 11396 | SHELL PLC | 346329 | 399437 |  |
| 7350 | SHELL PLC ADR(d) | 389109 | 517513 |  |
| 199472 | ST. JAMES'S PLACE PLC | 2163236 | 3241854 |  |
| 108800 | STANDARD CHARTERED PLC | 699097 | 1802586 |  |
| 841844 | TRUSTPILOT GROUP PLC(b)(c) | 2467952 | 2798760 |  |
| 237048 | UNILEVER PLC | 12343874 | 14398240 |  |
| 8137 | UNITED UTILITIES GROUP PLC | 56989 | 127497 |  |
| 2756 | WHITBREAD PLC | 54937 | 106795 |  |
| 24128 | WILLIS TOWERS WATSON PLC | 5541013 | 7395232 |  |
|  |  | 153038666 | 214463304 | 17.99% |
| **United States:** | **United States:** |  |  |  |
| 71632 | AMRIZE LTD.(b) | 1740620 | 3573249 |  |
| 226158 | ARCH CAPITAL GROUP LTD. | 8904804 | 20591686 |  |
| 274745 | COUPANG, INC.(b) | 5241822 | 8231360 |  |
| 2158 | FLUTTER ENTERTAINMENT PLC(b) | 240212 | 611394 |  |
| 106288 | FRESHWORKS, INC., CLASS A(b) | 1935148 | 1584754 |  |
| 129725 | LIFE360, INC. - CDI(b)(c) | 1559037 | 2747481 |  |
| 11568 | LINDE PLC | 3878701 | 5427474 |  |
| 312700 | LUXFER HOLDINGS PLC | 4411130 | 3808686 |  |
| 67824 | PHILIP MORRIS INTERNATIONAL, INC. | 11489798 | 12352785 |  |
| 94502 | SENSATA TECHNOLOGIES HOLDING PLC | 4407746 | 2845455 |  |
| 11962 | STERIS PLC | 1791079 | 2873512 |  |
|  |  | 45600097 | 64647836 | 5.42% |
| **Uruguay:** | **Uruguay:** |  |  |  |
| 2931 | MERCADOLIBRE, INC.(b) | 3806568 | 7660550 |  |
|  |  | 3806568 | 7660550 | 0.64% |
| **Vietnam:** | **Vietnam:** |  |  |  |
| 369884 | FPT CORP. | 974828 | 1673792 |  |
|  |  | 974828 | 1673792 | 0.14% |
|  | **Sub-total Common Stocks:** | 742811882 | 1111976034 | 93.29% |

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**June 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares**  | **Security**  | **Cost**  | **Fair value (a)** | **Percent of**<br> **net assets** <br>|
| **Preferred Stocks:** | **Preferred Stocks:** |  |  |  |
| **Germany:** | **Germany:** |  |  |  |
| 1521 | BAYERISCHE MOTOREN WERKE A.G., 5.91%(g) | $49612 | 125954 |  |
|  |  | 49612 | 125954 | 0.01% |
| **South Korea:** | **South Korea:** |  |  |  |
| 89794 | SAMSUNG ELECTRONICS CO. LTD., 2.86%(g) | 3654192 | 3293422 |  |
|  |  | 3654192 | 3293422 | 0.28% |
|  | **Sub-total Preferred Stocks:** | 3703804 | 3419376 | 0.29% |
| **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(h) | 2355608 | 2577056 |  |
|  |  | 2355608 | 2577056 | 0.21% |
|  | **Sub-total Convertible Bonds:** | 2355608 | 2577056 | 0.21% |
| **Short-Term Investments:** | **Short-Term Investments:** |  |  |  |
| 8104664 | FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT <br> PORTFOLIO, INSTITUTIONAL SHARES(i)<br>| 8104664 | 8104664 |  |
| 64147546 | NORTHERN INSTITUTIONAL FUNDS - U.S. GOVERNMENT <br> SELECT PORTFOLIO, INSTITUTIONAL SHARES, 4.23%(j)<br>| 64147546 | 64147546 |  |
|  | **Sub-total Short-Term Investments:** | 72252210 | 72252210 | 6.06% |
|  | Grand total | $821123504 | 1190224676 | 99.85% |

---

---

| | |
|:---|:---|
| **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> | Securities are American Depositary Receipts of companies based outside of the United States representing 2.54% of net assets as of June 30, <br> 2025.<br>|
| <sup>(e)</sup> | Security is either wholly or partially on loan. |
| <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> | Zero coupon bond. Yield disclosed as of June 30, 2025. |
| <sup>(i)</sup> | Investment relates to cash collateral received from portfolio securities loaned. |
| <sup>(j)</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 $11,166,654 during the six months ended June 30, 2025.<br>|

---

At June 30, 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 | 26.19<br> %<br>|
| British Pound | 18.39 |
| United States Dollar | 17.43 |
| Japanese Yen | 10.35 |
| Swiss Franc | 7.95 |
| Other currencies | 19.69 |
|  | 100.00<br> %<br>|

---

See accompanying notes to financial statements.

(Continued)

------

**CLEARWATER INVESTMENT TRUST**

**Schedule of Investments - Clearwater International Fund**

**June 30, 2025 (unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **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 | 8263848 | CNH | 58939619 | &nbsp;&nbsp; $101884 |  |  |
| Northern Trust | &nbsp;&nbsp; 01/28/2026 | CNH | 100517313 | USD | 14082161 | &nbsp;&nbsp; $(184997) |  |  |
|  |  |  |  |  |  | &nbsp;&nbsp; $(83113) |  |  |

---

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.

------

**Statement Regarding Basis for Approval of Investment Advisory Contract**

(unaudited)

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 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.

------

**Item 19. Exhibits.**

(a)(1) Not applicable to this filing.

(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)

------

#### 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: August 25, 2025  | Date: August 25, 2025  |

---

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: August 25, 2025  | Date: August 25, 2025  |
|  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: August 25, 2025  | Date: August 25, 2025  |

---

------

## 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; August 25, 2025  | <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 June 30, 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: August 25, 2025  | <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.

------