0000945621-11-000037 Sample Contracts

CUSTODY AGREEMENT
Custody Agreement • February 28th, 2011 • Clearwater Investment Trust • Illinois

AGREEMENT dated as of December 3, 2010, between Clearwater Investment Trust, a business trust organized under the laws of the State of Massachusetts, having its principal office and place of business at 2000 Wells Fargo Place, 30 East Seventh Street, St. Paul, Minnesota 55101 (the “Fund”), and THE NORTHERN TRUST COMPANY (the “Custodian”), an Illinois company with its principal place of business at 50 South LaSalle Street, Chicago, Illinois 60603.

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Clearwater Investment Trust SUBADVISORY AGREEMENT
Subadvisory Agreement • February 28th, 2011 • Clearwater Investment Trust • Minnesota

This Subadvisory Agreement, made as of the 30th day of November, 2010 (the “Agreement”), by and among Clearwater Investment Trust (“Trust”), a Massachusetts business trust, Clearwater Management Co., Inc. (the “Manager”), a Minnesota corporation, and Knightsbridge Asset Management, LLC, (the “Subadvisor”).

INVESTMENT SUBADVISORY CONTRACT
Investment Subadvisory Contract • February 28th, 2011 • Clearwater Investment Trust • Minnesota

AGREEMENT made as of the 29th day of October, 2010, by and among CLEARWATER INVESTMENT TRUST, a Massachusetts business trust (the “Trust”), CLEARWATER MANAGEMENT CO., INC., a Minnesota corporation (the “Manager”), and AXA Rosenberg Investment Management LLC, a Delaware limited liability company (the “Subadviser”) and shall be effective as of the “Effective Date” defined below.

SUBADVISORY AGREEMENT
Subadvisory Agreement • February 28th, 2011 • Clearwater Investment Trust • Wisconsin

THIS SUBADVISORY AGREEMENT is entered into as of the 30th day of November 2010, by and among Clearwater Investment Trust, a Massachusetts business trust (the “Company”), Clearwater Management Co., Inc. (“Adviser”) and Heartland Advisors, Inc. (“Subadviser”).

CLEARWATER INVESTMENT TRUST FUND ADMINISTRATION AND ACCOUNTING SERVICES AGREEMENT THE NORTHERN TRUST COMPANY December 3, 2010
Fund Administration and Accounting Services Agreement • February 28th, 2011 • Clearwater Investment Trust • Illinois

AGREEMENT made as of December 3, 2010 by and between Clearwater Investment Trust (the “Fund” or the “Trust”, as context dictates), a Massachusetts business trust, on behalf of each its series known as Clearwater Growth Fund, Clearwater International Fund, Clearwater Small Cap Fund and Clearwater Tax-Exempt Bond Fund (where context dictates, “the Funds”), and The Northern Trust Company (“Northern”), an Illinois corporation.

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