CLEARWATER INVESTMENT TRUST
NSAR-A, 1996-08-29
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<PAGE>      PAGE  1
000 A000000 06/30/96
000 C000000 0000811161
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 CLEARWATER INVESTMENT TRUST
001 B000000 811-5038
001 C000000 6122280935
002 A000000 332 MINNESOTA STREET, SUITE 2100
002 B000000 ST. PAUL
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002 D020000 1394
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007 C030100 N
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007 C020200 CLEARWATER SMALL CAP FUND
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<PAGE>      PAGE  2
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020 A000002 INSTINET
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<PAGE>      PAGE  3
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  10
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SIGNATURE   FREDERICK T. WEYERHAEUSER                    
TITLE       CHAIRMAN            
 


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE 6/30/96 SEMI-ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS
</LEGEND>
<SERIES>
   <NUMBER> 1
   <NAME> CLEARWATER GROWTH FUND
       
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE 6/30/96 SEMI-ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS
</LEGEND>
<SERIES>
   <NUMBER> 2
   <NAME> CLEARWATER SMALL CAP FUND
       
<S>                             <C>
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</TABLE>


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