<PAGE> PAGE 1
000 B000000 12/31/97
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
002 C000000 MN
002 D010000 55101
002 D020000 1394
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 CLEARWATER GROWTH FUND
007 C030100 N
007 C010200 2
007 C020200 CLEARWATER SMALL CAP FUND
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
012 A00AA01 FIDUCIARY COUNSELLING, INC.
012 B00AA01 84-N/A
012 C01AA01 ST. PAUL
012 C02AA01 MN
012 C03AA01 55101
012 C04AA01 1394
013 A00AA01 KPMG PEAT MARWICK
013 B01AA01 MINNEAPOLIS
013 B02AA01 MN
013 B03AA01 55402
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
<PAGE> PAGE 2
015 C03AA01 64105
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 SALOMAN SMITH BARNEY
020 B000001 13-1912900
020 C000001 30
020 A000002 CANTOR FITZGERALD
020 B000002 13-2698893
020 C000002 28
020 A000003 BRIDGE TRADING
020 B000003 13-5055790
020 C000003 25
020 A000004 STIFEL NICHOLAS
020 B000004 43-0538770
020 C000004 19
020 A000005 BEAR STEARNS
020 B000005 13-3299429
020 C000005 11
020 A000006 GEORGE K BAUM
020 B000006 43-1661917
020 C000006 10
020 A000007 ALEX BROWN
020 B000007 52-0256630
020 C000007 7
020 A000008 BROADCOURT
020 B000008 04-2479358
020 C000008 7
020 A000009 RAUSCHER PIERCE REFSNES
020 B000009 75-1824870
020 C000009 5
020 A000010 JENSEN SECURITIES
020 B000010 91-1211407
020 C000010 4
021 000000 254
022 A000001 CANTOR FITZGERALD
022 B000001 13-2638166
022 C000001 3504
022 D000001 6317
022 A000002 SALOMON SMITH BARNEY
022 B000002 13-1912900
022 C000002 1230
022 D000002 4054
022 A000003 BEAR STEARNS
022 B000003 13-3299429
022 C000003 1314
022 D000003 2434
022 A000004 ADVEST
022 B000004 06-0950348
022 C000004 911
<PAGE> PAGE 3
022 D000004 2623
022 A000005 GOLDMAN SACHS
022 B000005 13-5108800
022 C000005 931
022 D000005 1790
022 A000006 MORGAN STANLEY DEAN WITTER
022 B000006 94-1671384
022 C000006 417
022 D000006 1434
022 A000007 JENSEN SECURITIES
022 B000007 91-1211407
022 C000007 997
022 D000007 841
022 A000008 MERRILL LYNCH
022 B000008 13-5674805
022 C000008 139
022 D000008 1267
022 A000009 PAINEWEBBER
022 B000009 13-2638116
022 C000009 453
022 D000009 280
022 A000010 JEFFRIES
022 B000010 95-2622900
022 C000010 806
022 D000010 557
023 C000000 61938
023 D000000 74503
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
<PAGE> PAGE 4
040 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 Y
054 E00AA00 Y
054 F00AA00 Y
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 Y
054 J00AA00 Y
054 K00AA00 Y
054 L00AA00 Y
054 M00AA00 N
054 N00AA00 Y
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
<PAGE> PAGE 5
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 Y
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 Y
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 Y
070 Q02AA00 N
070 R01AA00 Y
070 R02AA00 N
077 A000000 Y
077 B000000 Y
078 000000 N
080 A00AA00 ST. PAUL FIRE & MARINE INS. CO.
080 C00AA00 875
081 A00AA00 N
<PAGE> PAGE 6
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 CLEARWATER MANAGEMENT COMPANY, INC.
008 B000101 A
008 C000101 801-29336
008 D010101 ST. PAUL
008 D020101 MN
008 D030101 55101
008 D040101 1308
008 A000102 PARAMETRIC PORTFOLIO ASSOCIATES
008 B000102 S
008 C000102 801-48184
008 D010102 SEATTLE
008 D020102 WA
008 D030102 98104
008 D040102 7090
024 000100 Y
025 A000101 CITICORP
025 B000101 11-2195049
025 C000101 E
025 D000101 1075
025 A000102 JP MORGAN
025 B000102 13-3224016
025 C000102 E
025 D000102 68
025 A000103 AMERICAN EXPRESS
025 B000103 11-1988350
025 C000103 E
025 D000103 143
025 A000104 MERRILL LYNCH
025 B000104 13-5674085
025 C000104 E
<PAGE> PAGE 7
025 D000104 80
025 A000105 MORGAN STANLEY DEAN WITTER DISCOVER
025 B000105 94-1671384
025 C000105 E
025 D000105 89
025 A000106 TRAVELERS GROUP
025 B000106 13-1912900
025 C000106 E
025 D000106 206
025 D000107 0
025 D000108 0
028 A010100 0
028 A020100 0
028 A030100 0
028 A040100 39
028 B010100 0
028 B020100 32
028 B030100 0
028 B040100 400
028 C010100 0
028 C020100 0
028 C030100 0
028 C040100 0
028 D010100 0
028 D020100 0
028 D030100 0
028 D040100 0
028 E010100 0
028 E020100 0
028 E030100 0
028 E040100 57
028 F010100 0
028 F020100 0
028 F030100 0
028 F040100 0
028 G010100 0
028 G020100 32
028 G030100 0
028 G040100 496
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.450
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
<PAGE> PAGE 8
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 Y
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 Y
071 A000100 38201
071 B000100 46257
071 C000100 100119
071 D000100 38
072 A000100 12
072 B000100 199
072 C000100 749
072 D000100 0
072 E000100 0
072 F000100 1012
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 0
072 U000100 0
<PAGE> PAGE 9
072 V000100 0
072 W000100 0
072 X000100 1012
072 Y000100 0
072 Z000100 -64
072AA000100 8929
072BB000100 0
072CC010100 16922
072CC020100 0
072DD010100 0
072DD020100 0
072EE000100 8987
073 A010100 0.0000
073 A020100 0.0000
073 B000100 1.7690
073 C000100 0.0000
074 A000100 2
074 B000100 4286
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 111788
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 88
074 M000100 0
074 N000100 116164
074 O000100 0
074 P000100 186
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 9119
074 S000100 0
074 T000100 106859
074 U010100 5048
074 U020100 0
074 V010100 21.17
074 V020100 0.00
074 W000100 0.0000
074 X000100 318
074 Y000100 0
075 A000100 0
075 B000100 103524
076 000100 0.00
008 A000201 CLEARWATER MANAGEMENT COMPANY, INC.
008 B000201 A
<PAGE> PAGE 10
008 C000201 801-29336
008 D010201 ST. PAUL
008 D020201 MN
008 D030201 55101
008 D040201 1380
008 A000202 KENNEDY CAPITAL MANAGEMENT
008 B000202 S
008 C000202 801-15323
008 D010202 ST. LOUIS
008 D020202 MO
008 D030202 63141
008 D040202 7739
024 000200 N
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 6
028 A020200 0
028 A030200 0
028 A040200 200
028 B010200 662
028 B020200 0
028 B030200 0
028 B040200 150
028 C010200 65
028 C020200 0
028 C030200 0
028 C040200 0
028 D010200 101
028 D020200 0
028 D030200 0
028 D040200 0
028 E010200 254
028 E020200 0
028 E030200 0
028 E040200 0
028 F010200 0
028 F020200 0
028 F030200 0
028 F040200 260
028 G010200 1088
028 G020200 0
028 G030200 0
028 G040200 610
028 H000200 0
045 000200 Y
<PAGE> PAGE 11
046 000200 N
047 000200 Y
048 000200 1.350
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 Y
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 35714
071 B000200 35301
071 C000200 38281
071 D000200 92
072 A000200 12
072 B000200 122
072 C000200 347
072 D000200 0
072 E000200 0
072 F000200 534
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 0
072 K000200 0
<PAGE> PAGE 12
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 0
072 X000200 534
072 Y000200 0
072 Z000200 -65
072AA000200 7098
072BB000200 0
072CC010200 6509
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 7022
073 A010200 0.0000
073 A020200 0.0000
073 B000200 2.6212
073 C000200 0.0000
074 A000200 0
074 B000200 3110
074 C000200 0
074 D000200 0
074 E000200 569
074 F000200 44690
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 249
074 K000200 0
074 L000200 198
074 M000200 0
074 N000200 48816
074 O000200 758
074 P000200 155
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 7065
074 S000200 0
074 T000200 40838
074 U010200 2679
074 U020200 0
<PAGE> PAGE 13
074 V010200 15.24
074 V020200 0.00
074 W000200 0.0000
074 X000200 242
074 Y000200 0
075 A000200 0
075 B000200 39623
076 000200 0.00
SIGNATURE FREDERICK T. WEYERHAEUSER
TITLE CHAIRMAN
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE 12/31/97 ANNUAL REPORT TO SHAREHOLDERS
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> CLEARWATER GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 64154251
<INVESTMENTS-AT-VALUE> 116074499
<RECEIVABLES> 87717
<ASSETS-OTHER> 1832
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 116164048
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9304793
<TOTAL-LIABILITIES> 9304793
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 54939981
<SHARES-COMMON-STOCK> 5047760
<SHARES-COMMON-PRIOR> 5252780
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (975)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 51920249
<NET-ASSETS> 106859255
<DIVIDEND-INCOME> 749020
<INTEREST-INCOME> 198921
<OTHER-INCOME> 0
<EXPENSES-NET> 1012399
<NET-INVESTMENT-INCOME> (64458)
<REALIZED-GAINS-CURRENT> 8928506
<APPREC-INCREASE-CURRENT> 16922059
<NET-CHANGE-FROM-OPS> 25786107
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 8987082
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24071
<NUMBER-OF-SHARES-REDEEMED> 230550
<SHARES-REINVESTED> 1459
<NET-CHANGE-IN-ASSETS> 12937107
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 57061
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1012399
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1013399
<AVERAGE-NET-ASSETS> 103523596
<PER-SHARE-NAV-BEGIN> 17.88
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 5.08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.78
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.17
<EXPENSE-RATIO> 0.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
EXTRACTED FROM THE 12/31/97 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>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 36706842
<INVESTMENTS-AT-VALUE> 48369167
<RECEIVABLES> 446941
<ASSETS-OTHER> (42426)
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48773682
<PAYABLE-FOR-SECURITIES> 758060
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7177213
<TOTAL-LIABILITIES> 7935273
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29166125
<SHARES-COMMON-STOCK> 2679104
<SHARES-COMMON-PRIOR> 2571795
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9958
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11662326
<NET-ASSETS> 40838409
<DIVIDEND-INCOME> 347182
<INTEREST-INCOME> 121556
<OTHER-INCOME> 0
<EXPENSES-NET> 534172
<NET-INVESTMENT-INCOME> (65434)
<REALIZED-GAINS-CURRENT> 7097859
<APPREC-INCREASE-CURRENT> 6508576
<NET-CHANGE-FROM-OPS> 13541001
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 7022467
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 144088
<NUMBER-OF-SHARES-REDEEMED> 36779
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8064877
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 18195
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 534172
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 534172
<AVERAGE-NET-ASSETS> 39622652
<PER-SHARE-NAV-BEGIN> 12.74
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 5.14
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 2.62
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.24
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
