0000897101-11-001498 Sample Contracts

Fiduciary Counselling, Inc. SUBADVISORY AGREEMENT
Subadvisory Agreement • August 26th, 2011 • Clearwater Investment Trust • Minnesota

This Subadvisory Agreement, made as of the [ ] day of [ ], 2011 (the “Agreement”), by and among Clearwater Investment Trust (“Trust”), a Massachusetts business trust, Clearwater Management Co., Inc. (the “Manager”), a Minnesota corporation, and Fiduciary Counselling, Inc, a Minnesota corporation (the “Subadvisor”).

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MANAGEMENT CONTRACT
Management Contract • August 26th, 2011 • Clearwater Investment Trust • Minnesota

AGREEMENT made as of the [ ] day of [ ], 2011, by and between CLEARWATER INVESTMENT TRUST, a Massachusetts business trust (the “Trust”), and CLEARWATER MANAGEMENT CO., INC., a Minnesota corporation (the “Manager”).

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