Prospectus by Investment Company (Form 497)

CLEARWATER INVESTMENT TRUST

CLEARWATER SELECT EQUITY FUND

CLEARWATER INTERNATIONAL FUND

SUPPLEMENT TO THE PROSPECTUS ("PROSPECTUS")

DATED APRIL 28, 2025, AS SUPPLEMENTED

The date of this Supplement is March 19, 2026.

Effective April 1, 2026, Clearwater Management Co., Inc. ("CMC") the investment manager of the Clearwater Investment Trust, will increase its voluntary management fee waiver for Clearwater Select Equity Fund and Clearwater International Fund.

Accordingly, effective April 1, 2026, the following change is made to the Prospectus:

Effective July 1, 2025, CMC has voluntarily agreed to waive a portion of the management fee for the Core Equity Fund and Tax-Exempt Bond Fund to achieve an effective management fee rate equal to 0.21% and 0.28%, respectively, of each Fund's average daily net assets. Effective April 1, 2026, CMC has voluntarily agreed to waive a portion of the management fee for the Select Equity Fund and International Fund to achieve an effective management fee rate equal to 0.79% 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.

INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

CLEARWATER INVESTMENT TRUST

CLEARWATER SELECT EQUITY FUND

CLEARWATER INTERNATIONAL FUND

SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION ("SAI")

DATED APRIL 28, 2025, AS SUPPLEMENTED

The date of this Supplement is March 19, 2026.

Effective April 1, 2026, Clearwater Management Co., Inc. ("CMC") the investment manager of the Clearwater Investment Trust, will increase its voluntary management fee waiver for Clearwater Select Equity Fund and Clearwater International Fund.

Accordingly, effective April 1, 2026, the following change is made to the SAI:

As compensation for its management services and expenses assumed, the investment manager is contractually entitled to receive a management fee at the annual rate of 0.90%, 1.35%, 0.60% and 1.00% of the net assets of Core Equity Fund, Select Equity Fund, Tax-Exempt Bond Fund and International Fund, respectively. Effective July 1, 2025, CMC has voluntarily agreed to waive a portion of the management fee for the Core Equity Fund and Tax-Exempt Bond Fund to achieve an effective management fee rate equal to 0.21% and 0.28%, respectively, of each Fund's average daily net assets. Effective April 1, 2026, CMC has voluntarily agreed to waive a portion of the management fee for the Select Equity Fund and International Fund to achieve an effective management fee rate equal to 0.79% and 0.75%, respectively, of each Fund's average daily net assets.

INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE