SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K/A
Amendment No. 1
(Mark One)
[X] Annual Report pursuant to Section 15(d) of the Securities
Exchange Act of 1934 for the fiscal year ended December 31,
2003
OR
[ ] Transition Report pursuant to Section 15(d) of the Securities
Exchange Act of 1934 for the transition period from
______________ to _____________
Commission File Number 1-5672
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
ITT INDUSTRIES, INC.
4 WEST RED OAK LANE, WHITE PLAINS, NY 10604
This Form 11-K/A amends the Registrants annual report on Form 11-K for the year
ended December 31, 2003 as filed on June 28, 2004 and is being filed to reflect
the restatement the Registrant's Supplemental Schedule of Assets (Held at end
of Year) (See Note 1 to the supplemental schedule) as of December 31, 2003.
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN
FOR SALARIED EMPLOYEES
PAGE
----
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM F-1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits as of December 31, 2003 and 2002 F-2
Statement of Changes in Net Assets Available for Benefits For the Year Ended December 31, 2003 F-3
Notes to Financial Statements F-4 - F-10
SUPPLEMENTAL SCHEDULE:
Form 5500, Schedule H, Line 4i - Schedule of Asset (Held at End of Year) as of December 31, 2003
(Restated) F-11 - F-32
Exhibit 23 - Consent of Independent Registered Public Accounting Firm F-33
All schedules not required by Section 2520.103-10 of the Department of Labor's
Rules and Regulations for Reporting and Disclosures under the Employee
Retirement Income Security Act of 1974 have been omitted because they are not
applicable.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustees and Participants of
ITT Industries Investment and Savings Plan for Salaried Employees:
We have audited the accompanying statements of net assets available for benefits
of ITT Industries Investment and Savings Plan for Salaried Employees as of
December 31, 2003 and 2002, and the related statement of changes in net assets
available for benefits for the year ended December 31, 2003. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the net assets available for benefits of the Plan as of December 31,
2003 and 2002, and the changes in net assets available for benefits for the year
ended December 31, 2003 in conformity with accounting principles generally
accepted in the United States of America.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule listed in the
Table of Contents is presented for the purpose of additional analysis and is not
a required part of the basic financial statements, but is supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. This schedule is the responsibility of the Plan's management. Such
schedule has been subjected to the auditing procedures applied in our audit of
the basic 2003 financial statements and, in our opinion, is fairly stated in all
material respects when considered in relation to the basic financial statements
taken as a whole.
As discussed in Note 1 to the supplemental schedule, the accompanying
supplemental schedule has been restated.
June 18, 2004
(October 27, 2004 as to Note 1 to the supplemental schedule)
These financial statements have been prepared from the Company's books and
records after making all necessary adjustments thereto, and they represent the
final statements for the period ended December 31, 2003.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Investment and Savings Plan Committee has duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized.
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
BY: /s/ Keith E. Johnson
------------------------------------------------------------------
(Keith E. Johnson, Director, Pension/Savings Plan Administration)
June 28, 2004
-------------------
(Date)
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
($ IN THOUSANDS)
December 31
-----------
2003 2002
---- ----
Assets:
Investments $1,733,725 $1,492,127
Receivables:
Dividends 1,496 1,739
Interest 2,596 2,964
Employer Contributions 596 1,276
Participant Contributions 1,725 3,457
Unsettled Security Sales 1,390 48,829
---------- ----------
Total Receivables 7,803 58,265
Liabilities:
Accrued Financial Services Expense 30 -
Unsettled Security Purchases 403 50,032
---------- ----------
Total Liabilities 433 50,032
---------- ----------
Net Assets Available for Benefits $1,741,095 $1,500,360
========== ==========
The accompanying notes to financial statements are an integral part of the above
statements.
F-2
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
($ IN THOUSANDS)
Year Ended
December 31, 2003
-----------------
Additions:
Additions to Net Assets Attributed to:
Investment Income:
Net Appreciation in Fair Value of Investments $210,242
Dividends 7,973
Interest 29,532
----------
Total Investment Income 247,747
Contributions:
Participants 54,665
Employer 19,589
Rollovers 5,050
----------
Total Contributions 79,304
Total Additions 327,051
----------
Deductions:
Deductions from Net Assets Attributed to:
Withdrawals and Distributions (79,769)
Investment Management Expenses (1,648)
Administrative Expenses (3,017)
Asset Transfers, Net (1,882)
----------
Total Deductions (86,316)
Increase in Net Assets 240,735
----------
Net Assets Available for Benefits:
Beginning of Year 1,500,360
----------
End of Year $1,741,095
==========
The accompanying notes to financial statements are an integral part of the above
statement.
F-3
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2003 AND 2002, AND FOR
THE YEAR ENDED DECEMBER 31, 2003
($ IN THOUSANDS)
1. DESCRIPTION OF THE PLAN
The following description of the ITT Industries Investment and Savings Plan for
Salaried Employees (the "Plan") is provided for general information purposes
only. Participants should refer to the Plan Document for more complete
information.
GENERAL--The Plan is a defined contribution plan generally covering all
regular salaried U.S. employees of ITT Industries, Inc. (the "Company").
Employees are eligible to join the Plan on the first day of the calendar month
following completion of one month of service. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").
Deutsche Bank Trust Company Americas and State Street Bank & Trust Company acted
as the Plan's trustees (the "Trustees") for the period from January 1, 2003 to
January 30, 2003 and January 31, 2003 to December 2003, respectively.
CONTRIBUTIONS--
EMPLOYEE--An eligible employee as defined in the Plan ("Member") may generally
elect to contribute 2% to 25% of base salary. A Member (other than a Member
subject to Puerto Rico's income tax) may designate his/her savings as Before-Tax
Savings, After-Tax Savings, or any combination of the two. Effective January 1,
2002 and as a result of the IRS Non-Discrimination Test results, a participant
who is considered a Highly Compensated Employee under the Plan may elect Plan
savings up to a maximum of 14% of base pay as either Before-Tax Savings,
After-Tax Savings, or any combination subject to the dollar limitation contained
in section 402(g) of the Internal Revenue Code (the "Code").
Effective November 27, 2001, the Plan was amended to include an Employee Stock
Ownership Plan ("ESOP"). Beginning on that date, all Company contributions,
including the future Company contributions to the Plan, have been deposited into
the ESOP. As a result of this change, all dividends associated with the Company
contributions held in the ITT Industries Stock Fund in the Plan are immediately
100% vested. In addition, Members can make an election regarding the payment of
their ESOP dividends. Members can elect to have their ESOP dividends either
reinvested in the ITT Industries Stock Fund or paid to them in cash on a
quarterly basis. All shares in the ESOP are allocated.
Effective November 12, 2002, the Plan's Members are no longer required to have
their Company contributions invested in the ITT Industries Stock Fund. All
Members will have the ability to invest their company contributions in any of
the Plan's investment options.
F-4
EMPLOYER-- An amount equal to 50% of a Member's first 6% of covered
compensation is matched by the Company. In addition, the Company contributes 1/2
of 1% of covered compensation to the Floor Company Contributions Account, as
defined by the Plan, of each eligible Member.
Upon enrollment in the Plan, a Member may direct employee contributions in any
whole percentage from 2% to 25% (subject to IRS limit) to any of twelve
investment options, and the Member can change his/her future savings and
reallocate his/her accumulated investments in 1% increments on a daily basis
among the twelve funds limited to a maximum of four transactions per month. The
twelve funds are as follows:
ITT Industries Stock Fund
Managed Equity Index Fund
Stable Value Fund
Balanced Fund
Long Term Bond Fund
Equity Value Fund
Aggressive Growth Fund
Global Equity Fund
Small Cap Equity Fund
Asset Allocation Fund - Conservative
Asset Allocation Fund - Moderate
Asset Allocation Fund - Aggressive
For Plan years beginning on or after January 1, 2000, the Company, or its
designee, shall determine the amount of the Minimum Employer Contribution. The
Minimum Employer Contribution for each Plan Year shall be deemed to be satisfied
as of the date the aggregate amount of Before-Tax Savings Contributions,
Matching Company Contributions, and Floor Company Contributions for each Taxable
Year equals the amount of the Minimum Employer Contribution for such Plan Year.
MEMBER ACCOUNTS--Each Member's account is credited with the Member's
Contributions, Company Contributions and an allocation of Plan earnings, net of
administrative expenses and investment management fees. Allocations are based on
Member account balances, as defined in the Plan Information document. The
benefit to which a Member is entitled is the benefit that can be provided from
the Member's vested account.
Plan accounts are valued and reconciled between the trustee and recordkeeper
daily. The Plan transactions are handled through a toll-free number,
electronically, over the internet, or by speaking to a Plan representative at
the Benefits Center.
A Member or Deferred Member may perform a maximum of four fund reallocations or
transfers in any calendar month. A reallocation or a transfer shall be defined
as a single reallocation or a single transfer, or as a series of reallocations
and/or transfers taking place on a single business day.
F-5
VESTING--Members are immediately vested in their contributions and the Company
Floor Contributions plus earnings thereon. Member's interests in Matching
Company Contributions vest according to the following schedule:
Non-forfeitable
Years of Service Percentage
---------------- ----------
Less than 1 year......................... 0%
1 but less than 2 years.................. 20%
2 but less than 3 years.................. 40%
3 but less than 4 years.................. 60%
4 but less than 5 years.................. 80%
5 or more years.......................... 100%
As of December 31, 2003 and 2002, the cumulative Matching Company Contributions
and Floor Company Contributions made on behalf of all Members, including a
pro-rata share of investment income, were as follows:
2003 2002
---- ----
Vested $705,452 $607,506
Non-vested 6,302 13,050
-------- --------
$711,754 $620,556
======== ========
FORFEITURES--Forfeitures of the non-vested portion of any Member's Matching
Company Contributions are applied to reduce future Company Contributions.
Forfeitures for the years ended December 31, 2003 and 2002 were $359 and $671,
respectively.
MEMBER LOANS--A Member may request a loan in any specified whole dollar amount
which must be at least one thousand dollars but which may not exceed the lesser
of 50% of the Vested Share, or fifty thousand dollars reduced by the Member's
highest outstanding loan balance, if any, during the prior one-year period. The
interest rate charged by the Plan is based on the prime rate plus 1%. General
purpose loan terms range from one to sixty months. If the loan is used in the
purchase of a primary residence, the loan term can be for a period of up to one
hundred eighty months. Members may have two loans outstanding at the same time.
Effective January 6, 2003, a terminated Member may continue to make loan
payments on their loans after separation by contacting the Plan's Benefits
Center. However, no new loans can be requested after termination of employment.
F-6
PAYMENT OF BENEFITS--On termination of service due to death, disability, or
retirement, a Member or his/her surviving spouse beneficiary may elect to
receive either a lump-sum amount equal to the value of the Member's vested
interest in his/her account, or under two alternative installment options. Upon
the death of a Member, if the beneficiary is a non-spouse, the distribution must
be made within five years from the Member's date of death in the form of a lump
sum payment or annual fixed period installments, provided that the number of
installments does not extend beyond five years from the date of the Member's
date of death. For termination of service due to other reasons, a Member may
receive the value of the vested interest in his/her account as a lump-sum
distribution, a rollover to another qualified plan or a conduit IRA, or under
two alternative installment options. In either case, a Member or his/her
surviving spouse beneficiary whose vested account balance is more than three
thousand five hundred dollars may elect to keep his/her account balance in the
Plan until the year in which the Member reaches/would have reached age 70 1/2.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING--The accompanying financial statements have been prepared
in accordance with accounting principles generally accepted in the United States
of America.
USE OF ESTIMATES--The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of net assets available for benefits and changes therein. Actual results
could differ from those estimates. The Plan utilizes various investment
instruments. Investment securities, in general, are exposed to various risks,
such as interest rate, credit, and overall market volatility. Due to the level
of risk associated with certain investment securities, it is reasonably possible
that changes in the values of investment securities will occur in the near term
and that such changes could materially affect the amounts reported in the
financial statements.
INVESTMENT VALUATION AND INCOME RECOGNITION--The Plan's investments are stated
at fair value except for its benefit-responsive investment contract investments
which are stated at contract value (Note 6). Quoted market prices are used to
value investments. Shares of mutual funds are valued at the net asset value of
shares held by the Plan at year-end. Purchases and sales of securities are
recorded on a trade-date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date.
EXPENSES--The Plan pays for the administrative expenses of the Plan up to
0.25% of the market value of trust assets. In 2003, these expenses amounted to
0.17%. These expenses are limited to services provided by unrelated vendors. The
Company pays Plan administrative expenses which are not paid by the Trust. In
addition to the administrative expense charge, an investment management fee is
charged to each investment fund except for the ITT Industries Stock Fund.
PAYMENT OF BENEFITS--Benefit payments to Members are recorded upon
distribution. Amounts allocated to accounts of persons who have elected to
withdraw from the Plan but have not yet been paid were $272 and $0 at December
31, 2003 and 2002 respectively.
F-7
3. INVESTMENTS
The following presents investments that represent 5 percent or more of the
Plan's assets:
December 31
-----------
2003 2002
---- ----
*ITT Industries Common Stock, 7,833,063 and 9,048,386 shares, respectively $581,292 $549,144
Investment Contract with Transamerica Life Insurance Company, Matures 01/31/2013, 5.73% and
1/31/2017, 6.47% respectively. n/a $116,437
Investment Contract with Union Bank of Switzerland, n/a $ 93,429
Investment Contract with Monumental Life Insurance Company $186,971 $ 80,952
Investment Contract with Caisse des Depots et Consignations $184,094 n/a
JP Morgan Index Fund, 8,875,652 and 8,454,948 shares respectively $180,412 $132,658
Investment Contract with Bank of America $161,442 n/a
----------
* Permitted party-in-interest
During 2003, the Plan's investments (including gains and losses on investments
bought and sold, as well as held during the year) appreciated in value by
$210,242, as follows:
Mutual Funds $ 44,018
Common Stock 166,480
Corporate Bond (28)
U.S. Bonds (67)
U.S. Notes (142)
Other Federal Agencies (19)
--------
Net appreciation $210,242
========
4. PLAN TRUSTEE
During 2003 State Street Bank and Trust Company acquired the Global Custody
business of Deutsche Bank Trust Company Americas. Accordingly, Deutsche Bank
Trust Company Americas served as Trustee from January 1, 2003 to January 30,
2003 and was succeeded by State Street Bank & Trust for the period from January
31, 2003 to December 31, 2003.
F-8
5. FEDERAL INCOME TAX STATUS
The Internal Revenue Service has determined and informed the Company by letter
dated February 12, 2004 that the Plan and related trust are designed in
accordance with applicable sections of the Internal Revenue Code (IRC). The Plan
Administrator and the Plan's tax counsel believe that the Plan is designed and
is currently being operated in compliance with the applicable requirements of
the IRC.
6. INVESTMENT CONTRACTS WITH INSURANCE COMPANIES
The Plan has entered into numerous group annuity contracts with 7 regulated
insurance carriers. These contracts, which are classified as part of the Stable
Value Fund, are included in the financial statements at contract value because
they are fully benefit responsive. Contract value represents contributions made
under the contract, plus earnings and less Plan withdrawals and administrative
expenses. The fair value of the investment contracts at December 31, 2003 and
2002 was $617,206 and $583,041, respectively. The fair values of these contracts
were in excess of the book value at December 31, 2003 by approximately $17,958
and $24,533 at December 31, 2002.
There are no reserves against contract value for credit risk of the contract
issuer or otherwise. The average yield of the investment contracts at December
31, 2003 and for the year ended December 31, 2003 were 4.45% and 4.46%
respectively. The crediting interest rate for the investment contracts had a
range from 3.18% to 6.17% at December 31, 2003 and from 4.77% to 7.55% at
December 31, 2002. The crediting interest rates are based on an agreed-upon
formula with the issuers, but cannot be less than zero. The investment contracts
have scheduled maturities from December 31, 2004 to May 31, 2018.
7. RELATED PARTY TRANSACTIONS
Certain Plan investments are held in funds managed by Deutsche Bank Trust
Company Americas. For the period from January 1, 2003 to January 30, 2003
Deutsche Bank Trust Company Americas was the Trustee as defined by the Plan,
therefore these transactions qualify as party-in-interest transactions. Fees
paid by the Plan for Trustee and investment management services provided by
Deutsche Bank Trust Company Americas amounted to $329 for the year ended
December 31, 2003. Certain administrative functions are performed by the
officers and employees of the Company (who may also be participants in the Plan)
at no cost to the Plan.
At December 31, 2003 and 2002, the Plan held 7,833,063 and 9,048,336 shares,
respectively, of common stock of ITT Industries, Inc., the sponsoring employer,
with a cost basis of $273,028 and $293,816, respectively. During the year ended
December 31, 2003, the Plan recorded dividend income of $5,555.
These transactions are not deemed prohibited party-in-interest transactions,
because they are covered by statutory or administrative exemptions from the Code
and ERISA's rules on prohibited transactions.
F-9
8. PLAN TERMINATION
Although it has not expressed any intent to do so, the Company has the right
under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions of ERISA. In the event of Plan termination,
Members will become 100% vested in their accounts.
9. ASSET TRANSFERS
During 2003, assets in the amount of $597 were transferred to the Plan from the
ITT Industries BIW ("BIW") Connector Systems Employees' Savings Plan with
respect to salaried employees of BIW who became eligible to participate in the
Plan as of January 1, 2003. In addition, assets in the amount of $2,480 were
transferred from the Plan to the HiSan, Inc. ("HiSan") Investment and Savings
Plan with respect to salaried employees of HiSan who were no longer eligible to
participate in the Plan as of January 1, 2003.
10. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits according
to the financial statements to the Plan's Form 5500:
As of
December 31
-----------
2003 2002
---- ----
Net assets available for benefits per the financial statements $1,741,095 $1,500,360
Amounts allocated to withdrawing Members (272) -
---------- ----------
Net assets available for benefits per the Form 5500 $1,740,823 $1,500,360
========== ==========
The following is a reconciliation of benefits paid (withdrawals) to Members
according to the financial statements to the Form 5500:
Year Ended
December 31, 2003
-----------------
Benefits paid to Members per the financial statements $79,769
Add: Amounts allocated to withdrawing Members at December 31, 2003 272
Less: Amounts allocated to withdrawing Members at December 31, 2002 -
-------
Benefits paid to Members per the Form 5500 $80,041
=======
F-10
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
---- -------------- ----------------------------- -----------------
INTEREST BEARING CASH
JPMCB PUBLIC BONDS FUND MUTUAL FUND
BBHS 1,533,025.800 27,839,748.58
JPMCB MORTGAGE PRIVATE PLACEMENT FD
BBHS 473,298.480 9,664,754.85
MORGAN GUARANTY TRUST CO OF NY LIQUIDITY FUND 12/31/2003
BBHP 104,695.06 104,695.06
BBHQ 70,108.23 70,108.23
BBHR 191,644.80 191,644.80
BBHS 566,778.59 566,778.59
STATE STREET BANK + TRUST CO SHORT TERM INVESTMENT FUND
BBHA 3,212,780.420 3,212,780.42
BBHB 19,766,901.260 19,766,901.26
BBHI 14,875,027.380 14,876,027.38
BBHL 1,667,926.090 1,667,926.09
-------------- ----------------
42,462,186.11 77,961,365.26
F-11
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
---- ------------------------- ----------------------------- -------------
U.S. GOVERNMENT SECURITIES
FNMA POOL 481585
BBHI 126,562.390 131,118.06
FNMA POOL 491783
BBHI 133,875.330 140,744.70
UNITED STATES TREAS BDS DTD 8/15/83 8/15/13 08
BBHI 3,675,000.000 5,077,530.67
UNITED STATES TREAS NTS
BBHI 4,840,000.000 4,873,463.76
UNITED STATES TREAS NTS
BBHI 3,420,000.000 3,437,233.38
UNITED STATES TREAS NTS
BBHI 5,705,000.000 5,724,613.79
-------------- -------------
17,900,437.720 19,384,704.36
F-12
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
---- ------------ ----------------------------- ----------
CORP. DEBT INSTR. - PREFERRED
ASSOCIATES CORP NORTH AMER
BBHI 310,000.000 324,861.09
GENERAL ELEC CAP CORP MTN TRANCHE TR 00448
BBHI 225,000.000 229,379.62
MCDONALDA CORP MTN TRANCHE TR 00086
BBHI 240,000.000 244,496.88
----------- ----------
775,000.000 798,737.59
F-13
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
----- ----------- ----------------------------- ----------
CORPORATE STOCKS - PREFERRED
NEWS CORP LTD SPNSRD ADR REP PFD LTD
BBHI 25,658.600 776,172.52
---------- ----------
25,658.600 776,172.52
F-14
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
---- ------------ ----------------------------- ------------
CORPORATE STOCKS - COMMON
COOPER INDUSTRIES LTD SHS A
BBHL 10,300.000 596,679.00
REMAISSANCERE HOLDINGS LTD SHS
BBHL 8,900.000 436,545.00
TRANSOCEAN INC SHS
BBHI 26,000.000 624,260.00
WEATHERFORD INTL LTD COMMON STOCK
BBHI 25,500.000 918,000.00
XL CAPITAL LTD SHS A
BBHI 21,700.000 1,682,835.00
FLEXTRONICS INTERNATIONAL LTD SHS
BBHL 63,600.000 943,824.00
ADC TELECOMMUNICATIONS INC COM
BBHL 68,200.000 202,554.00
AMR CORP DEL COM
BBHI 64,800.000 839,160.00
ABBOTT LABS COM NPV
BBHI 1,000.000 46,600.00
AGILENT TECHNOLOGIES INC COM
BBHI 26,900.000 786,556.00
ALTRIA GROUP INC COM
BBHL 15,000.000 816,300.00
F-15
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
---- ---------------------- ----------------------------- -------------
AMERADA HESS CORP COM NPV
BBHI 6,300.000 334,971.00
AMERICAN ELEC PWR INC COM
BBHL 44,700.000 1,363,797.00
AMERISOURCEBERGEN CORP COM
BBHI 2,600.000 145,990.00
APOGENT TECHNOLOGIES INC COM
BBHI 22,400.000 516,096.00
ARCH COAL INC COM
BBHI 25,100.000 782,367.00
ARRON ELECTRS INC COM
BBHI 20,000.000 462,800.00
AVENTIS SPONSORED ADR
BBHL 4,800.000 318,048.00
AVNET INC COM
BBHL 18,500.000 400,710.00
BJ SVCS CO COM
BBHL 11,800.000 423,620.00
BP PLC SPONSORED ADR
BBHL 11,600.000 572,460.00
BANK AMER CORP COM
BBHL 20,900.000 1,680,987.00
BANK NEW YORK INC COM
BBHI 33,500.000 1,109,520.00
F-16
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31,2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
---- ----- ----------------------------- -----
BANK ONE CORP COM
BBHI 16,900.000 770,471.00
BARRICK G0LD CORP COM
BBHI 19,500.000 442,845.00
BOISE CASCADE CORP COM
BBHI 46,300.000 1,521,418.00
BRINKER INTL INC COM
BBHI 14,700.000 487,452.00
BRISTOL HYERS SQUIBB CO COM
BBHI 19,300.000 551,980.00
BURLINGTON NORTHN SANTA FE COM
BBHL 20,700.000 669,645.00
CSX CORP COM
BBHI 21,000.000 754,740.00
22,700.000 815,838.00
CAMBREX CORP COM
BBHI 18,600.000 469,836.00
CERIDIAN CORP NEW COM
BBHI 50,500.000 1,057,470.00
CHEVRONTEXACO CORP COM
BBHL 10,400.000 898,456.00
CHUBB CORP COM
BBHL 23,200.000 1,579,920.00
CITIGROUP INC COM
BBHL 29,100.000 1,412,514.00
F-17
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
---- -------------------------- ----------------------------- ------------
COMCAST CORP NEW CL A SPL
BBHL 27,900.000 872,712.00
COMPASS MINERALS INTL INC COM
BBHI 13,500.000 192,780.00
COMOCOPHILLIPS COM
BBHL 35,244.000 2,310.949.08
CONSOL ENERGY INC COM
BBHI 20,900.000 541,310.00
COOPER TIRE + RUBR CO COM
BBHL 6,500.000 138,970.00
COSTCO WHSL CORP NEW COM
BBHI 21,800.000 810,524.00
DIRECTV GROUP INC COM
BBHI 86,355.380 1,429,181.47
DONNELLEY R R & SONS CO COM
BBHL 6,400.000 192,960.00
DOUBLECLICK INC COM
BBHI 39,700.000 405,734.00
EATON VANCE CORP COM NO VTG
BBHI 11,900.000 436,016.00
EDWARDS A G INC COM
BBHI 15,400.000 557,942.00
ENTERGY CORP COM
BBHL 14,100,000 805,533.00
F-18
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
---- ------------------------- ----------------------------- ------------
FHC TECHNOLOGIES INC COM
BBHI 13,848.000 322,658.40
FEDERAL HOME LN MTG CORP. COM
BBHL 8,300.000 484,056.00
FEDERAL HATK HTG ASSH COM
BBHL 17,100.000 1,283,526.00
FEDERATED DEPT STORES INC DEL COM
BBHL 8,400.000 395,892.00
FISHER SCIENTIFIC INTL INC COM NEW
BBHI 18,800.000 777,756.00
FLEETBOSTON FINL CORP COM
BBHL 16,100.000 702,765.00
GENERAL ELEC CO COM
BBHL 41,400.000 1,282,572.00
GENUINE PARTS CO COM
BBHL 19,546.000 648,927.20
GLAXOSMITHKLINE PLC SPONSORED ADR
BBHL 33,300.000 1,552,446.00
GOLDEN WEST FINL CORP DEL COM
BBHL 11,000.000 1,135,090.00
GOODRICH CORP COM
BBHI 12,900.00 383,001.00
GREAT LAKES CHEMICAL CORP COM
BBHI 33,400.000 908,146.00
F-19
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
---- -------------------- ----------------------------- ------------
GUIDANT CORP COM
BBHL 4,800.000 288,960.00
HALLIBURTON CO COM
BBHI 40,400.000 1,050,400.00
HARMONY GOLD MNG LTD SPONSERED ADR
BBHI 43,200.000 701,136.00
HEWITT ASSOCS INC COM
BBHI 12,100.000 361,790.00
HEWLETT PACKARD CO COM
BBHL 88,600.000 2,035,142.00
INC GLOBAL INC COM
BBHI 34,500.000 342,585.00
ITT INDS INC COM
BBHA 7,833,063.00 581,291,605.23
INGRAM MICRO INC CL A
BBHL 18,600.000 295,740.00
INTERNATIONAL PAPER CO COM
BBHL 12,896.000 555,946.56
INTERPUBLIC GROUP COS INC COM
BBHI 51,700.000 806,520.00
JPMCB MACS EQUITY ITTS MACS EQUITY FUND
BBHR 29,803.908 504,580.16
ITT EMERGING MARKETS FD JP MORGAN AGGRESSIVE FD
BBHQ 5,465.351 123,298.31
BBHR 5,053.324 114,002.98
F-20
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS(HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
---- ----------------------- ----------------------------- --------------
JPMCB US ACT FIX CORE ITTS FIXED CORE FUND
BBHP 61,428.410 1,504,996.04
BBHQ 77,573.600 1,900,553.20
BBHR 26,181.082 641,436.50
JPMCB US SMALL COMP EQ2 ITTS US SH CAP EQ FD
BBHQ 8,002.070 117,790.47
BBHR 8,959.298 131,880.86
JPMCB US REAL ESTATE SEC ITTS US REAL EST SEC FUND
BBHQ 5,523.829 105,836.56
BBHR 6,115.094 117,165.20
JPMCB DISC EQ FD ITTS EQUITY FUND
BBHP 8,086.300 161,564.25
BBHQ 50,511.136 1,009,212.49
JPMCB STRAT SMALL COMP EQ ITTS STRAT SH CO EQ FD
BBHP 2,602.470 57,280.45
BBHQ 20,644.251 454,379.96
BBHR 17,729.412 390,224.35
JP MORGAN EMERG MKTS EQ FOC FD ITTS EMERG MKTS EQ OPP FD
BBHR 6,427.796 96,609.77
JPM INDEX ITT JP MORGAN INDEX FUND
BBHJ 8,875,652.203 180,442,009.29
JANUS CAP GROUP INC COM
BBHI 41,100.000 674,451.00
JEFFERSON PILOT CORP COM
BBHL 17,700.000 896,505.00
KIMBERLY CLARK CORP COM
BBHI 17,000.000 1,010,439.00
F-21
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS(HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
---- ------------------------- ----------------------------- -------------
KROGER CO COM
BBHI 29,400.000 544,194.00
BBHL 20,800.000 385,008.00
LEAR CORP COM
BBHL 11,700.000 717,561.00
LEHMAN BROTHERS HLDGS INC COM
BBHL 16,200.000 1,250,964.00
LIMITED BRANDS INC COM
BBHI 20,700.000 373,221.00
LINENS N THINGS INC COM
BBHI 10,300.000 309,824.00
LOCKHEED MARTIN CORP COM
BBHI 7,500.000 385,500.00
LUBRIZOL CORP COM
BBHL 7,200,000 234,144.00
MAGNA INTL INC CL A SUB VTG
BBHL 9,900.000 792,495.00
MANPOWER INC WIS COM
BBHI 17,000.000 800,360.00
MAY DEPT STORES CO COM
BBHL 27,600.000 802,332.00
MAYTAG CORP COM
BBHI 17,400.000 484,590.00
MEADWESTVACO CORP COM
BBHI 23,900.000 711,025.00
BBHL 26,750.000 795,812.50
F-22
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS(HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (c) DESCRIPTION OF INVESTMENT VALUE
---- -------------------------- ----------------------------- ------------
MEDCO HEALTH SOLUTIONS INC COM
BBHI 10,200.000 346,698.00
MEDIMMUNE INC COM
BBHI 20,500.000 520,700.00
MELLON FINL CORP COM
BBHI 28,900.000 927,979.00
MENTOR GRAPHICS CORP COM
BBHI 18,600.000 270,444.00
MERCK + CO INC COM
BBHI 14,200.000 656,040.00
MERRILL LYNCH + CO INC COM
BBHI 12,700.000 744,855.00
METLIFE INC COM
BBHL 30,000.000 1,010,100.00
MICROSOFT CORP COM
BBHI 30,000.000 826,200.00
MILLENNIUM CHEMICALS INC COM
BBHL 10,400.000 131,872.00
MOTOROLA INC COM
BBHI 6,500.000 91,455.00
NATIONAL CITY CORP COM
BBHL 34,100.000 1,157,354.00
NATIONAL FINL PARTNERS CORP COM
BBHI 13,900.000 382,945.00
F-23
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS(HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
---- -------------------------- ----------------------------- -------------
NAVISTAR INTL CORP INC COM
BBHI 6,900.000 330,441.00
NORDSTROM INC COM
BBHI 13,300.000 456,190.00
NORFOLK SOUTHN CORP COM
BBHL 57,700.00 1,364,605.00
MORTEL NETWORKS CORP COM
BBHL 195,800.000 828,234.00
NORTHROP GRUNMAN CORP COM
BBHI 13,100.000 1,252,360.00
OCCIDENTAL PETE CORP COM
BBHL 37,900.000 1,600,896.00
OLIN CORP COM PAR 1
BBHI 41,000.000 822,460.00
OVERNITE CORP COM
BBHI 5,900.000 134,225.00
OWENS ILL INC COM NEW
BBHL 21,600.000 256,824.00
PARKER HANNIFIN CORP COM
BBHL 7,600,000 452,200.00
PEPSICO INC COM
BBHL 21,900.000 1,020,978.00
PFIZER INC COM
BBHI 38,300.000 1,353,139.00
BBHL 44,200.000 1,561,586.00
F-24
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
---- ----------------------------- ----------------------------- --------------
POLO RALPH LAUREN CORP CL A
BBHI 33,700.000 970,560.00
QWEST DIAGNOSTICS INC COM
BBHI 5,200.000 380,172.00
QWEST COMMUNICATIONS INTL INC COM
BBHL 190,200.000 821,664.00
RADIO ONE INC MON VTG CL D
BBHI 44,400.000 856,920.00
ROMAN COS INC COM
BBHI 45,500.000 1,054,235.00
SBC COMMUNICATIONS INC COM
BBHI 33,400.000 870,738.00
BBHL 22,500.000 586,575.00
SAFEWAY INC COM NEW
BBHL 22,400.000 490,784.00
SANMINA SCI CORP COM
BBHL 36,400.000 459,004.00
SCHLUMBERGER LTD COM
BBHI 28,900.000 1,581,408.00
SEARS ROEBUCK + CO COM
BBHL 8,000.000 363,920.00
SEMPRA ENERGY COM
BBHL 3,900.000 117,234.00
SMURFIT STONE CONTAINER CORP COM
BBHL 50,600.000 939,642.00
F-25
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
------------------------------------------------------------------------------------------------------
SOLECTROM CORP COM
BBHL 111,800.000 660,738.00
SOUTHWEST BANCORPORATION TEX COM
BBHI 15,000.000 582,750.00
SPINNAKER EXPL CO COM
BBHI 15,900.000 513,093.00
SPRINT CORP COM
BBHL 41,500.000 681,430.00
SPRINT CORP PCS COM SER 1
BBHL 76,375.000 429,227.50
SYBASE INC COM
BBHI 10,100.000 207,858.00
SYHBOL TECHNOLOGIES INC COM
BBHI 59,900.000 1,011,711.00
TECH DATA CORP COM
BBHL 17,900.000 710,451.00
TELLABS INC COM
BBHI 49,200.000 414,756.00
BBHL 76,300.000 643,209.00
TEMPLE INLAND INC COM
BBHI 19,000.000 1,190,730.00
TEXTROM INC COM
BBHL 22,700.000 1,295,262.00
THOMAS + BETTS CORP COM
BBHL 6,300.000 144,207.00
F-26
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS(HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
---- ---------------------------- ----------------------------- -------------
TORCHMARK INC COM
BBHL 14,600.000 664,884.00
TOTAL SA SPONSORED ADR
BBHI 8,700.000 804,837.00
TRAVELERS PPTY CAS CORP NEW CL A
BBHL 23,800.000 399,364.00
V F CORP COM
BBHL 20,750.000 897,230.00
VALERO ENERGY CORP COM
BBHL 9,800.000 454,132.00
VIACOM INC CL B FORMERLY COH HOH VT6
BBHI 22,000.000 976,360.00
VISHAY INTERTECHNOLOGIES INC COM
BBHI 21,400.000 490,060.00
WACHOVIA CORP 2ND NEW COM
BBHL 29,200.000 1,360,428.00
WASHINGTON MUT INC COM
BBHL 24,000.000 962,880.00
WENDYS INTL INC COM
BBHI 18,200.000 714,168.00
WESTWOOD ONE INC COM
BBHI 10,900.000 372,889.00
WHIRLPOOL CORP COM
BBHL 6,100.000 443,165.00
F-27
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
---- ----------------------- ----------------------------- ---------------
WISCONSIN- ENERGY CORP COM
BBHL 10,300.000 344,535.00
WYETH COM
BBHL 18,900.000 802,305.00
-------------- --------------
21,099,586.914 878,946,077.78
F-28
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT VALUE
----- ----------- ----------------------------- -------------
LOANS TO PARTICIPANTS - OTHER
PARTICIPANTS LOANS
BBHY 22,267,395.980 22,267,395.98
-------------- -------------
22,267,395.980 22,267,395.98
F-29
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (C) DESCRIPTION OF (E) CURRENT
FUND UNITS INVESTMENT VALUE
----- ---------- ------------------- -----------
COMMON/COLLECTIVE TRUSTS
JPMCB CORPORATE HIGH YIELD OPPORTUNITY FUND
BBHQ 7,752.508 122,644.67
BBHR 7,167.256 113,385.98
---------- ----------
14,919.764 236,030.65
F-30
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1 ON PAGE F-32)
(A) (B) ISSUER/ (C) DESCRIPTION OF (E) CURRENT
FUND UNITS INVESTMENT VALUE
----- ----------- ------------------- --------------
REGISTERED INVESTMENT COMPANY
AMERICAN CENTY QUANTITATIVE SMALL CAP
QUANTITATIVE FD INV
BBHO 4,137,290.840 34,546,378.51
AMERICAN CENTY MUT FDS INC TWENTIETH CENTY
ULTRA FD INV
BBHN 2,370,601.380 63,176,526.83
JPNCB STRATEGIC PROPERTY FHD
BBHQ 120.049 116,366.13
BBHR 128.674 124,726.53
JPNCB EAFE EQ OPP FUND ITT EQUITY
OPPORTUNITIES FUND
BBHP 4,254.970 50,932.02
BBHQ 23,504.795 281,352.39
BBHR 34,841.626 417,054.26
JPNCB US AALYST FUND
BBHP 8,542.500 80,812.04
BBHQ 88,747.712 839,553.35
BBHR 118,172.382 1,117,910.73
JPNCB EMERGING MARKETS FIXED INCOME
BBHQ 10,613.925 135,115.26
BBHR 7,623.402 97,045.90
JPNCB EAFE PLUS FUND MGT EAFE PLUS FUND
BBHP 4,240.090 51,305.02
BBHQ 29,878.470 361,529.48
BBHR 35,319.952 427,371,41
NEW PERSPECTIVE FUND INC
BSHM 2,214,570.740 54,234,837.34
------------- --------------
9,088,451.507 156,058,817.20
F-31
EIN: 13-5158950
PN: 100
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
FORM 5500, SCHEDULE H, ITEM 4i-- SCHEDULE OF ASSETS (HELD AT END OF YEAR)
AS OF DECEMBER 31, 2003 (AS RESTATED SEE NOTE 1)
(A) (B) ISSUER/ (C) DESCRIPTION OF (E) CURRENT
FUND UNITS INVESTMENT VALUE
----- ----------- ------------------------- --------------
INSURANCE CO. GENERAL ACCOUNT
BANK OF AMERICA 3.910 06/30/2006
BBHB 161,441,683.57 161,441,683.57
BUSINESS MENS ASSURANCE CO BMA 1442 4.800 08/01/2005
BBHB 10,562,595.69 10,562,595.69
ITT INDUSTRIES SAVING + INV DEUTSCHE ASSET MGMT
BBHB 183,291,090.940 183,291,090.94
ITT INDUSTRIES AIYY101 GIC FUND
BBHB 18,298,700.000 18,298,700.00
MONUMENTAL MDA00541TR
BBHB 186,335,163.570 186,335,163.57
PYRAMID GIC FD
BBHB 17,366,355.510 17,366,355.51
--------------- ----------------
577,295,589.280 577,295,589.28
Total 1,733,724,890.62
================
1. RESTATEMENT
Subsequent to the issuance of the Plan's 2003 financial statements and
supplemental schedule, Plan management determined that the Schedule of Assets
(Held at End of Year) as of December 31, 2003, inappropriately included the
underlying investment components of certain synthetic guaranteed investment
contracts with a total value of $467,467,646, in the asset categories Interest
Bearing Cash, Other and Registered Investment Company. The investments in these
guaranteed investment contracts were also appropriately reported in the
supplemental schedule within the asset category Insurance Company General
Account.
As a result, the supplemental schedule has been restated to remove the
inappropriate investment information from the asset categories Interest
Bearing Cash, Other and Registered Investment Company. The following table
summarizes the effect of the restatement at December 31, 2003:
Asset Category As Previously Reported As Restated
-------------- ---------------------- -----------
Interest Bearing Cash $ 81,279,655 $ 77,961,365
Other 210,056,683 --
Registered Investment
Company 410,151,490 156,058,817
There is no effect on any amounts in the financial statements or notes thereto.
F-32