SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(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 1-5627
ITT INDUSTRIES INVESTMENT AND SAVINGS PLAN FOR SALARIED EMPLOYEES
ITT INDUSTRIES, INC.
4 WEST RED OAK LANE, WHITE PLAINS, NY 10604
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 F-11 - F-34
Exhibit 23 - Consent of Independent Registered Public Accounting Firm F-35
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.
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
BBHC PAGE: 2
COMPOSITE AS-OF DATE : 12/31/O3
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (B) ORIGINAL COST VALUE
---- -------------- ----------------------------- ----------------- -----------------
INTEREST BEARING CASH
JPMCB PUBLIC BONDS FUND MUTUAL FUND
1,533,025.800 26,511,213.24 27,839,748.58
BBHS 1,533,025.800 26,511,213.24 27,839,748.58
JPMCB MORTGAGE PRIVATE PLACEMENT FD
473,298.480 9,251,379.76 9,664,754.85
BBHS 473,298.480 9,251,379.76 9,664,754.85
MORGAN GUARANTY TRUST CO OF NY LIQUIDITY FUND 0.001 12/31/2003
933,226.68 933,226.68 933,226.68
BBHP 104,695.06 104,695.O6 104,695.06
BBHQ 70,108.23 70,108.23 70,108.23
BBHR 191,644.80 191,644.80 191,644.80
BBHS 566,778.59 566,778.59 566,778.59
PYRAMID DIRECTED ACCOUNT CASH FUND
0.000 0.00 0.00
BBHJ 0.000 0.00 0.00
STATE STREET BANK + TRUST CO SHORT TERM INVESTMENT FUND
42,841,924.720 42,841,924.72 42,841,924.72
BBHA 3,212,780.420 3,212,780.42 3,212,780.42
BBHB 19,766,901.260 19,766,901.26 19,766,901.26
BBHF 5.530 5.53 5.53
BBHI 14,834,027.380 14,834,027.38 14,834,027.38
BBHL 1,667,926.090 1,667,926.09 1,667,926.09
BBHV 88,323.870 88,323.87 88,323.87
BBHW 74,964.070 74,964.07 74,964.07
BBHX 3,046,960.010 3,046,960.01 3,046,960.01
BBHZ 150,036.090 150,036.09 150,036.09
-------------- ------------- ----------------
45,781,475.680 79,537,744.40 81,279,654.83
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
BBHC PAGE: 3
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (D) ORIGINAL (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT COST VALUE
---- ------------------------- ----------------------------- ------------- -------------
U.S. GOVERNMENT SECURITIES
FNMA POOL 481585
126,562.390 124,663.94 131,118.06
BBHI 126,562.390 124,663.94 131,118.06
FNMA POOL 491783
133,875.330 133,739.36 140,744.70
BBHI 133,875.330 133,739.36 140,744.70
UNITED STATES TREAS BDS DTD 8/15/83 8/15/13 08
3,675,000.000 5,256,838.08 5,077,530.67
BBHI 3,675,000.000 5,256,838.08 5,077,530.67
UNITED STATES TREAS NTS
4,840,000.000 4,882,350.00 4,873,463.76
BBHI 4,840,000.000 4,882,350.00 4,873,463.76
UNITED STATES TREAS NTS
3,420,000.000 3,442,176.56 3,437,233.38
BBHI 3,420,000.000 3,442,176.56 3,437,233.38
UNITED STATES TREAS NTS
5,705,000.000 5,727,810.94 5,724,613.79
BBHI 5,705,000.000 5,727,810.94 5,724,613.79
-------------- ------------- -------------
17,900,437.720 19,567,578.88 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
BBHC
PAGE : 4
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (D) ORIGINAL (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT COST VALUE
---- ------------ ----------------------------- ----------- ----------
CORP. DEBT INSTR. - PREFERRED
ASSOCIATES CORP NORTH AMER
310,000.000 287,456.80 324,861.09
BBHI 310,000.000 287,456.80 324,861.09
GENERAL ELEC CAP CORP MTN TRANCHE TR 00448
225,000.000 224,876.25 229,379.62
BBHI 225,000.000 224,876.25 229,379.62
MCDONALDA CORP MTN TRANCHE TR 00086
240,000.000 239,882.40 244,496.88
BBHI 240,000.000 239,882.40 244,496.88
----------- ----------- ----------
775,000.000 752,215.45 798,737.59
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
BBHC PAGE: 5
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (D) ORIGINAL (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT COST VALUE
----- ----------- ----------------------------- ----------- ----------
CORPORATE STOCKS - PREFERRED
NEWS CORP LTD SPNSRD ADR REP PFD LTD
25,658.600 635,547.76 776,172.52
BBHI 25,658.600 635,547.76 776,172.52
---------- ---------- ----------
25,658.600 635,547.76 776,172.52
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
PAGE: 6
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (D) ORIGINAL (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT COST VALUE
---- ------------ ----------------------------- ------------ ------------
CORPORATE STOCKS - COMMON
COOPER INDUSTRIES LTD SHS A
10,300.000 458,732.42 596,679.00
BBHL 10,300.000 458,732.42 596,679.00
REMAISSANCERE HOLDINGS LTD SHS
8,900.000 397,219.97 436,545.00
BBHL 8,900.000 397,219.97 436,545.00
TRANSOCEAN INC SHS
26,000.000 611,997.74 624,260.00
BBHI 26,000.000 611,997.74 624,260.00
WEATHERFORD INTL LTD COMMON STOCK
25,500.000 969,801.92 918,000.00
BBHI 25,500.000 969,801.92 918,000.00
XL CAPITAL LTD SHS A
21,700.000 1,579,358.97 1,682,835.00
BBHI 21,700.000 1,579,358.97 1,682,835.00
FLEXTRONICS INTERNATIONAL LTD SHS
63,600.000 799,718.95 943,824.00
BBHL 63,600.000 799,718.95 943,824.00
ADC TELECOMMUNICATIONS INC COM
68,200.000 173,609.92 202,554.00
BBHL 68,200.000 173,609.92 202,554.00
AMR CORP DEL COM
64,800.000 812,639.55 839,160.00
BBHI 64,800.000 812,639.55 839,160.00
ABBOTT LABS COM NPV
1,000.000 37,837.45 46,600.00
BBHI 1,000.000 37,837.45 46,600.00
AGILENT TECHNOLOGIES INC COM
26,900.000 548,074.44 786,556.00
BBHI 26,900.000 548,074.44 786,556.00
ALTRIA GROUP INC COM
15,000.000 610,608.86 816,300.00
BBHL 15,000.000 610,608.86 816,300.00
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
BBHC PAGE: 7
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
---- ---------------------- ----------------------------- ----------------- -------------
AMERADA HESS CORP COM NPV
6,300.000 306,910.17 334,971.00
BBHI 6,300.000 306,910.17 334,971.00
AMERICAN ELEC PWR INC COM
44,700.000 1,917,823.64 1,363.797.00
BBHL 44,700.000 1,917,823.64 1,363,797.00
AMERISOURCEBERGEN CORP COM
2,600.000 140,984.89 145,990.00
BBHI 2,600.000 140,984.89 145,990.00
APOGENT TECHNOLOGIES INC COM
22,400.000 509,474.79 516,096.00
BBHI 22,400.000 509,474.79 516,096.00
ARCH COAL INC COM
25,100.000 477,616.13 782,367.00
BBHI 25,100.000 477,616.13 782,367.00
ARRON ELECTRS INC COM
20,000.000 489,031.36 462,800.00
BBHI 20,000.000 489,031.36 462,800.00
AVENTIS SPONSORED ADR
4,800.000 257,304.48 318,048.00
BBHL 4,800.000 257,304.48 318,048.00
AVNET INC COM
18,500.000 477,492.40 400,710.00
BBHL 18,500.000 477,492.40 400,710.00
BJ SVCS CO COM
11,800.000 413,287.68 423,620.00
BBHL 11,800.000 413,287.68 423,620.00
BP PLC SPONSORED ADR
11,600.000 553,993.87 572,460.00
BBHL 11,600.000 553,993.87 572,460.00
BANK AMER CORP COM
20,900.000 1,187,463.80 1,680,987.00
BBHL 20,900.000 1,187,463.80 1,680,987.00
BANK NEW YORK INC COM
33,500.000 872,654.45 1,109,520.00
BBHI 33,500.000 872,654.45 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)
BBHC AS OF DECEMBER 31,2003
PAGE: 8
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
---- ----- ----------------------------- ----------------- -----
BANK ONE CORP COM
16,900.000 703,786.72 770,471.00
BBHI 16,900.000 703,786.72 770,471.00
BARRICK G0LD CORP COM
19,500.000 426,825.75 442,845,00
BBHI 19,500.000 426,825.75 442,845.00
BOISE CASCADE CORP COM
46,300.000 1,270,204.15 1,521,418.00
BBHI 46,300.000 1,270,204.15 1,521,418.00
BRINKER INTL INC COM
14,700.000 473,376.73 487,452.00
BBHI 14,700.000 473,376.73 487,452.00
BRISTOL HYERS SQUIBB CO COM
19,300.000 527,949.62 551,980.00
BBHI 19,300.000 527,949.62 551,980.00
BURLINGTON NORTHN SANTA FE COM
20,700.000 551,533.78 669,645.00
BBHL 20,700.000 551,533.78 669,645.00
CSX CORP COM
43,700.000 1,741,629.93 1,570,578.00
BBHI 21,000.000 587,404.20 754,740.00
22,700.000 1,154,225.73 815,838.00
CAMBREX CORP COM
18,600.000 620,252.77 469,836.00
BBHI 18,600.000 620,252.77 469,836.00
CERIDIAN CORP NEW COM
50,500.000 802,814.76 1,057,470.00
BBHI 50,500.000 802,814.76 1,057,470.00
CHEVRONTEXACO CORP COM
10,400.000 861,015.56 898,456.00
BBHL 10,400.000 861,015.56 898,456.00
CHUBB CORP COM
23,200.000 1,444,494.96 1,579,920.00
BBHL 23,200.000 1,444,494.96 1,579,920.00
CITIGROUP INC COM
29,100.000 1,362,769.83 1,412,514.00
BBHL 29,100.000 1,362,769.83 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
BBHC. PAGE: 9
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
---- -------------------------- ----------------------------- ----------------- ------------
COMCAST CORP NEW CL A SPL
27,900.000 890,562.84 872,712.00
BBHL 27,900.000 890,562.84 872,712.00
COMPASS MINERALS INTL INC COM
13,500.000 178,122.58 192,780.00
BBHI 13,500.000 178,122.58 192,780.00
COMOCOPHILLIPS COM
35,244.000 1,797,407.41 2,310.949.08
BBHL 35,244.000 1,797,407.41 2,310.949.08
CONSOL ENERGY INC COM
20,900.000 391,938.79 541,310.00
BBHI 20,900.000 391,938.79 541,310.00
COOPER TIRE + RUBR CO COM
6,500.000 155,988.55 138,970.00
BBHL 6,500.000 155,988.55 138,970.00
COSTCO WHSL CORP NEW COM
21,800.000 695,547.38 810,524.00
BBHI 21,800.000 695,547.38 810,524.00
DIRECTV GROUP INC COM
86,355.380 1,076,817.16 1,429,181.47
BBHI 86,355.380 1,076,817.16 1,429,181.47
DONNELLEY R R & SONS CO COM
6,400.000 167,976.94 192,960.00
BBHL 6,400.000 167,976.94 192,960.00
DOUBLECLICK INC COM
39,700.000 341,277.42 405,734.00
BBHI 39,700.000 341,277.42 405,734.00
EATON VANCE CORP COM NO VTG
11,900.000 410,550.00 436,016.00
BBHI 11,900.000 410,550.00 436,016.00
EDWARDS A G INC COM
15,400.000 542,411.94 557,942.00
BBHI 15,400.000 542,411.94 557,942.00
ENTERGY CORP COM
14,100,000 721,833.72 805,533.00
BBHL 14,100,000 721,833.72 805,533.00
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
BBHC PAGE: 10
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
---- ------------------------- ----------------------------- ----------------- ------------
FHC TECHNOLOGIES INC COM
13,848.000 234,438.79 322,658.40
BBHI 13,848.000 234,438.79 322,658.40
FEDERAL HOME LN MTG CORP. COM
8,300.000 525,954.40 484,056.00
BBHL 8,300.000 525,954.40 484,056.00
FEDERAL HATK HTG ASSH COM
17,100.000 1,324,417.85 1,283,526.00
BBHL 17,100.000 1,324,417.85 1,283,526.00
FEDERATED DEPT STORES INC DEL COM
8,400.000 294,376.02 395,892.00
BBHL 8,400.000 294,376.02 395,892.00
FISHER SCIENTIFIC INTL INC COM NEW
18,800.000 523,980.73 777,756.00
BBHI 18,800.000 523,980.73 777,756.00
FLEETBOSTON FINL CORP COM
16,100.000 591,183.28 702,765.00
BBHL 16,100.000 591,183.28 702,765.00
GENERAL ELEC CO COM
41,400.000 1,258,071.32 1,282,572.00
BBHL 41,400.000 1,258,071.32 1,282,572.00
GENUINE PARTS CO COM
19,546.000 540,298.56 648,927.20
BBHL 19,546.000 540,298.56 648,927.20
GLAXOSMITHKLINE PLC SPONSORED ADR
33,300.000 1,354,678.25 1,552,446.00
BBHL 33,300.000 1,354,678.25 1,552,446.00
GOLDEN WEST FINL CORP DEL COM
11,000.000 674,848.99 1,135,090.00
BBHL 11,000.000 674,848.99 1,135,090.00
GOODRICH CORP COM
12,900.00 287,205.66 383,001.00
BBHI 12,900.00 287,205.66 383,001.00
GREAT LAKES CHEMICAL CORP COM
33,400.000 704,185.70 908,146.00
BBHI 33,400.000 704,185.70 908,146.00
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
BBHC. PAGE: 11
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
---- -------------------- ----------------------------- ----------------- ------------
GUIDANT CORP COM
4,800.000 261,083.31 288,960.00
BBHL 4,800.000 261,083.31 288,960.00
HALLIBURTOH CO COM
40,400.000 950,938.29 1,050,400.00
BBHI 40,400.000 950,938.29 1,050,400.00
HARMONY GOLD MNG LTD SPONSERED ADR
43,200.000 521,677.95 701,136.00
BBHI 43,200.000 521,677.95 701,136.00
HEWITT ASSOCS INC COM
12,100.000 292,243.84 361,790.00
BBHI 12,100.000 292,243.84 361,790.00
HEWLETT PACKARD CO COM
88,600.000 2,266,434.72 2,035,142.00
BBHL 88,600.000 2,266,434.72 2,035,142.00
INC GLOBAL INC COM
34,500.000 238,324.90 342,585.00
BBHI 34,500.000 238,324.90 342,585.00
ITT INDS INC COM
7,833,063.00 273,027,558.03 581,291,605.23
BBHA 7,833,063.00 273,027,558.03 581,291,605.23
INGRAM MICRO INC CL A
18,600.000 269,460.99 295,740.00
BBHL 18,600.000 269,460.99 295,740.00
INTERNATIONAL PAPER CO COM
12,896.000 495,798.02 555,946.56
BBHL 12,896.000 495,798.02 555,946.56
INTERPUBLIC GROUP COS INC COM
51,700.000 720,314.86 806,520.00
BBHI 51,700.000 720,314.86 806,520.00
JPMCB MACS EQUITY ITTS MACS EQUITY FUND
29,803.908 444,996.34 504,580.16
BBHR 29,803.908 444,996.34 504,580.16
ITT EMERGING MARKETS FD JP MORGAN AGGRESSIVE FD
10,518.675 204,408.42 237,301.29
BBHQ 5,465.351 105,147.02 123,298.31
BBHR 5,053.324 99,261.40 114,002.98
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
BBHC PAGE: 12
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
---- ----------------------- ----------------------------- ----------------- --------------
JPMCB US ACT FIX CORE ITTS FIXED CORE FUND
165,183.092 3,977,265.75 4,046,985.74
BBHP 61,428.410 1,476,839.48 1,504,996.04
BBHQ 77,573.600 1,866,267.41 1,900,553.20
BBHR 26,181.082 634,158.86 641,436.50
JPMCB US SMALL COMP EQ2 ITTS US SH CAP EQ FD
16,961.368 230,193.93 249,671.33
BBHQ 8,002.070 106,360.44 117,790.47
BBHR 8,959.298 123,833.49 131,880.86
JPMCB US REAL ESTATE SEC ITTS US REAL EST SEC FUND
11,638.923 176,635.86 223,001.76
BBHQ 5,523.829 82,386.56 105,836.56
BBHR 6,115.094 94,249.30 117,165.20
JPMCB DISC EQ FD ITTS EQUITY FUND
58,597.436 1,019,612.53 1,170,776.74
BBHP 8,086.300 144,042.63 161,564.25
BBHQ 50,511.136 875,569.90 1,009,212.49
JPMCB STRAT SMALL COMP EQ ITTS STRAT SH CO EQ FD
40,976.133 726,034.16 901,884.76
BBHP 2,602.470 42,921.88 57,280.45
BBHQ 20,644.251 357,001,25 454,379.96
BBHR 17,729.412 326,111.03 390,224.35
JP MORGAN EMERG MKTS EQ FOC FD ITTS EMERG MKTS EQ OPP FD
6,427.796 77,361.10 96,609.77
BBHR 6,427.796 77,361.10 96,609.77
JPM INDEX ITT JP MORGAN INDEX FUND
8,875,652.203 155,295,403.35 180,442,009.29
BBHJ 8,875,652.203 155,295,403.35 180,442,009.29
JANUS CAP GROUP INC COM
41,100.000 652,887.84 674,451.00
BBHI 41,100.000 652,887.84 674,451.00
JEFFERSON PILOT CORP COM
17,700.000 851,777.65 896,505.00
BBHL 17,700.000 851,777.65 896,505.00
KIMBERLY CLARK CORP COM
17,100.000 823,869.96 1,010,439.00
BBHI 17,000.000 823,869.96 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
BBHC PAGE: 13
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
---- ------------------------- ----------------------------- ------------------ -------------
KROGER CO COM
50,200.000 901,549.62 929,202.00
BBHI 29,400.000 526,345.49 544,194.00
BBHL 20,800.000 375,204.13 385,008.00
LEAR CORP COM
11,700.000 525,042.39 717,561.00
BBHL 11,700.000 525,042.39 717,561.00
LEHMAN BROTHERS HLDGS INC COM
16,200.000 1,117,733.84 1,250,964.00
BBHL 16,200.000 1,117,733.84 1,250,964.00
LIMITED BRANDS INC COM
20,700.000 337,496.33 373,221.00
BBHI 20,700.000 337,496.33 373,221.00
LINENS N THINGS INC COM
10,300.000 248,948.10 309,824.00
BBHI 10,300.000 248,948.10 309,824.00
LOCKHEED MARTIN CORP COM
7,500.000 385,436.22 385,500.00
BBHI 7,500.000 385,436.22 385,500.00
LUBRIZOL CORP COM
7,200.000 243,085.50 234,144.00
BBHL 7,200,000 243,085.50 234,144.00
MAGNA INTL INC CL A SUB VTG
9,900.000 573,120.99 792,495.00
BBHL 9,900.000 573,120.99 792,495.00
MANPOWER INC WIS COM
17,000.000 571,270.34 800,360.00
BBHI 17,000.000 571,270.34 800,360.00
MAY DEPT STORES CO COM
27,600.000 984,097.40 802,332.00
BBHL 27,600.000 984,097.40 802,332.00
MAYTAG CORP COM
17,400.000 463,173.55 484,590.00
BBHI 17,400.000 463,173.56 484,590.00
MEADWESTVACO CORP COM
60,650.000 1,295,661.18 1,506,837.50
BBHI 23,900.000 573,112.88 711,025.00
BBHL 26,750.000 722,548.30 795,812.50
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
BBHC PAGE: 14
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (c) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
---- -------------------------- ----------------------------- ----------------- ------------
MEDCO HEALTH SOLUTIONS INC COM
10,200.000 255,078.46 346,698.00
BBHI 10,200.000 255,078.46 346,698.00
MEDIMMUNE INC COM
20,500.000 540,550.68 520,700.00
BBHI 20,500.000 540,550.68 520,700.00
MELLON FINL CORP COM
28,900.000 834,840.48 927,979.00
BBHI 28,900.000 834,840.48 927,979.00
MENTOR GRAPHICS CORP COM
18,600.000 289,344.42 270,444.00
BBHI 18,600.000 289,344.42 270,444.00
MERCK + CO INC COM
14,200.000 632,960.29 656,040.00
BBHI 14,200.000 632,960.29 656,040.00
MERRILL LYNCH + CO INC COM
12,700.000 503,818.53 744,855.00
BBHI 12,700.000 503,818.53 744,855.00
METLIFE INC COM
30,000.000 773,812.60 1,010,100.00
BBHL 30,000.000 773,812.60 1,010,100.00
MICROSOFT CORP COM
30,000.000 784,977.35 826,200.00
BBHI 30,000.000 784,977.35 826,200.00
MILLENNIUM CHEMICALS INC COM
10,400.000 306,513.98 131,872.00
BBHL 10,400.000 306,513.98 131,872.00
MOTOROLA INC COM
6,500.000 90,989.85 91,455.00
BBHI 6,500.000 90,989.85 91,455.00
NATIONAL CITY CORP COM
34,100.000 804,755.55 1,157,354.00
BBHL 34,100.000 804,755.55 1,157,354.00
NATIONAL FINL PARTNERS CORP COM
13,900.000 359,748.64 382,945.00
BBHI 13,900.000 359,748.64 382,945.00
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
BBHC PAGE: 15
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
---- -------------------------- ----------------------------- ------------------ -------------
NAVISTAR INTL CORP INC COM
6,900.000 169,887.20 330,441.00
BBHI 6,900.000 169,887.20 330,441.00
HORDSTROM INC COM
13,300.000 261.516.49 456,190.00
BBHI 13,300.000 261,516.49 456,190.00
NORFOLK SOUTHN CORP COM
57,700.00 1,510,901.55 1,364,605.00
BBHL 57,700.00 1,510,901.55 1,364,605.00
MORTEL NETWORKS CORP COM
195,800.000 353,806.92 828,234.00
BBHL 195,800.000 353,806.92 828,234.00
NORTHROP GRUNMAN CORP COM
13,100.000 1,228,001.05 1,252,360.00
BBHI 13,100.000 1,228,001.05 1,252,360.00
OCCIDENTAL PETE CORP COM
37,900.000 1,016,957.06 1,600,896.00
BBHL 37,900.000 1,016,957.06 1,600,896.00
OLIN CORP COM PAR 1
41,000.000 704,268.72 822,460.00
BBHI 41,000.000 704,268.72 822,460.00
OVERNITE CORP COM
5,900.000 112,100.00 134,225.00
BBHI 5,900.000 112,100.00 134,225.00
OWENS ILL INC COM NEW
21,600.000 415,281.28 256,824.00
BBHL 21,600.000 415,281.28 256,824.00
PARKER HANNIFIN CORP COM
7,600.000 287,341.24 452,200.00
BBHL 7,600,000 287,341.24 452,200.00
PEPSICO INC COM
21,900.000 1,030,259.49 1,020,978.00
BBHL 21,900.000 1,030,259.49 1,020,978.00
PFIZER INC COM
82,500.000 2,784,096.46 2,914,725.00
BBHI 38,300.000 1,166,482.65 1,353,139.00
BBHL 44,200.000 1,617,613.81 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
BBHC PAGE: 16
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
---- ----------------------------- ----------------------------- ----------------- --------------
POLO RALPH LAUREH CORP CL A
33,700.000 765,968.96 970,560.00
BBHI 33,700.000 765,968.96 970,560.00
QWEST DIAGNOSTICS INC COM
5,200.000 336,442.06 380,172.00
BBHI 5,200.000 336,442.06 380,172.00
QWEST COMMUNICATIONS INTL INC COM
190,200.000 1,983,841.87 821,664.00
BBHL 190,200.000 1,983,841.87 821,664.00
RADIO ONE INC MON VTG CL D
44,400.000 706,193.15 856,920.00
BBHI 44,400.000 706,193.15 856,920.00
ROMAN COS INC COM
45,500.000 970,554.62 1,054,235.00
BBHI 45,500.000 970,554.62 1,054,235.00
SBC COMMUNICATIONS INC COM
55,900.000 1,637,915.81 1,457,313.00
BBHI 33,400.000 779,889.20 870,738.00
BBHL 22,500.000 858,026.61 586,575.00
SAFEWAY INC COM NEW
22,400.000 553,205.58 490,784.00
BBHL 22,400.000 553,205.58 490,784.00
SANMINA SCI CORP COM
36,400.000 244,504.65 459,004.00
BBHL 36,400.000 244,504,65 459,004.00
SCHLUMBERGER LTD COM
28,900.000 1,260,168.01 1,581,408.00
BBHI 28,900.000 1,260,168.01 1,581,408.00
SEARS ROEBUCK + CO COM
8,000.000 275,288.34 363,920.00
BBHL 8,000.000 275,288.34 363,920.00
SEMPRA ENERGY COM
3,900.000 92,373.49 117,234.00
BBHL 3,900.000 92,373.49 117,234.00
SMURFIT STONE CONTAINER CORP COM
50,600.000 893,939.65 939,642.00
BBHL 50,600.000 893,939.65 939,642.00
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
BBHC PAGE: 17
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
-----------------------------------------------------------------------------------------------------------------------
SOLECTROM CORP COM
111,800.000 998,761.70 660,738.00
BBHL 111,800.000 998,761.70 660,738.00
SOUTHWEST BANCORPORATION TEX COM
15,000.000 466,096.28 582,750.00
BBHI 15,000.000 466,096.28 582,750.00
SPINNAKER EXPL CO COM
15,900.000 347,993.11 513,093.00
BBHI 15,900.000 347,993.11 513,093.00
SPRINT CORP COM
41,500.000 525,945.73 681,430.00
BBHL 41,500.000 525,945.73 681,430.00
SPRINT CORP PCS COM SER 1
76,375.000 449,649.24 429,227.50
BBHL 76,375.000 449,649.24 429,227.50
SYBASE INC COM
10,100.000 150,868.99 207,858.00
BBHI 10,100.000 150,868.99 207,858.00
SYHBOL TECHNOLOGIES INC COM
59,900.000 697,115.26 1,011,711.00
BBHI 59,900.000 697,115.26 1,011,711.00
TECH DATA CORP COM
17,900.000 653,838.93 710,451.00
BBHL 17,900.000 653,838.93 710,451.00
TELLABS INC COM
125,500.000 1,373,647.79 1,057,965.00
BBHI 49,200.000 359,396.80 414,756.00
BBHL 76,300.000 1,014,250.99 643,209.00
TEMPLE INLAND INC COM
19,000.000 892,597.30 1,190,730.00
BBHI 19,000.000 892,597.30 1,190,730.00
TEXTROM INC COM
22,700.000 858,239.61 1,295,262.00
BBHL 22,700.000 858,239.61 1,295,262.00
THOMAS + BETTS CORP COM
6,300.000 183,666.82 144,207.00
BBHL 6,300.000 183,666.82 144,207.00
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
BBHC PAGE: 18
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
---- ---------------------------- ----------------------------- ----------------- -------------
TORCHMARK INC COM
14,600.000 582,964.66 664,884.00
BBHL 14,600.000 582,964.66 664,884.00
TOTAL SA SPONSORED ADR
8,700.000 602,175.70 804,837.00
BBHI 8,700.000 602,175.70 804,837.00
TRAVELERS PPTY CAS CORP NEW CL A
23,800.000 380,029.68 399,364.00
BBHL 23,800.000 380,029.68 399,364.00
V F CORP COM
20,750.000 834,833.90 897,230.00
BBHL 20,750.000 834,833.90 897,230.00
VALERO ENERGY CORP COM
9,800.000 324,949.72 454,132.00
BBHL 9,800.000 324,949.72 454,132.00
VIACOH INC CL B FORMERLY COH HOH VT6
22,000.000 854,669.34 976,360.00
BBHI 22,000.000 854,669.34 976,360.00
VISHAY INTERTECHNOLOGIES INC COM
21,400.000 313,902.19 490,060.00
BBHI 21,400.000 313,902.19 490,060.00
WACHOVIA CORP 2ND NEW COM
29,200.000 903,312.57 1,360,428.00
BBHL 29,200.000 903,312.57 1,360,428.00
WASHINGTON MUT INC COM
24,000.000 818,774.28 962,880.00
BBHL 24,000.000 818,774.28 962,880.00
WENDYS INTL INC COM
18,200.000 547,623.02 714,168.00
BBHI 18,200.000 547,623.02 714,168.00
WESTWOOD ONE INC COM
10,900.000 356,053.47 372,889.00
BBHI 10,900.000 356,053.47 372,889.00
WHIRLPOOL CORP COM
6,100.000 324,721.47 443,165.00
BBHL 6,100.000 324,721.47 443,165.00
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
BBHC PAGE: 19
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
---- ----------------------- ----------------------------- ------------------ ---------------
WISCONSIN- ENERGY CORP COM
10,300.000 265,857.26 344,535.00
BBHL 10,300.000 265,857.26 344,535.00
WYETH COM
18,900.000 881,609.89 802,305.00
BBHL 18,900.000 881,609.89 802,305.00
-------------- -------------- --------------
21,099,586.914 533,607,366.34 878,946,077.78
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
BBHC PAGE: 20
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
----- ----------- ----------------------------- ----------------- -------------
LOANS TO PARTICIPANTS - OTHER
PARTICIPANTS LOANS
22,267,395.980 22,267,395.98 22,267,395.98
BBHY 22,267,395.980 22,267,395.98 22,267,395.98
-------------- ------------- -------------
22,267,395.980 22,267,395.98 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
BBHC PAGE: 21
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
----- ----------- ----------------------------- ----------------- --------------
OTHER
PYRAMID INTERMEDIATE MANAGED MATURING FUND
148,530,476.290 155,705,934.87 154,345,444.44
BBHF 148,530,476.290 155,705,934.87 154,345,444.44
PYRAMID SHORT MNGD MATURING FD
67,923,140.370 63,733,179.20 55,711,238.96
BBHF 67,923,140.370 63,733,179.20 55,711,238.96
--------------- -------------- --------------
216,453,616.650 219,439,114.07 210,056,683.40
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
BBHC PAGE: 22
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
----- ---------- ----------------------------- ----------------- -----------
COMMON/COLLECTIVE TRUSTS
JPMCB CORPORATE HIGH YIELD OPPORTUNITY FUND
14,919.764 209,856.99 236,030.65
BBHQ 7,752.508 108,265.43 122,644.67
BBHR 7,167.256 101,591.56 113,385.98
---------- ---------- ----------
14,919.764 209,856.99 236,030.65
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
BBHC PAGE: 23
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
----- ----------- ----------------------------- ----------------- --------------
REGISTERED INVESTMENT COMPANY
AMERICAN CENTY QUANTITATIVE SMALL CAP QUANTITATIVE FD INV
4,137,290.840 31,001,950.39 34,546,378.51
BBHO 4,137,290.840 31,001,950.39 34,546,378.51
AMERICAN CENTY MUT FDS INC TWENTIETH CENTY ULTRA FD INV
2,370,601.380 52,033,767.77 63,176,526.83
BBHN 2,370,601.380 52,033,767.77 63,176,526.83
JPNCB STRATEGIC PROPERTY FHD
248.723 234,797.39 241,092.66
BBHQ 120.049 113,381.14 116,366.13
BBHR 128.674 121,416.25 124,726.53
JPNCB EAFE EQ OPP FUND ITT EQUITY OPPORTUNITIES FUND
62,601.391 600,396.60 749,338.67
BBHP 4,254.970 38,695.38 50,932.02
BBHQ 23,504.795 216,378.33 281,352.39
BBHR 34,841.626 345,322.89 417,054.26
JPNCB US AALYST FUND
215,462.594 1,787,388.15 2,038,276.12
BBHP 8,542.500 70,896.12 80,812.04
BBHQ 88,747.712 720,102.81 839,553.35
BBHR 118,172.382 996,389.22 1,117,910.73
JPNCB EMERGING MARKETS FIXED INCOME
18,237.327 176,801.74 232,161.16
BBHQ 10,613.925 100,190.92 135,115.26
BBHR 7,623.402 76,610.82 97,045.90
JPNCB EAFE PLUS FUND MGT EAFE PLUS FUND
69,438.512 725,148.66 840,205.91
BBHP 4,240.090 43,813.74 51,305.02
BBHQ 29,878.470 308,943.95 361,529.48
BBHR 35,319.952 372,390.97 427,371,41
NEW PERSPECTIVE FUND INC
2,214,570.740 51,556,505.01 54,234,837.34
BSHM 2,214,570.740 51,556,505.01 54,234,837.34
PYRAMID INTERMEDIATE FXD INC
126,367,741.230 198,528,909.39 254,092,672.00
BBHD 44,238,457.900 61,106,014.34 88,952,036.84
BBHG 82,129,283.330 137,422,895.05 165,140,635.16
F-32
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
BBHC PAGE: 24
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
----- ----------- ----------------------------- ----------------- --------------
135,456,192.737 336,645,665.10 410,151,489.20
F-33
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
BBHC PAGE: 25
COMPOSITE AS-OF DATE: 12/31/03
ASSETS HELD FOR INVESTMENT SCHEDULE G
(A) (B) ISSUER/ (E) CURRENT
FUND UNITS (C) DESCRIPTION OF INVESTMENT (D) ORIGINAL COST VALUE
----- ----------- ----------------------------- ----------------- --------------
INSURANCE CO. GENERAL ACCOUNT
BANK OF AMERICA 3.910 06/30/2006
161,441,683.57 161,441,683.57 161,441,683.57
BBHB 161,441,683.57 161,441,683.57 161,441,683.57
BUSINESS MENS ASSURANCE CO BMA 1442 4.800 08/01/2005
10,562,595.69 10,562,595.69 10,562,595.69
BBHB 10,562,595.69 10,562,595.69 10,562,595.69
ITT INDUSTRIES SAVING + INV DEUTSCHE ASSET MGMT
183,291,090.940 183,291,090.94 183,291,090.94
BBHB 183,291,090.940 183,291,090.94 183,291,090.94
ITT INDUSTRIES AIYY101 GIC FUND
18,298,700.000 18,298,700.00 18,298,700.00
BBHB 18,298,700.000 18,298,700.00 18,298,700.00
MONUMENTAL MDA00541TR
186,335,163.570 186,335,163.57 186,335,163.57
BBHB 186,335,163.570 186,335,163.57 186,335,163.57
PYRAMID GIC FD
17,366,355.510 17,366,355.51 17,366,355.51
BBHB 17,366,355.510 17,366,355.51 17,366,355.51
--------------- ---------------- --------------
577,295,589.280 577,295,589.28 577,295,589.28
F-34