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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ITT Inc | NYSE:ITT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.65 | 2.84% | 131.96 | 133.16 | 129.795 | 129.99 | 333,811 | 20:08:26 |
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ITT RETIREMENT SAVINGS PLAN
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PAGE
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Supplemental Schedule:
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/s/ Crowe Horwath LLP
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We have served as the Plan's auditor since 2015
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Crowe Horwath LLP
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New York, New York
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June 22, 2018
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December 31
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2017
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2016
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||||
Total investments at fair value
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$
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425,521,059
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$
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355,101,923
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Receivables:
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Notes receivable from participants
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8,921,903
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8,364,322
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Employer contributions
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377,718
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1,671,255
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Participant contributions
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134,646
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—
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Total receivables
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9,434,267
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10,035,577
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Total assets
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434,955,326
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365,137,500
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Administrative expenses payable
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(44,500
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)
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(43,200
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)
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Net assets available for benefits
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$
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434,910,826
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$
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365,094,300
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For the Year Ended December 31
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2017
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Investment activity:
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Net appreciation in fair value of investments
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$
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58,298,854
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Dividend income
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2,916,289
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Total investment activity
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61,215,143
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Additions to net assets attributable to:
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Interest income on notes receivable from participants
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367,163
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Contributions:
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Participant contributions
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20,889,364
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Employer contributions
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14,834,293
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Participant rollover contributions
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4,088,277
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Total contributions
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39,811,934
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Total additions to net assets
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101,394,240
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Deductions from net assets attributable to:
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Benefits paid to participants
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(42,812,746
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)
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Administration expense
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(560,362
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)
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Total deductions from net assets
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(43,373,108
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)
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Net change in net assets available for benefits prior to merger
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58,021,132
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Plan mergers
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11,795,394
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Total net change in net assets available for benefits
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69,816,526
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Net assets available for benefits - beginning of year
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365,094,300
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Net assets available for benefits - end of year
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$
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434,910,826
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•
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Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
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•
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Level 2 inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices (in non-active markets or in active markets for similar assets or liabilities), inputs other than quoted prices that are observable, and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
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•
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Level 3 inputs are unobservable inputs for the assets or liabilities. The Plan did not have any investments classified as Level 3 as of December 31, 2017 or 2016.
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•
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Equities
- Common stock is valued at the closing price reported on the major market on which the individual securities are traded at the measurement date. These are classified within level 1 of the fair value hierarchy.
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•
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Bonds
- U.S. government securities are generally valued using matrix pricing or fair value is estimated using quoted prices of securities with similar characteristics. Corporate bonds are generally valued by using pricing models (e.g. discounted cash flows), quoted prices of securities with similar characteristics or broker quotes. These are classified within level 2 of the fair value hierarchy.
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•
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Cash and cash equivalents
are valued at NAV of shares held by the Plan at the measurement date. The cash and cash equivalents represent either a core holding in the Balanced Fund totaling $0 and $471,245, or held in a short-term money market within the ITT Stock Fund totaling $146,280 and $106,029 as of
December 31, 2017
and
2016
, respectively. These are classified within level 2 of the fair value hierarchy.
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•
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Employer stock
- The ITT Stock Fund is a separately managed account that invests primarily in ITT's common stock. The stock is traded on the New York Stock Exchange (NYSE) under the ticker symbol ITT and is valued at its quoted price. The NAV of the stock fund is computed based on the closing price of the common stock reported by the NYSE at the measurement date, plus the NAV of the short-term money market included in the stock fund, plus any receivables or payables, divided by the number of units outstanding. The employer stock portion of the fund is classified within level 1 of the fair value hierarchy and the remaining portion is classified within level 2.
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Quoted Prices in Active Markets for Identical Assets (Level 1)
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Significant Other Observable Inputs (Level 2)
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Total
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|||||||||
Investments at fair value - December 31, 2017:
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CTs
(a)
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$
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—
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$
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—
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$
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321,947,011
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Mutual funds
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92,287,182
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—
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92,287,182
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Separately managed accounts
(b)
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9,575,165
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146,280
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9,721,445
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CISC Self-directed Brokerage Account
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1,565,421
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—
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1,565,421
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Total investments at fair value - December 31, 2017
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$
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103,427,768
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$
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146,280
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$
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425,521,059
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Investments at fair value - December 31, 2016:
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CTs
(a)
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$
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—
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$
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—
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$
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256,207,493
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Mutual funds
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76,450,470
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—
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76,450,470
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Separately managed accounts
(c)
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15,511,506
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5,865,231
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21,376,737
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CISC Self-directed Brokerage Account
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1,067,223
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—
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1,067,223
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Total investments at fair value - December 31, 2016
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$
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93,029,199
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$
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5,865,231
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$
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355,101,923
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(a)
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CTs are valued at NAV as a practical expedient and thus are not classified in the fair value hierarchy, but are included in the totals column to assist in reconciling to the Statements of Net Assets Available for Benefits.
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(b)
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Separately managed accounts at the 2017 measurement date identified as level 1 assets represent ITT common stock of $9,575,165. Level 2 assets represent cash and cash equivalents held in the employer stock fund of $146,280.
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(c)
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Separately managed accounts at the 2016 measurement date identified as level 1 assets represent total equities and ITT common stock of $7,814,554 and $7,696,952, respectively. Level 2 assets represent total bonds of $5,287,957 and cash and cash equivalents held in the Balanced Fund and employer stock fund of $471,245 and $106,029, respectively.
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2017
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2016
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Net assets available for benefits pursuant to the financial statements
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$
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434,910,826
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$
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365,094,300
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Less amounts deemed distributed for tax purposes
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(269,216
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)
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(274,216
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)
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Net assets available for benefits pursuant to Form 5500
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$
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434,641,610
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$
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364,820,084
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2017
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Net change in net assets available for benefits prior to merger
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$
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58,021,132
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Amounts deemed distributed for tax purposes — December 31, 2016
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274,216
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Amounts deemed distributed for tax purposes — December 31, 2017
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(269,216
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)
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Net increase pursuant to Form 5500
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$
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58,026,132
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Identity of Issuer
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Description of Investment
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Cost**
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Current Value
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JPMorgan
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US SmartIndex
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$
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60,408,395
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JPMorgan
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JPMCB Smart Retirement 2025
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50,123,637
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JPMorgan
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JPMCB Smart Retirement 2020
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46,117,101
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JPMorgan
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JPMCB Smart Retirement 2030
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40,671,425
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T Rowe Price
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T Rowe Price Stable Value Common Trust
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33,455,617
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JPMorgan
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JPMCB Smart Retirement Income
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31,110,568
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JPMorgan
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JPMCB Smart Retirement 2035
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23,560,671
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JPMorgan
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JPMCB Smart Retirement 2040
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11,712,243
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JPMorgan
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JPMCB Smart Retirement 2045
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9,483,070
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JPMorgan
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JPMCB Smart Retirement 2050
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8,885,644
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Principal
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Principal Mid Cap Equity Fund
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6,414,908
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JPMorgan
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JPMCB Smart Retirement 2055
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3,108
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|
|
JPMorgan
|
JPMCB Smart Retirement 2060
|
|
624
|
|
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Total collective trust funds
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321,947,011
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American Funds
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American Funds New Perspective - R6
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22,361,035
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Baird
|
Baird Aggregate Bond Inst
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|
12,938,778
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American Funds
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American Funds Europacific Growth - R6
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12,839,685
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Vanguard
|
Vanguard Total Bond Market Index Adm
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10,971,113
|
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Vanguard
|
Vanguard Total Intl Stock Index Adm
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8,933,394
|
|
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Hartford
|
Hartford Small Cap Growth HLS-IA
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6,163,605
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Dimensional Fund Advisors
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DFA U.S. Targeted Value Portfolio
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5,720,892
|
|
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Vanguard
|
Vanguard Extended Market IDX Adm
|
|
4,749,435
|
|
|
Dimensional Fund Advisors
|
DFA Emerging Markets I
|
|
3,875,249
|
|
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Vanguard
|
Vanguard Short Term Inflation Protected Index
|
|
3,733,996
|
|
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Total registered investment companies (mutual funds)
|
|
92,287,182
|
|
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*ITT Common Stock
|
ITT Common Stock
|
|
9,721,445
|
|
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Total employer stock
|
|
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9,721,445
|
|
|
CISC
|
CISC Self-directed Brokerage Account
|
|
1,565,421
|
|
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Total self-directed brokerage accounts
|
|
1,565,421
|
|
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Total investments at fair value
|
|
$
|
425,521,059
|
|
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*Notes receivable from participants interest rates from 4.25% to 9.25% maturing at various dates through 2032
|
|
$
|
8,921,903
|
|
ITT RETIREMENT SAVINGS PLAN
|
(Name of Plan)
|
BY:
|
/s/ Steven Giuliano
|
|
Steven Giuliano
|
|
Vice President and
Chief Accounting Officer
|
|
June 22, 2018
|
EXHIBIT
NUMBER
|
|
DESCRIPTION
|
|
LOCATION
|
|
|
|
||
(23.1)
|
|
|
Filed herewith.
|
1 Year ITT Chart |
1 Month ITT Chart |
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