SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

(Mark One)

þ		Annual Report pursuant to Section 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2007

OR

o		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

A.

Full title of the plan and the address of the plan, if different from that of the issuer named below:

ITT SALARIED INVESTMENT AND SAVINGS PLAN

B.

Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

ITT CORPORATION
4 WEST RED OAK LANE, WHITE PLAINS, NY 10604

 

 

ITT SALARIED INVESTMENT AND SAVINGS PLAN

		Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		F-1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits as of December 31, 2007 and 2006		F-2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2007		F-3
Notes to Financial Statements as of December 31, 2007 and 2006 and For the Year Ended December 31, 2007		F-4 - F-11
SUPPLEMENTAL SCHEDULE—
Form 5500, Schedule H, Part IV, Line 4i — Schedule of Assets (Held at End of Year) as of December 31, 2007		F-12 - F-41
Exhibit 23 — Consent of Independent Registered Public Accounting Firm		F-42
EX-23: CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

All other schedules 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, 2007.

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 SALARIED INVESTMENT AND SAVINGS PLAN

June 24, 2008

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Participants of the
ITT Salaried Investment and Savings Plan
New York, NY

We have audited the accompanying statements of net assets available for benefits of the ITT Salaried Investment and Savings Plan (the “Plan”) as of December 31, 2007 and 2006, and the related statement of changes in net assets available for benefits for the year ended December 31, 2007. 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 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. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, 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, 2007 and 2006, and the changes in net assets available for benefits for the year ended December 31, 2007 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 of assets (held at end of year) as of December 31, 2007 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. The supplemental schedule is the responsibility of the Plan’s management. Such supplemental schedule has been subjected to the auditing procedures applied in our audits of the basic 2007 financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic 2007 financial statements taken as a whole.

/s/  Deloitte & Touche LLP

June 24, 2008

ITT SALARIED INVESTMENT AND SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
($ IN THOUSANDS)

		December 31,
		2007				2006
Assets:
Investments — at fair value as determined by quoted market price:
Cash and cash equivalents		$	50,939			$	23,720
Common stock			1,056,874				880,009
Mutual funds			253,897				295,053
U.S. government securities			31,785				34,289
Preferred stock			898				—
Corporate bonds			8,416				1,048
Participant loans			25,389				24,956
Brokerage account			7,020				5,202
Total investments — at fair value as determined by quoted market price			1,435,218				1,264,277
Investments — at estimated fair value:
Guaranteed investment contracts			614,749				602,499
Common collective trusts			352,015				372,708
Total investments — at estimated fair value			966,764				975,207
Total investments			2,401,982				2,239,484
Receivables:
Dividends			1,944				1,537
Interest			681				481
Employer contributions			—				896
Participant contributions			—				2,713
Unsettled security sales			1,249				1,769
Total receivables			3,874				7,396
Collateral held under securities lending agreement			170,862				—
Total Assets			2,576,718				2,246,880
Liabilities:
Liability to return collateral held under securities lending agreements			170,862				—
Accrued financial services expense			1,165				1,258
Unsettled security purchases			3,828				265
Total liabilities			175,855				1,523
Net assets available for benefits at fair value			2,400,863				2,245,357
Adjustment from fair value to contract value for fully benefit-responsive investment contracts			(3,282	)			1,219
Net assets available for benefits		$	2,397,581			$	2,246,576

The accompanying notes to financial statements are an integral part of the above statements.

ITT SALARIED INVESTMENT AND SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
($ IN THOUSANDS)

		Year ended
		December 31, 2007
ADDITIONS:
Investment income:
Net appreciation in fair value of investments		$	136,522
Dividends			33,819
Interest			37,599
Total investment income			207,940
Contributions:
Participants			79,330
Employer			24,861
Total contributions			104,191
Asset rollovers			6,964
Total additions			319,095
DEDUCTIONS:
Withdrawals and distributions			(167,163	)
Investment management and administrative expenses			(927	)
Total deductions			(168,090	)
INCREASE IN NET ASSETS			151,005
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year			2,246,576
End of year		$	2,397,581

The accompanying notes to financial statements are an integral part of the above statement.

ITT SALARIED INVESTMENT AND SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS AS OF DECEMBER 31, 2007 AND 2006, AND FOR THE YEAR
ENDED DECEMBER 31, 2007
($ IN THOUSANDS)

1. DESCRIPTION OF THE PLAN

The following description of the ITT Salaried Investment and Savings Plan (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 Corporation (the “Company”). Employees are eligible to join the Plan on the first day of the calendar month following completion of one month of service. Part-time /temporary employees are eligible as of the first of the month following the completion of at least 1,000 hours of service in an anniversary year. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

Contributions—
Employee—An eligible employee as defined in the Plan (“Member”) may generally elect to contribute 2% to 25% of base salary. A Member may designate his/her savings as Before-Tax Savings, After-Tax Savings, or any combination of the two. A Member who is considered a Highly Compensated Employee under the Plan may elect Plan savings up to a maximum of 14% of base salary as either Before-Tax Savings, After-Tax Savings, or any combination. Member contributions are subject to the dollar limitation contained in Section 402(g) of the Internal Revenue Code (the “Code”). Effective January 1, 2006, the Plan has been amended to provide that all salaried employees who first satisfy the eligibility requirements for participation in the Plan on or after January 1, 2006 and who have not elected a contribution rate, shall be deemed to have elected a 2% before-tax employee contribution rate, provided however, that at any time, such employee may elect to contribute at a different rate, including 0%, in accordance with the terms of the Plan.

Employer—An amount equal to 50% of a Member’s first 6% of base salary saved is matched by the Company. In addition, the Company contributes 1/2 of 1% of base salary to the Floor Company Contribution Account, as defined by the Plan, of each eligible Member. All Members have the ability to invest their Company contributions in any of the Plan’s investment options.

All Company contributions, if directed by Members into the ITT Stock Fund, including the future Company contributions to the Plan, have been deposited into the Employee Stock Ownership account (“ESOP”). All dividends associated with the Company contribution held in the ITT 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 Stock Fund or paid to them in cash on a quarterly basis.

Effective April 1, 2006, the Plan has been amended to limit the amount that may be held in the ITT Stock Fund to 20% of a Member’s balance. Members whose investment in the ITT Stock Fund exceeded 20% of their total account balance immediately preceding the effective date of the amendment are permitted to remain invested in the ITT Stock Fund to a maximum of the level in effect immediately preceding the effective date. Members whose investment in the ITT Stock Fund was 20% or more of the Member’s total account balance immediately following the effective date of the amendment or on the last day of any quarter thereafter are not permitted to designate any new employee or Company contributions to the ITT Stock Fund.

Investment Direction—A Member may direct employee contributions and Company contributions, in any whole percentage, among any of twenty four 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 twenty four funds, however, limited to a maximum of four fund reallocations or transfers in any calendar month, as defined below. The twenty four funds are as follows:

Stable Value Fund
Long Term Bond Fund
JPMCB SmartRetirement Income Fund
JPMCB SmartRetirement Fund 2010
JPMCB SmartRetirement Fund 2015
JPMCB SmartRetirement Fund 2020
JPMCB SmartRetirement Fund 2025
JPMCB SmartRetirement Fund 2030
JPMCB SmartRetirement Fund 2035
JPMCB SmartRetirement Fund 2040
JPMCB SmartRetirement Fund 2045
JPMCB SmartRetirement Fund 2050
Balanced Fund
Enhanced Equity Index Fund
Large Cap Core Plus Fund
Large Cap Value Fund
Large Cap Growth Fund
Global Equity Fund
International Equity Fund
Small Cap Core Fund
Small Cap Value Fund
Small Cap Growth Fund
ITT Stock Fund
Schwab Personal Choice Retirement Account (“PCRA”)

Member Accounts—Each Member’s account is credited with the Member’s contributions, Company contributions and an allocation of Plan earnings, withdrawals and Plan losses, net of administrative expenses and investment management fees. Allocations are based on Member account balances, as defined in the Plan 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 record keeper daily. Members can initiate transactions by using the Plan’s web site or by speaking to a Plan representative at the ITT Benefits Center (“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.

A deferred Member is a Member who has terminated employment with the Company and has elected to either defer his account or did not make any election and therefore, his account was automatically deferred, the spouse beneficiary of a deceased Member or deferred Member, or an alternate payee designated as such pursuant to a domestic relations order as qualified by the Plan.

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, except as noted previously with respect to dividends on ESOP shares which are 100% vested:

		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, 2007 and 2006, 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:

		2007				2006
Vested		$	967,200			$	885,394
Non-vested			7,345				6,842
		$	974,545			$	892,236

Forfeitures—At December 31, 2007 and 2006, forfeited nonvested accounts totaled $704 and $463, respectively. During the year ended December 31, 2007, employer contributions were reduced by $704 from forfeited invested accounts.

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 account balance 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%, set at the date of the loan origination, and remains the same throughout the term of the loan. 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. Loans to Members at December 31, 2007 and 2006 were $25,389 and $24,956, respectively. The loans are secured by the balance in the Member’s account.

A terminated Member may continue to make periodic repayment on their loans after separation by contacting the Plan’s Benefits Center. However, no new loans can be requested after termination of employment.

Payment of Benefits—On termination of employment (including death, disability, or retirement), a Member or his/her surviving spouse beneficiary may elect to receive a lump-sum amount equal to the value of the Member’s vested interest in his/her account paid in cash or as a rollover to another qualified plan or an Individual Retirement Account (“IRA”), or periodic payments under one of two alternative installment options. In any case, a Member or his/her surviving spouse beneficiary whose vested account balance is more than five thousand 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. Upon the death of a Member, with a non-spouse beneficiary, 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 death.

Direct Rollover of Certain Distributions — If a Member leaves the Company for any reason, the Member is entitled to receive a distribution of the total vested value of his/her account. The distribution can be in a form of a rollover as follows:

(1)		Elective Rollover — A Member may elect a rollover distribution paid directly to not more than two eligible retirement plans as specified by the Member.
(2)		Mandatory Rollover —

	(A)		If a Member’s account balance is greater than $1,000 but less than $5,001 and the Member fails to make an affirmative election to either receive the lump sum payment or have it directly rolled over to another qualified plan or an IRA within the election period, the account balance will be automatically rolled over to an IRA established in the Member’s name.
	(B)		If a Member’s account balance is $1,000 or less and the Member fails to make an affirmative election to either receive the lump sum payment or have it directly rolled over to an another qualified plan or an IRA within the election period, the account balance will be automatically paid out to the Member.

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, Risks and Uncertainties—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 securities, such as common collective trusts and guaranteed investment contract. 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 those 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 fair value and then adjusted to contract value (Note 7). Quoted market prices are used to value investments except investments in common collective trusts, which are stated at estimated fair values based on the unit values of the underlying funds. Shares of registered investment companies are valued at the net asset value of shares held by the Plan at year-end. The stable value fund includes synthetic guaranteed investment contracts whose underlying investments are stated at fair value. Fair value of the underlying investments is determined by the issuer of the synthetic Guaranteed Investment Contract (“GIC”) based on quoted market prices and a fair value estimate of the wrapper contracts. Fair market value of the wrappers is estimated by converting the basis points assigned to the wrap fees into dollars. 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. Member loans are valued at the outstanding loan balances.

In accordance with Financial Accounting Standards Board Staff Position, FSB AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution

Health and Welfare and Pension Plans, the statement of net assets available for benefits presents investment contracts at fair value, as well as providing an additional line item showing an adjustment of fully benefit contracts from fair value to contract value. The statement of changes in net assets available for benefits is presented on a contract value basis. Fair value of the contract is calculated by discounting the related cash flows based on current yields of similar instruments with comparable durations.

In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”) was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The impact on the financial statement disclosures is currently being assessed.

Expenses—The Plan pays for the administrative expenses of the Plan up to 0.25% of the market value of trust assets. In 2007, the Plan did not assess administrative expenses; however, $3,000 of excess administrative expense was reversed and applied to the Members’ accounts. The administrative credit applied to the Members’ accounts is reflected net of investment management and administrative expenses on the statement of changes in net assets available for benefits. The Company pays Plan administrative expenses which are not paid by the Plan. In addition an investment management fee is charged to each investment fund except for the ITT Stock Fund and the Schwab Personal Choice Retirement Account.

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 $229 and $73 at December 31, 2007 and 2006, respectively.

3. INVESTMENTS

The following presents investments that represent 5 percent or more of the Plan’s net assets available for benefits:

		December 31,
		2007				2006
ITT Corporation Common Stock, 10,803,822 and 12,010,688 shares, respectively, at fair value		$	713,484			$	682,447
Investment Contract with Bank of America, at contract value*		$	207,976			$	197,095
Investment Contract with Natixis Financial Products Inc. formerly, IXIS/CDC, at contract value*		$	188,585			$	178,108
Investment Contract with Monumental Life Insurance Company, at contract value*		$	165,309			$	176,804
JP Morgan Chase Bank US Smart Index Fund, (Managed Equity Index Fund) 4,063,019 and 8,460,749 shares, respectively, at fair value			*	*		$	232,587
American Global New Perspective Fund (Global Equity Fund), 5,385,671 and 4,621,664 shares, respectively, at fair value		$	182,790			$	146,692

During 2007, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated/(depreciated) in value by $136,522, as follows:

Mutual funds		$	1,846
Common stock			106,291
Common/collective trust			27,805
U.S. notes			464
Corporate notes			118
Other			(2	)
Net appreciation		$	136,522

4. SECURITIES LENDING

The Plan participates in a securities lending program through the trustee. Under this program, the Plan’s investment securities are loaned to investment brokers for a fee. Securities loaned are fully collateralized by cash. At December 31, 2007, $167,431 of the Plan’s securities were on loan under the Trustee’s securities lending program. The fair value of the collateral received as a percentage of the total current value of the securities on loan by the Plan was approximately 102%. Income from the program was $210 for the year ended December 31, 2007 and is recorded in Interest on the statement of changes in net assets available for benefits.

5. PLAN TRUSTEE

Effective January 1, 2006, the Plan changed its trustee from State Street Bank and Trust Company to Wells Fargo Bank, NA. Wells Fargo Bank, NA served as the Plan’s trustee for the period commencing with January 1, 2006 to present. Fees paid by the Plan for trustee services provided by Wells Fargo Bank, NA amounted to $272 for the year ended December 31, 2007.

6. FEDERAL INCOME TAX STATUS

The IRS 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 Code. The Plan has been amended since receiving the determination letter. However, 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 Code and the Plan and the related trust continue to be tax-exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements.

7. INVESTMENT CONTRACTS WITH INSURANCE AND OTHER FINANCIAL INSTITUTIONS

The Plan provides a self managed stable value investment option to Members that includes synthetic guaranteed investment contracts which simulate the performance of a guaranteed investment contract through an issuer’s guarantee of a specific interest rate (the wrapper contract) and a portfolio of financial instruments that are owned by the Plan. The synthetic GIC includes underlying assets which are held in trust owned by the Plan and utilizes benefit-responsive wrapper contracts issued by Bank of America, N.A., Natixis Financial Products, Inc., JP Morgan Chase Bank and Monumental Life Insurance Co. The contracts provide that the Members execute plan transactions at contract value. Contract value represents contributions made to the fund, plus earnings, less Member withdrawals. The interest rates are reset quarterly based on market rates of other similar investments, the current yield of the underlying investments and the spread between the market value and contract value. The rate cannot be less than 2%. Certain events such as plan termination or a plan merger initiated by the Company may limit the ability of the

Plan to transact at contract value or may allow for the termination of the wrapper contract at less than current value. The Company does not believe that any events that may limit the ability of the Plan to transact at contract value are probable.

Average yields:		2007				2006
Based on year-end average yield of investment (1)			5.16	%			5.43	%
Based on average yield credited to participants (2)			5.36	%			5.21	%

8. EXEMPT PARTY-IN-INTEREST TRANSACTIONS

At December 31, 2007 and 2006, the Plan held 10,803,822 and 12,010,688 shares outstanding, respectively, of common stock of ITT Corporation, the Plan sponsor, with a cost basis of $253,100 and $276,266, respectively. During the year ended December 31, 2007, the Plan recorded related dividend income of $6,040 and net appreciation of $106,562.

Certain administrative functions are performed by the officers and employees of the Company (who may also be Members in the Plan) at no cost to the Plan.

Wells Fargo Bank, NA maintained short-term investments of $50,246 as of December 31, 2007.

Fees paid by the Plan for the investment management services were $3,656 for the year-ended December 31, 2007.

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.

9. 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.

10. ASSET TRANSFERS/ROLLOVERS

During 2007, no assets were transferred out and $6,964 was rolled over into the Plan.

11. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of net assets available for benefits reflected in the financial statements to the Plan’s Form 5500:

		As of
		December 31,
		2007				2006
Net assets available for benefits per the financial statements		$	2,397,581			$	2,246,576
Amounts allocated to withdrawing Members			(229	)			(73	)
Adjustment from fair value to contract value for fully benefit responsive investment contracts			3,282				(1,219	)
Net assets available for benefits per the Form 5500		$	2,400,634			$	2,245,284

		As of
		December 31, 2007
Increase in net assets per the financial statements		$	151,005
Adjustment from contract value to fair value for fully benefit responsive investment contracts			4,501
Add: Amounts allocated to withdrawing Members at December 31, 2006			73
Less: Amounts allocated to withdrawing Members at December 31, 2007			(229	)
Net income per Form 5500		$	155,350

The following is a reconciliation of withdrawals and distributions to Members according to the financial statements to the Form 5500:

		Year Ended
		December 31, 2007
Withdrawals and distributions per the financial statements		$	167,163
Add: Amounts allocated to withdrawing Members at December 31, 2007			229
Less: Amounts allocated to withdrawing Members at December 31, 2006			(73	)
Less: Amounts deemed distributed for tax purposes in 2007			(1,575	)
Withdrawals and distributions per the Form 5500		$	165,744

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Cash							250
		JP Morgan Liquidity Fund		Money Market					692,782
*		Wells Fargo Short Term Investment Fund		Money Market					50,245,914
		US Treasury Bill		US Government Security, Par — 4,920,000 Maturity 2/21/08, Yield 4.610%		**			4,197,470
		United States Treasury Bonds		US Government Security, Par — 4,920,000 Maturity 2/15/36, Interest 4.500%		**			4,944,984
		United States Treasury Bonds		US Government Security, Par — 3,505,000 Maturity 2/15/37, Interest 4.750%		**			3,458,887
		United States Treasury Bonds		US Government Security, Par — 1,330,000 Maturity 8/15/26, Interest 6.750%		**			1,702,400
		United States Treasury Bonds		US Government Security, Par — 4,885,000 Maturity 11/15/21, Interest 8.000%		**			6,685,582
		United States Treasury Notes		US Government Security, Par — 5,780,000 Maturity 4/30/08, Interest 4.875%		**			5,807,998
		United States Treasury Notes		US Government Security, Par — 4,990,000 Maturity 2/30/08, Interest 3.000%		**			4,988,049
		Abbott Laboratories		Corporate Bond, Par — 2,075,000 Maturity 11/30/12, Interest 5.150%		**			2,120,748
		Du Pont		Corporate Bond, Par — 2,120,000 Maturity 12/16/16, Interest 5.250%		**			2,085,804
		Union Pacific Corporation		Corporate Bond, Par — 2,075,000 Maturity 1/31/13, Interest 5.450%		**			2,093,096

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Wal-Mart Stores, Inc.		Corporate Bond, Par — 2,050,000 Maturity 2/15/18, Interest 5.800%		**			2,116,369
		Henkel KGAA		Non Voting Preferred Stock		**			78,498
		Mylan Inc		Convertible Preferred Stock Until 11/15/10		**			508,125
		SLM Corporation		Convertible Preferred Stock Until 11/15/10		**			311,250
		3M Company		Common Stock		**			529,530
		Abbott Laboratories		Common Stock		**			1,865,865
		Abitibibowater, Inc.		Common Stock		**			79,720
		Accenture LTD		Common Stock		**			302,652
		Ace Limited		Common Stock		**			345,968
		Actuant Corp Class A		Common Stock		**			768,626
		Adtran Inc		Common Stock		**			33,139
		Advanced Micro Devices Inc		Common Stock		**			494,250
		Advanced Semiconductor Engineering Inc		Sponsored ADR		**			20,311
		Aegon NV		Common Stock		**			49,493
		AES Corporation		Common Stock		**			465,233
		Aetna Inc		Common Stock		**			338,875
		Agilent Technologies Inc		Common Stock		**			150,634
		Agrium Inc		Common Stock		**			64,989

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Alcatel		Common Stock		**			9,408
		Alcatel-Lucent		Common Stock		**			222,528
		Alcoa Inc		Common Stock		**			1,578,960
		Alcon Inc		Common Stock		**			648,400
		Align Tehnology Inc		Common Stock		**			47,955
		Allegheny Technologies Inc		Common Stock		**			129,600
		Allergan Inc		Common Stock		**			379,016
		Allied Waste Industries		Common Stock		**			2,008,946
		Allscripts Healthcare Solutions		Common Stock		**			19,906
		Altria Group Inc		Common Stock		**			5,659,431
		Amazon.com Inc		Common Stock		**			1,207,933
		American Electric Power Inc		Common Stock		**			1,326,960
		American Express Company		Common Stock		**			322,004
		American International Group Inc		Common Stock		**			6,921,376
		American Medical Systems Holdings Inc		Common Stock		**			36,150
		American Tower Systems Corporation Class A		Common Stock		**			583,620
		Ameriprise Financial Inc		Common Stock		**			93,687
		AmerisourceBergen Corp		Common Stock		**			1,305,717
		Ameristar Casinos Inc		Common Stock		**			28,917

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Amgen Inc		Common Stock		**			1,422,922
		AMN Healthcare Services Inc		Common Stock		**			8,585
		Amylin Pharmaceuticals Inc		Common Stock		**			36,075
		Anheuser Busch Companies Inc		Common Stock		**			600,863
		Aon Corporation		Common Stock		**			290,909
		Apollo Group Inc		Common Stock		**			56,120
		Apple Inc		Common Stock		**			2,731,919
		Applied Biosytems Group		Common Stock		**			98,368
		Applied Material Inc		Common Stock		**			360,528
		Arcelormittal-NY Registered		Common Stock		**			2,444,260
		Arch Coal Inc		Common Stock		**			175,227
		Archer Daniels Midland Co		Common Stock		**			557,160
		Asatsu DK Inc		Common Stock		**			14,009
		ASML Holding NV		Common Stock		**			132,795
		Assurant Inc		Common Stock		**			194,010
		AT&T		Common Stock		**			7,670,729
		Autoliv Inc		Common Stock		**			611,436
		Automatic Data Processing Inc		Common Stock		**			333,530
		Avery Dennison Corporation		Common Stock		**			175,362

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Avon Products Inc		Common Stock		**			988,329
		Axis Capital Holdings Ltd		Common Stock		**			826,164
		Baker Hughes Inc		Common Stock		**			1,102,960
		Bankok Bank PCL		Common Stock		**			31,878
		Bank of New York Mellon Corp		Common Stock		**			1,632,631
		Bank of America Corp		Common Stock		**			5,235,894
		Barclays		Common Stock		**			23,075
		Bard C R Inc		Common Stock		**			151,680
		Barrick Gold Corp		Common Stock		**			96,715
		Baxter International Inc		Common Stock		**			271,674
		Bayersche Motorewerke		Common Stock		**			24,989
		Bear Stearns Cos Inc		Common Stock		**			45,890
		Becton Dickinson & Co		Common Stock		**			236,531
		Bed Bath & Beyond Inc		Common Stock		**			537,837
		Best Buy Inc		Common Stock		**			1,185,678
		BJ Services Company		Common Stock		**			172,246
		Black & Decker Manufacturing, Inc		Common Stock		**			975,100
		H&R Block, Inc		Common Stock		**			1,418,748
		Boeing Co		Common Stock		**			688,310

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Bombardier Inc		Common Stock		**			38,648
		Borders Group Inc		Common Stock		**			15,176
		Borg Warner Inc		Common Stock		**			832,652
		Boston Prtivate Financial Holdings Inc		Common Stock		**			25,726
		Boston Properties Inc		Common Stock		**			237,788
		BP PLC — ADR		Sponsored ADR		**			2,721,924
		BP PLC — Ord		Common Stock		**			62,435
		Bright Hironzons Family Solutions Inc		Common Stock		**			25,042
		Bristol Myers Squibb Co		Common Stock		**			548,964
		Brit Insurance Holdings PLC		Common Stock		**			15,499
		British Sky Broadcasting Group plc		Common Stock		**			54,216
		Broadcom Corporation		Common Stock		**			260,616
		CA Inc		Poison Pill Rights Issue		**		—
		Cablevision NY Group Class A		Common Stock		**			95,550
		Cabot Microelectronics Corp		Common Stock		**			34,115
		Caci International Inc Class A		Common Stock		**			680,504
		Cadbury Schweppes 12.5 P		Common Stock		**			76,642
		Cadbury Schweppes PLC		Sponsored ADR		**			1,372,486
		Campbell Soup Co		Common Stock		**			64,314

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Canadian National Railway Company		Common Stock		**			112,632
		Capital One Financial Corp		Common Stock		**			283,560
		Cardinal Health Inc		Common Stock		**			379,418
		Career Education Corporation		Common Stock		**			643,584
		Carnival Corp		Common Stock		**			203,764
		Caterpillar Inc		Common Stock		**			856,208
		CBS Corp Class B		Common Stock		**			1,773,975
		Celgene Corp		Common Stock		**			303,600
		Centerpoint Energy Inc		Common Stock		**			128,475
		Central Japan Railway		Common Stock		**			34,123
		Cephalon Inc		Common Stock		**			78,936
		Charles River Laboratories		Common Stock		**			36,190
		Check Point Software Technologies LTD		Common Stock		**			1,029,924
		Cheung Kong Holdings		Common Stock		**			110,960
		Chevron Corp		Common Stock		**			5,961,920
		Christopher & Banks Corp		Common Stock		**			24,904
		Cigna Corp		Common Stock		**			236,412
		Cisco Systems Inc.		Common Stock		**			1,910,574
		CIT Group Inc		Common Stock		**			201,852

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Citigroup Inc		Common Stock		**			2,719,667
		Clorox Co		Common Stock		**			1,029,686
		CME Group, Inc		Common Stock		**			404,740
		Coach Inc		Common Stock		**			205,192
		Coca Cola Co.		Common Stock		**			2,492,113
		Coldwater Creek Inc		Common Stock		**			30,774
		Colgate Palmolive Co		Common Stock		**			237,778
		Comcast Corp Specail Class A		Common Stock		**			766,476
		Conagra Foods Inc.		Common Stock		**			1,446,432
		ConocoPhillips		Common Stock		**			6,367,313
		Consol Energy Inc		Common Stock		**			307,536
		Constellation Energy Group Inc		Common Stock		**			338,349
		Cooper Industries LTD		Common Stock		**			126,912
		Corinthian Colleges Inc		Common Stock		**			56,980
		Corning Inc.		Common Stock		**			1,134,967
		Costco Wholesale Corp		Common Stock		**			313,920
		Countrywide Financial Corporation		Common Stock		**			520,487
		Covance Inc		Common Stock		**			25,986
		Coviden LTD		Sponsored ADR		**			1,234,141

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Cree, Inc		Common Stock		**			34,338
		Crown Castle Intl Corp		Common Stock		**			432,640
		CVS/Caremark Corporation		Common Stock		**			1,387,116
		DR Horton Inc		Common Stock		**			84,552
		Danaher Corp		Common Stock		**			619,445
		Deere & Co		Common Stock		**			865,085
		Dell Inc		Common Stock		**			915,939
		Deutsche Bank AG		Registered Shares		**			983,516
		Deutsche Telekom AG		Common Stock		**			54,937
		Devon Energy Corporation		Common Stock		**			1,206,153
		DeVry Inc		Common Stock		**			38,970
		Diageo PLC		Common Stock		**			73,095
		Diebold Inc.		Common Stock		**			730,296
		Discovery Holding Co		Common Stock		**			578,220
		Dolby Laboratories Inc		Common Stock		**			37,290
		Domtar Corp		Common Stock		**			726,705
		Dover Corp		Common Stock		**			1,608,080
		Dow Chemical		Common Stock		**			1,881,911

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Downey Financial Corp		Common Stock		**			503,982
		Du Pont EI De Nemours & Co		Common Stock		**			1,402,062
		Dynegy Inc Class A		Common Stock		**			202,919
		EMC Corporation		Common Stock		**			300,927
		Ebay Inc		Common Stock		**			590,848
		Echostar Communications		Common Stock		**			97,695
		Edison International		Common Stock		**			264,182
		Electronic Arts Inc		Common Stock		**			137,848
		Electronic Data Systems Corp		Common Stock		**			169,986
		Eli Lilly & Co		Common Stock		**			560,595
		Emerson Electric Co		Common Stock		**			566,600
		Encana Corp		Common Stock		**			61,553
		Entergy Corp		Common Stock		**			1,171,296
		EOG Resources, Inc		Common Stock		**			315,945
		Equity Residential Property Trust		Common Stock		**			244,349
		Estee Lauder Companies Inc		Common Stock		**			109,025
		Eurpoean Aeronautic		Common Stock		**			38,300
		Exelon Corporation		Common Stock		**			742,924
		Expedia Inc		Common Stock		**			183,396

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Expeditors International of Washington Inc		Common Stock		**			317,228
		Express Scripts Inc		Common Stock		**			671,235
		Exxon Mobil Corp		Common Stock		**			11,572,589
		Fair Isaac, Inc.		Common Stock		**			1,038,445
		Fairchild Semicondutor International		Common Stock		**			15,512
		Fastenal Co		Common Stock		**			72,756
		Federal Home Loan Mortgage Corp		Common Stock		**			1,798,896
		Federal National Mortgage Assn		Common Stock		**			811,594
		Federated Investors Inc Class B		Common Stock		**			185,220
		Fidelity National Financial Inc		Common Stock		**			261,519
		First Horizon National Corp		Common Stock		**			185,130
		First Solar Inc		Common Stock		**			347,282
		Firstenergy Corp		Common Stock		**			405,104
		Firstservice Corp		Common Stock		**			29,298
		Flextronics International Ltd		Common Stock		**			1,290,396
		Flour Corp		Common Stock		**			131,148
		FMC Technologies Inc		Common Stock		**			374,220
		Ford Motor Company		Common Stock		**			205,938

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Forest Labs Inc		Common Stock		**			885,735
		Forestar Real Estate Group Inc		Common Stock		**			296,448
		Formfactor Inc		Common Stock		**			36,410
		Fortune Brands Inc		Common Stock		**			101,304
		Foster Wheeler LTD		Common Stock		**			108,514
		France Telecom		Common Stock		**			75,591
		Franklin Reources Inc		Common Stock		**			234,582
		Freeport-McMoran Copper & Gold Inc		Common Stock		**			1,158,699
		Fresenius Medical Care AG		Common Stock		**			75,100
		Gamestop Corp		Common Stock		**			31,055
		Gap Inc		Common Stock		**			851,200
		Garmin LTD		Common Stock		**			574,434
		Genentech Inc		Common Stock		**			67,070
		General Dynamics Corp		Common Stock		**			711,920
		General Electric Co		Common Stock		**			6,019,797
		General Mills Inc		Common Stock		**			379,620
		General Motors Corp		Common Stock		**			1,165,051
		Gentex Corp		Common Stock		**			20,436
		Genworth Financial Inc Class A		Common Stock		**			1,938,781

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Genzyme Corp		Common Stock		**			133,992
		Gilead Science Inc		Common Stock		**			1,694,410
		Glaxosmithkline		Common Stock		**			89,109
		Goldman Sachs Group Inc		Common Stock		**			3,028,979
		Google Inc		Common Stock		**			3,173,893
		Grant Prideco Inc		Common Stock		**			321,958
		Guaranty Financial Group Inc		Common Stock		**			5,867
		Guess Inc		Common Stock		**			303,537
		Harley Davidson Inc		Common Stock		**			126,117
		Harman International Industries Inc		Common Stock		**			103,194
		Harrahs Entertainment Inc		Common Stock		**			150,875
		Hartford Financial Services Group		Common Stock		**			956,474
		Hasboro Inc		Common Stock		**			133,016
		Heidrick & Struggles International Inc		Common Stock		**			41,749
		Hewitt Packard Co		Common Stock		**			2,292,145
		Home Depot		Common Stock		**			574,900
		Honeywell International Inc.		Common Stock		**			856,439
		Humana Inc		Common Stock		**			210,868
		IAC InterActiveCorp		Common Stock		**			975,850

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Illinois Tool Works Inc		Common Stock		**			146,164
		Infineon Technologies AG		Common Stock		**			36,803
		Ingersoll-Rand Company LTD		Common Stock		**			1,840,212
		Integrated Device Technology Inc		Common Stock		**			755,508
		Intel Corp		Common Stock		**			786,203
		Interactive Brokers Group Inc		Common Stock		**			138,976
		Intercontinentalal Exchange Inc		Common Stock		**			154,000
		Intermune Inc		Common Stock		**			9,331
		Internap Network Services		Common Stock		**			22,491
		International Business Machines Corp		Common Stock		**			1,816,080
		International Game Technology		Common Stock		**			528,917
		International Paper Co		Common Stock		**			246,088
		International Power PLC		Common Stock		**			68,608
		Intuit		Common Stock		**			278,168
		Intuitive Surgical Inc		Common Stock		**			863,495
*		ITT Corporation		Common Stock		**			713,484,405
		ITT Educational Services Inc		Common Stock		**			21,318
		Jaredine Matheson Holdings		Common Stock		**			44,320
		JDS Uniphase Corp		Common Stock		**			111,720

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Jetblue Airways Corp		Common Stock		**			444,860
		Johnson & Johnson		Common Stock		**			1,726,863
		Johnson Controls Inc		Common Stock		**			74,603
		Joy Global Inc		Common Stock		**			210,624
*		JP Morgan Chase & Co		Common Stock		**			5,552,280
		Juniper Networks Inc		Common Stock		**			1,009,014
		KB Homes		Common Stock		**			678,240
		Kimberley Clark Corporation		Common Stock		**			1,171,846
		Knot Inc		Common Stock		**			19,527
		Kohls Corp		Common Stock		**			638,910
		Konami Co		Common Stock		**			42,591
		Korn Ferry International		Common Stock		**			31,994
		Kraft Foods Inc		Common Stock		**			687,841
		Kroger Co		Common Stock		**			2,219,601
		Laboratory Corp. of America Holdings		Common Stock		**			203,931
		Lamar Advertising Co Class A		Common Stock		**			197,087
		Lazard Ltd		Common Stock		**			736,308
		Lehman Brothers Holding Inc		Common Stock		**			405,728
		Lennar Corporation Class A		Common Stock		**			94,817

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Liberty Global Inc		Common Stock		**			917,787
		Life Time Fitness Inc		Common Stock		**			17,388
		Lincoln National Corp		Common Stock		**			314,388
		Linde AG		Common Stock		**			52,920
		Lions Gate Entertainment Corp		Common Stock		**			25,905
		Lockheed Martin Corp		Common Stock		**			431,566
		Lowes Corp		Common Stock		**			211,428
		Lonza Group AG		Common Stock		**			72,817
		Loopnet Inc		Common Stock		**			8,079
		Lowes Cos Inc		Common Stock		**			371,194
		Macy’s Inc		Common Stock		**			2,051,491
		Manhattan Associates Inc		Common Stock		**			929,190
		Marathon Oil Corp		Common Stock		**			4,229,770
		Marinemax Inc		Common Stock		**			19,763
		Marketaxess Holdings Inc		Common Stock		**			17,962
		Marriott International Inc Class A		Common Stock		**			345,218
		Marsh & McLennan Cos Inc		Common Stock		**			71,469
		Marshall & Ilsley Corp		Common Stock		**			206,491

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		Marvell Technology Group		Common Stock		**			548,016
		Masco Corp		Common Stock		**			136,143
		Mastercard Inc Class A		Common Stock		**			909,866
		Maxim Intergrated Products Inc		Common Stock		**			254,208
		MBIA Inc		Common Stock		**			570,078
		McDermott International Inc		Common Stock		**			82,642
		McDonalds Corp		Common Stock		**			933,076
		McGraw-Hill Companies Inc		Common Stock		**			179,621
		McKesson Corp		Common Stock		**			1,827,729
		Meadwestvaco Corp		Common Stock		**			25,040
		Medco Health Solutions Inc		Common Stock		**			895,058
		Medics Pharmaceutical Corp Class A		Common Stock		**			640,810
		Medtronic Inc		Common Stock		**			673,618
		Melco PBL Entertainment		Sponsored ADR		**			230,044
		Memc Electronic Materials Inc		Common Stock		**			782,694
		Mentor Corp		Common Stock		**			48,875
		Merck & Co Inc		Common Stock		**			4,367,025
		Meredith Corp		Common Stock		**			82,470
		Merrill Lynch & Co Inc		Common Stock		**			2,999,102

ITT SALARIED INVESTMENT AND SAVINGS PLAN		EIN: 13-5158950
SCHEDULE H, PART IV, LEVEL 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		PN: 100
AS OF DECEMBER 31, 2007

				(c) Description of Investment, including Maturity Date,
		(b) Identity of Issuer, Borrower,		Rate of Interest, Collateral, and Par or				(e) Current
(a)		Lesser or Similar Party		Maturity Value		(d) Cost		Value
		MetLife Inc		Common Stock		**			3,990,511
		Metropcs Communications Inc		Common Stock		**			268,410
		MGM Mirage Inc		Common Stock		**			159,638
		Micrel Inc		Common Stock		**			19,013
		Microsoft Corp		Common Stock		**			7,243,318
		Millennium Pharmaceuticals Inc		Common Stock		**			350,532
		Millipore Corp		Common Stock		**			73,180
		Mizumo Investors Securite		Common Stock		**			7,474
		MKS Instruments Inc		Common Stock		**			36,845
		Monsanto Co		Common Stock		**			1,298,731
		Monster Worldwide Inc		Common Stock		**			213,840
		Moodys Corp		Common Stock		**			110,670
		Morgan Stanley		Common Stock		**			1,980,472
		Morningstar Inc		Common Stock		**			7,775
		Morrison W Supermarket		Common Stock		**			82,814
		Motorola Inc		Common Stock		**			1,281,275
		MTU Aero Engines Holding		Common Stock		**			34,344
		Murphy Oil Corp		Common Stock		**			526,008
		Nabors Oil Corp		Common Stock		**			71,214