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, 2010

o		Transition Report pursuant to Section 15(d) of the Securities Exchange Act of 1934

		for the transition period from                    to

Commission File Number 1-05672

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

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

ITT CORPORATION

1133 WESTCHESTER AVENUE, WHITE PLAINS, NY 10604

 

 

ITT SALARIED INVESTMENT AND SAVINGS PLAN

		Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits as of December 31, 2010 and 2009		2
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2010		3
Notes to Financial Statements as of December 31, 2010 and 2009, and for the Year Ended December 31, 2010		4 - 16
SUPPLEMENTAL SCHEDULE-
Form 5500, Schedule H, Part IV, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2010		17 - 43
Exhibit 23 – Consent of Independent Registered Public Accounting Firm		44
EX-23

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 ITT Salaried Investment and Savings Plan’s books and records after making all necessary adjustments thereto, and they represent the final statements for the period ended December 31, 2010.

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 20, 2011
(Date)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Members 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, 2010 and 2009, and the related statement of changes in net assets available for benefits for the year ended December 31, 2010. 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, 2010 and 2009, and the changes in net assets available for benefits for the year ended December 31, 2010 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 2010 financial statements taken as a whole. The supplemental schedule of assets (held at end of year) as of December 31, 2010 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 2010 financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic 2010 financial statements taken as a whole.

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

		December 31,
		2010				2009
Assets:
Investments:
Cash and cash equivalents		$	27,058			$	30,736
Equities			769,544				745,664
Mutual funds			239,896				193,790
U.S. government securities			27,280				18,341
Corporate bonds			18,012				26,690
Guaranteed investment contracts			728,199				697,382
Common collective trusts			473,429				353,765
Brokerage account			10,983				8,383
Total investments			2,294,401				2,074,751
Receivables:
Dividends			2,377				2,265
Interest			401				515
Unsettled security sales			588				293
Member loans			30,022				27,961
Total receivables			33,388				31,034
Non-member directed investments			5,664				12,601
Total assets			2,333,453				2,118,386
Liabilities:
Liability to plan sponsor			10,814				19,440
Accrued financial services expense			754				817
Accrued administrative expense			189				220
Unsettled security purchases			696				1,294
Total liabilities			12,453				21,771
NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE			2,321,000				2,096,615
Adjustment from fair value to contract value for fully benefit-responsive investment contracts			(26,930	)			(4,727	)
NET ASSETS AVAILABLE FOR BENEFITS		$	2,294,070			$	2,091,888

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, 2010
Investment income:
Net appreciation in fair value of investments		$	147,770
Interest			25,762
Dividends			15,518
Total investment income			189,050
Member loans:
Interest			1,409
Contributions:
Members			105,798
Employer			34,822
Total contributions			140,620
Rollovers:
Impact Science & Technology, Inc. 401K Plan transfer			28,389
Asset rollovers			6,134
			34,523
DEDUCTIONS:
Withdrawals and distributions			(157,259	)
Investment management and administrative expenses			(6,161	)
Total deductions			(163,420	)
INCREASE IN NET ASSETS			202,182
NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year			2,091,888
End of year		$	2,294,070

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, 2010 AND 2009, AND
FOR THE YEAR ENDED DECEMBER 31, 2010
($ 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. Eligible employees, referred to herein as Members (“Members”), should refer to the Plan document for more complete information about the Plan.

General— The Plan is a defined contribution plan generally covering all regular salaried U.S. employees of ITT Corporation (the “Company” or the “Plan Sponsor”). 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— A Member may generally elect to contribute 2% to 25% of base salary. A Member may designate their contributions as Before-Tax Contributions, After-Tax Contributions, or any combination of the two. A Member who is considered a Highly Compensated Employee (“HCE”) under the Plan may elect Plan contributions up to a maximum of 18% of base salary as either Before-Tax Contributions, After-Tax Contributions, or any combination. Member contributions are subject to the dollar limitation contained in Section 402(g) of the Internal Revenue Code (”IRC”). 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, to each eligible Member. All Members have the ability to invest their Company contributions in any of the Plan’s investment options subject to the same limitations as the employee’s contributions.

Any contributions (employee and/or Company) directed by Members into the ITT Stock Fund, including future contributions to the Plan, are deposited into the Employee Stock Ownership account (“ESOP”). All dividends associated with the contributions held in the ESOP 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.

The Plan limits the amount that may be held in the ITT Stock Fund to 20% of a Member’s total account balance. Members who hold 20% or more of their total account balance in the ITT Stock Fund at the end of any calendar quarter, will not be permitted to designate any future contributions (employee and Company) to the ITT Stock Fund, or transfer balances into that Fund, for the following calendar quarter. Members who hold less than 20% of their total account balance in the ITT Stock Fund may designate up to 20% of their future contributions (employee and Company) to the ITT Stock Fund, and may transfer balances into that Fund, provided that the balance in the ITT Stock Fund does not exceed 20% of the Member’s total account balance after the transfer.

The Plan also limits the amount that may be held in the Schwab Personal Choice Retirement Account to 20% of a Member’s total account balance.

Investment Direction— Members may direct employee contributions and Company contributions, in any whole percentage, among any of the Plan’s twenty-three investment options, and the Members can change their future contributions and reallocate accumulated investments in 1% increments on a daily basis among the twenty-three funds, however, limited to 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. The twenty-three 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 Value Fund
Small Cap Growth Fund
ITT Stock Fund
Schwab Personal Choice Retirement Account (“PCRA”)

Investment Manager Changes – On September 1, 2010, the Plan’s Large Cap Value Manager, Alliance Bernstein, was replaced with Eaton Vance Investment Managers.

Effective, September 1, 2010, the Small Cap Core Fund was eliminated . Any Member balance remaining in the Small Cap Core Fund at the end of trading on September 1, 2010, was transferred 50% to the Small Cap Value Fund and 50% to the Small Cap Growth Fund.

Member Accounts— Each Member’s account is credited with the Member’s contributions, Company contributions, plan earnings or losses, and withdrawals, 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 deferred Member is a Member who has terminated employment with the Company and has (i) elected to defer their account in the Plan, or (ii) not made any election prior to termination and, therefore, their account was automatically deferred in the Plan. A deferred Member is also the 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 actual 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%

Forfeited Accounts— At December 31, 2010 and 2009, forfeited nonvested accounts totaled $1,078 and $798, respectively. During the year ended December 31, 2010, forfeitures of $1,078 were used to reduce employer contributions to the Plan.

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 under all plans of the Company, if any, during the prior one-year period. The interest rate charged by the Plan is based on the prime rate plus 1%, as published in the Wall Street Journal on the first business day of the month in which the loan is originated, 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 up to two loans outstanding at the same time. Loans to Members at December 31, 2010 and 2009 were $30,022 and $27,961, respectively. The loans are secured by the balance in the Member’s account. The loan amount is reduced by $50 to cover the Plan’s loan origination fee.

A terminated Member may continue to make periodic repayment on their loans after separation by contacting the 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 their surviving spouse beneficiary may elect to receive a lump-sum amount equal to the value of the Member’s vested interest in their 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, as defined in the Plan document. In any case, a Member or their surviving spouse beneficiary whose vested account balance is more than five thousand dollars may elect to keep their account balance in the Plan until the year in which the Member reaches/would have reached age 70 ¹/2. During the calendar year in which the Member attains age 70 1/2, distribution from the Plan will commence in accordance with Section 401 (a) (9) of the IRC. 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. A non-spouse beneficiary who elects payment in the form of a lump sum, may elect that the payment be made as a rollover to a “special” IRA in accordance with the provisions of Section 402 (c)(11) of the IRC.

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 their account. The distribution can be in the 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 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 (“GAAP”). Certain amounts have been reclassified to conform to current year presentation.

Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

Risks and Uncertainties — The Plan utilizes various investment instruments, including common stock, mutual funds, and a guaranteed investment contract. Investment securities, in general, are exposed to various risks, such as interest rate risk, credit risk, and overall market volatility. These risks could cause values realized on sale to differ from reported amounts in these financial statements.

Investment Valuation and Income Recognition — The Plan’s investments are measured at fair value except for its benefit-responsive investment contracts which are stated at fair value and then adjusted to contract value (Note 8). Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market members at the measurement date (i.e. an exit price). A more detailed description of the individual types of securities can be found in Note 3.

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 2010, the Plan accrued .1167% of trust assets. These expenses are limited to services provided by unrelated vendors. The Company pays Plan administrative expenses which are not paid by the Plan. In addition to the administrative expense charge, an investment management fee is charged to each investment fund except for the ITT Stock Fund and the Schwab Personal Choice Retirement Account. In 2010 these investment management fees totaled $3,109 and are reflected as a component of Investment Management and Administrative expense on the Statement of Changes in Net Assets Available For Benefits.

Payment of Benefits— Benefit payments to Members are recorded upon distribution. Amounts allocated to accounts of Members who have elected to withdraw from the Plan but have not yet been paid were $61 and $5 at December 31, 2010 and 2009, respectively.

Member Loans —Member loans are recorded at their unpaid principal balance plus any accrued but unpaid interest. In the event that a Member fails to make repayment for three consecutive months, the loan is considered to be in default. In the event default is declared, the outstanding loan balance and any accrued interest may be treated as a withdrawal prior to Termination of Employment subject to the withdrawal provisions outlined in the Plan document.

Recent Accounting Pronouncements — In September 2010, the Financial Accounting Standards Board (“FASB”) issued guidance specifying that member loans in defined contribution benefit plans should be classified as notes receivable from members, which are segregated from plan investments, and are measured at their unpaid principal balance plus any accrued but unpaid interest. Accordingly, member loans for all periods presented have been reclassified as receivables from members for all periods presented. These changes did not have a material effect on the Statement of Changes in Assets Available for Benefits.

In May 2011, the FASB issued guidance intended to achieve common fair value measurements and related disclosures between U.S. GAAP and international accounting standards. The amendments primarily clarify existing fair value guidance and therefore the amendments are not intended to change the application of existing fair value measurement guidance. However, the amendments include certain instances where a particular principle or requirement for measuring fair value or disclosing information about fair value measurements has changed. This guidance is effective for the periods beginning after December 15, 2011 and early application is prohibited. The requirements are not expected to have a material effect on the Plan’s fair value measurements.

3. FAIR VALUE MEASUREMENTS

The following is a description of the valuation methodologies and inputs used to measure fair value for major categories of investments.

	•		Cash equivalents and mutual funds —Fair value is measured at net asset value (“NAV”). Investments in cash equivalents and mutual funds are classified in Level 1 of the fair value hierarchy.
	•		Equities — Common and preferred stock is valued at the closing price reported on the major market on which the individual securities are traded at the measurement date. ITT Stock Fund invests primarily in ITT Corporation common stock, which is traded on the New York Stock Exchange (NYSE) under the ticker symbol (ITT) and is valued at its NAV. The NAV of the ITT Stock Fund is computed

			based on the closing price of ITT common stock reported by the NYSE at the measurement date, plus the NAV of the short-term money market included in the ITT Stock Fund, divided by the number of units outstanding. The money market portion of the ITT Stock Fund provides liquidity, which enables the Plan Members to transfer money daily among all investment choices. As all equity securities held by the Plan are publicly traded in active markets, the securities are classified within Level 1 of the fair value hierarchy.
	•		U.S. government securities and corporate 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. Investments in fixed income securities are classified in Level 2 of the fair value hierarchy.
	•		Guaranteed investment contracts — The Stable Value Fund includes traditional and synthetic guaranteed investment contracts (“GICs”). For a traditional GIC, the issuer of the GIC takes a deposit from the Plan and purchases investments that are held in the issuer’s general accounts. In return, the issuer of the GIC is obligated to repay the principal and specified interest guaranteed to the Plan. The fair value of a traditional GIC is generally estimated by discounting the related cash flows based on current yields of similar instruments with comparable durations. In a synthetic GIC structure, there are two components, an underlying investment and a wrapper contract. The underlying investments remain owned by the Plan and are measured at fair value based on the nature of the individual security. The fair value of wrapper contracts is generally estimated using a discounted replacement cost approach which incorporates the difference between current market rates for the identical wrapper contract (See Note 8) and wrap fees currently being charged by market members. Traditional GICs are classified in Level 2 of the fair value hierarchy. Investments held underlying a synthetic GIC are classified in the fair value hierarchy based on the nature of the underlying security, which is Level 2, and the wrapper contracts are classified in Level 3.
	•		Common collective trust (“CCTs”) — Common Collective Trusts are arrangements in which the funds of individual trusts are pooled to avail themselves of professional investment management and achieve greater diversification of investment, stability of income or other investment objectives. CCTs invest in debt and equity securities, the mix of which varies by Fund, and each CCT reports the NAV as of the measurement date. Fair value is estimated based on the NAV practical expedient described below. There are no unfunded commitments related to the CCTs and investments in CCTs can be redeemed on a daily basis. CCTs are classified in Level 2 of the fair value hierarchy.
	•		Brokerage Account — Securities held in the PCRA Brokerage account are valued at the closing price reported on the major market on which the individual securities are traded at the measurement date. These securities are classified in Level 1 of the fair value hierarchy.

In measuring plan assets at fair value, a fair value hierarchy is applied which categorizes and prioritizes the inputs used to estimate fair value into three levels. The fair value hierarchy is based on maximizing the use of observable inputs and minimizing the use of unobservable inputs when measuring fair value. Classification within the fair value hierarchy is based on the lowest level input that is significant to the fair value measurement. The three levels of the fair value hierarchy are defined as follows:

	•		Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
	•		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.

	•		Level 3 inputs are unobservable inputs for the assets or liabilities.

In certain instances, fair value is estimated using quoted market prices obtained from an external pricing service. In obtaining such data from the pricing service, the Plan has evaluated the methodologies used to develop the estimate of fair value in order to assess whether such valuations are representative of fair value, including NAV. Additionally, in certain circumstances, the Plan may adjust NAV reported by an asset manager when sufficient evidence indicates NAV is not representative of fair value.

In September 2009, the Financial Accounting Standards Board provided investors with a practical expedient for measuring the fair value of investments in certain entities that calculate NAV. The practical expedient enables an entity holding investments in certain entities that calculate net asset value per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that net asset value per share or its equivalent without adjustment. The Plan adopted this guidance for the year ended December 31, 2009; however, application of the practical expedient did not have a material effect on the Plan’s fair value measurements. No adjustments to reported NAV reported by an asset manager have been recorded.

The following table sets forth by level within the fair value hierarchy a summary of the Plan’s investments measured at fair value on a recurring basis at December 31, 2010.

Fair Value Measurements at December 31, 2010

		Quoted Prices in
		Active Markets				Significant Other				Significant
		for Identical				Observable				Unobservable
		Assets (Level 1)				Inputs (Level 2)				Inputs (Level 3)				Total
Cash and cash equivalents		$	27,058											$	27,058
Equities and brokerage account			780,527												780,527
Mutual funds			239,896												239,896
U.S. government securities						$	27,280								27,280
Corporate bonds							18,012								18,012
Guaranteed investment contracts			21,787				704,860			$	1,552				728,199
Common collective trusts							473,429								473,429
Member directed investments			1,069,268				1,223,581				1,552				2,294,401
Non-Member directed investments			26				5,638								5,664
Total		$	1,069,294			$	1,229,219			$	1,552			$	2,300,065

Fair Value Measurements at December 31, 2009

		Quoted Prices in
		Active Markets				Significant Other				Significant
		for Identical				Observable				Unobservable
		Assets (Level 1)				Inputs (Level 2)				Inputs (Level 3)				Total
Cash and cash equivalents		$	30,736											$	30,736
Equities and brokerage account			754,047												754,047
Mutual funds			193,790												193,790
U.S. government securities						$	18,341								18,341
Corporate bonds							26,690								26,690
Guaranteed investment contracts			17,370				678,893			$	1,119				697,382
Common collective trusts							353,765								353,765
Member directed investments			995,943				1,077,689				1,119				2,074,751
Non-Member directed investments			1,100				11,501								12,601
Total		$	997,043			$	1,089,190			$	1,119			$	2,087,352

The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3):

		Guaranteed
		Investment
		Contracts
Beginning balance — January 1, 2009		$	27,151
Unrealized (losses)			(481	)
Transfers in and/or out of Level 3			(25,551	)
Beginning balance — January 1, 2010		$	1,119
Unrealized gain			433
Ending balance — December 31, 2010		$	1,552

The Plan reports transfers within the fair value hierarchy as of the beginning of the period. The 2009 transfers primarily reflect adoption of the NAV practical expedient described above.

4. INVESTMENTS

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

		2010		2009
ITT Corporation Common Stock, 8,289,354 and 9,208,369 shares, respectively, at fair value		$431,958		$458,024
Pyramid Enhanced Intermediate Fixed Income Fund*		$336,557		$308,210
American Global New Perspective Fund (Global Equity Fund), 5,409,023 and 5,497,803 shares, respectively, at fair value		$154,806		$140,964
JPMCB Smart Index Fund, 4,331,381 shares		$121,755		**
Pyramid Intermediate Managed Maturing Fund*		$119,058		$115,088
Pyramid Short Managed Maturing Fund*		**		$117,026

During the year ended December 31, 2010, the Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated in value by $147,770, as follows:

Equities		$	59,855
Mutual Funds			27,619
U.S. Government Securities			3,513
Corporate Bonds			310
Common Collective Trusts			56,466
Other			7
Net Appreciation in Fair Value of Investments		$	147,770

5. SECURITIES LENDING

Through July 28, 2009, the Plan participated in a securities lending program through the trustee. Under this program, the Plan’s investment securities were loaned to investment bankers for a fee. On July 28, 2009, the Plan entered into a loan agreement with the Company for the purpose of unwinding the securities lending program and purchasing the collateral securities. The Plan repaid the collateral it held in return for the securities it had lent. As the value of the collateral held was less than the Plan’s obligation to return the collateral, the loan agreement described above was used to fund this collateral deficiency. As of July 28, 2009, the Plan no longer participates in the securities lending program. No plan member has realized a loss as a result of the collateral deficiency.

6. PLAN TRUSTEE

Fees paid by the Plan for trustee services provided by Wells Fargo Bank, NA amounted to $373 for the year ended December 31, 2010.

7. 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 IRC. The Plan has been amended since receiving the determination letter. However, the Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC 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. The Plan was amended and restated in 2010 and an application for a determination letter was filed on January 31, 2011 under Filing Cycle E.

8. INVESTMENT CONTRACTS WITH INSURANCE AND OTHER FINANCIAL INSTITUTIONS

The Plan provides a self-managed stable value investment option to Members that includes synthetic GICs which simulate the performance of a GIC 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., 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 following investments are the underlying categories in the guaranteed investment contracts as of December 31, 2010 and 2009:

		2010				2009
Cash and cash equivalents		$	21,787			$	17,370
U.S. government securities			93,230				83,919
Corporate bonds			30,001				40,249
Investment contracts			5,122				5,572
Common collective trusts			566,371				540,324
Other			11,688				9,948
Total		$	728,199			$	697,382

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 0%. 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:		2010		2009
Based on year-end average yield of investment (1)		2.53%		3.29%
Based on average yield credited to Members (2)		3.42%		3.44%

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 from fair value to contract value for fully benefit-responsive investment contracts. The Statement of Changes in Net Assets Available for Benefits is presented on a contract value basis.

9. EXEMPT PARTY-IN-INTEREST TRANSACTIONS

At December 31, 2010 and 2009, the Plan held 8,289,354 and 9,208,369 shares outstanding, respectively, of common stock of the Company, with a cost basis of $198,847 and $219,964, respectively. During the year ended December 31, 2010, the Plan recorded related dividend income of $8,530 and net appreciation of $19,085.

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.

At December 31, 2010 and 2009, Wells Fargo Bank, NA maintained short-term investments of $46,169 and $44,888, respectively.

Fees paid by the Plan for the investment management services were $3,109 for the year-ended December 31, 2010.

In July of 2009, the Company entered into a loan agreement with the Plan for the purpose of unwinding the securities lending program and purchasing the collateral securities. The original loan amount was $30.4 million of which $10.8 million was outstanding at December 31, 2010.

These transactions are not deemed prohibited party-in-interest transactions, because they are covered by statutory or administrative exemptions from the IRC and ERISA’s rules on prohibited transactions.

10. 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.

11. ASSET TRANSFERS/ROLLOVERS

During 2010, the assets of the Impact Science & Technology, Inc. 401 (K) Retirement Plan totaling $28,389 were transferred into the Plan. In addition, $6,134 was rolled over into the Plan.

12. SUBSEQUENT EVENTS

The JPMCB SmartRetirement Fund 2010 matured on December 31, 2010 and as a result was removed as an investment choice under the Plan on March 15, 2011. Any account balances remaining in this Fund on that date were automatically transferred to the JPMCB SmartRetirement Income Fund.

On January 12, 2011, the Company announced plans to separate its businesses into three distinct, publicly traded companies. We expect this separation to have minimal to no impact on the members.

On March 15, 2011, the Pension Fund Trust and Investment Committee of the Company directed Wells Fargo to liquidate the remaining non-member directed investments and use the proceeds to pay down the liability to the Company. The liquidation is expected to be completed by June 30, 2011.

13. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

A reconciliation of net assets available for benefits per the financial statements to the total net assets per the Form 5500 as of December 31, 2010 and 2009, and the increase (decrease) in net assets per the financial statements to the net income per the Form 5500 for the year ended December 31, 2010, is as follows:

		As of
		December 31,
		2010				2009
Net assets available for benefits per the financial statements		$	2,294,070			$	2,091,888
Amounts allocated to withdrawing Members			(61	)			(5	)
Adjustment from fair value to contract value for fully benefit responsive investment contracts			26,930				4,727
Net assets available for benefits per the Form 5500		$	2,320,939			$	2,096,610

		As of
		December 31, 2010
Increase in net assets per financial statements		$	202,182
Adjustment from fair value to contract value for fully benefit responsive investment contracts			22,203
Add: Amounts allocated to withdrawing Members at December 31, 2009			5
Less: Amounts allocated to withdrawing Members at December 31, 2010			(61	)
Net income per Form 5500		$	224,329

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

		Year Ended
		December 31, 2010
Withdrawals and distributions per the financial statements		$	157,259
Add: Amounts allocated to withdrawing Members at December 31, 2010			61
Less: Amounts allocated to withdrawing Members at December 31, 2009			(5	)
Less: Amounts deemed distributed for tax purposes in 2010			(1,322	)
Withdrawals and distributions per the Form 5500		$	155,993

ITT CORPORATION 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, 2010

				(c) Description of Investment, including Maturity Date,				(e) Current
(a)		(b) Identity of Issuer, Borrower, Lesser or Similar Party		Rate of Interest, Collateral, and Par or Maturity Value		(d) Cost		Value
*		Wells Fargo Short Term Investment Fund		Money Market		**			26,242,895
		JP Morgan Liquidity Fund		Money Market		**			651,660
*		Wells Fargo Advantage Government		Money Market		**			19,926,541
		Broker — New Zealand Dollar		Cash — Invested in New Zealand Dollar		**			12
		Broker — Euro		Cash — Invested in Euro		**			144
		Broker — Japanese Yen		Cash — Invested in Japanese Yen		**			322
		Broker — Pound Sterling		Cash — Invested in Pound Sterling		**			739
		United States Dollars		Cash — US Dollars		**			162,565
		ARMT 2005-1 5A2		Collateralized Mortgage Obligation — Floater 0.59 January 25, 2011		**			15,022
		BOAMS 2005—5 3A2		Whole Loan 15 Year — 4.75 June 25, 2019		**			201,936
		CSFB 2004-AR8 2A1		Comm Pty — Securities 2.86 September 25, 2034		**			152,078
		FG A29420		Federal Home Loan Mortgage Corporation 15 year 6.0 November 1, 2033		**			127,648
		FG J10982		Federal Home Loan Mortgage Corporation 15 year 4.5 May 1, 2024		**			711,251
		FGLMC 5 1/11		Federal Home Loan Mortgage Corporation Gold 30 year 5.0 February 1, 2040		**			1,185,088
		FGLMC 5.5 1/11		Federal Home Loan Mortgage Corporation Gold 30 year 5.5 June 1, 2040		**			1,811,571
		FGLMC 6 1/11		Federal Home Loan Mortgage Corporation 30 year 6.0 July 1, 2040		**			1,104,793
		FH 1B3170		Federal Home Loan Mortgage Corporation 7 year hybrid 5.61 December 1, 2011		**			423,389
		FH 1G1999		Federal Home Loan Mortgage Corporation 7 year hybrid 5.37 July 1, 2014		**			27,669
		FH 1G2061		Federal Home Loan Mortgage Corporation 7 year hybrid 5.43 July 1, 2014		**			41,591
		FH 1J0453		Federal Home Loan Mortgage Corporation 7 year hybrid 5.49 June 1, 2014		**			28,059
		FH 1J1749		Federal Home Loan Mortgage Corporation 7 year hybrid 5.45 June 1, 2014		**			194,787
		FH 782758		Federal Home Loan Mortgage Corporation 7 year hybrid 5.74 November 1, 2013		**			268,979
		FHR 2475F		Collateralized Mortgage Obligation — Floater 1.26 January 15, 2011		**			287,694
		FHR 2766 SW		Collateralized Mortgage Obligation — INV IO 6.94 January 15, 2011		**			1,743
		FRH 2931 GA		Collateralized Morgtgage Obligation — PAC 5.0 November 15, 2028		**			143,306
		FHR 3036 NS		Collateralized Mortgage Obligation — INV IO 6.94 January 5, 2011		**			26,389
		FHR 3349 MY		Collateralized Mortgage Obligation — Sequential 5.5 July 15, 2037		**			1,301,322

ITT CORPORATION 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, 2010

				(c) Description of Investment, including Maturity Date,				(e) Current
(a)		(b) Identity of Issuer, Borrower, Lesser or Similar Party		Rate of Interest, Collateral, and Par or Maturity Value		(d) Cost		Value
		FHS 237 S22		Collateralized Mortgage Obligation — INV IO 6.89 January 15, 2011		**			157,672
		FHS 237 S23		Collateralized Mortgage Obligation — INV IO 6.84 January 15, 2011		**			55,716
		FHS 240 S22		Collateralized Mortgage Obligation — INV IO 6.89 January 15, 2011		**			171,113
		FN 254766		Federal National Mortgage Association 30 year 5.0 May 1, 2032		**			188,221
		FN 709705		Federal National Mortgage Association 30 year 5.0 February 1, 2032		**			145,736
		FN 713985		Federal National Mortgage Assocation 30 year 5.0 October 1, 2032		**			291,394
		FN 745327		Federal National Mortgage Association 30 year 6.0 March 1, 2035		**			745,481
		FN 831679		Federal National Mortgage Association 30 year 6.5 January 1, 2036		**			146,138
		FN 888890		Federal National Mortgage Association 30 year 6.5 February 1. 2036		**			123,980
		FN 889072		Federal National Mortgage Association 30 year 6.5 September 1, 2036		**			1,103,503
		FN 889307		Federal National Mortgage Association 30 year 5.0 October 1, 2032		**			575,496
		FN 889568		Federal National Mortgage Association 15 year 5.5 September 1, 2017		**			1,248,282
		FN 908854		Federal National Mortgage Association 30 year 6.5 May 1, 2036		**			122,072
		FN 930796		Federal National Mortgage Association 30 year 5.0 March 1, 2033		**			406,009
		FN AC6082		Federal National Mortgage Association 15 year 4.5 July 1, 2024		**			461,810
		FN AD0249		Federal National Mortgage Association 30 year 5.5 March 1, 2032		**			1,187,270
		FNCI 3.5 1/11		Federal National Mortgage Association 15 year 3.5 July 1, 2025		**			956,536
		FNCI 4 1/11		Federal National Mortgage Association 15 year 4.0 July 1, 2024		**			1,513,865
		FNCL 4 1/11		Federal National Mortgage Association 30 year 4.0 September 1, 2039		**			21,355,994
		FNCL 5 1/11		Federal National Mortgage Association 30 year 5.0 February 1, 2040		**			431,013
		FNCL 5.5 1/11		Federal National Mortgage Association 30 year 5.5 June 1, 2040		**			2,695,997
		FNCL 6 1/11		Federal National Mortgage Association 30 year 6.0 July 1, 2040		**			1,048,839
		FNR 2002-81 SJ		Collateralized Mortgage Obligation — INV IO 7.24 January 25, 2011		**			23,171
		FNR 2006-43 G		Collateralized Mortgage Obligation — Sequential 6.5 September 25, 2033		**			74,049
		FNR 2006-63 AB		Collateralized Mortgage Obligation — Sequential 6.5 October 25, 2033		**			44,718
		FNR 2006-63 AE		Collateralized Mortgage Obligation — Sequential 6.5 October 25, 2033		**			45,531
		FNR 2006-78-BC		Collateralized Mortgage Obligation — Sequential 6.5 January 25, 2034		**			74,124
		FNR 2010-116 BI		Collateralized Mortgage Obligation — IO 5.0 August 25, 2020		**			192,030
		FNW 2003-W6 1A41		Collateralized Mortgage Obligation — Sequential 5.4 October 25, 2042		**			267,814
		G2 4679		Government National Mortgage Association II 30 year 5.0 April 1, 2040		**			708,404

ITT CORPORATION 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, 2010

				(c) Description of Investment, including Maturity Date,				(e) Current
(a)		(b) Identity of Issuer, Borrower, Lesser or Similar Party		Rate of Interest, Collateral, and Par or Maturity Value		(d) Cost		Value
		GN 713334		Government National Mortgage Association 30 year 4.5 April 1, 2039		**			281,066
		GNSF 4 1/11		Government National Mortgage Association 30 year 4.0 February 1, 2040		**			4,585,610
		GNSF 4.5 1/11		Governement National Mortgage Association 30 year 4.5 February 1, 2039		**			1,951,684
		GNSF 5 1/11		Government National Mortgage Association 30 year 5.0 February 1, 2040		**			1,307,650
		GNSF 6 1/11		Government National Mortgage Association 30 year 6.0 July 1, 2040		**			648,723
		WAMU 2005-AR1 A2A1		Collateralized Mortgage Obligation — Floater .60 January 25, 2011		**			74,686
		WAMU 2005-AR15 A1A1		Collateralized Mortgage Obligation — Floater .52 January 25, 2011		**			145,139
		WAMU 2005-AR2 2A21		Collateralized Mortgage Obligation — Floater .59 January 25, 2011		**			51,837
		BANK OF SCOTLAND PLC		Covered Bond 5.25 February 21, 2017		**			332,643
		BSCMS 2004-PWR6 A4		Commercial Mortgage Backed Security 4.52 December 11, 2011		**			308,440
		COMM 2007-FL14 A1		Commercial Mortgage Backed Security .35 January 15, 2011		**			356,612
		GCCFC 2005-GG3 A4		Commercial Mortgage Backed Security 4.8 December 10, 2014		**			349,675
		GECMC 2002-1A A3		Commercial Mortgage Backed Security 6.27 April 10, 2012		**			761,435
		LBUBS 2006-C4 A4		Commercial Mortgage Backed Security 5.88 May 15, 2016		**			287,630
		MSDWC 2002-TOP7 A2		Commercial Mortgage Backed Security 5.98 May 15, 2012		**			1,346,636
		MSDWC 2003-HQ2 A2		Commercial Mortgage Backed Security 4.92 February 12, 2013		**			317,712
		Credit Suisse USA, Inc.		Cash Equivalent — 5.5 August 16, 2011		**			126,229
		FANNIE MAE		Cash Equivalent — 6.25 February 1, 2011		**			1,689,662
		FEDERAL HOME LOAN BANK		Cash Equivalent — .16 January 11, 2011		**			579,800
		FEDERAL HOME LOAN BANK		Cash Equivalent — .23 January 26, 2011		**			650,073
		FREDDIE MAC		Cash Equivalent — .25 January 21, 2011		**			1,315,153
		General Electric Capital Corp.		Cash Equivalent — .36 February 15, 2011		**			580,500
		ALLYA 2010-1 A2		Asset Backed Security — Auto Prime Qual — .75 April 15, 2012		**			186,773
		COMET 2006-A4 A4		Asset Backed Security — Card — .30 January 18, 2011		**			1,014,923
		COMNI 2099-A8 A8		Asset Backed Security — Card — 2.36 January 18, 2011		**			1,413,843
		CWL-2003-5 MF1		Asset Backed Security — Home Equity — 5.41 January 25, 2034		**			134,200
		CWL-2004-1 3A		Asset Backed Security — Home Equity — .54 January 25, 2011		**			933
		CWL 2004-13 MV1		Asset Backed Security — Home Equity — .76 January 25, 2011		**			3,766
		FORDO 2009-A-A3B		Asset Backed Security — Auto Prime Qual — 2.76 January 18, 2011		**			458,144
		MBART 2010-1 A2		Asset Backed Security — Auto Prime Qual — .70 August 15, 2012		**			375,420

ITT CORPORATION 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, 2010

				(c) Description of Investment, including Maturity Date,				(e) Current
(a)		(b) Identity of Issuer, Borrower, Lesser or Similar Party		Rate of Interest, Collateral, and Par or Maturity Value		(d) Cost		Value
		MEDL 2005-2G A		Asset Backed Security — Global — .32 February 22, 2011		**			129,707
		OOMLT 2003-4 A2		Asset Backed Security — Home Equity — .9 January 25, 2011		**			31,773
		OOMLT 2005-4 A3		Asset Backed Security — Home Equity — .52 January 25, 2011		**			61,459
		OOMLT 2007-4 2A1		Asset Backed Security — Home Equity — .35 January 25, 2011		**			31,260
		RAMP 2006-EFC1 A2		Asset Backed Security — Home Equity — .46 January 25, 2011		**			94,984
		RASC 2004-KS12 M1		Asset Backed Security — Home Equity — .79 January 25, 2011		**			105,908
		WAOT-2008-A A3A		Asset Backed Security — Auto Prime Qual — 4.81 September 20, 2012		**			89,526
		WFHET 2004-2 A16		Asset Backed Security — Home Equity — 5.0 May 25, 2034		**			319,606
		US Treasury Bill		Short Term US Treasury — January 13, 2011		**			124,995
		US Dollar		Cash January 5, 2011		**			(3,400,679	)
		Verizon Communications		Cash Equivalent — 5.35 February 15, 2011		**			194,874
		US Treasury Bond		US Government Security, Maturity — November 30, 2015		**			491,368
		US 10YR NOTE FUT Mar11		US Treasury Note Futures 0 March 22, 2011		**			20,390
		US 2YR NOTE (CBT) Mar11		US Treasury Note Futures 0 March 31, 2011		**			(3,453	)
		US 5YR NOTE (CBT) Mar11		US Treasury Note Futures 0 March 31, 2011		**			(43,750	)
		US LONG BOND(CBT) Mar11		US Treasury Note Futures 0 March 22, 2011		**			(3,375	)
		US TREASURY N/B		US Treasury 2.25 November 30, 2017		**			1,177,075
		US TREASURY N/B		US Treasury 1.25 October 31, 2015		**			4,316,290
		US TREASURY N/B		US Treasury 1.25 September 30, 2015		**			978,295
		US TREASURY N/B		US Treasury .75 September 15, 2013		**			9,329,113
		US TREASURY N/B		US Treasury 2.5 June 30, 2017		**			1,122,852
		US TREASURY N/B		US Treasury 1.88 June 30, 2015		**			8,749,168
		US TREASURY N/B		US Treasury 2.12 May 31, 2015		**			778,623
		US TREASURY N/B		US Treasury 2.38 February 28, 2015		**			5,388,774
		US TREASURY N/B		US Treasury 2.25 January 31, 2015		**			331,513
		US TREASURY N/B		US Treasury 8.75 May 15, 2017		**			1,514,456
		US TREASURY N/B		US Treasury 8.00 November 15, 2021		**			1,079,969
		US Treasury Bond		US Government Security, Par — 3,000,000 Maturity 2/15/2019, Interest 8.875%		**			4,315,314
		US Treasury Inflation-Index Bond		US Government Security, Par — 6,436,979.40 Maturity 1/15/2015, Interest 1.625%		**			6,863,931

ITT CORPORATION 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, 2010

				(c) Description of Investment, including Maturity Date,				(e) Current
(a)		(b) Identity of Issuer, Borrower, Lesser or Similar Party		Rate of Interest, Collateral, and Par or Maturity Value		(d) Cost		Value
		US Treasury Bond		US Government Security, Par — 1,735,000 Maturity 11/15/2021, Interest 8.0%		**			2,453,941
		US Treasury Note		US Government Security, Par — 2,495,000 Maturity 1/31/2011, Interest ..875%		**			2,496,267
		US Treaasury Note		US Government Security, Par — 2,965,000 Maturity 1/31/2012, Interest ..875%		**			2,981,562
		US Treasury Note		US Government Security, Par — 5,150,000 Maturity 4/30/2012, Interest 1.0%		**			5,191,664
		US Treasury Note		US Government Security, Par — 2,520,000 Maturity 8/15/2012, Interest 1.75%		**			2,571,778
		US Treasury Note		US Government Security, Par — 385,000 Maturity 11/30/2012, Interest 3.375%		**			405,784
		FANNIE MAE		Federal National Mortgage Association 2.38 July 28, 2015		**			2,944,661
		FANNIE MAE		Federal National Mortgage Association 4.88 December 15, 2016		**			584,075
		FANNIE MAE		Federal National Mortgage Association 4.62 May 1, 2013		**			969,042
		FANNIE MAE		Federal National Mortgage Association 5.25 August 1, 2012		**			1,117,429
		FARMER MAC GTD TR 07-1		Federal Agricultural Mortgage Corporation 5.12 April 19, 2017		**			1,317,798
		FREDDIE MAC		Federal Home Loan Corporation 3.75 March 27, 2019		**			104,496
		FREDDIE MAC		Federal Home Loan Corporation 5.12 October 18, 2016		**			503,617
		Tennessee Valley Authority		Tennessee Valley Authority 5.25 September 15, 2039		**			305,712
		Eurasina Development Bank		Supranational 7.38 September 29, 2014		**			109,760
		Federal Republic of Brazil		Sovereign 6.0 January 17, 2017		**			492,504
		Republic of South Africa		Sovereign 5.5 March 9, 2020		**			194,555
		Russian Foreign Bond		Sovereign 3.62 April 29, 2015					302,263
		Axis Capital Holdings		Corporate Bond, Par — 3,000,000 Maturity 12/01/2014, Interest 5.750%		**			3,190,086
		Bank of America Corp.		Corporate Bond, Par — 2,120,000.000 Maturity 12/01/2015, Interest 5.250%		**			2,155,724
		Comcast Corp.		Corporate Bond, Par — 2,200,000, Maturity 11/15/2017, Interest 6.3%		**			2,518,886
		EOG Resources, Inc.		Corporate Bond, Par — 2,180,000, Maturity 9/15/2017, Interest 5.875%		**			2,472,159
		Home Depot		Corporate Bond, Par 2,390,000, Maturity 3/1/2016, Interest 5.4%		**			2,678,246
		Time Warner		Corporate Bond, Par — 2,340,000, Maturity 11/15/2016, Interest 5.875%		**			2,641,198
		Wal-Mart Stores, Inc.		Corporate Bond, Par — 2,050,000, Maturity 2/15/2018, Interest 5.8%		**			2,355,522
		ALTRIA GROUP INC		Corporate Bond 9.7 November 10, 2018		**			353,236
		AMERICAN MOVIL SAB DE CV		Corporate Bond 5.0 March 30, 2020		**			599,690

ITT CORPORATION 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, 2010

				(c) Description of Investment, including Maturity Date,				(e) Current
(a)		(b) Identity of Issuer, Borrower, Lesser or Similar Party		Rate of Interest, Collateral, and Par or Maturity Value		(d) Cost		Value
		ANGLOGOLD HOLDINGS PLC		Corporate Bond 5.38 April 15, 2020		**			367,972
		ANHEUSER-BUSCH INBEV WOR		Corporate Bond 5.38 January 15, 2020		**			105,295
		ANHEUSER-BUSCH INBEV WOR		Corporate Bond 6.88 November 15, 2019		**			186,125
		ANHEUSER-BUSCH INBEV WOR		Corporate Bond 7.75 January 15, 2019		**			115,208
		ANHEUSER-BUSCH INBEV WOR		Corporate Bond 7.2 January 15, 2014		**			229,475
		AT&T INC		Corporate Bond 6.7 November 15, 2013		**			417,827
		BANK OF AMERICA CORP		Corporate Bond 6.5 August 1, 2016		**			472,675
		BANK OF AMERICA CORP		Corporate Bond 4.5 April 1, 2015		**			282,586
		BANK OF AMERICA CORP		Corporate Bond 5.65 May 1, 2018		**			164,990
		BERKSHIRE HATHAWAY FIN		Corporate Bond 4.5 January 15, 2013		**			608,020
		BRITISH TELECOM PLC		Corporate Bond 5.95 January 15, 2018		**			252,440
		CANADIAN PACIFIC RR CO		Corporate Bond 7.25 May 15, 2019		**			221,783
		CAPITAL ONE BANK USA NA		Corporate Bond 8.8 July 15, 2019		**			317,654
		CENOVUS ENERGY INC		Corporate Bond 4.5 September 15, 2014		**			629,186
		CITIGROUP INC		Corporate Bond 5.38 August 9, 2020		**			164,332
		CITIGROUP INC		Corporate Bond 5.5 October 15, 2014		**			59,898
		CITIGROUP INC		Corporate Bond 8.5 May 22, 2019		**			31,266
		CITIGROUP INC		Corporate Bond 5.5 April 11, 2013		**			420,050
		CITIGROUP INC		Corporate Bond 6.0 August 15, 2017		**			44,295
		COMCAST CORP		Corporate Bond 6.3 November 15, 2017		**			172,950
		CREDIT SUISSE NEW YORK		Corporate Bond 5.5 May 1, 2014		**			403,624
		CREDIT SUISSE NEW YORK		Corporate Bond 5.0 May 15, 2013		**			335,628
		CREDIT SUISSE USA INC		Corporate Bond 6.0 February 15, 2018		**			262,791
		DCP MIDSTREAM LLC		Corporate Bond 5.35 March 15, 2020		**			189,394
		DCP MIDSTREAM LLC		Corporate Bond 9.75 March 15, 2019		**			211,365
		DIAGEO CAPITAL PLC		Corporate Bond 5.2 January 30, 2013		**			253,050
		DISCOVERY COMMUNICATIONS		Corporate Bond 3.7 June 1, 2015		**			623,052
		ENTERGY ARKANSAS INC.		Corporate Bond 3.75 February 15, 2021		**			183,933
		ENTERPRISE PRODUCTS OPER		Corporate Bond 3.7 June 1, 2015		**			429,380
		GENERAL ELECTRIC CO		Corporate Bond 5.25 December 6, 2017					715,268

ITT CORPORATION 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, 2010

				(c) Description of Investment, including Maturity Date,				(e) Current
(a)		(b) Identity of Issuer, Borrower, Lesser or Similar Party		Rate of Interest, Collateral, and Par or Maturity Value		(d) Cost		Value
		GOLD FIELDS OROGEN HOLD		Corporate Bond 4.88 October 7, 2020		**			193,602
		GOLDMAN SACHS GROUP INC		Corporate Bond 3.7 August 1, 2015		**			36,212
		GOLDMAN SACHS GROUP INC		Corporate Bond 6.15 April 1, 2018		**			217,731
		GOLDMAN SACHS GROUP INC		Corporate Bond 5.95 January 18, 2018		**			261,278
		GRUPO BIMBO SAB DE CV		Corporate Bond 4.88 June 30, 2020		**			180,729
		HEALTH CARE REIT INC		Corporate Bond 4.7 September 15, 2017		**			232,483
		HSBC FINANCE CORP		Corporate Bond 5.0 June 30, 2015		**			154,039
		HUTCHISON WHAM INT 09/16		Corporate Bond 4.62 September 11, 2015		**			212,803
		IBM CORP		Corporate Bond 7.62 October 15, 2018		**			328,709
		INTERNATIONAL PAPER CO		Corporate Bond 7.95 June 15, 2018		**			286,439
		JOHN DEERE CAPITAL CORP		Corporate Bond 4.5 April 3, 2013		**			345,791
		KINDER MORGAN ENER PART		Corporate Bond 5.85 September 15, 2012		**			386,764
		KRAFT FOODS INC		Corporate Bond 5.38 February 10, 2020		**			137,165
		KRAFT FOODS INC		Corporate Bond 6.0 February 11, 2013		**			1,241,412
		KROGER CO/THE		Corporate Bond 6.15 January 15, 2020		**			203,266
		LG&E & KU ENERGY LLC		Corporate Bond 3.75 November 15, 2020		**			157,927
		MET LIFE GLOB FUNDING I		Corporate Bond 5.12 April 10, 2013		**			337,357
		MET LIFE INC		Corporate Bond 6.75 June 1, 2016		**			227,290
		MIDAMERICAN ENERGY CO		Corporate Bond 5.95 July 15, 2017		**			140,293
		MORGAN STANLEY		Corporate Bond 3.45 November 2, 2015		**			308,892
		MORGAN STANLEY		Corporate Bond 5.5 January 26, 2020		**			15,476
		MORGAN STANLEY		Corporate Bond 6.0 May 13, 2014		**			576,894
		MORGAN STANLEY		Corporate Bond 5.45 January 9, 2017		**			85,044
		MORGAN STANLEY		Corporate Bond 5.3 March 1, 2013		**			324,985
		NATIONWIDE BUILDING SOCIETY		Corporate Bond 4.65 February 25, 2015		**			312,449
		NBC UNIVERSAL		Corporate Bond 4.38 April 1, 2021		**			372,848
		NEVADA POWER CO		Corporate Bond 7.12 March 15, 2019		**			203,814
		NEW CINGULAR WIRELESS SV		Corporate Bond 8.12 May 1, 2012		**			331,778
		NISOURCE FINANCE CORP		Corporate Bond 6.8 January 15, 2019		**			261,438
		NORTHERN TRUST COMPANY		Corporate Bond 6.5 August 15, 2018		**			364,102

ITT CORPORATION 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, 2010

				(c) Description of Investment, including Maturity Date,				(e) Current
(a)		(b) Identity of Issuer, Borrower, Lesser or Similar Party		Rate of Interest, Collateral, and Par or Maturity Value		(d) Cost		Value
		ONEOK PARTNERS LP		Corporate Bond 5.9 April 1, 2012		**			176,690
		ORACLE CORP		Corporate Bond 5.0 July 8, 2019		**			443,613
		PACIFIC GAS AND ELECTRIC		Corporate Bond 3.5 October 1, 2020		**			384,900
		PACIFICORP		Corporate Bond 5.65 July 15, 2018		**			93,647
		PHILIP MORRIS INTL INC		Corporate Bond 5.65 May 16, 2018		**			289,294
		PLAINS ALL AMER PIPELINE		Corporate Bond 3.95 September 15, 2015		**			303,023
		PLAINS ALL AMER PIPELINE		Corporate Bond 5.75 January 15, 2020		**			109,165
		PLAINS ALL AMER PIPELINE		Corporate Bond 6.5 May 1, 2018		**			146,979
		PRICOA GLOBAL FUNDING 1		Corporate Bond 5.4 October 18, 2012		**			524,586
		PROGRESS ENERGY INC		Corporate Bond 4.88 December 1, 2019		**			237,041
		PRUDENTIAL FINANCIAL INC		Corporate Bond 7.38 June 15, 2019		**			266,021
		ROCHE HLDGS INC		Corporate Bond 6.0 March 1, 2019		**			201,083
		SHELL INTERNATIONAL FIN		Corporate Bond 3.1 June 28, 2015		**			205,441
		STANDARD CHARTERED PLC		Corporate Bond 5.5 November 18, 2014		**			566,973
		SUNCOR ENERGY INC		Corporate Bond 6.1 June 1, 2018		**			479,270
		SVENSKA HANDELSBANKEN AB		Corporate Bond 4.88 June 10, 2014		**			612,853
		TECO FINANCE INC		Corporate Bond 5.15 March 15, 2020		**			199,867
		TELECOM ITALIA CAPITAL		Corporate Bond 6.18 June 18, 2014		**			117,227
		TELEFONICA EMISIONES SAU		Corporate Bond 5.13 April 27, 2020		**			102,046
		TELEFONICA EMISIONES SAU		Corporate Bond 5.86 February 4, 2013		**			523,966
		TIME WARNER CABLE INC		Corporate Bond 7.5 Aprul 1, 2014		**			716,818
		TYCO/TYCO INTL FIN SA		Corporate Bond 7.0 December 15, 2019		**			208,698
		UBS AG STAMFORD CT		Corporate Bond 5.75 April 25, 2018		**			213,968
		UBS AG STAMFORD CT		Corporate Bond 5.88 December 20, 2017		**			137,703
		UNITED HEALTHCARE GROUP INC		Corporate Bond 3.88 October 15, 2020		**			206,641
		VERIZON COMMUNICATIONS		Corporate Bond 6.35 April 1, 2019		**			210,605
		VERIZON COMMUNICATIONS		Corporate Bond 5.25 April 15, 2013		**			444,840
		VIRGINIA ELEC & POWER CO		Corporate Bond 5.1 November 30, 2012		**			307,556
		WAL-MART STORES INC		Corporate Bond 5.8 February 15, 2018		**			105,386
		WATSON PHARMACEUTICALS		Corporate Bond 6.12 August 15, 2019		**			209,138

ITT CORPORATION 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, 2010

				(c) Description of Investment, including Maturity Date,				(e) Current
(a)		(b) Identity of Issuer, Borrower, Lesser or Similar Party		Rate of Interest, Collateral, and Par or Maturity Value		(d) Cost		Value
		WESTPAC BANKING CORP		Corporate Bond 4.2 February 27, 2015		**			281,965
		WILLIAMS PARTNERS LP/WIL		Corporate Bond 7.25 February 1, 2017		**			578,473
		XCEL ENERGY INC		Corporate Bond 4.7 May 15, 2020		**			243,344
		XTO ENERGY, INC.		Corporate Bond 4.625 June 15, 2013		**			72
		XSTRATA FINANCE CANADA		Corporate Bond 5.8 November 15, 2016		**			160,131
		DISCOVER BANK		Corporate High Yield 8.7 November 18, 2019		**			296,876
		LEHMAN BROS CAP TR VII		Corporate High Yield 5.86 May 31, 2012		**			33
		1st Pacific Co.		Common Stock		**			39,000
		3M Company		Common Stock		**			964,834
		99 Cents Only Stores		Common Stock		**			757,581
		Abbott Laboratories		Common Stock		**			1,068,728
		Accenture PLC		Common Stock		**			518,843
		Acxiom Corp.		Common Stock		**			661,939
		Adobe Sys. Inc.		Common Stock		**			446,310
		Adtran Inc		Common Stock		**			1,328,002
		Advanced Micro Devices, Inc.		Common Stock		**			164,418
		Advantest Corporation JPY50		Common Stock		**			218,592
		AES Corporation		Common Stock		**			459,186
		AFLAC		Common Stock		**			124,146
		Agilent Technologies Inc		Common Stock		**			812,028
		Agnico Eagle Mines Ltd		Common Stock		**			161,070
		Air Products and Chemicals Inc.		Common Stock		**			45,475
		Akami Technologies		Common Stock		**			65,870
		Akzo Nobel Eur 2.0		Common Stock		**			371,675
		Align Technology, Inc.		Common Stock		**			1,393,202
		Allegheny Energy		Common Stock		**			215,736
		Allergan Inc		Common Stock		**			645,498
		Allstate Corp.		Common Stock		**			427,192
		Alpha Natural Resources, Inc.		Common Stock		**			102,051
		Altria Group Inc		Common Stock		**			334,832

ITT CORPORATION 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, 2010

				(c) Description of Investment, including Maturity Date,				(e) Current
(a)		(b) Identity of Issuer, Borrower, Lesser or Similar Party		Rate of Interest, Collateral, and Par or Maturity Value		(d) Cost		Value
		Amazon.com Inc		Common Stock		**			2,113,020
		American Electric Power Inc		Common Stock		**			111,538
		American Express Company		Common Stock		**			1,334,812
		American Medical Systems Holdings Inc		Common Stock		**			809,094
		American States Water Company		Common Stock		**			513,810
		American Tower Systems Corporation Class A		Common Stock		**			289,184
		Amerisourcebergen Corp.		Common Stock		**			146,716
		Ameristar Casinos Inc		Common Stock		**			720,934
		Amgen Inc		Common Stock		**			2,711,456
		Amylin Pharmaceuticals Inc.		Common Stock		**			913,123
		Anadarko Petroleum Corp.		Common Stock		**			106,624
		Anglo American PLC		Common Stock		**			447,024
		Anheuser Busch Inbev SA, Bruxell NPV		Common Stock		**			202,112
		Anheuser Busch Inbev SA, Strip VVPR		Common Stock		**			7
		Aon Corporation		Common Stock		**			455,499
		Apache Corp.		Common Stock		**			2,082,471
		Apollo Group Inc		Common Stock		**			446,198
		Apple Inc		Common Stock		**			4,997,100
		Applied Industrial Technologies, Inc.		Common Stock		**			710,533
		Applied Material Inc		Common Stock		**			786,800
		Arch Capital Group, Ltd.		Common Stock		**			187,547
		Arch Coal, Inc.		Common Stock		**			1,612,795
		Archer Daniels Midland Co.		Common Stock		**			117,312
		Assisted Living Concepts, Inc.		Common Stock		**			31,392
		AT&T		Common Stock		**			2,519,923
		Athenahealth, Inc.		Common Stock		**			1,322,630
		Autodesk Inc.		Common Stock		**			202,460
		Automatic Data Processing Inc		Common Stock		**			286,473
		Autozone, Inc.		Common Stock		**			381,626
		Avalon Bay Communities, Inc.		Common Stock		**			56,275

ITT CORPORATION 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, 2010

				(c) Description of Investment, including Maturity Date,				(e) Current
(a)		(b) Identity of Issuer, Borrower, Lesser or Similar Party		Rate of Interest, Collateral, and Par or Maturity Value		(d) Cost		Value
		Avon Products, Inc.		Common Stock		**			367,028
		AXA Europe 2.29		Common Stock		**			171,632
		Axis Capital Holdings Ltd.		Common Stock		**			1,336,530
		Baker Hughes Inc		Common Stock		**			511,214
		Banco Santander SA Europe 0.5		Common Stock		**			257,768
		Bank of New York Mellon Corp		Common Stock		**			295,960
		Bank of America Corp		Common Stock		**			1,213,633
		Barclays		Common Stock		**			169,445
		Bard C R Inc		Common Stock		**			183,540
		Barrick Gold Corp		Common Stock		**			164,858
		BASF SE NPV		Common Stock		**			115,929
		Baxter International Inc		Common Stock		**			328,018
		Bed Bath & Beyond Inc		Common Stock		**			1,209,090
		Bendigo and Adelaide Bank Ltd NPV		Common Stock		**			78,534
		Berkshire Hathaway, Inc.		Common Stock		**			1,129,551
		Bezeq Israeli Telecommunica ILS		Common Stock		**			231,523
		BG Group GBP		Common Stock		**			296,856
		Biogen Idec Inc.		Common Stock		**			147,510
		H&R Block, Inc		Common Stock		**			107,190
		BNP Paribas Eur 2.0		Common Stock		**			347,458
		Boeing Co		Common Stock		**			728,954
		Borg Warner, Inc.		Common Stock		**			1,404,146
		Boston Scientific Corp.		Common Stock		**			124,905
		Bridgestone Co. JPY		Common Stock		**			203,145
		Bristol Myers Squibb Co		Common Stock		**			847,360
		Broadcom Corporation		Common Stock		**			1,262,950
		Brookline Bancorp, Inc.		Common Stock		**			514,431
		Bunge Limited		Common Stock		**			1,620,048
		CH Robinson Worldwide Inc		Common Stock		**			152,361
		C&C Group PLC Eur		Common Stock		**			186,386