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January 21, 2002 12:00 AM

[I] Profiles of the Top 200 Pension Funds

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    I.A.M. National Pension Fund

    ($ millions)

    Total assets 5,290

    Defined benefit 5,282

    Defined contribution 8

    * DEFINED BENEFIT PLAN:

    Employer contributions 141

    Benefit payments 202

    Asset mix:

    Domestic stocks 53.2%

    Domestic fixed income 31.0%

    Foreign stocks 5.0%

    Cash equivalents 2.4%

    Private equity 1.2%

    Other 7.2%

    * DEFINED CONTRIBUTION PLAN:

    Assets in union DC 8

    Total contributions 1

    Asset mix:

    Stock 0.6%

    Fixed income 0.2%

    Stable value 98.7%

    Cash equivalents 0.5%

    WASHINGTON - As of Sept. 30, the I.A.M. National Pension Fund's total employee benefit assets decreased 9.5% from a year earlier. Defined benefit assets also decreased 9.5% during the same period; defined contribution assets increased 14%.

    Employer contributions to the defined benefit plan increased 17.5%; benefits paid increased 10%.

    DEFINED BENEFIT MANAGERS:

    Domestic equities: SSgA; Dodge & Cox; Reich & Tang; Lee Munder; INVESCO; Putnam; Amalgamated.

    International equities: Brandes; Lazard.

    Domestic fixed-income: SSgA; Dodge & Cox; Loomis Sayles.

    REITs: KRA; American Realty.

    Private equity: Landmark; Wilshire; Excalibur; Hamilton Lane.

    TAA: Mellon.

    Protected equity: SSARIS.

    DEFINED CONTRIBUTION MANAGERS:

    Domestic equities: SSgA; Smith Barney; MFS; Artisan; PBHG.

    International equities: SSgA; Smith Barney.

    Domestic fixed-income: SSgA.

    Key personnel overseeing the investment management of both plans are Alan W. Skolnick, fund director, and Mary I. Cusick, chief financial officer.

    Public Employee Retirement System of Idaho

    ($ millions)

    Total assets 7,009

    Defined benefit 6,934

    Defined contribution 75

    * DEFINED BENEFIT PLAN:

    Employer contributions 120

    Benefit payments 274

    Asset mix:

    Domestic stocks 50%

    Domestic fixed income 24%

    Foreign stocks 15%

    Private equity 3%

    Real estate equity 1%

    Mortgages 7%

    * DEFINED CONTRIBUTION PLAN:

    Assets in:

    401(k) 75.3

    Total contributions 64

    Asset mix:

    Stock 66.7%

    Fixed income 23.6%

    Stable value 5.0%

    Other 4.7%

    BOISE, Idaho - As of Sept. 30, the Public Employee Retirement System of Idaho's total employee benefit assets decreased 4% from a year earlier. Defined benefit assets decreased 5% during the same period; defined contribution assets increased 239%.

    Employer contributions to the defined benefit plan decreased 38%; benefits paid increased 12%.

    During the past year, the Public Employee Retirement System of Idaho launched a "Choice" 401(k) plan as part of Idaho's "gain-sharing" program. With gain-sharing, employees receive money deposited into their 401(k) accounts when the defined benefit plan is overfunded. On Feb.1, active employees received about $60 million, or an average of about 4.56% of their defined benefit plan balances. The board chose six active and four indexed funds for the new plan. In the third quarter, officials merged the Choice plan with the state's existing $20 million 401(k) plan, the Super Saver plan, which is available only to state employees. Zurich Scudder is bundled provider for the Super Saver plan.

    DEFINED BENEFIT MANAGERS:

    Domestic equities: Mellon; Tukman; MFS; Mountain Pacific; Columbus Circle; Barings; Zurich Scudder; Brandes; Zesiger.

    International equities: T. Rowe Price; Schroder; TCW; Genesis; Pareto.

    Domestic fixed-income: SSgA; Credit Suisse; Barings; D.B. Fitzpatrick.

    Real estate: Lend Lease.

    Private Equity: Chisholm; Furman Selz; Galen Partners; Goense; Harvest; Ida-West; Littlejohn; McCown DeLeeuw; Navis Partners; OCM/GFI; Providence; Saugatuck; Zesiger.

    DEFINED CONTRIBUTION MANAGERS:

    Domestic equities: SEI; Mellon: Vanguard; Dreyfus; Aetna.

    International equities: Brandes; Mellon.

    Domestic fixed-income: Dodge & Cox; Mellon.

    The investment consultants are Dorn, Hellieson & Cottle, Chadwick Saylor (real estate) and Hamilton Lane (private equity) for the defined benefit plan, and William M. Mercer for the defined contribution plan.

    Key personnel overseeing the investment management of both plans are Robert Maynard, chief investment officer, and Richelle Sugiyama, investment officer.

    Illinois Municipal Retirement Fund

    ($ millions)

    Total assets 13,928

    Defined benefit 13,928

    * DEFINED BENEFIT PLAN:

    Employer contributions 356

    Benefit payments 534

    Asset mix:

    Domestic stocks 40.9%

    Domestic fixed income 36.9%

    Foreign stocks 15.8%

    Cash equivalents 1.6%

    Private equity 2.2%

    Real estate equity 1.2%

    Other 1.4%

    Internally managed assets 222

    OAK BROOK, Ill. - As of Sept. 30, the Illinois Municipal Retirement Fund's total employee benefit assets, all defined benefit, decreased 17% from a year earlier.

    Employer contributions to the plan decreased 38%; benefits paid increased 8%.

    During the past year, Robert Cusma retired as executive director; General Counsel Louis Kosiba was promoted to the position.

    DEFINED BENEFIT MANAGERS:

    Domestic equities: Dimensional Fund Advisors, Fidelity Management Trust, Frontier Capital, Harris Investment, Holland Capital, Investment Counselors of Maryland, Iridian, Jacobs Levy, Lincoln Capital, NewBridge, Northern Trust Quantitative, Oak Associates, Wall Street Associates.

    International equities: Bank of Ireland, Brandes, Capital Guardian, Northern Trust Quantitative, Schroder Capital.

    Domestic fixed-income: BlackRock, Fidelity Management, MacKay Shields, MDL Capital, Northern Trust Quantitative, Payden & Rygel, Wellington, Western Asset.

    Real estate: CB Richard Ellis, Cozad/Westchester, Forest Investments, LaSalle Partners, Lazard Freres, Lend Lease, Olympus, Prudential, RREEF Funds, Security Capital Preferred, Sentinel.

    Alternatives: Abbott Capital, Adams Street, CB Richard Ellis, Harris Associates, Pantheon Ventures, Schroder Ventures.

    The investment consultant is Mercer.

    Key personnel overseeing the investment management of the defined benefit plan are Mr. Kosiba; Walter Koziol, director-investments; and Edward Sambol, investment manager.

    Illinois State Board of Investment

    ($ millions)

    Total assets 7,824

    Defined benefit 7,824

    * DEFINED BENEFIT PLAN:

    Employer contributions n/a

    Benefit payments n/a

    Asset mix:

    Domestic stocks 42%

    Domestic fixed income 30%

    Foreign stocks 17%

    Cash equivalents 1%

    Private equity 6%

    Real estate equity 4%

    Internally managed assets 2,190

    CHICAGO - As of Sept. 30, the Illinois State Board of Investment's total employee benefit assets, all defined benefit, decreased 15% from a year earlier.

    Employer contributions and benefits paid were not available.

    DEFINED BENEFIT MANAGERS:

    Domestic equities: Alliance Bernstein; Ariel Capital; BGI; Geewax Terker; Holland Capital; LSV Asset; J.P. Morgan; Nicholas-Applegate; Southeastern Asset; TCW.

    International equities: Brinson Partners; Capital Guardian; Oechsle; Schroder Investment; Templeton Investment Counsel; Walter Scott.

    Domestic fixed-income: W.R. Huff.

    Real estate: UBS Brinson; AMLI Institutional; Apollo; Aslan Realty; Cozad/Westchester; DLJ Capital; Heitman; Koll Bren; Lazard Freres; Miller Global Properties; Olympus; RREFF; TA Realty; TCW/Westmark; Walton Street.

    Alternative investments: ABS Capital; BCI Growth; Bear Stearns; Behram Capital; Blackstone; Boston Millennia; Cornerstone Equity; DLJ; Frontenac; GTCR; HarbourVest; Inroads Capital; InterWest Partners; INVESCO; Kohlberg Kravis Roberts; Lightspeed; Madison Dearborn; Mesirow Capital; Oaktree; Penman Asset; SCP Sprout; Summit Partners; TL Ventures; Thomas H. Lee; Warburg Pincus Ventures; Welch Carson.

    The investment consultants are Townsend for real estate and Callan for private equity.

    Key personnel overseeing the investment management of the defined benefit plan are Robert Newtson, chairman; Jane Patterson, executive director; and Ronald Schmitz, chief investment officer.

    State Universities Retirement System of Illinois

    ($ millions)

    Total assets 9,892

    Defined benefit 9,803

    Defined contribution 89

    * DEFINED BENEFIT PLAN:

    Employer contributions 247

    Benefit payments 616

    Asset mix:

    Domestic stock 43.2%

    Domestic fixed income 35.8%

    Foreign stocks 17.4%

    Private equity 3.6%

    Internally managed assets 98

    * DEFINED CONTRIBUTION PLAN:

    Assets in 401(a) 89

    Asset mix:

    Stock 72%

    Fixed income 18%

    Stable value 6%

    Cash equivalents 4%

    CHAMPAIGN, Ill. - As of Sept. 30, the State Universities Retirement System of Illinois' total employee benefit assets decreased 18% from a year earlier. Defined benefit assets also decreased 18% during the same period; defined contribution assets increased 33%.

    Employer contributions to the defined benefit plan increased 4%; benefits paid stayed relatively even.

    During the past year, the system adopted an asset allocation that increases its exposure to active international equities by $225 million and real estate investment trusts by $120 million, and gives leeway to add to private equity. The allocation it adopted was 46% domestic equity, down from 48.5%; 20% international equity, up from 18.5%; 2% REITs, up from 1%; and 4% private equity and 28% fixed income, both of which stayed the same. The actual fixed-income allocation had risen to more than 31% and the system plans to cut back to the policy target.

    The system hired Metropolitan West Asset Management and Western Asset Management to manage $75 million each in core-plus fixed income, funding them from a $1.8 billion core-plus portfolio run by PIMCO. The two managers were hired to diversify the system's fixed-income management, as PIMCO runs a total of $2.3 billion in the asset class for it.

    For private equity, the fund plans to increase its exposure beyond the 4% allocation, as the policy allows a band of plus or minus three percentage points from the target for all asset classes. In private equity, it hired Pantheon Ventures, a fund of funds. The system committed $25 million to a crossover fund from Van Wagoner Capital Management, and it added $45 million each to existing REIT managers Clarion CRA Securities and The RREEF Funds, doubling their assignments to $90 million each. The moves were the result of SURS trustees' doubling the system's REIT allocation to 2% of total assets. Funding will come from cash flow or from a $1 billion passive fixed-income portfolio managed by Barclays Global Investors.

    DEFINED BENEFIT MANAGERS:

    Domestic equities: BlackRock; RASARA Strategies; New Amsterdam Partners; Genesis Capital; Clarion CRA; RREEF; BGI; Northern Trust Global Advisors; Progress Investment Management; Northern Trust Global Investments; PIMCO.

    International equities: BGI; Martin Currie; American Express; Allianz Dresdner; Oechsle; Valuequest/TA.

    Domestic fixed-income: PIMCO; BGI; BlackRock; Chicago Capital.

    Private equity: Adams Street Partners; Progress Investment Management; Pantheon; Van Wagoner.

    DEFINED CONTRIBUTION MANAGERS:

    Domestic equities: Aetna; Neuberger Berman; Ariel; MFS; BGI; Capital Resources; ICMA; Fidelity; American Century; Vanguard; CREF.

    International equities: Aetna; Janus; Templeton; ICMA; CREF.

    Fixed income: Aetna; ICMA; PIMCO; TIAA-CREF.

    Balanced: MFS; Aetna; ICMA; Vanguard; CREF.

    The investment consultant for both plans is Ennis Knupp.

    Key personnel overseeing the investment management of the defined benefit plan are John Krimmel, chief investment officer, and Dan Allen, deputy chief investment officer. Overseeing the defined contribution plan are Mr. Krimmel and Doug Wesley, investment officer.

    Teachers' Retirement System of the State of Illinois

    ($ millions)

    Total assets 21,712

    Defined benefit 21,712

    * DEFINED BENEFIT PLAN:

    Employer contributions 724

    Benefit payments 1,556

    Asset mix:

    Domestic stocks 28.4%

    Domestic fixed income 30.0%

    Foreign stocks 18.1%

    Foreign fixed income 7.7%

    Cash equivalents 1.6%

    Private equity 3.0%

    Real estate equity 11.2%

    SPRINGFIELD, Ill. - As of Sept. 30, the Teachers' Retirement System of the State of Illinois' total employee benefit assets - all defined benefit - decreased 10% from a year earlier.

    Employer contributions to the plan were the same; benefits paid increased 38%.

    During the past year, Executive Director Keith Bozarth resigned and was replaced by Jon Bauman, who had been chief operating officer. Mark A. Caplinger resigned as chief investment officer; Kim Pollitt, deputy CIO, was named acting CIO. Trustees hired two active domestic small-cap value managers, replacing Lazard Asset Management, which ran $225 million in the style for the fund. Trustees committed up to $150 million to the Apollo V buyout fund. Funding comes from cash. The pension fund is moving gradually toward allocating 7% of assets to private equity.

    DEFINED BENEFIT MANAGERS:

    Domestic equities: SSgA; PIMCO; Geewax Terker; Oak Associates; Lincoln Capital; Alliance Bernstein; Dodge & Cox; GE Asset; Morgan Stanley; Ariel Capital; Brinson Partners; NorthPointe Capital; Neuberger Berman; Progress.

    International equities: SSgA; Brandes; Capital Guardian; Delaware; Dresdner RCM; INVESCO; Martin Currie.

    Domestic fixed-income: SSgA; BlackRock; Chicago Capital; Morgan Stanley; Payden & Rygel; PIMCO; Weiss Peck & Greer; Progress.

    International fixed-income: Brinson Partners; Julius Baer; Rogge.

    Real estate: Bear Stearns Realty; Capri/Capital; CRA; Cozad; K/B/S; Lincoln Property; Stone-Levy; DLJ Real Estate; JMB; RREEF.

    Private equity: Apollo; DLJ; GTCR; Kohlberg Kravis Roberts; Mesirow Private Equity; Trivest; Veronis Suhler; Weiss Peck & Greer; William Blair.

    Venture capital: Apex; Frontenac; Penman; 21st Century Communications; SCP; VantagePoint; Weiss Peck & Greer; Periscope; TCW; Warburg Pincus.

    The investment consultant is Strategic Investment Solutions.

    Key personnel overseeing the investment management of the defined benefit plan are Ms. Pollitt; Richard Begando, deputy chief investment officer; and Mr. Bauman.

    Indiana Public Employees Retirement Fund

    ($ millions)

    Total assets 9,757

    Defined benefit 9,757

    * DEFINED BENEFIT PLAN:

    Employer contributions 285

    Benefit payments 321

    Asset mix:

    Domestic stocks 51%

    Domestic fixed income 39%

    Foreign stocks 10%

    INDIANAPOLIS - As of Sept. 30, the Indiana Public Employees Retirement Fund's total employee benefit assets, all defined benefit, decreased 7% from a year earlier.

    Employer contributions to the plan decreased 6%; benefits paid increased 14%.

    During the past year, the fund marked several firsts. It hired its first investment staff, bringing in Patricia J. Gerrick as chief investment officer, and Joseph M. Duncan and Tim Legesse as investment analysts. The fund targeted an alternative investment equity allocation for the first time, hiring Strategic Investment Solutions to assist trustees in understanding the asset class; the fund is still working on how to implement the target. The fund made its first investments in international equity, hiring Capital Guardian Trust and GE Asset Management for active portfolios, and State Street Global Advisors and Fidelity for passive funds.

    DEFINED BENEFIT MANAGERS:

    Domestic equities: BGI; Brinson; J.P. Morgan Fleming; DFA.

    International equities: Fidelity; SSgA; GE; Capital Guardian.

    Domestic fixed-income: Northern; Lincoln; BlackRock; Western; Conseco; Reams; Hughes; Seix; Taplin Canida; Utendahl.

    Mercer is the investment consultant for the plan.

    Key personnel overseeing the investment management of both the defined benefit plan and defined contribution plan are Ms. Gerrick, Mr. Duncan and Mr. Legesse.

    Indiana State Teachers' Retirement Fund

    ($ millions)

    Total assets 5,519

    Defined benefit 5,519

    * DEFINED BENEFIT PLAN:

    Employer contributions 647

    Benefit payments 525

    Asset mix:

    Domestic stocks 31%

    Domestic fixed income 63%

    Foreign stocks 5%

    Cash equivalents 1%

    INDIANAPOLIS - As of Sept. 30, the Indiana State Teachers' Retirement Fund's total employee benefit assets, all defined benefit, decreased 3% from a year earlier.

    Employer contributions to the plan increased 4%; benefits paid increased 6%.

    During the past year, the fund conducted an asset allocation study that could lead to a $250 million private equity investment.

    DEFINED BENEFIT MANAGERS:

    Domestic equities: BGI; RhumbLine; J.P. Morgan; PIMCO; Aeltus Investment; TCW; Ariel Capital; Brandywine Asset; Franklin Portfolio; Valenzuela Capital; Putnam Investments; Dresdner RCM; Intech; ForeFront; Holt-Smith & Yates; Earnest; GE Asset; Institutional Capital; Pacific Financial Research.

    International equities: Alliance Capital; Bank of Ireland; Dresdner RCM.

    Domestic fixed-income: Alliance Capital; Bank One; Bank of New York; Baxter Capital; Reams Asset; Seix Investment Advisors; Taplin Canida Habacht; National City.

    The investment consultant is Callan.

    The key person overseeing the investment management of the plan is Robert D. Newland, chief investment officer.

    Intel Corp.

    ($ millions)

    Total assets 4,780

    Defined benefit 10

    Defined contribution 4,770

    * DEFINED BENEFIT PLAN:

    Employer contributions 0

    Benefit payments 0

    * DEFINED CONTRIBUTION PLAN:

    Assets in:

    Total 401(k)/457 4,770

    Total contributions 686

    SANTA CLARA, Calif. - As of Sept. 30, Intel Corp.'s total employee benefit assets decreased 13.2% from a year earlier. Defined benefit assets decreased 37.5% during the same period; defined contribution assets decreased 13.1%.

    DEFINED CONTRIBUTION MANAGERS:

    Domestic equities: Fidelity; American Century; BGI; Vanguard.

    International equities: American Funds.

    Domestic fixed-income: Zurich Scudder; PIMCO.

    Key personnel overseeing the investment management of both plans are Mike Burns, assistant treasurer, and Stuart Odell, manager.

    International Business Machines Corp.

    ($ millions)

    Total assets 56,500

    Defined benefit 37,923

    Defined contribution 18,577

    * DEFINED BENEFIT PLAN:

    Employer contributions 0

    Benefit payments 2,421

    Asset mix:

    Domestic stocks 33.6%

    Domestic fixed income 30.0%

    Foreign stocks 19.6%

    Foreign fixed income 4.0%

    Private equity 8.3%

    Real estate equity 4.5%

    Internally managed assets 12,528

    * DEFINED CONTRIBUTION PLAN:

    Assets in corporate 401(k) 18,577

    Total contributions 1,270

    Asset mix:

    Sponsoring company stock 15.3%

    Other stock 47.0%

    Fixed income 5.0%

    Stable value 25.8%

    Cash equivalents 5.2%

    Loans 1.7%

    STAMFORD, Conn. - As of Sept. 30, International Business Machine Corp.'s total employee benefit assets decreased 17% from a year earlier. Defined benefit assets decreased 18% during the same period; defined contribution assets decreased 15%.

    Employer contributions to the defined benefit plan remained at zero; benefits paid decreased 2%.

    During the past year, more than 1,000 employees and retirees signed an open letter to IBM Chairman Lou Gerstner protesting the increase in incentive pay for top executives, based on the inclusion of the company's pension fund profits in its bottom line. IBM's pension income from domestic and overseas pension funds contributed 11% to the company's bottom line in 2000, up from 6% in 1999.

    The investment consultant for the defined benefit plan is Frank Russell.

    Key personnel overseeing the investment management of the defined benefit plan are R.L. "Jay" Vivian Jr., assistant treasurer and managing director; Ray Kanner, director, global equity investments; and Jae Park, director, fixed income investments. Overseeing the defined contribution plan are Mr. Vivian and James Rich, senior investment strategist.

    International Paper Co.

    ($ millions)

    Total assets 9,696

    Defined benefit 6,271

    Defined contribution 3,425

    * DEFINED BENEFIT PLAN:

    Employer contributions 1

    Benefit payments 340

    Asset mix:

    Equity 53%

    Fixed income 33%

    Other 14%

    * DEFINED CONTRIBUTION PLAN:

    Assets in corporate 401(k) 3,425

    Total contributions 166

    Asset mix:

    Sponsoring company stock 26%

    Other stock 28%

    Fixed income 2%

    Stable value 35%

    Other 9%

    STAMFORD, Conn. - As of Sept. 30, International Paper Co.'s total employee benefit assets increased 24% from a year earlier, reflecting the integration of Champion International's retirement assets. Defined benefit assets increased 19% during the same period; defined contribution assets increased 34%.

    Employer contributions to the defined benefit plan were unchanged; benefits paid increased 79%.

    International Paper acquired Champion International in April 2000 and began to integrate the pension plan assets in November 2000. Champion assets added $2 billion to the defined benefit plan and $884 million to the defined contribution plan. During the past year, the fund issued RFPs for two hedge fund-of-funds managers to invest $340 million. The fund of funds will be overlaid with S&P 500 futures. The searches were part of a restructuring of the $1.8 billion domestic large-cap equity portfolio, which is to be 60% risk controlled, with the balance split between two other strategies.

    DEFINED CONTRIBUTION MANAGERS:

    Domestic equities: Vanguard; Harbor Capital Advisors.

    International equities: Janus.

    Stable value: Deutsche Asset.

    The investment consultant for both funds is BARRA RogersCasey.

    Key personnel overseeing the investment management of the defined benefit plan are Bob Hunkeler, vice president-trust investments; Carol Tusch, director-trust investments; and Scott Newberry, manager-trust administration. Overseeing the defined contribution plan are Messrs. Hunkeler and Newberry.

    Iowa Public Employees' Retirement System

    ($ millions)

    Total assets 15,029

    Defined benefit 15,029

    * DEFINED BENEFIT PLAN:

    Employer contributions 268

    Benefit payments 624

    Asset mix:

    Domestic stocks 30%

    Domestic fixed income 42%

    Foreign stocks 15%

    Private equity 7%

    Real estate equity 6%

    DES MOINES, Iowa - As of Sept. 30, the Iowa Public Employees' Retirement System's total employee benefit assets, all defined benefit, decreased 13% from a year earlier.

    Employer contributions to the plan increased 6%; benefits paid increased 17%.

    During the past year, the fund terminated Miller Anderson & Sherrerd, which managed $552.5 million in mortgage-backed securities for the fund as part of its restructuring of its $6.7 billion fixed-income portfolio, according to Kathy S. Comito, chief investment officer. It also raised its core-plus fixed-income target allocation by about $810 million. The system lowered the target weighting of its Lehman Aggregate bond index fund, run by Mellon Capital, to 32% from 33% of total fixed income, an $80 million cut. It also sliced the target weighting of its high-yield bond portfolio, run by Oaktree Capital, to 6% from 7% of total fixed income.

    DEFINED BENEFIT MANAGERS:

    Domestic equities: Dresdner RCM; J.P. Morgan; Mellon Capital; Wellington.

    International equities: BGI; Putnam; Schroder.

    Domestic fixed-income: BlackRock; Heitman; J.P. Morgan; Mellon Capital; Oaktree; Western.

    Real estate: AEW; Heitman; INVESCO; PMRealty; RREEF; TA Realty; UBS.

    Private equity: Pathway.

    TAA: Mellon Capital.

    The investment consultant is Wilshire.

    Ms. Comito is the key person overseeing the investment management of the plan.

    ITT Industries Inc.

    ($ millions)

    Total assets 4,300

    Defined benefit 2,930

    Defined contribution 1,370

    * DEFINED BENEFIT PLAN:

    Employer contributions 0

    Benefit payments 200

    Asset mix:

    Domestic stocks 52%

    Domestic fixed income 26%

    Foreign stocks 16%

    Private equity 6%

    * DEFINED CONTRIBUTION PLAN:

    Assets in corporate 401(k) 1,370

    Asset mix:

    Sponsoring company stock 35%

    Other stock 23%

    Fixed income 2%

    Stable value 34%

    Other 6%

    WHITE PLAINS, N.Y. - As of Sept. 30, ITT Industries Inc.'s total employee benefit assets decreased 17% from a year earlier. Defined benefit assets decreased 22% during the same period; defined contribution assets decreased 5%. Benefits paid increased 11%.

    DEFINED BENEFIT MANAGERS:

    Domestic equities: AXA Rosenberg; Valenzuela; Wells Capital; Veredus; Jennison; Alliance; GAMCO; Iridian; Barrow Hanley; Alliance Bernstein; Lazard; William Blair; Shaker; FMA; Batterymarch.

    International equities: Capital Guardian; Alliance; Lazard; HSBC.

    Domestic fixed-income: State Street Research; J.P. Morgan; Alliance; NTGA; J.W. Seligman.

    Other managers: Goldman Sachs; J.P. Morgan; European Strategic Partners; KKR; Kohlberg; Providence; Veronis; NTGA Hedge.

    DEFINED CONTRIBUTION MANAGERS:

    Domestic equities: J.P. Morgan; Alliance Bernstein; Putnam.

    International equities: Capital Guardian.

    Domestic fixed income: Vanguard.

    Balanced: Jennison.

    Key personnel overseeing the investment management of both plans are Clayton Young, assistant treasurer, and Donald E. Foley, vice president and treasurer.

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    August 1, 2022 page one

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