FORM 11-K
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Page
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Financial Statements
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December 31, 2018
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December 31, 2017
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Assets:
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Investments, at fair value
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$
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27,042,765
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$
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27,354,936
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Contributions receivable:
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Participants'
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53,237
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—
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Employer's
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22,931
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—
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Notes receivable from participants
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2,422,739
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2,778,369
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Net assets available for benefits
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$
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29,541,672
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$
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30,133,305
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Year Ended December 31, 2018
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Additions to net assets attributed to:
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Investment income:
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Interest
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$
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4,096
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Dividends
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637,693
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Contributions:
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Participants'
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3,996,709
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Employer's
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1,300,184
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Asset transfer from Otis Plan
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1,109,863
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Interest income on notes receivable from participants
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170,944
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Total additions
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7,219,489
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Deductions from net assets attributed to:
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Net depreciation in fair value of investments
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3,240,748
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Distributions to participants or beneficiaries
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4,570,374
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Total deductions
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7,811,122
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Net decrease
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(591,633
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Net assets available for benefits December 31, 2017
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30,133,305
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Net assets available for benefits December 31, 2018
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$
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29,541,672
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December 31, 2018
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Level 1
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Level 2
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Level 3
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Total
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Short-term investments
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$
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—
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$
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275,825
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$
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—
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$
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275,825
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Money market accounts
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—
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1,150,170
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—
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1,150,170
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UTC common stock
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6,177,480
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—
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—
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6,177,480
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Mutual Funds
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$
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19,439,290
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—
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—
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19,439,290
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Total
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$
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25,616,770
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$
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1,425,995
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$
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—
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$
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27,042,765
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December 31, 2017
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Level 1
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Level 2
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Level 3
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Total
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Short-term investments
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$
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—
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$
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330,319
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$
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—
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$
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330,319
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Money market accounts
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—
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626,049
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—
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626,049
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UTC Common Stock Fund
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—
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7,481,542
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—
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7,481,542
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Mutual Funds
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$
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18,917,026
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—
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—
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18,917,026
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Total
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$
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18,917,026
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$
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8,437,910
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$
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—
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$
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27,354,936
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December 31,
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2018
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2017
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Net assets available for benefits per the financial statements
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$
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29,541,672
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$
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30,133,305
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Less: Deemed distributions of participant loans
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(109,972
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(84,374
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Net assets available for benefits per Form 5500
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$
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29,431,700
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$
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30,048,931
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Year Ended
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December 31, 2018
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Distribution to participants or beneficiaries per the financial statements
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$
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4,570,374
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Add: Deemed distributions of participant loans
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109,972
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Less: Deemed distributions of participant loans at December 31, 2017
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(84,374
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Distribution to participants or beneficiaries per Form 5500
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$
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4,595,972
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(a)
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(b) Identity of issuer, borrower, lessor or similar party
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(c) Description of investment, including maturity date, rate of interest, collateral, par or maturity value
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(d) Cost
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(e) Current value
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*
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United Technologies Corporation
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Common Stock
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**
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$
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6,177,480
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*
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State Street Short-term Investment Fund
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Short-term Investment
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**
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232,455
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*
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State Street Government Short-term Investment Fund
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Short-term Investment
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41,468
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41,468
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*
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BPPR Time Deposit Open Account Variable Rate
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Short-term Investment
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1,902
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1,902
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Vanguard Target Retirement 2015
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Mutual Fund
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**
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195,067
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Vanguard Target Retirement 2020
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Mutual Fund
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**
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1,324,845
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Vanguard Target Retirement 2025
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Mutual Fund
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**
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4,376,408
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Vanguard Target Retirement 2030
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Mutual Fund
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**
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2,953,504
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Vanguard Target Retirement 2035
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Mutual Fund
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**
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2,832,967
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Vanguard Target Retirement 2040
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Mutual Fund
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**
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2,099,942
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Vanguard Target Retirement 2045
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Mutual Fund
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**
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1,686,037
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Vanguard Target Retirement 2050
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Mutual Fund
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**
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1,407,814
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Vanguard Target Retirement 2055
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Mutual Fund
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**
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614,252
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Vanguard Target Retirement 2060
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Mutual Fund
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**
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105,845
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Vanguard Target Retirement Income
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Mutual Fund
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**
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397,622
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Vanguard Total Stock Market Index Fund
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Mutual Fund
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**
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942,577
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Vanguard Total International Stock Index Fund
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Mutual Fund
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**
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110,594
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Vanguard Total Bond Market Index Fund
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Mutual Fund
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**
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391,816
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Vanguard Treasury Money Market Fund
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Money Market Fund
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**
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1,150,170
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*
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Plan Participants
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Notes receivable from participants collateralized by participant balances, interest ranging from 4.25 percent to 9 percent, terms ranging from 1 year to 10 years
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—
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2,312,767
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$
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29,355,532
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*
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Indicates an identified person known to be a party-in-interest to the Plan.
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**
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Cost has been omitted as investment is participant directed.
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UTC PUERTO RICO SAVINGS PLAN
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Dated:
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June 26, 2019
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By:
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/s/ P
ETER
H
OLOWESKO
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Peter Holowesko
Vice President, Global Benefits
United Technologies Corporation
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/s/ PricewaterhouseCoopers LLP
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Hartford, Connecticut
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June 26, 2019
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