National 

Railroad 

Retirement 

Investment 

Trust 

NRRIT 


January 31, 2018 

The President 

The White House 

1600 Pennsylvania Avenue NW 

Washington, DC 20500 

Dear Mr. President: 

Section 105 of the Railroad Retirement and Survivors' Improvement Act of 2001 

requires the National Railroad Retirement Investment Trust to submit an annual 

management report on its operations and financial condition. 

The enclosed report fulfills this statutory requirement for the Trust's fiscal year 

2017, October 1, 2016 to September 30, 2017. 

Sincerely, 

The Board of Trustees 

~~~ William F. afnn~ 

Enclosure 

TRUSTEES: 

Chair: C. Alec Vincent 

Assistant Vice President Fuel 

and BU-Ops Sourcing 

BNSF Railway Company 

George J. Francisco, Jr. 

President Emeritus 

National Conference of Firemen and 

Oilers - SEIU 

Joel Parker 

Labor Trustee 

William F. Quinn 

Independent Trustee 

Mary Sanders Jones 

Vice President and Treasurer 

(Retired) 

Union Pacific Corporation 

Richard G. Patsy 

Assistant Vice President Pensions 

and Investments 

CSX Corporation 

William C. Walpert 

National Secretary-Treasurer 

Emeritus 

Brotherhood of Locomotive 

Engineers and Trainmen 

(BLET) 
National 

Railroad 

Retirement 

Investment 

Trust 

NRRIT 


January 31, 2018 

The Honorable Michael R. Pence 

President of the Senate 

S-212 Capitol Building 

Washington, DC 20510 

Dear Mr. President: 

Section 105 of the Railroad Retirement and Survivors' Improvement Act of 2001 

requires the National Railroad Retirement Investment Trust to submit an annual 

management report on its operations and financial condition. 

The enclosed report fulfills this statutory requirement for the Trust's fiscal year 

2017, October 1, 2016 to September 30, 2017. 

Sincerely, 

The Board of Trustees 

Enclosure 

TRUSTEES: 

Chair: C. Alec Vincent George J. Francisco, Jr. Joel Parker William F. Quinn 

Assistant Vice President Fuel President Emeritus Labor Trustee Independent Trustee 

and BU-Ops Sourcing National Conference of Firemen and 

BNSF Railway Company Oilers - SEIU 

Mary Sanders Jones Richard G. Patsy William C. Walpert 

Vice President and Treasurer Assistant Vice President Pensions National Secretary-Treasurer 

(Retired) and Investments Emeritus 

Union Pacific Corporation CSX Corporation Brotherhood of Locomotive 

Engineers and Trainmen 

(BLET) 
National 

Railroad 

Retirement 

Investment 

Trust 

NRRIT 


January 31, 2018 

The Honorable Paul D. Ryan 

Speaker of the House of Representatives 

Washington, DC 20515 

Dear Mr. Speaker: 

Section 105 of the Railroad Retirement and Survivors' Improvement Act of 2001 

requires the National Railroad Retirement Investment Trust to submit an annual 

management report on its operations and financial condition. 

The enclosed report fulfills this statutory requirement for the Trust's fiscal year 

2017, October 1, 2016 to September 30, 2017. 

Sincerely, 

The Board of Trustees 

Ch(:/;£ 

Enclosure 

TRUSTEES: 

Chair: C. Alec Vincent George J. Francisco, Jr. Joel Parker William F. Quinn 

Assistant Vice President Fuel President Emeritus Labor Trustee Independent Trustee 

and BU-Ops Sourcing National Conference of Firemen and 

BNSF Railway Company Oilers - SEIU 

Mary Sanders Jones Richard G. Patsy William C. Walpert 

Vice President and Treasurer Assistant Vice President Pensions National Secretary-Treasurer 

(Retired) and Investments Emeritus 

Union Pacific Corporation CSX Corporation Brotherhood of Locomotive 

Engineers and Trainmen 

(BLET) 
National 


Railroad 


January 31, 2018 Retirement 


Investment 


Mr. Walter A. Barrows Trust Labor Member 

U.S. Railroad Retirement Board 

844 North Rush Street 

Chicago, IL 60611 

Dear Mr. Barrows: 

Section 105 of the Railroad Retirement and Survivors' Improvement Act of 2001 

requires the National Railroad Retirement Investment Trust to submit an annual 

management report on its operations and financial condition. 

The enclosed report fulfills this statutory requirement for the Trust's fiscal year 

2017, October 1, 2016 to September 30, 2017. 

Sincerely, 

The Board of Trustees NRRIT a4,,~ -------­

Jo~~ 

/ ~~ William F. Ou'ifm' 

Enclosure 

TRUSTEES: 

Chair: C. Alec Vincent George J. Francisco, Jr. Joel Parker William F. Quinn 

Assistant Vice President Fuel President Emeritus Labor Trustee Independent Trustee 

and BU-Ops Sourcing National Conference of Firemen and 

BNSF Railway Company Oilers-SEIU 

Mary Sanders Jones Richard G. Patsy William C. Walpert 

Vice President and Treasurer Assistant Vice President Pensions National Secretary-Treasurer 

(Retired) and Investments Emeritus 

Union Pacific Corporation CSX Corporation Brotherhood of Locomotive 

Engineers and Trainmen 

(BLET) 
National 

Railroad 

Retirement 

Investment 

Trust 

NRRIT 


January 31, 2018 

Mr. Steven J. Anthony 

Management Member 

U.S. Railroad Retirement Board 

844 North Rush Street 

Chicago, IL 60611 

Dear Mr. Anthony: 

Section 105 of the Railroad Retirement and Survivors' Improvement Act of 2001 

requires the National Railroad Retirement Investment Trust to submit an annual 

management report on its operations and financial condition. 

The enclosed report fulfills this statutory requirement for the Trust's fiscal year 

2017, October 1, 2016 to September 30, 2017. 

Sincerely, 

The Board of Trustees 

~!4Z Ole Vineent, Chair 

Enclosure 

TRUSTEES: 

Chair: C. Alec Vincent George J. Francisco, Jr. Joel Parker William F. Quinn 

Assistant Vice President Fuel President Emeritus Labor Trustee Independent Trustee 

and BU-Ops Sourcing National Conference of Firemen and 

BNSF Railway Company Oilers - SEIU 

Mary Sanders Jones Richard G. Patsy William C. Walpert 

Vice President and Treasurer Assistant Vice President Pensions National Secretary-Treasurer 

(Retired) and Investments Emeritus 

Union Pacific Corporation CSX Corporation Brotherhood of Locomotive 

Engineers and Trainmen 

(BLET) 
National 

Railroad 

Retirement 

Investment 

Trust 

NRRIT 


January 31, 2018 

Mr. John Michael Mulvaney 

Director 

Office of Management and Budget 

Executive Office of the President 

725 17th Street, NW 

Washington, DC 20503 

Dear Mr. Mulvaney: 

Section 105 of the Railroad Retirement and Survivors' Improvement Act of 2001 

requires the National Railroad Retirement Investment Trust to submit an annual 

management report on its operations and financial condition. 

The enclosed report fulfills this statutory requirement for the Trust's fiscal year 

2017, October 1, 2016 to September 30, 2017. 

Sincerely, 

The Board of Trustees 

C. 

c/&~"4"~ Alec Vincent, Chair 

Enclosure 

TRUSTEES: 

Chair: C. Alec Vincent George J. Francisco, Jr. Joel Parker William F. Quinn 

Assistant Vice President Fuel President Emeritus Labor Trustee Independent Trustee 

and BU-Ops Sourcing National Conference of Firemen and 

BNSF Railway Company Oilers - SEIU 

Mary Sanders Jones Richard G. Patsy William C. Walpert 

Vice President and Treasurer Assistant Vice President Pensions National Secretary-Treasurer 

(Retired) and Investments Emeritus 

Union Pacific Corporation CSX Corporation Brotherhood of Locomotive 

Engineers and Trainmen 

(BLET)