National
Railroad
Retirement

Investment

Tr ust Walter A. Barrows
—~ Labor Member

January 31, 2017

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
2016, October 1, 2015 to September 30, 2016.

Sincerely,

N R R | T The Board of Trustees

William F. Quinn, Chai

Enclosure
TRUSTEES:
Chair: William F. Quinn George J. Francisco, Jr.
Independent Trustee President Emeritus
National Conference of Firemen and
Oilers ~ SEIU
Mary Sanders Jones

Vice President and Treasurer
Union Pacific Corporation

Joel Parker
Labor Trustee

Richard G. Patsy

Assistant Vice President Pensions
and Investments

CSX Corporation

C. Aléc Vincent

C. Alec Vincent

Assistant Vice President Fuel
‘and BU-Ops Sourcing

BNSF Railway Company

William C. Walpert

National Secretary-Treasurer
Emeritus

Brotherhood of Locomotive
Engineers and Trainmen
(BLET)



Natione
Railroad
Retirement
Investment

Tru

+
t

i? 2)

NRRIT

TRUSTEES:
Chair: William F. Quinn

Independent Trustee

January 31, 2017

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
2016, October 1, 2015 to September 30, 2016.

Sincerely,

The Board of Trustees

Allee a2.

ae Quinn, Chair?

Joel Patker

(Aba

"Ale Vincent

William C. Walpert

Enclosure

George J. Francisco, J.

President Emeritus

National Conference of Firemen and
Oilers - SEIU

Mary Sanders Jones
Vice President and Treasurer
Union Pacific Corporation

Joel Parker
Labor Trustee

Richard G. Patsy

Assistant Vice President Pensions
and Investments

CSX Corporation

C. Alec Vincent

Assistant Vice President Fuel
and BU-Ops Sourcing

BNSF Railway Company

William C. Walpert

National Secretary-Treasurer
Emeritus

Brotherhood of Locomotive
Engineers and Trainmen
(BLET)


January 31, 2017

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
2016, October 1, 2015 to September 30, 2016.

Sincerely,

N R R | T The Board of Trustees
/) N
4
William F. Quinn, Ghair

Joel Parker

Me LEA

C. Alec Vincent

Enclosure
TRUSTEES:
Chair: William F. Quinn George J. Francisco, Jr. Joel Parker C. Alec Vincent
Independent Trustee President Emeritus Labor Trustee Assistant Vice President Fuel

National Conference of Firemen and
Oilers - SEIU

Mary Sanders Jones
Vice President and Treasurer
Union Pacific Corporation

Richard G. Patsy

Assistant Vice President Pensions
and Investments

SX Corporation

and BU-Ops Sourcing
BNSF Railway Company

William C. Walpert

National Secretary-Treasurer
Emeritus

Brotherhood of Locomotive
Engineers and Trainmen
(BLET)


National

NRRIT

TRUSTEES:
Chair: William F. Quinn
Independent Trustee

January 31, 2017

The President

The White House

1600 Pennsylvania Avenue NW.
Washington, DC 20500

Dear Mr. President:

Sincerely,

The Board of Trustees

Alla, Fe

William F. Quinn, Chair

Enclosure

George J. Francisco, Jr.

President Emeritus

National Conference of Firemen and
Oilers - SEIU

Mary Sanders Jones
Vice President and Treasurer
Union Pacific Corporation

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
2016, October 1, 2015 to September 30, 2016.

Joel Parker
Labor Trustee

Richard G. Patsy

Assistant Vice President Pensions
and Investments

SX Corporation

Joel Parker

UV.

. Alet Vincent

C. Alec Vincent

Assistant Vice President Fuel
and BU-Ops Sourcing

BNSF Railway Company

William C. Walpert

National Secretary-Treasurer
Emeritus

Brotherhood of Locomotive
Engineers and Trainmen
(BLET)


January 31, 2017

The Honorable Paul D. Ryan

Washington, DC 20515

Dear Mr. Speaker:

Speaker of the House of Representatives

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
2016, October 1, 2015 to September 30, 2016.

Sincerely,

The Board of Trustees

Enclosure

TRUSTEES:
Chair: William F. Quinn George J. Francisco, Jr.
Independent Trustee President Emeritus
National Conference of Firemen and
Oilers - SEIU
Mary Sanders Jones

Vice President and Treasurer
Union Pacific Corporation

Geor

Joel Parker
Labor Trustee

Richard G. Patsy

Assistant Vice President Pensions
and Investments

SX Corporation

Joel Prker

. Alec Vincent

Zw

‘alicisco, Jr.

C. Alec Vincent

Assistant Vice President Fuel
and BU-Ops Sourcing

BNSF Railway Company

William C. Walpert

National Secretary-Treasurer
Emeritus

Brotherhood of Locomotive
Engineers and Trainmen

(BLET)


NRRIT

TRUSTEES:
Chair: William F. Quinn
Independent Trustee

January 31, 2017

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

2016, October 1, 2015 to September 30, 2016.

Sincerely,

The Board of Trustees

illiam C. Walpert

Enclosure

George J. Francisco, Jr.

President Emeritus

National Conference of Firemen and
Oilers - SEIU

Mary Sanders Jones
Vice President and Treasurer
Union Pacific Corporation

Joel Pajker

CMU

Joel Parker
Labor Trustee

Richard G. Patsy

Assistant Vice President Pensions
and Investments

CSX Corporation

‘T Alec Vincent

C. Alec Vincent

Assistant Vice President Fuel
and BU-Ops Sourcing

BNSF Railway Company

William C. Walpert

National Secretary-Treasurer
Emeritus

Brotherhood of Locomotive
Engineers and Trainmen
(BLET)