National Railroad Retirement Investment Trust 

The President 

of the United States 

The White House 

Washington, DC 20500 

Dear Mr. President: 

January 31, 2012 

Section 105 of the Railroad Retirement and Survivors' Improvement Act of2001 

requires the National Railroad Retirement Investment TlUst to submit an annual management 

repOli on its operations and financial condition. 

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

2011, October 1, 2010 to September 30, 2011. 

Enclosure 

TRUSTEES: 

James A. Hixon 

Executh'c Vice PresidentLaw & Corporate Relations 

Norfolk Southern Corporation 

Sincerely, 

The Board of TlUstees 

, 

C. Alec Vmcent 

William 

&J-Qg-~ C. Walpert 

George J. Francisco, Jr. 

President Emeritus 

National Conference of 

Firemen and Oilers -SElU 

Joel Parker 

S)lccial Assistant to the President 

and International Vicc President 

Transportation Communications 

International Union (TCU/IAi\I) 

Richard G. Palsy 

Assistant Vice President Pensions 

& Investments 

CSX Corporation 

William F. Quinn 

Independent Trustee 

C. AI« Vincent 

Assistant Vice President Finance 

&Treasurer 

Burlington Northern Santa Fe, LLC 

William C. Walpert 

National Secretary Treasurer 

Brotherhood of Locomotive 

Engineers and Trainmen 
National Railroad Retirement Investment Trust 

January 31, 2012 

The Honorable John A. Boehner 

Speaker of the House of Representatives 

Washington, DC 20515 

Dear Mr. Speaker: 

Section 105 of the Railroad Retirement and Survivors' Improvement Act of2001 

requires the National Railroad Retirement Investment Tmst to submit an annual management 

repoli on its operations and financial condition. 

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

2011, October 1,2010 to September 30, 2011. 

Enclosure 

TRUSTEES: 

James A. Hixon 

Executive Vice PresidentLaw & Corporate Relations 

Norfolk Southern Corporation 

Sincerely, 

The Board of Tmstees 

Gcmge J. Francisco, Jr. 

President Emeritus 

National Conference of 

Firemen and Oilers - SEIU 

Joel Parker 

Special Assistant to the President 

and International Vice President 

Transportation Communications 

International Union (TCUIIAM) 

Richard G. Patsy 

Assistant Vice President Pensions 

& Inwstments 

CSX Corporation 

William F. Quinn 

Independent Trustee 

C. Alec Vincent 

Assistant Vice President Finance 

&Treasurer 

Burlington Northern Santa Fe, LLC 

William C. Walpert 

National Secretary Treasurer 

Brotherhood of Locomotive 

Engineers and Trainmen 
National Railroad Retirement Investment Trust 

The Honorable Joseph R. Biden, Jr. 

President of the Senate 

S-212 Capitol Building 

Washington, DC 20510 

Dear Mr. President: 

Januruy 31, 2012 

Section 105 of the Railroad Retirement and Survivors' Improvement Act of 200 1 

requires the National Railroad Retirement Investment Trust to submit an annual management 

report on its operations and financial condition. 

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

2011, October 1, 2010 to September 30, 2011. 

Enclosure 

TRUSTEES: 

James A. Hixon 

Exccutiye Vice PresidentLaw & Corporate Relations 

Norfolk Southern Corporation 

Sincerely, 

The Board of Trustees 

,~~' 

c.~~l:L~ 

fMfmOJi~4~ 

George J. Francisco, Jr. 

President Emeritus 

National Conference of 

Firemen and Oilers - SEIU 

Joel Parker 

Special Assistant to the President 

and International Vlee President 

Transportation Communications 

International Union (fCUITAM) 

Richard G. Patsy 

Assistant Vice President Pensions 

& Im'cstments 

CSX Corporation 

William F. Quinn 

Iodependent Trustee 

C. Alec Vincent 

Assistant Vice President Finance 

&Treasurer 

Burlington Northern Santa Fe, LLC 

William C, Walpert 

National Secretary Treasurer 

Brotherhood of Locomotiye 

Engineers and Trainmen 
National Railroad Retirement Investment Trust 

Michael S. Schwartz 

Chair 

U.S. Railroad Retirement Board 

844 North Rush Street 

Chicago,IL 60611 

Dear Mr. Chairman: 

January 31, 2012 

Section 105 of the Railroad Retirement and Survivors' Improvement Act of 200 1 

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 

2011, October I, 2010 to September30, 2011. 

Enclosure 

TRUSTEES: 

James A. Hixon 

Executive Vice PresidentLaw & Corporate Relations 

Norfolk Southern Corporation 

Sincerely, 

The Board of Trustees 

ir~ 

George J. Francisco, Jr. 

President Emeritus 

National Conference of 

Firemen and Oilers - SEIU 

Joel Parker 

Spedal Assistant to the President 

and International Vice President 

Transportation Communications 

International Union (TCUJIAi\I) 

Richard G. Patsy 

Assistant Vice President Pensions 

& Inycstmenfs 

CSX Corporation 

William F. Quinn 

Independent Trustee 

C. Alec Vincent 

Assistant Vice President Finance 

&Treasurer 

Burlington Northern Santa Fe. LLC 

William C. Walpert 

National Secretary Treasurer 

Brotherhood of Locomoth'e 

Engineers and Trainmen 
National Railroad Retirement Investment Trust 

Mr. Jerome F. Kever 

Management Member 

January 31, 2012 

U.S. Railroad Retirement Board 

844 Notih Rush Street 

Chicago, IL 60611 

Dear Mr. Kever: 

Section 105 of the Railroad Retirement and Survivors' Improvement Act of2001 

requires the National Railroad Retirement Investment Trust to submit an annual management 

report on its operations and financial condition. 

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

201\, October 1,2010 to September 30,2011. 

Enclosure 

TRUSTEES: 

James A. Hixon 

Executiyc Vice PresidentLaw & Corporate Relations 

Norfolk Southern Corporation 

Sincerely, 

The Board of Trustees 

George J. Francisco, Jr. 

President Emeritus 

National Conference of 

Firemen and Oilers - SEIU 

Joel Parker 

Special Assistant to the President 

and International Vice President 

Transportation Communications 

International Union (fCUJIA~I) 

t-L' 4f7 ~.~ .. ~ 

wZltu~ C. Alec Vincent 

Richard G. Patsy 

Assistant Vice President Pensions 

& Innstments 

CSX Corporation 

William F. Quinn 

Independent Trustee 

C. Alec Vincent 

Assistant Vice President Finance 

&Treasurer 

Burlington Northern Santa Fe, LLC 

William C. Walpert 

National Secretary Treasurer 

Brotherhood ofLocomotiyc 

Engineers and Trainmen 
National Railroad Retirement Investment Trust 

Walter A. Barrows 

Labor Member 

U.S. Railroad Retirement Board 

844 North Rush Street 

Chicago,IL 60611 

Dear Mr. Barrows: 

January 31, 2012 

Section 105 of the Railroad Retirement and Survivors' Improvement Act of2001 

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 

2011, October 1, 2010 to September 30, 2011. 

Enclosure 

TRUSTEES: 

James A. lIh:on 

Executive Vicc PresidentLaw & Corporolte Relations 

Norfolk Southern Corporation 

Sincerely, 

The Board of Trustees 

George J. f'rancisco, Jr. 

President Emeritus 

National Conference of 

Firemen and Oilers- SEIU 

Joel Parker 

Special Assistant to the President 

and International Vice President 

Transportation Communications 

International Union (TCUIIAr-.l) 

Richard G. Patsy 

Assistant Vice President Pensions 

& Inycstments 

CSX Corporation 

William F. Quinn 

Independent Truslee 

C. Alee Vincent 

Assistant Vicc President Finance 

&Treasurer 

Burlington Northern Santa Fe, LLC 

'''illiam C. Walpert 

National Secretary Treasurer 

Brotherhood of Locomotive 

Engineers and Trainmen 

.. --~--------
National Railroad Retirement Investment Trust 

The Honorable Jeffrey Zients 

Acting Director 

Office of Management and Budget 

Executive Office of the President 

725 17th Street, NW 

Washington, DC 20503 

Dear Mr. Zients: 

Janmuy 31, 2012 

Section 105 ofthe Railroad Retirement and Survivors' Improvement Act of2001 

requires the National Railroad Retirement Investment TlUst to submit an annual management 

report on its operations and financial condition. 

The enclosed repOlt fulfills this statutOlY requirement for the TlUst's fiscal year 

2011, October 1, 2010 to September30, 2011. 

Enclosure 

TRUSTEES: 

James A. Hixon 

EXe1:utive Vice PresidentLaw & Corporate Relations 

Norfolk Southern Corporation 

Sincerely, 

The Board ofTlUstees 

, 

ir~ 

C. Alec Vincent 

Wi liam C. Walpelt 

Gcmge J. Francisco, Jr. 

President Emeritus 

National Conference of 

Firemen and Oilers - SEIU 

Joel Parker 

Spedal Assistant to the President 

and International Vice President 

Transportation Communications 

International Union (TCUIIAM) 

Richard G. Patsy 

Assistant Vice President Pensions 

& Investments 

CSX Corporation 

William F. Quinn 

Independent Trustee 

C. Alec Vincent 

Assistant Vice President Finance 

&Treasurer 

Burlington Northern Santa Fe. LLC 

William C. Walpert 

National Secretary Treasurer 

Brotherhood of Locomotive 

Engineers and Trainmen