National
Railroad
Retirement
Investment
Trust

NRRIT

TRUSTEES:
Chair: William F. Quinn
Independent Trustee

January 31, 2016

Walter A. Barrows

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
management report on its operations and financial condition.

submit an annual

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

2015, October 1, 2014 to September 30, 2015.
Sincerely,

The Board of Trustees

CoAlde Vincent

illiam C. Walpert

Enclosure

George J. Francisco, Jr. Joel Parker

President Emeritus Special Assistant to the President &

National Conference of Firemen and International Vice President
Oilers ~ SEIU Transportation Communication

International Union (TCU/IAM)

James A. Hixon Richard G. Patsy

Executive Vice President - Law and Assistant Vice President Pensions
Corporate Relations and Investments

Norfolk Southern Corporation CSX Corporation

C. Alec Vincent

Assistant Vice President Tax

Burlington Northern Santa Fe
Railway (BNSF)

William C. Walpert

National Secretary-Treasurer
Emeritus

Brotherhood of Locomotive
Engineers and Trainmen
(BLET)


ational
Railroad
Reti
Inve =stment

en

NRRIT

January 31, 2016

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
2015, October 1, 2014 to September 30, 2015.

Sincerely,

The Board of Trustees

x

TRUSTEES:
Chair: William F. Quinn
Independent Trustee

William F. Quinn, Char

Enclosure

George J. Francisco, Jr.

President Emeritus

National Conference of Firemen and
Oilers ~ SEIU

James A. Hixon

Executive Vice President - Law and
Corporate Relations

Norfolk Southern Corporation

Geor

Joel Parker

Joel Parker

Special Assistant to the President &
International Vice President

Transportation Communication
International Union (TCU/IAM)

Richard G. Patsy

Assistant Vice President Pensions
and Investments

SX Corporation

Legléeoal

cisco, Jr.

C. Alec Vincent

Assistant Vice President Tax

Burlington Northern Santa Fe
Railway (BNSF)

William C. Walpert

National Secretary-Treasurer
Emeritus

Brotherhood of Locomotive
Engineers and Trainmen
(BLET)


National
Railroad

Retirement  7av21.2016
Investment
Trus t Mr. Shaun Donovan
—— Director

Office of Management and Budget

Executive Office of the President

725 17th Street, NW

Washington, DC 20503

Dear Mr. Donovan:

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
2015, October 1, 2014 to September 30, 2015.

Sincerely,

N R R | T The Board of Trustees

William F. Quinn, Chair.

OQ Nog

Jaynes A. Hixon

Joel Parker

C. Alec Vincent
Enclosure
TRUSTEES:
Chair: William F. Quinn George J. Francisco, Jr. Joel Parker C.Alec Vincent
Independent Trustee President Emeritus Special Assistant to the President & Assistant Vice President Tax
National Conference of Firemen and —_ International Vice President Burlington Northern Santa Fe
Oilers ~ SEIU Transportation Communication Railway (BNSF)
International Union (TCU/IAM)
James A. Hixon Richard G. Patsy Wiliam C. Walpert
Executive Vice President-Law and Assistant Vice President Pensions —_National Secretary-Treasurer
Corporate Relations and Investments Emeritus
Norfolk Southern Corporation CSX Corporation Brotherhood of Locomotive

Engineers and Trainmen
(BLET)


National
Railroad
Retirement
Investment
Trust

January 31, 2016

The President

of the United States
The White House
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

2015, October 1, 2014 to September 30, 2015.
Sincerely,

The Board of Trustees

NRRIT yp

William F. Quinn, Chair)

<7
CAlet Vincent
William C. Walpert
Enclosure
TRUSTEES:
Chair: William F. Quinn George J. Francisco, Jr. Joel Parker C. Alec Vincent
Independent Trustee President Emeritus Special Assistant to the President & Assistant Vice President Tax
National Conference of Firemen and _ International Vice President Burlington Northern Santa Fe
Oilers - SEIU Transportation Communication Railway (BNSF)
International Union (TCU/IAM)
James A. Hixon Richard G. Patsy Wiliam C. Walpert
Executive Vice President-Lawand Assistant Vice President Pensions. _National Secretary-Treasurer
Corporate Relations and Investments. Emeritus
Norfolk Southern Corporation CSX Corporation Brotherhood of Locomotive

Engineers and Trainmen
(BLET)


National
Railroad
Retirement
Investment

Trust

January 31, 2016

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
2015, October 1, 2014 to September 30, 2015.

Sincerely,

The Board of Trustees

NRRIT wee £, SK

TRUSTEES:
Chair: William F. Quinn

Independent Trustee

~ William F. Quinn, Chair George/ Fratcisco, Jr.

aa

Joel Palker

Cli Lid

C. Aleé Vincent

Enclosure

George J. Francisco, Jr. Joel Parker C.Alec Vincent

President Emeritus Special Assistant to the President & Assistant Vice President Tax

National Conference of Firemen and —_ International Vice President Burlington Northern Santa Fe
Oilers - SEIU Transportation Communication Railway (BNSF)

International Union (TCU/IAM)

James A. Hixon Richard G. Patsy William C, Walpert

Executive Vice President-Law and Assistant Vice President Pensions —_National Secretary-Treasurer
Corporate Relations and Investments Emeritus

Norfolk Southern Corporation SX Corporation Brotherhood of Locomotive

Engineers and Trainmen
(BLET)


National
Railroad
Retirement
Investment

Trust

NRRIT

TRUSTEES:
Chair; William F. Quinn
Independent Trustee

January 31, 2016

The Honorable Joseph R. Biden, Jr.
President of the Senate

$-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
2015, October 1, 2014 to September 30, 2015.

Sincerely,

The Board of Trustees

4 A
Lbblen caren Altay Yldeusias Ly
~ William F. Quinn George VFranciéco, Jr.
Joel Park

CAle¢ Vincent Vv

William C. Walpert

Enclosure

George J. Francisco, Jr. Joel Parker C. Alec Vincent

President Emeritus Special Assistant to the President & Assistant Vice President Tax

National Conference of Firemen and _ International Vice President Burlington Northern Santa Fe
Oilers ~ SEIU Transportation Communication Railway (BNSF)

International Union (TCU/IAM)

James A. Hixon Richard G. Patsy William C. Walpert

Executive Vice President-Law and —_ Assistant Vice President Pensions National Secretary-Treasurer
Corporate Relations and Investments Emeritus

Norfolk Southern Corporation CSX Corporation Brotherhood of Locomotive

Engineers and Trainmen
(BLET)