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National Railroad 

Retirement Investment 

Trust 

Financial Statements as of and for the 

Fiscal Year Ended September 30, 2018, and 

Independent Auditors’ Report 
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KPMG LLP is a Delaware limited liability partnership and the U.S. member 

firm of the KPMG network of independent member firms affiliated with 

KPMG International Cooperative (“KPMG International”), a Swiss entity. 

KPMG LLP

1676 International Drive

McLean, VA 22102

Independent Auditors’ Report 

The Board of Trustees

National Railroad Retirement Investment Trust

We have audited the accompanying financial statements of the National Railroad Retirement Investment Trust, 

which comprise the statement of assets and liabilities, including the condensed schedule of investments, as of 

September 30, 2018, and the related statements of operations, changes in net assets, and cash flows for the 

year then ended, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in 

accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and 

maintenance of internal control relevant to the preparation and fair presentation of financial statements that are 

free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our 

audit in accordance with auditing standards generally accepted in the United States of America. Those 

standards require that we plan and perform the audit to obtain reasonable assurance about whether the 

financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the 

financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of 

the risks of material misstatement of the financial statements, whether due to fraud or error. In making those 

risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation 

of the financial statements in order to design audit procedures that are appropriate in the circumstances, but 

not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we 

express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and 

the reasonableness of significant accounting estimates made by management, as well as evaluating the overall 

presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 

audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial 

position of the National Railroad Retirement Investment Trust as of September 30, 2018, and the results of its 

operations, changes in net assets, and cash flows for the year then ended in accordance with U.S. generally 

accepted accounting principles.

McLean, VA

November 15, 2018


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