Board of Governors of the Federal Reserve System

Beginning 2003:Q3, annual fiscal year end (Q3) stocks outstanding from the National Railroad Retirement Investment Trust (NRRIT) Annual Financial Statement, schedule of investments, the sum of fair value corporate bonds, non-government CMOs, asset backed securities, commercial mortgage backed securities, other fixed income securities, commercial paper, and fixed income funds such as units trusts, commingled funds, investment funds or short-term funds. Quarterly stocks outstanding interpolated from annual fiscal year end stocks outstanding. Capital gains calculated using the change in the Merrill Lynch Corporate Master par weighted price index. For quarterly stocks outstanding after the benchmark, the most recent benchmark share of corporate and foreign bond assets is applied to the NRRIT Quarterly Update market value of assets. Unadjusted transactions are the change in stocks outstanding less capital gains less and other changes in volume. Data for the most recent ten years show no significant seasonality.