Board of Governors of the Federal Reserve System

Beginning 2002:Q3, annual fiscal year end (Q3) stocks outstanding from the National Railroad Retirement Investment Trust Annual Financial Statement, schedule of investments, the sum of US equity and private equity at fair value. Quarterly stocks outstanding interpolated from annual fiscal year end stocks outstanding. For quarterly stocks outstanding after the benchmark, the most recent benchmark share of domestic corporate equity assets is applied to the NRRIT Quarterly Update market value of assets. Capital gains are estimated residually from NRRIT overall capital gains. Overall NRRIT capital gains are estimated from quarterly the NRRIT Quarterly Update as the change in quarterly market value of assets, less quarterly transfers to the treasury, plus quarterly transfers from the treasury, plus net investment income from the NRRIT Annual Financial Statement, statement of changes in assets: net investment income (spread evenly over the 4 quarters of the fiscal year). Domestic corporate equity capital gains are overall NRRIT gains less estimates of capital gains on: global real assets, foreign corporate equities (FL343064633), corporate and foreign bonds (FL343063033), municipal securities (FL343062033), agency- and GSE-backed securities (FL343061733) and treasuries (FL343061133). 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.