Board of Governors of the Federal Reserve System

Beginning 2012:Q3, annual fiscal year end (Q3) stocks outstanding from the National Railroad Retirement Investment Trust (NRRIT) Annual Financial Statement, schedule of investments: municipal bonds at fair value. Quarterly stocks outstanding interpolated from annual fiscal year end stocks outstanding. Capital gains calculated using the change in the Merrill Lynch Municipal Master par weighted price. For quarterly stocks outstanding after the benchmark, the most recent benchmark share of municipal 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.