National Railroad Retirement Investment Trust Annual Management Report for Fiscal Year 2005

摘要

Fiscal year 2005 was a year of continued growth for the National Railroad Retirement Investment Trust ('NRRIT' or 'Trust'), as the Trust moved to diversify its portfolio consistent with its Investment Plan (the 'Plan'). During the fiscal year, the Trust increased the number of its investment managers and took additional steps away from a fully indexed investment portfolio. In addition, the Trust continued making periodic transfers to the Railroad Retirement Account of the US Treasury ('Treasury') to pay benefits to railroad retirement (tier 2) benefits, transferring $809 million in fiscal year 2005.