| Schedule H, Line 4i – Schedule of Assets (Held At End of Year) |
Thoroughbred Retirement Investment Plan of Norfolk Southern Corporation and Participating Subsidiary Companies EIN: 52-1188014 Plan 003 Schedule H, line 4i – Schedule of Assets (Held at End of Year) December 31, 2025 | | | | | | | | | | | | | | | | Identity of issue, borrower, | Description of investment, including maturity date, | | | lessor or similar party | rate of interest, collateral, par or maturity value | Current Value | | | | | ($ in thousands) | | *Plan interest in Master Trust | | | | | | for NS stock | 2,648,552 | | units of | NS Stock Fund | $ | 254,288 | | | | | | | | Value of Interests in Registered Investment Companies: | | | *The Vanguard Group, Inc. | 428,367 | | shares of | Vanguard Growth Index Fund Institutional Shares | 107,584 | | | *The Vanguard Group, Inc. | 1,252,105 | | shares of | Vanguard Wellington Fund Admiral Shares | 96,650 | | | *The Vanguard Group, Inc. | 546,811 | | shares of | Vanguard Value Index Fund Institutional Shares | 40,743 | | | *The Vanguard Group, Inc. | 476,781 | | shares of | Vanguard Mid-Cap Index Fund Institutional Shares | 37,847 | | | *The Vanguard Group, Inc. | 195,864 | | shares of | Vanguard Small-Cap Index Fund Institutional Shares | 24,205 | | | *The Vanguard Group, Inc. | 1,065,483 | | shares of | Vanguard Inflation-Protected Securities Fund | 9,973 | | | *The Vanguard Group, Inc. | 43,877 | | shares of | Vanguard Cash Reserve Federal MM Fund | 44 | | | | | | 317,046 | | | Value of Interests in Common Collective Trusts: | | | *The Vanguard Group, Inc. | 924,513 | | units of | Vanguard Institutional 500 Index Trust C | 128,896 | | | *The Vanguard Group, Inc. | 629,882 | | units of | Vanguard Institutional Total International Stock Market Index Trust C | 88,624 | | | *The Vanguard Group, Inc. | 543,473 | | units of | Vanguard Institutional Total Bond Market Index Trust C | 59,864 | | | *The Vanguard Group, Inc. | 54,403,361 | | units of | Vanguard Retirement Savings Trust III | 54,403 | | | *The Vanguard Group, Inc. | 422,831 | | units of | Vanguard Target Retirement 2045 Trust I | 50,643 | | | *The Vanguard Group, Inc. | 389,859 | | units of | Vanguard Target Retirement 2040 Trust I | 44,370 | | | *The Vanguard Group, Inc. | 347,770 | | units of | Vanguard Target Retirement 2050 Trust I | 43,040 | | | *The Vanguard Group, Inc. | 380,276 | | units of | Vanguard Target Retirement 2035 Trust I | 39,975 | | | *The Vanguard Group, Inc. | 195,143 | | units of | Vanguard Target Retirement 2055 Trust I | 29,451 | | | *The Vanguard Group, Inc. | 291,276 | | units of | Vanguard Target Retirement 2030 Trust I | 28,510 | | | *The Vanguard Group, Inc. | 152,661 | | units of | Vanguard Target Retirement 2025 Trust I | 14,046 | | | *The Vanguard Group, Inc. | 167,940 | | units of | Vanguard Target Retirement 2060 Trust I | 13,321 | | | *The Vanguard Group, Inc. | 97,601 | | units of | Vanguard Target Retirement Income Trust I | 7,386 | | | *The Vanguard Group, Inc. | 122,004 | | units of | Vanguard Target Retirement 2065 Trust I | 5,951 | | | *The Vanguard Group, Inc. | 66,435 | | units of | Vanguard Target Retirement 2020 Trust I | 5,638 | | | *The Vanguard Group, Inc. | 57,874 | | units of | Vanguard Target Retirement 2070 Trust I | 1,721 | | | | | | 615,839 | | | | | | | | *Participant loans | Participant loans (interest rates of 4.25%-9.50%, maturing through 2031) | 29,660 | | | | | | | | Total investments at fair value | $ | 1,216,833 | | | | | | | | *Party-in-interest | | | | | | | | | | | | | | | | | | | | | See accompanying Report of Independent Registered Public Accounting Firm | |
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