Report on the Operation and Status of the

Government Securities Investment Fund

March 16, 2017 to September 11, 2017

Pursuant to 5 U.S.C. § 8438(h)

October 4, 2017

On March 16, 2017, the outstanding debt subject to the limit was at the statutory debt limit. In 

order to protect the full faith and credit of the United States, beginning on March 16, 2017, the 

Secretary of the Treasury employed statutory authority to suspend investments in the Government 

Securities Investment Fund (G Fund) of the Federal Employees’ Retirement System. Public Law

115-56 operated to suspend the statutory limit beginning September 8, 2017, rendering further 

use of this authority unnecessary. The G Fund was fully restored by September 11, 2017. 

Legal authority: Section 8438(g)(1) of Title 5, United States Code, empowers the Secretary of the 

Treasury to “suspend the issuance of additional amounts of obligations of the United States [to

this fund], if such issuances could not be made without causing the public debt of the United

States to exceed the public debt limit.” The statute defines the period of this suspension as a 

“debt issuance suspension period.” § 8438(g)(6)(B).

Reporting requirement: Section 8438(h) requires submission of a report to Congress on the 

operation and status of the G Fund during this period. The report is to be made “as soon as 

possible after the expiration of such period, but not later than 30 days after the first business day 

after the expiration of such period.” § 8438(h)(2). This document fulfills the requirement of 

section 8438(h). A copy of this report is being concurrently transmitted to the Executive Director 

of the Federal Retirement Thrift Investment Board.

Restoration requirement: Section 8438(g) requires the Secretary to make the G Fund whole upon 

expiration of a debt issuance suspension period. Treasury must issue obligations sufficient to 

ensure that the G Fund’s portfolio replicates what it would have been upon the expiration of the 

period, as if the suspension had not occurred. § 8438(g)(3). Treasury must also pay the G Fund

an amount equal to the interest that the fund would have earned. § 8438(g)(4).

Status and operations: Throughout this period, a portion of the G Fund’s holdings could not be 

re-invested without exceeding the debt limit. Treasury has now replicated the portfolio the G 

Fund would have held but for the suspension, and has paid the G Fund $1,587,027,959.08 for

interest it would have earned, accounting for receipts and withdrawals.

The table included as Attachment 1 details the daily and cumulative amounts of G Fund principal 

and interest that were suspended and restored. With the restoration of $192,569,376,473.65 in 

principal on September 8, 2017 and $1,587,027,959.08 in interest on September 11, 2017, the G 

Fund was fully restored to the condition it would have been in had there not been a debt issuance 

suspension period.
 Status of the Attachment 1

Government Securities Investment Fund

Principal Interest

Daily Daily

(Suspension) (Foregone)

or Cumulative or Cumulative

Date Restoration (Suspension) Restoration (Foregone)

March 16, 2017 (18,649,350,776.31) (18,649,350,776.31) (1,230,339.12) (1,230,339.12)

March 17, 2017 (6,944,026,775.74) (25,593,377,552.05) (5,065,599.47) (6,295,938.59)

March 20, 2017 (2,604,364,837.52) (28,197,742,389.57) (1,860,683.08) (8,156,621.67)

March 21, 2017 (5,752,941,943.24) (33,950,684,332.81) (2,240,340.20) (10,396,961.87)

March 22, 2017 12,897,765,865.89 (21,052,918,466.92) (1,389,593.73) (11,786,555.60)

March 23, 2017 (26,658,599,772.33) (47,711,518,239.25) (3,148,412.47) (14,934,968.07)

March 24, 2017 987,814,880.92 (46,723,703,358.33) (9,250,355.51) (24,185,323.58)

March 27, 2017 (7,585,150,709.27) (54,308,854,067.60) (3,584,471.35) (27,769,794.93)

March 28, 2017 (6,850,467,586.22) (61,159,321,653.82) (4,036,648.40) (31,806,443.33)

March 29, 2017 2,414,352,495.03 (58,744,969,158.79) (3,877,634.50) (35,684,077.83)

March 30, 2017 (40,585,029,557.20) (99,329,998,715.99) (6,555,374.90) (42,239,452.73)

March 31, 2017 (9,471,830,627.38) (108,801,829,343.37) (21,542,055.28) (63,781,508.01)

April 3, 2017 12,578,934,738.89 (96,222,894,604.48) (6,352,245.99) (70,133,754.00)

April 4, 2017 (18,014,654,873.08) (114,237,549,477.56) (7,541,131.88) (77,674,885.88)

April 5, 2017 330,033,553.55 (113,907,515,924.01) (7,519,856.33) (85,194,742.21)

April 6, 2017 (45,883,435,521.35) (159,790,951,445.36) (10,547,384.64) (95,742,126.85)

April 7, 2017 779,876,498.20 (159,011,074,947.16) (31,489,890.88) (127,232,017.73)

April 10, 2017 (7,379,003,738.54) (166,390,078,685.70) (10,985,517.02) (138,217,534.75)

April 11, 2017 (8,154,230,776.69) (174,544,309,462.39) (11,524,194.49) (149,741,729.24)

April 12, 2017 12,062,745,816.83 (162,481,563,645.56) (10,729,148.62) (160,470,877.86)

April 13, 2017 (4,725,192,412.13) (167,206,756,057.69) (11,041,587.89) (171,512,465.75)

April 14, 2017 (887,266,708.43) (168,094,022,766.12) (33,302,553.85) (204,815,019.60)

April 17, 2017 (408,781,885.39) (168,502,804,651.51) (11,130,016.58) (215,945,036.18)

April 18, 2017 (6,428,427,421.31) (174,931,232,072.82) (11,554,848.49) (227,499,884.67)

April 19, 2017 (218,657,469.21) (175,149,889,542.03) (11,570,036.11) (239,069,920.78)

April 20, 2017 29,024,528,533.64 (146,125,361,008.39) (9,655,986.77) (248,725,907.55)

April 21, 2017 (2,790,944,339.94) (148,916,305,348.33) (29,522,245.77) (278,248,153.32)

April 24, 2017 (11,772,656,197.55) (160,688,961,545.88) (10,619,364.53) (288,867,517.85)

April 25, 2017 (10,597,664,028.24) (171,286,625,574.12) (11,319,216.56) (300,186,734.41)

April 26, 2017 8,620,355,010.11 (162,666,270,564.01) (10,751,259.34) (310,937,993.75)

April 27, 2017 22,264,453,987.68 (140,401,816,576.33) (9,283,133.12) (320,221,126.87)

April 28, 2017 (20,118,670,317.13) (160,520,486,893.46) (31,833,056.80) (352,054,183.67)

May 1, 2017 51,344,595,820.20 (109,175,891,073.26) (6,845,496.58) (358,899,680.25)
 Status of the Attachment 1

Government Securities Investment Fund

Principal Interest

Daily Daily

(Suspension) (Foregone)

or Cumulative or Cumulative

Date Restoration (Suspension) Restoration (Foregone)

May 2, 2017 (16,951,411,426.68) (126,127,302,499.94) (7,905,387.64) (366,805,067.89)

May 3, 2017 14,424,709,208.11 (111,702,593,291.83) (7,004,337.39) (373,809,405.28)

May 4, 2017 (8,374,694,952.46) (120,077,288,244.29) (7,528,193.60) (381,337,598.88)

May 5, 2017 617,346,209.74 (119,459,942,034.55) (22,470,239.94) (403,807,838.82)

May 8, 2017 (5,371,314,714.78) (124,831,256,749.33) (7,827,191.53) (411,635,030.35)

May 9, 2017 (5,023,302,351.76) (129,854,559,101.09) (8,141,637.13) (419,776,667.48)

May 10, 2017 14,708,017,211.19 (115,146,541,889.90) (7,222,894.91) (426,999,562.39)

May 11, 2017 (2,939,238,555.21) (118,085,780,445.11) (7,407,048.75) (434,406,611.14)

May 12, 2017 (342,848,848.03) (118,428,629,293.14) (22,286,819.23) (456,693,430.37)

May 15, 2017 (15,187,465,739.15) (133,616,095,032.29) (8,379,549.28) (465,072,979.65)

May 16, 2017 (6,159,112,725.25) (139,775,207,757.54) (8,765,017.55) (473,837,997.20)

May 17, 2017 8,500,012,899.12 (131,275,194,858.42) (8,234,314.55) (482,072,311.75)

May 18, 2017 (383,148,637.71) (131,658,343,496.13) (8,258,775.99) (490,331,087.74)

May 19, 2017 2,076,982,445.91 (129,581,361,050.22) (24,388,442.28) (514,719,530.02)

May 22, 2017 (3,875,861,245.45) (133,457,222,295.67) (8,373,246.37) (523,092,776.39)

May 23, 2017 (7,512,805,560.99) (140,970,027,856.66) (8,843,320.04) (531,936,096.43)

May 24, 2017 8,691,680,275.48 (132,278,347,581.18) (8,300,642.73) (540,236,739.16)

May 25, 2017 234,327,275.22 (132,044,020,305.96) (8,286,516.06) (548,523,255.22)

May 26, 2017 (12,157,124,829.04) (144,201,145,135.00) (36,187,417.10) (584,710,672.32)

May 30, 2017 905,984,623.33 (143,295,160,511.67) (8,992,491.95) (593,703,164.27)

May 31, 2017 (32,439,742,472.96) (175,734,902,984.63) (11,020,537.89) (604,723,702.16)

June 1, 2017 10,913,095,844.68 (164,821,807,139.95) (10,339,158.18) (615,062,860.34)

June 2, 2017 13,987,090,251.43 (150,834,716,888.52) (28,396,833.70) (643,459,694.04)

June 5, 2017 (6,232,310,150.26) (157,067,027,038.78) (9,856,905.42) (653,316,599.46)

June 6, 2017 (8,395,227,711.33) (165,462,254,750.11) (10,382,223.21) (663,698,822.67)

June 7, 2017 1,424,268,697.60 (164,037,986,052.51) (10,293,855.31) (673,992,677.98)

June 8, 2017 (8,915,881,387.19) (172,953,867,439.70) (10,851,741.26) (684,844,419.24)

June 9, 2017 323,580,324.51 (172,630,287,115.19) (32,496,587.16) (717,341,006.40)

June 12, 2017 (821,964,098.63) (173,452,251,213.82) (10,885,599.52) (728,226,605.92)

June 13, 2017 (6,212,346,935.53) (179,664,598,149.35) (11,274,551.55) (739,501,157.47)

June 14, 2017 13,261,781,785.51 (166,402,816,363.84) (10,446,394.85) (749,947,552.32)

June 15, 2017 3,947,987,780.01 (162,454,828,583.83) (10,200,298.51) (760,147,850.83)

June 16, 2017 (1,063,557,622.65) (163,518,386,206.48) (30,802,225.13) (790,950,075.96)
 Status of the Attachment 1

Government Securities Investment Fund

Principal Interest

Daily Daily

(Suspension) (Foregone)

or Cumulative or Cumulative

Date Restoration (Suspension) Restoration (Foregone)

June 19, 2017 (7,372,840,640.37) (170,891,226,846.85) (10,730,136.06) (801,680,212.02)

June 20, 2017 (7,810,136,710.29) (178,701,363,557.14) (11,218,940.23) (812,899,152.25)

June 21, 2017 11,441,593,075.57 (167,259,770,481.57) (10,504,541.86) (823,403,694.11)

June 22, 2017 15,290,651,760.93 (151,969,118,720.64) (9,549,532.66) (832,953,226.77)

June 23, 2017 (534,078,745.36) (152,503,197,466.00) (28,750,528.26) (861,703,755.03)

June 26, 2017 (9,232,754,233.83) (161,735,951,699.83) (10,162,353.47) (871,866,108.50)

June 27, 2017 (5,057,021,800.16) (166,792,973,499.99) (10,479,052.47) (882,345,160.97)

June 28, 2017 14,779,842,009.37 (152,013,131,490.62) (9,555,967.29) (891,901,128.26)

June 29, 2017 1,116,431,882.26 (150,896,699,608.36) (9,486,787.55) (901,387,915.81)

June 30, 2017 32,310,531,649.73 (118,586,167,958.63) (22,403,916.73) (923,791,832.54)

July 3, 2017 16,997,176,958.30 (101,588,991,000.33) (12,814,097.85) (936,605,930.39)

July 5, 2017 (14,994,299,232.77) (116,583,290,233.10) (7,344,993.51) (943,950,923.90)

July 6, 2017 (5,277,088,559.60) (121,860,378,792.70) (7,675,270.61) (951,626,194.51)

July 7, 2017 (2,656,737,118.05) (124,517,115,910.75) (23,525,389.14) (975,151,583.65)

July 10, 2017 (983,103,485.24) (125,500,219,395.99) (7,904,710.68) (983,056,294.33)

July 11, 2017 (6,691,884,799.27) (132,192,104,195.26) (8,323,447.54) (991,379,741.87)

July 12, 2017 12,752,705,852.03 (119,439,398,343.23) (7,526,923.63) (998,906,665.50)

July 13, 2017 (12,258,036,355.56) (131,697,434,698.79) (8,293,521.34) (1,007,200,186.84)

July 14, 2017 792,209,065.92 (130,905,225,632.87) (24,733,579.84) (1,031,933,766.68)

July 17, 2017 (18,800,281,543.30) (149,705,507,176.17) (9,421,090.05) (1,041,354,856.73)

July 18, 2017 (12,531,483,497.17) (162,236,990,673.34) (10,204,896.59) (1,051,559,753.32)

July 19, 2017 13,485,636,725.79 (148,751,353,947.55) (9,362,682.10) (1,060,922,435.42)

July 20, 2017 (18,656,526,315.95) (167,407,880,263.50) (10,529,300.17) (1,071,451,735.59)

July 21, 2017 (1,465,956,286.44) (168,873,836,549.94) (31,864,741.55) (1,103,316,477.14)

July 24, 2017 (3,249,422,722.34) (172,123,259,272.28) (10,826,660.98) (1,114,143,138.12)

July 25, 2017 (10,172,314,120.24) (182,295,573,392.52) (11,463,107.29) (1,125,606,245.41)

July 26, 2017 10,312,352,880.42 (171,983,220,512.10) (10,819,301.67) (1,136,425,547.08)

July 27, 2017 (7,675,156,854.40) (179,658,377,366.50) (11,299,675.18) (1,147,725,222.26)

July 28, 2017 16,993,979,878.56 (162,664,397,487.94) (30,714,773.01) (1,178,439,995.27)

July 31, 2017 (10,401,348,875.23) (173,065,746,363.17) (10,890,261.65) (1,189,330,256.92)

August 1, 2017 14,836,290,538.24 (158,229,455,824.93) (9,963,674.13) (1,199,293,931.05)

August 2, 2017 (7,556,821,999.21) (165,786,277,824.14) (10,436,598.24) (1,209,730,529.29)

August 3, 2017 3,160,827,069.83 (162,625,450,754.31) (10,239,698.83) (1,219,970,228.12)
 Status of the Attachment 1

Government Securities Investment Fund

Principal Interest

Daily Daily

(Suspension) (Foregone)

or Cumulative or Cumulative

Date Restoration (Suspension) Restoration (Foregone)

August 4, 2017 (1,266,176,181.80) (163,891,626,936.11) (30,958,424.47) (1,250,928,652.59)

August 7, 2017 (3,032,043,549.70) (166,923,670,485.81) (10,510,912.45) (1,261,439,565.04)

August 8, 2017 (8,040,692,751.64) (174,964,363,237.45) (11,014,112.68) (1,272,453,677.72)

August 9, 2017 14,126,906,428.50 (160,837,456,808.95) (10,131,869.40) (1,282,585,547.12)

August 10, 2017 (11,503,530,416.23) (172,340,987,225.18) (10,851,473.30) (1,293,437,020.42)

August 11, 2017 2,144,165,905.50 (170,196,821,319.68) (32,154,423.44) (1,325,591,443.86)

August 14, 2017 (3,211,195,415.75) (173,408,016,735.43) (10,920,850.51) (1,336,512,294.37)

August 15, 2017 (4,149,361,104.32) (177,557,377,839.75) (11,180,868.13) (1,347,693,162.50)

August 16, 2017 11,374,158,558.65 (166,183,219,281.10) (10,470,682.02) (1,358,163,844.52)

August 17, 2017 246,767,392.54 (165,936,451,888.56) (10,455,913.48) (1,368,619,758.00)

August 18, 2017 320,188,950.52 (165,616,262,938.04) (31,309,665.51) (1,399,929,423.51)

August 21, 2017 (2,423,270,852.89) (168,039,533,790.93) (10,589,966.45) (1,410,519,389.96)

August 22, 2017 (5,513,832,768.99) (173,553,366,559.92) (10,935,242.87) (1,421,454,632.83)

August 23, 2017 11,638,452,415.65 (161,914,914,144.27) (10,208,523.05) (1,431,663,155.88)

August 24, 2017 12,321,591,653.35 (149,593,322,490.92) (9,439,061.61) (1,441,102,217.49)

August 25, 2017 (13,888,643,376.06) (163,481,965,866.98) (30,923,075.27) (1,472,025,292.76)

August 28, 2017 (2,640,138,795.49) (166,122,104,662.47) (10,474,633.12) (1,482,499,925.88)

August 29, 2017 (5,780,580,006.24) (171,902,684,668.71) (10,836,574.04) (1,493,336,499.92)

August 30, 2017 5,301,532,834.99 (166,601,151,833.72) (10,505,905.52) (1,503,842,405.44)

August 31, 2017 (6,689,750,356.48) (173,290,902,190.20) (10,924,671.54) (1,514,767,076.98)

September 1, 2017 8,415,902,919.24 (164,874,999,270.96) (39,286,472.61) (1,554,053,549.59)

September 5, 2017 (9,651,358,639.75) (174,526,357,910.71) (10,393,635.39) (1,564,447,184.98)

September 6, 2017 (7,549,169,547.89) (182,075,527,458.60) (10,839,859.61) (1,575,287,044.59)

September 7, 2017 (10,493,849,015.05) (192,569,376,473.65) (11,459,928.05) (1,586,746,972.64)

September 8, 2017 192,569,376,473.65 0.00 (280,986.44) (1,587,027,959.08)

September 11, 2017 0.00 0.00 1,587,027,959.08 0.00