1

Report on Fund Operations and Status

From March 16, 2015, to December 31, 2015

Pursuant to 5 U.S.C. § 8348(l)(1)

January 29, 2016

On March 15, 2015, the outstanding debt subject to limit was at the statutory debt limit. The following 

day, Secretary Jacob J. Lew notified Congress of his determination that a “debt issuance suspension 

period” (DISP) would begin on March 16, 2015, and last until July 30, 2015. On July 30, 2015, the 

Secretary determined the DISP would continue through October 30, 2015, and on October 30, 2015, the 

Secretary determined the DISP would continue through November 2, 2015. On November 2, 2015, the 

President signed the Bipartisan Budget Act of 2015 (Pub. L. 114-74), suspending the statutory debt limit 

from November 2, 2015, through March 15, 2017, rendering further use of extraordinary measures 

unnecessary.

Legal Authority and Requirements: 

 Section 8348(j)(1) of Title 5, United States Code authorizes the Secretary to “suspend additional 

investment of amounts in the [Civil Service Retirement and Disability Fund (CSRDF)] if such 

additional investment could not be made without causing the public debt of the United States to 

exceed the public debt limit.” The statute defines a “debt issuance suspension period” as any 

period for which the Secretary determines that the issuance of obligations of the United States 

may not be made without exceeding the public debt limit. 

 Section 8348(k)(1) of Title 5, United States Code authorizes the Secretary to “sell or redeem 

securities, obligations, or other invested assets of the [CSRDF] before maturity in order to prevent 

the public debt of the United States from exceeding the public debt limit.” The Secretary may 

redeem such investments only during a debt issuance suspension period, and only to the extent 

necessary to obtain an amount of funds up to the total amount of payments authorized to be made 

from the CSRDF during such period.

 Section 8348(j)(3) requires the Secretary, upon expiration of a debt issuance suspension period, to 

immediately issue to the CSRDF obligations that “bear such interest rates and maturity dates as 

are necessary to ensure that, after such obligations are issued, the holdings of the [CSRDF] will 

replicate to the maximum extent practicable the obligations that would then be held by the 

[CSRDF] if the suspension of investment ... and any redemption or disinvestment ... had not 

occurred.” Section 8348(j)(4) further requires the Secretary, on the first normal interest payment 

date after the expiration of the debt issuance suspension period, to pay to the CSRDF any interest 

that would have been earned during the debt issuance suspension period.

 Section 8348(l)(1) requires submission of a report to Congress on the operation and status of the 

CSRDF during a debt issuance suspension period. The report is to be made “as soon as possible 

after the expiration of such period, but not later than the date that is 30 days after the first normal 

interest payment date occurring after the expiration of such period.” The first normal interest 

payment date after November 2, 2015, was December 31, 2015. This document fulfills this 

requirement.

 Section 8909a(c) states that investments of the Postal Service Retiree Health Benefits Fund 

(PSRHBF) “shall be made in the same manner” as investments for the CSRDF under section 

8348.

Operations and Status: Between March 16, 2015, and November 2, 2015, in connection with the 

declaration of the debt issuance suspension period, $53,900,000,000 was redeemed earlier than otherwise 

required in order to avoid exceeding the debt limit. In addition, principal and interest payable to both the 

CSRDF and PSRHBF on June 30, 2015, ($80,460,150,000 and $4,756,563,000, respectively) was not
2

invested. Finally, throughout the period of March 16, 2015, to November 2, 2015, new CSRDF and 

PSRHBF receipts were not invested in order to keep from exceeding the debt limit. Steps were taken on 

November 2, 2015, and December 31, 2015, as appropriate, to replicate the portfolio the CSRDF and 

PSRHBF would have held if the debt issuance suspension period had not occurred. A summary of the 

operations and status of the CSRDF and PSRHBF between March 16, 2015, and December 31, 2015, is 

included as Attachment 1.
Attachment 1

3

Postal Service

Retiree Health

Benefits Fund

Other

Receipt Inv.

 Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

March 16, 2015 $2,913,000 $3,793,000 $24,113,687,000 $0 $0 $0 1

March 17, 2015 $136,125,000 $1,878,000 $2,886,313,000 $0 $0 $0 2

March 18, 2015 $13,102,000 $3,695,000 $0 $0 $0 $0

March 19, 2015 $472,633,000 $1,476,000 $0 $0 $0 $0

March 20, 2015 $503,000 $4,373,000 $0 $0 $0 $0

March 23, 2015 $1,438,000 $4,118,000 $0 $0 $0 $0

March 24, 2015 $19,446,000 $6,056,000 $0 $0 $0 $0

March 25, 2015 $1,785,000 $2,575,000 $0 $0 $0 $0

March 26, 2015 $413,000 $2,038,000 $0 $0 $0 $0

March 27, 2015 $534,332,000 $11,643,000 $0 $0 $0 $0

March 30, 2015 $9,761,000 $76,000 $0 $0 $0 $0

March 31, 2015 $496,037,000 $1,073,000 $0 $0 $0 $0

April 1, 2015 $3,508,000 $6,623,099,000 $0 $0 $0 $0

April 2, 2015 $132,997,000 $1,119,000 $0 $0 $0 $0

April 3, 2015 $672,000 $49,195,000 $0 $0 $0 $0

April 6, 2015 $1,473,000 $863,000 $0 $0 $0 $0

April 7, 2015 $10,663,000 $0 $0 $0 $0 $0

April 8, 2015 $1,183,000 $5,882,000 $0 $0 $0 $0

April 9, 2015 $110,000 $1,243,000 $0 $0 $0 $0

April 10, 2015 $539,852,000 $4,256,000 $0 $0 $0 $0

April 13, 2015 $342,885,000 $6,824,000 $0 $0 $0 $0

April 14, 2015 $136,288,000 $470,000 $0 $0 $0 $0

April 15, 2015 $28,600,000 $34,401,000 $0 $0 $0 $0

April 16, 2015 $132,843,000 $3,188,000 $0 $0 $0 $0

April 17, 2015 $443,000 $4,102,000 $0 $0 $0 $0

April 20, 2015 $1,590,000 $5,512,000 $0 $0 $0 $0

April 21, 2015 $2,835,000 $2,832,000 $0 $0 $0 $0

April 22, 2015 $2,968,000 $0 $0 $0 $0 $0

April 23, 2015 $525,000 $4,534,000 $0 $0 $0 $0

April 24, 2015 $533,046,000 $13,022,000 $0 $0 $0 $0

Daily Transaction Detail

Report of the Operation and Status of the

Civil Service Retirement and Disability Fund and

the Postal Service Retiree Health Benefits Fund

March 16, 2015 - December 31, 2015

Date Notes

Civil Serivce Retirement and Disability Fund

Daily Other

Redemptions

Not Included

In DISP

Early Redemption
4

Postal Service

Retiree Health

Benefits Fund

Other

Receipt Inv.

 Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

April 27, 2015 $343,005,000 $3,723,000 $0 $0 $0 $0

April 28, 2015 $135,856,000 $240,905,000 $0 $0 $0 $0

April 29, 2015 $28,488,000 $66,000 $0 $0 $0 $0

April 30, 2015 $133,748,000 $2,457,000 $0 $0 $0 $0

May 1, 2015 $3,806,000 $6,630,776,000 $0 $0 $0 $0

May 4, 2015 $581,000 $5,202,000 $0 $0 $0 $0

May 5, 2015 $681,000 $29,866,000 $0 $0 $0 $0

May 6, 2015 $1,076,000 $3,978,000 $0 $0 $0 $0

May 7, 2015 $10,447,000 $1,433,000 $0 $0 $0 $0

May 8, 2015 $535,049,000 $3,563,000 $0 $0 $0 $0

May 11, 2015 $350,637,000 $7,432,000 $0 $0 $0 $0

May 12, 2015 $136,229,000 $926,000 $0 $0 $0 $0

May 13, 2015 $10,505,000 $3,553,000 $0 $0 $0 $0

May 14, 2015 $133,997,000 $3,071,000 $0 $0 $0 $0

May 15, 2015 $411,000 $31,304,000 $0 $0 $0 $0

May 18, 2015 $772,000 $4,188,000 $0 $0 $0 $0

May 19, 2015 $19,304,000 $3,873,000 $0 $0 $0 $0

May 20, 2015 $247,000 $819,000 $0 $0 $0 $0

May 21, 2015 $1,516,000 $2,799,000 $0 $0 $0 $0

May 22, 2015 $536,150,000 $11,998,000 $0 $0 $0 $0

May 26, 2015 $477,211,000 $2,912,000 $0 $0 $0 $0

May 27, 2015 $10,917,000 $1,369,000 $0 $0 $0 $0

May 28, 2015 $136,236,000 $0 $0 $0 $0 $0

May 29, 2015 $18,546,000 $798,000 $0 $0 $0 $0

June 1, 2015 $3,592,000 $6,633,489,000 $0 $0 $0 $0

June 2, 2015 $693,000 $3,905,000 $0 $0 $0 $0

June 3, 2015 $1,126,000 $31,459,000 $0 $0 $0 $0

June 4, 2015 $624,000 $5,018,000 $0 $0 $0 $0

June 5, 2015 $545,562,000 $0 $0 $0 $0 $0

June 8, 2015 $341,077,000 $3,541,000 $0 $0 $0 $0

Daily Transaction Detail

Report of the Operation and Status of the

Civil Service Retirement and Disability Fund and

the Postal Service Retiree Health Benefits Fund

March 16, 2015 - December 31, 2015

Date Notes

Civil Serivce Retirement and Disability Fund

Daily Other

Redemptions

Not Included

In DISP

Early Redemption
5

Postal Service

Retiree Health

Benefits Fund

Other

Receipt Inv.

 Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

June 9, 2015 $135,412,000 $712,000 $0 $0 $0 $0

June 10, 2015 $12,145,000 $2,351,000 $0 $0 $0 $0

June 11, 2015 $141,295,000 $5,294,000 $0 $0 $0 $0

June 12, 2015 $18,580,000 $3,415,000 $0 $0 $0 $0

June 15, 2015 $1,380,000 $30,667,000 $0 $0 $0 $0

June 16, 2015 $1,167,000 $1,451,000 $0 $0 $0 $0

June 17, 2015 $495,000 $1,911,000 $0 $0 $0 $0

June 18, 2015 $605,000 $3,236,000 $0 $0 $0 $0

June 19, 2015 $535,822,000 $11,284,000 $0 $0 $0 $0

June 22, 2015 $341,299,000 $2,820,000 $0 $0 $0 $0

June 23, 2015 $136,582,000 $2,161,000 $0 $0 $0 $0

June 24, 2015 $29,104,000 $857,000 $0 $0 $0 $0

June 25, 2015 $133,468,000 $3,074,000 $0 $0 $0 $0

June 26, 2015 $517,000 $2,316,000 $0 $0 $0 $0

June 29, 2015 $1,775,000 $1,830,000 $0 $0 $0 $0

June 30, 2015 $1,783,000 $942,000 $0 $80,460,150,000 $0 $4,756,563,000 3

July 1, 2015 $3,590,000 $6,447,920,000 $0 $0 $188,429,000 $0 4

July 2, 2015 $535,234,000 $0 $0 $0 $18,229,000 $0

July 3, 2015 $0 $0 $0 $0 $0 $0

July 6, 2015 $340,370,000 $0 $0 $0 $35,172,000 $0

July 7, 2015 $146,469,000 $0 $0 $0 $2,453,000 $0

July 8, 2015 $10,187,000 $0 $0 $0 $3,854,000 $0

July 9, 2015 $133,362,000 $0 $0 $0 $4,400,000 $0

July 10, 2015 $8,117,000 $0 $0 $0 $0 $0

July 13, 2015 $19,205,000 $0 $0 $0 $2,907,000 $0

July 14, 2015 $1,631,000 $0 $0 $0 $2,493,000 $0

July 15, 2015 $1,711,000 $0 $0 $0 $32,681,000 $0

July 16, 2015 $808,000 $0 $0 $0 $2,458,000 $0

July 17, 2015 $535,698,000 $0 $0 $0 $636,000 $0

July 20, 2015 $340,592,000 $0 $0 $0 $4,717,000 $0

Daily Transaction Detail

Report of the Operation and Status of the

Civil Service Retirement and Disability Fund and

the Postal Service Retiree Health Benefits Fund

March 16, 2015 - December 31, 2015

Date Notes

Civil Serivce Retirement and Disability Fund

Daily Other

Redemptions

Not Included

In DISP

Early Redemption
6

Postal Service

Retiree Health

Benefits Fund

Other

Receipt Inv.

 Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

July 21, 2015 $136,657,000 $0 $0 $0 $3,347,000 $0

July 22, 2015 $10,199,000 $0 $0 $0 $1,150,000 $0

July 23, 2015 $134,475,000 $0 $0 $0 $0 $0

July 24, 2015 $18,472,000 $0 $0 $0 $247,099,000 $0

July 27, 2015 $1,505,000 $0 $0 $0 $2,023,000 $0

July 28, 2015 $1,155,000 $0 $0 $0 $1,219,000 $0

July 29, 2015 $1,110,000 $0 $0 $0 $469,000 $0

July 30, 2015 $462,000 $1,771,000 $20,300,000,000 $0 $0 $0 5

July 31, 2015 $547,378,000 $11,286,000 $0 $0 $0 $0

August 3, 2015 $342,762,000 $6,638,975,000 $0 $0 $0 $0

August 4, 2015 $137,870,000 $168,000 $0 $0 $0 $0

August 5, 2015 $0 $31,364,000 $0 $0 $0 $0

August 6, 2015 $133,148,000 $2,720,000 $0 $0 $0 $0

August 7, 2015 $10,663,000 $3,532,000 $0 $0 $0 $0

August 10, 2015 $18,200,000 $2,771,000 $0 $0 $0 $0

August 11, 2015 $11,674,000 $0 $0 $0 $0 $0

August 12, 2015 $763,000 $1,444,000 $0 $0 $0 $0

August 13, 2015 $91,000 $7,158,000 $0 $0 $0 $0

August 14, 2015 $536,717,000 $27,173,000 $0 $0 $0 $0

August 17, 2015 $342,209,000 $2,821,000 $0 $0 $0 $0

August 18, 2015 $138,023,000 $4,417,000 $0 $0 $0 $0

August 19, 2015 $10,602,000 $3,968,000 $0 $0 $0 $0

August 20, 2015 $131,900,000 $2,350,000 $0 $0 $0 $0

August 21, 2015 $18,018,000 $4,430,000 $0 $0 $0 $0

August 24, 2015 $795,000 $3,328,000 $0 $0 $0 $0

August 25, 2015 $1,270,000 $4,350,000 $0 $0 $0 $0

August 26, 2015 $1,107,000 $1,108,000 $0 $0 $0 $0

August 27, 2015 $679,000 $1,706,000 $0 $0 $0 $0

August 28, 2015 $537,510,000 $17,072,000 $0 $0 $0 $0

August 31, 2015 $368,780,000 $0 $0 $0 $0 $0

Daily Transaction Detail

Report of the Operation and Status of the

Civil Service Retirement and Disability Fund and

the Postal Service Retiree Health Benefits Fund

March 16, 2015 - December 31, 2015

Date Notes

Civil Serivce Retirement and Disability Fund

Daily Other

Redemptions

Not Included

In DISP

Early Redemption
7

Postal Service

Retiree Health

Benefits Fund

Other

Receipt Inv.

 Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

September 1, 2015 $140,416,000 $6,640,628,000 $0 $0 $0 $0

September 2, 2015 $749,000 $3,655,000 $0 $0 $0 $0

September 3, 2015 $133,260,000 $37,258,000 $0 $0 $0 $0

September 4, 2015 $10,462,000 $7,490,000 $0 $0 $0 $0

September 8, 2015 $603,000 $3,750,000 $0 $0 $0 $0

September 9, 2015 $891,000 $4,204,000 $0 $0 $0 $0

September 10, 2015 $1,933,000 $0 $0 $0 $0 $0

September 11, 2015 $546,785,000 $1,845,000 $0 $0 $0 $0

September 14, 2015 $339,352,000 $6,025,000 $0 $0 $0 $0

September 15, 2015 $138,892,000 $40,586,000 $0 $0 $0 $0

September 16, 2015 $10,229,000 $1,599,000 $0 $0 $0 $0

September 17, 2015 $135,248,000 $3,196,000 $0 $0 $0 $0

September 18, 2015 $1,023,000 $3,257,000 $0 $0 $0 $0

September 21, 2015 $1,157,000 $2,366,000 $0 $0 $0 $0

September 22, 2015 $1,213,000 $4,652,000 $0 $0 $0 $0

September 23, 2015 $638,000 $2,068,000 $0 $0 $0 $0

September 24, 2015 $18,084,000 $1,407,000 $0 $0 $0 $0

September 25, 2015 $540,836,000 $11,442,000 $0 $0 $0 $0

September 28, 2015 $340,777,000 $0 $0 $0 $0 $0

September 29, 2015 $242,842,000 $1,320,000 $0 $0 $0 $0

September 30, 2015 $36,146,147,000 $286,000 $0 $0 $0 $0

October 1, 2015 $137,385,000 $6,648,548,000 $0 $0 $0 $0

October 2, 2015 $577,000 $68,000 $0 $0 $0 $0

October 5, 2015 $1,028,000 $38,419,000 $0 $0 $0 $0

October 6, 2015 $4,968,000 $0 $0 $0 $0 $0

October 7, 2015 $10,799,000 $11,646,000 $0 $0 $0 $0

October 8, 2015 $1,091,000 $2,795,000 $0 $0 $0 $0

October 9, 2015 $551,282,000 $2,694,000 $0 $0 $0 $0

October 13, 2015 $476,719,000 $2,795,000 $0 $0 $0 $0

October 14, 2015 $11,193,000 $3,533,000 $0 $0 $0 $0

Daily Transaction Detail

Report of the Operation and Status of the

Civil Service Retirement and Disability Fund and

the Postal Service Retiree Health Benefits Fund

March 16, 2015 - December 31, 2015

Date Notes

Civil Serivce Retirement and Disability Fund

Daily Other

Redemptions

Not Included

In DISP

Early Redemption
8

Postal Service

Retiree Health

Benefits Fund

Other

Receipt Inv.

 Suspended/

(Reinvested)

Payments

Covered by

DISP

Redemptions

for Payments 

During DISP/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

Princ. and Int.

Suspended/

(Reinvested)

October 15, 2015 $134,904,000 $30,242,000 $0 $0 $0 $0

October 16, 2015 $289,000 $2,068,000 $0 $0 $0 $0

October 19, 2015 $1,578,000 $2,196,000 $0 $0 $0 $0

October 20, 2015 $906,000 $4,050,000 $0 $0 $1,927,000 $0

October 21, 2015 $1,553,000 $0 $0 $0 $1,286,000 $0

October 22, 2015 $19,498,000 $0 $0 $0 $1,634,000 $0

October 23, 2015 $561,335,000 $0 $0 $0 $253,249,000 $0

October 26, 2015 $355,904,000 $0 $0 $0 $945,000 $0

October 27, 2015 $162,711,000 $0 $0 $0 $11,380,000 $0

October 28, 2015 $10,978,000 $0 $0 $0 $867,000 $0

October 29, 2015 $139,052,000 $0 $0 $0 $1,032,000 $0

October 30, 2015 $341,000 $4,780,000 $6,600,000,000 $0 $0 $0 6

November 2, 2015 ($55,977,283,000) $0 ($6,595,220,000) ($80,460,150,000) $0 ($4,756,563,000) 7

Subtotal $0 $47,304,780,000 $47,304,780,000 $0 $826,056,000 $0

December 31, 2015 $0 $0 $0 ($937,983,264) $0 ($32,579,199) 8

Total $0 $47,304,780,000 $47,304,780,000 ($937,983,264) $826,056,000 ($32,579,199)

Daily Transaction Detail

Report of the Operation and Status of the

Civil Service Retirement and Disability Fund and

the Postal Service Retiree Health Benefits Fund

March 16, 2015 - December 31, 2015

Date Notes

Civil Serivce Retirement and Disability Fund

Daily Other

Redemptions

Not Included

In DISP

Early Redemption
9

Notes from the Daily Transaction Detail

Report on Fund Operations and Status 

From March 16, 2015 to December 31, 2015

1. March 16, 2015: 

o Secretary Lew notified Congress that a “debt issuance suspension period” would begin on 

March 16, 2015, and last until July 30, 2015.

o Treasury did not invest $2,913,000 in new receipts to the CSRDF.

o Treasury did not redeem $3,793,000, which represented a portion of the payments 

authorized to be made from the CSRDF during the period of the DISP. 

o Treasury redeemed $24,113,687,000 from a CSRDF 1-3/4 percent Special Issue Bond 

maturing June 30, 2028.

2. March 17, 2015:

o Treasury did not invest $136,125,000 in new receipts to the CSRDF.

o Treasury did not redeem $1,878,000 which represented a portion of the payments 

authorized to be made from the CSRDF during the period of the DISP. 

o Treasury redeemed $2,886,313,000 from a CSRDF 1-3/4 percent Special Issue Bond 

maturing June 30, 2028.

3. June 30, 2015:

o Treasury did not invest $1,783,000 in new receipts to the CSRDF. Also Treasury did not 

invest $80,460,150,000 in semi-annual principal and interest due to the CSRDF on June 

30.

o Treasury did not invest $4,756,563,000 in semi-annual principal and interest due to the 

PSRHBF on June 30.

o Treasury did not redeem $942,000, which represented a portion of the payments 

authorized to be made from the CSRDF during the period of the DISP. 

4. July 1, 2015:

o Treasury did not invest $3,590,000 in new receipts to the CSRDF.

o Treasury did not redeem $6,447,920,000, which represents a portion of the payments 

authorized to be made from the CSRDF during the period of the DISP.

o Treasury redeemed normally $188,429,000, which represented the amount needed to 

make the remainder of the new disbursements from the CSRDF.

5. July 30, 2015:

o Secretary Lew notified Congress that the “debt issuance suspension period” would 

continue through October 30, 2015.

o Treasury did not invest $462,000 in new receipts to the CSRDF.

o Treasury did not redeem $1,771,000, which represented a portion of the payments 

authorized to be made from the CSRDF during the period of the DISP. 

o Treasury redeemed $20,300,000,000 from a CSRDF 1-3/4 percent Special Issue Bond 

maturing June 30, 2028.
10

6. October 30, 2015:

o Secretary Lew notified Congress that a “debt issuance suspension period” would extend 

to November 2, 2015.

o Treasury did not invest $341,000 in new receipts to the CSRDF.

o Treasury did not redeem $4,780,000, which represented a portion of the payments 

authorized to be made from the CSRDF during the period of the DISP. 

o Treasury redeemed $6,600,000,000 from a CSRDF 1-3/4 percent Special Issue Bond 

maturing June 30, 2028.

7. November 2, 2015:

o The President signed the Bipartisan Budget Act of 2015 (Pub. L. 114-74), suspending the 

statutory debt limit from November 2, 2015, through March 15, 2017.

o Treasury invested $143,032,653,000 into the CSRDF in accordance with the established

investment plan for the fund. This represented:

 $89,430,637,000 for the June 30, 2015 maturing principal and interest payments 

which were not reinvested in the fund during the DISP and receipts not invested 

between March 16 and June 30, 2015.

 $47,006,796,000 in receipts not invested between July 1 and November 2, 2015.

 $6,595,220,000 in funds redeemed early as part of the DISP extended on October 

30, 2015.

o Treasury redeemed $47,304,780,000 from current Certificates of Indebtedness and bonds, 

using normal redemption rules.

o Treasury invested $47,304,780,000 in the 1-3/4 percent bond maturing on June 30, 2028. 

This represented principal that was redeemed early from the 1-3/4 percent Special Issue 

Bond. (Had there been no DISP, benefit payments would have been paid through normal 

redemption rules.)

o Treasury reinvested $4,756,563,000 in the PSRHBF in accordance with the established 

rollover investment plan for the fund. This represented the June 30 maturing principal 

and interest payments which were not reinvested in the fund during the DISP.

8. December 31, 2015

o Treasury paid interest of $937,983,264 to the CSRDF. This amount represents the 

interest forgone during the period of the DISP from March 16, 2015 to November 2, 

2015, and accrued since November 2, 2015.

o Treasury paid interest of $32,579,199 to the PSRHBF. This amount represents the 

interest forgone during the period of the DISP from March 16, 2015 to November 2, 

2015, and accrued since November 2, 2015.