National Rural Utilities Cooper bonds NRUC
Who owns National Rural Utilities Cooper's debt and what their own filings say it is worth. Bond prices and yields are fund-reported marks (SEC Form N-PORT) as of Jul 2026; they lag the market by about two months. NRUC stock page.
Every bond funds hold
Each bond's latest fund-reported mark. Price per 100 of face value; yield to maturity from price, coupon and maturity; spread over the matched-maturity Treasury for US-dollar bonds.
| Bond | Coupon | Maturity | Ccy | Price | Yield | Spread | Funds | Held | As of |
|---|---|---|---|---|---|---|---|---|---|
| 63743HGA4 | 3.98% floating | 2026-10-30 | USD | 100.00 | — | — | 2 | $18.8M | Jul 2026 |
| 63743HFK3 | 5.6% fixed | 2026-11-13 | USD | 100.28 | 4.57% | 82 bp | 4 | $5.7M | Jul 2026 |
| 63743HFY3 | 4.22% floating | 2026-11-22 | USD | 100.08 | — | — | 3 | $10.3M | Jul 2026 |
| 63743HFQ0 | 4.43% floating | 2027-02-05 | USD | 100.23 | — | — | 11 | $38.9M | Jul 2026 |
| 63743HFM9 | 4.8% fixed | 2027-02-05 | USD | 100.21 | 4.38% | 54 bp | 3 | $5.6M | Jul 2026 |
| 637432NN1 | 3.05% fixed | 2027-04-25 | USD | 99.06 | 4.36% | 42 bp | 1 | $2.6M | Jul 2026 |
| 63743HFR8 | 5.1% fixed | 2027-05-06 | USD | 100.49 | 4.43% | 48 bp | 1 | $3.3M | Jul 2026 |
| 63743HGD8 | 4.057% floating | 2027-08-09 | USD | 100.07 | — | — | 15 | $70.7M | Jul 2026 |
| 63743HFT4 | 4.12% fixed | 2027-09-16 | USD | 99.62 | 4.47% | 39 bp | 13 | $10.3M | Jul 2026 |
| 63743HFU1 | 4.47% floating | 2027-09-16 | USD | 100.49 | — | — | 8 | $33.7M | Jul 2026 |
| 63743HGG1 | 4.18% floating | 2027-12-03 | USD | 100.22 | — | — | 2 | $3.0M | Jul 2026 |
| 63743HGB2 | 3.95% fixed | 2027-12-10 | USD | 99.31 | 4.47% | 36 bp | 15 | $28.1M | Jul 2026 |
| 637432NP6 | 3.4% fixed | 2028-02-07 | USD | 98.31 | 4.56% | 43 bp | 7 | $17.8M | Jul 2026 |
| 63743HFW7 | 4.75% fixed | 2028-02-07 | USD | 100.24 | 4.58% | 44 bp | 16 | $17.3M | Jul 2026 |
| 63743HFG2 | 4.8% fixed | 2028-03-15 | USD | 100.31 | 4.60% | 44 bp | 11 | $8.8M | Jul 2026 |
| 63743HFZ0 | 4.15% fixed | 2028-08-25 | USD | 99.03 | 4.64% | 42 bp | 15 | $7.9M | Jul 2026 |
| 63743HFJ6 | 5.05% fixed | 2028-09-15 | USD | 100.73 | 4.68% | 46 bp | 11 | $10.3M | Jul 2026 |
| 637432NQ4 | 3.9% fixed | 2028-11-01 | USD | 98.28 | 4.71% | 48 bp | 4 | $3.1M | Jul 2026 |
| 63743HFN7 | 4.85% fixed | 2029-02-07 | USD | 100.28 | 4.73% | 49 bp | 10 | $10.7M | Jul 2026 |
| 63743HGE6 | 4.05% fixed | 2029-02-09 | USD | 98.44 | 4.71% | 47 bp | 19 | $20.9M | Jul 2026 |
| 637432NS0 | 3.7% fixed | 2029-03-15 | USD | 97.47 | 4.74% | 49 bp | 5 | $5.0M | Jul 2026 |
| 63743HGF3 | 4.4% fixed | 2029-05-11 | USD | 99.14 | 4.73% | 48 bp | 15 | $8.8M | Jul 2026 |
| 63743HFS6 | 5.15% fixed | 2029-06-15 | USD | 101.07 | 4.74% | 49 bp | 13 | $11.3M | Jul 2026 |
| 63743HFX5 | 4.95% fixed | 2030-02-07 | USD | 100.33 | 4.85% | 57 bp | 7 | $2.4M | Jul 2026 |
| 637432NV3 | 2.4% fixed | 2030-03-15 | USD | 91.86 | 4.88% | 60 bp | 7 | $4.5M | Jul 2026 |
| 63743HGC0 | 4.3% fixed | 2030-12-10 | USD | 97.68 | 4.90% | 59 bp | 11 | $12.6M | Jul 2026 |
| 63743HFP2 | 5% fixed | 2031-02-07 | USD | 100.35 | 4.91% | 60 bp | 8 | $4.2M | Jul 2026 |
| 637432NW1 | 1.35% fixed | 2031-03-15 | USD | 85.51 | 4.89% | 57 bp | 8 | $4.2M | Jul 2026 |
| 637432NX9 | 1.65% fixed | 2031-06-15 | USD | 85.91 | 4.94% | 61 bp | 7 | $4.1M | Jul 2026 |
| 637432CT0 | 8% fixed | 2032-03-01 | USD | 113.55 | 5.17% | 81 bp | 11 | $7.4M | Jul 2026 |
| 637432NY7 | 2.75% fixed | 2032-04-15 | USD | 88.48 | 5.10% | 72 bp | 6 | $3.6M | Jul 2026 |
| 637432MS1 | 4.02% fixed | 2032-11-01 | USD | 94.29 | 5.10% | 69 bp | 6 | $4.3M | Jul 2026 |
| 637432NZ4 | 4.15% fixed | 2032-12-15 | USD | 95.02 | 5.07% | 66 bp | 8 | $9.3M | Jul 2026 |
| 637432PA7 | 5.8% fixed | 2033-01-15 | USD | 103.42 | 5.17% | 74 bp | 9 | $13.5M | Jul 2026 |
| 637432PC3 | 5% fixed | 2034-08-15 | USD | 98.33 | 5.26% | 75 bp | 10 | $2.6M | Jul 2026 |
| 637432NR2 | 4.4% fixed | 2048-11-01 | USD | 79.67 | 6.08% | 97 bp | 4 | $2.3M | Jul 2026 |
| 637432NT8 | 4.3% fixed | 2049-03-15 | USD | 79.33 | 5.98% | 87 bp | 4 | $1.5M | Jul 2026 |
| 637432PB5 | 7.125% fixed | 2053-09-15 | USD | 103.39 | 6.85% | 174 bp | 8 | $3.0M | Jul 2026 |
Spread history
Median spread of the US-dollar bonds over Treasuries, month-ends with complete filings. Fund-reported.
Price history
Median fund-marked price across the bonds, per 100 of face value.
By month
Funds file on staggered quarter-ends, so each month-end is marked by the funds that reported for it; the amount held moves with which funds filed, not only with buying and selling.
| Month-end | Bonds | Held | Median price | USD yield | USD spread | Most funds on one bond |
|---|---|---|---|---|---|---|
| Jul 2026 | 38 | $432.3M | 99.81 | 4.86% | 57 bp | 19 |
| Jun 2026 | 37 | $1.10B | 100.05 | 4.63% | 46 bp | 30 |
| May 2026 | 39 | $1.14B | 100.04 | 4.55% | 44 bp | 20 |
| Apr 2026 | 37 | $445.5M | 100.00 | 4.48% | 59 bp | 17 |
| Mar 2026 | 38 | $1.00B | 99.98 | 4.43% | 67 bp | 31 |
| Feb 2026 | 39 | $1.22B | 100.44 | 3.99% | 40 bp | 20 |
| Jan 2026 | 37 | $374.2M | 100.25 | 4.21% | 47 bp | 15 |
| Dec 2025 | 37 | $934.1M | 100.36 | 4.16% | 52 bp | 32 |
| Nov 2025 | 37 | $1.08B | 100.30 | 4.07% | 47 bp | 20 |
| Oct 2025 | 38 | $361.3M | 100.13 | 4.11% | 58 bp | 14 |
| Sep 2025 | 38 | $881.6M | 100.17 | 4.17% | 57 bp | 30 |
| Aug 2025 | 38 | $1.08B | 100.19 | 4.19% | 43 bp | 19 |
| Jul 2025 | 37 | $348.0M | 100.05 | 4.51% | 53 bp | 14 |
Who holds the debt
Fund series in their latest quarterly N-PORT report, largest first, with the change in face value against each fund's own previous report. Names as reported in the filings. 73 added, 80 cut, 22 new holders and 25 exits in the latest quarter.
| Fund series | Report | Face value | Value | Change in face value |
|---|---|---|---|---|
| JPMorgan Ultra-Short Income ETF J.P. Morgan Exchange-Traded Fund Trust | 2026-05-31 | $271.6M | $271.1M | $0 |
| VANGUARD TOTAL BOND MARKET INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $186.5M | $181.4M | -$5.4M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $176.5M | $172.9M | -$5.3M |
| VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $154.4M | $152.7M | $1.0M |
| VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND VANGUARD SCOTTSDALE FUNDS | 2026-05-31 | $117.4M | $119.4M | -$8.9M |
| JPMorgan Strategic Income Opportunities Fund JPMorgan Trust I | 2026-05-31 | $110.0M | $110.2M | $5.6M |
| PIMCO Enhanced Short Maturity Active Exchange-Traded Fund PIMCO ETF Trust | 2026-06-30 | $87.7M | $87.8M | $20.4M |
| iShares Core U.S. Aggregate Bond ETF iShares Trust | 2026-05-31 | $65.6M | $63.9M | -$3.3M |
| VANGUARD SHORT-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $58.1M | $58.0M | -$8.1M |
| iShares 1-5 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $54.5M | $54.0M | -$1.4M |
| State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $50.9M | $50.6M | -$10.1M |
| iShares Ultra Short Duration Bond Active ETF iShares U.S. ETF Trust | 2026-07-31 | $50.0M | $50.0M | $0 |
| PIMCO Short-Term Floating NAV Portfolio III PIMCO FUNDS | 2026-06-30 | $36.7M | $36.7M | $16.2M |
| iShares Floating Rate Bond ETF iShares Trust | 2026-07-31 | $35.1M | $35.2M | $10.6M |
| VANGUARD INSTITUTIONAL INTERMEDIATE-TERM BOND FUND VANGUARD MALVERN FUNDS | 2026-06-30 | $30.6M | $30.1M | $0 |
| Navigator Tactical Fixed Income Fund Northern Lights Fund Trust | 2026-07-31 | $28.0M | $28.0M | $0 |
| Invesco Conservative Income Fund Invesco Management Trust | 2026-05-31 | $27.6M | $27.7M | $0 |
| PIMCO Short-Term Floating NAV Portfolio II PIMCO FUNDS | 2026-06-30 | $27.2M | $27.2M | $19.1M |
| State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF SPDR SERIES TRUST | 2026-06-30 | $26.6M | $26.3M | -$4.0M |
| iShares Broad USD Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $25.9M | $25.3M | -$661K |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND VANGUARD BOND INDEX FUNDS | 2026-06-30 | $24.2M | $23.9M | -$6.3M |
| iShares iBonds Dec 2028 Term Corporate ETF iShares Trust | 2026-07-31 | $23.7M | $23.6M | $2.1M |
| iShares 5-10 Year Investment Grade Corporate Bond ETF iShares Trust | 2026-05-31 | $21.4M | $21.6M | -$7.0M |
| Invesco BulletShares 2028 Corporate Bond ETF Invesco Exchange-Traded Self-Indexed Fund Trust | 2026-05-31 | $21.4M | $21.4M | $253K |
| Fidelity U.S. Bond Index Fund Fidelity Salem Street Trust | 2026-05-31 | $20.3M | $20.2M | $0 |
Largest exits in the latest quarter (fund held the bonds in its previous report, none now): RIVERPARK SHORT TERM HIGH YIELD FUND ($8.0M), Federated Hermes Total Return Bond Fund ($7.8M), Allspring Ultra Short-Term Income Fund ($5.0M), Goldman Sachs Short Duration Bond Fund ($4.5M), JPMorgan Managed Income Fund ($4.1M), First Trust Smith Opportunistic Fixed Income ETF ($3.6M), First Trust Smith Unconstrained Bond ETF ($3.1M), Victory Pioneer Short Term Income Fund ($2.8M), Touchstone Strategic Trust-Touchstone Strategic Income Fund ($1.7M), JNL/PIMCO Investment Grade Credit Bond Fund ($1.5M).
ETFs holding these bonds
From each ETF's own latest N-PORT report: the issuer's bonds as a share of the ETF's net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Face value | Value | % of net assets |
|---|---|---|---|---|---|
| JPST JPMorgan Ultra-Short Income ETF | 2026-05-31 | 5 | $271.6M | $271.1M | 0.71% |
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 26 | $186.5M | $181.4M | 0.05% |
| VCSH VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 16 | $154.4M | $152.7M | 0.30% |
| VCIT VANGUARD INTERMEDIATE-TERM CORPORATE BOND INDEX FUND | 2026-05-31 | 7 | $117.4M | $119.4M | 0.17% |
| MINT PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 2026-06-30 | 3 | $87.7M | $87.8M | 0.53% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 29 | $65.6M | $63.9M | 0.05% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 15 | $58.1M | $58.0M | 0.08% |
| IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF | 2026-05-31 | 19 | $54.5M | $54.0M | 0.25% |
| SPSB State Street(R) SPDR(R) Portfolio Short Term Corporate Bond ETF | 2026-06-30 | 13 | $50.9M | $50.6M | 0.48% |
| ICSH iShares Ultra Short Duration Bond Active ETF | 2026-07-31 | 4 | $50.0M | $50.0M | 0.61% |
| FLOT iShares Floating Rate Bond ETF | 2026-07-31 | 4 | $35.1M | $35.2M | 0.34% |
| SPIB State Street(R) SPDR(R) Portfolio Intermediate Term Corporate Bond ETF | 2026-06-30 | 21 | $26.6M | $26.3M | 0.23% |
| USIG iShares Broad USD Investment Grade Corporate Bond ETF | 2026-05-31 | 29 | $25.9M | $25.3M | 0.15% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 5 | $24.2M | $23.9M | 0.05% |
| IBDT iShares iBonds Dec 2028 Term Corporate ETF | 2026-07-31 | 6 | $23.7M | $23.6M | 0.58% |
Default risk, three ways
Stock market: distance-to-default
Not computed: financial company (banks, insurers, BDCs and REITs carry leverage as their business, which the model misreads).
Bond market: priced-in odds
A 57 bp spread prices in about 0.9% a year of default odds (spread ÷ (1 − 40% recovery)). Fund-reported marks as of Jul 2026; the spread also pays for liquidity and risk premium, so this overstates actual defaults.
Accounts: Altman Z
Not available.
The stock side: 13F filings
What institutions report holding in NRUC's stock and options. Options are reported at the value of the underlying shares, not the premium paid; 13F lists long positions only, lags 45 days after quarter-end, and does not show whether puts hedge a stock position.
| Quarter-end | Stock holders | Stock value | Put managers | Puts (underlying value) | Call managers | Calls (underlying value) | Convertible holders |
|---|---|---|---|---|---|---|---|
| 2026-06-30 | 1 | $39K | 0 | — | 0 | — | 1 |
| 2026-03-31 | 1 | $218K | 0 | — | 0 | — | 1 |
| 2025-12-31 | 2 | $247K | 0 | — | 0 | — | 1 |
| 2025-09-30 | 1 | $233K | 0 | — | 0 | — | 1 |
| 2025-06-30 | 1 | $232K | 0 | — | 0 | — | 1 |
| 2025-03-31 | 2 | $705K | 0 | — | 0 | — | 1 |
Officials trading NRUC bonds
| Trade date | Official | Type | Description | Amount | Filing |
|---|---|---|---|---|---|
| 2026-03-03 | President Donald J. Trump | purchase | NATIONAL RURAL UTIL COOP 04.950% 020730 DTD020725 FC080725 CALL@MW+12.5BP YTM = 4.005 UNSO | $250,001 - $500,000 | filing |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.