Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant The Federal Home Loan Bank of Indianapolis (the "Bank") obtains most of its funds from the sale of debt securities, known as consolidated obligations, in the capital markets. Consolidated obligations, which consist of bonds and discount notes, are by regulation of the Federal Housing Finance Agency the joint and several obligations of the twelve Federal Home Loan Banks. Consolidated obligations are sold to the public through the Office of Finance, a joint office of the Federal Home Loan Banks, using authorized security dealers. Consolidated obligations are backed only by the financial resources of the twelve Federal Home Loan Banks and are not guaranteed by the United States government.
Schedule A sets forth all consolidated obligation bonds committed to be issued by the Federal Home Loan Banks, for which the Bank is the primary obligor, on the trade dates indicated. Schedule A also includes any consolidated bonds with a remaining maturity in excess of one year, if any, for which we have assumed the primary repayment obligation from another Federal Home Loan Bank. We may elect to change our method of reporting information on the issuance or assumption of consolidated obligations at any time. In reviewing the information in this Current Report, please note:
• although consolidated obligations issuance is material to the Bank, we have not made a judgment as to the materiality of any particular consolidated obligation or obligations;

• Schedule A does not address any interest-rate exchange agreements (or other derivative instruments) into which we may enter or have entered as a result of our asset and liability management strategies and that may be associated, directly or indirectly, with one or more of the reported consolidated obligations;

• Schedule A will not enable a reader to track changes in the total consolidated obligation bonds outstanding for which we are the primary obligor because Schedule A generally excludes consolidated obligation discount notes (which have a maturity of one year or less) and does not reflect whether the proceeds from the issuance of the reported consolidated obligations will be used to, among other things, satisfy called or maturing consolidated obligations. We will report the total consolidated obligations outstanding for which we are the primary obligor in our periodic reports filed with the Securities and Exchange Commission;

• the principal amounts reported on Schedule A represent the principal amount of the reported consolidated obligations at par, which may not correspond to the amounts reported in our financial statements prepared in accordance with generally accepted accounting principles contained in our periodic reports filed with the Securities and Exchange Commission, because the par amount does not account for, among other things, any discounts, premiums or concessions; and

• Schedule A does not describe types and styles of consolidated obligations that are not issued on behalf of, or assumed by, the Bank as primary obligor but that may be issued on behalf of other Federal Home Loan Banks as primary obligors.

Item 9.01. Financial Statements and Exhibits
Schedule A

---