Pension Benefit Guaranty Corporation Statements of Operations and Changes in Net Position

(Dollars in millions)	Single-Employer Program		Multiemployer Program		Memorandum Total
For the year ended September 30,	2003	2002	2003	2002	2003	2002
UNDERWRITING:
Income:
Premium (Note 9)	$ 948	$ 787	$ 25	$ 25	$ 973	$ 812
Other	$ 28	$ 28	$ 0	$ 0	$ 28	$ 28
Total	$ 976	$ 815	$ 25	$ 25	$ 1,001	$ 840
Expenses:
Administrative	$ 271	$ 207	$ 0	$ 0	$ 271	$ 207
Other	$ 97	$ 15	$ 0	$ 0	$ 97	$15
Total	$ 368	$ 222	$ 0	$ 0	$ 368	$ 222
Other underwriting activity:
Losses from completed and probable terminations (Note 10)	$ 5,377	$ 9,313	$ 0	$ 0	$ 5,377	$ 9,313
Losses from financial assistance (Note 5)			$ 480	$ 101	$ 480	$ 101
Actuarial adjustments (Note 4)	$ 108	$ 70	$ 1	$ 0	$109	$ 70
Total	$ 5,485	$ 9,383	$ 481	$ 101	$ 5,966	$ 9,484
Underwriting loss	$ ( 4,877)	$ ( 8,790)	$ ( 456)	$ ( 76)	$ ( 5,333)	$ ( 8,866)

FINANCIAL:
Investment income (loss) (Note 11):
Fixed	$ 1,276	$ 2,043	$ 37	$ 118	$ 1,313	$ 2,161
Equity	$ 2,059	$ (1,887)	$ 0	$ 0	$ 2,059	$ (1,887)
Other	$ 14	$ 14	$ 0	$ 0	$ 14	$ 14
Total	$ 3,349	$ 170	$ 37	$ 118	$ 3,386	$ 288
Expenses:
Investment	$ 19	$ 18	$ 0	$ 0	$ 19	$ 18
Actuarial charges (Note 4):
Due to passage of time	$ 1,770	$ 1,077	$ 0	$ 0	$ 1,770	$ 1,077
Due to change in interest rates	$ 4,283	$ 1,655	$ 0	$ 0	$ 4,283	$ 1,655
Total	$ 6,072	$ 2,750	$ 0	$ 0	$ 6,072	$ 2,750
Financial income (loss)	$ (2,723)	$ (2,580)	$ 37	$ 118	$ (2,686)	$ (2,462)
Net income (loss)	$ (7,600)	$ (11,370)	$ (419)	$ 42	$ (8,019)	$ (11,328)

Net position, beginning of year	$ (3,638)	$ 7,732	$ 158	$ 116	$ (3,480)	$ 7,848
Net position, end of year	$ (11,238)	$ (3,638)	$ (261)	$ 158	$ (11,499)	$ (3,480)

The accompanying notes are an integral part of these financial statements.