Pension Benefit Guaranty Corporation
Statements of Cash Flows

(Dollars in millions) Single-Employer Program  Multiemployer Program  Memorandum Total 
For the year ended September 30, 2003 2002 2003 2002 2003 2002
OPERATING ACTIVITIES:      
Premium receipts $ 828 $ 819 $ 25 $ 26 $ 853 $ 845
Interest and dividends received, net $ 962 $ 964 $ 50 $ 50 $ 1,012 $ 1,014
Cash received from plans upon trusteeship $ 360 $ 662 $ 0 $ 0 $ 360 $ 662
Receipts from sponsors/non-sponsors $ 128 $ 367 $ 0 $ 0 $ 128 $ 367
Receipts from the missing participant program $ 3 $ 9 $ 0 $ 0 $ 3 $ 9
Other receipts $ 1 $ 4 $ 0 $ 0 $ 1 $ 4
Benefit payments - trusteed plans $ (2,154) $ (1,482) $ (1) $ (1) $ (2,155) $ (1,483)
Financial assistance payments     $ (5) $ (5) $ (5) $ (5)
Settlements and judgments $ (90) $ (393) $ 0 $ 0 $ (90) $ (393)
Payments for administrative and other expenses $ (250) $ (216) $ 0 $ 0 $ (250) $ (216)
       
Net cash provided (used) by operating activities (Note 13) $ (212) $ 734 $ 69 $ 70 $ (143) $ 804
       
INVESTING ACTIVITIES:      
Proceeds from sales of investments $ 36,556 $ 23,207 $ 1,704 $ 643 $ 38,260 $ 23,850
Payments for purchases of investments $ (33,888) $ (24,001) $ (1,768) $ (727) $ (35,656) $ (24,728)
Net cash provided (used) by investing activities $ 2,668 $ (794) $ (64) $ (84) $ 2,604 $ (878)
       
Net increase (decrease) in cash and cash equivalents $ 2,456 $ (60) $ 5 $ (14) $ 2,461 $ (74)
Cash and cash equivalents, beginning of year $ 716 $ 776 $ 3 $ 17 $ 719 $ 793
Cash and cash equivalents, end of year $ 3,172 $ 716 $ 8 $ 3 $ 3,180 $ 719

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

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