PENSION BENEFIT GUARANTY CORPORATION
STATEMENT OF OPERATIONS AND CHANGES IN NET POSITION

(Dollars in Millions)	Single-Employer Program		Multiemployer Program		Memorandum Total
	For the Years Ended September 30,		For the Years Ended September 30,		For the Years Ended September 30,
	2008	2007	2008	2007	2008	2007
UNDERWRITING
Income:
Premium (Note 10)	$1,402	1,476	$90	$81	$1,492	$1,557
Other	23	55	0	0	23	55
Total	1,425	1,531	90	81	1,515	1,612
Expenses:
Administrative	350	328	0	0	350	328
Other	67	114	1	1	68	115
Total	417	442	1	1	418	443
Other underwriting activity:
Losses (credits) from completed and probable terminiations (Note 11)	(826)	399	0	0	(826)	399
Losses (credits) from financial assistance (Note 6)			(271)	319	(271)	319
Actuarial adjustments (credits) (Note 5)	(649)	(114)	(1)	0	(650)	(114)
Total	(1,475)	285	(272)	319	(1,747)	604
Underwriting gain (loss)	2,843	804	361	(239)	2,844	565
FINANCIAL:
Investment income (Note 12):
Fixed	577	1,730	121	23	698	1,753
Equity	(4,788)	2,988	0	0	(4,788)	2,988
Other	47	19	0	0	47	19
Total	(4,164)	4,737	121	23	(4,043)	4,760
Expenses:
Investment	50	50	0	0	50	50
Actuarial charges (credits) (Note 5):
Due to passage of time	3,400	3,269	0	0	3,400	3,269
Due to changes in interest rates	(7,564)	(2,809)	0	0	(7,564)	(2,809)
Total	(4,114)	510	0	0	(4,114)	510
Financial income (loss)	(50)	4,227	121	23	71	4,250
Net income (loss)	2,433	5,031	482	(216)	2,915	4,815
Net position, beginning of year	(13,111)	(18,142)	(955)	(739)	(14,066)	(18,881)
Net position, end of period	$(10,678)	(13,111)	(473)	(955)	(11,151)	(14,066)
The accompanying notes are an integral part of these financial statements