Pension Benefit Guaranty Corporation
Statements of Financial Condition

ASSETS (Dollars in millions)	Single-Employer Program		Multiemployer Program		Memorandum Total
	September 30, 2004	September 30, 2003	September 30, 2004	September 30, 2003	September 30, 2004	September 30, 2003
Cash and cash equivalents	$ 7,692	$ 3,172	$ 14	$ 8	$ 7,706	$ 3,180

Investments, at market (Note 3):
Fixed maturity securities	$ 17,333	$ 17,250	$ 1,042	$ 975	$ 18,375	$ 18,225
Equity securities	$ 11,115	$ 12,641	$ 1	$ 1	$ 11,116	$ 12,642
Real estate and real estate investment trusts	$ 91	$ 93	$ 0	$ 0	$ 91	$ 93
Other	$ 23	$ 59	$ 0	$ 0	$ 23	$ 59
Total investments	$ 28,562	$ 30,043	$ 1,043	$ 976	$ 29,605	$ 31,019

Receivables, net:
Sponsors of terminated plans	$ 129	$ 132	$ 0	$ 0	$ 129	$ 132
Premiums (Note 9)	$ 619	$ 254	$ 1	$ 0	$ 620	$ 254
Sale of securities	$ 1,756	$ 134	$ 0	$ 0	$ 1,756	$ 134
Investment income	$ 213	$ 274	$ 12	$ 16	$ 225	$ 290
Other	$ 2	$ 3	$ 0	$ 0	$ 2	$ 3
Total receivables	$ 2,719	$ 797	$ 13	$ 16	$ 2,732	$ 813

Capitalized assets, net	$ 20	$ 4	$ 0	$ 0	$ 20	$ 4

Total assets	$ 38,993	$ 34,016	$ 1,070	$ 1,000	$ 40,063	$ 35,016

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