Pension Benefit Guaranty Corporation
Statements of Financial Condition

LIABILITIES (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
Present value of future benefits, net (Note 4):
Trusteed plans	$ 43,344	$ 38,904	$ 3	$ 3	$ 43,347	$ 38,907
Terminated plans pending trusteeship	$ 501	$ 463	$ 0	$ 0	$ 501	$ 463
Settlements and judgments	$ 65	$ 67	$ 0	$ 0	$ 65	$ 67
Claims for probable terminations	$ 16,926	$ 5,207	$ 0	$ 0	$ 16,926	$ 5,207
Total present value of future benefits, net	$ 60,836	$ 44,641	$ 3	$ 3	$ 60,839	$ 44,644

Present value of nonrecoverable future financial assistance (Note 5)			$ 1,295	$ 1,250	$ 1,295	$ 1,250
Unearned premiums (Note 9)	$ 223	$ 207	$ 8	$ 8	$ 231	$215
Due for purchases of securities	$ 531	$ 127	$ 0	$ 0	$ 531	$ 127
Accounts payable and accrued expenses (Note 6)	$ 708	$ 279	$ 0	$ 0	$ 708	$ 279
Total liabilities	$ 62,298	$ 45,254	$ 1,306	$ 1,261	$ 63,604	$ 46,515
Net position	$ (23,305)	$ (11,238)	$ (236)	$ 261	$ (23,541)	$ (11,499)

Total liabilities and net position	$ 38,993	$ 34,016	$ 1,070	$ 1,000	$ 40,063	$ 35,016

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

Commitments and contingencies
(Notes 7, 8, 14 and 15)