Pension Benefit Guaranty Corporation
Statements of Cash Flows

(Dollars in millions)	Single-Employer Program		Multiemployer Program		Memorandum Total
For the years ended	September 30, 2004	September 30, 2003	September 30, 2004	September 30, 2003	September 30, 2004	September 30, 2003
OPERATING ACTIVITIES:
Premium receipts	$ 1,108	$ 828	$ 28	$ 25	$ 1,136	$ 853
Interest and dividends received, net	$ 1,155	$ 962	$ 64	$ 50	$ 1,129	$ 1,012
Cash received from plans upon trusteeship	$ 51	$ 360	$ 0	$ 0	$ 51	$ 360
Receipts from sponsors/non-sponsors	$ 120	$ 128	$ 0	$ 0	$ 120	$ 128
Receipts from the missing participant program	$ 3	$ 3	$ 0	$ 0	$ 3	$ 3
Other receipts	$ 4	$ 1	$ 0	$ 0	$ 4	$ 1
Benefit payments - trusteed plans	$ (2,888)	$ (2,154)	$ (1)	$ (1)	$ (2,889)	$ (2,155)
Financial assistance payments			$ (10)	$ (5)	$ (10)	$ (5)
Settlements and judgments	$ (7)	$ (90)	$ 0	$ 0	$ (7)	$ (90)
Payments for administrative and other expenses	$ (278)	$ (250)	$ 0	$ 0	$ (278)	$ (250)

Net cash provided (used) by operating activities (Note 13)	$ (732)	$ (212)	$ 81	$ 69	$ (651)	$ (143)

INVESTING ACTIVITIES:
Proceeds from sales of investments	$ 71,260	$ 36,556	$ 1,269	$ 1,704	$ 72,529	$ 38,260
Payments for purchases of investments	$ (66,008)	$ (33,888)	$ (1,344)	$ (1,768)	$ (67,352)	$ (35,656)
Net cash provided (used) by investing activities	$ 5,252	$ 2,668	$ (75)	$ (64)	$ 5,177	$ 2,604

Net increase (decrease) in cash and cash equivalents	$ 4,520	$ 2,456	$ 6	$ 5	$ 4,526	$ 2,461
Cash and cash equivalents, beginning of year	$ 3,172	$ 716	$ 8	$ 3	$ 3,180	$ 719
Cash and cash equivalents, end of year	$ 7,692	$ 3,172	$ 14	$ 8	$ 7,706	$ 3,180

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