Pension Benefit Guaranty Corporation
Statements of Operations and Changes in Net Position

(Dollars in millions)	Single-Employer Program		Multiemployer Program		Memorandum Total
For the years ended	September 30, 2005	September 30, 2004	September 30, 2005	September 30, 2004	September 30, 2005	September 30, 2004
UNDERWRITING:
Income:
Premium (Note 9)	$ 1,451	$ 1,458	$ 26	$ 27	$ 1,477	$ 1,485
Other	44	24	0	0	44	24
Total	1,495	1,482	26	27	1,521	1,509
Expenses:
Administrative	311	263	$ 0	$ 0	311	263
Other	77	(36)	$ 0	$ 0	77	(36)
Total	388	227	$ 0	$ 0	388	227
Other underwriting activity:
Losses from completed and probable terminations (Note 10)	3,954	14,707	$ 0	$ 0	3,954	14,707
Losses from financial assistance (Note 5)			204	55	204	55
Actuarial adjustments (Note 4)	220	1,525	0	1	220	1,526
Total	4,174	16,232	204	56	4,378	16,288
Underwriting loss	(3,067)	(14,977)	(178)	(29)	(3,245)	(15,006)

FINANCIAL:
Investment income (loss) (Note 11):
Fixed	1,755	983	79	54	1,834	1,037
Equity	2,114	2,196	0	0	2,114	2,196
Other	28	18	0	0	28	18
Total	3,897	3,197	79	54	3,976	3,251
Expenses:
Investment	31	25	$ 0	$ 0	31	25
Actuarial charges (Note 4):
Due to passage of time	2,618	1,881	0	0	2,618	1,881
Due to change in interest rates	(2,348)	(1,619)	0	0	(2,348)	(1,619)
Total	301	287	0	0	301	287
Financial income (loss)	3,596	2,910	79	54	3,675	2,964
Net income (loss)	529	(12,067)	(99)	25	430	(12,042)

Net position, beginning of year	(23,305)	(11,238)	(236)	(261)	(23,541)	(11,499)
Net position, end of year	$(22,776)	$(23,305)	$(335)	$(236)	$(23,111)	$(23,541)

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