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TABLE D11

Income Statement of Employee Stock Ownership Plans (ESOPs) with 100 or More Participants
by leveraged status, 1995
(amounts in millions)
Income and Expenses Total ESOPs Nonleveraged ESOPs Leveraged ESOPs

INCOME
Contributions received or receivable from:
Employers $7,234 $2,051 $5,183
Participants 7,708 2,099 5,609
Others 375 80 295
Noncash contributions 359 140 219
Total contributions 15,677 4,371 11,306

Interest earnings
Interest-bearing cash 666 270 396
Certificates of deposit 11 5 6
U.S. Government securities 95 22 73
Corporate debt instruments 184 13 171
Mortgage loans 1 1 1/
Other loans 161 35 127
Other or unspecified interest 900 144 756
Total interest earnings 2,020 490 1,530

Dividends
Preferred stock 873 82 791
Common stock 2,939 760 2,179
Total dividend income 3,812 842 2,970
Rents 20 3 17
Net gain (loss) on sale of assets 1,839 499 1,339
Unrealized appreciation (depreciation) of assets 24,979 5,129 19,850
Net investment gain (loss) from common/collective trusts 1,413 610 803
Net investment gain (loss) from pooled separate accounts 209 40 168
Net investment gain (loss) from master trusts 12,544 1,239 11,305
Net investment gain (loss) from 103-12 investment entities 8 6 2
Net investment gain (loss) from registered investment companies 1,250 435 815
Other or unspecified income 592 71 521
TOTAL INCOME 64,362 13,736 50,626

EXPENSES
Benefit payments and payments to provide benefits
Direct benefits 16,087 5,106 10,981
Payments to insurance carriers 22 2 20
Other benefits 517 87 430
Total payments 16,626 5,195 11,431
Interest expense 2,182 125 2,057

Administrative expenses
Salaries and allowances 1 1 1
Accounting fees 4 1 2
Actuarial fees 1 1/ 1/
Contract administrator fees 13 4 9
Investment advisory and management fees 31 13 18
Legal fees 2 1 1
Valuation/appraisal fees 1 1 1
Trustee fees/expenses 34 9 25
Other administrative expenses 118 13 105
Total administrative expenses 205 43 162
Other or unspecified expenses 15 1/ 15
TOTAL EXPENSES 19,028 5,362 13,665

NET INCOME
45,334 8,373 36,961

1/ Less than $500,000.

SOURCE: Form 5500 series reports filed with the Internal Revenue Service for plan years beginning in 1995.

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