TABLE II.F7.--OPERATIONS OF THE OASI TRUST FUND DURING
        SELECTED FISCAL YEARS 1940-94 AND ESTIMATED FUTURE OPERATIONS
              DURING FISCAL YEARS 1995-2004, ON THE BASIS OF THE
                       INTERMEDIATE SET OF ASSUMPTIONS
                               [In millions]
-------------------------------------------------------------------------------
                                               Income
                 --------------------------------------------------------------
                                                          Payments
                                               Income     from the
                                           from taxa- general fund
  Fiscal                     Net contri-      tion of       of the          Net
  year 1/             Total    butions2/     benefits   Treasury3/   interest4/
-------------------------------------------------------------------------------
Historical data:
  1940........         $592         $550           --           --          $42
  1945........        1,434        1,310           --           --          124
  1950........        2,367        2,106           --           $4          257
  1955........        5,525        5,087           --           --          438
  1960........       10,360        9,843           --           --          517

  1965........       16,443       15,857           --           --          586
  1970........       31,746       29,955           --          442        1,350
  1975........       58,757       56,017           --          447        2,292
  1980........      100,051       97,608           --          557        1,886
  1985........      179,881      175,305       $3,151          105        1,321

  1986........      195,331      187,007        3,329        2,293        2,701
  1987........      206,846      199,554        3,323           69        3,900
  1988........      235,720      226,409        3,335           55        5,922
  1989........      260,457      247,116        3,638           43        9,660
  1990........      278,607      261,506        2,924           34       14,143

  1991........      293,288      270,841        5,790       -2,089       18,746
  1992........      307,102      278,506        6,019           19       22,557
  1993........      319,298      287,569        5,893           14       25,822
  1994........      342,263      308,397        5,351           10       28,505
Estimates:
  1995........      327,933      291,252        5,116            7       31,558
  1996........      364,094      323,411        6,360       -1,124       35,448
  1997........      389,351      342,892        6,772            3       39,684
  1998........      413,283      361,256        7,245            3       44,780
  1999........      435,844      377,986        7,758            2       50,098

  2000........      457,947      393,940        8,331            1       55,675
  2001........      484,171      413,800        8,950            1       61,420
  2002........      513,251      436,075        9,621            1       67,555
  2003........      544,747      460,392       10,350          (5)       74,004
  2004........      578,390      486,474       11,134          (5)       80,781
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1/ Under the Congressional Budget Act of 1974 (Public Law 93-344), fiscal years
1977 and later consist of the 12 months ending on September 30 of each year.
Fiscal years prior to 1977 consisted of the 12 months ending on June 30 of each
year.
2/ Beginning in 1983, includes transfers from general fund of Treasury repre-
senting contributions that would have been paid on deemed wage credits for
military service in 1957 and later, if such credits were considered to be
covered wages.
3/ Includes payments (1) in 1947-52 and in 1967 and later, for costs of non-
contributory wage credits for military service performed before 1957; (2) in
1972-83, for costs of deemed wage credits for military service performed after
1956; and (3) in 1969 and later, for costs of benefits to certain uninsured
persons who attained age 72 before 1968.
4/ Net interest includes net profits or losses on marketable investments.
Beginning in 1967, administrative expenses are charged currently to the trust
fund on an estimated basis, with a final adjustment, including interest, made
in the following fiscal year. The amounts of these interest adjustments are
included in net interest. For years prior to 1967, a description of the method
of accounting for administrative expenses is contained in the 1970 Annual
Report. Beginning in October 1973, the figures shown include relatively small
amounts of gifts to the fund. Net interest for 1983-86 reflects payments from
a borrowing trust fund to a lending trust fund for interest on amounts owed
under the interfund borrowing provisions. During 1983-91, interest paid from
the trust fund to the general fund on advance tax transfers is reflected. The
amounts shown for 1985 and 1986 include interest adjustments of $76.5 million
and $11.5 million, respectively, on unnegotiated checks issued before April
1985.
5/ Less than $500,000.


            TABLE II.F7.--OPERATIONS OF THE OASI TRUST FUND DURING
        SELECTED FISCAL YEARS 1940-94 AND ESTIMATED FUTURE OPERATIONS
              DURING FISCAL YEARS 1995-2004, ON THE BASIS OF THE
                  INTERMEDIATE SET OF ASSUMPTIONS (Cont.)
                               [In millions]
-------------------------------------------------------------------------------
                              Expenditures                       Assets
                ---------------------------------------  ----------------------
                                              Transfers
                                                     to          Net
                                    Adminis-   Railroad     increase     Amount
  Fiscal                  Benefit    trative Retirement       during  at end of
   year          Total payments6/   expenses    program         year     period
-------------------------------------------------------------------------------
Historical data:
  1940.....        $28        $16        $12         --         $564     $1,745
  1945.....        267        240         27         --        1,167      6,613
  1950.....        784        727         57         --        1,583     12,893
  1955.....      4,427      4,333        103       -$10        1,098     21,141
  1960.....     11,073     10,270        202        600         -713     20,829

  1965.....     15,962     15,226        300        436          482     20,180
  1970.....     27,321     26,268        474        579        4,425     32,616
  1975.....     56,676     54,847        848        982        2,081     39,948
  1980.....    103,228    100,626      1,160      1,442       -3,177     24,566
  1985.....    169,210    165,310      1,589      2,310     7/ 6,308     33,877

  1986.....    178,534    174,340      1,609      2,585     7/ 3,642     37,519
  1987.....    186,101    182,003      1,541      2,557       20,745     58,265
  1988.....    197,021    192,502      1,729      2,790       38,700     96,964
  1989.....    209,102    204,600      1,657      2,845       51,355    148,319
  1990.....    223,481    218,948      1,564      2,969       55,126    203,445

  1991.....    241,316    236,195      1,746      3,375       51,972    255,417
  1992.....    256,239    251,268      1,823      3,148       50,862    306,280
  1993.....    269,934    264,561      2,021      3,353       49,364    355,644
  1994.....    281,572    276,278      1,874      3,420       60,691    416,335
Estimates:
  1995.....    293,815    288,494      1,653      3,669       34,118    450,453
  1996.....    307,749    301,825      2,203      3,721       56,345    506,798
  1997.....    322,200    316,235      2,242      3,724       67,151    573,949
  1998.....    337,663    331,735      2,147      3,780       75,621    649,570
  1999.....    354,290    348,287      2,167      3,836       81,554    731,124

  2000.....    372,530    366,396      2,218      3,917       85,416    816,541
  2001.....    392,174    385,905      2,279      3,990       91,997    908,538
  2002.....    413,522    407,071      2,346      4,106       99,729  1,008,266
  2003.....    436,509    429,882      2,417      4,210      108,238  1,116,504
  2004.....    460,821    454,017      2,492      4,313      117,568  1,234,073
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6/ Beginning in 1967, includes payments for vocational rehabilitation services
furnished to disabled persons receiving benefits because of their disabilities.
Beginning in 1983, amounts are reduced by amount of reimbursement for unnegoti-
ated benefit checks.
7/ Reflects offset for repayment from the OASI Trust Fund of amounts borrowed
from the DI and HI Trust Funds in 1982. The amount repaid in 1985 was $4,364
million; in 1986, the amount was $13,155 million.
Note: Totals do not necessarily equal the sums of rounded components.