Edison 501(k) Savings Plan 11-K as of December 31, 2005
United States
Securities and Exchange Commission
Washington, DC 20549
----------------
Form 11-K
Annual Report
Pursuant to Section 15(d) Of The
Securities Exchange Act of 1934
(Mark One):
_x_ Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934
[No Fee Required, Effective October 7, 1996].
For the fiscal year ended December 31, 2005
-------------------------------------------------------------------------------------
OR
___ Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of
1934 [No Fee Required].
For the transition period from ______ to _______
Commission file number 001-9936
EDISON 401(k) SAVINGS PLAN
(Full Title of the Plan)
EDISON INTERNATIONAL
(Name of Issuer)
2244 Walnut Grove Avenue (P.O. Box 800), Rosemead, California 91770
(Address of principal executive office)
Page
Edison 401(k) Savings Plan
Financial Statements and
Supplemental Schedule
As of December 31, 2005 and 2004 and
for the Year Ended December 31, 2005
Page
Edison 401(k) Savings Plan
Contents
---------------------------------------------------------------------------------------------------------------
Report of Independent Registered Public Accounting Firm 3
Financial Statements
Statements of Net Assets Available for Plan Benefits as of
December 31, 2005 and 2004 4
Statement of Changes in Net Assets Available for Plan Benefits
for the Year Ended December 31, 2005 5
Notes to Financial Statements 6-18
Supplemental Schedule
Schedule I: Form 5500 - Schedule H - Line 4i -
Schedule of Assets (Held at End of Year) as of
December 31, 2005 19-22
Exhibit 23 - Consent of Independent
Registered Public Accounting Firm
Note: All schedules other than that listed above have been omitted since the
information is either disclosed elsewhere in the financial statements
or not required by 29 CFR 2520.103-10 of the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974, as amended.
Page 2
Report of Independent Registered Public Accounting Firm
Southern California Edison Company
Benefits Committee
Rosemead, California
We have audited the accompanying statements of net assets available for plan benefits of the Edison 401(k)
Savings Plan (the "Plan") as of December 31, 2005 and 2004, and the related statement of changes in net
assets available for plan benefits for the year ended December 31, 2005. These financial statements and the
supplemental schedule referred to below are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. The Plan is not required to
have, nor were we engaged to perform, an audit of its internal controls over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis for designing audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Plan's internal control over financial reporting. Accordingly we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net
assets available for plan benefits as of December 31, 2005 and 2004, and the changes in net assets available
for plan benefits for the year ended December 31, 2005 in conformity with accounting principles generally
accepted in the United States of America.
Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a
whole. The supplemental schedule of assets (held at end of year) as of December 31, 2005 is presented for
the purpose of additional analysis and is not a required part of the basic financial statements but is
supplementary information required by the Department of Labor's Rules and Regulations for Reporting and
Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule has been
subjected to the auditing procedures applied in our audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a
whole.
/s/ BDO Seidman, LLP
-------------------------------
BDO Seidman, LLP
Costa Mesa, California
May 25, 2006
Page 3
Edison 401(k) Savings Plan
Statements of Net Assets Available for Plan Benefits
December 31, 2005 2004
-----------------------------------------------------------------------------------------------
(in 000's)
Assets
Cash $ 9,606 $ 8,267
Investments, at fair value 3,169,411 2,646,106
Receivables
Dividends receivable 9,048 7,390
Interest receivable 1,270 569
Profit sharing receivable 4,096 4,309
Receivable from brokers 1,438 5,653
-----------------------------------------------------------------------------------------------
Total receivables 15,852 17,921
-----------------------------------------------------------------------------------------------
Total assets 3,194,869 2,672,294
-----------------------------------------------------------------------------------------------
Liabilities
Payable to brokers and others 21,593 16,233
-----------------------------------------------------------------------------------------------
Total liabilities 21,593 16,233
-----------------------------------------------------------------------------------------------
Net assets available for benefits $ 3,173,276 $ 2,656,061
-----------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
Page 4
Edison 401(k) Savings Plan
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 2005
-----------------------------------------------------------------------------------------------
(in 000's)
Additions
Investment income
Dividends $ 24,344
Interest 14,270
Net appreciation in fair value of investments 438,301
-----------------------------------------------------------------------------------------------
476,915
Less: Management fees 538
-----------------------------------------------------------------------------------------------
Net investment income 476,377
-----------------------------------------------------------------------------------------------
Contributions
Employer contributions, net of forfeitures 63,402
Participant contributions 122,271
-----------------------------------------------------------------------------------------------
Total net contributions 185,673
-----------------------------------------------------------------------------------------------
Total additions 662,050
Deductions
Distributions to participants 144,732
Loans in default 103
-----------------------------------------------------------------------------------------------
Total deductions 144,835
-----------------------------------------------------------------------------------------------
Net increase 517,215
Net assets available for plan benefits
Beginning of year 2,656,061
-----------------------------------------------------------------------------------------------
End of year $ 3,173,276
-----------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
Page 5
Edison 401(k) Savings Plan
Notes to Financial Statements
1. Plan Description The following description of the Edison 401(k) Savings Plan (the
Plan), provides only general information. The Plan sponsor is
the Southern California Edison Company (the Plan Sponsor).
Participants should refer to the summary plan description and
plan document, as amended, for a more complete description of the
Plan's provisions.
Nature of Plan
Eligibility
The Plan is a defined-contribution plan with a 401(k) feature, in
which qualifying full-time and part-time employees of Edison
International (the Company) and many of its subsidiary companies
are eligible to participate. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974
(ERISA). An employee, as defined by the Plan document, is
eligible to participate in the Plan immediately upon employment.
Contributions
Subject to statutory limits, all participants may defer up to 84
percent of eligible pay. Participating employers provide
matching contributions up to 6.0 percent of a participant's
eligible pay. Certain participating subsidiaries also provide a
fixed profit sharing contribution of 3.0 percent of eligible pay
each pay period and a variable profit sharing contribution
annually (if certain business objectives are reached) to eligible
employees. The Plan also accepts rollover contributions from
other qualified plans.
Vesting
Participants immediately vest in their contributions plus actual
earnings thereon. Employer contributions plus actual earnings
thereon vest at a rate of 20 percent per year. After five years
of service or reaching age 65, all existing and future employer
contributions are fully vested.
Page 6
Edison 401(k) Savings Plan
Notes to Financial Statements (Continued)
1. Plan Description Forfeitures
(Continued)
At December 31, 2005, and 2004, the unused portion of forfeited
non-vested accounts totaled $0 and $6,283, respectively. These
accounts are used to reduce future employer contributions.
During 2005, employer contributions were reduced by $411,954 from
forfeited non-vested accounts.
Plan Trust
Plan assets are held in trust with State Street Bank and Trust
Company (the Trustee) for the benefit of participants and their
beneficiaries. The mutual covenants to which the Plan Sponsor
and the Trustee agree are disclosed in the trust agreement
between the Plan Sponsor and the Trustee.
Plan Administration
The Plan is administered by the Southern California Edison
Company Benefits Committee (the Plan Administrator). Hewitt
Associates LLC is the Plan's record keeper. As of December 31,
2005 and 2004, the Plan provided investment choices in 47 and 48
investment funds, respectively. The Plan provides a detailed
description of each investment fund choice and lists the
respective investment manager.
Administrative and Investment Expenses
The Plan Sponsor pays the cost of administering the Plan,
including fees and expenses of the Trustee and record keeper.
The fees, taxes and other expenses incurred by the Trustee or
investment managers in making investments are paid out of the
applicable fund. This includes brokerage fees for sales or
purchases of Edison International Common Stock on the open
market. No additional costs are incurred in connection with
sales of Edison International Common Stock within the trust or
the transfer of assets between funds.
Page 7
Edison 401(k) Savings Plan
Notes to Financial Statements (Continued)
1. Plan Description Mutual funds pay fees to the Plan record keeper for
(Continued) administrative services to participants that would otherwise have
to be provided by the mutual funds. The majority of fees
received by the Plan record keeper are used to reduce the record
keeping and communication expenses of the Plan. The return of
these fees to the record keeper qualifies them as a
party-in-interest transaction. See Note 7 for a discussion of
related party transactions.
Participant Accounts
Each participant account is adjusted for the participant's
contribution, the employer's contribution, if applicable, and
allocations of investment earnings/losses. Allocation of
earnings/losses and expenses is based on account balances, as
defined. The benefit to which a participant is entitled is the
benefit that can be provided from the vested portion of the
participant's account.
Participant Loans
Participants may borrow from their account, a minimum of $1,000
to a maximum of $50,000, with certain restrictions. Loan
transactions are treated as a transfer from (to) the investment
fund to (from) participant loans. Loan terms range from one to
four years for general purpose loans or up to 15 years for the
purchase of a primary residence. Loans bear interest at prime
rate plus one percent. Interest rates of outstanding loans range
from 5.0 percent to 10.5 percent as of December 31, 2005.
Principal and interest are paid ratably through payroll
deductions. Some separated participants may repay loan
obligations directly, rather than through payroll deductions.
Participant Loans amounted to approximately $60,797,000 and
$59,099,000 as of December 31, 2005, and 2004, respectively.
Page 8
Edison 401(k) Savings Plan
Notes to Financial Statements (Continued)
1. Plan Description Distribution to Participants
(Continued)
Account balances are distributed as soon as practicable after a
participant dies, becomes entitled to a distribution and requests
a distribution, or terminates employment with an account balance
of $5,000 or less. Participants may otherwise delay
distribution, subject to the minimum distribution requirements
under Internal Revenue Code Section 401(a)(9). Participants may
choose a lump sum, partial distribution or an installment form of
payment. Participants who terminate employment on or after
January 28, 2005 with a vested account balance greater than
$1,000 but less than or equal to $5,000 will have their vested
account balance automatically rolled over to individual
retirement accounts (IRA) selected by the Chair or Secretary of
the Plan Administrator, unless the participants make a timely
distribution election.
Profit Sharing
Certain non-represented employees of Edison Mission Group Inc.'s
(EMG) participating subsidiaries are eligible for two types of
profit sharing contributions:
(i) Fixed profit sharing is comprised of a 3.0 percent profit
sharing contribution each pay period to the Plan on
behalf of eligible employees. Fixed profit sharing
contributions in 2005 amounted to $2,017,778.
(ii) Variable profit sharing is comprised of an additional
annual profit sharing contribution to the Plan on behalf
of eligible employees if certain business objectives are
reached. Variable profit sharing contribution made in
2006 for the 2005 plan year were 6.25% for eligible EMG
employees for a total amount of $4,095,761. Such amount
is presented as "Profit sharing receivable" on the
Statement of Net Assets Available for Plan Benefits as of
December 31, 2005.
Page 9
Edison 401(k) Savings Plan
Notes to Financial Statements (Continued)
2. Summary of Basis of Accounting
Significant
Accounting The financial statements are presented on the accrual basis of
Policies accounting and in conformity with accounting principles generally
accepted in the United States of America applicable to employee
benefit plans and ERISA.
Use of Estimates
The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions
that affect the reported amounts of assets, liabilities, and
changes therein, and disclosure of contingent assets and
liabilities. Actual results could differ materially from those
estimates.
Risks and Uncertainties
The Plan's investment in Edison International common stock
amounted to approximately $1,324,221,000 and $922,975,000 as of
December 31, 2005, and 2004, respectively. Such investments
represented approximately 41 percent and 35 percent of the Plan's
total assets as of December 31, 2005, and 2004, respectively.
For risks and uncertainties regarding investment in the Company's
common stock, participants should refer to the December 31, 2005,
Forms 10-K and the March 31, 2006, Forms 10-Q of Edison
International, and affiliate entities as follows:
Southern California Edison Company
Edison Mission Energy
Midwest Generation, LLC
EME Homer City Generation L.P.
Mission Energy Holding Company
Page 10
Edison 401(k) Savings Plan
Notes to Financial Statements (Continued)
2. Summary of The Plan provides for various funds that hold investment
Significant securities. Investment securities are exposed to various risks
Accounting such as interest rate, market, and credit risk. Due to the level
Policies of risk associated with certain investment securities and the
(Continued) level of uncertainty related to changes in the value of
investment securities, it is at least reasonably possible that
changes in risk in the near term would materially affect
participants' account balances and the amounts reported in
Statements of Net Assets Available for Plan Benefits and the
Statement of Changes in Net Assets Available for Plan Benefits.
The Plan participates in various investment options that comprise
securities of foreign companies, which involve special risks and
considerations not typically associated with investing in U.S.
companies. These risks include devaluation of currencies, less
reliable information about issuers, different securities
transaction clearance and settlement practices, and possible
adverse political and economic developments. Moreover,
securities of many foreign companies and their markets may be
less liquid and their prices more volatile than securities of
comparable U.S companies.
Investment Valuation and Income Recognition
The Plan's investments are stated at fair value or estimated fair
value. Investments in mutual funds valued at quoted market
prices represent units held by the Plan at year end. Investments
in the common collective funds invest in premixed portfolios and
institutional funds (see Note 4). Investments in the common
collective funds are valued at net asset value of shares held by
the Plan at year-end. Edison International Common Stock is
valued at its quoted market price. Participant loans are valued
at cost, which approximates fair value. Purchases and sales of
securities are recorded on a trade-date basis. Interest income
is recorded on the accrual basis. Dividends are recorded on the
ex-dividend date.
Page 11
Edison 401(k) Savings Plan
Notes to Financial Statements (Continued)
2. Summary of Participant loans that are in default as provided in the plan
Significant document, are treated as deemed distributions for tax purposes
Accounting and also reported as such in the Form 5500. Management has
Policies determined these loans in default as uncollectible. For the year
(Continued) ended December 31, 2005, $103,003 of participant loans in default
were deemed to be uncollectible and written-off. This is included
as loans in default in the Statement of Changes in Net Assets
Available for Plan Benefits.
Net Appreciation (Depreciation) in Fair Value of Investments
Realized and unrealized appreciation (depreciation) in the fair
value of investments is based on the difference between the fair
value of the assets at the beginning of the year, or at the time
of purchase for assets purchased during the year, and the related
fair value on the day investments are sold with respect to
realized appreciation (depreciation), or on the last day of the
year for unrealized appreciation (depreciation).
Distributions to Participants
Distributions to participants, other than loans, are recorded
when paid.
3. Investment The Trustee invests contributions in accordance with participant
Elections instructions.
Participants may elect changes to their investment mix effective
each business day, with certain restrictions. The Plan imposes a
seven-day trading restriction for most participants that applies
to all funds except the Edison International Stock Fund.
Reallocation elections are also subject to any trading
restrictions, redemption fees, or other measures imposed by
investment fund managers. Participants may effect changes to
their deferral percentages and deferral investment elections
coincident with their pay frequency.
Page 12
Edison 401(k) Savings Plan
Notes to Financial Statements (Continued)
4. Investment The transfer of a participant's investment from one fund to any
Options other fund is based on the net asset value of the units allocated
to the participant's account, as of close of market on the date
of transfer.
As of December 31, 2005, and December 31, 2004, all participants
were able to choose from among 47 and 48 investment fund
offerings, respectively. As of December 31, 2005, these
investment funds consisted of the following:
o Three Pre-mixed Portfolios - Funds are invested in
portfolios which include U.S. stocks, non-U.S. stocks and
corporate and government bonds;
o Seven Institutional Funds - Funds are invested in a broad
selection of asset classes; large and small U.S. stocks
(including Edison International Common Stock), non-U.S.
stocks and fixed income instruments; and
o Thirty Seven Mutual Funds - Funds are invested in a
variety of retail mutual funds from multiple asset classes.
The Plan Sponsor's Trust Investment Committee may direct the
Trustee to establish new investment funds or discontinue existing
ones as well as change the investment medium for each investment
fund. Participants should refer to the summary plan description
for a more complete discussion of the various investment options.
Page 13
Edison 401(k) Savings Plan
Notes to Financial Statements (Continued)
5. Investments The following presents investments that represent 5 percent or
more of the Plan's net assets:
December 31, 2005 2004
--------------------------------------------------------------------
(in 000's)
Investments at Fair Value as
Determined by Quoted Market Prices:
Edison International Common Stock
Fund, 30,289,346 and
28,954,979 shares,
respectively (See Note 7) $ 1,363,890 $ 968,723
Other - Mutual funds (less than 5%) 706,115 589,711
--------------------------------------------------------------------
2,070,005 1,558,434
--------------------------------------------------------------------
Investments at Estimated Fair Value:
State Street Bank & Trust Co. - Money
Market Fund, 304,074,013 and
303,149,411 units, respectively (See
Note 7) 304,074 303,149
BZW Barclay's Global Investors - Common
Stock Fund, 7,945,796 and 8,328,150
units, respectively 301,781 301,396
Frank Russell Trust Company - Balanced
Fund, 10,626,244 and 11,138,897
units, respectively (less than 5% in
2005) 144,304 141,687
Other Frank Russell Trust Company Funds
(less than 5%) 288,450 282,341
Participant Loans (less than 5%) 60,797 59,099
---------------------------------------------------------------------
1,099,406 1,087,672
---------------------------------------------------------------------
Total Investments $ 3,169,411 $ 2,646,106
=====================================================================
Page 14
Edison 401(k) Savings Plan
Notes to Financial Statements (Continued)
5. Investments During 2005, the Plan's investments (including gains and losses on
(Continued) investments bought and sold, as well as held during the year)
appreciated in value as follows:
Net Appreciation in Fair Value of Investments:
December 31, 2005
------------------------------------------------------------------
(in 000's)
Investments at Fair Value as Determined by
Quoted Market Prices
Edison International Common Stock Fund $ 341,912
Mutual Funds 56,469
------------------------------------------------------------------
398,381
Investments at Estimated Fair Value
Common Collective Funds 39,920
------------------------------------------------------------------
Net appreciation in fair value of
investments $ 438,301
------------------------------------------------------------------
6. Reconciliation The following is a reconciliation of net assets available for
of Financial plan benefits per the financial statements to the Form 5500:
Statements to
Form 5500 December 31, 2005 2004
----------------------------------------------------------------
(in 000's)
Net assets available for plan
benefits per the financial
statements $3,173,276 $ 2,656,061
Less: Amounts allocated to
withdrawing participants 737 546
----------------------------------------------------------------
Net assets available for plan
benefits per the Form 5500 $3,172,539 $ 2,655,515
================================================================
Page 15
Edison 401(k) Savings Plan
Notes to Financial Statements (Continued)
6. Reconciliation The following is a reconciliation of benefits paid to participants
of Financial per the financial statements to the Form 5500:
Statements
to Form 5500 December 31, 2005
(Continued) ------------------------------------------------------------------
(in 000's)
Benefits paid to participants per the
financial statements $ 144,732
Add: Amounts allocated to withdrawing
participants at December 31, 2005 737
Less: Amounts allocated to withdrawing
participants at December 31, 2005 546
------------------------------------------------------------------
Benefits paid to participants per
the Form 5500 $ 144,923
==================================================================
Amounts allocated to withdrawing participants are recorded on the
Form 5500 for benefit claims that have been processed and approved
for payment prior to December 31 but not paid as of that date.
7. Related Party The Money Market Fund was managed by State Street Bank and Trust
Transactions Company, which also serves as the Plan's Trustee. As such,
transactions in the Money Market Fund qualify as party-in-interest
transactions. Fees earned by the Trustee in its capacity as fund
manager for the Plan were $379,641 for 2005 and were reported as a
reduction to investment income on the Statement of Changes in Net
Assets Available for Plan Benefits.
Page 16
Edison 401(k) Savings Plan
Notes to Financial Statements (Continued)
7. Related Party The Plan's investment options include the Company's Common Stock
Transactions as a fund option. State Street Global Advisors, an affiliate of
(Continued) State Street Bank and Trust Company, is the investment manager of
the Edison International Common Stock Fund. As such, transactions
in the Edison International Common Stock Fund qualify as
party-in-interest transactions. Fees earned by State Street
Global Advisors in its capacity as the investment manager of the
Edison International Common Stock Fund were $158,436 for 2005 and
were reported as a reduction to investment income on the Statement
of Changes in Net Assets Available for Plan Benefits.
Various mutual funds refund to Hewitt Associates, the Plan's
record keeper, certain marketing and communication (12b-1) fees
they charge to investors in these funds. Fees refunded to the
record keeper were $1,214,795 for 2005 and were used to reduce the
recordkeeping and communication expenses of the Plan incurred by
the Plan Sponsor.
8. Plan Although it has not expressed intent to do so, the Plan Sponsor
Termination has the right under the Plan to discontinue its contributions at
any time and to terminate the Plan subject to the provisions of
ERISA. In the event of Plan termination, participants will become
fully vested in their accounts. The Trust will continue after
termination until all Trust assets have been distributed to
participants and their beneficiaries.
9. Tax Status The Internal Revenue Service has determined and informed the Plan
Sponsor by a letter dated May 22, 2002, that the Plan and related
trust as amended through November 29, 2001, are designed in
accordance with the applicable qualification sections of the
Internal Revenue Code (IRC). The Plan has been amended since
receiving the determination letter. However, the Plan
Administrator believes that the Plan, as amended, is designed in
compliance with the applicable qualification requirements of the
IRC. In addition, the Plan Administrator is not aware of any
operational issues that will prevent the continuation of the
Plan's qualified tax status.
Page 17
Edison 401(k) Savings Plan
Notes to Financial Statements (Continued)
10. Employee Stock The Edison International Common Stock Fund constitutes an employee
Ownership Plan stock ownership plan that allows for the current distribution of
dividends to all participants. Such distributions amounted to
$5,730,763 for the year ended December 31, 2005. On December 15,
2005, the board of directors of Edison International declared a
common stock dividend of $0.27 per share payable on January 31,
2006, to the shareholders of record as of December 30, 2005. As
the record date was at year end, dividend income of $0.27 per
share amounting to $8,088,813 was accrued and included in
dividends receivable in the accompanying financial statements at
December 31, 2005.
Page 18
Edison 401(k) Savings Plan
Schedule I: Form 5500 - Schedule H - Line 4i-
Schedule of Assets (Held at End of Year) as of December 31, 2005
EIN: 95-1240335
Plan Number: 002
(a) (b) (c) (d) (e)
Identity of Issuer, Description of Investment Including Cost** Current
Borrower, Lessor, or Maturity Date, Rate of Interest, Par Value
Similar Party or Maturity Value (in 000's)
------------------------------------------------------------------------------------------
Edison International Common Stock Fund
--------------------------------------
* Edison International Common Stock - No Par Value $1,324,221
* State Street Bank & Trust
Co. Short Term Investment Fund 39,669
---------
Total Edison International Stock Fund 1,363,890
----------
Money Market Fund
-----------------
* State Street Bank & Trust Money Market Fund - Collective
Co. Investment in the State Street Bank
Short-Term Income Fund 304,074
----------
Common Collective Funds
-----------------------
BZW Barclay's Global Common Stock Fund - Collective
Investors Investment in the BZW Barclay's
Global Investors Equity Index Fund 301,781
Frank Russell Trust Company Balanced Fund - Collective Investment
in Frank Russell Balanced Fund 144,304
Frank Russell Trust Company Bond Fund - Collective Investment in
Frank Russell Intermediate-Term
Bond Fund 73,234
Frank Russell Trust Company US Large Company - Collective
Investment in Frank Russell US
Large Company Equity I Fund 56,858
Frank Russell Trust Company US Small Company - Collective
Investment in Frank Russell US
Small Company Equity II Fund 47,500
Frank Russell Trust Company Conservative Growth Portfolio -
Collective Investment in Frank
Russell Conservative Balanced Fund 32,825
Frank Russell Trust Company Aggressive Growth Portfolio -
Collective Investment in Frank
Russell Aggressive Balanced Fund 78,033
--------
Total Common Collective Funds 734,535
--------
Mutual Funds
------------
American Funds Collective Investment in The American
Funds Group Europacific Growth Fund 66,824
T. Rowe Price Collective Investment in T. Rowe
Price Blue Chip Fund 10,005
Page 19
Edison 401(k) Savings Plan
Schedule I: Form 5500 - Schedule H - Line 4i-
Schedule of Assets (Held at End of Year) as of December 31, 2005
(a) (b) (c) (d) (e)
Current
Identity of Issuer, Description of Investment Including Cost** Value
Borrower, Lessor, or Maturity Date, Rate of Interest, Par (in
Similar Party or Maturity Value 000's)
----------------------------------------------------------------------------------------
C&S Realty Collective Investment in C&S
Institutional Realty Share Value
Fund 27,810
Vanguard Collective Investment in Vanguard/
Inflation Protected Securities
Fund 9,236
Franklin Strategic Collective Investment in Franklin
Small-Mid Cap Growth Fund A 10,403
Artisan Collective Investment in Small Cap
Growth Fund 21,451
Dreyfus Management Collective Investment in Appreciation
Fund 7,697
Turner Funds Collective Investment in Turner Small
Cap Growth Fund 13,072
American Funds Collective Investment in Washington
Mutual Investors Fund 21,875
Dimensional Collective Investment in Dimensional
Emerging Markets Fund 26,248
Blair William Collective Investment in Small Cap
Growth Fund 13,868
T. Rowe Price Collective Investment in Mid-Cap
Growth 38,184
Salomon Collective Investment in Salomon High
Yield Value Bond 10,287
Oppenheimer Collective Investment in Oppenheimer
Main Street Small Cap Y Fund 9,828
Franklin Collective Investment in Franklin
Utilities A 17,748
PIMCO Collective Investment in Total Return
Fund Admin Shares 19,879
T. Rowe Price Collective Investment in T. Rowe
Price Health and Science Fund 12,706
Page 20
Edison 401(k) Savings Plan
Schedule I: Form 5500 - Schedule H - Line 4i-
Schedule of Assets (Held at End of Year) as of December 31, 2005
(a) (b) (c) (d) (e)
Current
Identity of Issuer, Description of Investment Including Cost** Value
Borrower, Lessor, or Maturity Date, Rate of Interest, Par (in
Similar Party or Maturity Value 000's)
-----------------------------------------------------------------------------------------
MFS Collective Investment in
Institutional TR International
Equity Funds 21,394
American Funds Collective Investment in American
Funds - New Perspective A 37,582
Blair William Collective Investment in
International Equity Fund CL 1 3,304
PIMCO Collective Investment in Low Duration
Fund 7,121
Morgan Stanley Collective Investment in Inst
International Small Cap Fund A 8,626
Scudder-Dreman Collective Investment in Scudder-Dreman
High Return Equity A Fund 28,814
Lord Abbett Collective Investment in Lord Abbett
Mid Cap Value Fund 13,090
Vanguard Collective Investment in Mid Cap
Index Fund 45,868
Artisan Collective Investment in Mid Cap Fund A 4,382
T. Rowe Price Collective Investment in Mid Cap
Value Fund 18,222
T. Rowe Price Collective Investment in Financial
Services Value Fund 6,925
PIMCO Collective Investment in RCM Global
Technology Fund A 37,758
American Balanced Collective Investment in American
Balance Fund 44,456
PIMCO Collective Investment in Capital
Appreciation Admin Fund 10,264
PIMCO Collective Investment in Long Term US
Government Bonds 13,404
T. Rowe Price Collective Investment in Small Cap
Stock Fund 9,261
Morgan Stanley Collective Investment in
Institutional International Equity
Fund 15,836
Janus Collective Investment in Small Cap
Value Fund 15,621
Harbor Collective Investment in Capital
Appreciation Fund 19,139
UBS Global Collective Investment in Balanced
Pre-Mixed Fund 5,108
MFS Series Collective Investment in Total Return
Fund A 2,819
--------
Total Mutual Funds 706,115
--------
Page 21
Edison 401(k) Savings Plan
Schedule I: Form 5500 - Schedule H - Line 4i-
Schedule of Assets (Held at End of Year) as of December 31, 2005
(a) (b) (c) (d) (e)
Current
Identity of Issuer, Description of Investment Including Cost** Value
Borrower, Lessor, or Maturity Date, Rate of Interest, Par (in
Similar Party or Maturity Value 000's)
----------------------------------------------------------------------------------------
Participant Loans Loans With Maturities Varying From
----------------- One to Four Years (or up to 15
Years for Purchase of a Primary
Residence) and Interest Rates of
5.0 to 10.5% 60,797
---------
Total $3,169,411
==========
* Party-In-Interest
** Investments are participant-directed; therefore, disclosure of cost is not
required.
Page
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who
administer the Plan) have duly caused this annual report to be signed on its behalf by the undersigned
hereunto duly authorized.
Dated: June 28, 2006 EDISON 401(K) SAVINGS PLAN
By: /s/ Aaron L. Whitley
-----------------------------------
Aaron L. Whitley
Secretary of the Southern California Edison Company
Benefits Committee