Form 11-K for the year ended December 31, 2004
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, 2004
---------------------------------------------------------------
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, 2004 and 2003 and
for the Year Ended December 31, 2004
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, 2004 and 2003 4
Statement of Changes in Net Assets Available for Plan Benefits
for the Year Ended December 31, 2004 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, 2004 19-21
Consent of Independent Registered Public Accounting Firm 22
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
To the 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, 2004 and 2003, and the related statement of changes in net assets
available for plan benefits for the year ended December 31, 2004. 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 Company 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, 2004 and 2003, and the changes in net assets available for
plan benefits for the year ended December 31, 2004 in conformity with US generally accepted accounting principles.
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, 2004 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
Los Angeles, California
June 27, 2005
Page 3
Edison 401(k) Savings Plan
Statements of Net Assets Available for Plan Benefits
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December 31, 2004 2003
--------------------------------------------------------------------------------------------------------------
(in 000's)
Assets
Cash $ 8,267 $ -
Investments, at fair value 2,646,106 2,138,740
Receivables
Dividends receivable 7,390 37
Interest receivable 569 230
Profit sharing receivable 4,309 4,291
Receivable from brokers 5,653 10,839
----------------------------------------------------------------------------------------------------------
Total receivables 17,921 15,397
----------------------------------------------------------------------------------------------------------
Total assets 2,672,294 2,154,137
----------------------------------------------------------------------------------------------------------
Liabilities
Payable to brokers and others 16,233 23,999
----------------------------------------------------------------------------------------------------------
Total liabilities 16,233 23,999
----------------------------------------------------------------------------------------------------------
Net assets available for benefits $ 2,656,061 $ 2,130,138
==========================================================================================================
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, 2004
------------------------------------------------------------------------------------------------------------
(in 000's)
Additions
Investment income
Dividends $ 50,539
Interest 8,454
Net appreciation in fair value of investments 409,555
------------------------------------------------------------------------------------------------------------
468,548
Less: Management fees 607
------------------------------------------------------------------------------------------------------------
Net investment income 467,941
------------------------------------------------------------------------------------------------------------
Contributions
Employer contributions, net of forfeitures 50,085
Participant contributions 109,666
------------------------------------------------------------------------------------------------------------
Total contributions 159,751
------------------------------------------------------------------------------------------------------------
Total additions 627,692
Deductions
Distributions to participants 99,494
Loans in default 2,275
------------------------------------------------------------------------------------------------------------
Total deductions 101,769
------------------------------------------------------------------------------------------------------------
Net increase 525,923
Net assets available for plan benefits
Beginning of year 2,130,138
------------------------------------------------------------------------------------------------------------
End of year $ 2,656,061
============================================================================================================
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 substantially all 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 from 2.8
to 4.5 percent (the maximum matching contribution was changed to 6.0 percent,
effective January 1, 2005) of a participant's eligible pay. Certain
participating subsidiaries also provide a fixed profit sharing contribution of
4.5 percent (3.0 percent effective January 1, 2005) of eligible pay each pay
period and a variable profit sharing contribution annually 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
------------------------------------------------------------------------------------------------------------------
1. Plan Description Forfeitures
(Continued)
At December 31, 2004, and 2003, the unused portion of forfeited non-vested
accounts totaled $6,283 and $12,827, respectively. These accounts are used to
reduce future employer contributions. During 2004, employer contributions were
reduced by $382,990 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, 2004, and December 31, 2003, the Plan provided
investment choices in 48 and 50 investment funds respectively. The Plan's
prospectus provides a detailed description of each investment fund choice and
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
------------------------------------------------------------------------------------------------------------------
1. Plan Description Mutual funds pay fees to the Plan record keeper for administrative services to
(Continued) 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.
Participant Accounts
Each participant account is increased 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. Effective December 31, 2003, profit sharing
accounts are not available for loans. 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, 2004. 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 $59,099,000 and $64,017,000 as of December 31, 2004,
and 2003, respectively.
Page 8
Edison 401(k) Savings Plan
Notes to Financial Statements
------------------------------------------------------------------------------------------------------------------
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.
Profit Sharing
Certain non-represented employees of Edison Mission Energy ("EME"), Edison
Enterprises and their participating subsidiaries are eligible for two types of
profit sharing contributions:
(i) Fixed profit sharing is comprised of a 4.5 percent (3.0 percent,
effective January 1, 2005) profit sharing contribution each pay period
to the Plan on behalf of eligible employees. Fixed profit sharing
contributions in 2004 amounted to $3,345,879.
(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 2005 for the 2004 plan year were 6.25% for
eligible EME employees and 3% for eligible Edison Enterprises
employees, for an aggregate amount of $4,308,837. Such amount is
presented as "Profit sharing receivable" on the Statement of Net
Assets Available for Plan Benefits as of December 31, 2004.
2. Summary of Basis of Accounting
Significant
Accounting Policies The financial statements are presented on the accrual basis of accounting and in
conformity with accounting principles generally accepted in the United States of
America applicable to employee benefit plans and ERISA.
Page 9
Edison 401(k) Savings Plan
Notes to Financial Statements
------------------------------------------------------------------------------------------------------------------
2. Summary of Use of Estimates
Significant
Accounting The preparation of financial statements in conformity with accounting principles
Policies generally accepted in the United States of America requires management to make
(Continued) 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 $922,975,000 and $690,049,000 as of December 31, 2004, and 2003,
respectively. Such investments represented approximately 35 percent and 32
percent of the Plan's total assets as of December 31, 2004, and 2003,
respectively. For risks and uncertainties regarding Edison International,
participants should refer to the December 31, 2004, Forms 10-K and the March 31,
2005, 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
The Plan provides for various funds that hold investment securities. Investment
securities are exposed to various risks such as interest rate, market, and
credit risk. Due to the level of risk associated with certain investment
securities and the 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.
Page 10
Edison 401(k) Savings Plan
Notes to Financial Statements
------------------------------------------------------------------------------------------------------------------
2. Summary of The Plan participates in various investment options that comprise securities of
Significant foreign companies, which involve special risks and considerations not typically
Accounting associated with investing in U.S. companies. These risks include devaluation of
Policies currencies, less reliable information about issuers, different securities
(Continued) 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.
Management determines the collectibility of participant loans on a periodic
basis. This determination is made based on the terms of the Plan document and
the related Plan policies and procedures. Those participant loans that are
deemed to be uncollectible are written-off and included as loans in default in
the financial statements and the Form 5500 for financial reporting purposes in
the year the determination is made. For the year ended December 31, 2004, there
was approximately $2,275,000 in participant loans deemed to be uncollectible.
Page 11
Edison 401(k) Savings Plan
Notes to Financial Statements
------------------------------------------------------------------------------------------------------------------
2. Summary of Net Appreciation (Depreciation) in Fair Value of Investments
Significant
Accounting Realized and unrealized appreciation (depreciation) in the fair value of
Policies investments is based on the difference between the fair value of the assets at
(Continued) 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; provided however, that a seven-day trading restriction applies to certain
mutual funds containing significant international investments (effective
January 1, 2005 for most participants, the seven-day trading restriction
applies to all funds except the Edison International Stock Fund).
Participants may effect changes to their deferral percentages and deferral
investment elections coincident with their pay frequency.
4. Investment The transfer of the participants' investment from the Edison International
Options Common Stock Fund to all other funds is valued at the closing market price on
the date of the transfer. The transfer of the participants' investment from
all other funds to the Edison International Common Stock Fund, or to any other
fund, is based on the actual market value balance (including earnings and
market adjustments) in each participant's account, as of close of market on
the date of transfer.
Page 12
Edison 401(k) Savings Plan
Notes to Financial Statements
------------------------------------------------------------------------------------------------------------------
4. Investment As of December 31, 2004, and December 31, 2003, all participants were able to
Options choose from among 48 and 50 investment fund offerings, respectively. As of
(Continued) December 31, 2004, 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 Eight 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.
5. Investments The following presents investments that represent 5 percent or more of the Plan's
net assets:
December 31, 2004 2003
------------------------------------------------------------------------------------
(in 000's)
Investments at Fair Value as Determined by
Quoted Market Prices:
Edison International Common Stock Fund,
28,954,979 and 31,044,786 shares,
respectively (See Note 7) $ 968,723 $ 748,488
Other - Mutual funds (less than 5%) 589,711 454,179
------------------------------------------------------------------------------------
$ 1,558,434 $ 1,202,667
====================================================================================
Page 13
Edison 401(k) Savings Plan
Notes to Financial Statements
------------------------------------------------------------------------------------------------------------------
5. Investments Investments at Estimated Fair Value:
(Continued)
December 31, 2004 2003
-------------------------------------------------------------------------------------
BZW Barclay's Global Investors - Common Stock
Fund, 8,328,150 and 8,037,832 units,
respectively $ 301,396 $ 262,435
Frank Russell Trust Company - Balanced Fund,
11,138,897 and 11,129,177 units, respectively 141,687 128,542
State Street Bank & Trust Co. - Money Market
Fund, 303,149,411 and 230,313,526 units,
respectively (See Note 7) 303,149 230,313
Other Frank Russell Trust Company Funds (less
than 5%) 282,341 250,766
Participant Loans (less than 5%) 59,099 64,017
-------------------------------------------------------------------------------------
1,087,672 936,073
-------------------------------------------------------------------------------------
Total Investments $ 2,646,106 $ 2,138,740
=====================================================================================
Page 14
Edison 401(k) Savings Plan
Notes to Financial Statements
------------------------------------------------------------------------------------------------------------------
5. Investments During 2004, the Plan's investments (including gains and losses on investments
(Continued) bought and sold, as well as held during the year) appreciated in value as follows :
Net Appreciation in Fair Value of Investments:
December 31, Amount
----------------------------------------------------------------------------------
(in 000's)
Investments at Fair Value as Determined by Quoted
Market Prices
Edison International Common Stock Fund $ 290,285
Mutual Funds 45,648
----------------------------------------------------------------------------------
335,933
Investments at Estimated Fair Value
Common Collective Funds 73,622
----------------------------------------------------------------------------------
Net appreciation in fair value of investments $ 409,555
----------------------------------------------------------------------------------
6. Reconciliation The following is a reconciliation of net assets available for plan benefits
of Financial per the financial statements to the Form 5500:
Statements
to Form 5500 December 31, 2004 2003
----------------------------------------------------------------------------------
(in 000's)
Net assets available for plan
benefits per the financial
statements $2,656,061 $2,130,138
Less: Amounts allocated to
withdrawing participants 546 1,268
----------------------------------------------------------------------------------
Net assets available for plan benefits
per the Form 5500 $2,655,515 $2,128,870
==================================================================================
Page 15
Edison 401(k) Savings Plan
Notes to Financial Statements
------------------------------------------------------------------------------------------------------------------
6. Reconciliation The following is a reconciliation of benefits paid to participants per the
of Financial financial statements to the Form 5500:
Statements to
Form 5500 December 31, 2004
(Continued) ----------------------------------------------------------------------------------
(in 000's)
Benefits paid to participants per the
financial statements $ 99,494
Add: Amounts allocated to withdrawing
participants at December 31, 2004 546
Less: Amounts allocated to
withdrawing participants at
December 31, 2003 1,268
----------------------------------------------------------------------------------
Benefits paid to participants per the
Form 5500 $ 98,772
==================================================================================
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 Company,
Transactions 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 $489,817 for 2004
and were reported as a reduction to investment income on the Statement of
Changes in Net Assets Available for Plan Benefits. The Plan's record keeper,
Hewitt Associates LLC oversees the Ready Asset Fund (Collective Investment in
Hewitt Money Market Fund). Plan Assets are invested in the Ready Asset Fund
temporarily, while the Plan participant decides how to invest money allocated
to the Mutual Fund Menu. The Ready Asset Fund was eliminated on September 20,
2004 and existing assets were mapped to the Money Market Fund. Fees earned by
Hewitt Associates LLC, related to the Ready Asset Fund, were $70,100 during
2004.
Page 16
Edison 401(k) Savings Plan
Notes to Financial Statements
------------------------------------------------------------------------------------------------------------------
7. Related Party The Plan's investment options include the Company's Common Stock as a fund
Transactions option. State Street Global Advisors, an affiliate of State Street Bank and
(Continued) 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 $117,527 for 2004 and were reported as a
reduction to investment income on the Statement of Changes in Net Assets
Available for Plan Benefits.
8. Plan Termination Although it has not expressed intent to do so, the Plan Sponsor 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 would prevent
the continuation of the Plan's qualified tax status.
Page 17
Edison 401(k) Savings Plan
Notes to Financial Statements
------------------------------------------------------------------------------------------------------------------
10. Employee Stock The Edison International Common Stock Fund constitutes an employee stock
Ownership Plan ownership plan that allows for the current distribution of dividends to all
participants. Such distributions amounted to $3,849,320 for the year ended
December 31, 2004. On December 28, 2004, the board of directors of Edison
International declared a common stock dividend of $0.25 per share payable on
January 31, 2005, to the shareholders of record as of December 31, 2004.
Since the record date was at year end, dividend income of $7,141,587 was
accrued and included in dividends receivable in the accompanying financial
statements at December 31, 2004.
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, 2004
-------------------------------------------------------------------------------------------------------------------
EIN: 95-1240335
Plan Number: 002
(a) (b) (c) (d)
Current
Identity of Issuer, Borrower, Description of In vestment Including Maturity Date, Value
Lessor, or Similar Party Rate of Interest, Par or Maturity Value (in 000's)
--------------------------------------------------------------------------------------------------------------------
Edison International Stock Fund
-------------------------------
* Edison International Common Stock - No Par Value $ 922,975
* State Street Bank & Trust Co. Short Term Investment Fund 45,748
------------
Total Edison International Stock Fund 968,723
------------
Money Market Fund
-----------------
* State Street Bank & Trust Co. Money Market Fund - Collective Investment in the
State Street Bank Short-Term Income Fund 303,149
------------
Common Collective Funds
-----------------------
BZW Barclay's Global Investors Common Stock Fund - Collective Investment in the
BZW Barclay's Global Investors Equity Index Fund 301,396
------------
Frank Russell Trust Company Balanced Fund - Collective Investment in Frank
Russell Balanced Fund 141,687
------------
Frank Russell Trust Company Bond Fund - Collective Investment in Frank Russell
Intermediate-Term Bond Fund 71,091
Frank Russell Trust Company US Large Company - Collective Investment in Frank
Russell US Large Company Equity I Fund 53,755
Frank Russell Trust Company US Small Company - Collective Investment in Frank
Russell US Small Company Equity II Fund 53,801
Frank Russell Trust Company Conservative Growth Portfolio - Collective
Investment in Frank Russell Conservative Balanced
Fund 33,136
Frank Russell Trust Company Aggressive Growth Portfolio - Collective Investment
in Frank Russell Aggressive Balanced Fund 70,558
------------
Sub-total 282,341
------------
Total Common Collective Funds 725,424
Mutual Funds
------------
American Funds Collective Investment in The American Funds Group
Europacific Growth Fund 42,130
T. Rowe Price Collective Investment in T. Rowe Price Blue Chip
Fund 8,574
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, 2004
-------------------------------------------------------------------------------------------------------------------
(a) (b) (c) (d)
Current
Identity of Issuer, Borrower, Description of In vestment Including Maturity Date, Value
Lessor, or Similar Party Rate of Interest, Par or Maturity Value (in 000's)
--------------------------------------------------------------------------------------------------------------------
GMO Collective Investment in GMO Growth Fund III 8,943
Vanguard Collective Investment in Vanguard /Inflation
Protected Securities Fund 2,717
Franklin Strategic Collective Investment in Franklin Small-Mid Cap
Growth Fund A 10,648
Artisan Collective Investment in Small Cap Growth Fund 16,040
Dreyfus Management Collective Investment in Appreciation Fund 7,782
Turner Funds Collective Investment in Turner Small Cap Growth
Fund 14,224
American Funds Collective Investment in Washington Mutual
Investors Fund 22,568
Dimensional Collective Investment in Dimensional Emerging
Markets Fund 7,623
William Blair Collective Investment in Small Cap Growth Fund 27,318
T. Rowe Price Collective Investment in Mid-Cap Growth 26,712
Fidelity Investments Collective Investment in Spartan High Income Fund 9,564
Oppenheimer Collective Investment in Oppenheimer Main Street
Small Cap Y Fund 5,232
Franklin Collective Investment in Franklin Utilities A 7,960
PIMCO Collective Investment in Total Return Fund Admin
Shares 14,865
T. Rowe Price Collective Investment in T. Rowe Price Health and
Science Fund 10,882
Fidelity Investments Collective Investment in Select Financial Services
Funds 6,897
American Funds Collective Investment in American Funds - New
Perspective A 34,647
American Century Collective Investment in International Growth
Investor Fund 2,689
PIMCO Collective Investment in Low Duration Fund 6,624
Morgan Stanley Collective Investment in Inst International Small
Cap Fund A 11,617
Scudder-Dreman Collective Investment in Scudder -Dreman High
Return Equity A Fund 22,168
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, 2004
-------------------------------------------------------------------------------------------------------------------
(a) (b) (c) (d)
Current
Identity of Issuer, Borrower, Description of In vestment Including Maturity Date, Value
Lessor, or Similar Party Rate of Interest, Par or Maturity Value (in 000's)
--------------------------------------------------------------------------------------------------------------------
Lord Abbett Collective Investment in Lord Abbett Mid Cap Value
Fund 10,928
Vanguard Collective Investment in Mid Cap Index Fund 21,653
Artisan Collective Investment in Mid Cap Fund A 5,244
T. Rowe Price Collective Investment in Mid Cap Value Fund 19,190
Fidelity Investments Collective Investment in Diversified International
Fund 20,683
PIMCO Collective Investment in RCM Global Technology Fund
A 46,250
American Balanced Collective Investment in American Balance Fund 46,653
PIMCO Collective Investment in Capital Appreciation Admin
Fund 4,885
PIMCO Collective Investment in Long Term US Government
Bonds 10,546
T. Rowe Price Collective Investment in Small Cap Stock Fund 10,066
Morgan Stanley Collective Investment in Institutional
International Equity Fund 6,974
Janus Collective Investment in Small Cap Value Fund 14,428
Fidelity Investments Collective Investment in Real Estate Specialty Fund 28,813
Harbor Collective Investment in Capital Appreciation Fund 10,049
UBS Global Collective Investment in Balanced Pre-Mixed Fund 2,643
MFS Series Collective Investment in Total Return Fund A 2,282
------------
Total Mutual Funds 589,711
============
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% 59,099
------------
Total $ 2,646,106
==============
* Party-In-Interest
Page 21
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustee (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.
EDISON 401(K) SAVINGS PLAN
By: /s/ Frederick J. Grigsby, Jr.
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Frederick J. Grigsby, Jr.
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