Form 11-K for 2003
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, 2003
-------------------------------------------------------------------------------------
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)
Edison 401(k) Savings Plan
(Formerly known as the
Southern California
Edison Company
Stock Savings Plus Plan)
Financial Statements
and Supplemental Schedule
As of December 31, 2003 and 2002 and
for the Year Ended December 31, 2003
Edison 401(k) Savings Plan
(Formerly known as the
Southern California Edison Company
Stock Savings Plus Plan)
Contents
Report of Independent Registered Public Accounting Firm 3
Financial Statements
Statements of Net Assets Available for Plan Benefits as
of December 31, 2003 and 2002 4
Statement of Changes in Net Assets Available for Plan Benefits
for the Year Ended December 31, 2003 5
Notes to Financial Statements 6-16
Consent of Independent Registered Public Accounting Firm 17
Supplemental Schedule
Schedule I: Form 5500 - Schedule H Part IV - Line 4i - Schedule
of Assets (Held at End of Year) as of December 31, 2003 18-21
Note: Schedules other than that listed above have been omitted because they are not applicable or are 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
We have audited the accompanying statements of net assets available for plan benefits of the Edison 401(k) Savings Plan (the Plan),
formerly known as Southern California Edison Company Stock Savings Plus Plan as of December 31, 2003 and 2002, and the related
statement of changes in net assets available for plan benefits for the year ended December 31, 2003. These financial statements and
the 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. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes 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 of the Plan as of December 31, 2003 and 2002, and the changes in net assets available for plan benefits for the year
ended December 31, 2003, in conformity with United States 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, 2003, 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 the audit 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
Los Angeles, California
June 22, 2004
Page 3
Edison 401(k) Savings Plan
(Formerly known as the
Southern California Edison Company
Stock Savings Plus Plan)
Statements of Net Assets Available for Plan Benefits
December 31, 2003 2002
--------------------------------------------------------------------------------------------------------------------
(in 000's)
Assets
Investments, at fair value $ 2,138,740 $ 1,524,096
Receivables
Dividends receivable 37 202
Interest receivable 230 327
Profit sharing receivable 4,291 2,193
Receivable from brokers 10,839 796
--------------------------------------------------------------------------------------------------------------------
Total receivables 15,397 3,518
--------------------------------------------------------------------------------------------------------------------
Total assets 2,154,137 1,527,614
--------------------------------------------------------------------------------------------------------------------
Liabilities
Payable to brokers and others 23,999 19
--------------------------------------------------------------------------------------------------------------------
Total liabilities 23,999 19
--------------------------------------------------------------------------------------------------------------------
Net assets available for benefits $ 2,130,138 $ 1,527,595
====================================================================================================================
See accompanying notes to financial statements.
Page 4
Edison 401(k) Savings Plan
(Formerly known as the
Southern California Edison Company
Stock Savings Plus Plan)
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 2003
--------------------------------------------------------------------------------------------------------------------
(in 000's)
Additions
Investment income
Dividends $ 5,760
Interest 7,459
Net appreciation in fair value of investments 514,639
--------------------------------------------------------------------------------------------------------------------
527,858
Less: Management fees 584
--------------------------------------------------------------------------------------------------------------------
Net investment income 527,274
--------------------------------------------------------------------------------------------------------------------
Contributions
Employer contributions, net of forfeitures 45,181
Participant contributions 96,217
--------------------------------------------------------------------------------------------------------------------
Total contributions 141,398
--------------------------------------------------------------------------------------------------------------------
Total additions 668,672
Deductions
Distributions to participants 66,129
--------------------------------------------------------------------------------------------------------------------
Total deductions 66,129
--------------------------------------------------------------------------------------------------------------------
Net increase 602,543
Net assets available for plan benefits
Beginning of year 1,527,595
--------------------------------------------------------------------------------------------------------------------
End of year $ 2,130,138
====================================================================================================================
See accompanying notes to financial statement.
Page 5
Edison 401(k) Savings Plan
(Formerly known as the
Southern California Edison Company
Stock Savings Plus Plan)
Notes to Financial Statements
1. Plan Description The following description of the Edison 401(k) Savings Plan (the Plan), which
was known as the Southern California Edison Company Stock Savings Plus Plan
prior to an amendment effective May 14, 2003, 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 6 percent (the maximum matching contribution was changed to 4.5 percent,
effective December 31, 2003) of a participant's eligible pay. Certain
participating subsidiaries also provide a fixed profit sharing contribution of
3 percent (4.5 percent, effective December 31, 2003) 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.
Page 6
1. Plan Description Vesting
(Continued)
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. The Plan was
amended, effective October 23, 2003, to provide full vesting for affected
participants upon termination of their employment in connection with the sale
of Gordonsville Energy, L.P. partnership interests by subsidiaries of Edison
Mission Energy.
Forfeitures
At December 31, 2003, and 2002, the unused portion of forfeited non-vested
accounts totaled $12,827 and $1,313, respectively. These accounts are used to
reduce future employer contributions. During 2003, employer contributions
were reduced by $249,479 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 Company 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, 2003, and December 31, 2002, the Plan
provides investment choices in 50 and 52 investment funds respectively. The
Plan's prospectus provides a detailed description of each investment fund
choice and the respective investment manager.
Page 7
1. Plan Description Administrative and Investment Expenses
(Continued)
The Plan Sponsor pays the cost of administering the Plan, including fees and
expenses of the Trustee and record keeper. Such costs were not material to
the Financial Statements of the Plan taken as a whole for the year ended
December 31, 2003. 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.
Mutual funds pay fees to the Plan record keeper for administrative services to
participants that would otherwise have to be provided by the fund. 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. Allocation of earnings 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 Receivable
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/gain 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. 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 $64,017,000 and $64,396,000 as of December 31, 2003, and
2002, respectively.
Page 8
1. Plan Description Payment of Benefits
(Continued)
Account balances are distributed as soon as practicable after the end of the
month in which a participant dies, requests distributions or terminates
employment with an account balance of $5,000 or less. Participants may
otherwise delay distribution, subject to the minimum distribution requirements
that must be met after age 70 1/2. Participants may choose a lump sum, partial
or an installment form of payment.
Profit Sharing
Certain non-represented employees of Edison Mission Energy, Edison Enterprises
and their participating subsidiaries are eligible for two types of profit/gain
sharing contributions:
(i) Fixed profit/gain sharing is comprised of a 3% (4.5%, effective
December 31, 2003) profit/gain sharing contribution each pay period
to the Plan on behalf of eligible employees. Fixed profit/gain
sharing contributions in 2003 amounted to $2,120,248.
(ii) Variable profit/gain sharing is comprised of an additional 6.25% and
3.0% annual profit/gain sharing contribution to the Plan as of
December 31, 2003, and December 31, 2002, respectively on behalf of
eligible employees if certain business objectives are reached.
Variable profit/gain sharing contribution made in 2004 for the 2003
plan year amounted to $4,291,215. Such amount is presented as
"Profit sharing receivable" on the Statement of Net Assets Available
for Plan Benefits as of December 31, 2003.
2. Summary of Significant Basis of Accounting
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.
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 from those estimates.
Page 9
2. Summary of Significant Risks and Uncertainties
Accounting
Policies The Plan's investment in Edison International Common Stock amounted to
(Continued) approximately $748,488,000 and $405,530,000 as of December 31, 2003, and 2002,
respectively. Such investments represented approximately 35% and 27% of the
Plan's total assets as of December 31, 2003, and 2002, respectively. For
risks and uncertainties regarding Edison International, participants should
refer to the December 31, 2003, Forms 10-K and the March 31, 2004, 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.
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.
Page 10
2. Summary of Significant Investment Valuation and Income Recognition
Accounting
Policies The Plan's investments are stated at fair value or estimated fair value.
(Continued) 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 Core 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.
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 are recorded when paid.
3. Investment Elections The Trustee invests contributions in accordance with participant
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. Participants
may effect changes to their deferral percentages and deferral investment
elections coincident with their pay frequency.
Page 11
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.
As of December 31, 2003, and December 31, 2002, all participants may choose
from among 50 and 52 investment fund offerings respectively. These investment
funds consist 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 Core 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 Forty Mutual Funds - Funds are invested in a variety of retail mutual
funds from multiple asset classes.
Two investment funds were discontinued as of market close on December 18,
2003. 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 12
5. Investments The following presents investments that represent 5 percent or more of the
Plan's net assets:
December 31, 2003 2002
------------------------------------------------------------------------------------
(in 000's)
Investments at Fair Value as Determined by Quoted Market
Prices:
Edison International Common Stock Fund,
31,044,786 and 32,290,175 shares, respectively
(See Note 7) $ 748,488 $ 405,530
Other - Mutual funds (less than 5%) 454,179 319,544
------------------------------------------------------------------------------------
$ 1,202,667 $ 725,074
------------------------------------------------------------------------------------
Investments at Estimated Fair Value:
BZW Barclay's Global Investors - Common Stock
Fund, 8,037,832 and 7,452,725 units, respectively $ 262,435 $ 188,290
Frank Russell Trust Company - Balanced Fund,
11,129,177 and 4,541,299 units, respectively 128,542 96,382
State Street Bank - Money Market Fund,
230,313,526 and 256,733,298 units, respectively
(See Note 7) 230,313 256,733
Other Frank Russell Funds (less than 5%) 250,766 193,220
Participant Loans (less than 5%) 64,017 64,397
------------------------------------------------------------------------------------
$ 936,073 $ 799,022
------------------------------------------------------------------------------------
Total Investments $ 2,138,740 $ 1,524,096
====================================================================================
Page 13
5. Investments During 2003, 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 Change in Fair Value:
December 31, Amount
---------------------------------------------------------------------------------
(in 000's)
Investments at Fair Value as Determined by Quoted Market
Prices:
Edison International Common Stock
Fund (Note 7) $ 305,300
Mutual Funds 87,223
---------------------------------------------------------------------------------
392,523
---------------------------------------------------------------------------------
Investments at Estimated Fair Value:
Common Collective Funds 122,116
---------------------------------------------------------------------------------
Net appreciation in fair value $ 514,639
=================================================================================
6. Reconciliation of The following is a reconciliation of net assets available for plan benefits
Financial Statements to per the financial statements to the Form 5500:
Form 5500
December 31, 2003 2002
------------------------------------------------------------------------------
(in 000's)
Net assets available for plan
benefits per the financial
statements $ 2,130,138 $ 1,527,595
Less: Amounts allocated to
withdrawing participants 1,268 785
------------------------------------------------------------------------------
Net assets available for plan benefits
per the Form 5500 $ 2,128,870 $ 1,526,810
==============================================================================
Page 14
6. Reconciliation of The following is a reconciliation of benefits paid to participants per the
Financial Statements financial statements to the Form 5500:
to Form 5500 (Continued)
December 31, 2003
-------------------------------------------------------------------------------
(in 000's)
Benefits paid to participants per the
financial statements $ 66,129
Add: Amounts allocated to
withdrawing participants at
December 31, 2003 1,268
Less: Amounts allocated to
withdrawing participants at
December 31, 2002 785
-------------------------------------------------------------------------------
Benefits paid to participants per the
Form 5500 $ 66,612
===============================================================================
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 Transactions The Money Market Fund was managed by State Street Bank and Trust 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 $491,958 for 2003
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. Fees earned by Hewitt Associates LLC, related to the
Ready Asset Fund, were $19,732 during 2003.
Page 15
7. Related Party The Plan's investment options include the Company's Common Stock as a fund
Transactions (Continued) option. State Street Global Advisors, an affiliate of 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 $91,859 for 2003 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 qualified under applicable sections of the Internal
Revenue Code (IRC). The Plan has been amended since receiving the
determination letter. However, the Plan administrator and the Plan's tax
counsel believe that the Plan is designed and is currently being operated in
compliance with the applicable requirements of the IRC.
10. Employee Stock Ownership The Edison International Common Stock Fund constitutes an employee stock
Plan ownership plan that allows for the current distribution of dividends to all
participants. There were no such distributions for the year ended December
31, 2003. On December 11, 2003, the board of directors of Edison
International declared a common stock dividend of $0.20 per share payable on
January 31, 2004, to the shareholders of record as of January 6, 2004. Since
the record date was subsequent to year end, the dividend income was not
accrued for in the accompanying financial statements for the year ended
December 31, 2003.
Page 16
Consent of Independent Registered Public Accounting Firm
We hereby consent to the incorporation by reference in the Registration Statements on Form S-8, as listed below, of Edison
International of our report dated June 22, 2004, of the Edison 401 (k) Savings Plan, (formerly known as the Southern California
Edison Company Stock Savings Plus Plan):
Registration Form File No. Effective Date
----------------------------- -------------------- -------------------------
Form S-8 333-115802 May 19, 2004
Form S-8 333-101038 November 6, 2002
Form S-8 333-74240 November 30, 2001
/s/ BDO Seidman, LLP
BDO Seidman, LLP
Los Angeles, California
June 22, 2004
Page 17
Edison 401(k) Savings Plan
(Formerly known as the
Southern California Edison Company
Stock Savings Plus Plan)
Schedule I: Form 5500 - Schedule H Part IV - Line 4i -
Schedule of Assets (Held at End of Year)
as of December 31, 2003
EIN: 95-1240335
Plan Number: 002
(b) (c) (d)
Current
Identity of Issuer, Borrower, Description of Investment Including Maturity Date, Value
(a) 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 $ 690,049
* State Street Bank Short Term Investment Fund 58,439
-----------
Total Edison International Stock Fund 748,488
-----------
Money Market Fund
-----------------
* State Street Bank & Trust Co. Money Market Fund - Collective Investment in the
State Street Bank Short-Term Income Fund 230,313
-----------
Common Collective Funds
-----------------------
BZW Barclay's Global Investors Common Stock Fund - Collective Investment in the
BZW Barclay's Global Investors Equity Index Fund 262,435
Frank Russell Trust Company Balanced Fund - Collective Investment in Frank
Russell Balanced Fund 128,542
Frank Russell Trust Company Bond Fund - Collective Investment in Frank Russell
Intermediate-Term Bond Fund 59,423
Frank Russell Trust Company US Large Company - Collective Investment in Frank
Russell US Large Company Equity I Fund 50,052
Frank Russell Trust Company US Small Company - Collective Investment in Frank
Russell US Small Company Equity II Fund 51,579
Frank Russell Trust Company Conservative Growth Portfolio - Collective
Investment in Frank Russell Conservative Balanced
Fund 28,265
Page 18
Frank Russell Trust Company Aggressive Growth Portfolio - Collective Investment
in Frank Russell Aggressive Balanced Fund 61,447
-----------
Total Common Collective Funds 641,743
Mutual Funds
------------
American Funds Collective Investment in The American Funds Group
Europacific Growth Fund 30,955
T. Rowe Price Collective Investment in T. Rowe Price Blue Chip
Fund 5,572
Janus Investment Funds Collective Investment in Janus Balanced Fund 15,984
Putnam Collective Investment in Voyager Fund 11,112
Franklin Strategic Collective Investment in Franklin Small Cap Growth
Fund A 11,346
Artisan Collective Investment in Small Cap Growth Fund 8,577
Dreyfus Management Collective Investment in Appreciation Fund 7,402
Turner Funds Collective Investment in Turner Small Cap Growth
Fund 16,438
Fidelity Funds Collective Investment in Fidelity Select Health
Care Fund 9,788
American Funds Collective Investment in Washington Mutual
Investors Fund 17,427
Dreyfus Management Collective Investment in Dreyfus Disciplined Stock
Fund 3,175
William Blair Collective Investment in Small Cap Growth Fund 11,789
T. Rowe Price Collective Investment in Mid-Cap Growth 20,333
Fidelity Investments Collective Investment in Spartan High Income Fund 9,196
Morgan Stanley Collective Investment in Inst Small Cap Value Fund 2,546
* Hewitt Series Collective Investment in Hewitt Money Market Fund 19,266
PIMCO Collective Investment in Total Return Fund Admin
Shares 14,330
Page 19
Fidelity Investments Collective Investment in Utilities Income Fund 2,267
Fidelity Investments Collective Investment in Select Financial Services
Funds 7,130
American Funds Collective Investment in American Funds - New
Perspective A 25,736
American Century Collective Investment in International Growth
Investor Fund 1,560
PIMCO Collective Investment in Low Duration Fund 6,192
Morgan Stanley Collective Investment in Inst International Small
Cap Fund A 1,155
Scudder-Dreman Collective Investment in Scudder -Dreman High
Return Equity A Fund 20,041
Lord Abbett Collective Investment in Lord Abbett Mid Cap Value
Fund 2,762
Vanguard Collective Investment in Mid Cap Index Fund 6,166
Artisan Collective Investment in Mid Cap Fund A 2,030
T. Rowe Price Collective Investment in Mid Cap Value Fund 9,099
Fidelity Investments Collective Investment in Diversified International
Fund 13,960
Templeton Collective Investment in Developing Markets Fund A 5,130
PIMCO Collective Investment in RCM Global Technology Fund
A 43,928
American Balanced Collective Investment in American Balance Fund 24,983
PIMCO Collective Investment in Capital Appreciation Admin
Fund 4,389
PIMCO Collective Investment in Long Term US Government
Bonds 8,813
T. Rowe Price Collective Investment in Small Cap Stock Fund 7,414
Page 20
Morgan Stanley Collective Investment in Institutional
International Equity Fund 4,619
Janus Collective Investment in Small Cap Value Fund 16,392
Fidelity Investments Collective Investment in Real Estate Specialty Fund 15,129
Harbor Collective Investment in Capital Appreciation Fund 7,557
UBS Global Collective Investment in Balanced Pre-Mixed Fund 1,183
MFS Series Collective Investment in Total Return Fund A 1,308
-----------
Total Mutual Funds 454,179
-----------
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% 64,017
-----------
Total $ 2,138,740
===========
* Party-In-Interest
Page 21
SIGNATURES
----------
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.
SOUTHERN CALIFORNIA EDISON COMPANY
STOCK SAVINGS PLUS PLAN
By: /s/ Frederick J. Grigsby, Jr.
---------------------------------------------------------------
Frederick J. Grigsby, Jr.
June 22, 2004