Other Investments

Nuclear Decommissioning Trusts

Future decommissioning costs of removal of SCE's nuclear assets are expected to be funded from independent decommissioning trusts, which currently receive contributions of approximately $23 million per year through SCE customer rates. Contributions to the decommissioning trusts are reviewed every three years by the CPUC.

The following table sets forth amortized cost and fair value of the trust investments:



	Longest Maturity Date	Amortized Cost				Fair Value
	Longest Maturity Date	December 31,
(in millions)		2013		2012		2013		2012
Stocks	—	$	656	$	978	$	2,208	$	2,271
Municipal bonds	2051	675		518		756		644
U.S. government and agency securities	2044	902		547		947		603
Corporate bonds	2054	208		324		241		410
Short-term investments and receivables/payables	One-year	329		116		342		120
Total		$	2,770	$	2,483	$	4,494	$	4,048

Trust fund earnings (based on specific identification) increase the trust fund balance and the ARO regulatory liability. Proceeds from sales of securities (which are reinvested) were $5.6 billion, $2.1 billion and $2.8 billion for the years ended December 31, 2013, 2012 and 2011, respectively. Unrealized holding gains, net of losses, were $1.7 billion and $1.6 billion at December 31, 2013 and 2012, respectively.

The following table sets forth a summary of changes in the fair value of the trusts:



	Years ended December 31,
(in millions)	2013			2012			2011
Balance at beginning of period	$	4,048		$	3,592		$	3,480
Gross realized gains	300			73			108
Gross realized losses	(32		)	(5		)	(17		)
Unrealized gains (losses), net	160			276			(7		)
Other-than-temporary impairments	(47		)	(36		)	(47		)
Interest, dividends, contributions and other	65			148			75
Balance at end of period	$	4,494		$	4,048		$	3,592

Due to regulatory mechanisms, earnings and realized gains and losses (including other-than-temporary impairments) have no impact on operating revenue or earnings.