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 Dates	Amortized Cost				Fair Value
(in millions)	Longest Maturity Dates	March 31, 2014		December 31, 2013		March 31, 2014		December 31, 2013
Stocks	—	$	668	$	656	$	2,234	$	2,208
Municipal bonds	2051	725		675		838		756
U.S. government and agency securities	2044	812		902		864		947
Corporate bonds	2054	253		208		296		241
Short-term investments and receivables/payables	One-year	342		329		355		342
Total		$	2,800	$	2,770	$	4,587	$	4,494

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 $1.50 billion and $435 million for the three months ended March 31, 2014 and 2013, respectively. Unrealized holding gains, net of losses, were $1.79 billion and $1.72 billion at March 31, 2014 and December 31, 2013, respectively.

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



	Three months ended March 31,
(in millions)	2014			2013
Balance at beginning of period	$	4,494		$	4,048
Gross realized gains	10			5
Gross realized losses	—			(1		)
Unrealized gains, net	62			176
Other-than-temporary impairments	(3		)	(8		)
Interest, dividends, contributions and other	24			26
Balance at end of period	$	4,587		$	4,246

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