DISNEY SALARIED SAVINGS AND
INVESTMENT PLAN
REPORT AND FINANCIAL
STATEMENTS
DECEMBER 31, 1994 AND 1993
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
INDEX TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
Report of Independent Accountants F-2
Statement of Net Assets Available for Benefits F-3
Statement of Changes in Net Assets Available for Benefits F-4
Notes to Financial Statements F-5
Supplementary Schedules
Schedule I - Schedule of Assets Held for Investment Purposes F-17
Schedule V - Plan Transactions or Series of Transactions
in Excess of 5 Percent of the Current Value
of Assets at the Beginning of the Plan Year F-18
Other schedules required by Section 2520.103-10 of the Department
of Labor Rules and Regulations for Reporting and Disclosure under
ERISA have been ommitted because they not applicable.
F-1
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
June 5, 1995
To the Participants and Investment and
Administrative Committee of
the Disney Salaried Savings and Investment Plan
In our opinion, the accompanying statements of net assets available
for benefits and the related statements of changes in net assets
available for benefits present fairly, in all material respects,
the financial status of the Disney Salaried Savings and Investment
Plan (the "Plan") at December 31, 1994 and 1993 and the changes in
its financial status for each of the three years in the period ended
December 31, 1994, in conformity with generally accepted accounting
principles. These financial statements 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
of these statements in accordance with generally accepted auditing
standards which 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, assessing the accounting principles used
and significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our
audits provide a reasonable basis for the opinion expressed above.
Our audit was performed for the purpose of forming an opinion on
the basic financial statements taken as a whole. The additional
information included in Notes 5, 6, and 7 and Schedules I and V is
presented for purposes of additional analysis and is not a required
part of the basic financial statements but is additional
information required by ERISA. Such information 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.
F-2
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
(In thousands)
<TABLE>
<CAPTION>
December 31,
1994 1993
<S> <C> <C>
Investments, at market value
The Walt Disney Company Common Stock Fund $153,872 $132,643
Interest in pooled funds 84,772 66,858
Guaranteed Interest Contracts
(Interest rates range from 8.92% to 9.24%) 3,245 7,144
Participant loans 7,066 6,343
248,955 212,988
Contributions receivable 3,874 3,682
Net Assets Available for Benefits $252,829 $216,670
</TABLE>
The accompanying notes are an integral part of these financial statements.
F-3
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
(In thousands)
<TABLE>
<CAPTION>
For the Year Ended
December 31,
1994 1993 1992
<S> <C> <C> <C>
Sources of Net Assets
Investment income
Interest $ 908 $ 1,209 $ 1,819
Dividends 3,739 4,264 2,075
Realized (loss) gain on sale of assets (548) (212) 10,003
4,099 5,261 13,897
Unrealized appreciation in investments 7,879 2,708 24,671
Contributions
Participants 33,650 30,171 24,078
Company 9,036 8,402 7,433
42,686 38,573 31,511
Total Sources of Net Assets 54,664 46,542 70,079
Applications of Net Assets
Payments to participants 18,501 11,125 6,607
Investment expense 4 16 115
Total Applications of Net Assets 18,505 11,141 6,722
Increase in net assets 36,159 35,401 63,357
Net Assets Available for Benefits
Beginning of year 216,670 181,269 117,912
End of year $252,829 $216,670 $181,269
</TABLE>
The accompanying notes are an integral part of these financial
statements.
F-4
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1994
(Tabular dollars in thousands, except per share/unit amounts)
1. Description of the Plan
General
The Walt Disney Company (the "Company") implemented the Disney
Salaried Savings and Investment Plan (the "Plan") on January 1,
1985. The Plan is a defined contribution plan designed to provide
participating employees the opportunity to accumulate retirement
funds through a tax-deferred contribution arrangement pursuant to
Section 401(k) of the Internal Revenue Code of 1986, as amended
(the "Code"). In addition to the Code, the Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974
("ERISA").
Administration of the Plan
The Board of Directors of the Company has appointed the Investment
and Administrative Committee of The Walt Disney Company Sponsored
Qualified Benefit Plans and Key Employees Deferred Compensation and
Retirement Plan (the "Committee" or "Plan Administrator") to
administer the Plan, interpret its provisions and resolve all
issues arising in the administration of the Plan.
The assets of the Plan are administered under a trust agreement
between the Company and Fidelity Institutional Retirement Services
Company ("Fidelity" or the "Trustee"). The trust agreement
provides that assets of the Plan may be invested in the following
pooled investment funds established by Fidelity: the Institutional
Short-Intermediate Government Portfolio Fund, the U.S. Equity Index
Commingled Pool Fund, the U.S. Bond Index Portfolio Fund, the
Balanced Fund and the Magellan Fund. Additionally, the trust
agreement provides that assets of the Plan may be invested in The
Walt Disney Company Common Stock Fund, and the Guaranteed Interest
Contract Fund (collectively the seven funds are referred to as the
"Investment Funds"). Fidelity directs the investment of the
Institutional Short-Intermediate Government Portfolio Fund, the
U.S. Equity Index Commingled Pool Fund, the U.S. Bond Index
Portfolio Fund, the Balanced Fund, the Magellan Fund and The Walt
Disney Company Common Stock Fund, and is the custodian of the records
for the Guaranteed Interest Contract Fund established with Allstate
Life Insurance Company and New York Life Insurance Company. Effective
July 1, 1992, the Guaranteed Interest Contract Fund was closed to
contributions and transfers from other funds. As the Guaranteed
Interest Contracts mature, the corresponding fund balances are
reinvested in the Institutional Short-Intermediate Government
Portfolio Fund.
Administrative expenses of the Plan, such as benefit plan
consultation fees (exclusive of brokerage commissions on the
purchase or sale of Company stock) are paid by the Company. These
administrative expenses may be paid from the assets of the Plan
unless the Company, at its discretion, pays such expenses.
Investment expenses incurred by the Investment Funds are charged to
the respective funds.
F-5
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
1. Description of the Plan (continued)
Participation
Participation in the Plan is available to all salaried employees of
the Company and its subsidiaries participating in the Plan who are
regularly scheduled to work 1,000 hours or more during a year. To
be eligible, employees must be age 18 or older and have completed
one year of employment during which they must also work at least
1,000 hours. The Plan covers only domestic salaried employees.
Effective March 4, 1993, the Plan was amended to accept direct cash
rollovers from other qualified plans, regardless of whether the
employee had met the one-year eligibility requirement. However,
such funds would not be available for hardship distributions or
loans until after the employee has met the one-year eligibility
requirement and has become a participant of the Plan.
Contributions
Participants are permitted to authorize income deferrals in whole
percentages, up to 10 percent of their base compensation on a pre-tax
basis, through weekly payroll deductions. A participant's total
tax-deferred contributions and the Company's matching contributions,
in any Plan year, cannot exceed the limits provided under Sections
401(k) and 415 of the Code.
Effective January 1, 1987, the Plan ceased to accept voluntary post-
tax contributions. Post-tax contributions made prior to January 1,
1987, may remain in the Plan and continue to share in the Plan's
investment results on a tax-deferred basis. Income earned on
voluntary contributions is not taxable for Federal income tax
purposes until withdrawal and such post-tax contributions are
recovered tax free when withdrawn or distributed.
The Company currently contributes a matching amount equal to 50
percent of a participant's pre-tax contributions up to a maximum of
2 percent of such participant's base compensation. The Company may
make matching contributions either in cash, which is invested
exclusively in the Company's common stock, or directly in shares of
the Company's common stock and, at its discretion, the Company may
change the level of matching contributions or cease making matching
contributions.
Participants are fully vested immediately in all contributions
including the Company's matching contributions made to the Plan and
all earnings thereon.
F-6
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
1. Description of the Plan (continued)
Investments
Participants may direct the investment of their contributions in
any one or more investment funds established for the Plan.
Participants may elect to change the investment of their
contributions or to transfer all or part of their account balance among
the various investment funds. Only four of each type of such
elections may be made in any year and must be made in multiples of
10 percent of the amounts in an investment fund. Currently,
participants may direct the investment of their contributions and
account balance among any of the following investment funds
administered by Fidelity: Institutional Short-Intermediate Government
Portfolio Fund, U.S. Equity Index Commingled Pool Fund, U.S. Bond
Index Portfolio Fund, Balanced Fund, Magellan Fund, and The Walt
Disney Company Common Stock Fund. All funds are immediately and fully
invested in permanent funds by Fidelity.
Benefits, Distributions, Withdrawals and Loans
A participant's entire account balance, adjusted for investment
gains or losses, is available for immediate distribution upon
termination of employment. Participants' account balances under
$3,500 are automatically distributed within 90 days following the
participant's severance date. Participants with account balances
of $3,500 or more must elect, within a six month period after
severance or withdrawal, to receive their distribution or to defer
their distribution until reaching age 55. All amounts must be
distributed when the participant reaches age 65.
Under Section 401(k) of the Code, withdrawals of tax-deferred
contributions by participants are available only in amounts
necessary to satisfy a financial hardship and will be made if the
Committee determines that the reason for the hardship complies with
applicable requirements under the Code. A participant may withdraw
his or her post-tax contributions twice each Plan Year. The
minimum amount of each post-tax contribution withdrawal is $500.
Participants are permitted to borrow from their accounts subject to
certain limitations and conditions established to comply with the
current requirements of the Code. All loans made to participants
are secured by their accounts with a right of set-off. Voluntary
post-tax contributions and any earnings thereon are not available
for loans. Participants may borrow up to 50 percent of their
account balance not to exceed $50,000 in any consecutive twelve
month period. A participant may only have one loan outstanding.
Loans may have a term of up to four years. However, the term can
be extended to ten years if the loan is used to acquire or
construct a principal residence of the participant. The interest
rate on loans is currently prime plus 1 percent.
F-7
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
1. Description of the Plan (continued)
Plan Amendment or Termination
The Company reserves the right to amend or modify, at any time, the
provisions of the Plan. Although the Company expects to continue
the Plan indefinitely, the Board of Directors of the Company may
terminate the Plan for any reason. If the Plan is terminated each
participant will receive, as prescribed by ERISA and its related
regulations, and in the form and manner determined by the
Committee, a payment equal to the value of the participant's
account at the time of liquidation.
2. Summary of Significant Accounting Policies
Basis of Accounting
The financial statements of the Plan are prepared using the accrual
basis of accounting.
Contribution Policy
Participants' tax-deferred contributions are deposited with the
Trustee at or after the end of the month in which such amounts are
deducted from participants' compensation. The Company currently
contributes its matching contributions for deposit into
participants' accounts at the end of each month.
Investment Valuation
Investments in securities traded on national security exchanges are
valued on the basis of the closing price on the last trading day of
the year. Investments in commingled funds are valued at the
redemption prices established by the Trustee, which are based on
the market value of the fund assets. Investments in guaranteed
interest contracts are valued at cost which approximates market.
Realized Gains and Losses on Security Transactions
Realized gains and losses on security transactions are computed
based upon the sales proceeds less the fair value of the investments
at the beginning of the year or the acquisition cost, if acquired during
the year.
Unrealized Appreciation/Depreciation in Fair Value of Investments
The appreciation or depreciation in the fair value of investments
held at year end is based on values established at the most recent
year-end valuation date as compared to the previous year-end
valuation or the purchase cost if the investment was acquired
within the year.
F-8
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
3. Information Certified by Trustee
The Trustee holds all of the Plan's assets, receives contributions
from the Company, and executes all investment and disbursement
transactions based upon instructions from the Plan Administrator.
The Plan Administrator has obtained certification from the Trustee
that the investment information provided to the Plan Administrator
by the Trustee is complete and accurate. The investment
information included in the accompanying financial statements, in
Notes 4, 5, 6, and 7 and in the accompanying supplemental
schedules, has been prepared from the data certified by the Trustee
and includes adjustments made by the Plan Administrator for the
purpose of conforming the Trustee-certified financial information
to the accrual basis of accounting.
F-9
<PAGE>
<TABLE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
4. Investments
Investments held by the Plan are as follows:
<CAPTION>
December 31, 1994 December 31, 1993
Number Market Number Market
of Value of Value
Shares/ Per Shares/ Per
Units Share/Unit Cost Market Units Share/Unit Cost Market
<S> <C> <C> <C> <C> <C> <C> <C> <C>
The Walt Disney Company
Common Stock Fund 3,345,044 $ 46.00 $108,208 $153,872 3,111,872 $42.62 $ 98,142 $132,643
Fidelity Pooled Funds:
Inst. Short-Inter Gov't
Portfolio Fund 2,362,063 9.18 22,985 21,684 1,755,101 9.88 17,428 17,340
U.S. Equity Index
Commingled Pool Fund 1,411,996 11.98 14,740 16,916 1,296,361 11.82 13,365 15,323
U.S. Bond Index
Portfolio Fund 231,562 9.97 2,476 2,309 142,268 11.00 1,585 1,565
Balanced Fund 556,339 12.29 7,295 6,837 313,527 13.39 4,213 4,198
Magellan Fund 554,282 66.80 37,297 37,026 401,293 70.85 27,004 28,432
84,793 84,772 63,595 66,858
Guaranteed Interest
Contract Fund 3,245,399 1.00 3,245 3,245 7,144,177 1.00 7,144 7,144
Participant loans 7,066 7,066 6,343 6,343
$203,312 $248,955 $175,224 $212,988
</TABLE>
F-10
<PAGE>
<TABLE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
4. Investments (continued)
Net unrealized appreciation/(depreciation) in the fair value of
investments held by the Plan is as follows:
<CAPTION>
December 31,
1994 1993 1992
<S> <C> <C> <C>
The Walt Disney Company Common Stock Fund $11,163 $ (172) $34,673
Pooled Funds:
Institutional Short-Intermediate
Government Portfolio Fund (1,213) (115) 27
U.S. Equity Index Commingled Pool Fund 218 1,195 763
U.S. Bond Index Portfolio Fund (147) (14) (6)
Balanced Fund (443) (6) (9)
Magellan Fund (1,699) 1,820 (392)
High Growth Equity Fund - - (7,026)
Equity Index Fund - - (3,359)
Net Unrealized Appreciation $7,879 $2,708 $24,671
</TABLE>
F-11
<PAGE>
<TABLE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
5. Allocation of Plan Assets by Investment Program
<CAPTION>
December 31, 1994
The Walt Inst. US Equity
Disney Short-Inter Index US Bond Guaranteed
Company Gov't Commingled Index Interest
Common Portfolio Pool Portfolio Balanced Magellan Contract Loan
Stock Fund Fund Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Investments at
market value $154,036 $ 21,723 $ 16,938 $ 2,312 $ 6,847 $ 37,078 $ 3,245 $ 6,776 $248,955
Contributions
receivable 2,091 291 311 106 276 799 - - 3,874
Net Assets Available
for Benefits $156,127 $ 22,014 $ 17,249 $ 2,418 $ 7,123 $ 37,877 $ 3,245 $ 6,776 $252,829
</TABLE>
F-12
<PAGE>
<TABLE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
5. Allocation of Plan Assets by Investment Program (continued)
<CAPTION>
DECEMBER 31, 1993
The Walt Inst. US Equity
Disney Short-Inter Index US Bond Guaranteed
Company Gov't Commingled Index Interest
Common Portfolio Pool Portfolio Balanced Magellan Contract Loan
Stock Fund Fund Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Investments at
market value $132,789 $ 17,374 $ 15,345 $ 1,567 $ 4,203 $ 28,473 $ 7,144 $ 6,093 $212,988
Contributions
receivables 2,159 345 296 80 168 634 - - 3,682
Net Assets Available
for Benefits $134,948 $ 17,719 $ 15,641 $ 1,647 $ 4,371 $ 29,107 $ 7,144 $ 6,093 $216,670
</TABLE>
F-13
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
6. Allocation of Plan Income and Changes in Plan Equity by Investment Program
DECEMBER 31, 1994
<TABLE>
<CAPTION>
The Walt Inst. US Equity
Disney Short-Inter Index US Bond Guaranteed
Company Gov't Commingled Index Interest
Common Portfolio Pool Portfolio Balanced Magellan Contract Loan
Stock Fund Fund Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Sources of Net Assets
Investment Income
Interest $ - $ - $ - $ - $ $ $ 502 $ 406 $ 908
Dividends 931 1,249 - 139 185 1,235 - - 3,739
Realized (loss) gain
on sale of assets (86) (196) 14 (40) (60) (180) - - (548)
845 1,053 14 99 125 1,055 502 406 4,099
Unrealized appreciation
(depreciation) in
investments 11,163 (1,213) 218 (147) (443) (1,699) - - 7,879
Contributions
Participants 14,101 3,642 3,307 1,101 2,665 8,834 - - 33,650
Company 9,036 - - - - - - - 9,036
23,137 3,642 3,307 1,101 2,665 8,834 - - 42,686
Total Sources 35,145 3,482 3,539 1,053 2,347 8,190 502 406 54,664
Payments to participants 11,263 1,982 1,270 138 582 2,391 461 414 18,501
Investment expense - - - - - - 4 - 4
11,263 1,982 1,270 138 582 2,391 465 414 18,505
Inter-fund Transfers (2,703) 2,795 (661) (144) 987 2,971 (3,936) 691 -
Increase (decrease) in net
assets for the year 21,179 4,295 1,608 771 2,752 8,770 (3,899) 683 36,159
Net Assets Available for
Benefits
Beginning of year 134,948 17,719 15,641 1,647 4,371 29,107 7,144 6,093 216,670
End of year $156,127 22,014 17,249 2,418 7,123 37,877 3,245 6,776 252,829
</TABLE>
F-14
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
6. Allocation of Plan Income and Changes in Plan Equity by Investment Program
(continued)
DECEMBER 31, 1993
<TABLE>
<CAPTION>
The Walt Inst. US Equity
Disney Short-Inter Index US Bond Guaranteed
Company Gov't Commingled Index Interest
Common Portfolio Pool Portfolio Balanced Magellan Contract Loan
Stock Fund Fund Fund Fund Fund Fund Fund Fund Total
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Sources of Net Assets
Investment Income
Interest $ 5 $ - $ - $ - $ - $ - $ 871 $ 333 $ 1,209
Dividends 709 829 - 69 232 2,425 - - 4,264
Realized (loss) gain
on sale of assets (640) 15 110 8 29 266 - - (212)
74 844 110 77 261 2,691 871 333 5,261
Unrealized appreciation/
(depreciation) in
investments (172) (115) 1,195 (14) (6) 1,820 - - 2,708
Contributions
Participants 14,866 4,192 3,271 732 1,256 5,854 - - 30,171
Company 8,402 - - - - - - - 8,402
23,268 4,192 3,271 732 1,256 5,854 - - 38,573
Total Sources 23,170 4,921 4,576 795 1,511 10,365 871 333 46,542
Payments to participants 7,294 753 649 71 111 1,417 639 191 11,125
Investment expense 10 - - - - 6 - 16
7,304 753 649 71 111 1,423 639 191 11,141
Inter-fund Transfers (4,883) 2,301 (582) 543 2,300 3,227 (5,315) 2,409 -
Increase (decrease) in net
assets for the year 10,983 6,469 3,345 1,267 3,700 12,169 (5,083) 2,551 35,401
Net Assets Available for
Benefits
Beginning of year 123,965 11,250 12,296 380 671 16,938 12,227 3,542 181,269
End of year $134,948 17,719 15,641 1,647 4,371 29,107 7,144 6,093 216,670
</TABLE>
F-15
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(continued)
7. Realized Gain (Loss)
Net realized gain (loss) resulting from the sale of fund assets is
as follows:
<TABLE>
<CAPTION>
For the Year Ended
December 31,
1994 1993 1992
<S> <C> <C> <C>
The Walt Disney Company Common Stock Fund $ (86) $ (640) $ 2,128
Pooled Funds:
Institutional Short-Intermediate Government
Portfolio Fund (196) 15 2
U.S. Equity Index Commingled Pool Fund 14 110 13
U.S. Bond Index Portfolio Fund (40) 8 -
Balanced Fund (60) 29 (1)
Magellan Fund (180) 266 4
High Growth Equity Fund - - 4,529
Equity Index Fund - - 3,328
Net Realized (Loss) Gain $ (548) $ (212) $10,003
</TABLE>
8. Income Taxes
The Company has received an Internal Revenue Service determination letter
stating that the Plan qualifies under Section 401(a) of the Code and is
therefore exempt from Federal income tax under Section 501(a) of the Code.
Since the Plan is qualified under Section 401(a) of the Code, under applicable
state law it is exempt from state income taxes.
9. Accumulated Benefits
In accordance with guidance for accounting and disclosure by
employee benefit plans, participant distributions payable,
including loan distributions approved but not disbursed as of year
end, are not presented as a liability in the statement of net
assets available for benefits or as benefit payments in the
statement of changes in net assets available for benefits.
Participant distributions payable and loan distributions approved
but not disbursed at December 31, 1994 and 1993 are summarized as
follows:
<TABLE>
<CAPTION>
December 31,
1994 1993
<S> <C> <C>
Terminated participants $ 2,151 $ 518
Participants' loans 271 201
Total Liabilities $ 2,422 $ 719
</TABLE>
F-16
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
SCHEDULE I
SCHEDULE OF ASSETS HELD FOR INVESTMENT AT
DECEMBER 31, 1994
<TABLE>
<CAPTION>
SHARES DESCRIPTION OF INVESTMENTS COST VALUE
<S> <C> <C> <C>
3,345,044 The Walt Disney Company $ 108,208,186 $ 153,872,004
Common Stock Fund
2,362,063 Fidelity Inst. Short-Inter 22,984,557 21,683,742
Gov't Portfolio Fund
1,411,996 Fidelity U.S. Equity Index 14,739,453 16,915,709
Commingled Pool Fund
231,562 Fidelity U.S. Bond Index 2,476,415 2,308,672
Portfolio Fund
556,339 Fidelity Balanced Fund 7,295,243 6,837,407
554,282 Fidelity Magellan Fund 37,296,563 37,026,041
3,245,399 Guaranteed Interest Contract 3,245,399 3,245,399
Fund
Participant Loans 7,066,166 7,066,166
$ 203,312,382 $ 248,955,140
</TABLE>
F-17
<PAGE>
DISNEY SALARIED SAVINGS AND INVESTMENT PLAN
SCHEDULE V
PLAN TRANSACTIONS OR SERIES OF TRANSACTIONS
IN EXCESS OF 5 PERCENT OF THE CURRENT VALUE OF ASSETS
AT THE BEGINNING OF THE PLAN YEAR
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Selling Cost of
Description Number of Purchase distribution assets sold/
of assets transactions price price distributed Net gain
<S> <C> <C> <C> <C> <C>
The Walt Disney Company
Common Stock Fund 118 $27,499,879
84 $17,347,515 $11,827,773 $ 5,519,742
Magellan Fund 210 14,511,971
97 4,038,151 4,014,179 23,972
Inst. Short-Inter.
Gov't Portfolio Fund 199 10,044,099
163 4,291,861 4,126,290 165,571
</TABLE>
F-18
