-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LoiEuMwIFtQW9ZaoWGO3yHFFCYveqtcSU1wKichfUD+DEzCx2wtMueBGLClkscKV 0XM7zzTJSql7B9MJ6UjqbA== 0001001039-98-000028.txt : 19980630 0001001039-98-000028.hdr.sgml : 19980630 ACCESSION NUMBER: 0001001039-98-000028 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980629 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WALT DISNEY CO/ CENTRAL INDEX KEY: 0001001039 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] IRS NUMBER: 954545390 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: SEC FILE NUMBER: 001-11605 FILM NUMBER: 98656108 BUSINESS ADDRESS: STREET 1: 500 SOUTH BUENA VISTA ST CITY: BURBANK STATE: CA ZIP: 91521 BUSINESS PHONE: 8185601000 MAIL ADDRESS: STREET 1: 500 SOUTH BUENA VISTA ST CITY: BURBANK STATE: CA ZIP: 91521 FORMER COMPANY: FORMER CONFORMED NAME: DC HOLDCO INC DATE OF NAME CHANGE: 19950918 10-K/A 1 ABC, INC. SAVINGS & INVESTMENT PLAN FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES DECEMBER 31, 1997 AND 1996 ABC, INC. SAVINGS & INVESTMENT PLAN INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES DECEMBER 31, 1997 AND 1996 Report of Independent Accountants F-2 Statements 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 Supplemental Schedules Schedule I - Line 27a: Schedule of Assets Held for Investment Purposes F-17 Schedule II - Line 27d: Schedule of Reportable Transactions 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 omitted because they were not applicable. F-1 REPORT OF INDEPENDENT ACCOUNTANTS June 25, 1998 To the Participants and the Employee Benefits Committee of The ABC, Inc. Savings & Investment Plan In our opinion, the accompanying statements of net assets available for benefits as of December 31, 1997 and 1996 and the related statement of changes in net assets available for benefits for the year ended December 31, 1997 present fairly, in all material respects, the net assets available for benefits of the ABC, Inc. Savings & Investment Plan (the "Plan") at December 31, 1997 and 1996, and the changes in net assets available for benefits for the year ended December 31, 1997, 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 audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in schedules I and II 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 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. PRICE WATERHOUSE LLP New York, New York F-2 ABC, INC. SAVINGS & INVESTMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS (In thousands)
December 31, ------------ 1997 1996 ----- ---- Assets Investments: At fair value The Walt Disney Company Common Stock Fund $ 535,542 $427,204 Shares of registered investment companies: Fidelity Retirement Money Market Portfolio Fund 170,672 195,785 Fidelity Inst. Short-Inter Gov't Portfolio Fund 17,098 14,034 Fidelity Asset Manager Fund 61,654 60,169 Fidelity Growth and Income Portfolio Fund 163,342 121,389 Fidelity Magellan Fund 83,236 71,071 Participant Loans 14,364 16,483 ------ ------ Total investments 1,045,908 906,135 --------- ------- Receivables: Employer's contribution 882 985 Participants' contributions 139 3,393 Total receivables 1,021 4,378 Total assets 1,046,929 910,513 --------- ------- Net assets available for benefits $1,046,929 $910,513 ========== ========
The accompanying notes are an integral part of these financial statements. F-3 ABC, INC. SAVINGS & INVESTMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS (In thousands)
For the Year Ended December 31, 1997 ------------------- Additions to net assets attributed to: Investment income: Dividend and interest income $ 32,385 Interest on participant loans 1,336 Net realized gain on sale of assets 39,271 Net unrealized appreciation on investments 179,043 ------- 252,035 ------- Contributions: Participants 35,093 Employer 12,343 ------ 47,436 ------ Total additions 299,471 ------- Deductions from net assets attributed to: Payments to participants 88,392 Administrative expense 89 Transfer of assets to successor trustee 74,574 ------ Total deductions 163,055 ------- Increase in net assets 136,416 Net assets available for benefits Beginning of year 910,513 ------- End of year $1,046,929 ==========
The accompanying notes are an integral part of these financial statements. F-4 ABC, INC. SAVINGS & INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (Tabular dollars in thousands) 1. Description of the Plan General The ABC, Inc. Savings & Investment Plan (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) and after-tax contributions pursuant to Section 401(a) 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"). For further information regarding the Plan, refer to the Summary Plan Description and fund prospectus. Administration of the Plan On February 9, 1996, The Walt Disney Company acquired ABC, Inc. (the "Company") (previously called "Capital Cities/ABC, Inc."). The Company appointed the Employee Benefits Committee (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"). Pursuant to the trust agreement, Fidelity is to carryout most of the day-to-day activities of administration. Participation Participation in the Plan is available to qualified employees of the Company and those other subsidiaries and divisions of ABC, Inc. which were a part of, or affiliates of the American Broadcasting Companies, Inc. ("ABC") (an indirect wholly-owned subsidiary of ABC, Inc.) prior to January 1, 1989. Individuals who became employees of the corporate and other broadcasting properties of ABC, Inc. subsequent to 1988 also are eligible to participate in the Plan as are employees of certain properties within the Company's Publishing Group not part of ABC, Inc. prior to January 1, 1989. Transfer of Assets to Successor Trustee During 1997, the Company sold certain Publishing Group properties to various purchasers. Employees of these Publishing Group properties who were participants of the Plan were allowed to either transfer their vested account balances to plans provided by the purchasers of the Publishing Group properties, withdraw from the Plan by December 31, 1999, or leave their account balances in the Plan subject to the Plan's distribution provisions regarding termination, retirement or death. The disposition of Publishing Group participant account balances was in accordance with the terms and conditions of each sale and may differ from sale to sale. Total net assets transferred amounted to $74,573,859. F-5 ABC, INC. SAVINGS & INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 1. Description of the Plan (continued) Contributions Participants are permitted to authorize contributions in whole percentages, up to 10 percent of their base compensation on a pre-tax or after-tax basis, through payroll deductions. A participant's total contributions and the Company's matching contributions, in any Plan year, cannot exceed the limits provided under Sections 401(k), 401(a) and 415 of the Code. The Company currently contributes a matching amount equal to 50 percent of the first 5% a participant contributes to the Plan. The Company may make matching contributions either in cash, which is invested exclusively in the common stock of The Walt Disney Company, or directly in shares of the common stock of The Walt Disney Company and, at its discretion, the Company may change the level of matching contributions or cease making matching contributions. Participants may not transfer matched company contributions from The Walt Disney Company Common Stock Fund. However, participants are allowed to transfer matched contributions made prior to the merger with The Walt Disney Company into any fund of their choice. Vesting Participants are immediately 100% vested with respect to all contributions made by the participant. Effective January 1, 1995, once the participant completes five years of service, matching employer contributions are immediately 100% vested. Prior to completion of the fifth year of service, matching employer contributions vest 50% at the end of the Plan year for which the contributions are made, and the remaining 50% the end of the subsequent Plan year. Additionally, a participant's account is considered fully vested upon attaining age 65, or death while in active service, or upon termination of service because of permanent and total disability. Forfeitures Nonvested employer contributions are forfeited upon termination and revert to the Company. These amounts are used to reduce future employer contributions. 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 balances among the various investment funds. Such elections may be made as often as once each month, in whole dollars or percentages. F-6 ABC, INC. SAVINGS & INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 1. Description of the Plan (continued) Investments (continued) The trust agreement provides that assets of the Plan may be invested in the following pooled investment funds (collectively, the "Investment Funds"), established by Fidelity: The Walt Disney Company Common Stock Fund This fund consists primarily of The Walt Disney Company common stock and cash and cash equivalents which are deemed necessary for orderly investment in such stock and for anticipated cash requirements. Fidelity Retirement Money Market Portfolio Fund This fund invests in short-term money market instruments, such as bank certificates of deposit, issued by both U.S. and foreign bank, insurance companies and government agencies. Fidelity Institutional Short-Intermediate Government Portfolio Fund This fund invests only in fixed income securities issued by the U.S. government or issued by U.S. government agencies. Fidelity Asset Manager Fund This fund consists of a neutral mix of stocks, bonds and short-term investments of both U.S. and foreign governments. Fidelity Growth & Income Portfolio Fund This fund invests in stocks, bonds and short-term investments of U.S. and foreign companies that offer growth potential while paying dividends. Fidelity Magellan Fund This fund invests primarily in common stock and securities convertible into common stock; however, up to 20 percent of the Fund may be invested in fixed income securities. Additionally, the Fund may invest in foreign securities, high-yield securities, and may buy and sell options and futures contracts relating to securities in the Fund. The Walt Disney Company common stock may be held in the Fund. Brokerage commissions and stock transfer taxes in connection with the purchase or sale of securities are absorbed within the net asset value of each investment fund on each business day. All other costs and expenses incurred in connection with the administration of the Plan will be charged to the participants' accounts. Benefits, Distributions and Withdrawals A participant's entire vested account balance, adjusted for investment gains or losses, is available for immediate distribution upon termination of employment. Participant account balances under $3,500 are automatically distributed within 60 days following the participant's severance date or as soon as possible, thereafter. All amounts must be distributed when the terminated participant reaches age 65. F-7 ABC, INC. SAVINGS & INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 1. Description of the Plan (continued) Benefits, Distributions and Withdrawals (continued) Under Section 401(k) of the Code, in service 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. Under Section 401(a) of the Code, in service withdrawals of the value of after-tax contributions by participants can be made at any time, for any reason. In compliance with Internal Revenue Regulations, active participants who have reached age 70 and one-half must (unless exempt) take an annual minimum required distribution commencing not later than April 1, of the year following the year they attain age 70 and one-half. Loans 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 off-set. Participants may borrow up to 50 percent of their vested 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 five years. The interest rate on loans is currently Chase Manhattan Bank of New York's prime rate plus 1 percent. 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 vested account at the time of liquidation. Related Party Transactions Certain Plan investments are shares of mutual funds managed by Fidelity. Fidelity is the trustee as defined by the Plan, and, therefore, these transactions qualify as party-in-interest. Fees paid by the Plan to the Trustee amounted to $89,000 for the year ended December 31, 1997. 2. Summary of Significant Accounting Policies Basis of Accounting The financial statements of the Plan are prepared using the accrual basis of accounting. F-8 ABC, INC. SAVINGS & INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 2. Summary of Significant Accounting Policies (continued) Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. Actual results could differ from those estimates. Contribution Policy Contributions are recorded in the period during which the Company makes payroll deductions from the employees' earnings. Matching company contributions are recorded in the same period. Investment Valuation and Income Recognition 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. 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. 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 unrealized 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. Payment of Benefits Benefits are recorded when paid. F-9 ABC, INC. SAVINGS & INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 3. Investments All funds are maintained on a unit basis. Unit value is determined daily by dividing the total assets of the fund by the total number of units allocated to participants' accounts. Investments held by the Plan are as follows:
December 31, 1997 December 31, 1996 ----------------- ----------------- Number Market Number Market of Value Total of Value Total Units Per Unit Market Units Per Unit Market ----- -------- ------ ----- -------- ------ The Walt Disney Company Common Stock Fund 35,048,550 $15.28 $535,542* 39,666,172 $10.77 $427,204* --------- --------- Fidelity Pooled Funds: Retirement Money Market Portfolio Fund 170,672,420 1.00 170,672* 195,785,050 1.00 195,785* Inst. Short-Inter Gov't Portfolio Fund 1,815,042 9.42 17,098 1,489,791 9.42 14,034 Asset Manager Fund 3,359,919 18.35 61,654* 3,653,258 16.47 60,169* Growth and Income Portfolio Fund 4,287,183 38.10 163,342* 3,950,174 30.73 121,389* Magellan Fund 873,684 95.27 83,236* 881,226 80.65 71,071* ------ ------ 496,002 462,448 ------- ------- Participant Loans 14,364 16,483 ------ ------ $1,045,908 $906,135 ========== ======== Funds that constitute more than five percent of the investments held
F-10 ABC, INC. SAVINGS & INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 4. Statement of Net Assets Available for Benefits by Investment Program
DECEMBER 31, 1997 ------------------------------------------------------------------------------------- The Walt Retirement Inst. Disney Money Short-Inter Growth & Company Market Gov't Asset Income Common Portfolio Portfolio Manager Portfolio Magellan Participant Stock Fund Fund Fund Fund Fund Fund Loans Total Investments at fair value 535,542 170,672 17,098 61,654 163,342 83,236 $ 14,364 1,045,908 Inter-fund transfer receivable 2,000 (3,000) 50 200 450 300 - - Contributions receivable 328 161 25 112 224 171 - 1,021 Net assets available for benefits 537,870 167,833 17,173 61,966 164,016 83,707 $ 14,364 1,046,929
F-11 ABC, INC. SAVINGS & INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 4. Statement of Net Assets Available for Benefits by Investment Program
DECEMBER 31, 1996 ------------------------------------------------------------------------------------ The Walt Retirement Inst. Disney Money Short-Inter Growth & Company Market Gov't Asset Income Common Portfolio Portfolio Manager Portfolio Magellan Participant Stock Fund Fund Fund Fund Fund Fund Loans Total Investments at fair value 427,204 195,785 14,034 60,169 121,389 71,071 $ 16,483 906,135 Contributions receivable 2,390 192 92 427 697 580 - 4,378 Net assets available for benefits 429,594 195,977 14,126 60,596 122,086 71,651 $ 16,483 910,513
F-12 ABC, INC. SAVINGS & INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 5. Statement of Changes in Net Assets Available for Benefits by Investment Program
DECEMBER 31, 1997 ---------------------------------------------------------------------------------------- The Walt Retirement Inst. Disney Money Short-Inter Growth & Company Market Gov't Asset Income Common Portfolio Portfolio Manager Portfolio Magellan Participant Stock Fund Fund Fund Fund Fund Fund Loans Total Additions to net assets attributed to: Investment income Interest and dividends 3,071 9,549 997 5,605 7,658 5,505 1,336 33,721 Net realized gain/(loss) on sale of assets 22,857 - (38) 2,594 9,114 4,744 - 39,271 ------ ------ --- ----- ----- ----- ----- ------ 25,928 9,549 959 8,199 16,772 10,249 1,336 72,992 ------ ----- --- ----- ------ ------ ----- ------ Net unrealized appreciation in investments 143,800 - 36 4,669 22,340 8,198 - 179,043 ------- ----- -- ----- ------ ----- ----- ------- Contributions: Participants 14,422 1,934 937 3,948 7,994 5,858 - 35,093 Employer 12,898 (555) - - - - - 12,343 ------ ---- --- ----- ----- ----- ----- ------ 27,320 1,379 937 3,948 7,994 5,858 - 47,436 ------ ----- --- ----- ----- ----- ----- ------ Total additions 197,048 10,928 1,932 16,816 47,106 24,305 1,336 299,471 ------- ------ ----- ------ ------ ------ ----- -------
F-13 ABC, INC. SAVINGS & INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 5. Statement of Changes in Net Assets Available for Benefits by Investment Program
DECEMBER 31, 1997 --------------------------------------------------------------------------------------- The Walt Retirement Inst. Disney Money Short-Inter Growth & Company Market Gov't Asset Income Common Portfolio Portfolio Manager Portfolio Magellan Participant Stock Fund Fund Fund Fund Fund Fund Loans Total Deductions from net assets attributed to: Payments to participants 32,864 23,679 2,342 6,912 12,604 6,611 3,380 88,392 Administrative expense 11 43 4 12 15 4 - 89 ------ ------ ----- ----- ------ ----- ----- ------ 32,875 23,722 2,346 6,924 12,619 6,615 3,380 88,481 ------ ------ ----- ----- ------ ----- ----- ------ Transfer of assets to successor trustees 23,361 13,868 1,558 8,483 15,487 11,817 - 74,574 ------ ------ ----- ----- ------ ------ ------ Total deductions 56,236 37,590 3,904 15,407 28,106 18,432 3,380 163,055 ------ ------ ----- ------ ------ ------ ----- ------- Inter-fund transfers (32,536) (1,482) 5,019 (39) 22,930 6,183 (75) - ------- ------ ----- ------ ------ ----- ----- ------- Increase (decrease) in net assets for the year 108,276 (28,144) 3,047 1,370 41,930 12,056 (2,119) 136,416 Net assets available for benefits Beginning of year 429,594 195,977 14,126 60,596 122,086 71,651 16,483 910,513 ------- ------- ------ ------ ------- ------ ------ ------- End of year 537,870 167,833 17,173 61,966 164,016 83,707 14,364 1,046,929 ======= ======= ====== ====== ======= ====== ====== =========
F-14 ABC, INC. SAVINGS & INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 6. Income Taxes The Company received an Internal Revenue Service determination letter dated March 28, 1996, stating that the Plan, as currently amended, 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 also exempt from state income taxes. Due to plan amendments adopted since the issuance of the original determination letter, the Company reapplied for a determination of the tax exempt status of the Plan. 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 Code. Accordingly, no provision for income taxes is made in the accompanying financial statements. 7. Reconciliation of Financial Statements to Form 5500 The following is a reconciliation of net assets available for benefits according to the financial statements to Form 5500:
Year Ended December 31, 1997 ----------- Net assets available for benefits per the financial statements $1,046,929 Amounts allocated to withdrawing participants (325) Net assets available for benefits per ---------- Form 5500 $1,046,604 ========== The following is a reconciliation of benefits paid to participants according to the financial statements to Form 5500: Year Ended December 31, 1997 ----------- Benefits paid to participants per the financial statements $88,392 Less: Amounts allocated to withdrawing participants at December 31, 1996 (2,863) Add: Amounts allocated to withdrawing participants at December 31, 1997 325 ------- Benefits paid to participants per Form 5500 $85,854 =======
Amounts allocated to withdrawing participants are recorded on Form 5500 for benefit claims that have been processed and approved for payment prior to December 31 but not yet paid as of that date. F-15 ABC, INC. SAVINGS & INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS (continued) 8. Subsequent Events (unaudited) Effective April 1, 1998, certain employees of the corporate and broadcasting operations of the Company hired prior to January 1, 1989 who were previously ineligible for the Plan and participating in The Employee Profit Sharing Plan of ABC, Inc. are eligible to participate in the Plan. Effective May 19, 1998, $1,024,000.00 of employee after-tax contributions of certain employees of Fairchild Publishing Inc. were transferred into the Plan from the Capital Cities Publishing Pension Plan. 9. Investment in Master Trust The Plan's investments are held in a Master Trust along with the assets of the Employee Profit Sharing Plan of ABC, Inc., a defined contribution plan sponsored by the Company. Each participating plan has a specific interest in the Master Trust. Assets of the Master Trust are allocated to the participating plans according to the elections of participants within each plan. At December 31, 1997 and December 31, 1996, the Plan's interest in the net assets of the Master Trust was approximately 83.7% and 83.2%, respectively. Investment income of the Master Trust is allocated based upon each Plan's interest within each of the investment funds held by the Master Trust. Investments held by the Master Trust are as follows:
December 31, ------------ 1997 1996 ---- ---- Investments, at fair value: The Walt Disney Company Common Stock Fund 535,542 427,204 Share of registered investment companies 698,796 643,080 --------- --------- Total 1,234,338 1,070,284 ========= =========
The investment income of the Master Trust is as follows:
For the Year Ended December 31, 1997 ----------------- Investment income: Interest and dividends 38,828 Net realized gain on sale of assets 48,673 Net unrealized appreciation 215,152 -------------- Total 302,653 ==============
The net appreciation (including net realized gains/losses) in the fair value of the investments held by the Master Trust is as follows:
For the Year Ended December 31, 1997 ------------------ Net Appreciation: The Walt Disney Company Common Stock Fund 166,657 Shares of registered investment companies 97,168 ----------------- Total 263,825 =================
F-16 ABC, INC. SAVINGS & INVESTMENT PLAN SCHEDULE I LINE 27a: SCHEDULE OF ASSETS HELD FOR INVESTMENT AT DECEMBER 31, 1997 (DOLLARS ARE NOT IN THOUSANDS)
SHARES DESCRIPTION OF INVESTMENTS COST CURRENT VALUE ------ -------------------------- ---- ------------- 35,048,550 *The Walt Disney Company $ 275,039,562 $ 535,541,839 Common Stock Fund 170,672,420 *Fidelity Retirement Money Market 170,672,419 170,672,420 Portfolio Fund 1,815,042 *Fidelity Inst. Short-Inter 17,034,938 17,097,698 Gov't Portfolio Fund 3,359,919 *Fidelity Asset Manager Fund 53,264,080 61,654,519 4,287,183 *Fidelity Growth and Income 126,221,326 163,341,660 Portfolio Fund 873,683 *Fidelity Magellan Fund 69,819,403 83,235,847 Participant Loans - 14,364,389 (Maturities go through 2007 Interest rates range from 7.0% to 11.0%) -------------- -------------- $ 712,051,728 $1,045,908,372 ============== ============== *Parties-in-interest
F-17 ABC, INC. SAVINGS & INVESTMENT PLAN SCHEDULE II LINE 27d: SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1997 (DOLLARS ARE NOT IN THOUSANDS)
Current Identity Selling/ Cost of value of asset of party Number of Purchase distribution Lease Expense assets sold/ on transaction Net involved Description of assets Transactions Price Price rental incurred distributed date gain The Walt The Walt Disney Company Disney Company * Common Stock 253 $109,079,950 - - 254 $167,350,134 - - $125,582,861 - $41,767,273 Fidelity * Growth & Income Portfolio Fund 253 74,344,661 - - 253 63,844,144 - - 54,122,939 - 9,721,205 Fidelity * Retirement Money Market Portfolio Fund 256 122,674,792 - - 254 147,650,377 - - 147,650,377 - - * Parties-in-interest
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