-pf return of private foundation...form 990-pf (2013) the walt and lilly disney foundation...

e,fJrm990-PF OMB No 1545-0052

Return of Private Foundation• . or Section 4947(aXl) Trust Treated as Private Foundation

201 3Department of the Treasury

Do not enter Social Security numbers on this form as it may be made public.

Internal Revenue Service Information about Form 990-PF and its separate instructions is at www.irs.gov/form990pf.

For calendar year 2013, or tax year beginning , 2013, an d e n ding ,

THE WALT AND LILLY DISNEY FOUNDATIONP.O. BOX 2566SAN ANSELMO , CA 94979-2566

Employer identification number

23-7425637ti Telephone number (see the instructions)

415.453.0883

C If t I t din check here 0- 11G Check all that apply. Initial return Initial return of a former public charity

exemp Ion Opp Ica Ion Is pen g,

Final return Amended return D 1 Foreign organizations, check here

Address change Name change o2 Foreign organizations meeting the 85% test, check

H Check type of organization X Section 501 (c)(3) exempt private foundationq

here and attach computation

11Section 4947(a)(1) nonexempt charitable trust

11Other taxable private foundation E If private foundation status was terminated

I Fair market value of all assets at end of year J Accounting method Cash X Accrual under section 507(b)(1)(A), check here

(from Part ll, column (c), line 16) Other (specify) F If the foundation is in a 60-month terminationunder section 507(b)(1)(13) check here ^M. $ 174, 193, 063. (Part , column (d) must be on cash basis) ,

Part,l^, Ana lysis ot Revenue and (a) Revenue and (b) Net Investment (c) Adjusted net (d) DisbursementsExpenses (The total of amounts In expenses per books income income for charitablecolumns (b), (c), and (d) may not neces- purposes (cashsarily equal the amounts in column (a) basis only)(see Instructions) )

Contributions, gifts, grants, etc, received (aft sch) s v , _'

2 Ck if the foundn is not req to aft Sch B

Interes on savings and temporarystments N/A '-

4 nS nd interest from securities 3 , 528 , 260. 3 , 528 , 260.Grossrents

^b N ental i come

R 6 a r t ain/( Ir 55) from sale of assets not on line 10 7,264,620. .` 'E spry a for allb Gross sal

6 140555267 .6z ,ts on/ 6207 264 1 '7 Q^pdal n income (from Part IV, line 2)? ., , gi n ;

8 f-Net sh' rt.term capital gainl

tfmodifications9 Uncom -T

10^rorn Sr lessreturn a pallow eilU

ds sold i

C profit/(loss) (att sch)

11 Other income (attach schedule) - x P

See Statement 1 195, 636. 195,636. •' '14_ M^_ %112 Tota .Add lines 1 through 11 10 988 516. 10 , 988 , 516. oa1-3 Compensation of officers , directors , trustees, etc

14 Other employee salaries and wages

15 Pension plans, employee benefits

A 16a Legal fees (attach schedule) See. St 2 525. 525.DM b Accounting fees (attach sch) See St 3 68, 275. 62, 548. 5,727.IN

N

c Other prof fees (attach sch) See St 4 864, 681. 864, 681.0P

17 InterestSE T 18 Taxes ( attach schedulexseeinstrs ) See Stm 5 611, 025. 611, 025.R

A

R 19 Depreciation (attach - ` -IT T sch) and depletion

IN

v 20 Occupancy

G E 21 Travel, conferences, and meetings

A E 22 Printing and publicationsND

x 23 Other expenses (attach schedule)

EN See Statement 6 9,582. 4,954. 4,628.ss

24 Total operatin g and administrativenes 13 throu h 23Add l 1 554 088 7331 543 10 355i gexpenses . , , . ., , , .

25 Contributions, gifts, grants paid Stmt 7 10 346 571. 10 , 346 . 571.26 Total expenses and disbursements.

Add lines 24 and 25 11, 900, 659. 1, 543, 733. 10,356,926.27 Subtract line 26 from line 12:

a Excess of revenue over expensesand disbursements -912,143. '

b Net investment income ( if negative , enter -0-) 9,444,783.

C Adj usted net income ( if negative , enter -0-)

CLL

2En

BAA For Paperwork Reduction Act Notice , see instructions . TEEA0504L lonans rorm vvu-rr (N I S)

^,^ ^a

Form 990-PF (2013) THE WALT AND LILLY DISNEY FOUNDATION 23-7425637 Attached schedules and amounts in the description Beginning of year End of year

Balance Sheets column should be for end-of-year amounts onlyPart IL .(See instructions) (a) Book Value (b) Book Value (c) Fair Market Value

1 Cash - non-interest-bearing

2 Savings and temporary cash investments 13, 540, 853. 4, 893, 328. 4, 893, 328.3 Accounts receivable 102,325. `

-----------Less allowance for doubtful accounts ► 49,183. 102, 325. 102, 325.

4 Pledges receivable- - - - - - - - - 4s°

Less: allowance for doubtful accounts- - - - - - - - - -

5 Grants receivable

6 Receivables due from officers, directors, trustees, and otherdisqualified persons (attach schedule) (see instructions)

7 Other notes and loans receivable (attach sch)

SLess allowance for doubtful accounts

------S

---8 Inventories for sale or use

ET

9 Prepaid expenses and deferred charges

S 10a Investments - U S and state governmentobligations (attach schedule)

b Investments - corporate stock (attach schedule) 79, 137, 122. 90, 998, 737. 90,998,737.c Investments - corporate bonds (attach schedule) 52, 653, 951. 40, 907, 143. 40,907,143.

11 Investments - land, buildings, andequipment: basis

-- -

`^, ,

--------Less accumulated depreciation(attach schedule)

-----------12 Investments - mortgage loans

13 Investments - other (attach schedule) 15, 058, 624. 37, 291, 530. 37, 291, 530.14 Land, buildings, and equipment: basis' ,

-----------Less: accumulated depreciation(attach schedule) ' _________

15 Other assets (describe'----------------

16 Total assets (to be completed by all filers -see the instructions Also, see page 1, item I) 160, 439, 733. 174, 193, 063. 174, 193, 063.

L

I

17 Accounts payable and accrued expenses 4,200. 2,400.11*0

. .

18 Grants payable

B 19 Deferred revenue

I 20 Loans from officers, directors, trustees, & other disqualified persons.

21 Mortgages and other notes payable (attach schedule) x .,

22 Other liabilities (describe' See Statement8 ) 267, 747. 564, 556.

5

_ _ _ __

23 Total liabilities (add lines 17 through 22) 271, 947. 566, 956.

'A

Foundations that follow SFAS 117, check here X'and complete lines 24 through 26 and lines 30 and 31 . -

N F 24 Unrestricted 160, 167, 786. 173, 626, 107.

T N 25 Temporarily restricted

D 26 Permanently restricted ,<,4^r

'4

S A

Foundations that do not follow SFAS 117 , check hereand complete lines 27 through 31. 4., :.

E LT A 27 Capital stock, trust principal, or current funds

-^°S N 28 Paid-in or capital surplus, or land, building, and equipment fund 1 <

CO E 29 Retained earnings, accumulated income, endowment, or other funds

R S 30 Total net assets or fund balances (see instructions) 160, 167, 786. 173, 626, 107.31 Total liabilities and net assets/fund balances

(see instructions) 160,439,733. 174, 193, 063.Part III Ana l ysis of Changes in Net Assets or Fund Ba ances

1 Total net assets or fund balances at beginning of year - Part II, column (a), line 30 (must agree withend-of-year figure reported on prior year's return) 1 160, 167, 786.

2 Enter amount from Part I, line 27a 2 -912,143.

3 Other increases not included in line 2 (itemize) "See Statement 9-

3 15, 826, 056 .-------------------------- -4 Add lines 1, 2, and 3 4 175, 081, 699.

5 Decreases not included in line 2 (Itemize) "See Statement 10 5 1, 455,592.__

6 Total net assets or fund balances at end of year (line 4 minus line 5) - Part II, column (b), line 30 6 173, 626, 107.

BAA TEEA0302L 07/09/13 Form 990-PF (2013)

Form•990-PF (2013) THE WALT AND LILLY DISNEY FOUNDATION 23-7425637 art Capita l Gains and Losses for Tax on Investment I ncome

• (a) List and describe the kind (s) of property sold (e g , real estate,2-story brick warehouse ; or common stock, 2(O0 shares MLC Company)

How acquiredP - PurchaseD - Donation

(C) Date acquired(month, day, year )

Date sold(month , day, year)

la Stmt 15 Net Gain / Loss - See Attached P Various Variousb

cd

e(e) Gross sales price (f) Depreciation allowed

(or allowable )(g) Cost or other basisplus expense of sale

(h) Gain or (loss)(e) plus (f) minus (g)

a 140 , 555,267 . 133,290 , 647. 7,264,620.b

c

d

eComplete only for assets showing gain in column ( h) and owned by the foundation on 12/31 /69 (I) Gains (Column (h)

(i) Fair Market Valueas of 12/31/69

(j) Adjusted basisas of 12/31/69

(k) Excess of column (I)over column 0 ), if any

gain minus column ( k), but not lessthan - 0-) or Losses (from column (h))

a 7,264,620.b

cd

e

2 Capital gain net income or (net capital loss )If gain , also enter in Part I, Ilne 7If (loss), enter -0- in Part I, Ilne 7 2 7 ,264,620.

3 Net short - term capital gain or (loss) as defined in sections 1222 (5) and (6)

If gain, also enter in Part I, line 8, column (c) (see instructions) If (loss), enter -0-In Part I, line 8 3 0.

,Part U Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income )

If section 4940(d)(2) applies, leave this part blank

Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period? F]Yes Fx] No

If 'Yes,' the foundation does not qualify under section 4940 (e) Do not complete this part

1 Enter the appropriate amount in each column for each year, see the instructions before making any entries

(a)Base period years

Calendar year (or tax yearbeginning In)

(b)Adjusted qualifying distributions

(c)Net value of

noncharitable-use assets

(d)Distribution ratio

(column (b) divided by column (c))

2012 11,040,385. 150,685,693. 0.0732682011 11,135,311. 164,143,005. 0.0678392010 11,838,505 . 165,175,912. 0.0716722009 28,736,611 . 160,868,467. 0.1786342008 12,779,235. 208,756,536. 0.061216

2 Total of line 1, column (d) 2 0.452629

3 Average distribution ratio for the 5-year base period - divide the total on linenumber of years the foundation has been in existence if less than 5 years

2 by 5, or by the3 0.090526

4 Enter the net value of noncharitable-use assets for 2013 from Part X, line 5 4 178, 507, 812 .

5 Multiply line 4 by line 3 5 16,159,598.

6 Enter 1 % of net investment income (1 % of Part I, line 27b) 6 94,448.

7 Add lines 5 and 6 7 16, 254, 046.

8 Enter qualifying distributions from Part XII, line 4 8 10,356,926.

If line 8 is equal to or greater than line 7, check the box in Part VI, line 1 b, and complete that part using a I% tax rate See thePart VI Instructions

BAA Form 990-PF (2013)

TEEA0303L 07/09/13

Form 990-PF (2013) THE WALT AND LILLY DISNEY FOUNDATION 23-7425637

Part xcise Tax Based on I nvestment Income (Section 4940(a), 4940(b), 4940(e), or 4948 - see instructions)

1= x '1 a Exempt operating foundations described in section 4940(d)(2) check here and enter 'N/A' on line 1 1,

Date of ruling or determination letter (attach copy of letter if necessary - see instrs)

b Domestic foundations that meet the section 4940(e) requirements in Part V,

check here 11, Hand enter 1% of Part I, line 27b

c All other domestic foundations enter 2% of line 27b Exempt foreign organizations enter 4% of Part I, line 12, column (b)

2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxablefoundations only Others enter -0-)

3 Add lines 1 and 2

4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only Others enter -0-)

5 Tax based on investment income . Subtract line 4 from line 3 If zero or less, enter -0-

6 Credits/Payments

a 2013 estimated tax pmts and 2012 overpayment credited to 2013 6a 203,728.

b Exempt foreign organizations - tax withheld at source 6 b

c Tax paid with application for extension of time to file (Form 8868) 6c 50,000.

188,896.

2

4

5

d Backup withholding erroneously withheld 6d

7 Total credits and payments Add lines 6a through 6d 7

8 Enter any penalty for underpayment of estimated tax Check here XX if Form 2220 is attached 8

9 Tax due If the total of lines 5 and 8 is more than line 7, enter amount owed 9

10 Overpayment If line 7 is more than the total of lines 5 and 8, enter the amount overpaid 10

11 Enter the amount of line 10 to be: Credited to 2014 estimated tax ' 64,377. 1 Refunded ' 11

0.188, 896.

0.188,896.

253, 728.455.

0.

64,377.

0.

1 a During the tax year, did the foundation attempt to influence any national, state, or local legislation or did itparticipate or intervene in any political campaign7

b Did it spend more than $100 during the year (either directly or indirectly) for political purposes(see the instructions for definition)?

If the answer is 'Yes' to 1a or 1b, attach a detailed description of the activities and copies of any materials published

or distributed by the foundation in connection with the activities

c Did the foundation file Form 1120-POL for this year?

d Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year.

(1) On the foundation P. $ 0. (2) On foundation managers m- $

e Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax impose-

foundation managers ' $ 0.

2 Has the foundation engaged in any activities that have not previously been reported to the IRS?

If 'Yes,' attach a detailed description of the activities

Yes No

1a X

1b X

1c X

0. f,

a ^^

2 X

,

3 Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articlesof incorporation, or bylaws, or other similar instruments? If 'Yes,' attach a conformed copy of the changes

4a Did the foundation have unrelated business gross income of $1,000 or more during the year?

b If 'Yes,' has it filed a tax return on Form 990-T for this year?

5 Was there a liquidation, termination, dissolution, or substantial contraction during the year?

If 'Yes,' attach the statement required by General Instruction T.

6 Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either

• By language in the governing instrument, or

• By state legislation that effectively amends the governing instrument so that no mandatory directions that conflictwith the state law remain in the governing instrument?

7 Did the foundation have at least $5,000 in assets at any time during the year? If 'Yes,' complete Part II, column (c), and PartXV

8 a Enter the states to which the foundation reports or with which it is registered (see instructions)

CA

b If the answer is 'Yes' to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney General(or designate) of each state as required by General Instruction G2 If 'No,'attach explanation

9 Is the foundation claiming status as a private operating foundation within the meaning of section 49420)(3) or 4942(1)(5)for calendar year 2013 or the taxable year beginning in 2013 (see instructions for Part XIV)' If 'Yes,' complete Part XIV

10 Did any persons become substantial contributors during the tax year? If 'Yes,' attach a schedule listing their namesand addresses

BAA

TEEA0304L 07/10/13

3 X

4a X

4b WA5 X

6 X7 X

8b X

9 X

1101 IXForm 990-PF(2013)

Form 990-PF (2013) THE WALT AND LILLY DISNEY FOUNDATION 23-7425637 Part-VII-A. Statements Reaardina Activities (continued)

11 At any time during the year, did the foundation, directly or indirectly, own a controlled entitywithin the meaning of section 512 (b)(13)? If 'Yes', attach schedule (see instructions) 11 X

12 Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person hadadvisory privileges? If 'Yes,' attach statement (see instructions) 12 X

13 Did the foundation comply with the public inspection requirements for its annual returns and exemption application? 13 X

Website address ' N/A------------------------------- ----------

14 The books are in care of ► JE Morton Telephone no 415.453. 0883----------------------- -------------

Located at b- PO Box 2566 Sa-n Anselmo CA ZIP + 4 ► 94979-2566

15------------------------------------ ------

Section 4947(a)(1) nonexempt charitable trusts filing Form 990 -PF in lieu of Form 1041 - Check here------

N/A

and enter the amount of tax - exempt interest received or accrued during the year ► 15 N/A

16 At any time during calendar year 2013, did the foundation have an interest in or a signature or other authority over a Yes No

bank , securities, or other financial account in a foreign country? 16 X

See the instructions for exceptions and filing requirements for Form TD F 90-22 1 If 'Yes,' enter the name of theforeign country 11

Part VII-8 Statements Regarding Activities for Which Corm 4/ZU May lie Required

File Form 4720 if any item is checked in the'Yes' column , unless an exception applies. Yes No

1 a During the year did the foundation (either directly or indirectly)

(1) Engage in the sale or exchange, or leasing of property with a disqualified persons Yes No

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a 3 "Uvdisqualified person? Yes Nol

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? Yes X No

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person'? Yes X No

(5) Transfer any income or assets to a dis ualired person (or make any of either availablefor the benefit or use of a disqualified person) Yes No

' ' if theNo(6) Agree to pay money or property to a government official ? (Exception . Checkfoundation agreed to make a grant to or to employ the official for a period after terminationof government service, if terminating within 90 days) E Yes No

of the acts fail to qualify under the exceptions described inanswer is 'Yes' to la(1)-(6) did anb If an yy ,Regulations section 53 4941(d)-3 or in a current notice regarding disaster assistance (see instructions)? 1 b NVAOrganizations relying on a current notice regarding disaster assistance check here

c Did the foundation engage in a prior year in any of the acts described in la, other than excepted acts,that were not corrected before the first day of the tax year beginning in 2013' 1 c X

2 Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a yb iX- ; ;'private operating foundation defined in section 4942(1)(3) or 4942(1)(5))

^' ^ ` =

a At the end of tax year 2013, did the foundation have any undistributed income (lines 6dPart XIII) for tax year(s) beginning before 2013 Yes Noand 6e

c ^.hra^ esY

,

If 'Yes,' list the years 20 , 20 20 20

b Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)(relating to incorrect valuation of assets) to the year's undistributed income? (If applying section 4942(a)(2) toall years listed, answer 'No' and attach statement - see instructions) 2 b N A

c If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here

20 20 , 20 20

3a Did the foundation hold more than a 2% direct or indirect interest in any businessd th ear? Yes Not t terprise a imeen any uring e y

b If 'Yes,' did it have excess business holdings in 2013 as a result of (1) any purchase by the foundationor disqualified persons after May 26, 1969, (2) the lapse of the 5-year period (or longer period approvedby the Commissioner under section 4943(c)O) to dispose of holdings acquired by gift or bequest, or(3) the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, todetermine if the foundation had excess business holdings In 2013.) 3b N A

4a Did the foundation invest during the year any amount in a manner that would jeopardize itscharitable purposes? 4a X

b Did the foundation make any investment in a prior year (but after December 31, 1969) that couldeopardize its charitable purpose that had not been removed from jeopardy before the first day ofjthe tax year beginning in 20137 4b X


TEEA0305L 12107112


art F , = Statements Regard ing Activities for Which Form 4720 May Be Required (continued)

5a During the year did the foundation pay or incur any amount to-

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? Yes No

(2) Influence the outcome of any specific public election (see section 4955), or to carryon, directly or indirectly, any voter registration drive? Yes X No

4pr, ;y

(3) Provide a grant to an individual for travel, study, or other similar purposes ? Yes X No

(4) Provide a grant to an organization other than a charitable, etc, organization describedor section 4940(d)(2)'' (see instructions) Yes 11

No(2) or (3)in section 509(a)(1) , ,,

(5) Provide for any purpose other than religious, charitable, scientific, literary, oror for the prevention of cruelty to children or animals Yes Noeducational urposesp ,

b If any answer is 'Yes' to 5a(1)-(5), did any of the transactions fail to qualify under the exceptions *'•^ ,`r x ^`described in Regulations section 53 4945 or in a current notice regarding disaster assistance(see instructions)? 5b x

Organizations relying on a current notice regarding disaster assistance check here ~`' r

c If the answer is 'Yes' to question 5a(4), does the foundation claim exemption from thefor the grant? Yes Noenditure responsibilitbecause it maintained exta ,..=_

x^0 "%°i,^+^,

°;,^i^•^;ypx

dIf 'Yes,' attach the statement required by Regulations section 53 4945-5O See Statement 11

6 a Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiumson a personal benefit contract Yes No

b Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? 6b x

If 'Yes' to 6b, file Form 8870

7 a At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?11

YesX

No

b If 'Yes,' did the foundation receive any proceeds or have any net income attributable to the transaction? N/A 7 b'Tart VIII In formation About O icers, Directors , Trustees , Foundation Managers , H ig hl y ai Emp loyee s,

and Contractors

1 List all officers . directors . trustees . foundation manaaers and their compensation (see instructions).

(a) Name and address

(b)Title, and averagehours per week

devoted to position

(c) Compensation(If not paid ,enter -0-)

(d) Contributions toemployee benefitplans and deferred

compensation

(e) Expense account,other allowances

See-Statement 12-----------------------------------------------

. . .

------------------------------------------------

------------------------------------------------

------------------------------------------------

2 Compensation of five highest-paid employees (other than those included on line 1 - see instructions). If none , enter ' NONE.'

(a) Name and address of each employeepaid more than $50,000

(b) Title, and averagehours per week

devoted to position

(c) Compensation (d)Contributions toemployee benefitplans and deferred

compensation

(e) Expense account,other allowances

None------------------------------------------------

------------------------------------------------

------------------------------------------------

------------------------------------------------

------------------------------------------------

Total number of other employees paid over $50,000 0bAg itrrwsUDL vinuns ruins u2u-rr kcuio)


Y Part In formation out Officers , Directors , Trustees, Foun d ation Managers , H ig hly Paid Emp loyees,and Contractors (continued)

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter'NONE.'

(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation

None-------------------------------------

-------------------------------------

Total number of others receiving over $50,000 for professional services 0

Part IX-At Summary of Direct Charitable Activities

List the foundation's four largest direct charitable activities during the tax year Include relevant statistical information such as the number oforganizations and other beneficiaries served, conferences convened, research papers produced, etc

Expenses

1 N/A------------------------------------------------------

------------------------------------------------------

2--------=---------------------------------------------

------------------------------------------------------

3------------------------------------------------------

------------------------------------------------------

4

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

PartAIX-B Summary of Program- Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2 Amount

------------------------------------------------------N/A------------------------------------------------------

2------------------------------------------------------

------------------------------------------------------

All other program-related investments See instructions

3------------------------------------------------------

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Total . Add lines 1 through 3 0.


lEEA0307L 07/10/13


L art Minimum I nvestment Return (All domestic foundations must complete this part. Foreign foundations,see instructions.)

1 Fair market value of assets not used (or held for use) directly in carrying out charitable, etc, purposesa Average monthly fair market value of securities

b Average of monthly cash balances

c Fair market value of all other assets (see instructions)

d Total (add lines 1 a, b, and c)

e Reduction claimed for blockage or other factors reported on lines 1 a and 1 c

(attach detailed explanation) I 1 e

2 Acquisition indebtedness applicable to line 1 assets

3 Subtract line 2 from line Id

134,660,111.

9,274,564.

37,291,530.181,226,205.

0.

2 0.3 181,226,205.

4 Cash deemed held for charitable activities Enter 1-1/2% of line 3(for greater amount, see instructions) 4 2, 718, 393.

5 Net value of noncharitable -use assets . Subtract line 4 from line 3 Enter here and on Part V, line 4 5 178, 507, 812 .

6 Minimum investment return . Enter 5% of line 5 6 8, 925, 391.faMX,!Z Distri buta ble mount (see instructions) (Section 49420)(3) and 0)(5) private operating foundations

and certain foreign organizations check here ' and do not complete this part.)

1 Minimum investment return from Part X, line 6 1 8,925,391.

2a Tax on investment income for 2013 from Part VI, line 5 2a 188, 896. NOWb Income tax for 2013 (This does not include the tax from Part VI) 2b

c Add lines 2a and 2b 2c 188 , 896.3 Distributable amount before adjustments Subtract line 2c from line 1 3 8, 736,495.4 Recoveries of amounts treated as qualifying distributions 4

5 Add lines 3 and 4 5 8, 736, 495.6 Deduction from distributable amount (see instructions) 6

7 Distributable amount as adjusted Subtract line 6 from line 5 Enter here and on Part XIII, line 1 7 8,736,495.

IIJtP 11 Qualifying Distributions (see instructions)

1 Amounts paid (including administrative expenses) to accomplish charitable, etc, purposes:a Expenses, contributions, gifts, etc - total from Part I, column (d), line 26 1 a 10 ,356,926.b Program-related investments - total from Part IX-B 1 b

2 Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc, purposes 2

3 Amounts set aside for specific charitable projects that satisfy thea Suitability test (prior IRS approval required) 3a

b Cash distribution test (attach the required schedule) 3b

4 Qualifying distributions . Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4 4 10, 356, 926.

5 Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment incomeEnter 11% of Part I, line 27b (see instructions) 5

6 Adjusted qualifying distributions . Subtract line 5 from line 4 6 10,356,926.

Note . The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the fouqualifies for the section 4940(e) reduction of tax in those years

ndatio n


TEEA0308L 07/10/13

For 990- PF (2013 ) THE WALT AND LILLY DISNEY FOUNDATION 23-7425637


art Private Operating Foundations (see instructions and Part VII-A, question 9) N/A

1 a If the foundation has received a ruling or determination letter that it is a private operating foundation, and the rulingis effective for 2013, enter the date of the ruling '

b Check box to indicate whether the foundation is a private operating foundation described in section F149420)(3) or 4942(1)(5)

2 a Enter the lesser of the adjusted net Tax year Prior 3 yearsincome from Part I or the minimum

return from Part X for(a) 2013 2012(b) 2011(c) (d) 2010 e) Total(e)

each year listed

b 85% of line 2a

c Qualifying distributions from Part XII,line 4 for each year listed

d Amounts included in line 2c not used directlyfor active conduct of exempt activities

e Qualifying distributions made directlyfor active conduct of exempt activitiesSubtract line 2d from line 2c

3 Complete 3a, b, or c for thealternative test relied upon

a 'Assets' alternative test - enter

(1) Value of all assets

(2) Value of assets qualifying undersection 49420)(3)(B)(i)

b 'Endowment' alternative test - enter 2/3 ofminimum investment return shown in Part X,line 6 for each year listed

c 'Support' alternative test - enter

(1) Total support other than grossinvestment income (interest,dividends, rents, paymentson securities loans (section512(a)(5)), or royalties)

(2) Support from general public and 5 ormore exempt organizations as providedin section 4942(I)(3)(B)(ni)

(3) Largest amount of support froman exempt organization

(4) Gross investment income

lr'afc'Av 1 supplementary Intormation (complete this part only IT the rounaation naa :05 , uuu or more inassets at any time during the year - see instructions.)

1 Information Regarding Foundation Managers:

a List any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation before theclose of any tax year (but only if they have contributed more than $5,000) (See section 507(d)(2) )

None

b List any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the ownership ofa partnership or other entity) of which the foundation has a 10% or greater interest

None

2 Information Regarding Contribution , Grant , Gift, Loan , Scholarship , etc, Programs:

Check here ' X1 if the foundation only makes contributions to preselected charitable organizations and does not accept unsolicited

requests for funds If the foundation makes gifts, grants, etc (see instructions) to individuals or organizations under other conditions,complete items 2a, b, c, and d

a The name, address, and telephone number or e-mail of the person to whom applications should be addressed

See Statement 13b The form in which applications should be submitted and information and materials they should include

See Statement for Line 2a

c Any submission deadlines:

See Statement for Line 2ad Any restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other factors

See Statement for Line 2a

BAA TEEA0310L 07/10/13 Form 990-PF (2013)

Form 990-PF (2013) THE WALT AND LILLY DISNEY FOUNDATION 23-7425637 P,^a may/ Supp lementary In formation (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment

RecipientIf 'ecipient is an individual,show any relationship to any

foundation manager or

Foundationstatus of Purpose of grant or

contributionAmount

Name and address (home or business) substantial contributor recipient

a Paid during the year

Total 3 a

b Approved for future payment

Total 01 3 bi

BAA TEEA0501L 07/11/13 Form 990-PF (2013)

Forrrt990-PF (2013) THE WALT AND LILLY DISNEY FOUNDATION 23-7425637

:Paitt^X1/l A Analysis of Income -Producing Activities

Enter

1

a

b

c

d

e

f

92

3

4

5

a

b

6

7

8

9

10

11

a

b

c

d

e

12

13 Total . Add line 12, columns (b), (d), and (e)

(See worksheet in line 13 instructions to verify calculations

Pa

)

rt . XUIB Relationship of Activities to the Accomplishment of Exempt Purposes

gross amounts unless otherwise indicated Unrelated business income Excluded by section 512, 513, or 514 (e)

rogram service revenue,

(a)Businesscode

(b)Amount

(c)Exclu-sioncode

(d)Amount

Related or exemptfunction income(See instructions

Fees and contracts from government agencies

Membership dues and assessments

Interest on savings and temporary cash investments

Dividends and interest from securities 14 3,528,260.Net rental income or (loss) from real estate

Debt-financed property

Not debt-financed property

Net rental income or (loss) from personal property

Other investment income

Gain or (loss) from sales of assets other than inventory 7 , 264 , 620.Net income or (loss) from special events

Gross profit or (loss) from sales of inventory

Other revenue F:r^ :• 't 14See Statement 14 195 , 636.

Subtotal Add columns (b), (d), and (e) 3, 723, 896. 7,264,620.13 10,988,516.

BAA TEEA0502L 07/11/13 Form 990-PF (2013)


•ParttXV1l Information Regard ing Transfers To and Transactions and Re l ations h ips With one ants eExempt Organizations

Yes NoK.-1 Did the organization directly or indirectly engage in any of the following with any other organization .a

described in section 501 (c) of the Code (other than section 501(c)(3 ) organizations ) or in section 527,relating to political organizations?

^.^='- :a Transfers from the reporting foundation to a noncharitable exempt organization of

(1) Cash 1 a (1) X

(2) Other assets 1 a (2) X

b Other transactions

(1) Sales of assets to a noncharitable exempt organization 1 b (1) X

(2) Purchases of assets from a noncharitable exempt organization 1 b (2) X

(3) Rental of facilities, equipment , or other assets 1 b (3) X

(4) Reimbursement arrangements 1 b (4) X

(5) Loans or loan guarantees 1 b (5) X

(6) Performance of services or membership or fundraising solicitations 1 b (6) X

c Sharing of facilities, equipment , mailing lists, other assets , or paid employees 1 c X

d If the answer to any of the above is ' Yes,' complete the following schedule Column (b) should always show the fair market value ofthe goods, other assets, or services given by the reporting foundation If the foundation received less than fair market value inany transaction or sharing arrangement , show in column (d) the value of the goods, other assets, or services received

(a) Line no (b) Amount involved (c) Name of noncharitable exempt organization (d) Descrip tion of transfers , transactions , and sharing arrangements

N/A

2a Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizationsdescribed in section 501 (c) of the Code (other than section 501 (c)(3 )) or in section 527' E]Yes Fvl No

b If 'Yes,' complete the following schedule

(a) Name of organization (b) Type of organization (c) Description of relationship

N/A

Under penalties of perjury. I declare that I have examined this return, including accocorrect, and complete Declaration of preparer (other than taxpayer) is based on all

SignHere

Signature of officer or trustee Date

Paid Jeri E. Morton Jeri

Prepa rerUse Only Firm'saddress 10 Scott Place

Greenbrae, CA 94904BAA

2013 Federal Statements Page 1

THE WALT AND LILLY DISNEY FOUNDATION 23-7425637

Statement 1Form 990-PF, Part I , Line 11Other Income

(a) (b) Net (c)Revenue Investment Adjusted

per Books Income Net Income

Farallon Capital LP $ 14,402. $ 14,402.Origin Intl Equity Fund 39,421. 39,421.Other Income 124,333. 124,333.PEP 1999 LP 9,020. 9,020.PEP 2000 LP 4,292. 4,292.PEP Tech 2000 LP 4,168. 4,168.

Total $ 195,636. $ 195,636. $ 0.

Statement 2Form 990-PF , Part I, Line 16aLegal Fees

(a) (b) Net (c) (d)Expenses Investment Adjusted CharitablePer Books Income Net Income Purposes

Legal Fees $ 525. $ 525.Total $ 525. $ 525. $ 0.

Statement 3Form 990-PF, Part I , Line 16bAccounting Fees

(a) (b) Net (c) (d)Expenses Investment Adjusted Charitableper Books Income Net Income Purposes

Administration $ 47,275. $ 42,548. $ 4,727.Auditing 21,000. 20,000. 1,000.

Total $ 68,275. $ 62,548. $ 5,727.

Statement 4Form 990- PF, Part I , Line 16cOther Professional Fees


MSSB Management $ 864,681. $ 864,681.Total $ 864,681. $ 864,681. $ 0.



Statement 5Form 990 -PF, Part I , Line 18Taxes


California $ 660. $ 660.Deferred Tax 296,809. 296,809.Foreign Tax on Investments 67,956. 67,956.US Treasury 245,600. 245,600.

Total $ 611,025. $ 611,025. $ 0.

Statement 6Form 990- PF, Part I , Line 23Other Expenses


Insurance $ 9,108. $ 4,554. $ 4,554.Office 474. 400. 74.

Total $ 9,582. $ 4,954. $ 4,628.

Statement 7Form 990-PF, Part I , Line 25Contributions , Gifts, and Grants

Cash Grants and Allocations

Class of Activity: Amblyopia ResearchDonee's Name: Research to Prevent BlindnessDonee's Address: 645 Madison Avenue, 21st Floor

New York, NY 10022Relationship of Donee: NoneOrganizational Status of Donee: Public CharityAmount Given: $ 100,000.

Class of Activity: Education - ArtsDonee's Name: Walt Disney Magnet SchoolDonee's Address: 4140 North Marine Drive

Chicago, IL 60613Relationship of Donee: NoneOrganizational Status of Donee: Public CharityAmount Given: 100,000.

Class of Activity: Medical - Hearing LossDonee's Name: John Tracy ClinicDonee's Address: 806 West Adams Boulevard

Los Angeles, CA 90007Relationship of Donee: NoneOrganizational Status of Donee: Public CharityAmount Given: 10,000.

Class of Activity: ArtsDonee's Name: LA Philharmonic



Statement 7 (continued)Form 990 - PF, Part I , Line 25Contributions , Gifts, and Grants

Donee's Address: 135 N. Grand AvenueLos Angeles, CA 90012

Relationship of Donee: NoneOrganizational Status of Donee: Public CharityAmount Given: $ 250,000.

Class of Activity: Education - ArtsDonee's Name: Walt Disney Family FoundationDonee's Address: 104 Montgomery, Presidio of SF

San Francisco, CA 94129Relationship of Donee: Substantial ContributorOrganizational Status of Donee: Private FoundationAmount Given: 1,157,500.

Class of Activity: EducationDonee's Name: Walt Disney Elementary SchoolDonee's Address: 200 Lakeside Drive North

Levittown, PA 19054Relationship of Donee: NoneOrganizational Status of Donee: Public CharityAmount Given: 10,000.

Class of Activity: Education - ArtsDonee's Name: The Walt Disney Family MuseumDonee's Address: 104 Montgomery, Presidio of SF

San Francisco, CA 94129Relationship of Donee: Substantial ContributorOrganizational Status of Donee. Private FoundationAmount Given: 8,719,071.

Total $ 10,346,571.

Statement 8Form 990-PF, Part II , Line 22Other Liabilities

Deferred Excise Tax $ 564,556.

Total $ 564,556.

Statement 9Form 990- PF, Part III, Line 3Other Increases

Net Unrealized Gains or Losses on Investments $ 15,826,056.Total $ 15,826,056.



Statement 10Form 990-PF, Part III, Line 5Other Decreases

1099 Wash Sales $ 1,455,592.Total $ 1,455,592.

Statement 11Form 990- PF, Part VII-B, Line ScExpenditure Responsibility

Grantee Name: Walt Disney Family FoundationAddress: 104 Montgomery, Presidio of SFAddress: San Francisco, CA 94129Grant Date: 2/19/2013Grant Amount: $ 1257000Grant Purpose: Acquire and maintain Walt Disney memorabilia &

collections.Amt. Expended by Grantee: $ 1257000Any Diversion by Grantee: NoDates of Reports by Grantee: MonthlyDate of Verification: 12/31/2013Results of Verification: Verified

Grantee Name: The Walt Disney Family MuseumAddress: 104 Montgomery, Presidio of SFAddress: San Francisco, CA 94129Grant Date: 1/24/2013Grant Amount: $ 8719072Grant Purpose: Museum OperationsAmt. Expended by Grantee: $ 8719072Any Diversion by Grantee: NoDates of Reports by Grantee: MonthlyDate of Verification: 12/31/2013Results of Verification: Verified

Statement 12Form 990- PF, Part VIII, Line 1List of Officers , Directors , Trustees , and Key Employees

Title and Contri- ExpenseAverage Hours Compen- bution to Account/

Name and Address Per Week Devoted sation EBP & DC Other

Diane D Miller President $ 0. $ 0. $ 0.311 Miller Ave, Suite #C-1 3.00Mill Valley, CA 94941

Walter E.D. Miller Secretary 0. 0. 0.311 Miller Ave, Suite #C-1 3.00Mill Valley, CA 94941



Statement 12 (continued)Form 990-PF, Part VIII, Line 1List of Officers , Directors , Trustees , and Key Employees

Title and Contri- ExpenseAverage Hours Compen- bution to Account/

Name and Address Per Week Devoted sation EBP & DC Other

Walter E.D. Miller President $ 0. $ 0. $ 0.311 Miller Ave, Ste #C-1 3.00Mill Valley, CA 94941

Ronald W Miller, Sr. Vice President 0. 0. 0.311 Miller Ave, Suite #C-1 3.00Mill Valley, CA 94904

Ronald W Miller, Sr Secretary/Treas 0. 0. 0.311 Miller Ave, Ste #C-1 3.00Mill Valley, CA 94941

Christopher D Miller Vice President 0. 0. 0.311 Miller Ave, Ste #C-1 3.00Mill Valley, CA 94941

Total $ 0. $ 0. $ 0.

Statement 13Form 990 -PF, Part XV, Line 2a-dApplication Submission Information

Name of Grant Program: NO SOLICITATIONS ACCEPTEDName:Care Of:Street Address:City, State, Zip Code:Telephone:E-Mail Address:Form and Content:Submission Deadlines:Restrictions on Awards:

Statement 14Form 990-PF, Part XVI-A, Line 11Other Revenue

(A) (B) (C) (D) (E)Busi- Unrelated Exclu- Related orness Business sion Excluded Exempt

Other Revenue Code Amount Code Amount Function

Farallon Capital LP 1 $ 14,402.Origin Intl Equity Fund 1 39,421.Other Income 1 124,333.PEP 1999 LP 1 9,020.PEP 2000 LP 1 4,292.

Federal Statements Page

THE WALT AND LILLY DISNEY FOUNDATION 23-

Statement 14 (continued)Form 990-PF, Part XVI-A, Line 11Other Revenue

(A) (B) (C) (D) (E)Busi- Unrelated Exclu- Related orness Business sion Excluded Exempt

Other Revenue Code Amount Code Amount Function

PEP Tech 2000 LP 1 $ 4,168.Total $ on $ 195,636. $ 0.



Statement 15 - Capital Gains and Losses for Tax on Investment Income

Form 990-PF, Part IV(a) (b) (c) (d ) (e) (g) (h)

Description Acquired Sold Gross Sales Basis Gain (Loss)

K-1 GS Private Equity Partners '00, LP Various Various 94,902 0 94,902

K-1 GS Private Equity Partners'99, LP Various Various 80,198 0 80,198

K-1 GS Pep Technology 2000, LP Various Various 5,057 0 5,057

GS Hedge Various Various (2,988) 0 (2,988)

K-1 Origin LP Various Various 103,866 0 103,866

K-1 Farallon LP Various Various 24,216 0 24,216

MSSB 578 Various Various 6,489,764 3,758,274 2,731,490

MSSB 615 Various Various 2,076,412 1,625,673 450,739

MSSB 616 Various Various 1,069,216 740,367 328,849


MSSB 619 Various Various 56,812 44,955 11,857



MSSB 622 Various Various 7,415,194 6,398,810 1,016,384

MSSB 629 Various Various 4,000,000 4,246,603 (246,603)







Capital Gains Distributions Various Various 279,100 0 279,100

Subtotal Long-Term Capital Gain 36,682,062 30,586,172 6,095,890



Statement 15 - Capital Gains and Losses for Tax on Investment Income

Form 990-PF, Part IV

(a) (b) (C) (d ) (e) (g) (h)

Description Acquired Sold Gross Sales Basis Gain (Loss)

K-1 GS Private Equity Partners'00, LP Various Various (409) 0 (409)

K-1 GS Private Equity Partners'99, LP Various Various (210) 0 (210)

K-1 GS Pep Technology 2000, LP Various Various (928) 0 (928)

K-1 Origin LP Various Various (50,893) 0 (50,893)

K-1 Farallon LP Various Various 25,464 0 25,464


MSSB 292 Various Various 83,821 86,848 (3,027)


MSSB615 Various Various 1,770,666 1,433,108 337,558



MSSB 619 Various Various 928,255 927,572 683









(Subtotal Short-Term Capital Gain 103,873,205 102,704,475 1,168,730

Total Capital Gain/Loss 140,555,267 133,290,647 7,264,620



Statement 16

Form 990-PF, Part II

Fair Market Value Column (c)

(See Attached Detail at Referenced Tab - first column)

Ref Line # Description ( c) Fair Market Value

A 2 Savings and temporary cash 4,893,328

B 10(b) Investments - corporate stock 90,998,737

C 10(c) Investments - corporate bonds 40,907,143

D 13 Investments - other 37,291,530

Total Investments 174,090,738

Accounts Receivable/Prepaid 102,325

16 Total Assets 174,193,063

Morgan StanleyCLIENT STATEMENT I For the Period December 1-31, 2013

THE: ALT-' 4 -

Actnre -Assets'Account I

= 578EAccount tSurnmar,r . x y. _ ,..^- tis..^.'o.^.. Ali ^^.5.+- .+a^.a^. ,'.-.^-.....r.• tr a...'.:il`rat'..i.».-'-.--...-x,.-_ -'..5.x'clYyda _....[..-i._^. -:., "^Y-:.:.^_i"&.5=.__..... .^.-^xi'_i.aa .v_2LL.-:x.n^....'_.__.'^u:--x^414,..:.u-..^-.x... .._.

BDP, MMFs

CHANGE IN VALUE OF YOUR ACCOUNTS (includes accrued interest ) CHANGE IN VALUE OVER TIMEThis Period This Year The display of market value (total account value) and net invested capital (total amount invested minus

(12/1/13-12/31/13) (1/1/13-12/31/13) total withdrawn), demonstrates the impact of deposits and withdrawals

TOTAL BEGINNING VALUE $23,963 , 843.81 $34 , 443,281 . 43 75.00

Credits 16,053,451.29 48,650,126.25H

Debits (14,639,184.24) (64,791,443. 15) 42.00

Security Transfers - 278,262.69 - - - - - ' - - - - _ _ _ _ _ _ _ -

Accrued Interest On Security Transfers - 1,839.31 - - _ - - - - - -

Net Credits/Debits/Transfers $ 1,414 , 2 67.05 $ (15,861 , 214.90)9.00 1 1

JUL 2012 SEP 2012 DEC 2012 MAR 2013 JUN 2013 SEP 2013 DEC 2013

Change in Value- --- ----- ----------- -- ----------- ------ - ---

1,578 , 184.92-- -- -- --- ------ --- -- -

8 , 374,229.25- -- -- - - - -

TOTAL ENDING VALUE $26 , 956,295 . 78 $26,956,295 .78 - Total Market Value --' Net Invested Capital Since 07/31/12

This graph does not reflect corrections to Net Invested Capital or Market Value made subsequent to the

dates depicted It may also exclude transactions in Annuities or where we are not the custodian, which

could delay the reporting of Market Value or affect the Net Invested Capital.

ALLOCATION OF HOLDINGS

{ Corporate Fixed I

7

I4 `;

Market Value Percentage %

Cash, BDP, MMFs' $4,896,228 16 18.2

Stocks 21,901,355.00 812

-Corporate-Fixed-Income ^ 158,712.62 0.6-

TOTAL VALUEA _ $26,956 , 295.78 100.0%

'No

^'

-4a.Stocks IV NCTS .+w90

This allocation represents holdings on a trade date basis, and projected settled Cash/ BDP and MMF balances These classifications are not intended to serve as a suitability analysis. * FDIC rules apply atDeposits are eligible for FDIC insurance but are not covered by SIPC Cash and securities (including MMFs) are eligible for S/PC coverage See Expanded Disclosures ^ Includes Estimated Accrued Interest

in

m

-rt0

CONSOLIDATED PERSONAL RETIREMENT EDUCATION TRUST BUSINESSSUMMARY ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS

O


!'^^+.^, ^^^^'^!i(- ^'I^C: t_`• ^^•^^ a"^c,;!- ,- - rs^ +'^^^^ . k y ^%"^^;, F-t.'z (1^}(^ RL si'• r ^^.• --;r=r

ÂctiVe

'..^1.c^wFs, .Î_w `^l,S+:.^^fr ':.""X' -,^` ^?'^-'.1.1v.._

w•33^,,.^ ^'i ^r+`^_ ^ _- - say ^si'^`,^'.;i ^^^^. -^ _7.

(^^. ^}+ r•t.''.^.'^^-_ s î,:ii '^`^_^^''i-'. Y L'i^:ir;•"a^

liti0^^di k'' ^ •,^'1 Y- yr t!''1= '* _^ -,tl _•'? C' yr+'='i

"-'i"I ic.^^ .rc>p+,.J

I1 u`S_: Y^ 49 '.JLa^'ei lily :v: 1, MRI.Y.1 rig.ire " ^->! .-M. ♦ ^û .'tT.v. - _ _ r2V . _'-+1'

CHANGE IN VALUE OF YOUR ACCOUNTS (includes accrued interest)This Period This Year

(12/1/13-12/31/13) (1/1/13-12/31/13)

TOTAL BEGINNING VALUE $23,963,843 . 81 $34 , 443,281.43

Credits 16,053,451.29 48,650,126.25

Debits (14,639,184.24) (64,791,443.15)

Security Transfers - 278,262.69

Accrued Interest On Security Transfers - 1,839.31

Net Credits/Debits/Transfers $ 1,414 , 267.05 $ (15,861 , 214.90)

Change in Value 1,578 , 184.92 8 , 374,229.25

TOTAL ENDING VALUE $26 , 956,295 . 78 $26 , 956,295.78

00 W W - W -J l0 W Ol O] -4

iI - 0 1 Uwu+ LnMwLO m - U1 - 01 U1 I%) -1J IV W -l O \V • 5m o, o0 0, cn 0, W N - 0 o0 0, -^ r(

J LU O co W Rl 01 r\) Ol U7 co WW 4-1 LD U1 W rV -I O L4 01 U1 0 lD U1

^1 .. -J - J 0 -4 01 N LO Ol 01 Ln 0. . . . . . . . . . . . . •

* + + + + + + + + + + + + + 9E

(D

bv)

CONSOLIDATED PERSONAL RETIREMENT EDUCATION TRUST BUSINESS

SUMMARY ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS

O

TOTAL VALUEA $26,956,295.78 100.0%

/ -Stocks

This allocation represents holdings on a trade date basis, and projected settled Cash/ BDP and MMF balances. These classifications are not intended to serve as a suitability analysis. • FDIC rules apply a

Deposits are eligible for FDIC insurance but are not covered by S/PC. Cash and securities (including MMFs) are eligible for SIPC coverage. See Expanded Disclosures ^ Includes Estimated Accrued Interest0y

CD

-Ti

^ py^'fa'-

CHANGE IN VALUE OVER TIMEThe display of market value (total account value) and net invested capital (total amount invested minustotal withdrawn), demonstrates the impact of deposits and withdrawals.

75.00 .

0

42.00

Yk

9.00 1 I I I I + +


- Total Market Value --- Net Invested Capital Since 07/31112

This graph does not reflect corrections to Net Invested Capital or Market Value made subsequent to thedates depicted. It may also exclude transactions in Annuities or where we are not the custodian, whichcould delay the reporting of Market Value or affect the Net Invested Capital


Cash, BDP, MMFs' $4 , 8 9 6,228.16 182

Stocks 81 2 ---

Corporate Fixed Income^

21,901,355.00

0.6

CLIENT STATEMENT I For the Period December 1-31, 2013

`_" F ' ° s ^tjnIs'tional^"', Csaltng

aACCOUntrSummar


(12/1/13-12/31/13) (1/1/13-12/31/13)

TOTAL BEGINNING VALUE $5,246 , 364.42 -

Credits 2,000,000.00 7,000,000.00

Debits (131.51) (19,694.31)

Security Transfers - -

Net Credits/Debits/Transfers $ 1,999 , 868.49 $6,980,305.69

Change in Value 125,663.44 391 , 590.66

TOTAL ENDING VALUE $7 , 371,896.35 $7,371,896.35

Net Credits / Debits include investment advisory fees as applicable See Activity section for details


n

cV 0

D C

7 G

7

TOTAL VALUE

(2)Cash StockBDPMMF


$2,305,746 80 31 3

(1,954,023 46) -26 5

...L020,173 01 95.2

$7.371, 896.35 100.0%

This allocation represents holdings on a trade date basis, and projected settled Cash/ BDP and MMF balances These classifications are not intended to serve as a suitability analysis ' FDIC rules apply an

Deposits are eligible for FDIC insurance but are not covered by SIPC Cash and securities (including MMFs) are eligible for SIPC coverage. See Expanded Disclosures.

CONSOLIDATED PERSONALSUMMARY ACCOUNTS

RETIREMENT EDUCATIONACCOUNTS ACCOUNTS

TRUST BUSINESSACCOUNTS ACCOUNTS

Morgan Stanley

° ,Nickname=OS7ERWEIS^LARGE CAP'.CORE;Nw _ ;mLL N w xx„ #x^ N

CHANGE IN VALUE OVER TIMEThe display of market value (total account value) and net invested capital (total amount invested minus

total withdrawn), demonstrates the impact of deposits and withdrawals.

7.50In 6.40

. 2 5.30

4.20

3.10 -----'

2.00

JUN 2013 JUL 2013 AUG 2013 SEP 2013 OCT 2013 NOV 2013 DEC 2013

- Total Market Value --- Net Invested Capital Since 06/30/13


dates depicted. It may also exclude transactions in Annuities or where we are not the custodian, which


Cash, BDP, MMFs'

Cash, BDP, MMFs (Debit)

N -^

Lm

Q, D

Qo

I

0

zm

T0

zz

D

0z


--7FiE:WALT LILLY`ISNEY^^ DN'- -_ ;-77 Fiducia5en ces Acti

-ve,-Assets -Account F4.{. ,ry 7 ti _ :mayk

ERI MORTON292. %C10.1r.-

u7

n.t Su rn,marAcco U I -- -• - - - Nickname . CAMBIAR INTL' EQ

CHANGE IN VALUE OF YOUR ACCOUNTS (includes accrued interest)This Period

(12/1/13-12/31/13)

This Year

(1/1/13-12/31/13)

TOTAL BEGINNING VALUE $2 , 015,637.71 -

Credits 6,500,000.00 8,500,000.00

Debits (1,003.82) (2,958.18)

Security Transfers

Net Credits/DebitslTransfers $6,498 , 9 96.18 $8 , 497,041.82

Change in Value 121,962 .47 139,554.54-- ------ - ----- - - ------ --- - - - ---- -- --- - ------ - - -- - - - - --- ------ -TOTAL ENDING VALUE $8 , 636,596.36 $8,636 , 596.36

Net Credits / Debits include investment advisory fees as applicable. See Activity section for details


total withdrawn ), demonstrates the impact of deposits and withdrawals

8.75

7.20

5.65

4.10

2.55

1.00

NOV 2013 DEC 2013






100.0%

IV -{

Lm

Stocks

This allocation represents holdings on a trade date basis, and projected settled Cash/ BDP and MMF balances These classifications are not intended to serve as a suitability analysis

Deposits are eligible for FDIC insurance but are not covered by SIPC. Cash and securities (including MMFs) are eligible for SIPC coverage. See Expanded Disclosures




Cash, BDP, MMFs * $379,820 01 4.4

nrkc 8.256,776 35 95 6

0) D

' FDIC rules apply aF

Cnzm

T0Cz

zZ


^'THEWALTFiduciary Senilces^ActiWAssetsccout `LILLY.DISNEY FDN

Account- Summa ry


(12/1/13-12/31/13) (1/1/13-12/31/13)

TOTAL BEGINNING VALUE

Credits

Debits

Security Transfers

$6,410,771.30 $7,759,222.14

(3,055,813.89)

Net Credits/Debits/Transfers - $(3,055 , 813.89)

Change in Value 1 17,888 . 12 1,825,251.17

TOTAL ENDING VALUE $6,528 , 659.42 $6 , 528,659.42


CHANGE IN VALUE OVER TIMEThe display of market value ( total account value) and net invested capital (total amount invested minustotal withdrawn ), demonstrates the impact of deposits and withdrawals.

8.75

7.80 -----------^

- Total Market Value - - - Net Invested Capital Since 07/31/12

This graph does not reflect corrections to Net Invested Capital or Market Value made subsequent to thedates depicted. It may also exclude transactions in Annuities or where we are not the custodian, whichcould delay the reporting of Market Value or affect the Net Invested Capital.


N

BDP, MMFs

6.85

5.90

4.95

4.00 . . `


N -W =

- m

f3Stocks

This allocation represents holdings on a trade date basis, and projected settled Cash/ BDP and MMF balances. These classifications are not intended to serve as a suitability analysisDeposits are eligible for FDIC insurance but are not covered by SIPC. Cash and securities (including MMFs) are eligible for SIPC coverage See Expanded Disclosures

CONSOLIDATEDSUMMARY

PERSONAL RETIREMENT EDUCATION TRUST BUSINESSACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS


Cash, BDP, MMFs" $389,051.07 60

Stocks 6,139,608 35 94.0

TOTAL VALUE $6,528,659.42 100.0%

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" . =_ + - = =° ::Consultin r "and Evaluation'Services Active'--;fir - , 13G .g .": - a^.ryr,. c'.-vr

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TOTAL BEGINNING VALUE $8,294,287.06 $6,380 ,733.80

Credits - 1,000,000 00

Debits (22.36) (1,074,490.19)


Net Credits/Debits/Transfers $(22.36) $(74,490. 1 9)

Change in Value 18 5,1 96.78 2,173,217.87

TOTAL ENDING VALUE $8,479,461.48 $8,479, 461.48

it'd IN HE,WALT & LILLY:-7--!",DISNEY FDN


(12/1/13-12/31/13) (1/1/13-12/31/ 13) total withdrawn), demonstrates the impact of deposits and withdrawals

Net Credits / Debits include investment advisory fees as applicable See Activity section for details.


BDP, MMFs

8.50^n 7.40c -2_ 6.30 ------- ------------ •

5.20

4.10

3.00



This graph does not reflect corrections to Net Invested Capital or Market Value made subsequent to thedates depicted It may also exclude transactions in Annuities or where we are not the custodian, whichcould delay the reporting of Market Value or affect the Net Invested Capital.


Cash, BDP, MMFs ' $357,184.05 42

Stocks 8 , 122,277 43 95 8

TOTAL VALUE $8 , 479,461 .48 100.0%

Stocks

013 This allocation represents holdings on a trade date basis, and projected settled Cash/ BDP and MMF balances These classifications are not intended to serve as a suitability analysis . • FDIC rules apply ai



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Morgan Stanley .

--:. - -- - -7HE WALT&LIL' Y DISNEY FDIC:ucla Services ActiveAsets Account

-..-....--.....-^_r.s. x5^.-.....,_°......a.:..-..f _r.zs.-._-.c.a-.a..-...^^....u..=..r-..-___-..i^w..--^..-......


(12/1/13-12/31/13) (1/1/13-12/31/13)

TOTAL BEGINNING VALUE $9 , 417,245 . 69 $7,903 , 824.15

Credits - -

Debits - (1,057,572.73)


Net Credits/Debits/Transfers - $(1,057,572.73)

Change in Value 303,990 . 29 2,874,984.56- -- - - --- -- ---- - - - - - -- - --- - - - ------ -- -- -------TOTAL ENDING VALUE $9,721,235. 98 $9,721,235.98



BDP, MMFs


total withdrawn), demonstrates the impact of deposits and withdrawals9.75

8.60

7.45^^-----------

6.30^ ------------•

5.15

4.00





could delay the reporting of Market Value or affect the Net Invested Capital


Cash, BDP, MMFs* $386,122.89 40

Stocks 9 , 335,113.09 96.0

TOTAL VALUE $9,721,235.98. 100.0%

Stocks

This allocation represents holdings on a trade date basis, and projected settled Cash/ BDP and MMF balances. These classifications are not intended to serve as a suitability analysis. ` FDIC rules apply i

Deposits are eligible for FDIC insurance but are not covered by SIPC Cash and securities (including MMFs) are eligible for SIPC coverage See Expanded Disclosures

CONSOLIDATED PERSONAL RETIREMENT EDUCATION TRUSTSUMMARY ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS

BUSINESSACCOUNTS

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Morgan Stanley RCLIENT STATEMENT I For the Period December 1-31, 2018

Institutional ons'dit ServicesActive Assets' Account - 7HE WALT,- & LILLY DISNEYkFDNa

^ 1619';A ant^ u a - _ -

CHANGE IN VALUE OF YOUR ACCOUNTS (includes accrued interest) ,This Period This Year

(12/1/13-12/31/13) (1/1/13-12/31/13)

TOTAL BEGINNING VALUE $7,100 , 613.21 $4 , 938,893.57

Credits - 1,002,174.64

Debits - (77,945.84)


Net Credits/Debits/Transfers - $924,228.80

Change in Value 251,993 . 63 1,489,484.47

TOTAL ENDING VALUE $7, 352,606 . 84 $7,352,606.84



U3 Stocks

, BDP, MMFs



6.40

=

i

3000







Cash, BDP, MMFs* $602,308 31 82

Stocks 6,750 8.53 91 8

TOTAL VALUE $7,352,606.84 100.0%




RETIREMENT EDUCATION TRUST BUSINESSACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS

IV --I

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FDIC rules apply

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- THE;WALT & LILLYDISNEY FDNFiduciary Seniice sctive Assets Accounf„y

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(12/1/13 -12/31/13) (1/1/13-12/31/13)

TOTAL BEGINNING VALUE $8,217,680.73 $4,809,282.97


Credits - 1,500,000.00

Debits - (53,756.42)


Net Credits/Debits!Transfers - $ 1,446 , 243.58

Change in Value 145,789 .74 2,107,943.92

TOTAL ENDING VALUE $8 , 363,470 . 47 $8,363 ,470.47


5.90^------------------

4.60

3.30 V

2.00







D

sV

D

V Stocks

CHANGE IN VALUE OVER TIME -.The display of market value (total account value) and net invested capital (total amount invested minus

total withdrawn), demonstrates the impact of deposits and withdrawals

8.50

7.20

Cash, BDP, MMFs " $113,127 36 1 4

Stocks 8 250,34 98 6

TOTAL VALUE $8,363,470 .47 • 100.0%

N -ICJ =

. T

This allocation represents holdings on a trade date basis, and projected settled Cash/ BDP and MMF balances These classifications are not intended to serve as a suitability analysis.

Deposits are eligible for FDIC insurance but are not covered by SIPC. Cash and securities (including MMFs) are eligible for SIPC coverage. See Expanded Disclosures

4FDIC rules apply ai

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CONSOLIDATED PERSONAL RETIREMENT EDUCATION TRUST

SUMMARY ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTSBUSINESSACCOUNTS

Cz

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r _.Account Summary. "N -


(12/1/13-12/31/13) (1/1/13-12/31/13)

TOTAL BEGINNING VALUE $4,461 , 585.94 $7,993,927.33

Credits - -

Debits - (5,054,431.45)


Net Credits/Debits/Transfers - $(5,054 , 431.45)

Change in Value 114,641 . 52 1,636 , 731.58

TOTAL ENDING VALUE $4,576,227 . 46 $4,576,227.46

Net Credits / Debits include investment advisory fees as applicable. See Activity section for details.


total withdrawn), demonstrates the impact of deposits and withdrawals

9.25

7.80 ------------------------

6.35

4.90

3.45

2.00 `






ALLOCATION OF HOLDINGS I

V

V


Cash, BDP, MMFs' $132,793.92 29

Stocks 4,443 4 97 1

TOTAL VALUE $4,576 , 227.46 100.0%

NW m

V T

Stocks


Deposits are eligible for FDIC insurance but are not covered by SIPC. Cash and securities (including MMFs) are eligible for SIPC coverage. See Expanded Disclosures.


RETIREMENT EDUCATION TRUSTACCOUNTS ACCOUNTS ACCOUNTS

Fs

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It " THE WALTA' ILLY DISNEY:EDN,"=_.Z.- 2F g' _ .-^•

CHANGE IN VALUE OF YOUR ACCOUNTS (includes accrued interest) CHANGE IN VALUE OVER TIMEThis Period This Year The display of market value (total account value ) and net invested capital (total amount invested minus

(12/1/13-12/31/13) (1/1/13-12/31/13) total withdrawn ), demonstrates the impact of deposits and withdrawals

TOTAL BEGINNING VALUE $9,235 , 883.98 $8 , 371,496 . 32 9.00 - - - - - - - - - - - - - - - - - - - - - - -

Credits - 441.24

Debits (8,992,202.19) (9,062,662.68)


Net Credits/Debits/Transfers $(8,992 , 202.19 ) $(9,062 , 221.44)

Change in Value

TOTAL ENDING VALUE


(238,350.78) 696,056.13

$5,331.01 $5,331.01

0.00

(9.00) 1 1 1




dates depicted. It may also exclude transactions In Annuities or where we are not the custodian, which



Cash , BDP, MMFs ' $5,331 100 0

TOTAL VALUE $5,331.01 - 100.0%

Cash, BDP, MMFs

This allocation represents holdings on a trade date basis, and projected settled Cash/ BDP and MMF balances. These classifications are not intended to serve as a suitability analysis.

Deposits are eligible for FDIC insurance but are not covered by SIPC Cash and securities (including MMFs) are eligible for S/PC coverage See Expanded Disclosures


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FDIC rules apply a

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Morgan Stanley .CLIENT STATEMENT I For the Period December 1-31, 2013

E_WALT&-LIL'_LY.'DISNEY_. FDN•onultingraupvAdvisorciveAssetsAccount°-1639- =?SCIO:JERI - MORTON ,

•a"SS, `a .^"1

^NRw&- _ `-.d'-.'., _ - -- , YY °` -' ( 1 -

- - °CIS.tAccount Surn.i;ar_ fir- .._..._.., _Y - - ^a- •t- - .h. - -K'^:' - ^ ^_.a.:'-^^`""-a.,x-'^d'^n::d,w::YJ = .n. ,.^nm^ xtt,.`^^,es,.vu.• ..._...__-^c...^_._:.^.,



TOTAL BEGINNING VALUE $ 1,845 , 224.05 $1 , 659,663 . 16 2.00

Credits - - o-----------------------------'

Debits - (0.66) 1.40


Net Credits/Debits/Transfers - $(0.66)- 080

Change in Value 11,632.84 197,194.39










Mutual Funds $1 56,856 89 100 0

TOTAL VALUE $1,856,856.89 - 100.0%

f ^\ ITV ^ A

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CONSOLIDATED PERSONAL RETIREMENT EDUCATION TRUST BUSINESSSUMMARY ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS D

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Morgan Stanley -CLIENT STATEMENT I For the Period December 1-31 , 2013

- - = X' '^ = ConsultniGrou °Advisor Acts evAssetsAccourat~ THE;WALT-' L'ILLt,DISNEY EDN;;-. _ -^• - ^_,^^ ° ^t wz,^,...- __ - '642 ^ _ .^,_. __ ^=,` .^^,-x - ;-.Y ^ `T - - - -A' ount:Sum;mar,.

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.^ :., ='. _ :F -_ ct• .....__ ..o _ _ - w +c,_ • , ...x^.- .L 'c':. _ . .....,. _ . ,.. _,. ^ ^ s _s _ <,_ .- _. _ ..: ...-...._ ^ a.:•^:.; _ - .. x _.-E.1 ._ ^.. _ _. _ _ ........ .. . ... _..^^.. Y. u . t. __. ,._ -.• ....,.w^.a _.r,__-^.,-s

CHANGE,IN VALUE OF YOUR ACCOUNTS (includes accrued interest ) CHANGE IN VALUE OVER TIMEThis Period This Year The display of market value (total account value) and net invested capital (total amount invested minus


TOTAL BEGINNING VALUE $3,030 , 228.83 $4,267,384.81 4.504.00 -----------------------

Credits - - o3.50

'

Debits - (1,000,004.33)

Security Transfers - - 3.00

Net Credits/Debits/Transfers - $(1,000 , 004.33)2.50

2.00Change in Value ( 12,134 . 53) (249 , 286.18) JUL 2012 SEP 2012 DEC 2012 MAR 2013 JUN 2013 SEP 2013 DEC 2013

TOTAL ENDING VALUE $3 , 018,094 . 30 $3,018,094.30



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Mutual Funds

TOTAL VALUE


$ 1804.30 100.0

$3,018,094.30 100.0%

Mutual Funds I

This allocation represents holdings on a trade date basis, and projected settled Cash/ BDP and MMF balances . These classifications are not intended to serve as a suitability analysis.



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(12/1/13-12/31/13) (1/1/13-12/31/13)

TOTAL BEGINNING VALUE $3,181 ,771.55 $6,076,329.55

Credits - -

Debits (10,364.57) (3,062,226.89)


Net Credits/Debits/Transfers $(10,364 . 57) $(3,062 , 226.89)

Change in Value 15,540.14 172, 844.46

TOTAL ENDING VALUE $3, 186,947.12 $3,186 , 947.12

Net Credits / Debits Include investment advisory fees as applicable See Activity section for details.


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Cash, BDP, MMFs• $66,156 30 2 1MFs Stocks 253,864 54 80

ETFs & CEFs_ _ _ 2 6 28 90.0

TOTAL VALUE $3,186 , 947.12 100.0%

This allocation represents holdings on a trade date basis, and projected settled Cash/ BDP and MMF balances. These classifications are not intended to serve as a suitability analysis.Deposits are eligible for FDIC insurance but are not covered by S!PC. Cash and securities (including MMFs) are eligible for SIPC coverage. See Expanded Disclosures.


CHANGE IN VALUE OVER TIMEThe display of market value (total account value) and net invested capital (total amount invested minustotal withdrawn ), demonstrates the impact of deposits and withdrawals.

6.25

5.40r-- ---------------- -----

4.55

3.70

2.85

2.00



This graph does not reflect corrections to Net Invested Capital or Market Value made subsequent to thedates depicted. It may also exclude transactions in Annuities or where we are not the custodian, whichcould delay the reporting of Market Value or affect the Net Invested Capital.

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CHANGE IN VALUE OVER TIMEThe display of market value (total account value) and net invested capital (total amount invested minustotal withdrawn), demonstrates the impact of deposits and withdrawals

75.00 .

This Period This Year

(12/1/13-12/31/13) (1/1/13-12/31/13)

TOTAL BEGINNING VALUE $23 , 963,843 . 81 $34 , 443,281.43

Credits 16,053,451.29 48,650,126.25

Debits (14,639,184,24) (64,791,443.15)

Security Transfers - 278,262.69

Accrued Interest On Security Transfers - 1,839.31

Net Credits/ Debits/Transfers $ 1,414 , 267.05 $( 15,861,214.90)

Change in Value 1,578 , 184.92 8,374 ,229.25

TOTAL ENDING VALUE $26 , 956,295 . 78 $26 , 956,295.78

CHANGE IN VALUE OF YOUR ACCOUNTS (includes accrued interest)

O lD 01 U1 ^ Rl N 30 0 CO fV CJl -^ ./ ^1

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9.00 1 1 1 1 1 , 1


- Total Market Value --' Net Invested Capital Since 07/31/12

This graph does not reflect corrections to Net Invested Capital or Market Value made subsequent to thedates depicted. It may also exclude transactions in Annuities or where we are not the custodian, whichcould delay the reporting of Market Value or affect the Net Invested Capital

Cash, BDP, MMFs'

Stocks

Corporate_Fixed-I ncome_A

TOTAL VALUEA

$4,896,228.16 182

21,901,355 00 81.2

1587.12.62_ 0 6

$26,956,299.7-8 100.0%

CD

Stocks-4

` J W Q°

This allocation represents holdings on a trade date basis, and projected settled Cash/ BDP and MMF balances . These classifications are not intended to serve as a suitability analysis. ' FDIC rules apply aq -4 r

Deposits are eligible for FDIC insurance but are not covered by S/PC. Cash and securities (including MMFs) are eligible for SIPC coverage . See Expanded Disclosures . ^ Includes Estimated Accrued Interest

inCD

0CONSOLIDATED PERSONAL RETIREMENT EDUCATION TRUST BUSINESSSUMMARY ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS n

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, BDP, MMFs


CLIENT STATEMENT 1 For the Period December 1-31, 2013

.Consulting Group Advisor°Active

Account^^S'u an -- -


(12/1/13-12/31/13) (1/1/13-12/31/13)

n

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TOTAL BEGINNING VALUE $ 12,510,285.37 -

Credits - 11,970,000.00

Debits (12.33) (86.06)


Net Credits/Debits/Transfers $(12.33 ) $ 11,969 , 913.94

Change in Value 3,922 . 83 544 , 281.93------ -- - ---- ----------- -- -- - - -- -------- - - -- --- - ---- ---- -TOTAL ENDING VALUE $12,514,195 . 87 $12 , 514,195.87



Morgan Stanley

:Accounts HE,WALT-&LILLYyDISNEY':FDN' _;4' _r=` :.•' s e== = _M53- ' C/0, WALTER.DSNEY MILLER &.

-c^ - a .ma's;'Nickname .-CG'IVY



13.600= 12.20 ------------

10.80es

9.40

8.00

JUN 2013 JUL 2013 AUG 2013 SEP 2013 OCT 2013 NOV 2013 DEC 2013


This graph does not reflect corrections to Net Invested Capital or Market Value made subsequent to thedates depicted It may also exclude transactions in Annuities or where we are not the custodian, whichcould delay the reporting of Market Value or affect the Net Invested Capital


Mutual Funds $1 5 5 87 1000

TOTAL VALUE $12,514,195.87 100.0%

:c -

Mutual Funds

This allocation represents holdings on a trade date basis , and projected settled Cash/ BDP and MMF balances These classifications are not intended to serve as a suitability analysis.


BUSINESSACCOUNTS

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(12/1/13-12/31/13) (1/1/13-12/31/13)

TOTAL BEGINNING VALUE

Credits

Debits

Security Transfers

$3,230,743.34

(1,000,000 00)


total withdrawn), demonstrates the impact of de osits and withdrawals,6.75 ----------------5.80

.2o 4.85

3.90

2.95

2.00


$6,702,516.61

(4,000,006.92)

Net Credits/Debits/Transfers $(1,000 , 000.00) $(4,000,006.92)

Change in Value 28,987 . 38 (442 ,778.97)----- - - - - --- - - ----- - --- - ---- - -- -- ------ --- - - ---TOTAL ENDING VALUE $2, 259,730 . 72 $2,259 ,730.72





n5

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Mutual Funds $2 259 2 100 0

TOTAL VALUE $2,259,730.72 100.0%

P Mutual Funds




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(12/1/13-12/31/1 3) (1/1/13-12/31/13)

TOTAL BEGINNING VALUE $3,794, 128.14 $6,707,336.40

Credits 1, 000, 000.00 1, 000, 000.00

Debits - (3,000,006.90)


Net Credits/Debits/Transfers $ 1,000 , 000.00 $ (2,000 , 006.90)

Change in Value-- -- - - - --------

53,180 . 78- - - -- -- - - -- - - -- ----- ----

139 , 979.42-- -- --- ---- ---- --- -- - -- ----------- ----- -


Net Credits / Debits include investment advisory fees as applicable. See Activity section for details.

,- ALLOCATION OF HOLDINGS

CHANGE IN VALUE OVERTIMEThe display of market value (total account value) and net invested capital (total amount invested minus

total withdrawn), demonstrates the impact of deposits and withdrawals.7.00 1

-------------------------c

5.00

Morgan Stanley

3.00 1







Mutual Funds $4 847 2 100.0

TOTAL VALUE $4,847, 308.92 100.0%

Mutual Fundsl



BUSINESSACCOUNTS

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(12/1/13-12/31/13) (1/1/13-12/31/13)


Credits - 3,000,000.00

Debits (1,000,002.46) (1,000,006.34)


Net Credits/Debits/Transfers $(1,000 , 002.46) $ 1,999 , 993.66

Change in Value (34,486 . 75) (106 , 360.76)

TOTAL ENDING VALUE $5 , 517,300 . 33 $5,517 , 300.33


7

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efs Acoun THE WAI:T::&;,LILLY-DISNEY FDN • _ T x rc"^LL ^^ ^ ^ ^ r - - _ -_ _ `n.••}pi ^,'r^^.: -fir ^-^ '4p 16377 ` I -- y ; b :A ,:'. p


total withdrawn), demonstrates the impact of deposits and withdrawals.5.75

5.000

4.25

3.50 -- ---------

2.75

2.00







Mutual Funds $5,517 3 0 33 1000

TOTAL VALUE $5,517,300.33 100.0%

Mutual Funds

This allocation represents holdings on a trade date basis, and projected settled Cash/ BDP and MMF balances These classifications are not Intended to serve as a suitability analysis.

CONSOLIDATED PERSONAL RETIREMENT EDUCATION TRUST

SUMMARY ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTSBUSINESSACCOUNTS

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(12/1/13-12/31/13) (1/1/13-12/31/13)


Credits - -

Debits (999,883.83) (4,059,549 78)


Net Credits/Debits/Transfers $(999,883 . 83) $(4,059 , 549.78)

Change in Value (61,384 .37) (276,098.59)




Mutual Fu

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THE 111%p7 & LILY'171SIVEYFDN • .."

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CHANGE IN VALUE OVER TIMEThe display of market value (total account value) and net invested capital (total amount invested minustotal withdrawn), demonstrates the impact of deposits and withdrawals.

12.50

11.20----------

9.90

8.60

7.30

6.00



This graph does not reflect corrections to Net Invested Capital or Market Value made subsequent to thedates depicted It may also exclude transactions in Annuities or where we are not the custodian, whichcould delay the reporting of Market Value or affect the Net Invested Capital.


Cash , BDP, MMFs' $267,725 97 41

Government Securities ^ 3,316,426.79 51.1

Mutual Funds 2 _44 8

TOTAL VALUER $6,493,655 .06 100.0%

N-^=ce

A T

This allocation represents holdings on a trade date basis, and projected settled Cash/ BDP and MMF balances. These classifications are not intended to serve as a suitability analysis ` FDIC rules applyDeposits are eligible for FDIC insurance but are not covered by SIPC. Cash and securities (including MMFs) are eligible for SIPC coverage. See Expanded Disclosures. A Includes Estimated Accrued Interest

0

cozm

CONSOLIDATED PERSONAL RETIREMENT EDUCATION TRUST BUSINESS 0SUMMARY ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS ACCOUNTS z

0a


Credits - (323,985.26)

Debits (1,999,868.49) (2,011,304.64)


Net Credits/Debits/Transfers $(1,999 , 868.49) $(2,335 , 289.90)

;,^ - a..,x _ = -; ;Institutional Consultin Services Active Assets.Account^-hTHE WALTk& LILLY DISNEY FDN'=C/0 JERI MORTON1641-A -o`u:n r _

. -.'.n, :.'...`",_".^^; V- 4"

.',,...y;^ { sr3^i -...e.._..,._..__•__^...^s^F.... _.^.:^.i, ^..,v_ ^"^-_.^..__:aa^+:.;_:i-_s i-__-^.---_....,._-.s`^,..-.; --= -`y'^ a ..s...-..-.`..,ate...'- s..^z___w..^.^._...^ +^



TOTAL BEGINNING VALUE $ 11,165 , 074.80 $11 , 382,082 . 21 15.00

y

i V

Change in Value (48,967 . 15) 69 , 446.85- - - ------ - - - - -- ------- - --- --- ------- ------ - - -- - -- -- ----TOTAL ENDING VALUE $9 , 116,239 . 16 $9,116 , 239.16


Morgan Stanley

N

-----------------------

Li 11.00

7.00 I' I I I I



This graph does not reflect corrections to Net Invested Capital or Market Value made subsequent to thedates depicted. It may also exclude transactions In Annuities or where we are not the custodian, whichcould delay the reporting of Market Value or affect the Net Invested Capital


Government


r'

Cash, BDP, MMFs'

VIFs Corporate Fixed Income A

Government Securities A - - - -

TOTAL VALUEA

Corporate Fixed Income

$335,992.52 3.7

4,818,607 62 52.9

-3 , 9 j02 -- -- -43.5-

$9,116 , 239.16 100.0%

This allocation represents holdings on a trade date basis, and projected settled Cash/ BDP and MMF balances. These classifications are not intended to serve as a suitability analysis. ' FDIC rules apply,Deposits are eligible for FDIC insurance but are not covered by S/PC Cash and securities (including MMFs) are eligible for SIPC coverage. See Expanded Disclosures. A Includes Estimated Accrued Interest

CONSOLIDATED PERSONAL RETIREMENT EDUCATIONSUMMARY ACCOUNTS ACCOUNTS ACCOUNTS

TRUST BUSINESSACCOUNTS ACCOUNTS

CJ =

- m

w -IV

Go

I-

0CDzm

m0Cz

D

0z

GMT !Bay Resource Partners Offshore Fund, Ltd.

ACCOUNT STATEMENT FOR PERIOD ENDED DECEMBER 31, 2013

The Walt & Lilly Disney Foundation

23-7425637

UNAUDITED

The Walt & Lilly ,Disney Foundation

INVESTOR SUMMARY (USD)

Opening Shares Activity Closing Shares NAV per Share Ending Capital

Class A-88 104 235048 0000000 104 235048 10,760 34 1,121,604

Class A-88-1 105 687935 0000000 105 687935 10,733 96 1,134,450

MTD QTD YTD

Total Beginning Capital 12,243,896 2,053,079 0

Capital Contributions 0 0 2,000,000

Capital Withdrawals 0 0 0

Exchanges / Transfers 0 0 0

Net Income (Loss) Allocation ^ 12,159 202,976 2 5

Total Ending Capital 1 2,256,055 2,256,055 2,256,055

INVESTOR PERFORMANCE (USD)

MTD QTD YTD

Class A-88 054% 987% 12.16%

Class A-88-1 0 54% 9.90% 13.45%

Blended Rate of Return 054% 9 89% 12 02%

l`nv\-_) 0.

2,256YO55•49087,758•1,399x487•3'100'248•

-3,O56183,515,560-8,738)876•

3y1119615•3P218i453•

3,848,436-237,473-257r167•380,446•124x338-

ill balances and valuation amounts are subject to the Fund recehnn I v ++ 3792919530 -the Fund , the Investor shall remain liable to reimburse any overpayn

L-J C"T-% r! C- Ca,M\/

C,

e event withdrawal amounts or transfers are approved bys final audited financial statements

Inquiries should be directed to Investor Services atHedaeServ Limited

* 1


23-7425637


PO Box 2566

San Anselmo , CA 94979

Telephone: 650 234 5902

Facsimile : 650 376 9860

Email:Account #:

Shareholder : The Walt & Lilly Disney Foundation

Investor Services

[email protected]

t,s a. '• 'k`<. .„ ^xmti ;r"^.s s y:

"'#s'n s;^:''^, t.' u^ z^5hb%. •.x>^^... ;y, . a,• ;,I`^^r, a."vp'^^ì ^î.;^^"' a,Â'-,i"-r^^ °,^g;•,°7 ' •.r'i^t..i^„+ '' ,aa> '^^ =".^'^. ^`^^,`>.."':=3. Y>>'•Fuad, s^Changein,Net AssetxValue ^•_`•A;; •^^ __ _ ^• ^ '_^. ^^„• y^ _^Ls^ x^6. ,^.tfl" •si9 _ s. ;. , ,. , _, _ . x . ,^ u ., - '§aâ`>'<..,._ ._ ..,.-.,. &^r :' a • - - ^ ^^ ^'7^..,a_^ ^:s:..^Êa .;o '., ^>..^';..^ ^.'u-S^.> ^ . ^k:

Net Asset Value, November 30, 2013

Net Capital Activity During Period

Net Income / (Loss)

$ 5,959,672,269

(587,416,062)

275,746,802

Net Asset Value, December 31, 2013 $ 5,648,003,009

i older ' s Chan'" e m)Net"Asset °Valiie ,SliSareh g .^^ a _ ' _ , h ' ^, ^ :G ' °ar°"'• ^`.t. r, -rrae• • - .... an44 .>. , s, .. ., _ _ ., .. -.. `r ".`s ..,..,. , r` s`• ,°X.,.Fra.m _r ...r 0414

Class A Sub-Class One

Net Asset Value, November 30, 2013

Net Shares Equalization / (Depreciation)

Net Asset Value, December 1, 2013

SubscriptionsTransfers In

Redemptions

Transfers Out

Net Income / (Loss)

Net Asset Value, December 31, 2013

Equalization Credit Balance

Depreciation Deposit Balance

Account Value, December 31, 2013

Percentage Increase (Decrease) for December 2013Percentage Increase (Decrease) Year-to-Date

Shares NAV Amount

4,267. 7984 910 . 300 $ 3,884,975.360.0000 0.00

4,267.7984 910.300 $ 3 , 884,975.360.0000 0.000.0000 0.000.0000 0.000.0000 0.00

182,249.36

4,267.7984 953.003 $ 4,067,224.72

20,533.00

0.00

$ 4,087 ,757.72

69%27.57%

'S Yx; s•d'Sart _ `1- , .^ 'r'P'"sr; rY=; tro°^ Y^r x (g^' yr` • ';•Yw .FsP+i' - t [`ty tî7n 9T

F;' !'^sE^ •r',r>,.e„^, et - ax...'.".^^,î•, '^ ",x „,-.:t,r•;>n>^,•r t ^;^ ";}°;^^%'`•,' ,^:Zit^w ^'x:.t5'3"'' r^'1..a'..sOath '{'; _q,, x'î. ^+' "^..^'x';,. i•; ^}'^,•^,,,.=''*•.fi^F, •'%,., `,'.,^$'

mommoommumommo^

I hereby affirm that to the best of my knowledge and belief, the information contained in this statement is accurate and complete.

Ro ert ronePrincipal of Commodity Pool Operator for Discovery Global Opportunity Fund Ltd.Name of CPO: Discovery Capital Management L.L.C.Name of Commodity Pool: Discovery Global Opportunity Fund Ltd.

I\

Citigroup Fund Services Canada, Inc. • 100-5900 Hurontano Street • Mississauga, Ontario • Canada L5R 0E8P(905) 214-8170 • F(905) 212-8615 • Toll-Free (Available in North America Only) (866) 884-6403 • [email protected]

• BNY MELLONASSET SERVICING

DoubleLine Opportunistic Income Fund II LTDc/o BNY Mellon Asset Servicing

135 Santilli Highway

Everett, MA 02149Phone/Fax - 617-382-6066 / 877-325-6989

E-mail - DoubleLine.CAAGInvestorServices@bnymeilon com

The Walt and Lilly Disney Foundation

2725 Sand Hill RoadSte. 100Menlo Park, CA 94025USA

The Walt & Lilly Disney Foundation23-7425637

Sent Via Email

This document is only for your use and must not be circulated to anyone else without DoubleLine's consent or given orshown to the general public under any circumstances. By accepting delivery of this document each recipient agrees tokeep the information herein confidential.

DoubleLine Opportunistic Income Fund II LTDClass C , Series: I

Account Statement for the Month Ending December 31, 2013 ( in USD )

Summary of Net Asset Value per Share : Unit Value Shares

Opening Share Price as of December 1, 2013 1,486 75 945 172

Closing Share Price as of December 31, 2013 1,480 67 945.172

Summary of Activity

Month-to-Date Year-to-Date

Beginning Balance 1,405,235.70, -

Subscriptions - -

Redemptions - (2,000,000 00)

Transfers In (Out) - 3,287,131.78

Investment Income (5,189 88) 156,915.00

Management Fee (1,198 09) (32,076.39)

Incentive Fee 638.80 (12,483 86)

Net Income

Ending NAV

(5,749.17)

1,399,486.53

112,354.75

1,399,486.53

Performance:

Net Return (0.41)% 3.17%

The information contained herein represents your economic allocation of the fund's profits and losses classified based on certain estimatedfinancial statement categories.

Returns are calculated net of applicable fees Your Interest in the Fund, when redeemed, may be worth more or less than its cost Pastperformance does not guarantee future returns Performance information relates solely to your investment in the Fund and may differ frominformation on Fund performance due to various factors, such as, but not limited to, the timing of your investment in the Fund

Please contact us if you have any questions concerning your account

IInvestments in the Fund are not protected by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC)

FARALLON®1 The Walt & Lilly Disney Foundation

Capital Management, L.L.CJ 23-7425637

Farallon Capital Institutional Partners, L.P.December 31, 2013 Month-End Unaudited Investor Statement


1. Current Month Activity

Previous Month-End Capital Account BalanceCapital ContributedLess: Capital WithdrawnNet Income (Loss) Allocation (1)Total Portfolio Ending Capital Account Balance

II. Capital Account Balance (2)

$3,057,188

$43,060$3,100,248

General Fund $3,100,248Special Situation Accounts Established Prior to 2010 -Special Situations 2010 -Special Situations 2011 ex-U.S. RE -Special Situations 2011 -

Special Situations 2012 ex-U.S. RE -Special Situations 2012 -

Special Situations 2013 ex-U.S. RE ^ -Special Situations 2013 -Reserve (3) _

Accrued Incentive AllocationTotal Portfolio Ending Capital Account Balance $3,100248

III. Returns (2), (4)

Farallon Capital Institutional Partners , L.P. Limited PartnerGross Net Gross Net

General FundMonth to Date 1. 82% 1.58%Quarter to Date 4 40% 3.72%Year to Date 17.15% 14.28%

Total PortfolioMonth to Date 2.03% 1 69%Quarter to Date 4.54% 3.75%

1 83%4.43%4.43%

Year to Date 15.13% 1240%

IV. Remaining Obligations to Special Situation Accounts Established before 2010 (2)Limited Partner balance (as of December 31, 2013) - I

V. Special Investment Programs Detail (2), (5)

No Special Investment Programs

1.83%4.43%4.43%

1.41%3.34%3.34%

1.41%

3.34%3.34%

h

The Walt & Lilly Disney Foundatioi23-7425637

Litespeed Offshore Fund, Ltd.


Currency: USD

A State Street Company

Account Balance at 12/31/2013 Share Class/Series NAV Per Share Number of Shares Market Value MTD % YTD %

Inv # I

001 AU/01Nov2013 100 520606 30,0000001000 3,015,618 18 050% 0 52%

Balance Total 30,000 000000 3,015,618 18

Transactions on 01/01/2014 Share Class/Series NAV Per Share Number of Shares Market Value

Inv #

001 Rollup-From AU/01 Nov20A8a/01Jul2003 316 999335 9,513 011060 3, 015,618 18to I

001 Rollup-T0AU/01J02003 AU/01Nov2013 100 520606 -30,000 000000 -3,015,618 18from

i

Transaction Total

Grand Total

Important Notices:

Investor -

IFS IINTERNATIONALFUND SERVICES.

0 00

3,015,618 18

According to the information you provided we have classified your investment as per the below:

You are not a benefit plan investor for purposes of determining whether 25% or more of the fund's assets are held by benefitplan investors for purposes of ERISA.You are Eligible for the purpose of determining the receipt of profits and losses from "new issue" securities.

Should you disagree with any of the above information please contact us as soon as possible.

For questions concerning your account please contact:

Tel- 647-775-5268, Fax. 416-681-2010 , [email protected] I International Fund Services a State Street Company State Street Financial 'Center 30 Adelaide Street East , Suite 1100Toronto, Ontario, Canada M5C-3G6

Please read the disclaimer containing important information on the last page of this statement.

CGlobe0o

Date : Jan-31-2014

Valuation Date Dec-31-2013

Series ID Senes01A

Fund Code MILLENIUM/MILMIMMIII


Entity ID

SubEntity ID

Email

Fax Number

Currency USD

Investor Ref

Millennium International , Ltd. - Class MM Sub Class III - Series 01A

FUND NET ASSET VALUE NAV Per Sha re

Opening Price Dec-01-2013 1,486 0766

Closing Price Dec-31-2013 1,505 2433

ACCOUNT VALUE Sha res NAV Per Share Capital

Opening Market Value of Account Dec-01-2013 2,335 5426 1,486 0766 3,470,795 12

Additions To Capital 0 0000 0 00

Reductions To Capital 0 0000 0 00

Current period increase/(decrease ) in market value 44 764

Closing Market Value of Account Dec-31-2013 2,335.5426 1,505 2433 3,515,559 79

Please note for confidentiality purposes , Investor details have been removed from the statements Please refer to the Investor Ref on the statement , which Is the web ID Issued by Ml lennlum

u,uuavp, as ®wnnusuawi, has uiueye, ,uy w u u,a exis ten ce vesunani positions and cash representing , uerxuiucr a i, cu is againststatements , confirmations, or other documentation obtained by GlobeOp from banks, brokers, custodians, and other financial counterpartles Globeop has also Independently received valuation support

representing approximately 99 97% of the gross value of the security positions of the Millennium Funds as of December 31. 2013 Such support has been received from independent service providers,

brokers, and other third parties Globeop also reviewed the general ledger on a sample basis to verify it as matenally correct

Based upon the above GlobeOp Issues the net asset value of the Fund on a monthly basis The procedures performed do not constitute an audit in accordance with auditing standards generally accepted Inthe United States The verification and review work conducted by GlobeOp does not constitute a 100 percent verification of the valuation work of the Investment Manager

For more information or any inquiries, please contact Investor Servicest 345-945-5664 1 f 345-946-7652 1 lnvestors@GlobeOp com ky

SLATE S EE

Box 5493Boston , MA 02206

Registration : THE WALTAND LILLY DISNEY FOUNDATION

Account Number:

ORIGIN ASSET MANAGEMENT

Account Statement12101,2013 -12/3112013

Page 1 of 1

31 OW 111 -7- 31

2725 SAND HILL RD. STE 100MENLO PARK , CA 94025

Account Summary - Period1213112013 Beginning Period Period Period Ending Ending

?und Name NAV Market Value Purchases Redemptions Distributions Shares Market Value

Account Total $4,142, 922.91' $8,738,876.13

Account Summary - YTDYTD YTD YTD Dividend LT Cap Gain ST Cap Gain Account

"und Name Purchases Redemptions Distributions Option Option Option Inception

ATIONAL EQUITY FUND LLC $6 ,500 ,000.00 ($20,596.63) Reinvest Reinvest Reinvest 06/29/12

Transaction HistoGross Net Transaction Total

Trade Date Transaction Type Amount Amount NAV Shares Shares

ORIGIN INTERNATIONAL EQUITY FUND LLCBEGINNING BALANCE 275,757.326

b 114 THE WALT AND LILLY DISNEY FOUNDATION

NW CD

CJi

90Wr-

1<v

CE)1<TO

aa)0n

FRANKLIN TEMPLETONINSTITUTIONAL


P O Box 2566San Anselmo, CA 94979

USA


xmr^_ ^rrurxe^s r^

CLIENT ;ST^''' E,MT=N, IA/C Number : **-****-****5247

Period Beginning : 30-Nov-2013

Period Ending: 31 -Dec-2013

Fax Number:

PERFORMANCE SUMMARY!% Chan e

Security Period to Date Year to Date

Templeton Global Summits (Cayman ) Fund , Ltd - The Walt and Lily DisneyFoundation - 01 Nov2013

2 20% 3 72%

POSITION SUMMARYNAV Units

Security30-Nov-2013 31-Dec-2013 30-Nov-2013 31-Dec-2013

Templeton Global Summits (Cayman ) Fund , Ltd - The Walt and Lily DisneyFoundation - OINov2013

1,014 897328 1,037 204941 3,000 000000 3,000 000000

PERIOD ACTIVITY

Net Opening Net Income / Withdrawals / Net ClosingSecurity Capital Contribution (Loss ) Trans / ReReg Capital

Templeton Global Summits (Cayman) Fund, Ltd - The I 3,044,691 981 000 1 66,922 841 0.001 3,111,614 82Walt and Lily Disney Foundation - 01Nov2013

66,922 84 3,111,614 82

DISCLOSURE NOTES• % Change results are Net of all fees.• Year To Date change is based upon Calendar Year which ends on December 31st.• All values are in USD.• This information is not intended to be used for tax reporting or planning.• This information is unaudited. Audited statements are issued upon conclusion of the fiscal year erid audit.• Actual values may differ slightly due to rounding.• The Fund's Net Asset Value (NAV) is calculated on the basis of pricing information obtained from various sources, including pricing vendors used byThe Bank of New York Mellon ("BNYM"), the Fund (or its investment manager), one or more broker/dealers as directed by the Fund (or its investmentmanager), and administrators ("Pricing Information") Certain Pricing Information may not be updated by BNYM's pricing sources on a regular basis.Although BNYM may, from time to time, assess variances in Pricing Information or subject such Pricing Information to other tolerance testing establishedby BNYM, in no event does BNYM independently verify or make any representations or warranties, or give any other assurances, with respect to anyPricing Information utilized by BNYM in calculating the Fund's NAV or for any other purpose related to the Fund.

• The Pricing Information used by BNYM to calculate the Fund's NAV may differ from the pricing information provided to, or used by, other divisions ofThe Bank of New York Mellon or its subsidiaries or affiliates, such differences may or may not be material.

Telephone : Facsimile : Email: GlobalClientServiceSupportAmeri Web:[email protected]

As you requested copies of this statement have been sent to:

Morgan Stanley Alternative Investment Operations IS.

The Walt & Lilly Disney Foundatioi23-7425637

Trian Partners, Ltd. InvestorIFS I INTERNATIONALFUND SERVICES.A State Street Company

THE WALT & LILLY DISNEY FOUNDATION

PO Box 2566

San Anselmo , CA 94979

USA

Currency: USD

Account Balance at 12131/2013 Share Class/Series NAV Per Share Number of Shares Market ValueInv # •

001 DU Opt 1/401 1,072 817831 3,000.000000 3,218,453.49

Balance Total 3,000.000000 3,218,453.49

Transactions on 01/01/2014 Share Class/Series NAV Per Share Number of Shares Market ValueInv# -

No Transactions for this period.

Important Notices:

According to the information you provided we have classified your investment as per the below:

You are not a benefit plan investor for purposes of determining whether 25% or more of the fund's assets are held by benefitplan investors for purposes of ERISA.You are Eligible for the purpose of determining the receipt of profits and losses from "new issue" securities.

Should you disagree with any of the above information please contact us as soonlas possible.


Shareholder Services: Tel: 353(1)7765000 / +1 617-664-0909, Fax: 353(1)7767679, [email protected] comIFS, A State Street Company 78 Sir John Rogerson's Quay Dublin 2 Ireland


York Credit Opportunities Unit Trust

THE WALT & LILLY DISNEY FOUNDATION

P 0. Box 2566San Anselmo, CA 94979

Currency: USD


InvestorIFS

INTERNATIONALFUND SERVICES.A State Street Company

Account Balance at 12131/2013 Share Class/Series NAV Per Share Number of Shares Market ValueInv #

002

Balance Total 51, 903.991251

3,848 435.91

3,848,435 91

Transactions on 01/01/2014 Share Class/Series NAV Per Share Number of Shares Market ValueInv# -

No Transactions for this period


York Shareholder Services Tel: 1-647-775-7912, Fax: 1-345-945-8134, YorkTAQueries@ ifs.statestreet.comIFS I International Fund Services , a State Street Company I State Street Financial Centre 1 30 Adelaide Street East I Suite1100 1 Toronto, ON M5C 3G6 I Canada I


A/1 74 145279 51 , 903 991251

The Walt & Lilly Disney Foundatic23-7425637

Statement of Value and Activity (Unaudited)

01-Dec-2013 to 31-Dec-2013

Hedge Fund Managers Sub-Fund


PO Box 2566

San Anselmo CA 94979-2566

United States of Amenca

Account ID. xxxx2131

Account Name The Walt & Lilly Disney Foundation

Currency United States Dollar

For Your Information

This statement has been produced by SE1, the independent administrator for the fund Goldman Sachs has not produced this statement Please contact your Goldman Sachs

Professional with any questions regarding this information.

Your Po rtfolio Value

Beginning Ending

Class/rrancbe Beginning NAV Per Beginning Subscriptions/ Profit/ Ending NAV Per Ending MarketSeries Shares/Units Share/Unit Market Value Redemptions Loss Shares/Units Share/Unit Value

B t 2,684 6750 S89 5093 $240,303 42 $000 ($2,830 16) 2,684.6750 $88 4551 $237,473 26

Total $240,303 42 $000 ($2,830 16) $237,473.26

your Transaction Activity

Transaction Classfrranche Activity Share /Unit Price Per Cash

Date Series Description Amount Share/Unit Amount

3

Y

4

Private Equity Partners 2000 LP

Walt & Lilly Disney FoundationCapital Analysis

for the year ended December 31, 2013

Summary of Capital Account

Capital balance (remaining value) at January 1, 2013

Capital contributions during the year

Distributions during the year

Net investment activity:Net realized gain (loss) from Direct Investments

Net earnings (loss) from Partnership Investments*

Net change in unrealized appreciation/depreciation on PartnershipInvestments*Net change in unrealized appreciation/depreciation on foreign currencytranslationNet change in unrealized appreciation/depreciation on Direct Investments

Net operating activity:Dividend incomeManagement feeOther expenses

Change in provision for Carried Interest allocation to Goldman SpecialLimited Partner

Capital balance (remaining value) at December 31, 2013**

Summary of Capital Commitment

Revised capital commitment***

Capital contributed to dateDistributed capital deemed recallable

Remaining capital commitment

Summary of Distributions and Valuation

Total capital contributed to date

Total distributions to date-

Capital balance ( remaining value) at December 31, 2013**

Total Estimated Value (total distributions to date plus capital balance)

Total Estimated Value as a net multiple of capital contributed to date*'"*

Co THE WALT & LILLY DISNEY FOUNDATION23-7425637

$ 353,153

7,770

(160,810)

74,235

18,790

10,956

41(37,538 )

266,597

1(1,742)(700 )

(2,441 )

$ 257,167

$ 1,425,000

(1,544,482)

129,795

$ 10,313

$ 1,544,482

$ 2,390,752

257,167

$ 2,647,919

1.71 x

* Net investment activity may not represent all profits and losses through the date of this Capital Analysis. For additionalinformation, please reference Footnote 2 of the Unaudited Condensed Financial Statements" Represents remaining value The remaining value is based upon available information and may not represent amountswhich might ultimately be realized This capital analysis assumes that all capital calls or required contributions to date havebeen paid by the limited partner All amounts listed well be adjusted in the sole discretion of the General Partner to account forany unpaid capital calls or other amounts

"' As of January 1, 2003, the General Partner of Private Equity Partners 2000 LP released 5% of each partner's commitmentto the fund

"" Net multiple takes into account specific management fee percentages for each limited partner

0002421-0005-0030-0050587---0322-4i

• THE WALT & LILLY DISNEY FOUNDATIONA, 23 -7425637

Private Equity Partners 1999 LP

Walt & Lilly Disney FoundationCapital Analysis



Capital balance (remaining value) at January 1, 2013 $ 516,750

Capital contributions during the year 9,432

Distributions during the year (211,576)

Net investment activity:Net realized gain (loss) from Direct Investments 68,686

Net earnings (loss) from Partnership Investments* 63,923

Net change in unrealized appreciation/depreciation on foreign currencytranslation 117Net change in unrealized appreciation/depreciation on SecurityInvestments* 76Net change in unrealized appreciation/depreciation on PartnershipInvestments* (19,688)Net change in unrealized appreciation/depreciation on Direct Investments (41,456)

386,264

Net operating activity:Dividend income 3Management fee (4,354)Other expenses (1,467 )

Eiji)Capital balance (remaining value) at December 31, 2013** $ 380,446


Revised capital commitment*** $ 2,850,000Capital contributed to date (3,012,454)Distributed capital deemed recallable 186,807

Remaining capital commitment $ 24,353


Total capital contributed to date $ 3,012,454

Total distributions to date $ 3,771,860

Capital balance (remaining value) at December 31, 2013** 380,446

Total Estimated Value (total distributions to date plus capital balance) $ 4,152,306

Total Estimated Value as a net multiple of capital contributed to date**** 1.38 x

* Net investment activity may not represent all profits and losses through the date of this Capital Analysis For additionalinformation, please reference Footnote 2 of the Unaudited Condensed Financial Statements** Represents remaining value The remaining value is based upon available information and may not represent amountswhich might ultimately be realized This capital analysis assumes that all capital calls or required contributions to date havebeen paid by the limited partner All amounts listed will be adjusted in the sole discretion of the General Partner to account forany unpaid capital calls or other amounts.*** As of January 1, 2003, the General Partner of Private Equity Partners 1999 LP released 5% of each partner's commitmentto the fund*"' Net multiple takes into account specific management fee percentages for each limited partner.

0000444-"."026 -0016177 ----0123-12

Private Equity Partners (Technology) LP

Walt & Lilly Disney Foundation

Capital Analysis



Capital balance (remaining value) at January 1, 2013

Capital contributions during the year

Distributions during the year

Net investment activity:

Net earnings (loss) from Partnership InvestmentsNet realized gain (loss) from Direct InvestmentsNet change in unrealized appreciation/depreciation on:Partnership Investments

Net operating activity:

Dividend income

Management Fee

Other expenses

Capital balance ( remaining value ) at December 31, 2013 2,3


Revised capital commitment °

Capital contributed to dateDistributed capital deemed recallable

Remaining capital commitment


Total capital contributed to date

Total distributions to date

Capital balance (remaining value) at December 31, 2013 2,3

Total Estimated Value (total distributions to date plus capital balance)

Total Estimated Value as a net multiple of capital contributed to date

THE WALT & LILLY DISNEY FOUNDATION23-7425637

$ 137,714

1,470

(37,447)

12,877

122

11,214

125,950

(1,012)

(600)

1,612

4;;24338

$ 810,000

(768,642)

10,370

$ 51,728

$ 768,642

$ 442,305

124,338

$ 566,643

0.74x

1 Net investment activity may not represent all profits and losses through the date of this Capital Analysis. For additional information,please reference Footnote 2 of the Unaudited Condensed Financial Statements.

2 Represents remaining value. The remaining value is based upon available information and may not represent amounts which mightultimately be realized.

3 This capital analysis assumes that all capital calls or required contributions to date have been paid by the limited partner. All amountslisted will be adjusted in the sole discretion of the General Partner to account for any unpaid capital calls or other amounts.

4 As of April 1, 2002, the General Partner of Private Equity Partners (Technology) LP released 10% of each partner's commitment to thefund As of January 1, 2004, the General Partner released an additional 10% of each partner's commitment to the fund.

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-pf return of private foundation...form 990-pf (2013) the walt and lilly disney foundation...

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