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This was posted on Wellesnet.com: https://www.wellesnet.com/orson-welles-twelfth-night/
I gather its a kind of Frankenstein made from a 1933 production and a 1940 production. Kodachrome 16mm film wasn't introduced until 1935 so I assume that whatever color footage we see was from the later production. Welles' narration came from the Everyone's Shakespeare recording he made. Whatever its provenance, it's interesting footage.

This is footage from Orson Welles production of TWELFTH NIGHT done at the Todd School in 1933. Welles had just returned from acting at the Gate Theater and recorded the opening narration at the time (he was only 17 years old).

Kodachrome indeed did not come along until 1935, but this was shot in Kodacolor, which had been around in 1928. Somebody must have had a Kodacolor lenticular lens to transfer the film. They also did a good job synchronizing the soundtrack, which was apparently recorded on a acetate disc. Now if someone just fixed those rolling credits!

RICHARD M ROBERTS