UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR

PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

   ☒  ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE

                              SECURITIES EXCHANGE ACT OF 1934

        For the fiscal year ended December 31, 2016

OR

   ☐  TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE

                              SECURITIES EXCHANGE ACT OF 1934

        For the transition period from                      to                     

Commission file number:    1-15062

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

TIME WARNER SAVINGS PLAN

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Time Warner Inc.

One Time Warner Center

New York, New York 10019

FINANCIAL STATEMENTS AND

SUPPLEMENTAL SCHEDULES

Time Warner Savings Plan

Years Ended December 31, 2016 and 2015

With Report of Independent Registered Public

Accounting Firm

TIME WARNER SAVINGS PLAN

FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES

YEARS ENDED DECEMBER 31, 2016 AND 2015

	Page
Report of Independent Registered Public Accounting Firm		1
Financial Statements
Statement of Net Assets Available for Benefits		2
Statement of Changes in Net Assets Available for Benefits		3
Notes to Financial Statements		4
Supplemental Schedules
Schedule G, Part 1 – Schedule of Loans or Fixed Income Obligations in Default or Classified as Uncollectible		13
Schedule H, Part IV, Line 4(a) – Schedule of Delinquent Participant Contributions		14
Schedule H, Part IV, Line 4(i) – Schedule of Assets (Held at End of Year)		15

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Administrative Committee

Time Warner Savings Plan

We have audited the accompanying statement of net assets available for benefits of the Time Warner Savings Plan as of December 31, 2016 and 2015, and the related statement of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Time Warner Savings Plan at December 31, 2016 and 2015, and the changes in its net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.

The accompanying supplemental schedules of loans or fixed income obligations in default or classified as uncollectible, delinquent participant contributions, and assets (held at end of year) as of December 31, 2016 have been subjected to audit procedures performed in conjunction with the audit of the Time Warner Savings Plan’s financial statements. The information in the supplemental schedules is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

New York, New York June 20, 2017     /s/ Ernst & Young LLP

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TIME WARNER SAVINGS PLAN

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

(thousands)

	December 31,
	2016		2015
Investments at fair value:
Commingled trust funds	$	1,560,846	$	1,219,105
Time Warner common stock		396,965		295,216
Other common stocks		1,333,654		1,312,998
Mutual funds		296,673		439,753
U.S. government and agency securities		214,123		227,518
Other fixed income securities		154,716		116,924
Cash, cash equivalents and other investments		56,453		29,462
Total investments at fair value		4,013,430		3,640,976
Investments at contract value:
Synthetic investment contracts		499,308		491,412
Total investments		4,512,738		4,132,388
Contributions receivable:
Employing company		11,901		10,996
Participants		3,543		3,225
Notes receivable from participants		57,753		57,893
Receivables for securities sold		87,756		201,850
Other assets		5,471		5,804
Total assets		4,679,162		4,412,156
Payables for securities purchased		198,727		279,231
Other liabilities		6,711		28,900
Total liabilities		205,438		308,131
Net assets available for benefits	$	4,473,724	$	4,104,025

See accompanying notes.

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TIME WARNER SAVINGS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

(thousands)

	Year Ended December 31,
	2016		2015
Net assets available for benefits at beginning of year	$	4,104,025	$	4,424,183
Changes in net assets:
Investment income, net of fees		40,886		46,134
Net realized and unrealized appreciation (depreciation) in the fair value of investments		382,215		(155,688)
Net investment income (loss)		423,101		(109,554)
Employing company contributions		120,294		122,612
Participant contributions, including rollover contributions		171,376		161,128
Participant loan interest income		3,423		3,291
Participant withdrawals		(346,279)		(495,523)
Administrative expenses		(2,216)		(2,112)
Net change		369,699		(320,158)
Net assets available for benefits at end of year	$	4,473,724	$	4,104,025

See accompanying notes.

3

TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2016

1. Description of the Plan

The following is an abbreviated description of the Time Warner Savings Plan (the “Plan”). Time Warner Inc. (“Time Warner”) is the Plan sponsor. More complete descriptions of the Plan are provided in the Plan documents, as amended, and the summary plan description/prospectus. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

General

The Plan is a defined contribution profit sharing plan with a 401(k) feature generally covering eligible employees of Time Warner and certain of its subsidiaries and affiliates (each, an “Employing Company” and, collectively, the “Employing Companies”).

The Plan is the only participating plan in the Time Warner Defined Contribution Plans Master Trust (the “Master Trust”) and is a “Qualified Automatic Contribution Arrangement” in accordance with the Internal Revenue Code of 1986, as amended (the “Code”), and thus is exempt from nondiscrimination testing.

The Plan administrator is a committee (the “Administrative Committee”) appointed by Time Warner’s board of directors. Certain administrative functions of the Plan have been delegated to others in accordance with the terms of the Plan.

On October 22, 2016, Time Warner entered into an Agreement and Plan of Merger (the “Merger Agreement”) with AT&T Inc. (“AT&T”). The Merger Agreement provides for the merger of a newly formed wholly owned subsidiary of AT&T with and into Time Warner, with Time Warner continuing as the surviving company in the merger. Immediately thereafter, Time Warner will merge with and into a limited liability company formed by AT&T, which will continue as the surviving entity and a wholly owned subsidiary of AT&T. The Merger Agreement was unanimously approved by all members of Time Warner’s and AT&T’s boards of directors. Time Warner shareholders adopted the Merger Agreement at a special meeting of shareholders on February 15, 2017. The merger is conditioned on the receipt of certain antitrust and other required regulatory consents. The merger is expected to close before year-end 2017.

The approval of the Merger Agreement by the Time Warner board of directors on October 22, 2016 constituted a change in control of Time Warner under the terms of the Plan, and, as a result, the Employing Company Contributions (as defined below) of Plan participants who were actively employed on October 22, 2016 became fully vested. The Employing Company Contributions of Plan participants who became employed by an Employing Company after October 22, 2016 are subject to the regular vesting schedule under the Plan.

Investment Funds, Contributions and Vesting

The Plan provides for multiple investment funds made available through the trustee of the Master Trust, Fidelity Management Trust Company (“Fidelity”), pursuant to the Master Trust. The Plan’s investment funds consist of four asset allocation (target risk) funds and 14 core investment funds (ten of which are actively managed and four of which are index funds). The Plan also offers a self-directed brokerage option that is limited to mutual funds. Participant contributions, Matching Contributions (as defined below) and Rollovers (as defined below) may generally be invested in specified increments in the investment funds. Participants may periodically transfer account balances among the investment funds offered under the Plan.

Contributions or investment fund transfers into the Time Warner Inc. Stock Fund, an employee stock ownership plan component of the Plan, are prohibited, but Plan participants who hold Time Warner common stock in the Time Warner Inc. Stock Fund have the option to reinvest cash dividends paid by Time Warner on its common stock in Time Warner common stock through the Time Warner Inc. Stock Fund in lieu of receiving the cash dividends.

Generally, the Plan provides for voluntary participant contributions on a pre-tax basis at an elected percentage of a participant’s eligible compensation, up to an annual limit established by the Internal Revenue Service (“IRS”). The elective deferral amount for highly compensated employees is 50% for the pre-tax contributions, subject to the limit established by the IRS. After two months of continuous employment (or, with respect to employees classified as hourly or temporary employees, after 1,000 hours of credited service in any one year), matching contributions by Employing Companies (“Matching Contributions”) are made as a percentage of a participant’s contributions to the Plan and are capped at certain percentages of the participant’s eligible compensation deferred.

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TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

All newly eligible Plan participants and employees classified as hourly or temporary employees who are credited with at least 1,000 hours of service in any one year are automatically enrolled in the Plan at a pre-tax contribution rate of 3%, unless they change their contribution rate or opt out of the Plan. Unless participants who are automatically enrolled in the Plan elect otherwise, their contribution rate automatically increases by an additional 1% of eligible compensation beginning on the first anniversary of their automatic enrollment date and will continue to increase by an additional 1% of eligible compensation annually until the 6% maximum pre-tax contribution rate for automatic contributions is reached. These participant contributions and Matching Contributions are invested in the Qualified Default Investment Alternative (the Growth Asset Allocation Fund), unless participants elect other investment option(s). Participants who are automatically enrolled in the Plan may change their contribution rate or opt out of the Plan at any time.

Matching Contribution rates for eligible Plan participants are consistent across all participating Employing Companies at a rate of 133 ¹⁄₃% on up to the first 3% of eligible compensation deferred and 100% on up to the next 3% of eligible compensation deferred.

Participants are allowed to transfer amounts from certain other tax qualified plans to the Plan (“Rollovers”). Rollovers are included as participant contributions in the Statement of Changes in Net Assets Available for Benefits. Rollovers for 2016 and 2015 were $21.1 million and $16.2 million, respectively.

Matching Contributions and any other amounts contributed by an Employing Company, including those transferred into the Plan, are deemed Employing Company contributions (“Employing Company Contributions”). Each participant’s account is credited with the participant’s contributions, Rollovers, Employing Company Contributions and any earnings or losses thereon, as appropriate. Participant contributions, Rollovers and any earnings thereon are fully vested.

Matching Contributions and earnings thereon generally vest 100% upon the completion of two years or periods of service (other than the Employing Company Contributions that became fully vested on October 22, 2016 in connection with the change in control described above).

Matching Contributions and any earnings thereon also become fully vested upon a participant’s termination of service due to death or disability, attainment of age 65, or upon the termination of the Plan.

Forfeited Accounts

Forfeited Employing Company Contributions and earnings thereon may be used to reduce future Employing Company Contributions to the Plan and/or to pay Plan expenses. See the table below for forfeiture activity for the years ended December 31, 2016 and 2015 (millions).

	December 31, 2016		December 31, 2015
Balance at beginning of period	$	5.3	$	3.2
Additions to forfeiture balance		3.2		4.0
Forfeitures utilized		(8.1)		(1.9)
Balance at end of period	$	0.4	$	5.3

Notes Receivable From Participants

Under the Plan, subject to certain restrictions and penalties, participants may withdraw amounts and/or take loans from their accounts. The maximum number of loans a participant may have outstanding is limited to three at any one time, in the form of either one primary residence loan and two general loans or three general loans; provided, however, that if the primary residence loan was obtained by December 31, 2007, it does not limit the availability of the three general loans. The minimum loan amount is $1,000 and the maximum loan amount is $50,000.

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TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

Loans are valued at their outstanding balances, which approximate fair value, and are treated as transfers between the individual investment funds and the participant loan fund. Loan terms may be for up to five years or 15 years if for the purchase of a primary residence. Participants who have transferred accounts to the Plan with existing loans for the purchase of a primary residence may have loan terms of up to 30 years based on the provisions of the plan from which the original loan was obtained. Interest rates charged for loans originated under the Plan within any quarter are set at the prime rate in effect on the first day of such quarter plus 1%. Participants who have transferred accounts to the Plan with existing loans may be subject to different interest rates on those loans, as set in accordance with the provisions of the plan from which the original loan was obtained. Interest rates on outstanding participant loans as of December 31, 2016 and 2015 ranged from 4.25% to 10.50%.

Payment of Benefits

In-service withdrawals are available in certain limited circumstances, as provided under the Plan. Hardship withdrawals are allowed for participants incurring an “immediate and heavy financial need,” as defined by the Plan. Hardship withdrawals are strictly regulated under the Code and the regulations thereunder, and a participant must exhaust all available loan options and available distributions prior to requesting a hardship withdrawal.

Generally, on termination of service, participants are eligible to receive the vested portion of their account in a lump sum. However, subject to certain restrictions, the Plan permits other payment options. In addition, at the option of the participant, the commencement of payments may be deferred, subject to certain limitations. Benefits distributed from all investment funds in the Plan will be paid in cash, except for benefits distributed from the Time Warner Inc. Stock Fund, which also offers shares of Time Warner common stock as a distribution election. Fractional shares are paid in cash.

Plan Termination

Although it has not expressed any intent to do so, Time Warner reserves the right to discontinue Employing Company Contributions or to terminate or modify the Plan at any time. In the event of termination of the Plan, participants will become fully vested in their accounts and the net assets of the Plan will be distributed to participants in accordance with the Plan’s provisions and applicable law.

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared on the accrual basis of accounting. Costs and expenses incurred for the purchase, sale or transfer of investments reflected in the accompanying financial statements are considered a cost of the investment or a reduction in the proceeds of a sale, as appropriate. Investment management fees and certain administrative costs are paid by the Plan’s investment funds and are included in Investment income, net of fees in the Statement of Changes in Net Assets Available for Benefits.

Payment of Benefits

Participant withdrawals are recorded when paid.

Administrative Expenses

Certain administrative costs are charged to the Plan as permitted under ERISA, including, for example, fees for auditing, recordkeeping, custodial and trustee services. Other administrative costs, such as compensation of employees responsible for the administration of the Plan, are paid by Time Warner.

Reclassification

Certain 2015 amounts have been reclassified to conform to the current year presentation.

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TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Investment Valuation and Income Recognition

Investments held by the Plan, other than synthetic investment contracts, are stated at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). See Note 4 for additional information and disclosures related to fair value measurements.

Synthetic investment contracts are valued at contract value, which represents contributions made under the contract, plus interest at the contract rate, less withdrawals under the contract.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded as earned. Dividends are recorded on the ex-dividend date. Net appreciation or depreciation in the fair value of investments includes the Plan’s gains and losses on investments bought and sold as well as held during the year.

3. Investments

Plan investments are made in a variety of investment securities that are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of these investments, it is possible that changes in values could materially affect participants’ account balances and the amounts reported in the Statement of Net Assets Available for Benefits.

The Capital Preservation Fund, an investment fund available in the Plan, includes fully benefit-responsive synthetic investment contracts that are valued at contract value in the Statement of Net Assets Available for Benefits. In a synthetic investment contract, debt securities (such as fixed-income, asset-backed and mortgage-backed securities) are purchased and then a financial institution agrees to provide for liquidity and an adjustable rate of return thereon (a “Wrapper”), which, when taken together with the underlying securities, generally results in a guaranteed return of principal and accrued interest. As required for the IRS Form 5500 filing, these investments are valued at fair value in the Schedule of Assets (Held at End of Year). See Note 7 for a reconciliation of the financial statements to the Form 5500.

The Capital Preservation Fund and the Wrapper contracts purchased by that fund are designed to pay all participant-initiated transactions at contract value. However, the Wrapper contracts limit the ability of the fund to transact at contract value upon the occurrence of certain events. These events include, but are not limited to:

• complete or partial termination of the Plan;

• any change in law, regulation or administrative ruling applicable to the Plan that could have a material adverse effect on the fund’s cash flow;

• merger or consolidation of the Plan with another plan, the transfer of Plan assets to another plan, or the sale, spin-off or merger of a subsidiary or division of the Plan sponsor; and

• any early retirement program, group termination, group layoff, facility closing or similar program.

At this time, the occurrence of an event that would limit the ability of the Capital Preservation Fund to transact at contract value is not probable.

A Wrapper issuer may terminate a Wrapper contract at any time by providing the appropriate notification. In the event that the market value of the Capital Preservation Fund’s covered assets is below their contract value at the time of such termination, Fidelity, as the Capital Preservation Fund’s investment manager, may elect to keep the Wrapper contract in place through another Wrapper provider until such time as the market value of the Capital Preservation Fund’s covered assets is equal to their contract value. Plan participants will continue to receive the Capital Preservation Fund’s Crediting Rate (as defined below).

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TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

Interest income in the Capital Preservation Fund is accrued at the weighted-average return of individual fund investments, net of investment management and certain administrative fees (the “Crediting Rate”). The Crediting Rate is calculated daily. Wrapper contracts use the Crediting Rate formula to convert market value changes in the underlying assets into income distributions in order to minimize the difference between the market and contract value of the underlying assets over time. Using the Crediting Rate formula, an estimated future market value is calculated by compounding a portfolio’s current market value at such portfolio’s current yield to maturity for a period equal to such portfolio’s duration. The Crediting Rate is the discount rate that equates that estimated future market value with such portfolio’s current contract value. Crediting Rates are reset monthly. The Wrapper contracts are designed so that the Crediting Rate will not fall below 0%.

Certain investment managers of investment funds offered under the Plan are authorized to use derivative financial instruments, either directly or within a commingled fund structure, in accordance with established guidelines of the investment funds. Derivative financial instruments may be used for the purpose of managing interest rate and foreign exchange risk, and for yield enhancement. Changes in the fair value of derivative financial instruments are recorded in the Statement of Changes in Net Assets Available for Benefits; therefore, no gains or losses are deferred. At December 31, 2016 and 2015, the fair value of derivative financial instruments held by the Plan was not material. The derivative financial instruments held by the Plan at December 31, 2016 consisted of interest rate and credit default swap contracts, futures contracts and interest rate option contracts. The derivative financial instruments held by the Plan at December 31, 2015 consisted of interest rate and credit default swap contracts, futures contracts and interest rate and currency option contracts. Significant derivative positions at December 31, 2016 included futures contracts with aggregate notional amounts of $100.0 million in a liability position and $185.4 million in an asset position and swap contracts with aggregate notional amounts of $182.1 million in a liability position and $63.1 million in an asset position. Significant derivative positions at December 31, 2015 included futures contracts with aggregate notional amounts of $180.2 million in a liability position and $53.5 million in an asset position and swap contracts with aggregate notional amounts of $131.9 million in a liability position and $282.7 million in an asset position.

4. Fair Value Measurements

A fair value measurement is determined based on the assumptions that a market participant would use in pricing an asset or liability. A three-tiered hierarchy draws distinctions between market participant assumptions based on (i) observable inputs such as quoted prices in active markets (Level 1), (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2) and (iii) unobservable inputs that require the Plan to use present value and other valuation techniques in the determination of fair value (Level 3).

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TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

The following table presents information about the Plan’s assets and liabilities required to be carried at fair value on a recurring basis as of December 31, 2016 and 2015 (thousands):

	December 31, 2016								December 31, 2015
Asset Category	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Equity securities:
Time Warner common stock	$	396,965	$	—	$	—	$	396,965	$	295,216	$	—	$	—	$	295,216
Other common stocks		1,333,654		—		—		1,333,654		1,312,998		—		—		1,312,998
Mutual funds(a)		296,673		—		—		296,673		439,753		—		—		439,753
Fixed income securities:
U.S. government and agency securities		95,513		118,610		—		214,123		110,524		116,994		—		227,518
Other fixed income securities		—		154,716		—		154,716		—		116,924		—		116,924
Cash, cash equivalents and other investments:
Cash and cash equivalents		40,976		14,841		—		55,817		16,544		12,254		—		28,798
Derivatives		105		494		—		599		57		569		—		626
Other investments(b)		37		—		—		37		38		—		—		38
Total Assets		2,163,923		288,661		—		2,452,584		2,175,130		246,741		—		2,421,871
Liabilities
Derivatives		(144)		(760)		—		(904)		(248)		(1,065)		—		(1,313)
U.S. government and agency securities		—		(1,126)		—		(1,126)		—		(22,168)		—		(22,168)
Total	$	2,163,779	$	286,775	$	—	$	2,450,554	$	2,174,882	$	223,508	$	—	$	2,398,390

^(a)  At December 31, 2016, mutual funds consisted of (thousands) $198,431 in Fidelity Brokerage Link, $91,859 in the DFA Emerging Markets Core Equity Portfolio Institutional Class Fund, $5,134 in PIMCO Priv ABS Sector Fund (732), $822 in the PIMCO Short Term Floating NAV Portfolio II, and $427 in Fidelity Investments Money Market Government Portfolio. At December 31, 2015, mutual funds consisted of (thousands) $189,103 in Fidelity Brokerage Link, $170,140 in the Manning & Napier Overseas Fund, $80,097 in the DFA Emerging Markets Core Equity Portfolio Institutional Class Fund and $413 in the PIMCO Short Term Floating NAV Portfolio II.

^(b) At December 31, 2016, other investments consisted of (thousands) $37 of preferred stocks. At December 31, 2015, other investments consisted of (thousands) $38 of preferred stocks.

Investments that are measured at fair value using the net asset value per share as a practical expedient have not been categorized in the fair value table above and are as follows (thousands):

	December 31,
Asset Category	2016		2015
Commingled trust funds(a)	$	1,560,846	$	1,219,105

^(a)  At December 31, 2016, the underlying securities held in commingled trust funds consisted of approximately 25% of marketable fixed income securities and 75% of equity securities. At December 31, 2015, the underlying securities held in commingled trust funds consisted of approximately 31% of marketable fixed income securities and 69% of equity securities.

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TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

There were no assets classified as Level 3 at December 31, 2016 or 2015. Assets totaling $1,000 that were classified as Level 3 at December 31, 2014 were settled in 2015. There was no other activity related to assets classified as Level 3 during the years ended December 31, 2015 and 2016.

Investments are recorded by the Plan on a trade date basis at fair value or contract value, as applicable. The following is a description of the valuation methodologies used for assets measured at fair value.

Commingled trust funds: Valued at the net asset value per unit at year end as reported to Fidelity by each fund company managing such trusts. Investments in the underlying commingled trust funds can generally be redeemed daily at net asset value.

Equity securities: Valued at the closing price at year end as reported on the active market on which the individual securities are traded.

Mutual funds: Valued at the net asset value of shares held by the Plan at year end.

Fixed income securities: Valued at the closing price at year end as reported on the active market on which the individual securities are traded. Securities not traded on an active market are valued based on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar securities, the securities are valued using a discounted cash flows approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. Due to the subjectivity involved in this assessment, these investments may be classified in Level 3 of the fair value hierarchy. As of December 31, 2016 and 2015, there were no fixed income securities classified as level 3.

Cash equivalents and other investments: Cash equivalents consist of investments in short-term investment funds and money market funds valued at net asset value per unit equal to one dollar at year end. Other investments can consist of certificates of deposit, commercial paper, repurchase agreements, warrants, and futures, option and swap contracts. Certificates of deposit and repurchase agreements are valued at amortized cost, which approximates fair value. Commercial paper is valued using broker quotes that utilize observable market inputs. Warrants are valued based on the relationship of the exercise price to the value of the underlying security. Futures and option contracts are generally valued at closing settlement prices. Swap contracts are marked-to-market as the net amount due to and from the Plan in accordance with the terms of the contract based on the closing level of the relevant market rate of interest.

5. Transactions with Parties-in-Interest

Under the terms of the Plan and the Master Trust, Time Warner may elect to contribute shares of Time Warner common stock and/or cash for Employing Company Contributions to the Plan. There were no shares of Time Warner common stock contributed in 2016 or 2015 as Employing Company Contributions to the Plan. The Plan may also purchase or sell shares of Time Warner common stock directly from or to Time Warner. There were no purchases or sales of Time Warner common stock by the Plan directly from or to Time Warner in 2016 or 2015.

Certain Plan investments are managed by Fidelity. Fidelity has appointed JP Morgan Chase and State Street Bank to act as individual sub-custodians for certain Plan investments. Therefore, Fidelity’s management of such Plan investments and JP Morgan Chase’s and State Street Bank’s holdings of such investments as sub-custodians qualify as party-in-interest transactions; however, these transactions are exempt from the prohibited transaction rules under ERISA.

In addition, certain of the Plan’s investments are securities that have been issued by the Plan’s investment managers, custodian, sub-custodians, other service providers and their affiliated entities. The Plan’s investments in these securities also qualify as party-in-interest transactions; however, these transactions are exempt from the prohibited transactions rules under ERISA.

6. Tax Status of Plan

The Plan has received a determination letter from the IRS, dated April 14, 2015, stating that the Plan is qualified under Section 401(a) of the Code, subject to the Company’s adoption of certain amendments to the Plan. The Plan has been amended to

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TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

comply with the determination letter issued by the IRS. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The Administrative Committee believes the Plan is being operated in compliance with the applicable requirements of the Code and therefore believes the Plan, as amended, is qualified and the related trust is tax exempt. The Plan is subject to audits, from time to time, by various authorities. The Administrative Committee believes the Plan’s information statement on Form 5500 is subject to examination for years after 2012. The IRS is currently auditing the Plan with respect to the year ended December 31, 2014.

7. Reconciliation to Form 5500

The net assets of the Plan that are attributed to fully benefit-responsive investment contracts will be recorded at fair value on the 2016 IRS Form 5500 and related schedules. The following is a reconciliation of the Plan’s net assets available for benefits and changes in net assets available for benefits between the financial statements and Form 5500 (thousands):

	December 31,
	2016		2015
Net assets available for benefits per the financial statements	$	4,473,724	$	4,104,025
Adjustment from contract value to fair value for fully benefit-responsive investment contracts		2,932		4,901
Net assets per the Form 5500	$	4,476,656	$	4,108,926
			Year Ended December 31, 2016
Net investment income from the Plan per the financial statements			$	423,101
Reversal of prior year adjustment from contract value to fair value for fully benefit-responsive investment contracts				(4,901 )
Adjustment from contract value to fair value for fully benefit-responsive investment contracts				2,932
Net investment income from the Plan per the Form 5500			$	421,132

11

Supplemental Schedules

12

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule G, Part I – Schedule of Loans or Fixed Income Obligations in Default or Classified as Uncollectible

December 31, 2016

						Amount Received      During Reporting Year									Amount Overdue
(a)	(b)	(c)	(d)			(e)			(f)			(g)			(h)			(i)
Party-in  Interest	Identity and   Address of Obligor	Detailed Description of Loan Including Dates of Making and Maturity, Interest Rate, the Type and Value of Collateral, any Renegotiation of the Loan and the Terms of the Renegotiation and Other Material Items	Original  Amount of Loan			Principal			Interest			Unpaid Balance at End of Year			Principal			Interest
	Kaupthing Bank	KAUPTHING BK 5.75% 10/4/11 144A		$	120,000		$	—		$	—		$	120,000		$	120,000		$	—
	Kaupthing Bank	KAUPTHING BK 7.625% 2/28/15			1,177,000			—			—			1,177,000			1,177,000			—
	Landsbankinn	LANDSBANK IS MTN 6.1% 8/25/11			641,000			—			—			641,000			641,000			—

13

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(a) – Schedule of Delinquent Participant Contributions

December 31, 2016

Participant Contributions Transferred Late to the Plan	Total That Constitute Nonexempt Prohibited Transactions
Check Here if Late Participant Loan Repayments are included: ☒	Contributions Not Corrected		Contributions Corrected Outside VCFP		Contributions Pending Correction in VCFP		Total Fully       Corrected Under       VCFP and PTE       2002-51
	$	—	$	10,936,936	$	—		N/A

14

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016

Shares or Units		Description	Current Value
		Commingled Trust Funds
	5,204,437	BlackRock Equity Index - Fund T*	$	451,976,222
	2,522,213	BlackRock Extended Equity - Market Fund K*		218,262,698
	14,985,847	Blackrock MSCI ACWI ex-u.s. IMI Index Fund M*		165,947,276
	10,384,358	Blackrock MSCI ACWI Minimum Volatility Index Fund F*		108,885,127
	18,909,945	Blackrock US Debt Index Fund W*		395,055,022
	4,334,341	FIAM Select Global Plus*		65,361,865
	15,264,941	TS&W International Large Cap Equity Trust*		155,357,407
		Total Commingled Trust Funds	$	1,560,845,617
	4,112,345	Time Warner Common Stock*	$	396,964,663
		Other Common Stocks
	82,800	ACADIA HEALTHCARE CO INC	$	2,740,680
	2,400	ACTIVISION BLIZZARD INC		86,664
	28,050	ACTUANT CORP CL A		727,898
	8,300	ACUITY BRANDS INC		1,916,138
	86,500	ACXIOM CORP		2,318,200
	11,842	ADIENT PLC		693,941
	25,300	ADOBE SYSTEMS INC		2,604,635
	35,870	ADVANCED DISPOSAL SERVICES INC		797,031
	625,000	AEGON NV (NY REGD) NY REG SH		3,456,250
	26,139	AETNA INC		3,241,497
	900	AGILENT TECHNOLOGIES INC		41,004
	27,200	ALASKA AIR GROUP INC		2,413,456
	49,187	ALEXION PHARMACEUTICALS INC		6,018,030
	60,453	ALIBABA GROUP HLD LTD SPON ADR		5,308,378
	22,080	ALLEGIANT TRAVEL CO		3,674,112
	33,197	ALLERGAN PLC		6,971,702
	34,000	ALLIANCE DATA SYSTEMS CORP		7,769,000
	133,392	ALLSCRIPTS HLTHCARE SOLS INC		1,361,932
	43,000	ALNYLAM PHARMACEUTICALS INC		1,609,920
	20,050	ALPHABET INC CL A		15,888,622
	53,539	ALPHABET INC CL C		41,322,471

15

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	46,938	AMAZON.COM INC	$	35,197,399
	45,699	AMEDISYS INC		1,948,148
	108,800	AMERICAN AIRLINES GROUP INC		5,079,872
	150,000	AMERICAN EXPRESS CO		11,112,000
	46,800	AMERICAN TOWER CORP		4,945,824
	1,500	AMERIPRISE FINANCIAL INC		166,410
	56,735	AMETEK INC NEW		2,757,321
	113,300	ANADARKO PETROLEUM CORP		7,900,409
	20,300	ANTHEM INC		2,918,531
	1,000	AON PLC		111,530
	160,059	APACHE CORP		10,158,945
	85,715	APPLE INC		9,927,511
	141,607	ASSOCIATED BANC CORP		3,497,693
	269,500	ASTRAZENECA PLC SPONS ADR		7,362,740
	1,800	AUTOZONE INC		1,421,622
	30,790	AVIS BUDGET GROUP		1,129,377
	4,700	BAIDU INC SPON ADR		772,727
	143,530	BAKER HUGHES INC		9,325,144
	9,400	BALL CORP		705,658
	985,200	BANK OF AMERICA CORPORATION		21,772,920
	302,100	BANK OF NEW YORK MELLON CORP		14,313,498
	700	BARD C R INC		157,262
	42,790	BATS GLOBAL MARKETS INC		1,433,893
	47,900	BAXTER INTL INC		2,123,886
	130,000	BB&T CORP		6,112,600
	12,700	BECTON DICKINSON & CO		2,102,485
	15,540	BELDEN INC		1,161,926
	62,000	BERRY GLOBAL GROUP INC		3,021,260
	9,800	BIOGEN INC		2,779,084
	19,970	BLACK HILLS CORP		1,224,960
	1,400	BLACKROCK INC*		532,756
	23,100	BOEING CO		3,596,208
	66,480	BOOZ ALLEN HAMILTON HLDG CL A		2,397,934
	49,290	BOSTON PRIVATE FINL HLDG INC		815,750

16

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	128,117	BRISTOL-MEYERS SQUIBB CO	$	7,487,157
	26,660	BROADCOM LTD		4,702,082
	6,330	CACI INTERNATIONAL INC		786,819
	7,000	CANADIAN PAC RAILWAY LTD		999,390
	400	CANADIAN PAC RAILWAY LTD		57,069
	240,500	CAPITAL ONE FINANCIAL CORP		20,981,220
	59,435	CARDINAL HEALTH INC		4,277,537
	21,200	CARLISLE COS INC		2,338,148
	70,076	CBRE GROUP INC - CL A		2,206,693
	78,500	CELANESE CORP SER A		6,181,090
	71,693	CELGENE CORP		8,298,465
	4,515	CENTENE CORP		255,143
	104,186	CHARTER COMMUNICATIONS INC A		29,997,234
	40,830	CHEMICAL FINANCIAL CORP		2,211,761
	1,700	CHUBB LTD		224,604
	79,100	CIGNA CORP		10,551,149
	73,603	CINEMARK HOLDINGS INC		2,823,411
	350,000	CISCO SYSTEMS INC		10,577,000
	13,100	CITIGROUP INC		778,533
	5,300	CITIZENS FINANCIAL GROUP INC		188,839
	4,500	CME GROUP INC CL A		519,075
	103,700	COACH INC		3,631,574
	45,618	COLUMBIA BANKING SYSTEMS INC		2,038,212
	269,800	COMCAST CORP CL A		18,629,690
	25,920	COMMERCIAL METALS CO		564,538
	71,173	COMMVAULT SYSTEMS INC		3,658,292
	28,315	COMPASS MINERALS INTL INC		2,218,480
	32,500	CONCHO RESOURCES INC		4,309,500
	22,734	CONSTELLATION BRANDS INC CL A		3,485,350
	215,000	CORNING INC		5,218,050
	45,885	COSTAR GROUP INC		8,648,864
	33,360	COSTCO WHOLESALE CORP		5,341,270
	29,560	CTRIP.COM INTL LTD ADR		1,182,400
	129,600	DANAHER CORP		10,088,064

17

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	66,305	DELL TECHNOLOGIES INC CL V	$	3,644,786
	13,600	DELPHI AUTOMOTIVE PLC		915,960
	12,400	DELTA AIR INC		609,956
	1,700	DENTSPLY SIRONA INC		98,141
	24,333	DEXCOM INC		1,452,680
	85,000	DISH NETWORK CORP A		4,924,050
	1,500	DISNEY (WALT) CO		156,330
	7,900	DOLLAR GENERAL CORP		585,153
	60,545	DOLLAR TREE INC		4,672,863
	1,200	DOMINOS PIZZA INC		191,088
	600	DR PEPPER SNAPPLE GROUP		54,402
	16,360	DRIL-QUIP INC		982,418
	400	DUPONT (EI) DE NEMOURS & CO		29,360
	1,700	ECOLAB INC		199,274
	31,420	EDUCATION REALTY TR INC		1,329,066
	17,000	ELECTRONIC ARTS INC		1,338,920
	17,941	ENERGEN CORP		1,034,657
	29,920	EPAM SYSTEMS INC		1,924,155
	42,178	EQUIFAX INC		4,986,705
	1,400	EQUINIX INC		500,374
	28,617	EURONET WORLDWIDE INC		2,072,729
	115,400	EXPRESS SCRIPTS HLDG CO		7,938,366
	197,000	FACEBOOK INC A		22,664,851
	42,980	FEDERATED INVS INC CL B NV		1,215,474
	75,200	FEDEX CORP		14,002,240
	8,500	FERRARI NV		494,190
	110,680	FIDELITY NATL INFORM SVCS INC		8,371,835
	146,160	FIRST HORIZON NATIONAL CORP		2,924,662
	1,371	FIRST REPUBLIC BANK		126,324
	28,100	FISERV INC		2,986,468
	3,000	FLEETCOR TECHNOLOGIES INC		424,560
	44,650	FORTIVE CORP		2,394,580
	300	GENERAL DYNAMICS CORPORATION		51,798
	83,200	GLOBAL PAYMENTS INC		5,774,912

18

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	73,500	GOLDMAN SACHS GROUP INC	$	17,599,575
	13,841	HANCOCK HOLDING CO		596,547
	18,700	HANESBRANDS INC		403,359
	49,600	HARLEY-DAVIDSON INC		2,893,664
	26,600	HARRIS CORP		2,725,702
	68,770	HD SUPPLY HLDGS INC		2,923,413
	1,000	HENRY SCHEIN INC		151,710
	795,000	HEWLETT PACKARD ENTERPRISE CO		18,396,300
	71,226	HILTON WORLDWIDE HLDGS INC		1,937,347
	98,363	HMS HOLDINGS CORP		1,786,272
	102,425	HOME DEPOT INC		13,733,144
	78,380	HOSTESS BRANDS INC CL A		1,018,940
	637,800	HP INC		9,464,952
	8,600	HUMANA INC		1,754,658
	55,855	HUNT J B TRANSPORT SERVICES IN		5,421,845
	10,291	IHS MARKIT LTD		364,404
	117	ILLUMINA INC		14,981
	35,900	INTEGRA LIFESCIENCES HLDS CORP		3,079,861
	250,875	INTERCONTINENTAL EXCHANGE INC		14,154,368
	46,595	INTUIT INC		5,340,253
	7,558	INTUITIVE SURGICAL INC		4,793,057
	545,505	ISHARES RUSSELL 2000 GR ETF		83,975,040
	196,030	JOHNSON CONTROLS INTERNATL PLC		8,074,476
	169,300	JPMORGAN CHASE & CO*		14,608,897
	44,500	JUNIPER NETWORKS INC		1,257,570
	22,200	KANSAS CITY SOUTHERN		1,883,670
	49,000	KAR AUCTION SERVICES INC		2,088,380
	29,090	KATE SPADE & CO		543,110
	206,636	KOSMOS ENERGY LTD		1,448,518
	800	KRAFT HEINZ CO		69,856
	32,645	L 3 COMMUNICATIONS HLDGS INC		4,965,631
	1,100	L BRANDS INC		72,424
	20,500	LAS VEGAS SANDS CORP		1,094,905
	59,170	LIBERTY EXPEDIA HLDGS INC CL A		2,347,274

19

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	135,000	LIBERTY INTERACTIVE CORP CL A	$	2,697,300
	67,074	LIBERTY VENTURES CL A		2,473,018
	6,200	LILLY (ELI) & CO		456,010
	37,300	LOWES COS INC		2,652,776
	13,907	MAGELLAN HEALTH INC		1,046,502
	19,500	MARRIOTT INTERNATIONAL INC A		1,612,260
	17,600	MARSH & MCLENNAN COS INC		1,189,584
	19,210	MARTIN MARIETTA MATERIALS INC		4,255,591
	16,232	MASONITE INTERNATIONAL CORP		1,068,066
	74,500	MASTERCARD INC CL A		7,692,125
	24,730	MATADOR RESOURCES COMPANY		637,045
	130,000	MAXIM INTEGRATED PRODUCTS INC		5,014,100
	200	MCKESSON CORP		28,090
	60,200	MEDTRONIC PLC		4,288,046
	90,100	MERCK & CO INC NEW		5,304,187
	220,000	METLIFE INC		11,855,800
	58,600	MGM RESORTS INTERNATIONAL		1,689,438
	1,300	MICROCHIP TECHNOLOGY		83,395
	559,840	MICROSOFT CORP		34,788,458
	8,820	MICROSTRATEGY INC CL A		1,741,068
	6,800	MOLSON COORS BREWING CO B		661,708
	28,200	MONDELEZ INTERNATIONAL INC		1,250,106
	64,800	MONSTER BEVERAGE CORP		2,873,232
	143,500	MORGAN STANLEY		6,062,875
	39,610	MUELLER WATER PRODUCTS INC A		527,209
	155,000	NATIONAL OILWELL VARCO INC		5,803,200
	10,510	NBT BANCORP INC		440,159
	129,500	NETAPP INC		4,567,465
	53,720	NETFLIX INC		6,650,536
	71,314	NETSCOUT SYSTEMS INC		2,246,391
	60,000	NEWS CORP NEW CL A		687,600
	6,500	NEXTERA ENERGY		776,490
	75,000	NINTENDO LTD ADR		1,946,250
	1,000	NORFOLK SOUTHERN CORP		108,070

20

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	3,200	NORTHERN TRUST CORP	$	284,960
	3,400	NORTHROP GRUMMAN CORP		790,772
	2,300	NORWEGIAN CRUISE LINE HLGS LTD		97,819
	188,300	NOVARTIS AG SPON ADR		13,715,772
	20,760	NUVASIVE INC		1,398,394
	33,293	NXP SEMICONDUCTORS NV		3,263,047
	125,150	ON ASSIGNMENT INC		5,526,624
	18,600	ORBITAL ATK INC		1,631,778
	18,600	O’REILLY AUTOMOTIVE INC		5,178,426
	125,200	PAYPAL HLDGS INC		4,941,644
	39,271	PEGASYSTEMS INC		1,413,756
	17,760	PENSKE AUTOMOTIVE GROUP INC		920,678
	600	PENTAIR PLC		33,642
	42,291	PERFORMANCE FOOD GROUP CO		1,014,984
	12,500	PHILIP MORRIS INTL INC		1,143,625
	36,020	PNM RESOURCES INC		1,235,486
	12,157	PRICELINE GROUP INC		17,822,891
	30,320	PRIMERICA INC		2,096,628
	83,725	PROGRESSIVE CORP OHIO		2,972,238
	76,600	RADIAN GROUP INC		1,377,268
	31,358	RAYMOND JAMES FINANCIAL INC.		2,172,169
	1,100	RAYTHEON CO		156,200
	33,929	REALPAGE INC		1,017,870
	17,458	RED HAT INC		1,216,823
	13,260	REGAL BELOIT CORP		918,255
	200	REGENERON PHARMACEUTICALS INC		73,418
	27,490	RENASANT CORP		1,160,628
	44,820	REXNORD CORP NEW		878,024
	50,600	REYNOLDS AMERICAN INC		2,835,624
	285,300	ROCHE HOLDING LTD SPON ADR		8,139,609
	1,900	ROCKWELL COLLINS INC		176,244
	4,500	ROPER TECHNOLOGIES INC		823,860
	30,300	ROSS STORES INC		1,987,680
	12,400	ROYAL CARIBBEAN CRUISES LTD		1,017,296

21

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	32,040	RPC INC	$	634,712
	15,680	RUSH ENTERPRISES INC CL A		500,192
	53,010	S&P GLOBAL INC		5,700,695
	96,700	SALESFORCE.COM INC		6,620,082
	390,000	SANOFI SPON ADR		15,771,600
	69,950	SBA COMMUNICATIONS CORP CL A		7,223,037
	150,000	SCHLUMBERGER LTD		12,592,500
	554,000	SCHWAB CHARLES CORP		21,866,380
	43,300	SEI INV CORP		2,137,288
	51,697	SERVICENOW INC		3,843,155
	8,400	SHERWIN WILLIAMS CO		2,257,416
	8,204	SHIRE PLC SPON ADR		1,397,798
	43,600	SIX FLAGS ENTERTAINMENT CORP		2,614,256
	211,200	SLM CORP		2,327,424
	24,000	SPIRIT AIRLINES INC		1,388,640
	868,889	SPRINT CORP		7,316,045
	135,057	STARBUCKS CORP		7,498,365
	31,300	STATE STREET CORP*		2,432,636
	26,400	STRYKER CORP		3,162,984
	67,564	SUMMIT MATERIALS INC CL A		1,607,348
	35,190	SUPERIOR ENERGY SERVICES INC		594,007
	48,366	SURGICAL CARE AFFILIATES INC		2,237,895
	151,200	SYMANTEC CORP		3,612,168
	104,041	SYNERGY RESOURCES CORP		927,005
	80,000	SYNOPSYS INC		4,708,800
	66,865	SYNOVUS FINANICAL CORP		2,746,814
	56,200	TAKE-TWO INTERACTV SOFTWR INC		2,770,098
	62,500	TARGET CORP		4,514,375
	86,000	TD AMERITRADE HOLDING CORP		3,749,600
	91,200	TE CONNECTIVITY LTD		6,318,336
	275,300	TENCENT HOLDINGS LTD UNS ADR		6,667,766
	8,509	TESLA INC		1,818,288
	13,000	TEXTRON INC		631,280
	22,676	THERMO FISHER SCIENTIFIC INC		3,199,584

22

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	22,444	TORCHMARK CORP	$	1,655,469
	8,400	TRACTOR SUPPLY CO.		636,804
	67,200	TRANSUNION		2,078,496
	30,282	TREEHOUSE FOODS INC		2,186,058
	86,200	TWENTY FIRST CENTURY FOX CL B		2,348,950
	395,000	TWENTY FIRST CENTURY FOX INC-A		11,075,800
	39,760	ULTIMATE SOFTWARE GROUP INC		7,250,236
	25,660	UMB FINANCIAL CORP		1,978,899
	81,600	UNION PACIFIC CORP		8,460,288
	23,300	UNITED CONTINENTAL HLDGS INC		1,698,104
	125,800	UNITEDHEALTH GROUP INC		20,133,032
	39,900	URBAN EDGE PROPERTIES WI		1,097,649
	1,100	US BANCORP DEL		56,507
	15,400	VAIL RESORTS INC		2,484,174
	44,500	VCA INC		3,054,925
	68,561	VERINT SYSTEMS INC		2,416,775
	19,100	VERTEX PHARMACEUTICALS INC		1,407,097
	252,501	VISA INC CL A		19,700,129
	49,900	VMWARE INC CL A		3,928,627
	21,000	VULCAN MATERIALS CO		2,628,150
	16,330	WABCO HOLDINGS INC		1,733,430
	125,000	WAL MART STORES INC		8,640,000
	39,200	WALGREENS BOOTS ALLIANCE INC		3,244,192
	96,684	WASTE CONNECTIONS INC		7,598,396
	240,000	WEATHERFORD INTERNATIONA PLC		1,197,600
	11,490	WEBMD HEALTH CORPORATION		569,559
	385,000	WELLS FARGO & CO*		21,217,350
	113,400	WENDYS CO		1,533,168
	500	WESTINGHOUSE AIR BRAKE TEC CRP		41,510
	26,600	WEX INC		2,968,560
	5,500	WILLIS TOWERS WATSON PLC		672,540
	46,683	WINGSTOP INC		1,381,350
	101,625	WNS HLDGS LTD SP ADR		2,799,769
	8,900	WORKDAY INC CL A		588,201

23

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	56,400	YUM BRANDS INC	$	3,571,812
	64,300	ZAYO GROUP HOLDINGS INC		2,112,898
	19,600	ZOETIS INC CL A		1,049,188
		Total Other Common Stocks	$	1,333,653,520
		Synthetic Investment Contracts****
		CASH**	$	199,461
	3,500,074	COLCHESTER STREET TRUST MONEY MARKET PORTFOLIO CLASS 1		3,500,074
	1,260,000	AB INBEV FIN 2.15% 2/1/19		1,278,630
	1,050,000	ABBOTT LAB 2.35% 11/30/19		1,053,391
	1,000,000	ABBVIE INC 1.8% 05/14/18		1,002,954
	644,000	ABBVIE INC 2.5% 05/14/20		645,902
	339,000	ACE INA HOLDING 2.3% 11/03/20		339,914
	1,000,000	ACTAVIS FUNDING 2.35% 03/12/18		1,012,767
	447,000	ACTAVIS FUNDING SCS 3% 3/12/20		457,035
	654,000	AETNA INC 2.4% 06/15/2021		651,152
	401,000	AIG INTL GRP 4.875% 6/01/22		439,384
	716,000	ALLYA 2015-1 A3 1.39% 09/19		716,955
	87,214	ALLYL 2015-SN1 A3 1.21% 03/17		87,251
	510,000	AMERICAN EXPRESS 2.25% 5/05/21		505,287
	1,000,000	AMERICAN EXPRESS 2.6% 09/14/20		1,015,347
	516,000	AMERICAN HONDA 1.7% 02/22/19		516,912
	750,000	AMERICAN HONDA FIN 1.7% 9/9/21		727,072
	637,000	AMERICAN INTL 5.85% 1/16/18		681,248
	1,255,000	AMERICAN INTL GROUP 2.3% 7/19		1,273,621
	266,000	AMERICAN INTL GRP 3.3% 3/01/21		275,164
	555,000	AMGEN INC 2.125% 05/01/2020		551,454
	440,000	AMGEN INC 2.2% 05/22/19		444,336
	427,000	AMOT 2012-5 A 1.54% 09/19		427,900
	1,020,000	AMOT 2015-3 A 1.63% 05/20		1,019,505
	1,942,747	AMXCA 2014-3 A 1.49% 04/20		1,948,441
	1,573,000	AMXCA 2014-4 A 1.43% 06/20		1,576,606
	1,275,000	ANHEUSER BUSCH 2.2% 8/18		1,295,085
	1,071,000	ANHUESER-BUSCH 2.65% 2/01/21		1,087,739

24

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	1,250,000	ANHUESER-BUSCH IN 1.9% 2/01/19	$	1,261,411
	1,154,000	ANHUESER-BUSCH IN 3.3% 2/01/23		1,189,127
	536,000	AT&T INC 2.45% 06/30/20		531,924
	1,000,000	AT&T INC 2.8% 02/17/21		1,001,660
	292,000	AVALONBAY COMM 3.625% 10/1/20		305,642
	1,538,000	BACCT 2015-A2 A 1.36% 09/20		1,538,221
	654,000	BACM 2016-UB10 A2 2.612% 06/49		661,934
	1,000,000	BAE SYSTEMS 2.85% 12/15/20		1,001,950
	500,000	BANK AMER FDG 2.25% 4/21/20		498,937
	1,851,000	BANK AMER FDG CRP 2.6% 1/15/19		1,888,359
	1,000,000	BANK AMER NA 1.75% 06/05/18		1,001,069
	1,439,000	BANK AMERICA CORP 2.65% 4/1/19		1,463,174
	800,000	BANK NOVA SCOTIA 2.8% 07/21/21		815,277
	1,010,000	BANK OF AMERICA 2.625% 4/19/21		1,007,507
	1,500,000	BANK OF AMERICA CRP MTN 2% 1/18		1,517,512
	630,000	BANK T-M UFJ 1.65% 2/26/18 144		632,148
	530,000	BANK T-M UFJ 2.35% 9/8/19 144A		533,416
	630,000	BANK T-M UFJ 2.7% 9/9/18 144A		641,572
	520,000	BANK TOKYO-MSB 2.3% 03/20 144A		517,748
	450,000	BARCLAYS PLC 2.75% 11/8/19		450,634
	500,000	BARCLAYS PLC 2.875% 06/20		496,695
	568,000	BARCLAYS PLC 3.25% 01/12/21		577,219
	1,020,000	BAT INTL FIN 2.75% 6/20 144A		1,025,986
	760,000	BAT INTL FIN 3.5% 6/22 144A		779,311
	141,000	BECTON DICKINSO 2.675% 12/19		143,156
	386,000	BERKSHIRE HATH 2.2% 3/15/21		387,369
	574,621	BMWLT 2015-1 A3 1.24% 12/17		574,987
	700,000	BMWOT 2016-A A3 1.41% 07/20		693,361
	634,000	BNP PARIBA 2.45% 03/17/19		643,272
	530,000	BP CAP MKTS PLC 2.521% 1/20		538,907
	248,000	BP CAPITAL MKTS 1.676% 5/3/19		246,853
	540,000	BPCE SA 2.5% 7/15/19		549,041
	630,000	BPCM 1.375% 5/10/18		629,192
	718,000	BRITISH TELECOM PLC 2.35% 2/19		728,345

25

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	636,000	CAN NATURAL RES 3.45% 11/15/21	$	652,353
	1,260,000	CAPITAL ONE BK 2.25% 2/13/19		1,276,049
	1,000,000	CAPITAL ONE BK 2.35% 08/17/18		1,014,325
	520,000	CAPITAL ONE FIN 2.45% 04/24/19		525,464
	1,000,000	CAPITAL ONE NA 1.85% 9/13/19		993,724
	884,000	CARMX 16-4 A3 1.4% 08/21		875,078
	384,853	CARMX 2014-3 A3 1.16% 06/19		384,864
	589,242	CARMX 2014-4 A3 1.25% 11/19		589,369
	482,270	CARMX 2015-1 A3 1.38% 11/19		482,735
	489,000	CARMX 2015-3 A3 1.63% 06/20		490,625
	1,998,000	CCCIT 2014-A6 A6 2.15% 07/21		2,033,469
	1,070,000	CCCIT 2014-A8 A8 1.73% 04/20		1,078,317
	1,282,000	CCCIT 2016-A1 A1 0% 11/21		1,277,786
	681,434	CD 2007-CD5 A1A 5.8% 11/44		698,167
	94,958	CGCMT 13-GC11 A1 0.754% 4/46		94,806
	496,000	CGCMT 2015-GC29 A2 2.674% 4/48		504,073
	244,000	CGCMT 2016-P4 A2 2.446% 07/49		245,082
	1,012,000	CHAIT 15-A7 A7 1.62% 7/20		1,014,753
	1,335,000	CHAIT 2014-A7 A7 1.38% 11/19		1,336,979
	1,121,000	CHAIT 2015-A2 A2 1.59% 02/20		1,124,984
	1,030,000	CHAIT 2015-A5 A5 1.36% 04/20		1,030,017
	1,285,000	CHAIT 2016-A2 A 1.37% 06/15/21		1,273,390
	1,310,000	CHAIT 2016-A5 A5 1.27% 07/21		1,293,270
	520,000	CHEVRON CORP NEW 1.961% 03/20		521,639
	468,000	CHEVRON PHIL 2.45% 5/1/20 144A		466,411
	510,000	CISCO SYSTEMS 2.45% 6/15/20		516,352
	1,260,000	CISCO SYSTEMS INC 2.125% 3/19		1,285,233
	500,000	CITIGROUP 2.15% 07/18		506,079
	510,000	CITIGROUP INC 1.7% 4/27/18		510,345
	630,000	CITIGROUP INC 1.75% 05/01/18		630,406
	530,000	CITIGROUP INC 1.85% 11/24/17		531,977
	1,000,000	CITIGROUP INC 2.35% 08/02/21		987,025
	530,000	CITIGROUP INC 2.5% 7/29/19		538,992
	630,000	CITIGROUP INC 2.55% 04/08/19		638,586

26

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	771,000	CITIGROUP INC 4.4% 6/10/25	$	789,741
	309,000	CITIZENS BANK NA 2.5% 03/14/19		313,563
	1,892,000	CITIZENS BANK NA 2.55% 5/13/21		1,885,172
	800,000	CITIZENS BK MTN 2.45% 12/04/19		803,771
	93,000	CITIZENS FINCL 2.375% 7/28/21		92,055
	816,000	COLGATE-PALMOLIVE 0.9% 5/1/18		812,908
	2,113,000	COMCAST CORP 1.625% 01/15/22		2,037,189
	1,260,000	COMET 2014-A2 A2 1.26% 01/20		1,261,406
	1,340,000	COMET 2014-A5 A 1.48% 07/20		1,343,650
	1,040,000	COMET 2015-A1 A 1.39% 01/21		1,040,156
	1,000,000	COMET 2015-A5 A5 1.60% 5/21		1,003,468
	340,000	COMET 2015-A7 A7 1.45% 08/21		339,508
	1,310,000	COMET 2016-A3 A3 1.34% 04/22		1,296,282
	1,042,000	COMET 2016-A4 A4 1.33% 6/15/22		1,028,671
	415,417	COMM 2007-C9 A4 CSTR 12/49		420,855
	1,819,000	COMM 2010-C1 A3 4.205% 7/46		1,935,140
	249,164	COMM 2012-CR1 A2 2.35% 5/45		249,670
	478,000	COMM 2012-CR3 ASB 2.372% 11/45		481,399
	337,000	COMM 2012-LC4 A4 3.288% 12/44		350,942
	41,248	COMM 2013-LC6 A1 .7240% 1/46		41,223
	900,000	COMM 2014-CR17 A2 3.012% 05/47		921,018
	600,000	COMM 2014-CR18 A2 2.924% 07/47		614,232
	547,000	COMM 2014-CR20 A2 2.801% 11/47		556,344
	356,000	COMM 2015-CR22 A2 2.856% 03/48		363,442
	530,000	COMMONWEALTH BK NY 2.3% 9/6/19		535,236
	1,040,000	COMMWLTH BK ASTL NYB 2.3% 3/20		1,041,303
	247,000	COMWLTH EDISON 2.15% 01/15/19		250,286
	592,000	CONOCOPHILLIP CO 2.2% 05/15/20		588,741
	381,000	CONSOLIDATED EDISON 2% 5/15/21		373,005
	530,000	CREDIT SUISSE NY 2.3% 5/19		532,279
	550,000	CREDIT SUISSE NY 3% 10/29/21		557,567
	500,000	CVS CAREMARK 2.25% 12/5/18		505,096
	458,000	CVS HEALTH CORP 2.8% 07/20/20		470,358
	313,903	CWCI 2007-C2 A3 5.484% 04/47		316,155

27

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	519,000	DAIMLER FIN 2.25% 3/20 144A	$	520,139
	1,100,000	DAIMLER FIN NA 2.25% 9/19 144A		1,108,280
	1,000,000	DAIMLER FIN NA 2.45% 5/20 144A		1,000,159
	181,000	DANAHER CORP 2.4% 09/15/20		182,527
	903,000	DBUBS 2011-LC2A A4 4.537% 7/44		976,427
	1,042,000	DCENT 2012-A6 A6 1.67% 01/22		1,038,810
	1,043,000	DCENT 2014-A4 A4 2.12% 12/21		1,050,980
	1,070,000	DCENT 2014-A5 A 1.39% 04/20		1,072,248
	1,500,000	DCENT 2015-A2 A 1.90% 10/22		1,494,906
	1,000,000	DCENT 2015-A4 A4 2.19% 04/23		1,002,205
	1,000,000	DCENT 2016-A1 A1 1.64% 07/21		1,000,496
	1,042,000	DCENT 2016-A4 A4 1.39% 3/22		1,030,750
	181,000	DEERE JOHN CAP CORP 1.6% 7/18		182,263
	1,324,000	DEUTSCHE BANK AG 2.5% 2/13/19		1,325,601
	1,290,000	DEUTSCHE BANK AG 2.85% 5/10/19		1,289,215
	1,030,000	DIAMOND 1 FI 3.48% 6/1/19 144A		1,054,151
	500,000	DISCOVER BANK 2.6% 11/13/18		505,974
	1,044,000	DISCOVER BANK 3.1% 06/20		1,058,229
	822,000	DOMINION RESOURCE 1.9% 6/15/18		822,995
	184,000	DOMINION RESOURCE 2% 8/15/21		179,724
	294,000	DUKE ENERGY 1.8% 9/1/21		284,986
	517,000	DUKE ENERGY COR 2.1% 06/15/18		519,605
	133,000	EMERA US FI 2.15% 6/15/19 144A		132,851
	214,000	ENTERPRISE PRD 1.65% 05/07/18		213,897
	109,000	ENTERPRISE PRD 2.55% 10/15/19		110,648
	407,000	ENTERPRISE PROD 2.85% 4/15/21		412,200
	100,000	EXELON CORP 1.55% 6/9/17		99,911
	148,000	EXELON CORP 2.85% 6/15/20		149,682
	1,010,000	EXXON MOBIL CORP 2.222% 3/1/21		1,017,229
	792,000	EXXON MOBIL CORP 2.726% 3/1/23		801,094
	720,000	FHLB 0.875% 05/24/17		721,011
	-	FHLB 0.875% 06/29/18		74
	119,893	FHLG      5.50%  3/34 #G01665		135,074
	907,516	FHLG      5.50%  5/34 #Z40042		1,020,826

28

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	2,227,050	FHLG 15YR  3.50% 10/26 #G14450	$	2,336,286
	123,378	FHLG 15YR  4.00% 4/26 #E02867		131,332
	254,806	FHLG 15YR  4.00% 6/24 #G18312		269,446
	201,440	FHLG 15YR  4.00% 7/24 #G13596		213,016
	237,751	FHLG 15YR  4.00% 9/25 #E02787		255,307
	173,198	FHLG 15YR  4.00% 9/25 #G14376		183,258
	55,622	FHLG 15YR  4.50% 8/18 #E98688		57,050
	23,608	FHLG 15YR  4.50% 9/18 #E99205		24,232
	31,694	FHLG 15YR  4.50% 10/18 #E99833		32,532
	20,091	FHLG 15YR  4.50% 11/18 #B10931		20,666
	69,592	FHLG 15YR  5.00% 3/19 #G13052		71,653
	102,325	FHLG 15YR  5.00% 4/20 #G13598		105,679
	9,941	FHLG 15YR  5.50% 4/18 #G11389		10,158
	237,189	FHLG 15YR 2.5% 06/23#G14775		240,388
	114,586	FHLG 15YR 2.5% 09/22#J20415		117,743
	2,225,338	FHLG 15YR 3% 05/29#J29409		2,299,487
	986,943	FHLG 15YR 3.5% 08/30#G15273		1,034,735
	1,248,755	FHLG 20YR 3.5% 06/32#C91456		1,307,365
	82,122	FHLG 25YR 5.50% 7/35 #G05815		92,450
	188,983	FHLM AR 12M+187.9 10/42#849255		200,247
	101,872	FHLM ARM   2.98% 8/41 #1B8533		106,116
	59,340	FHLM ARM   3.07% 9/41 #1B8608		63,037
	61,930	FHLM ARM   3.58% 4/40 #1B4702		65,880
	33,181	FHLM ARM  4.199% 8/36 #848185		34,895
	48,333	FHLM ARM  4.941% 11/35 #1J1228		50,850
	33,608	FHLM ARM 3.224% 4/41#1B8179		34,949
	38,136	FHLM ARM 3.242% 9/1/41#1B8659		39,880
	45,838	FHLM ARM 3.283 6/1/41		48,394
	33,122	FHLM ARM 3.464% 5/1/41#1B8304		35,034
	66,208	FHLM ARM 3.53% 4/40 #1B4657		70,161
	52,746	FHLM ARM 3.627% 6/1/41#1B8372		55,734
	50,644	FHLM ARM 3.717% 05/41#1B8124		53,509
	-	FHLMC 0.75% 04/09/18		5,954
	938,215	FHR 2015-4472 WL 3% 05/45		963,660

29

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	22,940	FHR 2313 C 6% 5/31	$	25,275
	86,864	FHR 3415 PC 5% 12/37		92,792
	229,304	FHR 3741 HD 3% 11/15/39		232,146
	204,113	FHR 3820 DA 4% 11/35		210,181
	1,233,357	FHR 4046 LA 3% 11/2026		1,256,516
	774,431	FHR SER 4221 CLS GA 1.4% 7/23		764,462
	1,000,000	FIFTH THIRD BAN 2.375% 4/25/19		1,011,485
	500,000	FIFTH THIRD BAN 2.875% 7/27/20		511,649
	500,000	FIFTH THIRD BANK 2.15% 8/20/18		506,987
	33,736	FNMA      6.50%  7/32 #545759		38,704
	11,931	FNMA      6.50%  7/32 #545762		13,685
	14,955	FNMA      6.50%  7/35 #745092		17,205
	22,729	FNMA      6.50%  8/36 #888034		26,058
	11,920	FNMA      6.50% 12/32 #735415		13,670
	1,136,000	FNMA 0.875% 08/02/19		1,123,827
	2,815,000	FNMA 1% 02/26/19		2,806,592
	1,033,000	FNMA 1.125% 12/14/18		1,031,189
	2,839,000	FNMA 1.375% 02/26/21		2,794,820
	1,846,000	FNMA 1.5% 11/30/20		1,823,753
	2,192,000	FNMA 1.875% 09/18/18		2,228,735
	395,421	FNMA 10YR 2.5% 05/23 #MA1431		406,315
	174,680	FNMA 10YR 2.5% 10/22#AB6544		179,488
	138,956	FNMA 10YR 2.5% 10/22#AB6730		142,784
	203,339	FNMA 15YR 3.50% 1/26 #AL1168		213,161
	873,111	FNMA 15YR 3.50% 3/27 #AL1746		915,425
	532,672	FNMA 15YR 3.50% 5/27 #AL1741		558,321
	201,149	FNMA 15YR 3.50% 5/27 #AL1751		210,834
	3,600,806	FNMA 15YR 3% 09/31#AL8853		3,725,849
	342,393	FNMA 15YR 3.5% 01/27 #AX1909		358,880
	76,980	FNMA 15YR 3.5% 07/26#AI7819		80,663
	732,736	FNMA 15YR 3.5% 09/29#AL5878		769,392
	301,399	FNMA 15YR 3.5% 10/29#AL5851		316,383
	524,811	FNMA 15YR 4.5% 11/25#AL8242		557,809
	651,566	FNMA 5.50% 11/34 #310105		732,741

30

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	120,154	FNMA 6.50% 12/35 #AD0723	$	139,763
	101,145	FNMA 6.50% 8/36 #888544		116,133
	83,725	FNMA 6.50% 8/36 #AE0746		96,083
	32,781	FNMA ARM  2.61% 4/35 #995609		34,699
	18,976	FNMA ARM  3.01% 8/41 #AI4358		20,038
	71,255	FNMA ARM  3.37% 9/41 #AI8935		75,970
	67,754	FNMA ARM  3.47% 3/40 #AD0820		72,029
	83,858	FNMA ARM  3.60% 3/40 #AD1555		89,244
	76,374	FNMA ARM  4.21% 5/35 #889946		80,600
	95,410	FNMA ARM  4.30% 2/35 #995017		100,160
	60,322	FNMA ARM  4.53% 12/34 #802852		63,904
	69,050	FNMA ARM  4.68% 11/34 #735011		72,337
	52,944	FNMA ARM 06/42#AO2244		55,002
	31,257	FNMA ARM 09/41#AI9813		32,565
	16,504	FNMA ARM 10/41#AJ3399		17,220
	84,115	FNMA ARM 11/36 #995606		88,565
	26,792	FNMA ARM 11/40#AE6806		28,344
	163,817	FNMA ARM 12/33#AD0066		173,032
	109,945	FNMA ARM 3.20% 1/40 #AC0599		114,332
	50,971	FNMA ARM 3.228% 7/41#AI3469		53,770
	27,145	FNMA ARM 3.365% 10/41#AI6819		28,451
	68,046	FNMA ARM 3.545% 07/41#AI6050		71,139
	349,227	FNMA ARM 4.198% 11/34 #841068		370,306
	469,056	FNMA ARM 4.55% 10/35 #995415		497,139
	100,396	FNMA ARM 7/35 #995414		106,131
	110,658	FNR 2012-94 E 3% 6/22		112,751
	1,974,416	FNR 2013-16 GP 3% 03/33		2,032,392
	1,048,043	FNR 2014-83 P 3% 06/43		1,070,671
	1,635,296	FNR 2015-28 JE 3% 05/45		1,680,065
	2,350,940	FNR 2015-28 P 2.5% 5/45		2,364,561
	830,367	FNR 2015-32 PA 3% 4/44		844,688
	1,392,911	FNR 2015-42 LE 3% 06/45		1,430,930
	990,721	FNR 2015-49 LE 3% 07/45		1,016,926
	1,237,692	FNR 2015-54 LE 2.5% 07/45		1,241,173

31

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	1,849,000	FNR 2016-100 P 3.5% 11/44	$	1,923,971
	1,198,000	FNR 2016-105 PA 3.5% 4/45		1,248,343
	1,075,937	FNR 2016-19 AH 3% 04/46		1,103,973
	2,653,585	FNR 2016-26 CG 3% 05/46		2,720,582
	1,376,775	FNR 2016-27 HK 3% 01/41		1,412,139
	719,918	FNR 2016-27 KG 3% 01/40		738,055
	2,666,360	FNR 2016-34 GH 3% 06/46		2,739,153
	2,772,545	FNR 2016-37 BK 3% 06/46		2,845,953
	1,385,000	FORD CRD 16-1 A 2.31% 08/27		1,383,733
	1,300,000	FORD MTR CR 2.875% 10/01/18		1,324,627
	1,000,000	FORDF 2015-4 A1 1.77% 8/20		1,002,250
	968,000	FORDF 2016-1 A1 1.76% 02/21		966,240
	988,000	FORDF 2016-3 A1 1.55% 07/21		978,495
	1,199,846	FORDL 15-A A3 1.13% 6/18		1,200,589
	736,000	FORDO 16-B A3 1.33% 10/20		734,015
	744,000	FORDO 2015-C A3 1.41% 02/20		744,721
	997,000	FORDO 2016-A A3 2.01% 07/20		997,185
	538,000	FORDR 15-2 A 2.44% 01/27		543,311
	565,000	FORDR 2014-2 A 2.31% 04/26		570,305
	370,000	FORTIVE CORP 2.35% 06/21 144A		365,111
	1,106,000	GENERAL ELEC CO 3.375% 3/11/24		1,146,865
	770,000	GFORT 16-1 A1 1.86% 05/21		768,176
	895,000	GMALT 2015-1 A3 1.53% 09/18		896,628
	757,000	GMALT 2015-2 A3 1.68% 12/18		759,440
	133,423	GNMA 30YR 5.5% 06/35#783800		153,506
	285,000	GNMA 30YR 5.5% 11/35#783799		327,652
	492,121	GNR 13-41 PA 2.5% 04/40		499,546
	529,000	GOLDMAN SACHS 2.625% 04/25/21		527,251
	2,260,000	GOLDMAN SACHS GRP 2.625% 1/19		2,308,365
	878,000	GOLDMAN SACHS GRP 2.75 9/15/20		888,257
	310,000	GSINC 2.9% 07/19/18		318,275
	138,000	GSMS 14-GC18 AAB 3.648% 01/47		145,294
	160,000	GSMS 14-GC20 AAB 3.655% 04/47		168,483
	317,000	GSMS 2012-GCJ9 A3 2.773% 11/45		320,091

32

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	171,157	GSMS 2013-GC10 A2 1.84% 2/46	$	171,899
	411,000	GSMS 2013-GC10 A5 2.943% 02/46		417,472
	132,368	GSMS 2013-GC12 A1 VAR 06/46		132,123
	672,000	HAROT 2015-4 A3 1.23% 09/23/19		670,589
	431,000	HAROT 2016-2 A3 1.39% 4/20		430,598
	979,000	HART 2015-B A3 1.12% 11/19		977,696
	731,000	HART 2015-C A3 1.46% 02/20		731,776
	347,000	HART 2016-A A3 1.56% 09/20		347,152
	1,037,000	HART 2016-B A3 1.29% 4/21		1,029,239
	1,300,000	HEWLETT PACKAR STEP 10/05/18		1,321,177
	550,000	HFMOT 2016-1A A2 1.81% 03/21		549,160
	1,270,000	HSBC 1.5% 05/15/18 144A		1,265,177
	1,030,000	HSBC HOLDINGS 2.95% 5/25/21		1,031,748
	333,000	HSBC USA INC 2.625% 09/24/18		338,704
	750,000	HSBC USA INC NE 1.7% 03/05/18		753,592
	513,000	HUNT AUTO 16-1 A3 1.57% 11/20		512,311
	750,000	HUNTINGTN BCSHRS 2.3% 1/14/22		733,487
	510,000	HYUNDAI CAP AM 2.6% 3/20 144A		509,862
	950,000	HYUNDAI CAP AME 2.55 2/19 144A		964,970
	413,000	HYUNDAI CP AM 2.125 10/17 144A		415,933
	145,000	INGERSOLL-RND LX 2.625% 5/1/20		145,860
	451,000	INTERCONT EXCH 2.5% 10/15/18		459,379
	668,000	INTERCONT EXCH 2.75% 12/01/20		675,658
	971,000	JAPAN BANK INTL 1.5% 7/21/21		936,581
	508,000	JPMBB 15-C29 A2 2.8596% 05/48*		520,820
	983,000	JPMC CO 2.2% 10/22/19*		990,618
	928,000	JPMC CO 2.35% 01/28/19*		944,615
	500,000	JPMC CO 2.55% 10/29/20*		501,440
	607,000	JPMCC 16-JP4 A2 2.9343% 12/49*		623,091
	58,236	JPMCC 2013-C10 .7302% 12/15/47*		58,163
	561,000	JPMCC 2015-JP1 A2 3.1438% 1/49*		579,664
	1,540,000	JPMORGAN CHASE & CO 2.75% 6/20*		1,553,800
	790,000	JPMORGAN CHASE &CO2.25%1/23/20*		795,447
	500,000	KEY BANK NA 2.35% 3/8/19		506,372

33

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	413,000	KEY BANK NA 2.5% 12/15/19	$	417,550
	970,000	KEYCORP MTN 2.3% 12/13/18		976,702
	379,000	KINDER MORGAN IC 3.05% 12/1/19		385,220
	196,000	KINDER MRGN INC 2% 12/01/17		196,613
	1,373,388	LBUBS 2007-C7 A3 5.886% 9/45		1,411,781
	672,000	LOCKHEED MARTIN 2.5% 11/23/20		678,928
	630,000	MANU&TRD NT PRG 2.3% 1/30/19		640,507
	450,000	MANUFCTRS & TRDR 2.1% 02/06/20		452,261
	780,000	MARSH & MCLENN 2.35% 03/06/20		786,129
	333,000	MARSH & MCLENNAN 2.35% 9/10/19		337,135
	666,000	MARSHMCLEN 2.55% 10/15/18		675,724
	1,000,000	MASSMUTUAL 2.45% 11/23/20 144A		1,001,547
	500,000	MBALT 2015-B A3 1.34% 07/18		500,676
	993,000	MBART 2016-1 A3 1.26% 02/21		985,534
	211,000	MCDONALDS CORP 2.1% 12/18		212,505
	98,000	MCDONALDS CORP 2.75% 12/20		98,976
	863,000	MCKESSON CO 2.284% 03/15/2019		871,833
	1,060,000	MEDTRONIC INC 2.5% 3/15/20		1,079,081
	1,000,000	MET LIFE GLBL FDG 2% 4/20 144A		992,465
	715,000	MIDAMERICAN ENERGY 2% 11/18		719,772
	530,000	MITSUBISHI 2.45% 10/16/19 144A		533,057
	1,010,000	MITSUBISHI UFJ FI 2.95% 3/1/21		1,025,828
	640,000	MIZUHO BK LTD 2.45% 4/19 144A		645,727
	500,000	MIZUHO BNK LTD 2.65% 9/19 144A		506,725
	760,000	MIZUHO CORP BK 1.55% 10/17 144A		761,707
	716,000	MIZUHO FINL 2.273% 9/13/21		699,475
	510,000	MIZUHO FINL 2.632% 04/21 144A		507,178
	500,000	MORGAN STANLEY 1.875% 01/05/18		505,293
	630,000	MORGAN STANLEY 2.125% 4/25/18		634,875
	1,030,000	MORGAN STANLEY 2.375% 7/23/19		1,043,218
	1,955,000	MORGAN STANLEY 2.5% 01/24/19		1,996,162
	1,000,000	MORGAN STANLEY 2.5% 04/21/21		993,134
	800,000	MORGAN STANLEY 2.65% 01/27/20		812,334
	238,000	MSBAM 15-C22 ASB 3.04% 4/15/48		240,929

34

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	848,981	MSBAM 2012-C5 A2 1.972% 8/45	$	852,050
	735,000	MSBAM 2012-C6 A4 2.858% 11/45		748,448
	1,043,000	MSBAM 2014-C14 A2 2.916% 2/47		1,065,321
	128,796	MSC 2007-IQ13 A1A 5.312% 3/44		129,524
	884,967	MSC 2007-T27 A1A CSTR 6/42		899,523
	422,000	MSC 2011-C2 A4 4.661% 06/44		459,813
	515,000	MUFG AMERICAS HLD 2.25% 02/20		513,729
	731,000	NAROT 2015-C A3 1.37% 5/20		730,317
	561,000	NAROT 2016-A A3 1.34% 10/15/20		559,649
	592,000	NAROT 2016-B A3 1.32% 01/15/21		588,781
	932,000	NAROT 2016-C A3 1.18% 01/21		923,748
	176,167	NEF 2005-1 A5 4.74% 10/45		167,598
	1,310,000	NEW YORK LIFE 1.95% 2/20 144A		1,309,776
	200,000	NEXTERA ENERGY 1.649% 9/1/18		200,436
	559,000	NMOTR 2016-A A2 1.54% 06/21		555,844
	750,000	NORDEA BK 1.875% 9/17/18 144A		753,556
	940,000	NORDEA BK AB 2.375% 4/4/19 144		951,322
	1,000,000	ORACLE CORP 1.9% 09/15/21		985,444
	93,000	PG&E CORP 2.4% 03/01/19		94,077
	1,599,000	PHILIP MORRIS INTL 1.875% 2/21		1,574,093
	650,000	PHILIP MORS INT 1.875% 1/15/19		655,555
	1,000,000	PNC BANK NA 2.15% 4/29/21		989,624
	530,000	PNC BANK NA 2.4% 10/18/19		537,211
	500,000	PNC BANK NA 2.55% 12/09/21		500,710
	630,000	PNC BK PITT MTN 2.2% 01/28/19		638,990
	500,000	PRICOA GLOBAL 1.9% 09/18 144A		503,966
	1,070,000	PRINCIPAL FDG 2.375% 9/19 144A		1,081,551
	692,000	PRUDENTIAL MTN 3.5% 05/15/24		708,580
	354,000	PUBLIC SVC ENT 2% 11/15/21		343,477
	1,250,000	REGIONS FIN CORP 2.25% 9/14/18		1,262,246
	750,000	REGIONS FINL CORP 3.2% 2/8/21		769,537
	228,000	REYNOLDS AMERICAN 2.3% 6/18		229,686
	566,000	REYNOLDS AMERICAN 3.25% 6/20		580,596
	349,000	REYNOLDS AMERICAN 4% 6/12/22		365,383

35

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	540,000	ROPER INDUSTRIES 2.05% 10/1/18	$	544,502
	1,000,000	ROPER TECHNOLOGIES 3% 12/15/20		1,013,553
	780,000	ROPER TECHNOLOGS 2.8% 12/15/21		779,563
	700,000	ROYAL BK CAN GL 2.35% 10/30/20		701,252
	1,382,000	ROYAL BK CDA 2.2% 7/27/18		1,403,996
	1,270,000	ROYAL BK CDA GLB 1.5% 1/16/18		1,276,805
	584,000	ROYAL BNK CANADA 4.65% 1/27/26		632,924
	313,000	S&P GLOBAL INC 2.5% 8/18		318,515
	1,383,000	SCHLUMBERG 2.35% 12/21/18 144A		1,395,018
	252,000	SELECT INCOME REIT 2.85% 02/18		256,042
	656,000	SEMPRA ENERGY 2.4% 3/15/20		659,311
	397,000	SEMPRA ENERGY 2.85% 11/15/20		401,199
	750,000	SHELL INTL 2.25% 11/10/20		750,759
	771,000	SHELL INTL FIN BV 2.125% 05/20		772,355
	1,250,000	SHIRE ACQ INV IRE 2.4% 9/23/21		1,214,510
	208,000	SIMON PROP GRP 2.35% 1/30/22		205,514
	1,250,000	SOUTHERN COMPANY 2.35% 7/1/21		1,245,085
	362,000	SOUTHERN PWR CO 2.375% 6/1/20		359,709
	575,000	SSTRT 2016-1A A3 1.524% 03/20		571,814
	500,000	SUMITOMO BKG 2.45% 01/16/20		504,259
	630,000	SUMITOMO BKG 2.45% 1/10/19		640,560
	657,000	SUMITOMO MITSUI 2.934% 3/9/21		665,884
	250,000	SUMITOMO MITSUI BKG 2.5% 7/18		254,785
	1,208,000	SUNTRUST 2.35% 11/01/18		1,223,208
	750,000	SUNTRUST BANKS INC 2.9% 3/3/21		767,100
	128,000	SYNCHRONY FIN 1.875% 8/15/17		129,007
	188,000	SYNCHRONY FIN 3% 8/15/19		192,485
	1,215,000	SYNCHRONY FINANCL 2.6% 1/15/19		1,235,301
	1,014,000	SYNCT 2015-1 A 2.37% 03/23		1,024,213
	1,000,000	SYNCT 2015-2 A 1.60% 4/21		1,001,555
	1,000,000	TAOT 2015-C A3 1.34% 6/19		1,000,647
	466,000	TAOT 2016-B A3 1.51% 04/20		464,819
	592,000	TAOT 2016-C A3 1.14% 08/20		588,412
	1,152,000	TEVA PHARM NE 1.7% 07/19/19		1,140,079

36

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	1,392,000	TEVA PHARM NE 2.2% 07/21/21	$	1,344,101
	281,000	TEVA PHARM NE 2.8% 07/21/23		269,187
	251,000	THERMO FISHER 2.15% 12/14/18		252,339
	115,000	THERMO FISHER 2.4% 02/01/19		116,983
	153,000	TIAA AST MG 2.95% 11/1/19 144A		156,318
	1,020,000	TORONTO DOM BANK 2.125% 4/7/21		1,008,596
	530,000	TORONTO DOM BK 2.125% 7/02/19		536,698
	800,000	TORONTO DOMINION 2.25% 11/5/19		807,168
	666,000	TOTAL CAP CDA L 1.45% 01/15/18		670,313
	1,900,000	TOTAL CAP INTL 2.125% 01/10/19		1,933,614
	1,000,000	TRANSCANADA PIPE 1.625% 11/17		1,001,553
	132,000	TYCO ELECTR GR 2.375% 12/17/18		133,368
	538,000	UBSBB 2012-C2 A4 3.525% 5/63		564,505
	122,008	UBSBB 2013-C6 A1 0.8022% 4/46		121,732
	410,000	UNITED HEALTH 2.7% 7/15/20		420,974
	750,000	UNITEDHEALTH GP 2.125% 3/15/21		745,288
	1,000,000	USAA CAPITAL 2% 6/1/21 144A		979,641
	25,085,000	UST NOTE 1.375% 12/15/19		25,023,350
	-	UST NOTES 0.875% 07/15/18		12,878
	16,407,100	UST NOTES 1.625% 06/30/2019		16,524,294
	30,000,000	UST NOTES 1.625% 07/31/20		30,163,298
	19,367,000	USTN 0.75% 07/15/19		19,145,493
	10,160,000	USTN 0.875% 06/15/19		10,054,272
	4,166,000	USTN 1.125% 01/15/19		4,178,694
	8,971,000	USTN 1.25% 10/31/21		8,709,514
	20,083,000	USTN 1.375% 03/31/20		20,036,899
	2,402,000	USTN 1.375% 2/28/19		2,419,335
	2,000,000	USTN 1.75% 12/31/20		1,997,926
	20,000,000	USTN 2.25% 03/31/21		20,459,768
	169,150	VALET 2013-2 A3 0.7% 04/18		169,024
	351,798	VALET 2014-1 A3 .91% 10/22/18		351,437
	1,000,000	VERIZON COM 4.5% 09/15/20		1,082,582
	1,500,000	VERIZON COMM 1.75% 8/15/21		1,448,538
	500,000	VERIZON COMMS INC 3% 11/21		505,827

37

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	1,395,000	VERIZON COMMUNS 2.625% 2/21/20	$	1,420,706
	630,000	VODAFONE GRUP PLC 1.5% 2/19/18		631,049
	700,000	VOLKSWAGEN 2.125% 11/18 144A		701,304
	513,000	VOLKSWAGEN GRP 2.4% 5/20 144A		508,651
	574,366	VWALT 2015-A A3 1.25% 12/17		574,632
	927,000	VZOT 2016-1A A 1.42% 1//20		920,951
	1,051,000	VZOT 2016-2A A 1.68% 5/21		1,048,679
	520,000	WASHINGTON PG 3.85% 4/1/20		525,586
	56,955	WBCMT 2006-C26 A1A CSTR 6/45*		57,132
	530,000	WELLPOINT INC 2.25% 8/15/19		533,197
	455,000	WELLPOINT INC 2.3% 07/15/18		462,725
	1,000,000	WELLS FARGO & CO 2.15% 1/15/19*		1,015,064
	1,000,000	WELLS FARGO & CO MTN 2.6% 7/20*		1,016,537
	654,000	WESTERN UNION CO 2.875 12/17		661,722
	1,000,000	WESTPAC BANKING 1.6% 08/19/19		993,507
	436,000	WFCM 2012-LC5 ASB 2.528% 10/45*		441,129
	664,208	WFCM 2013-LC12 A1 1.676% 7/46*		666,372
	258,000	WFCM 2016-C34 A2 2.741% 05/49*		260,640
	196,000	WFCM 2016-C35 A2 2.495% 07/48*		196,969
	428,000	WFCM 2016-C37 A2 3.03% 12/49*		441,642
	362,000	WFCM 2016-LC25 1.795% 12/15/59*		360,200
	108,000	WFRBS 13-C12 ASB 2.838% 03/48*		110,084
	38,131	WFRBS 13-C14 A1 .836% 6/15/46*		38,118
	228,000	WFRBS 13-C16 ASB 3.963% 09/46*		242,612
	694,000	WFRBS 2011-C3 A4 4.375% 3/44*		746,795
	284,149	WFRBS 2012-C8 A2 1.881% 8/45*		285,065
	80,962	WFRBS 2013-C13 A1 0.778% 5/45*		80,782
	250,000	WFRBS 2013-C14 A2 2.133% 6/46*		251,835
	292,000	WISCONSIN ENERGY 2.45% 6/15/20		292,338
	679,424	WOART 2014-B A3 1.14% 01/20		679,156
	762,000	WOART 2016-A A3 1.77% 09/21		763,362
	316,293	WOLS 2014-A A3 1.16% 09/17		316,450
	760,000	WOLS 2015-A A3 1.54% 10/18		761,228
	1,300,000	WPACBKG 1.6% 1/12/18		1,308,606

38

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	281,000	XCEL ENERGY INC 2.4% 03/15/21	$	281,175
	782,000	XEROX CORP 2.75% 03/15/19		788,121
	141,000	ZOETIS INC 3.45% 11/13/20		145,256
		Total Wrap Rebid Value		92,740
		Total Synthetic Investment Contracts	$	502,239,056
		Mutual Funds
	5,291,412	DFA Emerging Markets Core Equity Portfolio Institutional Class Fund*	$	91,858,905
		Fidelity BrokerageLink*		198,431,374
	427,323	Fidelity Investments Money Market Government Portfolio*		427,323
	417,704	PIMCO Priv ABS Sector Fund (732)*		5,133,585
	82,157	PIMCO Short Term Floating NAV Portfolio II*		822,309
		Total Mutual Funds	$	296,673,496
		U.S. Government Agency Securities
		United States Treasury Notes
	6,300,000	USTN 1.5% 08/15/26	$	5,784,912
	3,600,000	USTN 2.125% 09/30/21		3,628,433
	12,700,000	USTN 2.25% 04/30/21		12,911,392
	7,600,000	USTN 2.25% 11/15/24		7,543,334
	1,900,000	USTN 2.375% 8/15/24		1,906,354
	1,100,000	USTN 2.5% 05/15/24		1,115,044
	1,800,000	USTN 2.75% 02/15/24		1,856,779
	600,000	USTN TII .375% 07/15/25		608,476
	1,500,000	USTN TII 0.125% 07/15/24		1,501,133
	2,200,000	USTN TII 0.25% 01/15/25		2,209,080
	500,000	USTN TII 0.75% 2/15/45		483,615
	500,000	USTN TII 1.375% 02/15/44		566,621
	3,400,000	USTN TII 1.75% 1/15/28		4,383,350
	100,000	USTN TII 2.375% 1/15/25		147,315
	4,650,000	USTN TII 2.5% 1/15/29		6,320,216
	100,000	USTN TII 3.875% 4/15/29		201,214
	200,000	USTN TII 0.75% 2/15/42		202,865
	3,800,000	USTN TII 1% 2/15/46		3,895,463

39

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	300,000	USTN TII .125% 04/15/19	$	313,397
	1,000,000	USTN TII 0.125% 04/15/21		1,026,267
		Total United States Treasury Notes	$	56,605,260
		United States Treasury Bonds
	600,000	USTB 2.5% 2/15/46	$	531,849
	900,000	USTB 2.25% 8/15/46		754,804
	10,100,000	USTB 2.50% 02/15/45		8,975,294
	200,000	USTB 2.75% 8/15/42		188,547
	5,900,000	USTB 2.750% 11/15/42		5,560,650
	6,100,000	USTB 2.875% 8/15/45		5,856,329
	3,400,000	USTB 3% 11/15/44		3,351,128
	4,900,000	USTB 3% 5/15/42		4,849,035
	6,000,000	USTB 3.125% 8/15/44		6,059,214
	300,000	USTB 4.375% 5/15/40		369,980
	600,000	USTB 2.875% 5/15/43		578,294
	500,000	USTB 3.625% 08/15/43		553,323
	1,300,000	USTB 3% 05/15/45		1,279,485
		Total United States Treasury Bonds	$	38,907,932
		Federal Agency Obligations
		Federal Home Loan Mortgage Corporation
	3,000,000	FHLG 30YR 3.5% 02/47 #TBA	$	3,065,960
	2,000,000	FHLG 30YR 4% 02/46 #TBA		2,096,641
	464,787	FHLG      5.00% 3/38 #A74793		509,214
	39,444	FHLG      5.50% 11/35 #A39302		44,254
	142,122	FHLG      5.50% 12/38 #G06172		159,010
	380,222	FHLG      6.00% 6/38 #G04715		429,647
	667,293	FHLG      6.00% 11/39 #G06409		754,107
	67,806	FHLG      6.50% 9/39 #G06669		77,559
	85,106	FHLM ARM 4.433% 7/35 #1B3925		88,844
	24,871	FHLM ARM 5.65% 9/37 #1G3704		25,595
	41,589	FHLM ARM 5.84% 2/37 #1N1447		43,088
	71,507	FHLM ARM 5.95% 5/37 #1N1582		73,776

40

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	102,984	FHLM ARM 6.03% 5/37 #1N1463	$	109,070
		Total Federal Home Loan Mortgage Corporation	$	7,476,765
		Federal National Mortgage Association
	1,537,250	FNMA ARM 2.463% 01/36#AL7183	$	1,620,939
	20,000,000	FNMA 30YR 3% 02/47 #TBA		19,835,156
	10,000,000	FNMA 30YR 3.5% 01/47 #TBA		10,244,474
	18,000,000	FNMA 30YR 3.5% 02/47 #TBA		18,412,632
	15,000,000	FNMA 30YR 4% 02/47 #TBA		15,738,282
	9,000,000	FNMA 30YR 4% 01/47 #TBA		9,455,625
	7,000,000	FNMA 30YR 4.5% 01/47 #TBA		7,522,772
	747,181	FNMA      4.50% 4/41 #AL0215		805,754
	99,555	FNMA      4.50% 9/41 #AB3517		107,359
	72,643	FNMA      5.50% 8/38 #995072		82,003
	22,293	FNMA      6.00% 5/35 #821192		25,219
	10,860	FNMA      6.00% 9/37 #952504		12,373
	9,357	FNMA      6.00% 10/35 #745000		10,576
	6,816	FNMA      6.50% 1/37 #897910		7,815
	27,862	FNMA      6.50% 5/36 #895817		31,909
	21,335	FNMA      6.50% 8/36 #745744		24,402
	13,346	FNMA      6.50% 9/36 #897131		15,277
	253,824	FNMA      6.50% 10/41 #AL0814		290,678
	290,996	FNMA      6.50% 10/41 #AL0886		332,665
	3,690,647	FNMA 30YR 3% 05/43#AR8293		3,681,565
	13,134	FNMA 30YR 4% 02/34#763516		13,885
	171,123	FNMA    6.50% 10/41 #AL0885		195,815
	213,985	FNMA ARM   5.51% 2/37 #913990		220,477
	15,303	FNR 11-15 AB 9.75% 8/19		16,023
	58,366	FNR 2004-38 FK 1ML+35 5/34		58,275
	49,157	FNR 2010-110 AE 9.75% 11/18		51,825
	121,261	FNR 2010-118 YB IO INV 10/40		22,425
	158,442	FNR 2011-63 SW IO INV 7/41		29,562
	1,187,114	FNR 2016-62 AF 1ML+45 9/46		1,171,365
	78,175	FNS 390 C3 IO 6% 7/38		16,406

41

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	44,728	FNS 407 40 0 1/38	$	10,490
	88,694	FNS 407 41 IO 6% 1/38		17,727
	11,326	FNS 407 C22 IO 1/39		2,395
		Total Federal National Mortgage Association	$	90,084,145
		Freddie Mac
	3,396,192	FHMS K006 AX1 CSTR 1/20	$	85,202
	944,500	FHMS K007 X1 CSTR 4/20		24,704
	1,059,376	FHMS K008 X1 CSTR 6/25/20		43,162
	1,006,681	FHMS K009 X1 CSTR 8/20		37,737
	4,048,447	FHMS K014 X1 IO CSTR 4/21		177,226
	373,393	FHMS K702 X1 CSTR 2/18		4,642
	2,363,458	FHMS K703 X1 CSTR 5/18		51,689
	1,421,618	FHMS KAIV X1 CSTR 6/46		63,230
	79,738	FHR 3738 BP 4% 12/38		82,367
		Total Freddie Mac	$	569,959
		Government National Mortgage Association
	1,000,000	GNII II 3.5% 02/47 #TBA	$	1,037,187
	2,000,000	GNII II 4% 02/47 #TBA		2,119,453
	400,000	GNII II 4.5% 01/47 #TBA		426,892
	44,034	GNII        5.00% 9/40 #004802		48,485
	21,128	GNII II    5.00% 7/40 #004747		22,706
	221,936	GNII II    5.00% 8/40 #004772		243,227
	91,914	GNII II    6.50% 10/37 #004040		105,377
	2,000,000	GNMA 30YR 3% 01/47 #TBA		2,019,688
	1,000,000	GNMA 30YR 3.5% 01/47 #TBA		1,039,375
	1,000,000	GNMA 30YR 4% 01/47 #TBA		1,061,289
	84,683	GNMA II    5.00% 7/40 #783050		92,992
	23,686	GNR 10-116 JS -1ML+605 12/39		2,421
	71,325	GNR 11-70 BS -1ML+670 IO 12/36		5,374
	3,998,064	GNR 15-H12 FB 1ML+60 05/65		3,941,431
	51,203	GNR 2005-13 SD -1ML+680 2/35		9,693
	22,782	GNR 2005-81 SD -1ML+630 12/34		826

42

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	187,113	GNR 2006-47 SA 1ML+680 8/36	$	36,445
	204,598	GNR 2009-106 SU IO INV 5/37		34,995
	39,182	GNR 2009-45 AI IO 1ML+596 4/39		5,224
	137,524	GNR 2009-61 SA 1ML+670 8/39		24,639
	168,974	GNR 2009-61 WQ 1ML+625 11/35		34,410
	31,930	GNR 2009-68 SL 1ML+675 4/39		3,668
	1,127,985	GNR 2009-HO1 FA 1.4% 11/59		1,141,266
	33,703	GNR 2010-107 SG -1ML+615 2/38		1,263
	48,154	GNR 2010-109 SB -1ML+660 8/40		9,162
	242,186	GNR 2010-115 SP -1ML+540 9/40		33,282
	353,529	GNR 2010-117 PS 1ML+600 10/39		36,941
	293,188	GNR 2010-14 SC -1ML+480 8/35		32,644
	117,514	GNR 2010-146 GS IO ML+610 6/39		9,710
	110,225	GNR 2010-147 S -1ML+665 11/40		20,834
	121,279	GNR 2010-151 SM -1ML+608 11/40		20,262
	116,799	GNR 2010-151SA IO ML+605 11/40		19,154
	109,922	GNR 2010-160 SW 1ML+655 10/38		8,607
	59,284	GNR 2010-3 MS IO 1ML+655 11/38		4,621
	46,309	GNR 2010-31 GS 1ML+650 3/39		4,058
	8,611	GNR 2010-39 SP -1ML+655 11/38		354
	39,667	GNR 2010-42 BS -1ML+648 4/40		7,015
	39,667	GNR 2010-47 AS -1ML+644 4/40		6,960
	91,049	GNR 2010-47 VS -1ML+625 11/37		14,726
	253,048	GNR 2010-50 QS 1ML+655 12/38		22,066
	127,243	GNR 2010-57 QS -1ML+650 5/40		22,561
	210,019	GNR 2010-60 S -1ML+650 5/40		37,557
	218,590	GNR 2010-62 SB -1ML+575 5/40		33,118
	169,433	GNR 2010-68 SD -1ML+658 6/40		32,081
	29,030	GNR 2010-69 SP -1ML+665 6/38		799
	41,720	GNR 2010-76 SH -1ML+650 5/40		7,397
	55,420	GNR 2010-85 HS IO 1ML+665 1/40		7,441
	39,930	GNR 2010-85 JS -1ML+657 4/40		7,207
	144,862	GNR 2010-87 SK IML+650 7/40		27,563
	552,489	GNR 2010-H010 FC 1ML+100 5/60		558,203

43

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	1,043,278	GNR 2010-H20 AF 1ML+33 10/60	$	1,031,969
	937,517	GNR 2010-H24 FA 1ML+35 10/60		927,511
	346,103	GNR 2011-11 SA -1ML+600 1/41		54,574
	27,375	GNR 2011-32 S IO -1ML+600 3/41		4,356
	89,374	GNR 2011-4 PS -1ML+618 9/40		13,636
	96,253	GNR 2011-40 SA -1ML+613 2/36		4,074
	159,116	GNR 2011-81 SA -1ML+540 6/41		22,277
	283,207	GNR 2011-H09 AF IML+50 3/61		281,904
	1,258,206	GNR 2016-H23 FD 1ML+37 10/66		1,256,599
	701,226	GNR 2016-H18 FA 1ML+75 08/66		695,663
	1,002,202	GNR 2016-H20 PT VAR 09/20/66		1,114,238
	631,586	GNR 16-H19 FE 1ML+.37 6/20/61		629,456
		Total Government National Mortgage Association	$	20,478,906
		Total U.S. Government and Agency Securities	$	214,122,967
		Other Fixed Income Securities
	99,071	ACCR 2003-3 A1 5.21% 12/33	$	96,880
	476,911	ACE 2006-SL3 A1 1ML+10 6/36		63,958
	300,000	ACRE 10-ARTA A2FX 4.9543% 1/29		321,910
	18,000	AES CORP 8% 6/1/20		20,925
	377,085	AHM 2005-4 1A1 1ML+29 3/35		340,772
	800,000	ALEXANDRIA REAL EST 3.9% 6/23		811,366
	400,000	ALLY FINL INC 2.75% 01/30/2017		400,080
	420,000	ANHEUSER BUSCH 5% 4/15/20		456,220
	360,000	ANHEUSER BUSCH 5.375% 1/15/20		392,413
	240,141	ARC 2004-1 A5 1ML+50 10/34		230,232
	900,000	AT&T INC 3.4% 05/15/25		866,303
	167,000	AT&T INC 5.5% 2/01/18		173,492
	310,283	AWAS FINANCE LUX TERM 07/16/18		312,353
	14,000	BAC CAP XIV 5.63/VR PERP		10,990
	208,203	BALTA 2004-9 3A1 CSTR 9/34		194,988
	221,290	BALTA 2005-2 2A4 CSTR 4/35		212,475
	600,000	BANCO BILBAO 7%/VAR PERP REGS		605,720

44

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	1,300,000	BANK OF AMERICA 4.125% 1/24	$	1,349,521
	1,000,000	BANKAMER 4.1% 07/24/23		1,043,506
	600,000	BARC BANK PLC 3ML+58 02/17/17		600,206
	200,000	BARCLAYS 3.2% 08/10/21		197,678
	1,400,000	BARCLAYS NY YCD 3ML+77 11/6/17		1,401,245
	800,000	BARCLAYS PLC 8%/VAR PERP		888,133
	700,000	BARCLAYS PLC FRN 3ML+0 8/10/21		717,310
	1,700,000	BBCCR 15-GTP A 3.966% 08/33 14		1,733,657
	590,348	BFAT 2007-SR1A M2 1ML+90 3/37		488,516
	600,000	BRAZIL 0% 1/1/17		184,349
	12,000,000	BRAZIL GOVT 10% 1/01/17		3,686,976
	6,700,000	BRAZIL LETRAS DO TESOU 10/1/17		1,891,694
	17,500,000	BRAZIL LETRAS TES NAC% 4/1/17		5,211,228
	311,194	BSABS 2005-AQ2 A3 1ML+36 9/35		312,170
	228,704	BSABS 2005-CL1 A1 1ML+50 9/34		201,242
	293,100	BSARM 2004-10 12A3 CSTR 1/35		286,131
	250,000	CA ST 7.3% 10/01/39		353,820
	86,000	CALPINE CORP 7.875% 1/23 144A		89,655
	300,000	CC HOLDINGS 3.849% 4/15/23		304,544
	1,000,000	CCO LLC/CAPITAL 4.464% 7/23/22		1,043,964
	40,000	CF INDUS HLDS 7.125% 5/1/20		43,600
	800,000	CHICAGO IL 7.75% 01/01/42		811,560
	1,000,000	CITIGROUP INC 2.35% 08/02/21		977,299
	500,000	CITIGROUP INC 2.7% 03/30/21		498,432
	800,000	CITIGROUP INC 3ML+93 6/7/19		806,212
	100,000	CITIGROUP IN 3ML+143 9/1/23		101,988
	20,000	COMCAST CORP 6.3% 11/15/17		20,827
	600,000	COMET 2016-A1 A1 1ML+45 02/22		602,437
	1,000,000	COMM 16-COR1 ASB 2.972% 10/49		990,010
	130,000	COMMNWLTH BNK AUST 5 10/19 144		139,595
	400,000	CREDIT AGRC 7.875 PERP REGS		404,036
	400,000	CREDIT AGRICOLE 8.125% 9/33RGS		430,300
	1,800,000	CREDIT SUI NY Y$CD 3ML+80 9/17		1,802,439
	800,000	CREDIT SUISSE 2.75% 03/26/20		792,536

45

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	600,000	CREDIT SUISSE 3.125% 12/20	$	597,655
	800,000	CREDIT SUISSE 3.8% 6/9/23		798,250
	307,073	CVS CAREMARK 6.943% 1/10/30		359,764
	760,666	CWALT 05-36 2A1A 1ML+31 8/35		559,877
	300,164	CWALT 2005-36 3A1 CSTR 8/35		242,694
	114,032	CWALT 2005-61 1A1 1ML+26 12/35		93,874
	65,833	CWALT 2006-OA1 2A1 1ML+21 3/46		48,691
	67,645	CWHL 2004-23 A CSTR 11/34		55,027
	219,622	CWHL 2006-HYB3 2A1A CSTR 6/36		194,370
	150,000	DAIMLER FINANCE 3.875 9/21 144		157,421
	110,227	DELTA AIR 6.821% 2/10/24		126,761
	1,000,000	DEPOSITORY 4.875/VAR PERP 144A		1,017,500
	30,000	DEVON ENERGY CO 5.6% 7/15/41		30,849
	125,000	DISH DBS CORP 7.875% 9/01/19		138,750
	74,509	DMSI 2004-4 7AR2 1ML+45 6/34		68,115
	800,000	DNB BK ASA MTN 3.2% 4/17 144A		803,822
	144,917	DORIC NIMROD 5.125% 11/24 144A		150,716
	700,000	DRSLF 2013-30A A 3ML+125 11/25		699,812
	150,000	EFCT 2004-1 A5 VAR 6/43		141,870
	200,000	EKSPORTFINANS GLB MTN 5.5 6/17		202,830
	460,000	EL PASO NAT GAS 8.375% 6/15/32		570,457
	1,000,000	ENGIE SA YCP 0 10/04/17		984,012
	300,000	ENTERPRISE PROD 5.2% 9/1/20		327,323
	900,000	EXP IMP BK KOREA 1.75% 2/27/18		900,021
	2,100,000	EXP-IMP BANK KOREA 5% 4/11/22		2,313,809
	400,000	EXPORT IMP BK KORE MTN 4% 1/21		418,408
	700,000	EXPORT IMP KORE 4.375% 9/15/21		746,085
	176,629	FFML 2004-FF3 M1 1ML+55 5/34		165,923
	39,010	FHAMS 2006-FA8 1A8 0 2/37		20,675
	90,000	FIRST SEC UT 9.35 1/10/23 144A		104,322
	623,308	FLAT 2007-1 A1A 3ML+23 10/21		622,322
	800,000	FORD MTR CR LLC 2.459% 3/27/20		789,208
	1,100,000	FORD MTR CR LLC 4.25% 2/03/17		1,102,166
	200,000	FORD MTR CR LLC 5.875% 8/2/21		220,683

46

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	200,000	FORD MTR CR LLC 8.125% 1/15/20	$	230,502
	202,000	FRENSENIUS MED 6.875% 7/15/17		207,303
	80,000	GA MEAG 6.655% 4/1/57		97,769
	123,327	GECMC 2007-C1 A4 5.543% 12/49		123,492
	1,300,000	GENERAL MTR INC 3.2% 07/13/20		1,303,008
	14,761	GMACM 04VF1 A1 MBIA1ML+75 2/31		14,728
	2,000	GOLDMAN SACHS 5.793/VR PERP		1,632
	10,000	GOLDMAN SACHS GLB 7.5% 2/15/19		11,082
	300,000	GOLDMAN SACHS GRP 3.5% 1/23/25		295,634
	780,000	GS GRP INC MTN 6.25% 2/01/41		965,233
	379,247	GSMPS 2005-RP1 1AF 1ML+35 1/35		326,803
	2,723,112	GSMS 2011-GC3 X IO 3/44 144A		62,980
	112,546	GSR 2005-AR5 2A3 CSTR 10/35		98,038
	1,230,000	HCA INC 6.5% 2/15/20		1,345,620
	200,000	HELLENIC RAILW 5.014% 12/27/17		204,477
	400,000	HPT 4.25% 02/15/21		413,508
	660,000	HSBC FINANCE CO 6.676% 1/21		741,301
	197,217	HVMLT 05-15 2A11 1ML+27 10/45		161,385
	389,350	HVMLT 2004-5 2A6 CSTR 6/34		391,789
	272,686	HVMLT 2006-13 A 1ML+18 11/46		199,475
	600,000	IL ST 6.725% 4/1/35		611,592
	94,958	IMSA 2006-1 1A2B 1ML+20 5/36		85,974
	282,403	INDA 2007-AR7 1A1 CSTR 11/37		271,245
	797,913	INDX 05-AR14 2A1A 1ML+30 7/35		681,792
	110,820	INDX 2006-AR6 2A1A 1ML+20 6/47		84,147
	2,100,000	ING BK FRN 3ML+78 8/17/18 144A		2,109,645
	1,100,000	ISAC 2010-1 A3 3ML+90 7/45		1,074,458
	260,000,000	JAPAN GOVERNMENT 0% 3/21/17		2,225,994
	770,000,000	JAPAN GOVERNMENT OF 0% 3/13/17		6,591,912
	30,000,000	JAPAN GOVT 0% 03/27/17		256,860
	630,000,000	JAPAN T-BILL SR 643 2/13/17		5,392,002
	1,030,000,000	JAPAN T-BILL SR 648 3/6/17		8,817,214
	900,000	JMP 2013-1A A 3ML+118 04/23		900,211
	100,000	JP MORGAN CHASE 2.295% 8/15/21*		98,056

47

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	700,000	JPMC 16-FLRR 1ML+145 1/33 144A*	$	699,999
	300,000	JPMC CO 2.55% 10/29/20*		299,547
	220,000	JPMC CO 4.25% 10/15/20*		232,638
	3,053,041	JPMCC 2011-C4 XA CSTR 7/46*		81,809
	101,527	JPMCC 2011-C5 A3 4.1712% 8/46*		108,890
	127,492	JPMMT 2004-A3 3A3 CSTR 7/34*		120,119
	900,000	JPMORGAN CHASE & CO 2.4% 6/21*		890,938
	1,500,000	JPMORGAN CHASE &CO2.25%1/23/20*		1,495,530
	1,200,000	JPMORGAN CHASE 3ML+148 3/1/21*		1,236,948
	70,000	JPMORGAN CHASE 4.35% 8/15/21*		74,819
	600,000	JPMORGAN CHASE 5.3% VAR PERP*		612,336
	120,000	KAUPTHING BK 5.75% 10/4/11 144A		-
	1,177,000	KAUPTHING BK 7.625% 2/28/15144		-
	60,000	KINDER MORGAN EN 6.85% 2/15/20		66,846
	204,000	KINDER MORGAN ENER 6% 2/1/17		204,617
	212,000	KPN NV GLBL 8.375% 10/01/30		282,603
	413,000	KRAFT FOODS 5.375% 02/20 WI		447,048
	1,077,461	KVK CLO 30YR 3ML+145 2/10/25		1,079,118
	641,000	LANDSBANK IS MTN6.1% 8/11 144A		76,920
	93,207	LBUBS 2007-C6 A4 CSTR 7/40		93,850
	700,000	LLOYDS 7.625% PERP-23 AT1		900,664
	400,000	LLOYDS BANKING GRP 3.1% 7/6/21		404,612
	429,326	LXS 2006-14N 1A1B 1ML+21 9/46		386,774
	142,942	MARM 2005-1 7A1 CSTR 2/35		132,202
	148,103	MARM 2006-2 3A1 CSTR 1/36		146,489
	463,980	MARP 2005-2 1A1F 1ML+35 5/35		377,930
	1,100,000	METLIFE INC 5.25/VAR PERP		1,113,750
	114,789	MLCC 2003-F A1 1ML+32 10/28		110,028
	839,828	MLCFC 2007-6 A4 CSTR 3/51		841,791
	2,000,000	MLMI 05-WMC1 M2 1193476+.795%		1,879,633
	53,601	MLMI 2004-A3 4A3 CSTR 5/34		53,780
	73,139	MLMI 2006-A1 1A1 CSTR 3/36		59,349
	786,986	MLMI 2007-SD1 A1 1ML+45 2/47		474,968
	700,000	MORGAN STANLEY 2.65% 01/27/20		702,857

48

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	500,000	MSBAM 15-C20 ASB 3.069% 02/48	$	507,207
	600,000	MSC 2014-CPT AM VAR 07/29		614,916
	15,110	MSM 2005-3AR 3A CSTR 7/35		12,933
	600,000	MUFG Y$CD 3ML+72 9/19/17		601,094
	150,000	MUNICIPAL EC AT GA 6.637% 4/57		186,032
	900,000	MURRAY ST INV TR STEP 3/09/17		904,689
	700,000	NATIXIS NY BRH YCP 1.4% 7/3/17		692,786
	2,700,000	NATIXIS NY YCD 3ML+69 9/25/17		2,709,177
	40,000	NATL SEMICOND GLB 6.6% 6/15/17		40,993
	664,354	NEUBERGER BRMA 3ML+130 7/25/23		663,264
	660,000	NORDEA BK 4.875% 5/13/21 144A		708,506
	9,100,000	NORDEA KREDIT 2% 10/01/17		1,310,671
	3,100,000	NORDEA KREDIT REALK 2% 10/1/17		446,492
	1,300,000	NORINCHUKIN 3ML+71.5 10/10/17		1,303,034
	250,000	NORTHSTR ED FIN 2007-1 OT		217,907
	1,720,000	NOVO BANCO SA 5% 05/14/19		1,231,194
	500,000	NY&PRSBTN HSP 4.024% 08/01/45		485,285
	1,600,000	NYKREDIT REALKREDIT 2% 10/1/17		230,448
	2,000,000	PENAR 15-2A A1 1ML+40 5/18/19		1,999,014
	300,000	PETROBRAS GLB FRN 3ML+288 3/20		293,217
	500,000	PETROBRAS INTL 5.75% 1/20/20		506,250
	370,000	PFIZER INC 3.4% 5/15/24		381,990
	105,000	PG&E 8.25% 10/15/18		116,542
	700,000	PMR SQ 13-2A A1A 3ML+140 10/25		702,002
	20,000	POTASH CORP 4.875% 3/30/20		21,255
	96,024	PRIME 2005-2 2A1 CSTR 10/32		99,493
	30,000	QEP RESOURCES 6.875% 3/01/21		31,875
	900,000	RBS 9.5/VRN 3/16/22 RGS		913,914
	186,120	RBSGC 2007-B 1A4 1ML+45 1/37		115,177
	8,500,000	REALKREDIT DANMARK 1% 1/1/17		1,203,540
	3,300,000	REALKREDIT DANMARK 1% 4/1/17		468,654
	6,900,000	REALKREDIT DANMARK 2% 04/17		982,277
	30,000	ROGERS COMMUNIC 6.8% 8/15/18		32,342
	70,000	ROYAL BK SCOTLND 7.648/VR PERP		79,975

49

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	800,000	ROYAL BK SCTLND 3.875% 9/12/23	$	767,349
	520,000	ROYAL BK SCTLND 6.4% 10/21/19		565,921
	1,000,000	SABINE PASS LIQ 5% 3/27 144A		1,008,750
	152,758	SACO 2005-WM3 A3 1ML+35 9/35		143,107
	373,192	SAIL 2003-BC11 M1 1ML+65 10/33		366,017
	406,355	SAMI 2006-AR6 1A1 1ML+18 07/46		309,469
	330,000	SANTA CL TRANS TAXM 5.876% 4/32		398,947
	800,000	SANTAN 6.25% 09/PERP-21 5.125%		788,898
	900,000	SANTANDER HLDGS 3ML+145 11/17		907,712
	960,485	SARM 2004-4 2A CSTR 04/34		962,824
	23,027	SAST 2002-3 M1 1ML+75 12/32		22,163
	147,875	SAST 2003-3 M1 1ML+65 12/33		141,570
	1,000,000	SAUDI ARABIA 3.25% 10/26 144A		948,024
	500,000	SHIRE AQ INV IRE 1.9% 9/23/19		493,430
	300,000	SLMA 2003-11 A6 3ML+29 12/25		298,500
	350,973	SLMA 2004-3 A5 3ML+17 7/25/23		349,639
	2,400,000	SLOVENIA GOVT 5.85% 5/23 REGS		2,703,422
	500,000	SLOVENIA REP 5.25% 2/24 REGS		547,750
	2,300,000	SLOVENIA REP 5.5% 10/26/22 REGS		2,541,445
	1,000,000	SOCIETE GEN 4.25% 4/14/25 144A		968,881
	21,000	SOUTHRN NAT GAS 8% 3/01/32		26,293
	63,000	SOUTHRN NAT GAS VAR 4/1/17		63,655
	700,000	STANDARD CHART CP 1.43% 7/3/17		692,632
	1,300,000	SUMITOMO NY BRH 3ML+70 9/15/17		1,302,142
	1,200,000	SUMITOMO TR NY 3ML+73 9/18/17		1,202,284
	49,000	TENN GAS PIPELI 7.625% 4/01/37		59,239
	160,000	THERMO FISHER 3.6% 8/15/21		165,220
	550,566	TSCOLN PRP FIN 7.6227% 7/13/39		772,181
	240,000	TVA 5.25% 9/15/39		300,901
	467,000	TVA 5.98% 4/1/36		628,719
	23,386	UAL PASS THRU ETC 9.75% 1/17		23,460
	650,000	UBS AG 7.625% 08/22 LT2 COCO		736,938
	600,000	UBS GROUP FDNG 3% 4/15/21 144A		599,369
	100,000	UK GILT 1.75% 9/7/22		130,569

50

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
	200,000	UNITED BUSNS 5.75% 11/20 144A	$	210,107
	370,000	UNITEDHEALTH GRP 6% 2/15/18		387,903
	500,000	VERIZON COM 3.65% 09/14/18		516,415
	200,000	VERIZON COMM 3ML+175 9/18		204,464
	441,124	WAMU 05-AR15 A1A1 1ML+26 11/45		416,924
	363,290	WAMU 05-AR15 A1A2 1ML+28 11/45		312,687
	167,352	WAMU 05-AR17 A1A2 1ML+29 12/45		150,595
	632,057	WAMU 06-AR14 1A3 CSTR 11/36		585,821
	1,954,080	WAMU 2004-AR10 A1A 1ML+44 7/44		1,765,010
	164,351	WAMU 2004-AR8 A1 1ML+42 6/44		152,698
	1,102,452	WAMU 2005-AR18 1A3A CSTR 1/36		1,071,569
	292,257	WAMU 2005-AR7 A4 CSTR 8/35		300,679
	62,733	WAMU 2005-AR8 1A1A 1ML+27 7/45		62,277
	158,006	WAMU 2005-AR9 A1A 1ML+32 7/45		156,441
	261,806	WAMU 2007-HY4 4A1 CSTR 9/36		243,544
	28,000	WELLPOINT INC GLB 5.875% 6/15/17		28,566
	380,834	WFMBS 2006-AR11 A6 CSTR 8/36*		365,820
	240,000	WFRBS 2011-C4 A4 0 6/44*		263,242
	1,000,000	WYNN LAS VEGAS 5.5% 3/25 144A		992,000
		Total Other Fixed Income Securities	$	154,716,545
		Cash, Cash Equivalents and Other Investments
		Cash and Cash Equivalents
		CASH	$	5,076,462
		Cash Collateral		221,161
	14,400,447	BBH STIF FUND		14,400,447
	440,075	SSBK STIF FUND*		440,075
	22,576,119	Fidelity Institutional Money Market Government Portfolio Class 1*		22,576,119
	1,202,518	JP MORGAN 100% US TREASURY*		1,202,518
	7,815,910	JPM PRIME MMKT MRGN SHR FD 829*		7,817,096
	4,082,792	JPM TREASURY PLUS MMF AGENCY SHARES*		4,082,792
		Total Cash and Cash Equivalents	$	55,816,670

51

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

Shares or Units		Description	Current Value
		Swap Contracts
		Credit Default Swaps
	700,000	BNP CDS BARC SNR SE SP 1% 06/20/17	$	7,543
	3,000,000	BOAM CDS 91086QAW8 1% 12/20/19		3,229
	5,000,000	CDS CMBX.NA.AAA.9 0.5 9/58 GS		(110,653)
	5,697,284	CDS GS CMBX NA AAA6 0.5% 5/63		(3,023)
	1,000,000	CDS MS CMBX AAA CDSI S7 0.5% 1/17/47		(5,831)
	500,000	CS CDS CMBX.NA.BBB-.9 3% 9/58		(65,692)
	1,800,000	DELL INC SNR 12/20/19 GS ICE		(13)
	1,000,000	JP CDS CMBX.NA.AAA.9 SP 0.5% 9/17/58		(22,131)
	800,000	SPRINT SNR S 12/20/19 GS ICE		388
	700,000	VOLKSWGN IN FN SR SE ICE 12/17		(150)
		Total Credit Default Swaps	$	(196,333)
		Interest Rate Swaps
	(8,200,000)	BA IRS USD 2Y 1.45% 06/19 CME	$	(7,514)
	7,100,000	BOA IRS SWAP P1.73 08/26/25		262,693
	(700,000)	CITI INF SWAP 3.585% 10/46 LCH		(6,343)
	(6,600,000)	CME IRS 2.75% 12/16/45		(74,600)
	(13,600,000)	CME IRS USD 2.5% 15/6/46		(104,237)
	(1,800,000)	CS IRS 30YRUSD 2.25% 12/46 CME		(19,576)
	(500,000)	CS IRS GBP 10Y .75 3/15/17 CME		809
	(900,000)	CS IRS GBP 5YR .50 3/15/22 CME		(259)
	(12,800,000)	CS IRS USD 10Y 1.75 12/26 CME		(58,837)
	(4,200,000)	CS IRS USD 10Y 1.75% 12/26 LCH		(13,645)
	(65,800,000)	CS IRS USD 1Y 1.5% 6/15/19 CME		(14,928)
	(300,000)	CS IRS USD 30Y 2.5 6/15/46 CME		(3,329)
	25,100,000	CS IRS USD 5YR 1.5% 12/21 CME		38,909
	(4,700,000)	INFSWEMNI 1.4385% 10Y 12/46 LCH		(5,340)
	(6,000,000)	INFSWEMNI 1.4425% 10Y 12/26 LCH		(6,823)
	10,700,000	INFSWPEMNI 1.165% 5Y 12/21 LCH		6,261
	(10,500,000)	LCH IRS 1.75% 12/16/18		(2,130)
	(20,600,000)	LCH IRS 2.25% 12/16/22		(35,742)
	(900,000)	PIMCO IRS 10YR EU 0.5% 3/27CME		1,197

52

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

	Total Interest Rate Swaps	$	(43,434)
	Total Swap Contracts	$	(239,767)
	Interest Rate Option Contracts
2,000,000	IRO USD 30Y P2.905 8/20/18 MYC	$	134,852
(11,700,000)	IRO USD 5Y P2.8 08/20/18 MYC		(156,363)
600,000	IRO USD PUT 2.94 T 8/20/18 GLM		38,711
(4,700,000)	IRO USD 10Y C2.4 M 2/16/17 GLM		(39,077)
(4,700,000)	IRO USD 10Y C195 M SWP 2/17 GS		(3,083)
	Total Interest Rate Option Contracts	$	(24,960)
	Futures Contracts***
153,875,000	EURO$ 90 DAY FUT DEC 17 EDZ7	$	15,625
(17,683,200)	EURO$ 90 DAY FUT JUN 18 EDM8		(4,500)
(30,737,500)	EURO$ 90 DAY FUT MAR 18 EDH8		(4,688)
(51,542,013)	EURO$ 90 DAY FUT SEP 17 EDU7		(5,225)
-	MANUAL MTM (EUR)		(1)
-	MANUAL MTM (USD)		(129,992)
30,076,063	US 10YR NOTE (CBT)MAR17 TYH7		83,188
352,992	US 5YR NOTE(CBT)FUT MAR17 FVH7		492
1,054,594	US LONG BOND(CBT) MAR17 USH7		5,250
	Total Futures Contracts	$	(39,851)
	Other Investments
1,450	CITIGROUP CAP XIII 7.875% PFD	$	37,439
	Total Other Investments	$	37,439
	Total Cash, Cash Equivalents and Other Investments	$	55,549,531
	Total Investments Excluding Notes Receivable from Participants	$	4,514,765,395
	Notes Receivable from Participants (interest rates from 4.25% to 10.50% Maturing through January 2031)*		57,752,967
	Total Investments	$	4,572,518,362

53

TIME WARNER SAVINGS PLAN

EIN: #13-4099534              Plan: #336

Schedule H, Part IV, Line 4(i) – Schedule of Assets

(Held at End of Year)

December 31, 2016 (continued)

* Indicates party-in-interest to the Plan.

** Represents an adjustment to the value of Synthetic Investment Contracts, which is related to the purchase and sale of certain assets pending settlement at December 31, 2016.

*** Negative “shares or units” represents the notional values of futures contracts with short positions.

**** Difference between total synthetic investment contracts per the Schedule of Assets and per the Statement of Net Assets Available for Benefits is due to the presentation of synthetic investments at current value in the Schedule of Assets and contract value in the Statement of Net Assets Available for Benefits. See footnote 7 for reconciliation of this difference.

54

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on their behalf by the undersigned hereunto duly authorized.

	TIME WARNER SAVINGS PLAN
Date:   June 20, 2017	By:	/s/ Daniel J. Happer
		Name:  Daniel J. Happer
		Member of the Administrative Committee

EXHIBIT INDEX

Exhibit Number	Description
23.1	Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm