Edgar Filing: TIME WARNER INC.

Form 11-K

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, 2017 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, 2017 and 2016

With Report of Independent Registered Public

Accounting Firm

TIME WARNER SAVINGS PLAN

FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES

YEARS ENDED DECEMBER 31, 2017 AND 2016


	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(i) – Schedule of Assets (Held at End of Year)		14

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Plan Participants and the Plan Administrator of Time Warner Savings Plan

Opinion on the Financial Statements

We have audited the accompanying statement of net assets available for benefits of Time Warner Savings Plan (the Plan) as of December 31, 2017 and 2016, and the related statement of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2017 and 2016, and the changes in its net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Schedules

The accompanying supplemental schedules of loans or fixed income obligations in default or classified as uncollectible and assets (held at end of year) as of December 31, 2017 have been subjected to audit procedures performed in conjunction with the audit of the 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.

/s/ Ernst & Young LLP

We have served as the Plan’s auditor since at least 1982, but we are unable to determine the specific year.

New York, New York

June 11, 2018

TIME WARNER SAVINGS PLAN

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

(thousands)


	December 31,
	2017		2016

Investments at fair value:
Commingled trust funds	$	1,909,766	$	1,560,846
Time Warner common stock		339,175		396,965
Other common stocks		1,634,589		1,333,654
Mutual funds		363,486		296,673
U.S. government and agency securities		237,901		214,123
Other fixed income securities		193,105		154,716
Cash, cash equivalents and other investments		41,389		56,453

Total investments at fair value		4,719,411		4,013,430

Investments at contract value:
Synthetic investment contracts		510,294		499,308

Total investments		5,229,705		4,512,738

Contributions receivable:
Employing company		13,554		11,901
Participants		3,737		3,543
Notes receivable from participants		61,789		57,753
Receivables for securities sold		200,573		87,756
Other assets		5,758		5,471

Total assets		5,515,116		4,679,162


Payables for securities purchased		324,124		198,727
Other liabilities		6,411		6,711

Total liabilities		330,535		205,438


Net assets available for benefits	$	5,184,581	$	4,473,724

See accompanying notes.

TIME WARNER SAVINGS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

(thousands)


	Year Ended December 31,
	2017			2016

Net assets available for benefits at beginning of year	$	4,473,724		$	4,104,025

Changes in net assets:
Investment income, net of fees		47,306			40,886
Net realized and unrealized appreciation in the fair value of investments		655,785			382,215

Net investment income		703,091			423,101

Employing company contributions		137,285			120,294
Participant contributions, including rollover contributions		188,848			171,376
Participant loan interest income		3,837			3,423
Participant withdrawals		(320,154	)		(346,279	)
Administrative expenses		(2,050	)		(2,216	)


Net change		710,857			369,699


Net assets available for benefits at end of year	$	5,184,581		$	4,473,724

See accompanying notes.

TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2017

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. Upon consummation of the merger, each share of Time Warner common stock will be converted into the right to receive $53.75 in cash and a specified number of shares of AT&T common stock, as set forth in the Merger Agreement. The merger is conditioned on the receipt of certain antitrust and other required regulatory consents. On November 20, 2017, the United States Department of Justice (the “DOJ”) filed a lawsuit in the United States District Court for the District of Columbia (the “Court”) under a federal antitrust statute to enjoin the merger. The trial concluded in early May 2018 and the trial judge is expected to issue his decision on June 12, 2018. Time Warner and AT&T have agreed to extend the termination date of the Merger Agreement to April 22, 2018, and each has agreed to waive, until June 21, 2018, its right to terminate the Merger Agreement based on the merger not being completed by April 22, 2018.

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. Upon consummation of the merger with AT&T, each share of Time Warner common stock held in the Time Warner Inc. Stock Fund will be exchanged for the merger consideration described above, and the independent fiduciary for the fund would determine when and how to purchase additional shares of AT&T common stock with the cash portion of the merger consideration.

TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

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.

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 133¹⁄₃% 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 2017 and 2016 were $24.8 million and $21.1 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.

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

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, 2017 and 2016 (thousands).


	December 31, 2017		December 31, 2016
Balance at beginning of period	$	427	$	5,348
Additions to forfeiture balance		2,970		3,582
Forfeitures utilized		(3,337)		(8,503)

Balance at end of period	$	60	$	427

TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

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.

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, 2017 and 2016 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.

TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

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.

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 and trades of securities that have not settled are reported as receivables or payables, respectively, for securities sold or purchased. 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.

TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

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).

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, 2017 and 2016, 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, 2017 and 2016 consisted of interest rate and credit default swap contracts, futures contracts and interest rate option contracts.

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).

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, 2017 and 2016 (thousands):


	December 31, 2017									December 31, 2016
Asset Category	Level 1			Level 2			Total			Level 1			Level 2			Total

Assets
Equity securities:
Time Warner common stock	$	339,175		$	—		$	339,175		$	396,965		$	—		$	396,965
Other common stocks		1,634,589			—			1,634,589			1,333,654			—			1,333,654
Mutual funds^(a)		363,486			—			363,486			296,673			—			296,673
Fixed income securities:
U.S. government and agency securities		108,262			129,639			237,901			95,513			118,610			214,123
Other fixed income securities		—			193,105			193,105			—			154,716			154,716
Cash, cash equivalents and other investments:
Cash and cash equivalents		28,545			12,272			40,817			40,976			14,841			55,817
Derivatives		133			439			572			105			494			599
Other investments^(b)		—			—			—			37			—			37

Total Assets		2,474,190			335,455			2,809,645			2,163,923			288,661			2,452,584

Liabilities
Derivatives		(11	)		(275	)		(286	)		(144	)		(760	)		(904	)
U.S. government and agency securities		—			(2,150	)		(2,150	)		—			(1,126	)		(1,126	)

Total	$	2,474,179		$	333,030		$	2,807,209		$	2,163,779		$	286,775		$	2,450,554

^(a)	At December 31, 2017 and 2016, mutual funds consisted of Fidelity Brokerage Link, DFA Emerging Markets Core Equity Portfolio Institutional Class Fund, PIMCO Priv ABS Sector Fund, PIMCO Short Term Floating NAV Portfolio II, and Fidelity Investments Money Market Government Portfolio.

^(b)	At December 31, 2016, other investments consisted 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	2017		2016
Commingled trust funds^(a)	$	1,909,766	$	1,560,846

^(a)

At December 31, 2017, approximately 24% of the underlying securities held in commingled trust funds consisted of marketable fixed income securities and approximately 76% consisted of equity securities. At December 31, 2016, approximately 25% of the underlying securities held in commingled trust funds consisted of marketable fixed income securities and approximately 75% consisted of equity securities.

There were no assets classified as Level 3 at December 31, 2017 or 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.

TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

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 closing price 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, 2017 and 2016, 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 2017 or 2016 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 2017 or 2016.

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 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 2015.

TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

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 2017 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,
	2017		2016
Net assets available for benefits per the financial statements	$	5,184,581	$	4,473,724
Adjustment from contract value to fair value for fully benefit-responsive investment contracts		(509)		2,932

Net assets per the Form 5500	$	5,184,072	$	4,476,656


	Year Ended December 31, 2017
Net investment income from the Plan per the financial statements	$	703,091
Reversal of prior year adjustment from contract value to fair value for fully benefit-responsive investment contracts		(2,932)
Adjustment from contract value to fair value for fully benefit-responsive investment contracts		(509)

Net investment income from the Plan per the Form 5500	$	699,650

Supplemental Schedules

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, 2017


					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		—

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, 2017


Shares or Units		Description	Current Value
		Commingled Trust Funds
	5,326,713	BlackRock Equity Index - Fund T*	$	563,646,109
	2,545,154	BlackRock Extended Equity - Market Fund K*		260,289,286
	15,795,575	Blackrock MSCI ACWI ex-u.s. IMI Index Fund M*		224,235,560
	10,886,455	Blackrock MSCI ACWI Minimum Volatility Index Fund F*		135,318,632
	20,739,507	Blackrock US Debt Index Fund W*		449,032,496
	4,432,847	FIAM Select Global Plus*		83,204,532
	15,529,139	TS&W International Large Cap Equity Trust*		194,039,693

		Total Commingled Trust Funds	$	1,909,766,308

	3,708,041	Time Warner Common Stock*	$	339,174,510

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
		Other Common Stocks
	12,464	2U INC	$	804,053
	17,201	ACCELERON PHARMA INC		730,010
	46,600	ACTIVISION BLIZZARD INC		2,950,712
	56,805	ACXIOM CORP		1,565,546
	19,495	ADOBE SYSTEMS INC		3,416,304
	81,600	ADTALEM GLOBAL EDUCATION INC		3,431,280
	72,730	ADVANCED DISPOSAL SERVICES INC		1,741,156
	610,000	AEGON NV (NY REGD) NY REG SH		3,843,000
	19,839	AETNA INC		3,578,757
	3,000	AGILENT TECHNOLOGIES INC		200,910
	10,640	AGIOS PHARMACEUTICALS INC		608,289
	19,224	ALARM.COM HOLDINGS INC		725,706
	26,700	ALASKA AIR GROUP INC		1,962,717
	28,531	ALDER BIOPHARMACEUTICALS INC		326,680
	32,670	ALEXION PHARMACEUTICALS INC		3,907,005
	83,484	ALIBABA GROUP HLD LTD SPON ADR		14,395,146
	31,600	ALLEGIANT TRAVEL CO		4,890,100
	17,362	ALLERGAN PLC		2,840,076
	16,640	ALLIANCE DATA SYSTEMS CORP		4,217,907
	138,592	ALLSCRIPTS HLTHCARE SOLS INC		2,016,514
	42,500	ALNYLAM PHARMACEUTICALS INC		5,399,625
	17,385	ALPHABET INC CL A		18,313,359
	47,199	ALPHABET INC CL C		49,389,033
	46,388	AMAZON.COM INC		54,249,375
	21,199	AMEDISYS INC		1,117,399
	120,000	AMERICAN AIRLINES GROUP INC		6,243,600
	146,000	AMERICAN EXPRESS CO		14,499,260
	23,046	AMERICAN TOWER CORP		3,287,973
	4,000	AMERIPRISE FINANCIAL INC		677,880
	62,095	AMETEK INC NEW		4,500,025
	215,000	ANADARKO PETROLEUM CORP		11,532,600
	200	ANALOG DEVICES INC		17,806
	2,293	ANAPTYSBIO INC		230,951
	9,400	ANTHEM INC		2,115,094
	160,059	APACHE CORP		6,757,691
	12,796	APPIAN CORP CL A		402,818

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	126,820	APPLE INC	$	21,461,749
	32,900	APTIV PLC		2,790,907
	2,100	ASML HLDG NV (NY REG SHS) NEW		365,022
	25,947	ASPEN TECHNOLOGIES		1,717,691
	150,827	ASSOCIATED BANC CORP		3,831,006
	373,865	ASTRAZENECA PLC SPONS ADR		12,973,116
	54,600	ATKORE INTERNATIONAL GROUP INC		1,171,170
	185,130	BAKER HUGHES A GE CO		5,857,513
	1,768	BALL CORP		66,919
	764,800	BANK OF AMERICA CORPORATION		22,576,896
	242,600	BANK OF NEW YORK MELLON CORP		13,066,436
	50,167	BANKUNITED INC		2,042,800
	26,800	BAXTER INTL INC		1,732,352
	112,200	BB&T CORP		5,578,584
	71,500	BEACON ROOFING SUPPLY INC		4,558,840
	28,086	BECTON DICKINSON & CO		6,012,089
	10,861	BEIGENE LTD SP ADR		1,061,337
	10,190	BELDEN INC		786,362
	55,100	BERRY GLOBAL GROUP INC		3,232,717
	9,600	BIOGEN INC		3,058,272
	33,500	BIOVERATIV INC W/I		1,806,320
	27,930	BLACK HILLS CORP		1,678,872
	23,008	BLACKBAUD INC		2,174,026
	19,711	BLACKLINE INC		646,521
	38,300	BOEING CO		11,295,053
	149,080	BOOZ ALLEN HAMILTON HLDG CL A		5,684,420
	49,770	BOSTON PRIVATE FINL HLDG INC		768,947
	165,800	BOX INC CL A		3,501,696
	75,008	BRIGHT HORIZONS FAMILY SOL INC		7,050,752
	20,000	BRIGHTHOUSE FINANCIAL INC		1,172,800
	145,500	BRISTOL-MYERS SQUIBB CO		8,916,240
	35,220	BROADCOM LTD		9,048,018
	31,063	BROADRIDGE FINANCIAL SOL		2,813,687
	63,607	BROADSOFT INC		3,492,024
	75,523	BWX TECHNOLOGIES INC		4,568,386
	30,369	CAMBREX CORP		1,457,712
	4,596	CANADIAN PAC RAILWAY LTD		839,965

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	232,700	CAPITAL ONE FINANCIAL CORP	$	23,172,266
	89,640	CARROLS RESTAURANT GROUP INC		1,089,126
	13,382	CASEY GENERAL STORES		1,497,981
	71,324	CATALENT INC		2,929,990
	35,069	CAVIUM INC		2,939,834
	10,466	CBOE GLOBAL MARKETS INC		1,303,959
	61,000	CELANESE CORP SER A		6,531,880
	38,007	CELGENE CORP		3,966,410
	22,742	CHARLES RIVER LABS INTL INC		2,489,112
	64,278	CHARTER COMMUNICATIONS INC A		21,594,837
	30,160	CHEMICAL FINANCIAL CORP		1,612,655
	1,900	CHUBB LTD		277,647
	106,965	CIGNA CORP		21,723,522
	45,903	CINEMARK HOLDINGS INC		1,598,342
	27,900	CINTAS CORP		4,347,657
	335,000	CISCO SYSTEMS INC		12,830,500
	5,500	CITIGROUP INC		409,255
	48,951	COGENT COMMUNICATIONS HOLD INC		2,217,480
	22,008	COHERUS BIOSCIENCES INC		193,670
	38,868	COLUMBIA BANKING SYSTEMS INC		1,688,426
	696,040	COMCAST CORP CL A		27,876,402
	62,650	COMMERCIAL METALS CO		1,335,698
	56,283	COMMVAULT SYSTEMS INC		2,954,858
	23,165	COMPASS MINERALS INTL INC		1,673,671
	32,500	CONCHO RESOURCES INC		4,882,150
	45,263	CONNECTONE BANCORP INC		1,165,522
	3,200	CONSTELLATION BRANDS INC CL A		731,424
	14,940	COOPER STANDARD HOLDING INC		1,830,150
	17,433	CORELOGIC INC		805,579
	47,971	CORE-MARK HOLDING CO INC		1,514,924
	100,000	CORNING INC		3,199,000
	33,295	COSTAR GROUP INC		9,886,950
	400	COSTCO WHOLESALE CORP		74,448
	62,986	COTIVITI HOLDINGS INC		2,028,779
	85,600	CRAY INC		2,071,520
	7,030	CSX CORP		386,720
	21,060	CTRIP.COM INTL LTD ADR		928,746

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	81,300	DANAHER CORP	$	7,546,266
	70,605	DELL TECHNOLOGIES INC CL V		5,738,774
	23,500	DELTA AIR INC		1,316,000
	116,260	DIEBOLD NIXDORF INC		1,900,851
	55,250	DIPLOMAT PHARMACY INC		1,108,868
	85,000	DISH NETWORK CORP A		4,058,750
	21,500	DOLLAR GENERAL CORP		1,999,715
	3,984	DOWDUPONT INC		283,740
	27,490	EDUCATION REALTY TR INC		959,951
	18,100	EDWARDS LIFESCIENCES CORP		2,040,051
	41,785	ELECTRONIC ARTS INC		4,389,932
	30,261	ENERGEN CORP		1,742,126
	19,560	ENVESTNET INC		975,066
	34,220	EPAM SYSTEMS INC		3,676,255
	2,568	EQUINIX INC		1,163,869
	33,407	ESCO TECHNOLOGIES INC		2,012,772
	69,577	EURONET WORLDWIDE INC		5,863,254
	79,700	EVOQUA WATER TECHNOLOGIES CO		1,889,687
	47,600	EXELIXIS INC		1,447,040
	175,000	EXPRESS SCRIPTS HLDG CO		13,062,000
	192,873	FACEBOOK INC A		34,034,369
	11,262	FAIR ISAAC CORP		1,725,338
	132,590	FEDERATED INVS INC CL B NV		4,783,847
	56,400	FEDEX CORP		14,074,056
	33,700	FERRARI NV		3,533,108
	119,325	FIDELITY NATL INFORM SVCS INC		11,227,289
	167,920	FIRST HORIZON NATIONAL CORP		3,356,721
	419	FIRST REPUBLIC BANK		36,302
	25,900	FISERV INC		3,396,267
	57,985	FLEETCOR TECHNOLOGIES INC		11,158,054
	33,250	FORTIVE CORP		2,405,638
	86,855	GENPACT LTD		2,756,778
	82,500	GILEAD SCIENCES INC		5,910,300
	266,900	GLAXOSMITHKLINE PLC SPONS ADR		9,466,943
	154,200	GLOBAL EAGLE ENTERTAINMENT INC		353,118
	127,191	GLOBAL PAYMENTS INC		12,749,626
	61,100	GOLDMAN SACHS GROUP INC		15,565,836

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	17,805	GUIDEWIRE SOFTWARE INC	$	1,322,199
	67,230	H&E EQUIPMENT SERVICES INC		2,732,900
	58,420	HABIT RESTAURANTS INC CL A		557,911
	16,681	HANCOCK HOLDING CO		825,710
	49,600	HARLEY-DAVIDSON INC		2,523,648
	18,100	HARRIS CORP		2,563,865
	39,396	HEALTHCARE SERVICES GROUP INC		2,076,957
	17,717	HEICO CORP		1,671,599
	18,598	HENRY SCHEIN INC		1,299,628
	876,900	HEWLETT PACKARD ENTERPRISE CO		12,592,284
	35,347	HEXCEL CORPORATION		2,186,212
	16,042	HILTON INC		1,281,114
	53,713	HMS HOLDINGS CORP		910,435
	88,900	HOLOGIC INC		3,800,475
	77,830	HOME DEPOT INC		14,751,120
	19,900	HONEYWELL INTL INC		3,051,864
	127,390	HOSTESS BRANDS INC CL A		1,886,646
	445,000	HP INC		9,349,450
	45,210	HSN INC		1,824,224
	9,700	HUMANA INC		2,406,279
	12,022	IDEX CORPORATION		1,586,543
	2,889	IDEXX LABS INC		451,782
	1,091	IHS MARKIT LTD		49,259
	768	ILLUMINA INC		167,800
	11,000	INCYTE CORP		1,041,810
	58,800	INFINEON TECH AG SPONS ADR		1,603,770
	39,870	INTERACTIVE BROKERS GROUP INC		2,360,703
	112,755	INTERCONTINENTAL EXCHANGE INC		7,955,993
	25,066	INTUIT INC		3,954,913
	14,550	INTUITIVE SURGICAL INC		5,309,877
	14,600	JOHN BEAN TECHNOLOGIES CORP		1,617,680
	234,920	JOHNSON CONTROLS INTERNATL PLC		8,952,801
	17,505	JOUNCE THERAPEUTICS INC		223,189
	168,900	JPMORGAN CHASE & CO*		18,062,166
	145,000	JUNIPER NETWORKS INC		4,132,500
	44,899	KNIGHT-SWIFT TRANP HOLDG CL A		1,962,984
	264,866	KOSMOS ENERGY LTD		1,814,332

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	22,440	L3 TECHNOLOGIES INC	$	4,439,754
	1,200	LAM RESEARCH CORP		220,884
	67,870	LIBERTY EXPEDIA HLDGS INC CL A		3,008,677
	38,003	LIBERTY FORMULA ONE-A		1,243,458
	181,300	LIBERTY INTERACTIVE CORP CL A		4,427,346
	159,243	LIBERTY TRIPADVISOR HOLDG A WI		1,500,865
	33,791	LIBERTY VENTURES CL A		1,832,824
	102,000	LILLY (ELI) & CO		8,614,920
	14,991	LINDBLAD EXPEDITIONS HOLDINGS		146,762
	10,968	LITTELFUSE INC		2,169,690
	2,000	LOWES COS INC		185,880
	23,596	MACOM TECHNOLOGY SOLN HLDS INC		767,814
	23,893	MAKEMYTRIP LIMITED		713,206
	33,100	MARRIOTT INTERNATIONAL INC A		4,492,663
	8,100	MARSH & MCLENNAN COS INC		659,259
	17,400	MARTIN MARIETTA MATERIALS INC		3,846,096
	13,382	MASONITE INTERNATIONAL CORP		992,275
	68,100	MASTERCARD INC CL A		10,307,616
	32,290	MATADOR RESOURCES COMPANY		1,005,188
	177,400	MATTEL INC		2,728,412
	100,000	MAXIM INTEGRATED PRODUCTS INC		5,228,000
	25,778	MAXIMUS INC		1,845,189
	11,500	MCDONALDS CORP		1,979,380
	18,722	MEDIDATA SOLUTIONS INC		1,186,413
	85,000	MEDTRONIC PLC		6,863,750
	10,500	MERCADOLIBRE INC		3,303,930
	72,100	MERCK & CO INC NEW		4,057,067
	78,017	MERCURY SYSTEMS INC		4,006,173
	220,000	METLIFE INC		11,123,200
	700	MGM RESORTS INTERNATIONAL		23,373
	120,421	MICRO FOCUS INTL PLC SPND ADR		4,044,941
	13,000	MICROCHIP TECHNOLOGY		1,142,440
	632,665	MICROSOFT CORP		54,118,164
	13,000	MICROSTRATEGY INC CL A		1,706,900
	67,858	MIMECAST LTD		1,945,489
	37,800	MONSTER BEVERAGE CORP		2,392,362
	170,544	MORGAN STANLEY		8,948,444

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	155,000	NATIONAL OILWELL VARCO INC	$	5,583,100
	89,200	NCR CORP		3,031,908
	67,500	NETAPP INC		3,734,100
	49,935	NETFLIX INC		9,585,523
	25,764	NETSCOUT SYSTEMS INC		784,514
	9,822	NEUROCRINE BIOSCIENCES INC		762,089
	74,200	NEWS CORP NEW CL A		1,202,782
	3,000	NEXTERA ENERGY		468,570
	70,700	NINTENDO LTD ADR		3,186,456
	17,900	NORDSON CORP		2,620,560
	3,000	NORTHROP GRUMMAN CORP		920,730
	5,700	NORWEGIAN CRUISE LINE HLGS LTD		303,525
	188,800	NOVARTIS AG SPON ADR		15,851,648
	25,680	NUVASIVE INC		1,502,023
	18,800	OCCIDENTAL PETROLEUM CORP		1,384,808
	106,565	ON ASSIGNMENT INC		6,848,933
	163	O’REILLY AUTOMOTIVE INC		39,208
	74,710	PACWEST BANCORP		3,765,384
	12,445	PAYLOCITY HOLDING CORP		586,906
	88,000	PAYPAL HLDGS INC		6,478,560
	28,210	PBF ENERGY INC CL A		1,000,045
	56,080	PENSKE AUTOMOTIVE GROUP INC		2,683,428
	92,141	PERFORMANCE FOOD GROUP CO		3,049,867
	13,500	PHILIP MORRIS INTL INC		1,426,275
	9,400	PIONEER NATURAL RESOURCES CO		1,624,790
	13,650	PNM RESOURCES INC		552,143
	12,065	PRICESMART INC		1,038,797
	20,090	PRIMERICA INC		2,040,140
	149,060	PROGRESSIVE CORP OHIO		8,395,059
	8,232	PROOFPOINT INC		731,084
	18,051	PROSPERITY BANCSHARES INC		1,264,834
	11,400	PUMA BIOTECHNOLOGY INC		1,126,890
	39,358	RAYMOND JAMES FINANCIAL INC.		3,514,669
	200	RAYTHEON CO		37,570
	20,169	REALPAGE INC		893,487
	23,658	RED HAT INC		2,841,326
	17,950	REGAL BELOIT CORP		1,374,970

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	200	REGENERON PHARMACEUTICALS INC	$	75,192
	27,530	RENASANT CORP		1,125,702
	62,210	REXNORD CORP NEW		1,618,704
	242,400	ROCHE HOLDING LTD SPON ADR		7,654,992
	10,700	ROCKWELL AUTOMATION INC		2,100,945
	8,800	ROPER TECHNOLOGIES INC		2,279,200
	39,000	ROSS STORES INC		3,129,750
	17,300	ROYAL CARIBBEAN CRUISES LTD		2,063,544
	50,360	S&P GLOBAL INC		8,530,984
	109,000	SALESFORCE.COM INC		11,143,070
	355,400	SANOFI SPON ADR		15,282,200
	44,545	SBA COMMUNICATIONS CORP		7,276,871
	150,000	SCHLUMBERGER LTD		10,108,500
	598,955	SCHWAB CHARLES CORP		30,768,318
	3,033	SEMPRA ENERGY		324,288
	61,097	SERVICENOW INC		7,966,438
	14,600	SHERWIN WILLIAMS CO		5,986,584
	304	SHIRE PLC SPON ADR		47,156
	17,888	SITEONE LANDSCAPE SUPPLY INC		1,372,010
	3,280	SJW GROUP		209,362
	34,150	SKYWEST INC		1,813,365
	299,100	SLM CORP		3,379,830
	12,180	SOUTH STATE CORP		1,061,487
	39,300	SPIRIT AIRLINES INC		1,762,605
	868,889	SPRINT CORP		5,117,756
	162,231	SRC ENERGY INC		1,383,830
	8,752	STANLEY BLACK & DECKER INC		1,485,127
	1,000	STARBUCKS CORP		57,430
	33,700	STATE STREET CORP*		3,289,457
	37,500	STRYKER CORP		5,806,500
	47,459	SUMMIT MATERIALS INC CL A		1,492,111
	19,900	SYMANTEC CORP		558,394
	35,000	SYNOPSYS INC		2,983,400
	39,505	SYNOVUS FINANICAL CORP		1,893,870
	40,900	TAKE-TWO INTERACTV SOFTWR INC		4,490,002
	2,000	TAPESTRY INC		88,460
	92,500	TARGET CORP		6,035,625

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	113,611	TD AMERITRADE HOLDING CORP	$	5,808,930
	87,000	TE CONNECTIVITY LTD		8,268,480
	249,800	TENCENT HOLDINGS LTD UNS ADR		12,969,616
	81,100	TERADYNE INC		3,395,657
	7,508	TESLA INC		2,337,616
	10,200	TEXAS INSTRUMENTS INC		1,065,288
	700	TEXTRON INC		39,613
	12,170	THE BOOKING HOLDINGS INC		21,148,296
	20,977	THERMO FISHER SCIENTIFIC INC		3,983,113
	1,000	TJX COMPANIES INC NEW		76,460
	35,194	TORCHMARK CORP		3,192,448
	46,500	TOTAL SYS SVCS INC		3,677,685
	22,265	TRANSDIGM GROUP INC		6,114,414
	33,200	TRANSUNION		1,824,672
	86,200	TWENTY FIRST CENTURY FOX CL B		2,941,144
	395,000	TWENTY FIRST CENTURY FOX INC-A		13,639,350
	300	ULTA BEAUTY INC		67,098
	54,216	ULTIMATE SOFTWARE GROUP INC		11,831,558
	12,711	ULTRAGENYX PHARMA INC		589,536
	18,560	UMB FINANCIAL CORP		1,334,835
	75,927	UNION PACIFIC CORP		10,181,811
	3,400	UNITED CONTINENTAL HLDGS INC		229,160
	137,859	UNITEDHEALTH GROUP INC		30,392,395
	119,729	UNIVAR INC		3,706,810
	45,810	URBAN EDGE PROPERTIES WI		1,167,697
	8,400	VAIL RESORTS INC		1,784,748
	11,700	VANTIV INC		860,535
	69,961	VERINT SYSTEMS INC		2,927,868
	59,280	VERISK ANALYTICS INC		5,690,880
	70,895	VERTEX PHARMACEUTICALS INC		10,624,325
	271,846	VISA INC CL A		30,995,881
	6,200	VMWARE INC CL A		776,984
	29,000	VULCAN MATERIALS CO		3,722,730
	97,585	WAGEWORKS INC		6,050,270
	27,801	WALMART INC		2,745,349
	139,840	WASTE CONNECTIONS INC (US)		9,920,250
	240,000	WEATHERFORD INTERNATIONA PLC		1,000,800

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	32,794	WEBSTER FINANCIAL	$	1,841,711
	11,466	WELBILT INC		269,566
	375,000	WELLS FARGO & CO		22,751,250
	100,300	WENDYS CO		1,646,926
	36,908	WEX INC		5,212,517
	19,022	WILLIS TOWERS WATSON PLC		2,866,425
	39,249	WINGSTOP INC		1,529,926
	29,020	WOODWARD INC		2,221,191
	17,700	WORKDAY INC CL A		1,800,798
	2,000	XILINX INC		134,840
	54,500	YANDEX NV CL A		1,784,875
	43,600	YUM BRANDS INC		3,558,196
	115,000	ZAYO GROUP HOLDINGS INC		4,232,000
	5,000	ZOETIS INC CL A		360,200

		Total Other Common Stocks	$	1,634,589,130

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
		Synthetic Investment Contracts**
		CASH***	$	22,279
		COLCHESTER STREET TRUST MONEY MARKET PORTFOLIO
	3,254,735	CLASS 1		3,254,735
	1,050,000	ABBOTT LAB 2.35% 11/30/19		1,052,782
	644,000	ABBVIE INC 2.5% 05/14/20		648,048
	339,000	ACE INA HOLDING 2.3% 11/03/20		339,691
	1,247,000	ACTAVIS FUNDING SCS 3% 3/12/20		1,269,476
	401,000	AIG INTL GRP 4.875% 6/01/22		437,616
	740,000	AIR LEASE CORP 2.625% 07/01/22		740,664
	777,000	ALLYA 2017-1 A3 1.7% 02/21		773,966
	510,000	AMERICAN EXPRESS 2.25% 5/05/21		507,711
	1,000,000	AMERICAN EXPRESS 2.6% 09/14/20		1,012,720
	516,000	AMERICAN HONDA 1.7% 02/22/19		516,984
	750,000	AMERICAN HONDA FIN 1.7% 9/9/21		734,370
	1,255,000	AMERICAN INTL GROUP 2.3% 7/19		1,267,168
	266,000	AMERICAN INTL GRP 3.3% 3/01/21		274,069
	555,000	AMGEN INC 2.125% 05/01/2020		553,979
	440,000	AMGEN INC 2.2% 05/22/19		441,102
	1,020,000	AMOT 2015-3 A 1.63% 05/20		1,020,036
	746,000	AMOT 2017-3 A2 2.04% 6/22		740,508
	177,000	AMPHENOL CORP NEW 3.2% 4/1/24		179,575
	1,429,000	AMXCA 2017-1 A 1.93% 09/22		1,423,644
	1,050,000	AMXCA 2017-3 A 1.77% 11/22		1,041,510
	865,000	AMXCA 2017-6 A 2.04% 05/23		861,618
	1,071,000	ANHUESER-BUSCH 2.65% 2/01/21		1,088,105
	1,250,000	ANHUESER-BUSCH IN 1.9% 2/01/19		1,257,219
	1,154,000	ANHUESER-BUSCH IN 3.3% 2/01/23		1,196,585
	695,000	ANTHEM INC 2.95% 12/01/22		697,472
	536,000	AT&T INC 2.45% 06/30/20		535,415
	1,000,000	AT&T INC 2.8% 02/17/21		1,014,760
	292,000	AVALONBAY COMM 3.625% 10/1/20		303,215
	1,285,000	BACCT 2017-A1 A1 1.95% 08/22		1,280,366
	1,177,000	BACCT 2017-A2 A2 1.84% 1/23		1,166,459
	654,000	BACM 2016-UB10 A2 2.723% 06/49		656,400
	1,000,000	BAE SYSTEMS 2.85% 12/15/20		1,005,686
	500,000	BANK AMER FDG 2.25% 4/21/20		502,507

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	268,000	BANK AMER FDG CRP 2.6% 1/15/19	$	272,113
	1,439,000	BANK AMERICA CORP 2.65% 4/1/19		1,456,590
	800,000	BANK NOVA SCOTIA 2.8% 07/21/21		817,090
	1,000,000	BANK OF AMER 2.625% 10/19/20		1,013,573
	1,010,000	BANK OF AMERICA 2.625% 4/19/21		1,020,357
	530,000	BANK T-M UFJ 2.35% 9/8/19 144A		533,907
	520,000	BANK TOKYO-MSB 2.3% 03/20 144A		521,951
	450,000	BARCLAYS PLC 2.75% 11/8/19		452,789
	500,000	BARCLAYS PLC 2.875% 06/20		502,438
	568,000	BARCLAYS PLC 3.25% 01/12/21		582,120
	1,020,000	BAT INTL FIN 2.75% 6/20 144A		1,026,170
	760,000	BAT INTL FIN 3.5% 6/22 144A		778,556
	141,000	BECTON DICKINSO 2.675% 12/19		141,660
	386,000	BERKSHIRE HATH 2.2% 3/15/21		387,253
	1,000,000	BMW US 2.7% 04/06/22 144A		1,009,686
	510,000	BMWLT 2017-2 A3 2.07% 10/20		508,930
	700,000	BMWOT 2016-A A3 1.16% 07/20		694,745
	1,000,000	BNK OF NOVA SCOTIA 2.7% 3/7/22		1,008,423
	634,000	BNP PARIBA 2.45% 03/17/19		641,605
	1,594,000	BOA 3.004%/VAR 12/20/23 144A		1,599,332
	530,000	BP CAP MKTS PLC 2.521% 1/20		540,582
	883,000	BP CAPITAL MKT PLC 2.315% 2/20		892,933
	248,000	BP CAPITAL MKTS 1.676% 5/3/19		247,344
	540,000	BPCE SA 2.5% 7/15/19		548,026
	630,000	BPCM 1.375% 5/10/18		630,264
	718,000	BRITISH TELECOM PLC 2.35% 2/19		725,131
	636,000	CAN NATURAL RES 3.45% 11/15/21		653,268
	1,000,000	CANADIAN IMP BANK 2.55% 6/22		994,153
	1,260,000	CAPITAL ONE BK 2.25% 2/13/19		1,270,986
	520,000	CAPITAL ONE FIN 2.45% 04/24/19		523,545
	1,000,000	CAPITAL ONE NA 1.85% 9/13/19		995,801
	884,000	CARMX 16-4 A3 1.4% 08/21		875,639
	333,123	CARMX 2015-3 A3 1.63% 06/20		332,818
	404,000	CARMX 2017-3 A3 1.97% 04/22		402,169
	431,000	CARMX 2017-4 A3 2.15% 10/22		429,295
	714,000	CATERPILLAR FINL 2.1% 01/10/20		719,604
	1,308,000	CCCIT 17-A2 A2 1.74% 01/21		1,315,450

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	1,998,000	CCCIT 2014-A6 A6 2.15% 07/21	$	2,019,877
	1,282,000	CCCIT 2016-A1 A1 0% 11/21		1,275,969
	1,165,000	CCCIT 2017-A3 A3 1.92% 04/22		1,162,952
	1,000,000	CCCIT 2017-A8 A8 1.86% 8/8/22		998,104
	1,044,000	CCCIT 2017-A9 A9 1.8% 09/21		1,043,305
	137,000	CGCMT 13-GC11 A4 3.093% 04/46		139,320
	527,000	CGCMT 2012-GC8 A4 3.024% 9/45		535,615
	905,000	CGCMT 2015-GC29 A2 2.674% 4/48		909,912
	244,000	CGCMT 2016-P4 A2 2.446% 07/49		243,726
	473,000	CGCMT 2017-P7 A2 3.199% 04/50		484,292
	1,285,000	CHAIT 2016-A2 A 1.37% 06/15/21		1,273,452
	1,310,000	CHAIT 2016-A5 A5 1.27% 07/21		1,295,326
	520,000	CHEVRON CORP NEW 1.961% 03/20		521,484
	468,000	CHEVRON PHIL 2.45% 5/1/20 144A		469,915
	510,000	CISCO SYSTEMS 2.45% 6/15/20		513,859
	500,000	CITIGROUP 2.15% 07/18		504,818
	1,000,000	CITIGROUP INC 2.35% 08/02/21		998,722
	500,000	CITIGROUP INC 2.45% 1/10/20		506,024
	530,000	CITIGROUP INC 2.5% 7/29/19		537,168
	630,000	CITIGROUP INC 2.55% 04/08/19		635,878
	800,000	CITIGROUP INC 2.75% 04/25/2022		802,316
	771,000	CITIGROUP INC 4.4% 6/10/25		815,606
	309,000	CITIZENS BANK NA 2.5% 03/14/19		312,006
	1,892,000	CITIZENS BANK NA 2.55% 5/13/21		1,891,245
	525,000	CITIZENS BANK NA 2.65% 5/26/22		521,486
	800,000	CITIZENS BK MTN 2.45% 12/04/19		801,917
	93,000	CITIZENS FINCL 2.375% 7/28/21		92,712
	2,113,000	COMCAST CORP 1.625% 01/15/22		2,058,937
	289,000	COMET 2015-A2 A2 2.08% 03/23		288,520
	713,000	COMET 2015-A8 A8 2.05% 08/23		710,409
	1,310,000	COMET 2016-A3 A3 1.34% 04/22		1,297,459
	1,042,000	COMET 2016-A4 A4 1.33% 6/15/22		1,029,678
	1,043,000	COMET 2017-A3 A3		1,037,498
	1,040,000	COMET 2017-A4 A4 1.99% 07/23		1,034,346
	319,000	COMM 15-CR23 ASB 3.257% 05/48		327,410
	271,000	COMM 15-CR26 ASB 3.373% 10/48		280,275
	1,708,636	COMM 2010-C1 A3 4.205 7/46		1,769,140

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	531,000	COMM 2012-CR3 A3 2.822% 10/45	$	533,151
	662,670	COMM 2012-CR3 ASB 2.372% 11/45		662,355
	1,138,000	COMM 2012-LC4 A4 3.288% 12/44		1,161,722
	611,000	COMM 2013-CR6 A4 3.101% 03/46		620,936
	843,000	COMM 2013-CR7 A4 3.213% 03/46		862,359
	373,000	COMM 2013-CR8 A5 3.612% 06/46		388,412
	900,000	COMM 2014-CR17 A2 3.012% 05/47		911,294
	600,000	COMM 2014-CR18 A2 2.924% 07/47		604,372
	547,000	COMM 2014-CR20 A2 2.801% 11/47		553,295
	356,000	COMM 2015-CR22 A2 2.856% 03/48		360,374
	530,000	COMMONWEALTH BK NY 2.3% 9/6/19		534,561
	1,040,000	COMMWLTH BK ASTL NYB 2.3% 3/20		1,047,780
	561,000	COMPASS BANK 2.875% 6/29/22		555,153
	247,000	COMWLTH EDISON 2.15% 01/15/19		249,483
	592,000	CONOCOPHILLIP CO 2.2% 05/15/20		592,298
	381,000	CONSOLIDATED EDISON 2% 5/15/21		376,116
	606,000	CPART 17-1A A3 2.05% 03/21		603,720
	530,000	CREDIT SUISSE NY 2.3% 5/19		531,583
	550,000	CREDIT SUISSE NY 3% 10/29/21		558,424
	273,000	CSAIL 2015-C2 ASB 3.2241% 6/57		278,676
	797,000	CSAIL 2017-CX9 A2 2.884% 09/50		809,831
	500,000	CVS CAREMARK 2.25% 12/5/18		501,448
	458,000	CVS HEALTH CORP 2.8% 07/20/20		465,613
	519,000	DAIMLER FIN 2.25% 3/20 144A		520,844
	1,000,000	DAIMLER FIN 2.3% 2/12/21 144A		994,432
	618,000	DAIMLER FIN 2.85% 1/6/22 144A		629,137
	1,100,000	DAIMLER FIN NA 2.25% 9/19 144A		1,104,777
	1,000,000	DAIMLER FIN NA 2.45% 5/20 144A		1,002,109
	181,000	DANAHER CORP 2.4% 09/15/20		182,949
	903,000	DBUBS 2011-LC2A A4 4.537% 7/44		954,438
	1,042,000	DCENT 2012-A6 A6 1.67% 01/22		1,036,877
	1,043,000	DCENT 2014-A4 A4 2.12% 12/21		1,044,482
	1,827,000	DCENT 2015-A2 A 1.9% 10/22		1,817,733
	1,000,000	DCENT 2015-A4 A4 2.19% 04/23		1,000,218
	1,000,000	DCENT 2016-A1 A1 1.64% 07/21		997,564
	732,000	DCENT 2016-A3 A3 1.85% 10/23		722,174
	1,042,000	DCENT 2016-A4 A4 1.39% 3/22		1,029,852

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	787,000	DCENT 2017-A6 A6 1.88% 2/15/23	$	780,769
	1,324,000	DEUTSCHE BANK AG 2.5% 2/13/19		1,336,057
	1,290,000	DEUTSCHE BANK AG 2.85% 5/10/19		1,299,396
	1,030,000	DIAMOND 1 FI 3.48% 6/1/19 144A		1,045,798
	384,000	DIGITAL REALTY TR 2.75% 2/1/23		384,794
	500,000	DISCOVER BANK 2.6% 11/13/18		503,427
	1,044,000	DISCOVER BANK 3.1% 06/20		1,058,753
	184,000	DOMINION RESOURCE 2% 8/15/21		181,175
	294,000	DUKE ENERGY 1.8% 9/1/21		287,693
	517,000	DUKE ENERGY COR 2.1% 06/15/18		517,625
	133,000	EMERA US FINANCE 2.15% 6/15/19		132,598
	109,000	ENTERPRISE PRD 2.55% 10/15/19		109,918
	407,000	ENTERPRISE PROD 2.85% 4/15/21		412,806
	148,000	EXELON CORP 2.85% 6/15/20		149,511
	460,000	EXELON CORP VAR 06/01/2022		470,069
	640,000	EXPRESS SCRIPTS HLD 2.6% 11/20		640,793
	1,010,000	EXXON MOBIL CORP 2.222% 3/1/21		1,015,065
	792,000	EXXON MOBIL CORP 2.726% 3/1/23		804,690
	93,284	FHLG 5.50% 3/34 #G01665		103,674
	711,550	FHLG 5.50% 5/34 #Z40042		789,317
	1,732,033	FHLG 15YR 3.50% 10/26 #G14450		1,796,813
	98,756	FHLG 15YR 4.00% 4/26 #E02867		103,426
	188,852	FHLG 15YR 4.00% 6/24 #G18312		196,821
	149,863	FHLG 15YR 4.00% 7/24 #G13596		156,188
	183,352	FHLG 15YR 4.00% 9/25 #E02787		191,334
	127,354	FHLG 15YR 4.00% 9/25 #G14376		132,819
	17,009	FHLG 15YR 4.50% 8/18 #E98688		17,180
	7,888	FHLG 15YR 4.50% 9/18 #E99205		7,976
	9,761	FHLG 15YR 4.50% 10/18 #E99833		9,869
	7,022	FHLG 15YR 4.50% 11/18 #B10931		7,113
	20,064	FHLG 15YR 5.00% 3/19 #G13052		20,323
	34,397	FHLG 15YR 5.00% 4/20 #G13598		35,000
	306	FHLG 15YR 5.50% 4/18 #G11389		308
	176,446	FHLG 15YR 2.5% 06/23#G14775		177,987
	82,299	FHLG 15YR 2.5% 09/22#J20415		83,038
	1,813,738	FHLG 15YR 3% 05/29#J29409		1,857,136
	785,313	FHLG 15YR 3.5% 08/30#G15273		814,439

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	1,046,197	FHLG 20YR 3.5% 06/32#C91456	$	1,091,027
	64,302	FHLG 25YR 5.50% 7/35 #G05815		71,398
	121,241	FHLM AR 12M+187.9 10/42#849255		126,870
	68,744	FHLM ARM 2.98% 8/41 #1B8533		72,701
	37,824	FHLM ARM 3.07% 9/41 #1B8608		39,571
	51,789	FHLM ARM 3.58% 4/40 #1B4702		54,514
	28,130	FHLM ARM 4.199% 8/36 #848185		29,565
	28,548	FHLM ARM 4.941% 11/35 #1J1228		29,385
	22,620	FHLM ARM 3.224% 4/41#1B8179		23,727
	25,052	FHLM ARM 3.242% 9/1/41#1B8659		26,222
	29,349	FHLM ARM 3.283 6/1/41		30,780
	26,447	FHLM ARM 3.464% 5/1/41#1B8304		27,786
	48,016	FHLM ARM 3.53% 4/40 #1B4657		50,330
	32,829	FHLM ARM 3.627% 6/1/41#1B8372		34,506
	36,323	FHLM ARM 3.717% 05/41#1B8124		38,179
	740,874	FHR 2015-4472 WL 3% 05/45		751,530
	65,446	FHR 3415 PC 5% 12/37		70,665
	941,803	FHR 4046 LA 3% 11/2026		954,137
	1,348,032	FHR 4656 PA 3.5% 10/45		1,395,715
	1,672,700	FHR 4683 EA 2.5% 05/47		1,670,379
	557,665	FHR SER 4221 CLS GA 1.4% 7/23		549,320
	1,000,000	FIFTH THIRD BAN 2.375% 4/25/19		1,007,171
	500,000	FIFTH THIRD BAN 2.875% 7/27/20		511,401
	645,000	FITAT 2017-1 A3 2.03% 02/22		640,913
	27,540	FNMA 6.50% 7/32 #545759		31,424
	9,667	FNMA 6.50% 7/32 #545762		11,027
	12,170	FNMA 6.50% 7/35 #745092		13,938
	17,866	FNMA 6.50% 8/36 #888034		20,366
	9,625	FNMA 6.50% 12/32 #735415		10,979
	1,136,000	FNMA 0.875% 08/02/19		1,121,792
	2,815,000	FNMA 1% 02/26/19		2,797,491
	1,846,000	FNMA 1.5% 11/30/20		1,821,121
	277,567	FNMA 10YR 2.5% 05/23 #MA1431		279,944
	123,667	FNMA 10YR 2.5% 10/22#AB6544		124,690
	102,681	FNMA 10YR 2.5% 10/22#AB6730		103,542
	157,913	FNMA 15YR 3.50% 1/26 #AL1168		163,856
	691,454	FNMA 15YR 3.50% 3/27 #AL1746		717,694

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	429,253	FNMA 15YR 3.50% 5/27 #AL1741	$	445,341
	156,327	FNMA 15YR 3.50% 5/27 #AL1751		162,137
	2,861,803	FNMA 15YR 3% 09/31#AL8853		2,930,948
	275,045	FNMA 15YR 3.5% 01/27 #AX1909		285,268
	60,265	FNMA 15YR 3.5% 07/26#AI7819		62,505
	603,782	FNMA 15YR 3.5% 09/29#AL5878		629,336
	249,075	FNMA 15YR 3.5% 10/29#AL5851		259,617
	391,657	FNMA 15YR 4.5% 11/25#AL8242		412,111
	311,573	FNMA 20YR 2.5% 01/33#AL2974		311,881
	354,216	FNMA 20YR 2.5% 01/33#AL2975		355,010
	208,221	FNMA 20YR 2.5% 01/33#AL2976		208,687
	251,807	FNMA 20YR 2.5% 01/33#AL2982		252,371
	512,585	FNMA 5.50% 11/34 #310105		569,803
	97,369	FNMA 6.50% 12/35 #AD0723		111,044
	81,234	FNMA 6.50% 8/36 #888544		92,785
	66,903	FNMA 6.50% 8/36 #AE0746		76,390
	25,602	FNMA ARM 2.61% 4/35 #995609		26,916
	13,268	FNMA ARM 3.01% 8/41 #AI4358		13,851
	48,508	FNMA ARM 3.37% 9/41 #AI8935		50,987
	52,632	FNMA ARM 3.47% 3/40 #AD0820		55,479
	64,980	FNMA ARM 3.60% 3/40 #AD1555		68,360
	56,270	FNMA ARM 4.21% 5/35 #889946		59,077
	70,901	FNMA ARM 4.30% 2/35 #995017		74,206
	46,200	FNMA ARM 4.53% 12/34 #802852		49,005
	53,286	FNMA ARM 4.68% 11/34 #735011		54,889
	44,484	FNMA ARM 06/42#AO2244		46,041
	26,086	FNMA ARM 09/41#AI9813		27,513
	12,426	FNMA ARM 10/41#AJ3399		12,997
	62,402	FNMA ARM 11/36 #995606		65,123
	11,302	FNMA ARM 11/40#AE6806		11,851
	122,789	FNMA ARM 12/33#AD0066		127,636
	77,538	FNMA ARM 3.20% 1/40 #AC0599		81,522
	33,280	FNMA ARM 3.228% 7/41#AI3469		34,879
	21,439	FNMA ARM 3.365% 10/41#AI6819		22,221
	43,011	FNMA ARM 3.545% 07/41#AI6050		45,521
	270,350	FNMA ARM 4.198% 11/34 #841068		286,367
	354,457	FNMA ARM 4.55% 10/35 #995415		371,400

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	80,424	FNMA ARM 7/35 #995414	$	85,133
	566,186	FNR 2011-26 PA 4.5% 04/41		601,162
	1,604,429	FNR 2013-16 GP 3% 03/33		1,632,310
	902,081	FNR 2014-83 P 3% 06/43		911,834
	1,273,504	FNR 2015-28 JE 3% 05/45		1,291,679
	1,874,100	FNR 2015-28 P 2.5% 5/45		1,860,018
	717,959	FNR 2015-32 PA 3% 4/44		726,096
	1,110,572	FNR 2015-42 LE 3% 06/45		1,126,692
	797,554	FNR 2015-49 LE 3% 07/45		808,444
	991,471	FNR 2015-54 GA 2.5% 07/45		988,951
	1,671,344	FNR 2016-100 P 3.5% 11/44		1,727,450
	1,088,602	FNR 2016-105 PA 3.5% 4/45		1,124,990
	845,911	FNR 2016-19 AH 3% 04/46		857,780
	2,121,680	FNR 2016-26 CG 3% 05/46		2,150,619
	1,109,371	FNR 2016-27 HK 3% 01/41		1,123,944
	554,728	FNR 2016-27 KG 3% 01/40		561,830
	2,133,675	FNR 2016-34 GH 3% 06/46		2,163,904
	2,239,657	FNR 2016-37 BK 3% 06/46		2,270,289
	1,737,344	FNR 2017-11 HA 3.5% 12/45		1,798,970
	1,917,087	FNR 2017-20 AP 3.5% 03/45		1,981,528
	1,674,732	FNR 2017-74 PA 3.5% 11/45		1,725,727
	1,232,346	FNR 2017-97 P 3% 01/47		1,247,065
	1,385,000	FORD CRD 16-1 A 2.31% 08/27		1,381,831
	500,000	FORD MTR CR CO 2.681% 01/09/20		507,584
	445,000	FORD MTR CR LLC 3.339% 3/28/22		453,938
	968,000	FORDF 2016-1 A1 1.76% 02/21		965,504
	988,000	FORDF 2016-3 A1 1.55% 07/21		979,808
	1,042,000	FORDF 2017-2 A1 2.37% 09/22		1,039,109
	736,000	FORDO 16-B A3 1.33% 10/20		732,982
	411,623	FORDO 2015-C A3 1.41% 02/20		411,131
	865,836	FORDO 2016-A A3 2.01% 07/20		863,527
	925,000	FORDO 2017-A A3 1.67% 6/21		919,855
	565,000	FORDR 2014-2 A 2.31% 04/26		566,413
	538,000	FORDR 2015-2 A 2.44% 01/27		540,638
	520,000	FORDR 2017-1 A 2.62% 8/28		520,916
	370,000	FORTIVE CORP 2.35% 06/15/21		367,112
	1,106,000	GENERAL ELEC CO 3.375% 3/11/24		1,150,779

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	739,000	GENERAL MTRS FIN 2.65% 4/13/20	$	743,355
	770,000	GFORT 16-1 A1 1.86% 05/21		768,344
	825,000	GFORT 17-1 A1 2.22% 1/22 144A		823,680
	219,910	GMALT 2015-2 A3 1.68% 12/18		219,981
	529,000	GOLDMAN SACHS 2.625% 04/25/21		531,127
	2,260,000	GOLDMAN SACHS GRP 2.625% 1/19		2,294,493
	878,000	GOLDMAN SACHS GRP 2.75 9/15/20		889,437
	389,000	GSINC 5.25% 7/27/21		430,289
	138,000	GSMS 14-GC18 AAB 3.648% 01/47		143,203
	160,000	GSMS 14-GC20 AAB 3.655% 04/47		165,704
	354,000	GSMS 15-GC32 AAB 3.513% 7/48		366,928
	549,923	GSMS 2012-GC6 A3 3.482% 01/45		567,380
	813,263	GSMS 2012-GCJ9 A3 2.773% 11/45		816,753
	212,000	GSMS 2013-GC10 A4 2.681% 02/46		211,892
	1,066,000	GSMS 2013-GC10 A5 2.943% 02/46		1,077,321
	355,000	GSMS 2015-GC28 AAB 3.206% 2/48		363,502
	502,250	HAROT 2015-4 A3 1.23% 09/23/19		500,635
	420,105	HAROT 2016-2 A3 1.39% 4/20		418,978
	922,000	HAROT 2017-1 A3 1.72% 07/21		916,461
	545,185	HART 2015-C A3 1.46% 02/20		544,423
	347,000	HART 2016-A A3 1.56% 09/20		346,230
	1,037,000	HART 2016-B A3 1.29% 4/21		1,026,577
	1,300,000	HEWLETT PACKAR STEP 10/05/18		1,315,109
	550,000	HFMOT 2016-1A A2 1.81% 03/21		548,789
	1,030,000	HSBC HOLDINGS 2.95% 5/25/21		1,040,015
	750,000	HSBC USA INC NE 1.7% 03/05/18		753,880
	513,000	HUNT AUTO 16-1 A3 1.57% 11/20		511,256
	750,000	HUNTINGTN BCSHRS 2.3% 1/14/22		745,839
	510,000	HYUNDAI CAP AM 2.6% 3/20 144A		509,571
	950,000	HYUNDAI CAP AME 2.55 2/19 144A		958,022
	145,000	INGERSOLL-RND LX 2.625% 5/1/20		145,586
	668,000	INTERCONT EXCH 2.75% 12/01/20		677,447
	654,000	ITC HLDGS CORP 2.7% 11/22 144A		655,032
	971,000	JAPAN BANK INTL 1.5% 7/21/21		942,823
	443,000	JPMBB 14-C22 ASB 3.5036% 09/47*		458,118
	508,000	JPMBB 15-C29 A2 2.8596% 05/48*		514,308
	983,000	JPMC CO 2.2% 10/22/19*		986,105

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	928,000	JPMC CO 2.35% 01/28/19*	$	939,030
	500,000	JPMC CO 2.55% 10/29/20*		503,630
	915,000	JPMCC 13-C10 A5 3.1425% 12/47*		934,796
	607,000	JPMCC 16-JP4 A2 2.9343% 12/49*		615,632
	378,228	JPMCC 2012-C6 A3 3.5074 5/45*		391,377
	600,163	JPMCC 2012-C8 A3 2.8291% 10/45*		604,543
	561,000	JPMCC 2015-JP1 A2 3.1438% 1/49*		571,636
	1,540,000	JPMORGAN CHASE & CO 2.75% 6/20*		1,554,291
	790,000	JPMORGAN CHASE &CO2.25%1/23/20*		797,230
	500,000	KEY BANK NA 2.35% 3/8/19		504,568
	413,000	KEY BANK NA 2.5% 12/15/19		414,626
	970,000	KEYCORP MTN 2.3% 12/13/18		972,563
	379,000	KINDER MORGAN IC 3.05% 12/1/19		383,240
	672,000	LOCKHEED MARTIN 2.5% 11/23/20		678,017
	630,000	MANU&TRD NT PRG 2.3% 1/30/19		636,561
	525,000	MANUFACT &TRADE 2.5% 5/18/22		524,242
	450,000	MANUFCTRS & TRDR 2.1% 02/06/20		452,296
	780,000	MARSH & MCLENN 2.35% 03/06/20		785,368
	1,000,000	MASSMUTUAL 2.45% 11/23/20 144A		1,003,931
	1,000,000	MASSMUTUL GLBL 2.5% 4/22 144A		998,696
	993,000	MBART 2016-1 A3 1.26% 02/21		986,711
	98,000	MCDONALDS CORP 2.75% 12/20		99,174
	642,000	MCDONALDS MTN 2.625% 1/15/22		651,017
	863,000	MCKESSON CO 2.284% 03/15/2019		868,903
	1,060,000	MEDTRONIC INC 2.5% 3/15/20		1,074,015
	1,000,000	MET LIFE GLBL FDG 2% 4/20 144A		996,560
	750,000	MET LIFE GLOB 2.65% 4/22 144A		754,359
	715,000	MIDAMERICAN ENERGY 2% 11/18		717,381
	530,000	MITSUBISHI 2.45% 10/16/19 144A		533,485
	1,010,000	MITSUBISHI UFJ FI 2.95% 3/1/21		1,029,055
	525,000	MITSUBISHI UFJ FIN 2.998% 2/22		533,913
	640,000	MIZUHO BK LTD 2.45 4/19 144A		643,685
	500,000	MIZUHO BNK LTD 2.65% 9/19 144A		505,848
	716,000	MIZUHO FINL 2.273% 9/13/21		707,740
	510,000	MIZUHO FINL 2.632% 04/21 144A		511,458
	500,000	MIZUHO FINL GROUP 2.953% 2/22		506,180
	129,000	MOODYS CORP 2.75% 12/15/21		129,305

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	1,030,000	MORGAN STANLEY 2.375% 7/23/19	$	1,041,795
	1,955,000	MORGAN STANLEY 2.5% 01/24/19		1,981,164
	1,000,000	MORGAN STANLEY 2.5% 04/21/21		1,003,091
	800,000	MORGAN STANLEY 2.65% 01/27/20		812,637
	750,000	MORGAN STANLEY 2.75% 05/19/22		749,560
	238,000	MSBAM 15-C22 ASB 3.04% 4/15/48		242,031
	1,141,000	MSBAM 2012-C6 A4 2.858% 11/45		1,148,817
	279,000	MSBAM 2013-C11 A4 CSTR 8/46		298,383
	749,000	MSBAM 2013-C7 A4 2.918% 2/46		757,142
	858,000	MSBAM 2013-C8 A4 3.134% 12/48		875,232
	936,596	MSBAM 2014-C14 A2 2.916% 2/47		945,611
	579,000	MSBAM 2014-C16 ASB 3.477% 6/47		597,238
	721,000	MSBAM 2014-C17 ASB 3.477% 8/47		743,892
	142,000	MSBAM 2015-C21 ASB 3.15% 03/48		144,800
	422,000	MSC 2011-C2 A4 4.661% 06/44		448,623
	515,000	MUFG AMERICAS HLD 2.25% 02/20		516,713
	592,000	NAROT 2016-B A3 1.32% 01/15/21		588,254
	932,000	NAROT 2016-C A3 1.18% 01/21		922,896
	1,043,000	NAROT 2017-A A3 1.74% 08/21		1,037,462
	129,876	NEF 2005-1 A5 4.74% 10/45		129,355
	1,310,000	NEW YORK LIFE 1.95% 2/20 144A		1,311,358
	200,000	NEXTERA ENERGY 1.649% 9/1/18		200,520
	559,000	NMOTR 2016-A A2 1.54% 06/21		554,664
	940,000	NORDEA BK AB 2.375% 4/4/19 144		947,517
	280,000	NYC TFA (PIT) 2.05% 08/01/23		273,096
	255,000	NYC TFA (PIT) 2.85% 02/01/24		258,459
	645,000	NYS UDC 2.67% 03/15/23		647,755
	1,140,000	NYS UDC 2.7% 03/15/23		1,138,404
	750,000	ONTARIO PROVINCE 1.25% 06/19		741,087
	1,000,000	ORACLE CORP 1.9% 09/15/21		989,706
	93,000	PG&E CORP 2.4% 03/01/19		93,793
	1,599,000	PHILIP MORRIS INTL 1.875% 2/21		1,580,110
	650,000	PHILIP MORS INT 1.875% 1/15/19		654,363
	1,000,000	PNC BANK NA 2.15% 4/29/21		994,711
	530,000	PNC BANK NA 2.4% 10/18/19		533,305
	500,000	PNC BANK NA 2.55% 12/09/21		500,471
	780,000	PRICOA GLBL 2.45% 9/21/22 144A		778,199

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	1,070,000	PRINCIPAL FDG 2.375% 9/19 144A	$	1,079,599
	500,000	PROTECTIVE LF 2.161% 9/20 144A		497,383
	1,000,000	PROTECTVE LFE 2.615% 8/22 144A		994,957
	692,000	PRUDENTIAL MTN 3.5% 05/15/24		721,714
	717,000	PUBLIC SERVICE ELE 2.65% 11/22		713,497
	354,000	PUBLIC SVC ENT 2% 11/15/21		346,456
	1,000,000	QUEBEC PROVINCE 2.375% 1/31/22		1,006,232
	400,000	REGIONS FINL CORP 2.75% 8/22		402,875
	750,000	REGIONS FINL CORP 3.2% 2/8/21		772,562
	566,000	REYNOLDS AMERICAN 3.25% 6/20		576,044
	349,000	REYNOLDS AMERICAN 4% 6/12/22		365,337
	1,000,000	ROPER TECHNOLOGIES 3% 12/15/20		1,013,159
	780,000	ROPER TECHNOLOGS 2.8% 12/15/21		782,258
	1,500,000	ROYAL BANK OF CANA 2.15% 10/20		1,496,028
	700,000	ROYAL BK CAN GL 2.35% 10/30/20		702,574
	1,250,000	ROYAL BK OF CAN 2.125% 3/2/20		1,254,956
	313,000	S&P GLOBAL INC 2.5% 8/18		316,859
	252,000	SELECT INCOME REIT 2.85% 02/18		254,993
	656,000	SEMPRA ENERGY 2.4% 3/15/20		660,220
	397,000	SEMPRA ENERGY 2.85% 11/15/20		401,961
	750,000	SHELL INTL 2.25% 11/10/20		752,133
	771,000	SHELL INTL FIN BV 2.125% 05/20		771,624
	1,250,000	SHIRE ACQ INV IRE 2.4% 9/23/21		1,238,360
	208,000	SIMON PROP GRP 2.35% 1/30/22		208,052
	860,000	SIMON PROPERTY 2.75% 06/01/23		858,561
	1,250,000	SOUTHERN COMPANY 2.35% 7/1/21		1,257,144
	362,000	SOUTHERN PWR CO 2.375% 6/1/20		361,897
	1,027,000	SRT 2017-A A3 2.58% 01/21		1,024,822
	907,000	SSTRT 17-1A A3 1.89% 8/20		904,683
	623,000	SSTRT 17-2A A3 2.04% 4/21 144A		619,399
	575,000	SSTRT 2016-1A A3 1.524% 03/20		572,849
	500,000	SUMITOMO BKG 2.45% 01/16/20		505,747
	630,000	SUMITOMO BKG 2.45% 1/10/19		638,708
	657,000	SUMITOMO MITSUI 2.934% 3/9/21		669,156
	750,000	SUNTRUST BANKS INC 2.9% 3/3/21		765,457
	188,000	SYNCHRONY FIN 3% 8/15/19		191,420
	1,215,000	SYNCHRONY FINANCL 2.6% 1/15/19		1,231,792

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	1,014,000	SYNCT 2015-1 A 2.37% 03/23	$	1,018,201
	454,271	TAOT 2016-B A3 1.3% 04/20		452,828
	592,000	TAOT 2016-C A3 1.14% 08/20		588,308
	251,000	THERMO FISHER 2.15% 12/14/18		251,583
	115,000	THERMO FISHER 2.4% 02/01/19		116,422
	453,000	TIAA AST MG 2.95% 11/1/19 144A		459,506
	1,020,000	TORONTO DOM BANK 2.125% 4/7/21		1,015,246
	530,000	TORONTO DOM BK 2.125% 7/02/19		535,489
	1,900,000	TOTAL CAP INTL 2.125% 01/10/19		1,920,954
	1,000,000	TOYOTA MOTOR CORP 2.6% 1/11/22		1,017,533
	1,050,000	TRANSCANADA 2.125% 11/15/19		1,048,996
	987,000	TRANSCANADA PIP 2.5% 8/1/22		990,879
	132,000	TYCO ELECTR GR 2.375% 12/17/18		132,418
	1,000,000	UBS AG LON 2.45% 12/01/20 144A		999,096
	538,000	UBSBB 2012-C2 A4 3.525 5/63		557,235
	410,000	UNITED HEALTH 2.7% 7/15/20		419,817
	750,000	UNITEDHEALTH GP 2.125% 3/15/21		749,103
	1,000,000	USAA CAPITAL 2% 6/1/21 144A		982,530
	358,000	USAOT 2017-1 A3 1.79% 05/21		356,185
	3,000,000	UST NOTE 1.875% 03/31/22		2,980,349
	30,000,000	UST NOTES 1.625% 07/31/20		29,969,971
	10,392,000	USTN 0.75% 07/15/19		10,252,235
	8,971,000	USTN 1.25% 10/31/21		8,709,507
	12,000,000	USTN 1.375% 01/31/21		11,839,427
	21,225,000	USTN 1.375% 03/31/20		21,048,660
	2,518,000	USTN 1.375% 04/30/20		2,492,451
	26,310,000	USTN 1.5% 05/15/20		26,106,363
	2,534,000	USTN 1.5% 4/15/20		2,518,281
	18,000,000	USTN 1.625% 08/31/22		17,650,667
	4,000,000	USTN 1.75% 06/30/22		3,927,457
	12,000,000	USTN 1.75% 12/31/20		11,916,832
	20,000,000	USTN 2.25% 03/31/21		20,246,189
	502,000	VERIZON COM 2.946% 03/15/22		509,352
	658,000	VERIZON COMM 1.75% 8/15/21		644,610
	500,000	VERIZON COMMS INC 3% 11/21		508,038
	819,000	VERIZON COMMUNS 2.625% 2/21/20		833,635
	700,000	VOLKSWAGEN 2.125% 11/18 144A		701,105

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	513,000	VOLKSWAGEN GRP 2.4% 5/20 144A	$	512,804
	927,000	VZOT 16-1A A 1.42% 01/21		921,313
	603,000	VZOT 17-2A A 1.92% 12/21		599,353
	1,051,000	VZOT 2016-2A A 1.68% 5/21		1,044,350
	1,050,000	VZOT 2017-3A A1A 2.06% 04/22		1,045,274
	520,000	WASHINGTON PG 3.85% 4/1/20		526,392
	530,000	WELLPOINT INC 2.25% 8/15/19		533,460
	1,000,000	WELLS FARGO & CO 2.15% 1/15/19*		1,011,454
	1,000,000	WELLS FARGO & CO MTN 2.6% 7/20*		1,017,574
	1,000,000	WESTPAC BANKING 1.6% 08/19/19		995,377
	1,050,000	WESTPAC BANKING 2.8% 1/11/22		1,071,189
	1,163,117	WFCM 2012-LC5 A3 2.918% 10/45*		1,175,099
	415,562	WFCM 2012-LC5 ASB 2.528% 10/45*		417,562
	286,758	WFCM 2013-LC12 A1 1.676% 7/46*		286,823
	590,000	WFCM 2015-C27 ASB 3.278% 2/48*		604,825
	580,000	WFCM 2016-C34 A2 2.603% 06/49*		580,946
	196,000	WFCM 2016-C35 A2 2.495% 07/48*		195,542
	428,000	WFCM 2016-C37 A2 3.103% 12/49*		435,393
	312,248	WFCM 2016-LC25 1.795% 12/15/59*		309,186
	108,000	WFRBS 13-C12 ASB 2.838% 03/48*		109,075
	228,000	WFRBS 13-C16 ASB 3.963% 09/46*		237,744
	281,000	WFRBS 14-C20 ASB 3.638% 05/47*		291,474
	332,000	WFRBS 14-C23 ASB 3.636% 10/57*		345,764
	694,000	WFRBS 2011-C3 A4 4.375% 3/44*		729,766
	445,000	WFRBS 2012-C7 A2 3.431% 6/45*		458,270
	42	WFRBS 2012-C8 A2 1.881% 8/45*		42
	625,000	WFRBS 2012-C9 A3 2.87% 11/45*		630,672
	267,446	WFRBS 2012-C9 ASB 2.445% 11/45*		268,327
	1,133,000	WFRBS 2013-C11 A5 3.071% 03/45*		1,152,408
	274,000	WFRBS 2013-C12 A4 3.198% 3/48*		280,296
	208,619	WFRBS 2013-C14 A2 2.133% 6/46/*		208,978
	342,000	WFRBS 2013-C14 A5 3.337% 6/46/*		352,109
	292,000	WISCONSIN ENERGY 2.45% 6/15/20		292,864
	762,000	WOART 2016-A A3 1.77% 09/21		760,209
	212,121	WOLS 2015-A A3 1.54% 10/18		212,229
	281,000	XCEL ENERGY INC 2.4% 03/15/21		281,099
	782,000	XEROX CORP 2.75% 03/15/19		788,326

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	141,000	ZOETIS INC 3.45% 11/13/20	$	144,968
		Total Wrap Rebid Value		40,217

		Total Synthetic Investment Contracts	$	509,785,475

		Mutual Funds
		Fidelity BrokerageLink*	$	225,610,828
	5,501,910	DFA Emerging Markets Core Equity Portfolio Institutional Class Fund*		127,754,352
	60,807	Fidelity Investments Money Market Government Portfolio*		60,807
	691,845	PIMCO Priv ABS Sector Fund (732)*		8,731,082
	132,846	PIMCO Short Term Floating NAV Portfolio II*		1,329,388

		Total Mutual Funds	$	363,486,457

		U.S. Government Agency Securities
		United States Treasury Notes
	2,200,000	UST NOTE 1.875% 03/31/22	$	2,174,992
	7,000,000	UST NOTE 2.25% 02/15/27		6,906,050
	6,300,000	USTN 1.5% 08/15/26		5,859,733
	4,000,000	USTN 1.875% 04/30/22		3,951,848
	3,200,000	USTN 2% 06/30/24		3,138,025
	3,600,000	USTN 2.125% 09/30/21		3,602,016
	12,700,000	USTN 2.25% 04/30/21		12,783,425
	8,400,000	USTN 2.25% 08/15/27		8,279,261
	7,600,000	USTN 2.25% 11/15/24		7,558,986
	6,500,000	USTN 2.375% 05/15/27		6,479,478
	5,800,000	USTN 2.375% 8/15/24		5,817,224
	1,100,000	USTN 2.5% 05/15/24		1,112,169
	1,800,000	USTN 2.75% 02/15/24		1,846,853
	200,000	USTN TII 0.75% 2/15/45		211,129
	200,000	USTN TII 1% 2/15/46		223,022
	500,000	USTN TII 1.375% 02/15/44		612,566
	2,850,000	USTN TII 2.5% 1/15/29		3,977,464
	100,000	USTN TII 3.875% 4/15/29		204,888

		Total United States Treasury Notes	$	74,739,129

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
		United States Treasury Bonds
	1,500,000	USTB 2.25% 8/15/46	$	1,351,535
	600,000	USTB 2.5% 2/15/46		570,314
	5,200,000	USTB 2.75% 08/15/47		5,200,656
	200,000	USTB 2.75% 8/15/42		201,178
	5,900,000	USTB 2.750% 11/15/42		5,931,028
	600,000	USTB 2.875% 5/15/43		616,289
	6,100,000	USTB 2.875% 8/15/45		6,248,968
	800,000	USTB 3% 11/15/44		839,373
	4,900,000	USTB 3% 5/15/42		5,152,114
	6,000,000	USTB 3.125% 8/15/44		6,441,936
	500,000	USTB 3.625% 08/15/43		582,958
	300,000	USTB 4.375% 5/15/40		386,463

		Total United States Treasury Bonds	$	33,522,812

		Federal Agency Obligations
		Federal Home Loan Mortgage Corporation
	386,459	FHLG 5.00% 3/38 #A74793	$	420,265
	31,258	FHLG 5.50% 11/35 #A39302		34,753
	109,265	FHLG 5.50% 12/38 #G06172		119,466
	289,131	FHLG 6.00% 6/38 #G04715		325,723
	514,748	FHLG 6.00% 11/39 #G06409		579,973
	53,019	FHLG 6.50% 9/39 #G06669		60,954
	3,000,000	FHLG 30YR 3.5% 02/48 #TBA		3,076,676
	9,200,000	FHLG 30YR 4% 02/48 #TBA		9,610,242
	23,876	FHLM ARM 5.65% 9/37 #1G3704		24,393
	19,081	FHLM ARM 5.84% 2/37 #1N1447		19,765
	41,233	FHLM ARM 5.95% 5/37 #1N1582		42,356
	45,700	FHLM ARM 6.03% 5/37 #1N1463		47,131
	70,360	FHLM ARM 4.433% 7/35 #1B3925		73,240

		Total Federal Home Loan Mortgage Corporation	$	14,434,937

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
		Federal National Mortgage Association
	622,208	FNMA 4.50% 4/41 #AL0215	$	667,420
	74,931	FNMA 4.50% 9/41 #AB3517		80,352
	54,291	FNMA 5.50% 8/38 #995072		60,312
	21,589	FNMA 6.00% 5/35 #821192		24,445
	6,737	FNMA 6.00% 9/37 #952504		7,600
	7,904	FNMA 6.00% 10/35 #745000		8,939
	6,660	FNMA 6.50% 1/37 #897910		7,620
	27,158	FNMA 6.50% 5/36 #895817		31,022
	15,964	FNMA 6.50% 8/36 #745744		18,203
	10,439	FNMA 6.50% 9/36 #897131		11,907
	193,220	FNMA 6.50% 10/41 #AL0814		220,690
	236,403	FNMA 6.50% 10/41 #AL0886		268,964
	126,861	FNMA 6.50% 10/41 #AL0885		144,720
	13,300,000	FNMA 30YR 3% 02/48 #TBA		13,286,542
	3,315,542	FNMA 30YR 3% 05/43#AR8293		3,334,851
	13,000,000	FNMA 30YR 3.5% 02/48 #TBA		13,331,245
	28,200,000	FNMA 30YR 3.5% 03/48 #TBA		28,872,280
	11,163	FNMA 30YR 4% 02/34#763516		11,766
	24,000,000	FNMA 30YR 4% 02/48 #TBA		25,070,196
	7,000,000	FNMA 30YR 4.5% 02/48 #TBA		7,438,922
	146,678	FNMA ARM 5.51% 2/37 #913990		149,819
	1,205,990	FNMA ARM 2.463% 01/36#AL7183		1,272,393
	3,374	FNR 11-15 AB 9.75% 8/19		3,445
	46,527	FNR 2004-38 FK 1ML+35 5/34		46,586
	11,844	FNR 2010-110 AE 9.75% 11/18		12,109
	92,329	FNR 2010-118 YB IO INV 10/40		15,853
	118,170	FNR 2011-63 SW IO INV 7/41		22,271
	791,460	FNR 2016-62 AF 1ML+45 9/46		793,664
	60,068	FNS 390 C3 IO 6% 7/38		12,661
	35,191	FNS 407 40 0 1/38		7,576
	69,431	FNS 407 41 IO 6% 1/38		15,329
	8,874	FNS 407 C22 IO 1/39		1,766

		Total Federal National Mortgage Association	$	95,251,468

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
		Freddie Mac
	3,305,133	FHMS K006 AX1 CSTR 1/20	$	54,780
	820,066	FHMS K007 X1 CSTR 4/20		16,129
	920,200	FHMS K008 X1 CSTR 6/25/20		28,377
	890,260	FHMS K009 X1 CSTR 8/20		25,340
	3,974,157	FHMS K014 X1 IO CSTR 4/21		131,522
	229,637	FHMS K702 X1 CSTR 2/18		163
	2,225,940	FHMS K703 X1 CSTR 5/18		7,462
	1,387,334	FHMS KAIV X1 CSTR 6/46		47,007
	58,001	FHR 3738 BP 4% 12/38		59,639

		Total Freddie Mac	$	370,419

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
		Government National Mortgage Association
	34,637	GNII 5.00% 9/40 #004802	$	37,693
	16,223	GNII II 5.00% 7/40 #004747		17,654
	173,812	GNII II 5.00% 8/40 #004772		188,066
	72,570	GNII II 6.50% 10/37 #004040		84,228
	1,000,000	GNII II 3.5% 02/48 #TBA		1,033,034
	2,000,000	GNII II 4% 02/48 #TBA		2,084,731
	400,000	GNII II 4.5% 02/48 #TBA		419,631
	2,000,000	GNMA 30YR 3% 01/48 #TBA		2,018,264
	1,000,000	GNMA 30YR 3.5% 02/48 #TBA		1,033,620
	1,000,000	GNMA 30YR 4% 02/48 #TBA		1,043,967
	65,020	GNMA II 5.00% 7/40 #783050		70,576
	1,000,000	GNMA II 3.5% 01/47 #TBA		1,034,245
	16,706	GNR 10-116 JS -1ML+605 12/39		1,446
	40,905	GNR 11-70 BS -1ML+670 IO 12/36		1,981
	3,533,939	GNR 15-H12 FB 1ML+60 05/65		3,533,870
	349,379	GNR 16-H19 FE 1ML+.37 6/20/61		349,443
	41,898	GNR 2005-13 SD -1ML+680 2/35		7,418
	8,096	GNR 2005-81 SD -1ML+630 12/34		125
	158,241	GNR 2006-47 SA 1ML+680 8/36		28,335
	162,036	GNR 2009-106 SU IO INV 5/37		26,040
	28,993	GNR 2009-45 AI IO 1ML+596 4/39		3,353
	104,949	GNR 2009-61 SA 1ML+670 8/39		17,805
	142,514	GNR 2009-61 WQ 1ML+625 11/35		24,844
	23,269	GNR 2009-68 SL 1ML+675 4/39		2,487
	973,208	GNR 2009-HO1 FA 1.4% 11/59		983,507
	7,420	GNR 2010-107 SG -1ML+615 2/38		82
	37,067	GNR 2010-109 SB -1ML+660 8/40		6,580
	190,506	GNR 2010-115 SP -1ML+540 9/40		23,935
	250,860	GNR 2010-117 PS 1ML+600 10/39		21,813
	237,769	GNR 2010-14 SC -1ML+480 8/35		23,598
	68,276	GNR 2010-146 GS IO ML+610 6/39		4,490
	87,022	GNR 2010-147 S -1ML+665 11/40		15,903
	96,853	GNR 2010-151 SM -1ML+608 11/40		16,017
	91,994	GNR 2010-151SA IO ML+605 11/40		14,161
	64,426	GNR 2010-160 SW 1ML+655 10/38		3,626
	33,720	GNR 2010-3 MS IO 1ML+655 11/38		1,793

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	28,479	GNR 2010-31 GS 1ML+650 3/39	$	1,685
	2,633	GNR 2010-39 SP -1ML+655 11/38		45
	30,786	GNR 2010-42 BS -1ML+648 4/40		5,154
	30,786	GNR 2010-47 AS -1ML+644 4/40		5,097
	70,840	GNR 2010-47 VS -1ML+625 11/37		10,304
	153,506	GNR 2010-50 QS 1ML+655 12/38		9,614
	99,259	GNR 2010-57 QS -1ML+650 5/40		16,761
	163,690	GNR 2010-60 S -1ML+650 5/40		27,697
	169,649	GNR 2010-62 SB -1ML+575 5/40		22,710
	130,657	GNR 2010-68 SD -1ML+658 6/40		23,066
	32,500	GNR 2010-76 SH -1ML+650 5/40		5,434
	40,492	GNR 2010-85 HS IO 1ML+665 1/40		4,577
	30,990	GNR 2010-85 JS -1ML+657 4/40		5,275
	116,169	GNR 2010-87 SK IML+650 7/40		20,316
	467,682	GNR 2010-H010 FC 1ML+100 5/60		473,692
	960,752	GNR 2010-H20 AF 1ML+33 10/60		955,889
	873,980	GNR 2010-H24 FA 1ML+35 10/60		869,869
	268,664	GNR 2011-11 SA -1ML+600 1/41		39,879
	20,829	GNR 2011-32 S IO -1ML+600 3/41		3,029
	67,704	GNR 2011-4 PS -1ML+618 9/40		9,315
	28,084	GNR 2011-40 SA -1ML+613 2/36		413
	124,710	GNR 2011-81 SA -1ML+540 6/41		16,256
	265,357	GNR 2011-H09 AF IML+50 3/61		265,369
	693,772	GNR 2016-H18 FA 1ML+75 08/66		698,918
	963,958	GNR 2016-H20 PT VAR 09/20/66		1,060,690
	852,806	GNR 2016-H23 FD 1ML+37 10/66		853,163

		Total Government National Mortgage Association	$	19,582,578

		Total U.S. Government and Agency Securities	$	237,901,343

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
		Other Fixed Income Securities
	80,371	ACCR 2003-3 A1 5.21% 12/33	$	82,342
	462,677	ACE 2006-SL3 A1 1ML+10 6/36		53,785
	300,000	ACRE 10-ARTA A2FX 4.9543% 1/29		320,676
	330,926	AHM 2005-4 1A1 1ML+29 3/35		328,204
	800,000	ALEXANDRIA REAL EST 3.9% 6/23		826,667
	100,000	ALLY FINL INC 3.25% 02/13/2018		100,050
	200,000	ALLY FINL INC 3.6% 05/21/2018		200,600
	1,400,000	ALLYA 2017-4 A2 1.59% 04/20		1,395,992
	100,000	ALLYA 2017-5 A2 1.81% 06/20		99,872
	192,537	ARC 2004-1 A5 1ML+50 10/34		193,079
	900,000	AT&T INC 3.4% 05/15/25		884,625
	2,100,000	AT&T INC FRN 3ML+95 7/21		2,128,778
	800,000	BACCT 2015-A2 A 1.36% 09/20		799,136
	162,943	BALTA 2004-9 3A1 CSTR 9/34		158,538
	162,307	BALTA 2005-2 2A4 CSTR 4/35		160,309
	700,000	BANK NOVA SCOTIA BA 0% 1/03/18		556,352
	200,000	BANK NOVA SCOTIA BA 0% 1/08/18		159,015
	1,300,000	BANK OF AMERICA 4.125% 1/24		1,382,349
	100,000	BANK OF MONTREAL BA 0% 1/17/18		79,479
	200,000	BANK OF MONTREAL BA 0% 1/19/18		158,947
	1,000,000	BANKAMER 4.1% 07/24/23		1,061,791
	200,000	BARCLAYS 3.2% 08/10/21		201,076
	1,250,000	BARCLAYS BANK YCD 1.94% 9/4/18		1,250,105
	1,500,000	BARCLAYS BK NY 3ML+47 05/17/18		1,501,689
	800,000	BARCLAYS PLC 8%/VAR PERP		1,103,862
	700,000	BARCLAYS PLC FRN 3ML+0 8/10/21		732,414
	1,700,000	BBCCR 15-GTP A 3.966% 08/33 14		1,729,130
	524,279	BFAT 2007-SR1A M2 1ML+90 3/37		490,397
	1,100,000	BMONT BA 0% 1/02/18		874,251
	400,000	BMONT BA 0% 1/08/18		317,919
	500,000	BMONT BA 0% 1/15/18		397,399
	25,800,000	BRAZIL LETRAS TES NAC0% 4/1/18		7,655,517
	193,049	BSABS 2005-AQ2 A3 1ML+36 9/35		193,105
	191,769	BSABS 2005-CL1 A1 1ML+50 9/34		184,404
	213,471	BSARM 2004-10 12A3 CSTR 1/35		215,485
	1,200,000	BSP 2015-VIIA A1AR 3ML+78 7/27		1,199,396

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	250,000	CA ST 7.3% 10/01/39	$	372,965
	400,000	CAVY 2014-4A AR 3ML+85 10/26		399,800
	300,000	CC HOLDINGS 3.849% 4/15/23		309,461
	1,000,000	CCO LLC/CAPITAL 4.464% 7/23/22		1,043,222
	900,000	CHAIT 2017-A1 A 1ML+100 1/22		903,203
	800,000	CHICAGO IL 7.75% 01/01/42		888,552
	100,000	CITIGROUP IN 3ML+143 9/1/23		102,932
	1,000,000	CITIGROUP INC 2.35% 08/02/21		988,996
	500,000	CITIGROUP INC 2.7% 03/30/21		501,471
	800,000	CITIGROUP INC 3ML+93 6/7/19		806,304
	600,000	COMET 2016-A1 A1 1ML+45 02/22		602,841
	1,000,000	COMM 16-COR1 ASB 2.972% 10/49		1,003,961
	130,000	COMMNWLTH BNK AUST 5 10/19 144		135,976
	400,000	CREDIT AGRICOLE 8.125% 9/33 RGS		415,140
	800,000	CREDIT SUISSE 2.75% 03/26/20		803,072
	600,000	CREDIT SUISSE 3.125% 12/20		607,587
	800,000	CREDIT SUISSE 3.8% 6/9/23		824,912
	292,119	CVS CAREMARK 6.943% 1/10/30		341,548
	626,981	CWALT 05-36 2A1A 1ML+31 8/35		531,770
	239,022	CWALT 2005-36 3A1 CSTR 8/35		201,203
	80,621	CWALT 2005-61 1A1 1ML+26 12/35		77,721
	59,311	CWALT 2006-OA1 2A1 1ML+21 3/46		50,355
	53,218	CWHL 2004-23 A CSTR 11/34		46,382
	170,833	CWHL 2006-HYB3 2A1A CSTR 6/36		161,522
	1,900,000	DCENT 14-A1 A1 1ML+43 07/21		1,906,497
	101,214	DELTA AIR 6.821% 2/10/24		115,131
	1,000,000	DEPOSITORY 4.875/VAR PERP 144A		1,040,000
	900,000	DEUTSCHE BANK AG 4.25% 10/21		936,329
	125,000	DISH DBS CORP 7.875% 9/01/19		133,750
	51,546	DMSI 2004-4 7AR2 1ML+45 6/34		47,859
	125,590	DORIC NIMROD 5.125% 11/24 144A		131,028
	460,000	EL PASO NAT GAS 8.375% 6/15/32		604,023
	1,199,000	EMERALD BAY VAR 10/8/20 144A		1,327,127
	600,000	ENBRIDGE FRN 3ML+40 01/10/20		600,827
	1,000,000	ENBRIDGE FRN 3ML+70 6/15/20		1,009,288
	300,000	ENTERPRISE PROD 5.2% 9/1/20		320,507
	1,600,000	EVGRN 2017-1 A 1ML+26 10/15/21		1,602,380

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	148,693	FFML 2004-FF3 M1 1ML+55 5/34	$	141,497
	32,959	FHAMS 2006-FA8 1A8 0 2/37		19,583
	89,896	FIRST SEC UT 9.35 1/10/23 144A		101,745
	800,000	FORD MTR CR LLC 2.459% 3/27/20		797,384
	200,000	FORD MTR CR LLC 8.125% 1/15/20		221,532
	80,000	GA MEAG 6.655% 4/1/57		100,768
	900,000	GALL 2017-1A A 0% 07/27		900,715
	1,400,000	GCCT 17-4A A 1ML+52 07/24		1,405,545
	100,000	GMALT 2017-2 A2B 1ML+30 01/20		100,119
	2,800,000	GMCAR 17-2A A2B 1193476+.15% 0		2,801,707
	10,000	GOLDMAN SACHS GLB 7.5% 2/15/19		10,568
	300,000	GOLDMAN SACHS GRP 3.5% 1/23/25		304,682
	500,000	GOLDMAN SCHS 2.905/VAR 7/24/23		496,444
	780,000	GS GRP INC MTN 6.25% 2/01/41		1,050,324
	339,407	GSMPS 2005-RP1 1AF 1ML+35 1/35		303,580
	2,586,683	GSMS 2011-GC3 X IO 3/44 144A		44,782
	79,743	GSR 2005-AR5 2A3 CSTR 10/35		71,118
	1,230,000	HCA INC 6.5% 2/15/20		1,303,800
	500,000	HLA 2015-1A AR 3ML+92 04/27		499,521
	200,000	HSBC BANK CDA BA 0% 1/05/18		159,031
	200,000	HSBC BANK CDA BA 0% 1/08/18		158,956
	500,000	HSBC BANK CDA BA 0% 1/15/18		397,418
	400,000	HSBC BANK CDA BA 0% 1/17/18		317,897
	160,487	HVMLT 05-15 2A11 1ML+27 10/45		156,525
	269,063	HVMLT 2004-5 2A6 CSTR 6/34		272,328
	236,224	HVMLT 2006-13 A 1ML+18 11/46		202,207
	600,000	IL ST 6.725% 4/1/35		666,324
	83,997	IMSA 2006-1 1A2B 1ML+20 5/36		81,855
	232,824	INDA 2007-AR7 1A1 CSTR 11/37		231,030
	660,141	INDX 05-AR14 2A1A 1ML+30 7/35		636,073
	94,787	INDX 2006-AR6 2A1A 1ML+20 6/47		85,116
	2,100,000	ING BK FRN 3ML+78 8/17/18 144A		2,107,988
	1,100,000	ISAC 2010-1 A3 3ML+90 7/45		1,093,521
	4,000,000	JAPAN GOVERNMENT 0% 1/29/18		35,504
	5,109,000,000	JAPAN GOVERNMENT OF 0% 02/5/18		45,348,785
	22,000,000	JAPAN GOVERNMENT OF 0% 2/13/18		195,284
	90,400,000	JAPAN GOVT 0% 02/13/18		802,440

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	270,145	JPMC 16-FLRR 1ML+145 1/33 144A*	$	270,338
	300,000	JPMC CO 2.55% 10/29/20*		300,861
	220,000	JPMC CO 4.25% 10/15/20*		230,658
	400,000	JPMC CO FRN 3ML+55 03/09/21*		400,931
	2,990,778	JPMCC 2011-C4 XA CSTR 7/46*		40,349
	98,477	JPMCC 2011-C5 A3 4.1712% 8/46*		103,150
	120,860	JPMMT 2004-A3 3A3 CSTR 7/34*		122,107
	1,100,000	JPMORGAN CHASE &CO2.25%1/23/20*		1,099,204
	1,200,000	JPMORGAN CHASE 3ML+148 3/1/21*		1,237,359
	700,000	JTWN 14-4A A1AR 3ML+69 7/15/26		699,649
	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		64,988
	212,000	KPN NV GLBL 8.375% 10/01/30		291,122
	413,000	KRAFT FOODS 5.375% 02/20 WI		437,548
	1,400,000	KUWAIT ST 2.75% 03/20/22 144A		1,394,960
	641,000	LANDSBANK IS MTN6.1% 8/11 144A		76,920
	700,000	LLOYD GRP 7.625%/VAR PERP REGS		1,087,485
	400,000	LLOYDS BANKING GRP 3.1% 7/6/21		403,995
	354,553	LXS 2006-14N 1A1B 1ML+21 9/46		330,926
	111,546	MARM 2005-1 7A1 CSTR 2/35		110,879
	104,485	MARM 2006-2 3A1 CSTR 1/36		102,574
	416,358	MARP 2005-2 1A1F 1ML+35 5/35		354,275
	100,000	MGM RESORTS 6.75% 10/1/20		108,000
	89,764	MLCC 2003-F A1 1ML+32 10/28		86,704
	1,753,563	MLMI 05-WMC1 M2 1193476+.795%		1,742,358
	27,394	MLMI 2004-A3 4A3 CSTR 5/34		27,970
	59,152	MLMI 2006-A1 1A1 CSTR 3/36		51,145
	724,853	MLMI 2007-SD1 A1 1ML+45 2/47		548,019
	700,000	MORGAN STANLEY 2.65% 01/27/20		703,123
	750,000	MP CLO 2015-1A A1R 3ML+84 4/27		750,000
	800,000	MQGAU FRN 3ML+35 04/19 144A		800,823
	500,000	MSBAM 15-C20 ASB 3.069% 02/48		506,917
	600,000	MSC 2014-CPT AM VAR 07/29		611,321
	12,526	MSM 2005-3AR 3A CSTR 7/35		11,586
	150,000	MUNICIPAL EC AT GA 6.637% 4/57		192,276
	2,200,000	NALT 2017-A A2B 1ML+20 09/19		2,200,803

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	500,000	NASDAQ INC FRN 3ML+39 3/19	$	500,119
	100,000	NAVIENT CORP 5.0% 10/20		101,375
	516,905	NAVSL 17-A A1 1193476+.4% 12/5		517,641
	7,300,000	NBC BA 0% 1/05/18		5,800,625
	660,000	NORDEA BK 4.875% 5/13/21 144A		700,037
	250,000	NORTHSTR ED FIN 2007-1 OT		239,864
	400,000	NOVASC BA 0% 1/19/18		317,912
	300,000	NOVASC BA 0% 1/22/18		238,403
	1,600,000	NSLT 2017-3A A 1ML+85 02/66		1,599,995
	500,000	NY&PRSBTN HSP 4.024% 08/01/45		529,013
	1,500,000	OCP2015-8A A1R 3ML+85 4/17/27		1,500,036
	100,000	ONEMAIN FINL 6.75% 12/19 144A		103,320
	800,000	PETROBRAS GL 5.999% 1/28 144A		802,000
	370,000	PFIZER INC 3.4% 5/15/24		384,130
	53,000	PG&E 8.25% 10/15/18		55,458
	76,301	PRIME 2005-2 2A1 CSTR 10/32		78,209
	148,389	RBSGC 2007-B 1A4 1ML+45 1/37		101,232
	30,000	ROGERS COMMUNIC 6.8% 8/15/18		30,880
	700,000	ROYAL BK CANADA BA 0% 1/03/18		556,352
	70,000	ROYAL BK SCOTLND 7.648/VR PERP		91,350
	800,000	ROYAL BK SCTLND 3.875% 9/12/23		813,428
	520,000	ROYAL BK SCTLND 6.4% 10/21/19		555,549
	200,000	ROYALBK BA 0% 1/04/18		158,945
	200,000	ROYALBK BA 0% 1/11/18		158,999
	100,000	ROYALBK BA 0% 1/15/18		79,480
	400,000	ROYALBK BA 0% 1/18/18		317,890
	3,700,000	ROYALBK CP 0% 1/05/18		2,940,043
	400,000	ROYALBK CP 0% 1/08/18		317,916
	1,000,000	SABINE PASS LIQ 5% 03/15/27		1,072,797
	119,269	SACO 2005-WM3 A3 1ML+35 9/35		118,715
	198,615	SAIL 2003-BC11 M1 1ML+65 10/33		197,916
	362,133	SAMI 2006-AR6 1A1 1ML+18 07/46		331,476
	330,000	SANTA CL TRANS TAXM 5.876 4/32		399,894
	800,000	SANTAN 6.25 09/PERP-21 5.125%		1,052,268
	664,878	SARM 2004-4 2A CSTR 04/34		671,094
	1,412,454	SASC 2006-OPT1 A1 1ML+18 04/36		1,387,911
	21,505	SAST 2002-3 M1 1ML+75 12/32		21,156

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	129,871	SAST 2003-3 M1 1ML+65 12/33	$	129,339
	400,000	SAUDI ARAB 2.875% 3/4/23 144A		393,209
	500,000	SAUDI ARAB 3.625% 3/4/28 144A		495,500
	1,000,000	SAUDI GOVT 3.25% 10/26/26 RGS		980,440
	1,500,000	SEMPRA ENERGY FRN 3ML+45 03/21		1,502,310
	200,000	SHIRE ACQ INV IRE 2.4% 9/23/21		196,831
	300,000	SHIRE AQ INV IRE 1.9% 9/23/19		297,252
	400,000	SLM CORP MED 4.875% 6/17/19		406,760
	100,000	SLM CORP MEDIUM 8.45% 6/15/18		102,550
	300,000	SLM CORP MTN 8% 3/25/20		324,375
	500,000	SLM CORP MTN BE 5.5% 01/15/19		508,750
	293,430	SLMA 2003-11 A6 3ML+29 12/25		294,680
	225,943	SLMA 2004-3 A5 3ML+17 7/25/23		225,885
	250,000	SLOVENIA REP 5.25% 2/24 REGS		285,928
	2,000,000	SNDPT 2015-1A AR 3ML+86 04/27		1,999,000
	400,000	SNDPT 2015-2A AR 3ML+88 07/27		399,800
	600,000	SOCIETE GEN PERP 8.25% REGS		627,750
	400,000	SOUTHERN PWR 3ML+55 12/20 144A		400,840
	21,000	SOUTHRN NAT GAS 8% 3/01/32		28,461
	600,000	SPECTRA ENERGY PRT 3ML+70 6/20		604,493
	300,000	SPRINGLEAF FIN CRP 8.25% 12/20		330,000
	49,000	TENN GAS PIPELI 7.625% 4/01/37		63,186
	1,200,000	TEXTRON INC FRN 3ML+55 11/20		1,199,663
	160,000	THERMO FISHER 3.6% 8/15/21		165,139
	600,000	TORONTO BA 0% 1/02/18		476,869
	1,800,000	TRAL 2014-3A AR 1ML+103 10/27		1,799,089
	541,122	TSCOLN PRP FIN 7.6227% 7/13/39		1,002,008
	240,000	TVA 5.25% 09/15/39		325,237
	467,000	TVA 5.98% 04/01/36		657,737
	650,000	UBS AG 7.625% 08/22 LT2 COCO		759,330
	600,000	UBS AG FRN 3ML+32 12/7/18 144A		600,545
	800,000	UBS GR FND 3.491% 5/23/23 144A		812,630
	600,000	UBS GROUP FDNG 3% 4/15/21 144A		604,154
	4,700,000	UK,G.B.&N.IRELAND 0% 1/29/18		6,344,480
	200,000	UNITED BUSNS 5.75% 11/20 144A		207,638
	370,000	UNITEDHEALTH GRP 6 2/15/18		371,825
	1,250,000	VENTURE XXI CLO 3ML+88 7/27		1,250,840

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
	206,000	VERIZON 3.376% 02/15/25 144A	$	206,730
	517,000	VERIZON COM 2.946% 03/15/22		520,087
	300,000	VERIZON COMMUNI 3.125% 3/16/22		304,135
	385,048	WAMU 05-AR15 A1A1 1ML+26 11/45		381,532
	317,108	WAMU 05-AR15 A1A2 1ML+28 11/45		293,767
	144,882	WAMU 05-AR17 A1A2 1ML+29 12/45		138,932
	506,157	WAMU 06-AR14 1A3 CSTR 11/36		475,004
	1,603,396	WAMU 2004-AR10 A1A 1ML+44 7/44		1,581,282
	144,301	WAMU 2004-AR8 A1 1ML+42 6/44		142,246
	856,857	WAMU 2005-AR18 1A3A CSTR 1/36		866,512
	234,875	WAMU 2005-AR7 A4 CSTR 8/35		243,516
	53,500	WAMU 2005-AR8 1A1A 1ML+27 7/45		52,029
	130,327	WAMU 2005-AR9 A1A 1ML+32 7/45		128,824
	212,458	WAMU 2007-HY4 4A1 CSTR 9/36		199,696
	262,920	WFMBS 2006-AR11 A6 CSTR 8/36*		261,578
	240,000	WFRBS 2011-C4 A4 0 6/44*		256,517
	1,500,000	WITEH 2014-9A AR 3ML+116 7/26		1,507,047
	1,000,000	WYNN LAS VEGAS 5.5% 3/25 144A		1,030,000
	300,000	ZCCP 2015-1A A1R 3ML+95 07/27		300,000

		Total Other Fixed Income Securities	$	193,104,781

		Cash, Cash Equivalents and Other Investments
		Cash and Cash Equivalents
		CASH	$	5,262,392
		Cash Collateral		1,577,009
	12,126,516	BBH STIF FUND		12,126,516
	9,180,930	Fidelity Institutional Money Market Portfolio*		9,180,930
	1,547,275	JP MORGAN 100% US TREASURY*		1,547,275
	7,942,803	JPM PRIME MMKT MRGN SHR FD 829*		7,944,071
	3,032,679	JPM TREASURY PLUS MMF AGY SHRS*		3,032,679
	145,738	SSBK STIF FUND*		145,738

		Total Cash and Cash Equivalents	$	40,816,610

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value
		Swap Contracts
		Credit Default Swaps
	3,000,000	BOAM CDS 91086QAW8 1% 12/20/19	$	32,003
	5,000,000	CDS CMBX.NA.AAA.9 0.5% 9/58 GS		8,866
	5,629,834	CDS GS CMBX NA AAA6 0.5% 5/63		33,952
	1,000,000	CDS MS CMBX AAA CDSI S7 0.5% 1/17/47		5,058
	(4,100,000)	CDX IG28 5Y 6/20/22 ICE		778
	(100,000)	CDX IG29 5Y ICE 12/20/22		21
	500,000	CS CDS CMBX.NA.BBB-.9 3% 9/58		(54,833	)
	(1,800,000)	DELL INC SNR 12/20/19 GS ICE		(18	)
	(500,000)	GENERAL MTR SNR USD 6/22 ICE		21
	300,000	HSBC CDS BRAZIL LA SP HUS 03/20/18		542
	1,000,000	JP CDS CMBX.NA.AAA.9 SP 0.5 9/17/58		1,773
	(800,000)	SPRINT SNR S 12/20/19 GS ICE		(3	)

		Total Credit Default Swaps	$	28,160

		Interest Rate Swaps
	(8,200,000)	BA IRS USD 2Y 1.45% 06/19 CME	$	(3,309	)
	7,100,000	BOA IRS SWAP P1.73 08/26/25		212,120
	(6,600,000)	CME IRS 2.75% 12/16/45		(21,863	)
	(1,800,000)	CS IRS 30YRUSD 2.25% 12/46 CME		(5,666	)
	(4,600,000)	CS IRS USD 10Y 1.75 12/26 CME		(8,034	)
	(4,200,000)	CS IRS USD 10Y 1.75% 12/26 LCH		(7,868	)
	(19,900,000)	CS IRS USD 1Y 1.5% 6/15/19 CME		(2,687	)
	(6,500,000)	CS IRS USD 2Y 1.25% 6/21/17 CME		(888	)
	(1,200,000)	CS IRS USD 30Y 2.5% 6/15/46 CME		(3,878	)
	25,100,000	CS IRS USD 5YR 1.5% 12/21 CME		16,998
	(6,800,000)	INFSWEMNI 1.4425% 10Y 12/26 LCH		(2,996	)
	6,800,000	INFSWPEMNI 1.165% 5Y 12/21 LCH		2,297
	(900,000)	IRS EUR 1% 03-21-18-10Y LCH		260
	(900,000)	IRS GBP 1% 03/21/18 LCH		(635	)
	(500,000)	IRS GBP 1.50% 03-21-18-10YR LCH		(543	)
	(5,900,000)	IRS USD 10YR CME 1.75% 6/21/47		(17,290	)
	(17,800,000)	IRS USD 2YR CME 2% 12/20/19		(3,617	)
	(3,200,000)	LCH IRS 1.75% 12/16/18		(287	)
	(20,600,000)	LCH IRS 2.25% 12/16/22		(23,866	)

		Total Interest Rate Swaps	$	128,248

TIME WARNER SAVINGS PLAN

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2017


Shares or Units		Description	Current Value


		Total Swap Contracts	$	156,408

		Option Contracts
		Interest Rate Option Contracts
	(128,000,000)	EURO$ 90 EDH8 C98.75 03/19/18	$	(800	)
	128,000,000	EURO$ 90 EDH8 P98.25 03/19/18		16,800
	2,000,000	IRO USD 30Y P2.905 8/20/18 MYC		28,531
	2,300,000	IRO USD 30Y P2.9425 12/19 GLM		88,365
	(10,100,000)	IRO USD 5Y P2.75 12/12/19 GLM		(95,903	)
	(11,700,000)	IRO USD 5Y P2.8 08/20/18 MYC		(21,060	)
	600,000	IRO USD PUT 2.94 T 8/20/18 GLM		7,634

		Total Interest Rate Options Contracts	$	23,567

		Futures Contracts****
	46,000,000	90DAY EURO$ FUTR DEC18 EDZ8	$	1,725
	29,000,000	90DAY EURO$ FUTR MAR18 EDH8		363
	38,600,000	US 10YR NOTE (CBT)MAR18 TYH8		78,406
	(31,000,000)	US 2YR NOTE (CBT) MAR18 TUH8		(9,688	)
	30,500,000	US 5YR NOTE(CBT)FUT MAR18 FVH8		28,594
	2,400,000	US LONG BOND(CBT) MAR18 USH8		6,750

		Total Futures Contracts	$	106,150


		Total Cash, Cash Equivalents and Other Investments	$	41,102,735

		Total Investments Excluding Net Receivables from Participants	$	5,228,910,739


		Notes Receivable from Participants (interest rates from 4.25% to 10.50% maturing through January 2033)*		61,788,685

		Total Investments	$	5,290,699,424

*	Indicates party-in-interest to the Plan.

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 market 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.

***	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, 2017.

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

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 11, 2018	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