Edgar Filing: TIME WARNER INC.

TIME WARNER SAVINGS PLAN

Date: June 22, 2012

/s/ Daniel J. Happer

Name: Daniel J. Happer

Member of the Administrative Committee

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

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

SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2011

¨ 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

F I N A N C I A L S T A T E M E N T S A N D

S U P P L E M E N T A L S C H E D U L E S

Time Warner Savings Plan

Years Ended December 31, 2011 and 2010

With Report of Independent Registered Public

Accounting Firm

Time Warner Savings Plan

Financial Statements and Supplemental Schedules

Years Ended December 31, 2011 and 2010

Contents


Report of Independent Registered Public Accounting Firm			1

Financial Statements

Statements of Net Assets Available for Benefits			2
Statements of Changes in Net Assets Available for Benefits			3
Notes to Financial Statements			4

Supplemental Schedules

Schedule G, Part I – Loans or Fixed Income Obligations in Default or Classified as Uncollectible			21
Schedule H, Part IV, Line 4(i) – Schedule of Assets (Held at End of Year)			22

Report of Independent Registered Public Accounting Firm

The Administrative Committee

Time Warner Savings Plan

We have audited the accompanying statements of net assets available for benefits of the Time Warner Savings Plan as of December 31, 2011 and 2010, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

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

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2011 and 2010, and the changes in its net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.

Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. 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, 2011 are presented for purposes of additional analysis and are not a required part of the financial statements but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. Such information is the responsibility of the Plan’s management. The information has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.

/s/ Ernst & Young LLP

New York, New York

June 22, 2012

Time Warner Savings Plan

Statements of Net Assets Available for Benefits


	December 31,
	2011		2010

	(In Thousands)

Investments – at fair value:
Commingled trust funds	$	825,967	$	1,036,406
Time Warner common stock		287,944		285,363
Other common stocks		619,162		586,681
Preferred stocks		250		758
Synthetic investment contracts		611,580		596,176
Mutual funds		768,324		683,248
U.S. government and agency securities		198,401		178,693
Other fixed income securities		139,241		141,827
Cash, cash equivalents and other investments		75,565		92,766

Total investments, at fair value		3,526,434		3,601,918

Contributions receivable:
Employer		6,062		629
Participants		854		15
Notes receivable from participants		58,821		57,389
Receivables for securities sold		1,963		81,071
Other assets		4,817		4,366

Total assets		3,598,951		3,745,388

Payables for securities purchased		15,558		163,070
Other liabilities		4,372		4,789

Total liabilities		19,930		167,859


Net assets reflecting investments – at fair value		3,579,021		3,577,529
Adjustment from fair value to contract value for fully benefit-responsive investment contracts		(22,959)		(17,389)


Net assets available for benefits	$	3,556,062	$	3,560,140

See accompanying notes.

Time Warner Savings Plan

Statements of Changes in Net Assets Available for Benefits


	Year Ended December 31,
	2011		2010

	(In Thousands)

Net assets available for benefits at beginning of year	$	3,560,140	$	3,203,826

Changes in net assets:
Investment income, net of fees		46,962		39,468
Net realized and unrealized (depreciation) appreciation in the fair value of investments		(94,524)		331,730

Net investment (loss) income		(47,562)		371,198

Employing company contributions		144,929		108,003
Participant contributions, including rollover contributions		185,562		169,539
Participant loan interest income		2,783		2,985
Participant withdrawals		(285,775)		(296,055)
Administrative expenses		(4,015)		(4,600)
Other income		–		5,244

Net change		(4,078)		356,314

Net assets available for benefits at end of year	$	3,556,062	$	3,560,140

See accompanying notes.

Time Warner Savings Plan

Notes to Financial Statements

December 31, 2011

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”).

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.

Effective January 1, 2011, the Plan was designated as a “Qualified Automatic Contribution Arrangement” and is designed to satisfy the safe harbor requirements under the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the Plan is exempt from nondiscrimination testing.

Effective December 16, 2010, Fiduciary Counselors Inc. was appointed as an independent fiduciary under the Plan and an investment manager with oversight for certain purposes over the Time Warner common stock in the Time Warner Inc. Stock Fund, an investment fund in the Plan.

Significant Event

On March 31, 2010, the Master Trust received approximately $6.5 million from a distribution of settlement funds to resolve the shareholder class action lawsuits brought on behalf of certain stockholders of Time Warner. Individual allocations to eligible participant accounts in the Plan and the TWC Savings Plan (which ceased to be a participating plan in the Master Trust effective October 31, 2008 in connection with the legal and structural separation of Time Warner Cable Inc. from Time Warner on March 12, 2009) were determined by the trustee, Fidelity

Time Warner Savings Plan

Notes to Financial Statements (continued)

1. Description of the Plan (continued)

Management Trust Company (“Fidelity”), based on a calculation by the third-party settlement administrator according to the court-approved plan of allocation. On December 9, 2010, approximately $5.2 million was allocated to the Plan and approximately $1.3 million was allocated to the TWC Savings Plan. The Plan’s allocation is presented as Other income in the Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2010.

Investment Funds, Contributions and Vesting

The Plan provides for multiple investment funds made available through Fidelity pursuant to the Master Trust. Prior to November 4, 2011, the Plan’s investment funds consisted of four asset allocation funds, nine core actively managed funds, four core index funds and a mutual fund window (a self-directed brokerage account). Effective November 4, 2011, an additional core actively managed fund was added as an investment fund in the Plan. Participant contributions, Matching Contributions (as defined below) and Rollovers (as defined below) may generally be invested in specified increments in the investment funds.

Effective July 1, 2010, contributions or investment fund transfers into the Time Warner Inc. Stock Fund are prohibited. However, Plan participants who hold Time Warner common stock in the Time Warner Inc. Stock Fund have the option to either: (i) reinvest cash dividends paid by Time Warner on its common stock in Time Warner common stock through the Time Warner Inc. Stock Fund, or (ii) receive the cash dividends paid by Time Warner on its common stock. If the participant elects to receive dividends in cash, there is a processing fee for a check or an electronic funds transfer, which is deducted from the participant’s Plan account. Effective July 1, 2010, the Time Warner Inc. Stock Fund was designated as an employee stock ownership plan component of the Plan.

Time Warner Savings Plan

Notes to Financial Statements (continued)

1. Description of the Plan (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 prescribed by the Code. 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.

Employees hired on or after January 1, 2007 were automatically enrolled in the Plan with a pre-tax contribution rate of 2% and were invested in the Plan’s default investment option (the Growth Asset Allocation Fund) approximately 90 days following the hire date, unless employees elected otherwise during the first 60 days of employment. Effective July 1, 2010, eligible Plan participants with a pre-tax contribution rate of less than 3% and all newly eligible Plan participants 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. In addition, 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 3% contribution rate unless they affirmatively decline to participate or elect a different contribution percentage. Participant contributions and Matching Contributions are invested in the Growth Asset Allocation Fund unless participants elect other investment option(s). With respect to participants who were automatically enrolled in the Plan at a pre-tax contribution rate of 3% prior to January 1, 2011 and had not changed their contribution rate, the contribution rate for such participants automatically increased by 1% beginning on January 1, 2012 and will increase by 1% each January 1 thereafter to a maximum contribution rate of 6%. With respect to newly eligible Plan participants who are automatically enrolled in the Plan on or after January 1, 2011 and have not changed their contribution rate, the automatic annual increases will take effect on the respective first anniversary of the participants’ enrollment in the Plan and continue on each subsequent anniversary date until the 6% maximum for automatic contributions is reached. Participants who are automatically enrolled in the Plan may change their contribution rate or opt out of the Plan at any time.

Prior to July 1, 2010, Matching Contribution rates varied among Employing Companies and were calculated based on one of the following formulas: 66.67% on up to the first 6% of the participant’s eligible compensation contributed to the Plan; or 160% on up to the first 4% of the participant’s eligible compensation contributed to the Plan. Effective July 1, 2010, Matching Contribution rates for eligible Plan participants became consistent across all participating

Time Warner Savings Plan

Notes to Financial Statements (continued)

1. Description of the Plan (continued)

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.

Effective January 1, 2011, the elective deferral limit for highly compensated employees increased from 10%, or 20% for Turner Broadcasting System, Inc. employees, to 50% for pre-tax contributions subject to the limit established by the Internal Revenue Service (“IRS”).

Participants are allowed to transfer amounts from certain other tax qualified plans to the Plan (“Rollovers”). Rollovers are included as participant contributions in the Statements of Changes in Net Assets Available for Benefits.

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 earnings thereon are fully vested.

Matching Contributions and earnings thereon generally vest based on years or periods of service as follows:

Matching Contributions Made and Earnings Thereon: ⁽¹⁾

Prior to March 1, 2007

March 1, 2007 to

June 30, 2010

On or After July 1, 2010

Years or Periods

of Service

Vested
Percentage

Years or Periods

of Service

Vested
Percentage

Years or Periods

of Service

Vested
Percentage

Less than 2 years

Less than 1 year

Less than 2 years

2 but less than 3 years

1 but less than 2 years

2 years or more

100

3 but less than 4 years

2 but less than 3 years

4 but less than 5 years

3 but less than 4 years

5 years or more

100

4 but less than 5 years

5 years or more

100

(1) Any completed service prior to the dates set forth in this table generally counts toward vesting.

Time Warner Savings Plan

Notes to Financial Statements (continued)

1. Description of the Plan (continued)

Matching Contributions and 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.

The Plan provisions described above that became effective July 1, 2010 (relating to (i) the automatic enrollment of certain eligible Plan participants, (ii) the Matching Contributions rate and (iii) the vesting of Matching Contributions (and earnings thereon) made on or after July 1, 2010) do not apply to certain employees subject to a collective bargaining agreement at one of Time Warner’s subsidiaries.

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. Forfeited Employing Company Contributions and earnings thereon for 2011 and 2010 were $3.3 million and $2.9 million, respectively. The amount of forfeited nonvested accounts as of December 31, 2011 and 2010 was $4.2 million and $5.3 million, respectively, and is included in the Statements of Net Assets Available for Benefits.

Notes Receivable From Participants

Under the Plan, participants may periodically transfer account balances among the investment funds offered under the Plan and, subject to certain restrictions and penalties, withdraw amounts and/or take loans from their accounts. The maximum number of new 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. 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 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 requested. Effective April 1, 2007, 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%. Prior to April 1, 2007, interest rates for such loans were set at the prime rate in effect at the time of the loan plus 1%. Participants who

Time Warner Savings Plan

Notes to Financial Statements (continued)

1. Description of the Plan (continued)

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 requested. Interest rates on outstanding participant loans as of December 31, 2011 and 2010 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.

Time Warner Savings Plan

Notes to Financial Statements (continued)

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 included in Investment income, net of fees in the Statements of Changes in Net Assets Available for Benefits.

Payment of Benefits

Participant withdrawals are recorded when paid.

Administrative Expenses

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

Reclassification

Certain 2010 amounts have been reclassified to conform to the current year presentation.

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 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

Time Warner Savings Plan

Notes to Financial Statements (continued)

2. Basis of Presentation and Summary of Significant Accounting Policies (continued)

participants at the measurement date (an exit price). See Note 4 for further discussion and disclosures related to fair value measurements.

Investments in the Statements of Net Assets Available for Benefits include fully benefit-responsive investment contracts recognized at fair value with a corresponding adjustment to reflect these investments at contract value.

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

Recent Accounting Standards

In May 2011, the Financial Accounting Standards Board (“FASB”) issued additional guidance related to fair value measurements and disclosures that (i) states that the concepts of highest and best use and valuation premise are only relevant when measuring the fair value of nonfinancial assets and, therefore, do not apply to financial assets or any liabilities, (ii) prohibits the application of a blockage factor (i.e., premiums and discounts related to size as a characteristic of the entity’s holding) for all fair value measurements, regardless of hierarchy level, (iii) allows an entity that manages market risks and counterparty credit risk exposure of a group of financial instruments to measure those financial instruments on the basis of the net position for the risk being managed, (iv) requires that an entity measure the fair value of its own equity instruments from the perspective of a market participant that holds the instruments as assets and (v) requires new and enhanced disclosures. This guidance will become effective beginning with the Plan’s fiscal year ending December 31, 2012 and will be applied on a prospective basis. The adoption of this guidance is not expected to have a material effect on the Plan’s financial statements.

In accordance with guidance issued by the FASB in January 2010, purchases, sales, issuances and settlements of Level 3 assets and liabilities have been disclosed on a gross basis. The adoption of this guidance did not have a material effect on the Plan’s financial statements.

3. Investments

Plan investments are made in a variety of investment securities, held in the Master Trust, that are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk

Time Warner Savings Plan

Notes to Financial Statements (continued)

3. Investments (continued)

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 Statements of Net Assets Available for Benefits.

During the years ended December 31, 2011 and 2010, the Plan’s investments (depreciated) appreciated in fair value as follows:


	Year Ended December 31,
	2011		2010

	(In Thousands)
Net realized and unrealized (depreciation) appreciation in fair value of investments:
Commingled trust funds	$	(28,782)	$	122,966
Time Warner common stock		34,170		28,826
Other common stocks		(55,507)		94,639
Preferred stocks		80		48
Mutual funds		(56,207)		70,250
U.S. government and agency securities		14,071		10,737
Other fixed income securities		(2,008)		6,238
Cash, cash equivalents and other investments		(341)		(1,974)

Total net realized and unrealized (depreciation) appreciation in the fair value of investments	$	(94,524)	$	331,730

Time Warner Savings Plan

Notes to Financial Statements (continued)

3. Investments (continued)

The following table presents investments that each represented 5% or more of the Plan’s net assets available for benefits:


	December 31,
	2011			2010

	(In Thousands)
Commingled Trust Funds:
BlackRock Equity Index–Fund H, 6,800,067 and 6,885,050 units, respectively		$	296,619		$	293,923
BlackRock MSCI ACWI ex-U.S. Index-Fund C, 20,148,351 units			180,126			–
Common Stock:
Time Warner, 7,967,449 and 8,870,458 shares, respectively			287,944			285,363
Mutual Fund:
Dodge & Cox Stock Fund, 3,887,173 and 4,403,023 shares, respectively			390,166			474,470

The Capital Preservation Fund, an investment fund available in the Plan, includes fully benefit-responsive synthetic investment contracts that are valued at fair value and adjusted to contract value in the Statements 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. See Note 4 for further discussion and disclosures related to fair value measurements.

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;

Time Warner Savings Plan

Notes to Financial Statements (continued)

3. Investments (continued)

•

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 any of these events or any other event that would limit the ability of the Capital Preservation Fund to transact at contract value is not probable.

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

The following table presents Crediting Rate and yield information for the Plan’s Capital Preservation Fund:


	December 31,
	2011		2010


Crediting Rate ^(a)		2.3%		2.5%
Average annualized yield for the year		2.4		2.5

^(a)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 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%.

Time Warner Savings Plan

Notes to Financial Statements (continued)

3. Investments (continued)

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 Statements of Changes in Net Assets Available for Benefits; therefore, no gains or losses are deferred. At December 31, 2011 and December 31, 2010, the derivative financial instruments held by the Plan were not material. The derivative financial instruments held by the Plan at December 31, 2011 consisted of foreign currency contracts and at December 31, 2010 included foreign currency contracts, swaps, futures and options.

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)

4. Fair Value Measurements (continued)

The following table presents information about the Plan’s assets required to be carried at fair value on a recurring basis as of December 31, 2011 and December 31, 2010 (in thousands):

December 31, 2011

December 31, 2010

Asset Category

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Commingled trust funds ^(a)

–

825,967

–

825,967

–

1,036,406

–

1,036,406

Equity securities:

Time Warner common stock

287,944

–

287,944

285,363

–

285,363

Other common stocks:

Domestic equities

571,322

–

571,322

559,571

–

559,571

International equities

47,840

–

47,840

27,110

–

27,110

Preferred stocks

250

–

250

758

–

758

Synthetic investment contracts:

U.S. government and agency securities

296,940

102,427

–

399,367

265,648

99,784

–

365,432

Mortgage related obligations

–

58,815

–

58,815

–

66,137

–

66,137

Investment grade corporate bonds^(b)

–

146,523

–

146,523

–

160,370

–

160,370

Cash, cash equivalents and other investments

5,834

1,041

–

6,875

2,854

1,383

–

4,237

Mutual funds^(c)

768,324

–

768,324

683,248

–

683,248

Fixed income securities:

U.S. government and agency securities

124,161

72,562

1,678

198,401

47,437

127,525

3,731

178,693

Mortgage related obligations

–

34,638

–

34,638

–

41,236

–

41,236

Investment grade corporate bonds^(b)

–

81,762

2,548

84,310

–

80,892

2,053

82,945

Non-investment grade corporate bonds^(b)

–

20,290

20,293

–

17,646

–

17,646

Cash, cash equivalents and other investments^(d)

27,027

48,538

–

75,565

6,708

86,058

–

92,766

Total

2,129,642

1,392,563

4,229

3,526,434

1,878,697

1,717,437

5,784

3,601,918

^(a)

At December 31, 2011 and December 31, 2010, the underlying securities held in one of the commingled trust funds (comprising approximately 15% and 20% of the funds’ assets at December 31, 2011 and December 31, 2010, respectively) consisted primarily of marketable fixed income securities, and the underlying securities held in the remaining commingled trust funds consisted primarily of marketable equity securities.

^(b)	Investment grade corporate bonds have an S&P rating of BBB- or higher and non-investment grade corporate bonds have an S&P rating of BB+ and below.

^(c)

At December 31, 2011, mutual funds included $390,166 in the Dodge & Cox Stock Fund, $197,346 in Fidelity BrokerageLink, $131,286 in the Manning & Napier Overseas Fund and $49,526 in the DFA Emerging Markets Core Equity Portfolio Institutional Class Fund. At December 31, 2010, mutual funds included $474,470 in the Dodge & Cox Stock Fund and $208,778 in Fidelity BrokerageLink.

^(d)	At December 31, 2011 and December 31, 2010, included cash and cash equivalents of $75,565 and $92,776 and derivative contracts of $- and $(10), respectively.

Time Warner Savings Plan

Notes to Financial Statements (continued)

4. Fair Value Measurements (continued)

The following table reconciles the beginning and ending balances of the Plan’s assets classified as Level 3 for the year ended December 31, 2011 and December 31, 2010 (in thousands):

December 31, 2011

December 31, 2010

Investment Grade

Corporate Bonds

Non-investment

Grade

Corporate

Bonds

US Government

and Agency

Securities

Total

Investment

Grade

Corporate

Bonds

Government

and Agency

Securities

Total

Balance at beginning of period

2,053

–

3,731

5,784

–

1,872

Actual return on plan assets:

Relating to assets still held at end of period

(307)

(23)

(327)

–

(16)

Relating to assets sold during the period

–

Purchases

1,227

–

389

1,616

–

874

Sales

(459)

–

(39)

(498)

–

(7)

Issuances

–

Settlements

–

Transfers into Level 3

–

2,053

1,008

3,061

Transfers out of Level 3

–

(2,380)

–

Balance at end of period

2,548

1,678

4,229

2,053

3,731

5,784

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

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

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

Synthetic investment contracts: The fair value of the benefit-responsive synthetic investment contracts at year end is calculated by discounting the related cash-flows based on current yields of similar instruments with comparable durations. Contract value represents contributions made under the contract, plus interest at the contract rate, less withdrawals under the contract. As of December 31, 2011 and 2010, there were no reserves against contract values for credit risk of contract issuers or otherwise.

Time Warner Savings Plan

Notes to Financial Statements (continued)

4. Fair Value Measurements (continued)

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

Fixed income securities: Valued at the closing price at year end as reported on the active market on which the individual securities are traded. Securities not traded on an active market are valued based on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar securities, the securities are valued using a discounted cash flows approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. Due to the subjectivity involved in this assessment, these investments may be classified in Level 3 of the fair value hierarchy.

Cash equivalents and other investments: Cash equivalents consist of investments in short term investment funds and a money market fund valued at net asset value per unit equal to one dollar at year end. Other investments can consist of repurchase agreements, foreign exchange, futures, option and swap contracts. Repurchase agreements are valued at amortized cost. 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 2011 and 2010 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, respectively. There were no purchases or sales of Time Warner common stock by the Plan directly from or to Time Warner in 2011 and 2010.

Time Warner Savings Plan

Notes to Financial Statements (continued)

5. Transactions with Parties-in-Interest (continued)

Certain Plan investments are managed by Fidelity. State Street Bank acts as sub-custodian for certain Plan investments. Therefore, Fidelity’s management of such Plan investments and State Street Bank’s holding of such investments as sub-custodian qualify as party-in-interest transactions.

6. Tax Status of Plan

The Plan has received a determination letter from the IRS, dated May 13, 2010, stating that the Plan is qualified under Section 401(a) of the Code and, therefore, the related trust is exempt from taxation. Subsequent to this determination by the IRS, the Plan was amended. 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 that the Plan’s information statement on Form 5500 is subject to examination for years after 2007; however, there are currently no audits for any periods in progress.

7. Subsequent Event

On January 13, 2012, a subsidiary of Time Warner sold its school fundraising business, known as QSP, to a third party purchaser. Employees of the QSP business participating in the Plan who were transferred from QSP and employed by the purchaser on January 23, 2012 became fully vested in their Employing Company Contributions in the Plan on that date. Employees of the QSP business who were or will be separated from service by QSP were or will be, as applicable, fully vested in their Employing Company Contributions in the Plan on the applicable date of separation of service.

Time Warner Savings Plan

Notes to Financial Statements (continued)

8. 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 2011 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:


	December 31,
	2011		2010

		(In Thousands)
Net assets available for benefits per the financial statements	$	3,556,062	$	3,560,140
Adjustment from contract value to fair value for fully benefit-responsive investment contracts		22,959		17,389

Net assets per the Form 5500	$	3,579,021	$	3,577,529


	Year Ended December 31, 2011
	(In Thousands)

Net investment loss from the Plan per the financial statements	$	(47,562)
Reversal of prior year adjustment from contract value to fair value for fully benefit-responsive investment contracts		(17,389)
Adjustment from contract value to fair value for fully benefit-responsive investment contracts		22,959

Net investment loss from the Plan per the Form 5500	$	(41,992)

Supplemental Schedules

Time Warner Savings Plan

EIN: #13-4099534 Plan: #336

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

December 31, 2011

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

Glitnir Bank

GLITNIR 3ML+273.25 6/16 144A

411,000

–

27,508

–

27,508

Glitnir Bank

GLITNIR BK MTN 6.33% 7/11 144A

279,000

–

296,661

279,000

17,661

Kaupthing Bank

KAUPTHING BK 5.75% 10/4/11 144A

120,000

–

126,900

120,000

6,900

Kaupthing Bank

KAUPTHING BK 7.625% 2/28/15

1,177,000

–

89,746

–

89,746

Kaupthing Bank

KAUPTHING MTN 7.125% 5/19/16 144A

130,000

–

9,263

–

9,263

Landsbankinn

LANDSBANKI IS MTN 6.1% 8/25/11

641,000

–

680,101

641,000

39,101

Lehman Brothers

LEHMAN BROS HLD 6.75% 12/28/17

390,000

–

26,325

–

26,325

Lehman Brothers

LEHMAN BROS 3ML 8/19/65

220,000

–

4,731

–

4,731

Records are being maintained by Fidelity for each of the overdue loans listed above. Fidelity will periodically contact each obligor

(one who owes the Plan money) for future collections of each fixed income obligation in default.

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, 2011


Shares or Units		Description	Current Value

		Commingled Trust Funds
	20,148,351	BlackRock MSCI ACWI ex-U.S. Index – Fund C	$	180,126,258
	6,800,067	BlackRock Equity Index – Fund H		296,618,942
	3,136,414	BlackRock Extended Equity – Market Fund K		137,657,232
	9,475,236	BlackRock US Debt Index – Fund T		166,006,126
	4,696,775	Pyramis Select Global Plus		45,558,720

		Total Commingled Trust Funds	$	825,967,278

	7,967,449	Time Warner Inc. Common Stock*	$	287,943,607

		Other Common Stocks
	2,700	3M CO	$	220,671
	90,113	ABBOTT LABORATORIES		5,067,054
	33,525	ACACIA RESEARCH – ACACIA TECH		1,223,998
	155,319	ACCENTURE PLC CL A		8,267,630
	51,550	ACME PACKET INC		1,593,411
	235,495	ACXIOM CORP		2,875,394
	114,250	AERCAP HOLDINGS NV		1,289,883
	289,430	AIMIA		3,393,356
	7,500	AIR PRODUCTS & CHEMICALS INC		638,925
	8,300	ALEXION PHARMACEUTICALS INC		593,450
	42,250	ALIGN TECHNOLOGY INC		1,002,381
	15,300	ALLERGAN INC		1,342,422
	9,500	ALTERA CORP		352,450
	70,551	AMAZON.COM INC		12,212,378
	44,700	AMERICAN EXPRESS CO		2,108,499
	46,975	AMERICAN PUBLIC EDUCATION INC		2,033,078
	59,300	AMERICAN TOWER CORP CL A (OLD)		3,558,593
	13,700	AMERIPRISE FINANCIAL INC		680,068
	57,300	ANCESTRY.COM INC		1,315,608
	108,507	ANSYS INC		6,215,281
	207,605	AOL INC		3,134,836
	71,989	APPLE INC		29,155,545
	76,986	ARCOS DORADOS HOLDINGS INC A		1,580,523
	221,291	ARM HOLDINGS PLC		2,034,693
	43,525	ARUBA NETWORKS INC		806,083

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, 2011


Shares or Units		Description	Current Value

		Other Common Stocks (continued)
	164,110	ASSOCIATED BANC CORP	$	1,833,109
	281,143	ATMEL CORP		2,277,258
	20,400	AUTODESK INC		618,732
	31,200	BAIDU INC SPON ADR		3,633,864
	13,300	BAKER HUGHES INC		646,912
	174,551	BANKRATE INC		3,752,847
	11,100	BAXTER INTL INC		549,228
	17,500	BED BATH & BEYOND INC		1,014,475
	99,042	BIOGEN IDEC INC		10,899,572
	500	BLACKROCK INC		89,120
	17,200	BOEING CO		1,261,620
	10,282	BORGWARNER INC		655,375
	55,100	BROADCOM CORP CL A		1,617,736
	78,150	BROADSOFT INC		2,360,130
	600	BUFFALO WILD WINGS INC		40,506
	33,825	CABELAS INC		859,832
	202,580	CALPINE CORP		3,308,131
	24,300	CAMERON INTERNATIONAL CORP		1,195,317
	29,000	CARDINAL HEALTH INC		1,177,690
	164,851	CARMAX INC		5,024,658
	40,400	CARNIVAL CORP PAIRED CTF		1,318,656
	57,925	CARRIZO OIL & GAS INC		1,526,324
	6,000	CATERPILLAR INC		543,600
	38,175	CAVIUM INC		1,085,315
	2,300	CBRE GROUP INC		35,006
	70,875	CELADON GRP INC		837,034
	32,800	CELGENE CORP		2,217,280
	14,866	CHIPOTLE MEXICAN GRILL INC		5,020,843
	155,442	CITY NATIONAL CORP		6,867,428
	400	CME GROUP INC CL A		97,468
	15,200	COACH INC		927,808
	500	COCA COLA CO		34,985
	218,096	COLUMBIA BANKING SYSTEMS INC		4,202,710
	15,497	COMMERCE BANCSHARES INC		590,746
	46,684	COMPASS MINERALS INTL INC		3,214,193
	158,800	COMSTOCK RESOURCES INC NEW		2,429,640
	34,905	CONCHO RESOURCES INC		3,272,344
	11,900	CONCUR TECHNOLOGIES INC		604,401
	84,950	CONSTANT CONTACT INC		1,971,690

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, 2011


Shares or Units		Description	Current Value

		Other Common Stocks (continued)
	22,025	COPA HOLDINGS SA CL A	$	1,292,207
	16,700	CORPORATE EXECUTIVE BRD CO		636,270
	4,100	COVIDIEN PLC		184,541
	23,475	CUBIST PHARMACEUTICALS INC		930,080
	41,359	CUMMINS INC		3,640,419
	12,150	CYMER INC		604,584
	113,700	DANAHER CORP		5,348,448
	2,000	DEERE & CO		154,700
	158,529	DENBURY RESOURCES INC		2,393,788
	500	DEVON ENERGY CORP		31,000
	30,100	DISCOVERY COMM INC CL C NON-VO		1,134,770
	23,300	DISNEY (WALT) CO		873,750
	82,693	DOLLAR TREE INC		6,872,615
	35,672	DST SYSTEMS INC		1,623,789
	56,975	DYNAMIC MATERIALS CORP		1,126,966
	54,400	EBAY INC		1,649,952
	2,900	ECOLAB INC		167,649
	700	EDWARDS LIFESCIENCES CORP		49,490
	79,232	EHEALTH INC		1,164,710
	69,400	EMC CORP		1,494,876
	69,675	EMERGENT BIOSOL		1,173,327
	7,400	EMERSON ELEC CO		344,766
	32,125	ENCORE CAP GROUP INC		682,978
	14,581	ENDOLOGIX INC		167,390
	16,800	EOG RESOURCES INC		1,654,968
	9,900	EQT CORPORATION		542,421
	121,587	EURONET WORLDWIDE INC		2,246,928
	151,637	EXPEDITORS INTL OF WASH INC		6,211,052
	38,300	EXPRESS SCRIPTS INC		1,711,627
	57,700	FASTENAL CO		2,516,297
	29,900	FEDEX CORP		2,496,949
	57,925	FINANCIAL ENGINES INC		1,293,465
	749,758	FIRST HORIZON NATIONAL CORP		5,998,064
	603,554	FIRST NIAGARA FINL GROUP INC		5,208,671
	2,300	FISERV INC		135,102
	17,600	FMC TECHNOLOGIES INC		919,248
	11,200	FOSSIL INC		888,832
	27,600	FRANKLIN RESOURCES INC		2,651,256
	17,900	FRESH MARKET INC		714,210

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, 2011


Shares or Units		Description	Current Value
		Other Common Stocks (continued)
	14,275	FTI CONSULTING INC	$	605,546
	675,969	FULTON FINANCIAL CORP		6,631,256
	3,143	FUSION-IO INC		76,061
	164,863	GAMESTOP CORP CL A		3,978,144
	5,600	GENERAL ELECTRIC CO		100,296
	100	GENERAL MOTORS CO		2,027
	74,080	GENWORTH MI CANADA INC		1,491,202
	800	GILEAD SCIENCES INC		32,744
	132,200	GLOBE SPECIALTY METALS INC		1,770,158
	400	GOLDMAN SACHS GROUP INC		36,172
	191,525	GOODRICH PETRO CORP		2,629,638
	22,548	GOOGLE INC A		14,563,753
	12,800	GROUPON INC CLASS A		264,064
	61,187	GUESS INC		1,824,596
	263,070	HALLIBURTON CO		9,078,546
	246,725	HANSEN MEDICAL INC		636,551
	33,817	HANSEN NATURAL CORP		3,115,898
	62,643	HARMAN INTL IND INC NEW		2,382,940
	4,800	HOME DEPOT INC		201,792
	19,000	HONEYWELL INTL INC		1,032,650
	222,775	HORSEHEAD HOLDING CORP		2,007,203
	16,825	HURON CONSULTING GROUP INC		651,801
	89,400	INFORMATICA CORP		3,301,542
	126,513	INNERWORKINGS INC		1,177,836
	150,525	INPHI CORP		1,800,279
	41,775	INSULET CORP		786,623
	393,544	INTEGRATED DEVICE TECH INC		2,148,750
	10,400	INTERCONTINENTAL EXCHANGE INC		1,253,720
	1,500	INTL BUS MACH CORP		275,820
	7,000	INTUIT INC		368,130
	22,729	INTUITIVE SURGICAL INC		10,523,754
	71,400	INVESCO LTD		1,434,426
	15,800	IPC THE HOSPITALIST CO		722,376
	43,975	IPG PHOTONICS CORP		1,489,433
	17,118	JAZZ PHARMACEUTICALS INC		661,268
	29,700	JOHNSON CONTROLS INC		928,422
	42,197	JONES LANG LASALLE INC		2,584,988
	8,700	JOY GLOBAL INC		652,239
	8,800	JPMORGAN CHASE & CO		292,600

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, 2011


Shares or Units		Description	Current Value
		Other Common Stocks (continued)
	48,800	JUNIPER NETWORKS INC	$	996,008
	4,200	KANSAS CITY SOUTHERN		285,642
	28,691	LAREDO PETROLEUM INC		639,809
	43,300	LAS VEGAS SANDS CORP		1,850,209
	39,100	LIBERTY INTERACTIVE CORP		634,007
	25,067	LIFE TIME FITNESS INC		1,171,882
	3,700	LIMITED BRANDS INC		149,295
	2,800	LINKEDIN CORP		176,428
	24,886	MAGELLAN HLTH SERVICES INC		1,231,110
	5,250	MARKETAXESS HLDGS INC		158,078
	47,900	MARRIOTT INTERNATIONAL INC A		1,397,243
	9,500	MARSH & MCLENNAN COS INC		300,390
	19,387	MASTERCARD INC CL A		7,227,861
	69,212	MCCORMICK & CO INC NON-VTG		3,489,669
	17,400	MCDONALDS CORP		1,745,742
	39,200	MCKESSON CORP		3,054,072
	23,200	MELLANOX TECH LTD (USA)		753,768
	95,030	MITEK SYSTEMS INC		688,968
	84,950	MOBILE MINI INC		1,482,378
	71,410	MONEYGRAM INTERNATIONAL INC		1,267,528
	92,352	MONSANTO CO NEW		6,471,105
	168,553	MYRIAD GENETICS INC		3,529,500
	146,466	NATIONAL OILWELL VARCO INC		9,958,223
	254,139	NEW GOLD INC(US)		2,561,721
	112,466	NIELSEN HOLDINGS BV		3,339,116
	19,700	NIKE INC CL B		1,898,489
	9,800	NORTHERN TRUST CORP		388,668
	104,725	NUVASIVE INC		1,318,488
	150,517	OCCIDENTAL PETROLEUM CORP		14,103,443
	8,500	OMNICOM GROUP INC		378,930
	55,477	O’REILLY AUTOMOTIVE INC		4,435,386
	43,914	PANERA BREAD CO CL A		6,211,635
	113,672	PARAMETRIC TECHNOLOGY CORP		2,075,651
	22,500	PEABODY ENERGY CORP		744,975
	108,803	PEYTO EXPL & DEV CORP NEW		2,605,759
	3,800	PIONEER NATURAL RESOURCES CO		340,024
	193,208	PNC FINANCIAL SERVICES GRP INC		11,142,305
	41,325	POLYPORE INTERNATIONAL INC		1,817,887
	1,600	POTASH CORP OF SASKATCHEWN(US)		66,048

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, 2011


Shares or Units		Description	Current Value
		Other Common Stocks (continued)
	36,200	PRAXAIR INC	$	3,869,780
	78,492	PRECISION CASTPARTS CORP		12,934,697
	20,247	PRICELINE.COM INC		9,469,724
	400	PROCTER & GAMBLE CO		26,684
	14,100	PRUDENTIAL FINANCIAL INC		706,692
	29,525	QLIK TECHNOLOGIES INC		714,505
	70,200	QUALCOMM INC		3,839,940
	119,300	QUESTAR CORP		2,369,298
	37,650	QUESTCOR PHARMACEUTICALS INC		1,565,487
	286,425	QUICKSILVER RES INC		1,921,912
	66,473	RALPH LAUREN CORP		9,178,592
	12,200	RANGE RESOURCES CORP		755,668
	40,773	REACHLOCAL INC		251,977
	103,450	RED HAT INC		4,271,451
	106,100	REDWOOD TRUST INC REIT		1,080,098
	83,292	ROPER INDUSTRIES INC		7,235,576
	96,775	ROSETTA STONE INC		738,393
	315,850	ROSS STORES INC		15,012,351
	2,400	SALESFORCE.COM INC		243,504
	13,725	SALIX PHARMACEUTICALS LTD		656,741
	52,700	SCHLUMBERGER LTD		3,599,937
	159,554	SCORPIO TANKERS INC		780,219
	397,268	SENSATA TECHNOLOGIES HOLDG BV		10,440,203
	52,500	SERVICESOURCE INTL INC		823,725
	600	SHERWIN WILLIAMS CO		53,562
	300	SHIRE PLC SPON ADR		31,170
	56,850	SHUTTERFLY INC		1,293,906
	49,977	SIRONA DENTAL SYSTEMS INC		2,200,987
	72,109	STANCORP FINL GROUP INC		2,650,006
	5,400	STANLEY BLACK & DECKER INC		365,040
	75,200	STARBUCKS CORP		3,459,952
	28,800	STARWOOD HTLS & RESRT WRLDWIDE		1,381,536
	15,600	STATE STREET CORP *		628,836
	21,575	STEVEN MADDEN LTD		744,338
	16,800	STRYKER CORP		835,128
	13,277	SUSQUEHANNA BANCSHARES INC PA		111,261
	135,438	SYCAMORE NETWORKS INC		2,424,340
	8,100	TD AMERITRADE HOLDING CORP		126,765
	33,075	TENNECO INC		984,974

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, 2011


Shares or Units		Description	Current Value
		Other Common Stocks (continued)
	107,600	TERADYNE INC	$	1,466,588
	73,025	TESCO CORP		923,036
	87,145	TESLA MOTORS INC		2,488,861
	54,200	TEXAS ROADHOUSE INC		807,580
	8,900	THERMO FISHER SCIENTIFIC INC		400,233
	4,800	TIFFANY & CO		318,048
	39,400	TITAN MACHINERY INC		856,162
	64,624	TORCHMARK CORP		2,804,035
	18,166	TRANSDIGM GROUP INC		1,738,123
	104,655	ULTA SALON COSMETICS & FRG INC		6,794,203
	25,300	UNION PACIFIC CORP		2,680,282
	61,025	UNITED RENTALS INC		1,803,289
	22,000	UNITED TECHNOLOGIES CORP		1,607,980
	9,700	UNITEDHEALTH GROUP INC		491,596
	34,500	US BANCORP DEL		933,225
	64,662	VAIL RESORTS INC		2,739,082
	25,030	VARIAN MEDICAL SYSTEMS INC		1,680,264
	104,400	VCA ANTECH INC		2,061,900
	26,200	VERA BRADLEY INC		844,950
	112,488	VIACOM INC CL B		5,108,080
	22,400	VISA INC CL A		2,274,272
	43,675	VISTAPRINT NV		1,336,455
	69,525	VITRAN CORP INC (US)		400,464
	286,350	WABASH NATIONAL CORP		2,244,984
	77,978	WASTE CONNECTIONS INC		2,584,191
	800	WEIGHT WATCHERS INTL INC		44,008
	8,600	WELLS FARGO & CO		237,016
	532,868	WENDYS CO		2,856,172
	117,716	WESCO AIRCRAFT HOLDINGS INC		1,646,847
	1,600	WESTERN UNION CO		29,216
	13,100	WHOLE FOODS MARKET INC		911,498
	121,104	WILLIAMS-SONOMA INC		4,662,504
	178,725	WISDOMTREE INVESTMENTS INC		1,081,286
	16,589	WW GRAINGER INC		3,105,295
	77,335	WYNN RESORTS LTD		8,544,744
	30,800	XILINX INC		987,448
	142,541	YUM BRANDS INC		8,411,344
	32,700	ZOLL MEDICAL CORP		2,065,986

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, 2011


Shares or Units		Description	Current Value
		Other Common Stocks (continued)
	60,288	ZYNGA INC	$	567,310
		Total Other Common Stocks	$	619,162,144

		Preferred Stocks
	1,450	CITIGROUP CAP XIII 7.875% PFD	$	37,787
	8,450	CITIGROUP CAP XII 8.5% PFD		212,602
		Total Preferred Stocks	$	250,389

		Synthetic Investment Contracts
		CASH	$	354,583
	5,479,891	COLCHESTER STREET TRUST MONEY MARKET PORTFOLIO CLASS I		5,479,891
	1,350,000	ABBEY NATL 3.875% 11/10/14 144A		1,274,563
	240,000	ALLYA 2011-4 A2 .65% 3/14		239,832
	1,280,000	ALLYA 10-4 A3 ABS .91 11/17/14		1,279,849
	515,400	ALLYA 2010-1 A3 1.45% 5/14		517,264
	720,000	ALLYA 2010-5 A3 1.11% 1/15		721,416
	690,000	ALLYA 2011-1 A3 1.38% 1/15		693,689
	600,000	ALLYA 2011-2 A3 1.18% 4/15		601,405
	770,000	ALLYA 2011-3 A3 0.97% 8/15		768,411
	606,000	AMER HONDA 2.5% 9/21/15 144A		620,927
	1,220,000	AMERICAN EX CC 2.75% 9/15/15		1,236,564
	620,000	AMERICAN EX MTN 2.8% 9/19/16		628,093
	300,000	AMERICAN HONDA 2.375 3/13 144A		306,268
	551,000	ANHEUSER BUSCH 1.5% 7/14/14		558,841
	590,000	ANZ BK GRP 2.125% 1/10/14 144A		595,456
	116,506	APART 2007-1 C 5.43% 2/14		117,024
	608,000	AT&T INC 2.4% 8/15/16		625,861
	2,430,000	AT&T INC 2.5% 8/15/15		2,539,577
	600,000	AT&T INC 2.95% 5/15/16		627,672
	778,684	BAAT 2010-2 A3 2.4% 7/14		781,465
	188,129	BACM 2005-3 A2 CSTR 4.501% 7/43		188,760
	3,764,270	BACM 2005-3 XP CSTR 0.614% 7/43		8,901
	9,664,734	BACM 2005-5 XP CSTR 0182% 10/45		8,672
	445,000	BALTIMORE G&E 6.125% 7/01/13		491,669
	2,290,000	BANK AMER 4.5% 4/1/15		2,235,910
	1,890,000	BANK AMER FDG 3.7% 9/1/15		1,782,101
	990,000	BANK NOVA SCOTIA 2.25% 1/22/13		1,013,450
	1,900,000	BANK OF NOVA SC 2.05% 10/07/15		1,917,085
	1,220,000	BANK OF NY 2.3% 7/28/16		1,235,975

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, 2011


Shares or Units		Description	Current Value

		Synthetic Investment Contracts (continued)
	595,000	BANK OF NY 4.3% 5/15/14	$	641,746
	630,000	BANK OF NY MTN 2.4% 1/17/17		630,321
	1,690,000	BARCLAYS BANK 2.375% 1/13/14		1,673,023
	590,000	BB&T CORP MTN B/E 3.2% 3/15/16		620,712
	500,000	BB&T CORPORATION 2.05% 4/28/14		506,742
	620,000	BERK HATH INC 2.2% 8/15/16		643,502
	590,000	BERKSHIRE HAT FIN 1.5% 1/10/14		600,824
	620,000	BG ENERGY 2.875% 10/16 144A		637,603
	1,220,000	BMONT Q 2.125% 6/28/13		1,240,137
	840,000	BMWLT 2010-1 A3 0.82% 4/13		840,157
	880,000	BMWLT 2011-1 A3 1.06% 2/14		881,120
	800,000	BMWOT 2011-A A2 .63% 2/14		799,498
	570,000	BMWOT 2011-A A3 .76% 8/15		569,170
	350,000	BNP PARIBAS 2.125% 12/21/12		341,183
	500,000	BOIT 2003-A8 A8 1ML+25 5/16		501,339
	382,000	BONY MELLON MTN 1.7% 11/24/14		384,810
	590,000	BP CAPITAL MARKET 3.2% 3/11/16		624,223
	620,000	BP CAPITAL MARKETS 2.248% 11/16		626,419
	150,446	BSCMS 2007-PW17 A2 5.574% 6/50		152,457
	2,186	BSCMS 2007-T28 A1 5.422% 9/42		2,194
	1,800,000	C 6.5% 08/13 SNR		1,916,866
	1,320,000	CAPITAL ONE FIN 2.125% 7/15/14		1,315,859
	114,776	CARAT 2007-1 B 5.15% 9/12		115,510
	328,000	CATERPILR FIN 2.75% 6/24/15		340,831
	600,000	CATERPILR FIN MTN 1.375% 5/14		608,522
	1,430,000	CCCIT 2008-A5 A5 4.85% 4/15		1,518,916
	1,760,000	CCCIT 2009-A5 A5 2.25% 12/14		1,786,884
	610,000	CFAST 2010-A A3 .91% 8/13		610,521
	1,430,000	CHAIT 2007-A17 A 5.12% 10/14		1,483,443
	1,420,000	CHAIT 2008-A4 A4 4.65% 3/15		1,490,067
	2,280,000	CHAIT 2011-A2 A2 1ML+9 5/15		2,279,426
	545,000	CIBC 1.45% 9/13/13		547,431
	1,700,000	CITIGR FDG FDIC 1.875% 11/15/12		1,728,604
	600,000	CITIGROUP 3.953% 6/15/16		599,107
	1,200,000	CITIGROUP 4.75% 5/19/15		1,222,148
	224,000	CITIGROUP 5.125% 5/5/14		231,054
	1,271,000	CITIGROUP 6.375% 8/12/14		1,365,386
	590,000	CMMNWLTH BK 2.125% 3/17/14 144		591,949
	70,000	COMERICA INC 3% 9/16/15		72,132

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, 2011


Shares or Units		Description	Current Value

		Synthetic Investment Contracts (continued)
	156,363	COMM 2005-C6 A2 CSTR 6/44	$	157,566
	5,189,447	COMM 2005-C6 XP CSTR 6/44		7,156
	3,180,000	COMMONWETH MTN2.9% 9/17/14 144A		3,348,374
	336,000	COMWLTH EDISON 1.625% 1/15/14		340,989
	382,000	COMWLTH EDISON 1.95% 9/01/16		383,797
	610,000	COVIDIEN INTL 1.875% 6/15/13		616,370
	182,203	CPS 2006-D A4 5.115% 08/13		182,912
	550,000	CREDIT SUIS(NY)MTN 3.5% 3/23/15		549,720
	3,162,000	CREDIT SUISSE NY 2.2% 1/14/14		3,159,754
	63,763	CSFB 2002-CP5 A1 4.106% 12/35		64,072
	570,000	CSFB 2003-C4 A4 5.137% 8/36		595,849
	30,661	CSFB 2003-C5 A3 4.429% 12/36		30,882
	38,152	CSFB 2004-C1 A3 4.321% 1/37		38,475
	287,884	CSMC 2007-C3 A2 CSTR 6/39		290,860
	817,000	DAIMLER CHRYSLER 6.5% 11/15/13		896,786
	625,000	DAIMLER FIN 1.875% 9/15/14144A		625,181
	890,000	DANSKE BANK 3.875% 4/14/16 144		833,713
	1,978,000	DBS BK LTD 5.125%/VAR 5/17 144A		2,010,452
	212,044	DBUBS 2011-LC3A A1 2.238% 8/44		215,557
	590,000	DEUTSCHE BK AG 3.25% 1/11/16		607,215
	421,000	DOMINION RES INC 1.95% 8/15/16		426,268
	1,002,000	DOMINION RESOUR 2.25% 9/1/15		1,033,170
	220,000	DOMINION RESOURCE 1.8% 3/15/14		225,188
	211,000	DUKE ENERGY CAR 1.75% 12/15/16		212,905
	655,000	EDP FINANCE BV5.375% 11/12 144A		652,674
	584,000	ENEL FIN INTL 5.7% 1/15/13144A		601,575
	270,000	ERP OPERAT LP 5.5% 10/1/12		283,720
	395,000	EXPORT DEV CANADA 1.5% 5/15/14		404,388
	930,000	FHLB .375% 11/27/13		929,468
	695,871	FHLG 10YR 3.00% 8/21 #J16393		727,741
	759,308	FHLG 10YR 3.00% 8/21 #J16442		794,084
	786,701	FHLG 15YR 4.50% 8/18 #E98688		839,225
	249,540	FHLG 15YR 4.50% 9/18 #E99205		266,215
	360,120	FHLG 15YR 4.50% 10/18 #E99833		384,427
	211,049	FHLG 15YR 4.50% 11/18 #B10931		225,435
	837,477	FHLG 15YR 5.00% 3/19 #G13052		901,759
	1,173,144	FHLG 15YR 5.00% 4/20 #G13598		1,264,914
	285,664	FHLG 15YR 5.50% 4/18 #G11389		309,670
	501,350	FHLM ARM 2.98% 8/41 #1B8533		524,468

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, 2011


Shares or Units		Description	Current Value

		Synthetic Investment Contracts (continued)
	227,697	FHLM ARM 2.99% 8/41 #1B8556	$	237,960
	287,995	FHLM ARM 3.08% 9/41 #1B8608		301,701
	391,645	FHLM ARM 3.20% 7/41 #1B8477		411,456
	314,959	FHLM ARM 3.56% 4/40 #1B4657		330,368
	274,645	FHLM ARM 3.565% 4/40 #1B4702		287,283
	25,498	FHLM ARM 2.468% 1/35 #848084		26,382
	51,220	FHLM ARM 2.573% 1/36 #847584		53,928
	136,212	FHLM ARM 2.181% 12/35 #1N0106		144,173
	22,576	FHLM ARM 3.149% 10/35 #1N0063		24,106
	85,839	FHLM ARM 2.704% 8/36 #848185		91,554
	3,563	FHLM ARM 2.943% 3/33 #847126		3,803
	138,693	FHLM ARM 2.415% 11/35 #1J1228		145,691
	48,119	FHLM ARM 2.615% 8/35 #1J0005		51,352
	6,634,000	FHLMC .625% 12/29/14		6,630,878
	7,307,000	FHLMC 0.375% 10/30/13		7,303,868
	8,177,000	FHLMC 0.75% 11/25/14		8,197,941
	649,000	FHLMC 0.75% 3/28/13		653,913
	5,693,000	FHLMC 1% 7/30/14		5,788,315
	10,904,000	FHLMC 1% 8/27/14		11,049,650
	1,415,000	FHLMC 1.75% 9/10/15		1,467,744
	58,462	FHR 2290 C 6% 2/31		64,810
	70,233	FHR 2313 C 6% 5/31		75,646
	81,616	FHR 2394 KD 6% 12/16		88,079
	48,583	FHR 2417 EH 6% 2/17		52,645
	449,165	FHR 2763 PD 4.5% 12/17		458,947
	783,177	FHR 2780 QD 4.5% 3/18		800,096
	513,433	FHR 2866 XE 4% 12/18		534,897
	17,706	FHR 2970 YA 5% 9/18		17,765
	287,557	FHR 3560 LA 2% 8/14		289,658
	520,804	FHR 3573 LC 1.85% 8/14		525,396
	816,027	FHR 3943 EF 1ML+25 2/26		814,000
	336,000	FIFTH THIRD BAN 3.625% 1/25/16		346,245
	5,450,000	FNMA .625% 10/30/14		5,462,475
	439,000	FNMA 0.75% 12/18/13		440,881
	1,721,000	FNMA 0.75% 12/19/14		1,726,765
	5,710,000	FNMA 0.875% 8/28/14		5,773,755
	1,532,818	FNMA 10YR 3% 9/21 #AL0576		1,607,804
	1,801,051	FNMA 10YR 3% 9/21 #AL0579		1,889,159
	1,328,361	FNMA 10YR 3.00% #MA0833		1,393,345

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, 2011


Shares or Units		Description	Current Value

		Synthetic Investment Contracts (continued)
	2,058,192	FNMA 10YR 3.00% #MA0865	$	2,153,580
	1,458,076	FNMA 10YR 3.00% #MA3892		1,529,405
	865,523	FNMA 10YR 3.00% 7/21 #MA0803		907,865
	1,153,265	FNMA 10YR 3.00% 10/21 #MA0909		1,206,713
	9,708,436	FNMA 15YR 3.50% 12/25 #AE0368		10,187,421
	372,511	FNMA 15YR 4.00% 9/18 #734729		394,145
	317,825	FNMA 15YR 4.50% 6/19 #745278		340,200
	194,340	FNMA 15YR 4.50% 7/20 #745874		208,021
	148,792	FNMA 15YR 4.50% 7/20 #888653		159,379
	87,821	FNMA 15YR 4.50% 8/18 #730721		94,004
	3,044,261	FNMA 15YR 4.50% 10/18 #AD0117		3,258,574
	125,267	FNMA 15YR 4.50% 11/18 #725857		134,086
	5,678	FNMA 15YR 7.00% 1/16 #535662		6,108
	45	FNMA 15YR 7.00% 3/12 #349639		45
	2,462	FNMA 15YR 7.00% 5/15 #495848		2,631
	13,967	FNMA 15YR 7.00% 8/14 #783427		14,706
	4,365	FNMA 15YR 7.00% 11/18 #735420		4,686
	20,282	FNMA 20YR 5.50% 10/22 #254522		22,279
	4,355,000	FNMA 4.625% 10/15/13		4,726,677
	40,211	FNMA ARM 2.437% 11/36 #AD0710		42,259
	245,818	FNMA ARM 3.021% 8/41 #AI4358		257,224
	463,401	FNMA ARM 3.188% 1/40 #AC0599		484,392
	242,898	FNMA ARM 3.37% 9/41 #AI8935		256,133
	392,341	FNMA ARM 3.47% 3/40 #AD0820		409,903
	511,543	FNMA ARM 3.613% 3/40 #AD1555		537,365
	0	FNMA ARM 3.701% 5/40 #AE0064		852
	246,282	FNMA ARM 3.79% 6/40 #AE0065		257,631
	202,353	FNMA ARM 2.397% 5/35 #889946		211,812
	431,257	FNMA ARM 2.471% 7/33#AD0066		452,040
	262,758	FNMA ARM 2.481% 2/35 #995017		276,669
	207,988	FNMA ARM 2.427% 12/34 #802852		218,643
	250,695	FNMA ARM 2.343% 7/35 #826362		264,858
	180,988	FNMA ARM 2.368% 11/34 #735011		191,349
	45,411	FNMA ARM 2.593% 6/35 #823810		48,461
	12,591	FNMA ARM 1.952% 3/35 #843014		13,177
	15,505	FNMA ARM 2.303% 6/36 #886983		16,467
	981,705	FNMA ARM 2.499% 11/34 #841068		1,033,954
	80,580	FNMA ARM 2.317% 7/36 #555923		84,011
	228,149	FNMA ARM 2.022% 4/33 #713937		239,315

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, 2011


Shares or Units		Description	Current Value
		Synthetic Investment Contracts (continued)
	118,009	FNMA ARM 2.537% 7/35 #995273	$	125,592
	3,905	FNMA ARM 2.05% 3/35 #816322		4,130
	35,021	FNMA ARM 2.115% 10/35 #847787		36,694
	21,030	FNMA ARM 2.454% 5/35 #995272		22,327
	9,668	FNMA ARM 2.036% 7/35 #834917		10,170
	18,975	FNMA ARM 1.925% 12/34 #843013		19,794
	30,769	FNMA ARM 1.93% 10/33 #755148		32,060
	19,773	FNMA ARM 2.424% 10/33 #746320		20,921
	2,519	FNMA ARM 2.271% 5/33 #703915		2,677
	8,074	FNMA ARM 2.448% 3/35 #815586		8,517
	13,708	FNMA ARM 1.964% 10/33 #754672		14,329
	218,527	FNMA ARM 2.487% 12/36 #995606		233,182
	60,347	FNMA ARM 2.345% 12/34 #802695		63,483
	239,704	FNMA ARM 2.445% 10/35 #995414		251,341
	1,240,021	FNMA ARM 2.414% 10/35 #995415		1,311,365
	20,502	FNMA ARM 1.926% 2/33 #695019		21,510
	16,303	FNMA ARM 52.301% 7/34 #801635		17,301
	93,687	FNMA ARM 2.597% 4/35 #995609		99,557
	77,283	FNR 2002-56 MC 5.5% 9/17		83,326
	63,013	FNR 2004-15 AB 4% 9/17		64,117
	96,313	FNR 2004-3 HA 4% 7/17		98,076
	1,245,445	FNR 2008-95 AD 4.5% 12/23		1,318,205
	421,759	FNR 2010-123 DL 3.5% 11/25		439,436
	872,796	FNR 2010-135 DE 2.25% 4/24		885,846
	663,423	FNR 2010-143 B 3.5% 12/25		694,628
	980,000	FORD 2 11-B ABS 1.05% 10/15/14		981,339
	1,080,000	FORDL 2011-A A3 1% 7/14		1,080,086
	206,592	FORDO 2009-B A3 2.79% 8/13TALF		207,871
	460,000	FORDO 2009-C A4 4.43% 11/14		478,218
	146,805	FORDO 2009-D A3 2.17% 10/13		147,696
	350,972	FORDO 2009-E A3 1.51% 1/14		352,443
	529,408	FORDO 2010-B A3 0.98% 10/14		530,541
	490,000	FORDO 2011-A A3 .97% 1/15		491,241
	500,000	FORDO 2011-B A3 .84% 6/15		499,906
	847,000	FRANCE TELE MTN 4.375% 7/14		912,617
	202,000	FRANCE TELECOM 2.125% 9/16/15		201,414
	299,044	FRNK 2007-1 B 5.13% 2/15		300,155
	247,855	GCCFC 2005-GG3 A2 CSTR 8/42		248,587
	1,208,000	GE CAP CORP 2.25% 11/9/15		1,217,549

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, 2011


Shares or Units		Description	Current Value
		Synthetic Investment Contracts (continued)
	1,916,000	GE CAP FDIC MTN 2.625 12/28/12	$	1,962,355
	534,000	GE CAP MTN 3.5% 6/29/15		560,119
	1,751,000	GE ELEC CAP CORP 2.1% 1/07/14		1,795,158
	11,760,000	GECMC 2007-C1 XP CSTR 12/49		58,527
	2,263,000	GEN ELEC CAP MTN 5.4% 9/20/13		2,448,442
	178,000	GENERAL ELEC 2.95% 5/09/16		183,866
	1,896,000	GENERAL ELEC MTN 1.875% 9/13		1,929,978
	620,000	GENERAL ELEC MTN3.35% 10/17/16		650,079
	327,000	GLAXOSMTH KLINE 4.85% 5/15/13		348,136
	290,000	GMACC 2003-C2 A2 CSTR 5/40		307,104
	22,133	GMACC 2004-C2 A2 CSTR 8/38		22,244
	600,000	GMACC 2004-C2 A4 5.301% 8/38		641,495
	1,552,695	GMACC 2005-C1 X2 CSTR 5/43		5,029
	870,000	GOLDMAN SAC GRP 3.625% 2/07/16		853,386
	1,373,000	GOLDMAN SACHS MTN 3.7% 8/1/15		1,366,523
	660,000	GSMS 04-GG2 A6 CSTR 8/38		709,677
	370,000	GSMS 2005-GG4 A3 4.607% 7/39		372,817
	185,090	GSMS 2006-GG6 A2 5.506% 4/38		187,163
	618,098	GSMS 2006-GG8 A2 5.479% 11/39		622,564
	541,449	GSMS 2011-GC5 A1 CSTR 8/44		540,030
	118,950	HAROT 2009-3 A3 2.31% 5/13		119,541
	240,000	HAROT 2010-1 A4 1.98% 5/23/16		243,118
	511,370	HAROT 2010-2 A3 1.34% 3/14		513,709
	1,270,000	HAROT 2010-3 A3 .7% 4/14		1,270,047
	310,000	HAROT 2011-1 A4 1.8% 4/17		315,245
	780,000	HAROT 2011-2 A3 0.94% 3/15		781,339
	740,000	HAROT 2011-3 A2 1 4/14		739,810
	100,000	HART 09-A A4 3.15% 3/16		102,968
	151,827	HART 2009-A A3 2.03% 8/13		152,563
	400,000	HART 2011-A A3 1.16% 4/15		401,488
	630,000	HEWLETT-PACKARD 2.625% 12/9/14		636,650
	1,200,000	HSBC BANK 3.1% 5/24/16 144A		1,204,139
	750,000	HYUNDAI 2 11-C ABS .62% 7/14		749,101
	812,000	IBM CORP 1.95% 7/22/16		842,854
	910,000	ING BANK NV 2% 10/18/13 144A		892,620
	277,000	JOHN DEERE CAP 2.95% 3/9/15		294,418
	620,000	JOHN DEERE CAP 3ML+40 10/13		623,460
	600,000	JPMC CO MTN 3.7% 1/20/15		632,101
	2,975,000	JPMC CO MTN 4.65% 6/14		3,153,155

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, 2011


Shares or Units		Description	Current Value
		Synthetic Investment Contracts (continued)
	239,470	JPMCC 03-CB7 A4 CSTR 1/38	$	252,131
	490,000	JPMCC 2003-C1 A2 4.985% 1/37		505,107
	556,435	JPMCC 2005-LDP2 A3 4.697% 7/42		562,855
	540,000	JPMCC 2005-LDP5 A2 5.198% 12/44		545,748
	16,145	JPMCC 2006-LDP7 A2 CSTR 4/45		16,327
	547,552	JPMCC 2007-LD11 A2 CSTR 6/49		556,368
	218,660	JPMCC 2007-LDPX A2S 5.305% 1/49		217,710
	708,902	JPMCC 2011-C5 A1 1.600% 8/46		710,314
	2,028,000	JPMORGAN CHASE CO 3.4% 6/24/15		2,068,958
	38,190	LBUBS 2001-C3 B 6.512% 6/36		38,572
	200,000	LBUBS 2003-C3 A4 4.166% 5/32		206,131
	610,000	LBUBS 2004-C8 4.799% 12/29		649,018
	14,393,830	LBUBS 2005-C5 XCP CSTR 9/40		50,096
	16,563,184	LBUBS 2005-C7 XCP CSTR 11/40		35,181
	335,764	LBUBS 2007-C6 A2 5.845% 7/40		340,865
	101,361	LLL 1997-LLI D 7.15% 10/34		101,916
	1,651,000	MANUFTRS & TRD 2.08%/VAR 4/1/13		1,642,473
	500,000	MASSMUTUAL GL 3.625% 7/12 144A		515,867
	1,490,000	MASSMUTUAL GLB 3.125% 4/16 144A		1,550,782
	263,677	MBART 2009-1 A3 1.67% 1/15/14		265,213
	730,000	MBART 2011-1 A3 0.85% 3/15		730,827
	346,000	MERRILL LYNCH 5.45% 7/15/14		351,819
	1,000,000	MET LIFE GLBL 2.5% 9/29/15 144A		1,012,313
	2,212,000	METROPOLITAN MTN 2.5% 1/13 144A		2,265,003
	876,479	MLMT 2005-MKB2 XP CSTR 9/42		3,208
	199,000	MONUMENTAL GLBL 5.5% 4/13 144A		209,349
	580,000	MORGAN STANLEY 2.875% 1/25/14		562,845
	703,000	MORGAN STANLEY 2.875% 7/28/14		670,728
	561,000	MORGAN STANLEY 3.45% 11/2/15		519,771
	620,000	MORGAN STANLEY 3.8% 4/29/16		575,383
	610,000	MORGAN STANLEY 4% 7/24/15		582,763
	1,068,000	MORGAN STANLEY 4.1% 1/26/15		1,032,747
	720,000	MORGAN STANLEY 6% 5/13/14		732,882
	205,650	MSC 03-IQ4 A2 4.07% 5/40		211,151
	250,000	MSC 03-T11 A4 5.15% 6/41		261,502
	16,218	MSC 2007-IQ13 A1 5.05% 3/44		16,265
	68,467	MVCOT 2006-2A A 5.362% 10/28		69,544
	26,457	MVCOT 2006-2A B 5.442% 10/28		27,003
	12,026	MVCOT 2006-2A C 5.691% 10/28		12,210

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, 2011


Shares or Units		Description	Current Value
		Synthetic Investment Contracts (continued)
	920,000	NALT 2 11-A ABS 1.04% 8/15/14	$	920,720
	870,000	NALT 2010-B A3 1.12% 12/15/13		872,423
	280,000	NALT 2010-B A4 1.27% 10/16		281,440
	460,000	NALT 2011-B A3 0.92% 2/15		457,602
	510,000	NAROT 2011-A A3 1.18% 2/15		512,504
	450,000	NAROT 2011-B A3 0.95% 2/16		449,544
	810,000	NCUA GTD NTS MA 1.4% 6/12/15		821,120
	421,961	NEF 2005-1 A5 1.74% 10/45		390,675
	910,000	NORDEA BK AG 1.75% 10/4/13 144A		893,170
	670,000	NY LIFE 2.25% 12/14/12 144A		679,623
	921,000	NYLIFE GLB4.65% 5/9/13 144A		971,883
	625,000	OCCIDENTAL PETE 1.75% 2/15/17		637,226
	888,000	PACIFIC GAS & ELEC 6.25% 12/13		975,321
	624,000	PECO ENERGY MTN 5.6% 10/15/13		681,979
	595,000	PEPSICO INC 7.9% 11/01/18		810,900
	290,000	PG&E CORP 5.75% 4/01/14		320,174
	900,000	PHILIP MORS INT 2.5% 5/16/16		933,636
	970,000	PNC FUND CORP MTN 3% 5/19/14		1,011,990
	660,000	PNCFUND MTN 3.625% 2/8/15		702,882
	660,000	PRICOA GLB 1 MTN5.45% 6/14 144A		715,450
	345,000	PRICOA GLB FDG 5.4% 10/12 144A		359,273
	481,000	PUBLIC SVC ELEC 2.7% 5/01/15		503,676
	2,861,000	RABOBANK NL UTREC MTN1.85% 1/14		2,871,693
	590,000	RABOBNK NEDRLD MTN 2.125% 10/15		580,961
	1,019,000	ROYAL BK CANADA 1.125% 1/15/14		1,026,696
	690,000	ROYAL BK CANADA 1.45% 10/30/14		695,373
	982,000	ROYAL BK CANADA 2.3% 7/20/16		1,008,562
	1,190,000	ROYAL BK SCOT 4.875% 8/14 144A		1,184,836
	1,690,000	ROYAL BK SCT 1.5% 3/30/12 144A		1,695,195
	1,080,000	SANTANDER US 2.485% 1/13 144A		1,063,574
	600,000	SEMPRA ENERGY 2% 3/15/14		611,200
	1,190,000	SHELL INTL MTN 1.875% 3/25/13		1,218,215
	142,000	SIMON PROPERTY 2.8% 1/30/17		145,575
	464,000	SIMON PROPERTY 5.3% 5/30/13		488,265
	182,198	SLMA 2004-A B 3ML+58 6/33		110,489
	482,000	SOUTHERN CO 2.375% 9/15/15		497,273
	730,000	STATE STREET 2.875% 3/07/16*		758,161
	1,180,000	SUMITOMO BK 1.95% 1/14/14 144A		1,204,622
	2,382,000	SVENSKA MTN 2.875% 9/14/12 144A		2,424,945

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, 2011



Shares or Units		Description	Current Value
		Synthetic Investment Contracts (continued)
	209,012	TAOT 2010-A A3 1.27% 12/13	$	209,663
	329,320	TAOT 2010-B A3 1.04% 2/14		330,071
	288,000	TARGET CORP 1.125% 7/18/14		291,619
	1,500,000	TELEFONICA EMIS 2.582 4/26/13		1,470,837
	1,213,000	TORONTO DOM BK 2.5% 7/14/16		1,251,449
	1,235,000	TORONTO DOMINI 2.375% 10/19/16		1,262,874
	610,000	TOTAL CAP CDA 1.625% 1/28/14		624,543
	928,000	TRANSCAPIT 5.67% 3/5/14 144A		979,755
	580,000	UBS AG STAMFORD 2.25% 1/28/14		570,011
	989,000	UNCREDIT LUX 5.584%/VAR 1/13/17		1,015,597
	600,000	UNION BK NA 3% 6/6/16		611,635
	475,000	UNITEDHEALTH GRP 1.875% 11/16		476,301
	610,000	US BANCORP 2.45% 7/27/15		631,655
	284,000	US BANCORP 3.15% 3/4/15		299,788
	1,030,000	US BANK CORP MTN 2.2% 11/15/16		1,043,782
	712,000	USAA CAPITAL 1.05% 9/14 144A		712,315
	285,903	USAOT 2009-2 A3 1.54% 02/14		286,822
	5,665,000	USTN .25% 11/30/13		5,667,564
	4,110,000	USTN .25% 9/15/14		4,103,735
	10,052,000	USTN .375% 6/30/13		10,077,234
	2,625,000	USTN .5% 5/31/13		2,637,536
	12,989,000	USTN .5% 8/15/14		13,074,423
	46,904,000	USTN .625% 7/15/14		47,405,837
	42,128,000	USTN .875% 11/30/16		42,295,165
	34,347,000	USTN 1% 9/30/16		34,799,212
	28,234,000	USTN 1.375% 11/30/15		29,134,811
	9,220,000	USTN 1.75% 4/15/13		9,438,426
	19,151,000	USTN 1.75% 7/31/15		20,133,587
	2,866,000	USTN 1.875% 6/30/15		3,004,074
	1,169,000	USTN 2.125% 5/31/15		1,236,575
	11,500,000	USTN 2.375% 10/31/14		12,197,476
	1,546,000	USTN 2.375% 9/30/14		1,640,722
	19,153,000	USTN 2.5% 3/31/15		20,548,705
	22,501,000	USTN 2.5% 4/30/15		24,113,877
	10,060,000	USTN 3.125% 10/31/16		11,211,277
	3,671,000	USTN 4.25% 8/15/15		4,219,781
	1,290,000	VALET 2011-1 A3 1.22% 6/15		1,296,720
	600,000	VERIZON COM 1.95% 3/28/14 144A		615,483
	1,681,000	VERIZON COM INC 5.25% 4/15/13		1,792,656

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, 2011


Shares or Units		Description	Current Value

		Synthetic Investment Contracts (continued)
	1,180,000	VERIZON WIRELESS 5.55% 2/1/14	$	1,309,439
	375,000	VF CORP FRN 3ML+75 8/23/13		376,148
	310,000	VODAFONE GRP PLC 4.15% 6/10/14		329,486
	1,110,000	VOLKSWAGEN 1.875% 4/1/14 144A		1,118,058
	1,220,000	VWALT 2010-A A3 0.99% 11/13		1,222,123
	200,000	VWALT 2010-A A4 1.18% 10/15		200,560
	450,000	VWALT 2011-A A2 1% 2/14		450,142
	751,000	WAL MART STORES 2.25% 7/08/15		791,614
	590,000	WAL MART STORES 2.8% 4/15/16		634,209
	865,000	WALMART STORES MTN 3.2% 5/14		917,164
	152,401	WBCMT 05-C16 APB 4.692% 10/41		158,419
	750,000	WBCMT 2003-C9 A4 5.012% 12/35		793,291
	38,691	WBCMT 2004-C11 A3 4.719% 1/41		38,994
	13,695,298	WBCMT 2007-C30 XP CSTR 12/43		150,466
	625,817	WBCMT 2007-C31A A2 5.421% 4/47		644,632
	2,048,000	WELLS FARGO 3.75% 10/1/14		2,181,589
	371,000	WELLS FARGO 4.375% 1/31/13		390,270
	544,000	WELLS FARGO MTN 3.625% 4/15/15		573,735
	1,567,000	WELLS FARGO&COM 3.676% 6/15/16		1,654,808
	398,000	WESTPAC BANK CORP 2.1% 8/2/13		405,397
	1,292,000	WESTPAC BK CORP 1.85% 12/09/13		1,294,846
	206,579	WFRBS 2011-C5 A1 1.456% 11/44		206,197
	239,467	WOART 2010-A A3 1.34% 12/13		239,990
	510,000	WOART 2011-A A3 1.49% 10/14		513,289
	321,000	WYETH 5.5% 2/01/14		359,291
	540,000	YALE UNIV MTN 2.9% 10/15/14		575,036
		Total Wrap Rebid Value		1,041,029

		Total Synthetic Investment Contracts	$	611,580,329

		Mutual Funds
		Fidelity BrokerageLink*	$	197,345,719
	3,887,173	Dodge & Cox Stock Fund		390,166,226
	2,872,726	DFA Emerging Markets Core Equity Portfolio Institutional Class Fund		49,525,797
	6,610,589	Manning & Napier Overseas Fund		131,286,304

		Total Mutual Funds	$	768,324,046

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, 2011



Shares or Units		Description	Current Value

		U.S. Government and Agency Securities
		United States Treasury Notes
	180,000	USTN .125% 8/31/13	$	179,712
	1,310,000	USTN .25% 9/15/14		1,307,032
	3,170,000	USTN 1.375% 9/30/18		3,187,089
	25,900,000	USTN 2% 11/15/21		26,183,294
	13,990,000	USTN 2.125% 8/15/21		14,341,932
	8,990,000	USTN 3.125% 5/15/21		10,032,984
	2,022,000	USTN TII 1.75% 1/15/28		2,625,510
	1,050,000	USTN TII 2% 2/15/40		1,475,647
	900,000	USTN TII 2% 4/15/12		1,009,090
	307,000	USTN TII 2.375% 1/15/25		469,025

		Total United States Treasury Notes	$	60,811,315

		United States Treasury Bonds
	460,000	USTB 3.75% 8/15/41	$	539,709
	950,000	USTB 4.375% 11/15/39		1,230,992
	3,720,000	USTB 4.375% 5/15/41		4,836,000
	7,390,000	USTB 4.75% 2/15/41		10,164,716

		Total United States Treasury Bonds	$	16,771,417

		United States Treasury Bills
	1,382,000	USTBILL 0% 4/12/12	$	1,381,932
	43,000,000	USTBILL 0% 4/26/12		42,996,603
	2,200,000	USTBILL 0% 5/10/12		2,199,765

		Total United States Treasury Bills	$	46,578,300

		Federal Agency Obligations
		Federal National Mortgage Association
	2,195,373	FNMA 4.50% 4/41 #AL0215	$	2,344,716
	389,921	FNMA 4.50% 9/41 #AB3517		415,044
	187,980	FNMA 5.00% 4/41 #AI0511		204,983
	290,687	FNMA 5.00% 5/41 #AI1863		317,298
	1,247,853	FNMA 5.00% 5/41 #AI1892		1,360,723
	290,824	FNMA 5.00% 5/41 #AI2433		317,129
	195,436	FNMA 5.00% 5/41 #AI2443		213,113
	187,820	FNMA 5.00% 5/41 #AI2462		204,809
	191,259	FNMA 5.00% 5/41 #AI2737		208,768

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, 2011



Shares or Units		Description	Current Value

		U.S. Government and Agency Securities (continued)
		Federal Agency Obligations (continued)
		Federal National Mortgage Association (continued)
	99,051	FNMA 5.00% 6/41 #AI4261	$	108,118
	1,026,548	FNMA 5.00% 11/40 #AL0476		1,118,759
	4,113,155	FNMA 5.50% #AL0484 6/41		4,472,287
	3,811,424	FNMA 5.50% #AL0520 6/41		4,144,211
	446,751	FNMA 5.50% 8/38 #995072		487,853
	206,674	FNMA 5.50% 11/36 #745959		225,074
	63,271	FNMA 6.00% 5/35 #821192		69,904
	80,613	FNMA 6.00% 9/37 #952504		88,787
	36,301	FNMA 6.00% 10/35 #745000		40,107
	60,410	FNMA 6.50% 1/37 #897910		67,331
	55,360	FNMA 6.50% 5/36 #895817		61,806
	130,333	FNMA 6.50% 8/36 #745744		145,510
	111,153	FNMA 6.50% 9/36 #897131		123,992
	1,506,131	FNMA 6.50% 10/41 #AL0814		1,678,689
	1,133,268	FNMA 6.50% 10/41 #AL0886		1,268,064
	1,224,893	FNMA 6.50% 10/41 #AL0885		1,366,378
	2,970,000	FNMA 0% 10/9/19		2,282,656
	273,802	FNMA 20YR 4.50% 4/31 #MA0706		291,671
	919,158	FNMA 20YR 4.50% 5/31 #MA0734		979,144
	275,897	FNMA 20YR 4.50% 6/31 #MA0776		293,903
	2,200,000	FNMA 4.75% 2/21/13		2,310,766
	1,960,000	FNMA 5.625% 7/15/37		2,685,686
	411,919	FNMA ARM 5.51% 2/37 #913990		426,108
	224,279	FNR 11-15 AB 9.75% 8/19		259,543
	279,039	FNR 2004-38 FK 1ML+35 5/34		278,875
	687,998	FNR 2010-110 AE 9.75% 11/18		804,575
	668,550	FNR 2010-118 YB IO INV 10/40		94,340
	874,316	FNR 2011-63 SW IO INV 7/41		111,905
	542,791	FNS 390 C3 IO 6% 7/38		75,026
	255,295	FNS 407 40 0 1/38		36,891
	509,287	FNS 407 41 IO 6% 1/38		73,448
	83,100	FNS 407 C22 IO 1/39		12,100

		Total Federal National Mortgage Association	$	32,070,090

		Government National Mortgage Association
	165,315	GNII 5.00% 9/40 #004802	$	182,851
	163,677	GNII 6.00% 11/40 #004871		184,136

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, 2011


Shares or Units		Description	Current Value
		U.S. Government and Agency Securities (continued)
		Federal Agency Obligations (continued)
		Government National Mortgage Association (continued)
	365,886	GNII II 4.50% 1/41 #004946	$	399,294
	5,479,733	GNII II 4.50% 3/41 #004978		5,980,073
	187,078	GNII II 4.50% 4/41 #005017		204,159
	91,700	GNII II 4.50% 7/40 #004923		100,073
	90,985	GNII II 4.50% 11/40 #004854		99,378
	276,474	GNII II 4.50% 12/40 #004883		301,977
	84,043	GNII II 5.00% 7/40 #004747		92,958
	852,764	GNII II 5.00% 8/40 #004772		943,222
	42,425	GNII II 6.00% 3/40 #004660		47,661
	877,876	GNII II 6.00% 8/40 #004774		986,789
	1,439,820	GNII II 6.00% 10/40 #004837		1,619,350
	178,143	GNII II 6.00% 11/39 #004580		200,133
	404,813	GNII II 6.50% 10/37 #004040		459,067
	336,847	GNMA II 5.00% 7/40 #783050		372,579
	92,651	GNR 10-116 JS -1ML+605 12/39		14,044
	463,513	GNR 11-70 BS -1ML+670 IO 12/36		75,557
	169,326	GNR 2005-13 SD -1ML+680 2/35		31,172
	224,589	GNR 2005-81 SD -1ML+630 12/34		25,544
	503,211	GNR 2006-47 SA 1ML+680 8/36		95,963
	927,260	GNR 2009-106 SU IO INV 5/37		127,893
	291,653	GNR 2009-45 AI IO 1ML+596 4/39		33,824
	823,926	GNR 2009-61 SA 1ML+670 8/39		104,894
	438,669	GNR 2009-61 WQ 1ML+625 11/35		76,860
	209,464	GNR 2009-68 SL 1ML+675 4/39		28,950
	1,805,548	GNR 2009-HO1 FA 1.4% 11/59		1,832,625
	273,386	GNR 2010-107 SG -1ML+615 2/38		37,873
	178,632	GNR 2010-109 SB -1ML+660 8/40		35,169
	909,231	GNR 2010-115 SP -1ML+540 9/40		104,238
	1,334,614	GNR 2010-117 PS 1ML+600 10/39		203,269
	499,950	GNR 2010-14 SC -1ML+480 8/35		67,631
	559,142	GNR 2010-146 GS IO ML+610 6/39		93,034
	358,679	GNR 2010-147 S -1ML+665 11/40		68,821
	363,959	GNR 2010-151 SM -1ML+608 11/40		49,172
	390,186	GNR 2010-151SA IO ML+605 11/40		60,215
	468,345	GNR 2010-160 SW 1ML+655 10/38		73,969
	349,163	GNR 2010-3 MS IO 1ML+655 11/38		53,487
	259,441	GNR 2010-31 GS 1ML+650 3/39		38,801

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, 2011


Shares or Units		Description	Current Value
		U.S. Government and Agency Securities (continued)
		Federal Agency Obligations (continued)
		Government National Mortgage Association (continued)
	100,000	GNR 2010-39 SP -1ML+655 11/38	$	13,340
	157,615	GNR 2010-42 BS -1ML+648 4/40		27,780
	157,615	GNR 2010-47 AS -1ML+644 4/40		27,617
	309,337	GNR 2010-47 VS -1ML+625 11/37		49,187
	1,374,952	GNR 2010-50 QS 1ML+655 12/38		216,363
	486,720	GNR 2010-57 QS -1ML+650 5/40		86,790
	807,128	GNR 2010-60 S -1ML+650 5/40		128,584
	868,553	GNR 2010-62 SB -1ML+575 5/40		101,850
	982,043	GNR 2010-68 SD -1ML+658 6/40		179,898
	400,000	GNR 2010-69 SP -1ML+665 6/38		55,335
	161,269	GNR 2010-76 SH -1ML+650 5/40		28,479
	237,653	GNR 2010-85 HS IO 1ML+665 1/40		34,726
	158,659	GNR 2010-85 JS -1ML+657 4/40		25,518
	523,784	GNR 2010-87 SK IML+650 7/40		74,069
	820,931	GNR 2010-H010 FC 1ML+100 5/60		833,984
	1,482,141	GNR 2010-H20 AF 1ML+33 10/60		1,456,204
	1,313,360	GNR 2010-H24 FA 1ML+35 10/60		1,290,049
	1,356,834	GNR 2011-11 SA -1ML+600 1/41		208,380
	177,065	GNR 2011-32 S IO -1ML+600 3/41		24,541
	352,164	GNR 2011-4 PS -1ML+618 9/40		59,100
	999,588	GNR 2011-40 SA -1ML+613 2/36		133,186
	561,051	GNR 2011-81 SA -1ML+540 6/41		72,431
	391,478	GNR 2011-H09 AF IML+50 3/61		388,199

		Total Government National Mortgage Association	$	21,022,315

		Freddie Mac
	3,783,536	FHMS K006 AX1 CSTR 1/20	$	236,563
	1,112,630	FHMS K007 X1 CSTR 4/20		78,355
	1,176,770	FHMS K008 X1 CSTR 6/25/20		116,090
	1,196,635	FHMS K009 X1 CSTR 8/20		103,201
	4,425,820	FHMS K014 X1 IO CSTR 4/21		369,863
	448,187	FHMS K702 X1 CSTR 2/18		33,809
	2,599,232	FHMS K703 X1 CSTR 5/18		273,653
	1,567,492	FHMS KAIV X1 CSTR 6/21		132,744
	203,696	FHR 2808 FT 1ML+35 4/33		203,578

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, 2011


Shares or Units		Description	Current Value
		U.S. Government and Agency Securities (continued)
		Federal Agency Obligations (continued)
		Freddie Mac (continued)
	100,000	FHR 3738 BP 4% 12/38	$	107,971
	600,000	FHR 3754 MB 4% 1/39		651,910
	600,000	FHR 3871 JB 5.5% 6/41		689,208

		Total Freddie Mac	$	2,996,945

		Federal Home Loan Mortgage Corporation
	3,540,246	FHLG 5.00% 3/38 #A74793	$	3,803,075
	213,018	FHLG 5.50% 11/35 #A39302		231,284
	1,224,766	FHLG 5.50% 12/38 #G06172		1,326,346
	3,099,114	FHLG 6.00% 6/38 #G04715	$	3,400,435
	5,896,055	FHLG 6.00% 11/39 #G06409		6,469,317
	368,003	FHLG 6.50% 9/39 #G06669		409,072
	158,766	FHLM ARM 5.65% 9/37 #1G3704		166,267
	65,755	FHLM ARM 5.84% 2/37 #1N1447		68,062
	173,149	FHLM ARM 5.95% 5/37 #1N1582		179,232
	187,268	FHLM ARM 6.03% 5/37 #1N1463		197,656
	287,090	FHLM ARM 4.433% 7/35 #1B3925		305,590
	1,350,000	FHLMC 5% 2/16/17		1,594,197

		Total Federal Home Loan Mortgage Corporation	$	18,150,533


		Total U.S. Government and Agency Securities	$	198,400,915

		Other Fixed Income Securities
		Foreign Governmental Obligations
	90,000	MEXICO GOV 6.05% 1/11/40	$	110,025
	12,940,000	MEXICO GOVT 8% 6/11/20		1,027,916
	411,000	MEXICO GVT GLB 6.75 9/27/34 EC		537,383
	1,003,670	RUSSIAN FD STP CPN 3/31/30REGS		1,165,562
	700,000	TOKYO ELECTRIC 4.5% 3/24/14		789,196

		Total Foreign Governmental Obligations	$	3,630,082

		Foreign Obligations
	169,000	AMERICA MOVIL 5.625% 11/15/17	$	194,272
	190,000	BANK TOKYO MIT 3.85% 1/15 144A		201,607
	200,000	BARCLAYS BANK MTN 5.2% 7/10/14		206,188
	140,000	BARCLAYS BK 6.05% 12/4/17 144A		126,627
	170,000	BARRICK GOLD 6.95% 4/01/19		208,708

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, 2011


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Foreign Obligations (continued)
	800,000	BBVA US SENIOR 3.25% 5/16/14	$	757,865
	720,000	BHP BILLITON FIN USA6.5 4/1/19		889,335
	680,000	BP CAP MARKETS 3.125% 10/1/15		712,374
	230,000	CGG VERITAS 6.5% 6/01/21		223,100
	130,000	COMMNWLTH BNK AUST 5 10/19 144		137,826
	300,000	COMWLTH BK AUS 3.75 10/14 144A		309,131
	780,000	CREDIT AG MTN VAR PERP 144A		585,000
	300,000	CREDIT AGR 2.625% 1/21/14 144A		282,367
	202,000	DEUTSCHE TK GLBL 5.75% 3/23/16		224,844
	945,000	DIAGEO CPTL PLC 4.828% 7/15/20		1,068,236
	202,000	FRENSENIUS MED 6.875% 7/15/17		215,130
	66,000	GENERALE DS GEO 7.75 5/17		66,825
	411,000	GLITNIR 3ML+273.25 6/16 144A		2,096
	279,000	GLITNIR BK MTN 6.33% 7/11 144A		72,540
	120,000	HBOS PLC 5.25% 2/21/17 144A		125,662
	160,000	ICICI BK 6.375/VAR 4/22 REGS		139,200
	244,000	ICICI BK LTD 6.375/VAR4/22 144		212,280
	90,000	INTELSAT JACKSON 8.5% 11/01/19		94,617
	21,000	INTELSAT JACKSON 9.5% 6/15/16		22,050
	290,000	INTESA SAN SPA 3.625 8/15 144A		240,269
	94,000	KANSAS CTY SOUT 12.5% 4/1/16		109,040
	120,000	KANSAS CTY SOUT 6.125% 6/15/21		123,600
	120,000	KAUPTHING BK 5.75 10/4/11 144A		29,700
	1,177,000	KAUPTHING BK 7.625% 2/28/15144		291,308
	130,000	KAUPTHING MTN 7.125% 5/19 144A		663
	1,100,000	KFW 3.5% 3/10/14		1,161,409
	212,000	KPN NV GLBL 8.375% 10/01/30		271,647
	641,000	LANDSBANK IS MTN6.1% 8/11 144A		22,435
	490,000	LLOYDS TSB(UNGT 6.375% 1/21/21		490,879
	190,000	MUFG CAP FIN 6.346/VR PERP		193,010
	660,000	NORDEA BK 4.875% 5/13/21 144A		557,637
	430,000	NORDEA BK MTN 3.7% 11/14 144A		436,911
	220,000	NOVELIS INC 8.75% 12/15/20		236,500
	200,000	PERNOD RICARD 4.45% 1/22 144A		209,432
	300,000	PETROBRAS INTL 3.875% 1/27/16		309,121
	740,000	PETROBRAS INTL 5.375% 1/27/21		777,445
	152,000	PETROBRAS INTL 5.75% 1/20/20		162,658
	190,000	PETROBRAS INTL 6.125% 10/06/16		210,671

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, 2011


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Foreign Obligations (continued)
	210,000	PETROLEOS MEX 5.5 1/21/21	$	228,375
	20,000	POTASH CORP 4.875% 3/30/20		22,958
	295,000	RABOBANK MTN 11%/VAR PERP 144A		345,150
	420,000	RBS 3.95% 9/21/15		393,902
	2,920,000	RENTENBANK 2.5% 2/15/16		3,051,526
	750,000	RESONA PFD7.191/VR PERP 144AEC		741,745
	185,000	REYNOLDS GRP 8.75 10/16 144A		194,713
	450,000	RIO TINTO FIN 3.5% 11/02/20		459,774
	80,000	RIO TINTO FIN 3.75% 9/20/21		83,795
	517,000	RIO TINTO FIN 6.5% 7/15/18		622,974
	470,000	RIO TINTO FIN 9% 5/1/19		641,442
	63,000	ROGERS CABLE 6.75 3/15/15		72,469
	30,000	ROGERS COMMUNIC 6.8% 8/15/18		36,534
	70,000	ROYAL BK SC 7.648% PERP T1		47,688
	390,000	ROYAL BK SCOTLAND 5 10/1/14		321,967
	520,000	ROYAL BK SCTLND 6.4% 10/21/19		486,672
	80,000	ROYAL BK SCTLND GLB 5 11/12/13		71,525
	110,000	ROYAL BK SCTLND GLB5.05 1/8/15		89,711
	100,000	SANTANDER MTN 3.724 1/15 144A		90,814
	200,000	SANTANDER MTN3.781% 10/15 144A		179,783
	600,000	SHELL INTL FIN 4.375% 3/20		700,233
	280,000	SHELL INTL FIN 6.375% 12/15/38		384,623
	210,000	SUMITOMO BK 3.1% 1/14/16 144A		218,623
	430,000	SUMITOMO BKG 3.15 7/22/15 144A		448,772
	9,000	TECK RESOURCES 10.25% 5/16		10,350
	8,000	TECK RESOURCES 9.75% 5/14		9,402
	70,000	TELEFONICA EMI 5.462% 2/16/21		66,775
	295,000	TELEFONICA EMIS 5.134% 4/27/20		277,007
	100,000	TELEFONICA SA MTN 5.877% 7/19		98,797
	100,000	TNK BP FI MTN 6.625% 3/17 144A		101,500
	470,000	TOTAL CAP MTN 4.45% 6/24/20		523,326
	400,000	TRANSOCEAN INC 5.25% 3/15/13		411,237
	200,000	UNITED BUSNS 5.75% 11/20 144A		201,662
	110,000	UPCB FIN III 6.625% 7/20 144A		107,800

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, 2011



Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Foreign Obligations (continued)
	376,000	VALE OVERSEAS 6.875% 11/21/36	$	427,393
	320,000	WPP FIN UK GTD SR NT8% 9/15/14		356,495

		Total Foreign Obligations	$	25,439,727

		Domestic Obligations
	540,000	ABBOTT LABS 5.125% 4/01/19	$	626,822
	718,000	AES CORP 8% 6/1/20		789,800
	160,000	AIG 6.25% 87-37 HYBRD		115,800
	200,000	AIG INTL 3.75% 11/30/13 144A		195,453
	580,000	AIG INTL 6.4% 12/15/20		585,156
	334,000	AIG INTL MTN 8.25% 8/15/18		353,449
	260,000	ALLY FINANCIAL INC 8% 3/15/20		266,500
	780,000	ALLY FINL INC 7.5% 9/15/20		787,800
	380,000	ALTRIA GROUP INC 4.75% 5/05/21		418,235
	260,000	ALTRIA GROUP INC 8.5% 11/13		293,567
	300,000	ALTRIA GROUP INC 9.25% 8/6/19		402,710
	84,000	AMERADA HES CO 7.875% 10/01/29		112,695
	142,000	AMERADA HESS CO 7.3% 8/15/31		181,948
	100,000	AMERICA MOVIL 5% 3/30/20		110,440
	49,000	AMERICAN EXP MTN 5.875% 5/13		51,512
	77,000	AMERICAN INTL 5.85% 1/16/18		75,288
	353,000	AMEX 6.8% 9/01/66		351,235
	280,000	AMEX MTN 8.125% 5/20/19		361,899
	115,000	ANADARKO PETRO 6.375% 9/15/17		133,333
	420,000	ANHEUSER BUSCH 5% 4/15/20		481,234
	360,000	ANHEUSER BUSCH 5.375% 1/15/20		422,069
	341,000	APACHE CORP 6% 9/15/13		371,539
	100,000	APACHE CORP MTN 5.1% 9/01/40		116,632
	420,000	ARCH COAL INC 7% 6/15/19 144A		428,400
	130,000	AT&T INC 3.875% 8/15/21		137,452
	167,000	AT&T INC 5.5% 2/01/18		193,257
	570,000	AT&T INC 5.55% 8/15/41		669,765
	50,000	AT&T INC 6.3% 1/15/38		61,275
	370,000	AT&T INC 6.55% 2/15/39		469,786

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, 2011



Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Domestic Obligations (continued)
	14,000	BAC CAP XIV 5.63/VR PERP	$	8,435
	377,000	BAKER HUGHES IN 7.5% 11/15/18		497,208
	380,000	BALL CORP 5.75% 5/15/21		397,100
	200,000	BALL CORP 6.75% 9/15/20		217,500
	670,000	BANK AMER 4.5% 4/1/15		646,637
	1,040,000	BANK AMER FDG 5% 5/13/21		946,924
	580,000	BANK OF AMERICA 5.625% 7/01/20		535,590
	725,000	BANK OF AMERICA 6% 9/01/17		708,223
	100,000	BANKAMER CAP 8.07 12/31/26 144		90,000
	350,000	BARRICK NA FINA 4.4% 5/30/21		378,902
	21,000	BELLSOUTH 4.75 11/15/12		21,705
	120,000	BERK HATH INC 3.2% 2/11/15		127,238
	190,000	BOEING CAP MTN 4.7% 10/27/19		216,200
	120,000	BOEING CO 4.875% 2/15/20		140,062
	200,000	BOEING CO MTN 6% 3/15/19		242,492
	190,000	CALPINE CONSTR 8% 6/01/16 144A		203,300
	360,000	CALPINE CORP 7.5% 2/15/21 144A		378,900
	190,000	CALPINE CORP 7.875% 1/23 144A		200,450
	250,000	CATERPILLAR INC 3.9% 5/27/21		274,356
	495,000	CATERPILR FIN SERV 6.2 9/30/13		539,677
	1,220,000	CCO HLDGS/CAP CORP 7% 1/15/19		1,274,900
	40,000	CF INDUS HLDS 7.125% 5/1/20		47,300
	360,000	CHESAPEAKE ENERGY 6.625% 8/20		386,100
	20,000	CHESAPEAKE ENERGY 6.875% 8/18		21,400
	410,000	CITIGROUP 3.953% 6/15/16		408,669
	683,000	CITIGROUP 5% 9/15/14		676,055
	650,000	CITIGROUP 5.375% 8/09/20		668,147
	300,000	CITIGROUP 5.875% 5/29/37		299,117
	650,000	CITIGROUP 6% 12/13/13		672,692
	200,000	CITIGROUP 6.375% 8/12/14		209,929
	344,000	CITIGROUP 6.875% 3/05/38		377,300
	300,000	CITIGROUP MTN 6.01% 1/15/15		313,455
	160,000	CITIGROUP MTN 5.5% 10/15/14		164,509
	195,000	COMCAST CABLE 8.875% 5/01/17		251,726
	50,000	COMCAST CORP 5.65% 6/15/35		55,140
	20,000	COMCAST CORP 6.3% 11/15/17		23,662
	70,000	COMCAST CORP 6.45% 3/15/37		84,708
	697,000	COMCAST CORP 6.5% 1/15/15		790,254

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, 2011


Shares or Units		Description	Current Value

		Other Fixed Income Securities (continued)
		Domestic Obligations (continued)
	30,000	COMCAST CORP 6.95% 8/15/37	$	38,103
	63,000	COMCAST CORP GLB 5.875 2/15/18		72,826
	160,000	COMCAST CORP MTN 6.4% 3/01/40		198,516
	122,000	COMPLETE PRODTN 8% 12/15/16		126,880
	174,000	CONCHO RESOURCE 6.50% NTS 1/22		180,090
	347,000	CONOCO 6.95% 4/15/29		472,379
	250,000	CONOCOPHILLIPS 6% 1/15/20		308,633
	170,000	CONSOL ENERGY 8.25% 4/01/20		187,000
	50,000	CONSOL ENRGY 6.375 3/1/21 144A		50,125
	450,000	CONTINENTL AIR 6.75% 9/15 144A		421,290
	390,000	COUNTRYWIDE FIN 6.25% 5/15/16		367,501
	190,000	CREDIT SUISSE 5.86/VAR PERP		154,375
	25,000	CRICKET COMM 7.75% 5/15/16 WI		25,813
	368,113	CVS CAREMARK 6.943% 1/10/30		408,009
	370,000	CVS/CAREMARK MTN 6.6% 3/15/19		450,863
	450,000	DAIMLER FIN 2.625% 9/15/16144A		447,468
	150,000	DAIMLER FINANCE 3.875 9/21 144		150,681
	630,000	DEVON ENERGY CO 5.6% 7/15/41		755,936
	2,280,000	DEXIA CL SA NY 2% 3/05/13 144A		2,192,291
	320,000	DISH DBS CORP 6.75% 6/01/21		343,200
	125,000	DISH DBS CORP 7.875% 9/01/19		141,250
	1,280,000	DNB BOLIGKED AS 2.9% 3/16 144A		1,301,243
	509,000	DOMINION RES DE 5.7% 9/17/12		526,096
	260,000	DOMINION RESOUR 8.875% 1/15/19		344,936
	167,000	DUKE ENERGY 5.625% 11/30/12		174,032
	105,000	ECHOSTAR DBS 7.75% 5/31/15		115,500
	7,000	ECHOSTAR DBS CORP 7% 10/01/13		7,473
	6,000	EDISON MISSION 7.625 5/27		3,540
	613,000	EL PASO CORP 7% 6/15/17		671,481
	125,000	EL PASO ENERGY MTN 7.8% 8/1/31		144,063
	91,000	EL PASO ENGY MTN 7.75% 1/15/32		105,105
	460,000	EL PASO NAT GAS 8.375% 6/15/32		582,775
	31,000	ENERGY FUT CO 10% 12/01/20		32,550
	310,000	ENERGY TRANSFER 9% 4/15/19		368,633
	310,000	ENTERPRISE PRD 5.7% 2/15/42		337,085
	500,000	ENTERPRISE PRD 9.75% 1/31/14		577,628
	430,000	ENTERPRISE PROD 4.05% 2/15/22		437,930
	300,000	ENTERPRISE PROD 5.2% 9/1/20		331,939

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, 2011


Shares or Units		Description	Current Value

		Other Fixed Income Securities (continued)
		Domestic Obligations (continued)
	318,000	EXELON CORP 5.625% 6/15/35	$	341,720
	1,786,000	FARMER MAC 7-1 5.125 4/17 144A		2,084,267
	941,000	FIRSTENERGY GL 7.375 11/15/31C		1,155,519
	60,000	FMG RES AUG LTD 6.375 2/16 144		58,272
	506,000	FORD MOTOR CRD LLC 12% 5/15/15		617,320
	200,000	FORD MTR CR LLC 5.875% 8/2/21		208,365
	200,000	FORD MTR CR LLC 8.125% 1/15/20		235,342
	924,000	FREEPORT MCMOR 8.375% 4/01/17		981,750
	20,000	GLDMN SCHS GP GLB 5.3 2/14/12		20,067
	110,000	GOLDMAN SACH GLB 5.25 10/15/13		112,252
	20,000	GOLDMAN SACHS 4.75% 7/15/13		20,267
	1,040,000	GOLDMAN SACHS 5.375 3/15/20		1,026,169
	21,000	GOLDMAN SACHS 5.793/VR PERP		12,915
	50,000	GOLDMAN SACHS 6.6% 1/15/12		50,066
	10,000	GOLDMAN SACHS GLB 7.5% 2/15/19		11,041
	120,000	GOLDMAN SACHS GR 5.45% 11/1/12		122,041
	600,000	GOLDMAN SACHS GROUP 6% 5/1/14		622,876
	70,000	GOLDMAN SACHS MTN 3.625 8/1/12		70,423
	80,000	GRIFOLS INC 8.25% 2/01/18		83,600
	780,000	GS GRP INC MTN 6.25% 2/01/41		763,892
	110,000	GSINC 5.25% 7/27/21		107,270
	277,000	HCA INC 5.75% 3/15/14		278,385
	174,000	HCA INC 6.25% 2/15/13		177,480
	230,000	HCA INC 6.5% 2/15/20		239,476
	390,000	HERTZ 2009-2A A2 5.29% 3/16		422,217
	370,000	HERTZ 2010-1A A1 2.6% 2/15		376,536
	480,000	HESS CORP 8.125% 2/15/19		615,984
	660,000	HSBC FINANCE CO 6.676% 1/21		682,471
	100,000	ILFC ECAP TR II 6.25 12/65 144		65,000
	170,000	ILFC MTN 6.5% 9/1/14 144A		173,400
	860,000	ILFC MTN 6.75% 9/1/16 144A		881,500
	9,000	INTELSAT JACKSN 7.25 4/19 144A		9,068
	210,000	INTELSAT JH SA 7.25% 10/15/20		213,150
	320,000	JP MORGAN CHASE 6.125% 6/27/17		351,796
	220,000	JPMC CO 4.25% 10/15/20		221,464
	890,000	JPMORGAN CHASE 3.15% 7/05/16		894,351
	70,000	JPMORGAN CHASE 4.35% 8/15/21		70,666
	502,000	JPMORGAN CHASE 5.15% 10/01/15		532,904

Time Warner Savings Plan

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) ( continued)

December 31, 2011


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Domestic Obligations (continued)
	664,000	KERR-MCGEE CORP 7.875% 9/15/31	$	831,062
	370,000	KERR-MCGEE GLBL 6.95 7/1/24		441,083
	210,000	KEY ENERGY SRVS 6.75% 3/1/21		210,000
	63,000	KINDER MORGAN EN 5.85 9/15/12		65,033
	60,000	KINDER MORGAN EN 6.85% 2/15/20		70,527
	204,000	KINDER MORGAN ENER 6% 2/1/17		230,933
	790,000	KRAFT FOODS INC 5.375% 2/10/20		911,238
	950,000	KY HIGHER ED ARCS TAXBLE A2 OT		852,823
	220,000	LEHMAN BROS 3ML+78 8/19/65		22
	390,000	LEHMAN BROS HLD 6.75% 12/28/17		39
	190,000	MEDTRONIC INC MTN 4.45 3/15/20		214,327
	280,000	METLIFE INC 6.75% 6/1/16		322,633
	801,000	METLIFE INC GLB 6.4 12/15/36		756,763
	5,000	MGM MIRAGE 10.375% 5/15/14		5,700
	35,000	MGM MIRAGE INC 6.625% 7/15/15		33,250
	50,000	MGM MIRAGE INC 7.625% 1/15/17		47,500
	20,000	MGM RESORTS 11.125% 11/15/17		22,800
	400,000	MORGAN STANLEY 5.5% 7/24/20		363,572
	110,000	MORGAN STLY FRN 5.82% 10/18/16		88,267
	40,000	NATL SEMICOND GLB 6.6 6/15/17		49,142
	50,000	NEWS AMER INC 4.5% 2/15/21		52,406
	21,000	NEWS AMER INC 6.65% 11/37		23,751
	42,000	NEWS AMERICA INC 6.2% 12/15/34		45,078
	330,000	NOBLE ENERGY IN 8.25% 3/01/19		429,008
	250,000	NORTHSTR ED FIN 2007-1 OT		180,156
	420,000	OCCIDENTAL PETE 3.125% 2/15/22		430,673
	1,625,000	PA HI ED SLR SR SUBER MM-1 OT		1,215,646
	400,000	PA HI ED STUD ARS OT		299,236
	105,000	PACIFIC GAS&ELEC 5.8% 3/1/37		127,644
	590,000	PEABODY ENERGY 6.5% 9/15/20		619,500
	95,000	PEMEX PRO FDG 6.625% 6/15/35		106,875
	75,000	PEPSICO INC 7.9% 11/01/18		101,227
	370,000	PFIZER 6.2% 3/15/19		456,409
	210,000	PG&E 6.05% 3/01/34		259,501
	105,000	PG&E 8.25% 10/15/18		138,375
	330,000	QEP RESOURCES 6.875% 3/01/21		355,575
	73,000	QWEST COMM 7.5% 2/15/14		73,276
	228,000	RAILAMERICA 9.25% 7/01/17		249,090

Time Warner Savings Plan

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) ( continued)

December 31, 2011


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Domestic Obligations (continued)
	430,000	RANGE RES CORP 6.75% 8/1/20	$	477,300
	150,000	RAYTHEON 3.125% 10/15/20		151,110
	290,000	REED ELSEVIER C 8.625% 1/15/19		361,845
	120,000	REYNOLDS AMER GLB 7.25 6/1/12		122,916
	153,000	REYNOLDS AMERN 6.75% 6/15/17		173,944
	240,000	REYNOLDS GRP 6.875% 2/21 144A		235,200
	270,000	ROCHE HLDGS INC 6 3/19 144A		328,162
	150,000	SAFEWAY INC 3.95% 8/15/20		148,076
	279,000	SBC COMM GLBL 5.1 9/15/14		307,342
	42,000	SERVICE CO INT 7.625% 10/01/18		46,725
	84,000	SERVICE CO INTL 7.5% 4/1/27		80,640
	14,000	SLM CORP MTN 5 4/15/15		13,474
	84,000	SLM CORP MTN 5.05 11/14/14		82,860
	376,000	SLM CORP MTN 5.625% 8/01/33		280,070
	63,000	SOUTHRN NAT GAS 5.9% 4/1/17		72,017
	21,000	SOUTHRN NAT GAS 8% 3/01/32		25,937
	480,000	SPRINT CAP CORP 8.75% 3/15/32		388,200
	101,000	STEEL DYN INC 6.75% 4/15		103,020
	31,000	STEEL DYNAMICS 7.375% 11/1/12		32,240
	100,000	STEEL DYNAMICS 7.625% 3/15/20		105,000
	130,000	STEEL DYNAMICS 7.75% 4/15/16		135,525
	480,000	TEACHERS INS 6.85% 12/16/39144		614,904
	80,000	TENET HEALTH 10% 5/01/18		91,200
	230,000	TENET HEALTH 8.875% 7/1/19		258,175
	111,000	TENET HEALTH 9.25% 2/01/15		115,995
	49,000	TENN GAS PIPELI 7.625% 4/01/37		58,362
	160,000	THERMO FISHER 3.6% 8/15/21		167,037
	149,000	TYCO INTL GRP 6% 11/15/13		161,440
	340,000	UBS AG STAM 3.875% 1/15/15		339,113
	170,000	UBS AG STAM MTN 4.875% 8/04/20		168,782
	350,000	UBS AG STAMFORD 2.25% 1/28/14		340,625
	370,000	UNITEDHEALTH GRP 6 2/15/18		439,801
	14,000	VERIZON COM INC 5.5% 2/15/18		16,317
	300,000	VERIZON COMMUNC INC 6% 4/01/41		371,225
	370,000	VERIZON WIRELESS 8.5% 11/15/18		499,252
	1,017,000	WACHOVIA 5.25% 8/14 LT2		1,072,833
	90,000	WASTE MANAGMENT 7.375% 5/15/29		114,278
	510,000	WELLPOINT INC 7% 2/15/19		615,175

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, 2011


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Domestic Obligations (continued)
	28,000	WELLPOINT INC GLB5.875 6/15/17	$	32,271
	105,000	WILLIAMS COS 7.75% 6/15/31		130,428
	99,000	WILLIAMS COS 7.875% 9/01/21		120,780
	13,000	WILLIAMS COS 8.75% 3/15/32		17,009
	294,000	WILLIAMS COS GLB 7.5% 1/15/31		357,814
	204,000	WYETH 5.95% 4/01/37		260,828

		Total Domestic Obligations	$	72,242,920

		Mortgage Related Obligations
	200,082	ACCR 2003-3 A1 4.46% 12/33	$	157,922
	602,640	ACE 2006-SL3 A1 1ML+10 6/36		97,335
	300,000	ACRE 10-ARTA A2FX 4.9543% 1/29		329,796
	220,000	AESOP 2010-3A A 4.64% 5/16		234,078
	130,000	AESOP 2010-5A A 3.15% 3/17 144A		131,472
	624,609	AHM 2005-4 1A1 1ML+29 3/35		346,317
	479,392	ARC 2004-1 A5 1ML+50 10/34		412,840
	1,059,000	BACM 2005-6 A4 5.182% 9/47		1,171,242
	40,000	BACM 2007-5 A3 5.62% 2/51		42,106
	523,038	BALTA 2004-9 3A1 CSTR 9/34		424,848
	461,434	BALTA 2005-2 2A4 CSTR 4/35		328,422
	272,248	BAYV 2004-C A1 1ML+42 5/44		245,243
	1,045,117	BFAT 2007-SR1A M2 1ML+90 3/37		574,741
	310,685	BSABS 05-SD4 2A1 1ML+40 12/42		273,213
	966,119	BSABS 2005-AQ2 A3 1ML+36 9/35		808,949
	510,891	BSABS 2005-CL1 A1 1ML+50 9/34		359,303
	681,832	BSARM 2004-10 12A3 CSTR 1/35		528,242
	170,677	CMLTI 2005-HE2 A 1ML+40 5/35		151,776
	3,300,000	COMNI 2009-A8 A8 1ML+210 5/16		3,320,268
	1,446,054	CWALT 05-36 2A1A 1ML+31 8/35		578,080
	701,856	CWALT 2005-36 3A1 CSTR 8/35		438,762
	198,728	CWALT 2005-61 1A1 1ML+26 12/35		128,347
	117,221	CWALT 2006-OA1 2A1 1ML+21 3/46		57,439
	895,945	CWHEL 07-GW A FSA 1ML+55 8/37		649,160
	162,881	CWHL 2004-23 A CSTR 11/34		80,641
	478,685	CWHL 2006-HYB3 2A1A CSTR 6/36		285,495
	158,075	DELTA AIR 6.821% 8/22		164,983
	198,017	DMSI 2004-4 7AR2 1ML+45 6/34		158,488

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, 2011


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Mortgage Related Obligations (continued)
	150,000	EFCT 2004-1 A5 VAR 6/43	$	137,995
	195,995	ESA 10-ESHA A 2.9505 11/27 144		196,336
	335,790	FFML 2004-FF3 M1 1ML+55 5/34		253,618
	85,448	FHAMS 2006-FA8 1A8 0 2/37		43,838
	90,000	FIRST SEC UT 9.35 1/10/23 144A		95,202
	260,000	GECMC 2007-C1 A4 5.54% 12/49		273,663
	150,000	GMACC 2006-C1 A4 5.238% 1/45		161,486
	765,991	GMACM 04VF1 A1 MBIA1ML+75 2/31		645,374
	688,753	GSMPS 2005-RP1 1AF 1ML+35 1/35		528,918
	4,860,376	GSMS 2011-GC3 X IO 3/44 144A		269,605
	263,818	GSR 2005-AR5 2A3 CSTR 10/35		187,840
	327,459	HVMLT 05-15 2A11 1ML+27 10/45		197,678
	1,156,509	HVMLT 2004-5 2A6 CSTR 6/34		944,509
	517,177	HVMLT 2006-13 A 1ML+18 11/46		212,970
	185,351	IMSA 2006-1 1A2B 1ML+20 5/36		88,747
	491,084	INDA 2007-AR7 1A1 CSTR 11/37		364,377
	1,206,505	INDX 05-AR14 2A1A 1ML+30 7/35		737,814
	174,219	INDX 2006-AR6 2A1A 1ML+20 6/47		86,020
	1,100,000	ISAC 2010-1 A3 3ML+90 7/45		1,034,968
	4,966,866	JPMCC 2011-C4 XA CSTR 7/46		370,225
	120,000	JPMCC 2011-C5 A3 4.1712% 8/46		128,497
	400,000	JPMMT 2004-A3 3A3 CSTR 7/34		362,310
	353,777	KSLT 2003-A 1A2 3ML+26 10/25		330,075
	580,000	LBUBS 2006-C3 A4 CSTR 3/39		637,552
	114,000	LBUBS 2007-C1 A4 5.424% 2/40		124,216
	200,000	LBUBS 2007-C6 A4 CSTR 7/40		219,079
	902,035	LXS 2006-14N 1A1B 1ML+21 9/46		353,268
	345,290	MARM 2005-1 7A1 CSTR 2/35		262,464
	381,436	MARM 2006-2 3A1 CSTR 1/36		272,673
	831,687	MARP 2005-2 1A1F 1ML+35 5/35		658,554
	330,147	MLCC 2003-F A1 1ML+32 10/28		264,941
	1,000,000	MLCFC 2007-6 A4 CSTR 3/51		1,051,804
	215,253	MLMI 2004-A3 4A3 CSTR 5/34		206,433
	146,153	MLMI 2006-A1 1A1 CSTR 3/36		77,621
	1,119,659	MLMI 2007-SD1 A1 1ML+45 2/47		495,126
	655,000	MLMT 2006-C1 A4 CSTR 5/39		730,423
	100,000	MSC 2006-IQ11 A4 CSTR 10/42		110,418
	27,573	MSM 2005-3AR 3A CSTR 7/35		16,532

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, 2011


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Mortgage Related Obligations (continued)
	500,000	NSLC 2004-2A A5C 1.09% 2/39	$	445,273
	243,939	PRIME 2005-2 2A1 CSTR 10/32		241,851
	466,433	RBSGC 2007-B 1A4 1ML+45 1/37		234,285
	398,261	SACO 2005-WM3 A3 1ML+35 9/35		159,477
	648,766	SAMI 2006-AR6 1A1 1ML+18 07/46		335,957
	78,203	SAST 2002-3 M1 1ML+75 12/32		62,585
	285,911	SAST 2003-3 M1 1ML+65 12/33		200,558
	300,000	SLMA 2003-11 A6 3ML+29 12/25		279,199
	800,000	SLMA 2004-3 A5 3ML+17 7/25/23		776,639
	88,934	UAL PASS THRU ETC 9.75% 1/17		97,934
	749,721	WAMU 05-AR15 A1A1 1ML+26 11/45		515,404
	617,436	WAMU 05-AR15 A1A2 1ML+28 11/45		402,087
	306,210	WAMU 05-AR17 A1A2 1ML+29 12/45		209,039
	1,200,000	WAMU 06-AR14 1A3 CSTR 11/36		828,850
	323,784	WAMU 2004-AR8 A1 1ML+42 6/44		218,755
	2,000,000	WAMU 2005-AR18 1A3A CSTR 1/36		1,450,152
	744,007	WAMU 2005-AR7 A4 CSTR 8/35		577,801
	119,164	WAMU 2005-AR8 1A1A 1ML+27 7/45		87,350
	343,161	WAMU 2005-AR9 A1A 1ML+32 7/45		250,155
	564,896	WAMU 2007-HY4 4A1 CSTR 9/36		361,104
	110,000	WBCMT 2006-C29 A4 5.308 11/48		120,538
	1,076,919	WFMBS 2006-AR11 A6 CSTR 8/36		908,138
	240,000	WFRBS 2011-C4 A4 0 6/44		262,511

		Total Mortgage Related Obligations	$	34,638,319

		Other Agency Obligations
	30,000	BIRMINGHAM AL 5.5% 04/01/41	$	32,101
	250,000	CA ST 7.3% 10/01/39		295,608
	40,000	CHICAGO OHARE 5.625% 01/01/35		43,698
	80,000	CHICAGO OHARE TAXM 5.5% 1/31		87,782
	50,000	CLARK CO NV PFC 5.25% 7/1/39		52,017
	80,000	GA MEAG 6.655% 4/1/57		82,237
	300,000	IL ST 5.665% 03/01/18		319,284
	310,000	IL ST 5.877% 03/01/19		333,768
	70,000	LA CA AIRPT 5% 5/15/35		74,520
	50,000	LA CA AIRPT 5.25 5/15/39		53,982
	190,000	LA CA DWAP TAXM 6.574% 7/01/45		241,213

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, 2011


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Other Agency Obligations (continued)
	100,000	LIBERTY GOLDMAN 5.25% 10/01/35	$	103,161
	50,000	MARTA GA 5% 7/1/39		53,242
	150,000	MUNICIPAL EC AT GA 6.637% 4/57		155,916
	20,000	SANMATEO CA CCD 06B 5% 9/1/38		20,729
	330,000	SANTA CL TRANS TAXM 5.876% 4/32		387,417
	240,000	TVA 5.25% 9/15/39		309,494
	467,000	TVA 5.98% 4/1/36		643,179

		Total Other Agency Obligations	$	3,289,348

		Total Other Fixed Income Securities	$	139,240,396

		Cash, Cash Equivalents and Other Investments
		Cash	$	175,725
	11,531,663	State Street Bank Government Short Term Investment Fund*		11,531,663
	36,606,455	State Street Bank Short Term Investment Fund*		36,606,455
	1,055,157	Fidelity Institutional Money Market Portfolio*		26,851,211
	400,000	US TREASURY RP .05% 1/03/12		400,000

		Total Cash, Cash Equivalents and Other Investments	$	75,565,054

		Total Investments Excluding Notes Receivable From Participants	$	3,526,434,158

		Notes Receivable From Participants (interest rate from 4.25% to 10.50% maturing through January, 2027)*		58,821,163

		Total Investments	$	3,585,255,321

*	Indicates party-in-interest to the Plan.

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.

EXHIBIT INDEX

Exhibit
Number

Description

23.1

Consent of Ernst & Young LLP,

Independent Registered Public Accounting Firm