Edgar Filing: TIME WARNER INC.

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, 2012

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

SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 1-15062

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

TIME WARNER SAVINGS PLAN

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

Time Warner Inc.

One Time Warner Center

New York, New York 10019

FINANCIAL STATEMENTS AND

SUPPLEMENTAL SCHEDULES

Time Warner Savings Plan

Years Ended December 31, 2012 and 2011

With Report of Independent Registered Public

Accounting Firm

Time Warner Savings Plan

Financial Statements and Supplemental Schedules

Years Ended December 31, 2012 and 2011

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			20
Schedule H, Part IV, Line 4(i) – Schedule of Assets (Held at End of Year)			21

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, 2012 and 2011, 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, 2012 and 2011, 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, 2012 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 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.

New York, New York

/s/ Ernst & Young LLP

June 21, 2013

Time Warner Savings Plan

Statements of Net Assets Available for Benefits


	December 31,
	2012		2011
	(In Thousands)
Investments at fair value:
Commingled trust funds		$ 940,499		$ 825,967
Time Warner common stock		335,204		287,944
Other common stocks		712,896		619,162
Preferred stocks		40		250
Synthetic investment contracts		625,699		611,580
Mutual funds		960,534		768,324
U.S. government and agency securities		259,990		198,401
Other fixed income securities		145,772		139,241
Cash, cash equivalents and other investments		153,007		75,565

Total investments at fair value		4,133,641		3,526,434

Contributions receivable:
Employer		9,009		6,062
Participants		2,591		854
Notes receivable from participants		64,301		58,821
Receivables for securities sold		67,635		1,963
Other assets		6,061		4,817

Total assets		4,283,238		3,598,951

Payables for securities purchased		165,702		15,558
Other liabilities		7,702		4,372

Total liabilities		173,404		19,930


Net assets reflecting investments at fair value		4,109,834		3,579,021
Adjustment from fair value to contract value for fully benefit-responsive investment contracts		(23,018)		(22,959)


Net assets available for benefits		$ 4,086,816		$ 3,556,062

See accompanying notes.

Time Warner Savings Plan

Statements of Changes in Net Assets Available for Benefits


	Year Ended December 31,
	2012		2011
	(In Thousands)

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

Changes in net assets:
Investment income, net of fees		51,005		46,962
Net realized and unrealized appreciation (depreciation) in the fair value of investments		443,515		(94,524)

Net investment income (loss)		494,520		(47,562)

Employing company contributions		151,672		144,929
Participant contributions, including rollover contributions		193,088		185,562
Participant loan interest income		2,828		2,783
Participant withdrawals		(308,265)		(285,775)
Administrative expenses		(3,089)		(4,015)

Net change		530,754		(4,078)

Net assets available for benefits at end of year		$ 4,086,816		$ 3,556,062

See accompanying notes.

Time Warner Savings Plan

Notes to Financial Statements

December 31, 2012

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 is a “Qualified Automatic Contribution Arrangement” in accordance with the Internal Revenue Code of 1986, as amended (the “Code”), and thus is exempt from nondiscrimination testing.

Investment Funds, Contributions and Vesting

The Plan provides for multiple investment funds made available through Fidelity Management Trust Company (“Fidelity”) pursuant to the Master Trust. Prior to November 4, 2011, the Plan’s investment funds consisted of four asset allocation (target risk) funds and thirteen core investment funds (nine of which are actively managed and four of which are index funds). Effective November 4, 2011, an additional actively managed core investment fund was added. The Plan also offers a self-directed brokerage option that is limited to mutual funds. Participant contributions, Matching Contributions (as defined below) and Rollovers (as defined below) may generally be invested in specified increments in the investment funds. Participants may periodically transfer account balances among the investment funds offered under the Plan.

Effective July 1, 2010, contributions or investment fund transfers into the Time Warner Inc. Stock Fund are prohibited, but Plan participants who hold Time Warner common stock in the

Time Warner Savings Plan

Notes to Financial Statements (continued)

Time Warner Inc. Stock Fund have the option to reinvest cash dividends paid by Time Warner on its common stock in Time Warner common stock through the Time Warner Inc. Stock Fund in lieu of receiving the cash dividends. Effective July 1, 2010, the Time Warner Inc. Stock Fund was designated as an employee stock ownership plan component of the Plan.

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

Employees hired on or after January 1, 2007 were automatically enrolled in the Plan at a pre-tax contribution rate of 2% approximately 90 days following the hire date, unless employees elected otherwise during the first 60 days of employment. Effective July 1, 2010, all eligible Plan participants with a pre-tax contribution rate of less than 3%, newly eligible Plan participants, and employees classified as hourly or temporary employees who are credited with at least 1,000 hours of service in any one year are automatically enrolled in the Plan at a pre-tax contribution rate of 3% unless they change their contribution rate or opt out of the Plan. Unless participants who were automatically enrolled in the Plan elected or elect otherwise, their contribution rate automatically increased by 1% beginning on either January 1, 2012 or the first anniversary of their automatic enrollment date (depending on the date they were automatically enrolled) and will continue to increase by 1% annually until the 6% maximum for automatic contributions is reached. These participant contributions and Matching Contributions are invested in a target risk fund unless participants elect other investment option(s). Participants who are automatically enrolled in the Plan may change their contribution rate or opt out of the Plan at any time.

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 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.

Time Warner Savings Plan

Notes to Financial Statements (continued)

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 through

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)

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 2012 and 2011 were $3.2 million and $3.3 million, respectively. The amount of forfeited nonvested accounts as of December 31, 2012 and 2011 was $4.8 million and $4.2 million, respectively, and is included in the Statements of Net Assets Available for Benefits.

Notes Receivable From Participants

Under the Plan, subject to certain restrictions and penalties, participants may withdraw amounts and/or take loans from their accounts. The maximum number of loans a participant may have outstanding is limited to three at any one time, in the form of either one primary residence loan and two general loans or three general loans; provided, however, that if the primary residence loan was obtained before 2008, it does not limit the availability of the three general loans. The minimum loan amount is $1,000 and the maximum loan amount is $50,000. Loans are valued at their outstanding balances, which approximate fair value, and are treated as transfers between the individual investment funds and the participant loan fund. Loan terms may be for up to five years or 15 years if for the purchase of a primary residence. Participants who have transferred accounts to the Plan with existing loans for the purchase of a primary residence may have loan terms of up to 30 years based on the provisions of the plan from which the original loan was obtained. 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 have transferred accounts to the Plan with existing loans may be subject to different interest rates on those loans, as set in accordance with the provisions of the plan from which the original loan was obtained. Interest rates on outstanding participant loans as of December 31, 2012 and 2011 ranged from 4.25% to 10.50%.

Time Warner Savings Plan

Notes to Financial Statements (continued)

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, investment advice, recordkeeping, custodial and trustee services. Other administrative costs, for example, compensation of employees responsible for the administration of the Plan, are paid by Time Warner.

Use of Estimates

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

Time Warner Savings Plan

Notes to Financial Statements (continued)

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 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 Standard

On January 1, 2012, the Plan adopted, on a prospective basis, guidance issued by the Financial Accounting Standards Board 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. 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 that are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of these investments, it is possible that changes in values could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

Time Warner Savings Plan

Notes to Financial Statements (continued)

During the years ended December 31, 2012 and 2011, the Plan’s investments appreciated (depreciated) in fair value as follows:


	Year Ended December 31,
	2012		2011
	(In Thousands)
Net realized and unrealized appreciation (depreciation) in fair value of investments:
Commingled trust funds		$ 121,285		$ (28,782)
Time Warner common stock		86,283		34,170
Other common stocks		84,985		(55,507)
Preferred stocks		1		80
Mutual funds		129,943		(56,207)
U.S. government and agency securities		11,305		14,071
Other fixed income securities		10,150		(2,008)
Cash, cash equivalents and other investments		(437)		(341)

Total net realized and unrealized appreciation (depreciation) in the fair value of investments		$ 443,515		$ (94,524)

Time Warner Savings Plan

Notes to Financial Statements (continued)

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


	December 31,
	2012		2011
	(In Thousands)
Commingled Trust Funds:
BlackRock Equity Index–Fund H, 6,441,896 and 6,800,067 units, respectively		$ 325,896		$ 296,619
BlackRock MSCI ACWI ex-U.S. Index–Fund C, 20,148,351 units		*		180,126
BlackRock US Debt Index–Fund T, 11,432,922 units		208,765		*
Common Stock:
Time Warner, 7,008,237 and 7,967,449 shares, respectively		335,204		287,944
Mutual Fund:
Dodge & Cox Stock Fund, 4,084,395 and 3,887,173 shares, respectively		497,888		390,166

* Less than 5%

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;

Time Warner Savings Plan

Notes to Financial Statements (continued)

•

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

•

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

•

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

At this time, the occurrence of an event that would limit the ability of the Capital Preservation Fund to transact at contract value is not probable. The completion of the Time Separation (as described in Note 7) is not expected to limit the ability of the Capital Preservation Fund to transact at contract value.

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

Interest income in the Capital Preservation Fund is accrued at the weighted-average return of individual fund investments, net of investment management and certain administrative fees (the “Crediting Rate”). The Crediting Rate is calculated daily. Wrapper contracts use the Crediting Rate formula to convert market value changes in the underlying assets into income distributions in order to minimize the difference between the market and contract value of the underlying assets over time. Using the Crediting Rate formula, an estimated future market value is calculated by compounding a portfolio’s current market value at such portfolio’s current yield to maturity for a period equal to such portfolio 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%. The Capital Preservation Fund’s Crediting Rate as of December 31, 2012 and 2011 was 1.9% and 2.3%, respectively. The average annualized yield of the Capital Preservation Fund for the years ended December 31, 2012 and 2011 was 2.2% and 2.4%, respectively.

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

Time Warner Savings Plan

Notes to Financial Statements (continued)

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, 2012 and December 31, 2011, the fair value of derivative financial instruments held by the Plan was not material. The derivative financial instruments held by the Plan at December 31, 2012 consisted of foreign currency forward contracts, interest rate and credit default swap contracts, futures on swap contracts and interest rate option contracts and at December 31, 2011 consisted of foreign currency forward contracts. Significant derivative positions at December 31, 2012 included written interest rate option contracts and interest rate swap contracts with notional amounts of $143.7 million and $87.2 million, respectively.

4. Fair Value Measurements

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

Time Warner Savings Plan

Notes to Financial Statements (continued)

The following table presents information about the Plan’s assets and liabilities required to be carried at fair value on a recurring basis as of December 31, 2012 and December 31, 2011 (in thousands):

December 31, 2012

December 31, 2011

Asset Category

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Total

Assets

Commingled trust funds ^(a)

–

940,499

–

940,499

–

825,967

–

825,967

Equity securities:

Time Warner common stock

335,204

–

335,204

287,944

–

287,944

Other common stocks:

Domestic equities

677,811

–

677,811

571,322

–

571,322

International equities

35,085

–

35,085

47,840

–

47,840

Preferred stocks

–

250

–

250

Synthetic investment contracts:

U.S. government and agency securities

270,132

104,556

–

374,688

296,940

102,427

–

399,367

Mortgage related obligations

–

97,935

–

97,935

–

58,815

–

58,815

Investment grade corporate bonds^(b)

–

148,642

–

148,642

–

146,523

–

146,523

Cash, cash equivalents and other investments

3,624

810

–

4,434

5,834

1,041

–

6,875

Mutual funds^(c)

960,534

–

960,534

768,324

–

768,324

Fixed income securities:

U.S. government and agency securities

107,297

198,797

–

306,094

124,161

72,562

1,678

198,401

Mortgage related obligations

–

34,287

272

34,559

–

34,638

–

34,638

Investment grade corporate bonds^(b)

–

90,488

–

90,488

–

81,762

2,548

84,310

Non-investment grade corporate bonds^(b)

–

20,725

–

20,725

–

20,290

20,293

Cash, cash equivalents and other investments:

Cash and cash equivalents

13,695

34,589

–

48,284

27,027

48,138

–

75,165

Derivatives

–

2,610

–

2,610

–

Other investments^(d)

–

102,697

–

102,697

–

400

–

400

Total Assets

2,403,422

1,776,635

272

4,180,329

2,129,642

1,392,563

4,229

3,526,434

Liabilities

Derivatives

–

(584

)

–

(584

)

–

U.S. government and agency securities

–

(46,104

)

–

(46,104

)

–

Total

2,403,422

1,729,947

272

4,133,641

2,129,642

1,392,563

4,229

3,526,434

^(a)

At December 31, 2012, the underlying securities held in commingled trust funds consisted of approximately 22% and 78% of marketable fixed income and equity securities, respectively. At December 31, 2011, the underlying securities held in commingled trust funds consisted of approximately 20% and 80% of marketable fixed income and equity securities, respectively.

^(b)

At December 31, 2012 and December 31, 2011, the investment grade corporate bonds had credit ratings equal to or higher than the following, as applicable: S&P rating of BBB-, Fitch rating of BBB- or Moody’s rating of Baa3, and the non-investment grade corporate bonds had credit ratings below the foregoing ratings, as applicable.

^(c)

At December 31, 2012, mutual funds consisted of (in thousands) $497,888 in the Dodge & Cox Stock Fund, $220,478 in Fidelity BrokerageLink (of which $27,715 is in cash and cash equivalents), $159,256 in the Manning & Napier Overseas Fund and $82,912 in the DFA Emerging Markets Core Equity Portfolio Institutional Class Fund. At December 31, 2011, mutual funds consisted of (in thousands) $390,166 in the Dodge & Cox Stock Fund, $197,346 in Fidelity BrokerageLink (of which $32,064 is in cash and cash equivalents), $131,286 in the Manning & Napier Overseas Fund and $49,526 in the DFA Emerging Markets Core Equity Portfolio Institutional Class Fund.

^(d)	At December 31, 2012, other investments consisted of (in thousands) $88,100 of repurchase agreements, $12,915 of certificates of deposit and $1,682 of commercial paper. At December 31, 2011, other investments consisted of (in thousands) $400 of repurchase agreements.

Time Warner Savings Plan

Notes to Financial Statements (continued)

The following table reconciles the beginning and ending balances of the Plan’s assets classified as Level 3 for the years ended December 31, 2012 and December 31, 2011 (in thousands):

December 31, 2012

December 31, 2011

Investment
Grade
Corporate
Bonds

Non-

investment
Grade
Corporate
Bonds

US
Government
and Agency
Securities

Mortgage
Related
Obligations

Total

Investment
Grade
Corporate
Bonds

Non-

investment
Grade
Corporate
Bonds

US
Government
and Agency
Securities

Total

Balance at beginning of period

2,548

1,678

–

4,229

2,053

–

3,731

5,784

Actual return on plan assets:

Relating to assets still held at end of period

134

–

134

(307

)

(23

)

(327

)

Relating to assets sold during the period

(134

)

–

(134

)

–

Purchases

–

272

1,227

–

389

1,616

Sales

–

(459

)

–

(39

)

(498

)

Issuances

–

Settlements

–

Transfers into Level 3

–

Transfers out of Level 3

(2,548

)

(1,678

)

–

(4,229

)

–

(2,380

)

(2,380

)

Balance at end of period

–

272

2,548

1,678

4,229

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, 2012 and 2011, there were no reserves against contract values for the credit risk of contract issuers or otherwise.

Time Warner Savings Plan

Notes to Financial Statements (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 certificates of deposit, commercial paper, repurchase agreements and futures, option and swap contracts. Certificates of deposit and repurchase agreements are valued at amortized cost, which approximates fair value. Commercial paper is valued using broker quotes that utilize observable market inputs. 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 2012 or 2011 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 2012 or 2011.

Time Warner Savings Plan

Notes to Financial Statements (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; however, these transactions are exempt from the prohibited transaction rules under ERISA.

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. The Plan filed for a new determination letter from the IRS on January 31, 2013. 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 2008; however, there are currently no audits for any periods in progress.

7. Subsequent Event

On March 6, 2013, Time Warner announced that its board of directors has authorized management to proceed with plans for the complete legal and structural separation of Time Warner’s Publishing segment (as described in Time Warner’s annual report on Form 10-K for the year ended December 31, 2012) from Time Warner (the “Time Separation”). The Time Separation is currently expected to be effected as a spin-off of Time Inc., a wholly owned subsidiary and an Employing Company. In the Time Separation, Time Warner will distribute all of the Time Inc. common stock to Time Warner stockholders, and Time Inc. will become an independent publicly-traded company. The Time Separation is contingent on the satisfaction of a number of conditions. Time Warner expects to complete the Time Separation by the end of 2013. Time Inc. and the other entities in the Publishing segment that are Employing Companies (the “Publishing Segment Employing Companies”) will cease to be such effective upon the completion of the Time Separation. However, at this time, it is not known how the Plan participants employed by the Publishing Segment Employing Companies will be affected and what the impact to the Plan will be.

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 2012 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,
	2012		2011

	(In Thousands)
Net assets available for benefits per the financial statements	$	4,086,816	$	3,556,062
Adjustment from contract value to fair value for fully benefit-responsive investment contracts		23,018		22,959

Net assets per the Form 5500	$	4,109,834	$	3,579,021


	Year Ended December 31, 2012

	(In Thousands)
Net investment income from the Plan per the financial statements	$	494,520
Reversal of prior year adjustment from contract value to fair value for fully benefit-responsive investment contracts		(22,959)
Adjustment from contract value to fair value for fully benefit-responsive investment contracts		23,018

Net investment income from the Plan per the Form 5500	$	494,579

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, 2012

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

–

13,050

–

13,050

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

LANDSBANK IS MTN 6.1% 8/25/11

641,000

–

680,101

641,000

39,101

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, 2012


Shares or Units		Description	Current Value
		Commingled Trust Funds
	19,380,534	BlackRock MSCI ACWI ex-U.S. Index - Fund C		$ 204,270,827
	6,441,896	BlackRock Equity Index - Fund H		325,895,518
	2,735,664	BlackRock Extended Equity - Market Fund K		142,090,404
	11,432,922	BlackRock US Debt Index - Fund T		208,765,155
	5,189,942	Pyramis Select Global Plus Fund		59,476,734

		Total Commingled Trust Funds		$ 940,498,638

	7,008,237	Time Warner Common Stock*		$ 335,203,976

		Other Common Stocks
	4,200	3M CO		$ 389,970
	94,350	ACACIA RESEARCH - ACACIA TECH		2,420,078
	87,332	ACCENTURE PLC CL A		5,807,578
	90,491	ACCRETIVE HEALTH INC		1,046,076
	85,965	ACME PACKET INC		1,901,546
	175,595	ACXIOM CORP		3,065,889
	119,630	AIMIA INC		1,788,377
	2,400	AKAMAI TECHNOLOGIES INC		98,184
	18,500	ALEXION PHARMACEUTICALS INC		1,735,485
	68,195	ALIGN TECHNOLOGY INC		1,892,411
	180,710	ALKERMES PLC		3,346,749
	16,600	ALLERGAN INC		1,522,718
	5,100	ALLIANCE DATA SYSTEMS CORP		738,276
	50,100	ALLSCRIPTS HLTHCARE SOLS INC		471,942
	100	ALTERA CORP		3,444
	160,410	AMARIN CORP PLC ADR		1,297,717
	41,142	AMAZON.COM INC		10,332,402
	35,400	AMERICAN EXPRESS CO		2,034,792
	76,310	AMERICAN PUBLIC EDUCATION INC		2,755,554
	59,400	AMERICAN TOWER CORP		4,589,838
	45,102	AMERICAN VANGUARD CORP		1,401,319
	7,600	AMERIPRISE FINANCIAL INC		475,988
	400	AMETEK INC NEW		15,028
	2,400	AMGEN INC		207,168
	2,400	AMPHENOL CORPORATION CL A		155,280
	4,100	ANHEUSER BUSCH IV SA NV SP ADR		358,381
	76,983	AOL INC		2,279,467
	52,846	APPLE INC		28,168,503
	45,745	ARIAD PHARMACEUTICALS INC		877,389

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, 2012


Shares or Units		Description	Current Value
		Other Common Stocks (continued)
	34,845	ARUBA NETWORKS INC		$ 723,034
	149,073	ASSOCIATED BANC CORP		1,955,838
	21,900	AUTODESK INC		774,165
	76,464	AVERY DENNISON CORP		2,670,123
	25,200	BAIDU INC SPON ADR		2,527,308
	12,600	BAXTER INTL INC		839,916
	121,219	BIOGEN IDEC INC		17,779,191
	45,727	BIOMARIN PHARMACEUTICAL INC		2,252,055
	18,800	BOEING CO		1,416,768
	8,000	BONAVISTA ENERGY CORP		119,192
	52,266	BOULDER BRANDS INC		674,231
	25,232	BRISTOW GROUP INC		1,353,949
	70,200	BROADCOM CORP CL A		2,331,342
	64,745	BROADSOFT INC		2,352,186
	264,380	CALPINE CORP		4,793,209
	21,800	CAMERON INTERNATIONAL CORP		1,230,828
	202,000	CAPITAL ONE FINANCIAL CORP		11,701,860
	2,200	CARDINAL HEALTH INC		90,596
	75,866	CARMAX INC		2,848,010
	59,200	CARNIVAL CORP PAIRED CTF		2,176,784
	89,870	CARRIZO OIL & GAS INC		1,880,080
	60,745	CAVIUM INC		1,895,851
	7,757	CBOE HOLDINGS INC		228,521
	42,450	CELADON GRP INC		767,072
	25,600	CELGENE CORP		2,015,232
	2,700	CERNER CORP		209,628
	100	CH ROBINSON WORLDWIDE INC		6,322
	20,485	CHIPOTLE MEXICAN GRILL INC		6,093,468
	307,746	CITIGROUP INC		12,174,432
	900	CITRIX SYSTEMS INC		59,175
	147,000	CITY NATIONAL CORP		7,279,440
	39,751	CLARCOR INC		1,899,303
	8,900	COACH INC		494,039
	1,000	COCA COLA CO		36,250
	57,990	COGENT COMMUNICATIONS GROUP		1,312,894
	8,900	COGNIZANT TECH SOLUTIONS CL A		659,045
	177,052	COLUMBIA BANKING SYSTEMS INC		3,176,313
	9,725	COMMVAULT SYSTEMS INC		677,930
	48,036	COMPASS MINERALS INTL INC		3,588,770

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, 2012


Shares or Units		Description	Current Value
		Other Common Stocks (continued)
	172,020	COMSTOCK RESOURCES INC NEW		$ 2,602,663
	5,000	CONCHO RESOURCES INC		402,800
	165,150	CONSTANT CONTACT INC		2,346,782
	266,054	CONSTELLATION BRANDS INC CL A		9,415,651
	104,933	COPART INC		3,095,524
	2,300	COSTCO WHOLESALE CORP		227,171
	30,100	COVANCE INC		1,738,877
	8,300	COVIDIEN PLC		479,242
	19,440	CUBIST PHARMACEUTICALS INC		817,646
	68,389	CUMMINS INC		7,409,948
	14,400	CVS CAREMARK CORP		696,240
	107,400	DANAHER CORP		6,003,660
	57,185	DENBURY RESOURCES INC		926,397
	30,900	DISCOVERY COMM INC CL C NON-VO		1,807,650
	24,200	DISNEY (WALT) CO		1,204,918
	100,539	DOLLAR TREE INC		4,077,862
	46,772	DST SYSTEMS INC		2,834,383
	179,403	DUNKIN BRANDS GROUP INC		5,952,592
	73,400	EBAY INC		3,744,868
	21,200	ECOLAB INC		1,524,280
	6,100	EDWARDS LIFESCIENCES CORP		550,037
	67,033	EHEALTH INC		1,842,067
	2,809	ELECTRONICS FOR IMAGING INC		53,343
	82,500	EMC CORP		2,087,250
	57,865	EMERGENT BIOSOL		928,155
	74,255	ENCORE CAP GROUP INC		2,273,688
	12,500	EOG RESOURCES INC		1,509,875
	12,000	EQT CORPORATION		707,760
	36,590	EQUINIX INC		7,544,858
	101,766	EURONET WORLDWIDE INC		2,401,678
	33,520	EXACTTARGET INC		670,400
	3,300	EXPEDIA INC		202,785
	25,900	EXPRESS SCRIPTS HLDG CO		1,398,600
	200	F5 NETWORKS INC		19,430
	114,412	FACEBOOK INC A		3,046,792
	46,700	FASTENAL CO		2,180,423
	25,600	FEDEX CORP		2,348,032
	23,830	FINANCIAL ENGINES INC		661,283
	28,490	FINISAR CORP		464,387

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, 2012


Shares or Units		Description	Current Value
		Other Common Stocks (continued)
	292,687	FIRST HORIZON NATIONAL CORP		$ 2,900,528
	74,007	FIRST NIAGARA FINL GROUP INC		586,876
	36,700	FIRSTMERIT CORP		520,773
	8,000	FISERV INC		632,240
	6,300	FMC TECHNOLOGIES INC		269,829
	51,107	FORTUNE BRANDS HOME & SEC INC		1,493,347
	21,400	FOSSIL INC		1,992,340
	56,015	FRANCESCA’S HOLDINGS CORP		1,454,149
	26,100	FRANKLIN RESOURCES INC		3,280,770
	33,140	FTI CONSULTING INC		1,093,620
	114,087	FUSION-IO INC		2,616,015
	131,244	GAMESTOP CORP CL A		3,292,912
	96,263	GENESEE & WYOMING INC CL A		7,323,689
	185,126	GILEAD SCIENCES INC		13,597,505
	120,560	GLOBE SPECIALTY METALS INC		1,657,700
	3,700	GOLDMAN SACHS GROUP INC		471,972
	239,525	GOODRICH PETRO CORP		2,232,373
	23,591	GOOGLE INC A		16,734,748
	3,900	GREEN MTN COFFEE ROASTERS INC		161,304
	1,420	HAIN CELESTIAL GROUP INC		76,992
	20,580	HALCON RESOURCES CORP		142,414
	177,694	HALLIBURTON CO		6,164,205
	20,800	HARLEY-DAVIDSON INC		1,015,872
	42,217	HARMAN INTL IND INC NEW		1,884,567
	22,835	HAYNES INTL INC		1,184,451
	18,200	HEALTH NET INC		442,260
	1,800	HENRY SCHEIN INC		144,828
	48,190	HILLSHIRE BRANDS CO		1,356,067
	19,500	HOME DEPOT INC		1,206,075
	23,000	HONEYWELL INTL INC		1,459,810
	256,877	HORSEHEAD HOLDING CORP		2,622,714
	4,500	HUNT J B TRANSPORT SERVICES IN		268,695
	29,400	HUNTINGTON INC W/I		1,274,196
	83,759	IHS INC CL A		8,040,864
	56,045	INNERWORKINGS INC		772,300
	175,415	INPHI CORP		1,680,476
	38,395	INSULET CORP		814,742
	482,965	INTEGRATED DEVICE TECH INC		3,525,645
	94,800	INTERACTIVE BROKERS GROUP INC		1,296,864

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, 2012


Shares or Units		Description	Current Value
		Other Common Stocks (continued)
	6,500	INTERCONTINENTAL EXCHANGE INC		$ 804,765
	108,101	INTERNAP NETWORK SERVICES CORP		750,221
	11,795	INTERXION HOLDING NV		280,249
	9,000	INTUIT INC		535,500
	24,176	INTUITIVE SURGICAL INC		11,855,186
	77,400	INVESCO LTD		2,019,366
	32,115	IPG PHOTONICS CORP		2,140,465
	4,042	JONES LANG LASALLE INC		339,285
	6,500	JPMORGAN CHASE & CO		285,805
	35,600	JUNIPER NETWORKS INC		700,252
	14,900	KANSAS CITY SOUTHERN		1,243,852
	101,518	LAREDO PETROLEUM INC		1,843,567
	42,200	LAS VEGAS SANDS CORP		1,947,952
	82,060	LENDER PROCESSING SVCS INC		2,020,317
	500	LENNAR CORP CL A		19,335
	26,200	LIBERTY INTERACTIVE CORP		515,616
	23,872	LIFE TIME FITNESS INC		1,174,741
	114,357	LIMITED BRANDS INC		5,381,640
	46,379	LINKEDIN CORP CL A		5,325,237
	304,611	LOWES COS INC		10,819,783
	33,954	LPL FINANCIAL HOLDINGS INC		956,145
	149,809	LYONDELLBASELL INDS CLASS A		8,552,596
	400	M&T BANK CORP		39,388
	45,513	M/I HOMES INC		1,206,095
	38,386	MAGELLAN HLTH SERVICES INC		1,880,914
	92,155	MANITOWOC CO INC		1,444,990
	24,200	MARRIOTT INTERNATIONAL INC A		901,934
	11,100	MARSH & MCLENNAN COS INC		382,617
	59,285	MASTEC INC		1,477,975
	35,054	MASTERCARD INC CL A		17,221,329
	10,705	MATERION CORP		275,975
	400	MCGRAW-HILL COS INC		21,868
	31,900	MCKESSON CORP		3,093,024
	17,510	MEDIDATA SOLUTIONS INC		686,217
	54,135	MEDIFAST INC		1,428,623
	22,400	MICHAEL KORS HOLDINGS LTD		1,143,072
	54,185	MOBILE MINI INC		1,128,674
	103,627	MONEYGRAM INTERNATIONAL INC		1,377,203
	122,605	MONSANTO CO NEW		11,604,563

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, 2012


Shares or Units		Description	Current Value
		Other Common Stocks (continued)
	9,300	MONSTER BEVERAGE CORP		$ 491,784
	4,400	MORGAN STANLEY		84,128
	60,048	MYRIAD GENETICS INC		1,636,308
	141,132	NATIONAL OILWELL VARCO INC		9,646,372
	73,670	NATIONSTAR MORTGAGE HLDGS INC		2,282,297
	78,188	NEW GOLD INC(US)		862,414
	238,237	NIELSEN HOLDINGS BV		7,287,670
	22,400	NIKE INC CL B		1,155,840
	15,600	NORTHERN TRUST CORP		782,496
	500	OCCIDENTAL PETROLEUM CORP		38,305
	8,100	OMNICOM GROUP INC		404,676
	500	ORACLE CORP		16,660
	119,885	ORASURE TECHNOLOGIES INC		860,774
	15,200	O’REILLY AUTOMOTIVE INC		1,359,184
	96,290	PANDORA MEDIA INC		883,942
	20,802	PAREXEL INTERNATIONAL CORP		615,531
	132,190	PENTAIR LTD		6,497,139
	400	PERRIGO CO (USA)		41,612
	1,400	PETSMART INC		95,676
	165,803	PEYTO EXPL & DEV CORP NEW		3,832,121
	44,870	PHH CORP		1,020,793
	11,300	PIONEER NATURAL RESOURCES CO		1,204,467
	46,735	POLYPORE INTERNATIONAL INC		2,173,178
	20,535	POWER INTEGRATIONS INC		690,181
	31,000	PRAXAIR INC		3,392,950
	84,506	PRECISION CASTPARTS CORP		16,007,127
	18,900	PRICELINE.COM INC		11,740,680
	100	PRUDENTIAL FINANCIAL INC		5,333
	16,300	PVH CORP		1,809,463
	51,335	QLIK TECHNOLOGIES INC		1,114,996
	67,500	QUALCOMM INC		4,186,350
	135,100	QUESTAR CORP		2,669,576
	558,305	QUICKSILVER RES INC		1,596,752
	53,248	RALPH LAUREN CORP		7,982,940
	11,900	RANGE RESOURCES CORP		747,677
	149,387	RED HAT INC		7,911,536
	55,935	REDWOOD TRUST INC REIT		944,742
	6,400	REGENERON PHARMACEUTICALS INC		1,094,848

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, 2012


Shares or Units		Description	Current Value
		Other Common Stocks (continued)
	8,200	ROPER INDUSTRIES INC		$ 914,136
	2,850	ROSETTA RESOURCES INC		129,276
	88,378	ROSS STORES INC		4,785,669
	13,400	SALESFORCE.COM INC		2,252,540
	43,300	SCHLUMBERGER LTD		3,000,257
	252,096	SCORPIO TANKERS INC		1,792,403
	16,800	SHERWIN WILLIAMS CO		2,584,176
	51,790	SODASTREAM INTERNATIONAL LTD		2,324,853
	17,215	SOURCEFIRE INC		812,892
	47,525	SPECTRANETICS CORP		701,944
	79,050	STANCORP FINL GROUP INC		2,898,764
	68,000	STARBUCKS CORP		3,646,160
	36,300	STARWOOD HTLS & RESRT WRLDWIDE		2,082,168
	10,500	STATE STREET CORP*		493,605
	16,180	STEVEN MADDEN LTD		683,929
	5,111	STIFEL FINANCIAL CORP		163,399
	10,900	STRYKER CORP		597,538
	15,100	TD AMERITRADE HOLDING CORP		253,831
	36,615	TENNECO INC		1,285,553
	168,266	TESLA MOTORS INC		5,699,169
	20,800	THERMO FISHER SCIENTIFIC INC		1,326,624
	100	TIFFANY & CO		5,734
	1,500	TIM HORTONS INC		73,770
	45,124	TORCHMARK CORP		2,331,557
	30,238	TRACTOR SUPPLY CO.		2,671,830
	48,097	TRANSDIGM GROUP INC		6,558,507
	2,100	TRIMBLE NAVIGATION LTD		125,538
	31,020	TUMI HOLDINGS INC		646,767
	26,874	TUPPERWARE BRANDS CORP		1,722,623
	37,097	ULTA SALON COSMETICS & FRG INC		3,645,151
	29,900	UNION PACIFIC CORP		3,759,028
	20,900	UNITED CONTINENTAL HLDGS INC		488,642
	91,162	UNITED RENTALS INC		4,149,694
	2,500	UNITED TECHNOLOGIES CORP		205,025
	20,700	UNITEDHEALTH GROUP INC		1,122,768
	27,900	US BANCORP DEL		891,126
	1,300	VALEANT PHARMACEUTICALS (USA)		77,701
	96,100	VALUECLICK INC		1,865,301
	66,000	VCA ANTECH INC		1,389,300

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, 2012


Shares or Units		Description	Current Value
		Other Common Stocks (continued)
	400	VERISK ANALYTICS INC		$ 20,400
	142,161	VIACOM INC CL B		7,497,571
	20,400	VISA INC CL A		3,092,232
	26,880	VISTAPRINT NV		883,277
	69,629	VMWARE INC CL A		6,554,874
	297,680	WABASH NATIONAL CORP		2,670,190
	32,880	WALTER ENERGY INC		1,179,734
	106,430	WASTE CONNECTIONS INC		3,596,270
	90,770	WESCO INTERNATIONAL INC		6,120,621
	75,533	WHITEWAVE FOODS CO		1,173,783
	14,400	WHOLE FOODS MARKET INC		1,315,152
	304,415	WISDOMTREE INVESTMENTS INC		1,863,020
	51,275	WW GRAINGER INC		10,376,522
	56,504	WYNN RESORTS LTD		6,356,135
	19,300	XILINX INC		692,870
	108,750	YUM BRANDS INC		7,221,000

		Total Other Common Stocks		$ 712,896,076

		Preferred Stocks
	1,450	CITIGROUP CAP XIII 7.875% PFD		$ 40,455

		Total Preferred Stocks		$ 40,455

		Synthetic Investment Contracts
		CASH		$ 29,165
	3,595,135	COLCHESTER STREET TRUST MONEY MARKET PORTFOLIO CLASS I		3,595,135
	1,350,000	ABBEY NATL 3.875% 11/10/14 144A		1,408,182
	1,087,000	ABBVIE INC 1.75% 11/06/17 144A		1,101,217
	79,000	AETNA INC 1.5% 11/15/17		79,308
	419,365	ALLYA 2011-1 A3 1.45% 1/15		420,974
	434,135	ALLYA 2011-2 A3 1.18% 4/15		435,818
	691,101	ALLYA 2011-3 A3 0.97% 8/15		693,628
	507,943	ALLYA 2012-1 A2 0.71% 9/14		508,839
	600,000	ALLYA 2012-2 A3 0.74% 4/16		602,745
	870,000	ALLYL 2012-SN1 A3 .57% 8/20/15		870,506
	606,000	AMER HONDA 2.5% 9/21/15 144A		636,102
	882,000	AMERICAN EX CC 2.75% 9/15/15		931,742
	958,000	AMERICAN EX MTN 2.8% 9/19/16		1,020,921
	630,000	AMERICAN EXP .875% 11/13/15		630,204
	630,000	AMERICAN HONDA 1.5% 9/17 144A		632,486

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, 2012


Shares or Units		Description	Current Value
		Synthetic Investment Contracts (continued)
	479,000	AMERICAN INTL GRP 3.8% 3/22/17		$ 523,281
	3,110,000	AMXCA 2012-2 A .68% 3/18		3,121,270
	3,080,000	AMXCA 2012-5 A 0.59% 5/18		3,081,036
	640,000	ANHEUSER BUSCH 1.375% 7/15/17		650,546
	590,000	ANZ BK GRP 2.125% 1/10/14 144A		604,257
	174,000	APACHE CORP 1.75% 4/15/17		179,258
	230,000	AT&T INC 1.4% 12/01/17		230,135
	608,000	AT&T INC 2.4% 8/15/16		639,828
	1,830,000	AT&T INC 2.5% 8/15/15		1,925,055
	600,000	AT&T INC 2.95% 5/15/16		637,331
	630,000	AUSTRALIA & NZ 1.875% 10/06/17		645,667
	870,000	BAAT 2012-1 A3 0.78% 6/16		874,346
	85,782	BACM 2005-3 A2 CSTR 7/43		86,275
	2,290,000	BANK AMERICA 4.5% 4/1/15		2,466,575
	1,890,000	BANK AMERICA FDG 3.7% 9/1/15		2,021,152
	630,000	BANK MONTREAL MTN 2.5% 1/11/17		667,625
	3,120,000	BANK OF NOVA SC 2.05% 10/07/15		3,239,120
	630,000	BANK OF NY MTN 2.4% 1/17/17		666,678
	1,690,000	BARCLAYS BANK 2.375% 1/13/14		1,737,258
	590,000	BB&T CORP MTN B/E 3.2% 3/15/16		633,373
	620,000	BERK HATH INC 2.2% 8/15/16		651,872
	620,000	BG ENERGY 2.875% 10/16 144A		657,950
	1,500,000	BK NOVA SCOTIA 1.375% 12/18/17		1,502,248
	454,964	BMWLT 2011-1 A3 1.06% 2/14		455,877
	670,000	BMWLT 2012-1 A3 .75% 2/20/15		672,487
	570,000	BMWOT 2011-A A3 .76% 8/15		571,986
	500,000	BOIT 2003-A8 A8 1ML+25 5/16		500,857
	590,000	BP CAPITAL MARKET 3.2% 3/11/16		634,982
	620,000	BP CAPITAL MARKETS 2.248% 11/16		647,171
	650,000	BP CAPITAL MKTS 1.375% 11/6/17		651,696
	1,760,000	BRIT COLMB PROV 2.1% 5/18/16		1,853,339
	3,710,000	BRITISH COLMB PRO 1.2% 4/25/17		3,783,514
	630,000	BSCMS 05-PWR8 A4 4.674% 6/41		685,264
	910,000	BSCMS 05-T18 A4 4.933% 2/42		986,548
	1,800,000	C 6.5% 08/13 SNR		1,905,175
	950,000	CANADA GOVT .875% 2/14/17		960,550
	530,000	CANADIAN IMP BK .9% 10/01/15		533,433
	1,320,000	CAPITAL ONE FIN 2.125% 7/15/14		1,356,669
	620,000	CAPITAL ONE FIN 2.15% 3/23/15		636,447

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, 2012


Shares or Units		Description	Current Value
		Synthetic Investment Contracts (continued)
	640,000	CAPITAL ONE FIN CO 1% 11/06/15		$ 638,763
	490,000	CARMX 2012-3 A3 0.52% 7/17		489,955
	1,430,000	CCCIT 2008-A5 A5 4.85% 4/15		1,463,585
	690,000	CCCIT 2009-A4 A4 4.9% 6/16		736,099
	1,760,000	CCCIT 2012-A1 A1 0.55% 10/17		1,760,880
	396,962	CFGNR 2011-150 D 3% 4/37		408,415
	540,000	CGCMT 2006-C5 A4 5.431% 10/49		622,001
	3,000,000	CHAIT 2012-A3 A3 6/17		3,020,369
	3,060,000	CHAIT 2012-A5 A5 0.59% 8/17		3,064,036
	3,800,000	CHAIT 2012-A8 A8 0.54% 10/17		3,796,048
	1,176,000	CHEVRON CORP NE 1.104% 12/5/17		1,184,703
	600,000	CITIGROUP 3.953% 6/15/16		646,703
	1,200,000	CITIGROUP 4.75% 5/19/15		1,300,206
	141,000	CITIGROUP 5.125% 5/5/14		149,662
	1,271,000	CITIGROUP 6.375% 8/12/14		1,404,791
	630,000	CITIGROUP INC 2.25% 8/07/15		650,822
	620,000	CITIGROUP INC 2.65% 3/02/15		643,846
	70,000	COMERICA INC 3% 9/16/15		74,521
	800,000	COMM 2006-C8 A4 0 12/46		922,630
	233,669	COMM 2012-CR1 A1 1.116% 5/45		236,027
	510,000	COMM 2012-CR1 A2 2.35% 5/45		537,579
	470,000	COMM 2012-CR5 A1 0.673% 12/45		470,264
	600,000	COMMONWEALTH BK 3.5% 3/19/15 144A		640,238
	3,180,000	COMMONWEALTH MTN 2.9% 9/17/14 144A		3,337,937
	630,000	COMMONWEALTH NY 1.95% 3/16/15		650,052
	382,000	COMWLTH EDISON 1.95% 9/01/16		396,463
	550,000	CREDIT SUIS(NY)MTN 3.5% 3/23/15		585,204
	3,162,000	CREDIT SUISSE NY 2.2% 1/14/14		3,242,522
	487,561	CSFB 2003-C4 A4 5.137% 8/36		495,428
	625,000	DAIMLER FIN 1.875% 9/15/14144A		638,694
	1,260,000	DAIMLER FIN NOR 1.3% 7/15 144A		1,274,042
	620,000	DAIMLER FINA NA 1.65% 4/15 144A		629,865
	138,890	DBUBS 2011-LC3A A1 2.238% 8/44		142,723
	1,400,000	DCENT 2012-A1 A1 0.81% 8/17		1,411,117
	2,510,000	DCENT 2012-A3 A 0.86% 11/15/17		2,527,399
	590,000	DEUTSCHE BK AG 3.25% 1/11/16		633,248
	562,000	DISNEY (WALT) MTN 1.1% 12/1/17		563,497
	421,000	DOMINION RES INC 1.95% 8/15/16		435,634
	1,602,000	DOMINION RESOUR 2.25% 9/1/15		1,671,865

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, 2012


Shares or Units		Description	Current Value
		Synthetic Investment Contracts (continued)
	211,000	DUKE ENERGY CAR 1.75% 12/15/16		$ 216,418
	584,000	ENEL FIN INTL 5.7% 1/15/13144A		599,717
	395,000	EXPORT DEV CANADA 1.5% 5/15/14		402,358
	428,337	FHLG 5.50% 3/34 #G01665		470,356
	3,086,452	FHLG 5.50% 5/34 #Z40042		3,397,910
	531,063	FHLG 10YR 3.00% 8/21 #J16393		558,757
	518,214	FHLG 10YR 3.00% 8/21 #J16442		545,238
	445,624	FHLG 15YR 3.50% 1/26 #G14312		476,986
	1,196,422	FHLG 15YR 3.50% 4/27 #G14449		1,283,989
	5,151,806	FHLG 15YR 3.50% 10/26 #G14450		5,495,059
	330,992	FHLG 15YR 4.00% 4/26 #E02867		358,200
	933,870	FHLG 15YR 4.00% 6/24 #G18312		995,751
	790,342	FHLG 15YR 4.00% 7/24 #G13596		842,712
	622,890	FHLG 15YR 4.00% 9/25 #E02787		676,427
	629,158	FHLG 15YR 4.00% 9/25 #G14376		670,848
	498,946	FHLG 15YR 4.50% 8/18 #E98688		532,897
	173,545	FHLG 15YR 4.50% 9/18 #E99205		185,354
	236,429	FHLG 15YR 4.50% 10/18 #E99833		252,517
	145,612	FHLG 15YR 4.50% 11/18 #B10931		155,539
	572,518	FHLG 15YR 5.00% 3/19 #G13052		616,560
	787,534	FHLG 15YR 5.00% 4/20 #G13598		849,586
	181,726	FHLG 15YR 5.50% 4/18 #G11389		194,137
	288,520	FHLG 25YR 5.50% 7/35 #G05815		317,004
	379,747	FHLM ARM 2.98% 8/41 #1B8533		398,518
	215,218	FHLM ARM 3.07% 9/41 #1B8608		226,193
	241,544	FHLM ARM 3.53% 4/40 #1B4657		254,933
	183,533	FHLM ARM 3.58% 4/40 #1B4702		192,815
	22,392	FHLM ARM 3.88% 1/35 #848084		23,942
	43,050	FHLM ARM 4.68% 1/36 #847584		46,087
	129,083	FHLM ARM 5.37% 12/35 #1N0106		137,281
	21,959	FHLM ARM 5.78% 10/35 #1N0063		23,676
	74,853	FHLM ARM 4.199% 8/36 #848185		80,621
	2,609	FHLM ARM 4.889% 3/33 #847126		2,782
	134,443	FHLM ARM 4.941% 11/35 #1J1228		142,608
	40,939	FHLM ARM 5.084% 8/35 #1J0005		44,124
	4,000,000	FHLMC .75% 1/12/18		3,970,419
	3,582,000	FHLMC 1% 9/29/17		3,624,138
	2,425,000	FHLMC 1.75% 9/10/15		2,525,530
	51,174	FHR 2290 C 6% 2/31		56,670

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, 2012


Shares or Units		Description	Current Value
		Synthetic Investment Contracts (continued)
	59,149	FHR 2313 C 6% 5/31		$ 64,135
	48,814	FHR 2394 KD 6% 12/16		52,261
	32,049	FHR 2417 EH 6% 2/17		34,395
	90,933	FHR 2763 PD 4.5% 12/17		91,472
	135,717	FHR 2780 QD 4.5% 3/18		136,626
	281,252	FHR 2866 XE 4% 12/18		290,954
	1,171,206	FHR 3102 FD 1ML+30 1/36		1,174,568
	458,525	FHR 3117 JF 1ML+30 2/36		459,635
	325,156	FHR 3415 PC 5% 12/37		354,699
	64,213	FHR 3560 LA 2% 8/14		64,359
	222,157	FHR 3573 LC 1.85% 8/14		223,710
	437,144	FHR 3741 HD 3% 11/15/39		459,443
	592,684	FHR 3763 QA 4% 4/34		638,927
	515,614	FHR 3820 DA 4% 11/35		567,627
	671,551	FHR 3943 EF 1ML+25 2/26		672,924
	2,751,883	FHR 4046 LA 3% 11/2026		2,928,751
	336,000	FIFTH THIRD BAN 3.625% 1/25/16		364,185
	2,302,785	FNMA 5.50% 11/34 #310105		2,534,622
	91,614	FNMA 6.50% 7/32 #545759		104,160
	32,169	FNMA 6.50% 7/32 #545762		36,574
	37,483	FNMA 6.50% 7/35 #745092		42,607
	59,920	FNMA 6.50% 8/36 #888034		68,113
	278,504	FNMA 6.50% 8/36 #888544		316,801
	226,588	FNMA 6.50% 8/36 #AE0746		257,709
	32,218	FNMA 6.50% 12/32 #735415		36,627
	307,234	FNMA 6.50% 12/35 #AD0723		349,195
	31,967,000	FNMA .5% 9/28/15		32,090,380
	5,678,000	FNMA 0.5% 5/27/15		5,698,708
	5,368,000	FNMA 0.5% 7/02/15		5,397,413
	670,000	FNMA 0.75% 12/19/14		675,908
	888,000	FNMA 0.875% 12/20/17		888,731
	5,713,000	FNMA 1.625% 10/26/15		5,923,307
	489,221	FNMA 15YR 3.50% 1/26 #AL1168		528,142
	1,812,081	FNMA 15YR 3.50% 3/27 #AL1746		1,961,342
	1,139,298	FNMA 15YR 3.50% 5/27 #AL1741		1,227,801
	846,718	FNMA 15YR 3.50% 5/27 #AL1742		908,259
	428,287	FNMA 15YR 3.50% 5/27 #AL1751		461,558
	6,571,744	FNMA 15YR 3.50% 12/25 #AE0368		6,987,783
	224,073	FNMA 15YR 4.00% 9/18 #734729		240,470

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, 2012


Shares or Units		Description	Current Value
		Synthetic Investment Contracts (continued)
	218,470	FNMA 15YR 4.50% 6/19 #745278		$ 235,709
	100,683	FNMA 15YR 4.50% 7/20 #888653		108,627
	3,431	FNMA 15YR 7.00% 1/16 #535662		3,640
	1,402	FNMA 15YR 7.00% 5/15 #495848		1,479
	7,277	FNMA 15YR 7.00% 8/14 #783427		7,536
	2,159	FNMA 15YR 7.00% 11/18 #735420		2,265
	14,228	FNMA 20YR 5.50% 10/22 #254522		15,530
	34,064	FNMA ARM 2.42% 11/36 #AD0710		36,098
	76,435	FNMA ARM 2.61% 4/35 #995609		81,858
	183,209	FNMA ARM 3.01% 8/41 #AI4358		191,499
	338,783	FNMA ARM 3.20% 1/40 #AC0599		355,575
	201,448	FNMA ARM 3.37% 9/41 #AI8935		213,097
	268,860	FNMA ARM 3.47% 3/40 #AD0820		281,685
	362,719	FNMA ARM 3.60% 3/40 #AD1555		383,194
	173,314	FNMA ARM 4.21% 5/35 #889946		184,252
	362,801	FNMA ARM 4.285% 7/33#AD0066		386,080
	217,918	FNMA ARM 4.30% 2/35 #995017		232,031
	171,792	FNMA ARM 4.53% 12/34 #802852		183,584
	221,959	FNMA ARM 4.58% 7/35 #826362		236,225
	150,586	FNMA ARM 4.68% 11/34 #735011		159,549
	34,899	FNMA ARM 5.12% 6/35 #823810		37,301
	11,607	FNMA ARM 5.280% 3/35 #843014		12,252
	14,577	FNMA ARM 6.25% 6/36 #886983		15,620
	832,876	FNMA ARM 4.198% 11/34 #841068		891,166
	65,237	FNMA ARM 4.428% 7/36 #555923		69,025
	192,843	FNMA ARM 4.564% 4/33 #713937		202,774
	96,939	FNMA ARM 4.58% 7/35 #995273		104,057
	2,692	FNMA ARM 4.653% 3/35 #816322		2,794
	16,202	FNMA ARM 4.893% 10/35 #847787		16,949
	17,372	FNMA ARM 4.898% 5/35 #995272		18,649
	8,381	FNMA ARM 5.344% 7/35 #834917		8,833
	15,413	FNMA ARM 5.349% 12/34 #843013		16,214
	29,582	FNMA ARM 3.752% 10/33 #755148		31,126
	17,685	FNMA ARM 3.753% 10/33 #746320		18,882
	1,653	FNMA ARM 3.984% 5/33 #703915		1,735
	6,654	FNMA ARM 4.293% 3/35 #815586		7,085
	12,721	FNMA ARM 4.358% 10/33 #754672		13,433
	200,561	FNMA ARM 4.512% 12/36 #995606		216,004
	57,021	FNMA ARM 4.513% 12/34 #802695		60,563

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, 2012


Shares or Units		Description	Current Value
		Synthetic Investment Contracts (continued)
	206,555	FNMA ARM 4.53% 10/35 #995414		$ 219,968
	1,055,604	FNMA ARM 4.55% 10/35 #995415		1,122,586
	18,565	FNMA ARM 4.801% 2/33 #695019		19,485
	14,711	FNMA ARM 5.05% 7/34 #801635		15,622
	49,308	FNR 2002-56 MC 5.5% 9/17		52,384
	307,644	FNR 2003-74 PG 4.5% 8/18		329,044
	390,525	FNR 2005-106 UF 1ML+30 11/35		391,605
	402,648	FNR 2005-90 FC 1ML+25 10/35		403,014
	273,443	FNR 2008-29 BG 4.7% 12/35		290,818
	827,863	FNR 2008-95 AD 4.5% 12/23		877,955
	288,494	FNR 2010-123 DL 3.5% 11/25		303,025
	572,794	FNR 2010-135 DE 2.25% 4/24		583,701
	452,559	FNR 2010-143 B 3.5% 12/25		479,614
	344,354	FNR 2011-23 AB 2.75% 6/25/20		356,905
	470,226	FNR 2011-88 AB 2.5% 9/26		485,603
	1,098,444	FNR 2012-15 FP 1ML+38 6/40		1,103,076
	457,710	FNR 2012-94 E 3% 6/22		481,867
	980,000	FORD 2 11-B ABS 1.05% 10/15/14		985,310
	1,080,000	FORDL 2011-A A3 1% 7/14		1,082,687
	390,000	FORDL 2012-A A3 0.85% 1/15		391,872
	300,000	FORDL 2012-B A2 0.54% 11/14		300,243
	730,000	FORDL 2012-B A3 0.57% 9/15		730,874
	259,855	FORDO 2009-C A4 4.43% 11/14		264,248
	257,963	FORDO 2011-A A3 .97% 1/15		258,659
	471,669	FORDO 2011-B A3 .84% 6/15		473,053
	920,000	FORDO 2012-B A3 0.72% 12/15/16		923,496
	760,000	FORDO 2012-D A3 0.51% 4/17		759,858
	202,000	FRANCE TELECOM 2.125% 9/16/15		209,001
	830,000	G2SF 12-149 LF 1ML+25 12/42		831,032
	450,000	GE CAP CORP 1.6% 11/20/17		450,944
	1,818,000	GE CAP CORP 2.25% 11/9/15		1,883,230
	950,000	GE CAP CORP 2.9% 1/09/17		1,017,333
	823,000	GE CAP CORP MTN 2.15% 1/09/15		853,736
	534,000	GE CAP MTN 3.5% 6/29/15		567,503
	404,000	GE ELEC CAP CORP 2.1% 1/07/14		414,872
	830,000	GECMC 2006-C1 A4 CSTR 3/44		934,835
	1,170,000	GEMNT 2012-1 A 1.03% 1/18		1,182,536
	3,800,000	GEMNT 2012-5 A 0.97% 6/15/18		3,836,236
	178,000	GENERAL ELEC 2.95% 5/09/16		188,210

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, 2012


Shares or Units		Description	Current Value
		Synthetic Investment Contracts (continued)
	620,000	GENERAL ELEC MTN 3.35% 10/17/16		$ 669,579
	289,931	GMACC 2003-C2 A2 CSTR 5/40		295,535
	600,000	GMACC 2004-C2 A4 5.301% 8/38		638,933
	276,282	GNR 2010-112 PM 3.25% 9/33		284,577
	332,372	GNR 2010-99 PT 3.5% 8/33		343,691
	2,020,000	GNR 2012-149 MF 1ML+25 12/42		2,022,827
	870,000	GOLDMAN SAC GRP 3.625% 2/07/16		933,314
	630,000	GOLDMAN SACH MTN 1.6% 11/23/15		635,437
	1,373,000	GOLDMAN SACHS MTN 3.7% 8/1/15		1,470,110
	660,000	GSMS 04-GG2 A6 CSTR 8/38		700,358
	12,712	GSMS 2005-GG4 A3 4.607% 7/39		12,826
	129,301	GSMS 2006-GG6 A2 5.506% 4/38		133,991
	386,477	GSMS 2006-GG8 A2 5.479% 11/39		394,641
	426,482	GSMS 2011-GC5 A1 CSTR 8/44		432,417
	193,430	GSMS 2012-GC6 A1 1.282% 1/45		195,492
	223,857	HAROT 2010-1 A4 1.98% 5/23/16		224,859
	361,958	HAROT 2010-3 A3 0.7% 4/14		362,343
	310,000	HAROT 2011-1 A4 1.8% 4/17		315,527
	638,878	HAROT 2011-2 A3 0.94% 3/15		641,452
	324,966	HAROT 2011-3 A2 1 4/14		325,338
	390,000	HAROT 2012-1 A3 0.77% 1/16		391,962
	760,000	HAROT 2012-2 A3 0.7% 2/16		764,353
	71,795	HART 09-A A4 3.15% 3/16		73,049
	311,381	HART 2011-A A3 1.44% 4/15		312,750
	880,000	HART 2012-B A3 .62% 9/16		882,675
	584,000	HEWLETT PACKARD CO 1.25% 9/13		586,183
	630,000	HEWLETT-PACKARD 2.625% 12/9/14		638,424
	1,200,000	HSBC BANK 3.1% 5/24/16 144A		1,272,220
	555,000	HSBC USA INC 1.625% 1/16/18		555,565
	620,000	HSBC USA INC 2.375% 2/13/15		643,354
	812,000	IBM CORP 1.95% 7/22/16		850,649
	910,000	ING BANK NV 2% 10/18/13 144A		917,432
	630,000	INTEL CORP 1.35% 12/15/17		630,050
	2,105,000	JPMC CO MTN 1.875% 3/20/15		2,153,780
	600,000	JPMC CO MTN 3.7% 1/20/15		641,620
	223,522	JPMCC 03-CB7 A4 CSTR 1/38		230,353
	59,168	JPMCC 2003-C1 A2 4.985% 1/37		59,415
	319,716	JPMCC 2005-LDP2 A3 4.697% 7/42		322,090
	272,355	JPMCC 2005-LDP5 A2 5.198% 12/44		275,921

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, 2012


Shares or Units		Description	Current Value
		Synthetic Investment Contracts (continued)
	304,987	JPMCC 2007-LD11 A2 CSTR 6/49		$ 316,093
	154,571	JPMCC 2007-LDPX A2S 5.305% 1/49		155,983
	582,085	JPMCC 2011-C5 A1 1.600% 8/46		592,885
	600,000	JPMCC 2012-C6 A2 2.2058% 5/45		627,491
	650,000	JPMORGAN CHASE & CO 2% 8/15/17		668,469
	630,000	JPMORGAN CHASE 1.1% 10/15/15		631,334
	2,028,000	JPMORGAN CHASE CO 3.4% 6/24/15		2,140,996
	127,322	LBUBS 2003-C3 A4 4.166% 5/32		128,190
	586,628	LBUBS 2004-C8 4.799% 12/29		620,242
	210,000	LBUBS 2006-C6 A4 5.372% 9/39		242,034
	167,372	LBUBS 2007-C6 A2 5.845% 7/40		171,977
	1,490,000	MASSMUTUAL GLB 3.125% 4/16 144A		1,589,613
	1,250,000	MASSMUTUAL GLBL 2% 4/5/17 144A		1,288,390
	600,000	MBALT 2012-A A3 1.14% 11/14		602,664
	727,841	MBART 2011-1 A3 0.85% 3/15		729,817
	122,000	MCKESSON CORP 0.95% 12/04/15		122,248
	346,000	MERRILL LYNCH 5.45% 7/15/14		375,328
	1,000,000	MET LIFE GLBL 2.5% 9/29/15 144A		1,049,462
	2,212,000	MET LIFE GLBL FD 2% 1/9/15 144		2,292,823
	273,000	METLIFE INC STEP 12/15/17		277,406
	189,000	MICROSOFT CORP .875% 11/15/17		188,182
	950,000	MIZUHO CORP BK 1.55% 10/17 144A		953,630
	2,320,000	MLCFC 2006-3 A4 CSTR 7/46		2,677,567
	795,000	MLMT 2005-MKB2 XP CSTR 9/42		614
	199,000	MONUMENTAL GLBL 5.5% 4/13 144A		203,945
	200,000	MORGAN STANLEY MTN 4.2% 11/20/14		209,635
	580,000	MORGAN STANLEY 2.875% 1/25/14		597,018
	226,000	MORGAN STANLEY 2.875% 7/28/14		233,736
	561,000	MORGAN STANLEY 3.45% 11/2/15		587,636
	610,000	MORGAN STANLEY 4% 7/24/15		648,828
	1,345,000	MORGAN STANLEY 4.1% 1/26/15		1,425,447
	720,000	MORGAN STANLEY 6% 5/13/14		768,218
	601,262	MSBAM 2012-C5 A1 .916% 8/45		604,923
	1,040,000	MSBAM 2012-C5 A2 1.972% 8/45		1,080,006
	93,500	MSC 03-IQ4 A2 4.07% 5/40		94,142
	219,384	MSC 03-T11 A4 5.15% 6/41		223,233
	45,542	MVCOT 2006-2A A 5.417% 10/28		45,713
	17,598	MVCOT 2006-2A B 5.467% 10/28		17,654
	7,999	MVCOT 2006-2A C 5.766% 10/28		8,022

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, 2012


Shares or Units		Description	Current Value
		Synthetic Investment Contracts (continued)
	920,000	NALT 2 11-A ABS 1.04% 8/15/14		$ 923,327
	217,392	NALT 2010-B A3 1% 12/15/13		217,654
	280,000	NALT 2010-B A4 1.27% 10/16		280,966
	460,000	NALT 2011-B A3 0.92% 2/15		462,041
	510,000	NAROT 2011-A A3 1.18% 2/15		512,620
	450,000	NAROT 2011-B A3 0.87% 2/16		453,341
	630,000	NATIONAL AUSTR 1.6% 8/07/15		643,446
	630,000	NATIONAL AUSTR NY BR 2% 3/9/15		648,949
	810,000	NCUA GTD NTS MA 1.4% 6/12/15		828,522
	188,614	NEF 2005-1 A5 4.74% 10/45		183,699
	1,590,000	NEW YORK LIFE 1.3% 10/17 144A		1,599,198
	910,000	NORDEA BK AG 1.75 10/4/13 144A		922,396
	921,000	NYLIFE GLB4.65% 5/9/13 144A		940,075
	625,000	OCCIDENTAL PETE 1.75% 2/15/17		644,826
	595,000	PEPSICO INC 7.9% 11/01/18		810,442
	290,000	PG&E CORP 5.75% 4/01/14		311,527
	630,000	PHILIP MORRIS 1.125% 8/21/17		630,321
	900,000	PHILIP MORS INT 2.5% 5/16/16		949,181
	970,000	PNC FUND CORP MTN 3% 5/19/14		1,005,952
	660,000	PNCFUND MTN 3.625% 2/8/15		708,143
	660,000	PRICOA GLB 1 MTN 5.45% 6/14 144A		706,898
	2,462,000	RABOBANK NL UTREC MTN 1.85% 1/14		2,516,365
	989,000	RABOBNK NEDRLD MTN 2.125% 10/15		1,025,220
	630,000	RIO TINTO FIN 1.625% 8/21/17		641,336
	327,000	ROYAL BK CANADA 1.125 1/15/14		330,902
	1,382,000	ROYAL BK CANADA 1.45% 10/30/14		1,409,189
	982,000	ROYAL BK CANADA 2.3% 7/20/16		1,033,193
	1,270,000	ROYAL BK CDA GBL .8% 10/30/15		1,270,154
	1,190,000	ROYAL BK SCOT 4.875% 8/14 144A		1,275,231
	754,000	ROYAL BK SCOTLND 2.55% 9/18/15		777,092
	600,000	SEMPRA ENERGY 2% 3/15/14		612,611
	1,200,000	SHELL INTL FIN .625% 12/04/15		1,204,723
	950,000	SHELL INTL FIN 1.125% 8/21/17		957,973
	630,000	SHERWIN WILLIAM 1.35% 12/15/17		628,943
	650,000	SIMON PROPERTY 2.15% 9/15/17		678,100
	142,000	SIMON PROPERTY 2.8% 1/30/17		151,461
	128,487	SLMA 2004-A B 3ML+58 6/33		86,634
	1,233,000	SLMA 2012-7 A2 1ML+28 9/19		1,232,212
	482,000	SOUTHERN CO 2.375% 9/15/15		505,289

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, 2012


Shares or Units		Description	Current Value
		Synthetic Investment Contracts (continued)
	730,000	STATE STREET 2.875% 3/07/16*		$ 780,904
	1,180,000	SUMITOMO BK 1.95% 1/14/14 144A		1,202,502
	940,000	SUMITOMO MITSUI BKG 1.8% 7/17		965,231
	1,213,000	TORONTO DOM BK 2.5% 7/14/16		1,289,856
	1,835,000	TORONTO DOMINI 2.375% 10/19/16		1,936,437
	610,000	TOTAL CAP CDA 1.625% 1/28/14		622,566
	620,000	TOTAL CAP INTL 1.55% 6/28/17		629,420
	638,000	TOTAL CAPITAL SA 1.5% 2/17/17		646,302
	960,000	TOYOTA MOTOR CRD 1.25% 10/5/17		969,339
	928,000	TRANSCAPIT 5.67% 3/5/14 144A		986,715
	580,000	UBS AG STAMFORD 2.25% 1/28/14		593,921
	555,607	UBSBB 2012-C2 A1 1.006% 5/63		560,801
	400,000	UBSBB 2012-C4 A1 .6728 12/45		399,834
	341,095	UBSCM 2012-C1 A1 1.032% 5/45		344,258
	520,000	UBSCM 2012-C1 A2 2.180% 5/45		544,017
	600,000	UNION BK NA 3% 6/6/16		636,260
	184,000	UNITEDHEALTH GRP .85% 10/15/15		184,887
	131,000	UNITEDHEALTH GRP 1.4% 10/15/17		131,508
	475,000	UNITEDHEALTH GRP 1.875% 11/16		490,143
	712,000	USAA CAPITAL 1.05% 9/14 144A		717,072
	9,000,000	USTN .25% 1/15/15		9,004,812
	19,000,000	USTN .25% 9/15/15		18,962,176
	24,000,000	USTN .250% 7/15/15		23,973,026
	10,000,000	USTN .5% 7/31/17		9,946,625
	10,000,000	USTN .750% 6/30/17		10,047,402
	31,789,000	USTN .875% 11/30/16		32,228,275
	24,515,000	USTN .875% 4/30/17		24,825,034
	34,347,000	USTN 1% 9/30/16		35,055,280
	28,234,000	USTN 1.375% 11/30/15		29,079,144
	23,028,000	USTN 1.75% 7/31/15		24,026,839
	6,044,000	USTN 1.875% 6/30/15		6,276,575
	10,500,000	USTN 2.375% 10/31/14		10,946,136
	7,653,000	USTN 2.5% 3/31/15		8,080,048
	15,717,000	USTN 2.5% 4/30/15		16,578,330
	10,060,000	USTN 3.125% 10/31/16		11,102,307
	1,472,555	VALET 2011-1 A3 1.22% 6/15		1,480,378
	426,089	VALET 2012-1 A2 0.61% 10/14		426,572
	630,000	VERIZON COMM 1.1% 11/01/17		627,973
	310,000	VODAFONE GRP PLC 4.15% 6/10/14		326,000

Time Warner Savings Plan

EIN: #13-4099534 Plan: #336

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

(Held at End of Year) (continued)

December 31, 2012


Shares or Units		Description	Current Value
		Synthetic Investment Contracts (continued)
	630,000	VOLKSWAGEN 1.6% 11/20/17 144A		$ 629,850
	610,000	VOLKSWAGEN 2.375% 3/22/17 144A		632,071
	1,110,000	VW INTL FIN NV 1.625% 3/15 144A		1,130,101
	111,925	VWALT 2010-A A3 0.99% 11/13		112,013
	200,000	VWALT 2010-A A4 1.18% 10/15		200,297
	159,213	VWALT 2011-A A2 1% 2/14		159,435
	751,000	WAL MART STORES 2.25% 7/08/15		789,914
	590,000	WAL MART STORES 2.8% 4/15/16		632,559
	99,302	WBCMT 05-C16 APB 4.692% 10/41		101,733
	695,661	WBCMT 2003-C9 A4 5.012% 12/35		717,315
	1,080,000	WBCMT 2006-C23 A5 CSTR 1/45		1,226,162
	290,000	WBCMT 2006-C25 A5 CSTR 5/43		335,472
	12,822,503	WBCMT 2007-C30 XP CSTR 12/43		80,738
	480,954	WBCMT 2007-C31A A2 5.421% 4/47		496,836
	183,000	WELLPOINT INC 1.25% 9/10/15		185,138
	331,000	WELLPOINT INC 1.875% 1/15/18		336,896
	1,428,000	WELLS FARGO & CO 1.25% 2/13/15		1,448,144
	1,567,000	WELLS FARGO&COM 3.676% 6/15/16		1,710,611
	1,626,000	WESTPAC BANKING 1.125% 9/25/15		1,645,808
	1,129,000	WESTPAC BANKING CRP 2% 8/14/17		1,171,124
	1,292,000	WESTPAC BK CORP 1.85% 12/09/13		1,312,317
	167,045	WFRBS 2011-C5 A1 1.456% 11/44		169,765
	345,073	WFRBS 2012-C8 A1 .864% 8/45		346,879
	580,000	WFRBS 2012-C8 A2 1.881% 8/45		598,864
	510,000	WOART 2011-A A3 1.49% 10/14		513,054
	810,000	WOART 2012-A A3 0.64% 2/17		812,044
	420,000	WOLS 2012-A A3 0.93% 11/15		423,037
	540,000	YALE UNIV MTN 2.9% 10/15/14		566,774
		Total Wrap Rebid Value		809,602

		Total Synthetic Investment Contracts		$ 625,698,785

		Mutual Funds
		Fidelity BrokerageLink*		$ 220,477,716
	4,084,395	Dodge & Cox Stock Fund*		497,887,690
	4,064,330	DFA Emerging Markets Core Equity Portfolio Institutional Class Fund*		82,912,338
	6,832,100	Manning & Napier Overseas Fund*		159,256,262

		Total Mutual Funds		$ 960,534,006

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, 2012


Shares or Units		Description	Current Value
		U.S. Government and Agency Securities
		United States Treasury Notes
	6,100,000	USTN .125% 9/30/13		$ 6,098,335
	2,300,000	USTN .25% 10/31/13		2,301,438
	1,600,000	USTN .25% 11/30/13		1,600,938
	7,700,000	USTN .375% 6/30/13		7,709,625
	2,800,000	USTN .75% 8/15/13		2,810,391
	3,900,000	USTN 1.125% 6/15/13		3,917,671
	5,130,000	USTN 1.625% 11/15/22		5,068,729
	12,516,000	USTN 1.625% 8/15/22		12,423,115
	8,000,000	USTN TII 1.75% 1/15/28		11,443,721
	1,060,000	USTN TII 2% 1/15/26		1,621,974
	600,000	USTN TII 2.375% 1/15/25		994,433
	1,100,000	USTN TII 2.375% 1/15/27		1,740,530
	1,150,000	USTN TII 2.5% 1/15/29		1,767,393
	100,000	USTN TII 3.875% 4/15/29		233,124

		Total United States Treasury Notes		$ 59,731,417

		United States Treasury Bonds
	33,300,000	USTB 5.375% 2/15/31		$ 47,450,986

		Total United States Treasury Bonds		$ 47,450,986

		United States Treasury Bills
	114,000	USTBILL 0% 7/25/13		$ 113,918

		Total United States Treasury Bills		$ 113,918

		Federal Agency Obligations
		Federal National Mortgage Association
	5,000,000	FNMA 3.50% 1/43 #TBA		$ 5,329,688
	82,714	FNMA 3.50% 3/37 #AB4745		88,165
	(41,000,000)	FNMA 4.00% 1/43 #TBA		(43,937,265)
	46,000,000	FNMA 4.00% 1/43 #TBA		49,295,468
	41,000,000	FNMA 4.00% 2/41 #TBA		43,905,235
	21,000,000	FNMA 4.50% 1/41 #TBA		22,686,563
	1,771,189	FNMA 4.50% 4/41 #AL0215		1,941,044
	296,243	FNMA 4.50% 9/41 #AB3517		320,440
	(2,000,000)	FNMA 5.00% 1/41 #TBA		(2,166,406)
	162,914	FNMA 5.00% 4/41 #AI0511		181,369
	243,446	FNMA 5.00% 5/41 #AI1863		271,024
	1,047,401	FNMA 5.00% 5/41 #AI1892		1,166,052

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, 2012


Shares or Units		Description	Current Value
		U.S. Government and Agency Securities (continued)
		Federal Agency Obligations (continued)
		Federal National Mortgage Association (continued)
	260,064	FNMA 5.00% 5/41 #AI2433		$ 289,524
	177,953	FNMA 5.00% 5/41 #AI2443		198,112
	178,333	FNMA 5.00% 5/41 #AI2462		198,535
	146,445	FNMA 5.00% 5/41 #AI2737		163,034
	91,831	FNMA 5.00% 6/41 #AI4261		102,234
	867,932	FNMA 5.00% 11/40 #AL0476		958,386
	2,435,375	FNMA 5.50% #AL0484 6/41		2,642,001
	2,010,983	FNMA 5.50% #AL0520 6/41		2,181,603
	326,025	FNMA 5.50% 8/38 #995072		354,196
	123,207	FNMA 5.50% 11/36 #745959		133,660
	40,942	FNMA 6.00% 5/35 #821192		45,275
	47,482	FNMA 6.00% 9/37 #952504		51,987
	26,979	FNMA 6.00% 10/35 #745000		29,774
	23,715	FNMA 6.50% 1/37 #897910		26,391
	30,232	FNMA 6.50% 5/36 #895817		33,690
	86,131	FNMA 6.50% 8/36 #745744		95,948
	64,654	FNMA 6.50% 9/36 #897131		72,038
	1,041,595	FNMA 6.50% 10/41 #AL0814		1,158,775
	856,960	FNMA 6.50% 10/41 #AL0886		970,382
	815,517	FNMA 6.50% 10/41 #AL0885		908,603
	18,000,000	FNMA 15YR 3.00% 1/27 #TBA		18,995,625
	222,854	FNMA 20YR 4.50% 4/31 #MA0706		241,405
	738,198	FNMA 20YR 4.50% 5/31 #MA0734		799,648
	220,127	FNMA 20YR 4.50% 6/31 #MA0776		238,451
	690,606	FNMA 20YR 3.50% 12/31 #MA0919		736,116
	364,873	FNMA ARM 5.51% 2/37 #913990		383,711
	148,888	FNR 11-15 AB 9.75% 8/19		169,604
	187,154	FNR 2004-38 FK 1ML+35 5/34		187,511
	450,636	FNR 2010-110 AE 9.75% 11/18		520,533
	473,545	FNR 2010-118 YB IO INV 10/40		78,219
	616,083	FNR 2011-63 SW IO INV 7/41		95,321
	340,420	FNS 390 C3 IO 6% 7/38		40,512
	183,087	FNS 407 40 0 1/38		26,537
	366,156	FNS 407 41 IO 6% 1/38		53,757
	50,373	FNS 407 C22 IO 1/39		5,536

		Total Federal National Mortgage Association		$ 112,268,011

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, 2012


Shares or Units		Description	Current Value
		U.S. Government and Agency Securities (continued)
		Federal Agency Obligations (continued)
		Government National Mortgage Association
	125,392	GNII 5.00% 9/40 #004802		$ 137,676
	124,850	GNII 6.00% 11/40 #004871		140,085
	282,619	GNII II 4.50% 1/41 #004946		310,273
	4,206,719	GNII II 4.50% 3/41 #004978		4,618,353
	144,053	GNII II 4.50% 4/41 #005017		158,149
	74,545	GNII II 4.50% 7/40 #004923		81,839
	75,484	GNII II 4.50% 11/40 #004854		82,870
	229,774	GNII II 4.50% 12/40 #004883		252,258
	64,053	GNII II 5.00% 7/40 #004747		70,834
	653,670	GNII II 5.00% 8/40 #004772		717,709
	28,873	GNII II 6.00% 3/40 #004660		32,270
	617,790	GNII II 6.00% 8/40 #004774		691,829
	961,665	GNII II 6.00% 10/40 #004837		1,079,018
	132,795	GNII II 6.00% 11/39 #004580		148,419
	294,740	GNII II 6.50% 10/37 #004040		331,134
	256,728	GNMA II 5.00% 7/40 #783050		283,906
	81,961	GNR 10-116 JS -1ML+605 12/39		12,205
	341,651	GNR 11-70 BS -1ML+670 IO 12/36		39,120
	130,484	GNR 2005-13 SD -1ML+680 2/35		23,359
	157,204	GNR 2005-81 SD -1ML+630 12/34		15,180
	411,146	GNR 2006-47 SA 1ML+680 8/36		97,239
	664,292	GNR 2009-106 SU IO INV 5/37		87,349
	185,959	GNR 2009-45 AI IO 1ML+596 4/39		21,142
	547,520	GNR 2009-61 SA 1ML+670 8/39		83,610
	365,329	GNR 2009-61 WQ 1ML+625 11/35		58,530
	141,904	GNR 2009-68 SL 1ML+675 4/39		16,623
	1,757,286	GNR 2009-HO1 FA 1.4% 11/59		1,813,347
	239,212	GNR 2010-107 SG -1ML+615 2/38		29,822
	142,961	GNR 2010-109 SB -1ML+660 8/40		28,147
	689,656	GNR 2010-115 SP -1ML+540 9/40		91,348
	1,182,606	GNR 2010-117 PS 1ML+600 10/39		162,697
	499,921	GNR 2010-14 SC -1ML+480 8/35		76,627
	497,521	GNR 2010-146 GS IO ML+610 6/39		72,210
	292,771	GNR 2010-147 S -1ML+665 11/40		58,817
	304,845	GNR 2010-151 SM -1ML+608 11/40		47,839
	314,635	GNR 2010-151SA IO ML+605 11/40		53,311
	412,958	GNR 2010-160 SW 1ML+655 10/38		62,972

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, 2012


Shares or Units		Description	Current Value
		U.S. Government and Agency Securities (continued)
		Federal Agency Obligations (continued)
		Government National Mortgage Association (continued)
	287,415	GNR 2010-3 MS IO 1ML+655 11/38		$ 39,815
	214,175	GNR 2010-31 GS 1ML+650 3/39		33,755
	82,294	GNR 2010-39 SP -1ML+655 11/38		10,317
	119,820	GNR 2010-42 BS -1ML+648 4/40		21,390
	119,820	GNR 2010-47 AS -1ML+644 4/40		20,376
	245,694	GNR 2010-47 VS -1ML+625 11/37		34,428
	1,143,549	GNR 2010-50 QS 1ML+655 12/38		180,813
	374,713	GNR 2010-57 QS -1ML+650 5/40		67,603
	619,849	GNR 2010-60 S -1ML+650 5/40		126,477
	660,282	GNR 2010-62 SB -1ML+575 5/40		97,438
	845,422	GNR 2010-68 SD -1ML+658 6/40		141,308
	325,445	GNR 2010-69 SP -1ML+665 6/38		37,828
	123,720	GNR 2010-76 SH -1ML+650 5/40		22,195
	191,460	GNR 2010-85 HS IO 1ML+665 1/40		33,329
	120,614	GNR 2010-85 JS -1ML+657 4/40		21,923
	391,498	GNR 2010-87 SK IML+650 7/40		64,203
	789,100	GNR 2010-H010 FC 1ML+100 5/60		811,148
	1,417,534	GNR 2010-H20 AF 1ML+33 10/60		1,416,076
	1,303,322	GNR 2010-H24 FA 1ML+35 10/60		1,303,985
	1,037,012	GNR 2011-11 SA -1ML+600 1/41		155,816
	108,077	GNR 2011-32 S IO -1ML+600 3/41		13,036
	278,117	GNR 2011-4 PS -1ML+618 9/40		40,807
	721,166	GNR 2011-40 SA -1ML+613 2/36		94,494
	449,666	GNR 2011-81 SA -1ML+540 6/41		77,079
	378,116	GNR 2011-H09 AF IML+50 3/61		380,977

		Total Government National Mortgage Association		$ 17,334,732

		Freddie Mac
	3,730,947	FHMS K006 AX1 CSTR 1/20		$ 222,032
	1,097,396	FHMS K007 X1 CSTR 4/20		73,609
	1,162,631	FHMS K008 X1 CSTR 6/25/20		109,313
	1,181,513	FHMS K009 X1 CSTR 8/20		97,532
	4,380,035	FHMS K014 X1 IO CSTR 4/21		367,292
	444,170	FHMS K702 X1 CSTR 2/18		30,261
	2,586,152	FHMS K703 X1 CSTR 5/18		249,227
	1,541,423	FHMS KAIV X1 CSTR 6/46		131,642
	99,833	FHR 2808 FT 1ML+35 4/33		99,924

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, 2012


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		$ 108,966
	600,000	FHR 3754 MB 4% 1/39		659,418
	600,000	FHR 3871 JB 5.5% 6/41		699,475

		Total Freddie Mac		$ 2,848,691

		Federal Home Loan Mortgage Corporation
	2,362,591	FHLG 5.00% 3/38 #A74793		$ 2,541,446
	134,854	FHLG 5.50% 11/35 #A39302		146,370
	766,132	FHLG 5.50% 12/38 #G06172		826,764
	1,991,970	FHLG 6.00% 6/38 #G04715		2,167,668
	3,600,473	FHLG 6.00% 11/39 #G06409		3,918,046
	251,530	FHLG 6.50% 9/39 #G06669		279,119
	55,437	FHLM ARM 5.65% 9/37 #1G3704		57,805
	54,612	FHLM ARM 5.84% 2/37 #1N1447		57,784
	142,785	FHLM ARM 5.95% 5/37 #1N1582		150,216
	146,933	FHLM ARM 6.03% 5/37 #1N1463		157,999
	200,517	FHLM ARM 4.433% 7/35 #1B3925		211,783
	9,729,000	FHLMCDN 0% 4/23/13		9,726,899

		Total Federal Home Loan Mortgage Corporation		$ 20,241,899


		Total U.S. Government and Agency Securities		$ 259,989,654

		Other Fixed Income Securities
		Foreign Governmental Obligations
	90,000	MEXICO GOV 6.05% 1/11/40		$ 120,825
	12,940,000	MEXICO GOVT 8% 6/11/20		1,174,748
	411,000	MEXICO GVT GLB 6.75% 9/27/34 EC		591,840
	931,550	RUSSIAN FD STP CPN 3/31/30REGS		1,192,384
	700,000	TOKYO ELECTRIC 4.5% 3/24/14		937,159

		Total Foreign Governmental Obligations		$ 4,016,956

		Foreign Obligations
	169,000	AMERICA MOVIL 5.625% 11/15/17		$ 202,335
	1,000,000	BANCO BRASIL 3.875% 10/10/22		1,007,500
	190,000	BANK TOKYO MIT 3.85% 1/15 144A		200,759
	800,000	BBVA US SENIOR 3.25% 5/16/14		800,714

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, 2012


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Foreign Obligations (continued)
	680,000	BP CAP MARKETS 3.125% 10/1/15		$ 721,796
	130,000	COMMNWLTH BNK AUST 5 10/19 144		150,950
	1,300,000	COMUNIDAD DE MA 4.2% 9/24/14		1,657,290
	900,000	COMUNIDAD EMTN 4.305% 3/6/14		1,178,570
	300,000	COMWLTH BK AUS 3.75% 10/14 144A		315,390
	202,000	DEUTSCHE TK GLBL 5.75% 3/23/16		230,107
	945,000	DIAGEO CPTL PLC 4.828% 7/15/20		1,111,512
	800,000	DNB BK ASA MTN 3.2% 4/17 144A		851,776
	200,000	DORIC NIMROD 5.125% 11/24 144A		209,000
	300,000	EKSPORTFINAN AS MTN 1.875% 4/13		299,978
	1,000,000	EKSPORTFINANS 1.6% 3/20/14		11,177
	200,000	EKSPORTFINANS 2.375% 5/25/16		190,801
	200,000	EKSPORTFINANS 5.5% 5/25/16 GLB		208,187
	200,000	EKSPORTFINANS ASA US3M+20 4/13		199,055
	100,000	EKSPORTFINANS GLB MTN 5.5% 6/17		105,243
	100,000	EKSPORTFINANS MTN 3% 11/17/14		99,207
	800,000	EKSPORTFINS A/S MTN 2% 9/15/15		765,733
	2,100,000	EXP-IMP BANK KOREA 5% 4/11/22		2,445,030
	400,000	EXPORT IMP BK KORE MTN 4% 1/21		429,669
	400,000	EXPORT IMP KOR 1.25% 11/20/15		400,665
	700,000	EXPORT IMP KORE 4.375% 9/15/21		772,631
	202,000	FRENSENIUS MED 6.875% 7/15/17		230,280
	411,000	GLITNIR 3ML+273.25 6/16 144A		5,138
	279,000	GLITNIR BK MTN 6.33% 7/11 144A		76,028
	120,000	HBOS PLC 5.25% 2/21/17 144A		137,188
	160,000	ICICI BK 6.375%/VAR 4/22 REGS		161,400
	244,000	ICICI BK LTD 6.375%/VAR4/22 144		246,135
	90,000	INTELSAT JACKSON 8.5% 11/01/19		100,575
	94,000	KANSAS CTY SOUT 12.5% 4/1/16		102,460
	120,000	KANSAS CTY SOUT 6.125% 6/15/21		135,600
	120,000	KAUPTHING BK 5.75% 10/4/11 144A		29,400
	1,177,000	KAUPTHING BK 7.625% 2/28/15144		288,365
	130,000	KAUPTHING MTN 7.125% 5/19 144A		1,625
	1,100,000	KFW 3.5% 3/10/14		1,141,052
	212,000	KPN NV GLBL 8.375% 10/01/30		279,232
	641,000	LANDSBANK IS MTN 6.1% 8/11 144A		38,460
	660,000	NORDEA BK 4.875% 5/13/21 144A		707,345
	430,000	NORDEA BK MTN 3.7% 11/14 144A		451,393

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, 2012


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Foreign Obligations (continued)
	20,000	NOVELIS INC 8.75% 12/15/20		$ 22,400
	200,000	PERNOD RICARD 4.45% 1/22 144A		220,963
	20,000	POTASH CORP 4.875% 3/30/20		22,971
	420,000	RBS 3.95% 9/21/15		445,938
	300,000	RBS NV FRN 3ML+70 3/09/15		284,234
	2,920,000	RENTENBANK 2.5% 2/15/16		3,091,124
	17,000	RIO TINTO FIN 6.5% 7/15/18		21,210
	63,000	ROGERS CABLE 6.75% 3/15/15		71,008
	30,000	ROGERS COMMUNIC 6.8% 8/15/18		37,934
	70,000	ROYAL BK SC 7.648% PERP T1		70,700
	90,000	ROYAL BK SCOTLAND 5% 10/1/14		92,476
	520,000	ROYAL BK SCTLND 6.4% 10/21/19		613,968
	80,000	ROYAL BK SCTLND GLB 5% 11/12/13		81,396
	110,000	ROYAL BK SCTLND GLB 5.05% 1/8/15		113,827
	600,000	SHELL INTL FIN 4.375% 3/20		695,357
	280,000	SHELL INTL FIN 6.375% 12/15/38		392,293
	10,000	SUMITOMO BK 3.1% 1/14/16 144A		10,661
	30,000	SUMITOMO BKG 3.15% 7/22/15 144A		31,595
	100,000	TNK BP FI MTN 6.625% 3/17 144A		113,750
	400,000	TRANSOCEAN INC 5.25% 3/15/13		403,513
	400,000	UK GILT 1.75% 9/7/22		646,102
	4,900,000	UK GILT 4% 3/07/22		9,543,806
	200,000	UNITED BUSNS 5.75% 11/20 144A		210,801
	110,000	UPCB FIN III 6.625% 7/20 144A		117,700
	320,000	WPP FIN UK GTD SR NT 8% 9/15/14		353,869

		Total Foreign Obligations		$ 36,406,347

		Domestic Obligations
	18,000	AES CORP 8% 6/1/20		$ 20,700
	160,000	AIG 6.25% 87-37 HYBRD		170,800
	200,000	AIG INTL 3.75% 11/30/13 144A		205,166
	260,000	ALLY FINANCIAL INC 8% 3/15/20		318,500
	780,000	ALLY FINL INC 7.5% 9/15/20		941,850
	380,000	ALTRIA GROUP INC 4.75% 5/05/21		430,223
	260,000	ALTRIA GROUP INC 8.5% 11/13		277,020
	101,000	ALTRIA GROUP INC 9.25% 8/6/19		140,402
	84,000	AMERADA HES CO 7.875% 10/01/29		116,561

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, 2012


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Foreign Obligations (continued)
	142,000	AMERADA HESS CO 7.3% 8/15/31		$ 190,824
	100,000	AMERICA MOVIL 5% 3/30/20		116,247
	49,000	AMERICAN EXP MTN 5.875% 5/13		49,885
	322,000	AMEX 2.65% 12/02/22 144A		320,329
	353,000	AMEX 6.8% 9/01/66		379,034
	115,000	ANADARKO PETRO 6.375% 9/15/17		137,321
	420,000	ANHEUSER BUSCH 5% 4/15/20		502,163
	360,000	ANHEUSER BUSCH 5.375% 1/15/20		437,764
	341,000	APACHE CORP 6% 9/15/13		353,960
	20,000	ARCH COAL INC 7% 6/15/19		18,600
	30,000	AT&T INC 3.875% 8/15/21		33,401
	167,000	AT&T INC 5.5% 2/01/18		198,874
	14,000	BAC CAP XIV 5.63%/VR PERP		11,832
	670,000	BANK AMER 4.5% 4/1/15		714,124
	1,100,000	BANK AMERICA CORP 3ML+142 1/14		1,109,186
	600,000	BANK OF AMER MTN 7.625% 6/1/19		767,743
	580,000	BANK OF AMERICA 5.625% 7/01/20		687,062
	725,000	BANK OF AMERICA 6% 9/01/17		848,705
	200,000	BANKAMER 5.75% 12/1/17		233,038
	120,000	BERK HATH INC 3.2% 2/11/15		126,326
	190,000	CALPINE CONSTR 8% 6/01/16 144A		201,875
	324,000	CALPINE CORP 7.5% 2/15/21 144A		358,020
	171,000	CALPINE CORP 7.875% 1/23 144A		193,230
	495,000	CATERPILR FIN SERV 6.2% 9/30/13		516,368
	1,220,000	CCO HLDGS/CAP CORP 7% 1/15/19		1,308,450
	40,000	CF INDUS HLDS 7.125% 5/1/20		50,342
	410,000	CITIGROUP 3.953% 6/15/16		441,194
	2,083,000	CITIGROUP 5% 9/15/14		2,191,499
	650,000	CITIGROUP 5.375% 8/09/20		765,309
	300,000	CITIGROUP 5.875% 5/29/37		360,058
	650,000	CITIGROUP 6% 12/13/13		681,098
	200,000	CITIGROUP 6.375% 8/12/14		216,130
	344,000	CITIGROUP 6.875% 3/05/38		451,695
	300,000	CITIGROUP MTN 6.01% 1/15/15		327,796
	160,000	CITIGROUP MTN 5.5% 10/15/14		171,655
	20,000	COMCAST CORP 6.3% 11/15/17		24,527
	697,000	COMCAST CORP 6.5% 1/15/15		776,606
	30,000	COMCAST CORP 6.95% 8/15/37		40,578

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, 2012


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Foreign Obligations (continued)
	347,000	CONOCO 6.95% 4/15/29		$ 482,785
	250,000	CONOCOPHILLIPS 6% 1/15/20		316,994
	50,000	CONSOL ENERGY 6.375% 3/01/21WI		51,125
	170,000	CONSOL ENERGY 8.25% 4/01/20		184,875
	450,000	CONTINENTL AIR 6.75% 9/15 144A		470,250
	390,000	COUNTRYWIDE FIN 6.25% 5/15/16		428,001
	25,000	CRICKET COMM 7.75% 5/15/16 WI		26,469
	358,444	CVS CAREMARK 6.943% 1/10/30		451,192
	450,000	DAIMLER FIN 2.625% 9/15/16144A		467,424
	150,000	DAIMLER FINANCE 3.875% 9/21 144		161,648
	30,000	DEVON ENERGY CO 5.6% 7/15/41		35,533
	320,000	DISH DBS CORP 6.75% 6/01/21		364,800
	125,000	DISH DBS CORP 7.875% 9/01/19		148,125
	1,280,000	DNB BOLIGKED AS 2.9% 3/16 144A		1,360,870
	260,000	DOMINION RESOUR 8.875% 1/15/19		355,611
	105,000	ECHOSTAR DBS 7.75% 5/31/15		117,600
	7,000	ECHOSTAR DBS CORP 7% 10/01/13		7,280
	6,000	EDISON MISSION 7.625% 5/27		3,180
	613,000	EL PASO CORP 7% 6/15/17		700,253
	125,000	EL PASO ENERGY MTN 7.8% 8/1/31		145,744
	91,000	EL PASO ENGY MTN 7.75% 1/15/32		106,924
	460,000	EL PASO NAT GAS 8.375% 6/15/32		653,546
	31,000	ENERGY FUT CO 10% 12/01/20		34,875
	10,000	ENTERPRISE PRD 5.7% 2/15/42		11,678
	500,000	ENTERPRISE PRD 9.75% 1/31/14		547,050
	430,000	ENTERPRISE PROD 4.05% 2/15/22		474,795
	300,000	ENTERPRISE PROD 5.2% 9/1/20		357,760
	18,000	EXELON CORP 5.625% 6/15/35		20,045
	1,786,000	FARMER MAC 7-1 5.125% 4/17 144A		2,097,539
	941,000	FIRSTENERGY GL 7.375% 11/15/31C		1,212,793
	60,000	FMG RES AUG LTD 6.375% 2/16 144		62,100
	506,000	FORD MOTOR CRD LLC 12% 5/15/15		621,115
	2,300,000	FORD MTR CR LLC 4.207% 4/16		2,453,217
	1,100,000	FORD MTR CR LLC 4.25% 2/03/17		1,178,420
	200,000	FORD MTR CR LLC 5.875% 8/2/21		232,908
	200,000	FORD MTR CR LLC 8.125% 1/15/20		256,275
	100,000	FORD MTR CREDIT CO 8% 12/15/16		120,747
	1,040,000	GOLDMAN SACHS 5.375% 3/15/20		1,190,860

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, 2012


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Foreign Obligations (continued)
	21,000	GOLDMAN SACHS 5.793%/VR PERP		$ 16,403
	100,000	GOLDMAN SACHS FRN 5/18/15		129,366
	10,000	GOLDMAN SACHS GLB 7.5% 2/15/19		12,574
	600,000	GOLDMAN SACHS GROUP 6% 5/1/14		638,549
	780,000	GS GRP INC MTN 6.25% 2/01/41		954,354
	110,000	GSINC 5.25% 7/27/21		125,274
	1,000,000	HCA HLDGS INC 6.25% 2/15/21		1,030,000
	277,000	HCA INC 5.75% 3/15/14		289,465
	174,000	HCA INC 6.25% 2/15/13		174,870
	230,000	HCA INC 6.5% 2/15/20		258,750
	390,000	HERTZ 2009-2A A2 5.29% 3/16		424,210
	370,000	HERTZ 2010-1A A1 2.6% 2/15		376,451
	480,000	HESS CORP 8.125% 2/15/19		631,285
	660,000	HSBC FINANCE CO 6.676% 1/21		782,306
	100,000	ILFC ECAP TR II 6.25% 12/65 144		85,500
	170,000	ILFC MTN 6.5% 9/1/14 144A		181,475
	860,000	ILFC MTN 6.75% 9/1/16 144A		965,350
	10,000	INTELSAT JH SA 7.25% 10/15/20		10,875
	9,000	INTELSAT JH SA 7.25% 4/01/19		9,675
	320,000	JP MORGAN CHASE 6.125% 6/27/17		373,730
	200,000	JPM 4.375% 21-16 LT2		279,150
	200,000	JPM 4.625% 17-12 LT2		255,680
	220,000	JPMC CO 4.25% 10/15/20		244,439
	700,000	JPMORGAN CHAS 6% 10/1/17		828,409
	890,000	JPMORGAN CHASE 3.15% 7/05/16		942,660
	70,000	JPMORGAN CHASE 4.35% 8/15/21		78,197
	502,000	JPMORGAN CHASE 5.15% 10/01/15		551,729
	664,000	KERR-MCGEE CORP 7.875% 9/15/31		880,173
	370,000	KERR-MCGEE GLBL 6.95% 7/1/24		468,770
	210,000	KEY ENERGY SRVS 6.75% 3/1/21		210,000
	60,000	KINDER MORGAN EN 6.85% 2/15/20		75,534
	204,000	KINDER MORGAN ENER 6% 2/1/17		238,203
	413,000	KRAFT FOODS GR 5.375% 2/20 144A		495,474
	950,000	KY HIGHER ED ARCS TAXBLE A2 OT		806,902
	190,000	MEDTRONIC INC MTN 4.45% 3/15/20		220,512
	850,000	MERRILL LYN CO FRN 1/31/14		1,114,056
	850,000	MERRILL LYNCH 3ME+45 7/22/14		1,110,672
	280,000	METLIFE INC 6.75% 6/1/16		331,534

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, 2012


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Foreign Obligations (continued)
	801,000	METLIFE INC GLB 6.4% 12/15/36		$ 854,410
	5,000	MGM MIRAGE 10.375% 5/15/14		5,669
	35,000	MGM MIRAGE INC 6.625% 7/15/15		37,538
	377,000	MONDELEZ INTL INC 5.375% 2/20		454,752
	40,000	NATL SEMICOND GLB 6.6% 6/15/17		49,383
	50,000	NEWS AMER INC 4.5% 2/15/21		57,067
	21,000	NEWS AMER INC 6.65% 11/37		27,066
	42,000	NEWS AMERICA INC 6.2% 12/15/34		50,744
	30,000	NOBLE ENERGY IN 8.25% 3/01/19		39,291
	250,000	NORTHSTR ED FIN 2007-1 OT		177,652
	420,000	OCCIDENTAL PETE 3.125% 2/15/22		446,263
	1,600,000	PA HI ED SLR SR SUBER MM-1 OT		1,502,887
	400,000	PA HI ED STUD ARS OT		375,722
	105,000	PACIFIC GAS&ELEC 5.8% 3/1/37		129,552
	75,000	PEPSICO INC 7.9% 11/01/18		101,169
	370,000	PFIZER 6.2% 3/15/19		467,323
	210,000	PG&E 6.05% 3/01/34		269,895
	105,000	PG&E 8.25% 10/15/18		142,905
	30,000	QEP RESOURCES 6.875% 3/01/21		34,575
	430,000	RANGE RES CORP 6.75% 8/1/20		466,550
	150,000	RAYTHEON 3.125% 10/15/20		159,430
	153,000	REYNOLDS AMERN 6.75% 6/15/17		184,707
	40,000	REYNOLDS GRP 6.875% 2/15/21		43,100
	270,000	ROCHE HLDGS INC 6 3/19 144A		335,844
	279,000	SBC COMM GLBL 5.1 9/15/14		299,702
	14,000	SLM CORP MTN 5% 4/15/15		14,757
	84,000	SLM CORP MTN 5.05% 11/14/14		88,171
	376,000	SLM CORP MTN 5.625% 8/01/33		348,740
	63,000	SOUTHRN NAT GAS 5.9% 4/1/17		74,004
	21,000	SOUTHRN NAT GAS 8% 3/01/32		29,945
	300,000	SOUTHWESTERN EN 4.1% 3/22 WI		322,350
	1,000	STEEL DYN INC 6.75% 4/15		1,013
	480,000	TEACHERS INS 6.85% 12/16/39144		649,255
	80,000	TENET HEALTH 10% 5/01/18		91,000
	230,000	TENET HEALTH 8.875% 7/1/19		256,450
	111,000	TENET HEALTH 9.25% 2/01/15		125,153
	49,000	TENN GAS PIPELI 7.625% 4/01/37		69,384
	160,000	THERMO FISHER 3.6% 8/15/21		169,988

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, 2012


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Foreign Obligations (continued)
	340,000	UBS AG STAM 3.875% 1/15/15		$ 359,244
	350,000	UBS AG STAMFORD 2.25% 1/28/14		355,054
	370,000	UNITEDHEALTH GRP 6% 2/15/18		450,196
	14,000	VERIZON COM INC 5.5% 2/15/18		16,806
	300,000	VERIZON COMMUNC INC 6% 4/01/41		390,414
	370,000	VERIZON WIRELESS 8.5% 11/15/18		508,810
	1,017,000	WACHOVIA 5.25% 8/14 LT2		1,084,468
	90,000	WASTE MANAGMENT 7.375% 5/15/29		118,580
	510,000	WELLPOINT INC 7% 2/15/19		634,166
	28,000	WELLPOINT INC GLB 5.875% 6/15/17		33,222
	105,000	WILLIAMS COS 7.75% 6/15/31		133,968
	99,000	WILLIAMS COS 7.875% 9/01/21		126,720
	13,000	WILLIAMS COS 8.75% 3/15/32		18,020
	294,000	WILLIAMS COS GLB 7.5% 1/15/31		366,819
	204,000	WYETH 5.95% 4/01/37		271,387

		Total Domestic Obligations		$ 67,270,312

		Mortgage Related Securities
	339,640	ACCR 2003-3 A1 4.46% 12/33		$ 324,934
	573,711	ACE 2006-SL3 A1 1ML+10 6/36		109,203
	300,000	ACRE 10-ARTA A2FX 4.9543% 1/29		347,113
	220,000	AESOP 2010-3A A 4.64% 5/16		237,958
	130,000	AESOP 2010-5A A 3.15% 3/17 144A		137,476
	555,087	AHM 2005-4 1A1 1ML+29 3/35		439,971
	431,557	ARC 2004-1 A5 1ML+50 10/34		386,592
	1,059,000	BACM 2005-6 A4 5.182% 9/47		1,179,744
	40,000	BACM 2007-5 A3 5.62% 2/51		42,181
	453,526	BALTA 2004-9 3A1 CSTR 9/34		424,489
	429,700	BALTA 2005-2 2A4 CSTR 4/35		356,849
	199,618	BAYV 2004-C A1 1ML+42 5/44		193,282
	926,063	BFAT 2007-SR1A M2 1ML+90 3/37		583,274
	34,677	BLACK 2005-1A A1A 1ML+25 6/17		34,521
	240,157	BLUEM05-1A A1F 3ML+23.75 11/17		237,530
	223,985	BSABS 05-SD4 2A1 1ML+40 12/42		213,848
	819,185	BSABS 2005-AQ2 A3 1ML+36 9/35		773,467
	435,102	BSABS 2005-CL1 A1 1ML+50 9/34		357,933
	553,785	BSARM 2004-10 12A3 CSTR 1/35		540,777

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, 2012


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Mortgage Related Securities (continued)
	106,695	CMLTI 2005-HE2 A 1ML+40 5/35		$ 104,717
	1,319,137	CWALT 05-36 2A1A 1ML+31 8/35		836,494
	644,697	CWALT 2005-36 3A1 CSTR 8/35		467,609
	166,032	CWALT 2005-61 1A1 1ML+26 12/35		134,026
	106,800	CWALT 2006-OA1 2A1 1ML+21 3/46		70,694
	147,440	CWHL 2004-23 A CSTR 11/34		98,476
	387,672	CWHL 2006-HYB3 2A1A CSTR 6/36		298,798
	148,326	DELTA AIR 6.821% 8/22		165,562
	162,634	DMSI 2004-4 7AR2 1ML+45 6/34		145,631
	150,000	EFCT 2004-1 A5 VAR 6/43		131,902
	304,825	FFML 2004-FF3 M1 1ML+55 5/34		265,361
	73,329	FHAMS 2006-FA8 1A8 0 2/37		44,940
	90,000	FIRST SEC UT 9.35 1/10/23 144A		103,573
	260,000	GECMC 2007-C1 A4 5.54% 12/49		296,748
	559,040	GMACM 04VF1 A1 MBIA1ML+75 2/31		529,854
	616,353	GSMPS 2005-RP1 1AF 1ML+35 1/35		507,325
	4,802,005	GSMS 2011-GC3 X IO 3/44 144A		241,622
	234,786	GSR 2005-AR5 2A3 CSTR 10/35		201,654
	298,179	HVMLT 05-15 2A11 1ML+27 10/45		235,054
	967,217	HVMLT 2004-5 2A6 CSTR 6/34		950,407
	444,873	HVMLT 2006-13 A 1ML+18 11/46		259,585
	168,039	IMSA 2006-1 1A2B 1ML+20 5/36		90,647
	447,371	INDA 2007-AR7 1A1 CSTR 11/37		398,266
	1,100,872	INDX 05-AR14 2A1A 1ML+30 7/35		879,660
	161,403	INDX 2006-AR6 2A1A 1ML+20 6/47		104,573
	1,100,000	ISAC 2010-1 A3 3ML+90 7/45		1,085,051
	4,897,754	JPMCC 2011-C4 XA CSTR 7/46		341,481
	120,000	JPMCC 2011-C5 A3 4.1712% 8/46		136,516
	400,000	JPMMT 2004-A3 3A3 CSTR 7/34		407,272
	322,962	KSLT 2003-A 1A2 3ML+26 10/25		297,898
	114,000	LBUBS 2007-C1 A4 5.424% 2/40		132,315
	200,000	LBUBS 2007-C6 A4 CSTR 7/40		238,694
	727,360	LXS 2006-14N 1A1B 1ML+21 9/46		461,229
	317,417	MARM 2005-1 7A1 CSTR 2/35		282,031
	332,855	MARM 2006-2 3A1 CSTR 1/36		310,805
	731,764	MARP 2005-2 1A1F 1ML+35 5/35		620,466
	300,346	MLCC 2003-F A1 1ML+32 10/28		280,060
	1,000,000	MLCFC 2007-6 A4 CSTR 3/51		1,153,582

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, 2012


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Mortgage Related Securities (continued)
	160,889	MLMI 2004-A3 4A3 CSTR 5/34		$ 162,605
	121,499	MLMI 2006-A1 1A1 CSTR 3/36		78,855
	1,012,626	MLMI 2007-SD1 A1 1ML+45 2/47		524,580
	655,000	MLMT 2006-C1 A4 CSTR 5/39		751,290
	100,000	MSC 2006-IQ11 A4 CSTR 10/42		112,884
	26,177	MSM 2005-3AR 3A CSTR 7/35		20,453
	500,000	NSLC 2004-2A A5C 1.09% 2/39		424,686
	196,991	PRIME 2005-2 2A1 CSTR 10/32		195,298
	399,420	RBSGC 2007-B 1A4 1ML+45 1/37		235,412
	337,576	SACO 2005-WM3 A3 1ML+35 9/35		137,939
	571,474	SAMI 2006-AR6 1A1 1ML+18 07/46		377,635
	56,500	SAST 2002-3 M1 1ML+75 12/32		53,254
	252,741	SAST 2003-3 M1 1ML+65 12/33		203,203
	300,000	SLMA 2003-11 A6 3ML+29 12/25		293,052
	800,000	SLMA 2004-3 A5 3ML+17 7/25/23		792,123
	79,733	UAL PASS THRU ETC 9.75% 1/17		91,693
	678,817	WAMU 05-AR15 A1A1 1ML+26 11/45		617,321
	559,042	WAMU 05-AR15 A1A2 1ML+28 11/45		506,949
	269,676	WAMU 05-AR17 A1A2 1ML+29 12/45		239,113
	1,061,414	WAMU 06-AR14 1A3 CSTR 11/36		858,734
	3,400,097	WAMU 2004-AR10 A1A 1ML+44 7/44		3,078,373
	292,425	WAMU 2004-AR8 A1 1ML+42 6/44		256,331
	1,974,828	WAMU 2005-AR18 1A3A CSTR 1/36		1,836,628
	622,049	WAMU 2005-AR7 A4 CSTR 8/35		564,544
	106,406	WAMU 2005-AR8 1A1A 1ML+27 7/45		98,008
	299,526	WAMU 2005-AR9 A1A 1ML+32 7/45		285,145
	522,747	WAMU 2007-HY4 4A1 CSTR 9/36		439,794
	913,811	WFMBS 2006-AR11 A6 CSTR 8/36		806,672
	240,000	WFRBS 2011-C4 A4 0 6/44		284,547

		Total Mortgage Related Securities		$ 34,558,841

		Other Agency Obligations
	30,000	BIRMINGHAM AL 5.5% 04/01/41		$ 34,145
	250,000	CA ST 7.3% 10/01/39		346,425
	40,000	CHICAGO OHARE 5.625% 01/01/35		47,070
	80,000	CHICAGO OHARE TAXM 5.5% 1/31		93,191
	50,000	CLARK CO NV PFC 5.25% 7/1/39		55,812

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, 2012


Shares or Units		Description	Current Value
		Other Fixed Income Securities (continued)
		Other Agency Obligations (continued)
	80,000	GA MEAG 6.655% 4/1/57		$ 94,995
	300,000	IL ST 5.665% 03/01/18		341,787
	310,000	IL ST 5.877% 03/01/19		356,850
	70,000	LA CA AIRPT 5% 5/15/35		79,483
	50,000	LA CA AIRPT 5.25% 5/15/39		56,348
	190,000	LA CA DWAP TAXM 6.574% 7/01/45		266,196
	100,000	LIBERTY GOLDMAN 5.25% 10/01/35		116,571
	50,000	MARTA GA 5% 7/1/39		56,457
	150,000	MUNICIPAL EC AT GA 6.637% 4/57		179,177
	20,000	SANMATEO CA CCD 06B 5% 9/1/38		22,308
	330,000	SANTA CL TRANS TAXM 5.876% 4/32		403,511
	240,000	TVA 5.25% 9/15/39		315,059
	467,000	TVA 5.98% 4/1/36		654,520

		Total Other Agency Obligations		$ 3,519,905


		Total Other Fixed Income Securities		$ 145,772,361

		Cash, Cash Equivalents and Other Investments
		Cash and Cash Equivalents
		Cash		$ (591,468)
		Cash Collateral		(1,752,000)
	16,037,924	Fidelity Institutional Money Market Portfolio*		16,037,924
	10,658,116	State Street Bank Government Short Term Investment Fund*		10,658,116
	23,930,577	State Street Bank Short Term Investment Fund*		23,930,577

		Total Cash and Cash Equivalents		$ 48,283,149

		Swap Contracts
	5,600,000	BAC-NA IRS BZDIOVR/8.86 1/2/17		$ 79,562
	100,000	BARCLAY CDS IT GOVT 6/20/17 SW		(6,270)
	25,300,000	BARCLAYS IRS CDI/10.115 1/15SW		833,066
	1,000,000	BARCLAYS IRS CDI/9.01 1/15SWAP		17,334
	600,000	BOA CDS IT GOVT SP 6/20/17 SWP		(37,619)
	6,200,000	BOA CDX IG17 5Y BP/5 6/17 SWP		(280,606)
	3,200,000	CITI CDS 3%/12R99TVS0 9/17 SWP		349,788
	3,000,000	CITI CDX ITXEX517/5% 6/20/17		(135,777)
	5,900,000	CITI IRS BBSW6M/4.75 6/22 SWAP		470,487
	800,000	CITIBANK CDS NRG ENRGY 6/17 SP		62,564
	1,400,000	CS CDX ITXEB517 6/20/17 SWAP		(63,363)

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, 2012


Shares or Units		Description	Current Value
		Cash, Cash Equivalents and Other Investments (continued)
		Swap Contracts (continued)
	700,000	GS CDS 247025AE9/1% 12/20/17		$ (37,507)
	11,600,000	GS IRS FEDL01/.7825 07/10/16		42,129
	80,000	HSBC 105756AL4/1% CDS 9/22		(3,047)
	900,000	HSBC IRS BRL CETIP/10.135 1/15		29,981
	6,600,000	JPMC IRS @BZDIOVR/8.18 1/2/17		(7,296)
	22,100,000	JPMC IRS @BZDIOVR/8.21 1/2/17		(12,253)
	8,200,000	UBSAG IRS 4.75/BBSW6M 6/22 SWP		653,898

		Total Swap Contracts		$ 1,955,071

		Option Contracts
	9,200,000	IRO USD 25Y P 3.75 1/17/13 RYL		1,525
	4,300,000	IRO USD 30Y C 2.5 3/18/13 SWPN		28,629
	4,300,000	IRO USD 30Y P3.10 03/18/13 MYC		40,932

		Total Option Contracts		$ 71,086

		Other Investments
	495,276	AWAS AVIATION TERM 6/25/18		$ 498,580
	3,100,000	BANCO DO BR NY Y$CD 0% 3/26/13		3,100,000
	4,100,000	BIOMET INC TERM 7/25/17		4,120,500
	1,700,000	DAIMLER FIN NOR CP 0% 10/15/13		1,681,759
	1,000,000	DAVITA TERM B-2 8/21/19		1,012,500
	300,000	ITAU UNIBANCO CD 0% 10/31/13		296,386
	3,700,000	ITAU UNIBANCO SY$CD 0% 3/26/13		3,687,968
	34,100,000	US TREASURY RP .23% 1/02/13		34,100,000
	54,000,000	US TREASURY RP .25% 1/02/13		54,000,000
	166,667	WARNER CHILCOTT TERM B-4 8/17		166,320
	33,333	WARNER CHILCOTT TERM B-5 8/17		33,261

		Total Other Investments		$ 102,697,274


		Total Cash, Cash Equivalents and Other Investments		$ 153,006,580


		Total Investments Excluding Notes Receivable From Participants		$ 4,133,640,531

		Notes Receivable From Participants (interest rate from 4.25% to 10.50% maturing through January, 2028)*		64,301,153

		Total Investments		$ 4,197,941,684

* 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.


	TIME WARNER SAVINGS PLAN

Date: June 21, 2013	By:	/s/ Daniel J. Happer

		Name: Daniel J. Happer
		Member of the Administrative Committee

EXHIBIT INDEX

Exhibit
Number

Description

23.1

Consent of Ernst & Young LLP,

Independent Registered Public Accounting Firm