11-K
Table of Contents

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, 2015

OR

 

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

SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number:   1-15062

 

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

TIME WARNER SAVINGS PLAN

 

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

Time Warner Inc.

One Time Warner Center

New York, New York 10019


Table of Contents

FINANCIAL STATEMENTS AND

SUPPLEMENTAL SCHEDULES

Time Warner Savings Plan

Years Ended December 31, 2015 and 2014

With Report of Independent Registered Public

Accounting Firm


Table of Contents

TIME WARNER SAVINGS PLAN

FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES

YEARS ENDED DECEMBER 31, 2015 AND 2014

 

     Page    

Report of Independent Registered Public Accounting Firm

       1   

Financial Statements

  

Statement of Net Assets Available for Benefits

       2   

Statement of Changes in Net Assets Available for Benefits

       3   

Notes to Financial Statements

       4   

Supplemental Schedules

  

Schedule G, Part 1 – Loans or Fixed Income Obligations in Default or Classified as Uncollectible

       15   

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

       16   

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

       17   


Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Administrative Committee

Time Warner Savings Plan

We have audited the accompanying statement of net assets available for benefits of the Time Warner Savings Plan as of December 31, 2015 and 2014, and the related statement of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

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

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Time Warner Savings Plan at December 31, 2015 and 2014, and the changes in its net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.

The accompanying supplemental schedules of loans or fixed income obligations in default or classified as uncollectible, delinquent participant contributions, and assets (held at end of year) as of December 31, 2015 have been subjected to audit procedures performed in conjunction with the audit of the Time Warner Savings Plan’s financial statements. The information in the supplemental schedules is the responsibility of the Plan’s management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ Ernst & Young LLP

New York, New York

June 23, 2016


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TIME WARNER SAVINGS PLAN

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

(thousands)

 

                                                   
     December 31,  
       2015        2014  

Investments at fair value:

     

Commingled trust funds

   $ 1,219,105        $ 1,084,603    

Time Warner common stock

     295,216          439,530    

Other common stocks

     1,312,998          1,423,591    

Mutual funds

     439,753          508,000    

U.S. government and agency securities

     227,518          254,862    

Other fixed income securities

     116,924          136,453    

Cash, cash equivalents and other investments

     32,196          29,840    
  

 

 

    

 

 

 

Total investments at fair value

     3,643,710          3,876,879    

Investments at contract value:

     

Synthetic investment contracts

     491,412          517,283    
  

 

 

    

 

 

 

Total investments

     4,135,122          4,394,162    

Contributions receivable:

     

Employer

     8,187          9,000    

Participants

             1,567    

Notes receivable from participants

     57,893          59,802    

Receivables for securities sold

     201,850          99,577    

Other assets

     13,206          6,432    
  

 

 

    

 

 

 

Total assets

     4,416,259          4,570,540    
  

 

 

    

 

 

 

Payables for securities purchased

     279,231          77,131    

Other liabilities

     33,003          69,226    
  

 

 

    

 

 

 

Total liabilities

     312,234          146,357    
  

 

 

    

 

 

 

Net assets available for benefits

   $         4,104,025        $       4,424,183    
  

 

 

    

 

 

 

See accompanying notes.

 

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TIME WARNER SAVINGS PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

(thousands)

 

                                 
     Year Ended December 31,  
       2015        2014  

Net assets available for benefits at beginning of year

   $ 4,424,183        $ 4,996,789    

Changes in net assets:

     

Investment income, net of fees

     46,134          66,118    

Net realized and unrealized (depreciation) appreciation in the fair value of
investments

     (155,688)         227,095    
  

 

 

    

 

 

 

Net investment (loss) income

     (109,554)         293,213    

Employing company contributions

     122,612          127,736    

Participant contributions, including rollover contributions

     161,128          171,405    

Participant loan interest income

     3,291          3,023    

Participant withdrawals

     (495,523)         (397,104)   

Administrative expenses

     (2,112)         (2,532)   

Plan transfer

     —          (768,347)   
  

 

 

    

 

 

 

Net change

     (320,158)         (572,606)   
  

 

 

    

 

 

 

Net assets available for benefits at end of year

   $       4,104,025        $       4,424,183    
  

 

 

    

 

 

 

See accompanying notes.

 

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TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2015

1. Description of the Plan

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

General

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

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

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

On June 6, 2014, Time Warner completed the legal and structural separation of Time Inc. from Time Warner (the “Time Separation”). Immediately after 11:59 p.m. EDT on June 6, 2014, Time Warner distributed all outstanding shares of Time Inc. common stock to Time Warner stockholders at a distribution ratio of one share of Time Inc. common stock for every eight shares of Time Warner common stock held on the May 23, 2014 record date (the “Time Inc. Distribution”). As a result of the Time Inc. Distribution, the Plan received 647,145 shares of Time Inc. common stock with a value of $15.1 million. The shares were credited to eligible Plan participants’ accounts in the Time Warner Inc. Stock Fund. In accordance with the provisions of the Plan, an independent fiduciary, Fiduciary Counselors Inc., was appointed to exercise control over the Time Inc. common stock received in the Time Warner Inc. Stock Fund as a result of the Time Inc. Distribution. In 2014, Fiduciary Counselors Inc. sold all of the Time Inc. common stock received by the Time Warner Inc. Stock Fund and reinvested the proceeds in Time Warner common stock, other than 380 shares of Time Inc. common stock that were distributed to participants who were eligible to receive shares in the Time Inc. Distribution and withdrew their account balances from the Plan prior to June 6, 2014.

Investment Funds, Contributions and Vesting

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

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

 

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TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

 

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

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

Matching Contribution rates for eligible Plan participants are consistent across all participating Employing Companies at a rate of 133 13% on up to the first 3% of eligible compensation deferred and 100% on up to the next 3% of eligible compensation deferred.

Participants are allowed to transfer amounts from certain other tax qualified plans to the Plan (“Rollovers”). Rollovers are included as participant contributions in the Statement of Changes in Net Assets Available for Benefits. Rollovers for 2015 and 2014 were $16.2 million and $16.3 million, respectively.

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

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

 

                                                                                                                                            

Vesting of Matching Contributions Made and Earnings Thereon:(1)

 

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       

 Less than 1 year

     0%     

 Less than 2 years

     0%   

 1 but less than 2 years

     20%     

 2 years or more

     100%   

 2 but less than 3 years

     40%        

 3 but less than 4 years

     60%        

 4 but less than 5 years

     80%        

 5 years or more

     100%        

 

 

(1) 

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

 

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TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

 

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

Forfeited Accounts

Forfeited Employing Company Contributions and earnings thereon may be used to reduce future Employing Company Contributions to the Plan and/or to pay Plan expenses. Forfeited Employing Company Contributions and earnings thereon for 2015 and 2014 were $4.0 million and $3.8 million, respectively. The amount of forfeited nonvested accounts as of December 31, 2015 and 2014 was $5.3 million and $3.2 million, respectively, and is included in the Statement 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 by December 31, 2007, it does not limit the availability of the three general loans. The minimum loan amount is $1,000 and the maximum loan amount is $50,000. Loans are valued at their outstanding balances, which approximate fair value, and are treated as transfers between the individual investment funds and the participant loan fund. Loan terms may be for up to five years or 15 years if for the purchase of a primary residence. Participants who have transferred accounts to the Plan with existing loans for the purchase of a primary residence may have loan terms of up to 30 years based on the provisions of the plan from which the original loan was obtained. Interest rates charged for loans originated under the Plan within any quarter are set at the prime rate in effect on the first day of such quarter plus 1%. Participants who have transferred accounts to the Plan with existing loans may be subject to different interest rates on those loans, as set in accordance with the provisions of the plan from which the original loan was obtained. Interest rates on outstanding participant loans as of December 31, 2015 and 2014 ranged from 4.25% to 10.50%.

Payment of Benefits

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

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

Plan Termination

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

 

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TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

 

Plan Transfer

Effective as of January 1, 2014, Time Inc., a subsidiary of Time Warner at that date, established the Time Inc. Savings Plan (the “Time Plan”), a defined contribution savings plan intended to be tax-qualified. As of January 3, 2014, net assets in the amount of $756.8 million and participant loans in the amount of $11.6 million were transferred out of the Plan into the Time Plan, in connection with the transfer of the account balances and participant loans of participating employees at Time Inc. and its consolidated subsidiaries after giving effect to the Time Separation.

2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

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

Payment of Benefits

Participant withdrawals are recorded when paid.

Administrative Expenses

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

Reclassification

Certain 2014 amounts have been reclassified to conform to the current year presentation.

Use of Estimates

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

Investment Valuation and Income Recognition

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

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

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

 

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TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

 

Accounting Guidance Adopted in 2015

Net Asset Value Practical Expedient

During 2015, the Plan early adopted, on a retrospective basis, guidance that eliminated the requirement to categorize within the fair value hierarchy all investments for which net asset value per share is used as practical expedient to measure fair value. Accordingly, the fair value hierarchy table in Note 4 does not include these investments, which consist of commingled trust funds, and instead Note 4 includes these investments in a separate table. As of December 31, 2015 and 2014, the fair value of investments for which net asset value per share is used as a practical expedient to measure fair value totaled $1.2 billion and $1.1 billion, respectively.

Simplification of Fully Benefit-Responsive Investment Contracts and Other Investment Disclosures

Also during 2015, the Plan early adopted, on a retrospective basis, guidance issued in July 2015 that simplifies (i) the measurement, presentation and disclosure regarding fully benefit-responsive investment contracts and (ii) investment disclosure requirements. Under the new guidance, fully benefit-responsive investment contracts (e.g., synthetic investment contracts held by the Plan) are required to be shown at contract value instead of fair value in the Plan’s Statement of Net Assets Available for Benefits. Accordingly, the Plan’s Statement of Net Assets Available for Benefits as of December 31, 2015 and 2014 includes the synthetic investment contracts held by the Plan at contract values of $491.4 million and $517.3 million, respectively. The difference between contract value and fair value as of December 31, 2015 and 2014 of $4.9 million and $9.4 million, respectively, is presented in Note 7 as a reconciliation to the IRS Form 5500. Because these investments are presented at contract value under the new guidance, they are no longer required to be included in the fair value hierarchy table in Note 4 and disclosures on valuation techniques and average yield information are no longer required in the notes to the Plan’s financial statements.

The new guidance also simplifies plan investment disclosures by (i) eliminating the requirement to disaggregate plan investments based on their nature, characteristics, risk and general type and instead requiring that plan investments be disaggregated only by general type, either on the face of the financial statements or in the notes to the financial statements, (ii) providing that the aggregate net appreciation or depreciation in the fair value of plan assets can be disclosed rather than requiring such disclosure for each general type of investment, and (iii) eliminating the requirement to disclose individual investments with a value equal to or greater than 5% of net assets available for benefits. The adoption of this guidance did not have a material impact 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 Statement of Net Assets Available for Benefits.

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

 

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TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

 

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

 

   

complete or partial termination of the Plan;

 

   

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

 

   

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

 

   

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

At this time, the occurrence of an event that would limit the ability of the Capital Preservation Fund to transact at contract value is not probable. The completion of the Time Separation did not 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’s duration. The Crediting Rate is the discount rate that equates that estimated future market value with such portfolio’s current contract value. Crediting Rates are reset monthly. The Wrapper contracts are designed so that the Crediting Rate will not fall below 0%.

Certain investment managers of investment funds offered under the Plan are authorized to use derivative financial instruments, either directly or within a commingled fund structure, in accordance with established guidelines of the investment funds. Derivative financial instruments may be used for the purpose of managing interest rate and foreign exchange risk, and for yield enhancement. Changes in the fair value of derivative financial instruments are recorded in the Statement of Changes in Net Assets Available for Benefits; therefore, no gains or losses are deferred. At December 31, 2015 and 2014, 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, 2015 consisted of interest rate and credit default swap contracts, futures contracts and interest rate and currency option contracts. The derivative financial instruments held by the Plan at December 31, 2014 consisted of interest rate and credit default swap contracts, futures contracts and interest rate option contracts. Significant derivative positions at December 31, 2015 included futures contracts with aggregate notional amounts of $296.6 million in a liability position and $68.5 million in an asset position. The derivative positions at December 31, 2014 were not material.

 

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TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

 

4. Fair Value Measurements

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

 

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TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

 

The following table presents information about the Plan’s assets and liabilities required to be carried at fair value on a recurring basis as of December 31, 2015 and 2014 (thousands):

 

                                                                                                                                               
     December 31, 2015      December 31, 2014  
Asset Category    Level 1      Level 2      Level 3      Total      Level 1      Level 2      Level 3      Total  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Assets

        

Equity securities:

        

Time Warner common stock

   $ 295,216        $ —        $ —        $ 295,216        $ 439,530        $ —        $ —        $ 439,530    

Other common stocks

     1,312,998          —          —          1,312,998          1,423,591          —          —          1,423,591    

Mutual funds(a)

     439,753          —          —          439,753          508,000          —          —          508,000    

Fixed income securities:

        

U.S. government and agency
securities

     110,524          116,994          —          227,518          194,836          60,026          —          254,862    

Other fixed income securities

     —          116,924          —          116,924          —          136,453          —          136,453    

Cash, cash equivalents and other
investments:

        

Cash and cash equivalents

     19,278          12,254          —          31,532          12,936          4,725          —          17,661    

Derivatives

     57          569          —          626          31          809          —          840    

Other investments(b)

     38          —          —          38          38          11,300                  11,339    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Assets

     2,177,864          246,741          —          2,424,605          2,578,962          213,313                  2,792,276    

Liabilities

        

Derivatives

     (248)         (1,065)         —          (1,313)         (37)         (204)         —          (241)   

U.S. government and agency securities

     —          (24,902)         —          (24,902)         —          (62,629)         —          (62,629)   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 2,177,616        $ 220,774        $ —        $ 2,398,390        $ 2,578,925        $ 150,480        $       $ 2,729,406    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

 

(a) 

At December 31, 2015, mutual funds consisted of $189,103 in Fidelity Brokerage Link, $170,140 in the Manning & Napier Overseas Fund, $80,097 in the DFA Emerging Markets Core Equity Portfolio Institutional Class Fund and $413 in the PIMCO Short Term Floating NAV Portfolio II. At December 31, 2014, mutual funds consisted of $194,762 in Fidelity Brokerage Link, $181,693 in the Manning & Napier Overseas Fund, $85,814 in the DFA Emerging Markets Core Equity Portfolio Institutional Class Fund and $45,731 in the PIMCO Short Term Portfolio Institutional Class.

(b)

At December 31, 2015, other investments consisted of $38 of preferred stocks. At December 31, 2014, other investments consisted of $738 of preferred stocks, $10,600 of repurchase agreements and $1 of warrants.

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

 

                                   
     December 31,  

Asset Category

   2015      2014  

Commingled trust funds(a)

   $ 1,219,105        $ 1,084,603    

 

 

(a) 

At December 31, 2015, the underlying securities held in commingled trust funds consisted of approximately 31% of marketable fixed income securities and 69% of equity securities. At December 31, 2014, the underlying securities held in commingled trust funds consisted of approximately 21% of marketable fixed income securities and 79% of equity securities.

 

11


Table of Contents

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, 2015 and 2014 (thousands):

 

                                                                                                                                                           
     December 31, 2015      December 31, 2014  

Asset Category

   Other
Investments
     Total      Investment
Grade
Corporate
Bonds
     Mortgage
Related
Obligations
     Other
Investments
     Total  

 Balance at beginning of period

   $       $       $ 394        $ 1,881        $       $ 2,278    

Actual return on plan assets:

                 

Relating to assets still held at end of period

     —          —          (20)         (1)         (2)         (23)   

Relating to assets sold during the period

     —          —          26                  —          27    

Purchases

     —          —          —          —          —          —    

Sales

     —          —          (400)         (90)         —          (490)   

Issuances

     —          —          —          —          —          —    

Settlements

     (1)         (1)         —          (1,791)         —          (1,791)   

Transfers into Level 3

     —          —          —          —          —          —    

Transfers out of Level 3

     —          —          —          —          —          —    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 Balance at end of period

   $ —        $ —        $ —        $ —        $                     1        $                     1    
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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

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

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

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

Fixed income securities: Valued at the closing price at year end as reported on the active market on which the individual securities are traded. Securities not traded on an active market are valued based on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar securities, the securities are valued using a discounted cash flows approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. Due to the subjectivity involved in this assessment, these investments may be classified in Level 3 of the fair value hierarchy. As of December 31, 2015 and 2014, there were no fixed income securities classified as level 3.

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

 

12


Table of Contents

TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

 

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 2015 or 2014 as Employing Company Contributions to the Plan. The Plan may also purchase or sell shares of Time Warner common stock directly from or to Time Warner. There were no purchases or sales of Time Warner common stock by the Plan directly from or to Time Warner in 2015 or 2014.

Certain Plan investments are managed by Fidelity. Fidelity has appointed JP Morgan Chase and State Street Bank to act as individual sub-custodians for certain Plan investments. JP Morgan Chase replaced Citibank, N.A. as a sub-custodian in July 2015. Therefore, Fidelity’s management of such Plan investments and Citibank, N.A.’s, JP Morgan Chase’s and State Street Bank’s holdings of such investments as sub-custodians qualify as party-in-interest transactions; however, these transactions are exempt from the prohibited transaction rules under ERISA.

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

6. Tax Status of Plan

The Plan has received a determination letter from the IRS, dated April 14, 2015, stating that the Plan is qualified under Section 401(a) of the Code, subject to the Company’s adoption of certain amendments to the Plan. The Plan has been amended to comply with the determination letter issued by the IRS. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualified status. The Administrative Committee believes the Plan is being operated in compliance with the applicable requirements of the Code and therefore believes the Plan, as amended, is qualified and the related trust is tax exempt. The Plan is subject to audits, from time to time, by various authorities. The Administrative Committee believes the Plan’s information statement on Form 5500 is subject to examination for years after 2011. The IRS is currently auditing the Plan with respect to the year ended December 31, 2014.

7. Reconciliation to Form 5500

The net assets of the Plan that are attributed to fully benefit-responsive investment contracts will be recorded at fair value on the 2015 IRS Form 5500 and related schedules. The following is a reconciliation of the Plan’s net assets available for benefits and changes in net assets available for benefits between the financial statements and Form 5500 (thousands):

 

     December 31,  
     2015      2014  

Net assets available for benefits per the financial statements

   $ 4,104,025        $ 4,424,183    

Adjustment from contract value to fair value for fully benefit-responsive investment
contracts

     4,901          9,386    
  

 

 

    

 

 

 

Net assets per the Form 5500

   $        4,108,926        $        4,433,569    
  

 

 

    

 

 

 

 

13


Table of Contents

TIME WARNER SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS – (Continued)

 

     Year Ended  
         December 31,      
     2015  

Net investment loss from the Plan per the financial statements

   $   (109,554)   

Reversal of prior year adjustment from contract value to fair value for fully benefit-responsive investment contracts

     (9,386)   

Adjustment from contract value to fair value for fully benefit-responsive investment contracts

     4,901    
  

 

 

 

Net investment loss from the Plan per the Form 5500

   $   (114,039)   
  

 

 

 

 

14


Table of Contents

 

 

Supplemental Schedules


Table of Contents

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, 2015

 

                  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        $ —         $ —        $ 12,402      $ —      $       12,402    
   Glitnir Bank  

 GLITNIR BK MTN 6.33% 7/11

 144A

    279,000         —          —          279,000        279,000         —   
   Kaupthing

 Bank

   KAUPTHING BK 5.75%  10/4/11 144A     120,000         —          —          120,000        120,000         —   
   Kaupthing

 Bank

   KAUPTHING BK 7.625%  2/28/15       1,177,000         —          —          1,191,459        1,177,000         14,459    
   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         —          —            641,000          641,000         —   

 

15


Table of Contents

TIME WARNER SAVINGS PLAN

EIN: #13-4099534                   Plan: #336

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

December 31, 2015

 

Participant Contributions

Transferred Late to the Plan

   Total That Constitute Nonexempt Prohibited Transactions         

 

  

 

 

 

Check Here if Late Participant

    Loan Repayments are included:    

x

   Contributions
Not Corrected
     Contributions
Corrected Outside
VCFP
     Contributions
Pending Correction
in VCFP
    

 

Total Fully
Corrected Under
VCFP and PTE

2002-51

 

 

  

 

 

 
    $                             —        $                         3,680       $                             —                                     N/A    

 

16


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  

 Commingled Trust Funds

  
  16,321,682       

  Blackrock MSCI ACWI ex-u.s. IMI Index Fund M.*

   $ 171,795,489    
  5,290,035       

  BlackRock Equity Index - Fund H*

     408,412,928    
  2,556,662       

  BlackRock Extended Equity - Market Fund K*

     190,596,497    
  18,349,926       

  Blackrock US Debt Index Fund W*

     373,267,797    
  5,174,637       

  FIAM Select Global Plus*

     75,032,228    
     

 

 

 
  

 Total Commingled Trust Funds

   $ 1,219,104,939    
  4,564,968       

 Time Warner Common Stock*

   $ 295,216,481    

 

17


Table of Contents

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, 2015

 

  Shares or
Units  
    

Description

       Current Value      
  

 Other Common Stocks

  
  2,600          ABBVIE INC    $ 154,024    
  95,449          ACADIA HEALTHCARE CO INC      5,961,745    
  43,344          ACADIA PHARMACEUTICALS      1,545,214    
  29,500          ADOBE SYSTEMS INC      2,771,230    
  110,000          ADT CORP      3,627,800    
  8,938          ADURO BIOTECH INC      251,515    
  650,000          AEGON NV (NY REGD) NY REG      3,685,500    
  12,500          AETNA INC      1,351,500    
  55,500          AIR LEASE CORP CL A      1,858,140    
  25,600          AKAMAI TECHNOLOGIES INC      1,347,328    
  25,645          AKORN INC      956,815    
  14,000          ALASKA AIR GROUP INC      1,127,140    
  65,630          ALERE INC      2,565,477    
  61,810          ALEXION PHARMACEUTICALS      11,790,258    
  48,753          ALIBABA GROUP HLD SPON AD      3,962,156    
  37,600          ALIGN TECHNOLOGY INC      2,475,960    
  28,570          ALLEGIANT TRAVEL CO      4,794,903    
  46,147          ALLERGAN PLC      14,420,938    
  40,445          ALLIANCE DATA SYS CORP      11,185,874    
  91,182          ALLSCRIPTS HLTHCARE SOLS      1,402,379    
  24,345          ALPHABET INC CL A      18,940,653    
  54,124          ALPHABET INC CL C      41,073,622    
  44,033          AMAZON.COM INC      29,761,464    
  90,600          AMERICAN AIRLINES GROUP      3,836,910    
  67,165          AMERICAN AXLE & MFG HLDGS      1,272,105    
  97,500          AMERICAN EXPRESS CO      6,781,125    
  105,660          AMERICAN TOWER CORP      10,243,737    
  10,500          AMERIPRISE FINANCIAL INC      1,117,410    
  10,700          AMERISOURCEBERGEN CORP      1,109,697    
  500          AMGEN INC      81,165    
  8,660          ANACOR PHARMACEUTICALS      978,320    
  40,400          ANTHEM INC      5,633,376    
  141,900          APACHE CORP      6,310,293    
  22,440          APOGEE ENTERPRISES INC      976,364    
  174,489          APPLE INC      18,366,712    
  96,562          ARES COMMERCIAL REAL ESTA      1,104,669    

 

18


Table of Contents

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, 2015

 

  Shares or
Units  
    

Description

       Current Value      
  7,100       

  ASHLAND INC

   $ 729,170    
  154,927          ASSOCIATED BANC CORP      2,904,881    
  66,000          ASTRAZENECA PLC SPONS ADR      2,240,700    
  40,005          ATRICURE INC      897,712    
  2,400          AUTOZONE INC      1,780,584    
  400          AVAGO TECHNOLOGIES LTD      58,060    
  18,458          AVERY DENNISON CORP      1,156,578    
  119,595          AVIS BUDGET GROUP      4,340,103    
  70,500          AXALTA COATING SYSTEMS      1,878,825    
  10,100          BAIDU INC SPON ADR      1,909,304    
  170,000          BAKER HUGHES INC      7,845,500    
  34,750          BANCORPSOUTH INC      833,653    
  925,000          BANK OF AMERICA CORPORATION      15,567,750    
  323,000          BANK OF NEW YORK MELLON      13,314,060    
  23,155          BANK OF THE OZARKS INC      1,145,246    
  4,700          BAXALTA INCORPORATED      183,441    
  150,000          BB&T CORP      5,671,500    
  15,300          BECTON DICKINSON & CO      2,357,577    
  34,912          BERRY PLASTICS GROUP INC      1,263,116    
  9,400          BIOGEN INC      2,879,690    
  31,900          BOEING CO      4,612,421    
  33,524          BOISE CASCADE CO      855,868    
  1,700          BORGWARNER INC      73,491    
  63,840          BRANDYWINE REALTY TRUST      872,054    
  13,111          BRIGHT HORIZONS FAMILY SO      875,815    
  113,247          BRISTOL-MYERS SQUIBB CO      7,790,261    
  13,695          BURLINGTON STORES INC      587,516    
  100,000          CADENCE DESIGN SYS INC      2,081,000    
  45,000          CALERES INC      1,206,900    
  81,813          CALPINE CORP      1,183,834    
  10,200          CANADIAN PAC RAILWAY (W/I      1,301,520    
  400          CANADIAN PAC RAILWAY LTD      51,089    
  267,000          CAPITAL ONE FIN CORP      19,272,060    
  82,155          CARDINAL HEALTH INC      7,333,977    
  34,300          CARLISLE COS INC      3,042,067    
  3,700          CARMAX INC      199,689    
  3,900          CARNIVAL CORP      212,472    

 

19


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  14,201       

  CARRIZO OIL & GAS INC

   $ 420,066    
  93,576       

  CBRE GROUP INC - CL A

     3,235,858    
  90,000       

  CELANESE CORP SER A

     6,059,700    
  80,693       

  CELGENE CORP

     9,663,794    
  16,375       

  CEMPRA INC

     509,754    
  40,215       

  CHARTER COMM CL A

     7,363,367    
  1,300       

  CHIPOTLE MEXICAN GRILL

     623,805    
  37,585       

  CIENA CORP

     777,634    
  70,300       

  CIGNA CORP

     10,286,999    
  3,200       

  CIMAREX ENERGY CO

     286,016    
  58,699       

  CINEMARK HOLDINGS INC

     1,962,308    
  312,500       

  CISCO SYSTEMS INC

     8,485,938    
  5,500       

  CITIGROUP INC*

     284,625    
  42,261       

  CIVITAS SOLUTIONS INC

     1,216,694    
  7,535       

  CLARCOR INC

     374,339    
  55,470       

  CLEAN HARBORS INC

     2,310,326    
  100,000       

  COACH INC

     3,273,000    
  47,100       

  COGNIZANT TECH SOLUT CL A

     2,826,942    
  25,178       

  COLUMBIA BANKING SYS INC

     818,537    
  275,000       

  COMCAST CORP CL A

     15,518,250    
  119,417       

  COMMVAULT SYSTEMS INC

     4,699,059    
  1,240       

  COMPASS MINERALS INTL INC

     93,335    
  31,400       

  CONCHO RESOURCES INC

     2,915,804    
  30,934       

  CONSTELLATION BRANDS CL A

     4,406,239    
  78,145       

  CORNERSTONE ONDEMAND INC

     2,698,347    
  333,100       

  CORNING INC

     6,089,068    
  47,325       

  COSTAR GROUP INC

     9,781,604    
  4,900       

  COSTCO WHOLESALE CORP

     791,350    
  30,400       

  CTRIP.COM INTL LTD ADR

     1,408,432    
  34,535       

  CUBESMART

     1,057,462    
  22,600       

  CVS HEALTH CORP

     2,209,602    
  38,846       

  CYBER-ARK SOFTWARE LTD

     1,753,508    
  34,752       

  CYRUSONE INC

     1,301,462    
  139,600       

  DANAHER CORP

     12,966,048    
  32,582       

  DAVE & BUSTERS ENTMT INC

     1,359,973    
  41,473       

  DELPHI AUTOMOTIVE PLC

     3,555,480    
  77,708       

  DELTA AIR INC

     3,939,019    

 

20


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  29,175       

  DERMIRA INC

   $ 1,009,747    
  8,816       

  DEXCOM INC

     722,030    
  67,890       

  DIAMOND RESORTS INTERNA

     1,731,874    
  10,220       

  DIAMONDBACK ENERGY INC

     683,718    
  20,400       

  DINEEQUITY INC

     1,727,268    
  60,000       

  DISH NETWORK CORP A

     3,430,800    
  60,520       

  DISNEY (WALT) CO

     6,359,442    
  46,755       

  DOLLAR TREE INC

     3,610,421    
  8,820       

  DYCOM INDUSTRIES INC

     617,047    
  22,200       

  EBAY INC

     610,056    
  36,335       

  EBIX INC

     1,191,425    
  12,200       

  ECOLAB INC

     1,395,436    
  53,700       

  ELECTRONIC ARTS INC

     3,690,264    
  428,600       

  EMC CORP

     11,006,448    
  75,791       

  ENDOLOGIX INC

     750,331    
  152,860       

  ENVISION HEALTHCARE HLDGS

     3,969,774    
  34,720       

  EPAM SYSTEMS INC

     2,729,686    
  43,730       

  EQUIFAX INC

     4,870,210    
  5,400       

  ESTEE LAUDER COS INC CL A

     475,524    
  10,479       

  EURONET WORLDWIDE INC

     758,994    
  32,179       

  EVERCORE PARTNERS CL A

     1,739,919    
  134,800       

  EXPRESS SCRIPTS HLDG CO

     11,782,868    
  236,900       

  FACEBOOK INC A

     24,793,954    
  43,235       

  FCB FIN HLDGS INC CL A

     1,547,381    
  84,500       

  FEDEX CORP

     12,589,655    
  1,620       

  FEI COMPANY

     129,260    
  1,800       

  FERRARI NV

     86,400    
  76,800       

  FIDELITY NATL INFORM SVCS

     4,654,080    
  58,602       

  FIRST AMERICAN FIN CORP

     2,103,812    
  19,300       

  FIRST DATA CORP CL A

     309,186    
  165,840       

  FIRST HORIZON NATIONAL

     2,407,997    
  75,768       

  FIRSTMERIT CORP

     1,413,073    
  28,600       

  FISERV INC

     2,615,756    
  800       

  FLOWSERVE CORP

     33,664    
  41,850       

  FOGO DE CHAO INC

     634,446    
  49,645       

  FTD COS INC

     1,299,210    
  17,559       

  GENESEE & WYOMING CL A

     942,743    

 

21


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  17,961       

  G-III APPAREL GROUP LTD

   $ 794,954    
  69,172       

  GILEAD SCIENCES INC

     6,999,515    
  37,235       

  GLOBAL PAYMENTS INC

     2,402,030    
  22,985       

  GLOBANT SA

     862,167    
  60,000       

  GOLDMAN SACHS GROUP INC

     10,813,800    
  26,571       

  GREATBATCH INC

     1,394,978    
  17,330       

  GUIDEWIRE SOFTWARE INC

     1,042,573    
  39,111       

  HANCOCK HOLDING CO

     984,424    
  70,500       

  HANESBRANDS INC

     2,074,815    
  37,000       

  HARLEY-DAVIDSON INC

     1,679,430    
  24,770       

  HARRIS CORP

     2,152,513    
  82,570       

  HD SUPPLY HLDGS INC

     2,479,577    
  22,045       

  HEADWATERS INC

     371,899    
  3,100       

  HENRY SCHEIN INC

     490,389    
  795,000       

  HEWLETT PACKARD ENTERPRIS

     12,084,000    
  244,751       

  HILTON WORLDWIDE HLDGS

     5,237,671    
  316,074       

  HMS HOLDINGS CORP

     3,900,353    
  7,400       

  HOLOGIC INC

     286,306    
  81,400       

  HOME DEPOT INC

     10,765,150    
  710,000       

  HP INC

     8,406,400    
  11,630       

  HSN INC

     589,292    
  2,900       

  HUMANA INC

     517,679    
  8,400       

  HUNT J B TRANSPORT SVCS I

     616,224    
  13,442       

  HURON CONSULTING GROUP

     798,455    
  3,400       

  IHS INC CL A

     402,662    
  31,312       

  IMPERVA INC

     1,982,363    
  11,380       

  INC RESEARCH HLDGS INC-A

     552,044    
  3,700       

  INCYTE CORP

     401,265    
  40,605       

  INFINERA CORP

     735,763    
  31,620       

  INTEGRATED DEVICE TECH

     833,187    
  36,305       

  INTERCONTINENTAL EXCHANGE

     9,303,519    
  27,780       

  INTERSECT ENT INC

     625,050    
  3,900       

  INTUITIVE SURGICAL INC

     2,130,024    
  9,809       

  JACK IN THE BOX INC

     752,448    
  10,200       

  JD.COM INC SPON ADR

     329,103    
  145,000       

  JPMORGAN CHASE & CO*

     9,574,350    
  35,400       

  JUNIPER NETWORKS INC

     977,040    

 

22


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  81,200       

  KAR AUCTION SERVICES INC

   $ 3,006,836    
  33,440       

  KNOLL INC

     628,672    
  83,060       

  KOSMOS ENERGY LTD

     431,912    
  67,200       

  KROGER CO

     2,810,976    
  9,800       

  L BRANDS INC

     939,036    
  70,724       

  LAREDO PETROLEUM INC

     565,085    
  800       

  LAS VEGAS SANDS CORP

     35,072    
  135,000       

  LIBERTY INTERACTIVE CL A

     3,688,200    
  100,040       

  LIBERTY VENTURES CL A

     4,512,804    
  30,600       

  LILLY (ELI) & CO

     2,578,356    
  9,400       

  LINKEDIN CORP CL A

     2,115,752    
  1,600       

  LOCKHEED MARTIN CORP

     347,440    
  132,762       

  LOWES COS INC

     10,095,222    
  22,700       

  M/A-COM TECH SOLN HLDGS

     928,203    
  28,930       

  MACK CALI REALTY REIT

     675,516    
  27,626       

  MAGELLAN HEALTH INC

     1,703,419    
  32,347       

  MARKETO INC

     928,682    
  12,200       

  MARRIOTT INTL INC A

     817,888    
  17,400       

  MARSH & MCLENNAN COS INC*

     964,830    
  31,692       

  MASONITE INTL CORP

     1,940,501    
  78,200       

  MASTERCARD INC CL A

     7,613,552    
  135,200       

  MAXIM INTEGRATED PRODUCTS

     5,137,600    
  88,385       

  MCGRAW HILL FINANCIAL INC

     8,712,993    
  32,500       

  MCKESSON CORP

     6,409,975    
  48,105       

  MEAD JOHNSON NUTRITION CO

     3,797,890    
  45,330       

  MEDICINES CO

     1,692,622    
  60,488       

  MEDTRONIC PLC

     4,652,737    
  146,400       

  MERCK & CO INC NEW

     7,732,848    
  150,000       

  METLIFE INC

     7,231,500    
  128,500       

  MFA FINANCIAL INC

     848,100    
  56,000       

  MGM RESORTS INTERNATIONAL

     1,272,320    
  495,400       

  MICROSOFT CORP

     27,484,792    
  600       

  MOLSON COORS BREWING CO B

     56,352    
  1,500       

  MONSTER BEVERAGE CORP NEW

     223,440    
  99,400       

  MORGAN STANLEY

     3,161,914    
  23,486       

  MOTORCAR PARTS OF AMERICA

     794,062    
  41,120       

  NATIONAL CINEMEDIA INC

     645,995    

 

23


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  90,000       

  NATIONAL OILWELL VARCO

   $ 3,014,100    
  84,560       

  NCI BUILDING SYS INC NEW

     1,049,390    
  191,400       

  NETAPP INC

     5,077,842    
  39,700       

  NETFLIX INC

     4,540,886    
  19,575       

  NEUROCRINE BIOSCIENCES

     1,107,358    
  60,000       

  NEWS CORP NEW CL A

     801,600    
  71,021       

  NIELSEN HOLDINGS PLC

     3,309,579    
  121,410       

  NIKE INC CL B

     7,588,125    
  4,800       

  NORTHERN TRUST CORP

     346,032    
  300       

  NORTHROP GRUMMAN CORP

     56,643    
  12,890       

  NORTHWESTERN CORP

     699,283    
  30,400       

  NORWEGIAN CRUISE LINE HLG

     1,781,440    
  177,000       

  NOVARTIS AG SPON ADR

     15,229,080    
  14,800       

  NOW INC

     234,136    
  27,800       

  NUVASIVE INC

     1,504,258    
  28,700       

  OLD DOMINION FREIGHT LINE

     1,695,309    
  169,835       

  ON ASSIGNMENT INC

     7,634,084    
  11,100       

  ORBITAL ATK INC

     991,674    
  13,200       

  O’REILLY AUTOMOTIVE INC

     3,345,144    
  15,071       

  PALO ALTO NETWORKS INC

     2,654,606    
  204,978       

  PAYCOM SOFTWARE INC

     7,713,322    
  19,825       

  PAYLOCITY HOLDING CORP

     803,904    
  228,735       

  PAYPAL HLDGS INC

     8,280,207    
  12,670       

  PEGASYSTEMS INC

     348,425    
  59,976       

  PENNYMAC MORTGAGE INV TR

     915,234    
  16,569       

  PERFORMANCE FOOD GROUP CO

     383,407    
  200       

  PERRIGO CO PLC

     28,940    
  2,200       

  PIONEER NATURAL RESOURCES

     275,836    
  8,283       

  PLANTRONICS INC

     392,780    
  193,065       

  POLYONE CORP

     6,131,745    
  200       

  PPG INDUSTRIES INC

     19,764    
  10,500       

  PRICELINE GROUP INC

     13,386,975    
  27,860       

  PRIMERICA INC

     1,315,828    
  39,835       

  PRIMORIS SVCS CORP

     877,565    
  32,677       

  PROOFPOINT INC

     2,124,332    
  14,024       

  PROTO LABS INC

     893,189    
  700       

  PVH CORP

     51,555    

 

24


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  102,079       

  QLIK TECHNOLOGIES INC

   $ 3,231,821    
  42,903       

  QUESTAR CORP

     835,750    
  58,558       

  RAYMOND JAMES FIN INC.

     3,394,607    
  64,614       

  REALPAGE INC

     1,450,584    
  22,458       

  RED HAT INC

     1,859,747    
  18,396       

  RED ROBIN GOURMET BURGERS

     1,135,769    
  53,470       

  REDWOOD TRUST INC REIT

     705,804    
  6,400       

  REGENERON PHARMACEUTICALS

     3,474,368    
  27,900       

  RENASANT CORP

     960,039    
  320,800       

  ROCHE HLDGS LTD SPON ADR

     11,057,976    
  2,000       

  ROCKWELL COLLINS INC

     184,600    
  10,700       

  ROPER TECHNOLOGIES INC

     2,030,753    
  34,900       

  ROSS STORES INC

     1,877,969    
  19,900       

  ROYAL CARIBBEAN CRUISES

     2,014,079    
  3,710       

  ROYAL GOLD INC

     135,304    
  36,020       

  RPC INC

     430,439    
  4,440       

  SAGE THERAPEUTICS INC

     258,852    
  75,400       

  SALESFORCE.COM INC

     5,911,360    
  294,100       

  SANOFI SPON ADR

     12,543,365    
  29,429       

  SBA COMM CORP CL A

     3,092,105    
  190,000       

  SCHLUMBERGER LTD

     13,252,500    
  555,000       

  SCHWAB CHARLES CORP

     18,276,150    
  72,614       

  SEALED AIR CORP

     3,238,584    
  54,800       

  SEI INV CORP

     2,871,520    
  137,775       

  SERVICEMASTER GLOBAL HLDG

     5,406,291    
  44,566       

  SERVICENOW INC

     3,857,633    
  16,900       

  SHERWIN WILLIAMS CO

     4,387,240    
  13,500       

  SHIRE PLC SPON ADR

     2,767,500    
  24,835       

  SHUTTERFLY INC

     1,106,648    
  50,345       

  SMART & FINAL STORES INC

     916,782    
  30,400       

  SPLUNK INC

     1,787,824    
  868,889       

  SPRINT CORP

     3,145,378    
  162,950       

  STARBUCKS CORP

     9,781,889    
  20,500       

  STATE STREET CORP*

     1,360,380    
  24,900       

  STILLWATER MINING CO

     213,393    
  12,100       

  STRYKER CORP

     1,124,574    
  26,450       

  SUNPOWER CORP

     793,765    

 

25


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  31,670       

  SWIFT TRANSPORTATION CL A

   $ 437,679    
  500,000       

  SYMANTEC CORP

     10,500,000    
  12,235       

  SYNAPTICS INC

     982,960    
  17,667       

  SYNCHRONOSS TECH INC

     622,408    
  84,000       

  SYNOPSYS INC

     3,831,240    
  81,725       

  SYNOVUS FINANICAL CORP

     2,646,256    
  18,600       

  TABLEAU SOFTWARE INC CL A

     1,752,492    
  79,400       

  TAKE-TWO INTERACTV SOFTWR

     2,766,296    
  65,600       

  TARGET CORP

     4,763,216    
  69,600       

  TD AMERITRADE HLDGS CORP

     2,415,816    
  181,685       

  TE CONNECTIVITY LTD

     11,738,668    
  28,024       

  TEAM HEALTH HOLDINGS INC

     1,229,973    
  313,200       

  TENCENT HLDGS LTD UNS ADR

     6,144,984    
  4,890       

  TESLA MOTORS INC

     1,173,649    
  17,100       

  TEXTRON INC

     718,371    
  15,677       

  THE CHILDRENS PLACE INC

     865,370    
  37,300       

  THERMO FISHER SCIENTIFIC

     5,291,005    
  110,000       

  TIME WARNER CABLE

     20,414,900    
  3,200       

  T-MOBILE US INC

     125,184    
  32,794       

  TORCHMARK CORP

     1,874,505    
  22,800       

  TRACTOR SUPPLY CO.

     1,949,400    
  72,833       

  TUMI HOLDINGS INC

     1,211,213    
  86,200       

  TWENTY FIRST CENTURY CL B

     2,347,226    
  395,000       

  TWENTY FIRST CENTURY FOX

     10,728,200    
  135,000       

  TYCO INTERNATIONAL PLC

     4,305,150    
  14,300       

  TYLER TECHNOLOGIES INC

     2,492,776    
  935       

  ULTRAGENYX PHARMA INC

     104,888    
  40,185       

  UMB FINANCIAL CORP

     1,870,612    
  59,765       

  UNION PACIFIC CORP

     4,673,623    
  74,130       

  UNIT CORP

     904,386    
  26,700       

  UNITED CONTINENTAL HLDGS

     1,529,910    
  36,796       

  UNITED NATURAL FOODS INC

     1,448,291    
  138,700       

  UNITEDHEALTH GROUP INC

     16,316,668    
  22,500       

  VAIL RESORTS INC

     2,879,775    
  25,300       

  VALEANT PHARMACEUTICALS

     2,571,745    
  37,060       

  VERIFONE SYSTEMS INC

     1,038,421    
  22,910       

  VERINT SYSTEMS INC

     929,230    

 

26


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  40,700       

  VERISK ANALYTICS INC

   $ 3,129,016    
  44,000       

  VERTEX PHARMACEUTICALS

     5,536,520    
  2,400       

  VF CORP

     149,400    
  265,581       

  VISA INC CL A

     20,595,807    
  25,700       

  VMWARE INC CL A

     1,453,849    
  24,700       

  VULCAN MATERIALS CO

     2,345,759    
  29,740       

  WAGEWORKS INC

     1,349,304    
  175,000       

  WAL MART STORES INC

     10,727,500    
  58,800       

  WALGREENS BOOTS ALLIANCE

     5,007,114    
  48,104       

  WASTE CONNECTIONS INC

     2,709,217    
  240,000       

  WEATHERFORD INTL PLC

     2,013,600    
  14,048       

  WELLCARE HEALTH PLANS INC

     1,098,694    
  390,000       

  WELLS FARGO & CO*

     21,200,400    
  163,730       

  WEST CORP

     3,531,656    
  21,540       

  WESTERN ALLIANCE BANCORP

     772,424    
  41,100       

  WESTINGHOUSE AIR BRAKE TE

     2,923,032    
  136,190       

  WHITEWAVE FOODS CO CL A

     5,299,153    
  201,995       

  WISDOMTREE INVESTMENTS

     3,167,282    
  42,820       

  WPX ENERGY INC

     245,787    
  220,187       

  XACTLY CORP

     1,878,195    
  14,951       

  XPO LOGISTICS INC

     407,415    
  74,700       

  ZAYO GROUP HOLDINGS INC

     1,986,273    
  44,560       

  ZENDESK INC

     1,178,166    
  54,500       

  ZOETIS INC CL A

     2,611,640    
     

 

 

 
  

 Total Other Common Stock

   $ 1,312,997,759    
  

 Synthetic Investment Contracts

  
  

  CASH**

   $ 38,686    
  

  COLCHESTER STREET TRUST MONEY MARKET PORTFOLIO

  
  3,647,220       

    CLASS 1

     3,647,220    

 

27


Table of Contents

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, 2015

 

  Shares or
Units  
    

Description

       Current Value      
          1,260,000       

  AB INBEV FIN 2.15% 2/1/19

   $ 1,264,344    
  1,000,000       

  ABBVIE INC 1.8% 05/14/18

     997,811    
  795,000       

  ABBVIE INC 2.5% 05/14/20

     789,735    
  339,000       

  ACE INA HOLDING 2.3% 11/03/20

     337,971    
  1,000,000       

  ACTAVIS FUNDING 2.35% 03/12/18

     1,008,314    
  447,000       

  ACTAVIS FUNDING SCS 3% 3/12/20

     450,704    
  716,000       

  ALLYA 2015-1 A3 1.39% 09/19

     713,500    
  696,354       

  ALLYL 2014-SN1 A3 .75% 02/17

     695,820    
  247,000       

  ALLYL 2015-SN1 A3 1.21% 03/17

     246,025    
  950,000       

  AMERICAN EX CRD 2.125% 3/18/19

     955,821    
  630,000       

  AMERICAN EXPRESS 1.55% 5/22/18

     626,207    
  637,000       

  AMERICAN INTL 5.85% 1/16/18

     703,317    
  255,000       

  AMERICAN INTL GROUP 2.3% 7/19

     255,557    
  555,000       

  AMGEN INC 2.125% 05/01/2020

     549,621    
  440,000       

  AMGEN INC 2.2% 05/22/19

     440,560    
  427,000       

  AMOT 2012-5 A 1.54% 9/19

     424,738    
  1,020,000       

  AMOT 2015-3 A 1.63% 05/20

     1,011,034    
  1,191,000       

  AMXCA 2013-3 A .98% 05/19

     1,190,460    
  1,070,000       

  AMXCA 2014-2 A 1.26% 01/20

     1,068,429    
  1,942,747       

  AMXCA 2014-3 A 1.49% 04/20

     1,944,722    
  1,330,000       

  AMXCA 2014-4 A 1.43% 06/20

     1,328,528    
  950,000       

  ANZ NY BRAN 1.25% 1/10/17

     956,838    
  2,349,000       

  APPLE INC 1% 5/3/18

     2,334,340    
  536,000       

  AT&T INC 2.45% 06/30/20

     528,105    
  630,000       

  AUSTRALIA & NZ 1.45% 5/15/18

     625,265    
  630,000       

  AUSTRALIA & NZ 1.875% 10/06/17

     634,304    
  292,000       

  AVALONBAY COMM 3.625% 10/1/20

     305,785    
  1,291,000       

  BACCT 2015-A2 A 1.36% 09/20

     1,283,030    
  996,598       

  BACM 2006-4 A1A CSTR 7/46

     1,009,975    
  570,938       

  BACM 2006-4 A4 5.634% 07/46

     578,255    
  1,000,000       

  BAE SYSTEMS 2.85% 12/15/20

     999,533    
  500,000       

  BANK AMER FDG 2.25% 4/21/20

     490,235    
  1,851,000       

  BANK AMER FDG CRP 2.6% 1/15/19

     1,879,476    
  1,000,000       

  BANK AMER NA 1.75% 06/05/18

     995,642    
  1,439,000       

  BANK AMERICA CORP 2.65% 4/1/19

     1,451,718    
  800,000       

  BANK NOVA SCOTIA 2.8% 07/21/21

     814,728    
  1,500,000       

  BANK OF AMERICA CRP MTN 2 1/18

     1,512,392    

 

28


Table of Contents

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, 2015

 

  Shares or
Units  
    

Description

       Current Value      
          630,000       

  BANK T-M UFJ 1.65% 2/26/18 144

   $ 627,978    
  530,000       

  BANK T-M UFJ 2.35% 9/8/19 144A

     531,351    
  630,000       

  BANK T-M UFJ 2.7% 9/9/18 144A

     642,151    
  520,000       

  BANK TOKYO-MSB 2.3% 03/20 144A

     516,646    
  1,030,000       

  BARCLAYS BNK PLC 2.5% 02/20/19

     1,041,721    
  450,000       

  BARCLAYS PLC 2.75% 11/8/19

     450,178    
  500,000       

  BARCLAYS PLC 2.875% 06/20

     499,869    
  1,020,000       

  BAT INTL FIN 2.75% 6/20 144A

     1,021,408    
  760,000       

  BAT INTL FIN 3.5% 6/22 144A

     780,718    
  279,000       

  BAYER US FIN 3% 10/8/21 144A

     283,445    
  647,000       

  BAYER US FIN2.375% 10/19 144 A

     651,122    
  161,000       

  BECTON DICKINSO 2.675% 12/19

     162,113    
  869,065       

  BMWLT 2014-1 A3 .73% 02/17

     868,398    
  790,000       

  BMWLT 2015-1 A3 1.24% 12/17

     789,086    
  634,000       

  BNP PARIBA 2.45% 03/17/19

     641,621    
  530,000       

  BP CAP MKTS PLC 2.521% 1/20

     534,453    
  650,000       

  BPCE SA 1.625% 2/10/17

     652,648    
  540,000       

  BPCE SA 2.5% 7/15/19

     548,036    
  630,000       

  BPCM 1.375% 5/10/18

     622,238    
  381,000       

  BRITISH TELECOM PLC 2.35% 2/19

     385,455    
  633,014       

  BSCMS 2006-PW12 A1A CSTR 9/38*

     638,523    
  879,761       

  BSCMS 2006-PW13 A1A 5.533 9/41*

     896,117    
  338,886       

  BSCMS 2006-PW14 A1A 5.189*

     347,640    
  1,260,000       

  CAPITAL ONE BK 2.25% 2/13/19

     1,265,607    
  1,000,000       

  CAPITAL ONE BK 2.35% 08/17/18

     1,010,743    
  520,000       

  CAPITAL ONE FIN 2.45% 04/24/19

     523,440    
  671,000       

  CARMX 2014-3 A3 1.16% 06/19

     668,849    
  804,000       

  CARMX 2014-4 A3 1.25% 11/19

     800,847    
  521,000       

  CARMX 2015-1 A3 1.38% 11/19

     519,049    
  489,000       

  CARMX 2015-3 A3 1.63% 06/20

     487,149    
  2,570,000       

  CCCIT 2013-A6 A6 1.32% 09/18*

     2,585,755    
  1,270,000       

  CCCIT 2014-A2 A2 1.02% 02/19*

     1,271,599    
  1,260,000       

  CCCIT 2014-A4 A4 1.23% 04/19*

     1,262,417    
  1,070,000       

  CCCIT 2014-A6 A6 2.15% 07/21*

     1,085,727    
  1,070,000       

  CCCIT 2014-A8 A8 1.73% 04/20*

     1,076,720    
  906,059       

  CD 2007-CD5 A1A 5.8% 11/44*

     957,449    
  235,245       

  CGCMT 13-GC11 A1 0.672% 12/17*

     233,379    

 

29


Table of Contents

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, 2015

 

  Shares or
Units  
    

Description

       Current Value      
  288,333       

  CGCMT 2006-C4 A1A CSTR 03/49*

   $ 290,968    
          1,576,023       

  CGCMT 2006-C5 A1A 5.425 10/49*

     1,615,001    
  843,545       

  CGCMT 2006-C5 A4 5.431 10/49*

     858,658    
  496,000       

  CGCMT 2015-GC29 A2 2.674% 4/48*

     499,795    
  1,012,000       

  CHAIT 15-A7 A7 1.62% 7/20*

     1,009,288    
  650,000       

  CHAIT 2013-A8 A8 1.01% 10/18*

     649,710    
  1,000,000       

  CHAIT 2014-A1 A 1.15% 01/19*

     999,738    
  1,335,000       

  CHAIT 2014-A7 A 1.38% 11/19*

     1,332,002    
  1,000,000       

  CHAIT 2015-A2 A 1.59% 02/20*

     1,000,567    
  1,030,000       

  CHAIT 2015-A5 A 1.35% 04/20*

     1,024,727    
  1,176,000       

  CHEVRON CORP NE 1.104% 12/5/17

     1,168,915    
  520,000       

  CHEVRON CORP NEW 1.961% 03/20

     515,974    
  468,000       

  CHEVRON PHIL 2.45% 5/1/20 144A

     464,214    
  510,000       

  CISCO SYSTEMS 2.45% 6/15/20

     515,504    
  1,260,000       

  CISCO SYSTEMS INC 2.125% 3/19

     1,279,764    
  500,000       

  CITIGROUP 2.15% 07/18*

     504,146    
  510,000       

  CITIGROUP INC 1.7% 4/27/18*

     506,720    
  630,000       

  CITIGROUP INC 1.75% 05/01/18*

     626,549    
  530,000       

  CITIGROUP INC 1.85% 11/24/17*

     530,253    
  530,000       

  CITIGROUP INC 2.5% 7/29/19*

     534,855    
  630,000       

  CITIGROUP INC 2.55% 04/08/19*

     637,814    
  771,000       

  CITIGROUP INC 4.4% 6/10/25*

     781,059    
  800,000       

  CITIZENS BK MTN 2.45% 12/04/19

     788,769    
  816,000       

  COLGATE-PALMOLIVE 0.9% 5/1/18

     809,215    
  1,823,000       

  COMET 2013-A3 A3 .96% 9/19

     1,821,150    
  1,260,000       

  COMET 2014-A2 A2 1.26% 01/20

     1,260,339    
  1,340,000       

  COMET 2014-A5 A 1.48% 07/20

     1,341,131    
  1,040,000       

  COMET 2015-A1 A 1.39% 01/21

     1,034,758    
  1,000,000       

  COMET 2015-A5 A5 1.59% 5/21

     997,332    
  1,164,713       

  COMM 06-C8 A4 5.306% 12/46

     1,190,613    
  1,009,353       

  COMM 2006-C7 A1A CSTR 6/46

     1,021,902    
  1,005,862       

  COMM 2006-C8 A1A 5.292 12/46

     1,033,263    
  403,233       

  COMM 2012-CR1 A2 2.35% 5/45

     406,564    
  31,424       

  COMM 2012-CR2 A1 .824% 08/45

     31,402    
  478,000       

  COMM 2012-CR3 ASB 2.372% 11/45

     474,944    
  135,553       

  COMM 2012-CR5 A1 0.673% 12/45

     134,855    
  126,800       

  COMM 2013-CR9 A1 1.3440% 7/45

     126,512    

 

30


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  183,238          COMM 2013-LC6 A1 .7240% 1/46    $ 181,839    
  900,000          COMM 2014-CR17 A2 3.012% 05/47      920,238    
  600,000          COMM 2014-CR18 A2 2.924% 07/47      611,261    
  547,000          COMM 2014-CR20 A2 2.801% 11/47      554,953    
  356,000          COMM 2015-CR22 A2 2.856% 03/48      361,350    
  530,000          COMMONWEALTH BK NY 2.3% 9/6/19      532,808    
  1,040,000          COMMWLTH BK ASTL NYB 2.3% 3/20      1,037,125    
  247,000          COMWLTH EDISON 2.15% 01/15/19      248,363    
  320,000          CONOCOPHILLIP CO 2.2% 05/15/20      310,644    
  530,000          CREDIT SUISSE NY 2.3% 5/19      531,724    
  550,000          CREDIT SUISSE NY 3% 10/29/21      550,943    
  500,000          CVS CAREMARK 2.25% 12/5/18      503,327    
  458,000          CVS HEALTH CORP 2.8% 07/20/20      465,984    
  521,103          CWCI 2007-C2 A3 5.484% 04/47      537,956    
  519,000          DAIMLER FIN 2.25% 3/20 144A      511,253    
  1,100,000          DAIMLER FIN NA 2.25% 9/19 144A      1,091,926    
  1,000,000          DAIMLER FIN NA 2.45% 5/20 144A      983,857    
  181,000          DANAHER CORP 2.4% 09/15/20      182,293    
  1,294,000          DCENT 2013-A5 A5 1.04% 04/19      1,293,948    
  1,260,000          DCENT 2014-A3 A3 1.22% 10/19      1,259,290    
  1,043,000          DCENT 2014-A4 A4 2.12% 12/21      1,047,548    
  1,070,000          DCENT 2014-A5 A 1.39% 04/20      1,067,905    
  181,000          DEERE JOHN CAP CORP 1.6% 7/18      181,538    
  1,324,000          DEUTSCHE BANK AG 2.5% 2/13/19      1,346,748    
  640,000          DEVON ENERGY CO 2.25% 12/15/18      584,886    
  500,000          DISCOVER BANK 2.6% 11/13/18      504,685    
  488,000          DISCOVER BANK 3.1% 06/20      490,471    
  822,000          DOMINION RESOURCE 1.9% 6/15/18      814,818    
  517,000          DUKE ENERGY COR 2.1% 06/15/18      518,175    
  214,000          ENTERPRISE PRD 1.65% 05/07/18      209,291    
  109,000          ENTERPRISE PRD 2.55% 10/15/19      105,120    
  100,000          EXELON CORP 1.55% 6/9/17      99,677    
  148,000          EXELON CORP 2.85% 6/15/20      147,419    
  720,000          FHLB 0.875% 05/24/17      719,670    
  153,100          FHLG      5.50%  3/34 #G01665      172,052    
  1,160,672          FHLG      5.50%  5/34 #Z40042      1,304,592    
  207,460          FHLG 10YR 3.00% 8/21 #J16393      214,803    

 

31


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  188,561          FHLG 10YR 3.00% 8/21 #J16442    $ 195,335    
  2,829,886          FHLG 15YR 3.50% 10/26 #G14450      2,983,177    
  155,094          FHLG 15YR 4.00% 4/26 #E02867      165,739    
  344,833          FHLG 15YR 4.00% 6/24 #G18312      365,913    
  277,154          FHLG 15YR 4.00% 7/24 #G13596      294,097    
  304,129          FHLG 15YR 4.00% 9/25 #E02787      326,428    
  233,346          FHLG 15YR 4.00% 9/25 #G14376      247,611    
  116,427          FHLG 15YR 4.50% 8/18 #E98688      120,990    
  46,328          FHLG 15YR 4.50% 9/18 #E99205      48,190    
  64,085          FHLG 15YR 4.50% 10/18 #E99833      66,661    
  39,066          FHLG 15YR 4.50% 11/18 #B10931      40,674    
  143,503          FHLG 15YR 5.00% 3/19 #G13052      149,678    
  202,375          FHLG 15YR 5.00% 4/20 #G13598      211,265    
  29,688          FHLG 15YR 5.50% 4/18 #G11389      30,755    
  322,978          FHLG 15YR 2.5% 06/23#G14775      329,824    
  157,321          FHLG 15YR 2.5% 09/22#J20415      160,656    
  1,248,435          FHLG 15YR 3.5% 08/30#G15273      1,313,330    
  106,812          FHLG 25YR 5.50% 7/35 #G05815      120,137    
  383,064          FHLM AR 12M+187.9 10/42#849255      406,957    
  153,330          FHLM ARM 2.98% 8/41 #1B8533      163,102    
  92,635          FHLM ARM 3.07% 9/41 #1B8608      96,795    
  81,862          FHLM ARM 3.58% 4/40 #1B4702      86,941    
  43,734          FHLM ARM 4.199% 8/36 #848185      46,364    
  78,808          FHLM ARM 4.941% 11/35 #1J1228      82,981    
  48,754          FHLM ARM 3.224% 4/41#1B8179      50,961    
  48,229          FHLM ARM 3.242% 9/1/41#1B8659      50,432    
  61,637          FHLM ARM 3.283 6/1/41      64,896    
  45,638          FHLM ARM 3.464% 5/1/41#1B8304      47,543    
  83,570          FHLM ARM 3.53% 4/40 #1B4657      88,650    
  83,823          FHLM ARM 3.627% 6/1/41#1B8372      88,539    
  69,327          FHLM ARM 3.717% 05/41#1B8124      73,372    
  4,900,000          FHLMC 0.5% 1/27/17      4,890,753    
  1,104,000          FHLMC 0.875% 02/22/17      1,106,688    
  1,060,000          FHLMC 1.0% 12/15/17      1,057,830    
  1,209,315          FHR 2015-4472 WL 3% 05/45      1,239,526    
  26,334          FHR 2313 C 6 5/31      29,138    
  117,001          FHR 3415 PC 5% 12/37      125,592    

 

32


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  277,338          FHR 3741 HD 3% 11/15/39    $ 283,718    
  307,104          FHR 3820 DA 4% 11/35      321,400    
  1,563,536          FHR 4046 LA 3% 11/2026      1,610,126    
  1,035,588          FHR SER 4221 CLS GA 1.4% 7/23      1,023,730    
  500,000          FIFTH THIRD BAN 2.375% 4/25/19      503,882    
  500,000          FIFTH THIRD BAN 2.875% 7/27/20      505,788    
  500,000          FIFTH THIRD BANK 2.15% 8/20/18      505,393    
  630,000          FIFTH THRD BANC 1.45% 02/28/18      627,447    
  41,429          FNMA      6.50% 7/32 #545759      48,017    
  14,520          FNMA      6.50% 7/32 #545762      16,829    
  18,077          FNMA      6.50% 7/35 #745092      21,009    
  27,411          FNMA      6.50% 8/36 #888034      31,748    
  14,652          FNMA      6.50% 12/32 #735415      16,974    
  3,184,000          FNMA 1.125% 07/20/18      3,187,401    
  3,217,000          FNMA 1.125% 12/14/18      3,194,369    
  786,000          FNMA 1.5% 06/22/20      776,820    
  1,846,000          FNMA 1.5% 11/30/20      1,816,388    
  4,586,000          FNMA 1.875% 09/18/18      4,675,728    
  2,222,000          FNMA 1.875% 12/28/20      2,222,214    
  524,963          FNMA 10YR 2.5% 05/23 #MA1431      535,618    
  233,140          FNMA 10YR 2.5% 10/22#AB6544      237,872    
  181,684          FNMA 10YR 2.5% 10/22#AB6730      185,372    
  262,863          FNMA 15YR 3.50% 1/26 #AL1168      277,544    
  1,079,685          FNMA 15YR 3.50% 3/27 #AL1746      1,141,671    
  660,829          FNMA 15YR 3.50% 5/27 #AL1741      696,496    
  254,003          FNMA 15YR 3.50% 5/27 #AL1751      267,673    
  34          FNMA 15YR 7.00% 11/18 #735420      34    
  423,320          FNMA 15YR 3.5% 01/27 #AX1909      446,102    
  93,397          FNMA 15YR 3.5% 07/26#AI7819      98,351    
  862,240          FNMA 15YR 3.5% 09/29#AL5878      912,281    
  355,695          FNMA 15YR 3.5% 10/29#AL5851      376,338    
  835,825          FNMA 5.50% 11/34 #310105      938,177    
  145,961          FNMA 6.50% 12/35 #AD0723      169,075    
  124,870          FNMA 6.50% 8/36 #888544      144,840    
  101,737          FNMA 6.50% 8/36 #AE0746      117,948    
  40,761          FNMA ARM  2.61% 4/35 #995609      43,183    
  53,635          FNMA ARM  3.01% 8/41 #AI4358      56,381    

 

33


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  86,279          FNMA ARM    3.37%  9/41 #AI8935    $ 91,805    
  84,770          FNMA ARM    3.47%  3/40 #AD0820      90,044    
  106,961          FNMA ARM    3.60%  3/40 #AD1555      113,829    
  95,928          FNMA ARM    4.21%  5/35 #889946      101,795    
  196,375          FNMA ARM    4.285%  7/33#AD0066      208,542    
  119,343          FNMA ARM    4.30%  2/35 #995017      125,825    
  86,055          FNMA ARM    4.53%  12/34 #802852      91,503    
  98,498          FNMA ARM    4.68%  11/34 #735011      103,612    
  64,505          FNMA ARM 06/42#AO2244      66,209    
  45,991          FNMA ARM 09/41#AI9813      48,037    
  20,022          FNMA ARM 10/41#AJ3399      20,880    
  39,958          FNMA ARM 11/40#AE6806      41,639    
  150,466          FNMA ARM 3.20% 1/40 #AC0599      159,393    
  74,906          FNMA ARM 3.228% 7/41#AI3469      78,839    
  36,439          FNMA ARM 3.365% 10/41#AI6819      38,073    
  92,468          FNMA ARM 3.545% 07/41#AI6050      97,489    
  443,229          FNMA ARM 4.198% 11/34 #841068      471,328    
  123,380          FNMA ARM 4.512% 12/36 #995606      130,673    
  122,381          FNMA ARM 4.53% 10/35 #995414      130,062    
  595,045          FNMA ARM 4.55% 10/35 #995415      626,965    
  192,229          FNR 2012-94 E 3% 6/22      196,991    
  2,348,684          FNR 2013-16 GP 3% 03/33      2,424,171    
  1,195,628          FNR 2014-83 P 3% 06/43      1,235,788    
  2,111,638          FNR 2015-28 JE 3% 05/45      2,166,674    
  2,782,914          FNR 2015-28 P 2.5% 5/45      2,803,953    
  935,933          FNR 2015-32 PA 3% 4/44      963,681    
  1,753,804          FNR 2015-42 LE 3% 06/45      1,787,799    
  1,267,708          FNR 2015-49 LE 3% 07/45      1,298,639    
  1,526,800          FNR 2015-54 LE 2.5% 07/45      1,542,499    
  1,300,000          FORD MTR CR 2.875% 10/01/18      1,311,567    
  1,000,000          FORDF 2015-4 A1 1.77% 8/20      1,000,201    
  1,276,000          FORDL 15-A A3 1.13% 6/18      1,270,755    
  744,000          FORDO 2015-C A3 1.41% 02/20      741,100    
  1,106,000          GENERAL ELEC CO 3.375% 3/11/24      1,156,150    
  895,000          GMALT 2015-1 A3 1.53% 09/18      891,999    
  757,000          GMALT 2015-2 A3 1.68% 12/18      753,025    
  167,581          GNMA 30YR 5.5% 06/35#783800      189,220    

 

34


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  351,697       

  GNMA 30YR 5.5% 11/35#783799

   $ 396,506    
  598,944       

  GNR 13-41 PA 2.5% 04/40

     611,016    
  2,260,000       

  GOLDMAN SACHS GRP 2.625% 1/19

     2,301,354    
  878,000       

  GOLDMAN SACHS GRP 2.75 9/15/20

     884,723    
  310,000       

  GSINC 2.9% 07/19/18

     320,109    
  547,800       

  GSMS 2006-GG8 A1A 5.547 11/39

     558,478    
  1,143,410       

  GSMS 2006-GG8 A4 5.56% 11/39

     1,146,741    
  2,857       

  GSMS 2013-GC10 A1 .696% 2/46

     2,858    
  250,000       

  GSMS 2013-GC10 A2 1.84% 2/46

     250,414    
  252,454       

  GSMS 2013-GC12 A1 VAR 06/46

     249,995    
  1,107,000       

  HALLIBURTON CO 2.7% 11/15/20

     1,098,650    
  672,000       

  HAROT 2015-4 A3 1.23% 09/23/19

     666,716    
  979,000       

  HART 2015-B A3 1.12% 11/19

     971,955    
  731,000       

  HART 2015-C A3 1.46% 02/20

     728,558    
  1,300,000       

  HEWLETT PACK2.85% 10/5/18 144A

     1,307,966    
  1,270,000       

  HSBC 1.5% 05/15/18 144A

     1,258,561    
  333,000       

  HSBC USA INC 2.625% 09/24/18

     340,200    
  750,000       

  HSBC USA INC NE 1.7% 03/05/18

     749,999    
  510,000       

  HYUNDAI CAP AM 2.6% 3/20 144A

     504,876    
  950,000       

  HYUNDAI CAP AME 2.55 2/19 144A

     952,514    
  413,000       

  HYUNDAI CP AM 2.125 10/17 144A

     412,713    
  730,000       

  IBRD 1% 06/15/18

     723,958    
  145,000       

  INGERSOLL-RND LX 2.625% 5/1/20

     143,525    
  451,000       

  INTERCONT EXCH 2.5% 10/15/18

     457,388    
  176,000       

  INTERCONT EXCH 2.75% 12/01/20

     176,527    
  508,000       

  JPMBB 15-C29 A2 2.8596% 05/48*

     516,780    
  983,000       

  JPMC CO 2.2% 10/22/19*

     979,596    
  928,000       

  JPMC CO 2.35% 01/28/19*

     941,222    
  500,000       

  JPMC CO 2.55% 10/29/20*

     497,744    
  1,484,037       

  JPMCC 2006-CB16 A1A 5.546 5/45*

     1,508,680    
  135,713       

  JPMCC 2006-CB16 A4 5.552% 5/45*

     137,933    
  1,110,255       

  JPMCC 2006-LDP7 A1A CSTR 4/45*

     1,126,553    
  704,263       

  JPMCC 2006-LDP7 A4 CSTR 04/45*

     709,986    
  155,142       

  JPMCC 2013-C10 .7302% 12/15/47*

     154,044    
  561,000       

  JPMCC 2015-JP1 A2 3.1438% 1/49*

     576,873    
  1,540,000       

  JPMORGAN CHASE & CO 2.75% 6/20*

     1,548,118    
  790,000       

  JPMORGAN CHASE & CO 2.25% 1/23/20*

     785,286    

 

35


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  413,000       

  KEY BANK NA 2.5% 12/15/19

   $ 414,187    
  970,000       

  KEYCORP MTN 2.3% 12/13/18

     972,538    
  379,000       

  KINDER MORGAN IC 3.05% 12/1/19

     351,859    
  196,000       

  KINDER MRGN INC 2% 12/01/17

     189,167    
  1,210,469       

  LBUBS 2006-C6 A1A CSTR 9/39

     1,233,987    
  661,617       

  LBUBS 2006-C6 A4 5.372% 9/39

     673,174    
  1,427,366       

  LBUBS 2007-C7 A3 5.886% 9/45

     1,502,612    
  672,000       

  LOCKHEED MARTIN 2.5% 11/23/20

     671,409    
  960,000       

  MANITOBA (PROV) 1.125% 6/1/18

     950,810    
  630,000       

  MANU&TRD NT PRG 2.3% 1/30/19

     637,476    
  450,000       

  MANUFCTRS & TRDR 2.1% 02/06/20

     446,005    
  780,000       

  MARSH & MCLENNAN 2.35% 03/06/20*

     779,119    
  333,000       

  MARSH & MCLENNAN 2.35% 9/10/19*

     334,741    
  666,000       

  MARSH & MCLENNAN 2.55% 10/15/18*

     676,081    
  1,000,000       

  MASSMUTUAL 2.45% 11/23/20 144A

     997,712    
  1,000,000       

  MASSMUTUAL GBL 2.1 8/2/18 144A

     1,013,385    
  1,250,000       

  MASSMUTUAL GLBL 2% 4/5/17 144A

     1,264,681    
  350,000       

  MASTERCARD INC 2% 04/01/19

     353,127    
  1,045,000       

  MBALT 2015-A A3 1.10% 08/17

     1,044,404    
  500,000       

  MBALT 2015-B A3 1.34% 07/18

     497,978    
  211,000       

  MCDONALDS CORP 2.1% 12/18

     211,443    
  98,000       

  MCDONALDS CORP 2.75% 12/20

     98,116    
  313,000       

  MCGRAW HILL FINL INC 2.5% 8/18

     317,871    
  863,000       

  MCKESSON CO 2.284% 03/15/2019

     865,467    
  1,060,000       

  MEDTRONIC INC 2.5% 3/15/20

     1,075,604    
  1,489,000       

  MET LIFE GLBL 1.5 1/18 144A

     1,491,926    
  1,000,000       

  MET LIFE GLBL FDG 2% 4/20 144A

     984,239    
  112,000       

  METLIFE INC 1.903/STEP 12/17

     112,756    
  189,000       

  MICROSOFT CORP .875% 11/15/17

     188,525    
  715,000       

  MIDAMERICAN ENERGY 2% 11/18

     712,298    
  530,000       

  MITSUBISHI 2.45% 10/16/19 144A

     530,922    
  640,000       

  MIZUHO BK LTD 2.45 4/19 144A

     643,735    
  500,000       

  MIZUHO BNK LTD 2.65% 9/19 144A

     506,066    
  760,000       

  MIZUHO CORP BK 1.55 10/17 144A

     756,470    
  1,949,416       

  MLCFC 2006-3 A4 CSTR 7/46

     1,984,555    
  848,640       

  MLMT 2006-C2 A1A CSTR 8/43

     861,989    
  500,000       

  MORGAN STANLEY 1.875% 01/05/18

     504,080    

 

36


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  630,000       

  MORGAN STANLEY 2.125% 4/25/18

   $ 633,865    
  1,030,000       

  MORGAN STANLEY 2.375% 7/23/19

     1,037,516    
  1,955,000       

  MORGAN STANLEY 2.5% 01/24/19

     1,987,413    
  800,000       

  MORGAN STANLEY 2.65% 01/27/20

     807,173    
  1,040,000       

  MSBAM 2012-C5 A2 1.972% 8/45

     1,043,045    
  1,043,000       

  MSBAM 2014-C14 A2 2.916% 1/47

     1,065,012    
  524,245       

  MSC 2006-HQ9 A4 CSTR 7/44

     529,951    
  760,775       

  MSC 2006-IQ11 A1A CSTR 10/42

     766,603    
  304,419       

  MSC 2007-IQ13 A1A 5.312% 3/44

     314,799    
  971,982       

  MSC 2007-T27 A1A CSTR 6/42

     1,019,622    
  422,000       

  MSC 2011-C2 A4 4.661% 06/44

     460,302    
  515,000       

  MUFG AMERICAS HLD 2.25% 02/20

     511,117    
  591,000       

  NALT 2014-A A3 .80% 02/17

     590,678    
  731,000       

  NAROT 2015-C A3 1.37% 5/20

     726,390    
  176,167       

  NEF 2005-1 A5 4.74% 10/45

     166,896    
  1,590,000       

  NEW YORK LIFE 1.3% 10/17 144A

     1,587,146    
  1,310,000       

  NEW YORK LIFE 1.95% 2/20 144A

     1,294,652    
  750,000       

  NORDEA BK 1.875% 9/17/18 144A

     749,266    
  940,000       

  NORDEA BK AB 2.375% 4/4/19 144

     948,790    
  2,550,000       

  ONTARIO PROV 2% 09/27/18

     2,584,301    
  1,300,000       

  ORACLE CORP 2.5% 05/15/2022

     1,280,907    
  595,000       

  PEPSICO INC 7.9% 11/01/18

     705,115    
  93,000       

  PG&E CORP 2.4% 03/01/19

     93,566    
  650,000       

  PHILIP MORS INT 1.875% 1/15/19

     653,954    
  530,000       

  PNC BANK NA 2.4% 10/18/19

     534,665    
  1,000,000       

  PNC BK PITT MTN 1.8% 11/05/18

     1,000,432    
  630,000       

  PNC BK PITT MTN 2.2% 01/28/19

     638,033    
  630,000       

  PRICOA GLBL F 1.6% 5/18 144A

     623,990    
  500,000       

  PRICOA GLOBAL 1.9% 09/18 144A

     500,886    
  1,070,000       

  PRINCIPAL FDG 2.375% 9/19 144A

     1,073,905    
  1,182,000       

  PROCTER & GAMBLE 1.6% 11/15/18

     1,192,793    
  247,000       

  PROCTER GAMBLE MTN 4.7 2/15/19

     273,596    
  1,000,000       

  REGIONS FIN CORP 2.25% 9/14/18

     1,005,723    
  228,000       

  REYNOLDS AMERICAN 2.3% 6/18

     229,724    
  698,000       

  REYNOLDS AMERICAN 3.25% 6/20

     710,648    
  349,000       

  REYNOLDS AMERICAN 4% 6/12/22

     363,786    
  540,000       

  ROPER INDUSTRIES 2.05% 10/1/18

     539,335    

 

37


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  1,000,000       

  ROPER TECHNOLOGIES 3% 12/15/20

   $ 997,922    
  1,270,000       

  ROYAL BK CAN GL 1.5% 01/14/18

     1,272,634    
  700,000       

  ROYAL BK CAN GL 2.35% 10/30/20

     696,795    
  1,382,000       

  ROYAL BK CDA 2.2% 7/27/18

     1,406,423    
  1,275,000       

  SABMILLER HLDG 2.2 8/1/18 144A

     1,283,939    
  252,000       

  SELECT INCOME REIT 2.85% 02/18

     254,660    
  656,000       

  SEMPRA ENERGY 2.4% 3/15/20

     646,006    
  397,000       

  SEMPRA ENERGY 2.85% 11/15/20

     397,197    
  750,000       

  SHELL INTL 2.25% 11/10/20

     741,141    
  950,000       

  SHELL INTL FIN 1.125% 8/21/17

     947,281    
  771,000       

  SHELL INTL FIN BV 2.125% 05/20

     760,835    
  84,911       

  SLMA 2004-A B 3ML+58 6/33

     80,363    
  362,000       

  SOUTHERN PWR CO 2.375% 6/1/20

     352,701    
  500,000       

  SUMITOMO BKG 2.45% 01/16/20

     502,886    
  630,000       

  SUMITOMO BKG 2.45% 1/10/19

     639,640    
  940,000       

  SUMITOMO MITSUI BKG 1.8% 7/17

     947,268    
  250,000       

  SUMITOMO MITSUI BKG 2.5% 7/18

     256,111    
  1,208,000       

  SUNTRUST 2.35% 11/01/18

     1,219,198    
  128,000       

  SYNCHRONY FIN 1.875% 8/15/17

     128,317    
  188,000       

  SYNCHRONY FIN 3% 8/15/19

     189,907    
  500,000       

  SYNCHRONY FINANCL 2.6% 1/15/19

     499,314    
  1,014,000       

  SYNCT 2015-1 A 2.37% 03/23

     1,010,671    
  1,000,000       

  SYNCT 2015-2 A 1.60% 4/21

     993,577    
  1,000,000       

  TAOT 2015-C A3 1.34% 6/19

     998,173    
  251,000       

  THERMO FISHER 2.15% 12/14/18

     251,194    
  115,000       

  THERMO FISHER 2.4% 02/01/19

     116,130    
  153,000       

  TIAA AST MG 2.95% 11/1/19 144A

     154,121    
  1,590,000       

  TORONTO DOM 1.4% 4/30/18

     1,580,758    
  530,000       

  TORONTO DOM BK 2.125% 7/02/19

     535,085    
  1,626,000       

  TORONTO DOMINI 2.625% 09/10/18

     1,670,664    
  800,000       

  TORONTO DOMINION 2.25% 11/5/19

     802,613    
  666,000       

  TOTAL CAP CDA L 1.45% 01/15/18

     666,452    
  620,000       

  TOTAL CAP INTL 1.55% 6/28/17

     621,691    
  1,900,000       

  TOTAL CAP INTL 2.125% 01/10/19

     1,923,180    
  638,000       

  TOTAL CAPITAL SA 1.5% 2/17/17

     642,691    
  1,000,000       

  TRANSCANADA PIPE 1.625% 11/17

     994,188    
  132,000       

  TYCO ELECTR GR 2.375% 12/17/18

     131,957    

 

38


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  384,000       

  UBS AG STAM CT 1.375% 6/1/17

   $ 382,636    
  214,407       

  UBSBB 2013-C6 A1 0.8022% 4/46

     212,599    
  368,492       

  UBSCM 2012-C1 A2 2.180% 5/45

     370,736    
  410,000       

  UNITED HEALTH 2.7% 7/15/20

     419,315    
  510,000       

  UNITEDHEALTH GRP 1.9%7/16/18

     515,897    
  1,260,000       

  US BANK NA 1.1% 01/30/17

     1,264,032    
  1,172,000       

  US BANK NA CIN 2.125% 10/19

     1,175,897    
  1,812,000       

  UST NOTES 1% 05/31/18

     1,804,518    
  19,110,000       

  UST NOTES 1.625% 06/30/2019

     19,200,345    
  30,000,000       

  UST NOTES 1.625% 07/31/20

     30,068,348    
  29,800,000       

  USTN .5% 7/31/17

     29,637,065    
  28,220,000       

  USTN .750% 6/30/17

     28,133,495    
  5,743,000       

  USTN 0.875% 10/15/17

     5,736,865    
  11,374,000       

  USTN 1% 05/15/18

     11,333,500    
  21,126,000       

  USTN 1.25% 12/15/18

     21,096,563    
  20,083,000       

  USTN 1.375% 03/31/20

     19,910,408    
  2,402,000       

  USTN 1.375% 2/28/19

     2,411,928    
  232,000       

  USTN 1.5% 12/31/18

     233,107    
  873,915       

  VALET 2013-2 A3 0.7% 04/18

     869,929    
  834,000       

  VALET 2014-1 A3 .91% 10/22/18

     828,251    
  1,395,000       

  VERIZON COMMUNS 2.625% 2/21/20

     1,413,343    
  630,000       

  VODAFONE GRUP PLC 1.5% 2/19/18

     626,504    
  700,000       

  VOLKSWAGEN 2.125% 11/18 144A

     674,328    
  513,000       

  VOLKSWAGEN GRP 2.4% 5/20 144A

     481,734    
  807,227       

  VWALT 2014-A A3 .80% 4/20/17

     805,195    
  639,000       

  VWALT 2015-A A3 1.25% 12/17

     632,894    
  1,300,000       

  WAL-MART STORES 1.125% 4/18

     1,297,920    
  520,000       

  WASHINGTON PG 3.85% 4/1/20

     529,520    
  265,131       

  WBCMT 2006-C24 A1A CSTR 3/45*

     266,039    
  771,227       

  WBCMT 2006-C25 A1A CSTR 5/43*

     781,208    
  290,000       

  WBCMT 2006-C25 A5 CSTR 5/43*

     292,936    
  667,353       

  WBCMT 2006-C26 A1A CSTR 6/45*

     675,566    
  565,472       

  WBCMT 2006-C27 A3 CSTR 7/45*

     567,484    
  1,303,772       

  WBCMT 2006-C29 A1A 5.297 11/48*

     1,338,393    
  240,591       

  WBCMT 2006-C29 A4 5.308% 11/48*

     244,942    
  530,000       

  WELLPOINT INC 2.25% 8/15/19

     531,317    
  455,000       

  WELLPOINT INC 2.3% 07/15/18

     459,065   

 

39


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  1,000,000       

  WELLS FARGO & CO 2.15% 1/15/19*

   $ 1,015,758    
  1,000,000       

  WELLS FARGO & CO MTN 2.6% 7/20*

     1,009,345    
  654,000       

  WESTERN UNION CO 2.875 12/17

     662,906    
  1,129,000       

  WESTPAC BANKING CRP 2% 8/14/17

     1,144,697    
  436,000       

  WFCM 2012-LC5 ASB 2.528% 10/45*

     435,232    
  814,772       

  WFCM 2013-LC12 A1 1.676% 7/46*

     812,531    
  170,595       

  WFRBS 13-C14 A1 .836% 6/15/46*

     169,178    
  580,000       

  WFRBS 2012-C8 A2 1.881% 8/45*

     580,747    
  110,038       

  WFRBS 2013-C11 A1 .799% 03/45*

     109,388    
  147,169       

  WFRBS 2013-C13 A1 0.778% 5/45*

     146,017    
  250,000      

  WFRBS 2013-C14 A2 2.133% 6/46*

     250,439    
  292,000       

  WISCONSIN ENERGY 2.45% 6/15/20

     290,926    
  974,000       

  WOART 2014-B A3 1.14% 1/20

     970,568    
  759,000       

  WOLS 2014-A A3 1.16% 09/17

     757,047    
  760,000       

  WOLS 2015-A A3 1.54% 10/18

     755,093    
  1,300,000       

  WPACBKG 1.6% 1/12/18

     1,307,326    
  782,000       

  XEROX CORP 2.75% 03/15/19

     774,405    
  141,000       

  ZOETIS INC 3.45% 11/13/20

     141,813    
  

  Total Wrap Rebid Value

     85,634    
     

 

 

 
  

 Total Synthetic Investment Contracts

   $ 496,313,830    
    Mutual Funds   
  

  Fidelity BrokerageLink*

   $ 189,102,798    
  5,082,299       

  DFA Emerging Markets Core Equity Portfolio Institutional Class Fund*

     80,097,038    
  8,443,665       

  Manning & Napier Overseas Fund*

     170,139,844    
  413,601       

  PIMCO Short Term Floating NAV Portfolio II*

     413,631    
     

 

 

 
  

 Total Mutual Funds

   $ 439,753,311    

 

40


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  

 U.S. Government Agency Securities

  
  

 United States Treasury Notes

  
  3,645,676       

  USTN 2.125% 09/30/21

   $ 3,638,848    
  16,738,857       

  USTN 2.25% 04/30/21

     16,628,445    
  7,778,373       

  USTN 2.25% 11/15/24

     7,795,429    
  11,353,824       

  USTN 2.375% 8/15/24

     11,214,952    
  1,120,852       

  USTN 2.5% 05/15/24

     1,123,948    
  2,096,789       

  USTN 2.75% 02/15/24

     2,083,108    
  1,880,441       

  USTN TII .375% 07/15/25

     1,843,224    
  1,018,346       

  USTN TII 0.125% 04/15/20

     1,002,699    
  3,720,242       

  USTN TII 0.125% 07/15/24

     3,613,387    
  2,184,874       

  USTN TII 0.25% 01/15/25

     2,107,137    
  830,870       

  USTN TII 0.75% 2/15/45

     791,261    
  603,591       

  USTN TII 1.375% 02/15/44

     518,352    
  8,505,536       

  USTN TII 1.75% 1/15/28

     7,810,045    
  3,529,410       

  USTN TII 2% 1/15/26

     3,273,339    
  1,363,519       

  USTN TII 2.375% 1/15/25

     1,290,318    
  2,561,162       

  USTN TII 2.375% 1/15/27

     2,316,490    
  6,438,000       

  USTN TII 2.5% 1/15/29

     6,099,605    
  231,946       

  USTN TII 3.875% 4/15/29

     196,463    
     

 

 

 
  

 Total United States Treasury Notes

   $ 73,347,050    
  

 United States Treasury Bonds

  
  601,969       

  USTB 2.875% 5/15/43

   $ 583,789    
  9,353,432       

  USTB 2.50% 02/15/45

     9,043,479    
  208,125       

  USTB 2.75% 8/15/42

     190,758    
  1,859,773       

  USTB 2.750% 11/15/42

     1,712,630    
  5,919,328       

  USTB 2.875% 8/15/45

     5,912,950    
  3,616,565       

  USTB 3% 11/15/44

     3,381,008    
  1,322,420       

  USTB 3% 11/15/45

     1,293,646    
  5,340,016       

  USTB 3% 5/15/42

     4,919,992    
  4,098,376       

  USTB 3.125% 2/15/42

     4,018,591    
  6,198,247       

  USTB 3.125% 8/15/44

     6,119,946    
     

 

 

 
  

 Total United States Treasury Bonds

   $ 37,176,789    

 

41


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  

 Federal Agency Obligations

  
  

 Federal Home Loan Mortgage Corporation

  
  637,466       

  FHLG 5.00% 3/38 #A74793

   $ 698,329    
  52,719       

  FHLG 5.50% 11/35 #A39302

     59,039    
  191,859       

  FHLG 5.50% 12/38 #G06172

     214,197    
  514,577       

  FHLG 6.00% 6/38 #G04715

     581,192    
  879,225       

  FHLG 6.00% 11/39 #G06409

     993,058    
  86,624       

  FHLG 6.50% 9/39 #G06669

     99,216    
  3,000,000       

  FHLG 30YR 3.5% 01/46 #TBA

     3,087,980    
  89,430       

  FHLM ARM 4.433% 7/3 1B3925

     93,895    
  25,753       

  FHLM ARM 5.65% 9/37 1G3704

     26,624    
  44,880       

  FHLM ARM 5.84% 2/37 1N1447

     46,775    
  95,327       

  FHLM ARM 5.95% 5/37 1N1582

     98,539    
  107,720       

  FHLM ARM 6.03% 5/37 1N1463

     114,319    
     

 

 

 
  

 Total Federal Home Loan Mortgage Corporation

   $ 6,113,163    
  

 Federal National Mortgage Association

  
  925,261       

  FNMA 4.50% 4/41 #AL0215

   $ 1,002,657    
  119,785       

  FNMA 4.50% 9/41 #AB3517

     129,917    
  100,132       

  FNMA 5.50% 8/38 #995072

     112,334    
  22,904       

  FNMA 6.00% 5/35 #821192

     25,997    
  13,359       

  FNMA 6.00% 9/37 #952504

     15,079    
  10,490       

  FNMA 6.00% 10/35 #745000

     11,898    
  13,179       

  FNMA 6.50% 1/37 #897910

     15,119    
  28,518       

  FNMA 6.50% 5/36 #895817

     32,690    
  27,344       

  FNMA 6.50% 8/36 #745744

     31,311    
  13,694       

  FNMA 6.50% 9/36 #897131

     15,690    
  333,509       

  FNMA 6.50% 10/41 #AL0814

     382,322    
  367,874       

  FNMA 6.50% 10/41 #AL0886

     424,862    
  1,000,000       

  FNMA 30YR 3% 01/46 #TBA

     1,000,050    
  4,202,630       

  FNMA 30YR 3% 05/43#AR8293

     4,211,542    
  10,000,000       

  FNMA 30YR 3.5% 01/46 #TBA

     10,315,142    
  20,000,000       

  FNMA 30YR 3.5% 02/46 #TBA

     20,587,314    
  22,000,000       

  FNMA 30YR 4% 01/46 #TBA

     23,275,982    
  17,977       

  FNMA 30YR 4% 02/34#763516

     19,150    

 

42


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  19,000,000       

  FNMA 30YR 4% 02/46 #TBA

   $ 20,064,133    
  9,000,000       

  FNMA 30YR 4.5% 02/46 #TBA

     9,705,024    
  229,821       

  FNMA 6.50% 10/41 #AL0885

     263,246    
  265,890       

  FNMA ARM 5.51 2/37 913990

     275,152    
  34,305       

  FNR 11-15 AB 9.75% 8/19

     37,112    
  71,860       

  FNR 2004-38 FK 1ML+35 5/3

     72,104    
  106,545       

  FNR 2010-110 AE 9.75 11/1

     115,116    
  155,477       

  FNR 2010-118 YB IO INV 10

     27,753    
  204,019       

  FNR 2011-63 SW IO INV 7/4

     34,307    
  101,629       

  FNS 390 C3 IO 6% 7/38

     21,217    
  59,098       

  FNS 407 40 0 1/38

     13,957    
  115,994       

  FNS 407 41 IO 6% 1/38

     28,141    
  14,744       

  FNS 407 C22 IO 1/39

     3,072    
     

 

 

 
  

 Total Federal National Mortgage Association

   $ 92,269,390    
  

 Freddie Mac

  
  3,539,443       

  FHMS K006 AX1 CSTR 1/20

   $ 118,515    
  1,003,062       

  FHMS K007 X1 CSTR 4/20

     36,289    
  1,097,474       

  FHMS K008 X1 CSTR 6/25/20

     58,813    
  1,045,132       

  FHMS K009 X1 CSTR 8/20

     52,223    
  4,113,931       

  FHMS K014 X1 IO CSTR 4/21

     223,510    
  382,375       

  FHMS K702 X1 CSTR 2/18

     10,194    
  2,406,416       

  FHMS K703 X1 CSTR 5/18

     98,704    
  1,454,074       

  FHMS KAIV X1 CSTR 6/46

     79,814    
  100,000       

  FHR 3738 BP 4% 12/38

     104,687    
     

 

 

 
  

 Total Freddie Mac

   $ 782,749    

 

43


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  

 Government National Mortgage Association

  
  58,527          GNII 5.00% 9/40 #004802    $ 64,872    
  1,000,000          GNII II 3.5% 01/45 #TBA      1,042,408    
  2,000,000          GNII II 4% 02/45 #TBA      2,119,346    
  400,000          GNII II 4.5% 01/45 #TBA      429,735    
  28,492          GNII II 5.00 7/40 #004747      31,580    
  297,345          GNII II 5.00 8/40 #004772      329,580    
  114,101          GNII II 6.50 10/37 004040      130,386    
  2,000,000          GNMA 30YR 3% 01/45 #TBA      2,026,041    
  1,000,000          GNMA 30YR 3.5% 01/45 #TBA      1,040,533    
  1,000,000          GNMA 30YR 4% 01/45 #TBA      1,060,845    
  114,196          GNMA II 5.00 7/40 #783050      125,866    
  34,685          GNR 10-116 JS -1ML+605 12      4,022    
  116,666          GNR 11-70 BS -1ML+670 IO      11,678    
  4,148,238          GNR 15-H12 FB 1ML+60 05/6      4,107,751    
  62,843          GNR 2005-13 SD -1ML+680 2      10,991    
  41,980          GNR 2005-81 SD -1ML+630 1      2,701    
  223,509          GNR 2006-47 SA 1ML+680 8/      46,290    
  259,430          GNR 2009-106 SU IO INV 5/      43,986    
  52,754          GNR 2009-45 AI IO 1ML+596      6,823    
  181,489          GNR 2009-61 SA 1ML+670 8/      31,321    
  196,891          GNR 2009-61 WQ 1ML+625 11      30,708    
  45,264          GNR 2009-68 SL 1ML+675 4/      6,062    
  1,311,895          GNR 2009-HO1 FA 1.4 11/59      1,334,779    
  73,969          GNR 2010-107 SG -1ML+615      5,036    
  65,276          GNR 2010-109 SB -1ML+660      12,421    
  321,899          GNR 2010-115 SP -1ML+540      46,177    
  509,807          GNR 2010-117 PS 1ML+600 1      43,542    
  366,245          GNR 2010-14 SC -1ML+480 8      43,990    
  202,086          GNR 2010-146 GS IO ML+610      13,645    
  143,994          GNR 2010-147 S -1ML+665 1      27,179    
  158,663          GNR 2010-151 SM -1ML+608      27,166    
  151,891          GNR 2010-151SA IO ML+605      25,291    
  175,365          GNR 2010-160 SW 1ML+655 1      17,035    
  97,837          GNR 2010-3 MS IO 1ML+655      9,729    
  75,044          GNR 2010-31 GS 1ML+650 3/      7,380    
  21,063          GNR 2010-39 SP -1ML+655 1      1,189    

 

44


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  52,843          GNR 2010-42 BS -1ML+648 4    $ 9,438    
  52,843          GNR 2010-47 AS -1ML+644 4      9,361    
  113,623          GNR 2010-47 VS -1ML+625 1      16,650    
  405,655          GNR 2010-50 QS 1ML+655 12      41,109    
  168,346          GNR 2010-57 QS -1ML+650 5      30,237    
  277,689          GNR 2010-60 S -1ML+650 5/      50,899    
  291,195          GNR 2010-62 SB -1ML+575 5      44,898    
  277,557          GNR 2010-68 SD -1ML+658 6      41,667    
  75,393          GNR 2010-69 SP -1ML+665 6      4,924    
  55,300          GNR 2010-76 SH -1ML+650 5      9,929    
  78,165          GNR 2010-85 HS IO 1ML+665      10,777    
  53,193          GNR 2010-85 JS -1ML+657 4      9,132    
  179,904          GNR 2010-87 SK IML+650 7/      28,502    
  617,815          GNR 2010-H010 FC 1ML+100      623,641    
  1,141,054          GNR 2010-H20 AF 1ML+33 10      1,129,646    
  1,010,451          GNR 2010-H24 FA 1ML+35 10      1,000,961    
  462,073          GNR 2011-11 SA -1ML+600 1      74,454    
  37,235          GNR 2011-32 S IO -1ML+600      5,769    
  121,808          GNR 2011-4 PS -1ML+618 9/      19,166    
  207,917          GNR 2011-40 SA -1ML+613 2      16,269    
  211,552          GNR 2011-81 SA -1ML+540 6      27,826    
  306,344          GNR 2011-H09 AF IML+50 3/      305,199    
     

 

 

 
    Total Government National Mortgage Association    $ 17,828,538    
     
    Total U.S. Government and Agency Securities    $ 227,517,679    

 

45


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
    Other Fixed Income Securities   
  50,089          21ST CENTY FOX 4.5 2/15/21    $ 53,826    
  1,500,000          ABN AMRO BANK 4.75 7 1A 7/28/25      1,495,050    
  1,200,000          ABN AMRO BK 2.45 6/04/20 1A      1,189,694    
  117,120          ACCR 2003-3 A1 5.21 1/25/34      113,005    
  496,345          ACE 2006-SL3 A1 1ML+10 6/25/36      98,680    
  300,000          ACRE 10-ARTA A2FX 4.9543 1/14/29      321,992    
  18,000          AES CORP 8% 6/01/20      19,800    
  65,000          AESOP 2010-5A A 3.15 144A 3/20/17      65,164    
  429,183          AHM 2005-4 1A1 1ML+29 3/25/35      361,861    
  117,000          AIG 6.25% 87-37 HYBRD 3/15/37      127,823    
  400,000          ALLY FINL 2.75 1/30/17      399,000    
  200,000          ALLY FINL 3.5 7/18/16      200,500    
  84,000          AMERADA HES CO 7.875 10/01/29      91,766    
  142,000          AMERADA HESS CO 7.3 8/15/31      140,958    
  322,000          AMERICAN EXP CO 2.65 12/02/22      312,042    
  353,000          AMEX 6.8% 9/01/66      355,648    
  115,000          ANADARKO PETRO 6.375 9/15/17      120,589    
  420,000          ANHEUSER BUSCH 5% 4/15/20      459,755    
  360,000          ANHEUSER BUSCH 5.375 1/15/20      398,505    
  274,818          ARC 2004-1 A5 1ML+50 10/25/34      270,454    
  100,000          AT&T INC 2.45% 6/30/20      98,520    
  900,000          AT&T INC 3.4% 5/15/25      865,094    
  167,000          AT&T INC 5.5% 2/01/18      178,516    
  300,000          ATHENS URBAN TRANS 4.851 9/19/16      301,113    
  333,848          AWAS FINANCE LUX TERM 7/16/18      335,746    
  14,000          BAC CAP XIV 5.63/VR PERP 12/31/49      10,340    
  264,062          BALTA 2004-9 3A1 CSTR 9/25/34      249,615    
  274,901          BALTA 2005-2 2A4 CSTR 4/25/35      261,096    
  600,000          BANCO BILBAO VZ 9 VAR PO 12/31/49      642,385    
  2,100,000          BANK OF AMERICA 4.125 1/22/24      2,170,085    
  1,000,000          BANKAMER 4.1% 7/24/23      1,034,402    
  800,000          BARCLAYS PLC 8%/VAR PERP 12/31/49      942,212    
  1,700,000          BBCCR 15-GTP A 3.966 08R 8/10/33      1,751,712    
  671,296          BFAT 2007-SR1A M2 1ML+90 3/25/37      567,258    
  30,000          BIRMINGHAM AL 5.5 4/01/41      34,327    
  13,687          BSABS 05-SD4 2A1 1ML+40 1 12/25/42      13,669    

 

46


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  403,615          BSABS 2005-AQ2 A3 1ML+36 9/25/35    $ 403,783    
  262,823          BSABS 2005-CL1 A1 1ML+50 9/25/34      240,922    
  349,891          BSARM 2004-10 12A3 CSTR 1/25/35      346,083    
  250,000          CA ST 7.3% 10/01/39      349,898    
  110,000          CALPINE 7.875 1/15/23 144A      117,150    
  300,000          CC HOLDINGS 3.849 4/15/23      294,636    
  1,800,000          CCO SAFARI II 4.464 14 7/23/22      1,793,736    
  40,000          CF INDUS HLDS 7.125 5/01/20      45,137    
  700,000          CHICAGO IL 7.75% 1/01/42      708,393    
  40,000          CHICAGO OHARE 5.625 1/01/35      46,191    
  80,000          CHICAGO OHARE TAXM 5.5 1/01/31      92,484    
  1,010,000          CITIGROUP 3.953% 6/15/16*      1,023,987    
  50,000          CLARK CO NV PFC 5.25 7/01/39      56,360    
  20,000          COMCAST CORP 6.3 11/15/17      21,760    
  130,000          COMMNWLTH BNK AUST 5 144C 10/15/19      141,983    
  250,000          CONOCOPHILLIPS 6% 1/15/20      278,543    
  400,000          CREDIT AGRC 7.875 PE RS 12/31/49      409,000    
  400,000          CREDIT AGRICOLE 8.125 9T 9/19/33      440,851    
  800,000          CREDIT SUISSE 2.75 3 1A 3/26/20      792,494    
  600,000          CREDIT SUISSE 3.125 15 12/10/20      597,545    
  321,027          CVS CAREMARK 6.943 1/10/30      367,073    
  895,697          CWALT 05-36 2A1A 1ML+31 8/25/35      716,090    
  360,641          CWALT 2005-36 3A1 CSTR 8/25/35      307,990    
  129,732          CWALT 2005-61 1A1 1ML+26 12/25/35      115,645    
  86,221          CWALT 2006-OA1 2A1 1ML+21 3/20/46      64,841    
  81,921          CWHL 2004-23 A CSTR 11/25/34      70,960    
  263,015          CWHL 2006-HYB3 2A1A CSTR 5/20/36      241,015    
  450,000          DAIMLER FIN 2.625 9/15/16      453,902    
  150,000          DAIMLER FINANCE 3.87 144D 9/15/21      155,874    
  447,226          DEFT 2015-2 A1 0.6 1 14T 10/24/16      447,226    
  121,454          DELTA AIR 6.821% 8/10/22      139,891    
  1,000,000          DEPOSITORY 4.875/VAR 14Y 12/31/49      992,500    
  30,000          DEVON ENERGY CO 5.6 7/15/41      22,659    
  945,000          DIAGEO CPTL PLC 4.828 7/15/20      1,031,966    
  125,000          DISH DBS 7.875 9/01/19      135,938    
  93,210          DMSI 2004-4 7AR2 1ML+45 6/25/34      85,704    
  800,000          DNB BK ASA MTN 3.2 4 144A 4/03/17      815,488    

 

47


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  161,261       

  DORIC NIMROD 5.125 1 144A 11/30/24

   $ 165,076    
  500,000       

  ECOPETROL SA 5.375 6/26/26

     426,250    
  150,000       

  EFCT 2004-1 A5 VAR 6/15/43

     142,543    
  300,000       

  EKSPORTFINANS 2.375 5/25/16

     300,210    
  500,000       

  EKSPORTFINANS 5.5 5/25/16

     506,285    
  200,000       

  EKSPORTFINANS GLB MTN 5.5 6/26/17

     207,988    
  460,000       

  EL PASO NAT GAS 8.375 6/15/32

     443,498    
  690,940       

  ENI FIN USA CP 1.28 6/03/16

     690,940    
  2,072,821       

  ENI FIN USA IN CP 1.28 6/02/16

     2,072,821    
  10,000       

  ENTERPRISE PRD 5.7 2/15/42

     8,893    
  430,000       

  ENTERPRISE PROD 4.05 2/15/22

     420,838    
  300,000       

  ENTERPRISE PROD 5.2 9/01/20

     314,771    
  900,000       

  EXP IMP BK KOREA 1.75 2P 2/27/18

     891,020    
  2,100,000       

  EXP-IMP BANK KOREA 5 4/11/22

     2,349,724    
  400,000       

  EXPORT IMP BK KORE MTN 4 1/29/21

     426,016    
  700,000       

  EXPORT IMP KORE 4.375 9/15/21

     756,219    
  200,366       

  FFML 2004-FF3 M1 1ML+55 5/25/34

     187,118    
  45,897       

  FHAMS 2006-FA8 1A8 0 2/25/37

     24,402    
  90,000       

  FIRST SEC UT 9.35 1/ 144A 1/10/23

     106,875    
  1,552,715       

  FLAT 2007-1 A1A 3ML+231 10/15/21

     1,514,799    
  1,100,000       

  FORD MTR CR LLC 4.25 2/03/17

     1,123,880    
  200,000       

  FORD MTR CR LLC 5.875 8/02/21

     223,036    
  200,000       

  FORD MTR CR LLC 8.125 1/15/20

     235,646    
  100,000       

  FORD MTR CREDIT CO 8 12/15/16

     105,712    
  202,000       

  FRENSENIUS MED 6.875 7/15/17

     215,635    
  80,000       

  GA MEAG 6.655% 4/01/57

     94,998    
  260,000       

  GECMC 2007-C1 A4 5.543 12/10/49

     267,444    
  1,300,000       

  GENERAL MTR 3.2 7/13/20

     1,279,981    
  411,000       

  GLITNIR 3ML+273.25 6 144A 6/15/16

     —    
  279,000       

  GLITNIR BK MTN 6.33 144A 7/28/11

     86,490    
  121,401       

  GMACM 04VF1 A1 MBIA1ML+75 2/25/31

     119,287    
  21,000       

  GOLDMAN SACHS 5.793/VR PE 12/31/49

     14,805    
  10,000       

  GOLDMAN SACHS GLB 7.5 2/15/19

     11,444    
  300,000       

  GOLDMAN SACHS GRP 3.5 1N 1/23/25

     295,073    
  780,000       

  GS GRP MTN 6.25 2/01/41

     930,333    
  426,998       

  GSMPS 2005-RP1 1AF 1ML+35 1/25/35

     359,032    
  3,479,550       

  GSMS 2011-GC3 X IO 3 144A 3/10/44

     82,655    

 

48


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  142,736       

  GSR 2005-AR5 2A3 CSTR 10/25/35

   $ 125,770    
  1,230,000       

  HCA INC 6.5% 2/15/20

     1,340,085    
  1,000,000       

  HEINZ (H.J.) CO 5 7/15/35

     1,024,597    
  200,000       

  HELLENIC RAILW 5.014 12/27/17

     198,875    
  480,000       

  HESS CORP 8.125% 2/15/19

     544,159    
  660,000       

  HSBC FINANCE CO 6.676 1/15/21

     757,519    
  222,199       

  HVMLT 05-15 2A11 1ML+27 10/20/45

     196,144    
  521,201       

  HVMLT 2004-5 2A6 CSTR 6/19/34

     493,562    
  317,983       

  HVMLT 2006-13 A 1ML+18 11/19/46

     238,132    
  1,360,000       

  ILFC MTN 6.75 9/01/16 144A

     1,397,400    
  111,921       

  IMSA 2006-1 1A2B 1ML+20 5/25/36

     95,313    
  320,108       

  INDA 2007-AR7 1A1 CSTR 11/25/37

     298,573    
  884,672       

  INDX 05-AR14 2A1A 1ML+30 7/25/35

     725,634    
  123,056       

  INDX 2006-AR6 2A1A 1ML+20 6/25/46

     91,097    
  2,100,000       

  ING BK FRN 3ML+78 8/17/18 14G

     2,106,285    
  2,000,000       

  INTESA SANP B YCD 3ML+138 4/11/16

     2,001,522    
  200,000       

  INTL LEASE FIN 5.75 5/15/16

     202,750    
  1,100,000       

  ISAC 2010-1 A3 3ML+90 7/25/45

     1,083,830    
  600,000       

  JPMC CO 2.55% 10/29/20

     594,658    
  220,000       

  JPMC CO 4.25% 10/15/20

     233,487    
  4,109,459       

  JPMCC 2011-C4 XA CSTR 7/15/46

     129,001    
  120,000       

  JPMCC 2011-C5 A3 4.1712 8/15/46

     127,787    
  146,699       

  JPMMT 2004-A3 3A3 CSTR 7/25/34

     134,456    
  1,500,000       

  JPMORGAN CHASE &CO2.251N 1/23/20

     1,476,237    
  70,000       

  JPMORGAN CHASE 4.35 8/15/21

     74,518    
  1,100,000       

  JPMORGAN CHASE 5.3 VARP 12/31/49

     1,095,875    
  120,000       

  KAUPTHING BK 5.75 10/27/21 144A

     27,900    
  1,177,000       

  KAUPTHING BK 7.625 2/28/15

     273,653    
  130,000       

  KAUPTHING MTN 7.125 144A 5/19/16

     —    
  772,679       

  KERR-MCGEE 7.875 9/15/31

     716,547    
  402,274       

  KERR-MCGEE GLBL 6.95 7/01/24

     397,492    
  69,658       

  KINDER MORGAN EN 6.85 2/15/20

     62,065    
  203,848       

  KINDER MORGAN ENER 6 2/01/17

     206,391    
  252,668       

  KPN NV GLBL 8.375 10/01/30

     277,801    
  495,641       

  KRAFT FOODS 5.375 2/10/20 W

     452,252    
  64,459       

  LA CA AIRPT 5 5/15/35

     79,758    
  46,928       

  LA CA AIRPT 5.25 5/15/39

     55,891    

 

49


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  640,833       

  LANDSBANK IS MTN6.1 144A 8/25/11

   $ 70,510    
  115,504       

  LBUBS 2007-C1 A4 5.424 2/15/40

     110,510    
  169,502       

  LBUBS 2007-C6 A4 CSTR 7/15/40

     161,012    
  700,000       

  LLOYDS 7.625% PERP-23 AT1 12/31/49

     1,080,441    
  1,500,000       

  LLOYDS BANK FRN 3ML+788 8/17/18

     1,499,868    
  483,713       

  LXS 2006-14N 1A1B 1ML+21 9/25/46

     364,233    
  152,231       

  MARM 2005-1 7A1 CSTR 2/25/35

     170,738    
  181,257       

  MARM 2006-2 3A1 CSTR 1/25/36

     183,653    
  512,096       

  MARP 2005-2 1A1F 1ML+35 5/25/35

     425,740    
  47,072       

  MARTA GA 5% 7/01/39

     55,222    
  189,696       

  MEDTRONIC MTN 4.45 3/15/20

     204,670    
  1,100,000       

  METLIFE INC 5.25/VAR PERP 12/31/49

     1,119,250    
  66,553       

  MEXICO GOV 6.05% 1/11/40

     63,510    
  328,258       

  MEXICO GOVT 5.55 1/21/45

     338,250    
  136,132       

  MLCC 2003-F A1 1ML+32 10/25/28

     130,076    
  958,718       

  MLCFC 2007-6 A4 CSTR 3/12/51

     1,025,280    
  68,273       

  MLMI 2004-A3 4A3 CSTR 5/25/34

     69,978    
  41,711       

  MLMI 2006-A1 1A1 CSTR 3/25/36

     66,703    
  836,743       

  MLMI 2007-SD1 A1 1ML+45 2/25/47

     562,603    
  387,506       

  MLMT 2006-C1 A4 CSTR 5/12/39

     388,714    
  699,384       

  MORGAN STANLEY 2.65 010 1/27/20

     698,341    
  1,089,286       

  MPLX LP 4.875 6/01/25 1A

     984,500    
  15,545       

  MSC 2006-IQ11 A4 CSTR 10/15/42

     14,179    
  14,710       

  MSM 2005-3AR 3A CSTR 7/25/35

     15,122    
  150,000       

  MUNICIPAL EC AT GA 6.637 4/01/57

     180,017    
  973,692       

  MURRAY ST INV TR STEP 3/09/17

     927,298    
  41,776       

  NATL SEMICOND GLB 6.6 6/15/17

     42,987    
  29,859       

  NOBLE ENERGY IN 8.25 3/01/19

     33,554    
  656,753       

  NORDEA BK 4.875 5/13/21 144A

     712,279    
  205,000       

  NORTHSTR ED FIN 2007-1 OT 1/29/46

     231,544    
  1,720,000       

  NOVO BANCO SA 5% 5/14/19

     1,624,465    
  500,000       

  NY&PRSBTN HSP 4.024 8/01/45

     472,354    
  412,718       

  OCCIDENTAL PETE 3.125 2/15/22

     410,823    
  2,080,814       

  OHA CR 3ML+122 5/15/23 1A

     2,070,210    
  2,000,000       

  PENAR 15-2A A1 1ML+40 5R 5/18/19

     1,993,640    
  75,383       

  PEPSICO INC 7.9% 11/01/18

     87,893    
  292,383       

  PETROBRAS BV 2 5/20/16

     295,500    

 

50


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  194,000       

  PETROBRAS BV 3ML+162 5/20/16

   $ 195,000    
  89,000       

  PETROBRAS BV 3ML+214 1/15/19

     76,000    
  416,294       

  PETROBRAS BV 4.375 5/20/23 2S

     369,600    
  268,125       

  PETROBRAS GLB FRN 3ML+2S 3/17/20

     213,000    
  960,106       

  PETROBRAS INTL 3.5 2/06/17

     935,000    
  298,836       

  PETROBRAS INTL 3.875 1/27/16

     298,800    
  779,168       

  PETROBRAS INTL 5.75 1/20/20

     628,000    
  372,805       

  PFIZER INC 3.4% 5/15/24

     379,639    
  103,260       

  PG&E 8.25% 10/15/18

     122,052    
  21,344       

  POTASH CORP 4.875 3/30/20

     21,690    
  108,034       

  PRIME 2005-2 2A1 CSTR 10/25/32

     110,422    
  30,241       

  QEP RESOURCES 6.875 3/01/21

     24,600    
  149,198       

  RAYTHEON 3.125% 10/15/20

     155,498    
  900,000       

  RBS 9.5/VRN 3/16/22 RGS

     972,659    
  190,922       

  RBSGC 2007-B 1A4 1ML+45 1/25/37

     151,529    
  152,859       

  REYNOLDS AMERN 6.75 6/15/17

     163,335    
  29,977       

  ROGERS COMMUNIC 6.8 8/15/18

     33,489    
  63,525       

  ROYAL BK SCOTLAND 7.648/VR 12/31/49

     86,713    
  520,335       

  ROYAL BK SCOTLAND 6.4 10/21/19

     577,010    
  194,989       

  SACO 2005-WM3 A3 1ML+35 9/25/35

     184,413    
  539,600       

  SAIL 2003-BC11 M1 1ML+6L 10/25/33

     544,110    
  456,428       

  SAMI 2006-AR6 1A1 1ML+18 7/25/46

     346,760    
  359,271       

  SANTA CL TRANS TAXM 5.876 4/01/32

     397,043    
  800,000       

  SANTAN 6.25 09/PERP-215 12/31/49

     812,889    
  22,976       

  SAST 2002-3 M1 1ML+75 12/25/32

     26,873    
  130,800       

  SAST 2003-3 M1 1ML+65 12/25/33

     156,866    
  624,423       

  SHELL INTL FIN 4.375 3/25/20

     644,501    
  278,513       

  SHELL INTL FIN 6.375 12/15/38

     330,798    
  326,250       

  SLM CORP MTN 6% 1/25/17

     307,500    
  694,800       

  SLM CORP MTN 8% 3/25/20

     592,800    
  299,740       

  SLM MTN 5.625 8/01/33

     251,920    
  278,438       

  SLMA 2003-11 A6 3ML+29 12/15/25

     289,500    
  457,968       

  SLMA 2004-3 A5 3ML+17 7/25/23

     468,450    
  2,400,000       

  SLOVENIA GOVT 5.85 5 REGS 5/10/23

     2,734,488    
  500,000       

  SLOVENIA REP 5.25 2/18/24 REGS

     551,875    
  2,300,000       

  SLOVENIA REP 5.5 10/ REGS 10/26/22

     2,567,223    
  1,575,024       

  SOCIETE GEN 4.25 4/14/25 14E

     1,510,786    

 

51


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  63,033       

  SOUTHRN NAT GAS 5.9 4/01/17

   $ 64,064    
  24,413       

  SOUTHRN NAT GAS 8 3/01/32

     20,622    
  317,866       

  SOUTHWESTERN EN 4.1% 3/15/22

     188,688    
  9,996       

  SUMITOMO BK 3.1 1/14/16 144A

     10,005    
  55,363       

  TENN GAS PIPELI 7.625 4/01/37

     47,725    
  159,694       

  THERMO FISHER 3.6 8/15/21

     162,510    
  237,317       

  TVA 5.25% 9/15/39

     290,282    
  515,381       

  TVA 5.98% 4/01/36

     598,812    
  39,346       

  UAL PASS THRU ETC 9.75 1/15/17

     41,510    
  782,405       

  UBS AG 7.625 8/17/22 LT2 CO

     741,000    
  100,000       

  UK GILT 1.75% 9/07/22

     148,589    
  196,590       

  UNITED BUSNS 5.75 11/03/20 144A

     213,769    
  215,965       

  UNITED MEX STATES 4.6 1/23/46

     191,160    
  351,613       

  UNITEDHEALTH GRP 6 2/15/18

     402,444    
  499,980       

  VERIZON COM 3.65 9/14/18

     522,945    
  399,480       

  VERIZON COM 4.5% 9/15/20

     429,822    
  200,000       

  VERIZON COMM 3ML+175 9/14/18

     204,787    
  502,975       

  WAMU 05-AR15 A1A1 1ML+26 11/25/45

     463,996    
  414,158       

  WAMU 05-AR15 A1A2 1ML+28 11/25/45

     349,833    
  192,368       

  WAMU 05-AR17 A1A2 1ML+29 12/25/45

     168,235    
  429,114       

  WAMU 06-AR14 1A3 CSTR 11/25/36

     623,906    
  1,757,707       

  WAMU 2004-AR10 A1A 1ML+44 7/25/44

     2,069,240    
  188,858       

  WAMU 2004-AR8 A1 1ML+42 6/25/44

     174,267    
  1,020,127       

  WAMU 2005-AR18 1A3A CSTR 1/25/36

     1,223,638    
  354,997       

  WAMU 2005-AR7 A4 CSTR 8/25/35

     351,387    
  72,266       

  WAMU 2005-AR8 1A1A 1ML+27 7/25/45

     66,369    
  192,690       

  WAMU 2005-AR9 A1A 1ML+32 7/25/45

     180,956    
  335,671       

  WAMU 2007-HY4 4A1 CSTR 9/25/36

     294,241    
  27,789       

  WELLPOINT GLB5.875 6/15/17

     29,600    
  571,495       

  WELLPOINT INC 7% 2/15/19

     573,087    
  419,430       

  WFMBS 2006-AR11 A6 CSTR 8/25/36*

     473,183    
  242,393       

  WFRBS 2011-C4 A4 0 6/15/44*

     263,706    
  116,595       

  WILLIAMS COS 7.75 6/15/31

     74,361    
  111,994       

  WILLIAMS COS 7.875 9/01/21

     89,100    
  15,828       

  WILLIAMS COS 8.75 3/15/32

     9,797    
  1,000,000       

  WYNN LAS VEGAS 5.5 3 1A 3/01/25

     891,250    
     

 

 

 
  

 Total Other Fixed Income Securities

   $ 116,924,037    

 

52


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  

 Cash, Cash Equivalents and Other Investments

  
  

  Cash and Cash Equivalents

  
  

  CASH

   $ (2,686,889)   
  

  Cash Collateral

     2,177,461    
  10,853,157       

  BBH STIF FUND

     10,853,157    
  1,401,055       

  SSBK STIF FUND*

     1,401,055    
  6,325,024       

  Fidelity Institutional Money Market Government Portfolio Class I*

     6,325,024    
  1,314,266       

  JP MORGAN 100% US TREASURY SEC MMF*

     1,314,266    
  7,817,590       

  JPM PRIME MMF AGENCY SHAR*

     7,817,590    
  4,330,711       

  JPM TREASURY PLUS MMF AGC*

     4,330,711    
     

 

 

 
  

 Total Cash and Cash Equivalents

   $ 31,532,375    
  

 Swap Contracts

  
  

 Credit Default Swaps

  
  1,200,000       

  BARC CDS 01O99VAA3 5% 3/20/19

   $ 156,990    
  5,300,000       

  BOAM CDS 91086QAW8 1% 12/20/19

     (82,288)   
  1,700,000       

  CDS BOA CORP SNR GST 12/20/20

     22,944    
  400,000       

  CDS BOA VLKS INT F SR 12/20/16

     (10,373)   
  700,000       

  CDS JP VOLKS INT F SR 12/20/17

     (4,321)   
  200,000       

  CS CDS 01O99VAA3/5% 3/19 SWAP

     26,165    
  1,800,000       

  GS CDS 247025AE9 1% 12/20/19

     (192,180)   
  800,000       

  GS CDS 852061AF7 5% 12/20/19

     (115,201)   
  300,000       

  GS CDS 91086QAW8 1% 12/20/19

     (4,658)   
     

 

 

 
  

 Total Credit Default Swaps

   $ (202,922)   
  

 Interest Rate Swaps

  
  7,100,000       

  BOA IRS SWAP P1.73% 08/26/25

   $ 57,533    
  1,200,000       

  BOA IRS SWAP P.415% 9/23/16

     2,586    
     

 

 

 
  

 Total Interest Rate Swaps

   $ 60,119    
     

 

 

 
  

 Total Swap Contracts

   $ (142,803)   

 

53


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  

 Option Contracts

  
  

 Interest Rate Options

  
  2,100,000       

  IRO USD 10Y P 2.58% 5/12/16 MYC

   $ 13,018    
  4,900,000       

  IRO USD 10Y P 2.58% 5/23/16 MYC

     33,806    
  (19,900,000)      

  IRO USD 2Y1Y P 2.5% 5/12/16 MYC

     (9,801)   
  (46,400,000)      

  IRO USD 2Y1Y P 2.5% 5/23/16 MYC

     (26,065)   
  2,000,000       

  IRO USD 30Y P2.905% 8/20/18 MYC

     177,060    
  (15,400,000)      

  IRO USD 5Y P 1.9% M 2/16/16 MYC

     (34,691)   
  (11,700,000)      

  IRO USD 5Y P2.8% 08/20/18 MYC

     (193,957)   
  600,000       

  IRO USD PUT 2.94% T 8/20/18 GLM

     51,090    
     

 

 

 
  

 Total Interest Rate Options

   $ 10,460    
  

 Currency Options

  
  (2,000,000)      

  OTC EUR/USD P 1.081%5 1/15/16BOA

   $ (10,942)   
  (800,000)      

  OTC EUR/USD@ 1.0815% 1/22/16 CBK

     (5,024)   
  (1,400,000)      

  OTC USD/BRL C 4.45% 1/14/16 GLM

     (725)   
  (1,200,000)      

  OTC USD/BRL CAL 4.6% 3/14/16FBF

     (11,309)   
  (900,000)      

  OTC USD/CNH C 6.85% 6/1/16 SCX

     (10,267)   
  (900,000)      

  OTC USD/MXN C 17.4% 2/5/16 GLM

     (9,030)   
  (900,000)      

  OTC USD/MXN C 17.65% 3/08/16 GLM

     (10,413)   
  (600,000)      

  OTC USD/RUB CAL 87 12/8/16 HUS

     (31,907)   
  (300,000)      

  OTC USD/RUB CALL 74 3/9/16 SOG

     (10,548)   
     

 

 

 
  

 Total Currency Options

 

   $

 

(100,165)

 

  

 

     

 

 

 
  

 Total Option Contracts

   $ (89,705)   

 

54


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
    Futures Contracts***   
  (16,233,190)      

  90DAY STERLING FUT DEC16 L Z6

   $ —    
  (6,540,362)      

  90DAY STERLING FUT SEP17 L U7

     (663)   
  (21,565,140)      

  CME IRS 1.5% 10/1/17

     (2,930)   
  (508,392)      

  CME IRS 2% 12/16/19

     (460)   
  (7,242,118)      

  CME IRS 2.75% 12/16/45

     (58,738)   
  11,782       

  CME IRS 6.53% 6/5/25

     25    
  1,993,890       

  CME IRS MXN 5.975% 9/16/22

     4,035    
  2,404,238       

  CME IRS MXN 6% 06/07/22

     4,694    
  (9,591,565)      

  CME IRS USD 1% 6/16/17

     (1,378)   
  (1,694,604)      

  CME IRS USD 2.25% 6/15/26

     (6,949)   
  (5,116,959)      

  CME IRS USD 2.35% 08/05/25

     (15,781)   
  (482,641)      

  CME IRS USD 2.5% 15/6/46

     (4,006)   
  343,239       

  EURO BUND FUTURE MAR16 RXH6

     —    
  (23,210,950)      

  EURO$ 90 DAY FUT DEC 16 EDZ6

     (3,525)   
  (245,563)      

  EURO$ 90 DAY FUT DEC 17 EDZ7

     (50)   
  (7,184,750)      

  EURO$ 90 DAY FUT JUN 16 EDM6

     (725)   
  (13,313,700)      

  EURO$ 90 DAY FUT MAR 17 EDH7

     (2,025)   
  4,828,191       

  EURO-BOBL FUTURE MAR16 OEH6

     —    
  727,101       

  EURO-SCHATZ FUT MAR16 DUH6

     —    
  (11,239,367)      

  GS IRS GBP1.837% 6/10/17CME SP

     (405)   
  (711,692)      

  IRS USD 2% 12/16/19 LCH CME

     (709)   
  (10,606,019)      

  LCH IRS 1.75% 12/16/18

     (4,853)   
  (11,762,221)      

  LCH IRS 2% 12/16/20

     (19,714)   
  (21,021,454)      

  LCH IRS 2.25% 12/16/22

     (62,926)   
  (1,750,557)      

  LCH IRS 2.5% 12/16/25

     (6,800)   
  (13,071,967)      

  LCH IRS 2.75% 12/16/2045

     (105,473)   
  (16,369,148)      

  LIBOR GBP 90DAY FUT JUN17 L M7

     —    
  (56,280,460)      

  LIBOR GBP 90DAY FUT MAR17 L H7

     —    
  —       

  MANUAL MTM (EUR)

     (1)   
       

  MANUAL MTM (EUR)

     (140,528)   
  10,617,649       

  UBS IRS MXN 5.43% 11/21CME SWP

     19,441    
  (35,757,375)      

  US 10YR FUT MAR16 TYH6

     (84,313)   
  47,564,766       

  US 5YR NOTE FUT MAR16 FVH6

     56,532    
  (5,073,750)      

  US LONG BOND FUT MAR16 USH6

     (16,500)   
     

 

 

 
  

 Total Futures Contracts

   $ (454,725)   

 

55


Table of Contents

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, 2015

 

      Shares or      
      Units       
    

Description

       Current Value      
  

 Other Investments

  
  1,450       

  CITIGROUP CAP XIII 7.875*

   $ 37,687    
     

 

 

 
  

 Total Other Investments

   $ 37,687    
     

 

 

 
  

 Total Cash, Cash Equivalents and Other Investments

   $ 30,882,829    
  

 Total Investments Excluding Net Receivables from Participants

   $ 4,138,710,865    
     

 

 

 
  

 Notes Receivable from Participants (interest rates from 4.25% to 10.50% maturing through January 2031)*

     57,892,745    
     

 

 

 
  

 Total Investments

   $ 4,196,603,610    
     

 

 

 

 

 

* Indicates party-in-interest to the Plan.
** Represents an adjustment to the value of Synthetic Investment Contracts, which is related to the purchase and sale of certain assets pending settlement at December 31, 2015.
*** Negative “shares or units” represents the notional values of futures contracts with short positions.

 

56


Table of Contents

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 23, 2016       By:   /s/ Daniel J. Happer
        Name:  Daniel J. Happer
        Member of the Administrative Committee


Table of Contents

EXHIBIT INDEX

 

Exhibit
Number

 

Description

23.1  

Consent of Ernst & Young LLP,

Independent Registered Public Accounting Firm