SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C.
 
20549
 
 
 
FORM 11
 
-K
 
 
 
(Mark One)
 
 
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
 
For the fiscal year ended December 31, 2019
 
OR
 
 
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
 
For the transition period from
 
to
 
 
Commission File Number:1-8610
 
 
 
A. Full
 
title of the plan and the address of the plan, if different
 
from that of the issuer named below:
 
AT&T SAVINGS
 
AND SECURITY PLAN
 
B. Name of issuer of the securities held
 
pursuant to the plan and the address of its principal executive office:
 
AT&T INC.
 
208 S. Akard, Dallas, Texas
 
75202
 
 
 
 
 
 
 
AT&T Savings and Security
 
Plan
 
Financial Statements, Supplemental Schedules and Exhibit
 
Table of
 
Contents
 
 
 
Page
Report of Independent Registered Public Accounting
 
Firm
 
 
1
 
Financial Statements:
 
Statements of Net Assets Available
 
for Benefits as of December 31, 2019 and 2018
 
 
2
 
Statement of Changes in Net Assets Available
 
for Benefits for the Year
 
Ended December 31, 2019
 
 
3
 
Notes to Financial Statements
 
 
4
 
Supplemental Schedules:
 
Schedule H, Part IV,
 
Line 4(a) – Schedule of Delinquent Participant Contributions
 
for the Year
 
Ended December 31,
2019
 
 
11
 
Schedule H, Part IV,
 
Line 4(i) – Schedule of Assets (Held at End of Year)
 
as of December 31, 2019
 
 
12
 
 
 
 
1
 
 
Report of Independent Registered Public Accounting
 
Firm
 
Plan Administrator and Plan Participants
 
AT&T
 
Savings and Security Plan
 
Dallas, Texas
 
Opinion on the Financial Statements
 
We have audited
 
the accompanying statements of net assets available for benefits
 
of AT&T
 
Savings and Security Plan (Plan) as of
December 31, 2019 and 2018, the related statement of changes in net
 
assets available for benefits for the year ended December
 
31,
2019,
 
and the related notes (collectively referred to as the “financial
 
statements”). In our opinion, the financial statements referred
 
to
above present fairly,
 
in all material respects, the net assets available for benefits of
 
AT&T
 
Savings and Security Plan as of
December 31, 2019 and 2018, and the changes in net assets available
 
for benefits for the year ended December 31, 2019,
 
in
conformity with accounting principles generally accepted
 
in the United States of America.
 
Basis of Opinion
 
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 are a public
 
accounting firm registered with the Public Company Accounting
 
Oversight Board (United States) (“PCAOB”) and are
required to be independent with respect to the Plan in accordance
 
with the U.S. federal securities laws and the applicable rules
 
and
regulations of the Securities and Exchange Commission
 
and the PCAOB.
 
We conducted
 
our audits in accordance with the standards of the PCAOB. Those standards
 
require that we plan and perform the audits
to obtain reasonable assurance about whether the financial
 
statements are free of material misstatement, whether due
 
to error or fraud.
The Plan is not required to have, nor were we engaged
 
to perform, an audit of its internal control over financial reporting.
 
As part of
our audits we are required to obtain an understanding of
 
internal control over financial reporting but not for the
 
purpose of expressing
an opinion on the effectiveness of the Plan’s
 
internal control over financial
 
reporting. Accordingly, we
 
express no such opinion.
 
Our audits included performing procedures to assess the risks of
 
material misstatement of the financial statements, whether due
 
to
error or fraud, and performing procedures that respond
 
to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements.
 
Our audits also included evaluating the accounting
 
principles used
and significant estimates made by management, as well as evaluating
 
the overall presentation of the financial statements. We
 
believe
that our audits provide a reasonable basis for our
 
opinion.
 
Report on Supplemental Information
 
The supplemental information in the accompanying schedules
 
of delinquent participant contributions for the year
 
ended December 31,
2019,
 
and assets (held at end of year) as of December 31, 2019
 
,
 
have been subjected to audit procedures performed in conjunction
with the audit of the Plan’s
 
financial statements. The supplemental schedules are the
 
responsibility of the Plan’s
 
management. Our
audit procedures included determining whether the
 
supplemental schedules reconcile 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 supplemental schedules, we evaluated
 
whether the
supplemental schedules, including their form and
 
content, are 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
supplemental information is fairly stated, in all material
 
respects, in relation to the basic financial statements taken
 
as a whole.
 
/s/ BKD, LLP
 
We have served
 
as the Plan’s auditor since 2018
 
San Antonio, Texas
 
June 29, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2
 
 
AT&T Savings and Security
 
Plan
 
Statements of Net Assets Available
 
For Benefits
 
(Dollars in Thousands)
 
 
 
December 31,
 
 
2019
 
 
2018
 
ASSETS
 
 
Investments at fair value (See Notes 3 and 4)
 
$2,145,793
$1,738,502
Fully benefit-responsive investment contracts at contract value
 
(See Note 4)
 
315,603
 
 
321,379
 
Notes receivable from participants
 
 
91,829
 
 
100,110
 
Receivable for investments sold
 
 
46
 
 
241
 
Participant contributions receivable
 
 
480
 
 
460
 
Employer contributions receivable
 
 
205
 
 
209
 
Dividends and interest receivable
 
 
24
 
 
42
 
 
 
Total Receivables
 
 
92,584
 
 
101,062
 
Non-interest bearing cash
 
 
60
 
 
-
 
 
 
Total Assets
 
 
2,554,040
 
2,160,943
 
LIABILITIES
 
 
Administrative expenses payable
 
 
233
 
 
208
 
Due to broker for securities purchased
 
 
110
 
 
1,854
 
 
 
Total Liabilities
 
 
343
 
 
2,062
 
 
 
Net Assets Available
 
for Benefits
 
 
$2,553,697
$2,158,881
 
 
 
 
See Notes to Financial Statements.
 
 
 
 
 
 
 
 
 
 
3
 
 
AT&T Savings and Security
 
Plan
 
Statement of Changes in Net Assets Available
 
For Benefits
 
For the Year
 
Ended December 31, 2019
 
(Dollars in Thousands)
 
 
Net Assets Available
 
for Benefits, December 31, 2018
 
$
 
2,158,881
Changes in Net Assets:
Contributions:
 
Participant contributions
 
 
71,050
Employer contributions
 
 
34,661
Rollover contributions
 
 
28,873
 
 
 
134,584
Investment Income:
 
Net appreciation in fair value of investments
 
 
492,131
Dividends
 
 
37,236
Interest
 
 
8,878
 
 
 
538,245
Interest income on notes receivable from participants
 
 
4,861
Distributions
 
 
(280,696)
Administrative expenses
 
 
(2,178)
 
Net increase
 
 
394,816
 
Net Assets Available
 
for Benefits, December 31, 2019
 
 
$ 2,553,697
 
 
See Notes to Financial Statements.
 
 
 
4
 
 
AT&T Savings and Security
 
Plan
 
Notes to Financial Statements
 
(Dollars in Thousands)
 
NOTE 1. PLAN DESCRIPTION
 
The AT&T
 
Savings and Security Plan (Plan) is a defined contribution
 
plan originally established by SBC Communications Inc.
 
(SBC)
to provide a convenient way for eligible employees to
 
save for retirement on a regular and long-term basis. In
 
connection with the
November 2005 merger of AT&T
 
Corp., SBC changed its name to AT&T
 
Inc. (AT&T
 
or the Company).
 
The majority of eligible employees are represented by
 
the Communications Workers
 
of America or the International Brotherhood of
Electrical Workers
 
who are employed by participating companies of AT&T.
 
The following description of the Plan provides only
general information. The Plan has detailed provisions covering
 
participant eligibility,
 
participant allotments from pay,
 
participant
withdrawals, participant loans, employer contributions
 
and related vesting of contributions and Plan expenses. The Plan
 
text and
prospectus include complete descriptions of these and other
 
Plan provisions. The Plan is subject to the provisions
 
of the Employee
Retirement Income Security Act of 1974, as amended
 
(ERISA).
 
The Bank of New York
 
Mellon Corporation (BNY Mellon) serves as the trustee for the
 
Plan. Fidelity Investments Institutional
Operations Company,
 
Inc. (Fidelity) serves as record keeper for the Plan.
 
During 2019 and 2018,
 
participants could invest their contributions in one or more
 
of seven funds in 1% increments:
 
 
• AT&T
 
Shares Fund
• Global
 
Equity Fund
 
• Bond
 
Fund
• Mid
 
and Small Cap Stock Fund
 
• Large
 
Cap Stock Fund
• International
 
Stock Fund
 
• Interest
 
Income Fund
 
 
Participants contribute to the Plan through payroll allotments.
 
Participants may also contribute amounts representing distributions
from other qualified defined benefit and defined contribution
 
plans (rollovers). The Company contributes to the Plan
 
by matching the
participants’ contributions based on the provisions of
 
the Plan. Company matching contributions are made solely in the
 
form of shares
of AT&T’s
 
common stock held in an Employee Stock Ownership Plan (ESOP),
 
which is part of the AT&T
 
Shares Fund, within this
Plan. Matching contributions made to the Plan can be
 
immediately diversified into any of the fund options above.
 
Dividends on shares in the AT&T
 
Shares Fund can either be reinvested in the AT&T
 
Shares Fund on a quarterly basis, or paid into a
short-term interest bearing fund for distribution before
 
the end of the year. Interest
 
earned on dividends held in the short-term interest-
bearing fund are used to purchase additional units of
 
the AT&T
 
Shares Fund in the participant’s
 
account. During 2019,
 
Plan
participants elected to receive $7,359 in dividend distributions.
 
This amount is included in distributions on the Plan’s
 
Statement of
Changes in Net Assets Available
 
for Benefits.
 
Each participant is entitled to exercise voting rights attributable
 
to the AT&T
 
shares allocated to their account and is notified by the
Company prior to the time that such rights may be exercised.
 
Subject to the fiduciary provisions of ERISA, the trustee will not
 
vote
any allocated shares for which instructions have
 
not been given by a participant. The trustee votes any
 
unallocated shares in the same
proportion as it votes those shares that were allocated
 
to the extent the proportionate vote is consistent with the trustee’s
 
fiduciary
obligations under ERISA. Participants have the same
 
voting rights in the event of a tender or exchange offer.
 
Although it has not expressed any intent to do
 
so, AT&T
 
has the right under the Plan to discontinue its contributions at
 
any time and to
terminate the Plan subject to the provisions of ERISA and
 
collective bargaining obligations. In the event that
 
the Plan is terminated,
subject to the conditions set forth by ERISA, the account
 
balances of all participants shall be 100% vested.
 
 
 
5
 
 
AT&T Savings and Security
 
Plan
 
Notes to Financial Statements (Continued)
 
(Dollars in Thousands)
 
 
Administrative Expenses
 
The reasonable expenses of plan administration may
 
be charged to the Plan in accordance with procedures
adopted by the Plan administrator (as defined by the Plan).
 
Brokerage fees, transfer taxes and other expenses incident
 
to the purchase
or sale of securities by the Trustee shall be
 
deemed to be part of the cost of such securities, or deducted
 
in computing the proceeds, as
the case may be. Taxes,
 
if any, on any assets held or
 
income received by the Trustee will be charged
 
appropriately against the accounts
of Plan participants as determined by the Plan administrator.
 
To the extent
 
that expenses incident to the administration of the Plan are
paid from the Plan, the Plan administrator will determine
 
which expenses are to be charged to and paid from participant’s
 
individual
accounts, which expenses are to be charged
 
to and paid from the accounts of all participants (and how
 
they are to be allocated among
such accounts), and which expenses are to be charged
 
to and paid from the accounts of one or more identified groups of participants
(and how they are to be allocated among such accounts).
 
All expenses of administering the Plan that are not charged
 
to the Plan will
be borne by the Company.
 
 
NOTE 2. ACCOUNTING POLICIES
 
The accompanying financial statements were prepared
 
in conformity with U.S. generally accepted accounting principles
 
(GAAP),
which require management to make estimates that affect
 
the amounts reported in the financial statements and accompanying
 
notes.
Actual results could differ from those estimates. Distributions
 
are recorded when paid.
 
Investment Valuation
 
and Income Recognition
 
Investments are stated at fair value, except those investments
 
that are fully benefit-
responsive investments, which are stated at contract
 
value. Fair value is 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. See Note 3 for discussion of fair
value measurements. Investments in securities traded on
 
a national securities exchange are valued at the last reported sales price
 
on the
last business day of the year.
 
If no sale was reported on that date, they are valued at the last reported
 
bid price. Shares of registered
investment companies (i.e., mutual funds) are valued
 
based on quoted market prices, which represent the net
 
asset value of shares held
at year-end. Common/collective trust funds are valued
 
at quoted redemption values that represent the net asset values of
 
units held at
year-end.
 
Investment contracts held by a defined contribution plan
 
are required to be reported at contract value. Contract
 
value is the relevant
measurement attribute for that portion of the net assets available
 
for benefits of a defined contribution plan attributable to fully
 
benefit-
responsive investment contracts because contract value
 
is the amount participants would receive if they were to initiate permitted
transactions under the terms of the Plan. The Plan invests
 
in fully benefit-responsive synthetic guaranteed investment
 
contracts
(Synthetic GICs). The underlying investments of
 
the Synthetic GICs are comprised of corporate bonds and notes,
 
registered
investment companies and government securities. The contract
 
value of the fully benefit-responsive investment contracts represents
contributions plus earnings, less participant withdrawals and
 
administrative expenses.
 
Purchases and sales of securities are reflected as of
 
the trade date. Dividend income is recognized on the ex-dividend
 
date. Interest
earned on investments is recognized on the accrual basis.
 
Net appreciation (depreciation) includes the Plan’s
 
gains and losses on
investments bought and sold as well as held during
 
the year. Transfers
 
in and out of Level 1 (quoted market prices), Level 2 (other
significant observable inputs) and Level 3 (significant
 
unobservable inputs) are recognized on the period ending
 
date.
 
Notes Receivable from Participants
 
Notes receivable from participants represent participant loans
 
that are recorded at their unpaid
principal balance plus any accrued, but unpaid interest. Interest income
 
on notes receivable from participants is recorded when it is
earned. Related fees are recorded as administrative expenses and
 
are expensed when they are incurred. No allowance for credit
 
losses
has been recorded as of December 31, 2019 or 2018. If
 
a participant ceases to make loan repayments and the Plan administrator deems
the participant loan to be a distribution, the participant
 
loan balance is reduced and a distribution is recorded.
 
 
 
 
6
 
 
AT&T Savings and Security
 
Plan
 
Notes to Financial Statements (Continued)
 
(Dollars in Thousands)
 
 
Recent Accounting Standards
 
In July 2018, the FASB
 
issued Accounting Standards Update No. 2018
 
-09 “Codification Improvements” (ASU-2018-09). ASU 2018-
09 requires a plan to evaluate its investments to determine
 
whether a readily determinable fair value exists or if investments
 
qualify for
the net asset value per share practical expedient and can
 
be excluded from the fair value hierarchy disclosure. The
 
new standard is
effective for fiscal years beginning after December
 
15, 2018.
 
The Plan has adopted this standard retrospectively.
 
NOTE 3. FAIR VALUE
 
MEASUREMENTS
 
Accounting Standards Codification 820,
Fair Value
 
Measurement,
 
establishes a framework for measuring fair value. That framework
provides a fair value hierarchy that prioritizes the inputs to
 
valuation techniques used to measure fair value. The
 
hierarchy gives the
highest priority to unadjusted quoted prices in active
 
markets for identical assets or liabilities (Level 1 measurements) and
 
the lowest
priority to unobservable inputs (Level 3 measurements).
 
The three levels of the fair value hierarchy are described below:
 
Level 1 Inputs to the valuation
 
methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has
the ability to access.
 
Level 2 Inputs to the valuation
 
methodology include:
 
• Quoted
 
prices for similar assets and liabilities in active markets;
 
• Quoted
 
prices for identical or similar assets or liabilities in inactive markets;
 
• Inputs
 
other than quoted market prices that are observable for the asset or liability;
 
• Inputs
 
that are derived principally from or corroborated by observable market data by correlation or other means.
 
If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the
asset or liability.
 
Level 3 Inputs to the valuation
 
methodology are unobservable and significant to the fair value measurement.
 
The asset’s or liability’s
 
fair value measurement level within the fair value hierarchy
 
is based on the lowest level of any input that is
significant to the fair value measurement. Valuation
 
techniques used need to maximize the use of observable inputs
 
and minimize the
use of unobservable inputs.
 
The valuation methodologies described in Note 2 may produce
 
a fair value calculation that may not be indicative of net realizable
value or reflective of future fair values. Furthermore,
 
while Plan management believes its valuation methods are
 
appropriate and
consistent with other market participants, the use of
 
different methodologies or assumptions to determine
 
the fair value of certain
financial instruments could result in a different
 
fair value measurement at the reporting date. There have been
 
no changes in the
methodologies used at December 31, 2019 and 2018.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
 
AT&T Savings and Security
 
Plan
 
Notes to Financial Statements (Continued)
 
(Dollars in Thousands)
 
The following table sets forth by level, within the fair
 
value hierarchy, the
 
Plan’s investments at fair value
 
as of December 31, 2019:
 
 
 
 
Plan Assets at Fair Value as of December 31, 2019
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
AT&T
 
common stock
 
$ 689,722
 
$ —
 
$ —
 
$ 689,722
 
Mutual funds or exchange-traded funds
 
 
19,641
 
 
 
 
 
 
19,641
 
 
Total
 
assets in fair value hierarchy
$ 709,363
$ —
 
$ —
 
$ 709,363
 
Common/collective trusts measured at net asset
value:
 
 
 
 
Large cap U.S. stock index fund
1
 
 
 
 
 
535,994
 
Mid and small cap U.S. stock index fund
2
 
 
 
 
332,164
 
Bond index fund
3
 
 
 
 
 
194,329
 
International stock index fund
4
 
 
 
 
 
208,011
 
Global equity fund
5
 
 
 
 
 
165,932
 
 
Total
 
investments at fair value
 
 
 
$ 2,145,793
 
 
 
 
 
1
 
This category includes a common/collective trust fund
 
with an objective of providing investment results that approximate the
overall performance of the common stocks included
 
in the Standard and Poor’s Composite Stock Price Index
 
of 500 stocks (the
“S&P 500
 
Index”). There are currently no redemption restrictions on this investment.
 
2
 
This category includes a common/collective trust fund
 
with an objective of providing investment results that approximate the
overall performance of the common stocks included
 
in the Dow Jones U.S. Completion Total
 
Stock Market Index. There are
currently no redemption restrictions on this investment.
 
3
 
This category includes a common/collective trust fund
 
with an objective of providing investment results that approximate the
overall performance of the fixed income securities included
 
in the Barclays U.S. Government/Credit Bond Index.
 
There are
currently no redemption restrictions on this investment.
 
4
 
This category includes a common/collective trust fund
 
with an objective of providing investment results that approximate the
overall performance of the common stocks included
 
in the MSCI EAFE Index. There are currently no redemption restrictions
 
on
this investment.
 
5
 
This fund consists of two common/collective trust funds
 
with an objective of providing investment returns that approximate
 
an
asset allocation of 75% to the Dow Jones U.S. Total
 
Stock Market Index and 25% to the Morgan Stanley
 
Country Index –
Europe, Australasia, Far East (MSCI EAFE) Index.
 
There are currently no redemption restrictions on these investments.
 
 
The following table sets forth by level, within the fair
 
value hierarchy, the
 
Plan’s investments at fair value
 
as of December 31, 2018:
 
 
 
Plan Assets at Fair Value as of December 31, 2018
 
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
 
 
AT&T
 
common stock
 
$ 535,161
 
$ —
 
$ —
 
$ 535,161
 
Mutual funds or exchange-traded funds
 
 
21,629
 
 
 
 
 
 
21,629
 
 
Total
 
assets in fair value hierarchy
$ 556,790
$ —
 
$ —
 
$ 556,790
 
Common/collective trusts measured at net asset
value:
 
 
 
 
Large cap U.S. stock index fund
1
 
 
 
 
 
433,902
 
Mid and small cap U.S. stock index fund
2
 
 
 
 
279,882
 
Bond index fund
3
 
 
 
 
 
160,876
 
International stock index fund
4
 
 
 
 
 
172,834
 
 
 
 
 
134,218
 
 
Total
 
investments at fair value
 
 
 
$ 1,738,502
 
 
 
 
 
 
 
8
 
AT&T Savings and Security
 
Plan
 
Notes to Financial Statements (Continued)
 
(Dollars in Thousands)
 
 
1
 
This category includes a common/collective trust fund
 
with an objective of providing investment results that approximate the
overall performance of the common stocks included
 
in the Standard and Poor’s Composite Stock Price Index
 
of 500 stocks (the
“S&P 500 Index”). There are currently no redemption restrictions
 
on this investment.
 
2
 
This category includes a common/collective trust fund
 
with an objective of providing investment results that approximate the
overall performance of the common stocks included
 
in the Dow Jones U.S. Completion Total
 
Stock Market Index. There are
currently no redemption restrictions on this investment.
 
3
 
This category includes a common/collective trust fund
 
with an objective of providing investment results that approximate the
overall performance of the fixed income securities included
 
in the Barclays U.S. Government/Credit Bond Index.
 
There are
currently no redemption restrictions on this investment.
 
4
 
This category includes a common/collective trust fund
 
with an objective of providing investment results that approximate the
overall performance of the common stocks included
 
in the MSCI EAFE Index. There are currently no redemption restrictions
 
on
this investment.
 
5
 
This fund consists of two common/collective trust funds
 
with an objective of providing investment returns that approximate
 
an
asset allocation of 75% to the Dow Jones U.S. Total
 
Stock Market Index and 25% to the Morgan Stanley
 
Country Index –
Europe, Australasia, Far East (MSCI EAFE) Index.
 
There are currently no redemption restrictions on these investments.
 
 
NOTE 4. INVESTMENTS
 
Fully Benefit-Responsive Investment Contracts
 
The Interest Income Fund consists of fully benefit-responsive
 
investment contracts with various financial institutions
 
and insurance
companies that promise to repay principal plus
 
accrued income at contract maturity,
 
subject to the creditworthiness of the issuer.
Interest crediting rates are generally established when
 
the contract is purchased and are periodically reset. The Interest Income
 
Fund
invests in Synthetic GICs, also referred to as wrapper
 
contracts. The assets supporting the Synthetic GICs are owned
 
by the Plan and
generally consist of high quality fixed income securities.
 
A bank or insurance company issues a wrapper contract
 
that provides preservation of principal, maintains a stable interest
 
rate and
provides daily liquidity at contract value for participant
 
directed transactions, in accordance with the provisions of
 
the Plan. Wrapper
contracts
 
amortize the realized and unrealized gains and losses on the underlying
 
fixed income investments through adjustments to the
future interest crediting rate. The issuer of the wrapper
 
contract provides assurance that the adjustments to the interest crediting
 
rate do
not result in a future interest crediting rate that is less than
 
zero, which would result in a loss of principal or accrued interest.
 
In certain circumstances, the amount withdrawn from
 
the wrapper contract could be payable at fair value rather
 
than at contract value.
These events include termination of the Plan, a
 
material adverse change to the provisions of the Plan, if AT&T
 
elects to withdraw
from a wrapper contract in order to switch to a different
 
investment provider or, in the event of a spin-off
 
or sale of a division, if the
terms of the successor plan do not meet the contract
 
issuers’ underwriting criteria for issuance of a clone wrapper
 
contract. Events that
would permit a wrapper contract issuer to terminate a wrapper
 
contract upon short notice include the Plan’s
 
loss of its qualified status,
un-cured material breaches of responsibilities or material and
 
adverse changes to the provisions of the Plan. The Company
 
does not
believe any of these events are probable of occurring
 
in the foreseeable future.
 
Interest Bearing Cash
At December 31, 2019 and 2018, the Plan held approximately
 
$1,222 and $1,998,
 
respectively, of unallocated
 
interest bearing cash
related to contributions, uncashed checks and fees pending
 
allocation to participant accounts or clearance through the plan
 
funds.
 
Investment Risk
 
Investments held by the Plan are exposed to various risks
 
such as interest rate, market and credit risks. Due to
 
the level of risk
associated with certain investments, it is at least reasonably
 
possible that changes in the values of investments could
 
occur in the near
term and that such changes could materially affect
 
participants’ account balances and the amounts reported in the
 
statements of net
assets available for benefit. Plan participants’ accounts that
 
are invested in the Company stock fund option are exposed
 
to market risk
in the event of a significant decline in the value of
 
AT&T
 
stock.
 
 
 
 
 
 
 
 
 
 
 
9
 
AT&T Savings and Security
 
Plan
 
Notes to Financial Statements (Continued)
 
(Dollars in Thousands)
Additionally, the
 
Plan invests in securities with contractual cash flows, such as asset-backed
 
securities, collateralized mortgage
obligations and commercial mortgage-backed securities. The value,
 
liquidity and related income of these securities are sensitive to
changes in economic conditions, including real estate values,
 
delinquencies or defaults, or both, and may be adversely
 
affected by
shifts in the market’s perception
 
of the issuers and changes in interest rates.
 
 
NOTE 5. PARTIES
 
-IN-INTEREST TRANSACTIONS
 
Plan assets are invested in AT&T
 
stock directly.
 
Because the Company is the plan sponsor,
 
transactions involving the Company’s
stock qualify as party-in-interest transactions. In addition,
 
certain investments held by the Plan are managed by BNY Mellon
 
and
Fidelity as trustee and record keeper,
 
respectively, as defined
 
by various agreements. Therefore, these transactions and fees paid
 
to
these entities qualify as parties-in-interest transactions.
 
All of these transactions are exempt from the prohibited
 
transaction rules.
 
The Plan may,
 
at the discretion of the Plan’s participants
 
or via the Company match, invest its assets in the Company’s
 
common stock.
The Plan’s AT&T
 
Shares Fund held 17,648,983 and 18,751,271 shares of the
 
Company’s common stock as of
 
December 31, 2019 and
2018, respectively.
 
Dividends earned by the Plan’s
 
AT&T
 
Shares Fund on the Company’s
 
common stock were $29,746 for the year
ended December 31, 2019.
 
 
NOTE 6. TAX STATUS
 
The Plan has received a determination letter from the
 
Internal Revenue Service (IRS) dated June 23, 2015, stating
 
that the Plan is
qualified under Section 401(a) of the Internal Revenue
 
Code (IRC) and, therefore, the related trust is exempt from taxation.
 
Once
qualified, the Plan is required to operate in conformity
 
with the IRC to maintain its qualification. Subsequent to this determination
 
by
the IRS, the Plan was amended. The Plan administrator
 
has indicated that it will take the necessary steps, if any,
 
to bring the Plan’s
operations into compliance with the Code.
 
Accounting principles generally accepted in the United
 
States require Plan management to evaluate uncertain tax positions
 
taken by
the Plan. The financial statement effects of
 
a tax position are recognized when the position is more
 
likely than not, based on the
technical merits, to be sustained upon examination by
 
the IRS. The Plan administrator has analyzed the tax positions taken
 
by the
Plan, and has concluded that as of December 31, 2019,
 
there were no uncertain positions taken or expected to
 
be taken. The Plan has
recognized no interest or penalties related to uncertain
 
tax positions. The Plan is subject to routine audits by taxing
 
jurisdictions;
however, there are currently no audits
 
for any tax periods in progress.
 
 
NOTE 7. RECONCILIATION
 
OF FINANCIAL STATEMENTS
 
TO FORM 5500
 
The following is a reconciliation of Net Assets Available
 
for Benefits per the financial statements to the Form
 
5500 as of
December 31:
 
 
 
2019
 
 
2018
 
Net Assets Available
 
for Benefits per the financial statements
 
$ 2,553,697
$ 2,158,881
 
Distributions payable to participants
 
 
(755)
 
(743)
 
 
 
Net Assets Available
 
for Benefits per the Form 5500
 
$ 2,552,942
$ 2,158,138
 
 
 
 
 
 
 
 
 
 
10
 
AT&T Savings and Security
 
Plan
 
Notes to Financial Statements (Continued)
 
(Dollars in Thousands)
Distributions payable to participants are recorded on the
 
Form 5500 for benefit claims that have been processed and approved
 
for
payment prior to December 31, but not yet paid as of
 
that date. The following is a reconciliation of distributions to participants
 
per the
financial statements to the Form 5500 for the year ended
 
December 31, 2019:
 
 
2019
 
 
Distributions to participants per the financial statements
 
$ 280,696
Distributions payable to participants at December 31, 2018
 
(743)
Distributions payable to participants at December 31, 2019
 
 
755
 
 
Distributions to participants per the Form 5500
 
$ 280,708
 
 
 
 
NOTE 8. SUBSEQUENT EVENTS
 
In March 2020, the COVID-19 outbreak was declared a
 
pandemic by the World
 
Health Organization. The COVID-19 pandemic
 
has
led to extreme volatility in financial markets and
 
has affected, and may continue to affect,
 
the market price of AT&T
 
’s common stock
and other Plan assets. While the potential economic
 
impact brought by, and the
 
duration of, COVID-19 may be difficult to assess or
predict, a widespread pandemic could result in significant
 
disruption of global financial markets. The extent to which
 
COVID-19
impacts the financial markets will depend on future
 
developments that are highly uncertain and cannot be predicted.
The Coronavirus Aid Relief, and Economic Security Act (CARES Act)
 
was passed by the U.S. Senate on March 26,
 
2020. Section
2202 of the CARES Act permits eligible Plan participants to
 
request penalty-free distributions of up to $100,000
 
for qualifying
coronavirus-related reasons. These reasons include adverse
 
financial consequences due to being quarantined, furloughed, laid
 
off,
having work hours reduced or being unable to work
 
due to a lack of childcare due to COVID-19. Plan Management
 
is in the process
of reviewing the CARES Act and any resulting changes
 
to the Plan.
 
 
 
 
 
 
 
 
 
 
 
 
 
11
 
AT&T SAVINGS
 
AND SECURITY PLAN
 
EIN 43-1301883, PLAN NO. 004
 
SCHEDULE H, PART
 
IV,
 
LINE 4(a) - SCHEDULE OF DELINQUENT PARTICIPANT
 
CONTRIBUTIONS
 
December 31, 2019
 
(Dollars in Thousands)
 
 
Participant Contributions
Transferred Late to the Plan
 
Total That Constitute Nonexempt Prohibited Transactions
 
 
$6
Check Here if Late Participant
Loan Repayments are included:
 
Contributions
Not Corrected
 
 
Contributions
Corrected
Outside
VCFP
 
 
Contributions
Pending
Correction
in VCFP
 
 
Total Fully
Corrected Under
VCFP and PTE
2002-51
 
 
$ —
 
$ 6
 
$ —
 
N/A
 
 
 
 
 
 
 
 
12
 
AT&T SAVINGS
 
AND SECURITY PLAN
 
EIN 43-1301883, PLAN NO. 004
 
SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT
 
END OF YEAR)
 
December 31, 2019
 
(Dollars in Thousands)
 
Identity of Issue
Description of Investment
 
Current Value
 
AT&T Shares
 
Fund
* AT&T
 
COMMON SHARES
17,648,983 SHARES
$
 
689,722
 
* DREYFUS GOVERNMENT CASH MANAGEMENT
FUND
REGISTERED INVESTMENT
COMPANY:
 
6,557,072 UNITS
 
6,557
 
TOTAL
 
SHARES FUND
 
696,279
 
Bond Fund
* BLACKROCK GOVERNMENT/CREDIT BOND
INDEX FUND F
COMMON/COLLECTIVE TRUST
FUND: 6,098,493 UNITS
 
194,329
 
 
Large Cap Stock Fund
* BLACKROCK EQUITY INDEX FUND F
COMMON/COLLECTIVE TRUST
FUND: 8,525,891 UNITS
 
535,994
 
 
Interest Income Fund
ABN AMRO BANK NV 144A
3.400% 08/27/2021 DD 08/28/18
 
996
 
AFRICAN DEVELOPMENT BANK
2.625% 03/22/2021 DD 03/22/18
 
1,517
 
ALLSTATE
 
CORP/THE
VAR
 
RT
 
03/29/2023 DD 03/29/18
 
802
 
ALLY
 
MASTER OWNER TRUST 1 A2
2.700% 01/17/2023 DD 02/14/18
 
1,913
 
AMERICAN EXPRESS CO
3.375% 05/17/2021 DD 05/17/18
 
408
 
AMERICAN EXPRESS CO
3.700% 08/03/2023 DD 08/03/18
 
289
 
AMERICAN EXPRESS CO
VAR
 
RT
 
08/03/2023 DD 08/03/18
 
202
 
ARCHER-DANIELS-MIDLAND CO
3.375% 03/15/2022 DD 12/03/18
 
206
 
BMW US CAPITAL
 
LLC 144A
3.100% 04/12/2021 DD 04/12/18
 
431
 
BPCE SA
2.750% 12/02/2021 DD 12/02/16
 
370
 
BANCO SANTANDER
 
SA
3.848% 04/12/2023 DD 04/12/18
 
209
 
BANCO SANTANDER
 
SA
VAR
 
RT
 
04/12/2023 DD 04/12/18
 
201
 
BANCO SANTANDER
 
SA
2.706% 06/27/2024 DD 06/27/19
 
406
 
BANK OF AMERICA NA
VAR
 
RT
 
01/25/2023 DD 01/25/19
 
591
 
BANK OF AMERICA CORP
VAR
 
RT
 
05/17/2022 DD 05/17/18
 
255
 
BANK OF MONTREAL
2.050% 11/01/2022 DD 10/21/19
 
427
 
* BANK OF NEW YORK MELLON CORP/T
3.500% 04/28/2023 DD 04/30/18
 
420
 
* BANK OF NEW YORK MELLON CORP/T
3.450% 08/11/2023 DD 08/13/18
 
815
 
* BANK OF NEW YORK MELLON CORP/T
1.950% 08/23/2022 DD 08/23/19
 
451
 
BANQUE FEDERATIVE
 
DU CRED 144A
2.700% 07/20/2022 DD 07/20/17
 
538
 
BANQUE FEDERATIVE
 
DU CRED 144A
3.750% 07/20/2023 DD 07/20/18
 
420
 
BNP PARIBAS
 
SA 144A
2.950% 05/23/2022 DD 05/23/17
 
714
 
BOEING CO/THE
2.800% 03/01/2024 DD 02/15/19
 
742
 
BRISTOL-MYERS SQUIBB CO 144A
2.550% 05/14/2021 DD 05/16/19
 
480
 
BRISTOL-MYERS SQUIBB CO 144A
2.600% 05/16/2022 DD 05/16/19
 
534
 
BRISTOL-MYERS SQUIBB CO 144A
2.900% 07/26/2024 DD 05/16/19
 
516
 
CIFC FUNDING 2018-II 3A A 144A
VAR
 
RT
 
07/18/2031 DD 07/20/18
 
1,048
 
 
 
13
 
AT&T SAVINGS
 
AND SECURITY PLAN
EIN 43-1301883, PLAN NO. 004
SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT
 
END OF YEAR) (Continued)
December 31, 2019
(Dollars in Thousands)
Identity of Issue
Description of Investment
 
Current Value
 
CAPITAL ONE MULTI
 
-ASSET A5 A5
1.660% 06/17/2024 DD 08/25/16
 
1,146
CAPITAL ONE MULTI
 
-ASSET A2 A2
1.720% 08/15/2024 DD 09/05/19
 
726
 
CARGILL INC 144A
3.250% 03/01/2023 DD 03/01/18
 
181
 
CARGILL INC 144A
3.050% 04/19/2021 DD 04/19/18
 
736
 
CENTERPOINT ENERGY HOUSTON ELE
1.850% 06/01/2021 DD 05/18/16
 
275
 
CITIBANK CREDIT CARD ISS A3 A3
1.920% 04/07/2022 DD 04/11/17
 
1,500
 
CITIGROUP INC
VAR
 
RT
 
11/04/2022 DD 11/04/19
 
1,229
 
CITIBANK NA
3.650% 01/23/2024 DD 01/23/19
 
423
 
COMCAST CORP
3.450% 10/01/2021 DD 10/05/18
 
540
 
COMCAST CORP
3.700% 04/15/2024 DD 10/05/18
 
293
 
COMCAST CORP
VAR
 
RT
 
10/01/2021 DD 10/05/18
 
528
 
COMERICA BANK
2.500% 07/23/2024 DD 07/23/19
 
253
 
CONSUMERS ENERGY CO
3.375% 08/15/2023 DD 08/09/13
 
653
 
WALT
 
DISNEY CO/THE
1.650% 09/01/2022 DD 09/06/19
 
599
 
DUKE ENERGY PROGRESS LLC
3.375% 09/01/2023 DD 08/09/18
 
522
 
ESTEE LAUDER COS INC/THE
2.000% 12/01/2024 DD 11/21/19
 
401
 
EXXON MOBIL CORP
2.019% 08/16/2024 DD 08/16/19
 
1,129
 
FHLMC
 
POOL #A6-4440
6.000% 08/01/2037 DD 08/01/07
 
2
 
FHLMC
 
POOL #A6-3809
6.000% 08/01/2037 DD 07/01/07
 
4
 
FHLMC
 
POOL #A6-4100
6.000% 08/01/2037 DD 08/01/07
 
1
 
FHLMC
 
POOL #A6-4142
6.000% 08/01/2037 DD 08/01/07
 
1
 
FHLMC
 
POOL #A6-5310
6.000% 09/01/2037 DD 09/01/07
 
1
 
FHLMC
 
POOL #A6-5518
6.000% 09/01/2037 DD 09/01/07
 
2
 
FHLMC
 
POOL #A6-5651
6.000% 09/01/2037 DD 09/01/07
 
1
 
FHLMC
 
POOL #A6-5652
6.000% 09/01/2037 DD 09/01/07
 
2
 
FHLMC
 
POOL #A6-7052
6.000% 10/01/2037 DD 10/01/07
 
1
 
FHLMC
 
POOL #A6-7449
6.000% 11/01/2037 DD 10/01/07
 
1
 
FHLMC
 
POOL #A6-8998
6.000% 11/01/2037 DD 11/01/07
 
3
 
FHLMC
 
POOL #A6-9830
6.000% 12/01/2037 DD 12/01/07
 
2
 
FHLMC
 
POOL #A6-9265
6.000% 12/01/2037 DD 12/01/07
 
1
 
FHLMC
 
POOL #A6-9303
6.000% 11/01/2037 DD 11/01/07
 
1
 
FHLMC
 
POOL #A6-9654
6.000% 12/01/2037 DD 12/01/07
 
5
 
FHLMC
 
POOL #A7-6056
6.000% 04/01/2038 DD 04/01/08
 
1
 
FHLMC
 
POOL #A7-6472
6.000% 04/01/2038 DD 04/01/08
 
1
 
FHLMC
 
POOL #A7-6476
6.000% 04/01/2038 DD 04/01/08
 
2
 
FHLMC
 
POOL #A7-7211
6.000% 05/01/2038 DD 05/01/08
 
3
 
FHLMC
 
POOL #A7-7766
6.000% 06/01/2038 DD 05/01/08
 
1
 
FHLMC
 
POOL #A7-8625
6.000% 06/01/2038 DD 06/01/08
 
1
 
FHLMC
 
POOL #2B-0069
VAR
 
RT
 
12/01/2041 DD 12/01/11
 
56
 
FHLMC
 
POOL #G0-3297
6.000% 09/01/2037 DD 09/01/07
 
1
 
FHLMC
 
POOL #G0-4170
6.000% 04/01/2038 DD 04/01/08
 
2
 
FHLMC
 
POOL #G0-3330
6.000% 09/01/2037 DD 09/01/07
 
2
 
FHLMC
 
POOL #G0-3349
6.000% 10/01/2037 DD 09/01/07
 
2
 
FHLMC
 
POOL #G0-3504
6.000% 11/01/2037 DD 10/01/07
1
 
 
14
 
AT&T SAVINGS
 
AND SECURITY PLAN
EIN 43-1301883, PLAN NO. 004
SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT
 
END OF YEAR) (Continued)
December 31, 2019
(Dollars in Thousands)
Identity of Issue
Description of Investment
 
Current Value
 
FHLMC
 
POOL #G0-3551
6.000% 11/01/2037 DD 11/01/07
 
12
 
FHLMC
 
POOL #G0-3581
6.000% 11/01/2037 DD 11/01/07
 
5
 
FHLMC
 
POOL #G0-3616
6.000% 12/01/2037 DD 11/01/07
 
5
 
FHLMC
 
POOL #G0-3646
6.000% 01/01/2038 DD 12/01/07
 
3
 
FHLMC
 
POOL #G0-3698
6.000% 12/01/2037 DD 12/01/07
 
3
 
FHLMC
 
POOL #G0-3721
6.000% 12/01/2037 DD 12/01/07
 
2
 
FHLMC
 
POOL #G0-3776
6.000% 01/01/2038 DD 01/01/08
 
5
 
FHLMC
 
POOL #G0-3781
6.000% 01/01/2038 DD 01/01/08
 
7
 
FHLMC
 
POOL #G0-3819
6.000% 01/01/2038 DD 01/01/08
 
1
 
FHLMC
 
POOL #G0-3926
6.000% 02/01/2038 DD 02/01/08
 
1
 
FHLMC
 
POOL #G0-3941
6.000% 02/01/2038 DD 02/01/08
 
5
 
FHLMC
 
POOL #G0-4230
6.000% 04/01/2038 DD 04/01/08
 
2
 
FHLMC
 
POOL #G0-4301
6.000% 03/01/2038 DD 05/01/08
 
1
 
FHLMC
 
POOL #G0-4411
6.000% 06/01/2038 DD 06/01/08
 
5
 
FHLMC
 
POOL #G0-4576
6.000% 09/01/2038 DD 08/01/08
 
8
 
FHLMC
 
POOL #G0-4607
6.000% 09/01/2038 DD 08/01/08
 
3
 
FHLMC
 
POOL #G0-4645
6.000% 07/01/2038 DD 08/01/08
 
5
 
FHLMC
 
POOL #G0-4713
6.000% 10/01/2038 DD 09/01/08
 
4
 
FHLMC
 
POOL #G0-4757
6.000% 08/01/2038 DD 10/01/08
 
1
 
FHLMC
 
POOL #G0-4765
6.000% 09/01/2038 DD 09/01/08
 
6
 
FHLMC
 
POOL #G0-5940
6.000% 04/01/2040 DD 07/01/10
 
1
 
FHLMC
 
POOL #G0-5369
6.000% 03/01/2039 DD 03/01/09
 
2
 
FHLMC
 
POOL #G0-6789
6.000% 05/01/2040 DD 10/01/11
 
4
 
FHLMC
 
POOL #G0-6066
6.000% 05/01/2040 DD 10/01/10
 
6
 
FHLMC
 
POOL #G0-6249
6.000% 05/01/2040 DD 02/01/11
 
2
 
FHLMC
 
POOL #G0-6232
6.000% 05/01/2040 DD 01/01/11
 
1
 
FHLMC
 
POOL #G0-6954
6.000% 05/01/2040 DD 04/01/12
 
5
 
FHLMC
 
POOL #G0-7222
6.000% 04/01/2040 DD 11/01/12
 
6
 
FHLMC
 
POOL #A8-1068
6.000% 08/01/2038 DD 08/01/08
 
2
 
FHLMC
 
POOL #A8-1660
6.000% 09/01/2038 DD 09/01/08
 
1
 
FHLMC
 
POOL #A8-2474
6.000% 10/01/2038 DD 10/01/08
 
1
 
FHLMC
 
POOL #C0-3475
6.000% 04/01/2040 DD 04/01/10
 
3
 
FHLMC
 
POOL #C0-3325
6.000% 02/01/2039 DD 02/01/09
 
1
 
FHLMC
 
POOL #A8-5741
6.000% 04/01/2039 DD 04/01/09
 
1
 
FHLMC
 
POOL #78-8657
VAR
 
RT
 
09/01/2031 DD 09/01/01
 
8
 
FHLMC
 
POOL #84-9008
VAR
 
RT
 
06/01/2042 DD 03/01/13
 
68
 
FHLMC
 
POOL #84-9539
VAR
 
RT
 
11/01/2044 DD 12/01/14
 
69
 
FHLMC
 
POOL #84-9727
VAR
 
RT
 
05/01/2045 DD 05/01/15
 
501
 
FHLMC
 
POOL #2B-6264
VAR
 
RT
 
06/01/2047 DD 06/01/17
 
387
 
FHLMC
 
POOL #V8-0804
6.000% 01/01/2039 DD 11/01/13
 
9
 
FNMA GTD REMIC P/T 12-117
 
DC
3.000% 01/25/2038 DD 09/01/12
 
352
 
FNMA GTD REMIC P/T 12-118
 
VA
3.000% 05/25/2022 DD 10/01/12
 
300
 
FNMA GTD REMIC P/T 13-13 MA
4.000% 01/25/2043 DD 02/01/13
 
306
 
 
 
15
 
AT&T SAVINGS
 
AND SECURITY PLAN
EIN 43-1301883, PLAN NO. 004
SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT
 
END OF YEAR) (Continued)
December 31, 2019
(Dollars in Thousands)
Identity of Issue
Description of Investment
 
Current Value
 
FNMA GTD REMIC P/T 2013-83 A
3.500% 09/25/2039 DD 07/01/13
 
158
 
FNMA GTD REMIC P/T 15-92 PA
2.500% 12/25/2041 DD 11/01/15
 
167
 
FNMA GTD REMIC P/T 16-11
 
GA
2.500% 03/25/2046 DD 02/01/16
 
850
 
FNMA GTD REMIC P/T 16-43 MA
3.000% 10/25/2045 DD 06/01/16
 
539
 
FNMA GTD REMIC P/T 17-86 PA
3.000% 06/25/2045 DD 10/01/17
 
1,315
 
FHLMC MULTICLASS
 
MTG 3895 AM
5.000% 08/15/2039 DD 07/01/11
 
58
 
FHLMC MULTICLASS
 
MTG 3896 PA
4.000% 03/15/2040 DD 07/01/11
 
165
 
FHLMC MULTICLASS
 
MTG 4189 PA
3.500% 11/15/2042 DD 04/01/13
 
185
 
FHLMC MULTICLASS
 
MTG K716 A2
3.130% 06/25/2021 DD 09/01/14
 
2,051
 
FHLMC MULTICLASS
 
MTG K717 A2
2.991% 09/25/2021 DD 12/01/14
 
2,364
 
FHLMC MULTICLASS
 
MTG K504 A2
VAR
 
RT
 
09/25/2020 DD 01/01/16
 
283
 
FHLMC MULTICLASS
 
MTG 4585 DA
3.000% 06/15/2045 DD 05/01/16
 
550
 
FHLMC MULTICLASS
 
MTG 4594 PA
3.000% 11/15/2044 DD 06/01/16
 
572
 
FHLMC MULTICLASS
 
MTG 4604 HA
2.500% 05/15/2045 DD 08/01/16
 
396
 
FNMA
 
POOL #0555678
5.000% 08/01/2033 DD 07/01/03
 
707
 
FNMA
 
POOL #0AK5677
VAR
 
RT
 
02/01/2042 DD 02/01/12
 
36
 
FNMA
 
POOL #0AL1674
VAR
 
RT
 
05/01/2042 DD 05/01/12
 
38
 
FNMA
 
POOL #0AL2492
VAR
 
RT
 
10/01/2042 DD 09/01/12
 
145
 
FNMA GTD REMIC P/T 02-W2 AF6
STEP 05/25/2032 DD 03/01/02
 
3
 
FNMA GTD REMIC P/T 02-W11 AF6
VAR
 
RT
 
11/25/2032 DD 09/01/02
 
5
 
FNMA GTD REMIC P/T 03-W10 2A
VAR
 
RT 06/25/2043
 
DD 06/01/03
 
115
 
FNMA GTD REMIC P/T 04-T4 A9
VAR
 
RT
 
08/25/2034 DD 07/01/04
 
32
 
FNMA
 
POOL #0686026
VAR
 
RT
 
04/01/2033 DD 04/01/03
 
58
 
FNMA
 
POOL #0725228
6.000% 03/01/2034 DD 02/01/04
 
465
 
FNMA
 
POOL #0735676
5.000% 07/01/2035 DD 06/01/05
 
226
 
FNMA
 
POOL #0756359
VAR
 
RT
 
12/01/2033 DD 12/01/03
 
72
 
FNMA
 
POOL #0BF0198
4.000% 11/01/2040 DD 01/01/18
 
674
 
FNMA
 
POOL #0BM1523
VAR
 
RT
 
07/01/2047 DD 07/01/17
 
669
 
FNMA
 
POOL #0AB0130
5.000% 05/01/2038 DD 05/01/09
 
63
 
FORD CREDIT FLOORPLAN MAS 1 A1
2.070% 05/15/2022 DD 05/30/17
 
1,150
 
FORD CREDIT AUTO OWNE 2 A 144A
2.030% 12/15/2027 DD 06/28/16
 
570
 
GCO EDUCATION
 
LOAN 1A A6L 144A
VAR
 
RT
 
11/25/2026 DD 03/06/07
 
393
 
GENERAL DYNAMICS CORP
3.375% 05/15/2023 DD 05/11/18
 
418
 
GNMA GTD REMIC P/T 12-43 AJ
3.000% 05/20/2038 DD 04/01/12
 
12
 
HSBC HOLDINGS PLC
VAR
 
RT
 
05/18/2021 DD 05/18/18
 
876
 
HERSHEY CO/THE
2.050% 11/15/2024 DD 10/31/19
 
401
 
ING GROEP NV
4.100% 10/02/2023 DD 10/02/18
 
399
 
INTERCONTINENTAL
 
EXCHANGE INC
3.450% 09/21/2023 DD 08/13/18
 
367
 
INTERNATIONAL
 
BANK FOR RECONST
1.625% 09/04/2020 DD 08/29/17
 
2,758
 
JPMORGAN CHASE & CO
2.295% 08/15/2021 DD 08/08/16
 
1,614
 
JPMORGAN CHASE & CO
VAR
 
RT
 
06/01/2021 DD 06/01/17
 
1,537
 
JPMORGAN CHASE & CO
VAR
 
RT
 
04/23/2024 DD 04/23/18
 
547
 
KREDITANSTALT
 
FUER WIEDERAUFBA
1.875% 12/15/2020 DD 11/15/17
 
2,103
 
 
 
16
 
AT&T SAVINGS
 
AND SECURITY PLAN
EIN 43-1301883, PLAN NO. 004
SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT
 
END OF YEAR) (Continued)
December 31, 2019
(Dollars in Thousands)
Identity of Issue
Description of Investment
 
Current Value
 
LLOYDS BANK PLC
3.300% 05/07/2021 DD 05/08/18
 
330
 
LLOYDS BANK PLC
VAR
 
RT
 
05/07/2021 DD 05/08/18
 
326
 
MACQUARIE BANK LTD
 
144A
2.100% 10/17/2022 DD 10/17/19
 
150
 
METROPOLITAN LIFE
 
GLOBAL 144A
3.450% 10/09/2021 DD 10/09/18
 
385
 
METROPOLITAN LIFE
 
GLOBAL 144A
3.375% 01/11/2022 DD 01/11/19
 
283
 
METROPOLITAN LIFE
 
GLOBAL 144A
3.600% 01/11/2024 DD 01/11/19
 
503
 
METROPOLITAN LIFE
 
GLOBAL 144A
2.400% 06/17/2022 DD 06/17/19
 
152
 
MITSUBISHI UFJ FINANCIAL GROUP
2.801% 07/18/2024 DD 07/18/19
 
1,173
 
MIZUHO FINANCIAL GROUP INC
2.601% 09/11/2022 DD 09/11/17
 
745
 
MORGAN STANLEY
 
BANK OF C13 A2
2.936% 11/15/2046 DD 12/01/13
 
5
 
NCUA GUARANTEED NOTES TR R2 2A
VAR
 
RT
 
11/05/2020 DD 11/17/10
 
532
 
NCUA GUARANTEED NOTES TR R1 1A
VAR
 
RT
 
10/07/2020 DD 10/27/10
 
177
 
NASSAU 2018-II LTD
 
IIA A 144A
VAR
 
RT
 
10/15/2031 DD 11/20/18
 
449
 
NESTLE HOLDINGS INC 144A
3.350% 09/24/2023 DD 09/24/18
 
1,098
 
NEW YORK LIFE GLOBAL FUND 144A
2.250% 07/12/2022 DD 07/12/19
 
1,212
 
NISSAN MASTER OWNER TRUST C A
VAR
 
RT
 
10/17/2022 DD 11/13/17
 
841
 
NORDIC INVESTMENT BANK
1.625% 11/20/2020 DD 09/20/17
 
2,157
 
ORIX CORP
2.900% 07/18/2022 DD 07/18/17
 
612
 
PNC FINANCIAL SERVICES
 
GROUP I
3.500% 01/23/2024 DD 01/23/19
 
922
 
PFIZER INC
3.200% 09/15/2023 DD 09/07/18
 
1,643
 
PUBLIC STORAGE
2.370% 09/15/2022 DD 09/18/17
 
207
 
SLM STUDENT LOAN TRUST 20 1 A5
VAR
 
RT
 
01/26/2026 DD 01/25/07
 
517
 
SLC STUDENT LOAN TRUST 201 1 A
VAR
 
RT
 
11/25/2042 DD 07/06/10
 
95
 
SMBC AVIATION
 
CAPITAL
 
FIN 144A
3.550% 04/15/2024 DD 04/15/19
 
623
 
SCHLUMBERGER FINANCE CANA 144A
2.650% 11/20/2022 DD 11/20/17
 
580
 
CHARLES SCHWAB
 
CORP/THE
2.650% 01/25/2023 DD 12/07/17
 
1,336
 
SEVEN & I HOLDINGS CO LTD
 
144A
3.350% 09/17/2021 DD 09/19/18
 
791
 
SIEMENS FINANCIERINGSMAAT
 
144A
1.700% 09/15/2021 DD 09/15/16
 
250
 
SOUND POINT CLO V-R
 
1RA A 144A
VAR
 
RT
 
07/18/2031 DD 07/18/18
 
600
 
SOUND POINT CLO XX 3A A1A 144A
VAR
 
RT
 
10/26/2031 DD 10/10/18
 
550
 
STANDARD CHARTERED
 
PLC 144A
VAR
 
RT
 
01/20/2023 DD 10/04/18
 
336
 
SUMITOMO MITSUI FINANCIAL GROU
2.784% 07/12/2022 DD 07/12/17
 
987
 
SUMITOMO MITSUI FINANCIAL GROU
2.696% 07/16/2024 DD 07/16/19
 
812
 
TOTAL
 
CAPITAL INTERNATIONAL
 
SA
2.434% 01/10/2025 DD 07/10/19
 
456
 
US BANCORP
3.375% 02/05/2024 DD 02/04/19
 
1,759
 
U S TREASURY NOTE
1.875% 07/31/2022 DD 07/31/17
 
4,401
 
U S TREASURY NOTE
2.375% 01/31/2023 DD 01/31/18
 
10,585
 
U S TREASURY NOTE
2.750% 02/15/2028 DD 02/15/18
 
2,729
 
U S TREASURY NOTE
2.500% 03/31/2023 DD 03/31/18
 
2,775
 
U S TREASURY NOTE
2.875% 05/31/2025 DD 05/31/18
 
9,269
 
U S TREASURY NOTE
2.625% 06/30/2023 DD 06/30/18
 
1,654
 
U S TREASURY NOTE
2.875% 11/30/2023 DD 11/30/18
 
5,167
 
U S TREASURY NOTE
2.625% 12/31/2025 DD 12/31/18
 
2,832
 
 
 
17
 
AT&T SAVINGS
 
AND SECURITY PLAN
EIN 43-1301883, PLAN NO. 004
SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT
 
END OF YEAR) (Continued)
December 31, 2019
(Dollars in Thousands)
Identity of Issue
Description of Investment
 
Current Value
 
U S TREASURY NOTE
1.625% 05/15/2026 DD 05/15/16
 
346
 
US TREAS-CPI INFLAT
0.125% 07/15/2022 DD 07/15/12
 
2,382
 
U S TREASURY NOTE
1.875% 01/31/2022 DD 01/31/17
 
18,920
 
U S TREASURY NOTE
1.750% 05/31/2022 DD 05/31/17
 
5,511
 
UNITEDHEALTH
 
GROUP INC
2.375% 10/15/2022 DD 10/25/17
 
208
 
UTAH STATE
 
BOARD OF REGEN 1 A2
VAR
 
RT
 
05/01/2029 DD 09/28/11
 
88
 
UTAH ST BRD OF
 
RGTS STUDENT LO
VAR
 
RT
 
05/01/2035 DD 09/28/11
 
348
 
WELLS FARGO BANK
 
NA
3.550% 08/14/2023 DD 08/14/18
 
445
 
WELLS FARGO & CO
2.625% 07/22/2022 DD 07/24/17
 
1,076
 
WELLS FARGO & CO
3.750% 01/24/2024 DD 01/24/19
 
396
 
WESTPAC
 
BANKING CORP
2.500% 06/28/2022 DD 06/28/17
 
1,047
 
WISCONSIN ELECTRIC POWER CO
2.050% 12/15/2024 DD 12/10/19
 
300
 
AFRICAN DEVELOPMENT BANK
2.310% 07/14/2021
 
3,014
 
ALLY
 
MASTER OWNER TRUST 1 A2
2.700% 01/17/2023 DD 02/14/18
 
1,913
 
AMAZON.COM INC
2.800% 08/22/2024 DD 02/22/18
 
828
 
AMAZON.COM INC
3.150% 08/22/2027 DD 02/22/18
 
715
 
AMERICAN EXPRESS CO
4.200% 11/06/2025 DD 11/06/18
 
441
 
APPLE INC
2.450% 08/04/2026 DD 08/04/16
 
913
 
ARIZONA PUBLIC SERVICE
 
CO
2.950% 09/15/2027 DD 09/11/17
 
190
 
AUTOMATIC
 
DATA
 
PROCESSING INC
3.375% 09/15/2025 DD 09/15/15
 
101
 
BAKER HUGHES A GE CO LLC / BAK
3.337% 12/15/2027 DD 12/11/17
 
324
 
BANCO SANTANDER
 
SA
VAR
 
RT
 
04/12/2023 DD 04/12/18
 
403
 
BANK OF AMERICA CORP
3.248% 10/21/2027 DD 10/21/16
 
417
 
BANK OF AMERICA CORP
VAR
 
RT
 
07/21/2023 DD 07/21/17
 
406
 
BANK OF AMERICA CORP
VAR
 
RT
 
07/23/2024 DD 07/23/18
 
789
 
BANK OF AMERICA CORP
VAR
 
RT
 
07/23/2029 DD 07/23/18
 
250
 
BANK 2019-BNK21 BN21 A5
2.851% 10/17/2052 DD 10/01/19
 
762
 
TRUIST BANK
3.625% 09/16/2025 DD 09/16/15
 
820
 
BNP PARIBAS
 
SA 144A
3.500% 03/01/2023 DD 03/01/18
 
595
 
BOEING CO/THE
2.600% 10/30/2025 DD 10/29/15
 
253
 
BOEING CO/THE
3.450% 11/01/2028 DD 10/31/18
 
159
 
BP CAPITAL MARKETS
 
AMERICA INC
4.234% 11/06/2028 DD 11/06/18
 
198
 
BP CAPITAL MARKETS
 
AMERICA INC
3.224% 04/14/2024 DD 10/14/18
 
78
 
BRAZOS HIGHER EDUCATION
 
2 A12
VAR
 
RT
 
03/27/2023 DD 06/23/05
 
126
 
BURLINGTON NORTHERN
 
SANTA FE L
3.000% 04/01/2025 DD 03/09/15
 
416
 
CIFC FUNDING 2018-II 3A A 144A
VAR
 
RT
 
07/18/2031 DD 07/20/18
 
1,048
 
CENTERPOINT ENERGY TRANSI 1 A3
3.028% 10/15/2025 DD 01/19/12
 
813
 
CITIGROUP INC
3.750% 06/16/2024 DD 06/16/14
 
425
 
CITIGROUP INC
3.400% 05/01/2026 DD 05/02/16
 
841
 
CITIGROUP INC
VAR
 
RT
 
11/05/2030 DD 11/05/19
 
203
 
COMCAST CORP
3.300% 02/01/2027 DD 01/10/17
 
29
 
COMCAST CORP
3.150% 02/15/2028 DD 08/07/17
 
52
 
COMCAST CORP
3.700% 04/15/2024 DD 10/05/18
 
373
 
 
 
18
 
AT&T SAVINGS
 
AND SECURITY PLAN
EIN 43-1301883, PLAN NO. 004
SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT
 
END OF YEAR) (Continued)
December 31, 2019
(Dollars in Thousands)
Identity of Issue
Description of Investment
 
Current Value
 
COMCAST CORP
3.950% 10/15/2025 DD 10/05/18
 
218
 
COMCAST CORP
4.150% 10/15/2028 DD 10/05/18
 
422
 
COMCAST CORP
2.650% 02/01/2030 DD 11/05/19
 
402
 
COMERICA BANK
2.500% 07/23/2024 DD 07/23/19
 
329
 
CONSUMERS ENERGY CO
3.375% 08/15/2023 DD 08/09/13
 
627
 
COOPERATIEVE
 
RABOBANK UA/NY
3.375% 05/21/2025 DD 05/21/15
 
424
 
CREDIT SUISSE AG/NEW YORK NY
3.625% 09/09/2024 DD 09/09/14
 
851
 
CREDIT SUISSE AG/NEW YORK NY
2.100% 11/12/2021 DD 11/12/19
 
502
 
DUKE ENERGY CAROLINAS LLC
3.950% 11/15/2028 DD 11/08/18
 
222
 
ESTEE LAUDER COS INC/THE
2.000% 12/01/2024 DD 11/21/19
 
376
 
FHLMC
 
POOL #1B-1438
VAR
 
RT
 
01/01/2034 DD 01/01/04
 
35
 
FHLMC
 
POOL #G1-4183
5.000% 07/01/2025 DD 06/01/11
 
33
 
FHLMC
 
POOL #G0-8805
4.000% 02/01/2048 DD 02/01/18
 
919
 
FHLMC
 
POOL #G0-8079
5.000% 09/01/2035 DD 09/01/05
 
202
 
FHLMC
 
POOL #ZM-6968
4.000% 06/01/2048 DD 10/01/18
 
365
 
FHLMC
 
POOL #ZT-1703
4.000% 01/01/2049 DD 01/01/19
 
998
 
FHLMC
 
POOL #SD-0093
5.000% 10/01/2049 DD 09/01/19
 
6,815
 
FHLMC
 
POOL #SD-8023
2.500% 11/01/2049 DD 10/01/19
 
2,967
 
FHLMC
 
POOL #SD-8029
2.500% 12/01/2049 DD 11/01/19
 
1,978
 
FHLMC
 
POOL #SD-8030
3.000% 12/01/2049 DD 11/01/19
 
15,220
 
FHLMC
 
POOL #SD-8037
2.500% 01/01/2050 DD 12/01/19
 
1,978
 
FHLMC
 
POOL #Q0-4439
3.500% 11/01/2041 DD 10/01/11
 
55
 
FHLMC
 
POOL #U9-0065
3.500% 08/01/2042 DD 08/01/12
 
218
 
FHLMC
 
POOL #U9-5026
3.500% 07/01/2042 DD 07/01/12
 
184
 
FHLMC
 
POOL #G6-7700
3.500% 08/01/2046 DD 08/01/16
 
1,638
 
FHLMC
 
POOL #G6-7713
4.000% 06/01/2048 DD 05/01/18
 
2,458
 
FHLMC
 
POOL #Q5-9126
4.000% 10/01/2048 DD 10/01/18
 
399
 
FEDERAL FARM CR
 
BK CONS BD
5.270% 05/01/2029 DD 05/02/08
 
481
 
FHLMC
 
POOL #1B-0118
VAR
 
RT
 
08/01/2031 DD 08/01/01
 
6
 
FEDERAL FARM CR
 
BK CONS BD
3.430% 12/06/2028 DD 12/06/18
 
1,668
 
FEDERAL FARM CR
 
BK CONS BD
3.290% 01/25/2030 DD 01/25/19
 
670
 
FEDERAL NATL
 
MTG ASSN
1.875% 09/24/2026 DD 09/27/16
 
1,407
 
FNMA GTD REMIC P/T 12-M9 A2
2.482% 04/25/2022 DD 08/01/12
 
88
 
FNMA GTD REMIC P/T 13-13 MA
4.000% 01/25/2043 DD 02/01/13
 
233
 
FNMA GTD REMIC P/T 2013-83 A
3.500% 09/25/2039 DD 07/01/13
 
127
 
FNMA GTD REMIC P/T 15-92 PA
2.500% 12/25/2041 DD 11/01/15
 
182
 
FNMA GTD REMIC P/T 16-43 MA
3.000% 10/25/2045 DD 06/01/16
 
728
 
FEDERAL REALTY
 
INVESTMENT TRUS
2.550% 01/15/2021 DD 09/28/15
 
166
 
FHLMC MULTICLASS
 
MTG 3895 AM
5.000% 08/15/2039 DD 07/01/11
 
37
 
FHLMC MULTICLASS
 
MTG 3896 PA
4.000% 03/15/2040 DD 07/01/11
 
133
 
FHLMC MULTICLASS
 
MTG 4016 KV
4.000% 02/15/2025 DD 03/01/12
 
522
 
FHLMC MULTICLASS
 
CTF K715 A2
2.856% 01/25/2021 DD 05/01/14
 
1,863
 
FHLMC MULTICLASS
 
MTG 4570 PA
3.000% 03/15/2044 DD 04/01/16
 
575
 
 
 
19
 
AT&T SAVINGS
 
AND SECURITY PLAN
EIN 43-1301883, PLAN NO. 004
SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT
 
END OF YEAR) (Continued)
December 31, 2019
(Dollars in Thousands)
Identity of Issue
Description of Investment
 
Current Value
 
FHLMC MULTICLASS
 
MTG 4585 DA
3.000% 06/15/2045 DD 05/01/16
 
881
 
FHLMC MULTICLASS
 
MTG 4594 PA
3.000% 11/15/2044 DD 06/01/16
 
634
 
FHLMC MULTICLASS
 
MTG 4604 HA
2.500% 05/15/2045 DD 08/01/16
 
441
 
FNMA
 
POOL #0AI8618
4.000% 12/01/2041 DD 12/01/11
 
380
 
FNMA
 
POOL #0AJ3107
4.000% 01/01/2042 DD 01/01/12
 
278
 
FNMA
 
POOL #0AJ4050
4.000% 10/01/2041 DD 10/01/11
 
343
 
FNMA
 
POOL #0AL7232
3.500% 09/01/2045 DD 08/01/15
 
435
 
FNMA
 
POOL #0AL7495
3.500% 10/01/2045 DD 10/01/15
 
298
 
FNMA
 
POOL #0AL7910
3.500% 02/01/2045 DD 12/01/15
 
740
 
FNMA
 
POOL #0AL7951
3.500% 01/01/2046 DD 01/01/16
 
279
 
FNMA
 
POOL #0AQ0817
3.500% 12/01/2042 DD 12/01/12
 
1,238
 
FNMA
 
POOL #0AR8305
3.500% 05/01/2043 DD 05/01/13
 
1,814
 
FNMA
 
POOL #0AS6188
3.500% 11/01/2045 DD 10/01/15
 
579
 
FNMA
 
POOL #0AT8390
3.500% 06/01/2043 DD 06/01/13
 
1,291
 
FNMA
 
POOL #0AX3358
3.500% 11/01/2045 DD 11/01/15
 
12
 
FNMA
 
POOL #0AX6373
3.500% 02/01/2045 DD 02/01/15
 
8
 
FNMA
 
POOL #0AX7714
3.500% 02/01/2045 DD 02/01/15
 
16
 
FNMA
 
POOL #0AY2930
3.500% 04/01/2045 DD 04/01/15
 
7
 
FNMA
 
POOL #0AY4450
3.500% 02/01/2045 DD 02/01/15
 
16
 
FNMA
 
POOL #0AY4203
3.500% 05/01/2045 DD 05/01/15
 
66
 
FNMA
 
POOL #0AY4781
3.500% 03/01/2045 DD 03/01/15
 
11
 
FNMA
 
POOL #0AY6303
3.500% 02/01/2045 DD 03/01/15
 
51
 
FNMA
 
POOL #0AZ0054
3.500% 07/01/2045 DD 07/01/15
 
7
 
FNMA
 
POOL #0AZ1223
3.500% 06/01/2045 DD 06/01/15
 
15
 
FNMA
 
POOL #0AZ1367
3.500% 05/01/2045 DD 05/01/15
 
7
 
FNMA
 
POOL #0AZ2604
3.500% 08/01/2045 DD 08/01/15
 
7
 
FNMA
 
POOL #0AZ2619
3.500% 08/01/2045 DD 08/01/15
 
11
 
FNMA
 
POOL #0AZ2637
3.500% 09/01/2045 DD 09/01/15
 
20
 
FNMA
 
POOL #0AZ2665
3.500% 10/01/2045 DD 10/01/15
 
24
 
FNMA
 
POOL #0AZ2709
3.500% 06/01/2045 DD 06/01/15
 
8
 
FNMA
 
POOL #0AZ5196
3.500% 08/01/2045 DD 08/01/15
 
5
 
FNMA GTD REMIC P/T 02-W2 AF6
STEP 05/25/2032 DD 03/01/02
 
3
 
FNMA GTD REMIC P/T 02-W11 AF6
VAR
 
RT
 
11/25/2032 DD 09/01/02
 
5
 
FNMA GTD REMIC P/T 04-W1 2A2
7.000% 12/25/2033 DD 01/01/04
 
207
 
FNMA GTD REMIC P/T 05-19 PA
5.500% 07/25/2034 DD 02/01/05
 
23
 
FNMA
 
POOL #0728766
VAR
 
RT
 
07/01/2033 DD 07/01/03
 
10
 
FNMA
 
POOL #0AZ8683
3.500% 01/01/2046 DD 01/01/16
 
10
 
FNMA
 
POOL #0BA3553
3.500% 11/01/2045 DD 11/01/15
 
10
 
FNMA
 
POOL #0BA2899
3.500% 11/01/2045 DD 11/01/15
 
38
 
FNMA
 
POOL #0BA2978
3.500% 11/01/2045 DD 11/01/15
 
8
 
FNMA
 
POOL #0BA3084
3.500% 12/01/2045 DD 12/01/15
 
8
 
FNMA
 
POOL #0BA5324
3.500% 11/01/2045 DD 11/01/15
 
14
 
FNMA
 
POOL #0BA4700
3.500% 11/01/2045 DD 11/01/15
 
9
 
 
 
20
 
AT&T SAVINGS
 
AND SECURITY PLAN
EIN 43-1301883, PLAN NO. 004
SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT
 
END OF YEAR) (Continued)
December 31, 2019
(Dollars in Thousands)
Identity of Issue
Description of Investment
 
Current Value
 
FNMA
 
POOL #0BC3481
3.500% 02/01/2046 DD 02/01/16
 
8
 
FNMA
 
POOL #0BM4343
4.500% 05/01/2048 DD 07/01/18
 
2,614
 
FNMA
 
POOL #0BM5538
5.000% 11/01/2048 DD 02/01/19
 
1,518
 
FNMA
 
POOL #0CA2156
4.000% 08/01/2048 DD 07/01/18
 
682
 
FNMA
 
POOL #0FM1875
4.000% 01/01/2049 DD 11/01/19
 
996
 
FNMA
 
POOL #0890375
4.500% 08/01/2023 DD 10/01/11
 
11
 
FNMA
 
POOL #0AB2775
4.500% 04/01/2041 DD 03/01/11
 
281
 
FNMA
 
POOL #0MA0878
4.000% 10/01/2031 DD 09/01/11
 
364
 
FNMA
 
POOL #0MA3521
4.000% 11/01/2048 DD 10/01/18
 
1,766
 
FNMA
 
POOL #0MA3527
5.000% 10/01/2048 DD 10/01/18
 
277
 
GCO EDUCATION
 
LOAN 1A A6L 144A
VAR
 
RT
 
11/25/2026 DD 03/06/07
 
222
 
GNMA II POOL #0MA0414
VAR
 
RT
 
09/20/2042 DD 09/01/12
 
86
 
GNMA II POOL #0MA1601
4.000% 01/20/2044 DD 01/01/14
 
1,444
 
GNMA II POOL #0MA2679
4.000% 03/20/2045 DD 03/01/15
 
2,039
 
GNMA II POOL #0MA2149
4.000% 08/20/2044 DD 08/01/14
 
1,853
 
GNMA II POOL #0MA2304
4.000% 10/20/2044 DD 10/01/14
 
74
 
GNMA II POOL #0MA2755
4.000% 04/20/2045 DD 04/01/15
 
76
 
GNMA II POOL #0MA2893
4.000% 06/20/2045 DD 06/01/15
 
1,208
 
GNMA II POOL #0MA3106
4.000% 09/20/2045 DD 09/01/15
 
2,020
 
GNMA II POOL #0MA3311
4.000% 12/20/2045 DD 12/01/15
 
139
 
GNMA II POOL #0MA3377
4.000% 01/20/2046 DD 01/01/16
 
559
 
GNMA II POOL #0MA5193
4.500% 05/20/2048 DD 05/01/18
 
1,128
 
GNMA II POOL #0MA5467
4.500% 09/20/2048 DD 09/01/18
 
3,732
 
GNMA II POOL #0MA5468
5.000% 09/20/2048 DD 09/01/18
 
666
 
GNMA II POOL #0MA5597
5.000% 11/20/2048 DD 11/01/18
 
1,892
 
GNMA II POOL #0MA5711
4.500% 01/20/2049 DD 01/01/19
 
6,969
 
GNMA II POOL #0MA5712
5.000% 01/20/2049 DD 01/01/19
 
2,061
 
GNMA II POOL #0MA5819
5.000% 03/20/2049 DD 03/01/19
 
1,051
 
GS MORTGAGE SECURITIES
 
GC13 A5
VAR
 
RT
 
07/10/2046 DD 07/01/13
 
452
 
GNMA II POOL #0005280
4.000% 01/20/2042 DD 01/01/12
 
331
 
GNMA II POOL #0004802
5.000% 09/20/2040 DD 09/01/10
 
415
 
GENERAL DYNAMICS CORP
3.375% 05/15/2023 DD 05/11/18
 
78
 
GLAXOSMITHKLINE CAPITAL
 
PLC
2.850% 05/08/2022 DD 05/09/12
 
540
 
HSBC HOLDINGS PLC
VAR
 
RT
 
03/13/2023 DD 03/13/17
 
394
 
HSBC HOLDINGS PLC
VAR
 
RT
 
05/18/2024 DD 05/18/18
 
202
 
HOME DEPOT INC/THE
3.750% 02/15/2024 DD 09/10/13
 
454
 
HOME DEPOT INC/THE
3.900% 12/06/2028 DD 12/06/18
 
197
 
ING GROEP NV
3.150% 03/29/2022 DD 03/29/17
 
307
 
JPMORGAN CHASE & CO
3.250% 09/23/2022 DD 09/24/12
 
1,133
 
JPMBB COMMERCIAL MORTGA
 
C12 A5
3.664% 07/15/2045 DD 06/01/13
 
366
 
JPMORGAN CHASE & CO
VAR
 
RT
 
01/23/2029 DD 01/23/18
 
345
 
JPMORGAN CHASE & CO
VAR
 
RT
 
12/05/2024 DD 12/05/18
 
747
 
KING INTERNATIONAL
 
LEASING LLC
2.754% 10/15/2022 DD 11/17/10
 
211
 
 
 
21
 
AT&T SAVINGS
 
AND SECURITY PLAN
EIN 43-1301883, PLAN NO. 004
SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT
 
END OF YEAR) (Continued)
December 31, 2019
(Dollars in Thousands)
Identity of Issue
Description of Investment
 
Current Value
 
ELI LILLY
 
AND CO
3.375% 03/15/2029 DD 02/22/19
 
323
 
MACQUARIE BANK LTD
 
144A
2.100% 10/17/2022 DD 10/17/19
 
752
 
MARS INC 144A
2.700% 04/01/2025 DD 03/29/19
 
154
 
MARS INC 144A
3.200% 04/01/2030 DD 03/29/19
 
159
 
MEDTRONIC INC
3.150% 03/15/2022 DD 03/15/15
 
96
 
METLIFE INC
VAR
 
RT
 
09/15/2023 DD 09/10/13
 
369
 
MICROSOFT CORP
3.125% 11/03/2025 DD 11/03/15
 
391
 
MIDAMERICAN ENERGY CO
3.650% 04/15/2029 DD 01/09/19
 
219
 
MITSUBISHI UFJ FINANCIAL GROUP
3.850% 03/01/2026 DD 03/01/16
 
430
 
MIZUHO FINANCIAL GROUP IN 144A
2.632% 04/12/2021 DD 04/12/16
 
429
 
MORGAN STANLEY
4.000% 07/23/2025 DD 07/23/15
 
22
 
MORGAN STANLEY
2.750% 05/19/2022 DD 05/19/17
 
917
 
MORGAN STANLEY
VAR
 
RT
 
04/24/2024 DD 04/24/18
 
627
 
MORGAN STANLEY
VAR
 
RT
 
10/24/2023 DD 10/24/16
 
301
 
MORGAN STANLEY
3.700% 10/23/2024 DD 10/23/14
 
717
 
MORGAN STANLEY
 
BANK OF C13 A2
2.936% 11/15/2046 DD 12/01/13
 
4
 
NASSAU 2018-II LTD
 
IIA A 144A
VAR
 
RT
 
10/15/2031 DD 11/20/18
 
449
 
NASSAU 2019-I LTD
 
IA ANA 144A
VAR
 
RT
 
04/15/2031 DD 05/07/19
 
399
 
NELNET STUDENT LOAN TRUST 1 A5
VAR
 
RT
 
08/23/2027 DD 02/21/06
 
120
 
NESTLE HOLDINGS INC 144A
3.350% 09/24/2023 DD 09/24/18
 
209
 
NUVEEN LLC 144A
4.000% 11/01/2028 DD 10/22/18
 
362
 
ORACLE CORP
2.500% 05/15/2022 DD 05/05/15
 
314
 
ORACLE CORP
2.950% 11/15/2024 DD 11/09/17
 
234
 
PFIZER INC
3.450% 03/15/2029 DD 03/11/19
 
539
 
PRESIDENT & FELLOWS OF HARVARD
2.300% 10/01/2023 DD 05/06/13
 
283
 
* PRUDENTIAL FINANCIAL INC
3.878% 03/27/2028 DD 03/27/18
 
439
 
PUBLIC SERVICE
 
ELECTRIC & GAS
3.700% 05/01/2028 DD 05/04/18
 
109
 
QUALCOMM INC
3.000% 05/20/2022 DD 05/20/15
 
77
 
SLC STUDENT LOAN TRUST 20 2 A5
VAR
 
RT
 
09/15/2026 DD 09/19/06
 
175
 
SLM STUDENT LOAN TRUST 20 3 A5
VAR
 
RT
 
10/25/2024 DD 04/13/05
 
41
 
SAN CLEMENTE LEASING LLC
3.030% 11/22/2022 DD 12/08/10
 
195
 
SANTANDER UK
 
PLC
2.875% 06/18/2024 DD 06/18/19
 
384
 
SCHLUMBERGER INVESTMENT S 144A
3.300% 09/14/2021 DD 09/14/11
 
613
 
CHARLES SCHWAB
 
CORP/THE
3.200% 03/02/2027 DD 03/02/17
 
230
 
SHELL INTERNATIONAL
 
FINANCE BV
3.875% 11/13/2028 DD 11/13/18
 
998
 
SOUND POINT CLO V-R
 
1RA A 144A
VAR
 
RT
 
07/18/2031 DD 07/18/18
 
600
 
SOUND POINT CLO XX 3A A1A 144A
VAR
 
RT
 
10/26/2031 DD 10/10/18
 
600
 
SOUTHERN CALIFORNIA EDISON CO
4.200% 03/01/2029 DD 03/15/19
 
138
 
STANDARD CHARTERED
 
PLC 144A
VAR
 
RT
 
01/20/2023 DD 10/04/18
 
492
 
STANLEY BLACK
 
& DECKER INC
4.250% 11/15/2028 DD 11/06/18
 
226
 
SUMITOMO MITSUI FINANCIAL GROU
3.102% 01/17/2023 DD 01/17/18
 
410
 
TD AMERITRADE HOLDING CORP
2.950% 04/01/2022 DD 03/09/15
 
378
 
TENNESSEE VALLEY
 
AUTH BD
3.875% 02/15/2021 DD 02/08/11
 
1,201
 
 
 
 
 
 
 
 
 
22
 
AT&T SAVINGS
 
AND SECURITY PLAN
EIN 43-1301883, PLAN NO. 004
SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT
 
END OF YEAR) (Continued)
December 31, 2019
(Dollars in Thousands)
Identity of Issue
Description of Investment
 
Current Value
 
TOTAL
 
CAPITAL INTERNATIONAL
 
SA
2.829% 01/10/2030 DD 07/10/19
 
463
 
UBS-BARCLAYS
 
COMMERCIAL C6 A4
3.244% 04/10/2046 DD 04/01/13
 
381
 
VENDEE MORTGAGE TRUST
 
199 1 2Z
7.750% 05/15/2022 DD 06/01/92
 
54
 
U S TREASURY NOTE
2.875% 05/31/2025 DD 05/31/18
 
5,678
 
U S TREASURY NOTE
2.875% 10/31/2023 DD 10/31/18
 
3,292
 
U S TREASURY NOTE
2.875% 11/30/2023 DD 11/30/18
 
2,186
 
U S TREASURY NOTE
1.750% 09/30/2022 DD 09/30/15
 
6,245
 
U S TREASURY NOTE
2.250% 11/15/2025 DD 11/15/15
 
5,845
 
U S TREASURY NOTE
1.625% 05/15/2026 DD 05/15/16
 
168
 
US TREAS-CPI INFLAT
0.125% 07/15/2022 DD 07/15/12
 
1,832
 
U S TREASURY NOTE
1.375% 08/31/2026 DD 08/31/19
 
2,627
 
UNITEDHEALTH
 
GROUP INC
2.750% 02/15/2023 DD 10/22/12
 
933
 
UTAH ST BRD OF
 
RGTS STUDENT LO
VAR
 
RT
 
05/01/2035 DD 09/28/11
 
418
 
VISA INC
3.150% 12/14/2025 DD 12/14/15
 
1,269
 
WALMART
 
INC
3.700% 06/26/2028 DD 06/27/18
 
165
 
WELLS FARGO & CO
3.000% 10/23/2026 DD 10/25/16
 
861
 
WELLS FARGO COMMERCIAL
 
LC5 A3
2.918% 10/15/2045 DD 09/01/12
 
1,072
 
WELLS FARGO COMMERCIAL
 
LC5 ASB
2.528% 10/15/2045 DD 09/01/12
 
217
 
WELLS FARGO BANK
 
NA
3.550% 08/14/2023 DD 08/14/18
 
341
 
WISCONSIN ELECTRIC POWER CO
2.050% 12/15/2024 DD 12/10/19
 
120
 
 
319,518
 
* DREYFUS GOVERNMENT CASH MANAGEMENT
FUND
REGISTERED INVESTMENT
COMPANY:
 
12,269,762 UNITS
 
11,862
 
Adjustment from fair value to contract value for fully
benefit-responsive investment contracts
 
(3,915)
TOTAL
 
INTEREST INCOME FUND
 
327,465
 
Global Equity Fund
* BLACKROCK US EQUITY MARKET FUND F
COMMON/COLLECTIVE TRUST
FUND: 6,522,007 UNITS
 
165,932
 
Mid and Small Cap Stock Fund
* BLACKROCK EXTENDED EQUITY MARKET FUND
F
COMMON/COLLECTIVE TRUST
FUND: 4,373,314 UNITS
 
332,164
 
International Stock Fund
* BLACKROCK EAFE EQUITY INDEX FUND F
COMMON/COLLECTIVE
TRUST FUND: 4,584,055 UNITS
 
208,011
 
Interest Bearing Cash
* DREYFUS GOVERNMENT CASH MANAGEMENT
FUND
REGISTERED INVESTMENT
COMPANY:
 
3,514,791 UNITS
 
1,222
 
 
 
 
 
 
 
23
 
AT&T SAVINGS
 
AND SECURITY PLAN
EIN 43-1301883, PLAN NO. 004
SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT
 
END OF YEAR) (Continued)
December 31, 2019
(Dollars in Thousands)
Identity of Issue
Description of Investment
 
Current Value
 
Loan Fund
* NOTES RECEIVABLE
 
FROM PARTICIPANTS
4.25% - 10.50%
 
91,829
 
TOTAL
$
 
2,553,225
 
* Party-in-interest
 
 
 
 
 
SIGNATURE
Pursuant to the requirements of the Securities Exchange
 
Act of 1934, the trustee (or other persons who administer the employee
benefit plan) has duly caused this annual report to
 
be signed by the undersigned thereunto duly authorized.
 
 
 
AT&T
 
Savings and Security Plan
 
By: AT&T
 
Services, Inc.,
 
Plan Administrator for the Foregoing Plan
By
/s/ Debra L. Dial
 
 
Debra L. Dial
 
Senior Vice President and
 
Controller
Date: June 29, 2020
 
 
 
EXHIBIT INDEX
 
Exhibit identified below,
 
Exhibit 23 filed herein as exhibit hereto.
 
 
Exhibit
Number
 
 
 
 
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