-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, pNSp+er+nIlTAi1JO8b7Mejrl/D/yeGM3WeUl44Q596DIzdP+GguoNMDrfB38c09 yOmdCe97WPMWzmoDzXpgwQ== 0000005907-94-000018.txt : 19940509 0000005907-94-000018.hdr.sgml : 19940509 ACCESSION NUMBER: 0000005907-94-000018 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AT&T CORP CENTRAL INDEX KEY: 0000005907 STANDARD INDUSTRIAL CLASSIFICATION: 4813 IRS NUMBER: 134924710 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-01105 FILM NUMBER: 94526494 BUSINESS ADDRESS: STREET 1: 32 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 100132412 BUSINESS PHONE: 2126055500 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN TELEPHONE & TELEGRAPH CO DATE OF NAME CHANGE: 19920703 11-K 1 AT&T SPME PLAN SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 (Mark One) X Annual report pursuant to Section 15(d) of the - -- Securities Exchange Act of 1934 (Fee Required) For the fiscal year ended December 31, 1993 OR - -- Transition report pursuant to Section 15(d) of the Securities Exchange Act of 1934 (No Fee Required) For the transition period from ___________ to _________ Commission file number 1-1105 ______ A. Full title of the plan and the address of the plan, if different from that of the issuer named below: AT&T Long Term Savings Plan for Management Employees B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: AT&T Corp. 32 Avenue of the Americas, New York, NY 10013-2412 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES Financial Statements and Supplemental Schedules at December 31, 1993 and 1992 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES INDEX to FINANCIAL STATEMENTS and SUPPLEMENTAL SCHEDULES _______ Page(s) Report of Independent Auditors 2-3 Financial Statements: Statements of Net Assets Available for Plan Benefits at December 31, 1993 and 1992 4-5 Statement of Changes in Net Assets Available for Plan Benefits for the year ended December 31, 1993 6 Notes to Financial Statements 7-11 Supplemental Schedules: Schedule of Investments at December 31, 1993 12-22 Item 27a - Schedule of Assets Held for Investment Purposes at December 31, 1993 23 Item 27d - Schedule of Reportable Transactions for the year ended December 31, 1993 24 REPORT of INDEPENDENT AUDITORS _______ To the AT&T Savings Plan Committee: We have audited the financial statements of the AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES as listed in the accompanying index on page 1. 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 generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of the AT&T Long Term Savings Plan for Management Employees at December 31, 1993 and 1992, and the changes in its net assets available for plan benefits for the year ended December 31, 1993, in conformity with generally accepted accounting principles. 2 Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of investments is presented for purposes of additional analysis and is not a required part of the basic financial statements. The supplemental schedules under items 27a and 27d are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 and are not a required part of the basic financial statements. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. COOPERS & LYBRAND New York, New York April 29, 1994 3 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES STATEMENT of NET ASSETS AVAILABLE for PLAN BENEFITS December 31, 1993 (Thousands of Dollars) _______
AT&T Government Diversified Guaranteed South Africa Shares Obligations Equity Interest Restricted Loan ASSETS: Fund Fund Portfolio Fund Fund Account Total ------ ----------- ----------- ---------- ------------ ------- ----- Investments, at fair value (cost $7,085,131; see accompanying schedule of investments): Share of investments in Group Trust: American Telephone and Telegraph Company common share $3,506,847 $ 6,270 $3,513,117 Government obligations $496,922 496,922 Other marketable securities and obligations 1,288,688 $207,501 1,496,189 Contracts with insurance companies $2,635,908 2,635,908 Contracts with financial institutions 162,797 162,797 Temporary cash investments 157,714 123,347 191,311 199,144 671,516 ---------- -------- --------- ---------- -------- ---------- 3,664,561 620,269 1,486,269 2,997,849 207,501 8,976,449 Non-Group Trust investments: Contracts with insurance companies 61,909 61,909 Participant loans receivable $186,094 186,094 ---------- -------- --------- ---------- -------- -------- ---------- Total investments 3,664,561 620,269 1,486,269 3,059,758 207,501 186,094 9,224,452 Employee allotments receivable 14,601 1,679 7,310 7,975 1,538 33,103 Employing Company contributions receivable (Note 5) 6,710 900 3,056 3,881 641 15,188 Due from (to) AT&T Long Term Savings and Security Plan 548 (32) 217 284 27 1,044 Interfund receivables 23,732 3,713 27,445 Dividends and interest receivable 22,445 8,276 1,293 476 4 32,494 Receivables for investments sold and other 39 25,062 54 21 35 25,211 ---------- -------- --------- ---------- -------- -------- ---------- Total assets 3,732,636 656,154 1,501,912 3,072,395 209,746 186,094 9,358,937 ---------- -------- --------- ---------- -------- ---------- LIABILITIES: Interfund payables 14,553 9,993 2,899 27,445 Payables for administrative expenses 15 67 58 100 2 242 ---------- -------- --------- ---------- -------- ---------- Total liabilities 15 14,620 58 10,093 2,901 27,687 ---------- -------- --------- ---------- -------- -------- ---------- Net assets available for plan benefits $3,732,621 $641,534 $1,501,854 $3,062,302 $206,845 $186,094 $9,331,250 ========== ======== ========== ========== ======== ======== ========== The accompanying notes are an integral part of these financial statements.
4 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES STATEMENT of NET ASSETS AVAILABLE for PLAN BENEFITS December 31, 1992 (Thousands of Dollars) _______
AT&T Government Diversified Guaranteed South Africa Shares Obligations Equity Interest Restricted Loan ASSETS: Fund Fund Portfolio Fund Fund Account Total ------ ----------- ----------- ---------- ------------ ------- ----- Investments, at fair value (cost $6,729,335): Share of investments in Group Trust: American Telephone and Telegraph Company common shares $3,493,482 $ 4,965 $3,498,447 Government obligations $576,654 576,654 Other marketable securities and obligations 1,218,794 $160,226 1,379,020 Contracts with insurance companies $2,511,062 2,511,062 Contracts with financial institutions 255,887 255,887 Temporary cash investments 12,344 136,613 10,273 29,051 34 188,315 ---------- -------- --------- ---------- -------- -------- ---------- 3,505,826 713,267 1,234,032 2,796,000 160,260 8,409,385 Non-Group Trust investments: Contracts with insurance companies 189,342 189,342 Temporary cash investments 148 148 Participant loans receivable $169,743 169,743 ---------- -------- --------- ---------- -------- -------- ---------- Total investments 3,505,826 713,267 1,234,032 2,985,490 160,260 169,743 8,768,618 Allotments and contributions receivable (Note 5) 1,445 264 648 805 144 3,306 Due from (to) AT&T Long Term Savings and Security Plan 767 (262) (212) 650 (11) 932 Interfund receivables 20,995 9,082 13,998 44,075 Dividends and interest receivable 22,637 5,155 1,821 106 4 29,723 Receivables for investments sold and other 5 2,257 1,722 1,197 5,181 ---------- -------- --------- ---------- -------- -------- ---------- Total assets 3,530,680 720,681 1,259,006 2,997,330 174,395 169,743 8,851,835 ---------- -------- --------- ---------- -------- -------- ---------- LIABILITIES: Distributions payable (Note 2) 15,829 2,835 4,523 14,242 267 37,696 Interfund payables 25,050 19,025 44,075 Payables for investments purchased and other 2,254 2,483 1,104 5,841 Payables for administrative expenses 13 71 91 115 2 292 ---------- -------- --------- ---------- -------- -------- ---------- Total liabilities 40,892 24,185 7,097 15,461 269 87,904 ---------- -------- --------- ---------- -------- -------- ---------- Net assets available for plan benefits $3,489,788 $696,496 $1,251,909 $2,981,869 $174,126 $169,743 $8,763,931 ========== ======== ========== ========== ======== ======== ========== The accompanying notes are an integral part of these financial statements.
5 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES STATEMENT of CHANGES in NET ASSETS AVAILABLE for PLAN BENEFITS for the year ended December 31, 1993 (Thousands of Dollars) _______
AT&T Government Diversified Guaranteed South Africa Shares Obligations Equity Interest Restricted Loan ASSETS: Fund Fund Portfolio Fund Fund Account Total ------ ----------- ----------- ---------- ------------ ------- ----- Net assets available for plan benefits, January 1, 1993 $3,489,788 $696,496 $1,251,909 $2,981,869 $174,126 $169,743 $8,763,931 ---------- -------- --------- ---------- -------- ------- --------- Allotments, contributions and transfers: Employee allotments 217,937 31,774 107,776 145,337 29,795 532,619 Employing Company contributions (Note 5) 99,933 14,945 46,516 66,809 12,268 240,471 Transfers of participants' balances, net 72,979 (47,494) 50,680 (51,064) (13,139) 16,351 28,313 Transfers of participants' balances to other companies' plans (Note 7) (261,169) (73,554) (85,364) (215,644) (5,415) (641,146) ---------- -------- --------- ---------- -------- ------- --------- 129,680 (74,329) 119,608 (54,562) 23,509 16,351 160,257 ---------- -------- --------- ---------- -------- -------- --------- Share of investment income in Group Trust: Dividends on American Telephone and Telegraph Company common shares 89,147 128 89,275 Other dividends 14,839 14,715 29,554 Interest (includes $4,608 from Non-Group Trust Guaranteed Interest Fund contracts) 2,578 34,704 1,219 223,991 1,717 264,209 Net appreciation (depreciation) of investments (Note 2) 134,165 4,523 147,756 (3,620) 282,824 ---------- -------- --------- ---------- -------- ---------- 225,890 39,227 163,942 223,991 12,812 665,862 ---------- -------- --------- ---------- -------- --------- Distributions to participants (112,595) (19,028) (31,434) (87,746) (3,588) (254,391) Administrative expenses (142) (832) (2,171) (1,250) (14) (4,409) ---------- -------- --------- ---------- -------- -------- ---------- Net increase (decrease) 242,833 (54,962) 249,945 80,433 32,719 16,351 567,319 ---------- -------- --------- ---------- -------- -------- ---------- Net assets available for plan benefits, December 31, 1993 $3,732,621 $641,534 $1,501,854 $3,062,302 $206,845 $186,094 $9,331,250 ========== ======== ========== ========== ======== ======== ========== The accompanying notes are an integral part of these financial statements.
6 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES NOTES to FINANCIAL STATEMENTS _______ 1. Plan Description: The AT&T Long Term Savings Plan for Management Employees (the "Plan" or "LTSPME") was established by American Telephone and Telegraph Company ("AT&T") to provide a convenient way for management employees (i.e., employees whose pay is at monthly or annual fixed rates and whose wages are not subject to automatic wage progression) to save on a regular and long-term basis. An eligible employee enters the Plan by authorizing a payroll allotment and making a direction of investment entirely in the AT&T Shares Fund, Government Obligations Fund, Diversified Equity Portfolio, Guaranteed Interest Fund, or South Africa Restricted Fund, or equally in any two or three of the funds. Basic employee allotments of 2% to 6% of salary may be authorized. A supplementary allotment may be authorized, if desired, consisting of any whole percentage of salary which, when added to the basic allotment of 6%, results in a total allotment of not more than 16% of salary. An employee may designate allotments as pre-tax allotments, as after-tax allotments or as a combination of pre-tax and after-tax allotments. The Employing Company (AT&T or any subsidiary of AT&T participating in the Plan) will contribute an amount equal to 66-2/3% of the employee's basic salary allotment. Loans are available to all active participating employees in an amount not less than $1,000, up to a maximum of the lesser of $50,000 or 50% of the employee's vested account balance. Upon default, employees are considered to have received a distribution and are subject to income taxes on the distributed amount. For a complete description of the Plan, participants should refer to the Plan Prospectus. Bankers Trust Company is the trustee (the "Trustee") for the Plan. Effective September 1, 1994, Fidelity Management Trust Company will become the trustee for the Plan. 2. Accounting Policies: VALUATION OF INVESTMENTS ------------------------ Investments in AT&T common shares and other securities listed on a national stock exchange are carried at fair value determined on the basis of the last published sales price per share on December 31, as reported on the Composite Tape or, if no sales were made on that date, at the last published sales price on the next preceding day on which Continued 7 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES NOTES to FINANCIAL STATEMENTS _______ sales were made. Securities traded in over-the-counter markets and government obligations are carried at fair value based on the last bid prices or closing prices on December 31, as listed in published sources where available and, if not available, from other reliable sources. All other investments are carried at the fair value at the close of business on December 31. The Trustee determines fair value, taking into account values supplied by a generally accepted pricing or quotation service or quotations furnished by one or more reputable sources, such as securities brokers, dealers or investment bankers, mutual fund administrators, values of comparable property, appraisals or other relevant information. Contracts with insurance companies and financial institutions, which are fully benefit responsive, are carried at contract value (representing contributions made under the contracts plus accumulated interest at the contract rates). WITHDRAWALS AND DISTRIBUTIONS ----------------------------- In accordance with guidance issued by the American Institute of Certified Public Accountants in 1993, the Plan has changed its method of accounting for withdrawals and distributions such that all amounts elected to be withdrawn and distributed from the Plan by participants, but not yet disbursed at year-end, are no longer recorded as a liability in the statement of net assets available for plan benefits. Prior to 1993, withdrawals and distributions were recorded as a liability in the period such amounts were authorized to be paid to participants. The effect of this change is immaterial to net assets available for plan benefits. PURCHASES AND SALES OF INVESTMENTS ---------------------------------- Purchases and sales of securities are recorded as of the trade dates. INVESTMENT INCOME ----------------- Dividend income is recorded on securities held as of the ex- dividend dates. Interest income is recorded on the accrual basis. Continued 8 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES NOTES to FINANCIAL STATEMENTS _______ NET APPRECIATION (DEPRECIATION) IN THE VALUE OF INVESTMENTS ----------------------------------------------------------- The Plan presents in the statement of changes in net assets available for plan benefits the net appreciation (depreciation) in the value of investments, which consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments. 3. Participants by Investment Direction: At December 31, 1993, the number of AT&T employees participating by investment direction described in Section 7 of the Plan Prospectus was:
Entirely in AT&T Shares Fund 29,527 Entirely in Government Obligations Fund 1,655 Entirely in Diversified Equity Portfolio 4,977 Entirely in Guaranteed Interest Fund 16,393 Entirely in South Africa Restricted Fund 614 Equally in AT&T Shares Fund and Government Obligations Fund 2,364 Equally in AT&T Shares Fund and Diversified Equity Portfolio 14,143 Equally in AT&T Shares Fund and Guaranteed Interest Fund 14,137 Equally in AT&T Shares Fund and South Africa Restricted Fund 2,057 Equally in Government Obligations Fund and Diversified Equity Portfolio 1,154 Equally in Government Obligations Fund and Guaranteed Interest Fund 1,131 Equally in Government Obligations Fund and South Africa Restricted Fund 75 Equally in Diversified Equity Portfolio and Guaranteed Interest Fund 3,655 Equally in Diversified Equity Portfolio and South Africa Restricted Fund 1,762 Equally in Guaranteed Interest Fund and South Africa Restricted Fund 287 Equally in AT&T Shares Fund, Government Obligations Fund and Diversified Equity Portfolio 2,679 Equally in AT&T Shares Fund, Government Obligations Fund and Guaranteed Interest Fund 1,396 Equally in AT&T Shares Fund, Government Obligations Fund and South Africa Restricted Fund 206 Equally in AT&T Shares Fund, Diversified Equity Portfolio and Guaranteed Interest Fund 7,460 Equally in AT&T Shares Fund, Diversified Equity Portfolio and South Africa Restricted Fund 3,304 Equally in AT&T Shares Fund, Guaranteed Interest Fund and South Africa Restricted Fund 740 Equally in Government Obligations Fund, Diversified Equity Portfolio and Guaranteed Interest Fund 932 Equally in Government Obligations Fund, Diversified Equity Portfolio and South Africa Restricted Fund 224 Equally in Government Obligations Fund, Guaranteed Interest Fund and South Africa Restricted Fund 50 Equally in Diversified Equity Portfolio, Guaranteed Interest Fund and South Africa Restricted Fund 629 ------- Total 111,551 =======
Continued 9 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES NOTES to FINANCIAL STATEMENTS _______ 4. Tax Status: The Plan obtained its latest determination letter on January 20, 1987, in which the Internal Revenue Service (the "IRS") stated that the Plan, as submitted, met the requirements of Section 401(a) of the Internal Revenue Code, as amended (the "Code"), and that the related Trust was exempt from Federal income taxes under Section 501(a) of the Code. The Plan has since been amended. However, the Plan, as amended, is currently designed and operated to be in compliance with the applicable requirements of the Code, and AT&T intends to make any additional amendments required by the IRS to ensure continued compliance. Therefore, Plan management believes that the Plan was qualified and the related Trust was tax exempt at the date of the financial statements. 5. Employing Company Contributions: The Employing Company contributes on behalf of each of its participating employees an amount equal to 66-2/3% of the amount of the basic allotment of each such employee. Employing Company contributions will not be made with respect to supplementary allotments. Employing Company contributions have been reduced by forfeited contributions. For information regarding Employing Company contributions, participants should refer to Section 5 of the Plan Prospectus. 6. Group Trust Agreement: On January 1, 1990, AT&T established a group trust (the "Group Trust"), which contains the pooled assets of the various funds of the AT&T Long Term Savings and Security Plan ("LTSSP"), the AT&T Retirement Savings and Profit Sharing Plan and the Plan, except for certain Guaranteed Interest Fund investments separately held by the Plan which pre-date the Group Trust. Income and assets of the Group Trust are allocated monthly among the three plans on the basis of prior-month balances and current activity. Effective January 1, 1994, the assets of the LTSSP were transferred to a newly formed group trust. Continued 10 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES NOTES to FINANCIAL STATEMENTS _______ 7. Transfers of Participants' Balances to Other Companies' Plans: During 1993, Sandia National Laboratories ("Sandia") established a separate savings plan for their employees. Accordingly, all Sandia related net assets were transferred out of the Plan during 1993. Effective January 1, 1994, AT&T Capital Corporation and AT&T Puerto Rico, Inc. established their own savings plans. Their respective net assets will be transferred out of the Plan during 1994. 8. Concentrations of Credit Risk: Financial instruments which potentially subject the Plan to concentrations of credit risk consist principally of investment contracts with insurance companies and other financial institutions. The Plan places its investment contracts with high-credit quality insurance companies and financial institutions and, by policy, limits the amount of credit exposure to any one company or institution. 9. Termination Priorities: In the event that the Plan is terminated, subject to conditions set forth in the Employee Retirement Income Security Act of 1974, the Plan provides that the net assets be distributed to participating employees in amounts equal to their respective interests in such assets. 10. Plan Expenses: Brokerage, investment manager and Trustee fees are paid by the Plan. 11. Reconciliation to Form 5500: A liability in the amount of $29.7 million, relating to participants who have elected to withdraw from the Plan but have not yet been paid (see Note 2), has been reflected on Form 5500 in the statement of net assets available for plan benefits, as well as in the statement of changes in net assets available for plan benefits in accordance with Department of Labor Requirements. 11 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES SCHEDULE of INVESTMENTS December 31, 1993 (Thousands of Dollars) _______ GROUP TRUST INVESTMENTS: - -----------------------
Number of Shares or Principal Name of Issuer and Title of Issue Amount Cost Value --------------------------------- --------- ---- ----- AT&T SHARES FUND ---------------- American Telephone and Telegraph Company common shares - (94%) 100,774,277 shs $2,871,938 $5,290,647 Temporary cash investments - (0.4%): BT Pyramid Directed Acct. Cash Fund $237,937 237,937 237,937 ----------- ----------- Total AT&T Shares Fund $3,109,875 $5,528,584 ====================== Allocated to: AT&T Long Term Savings Plan for Management Employees ("LTSPME") 66.2839% $2,061,346 3,664,561 AT&T Long Term Savings and Security Plan ("LTSSP") 33.6314% 1,045,895 1,859,340 AT&T Retirement Savings and Profit Sharing Plan ("RSPS").0847% 2,634 4,683 ----------- ----------- $3,109,875 $5,528,584 =========== =========== GOVERNMENT OBLIGATIONS FUND --------------------------- U.S. Treasury Notes - (65.2%): U.S. Treasury Notes, 8.625% August 15, 1994 $ 3,200 $ 3,375 $ 3,299 U.S. Treasury Notes, 8.50% August 15, 1995 101,280 109,248 108,227 U.S. Treasury Notes, 7.625% April 30, 1996 44,210 47,351 47,353 U.S. Treasury Notes, 7.25% August 31, 1996 24,600 26,651 26,284 U.S. Treasury Notes, 6.75% February 28, 1997 82,890 88,006 87,915 U.S. Treasury Notes, 5.75% October 31, 1997 3,300 3,393 3,396 U.S. Treasury Notes, 4.75% October 31, 1998 17,985 17,901 17,665 U.S. Treasury Notes, 4.375% November 15, 1996 46,000 45,863 45,813 U.S. Treasury Notes, 4.25% July 31, 1995 16,165 16,187 16,208 U.S. Treasury Notes, 4.25% November 30, 1995 43,745 43,787 43,772 U.S. Treasury Notes, 4.125% June 30, 1995 18,100 18,134 18,131 ------- ------- 419,896 418,063 ------- -------
Continued 12 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES SCHEDULE of INVESTMENTS,Continued December 31, 1993 (Thousands of Dollars) _______
Number of Shares or Principal Name of Issuer and Title of Issue Amount Cost Value --------------------------------- --------- ---- ----- GOVERNMENT OBLIGATIONS FUND, Continued -------------------------------------- Federal Mortgage Agency Obligations - (4.8%): Federal National Mortgage Association, 7.75%, May 1, 2004 $ 5,419 $ 5,412 $ 5,653 Federal Home Loan Mortgage Corp., 8.40%, January 15, 2005 11,039 11,504 11,418 Federal Home Loan Mortgage Corp., Var. rate, April 15, 2022 3,219 3,232 3,289 Federal Home Loan Mortgage Corp., 7.00%, September 1, 2009 970 942 991 Federal Home Loan Mortgage Corp., 7.00%, November 1, 2006 4,157 3,942 4,247 Federal Home Loan Mortgage Corp., 7.00%, May 1, 2006 2,489 2,361 2,543 Federal Home Loan Mortgage Corp., 7.00%, April 1, 2005 2,413 2,307 2,465 ------ ------ 29,700 30,606 ------ ------ Other Federal Agency Mortgage- Backed - (7.5%): CMO Trust 64-F, 9.00%, May 20, 1997 3,021 3,157 3,161 CMO Trust 64-A1, 9.00%, October 20, 2014 5,591 5,836 5,617 Bear Stearns Investment Trust 88-6 6B, Zero Coupon, December 1, 2018 8,769 6,743 8,355 Government Trust G, 8.00%, May 15, 1998 13,895 14,355 14,920 Guaranteed Trade Trust 1993-A, 4.86%, April 1, 1998 16,200 16,200 16,200 ------ ------ 46,291 48,253 ------ ------ Temporary Investments - (19.2%): BT Pyramid Directed Acct. Cash Fund 123,347 123,347 123,347 ------- ------- Total Government Obligations Fund $619,234 $620,269 ======= ======== Allocated to: LTSPME 100.0% $619,234 $620,269 ======= ========
Continued 13 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES SCHEDULE of INVESTMENTS,Continued December 31, 1993 (Thousands of Dollars) _______
Number of Shares or Principal Name of Issuer and Title of Issue Amount Cost Value --------------------------------- --------- ---- ----- DIVERSIFIED EQUITY PORTFOLIO ---------------------------- American Telephone and Telegraph Company common shares - (.4%) 125,000 shs $ 6,562$ 6,562 ------ ------ Other Marketable Securities: Domestic Common Stocks: Automobiles: Ford Motor Co. 104,100 4,715 6,714 General Motors Corp. 156,000 6,428 8,561 ------ ------ 11,143 15,275 ------ ------ Banks: Bank of Boston 257,000 4,693 5,911 BankAmerica Corp. 123,000 5,371 5,704 Central Fidelity Banks Inc. 17,600 488 488 Citicorp 254,000 5,538 9,366 First Interstate Bancorp 51,000 2,358 3,270 First Virginia Banks, Inc. 16,200 531 531 Mercantile Bank Shares Corp. 18,900 362 362 J.P. Morgan & Co. Incorporated 73,000 2,7085,064 NBD Bancorp, Inc. 46,000 807 1,369 Norwest Corporation 230,000 2,079 5,606 ------ ------ 24,935 37,671 ------ ------ Building - Forest Products: Boise Cascade Corp. 95,000 3,900 2,233 Weyerhaeuser Co. 130,000 3,237 5,801 ------ ------ 7,137 8,034 ------ ------ Building - Other: Fluor Corporation 63,000 1,457 2,552 Masco Corporation 174,900 3,980 6,471 ------ ------ 5,437 9,023 ------ ------ Chemicals: American Cyanamid Co. 43,500 2,186 2,186 Dow Chemical Co. 80,000 3,432 4,540 Raychem Corp. 129,000 4,395 4,837 WR Grace & Co. 91,000 3,437 3,697 ------ ------ 13,450 15,260 ------ ------ Drugs: American Home Products Corp. 30,000 1,943 1,943 Pfizer Inc. 33,000 1,163 2,277 Upjohn Co. 211,700 6,533 6,139 ------ ------ 9,639 10,359 ------ ------
Continued 14 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES SCHEDULE of INVESTMENTS,Continued December 31, 1993 (Thousands of Dollars) _______
Number of Shares or Principal Name of Issuer and Title of Issue Amount Cost Value --------------------------------- --------- ---- ----- DIVERSIFIED EQUITY PORTFOLIO, Continued --------------------------------------- Other Marketable Securities, Continued: Domestic Common Stocks, Continued: Electrical Equipment: General Electric Co. 60,100 shs $ 3,504$ 6,303 ITT Corp. 69,000 3,811 6,296 ------ ------ 7,315 12,599 ------ ------ Electrical Household Appliances: Whirlpool Corp. 73,000 1,872 4,855 ------ ------ Electronics: Hewlett-Packard Co. 71,000 3,2515,609 Motorola Inc. 49,900 1,1454,603 Texas Instruments Inc. 118,000 3,864 7,493 ------ ------ 8,260 17,705 ------ ------ Finance: American Express Co. 302,000 7,4389,324 Federal National Mortgage Assn. 64,400 5,0565,056 Integra Financial Corp. 7,590 326 326 ------ ------ 12,820 14,706 ------ ------ Food Products: CPC Intl Inc. 35,000 1,667 1,667 ------ ------ Insurance: CIGNA Corp. 74,800 3,8214,694 Chubb Corp. 80,000 6,0016,230 General Reinsurance Corp. 52,000 1,5895,564 St. Paul Cos. Inc. 51,000 2,438 4,583 ------ ------ 13,849 21,071 ------ ------ Investment Companies: Morgan Stanley Group Inc. 4,400 311 311 ------ ------ Machinery - Agriculture: Deere & Company 134,300 6,267 9,938 ------ ------ Machinery - Other: Caterpillar Inc. 104,500 6,0819,301 Sundstrand Corp. 25,000 845 1,050 ------ ------ 6,926 10,351 ------ ------ Metals - Aluminum: Aluminum Co. of America 96,000 6,019 6,660 ------ ------
Continued 15 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES SCHEDULE of INVESTMENTS,Continued December 31, 1993 (Thousands of Dollars) _______
Number of Shares or Principal Name of Issuer and Title of Issue Amount Cost Value -------------------------------- --------- ---- ----- DIVERSIFIED EQUITY PORTFOLIO, Continued --------------------------------------- Other Marketable Securities, Continued: Domestic Common Stocks, Continued: Office and Business Equipment: Digital Equipment Corp. 229,000 shs $14,388 $ 7,843 International Business Machines Corp. 189,000 14,684 10,679 Minnesota Mining and Mfg. Co. 50,000 4,614 5,438 Seagate Technology Co. 34,000 807 807 Tandem Computers Incorporated 400,000 5,990 4,350 Xerox Corp. 84,000 4,919 7,507 ------ ------ 45,402 36,624 ------ ------ Oil - Domestic: Amerada Hess Corp. 140,000 5,939 6,317 Chevron Corporation 77,000 3,908 6,709 Phillips Petroleum Co. 140,000 3,866 4,060 ------ ------ 13,713 17,086 ------ ------ Oil - International: Mobil Corporation 117,000 6,551 9,258 ------ ------ Oil - Service: Halliburton Co. 180,700 5,499 5,760 ------ ------ Paper: International Paper Co. 91,000 5,188 6,165 James River Corp. of VA. 327,400 6,235 6,302 ------ ------ 11,423 12,467 ------ ------ Photographic Equipment: Eastman Kodak Company 121,400 6,829 6,829 ------ ------ Publishing: R.R. Donnelley & Sons Co. 192,000 3,088 5,976 The Times Mirror Company 180,300 5,468 6,018 ------ ------ 8,556 11,994 ------ ------ Retail Trade: American Stores Company 41,900 1,802 1,802 Dayton-Hudson Corp. 136,000 7,420 9,061 Fleming Companies, Inc. 110,900 3,213 2,745 Fred Meyer Inc. 13,825 497 497 Nordstrom, Inc. 251,600 7,227 8,303 JC Penney Inc. 25,800 1,358 1,358 ------ ------ 21,517 23,766 ------ ------ Savings & Loan: Golden West Financial Corp. 161,000 6,543 6,279 ------ ------
Continued 16 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES SCHEDULE of INVESTMENTS,Continued December 31, 1993 (Thousands of Dollars) _______
Number of Shares or Principal Name of Issuer and Title of Issue Amount Cost Value --------------------------------- --------- --- ----- DIVERSIFIED EQUITY PORTFOLIO, Continued --------------------------------------- Other Marketable Securities, Continued: Domestic Common Stocks, Continued: Soaps: Procter & Gamble Co. 144,000 shs $ 3,419 $ 8,208 ------ ------ Textile and Apparel: Melville Corp. 188,000 8,072 7,638 ------ ------ Tire & Rubber: Goodyear Tire & Rubber Co. 69,200 3,166 3,166 ------ ------ Transportation: CSX Corp. 24,000 1,965 1,965 Federal Express Corp. 119,200 5,366 8,448 Union Pacific Corp. 79,000 900 4,947 ------ ------ 8,231 15,360 ------ ------ Utilities - Electric: Central & South West Corp. 85,000 1,190 2,571 Commonwealth Edison Co. 183,000 5,226 5,147 Pacific Gas & Electric Co. 30,000 540 1,054 Texas Utilities Company 45,000 1,300 1,946 ------ ------ 8,256 10,718 ------ ------ Utilities - Natural Gas: Consolidated Nat. Gas Co. 52,000 1,773 2,444 ------ ------ Utilities - Telephone: NYNEX Corporation 70,000 2,392 2,809 ------ ------ Total Domestic Common Stocks - (24.3%) 304,951 382,453 ------- ------- Foreign Common Stocks: Drug: Smithkline Beecham 260,000 7,209 7,117 ------ ------ Oil - International: Royal Dutch Petroleum Co. 50,000 2,936 5,219 ------ ------ Transportation: Canadian PAC Ltd. 345,000 4,030 5,606 ------ ------ Utility - Telephone: LM Erisson Tel Co. 63,300 1,312 2,556 ------ ------ Total Foreign Common Stocks - (1.3%) 15,487 20,498 ------ ------
Continued 17 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES SCHEDULE of INVESTMENTS,Continued December 31, 1993 (Thousands of Dollars) _______ Number of
Shares or Principal Name of Issuer and Title of Issue Amount Cost Value --------------------------------- --------- ---- ----- DIVERSIFIED EQUITY PORTFOLIO, Continued --------------------------------------- Other Marketable Securities, Continued: Pooled Common Stocks: Bankers Trust Pyramid S&P 500 Equity Index Fund 963,175 units $ 682,452 $ 952,243 --------- --------- Total Pooled Common Stocks - (60.6%) 682,452 952,243 --------- --------- Temporary Cash Investments - (12.7%): BT Pyramid Directed Acct. Cash Fund 200,210 200,210 200,210 --------- --------- Total Diversified Equity Portfolio $1,203,100 $1,555,404 ========= ========= Allocated to: LTSPME 95.5552% $1,149,625 $1,486,269 LTSSP 4.2178% 50,744 65,604 RSPS .2270% 2,731 3,531 --------- --------- $1,203,100 $1,555,404 ========= ========= GUARANTEED INTEREST FUND ------------------------ Contracts with Insurance Companies - (86.1%): Aetna Life Insurance Company $ 111,277 $ 111,277 Allstate Life Insurance Company 51,418 51,418 CIGNA Life Insurance Company 195,082 195,082 CNA Insurance Company 35,368 35,368 Commonwealth Life Insurance Company 209,070 209,070 Confederation Life Insurance Company 101,805 101,805 Crown Life Insurance Company 34,111 34,111 The Hartford Life Insurance Company 219,164 219,164 John Hancock Mutual Life Insurance Company 371,755 371,755 Lincoln National Life Insurance Company 88,172 88,172 Massachusetts Mutual Life Insurance Company 294,280 294,280 Metropolitan Life Insurance Company 332,504 332,504 New York Life Insurance Company 362,583 362,583 Pacific Mutual Life Insurance Company 126,972 126,972 Principal Financial Insurance Company 179,019 179,019 Provident National Life Assurance Company 120,135 120,135 The Prudential Insurance Company of America 414,123 414,123 Sun Life of Canada 81,068 81,068 --------- ------- 3,327,906 3,327,906 --------- ---------
Continued 18 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES SCHEDULE of INVESTMENTS,Continued December 31, 1993 (Thousands of Dollars) _______
Number of Shares or Principal Name of Issuer and Title of Issue Amount Cost Value --------------------------------- --------- ---- ----- GUARANTEED INTEREST FUND, Continued ----------------------------------- Contracts with Financial Institutions - (5.3%): Bankers Trust Company $ 128,518 $ 128,518 JP Morgan 65,263 65,263 Long Term Credit Bank of Japan Ltd. 11,754 11,754 -------- --------- 205,535 205,535 -------- --------- Temporary Cash Investments - (6.5%): BT Pyramid Discretionary Cash Fund $158,002 158,002 158,002 BT Pyramid Directed Acct. Cash Fund 93,423 93,423 93,423 -------- --------- 251,425 251,425 -------- --------- Total Guaranteed Interest Fund $3,784,866 $3,784,866 ========= ========= Allocated to: LTSPME 79.2062% $2,997,849 $2,997,849 LTSSP 20.7176% 784,133 784,133 RSPS .0762% 2,884 2,884 -------- --------- $3,784,866 $3,784,866 ========= ========= SOUTH AFRICA RESTRICTED FUND ---------------------------- Investment Companies - (100%): Miller, Anderson, and Sherrard Select Equity Portfolio $ 12,789 $213,386 $226,870 -------- --------- Total South Africa Restricted Fund $213,386 $226,870 ========= ========= Allocated to: LTSPME 91.4626% $195,168 $207,501 LTSSP 8.2983% 17,708 18,826 RSPS .2391% 510 543 -------- --------- $213,386 $226,870 ========= ========== TOTAL GROUP TRUST INVESTMENTS $8,930,461 $11,715,993 ========= ========== TOTAL ALLOCATION OF GROUP TRUST INVESTMENTS: LTSPME $7,023,222 $ 8,976,449 LTSSP 1,898,480 2,727,903 RSPS 8,759 11,641 --------- ---------- $8,930,461 $11,715,993 ========= ==========
Continued 19 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES SCHEDULE of INVESTMENTS,Continued December 31, 1993 (Thousands of Dollars) _______
Number of Shares or Principal Name of Issuer and Title of Issue Amount Cost Value --------------------------------- --------- ---- ----- GUARANTEED INTEREST FUND ------------------------ Contracts with Insurance Companies Specific to LTSPME - (2.0%): Aetna Life Insurance Company $ 1,610 $ 1,610 Mutual Benefit Life Insurance Company 60,299 60,299 ------- ------ 61,909 61,909 ------- ------- Total Guaranteed Interest Fund $61,909 $61,909 ======= ======= LOAN ACCOUNT ------------ Participant Loans Receivable - (100%), 6% $ - $186,094 ------- -------- Total Loan Account $ - $186,094 ======= ======== TOTAL NON-GROUP TRUST INVESTMENTS SPECIFIC TO LTSPME $61,909 $248,003 ======= ========
Continued 20 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES SCHEDULE of INVESTMENTS,Continued December 31, 1993 (Thousands of Dollars) _______
SUMMARY of LTSPME INVESTMENTS ----------------------------- Group Non-Group Trust Trust Total ----- --------- ------ AT&T Shares Fund $3,664,561 $3,664,561 Government Obligations Fund 620,269 620,269 Diversified Equity Portfolio 1,486,269 1,486,269 Guaranteed Interest Fund 2,997,849 $ 61,909 3,059,758 South Africa Restricted Fund 207,501 207,501 Loan Account 186,094 186,094 ---------- -------- ---------- Grand total LTSPME $8,976,449 $248,003 $9,224,452 ========== ======== ==========
Continued 21 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES SCHEDULE of INVESTMENTS, Continued December 31, 1993 _______ NOTES to SCHEDULE of INVESTMENTS -------------------------------- 1. The Plan's share of the investments in AT&T common shares, the Bankers Trust Pyramid Directed Account Cash Fund and the Bankers Trust Pyramid S&P 500 Equity Index Fund each represent 5% or more of the Plan's net assets available for plan benefits. 2. At December 31, 1993, contracts with insurance companies and financial institutions held by the Group Trust were crediting interest at a composite effective annual interest rate of 7.69%. 3. At December 31, 1993, contracts with insurance companies specific to the LTSPME were crediting interest at a composite effective annual interest rate of 3.08%. 4. Percentages in parentheses represent the percentage of the Plan's share of the market value of each investment category to the respective fund's net assets available for plan benefits. 22 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES ITEM 27a - SCHEDULE of ASSETS HELD for INVESTMENT PURPOSES December 31, 1993 (Thousands of Dollars) -----------
NON-GROUP-TRUST INVESTMENTS: - --------------------------- Number of Shares or Principal Name of Issuer and Title of Issue Amount Cost Value --------------------------------- --------- ---- ----- GUARANTEED INTEREST FUND ------------------------ Contracts with Insurance Companies Specific to LTSPME (1): Aetna Life Insurance Company $ 1,610 $ 1,610 Mutual Benefit Life Insurance Company 60,299 60,299 ------- ------- Total Guaranteed Interest Fund $ 61,909 $ 61,909 ======= ======= LOAN ACCOUNT ------------ Participant Loans Receivable, 6% $ - $186,094 ------- ------- Total Loan Account $ - $186,094 ======= ======= TOTAL NON-GROUP TRUST INVESTMENTS SPECIFIC TO LTSPME $ 61,909 $248,003 ======= ======= 1. At December 31, 1993, contracts with insurance companies were crediting interest at a composite effective annual interest rate of 3.08%.
23 AT&T LONG TERM SAVINGS PLAN for MANAGEMENT EMPLOYEES ITEM 27d - SCHEDULE of REPORTABLE TRANSACTIONS for the year ended December 31, 1993 (Thousands of Dollars) _______
Name of Purchase Selling Current Net Gain Party Description of Asset Price Price Expenses(1) Cost Value (Loss) - ------ -------------------- ----- ------ ----------- ---- ------- ------ Bankers Pyramid Directed Trust Account Cash Fund $303,085 $303,085 $303,085 0 Bankers Pyramid Directed Trust Account Cash Fund $302,937 302,937 302,937 Metropolitan Life Insurance Contract with Company Insurance Company 36,018 36,018 36,018 0 Connecticut Mutual Contract with Insurance Insurance Company 22,171 22,171 22,171 0 Provident National Contract with Insurance Insurance Company 62,906 62,906 62,906 0 1. No expenses are incurred with individual transactions.
24 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Savings Plan Committee has duly caused this annual report to be signed by the undersigned thereunto duly authorized. AT&T LONG TERM SAVINGS PLAN FOR MANAGEMENT EMPLOYEES BY: Savings Plan Committee S. L. Fordham Savings Plan Administrator Date: May 3, 1994 Exhibit Index Exhibit Number - -------------- 23 Consent of Coopers & Lybrand EX-23 2 EXHIBIT 23 EXHIBIT (23) CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the registration statements of AT&T Corp. on Form S-8 of the AT&T LONG TERM SAVINGS PLAN FOR MANAGEMENT EMPLOYEES (Registration Nos. 33-34264, 33-29256, 33-21937 and 33-14373) of our report dated April 29, 1994, on our audits of the financial statements of the AT&T LONG TERM SAVINGS PLAN FOR MANAGEMENT EMPLOYEES at December 31, 1993, 1992 and for the year ended December 31, 1993, and the supplemental schedules at December 31, 1993. Coopers & Lybrand New York, New York May 5, 1994 -----END PRIVACY-ENHANCED MESSAGE-----