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

23

Consent of Independent Registered Public Accounting Firm