AT&T INC. - Annual Report 2020 | FinancialReports.eu

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

☐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 Firm1

Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2019 and 20182 Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 20193 Notes to Financial Statements4

Supplemental Schedules:
Schedule H, Part IV, Line 4(a) – Schedule of Delinquent Participant Contributions for the Year Ended December 31, 201911 Schedule H, Part IV, Line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 201912

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 theEmployee 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

AT&T Savings and Security Plan

Statements of Net Assets Available For Benefits

(Dollars in Thousands)| 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 Assets2,554,0402,160,943| LIABILITIES | | |
| --- | --- | --- |
| Administrative expenses payable | 233 | 208 |
| Due to broker for securities purchased | 110 | 1,854 |

Total Liabilities3432,062

Net Assets Available for Benefits$2,553,697$2,158,881

See Notes to Financial Statements.

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 contributions71,050 Employer contributions34,661 Rollover contributions28,873

134,584 Investment Income:
Net appreciation in fair value of investments492,131 Dividends37,236 Interest8,878

538,245 Interest income on notes receivable from participants4,861 Distributions(280,696)
Administrative expenses(2,178)

Net increase394,816

Net Assets Available for Benefits, December 31, 2019$ 2,553,697

See Notes to Financial Statements.

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 interestbearing 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.

AT&T Savings and Security Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

Administrative ExpensesThe 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 RecognitionInvestments 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 benefitresponsive 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 ParticipantsNotes 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.

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.

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| 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

1This 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.
2This 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.
3This 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.
4This 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.
5This 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| 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

AT&T Savings and Security Plan

Notes to Financial Statements (Continued)

(Dollars in Thousands)

1This category includes a common/collective trust fund with an objective of providing investment results that approximate the

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.

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

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, 2019755

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.

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 PlanTotal That Constitute Nonexempt Prohibited Transactions
$6

ContributionsContributionsTotal Fully

CorrectedPendingCorrected Under Check Here if Late ParticipantContributionsOutsideCorrectionVCFP and PTE Loan Repayments are included:Not CorrectedVCFPin VCFP2002-51
$ —$ 6$ —N/A

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 IssueDescription of InvestmentCurrent Value| AT&T Shares Fund | | | |
| --- | --- | --- | --- |
| * AT&T COMMON SHARES | | 17,648,983 SHARES | $ 689,722 |
| * DREYFUS GOVERNMENT CASH MANAGEMENT | | REGISTERED INVESTMENT | |
| FUND | | COMPANY: 6,557,072 UNITS | 6,557 |
| | TOTAL SHARES FUND | | 696,279 |

Bond Fund * BLACKROCK GOVERNMENT/CREDIT BONDCOMMON/COLLECTIVE TRUST INDEX FUND FFUND: 6,098,493 UNITS194,329

Large Cap Stock Fund
COMMON/COLLECTIVE TRUST * BLACKROCK EQUITY INDEX FUND F FUND: 8,525,891 UNITS535,994| 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 |

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 IssueDescription of InvestmentCurrent 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 |

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 IssueDescription of InvestmentCurrent 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 |

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 IssueDescription of InvestmentCurrent 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 |

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 IssueDescription of InvestmentCurrent 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 |

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 IssueDescription of InvestmentCurrent 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 |

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 IssueDescription of InvestmentCurrent 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 |

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 IssueDescription of InvestmentCurrent 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 |

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 IssueDescription of InvestmentCurrent 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 |

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 IssueDescription of InvestmentCurrent 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 |

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 IssueDescription of InvestmentCurrent 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	REGISTERED INVESTMENT
FUND	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
COMMON/COLLECTIVE TRUST * BLACKROCK US EQUITY MARKET FUND F FUND: 6,522,007 UNITS165,932

Mid and Small Cap Stock Fund * BLACKROCK EXTENDED EQUITY MARKET FUNDCOMMON/COLLECTIVE TRUST FFUND: 4,373,314 UNITS332,164

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 | REGISTERED INVESTMENT | |
| FUND | COMPANY: 3,514,791 UNITS | 1,222 |

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 IssueDescription of InvestmentCurrent Value

Loan Fund * NOTES RECEIVABLE FROM PARTICIPANTS4.25% - 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 23Consent of Independent Registered Public Accounting Firm

AI assistant

AT&T INC. Annual Report 2020

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AT&T INC. — Annual Report 2020

29786_rns_2020-06-30_b742275f-1a30-4ef8-94fa-a0ee716e4eae.zip

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AT&T INC. Annual Report 2020