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, 2024
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 Schedule 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, 2024 and 2023 | 3 | ||||
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2024 | 4 | ||||
Notes to Financial Statements | 5 | ||||
| Supplemental Schedule: | |||||
Schedule H, Part IV, Line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2024 | 12 | ||||
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, 2024 and 2023, the related statement of changes in net assets available for benefits for the year ended December 31, 2024, 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, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, 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.
1
Report on Supplemental Information
The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2024, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.
/s/ Forvis Mazars, LLP
We have served as the Plan’s auditor since 2018.
San Antonio, Texas
June 23, 2025
2
AT&T Savings and Security Plan
Statements of Net Assets Available For Benefits
(Dollars in Thousands)
December 31, | |||||||||||
2024 | 2023 | ||||||||||
| ASSETS | |||||||||||
| Investments at fair value (See Notes 3 and 4) | $ | 1,952,204 | $ | 1,715,931 | |||||||
| Fully benefit-responsive investment contracts at contract value (See Note 4) | 256,556 | 282,746 | |||||||||
| Total Investments | 2,208,760 | 1,998,677 | |||||||||
| Notes receivable from participants | 56,293 | 61,046 | |||||||||
| Participant contributions receivable | — | 1,858 | |||||||||
| Employer contributions receivable | — | 857 | |||||||||
| Dividends and interest receivable | 554 | — | |||||||||
| Total Receivables | 56,847 | 63,761 | |||||||||
| Total Assets | 2,265,607 | 2,062,438 | |||||||||
| LIABILITIES | |||||||||||
| Administrative expenses payable | 1,045 | 285 | |||||||||
| Total Liabilities | 1,045 | 285 | |||||||||
| Net Assets Available for Benefits | $ | 2,264,562 | $ | 2,062,153 | |||||||
| See Notes to Financial Statements. | |||||||||||
3
AT&T Savings and Security Plan
Statement of Changes in Net Assets Available For Benefits
(Dollars in Thousands)
Net Assets Available for Benefits, December 31, 2023 | $ | 2,062,153 | |||
| Changes in Net Assets: | |||||
| Contributions: | |||||
| Participant contributions | 48,825 | ||||
| Employer contributions | 21,801 | ||||
| Rollover contributions | 8,801 | ||||
| 79,427 | |||||
| Investment Income: | |||||
| Net appreciation in fair value of investments | 322,710 | ||||
| Dividends | 17,289 | ||||
| Interest | 6,260 | ||||
| 346,259 | |||||
| Interest income on notes receivable from participants | 4,497 | ||||
| Distributions | (226,197) | ||||
| Administrative expenses | (2,015) | ||||
| Net Increase Before Transfers | 201,971 | ||||
| Transfer from AT&T Retirement Savings Plan | 438 | ||||
| Net Increase After Transfers | $ | 202,409 | |||
Net Assets Available for Benefits, December 31, 2024 | $ | 2,264,562 | |||
| 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 on a regular and long-term basis.
The majority of eligible employees are represented by the Communications Workers of America 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 recordkeeper for the Plan.
During 2024 and 2023, participants could invest their contributions in one or more of the available 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 | |||||
| • AT&T Age-Based Asset Allocation Funds (based on retirement date) | |||||
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 2024, Plan participants elected to receive $3,270 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.
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
5
AT&T Savings and Security Plan
Notes to Financial Statements (Continued)
(Dollars in Thousands)
(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, 2024 or 2023. 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)
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, 2024 and 2023.
The following table sets forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2024:
Plan Assets at Fair Value as of December 31, 2024 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| AT&T common stock | $ | 325,051 | $ | — | $ | — | $ | 325,051 | |||||||||||||||
| Mutual funds or exchange-traded funds | 8,873 | — | — | 8,873 | |||||||||||||||||||
| Total assets in fair value hierarchy | $ | 333,924 | $ | — | $ | — | $ | 333,924 | |||||||||||||||
| Common/collective trusts measured at net asset value: | |||||||||||||||||||||||
Large cap U.S. stock index fund1 | 670,371 | ||||||||||||||||||||||
Mid and small cap U.S. stock index fund2 | 317,884 | ||||||||||||||||||||||
Bond index fund3 | 178,264 | ||||||||||||||||||||||
International stock index fund4 | 190,031 | ||||||||||||||||||||||
Global equity fund5 | 204,687 | ||||||||||||||||||||||
Asset allocation funds6 | 57,043 | ||||||||||||||||||||||
| Total investments at fair value | $ | 1,952,204 | |||||||||||||||||||||
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.
7
AT&T Savings and Security Plan
Notes to Financial Statements (Continued)
(Dollars in Thousands)
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 category includes a common/collective trust fund 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.
6 This category includes 14 common/collective trust funds also known as Aged-Based Asset Allocation Funds which are well diversified portfolios that adjust the mix of the various underlying investments over time. The change in allocation of investments is designed to move from a more aggressive investment strategy to a more conservative strategy through the projected retirement date and for a number of years thereafter. The year associated with the fund identification denotes the projected year of retirement of the participant selecting the fund. 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, 2023:
Plan Assets at Fair Value as of December 31, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| AT&T common stock | $ | 256,389 | $ | — | $ | — | $ | 256,389 | |||||||||||||||
| Mutual funds or exchange-traded funds | 10,729 | — | — | 10,729 | |||||||||||||||||||
| Total assets in fair value hierarchy | $ | 267,118 | $ | — | $ | — | $ | 267,118 | |||||||||||||||
| Common/collective trusts measured at net asset value: | |||||||||||||||||||||||
Large cap U.S. stock index fund1 | 567,917 | ||||||||||||||||||||||
Mid and small cap U.S. stock index fund2 | 294,494 | ||||||||||||||||||||||
Bond index fund3 | 164,293 | ||||||||||||||||||||||
International stock index fund4 | 192,774 | ||||||||||||||||||||||
Global equity fund5 | 179,552 | ||||||||||||||||||||||
Asset allocation funds6 | 49,783 | ||||||||||||||||||||||
| Total investments at fair value | $ | 1,715,931 | |||||||||||||||||||||
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.
8
AT&T Savings and Security Plan
Notes to Financial Statements (Continued)
(Dollars in Thousands)
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.
6 This category includes 14 common/collective trust funds also known as Aged-Based Asset Allocation Funds which are well diversified portfolios that adjust the mix of the various underlying investments over time. The change in allocation of investments is designed to move from a more aggressive investment strategy to a more conservative strategy through the projected retirement date and for a number of years thereafter. The year associated with the fund identification denotes the projected year of retirement of the participant selecting the fund. 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, 2024 and 2023, the Plan held approximately $2,529 and $2,538, 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.
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.
9
AT&T Savings and Security Plan
Notes to Financial Statements (Continued)
(Dollars in Thousands)
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 held 14,275,427 and 15,279,458 shares of the Company’s common stock in the AT&T Shares Fund as of December 31, 2024 and 2023, respectively. Dividends earned by the Plan’s AT&T Shares Fund on the Company’s common stock were $13,504 for the year ended December 31, 2024.
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, 2024, 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:
2024 | 2023 | ||||||||||
| Net Assets Available for Benefits per the financial statements | $ | 2,264,562 | $ | 2,062,153 | |||||||
| Distributions payable to participants | (352) | (919) | |||||||||
| Net Assets Available for Benefits per the Form 5500 | $ | 2,264,210 | $ | 2,061,234 | |||||||
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, 2024:
2024 | |||||
| Distributions to participants per the financial statements | $ | 226,197 | |||
Distributions payable to participants at December 31, 2023 | (919) | ||||
Distributions payable to participants at December 31, 2024 | 352 | ||||
| Distributions to participants per the Form 5500 | $ | 225,630 | |||
10
AT&T Savings and Security Plan
Notes to Financial Statements (Continued)
(Dollars in Thousands)
NOTE 8. SUBSEQUENT EVENTS
As part of collective bargaining agreements ratified during 2025, certain bargained employees (representing approximately 60% of current plan participants) will no longer participate in the AT&T Savings and Security Plan but will instead participate in the AT&T Retirement Savings Plan effective January 1, 2026. Subsequent to the effective date the participant balances and assets held by these bargained employees will be transferred from the AT&T Savings and Security Plan into the AT&T Retirement Savings Plan.
11
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, 2024
(Dollars in Thousands)
| Identity of Issue | Description of Investment | Current Value | ||||||
| Common Stocks | ||||||||
| * AT&T INC | 14,275,427 SHARES | $ | 325,051 | |||||
| Mutual Funds or Exchange-Traded Funds | ||||||||
| DREYFUS GOVERNMENT CASH MANAGEMENT FUND | REGISTERED INVESTMENT COMPANY: 8,873,013 UNITS | 8,873 | ||||||
| Asset Allocation Funds | ||||||||
| * ASSP RET FUND | US EQUITY FUNDS: 135,044 UNITS | 2,324 | ||||||
| * ASSP FUND- 2010 | US EQUITY FUNDS: 70,550 UNITS | 1,509 | ||||||
| * ASSP FUND- 2015 | US EQUITY FUNDS: 131,610 UNITS | 2,990 | ||||||
| * ASSP FUND- 2020 | US EQUITY FUNDS: 185,241 UNITS | 4,327 | ||||||
| * ASSP FUND- 2025 | US EQUITY FUNDS: 262,363 UNITS | 6,646 | ||||||
| * ASSP FUND- 2030 | US EQUITY FUNDS: 575,114 UNITS | 15,206 | ||||||
| * ASSP FUND- 2035 | US EQUITY FUNDS: 451,756 UNITS | 13,417 | ||||||
| * ASSP FUND- 2040 | US EQUITY FUNDS: 252,140 UNITS | 7,852 | ||||||
| * ASSP FUND- 2045 | US EQUITY FUNDS: 51,918 UNITS | 1,642 | ||||||
| * ASSP FUND- 2050 | US EQUITY FUNDS: 13,890 UNITS | 433 | ||||||
| * ASSP FUND- 2055 | US EQUITY FUNDS: 8,196 UNITS | 272 | ||||||
| * ASSP FUND- 2060 | US EQUITY FUNDS: 11,645 UNITS | 257 | ||||||
| * ASSP FUND- 2065 | US EQUITY FUNDS: 13,913 UNITS | 155 | ||||||
| * ATT SBC 2070 RET FD | US EQUITY FUNDS: 1,304 UNITS | 13 | ||||||
| Total Blended Equity & Debt Funds | 57,043 | |||||||
| Large Cap U.S. Stock Index Fund | ||||||||
| * BLACKROCK EQUITY INDEX FUND F | COMMON/COLLECTIVE TRUST FUND: 5,405,466 UNITS | 670,371 | ||||||
| Mid and Small Cap U.S. Stock Index Fund | ||||||||
| * BLACKROCK EXTENDED EQUITY MARKET FUND F | COMMON/COLLECTIVE TRUST FUND: 2,609,189 UNITS | 317,884 | ||||||
| Bond Index Fund | ||||||||
| * BLACKROCK GOVERNMENT/CREDIT BOND INDEX FUND F | COMMON/COLLECTIVE TRUST FUND: 5,629,504 UNITS | 178,264 | ||||||
| International Stock Index Fund | ||||||||
| * BLACKROCK EAFE EQUITY INDEX FUND F | COMMON/COLLECTIVE TRUST FUND: 3,276,702 UNITS | 190,031 | ||||||
| Global Equity Fund | ||||||||
| * BLACKROCK US EQUITY MARKET FUND F | COMMON/COLLECTIVE TRUST FUND: 4,595,829 UNITS | 204,687 | ||||||
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, 2024
(Dollars in Thousands)
| Identity of Issue | Description of Investment | Current Value | ||||||
| Interest Income Funds | ||||||||
| BANK OF MONTREAL | 5.300% 06/05/2026 DD 06/05/23 | 732 | ||||||
| ROYAL BANK OF CANADA | 1.400% 11/02/2026 DD 10/07/21 | 590 | ||||||
| TORONTO-DOMINION BANK/THE | 1.150% 06/12/2025 DD 06/12/20 | 591 | ||||||
| TORONTO-DOMINION BANK/THE | 4.108% 06/08/2027 DD 06/08/22 | 295 | ||||||
| TORONTO-DOMINION BANK/THE | 4.994% 04/05/2029 DD 04/05/24 | 977 | ||||||
| AGL CLO 5 LTD 5A A1RR 144A | VAR RT 07/20/2034 DD 10/21/24 | 851 | ||||||
| ATLAS SENIOR LOAN 18A A1 144A | VAR RT 01/18/2035 DD 12/15/21 | 851 | ||||||
| BAIN CAPITAL CRED 3A A1RR 144A | VAR RT 10/23/2034 DD 10/23/24 | 600 | ||||||
| BAIN CAPITAL CREDIT 3A A1 144A | VAR RT 07/16/2037 DD 06/27/24 | 501 | ||||||
| CIFC FUNDING 2018-II 3A A 144A | VAR RT 07/18/2031 DD 07/20/18 | 863 | ||||||
| DRYDEN 76 CLO LT 76A A1R2 144A | VAR RT 10/15/2037 DD 08/28/24 | 1,305 | ||||||
| MF1 2021-FL6 LTD FL6 A 144A | VAR RT 07/16/2036 DD 06/24/21 | 107 | ||||||
| NASSAU 2018-II LTD IIA A 144A | VAR RT 10/15/2031 DD 11/20/18 | 266 | ||||||
| NORTHWOODS CAPITAL 27A A1 144A | VAR RT 10/17/2034 DD 11/23/21 | 1,001 | ||||||
| TIKEHAU US CLO I LT 1A A1 144A | VAR RT 01/18/2035 DD 12/23/21 | 751 | ||||||
| TRESTLES CLO VII LT 7A A1 144A | VAR RT 10/25/2037 DD 09/06/24 | 501 | ||||||
| TRINITAS CLO XVIII 18A A1 144A | VAR RT 01/20/2035 DD 12/17/21 | 976 | ||||||
| TRINITAS CLO XXX L 30A A1 144A | VAR RT 10/23/2037 DD 09/20/24 | 301 | ||||||
| DANSKE BANK A/S 144A | VAR RT 03/01/2028 DD 03/01/24 | 552 | ||||||
| NORDEA BANK ABP 144A | 1.500% 09/30/2026 DD 09/30/21 | 568 | ||||||
| BNP PARIBAS SA 144A | VAR RT 06/09/2026 DD 06/09/20 | 197 | ||||||
| MITSUBISHI UFJ FINANCIAL GROUP | 1.412% 07/17/2025 DD 07/17/20 | 295 | ||||||
| SUMITOMO MITSUI FINANCIAL GROU | 3.040% 07/16/2029 DD 07/16/19 | 1,285 | ||||||
| SUMITOMO MITSUI FINANCIAL GROU | 1.474% 07/08/2025 DD 07/08/20 | 197 | ||||||
| SUMITOMO MITSUI TRUST BAN 144A | 1.050% 09/12/2025 DD 09/16/20 | 317 | ||||||
| ING GROEP NV | 3.950% 03/29/2027 DD 03/29/17 | 452 | ||||||
| ING GROEP NV 144A | VAR RT 07/01/2026 DD 07/01/20 | 688 | ||||||
| WESTPAC NEW ZEALAND LTD 144A | 4.902% 02/15/2028 DD 02/15/23 | 220 | ||||||
| PFIZER INVESTMENT ENTERPRISES | 4.450% 05/19/2028 DD 05/19/23 | 699 | ||||||
| INTERNATIONAL BANK FOR RECONST | 0.500% 10/28/2025 DD 10/28/20 | 1,133 | ||||||
| UBS AG/STAMFORD CT | 2.950% 04/09/2025 DD 04/09/20 | 423 | ||||||
| UBS AG/STAMFORD CT | 1.250% 08/07/2026 DD 08/09/21 | 615 | ||||||
| UBS GROUP AG 144A | VAR RT 01/30/2027 DD 07/30/20 | 529 | ||||||
| CSL FINANCE PLC 144A | 3.850% 04/27/2027 DD 04/27/22 | 73 | ||||||
| HSBC HOLDINGS PLC | VAR RT 04/18/2026 DD 08/18/20 | 792 | ||||||
| NATWEST GROUP PLC | VAR RT 05/18/2029 DD 05/18/18 | 941 | ||||||
| COREBRIDGE GLOBAL FUNDING 144A | 0.900% 09/22/2025 DD 09/22/20 | 317 | ||||||
| ABBVIE INC | 4.800% 03/15/2027 DD 02/26/24 | 412 | ||||||
| AMERICAN EXPRESS CREDIT AC 1 A | 4.870% 05/15/2028 DD 06/14/23 | 302 | ||||||
| BA CREDIT CARD TRUST A2 A2 | 5.000% 04/15/2028 DD 11/23/22 | 302 | ||||||
| BMW VEHICLE OWNER TRUST A A2A | 5.720% 04/27/2026 DD 07/18/23 | 30 | ||||||
| BANK5 2024-5YR11 5YR11 A3 | 5.893% 11/15/2057 DD 11/01/24 | 257 | ||||||
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)
December 31, 2024
(Dollars in Thousands)
| Identity of Issue | Description of Investment | Current Value | ||||||
| BARCLAYS DRYROCK ISSUANCE 1 A | 4.720% 02/15/2029 DD 04/25/23 | 602 | ||||||
| BENCHMARK 2021-B28 MOR B28 ASB | 1.980% 08/15/2054 DD 08/01/21 | 178 | ||||||
| BERKSHIRE HATHAWAY ENERGY CO | 4.050% 04/15/2025 DD 10/15/20 | 250 | ||||||
| BP CAPITAL MARKETS AMERICA INC | 4.699% 04/10/2029 DD 01/10/24 | 622 | ||||||
| CATERPILLAR FINANCIAL SERVICES | 1.450% 05/15/2025 DD 05/15/20 | 742 | ||||||
| CHEVRON CORP | 1.554% 05/11/2025 DD 05/11/20 | 791 | ||||||
| CITIBANK NA | 5.803% 09/29/2028 DD 09/29/23 | 639 | ||||||
| JOHN DEERE CAPITAL CORP | 4.500% 01/16/2029 DD 01/08/24 | 942 | ||||||
| WALT DISNEY CO/THE | 3.350% 03/24/2025 DD 03/23/20 | 648 | ||||||
| EAST OHIO GAS CO/THE 144A | 1.300% 06/15/2025 DD 06/16/20 | 98 | ||||||
| ECOLAB INC | 1.650% 02/01/2027 DD 12/15/21 | 306 | ||||||
| EQUITABLE FINANCIAL LIFE 144A | 1.400% 07/07/2025 DD 07/07/20 | 418 | ||||||
| FHLMC POOL #A6-4440 | 6.000% 08/01/2037 DD 08/01/07 | 1 | ||||||
| FHLMC POOL #A6-3809 | 6.000% 08/01/2037 DD 07/01/07 | 1 | ||||||
| FHLMC POOL #A6-4142 | 6.000% 08/01/2037 DD 08/01/07 | 1 | ||||||
| FHLMC POOL #A6-5518 | 6.000% 09/01/2037 DD 09/01/07 | 1 | ||||||
| FHLMC POOL #A6-5652 | 6.000% 09/01/2037 DD 09/01/07 | 1 | ||||||
| FHLMC POOL #A6-8998 | 6.000% 11/01/2037 DD 11/01/07 | 2 | ||||||
| FHLMC POOL #A6-9830 | 6.000% 12/01/2037 DD 12/01/07 | 1 | ||||||
| FHLMC POOL #A6-9654 | 6.000% 12/01/2037 DD 12/01/07 | 2 | ||||||
| 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 | 1 | ||||||
| FHLMC POOL #G0-4170 | 6.000% 04/01/2038 DD 04/01/08 | 1 | ||||||
| FHLMC POOL #G0-3330 | 6.000% 09/01/2037 DD 09/01/07 | 1 | ||||||
| FHLMC POOL #G0-3349 | 6.000% 10/01/2037 DD 09/01/07 | 1 | ||||||
| FHLMC POOL #G0-3551 | 6.000% 11/01/2037 DD 11/01/07 | 5 | ||||||
| FHLMC POOL #G0-3581 | 6.000% 11/01/2037 DD 11/01/07 | 2 | ||||||
| FHLMC POOL #G0-3616 | 6.000% 12/01/2037 DD 11/01/07 | 2 | ||||||
| FHLMC POOL #G0-3646 | 6.000% 01/01/2038 DD 12/01/07 | 1 | ||||||
| FHLMC POOL #G0-3698 | 6.000% 12/01/2037 DD 12/01/07 | 1 | ||||||
| FHLMC POOL #G0-3721 | 6.000% 12/01/2037 DD 12/01/07 | 1 | ||||||
| FHLMC POOL #G0-3776 | 6.000% 01/01/2038 DD 01/01/08 | 2 | ||||||
| FHLMC POOL #G0-3781 | 6.000% 01/01/2038 DD 01/01/08 | 2 | ||||||
| FHLMC POOL #G0-3819 | 6.000% 01/01/2038 DD 01/01/08 | 1 | ||||||
| FHLMC POOL #G0-3941 | 6.000% 02/01/2038 DD 02/01/08 | 2 | ||||||
| FHLMC POOL #G0-4230 | 6.000% 04/01/2038 DD 04/01/08 | 1 | ||||||
| FHLMC POOL #G0-4411 | 6.000% 06/01/2038 DD 06/01/08 | 3 | ||||||
| FHLMC POOL #G0-4576 | 6.000% 09/01/2038 DD 08/01/08 | 3 | ||||||
| FHLMC POOL #G0-4607 | 6.000% 09/01/2038 DD 08/01/08 | 1 | ||||||
| FHLMC POOL #G0-4645 | 6.000% 07/01/2038 DD 08/01/08 | 2 | ||||||
| FHLMC POOL #G0-4713 | 6.000% 10/01/2038 DD 09/01/08 | 2 | ||||||
| FHLMC POOL #G0-4765 | 6.000% 09/01/2038 DD 09/01/08 | 2 | ||||||
| FHLMC POOL #G0-5940 | 6.000% 04/01/2040 DD 07/01/10 | 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)
December 31, 2024
(Dollars in Thousands)
| Identity of Issue | Description of Investment | Current Value | ||||||
| FHLMC POOL #G0-5369 | 6.000% 03/01/2039 DD 03/01/09 | 1 | ||||||
| FHLMC POOL #G0-6789 | 6.000% 05/01/2040 DD 10/01/11 | 2 | ||||||
| FHLMC POOL #G0-6066 | 6.000% 05/01/2040 DD 10/01/10 | 2 | ||||||
| FHLMC POOL #G0-6249 | 6.000% 05/01/2040 DD 02/01/11 | 1 | ||||||
| FHLMC POOL #G0-6954 | 6.000% 05/01/2040 DD 04/01/12 | 2 | ||||||
| FHLMC POOL #G0-7222 | 6.000% 04/01/2040 DD 11/01/12 | 2 | ||||||
| FHLMC POOL #A8-1068 | 6.000% 08/01/2038 DD 08/01/08 | 1 | ||||||
| FHLMC POOL #C0-3475 | 6.000% 04/01/2040 DD 04/01/10 | 1 | ||||||
| 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 #V8-0804 | 6.000% 01/01/2039 DD 11/01/13 | 3 | ||||||
| FNMA GTD REMIC P/T 13-13 MA | 4.000% 01/25/2043 DD 02/01/13 | 108 | ||||||
| FNMA GTD REMIC P/T 15-92 PA | 2.500% 12/25/2041 DD 11/01/15 | 52 | ||||||
| FNMA GTD REMIC P/T 16-11 GA | 2.500% 03/25/2046 DD 02/01/16 | 269 | ||||||
| FNMA GTD REMIC P/T 16-43 MA | 3.000% 10/25/2045 DD 06/01/16 | 206 | ||||||
| FNMA GTD REMIC P/T 17-86 PA | 3.000% 06/25/2045 DD 10/01/17 | 214 | ||||||
| FHLMC MULTICLASS MTG 4189 PA | 3.500% 11/15/2042 DD 04/01/13 | 64 | ||||||
| FHLMC MULTICLASS MTG 4585 DA | 3.000% 06/15/2045 DD 05/01/16 | 207 | ||||||
| FHLMC MULTICLASS MTG 4594 PA | 3.000% 11/15/2044 DD 06/01/16 | 147 | ||||||
| FHLMC MULTICLASS MTG 4604 HA | 2.500% 05/15/2045 DD 08/01/16 | 144 | ||||||
| FHLMC MULTICLASS MTG 4874 AT | 3.000% 09/15/2048 DD 03/01/19 | 95 | ||||||
| FNMA POOL #0555678 | 5.000% 08/01/2033 DD 07/01/03 | 215 | ||||||
| FNMA POOL #0725228 | 6.000% 03/01/2034 DD 02/01/04 | 147 | ||||||
| FNMA POOL #0735676 | 5.000% 07/01/2035 DD 06/01/05 | 71 | ||||||
| FNMA POOL #0BF0198 | 4.000% 11/01/2040 DD 01/01/18 | 184 | ||||||
| FNMA POOL #0AB0130 | 5.000% 05/01/2038 DD 05/01/09 | 22 | ||||||
| FLORIDA POWER & LIGHT CO | 2.850% 04/01/2025 DD 03/27/20 | 174 | ||||||
| GNMA II POOL #0MA5332 | 5.000% 07/20/2048 DD 07/01/18 | 384 | ||||||
| GNMA II POOL #0MA5530 | 5.000% 10/20/2048 DD 10/01/18 | 201 | ||||||
| GNMA II POOL #0MA5596 | 4.500% 11/20/2048 DD 11/01/18 | 26 | ||||||
| GNMA II POOL #0MA5711 | 4.500% 01/20/2049 DD 01/01/19 | 14 | ||||||
| GNMA II POOL #0MA5764 | 4.500% 02/20/2049 DD 02/01/19 | 56 | ||||||
| GNMA II POOL #0MA5818 | 4.500% 03/20/2049 DD 03/01/19 | 75 | ||||||
| GNMA II POOL #0MA5819 | 5.000% 03/20/2049 DD 03/01/19 | 18 | ||||||
| GNMA II POOL #0MA5877 | 4.500% 04/20/2049 DD 04/01/19 | 110 | ||||||
| GNMA II POOL #0MA5987 | 4.500% 06/20/2049 DD 06/01/19 | 38 | ||||||
| GNMA II POOL #0MA5988 | 5.000% 06/20/2049 DD 06/01/19 | 545 | ||||||
| GM FINANCIAL CONSUMER AU 3 A2A | 5.740% 09/16/2026 DD 07/19/23 | 76 | ||||||
| GREAT-WEST LIFECO US FINA 144A | 0.904% 08/12/2025 DD 08/12/20 | 244 | ||||||
| HOME DEPOT INC/THE | 2.950% 06/15/2029 DD 06/17/19 | 951 | ||||||
| HONDA AUTO RECEIVABLES 20 2 A2 | 5.410% 04/15/2026 DD 05/30/23 | 124 | ||||||
| MARS INC 144A | 4.550% 04/20/2028 DD 04/20/23 | 644 | ||||||
| MERCEDES-BENZ FINANCE NOR 144A | 5.200% 08/03/2026 DD 08/03/23 | 761 | ||||||
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)
December 31, 2024
(Dollars in Thousands)
| Identity of Issue | Description of Investment | Current Value | ||||||
| METROPOLITAN LIFE GLOBAL 144A | 4.850% 01/08/2029 DD 01/08/24 | 1,269 | ||||||
| NESTLE CAPITAL CORP 144A | 4.750% 03/12/2031 DD 03/12/24 | 618 | ||||||
| NORTHWESTERN MUTUAL GLOBA 144A | 1.750% 01/11/2027 DD 01/11/22 | 236 | ||||||
| ONCOR ELECTRIC DELIVERY CO LLC | 0.550% 10/01/2025 DD 04/01/21 | 170 | ||||||
| PACIFIC LIFE GLOBAL FUNDI 144A | 1.375% 04/14/2026 DD 04/14/21 | 456 | ||||||
| PHILIP MORRIS INTERNATIONAL IN | 4.875% 02/13/2029 DD 02/13/24 | 624 | ||||||
| ROCK TRUST 2024-CN CNTR A 144A | 5.388% 11/13/2041 DD 10/01/24 | 399 | ||||||
| REALTY INCOME CORP | 3.400% 01/15/2028 DD 07/15/21 | 624 | ||||||
| RELIANCE STANDARD LIFE GL 144A | 1.512% 09/28/2026 DD 09/28/21 | 189 | ||||||
| TOYOTA MOTOR CREDIT CORP | 3.950% 06/30/2025 DD 06/30/22 | 742 | ||||||
| TRUIST BANK | 1.500% 03/10/2025 DD 03/09/20 | 323 | ||||||
| UNITED PARCEL SERVICE INC | 3.900% 04/01/2025 DD 03/24/20 | 399 | ||||||
| U S TREASURY NOTE | 1.750% 01/31/2029 DD 01/31/22 | 7,494 | ||||||
| U S TREASURY NOTE | 1.875% 02/28/2029 DD 02/28/22 | 3,088 | ||||||
| U S TREASURY NOTE | 1.875% 02/28/2027 DD 02/28/22 | 2,977 | ||||||
| U S TREASURY NOTE | 2.875% 04/30/2029 DD 04/30/22 | 4,028 | ||||||
| U S TREASURY NOTE | 2.750% 04/30/2027 DD 04/30/22 | 2,291 | ||||||
| U S TREASURY NOTE | 2.750% 05/31/2029 DD 05/31/22 | 608 | ||||||
| U S TREASURY NOTE | 2.625% 05/31/2027 DD 05/31/22 | 5,949 | ||||||
| U S TREASURY NOTE | 2.750% 07/31/2027 DD 07/31/22 | 10,516 | ||||||
| U S TREASURY NOTE | 3.125% 08/31/2027 DD 08/31/22 | 4,409 | ||||||
| U S TREASURY NOTE | 4.125% 07/31/2028 DD 07/31/23 | 3,873 | ||||||
| U S TREASURY NOTE | 4.375% 08/31/2028 DD 08/31/23 | 991 | ||||||
| U S TREASURY NOTE | 4.875% 10/31/2028 DD 10/31/23 | 8,784 | ||||||
| U S TREASURY NOTE | 4.625% 04/30/2029 DD 04/30/24 | 636 | ||||||
| U S TREASURY NOTE | 4.000% 12/15/2027 DD 12/15/24 | 1,627 | ||||||
| WORLD OMNI AUTO RECEIVAB B A2A | 5.480% 09/15/2027 DD 05/22/24 | 252 | ||||||
| BX TRUST 2021-ARIA ARIA A 144A | VAR RT 10/15/2036 DD 10/28/21 | 499 | ||||||
| BANK OF AMERICA CORP | VAR RT 02/07/2030 DD 02/07/19 | 2,368 | ||||||
| BANK OF AMERICA CORP | VAR RT 09/15/2029 DD 09/15/23 | 625 | ||||||
| BANK OF NEW YORK MELLON CORP/T | VAR RT 07/24/2026 DD 07/26/22 | 234 | ||||||
| BANK OF NEW YORK MELLON CORP/T | VAR RT 04/26/2027 DD 04/26/23 | 462 | ||||||
| FHLMC POOL #2B-0069 | VAR RT 12/01/2041 DD 12/01/11 | 15 | ||||||
| FHLMC POOL #78-8657 | VAR RT 09/01/2031 DD 09/01/01 | 2 | ||||||
| FHLMC POOL #84-9008 | VAR RT 06/01/2042 DD 03/01/13 | 32 | ||||||
| FHLMC POOL #84-9539 | VAR RT 11/01/2044 DD 12/01/14 | 14 | ||||||
| FHLMC POOL #84-9727 | VAR RT 05/01/2045 DD 05/01/15 | 83 | ||||||
| FHLMC POOL #2B-6264 | VAR RT 06/01/2047 DD 06/01/17 | 35 | ||||||
| FNMA POOL #0AK5677 | VAR RT 02/01/2042 DD 02/01/12 | 6 | ||||||
| FNMA POOL #0AL1674 | VAR RT 05/01/2042 DD 05/01/12 | 5 | ||||||
| FNMA POOL #0AL2492 | VAR RT 10/01/2042 DD 09/01/12 | 35 | ||||||
| FNMA GTD REMIC P/T 03-W10 2A | VAR RT 06/25/2043 DD 06/01/03 | 48 | ||||||
| FNMA GTD REMIC P/T 04-T4 A9 | VAR RT 08/25/2034 DD 07/01/04 | 2 | ||||||
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)
December 31, 2024
(Dollars in Thousands)
| Identity of Issue | Description of Investment | Current Value | ||||||
| FNMA POOL #0686026 | VAR RT 04/01/2033 DD 04/01/03 | 7 | ||||||
| FNMA POOL #0756359 | VAR RT 12/01/2033 DD 12/01/03 | 24 | ||||||
| FNMA POOL #0BM1523 | VAR RT 07/01/2047 DD 07/01/17 | 71 | ||||||
| JPMORGAN CHASE & CO | VAR RT 04/22/2026 DD 04/22/20 | 2,183 | ||||||
| JPMORGAN CHASE & CO | VAR RT 07/24/2029 DD 07/24/23 | 758 | ||||||
| MORGAN STANLEY | VAR RT 07/17/2026 DD 07/20/22 | 230 | ||||||
| PNC FINANCIAL SERVICES GROUP I | VAR RT 06/12/2029 DD 06/12/23 | 1,272 | ||||||
| WELLS FARGO & CO | VAR RT 07/25/2029 DD 07/25/23 | 990 | ||||||
| U S TREASURY BD CPN STRIP | 0.000% 08/15/2033 DD 02/15/06 | 259 | ||||||
| U S TREASURY BD CPN STRIP | 0.000% 08/15/2034 DD 02/15/06 | 880 | ||||||
| U S TREASURY BD CPN STRIP | 0.000% 11/15/2030 DD 08/15/07 | 297 | ||||||
| U S TREASURY BD CPN STRIP | 0.000% 11/15/2031 DD 08/15/07 | 283 | ||||||
| U S TREASURY BD CPN STRIP | 0.000% 05/15/2032 DD 08/15/07 | 594 | ||||||
| U S TREASURY BD CPN STRIP | 0.000% 08/15/2029 DD 08/16/99 | 2,005 | ||||||
| U S TREASURY BD CPN STRIP | 0.000% 11/15/2029 DD 02/15/00 | 1,284 | ||||||
| U S TREASURY BD CPN STRIP | 0.000% 08/15/2030 DD 02/15/01 | 301 | ||||||
| MACQUARIE BANK LTD 144A | 2.300% 01/22/2025 DD 01/22/20 | 399 | ||||||
| MACQUARIE GROUP LTD 144A | VAR RT 01/12/2027 DD 01/12/21 | 145 | ||||||
| RAD CLO 25 LTD 25A A1 144A | VAR RT 07/20/2037 DD 06/27/24 | 476 | ||||||
| TORONTO-DOMINION BANK/THE | 4.456% 06/08/2032 DD 06/08/22 | 237 | ||||||
| AGL CLO 5 LTD 5A A1RR 144A | VAR RT 07/20/2034 DD 10/21/24 | 901 | ||||||
| BAIN CAPITAL CRED 3A A1RR 144A | VAR RT 10/23/2034 DD 10/23/24 | 750 | ||||||
| BAIN CAPITAL CREDIT 3A A1 144A | VAR RT 07/16/2037 DD 06/27/24 | 601 | ||||||
| CIFC FUNDING 2018-II 3A A 144A | VAR RT 07/18/2031 DD 07/20/18 | 863 | ||||||
| CARVAL CLO XI C LTD 3A A1 144A | VAR RT 10/20/2037 DD 09/25/24 | 301 | ||||||
| NASSAU 2018-II LTD IIA A 144A | VAR RT 10/15/2031 DD 11/20/18 | 266 | ||||||
| NEUBERGER BERMAN L 59A A1 144A | VAR RT 01/23/2039 DD 01/24/25 | 500 | ||||||
| NORTHWOODS CAPITAL 27A A1 144A | VAR RT 10/17/2034 DD 11/23/21 | 951 | ||||||
| PARK BLUE CLO 2024- 5A A1 144A | VAR RT 07/25/2037 DD 06/27/24 | 252 | ||||||
| PIKES PEAK CLO 5 5A A1R 144A | VAR RT 10/20/2037 DD 10/03/24 | 327 | ||||||
| SAGARD-HALSEYPOINT 8A A1 144A | VAR RT 01/30/2038 DD 12/23/24 | 600 | ||||||
| TRESTLES CLO VII LT 7A A1 144A | VAR RT 10/25/2037 DD 09/06/24 | 802 | ||||||
| TRINITAS CLO XVIII 18A A1 144A | VAR RT 01/20/2035 DD 12/17/21 | 1,076 | ||||||
| TRINITAS CLO XXX L 30A A1 144A | VAR RT 10/23/2037 DD 09/20/24 | 301 | ||||||
| TOTALENERGIES CAPITAL INTERNAT | 2.829% 01/10/2030 DD 07/10/19 | 409 | ||||||
| BNP PARIBAS SA 144A | VAR RT 01/13/2027 DD 01/13/21 | 265 | ||||||
| MITSUBISHI UFJ FINANCIAL GROUP | 3.850% 03/01/2026 DD 03/01/16 | 396 | ||||||
| GOLUB CAPITAL PARTN 74A A 144A | VAR RT 07/25/2037 DD 06/20/24 | 603 | ||||||
| COOPERATIEVE RABOBANK UA/NY | 3.375% 05/21/2025 DD 05/21/15 | 398 | ||||||
| SHELL INTERNATIONAL FINANCE BV | 3.875% 11/13/2028 DD 11/13/18 | 875 | ||||||
| ING GROEP NV 144A | VAR RT 07/01/2026 DD 07/01/20 | 368 | ||||||
| EQUINOR ASA | 2.375% 05/22/2030 DD 05/22/20 | 111 | ||||||
| UBS GROUP AG 144A | VAR RT 02/11/2033 DD 01/11/22 | 167 | ||||||
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)
December 31, 2024
(Dollars in Thousands)
| Identity of Issue | Description of Investment | Current Value | ||||||
| CSL FINANCE PLC 144A | 3.850% 04/27/2027 DD 04/27/22 | 24 | ||||||
| CSL FINANCE PLC 144A | 4.250% 04/27/2032 DD 04/27/22 | 118 | ||||||
| PRUDENTIAL FUNDING ASIA PLC | 3.125% 04/14/2030 DD 04/14/20 | 68 | ||||||
| HSBC HOLDINGS PLC | VAR RT 04/18/2026 DD 08/18/20 | 470 | ||||||
| ADOBE INC | 2.150% 02/01/2027 DD 02/03/20 | 191 | ||||||
| ADOBE INC | 2.300% 02/01/2030 DD 02/03/20 | 267 | ||||||
| AIR PRODUCTS AND CHEMICALS INC | 1.850% 05/15/2027 DD 04/30/20 | 117 | ||||||
| AIR PRODUCTS AND CHEMICALS INC | 2.050% 05/15/2030 DD 04/30/20 | 65 | ||||||
| COMMIT TO PUR FNMA SF MTG | 2.000% 01/01/2055 DD 01/01/25 | 4,663 | ||||||
| COMMIT TO PUR FNMA SF MTG | 2.500% 01/01/2055 DD 01/01/25 | (2,441) | ||||||
| COMMIT TO PUR FNMA SF MTG | 3.000% 01/01/2055 DD 01/01/25 | (848) | ||||||
| COMMIT TO PUR FNMA SF MTG | 3.500% 01/01/2055 DD 01/01/25 | (1,768) | ||||||
| COMMIT TO PUR FNMA SF MTG | 4.000% 01/01/2055 DD 01/01/25 | 914 | ||||||
| COMMIT TO PUR FNMA SF MTG | 4.500% 01/01/2055 DD 01/01/25 | (1,880) | ||||||
| COMMIT TO PUR FNMA SF MTG | 5.000% 01/01/2055 DD 01/01/25 | 1,930 | ||||||
| COMMIT TO PUR FNMA SF MTG | 6.000% 01/01/2055 DD 01/01/25 | 2,010 | ||||||
| COMMIT TO PUR FNMA SF MTG | 6.500% 01/01/2055 DD 01/01/25 | 1,021 | ||||||
| ALPHABET INC | 1.100% 08/15/2030 DD 08/05/20 | 624 | ||||||
| AMAZON.COM INC | 3.150% 08/22/2027 DD 02/22/18 | 652 | ||||||
| AMERICAN EXPRESS CO | 4.200% 11/06/2025 DD 11/06/18 | 399 | ||||||
| AMERICAN EXPRESS CO | 2.250% 03/04/2025 DD 03/04/22 | 249 | ||||||
| APPLE INC | 2.450% 08/04/2026 DD 08/04/16 | 873 | ||||||
| APPLIED MATERIALS INC | 1.750% 06/01/2030 DD 05/29/20 | 192 | ||||||
| ARCHER-DANIELS-MIDLAND CO | 3.250% 03/27/2030 DD 03/27/20 | 69 | ||||||
| ARCHER-DANIELS-MIDLAND CO | 2.900% 03/01/2032 DD 02/28/22 | 130 | ||||||
| AUTOMATIC DATA PROCESSING INC | 3.375% 09/15/2025 DD 09/15/15 | 94 | ||||||
| BBCMS MORTGAGE TRUST 2 5C25 A3 | 5.946% 03/15/2057 DD 03/01/24 | 103 | ||||||
| BMO 2024-C9 MORTGAGE TRU C9 A5 | 5.759% 07/15/2057 DD 07/01/24 | 543 | ||||||
| BAKER HUGHES HOLDINGS LLC / BA | 3.337% 12/15/2027 DD 12/11/17 | 299 | ||||||
| BANK OF AMERICA CORP | 3.248% 10/21/2027 DD 10/21/16 | 385 | ||||||
| BANK 2019-BNK21 BN21 A5 | 2.851% 10/17/2052 DD 10/01/19 | 673 | ||||||
| BANK 2024-BNK47 BNK47 A5 | 5.716% 06/15/2057 DD 06/01/24 | 233 | ||||||
| BANK 2020-BNK29 BN29 A4 | 1.997% 11/15/2053 DD 11/01/20 | 288 | ||||||
| BANK 2020-BNK30 BN30 A4 | 1.925% 12/15/2053 DD 12/01/20 | 165 | ||||||
| BANK5 2024-5YR8 5YR8 A3 | 5.884% 08/15/2057 DD 08/01/24 | 128 | ||||||
| BANK5 2024-5YR10 5YR10 A3 | 5.302% 10/15/2057 DD 10/01/24 | 151 | ||||||
| BANK5 2024-5YR9 5YR9 A3 | 5.614% 08/15/2057 DD 08/01/24 | 305 | ||||||
| TRUIST BANK | 3.625% 09/16/2025 DD 09/16/15 | 764 | ||||||
| BBCMS MORTGAGE TRUST 20 C24 A5 | 5.419% 02/15/2057 DD 02/01/24 | 152 | ||||||
| BENCHMARK 2021-B31 MORT B31 A5 | 2.669% 12/15/2054 DD 12/01/21 | 212 | ||||||
| BERKSHIRE HATHAWAY ENERGY CO | 3.700% 07/15/2030 DD 01/15/21 | 165 | ||||||
| BERKSHIRE HATHAWAY FINANCE COR | 1.850% 03/12/2030 DD 03/12/20 | 218 | ||||||
| BP CAPITAL MARKETS AMERICA INC | 4.234% 11/06/2028 DD 11/06/18 | 171 | ||||||
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)
December 31, 2024
(Dollars in Thousands)
| Identity of Issue | Description of Investment | Current Value | ||||||
| BRISTOL-MYERS SQUIBB CO | 2.950% 03/15/2032 DD 03/02/22 | 87 | ||||||
| CAMDEN PROPERTY TRUST | 2.800% 05/15/2030 DD 04/20/20 | 202 | ||||||
| CISCO SYSTEMS INC | 5.050% 02/26/2034 DD 02/26/24 | 62 | ||||||
| CITIGROUP INC | 3.400% 05/01/2026 DD 05/02/16 | 786 | ||||||
| COLGATE-PALMOLIVE CO | 3.250% 08/15/2032 DD 08/09/22 | 180 | ||||||
| COMCAST CORP | 3.300% 02/01/2027 DD 01/10/17 | 26 | ||||||
| COMCAST CORP | 3.150% 02/15/2028 DD 08/07/17 | 48 | ||||||
| COMCAST CORP | 3.950% 10/15/2025 DD 10/05/18 | 199 | ||||||
| COMCAST CORP | 4.150% 10/15/2028 DD 10/05/18 | 366 | ||||||
| COMCAST CORP | 2.650% 02/01/2030 DD 11/05/19 | 358 | ||||||
| COMMIT TO PUR GNMA II JUMBOS | 2.000% 01/20/2055 DD 01/01/25 | 799 | ||||||
| COMMIT TO PUR GNMA II JUMBOS | 2.500% 01/20/2055 DD 01/01/25 | 2,504 | ||||||
| COMMIT TO PUR GNMA II JUMBOS | 3.000% 01/20/2055 DD 01/01/25 | (866) | ||||||
| COMMIT TO PUR GNMA II JUMBOS | 4.000% 01/20/2055 DD 01/01/25 | (1,841) | ||||||
| COMMIT TO PUR GNMA II JUMBOS | 4.500% 01/20/2055 DD 01/01/25 | (4,727) | ||||||
| COMMIT TO PUR GNMA II JUMBOS | 5.000% 01/20/2055 DD 01/01/25 | (971) | ||||||
| COMMIT TO PUR GNMA II JUMBOS | 5.500% 01/20/2055 DD 01/01/25 | 2,974 | ||||||
| COMMIT TO PUR GNMA II JUMBOS | 6.000% 01/20/2055 DD 01/01/25 | 4,027 | ||||||
| COSTCO WHOLESALE CORP | 1.375% 06/20/2027 DD 04/20/20 | 209 | ||||||
| COSTCO WHOLESALE CORP | 1.600% 04/20/2030 DD 04/20/20 | 300 | ||||||
| DEERE & CO | 3.100% 04/15/2030 DD 03/30/20 | 138 | ||||||
| JOHN DEERE CAPITAL CORP | 1.750% 03/09/2027 DD 03/09/20 | 212 | ||||||
| WALT DISNEY CO/THE | 3.800% 03/22/2030 DD 03/23/20 | 144 | ||||||
| DUKE ENERGY CAROLINAS LLC | 3.950% 11/15/2028 DD 11/08/18 | 194 | ||||||
| EAST OHIO GAS CO/THE 144A | 1.300% 06/15/2025 DD 06/16/20 | 74 | ||||||
| EAST OHIO GAS CO/THE 144A | 2.000% 06/15/2030 DD 06/16/20 | 64 | ||||||
| META PLATFORMS INC | 3.500% 08/15/2027 DD 08/09/22 | 415 | ||||||
| META PLATFORMS INC | 3.850% 08/15/2032 DD 08/09/22 | 327 | ||||||
| FHLMC POOL #G0-8079 | 5.000% 09/01/2035 DD 09/01/05 | 56 | ||||||
| FHLMC POOL #SD-0294 | 4.500% 03/01/2050 DD 03/01/20 | 709 | ||||||
| FHLMC POOL #SD-0295 | 3.000% 02/01/2049 DD 03/01/20 | 676 | ||||||
| FHLMC POOL #SD-0296 | 4.000% 03/01/2050 DD 03/01/20 | 1,034 | ||||||
| FHLMC POOL #SD-7531 | 3.000% 12/01/2050 DD 11/01/20 | 486 | ||||||
| FHLMC POOL #SD-7540 | 2.500% 05/01/2051 DD 04/01/21 | 1,353 | ||||||
| FHLMC POOL #SD-7563 | 4.500% 05/01/2053 DD 05/01/23 | 846 | ||||||
| FHLMC POOL #SD-7571 | 6.500% 06/01/2054 DD 05/01/24 | 988 | ||||||
| FHLMC POOL #SD-8146 | 2.000% 05/01/2051 DD 04/01/21 | 692 | ||||||
| FHLMC POOL #Q0-4439 | 3.500% 11/01/2041 DD 10/01/11 | 11 | ||||||
| FHLMC POOL #U9-0065 | 3.500% 08/01/2042 DD 08/01/12 | 58 | ||||||
| FHLMC POOL #U9-5026 | 3.500% 07/01/2042 DD 07/01/12 | 53 | ||||||
| FHLMC POOL #G6-7700 | 3.500% 08/01/2046 DD 08/01/16 | 522 | ||||||
| FHLMC POOL #G6-7713 | 4.000% 06/01/2048 DD 05/01/18 | 569 | ||||||
| FHLMC POOL #RA-1411 | 3.000% 09/01/2049 DD 09/01/19 | 443 | ||||||
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)
December 31, 2024
(Dollars in Thousands)
| Identity of Issue | Description of Investment | Current Value | ||||||
| FHLMC POOL #RA-5276 | 2.500% 05/01/2051 DD 05/01/21 | 2,018 | ||||||
| FHLMC POOL #RA-5801 | 2.500% 09/01/2051 DD 08/01/21 | 623 | ||||||
| FHLMC POOL #RA-5853 | 2.500% 09/01/2051 DD 08/01/21 | 625 | ||||||
| FHLMC POOL #RA-8213 | 6.000% 11/01/2052 DD 11/01/22 | 318 | ||||||
| FHLMC POOL #RA-8417 | 6.000% 01/01/2053 DD 01/01/23 | 854 | ||||||
| FNMA GTD REMIC P/T 13-13 MA | 4.000% 01/25/2043 DD 02/01/13 | 82 | ||||||
| FNMA GTD REMIC P/T 15-92 PA | 2.500% 12/25/2041 DD 11/01/15 | 56 | ||||||
| FNMA GTD REMIC P/T 16-M7 A2 | 2.499% 09/25/2026 DD 07/01/16 | 279 | ||||||
| FNMA GTD REMIC P/T 16-43 MA | 3.000% 10/25/2045 DD 06/01/16 | 278 | ||||||
| FHLMC MULTICLASS MTG 4570 PA | 3.000% 03/15/2044 DD 04/01/16 | 184 | ||||||
| FHLMC MULTICLASS MTG 4585 DA | 3.000% 06/15/2045 DD 05/01/16 | 333 | ||||||
| FHLMC MULTICLASS MTG 4594 PA | 3.000% 11/15/2044 DD 06/01/16 | 163 | ||||||
| FHLMC MULTICLASS MTG 4604 HA | 2.500% 05/15/2045 DD 08/01/16 | 161 | ||||||
| FHLMC MULTICLASS MTG K127 A2 | 2.108% 01/25/2031 DD 03/01/21 | 709 | ||||||
| FNMA POOL #0AI8618 | 4.000% 12/01/2041 DD 12/01/11 | 122 | ||||||
| FNMA POOL #0AJ3107 | 4.000% 01/01/2042 DD 01/01/12 | 71 | ||||||
| FNMA POOL #0AJ4050 | 4.000% 10/01/2041 DD 10/01/11 | 79 | ||||||
| FNMA POOL #0AL7232 | 3.500% 09/01/2045 DD 08/01/15 | 151 | ||||||
| FNMA POOL #0AL7495 | 3.500% 10/01/2045 DD 10/01/15 | 105 | ||||||
| FNMA POOL #0AL7910 | 3.500% 02/01/2045 DD 12/01/15 | 204 | ||||||
| FNMA POOL #0AL7951 | 3.500% 01/01/2046 DD 01/01/16 | 113 | ||||||
| FNMA POOL #0AQ0817 | 3.500% 12/01/2042 DD 12/01/12 | 368 | ||||||
| FNMA POOL #0AR8305 | 3.500% 05/01/2043 DD 05/01/13 | 679 | ||||||
| FNMA POOL #0AS6188 | 3.500% 11/01/2045 DD 10/01/15 | 141 | ||||||
| FNMA POOL #0AT8390 | 3.500% 06/01/2043 DD 06/01/13 | 549 | ||||||
| FNMA POOL #0AX3358 | 3.500% 11/01/2045 DD 11/01/15 | 4 | ||||||
| FNMA POOL #0AX6373 | 3.500% 02/01/2045 DD 02/01/15 | 4 | ||||||
| FNMA POOL #0AX7714 | 3.500% 02/01/2045 DD 02/01/15 | 4 | ||||||
| FNMA POOL #0AY2930 | 3.500% 04/01/2045 DD 04/01/15 | 3 | ||||||
| FNMA POOL #0AY4450 | 3.500% 02/01/2045 DD 02/01/15 | 5 | ||||||
| FNMA POOL #0AY4203 | 3.500% 05/01/2045 DD 05/01/15 | 24 | ||||||
| FNMA POOL #0AY4781 | 3.500% 03/01/2045 DD 03/01/15 | 3 | ||||||
| FNMA POOL #0AY6303 | 3.500% 02/01/2045 DD 03/01/15 | 15 | ||||||
| FNMA POOL #0AZ0054 | 3.500% 07/01/2045 DD 07/01/15 | 2 | ||||||
| FNMA POOL #0AZ1223 | 3.500% 06/01/2045 DD 06/01/15 | 7 | ||||||
| FNMA POOL #0AZ1367 | 3.500% 05/01/2045 DD 05/01/15 | 3 | ||||||
| FNMA POOL #0AZ2604 | 3.500% 08/01/2045 DD 08/01/15 | 2 | ||||||
| FNMA POOL #0AZ2619 | 3.500% 08/01/2045 DD 08/01/15 | 3 | ||||||
| FNMA POOL #0AZ2637 | 3.500% 09/01/2045 DD 09/01/15 | 6 | ||||||
| FNMA POOL #0AZ2665 | 3.500% 10/01/2045 DD 10/01/15 | 9 | ||||||
| FNMA POOL #0AZ2709 | 3.500% 06/01/2045 DD 06/01/15 | 2 | ||||||
| FNMA POOL #0AZ5196 | 3.500% 08/01/2045 DD 08/01/15 | 2 | ||||||
| FNMA GTD REMIC P/T 04-W1 2A2 | 7.000% 12/25/2033 DD 01/01/04 | 86 | ||||||
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)
December 31, 2024
(Dollars in Thousands)
| Identity of Issue | Description of Investment | Current Value | ||||||
| FNMA POOL #0AZ8683 | 3.500% 01/01/2046 DD 01/01/16 | 4 | ||||||
| FNMA POOL #0BA3553 | 3.500% 11/01/2045 DD 11/01/15 | 3 | ||||||
| FNMA POOL #0BA2899 | 3.500% 11/01/2045 DD 11/01/15 | 11 | ||||||
| FNMA POOL #0BA2978 | 3.500% 11/01/2045 DD 11/01/15 | 1 | ||||||
| FNMA POOL #0BA3084 | 3.500% 12/01/2045 DD 12/01/15 | 4 | ||||||
| FNMA POOL #0BA5324 | 3.500% 11/01/2045 DD 11/01/15 | 6 | ||||||
| FNMA POOL #0BA4700 | 3.500% 11/01/2045 DD 11/01/15 | 3 | ||||||
| FNMA POOL #0BC3481 | 3.500% 02/01/2046 DD 02/01/16 | 4 | ||||||
| FNMA POOL #0BM4343 | 4.500% 05/01/2048 DD 07/01/18 | 700 | ||||||
| FNMA POOL #0BM5538 | 5.000% 11/01/2048 DD 02/01/19 | 357 | ||||||
| FNMA POOL #0CA2156 | 4.000% 08/01/2048 DD 07/01/18 | 140 | ||||||
| FNMA POOL #0CA4756 | 3.000% 12/01/2049 DD 11/01/19 | 452 | ||||||
| FNMA POOL #0CA6415 | 3.000% 07/01/2050 DD 06/01/20 | 1,372 | ||||||
| FNMA POOL #0CA6988 | 2.500% 09/01/2050 DD 08/01/20 | 1,334 | ||||||
| FNMA POOL #0CB6080 | 5.500% 04/01/2053 DD 03/01/23 | 815 | ||||||
| FNMA POOL #0FM1389 | 4.500% 06/01/2049 DD 08/01/19 | 399 | ||||||
| FNMA POOL #0FM8691 | 2.500% 09/01/2051 DD 08/01/21 | 647 | ||||||
| FNMA POOL #0FS1202 | 3.000% 09/01/2050 DD 03/01/22 | 1,993 | ||||||
| FNMA POOL #0AB2775 | 4.500% 04/01/2041 DD 03/01/11 | 96 | ||||||
| FNMA POOL #0MA0878 | 4.000% 10/01/2031 DD 09/01/11 | 94 | ||||||
| FNMA POOL #0MA4465 | 2.000% 10/01/2051 DD 10/01/21 | 258 | ||||||
| FNMA POOL #0MA4158 | 2.000% 10/01/2050 DD 09/01/20 | 1,401 | ||||||
| FNMA POOL #0MA4182 | 2.000% 11/01/2050 DD 10/01/20 | 1,401 | ||||||
| FIFTH THIRD BANK NA | 2.250% 02/01/2027 DD 01/31/20 | 404 | ||||||
| GNMA II POOL #0MA1601 | 4.000% 01/20/2044 DD 01/01/14 | 394 | ||||||
| GNMA II POOL #0MA2679 | 4.000% 03/20/2045 DD 03/01/15 | 593 | ||||||
| GNMA II POOL #0MA2149 | 4.000% 08/20/2044 DD 08/01/14 | 505 | ||||||
| GNMA II POOL #0MA2304 | 4.000% 10/20/2044 DD 10/01/14 | 20 | ||||||
| GNMA II POOL #0MA2755 | 4.000% 04/20/2045 DD 04/01/15 | 21 | ||||||
| GNMA II POOL #0MA2893 | 4.000% 06/20/2045 DD 06/01/15 | 323 | ||||||
| GNMA II POOL #0MA3106 | 4.000% 09/20/2045 DD 09/01/15 | 455 | ||||||
| GNMA II POOL #0MA3311 | 4.000% 12/20/2045 DD 12/01/15 | 34 | ||||||
| GNMA II POOL #0MA3377 | 4.000% 01/20/2046 DD 01/01/16 | 131 | ||||||
| GNMA II POOL #0MA5400 | 5.000% 08/20/2048 DD 08/01/18 | 52 | ||||||
| GNMA II POOL #0MA5080 | 5.000% 03/20/2048 DD 03/01/18 | 299 | ||||||
| GNMA II POOL #0MA5193 | 4.500% 05/20/2048 DD 05/01/18 | 143 | ||||||
| GNMA II POOL #0MA6221 | 4.500% 10/20/2049 DD 10/01/19 | 174 | ||||||
| GNMA II POOL #0MA5467 | 4.500% 09/20/2048 DD 09/01/18 | 473 | ||||||
| GNMA II POOL #0MA5597 | 5.000% 11/20/2048 DD 11/01/18 | 372 | ||||||
| GNMA II POOL #0MA5653 | 5.000% 12/20/2048 DD 12/01/18 | 128 | ||||||
| GNMA II POOL #0MA5711 | 4.500% 01/20/2049 DD 01/01/19 | 904 | ||||||
| GNMA II POOL #0MA5712 | 5.000% 01/20/2049 DD 01/01/19 | 402 | ||||||
| GNMA II POOL #0MA5818 | 4.500% 03/20/2049 DD 03/01/19 | 39 | ||||||
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)
December 31, 2024
(Dollars in Thousands)
| Identity of Issue | Description of Investment | Current Value | ||||||
| GNMA II POOL #0MA5819 | 5.000% 03/20/2049 DD 03/01/19 | 171 | ||||||
| GNMA II POOL #0MA7137 | 3.000% 01/20/2051 DD 01/01/21 | 253 | ||||||
| GNMA II POOL #0MA6541 | 3.000% 03/20/2050 DD 03/01/20 | 324 | ||||||
| GNMA II POOL #0MA7768 | 3.000% 12/20/2051 DD 12/01/21 | 1,318 | ||||||
| GNMA II POOL #0MA8268 | 4.500% 09/20/2052 DD 09/01/22 | 810 | ||||||
| GNMA II POOL #0MA8347 | 4.500% 10/20/2052 DD 10/01/22 | 2,447 | ||||||
| GNMA II POOL #0MA8644 | 3.500% 02/20/2053 DD 02/01/23 | 769 | ||||||
| GNMA II POOL #0005280 | 4.000% 01/20/2042 DD 01/01/12 | 100 | ||||||
| GNMA II POOL #0004802 | 5.000% 09/20/2040 DD 09/01/10 | 132 | ||||||
| GM FINANCIAL CONSUMER AU 1 A2A | 5.120% 02/16/2027 DD 01/17/24 | 250 | ||||||
| GNMA GTD REMIC P/T 21-135 A | 2.000% 08/20/2051 DD 08/01/21 | 785 | ||||||
| HOME DEPOT INC/THE | 3.900% 12/06/2028 DD 12/06/18 | 171 | ||||||
| INTERCONTINENTAL EXCHANGE INC | 4.350% 06/15/2029 DD 05/23/22 | 323 | ||||||
| INTUIT INC | 1.350% 07/15/2027 DD 06/29/20 | 138 | ||||||
| INTUIT INC | 1.650% 07/15/2030 DD 06/29/20 | 84 | ||||||
| KIMBERLY-CLARK CORP | 3.100% 03/26/2030 DD 03/26/20 | 46 | ||||||
| LAM RESEARCH CORP | 3.750% 03/15/2026 DD 03/04/19 | 520 | ||||||
| ELI LILLY & CO | 3.375% 03/15/2029 DD 02/22/19 | 116 | ||||||
| LOCKHEED MARTIN CORP | 5.250% 01/15/2033 DD 10/24/22 | 227 | ||||||
| MARS INC 144A | 3.200% 04/01/2030 DD 03/29/19 | 138 | ||||||
| MARSH & MCLENNAN COS INC | 2.250% 11/15/2030 DD 05/07/20 | 345 | ||||||
| MASTERCARD INC | 3.300% 03/26/2027 DD 03/26/20 | 171 | ||||||
| MICROSOFT CORP | 3.125% 11/03/2025 DD 11/03/15 | 366 | ||||||
| MIDAMERICAN ENERGY CO | 3.650% 04/15/2029 DD 01/09/19 | 191 | ||||||
| MORGAN STANLEY CAPITAL HR2 A4 | 3.587% 12/15/2050 DD 12/01/17 | 144 | ||||||
| MORGAN STANLEY | 4.000% 07/23/2025 DD 07/23/15 | 20 | ||||||
| MORGAN STANLEY BANK OF C24 A4 | 3.732% 05/15/2048 DD 08/01/15 | 258 | ||||||
| NESTLE CAPITAL CORP 144A | 4.750% 03/12/2031 DD 03/12/24 | 568 | ||||||
| NUVEEN LLC 144A | 4.000% 11/01/2028 DD 10/22/18 | 315 | ||||||
| PAYPAL HOLDINGS INC | 3.900% 06/01/2027 DD 05/23/22 | 172 | ||||||
| PEPSICO INC | 2.750% 03/19/2030 DD 03/19/20 | 341 | ||||||
| PFIZER INC | 3.450% 03/15/2029 DD 03/11/19 | 477 | ||||||
| PFIZER INC | 2.625% 04/01/2030 DD 03/27/20 | 90 | ||||||
| PFIZER INC | 1.700% 05/28/2030 DD 05/28/20 | 320 | ||||||
| PRINCIPAL FINANCIAL GROUP INC | 2.125% 06/15/2030 DD 06/12/20 | 237 | ||||||
| PRUDENTIAL FINANCIAL INC | 3.878% 03/27/2028 DD 03/27/18 | 253 | ||||||
| PUBLIC SERVICE ELECTRIC AND GA | 3.700% 05/01/2028 DD 05/04/18 | 97 | ||||||
| ROCK TRUST 2024-CN CNTR A 144A | 5.388% 11/13/2041 DD 10/01/24 | 399 | ||||||
| SLG OFFICE TRUST 20 OVA A 144A | 2.585% 07/15/2041 DD 06/01/21 | 126 | ||||||
| CHARLES SCHWAB CORP/THE | 3.200% 03/02/2027 DD 03/02/17 | 213 | ||||||
| CHARLES SCHWAB CORP/THE | 2.900% 03/03/2032 DD 03/03/22 | 366 | ||||||
| SOUTHERN CALIFORNIA EDISON CO | 4.200% 03/01/2029 DD 03/15/19 | 121 | ||||||
| TOYOTA AUTO RECEIVABLES 2 B A3 | 4.710% 02/15/2028 DD 05/23/23 | 552 | ||||||
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)
December 31, 2024
(Dollars in Thousands)
| Identity of Issue | Description of Investment | Current Value | ||||||
| TOYOTA AUTO LOAN EXT 1A A 144A | 1.070% 02/27/2034 DD 03/08/21 | 457 | ||||||
| TRUIST BANK | 2.250% 03/11/2030 DD 03/09/20 | 215 | ||||||
| UNITED PARCEL SERVICE INC | 4.450% 04/01/2030 DD 03/24/20 | 272 | ||||||
| U S TREASURY BOND | 3.375% 11/15/2048 DD 11/15/18 | 1,361 | ||||||
| U S TREASURY NOTE | 4.000% 01/31/2031 DD 01/31/24 | 878 | ||||||
| U S TREASURY NOTE | 4.000% 02/15/2034 DD 02/15/24 | 785 | ||||||
| U S TREASURY NOTE | 4.250% 02/28/2031 DD 02/29/24 | 3,697 | ||||||
| U S TREASURY NOTE | 4.625% 04/30/2031 DD 04/30/24 | 444 | ||||||
| U S TREASURY NOTE | 4.375% 05/15/2034 DD 05/15/24 | 5,000 | ||||||
| UNITEDHEALTH GROUP INC | 5.300% 02/15/2030 DD 10/28/22 | 1,168 | ||||||
| VISA INC | 3.150% 12/14/2025 DD 12/14/15 | 1,186 | ||||||
| VISA INC | 2.050% 04/15/2030 DD 04/02/20 | 175 | ||||||
| VOLKSWAGENAUTO LOAN ENH 1 A2A | 4.650% 11/22/2027 DD 11/26/24 | 551 | ||||||
| WALMART INC | 3.700% 06/26/2028 DD 06/27/18 | 147 | ||||||
| WELLS FARGO & CO | 3.000% 10/23/2026 DD 10/25/16 | 814 | ||||||
| WELLS FARGO COMMERCIAL C51 ASB | 3.160% 06/15/2052 DD 07/01/19 | 128 | ||||||
| WELLS FARGO COMMERCIAL C58 A4 | 2.092% 07/15/2053 DD 12/01/20 | 211 | ||||||
| WELLS FARGO COMMERCIAL C59 A5 | 2.626% 04/15/2054 DD 05/01/21 | 296 | ||||||
| BBCMS MORTGAGE TRUST 20 C18 A5 | VAR RT 12/15/2055 DD 12/01/22 | 232 | ||||||
| BBCMS MORTGAGE TRUST 20 C21 A5 | VAR RT 09/15/2056 DD 10/01/23 | 645 | ||||||
| BX TRUST 2022-PSB PSB A 144A | VAR RT 08/15/2039 DD 08/15/22 | 77 | ||||||
| BX TRUST 2024-BIO BIO A 144A | VAR RT 02/15/2041 DD 02/15/24 | 275 | ||||||
| BX TRUST 2024-PAT PAT A 144A | VAR RT 03/15/2041 DD 03/19/24 | 150 | ||||||
| BX COMMERCIAL MORTG XL5 A 144A | VAR RT 03/15/2041 DD 03/15/24 | 182 | ||||||
| BX 2024-BRVE BRVE A 144A | VAR RT 04/15/2026 DD 04/16/24 | 326 | ||||||
| BLP 2024-IND2 A | VAR RT 03/15/2041 DD 02/28/24 | 264 | ||||||
| BANK OF AMERICA CORP | VAR RT 07/23/2029 DD 07/23/18 | 219 | ||||||
| BANK OF AMERICA CORP | VAR RT 07/23/2031 DD 07/23/20 | 294 | ||||||
| BANK OF AMERICA CORP | VAR RT 07/21/2032 DD 07/21/21 | 200 | ||||||
| BANK OF AMERICA CORP | VAR RT 04/27/2033 DD 04/27/22 | 166 | ||||||
| BANK OF AMERICA CORP | VAR RT 01/20/2027 DD 01/20/23 | 201 | ||||||
| BANK OF AMERICA CORP | VAR RT 04/25/2029 DD 04/25/23 | 442 | ||||||
| BANK 2022-BNK40 BNK40 A4 | VAR RT 03/15/2064 DD 03/01/22 | 312 | ||||||
| BANK 2021-BNK32 BN32 A5 | VAR RT 04/15/2054 DD 03/01/21 | 303 | ||||||
| BARCLAYS DRYROCK ISSUANCE 2 A | VAR RT 08/15/2028 DD 11/20/23 | 803 | ||||||
| BENCHMARK 2024-V8 MORTGA V8 A3 | VAR RT 07/15/2057 DD 07/01/24 | 156 | ||||||
| CITIGROUP INC | VAR RT 11/05/2030 DD 11/05/19 | 180 | ||||||
| FHLMC POOL #1B-1438 | VAR RT 01/01/2034 DD 01/01/04 | 13 | ||||||
| FHLMC POOL #1B-0118 | VAR RT 08/01/2031 DD 08/01/01 | 4 | ||||||
| FHLMC MULTICLASS MTG KF73 AS | VAR RT 11/25/2029 DD 12/20/19 | 97 | ||||||
| FHLMC MULTICLASS MTG F108 AS | VAR RT 02/25/2031 DD 04/29/21 | 66 | ||||||
| FORD CREDIT AUTO OWNE 1 A 144A | VAR RT 08/15/2036 DD 02/13/24 | 325 | ||||||
| GNMA II POOL #0MA0414 | VAR RT 09/20/2042 DD 09/01/12 | 23 | ||||||
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)
December 31, 2024
(Dollars in Thousands)
| Identity of Issue | Description of Investment | Current Value | ||||||
| JPMORGAN CHASE & CO | VAR RT 01/23/2029 DD 01/23/18 | 312 | ||||||
| JPMORGAN CHASE & CO | VAR RT 04/22/2031 DD 04/22/20 | 22 | ||||||
| JPMORGAN CHASE & CO | VAR RT 05/13/2031 DD 05/13/20 | 89 | ||||||
| JPMORGAN CHASE & CO | VAR RT 04/26/2033 DD 04/26/22 | 456 | ||||||
| MSWF COMMERCIAL MORTGAGE 2 A5 | VAR RT 12/15/2056 DD 12/01/23 | 211 | ||||||
| MORGAN STANLEY | VAR RT 04/01/2031 DD 03/31/20 | 163 | ||||||
| MORGAN STANLEY | VAR RT 12/10/2026 DD 12/10/20 | 892 | ||||||
| MORGAN STANLEY | VAR RT 01/21/2033 DD 01/24/22 | 64 | ||||||
| MORGAN STANLEY | VAR RT 01/28/2027 DD 01/19/23 | 830 | ||||||
| MORGAN STANLEY | VAR RT 04/20/2029 DD 04/21/23 | 371 | ||||||
| ONE NEW YORK PLAZA 1NYP A 144A | VAR RT 01/15/2036 DD 12/29/20 | 215 | ||||||
| STATE STREET CORP | VAR RT 08/04/2033 DD 08/04/22 | 196 | ||||||
| TRUIST FINANCIAL CORP | VAR RT 06/08/2027 DD 06/08/23 | 61 | ||||||
| US BANCORP | VAR RT 06/12/2029 DD 06/12/23 | 174 | ||||||
| WELLS FARGO & CO | VAR RT 04/30/2026 DD 04/30/20 | 396 | ||||||
| U S TREASURY BD CPN STRIP | 0.000% 02/15/2033 DD 02/15/06 | 1,173 | ||||||
| U S TREASURY BD CPN STRIP | 0.000% 08/15/2033 DD 02/15/06 | 386 | ||||||
| U S TREASURY BD CPN STRIP | 0.000% 11/15/2030 DD 08/15/07 | 442 | ||||||
| U S TREASURY BD CPN STRIP | 0.000% 11/15/2031 DD 08/15/07 | 420 | ||||||
| U S TREASURY BD CPN STRIP | 0.000% 05/15/2032 DD 08/15/07 | 887 | ||||||
| U S TREASURY BD CPN STRIP | 0.000% 11/15/2029 DD 02/15/00 | 691 | ||||||
| U S TREASURY BD CPN STRIP | 0.000% 08/15/2030 DD 02/15/01 | 448 | ||||||
| DREYFUS GOVT CM BOLD 6 | GSAM 1-5 YR G/C | 2,560 | ||||||
| DREYFUS GOVT CM BOLD 6 | GSAM INT AGG | 7,232 | ||||||
| Total Interest Income Funds at Fair Value | 241,807 | |||||||
| Adjustment From Fair Value To Contract Value For Fully Benefit-Responsive Investment Contracts | 14,749 | |||||||
| Total Interest Income Funds at Contract Value | 256,556 | |||||||
| * Notes Receivable from Participants | 4.25% - 10.50% | 56,293 | ||||||
| Total | $ | 2,265,053 | ||||||
| * Party-in-interest | ||||||||
24
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/ Sabrina Sanders | |||||||
| Sabrina Sanders | ||||||||
| Senior Vice President, Chief Accounting Officer and Controller | ||||||||
Date: June 23, 2025
EXHIBIT INDEX
Exhibit identified below, Exhibit 23 filed herein as exhibit hereto.
Exhibit Number | |||||