# EDGAR Filing Document

**Accession Number:** 0000732717
**File Stem:** 0000732717-26-000273
**Filing Date:** 2026-6
**Character Count:** 85303
**Document Hash:** a34100486dcbec5469a4d34b3cd28a23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000732717-26-000273.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0000732717-26-000273

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AT&T INC.
- **CENTRAL INDEX KEY:** 0000732717
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 431301883
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08610
- **FILM NUMBER:** 261108085

**BUSINESS ADDRESS:**
- **STREET 1:** 208 S. AKARD ST
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75202
- **BUSINESS PHONE:** 2108214105

**MAIL ADDRESS:**
- **STREET 1:** 208 S. AKARD ST
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SBC COMMUNICATIONS INC
- **DATE OF NAME CHANGE:** 19950501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SOUTHWESTERN BELL CORP
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? t-20260622

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 11-K** 

**(Mark One)** 

☒**&nbsp;&nbsp;&nbsp;&nbsp;ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended December 31, 2025** 

**OR** 

☐**&nbsp;&nbsp;&nbsp;&nbsp;TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** 

**Commission File Number: 1-8610** 

A.&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;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** |
| &nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm &nbsp;&nbsp;&nbsp;&nbsp; | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements: | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Net Assets Available for Benefits as of December 31, 2025 and 2024 &nbsp;&nbsp;&nbsp;&nbsp; | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2025  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements &nbsp;&nbsp;&nbsp;&nbsp; | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supplemental Schedule: | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule H, Part IV, Line 4(i) – Schedule of Assets (Held at End of Year) as of December 31, 2025 &nbsp;&nbsp;&nbsp;&nbsp;  | 10 |

---

------

**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 (the "Plan") as of December 31, 2025 and 2024, the related statement of changes in net assets available for benefits for the year ended December 31, 2025, 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, 2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025, 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 schedule of assets (held at end of year) as of December 31, 2025, 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 schedule of assets (held at end of year) 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 22, 2026**

------

 **AT&T Savings and Security Plan** 

**Statements of Net Assets Available For Benefits** 

**As of December 31, 2025 and 2024**

**(Dollars in Thousands)** 

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025**  | **2024** |
| **ASSETS** |  |  |
| Investments at fair value (See Notes 3 and 4) | $2121650 | $1952204 |
| Fully benefit-responsive investment contracts at contract value (See Note 4) | 236461 | 256556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments | 2358111 | 2208760 |
| Notes receivable from participants | 52283 | 56293 |
| Dividends and interest receivable | 396 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Receivables | 52679 | 56847 |
| Total Assets | 2410790 | 2265607 |
| **LIABILITIES** |  |  |
| Administrative expenses payable | 1022 | 1045 |
| Total Liabilities | 1022 | 1045 |
| Net Assets Available for Benefits | $2409768 | $2264562 |
| 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, 2025** 

**(Dollars in Thousands)** 

---

| | |
|:---|:---|
| Net Assets Available for Benefits, December 31, 2024 | $2264562 |
| Changes in Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant contributions | 47035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employer contributions | 20053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollover contributions | 21219 |
|  | 88307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | 298589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 16018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 6280 |
|  | 320887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income on notes receivable from participants | 4674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (267024) |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | (1638) |
| Net Increase | $145206 |
| Net Assets Available for Benefits, December 31, 2025 | $2409768 |
| &nbsp;&nbsp;&nbsp;&nbsp;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 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 2025 and 2024, participants could invest their contributions in one or more of the available funds in five dollar increments:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;AT&T Shares Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Global Equity Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Mid and Small Cap Stock Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Large Cap Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;International Stock Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Interest Income Fund | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;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 2025, Plan participants elected to receive $3,000 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

------

**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, 2025 or 2024. 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.

**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&nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;Inputs to the valuation methodology include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Quoted prices for similar assets and liabilities in active markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Quoted prices for identical or similar assets or liabilities in inactive markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Inputs other than quoted market prices that are observable for the asset or liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

------

**AT&T Savings and Security Plan** 

**Notes to Financial Statements (Continued)**

**(Dollars in Thousands)** 

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&nbsp;&nbsp;&nbsp;&nbsp;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, 2025 and 2024.

The following table sets forth by level, within the fair value hierarchy, the Plan's investments at fair value as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Plan Assets at Fair Value as of December 31, 2025**  | **Plan Assets at Fair Value as of December 31, 2025**  | **Plan Assets at Fair Value as of December 31, 2025**  | **Plan Assets at Fair Value as of December 31, 2025**  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1**  | **Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest bearing cash | $12 | $— | $— | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T common stock | 335396 |  |  | 335396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 10367 |  |  | 10367 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets in fair value hierarchy** | $345775 | $— | $— | $345775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common/collective trusts measured at net asset value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large cap U.S. stock index fund<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  | 722014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid and small cap U.S. stock index fund<sup>2</sup> |  |  |  | 317674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond index fund<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  | 192179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International stock index fund<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  | 230209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity fund<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  | 233944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset allocation funds<sup>6</sup> |  |  |  | 79855 |
| **Total investments at fair value** |  |  |  | $2121650 |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;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.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;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.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;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.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;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 Morgan Stanley Country Index – Europe, Australasia, Far East (MSCI EAFE) Index. There are currently no redemption restrictions on this investment.

<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;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 MSCI EAFE Index. There are currently no redemption restrictions on these investments.

<sup>6</sup>&nbsp;&nbsp;&nbsp;&nbsp;This category includes 14 common/collective trust funds also known as Age-Based Asset Allocation Funds which are well diversified portfolios that adjust the mix of the underlying investments over time to correspond with various retirement years. There are currently no redemption restrictions on these investments.

------

**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, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Plan Assets at Fair Value as of December 31, 2024**  | **Plan Assets at Fair Value as of December 31, 2024**  | **Plan Assets at Fair Value as of December 31, 2024**  | **Plan Assets at Fair Value as of December 31, 2024**  |
| | &nbsp;&nbsp;&nbsp;&nbsp;**Level 1**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Level 2**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Level 3**  | &nbsp;&nbsp;&nbsp;&nbsp;**Total**  |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&T common stock | $325051 | $— | $— | $325051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 8873 |  |  | 8873 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets in fair value hierarchy** | $333924 | $— | $— | $333924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common/collective trusts measured at net asset value: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Large cap U.S. stock index fund<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  | 670371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid and small cap U.S. stock index fund<sup>2</sup> |  |  |  | 317884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bond index fund<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  | 178264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International stock index fund<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  | 190031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global equity fund<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  | 204687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset allocation funds<sup>6</sup> |  |  |  | 57043 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investments at fair value** |  |  |  | $1952204 |

---

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;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.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;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.

<sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;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.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;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 Morgan Stanley Country Index – Europe, Australasia, Far East (MSCI EAFE) Index. There are currently no redemption restrictions on this investment.

<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;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 MSCI EAFE Index. There are currently no redemption restrictions on these investments.

<sup>6</sup>&nbsp;&nbsp;&nbsp;&nbsp;This category includes 14 common/collective trust funds also known as Age-Based Asset Allocation Funds which are well diversified portfolios that adjust the mix of the underlying investments over time to correspond with various retirement years. 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

------

**AT&T Savings and Security Plan** 

**Notes to Financial Statements (Continued)**

**(Dollars in Thousands)** 

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, 2025 and 2024, the Plan held approximately $2,699 and $2,529, 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 benefits. 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.

**NOTE 5. RELATED PARTY AND 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 related party 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 13,502,268 and 14,275,427 shares of the Company's common stock in the AT&T Shares Fund as of December 31, 2025 and 2024, respectively. Dividends earned by the Plan's AT&T Shares Fund on the Company's common stock were $12,578 for the year ended December 31, 2025.

**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, 2025, there were no uncertain positions taken or expected to be taken. The Plan has

------

**AT&T Savings and Security Plan** 

**Notes to Financial Statements (Continued)**

**(Dollars in Thousands)** 

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:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**2025**  | &nbsp;&nbsp;**2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets Available for Benefits per the financial statements | $2409768 | $2264562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable to participants | (1125) | (352) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets Available for Benefits per the Form 5500 | $2408643 | $2264210 |

---

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, 2025:

---

| | |
|:---|:---|
| | &nbsp;&nbsp;**2025**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to participants per the financial statements | $267024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable to participants at December 31, 2024 | (352) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions payable to participants at December 31, 2025 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to participants per the Form 5500 | $267797 |

---

**NOTE 8. SUBSEQUENT EVENTS** 

As part of collective bargaining agreements ratified during 2025, certain bargained employees (representing approximately 60% of current plan participants) no longer participate in the AT&T Savings and Security Plan but instead participate in the AT&T Retirement Savings Plan effective January 1, 2026. The participant balances and assets held by these bargained employees, totaling approximately $1,300,000, were transferred from the AT&T Savings and Security Plan into the AT&T Retirement Savings Plan on January 28, 2026.

As part of collective bargaining agreements ratified during 2026, the remaining bargained employees participating in the AT&T Savings and Security Plan will instead participate in the AT&T Retirement Savings Plan effective on October 1, 2026. Subsequent to the effective date the remaining 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.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** |
| **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** |
| **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR)** |
| **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| **Identity of Issue** | **Interest<br>Rate** | **Maturity<br>Date** | **Number of<br>Shares/Units** | **Current Value** |
| **<u>Interest-Bearing Investments</u>** | | | | |
| \* BNY MELLON CASH RESERVE |  |  | 11735 | $**12** |
| **<u>Common Stocks</u>** |  |  |  |  |
| \* AT&T INC |  |  | 13502268 | **335396** |
| **<u>Mutual Funds or Exchange-Traded Funds</u>** |  |  |  |  |
| \* DREYFUS GOVERNMENT CASH MANAGEMENT FUND |  |  | 10366806 | **10367** |
| **<u>Asset Allocation Funds</u>** |  |  |  |  |
| \* ASSP RET FUND |  |  | 228102 | 4314 |
| \* ASSP FUND- 2010 |  |  | 127661 | 3028 |
| \* ASSP FUND- 2015 |  |  | 123512 | 3157 |
| \* ASSP FUND- 2020 |  |  | 142050 | 3790 |
| \* ASSP FUND- 2025 |  |  | 263471 | 7728 |
| \* ASSP FUND- 2030 |  |  | 694517 | 21468 |
| \* ASSP FUND- 2035 |  |  | 529277 | 18609 |
| \* ASSP FUND- 2040 |  |  | 341040 | 12847 |
| \* ASSP FUND- 2045 |  |  | 68023 | 2632 |
| \* ASSP FUND- 2050 |  |  | 31498 | 1200 |
| \* ASSP FUND- 2055 |  |  | 9306 | 379 |
| \* ASSP FUND- 2060 |  |  | 16413 | 443 |
| \* ASSP FUND- 2065 |  |  | 12418 | 168 |
| \* ATT SBC 2070 RET FD |  |  | 7895 | 92 |
| Total Asset Allocation Funds |  |  |  | **79855** |
| **<u>Large Cap U.S. Stock Index Fund</u>** |  |  |  |  |
| \* BLACKROCK EQUITY INDEX FUND F |  |  | 4938911 | **722014** |
| **<u>Mid and Small Cap U.S. Stock Index Fund</u>** |  |  |  |  |
| \* BLACKROCK EXTENDED EQUITY MARKET FUND F |  |  | 2340029 | **317674** |
| **<u>Bond Index Fund</u>** |  |  |  |  |
| \* BLACKROCK GOVERNMENT/CREDIT BOND INDEX FUND F |  |  | 5680369 | **192179** |
| **<u>International Stock Index Fund</u>** |  |  |  |  |
| \* BLACKROCK EAFE EQUITY INDEX FUND F |  |  | 3010809 | **230209** |
| **<u>Global Equity Fund</u>** |  |  |  |  |
| \* BLACKROCK US EQUITY MARKET FUND F |  |  | 4349645 | **233944** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** |
| **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** |
| **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** |
| **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| **Identity of Issue** | **Interest<br>Rate** | **Maturity<br>Date** | **Number of<br>Shares/Units** | **Current Value** |
| **<u>Interest Income Fund</u>** | | | | |
| BANK OF MONTREAL | 5.30% | 6/5/2026 |  | $729 |
| ROYAL BANK OF CANADA | 1.40% | 11/2/2026 |  | 612 |
| TORONTO-DOMINION BANK/THE | 4.11% | 6/8/2027 |  | 301 |
| TORONTO-DOMINION BANK/THE | 4.99% | 4/5/2029 |  | 1004 |
| CANADIAN IMPERIAL BANK OF COMM | 4.86% | 3/30/2029 |  | 722 |
| AB BSL CLO 6 LTD 6A A 144A | 5.31% | 7/20/2037 |  | 552 |
| ATLAS SENIOR LOAN 18A A1R 144A | 4.99% | 1/18/2035 |  | 849 |
| BAIN CAPITAL CRED 3A A1RR 144A | 5.07% | 10/23/2034 |  | 600 |
| BAIN CAPITAL CREDIT 3A A1 144A | 5.37% | 7/16/2037 |  | 501 |
| CIFC FUNDING 2018- 3A A1R 144A | 5.35% | 10/18/2038 |  | 622 |
| DRYDEN 80 CLO LTD 80A ARR 144A | 4.83% | 1/17/2033 |  | 835 |
| DRYDEN 76 CLO LT 76A A1R2 144A | 5.27% | 10/15/2037 |  | 1303 |
| ELMWOOD CLO 26 LTD 1A A1 144A | 5.38% | 4/18/2037 |  | 601 |
| GOLUB CAPITAL PART 53A AR 144A | 4.86% | 7/20/2034 |  | 500 |
| NASSAU 2018-II LTD IIA A 144A | 5.45% | 10/15/2031 |  | 54 |
| TIKEHAU US CLO I LT 1A A1 144A | 5.37% | 1/18/2035 |  | 750 |
| TRESTLES CLO VII LT 7A A1 144A | 5.24% | 10/25/2037 |  | 501 |
| TRINITAS CLO XXX L 30A A1 144A | 5.23% | 10/23/2037 |  | 301 |
| ZAIS CLO 18 LTD 18A A1R 144A | 5.18% | 10/25/2037 |  | 600 |
| DANSKE BANK A/S 144A | 5.43% | 3/1/2028 |  | 556 |
| NORDEA BANK ABP 144A | 1.50% | 9/30/2026 |  | 228 |
| SUMITOMO MITSUI FINANCIAL GROU | 3.04% | 7/16/2029 |  | 1345 |
| ING GROEP NV | 3.95% | 3/29/2027 |  | 460 |
| WESTPAC NEW ZEALAND LTD 144A | 4.90% | 2/15/2028 |  | 224 |
| PFIZER INVESTMENT ENTERPRISES | 4.45% | 5/19/2028 |  | 715 |
| UBS AG/STAMFORD CT | 1.25% | 8/7/2026 |  | 640 |
| UBS GROUP AG 144A | 1.36% | 1/30/2027 |  | 549 |
| CSL FINANCE PLC 144A | 3.85% | 4/27/2027 |  | 75 |
| RIO TINTO FINANCE USA PLC | 4.88% | 3/14/2030 |  | 715 |
| NATWEST GROUP PLC | 4.89% | 5/18/2029 |  | 966 |
| ALPHABET INC | 4.10% | 11/15/2030 |  | 527 |
| AMERICAN EXPRESS CREDIT AC 1 A | 4.87% | 5/15/2028 |  | 301 |
| AMPHENOL CORP | 3.90% | 11/15/2028 |  | 150 |
| BA CREDIT CARD TRUST A2 A2 | 4.98% | 11/15/2028 |  | 404 |
| BANK5 2025-5YR17 5YR17 A3 | 5.23% | 11/15/2058 |  | 361 |
| BANK5 2025-5YR14 5YR14 A3 | 5.65% | 4/15/2058 |  | 366 |
| BANK5 2024-5YR9 5YR9 A3 | 5.61% | 8/15/2057 |  | 312 |
| BANK5 2024-5YR11 5YR11 A3 | 5.89% | 11/15/2057 |  | 263 |
| BARCLAYS DRYROCK ISSUANCE 1 A | 4.72% | 2/15/2029 |  | 601 |
| BARCLAYS DRYROCK ISSUANCE 1 A | 3.97% | 7/15/2031 |  | 401 |
| BENCHMARK 2021-B28 MOR B28 ASB | 1.98% | 8/15/2054 |  | 188 |
| BP CAPITAL MARKETS AMERICA INC | 4.70% | 4/10/2029 |  | 638 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** |
| **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** |
| **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** |
| **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| **Identity of Issue** | **Interest<br>Rate** | **Maturity<br>Date** | **Number of<br>Shares/Units** | **Current Value** |
| COMM 2024-277P MOR 277P A 144A | 6.34% | 8/10/2044 |  | $316 |
| CAPITAL ONE MULTI-ASSET E A2 A | 4.02% | 9/15/2032 |  | 400 |
| CHASE AUTO OWNER TR 4A A3 144A | 4.94% | 7/25/2029 |  | 581 |
| CITIBANK NA | 5.80% | 9/29/2028 |  | 650 |
| JOHN DEERE CAPITAL CORP | 4.50% | 1/16/2029 |  | 966 |
| ECOLAB INC | 1.65% | 2/1/2027 |  | 318 |
| EQUITABLE FINANCIAL LIFE 144A | 5.00% | 3/27/2030 |  | 823 |
| EXETER AUTOMOBILE RECEIV 1A A2 | 4.70% | 9/15/2027 |  | 18 |
| META PLATFORMS INC | 4.20% | 11/15/2030 |  | 226 |
| FHLMC POOL #A6-4440 | 6.00% | 8/1/2037 |  | 1 |
| FHLMC POOL #A6-3809 | 6.00% | 8/1/2037 |  | 1 |
| FHLMC POOL #A6-4142 | 6.00% | 8/1/2037 |  | 1 |
| FHLMC POOL #A6-5652 | 6.00% | 9/1/2037 |  | 1 |
| FHLMC POOL #A6-8998 | 6.00% | 11/1/2037 |  | 1 |
| FHLMC POOL #A6-9830 | 6.00% | 12/1/2037 |  | 1 |
| FHLMC POOL #A6-9654 | 6.00% | 12/1/2037 |  | 1 |
| FHLMC POOL #A7-6472 | 6.00% | 4/1/2038 |  | 1 |
| FHLMC POOL #G0-3330 | 6.00% | 9/1/2037 |  | 1 |
| FHLMC POOL #G0-3349 | 6.00% | 10/1/2037 |  | 1 |
| FHLMC POOL #G0-3551 | 6.00% | 11/1/2037 |  | 4 |
| FHLMC POOL #G0-3581 | 6.00% | 11/1/2037 |  | 2 |
| FHLMC POOL #G0-3616 | 6.00% | 12/1/2037 |  | 1 |
| FHLMC POOL #G0-3646 | 6.00% | 1/1/2038 |  | 1 |
| FHLMC POOL #G0-3698 | 6.00% | 12/1/2037 |  | 1 |
| FHLMC POOL #G0-3721 | 6.00% | 12/1/2037 |  | 1 |
| FHLMC POOL #G0-3776 | 6.00% | 1/1/2038 |  | 2 |
| FHLMC POOL #G0-3781 | 6.00% | 1/1/2038 |  | 1 |
| FHLMC POOL #G0-3941 | 6.00% | 2/1/2038 |  | 2 |
| FHLMC POOL #G0-4230 | 6.00% | 4/1/2038 |  | 1 |
| FHLMC POOL #G0-4411 | 6.00% | 6/1/2038 |  | 3 |
| FHLMC POOL #G0-4576 | 6.00% | 9/1/2038 |  | 2 |
| FHLMC POOL #G0-4607 | 6.00% | 9/1/2038 |  | 1 |
| FHLMC POOL #G0-4645 | 6.00% | 7/1/2038 |  | 2 |
| FHLMC POOL #G0-4713 | 6.00% | 10/1/2038 |  | 1 |
| FHLMC POOL #G0-4765 | 6.00% | 9/1/2038 |  | 2 |
| FHLMC POOL #G0-5369 | 6.00% | 3/1/2039 |  | 1 |
| FHLMC POOL #G0-6789 | 6.00% | 5/1/2040 |  | 1 |
| FHLMC POOL #G0-6066 | 6.00% | 5/1/2040 |  | 2 |
| FHLMC POOL #G0-6249 | 6.00% | 5/1/2040 |  | 1 |
| FHLMC POOL #G0-6954 | 6.00% | 5/1/2040 |  | 2 |
| FHLMC POOL #G0-7222 | 6.00% | 4/1/2040 |  | 2 |
| FHLMC POOL #A8-1068 | 6.00% | 8/1/2038 |  | 1 |
| FHLMC POOL #C0-3475 | 6.00% | 4/1/2040 |  | 1 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** |
| **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** |
| **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** |
| **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| **Identity of Issue** | **Interest<br>Rate** | **Maturity<br>Date** | **Number of<br>Shares/Units** | **Current Value** |
| FHLMC POOL #C0-3325 | 6.00% | 2/1/2039 |  | $1 |
| FHLMC POOL #A8-5741 | 6.00% | 4/1/2039 |  | 1 |
| FHLMC POOL #SD-4967 | 5.50% | 2/1/2054 |  | 1750 |
| FHLMC POOL #V8-0804 | 6.00% | 1/1/2039 |  | 3 |
| FNMA GTD REMIC P/T 13-13 MA | 4.00% | 1/25/2043 |  | 99 |
| FNMA GTD REMIC P/T 15-92 PA | 2.50% | 12/25/2041 |  | 45 |
| FNMA GTD REMIC P/T 16-11 GA | 2.50% | 3/25/2046 |  | 234 |
| FNMA GTD REMIC P/T 16-43 MA | 3.00% | 10/25/2045 |  | 183 |
| FNMA GTD REMIC P/T 17-86 PA | 3.00% | 6/25/2045 |  | 172 |
| FHLMC MULTICLASS MTG 4189 PA | 3.50% | 11/15/2042 |  | 58 |
| FHLMC MULTICLASS MTG 4585 DA | 3.00% | 6/15/2045 |  | 181 |
| FHLMC MULTICLASS MTG 4594 PA | 3.00% | 11/15/2044 |  | 124 |
| FHLMC MULTICLASS MTG 4604 HA | 2.50% | 5/15/2045 |  | 128 |
| FHLMC MULTICLASS MTG 4874 AT | 3.00% | 9/15/2048 |  | 90 |
| FNMA POOL #0555678 | 5.00% | 8/1/2033 |  | 176 |
| FNMA POOL #0725228 | 6.00% | 3/1/2034 |  | 122 |
| FNMA POOL #0735676 | 5.00% | 7/1/2035 |  | 61 |
| FNMA POOL #0BF0198 | 4.00% | 11/1/2040 |  | 166 |
| FNMA POOL #0AB0130 | 5.00% | 5/1/2038 |  | 18 |
| FORD CREDIT AUTO LEASE TR A A3 | 4.72% | 6/15/2028 |  | 479 |
| GNMA II POOL #0MA5332 | 5.00% | 7/20/2048 |  | 347 |
| GNMA II POOL #0MA5530 | 5.00% | 10/20/2048 |  | 186 |
| GNMA II POOL #0MA5596 | 4.50% | 11/20/2048 |  | 24 |
| GNMA II POOL #0MA5711 | 4.50% | 1/20/2049 |  | 13 |
| GNMA II POOL #0MA5764 | 4.50% | 2/20/2049 |  | 52 |
| GNMA II POOL #0MA5818 | 4.50% | 3/20/2049 |  | 70 |
| GNMA II POOL #0MA5819 | 5.00% | 3/20/2049 |  | 16 |
| GNMA II POOL #0MA5877 | 4.50% | 4/20/2049 |  | 103 |
| GNMA II POOL #0MA5987 | 4.50% | 6/20/2049 |  | 36 |
| GNMA II POOL #0MA5988 | 5.00% | 6/20/2049 |  | 490 |
| GM FINANCIAL AUTOMOBILE L 1 A3 | 5.09% | 3/22/2027 |  | 246 |
| GM FINANCIAL CONSUMER AUT 1 A3 | 4.62% | 12/17/2029 |  | 556 |
| HOME DEPOT INC/THE | 2.95% | 6/15/2029 |  | 993 |
| M&T BANK AUTO RECE 1A A2A 144A | 4.63% | 5/15/2028 |  | 465 |
| MARS INC 144A | 4.55% | 4/20/2028 |  | 658 |
| MARS INC 144A | 4.80% | 3/1/2030 |  | 950 |
| MERCEDES-BENZ FINANCE NOR 144A | 5.20% | 8/3/2026 |  | 760 |
| MERCEDES-BENZ AUTO LEASE A A3 | 5.32% | 1/18/2028 |  | 581 |
| METROPOLITAN LIFE GLOBAL 144A | 4.85% | 1/8/2029 |  | 1296 |
| NESTLE CAPITAL CORP 144A | 4.75% | 3/12/2031 |  | 641 |
| PACIFIC LIFE GLOBAL FUNDI 144A | 1.38% | 4/14/2026 |  | 472 |
| PHILIP MORRIS INTERNATIONAL IN | 4.88% | 2/13/2029 |  | 640 |
| ROCK TRUST 2024-CN CNTR A 144A | 5.39% | 11/13/2041 |  | 514 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** |
| **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** |
| **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** |
| **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| **Identity of Issue** | **Interest<br>Rate** | **Maturity<br>Date** | **Number of<br>Shares/Units** | **Current Value** |
| REALTY INCOME CORP | 3.40% | 1/15/2028 |  | $643 |
| RELIANCE STANDARD LIFE GL 144A | 1.51% | 9/28/2026 |  | 197 |
| SANTANDER DRIVE AUTO RECE 3 A3 | 5.63% | 1/16/2029 |  | 318 |
| SANTANDER DRIVE AUTO RECE 1 A3 | 4.74% | 1/16/2029 |  | 276 |
| SFS AUTO RECEIVABLE 1A A2 144A | 4.65% | 5/22/2028 |  | 235 |
| U S TREASURY NOTE | 3.50% | 4/30/2030 |  | 1669 |
| U S TREASURY NOTE | 4.13% | 7/31/2028 |  | 2802 |
| U S TREASURY NOTE | 4.38% | 8/31/2028 |  | 6057 |
| U S TREASURY NOTE | 4.88% | 10/31/2028 |  | 6453 |
| U S TREASURY NOTE | 4.25% | 2/28/2029 |  | 3827 |
| U S TREASURY NOTE | 4.63% | 4/30/2029 |  | 2881 |
| U S TREASURY NOTE | 4.50% | 5/31/2029 |  | 2059 |
| U S TREASURY NOTE | 4.00% | 7/31/2029 |  | 2382 |
| U S TREASURY NOTE | 3.63% | 8/31/2029 |  | 3141 |
| U S TREASURY NOTE | 4.13% | 10/31/2029 |  | 5944 |
| U S TREASURY NOTE | 4.13% | 11/30/2029 |  | 7319 |
| U S TREASURY NOTE | 4.25% | 8/15/2035 |  | 283 |
| U S TREASURY NOTE | 3.50% | 12/15/2028 |  | 799 |
| WF CARD ISSUANCE TRUST A2 A | 4.29% | 10/15/2029 |  | 429 |
| BFLD COMMERCIAL MO 660F A 144A | 5.25% | 11/15/2042 |  | 301 |
| BX TRUST 2025-ROIC ROIC A 144A | 4.89% | 3/15/2030 |  | 398 |
| BANK OF AMERICA CORP | 3.97% | 2/7/2030 |  | 2108 |
| BANK OF AMERICA CORP | 5.82% | 9/15/2029 |  | 480 |
| BANK OF AMERICA CORP | 5.16% | 1/24/2031 |  | 279 |
| \* BANK OF NEW YORK MELLON CORP/T | 4.95% | 4/26/2027 |  | 461 |
| BENCHMARK 2024-V7 MORTGA V7 A3 | 6.23% | 5/15/2056 |  | 238 |
| BENCHMARK 2024-V11 MORT V11 A3 | 5.91% | 11/15/2057 |  | 473 |
| CITIGROUP INC | 3.67% | 7/24/2028 |  | 147 |
| CITIGROUP INC | 3.52% | 10/27/2028 |  | 122 |
| CITIGROUP INC | 4.54% | 9/19/2030 |  | 282 |
| FHLMC POOL #2B-0069 | 6.75% | 12/1/2041 |  | 15 |
| FHLMC POOL #78-8657 | 6.38% | 9/1/2031 |  | 2 |
| FHLMC POOL #84-9008 | 6.62% | 6/1/2042 |  | 20 |
| FHLMC POOL #84-9539 | 6.33% | 11/1/2044 |  | 11 |
| FHLMC POOL #84-9727 | 6.33% | 5/1/2045 |  | 76 |
| FHLMC POOL #2B-6264 | 6.29% | 6/1/2047 |  | 30 |
| FNMA POOL #0AK5677 | 6.29% | 2/1/2042 |  | 6 |
| FNMA POOL #0AL1674 | 6.55% | 5/1/2042 |  | 4 |
| FNMA POOL #0AL2492 | 6.40% | 10/1/2042 |  | 19 |
| FNMA GTD REMIC P/T 03-W10 2A | 3.96% | 6/25/2043 |  | 41 |
| FNMA GTD REMIC P/T 04-T4 A9 | 5.45% | 8/25/2034 |  | 2 |
| FNMA POOL #0686026 | 6.47% | 4/1/2033 |  | 3 |
| FNMA POOL #0756359 | 6.05% | 12/1/2033 |  | 16 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** |
| **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** |
| **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** |
| **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| **Identity of Issue** | **Interest<br>Rate** | **Maturity<br>Date** | **Number of<br>Shares/Units** | **Current Value** |
| FNMA POOL #0BM1523 | 6.28% | 7/1/2047 |  | $60 |
| HUDSON YARDS 2025- SPRL A 144A | 5.47% | 1/13/2040 |  | 363 |
| JPMORGAN CHASE & CO | 5.30% | 7/24/2029 |  | 773 |
| JPMORGAN CHASE & CO | 5.58% | 4/22/2030 |  | 1497 |
| JPMORGAN CHASE & CO | 4.60% | 10/22/2030 |  | 284 |
| KRE COMMERCIAL MOR AIP4 A 144A | 5.05% | 3/15/2042 |  | 300 |
| MORGAN STANLEY | 4.65% | 10/18/2030 |  | 284 |
| MORGAN STANLEY | 4.99% | 4/12/2029 |  | 1145 |
| PNC FINANCIAL SERVICES GROUP I | 5.58% | 6/12/2029 |  | 1297 |
| WELLS FARGO & CO | 5.57% | 7/25/2029 |  | 1010 |
| U S TREASURY BD CPN STRIP | —% | 8/15/2033 |  | 285 |
| U S TREASURY BD CPN STRIP | —% | 8/15/2034 |  | 967 |
| U S TREASURY BD CPN STRIP | —% | 11/15/2031 |  | 310 |
| U S TREASURY BD CPN STRIP | —% | 5/15/2032 |  | 651 |
| U S TREASURY BD CPN STRIP | —% | 8/15/2029 |  | 2163 |
| U S TREASURY BD CPN STRIP | —% | 11/15/2029 |  | 1387 |
| U S TREASURY BD CPN STRIP | —% | 8/15/2030 |  | 327 |
| MACQUARIE GROUP LTD 144A | 1.34% | 1/12/2027 |  | 150 |
| RAD CLO 25 LTD 25A A1 144A | 6.78% | 7/20/2037 |  | 476 |
| TORONTO-DOMINION BANK/THE | 4.46% | 6/8/2032 |  | 250 |
| BAIN CAPITAL CRED 3A A1RR 144A | 5.07% | 10/23/2034 |  | 750 |
| CIFC FUNDING 2018- 3A A1R 144A | 5.35% | 10/18/2038 |  | 622 |
| CARLYLE US CLO 202 8A A1R 144A | 5.25% | 10/15/2038 |  | 601 |
| CARVAL CLO XI C LTD 3A A1 144A | 5.27% | 10/20/2037 |  | 301 |
| CIFC FUNDING 2019 4A A1R2 144A | 5.20% | 7/15/2038 |  | 376 |
| MAGNETITE XLIV LTD 44A A1 144A | 5.25% | 10/15/2037 |  | 526 |
| NASSAU 2018-II LTD IIA A 144A | 5.45% | 10/15/2031 |  | 54 |
| OCP CLO 2025-45 LTD 45A A 144A | 5.10% | 10/15/2038 |  | 676 |
| PARK BLUE CLO 2024- 5A A1 144A | 5.34% | 7/25/2037 |  | 251 |
| PIKES PEAK CLO 5 5A A1R 144A | 5.28% | 10/20/2037 |  | 326 |
| POLUS US CLO II LTD 2A A1 144A | 5.40% | 7/20/2038 |  | 502 |
| SYMPHONY CLO 36 LT 52A AR 144A | 0.01% | 1/20/2036 |  | 400 |
| WONDER LAKE PARK CLO 1A A 144A | 5.61% | 7/24/2038 |  | 853 |
| TOTALENERGIES CAPITAL INTERNAT | 2.83% | 1/10/2030 |  | 431 |
| BNP PARIBAS SA 144A | 1.32% | 1/13/2027 |  | 275 |
| MITSUBISHI UFJ FINANCIAL GROUP | 3.85% | 3/1/2026 |  | 400 |
| EQUINOR ASA | 2.38% | 5/22/2030 |  | 116 |
| UBS GROUP AG 144A | 2.75% | 2/11/2033 |  | 180 |
| UBS GROUP AG 144A | 5.58% | 5/9/2036 |  | 240 |
| CSL FINANCE PLC 144A | 3.85% | 4/27/2027 |  | 25 |
| CSL FINANCE PLC 144A | 4.25% | 4/27/2032 |  | 123 |
| PRUDENTIAL FUNDING ASIA PLC | 3.13% | 4/14/2030 |  | 72 |
| COREBRIDGE GLOBAL FUNDING 144A | 4.85% | 6/6/2030 |  | 623 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** |
| **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** |
| **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** |
| **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| **Identity of Issue** | **Interest<br>Rate** | **Maturity<br>Date** | **Number of<br>Shares/Units** | **Current Value** |
| ADOBE INC | 2.15% | 2/1/2027 |  | $197 |
| AIR PRODUCTS AND CHEMICALS INC | 1.85% | 5/15/2027 |  | 122 |
| AIR PRODUCTS AND CHEMICALS INC | 2.05% | 5/15/2030 |  | 69 |
| COMMIT TO PUR FNMA SF MTG | 2.00% | 1/1/2056 |  | 2428 |
| COMMIT TO PUR FNMA SF MTG | 2.50% | 1/1/2056 |  | (1694) |
| COMMIT TO PUR FNMA SF MTG | 3.00% | 1/1/2056 |  | (1773) |
| COMMIT TO PUR FNMA SF MTG | 3.50% | 1/1/2056 |  | (1852) |
| COMMIT TO PUR FNMA SF MTG | 5.00% | 1/1/2056 |  | 2995 |
| COMMIT TO PUR FNMA SF MTG | 5.50% | 1/1/2056 |  | 5073 |
| COMMIT TO PUR FNMA SF MTG | 6.00% | 1/1/2056 |  | 1027 |
| AMAZON.COM INC | 3.15% | 8/22/2027 |  | 670 |
| AMERICAN EXPRESS CREDIT AC 3 A | 4.51% | 4/15/2032 |  | 358 |
| APPLE INC | 2.45% | 8/4/2026 |  | 893 |
| APPLIED MATERIALS INC | 1.75% | 6/1/2030 |  | 204 |
| ARCHER-DANIELS-MIDLAND CO | 3.25% | 3/27/2030 |  | 73 |
| ARCHER-DANIELS-MIDLAND CO | 2.90% | 3/1/2032 |  | 138 |
| BBCMS MORTGAGE TRUST 2 5C25 A3 | 5.95% | 3/15/2057 |  | 105 |
| BMO 2024-C9 MORTGAGE TRU C9 A5 | 5.76% | 7/15/2057 |  | 186 |
| BAKER HUGHES HOLDINGS LLC / BA | 3.34% | 12/15/2027 |  | 307 |
| BANK OF AMERICA CORP | 3.25% | 10/21/2027 |  | 396 |
| BANK 2019-BNK21 BN21 A5 | 2.85% | 10/17/2052 |  | 711 |
| BANK 2020-BNK29 BN29 A4 | 2.00% | 11/15/2053 |  | 310 |
| BANK 2020-BNK30 BN30 A4 | 1.93% | 12/15/2053 |  | 177 |
| BANK5 2024-5YR8 5YR8 A3 | 5.88% | 8/15/2057 |  | 131 |
| BANK5 2024-5YR10 5YR10 A3 | 5.30% | 10/15/2057 |  | 155 |
| BANK5 2025-5YR14 5YR14 A3 | 5.65% | 4/15/2058 |  | 445 |
| BANK5 2024-5YR9 5YR9 A3 | 5.61% | 8/15/2057 |  | 312 |
| BARCLAYS DRYROCK ISSUANCE 1 A | 3.97% | 7/15/2031 |  | 251 |
| BBCMS MORTGAGE TRUST 2 5C34 A3 | 5.66% | 5/15/2058 |  | 314 |
| BENCHMARK 2021-B31 MORT B31 A5 | 2.67% | 12/15/2054 |  | 224 |
| BP CAPITAL MARKETS AMERICA INC | 4.23% | 11/6/2028 |  | 176 |
| BRISTOL-MYERS SQUIBB CO | 2.95% | 3/15/2032 |  | 93 |
| CAMDEN PROPERTY TRUST | 2.80% | 5/15/2030 |  | 212 |
| CISCO SYSTEMS INC | 5.05% | 2/26/2034 |  | 64 |
| CITIGROUP INC | 3.40% | 5/1/2026 |  | 799 |
| COLGATE-PALMOLIVE CO | 3.25% | 8/15/2032 |  | 189 |
| COMCAST CORP | 3.30% | 2/1/2027 |  | 27 |
| COMCAST CORP | 3.15% | 2/15/2028 |  | 49 |
| COMCAST CORP | 4.15% | 10/15/2028 |  | 377 |
| COMCAST CORP | 2.65% | 2/1/2030 |  | 378 |
| COMMIT TO PUR GNMA II JUMBOS | 2.00% | 1/20/2056 |  | 829 |
| COMMIT TO PUR GNMA II JUMBOS | 2.50% | 1/20/2056 |  | 1729 |
| COMMIT TO PUR GNMA II JUMBOS | 3.00% | 1/20/2056 |  | (900) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** |
| **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** |
| **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** |
| **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| **Identity of Issue** | **Interest<br>Rate** | **Maturity<br>Date** | **Number of<br>Shares/Units** | **Current Value** |
| COMMIT TO PUR GNMA II JUMBOS | 4.00% | 1/20/2056 |  | $(1890) |
| COMMIT TO PUR GNMA II JUMBOS | 4.50% | 1/20/2056 |  | (2926) |
| COMMIT TO PUR GNMA II JUMBOS | 5.50% | 1/20/2056 |  | 3030 |
| COMMIT TO PUR GNMA II JUMBOS | 6.00% | 1/20/2056 |  | 2039 |
| COSTCO WHOLESALE CORP | 1.38% | 6/20/2027 |  | 218 |
| DEERE & CO | 3.10% | 4/15/2030 |  | 145 |
| JOHN DEERE CAPITAL CORP | 1.75% | 3/9/2027 |  | 220 |
| WALT DISNEY CO/THE | 3.80% | 3/22/2030 |  | 149 |
| DUKE ENERGY CAROLINAS LLC | 3.95% | 11/15/2028 |  | 201 |
| EAST OHIO GAS CO/THE 144A | 2.00% | 6/15/2030 |  | 68 |
| EXETER AUTOMOBILE RECEIV 3A A3 | 4.78% | 7/16/2029 |  | 201 |
| EXETER AUTOMOBILE RECEIV 1A A2 | 4.70% | 9/15/2027 |  | 18 |
| META PLATFORMS INC | 3.50% | 8/15/2027 |  | 424 |
| META PLATFORMS INC | 4.20% | 11/15/2030 |  | 251 |
| FHLMC POOL #G0-8079 | 5.00% | 9/1/2035 |  | 50 |
| FHLMC POOL #SD-0294 | 4.50% | 3/1/2050 |  | 671 |
| FHLMC POOL #SD-0295 | 3.00% | 2/1/2049 |  | 645 |
| FHLMC POOL #SD-0296 | 4.00% | 3/1/2050 |  | 983 |
| FHLMC POOL #SD-7531 | 3.00% | 12/1/2050 |  | 463 |
| FHLMC POOL #SD-7540 | 2.50% | 5/1/2051 |  | 1299 |
| FHLMC POOL #SD-7563 | 4.50% | 5/1/2053 |  | 784 |
| FHLMC POOL #SD-7571 | 6.50% | 6/1/2054 |  | 851 |
| FHLMC POOL #SD-8146 | 2.00% | 5/1/2051 |  | 673 |
| FHLMC POOL #Q0-4439 | 3.50% | 11/1/2041 |  | 10 |
| FHLMC POOL #U9-0065 | 3.50% | 8/1/2042 |  | 54 |
| FHLMC POOL #U9-5026 | 3.50% | 7/1/2042 |  | 47 |
| FHLMC POOL #G6-7700 | 3.50% | 8/1/2046 |  | 493 |
| FHLMC POOL #G6-7713 | 4.00% | 6/1/2048 |  | 531 |
| FHLMC POOL #RA-1411 | 3.00% | 9/1/2049 |  | 418 |
| FHLMC POOL #RA-5276 | 2.50% | 5/1/2051 |  | 1915 |
| FHLMC POOL #RA-5801 | 2.50% | 9/1/2051 |  | 600 |
| FHLMC POOL #RA-5853 | 2.50% | 9/1/2051 |  | 595 |
| FHLMC POOL #RA-8213 | 6.00% | 11/1/2052 |  | 272 |
| FHLMC POOL #RA-8417 | 6.00% | 1/1/2053 |  | 749 |
| FNMA GTD REMIC P/T 13-13 MA | 4.00% | 1/25/2043 |  | 75 |
| FNMA GTD REMIC P/T 15-92 PA | 2.50% | 12/25/2041 |  | 49 |
| FNMA GTD REMIC P/T 16-M7 A2 | 2.50% | 9/25/2026 |  | 268 |
| FNMA GTD REMIC P/T 16-43 MA | 3.00% | 10/25/2045 |  | 247 |
| FHLMC MULTICLASS MTG 4570 PA | 3.00% | 3/15/2044 |  | 150 |
| FHLMC MULTICLASS MTG 4585 DA | 3.00% | 6/15/2045 |  | 290 |
| FHLMC MULTICLASS MTG 4594 PA | 3.00% | 11/15/2044 |  | 137 |
| FHLMC MULTICLASS MTG 4604 HA | 2.50% | 5/15/2045 |  | 143 |
| FHLMC MULTICLASS MTG K127 A2 | 2.11% | 1/25/2031 |  | 752 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** |
| **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** |
| **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** |
| **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| **Identity of Issue** | **Interest<br>Rate** | **Maturity<br>Date** | **Number of<br>Shares/Units** | **Current Value** |
| FNMA POOL #0AI8618 | 4.00% | 12/1/2041 |  | $102 |
| FNMA POOL #0AJ3107 | 4.00% | 1/1/2042 |  | 68 |
| FNMA POOL #0AJ4050 | 4.00% | 10/1/2041 |  | 73 |
| FNMA POOL #0AL7232 | 3.50% | 9/1/2045 |  | 140 |
| FNMA POOL #0AL7495 | 3.50% | 10/1/2045 |  | 96 |
| FNMA POOL #0AL7910 | 3.50% | 2/1/2045 |  | 193 |
| FNMA POOL #0AL7951 | 3.50% | 1/1/2046 |  | 104 |
| FNMA POOL #0AQ0817 | 3.50% | 12/1/2042 |  | 352 |
| FNMA POOL #0AR8305 | 3.50% | 5/1/2043 |  | 519 |
| FNMA POOL #0AS6188 | 3.50% | 11/1/2045 |  | 134 |
| FNMA POOL #0AT8390 | 3.50% | 6/1/2043 |  | 506 |
| FNMA POOL #0AX3358 | 3.50% | 11/1/2045 |  | 4 |
| FNMA POOL #0AX6373 | 3.50% | 2/1/2045 |  | 4 |
| FNMA POOL #0AX7714 | 3.50% | 2/1/2045 |  | 4 |
| FNMA POOL #0AY2930 | 3.50% | 4/1/2045 |  | 2 |
| FNMA POOL #0AY4450 | 3.50% | 2/1/2045 |  | 5 |
| FNMA POOL #0AY4203 | 3.50% | 5/1/2045 |  | 24 |
| FNMA POOL #0AY4781 | 3.50% | 3/1/2045 |  | 3 |
| FNMA POOL #0AY6303 | 3.50% | 2/1/2045 |  | 14 |
| FNMA POOL #0AZ0054 | 3.50% | 7/1/2045 |  | 2 |
| FNMA POOL #0AZ1223 | 3.50% | 6/1/2045 |  | 7 |
| FNMA POOL #0AZ1367 | 3.50% | 5/1/2045 |  | 2 |
| FNMA POOL #0AZ2604 | 3.50% | 8/1/2045 |  | 2 |
| FNMA POOL #0AZ2619 | 3.50% | 8/1/2045 |  | 2 |
| FNMA POOL #0AZ2637 | 3.50% | 9/1/2045 |  | 6 |
| FNMA POOL #0AZ2665 | 3.50% | 10/1/2045 |  | 8 |
| FNMA POOL #0AZ2709 | 3.50% | 6/1/2045 |  | 2 |
| FNMA POOL #0AZ5196 | 3.50% | 8/1/2045 |  | 2 |
| FNMA GTD REMIC P/T 04-W1 2A2 | 7.00% | 12/25/2033 |  | 76 |
| FNMA POOL #0AZ8683 | 3.50% | 1/1/2046 |  | 4 |
| FNMA POOL #0BA3553 | 3.50% | 11/1/2045 |  | 3 |
| FNMA POOL #0BA2899 | 3.50% | 11/1/2045 |  | 11 |
| FNMA POOL #0BA2978 | 3.50% | 11/1/2045 |  | 1 |
| FNMA POOL #0BA3084 | 3.50% | 12/1/2045 |  | 3 |
| FNMA POOL #0BA5324 | 3.50% | 11/1/2045 |  | 5 |
| FNMA POOL #0BA4700 | 3.50% | 11/1/2045 |  | 3 |
| FNMA POOL #0BC3481 | 3.50% | 2/1/2046 |  | 4 |
| FNMA POOL #0BM4343 | 4.50% | 5/1/2048 |  | 657 |
| FNMA POOL #0BM5538 | 5.00% | 11/1/2048 |  | 325 |
| FNMA POOL #0CA2156 | 4.00% | 8/1/2048 |  | 128 |
| FNMA POOL #0CA4756 | 3.00% | 12/1/2049 |  | 436 |
| FNMA POOL #0CA6415 | 3.00% | 7/1/2050 |  | 1305 |
| FNMA POOL #0CA6988 | 2.50% | 9/1/2050 |  | 1263 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** |
| **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** |
| **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** |
| **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| **Identity of Issue** | **Interest<br>Rate** | **Maturity<br>Date** | **Number of<br>Shares/Units** | **Current Value** |
| FNMA POOL #0CB6080 | 5.50% | 4/1/2053 |  | $760 |
| FNMA POOL #0FM1389 | 4.50% | 6/1/2049 |  | 368 |
| FNMA POOL #0FM8691 | 2.50% | 9/1/2051 |  | 616 |
| FNMA POOL #0FS1202 | 3.00% | 9/1/2050 |  | 1896 |
| FNMA POOL #0AB2775 | 4.50% | 4/1/2041 |  | 93 |
| FNMA POOL #0MA0878 | 4.00% | 10/1/2031 |  | 74 |
| FNMA POOL #0MA4465 | 2.00% | 10/1/2051 |  | 252 |
| FNMA POOL #0MA4158 | 2.00% | 10/1/2050 |  | 1363 |
| FNMA POOL #0MA4182 | 2.00% | 11/1/2050 |  | 1362 |
| FIFTH THIRD BANK NA | 2.25% | 2/1/2027 |  | 418 |
| GNMA II POOL #0MA1601 | 4.00% | 1/20/2044 |  | 366 |
| GNMA II POOL #0MA2679 | 4.00% | 3/20/2045 |  | 554 |
| GNMA II POOL #0MA2149 | 4.00% | 8/20/2044 |  | 468 |
| GNMA II POOL #0MA2304 | 4.00% | 10/20/2044 |  | 19 |
| GNMA II POOL #0MA2755 | 4.00% | 4/20/2045 |  | 19 |
| GNMA II POOL #0MA2893 | 4.00% | 6/20/2045 |  | 300 |
| GNMA II POOL #0MA3106 | 4.00% | 9/20/2045 |  | 422 |
| GNMA II POOL #0MA3311 | 4.00% | 12/20/2045 |  | 31 |
| GNMA II POOL #0MA3377 | 4.00% | 1/20/2046 |  | 122 |
| GNMA II POOL #0MA5400 | 5.00% | 8/20/2048 |  | 48 |
| GNMA II POOL #0MA5080 | 5.00% | 3/20/2048 |  | 278 |
| GNMA II POOL #0MA5193 | 4.50% | 5/20/2048 |  | 133 |
| GNMA II POOL #0MA6221 | 4.50% | 10/20/2049 |  | 162 |
| GNMA II POOL #0MA5467 | 4.50% | 9/20/2048 |  | 440 |
| GNMA II POOL #0MA5597 | 5.00% | 11/20/2048 |  | 340 |
| GNMA II POOL #0MA5653 | 5.00% | 12/20/2048 |  | 117 |
| GNMA II POOL #0MA5711 | 4.50% | 1/20/2049 |  | 850 |
| GNMA II POOL #0MA5712 | 5.00% | 1/20/2049 |  | 375 |
| GNMA II POOL #0MA5818 | 4.50% | 3/20/2049 |  | 36 |
| GNMA II POOL #0MA5819 | 5.00% | 3/20/2049 |  | 154 |
| GNMA II POOL #0MA7137 | 3.00% | 1/20/2051 |  | 237 |
| GNMA II POOL #0MA6541 | 3.00% | 3/20/2050 |  | 304 |
| GNMA II POOL #0MA7768 | 3.00% | 12/20/2051 |  | 1229 |
| GNMA II POOL #0MA8268 | 4.50% | 9/20/2052 |  | 748 |
| GNMA II POOL #0MA8347 | 4.50% | 10/20/2052 |  | 2276 |
| GNMA II POOL #0MA8644 | 3.50% | 2/20/2053 |  | 715 |
| GNMA II POOL #0005280 | 4.00% | 1/20/2042 |  | 92 |
| GNMA II POOL #0004802 | 5.00% | 9/20/2040 |  | 122 |
| GNMA GTD REMIC P/T 21-135 A | 2.00% | 8/20/2051 |  | 745 |
| HOME DEPOT INC/THE | 3.90% | 12/6/2028 |  | 176 |
| INTERCONTINENTAL EXCHANGE INC | 4.35% | 6/15/2029 |  | 334 |
| INTUIT INC | 1.35% | 7/15/2027 |  | 145 |
| INTUIT INC | 1.65% | 7/15/2030 |  | 90 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** |
| **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** |
| **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** |
| **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| **Identity of Issue** | **Interest<br>Rate** | **Maturity<br>Date** | **Number of<br>Shares/Units** | **Current Value** |
| KIMBERLY-CLARK CORP | 3.10% | 3/26/2030 |  | $48 |
| LAM RESEARCH CORP | 3.75% | 3/15/2026 |  | 525 |
| ELI LILLY & CO | 3.38% | 3/15/2029 |  | 120 |
| LOCKHEED MARTIN CORP | 5.25% | 1/15/2033 |  | 237 |
| MARS INC 144A | 3.20% | 4/1/2030 |  | 144 |
| MARS INC 144A | 4.80% | 3/1/2030 |  | 281 |
| MARS INC 144A | 5.00% | 3/1/2032 |  | 258 |
| MARS INC 144A | 5.20% | 3/1/2035 |  | 335 |
| MARSH & MCLENNAN COS INC | 2.25% | 11/15/2030 |  | 366 |
| MASTERCARD INC | 3.30% | 3/26/2027 |  | 174 |
| MIDAMERICAN ENERGY CO | 3.65% | 4/15/2029 |  | 198 |
| MORGAN STANLEY CAPITAL HR2 A4 | 3.59% | 12/15/2050 |  | 148 |
| NESTLE CAPITAL CORP 144A | 4.75% | 3/12/2031 |  | 590 |
| NUVEEN LLC 144A | 4.00% | 11/1/2028 |  | 325 |
| PAYPAL HOLDINGS INC | 3.90% | 6/1/2027 |  | 175 |
| PFIZER INC | 3.45% | 3/15/2029 |  | 494 |
| PFIZER INC | 2.63% | 4/1/2030 |  | 94 |
| PFIZER INC | 1.70% | 5/28/2030 |  | 340 |
| PRINCIPAL FINANCIAL GROUP INC | 2.13% | 6/15/2030 |  | 251 |
| \* PRUDENTIAL FINANCIAL INC | 3.88% | 3/27/2028 |  | 260 |
| PUBLIC SERVICE ELECTRIC AND GA | 3.70% | 5/1/2028 |  | 100 |
| ROCK TRUST 2024-CN CNTR A 144A | 5.39% | 11/13/2041 |  | 514 |
| SLG OFFICE TRUST 20 OVA A 144A | 2.59% | 7/15/2041 |  | 134 |
| SANTANDER DRIVE AUTO RECE 1 A3 | 4.74% | 1/16/2029 |  | 276 |
| CHARLES SCHWAB CORP/THE | 3.20% | 3/2/2027 |  | 218 |
| CHARLES SCHWAB CORP/THE | 2.90% | 3/3/2032 |  | 390 |
| SOUTHERN CALIFORNIA EDISON CO | 4.20% | 3/1/2029 |  | 124 |
| TOYOTA AUTO RECEIVABLES 2 B A3 | 4.71% | 2/15/2028 |  | 295 |
| TOYOTA AUTO LOAN EXT 1A A 144A | 1.07% | 2/27/2034 |  | 473 |
| TRUIST BANK | 2.25% | 3/11/2030 |  | 229 |
| UNITED PARCEL SERVICE INC | 4.45% | 4/1/2030 |  | 280 |
| U S TREASURY BOND | 4.00% | 11/15/2052 |  | 3101 |
| U S TREASURY NOTE | 3.50% | 4/30/2030 |  | 666 |
| U S TREASURY NOTE | 4.13% | 11/30/2029 |  | 10922 |
| U S TREASURY NOTE | 4.25% | 5/15/2035 |  | 4891 |
| UNITEDHEALTH GROUP INC | 5.30% | 2/15/2030 |  | 1199 |
| VOLKSWAGEN AUTO LOAN ENH 1 A2A | 4.65% | 11/22/2027 |  | 282 |
| WALMART INC | 3.70% | 6/26/2028 |  | 150 |
| WELLS FARGO & CO | 3.00% | 10/23/2026 |  | 834 |
| WELLS FARGO COMMERCIAL C51 ASB | 3.16% | 6/15/2052 |  | 103 |
| WELLS FARGO COMMERCIAL C58 A4 | 2.09% | 7/15/2053 |  | 225 |
| WELLS FARGO COMMERCIAL C59 A5 | 2.63% | 4/15/2054 |  | 317 |
| BANK 2025-BNK49 BNK49 A5 | 5.62% | 3/15/2058 |  | 238 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** |
| **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** |
| **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** |
| **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| **Identity of Issue** | **Interest<br>Rate** | **Maturity<br>Date** | **Number of<br>Shares/Units** | **Current Value** |
| BBCMS MORTGAGE TRUST 20 C18 A5 | 5.71% | 12/15/2055 |  | $238 |
| BBCMS MORTGAGE TRUST 20 C21 A5 | 6.00% | 9/15/2056 |  | 660 |
| BFLD COMMERCIAL MO 660F A 144A | 5.25% | 11/15/2042 |  | 301 |
| BX TRUST 2025-ROIC ROIC A 144A | 4.89% | 3/15/2030 |  | 249 |
| BX TRUST 2024-BIO BIO A 144A | 5.39% | 2/15/2041 |  | 274 |
| BX TRUST 2024-PAT PAT A 144A | 5.84% | 3/15/2041 |  | 150 |
| BX COMMERCIAL MORTG XL5 A 144A | 5.14% | 3/15/2041 |  | 135 |
| BX 2024-BRVE BRVE A 144A | 5.59% | 4/15/2041 |  | 311 |
| BLP 2024-IND2 A | 5.09% | 3/15/2041 |  | 236 |
| BANK OF AMERICA CORP | 4.27% | 7/23/2029 |  | 226 |
| BANK OF AMERICA CORP | 1.90% | 7/23/2031 |  | 315 |
| BANK OF AMERICA CORP | 2.30% | 7/21/2032 |  | 215 |
| BANK OF AMERICA CORP | 4.57% | 4/27/2033 |  | 175 |
| BANK OF AMERICA CORP | 5.08% | 1/20/2027 |  | 200 |
| BANK OF AMERICA CORP | 5.20% | 4/25/2029 |  | 451 |
| \* BANK OF NEW YORK MELLON CORP/T | 5.32% | 6/6/2036 |  | 301 |
| BANK 2025-BNK50 BNK50 A5 | 5.65% | 5/15/2068 |  | 159 |
| BANK 2022-BNK40 BNK40 A4 | 3.39% | 3/15/2064 |  | 328 |
| BENCHMARK 2024-V8 MORTGA V8 A3 | 6.19% | 7/15/2057 |  | 158 |
| CITIGROUP INC | 2.98% | 11/5/2030 |  | 191 |
| DURST COMMERCIAL MO 151 A 144A | 5.15% | 8/10/2042 |  | 255 |
| FHLMC POOL #1B-1438 | 6.75% | 1/1/2034 |  | 2 |
| FHLMC POOL #1B-0118 | 6.66% | 8/1/2031 |  | 3 |
| FNMA GTD REMIC P/T 25-11 FB | 4.87% | 3/25/2055 |  | 276 |
| FHLMC MULTICLASS MTG KF73 AS | 4.67% | 11/25/2029 |  | 85 |
| FHLMC MULTICLASS MTG F108 AS | 4.26% | 2/25/2031 |  | 55 |
| FHLMC MULTICLASS MTG 5502 FG | 4.87% | 2/25/2055 |  | 171 |
| FHLMC MULTICLASS MTG K547 A2 | 4.42% | 5/25/2030 |  | 304 |
| FORD CREDIT AUTO OWNE 1 A 144A | 4.87% | 8/15/2036 |  | 333 |
| GNMA II POOL #0MA0414 | 5.38% | 9/20/2042 |  | 21 |
| HUDSON YARDS 2025- SPRL A 144A | 5.47% | 1/13/2040 |  | 446 |
| IRV TRUST 2025-200 200P A 144A | 5.29% | 3/14/2047 |  | 411 |
| JPMORGAN CHASE & CO | 3.51% | 1/23/2029 |  | 322 |
| JPMORGAN CHASE & CO | 2.52% | 4/22/2031 |  | 23 |
| JPMORGAN CHASE & CO | 2.96% | 5/13/2031 |  | 94 |
| JPMORGAN CHASE & CO | 4.59% | 4/26/2033 |  | 478 |
| JPMORGAN CHASE & CO | 5.57% | 4/22/2036 |  | 321 |
| KRE COMMERCIAL MOR AIP4 A 144A | 5.05% | 3/15/2042 |  | 300 |
| MSWF COMMERCIAL MORTGAGE 2 A5 | 6.01% | 12/15/2056 |  | 108 |
| MORGAN STANLEY | 3.62% | 4/1/2031 |  | 170 |
| MORGAN STANLEY | 2.94% | 1/21/2033 |  | 69 |
| MORGAN STANLEY | 5.05% | 1/28/2027 |  | 828 |
| MORGAN STANLEY | 5.16% | 4/20/2029 |  | 378 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** | **AT&T SAVINGS AND SECURITY PLAN** |
| **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** | **EIN 43-1301883, PLAN NO. 004** |
| **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** | **SCHEDULE H, LINE 4(i) - SCHEDULE OF ASSETS (HELD AT END OF YEAR) (Continued)** |
| **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  | **December 31, 2025**  |
| **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** | **(Dollars in Thousands)** |
| **Identity of Issue** | **Interest<br>Rate** | **Maturity<br>Date** | **Number of<br>Shares/Units** | **Current Value** |
| MORGAN STANLEY | 5.66% | 4/17/2036 |  | $116 |
| STATE STREET CORP | 4.16% | 8/4/2033 |  | 206 |
| TRUIST FINANCIAL CORP | 6.05% | 6/8/2027 |  | 60 |
| US BANCORP | 5.78% | 6/12/2029 |  | 177 |
| U S TREASURY BD CPN STRIP | —% | 8/15/2031 |  | 177 |
| U S TREASURY BD CPN STRIP | —% | 2/15/2033 |  | 1288 |
| U S TREASURY BD CPN STRIP | —% | 8/15/2033 |  | 424 |
| U S TREASURY BD CPN STRIP | —% | 11/15/2031 |  | 628 |
| U S TREASURY BD CPN STRIP | —% | 5/15/2032 |  | 972 |
| \* DREYFUS GOVT CM BOLD 6 |  |  |  | 1959 |
| \* DREYFUS GOVT CM BOLD 6 |  |  |  | 9968 |
| Total Interest Income Fund at Fair Value |  |  |  | **235032** |
| Adjustment From Fair Value To Contract Value For Fully Benefit-Responsive Investment Contracts |  |  |  | 1429 |
| Total Interest Income Fund at Contract Value |  |  |  | **236461** |
| **\* Notes Receivable from Participants** | 4.25% - 10.50% |  |  | **52283** |
| **Total** |  |  |  | $**2410394** |
| \* 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 | <u>/s/ Sabrina Sanders</u> |
|  | Sabrina Sanders |
|  | Senior Vice President, Chief Accounting Officer and Controller |

---

Date: June 22, 2026

------

EXHIBIT INDEX

Exhibit identified below, Exhibit 23 filed herein as exhibit hereto.

---

| | |
|:---|:---|
| Exhibit<br>&nbsp;&nbsp;&nbsp;&nbsp;Number | |
| <u>[23](a2025exhibit23assp.htm)</u> | &nbsp;&nbsp;&nbsp;<u>[Consent of Independent Registered Public Accounting Firm](a2025exhibit23assp.htm)</u> |

---

## Ex-23

Exhibit 23

Form 11-K for 2025

File No. 1-8610

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in the Registration Statement on Forms S-8 (No. 333-235537 filed on December 16, 2019, No. 333-189789 filed on July 3, 2013, No. 333-173078 filed on March 25, 2011, and No. 333-162472 filed on October 14, 2009) of our report dated June 22, 2026, with respect to the financial statements and supplemental schedule of AT&T Savings and Security Plan included in this Annual Report on Form 11-K for the year ended December 31, 2025.

/s/ Forvis Mazars, LLP

**San Antonio, Texas** 

**June 22, 2026**

<br>