File No. 1-8610
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------
FORM 11-K
ANNUAL REPORT
-------------------------
Pursuant to Section 15(d) of the
Securities Exchange Act of 1934
For the fiscal year ended December 31, 2003
Commission File Number l-8610
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SBC SAVINGS PLAN
-----------------------------
SBC COMMUNICATIONS INC.
175 E. Houston, San Antonio, Texas 78205
Financial Statements, Supplemental Schedules and Exhibit
Table of Contents
Page
Report of Independent Registered Public Accounting Firm..................................................... 1
Financial Statements:
Statements of Net Assets Available for Benefits as of December 31, 2003 and 2002................... 2
Statement of Changes in Net Assets Available for Benefits for the
Year Ended December 31, 2003................................................................... 3
Notes to Financial Statements...................................................................... 4
Supplemental Schedules:
2003 Form 5500 Line 4a - Schedule of Delinquent Participant Contributions.......................... 8
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)..................................... 9
Schedule H, Line 4j - Schedule of Reportable Transactions ..........................................14
Exhibit:
23 - Consent of Independent Registered Public Accounting Firm
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
SBC Communications Inc., Plan Administrator
for SBC Savings Plan
We have audited the accompanying statements of net assets available for benefits of SBC Savings Plan as of December
31, 2003 and 2002, and the related statement of changes in net assets available for benefits for the year ended
December 31, 2003. These financial statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets
available for benefits at December 31, 2003 and 2002, and the changes in its net assets available for benefits for
the year ended December 31, 2003, in conformity with U.S. generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The
accompanying supplemental schedules of assets (held at end of year) as of December 31, 2003, delinquent participant
contributions and reportable transactions for the year then ended are presented for purposes of additional analysis
and are not a required part of the financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. These supplemental schedules are the responsibility of the Plan's management. The
supplemental schedules have been subjected to auditing procedures applied in our audits of the financial
statements, and in our opinion, are fairly stated in all material respects in relation to the financial statements
taken as a whole.
/s/ ERNST & YOUNG LLP
San Antonio, Texas
June 21, 2004
SBC SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
(Dollars in Thousands)
December 31,
-------------------------------------
2003 2002
--------------- --------------
ASSETS
Investments (See Note 3) $ 5,990,832 $ 5,390,967
Contributions receivable - 7
Dividends and interest receivable 40 71
Receivable for investments sold 179 489
Other receivables 1 382
--------------- --------------
Total Assets 5,991,052 5,391,916
--------------- --------------
LIABILITIES
Payable for investments purchased 5,489 3,608
Administrative expenses payable 1,203 494
Other 24 2
--------------- --------------
Total Liabilities 6,716 4,104
--------------- --------------
Net Assets Available for Benefits $ 5,984,336 $ 5,387,812
=============== ==============
See Notes to Financial Statements.
SBC SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2003
(Dollars in Thousands)
Net Assets Available for Benefits, December 31, 2002 $ 5,387,812
Additions to Net Assets:
Contributions:
Participant contributions 283,951
Employer contributions 143,523
Transfers from other plan (See Note 1) 28,682
---------------
456,156
---------------
Investment Income:
Dividends on SBC common shares 114,187
Net appreciation in value of investments 386,253
Interest 64,477
---------------
564,917
---------------
Total Net Additions 1,021,073
---------------
Deductions from Net Assets:
Administrative expenses 6,007
Distributions 418,488
Transfer to other plan (See Note 1) 54
---------------
Total Deductions 424,549
---------------
Net Assets Available for Benefits, December 31, 2003 $ 5,984,336
===============
See Notes to Financial Statements.
SBC SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
(Dollars in Thousands)
1. Plan Description - The SBC Savings Plan (Plan) was established by SBC Communications Inc. (SBC or the
Company) to provide a convenient way for eligible employees to save for retirement on a regular and long-term
basis. 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 (ERISA).
As a result of the November 2001 merger of SBC and Prodigy Communications Corporation (Prodigy), the Prodigy
Savings Plan for Salaried Employees (Prodigy Plan) merged into the Plan effective April 2003. In conjunction
with the merger, all assets of the Prodigy Plan, approximately $28,682 were either transferred directly to the
Plan through in-kind securities transfers or sold and the cash transferred to the Plan.
In 2000, SBC entered into the Cingular Wireless (Cingular) joint venture agreement with BellSouth Corporation.
As a result of this agreement, certain SBC employees were leased to Cingular. In December 2001 these employees
became Cingular employees. During 2003 the Plan transferred approximately $54 to State Street Bank and Trust
related to those former employees who became employees of Cingular.
Participants can invest their contributions in one or more of the following funds in 1% increments: the SBC
Shares Fund, the Bond Fund, the Large Cap Stock Fund, the Interest Income Fund, the Asset Allocation Fund, the
Global Equity Fund, the Mid and Small Cap Stock Fund and the International Stock Fund.
Company matching contributions are made solely in the form of shares of SBC's common stock held in an Employee
Stock Ownership Plan (ESOP) which is a separate investment account of this Plan.
Dividends on shares in the SBC Shares Fund and the ESOP can either be reinvested in the SBC Shares Fund on a
quarterly basis, or paid into a separate fund known as a Dividend Fund Account (DFA) for distribution at the
end of the year. Interest earned on dividends held in the DFA will be paid into the SBC Shares Fund. During
2003, Plan participants elected to receive $29,133 in dividend distributions. This amount is included in
distributions on the statement of changes in net assets.
Although it has not expressed any intent to do so, SBC has the right under the Plan to discontinue its
contributions at any time and to terminate the Plan subject to the provisions of ERISA. 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.
2. Accounting Policies - The values of investments are determined as follows: SBC common shares on the basis
of the closing price as reported on the New York Stock Exchange; contracts with insurance companies and other
financial institutions at principal plus reinvested interest which approximates fair value; common collective
trust funds at values obtained from fund managers; and temporary cash investments at cost which approximates
fair value. 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.
The accompanying financial statements were prepared in conformity with accounting principles generally
accepted in the United States, 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.
3. Investments - Investments representing 5% or more of Plan net assets at either December 31, 2003 or 2002 were:
2003 2002
------------- -------------
Employee Stock Ownership Plan*
SBC common shares $ 1,069,341 $ 1,032,358
SBC Shares Fund
SBC common shares $ 1,123,962 $ 1,159,629
Large Cap Stock Fund
Barclays Global Investors Equity Index Fund F $ 1,285,355 $ 1,002,402
Bond Fund
Barclays Global Investors Intermediate Government/Credit
Bond Index Fund F $ 275,191 $ 276,900
Asset Allocation Fund
Barclays Global Investors U.S. Tactical Asset Allocation Fund F $ 410,280 $ 357,615
*Nonparticipant-directed
During 2003, the Plan's investments (including gains and losses on investments bought and sold, as well as held
during the year) appreciated (depreciated) in value as follows:
Common Stock $ (75,411)
Common Collective Trusts 461,664
-------------
Total $ 386,253
=============
The Interest Income Fund consists of 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 may be
periodically reset. For the years ended December 31, 2003 and 2002, the average interest rates earned on
these contracts were 4.71% and 5.59%. At December 31, 2003, the fixed crediting interest rates on these
contracts ranged from 3.51% to 7.97%. At December 31, 2002, the fixed crediting interest rates on these
contracts ranged from 2.83% to 7.65%. No valuation reserves were recorded to adjust contract amounts as of
December 31, 2003 or 2002.
The Interest Income Fund invests in both guaranteed investment contracts (GICs) and synthetic investment
contracts (SICs). SICs differ from GICs in that the assets supporting the SICs are owned by the Plan. A bank
or insurance company issues a wrapper contract that allows participant directed transactions to be made at
contract value. Wrapper contracts are valued as the difference between the fair value of the supporting assets
and the contract value. The assets supporting the GICs and SICs generally consist of high quality fixed income
securities with a fair value of $1,178,302 at December 31, 2003 and $1,169,543 at December 31, 2002.
The Plan provides for investments in various investment securities, which in general, are exposed to various
risks, such as interest rate, credit, and overall market volatility risks. Due to the level of risk associated
with certain investment securities, it is reasonably possible that changes in the values of investment
securities will occur in the near term and that such change could materially affect the amounts reported in the
statements of net assets available for benefits and participant account balances.
4. Nonparticipant-Directed Investments - Information about the net assets and the significant components of the
changes in net assets relating to the nonparticipant-directed investments as of December 31 is as follows:
2003 2002
------------- -------------
Assets
SBC common shares $ 1,069,341 $ 1,032,358
Temporary cash investments 6,502 4,531
Dividends and interest receivable 2 3
Receivable for investments sold 179 489
Other receivables 1 2
-------------
-------------
Total Assets 1,076,025 1,037,383
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Liabilities
Payable for investments purchased 5,489 3,608
Administrative expenses payable 195 17
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Total Liabilities 5,684 3,625
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Net Assets Available for Benefits $ 1,070,341 $ 1,033,758
============= =============
2003
-------------
Net Assets Available for Benefits, December 31, 2002 $ 1,033,758
Employer contributions 140,405
Interest income 25
Dividends 1
Net depreciation in fair value of investments (29,998)
Administrative expenses (813)
Distributions (53,845)
Transfers to other fund(s) (19,192)
-------------
36,583
-------------
Net Assets Available for Benefits, December 31, 2003 $ 1,070,341
=============
5. Tax Status - The Plan has received a determination letter from the Internal Revenue Service dated
March 18, 2004, 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. The plan sponsor has indicated that it will take the
necessary steps, if any, to maintain the Plan's qualified status.
6. 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:
2003 2002
--------------- ---------------
Net Assets Available for Benefits per the financial statements $ 5,984,336 $ 5,387,812
Less: Distribution payable to participants (4,909) (4,636)
--------------- ---------------
Net Assets Available for Benefits per the Form 5500 $ 5,979,427 $ 5,383,176
=============== ===============
The following is a reconciliation of benefits paid to participants per the financial statements to the Form
5500 for the year ended December 31, 2003:
2003
--------------
Distributions to participants per the financial statements $ 418,488
Add: Distributions payable to participants at December 31, 2003 4,909
Less: Distributions payable to participants at December 31, 2002 (4,636)
--------------
Distributions to participants per the Form 5500 $ 418,761
==============
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.
SBC SAVINGS PLAN
EIN 43-1301883, PLAN NO. 002
2003 Form 5500 Line 4a - Schedule of Delinquent Participant Contributions
(Dollars in Thousands)
December 31, 2003 Participant Contributions Total that Constitute Nonexempt Prohibited
Transferred Late to Plan Transactions
$ 43 $ 43
SBC SAVINGS PLAN
EIN 43-1301883, PLAN NO. 002
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
December 31, 2003
(Dollars in Thousands)
Description of Current
Identity of Issue Investment Cost Value
----------------------------------------------------- ------------------------------ ------------ --------------
Employee Stock Ownership Plan
* SBC common shares 41,018,059 shares $ 676,131 $ 1,069,341
* Mellon Trust of New England, National
Association Temporary cash investment 6,502 6,502
------------ --------------
Total Employee Stock Ownership Plan 682,633 1,075,843
------------ --------------
SBC Shares Fund
* SBC common shares 43,113,221 shares 1,123,962
* Mellon Trust of New England, National
Association Temporary cash investment 11,719
--------------
Total SBC Shares Fund ** 1,135,681
--------------
Bond Fund
* Barclays Global Investors Intermediate
--------------
Government/Credit Bond Index Fund F 16,976,618 units ** 275,191
--------------
Large Cap Stock Fund
* Barclays Global Investors Equity Index
--------------
Fund F 83,681,952 units ** 1,285,355
--------------
Interest Income Fund
Allstate Life Insurance Company 7.06%
--------------
11/22/04 4,964
--------------
Bank of America National Association Synthetic contract wrapper
#99-058, 4.10%, *** (2,897)
Amex. Optima CC MT Monoline Credit Card 4,909
CIT Equipment Collateral Small Equipment Lease 6,483
Capital Auto Rec. Asset Trust Prime Auto 7,486
Capital Auto Rec. Asset Trust Prime Auto 6,079
COAFT Sub Prime Auto 5,570
Credit Suisse First Boston Conduit 3,266
Daimler Chrysler Prime Auto 12,098
Delta Funding HEL Trust Home Equity Monoline 3,174
Federal Home Loan Mortgage Company Agency Debenture 3,886
Federal National Mtg. Assn. Agency MF BLN 8,040
Federal National Mtg. Assn. Grantor Trust Agency MF FIX 10,738
Federal National Mtg. Assn. Grantor Trust Home Equity Agency 3,775
Federal National Mtg. Assn. Whole Loan Home Equity Agency 9,878
Federal Home Loan Mtg. Corp Rec. Agency PAC 12,309
Fleet Credit Card MT Bank Credit Card 5,015
MBNA Master Trust Monoline Credit Card 2,500
Nordstrom Pvt. Lbl. CC MT Retail Credit Card 7,590
Saxon Asset Securities Trust Home Equity Senior Sub 5,640
TIAA Retail Commercial Trust Conduit 4,461
United States Treasury Treasury Note 10,029
United States Treasury Treasury Note 30,170
WFS Financial Owners Trust Sub Prime Auto 4,528
WFS Financial Owners Trust Sub Prime Auto 9,616
Cash on Hand Cash 477
-------------
174,820
-------------
Business Men's Assurance Company of America 7.41%
-------------
7/15/04 6,403
-------------
CDC Financial Products Inc. 6.99% - 7.01%
-------------
5/23/05 - 10/17/05 32,596
-------------
JP Morgan Chase Bank Synthetic contract wrapper
#426423, 4.5%, *** (7,111)
Asset Backed Funding Certificates Home Equity Senior Sub 5,977
Caterpillar Fin Asset Trust Large Equipment Loan 3,978
Citibank Credit Card Bank Credit Card 5,382
Discover Card Trust Bank Credit Card 10,720
FED Home Loan Bank Agency Debenture 15,185
FED Home Loan Bank Agency Debenture 10,032
Federal National Mtg. Assn. Whole Loan Home Equity Agency 5,416
Federal National Mtg. Assn. Whole Loan Home Equity Agency 13,541
Federal National Mtg. Assn. Whole Loan Home Equity Agency 15,987
Federal National Mtg. Assn. Whole Loan Agency RP ARM 5,493
Federal National Mtg. Assn. - Adj. Rate Mtg. Agency HYB PP 24,263
Ford Auto Owners Trust Prime Auto 9,182
GMACC Commercial MTG Securities Conduit 10,396
Harley-Davidson Eagleman Prime Auto 2,624
HBNA Master Trust Monoline Credit Card 6,489
Prime Credit Card MT Retail Credit Card 6,859
Residential Asset Security Home Equity Monoline 6,516
United States Treasury Treasury Note 11,204
Cash on Hand Cash 930
-------------
163,063
-------------
Jackson National Life Insurance Company 7.42%,
-------------
8/18/04 3,851
-------------
Metropolitan Life Insurance Company Synthetic contract wrapper
#28456, 4.31%, *** (4,429)
Ameriquest Marketing Securities Home Equity Senior Sub 4,807
BOIT Bank Credit Card 11,963
Capital Auto Rec. Asset Trust Prime Auto 4,316
Carmax Auto Owner Non Prime Auto 4,337
Chase Manhattan Auto Owns Prime Auto 507
Citibank Credit Card Bank Credit Card 10,413
Commercial Mtg Ast Trust Conduit 11,309
FED Home Loan Bank Agency Debenture 11,035
Federal Home Loan Mtg. Corp - Adj. Rate. Mtg. Agency Hybrid 12,174
Federal National Mtg. Assn. - Aces Agency MF FIX 10,861
FSPC Home Equity Agency 5,043
Federal National Mtg. Assn. Whole Loan Agency ARM AA 3,874
Federal National Mtg. Assn. Whole Loan Home Equity Agency 5,568
Federal Credit Card MT Bank Credit Card 5,064
Prime Credit Card MT Retail Credit Card 5,358
Honda Auto Receivables Prime Auto 6,621
Honda Auto Receivables Prime Auto 213
Honda Auto Receivables Prime Auto 3,967
Resid Asset Management Production Inc. Home Equity Agency 8,229
Toyota Auto Owners Trust Prime Auto 3,492
Union Acceptance Corp Sub Prime Auto 3,566
United States Treasury Treasury Note 24,710
United States Treasury Treasury Note 10,133
Cash on Hand Cash 427
-------------
163,558
-------------
Monumental Life Insurance Company Synthetic contract wrapper
#75TR, 4.25%, *** (4,340)
Amex. Optima CC MT Monoline Credit Card 1,689
Capital One Master Trust Monoline Credit Card 10,577
Carmax Auto Owner NonPrime Auto 3,213
Chase Credit Card MT Bank Credit Card 8,071
Citibank Credit Card IT Bank Credit Card 10,823
Credit Suisse First Boston Conduit 6,935
Credit Suisse First Boston Conduit 4,662
Federal Home Loan Mortgage Company Agency Debenture 6,107
Federal Home Loan Mortgage Company Agency Debenture 7,720
Federal National Mortgage Association Agency Debenture 11,629
Federal National Mortgage - Aces Agency MF FIX 3,948
Federal National Mtg. Assn. Agency MF BLN 8,557
Federal National Mtg. Assn. Whole Loan Home Equity Agency 7,598
Federal National Mtg. Assn. Whole Loan Home Equity Agency 12,448
Federal National Mtg. Assn. Rec. Agency PAC 6,181
Federal National Mtg. Assn. - Adj. Rate Mtg. Agency Hybrid 10,203
Federal National Mtg. Assn. - Adj. Rate Mtg. Agency Hybrid PP 7,053
Ford Auto Owners Trust Prime Auto 8,572
Home Ownership Fund C Step Down Preferred 4,514
Home Ownership Fund C Step Down Preferred 3,011
Pinnacle CBO FSA Ins. Cash Flow CBO 3,228
Residential Funding Mtg. Securities Home Equity 2nd Monoline 8,773
Toyota Auto Owners Trust Prime Auto 7,374
Vanderbilt Mortgage Finance Mfg Hsg Senior Sub 4,752
Cash on hand Cash 1,245
-------------
164,543
-------------
-------------
Prudential Insurance Company 6.99%-7.48% 30,554
-------------
10/25/04 - 11/30/05
State Street Bank and Trust Company Synthetic contract wrapper
#99038, 4.19%, *** (5,192)
Amex. Optima CC MT Monoline Credit Card 6,181
Chase Manhattan Auto Owns Prime Auto 6,941
Commercial Mtg Ast Trust Conduit 11,173
Commercial Mtg Ast Trust Conduit 5,721
John Deer Owners Trust Large Equipment Loan 10,296
Federal National Mtg. Assn. Agency Debenture 15,010
Federal National Mtg. Assn. Whole Loan Agency ALT-A 17,809
Federal National Mtg. Assn. Whole Loan Home Equity Agency 12,323
Federal Home Loan Mtg. Corp Rec. Agency PAC 24,936
Federal National Mtg. Assn. - Adj. Rate Mtg. Agency Hybrid 11,191
Honda Auto Trust Sub Prime Auto 6,832
LB Commer Conduit Mtg. Conduit 9,210
MBNA Master Trust Monoline Credit Card 3,771
MBNA Master Trust Monoline Credit Card 9,603
Nomura Asset Securities Corporation Conduit 12,633
Keycorp Conduit 2,934
United States Treasury Treasury Note 21,319
United States Treasury Treasury Note 3,018
Cash on Hand Cash 721
-------------
186,430
-------------
Sun America Life Insurance Company 7.02% - 7.97%,
-------------
1/2/04 - 11/4/05 43,095
-------------
Union Bank of Switzerland AG Synthetic contract wrapper
#5030, 3.51%, *** (3,772)
Americredit Auto. Rec. Sub Prime Auto 5,174
BOIT Bank Credit Card 12,512
COAFT Sub Prime Auto 4,533
Caterpillar Fin Asset Tr. Large Equipment Loan 846
Chase Funding Mort Loan - Asset Backed Home Equity Senior Sub 6,709
Chase Manhattan Auto Owns Prime Auto 10,922
Chase Funding Mort Ln. Conduit 10,370
Federal Home Loan Mtg. Corp Agency Hybrid 1,085
Federal National Mtg. Assn. Rec. Agency PAC 5,931
Federal National Mortgage Assn. Agency Debenture 16,310
Federal National Mortgage Assn. Agency Debenture 5,003
FSPC Home Equity Agency 6,459
Federal National Mtg. Assn. Whole Loan Home Equity Agency 9,295
Federal National Mtg. Assn. Whole Loan Home Equity Agency 12,429
Household Private Lab MT2 Retail Credit Card 10,773
Morgan Stanley Capital Conduit 12,467
Nissan Auto Owners Trust Prime Auto 12,067
Salomon Brothers Mortgage Securities VII Conduit 5,430
USAA Auto Owners Trust Prime Auto 11,865
United States Treasury Treasury Notes 8,896
Cash on Hand Cash 2,495
-------------
167,799
-------------
* Mellon Trust of New England, National Temporary cash investment 30,983
Association
-------------
Total Interest Income Fund ** 1,172,659
-------------
Asset Allocation Fund
* Barclays Global Investors U.S. Tactical Asset
-------------
Allocation Fund F 24,611,881 units ** 410,280
-------------
Global Equity Fund
* Barclays Global Investors U.S. Equity
Market Fund F 3,566,992 units 98,235
* Barclays Global Investors EAFE Equity Index
Fund F 1,749,192 units 30,943
-------------
Total Global Equity Fund ** 129,178
-------------
Mid and Small Cap Stock Fund
-------------
Extended Equity Market Fund F 16,552,930 units ** 279,579
-------------
International Stock Fund
-------------
International Stock 3,399,065 units ** 60,129
-------------
Loan Fund
-------------
* Loans to Plan Participants 5.00% - 5.25% ** 166,937
-------------
TOTAL $ 5,990,832
=============
* Party-in-Interest.
** Participant-directed investment, cost not required.
*** Synthetic Insurance Contracts, no stated maturity.
SBC SAVINGS PLAN
EIN 43-1301883, PLAN NO. 002
SCHEDULE H, LINE 4j - SCHEDULE OF REPORTABLE TRANSACTIONS
Year Ended December 31, 2003
(Dollars in Thousands)
Current Value
of Asset on
Transaction Net Gain
Identity of Description of Purchase Price Selling Cost of Date (Loss)
Party Involved Asset Price Asset
---------------------------------------------------------------------------------------------------------------------------
Category (iii) - Series of Transactions in Excess of
5 Percent of Plan Assets
* Mellon Trust of New Pooled Employee Funds
England, National Daily Liquidity Fund
Association $ 179,481 $ - $ 179,481 $ 179,481 $ -
* Mellon Trust of New Pooled Employee Funds
England, National Daily Liquidity Fund
Association - 177,486 177,486 177,486 -
* All transactions were purchased and sold on the market.
There were no Category (i), (ii) or (iv) reportable transactions during the year ended December 31, 2003.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator for the Plan has duly
caused this annual report to be signed by the undersigned thereunto duly authorized.
SBC SAVINGS PLAN
By SBC Communications Inc., Plan Administrator
for the Foregoing Plan
By /s/ Karen E. Jennings
----------------------------------------------
Karen E. Jennings
Senior Executive Vice President -
Human Resources and Communications
Date: June 23, 2004
EXHIBIT INDEX
Exhibit identified below, Exhibit 23 is filed herein as an exhibit hereto.
Exhibit
Number
23 Consent of Independent Registered Public Accounting Firm
EX 23
Form 11-K for 2003
File No. l-8610
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the Registration Statement (Form S-8, No. 333-101433)
pertaining to SBC Savings Plan of our report dated June 21, 2004, with respect to the financial
statements and supplemental schedules of SBC Savings Plan included in this Annual Report (Form 11-K) for
the year ended December 31, 2003.
/s/ ERNST & YOUNG LLP
San Antonio, Texas
June 21, 2004