SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 20549

                                    FORM 11-K

         Annual Report Pursuant to Section 15(d) of the Securities
         Exchange Act of 1934


(Mark One)

(x)               ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
                  SECURITIES EXCHANGE ACT OF 1934

                  For The Fiscal Year Ended December 31, 2004

                                       OR

( )               TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                  THE SECURITIES EXCHANGE ACT OF 1934

                  For The Transition Period From _________ to _________

                          Commission File Number 1-1105

                                   AT&T Corp.

A.                Full title of the plan and the address of the plan, if
                  different from that of the issuer named below:

                    AT&T LONG TERM SAVINGS AND SECURITY PLAN

B.                Name and issuer of the securities held pursuant to the
                  plan and the address of its principal executive office:


                                   AT&T CORP.
                                  ONE AT&T WAY
                              BEDMINSTER, NJ 07921



                    AT&T Long Term Savings and Security Plan
                              Financial Statements
                           and Supplemental Schedule
                           December 31, 2004 and 2003




AT&T Long Term Savings and Security Plan
Index
December 31, 2004 and 2003
--------------------------------------------------------------------------------



                                                                         Page(s)

Report of Independent Registered Public Accounting Firm........................1

Financial Statements

Statements of Net Assets Available for Benefits................................2

Statement of Changes in Net Assets Available for Benefits......................3

Notes to Financial Statements................................................4-8

Supplemental Schedule

Schedule of Assets (Held at End of Year).......................................9







             Report of Independent Registered Public Accounting Firm



To the  Participants  and  Administrator
of AT&T Long Term Savings and Security Plan



In our opinion, the accompanying statements of net assets available for benefits
and the  related  statement  of  changes in net assets  available  for  benefits
present fairly, in all material respects,  the net assets available for benefits
of AT&T Long Term Savings and Security  Plan (the "Plan") at  December 31,  2004
and 2003,  and the changes in net assets  available  for  benefits  for the year
ended  December 31,  2004 in conformity  with  accounting  principles  generally
accepted in the United States of America.  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 of these  statements  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,   assessing  the  accounting  principles  used  and
significant  estimates made by management,  and evaluating the overall financial
statement  presentation.  We believe that our audits provide a reasonable  basis
for our opinion.

Our audits  were  conducted  for the  purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental Schedule of Assets (Held
at End of  Year)  as of  December 31,  2004  is  presented  for the  purpose  of
additional analysis and is not a required part of the basic financial statements
but is 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. The  supplemental  schedule is the  responsibility  of the
Plan's management.  The supplemental schedule has been subjected to the auditing
procedures  applied in the audits of the basic financial  statements and, in our
opinion,  is fairly  stated in all  material  respects  in relation to the basic
financial statements taken as a whole.





PricewaterhouseCoopers LLP
Florham Park, New Jersey

June 22, 2005




AT&T Long Term Savings and Security Plan
Statements of Net Assets Available for Benefits
December 31, 2004 and 2003
--------------------------------------------------------------------------------


(thousands of dollars)

                                                       2004              2003

Assets
Investments, at fair value
    Investment in Master Trust                      $1,346,740       $1,379,884
    Participant loans receivable                        37,592           38,919
                                                    ----------       ----------
             Total assets                            1,384,332        1,418,803
                                                    ----------       ----------
Liabilities
             Total liabilities                               -                -
                                                    ----------       ----------
Net assets available for benefits                   $1,384,332       $1,418,803
                                                    ----------       ----------














   The accompanying notes are an integral part of these financial statements.




AT&T Long Term Savings and Security Plan
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2004
--------------------------------------------------------------------------------


(thousands of dollars)

                                                                     Total

Net assets available for benefits, January 1, 2004                $1,418,803
                                                                -------------
Additions
Additions to net assets attributed to
    Net income from investment in Master Trust                        73,474
    Interest on participant loans                                      1,652
                                                                -------------
                                                                      75,126
Contributions and transfers
    Employee contributions                                            46,520
    Employing company contributions                                   22,175
    Transfers of participants' balances from other plans, net          6,054
                                                                -------------
                                                                      74,749
                                                                -------------
                                                                     149,875
                                                                -------------
Deductions
    Distributions to participants                                   (184,346)
                                                                -------------
             Total deductions                                       (184,346)
                                                                -------------
             Net decrease                                            (34,471)
                                                                -------------
Net assets available for benefits, December 31, 2004              $1,384,332
                                                                -------------









   The accompanying notes are an integral part of these financial statements.





AT&T Long Term Savings and Security Plan
Notes to Financial Statements
December 31, 2004
--------------------------------------------------------------------------------


1.        Plan Description

          The AT&T Long Term Savings and  Security  Plan (the "Plan" or "LTSSP")
          is a defined  contribution plan established by AT&T Corp.  ("AT&T") to
          provide a convenient way for  occupational  employees of participating
          AT&T  companies to save on a regular and  long-term  basis.  Effective
          January 1,  2004, the AT&T Savings  Master Trust ("Master  Trust") was
          established as the successor trust to the Group Trust. Effective as of
          the same date,  State Street Bank and Trust  Company was  appointed as
          successor  trustee to Fidelity  Management  Trust Company for the AT&T
          Savings Master Trust.  The LTSSP  participates in the Master Trust for
          the   investment  of  the  pooled  assets  of  various   funds.   Each
          participating plan has an undivided interest in the Master Trust.

          An  eligible  employee  enters  the  Plan  by  authorizing  a  payroll
          allotment to invest his/her contributions in one or more of twenty-six
          (26) different funds as set forth in the current Plan documents.

          The  Comcast  Stock Fund was  liquidated  between  March 18,  2004 and
          May 20,  2004. The proceeds from the sales were  transferred  into the
          AT&T Stable Value Fund. As of July 30,  2004, a  participant  who does
          not have,  or  maintain,  a balance in the Fidelity  Low-Priced  Stock
          Fund, will not be able to invest in the Fidelity Low-Priced Stock Fund
          through  the Plan.  Shares of the Legg Mason  Value  Trust  Investment
          option  were   converted   from   Financial   Intermediary   Class  to
          Institutional  Class as of 4:00  p.m.  Eastern  Time on  September 30,
          2004.  Effective  July 1,  2004, the Janus Overseas Fund and the Janus
          Worldwide  Fund  options in the Plan were closed to new  contributions
          and  exchanges  in. A  liquidation  of assets in these two Janus funds
          began on October 8,  2004 and was completed on  October 29,  2004. The
          proceeds  from the sales were  transferred  into the AT&T Stable Value
          Fund  in the  Plan.  Effective  July 1,  2004,  two  new  mutual  fund
          investment options became available under the Plan. The American Funds
          Capital World Growth and Income Fund, Class R-5 and the Morgan Stanley
          Institutional  Fund - International  Equity Portfolio,  Class A Shares
          are  the  two  new  mutual  funds.  On  December  6,  2004,   Fidelity
          implemented an enterprise-wide policy to monitor and address excessive
          short-term  trading in Fidelity  funds sold  through  retail or 401(k)
          plans  for  which  they  keep the  records.  This  policy  establishes
          standards for warning  participants and suspending trading privileges,
          if  necessary,  in  accordance  with  prospectus  rules.  Fidelity has
          offered to implement  this policy for other mutual fund  providers and
          subsequently  T. Rowe Price and Legg Mason  agreed to have their funds
          monitored by Fidelity.

          Employee  allotments  of 2% to 16% of  salary  may be  authorized.  An
          employee may designate allotments as pre-tax allotments,  as after-tax
          allotments  or as a combination  of pre-tax and after-tax  allotments.
          All  participant  contributions  and earnings  thereon are immediately
          vested and not subject to  forfeiture.  Pre-tax  contributions  may be
          made up to the  Internal  Revenue  Service  limit of  $13,000 in 2004.
          After one year of service,  the  employing  company  (AT&T or any AT&T
          subsidiary  participating in the Plan) will contribute an amount equal
          to  66-2/3% of the first six  percent  (6%) of the  employee's  salary
          contributed.  A  participant  becomes  100%  vested  in the  employing
          company   contributions   after  three   years  of  service.   Company
          contributions  are made in accordance with the  participants'  elected
          investment   direction.   The  Plan  provides  that  Company  Matching
          Contributions  associated  with a  participant's  contribution  to the
          International Brotherhood of Electrical Workers (IBEW) Sponsored Trust
          for  Savings  be  invested  in  the  AT&T  Stock  Fund  and  then  are
          immediately available for participant redistribution.

          Employees  who are age 50 or older on or before  December  31st may be
          eligible to make pre-tax  contributions  beyond the  Internal  Revenue
          Service pre-tax limit. The 2004 catch-up contribution limit set by the
          Internal Revenue Service is $3,000.  No company matching  contribution
          is made on catch-up contributions.

          Loans are  available  to all  participants  in an amount not less than
          $1,000,  up to a maximum of 50% of the  participant's  vested  account
          balance or $50,000 minus the  participant's  highest  outstanding loan
          balance in the last twelve (12) months. Upon default, participants are
          considered to have received a  distribution  and are subject to income
          taxes on the distributed  amount.  Loan  transactions are treated as a
          transfer to (from) the investment fund from (to) the Loan Account. The
          term of the loan shall not exceed fifty-six (56) months. The loans are
          collateralized  by the balance in the  participant's  account and bear
          interest  at the  prime  rate on the last  business  day of the  month
          preceding the month in which the loan was  initiated.  Interest  rates
          are  fixed  for the term of the loan.  Interest  rates on  participant
          loans  outstanding  as of  December 31,  2004 range from 4.0% to 9.5%.
          Principal  and  interest  are  paid  through  payroll   deductions  or
          participant-initiated payments.

          When a participant terminates  employment,  a single distribution will
          be made of all  vested  amounts  in the  participant's  account if the
          amount to be distributed is $5,000 or less.  However, if the amount to
          be distributed  exceeds $5,000,  and the participant  does not request
          the distribution,  the participant's  account shall remain in the Plan
          and may be withdrawn or distributed at the participant's  request,  or
          as  minimum  required  distributions  beginning  when the  participant
          attains age 70-1/2,  or upon the  participant's  death,  whichever  is
          earlier.

          Participant  forfeitures  in 2004 were $157,152.  The total  forfeited
          non-vested accounts as of December 31,  2004 is $847,027.  Forfeitures
          will  be  used   to   reduce   future   employer   contributions   and
          administrative  expenses.  During 2004,  employer  contributions  were
          reduced by $159 due to forfeited non-vested accounts.

          For a complete  description of the Plan,  participants should refer to
          the Plan Prospectus and Plan Summary Plan  Description  ("SPD").  The
          Plan is subject to the  provisions of the Employee  Retirement  Income
          Security Act of 1974 ("ERISA").

2.        Accounting Policies

          Basis of Accounting
          The financial  statements  of the Plan are prepared  under the accrual
          method of accounting.

          Payment of Benefits
          Benefits are recorded when paid.

          Valuation of Investments
          Income and assets of the Master Trust are  allocated to the Plan based
          on  participant  balances.  The net asset value of the Master Trust is
          calculated  by the Trustee.  The trustee  determines  the value of the
          underlying assets in the investment  manager  portfolios,  taking into
          account the market values supplied by a generally  accepted pricing or
          quotation  service or  quotations  furnished by one or more  reputable
          sources,  such as securities  brokers,  dealers or investment bankers,
          mutual fund administrators,  values of comparable property, appraisals
          or other relevant  information.  Investments in AT&T common shares and
          other  securities  listed on national  stock  exchanges are carried at
          fair value  determined on the basis of the last published  sales price
          per share on the last business day of the year.  Securities  traded in
          over-the-counter  markets  are carried at fair value based on the last
          bid prices or closing  prices on  December 31,  as listed in published
          sources  if  available  or,  if  not  available,  from  other  sources
          considered reliable.  Contracts with insurance companies and financial
          institutions,  which are fully  benefit  responsive,  are  carried  at
          contract value  (representing  contributions  made under the contracts
          plus  accumulated   interest  at  the  contract   rates).   All  other
          investments  are carried at the fair value at the close of business on
          December 31.  Participant  loans  receivable  are valued at cost which
          approximates fair value.  Participant loans are assets of the Plan and
          are not part of the Master Trust.

          Purchases and Sales of Investments
          Purchases and sales of securities are recorded on the trade date.

          Investment Income
          Dividend income is recorded on the ex-dividend  date.  Interest income
          is accrued as earned.

          Net Appreciation (Depreciation) in the Fair Value of Investments
          The Plan presents in the statement of changes in net assets  available
          for benefits the net appreciation  (depreciation) in the fair value of
          investments,  which  consist of the  realized  gains  (losses) and the
          change for the year in unrealized appreciation (depreciation) on those
          investments.

          Use of Estimates
          The  preparation of financial  statements in conformity with generally
          accepted  accounting  principles requires management to make estimates
          and  assumptions  that  affect  the  reported  amounts  of assets  and
          liabilities,  and changes therein, and disclosure of contingent assets
          and liabilities. Actual results could differ from those estimates.

          Risks and Uncertainties
          Investments  held by the Master  Trust and 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
          statement of net assets available for benefits.

3.        Tax Status

          The Internal  Revenue Service ("IRS") has determined and informed AT&T
          by a letter dated March 28,  2005, that the Plan,  restated  effective
          January 1, 2001 with amendments through February 28, 2002, and related
          trust are  qualified in  accordance  with  applicable  sections of the
          Internal  Revenue  Code  ("IRC").  The  Plan has  been  amended  since
          February 28,  2002. However, the Plan Administrator  believes that the
          Plan is qualified and is currently  being operated in compliance  with
          the applicable requirements of the IRC.

4.        Concentrations of Investment Risk

          At December 31, 2004, Plan participants' accounts that are invested in
          the Company  stock option are exposed to market risk in the event of a
          significant decline in the value of AT&T Corp. stock.

5.        Plan Termination

          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. In the event of
          Plan  termination,  the Plan  provides  that the net  assets are to be
          distributed  to  participating  employees  in  amounts  equal to their
          respective interest in such assets.



6.        Plan Expenses

          In general, fees paid for Plan administration, including recordkeeping
          (except for such services as are  attributable to the participant loan
          program),  are paid from the trust,  unless those expenses are paid by
          the Company or participant(s).  Fees for trustee services are paid out
          of  trust  assets.   Expenses   attributable  to  the  management  and
          investment of each of the investment  options shall be charged against
          respective options.

7.        Master Trust Investments

          The Trust Investment presented as of December 31,  2004 are those held
          by State  Street  Bank and  Trust  Company,  as  Trustee,  in the AT&T
          Savings Master Trust.  The  investments  presented as of  December 31,
          2003 are those held by Fidelity  Management Trust Company, as Trustee,
          in the Group Trust.


Type of Master Trust Investments                            December 31
--------------------------------------------------------------------------------
(thousands of dollars)                                  2004           2003

Government Securities                             $        -      $   16,572
Short-term securities                                 40,201          10,189
Corporate bonds                                        1,205           6,127
Common stocks                                      1,009,660       1,567,644
Mutual funds                                       3,072,840       2,795,255
Commingled funds                                   1,381,388       1,294,002
Investment contracts
     Guaranteed Investment Contracts                 276,552         344,575

     Synthetic Investment Contracts
     Government Securities                           348,836         625,298
     Short-term securities                            64,152         251,905
     Corporate bonds                               2,428,782       1,687,291
     Derivatives                                          17             186
     Other                                           (44,387)       (173,684)
     Wrapper                                         (62,410)        (83,151)

Cash                                                   5,650           2,862
                                                  ----------      ----------
              Total Master Trust Investments      $8,522,486      $8,345,070
                                                  ----------      ----------

--------------------------------------------------------------------------------
Allocation of Master Trust investments                        December 31,
--------------------------------------------------------------------------------
                                                           2004          2003

AT&T Long Term Savings Plan for Management Employees      83.73%        83.15%
AT&T Long Term Savings and Security Plan                  15.80         16.54
AT&T Retirement Savings and Profit Sharing Plan            0.39          0.22
AT&T of Puerto Rico, Inc. Long Term Savings Plan for
    Management Employees                                   0.07          0.08
AT&T of Puerto Rico, Inc. Long Term Savings
    and Security Plan                                      0.01          0.01
                                                         -------       -------
                                                         100.00%       100.00%
                                                         -------       -------


Net appreciation in fair value of Master Trust investments     December 31, 2004

Corporate bonds                                                         $    240
Common stocks                                                             10,919
Mutual funds                                                             252,157
Commingled funds                                                         147,355
                                                                        --------
     Total net appreciation in fair value of Master Trust investments   $410,671
                                                                        --------

Investment income
Interest                                                                $123,603
Dividends                                                                109,440
                                                                        --------
                                                                        $233,043
                                                                        --------


8.        Related Party Transactions and Party-in-Interest

          The Plan invests in common shares of AT&T Corp. stock, which qualifies
          as a related  party  transaction.  At  December  31, 2004 the total of
          these investments  amounted to $220,795,948 or approximately 3% of the
          Master Trust.  At December 31, 2003 the total amounted to $256,799,741
          or approximately 3% of the Group Trust.

9.        Subsequent Events

          On  January 31,   2005,  SBC  Communications  and  AT&T  announced  an
          agreement  for SBC to acquire  AT&T.  Employees  enrolled  in the AT&T
          Savings Plans can continue to make  contributions,  choose  investment
          direction and receive company matching  contributions until the merger
          closes.  Any decision on benefit plans after the close will be made by
          SBC,  subject to any  constraints  provided  by the merger  agreement.
          Under the merger  agreement,  SBC has  agreed  that  employees,  for a
          period of time after the merger,  will have  compensation  and benefit
          plans  and programs that are no less  favorable in the aggregate  than
          they have at AT&T.  This  commitment  will  continue to the end of the
          plan  year  (December  31)  following  the  first  anniversary  of the
          closing.

          In March 2005,  the automatic distribution threshold changed to $1,000
          from $5,000.



AT&T Long Term Savings and Security Plan
Schedule of Assets (Held at End of Year)
December 31, 2004
--------------------------------------------------------------------------------


(thousands of dollars)


Name of Issuer and Title of Issue                      Cost              Value

Participant Loans Receivable (4.0% - 9.5%)          $   37,592        $   37,592
                                                                      ----------
Investment in Master Trust                                            $1,346,740
                                                                      ----------




                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Savings
Plan  Committee  has  duly  caused  this  annual  report  to be  signed  by  the
undersigned thereunto duly authorized.


                                       AT&T LONG TERM SAVINGS AND SECURITY PLAN

                                       By Savings Plan Committee



                                       /s/  Brian Byrnes
                                       ______________________________
                                       Brian Byrnes
                                       Secretary of the Savings Plan Committee

Date:  June 27, 2005




                                  Exhibit Index

Exhibit No.

    23         Consent of PricewaterhouseCoopers LLP