AT&T INC. — Director's Dealing 2010

Nov 3, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2010-11-01

Reporting Person: BLANCHARD JAMES H (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-11-01	Phantom Deferral Shares	$0.0000	A	609.9282	Acquired		Common Stock (609.9282)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	30587.0000	Direct
Common Stock	36944.0000	Indirect
Common Stock	165.0000	Indirect
Common Stock	225.0000	Indirect

Footnotes

F1: Dividend equivalents reinvested pursuant to various BellSouth Corporation director deferral plans. Upon distribution, each unit is converted into the equivalent value in cash of one share of AT&T common stock.