AT&T INC. — Director's Dealing 2010

Dec 2, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2010-11-30

Reporting Person: WILKINS RAYFORD JR (CEO-AT&T Diversified Bus.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-11-30	Common Stock	A	689.3846	$27.7900	Acquired	28503.1102	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	280360.3098	Direct
Common Stock	7652.5370	Indirect
Common Stock	5.7412	Indirect
Common Stock	655.4856	Indirect

Footnotes

F1: Automatic purchase of shares by the reporting person with payroll deductions and, to a limited extent, company matching contributions, in the form of deferred stock units settled only in stock on a 1-for-1 basis as provided for in the plan.

F2: Includes 10.0184 shares acquired on 11/4/2010 at a price of $28.5053 through reinvested dividends under dividend reinvestment plan.

F3: Includes .0789 shares acquired on 11/4/2010 at a price of $28.5053 through reinvested dividends under dividend reinvestment plan.