AT&T INC. — Director's Dealing 2011

Apr 4, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2011-03-31

Reporting Person: LINDNER RICHARD G (Sr. Exec. VP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-31	Common Stock	A	171.2941	$30.60	Acquired	5102.5008	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	40470	Direct
Common Stock	1578.475	Indirect
Common Stock	305884	Indirect

Footnotes

F1: Represents shares purchased by the reporting person with automatic deductions from payroll 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: Reflects transfer of 141,800 shares owned directly to indirect ownership by trust.