AT&T INC. — Director's Dealing 2011

Dec 2, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2011-11-30

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-30	Common Stock	A	767.7018	$28.98	Acquired	30091.8714	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	309448.4733	Direct
Common Stock	8061.2839	Indirect
Common Stock	6.0654	Indirect
Common Stock	694.5158	Indirect

Footnotes

F1: Represents shares purchased by the reporting person with automatic payroll deductions and partial company matching contributions in the form of deferred stock units settled only in stock on a 1-for-1 basis.

F2: Includes 16.1262 shares acquired on 11/1/2011 at a price of $29.3496 through reinvested dividends under dividend reinvestment plan.

F3: Includes 0.0827 shares acquired on 11/1/2011 at a price of $29.3496 through reinvested dividends under dividend reinvestment plan.