AT&T INC. — Director's Dealing 2011

Oct 4, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2011-09-30

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-09-30	Common Stock	A	780.0842	$28.52	Acquired	28152.0985	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	309432.3471	Direct
Common Stock	8068.4531	Indirect
Common Stock	5.9827	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 307.2498 shares acquired on 8/2/2011 at a price of $29.3058 through reinvested dividends under broker administered dividend reinvestment plan.

F3: Includes 10.0431 shares acquired on 8/2/2011 at a price of $29.3058 through reinvested dividends under broker administered dividend reinvestment plan.