AT&T INC. — Director's Dealing 2011

Apr 25, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2011-04-21

Reporting Person: BLANCHARD JAMES H (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-21	Common Stock	M	6912	$30.39	Acquired	37499	Direct
2011-04-21	Common Stock	F	6891	$30.485	Disposed	30608	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-21	Non-qualified Stock Option W/tandem Stock Appreciation Right	$30.39	M	6912	Disposed	2011-04-23	Common Stock (6912)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	36944	Indirect
Common Stock	165	Indirect
Common Stock	225	Indirect