AT&T INC. — Director's Dealing 2011

Sep 1, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2011-08-31

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-08-31	Common Stock	A	781.1798	$28.48	Acquired	27372.0143	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	309125.0973	Direct
Common Stock	8068.24	Indirect
Common Stock	5.9827	Indirect
Common Stock	684.4727	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: Includes 15.7657 shares acquired on 8/1/2011 at a price of $29.5926 through reinvested dividends under dividend reinvestment plan.

F3: Includes 0.0811 shares acquired on 8/1/2011 at a price of $29.5926 through reinvested dividends under dividend reinvestment plan.