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: WATTS DONALD W (Sr. Exec. VP and Gen. Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-09-30	Common Stock	A	499.6494	$28.52	Acquired	25086.2102	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	73831	Direct
Common Stock	6391.1082	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.