AT&T INC. — Director's Dealing 2012

Mar 14, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2012-03-12

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-12	Common Stock	F	3130.6998	$31.44	Disposed	23630.9141	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	352007.2297	Direct
Common Stock	8255.9605	Indirect
Common Stock	6.1514	Indirect
Common Stock	715.1107	Indirect

Footnotes

F1: Mandatory tax withholding on distribution from benefit plan.

F2: Reflects transfer of 5,814 shares owned indirectly in benefit plan to direct ownership due to distribution.

F3: Includes 317.4614 shares acquired on 2/2/12 at a price of $29.8818 through reinvested dividends under broker-administered dividend reinvestment plan.

F4: Includes 10.3769 shares acquired on 2/2/12 at a price of $29.8818 through reinvested dividends under broker-administered dividend reinvestment plan.