-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001225208-10-024137.txt : 20101103
<SEC-HEADER>0001225208-10-024137.hdr.sgml : 20101103
<ACCEPTANCE-DATETIME>20101103155912
ACCESSION NUMBER:		0001225208-10-024137
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101101
FILED AS OF DATE:		20101103
DATE AS OF CHANGE:		20101103

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KELLY JAMES P
		CENTRAL INDEX KEY:			0001208223

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08610
		FILM NUMBER:		101161404

	MAIL ADDRESS:	
		STREET 1:		150 EAST BAY RD
		CITY:			OSTERVILLE
		STATE:			MA
		ZIP:			02655-1938

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AT&T INC.
		CENTRAL INDEX KEY:			0000732717
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				431301883
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1218

	BUSINESS ADDRESS:	
		STREET 1:		208 S. AKARD ST
		STREET 2:		ATTN :  JAMES LACY
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75202
		BUSINESS PHONE:		2108214105

	MAIL ADDRESS:	
		STREET 1:		208 S. AKARD ST
		STREET 2:		ATTN :  JAMES LACY
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SBC COMMUNICATIONS INC
		DATE OF NAME CHANGE:	19950501

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOUTHWESTERN BELL CORP
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc4.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-11-01</periodOfReport>

    <issuer>
        <issuerCik>0000732717</issuerCik>
        <issuerName>AT&amp;T INC.</issuerName>
        <issuerTradingSymbol>T</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001208223</rptOwnerCik>
            <rptOwnerName>KELLY JAMES P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>208 S. AKARD STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75202</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5967.0000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Deferral Shares</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.0000</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2010-11-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>40.2831</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>28.4850</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>40.2831</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2772.3391</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Benefit Plan</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Dividend equivalents reinvested pursuant to various BellSouth Corporation director deferral plans.  Upon distribution, each unit is converted into the equivalent value in cash of one share of AT&amp;T common stock.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>by Ann E. Meuleman, Secy., Attorney-in-fact</signatureName>
        <signatureDate>2010-11-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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