TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2011

Dec 16, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2011-12-15

Reporting Person: WILLIAMSON SCOTT H (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-15	Special Common Shares	M	12389	—	Acquired	38498	Direct
2011-12-15	Special Common Shares	F	3896	$22.74	Disposed	34602	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-15	Restricted Stock Units	$	M	12389	Disposed		Special Common Shares (12389)	Direct

Footnotes

F1: Shares withheld to pay taxes on restricted stock units that vested on Dec. 15, 2011.

F2: Restricted stock units awarded pursuant to the long term incentive plan. Stock units became vested on Dec. 15, 2011.