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

Aug 11, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2011-08-10

Reporting Person: CARLSON LEROY T JR (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-08-10	Special Common Shares	J	1248	—	Disposed	1814477	Indirect
2011-08-10	Special Common Shares	J	1248	—	Acquired	1814477	Indirect

Footnotes

F1: On August 10, 2011, the reporting person transferred voting trust certificates representing Special Common shares to his spouse ( through grantor retained annuity trusts). The reporting person previously reported all securities held by his spouse (directly or through a grantor retained annuity trust). Accordingly, the transfer of voting trust certificates did not result in any change in the number of securities reported as beneficially owned by the reporting person. Nevertheless, reporting person is voluntarily reporting the transfer of such voting trust certificates.

F2: Reporting person is one of four trustees which is record owner of these shares which files its holdings on forms 4. Of these Special Common shares, 84,714.18 (including 17,248.18 acquired in dividend reinvestment) are held as custodian for children and 13,468.31 (including 1197.31 acquired in dividend reinvestment) are held by spouse, and 685,644.76 (including 15,647.76 acquired in dividend reinvestment) shares are held by a family partnership of which reporting person is a general partner. Of the remaining shares, 0.9 were earned pursuant to a dividend reinvestment plan. Reporting person's GRAT owns 383,912 and wife's GRAT owns 326,250. Reporting person disclaims beneficial ownership of shares owned by wife and as custodian for children.