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

May 16, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2011-05-13

Reporting Person: HERBERT C THEODORE (VP Human Resources)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-13	Option (Right to Buy)	$29.94	A	32900	Acquired	2021-05-13	Special Common Shares (32900)	Direct
2011-05-13	Restricted Stock Units	$	A	5000	Acquired		Special Common Shares (5000)	Direct

Footnotes

F1: Restricted stock unit award pursuant to the long term incentive plan. Stock units will become vested on December 2, 2013.

F2: Granted under the 2004 Long-Term Incentive Plan. Options vest over a 3 year period with one-third of the number of shares becoming exercisable on the first annual anniversary, one-third on the second annual anniversary and one-third on the third annual anniversary.