TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2012

Jan 17, 2012

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2011-12-31

Reporting Person: NEBERGALL DONALD C (Director)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	3512.9285	Indirect
Special Common Shares	1760.174	Indirect
Special Common Shares	11764	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Series A Common Shares	$		Common or Special Common Shares (1118.8798)	1118.8798	Indirect
Series A Common Shares	$		Common or Special Common Shares (1747.261)	1747.261	Indirect

Footnotes

F1: Series A Common shares are convertible, on a share-for-share basis, into common and special common.

F2: Beneficial ownership of shares held in Voting Trust. Reporting person disclaims beneficial ownership of 1453.3448 special common shares owned by wife's trust.

F3: Beneficial ownership of shares held in Voting Trust. Reporting person disclaims beneficial ownership of 1442.534 Series A common shares owned by wife's trust.