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

Jan 25, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2012-01-24

Reporting Person: CARLSON WALTER CD (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-24	Special Common Shares	J	1907276.33	—	Disposed	0	Indirect
2012-01-24	Common Shares	J	1907276.33	—	Acquired	1907276.33	Indirect
2012-01-24	Special Common Shares	J	14886	—	Disposed	0	Direct
2012-01-24	Common Shares	J	14886	—	Acquired	14886	Direct
2012-01-24	Common Shares	J	6198.7	—	Disposed	0	Direct
2012-01-24	Common Shares	J	6737	—	Acquired	21623	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-24	Series A Common shares	$	J	934.68	Disposed		Common Shares or Special Common Shares (934.68)	Direct
2012-01-24	Series A Common Shares	$	J	1015	Acquired		Common Shares (1015)	Direct
2012-01-24	Series A Common shares	$	J	1968388.39	Disposed		Common Shares or Special Common Shares (1968388.39)	Indirect
2012-01-24	Series A Common Shares	$	J	2139637.684	Acquired		Common Shares (2139637.684)	Indirect

Footnotes

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

F2: Pursuant to a reclassification exempt under Rule 16b-3 and Rule 16b-7, each Special Common Share was reclassified into one Common Share, each Common Share was reclassified into 1.087 Common Shares, and each Series A Common Share was reclassified into 1.087 Series A Common Shares, and each stock award relating to such shares was appropriately adjusted.

F3: Reporting person is one of four trustees which is record owner of these shares and while files its holdings on forms 4. Of these shares, 114,606.68 (13,351.68 including shares acquired pursuant to a dividend reinvestment plan) are held as custodian for child, 7770 are held by wife and 685,962.47 (including 15,965.47 acquired pursuant to a dividend reinvestment plan) are held by family partnership of which reporting person is a general partner. Reporting person disclaims beneficial ownerhip of the shares owned by wife and the shares held as custodian for children. The remaining shares include 282,420 owned by two GRAT's, 77,761.84 shares acquired pursuant to a dividend reinvestment plan and 738,755.33 in the individual reporting person's name.

F4: Reporting person is one of four trustees which is record owner of these shares and while files its holdings on forms 4. Of these shares, 123,764.575 (including 13,701.575 shares acquired pursuant to a dividend reinvestment plan) are held as custodian for children, 5468.406 held by children, 8446 are held by wife and 747,136 (including 18,849.008 acquired pursuant to a dividend reinvestment plan) are held by family partnership of which reporting person is a general partner. Reporting person disclaims beneficial ownerhip of the shares owned by wife, children and the shares held as custodian for children. The remaining shares include 569,910.304 owned by two GRAT's (including 26,410.304 shares acquired pursuant to a dividend reinvestment plan) and 684,912.391 (118,394.391 shares acquired pursuant to a dividend reinvestment plan) in the individuals reporting person's name.