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 LETITIA G C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-24	Special Common	J	9981.03	—	Disposed	0	Direct
2012-01-24	Common Shares	J	9981.03	—	Acquired	9981.03	Direct
2012-01-24	Special Common	J	1840310.78	—	Disposed	0	Indirect
2012-01-24	Common Shares	J	1840310.78	—	Acquired	1840310.78	Indirect
2012-01-24	Common Shares	J	2243.64	—	Disposed	0	Direct
2012-01-24	Common Shares	J	2438.4862	—	Acquired	12419.5162	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-24	Series A Common Shares	$	J	1848420.48	Disposed		Common Shares or Special Common Shares (1848420.48)	Indirect
2012-01-24	Series A Common Shares	$	J	2009233.233	Acquired		Common Shares (2009233.233)	Indirect
2012-01-24	Series A Common Shares	$	J	1009.46	Disposed		Common Shares or Special Common Shares (1009.46)	Direct
2012-01-24	Series A Common Shares	$	J	1096.635	Acquired		Common (1096.635)	Direct

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 of a voting trust which is record owner of these Series A Common shares and which files its holdings on a form 4. Of these shares, 5979.399 (84.399 earned pursuant to a dividend reinvestment plan) are owned by husband, 119,549.99 (27,197.99 earned pursuant to a dividend reinvestment plan) are held by husband as custodian for children and 747,136.008 (18,849.008 earned pursuant to a dividend reinvestment plan) were contributed to a family partnership of which reporting person is a general partner. Reporting person disclaims beneficial ownership of the shares owned by husband and the shares held as custodian for children. Includes 2459.836 shares acquired pursuant to a dividend reinvestment plan.

F4: Reporting person is one of four trustees of a voting trust which is record owner of these Special Common shares and which files its holdings on a form 4. Of these shares, 5498.67 (75.67 earned pursuant to a dividend reinvestment plan) are owned by husband, 92189.70 (11,779.70 earned pursuant to a dividend reinvestment plan) are held by husband as custodian for children and 685,962.47 (15965.47 earned pursuant to a dividend reinvestment plan) were contributed to a family partnership of which reporting person is a general partner. Reporting person disclaims beneficial ownership of the shares owned by husband and the shares held as custodian for children. Includes 8771.61 shares acquired pursuant to a dividend reinvestment plan.