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

Jan 26, 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: VOTING TRUST (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-24	Special Common Shares	J	6100979.33	—	Disposed	0	Indirect
2012-01-24	Common Share	J	6100979.33	—	Acquired	6100979.33	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-24	Series A Common Shares	$	J	6197259	Disposed		Common or Special Common Shares (6197259)	Indirect
2012-01-24	Series A Common Shares	$	J	6736419.963	Acquired		Common Shares (6736419.963)	Indirect

Footnotes

F1: The trustees of the Voting Trust are Walter CD Carlson, LeRoy T. Carlson, Jr., Letitia G. Carlson, and Prudence Carlson. The Voting Trust entered into as of June 30, 1989 expires on June 30, 2035. The Voting Trust was created to facilitate long-standing relationships among the trusts certificate holders. In addition, the trustees of the Voting Trust, from time to time, commit on behalf of certain depositors in the Voting Trust dividends which would otherwise be paid to the Voting trustees and distributed to such depositors to the purchase of shares of the Company's Series A or special common stock under the dividend reinvestment plan. The shares so purchased are held for the account of the Voting trustees on behalf of such depositors and are included herein. The filing of this statement shall not be construed as an admission that any voting trustee is for the purpose of Section 16 of the Act, the beneficial owner of any equity securities covered hereby.

F2: Includes 391,606.9626 Series A common shares acquired pursuant to a dividend reinvestment plan.

F3: Includes 282,858.33 Special Common shares acquired pursuant to a dividend reinvestment plan.

F4: 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.

F5: Series A Common Shares are convertible on a share for share basis. Prior to the reclassification, Series A Common shares were convertbile into common shares or special common shares but pursuant to the reclassification the shares are only convertible into common shares.