Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
CARLSON LEROY T JR
   2. Issuer Name and Ticker or Trading Symbol
TELEPHONE & DATA SYSTEMS INC /DE/ [TDS] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President and CEO
(Last)
(First)
(Middle)
30 N. LASALLE ST., STE. 4000		 3. Date of Earliest Transaction (Month/Day/Year)
01/24/2012
(Street)

CHICAGO, IL 60602		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Shares 01/24/2012   J(2)   9,577.27 (9) D (2) 0 I By 401K
Special Common Shares 01/24/2012   J(2)   8,625.37 (9) D (2) 0 I By 401K
Common Shares 01/24/2012   J(2)   18,926.39 A (2) 18,926.39 (10) I By 401K
Common Shares 01/24/2012   J(2)   153.45 D (2) 0 D  
Common Shares 01/24/2012   J(2)   166.8002 A (2) 166.8002 D  
Special Common Shares 01/24/2012   J(2)   5,386.93 D (2) 0 (5) D  
Common Shares 01/24/2012   J(2)   5,386.93 A (2) 5,553.7302 (5) D  
Special Common Shares 01/24/2012   J(2)   1,815,587.35 (4) D (2) 0 I By Voting Trust
Common Shares 01/24/2012   J(2)   1,815,587.35 A (2) 1,815,587.35 (4) I By Voting Trust
Special Common Shares 01/24/2012   J(2)   392.25 D (2) 0 I By Wife
Common Shares 01/24/2012   J(2)   392.25 A (2) 392.25 I By Wife
Common Shares 01/24/2012   J(2)   116.01 D (2) 0 I By Wife
Common Shares 01/24/2012   J(2)   126.1029 A (2) 518.35 I By Wife

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Series A Common Shares (2) 01/24/2012   J(2)     7,941.54   (1)   (1) Common or Special Common Shares 7,941.54 (2) 0 D  
Series A Common Shares (2) 01/24/2012   J(2)   8,632.454     (1)   (1) Common Shares 8,632.454 (2) 8,632.454 D  
Series A Common Shares (2) 01/24/2012   J(2)     273.15   (1)   (1) Common or Special Common Shares 273.15 (2) 0 I By Wife
Series A Common Shares (2) 01/24/2012   J(2)   296.9141     (1)   (1) Common Shares 296.9141 (2) 296.9141 I By Wife
Series A Common Shares (2) 01/24/2012   J(2)     1,819,611   (1)   (1) Series A Common Shares 1,819,611 (2) 0 I By Voting Trust
Series A Common Shares (2) 01/24/2012   J(2)   1,977,916.938     (1)   (1) Common Shares 1,977,916.938 (2) 1,977,916.938 (3) I By Voting Trust
Deferred Compensation (2) 01/24/2012   J(2)     13,019.41 (6)   (6)   (6) Common Shares 13,019.41 (2) 0 D  
Deferred Compensation (2) 01/24/2012   J(2)   14,152.0987     (6)   (6) Common Shares 14,152.0987 (2) 14,152.0987 (6) D  
Deferred Compensation (2) 01/24/2012   J(2)     36,063.492 (7)   (7)   (7) Special Common Shares 36,063.492 (2) 0 D  
Deferred Compensation (2) 01/24/2012   J(2)   36,063.492     (7)   (7) Common Shares 36,063.492 (2) 50,215.59 (7) D  
Stock Option (Right to Buy) $ 60.2 01/24/2012   J(2)     68,215 12/15/2002 08/19/2012 Common and Special Common Shares 68,215 (2) 0 D  
Stock Option (Right to Buy) $ 28.85 01/24/2012   J(2)   142,364.705   12/15/2002 08/19/2012 Common Shares 142,364.705 (2) 142,364.705 D  
Stock Option (Right to Buy) $ 52.92 01/24/2012   J(2)     65,567 12/15/2003 07/03/2013 Common and Special Common Shares 65,567 (2) 0 D  
Stock Option (Right to Buy) $ 25.36 01/24/2012   J(2)   136,838.329   12/15/2003 07/03/2013 Common Shares 136,838.329 (2) 136,838.329 D  
Stock Option (Right to Buy) $ 66 01/24/2012   J(2)     67,540 12/15/2004 05/08/2014 Common and Special Common Shares 67,540 (2) 0 D  
Stock Option (Right to Buy) $ 31.62 01/24/2012   J(2)   140,955.98   12/15/2004 05/08/2014 Common Shares 140,995.98 (2) 140,995.98 D  
Stock Option (Right to Buy) $ 77.36 01/24/2012   J(2)     111,045 12/15/2005 04/20/2015 Common and Special Common Shares 111,045 (2) 0 D  
Stock Option (Right to Buy) $ 37.07 01/24/2012   J(2)   231,750.915   12/15/2005 04/20/2015 Common Shares 231,750.915 (2) 231,750.915 D  
Stock Option (Right to Buy) $ 49.8 01/24/2012   J(2)     213,333 12/15/2006 12/13/2016 Special Common Shares 213,333 (2) 0 D  
Stock Option (Right to Buy) $ 49.8 01/24/2012   J(2)   213,333   12/15/2006 12/13/2016 Common Shares 213,333 (2) 213,333 D  
Stock Option (Right to Buy) $ 59.45 01/24/2012   J(2)     179,653 12/15/2007 07/02/2017 Special Common Shares 179,653 (2) 0 D  
Stock Option (Right to Buy) $ 59.45 01/24/2012   J(2)   179,653   12/15/2007 07/02/2017 Common Shares 179,653 (2) 179,653 D  
Stock Option (Right to Buy) $ 35.35 01/24/2012   J(2)     226,425   (8) 08/26/2018 Special Common Shares 226,425 (2) 0 D  
Stock Option (Right to Buy) $ 35.35 01/24/2012   J(2)   226,425     (8) 08/26/2018 Common Shares 226,425 (2) 226,425 D  
Stock Option (Right to Buy) $ 26.95 01/24/2012   J(2)     244,000   (8) 05/20/2019 Special Common Shares 244,000 (2) 0 D  
Stock Option (Right to Buy) $ 26.95 01/24/2012   J(2)   244,000     (8) 05/20/2019 Common Shares 244,000 (2) 244,000 D  
Stock Option (Right to Buy) $ 26.66 01/24/2012   J(2)     250,000   (8) 05/25/2020 Special Common Shares 250,000 (2) 0 D  
Stock Option (Right to Buy) $ 26.66 01/24/2012   J(2)   250,000     (8) 05/25/2020 Common Shares 250,000 (2) 250,000 D  
Stock Option (Right to Buy) $ 29.94 01/24/2012   J(2)     230,000   (8) 05/13/2021 Special Common Shares 230,000 (2) 0 D  
Stock Option (Right to Buy) $ 29.94 01/24/2012   J(2)   230,000     (8) 05/13/2021 Common Shares 230,000 (2) 230,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CARLSON LEROY T JR
30 N. LASALLE ST., STE. 4000
CHICAGO, IL 60602		   X     President and CEO  

Signatures

 Julie D. Mathews, by power of atty   01/26/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Series A Common Shares are convertible, on a share-for-share basis, into common or special common shares.
(2) 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.
(3) Reporting person is one of four trustees which is record owner of these shares which files its holdings on forms 4. Of these Series A Common shares, 104,100.453 (including 19,381.453 acquired in dividend reinvestment) are held as custodian for children and 9955.579 (including 1306.579 acquired in dividend reinvestment) are held by spouse, and 747,136 (including 18,849.008 acquired in dividend reinvestment) shares are held by a family partnership of which reporting person is a general partner. Of the remaining shares, 3103.898 were earned pursuant to a dividend reinvestment plan. Reporting person disclaims beneficial ownership of shares owned by wife and as custodian for children. In addition, 937,747 Series A common Shares owned by family limited partnership.
(4) Reporting person is one of four trustees which is record owner of these shares which files its holdings on forms 4. Of these Special Common shares, 95973.33 (18016.33 including acquired in dividend reinvestment) are held as custodian for children and 13492.61 (including 1221.61 acquired in dividend reinvestment) are held by spouse, and 685,962.47 including 15965.47 acquired in dividend reinvestment) shares are held by a family partnership of which reporting person is a general partner. Of the remaining shares, 0.94 were earned pursuant to a dividend reinvestment plan. Reporting person's GRAT owns 383,912 and wife's GRAT owns 326,250. Reporting person disclaims beneficial ownership of shares owned by wife and as custodian for children.
(5) Includes 3768 shares owned by children. Reporting person disclaims beneficial ownerhsip of shares owned by children.
(6) Reporting person deferred bonuses pursuant to the TDS Long Term Incentive Plan. Employer matches vest ratably at a rate of 33%, 33%, 34% over three years. A total of 13,019.41 common shares units were vested at 12/31/11.
(7) Reporting person deferred bonuses pursuant to the TDS Long Term Incentive Plan. Employer matches vest ratably at a rate of 33%, 33% and 34% over three years. A total of 34,916.27 special common share units were vested at 12/31/11.
(8) Granted under the 2004 Long Term Incentive Plan. Options vest over a 3 year period with one-third vesting on the first annual anniversary, one-third vested on the second annual anniversary and one-third vesting on the third annual anniversary.
(9) Shares held in TDS 401K plan. The number of shares fluctuates and is attributable to the price of the shares on Dec. 31, 2011.
(10) Shares held in TDS 401K plan. The number of shares fluctuates and is attributable to the price of the shares on Jan. 25, 2012.

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