Ownership Submission
FORM 5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Form 3 Holdings Reported
Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL 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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1. Name and Address of Reporting Person *
SEREDA PETER L
 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)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Sr VP & Treasurer
(Last)
(First)
(Middle)

30 N. LASALLE ST., STE. 4000		 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2017
(Street)


CHICAGO, IL 60602		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Reporting
(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 at end of Issuer's Fiscal Year
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
Common Shares             607 (1) I By 401(k)
Common Shares             5,187 I By trust

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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 at End of Issuer's Fiscal Year
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (Right to Buy) $ 35.35             (4) 05/21/2018 Common Shares
33,180
  33,180
D
 
Option (Right to buy) $ 26.95             (4) 05/20/2019 Common Shares
31,970
  31,970
D
 
Option (Right to buy) $ 26.66             (4) 05/25/2020 Common Shares
33,500
  33,500
D
 
Option (Right to Buy) $ 29.94             (4) 05/13/2021 Common Shares
31,700
  31,700
D
 
Option (Right to Buy) $ 20.79             (4) 05/16/2022 Common Shares
54,700
  54,700
D
 
Option (Right to Buy) $ 22.6             (3) 05/10/2023 Common Shares
38,109
  38,109
D
 
Option (Right to Buy) $ 26.83             (3) 05/16/2024 Common Shares
33,927
  33,927
D
 
Option (Right to Buy) $ 29.26             (3) 05/11/2025 Common Shares
36,855
  36,855
D
 
Option (Right to Buy) $ 29.45             (3) 08/15/2026 Common Shares
9,905
  9,905
D
 
Option (Right to Buy) $ 27.79             (3) 05/24/2027 Common Shares
11,584
  11,584
D
 
Restricted Stock Units               (2) 05/11/2018 Common Shares
8,218
  8,218
D
 
Restricted Stock Units               (2) 05/11/2019 Common Shares
13,702
  13,702
D
 
Restricted Stock Units               (2) 05/24/2020 Common Shares
12,731
  12,731
D
 

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
SEREDA PETER L
30 N. LASALLE ST., STE. 4000
CHICAGO, IL 60602		       Sr VP & Treasurer  

Signatures

Julie D. Mathews, by power of atty 02/05/2018
**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) Voluntary reporting of shares in the TDS 401K. The information is based on a plan statement dated 12/31/17. The number of shares fluctuates and is attributable to the price of the shares on 12/31/17.
(2) Restricted stock unit award pursuant to the 2011 Long Term Incentive Plan. Stock units will become vested on third annual anniversary.
(3) Granted under the 2011 Long Term Incentive Plan. Stock options vest on the third annual anniversary.
(4) Granted under the 2004 Long Term Incentive Plan. Options vest over a 3 year period with one-third of the number of shares becoming exercisable on the first annual anniversary, one-third on the second annual anniversary, and one-third on the third annual anniversary.

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