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 LETITIA G C
  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
_____ Officer (give title below) _____ Other (specify below)
(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
Special Common 01/24/2012   J(2)   9,981.03 D (2) 0 D  
Common Shares 01/24/2012   J(2)   9,981.03 A (2) 9,981.03 D  
Special Common 01/24/2012   J(2)   1,840,310.78 D (2) 0 I By Voting Trust
Common Shares 01/24/2012   J(2)   1,840,310.78 A (2) 1,840,310.78 (4) I By Voting Trust
Common Shares 01/24/2012   J(2)   2,243.64 D (2) 0 D  
Common Shares 01/24/2012   J(2)   2,438.4862 A (2) 12,419.5162 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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)     1,848,420.48   (1)   (1) Common Shares or Special Common Shares 1,848,420.48 (2) 0 (3) I By Voting Trust
Series A Common Shares (2) 01/24/2012   J(2)   2,009,233.233     (1)   (1) Common Shares 2,009,233.233 (2) 2,009,233.233 (3) I By Voting Trust
Series A Common Shares (1) 01/24/2012   J(2)     1,009.46   (1)   (1) Common Shares or Special Common Shares 1,009.46 (2) 1,009.46 D  
Series A Common Shares (2) 01/24/2012   J(2)   1,096.635     (1)   (1) Common 1,096.635 (2) 1,096.635 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CARLSON LETITIA G C
30 N. LASALLE ST., STE. 4000
CHICAGO, IL 60602
  X      

Signatures

 Julie D. Mathews, by power of atty   01/25/2012
**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,.
(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 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.
(4) 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.

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