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 *
MEYERS KENNETH R
   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)
Executive Vice President & CFO
(Last)
(First)
(Middle)
TDS, 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(1)   3,201.03 (5) D (1) 0 I By 401(k)
Special Common Shares 01/24/2012   J(1)   872.59 (5) D (1) 0 I By 401(k)
Common Shares 01/24/2012   J(1)   4,441.39 A (1) 4,441.39 (4) I By 401(k)
Special Common Shares 01/24/2012   J(1)   31,872.931 D (1) 0 D  
Common Shares 01/24/2012   J(1)   31,872.931 A (1) 31,872.931 D  
Common Shares 01/24/2012   J(1)   870.8559 D (1) 0 D  
Common Shares 01/24/2012   J(1)   946.6204 A (1) 32,819.5514 D  
Common Shares 01/24/2012   J(1)   500 D (1) 0 I By Wife
Common Shares 01/24/2012   J(1)   543 A (1) 543 I By Wife
Special Common Shares 01/24/2012   J(1)   500 D (1) 0 I By Wife
Common Shares 01/24/2012   J(1)   500 A (1) 500 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
Deferred Compensation (1) 01/24/2012   J(1)     15,387.03   (2)   (2) Special Common Shares 15,387.03 (1) 0 D  
Deferred Compensation (1) 01/24/2012   J(1)   15,387.03     (2)   (2) Common Shares 15,387.03 (1) 15,387.03 D  
Option (Right to Buy) $ 59.45 01/24/2012   J(1)     52,942 12/15/2007 07/02/2017 Special Common Shares 52,942 (1) 0 D  
Option (Right to Buy) $ 59.45 01/24/2012   J(1)   52,942   12/15/2007 07/02/2017 Common Shares 52,942 (1) 52,942 D  
Option (Right to Buy) $ 35.35 01/24/2012   J(1)     93,000   (3) 08/26/2018 Special Common Shares 93,000 (1) 0 D  
Option (Right to Buy) $ 35.35 01/24/2012   J(1)   93,000     (3) 08/26/2018 Common Shares 93,000 (1) 93,000 D  
Options (Right to Buy) $ 26.95 01/24/2012   J(1)     129,400   (3) 05/20/2019 Special Common Shares 129,400 (1) 0 D  
Option (Right to Buy) $ 26.95 01/24/2012   J(1)   129,400     (3) 05/20/2019 Common Shares 129,400 (1) 129,400 D  
Option (Right to Buy) $ 26.66 01/24/2012   J(1)     132,500   (3) 05/25/2020 Special Common Shares 132,500 (1) 0 D  
Option (Right to Buy) $ 26.66 01/24/2012   J(1)   132,500     (3) 05/25/2020 Common Shares 132,500 (1) 132,500 D  
Option (Right to Buy) $ 29.94 01/24/2012   J(1)     121,200   (3) 05/13/2021 Special Common Shares 121,200 (1) 0 D  
Option (Right to Buy) $ 29.94 01/24/2012   J(1)   121,200     (3) 05/13/2021 Common Shares 121,200 (1) 121,200 D  
Restricted Stock Units (6) 01/24/2012   J(1)     17,000 12/15/2012 12/15/2012 Special Common Shares 17,000 (1) 0 D  
Restricted Stock Units (6) 01/24/2012   J(1)   17,000   12/15/2012 12/15/2012 Common Shares 17,000 (1) 17,000 D  
Restricted Stock Units (7) 01/24/2012   J(1)     16,700 12/02/2013 12/02/2013 Special Common Shares 16,700 (1) 0 D  
Restricted Stock Units (7) 01/24/2012   J(1)   16,700   12/02/2013 12/02/2013 Common Shares 16,700 (1) 16,700 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MEYERS KENNETH R
TDS
30 N. LASALLE ST. STE. 4000
CHICAGO, IL 60602		   X     Executive Vice President & CFO  

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) 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.
(2) Reporting person deferred bonuses pursuant to the Long Term Incentive Plan. The employer match vests ratably 33%, 33% and 34% per year over a 3 year period, a total of 14,613.24 shares are vested.
(3) Granted under the 2004 Long Term Incentive Plan. Options vest over a 3 year period with one-third becoming exercisable on the first annual anniversary, one-third on the second annual anniversary and one-third on the third annual anniversary.
(4) Shares held in the TDS 401(k). The number of shares fluctuates and is attributable to the price of the shares on Jan. 25, 2012.
(5) Shares held in the TDS 401(k). The number of shares fluctuates and is attributable to the price of the shares on Dec. 31, 2011.
(6) Restricted stock vests on Dec. 15, 2012.
(7) Restricted stock vests on Dec. 2, 2013.

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