Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF 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 *
  SEREDA PETER L
 2. Date of Event Requiring Statement (Month/Day/Year)
05/19/2011		 3. Issuer Name and Ticker or Trading Symbol
TELEPHONE & DATA SYSTEMS INC /DE/ [TDS]
(Last)
(First)
(Middle)
30 N. LASALLE ST., STE. 4000		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Senior VP-Finance & Treasurer
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

CHICAGO, IL 60602		 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 Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Shares 2,261
D
 
Special Common Shares 7,050
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Option (Right to buy) 12/15/2007 07/02/2017 Special Common Shares 22,349 $ 59.45 D  
Option (Right to buy)   (1) 08/26/2018 Special Common Shares 33,180 $ 35.35 D  
Option (Right to buy)   (1) 05/20/2019 Special Common Shares 31,970 $ 26.95 D  
Restricted Stock Units   (2) 12/15/2011 Special Common Shares 4,903 $ (2) D  
Option (Right to buy)   (1) 05/25/2020 Special Common Shares 33,500 $ 26.66 D  
Restricted Stock Units   (3) 12/15/2012 Special Common Shares 4,600 $ (3) D  
Option (Right to buy)   (1) 05/13/2021 Special Common Shares 31,700 $ 29.94 D  
Restricted Stock Units   (4) 12/02/2013 Special Common Shares 4,500 $ (4) 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		       Senior VP-Finance & Treasurer  

Signatures

Julie D. Mathews, by power of atty 05/23/2011
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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) Granted under the 2004 Long Term Incentive Plan. Options vest over a 3 year period with one-third vesting on the first anniversary, one-third on the second anniversary and one-third becoming exercisable on the third anniversary.
(2) Restricted stock unit award pursuant to the Long-Term Incentive Plan. Stock units will become vested on December 15, 2011.
(3) Restricted stock unit award pursuant to the Long-Term Incentive Plan. Stock units will become vested on December 15, 2012.
(4) Restricted stock unit award pursuant to the Long-Term Incentive Plan. Stock units will become vested on December 15, 2013.

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