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 WALTER CD   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 Shares 01/24/2012   J(2)   1,907,276.33 (3) D (2) 0 I By Voting Trust Common Shares 01/24/2012   J(2)   1,907,276.33 A (2) 1,907,276.33 (3) I By Voting Trust Special Common Shares 01/24/2012   J(2)   14,886 D (2) 0 D   Common Shares 01/24/2012   J(2)   14,886 A (2) 14,886 D   Common Shares 01/24/2012   J(2)   6,198.7 D (2) 0 D   Common Shares 01/24/2012   J(2)   6,737 A (2) 21,623 D

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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	(1) (2)	01/24/2012		J(2)			934.68	(1)	(1)	Common Shares or Special Common Shares	934.68	(2)	0	D
Series A Common Shares	(2)	01/24/2012		J(2)		1,015		(1)	(1)	Common Shares	1,015	(2)	1,015	D
Series A Common shares	(2)	01/24/2012		J(2)			1,968,388.39	(1)	(1)	Common Shares or Special Common Shares	1,968,388.39	(2)	0	I	By Voting Trust
Series A Common Shares	(2)	01/24/2012		J(2)		2,139,637.684		(1)	(1)	Common Shares	2,139,637.684	(2)	2,139,637.684 (4)	I	By Voting Trust

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
CARLSON WALTER CD 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 which is record owner of these shares and while files its holdings on forms 4. Of these shares, 114,606.68 (13,351.68 including shares acquired pursuant to a dividend reinvestment plan) are held as custodian for child, 7770 are held by wife and 685,962.47 (including 15,965.47 acquired pursuant to a dividend reinvestment plan) are held by family partnership of which reporting person is a general partner. Reporting person disclaims beneficial ownerhip of the shares owned by wife and the shares held as custodian for children. The remaining shares include 282,420 owned by two GRAT's, 77,761.84 shares acquired pursuant to a dividend reinvestment plan and 738,755.33 in the individual reporting person's name.
(4)	Reporting person is one of four trustees which is record owner of these shares and while files its holdings on forms 4. Of these shares, 123,764.575 (including 13,701.575 shares acquired pursuant to a dividend reinvestment plan) are held as custodian for children, 5468.406 held by children, 8446 are held by wife and 747,136 (including 18,849.008 acquired pursuant to a dividend reinvestment plan) are held by family partnership of which reporting person is a general partner. Reporting person disclaims beneficial ownerhip of the shares owned by wife, children and the shares held as custodian for children. The remaining shares include 569,910.304 owned by two GRAT's (including 26,410.304 shares acquired pursuant to a dividend reinvestment plan) and 684,912.391 (118,394.391 shares acquired pursuant to a dividend reinvestment plan) in the individuals reporting person's name.

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