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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1. Name and Address of Reporting Person * THAUS KURT B   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) Senior VP - CIO (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(1)   4,870 D (1) 0 D   Common Shares 01/24/2012   J(1)   4,870 A (1) 4,870 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
Options (Right to Buy)	$ 59.45	01/24/2012		J(1)			16,727	12/15/2007	07/02/2017	Special Common Shares	16,727	(1)	0	D
Options (Right to Buy)	$ 59.45	01/24/2012		J(1)		16,727		12/15/2007	07/02/2017	Common Shares	16,727	(1)	16,727	D
Options (Right to Buy)	$ 35.35	01/24/2012		J(1)			21,500	(2)	08/26/2018	Special Common Shares	21,500	(1)	0	D
Options (Right to Buy)	$ 35.35	01/24/2012		J(1)		21,500		(2)	08/26/2018	Common Shares	21,500	(1)	21,500	D
Options (Right to Buy)	$ 26.95	01/24/2012		J(1)			26,500	(2)	05/20/2019	Special Common Shares	26,500	(1)	0	D
Options (Right to Buy)	$ 26.95	01/24/2012		J(1)		26,500		(2)	05/20/2019	Common Shares	26,500	(1)	26,500	D
Option (Right to Buy)	$ 26.66	01/24/2012		J(1)			24,500	(2)	05/25/2020	Special Common Shares	24,500	(1)	0	D
Option (Right to Buy)	$ 26.66	01/24/2012		J(1)		24,500		(2)	05/25/2020	Common Shares	24,500	(1)	24,500	D
Option (Right to Buy)	$ 29.94	01/24/2012		J(1)			22,600	(2)	05/13/2021	Special Common Shares	22,600	(1)	0	D
Option (Right to Buy)	$ 29.94	01/24/2012		J(1)		22,600		(2)	05/13/2021	Common Shares	22,600	(1)	22,600	D
Restricted Stock Units	(3)	01/24/2012		J(1)			3,500	12/15/2012	12/15/2012	Special Common Shares	3,500	(1)	0	D
Restricted Stock Units	(3)	01/24/2012		J(1)		3,500		12/15/2012	12/15/2012	Common Shares	3,500	(1)	3,500	D
Restricted Stock Units	(4)	01/24/2012		J(1)			3,500	12/02/2013	12/02/2013	Special Common Shares	3,500	(1)	0	D
Restricted Stock Units	(4)	01/24/2012		J(1)		3,500		12/02/2013	12/02/2013	Common Shares	3,500	(1)	3,500	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
THAUS KURT B 30 N. LASALLE ST. STE. 4000 CHICAGO, IL 60602			Senior VP - CIO

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)	Granted under the 2004 Long Term Incentive Plan. Option vests over a 3 year period with one-third vesting on the first annual anniversary, one-third vesting on the second annual annniversary and one-third vesting on the third annual anniversary.
(3)	Restricted stock that vests on Dec. 15, 2012.
(4)	Restricted stock that vests on Dec. 2, 2013.

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