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 * CARLSON LEROY T JR   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) President and CEO (Last) (First) (Middle) 30 N. LASALLE ST., STE. 4000 3. Date of Earliest Transaction (Month/Day/Year) 05/16/2012 (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               5,553.7302 (2) D   Common Shares 03/25/2012   G(3) V 150,000 D $ 0 150,000 I By Marital Trust Common Shares 05/11/2012   G(4) V 124,126 D $ 0 0 I By Voting Trust Common Shares 05/11/2012   G(4) V 124,126 A $ 0 124,126 I By FLP through Voting Trust Common Shares               518.35 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
Series A Common Shares	(1)							(1)	(1)	Common Shares	8,632.454		8,632.454	D
Series A Common Shares	(1)							(1)	(1)	Common Shares	296.9141		296.9141	I	By Wife
Series A Common Shares	(1)	05/11/2012		G(4)	V		175,874	(4)	(4)	Common Shares	175,874	(1)	0	I	By Voting Trust
Series A Common Shares	(1)	05/11/2012		G(4)	V	175,874		(4)	(4)	Common Shares	175,874	(1)	175,874	I	By FLP through Voting Trust
Option (Right to buy)	$ 20.79	05/16/2012		A		309,200		(6)	05/16/2022	Common shares	309,200	(6)	309,200	D
Restricted stock units	(5)	05/16/2012		A		57,500		12/01/2014	(5)	Common Shares	57,500	(5)	57,500	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
CARLSON LEROY T JR 30 N. LASALLE ST., STE. 4000 CHICAGO, IL 60602	X		President and CEO

Signatures

Julie D. Mathews, by power of atty		05/18/2012
**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, into common shares.
(2)	Includes 3768 shares owned by children. Reporting person disclaims beneficial ownerhsip of shares owned by children.
(3)	Voting trust certificates representing 150,000 Common Shares were contributed by the reporting person to a marital trust. The reporting person's spouse is the trustee and a beneficiary of the marital trust. The reporting person continues to report beneficial ownership of all of the shares contributed to the marital trust, but disclaims beneficial ownership thereof.
(4)	Voting trust certificates representing 124,126 Common Shares and 175,874 Series A Common Shares were contributed by the reporting person to a family limited partnership (FLP) in exchange for general partner units and limited partner units. The reporting person and his spouse received general partner units and the reporting person received limited partner units. The reporting person continues to report all Common Shares and Series A Common Shares in the FLP, but disclaims beneficial ownership of shares in which he has no pecuniary interest.
(5)	Restricted stock units award pursuant to the long term incentive plan. Stock units will become vested on December 1, 2014.
(6)	Granted under the 2011 Long-Term Incentive Plan. Options vest over a 3 year period with one-third of the number of shares becoming exercisable on the first annual anniversary, one-third on the second annual anniversary and one-third on the third annual anniversary.

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