SEC FORM 3

SEC Form 3

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
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

SEREDA PETER L

(Last)

(First)

(Middle)

30 N. LASALLE ST., STE. 4000

(Street)

CHICAGO

60602

(City)

(State)

(Zip)

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 ]

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 of 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

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

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: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
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

Explanation of Responses:

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.

Remarks:

	Julie D. Mathews, by power of atty	05/23/2011
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.