Edgar Filing: CARLSON LEROY T

Ownership Submission

FORM 5

	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
	Form 3 Holdings Reported
	Form 4 Transactions Reported

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL 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

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)
Chairman Emeritus

(Last)

(First)

(Middle)

TELEPHONE AND DATA SYSTEMS, INC.,Â 30 N. LASALLE ST., STE. 4000

3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2010

(Street)

CHICAGO,Â ILÂ 60602

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Reporting
(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 at end of Issuer's Fiscal Year (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	Â	Â	Â	Â	Â	Â	57,848.9499	D	Â
Common Shares	12/31/2010	Â	J⁽³⁾	289.27	A	$ ⁽³⁾	5,330.23	I	By 401k plan
Special Common Shares	12/31/2010	Â	J⁽³⁾	22.95	D	$ ⁽³⁾	2,922.55	I	By 401K plan
Special Common Shares	Â	Â	Â	Â	Â	Â	219,234.79 ⁽⁷⁾	I	By Voting Trust
Special Common	Â	Â	Â	Â	Â	Â	7,129.8	D	Â
Special Common Shares	Â	Â	Â	Â	Â	Â	9,471.45	I	By wife

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

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 control number.

SEC 2270 (9-02)

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 at End of Issuer's Fiscal Year
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Option (Right to buy) ⁽⁵⁾

$ 99.44

12/15/2001

04/30/2011

Tandem Common and Special Common Shares ⁽⁵⁾

15,590

Option (Right to buy) ⁽⁵⁾

$ 59

12/15/2002

07/05/2012

Tandem Common and Special Common Shares ⁽⁵⁾

22,170

Option (Right to buy) ⁽⁵⁾

$ 52.92

12/15/2003

07/03/2013

Tandem Common and Special Common Shares ⁽⁵⁾

23,605

Option (Right to buy) ⁽⁵⁾

$ 66

12/15/2004

05/08/2014

Tandem Common and Special Common Shares ⁽⁵⁾

22,475

Option (Right to buy) ⁽⁵⁾

$ 77.36

12/15/2005

04/20/2015

Tandem Common and Special Common Shares

26,531

Option (Right to buy)

$ 38

12/15/2006

06/19/2016

Special Common Shares

61,127

Option (Right to buy)

$ 59.45

12/15/2007

07/02/2017

Special Common Shares

36,116

Option (Right to buy)

$ 35.35

Â ⁽⁸⁾

08/26/2018

Special Common Shares

41,500

Option (Right to buy)

$ 26.95

Â ⁽⁹⁾

05/21/2019

Special Common Shares

42,200

Option (Right to buy)

$ 26.66

Â ⁽⁹⁾

05/25/2020

Special Common Shares

39,900

Restricted Stock Units

12/15/2011

Â ⁽¹⁰⁾

Special Common Shares

8,281

Restricted Stock Units

12/15/2012

Â ⁽¹¹⁾

Special Common Shares

7,500

Series A Common Shares

Â ⁽¹⁾

Common Shares or Special Common Shares

55,427.2413

By wife

Series A Common shares

Â ⁽¹⁾

Common Shares or Special Common Shares

224,099.49

224,099.49 ⁽²⁾

By Voting Trust

Deferred Compensation

12/31/2010

383.761

Â ⁽⁴⁾

Common Shares

31,553.8

⁽⁴⁾

31,553.8

Deferred Compensation

12/31/2010

905.762

Â ⁽⁶⁾

Special Common Shares

67,920.63

⁽⁶⁾

67,920.63

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
CARLSON LEROY T TELEPHONE AND DATA SYSTEMS, INC. 30 N. LASALLE ST., STE. 4000 CHICAGO,Â ILÂ 60602	Â X	Â	Â Chairman Emeritus	Â

Signatures

Julie D. Mathews, by power of atty		01/21/2011
^**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 or special common shares.
(2)	Beneficial ownership of shares held in Voting Trust. Reporting person disclaims ownership of 190,786.15 (including 39,514.15 shares acquired pursuant to a dividend reinvestment plan) owned by wife. Includes 6659.34 shares acquired pursuant to a dividend reinvestment plan.
(3)	Voluntary reporting of shares acquired in 2010 in the TDS 401K. The information is based on a plan statement dated 12/31/10. The number of shares fluctuates and is attributable to the price of the shares on 12/31/10.
(4)	Reporting person has deferrred bonuses pursuant to the Long term incentive plan. The employer match vests ratably at 33%, 33% and 34% per year over a 3 year period. Common share units vested at 12/31/10 were 31,553.80.
(5)	Common shares were granted without consideration under the long term incentive plan. As a result of the special common stock dividend, all options to purchase common shares as of May 13 under the long term incentive plan, whether vested or unvested, were adjusted into tandem options. The tandem option provides that upon exercise, the optionee purchases the number common shares orginally subject to the option plus an equal number of special common.
(6)	Reporting person has deferrred bonuses pursuant to the Long term incentive plan. The employer match vests ratably at 33%, 33% and 34% per year over a 3 year period. Special common share units vested at 12/31/10 were 66,098.81.
(7)	Beneficial ownership of shares held in Voting Trust. Reporting person disclaims ownership of 189,871.24 (including 38,599.24 shares acquired pursuant to a dividend reinvestment plan) owned by wife. Includes 2709.55 shares acquired pursuant to a dividend reinvestment plan.
(8)	Granted under the 2004 Long Term Incentive Plan. Options vest over a 3 year period with one-third of the number of shares becoming exercisable on the Aug. 26, 2009, one-third on Aug. 26, 2010 and one-third on Aug. 26, 2011.
(9)	Granted under the 2004 Long-Term Incentive Plan. Options vest over a 3 year period with one-third of the number of shares becoming exercisable on the first anniversary, one-third on the second anniversary and one-third on the third anniversary.
(10)	Restricted stock unit award pursuant to the Long Term Incentive Plan. Stock units will become vested on December 15, 2011.
(11)	Restricted stock unit award pursuant to the Long Term Incentive Plan. Stock units will become vested on December 15, 2012.

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