SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
Telephone & Data Systems
(Name of Issuer)
Common Stock, par value $1.00 per share
(Title of Class of Securities)
879433100
CUSIP Number)
Check the following box if a fee is being paid with this
statement. (A fee s not required only if the filing person:
(1) has a previous statement on file reporting beneficial
ownership of more than five percent of the class of securities
described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less
of such class.) (See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent
amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section 18
of the Securities Exchange Act of 1934 ("Act") or otherwise
subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the
Notes).
CUSIP NO. 879433100
13G
(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Liberty Investment Management
59-3263582
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(A)
(B)
(3) SEC USE ONLY
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
State of Florida
(5) SOLE VOTING POWER
2,745,800
(6) SHARED VOTING POWER
(7) SOLE DISPOSITIVE POWER
2,745,800
(8) SHARED DISPOSITIVE POWER
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,745,800
(10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN
SHARES*
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.07%
(12) TYPE OF REPORTING PERSON*
IA
Item 1(a) Name of Issuer:
Telephone & Data Systems
Item 1(b) Address of Issuer's Principal Executing Offices:
30 North LaSalle Street, Suite 4000
Chicago, IL 60602-2587
Item 2(a) Name of Person Filing:
Liberty Investment Management, Inc.
Item 2(b) Address of Principal Business Office:
2502 Rocky Point Drive, Suite 500
Tampa, Florida 33607
Item 2(c) Citizenship:
Florida
Item 2(d) Title of Class of Securities:
Common Stock, par value $1.00 per share
Item 2(e) CUSIP Number:
879433100
Item 3 Type of Reporting Person:
(e) Investment Adviser registered under Section 203
of
the Investment Advisors Act of 1940
Item 4 Ownership as of December 31, 1996:
(a) Amount Beneficially Owned:
2,745,800 shares of common stock beneficially
owned
including:
No. of Shares
Liberty Investment Management, Inc. 2,745,800
(b) Percent of Class:
5.07%
(c) Deemed Voting Power and Disposition Power:
Liberty Investment Management, Inc.
(i) (ii) (iii) (iv)
Deemed Deemed
Deemed Deemed to have to have
to have to have Sole Power Shared Power
Sole Power Shared Power to Dispose to Dispose
to Vote or to Vote or or to or to
to Direct to Direct Direct the Direct the
to Vote to Vote Disposition Disposition
2,745,800 ----- 2,745,800 ----
Item 5 Ownership of Five Percent or Less of a Class:
If this statement is being filed to report the fact
that
as of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following.
Item 6 Ownership of More than Five Percent on Behalf of
Another
Person:
N/A
Item 7 Identification and Classification of the Subsidiary
which Acquired the Security Being Reported on by the Parent
Holding Company:
N/A
Item 8 Identification and Classification of Members of the
Group:
N/A
Item 9 Notice of Dissolution of Group:
N/A
Item 10 Certification:
By signing below I certify that to the best of my
knowledge and belief, the securities referred to above were
acquired in the ordinary course of business and were not
acquired
for purpose of and do not have the effect of changing or
influencing the control of the issuer of such securities and
were
not acquired in connection with or as a participant in any
transaction having such purposes or effect.
Signature
After reasonable inquiry and to the best of my
knowledge
and belief, I certify that the information set forth in this
statement is true, complete and correct.
Date: February 15, 1997
Liberty Investment Management, Inc.
Michael L. McKee
General Manager
