SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* CARLSON LEROY T JR (Last) (First) (Middle) 30 N. LASALLE ST., STE. 4000 (Street) CHICAGO IL 60602 (City) (State) (Zip)	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
	3. Date of Earliest Transaction (Month/Day/Year) 09/12/2007
	4. 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 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	09/12/2007		M(5)		3,600	A	(2)	3,695.2	D
Special Common Shares	09/12/2007		M(5)		3,600	A	(2)	10,706	D
Common Shares	09/12/2007		S		3,600	D	$64.773(3)	95.2	D
Special Common Shares	09/12/2007		S		3,600	D	$61.4796(3)	7,106	D
Special Common Shares	08/24/2007		J(7)		1,838	D	(7)	1,812,745(6)	I	By Voting Trust
Special Common Shares	08/24/2007		J(7)		1,838	A	(7)	1,812,745(6)	I	By Voting Trust
Common Shares								1,156.2	I	By wife
Special Common Shares								6,433.6	I	By wife

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 Securities Underlying Derivative Security (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: 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
Option (Right to Buy)(2)	$43.75	09/12/2007		M			3,600	(4)	11/05/2007	Tandem Common and Special Common Shares	3,600	(1)	29,400	D

Explanation of Responses:

1. Granted under the Long-Term Incentive Plan.

2. As a result of the special common dividend on 5/13/05, all options to purchase common shares were adjusted into tandem options. The tandem option provide that upon exercise, the optionee purchases the number of common shares originally subject to the option plus an equal number of special common shares.

3. Weighted average sales price

4. The option became exercisable with respect to 18,200 common shares on 12/15/98, 12/15/99 and on 12/15/00 for a total of 54,600.

5. Exercise of a stock options pursuant to a previously disclosed 10b5-1 Rule plan.

6. Reporting person is one of four trustees of a voting trust that is the record owner of Special Common Shares of TDS and which reports its holdings on Forms 4 and 5. The voting trust also holds Series A Common Shares, but this Form 4 does not report any transactions in Series A Common Shares. Prior to and after the transactions reported herein, 1,812,745 Special Common Shares held in such voting trust were beneficially owned by reporting person and his spouse (directly and through grantor retained annuity trusts). Reporting person reports beneficial ownership of all securities beneficially owned by his spouse and children, but disclaims beneficial ownership of securities held for the benefit of his spouse and children.

7. On August 24, 2007, the reporting person transferred voting trust certificates representing 1,838 Special Common Shares to his spouse (through grantor retained annuity trusts). The reporting person previously reported all securities held by his spouse (directly and through a grantor retained annuity trust). Accordingly, the transfer of voting trust certificates did not result in any change in the number of securities reported as beneficially owned by the reporting person. Nevertheless, reporting person is voluntarily reporting the transfer of such voting trust certificates.

Remarks:

	Julie D. Mathews, by power of atty	09/13/2007
	** 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 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).
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.