X0202 4 2007-10-31 0001051512 TELEPHONE & DATA SYSTEMS INC /DE/ TDS 0000901731 CARLSON LEROY T JR 30 N. LASALLE ST., STE. 4000 CHICAGO IL 60602 1 1 0 0 President and CEO Common Shares 2007-10-31 4 M 0 3600 A 3695.2 D Special Common Shares 2007-10-31 4 M 0 3600 A 10706 D Common Shares 2007-10-31 4 S 0 100 69.00 D 3595.2 D Common Shares 2007-10-31 4 S 0 100 69.02 D 3495.2 D Common Shares 2007-10-31 4 S 0 300 69.11 D 3195.2 D Common Shares 2007-10-31 4 S 0 200 69.12 D 2995.2 D Common Shares 2007-10-31 4 S 0 200 69.14 D 2795.2 D Common Shares 2007-10-31 4 S 0 100 69.15 D 2695.2 D Common Shares 2007-10-31 4 S 0 100 69.16 D 2595.2 D Common Shares 2007-10-31 4 S 0 400 69.19 D 2195.2 D Common Shares 2007-10-31 4 S 0 400 69.20 D 1795.2 D Common Shares 2007-10-31 4 S 0 300 69.23 D 1495.2 D Common Shares 2007-10-31 4 S 0 600 69.25 D 895.2 D Common Shares 2007-10-31 4 S 0 700 69.29 D 195.2 D Common Shares 2007-10-31 4 S 0 100 69.42 D 95.2 D Special Common Shares 2007-10-31 4 S 0 400 64.80 D 10306 D Special Common Shares 2007-10-31 4 S 0 400 64.81 D 9906 D Special Common Shares 2007-10-31 4 S 0 1000 64.86 D 8906 D Special Common Shares 2007-10-31 4 S 0 400 64.88 D 9506 D Special Common Shares 2007-10-31 4 S 0 300 64.97 D 8206 D Special Common Shares 2007-10-31 4 S 0 400 64.99 D 7806 D Special Common Shares 2007-10-31 4 S 0 400 65.00 D 7406 D Special Common Shares 2007-10-31 4 S 0 300 65.01 D 7106 D Option (Right to Buy) 43.75 2007-10-31 4 M 0 3600 D 2007-11-05 Tandem Common and Special Common Shares 3600 4200 D Series A Common Shares Common or Special Common shares 1816776 1816776 I By Voting Trust Series A Common Shares Common or Special Common Shares 12633.2 12633.2 D Series A Common Shares Common or Special Common Shares 5274.9 5274.9 I By Wife Granted under the Long-Term Incentive Plan. 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. 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. Exercise of a stock options and subsequent sale of shares pursuant to a previously disclosed 10b5-1 Rule plan. Series A Common shares are convertible, on a share-for-share basis, into common or special common. Reporting person is one of four trustees which is record owner of these Series A Common shares which files its holdings on forms 4. Of these shares, 83760.5 (including 16294.5 acquired in dividend reinvestment) are held as custodian for children and 9074.3 (including 1117.3 acquired in dividend reinvestment) are held by spouse, and 686294.6 (including 16297.6 acquired in dividend reinvestment) shares are held by a family partnership of which reporting person is a general partner. Of the remaining shares, 2683.7 were earned pursuant to a dividend reinvestment plan. Reporting person disclaims beneficial ownership of shares owned by wife and as custodian for children. In addition, 862,693 Series A Common Shares owned by family limited partnership of which reporting person and his spouse each hold 500 general partnerhip interests and collectively hold 99,000 limited partnership interests. Julie D. Mathews, by power of atty 2007-11-02