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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 JR   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 (Last) (First) (Middle) 30 N. LASALLE ST., STE. 4000 3. Date of Earliest Transaction (Month/Day/Year) 09/12/2007 (Street) CHICAGO, IL 60602 4. If Amendment, Date 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 (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 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

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: 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

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
CARLSON LEROY T JR 30 N. LASALLE ST., STE. 4000 CHICAGO, IL 60602	X		President and CEO

Signatures

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

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