Edgar Filing: TELEPHONE & DATA SYSTEMS INC /DE/

Ownership Submission

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

OMB APPROVAL

OMB Number:

3235-0287

Expires:

January 31, 2005

Estimated average burden hours per response...

0.5

(Print or Type Responses)

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)
05/11/2007

(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)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	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	05/11/2007		G	V	6,200	D	⁽⁴⁾	768.215	D
Special Common Shares	05/18/2007		J⁽²⁾⁽⁵⁾	V	862,693	D	⁽²⁾ ⁽⁵⁾	0 ⁽¹⁾	I	By Family Partnership through Voting Trust
Special Common Shares	05/18/2007		J⁽²⁾⁽⁵⁾	V	862,693	A	⁽²⁾ ⁽⁵⁾	862,693 ⁽¹⁾	I	By Voting Trust

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 1474 (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 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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Series A Common Shares

⁽³⁾

Special Common Shares or Common Shares

862,693

862,693 ⁽¹⁾

By Family Partnership through Voting Trust

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	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		05/18/2007
^**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)	Reporting person is one of four trustees of a voting trust that is the record owner of Special Common Shares and Series A Common Shares of TDS and which reports its holdings on Forms 4 and 5. Prior to the transactions reported herein, 862,693 Special Common Shares and 862,693 Series A Common Shares held in such voting trust were owned by a family limited partnership (FLP), of which reporting person and his spouse collectively hold all general partnership (GP) interests and all limited partnership (LP) interests (directly and through grantor retained annuity trusts). Reporting person reports beneficial ownership of all securities beneficially owned by his sponse and children, but disclaims beneficial ownership of securities held for the benefit of his spouse and children.
(2)	On May 18, 2007, the FLP made a pro rata distribution of voting trust certificates representing all of the 862,693 Special Common Shares held by the FLP to the reporting person and his spouse as holders of the GP and LP interests (directly and through grantor retained annuity trusts). The reporting person previously reported all securities held by such FLP in the voting trust and continues to report the 862,693 Special Common Shares represented by the voting trust certificates distributed to the reporting person and his spouse (directly and through grantor retained annuity trusts). Accordingly, the distribution 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 distribution and receipt of such voting trust certificates.
(3)	Series A Common Shares are convertible, on a share-for-share basis, into either Common Shares or Special Common Shares at any time, without expiration.
(4)	By Gift
(5)	As a result of the distribution, the reporting person and his spouse (directly and through grantor retained annuity trusts) now hold voting certificates representing 862,693 Special Common Shares held in the voting trust directly rather than through the FLP. The reporting person and his spouse (directly and through grantor retained annuity trusts) continue to beneficially own voting trust certificates representing 862,693 Series A Common Shares held in the voting trust indirectly through the FLP.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.