Edgar Filing: TELEPHONE & DATA SYSTEMS INC /DE/

Ownership Submission

FORM 5

	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
	Form 3 Holdings Reported
	Form 4 Transactions Reported

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL 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. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2007

(Street)

CHICAGO,Â ILÂ 60602

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Reporting
(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 at end of Issuer's Fiscal Year (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)	3. Transaction Code (Instr. 8)	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	Â	Â	Â	Â	Â	Â	4,694.5134	D	Â
Special Common Shares	Â	Â	Â	Â	Â	Â	23,349.1066	D	Â
Common Shares	Â	Â	Â	Â	Â	Â	1,158.011	I	By wife
Special Common Shares	Â	Â	Â	Â	Â	Â	6,444.2514	I	By Wife
Common Shares	12/31/2007	Â	J⁽⁵⁾	493.76	A	$ ⁽⁵⁾	9,172.28	I	By 401K plan
Special Common Shares	12/31/2007	Â	J⁽⁵⁾	4.49	D	$ ⁽⁵⁾	7,979.13	I	By 401K plan
Special Common	Â	Â	Â	Â	Â	Â	1,812,986.0915 ⁽⁷⁾	I	By Voting Trust

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

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SEC 2270 (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 at End of Issuer's Fiscal Year
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Option (Right to buy)

$ 39.75

12/15/1998

06/22/2008

Tandem Common and Special Common Shares

16,500

Option (Right to buy)

$ 66.75

12/15/1999

04/30/2009

Tandem Common and Special Common Shares

27,850

Option (Right to buy)

$ 105.13

12/15/2000

05/05/2010

Tandem Common and Special Common Shares

32,000

Option (Right to buy)

$ 121.12

Â ⁽⁴⁾

09/16/2010

Tnadem Common and Special Common Shares

56,720

Option (Right to buy)

$ 99.44

12/15/2001

04/30/2011

Tandem Common and Special Common Shares

29,429

Option (Right to buy)

$ 60.2

12/15/2002

08/19/2012

Tandem Common and Special Common Shares

68,215

Option (Right to buy)

$ 52.92

12/15/2003

07/03/2013

Tandem Common and Special Common Shares

65,567

Option (Right to buy)

$ 66

12/15/2004

05/08/2014

Tandem Common and Special Common Shares

67,540

Option (Right to buy)

$ 77.36

12/15/2005

04/20/2015

Tandem Common and Special Common Shares

111,045

Option (Right to buy)

$ 49.8

12/15/2006

12/13/2016

Special Common Shares

213,333

Option (Right to buy)

$ 59.45

12/15/2008

07/02/2017

Special Common Shares

179,653

Restricted Stock Units

12/15/2008

Â ⁽⁸⁾

Special Common Shares

20,424

Restricted Stock Units

12/15/2009

Â ⁽¹⁰⁾

Special Common Shares

20,873

Series A Common Shares

Â ⁽¹⁾

Common or Special Common Shares

1,817,008.4579

1,817,008.4579 ⁽²⁾

By Voting Trust

Deferred Compensation

12/31/2007

J⁽⁹⁾

76.25

Â ⁽³⁾

Common Shares

12,314.6

⁽³⁾

12,314.6

Deferred Compensation

12/31/2007

J⁽⁹⁾

114.561

Â ⁽⁶⁾

Special Common Shares

17,973.1006

⁽⁶⁾

17,973.1006

Series A Common Shares

Â ⁽¹⁾

Common or Special Common Shares

12,672.7937

Series A Common Shares

Â ⁽¹⁾

Common or Special Common Shares

5,283.1499

By Wife

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,Â ILÂ 60602	Â X	Â	Â President and CEO	Â

Signatures

Julie D. Mathews, by power of atty		01/30/2008
^**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)	Series A Common shares are convertible, on a share-for-share basis, into common or special common.
(2)	Reporting person is one of four trustees which is record owner of these shares which files its holdings on forms 4. Of these Series A Common shares, 83,917.374138 (including 16451.374138 acquired in dividend reinvestment) are held as custodian for children and 9090.259821 (including 1133.259821 acquired in dividend reinvestment) are held by spouse, and 686345.663 (including 16348.663 acquired in dividend reinvestment) shares are held by a family partnership of which reporting person is a general partner. Of the remaining shares, 2692.161 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.
(3)	Reporting person deferred bonuses pursuant to the TDS Long Term Incentive Plan. Employer matches vest ratably at a rate of 33%, 33%, 34% over three years. A total of 12,314.60 common shares units were vested at 12/31/07.
(4)	Granted under the TDS 1998 Long Term Incentive Plan. The option is exercisable with respect to 14,180 common shares on 12/15/01, 12/15/02, 12/15/03 and 12/15/04 for a total of 56,720 common shares.
(5)	Voluntary reporting of shares acquired in 2007 in the TDS 401K. The information is based on a plan statement dated 12/31/07. The number of shares fluctuates and is attributable to the price of the shares on 12/31/07.
(6)	Reporting person deferred bonuses pursuant to the TDS Long Term Incentive Plan. Employer matches vest ratably at a rate of 33%, 33% and 34% over three years. A total of 17,404.31 special common share units were vested at 12/31/07.
(7)	Reporting person is one of four trustees which is record owner of these shares which files its holdings on forms 4. Of these Special Common shares, 83959.846 (including 16493.846 acquired in dividend reinvestment) are held as custodian for children and 13415.946 (including 1144.946160 acquired in dividend reinvestment) are held by spouse, and 684960.4225 (including 14963.4225 acquired in dividend reinvestment) shares are held by a family partnership of which reporting person is a general partner. Of the remaining shares, 0.878 were earned pursuant to a dividend reinvestment plan. Reporting person's GRAT own 525,452 and wife's GRAT owns 318,101. Reporting person disclaims beneficial ownership of shares owned by wife and as custodian for children.
(8)	Restricted stock unit award pursuant to the Long-Term Incentive Plan. Stock units will become vested on December 15, 2008.
(9)	Voluntary reporting of dividend reinvestment earned in 2007.
(10)	Restricted stock unit award pursuant to the Long Term Incentive Plan. Stock units will become vested on December 15, 2009.

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