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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(Print or Type Responses)

1. Name and Address of Reporting Person * BARR JAMES III   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 of a subsidiary (Last) (First) (Middle) 535 JUNCTION ROAD 3. Date of Earliest Transaction (Month/Day/Year) 06/21/2007 (Street) MADISON, WI 53717 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 06/21/2007   M   30,400 A (2) 43,497.9 D   Special Common Shares 06/21/2007   M   30,400 A (2) 47,464.8 D   Common Shares 06/21/2007   M   6,785 A (2) 50,282.9 D   Special Common 06/21/2007   M   6,785 A (2) 54,249.8 D   Common Shares 06/21/2007   M   13,905 A (2) 64,187.9 D   Special Common shares 06/21/2007   M   13,905 A (2) 68,154.8 D   Common Shares 06/21/2007   M   47,493 A (2) 111,680.9 D   Special Common shares 06/21/2007   M   47,493 A (2) 115,647.8 D   Common Shares 06/21/2007   S   88,683 D $ 62.4638 22,997.9 D   Common Shares 06/21/2007   S   9,000 D $ 62.9658 13,997.9 D   Common Shares 06/21/2007   S   900 D $ 62.5511 13,097.9 D   Special Common Shares 06/21/2007   S   97,783 D $ 57.8039 17,864.8 D   Special Common Shares 06/21/2007   S   800 D $ 57.8 17,064.8 D

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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)

$ 104

06/21/2007

M

30,400

(1)

03/10/2010

Tandem common and special common shares

30,400

(1)

0

D

Option (right to buy)

$ 99.44

06/21/2007

M

6,785

12/15/2001

04/30/2011

Tandem common and special common shares

6,785

(1)

0

D

Option (right to buy)

$ 66

06/21/2007

M

13,905

04/30/2004

05/08/2014

Tandem common and special common shares

13,905

(1)

0

D

Option (right to buy)

$ 77.36

06/21/2007

M

47,493

12/15/2005

04/20/2015

Tandem Common and special common shares

47,493

(1)

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
BARR JAMES III 535 JUNCTION ROAD MADISON, WI 53717	X		President of a subsidiary

Signatures

Julie D. Mathews, by power of atty		06/22/2007
**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 1998 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.

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