TELEPHONE & DATA SYSTEMS INC /DE/ — Director's Dealing 2015

Jan 16, 2015

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: TELEPHONE & DATA SYSTEMS INC /DE/ (TDS)
CIK: 0001051512
Period of Report: 2014-12-31

Reporting Person: CARLSON WALTER CD (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-12-29	Series A Common Shares	$	G	3315	Disposed		Common Shares (2207340)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	32222	Direct
Common Shares	1921679	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Series A Common shares	$		Common Shares (1086)	1086	Direct

Footnotes

F1: Series A Common shares are convertible, on a share-for-share basis, into common shares.

F2: Reporting person is one of four trustees which is record owner of these shares and while files its holdings on forms 4. Of these shares, 122,530 are held for the benefit of children, 7770 are held by wife, and 687,066 are held by family partnership of which reporting person is a general partner. Reporting person disclaims beneficial ownership of shares held for benefit of persons other than the reporting person. The remaining shares include 1,104,313 in the individual reporting person's name.

F3: Reporting person is one of four trustees which is record owner of these shares and while files its holdings on forms 4. Of these shares, 141,482 are held for the benefit of children, 707,099 are held by a family limited partnership, and 748,439 are held by family partnership of which reporting person is a general partner. Reporting person disclaims beneficial ownership of the shares held for the benefit of persons other than the reporting person. The remaining shares include 428,882 owned by two GRAT's and 181,438 shares in the individuals reporting person's name.

F4: On Jan. 4, 2014, the reporting person's GRAT transferred voting trust certificates representing 57,481 common shares and 18,237 Series A common to reporting person individually. The reporting person previously reported all securities held in his name and through a GRAT. 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.

F5: By gift