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 LETITIA G C (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-02-28	Series A Common Shares	$	G	3786	Disposed		Common Shares (2011348)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	22253	Direct
Common Shares	1841415	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Series A Common Shares	$		Common Shares (1166)	1166	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 of a voting trust which is record owner of these Series A Common shares and which files its holdings on a form 4. Of these shares, 5984 are owned by husband, 131,572 are held for the benefit of children and 748,439 are held by a family partnership of which reporting person is a general partner. Reporting person disclaims beneficial ownership of shares held for the benefit of persons other than the reporting person. Includes 1,125,353 shares in reporting person's name.

F3: Reporting person is one of four trustees of a voting trust which is record owner of these Common shares and which files its holdings on a form 4. Of these shares, 5499 are owned by husband, 92,190 are held for the benefit of children, 530,567 are held in generation skipping trust, and 687,066 are held by a family partnership of which reporting person is a general partner. Reporting person disclaims beneficial ownership of shares held for the benefit of persons other than the reporting person. Includes 526,093 shares in reporting persons name.

F4: By gift