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 Prudence E (Director)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	50029	Direct
Common Shares	1722903	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Series A Common Shares	$		Common Shares (196011)	196011	Direct
Series A Common	$		Common Shares (1874104)	1874104	Indirect

Footnotes

F1: 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, 36,235 common shares held for the benefit of spouse and children. Includes 28,413 in reporting person's name and 970,815 in reporting person's Grantor Retained Annuity Trust (GRAT) both held for the benefit of the reporting person and 687,440 held by family partnerships 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.

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, 32,936 Series A common shares held for the benefit of spouse and children. Includes 1,841,168 shares which are held by family partnerships 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.

F3: Series A Common shares are convertible on a share for share basis into common.