Telephone and Data Systems Inc. Initial Statement of Beneficial Ownership

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Chambers Douglas W

Role President of a Subsidiary

Type	Security	Shares	Price	Value
holding	Option (Right to Buy)	--	--	--
holding	Option (Right to Buy)	--	--	--
holding	Option (Rigft to Buy)	--	--	--
holding	Common Shares	--	--	--

Holdings After Transaction: Option (Right to Buy) — 22,193 contracts (Direct); Option (Rigft to Buy) — 6,634 contracts (Direct); Common Shares — 13,151 shares (Direct)

Footnotes (1)

1. F1. Granted under the Telephone and Data Systems, Inc. Long-Term Equity Plan. Options are currently exercisable.

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Accepted by SEC EDGAR 08/07/2025 - 07:47 AM EDT Learn about SEC filing dates

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Chambers Douglas W

(Last) (First) (Middle)

500 W. MADISON STREET, SUITE 810

(Street)

CHICAGO IL 60661

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
08/01/2025

3. Issuer Name and Ticker or Trading Symbol
TELEPHONE & DATA SYSTEMS INC /DE/ [ TDS ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President of a Subsidiary

5. If Amendment, Date of 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

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares	13,151	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option (Right to Buy)	(1)	08/15/2026	Common Shares	10,592	$29.45	D
Option (Right to Buy)	(1)	05/24/2027	Common Shares	11,601	$27.79	D
Option (Rigft to Buy)	(1)	05/22/2029	Common Shares	6,634	$30.72	D

Explanation of Responses:

1. Granted under the Telephone and Data Systems, Inc. Long-Term Equity Plan. Options are currently exercisable.

Remarks:

	Julie D Mathews, by power of atty	08/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.