[Form 4] TELEPHONE & DATA SYSTEMS INC /DE/ Insider Trading Activity

Rhea-AI Filing Summary

Telephone and Data Systems, Inc. (TDS) reported an insider ownership change on a Form 4. The reporting person, a trustee of the TDS Voting Trust, received a gift of 502 common shares on 11/18/2025. After this transaction, the insider directly holds 32,123 common shares and indirectly holds 71,251 common shares through the Voting Trust. The filing is made by one reporting person and reflects a non-cash transfer classified as a gift.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Carlson Anthony J

(Last) (First) (Middle)

30 N. LASALLE STREET, SUITE 4000

(Street)

CHICAGO IL 60602

(City) (State) (Zip)

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)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Trustee of TDS Voting Trust

3. Date of Earliest Transaction (Month/Day/Year)
11/18/2025

4. 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 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	11/18/2025		G		502	A	(1)	32,123	D
Common Shares								71,251(2)	I	By Voting Trust

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 Securities Underlying Derivative Security (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: 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

Explanation of Responses:

1. Shares acquired from gift.

2. Reporting person is one of four trustees of a Voting Trust which separately files on Form 4 for the issuer. The shares reported are held by respective reporting person.

Remarks:

	Julie D Mathews, by power of atty	11/20/2025
	** 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 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).
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.

FAQ

What insider transaction did TDS report on this Form 4?

The Form 4 reports that a TDS insider received a gift of 502 common shares of Telephone and Data Systems, Inc. on 11/18/2025.

Who is the reporting person in the TDS Form 4 filing?

The reporting person is identified as a trustee of the TDS Voting Trust, filing individually as indicated by the box checked for one reporting person.

How many TDS shares does the insider own directly after the reported transaction?

Following the gift transaction, the insider directly owns 32,123 TDS common shares, as shown in Table I of the filing.

How many TDS shares are held indirectly through the Voting Trust?

The Form 4 states that 71,251 TDS common shares are held indirectly by the reporting person via the TDS Voting Trust.

What is the transaction code used for the TDS insider transaction?

The transaction is coded as "G" in Table I, which the explanation notes reflects shares acquired from gift.

Does this TDS Form 4 involve derivative securities?

The section for Table II - Derivative Securities is present but contains no reported derivative transactions in the provided content.

Is the TDS Form 4 filed by an individual or multiple reporting persons?

The filing indicates it is a Form filed by One Reporting Person, as shown in the section on individual or joint/group filing.