SEC FORM 4

SEC FORM 4SEC 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

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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 LEROY T JR

(Last)

(First)

(Middle)

30 N. LASALLE STREET, SUITE 4000

(Street)

CHICAGO

ILLINOIS

60602

(City)

(State)

(Zip)

UNITED STATES

(Country)

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)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Vice Chair

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/03/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	09/03/2026		G		144,599	D	$0	253,170⁽¹⁾⁽²⁾	D
Common Shares	09/03/2026		G	V	140,000	A	$0	140,000⁽³⁾	I	By Wife
Common Shares	09/03/2026		G		116,374.122	D	$0	1,813,360⁽⁴⁾	I	By Voting Trust
Common Shares	09/03/2026		G	V	116,374.122	A	$0	1,813,360⁽⁴⁾	I	By Voting Trust
Common Shares	09/03/2026		G		112,407.01	D	$0	1,813,360⁽⁴⁾	I	By Voting Trust
Common Shares	09/03/2026		G	V	112,407.01	A	$0	1,813,360⁽⁴⁾	I	By Voting Trust
Common Shares	09/03/2026		G		85,149.928	D	$0	0⁽¹⁾	I	By 2024 Trust
Common Shares	09/03/2026		G	V	85,149.928	A	$0	85,149.928	I	By Wife 2003 Trust
Common Shares								500,000	I	By 2026 Trust
Common Shares								78,521.322⁽³⁾	I	By Wife 2026 Trust
Common Shares								211,758	I	By 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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Series A Common Shares	⁽⁵⁾	09/03/2026		G			18,279.878	⁽⁵⁾	⁽⁵⁾	Common Shares	18,279.878	$0	0	I	By Trust
Series A Common Shares	⁽⁵⁾	09/03/2026		G	V	18,279.878		⁽⁵⁾	⁽⁵⁾	Common Shares	18,279.878	$0	18,279.878	I	By Wife 2003 Trust
Series A Common Shares	⁽⁵⁾	09/03/2026		G			58,993.462	⁽⁵⁾	⁽⁵⁾	Common Shares	58,993.462	$0	1,979,295⁽⁶⁾	I	By Voting Trust
Series A Common Shares	⁽⁵⁾	09/03/2026		G	V	58,993.462		⁽⁵⁾	⁽⁵⁾	Common Shares	58,993.462	$0	1,979,295⁽⁶⁾	I	By Voting Trust
Series A Common Shares	⁽⁵⁾	09/03/2026		G			2,108.804	⁽⁵⁾	⁽⁵⁾	Common Shares	2,108.804	$0	1,979,295⁽⁶⁾	I	By Voting Trust
Series A Common Shares	⁽⁵⁾	09/03/2026		G	V	2,108.804		⁽⁵⁾	⁽⁵⁾	Common Shares	2,108.804	$0	1,979,295⁽⁶⁾	I	By Voting Trust
Series A Common Shares	⁽⁵⁾	09/03/2026		G			296.914	⁽⁵⁾	⁽⁵⁾	Common Shares	296.914	$0	0	I	By Wife's Trust
Series A Common Shares	⁽⁵⁾	09/03/2026		G	V	296.914		⁽⁵⁾	⁽⁵⁾	Common Shares	296.914	$0	296.914	I	By 2003 Trust
Series A Common Shares	⁽⁵⁾							⁽⁵⁾	⁽⁵⁾	Common Shares	11,424		11,424	I	By Trust
Series A Common Shares	⁽⁵⁾							⁽⁵⁾	⁽⁵⁾	Common Shares	12,858.0467		12,858.0467	I	By Dynasty Trust

Explanation of Responses:

1. Reporting person, in accordance with the provisions of a Grantor Retained Annuity Trust ("GRAT"), had shares of common stock distributed from GRAT to the reporting person as an annuity payment in accordance with the terms of the GRAT. The transfer is exempt from Section 16 pursuant to Rule 16a-13 under the Exchange Act.

2. These figures reflect a transfer of 500,000 shares to a new GRAT. The transfer is exempt from Section 16 pursuant to Rule 16A-13 under the Exchange Act.

3. These figures reflect a transfer of 78,521.322 shares to a new GRAT. The transfer is exempt from Section 16 pursuant to Rule 16A-13 under the Exchange Act.

4. Reporting person is a member of the Voting Trust which separately files on Forms 4 for the issuer. The Common Shares reported are held by reporting person and his family members that have a pecuniary interest in such shares. Includes 693,778 Common Shares held by a family partnership of which reporting person is a general partner, of which 23,780 has been accumulated in dividend reinvestment. This number also includes Common Shares that the reporting person accumulates in the dividend reinvestment plan.

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

6. Reporting person is a member of the Voting Trust which separately files on Forms 4 for the issuer. The Series A shares reported are held by reporting person and his family members that have a pecuniary interest in such shares. Includes 756,363 Series A Shares held by a family partnership of which reporting person is a general partner, of which 28,075.6 has been accumulated in dividend reinvestment. This number also includes Series A Shares that the reporting person accumulates in the dividend reinvestment plan.

Remarks:

	John M. Toomey, by power of atty.	09/08/2026
	** 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.
* Form 4: SEC 1474 (03-26)