Sec Form 5 Filing - SEREDA PETER L @ TELEPHONE & DATA SYSTEMS INC /DE/ - 2019-12-31

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

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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person SEREDA PETER L 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 X __ Officer (give title below) _____ Other (specify below) EVP and CFO (Last) (First) (Middle) 30 N. LASALLE ST., STE. 4000 3. Date of Earliest Transaction (MM/DD/YY) 12/31/2019 (Street) CHICAGO, IL60602 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 15,757 D Common Shares 636 ( 1 ) I 401(k)

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 7. Title and Amount of Underlying Securities (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 of Derivative Security: 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 Option (Right to Buy) $ 26.66 ( 2 ) 05/25/2020 Common Shares 33,500 33,500 D Option (Right to Buy) $ 29.94 ( 2 ) 05/13/2021 Common Shares 31,700 31,700 D Option (Right to Buy) $ 20.79 ( 2 ) 05/16/2022 Common Shares 54,700 54,700 D Option (Right to Buy) $ 22.6 ( 3 ) 05/10/2023 Common Shares 38,109 38,109 D Option (Right to Buy) $ 26.83 ( 3 ) 05/16/2024 Common Shares 33,927 33,927 D Option (Right to Buy) $ 29.26 ( 3 ) 05/11/2025 Common Shares 36,855 36,855 D Option (Right to Buy) $ 29.45 ( 3 ) 08/15/2026 Common Shares 9,905 9,905 D Option (Right to Buy) $ 27.79 ( 3 ) 05/24/2027 Common Shares 11,584 11,584 D Option (Right to Buy) $ 25.7 ( 3 ) 05/23/2028 Common Shares 12,858 12,858 D Option (Right to Buy) $ 30.72 ( 3 ) 05/22/2029 Common Shares 13,899 13,899 D Restricted Stock Units ( 4 ) ( 4 ) 05/24/2020 Common Shares 12,731 12,731 D Restricted Stock Units ( 4 ) ( 4 ) 05/23/2021 Common Shares 12,857 12,857 D Restricted Stock Units ( 4 ) ( 4 ) 05/22/2022 Common Shares 16,151 16,151 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other SEREDA PETER L 30 N. LASALLE ST., STE. 4000 CHICAGO, IL60602 EVP and CFO Signatures Julie D. Mathews, by power of atty 01/15/2020 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Voluntary reporting of shares in the 401K plan. The information is based on a plan statement dated 12/31/19. The number of shares fluctuates and is attributable to the price of the shares on 12/31/19. ( 2 )Granted under the 2004 Long Term Incentive Plan. Options vest over a 3 year period with one-third of the number of shares becoming exercisable on the first annual anniversary, one-third on the second annual anniversary, and one-third on the third annual anniversary. ( 3 )Granted under the 2011 Long Term Incentive Plan. Stock options vest on the third annual anniversary. ( 4 )Restricted stock unit award pursuant to the 2011 Long Term Incentive Plan. Stock units will become vested on third annual anniversary.

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).

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