Sec Form 5 Filing - CARLSON LEROY T JR @ TELEPHONE & DATA SYSTEMS INC /DE/ - 2022-12-31

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 CARLSON LEROY T JR 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) President and CEO (Last) (First) (Middle) 30 N. LASALLE ST., STE. 4000 3. Date of Earliest Transaction (MM/DD/YY) 12/31/2022 (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 10/16/2022 G V 10,000 D $ 0 117,029( 1 ) D Common Shares 10/31/2022 G V 14,000 D $ 0 103,029 D Common Shares 12/06/2022 G V 103,029 D $ 0 0( 1 ) D Common Shares 211,758( 2 ) I By Trust Common 78,943( 2 ) I By Trust Common Shares 10/16/2022 G V 10,000 A $ 0 10,518 I By wife Common Shares 11/07/2022 G V 2,586 D $ 0 7,932 I By wife Common Shares 12/06/2022 G V 103,029 A $ 0 110,961 I By wife Common Shares 23,493( 3 ) I By 401(k) Common Shares 1,759,584( 1 )( 4 ) 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 (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 Series A Common Shares ( 5 ) ( 5 ) ( 5 ) Common Shares 1,918,692 1,918,692( 1 )( 6 ) I By Voting Trust Deferred Compensation ( 7 ) ( 7 ) ( 7 ) Common Shares 81,757 81,757( 7 ) D Series A Common Shares ( 5 ) ( 5 ) ( 5 ) Common Shares 11,424 11,424( 2 ) I By Trust Series A Common Shares ( 5 ) ( 5 ) ( 5 ) Common Shares 11,746 11,746( 2 ) I By Trust Series A Common Shares ( 5 ) ( 5 ) ( 5 ) Common Shares 297 297 I By Wife

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other CARLSON LEROY T JR 30 N. LASALLE ST., STE. 4000 CHICAGO, IL60602 X President and CEO Signatures Julie D. Mathews, by power of atty 02/02/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Effective 12/31/22, reporting person is no longer including shares held by grown children no longer sharing his household in his ownership totals. ( 2 )Voluntary report of shares held in trust, the trustee of which is a third party and beneficiaries include reporting person's spouse and descendants ( 3 )The information is based on a plan statement dated 12/31/22. The number of shares fluctuates and is attributable to the price of the shares on 12/31/22. ( 4 )Reporting person is one of four trustees of a trust which is also a reporting person. The shares reported are held by respective reporting person and his family members that have a pecuniary interest in such securities. Includes 691,720 Common Shares held by a family partnership of which reporting person is a general partner. ( 5 )Series A Common shares are convertible, on a share-for-share basis, into common shares. ( 6 )Reporting person is one of four trustees of a trust which is also a reporting person. The shares reported are held by respective reporting person and his family members that have a pecuniary interest in such securities. Includes 753,934 Series A Common Shares held by a family partnership of which reporting person is a general partner. ( 7 )Reporting person deferred bonuses pursuant to the TDS Long Term Incentive Plans. Employer matches vest ratably at a rate of 33%, 33%, 34% over three years. A total of 78,879 common share units were vested at 12/31/22.

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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