SCHEDULE 13G/A

Telephone and Data Systems Inc.

Depository Shares each representing a 1/1000th interest in a share of 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock, $.01 par value · CUSIP: 879433787

Event date: 2025-09-30

Filing-level shares

1,360,000

Percent of class

8.1%

• Picton Mahoney Asset Management

  Shares: 1,360,000 · Class: 8.1%

Amounts are as disclosed in this filing. Schedule type alone does not establish investment intent.