# EDGAR Filing Document

**Accession Number:** 0001051512
**File Stem:** 0000913115-25-000005
**Filing Date:** 2025-8
**Character Count:** 18085
**Document Hash:** a9d5df7060a7bd882c2706d0d303b53d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000913115-25-000005.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0000913115-25-000005

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TELEPHONE & DATA SYSTEMS INC /DE/
- **CENTRAL INDEX KEY:** 0001051512
- **STANDARD INDUSTRIAL CLASSIFICATION:** TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 362669023
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-55069
- **FILM NUMBER:** 251186399

**BUSINESS ADDRESS:**
- **STREET 1:** 30 NORTH LASALLE STREET
- **STREET 2:** STE 4000
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
- **BUSINESS PHONE:** 3126301900

**MAIL ADDRESS:**
- **STREET 1:** 30 NORTH LASALLE STREET
- **STREET 2:** STE 4000
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TELEPHONE & DATA SYSTEMS INC VOTING TRUST 1989
- **CENTRAL INDEX KEY:** 0000913115
- **STANDARD INDUSTRIAL CLASSIFICATION:** UNKNOWN SIC - 0000 [0000]

**ORGANIZATION NAME:**
- **EIN:** 366125594
- **STATE OF INCORPORATION:** IA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** C/O TELEPHONE & DATA SYSTEMS INC
- **STREET 2:** 30 NORTH LA SALLE STREET, SUITE 4000
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60602
- **BUSINESS PHONE:** 6088288324

**MAIL ADDRESS:**
- **STREET 1:** C/O TELEPHONE & DATA SYSTEMS INC
- **STREET 2:** PO BOX 628010
- **CITY:** MIDDLETON
- **STATE:** WI
- **ZIP:** 53562-8010

## Ex-1

**Exhibit 1**

**JOINT FILING AGREEMENT**

The undersigned hereby agree and consent, pursuant to Rule 13d-1(k), to the joint filing of all Schedules 13D and/or Schedules 13G (including any amendments thereto) on behalf of such parties with respect to the Issuer.

**SIGNATURE**

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| TELEPHONE & DATA SYSTEMS INC VOTING TRUST 1989 | TELEPHONE & DATA SYSTEMS INC VOTING TRUST 1989 |
| Signature: | /s/ Walter C. D. Carlson |
| Name/Title: | Walter C. D. Carlson, Trustee |
| Date: | 08/05/2025 |
| Signature: | /s/ Letitia G. Carlson, M.D. |
| Name/Title: | Letitia G. Carlson, M.D. |
| Date: | 08/05/2025 |
| Signature: | /s/ Prudence E. Carlson |
| Name/Title: | Prudence E. Carlson |
| Date: | 08/05/2025 |
| Signature: | /s/ Anthony J.M. Carlson |
| Name/Title: | Anthony J.M. Carlson |
| Date: | 08/05/2025 |

---

------

**APPENDIX A**

Trustees of the Voting Trust

---

| | | |
|:---|:---|:---|
| (I) | (a) | <u>Name:</u> |
|  |  | Walter C. D. Carlson |
|  | (b) | <u>Business Address:</u> |
|  |  | Telephone and Data Systems, Inc. <br>30 North LaSalle Street <br>Suite 4000 <br>Chicago, Illinois 60602 |
|  | (c) | <u>Present Principal Occupation or Employment:</u> |
|  |  | President and Chief Executive Officer of Telephone and Data Systems, Inc. |
|  | (f) | <u>Citizenship:</u> |
|  |  | United States |
| (II) | (a) | <u>Name:</u> |
|  |  | Letitia G. Carlson, M.D. |
|  | (b) | <u>Business Address:</u> |
|  |  | Telephone and Data Systems, Inc. <br>30 North LaSalle Street <br>Suite 4000 <br>Chicago, Illinois 60602 |
|  | (c) | <u>Present Principal Occupation or Employment:</u> |
|  |  | Physician and Clinical Professor at George Washington University Medical Faculty |
|  | (f) | <u>Citizenship:</u> |
|  |  | United States |
| (III) | (a) | <u>Name:</u> |
|  |  | Prudence E. Carlson |
|  | (b) | <u>Business Address:</u> |
|  |  | Telephone and Data Systems, Inc. <br>30 North LaSalle Street <br>Suite 4000 <br>Chicago, Illinois 60602 |
|  | (c) | <u>Present Principal Occupation or Employment:</u> |
|  |  | Writer, art critic and art consultant |
|  | (f) | <u>Citizenship:</u> |
|  |  | United States |
| (IV) | (a) | <u>Name:</u> |
|  |  | Anthony J.M. Carlson |
|  | (b) | <u>Business Address:</u> |
|  |  | Telephone and Data Systems, Inc. <br>30 North LaSalle Street <br>Suite 4000 <br>Chicago, Illinois 60602 |
|  | (c) | <u>Present Principal Occupation or Employment:</u> |
|  |  | Vice President of Organizational Transformation at TDS Telecommunications LLC |
|  | (f) | <u>Citizenship:</u> |
|  |  | United States |

---

------

**APPENDIX B**

---

| | | |
|:---|:---|:---|
| Name | Number of Common Shares Beneficially Owned As of August 1, 2025 | Percent of Class of Common Shares |
| Walter C. D. Carlson | 249900 (1) | \* |
| Letitia G. Carlson, M.D. | 220875 (2) | \* |
| Prudence E. Carlson | 539989 (3) | \* |
| Anthony J.M. Carlson | &nbsp;&nbsp;&nbsp;&nbsp;31621 (4) | \* |

---

\*Less than 1% of class. All of such ownership involves sole power to vote or dispose of unless otherwise indicated below.

(1) Includes 28,807 Common Shares that may be acquired upon conversion of Series A Common Shares held outside of the Voting Trust and 221,093 Common Shares held outside of the Voting Trust. Does not include (i) 1,690,654 Series A Common Shares and 1,397,035 Common Shares held in the TDS Voting Trust for the benefit of Walter C.D. Carlson, his spouse and/or their descendants (individually or through family partnerships, grantor retained annuity trusts, custodial arrangements and otherwise), of which 283,241 Series A Common Shares and 420,884 Common Shares, respectively, are held for the benefit of Walter C.D. Carlson, or (ii) 756,243 Series A Common Shares and 693,677 Common Shares held by a family partnership in such TDS Voting Trust for the benefit of descendants and family members of LeRoy T. Carlson and his spouse, of which Walter C.D. Carlson is a general partner. Beneficial ownership is disclaimed with respect to shares held for the benefit of persons other than Mr. Carlson in the Voting Trust.

(2) Includes 28,467 Common Shares that may be acquired upon conversion of Series A Common Shares held outside of the Voting Trust and 192,408 Common Shares held outside of the Voting Trust. Does not include (i) 1,344,116 Series A Common Shares and 1,226,885 Common Shares held in the TDS Voting Trust for the benefit of Letitia G. Carlson, M.D., her spouse and/or their descendants (individually or through family partnerships, grantor retained annuity trusts, custodial arrangements and otherwise), of which 923,725 Series A Common Shares and 114,219 Common Shares are held for the benefit of Letitia G. Carlson, M.D., or (ii) 756,243 Series A Common Shares and 693,677 Common Shares held by a family partnership in such TDS Voting Trust for the benefit of descendants and family members of LeRoy T. Carlson and his spouse, of which Letitia G. Carlson, M.D. is a general partner. Beneficial ownership is disclaimed with respect to shares held for the benefit of persons other than Dr. Carlson in the Voting Trust.

(3) Includes 118,023 Common Shares that may be acquired upon conversion of Series A Common Shares held outside of the Voting Trust and 321,966 Common Shares held outside of the Voting Trust. Also includes 100,000 Common Shares that may be acquired upon conversion of Series A Common Shares by trusts for which Prudence E. Carlson serves as trustee. Does not include (i) 1,193,965 Series A Common Shares and 941,002 Common Shares held in the TDS Voting Trust for the benefit of Prudence E. Carlson, her spouse and/or their descendants (individually or through family partnerships, grantor retained annuity trusts, custodial arrangements and otherwise), of which 52,202 Series A Common Shares and 68,569 Common Shares are held for the benefit of Prudence E. Carlson, or (ii) 756,243 Series A Common Shares and 693,677 Common Shares held by a family partnership in such TDS Voting Trust for the benefit of descendants and family members of LeRoy T. Carlson and his spouse, of which Prudence E. Carlson is a general partner. Beneficial ownership is disclaimed with respect to shares held for the benefit of persons other than Ms. Carlson in the Voting Trust.

(4) Includes 31,621 Common Shares held outside of the Voting Trust. Does not include (i) 77,199 Series A Common Shares and 71,172 Common Shares held in the TDS Voting Trust.

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 11)**

**TELEPHONE & DATA SYSTEMS INC /DE/**

*(Name of Issuer)*

**Common Shares ($0.01 par value)**

*(Title of Class of Securities)*

**879433829**

*(CUSIP Number)*

**Walter C. D. Carlson**<br>30 North LaSalle Street<br>Suite 4000<br>Chicago IL 60602<br>312-630-1900

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**08/01/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **879433829** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**TELEPHONE & DATA SYSTEMS INC VOTING TRUST 1989** | Name of reporting person<br>**TELEPHONE & DATA SYSTEMS INC VOTING TRUST 1989** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**13512313.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**13512313.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13512313.00** | Aggregate amount beneficially owned by each reporting person<br>**13512313.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**11.7%** | Percent of class represented by amount in Row (11)<br>**11.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** 1. Shared voting and dispositive power and the aggregate amount beneficially owned by the reporting persons includes (i) 7,210,499 Series A Common Shares that have ten votes per share on all matters and are convertible on a share-for-share basis into Common Shares and (ii) 6,301,814 Common Shares. All of the Shares are held by the reporting persons as trustees of a Voting Trust.

2. Reporting persons may be deemed to hold approximately 95.6% of the outstanding Series A Common Shares of the Issuer and approximately 5.8% of the outstanding Common Shares of the Issuer for a combined total of approximately 11.7% of the Issuer's outstanding classes of capital stock and approximately 56.8% of the voting power on an aggregate basis. For all purposes in this Schedule 13D/A, the share amounts and percentages are based on 108,232,402 Common Shares and 7,538,781 Series A Common Shares issued and outstanding as of August 1, 2025.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares ($0.01 par value)

**(b) Name of Issuer:**
TELEPHONE & DATA SYSTEMS INC /DE/

**(c) Address of Issuer's Principal Executive Offices:**
30 North LaSalle, Suite 4000, Chicago, IL, 60602

This Amendment No. 11 to Schedule 13D is being filed pursuant to Section 13(d)(2) of the Securities Exchange Act of 1934, as amended, by the Trustees of the Voting Trust under the Amendment and Restatement (dated as of April 22, 2005) of Voting Trust Agreement Dated as of June 30, 1989. This Schedule 13D reports the ownership of Common Shares, par value $0.01 per share ("Common Shares"), and Series A Common Shares, par value $0.01 per share ("Series A Common Shares"), that are convertible on a share-for-share basis into Common Shares, of Telephone and Data Systems, Inc., a Delaware corporation (the "Issuer" or "TDS").

**Item 4. Purpose of Transaction**

This Item 4 is being updated by the following information.

On August 1, 2025, the Issuer's majority-owned subsidiary, Array Digital Infrastructures, Inc. (formerly known as United States Cellular Corporation) ("Array") completed the sale of its wireless operations and select spectrum assets to T-Mobile US, Inc. for approximately $4.3 billion in cash and the assumption of certain debt, as further described in Issuer's Form 8-K filed with the Securities and Exchange Commission on August 4, 2025.

Except as disclosed or incorporated by reference herein, the Voting Trust does not have any current intention, plan or proposal with respect to any of the matters specified in paragraphs (a) through (j) of Item 4 of Schedule 13D.

The Trustees intend to maintain the ability to keep or dispose of the voting control of the Issuer. If and to the extent that Array remains a publicly-traded company, the Trustees intend that TDS maintain the ability to keep or dispose of the voting control of Array.

The Trustees also retain the right to change their intent, to acquire additional securities from time to time or to dispose of all or part of the securities beneficially owned by the Voting Trust in any manner permitted by the terms of the Voting Trust and/or applicable law.

**Item 5. Interest in Securities of the Issuer**

**(a)**
As of the end of the trading day on August 1, 2025, pursuant to Rule 13d-3(d)(1)(i), the Voting Trust and each of the Trustees may be deemed to beneficially own an aggregate of 6,301,814 Common Shares, and 7,210,499 Series A Common Shares held by the Voting Trust that are convertible into 7,210,499 Common Shares. See Appendix B for additional Common Shares beneficially owned by each of the Trustees.

**(b)**
The following information is provided with respect to the shares held by the Voting Trust. See Appendix B for information with respect to other shares beneficially owned by each of the Trustees.

(i) Sole Power to Vote or Direct the Vote:
None.

(ii) Shared Power to Vote or Direct the Vote:
The Voting Trust is the direct beneficial owner of Common Shares and Series A Common Shares that are convertible on a share-for-share basis into Common Shares. The Voting Trust may be deemed to hold approximately 95.6% of the outstanding Series A Common Shares of the Issuer and approximately 5.8% of the outstanding Common Shares of the Issuer for a combined total of approximately 11.7% of the Issuer's outstanding classes of capital stock and approximately 56.8% of the voting power on an aggregate basis.

The holders of Common Shares are entitled to elect four of the current twelve directors of the Issuer. The Trustees hold 5.8% of the voting power in the election of such four directors. In addition, the holders of Common Shares have votes per share that float in matters other than the election of directors. The Common Shares held by the Voting Trust represent approximately 2.5% of the combined voting power in matters other than the election of directors.

The holders of Series A Common Shares are entitled to elect eight of the current twelve directors of the Issuer. The reporting persons hold 95.6% of the voting power in the election of such eight directors. The Series A Common Shares also have ten votes per share in matters other than the election of directors. The Series A Common Shares held by the Voting Trust represent approximately 54.2% of the total combined voting power in matters other than the election of directors.

As a result of the foregoing, the Voting Trust elects a majority of the directors and directs a majority of the combined voting power of the Issuer in matters other than the election of directors.

(iii) Sole Power to Dispose or Direct the Disposition:
None.

(iv) Shared Power to Dispose or Direct the Disposition:
The information contained in Item 5(b)(ii) above is incorporated herein by reference.

**(c)**
Except as disclosed below, no transactions were effected during the past sixty days in Common Shares or Series A Common Shares of the Issuer by the Voting Trust or the Trustees.

(i) June 30, 2025 transactions as a result of participation in TDS' Series A Common Share Automatic Dividend Reinvestment Plan (under which the Voting Trust acquired 2,183.11 Series A Common Shares and 1,797.865 Common Shares at a per share price equal to $32.39785).

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The Voting Trust was created to facilitate long-standing relationships among the trust's certificate holders. Under the terms of the Voting Trust, the Trustees hold and vote the Series A Common Shares and Common Shares held in the trust.

The information contained in Item 5(b)(ii) above is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** TELEPHONE & DATA SYSTEMS INC VOTING TRUST 1989

**Signature:** See Exhibit 1

**Name/Title:** See Exhibit 1

**Date:** 08/05/2025