SCHEDULE 13G

CUSIP No.

879433787

Names of Reporting Persons

Picton Mahoney Asset Management

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 998,155.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 998,155.00
8	Shared Dispositive Power 0.00

Aggregate Amount Beneficially Owned by Each Reporting Person

998,155.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

5.94 %

Type of Reporting Person (See Instructions)

Comment for Type of Reporting Person: TDS Shareholder Equity based upon 10Q (ending March 31, 2025)Series A Common and Common Shares Authorized 290 shares (25 Series A Common and 265 Common Shares)Issued 133 shares (7 Series A Common and 126 Common Shares)Outstanding 114 shares (7 Series A Common and 107 Common Shares)Par Value ($0.01 per share) Preferred Shares, 0.279 shares authorized, par value $0.01 per share, 0.0444 shares outstanding (0.0168 Series UU and 0.0276 Series VV)Treasury shares, at cost, 18 and 19 Common Shares, respectively

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

TELEPHONE AND DATA SYSTEMS, INC.

(b)

Address of issuer's principal executive offices:

30 North LaSalle Street, Suite 4000, Chicago, ILLINOIS, 60602

Item 2.

(a)

Name of person filing:

Picton Mahoney Asset Management

(b)

Address or principal business office or, if none, residence:

33 Yonge Street, #320, Toronto, ON M5E 1G4

(c)

Citizenship:

Canada

(d)

Title of class of securities:

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

(e)

CUSIP No.:

879433787

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:

(k)

Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

Investment Fund Manager

Item 4.

Ownership

(a)

Amount beneficially owned:

998,155

(b)

Percent of class:

5.94 %

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

998,155

(ii) Shared power to vote or to direct the vote:

(iii) Sole power to dispose or to direct the disposition of:

988,155

(iv) Shared power to dispose or to direct the disposition of:

Item 5.

Ownership of 5 Percent or Less of a Class.

Item 6.

Ownership of more than 5 Percent on Behalf of Another Person.

Not Applicable

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not Applicable

Item 8.

Identification and Classification of Members of the Group.

Not Applicable

Item 9.

Notice of Dissolution of Group.

Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to [insert particular category of institutional investor] is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

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.

Picton Mahoney Asset Management

Signature:	Catrina Duong
Name/Title:	Chief Compliance Officer
Date:	08/06/2025

Comments accompanying 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.