<SEC-DOCUMENT>0001539041-25-000037.txt : 20250818
<SEC-HEADER>0001539041-25-000037.hdr.sgml : 20250818
<ACCEPTANCE-DATETIME>20250818155935
ACCESSION NUMBER:		0001539041-25-000037
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250818
DATE AS OF CHANGE:		20250818

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 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-55069
		FILM NUMBER:		251227805

	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:			PICTON MAHONEY ASSET MANAGEMENT
		CENTRAL INDEX KEY:			0001539041
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		33 YONGE STREET, SUITE 320
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5E 1G4
		BUSINESS PHONE:		416-955-4108

	MAIL ADDRESS:	
		STREET 1:		33 YONGE STREET, SUITE 320
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5E 1G4
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
    <headerData>
        <submissionType>SCHEDULE 13G/A</submissionType>
        <previousAccessionNumber/>
        <filerInfo>
            <filer>
                <filerCredentials>
                    <cik>0001539041</cik>
                    <ccc>XXXXXXXX</ccc>
                </filerCredentials>
            </filer>
            <liveTestFlag>LIVE</liveTestFlag>


        </filerInfo>
    </headerData>
    <formData>
        <coverPageHeader>
            <amendmentNo>1</amendmentNo>
            <securitiesClassTitle>Depository Shares each representing a 1/1000th interest in a share of 6.625% Series UU Cumulative Redeemable Perpetual Preferred Stock, $.01 par value</securitiesClassTitle>
            <eventDateRequiresFilingThisStatement>07/31/2025</eventDateRequiresFilingThisStatement>
            <issuerInfo>
                <issuerCik>0001051512</issuerCik>
                <issuerName>TELEPHONE AND DATA SYSTEMS, INC.</issuerName>
                <issuerCusip>879433787</issuerCusip>
                <issuerPrincipalExecutiveOfficeAddress>
                    <com:street1>30 North LaSalle Street, Suite 4000</com:street1>
                    <com:city>Chicago</com:city>
                    <com:stateOrCountry>IL</com:stateOrCountry>
                    <com:zipCode>60602</com:zipCode>
                </issuerPrincipalExecutiveOfficeAddress>
            </issuerInfo>
            <designateRulesPursuantThisScheduleFiled>
                <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
            </designateRulesPursuantThisScheduleFiled>
        </coverPageHeader>
        <coverPageHeaderReportingPersonDetails>

            <reportingPersonName> Picton Mahoney Asset Management</reportingPersonName>
            <citizenshipOrOrganization>Z4</citizenshipOrOrganization>
            <reportingPersonBeneficiallyOwnedNumberOfShares>
                <soleVotingPower>1193088</soleVotingPower>
                <sharedVotingPower>0</sharedVotingPower>
                <soleDispositivePower>1193088</soleDispositivePower>
                <sharedDispositivePower>0</sharedDispositivePower>
            </reportingPersonBeneficiallyOwnedNumberOfShares>
            <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1193088</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
            <classPercent>7.1</classPercent>
            <typeOfReportingPerson>PN</typeOfReportingPerson>
            <comments>Based upon Bloomberg 16.8 Million Outstanding Shares as of July 31,2025.	</comments>
        </coverPageHeaderReportingPersonDetails>
        <items>
            <item1>
                <issuerName>TELEPHONE AND DATA SYSTEMS, INC.</issuerName>
                <issuerPrincipalExecutiveOfficeAddress>30 North LaSalle Street, Suite 4000, Chicago, ILLINOIS, 60602</issuerPrincipalExecutiveOfficeAddress>
            </item1>
            <item2>
                <filingPersonName>Picton Mahoney Asset Management</filingPersonName>
                <principalBusinessOfficeOrResidenceAddress>33 Yonge Street, #320, Toronto, ON M5E 1G4</principalBusinessOfficeOrResidenceAddress>
                <citizenship>Canada</citizenship>
            </item2>
            <item3>
                <notApplicableFlag>N</notApplicableFlag>
                <typeOfPersonFiling>FI</typeOfPersonFiling>
                <otherTypeOfPersonFiling>Investment Fund Manager</otherTypeOfPersonFiling>
            </item3>
            <item4>
                <amountBeneficiallyOwned>1193088</amountBeneficiallyOwned>
                <classPercent>7.10</classPercent>
                <numberOfSharesPersonHas>
                    <solePowerOrDirectToVote>1193088</solePowerOrDirectToVote>
                    <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
                    <solePowerOrDirectToDispose>1193088</solePowerOrDirectToDispose>
                    <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
                </numberOfSharesPersonHas>
            </item4>
            <item5>
                <notApplicableFlag>Y</notApplicableFlag>
                <classOwnership5PercentOrLess>N</classOwnership5PercentOrLess>
            </item5>
            <item6>
                <notApplicableFlag>Y</notApplicableFlag>
            </item6>
            <item7>
                <notApplicableFlag>Y</notApplicableFlag>
            </item7>
            <item8>
                <notApplicableFlag>Y</notApplicableFlag>
            </item8>
            <item9>
                <notApplicableFlag>Y</notApplicableFlag>
            </item9>
            <item10>
                <notApplicableFlag>N</notApplicableFlag>
                <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.</certifications>
            </item10>
        </items>
        <signatureInformation>
            <reportingPersonName> Picton Mahoney Asset Management</reportingPersonName>
            <signatureDetails>
                <signature>Catrina Duong</signature>
                <title>Chief Compliance Officer</title>
                <date>08/18/2025</date>
            </signatureDetails>
        </signatureInformation>
        <signatureComments>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.</signatureComments>
    </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
