<?xml version="1.0" encoding="utf-8"?>
<Return returnVersion="2021v4.2" xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2022-09-12T09:13:01-05:00</ReturnTs>
    <TaxPeriodEndDt>2021-12-31</TaxPeriodEndDt>
    <ReturnTypeCd>990</ReturnTypeCd>
    <TaxPeriodBeginDt>2021-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>363930160</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>Telephone and Data Systems Inc Employee Benefit Trust</BusinessNameLine1Txt>
      </BusinessName>
      <InCareOfNm>% Daniel DeWitt</InCareOfNm>
      <BusinessNameControlTxt>TELE</BusinessNameControlTxt>
      <PhoneNum>6086648600</PhoneNum>
      <USAddress>
        <AddressLine1Txt>PO Box 628010</AddressLine1Txt>
        <CityNm>Middleton</CityNm>
        <StateAbbreviationCd>WI</StateAbbreviationCd>
        <ZIPCd>53562</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>DANIEL DEWITT</PersonNm>
      <PersonTitleTxt>Senior VP Human Resources</PersonTitleTxt>
      <PhoneNum>6086648600</PhoneNum>
      <SignatureDt>2022-09-12</SignatureDt>
    </BusinessOfficerGrp>
    <SigningOfficerGrp>
      <PersonFullName>
        <PersonFirstNm>DANIEL</PersonFirstNm>
        <PersonLastNm>DEWITT</PersonLastNm>
      </PersonFullName>
      <SSN>999009999</SSN>
    </SigningOfficerGrp>
    <AdditionalFilerInformation>
      <TrustedCustomerGrp>
        <TrustedCustomerCd>0</TrustedCustomerCd>
        <IdentityAssuranceLevelCd>IAL1</IdentityAssuranceLevelCd>
      </TrustedCustomerGrp>
    </AdditionalFilerInformation>
    <TaxYr>2021</TaxYr>
    <BuildTS>2023-04-26 12:10:37Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="4">
    <IRS990 documentId="IRS990-18-1" softwareId="21013244" softwareVersionNum="ta21mefv1.0" referenceDocumentId="IRS990ScheduleO-83-1">
      <PrincipalOfficerNm>DAN DEWITT</PrincipalOfficerNm>
      <USAddress>
        <AddressLine1Txt>PO Box 628010</AddressLine1Txt>
        <CityNm>Middleton</CityNm>
        <StateAbbreviationCd>WI</StateAbbreviationCd>
        <ZIPCd>53562</ZIPCd>
      </USAddress>
      <GrossReceiptsAmt>113450684</GrossReceiptsAmt>
      <GroupReturnForAffiliatesInd>false</GroupReturnForAffiliatesInd>
      <Organization501cInd organization501cTypeTxt="9">X</Organization501cInd>
      <TypeOfOrganizationTrustInd>X</TypeOfOrganizationTrustInd>
      <FormationYr>1993</FormationYr>
      <LegalDomicileStateCd>IL</LegalDomicileStateCd>
      <ActivityOrMissionDesc>receive contributions from employees participating employers for health and welfare premiums to pay claims premiums and admin fees</ActivityOrMissionDesc>
      <VotingMembersGoverningBodyCnt>5</VotingMembersGoverningBodyCnt>
      <VotingMembersIndependentCnt>0</VotingMembersIndependentCnt>
      <TotalEmployeeCnt>0</TotalEmployeeCnt>
      <TotalGrossUBIAmt>634959</TotalGrossUBIAmt>
      <NetUnrelatedBusTxblIncmAmt>614959</NetUnrelatedBusTxblIncmAmt>
      <CYContributionsGrantsAmt>0</CYContributionsGrantsAmt>
      <PYProgramServiceRevenueAmt>114689690</PYProgramServiceRevenueAmt>
      <CYProgramServiceRevenueAmt>112008411</CYProgramServiceRevenueAmt>
      <PYInvestmentIncomeAmt>372016</PYInvestmentIncomeAmt>
      <CYInvestmentIncomeAmt>634959</CYInvestmentIncomeAmt>
      <CYOtherRevenueAmt>0</CYOtherRevenueAmt>
      <PYTotalRevenueAmt>115061706</PYTotalRevenueAmt>
      <CYTotalRevenueAmt>112643370</CYTotalRevenueAmt>
      <CYGrantsAndSimilarPaidAmt>0</CYGrantsAndSimilarPaidAmt>
      <PYBenefitsPaidToMembersAmt>105281466</PYBenefitsPaidToMembersAmt>
      <CYBenefitsPaidToMembersAmt>117461539</CYBenefitsPaidToMembersAmt>
      <CYSalariesCompEmpBnftPaidAmt>0</CYSalariesCompEmpBnftPaidAmt>
      <CYTotalProfFndrsngExpnsAmt>0</CYTotalProfFndrsngExpnsAmt>
      <CYTotalFundraisingExpenseAmt>0</CYTotalFundraisingExpenseAmt>
      <PYOtherExpensesAmt>4808080</PYOtherExpensesAmt>
      <CYOtherExpensesAmt>4696074</CYOtherExpensesAmt>
      <PYTotalExpensesAmt>110089546</PYTotalExpensesAmt>
      <CYTotalExpensesAmt>122157613</CYTotalExpensesAmt>
      <PYRevenuesLessExpensesAmt>4972160</PYRevenuesLessExpensesAmt>
      <CYRevenuesLessExpensesAmt>-9514243</CYRevenuesLessExpensesAmt>
      <TotalAssetsBOYAmt>39968276</TotalAssetsBOYAmt>
      <TotalAssetsEOYAmt>30805922</TotalAssetsEOYAmt>
      <TotalLiabilitiesBOYAmt>8264840</TotalLiabilitiesBOYAmt>
      <TotalLiabilitiesEOYAmt>9830977</TotalLiabilitiesEOYAmt>
      <NetAssetsOrFundBalancesBOYAmt>31703436</NetAssetsOrFundBalancesBOYAmt>
      <NetAssetsOrFundBalancesEOYAmt>20974945</NetAssetsOrFundBalancesEOYAmt>
      <MissionDesc>To provide health and welfare group insurance coverage for participating employers and employees</MissionDesc>
      <SignificantNewProgramSrvcInd>false</SignificantNewProgramSrvcInd>
      <SignificantChangeInd>false</SignificantChangeInd>
      <ExpenseAmt>117461539</ExpenseAmt>
      <RevenueAmt>112643370</RevenueAmt>
      <Desc>collected both employer and employee contributions for Health and Well-being group insurance coverage</Desc>
      <TotalProgramServiceExpensesAmt>117461539</TotalProgramServiceExpensesAmt>
      <DescribedInSection501c3Ind>false</DescribedInSection501c3Ind>
      <ScheduleBRequiredInd>false</ScheduleBRequiredInd>
      <PoliticalCampaignActyInd>false</PoliticalCampaignActyInd>
      <LobbyingActivitiesInd>false</LobbyingActivitiesInd>
      <SubjectToProxyTaxInd>false</SubjectToProxyTaxInd>
      <DonorAdvisedFundInd referenceDocumentId="IRS990ScheduleD-67-1">false</DonorAdvisedFundInd>
      <ConservationEasementsInd referenceDocumentId="IRS990ScheduleD-67-1">false</ConservationEasementsInd>
      <CollectionsOfArtInd referenceDocumentId="IRS990ScheduleD-67-1">false</CollectionsOfArtInd>
      <CreditCounselingInd referenceDocumentId="IRS990ScheduleD-67-1">false</CreditCounselingInd>
      <DonorRstrOrQuasiEndowmentsInd referenceDocumentId="IRS990ScheduleD-67-1">false</DonorRstrOrQuasiEndowmentsInd>
      <ReportLandBuildingEquipmentInd referenceDocumentId="IRS990ScheduleD-67-1">false</ReportLandBuildingEquipmentInd>
      <ReportInvestmentsOtherSecInd referenceDocumentId="IRS990ScheduleD-67-1">false</ReportInvestmentsOtherSecInd>
      <ReportProgramRelatedInvstInd referenceDocumentId="IRS990ScheduleD-67-1">false</ReportProgramRelatedInvstInd>
      <ReportOtherAssetsInd referenceDocumentId="IRS990ScheduleD-67-1">false</ReportOtherAssetsInd>
      <ReportOtherLiabilitiesInd referenceDocumentId="IRS990ScheduleD-67-1">true</ReportOtherLiabilitiesInd>
      <IncludeFIN48FootnoteInd referenceDocumentId="IRS990ScheduleD-67-1">false</IncludeFIN48FootnoteInd>
      <IndependentAuditFinclStmtInd referenceDocumentId="IRS990ScheduleD-67-1">true</IndependentAuditFinclStmtInd>
      <ConsolidatedAuditFinclStmtInd referenceDocumentId="IRS990ScheduleD-67-1">false</ConsolidatedAuditFinclStmtInd>
      <SchoolOperatingInd>false</SchoolOperatingInd>
      <ForeignOfficeInd>false</ForeignOfficeInd>
      <ForeignActivitiesInd>false</ForeignActivitiesInd>
      <MoreThan5000KToOrgInd>false</MoreThan5000KToOrgInd>
      <MoreThan5000KToIndividualsInd>false</MoreThan5000KToIndividualsInd>
      <ProfessionalFundraisingInd>false</ProfessionalFundraisingInd>
      <FundraisingActivitiesInd>false</FundraisingActivitiesInd>
      <GamingActivitiesInd>false</GamingActivitiesInd>
      <OperateHospitalInd>false</OperateHospitalInd>
      <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
      <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
      <ScheduleJRequiredInd>false</ScheduleJRequiredInd>
      <TaxExemptBondsInd>false</TaxExemptBondsInd>
      <EngagedInExcessBenefitTransInd>false</EngagedInExcessBenefitTransInd>
      <PYExcessBenefitTransInd>false</PYExcessBenefitTransInd>
      <LoanOutstandingInd>false</LoanOutstandingInd>
      <GrantToRelatedPersonInd>false</GrantToRelatedPersonInd>
      <BusinessRlnWithOrgMemInd>false</BusinessRlnWithOrgMemInd>
      <BusinessRlnWithFamMemInd>false</BusinessRlnWithFamMemInd>
      <BusinessRlnWith35CtrlEntInd>false</BusinessRlnWith35CtrlEntInd>
      <DeductibleNonCashContriInd>false</DeductibleNonCashContriInd>
      <DeductibleArtContributionInd>false</DeductibleArtContributionInd>
      <TerminateOperationsInd>false</TerminateOperationsInd>
      <PartialLiquidationInd>false</PartialLiquidationInd>
      <DisregardedEntityInd referenceDocumentId="IRS990ScheduleR-85-1">false</DisregardedEntityInd>
      <RelatedEntityInd referenceDocumentId="IRS990ScheduleR-85-1">true</RelatedEntityInd>
      <RelatedOrganizationCtrlEntInd>false</RelatedOrganizationCtrlEntInd>
      <ActivitiesConductedPrtshpInd referenceDocumentId="IRS990ScheduleR-85-1">false</ActivitiesConductedPrtshpInd>
      <ScheduleORequiredInd>true</ScheduleORequiredInd>
      <IRPDocumentCnt>0</IRPDocumentCnt>
      <IRPDocumentW2GCnt>0</IRPDocumentW2GCnt>
      <BackupWthldComplianceInd>false</BackupWthldComplianceInd>
      <EmployeeCnt>0</EmployeeCnt>
      <UnrelatedBusIncmOverLimitInd>true</UnrelatedBusIncmOverLimitInd>
      <Form990TFiledInd>true</Form990TFiledInd>
      <ForeignFinancialAccountInd>false</ForeignFinancialAccountInd>
      <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
      <TaxablePartyNotificationInd>false</TaxablePartyNotificationInd>
      <NondeductibleContributionsInd>false</NondeductibleContributionsInd>
      <IndoorTanningServicesInd>false</IndoorTanningServicesInd>
      <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      <SubjectToExcsTaxNetInvstIncInd>false</SubjectToExcsTaxNetInvstIncInd>
      <ExcsTaxSect4951Or4952Or4953Ind>false</ExcsTaxSect4951Or4952Or4953Ind>
      <InfoInScheduleOPartVIInd>X</InfoInScheduleOPartVIInd>
      <GoverningBodyVotingMembersCnt>5</GoverningBodyVotingMembersCnt>
      <IndependentVotingMemberCnt>0</IndependentVotingMemberCnt>
      <FamilyOrBusinessRlnInd>false</FamilyOrBusinessRlnInd>
      <DelegationOfMgmtDutiesInd>false</DelegationOfMgmtDutiesInd>
      <ChangeToOrgDocumentsInd>false</ChangeToOrgDocumentsInd>
      <MaterialDiversionOrMisuseInd>false</MaterialDiversionOrMisuseInd>
      <MembersOrStockholdersInd>false</MembersOrStockholdersInd>
      <ElectionOfBoardMembersInd>false</ElectionOfBoardMembersInd>
      <DecisionsSubjectToApprovaInd>false</DecisionsSubjectToApprovaInd>
      <MinutesOfGoverningBodyInd>true</MinutesOfGoverningBodyInd>
      <MinutesOfCommitteesInd>true</MinutesOfCommitteesInd>
      <OfficerMailingAddressInd>false</OfficerMailingAddressInd>
      <LocalChaptersInd>false</LocalChaptersInd>
      <Form990ProvidedToGvrnBodyInd>false</Form990ProvidedToGvrnBodyInd>
      <ConflictOfInterestPolicyInd>false</ConflictOfInterestPolicyInd>
      <WhistleblowerPolicyInd>false</WhistleblowerPolicyInd>
      <DocumentRetentionPolicyInd>false</DocumentRetentionPolicyInd>
      <CompensationProcessCEOInd>false</CompensationProcessCEOInd>
      <CompensationProcessOtherInd>false</CompensationProcessOtherInd>
      <InvestmentInJointVentureInd>false</InvestmentInJointVentureInd>
      <StatesWhereCopyOfReturnIsFldCd>IL</StatesWhereCopyOfReturnIsFldCd>
      <UponRequestInd>X</UponRequestInd>
      <BooksInCareOfDetail>
        <BusinessName>
          <BusinessNameLine1Txt>Telephone and Data Systems Inc</BusinessNameLine1Txt>
        </BusinessName>
        <PhoneNum>6086648600</PhoneNum>
        <USAddress>
          <AddressLine1Txt>PO Box 628010</AddressLine1Txt>
          <CityNm>Middleton</CityNm>
          <StateAbbreviationCd>WI</StateAbbreviationCd>
          <ZIPCd>53562</ZIPCd>
        </USAddress>
      </BooksInCareOfDetail>
      <NoListedPersonsCompensatedInd>X</NoListedPersonsCompensatedInd>
      <Form990PartVIISectionAGrp>
        <PersonNm>LEROY T CARLSON</PersonNm>
        <TitleTxt>IMC member</TitleTxt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>PETER SEREDA</PersonNm>
        <TitleTxt>IMC member</TitleTxt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>MICHELLE BRUKWICKI</PersonNm>
        <TitleTxt>IMC member</TitleTxt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JOHN TOOMEY</PersonNm>
        <TitleTxt>IMC member</TitleTxt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>DANIEL DEWITT</PersonNm>
        <TitleTxt>IMC member</TitleTxt>
        <IndividualTrusteeOrDirectorInd>X</IndividualTrusteeOrDirectorInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <FormerOfcrEmployeesListedInd>false</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>false</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>false</CompensationFromOtherSrcsInd>
      <ProgramServiceRevenueGrp>
        <Desc>Employer Contributions</Desc>
        <BusinessCd>525100</BusinessCd>
        <TotalRevenueColumnAmt>80193468</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>80193468</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>Employee Contributions</Desc>
        <BusinessCd>525100</BusinessCd>
        <TotalRevenueColumnAmt>31814943</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>31814943</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>112008411</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>111118</TotalRevenueColumnAmt>
        <UnrelatedBusinessRevenueAmt>111118</UnrelatedBusinessRevenueAmt>
      </InvestmentIncomeGrp>
      <GrossAmountSalesAssetsGrp>
        <SecuritiesAmt>1331155</SecuritiesAmt>
      </GrossAmountSalesAssetsGrp>
      <LessCostOthBasisSalesExpnssGrp>
        <SecuritiesAmt>807314</SecuritiesAmt>
      </LessCostOthBasisSalesExpnssGrp>
      <GainOrLossGrp>
        <SecuritiesAmt>523841</SecuritiesAmt>
      </GainOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>523841</TotalRevenueColumnAmt>
        <UnrelatedBusinessRevenueAmt>523841</UnrelatedBusinessRevenueAmt>
      </NetGainOrLossInvestmentsGrp>
      <NetIncmFromFundraisingEvtGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
      </NetIncmFromFundraisingEvtGrp>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>112643370</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>112008411</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>634959</UnrelatedBusinessRevenueAmt>
      </TotalRevenueGrp>
      <BenefitsToMembersGrp>
        <TotalAmt>117461539</TotalAmt>
      </BenefitsToMembersGrp>
      <OtherExpensesGrp>
        <Desc>Administration Fees</Desc>
        <TotalAmt>4588481</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>UBIT</Desc>
        <TotalAmt>107593</TotalAmt>
      </OtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>122157613</TotalAmt>
        <ProgramServicesAmt>0</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <AccountsReceivableGrp>
        <BOYAmt>2959491</BOYAmt>
        <EOYAmt>3554936</EOYAmt>
      </AccountsReceivableGrp>
      <InvestmentsPubTradedSecGrp>
        <BOYAmt>37008785</BOYAmt>
        <EOYAmt>27250986</EOYAmt>
      </InvestmentsPubTradedSecGrp>
      <TotalAssetsGrp>
        <BOYAmt>39968276</BOYAmt>
        <EOYAmt>30805922</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>1236906</BOYAmt>
        <EOYAmt>1600135</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <OtherLiabilitiesGrp>
        <BOYAmt>7027934</BOYAmt>
        <EOYAmt>8230842</EOYAmt>
      </OtherLiabilitiesGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>8264840</BOYAmt>
        <EOYAmt>9830977</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
      <RtnEarnEndowmentIncmOthFndsGrp>
        <BOYAmt>31703436</BOYAmt>
        <EOYAmt>20974945</EOYAmt>
      </RtnEarnEndowmentIncmOthFndsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>31703436</BOYAmt>
        <EOYAmt>20974945</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>39968276</BOYAmt>
        <EOYAmt>30805922</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <ReconcilationRevenueExpnssAmt>-9514243</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>-1214248</NetUnrlzdGainsLossesInvstAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>false</AccountantCompileOrReviewInd>
      <FSAuditedInd>true</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>true</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>false</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleD documentId="IRS990ScheduleD-67-1" softwareId="21013244" softwareVersionNum="ta21mefv1.0">
      <DisclosedOrgLegCtrlInd>false</DisclosedOrgLegCtrlInd>
      <DisclosedForCharitablePrpsInd>false</DisclosedForCharitablePrpsInd>
      <WrittenPolicyMonitoringInd>false</WrittenPolicyMonitoringInd>
      <Section170hRqrStsfdInd>false</Section170hRqrStsfdInd>
      <SolicitedAssetsSaleInd>false</SolicitedAssetsSaleInd>
      <AgentTrusteeEtcInd>false</AgentTrusteeEtcInd>
      <InclEscrowCustodialAcctLiabInd>false</InclEscrowCustodialAcctLiabInd>
      <OtherLiabilitiesOrgGrp>
        <Desc>Incurred by Not Paid IBNP</Desc>
        <Amt>8230842</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>8230842</TotalLiabilityAmt>
      <TotalRevEtcAuditedFinclStmtAmt>120162878</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>351888</NetUnrealizedGainsInvstAmt>
      <OtherRevenueAmt>7167619</OtherRevenueAmt>
      <RevenueNotReportedAmt>7519507</RevenueNotReportedAmt>
      <RevenueSubtotalAmt>112643371</RevenueSubtotalAmt>
      <TotalRevenuePerForm990Amt>112643371</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>122157613</TotExpnsEtcAuditedFinclStmtAmt>
      <ExpensesSubtotalAmt>122157613</ExpensesSubtotalAmt>
      <TotalExpensesPerForm990Amt>122157613</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>P11, Ln 2d</FormAndLineReferenceDesc>
        <ExplanationTxt>Net Increase in 401(h) account</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleO documentId="IRS990ScheduleO-84-1" softwareId="21013244" softwareVersionNum="ta21mefv1.0">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part VI Line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>Form 990 is initally prepared by the employee benefits department and then</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part VI Line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>reviewed by the tax department. A final review is performed by one IMC mem</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Part VI Line 19</FormAndLineReferenceDesc>
        <ExplanationTxt>No documents available to the public</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990,Part VI, Line 1a</FormAndLineReferenceDesc>
        <ExplanationTxt>TDS has appointed a committee, the Investment Management Committee</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, line 1a</FormAndLineReferenceDesc>
        <ExplanationTxt>comprised of 5 members, who are listed in part VII, Section A</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, line 1a</FormAndLineReferenceDesc>
        <ExplanationTxt>The Committee is a named fiduciary for the TDS Employee Benefit Trust</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, line 1a</FormAndLineReferenceDesc>
        <ExplanationTxt>and authorized to direct the Trustee, Northern Trust</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990,Part VI, Line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>The form 990 is initially prepared by the employee benefit department</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>and then reviewed by the tax department. A final review is performed</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Form 990, Part VI, line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>by one memeber of the Investment Management Committee who signs</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>From 990, Part VI, line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>as the designated officer</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="IRS990ScheduleR-85-1" softwareId="21013244" softwareVersionNum="ta21mefv1.0">
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>Telephone and Data Systems Inc</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <PrimaryActivitiesTxt>Telecommunications</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>IL</LegalDomicileStateCd>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>na</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <EntityTypeTxt>Corporation</EntityTypeTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>Telephone and Data Systems Inc Tax-Deferred Savings Plan</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <PrimaryActivitiesTxt>401k Plan</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>IL</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>trust</EntityTypeTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>Telephone and Data Systems Inc Pension Plan</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <PrimaryActivitiesTxt>DC pension plan</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>IL</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>trust</EntityTypeTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>Telephone and Data Systems Inc Group Insurance Plan</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <PrimaryActivitiesTxt>group insurance plan</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>IL</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>trust</EntityTypeTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <ReceiptOfIntAnntsRntsRyltsInd>false</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>false</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>false</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>false</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>false</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>false</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>false</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>false</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>false</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>false</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>false</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>false</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>false</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>false</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>false</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>false</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>false</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>false</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>false</TransferFromOtherOrgInd>
    </IRS990ScheduleR>
  </ReturnData>
</Return>
