Vanguard holds 10.53% of Telephone and Data Systems (NYSE: TDS)

Rhea-AI Filing Summary

The Vanguard Group reports beneficial ownership of 11,375,121 shares of Telephone and Data Systems common stock, representing 10.53% of the class as of December 31, 2025. Vanguard has shared voting power over 783,720 shares and shared dispositive power over all 11,375,121 shares, with no sole voting or dispositive power.

The shares are held for clients, who have rights to dividends and sale proceeds, and no single client holds more than 5% of the class. Vanguard states the position is held in the ordinary course of business and not to change or influence control of Telephone and Data Systems. An internal realignment effective January 12, 2026 means certain Vanguard subsidiaries will report beneficial ownership separately going forward.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 12)

Telephone and Data Systems Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

879433829

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 879433829

1

Names of Reporting Persons

The Vanguard Group

2

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

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 783,720.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 11,375,121.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,375,121.00

10

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

11

Percent of class represented by amount in row (9)

10.53 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment. As of that date, The Vanguard Group, Inc. no longer performs portfolio management services or administers proxy voting. In accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. anticipates that certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that currently have, or are deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release. These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment.

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, IL, 60602
Item 2.
(a)	Name of person filing: The Vanguard Group
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd., Malvern, PA 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 879433829
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).
Item 4.	Ownership
(a)	Amount beneficially owned: 11375121
(b)	Percent of class: 10.53 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 783720
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 11375121
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%.
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 held 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, other than activities solely in connection with a nomination under § 240.14a-11.

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.

The Vanguard Group

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	01/30/2026

FAQ

What ownership stake does The Vanguard Group report in TDS?

The Vanguard Group reports beneficial ownership of 11,375,121 TDS common shares, equal to 10.53% of the class. This stake includes shared voting power over 783,720 shares and shared dispositive power over all 11,375,121 shares as of December 31, 2025.

How much voting power does Vanguard have over TDS shares?

Vanguard reports no sole voting power over TDS, but shared voting power over 783,720 shares. It also reports shared dispositive power over 11,375,121 shares, meaning decisions to sell or dispose are made on a shared, not exclusive, basis.

Are Vanguard’s TDS shares held to influence control of the company?

Vanguard certifies the TDS shares are held in the ordinary course of business, not to change or influence control. The position is not held in connection with any transaction aimed at influencing control, other than activities solely linked to proxy nomination rules cited.

Who ultimately benefits from Vanguard’s TDS shareholdings?

Vanguard states its clients have the right to receive dividends and sale proceeds from the TDS shares. These clients include registered investment companies and other managed accounts, and no single other person’s interest in the reported securities exceeds 5% of the class.

What internal changes at Vanguard affect how its TDS ownership is reported?

Vanguard completed an internal realignment on January 12, 2026 and no longer performs portfolio management or proxy voting. Certain subsidiaries or business divisions will report beneficial ownership separately on a disaggregated basis, while pursuing the same investment strategies previously used by Vanguard.

What type of securities does Vanguard hold in Telephone and Data Systems (TDS)?

Vanguard reports holdings in Telephone and Data Systems’ common stock, identified by CUSIP 879433829. All figures in the disclosure relate to this single class of common shares, with beneficial ownership and voting details provided as of December 31, 2025.