| Schedule H, Line 4i - Schedule of Assets (Held at End of Year) |
| | | | | | | | | | | | | | | | | | Telephone and Data Systems, Inc. | | Tax-Deferred Savings Plan | | | Schedule H, Line 4i - Schedule of Assets (Held at End of Year) | Plan 003 EIN 36-2669023 | | December 31, 2025 | | (Dollars in thousands) | | | | | | | | (a) | (b) | (c) | (d) | (e) | | Identity of Issue, Borrower, Lessor, or Similar Party | Description of Investment Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value | Cost | Current Value | | | Common/Collective Trusts | | | | | | | Vanguard | Retirement Savings Trust II | ** | $ | 95,793 | | | Vanguard | Target Retirement Income and Growth Trust I | ** | 3,348 | | | | Vanguard | Target Retirement Income Trust I | ** | 11,368 | | | | Vanguard | Target 2020 Retirement Trust I | ** | 11,862 | | | | Vanguard | Target 2025 Retirement Trust I | ** | 33,623 | | | | Vanguard | Target 2030 Retirement Trust I | ** | 64,635 | | | | Vanguard | Target 2035 Retirement Trust I | ** | 83,615 | | | | Vanguard | Target 2040 Retirement Trust I | ** | 75,220 | | | | Vanguard | Target 2045 Retirement Trust I | ** | 88,822 | | | | Vanguard | Target 2050 Retirement Trust I | ** | 80,277 | | | | Vanguard | Target 2055 Retirement Trust I | ** | 47,991 | | | | Vanguard | Target 2060 Retirement Trust I | ** | 24,422 | | | Vanguard | Target 2065 Retirement Trust I | ** | 8,404 | | | Vanguard | Target 2070 Retirement Trust I | ** | 2,616 | | | Vanguard | Institutional 500 Index Trust | ** | 226,315 | | | Vanguard | Institutional Total International Stock Market Index Trust | ** | 150,039 | | | * | BlackRock | Intermediate Government/Credit Bond Index Fund F | ** | 94,536 | | | Total Common/Collective Trusts | | | | 1,102,886 | | | | | | | | | | Common Stock of Plan Sponsor and Subsidiary | | | | | * | Telephone and Data Systems, Inc. | Common Stock Fund | ** | 13,762 | | | * | Array Digital Infrastructure, Inc. | Common Stock Fund | ** | 10,586 | | | Total Common Stock of Plan Sponsor and Subsidiary | | | 24,348 | | | | | | | | | | Mutual Funds | | | | | | | Vanguard | Small Cap Value Index Fund | ** | 68,628 | | | | Vanguard | Value Index Fund | ** | 96,337 | | | | Vanguard | Small Cap Growth Index Fund | ** | 59,080 | | | | Vanguard | Growth Index Fund | ** | 227,787 | | | * | Northern Institutional Funds | U.S. Government Select Portfolio | ** | 110 | | | Total Mutual Funds | | | | 451,942 | | | | | | | | | * | Participant Loans | Interest rates range from 4.25% to 9.50%, maturing through December 2030 | 8,139 | | | | | | | | $ | 1,587,315 | | | * Represents a party-in-interest, as defined by ERISA. | | | | ** The cost of participant-directed investments is not required to be disclosed. | | | |
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