Schedule H, Part IV, Line 4i – Schedule Of Assets (Held At End Of Year)

12 Months Ended

Dec. 31, 2025

EBP 001 [Member]

EBP, Schedule of Asset Held for Investment [Line Items]

Schedule of Assets (Held at End of Year)

SOUTH BOW USA SERVICES INC. 401(k) AND SAVINGS PLAN

EIN #:

93-3827109

PLAN #: 001

SCHEDULE H, PART IV, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2025


(a)		(b) Identity of Issue, Borrower, Lessor or Similar Party		(c) Description of Investment		(d) Cost of Investment**		(e) Current Value
*		Fidelity® Growth CO K6		Mutual Fund				$	5,520,833
*		Fidelity® 500 Index Fund		Mutual Fund					5,098,663
*		Fidelity® Extended Market Index Fund		Mutual Fund					2,115,215
		Baird Core Plus Institutional Fund		Mutual Fund					872,192
		MFS International Diversification Fund R4		Mutual Fund					854,115
		Vanguard Federal Money Market Fund		Mutual Fund					844,797
		JPMorgan Equity Income Fund Class R6		Mutual Fund					982,813
		Baron Growth R6		Mutual Fund					380,086
*		Fidelity® U.S. Bond Index Fund		Mutual Fund					496,882
		Vanguard Total International Stock Fund AD		Mutual Fund					997,225
*		Fidelity® Inflation-Protected Bond Index Fund		Mutual Fund					290,524
*		Fidelity® Government Money Market		Mutual Fund					67
		Allspring Special Mid-Cap Value R6		Mutual Fund					430,541
		Vanguard Target Retirement 2025		Mutual Fund					1,196,489
		Vanguard Target Retirement 2030		Mutual Fund					1,820,573
		Vanguard Target Retirement 2035		Mutual Fund					2,079,556
		Vanguard Target Retirement 2040		Mutual Fund					1,332,796
		Vanguard Target Retirement 2045		Mutual Fund					4,019,136
		Vanguard Target Retirement 2050		Mutual Fund					2,198,096
		Vanguard Target Retirement 2055		Mutual Fund					1,637,701
		Vanguard Target Retirement 2060		Mutual Fund					2,579,907
		Vanguard Target Retirement 2065		Mutual Fund					67,443
		Vanguard Target Retirement 2070		Mutual Fund					15,411
		Vanguard Target Retirement Income Fund		Mutual Fund					89,812

		Total mutual funds						$	35,920,873

		Mellon Stable Value M		Common Collective Trust				$	140,257

		Total common collective trust						$	140,257

*		TC Energy Corporation		Common Stock				$	517,463
*		TC Energy Stock Fund		Stock Purchase Account					1,105

		Total TC Energy common stock						$	518,568

*		South Bow Corporation		Common Stock				$	733,632
*		South Bow Stock Fund		Stock Purchase Account					1,073

		Total South Bow common stock						$	734,705

		Total common stock						$	1,253,273

		Total investments						$	37,314,403
*		Participant loans		Interest rates ranging from 3.25% to 9.50% maturing through 2038		—		$	866,483

		Total						$	38,180,886

*	Represents a party-in-interest (Note 5).

**	Cost omitted for participant-directed investments.