Vanguard disaggregates holdings; TDS (NASDAQ: TDS) shows 0% beneficial ownership

Rhea-AI Filing Summary

The Vanguard Group filed Amendment No. 13 to a Schedule 13G/A reporting zero beneficial ownership in Telephone and Data Systems Inc. The filing states that, in accordance with SEC Release No. 34-39538 (January 12, 1998), Vanguard completed an internal realignment on January 12, 2026 and certain subsidiaries or business divisions will report beneficial ownership separately. The submission lists 0 shares owned and 0% of the class, with powers to vote and dispose recorded as 0.

Insights

Securities Compliance Expert

Amendment reflects reporting disaggregation under SEC Release No. 34-39538.

The filing documents an internal realignment and separate reporting by subsidiaries, citing SEC Release No. 34-39538 (January 12, 1998). The report lists 0 shares and 0% ownership as of the amendment.

Timing and structural details of the internal reorganization are stated; subsequent filings from the named subsidiaries will show their holdings. Cash‑flow treatment is not applicable to this disclosure.

Corporate Governance Expert

Realignment shifts beneficial‑ownership reporting to Vanguard’s subsidiaries, not an outright divestiture.

The filing explains that subsidiaries or business divisions that previously reported under The Vanguard Group will now report separately, pursuing the same investment strategies.

Governance implications are procedural: ownership appears disaggregated for reporting purposes only. Future Schedule 13 filings from the subsidiaries will provide the detailed holdings and percentages.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 13)

Telephone and Data Systems Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

879433829

(CUSIP Number)

03/13/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 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 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0 %

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. In accordance with SEC Release No. 34-39538 (January 12, 1998), certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were 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. Further in accordance with SEC Release No. 34-39538 (January 12, 1998), The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions.

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.:
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: 0
(b)	Percent of class: 0 %
(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: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
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, 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:	03/27/2026

FAQ

What did Vanguard report for Telephone and Data Systems (TDS)?

Vanguard reported 0 shares beneficially owned and 0% of the class. The amendment records voting and dispositive powers as 0, following an internal realignment.

Why does the filing say subsidiaries will report separately?

The filing states Vanguard underwent an internal realignment and, in accordance with SEC Release No. 34-39538, certain subsidiaries or business divisions will report beneficial ownership on a disaggregated basis.

Does this filing mean Vanguard sold TDS shares?

No definitive sale is stated. The amendment attributes reporting changes to internal realignment and disaggregation; it does not describe a sale or transfer of economic ownership.

Will Vanguard still have voting or dispositive power over TDS shares?

The amendment lists both voting and dispositive powers as 0. The filing explains those securities will be reported by subsidiaries separately under the cited SEC release.

Where will investors find the subsidiaries’ holdings in TDS?

Investors should consult subsequent Schedule 13 filings from the named subsidiaries or business divisions; those filings will disclose each subsidiary’s beneficial ownership amounts and percentages.