TELEPHONE & DATA SYSTEMS INC /DE/ - Common Shares ($0.01 par value) (TDS) Institutional Ownership

13F Institutional Holders and Ownership History from Q1 2014 to Q4 2025

Type / Class: Equity / Common Shares ($0.01 par value)
Symbol: TDS on NYSE
Shares outstanding: 115,489,855
Price per share: $41.00
All holders as of 30 Sep 2025: Q3 2025
Total 13F shares: 104,745,400
Total reported value: $4,110,064,212
% of total 13F portfolios: 0.01%
Share change: +3,226,403
Value change: +$133,948,579
Number of holders: 318
Price from insider filings: $41.00

Reported Shares, Excluding Options vs Price

Reported Value, Excluding Options

Total Investors

Significant Owners of TELEPHONE & DATA SYSTEMS INC /DE/ - Common Shares ($0.01 par value) (TDS) based on Schedule 13D/G filings

Filer	Ownership	Holdings Value	Nb Shares	Reporting Name	Report Period
BlackRock, Inc.	14%	$523,185,456	14,766,736	BlackRock, Inc.	31 Mar 2025
TELEPHONE & DATA SYSTEMS INC VOTING TRUST 1989	12%	$458,878,149	13,512,313	TELEPHONE & DATA SYSTEMS INC VOTING TRUST 1989	01 Aug 2025
Third Point LLC	5.7%	$212,580,000	6,000,000	Third Point LLC	17 Dec 2024

As of 30 Sep 2025, 318 institutional investors reported holding 104,745,400 shares of TELEPHONE & DATA SYSTEMS INC /DE/ - Common Shares ($0.01 par value) (TDS). This represents 91% of the company’s total 115,489,855 outstanding shares.

Top 25 Institutional Shareholders

The largest institutional shareholders of TELEPHONE & DATA SYSTEMS INC /DE/ - Common Shares ($0.01 par value) (TDS) together control 69% of the company’s outstanding shares — a level of ownership often associated with strong institutional conviction and long‑term capital commitment.

Institution	Ownership %	Shares Held	Share Change %	Portfolio %	Holdings Value
BlackRock, Inc.	13%	14,865,861	-3.5%	0.01%	$583,336,371
VANGUARD GROUP INC	10%	11,496,893	+0.18%	0.01%	$451,138,082
Third Point LLC	5.8%	6,707,274	-0.26%	3.1%	$263,193,432
DIMENSIONAL FUND ADVISORS LP	5.4%	6,290,568	-0.11%	0.05%	$246,836,059
STATE STREET CORP	3.5%	3,990,946	+0.44%	0.01%	$156,604,721
OAKTREE CAPITAL MANAGEMENT LP	3.2%	3,688,386		2.4%	$144,732,266
CARRONADE CAPITAL MANAGEMENT, LP	3.2%	3,680,500	+8.5%	14%	$144,423,000
AMERICAN CENTURY COMPANIES INC	3.1%	3,611,046	+0.09%	0.07%	$141,697,495
GOLDMAN SACHS GROUP INC	2.5%	2,866,457	-6%	0.02%	$112,479,774
GEODE CAPITAL MANAGEMENT, LLC	2%	2,348,739	+1.1%	0.01%	$92,177,051
MORGAN STANLEY	1.8%	2,071,654	+7.1%	0%	$81,291,768
GAMCO INVESTORS, INC. ET AL	1.4%	1,650,970	-12%	0.63%	$64,784,063
Rubric Capital Management LP	1.4%	1,600,000		0.84%	$62,784,000
GABELLI FUNDS LLC	1.4%	1,565,670	-16%	0.42%	$61,436,891
UBS Group AG	1.3%	1,476,373	+65%	0.01%	$57,932,876
Davidson Kempner Capital Management LP	1.2%	1,411,700		1%	$55,395,108
FOURSIXTHREE CAPITAL LP	1.2%	1,383,499	-15%	19%	$54,288,501
DEUTSCHE BANK AG\	1.1%	1,258,646	+156%	0.02%	$49,389,269
140 Summer Partners LP	1.1%	1,249,158	-24%	4.3%	$49,016,960
AMERIPRISE FINANCIAL INC	1%	1,194,623	-11%	0.01%	$46,877,007
Invesco Ltd.	1%	1,186,656	+26%	0.01%	$46,564,382
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.99%	1,145,603	-2.8%	0.01%	$44,953,462
Qube Research & Technologies Ltd	0.97%	1,121,227	-5.8%	0.06%	$43,996,947
NORTHERN TRUST CORP	0.92%	1,058,966	+0.54%	0.01%	$41,553,826
Diameter Capital Partners LP	0.89%	1,025,000	+133%	4.2%	$40,221,000

Institutional Holders of TELEPHONE & DATA SYSTEMS INC /DE/ - Common Shares ($0.01 par value) (TDS) across Reporting Periods

Period	Reported Shares, Excl. Options	Value, Excl. Options	Value Change	Puts Notional Value	Calls Notional Value	Price (Median)	Investors
2025 Q4	799,642	$32,848,532	+$10,378,046			$41.00	37
2025 Q3	104,745,400	$4,110,064,212	+$133,948,579	$32,545,656	$52,611,521	$39.24	318
2025 Q2	101,318,395	$3,604,887,624	+$50,815,537	$98,531,694	$87,428,271	$35.58	311
2025 Q1	97,076,750	$3,760,420,033	+$93,760,383	$109,472,616	$67,777,964	$38.74	303
2024 Q4	97,003,104	$3,308,605,632	+$91,582,703	$59,981,295	$57,587,514	$34.11	299
2024 Q3	93,945,185	$2,182,116,792	+$51,558,620	$14,017,900	$75,388,118	$23.25	277
2024 Q2	92,093,604	$1,909,037,876	+$37,802,250	$13,420,602	$52,088,271	$20.73	261
2024 Q1	90,412,141	$1,448,163,512	+$8,273,701	$16,965,180	$50,387,706	$16.02	254
2023 Q4	84,925	$2,167,877	-$385,621			$26.23	2
2023 Q3	89,170,401	$1,632,609,980	-$40,380,220	$7,463,156	$60,770,890	$18.31	253
2023 Q2	92,350,203	$760,022,900	+$8,087,133	$286,404	$534,950	$8.23	225
2023 Q1	91,895,327	$965,751,313	-$135,775,177	$51,499	$617,988	$10.51	231
2022 Q4	102,955,506	$1,080,125,798	+$93,290,063	$383,934	$456,315	$10.49	234
2022 Q3	95,742,778	$1,330,979,958	+$14,263,145	$218,000	$2,081,000	$13.90	214
2022 Q2	94,441,301	$1,488,958,247	-$39,087,667	$0	$1,198,000	$15.79	219
2022 Q1	96,643,239	$1,824,085,166	+$31,045,407	$442,000	$3,349,000	$18.88	197
2021 Q4	95,182,635	$1,917,798,610	+$36,118,124	$1,636,000	$2,304,000	$20.15	213
2021 Q3	93,154,401	$1,817,168,699	+$11,986,410	$2,654,000	$2,239,000	$19.50	211
2021 Q2	94,402,212	$2,138,827,797	+$84,194,948	$2,710,000	$3,406,000	$22.66	219
2021 Q1	90,992,190	$2,088,691,870	+$12,600,580	$1,844,000	$5,958,000	$22.96	239
2020 Q4	88,868,540	$1,650,063,034	-$52,834,169	$1,381,000	$2,100,000	$18.57	231
2020 Q3	92,985,617	$1,714,673,827	-$9,495,952	$2,024,000	$2,988,000	$18.44	237
2020 Q2	93,297,824	$1,854,721,471	-$19,937,668	$1,875,000	$1,278,000	$19.88	223
2020 Q1	95,091,250	$1,593,911,103	-$31,065,418	$112,000	$1,009,000	$16.76	214
2019 Q4	96,043,666	$2,441,748,675	+$16,008,710	$2,384,000	$3,608,000	$25.43	238
2019 Q3	95,323,307	$2,458,805,224	-$8,380,343	$2,572,000	$2,800,000	$25.80	270
2019 Q2	95,225,359	$2,894,758,622	+$153,011,481	$2,365,000	$1,638,000	$30.40	287
2019 Q1	93,592,242	$2,875,831,037	-$11,079,580	$6,640,000	$7,726,000	$30.73	289
2018 Q4	94,170,738	$3,064,113,884	+$16,720,766	$4,143,000	$7,307,000	$32.54	289
2018 Q3	93,657,208	$2,850,032,747	+$26,603,586	$2,954,000	$4,202,000	$30.43	260
2018 Q2	92,857,290	$2,545,943,913	+$17,825,154	$1,062,000	$1,610,000	$27.42	253
2018 Q1	93,031,417	$2,607,819,004	+$16,243,166	$1,185,000	$9,837,000	$28.03	251
2017 Q4	91,461,795	$2,542,615,758	-$67,128,861	$534,000	$2,886,000	$27.80	245
2017 Q3	93,771,368	$2,615,281,881	+$49,481,090	$647,000	$775,000	$27.89	221
2017 Q2	91,979,993	$2,552,372,295	+$47,160,752	$932,000	$1,871,000	$27.75	226
2017 Q1	88,420,796	$2,344,135,736	+$437,148,658	$1,190,000	$1,850,000	$26.51	236
2016 Q4	87,286,321	$2,514,690,667	+$9,095,836	$173,000	$967,000	$28.87	244
2016 Q3	88,251,803	$2,397,734,507	+$389,077	$27,000	$4,703,000	$27.18	234
2016 Q2	88,234,290	$2,617,008,012	-$13,580,029	$137,000	$5,947,000	$29.66	239
2016 Q1	88,879,632	$2,674,121,150	+$13,483,294	$863,000	$5,772,000	$30.09	241
2015 Q4	87,821,737	$2,273,682,383	-$14,961,180	$254,000	$91,000	$25.89	245
2015 Q3	88,557,870	$2,210,449,176	+$12,110,081	$841,000	$328,000	$24.96	241
2015 Q2	87,309,195	$2,566,875,414	+$20,511,031	$35,000	$2,202,000	$29.40	240
2015 Q1	85,702,809	$2,133,569,968	-$28,421,388	$314,000	$1,420,000	$24.90	210
2014 Q4	86,599,041	$2,186,024,489	+$3,910,092	$302,000	$2,847,000	$25.25	209
2014 Q3	84,797,134	$2,031,674,817	+$12,214,351	$422,000	$4,028,000	$23.96	205
2014 Q2	85,420,943	$2,230,191,108	-$25,833,581	$869,000	$1,648,000	$26.11	216
2014 Q1	85,660,239	$2,245,194,973	+$82,991,341	$2,708,000	$3,729,000	$26.21	213