<SEC-DOCUMENT>0001051512-16-000091.txt : 20160524
<SEC-HEADER>0001051512-16-000091.hdr.sgml : 20160524
<ACCEPTANCE-DATETIME>20160524163916
ACCESSION NUMBER:		0001051512-16-000091
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20160524
DATE AS OF CHANGE:		20160524

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELEPHONE & DATA SYSTEMS INC /DE/
		CENTRAL INDEX KEY:			0001051512
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				362669023
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14157
		FILM NUMBER:		161672286

	BUSINESS ADDRESS:	
		STREET 1:		30 NORTH LASALLE STREET
		STREET 2:		STE 4000
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
		BUSINESS PHONE:		3126301900

	MAIL ADDRESS:	
		STREET 1:		30 NORTH LASALLE STREET
		STREET 2:		STE 4000
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60602
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>tds11k.htm
<DESCRIPTION>11-K
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:8pt">(Mark one)</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
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            <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Report of Independent Registered Public Accounting Firm</font></p>
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            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">To </font><font style="font-family:Helvetica; font-size:9pt">the Investment Management Committee</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Telephone and Data Systems, Inc. Tax-Deferred Savings Plan</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Chicago, Illinois</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">We have audited the accompanying statements of net assets available for benefits of Telephone and Data Systems, Inc. Tax-Deferred Savings Plan</font><font style="font-family:Helvetica; font-size:9pt"> (the &#8220;Plan&#8221;) as of December 31, 2015 and 2014, and the related statement of changes in net assets available for benefits for the year ended December 31, 2015.&#160; These financial statements are the responsibility of the Plan&#39;s management. Our responsibility </font><font style="font-family:Helvetica; font-size:9pt">is to express an opinion on these financial statements based on our audits.</font></p>
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            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the aud</font><font style="font-family:Helvetica; font-size:9pt">it to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.&#160; An audit also includes a</font><font style="font-family:Helvetica; font-size:9pt">ssessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</font></p>
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            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">In our opinion, the financial </font><font style="font-family:Helvetica; font-size:9pt">statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2015 and 2014, and the changes in net assets available for benefits for the year ended December 31, 2015, in conform</font><font style="font-family:Helvetica; font-size:9pt">ity with accounting principles generally accepted in the United States of America.</font></p>
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            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">The supplemental information in the accompanying schedule of Schedule H, Line 4i &#8211; Schedule of Assets (Held at End of Year) as of December 31, 2015 has been subjected to au</font><font style="font-family:Helvetica; font-size:9pt">dit procedures performed in conjunction with the audit of the Plan&#8217;s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental inf</font><font style="font-family:Helvetica; font-size:9pt">ormation required by the Department of Labor&#8217;s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan&#39;s management. Our audit procedures i</font><font style="font-family:Helvetica; font-size:9pt">ncluded determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable and performing procedures to test the completeness and accuracy of the information presented in th</font><font style="font-family:Helvetica; font-size:9pt">e supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor&#8217;s Ru</font><font style="font-family:Helvetica; font-size:9pt">les and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated in all material respects in relation to the financial statements as a whole.</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:89.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM8"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM9"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:top; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:top; width:2.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM10"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:89.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM11"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM12"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">130,665</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:2.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM13"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:89.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM14"></a><font style="font-family:Helvetica; font-size:9pt">138,992</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="3" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM15"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">2,778,247</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:top; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:top; width:2.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM16"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:89.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM17"></a><font style="font-family:Helvetica; font-size:9pt">&#8211;</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Notes receivable from participants</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM18"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">13,450,632</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:2.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM19"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:89.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM20"></a><font style="font-family:Helvetica; font-size:9pt">12,731,370</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="3" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Due from broker for securities sold</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM21"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#8211;</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:top; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:top; width:2.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM22"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:89.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM23"></a><font style="font-family:Helvetica; font-size:9pt">255,178</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="2" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Total </font><font style="font-family:Helvetica; font-size:9pt">receivables</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM24"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">16,359,544</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:2.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM25"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:89.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM26"></a><font style="font-family:Helvetica; font-size:9pt">13,125,540</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM27"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:top; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:top; width:2.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM28"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; width:89.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM29"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Total assets</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM30"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">791,419,238</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:2.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:89.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM31"></a><font style="font-family:Helvetica; font-size:9pt">784,560,622</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM32"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:top; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:top; width:2.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:89.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM33"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td colspan="4" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM34"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:2.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:89.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM35"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="3" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM36"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">34,775</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:top; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:89.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM37"></a><font style="font-family:Helvetica; font-size:9pt">&#8211;</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                </tr>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Due to broker for securities purchased</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM38"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#8211;</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:top; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:2.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:right"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM39"></a><font style="font-family:Helvetica; font-size:9pt">307,654</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Total liabilities</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM40"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">34,775</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:top; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM41"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; width:89.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM42"></a><font style="font-family:Helvetica; font-size:9pt">307,654</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:249pt">
                        <p style="margin:0pt 0pt 0pt 30pt; text-indent:1.15pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt 0pt 0pt 30pt; text-indent:1.15pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt 0pt 0pt 30pt; text-indent:1.15pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM43"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:2.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM44"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:89.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM45"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td colspan="4" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Net assets available for benefits at fair value</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM46"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">791,384,463</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:top; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:top; width:2.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM47"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:89.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM48"></a><font style="font-family:Helvetica; font-size:9pt">784,252,968</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td colspan="4" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM49"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:top; width:2.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM50"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:89.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T0_BM51"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:26.25pt">
                    <td colspan="4" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Adjustment from fair value to contract value for fully benefit-responsive investment contracts</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM61"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM62"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM63"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM64"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                <tr style="height:14.25pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Net depreciation in fair value of investments</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM67"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">(9,949,351)</font></p>
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                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM68"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:360.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM69"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM70"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td colspan="4" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM71"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">557,736</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM72"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:360.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM73"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM74"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM75"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM76"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="3" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Participant</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM77"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">54,838,453</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM78"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Participant rollover</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM79"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">4,122,744</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM80"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Employer</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM81"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">24,141,576</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM82"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="2" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Total additions</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM83"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">82,243,292</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM84"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:360.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM85"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM86"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td colspan="4" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Deductions from plan assets attributed to</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM87"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM88"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="3" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Benefits paid to participants</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM89"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">72,814,215</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM90"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Administrative expenses</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM91"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">1,161,704</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM92"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="2" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Total deductions</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM93"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">73,975,919</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM94"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:360.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM95"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM96"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td colspan="2" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Net increase</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM97"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">8,267,373</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM98"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:360.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM99"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM100"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td colspan="4" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Net assets available for benefits:</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM101"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM102"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="2" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Beginning of year</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM103"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">781,785,997</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM104"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM105"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM106"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                <tr style="height:13.5pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="2" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">End of year</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">$</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM107"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">790,053,370</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM108"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:360.75pt">
                        <p style="margin:0pt 0pt 0pt 30pt; text-indent:1.15pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt 0pt 0pt 30pt; text-indent:1.15pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:90pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM109"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T1_BM110"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td colspan="7" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">See Notes to Financial Statements.</font></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_21"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Tax</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">-</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Deferred Savings Plan</font></p>
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                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">December 31, 2015 and 2014</font></p>
                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Notes to Financial Statements</font></p>
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            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><a name="_DMBM_4510"></a><a name="EDGAR_PAGE_START6"></a><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">N</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">ote</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> 1</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> DESCRIPTION OF THE PLAN</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The following description of the Telephone and Data Systems, Inc. Tax-Deferred Savings Plan (the &quot;Plan&quot;) provides only general information. Participants should refer to the Telephone and Data </font><font style="font-family:Helvetica; font-size:9pt">Systems, Inc. Tax-Deferred Savings Plan official plan document or summary plan description for a more complete description of the Plan&#39;s provisions.</font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">General </font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The Plan is a contributory tax</font><font style="font-family:Helvetica; font-size:9pt">-</font><font style="font-family:Helvetica; font-size:9pt">exempt profit sharing plan established by Telephone and Data </font><font style="font-family:Helvetica; font-size:9pt">Systems, Inc. (&#8220;TDS&#8221; or the &quot;Company&quot;) and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (</font><font style="font-family:Helvetica; font-size:9pt">&#8220;</font><font style="font-family:Helvetica; font-size:9pt">ERISA</font><font style="font-family:Helvetica; font-size:9pt">&#8221;</font><font style="font-family:Helvetica; font-size:9pt">). The Company is the administrator and sponsor of the Plan and</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The </font><font style="font-family:Helvetica; font-size:9pt">Bank of New York Mellon</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">was the directed trustee and </font><font style="font-family:Helvetica; font-size:9pt">asset custodian of the Plan through December 31, 2014. Effective January 1, 2015, the Company appointed The Northern Trust Company (&#8220;Northern Trust&#8221;) as directed trustee and asset custodian of the Plan. </font><font style="font-family:Helvetica; font-size:9pt">Northern Trust </font><font style="font-family:Helvetica; font-size:9pt">also </font><font style="font-family:Helvetica; font-size:9pt">provide</font><font style="font-family:Helvetica; font-size:9pt">s</font><font style="font-family:Helvetica; font-size:9pt"> record keeping and repor</font><font style="font-family:Helvetica; font-size:9pt">ting services to the Plan in conjunction with Aon Hewitt, the Plan&#39;s third party administrator.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The Plan </font><font style="font-family:Helvetica; font-size:9pt">has received a favorable determination letter from the Internal Revenue Service indicating that it </font><font style="font-family:Helvetica; font-size:9pt">qualifies under Section 401(a) of the Internal Reven</font><font style="font-family:Helvetica; font-size:9pt">ue Code. All employees of TDS and its subsidiaries which have adopted the Plan (the Company and such subsidiaries being referred to as &#8220;employers&#8221;) whom are age twenty-one or older are eligible to participate. The Plan allows participants to enter the Plan</font><font style="font-family:Helvetica; font-size:9pt"> upon the latter of 30 days of continuous service with the </font><font style="font-family:Helvetica; font-size:9pt">employers</font><font style="font-family:Helvetica; font-size:9pt"> or their twenty-first birthday.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">Participation in the Plan is voluntary, however, any eligible employee who does not enroll on </font><font style="font-family:Helvetica; font-size:9pt">his or her</font><font style="font-family:Helvetica; font-size:9pt"> own, or opt out of automatic enrollment, will be a</font><font style="font-family:Helvetica; font-size:9pt">utomatically enrolled in the Plan starting on </font><font style="font-family:Helvetica; font-size:9pt">his or her</font><font style="font-family:Helvetica; font-size:9pt"> eligibility date</font><font style="font-family:Helvetica; font-size:9pt"> (or as soon as practicable thereafter)</font><font style="font-family:Helvetica; font-size:9pt">. </font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The Plan&#39;s assets are overseen by an Investment Management Committee. The Investment Management Committee is authorized to select investment </font><font style="font-family:Helvetica; font-size:9pt">options and to invest Plan assets as directed by the participants</font><font style="font-family:Helvetica; font-size:9pt"> (or in the absence of such a direction, as determined by the Investment Management Committee)</font><font style="font-family:Helvetica; font-size:9pt">.</font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">Contributions </font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Participants may contribute to the Plan on a pre-tax basis (before-tax contribut</font><font style="font-family:Helvetica; font-size:9pt">ions) or on a designated Roth basis (after-tax contributions). The combined pre-tax and designated Roth contributions may not exceed 60% of the Participant&#8217;s compensation, as defined in the Plan and in accordance with Internal Revenue Service limits.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">Parti</font><font style="font-family:Helvetica; font-size:9pt">cipants may also contribute amounts representing eligible distributions from other qualified plans </font><font style="font-family:Helvetica; font-size:9pt">or individual retirement accounts </font><font style="font-family:Helvetica; font-size:9pt">(rollover contributions).</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The automatic enrollment contribution rate was 3% with a 1% automatic annual increase until it re</font><font style="font-family:Helvetica; font-size:9pt">ached 10% through December 31, 2014. Effective January 1, 2015, a</font><font style="font-family:Helvetica; font-size:9pt">ny </font><font style="font-family:Helvetica; font-size:9pt">newly </font><font style="font-family:Helvetica; font-size:9pt">eligible employee with 30 days continuous service is automatically enrolled in the Plan on a pre-tax basis at a </font><font style="font-family:Helvetica; font-size:9pt">6</font><font style="font-family:Helvetica; font-size:9pt">% deferral rate with the rate increasing by 1% annually until it reac</font><font style="font-family:Helvetica; font-size:9pt">hes 10%, unless the employee elects otherwise.</font><font style="font-family:Helvetica; font-size:9pt"> Additionally, employees who were previously automatically enrolled in the Plan at 3% had their contribution rate increased in accordance with the new automatic enrollment provisions effective January 1, 2015. </font><font style="font-family:Helvetica; font-size:9pt">The Vanguard Target Date Retirement </font><font style="font-family:Helvetica; font-size:9pt">Trust</font><font style="font-family:Helvetica; font-size:9pt">s are used as the Qualified Default Investment Alternative (</font><font style="font-family:Helvetica; font-size:9pt">&#8220;</font><font style="font-family:Helvetica; font-size:9pt">QDIA</font><font style="font-family:Helvetica; font-size:9pt">&#8221;</font><font style="font-family:Helvetica; font-size:9pt">) for automatic enrollment.</font><font style="font-family:Helvetica; font-size:9pt"> </font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The employer matching contribution is 100% on the first 3% of a participant&#8217;s before-tax and designated Roth contributio</font><font style="font-family:Helvetica; font-size:9pt">ns and 40% on the next 2% of before-tax and designated Roth contributions.</font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">Participants&#39; Accounts and Investment Options </font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Each participant&#39;s account is credited with the participant&#39;s before-tax and designated Roth contributions, rollover contributions, em</font><font style="font-family:Helvetica; font-size:9pt">ployer matching contributions and investment income or loss</font><font style="font-family:Helvetica; font-size:9pt"> less fees</font><font style="font-family:Helvetica; font-size:9pt">. The benefit to which a participant is entitled is the benefit that can be provided from the participant&#39;s vested account.</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Contributions are </font><font style="font-family:Helvetica; font-size:9pt">invested in accordance with</font><font style="font-family:Helvetica; font-size:9pt"> the employee&#8217;s in</font><font style="font-family:Helvetica; font-size:9pt">vestment elections.</font><font style="font-family:Helvetica; font-size:9pt">&#160; </font><font style="font-family:Helvetica; font-size:9pt">Participants may invest their </font><font style="font-family:Helvetica; font-size:9pt">accounts in</font><font style="font-family:Helvetica; font-size:9pt"> a variety of investment options as more fully described in the Plan&#39;s literature. Participants may change their investment </font><font style="font-family:Helvetica; font-size:9pt">elections</font><font style="font-family:Helvetica; font-size:9pt"> via telephone or internet. </font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Effective July 1, 2015, a partic</font><font style="font-family:Helvetica; font-size:9pt">ipant could no longer direct more than 20% of his or her new contributions into the TDS Common Stock Fund and the U.S. Cellular Common Stock Fund (&#8220;Employer Stock Funds&#8221;), on a combined basis. Unless a participant took action to choose another investment, </font><font style="font-family:Helvetica; font-size:9pt">any new contributions into the Employer Stock Funds that exceeded 20% were automatically reallocated to an age appropriate Target Retirement Fund. If such a participant was contributing to both Employer Stock Funds, his or her contributions were reduced pr</font><font style="font-family:Helvetica; font-size:9pt">oportionately based on the participant&#8217;s current elections at the time of the reduction. Prior to July 1, 2015, there was no limit on how much a participant could contribute to the Employer Stock Funds.</font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">Vesting </font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Participants are always 100% vested in their</font><font style="font-family:Helvetica; font-size:9pt"> before-tax, designated Roth and rollover contributions plus actual earnings thereon.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">Vesting in employer matching contributions plus actual earnings thereon is based on years of vesting service.</font><font style="font-family:Helvetica; font-size:9pt"> Employer matching</font><a name="EDGAR_PAGE_END6"></a></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_21"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Tax</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">-</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Deferred Savings Plan</font></p>
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                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">December 31, 2015 and 2014</font></p>
                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Notes to Financial Statements</font></p>
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            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt"> </font><a name="EDGAR_PAGE_START7"></a><font style="font-family:Helvetica; font-size:9pt">contributions</font><font style="font-family:Helvetica; font-size:9pt"> vest 34% after the participa</font><font style="font-family:Helvetica; font-size:9pt">nt completes one year of vesting service; and 100% after the participant completes two years of vesting service.</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">A participant also becomes 100% vested in employer matching contributions plus actual earnings thereon upon termination of employment after att</font><font style="font-family:Helvetica; font-size:9pt">aining age 65 or due to death or disability</font><font style="font-family:Helvetica; font-size:9pt"> (as defined in the Plan)</font><font style="font-family:Helvetica; font-size:9pt">. </font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">Forfeited Accounts </font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">For the years ended </font><font style="font-family:Helvetica; font-size:9pt">December 31, 2015</font><font style="font-family:Helvetica; font-size:9pt"> and </font><font style="font-family:Helvetica; font-size:9pt">2014</font><font style="font-family:Helvetica; font-size:9pt">, forfeited non-vested accounts were used to </font><font style="font-family:Helvetica; font-size:9pt">reduce employer contributions by $</font><font style="font-family:Helvetica; font-size:9pt">642,629</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">and $</font><font style="font-family:Helvetica; font-size:9pt">475,512</font><font style="font-family:Helvetica; font-size:9pt">, respectively. All such forfeitures were used at </font><font style="font-family:Helvetica; font-size:9pt">December 31, 2015</font><font style="font-family:Helvetica; font-size:9pt"> and </font><font style="font-family:Helvetica; font-size:9pt">2014</font><font style="font-family:Helvetica; font-size:9pt">, respectively.</font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">Payment of Benefits</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Vested benefits may be paid to the participant upon termination of employment in the form of a lump sum payment or installments.</font><font style="font-family:Helvetica; font-size:9pt"> Alternatively, a terminated participant may rollover the elig</font><font style="font-family:Helvetica; font-size:9pt">ible portion of his or her vested benefits to an eligible retirement plan or individual retirement account. </font><font style="font-family:Helvetica; font-size:9pt">Participants experiencing a qualified financial hardship, on a qualified military leave or who have attained the age 59&#189; may withdraw a portion of t</font><font style="font-family:Helvetica; font-size:9pt">heir</font><font style="font-family:Helvetica; font-size:9pt"> vested</font><font style="font-family:Helvetica; font-size:9pt"> account balance as defined in the Plan while employed by the Company.</font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">Notes Receivable from Participants</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Participants may borrow from their </font><font style="font-family:Helvetica; font-size:9pt">Plan</font><font style="font-family:Helvetica; font-size:9pt"> accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account</font><font style="font-family:Helvetica; font-size:9pt"> balance (excluding employer matching contributions).</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">These </font><font style="font-family:Helvetica; font-size:9pt">notes </font><font style="font-family:Helvetica; font-size:9pt">are secured by the remaining balance in the participant&#39;s account.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The notes bear interest at the prime rate plus 1% as published in the Wall Street Journal on the fifteenth day of the month</font><font style="font-family:Helvetica; font-size:9pt"> prior to the quarter in which the note is processed.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">Principal and interest </font><font style="font-family:Helvetica; font-size:9pt">are</font><font style="font-family:Helvetica; font-size:9pt"> paid ratably through after-tax payroll deductions.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The repayment period on the note </font><font style="font-family:Helvetica; font-size:9pt">generally</font><font style="font-family:Helvetica; font-size:9pt"> range</font><font style="font-family:Helvetica; font-size:9pt">s</font><font style="font-family:Helvetica; font-size:9pt"> from one to five years.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">Notes are considered in default if no note payment</font><font style="font-family:Helvetica; font-size:9pt"> is received during two consecutive pay periods. </font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">Termination of Plan</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Although it has not expressed any intent to do so, the Company has the right under the Plan to terminate the Plan at any time subject to the provisions of ERISA.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">In the event of Plan ter</font><font style="font-family:Helvetica; font-size:9pt">mination, participants become 100% vested in their accounts.</font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">Plan Expenses</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Certain administrative, recordkeeping and Trustee fees are paid by Plan participants. Auditing and investment consulting fees are borne by TDS. </font><font style="font-family:Helvetica; font-size:9pt">Investment expenses and loan originat</font><font style="font-family:Helvetica; font-size:9pt">ion fees </font><font style="font-family:Helvetica; font-size:9pt">are </font><font style="font-family:Helvetica; font-size:9pt">paid by Plan participants</font><font style="font-family:Helvetica; font-size:9pt">. Plan participants also pay participant-initiated transaction fees (distribution, withdrawal, </font><font style="font-family:Helvetica; font-size:9pt">Qualified Domestic Relations Order</font><font style="font-family:Helvetica; font-size:9pt">, etc.)</font><font style="font-family:Helvetica; font-size:9pt">.</font><font style="font-family:Helvetica; font-size:9pt"> </font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">Subsequent Plan Changes</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Effective January 1, 2016, </font><font style="font-family:Helvetica; font-size:9pt">the Plan&#8217;s distribution options were expanded such that </font><font style="font-family:Helvetica; font-size:9pt">a participant who is no longer employed by the company may also take a partial distribution from </font><font style="font-family:Helvetica; font-size:9pt">his or her</font><font style="font-family:Helvetica; font-size:9pt"> vested account balance.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The minimum dollar amount for a partial distribution is $500.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">There </font><font style="font-family:Helvetica; font-size:9pt">is no limit on the number of partial distributions </font><font style="font-family:Helvetica; font-size:9pt">that may be taken by a participant </font><font style="font-family:Helvetica; font-size:9pt">although a distribution fee is applied to each partial distribution.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">Prior to January 1, 2016, partial distributions were not allowed. </font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">N</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">ote</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> 2</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> </font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">S</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">UMMARY</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> </font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">OF SIGNIFICANT ACCO</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">UNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS</font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">Basis of Accounting and Use of Estimates</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The accompanying financial statements have been prepared </font><font style="font-family:Helvetica; font-size:9pt">on</font><font style="font-family:Helvetica; font-size:9pt"> the accrual basis of accounting.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The preparation of the financial statements in conformity with accoun</font><font style="font-family:Helvetica; font-size:9pt">ting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) requires the Plan&#39;s management to use estimates and assumptions that affect the accompanying financial statements and disclosures.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">Actual results could differ from these estimates.</font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">Investment Valuation and Income Recognition</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Investments are reported at fair value.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">See Note 3 &#8211; Fair Value Measurements for further information on the fair value of the Plan&#8217;s assets.</font><font style="font-family:Helvetica; font-size:9pt"> The Plan&#8217;s Investment Management Committee determines the Plan&#8217;s valua</font><font style="font-family:Helvetica; font-size:9pt">tion policies utilizing information provided by the investment advisers and custodians.</font><font style="font-family:Helvetica; font-size:9pt"> </font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Net appreciation (</font><font style="font-family:Helvetica; font-size:9pt">depreciation</font><font style="font-family:Helvetica; font-size:9pt">)</font><font style="font-family:Helvetica; font-size:9pt"> in fair value of investments included in the accompanying statement of changes in net assets available for benefits includes realized g</font><font style="font-family:Helvetica; font-size:9pt">ains or losses from the sale of investments and unrealized appreciation or depreciation in </font><font style="font-family:Helvetica; font-size:9pt">the </font><font style="font-family:Helvetica; font-size:9pt">fair value of </font><font style="font-family:Helvetica; font-size:9pt">the </font><font style="font-family:Helvetica; font-size:9pt">investments.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The net realized gains or losses on the sale of investments represent the difference between the sale proceeds and</font><a name="EDGAR_PAGE_END7"></a></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_21"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Tax</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">-</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Deferred Savings Plan</font></p>
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                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">December 31, 2015 and 2014</font></p>
                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Notes to Financial Statements</font></p>
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            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt"> </font><a name="EDGAR_PAGE_START8"></a><font style="font-family:Helvetica; font-size:9pt">the fair value </font><font style="font-family:Helvetica; font-size:9pt">of the investment as of the beginning of the period or the cost of the investment if purchased during the year.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">Net unrealized appreciation or depreciation in the fair value of investments represents the net change in the fair value of the investments held</font><font style="font-family:Helvetica; font-size:9pt"> during the period.</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded on the accrual basis and d</font><font style="font-family:Helvetica; font-size:9pt">ividends are recorded on the ex-</font><font style="font-family:Helvetica; font-size:9pt">dividend date.</font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">Notes Receivable from Participants </font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Notes receivable from partici</font><font style="font-family:Helvetica; font-size:9pt">pants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant notes are reclassified as distributions </font><font style="font-family:Helvetica; font-size:9pt">in accordance with </font><font style="font-family:Helvetica; font-size:9pt">the terms of the Plan document.</font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">Payment of Benefits </font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Benefits are recorded when pai</font><font style="font-family:Helvetica; font-size:9pt">d.</font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">Fully Benefit-Responsive Investment Contracts </font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">In accordance with GAAP, fully benefit-responsive investment contracts held by a defined-contribution plan are required to be reported at fair value.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">However, contract value is the relevant measurement attr</font><font style="font-family:Helvetica; font-size:9pt">ibute for that portion of the net assets available for benefits of a defined-contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted </font><font style="font-family:Helvetica; font-size:9pt">transactions under the terms of the Plan.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The Statement</font><font style="font-family:Helvetica; font-size:9pt">s</font><font style="font-family:Helvetica; font-size:9pt"> of Net Assets Available for Benefits presents the fair value of the investment in the collective trust as well as the adjustment of the investment in the collective trust from fair value to contract value relating to the investment contracts.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The Statemen</font><font style="font-family:Helvetica; font-size:9pt">t of</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">Changes in Net Assets Available for Benefits is prepared using the contract value basis for fully benefit-responsive investment contracts.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The Plan invests in investment contracts through </font><font style="font-family:Helvetica; font-size:9pt">the Vanguard</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">Retirement Savings Trust II, a collective</font><font style="font-family:Helvetica; font-size:9pt"> trust th</font><font style="font-family:Helvetica; font-size:9pt">at invests exclusively in the Vanguard Retirement Savings Master Trust (&#8220;The Vanguard Trust&#8221;). </font><font style="font-family:Helvetica; font-size:9pt">At </font><font style="font-family:Helvetica; font-size:9pt">December 31, 2015</font><font style="font-family:Helvetica; font-size:9pt"> and </font><font style="font-family:Helvetica; font-size:9pt">2014</font><font style="font-family:Helvetica; font-size:9pt">, all of the Vanguard Retirement Savings Trust I</font><font style="font-family:Helvetica; font-size:9pt">I&#8217;s investments were in the Vanguard Trust</font><font style="font-family:Helvetica; font-size:9pt">. </font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The Vanguard Trust provides for the collective investment of assets of tax-exempt pension and profit-sharing plans, primarily in a pool of investment contracts that are issued by insurance companies and commerci</font><font style="font-family:Helvetica; font-size:9pt">al banks and in contracts that are backed by bond trusts that are selected by the Trustee, Vanguard Fiduciary Trust Company. The issuers&#8217; ability to meet these obligations may be affected by economic developments in their respective companies and industrie</font><font style="font-family:Helvetica; font-size:9pt">s. At </font><font style="font-family:Helvetica; font-size:9pt">December 31, 2015</font><font style="font-family:Helvetica; font-size:9pt">, </font><font style="font-family:Helvetica; font-size:9pt">95.9</font><font style="font-family:Helvetica; font-size:9pt">%</font><font style="font-family:Helvetica; font-size:9pt"> of the Vanguard</font><font style="font-family:Helvetica; font-size:9pt"> Trust&#8217;s holdings were comprised of &#8220;traditional investment contracts&#8221; and &#8220;alternative investment contracts&#8221; as described below.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The remainder</font><font style="font-family:Helvetica; font-size:9pt"> of the Vanguard Trust&#8217;s i</font><font style="font-family:Helvetica; font-size:9pt">nvestments consisted of money m</font><font style="font-family:Helvetica; font-size:9pt">arket funds.</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Traditional investment contracts issued by insurance companies and banks are nontransferable, but provide for benefit-responsive withdrawals by plan participants at contract value. </font><font style="font-family:Helvetica; font-size:9pt">Fair </font><font style="font-family:Helvetica; font-size:9pt">value is comprised of</font><font style="font-family:Helvetica; font-size:9pt"> the expected future cash flows for each contract discounted to present value. Contract value represents contributions made plus interest accrued at the contract rate, less withdrawals. The crediting rate on traditional</font><font style="font-family:Helvetica; font-size:9pt"> investment</font><font style="font-family:Helvetica; font-size:9pt"> cont</font><font style="font-family:Helvetica; font-size:9pt">racts is typically fixed for the life of the investment. </font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Alternative investment contracts consist of investments together with contracts under which a bank or other institution provides for benefit-responsive withdrawals by plan participants at contract v</font><font style="font-family:Helvetica; font-size:9pt">alue.</font><font style="font-family:Helvetica; font-size:9pt"> F</font><font style="font-family:Helvetica; font-size:9pt">air value </font><font style="font-family:Helvetica; font-size:9pt">is </font><font style="font-family:Helvetica; font-size:9pt">comprise</font><font style="font-family:Helvetica; font-size:9pt">d</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">of </font><font style="font-family:Helvetica; font-size:9pt">the aggregate market values of the underlying investments in bond trusts, and the value of the wrap contracts, if any.</font><font style="font-family:Helvetica; font-size:9pt"> Contract value represents contributions made plus interest accrued at the contract rate, less withdrawal</font><font style="font-family:Helvetica; font-size:9pt">s. </font><font style="font-family:Helvetica; font-size:9pt">The difference between valuation at contract value and fair value is reflected over time through the crediting rate formula provided for in the Vanguard Trust&#8217;s synthetic contracts. The crediting rate of the contract resets every quarter (but will not f</font><font style="font-family:Helvetica; font-size:9pt">all below zero) based on the performance of the underlying investment portfolio. To the extent that the Vanguard Trust has unrealized gains and losses (that are accounted for, under contract value accounting, through the value of the synthetic contract), t</font><font style="font-family:Helvetica; font-size:9pt">he interest crediting rate may differ from then-current market rates. An investor currently redeeming Vanguard Trust units may for</font><font style="font-family:Helvetica; font-size:9pt">e</font><font style="font-family:Helvetica; font-size:9pt">go a benefit, or avoid a loss, related to a future crediting rate different from then-current market rates. Future average in</font><font style="font-family:Helvetica; font-size:9pt">terest crediting rates on alternative investment contracts could be influenced by changes in market interest rates.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">These contracts can be terminated by the trust or the issuer after providing 60 days&#8217; notice.</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The average yield e</font><font style="font-family:Helvetica; font-size:9pt">arned by the Vanguard Trust</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">was </font><font style="font-family:Helvetica; font-size:9pt">2.29</font><font style="font-family:Helvetica; font-size:9pt">% and</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">2.30%</font><font style="font-family:Helvetica; font-size:9pt"> for the years ended </font><font style="font-family:Helvetica; font-size:9pt">December 31, 2015</font><font style="font-family:Helvetica; font-size:9pt"> and </font><font style="font-family:Helvetica; font-size:9pt">2014</font><font style="font-family:Helvetica; font-size:9pt">, respectively. This average yield is calculated by dividing the annualized </font><font style="font-family:Helvetica; font-size:9pt">earnings of all investments in the Vanguard Trust (irrespective of the interest rate credited to participants in the Vanguard Trust) by the fair value of all investments in the Vanguard Trust on the last day of the fiscal year.</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The average yield earned by </font><font style="font-family:Helvetica; font-size:9pt">the Vanguard Trust with an adjustment to reflect the actual interest rate credited to participants in the Vanguard Trust was </font><font style="font-family:Helvetica; font-size:9pt">1.92</font><font style="font-family:Helvetica; font-size:9pt">% and</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">1.89</font><font style="font-family:Helvetica; font-size:9pt">%</font><font style="font-family:Helvetica; font-size:9pt"> for the years ended </font><font style="font-family:Helvetica; font-size:9pt">December 31, 2015</font><font style="font-family:Helvetica; font-size:9pt"> and </font><font style="font-family:Helvetica; font-size:9pt">2014</font><font style="font-family:Helvetica; font-size:9pt">, respectively. This average yield is calculated by dividing the annualized earnings credited to participants (irrespective of the actual earnings of the investments in the Vanguard Trust) by the fair value of all i</font><font style="font-family:Helvetica; font-size:9pt">nvestments in the Vanguard Trust on the last day of the fiscal year.</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The existence of certain conditions can limit the Vanguard Trust&#8217;s ability to transact at contract value with issuers of its investment contracts. Specifically, any event outside the norm</font><font style="font-family:Helvetica; font-size:9pt">al operation of the Vanguard Trust that causes a withdrawal from an investment</font><a name="EDGAR_PAGE_END8"></a></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_21"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Tax</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">-</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Deferred Savings Plan</font></p>
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                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">December 31, 2015 and 2014</font></p>
                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Notes to Financial Statements</font></p>
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            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt"> </font><a name="EDGAR_PAGE_START9"></a><font style="font-family:Helvetica; font-size:9pt">contract may result in a negative market value adjustment with respect to the withdrawal. Examples of such events include, but are not limited to, partial or complete legal term</font><font style="font-family:Helvetica; font-size:9pt">ination of the Vanguard Trust or the Plan, tax disqualification of the Vanguard Trust or the Plan, and certain Vanguard Trust amendments if issuers&#8217; consent is not obtained. As of </font><font style="font-family:Helvetica; font-size:9pt">December 31, 2015</font><font style="font-family:Helvetica; font-size:9pt">, the occurrence </font><font style="font-family:Helvetica; font-size:9pt">of an event outside the normal operation of the Vanguard Trust that would cause a withdrawal from an investment contract with a negative market value adjustment is not considered to be probable.</font></p>
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                        <p style="margin:0pt"><a name="DOC_TBL00006_1_1"></a><font style="font-family:Helvetica; font-size:9pt">The tables below summarize the Plan&#8217;s investment in the Vang</font><font style="font-family:Helvetica; font-size:9pt">uard Trust along with other investments that are measured at fair value based on the net asset value (NAV per share):</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; text-decoration:underline">December 31, 2015</font></p>
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                <tr style="height:12.75pt">
                    <td colspan="2" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                <tr style="height:12.75pt">
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:189pt">
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM111"></a><font style="font-family:Helvetica; font-size:9pt">191,231,907</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM112"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:15pt">
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#8211;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">Daily</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">One month</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM114"></a><font style="font-family:Helvetica; font-size:9pt">5,521,314</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:15pt">
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:15pt">
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">Daily</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">One month</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
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                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM117"></a><font style="font-family:Helvetica; font-size:9pt">63,784,083</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:15pt">
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">Daily</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">One month</font></p>
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                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Retirement Savings Trust II</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM120"></a><font style="font-family:Helvetica; font-size:9pt">80,099,395</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:15pt">
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">Daily</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; text-decoration:underline">December 31, 2014</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
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                <tr style="height:13.5pt">
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">Fair Value</font></p>
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                        <p style="margin:0pt; text-align:right"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:189pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Target date</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">$</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM129"></a><font style="font-family:Helvetica; font-size:9pt">186,725,173</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM130"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM131"></a><font style="font-family:Helvetica; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#8211;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">Daily</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">One month</font></p>
                    </td>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:189pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Retirement income</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM132"></a><font style="font-family:Helvetica; font-size:9pt">5,955,004</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM133"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM134"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#8211;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">Daily</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">One month</font></p>
                    </td>
                </tr>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:189pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Bond</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM135"></a><font style="font-family:Helvetica; font-size:9pt">60,157,437</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM136"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM137"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#8211;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">Daily</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">One month</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:189pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Retirement Savings Trust II</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM138"></a><font style="font-family:Helvetica; font-size:9pt">82,831,650</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM139"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM140"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#8211;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">Daily</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">Twelve months</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:189pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
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                    </td>
                    <td style="vertical-align:bottom; width:15pt">
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                    <td style="vertical-align:bottom; width:15pt">
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                    <td style="vertical-align:bottom; width:72pt">
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                    <td style="vertical-align:bottom; width:72pt">
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                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T2_BM146"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td colspan="9" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:5.33pt; vertical-align:super">(1)</font><font style="font-family:Helvetica; font-size:8pt">&#xa0;</font><font style="font-family:Helvetica; font-size:8pt">This notice period provides for Plan redemptions at contract value, subject to other provisions of the Declaration </font><font style="font-family:Helvetica; font-size:8pt">of Trust.</font></p>
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                    </td>
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            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">New Accounting Pronouncements</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">In May 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-07, </font><font style="font-family:Helvetica; font-size:9pt; font-style:italic">Fair Value Measurement (Topic 820):&#160; Disclosures for Investments in Certain Entities That Calculate Net Asset Value </font><font style="font-family:Helvetica; font-size:9pt; font-style:italic">per Share (or Its Equivalent)</font><font style="font-family:Helvetica; font-size:9pt"> (&#8220;ASU 2015-07&#8221;).&#160; ASU 2015-07 removes the requirements to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient.&#160; However, sufficien</font><font style="font-family:Helvetica; font-size:9pt">t information must be provided to permit a reconciliation of the fair value of assets categorized within the fair value hierarchy to the amounts presented in the statement of financial position.&#160; ASU 2015-07 also removes the requirement to make certain dis</font><font style="font-family:Helvetica; font-size:9pt">closures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient.&#160; TDS is required to adopt the provisions of ASU 2015-07 for reporting periods beginning after December 15, 2015, but early </font><font style="font-family:Helvetica; font-size:9pt">adoption is permitted.&#160; TDS will adopt ASU 2015-07 for the 2016 plan year.&#160; Upon adoption, ASU 2015-07 will be applied retrospectively to all periods presented.&#160; Since ASU 2015-07 only affects fair value measurement disclosures, the adoption of ASU 2015-07</font><font style="font-family:Helvetica; font-size:9pt"> will not have an effect on the face of the Plan&#8217;s financial statements.</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">In July 2015, the Financial Accounting Standards Board issued Accounting Standards </font><font style="font-family:Helvetica; font-size:9pt">U</font><font style="font-family:Helvetica; font-size:9pt">pdate No. 2015-12, </font><font style="font-family:Helvetica; font-size:9pt; font-style:italic">Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution</font><font style="font-family:Helvetica; font-size:9pt; font-style:italic"> Pension Plans (Topic 962) and Health and Welfare Benefit Plans (Topic 965): Part I &#8211; Fully Benefit-Responsive Investment Contracts, Part II - Plan Investment Disclosures and Part III - Measurement Date Practical Expedient</font><font style="font-family:Helvetica; font-size:9pt"> (&#8220;ASU 2015-12&#8221;)</font><font style="font-family:Helvetica; font-size:9pt">.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The amendments i</font><font style="font-family:Helvetica; font-size:9pt">n this update remove the requirement to record fully benefit-responsive investment contracts at fair value and designate contract value as the only required measure for these contracts.</font><font style="font-family:Helvetica; font-size:9pt"> T</font><font style="font-family:Helvetica; font-size:9pt">he amendments also remove the requirement to disclose (a) individual </font><font style="font-family:Helvetica; font-size:9pt">investments that represent five percent or more of net assets available for benefits and (b) the net appreciation or depreciation for investments by general type, however, the net appreciation or depreciation in investments is still required to be presente</font><font style="font-family:Helvetica; font-size:9pt">d in aggregate.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">This amendment also provides a practical expedient to permit plans to measure investments and investment related accounts as of a month end date that is closes</font><font style="font-family:Helvetica; font-size:9pt">t</font><font style="font-family:Helvetica; font-size:9pt"> to the plan&#39;s fiscal year end when the fiscal year period does not coincide wit</font><font style="font-family:Helvetica; font-size:9pt">h month end.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The amendments in this Update are </font><font style="font-family:Helvetica; font-size:9pt">e</font><font style="font-family:Helvetica; font-size:9pt">ffective for fiscal years beginning after December 15, 2015.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">Early adoption is permitted.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">Upon adoption, the amendments shall be applied retrospectively to all periods presented. The adoption of ASU 2015-12</font><font style="font-family:Helvetica; font-size:9pt"> will not have a material impact on the face of the Plan&#8217;s financial statements. The Plan will be required to modify various disclosures for </font><font style="font-family:Helvetica; font-size:9pt">fully benefit-responsive investment contracts</font><font style="font-family:Helvetica; font-size:9pt"> and eliminate certain disclosures related to the Plan&#8217;s investments.</font><a name="EDGAR_PAGE_END9"></a></p>
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                <p style="margin:0pt; text-align:center"><a name="EDGAR_HF_F_START_25"></a><font style="font-family:Helvetica; font-size:9pt">7</font></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_21"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Tax</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">-</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Deferred Savings Plan</font></p>
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                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">December 31, 2015 and 2014</font></p>
                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Notes to Financial Statements</font></p>
                <p style="margin:0pt"><a name="EDGAR_HF_H_END_22"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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            <p style="margin:0pt 0pt 10pt"><a name="EDGAR_PAGE_START10"></a><font style="font-family:Helvetica; font-size:9pt">In January 2016, the Financial Accounting Standards Board issued Accounting Standards update No.</font><font style="font-family:Helvetica; font-size:9pt"> 2016-01, </font><font style="font-family:Helvetica; font-size:9pt; font-style:italic">Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities</font><font style="font-family:Helvetica; font-size:9pt"> which introduces </font><font style="font-family:Helvetica; font-size:9pt">changes </font><font style="font-family:Helvetica; font-size:9pt">to current accountin</font><font style="font-family:Helvetica; font-size:9pt">g for equity investments and financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The amendments in this Update are </font><font style="font-family:Helvetica; font-size:9pt">e</font><font style="font-family:Helvetica; font-size:9pt">ffective for fiscal years beginning after December 15, 201</font><font style="font-family:Helvetica; font-size:9pt">8</font><font style="font-family:Helvetica; font-size:9pt">.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">Certa</font><font style="font-family:Helvetica; font-size:9pt">in provisions are eligible for early adoption.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The Company is in the process of evaluating the impact of this update on the Plan&#8217;s financial statements.</font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">N</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">ote</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> 3</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> FAIR VALUE MEASUREMENTS</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Fair value is a market based measurement and not an entity specific meas</font><font style="font-family:Helvetica; font-size:9pt">urement, based on an exchange transaction in which the entity sells an asset or transfers a liability (exit price) in an orderly transaction between market participants. GAAP establishes a fair value hierarchy that contains three levels for inputs used in </font><font style="font-family:Helvetica; font-size:9pt">fair value measurements.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The three levels of the fair value hierarchy are described below:</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Level 1 - </font><font style="font-family:Helvetica; font-size:9pt">Quoted market prices for identical assets or liabilities in active markets;</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Level 2</font><font style="font-family:Helvetica; font-size:9pt"> - </font><font style="font-family:Helvetica; font-size:9pt">Quoted market prices for similar assets and liabilities in active mar</font><font style="font-family:Helvetica; font-size:9pt">kets or quoted market prices for identical assets and liabilities in inactive markets;</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Level 3</font><font style="font-family:Helvetica; font-size:9pt"> - </font><font style="font-family:Helvetica; font-size:9pt">Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">A financial instrument&#8217;s level within the fa</font><font style="font-family:Helvetica; font-size:9pt">ir value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">A financial instrument&#8217;s level within the fair value hierarchy is not representative of its expected performance or its overall risk profile, an</font><font style="font-family:Helvetica; font-size:9pt">d therefore Level 3 assets are not necessarily higher risk than Level 2 assets or Level 1 assets.</font><font style="font-family:Helvetica; font-size:9pt"> At December 31, 2015 and 2014 the Plan held no Level 3 assets. </font><font style="font-family:Helvetica; font-size:9pt">The following is a description of the valuation methodologies used for instruments measured at </font><font style="font-family:Helvetica; font-size:9pt">fair value, including the general classification of such instruments pursuant to the valuation hierarchy.</font><font style="font-family:Helvetica; font-size:9pt"> </font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The Plan values shares of TDS Co</font><font style="font-family:Helvetica; font-size:9pt">mmon stock and Common stock of United States</font><font style="font-family:Helvetica; font-size:9pt"> Cellular</font><font style="font-family:Helvetica; font-size:9pt"> Corporation (&#8220;U.S. Cellular&#8221;)</font><font style="font-family:Helvetica; font-size:9pt">, TDS&#8217; subsidiary</font><font style="font-family:Helvetica; font-size:9pt">,</font><font style="font-family:Helvetica; font-size:9pt"> based on the cl</font><font style="font-family:Helvetica; font-size:9pt">osing price reported on the active market in which </font><font style="font-family:Helvetica; font-size:9pt">the </font><font style="font-family:Helvetica; font-size:9pt">securities are traded.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">These securities are classified as Common Stock of </font><font style="font-family:Helvetica; font-size:9pt">the </font><font style="font-family:Helvetica; font-size:9pt">Plan Sponsor and Subsidiary.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">The Plan also values Mutual Funds based on the closing price reported on the active market in </font><font style="font-family:Helvetica; font-size:9pt">which the individual securities are traded. Common Stock of </font><font style="font-family:Helvetica; font-size:9pt">the </font><font style="font-family:Helvetica; font-size:9pt">Plan Sponsor and Subsidiary and Mutual Funds are classified within Level 1 of the valuation hierarchy. </font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; color:#0075c5">Bank Common Trusts</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The Vanguard Target Retirement Trusts invest mainly in mutual funds </font><font style="font-family:Helvetica; font-size:9pt">with the remainder invested in money market funds. The fair value of these trusts is calculated using the market approach which values the underlying investments of the trust based on observable market prices. These trusts are measured at fair value based </font><font style="font-family:Helvetica; font-size:9pt">on the net asset value (NAV per share) and are classified within Level 2 of the valuation hierarchy.</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The BlackRock Intermediate Government/Credit Bond Index Fund F (&#8220;BlackRock Bond Fund&#8221;) is a bank maintained collective investment fund that invests in Bond</font><font style="font-family:Helvetica; font-size:9pt"> Index Funds and other short-term investments. The fair value is calculated using the market approach which values the underlying investments in the fund using observable inputs for similar assets. The BlackRock Bond Fund is measured at fair value based on</font><font style="font-family:Helvetica; font-size:9pt"> the net asset value (NAV per share), is classified within Level 2 of the valuation hierarchy, and is included within the Bank Common Trusts line item in the table below.</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The Investment Contracts invest in synthetic investment contracts which are backed by</font><font style="font-family:Helvetica; font-size:9pt"> investments issued by insurance companies and banks. The fair value is determined based on the underlying investments of the common trust as traded in active markets or valued using significant observable inputs. The underlying investment is classified as</font><font style="font-family:Helvetica; font-size:9pt"> Level 2 in the audited financial statements of the bank common trust. The Net Asset Value for the Investment Contracts is $1 per share. </font></p>
            <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><br style=" clear:both" /><a name="EDGAR_PAGE_END10"></a></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_21"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Tax</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">-</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Deferred Savings Plan</font></p>
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                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">December 31, 2015 and 2014</font></p>
                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Notes to Financial Statements</font></p>
                <p style="margin:0pt"><a name="EDGAR_HF_H_END_22"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin:0pt"><a name="DOC_TBL00007_1_1"></a><a name="EDGAR_PAGE_START11"><font style="-aw-bookmark-end:DOC_TBL00007_1_1"></font></a><font style="font-family:Helvetica; font-size:9pt">The following tables show investment assets at fair value within the fair value hierarchy, at December 31, 2015 and </font><font style="font-family:Helvetica; font-size:9pt">2014, respectively.</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold; text-decoration:underline">December 31, 2015</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Level 1</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Level 2</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:72pt">
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">$</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM153"></a><font style="font-family:Helvetica; font-size:9pt">72,417,841</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM158"></a><font style="font-family:Helvetica; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM159"></a><font style="font-family:Helvetica; font-size:9pt">72,417,841</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12.75pt">
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                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:231pt">
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM161"></a><font style="font-family:Helvetica; font-size:9pt">292,868</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:12pt">
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                    <td style="vertical-align:bottom; width:12.75pt">
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                    <td style="vertical-align:bottom; width:72pt">
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                    <td style="vertical-align:bottom; width:12pt">
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                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM167"></a><font style="font-family:Helvetica; font-size:9pt">292,868</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM214"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM215"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM216"></a><font style="font-family:Helvetica; font-size:9pt">80,099,395</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM217"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                </tr>
                <tr style="height:13.5pt">
                    <td colspan="2" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Total investments at fair value</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">$</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM218"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">434,422,995</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM219"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM220"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">$</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM221"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">340,636,699</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM222"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM223"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">$</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM224"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">775,059,694</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM225"></a><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:17.25pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:231pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM226"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM227"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM228"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM229"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM230"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM231"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM232"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM233"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td colspan="2" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; text-decoration:underline">December 31, 2014</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">Level 1</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">Level 2</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">Total</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td colspan="2" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Mutual Funds</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM234"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM235"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM236"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM237"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM238"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM239"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:231pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">International </font><font style="font-family:Helvetica; font-size:9pt">equity</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">$</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM240"></a><font style="font-family:Helvetica; font-size:9pt">65,978,779</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM241"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM242"></a><font style="font-family:Helvetica; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM243"></a><font style="font-family:Helvetica; font-size:9pt">&#8211;</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM244"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM245"></a><font style="font-family:Helvetica; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM246"></a><font style="font-family:Helvetica; font-size:9pt">65,978,779</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM247"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:231pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Money market</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM248"></a><font style="font-family:Helvetica; font-size:9pt">169,930</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM249"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM250"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM251"></a><font style="font-family:Helvetica; font-size:9pt">&#8211;</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM252"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM253"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM254"></a><font style="font-family:Helvetica; font-size:9pt">169,930</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM255"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:231pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">U.S. large cap</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM256"></a><font style="font-family:Helvetica; font-size:9pt">240,480,644</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM257"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM258"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM259"></a><font style="font-family:Helvetica; font-size:9pt">&#8211;</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM260"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM261"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM270"></a><font style="font-family:Helvetica; font-size:9pt">92,753,690</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM278"></a><font style="font-family:Helvetica; font-size:9pt">36,382,775</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM290"></a><font style="font-family:Helvetica; font-size:9pt">186,725,173</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM291"></a><font style="font-family:Helvetica; font-size:9pt">&#8211;</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM292"></a><font style="font-family:Helvetica; font-size:9pt">5,955,004</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM293"></a><font style="font-family:Helvetica; font-size:9pt">5,955,004</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                <tr style="height:12.75pt">
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM294"></a><font style="font-family:Helvetica; font-size:9pt">&#8211;</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM295"></a><font style="font-family:Helvetica; font-size:9pt">60,157,437</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM296"></a><font style="font-family:Helvetica; font-size:9pt">60,157,437</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:231pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Investment Contracts</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM297"></a><font style="font-family:Helvetica; font-size:9pt">&#8211;</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM298"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM299"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM300"></a><font style="font-family:Helvetica; font-size:9pt">82,831,650</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM301"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM302"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM303"></a><font style="font-family:Helvetica; font-size:9pt">82,831,650</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM304"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                <tr style="height:13.5pt">
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Total investments at fair value</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:6.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">$</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM305"></a><font style="font-family:Helvetica; font-size:9pt">435,765,818</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T3_BM306"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_21"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Tax</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">-</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Deferred Savings Plan</font></p>
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            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START12"></a><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">N</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">ote</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> 4</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> </font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">I</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">NVESTMENTS</font></p>
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                        <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">2014</font></p>
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                <tr style="height:13.5pt">
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                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Vanguard Retirement Savings Trust II</font><font style="font-family:Helvetica; font-size:6pt; vertical-align:super">&#xa0;</font><font style="font-family:Helvetica; font-size:6pt; vertical-align:super">(1)</font></p>
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                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">$</font></p>
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                    </td>
                    <td style="vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM314"></a><font style="font-family:Helvetica; font-size:9pt">*</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM315"></a><font style="font-family:Helvetica; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM316"></a><font style="font-family:Helvetica; font-size:9pt">82,831,650</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM317"></a><font style="font-family:Helvetica; font-size:9pt">*</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
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                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target Retirement Income Trust II</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:76.5pt">
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                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM319"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM320"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:13.5pt">
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                    </td>
                    <td style="background-color:#cce3f3; vertical-align:middle; width:12pt">
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                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2010 Retirement Trust II</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM324"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">1,491,638</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM325"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM326"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM327"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM328"></a><font style="font-family:Helvetica; font-size:9pt">1,662,408</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM329"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2015 Retirement Trust II</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM330"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">7,329,518</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM331"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM332"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM333"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM334"></a><font style="font-family:Helvetica; font-size:9pt">8,238,551</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM335"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2020 </font><font style="font-family:Helvetica; font-size:9pt">Retirement Trust II</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM336"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">20,415,454</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM337"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM338"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM339"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM340"></a><font style="font-family:Helvetica; font-size:9pt">20,339,398</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM341"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="3" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2025 Retirement Trust II</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM342"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">23,043,677</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM343"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM344"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM345"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM346"></a><font style="font-family:Helvetica; font-size:9pt">22,087,178</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM347"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2030 Retirement Trust II</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM348"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">23,672,084</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM349"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM350"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM351"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM352"></a><font style="font-family:Helvetica; font-size:9pt">23,163,212</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM353"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="3" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2035 Retirement Trust II</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM354"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">27,687,722</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM355"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM356"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM357"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM358"></a><font style="font-family:Helvetica; font-size:9pt">27,697,795</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM359"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2040 Retirement Trust II</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM360"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">27,743,244</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM361"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:middle; width:12pt">
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                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2045 Retirement Trust II</font></p>
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                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM372"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">25,466,157</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:12pt">
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                    <td style="vertical-align:middle; width:12pt">
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                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM384"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">63,784,083</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="vertical-align:middle; width:12pt">
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                    <td style="vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM386"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM387"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM388"></a><font style="font-family:Helvetica; font-size:9pt">60,157,437</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:middle; width:12pt">
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                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Vanguard Institutional Index Fund</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM421"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">95,899,996</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM422"></a><font style="font-family:Helvetica; font-size:9pt">*</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM423"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM425"></a><font style="font-family:Helvetica; font-size:9pt">93,932,961</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM426"></a><font style="font-family:Helvetica; font-size:9pt">*</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                <tr style="height:12.75pt">
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                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Vanguard Small Cap Value Index Fund</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
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                    <td style="vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM429"></a><font style="font-family:Helvetica; font-size:9pt">*</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Vanguard Value Index Fund</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM434"></a><font style="font-family:Helvetica; font-size:9pt">*</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM435"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM436"></a><font style="font-family:Helvetica; font-size:9pt">55,623,861</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM437"></a><font style="font-family:Helvetica; font-size:9pt">*</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Vanguard Small Cap Growth Index Fund</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM438"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">46,850,537</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM439"></a><font style="font-family:Helvetica; font-size:9pt">*</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM440"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM441"></a><font style="font-family:Helvetica; font-size:9pt">49,982,081</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM442"></a><font style="font-family:Helvetica; font-size:9pt">*</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="3" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Vanguard Growth Index Fund</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM443"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">94,723,051</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM444"></a><font style="font-family:Helvetica; font-size:9pt">*</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM445"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM446"></a><font style="font-family:Helvetica; font-size:9pt">90,923,822</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM447"></a><font style="font-family:Helvetica; font-size:9pt">*</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="3" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Vanguard Total International Stock Index Fund</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM448"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">72,417,841</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM449"></a><font style="font-family:Helvetica; font-size:9pt">*</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM450"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM451"></a><font style="font-family:Helvetica; font-size:9pt">65,978,779</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM452"></a><font style="font-family:Helvetica; font-size:9pt">*</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="3" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Northern Institutional Funds U.S. Government Select Portfolio</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM453"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">292,868</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM454"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM455"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM456"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM457"></a><font style="font-family:Helvetica; font-size:9pt">169,930</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM458"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM459"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:13.5pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:240pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">Total Investments</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">$</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM460"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">775,059,694</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM461"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:middle; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM462"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM463"></a><font style="font-family:Helvetica; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:76.5pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM464"></a><font style="font-family:Helvetica; font-size:9pt">771,435,082</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:12pt">
                        <p style="margin:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid"><a name="EDGAR_DEC_TAB_VALUE_T4_BM465"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:6pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:13.5pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:10.5pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:240pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
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                        <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:Helvetica; font-size:8pt">* Investment represents 5% or more of the Plan&#8217;s net assets.</font></p>
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                    <td style="width:76.6pt; border:none">
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                    <td style="width:12pt; border:none">
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            <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:3pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><a name="DOC_TBL00009_1_1"></a><font style="font-family:Helvetica; font-size:9pt">During the year ended December 31, 2015, the Plan&#8217;s investments (including gains and losses on </font><font style="font-family:Helvetica; font-size:9pt">investments bought, sold, and held during the year) net investment loss was as follows:</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Net appreciation (depreciation) in fair value:</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:380.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Common Stock of Plan Sponsor and Subsidiary </font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">$</font></p>
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                    <td style="vertical-align:bottom; width:108.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T5_BM484"></a><font style="font-family:Helvetica; font-size:9pt">928,138</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:380.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Bank Common Trusts</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:108.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T5_BM485"></a><font style="font-family:Helvetica; font-size:9pt">(185,000)</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:380.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Mutual Funds</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; vertical-align:bottom; width:108.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T5_BM486"></a><font style="font-family:Helvetica; font-size:9pt">(10,692,489)</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:380.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:108.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T5_BM487"></a><font style="font-family:Helvetica; font-size:9pt">(9,949,351)</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td colspan="2" style="padding-left:3pt; padding-right:3pt; vertical-align:middle">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Interest and dividends</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:108.75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T5_BM488"></a><font style="font-family:Helvetica; font-size:9pt">8,532,134</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:13.5pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:380.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Net investment loss</font></p>
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                    <td style="background-color:#cce3f3; border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">$</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T5_BM489"></a><font style="font-family:Helvetica; font-size:9pt">(1,417,217)</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                </tr>
                <tr style="height:0pt">
                    <td style="width:15.05pt; border:none">
                    </td>
                    <td style="width:386.65pt; border:none">
                    </td>
                    <td style="width:15pt; border:none">
                    </td>
                    <td style="width:108.85pt; border:none">
                    </td>
                    <td style="width:15pt; border:none">
                    </td>
                </tr>
            </table>
            <p style="margin:0pt"><font style="font-family:'Times New Roman'; font-size:12pt; font-weight:bold">&#xa0;</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Investments, in general, are subject to various risks, including credit, interest, and overall market volatility risks.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">Due to the level of risk </font><font style="font-family:Helvetica; font-size:9pt">associated with certain investment securities, it is reasonably possible that changes in values of investment securities will occur in the near term, and such changes could materially affect the amounts reported in the</font><font style="font-family:Helvetica; font-size:9pt"> 2015</font><font style="font-family:Helvetica; font-size:9pt"> Statement of Net Assets Availabl</font><font style="font-family:Helvetica; font-size:9pt">e for Benefits.</font><a name="EDGAR_PAGE_END12"></a></p>
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                <p style="margin:0pt"><a name="EDGAR_HF_H_START_21"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Tax</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">-</font><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Deferred Savings Plan</font></p>
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                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">December 31, 2015 and 2014</font></p>
                <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Notes to Financial Statements</font></p>
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            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><a name="EDGAR_PAGE_START13"></a><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">N</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">ote</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> 5</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> </font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">P</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">ARTIES-</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">I</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">N-</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">I</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">NTEREST</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Northern Trust </font><font style="font-family:Helvetica; font-size:9pt">sponsors plan investments in the </font><font style="font-family:Helvetica; font-size:9pt">Northern Institutional Funds U.S. Government Select Portfolio</font><font style="font-family:Helvetica; font-size:9pt">. </font><font style="font-family:Helvetica; font-size:9pt">Northern Trust </font><font style="font-family:Helvetica; font-size:9pt">i</font><font style="font-family:Helvetica; font-size:9pt">s the directed trustee of the Plan and, therefore, these transactions qualif</font><font style="font-family:Helvetica; font-size:9pt">y as party</font><font style="font-family:Helvetica; font-size:9pt">-in-interest transactions.</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Notes receivable from participants also qualify as party-in-interest transactions.</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The Plan invests in common stock of </font><font style="font-family:Helvetica; font-size:9pt">U.S.</font><font style="font-family:Helvetica; font-size:9pt"> Cellular </font><font style="font-family:Helvetica; font-size:9pt">a</font><font style="font-family:Helvetica; font-size:9pt">nd </font><font style="font-family:Helvetica; font-size:9pt">TDS</font><font style="font-family:Helvetica; font-size:9pt">. Transactions in shares of </font><font style="font-family:Helvetica; font-size:9pt">U.S. </font><font style="font-family:Helvetica; font-size:9pt">Cellular and </font><font style="font-family:Helvetica; font-size:9pt">TDS</font><font style="font-family:Helvetica; font-size:9pt"> common stock qualify as party-in-intere</font><font style="font-family:Helvetica; font-size:9pt">st transactions under the provisions of ERISA. During the year ended </font><font style="font-family:Helvetica; font-size:9pt">December 31, 2015</font><font style="font-family:Helvetica; font-size:9pt">, the Plan made purchases of $</font><font style="font-family:Helvetica; font-size:9pt">3,796,980</font><font style="font-family:Helvetica; font-size:9pt"> and sales of $</font><font style="font-family:Helvetica; font-size:9pt">10,649,656</font><font style="font-family:Helvetica; font-size:9pt"> of TDS an</font><font style="font-family:Helvetica; font-size:9pt">d U.S. Cellular</font><font style="font-family:Helvetica; font-size:9pt"> common stock.</font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">N</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">ote</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> 6</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> TAX STATUS</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The Plan obtained its latest determination letter on </font><font style="font-family:Helvetica; font-size:9pt">February</font><font style="font-family:Helvetica; font-size:9pt"> 25, 20</font><font style="font-family:Helvetica; font-size:9pt">15</font><font style="font-family:Helvetica; font-size:9pt"> in which the Internal Revenue Service stated that the Plan, as designed, was in compliance with the applicable requirements of </font><font style="font-family:Helvetica; font-size:9pt">the Internal Revenue Code (IRC), and the related trust was exempt from taxation. </font><font style="font-family:Helvetica; font-size:9pt">The Plan has been amended since the receipt of the determination letter. The Plan administrator believes that the Plan is designed and being operated in </font><font style="font-family:Helvetica; font-size:9pt">material </font><font style="font-family:Helvetica; font-size:9pt">compliance wi</font><font style="font-family:Helvetica; font-size:9pt">th the applicable requirements of the IRC. Therefore, the Plan administrator believes that the Plan was qualified and the related trust was tax</font><font style="font-family:Helvetica; font-size:9pt">-</font><font style="font-family:Helvetica; font-size:9pt">exempt at </font><font style="font-family:Helvetica; font-size:9pt">December 31, 2015</font><font style="font-family:Helvetica; font-size:9pt">.</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Management evaluated the Plan&#8217;s tax posit</font><font style="font-family:Helvetica; font-size:9pt">ions and concluded that the Plan had maintained its tax</font><font style="font-family:Helvetica; font-size:9pt">-</font><font style="font-family:Helvetica; font-size:9pt">exempt status and had taken no uncertain tax positions that require adjustment to the financial statements.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">Therefore, no provision or liability for income taxes has been included in the financial sta</font><font style="font-family:Helvetica; font-size:9pt">tements </font><font style="font-family:Helvetica; font-size:9pt">at</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">December 31, 2015</font><font style="font-family:Helvetica; font-size:9pt"> or </font><font style="font-family:Helvetica; font-size:9pt">2014</font><font style="font-family:Helvetica; font-size:9pt">.</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">With few exceptions, the Plan is no longer subject to income tax examinations by the U.S. federal, state, or local tax authorities for years </font><font style="font-family:Helvetica; font-size:9pt">before 20</font><font style="font-family:Helvetica; font-size:9pt">12</font><font style="font-family:Helvetica; font-size:9pt">.</font></p>
            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">N</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">ote</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> 7</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> </font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">R</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">ECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> </font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">A reconciliation between the financial statements and Form 5500 </font><font style="font-family:Helvetica; font-size:9pt">at</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">December 31, 2015</font><font style="font-family:Helvetica; font-size:9pt"> and </font><font style="font-family:Helvetica; font-size:9pt">2014</font><font style="font-family:Helvetica; font-size:9pt">, and </font><font style="font-family:Helvetica; font-size:9pt">for the year ended </font><font style="font-family:Helvetica; font-size:9pt">December 31, 2015 is as follows:</font></p>
            <p style="margin:0pt; page-break-inside:avoid; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><a name="DOC_TBL00005_1_1"></a><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt">
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">2015</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:7.5pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="2" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:middle">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">2014</font></p>
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                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="4" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Total net assets per Form 5500, Schedule H</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:8.25pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">$</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:77.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T6_BM490"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">791,342,607</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:middle; width:13.5pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T6_BM491"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:middle; width:13.5pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T6_BM492"></a><font style="font-family:Helvetica; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T6_BM493"></a><font style="font-family:Helvetica; font-size:9pt">784,203,694</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
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                <tr style="height:25.5pt">
                    <td colspan="4" style="padding-left:3pt; padding-right:3pt; vertical-align:middle">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Adjustment from fair value to contract value for fully benefit-responsive </font></p>
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#160;&#160; investment contracts </font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:77.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T6_BM494"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">(1,331,093)</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T6_BM495"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T6_BM496"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T6_BM497"></a><font style="font-family:Helvetica; font-size:9pt">(2,466,971)</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td colspan="4" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Deemed distributions of notes receivable from participants</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:8.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:77.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T6_BM498"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">41,856</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T6_BM499"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:13.5pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T6_BM500"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T6_BM501"></a><font style="font-family:Helvetica; font-size:9pt">49,274</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:13.5pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="2" style="padding-left:3pt; padding-right:3pt; vertical-align:middle">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Net Assets Available for Benefits Per Financial Statements</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:8.25pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">$</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:77.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T6_BM502"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">790,053,370</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:3.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:middle; width:7.5pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:middle; width:7.5pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">$</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:double; border-bottom-width:1.5pt; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; vertical-align:bottom; width:75pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T6_BM503"></a><font style="font-family:Helvetica; font-size:9pt">781,785,997</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Change in net assets per Form </font><font style="font-family:Helvetica; font-size:9pt">5500, Schedule H</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T6_BM510"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">1,135,878</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Change in Net Assets </font><font style="font-family:Helvetica; font-size:9pt">Available for Benefits Per Financial Statements</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T6_BM514"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">8,267,373</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:normal">&#xa0;</font></p>
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            <p style="margin:0pt 0pt 10pt; page-break-after:avoid; widows:0; orphans:0"><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">N</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">ote</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> 8</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> </font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">S</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">UBSEQUENT</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5"> E</font><font style="font-family:Helvetica; font-size:15pt; font-weight:bold; color:#0075c5">VENTS</font></p>
            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">The Plan&#8217;s management evaluated subsequent events from </font><font style="font-family:Helvetica; font-size:9pt">December 31, 2015</font><font style="font-family:Helvetica; font-size:9pt"> through</font><font style="font-family:Helvetica; font-size:9pt"> </font><font style="font-family:Helvetica; font-size:9pt">May </font><font style="font-family:Helvetica; font-size:9pt">24</font><font style="font-family:Helvetica; font-size:9pt">, 2016</font><font style="font-family:Helvetica; font-size:9pt">, the date these financial </font><font style="font-family:Helvetica; font-size:9pt">statements were issued.</font><font style="font-family:Helvetica; font-size:9pt"> T</font><font style="font-family:Helvetica; font-size:9pt">here have been no significant subsequent</font><font style="font-family:Helvetica; font-size:9pt"> events during this period that require adjustments to or disclosure in the financial statements as of </font><font style="font-family:Helvetica; font-size:9pt">December 31, 2015</font><font style="font-family:Helvetica; font-size:9pt"> and for the year then ended.</font></p>
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                <p style="margin:0pt; text-align:center"><a name="EDGAR_HF_F_START_25"></a><font style="font-family:Helvetica; font-size:9pt">11</font></p>
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                        <p style="margin:0pt; text-align:center"><a name="DOC_TBL00010_1_1"></a><a name="_DMBM_5524"></a><a name="EDGAR_PAGE_START14"><font style="-aw-bookmark-end:DOC_TBL00010_1_1"></font></a><font style="font-family:Helvetica; font-size:10pt; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:10pt; font-weight:bold">Tax-Deferred Savings Plan</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:10pt; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:10pt; font-weight:bold">Schedule H, </font><font style="font-family:Helvetica; font-size:10pt; font-weight:bold">line 4i - Schedule of Assets (Held at End of Year)</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:10pt; font-weight:bold">Plan 003 EIN 36-2669023</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:10pt; font-weight:bold">December 31, 2015</font></p>
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                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:0.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:0.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td colspan="10" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:18pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:0.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:0.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td colspan="2" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">(c)</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:18pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:0.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:0.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td colspan="2" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Description of Investment</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:18pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">(b)</font></p>
                    </td>
                    <td colspan="2" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Including Maturity Date, </font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">(e)</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:18pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Identity of Issue, Borrower, Lessor,</font></p>
                    </td>
                    <td colspan="2" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Rate of Interest, Collateral, </font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">(d)</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Current </font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:18pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">(a)</font></p>
                    </td>
                    <td colspan="4" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">or Similar Party</font></p>
                    </td>
                    <td colspan="2" style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Par or Maturity Value</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Cost</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="border-bottom-color:#000000; border-bottom-style:solid; border-bottom-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:59.25pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Value</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:18pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="background-color:#cce3f3; border-top-color:#000000; border-top-style:solid; border-top-width:0.75pt; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Bank Common Trusts</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:66pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:46.5pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:65.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM516"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:18pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Retirement Savings Trust II</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM517"></a><font style="font-family:Helvetica; font-size:9pt">78,768,302</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:52.5pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM518"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:15pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM519"></a><font style="font-family:Helvetica; font-size:9pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:65.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM520"></a><font style="font-family:Helvetica; font-size:9pt">80,099,395</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:18pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target Retirement Income Trust II</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM521"></a><font style="font-family:Helvetica; font-size:9pt">185,778</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:52.5pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM522"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:65.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM523"></a><font style="font-family:Helvetica; font-size:9pt">5,521,314</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:18pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2010 Retirement Trust II</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM524"></a><font style="font-family:Helvetica; font-size:9pt">54,340</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:52.5pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM525"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:65.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM526"></a><font style="font-family:Helvetica; font-size:9pt">1,491,638</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:18pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2015 Retirement Trust II</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM527"></a><font style="font-family:Helvetica; font-size:9pt">267,794</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:52.5pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM528"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="background-color:#cce3f3; vertical-align:bottom; width:65.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM529"></a><font style="font-family:Helvetica; font-size:9pt">7,329,518</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:18pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2020 Retirement Trust II</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM530"></a><font style="font-family:Helvetica; font-size:9pt">757,812</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM531"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM532"></a><font style="font-family:Helvetica; font-size:9pt">20,415,454</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:18pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td colspan="4" style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target </font><font style="font-family:Helvetica; font-size:9pt">2025 Retirement Trust II</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM533"></a><font style="font-family:Helvetica; font-size:9pt">873,528</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:52.5pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM534"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM535"></a><font style="font-family:Helvetica; font-size:9pt">23,043,677</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:18pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2030 Retirement Trust II</font></p>
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                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM536"></a><font style="font-family:Helvetica; font-size:9pt">919,661</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:52.5pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM537"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM538"></a><font style="font-family:Helvetica; font-size:9pt">23,672,084</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2035 Retirement Trust II</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM539"></a><font style="font-family:Helvetica; font-size:9pt">1,077,763</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM540"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM541"></a><font style="font-family:Helvetica; font-size:9pt">27,687,722</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2040 Retirement Trust II</font></p>
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                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM542"></a><font style="font-family:Helvetica; font-size:9pt">1,064,591</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM543"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM544"></a><font style="font-family:Helvetica; font-size:9pt">27,743,244</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2045 Retirement Trust II</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM545"></a><font style="font-family:Helvetica; font-size:9pt">1,011,393</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM546"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM547"></a><font style="font-family:Helvetica; font-size:9pt">26,336,684</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2050 Retirement Trust II</font></p>
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                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM548"></a><font style="font-family:Helvetica; font-size:9pt">973,849</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM549"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM550"></a><font style="font-family:Helvetica; font-size:9pt">25,466,157</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Target 2055 Retirement Trust II</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM551"></a><font style="font-family:Helvetica; font-size:9pt">229,747</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM552"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:65.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM553"></a><font style="font-family:Helvetica; font-size:9pt">8,045,729</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">BlackRock </font><font style="font-family:Helvetica; font-size:9pt">Intermediate Government/Credit Bond Index Fund F</font></p>
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                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM554"></a><font style="font-family:Helvetica; font-size:9pt">2,502,779</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:52.5pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM555"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="vertical-align:bottom; width:65.25pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM556"></a><font style="font-family:Helvetica; font-size:9pt">63,784,083</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                <tr style="height:12.75pt">
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM557"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM558"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">Common Stock of Plan Sponsor and Subsidiary </font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM559"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM560"></a><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Value Index Fund</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM583"></a><font style="font-family:Helvetica; font-size:9pt">1,708,140</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:0.75pt">
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Small Cap Growth Index Fund</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM586"></a><font style="font-family:Helvetica; font-size:9pt">1,369,098</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:52.5pt">
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                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; vertical-align:bottom; width:65.25pt">
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                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:18pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:0.75pt">
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                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:0.75pt">
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">Vanguard Growth Index Fund</font></p>
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                    <td style="vertical-align:bottom; width:72pt">
                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM589"></a><font style="font-family:Helvetica; font-size:9pt">1,729,470</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
                    </td>
                    <td style="vertical-align:bottom; width:52.5pt">
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                    </td>
                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:42.75pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">**</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:18pt">
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                    </td>
                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:0.75pt">
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:9pt">
                        <p style="margin:0pt; text-align:center"><font style="font-family:Helvetica; font-size:9pt">&#xa0;</font></p>
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                    <td style="background-color:#cce3f3; padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt">
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM592"></a><font style="font-family:Helvetica; font-size:9pt">746,961</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM593"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM594"></a><font style="font-family:Helvetica; font-size:9pt">72,417,841</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                    <td style="padding-left:3pt; padding-right:3pt; vertical-align:bottom; width:226.5pt">
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM595"></a><font style="font-family:Helvetica; font-size:9pt">292,868</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM596"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM597"></a><font style="font-family:Helvetica; font-size:9pt">292,868</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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                        <p style="margin:0pt; text-align:right"><a name="EDGAR_DEC_TAB_VALUE_T7_BM598"></a><font style="font-family:Helvetica; font-size:9pt">13,450,632</font><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p>
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            <p style="margin:0pt 0pt 10pt"><font style="font-family:Helvetica; font-size:9pt">Pursuant to the requirements of the Securities and Exchange Act of 1934, </font><font style="font-family:Helvetica; font-size:9pt">Telephone and Data Systems, Inc., the Plan Administrator, has duly caused this Annual Report on Form 11-K to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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                        <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">TELEPHONE AND DATA SYSTEMS, INC.</font></p>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
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            <p style="margin:0pt"><font style="font-family:Helvetica; font-size:9pt">We consent to the incorporation by reference in Registration Statement (No. 333-58127 and 333-185143) on Form S-8 of Telephone and Data Systems, Inc. and (No. 333-42366) on Form S-8 of United States Cellular Corporation of our report dated </font><font style="font-family:Helvetica; font-size:9pt">May 24, 2016</font><font style="font-family:Helvetica; font-size:9pt">, re</font><font style="font-family:Helvetica; font-size:9pt">lating to our audit of the financial statements and supplemental schedule of Telephone and Data Systems, Inc. Tax-Deferred Savings Plan, which appears in this Annual Report on Form 11-K of Telephone and Data Systems, Inc. Tax-Deferred Savings Plan for the </font><font style="font-family:Helvetica; font-size:9pt">year ended December 31, 2015.</font></p>
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