<SEC-DOCUMENT>0001051512-17-000040.txt : 20170524
<SEC-HEADER>0001051512-17-000040.hdr.sgml : 20170524
<ACCEPTANCE-DATETIME>20170524143728
ACCESSION NUMBER:		0001051512-17-000040
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161231
FILED AS OF DATE:		20170524
DATE AS OF CHANGE:		20170524

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:		17866366

	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
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<DESCRIPTION>11-K
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:11pt"><font style="font-family:Helvetica; font-weight:bold">ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES </font><font style="font-family:Helvetica; font-weight:bold">EXCHANGE ACT OF 1934</font></p>
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                <tr style="height:12.75pt">
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                    <td style="width:69pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                <tr style="height:12.75pt">
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                <tr style="height:12.75pt">
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            <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Helvetica; font-weight:bold">Report of Independent Registered Public Accounting Firm</font></p>
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            <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Chicago, Illinois</font></p>
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            <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">We have audited the accompanying statements of net assets available for benefits of Telephone and Data Systems, Inc. Tax-Deferred Savings Plan (the &#8220;Plan&#8221;) as of Decemb</font><font style="font-family:Helvetica">er 31, 2016 and 2015, and the related statement of changes in net assets available for benefits for the year ended December 31, 2016.&#160; These financial statements are the responsibility of the Plan&#39;s management. Our responsibility is to express an opinion o</font><font style="font-family:Helvetica">n these financial statements based on our audits.</font></p>
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            <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">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 audit to obtain reasonable as</font><font style="font-family:Helvetica">surance 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 assessing the accounting pr</font><font style="font-family:Helvetica">inciples 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>
            <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
            <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">In our opinion, the financial statements referred to abo</font><font style="font-family:Helvetica">ve present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2016 and 2015, and the changes in net assets available for benefits for the year ended December 31, 2016, in conformity with accounting princi</font><font style="font-family:Helvetica">ples generally accepted in the United States of America.</font></p>
            <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
            <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">As discussed in Note 2 to the financial statements, in 2016, the entity adopted new accounting guidance related to presentation of fair value of certain investments and disclosure of investments.&#160; C</font><font style="font-family:Helvetica">ertain investments are now shown at contract value rather than fair value on the Statement</font><font style="font-family:Helvetica">s</font><font style="font-family:Helvetica"> of Net Assets Available for Benefits.&#160; In addition, the entity adopted new accounting guidance related to disclosures for investments that calculate net asset value</font><font style="font-family:Helvetica"> per share or its equivalent.&#160; Prior year disclosures have also been revised to reflect the retrospective application of adopting these changes in accounting.&#160; Our opinion is not modified with respect to these matters.</font></p>
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            <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">The supplemental information in the </font><font style="font-family:Helvetica">accompanying schedule of Schedule H, Line 4i &#8211; Schedule of Assets (Held at End of Year) as of December 31, 2016</font><font style="font-family:Helvetica">,</font><font style="font-family:Helvetica"> has been subjected to audit procedures performed in conjunction with the audit of the Plan&#8217;s financial statements. The supplemental information</font><font style="font-family:Helvetica"> is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor&#8217;s Rules and Regulations for Reporting and Disclosure under the Employee Re</font><font style="font-family:Helvetica">tirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan&#39;s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accou</font><font style="font-family:Helvetica">nting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we ev</font><font style="font-family:Helvetica">aluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor&#8217;s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opi</font><font style="font-family:Helvetica">nion, the supplemental information</font><font style="font-family:Helvetica"> in the accompanying schedule</font><font style="font-family:Helvetica"> is fairly stated in all material respects in relation to the financial statements as a whole.</font></p>
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                <tr style="height:12.75pt">
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:243.6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">2016</font></p>
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                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                <tr style="height:12.75pt">
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                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:94.45pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM0"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:top; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:top; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:84.7pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM1"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:243.6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:94.45pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM2"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:84.7pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM3"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">$</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM4"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">787,802,344</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:top; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:top; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">$</font></p>
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                    <td style="width:84.7pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM5"></a><font style="font-family:Helvetica; font-size:9pt">694,960,299</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td colspan="4" style="width:286.35pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Fully benefit-responsive investment contract at contract value</font></p>
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                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:94.45pt; border-bottom:0.75pt solid #000000; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM6"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">83,381,194</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:84.7pt; border-bottom:0.75pt solid #000000; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM7"></a><font style="font-family:Helvetica; font-size:9pt">78,768,302</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td colspan="2" style="width:257.85pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Total investments</font></p>
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                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:94.45pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM8"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">871,183,538</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:top; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:top; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:84.7pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM9"></a><font style="font-family:Helvetica; font-size:9pt">773,728,601</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:243.6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:94.45pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM10"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:84.7pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM11"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td colspan="4" style="width:286.35pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:94.45pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM12"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:top; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:top; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:84.7pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM13"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td colspan="3" style="width:272.1pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:94.45pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM14"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">120,193</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:84.7pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM15"></a><font style="font-family:Helvetica; font-size:9pt">130,665</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Contributions in transit and other</font></p>
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                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:94.45pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM16"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">2,660,809</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:top; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:top; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:84.7pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM17"></a><font style="font-family:Helvetica; font-size:9pt">2,778,247</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td colspan="3" style="width:272.1pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Notes receivable from participants</font></p>
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                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:94.45pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM18"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">13,867,847</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:84.7pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM19"></a><font style="font-family:Helvetica; font-size:9pt">13,450,632</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Due from broker for securities sold</font></p>
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                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:94.45pt; border-bottom:0.75pt solid #000000; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM20"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">241,787</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:top; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:top; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM21"></a><font style="font-family:Helvetica; font-size:9pt">&#8211;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:94.45pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM22"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">16,890,636</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:84.7pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM23"></a><font style="font-family:Helvetica; font-size:9pt">16,359,544</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:243.6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:94.45pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM24"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:top; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:top; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:84.7pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM25"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:243.6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Total assets</font></p>
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                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:94.45pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM26"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">888,074,174</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:84.7pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM27"></a><font style="font-family:Helvetica; font-size:9pt">790,088,145</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td colspan="4" style="width:286.35pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:94.45pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM28"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:top; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:top; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:84.7pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM29"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:24pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:94.45pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM30"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:4.5pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:84.7pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T1_BM31"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">See Notes to Financial Statements.</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:90pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM41"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:90pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM42"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">$</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM43"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">10,926,018</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:9pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM44"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">57,763,301</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:90pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM45"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">68,689,319</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:372.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:90pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM46"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:90pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM47"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">559,611</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:372.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:90pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM48"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:90pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM49"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td colspan="3" style="width:410.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Participant</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:90pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM50"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">56,589,881</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:90pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM51"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">3,260,373</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    <td style="width:90pt; border-bottom:0.75pt solid #000000; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM52"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">24,127,148</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Total contributions</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:90pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM53"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">83,977,402</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:372.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:90pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM54"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td colspan="2" style="width:391.5pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:90pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM55"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">153,226,332</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:372.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:90pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM56"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
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                <tr style="height:12.75pt">
                    <td colspan="4" style="width:429pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Deductions from </font><font style="font-family:Helvetica; font-weight:bold">plan assets attributed to</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:90pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM57"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="3" style="width:410.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Benefits paid to participants</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:90pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM58"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">54,202,848</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="3" style="width:410.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Administrative expenses</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:90pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM59"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">1,265,079</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="2" style="width:391.5pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Total deductions</font></p>
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                    <td style="width:9pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:90pt; border-top:0.75pt solid #000000; border-bottom:0.75pt solid #000000; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM60"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">55,467,927</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:372.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:90pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM61"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Net increase</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:90pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM62"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">97,758,405</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:372.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM63"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Net assets available for benefits:</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM64"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Beginning of year</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM65"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">790,053,370</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:372.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:90pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM66"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td colspan="2" style="width:391.5pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">End of year</font></p>
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                    <td style="width:9pt; border-bottom:1.5pt double #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">$</font></p>
                    </td>
                    <td style="width:90pt; border-bottom:1.5pt double #000000; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM67"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">887,811,775</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:12.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:372.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:1.15pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-left:30pt; margin-bottom:0pt; text-indent:1.15pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T2_BM68"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td colspan="6" style="width:534pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">See Notes to Financial Statements.</font></p>
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                <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><a name="EDGAR_HF_F_START_17"></a><font style="font-family:Helvetica">3</font></p>
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                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="EDGAR_HF_H_START_21"></a><font style="font-family:Helvetica; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Tax</font><font style="font-family:Helvetica; font-weight:bold">-</font><font style="font-family:Helvetica; font-weight:bold">Deferred Savings Plan</font></p>
                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">December 31, 201</font><font style="font-family:Helvetica; font-weight:bold">6</font><font style="font-family:Helvetica; font-weight:bold"> and 201</font><font style="font-family:Helvetica; font-weight:bold">5</font></p>
                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Notes to Financial Statements</font></p>
                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="EDGAR_HF_H_END_22"></a><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:15pt"><a name="_DMBM_12297"></a><a name="EDGAR_PAGE_START6"></a><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">N</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">ote</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5"> 1</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5"> DESCRIPTION OF THE PLAN</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">The following description of the Telephone and Data Systems, Inc</font><font style="font-family:Helvetica">. </font><font style="font-family:Helvetica">Tax-Deferred Savings </font><font style="font-family:Helvetica">Plan (the &quot;Plan&quot;) provides only general information</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">Participants should refer to the Telephone and Data Systems, Inc</font><font style="font-family:Helvetica">. </font><font style="font-family:Helvetica">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-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">G</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">eneral </font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">The Plan is a contributory tax</font><font style="font-family:Helvetica">-</font><font style="font-family:Helvetica">exempt profit sharing plan established by Telephone and Data Systems, Inc</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">(&#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">&#8220;</font><font style="font-family:Helvetica">ERISA</font><font style="font-family:Helvetica">&#8221;</font><font style="font-family:Helvetica">)</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">The Company is t</font><font style="font-family:Helvetica">he administrator and sponsor of the Plan and</font><font style="font-family:Helvetica"> </font><font style="font-family:Helvetica">The </font><font style="font-family:Helvetica">Northern Trust Company (&#8220;Northern Trust&#8221;)</font><font style="font-family:Helvetica"> </font><font style="font-family:Helvetica">is the directed trustee and asset custodian of the Plan.&#160; </font><font style="font-family:Helvetica">Northern Trust </font><font style="font-family:Helvetica">also </font><font style="font-family:Helvetica">provide</font><font style="font-family:Helvetica">s</font><font style="font-family:Helvetica"> record keeping and reporting services to the Plan in conjunction with Aon Hewitt, the Plan&#39;s third party administrator</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">All employees of TDS and its subsidiaries which have adopted the Plan (the Company and such subsidiaries being referred to as &#8220;employe</font><font style="font-family:Helvetica">rs&#8221;) whom are age twenty-one or older </font><font style="font-family:Helvetica">generally </font><font style="font-family:Helvetica">are eligible to participate</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">The Plan allows participants to enter the Plan upon the latter of 30 days of continuous service with the </font><font style="font-family:Helvetica">employers</font><font style="font-family:Helvetica"> or their twenty-first birthday</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">Participation in the Plan is v</font><font style="font-family:Helvetica">oluntary, however, any eligible employee who does not enroll on </font><font style="font-family:Helvetica">his or her</font><font style="font-family:Helvetica"> own, or opt out of automatic enrollment, will be automatically enrolled in the Plan starting on </font><font style="font-family:Helvetica">his or her</font><font style="font-family:Helvetica"> eligibility date</font><font style="font-family:Helvetica"> (or as soon as practicable thereafter).&#160; </font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">The Plan&#39;s asse</font><font style="font-family:Helvetica">ts are overseen by an Investment Management Committee</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">The Investment Management Committee is authorized to select investment options and to invest Plan assets as directed by the participants</font><font style="font-family:Helvetica"> (or in the absence of such a direction, as determined by the In</font><font style="font-family:Helvetica">vestment Management Committee)</font><font style="font-family:Helvetica">.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">Contributions </font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Participants may contribute to the Plan on a pre-tax basis (before-tax contributions) or on a designated Roth basis (after-tax contributions)</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">The combined pre-tax and designated Roth contributions may not ex</font><font style="font-family:Helvetica">ceed 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">.&#160; </font><font style="font-family:Helvetica">Participants may also contribute amounts representing eligible distributions from other qualified plans </font><font style="font-family:Helvetica">or individual retirement acc</font><font style="font-family:Helvetica">ounts </font><font style="font-family:Helvetica">(rollover contributions).</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Newly </font><font style="font-family:Helvetica">eligible employee</font><font style="font-family:Helvetica">s</font><font style="font-family:Helvetica"> with 30 days </font><font style="font-family:Helvetica">of </font><font style="font-family:Helvetica">continuous service </font><font style="font-family:Helvetica">are</font><font style="font-family:Helvetica"> automatically enrolled in the Plan on a pre-tax basis at a </font><font style="font-family:Helvetica">6</font><font style="font-family:Helvetica">% deferral rate with the rate increasing by 1% annually until it reaches 10%, unless the employee</font><font style="font-family:Helvetica">s</font><font style="font-family:Helvetica"> e</font><font style="font-family:Helvetica">lect otherwise</font><font style="font-family:Helvetica">.&#160; The Vanguard </font><font style="font-family:Helvetica">Target Date Retirement </font><font style="font-family:Helvetica">Funds</font><font style="font-family:Helvetica"> are used as the Qualified</font><font style="font-family:Helvetica"> Default Investment Alternative </font><font style="font-family:Helvetica">for automatic enrollment</font><font style="font-family:Helvetica">.&#160; </font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">The employer </font><font style="font-family:Helvetica">matching contribution is 100% of</font><font style="font-family:Helvetica"> the first 3% of a participant&#8217;s before-tax and designated Roth con</font><font style="font-family:Helvetica">tributions and 40% on the next 2% of before-tax and designated Roth contributions.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">Participants&#39; Accounts and Investment Options </font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Each participant&#39;s account is credited with the participant&#39;s before-tax and designated Roth contributions, rollover contribut</font><font style="font-family:Helvetica">ions, employer matching contributions and investment income or loss</font><font style="font-family:Helvetica"> and fees.&#160; </font><font style="font-family:Helvetica">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-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Contributions are </font><font style="font-family:Helvetica">invested in accordance with</font><font style="font-family:Helvetica"> the employee&#8217;s investment elections</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">Participants may invest their </font><font style="font-family:Helvetica">accounts in</font><font style="font-family:Helvetica"> a variety of investment options as more fully described in the Plan&#39;s literature</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">Participants may change their investment </font><font style="font-family:Helvetica">elections</font><font style="font-family:Helvetica"> via telephone or internet</font><font style="font-family:Helvetica">.&#160; Additionally,</font><font style="font-family:Helvetica"> participants can direct no more than 20% of their contributions into the TDS Common Stock Fund and the U.S. Cellular Common Stock Fund, on a combined basis.&#160; </font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">Vesting </font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Participants are always 100% vested in their before-tax, designated Roth and rollover c</font><font style="font-family:Helvetica">ontributions plus actual earnings thereon</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">Vesting in employer matching contributions plus actual earnings thereon is based on years of vesting service</font><font style="font-family:Helvetica">.&#160; Employer matching contributions</font><font style="font-family:Helvetica"> vest 34% after the participant completes one year of vesting service;</font><font style="font-family:Helvetica"> and 100% after the participant completes two years of vesting service.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">A participant also becomes 100% vested in employer matching contributions plus actual earnings thereon upon termination of employment after attaining age 65 or due to death or </font><font style="font-family:Helvetica">total an</font><font style="font-family:Helvetica">d permanent </font><font style="font-family:Helvetica">disability</font><font style="font-family:Helvetica"> (as defined in the Plan).&#160; </font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">Forfeited Accounts </font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">For the years ended </font><font style="font-family:Helvetica">December 31, 2016</font><font style="font-family:Helvetica"> </font><font style="font-family:Helvetica">and</font><font style="font-family:Helvetica"> </font><font style="font-family:Helvetica">2015</font><font style="font-family:Helvetica">, forfeited non-vested accounts </font><font style="font-family:Helvetica">used to reduce employer contributions were $641,763 </font><font style="font-family:Helvetica">and $</font><font style="font-family:Helvetica">642,629</font><font style="font-family:Helvetica">, respectively</font><font style="font-family:Helvetica">.&#160; </font><a name="EDGAR_PAGE_END6"></a></p>
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                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="EDGAR_HF_H_START_21"></a><font style="font-family:Helvetica; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Tax</font><font style="font-family:Helvetica; font-weight:bold">-</font><font style="font-family:Helvetica; font-weight:bold">Deferred Savings Plan</font></p>
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                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">December 31, 201</font><font style="font-family:Helvetica; font-weight:bold">6</font><font style="font-family:Helvetica; font-weight:bold"> and 201</font><font style="font-family:Helvetica; font-weight:bold">5</font></p>
                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Notes to Financial Statements</font></p>
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            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:9pt"><a name="EDGAR_PAGE_START7"></a><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">Payment of Benefits</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Vested benefits may be paid to the participant upon termination of employment in the form </font><font style="font-family:Helvetica">of a lump sum payment</font><font style="font-family:Helvetica">, partial distribution (of not less than $500)</font><font style="font-family:Helvetica"> or installments</font><font style="font-family:Helvetica">.&#160; Alternatively, a terminated participant may rollover the eligible portion of his or her vested benefits to an eligible retirement plan or individual retirement account.&#160; </font><font style="font-family:Helvetica">Participants experiencing a qualified financial hardship, on a qualified military leave or who have attained the age 59&#189; may withdraw a portion of their</font><font style="font-family:Helvetica"> vested</font><font style="font-family:Helvetica"> account balance as defined in the Plan while employed by the Company.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">Notes Receivable from Part</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">icipants</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Participants may borrow from their </font><font style="font-family:Helvetica">Plan</font><font style="font-family:Helvetica"> accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance (excluding employer matching contributions</font><font style="font-family:Helvetica"> and related earnings</font><font style="font-family:Helvetica">)</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">These </font><font style="font-family:Helvetica">notes </font><font style="font-family:Helvetica">are secured by the r</font><font style="font-family:Helvetica">emaining balance in the participant&#39;s account</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">The notes bear interest at the prime rate plus 1% as published in the Wall Street Journal on the fifteenth day of the month prior to the quarter in which the note is processed</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">Principal and interest </font><font style="font-family:Helvetica">are</font><font style="font-family:Helvetica"> </font><font style="font-family:Helvetica">gen</font><font style="font-family:Helvetica">erally </font><font style="font-family:Helvetica">paid ratably through after-tax payroll deductions</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">The repayment period on the note </font><font style="font-family:Helvetica">generally</font><font style="font-family:Helvetica"> range</font><font style="font-family:Helvetica">s</font><font style="font-family:Helvetica"> from one to five years</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">Notes are considered </font><font style="font-family:Helvetica">delinquent </font><font style="font-family:Helvetica">if no note payment is received during two consecutive pay periods</font><font style="font-family:Helvetica">.&#160; If the delinquency is </font><font style="font-family:Helvetica">not cured the loan will be considered in default and taxation will occur.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">Termination of Plan</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">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><font style="font-family:Helvetica"> </font><font style="font-family:Helvetica">In the event of Plan termination, participants become 100% vested in their accounts.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">Plan Expenses</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Certain administrative, recordkeeping and Trustee fees are paid by Plan participants.&#160; Auditing and investment consulting fees are paid by TDS.&#160; </font><font style="font-family:Helvetica">Investment </font><font style="font-family:Helvetica">option </font><font style="font-family:Helvetica">expenses and loan origination fees </font><font style="font-family:Helvetica">are </font><font style="font-family:Helvetica">paid by Plan participants</font><font style="font-family:Helvetica">.&#160; Plan participants also pay participant-initiated transaction fees (distribution, withdrawal, </font><font style="font-family:Helvetica">Qualified Domestic Relations Order</font><font style="font-family:Helvetica">, etc.).&#160; </font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:15pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">N</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">ote</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5"> 2</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5"> </font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">S</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">UMMARY</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5"> </font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">OF SIGNIFICANT ACCOUNTING </font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">Basis of Accounting and Use of Estimates</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">The accompanying financial statements have been prepared </font><font style="font-family:Helvetica">on</font><font style="font-family:Helvetica"> the accrual basis of accounting</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">The preparation of the financial statements in conformity with accounting p</font><font style="font-family:Helvetica">rinciples generally accepted in the United States of America (&#8220;</font><font style="font-family:Helvetica">U.S. </font><font style="font-family:Helvetica">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">.&#160; </font><font style="font-family:Helvetica">Actual results could differ from these estimates.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">Investment Valuation and Income Recognition</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Investments are reported at fair value</font><font style="font-family:Helvetica">, with the exception of the fully benefit-responsive investment contract.&#160; </font><font style="font-family:Helvetica">See Note 3 &#8211; Fair Value Measurements for further information on the fair value of the Plan&#8217;s asset</font><font style="font-family:Helvetica">s</font><font style="font-family:Helvetica">.&#160; The Plan&#8217;s Investment Management Committee determines the Plan&#8217;s valuation policies utilizing information provided by the investment advisers and custodians.&#160; </font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Net appreciation (</font><font style="font-family:Helvetica">depreciation</font><font style="font-family:Helvetica">)</font><font style="font-family:Helvetica"> in fair value of investments included in the accompanying st</font><font style="font-family:Helvetica">atement of changes in net assets available for benefits includes realized gains or losses from the sale of investments and unrealized appreciation or depreciation in </font><font style="font-family:Helvetica">the </font><font style="font-family:Helvetica">fair value of investments</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">The net realized gains or losses on the sale of investment</font><font style="font-family:Helvetica">s represent the difference between the sale proceeds and the fair value 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">.&#160; </font><font style="font-family:Helvetica">Net unrealized appreciation or depreciation in the fair value of invest</font><font style="font-family:Helvetica">ments represents the net change in the fair value of the investments held during the period.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Purchases and sales of securities are recorded on a trade date basis</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">Interest income is recorded on the accrual basis</font><font style="font-family:Helvetica">,</font><font style="font-family:Helvetica"> and d</font><font style="font-family:Helvetica">ividends are recorded on the ex-</font><font style="font-family:Helvetica">divid</font><font style="font-family:Helvetica">end date.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">Notes Receivable from Participants </font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">Delinquent participant notes are reclassified as distributions </font><font style="font-family:Helvetica">in accordance with </font><font style="font-family:Helvetica">the ter</font><font style="font-family:Helvetica">ms of the Plan document.</font><font style="font-family:Helvetica">&#160; Notes receivable from participants have been classified as an investment asset for Form 5500 reporting purposes and, accordingly, have been included as an investment in the supplemental schedule, Schedule H, Line 4i &#8211; Schedule of </font><font style="font-family:Helvetica">Assets (Held at End of Year). </font><a name="EDGAR_PAGE_END7"></a></p>
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                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="EDGAR_HF_H_START_21"></a><font style="font-family:Helvetica; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Tax</font><font style="font-family:Helvetica; font-weight:bold">-</font><font style="font-family:Helvetica; font-weight:bold">Deferred Savings Plan</font></p>
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                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">December 31, 201</font><font style="font-family:Helvetica; font-weight:bold">6</font><font style="font-family:Helvetica; font-weight:bold"> and 201</font><font style="font-family:Helvetica; font-weight:bold">5</font></p>
                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Notes to Financial Statements</font></p>
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            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:9pt"><a name="EDGAR_PAGE_START8"></a><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">Payment of Benefits </font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Benefits are recorded when paid.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">Fully Benefit-Responsive Investment Contracts </font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">The Plan invests</font><font style="font-family:Helvetica"> directly</font><font style="font-family:Helvetica"> in investment contracts through </font><font style="font-family:Helvetica">the Vanguard</font><font style="font-family:Helvetica"> </font><font style="font-family:Helvetica">Retirement Savings Trust II, a collective</font><font style="font-family:Helvetica"> trust that </font><font style="font-family:Helvetica">invests exclusively in the Vanguard Retirement Savings Master Trust (the &#8220;Vanguard Trust&#8221;).&#160; </font><font style="font-family:Helvetica">At </font><font style="font-family:Helvetica">December 31, 2016</font><font style="font-family:Helvetica"> and </font><font style="font-family:Helvetica">2015</font><font style="font-family:Helvetica">, all of the Vanguard Retirement Savings Trust </font><font style="font-family:Helvetica">II&#8217;s investments were in the Vanguard Trust</font><font style="font-family:Helvetica">.&#160; </font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">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 commer</font><font style="font-family:Helvetica">cial banks and in contracts that are backed by bond trusts that are selected by the Trustee, Vanguard Fiduciary Trust Company</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">The issuers&#8217; ability to meet these obligations may be affected by economic developments in their respective companies and indust</font><font style="font-family:Helvetica">ries</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">At </font><font style="font-family:Helvetica">December 31, 2016</font><font style="font-family:Helvetica">, </font><font style="font-family:Helvetica">94.90</font><font style="font-family:Helvetica">%</font><font style="font-family:Helvetica"> of the Vanguard</font><font style="font-family:Helvetica"> 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">.&#160; </font><font style="font-family:Helvetica">The re</font><font style="font-family:Helvetica">mainder of the Vanguard Trust&#8217;s i</font><font style="font-family:Helvetica">nvestments consisted of money m</font><font style="font-family:Helvetica">arket funds.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">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">.&#160; </font><font style="font-family:Helvetica">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 value</font><font style="font-family:Helvetica">.&#160; Contract value represents contributions made plu</font><font style="font-family:Helvetica">s interest accrued at the contract rate, less withdrawals.&#160; </font><font style="font-family:Helvetica">The trust or the issuer can terminate these contracts after providing 60 days&#8217; notice.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">The existence of certain conditions can limit the Vanguard Trust&#8217;s ability to transact at contract value with</font><font style="font-family:Helvetica"> issuers of its investment contracts</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">Specifically, any event outside the normal operation of the Vanguard Trust that causes a withdrawal from an investment contract may result in a negative market value adjustment with respect to the withdrawal</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">Example</font><font style="font-family:Helvetica">s of such events include, but are not limited to, partial or complete legal termination 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 obtaine</font><font style="font-family:Helvetica">d.&#160; A</font><font style="font-family:Helvetica">s of </font><font style="font-family:Helvetica">December 31, 2016</font><font style="font-family:Helvetica">, the occurrence 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 conside</font><font style="font-family:Helvetica">red to be probable.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">Investment Risk </font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Investments, in general, are subject to various risks, including credit, interest, and overall market volatility risks</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">Due to the level of risk associated with certain investment securities, it is reasonably possible </font><font style="font-family:Helvetica">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"> December 31, 2016</font><font style="font-family:Helvetica"> Statement</font><font style="font-family:Helvetica">s</font><font style="font-family:Helvetica"> of Net Assets Available for Benefits.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">Recent Accounting Pronouncements</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">In May 201</font><font style="font-family:Helvetica">5, the Financial Accounting Standards Board issued Accounting Standards Update 2015-07, </font><font style="font-family:Helvetica; font-style:italic">Fair Value Measurement (Topic 820):&#160; Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)</font><font style="font-family:Helvetica"> (&#8220;ASU 2015-07&#8221;).&#160; ASU </font><font style="font-family:Helvetica">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, sufficient information must be provided to permit a reconcili</font><font style="font-family:Helvetica">ation 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 disclosures for all investments that are eligible to be</font><font style="font-family:Helvetica"> measured at fair value using the net asset value per share practical expedient.&#160; The Plan adopted the provisions of ASU 2015-07 for the 2016 plan year and the ASU has been applied retrospectively to December 31, 2015.&#160; The impact of adopting this ASU is r</font><font style="font-family:Helvetica">eflected in Note 3.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">In July 2015, the Financial Accounting Standards Board issued Accounting Standards </font><font style="font-family:Helvetica">U</font><font style="font-family:Helvetica">pdate No. 2015-12, </font><font style="font-family:Helvetica; font-style:italic">Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962) and Health and Welfare </font><font style="font-family:Helvetica; font-style:italic">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"> (&#8220;ASU 2015-12&#8221;)</font><font style="font-family:Helvetica">.</font><font style="font-family:Helvetica"> </font><font style="font-family:Helvetica">The amendments in this update remove the requirement to record ful</font><font style="font-family:Helvetica">ly 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"> T</font><font style="font-family:Helvetica">he amendments also remove the requirement to disclose (a) individual investments that represent five percent or more of</font><font style="font-family:Helvetica"> 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 presented in aggregate.</font><font style="font-family:Helvetica"> </font><font style="font-family:Helvetica">This amendment also provides a pra</font><font style="font-family:Helvetica">ctical 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">t</font><font style="font-family:Helvetica"> to the plan&#39;s fiscal year end when the fiscal year period does not coincide with month end.</font><font style="font-family:Helvetica"> The Plan adopted the provisions of AS</font><font style="font-family:Helvetica">U 2015-12 and the ASU has been applied retrospectively to December 31, 2015.&#160; The impact of adopting this ASU is reflected in Notes 3 and 6.</font></p>
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                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="EDGAR_HF_H_START_21"></a><font style="font-family:Helvetica; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Tax</font><font style="font-family:Helvetica; font-weight:bold">-</font><font style="font-family:Helvetica; font-weight:bold">Deferred Savings Plan</font></p>
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                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">December 31, 201</font><font style="font-family:Helvetica; font-weight:bold">6</font><font style="font-family:Helvetica; font-weight:bold"> and 201</font><font style="font-family:Helvetica; font-weight:bold">5</font></p>
                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Notes to Financial Statements</font></p>
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            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><a name="EDGAR_PAGE_START9"></a><font style="font-family:Helvetica">In February 2017, the </font><font style="font-family:Helvetica">Financial Accounting Standards Board issued Accounting Standards Update No.&#160; </font><font style="font-family:Helvetica">201</font><font style="font-family:Helvetica">7</font><font style="font-family:Helvetica">-0</font><font style="font-family:Helvetica">6, </font><font style="font-family:Helvetica; font-style:italic">Plan Ac</font><font style="font-family:Helvetica; font-style:italic">counting Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965), Employee Benefit Plan Master Trust Reporti</font><font style="font-family:Helvetica; font-style:italic">ng </font><font style="font-family:Helvetica">(&#8220;ASU 2017-06&#8221;).</font><font style="font-family:Helvetica">&#160; The amendments in this update require a plan&#8217;s </font><font style="font-family:Helvetica">interest in that master trust and any change in that interest to be presented in separate line items in the statements of net assets available for benefits and in the statement of changes in net assets available for benefits, respectively.&#160; Additionally, A</font><font style="font-family:Helvetica">SU 2017-06 removed the requirement to disclose the percentage interest in the master trust for plans with divided interests and requires that all plans disclose the dollar amount of their interest in each of those general types of investments, which supple</font><font style="font-family:Helvetica">ments the existing requirement to disclose the master trust&#8217;s balances in each general type of investments.&#160; Lastly, ASU 2017-06 removed the redundant investment disclosures relating to the 401(h) account assets, which is not applicable to the Plan.&#160; </font><font style="font-family:Helvetica">The a</font><font style="font-family:Helvetica">mendments in ASU 2017-06 are effective for fiscal years beginning after December 15, 2018</font><font style="font-family:Helvetica"> and should be applied retrospectively.&#160; </font><font style="font-family:Helvetica">Early adoption is permitted</font><font style="font-family:Helvetica">.&#160; Adoption of ASU 2017-06 will not have a material impact on the face of the Plan&#8217;s financial stat</font><font style="font-family:Helvetica">ements.&#160; Upon adoption, t</font><font style="font-family:Helvetica">he Plan will be required to modify various disclosures relating to the Plan&#8217;s investments in master trusts.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:15pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">N</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">ote</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5"> 3</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5"> FAIR VALUE MEASUREMENTS</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Fair value is a market based measurement and not an entity specific measurement, based on an</font><font style="font-family:Helvetica"> exchange transaction in which the entity sells an asset or transfers a liability (exit price) in an orderly transaction between market participants</font><font style="font-family:Helvetica">.&#160; U.S. </font><font style="font-family:Helvetica">GAAP establishes a fair value hierarchy that contains three levels for inputs used in fair value mea</font><font style="font-family:Helvetica">surements</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">The three levels of the fair value hierarchy are described below:</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Level 1 - </font><font style="font-family:Helvetica">Quoted market prices for identical assets or liabilities in active markets;</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Level 2</font><font style="font-family:Helvetica"> - </font><font style="font-family:Helvetica">Quoted market prices for similar assets and liabilities in active markets or quote</font><font style="font-family:Helvetica">d market prices for identical assets and liabilities in inactive markets;</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Level 3</font><font style="font-family:Helvetica"> - </font><font style="font-family:Helvetica">Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">A financial instrument&#8217;s level within the fair value hier</font><font style="font-family:Helvetica">archy is based on the lowest level of any input that is significant to the fair value measurement</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">A financial instrument&#8217;s level within the fair value hierarchy is not representative of its expected performance or its overall risk profile, and therefore </font><font style="font-family:Helvetica">Level 3 assets are not necessarily higher risk than Level 2 assets or Level 1 assets</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">At December 31, 201</font><font style="font-family:Helvetica">6</font><font style="font-family:Helvetica"> and 201</font><font style="font-family:Helvetica">5</font><font style="font-family:Helvetica">, the Plan held no </font><font style="font-family:Helvetica">Level 2 or </font><font style="font-family:Helvetica">Level 3 assets</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">The following is a description of the</font><font style="font-family:Helvetica"> valuation methodologies used for instruments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">The Plan values shares of TDS Common </font><font style="font-family:Helvetica">S</font><font style="font-family:Helvetica">tock and Common </font><font style="font-family:Helvetica">S</font><font style="font-family:Helvetica">tock of United States Cellular Corpor</font><font style="font-family:Helvetica">ation (&#8220;U.S</font><font style="font-family:Helvetica">. </font><font style="font-family:Helvetica">Cellular&#8221;), </font><font style="font-family:Helvetica">a </font><font style="font-family:Helvetica">TDS subsidiary, based on the closing price reported on the active market in which the securities are traded</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">These securities are classified as Common Stock of the Plan Sponsor and Subsidiary</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">The Plan also values Mutual Funds </font><font style="font-family:Helvetica">based on the closing price reported on the active market in which the individual securities are traded</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">Common Stock of the Plan Sponsor and Subsidiary and Mutual Funds are classified within Level 1 of the valuation hierarchy.</font></p>
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                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="EDGAR_HF_H_START_21"></a><font style="font-family:Helvetica; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Tax</font><font style="font-family:Helvetica; font-weight:bold">-</font><font style="font-family:Helvetica; font-weight:bold">Deferred Savings Plan</font></p>
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                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">December 31, 201</font><font style="font-family:Helvetica; font-weight:bold">6</font><font style="font-family:Helvetica; font-weight:bold"> and 201</font><font style="font-family:Helvetica; font-weight:bold">5</font></p>
                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Notes to Financial Statements</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="DOC_TBL00005_1_1"></a><a name="EDGAR_PAGE_START10"></a><font style="font-family:Helvetica">The following tables set for</font><font style="font-family:Helvetica">th by level, within the fair value hierarchy, the Plan&#39;s assets at fair value at December 31, 2016 and 2015, respectively.</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Level 1</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM69"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:12pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM70"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">$</font></p>
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                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM71"></a><font style="font-family:Helvetica; font-size:9pt">451,689,371</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM72"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">$</font></p>
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                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM73"></a><font style="font-family:Helvetica; font-size:9pt">451,689,371</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td colspan="2" style="width:255.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Common Stock of Plan Sponsor and</font><font style="font-family:Helvetica"> Subsidiary</font></p>
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                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:72pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM74"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:12pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM75"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:72pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM76"></a><font style="font-family:Helvetica; font-size:9pt">30,123,200</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:12pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM77"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:72pt; border-bottom:0.75pt solid #000000; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM78"></a><font style="font-family:Helvetica; font-size:9pt">30,123,200</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:13.5pt">
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:243.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Total investments in the fair value hierarchy</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM79"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:12pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM80"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; border-top:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">$</font></p>
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                    <td style="width:72pt; border-top:0.75pt solid #000000; border-bottom:1.5pt double #000000; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM81"></a><font style="font-family:Helvetica; font-size:9pt">481,812,571</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:12pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM82"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">$</font></p>
                    </td>
                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM83"></a><font style="font-family:Helvetica; font-size:9pt">481,812,571</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td colspan="2" style="width:255.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Bank common trusts measured at net asset value</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:72pt; vertical-align:bottom">
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                    </td>
                    <td style="width:12pt; vertical-align:bottom">
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                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:72pt; vertical-align:bottom">
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                    </td>
                    <td style="width:12pt; vertical-align:bottom">
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                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:72pt; vertical-align:bottom">
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                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    </td>
                </tr>
                <tr style="height:13.5pt">
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:243.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Target Retirement</font><font style="font-family:Helvetica; font-size:6pt; vertical-align:super">(1) (2)</font></p>
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                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    </td>
                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
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                    </td>
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
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                    </td>
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    </td>
                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM91"></a><font style="font-family:Helvetica; font-size:9pt">235,359,445</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:13.5pt">
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:243.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Bond</font><font style="font-family:Helvetica; font-size:6pt; vertical-align:super">(1) (3)</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    </td>
                    <td style="width:72pt; vertical-align:bottom">
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                    </td>
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:72pt; vertical-align:bottom">
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                    </td>
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:72pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM94"></a><font style="font-family:Helvetica; font-size:9pt">70,630,328</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:13.5pt">
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:243.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Total investments at fair value</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
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                    </td>
                    <td style="width:12pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM96"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM97"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:12pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM98"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; border-top:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">$</font></p>
                    </td>
                    <td style="width:72pt; border-top:0.75pt solid #000000; border-bottom:1.5pt double #000000; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM99"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">787,802,344</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    </td>
                </tr>
                <tr style="height:12.75pt">
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                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    </td>
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                    </td>
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                    <td style="width:72pt; vertical-align:bottom">
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                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td colspan="2" style="width:255.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; text-decoration:underline">December 31, 2015</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:66pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">Level 1</font></p>
                    </td>
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:66pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">Total</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td colspan="2" style="width:255.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Mutual Funds</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:72pt; vertical-align:bottom">
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                    </td>
                    <td style="width:12pt; vertical-align:bottom">
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                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">$</font></p>
                    </td>
                    <td style="width:72pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM107"></a><font style="font-family:Helvetica; font-size:9pt">404,282,721</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:12pt; vertical-align:bottom">
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                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">$</font></p>
                    </td>
                    <td style="width:72pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM109"></a><font style="font-family:Helvetica; font-size:9pt">404,282,721</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td colspan="2" style="width:255.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Common Stock of Plan Sponsor and Subsidiary</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:12pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM112"></a><font style="font-family:Helvetica; font-size:9pt">30,140,274</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM114"></a><font style="font-family:Helvetica; font-size:9pt">30,140,274</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    </td>
                </tr>
                <tr style="height:13.5pt">
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    </td>
                    <td style="width:243.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Total investments in the fair value hierarchy</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:72pt; vertical-align:bottom">
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                    <td style="width:12pt; vertical-align:bottom">
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                    <td style="width:6.75pt; border-top:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">$</font></p>
                    </td>
                    <td style="width:72pt; border-top:0.75pt solid #000000; border-bottom:1.5pt double #000000; vertical-align:bottom">
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                    </td>
                    <td style="width:12pt; vertical-align:bottom">
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">$</font></p>
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                    <td style="width:72pt; border-top:0.75pt solid #000000; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM119"></a><font style="font-family:Helvetica; font-size:9pt">434,422,995</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                </tr>
                <tr style="height:13.5pt">
                    <td colspan="2" style="width:255.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Bank common trusts measured at net asset value</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:12.75pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:12pt; vertical-align:bottom; background-color:#cce3f3">
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                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    </td>
                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
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                    </td>
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                    </td>
                </tr>
                <tr style="height:13.5pt">
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:243.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Target Retirement</font><font style="font-family:Helvetica; font-size:6pt; vertical-align:super">(1) (2)</font></p>
                    </td>
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                    <td style="width:72pt; vertical-align:bottom">
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                    </td>
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:72pt; vertical-align:bottom">
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                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    </td>
                    <td style="width:72pt; vertical-align:bottom">
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                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    </td>
                    <td style="width:243.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Bond</font><font style="font-family:Helvetica; font-size:6pt; vertical-align:super">(1) (3)</font></p>
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                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    </td>
                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    </td>
                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T3_BM131"></a><font style="font-family:Helvetica; font-size:9pt">63,784,083</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    </td>
                </tr>
                <tr style="height:13.5pt">
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    </td>
                    <td style="width:243.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Total investments at fair value</font></p>
                    </td>
                    <td style="width:6.75pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    <td style="width:72pt; vertical-align:bottom">
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                    </td>
                    <td style="width:12pt; vertical-align:bottom">
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                    </td>
                    <td style="width:12.75pt; vertical-align:bottom">
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:Helvetica">Certain investments that are measured at fair </font><font style="font-family:Helvetica">value using the net asset value (NAV per share or its equivalent) practical expedient have not been categorized in the fair value hierarchy.&#160; The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy t</font><font style="font-family:Helvetica">o the amounts presented in the statements of net assets available for benefits.</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:Helvetica">The Vanguard Target Retirement Trusts invest mainly in mutual funds with the remainder invested in money market funds.&#160; The fair value of these trusts is calculated</font><font style="font-family:Helvetica"> using the market approach which values the underlying investments of the trust based on observable market prices.&#160; These trusts are measured at fair value based on the NAV per share.</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:9pt"><font style="font-family:Helvetica; font-size:6pt; vertical-align:super">3</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:Helvetica">The BlackRock Intermediate Government/Credit Bond Index Fund</font><font style="font-family:Helvetica"> F (&#8220;BlackRock Bond Fund&#8221;) is a bank maintained collective investment fund that invests in Bond Index Funds and other short-term investments.&#160; The fair value is calculated using the market approach which values the underlying investments in the fund using </font><font style="font-family:Helvetica">observable inputs for similar assets.&#160; The BlackRock Bond Fund is measured at fair value based on the NAV per share.</font></p>
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                <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><a name="EDGAR_HF_F_START_25"></a><font style="font-family:Helvetica">8</font></p>
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                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="EDGAR_HF_H_START_21"></a><font style="font-family:Helvetica; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:9pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Commitments</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Frequency</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Period </font><font style="font-family:Helvetica; font-size:6pt; font-weight:bold; vertical-align:super">(1)</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">$</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#8211;</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Daily</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">One month</font></p>
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                <tr style="height:12.75pt">
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:189pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Bond</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:72pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#8211;</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Daily</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">One month</font></p>
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                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    <td style="width:189pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-after:avoid; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p>
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                    <td style="width:15pt; vertical-align:bottom">
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                <tr style="height:12.75pt">
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                <tr style="height:12.75pt">
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:189pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Participant</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Redemption</font></p>
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                <tr style="height:12.75pt">
                    <td style="width:6pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:189pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Unfunded</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Redemption</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Notice</font></p>
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                <tr style="height:13.5pt">
                    <td colspan="2" style="width:201pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    <td style="width:9pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    <td style="width:66pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Fair Value</font></p>
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                    <td style="width:9pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:9pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:66pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Commitments</font></p>
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                    <td style="width:66pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Frequency</font></p>
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                    <td style="width:66pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:middle">
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                <tr style="height:12.75pt">
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:189pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Target Retirement</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    <td style="width:72pt; vertical-align:bottom">
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Daily</font></p>
                    </td>
                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">One month</font></p>
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                    <td style="width:6pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:189pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Bond</font></p>
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                    <td style="width:9pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Daily</font></p>
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                    <td style="width:66pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">One month</font></p>
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                    <td colspan="9" style="width:534pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:Helvetica; font-size:5.33pt; vertical-align:super">1&#160; </font><font style="font-family:Helvetica">There are no participant redemption restrictions for these investments.&#160; The redemption notice period is applicable only to the Plan.</font></p>
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            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:15pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">N</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">ote</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5"> </font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">4 </font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">P</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">ARTIES-</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">I</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">N-</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">I</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">NTEREST</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Northern Trust </font><font style="font-family:Helvetica">sponsors plan investments in the </font><font style="font-family:Helvetica">Northern Institutional Funds U.S</font><font style="font-family:Helvetica">. </font><font style="font-family:Helvetica">Government Select Portfolio</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">Northern Trust </font><font style="font-family:Helvetica">i</font><font style="font-family:Helvetica">s the directed trustee of the Plan and, therefore, these transactions qualif</font><font style="font-family:Helvetica">y as party-in-interest transactions.&#160; Trustee fees paid to Northern</font><font style="font-family:Helvetica"> Trust for the year ended December 31, 2016 were approximately $164,000.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Notes receivable from participants also qualify as party-in-interest transactions.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">The Plan invests in common stock of </font><font style="font-family:Helvetica">U.S. </font><font style="font-family:Helvetica">Cellular </font><font style="font-family:Helvetica">a</font><font style="font-family:Helvetica">nd </font><font style="font-family:Helvetica">TDS.&#160; </font><font style="font-family:Helvetica">Transactions in shares of </font><font style="font-family:Helvetica">U.S. </font><font style="font-family:Helvetica">Cellular </font><font style="font-family:Helvetica">and </font><font style="font-family:Helvetica">TDS</font><font style="font-family:Helvetica"> common stock qualify as party-in-interest transactions under the provisions of ERISA</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">During the year ended </font><font style="font-family:Helvetica">December 31, 2016</font><font style="font-family:Helvetica">, the Plan made purchases of $</font><font style="font-family:Helvetica">1,899,792</font><font style="font-family:Helvetica"> and sales of $</font><font style="font-family:Helvetica">4,557,634</font><font style="font-family:Helvetica"> of TDS and U.S. </font><font style="font-family:Helvetica">Cellular</font><font style="font-family:Helvetica"> </font><font style="font-family:Helvetica">C</font><font style="font-family:Helvetica">ommon </font><font style="font-family:Helvetica">S</font><font style="font-family:Helvetica">tock.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:15pt"><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">N</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">ote</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5"> </font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">5 TAX STATUS</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">The Plan obtained its latest determination letter </font><font style="font-family:Helvetica">on February 25, 2015</font><font style="font-family:Helvetica"> in which the Internal Revenue Service stated that the Plan, as designed, complied with the applicable requirements of </font><font style="font-family:Helvetica">the Internal Revenue Code </font><font style="font-family:Helvetica">(IRC), and the related trust was exempt from taxation.&#160; </font><font style="font-family:Helvetica">The Plan has been amended since the receipt of the determination letter</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">The Plan administrator believes that the Plan is designed and being operated in </font><font style="font-family:Helvetica">material </font><font style="font-family:Helvetica">compliance with the applicable requir</font><font style="font-family:Helvetica">ements of the IRC</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">Therefore, the Plan </font><font style="font-family:Helvetica">A</font><font style="font-family:Helvetica">dministrator believes that the Plan was qualified and the related trust was tax</font><font style="font-family:Helvetica">-</font><font style="font-family:Helvetica">exempt at </font><font style="font-family:Helvetica">December 31, 2016</font><font style="font-family:Helvetica">.</font></p>
            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">Management evaluated the Plan&#8217;s tax positions and concluded that</font><font style="font-family:Helvetica"> the Plan had maintained its tax</font><font style="font-family:Helvetica">-</font><font style="font-family:Helvetica">exempt status and had taken no uncertain tax positions that require adjustment to the financial statements</font><font style="font-family:Helvetica">.&#160; </font><font style="font-family:Helvetica">Therefore, no provision or liability for income taxes has been included in the financial statements </font><font style="font-family:Helvetica">at</font><font style="font-family:Helvetica"> </font><font style="font-family:Helvetica">December 31, 2016</font><font style="font-family:Helvetica"> or </font><font style="font-family:Helvetica">2015</font><font style="font-family:Helvetica">.&#160; </font><a name="EDGAR_PAGE_END11"></a></p>
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                <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><a name="EDGAR_HF_F_START_25"></a><font style="font-family:Helvetica">9</font></p>
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                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><a name="EDGAR_HF_H_START_21"></a><font style="font-family:Helvetica; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Tax</font><font style="font-family:Helvetica; font-weight:bold">-</font><font style="font-family:Helvetica; font-weight:bold">Deferred Savings Plan</font></p>
                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">December 31, 201</font><font style="font-family:Helvetica; font-weight:bold">6</font><font style="font-family:Helvetica; font-weight:bold"> and 201</font><font style="font-family:Helvetica; font-weight:bold">5</font></p>
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            <p style="margin-top:0pt; margin-bottom:10pt; page-break-after:avoid; widows:0; orphans:0; font-size:15pt"><a name="EDGAR_PAGE_START12"></a><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">N</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">ote</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5"> </font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">6 </font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">R</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5">ECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500</font><font style="font-family:Helvetica; font-weight:bold; color:#0075c5"> </font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><a name="DOC_TBL00007_1_1"></a><font style="font-family:Helvetica">A reconciliation between the financial statements and Form 5500 at December 31, 2016 and 2015</font><font style="font-family:Helvetica">, and for the year ended December 31, 2016 is as follows:</font></p>
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                    <td style="width:3pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">2016</font></p>
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                    <td style="width:7.5pt; padding-right:3pt; padding-left:3pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">2015</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td colspan="4" style="width:339.75pt; padding-right:3pt; padding-left:3pt; vertical-align:middle; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Total net assets per Form 5500, Schedule H</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">$</font></p>
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                    <td style="width:77.25pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM147"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">888,490,488</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:13.5pt; vertical-align:middle; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM148"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:7.5pt; padding-right:3pt; padding-left:3pt; vertical-align:middle; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">$</font></p>
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                    <td style="width:75pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM149"></a><font style="font-family:Helvetica; font-size:9pt">791,342,607</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p>
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                <tr style="height:25.5pt">
                    <td colspan="4" style="width:339.75pt; padding-right:3pt; padding-left:3pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Adjustment from fair value to contract value for fully benefit-responsive </font></p>
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#160;&#160; investment contracts </font></p>
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                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:77.25pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM150"></a><font style="font-family:Helvetica; font-weight:bold">(700,354)</font></p>
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                    <td style="width:13.5pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM151"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:7.5pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:75pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM152"></a><font style="font-family:Helvetica">(1,331,093)</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p>
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                <tr style="height:12.75pt">
                    <td colspan="4" style="width:339.75pt; padding-right:3pt; padding-left:3pt; vertical-align:middle; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Deemed distributions of notes receivable from participants</font></p>
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                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:middle; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
                    </td>
                    <td style="width:77.25pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM153"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">21,641</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:13.5pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM154"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:7.5pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:75pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM155"></a><font style="font-family:Helvetica; font-size:9pt">41,856</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:13.5pt">
                    <td style="width:3pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:3pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td colspan="2" style="width:321.75pt; padding-right:3pt; padding-left:3pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Net Assets Available for Benefits Per Financial Statements</font></p>
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                    <td style="width:8.25pt; border-top:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding-right:3pt; padding-left:3pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">$</font></p>
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                    <td style="width:77.25pt; border-top:0.75pt solid #000000; border-bottom:1.5pt double #000000; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM156"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">887,811,775</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:7.5pt; padding-right:3pt; padding-left:3pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:7.5pt; border-top:0.75pt solid #000000; border-bottom:1.5pt double #000000; padding-right:3pt; padding-left:3pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">$</font></p>
                    </td>
                    <td style="width:75pt; border-top:0.75pt solid #000000; border-bottom:1.5pt double #000000; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM157"></a><font style="font-family:Helvetica; font-size:9pt">790,053,370</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:13.5pt">
                    <td style="width:3pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:3pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:3pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:312.75pt; padding-right:3pt; padding-left:3pt; vertical-align:middle; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:middle; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:77.25pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM158"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:7.5pt; padding-right:3pt; padding-left:3pt; vertical-align:middle; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:7.5pt; padding-right:3pt; padding-left:3pt; vertical-align:middle; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:75pt; vertical-align:middle; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM159"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><font style="font-family:Arial">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:3pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:3pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:3pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:312.75pt; padding-right:3pt; padding-left:3pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:77.25pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM160"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:7.5pt; padding-right:3pt; padding-left:3pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:7.5pt; padding-right:3pt; padding-left:3pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:75pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM161"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td colspan="4" style="width:339.75pt; padding-right:3pt; padding-left:3pt; vertical-align:middle; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Change in </font><font style="font-family:Helvetica">net assets per Form 5500, Schedule H</font></p>
                    </td>
                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:middle; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">$</font></p>
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                    <td style="width:77.25pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM162"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">97,147,881</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:7.5pt; padding-right:3pt; padding-left:3pt; vertical-align:middle; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:7.5pt; padding-right:3pt; padding-left:3pt; vertical-align:middle; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:75pt; vertical-align:middle; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM163"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:26.25pt">
                    <td colspan="4" style="width:339.75pt; padding-right:3pt; padding-left:3pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Change in fair value to contract value for fully benefit-responsive </font></p>
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#160;&#160; investment contracts</font></p>
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                    <td style="width:8.25pt; padding-right:3pt; padding-left:3pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">&#xa0;</font></p>
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                    <td style="width:77.25pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM164"></a><font style="font-family:Helvetica; font-size:9pt; font-weight:bold">630,739</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                    <td style="width:7.5pt; padding-right:3pt; padding-left:3pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:7.5pt; padding-right:3pt; padding-left:3pt; vertical-align:middle">
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                    </td>
                    <td style="width:75pt; vertical-align:middle">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; page-break-inside:avoid; page-break-after:avoid; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T5_BM165"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; page-break-inside:avoid; page-break-after:avoid; font-size:9pt"><font style="font-family:Helvetica">Changes </font><font style="font-family:Helvetica">in Net Assets Available for Benefits Per Financial Statements</font></p>
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            <p style="margin-top:0pt; margin-bottom:10pt; font-size:9pt"><font style="font-family:Helvetica">The Plan&#8217;s management evaluated subsequent events from </font><font style="font-family:Helvetica">December 31, 2016</font><font style="font-family:Helvetica"> through</font><font style="font-family:Helvetica"> </font><font style="font-family:Helvetica">May 2</font><font style="font-family:Helvetica">4</font><font style="font-family:Helvetica">, 2017,</font><font style="font-family:Helvetica"> the date these financial statements were issued</font><font style="font-family:Helvetica">.&#160; T</font><font style="font-family:Helvetica">here have been no significant subsequent</font><font style="font-family:Helvetica"> events during this period that require adjustments to or disclosure in the financial statements as of </font><font style="font-family:Helvetica">December 31, 2016</font><font style="font-family:Helvetica"> a</font><font style="font-family:Helvetica">nd for the year then ended.</font></p>
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                <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><a name="EDGAR_HF_F_START_25"></a><font style="font-family:Helvetica">10</font></p>
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                <p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><a name="EDGAR_HF_H_START_33"></a><a name="EDGAR_HF_H_END_34"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><a name="DOC_TBL00008_1_1"></a><a name="_DMBM_12299"></a><a name="EDGAR_PAGE_START13"></a><font style="font-family:Helvetica; font-weight:bold">Telephone and Data Systems, Inc.</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Helvetica; font-weight:bold">Tax-Deferred </font><font style="font-family:Helvetica; font-weight:bold">Savings Plan</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Helvetica; font-weight:bold">Schedule H, Line 4i - Schedule of Assets (Held at End of Year)</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Helvetica; font-weight:bold">Plan 003 EIN 36-2669023</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Helvetica; font-weight:bold">December 31, 2016</font></p>
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                    <td colspan="2" style="width:118.4pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Description of Investment</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">(b)</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Including Maturity Date, </font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    <td style="width:62.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">(e)</font></p>
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                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Identity of Issue, Borrower, </font><font style="font-family:Helvetica; font-weight:bold">Lessor,</font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Rate of Interest, Collateral, </font></p>
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">(d)</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:62.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Current </font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">(a)</font></p>
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                    <td colspan="4" style="width:255.25pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">or Similar Party</font></p>
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                    <td colspan="2" style="width:118.4pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Par or Maturity Value</font></p>
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                    <td style="width:42.7pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Cost</font></p>
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                    <td style="width:9pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:62.95pt; border-bottom:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Value</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; border-top:0.75pt solid #000000; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Bank Common Trusts</font></p>
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                    <td style="width:65.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:46.45pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM170"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Vanguard Retirement Savings Trust II</font></p>
                    </td>
                    <td style="width:71.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM171"></a><font style="font-family:Helvetica; font-size:9pt">83,381,194</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:52.45pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM172"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">**</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">$</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM173"></a><font style="font-family:Helvetica; font-size:9pt">84,081,548</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Vanguard Target Retirement Income Trust II</font></p>
                    </td>
                    <td style="width:71.95pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM174"></a><font style="font-family:Helvetica; font-size:9pt">165,495</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:52.45pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM175"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">**</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM176"></a><font style="font-family:Helvetica; font-size:9pt">5,176,670</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Vanguard Target 2010 Retirement Trust II</font></p>
                    </td>
                    <td style="width:71.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM177"></a><font style="font-family:Helvetica; font-size:9pt">44,693</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:52.45pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM178"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">**</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM179"></a><font style="font-family:Helvetica; font-size:9pt">1,291,619</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Vanguard Target 2015 Retirement Trust II</font></p>
                    </td>
                    <td style="width:71.95pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM180"></a><font style="font-family:Helvetica; font-size:9pt">261,202</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:52.45pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM181"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">**</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM182"></a><font style="font-family:Helvetica; font-size:9pt">7,595,746</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Vanguard Target 2020 Retirement Trust II</font></p>
                    </td>
                    <td style="width:71.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM183"></a><font style="font-family:Helvetica; font-size:9pt">842,117</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:52.45pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM184"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">**</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM185"></a><font style="font-family:Helvetica; font-size:9pt">24,278,222</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Vanguard </font><font style="font-family:Helvetica">Target 2025 Retirement Trust II</font></p>
                    </td>
                    <td style="width:71.95pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM186"></a><font style="font-family:Helvetica; font-size:9pt">1,046,451</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:52.45pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM187"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">**</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM188"></a><font style="font-family:Helvetica; font-size:9pt">29,677,352</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Vanguard Target 2030 Retirement Trust II</font></p>
                    </td>
                    <td style="width:71.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM189"></a><font style="font-family:Helvetica; font-size:9pt">1,024,605</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:52.45pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM190"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">**</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM191"></a><font style="font-family:Helvetica; font-size:9pt">28,463,534</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Vanguard Target 2035 Retirement Trust II</font></p>
                    </td>
                    <td style="width:71.95pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM192"></a><font style="font-family:Helvetica; font-size:9pt">1,170,015</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:52.45pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM193"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">**</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM194"></a><font style="font-family:Helvetica; font-size:9pt">32,573,221</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">**</font></p>
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
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                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
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                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td style="width:68.95pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM223"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
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                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica; font-weight:bold">Mutual Funds</font></p>
                    </td>
                    <td style="width:71.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM224"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:52.45pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM225"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:48.7pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM226"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM227"></a><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Vanguard Institutional Index Fund</font></p>
                    </td>
                    <td style="width:71.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM228"></a><font style="font-family:Helvetica; font-size:9pt">542,165</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:52.45pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM229"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">**</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM230"></a><font style="font-family:Helvetica; font-size:9pt">110,509,449</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Vanguard Small Cap Value Index Fund</font></p>
                    </td>
                    <td style="width:71.95pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM231"></a><font style="font-family:Helvetica; font-size:9pt">1,763,082</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:52.45pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM232"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">**</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM233"></a><font style="font-family:Helvetica; font-size:9pt">51,217,525</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Vanguard Value Index Fund</font></p>
                    </td>
                    <td style="width:71.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM234"></a><font style="font-family:Helvetica; font-size:9pt">1,789,487</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:52.45pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM235"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">**</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM236"></a><font style="font-family:Helvetica; font-size:9pt">64,833,107</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Vanguard Small Cap Growth Index Fund</font></p>
                    </td>
                    <td style="width:71.95pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM237"></a><font style="font-family:Helvetica; font-size:9pt">1,277,984</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:52.45pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM238"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">**</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM239"></a><font style="font-family:Helvetica; font-size:9pt">47,886,046</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Vanguard Growth Index Fund</font></p>
                    </td>
                    <td style="width:71.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM240"></a><font style="font-family:Helvetica; font-size:9pt">1,667,252</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:52.45pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM241"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">**</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM242"></a><font style="font-family:Helvetica; font-size:9pt">95,550,201</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Vanguard Total International Stock Index Fund</font></p>
                    </td>
                    <td style="width:71.95pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM243"></a><font style="font-family:Helvetica; font-size:9pt">828,020</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:52.45pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM244"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">**</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM245"></a><font style="font-family:Helvetica; font-size:9pt">81,576,529</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">*</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Northern Institutional Funds</font><font style="font-family:Helvetica"> U.S. Government Select Portfolio</font></p>
                    </td>
                    <td style="width:71.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM246"></a><font style="font-family:Helvetica; font-size:9pt">116,514</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:52.45pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM247"></a><font style="font-family:Helvetica; font-size:9pt">Shares</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">**</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM248"></a><font style="font-family:Helvetica; font-size:9pt">116,514</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:12.75pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:226.25pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:65.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:46.45pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:42.7pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:62.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:40.5pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">*</font></p>
                    </td>
                    <td colspan="4" style="width:255.25pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Participants</font></p>
                    </td>
                    <td colspan="3" style="width:167.1pt; padding-right:3pt; padding-left:3pt; vertical-align:top">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">Participant loans (interest rates range from 3.25% to 10.25%, maturing through August 2022)</font></p>
                    </td>
                    <td style="width:9pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:68.95pt; vertical-align:bottom">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><a name="EDGAR_DEC_TAB_VALUE_T6_BM249"></a><font style="font-family:Helvetica; font-size:9pt">13,846,206</font><font style="font-family:'Times New Roman'">&#xa0;</font></p>
                    </td>
                </tr>
                <tr style="height:13.5pt">
                    <td style="width:17.95pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
                    </td>
                    <td style="width:1pt; padding-right:3pt; padding-left:3pt; vertical-align:bottom; background-color:#cce3f3">
                        <p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:9pt"><font style="font-family:Helvetica">&#xa0;</font></p>
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<TYPE>EX-23.1
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</DOCUMENT>
</SEC-DOCUMENT>
