SEC FORM 5

SEC Form 5

FORM 5

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0362
Estimated average burden
hours per response:			1.0

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Form 3 Holdings Reported.

Form 4 Transactions Reported.

1. Name and Address of Reporting Person^*

HORNACEK RUDOLPH E

(Last)

(First)

(Middle)

C/O TDS INC

30 N. LASALLE ST #4000

(Street)

CHICAGO

60602

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
TELEPHONE & DATA SYSTEMS INC /DE/ [ TDS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Vice President - Engineering

3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)	4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	06/30/2003		J⁽¹⁾	133.5069	A	⁽¹⁾	9,381.88	D
Common Shares	09/30/2003		J⁽¹⁾	117.3558	A	⁽¹⁾	9,381.88	D
Common Shares	12/31/2003		J⁽¹⁾	106.0798	A	⁽¹⁾	9,381.8838	D
Common Shares	12/31/2003		J⁽²⁾	14.3153	A	⁽²⁾	9,381.88	D
Common Shares	12/31/2003		J⁽³⁾	46.87	A	⁽³⁾	754.87	I	By 401K plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Series A Common Shares	⁽⁴⁾						⁽⁴⁾	⁽⁴⁾	Common Shares	1,669		1,669	D
Option (Right to Buy)	$47.59						⁽⁵⁾	11/04/2004	Common Shares	9,450		9,450	D
Option (Right to Buy)⁽⁶⁾	$38.12						12/15/1995	12/15/2005	Common Shares	2,400		2,400	D
Option (Right to Buy)⁽⁶⁾	$47.6						12/15/1996	12/15/2006	Common Shares	2,414		2,414	D
Option (Right to Buy)⁽⁶⁾	$43.88						12/15/1997	12/15/2007	Common Shares	2,177		2,177	D
Option (Right to Buy)⁽⁶⁾	$39.75						12/15/1998	06/22/2008	Common Shares	5,720		5,720	D
Option (right to Buy)	$43.75						⁽⁷⁾	11/05/2007	Common Shares	13,100		13,100	D
Option (Right to Buy)⁽⁶⁾	$66.75						12/15/1999	04/30/2009	Common Shares	5,720		5,720	D
Option (Right to Buy)⁽⁶⁾	$105.13						12/15/2000	05/05/2010	Common Shares	5,500		5,500	D
Option (Right to Buy)	$117.51						⁽⁸⁾	09/16/2010	Common Shares	10,400		10,400	D
Option (Right to Buy)⁽⁶⁾	$99.44						12/15/2001	04/30/2011	Common Shares	4,530		4,530	D
Option (Right to Buy)⁽⁶⁾	$59						12/15/2002	07/05/2012	Common Shares	6,665		6,665	D
Option (Right to Buy)⁽⁶⁾	$52.92						12/15/2003	07/03/2013	Common Shares	8,035		8,035	D
Deferred Compensation⁽²⁾	⁽⁹⁾	12/31/2003		J⁽²⁾	44.93		⁽⁹⁾	⁽⁹⁾	Common Shares	5,284.2	⁽⁹⁾	5,284.2	D
Option (Right to Buy)	⁽¹⁾	06/30/2003		J⁽¹⁾		133.5069	06/30/2003	06/30/2003	Common Shares	133.5069	⁽¹⁾	0	D
Option (Right to Buy)	⁽¹⁾	09/30/2003		J⁽¹⁾		117.3558	09/30/2003	09/30/2003	Common Shares	117.3558	⁽¹⁾	0	D
Option (Right to Buy)	⁽¹⁾	12/31/2003		J⁽¹⁾		106.0798	12/31/2003	12/31/2003	Common Shares	106.0798	⁽¹⁾	0	D

Explanation of Responses:

1. Disposition of option and acquisition of stock under the TDS Employee Stock Purchase Plan.

2. Voluntary reporting of shares acquired pursuant to a dividend reinvestment plan.

3. Voluntary reporting of shares acquired during 2003 in the TDS 401K plan. The information is based on a plan statement dated 12/31/03. The number of shares fluctuates and is attributable to the price of the shares on 12/31/03.

4. Series A Common shares are convertible on a share for share basis.

5. Granted under the TDS 1994 Long Term Incentive Plan. The operion becomes exercisable with respect to 1890 common shares on 12/15/94, 12/15/95, 12/15/96, 12/15/97, and on 12/15/98 for a total of 9450.

6. Granted under the TDS Long Term Incentive Plan.

7. Granted under the TDS 1998 Long Term Incentive Plan. The option is exercisable with respect to 4367 common shares on 12/15/98, 4366 on 12/15/99 and 4367 on 12/15/2000 for a total of 13100.

8. Granted under the 1998 TDS Long Term Incentive Plan. The option is exercisable with respect to 2600 common shares on 12/15/01, 12/15/02, 12/15/03, and on 12/15/04 for a total of 10,400 common shares.

9. Deferral of 1998, 2000, 2001, 2002 bonuses pursuant to the TDS 1998 Long Term Incentive Plan. The deferred bonuses total 4073.68 common shares. The employer match totals 1121.10 shares. Each individual employer bonus match vests ratably at 33%, 33%, and 34%. Some of the employer matches are fully vested while some of the employer match shares will not be fully vested until 12/31/05. Dividend reinvestment has accumulated to 89.43.

	Julie D. Mathews, by power of atty	01/28/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.