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

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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^*

CARLSON LETITIA G C

(Last)

(First)

(Middle)

C/O TDS

30 N LASALLE STREET STE 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)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

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	12/31/2003		J⁽¹⁾	11.63	A	⁽¹⁾	1,185.96⁽⁴⁾	D

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	⁽²⁾	12/31/2003		J⁽¹⁾	11.87		⁽²⁾	⁽²⁾	Common Shares	931.16	⁽²⁾	931.16⁽³⁾	D
Series A Common Shares	⁽²⁾	12/29/2003		G		1,025.64	⁽²⁾	⁽²⁾	Common Shares	1,830,931.47	⁽²⁾	1,830,931.47⁽⁵⁾	I	By Voting Trust
Series A Common Shares	⁽²⁾	12/31/2003		J⁽¹⁾	6,388.54		⁽²⁾	⁽²⁾	Common Shares	1,830,931.47	⁽²⁾	1,830,931.47⁽⁵⁾	I	By Voting Trust

Explanation of Responses:

1. Voluntary reporting of acquisition of shares through the dividend reinvestment plan during 2003.

2. Series A Common shares are convertible on a share for share basis into common.

3. Includes 96.16 shares earned pursuant to a dividend reinvestment plan.

4. Includes 99.96 shares earned pursuant to a dividend reinvestment plan.

5. Reporting person is one of four trustees of a voting trust which is record owner of these Series A common shares and which files its holdings on a form 4. Of these shares, 5494.62 (71.622 earned pursuant to a dividend reinvestment plan) are owned by husband, 90,132.88 are held by reporting person and husband as custodian for children and 678,275.79 (8278.79 earned pursuant to a dividend reinvestment plan) were contributed to a family partnership of which reporting person is a general partner. Reporting person disclaims beneficial ownership of the shares owned by husband and the shares held as custodian for children. Includes 9139.853 shares acquired pursuant to a dividend reinvestment plan.

	Julie D. Mathews, by power of atty	01/14/2004
	** 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).
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