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*
WERTZ BYRON A
(Last) (First) (Middle)
C/O TDS
30 N LASALLE ST #4000
(Street)
CHICAGO IL 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 Corp Developmen
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)
Amount (A) or (D) Price
Common Shares 06/30/2003 J(1) 22.9909 A (1) 367.73 D
Common Shares 09/30/2003 J(1) 12.4847 A (1) 367.73 D
Common Shares 12/31/2003 J(1) 11.2851 A (1) 367.73 D
Common Shares 12/31/2003 J(2) 0.32 A (2) 1,373.14 I By Trust
Common Shares 992.96 I Custodian for children
Common Shares 600 I By children
Common Shares 12/31/2003 J 0.01 A (3) 475.84 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)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Series A Common Shares (4) 12/31/2003 J(2) 73.55 (4) (4) Common Shares 73.55 (4) 22,502.45 I By Voting Trust
Option (Right to Buy) $47.59 (5) 11/04/2004 Common Shares 10,450 10,450 D
Option (Right to Buy)(6) $38.12 12/15/1995 12/15/2005 Common Shares 2,822 2,822 D
Option (Right to Buy)(6) $47.6 12/15/1996 12/15/2006 Common Shares 2,438 2,438 D
Option (Right to Buy)(6) $37.77 12/15/1997 12/15/2007 Common Shares 2,240 2,240 D
Option (Right to Buy)(6) $40.87 12/15/1998 06/22/2008 Common Shares 4,800 4,800 D
Option (Right to Buy) $43.75 (7) 11/05/2007 Common Shares 11,100 11,100 D
Option (Right to Buy)(6) $58.96 12/15/1999 04/30/2009 Common Shares 4,400 4,400 D
Option (Right to Buy) $102.79 12/15/2000 09/16/2000 Common Shares 4,000 4,000 D
Option (Right to Buy) $117.51 (8) 09/16/2000 Common Shares 7,160 7,160 D
Option (Right to Buy)(6) $99.44 12/15/2001 04/30/2011 Common Shares 3,410 3,410 D
Option (Right to Buy)(6) $59 12/15/2002 07/05/2012 Common Shares 4,115 4,115 D
Option (Right to Buy)(6) $44.58 12/15/2003 12/15/2013 Common Shares 4,320 4,320 D
Explanation of Responses:
1. Disposition of option and acquisition of shares under the TDS Employee Stock Purchase Plan.
2. Shares acquired in a dividend reinvestment plan.
3. Voluntary reporting of shares acquired in 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 into common shares.
5. Granted under the TDS 1994 Long Term Incentive Plan. The option became exercisable with respect to 2090 common shres on 12/15/94, 12/15/95, 12/15/96, 12/15/97 and on 12/15/98 for a total of 10,450 common shares.
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 3700 common shares on 12/15/98, 12/15/99 and on 12/15/00 for a total of 11,100 common shares.
8. Granted under the TDS 1998 Long Term Incentive Plan. The option is exercisable with respect to 1790 Common shares on 12/15/01, 12/15/02, 12/15/03 and on 12/15/04 for a total of 7160 common shares.
Julie D. Mathews, by power of atty 01/26/2004
** 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.
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