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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 N7EQLRDe//vl7mxLuCJsCD4f+dob7A31jC076GSqpniUKedzRWW8Vhhmh0z7a4J3
 HmZqjKCNjXY7bAWiP+KKXQ==

<SEC-DOCUMENT>0001209191-03-026986.txt : 20031027
<SEC-HEADER>0001209191-03-026986.hdr.sgml : 20031027
<ACCEPTANCE-DATETIME>20031027172535
ACCESSION NUMBER:		0001209191-03-026986
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031023
FILED AS OF DATE:		20031027

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BECK NANCY F
		CENTRAL INDEX KEY:			0001242762

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12056
		FILM NUMBER:		03959177

	MAIL ADDRESS:	
		STREET 1:		100 SOUTH CHARLES ST # 1700
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21201

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TOWN & COUNTRY TRUST
		CENTRAL INDEX KEY:			0000906110
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				526613091
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		100
		STREET 2:		100 SOUTH CHARLES STREET
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21201
		BUSINESS PHONE:		4105397600
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bcl03756_bcl1nb.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-10-23</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000906110</issuerCik><issuerName>TOWN &amp; COUNTRY TRUST</issuerName>        <issuerTradingSymbol>TCT</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001242762</rptOwnerCik><rptOwnerName>BECK NANCY F</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>100 SOUTH CHARLES STREET</rptOwnerStreet1><rptOwnerStreet2>SUITE 1700</rptOwnerStreet2><rptOwnerCity>BALTIMORE</rptOwnerCity><rptOwnerState>MD</rptOwnerState><rptOwnerZipCode>21201</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><derivativeTable><derivativeTransaction
><securityTitle><value>Limited Partnership Interest</value><footnoteId id="F1" /></securityTitle><conversionOrExercisePrice><value>0.00</value><footnoteId id="F2" /></conversionOrExercisePrice><transactionDate><value>2003-10-23</value></transactionDate><deemedExecutionDate><value>1988-08-08</value><footnoteId id="F2" /></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>W</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>2152299</value><footnoteId id="F1" /></transactionShares><transactionPricePerShare><value>0.00</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>1988-08-08</value><footnoteId id="F2" /></exerciseDate><expirationDate><value>1988-08-08</value><footnoteId id="F2" /></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Shares</value></underlyin
gSecurityTitle><underlyingSecurityShares><value>2152299</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>2152299</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>by the Estate of Alfred Lerner</value></natureOfOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">The Estate of Alfred Lerner (the "Estate"), due to the passing of Mr. Lerner on October 23, 2002, acquired by operation of law an 11.74% limited partnership interest (the "Partnership Interest") in The TC Operating Limited Partnership, a Maryland limited partnership (the "Operating Partnership") of which The Town and Country Trust ("TCT"), together with a wholly-owned subsidiary, is the sole general partner.  The Partnership Interest now owned by the Estate has the economic equivalence of 2,152,299 TCT Commo
n Shares.  Pursuant to the terms of the partnership agreement of the Operating Partnership, the Estate may convert the Partnership Interest into TCT Common Shares and the Estate is therefore deemed to be the benefical owner of 2,152,299 TCT Common Shares.  Upon the one year anniversary of Mr. Lerner's passing, Ms. Beck, as an executor and beneficiary of the Estate, is reporting her beneficial ownership of such interest.</footnote><footnote id="F2">This field is not applicable.</footnote></footnotes><ownerSignature><signatureName>/s/ Nancy Beck, by Daniel G. Berick as attorney-in-fact</signatureName><signatureDate>2003-10-27</signatureDate></ownerSignature></ownershipDocument>

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