SEC Form 4
FORM 4

[ ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 oblibations may continue.
See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
OMB APPROVAL


OMB Number: 3235-0287
Expires: December 31, 2001
Estimated average burden
hours per response. . . . . 0.5
1. Name and Address of Reporting Person*
Frantz, Francis     X.
(Last)                      (First)                      (Middle)
One Allied Drive

(Street)
Little Rock, AR     72202
(City)                       (State)                      (Zip)

 2. Issuer Name and Ticker
    or Trading Symbol

ALLTEL Corporation   AT
3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)
 4. Statement for
    (Month/Year)

    June 2001

5. If Amendment,
    Date of Original
     (Month/Year)
 6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

                        Director                           10% Owner
           X          Officer                             Other

Officer/Other
Description           Executive Vice President
7. Individual or Joint/Group
    Filing (Check Applicable Line)

X   Individual Filing
      Joint/Group Filing
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security
    (Instr. 3)

 2. Transaction Date
    (Month/Day/Year) 		3. Transaction
    Code
    and
    Voluntary
    Code
    (Instr. 8)

Code  |  V    
4. Securities Acquired (A) or Disposed (D) Of
    (Instr. 3, 4, and 5)





        Amount      |         A/D         |         Price          
5. Amount of
    Securities
    Beneficially
    Owned at
    End of Month

     (Instr. 3 and 4) 		6. Owner-
    ship
    Form:
    Direct(D)
    or
    Indirect (I)

     (Instr. 4) 		7. Nature of
     Indirect
     Beneficial
     Ownership

    (Instr. 4)
Common Stock 06/13/2001
   M |     
      3,448   |           A           |   $29.0000
D
Common Stock 06/13/2001
   M |     
    46,552   |           A           |   $29.0000
D
Common Stock 06/13/2001
   S |     
    46,552   |           D           |   $58.0413
 64,173
D







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).

(over)
SEC 1474 (3-99)

Frantz, Francis X. - June 2001
Form 4 (continued)
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. Conver-
    sion or
    Exercise
    Price of
    Deri-
    vative
     Security 		3. Transaction
    Date

    (Month/
    Day/
    Year) 		4. Transaction
    Code
    and
    Voluntary (V)
    Code
    (Instr.8)





Code | V    
5. Number of Derivative
    Securities Acquired (A)
    or Disposed (D) Of

    (Instr. 3,4 and 5) 		6. Date Exercisable(DE) and
    Expiration Date(ED)
    (Month/Day/Year)








  (DE)     |     (ED)  
 7. Title and Amount of
    Underlying Securities
    (Instr. 3 and 4) 		8. Price
    of
    Derivative
    Security
    (Instr.5) 		9. Number of
    Derivative
    Securities
    Beneficially
    Owned
    at End of
    Month
    (Instr.4) 		10.
Owner-
ship
Form of
Deriv-
ative
Security:
Direct
(D)
or
Indirect
(I) 		11. Nature of
      Indirect
      Beneficial
      Ownership
       (Instr.4)
Incentive Stock Option
 $29.0000 06/13/2001
   M |     
    (D) 3,448
Common Stock - 0 $29.0000 0
D
Non-Qualified Stock Option
 $29.0000 06/13/2001
   M |     
    (D) 46,552
Common Stock - 0 $29.0000 0
D
Incentive Stock Option
 $31.6250



Common Stock - 0
9,486
D
Incentive Stock Option
 $32.0000



Common Stock - 0
3,125
D
Incentive Stock Option
 $34.5000



Common Stock - 0
2,898
D
Incentive Stock Option
 $65.0625



Common Stock - 0
1,536
D
Incentive Stock Option
 $68.2500



Common Stock - 1,465
1,465
D
Incentive Stock Option
 $63.7500



Common Stock - 1
1
D
Incentive Stock Option
 $67.8750



Common Stock - 1,473
1,473
D
Non-Qualified Stock Option
 $31.6250



Common Stock - 0
10,514
D
Non-Qualified Stock Option
 $32.0000



Common Stock - 0
26,875
D
Non-Qualified Stock Option
 $34.5000



Common Stock - 0
197,102
D
Non-Qualified Stock Option
 $65.0625



Common Stock - 0
38,464
D
Non-Qualified Stock Option
 $68.2500



Common Stock - 73,535
73,535
D
Non-Qualified Stock Option
 $63.7500



Common Stock - 249,999
249,999
D
Non-Qualified Stock Option
 $67.8750



Common Stock - 108,527
108,527
D











Explanation of Responses :


** 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.

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB number. 		________________________________         __________________
** Signature of Reporting Person                         Date


Francis X. Frantz


Page 2
SEC 1474 (3-99)