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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

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(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
STEPHENS WARREN A
  2. Issuer Name and Ticker or Trading Symbol
ALLTEL CORP [AT]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
111 CENTER STREET
3. Date of Earliest Transaction (Month/Day/Year)
04/21/2005
(Street)

LITTLE ROCK, AR 72201
4. If Amendment, Date 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
(City)
(State)
(Zip)
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 Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 04/21/2005   A   1,050 (1) A $ 57.13 53,427 I By trust
Common Stock               10,732,199 (2) I By corporation
Common Stock               10,000 I By spouse
Common Stock               5,000 I By trust
Common Stock               1,924 I By trust
Common Stock               600 I By trust

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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 control number. SEC 1474 (9-02)

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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option $ 57.13 04/21/2005   A   6,500     (3) 04/21/2015 Common Stock 6,500 $ 0 6,500 I By trust
Non-Qualified Stock Option $ 50.81               (3) 04/22/2014 Common Stock 6,500   6,500 I By trust
Non-Qualified Stock Option $ 46.32               (3) 04/24/2013 Common Stock 6,500   6,500 I By trust
Non-Qualified Stock Option $ 53.09               (3) 04/25/2012 Common Stock 6,500   6,500 I By trust
Non-Qualified Stock Option $ 58.46               (4) 01/24/2012 Common Stock 10,000   10,000 I By trust

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
STEPHENS WARREN A
111 CENTER STREET
LITTLE ROCK, AR 72201
  X      

Signatures

 Todd Ferguson, attorney in fact for Warren A. Stephens   04/25/2005
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Shares issued under a directors stock compensation plan adopted on January 28, 1999, qualifying under Rule 16b-3(d), and are subject to a substantial risk of forfeiture until April 19, 2006.
(2) Reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
(3) These options were granted under a stock option plan qualifying under Rule 16b-3(d), and become exercisable on the earlier of (i) the day immediately preceding the date of the first issuer annual meeting of stockholders following the effective date of the grant of the option, (ii) the date of the death of the reporting person, (iii) the date of the disability of the reporting person, or (iv) the date a change in control of issuer is deemed to have occurred.
(4) Options become exercisable on the day immediately preceding the date of the first issuer annual meeting of stockholders following January 24, 2002, the effective date of the option grant.

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.