FORM 4
[ X ] 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
                                                                                  
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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
                      

1. Name and Address of Reporting Person *

GILLIS RUTH ANN M 		2. Issuer Name and Ticker or Trading Symbol

ARCHSTONE SMITH TRUST [ ASN ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
_____ Officer (give title below)      __ X __ Other (specify below)
Trustee
(Last)          (First)          (Middle)

9200 E. PANORAMA CIR. #400 		3. Date of Earliest Transaction (MM/DD/YYYY)

10/5/2007
(Street)

ENGLEWOOD, CO 80112
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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 Shares of Beneficial Interest   10/5/2007     D    10004   (1) D $60.75   0   D    
Common Shares of Beneficial Interest   10/5/2007     D    870   (2) D $60.75   0   I   Held in Deferred Compensation Plan  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 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
Dividend Equivalent Units     (3) 10/5/2007     D        513      (3)   (3) Common Shares   513     (3) 0   D    
Phantom Stock     (4) 10/5/2007     D        2194      (4)   (4) Common Shares   2194     (4) 0   D    

Explanation of Responses:
( 1)  Direct total includes 8,504 Restricted Stock Units and 1,500 common shares, all of which were disposed of pursuant to a Merger Agreement between Issuer and affiliates of Tishman Speyer Real Estate Venture VII, L.P. and Lehman Brothers Holdings Inc.(the "Merger Agreement"), and were cancelled in exchange for a cash payment of $60.75 per share.
( 2)  Shares held in Issuer's Deferred Compensation Plan, disposed of pursuant to the Merger Agreement, and cancelled in exchange for the cash merger consideration of $60.75 per share.
( 3)  Represents outstanding Dividend Equivalent Units ("DEUs") awarded under Issuer's Equity Plan for Outside Trustees. DEUs accrue on certain option and Restricted Stock Unit grants and vest at the same rate as the underlying grant. Upon settlement DEUs convert to shares of ASN common stock on a 1 to 1 basis. DEUs have no expiration date. Pursuant to the Merger Agreement all DEUs became fully vested at the time of the merger and were cancelled in exchange for a cash payment of $60.75 per unit.
( 4)  Phantom Shares issued in lieu of quarterly trustee fees. Each share of phantom stock is the economic equivalent of one share of Common Stock. Pursuant to the Merger Agreement Phantom Shares were cancelled at the time of the merger in exchange for a cash payment of $60.75 per unit.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
GILLIS RUTH ANN M
9200 E. PANORAMA CIR. #400
ENGLEWOOD, CO 80112


Trustee

Signatures
Thomas S. Reif, Attorney-in-Fact on behalf of Ruth Ann M. Gillis 10/5/2007
** 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.
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.
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