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
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(Print or Type Responses)
1. Name and Address of Reporting Person *
ASCOLESE RICHARD A
   2. Issuer Name and Ticker or Trading Symbol
SERVICEMASTER CO [SVM] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
TGL PRESIDENT & COO
(Last)
(First)
(Middle)
3250 LACEY ROAD, SUITE 600		 3. Date of Earliest Transaction (Month/Day/Year)
02/12/2007
(Street)

DOWNERS GROVE, IL 60515-1700		 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 $.01 par value 02/12/2007   M   20,250 (1) A $ 11.2222 163,112 D  
Common stock $.01 par value               2,328 I by 401(k) Plan
Common stock $.01 par value               1,521 I Deferred Comp

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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
1997 Option Plan (Right to Buy) $ 11.2222 02/12/2007   M     20,250 (1) 02/13/1998 02/12/2007 Common stock $.01 par value 20,250 $ 11.2222 0 D  
1998 Non-Qual.Stock Option (Right to Buy) $ 11.4125             04/03/2001 04/02/2010 Common stock $.01 par value 10,000   10,000 D  
1998 Non-Qual.Stock Option (Right to Buy) $ 18.075             01/29/2000 01/28/2009 Common stock $.01 par value 16,750   16,750 D  
1998 Non-Qual.Stock Option (Right to Buy) $ 18.2583             02/16/1999 02/15/2008 Common stock $.01 par value 11,250   11,250 D  
2000 Emplee Stock Option (Right to Buy) $ 9.88             03/18/2004 03/17/2013 Common stock $.01 par value 11,333   11,333 D  
2000 Emplee Stock Option (Right to Buy) $ 10.3             12/18/2003 12/17/2009 Common stock $.01 par value 22,000   22,000 D  
2000 Emplee Stock Option (Right to Buy) $ 10.52             03/16/2002 03/15/2008 Common stock $.01 par value 10,000   10,000 D  
2000 Emplee Stock Option (Right to Buy) $ 13.83             02/08/2003 02/07/2009 Common stock $.01 par value 15,000   15,000 D  
WSH Emplee Stock Option (Right to Buy) $ 13.87             05/04/2001 05/03/2006 Common stock $.01 par value 270   270 D  
2003 EIP Stock Appreciation Right $ 10.73             02/13/2005 02/12/2014 Common stock $.01 par value 9,500   9,500 D  
2003 EIP Stock Appreciation Right $ 12.45             02/14/2007 02/13/2016 Common stock $.01 par value 20,000   20,000 D  
2003 EIP Stock Appreciation Right $ 13.44             02/11/2006 02/10/2015 Common stock $.01 par value 9,500   9,500 D  
2003 EIP Employee Stock Option (Right to Buy) $ 12.78             11/01/2005 10/31/2014 Common stock $.01 par value 12,500   12,500 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
ASCOLESE RICHARD A
3250 LACEY ROAD, SUITE 600
DOWNERS GROVE, IL 60515-1700		       TGL PRESIDENT & COO  

Signatures

 Cristen Kogl by Power of Attorney   02/12/2007
**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) Mr. Ascolese exercised the ten-year option to purchase shares of common stock on its expiration date of February 12, 2007. The exercise price of $11.2222 per share was established at the time of the grant of the option in February 1997. All of the shares of common stock subject to the option were beneficially owned by Mr. Ascolese prior to the exercise date and have been previously reported by Mr. Ascolese as beneficially owned by him.

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