Edgar Filing: JABIL CIRCUIT INC

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 ^*

MCGEE JOSEPH A

2. Issuer Name and Ticker or Trading Symbol
JABIL CIRCUIT INC [JBL]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
SVP, Global Business Units

(Last)

(First)

(Middle)

10560 DR. MARTIN LUTHER KING JR. ST N

3. Date of Earliest Transaction (Month/Day/Year)
07/12/2007

(Street)

ST. PETERSBURG, FL 33716-3718

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)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock ⁽¹⁾	07/12/2007		J⁽¹⁾		37,982	D	$ 0 ⁽²⁾	42,849 ⁽³⁾	I	McGee Revocable Tr
Common Stock								98,462	D

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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Prepaid Variable Forward Contract (right to sell) ⁽¹⁾

$ 0

07/12/2007

J⁽¹⁾

07/12/2005

07/12/2007

Common Stock

37,982

$ 0 ⁽⁴⁾

McGee Revocable Tr

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
MCGEE JOSEPH A 10560 DR. MARTIN LUTHER KING JR. ST N ST. PETERSBURG, FL 33716-3718			SVP, Global Business Units

Signatures

By: Robert L. Paver, Attorney-in-Fact For: Joseph A. McGee		07/16/2007
^**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)	The original transaction was effected pursuant to a Rule 10b5-1 trading plan. On July 12, 2005, the reporting person entered into a prepaid variable forward contract with a securities brokerage firm. Under the relevant contract, the reporting person had to deliver up to the 37,982 shares of the Issuer's common stock referenced in column 7 of Table II to the securities brokerage firm on July 12, 2007. The number of shares the reporting person had to deliver on such date was a function of the closing price of the Issuer's common stock on such date. The amounts that would be in columns 2 and 8 of Table II were also a function of, among other things, the closing price of the Issuer's common stock on July 12, 2007. Such prepaid variable forward contract terminated by its terms on June 12, 2007 and pursuant to its terms all 37,982 shares of the Issuer's common stock that were subject to such prepaid variable forward contract were retained by the securities brokerage firm on July 12, 2007.
(2)	The derivative security is a prepaid variable forward contract as referenced in footnote (1). $0.00 has been inserted to satisfy the requirements to submit this form via the EDGAR system.
(3)	Column 5 of Table I includes 666 shares acquired on June 30, 2007 under the 2002 Employee Stock Purchase Plan of Jabil Circuit, Inc.
(4)	$0.00 has been inserted to satisfy the requirements to submit this form via the EDGAR system.

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