SEC Form 4

FORM 4		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 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* DOLL DIXON (Last) (First) (Middle) C/O DCM MANAGEMENT III, LLC 2420 SAND HILL ROAD, SUITE 200 (Street) MENLO PARK CA 94025 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Neutral Tandem Inc [ TNDM ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 06/25/2008
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X 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. 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, par value $0.001 per share	06/25/2008		J(1)		464,962	D	$0	4,818,824	I	By DCMIII(2)(3)
Common Stock, par value $0.001 per share	06/25/2008		J(1)		12,320	D	$0	127,678	I	By DCMIII-A(2)(4)
Common Stock, par value $0.001 per share	06/25/2008		J(1)		22,718	D	$0	235,443	I	By Aff III(2)(5)
Common Stock, par value $0.001 per share	06/25/2008		J(1)		1,625	A	$0	108,377	I	By Trust(6)
Common Stock, par value $0.001 per share	06/25/2008		J(1)		255	A	$0	255	I	By BFLP(7)
Common Stock, par value $0.001 per share								70,000	I	By Doll

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 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: 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

1. Name and Address of Reporting Person* DOLL DIXON (Last) (First) (Middle) C/O DCM MANAGEMENT III, LLC 2420 SAND HILL ROAD, SUITE 200 (Street) MENLO PARK CA 94025 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* DCM III, L.P. (Last) (First) (Middle) 2420 SAND HILL ROAD SUITE 200 (Street) MENLO PARK CA 94025 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* DCM III-A, L.P. (Last) (First) (Middle) 2420 SAND HILL ROAD SUITE 200 (Street) MENLO PARK CA 94025 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* DCM Affiliates Fund III, L.P. (Last) (First) (Middle) 2420 SAND HILL ROAD SUITE 200 (Street) MENLO PARK CA 94025 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* DCM Investment Management III, LLC (Last) (First) (Middle) 2420 SAND HILL ROAD SUITE 200 (Street) MENLO PARK CA 94025 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Distributed without additional consideration to partners in pro rata distributions pursuant to partnership agreements.

2. This Statement is filed on behalf of DCM III, L.P., a Delaware limited partnership ("DCMIII"), DCM III-A, L.P., a Delaware limited partnership ("DCMIII-A"), and DCM Affiliates Fund III, L.P., a Delaware limited partnership ("Aff III"), and DCM Investment Management III, L.L.C., a Delaware limited liability company ("GPIII"), and Dixon R. Doll ("Doll"). The foregoing entities and individuals are collectively referred to as the Reporting Persons. GPIII, the general partner of DCMIII, DCMIII-A, and Aff III, may be deemed to be the beneficial owner of shares of the issuer directly owned by DCMIII, DCMIII-A and Aff III. Doll, K. David Chao and Peter W. Moran are each a managing member of GPIII and exercise shared voting and investment power over the shares held directly by DCMIII, DCMIII-A, and Aff III. Each of GPIII and Doll disclaims beneficial ownership of the shares held by DCMIII, DCMIII-A and Aff III except to the extent of his pecuniary interest therein.

3. These securities are owned solely by DCMIII.

4. These securities are owned solely by DCMIII-A.

5. These securities are owned solely by Aff III.

6. These securities are owned by The Dixon and Carol Doll Family Trust (the "Trust"). Dr. Doll is a beneficiary of the Trust, and may be deemed to be an indirect beneficial owner of the securities. Dr. Doll disclaims beneficial ownership of the reported securities except to the extent of any pecuniary interest therein.

7. These securities are owned by The Birchwood Family Limited Partnership ("BFLP"). Dr. Doll is a general partner of the BFLP, and may be deemed to be an indirect beneficial owner of the securities. Dr. Doll disclaims beneficial ownership of the reported securities except to the extent of any pecuniary interest therein.

	/s/ Matthew Bonner as Attorney-in-fact for All Reporting Persons	06/27/2008
	** 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 Number.