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
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 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*
GROSS BRUCE E
(Last) (First) (Middle)
700 NORTHWEST 107TH AVENUE
(Street)
MIAMI FL 33172
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
LENNAR CORP /NEW/ [ LEN, LEN.B ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Vice President & C.F.O.
3. Date of Earliest Transaction (Month/Day/Year)
06/22/2005
4. If Amendment, Date of 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
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
Class A Common Stock 06/22/2005 F 46,093 D $63.315 0 D
Class A Common Stock 06/22/2005 J 84,000(1) A $000000 0 D
Class B Common Stock 06/22/2005 J 8,400(1) A $0 0 D
Class A Common Stock 06/22/2005 A 60,000(2) A $0000 0 D
Class A Common Stock 06/23/2005 M 9,348 A $8.25 0 D
Class B Common Stock 06/23/2005 M 934 A $0(3) 0 D
Class A Common Stock 06/23/2005 M 502 A $18.32 0 D
Class B Common Stock 06/23/2005 M 50 A $0(3) 0 D
Class A Common Stock 06/23/2005 M 7,000 A $9.08 0 D
Class B Common Stock 06/23/2005 M 700 A $0(3) 26,434 D
Class A Common Stock 06/23/2005 S 30,000 D $62.5273 169,422 D
Class A Common Stock 2,958 I By Trust
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
Class A Common Stock(4) $0 06/22/2005 J 84,000 08/08/1988(5) 08/08/1988(5) Class A Common Stock 84,000 $0 0 D
Class B Common Stock(4) $0 06/22/2005 J 8,400 08/08/1988(5) 08/08/1988(5) Class B Common Stock 8,400 $0 0 D
Option (Right to Buy) $8.25 06/23/2005 M 9,348 02/07/2001(6) 02/07/2010 Class A Common Stock 9,348 $0 0 D
Option (Right to Buy) $0(3) 06/23/2005 M 934 02/07/2001(6) 02/07/2010 Class B Common Stock 933 $0 0 D
Option (Right to Buy) $18.32 06/23/2005 M 502 03/06/2004 03/06/2011 Class A Common Stock 502 $0 0 D
Option (Right to Buy) $0(3) 06/23/2005 M 50 03/06/2004 03/06/2011 Class B Common Stock 50 $0 0 D
Option (Right to Buy) $9.08 06/23/2005 M 7,000 11/12/2004 11/12/2007 Class A Common Stock 7,000 $0 0 D
Option (Right to Buy) $0(3) 06/23/2005 M 700 11/12/2004 11/12/2007 Class B Common Stock 700 $0 0 D
Option (Right to Buy) $0(5) 08/08/1988(5) 08/08/1988(5) Class A Common Stock 309,498 309,498 D
Option (Right to Buy) $0(5) 08/08/1988(5) 08/08/1988(5) Class B Common Stock 15,949 15,949 D
Explanation of Responses:
1. Receipt of shares pursuant to contractual right.
2. Shares granted on 6/22/05 under the Issuer's 2003 Stock Option and Restricted Stock Plan, subject to forfeiture. 10% of the restricted stock is exercisable on the first anniversary of the grant date and the remaining 90% of the restricted stock is exercisable in three equal annual installments beginning on the second anniversary of the grant date.
3. The Class B Common Stock was issued as a result of anti-dilution provisions with regard to exercises of options that originally related to Class A Common Stock.
4. Contractual right to receive shares in the future.
5. No activity is being reported. The SEC staff has designated 8/8/88 as a "dummy date." Information is included to disclose holdings following the reported transactions or other holdings not affected by the reported transactions.
6. These stock options vest in nine annual installments. 10% of the stock options granted become exercisable on each of the first eight anniversaries of the grant date and the remaining 20% become exercisable on the ninth anniversary of the grant date.
Bruce E. Gross 06/24/2005
** 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).
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