Sec Form 4 Filing - MCCAIN DAVID B @ LENNAR CORP /NEW/ - 2006-06-28

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 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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1. Name and Address of Reporting Person MCCAIN DAVID B 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 (Last) (First) (Middle) LENNAR CORPORATION, 700 NW 107 AVENUE STE 400 3. Date of Earliest Transaction (MM/DD/YY) 06/28/2006 (Street) MIAMI, FL33172 4. If Amendment, Date Original Filed (MM/DD/YY) 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 (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 06/28/2006 M 4,000 A $ 13.61 54,870 D Class A Common Stock 06/28/2006 S 22,857 D $ 43.3297 32,013 D Class B Common Stock 06/28/2006 M 400 A $ 0 ( 1 ) 11,819 D Class B Common Stock 06/28/2006 S 2,800 D $ 40 9,019 D

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 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 Stock Option (Right to Buy) $ 13.61 06/28/2006 M 4,000 06/01/1999( 2 ) 06/01/2008 Class A Common Stock 4,000 $ 0 8,000 D Stock Option (Right to Acquire) $ 0 06/28/2006 M 400 06/01/2007( 2 ) 06/01/2008 Class B Common Stock 400 ( 3 ) $ 0 800 D Stock Option (Right to Buy) $ 27.845 01/23/2004( 4 ) 01/23/2008 Class A Common Stock 18,000 18,000 D Stock Option (Right to Buy) $ 46.42 12/17/2004( 4 ) 12/17/2008 Class A Common Stock 60,000 60,000 D Stock Option (Right to Buy) $ 55 12/16/2005( 4 ) 12/16/2009 Class A Common Stock 20,000 20,000 D Stock Option (Right to Buy) $ 62.675 01/05/2007( 4 ) 01/05/2011 Class A Common Stock 20,000 20,000 D Stock Option (Right to Acquire) $ 0 01/23/2007( 4 ) 01/23/2008 Class B Common Stock 1,800 ( 3 ) 1,800 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other MCCAIN DAVID B LENNAR CORPORATION 700 NW 107 AVENUE STE 400 MIAMI, FL33172 Vice President Signatures Michael Francis as Attorney-In-Fact for David B. McCain 06/29/2006 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The Class B Common Stock was issued as a result of anti-dilution provisions with regard to exercises that originally related to Class A Common Stock ( 2 )These stock options vest in nine annual installments. 10% of the stock options granted become exercisable on the first eight anniversaries of the grant date and the remaining 20% become exercisable on the ninth anniversary of the grant date. ( 3 )Represents shares of Class B Common Stock to be issued upon the exercise of certain options to purchase Class A Common Stock. ( 4 )These stock options become exercisable in four annual installments. 10% of the stock options become exercisable on the first anniversary of the grant date and 30% of the stock options become exercisable on each of the next three anniversaries of the grant 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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