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 *
TOLL BRUCE E
   2. Issuer Name and Ticker or Trading Symbol
TOLL BROTHERS INC [TOL] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
250 GIBRALTAR ROAD		 3. Date of Earliest Transaction (Month/Day/Year)
02/21/2006
(Street)

HORSHAM, PA 19044		 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 02/21/2006   M   200,000 A $ 4.2813 202,300 D  
Common Stock               2,480 I 401(k) Plan
Common Stock               5,016,104 (1) I BRU Holding Co.,LLC
Common Stock               2,500,000 (2) I Bruce E. Toll Investment Trust
Common Stock               800,000 I By GRAT-Expires November,2007

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
Stock Options (Right to buy) $ 4.875             03/14/1997 03/14/2007 Common Stock 170,000   170,000 D  
Stock Options (Right to buy) $ 4.9375             12/30/1996 12/30/2006 Common Stock 185,000   185,000 D  
Stock Options (Right to buy) $ 5.7657             11/03/1998 11/03/2007 Common Stock 200,000   200,000 D  
Stock Options (Right to buy) $ 6.8594             12/30/1997 12/30/2007 Common Stock 960,000   960,000 D  
Stock Options (Right to buy) $ 7.25             03/05/1998 03/05/2008 Common Stock 370,000   370,000 D  
Stock Options (Right to buy) $ 7.375             03/13/1998 03/13/2008 Common Stock 250,000   250,000 D  
Stock Options (Right to buy) $ 9.6563             12/20/2001 12/20/2010 Common Stock 60,000   60,000 D  
Stock Options (Right to buy) $ 10.525             12/20/2003 12/20/2012 Common Stock 31,000   31,000 D  
Stock Options (Right to buy) $ 10.88             12/20/2001 12/20/2011 Common Stock 62,000   62,000 D  
Stock Options (Right to buy) $ 20.135             12/20/2004 12/20/2013 Common Stock 30,000   30,000 D  
Stock Options (Right to buy) $ 32.55             12/20/2005 12/20/2014 Common Stock 30,000   30,000 D  
Stock Options (Right to buy) $ 35.97             12/20/2006 12/20/2015 Common Stock 15,000   15,000 D  
Stock Options (Right to buy) $ 4.2813 02/21/2006   M     200,000 11/01/1997 11/01/2006 Common Stock 200,000 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
TOLL BRUCE E
250 GIBRALTAR ROAD
HORSHAM, PA 19044		   X      

Signatures

 Kathryn G. Flanagan, Att'y in Fact   02/23/2006
**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).
(2) The sole beneficiary of the Trust is the reporting person
(1) Entity is wholly owned by the reporting person.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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