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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1. Name and Address of Reporting Person * LEROY WILLIAM M   2. Issuer Name and Ticker or Trading Symbol WILLIS LEASE FINANCE CORP [WLFC] 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) WILLIS LEASE FINANCE CORP, 2320 MARINSHIP WAY 3RD FL 3. Date of Earliest Transaction (Month/Day/Year) 06/05/2006 (Street) SAUSALITO, CA 94965 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 06/05/2006 06/05/2006 M   1,142 A $ 1.89 1,142 D   Common Stock 06/05/2006 06/05/2006 S   1,142 D $ 8.575 0 D   Common Stock 06/05/2006 06/05/2006 M   1,377 A $ 2.04 1,377 D   Common Stock 06/05/2006 06/05/2006 S   1,377 D $ 8.575 0 D   Common Stock 06/05/2006 06/05/2006 M   1,214 A $ 2.11 1,214 D   Common Stock 06/05/2006 06/05/2006 S   1,214 D $ 8.575 0 D   Common Stock 06/05/2006 06/05/2006 M   497 A $ 2.13 497 D   Common Stock 06/05/2006 06/05/2006 S   497 D $ 8.575 0 D   Common Stock 06/05/2006 06/05/2006 M   1,770 A $ 2.08 1,770 D   Common Stock 06/05/2006 06/05/2006 S   1,770 D $ 8.575 0 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

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Non-qualified stock option (right to buy)

$ 1.89

06/05/2006

06/05/2006

M

1,142

03/31/2003

03/31/2013

Common Stock

1,142

$ 8.575

67,529

D

Non-qualified stock option (right to buy)

$ 2.04

06/05/2006

06/05/2006

M

1,377

03/31/2000

03/31/2010

Common Stock

1,377

$ 8.575

66,152

D

Non-qualified stock option (right to buy)

$ 2.08

06/05/2006

06/05/2006

M

1,770

06/30/2000

06/30/2010

Common Stock

1,770

$ 8.575

64,382

D

Non-qualified stock option (right to buy)

$ 2.11

06/05/2006

06/05/2006

M

1,214

09/28/2001

09/28/2011

Common Stock

1,214

$ 8.575

63,168

D

Non-qualified stock option (right to buy)

$ 2.13

06/05/2006

06/05/2006

M

497

09/29/2000

09/29/2010

Common Stock

497

$ 8.575

62,671

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
LEROY WILLIAM M WILLIS LEASE FINANCE CORP 2320 MARINSHIP WAY 3RD FL SAUSALITO, CA 94965	X

Signatures

Brian D. Hanson		06/07/2006
**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).

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