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
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
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.
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 control number. SEC 1474 (9-02)

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).

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

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.