Statement of Changes in Beneficial Ownership (4)

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
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* GARVEY CHRISTINE	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 (MM/DD/YYYY) 1/3/2020
(Street) HORSHAM, PA 19044 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)	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. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. 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)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	1/3/2020		M		3335	A	$32.22	3335	D
Common Stock	1/3/2020		M		3166	A	$35.16	6501	D
Common Stock	1/3/2020		M		3453	A	$32.49	9954	D
Common Stock	1/3/2020		M		3431	A	$32.85	13385	D
Common Stock	1/3/2020		M		3569	A	$31.61	16954	D
Common Stock	1/3/2020		S		16954	D	$40.7638 ⁽¹⁾⁽²⁾	0	D
Common Stock								4613	I	Trust

*Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)*
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. 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		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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Options (Right to Buy)	$32.22	1/3/2020		M			3335	12/17/2013 ⁽³⁾	12/17/2022	Common Stock	3335	$0	0	D
Stock Options (Right to Buy)	$35.16	1/3/2020		M			3166	12/20/2014 ⁽⁴⁾	12/20/2023	Common Stock	3166	$0	0	D
Stock Options (Right to Buy)	$32.49	1/3/2020		M			3453	12/19/2015 ⁽⁵⁾	12/19/2024	Common Stock	3453	$0	0	D
Stock Options (Right to Buy)	$32.85	1/3/2020		M			3431	12/18/2016 ⁽⁶⁾	12/18/2025	Common Stock	3431	$0	0	D
Stock Options (Right to Buy)	$31.61	1/3/2020		M			3569	12/20/2017 ⁽⁷⁾	12/20/2026	Common Stock	3569	$0	0	D

Explanation of Responses:
(1)	The Reporting person will provide, upon request by SEC staff, the issuer or a security holder, the full information about the number of shares sold at each separate sales price.
(2)	Weighted average exercise price. Actual exercise prices ranged from $40.745 to $40.785.
(3)	Vesting 50% on 12/17/2013 and 50% on 12/17/2014. Exercisable as of vesting date.
(4)	Vesting 50% on 12/20/2014 and 2015. Exercisable as of vesting date.
(5)	Vesting 50% on 12/19/2015 and 2016. Exercisable as of vesting date.
(6)	Vesting 50% on 12/18/2016 and 2017. Exercisable as of vesting date.
(7)	Exercisable 50% on 12/20/2017 and 2018.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
GARVEY CHRISTINE 250 GIBRALTAR ROAD HORSHAM, PA 19044	X