-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 NbUSgMRwS/8whGjg3VFr1ZuglJ/7WWYua7mZLUgfUC+9OzS0tgCcsKcdu7g9u4iG
 4j0V71C3HVEjSu9uUEObAg==

<SEC-DOCUMENT>0001179110-04-004724.txt : 20040226
<SEC-HEADER>0001179110-04-004724.hdr.sgml : 20040226
<ACCEPTANCE-DATETIME>20040226182201
ACCESSION NUMBER:		0001179110-04-004724
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040127
FILED AS OF DATE:		20040226

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WILLIAMS BARRY LAWSON
		CENTRAL INDEX KEY:			0001035242

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08885
		FILM NUMBER:		04632041

	BUSINESS ADDRESS:	
		STREET 1:		SLM CORPORATION
		STREET 2:		11600 SALLIE MAE DRIVE
		CITY:			RESTON
		STATE:			VA
		ZIP:			20193

	MAIL ADDRESS:	
		STREET 1:		SLM CORPORATION
		STREET 2:		11600 SALLIE MAE DRIVE
		CITY:			RESTON
		STATE:			VA
		ZIP:			20193

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NEWHALL LAND & FARMING CO /CA/
		CENTRAL INDEX KEY:			0000751976
		STANDARD INDUSTRIAL CLASSIFICATION:	LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
		IRS NUMBER:				953931727
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		23823 VALENCIA BLVD
		CITY:			VALENCIA
		STATE:			CA
		ZIP:			91355
		BUSINESS PHONE:		6612554000

	MAIL ADDRESS:	
		STREET 2:		23823 VALENCIA BLVD
		CITY:			VALENCIA
		STATE:			CA
		ZIP:			91355
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-01-27</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0000751976</issuerCik>
        <issuerName>NEWHALL LAND &amp; FARMING CO /CA/</issuerName>
        <issuerTradingSymbol>NHL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001035242</rptOwnerCik>
            <rptOwnerName>WILLIAMS BARRY LAWSON</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>23823 VALENCIA BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>VALENCIA</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>91355</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Partnership Units</value>
            </securityTitle>
            <transactionDate>
                <value>2004-01-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>U</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2865</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Partnership Units</value>
            </securityTitle>
            <transactionDate>
                <value>2004-01-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>U</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Units Rights</value>
                <footnoteId id="F3"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F10"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-01-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>U</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5365</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F7"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F6"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Partnership Units</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5365</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Unit Rights</value>
                <footnoteId id="F4"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F10"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-01-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>U</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3746.0137</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F9"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F8"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F8"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Partnership Units</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3746.0137</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Unit Rights</value>
                <footnoteId id="F5"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F10"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-01-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>U</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>807.0342</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F9"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F8"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F8"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Partnership Units</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>807.0342</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Disposed of pursuant to Agreement and Plan of Merger dated 7/21/2003 in exchange for $40.50 on the effective date of the merger.</footnote>
        <footnote id="F2">Held through Newhall Management Limited Partnership and Newhall Management Corporation.</footnote>
        <footnote id="F3">Options, issued pursuant to 2002 Equity Compensation Plan and predecessor plans, some accelerated vesting pursuant to 7/21/03 Agreement and Plan of Merger - exercise price offset by strike price (various).</footnote>
        <footnote id="F4">Unit rights granted pursuant to Deferred Equity Compensation Plan for Outside Directors.</footnote>
        <footnote id="F5">Unit rights granted pursuant to Director Retainer Unit Fee Program, issued pursuant to 2002 Equity Compensation Plan.</footnote>
        <footnote id="F6">Options cancelled pursuant to Agreement and Plan of Merger dated 7/21/2003 in exchange for a cash payment representing the difference between the strike price and $40.50.</footnote>
        <footnote id="F7">Difference between exercise price and $40.50.</footnote>
        <footnote id="F8">Unit rights cancelled pursuant to Agreement and Plan of Merger dated 7/21/2003 in exchange for a cash payment representing the difference between the grant price and $40.50.</footnote>
        <footnote id="F9">Difference between grant price and $40.50.</footnote>
        <footnote id="F10">Various.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Barry Lawson Williams,  By:  Edward C. Giermann, Attorney-in-Fact</signatureName>
        <signatureDate>2004-02-26</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----