-----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,
 Ha3wi1c7/Wa6jn6jfzIzfMNOu8EZHi57oarogt9SnZPl763zJkitdx8yjafPsSy3
 DOgAW/mfNssTghUaeTZnYg==

<SEC-DOCUMENT>0000806085-04-000006.txt : 20040114
<SEC-HEADER>0000806085-04-000006.hdr.sgml : 20040114
<ACCEPTANCE-DATETIME>20040114165423
ACCESSION NUMBER:		0000806085-04-000006
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031130
FILED AS OF DATE:		20040114

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FULD RICHARD S JR
		CENTRAL INDEX KEY:			0001227421

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09466
		FILM NUMBER:		04525413

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		212 526 0858

	MAIL ADDRESS:	
		STREET 1:		C/O LEHMAN BROTHERS HOLDINGS INC.
		STREET 2:		745 SEVENTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEHMAN BROTHERS HOLDINGS INC
		CENTRAL INDEX KEY:			0000806085
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				133216325
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	BUSINESS ADDRESS:	
		STREET 1:		LEHMAN BROTHERS
		STREET 2:		745 SEVENTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2125267000

	MAIL ADDRESS:	
		STREET 1:		LEHMAN BROTHERS
		STREET 2:		745 SEVENTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SHEARSON LEHMAN HUTTON HOLDINGS INC
		DATE OF NAME CHANGE:	19901017
</SEC-HEADER>
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<TYPE>5
<SEQUENCE>1
<FILENAME>c0001227421d20040114f5f.xml
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<ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>5</documentType><periodOfReport>2003-11-30</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><form3HoldingsReported>0</form3HoldingsReported><form4TransactionsReported>0</form4TransactionsReported><issuer><issuerCik>0000806085</issuerCik><issuerName>LEHMAN BROTHERS HOLDINGS INC</issuerName>        <issuerTradingSymbol>LEH</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001227421</rptOwnerCik><rptOwnerName>FULD RICHARD S JR</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>LEHMAN BROTHERS</rptOwnerStreet1><rptOwnerStreet2>745 SEVENTH AVENUE</rptOwnerStreet2><rptOwnerCity>NEW YORK</rptOwnerCity><rptOwnerState>NY</rptOwnerState><rptOwnerZipCode>10019</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>1</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isO
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A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>17277</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Shares held by son</value></natureOfOwnership></ownershipNature></nonDerivativeTransaction><nonDerivativeHolding><securityTitle><value>Common Stock</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>48050</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Shares held by GRAT #2</value></natureOfOwnership></ownershipNature></nonDerivativeHolding><nonDerivativeHolding><securityTitle><value>Common Stock</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>67992</value></sharesOwnedFollowingTransaction></post
TransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Shares held by GRAT #3</value></natureOfOwnership></ownershipNature></nonDerivativeHolding><nonDerivativeHolding><securityTitle><value>Common Stock</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>150000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Shares held by GRAT #5</value></natureOfOwnership></ownershipNature></nonDerivativeHolding><nonDerivativeHolding><securityTitle><value>Common Stock</value></securityTitle><postTransactionAmounts><sharesOwnedFollowingTransaction><value>200000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>I</value></directOrIndirectOwnership><natureOfOwnership><value>Shares held by GRAT #4</value></natureOfOwners
hip></ownershipNature></nonDerivativeHolding></nonDerivativeTable><derivativeTable></derivativeTable><footnotes><footnote id="F1">Includes shares held in various benefit plans.</footnote></footnotes><ownerSignature><signatureName>Jeffrey A. Welikson, Attorney-in-fact</signatureName><signatureDate>2004-01-14</signatureDate></ownerSignature></ownershipDocument>

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</SEC-DOCUMENT>
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