-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, eIR1tLtPUQ7uc4rKdTG925vro77rrv/wVZIflzj0143AO6F5PnJKyG3/oHX8aJW+ Tp8diFv975uq2FifWD87wA== 0000806085-95-000124.txt : 199506300000806085-95-000124.hdr.sgml : 19950630 ACCESSION NUMBER: 0000806085-95-000124 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950629 FILED AS OF DATE: 19950629 SROS: NYSE FILER: 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 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09466 FILM NUMBER: 95551041 BUSINESS ADDRESS: STREET 1: AMERICAN EXPRESS TWR STREET 2: 3 WORLD FINANCIAL CNTR CITY: NEW YORK STATE: NY ZIP: 10048 BUSINESS PHONE: 2125267000 MAIL ADDRESS: STREET 1: AMERICAN EXPRESS TOWER 15TH FL STREET 2: 2 WORLD TRADE CENTER CITY: NEW YORK STATE: NY ZIP: 10048 FORMER COMPANY: FORMER CONFORMED NAME: SHEARSON LEHMAN HUTTON HOLDINGS INC DATE OF NAME CHANGE: 19901017 11-K 1 LEHMAN BROTHERS HOLDINGS 11K FILING SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES AND EXCHANGE COMMISSION For the fiscal year ended December 30, 1994 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______. Commission file number 1-7657 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: LEHMAN BROTHERS HOLDINGS INC. TAX DEFERRED SAVINGS PLAN Lehman Brothers Holdings Inc. 3 World Financial Center New York, NY 10285 B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Lehman Brothers Holdings Inc. 3 World Financial Center New York, NY 10285 Financial Statements and Supplemental Information Lehman Brothers Holdings Inc. Tax Deferred Savings Plan For the years ended December 30, 1994 and 1993 with Report of Independent Auditors Report of Independent Auditors The Employee Benefit Plans Committee Lehman Brothers Holdings Inc. We have audited the accompanying statements of net assets available for plan benefits of the Lehman Brothers Holdings Inc. Tax Deferred Savings Plan as of December 30, 1994 and 1993, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan's administrator. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Lehman Brothers Holdings Inc. Tax Deferred Savings Plan at December 30, 1994 and 1993, and the changes in its net assets available for plan benefits for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of investments held as of December 30, 1994, and single and series of transactions in excess of five percent of net assets available for plan benefits for the year ended December 30, 1994, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the basic financial statements. The Fund Information in the statement of net assets available for plan benefits and the statement of changes in net assets available for plan benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and Fund Information have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. May 8, 1995 Lehman Brothers Holdings Inc. Tax Deferred Savings Plan Financial Statements and Supplement Information For the years ended December 30, 1994 and 1993 Contents Report of Independent Auditors 1 Financial Statements Statements of Net Assets Available for Plan Benefits 2 Statements of Changes in Net Assets Available for Plan 4 Benefits Notes to Financial Statements 7 Supplemental Information Schedule I Schedule of Investments Held 15 Schedule II Schedule of Series of Transactions in Excess of Five Percent of 16 Net Assets Available for Plan Benefits at Beginning of Year Schedule III Schedule of Single Transactions in Excess of Five Percent of 17 Net Assets Available for Plan Benefits at Beginning of Year A schedule of party-in-interest transactions has not been presented because there were no party-in-interest transactions which are prohibited by Section 406 of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") and for which there are no statutory or administrative exemptions. LEHMAN BROTHERS HOLDINGS INC. TAX DEFERRED SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS DECEMBER 30, 1994 Investment Funds American Short Express Term Fixed Company Interest Income Common Assets Fund Fund Stock Fund Institutional Contracts (at $ 129,781,154 cost plus interest) Investments at fair value: American Express Company common stock 785,101 shares (cost: $ $18,025,118) 23,160,480 Lehman Brothers Holdings Inc. common stock 266,054 shares (cost: $4,025,178) Twentieth Century Ultra Investors Fund 1,374,370 shares (cost: $28,401,537) Lehman Brothers Prime Value Money Market Fund 25,519,916 shares (cost: $25,519,916) Templeton Foreign Fund 2,439,078 shares (cost:$22,799,568) Income Fund of America 865,302 shares (cost:$11,613,345) Fidelity Capital & Income Fund 1,237,997 shares (cost: $11,813,730) S&P 500 Index Fund 2,976,168 shares (cost: $8,205,869) PIMCO Total Return Fund 717,901 shares (cost: $7,235,949) Vanguard Fixed Income Long- Term Corporate Portfolio 792,170 shares (cost: $6,664,576) $ 129,781,154 - 23,160,480 Cash and short-term 421,886 investments 23,406 30,670 Interest and dividends receivable 2,020 6 180,666 Other receivables - 257,926 598,648 Net Inter-fund transfers (payable) receivable (145,644) 1,329,188 (605,604) Total assets 131,391,680 278,262 23,364,860 Liabilities Payable to (receivable from) other plan - 11,782 42,384 Other liabilities - 45,236 8,753 Total liabilities - 57,018 51,137 Net assets available for $ $131,334,662 $23,313,723 plan benefits 278,262 Lehman Twentieth Lehman Brothers Century Brothers Holdings Ultra Prime Value Inc. Common Investors Money Assets Stock Fund Fund Market Fund Institutional Contracts (at cost plus interest) Investments at fair value: American Express Company common stock 785,101 shares (cost: $18,025,118) Lehman Brothers Holdings Inc. common stock 266,054 shares (cost: 3,924,294 $4,025,178) Twentieth Century Ultra Investors Fund 1,374,370 shares (cost: $ 27,418,687 $28,401,537) Lehman Brothers Prime Value Money Market Fund 25,519,916 shares (cost: $ 25,519,916 $25,519,916) Templeton Foreign Fund 2,439,078 shares (cost:$22,799,568) Income Fund of America 865,302 shares (cost:$11,613,345) Fidelity Capital & Income Fund 1,237,997 shares (cost: $11,813,730) S&P 500 Index Fund 2,976,168 shares (cost: $8,205,869) PIMCO Total Return Fund 717,901 shares (cost: $7,235,949) Vanguard Fixed Income Long- Term Corporate Portfolio 792,170 shares (cost: $6,664,576) 3,924,294 25,519,916 27,418,687 Cash and short-term 57,022 4 investments 2,043,805 Interest and dividends - - receivable 126 Other receivables 7,541 647 20,396 Net Inter-fund transfers (payable) receivable 723,022 (206,380) (1,292,122) Total assets 6,698,788 24,248,194 27,269,976 Liabilities Payable to (receivable from) - 56,600 other plan 5,027 Other liabilities 18,070 65,314 119,736 Total liabilities 23,097 65,314 176,336 Net assets available for $6,675,691 $ 27,204,662 $ 24,071,858 plan benefits See accompanying notes Templeton Income Fidelity Foreign Fund of Capital & Assets Fund America Income Fund Institutional Contracts (at cost plus interest) Investments at fair value: American Express Company common stock 785,101 shares (cost: $18,025,118) Lehman Brothers Holdings Inc. common stock 266,054 shares (cost: $4,025,178) Twentieth Century Ultra Investors Fund 1,374,370 shares (cost: $28,401,537) Lehman Brothers Prime Value Money Market Fund 25,519,916 shares (cost: $25,519,916) Templeton Foreign Fund 2,439,078 shares $ (cost:$22,799,568) 21,512,668 Income Fund of America 865,302 shares $ 11,370,073 (cost:$11,613,345) Fidelity Capital & Income Fund 1,237,997 shares (cost: $ 10,683,915 $11,813,730) S&P 500 Index Fund 2,976,168 shares (cost: $8,205,869) PIMCO Total Return Fund 717,901 shares (cost: $7,235,949) Vanguard Fixed Income Long- Term Corporate Portfolio 792,170 shares (cost: $6,664,576) 10,683,915 21,512,668 11,370,073 Cash and short-term investments 44,084 17,088 - Interest and dividends receivable - - 27,927 Other receivables 2,340 - 21,006 Net Inter-fund transfers (payable) receivable 339,898 (106,044) 69,481 Total assets 10,802,329 21,898,990 11,281,117 Liabilities Payable to (receivable from) other plan - (2,081) (1,387) Other liabilities 50,967 20,533 31,303 Total liabilities 50,967 18,452 29,916 Net assets available for $ $ 11,262,665 $10,772,413 plan benefits 21,848,023 See accompanying notes Vanguard PIMCO Fixed Income S&P Total Long-Term 500 Return Corporate Assets Index Fund Portfolio Total Fund Institutional Contracts (at cost plus interest) $129,781, 154 Investments at fair value: American Express Company common stock $ 23,160,48 0 785,101 shares (cost: $18,025,118) - Lehman Brothers Holdings Inc. common stock 266,054 shares (cost: $ $4,025,178) 3,924,294 Twentieth Century Ultra Investors Fund 1,374,370 shares (cost: $28,401,537) $ 27,418,68 7 Lehman Brothers Prime Value Money Market Fund 25,519,916 shares (cost: $ $25,519,916) 25,519,91 6 Templeton Foreign Fund 2,439,078 shares $ (cost:$22,799,568) 21,512,66 8 Income Fund of America 865,302 shares $ (cost:$11,613,345) 11,370,07 3 Fidelity Capital & Income Fund 1,237,997 shares (cost: $ $11,813,730) 10,683,91 5 S&P 500 Index Fund 2,976,168 shares (cost: $ $ $8,205,869) 8,532,97 8,532,970 0 PIMCO Total Return Fund 717,901 shares (cost: $ $ $7,235,949) 6,956,461 6,956,461 Vanguard Fixed Income Long- Term Corporate Portfolio 792,170 shares (cost: $ 6,376,973 $6,664,576) 6,376,973 $ $ $ 6,376,973 $275,237, 8,532,97 6,956,461 591 0 Cash and short-term investments 44,660 11,986 14,969 2,709,580 Interest and dividends 210,977 receivable 232 - - Other receivables 908,504 - - - Net Inter-fund transfers (payable) receivable (79,819) (92,254) 66,278 Total assets 279,066,6 8,498,04 6,876,193 6,458,220 52 3 Liabilities Payable to (receivable from) 112,325 other plan - - - Other liabilities 394,396 3,564 14,052 16,868 Total liabilities 506,721 3,564 14,052 16,868 Net assets available for $ $ 6,441,352 $ plan benefits $8,494,4 6,862,141 278,559,9 79 31 See accompanying notes Lehman Brothers Holdings Inc. Tax Deferred Savings Plan Statement of Net Assets Available for Plan Benefits December 30, 1993 Investment Funds American Short Express Term Fixed Company Interest Income Common Assets Fund Fund Stock Fund Institutional Contracts (at $136,501,455 cost plus interest) Investments at fair value: American Express Company common stock 1,066,380 shares (cost: $ 33,457,683 $27,366,245) Smith Barney Shearson Daily Dividend Fund, 7,245,893 shares (cost: $7,245,893) Smith Barney Shearson Income Funds, High Income Fund, 939,998 Class C shares (cost: $11,233,572) Smith Barney Shearson Appreciation Fund, Inc. 3,299,935 Class C shares (cost: $27,736,454) Smith Barney Shearson Global Opportunities Fund, 358,105 shares (cost: $9,502,529) Salomon Brothers Capital Fund, 233,453 shares (cost:$4,151,961) Smith Barney Shearson Aggressive Growth Fund, 624,279 Class C shares (cost: $12,742,699) Smith Barney Shearson Income Funds, Utilities Fund, 477,792 Class C shares (cost: $7,109,315) Smith Barney Shearson Income Funds, Diversified Strategic Income Fund, 641,092 Class C shares (cost: $5,359,335) 136,501,455 33,457,683 - Cash and short-term $406,164 investments 106,351 6,078 Interest and dividends receivable 1,077 88 54 Other receivables - - 340 Net inter-fund transfers (payable) receivable - (2,636,794) 145,916 Total assets 407,241 133,971,100 33,610,071 Liabilities Payable to (receivable from) other plan - 601,504 306,697 Other liabilities - 76,298 22,373 Total liabilities - 677,802 329,070 Net assets available for $407,241 $133,293,298 $33,281,001 plan benefits See accompanying notes Smith Barney High Income Smith Shearson Fund of Barney Daily Smith Barney Shearson Dividend Shearson Appreciation Assets Fund Income Funds Fund Inc. Institutional Contracts (at cost plus interest) Investments at fair value: American Express Company common stock 1,066,380 shares (cost: $27,366,245) Smith Barney Shearson Daily Dividend Fund, 7,245,893 shares (cost: $ $7,245,893) 7,245,893 Smith Barney Shearson Income Funds, High Income Fund, 939,998 Class C $ 11,383,376 shares (cost: $11,233,572) Smith Barney Shearson Appreciation Fund, Inc. 3,299,935 Class C shares $ 35,366,817 (cost: $27,736,454) Smith Barney Shearson Global Opportunities Fund, 358,105 shares (cost: $9,502,529) Salomon Brothers Capital Fund, 233,453 shares (cost:$4,151,961) Smith Barney Shearson Aggressive Growth Fund, 624,279 Class C shares (cost: $12,742,699) Smith Barney Shearson Income Funds, Utilities Fund, 477,792 Class C shares (cost: $7,109,315) Smith Barney Shearson Income Funds, Diversified Strategic Income Fund, 641,092 Class C shares (cost: $5,359,335) $ 35,366,817 7,245,893 11,383,376 Cash and short-term investments 6,740 41,032 49,598 Interest and dividends receivable - - - Other receivables 337,720 623,260 660,396 Net inter-fund transfers (451,098) (payable) receivable (675,114) (175,311) Total assets $ 35,901,500 7,139,255 11,372,554 Liabilities Payable to (receivable from) other plan (27,927) 39,533 8,124 Other liabilities 127,452 - 930 Total liabilities 99,525 39,533 9,054 Net assets available for $ $ 11,333,021 $ 35,892,446 plan benefits 7,039,730 See accompanying notes Smith Smith Barney Barney Shearson Salomon Shearson Global Brothers Aggressive Opportunit Capital Growth ies Assets Fund Fund Fund Institutional Contracts (at cost plus interest) Investments at fair value: American Express Company common stock 1,066,380 shares (cost: $27,366,245) Smith Barney Shearson Daily Dividend Fund, 7,245,893 shares (cost: $7,245,893) Smith Barney Shearson Income Funds, High Income Fund, 939,998 Class C shares (cost: $11,233,572) Smith Barney Shearson Appreciation Fund, Inc. 3,299,935 Class C shares (cost: $27,736,454) Smith Barney Shearson Global Opportunities Fund, 358,105 shares (cost: $ $9,502,529) 10,420,841 Salomon Brothers Capital Fund, 233,453 shares $ (cost:$4,151,961) 4,823,132 Smith Barney Shearson Aggressive Growth Fund, 624,279 Class C shares $ 16,718,195 (cost: $12,742,699) Smith Barney Shearson Income Funds, Utilities Fund, 477,792 Class C shares (cost: $7,109,315) Smith Barney Shearson Income Funds, Diversified Strategic Income Fund, 641,092 Class C shares (cost: $5,359,335) $ 16,718,195 10,420,841 4,823,132 Cash and short-term 29,537 investments - 42,344 Interest and dividends receivable - - - Other receivables 9,322 2,570 1,413 Net inter-fund transfers $ (payable) receivable 2,406,497 (46,619) 1,544,129 Total assets $ 18,306,081 12,866,197 4,779,083 Liabilities Payable to (receivable 93,035 from) other plan 41,918 75,924 Other liabilities - - - Total liabilities 93,035 41,918 75,924 Net assets available for $ $ $ 18,230,157 plan benefits 12,773,162 4,737,165 See accompanying notes Utilities Diversified Fund Strategic of Smith Income Fund Barney of Smith Shearson Barney Income Shearson Assets Funds Income Funds Total Institutional Contracts (at $136,501,455 cost plus interest) Investments at fair value: American Express Company common stock 1,066,380 shares (cost: $ 33,457,683 $27,366,245) Smith Barney Shearson Daily Dividend Fund, 7,245,893 shares (cost: $ 7,245,893 $7,245,893) Smith Barney Shearson Income Funds, High Income Fund, 939,998 Class C $ 11,383,376 shares (cost: $11,233,572) Smith Barney Shearson Appreciation Fund, Inc. 3,299,935 Class C shares $ 35,366,817 (cost: $27,736,454) Smith Barney Shearson Global Opportunities Fund, 358,105 shares (cost: $ 10,420,841 $9,502,529) Salomon Brothers Capital Fund, 233,453 shares $ 4,823,132 (cost:$4,151,961) Smith Barney Shearson Aggressive Growth Fund, 624,279 Class C shares $ 16,718,195 (cost: $12,742,699) Smith Barney Shearson Income Funds, Utilities Fund, 477,792 Class C shares (cost: $7,109,315) $ $ 7,243,322 7,243,322 Smith Barney Shearson Income Funds, Diversified Strategic Income Fund, 641,092 Class C shares (cost: $5,359,335) $ 5,391,581 5,391,581 $ $268,522,295 7,243,322 5,391,581 Cash and short-term 29,061 734,796 investments 17,891 Interest and dividends 1,219 receivable - - Other receivables 173,810 1,808,831 - Net inter-fund transfers (payable) receivable (139,424) 27,818 Total assets $ 271,097,141 7,306,769 5,437,290 Liabilities Payable to (receivable 1,206,777 from) other plan 40,417 27,552 Other liabilities 227,053 - - Total liabilities 40,417 1,433,830 27,552 Net assets available for $ $ $ plan benefits 7,266,352 5,409,738 269,663,311 See accompanying notes Lehman Brothers Holdings Inc. Tax Deferred Savings Plan Statement of Changes in Net Assets Available for Plan Benefits For the year ended December 30, 1994 Investment Funds American Short Express Term Fixed Company Interest Income Common Fund Fund Stock Fund Investment Income: Interest and dividends $ 17,158 $ 10,719,468 $ 1,135,434 Net realized and unrealized (depreciation) appreciation in fair value of (81,618) - 109,065 investments (64,460) 10,719,468 1,244,499 Contributions: Employer - - Participants 6,965,544 1,602,503 Rollovers 525,865 25,189 7,491,409 1,627,692 Net inter-fund transfers (63,126) (6,987,552) (8,198,496) (out) in Administrative fees (79,801) (15,345) Participant withdrawals (1,393) (11,758,274) (4,337,114) Transfer (to) from other (1,343,886) (288,514) plan (64,519) (20,169,513) (12,839,469) Net (decrease) increase (128,979) (1,958,636) (9,967,278) Net assets available for plan benefits, beginning of 407,241 133,293,298 33,281,001 year Net assets available for plan benefits, end of year $278,262 $131,334,662 $23,313,723 See accompanying notes Lehman Twentieth Lehman Brothers Century Brothers Holdings Ultra Prime Value Inc. Common Investors Money Stock Fund Fund Market Fund Investment Income: Interest and dividends $ 41,812 $ $ 1,056,132 - Net realized and unrealized (depreciation) appreciation in fair value of (100,703) (179,557) - investments (58,891) (179,557) 1,056,132 Contributions: Employer 2,031,469 - - Participants 123,420 1,800,024 790,935 Rollovers 72,944 404,335 416,054 2,227,833 2,204,359 1,206,989 Net inter-fund transfers 4,763,906 26,137,835 31,360,417 (out) in Administrative fees (1,953) (16,226) (17,647) Participant withdrawals (266,825) (923,061) (8,498,990) Transfer (to) from other 11,621 (18,688) 1,035,043) plan 4,506,749 25,179,860 21,808,737 Net (decrease) increase 6,678,691 27,204,662 24,071,858 Net assets available for plan benefits, beginning of - - year Net assets available for plan benefits, end of year $ $ 27,204,662 $ 24,071,858 6,675,691 See accompanying notes Templeton Income Fidelity Foreign Fund of Capital & Fund America Income Fund Investment Income: Interest and dividends $ 353,646 $472,299 $639,488 Net realized and unrealized (depreciation) appreciation in fair value of (93,396) (186,129) (1,189,615) investments 260,250 286,170 (550,127) Contributions: Employer - - - Participants 1,406,570 550,492 810,032 Rollovers 392,716 176,936 179,253 1,799,286 727,428 989,285 Net inter-fund transfers 20,671,234 10,502,421 10,900,037 (out) in Administrative fees (13,217) (6,655) (6,681) Participant withdrawals (856,357) (248,433) (551,737) Transfer (to) from other (13,173) 1,734 (8,364) plan 19,788,487 10,249,067 10,333,255 Net (decrease) increase 21,848,023 11,262,665 10,772,413 Net assets available for plan benefits, beginning of - - - year Net assets available for plan benefits, end of year $21,848,02 $ 11,262,665 $ 10,772,413 3 See accompanying notes Vanguard PIMCO Fixed Income S&P Total Long-Term 500 Return Corporate Index Fund Fund Portfolio Investment Income: Interest and dividends $ 8,568 $ 307,525 $ 292,025 Net realized and unrealized (depreciation) appreciation in fair value of 342,231 (287,739) (307,078) investments 350,799 19,786 (15,053) Contributions: Employer - - - Participants 477,273 355,373 385,975 Rollovers 222,513 128,301 76,922 699,786 483,674 462,897 Net inter-fund transfers 7,836,419 6,537,906 6,245,445 (out) in Administrative fees (4,875) (4,127) (3,884) Participant withdrawals (385,788) (153,129) (250,212) Transfer (to) from other (1,862) (21,969) 2,159 plan 7,443,894 6,358,681 5,993,508 Net (decrease) increase 8,494,479 6,862,141 6,441,352 Net assets available for - plan benefits, beginning of - - year Net assets available for plan benefits, end of year $ $6,862,141 $ 6,441,352 8,494,479 See accompanying notes Smith Barney High Income Smith Shearson Fund of Barney Daily Smith Barney Shearson Dividend Shearson Appreciation Fund Income Funds Fund Inc. Investment Income: Interest and dividends $ 62,573 $ 382,324 $ 617,369 Net realized and unrealized (depreciation) appreciation in fair value of - (511,551) 143,120 investments 62,573 (129,227) 760,489 Contributions: Employer - - Participants 549,660 1,270,058 2,985,947 Rollovers 17,209 39,730 76,793 566,869 1,309,788 3,062,740 Net inter-fund transfers (7,411,013 (12,057,837) (38,183,231) (out) in ) Administrative fees - - - Participant withdrawals (258,300) (454,733) (1,529,549) Transfer (to) from other 141 (1,012) (2,895) plan (7,669,172 (12,513,582) (39,715,675) ) Net (decrease) increase (7,039,730 (11,333,021) (35,892,446) ) Net assets available for plan benefits, beginning of 7,039,730 11,333,021 35,892,446 year Net assets available for plan benefits, end of year $ - $ - $ - See accompanying notes Smith Smith Barney Barney Shearson Salomon Shearson Global Brothers Aggressive Opportunit Capital Growth ies Fund Fund Fund Investment Income: Interest and dividends $ 29,807 $ $ - - Net realized and unrealized (depreciation) appreciation in fair value of 29,702 (233,129) (1,014,214) investments 59,509 (233,129) 1,014,214 Contributions: Employer - - - Participants 1,915,442 2,987,189 - Rollovers 64,346 93,284 - 1,979,788 3,080,473 - Net inter-fund transfers (14,403,29 (4,374,522) (19,599,511) (out) in 5) Administrative fees - - - Participant withdrawals (407,188) (128,826) (693,201) Transfer (to) from other (1,976) (688) (3,704) plan (14,812,45 (4,504,036) (20,296,416) 9) Net (decrease) increase (12,773,16 (4,737,165) (18,230,157) 2) Net assets available for plan benefits, beginning of 12,773,162 4,737,165 18,230,157 year Net assets available for $ - $ $ plan benefits, end of year - - See accompanying notes Utilities Diversified Fund Strategic of Smith Income Fund Barney of Smith Shearson Barney Income Shearson Funds Income Funds Total Investment Income: Interest and dividends $ 167,315 $ 164,457 $ 16,467,400 Net realized and unrealized (depreciation) appreciation in fair value of (515,146) (188,634) (4,264,391) investments (347,831) (24,177) 12,203,009 Contributions: Employer - 2,031,469 - Participants 956,970 663,310 26,596,717 Rollovers 39,939 17,805 2,970,134 996,909 681,115 31,598,320 Net inter-fund transfers (7,682,648 (5,994,389) - (out) in ) Administrative fees - (170,411) - Participant withdrawals (234,367) (72,079) (32,009,556) Transfer (to) from other 1,585 (208) (2,724,742) plan (7,915,430 (6,066,676) (34,904,709) ) Net (decrease) increase (7,266,352 (5,409,738) 8,896,620 ) Net assets available for plan benefits, beginning of 7,266,352 5,409,738 269,663,311 year Net assets available for plan benefits, end of year $ - $ - $278,559,931 See accompanying notes Lehman Brothers Holdings Inc. Tax Deferred Savings Plan Statement of Change in Net Assets Available for Plan Benefits For the year ended December 30, 1993 Investment Funds American Short Express Term Fixed Company Interest Income Common Fund Fund Stock Fund Investment Income: Interest and dividends $ $ 16,541,829 $3,064,878 10,311 Net realized and unrealized appreciation in fair value 27,307,350 of investments - - 30,372,228 10,311 16,541,829 Contributions: Employer - - 2,741,771 Participants 16,680,526 - 6,947,616 Rollovers - 1,040,364 22,495 - 17,720,890 9,711,882 Net inter-fund transfers in (9,453,840) (out) - 2,434,706 Participant withdrawals 139,465 (13,068,270) (7,161,997) Transfer to other plan (104,364,989) (81,780,508) - 139,465 (114,998,553) (98,396,345) Net increase (decrease) 149,776 (80,735,834) (58,312,235) Net assets available for plan benefits, beginning of 257,465 214,029,132 91,593,236 year Net assets available for plan benefits, end of year $407,241 $133,293,298 $33,281,001 See accompanying notes Barney High Income Smith Shearson Fund of Barney Daily Smith Barney Shearson Dividend Shearson Appreciation Fund Income Funds Fund Inc. Investment Income: Interest and dividends $ 465,710 $ $ 1,606,732 - Net realized and unrealized appreciation in fair value 3,826,320 of investments - 1,652,713 465,710 3,826,320 3,259,445 Contributions: Employer - - - Participants 2,012,298 20,976,506 3,424,919 Rollovers 70,595 173,838 385,691 2,082,893 21,362,197 3,598,757 Net inter-fund transfers in (331,954) (out) 2,499,977 (8,077,605) Participant withdrawals (2,061,258 (9,655,042) ) (1,702,227) Transfer to other plan (14,041,82 (111,301,368 1) (13,635,772) ) (16,435,03 (12,838,022) (129,034,015 3) ) Net increase (decrease) (13,886,43 (103,845,498 0) (5,979,820) ) Net assets available for plan benefits, beginning of 20,926,160 17,312,841 139,737,944 year Net assets available for plan benefits, end of year $ $ 11,333,021 $ 35,892,446 7,039,730 See accompanying notes Smith Smith Barney Barney Shearson Salomon Shearson Global Brothers Aggressive Opportunit Capital Growth ies Fund Fund Fund Investment Income: Interest and dividends $ $ $ - 9,233 - Net realized and unrealized appreciation in fair value 2,457,722 of investments 925,752 3,931,740 2,457,722 934,985 3,931,740 Contributions: Employer - - - Participants 3,372,522 - 10,217,789 Rollovers 161,628 - 232,160 3,534,150 10,449,949 - Net inter-fund transfers in 8,993,229 (out) (183,929) (185,416) Participant withdrawals (1,253,975 ) (392,982) (2,817,233) Transfer to other plan (15,566,91 (28,706,333) 0) (3,001,234) (7,827,656 (31,708,982) ) (3,578,145) Net increase (decrease) (1,835,784 (17,327,293) ) (2,643,160) Net assets available for plan benefits, beginning of 14,608,946 7,380,325 35,557,450 year Net assets available for plan benefits, end of year $ $ $18,230,157 12,773,162 4,737,165 See accompanying notes Utilities Diversified Fund of Income Fund Smith Barney of Smith Shearson Barney Income Shearson Funds Income Funds Total Investment Income: Interest and dividends $ 766,018 $ $ 23,103,296 638,585 Net realized and unrealized appreciation in fair value 844,980 41,209,727 of investments 263,150 1,610,998 64,313,023 901,735 Contributions: Employer 2,741,771 - - Participants 3,871,271 69,249,264 1,745,817 Rollovers 112,997 2,285,543 85,775 3,984,268 74,276,578 1,831,592 Net inter-fund transfers in 2,562,138 - (out) 1,742,694 Participant withdrawals (1,085,231 (39,678,708) ) (619,958) Transfer to other plan (11,929,79 (390,180,968 1) (5,852,242) ) (10,452,88 (429,859,676 4) (4,729,506) ) Net increase (decrease) (4,857,618 (291,270,075 ) (1,996,179) ) Net assets available for plan benefits, beginning of 12,123,970 7,405,917 560,933,386 year Net assets available for plan benefits, end of year $ $ 5,409,738 $269,663,311 7,266,352 See accompanying notes Lehman Brothers Holdings Inc. Tax Deferred Savings Plan Notes to Financial Statements December 30, 1994 and 1993 1. Description of the Plan General The Lehman Brothers Holdings Inc. Tax Deferred Savings Plan (the "Plan") is a defined contribution plan. The Plan became effective January 1, 1984, was amended and restated effective January 1, 1989 and was subsequently amended through June 24, 1994. Under the terms of the Plan, qualified employees of Lehman Brothers Holdings Inc. ("Lehman") and its participating subsidiaries (collectively, the "Company") are eligible to become Plan participants upon completion of 12 months of qualifying service. Effective July 1, 1995, the 12-month eligibility requirement has been eliminated and hourly employees are eligible to participate in the Plan. All eligible employees of the Company can participate in the Plan immediately upon date of hire. Prior to May 31, 1994, the Company was a subsidiary of the American Express Company ("American Express"). On May 31, 1994, American Express completed the distribution of a special dividend to its shareholders of all of the common stock of the Company held by American Express. In connection with this distribution, shareholders of American Express received one fifth of one share of the Company's common stock for every American Express common share held on the record date. As a result of this special dividend, the Company is no longer a subsidiary of American Express. The Plan is subject to the provisions of ERISA. A complete description of the Plan is contained in the Plan document available to all participants from the Plan Administrator. Contributions Upon enrollment, a participant may elect to contribute between one and fifteen percent of his annual compensation, as defined in the Plan document. The Company may contribute, if authorized by the Board of Directors, to the account of each Eligible Participant who has satisfied a 12 month service requirement, $400 plus a matching contribution of 100 percent of the first $600 of such participant's Before-Tax Contributions for the Plan Year, beginning with the Plan Year in which the 12 month service requirement is met. For a participant who is not an Eligible Participant who has satisfied a 12 month service requirement, the Company may match up to $1,000 of such participant's Before-Tax Contributions for the Plan Year, beginning with the Plan Year in which the 12 month service requirement is met. The Plan defines "Eligible Participant" as a participant who is not an (1) hourly or salaried employee whose compensation Lehman Brothers Holdings Inc. Tax Deferred Savings Plan Notes to Financial Statements (continued) (as defined in the Plan document) exceeds $37,800, (2) salaried employee who receives more than $1,000 in commissions for the year, or (3) Branch Manager, Financial Consultant, Financial Consultant Associate, Institutional Salesperson, Investment Representative, or Investment Representative Trainee. "Before- Tax Contributions" is defined as a participant's contributions to the Plan made with before-tax dollars pursuant to Section 401(k) of the Internal Revenue Code of 1986 (the "Code"). A participant whose annual compensation is greater than $100,000 is not eligible for a Company contribution and any Company contributions to participants who are not Eligible Participants will be made only to the extent that there are funds remaining after allocations are made to all Eligible Participants. In 1994, Company contributions were made in cash. Boston Safe Deposit & Trust Company ("Boston Safe"), the Plan's custodian, used the cash to purchase the Company's common stock. In 1993, Company contributions were made in American Express common stock. A participant's Before-Tax Contributions will not be subject to tax until distribution. The Code provides that Before-Tax Contributions (and any elective deferrals to other plans containing a cash or deferred arrangement) will be included in a participant's gross income to the extent such contributions exceed the statutory limitation, which is indexed for inflation. In 1994 and 1993, the maximum limitation amounts were $9,240 and $8,994, respectively. For 1995, the maximum limitation amount is $9,240. The Company's contributions on behalf of a participant, as well as the income and appreciation on amounts invested in the investment funds offered under the Plan, are not includable in the participant's taxable income until distributed. Rollover contributions arise from contributions to the Plan of certain assets previously held on behalf of participants by other qualified plans. Valuation of Participant Accounts Separate accounts are maintained for each participant whereby the participant's account is credited for contributions and investment income and credited or charged, as appropriate, for investment appreciation or depreciation. Participant accounts are charged for withdrawals. The periodic allocation of investment income and investment appreciation or depreciation is based upon the participant's beneficial interest in each of the investment funds at the valuation date. Investments Effective April 1, 1994, a participant's contributions can be invested in any of the funds listed below. Investments of contributions among the investment funds can be made in increments of 10%, with a maximum of 50% of contributions permitted to be invested in the Lehman Brothers Holdings Inc. Common Stock Fund. Participants can elect to change their contributions and investment fund balance allocations among the investment funds on a monthly basis. Lehman Brothers Holdings Inc. Tax Deferred Savings Plan Notes to Financial Statements (continued) The following is a general description of each investment fund in which the Plan invested since April 1994, as directed by participants: Fixed Income Fund: This fund invests its assets with one or more insurance companies or financial institutions (collectively, "institutions") which issue contracts ("contracts") providing for the repayment of principal with a specified annual rate of interest for a specified period. The fund is currently invested in contracts negotiated with the following institutions: Carrying Value at Maturity Interest December 30, Date Rate 1994 1993 Metropolitan Life Insurance Co. Contract #11649 6/30/96 9.62$ 27,981,003 $ 31,966,028 Contract #12865 3/31/97 8.10 9,304,447 8,623,268 Allstate Life Insurance Company Contract #GICGA55842/15/00 7.3015,171,525 - - John Hancock Mutual Life Insurance Co. Contract #5724 1/8/96 9.51 12,169,828 18,555,399 Contract #5565 12/30/97 9.60 11,153,715 11,765,966 Contract #4400 10/31/94 9.24 - - 11,195,977 Prudential Asset Management Group Contract #7430-21112/15/99 6.52 12,075,132 11,357,151 Contract #7430-21212/15/99 7.30 11,691,029 10,915,923 American International Life Assurance Company of New York Contract #18180T 10/1/98 5.45 12,042,490 14,338,568 People's Security Insurance Co. Contract #BDA00473FR8/15/01 8.20 7,826,976 - Aetna Life Insurance Co. Contract #014005 12/30/97 8.80 5,883,534 5,417,689 The Principal Financial Group Contract #4-08804-0112/15/00 6.15 4,481,475 3,272,696 Lehman Brothers Holdings Inc. Tax Deferred Savings Plan Notes to Financial Statements (continued) Crown Life Insurance Co. Contract #900239412/15/94 9.35 - - 9,092,790 $129,781,154$136,501,455 The present value of the contracts approximates the carrying value as of December 30, 1994 and December 30, 1993. Present value was estimated using an analysis based on the Plan's current investment rate for a similar contract. American Express Company Common Stock Fund: This fund invests solely in the common stock of American Express. As of May 31, 1994, this fund has been closed to any new contributions or transfers in from other funds. Lehman Brothers Holdings Inc. Common Stock Fund: This fund invests solely in the common stock of the Company. This fund was established May 31, 1994 and began accepting contributions as of July 1, 1994. Twentieth Century Ultra Investors Fund: The primary objective of this fund is to provide a high level of capital appreciation by investing primarily in medium and small-sized companies with above average growth potential. Lehman Brothers Prime Value Money Market Fund: The objective of this short-term, fixed income money market fund is to provide current income and stability of principal. Templeton Foreign Fund: The primary objective of this fund is to provide long-term growth of capital by investing primarily in securities of companies located outside the United States. Income Fund of America: This fund's objective is to provide current income by investing in debt securities and capital appreciation by investing in equity securities. Fidelity Capital & Income Fund: The primary objective of this fund is to provide a high total return of capital growth and income. The fund invests primarily in lower rated debt securities and securities of companies with uncertain financial position. S&P 500 Index Fund: This equity fund's objective is to replicate the investment performance of the Standard & Poor's 500 Index. PIMCO Total Return Fund: This fund is an intermediate term, fixed income fund whose objective is to provide a high level of current income with reasonable risk by investing in a diversified portfolio of fixed income securities of varying maturities. Lehman Brothers Holdings Inc. Tax Deferred Savings Plan Notes to Financial Statements (continued) Vanguard Fixed Income Long-Term Corporate Portfolio: This fund invests in a diversified portfolio of long-term corporate and government bonds with the objective of providing a high level of current income. Prior to April 1994, a participant could invest in any of the following investment funds listed below, as well as the American Express Company Common Stock Fund and the Fixed Income Fund. During this period, contributions to the investment funds could be made in increments of 25%, with a maximum of 50% of contributions permitted to be invested in the American Express Company Common Stock Fund. Participants could elect to change their contribution and investment balance allocations among the investment funds effective December 31, April 1, July 1, and October 1 of each year. The following is a general description of the previous investment funds in which the Plan invested prior to April 1, 1994. Smith Barney Shearson Daily Dividend Fund: This fund invests in shares of Smith Barney Shearson Daily Dividend Fund, Inc., a registered investment company. The fund invests in short- term money market investments such as U.S. Government issued or guaranteed securities, certificates of deposit, bankers acceptances and high-grade commercial paper. High Income Fund of the Smith Barney Shearson Income Funds: This fund invests in Class C shares of Smith Barney Shearson High Income Fund, Inc., a registered investment company. The fund invests in a diversified portfolio, including high-yield fixed-income securities, preferred stocks, and domestic and foreign government obligations. Smith Barney Shearson Appreciation Fund, Inc.: This fund invests in Class C shares of Smith Barney Shearson Appreciation Fund, Inc., a registered investment company. The fund's objective is long-term appreciation of capital by investing primarily in equity securities. Smith Barney Shearson Global Opportunities Fund: This fund invests in Class C shares of Smith Barney Shearson Global Opportunities Fund, a registered investment company. The fund's objective is long-term appreciation of capital, primarily through investments in common stocks of foreign and domestic securities. Salomon Brothers Capital Fund: This fund invests in shares of Salomon Brothers Capital Fund, Inc., a registered investment company. The fund's objective is to seek capital appreciation through investments in securities, primarily common stock, which are believed to have above average price appreciation potential and which may also involve above average risk. As of October 1, 1990, this fund has been closed to any new contributions or transfers in from other funds. Lehman Brothers Holdings Inc. Tax Deferred Savings Plan Notes to Financial Statements (continued) Smith Barney Shearson Aggressive Growth Fund: This fund invests in Class C shares of Smith Barney Shearson Aggressive Growth Fund, Inc., a registered investment company. This fund invests principally in the securities of small- or medium- sized companies which are believed to have above average price appreciation potential, but which may also have above average risk. Utilities Fund of the Smith Barney Shearson Income Funds: This fund invests in Class C shares of the Utilities Fund of the Smith Barney Shearson Income Funds, a registered investment company. This fund uses a balanced approach of investing in a diversified portfolio of high quality utility stocks and investment grade utility bonds to achieve its objective of current income. Diversified Strategic Income Fund of the Smith Barney Shearson Income Funds: This fund invests in Class C shares of the Diversified Strategic Income Fund of the Smith Barney Shearson Income Funds, a registered investment company. This fund's objective is to provide investors with high current income through investment in a combination of U.S. government bond and agency securities, high yield corporate bonds and foreign government bonds. In addition to the funds described above, a short-term interest fund provides overnight investments in money market funds of Boston Safe for temporarily invested cash. While cash for withdrawals is disbursed from this fund, withdrawals are recorded in the investment fund from which the participant withdrew. Benefits A participant may elect, after attaining the age of 59-1/2, to withdraw all or any portion of the value of his accounts, provided that each withdrawal is at least $1,000 (or is 100% of the value of his account if less than $1,000). Withdrawals by participants before the age of 59-1/2 are permitted only after meeting specified financial hardship criteria and after obtaining approval by the Employee Benefit Plans Committee of the Plan. Although hardship withdrawals are allowed, a participant may be subject to an additional 10 percent tax imposed by the Code. If a participant's employment with the Company terminates for a reason other than death, the balance in the participant's account is paid to the participant in a lump-sum payment. However, if the balance in his account exceeds $3,500, payment will not be made without the participant's consent. Upon death of the participant, the balance in the participant's account is paid to the designated beneficiary (as provided by the Plan) in a lump- sum payment. Lehman Brothers Holdings Inc. Tax Deferred Savings Plan Notes to Financial Statements (continued) Benefits Payable Benefits payable to those participants who have elected to withdraw from the Plan but have not yet been paid was $6,847,867 and $5,391,592 in 1994 and 1993, respectively. Vesting Plan participants are 100 percent vested in all amounts in their respective Plan accounts. Income Tax Status The Internal Revenue Service ("IRS") made a favorable determination in a letter dated February 14, 1995 that the Plan is qualified under Sections 401(a) and 401(k) of the Code and that the trust established as part of the Plan is, therefore, exempt from federal income taxes under the provisions of Section 501(a) of the Code. It is not anticipated that amendments to the Plan after the date of the IRS determination letter will affect the qualified and tax-exempt status of the Plan and trust. 2. Summary of Significant Accounting Policies Valuation of Investments Investments in mutual funds are valued at the quoted redemption prices on the last business day of the Plan year; investments in the common stock of American Express and the Company are valued at the quoted market price on the last business day of the Plan year; short-term investments and deposits with insurance companies in connection with contracts are valued at cost plus accrued interest. Purchase and sales of securities are reflected on a trade-date basis. Other Dividend income is recorded on the ex-dividend date. Income from other investments is recorded on the accrual basis. Lehman Brothers Holdings Inc. Tax Deferred Savings Plan Notes to Financial Statements (continued) 3. Administrative Fees Except to the extent paid by the Company all expenses of the Plan are paid by the Plan. In 1994, the Plan was charged $170,411 for administrative expenses incurred during the year. The Company paid all expenses not directly relating to the administration of the Plan, as well as all expenses paid to affiliated investment managers. In 1993, the Company paid all expenses of the Plan. 4. Plan Termination While it has not expressed any intent to do so, the Company has the right to terminate the Plan at any time subject to the provisions set forth in ERISA and the Code. 5. Related Party Transactions The investments maintained in the S&P 500 Index fund are managed by PanAgora Asset Management ("PanAgora"), an affiliate of the Company. All fees relating to the management of this fund have been paid by the Company. On April 1, 1995, the manager of the S&P 500 Index Fund was changed to The Vanguard Group. The investment objective of the fund remained the same. In addition, effective April 1, 1994, the Company sponsored the Lehman Brothers Prime Value Money Market Fund. The investments of the Plan are held at Boston Safe, a wholly- owned subsidiary of The Boston Company, Inc. ("TBC"). TBC was an indirect wholly-owned subsidiary of Lehman until May 21, 1993, at which time TBC was sold to Mellon Bank Corporation. 6. Transfer to Other Plan On July 31, 1993, pursuant to an asset purchase agreement (the "Agreement") with Primerica Corporation (now known as "The Travelers Inc.") and its subsidiary, Smith Barney, Harris, Upham & Company Incorporated ("Smith Barney"), the Company sold its domestic retail brokerage business (except for such businesses conducted under the Lehman Brothers name) and substantially all of its asset management business. As a result of the sale, a significant number of employees became employed by Smith Barney in 1993. In 1994, additional employees transferred to Smith Barney. The account balances associated with these participants were transferred to the Primerica Corporation Savings Plan for Shearson Employees in the applicable year. Supplemental Information Schedule I Lehman Brothers Holdings Inc. Tax Deferred Savings Plan Schedule of Investments Held December 30, 1994 Par Current Cost Value/ Value at Number at December of December 30, 1994 Shares 30, 1994 Contracts Issued By Institutions Metropolitan Life Insurance Co. Contract #11649 27,981 $ * $ ,003 27,981, 27,981,003 003 Contract #12865 9,304, 9,304,4 9,304,447 447 47 Allstate Life Insurance Co. Contract #GICA5584 15,171 15,171, *15,171,525 ,525 525 John Hancock Mutual Life Insurance Co. Contract #5724 12,169 12,169, 12,169,828 ,828 828 Contract $5565 11,153 11,153, 11,153,715 ,715 715 Prudential Asset Management Group Contract #7430-211 12,075 12,075, 12,075,132 ,132 132 Contract #7430-212 11,691 11,691, 11,691,029 ,029 029 American International Life Assurance Company Of New York Contract 18180T 12,042 12,042, 12,042,490 ,490 490 People's Security Insurance Co. Contract #BDA00473FR 7,826, 7,826,9 7,826,976 976 76 Aetna Life Insurance Co. Contract #014005 5,883, 5,883,5 5,883,534 534 34 The Principal Financial Group Contract #4-08804-01 4,481, 4,481,4 4,481,475 475 75 $129,78 $129,781,1 1,154 54 Stock Funds American Express Company common 785,10 $23,160 *$18,025,11 stock 1 ,480 8 Lehman Brothers Holdings common 266,05 3,924,2 4,025,178 stock 4 94 $27,084 $22,050,29 ,774 6 Mutual Funds Twentieth Century Ultra 1,374, $ * $ Investors Fund 370 27,418, 28,401,537 687 Lehman Brothers Prime Value 25,519, *25,519,916 Money Market Fund 25,519 916 ,916 Templeton Foreign Fund 21,512, *22,799,568 2,439, 668 078 Income Fund Of America 865,30 11,370, 11,613,245 2 073 Fidelity Capital & Income Fund 1,237, 10,683, 11,813,730 997 915 S&P 500 Index Fund 2,976, 8,523,9 8,205,869 168 70 PIMCO Total Return Fund 717,90 6,956,4 7,235,949 1 61 Vanguard Fixed Income Long-Term 792,17 6,376,9 6,664,576 Corporate Portfolio 0 73 $118,37 $122,254,3 1,663 90 * Investment in excess of five percent of Net Assets Available for Plan Benefits Schedule II Lehman Brothers Holdings Inc. Tax Deferred Savings Plan Schedule of Series of Transactions in Excess of Five Percent of Net Assets Available for Plan Benefits at Beginning of Year For the year ended December 30, 1994 Contract Cost of Proceeds Description Number Purchases From Gain(Loss) Sa les Lehman Prime Value Money Market Fund $60,286,991 Lehman Prime Value Money Market Fund $34,767,0 - 75 Smith Barney Shearson Aggressive Growth Fund 4,581,995 Smith Barney Shearson Aggressive Growth Fund 17,318,59 $2,959,5 0 83 Smith Barney Shearson Appreciation Fund, Inc. 3,698,198 Smith Barney Shearson Appreciation Fund, Inc. 32,334,28 6,537,61 6 8 Smith Barney Shearson Global Opportunities 4,344,893 Fund Smith Barney Shearson Global Opportunities 13,829,65 918,120 Fund 5 Smith Barney Shearson High Income Fund 1,693,550 Smith Barney Shearson High Income Fund 12,904,49 (362,045 4 ) Templeton Foreign Fund 23,076,090 Templeton Foreign Fund 1,436,530 33,496 Fidelity Capital & 12,880,618 Income Fund Fidelity Capital & 1,066,888 (59,800) Income Fund Twentieth Century Ultra Investors Fund 29,530,643 Twentieth Century Ultra Investors Fund 1,987,063 (54,666) American International Life Assurance Co. of 18180T 12,671,369 New York American International Life Assurance Co. of 18180T 14,967,44 - New York 7 Allstate Life Insurance GICGA5584 25,713,856 Co. Allstate Life Insurance GICGA5584 10,542,33 - Co. 1 Schedule III Lehman Brothers Holdings Inc. Tax Deferred Savings Plan Schedule of Single Transactions In Excess of Five Percent of Net Assets Available for Plan Benefits at Beginning of Year For the year ended December 30, 1994 Cost of Proceeds Description Purchases From Gain(Loss Sa ) les Lehman Prime Value Money Market $48,711,2 Fund 15 Lehman Prime Value Money Market $19,301,7 - Fund 93 Smith Barney Shearson Aggressive - Growth Fund Smith Barney Shearson Aggressive 19,597,35 $2,816,7 Growth Fund 0 90 Smith Barney Shearson - Appreciation Fund, Inc. Smith Barney Shearson 37,673,66 6,297,98 Appreciation Fund, Inc. 0 1 Smith Barney Shearson Global - Opportunities Fund Smith Barney Shearson Global Opportunities Fund 14,341,30 884,461 4 Templeton Foreign Fund 17,911,92 3 Templeton Foreign Fund - - Twentieth Century Ultra Investors 20,499,85 Fund 5 Twentieth Century Ultra Investors - - Fund SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the Lehman Brothers Holdings Inc. Employee Benefit Plans Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. LEHMAN BROTHERS HOLDINGS INC. TAX DEFERRED SAVINGS PLAN By:/s/ Robert I. Shapiro Robert I. Shapiro Lehman Brothers Holdings Inc. Employee Benefit Plans Committee June 29, 1995 EXHIBIT INDEX Exhibit No. Description (23) Consent of Experts Exhibit 23 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statement of Lehman Brothers Holdings Inc. (Form S-8, File No. 33- 53923), pertaining to the Lehman Brothers Holdings Inc. Tax Deferred Savings Plan (the "Plan"), of our report dated May 8, 1995, with respect to the financial statements and supplemental schedules of the Plan included in the Plan's Annual Report (Form 11-K) for the year ended December 30, 1994. New York, New York June 29, 1995 LEHMAN BROTHERS HOLDINGS INC. JENNIFER MARRE VICE PRESIDENT OFFICE OF THE GENERAL COUNSEL June 29, 1995 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, DC. 20549 RE: Lehman Brothers Holdings Inc. Tax Deferred Savings Plan Ladies and Gentlemen: On behalf of Lehman Brothers Holdings Inc. (the "Company"), submitted in electronic form for filing under the Securities Exchange Act, as amended, is the Annual Report on Form 11-K, for the fiscal year ended December 30, 1994 for the Company's Tax Deferred Savings Plan (the "TDSP"). The TDSP's Securities and Exchange Commission file number is 1-7657. Very truly yours, /s/ Jennifer Marre --------------------- Jennifer Marre -----END PRIVACY-ENHANCED MESSAGE-----