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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000902664-03-000986.txt : 20030725
<SEC-HEADER>0000902664-03-000986.hdr.sgml : 20030725
<ACCEPTANCE-DATETIME>20030725121641
ACCESSION NUMBER:		0000902664-03-000986
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030725
FILED AS OF DATE:		20030725

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEHMAN BROTHERS FIRST TRUST INCOME OPPORTUNITY FUND
		CENTRAL INDEX KEY:			0001228361
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	MAIL ADDRESS:	
		STREET 1:		399 PARK AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

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

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21342
		FILM NUMBER:		03802645

	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 NAME:	
		FORMER CONFORMED NAME:	SHEARSON LEHMAN HUTTON HOLDINGS INC
		DATE OF NAME CHANGE:	19901017
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>srz9465126v2_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   04/22/03  TZ    -->
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>3</documentType>
   <periodOfReport>2003-07-25</periodOfReport>
    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001228361</issuerCik>
        <issuerName>LEHMAN BROTHERS FIRST TRUST INCOME OPPORTUNITY FUND</issuerName>
        <issuerTradingSymbol>LBC</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
      <reportingOwnerId>
            <rptOwnerCik>0000806085</rptOwnerCik>
            <rptOwnerName>LEHMAN BROTHERS HOLDINGS INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>1</isOther>
         <otherText>Affiliate (1)</otherText>
       </reportingOwnerRelationship>
   </reportingOwner>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionAmounts>
         <transactionShares>
           <value>6667</value>
         </transactionShares>
      </transactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>See Footnote</value>
            <footnoteId id="F1"/>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <footnotes>
<footnote id="F1"> The shares of Common Stock to which this note relates are held directly by Lehman Brothers Asset Management Inc., a Delaware corporation (&quot;LBAM&quot;). LBAM is a wholly-owned subsidiary of, and therefore is an affiliate of, the Reporting Person. In addition, LBAM is the investment adviser of Lehman Brothers/First Trust Income Opportunity Fund, a closed-end management investment company.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>/s/ Karen Manson, Vice President</signatureName>
      <signatureDate>2003-07-25</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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