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EXHIBIT 21.01

LIST OF THE REGISTRANT'S SUBSIDIARIES

Pursuant to Item 601(b)(21)(ii) of Regulation S-K, certain subsidiaries of the Registrant have been omitted which, considered in the aggregate as a single subsidiary, would not constitute a significant subsidiary (as defined in Rule 1-02(w) of Regulation S-X) as of November 30, 2004.

Company					Jurisdiction of Incorporation
Lehman Brothers Holdings Inc.					Delaware
	Banque Lehman Brothers S.A.				France
	LBAC Holdings I Inc.				Delaware
		Lehman Brothers Asia Capital Company			Hong Kong
	LBCCA Holdings I Inc.				Delaware
		Lehman Brothers Asia Capital Company			Hong Kong
		Lehman Brothers Commercial Corporation Asia Limited			Hong Kong
		Revival Holdings Limited			Cayman Islands
			Sunrise Finance Co., Ltd.		Japan
	LBCCA Holdings II Inc.				Delaware
		Lehman Brothers Commercial Corporation Asia Limited			Hong Kong
		Revival Holdings Limited			Cayman Islands
			Sunrise Finance Co., Ltd.		Japan
	LBHK Funding (Cayman) No. 4 Ltd.				Cayman Islands
		LBHK Funding (Cayman) No. 1 Ltd.			Cayman Islands
			LBHK Funding (Cayman) No. 2 Ltd.		Cayman Islands
			LBO Funding (Cayman) Limited		Cayman Islands
	LB Vin Co Inc.				Delaware
	Lehman ALI Inc.				Delaware
		314 Commonwealth Ave. Inc.			Delaware
			Brasstown LLC		Delaware
				Brasstown Entrada I SCA	Luxembourg
				Brasstown Mansfield I SCA	Luxembourg
			Cohort Investments Limited		Cayman Islands
			Stockholm Investments Limited		Cayman Islands
		Lehman Brothers AIM Holding III LLC			Delaware
			Lehman Brothers Management LLC		Delaware
		Longmeade Limited			United Kingdom
		Property Asset Management Inc.			Delaware
	Lehman Brothers AIM Holding LLC				Delaware
		Lehman Brothers Alternative Investment Management LLC			Delaware
		Lehman Brothers Management LLC			Delaware
	Lehman Brothers Asset Management Inc..				Delaware
		Lehman Brothers Futures Asset Management Corp..			Delaware
	Lehman Brothers Bancorp Inc.				Delaware
		Lehman Brothers Bank, FSB			United States of America
			Aurora Loan Services LLC		Delaware
			BNC Holdings Inc.		Delaware
				BNC Mortgage Inc.	Delaware
		Lehman Brothers Trust Company, National Association.			United States of America
	Lehman Brothers Commercial Corporation				Delaware
	Lehman Brothers Finance S.A.				Switzerland
	Lehman Brothers Holdings Capital Trust IV				Delaware
	Lehman Brothers Inc.				Delaware
		Lehman Brothers Financial Products Inc.			Delaware
		Lehman Brothers Investment Holding Company Inc.			Delaware
			Lehman Brothers Asia Holdings Limited		Hong Kong
				Lehman Brothers Asia Limited	Hong Kong
				Lehman Brothers Equity Finance (Cayman) Limited	Cayman Islands
				LBQ Hong Kong Funding Ltd.	Hong Kong
		Lehman Brothers Special Financing Inc.			Delaware
		Lehman Commercial Paper Inc			New York
			LCPI Properties Inc.		New Jersey
				LW-LP Inc.	Delaware
			Pindar Pty Ltd		Australia
				Long Point Funding Pty Ltd	Australia

		Structured Asset Securities Corporation						Delaware
	LB I Group Inc.							Delaware
		LB-NL Holdings I Inc.						Delaware
			LB-NL Holdings L.P.					Delaware
				LB-NL U.S. Investor Inc				Delaware
					NL Funding, L.P.			Delaware
	LBQ Hong Kong Funding Ltd.							Hong Kong
Lehman Brothers Insurance Agency L.L.C.								Delaware
Lehman Brothers Japan Inc.								Cayman Islands
Lehman Brothers (Luxembourg) S.A.								Luxembourg
Lehman Brothers OTC Derivatives Inc..								Delaware
Lehman Brothers Private Equity Advisers L.L.C.								Delaware
Lehman Brothers Private Funds Investment Company LP, LLC								Delaware
Lehman Brothers Private Funds Investment Company GP, LLC								Delaware
	Lehman Crossroads Investment Advisers, LP							Delaware
	Lehman Crossroads Corporate Investors, LP							Delaware
	Lehman Crossroads Corporate Investors II, LP							Delaware
	Lehman Crossroads Investment Company, LP							Delaware
	The Main Office Management Company, LP							Delaware
	Capital Analytics II, LP							Delaware
	e-Valuate, LP							Delaware
	Security Assurance Advisers, LP							Delaware
Lehman Brothers U.K. Holdings (Delaware) Inc.								Delaware
	Lehman Brothers Spain Holdings Limited							United Kingdom
		Lehman Brothers Luxembourg Investments Sarl						Luxembourg
			Lehman Brothers U.K. Holdings Ltd.					United Kingdom
				Lehman Brothers Holdings Plc.				United Kingdom
					MABLE Commercial Funding Limited			United Kingdom
					Resetfan Limited			United Kingdom
						Southern Pacific Mortgage Limited		United Kingdom
							SPML Mortgage Funding Limited	United Kingdom
					LBO Investments Limited			United Kingdom
					LBQ Funding (UK)			United Kingdom
						LB Lomond Investments Limited		United Kingdom
							LB Australia and Asia Investments Limited	Cayman Islands
					Lehman Brothers International (Europe)			United Kingdom
					Lehman Brothers Limited			United Kingdom
					Preferred Holdings Limited			United Kingdom
						Preferred Group Limited		United Kingdom
							Preferred Mortgages Limited	United Kingdom
					Storm Funding Ltd.			United Kingdom
	Lehman Brothers Treasury Co. B.V.							The Netherlands
Lehman Brothers Verwaltungs-und Beteiligungsgesellschaft mbH								Germany
	Lehman Brothers Bankhaus Aktiengesellschaft							Germany
Lehman Structured Assets Inc.								Delaware
Lincoln Capital Fixed Income Management Company, LLC								Delaware
Neuberger Berman Inc.								Delaware
	Neuberger Berman Management Inc.							New York
	Neuberger Berman Asset Management, LLC							Delaware
	Sage Partners, LLC							New York
	Executive Monetary Management, Inc.							New York
	Neuberger Berman, LLC							Delaware
		Neuberger Berman Pty Ltd.						Australia
		Neuberger & Berman Agency, Inc.						New York

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EXHIBIT 21.01

LIST OF THE REGISTRANT'S SUBSIDIARIES