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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 O83tDxh94A+P+2p5MSj2ObXV3PZ2aVqFwUsJPVkMKIwFeeVq9R8OrhhIBr5C/Fba
 JZ/+MBYpT7I4JyOiqGRDDQ==

<SEC-DOCUMENT>0000806085-03-000216.txt : 20031212
<SEC-HEADER>0000806085-03-000216.hdr.sgml : 20031212
<ACCEPTANCE-DATETIME>20031212161821
ACCESSION NUMBER:		0000806085-03-000216
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031210
FILED AS OF DATE:		20031212

REPORTING-OWNER:	

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

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09466
		FILM NUMBER:		031052125

	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>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c0001227421d20031212f4f.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-12-10</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><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</isOther><officerTitle>Chairman of the Board and CEO</officerTitle><otherText></otherText></reportingOwnerRe
lationship></reportingOwner><nonDerivativeTable></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>December 2003 Options</value></securityTitle><conversionOrExercisePrice><value>71.39</value></conversionOrExercisePrice><transactionDate><value>2003-12-10</value></transactionDate><deemedExecutionDate></deemedExecutionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>450000</value></transactionShares><transactionPricePerShare><value>0</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><footnoteId id="F1"/></exerciseDate><expirationDate><value>2008-12-10</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>450000</value></
underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>450000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value></value></natureOfOwnership></ownershipNature></derivativeTransaction></derivativeTable><footnotes><footnote id="F1">Exercisable as of June 10, 2008 provided that commencing November 30, 2005 the options become exercisable any time the market price of the Issuer's Common Stock equals or exceeds a certain threshold.</footnote></footnotes><ownerSignature><signatureName>Jeffrey A. Welikson, Attorney-in-fact</signatureName><signatureDate>2003-12-12</signatureDate></ownerSignature></ownershipDocument>

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</SEC-DOCUMENT>
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