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Previous: ALLWASTE INC, 11-K, 1995-06-29 |
Next: MDT CORP /DE/, 10-K, 1995-06-29 |
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
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