Rule 424(b)(2)
Registration No. 333-75723
PRICING SUPPLEMENT NO. 31 dated July 26, 2000
to Prospectus Supplement dated April 30, 1999
and Prospectus dated April 30, 1999.
LEHMAN BROTHERS HOLDINGS INC.
Medium-Term Notes, Series F
Due Nine Months or More From the Date of Issue
(Fixed Zero Coupon)
Cusip No.: 52517PRF0
Principal Amount: $5,420,154.78
Net Proceeds: $1,920,482.20
Price to Public: 35.43224%
Agent's Commission: 1.057%
Original Issue Date: 08/02/00
Interest
Rate Per Annum: 0.000%
Maturity Date: 08/15/13
Authorized Denomination: $1,000 or any larger whole multiple.
Lehman Brothers Holdings Inc.
By:/s/John_Buckley
Name: John Buckley
Title: Assistant Vice President