SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

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                                    FORM 8-K

                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934



Date of Report (Date of earliest event reported) March 3, 2003
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                       Corporate Asset Backed Corporation
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             (Exact name of registrant as specified in its charter)



Delaware                            33-73666                     22-3281571
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(State or other jurisdiction      (Commission                  (I.R.S. employer
      of incorporation)           file number)               identification no.)


445 Broad Hollow Road, Suite 239
Melville, New York                                                 11747
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    (Address of principal executive offices)                     (Zip Code)


Registrant's telephone number, including area code: (631) 587-4700
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    400 West Main Street, Suite 338, Babylon, New York 11702

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        (Former name or former address, if changed since last report)





Item 1.      Changes in Control of Registrant.

             Not Applicable.

Item 2.      Acquisition or Disposition of Assets.

             Not Applicable.

Item 3.      Bankruptcy or Receivership.

             Not Applicable.

Item 4.      Changes in Registrant's Certifying Accountant.

             Not Applicable.

Item 5.      Other Events.

             Not Applicable.

Item 6.      Resignations of Registrant's Directors.

             Not Applicable.

Item 7.      Financial Statements, Pro-Forma Financial Information and Exhibits.

             (a)  Not Applicable.

             (b)  Not Applicable.

             (c)  Exhibits.

             1.   Statement of Cash Transactions in respect of the receipt and
                  disbursement of interest by the CABCO Trust for J.C. Penney
                  Debentures on March 3, 2003.

                         $2,007,281.25 to the Trust Certificate Holders.



Item 8.      Change in Fiscal Year.

             Not Applicable.




                                   SIGNATURES


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                         CORPORATE ASSET
                                         BACKED CORPORATION
                                               as Depositor



                                          By:    /s/ Robert Vascellaro
                                                 ----------------------------
                                          Name:  Robert Vascellaro
                                          Title: Vice President and Treasurer



Date: March 6, 2003


                                  EXHIBIT INDEX



Exhibit
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  1.        Statement of Cash Transactions in respect of the receipt and
            disbursement of interest by the CABCO Trust for J.C.
            Penney Debentures on March 3, 2003.