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) April 15, 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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          (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.

                    Cash Transactions by the CABCO Trust for BellSouth
                    Debentures on April 15, 2003.

                    $1,518,750.00 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 D. Vascellaro
                                          --------------------------------
                                      Name:   Robert D. Vascellaro
                                      Title:  Vice President and Treasurer



Date: April 17, 2003





                                  EXHIBIT INDEX



Exhibit                                                        Page
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      List of Cash Transactions.