UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                     ----

                                   FORM 10-K





     (Mark One)

          [X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
               EXCHANGE ACT OF 1934

          For the fiscal year ended December 31, 2007

                                      or

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

      For the transition period from ________ to ________

                     Commission File Number:     001-31652


                              filed on behalf of:
  Corporate Backed Trust Certificates, Boeing Note-Backed Series 2003-7 Trust
-------------------------------------------------------------------------------
            (Exact Name of Registrant as Specified in Its Charter)

                                      by:
                            Lehman ABS Corporation
-------------------------------------------------------------------------------
             (Exact Name of Depositor as Specified in Its Charter)


                  Delaware                              13-3447441
-----------------------------------    ----------------------------------------
  (State or other jurisdiction of        (I.R.S. Employer Identification No.)
   incorporation or organization)

    745 Seventh Avenue, New York, New York                    10019
----------------------------------------------  -------------------------------
   (Address of principal executive offices)                (Zip Code)

     Registrant's telephone number, including area code: (212) 526-7000

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class                    Name of Each Exchange on Which Registered
-------------------                    -----------------------------------------

Corporate Backed Trust Certificates,   New York Stock Exchange ("NYSE")
Boeing Note-Backed Series 2003-7


Securities registered pursuant to Section 12(g) of the Act:  None

<PAGE>

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.
Yes [ ]      No [X]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.
Yes [ ]      No [X]

Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes [X]      No [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (ss. 229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [X]

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check
one):

<TABLE>
<CAPTION>

Large Accelerated Filer [ ]  Accelerated Filer [ ]  Non-Accelerated Filer [X]  Smaller Reporting Company [ ]
<S>                          <C>                    <C>                        <C>
</TABLE>

Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Act).
Yes [ ]      No [X]

State the aggregate market value of the voting and non-voting common equity
held by nonaffiliates computed by reference to the price at which the common
equity was last sold, or the average bid and asked price of such common
equity, as of the last business day of the registrant's most recently
completed second fiscal quarter.

     The registrant has no voting stock or class of common stock that is held
by nonaffiliates.



                      DOCUMENTS INCORPORATED BY REFERENCE

The distribution reports to security holders filed on Form 8-K during the
fiscal year in lieu of reports on Form 10-Q which include the reports filed on
Form 8-K listed in Item 15(a) hereto are incorporated by reference into part
IV of this Annual Report.

                               Introductory Note

Lehman ABS Corporation (the "Depositor") is the Depositor in respect of the
Corporate Backed Trust Certificates, Boeing Note-Backed Series 2003-7 Trust
(the "Trust"), a common law trust formed pursuant to the Standard Terms for
Trust Agreements, dated as of January 16, 2001, between the Depositor and U.S.
Bank Trust National Association, as trustee (the "Trustee"), as supplemented
by a Series Supplement (the "Series Supplement") dated as of March 21, 2003 in
respect of the Trust. The Trust's assets consist solely of notes issued by The
Boeing Company. The Certificates do not represent obligations of or interests
in the Depositor or the Trustee.

The Boeing Company, the issuer of the underlying securities, is subject to the
information reporting requirements of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). For information on the issuer of the underlying
securities, please see its periodic and current reports filed with the
Securities and Exchange Commission (the "Commission") under The Boeing
Company's Exchange Act file number, 001-00442. The Commission maintains a site
on the World Wide Web at "http://www.sec.gov" at which users can view and
download copies of reports, proxy and information statements and other
information regarding issuers filed electronically through the Electronic Data
Gathering, Analysis and Retrieval system, or "EDGAR." Periodic and current
reports and other



                                      2
<PAGE>

information required to be filed pursuant to the Exchange Act by the issuer of
the underlying securities may be accessed on this site. Neither the Depositor
nor the Trustee has participated in the preparation of such reporting
documents, or made any due diligence investigation with respect to the
information provided therein. Neither the Depositor nor the Trustee has
verified the accuracy or completeness of such documents or reports. There can
be no assurance that events affecting the issuer of the underlying securities
or the underlying securities have not occurred or have not yet been publicly
disclosed which would affect the accuracy or completeness of the publicly
available documents described above.

                                    PART I

Item 1.  Business.
         Not Applicable

Item 1A. Risk Factors.
         Not Applicable

Item 1B. Unresolved Staff Comments.
         Not Applicable

Item 2.  Properties.
         Not Applicable

Item 3.  Legal Proceedings.
         None

Item 4.  Submission of Matters to a Vote of Security Holders.
         None

                                    PART II

Item 5.  Market for Registrant's Common Equity, Related Stockholder Matters and
         Issuer Purchases of Equity Securities.

         The publicly offered Certificates representing investors' interest in
the Trust are represented by one or more physical Certificates registered in
the name of "Cede & Co.", the nominee of The Depository Trust Company. Those
publicly offered Certificates are listed on the NYSE.

Item 6.  Selected Financial Data.
         Not Applicable

Item 7.  Management's Discussion and Analysis of Financial Condition and
         Results of Operation.

         Not Applicable

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
         Not Applicable

Item 8.  Financial Statements and Supplementary Data.
         Not Applicable

Item 9.  Changes in and Disagreements With Accountants on Accounting and
         Financial Disclosure.
         None

Item 9A. Controls and Procedures.
         Not Applicable

Item 9A(T).  Controls and Procedures.


                                      3
<PAGE>

         Not Applicable

Item 9B. Other Information.
         None

                                   PART III

Item 10. Directors, Executive Officers and Corporate Governance.
         Not Applicable

Item 11. Executive Compensation.
         Not Applicable

Item 12. Security Ownership of Certain Beneficial Owners and Management and
         Related Stockholder Matters.
         Not Applicable

Item 13. Certain Relationships and Related Transactions, and Director
         Independence.
         None

Item 14. Principal Accountant Fees and Services.
         Not Applicable


                                    PART IV

Item 15.  Exhibits, Financial Statement Schedules.

          (a)  The following documents have been filed as part of this report.

               1.  Trustee's Distribution Statements documented on Form 8-K
                   regarding the distributions from the Trust to the
                   certificateholders for the period from January 1, 2007
                   through and including December 31, 2007 have been filed
                   with the Securities and Exchange Commission and are hereby
                   incorporated by reference. Filing dates are listed below:

<TABLE>
<CAPTION>
         ------------------------------------------------------------------- ---------------------- ---------------
                                      Trust Description                        Distribution Date       Filed on
         ------------------------------------------------------------------- ---------------------- ---------------
         <S>                                                                      <C>                 <C>
         Corporate Backed Trust Certificates, Boeing Note-Backed Series           02/15/2007          02/28/2007
         2003-7 Trust                                                             08/15/2007          08/28/2007
         ------------------------------------------------------------------- ---------------------- ---------------
</TABLE>

               2.  None.

               3.  Exhibits:

                   31.1 - Certification by Senior Vice President of the
                   Registrant pursuant to 15 U.S.C. Section 7241, as adopted
                   pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

                   31.2 - Annual Compliance Report by Trustee pursuant to 15
                   U.S.C. Section 7241, as adopted pursuant to Section 302 of
                   the Sarbanes-Oxley Act of 2002.

                   The trust covered by this Annual Report was formed prior to
                   June 30, 2003 and there is no requirement in the trust
                   agreement for the preparation of a report by an independent
                   public accountant regarding the Trustee's compliance with
                   its obligations.

          (b)  See Item 15(a) above.

          (c)  Not Applicable.



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<PAGE>

                                  SIGNATURES

        Pursuant to the requirements of Section 13 or 15(d) 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.

                                 Lehman ABS Corporation, as Depositor for the
                                 Trust (the "Registrant")



Dated:  March 26, 2008           By:     /s/ Scott Barek
                                    -----------------------------------------
                                         Name:   Scott Barek
                                         Title:  Senior Vice President



                                      5
<PAGE>

                                 EXHIBIT INDEX

<TABLE>
<CAPTION>
         ------------------------------------------------------------------------------------------
            Reference                    Description of Exhibits                  Exhibit Number
           Number per                                                            in this Form 10-K
           Item 601 of
          Regulation SK
         ------------------------------------------------------------------------------------------
              <S>        <C>                                                           <C>
              (31.1)     Certification by Senior Vice President of the                 31.1
                         Registrant pursuant to 15 U.S.C. Section 7241, as
                         adopted pursuant to Section 302 of the Sarbanes-Oxley
                         Act of 2002.
         ------------------------------------------------------------------------------------------
              (31.2)     Annual Compliance Report by Trustee pursuant to 15
                         U.S.C. Section 7241, as adopted pursuant to Section           31.2
                         302 of the Sarbanes-Oxley Act of 2002.
         ------------------------------------------------------------------------------------------
</TABLE>



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