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                                  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, 2002

                                       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 No. 33-73666

                       Corporate Asset Backed Corporation
             (Exact name of registrant as specified in its charter)

             Delaware                                      22-3281571
   (State or Other Jurisdiction                 (I.R.S. Employer Identification
 of Incorporation or Organization)                           Number)

  445 Broad Hollow Road, Suite 239
           Melville, New York                                11747
(Address of Principal Executive Offices)                   (Zip Code)

       Registrant's telephone number, including area code: (631) 587-4700
          Securities registered pursuant to Section 12(b) of the Act:

       $50,000,000 Certificate Principal Balance for CABCO Series 2002-1 Trust
       (AOL Time Warner Inc.) Class A-1 Callable Certificates
                                (Title of class)

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

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 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. [ ]

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

State the aggregate market value of voting and non-voting common stock held by
non-affiliates of the registrant.

All the common stock of the registrant is held by UBS Americas Inc., its parent.

As of March 21, 2003, 1,000 shares of common stock of the registrant, par value
$1.00 per share, were outstanding.

                                       2

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                                Table of Contents

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Part I........................................................................................................    1

Item 1.  Business.............................................................................................    1

Item 2.  Properties...........................................................................................    1

Item 3.  Legal Proceedings....................................................................................    1

Item 4.  Submission of Matters to a Vote of Security Holders..................................................    1

Part II.......................................................................................................    1

Item 5.  Market for Registrant's Common Equity and Other Stockholder Matters..................................    1

Item 6.  Selected Financial Data..............................................................................    1

Item 7.  Management's Discussion and Analysis of Results of Operations and Financial Position.................    1

Item 7A. Quantitative and Qualitative Disclosures About Market Risk...........................................    1

Item 8.  Financial Statements and Supplementary Data..........................................................    1

Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.................    1

Part III......................................................................................................    2

Item 10. Directors and Executive Officers of the Registrant...................................................    2

Item 11. Executive Compensation...............................................................................    2

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.......    2

Item 13. Certain Relationships and Related Transactions.......................................................    2

Item 14. Disclosure Controls and Procedures...................................................................    2

Part IV.......................................................................................................    2

Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.....................................    2

SIGNATURES....................................................................................................    3

EXHIBIT INDEX.................................................................................................  E-1
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                                     PART I

ITEM 1.  BUSINESS

         Not Applicable.

ITEM 2.  PROPERTIES

         Not Applicable.

ITEM 3.  LEGAL PROCEEDINGS

         Not Applicable.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         None.

                                     PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND OTHER STOCKHOLDER MATTERS

         The Class A-1 Callable Certificates issued by CABCO Series 2002-1 Trust
         (AOL Time Warner Inc.) for trust certificates relating to $50,000,000
         AOL Time Warner Inc. 7.700% Debentures due 2032, and 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.

         The CABCO Series 2002-1 Trust (AOL Time Warner Inc.) Class A-1 Callable
         Certificates are listed on the New York Stock Exchange.

ITEM 6.  SELECTED FINANCIAL DATA

         Not Applicable.

ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
         FINANCIAL POSITION

         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.

                                       1

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                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

         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

         None.

ITEM 14. DISCLOSURE CONTROLS AND PROCEDURES

         Not Applicable.

                                     PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

(a) The following documents are filed as part of this report: None.

(b) None.

(c) Exhibits.

EXHIBIT NO.       DESCRIPTION OF DOCUMENT

    99            Distribution information provided in the previously filed
                  current reports on Form 8-K.

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                                   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 on this 28TH day of
March 2003.

                                 CORPORATE ASSET BACKED CORPORATION
                                 (Registrant)

                             By: THE BANK OF NEW YORK, as Trustee of the
                                     CABCO Series 2002-1 Trust (AOL Time
                                     Warner Inc.), established by the Registrant

                                     By: /s/ Todd Winchel
                                         Name: Todd Winchel
                                         Title: Vice President

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CERTIFICATION UNDER (Section Mark)302(a) OF THE SARBANES-OXLEY ACT OF 2002 FOR
         CORPORATE ASSET BACKED CORPORATION ANNUAL REPORT ON FORM 10-K
                  FOR THE FISCAL YEAR ENDED DECEMBER 31, 2002

I, Todd Winchel, acting on behalf of The Bank of New York, as trustee of the
CABCO Series 2002-1 Trust (AOL Time Warner Inc.) (the "Trust") established by
the registrant, certify that:

     1.           I have reviewed this annual report on Form 10-K, and all
                  reports on Form 8-K containing distribution or servicing
                  reports filed in respect of periods included in the year
                  covered by this annual report, of the registrant Corporate
                  Asset Backed Corporation in respect of the Trust;

     2.           Based on my knowledge, the information in these reports,
                  taken as a whole, does not contain any untrue statement of a
                  material fact or omit to state a material fact necessary to
                  make the statements made, in light of the circumstances under
                  which such statements were made, not misleading as of the last
                  day of the period covered by this annual report;

     3.           Based on my knowledge, the distribution or servicing
                  information  required to be provided to the depositor by the
                  trustee under the pooling and servicing, or similar,
                  agreement, for inclusion in these reports is included in these
                  reports; and

     4.           I am responsible for reviewing the activities performed by the
                  depositor and the trustee under the pooling and servicing, or
                  similar, agreement and based upon my knowledge and the annual
                  compliance review required under that agreement, and except as
                  disclosed in the reports, the depositor and trustee have each
                  fulfilled its obligations under that agreement.

In giving the certifications above, I have reasonably relied on information
provided to me by the following unaffiliated party:  Corporate Asset Backed
Corporation, as depositor.

Date: 03/31/03

                           THE BANK OF NEW YORK, as Trustee of the
                                    CABCO Series 2002-1 Trust (AOL Time
                                    Warner Inc.), established by the Registrant


                                    By:  /s/  Todd Winchel
                                        ------------------------------------
                                    Name:  Todd Winchel
                                    Title: Vice President






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                                  EXHIBIT INDEX

EXHIBIT NO.       DESCRIPTION OF DOCUMENT

    99            Distribution information provided in the previously filed
                  current reports on Form 8-K.