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, 2010

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: 001-32176





filed on behalf of:

Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-7 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
incorporation or organization) |  | (I.R.S. Employer Identification No.)



|                                                |  |           
|----------------------------------------------- |  | ----------
|1271 Avenue of the Americas, New York,
New York |  | 10020     
|(Address of principal executive offices)        |  | (Zip Code)

Registrants telephone number, including area code: (646) 285-9000

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, Goldman Sachs Capital I Securities-Backed Series 2004-7 |  | New York Stock Exchange (NYSE)         

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





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 whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was
required to submit and post such files). Not applicable.

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (§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):



|                        |  |   |  |                           |  |  
|----------------------- |  | - |  | ------------------------- |  | -
|Large Accelerated Filer |  |  ̈ |  | Accelerated Filer         |  |  ̈
|                        |  |   | 
|Non-Accelerated Filer   |  | x |  | Smaller reporting company |  |  ̈

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.









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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, Goldman
Sachs Capital I Securities-Backed Series 2004-7 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 April 30, 2004, in respect of the Trust. The Trusts assets consist solely of capital securities
issued by Goldman Sachs Capital I (the Underlying Securities Issuer). The Certificates do not represent obligations of, or interests in, the Depositor or the Trustee.

The Registrant is a wholly-owned, indirect subsidiary of Lehman Brothers Holdings Inc. (LBHI), which filed a voluntary petition (the Petition) for relief under Chapter 11 of the
United States Code in the United States Bankruptcy Court for the Southern District of New York on September 15, 2008 in a jointly administered proceeding named In re Lehman Brothers Holdings Inc., et. al. under Case Number 08-13555. LBHI and
its wholly-owned broker-dealer, Lehman Brothers Inc., have sold since September 15, 2008 significant businesses, including the sale on September 21, 2008 of the investment banking business to Barclays Capital Inc., which business included
the employees who historically conducted the Registrants business.

The Goldman Sachs Group, Inc., the issuer of the junior subordinated
debentures, the sole assets held by the Underlying Securities Issuer, is subject to the information reporting requirements of the Securities Exchange Act of 1934, as amended (the Exchange Act). For information on The Goldman Sachs Group,
Inc., please see its periodic and current reports filed with the Securities and Exchange Commission (the Commission) under The Goldman Sachs Group, Inc.s Exchange Act file number, 001-14965. 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 information required to be filed pursuant to the Exchange Act by the issuer of the junior subordinated debentures 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 Underlying Securities Issuer, the issuer of the junior subordinated debentures 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.



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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.

Not Applicable

Item 9B. Other Information.

None



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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, 2010 through and including
December 31, 2010 have been filed with the Securities and Exchange Commission and are hereby incorporated by reference. Filing dates are listed below:



|                                                                                                   |  |                                    |  |                     
|-------------------------------------------------------------------------------------------------- |  | ---------------------------------- |  | --------------------
|Trust Description                                                                                  |  | Distribution Date orDate of Report |  | Filed on            
|Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-7 Trust |  | 02/16/201008/16/2010               |  | 02/25/201008/26/2010

2. None.

3. Exhibits:

31.1  Certification by Executive 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.

31.3  Report of Aston
Bell, CPA.



| | (b) | See Item 15(a) above.
| | --- | ---------------------



| | (c) | Not Applicable
| | --- | --------------



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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. In preparing this report the Registrant has relied on Distribution Statements provided to it by the Trustee.



|                      |  |                                                    |  |                                                     
|--------------------- |  | -------------------------------------------------- |  | ----------------------------------------------------
|                      |  | Lehman ABS Corporation, as Depositor for the Trust
|                      |  | (the Registrant)                                
|                      |  |                                                   
|Dated: March 31, 2011 |  | By:                                                |  | /s/ William J. Fox                                  
|                      |  | Name:                                              |  | William J. Fox                                      
|                      |  | Title:                                             |  | Chief Financial Officer and Executive Vice President



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EXHIBIT INDEX



|                                            |  |                                                                                                                                                                       |  |                                
|------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------------------------------
|ReferenceNumber perItem 601 ofRegulation SK |  | Description of Exhibits                                                                                                                                               |  | Exhibit Numberin this Form 10-K
|                                            |  |                                                                                                                                                                      
|(31.1)                                      |  | Certification by Executive 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. |  | 31.1                           
|                                            |  |                                                                                                                                                                      
|(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.                         |  | 31.2                           
|                                            |  |                                                                                                                                                                      
|(31.3)                                      |  | Report of Aston Bell, CPA.                                                                                                                                            |  | 31.3                           



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