LEHMAN ABS CORP REPACK AMER GEN FLOAT RT TR CERTS SER 2003-1
Item 1A. Risk Factors. - ----------------------       Not Applicable
Item 2.  Properties. - --------------------       Not Applicable
Item 4.  Submission of Matters to a Vote of Security Holders. - -------------------------------------------------------------       None                                      PART II
Item 6.  Selected Financial Data. - ---------------------------------       Not Applicable
Item 7A. Quantitative and Qualitative Disclosures About Market Risk. - --------------------------------------------------------------------       Not Applicable
Item 9. Changes in and Disagreements With Accountants on Accounting and - ----------------------------------------------------------------------- Financial Disclosure. - ---------------------       None
Item 9B.  Other Information. - ----------------------------       None                                     PART III
3         Not Applicable
Item 12. Security Ownership of Certain Beneficial Owners and Management and - --------------------------------------------------------------------------- Related Stock Matters. - ----------------------       Not Applicable
Item 14.  Principal Accounting Fees and Services. - ------------------------------------------------       Not Applicable                                      PART IV
(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, 2005                   through and including December 31, 2005 have been filed with                   the Securities and Exchange Commission and are hereby                   incorporated by reference. Filing dates are listed below:        -------------------------------------------------------------------------                        Trust Description             Distribution    Filed on                                                          Date       -------------------------------------------------------------------------       Repackaged American General Floating Rate       01/15/2005    01/28/2005       Trust Certificates, Series 2003-1 Trust         04/15/2005    04/27/2005                                                       04/25/2005    05/13/2005                                                       07/15/2005    07/27/2005                                                       10/15/2005    10/27/2005       -------------------------------------------------------------------------               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.                    31.3 - Report of Aston Bell, CPA.        (b)   See Item 15(a) above.        (c)   Not Applicable.                                          4                                      SIGNATURE        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.                                      Lehman ABS Corporation, as Depositor for the                                     Trust (the "Registrant")    Dated:  March 27, 2006              By:   /s/ CHARLES M. WEAVER                                        ---------------------------------------                                     Name:  Charles M. Weaver                                     Title: Senior Vice President                                            5                                    EXHIBIT INDEX        --------------------------------------------------------------         Reference                                         Exhibit        Number per        Description of Exhibits           Number        Item 601 of                                        in this       Regulation SK                                      Form 10-K       --------------------------------------------------------------                  Certification by Senior Vice                  President of the Registrant pursuant         (31.1)   to 15 U.S.C. Section 7241, as adopted     31.1                  pursuant to Section 302 of the                  Sarbanes-Oxley Act of 2002.       --------------------------------------------------------------                  Annual Compliance Report by Trustee         (31.2)   pursuant to 15 U.S.C. Section 7241,       31.2                  as adopted pursuant to Section 302 of                  the Sarbanes-Oxley Act of 2002.       --------------------------------------------------------------         (31.3)   Report of Aston Bell, CPA.                31.3       --------------------------------------------------------------                                             6     EX-31.1 2 efc6-0775_ex311.txt                                                                       Exhibit 31.1                                   CERTIFICATION  I, Charles M. Weaver, certify that:      1.  I have reviewed this annual report on Form 10-K in respect of the         Repackaged American General Floating Rate Trust Certificates, Series         2003-1 Trust (the "Trust") and all reports on Form 8-K containing         distribution or servicing reports of the Trust filed in respect of         periods included in the year covered by this annual report 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;      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; and      5.  The reports disclose all significant deficiencies relating to the         compliance by the Trustee and the Depositor with the minimum servicing         or similar standards based upon the report provided by an independent         public accountant, after conducting a review in compliance with the         Uniform Single Attestation Program for Mortgage Bankers or similar         procedure, as set forth in the pooling and servicing or similar         agreement that is included in these reports.  In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated party: U.S. Bank Trust National Association, as Trustee.  Date: March 27, 2006            /s/ CHARLES M. WEAVER - ---------------------------------------- Charles M. Weaver, Senior Vice President     EX-31.2 3 efc6-0775_ex312.txt                                                                       Exhibit 31.2                             ANNUAL COMPLIANCE REPORT        I, David J. Kolibachuk, being an officer of U.S. Bank Trust National Association, the Trustee in respect of the Repackaged American General Floating Rate Trust Certificates, Series 2003-1 Trust (the "Trust"), certify that:      1.  I have reviewed this annual report on Form 10-K in respect of the         Trust and all reports on Form 8-K containing distribution or servicing         reports of the Trust filed by Lehman ABS Corporation in respect of         periods included in the year covered by this annual report of the         Trust;      2.  Based on my knowledge, the information in those 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 information required to be         provided to the Depositor or the certificateholders by the Trustee         under the pooling and servicing or similar agreement for inclusion in         such distribution reports is included in such reports;      4.  I am responsible for reviewing the activities performed by the Trustee         under the pooling and servicing or similar agreement and based on my         knowledge, except as disclosed in such reports, the Trustee has         fulfilled its obligations under that agreement; and      5.  The reports disclose all significant deficiencies relating to the         Trustee's compliance with the minimum servicing or similar standards         based upon the report provided by an independent public accountant,         after conducting a review in compliance with the Uniform Single         Attestation Program for Mortgage Bankers or similar procedure, as set         forth in the pooling and servicing or similar agreement, that is         included in these reports.  Date: March 27, 2006         /s/ DAVID J. KOLIBACHUK - ----------------------------------- David J. Kolibachuk, Vice President     EX-31.3 4 efc6-0775_ex313.txt                                                                      Exhibit 31.3                          INDEPENDENT ACCOUNTANT'S REPORT     Lehman ABS Corporation, as Depositor 745 Seventh Avenue New York, New York 10019  U.S. Bank Trust National Association, as Trustee Corporate Trust Department 100 Wall Street New York, NY 10005  Re:   Repackaged American General Floating Rate Trust Certificates,       Series 2003-1 Trust (the "Trust")       ------------------------------------------------------------  Ladies and Gentlemen:  We have examined assertions of Lehman ABS Corporation (the "Depositor") and U.S. Bank National Association, (the "Trustee" and, together with the Depositor, the "Management") that the Depositor and the Trustee have complied, in all material respects, with the provisions of the Standard Terms for Trust Agreements dated as of January 16, 2001, as supplemented by a series supplement dated as of July 2, 2003 in respect of the Repackaged American General Floating Rate Trust Certificates, Series 2003-1 Trust (the "Trust"), as supplemented by a supplement to the series supplement dated as of July 11, 2003 (together, the "Trust Agreement"), during the period covered by the annual report on Form 10-K filed by the Depositor on behalf of the Trust for the year ended December 31, 2005 (the "Annual Report"). Management is responsible for compliance with the Trust Agreement. Our responsibility is to express an opinion on Management's assertions based on our examination.  Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Depositor's and the Trustee's compliance with the Trust Agreement and performing such other procedures as considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion.  In our opinion, the Depositor and the Trustee have complied, in all material respects, with the Trust Agreement during the period covered by the Annual Report and Management's assertions with respect to such compliance are fairly stated, in all material respects, for the year ended December 31, 2005.   /s/ Aston Bell, CPA   New York, New York March 17, 2006                                 ASTON BELL, CPA    -----END PRIVACY-ENHANCED MESSAGE-----