LEHMAN ABS CORP BELLSOUTH DEBT- BACKED SER 2003-14
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 Date     Filed on - ------------------------------------------------------------------------------------------------------------    Corporate Backed Trust Certificates, BellSouth Telecommunications           05/15/2005        05/26/2005 Debenture-Backed Series 2003-14 Trust                                       11/15/2005        11/22/2005 - ------------------------------------------------------------------------------------------------------------                    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          Number per          Item 601 of                                                  Exhibit Number         Regulation SK            Description of Exhibits             in this Form 10-K       -----------------------------------------------------------------------------------                          (31.1)      Certification by Senior Vice President of           31.1                        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     31.2                        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.                          31.3       -----------------------------------------------------------------------------------                                         6     EX-31.1 2 efc6-0883_5818357exh311.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       Corporate Backed Trust Certificates, BellSouth Telecommunications       Debenture-Backed Series 2003-14 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                                              7     EX-31.2 3 efc6-0883_5818357exh312.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 Corporate Backed Trust Certificates, BellSouth Telecommunications Debenture-Backed Series 2003-14 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                                           8     EX-31.3 4 efc6-0883_5818357exh313.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:   Corporate Backed Trust Certificates, BellSouth       Telecommunications Debenture-Backed Series 2003-14       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 August 12, 2003 (together, the "Trust Agreement") in respect of the Corporate Backed Trust Certificates, BellSouth Telecommunications Debenture-Backed Series 2003-14 Trust (the "Trust"), 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    -----END PRIVACY-ENHANCED MESSAGE-----