UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): ~~July~~ October 1510, 2008

Lehman ABS Corporation, on behalf of:

REPACKAGED AMERICAN GENERAL FLOATING RATE TRUST CERTIFICATES, SERIES 2003-1 TRUST

(Exact Name of Registrant as Specified in Its Charter)

Delaware	~~001-31734~~	13001-~~3447441~~31734	13-3447441
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
(State or Other Jurisdiction		(Commission File	(I.R.S. Employer
of Incorporation)		Number)	Identification No.)
Lehman ABS Corporation
1271 Avenue of the Americas
New York, New York			10020
(Address of Principal Executive Offices)			(Zip Code)

Lehman ABS Corporation
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

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any following provisions (see General Instruction A.2. below):

[o ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

[The ]Repackaged ~~Soliciting~~American ~~material~~General Floating Rate Trust Certificates, Series 2003-1 Trust, which we refer to herein as the “Trust,” was formed pursuant to ~~Rule~~the ~~14a-12~~Standard Terms for Trust Agreements, dated as of January 16, 2001, between Lehman ABS Corporation, as depositor, and U.S. Bank Trust National Association, as trustee, (bthe “Trustee) ~~under~~as supplemented by the Series ~~Exchange~~Supplement ~~Act~~in ~~(17~~respect ~~CFR~~of ~~240~~the Trust dated as of July 2, 2003, as further amended by a supplement dated as of July 11, 2003.~~14a-12(b))~~

[The Registrant ]is ~~Pre~~a wholly-~~commencement~~owned, ~~communications~~indirect ~~pursuant~~subsidiary toof ~~Rule~~Lehman ~~14d-2~~Brothers Holdings Inc. (b“LBHI”), which filed a voluntary petition (the “Petition”) for relief under Chapter 11 of the ~~Exchange~~United ~~Act~~States ~~(17~~Code ~~CFR~~in ~~240~~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.~~14d~~, et. al. under Case Number 08-~~2(b))~~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. As a result of the foregoing, the Registrant discontinued its securitization business and the individuals previously involved in such securitization business are no longer employed by the Registrant’s affiliates and, accordingly, the Registrant was unable to timely file this Current Report on Form 8-K.

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

The Repackaged American General Floating Rate Trust Certificates, Series 2003-1 Trust, which we refer to herein as the “Trust,” was formed pursuant to the Standard Terms for Trust Agreements, dated as of January 16, 2001, between Lehman ABS Corporation, as depositor, and U.S. Bank Trust National Association, as trustee, as supplemented by the Series Supplement in respect of the Trust dated as of July 2, 2003, as further amended by a supplement dated as of July 11, 2003.

Item 8.01. OTHER EVENTS

On ~~July 15~~October 10, 2008, final distribution was made to the holders of the certificates issued by the Trust. Specific information with respect to the distribution is filed as Exhibit 99.1 hereto.

NoOn ~~other~~September 15, 2008, Lehman Brothers Holdings ~~reportable~~Inc., ~~transactions~~instituted a proceeding seeking a judgement of bankruptcy or insolvency. This ~~matters~~is ~~have~~an ~~occurred~~Event ~~during~~of Default and a Trigger Event under the ~~current~~ISDA Master Agreement dated as of July 2, 2003, as supplemented and amended by the Confirmation and Schedule dated as of July 2, 2003 (collectively, the “Swap”). Pursuant to the Standard Terms for Trust Agreements dated as of January 16, 2001, as supplemented by the Series Supplement, Repackaged American General Floating Rate Trust Certificates Series 2003-1, dated as of July 2, 2003 (the “Trust Agreement”), a Trigger Event occurring and continuing under the Swap is a Special Termination Event. Accordingly, the Trustee redeemed the Repackaged American General Floating Rate Trust Certificates, Series 2003-1 on October 10, 2008 by distributing to each Certificateholder its Pro-Rata Share of the Underlying Securities in-kind.

~~reporting~~No other reportable transactions or matters have occurred during the current reporting period.

American International Group, Inc. (“AIG”), the guarantor 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 AIG please see its periodic and current reports filed with the Securities and Exchange Commission (the “Commission”) under AIG’s Exchange Act file number, 001-08787. 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 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 AIG may be accessed on this site. Neither Lehman ABS Corporation 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 Lehman ABS Corporation 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, the guarantor of the underlying securities, or the underlying securities themselves have not occurred or have not yet been publicly disclosed which would affect the accuracy or completeness of the publicly available documents described above.

Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(c)	The following exhibit is filed as part of this report:
	1		Trustee’s Distribution Statement to the Repackaged American General Floating Rate Trust Certificates, Series 2003-1 Certificate Holders for the period ending July 15, 2008.

(d) The following exhibit is filed as part of this report:

99.1	Trustee’s Final Distribution Statement to the Repackaged American General Floating Rate Trust Certificates, Series 2003-1 Trust Certificate Holders for the period ending October 10, 2008.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant ~~has~~ has duly caused this report to be signed on its behalf by the undersigned ~~thereunto~~ thereunto duly authorized. In preparing this report the Registrant has relied upon the attached Distribution Statement provided to it by the Trustee.

Date: July 15 21, ~~2008~~2009

Lehman ABS Corporation By: /s/ ~~Scott~~William ~~Barek~~Fox Name: ~~Scott~~William ~~Barek~~Fox Title: Chief Financial Officer, Controller and Senior Vice President

EXHIBIT INDEX

Exhibit Number	~~Description~~	Description
1	Trustee’s Distribution Statement to the Repackaged American General Floating Rate Trust Certificates, Series 2003-1 Certificate Holders for the period ending July 15, 2008
99.1		Trustee’s Final Distribution Statement to the Repackaged American General Floating Rate Trust Certificates, Series 2003-1 Trust Certificate Holders for the period ending October 10, 2008.

Filing Compare · LEHMAN ABS CORP REPACK AMER GEN FLOAT RT TR CERTS SER 2003-1