CORPORATE ASSET BACKED CORP
10-K, 2000-03-16
ASSET-BACKED SECURITIES
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                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-K

                  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934


For the fiscal year ended:                               Commission file number:
         December 31, 1999                                       33-73666

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

         United States of Americas                         22-3281571
      (State or other jurisdiction                      (I.R.S. Employer
      of incorporation or organization)                 Identification No.)

                          c/o PaineWebber Incorporated
                     1285 Avenue of the Americas, 11th Floor
                               New York, NY 10019
               (Address or principal executive offices) (zip code)

Registrant's telephone number, including area code:

                           (212) 713-2841

Securities registered pursuant to Section 12(b) of the Act:

       $52,800,000 Principal Trust Certificates, Series 94-1
       $52,650,000 Trust Certificates for J.C. Penney Debentures
       $25,000,000 Trust Certificates for Florida P & L First Mortgage Bonds
       $45,000,000 Trust Certificates for BellSouth Debentures


Securities registered pursuant to Section 12(g) of the Act:

                                      None

INDICATE BY CHECK MARK WHETHER THE REGISTRANT HAS (1) 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 --- --- STATE THE AGGREGATE MARKET VALUE OF THE VOTING STOCK HELD BY
NON-AFFILIATES OF THE REGISTRANT.

The Registrant has no voting stock or class of common stock outstanding as of
the date of this report.


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                                     PART I

Item 1.   Business

          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 and Related Stockholder Matters

A.        The Certificates issued by CABCO Trust for Texaco Capital Inc.
          Guaranteed Debentures 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.

          To the best knowledge of the registrant, there is no established
          public trading market for the Certificates.

B.        The Certificates issued by CABCO Trust for J.C. Penney Debentures
          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 J.C. Penney Certificates are listed on the New York Stock Exchange

C.        The Certificates issued by CABCO Trust for Bellsouth Debentures
          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 Bellsouth Certificates are listed on the New York Stock Exchange


D.        The Certificates issued by CABCO Trust for Florida Power and Light
          Debentures 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       Florida Power and Light Certificates are listed on the New York Stock
          Exchange


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<PAGE>   3

Item 6.   Selected Financial Data

          Not Applicable

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

          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 10.  Directors and Executive Officers of the Registrant

          Not Applicable

Item 11.  Executive Compensation

          Not Applicable

                                    PART III

Item 12.  Security Ownership Of Certain Beneficial Owners and Management

          Not Available

     (a)  Not Applicable

     (b)  Not Applicable (c)

Item 13.  Certain Relationships and Related Transactions

          None

                                    PART IV

Item 14.  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)   None


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<PAGE>   4


                                   SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities and
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.

                                                CORPORATE ASSET
                                                BACKED CORPORATION
                                                   as depositor


                                                /s/  Robert Vascellaro
                                                -----------------------
Date:  March 13, 2000                           Robert Vascellaro
                                                Vice President



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