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**SECURITIES AND EXCHANGE COMMISSION
                                               WASHINGTON, D.C. 20549
                                                      FORM 10-K

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

(Mark One)

[X]      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

         For the fiscal year ended December 31, 2006

                                                       or

[   ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITES AND EXCHANGE ACT OF 1934

         For the transition period from ____ to ____

                                                   Commission File Number 001-32226

                                                 STRUCTURED OBLIGATIONS CORPORATION,
                               (Exact name of registrant as specified in its charter)

                                       Delaware                                                20-6193036
                    (State or other jurisdiction of incorporation)                (I.R.S. employer identification no.)

                      270 Park Avenue, New York, New York 10017
                (Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code: (212) 270-2353

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

                    **Title of Each Class****Name of Each Exchange on Which Registered**

Select Notes Trust Long Term Certificates, Series 2004-1           American Stock Exchange

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  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 have filed such
reports) and (2) has been subject to such filing requirements for the past 90 days.
                                                Yes  X(1)        No

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

Indicate by check mark whether the registrant is 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  non-affiliates  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.

As of the date of this report, all of the common stock of the Registrant is held by J. P. Morgan Securities Holdings Inc.

_____________________
(1) Pursuant to staff administrative positions established in the no-action letter Corporate Asset Backed Corporation ("CABCO")
(available August 9, 1995), the Depositor is not required to respond to various items of Form 10-K.  Such items are designated herein
as "Not Applicable".
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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 includes
the reports filed on Form 8-K listed in Item 15(b) hereto.

                                                           Introductory Note

Structured  Obligations  Corporation  (the "Trustor") is the Trustor under the Base Trust  Agreement  between the Trustor and U.S. Bank
National  Association,  as Trustee (the  "Trustee"),  as supplemented by the Select Notes Trust Supplement LT 2004-1 by and between the
Trustor  and the  Trustee,  providing  for  the  issuance  of the  Select  Notes  Trust  Long  Term  Certificates  Series  2004-1  (the
"Certificates")  and is the Trustor for the  Certificates  (the  "Registrant").  The  Certificates  do not represent  obligations of or
interests in the Trustor or the Trustee

Each issuer of an underlying security, or guarantor thereof, or successor thereto, as applicable, which represents ten percent (10%)
or more of the aggregate principal amount of all securities held by the trust is subject to the information reporting requirements of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"). For information on any such issuer of underlying securities, or
guarantor thereof, or successor thereto, as applicable, please see its periodic and current reports filed with the Securities and
Exchange Commission (the "Commission"). Such reports and other information required to be filed pursuant to the Exchange Act, by such
issuer of underlying securities, or guarantor thereof, or successor thereto, as applicable, may be inspected and copied at the public
reference facilities maintained by the Commission at 450 Fifth Street, N.W., Washington, D.C. 20549. The Commission also 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." 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 any such issuer of underlying
securities, or guarantor thereof, or successor thereto, as applicable, or the underlying securities have not occurred or have not yet
been publicly disclosed that would affect the accuracy or completeness of the publicly available documents described above. The chart
below lists each such issuer or guarantor, or successor thereto, of the underlying securities, and its respective Exchange Act file
number.

_______________________________________________________________________________________________
  Underlying Securities Issuer or Guarantor, or Successor        Exchange Act File Number
                          thereto
_______________________________________________________________________________________________
                     CenturyTel, Inc.                                    001-07784
_______________________________________________________________________________________________
DaimlerChrysler AG (guarantor of the underlying securities
      issued by DaimlerChrysler North America Holding
                       Corporation)                                      001-14561
_______________________________________________________________________________________________
                     Time Warner Inc.                                    001-15062
_______________________________________________________________________________________________
           General Electric Capital Corporation                          001-06461
_______________________________________________________________________________________________
          Credit Suisse First Boston (USA), Inc.                         001-06862
_______________________________________________________________________________________________
                    The Boeing Company                                   001-00442
_______________________________________________________________________________________________
                    DTE Energy Company                                   001-11607
_______________________________________________________________________________________________
                      Citigroup Inc.                                     001-09924
_______________________________________________________________________________________________
            United States Cellular Corporation                           011-09712
_______________________________________________________________________________________________
                           Wyeth                                         001-01225
_______________________________________________________________________________________________

                                                                **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
                  The Registrant is not subject to any material pending legal proceedings.

Item 4.           Submission of Matters To A Vote of Security Holders
                  None
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**PART II**

Item 5.           Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
                  The  Certificates  issued by and representing  investors'  interest in the Select Notes Trust LT 2004-1 (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 following Certificates are listed on the exchange identified below:

                    **Title of Each Class****Name of Each Exchange on Which Registered**

Select Notes Trust Long Term Certificates, Series 2004-1      American Stock Exchange

Item 6.           Selected Financial Data
                  Not Applicable

Item 7.           Management's Discussion and Analysis of Financial Condition and Results of Operations
                  Not Applicable

Item 7A.          Quantitative and Qualitative Disclosures About Market Risk
                  Not Applicable

Item 8.           Financial Statements and Supplementary Data
                  None

Item 9.           Changes In and Disagreements With Accountants on Accounting and Financial Disclosure
                  None

Item 9A.          Controls and Procedures
                  Not Applicable

Item 9B.          Other Information
                  Not Applicable
                                                               **PART III**

Item 10.          Directors and Executive Officers of the Registrant
                  None
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Item 11.          Executive Compensation
                  Not Applicable

Item 12.          Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
                  Information required by Item 201(d) of Regulation S-X:  Not Applicable
                  Information required by Item 403 of Regulation S-X:  None

Item 13.          Certain Relationships and Related Transactions
                  None

Item 14.          Principal Accountant Fees and Services
                  Not Applicable

                                                                **PART IV**

Item 15.          Exhibits, Financial Schedules

         (a) The following documents have been filed as part of this Report.

         3.  Exhibits:
                              31.1 - Certification by the 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.

                              99.1 - Annual Compliance Report by Trustee.

                              99.2 - Report of RubinBrown LLP.

         (b)  The Form 8-Ks of the Select Notes Trust LT 2004-1 (the "Trust") which relate to periods covered by this annual report
include (i) the Trust's Current Report on Form 8-K for the distribution date occurring on January 3, 2006 and filed on February 2,
2006 (ii) the Trust's Current Report on Form 8-K for the distribution date occurring on February 1, 2006 and filed on February 8, 2006
(iii)  the Trust's Current Report on Form 8-K for the distribution date occurring on March 1, 2006 and filed on March 14, 2006 (iv)
the Trust's Current Report on Form 8-K for the distribution date occurring on April 3, 2006 and filed on April 18, 2006, (v) the
Trust's Current Report on Form 8-K for the distribution date occurring on May 1, 2006 and filed on May 3, 2006 (vi) the Trust's
Current Report on Form 8-K for the distribution date occurring on June 1, 2006 and filed on June 13, 2006 (vii) the Trust's Current
Report on Form 8-K for the distribution date occurring on July 3, 2006 and filed on July 5, 2006 (viii) the Trust's Current Report on
Form 8-K for the distribution date occurring on August 1, 2006 and filed on August 1, 2006 (ix) the Trust's Current Report on Form
8-K for the distribution date occurring on September 1, 2006 and filed on September 1, 2006, (x) the Trust's Current Report on Form
8-K for the distribution date occurring on October 2, 2006 and filed on October 3, 2006 (xi) the Trust's Current Report on Form 8-K
for the distribution date occurring on November 1, 2006 and filed on November 7, 2006, and (xii) the Trust's Current Report on Form
8-K for the distribution date occurring on December 1, 2006 and filed on December 1, 2007.

           (c)  None

           (d)  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.

                                            STRUCTURED OBLIGATIONS CORPORATION,
                                            as trustor for the Trust Registrant

                                                     By:  /s/ Kelly Absher                 
                                                     Name:  Kelly Absher
                                                     Title: Authorized Signatory

Dated:  March 28, 2007
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