**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 THESECURITIES AND EXCHANGE ACT OF 1934 |
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| For the fiscal year ended:  December 31, 2005                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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TRANSITION REPORTPURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES AND EXCHANGE ACTOF 1934             For the transition period from                to         
 

Commission File Number 001-32015

 

STRUCTURED OBLIGATIONS CORPORATION,

(Exact name of registrant as specified in its charter)

 

Delaware

13-3692801

(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 2003-1

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, asdefined in Rule 405 of the Securities Act

 

Yes ______
 No   X  
 

Indicate by check mark if the registrant s not required to file reports pursuantto 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. [   ]

 

Indicate by check mark whether the registrant is a largeaccelerated filer, an accelerated filer, or a non-accelerated filer.  Seedefinition of "accelerated filer and large accelerated filer" in Rule 12b-2 ofthe 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-votingcommon equity held by non-affiliates computed by reference to the price at whichthe common equity was last sold, or the average bid and asked price of suchcommon equity, as of the last business day of the registrant's most recentlycompleted 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.

 

_________________________

 1Pursuant 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”.

 

 

 

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 2003-1 by and between the Trustor and the Trustee, providing for the issuance of the Select Notes Trust Long Term Certificates Series 2003-1 (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. TheCommission 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 orguarantor, or successor thereto, of the underlying securities, and its respective Exchange Act file number.

 

Underlying Securities Issuer or Guarantor, or Successor thereto

Commission File Number

Carnival Corporation

001-09610

General Motors Corporation

001-00043

Merck & Co., Inc.

001-03305

Electronic Data Systems Corporation

001-11779

Duke Capital LLC (formerly Duke Capital Corporation)

000-23977

General Electric Capital Corporation

001-06461

Target Corporation

001-06049

International Business Machines Corporation

001-02360

Citigroup Inc.

001-09924

 

 

 
 
 

 

 

**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

**PART II**

 

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Mattersand Issuer Purchaser of Equity Securities

 

The Certificates issued by and representing investors’ interest in the Select Notes Trust LT 2003-1 (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 2003-1 

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

 

 

Item 11.

Executive Compensation

* *

Not Applicable

 

 

Item 12.

Security Ownership of Certain Beneficial Owners and Managementand 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.

 

 (b) The Form 8-Ks of the Select Notes Trust LT 2003-1 (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 18, 2005 and filed on January 25, 2005, (ii) the Trust’s Current Report on Form 8-K for the distribution date occurring on February 15, 2005 and filed on March 1, 2005, (iii) the Trust’s Current Report on Form 8-K for the distribution date occurring on March 15, 2005 and filed on March 30, 2005, (iv) the Trust’s Current Report on Form 8-K for the distribution date occurring on April 15, 2005 and filed on April 29, 2005, (v) the Trust’s Current Report on Form 8-K for the distribution date occurring on May 16, 2005 and filed on May 25, 2005, (vi) the Trust’s Current Report on Form 8-K for the distribution date occurring on June 15,2005 and filed on June 29, 2005, (vii) the Trust’s Current Report on Form 8-K for the distribution date occurring on July 15, 2005 and filed on July 27, 2005, (viii) the Trust’s Current Report on Form 8-K for the distribution date occurring on August 15, 2005 and filed on August 30, 2005, (ix) the Trust’s Current Report on Form 8-K for the distribution date occurring on September 15, 2005 and filed on September 29, 2005, (x) the Trust’s Current Report on Form 8-K for the distribution 

 

 

date occurring on October 17, 2005 and filed on October 27, 2005, (xi) the Trust’s Current Report on Form 8-K for the distribution date occurring on November 15, 2005 and filed on November 29, 2005, and (xii) the Trust’s Current Report on Form 8-K for the distribution date occurring on December 15, 2005 and filed on December 30, 2005.

 

 

(c)  See Item 15(a) above.

 

(d)  Not Applicable.

 

 

 

 

 

 

**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/ Chadwick S. Parson                       

Name:  Chadwick S. Parson

Title:    President

 

 

Dated:  March 30, 2006

 

 
 
 

 

Exhibit31.1

 

CERTIFICATION

 

I, Chadwick S. Parson, certify that:

 

1.                I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of the Select Notes Trust LT 2003-1;

 

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 the trustee have each fulfilled its obligations under that agreement.

 

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: U.S. Bank Trust National Association.

 

 

By:   /s/ Chadwick S. Parson

--------------------------------

Name:   Chadwick S. Parson

Title:     President   

Structured Obligations Corporation Date:  March 30, 2006

                                                                                                      

 

 

 

 

Exhibit 99.1

 

CERTIFICATION

 

The undersigned, being an officer of U.S. Bank Trust National Association, as trustee (the “Trustee”) of the Select Notes Trust LT 2003-1 (the “Trust”) hereby makes the following certifications for inclusion as an exhibit to the Trust’s annual report on Form 10-K for the fiscal year ended December 31, 2005 (the “Annual Report”):

 

1.

The Trustee is the trustee under the Trust’s trust agreement.

 

 

2.

Based on my knowledge, for the period covered by the Annual Report, the Trustee has fulfilled its obligations under the Trust’s trust agreement.

 

 

 

/s/ Beverly A. Freeney         

Name:   Beverly A. Freeney

Title:     Vice President

Date:     March 30, 2006

 

 

 

 

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