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

For the fiscal year ended: December 31, 2003   Commission File number: 001-32015

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

<TABLE>
<CAPTION>

                 Delaware                                     13-3692801
(State or other jurisdiction of incorporation)  (I.R.S. employer identification no.)
<S>                                             <C>

                    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,   American Stock Exchange
Series 2003-1

</TABLE>

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 have filed such  reports)  and (2) has been  subject to such filing
requirements for the past 90 days.
                             Yes x1          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. [ ]

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

Indicate  by check mark  whether  the  Registrant  is an  accelerated  filer (as
defined in Exchange Act Rule 12b-2).

                             Yes             No  X
                                ---             ---


----------------
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".


<PAGE>



                       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 the underlying  securities,  or guarantor  thereof,  or successor
thereto, as applicable,  is subject to the information reporting requirements of
the  Securities  Exchange Act of 1934,  as amended  (the  "Exchange  Act").  For
information on any 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 an 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  an  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 issuer or guarantor,  or
successor thereto, of the underlying  securities,  and its respective Commission
file number.

<TABLE>
<CAPTION>
------------------------------------------------------------ ----------------------------------
 Underlying Securities Issuer or Guarantor, or Successor          Commission File Number
                          thereto
------------------------------------------------------------ ----------------------------------
<S>                                                          <C>
                   Carnival Corporation                                  001-09610
------------------------------------------------------------ ----------------------------------
                General Motors Corporation                               001-00143
------------------------------------------------------------ ----------------------------------
                     Merck & Co., Inc.                                   001-03305
------------------------------------------------------------ ----------------------------------
              Sears Roebuck Acceptance Corp.                             001-04040
------------------------------------------------------------ ----------------------------------
            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
------------------------------------------------------------ ----------------------------------
</TABLE>


<PAGE>

<TABLE>
<CAPTION>

------------------------------------------------------------ ----------------------------------
                      Citigroup Inc.                                     001-09924
------------------------------------------------------------ ----------------------------------
<S>                                                          <C>



                                     PART I
                                     ------

Item 1.   Business
-------   --------
          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 and Related Stockholder Matters
-------   ---------------------------------------------------------------------
          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,   American Stock Exchange
Series 2003-1
</TABLE>


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

<PAGE>

          None

                                    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 Management
--------  ---------------------------------------------------------------
          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.  Controls and Procedures
--------  -----------------------
          Not Applicable

                                     PART IV
                                     -------

Item 15.  Exhibits, Financial Schedules and Reports on Form 8-K
--------  -----------------------------------------------------
          (a)  The following documents have been filed as part of this Report.

               3.   Exhibits:

                    99.1 -  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.

                    99.2 - 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 May 15,  2003 and filed on May 30,  2003,  (ii) the
               Trust's  Current  Report  on Form 8-K for the  distribution  date
               occurring  on June 15, 2003 and filed on June 27,  2003,  (iii) )
               the Trust's Current Report on Form 8-K for the distribution  date
               occurring on July 15, 2003 and filed on  September 5, 2003,  (iv)
               the Trust's Current Report on Form 8-K for the distribution  date
               occurring  on August 15, 2003 and filed on August 29,  2003,  (v)
               the Trust's Current Report on Form 8-K for the distribution  date
               occurring on September  15, 2003 and filed on September 30, 2003,
               (vi) the Trust's Current Report on Form 8-K for the  distribution
               date occurring on October 15, 2003 and filed on October 30, 2003,
               (vii) the Trust's Current Report on Form 8-K for the distribution
               date  occurring  on November  15, 2003 and filed on November  26,
               2003,  and (viii) the Trust's  Current Report on Form 8-K for the
               distribution  date  occurring  on December  15, 2003 and filed on
               December  30, 2003  (amended by Form 8-K/A filed on December  30,
               2003).


<PAGE>

          (c)  See Item 15(a) above.

          (d)  Not Applicable.



<PAGE>




                                   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 29, 2004




<PAGE>


                                                                    Exhibit 99.1

                                  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 29, 2004



<PAGE>


                                                                    Exhibit 99.2

                                  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,
2003 (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 29, 2004



<PAGE>