`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, 2007

                                                  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 001-32015

                                 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,  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`

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`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 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 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.  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           Commission File Number
                          thereto
_______________________________________________________________________________________________
                   Carnival Corporation                                  001-09610
_______________________________________________________________________________________________
                General Motors Corporation                               001-00043
_______________________________________________________________________________________________
                     Merck & Co., Inc.                                   001-03305
_______________________________________________________________________________________________
            Electronic Data Systems Corporation                          001-11779
_______________________________________________________________________________________________
   Spectra Energy Capital, LLC (formerly Duke Capital LLC)               000-23977
_______________________________________________________________________________________________
           General Electric Capital Corporation                          001-06461
_______________________________________________________________________________________________
                    Target Corporation                                   001-06049
_______________________________________________________________________________________________
        International Business Machines Corporation                      001-02360
_______________________________________________________________________________________________`

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`_______________________________________________________________________________________________
                      Citigroup Inc.                                     001-09924
_______________________________________________________________________________________________
              Sears Roebuck Acceptance Corp.                             001-04040
_______________________________________________________________________________________________


                                                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  Matters  and 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`

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`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 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 Vice 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.`

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`99.1 - Annual Compliance Report by Trustee.

                              99.2 - Report of RubinBrown LLP.

           (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  16,  2007 and filed on January  19,  2007,  (ii) the Trust's
Current  Report on Form 8-K for the  distribution  date  occurring  on  February  15, 2007 and filed on
February 22, 2007,  (iii) the Trust's  Current Report on Form 8-K for the  distribution  date occurring
on March 15,  2007 and filed on March 26,  2007,  (iv) the Trust's  Current  Report on Form 8-K for the
distribution  date  occurring  on April 14, 2007 and filed on April 30, 2007,  (v) the Trust's  Current
Report on Form 8-K for the  distribution  date  occurring  on May 15,  2007 and filed on May 30,  2007,
(vi) the Trust's  Current Report on Form 8-K for the  distribution  date occurring on June 15, 2007 and
filed on June 28,  2007,  (vii)  the  Trust's  Current  Report  on Form 8-K for the  distribution  date
occurring on July 16, 2007 and filed on July 23, 2007,  (viii) the Trust's  Current  Report on Form 8-K
for the  distribution  date occurring on August 15, 2007 and filed on August 20, 2007, (ix) the Trust's
Current  Report on Form 8-K for the  distribution  date  occurring on  September  17, 2007 and filed on
September 17, 2007, (x) the Trust's Current Report on Form 8-K for the  distribution  date occurring on
October 15, 2007 and filed on October 15,  2007,  (xi) the Trust's  Current  Report on Form 8-K for the
distribution  date  occurring  on  November  15,  2007 and filed on November  16,  2007,  and (xii) the
Trust's Current Report on Form 8-K for the  distribution  date occurring on December 17, 2007 and filed
on December 21, 2007.


           (c)  See Item 15(a) above.

           (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: Vice President


Dated:  March 28, 2008`

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``