# 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, 2002 Commission File number: 333-67188

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

| | Delaware
(State or Other Jurisdiction of Incorporation) | 13-3692801
(I.R.S. Employer Identification No.) | 
| | ------------------------------------------------------- | ----------------------------------------------- | 

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

Registrant's telephone number, including area code : (212) 834-6000

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

| | Title of Each Class | Name of Each Exchange on Which Registered | 
| | ------------------- | ----------------------------------------- | 

|8.125% Corporate Backed Listed
Trust Securities ("COBALTS") Trust
Series Sprint Capital Certificates,
Series 2002-1 | New York Stock Exchange | 
|------------------------------------------------------------------------------------------------------------------- | ----------------------- | 

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  x | 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 has filed all documents and
reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a
plan confirmed by a court.   Yes   ___     No  ___

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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 COBALTS Supplement 2002-1 by
and between the Trustor and the Trustee, providing for the issuance of the
8.125% Corporate Backed Listed Trust Securities (COBALTS) Trust
Series Sprint Capital Certificates, Series 2002-1 (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. Pursuant to staff administrative positions established in various
no-action letters, see e.g. Corporate Asset Backed Corporation
(CABCO) (available August 9, 1995);Lehman Structured Assets,
Inc. (available December 8, 1994), the Trustor is not required to respond to
various items of From 10-K. Such items are designated herein as Not
applicable.

# PART I

|Item 1. | Business
Not Applicable.
|------- | ------------------------

|Item 2. | Properties
Not Applicable.
|------- | --------------------------

|Item 3. | Legal Proceedings
Not Applicable
|------- | --------------------------------

|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
COBALTS Trust for Sprint Capital Notes (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 | 
| | ------------------- | ----------------------------------------- | 

|Corporate Backed Listed Trust Securities ("COBALTS") Trust Series Sprint Capital
Certificates, Series 2002-1 | New York 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 Not Applicable
|------- | ----------------------------------------------------------

|Item 9. | Changes In and  Disagreements  With  Accountants  on Accounting and
           Financial DisclosureNone
|------- | -------------------------------------------------------------------------------------------------------

# PART III

|Item 10. | Directors and Executive Officers of the RegistrantNot Applicable
|-------- | ----------------------------------------------------------------

|Item 11. | Executive CompensationNot Applicable
|-------- | ------------------------------------

|Item 12. | Security Ownership of Certain Beneficial Owners and Management
(a)    Not Applicable
(b)    Not Applicable
(c)    Not Applicable
|-------- | --------------------------------------------------------------------------------------------------------------------------------

|Item 13. | Certain Relationships and Related TransactionsNone
|-------- | --------------------------------------------------

|Item 14. | Controls and ProceduresNone
|-------- | ---------------------------

# PART IV

|Item 15. | Exhibits, Financial Schedules and Reports on Form 8-K
(a)    No accountant's report is required to be filed by the Trust.
(b)    Not Applicable
(c)    Not Applicable
|-------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

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# SIGNATURE

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/ Michael J. Martin
          Name:  Michael J. Martin
          Title:  Authorized Signature
| | --------------------------------------------------------------------------------------------------

|Dated:  March 31, 2003 | 
|---------------------- | 



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CERTIFICATION
COBALTS Trust for Sprint Capital Notes (the "Trust")

I, Michael J. Martin, the President
of Structured Obligations Corporation, the trustor of the above-referenced Trust, certify that:

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

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 information required to be
provided to the trustor by the trustee under each trust agreement, for inclusion in these
reports is included in these reports;

4.    I   am   responsible   for  reviewing  the  activities
performed by the trustor and each trustee  under each trust  agreement and based
on my  knowledge  and the annual  compliance  review  required  under each trust
agreement,  and except as disclosed in the reports,  the trustor and the trustee
have fulfilled their obligations, under each trust agreement.

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

| | By:/s/ Michael J. Martin
          Name:  Michael J. Martin
          Title:  President Structured Obligations Corporation
          Date: March 31, 2003
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------