UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____
FORM 10‑K
(Mark One)
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
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For the fiscal year ended December 31, 2019
or
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
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For the transition period from ________ to ________
Commission File Number 001-31929
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.) |
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270 Park Avenue, New York, New York | 10013 |
(Address of principal executive offices) | (Zip Code) |
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Registrant’s telephone number, including area code: (212) 270-2353
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading
Symbol(s)
| Name of Each Exchange on Which Registered |
| | |
Select Notes Trust Long Term Certificates, Series 2003-5 | SXN.E | NYSE American
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Securities registered pursuant to Section 12(g) of the Act: None |
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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. |
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| Yes | ☐ | | No | ☒ | |
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Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. |
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| Yes | ☐ | | No | ☒ | |
Indicate by check mark whether the registrant: (1) has 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 file such reports), and (2) has been subject to such filing requirements for the past 90 days. |
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| Yes | ☒1 | | No | ☐ | |
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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). |
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| Yes | ☒ | No | ☐ |
| [Rule 405 of Regulation S-T is not applicable.] |
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “accelerated filer,” “large accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act. (check one): |
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Large accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer ☒ | Smaller reporting company ☐ |
Emerging growth company ☐ | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). |
| Yes | ☐ | | No | ☒ | |
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”.
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 2003-5 by and between the Trustor and the Trustee, providing for the issuance of the Select Notes Trust Long Term Certificates Series 2003-5 (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 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 that reports and its respective Exchange Act file number.
| Underlying Securities Issuer or Guarantor, or Successor thereto
| Commission File Number
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| DuPont de Nemours, Inc. | | |
| Verizon Communications Inc. (guarantor of the underlying securities issued by Verizon Global Funding Corp.)
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| Occidental Petroleum Corporation
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| General Electric Company (guarantor/obligor of the underlying securities issued by General Electric Capital Corporation)
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| Credit Suisse Group AG (guarantor of the underlying securities issued by Credit Suisse First Boston (USA), Inc.)
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| The Boeing Company
| 001-00442
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| The Goldman Sachs Group, Inc.
| 001-14965 | |
PART I
Item 1.
| Business
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| Not Applicable |
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Item 1A.
| Risk Factors
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| Not Applicable |
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Item 1B.
| Unresolved Staff Comments
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| Not Applicable |
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Item 2.
| Properties
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| Not Applicable |
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Item 3.
| Legal Proceedings
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| The Registrant is not subject to any material pending legal proceedings. |
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Item 4.
| Mine Safety Disclosures
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| None |
PART II
Item 5.
| Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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| The Certificates issued by and representing investors’ interest in the Select Notes Trust LT 2003-5 (the “Trust”) are represented by one or more physical Certificates registered in the name of “Cede & Co., the nominee of The Depository Trust Company. |
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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 2003-5 | NYSE American
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Item 6.
| Selected Financial Data
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| Not Applicable |
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Item 7.
| Management’s Discussion and Analysis of Financial Condition and Results of Operations
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| Not Applicable |
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Item 7A.
| Quantitative and Qualitative Disclosures About Market Risk
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| Not Applicable |
Item 8.
| Financial Statements and Supplementary Data
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| None |
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Item 9.
| Changes In and Disagreements With Accountants on Accounting and Financial Disclosure
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| None |
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Item 9A.
| Controls and Procedures.
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| Not Applicable |
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Item 9B.
| Other Information.
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| None. |
PART III
Item 10.
| Directors, Executive Officers and Corporate Governance
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| None. |
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Item 11.
| Executive Compensation
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| Not Applicable |
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Item 12.
| Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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| Information required by Item 201(d) of Regulation S-X: Not Applicable |
| Information required by Item 403 of Regulation S-X: None |
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Item 13.
| Certain Relationships and Related Transactions, and Director Independence
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| None. |
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Item 14.
| Principal Accounting Fees and Services
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| Not Applicable |
PART IV
Item 15.
| Exhibits, Financial Statement Schedules
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(a)
| The following documents have been filed as part of this Report. |
| 1. None |
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| 2. None |
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| 3. Exhibits: |
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| 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 2003-5 (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 15, 2019 and filed on January 23, 2019, (ii) the Trust’s Current Report on Form 8-K for the distribution date occurring on February 15, 2019 and filed on February 26, 2019, (iii) the Trust’s Current Report on Form 8-K for the distribution date occurring on March 15, 2019 and filed on March 26, 2019, (iv) the Trust’s Current Report on Form 8-K for the distribution date occurring on April 15, 2019 and filed on April 26, 2019, (v) the Trust’s Current Report on Form 8-K for the distribution date occurring on May 15, 2019 and filed on May 24, 2019, (vi) the Trust’s Current Report on Form 8-K for the distribution date occurring on June 17, 2019 and filed on June 27, 2019, (vii) the Trust’s Current Report on Form 8-K for the distribution date occurring on July 15, 2019 and filed on July 22, 2019, (viii) the Trust’s Current Report on Form 8-K for the distribution date occurring on August 15, 2019 and filed on August 27, 2019, (ix) the Trust’s Current Report on Form 8-K for the distribution date occurring on September 16, 2019 and filed on September 25, 2019, (x) the Trust’s Current Report on Form 8-K for the distribution date occurring on October 15, 2019 and filed on October 31, 2019, (xi) the Trust’s Current Report on Form 8-K for the distribution date occurring on November 15, 2019 and filed on November 26, 2019, and (xii) the Trust’s Current Report on Form 8-K for the distribution date occurring on December 16, 2019 and filed on December 23, 2019.
The Trust’s Current Report on Form 8-K relating to the full redemption of the E O P Notes that occurred on November 1, 2019 and the distribution of proceeds on November 22, 2019 was filed on November 27, 2019.
(c) See Item 15(a) above.
Item 16.
| Form 10-K Summary |
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| None. |
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 |
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| By: | /s/ James G. Millard
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| Name: | James G. Millard |
| Title: | President |
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Dated: March 23, 2020 | |