UNITED STATES

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

10-K



(Mark One)

[X]          ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934


ýANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2011

2013

or

[   ]          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITES AND EXCHANGE ACT OF 1934


¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

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.)

270 Park Avenue, New York, New York

10013

(Address of principal executive offices)

(Zip code)

Code)

Registrant's

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 2003-5

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

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.

No

Yes

X

¨		Noý
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¨Noý

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.




1




Yes

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.

__

Yes

ý1

No

No

¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
YesýNo¨
[Rule 405 of Regulation S-T is not applicable.]
XIndicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) 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.  ý

[Item 405 of Regulation S-K is not applicable.]
Indicate by check mark whether the registrant is large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definition of “accelerated filer, large accelerated filer and smaller reporting company” in Rule 12b-2 of the Exchange Act. (check one):
Large accelerated filer  ¨
Accelerated filer  ¨
Non-accelerated filer  ý
Smaller reporting company  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes¨Noý


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 whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted 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 and post such files).

Yes

   X  

No

[Rule 405 of Regulation S-T is not applicable.]

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. [ X]

[Item 405 of Regulation S-K is not applicable.]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of “accelerated filer, large accelerated filer and smaller reporting company” in Rule 12b-2 of the Exchange Act. (check one)

Large accelerated filer ____ Accelerated filer ____ Non-accelerated filer __X__ Smaller reporting company ____

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.

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]1Pursuant to staff administrative positions established in the no-action letterCorporateletter Corporate Asset Backed CorporationCorporation (“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”.


2
��


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

The Dow Chemical Company

001-03433

Verizon Communications Inc. (guarantor of the underlying securities issued by Verizon Global Funding Corp.)

001-08606

Anadarko Petroleum Corporation

001-8968

General Electric Capital Corporation

001-06461

Credit Suisse Group AG (guarantor of the underlying securities issued by Credit Suisse First Boston (USA), Inc.)

001-15244

The Boeing Company

001-00442

The Goldman Sachs Group, Inc.

001-14965




3

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.Mine Safety Disclosures
None

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.Mine Safety Disclosures.

None




PART II

Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

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. 


Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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.
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

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

                        None

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


4



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.
None.

PART III

Item 10.Directors, Executive Officers and Corporate Governance

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,and Director Independence.

None

Item 14.Principal Accounting Fees and Services

Not Applicable

Item 10.Directors, Executive Officers and Corporate Governance
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, and Director Independence
None.
Item 14.Principal Accounting Fees and Services
Not Applicable

PART IV

Item 15.Exhibits, Financial Statement Schedules


Item 15.Exhibits, Financial Statement Schedules

       (a)The following documents have been filed as part of this Report.

                     1. None

2. None

                     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.

99.2 – Report of RubinBrown LLP


1.  None
2.  None
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.
99.2 – Report of RubinBrown LLP




5





       (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 18, 201115, 2013 and filed on January 20, 2011,22, 2013, (ii) the Trust’s Current Report on Form 8-K for the distribution date occurring on February 15, 20112013 and filed on February 23, 2011,21, 2013, (iii) the Trust’s Current Report on Form 8-K for the distribution date occurring on March 15, 20112013 and filed on March 23, 2011,22, 2013, (iv) the Trust’s Current Report on Form 8-K for the distribution date occurring on April 15, 20112013 and filed on April 28, 2011,17, 2013, (v) the Trust’s Current Report on Form 8-K for the distribution date occurring on May 16, 201115, 2013 and filed on May 20, 2011,2013, (vi) the Trust’s Current Report on Form 8-K for the distribution date occurring on June 15, 201117, 2013 and filed on June 22, 2011,21, 2013, (vii) the Trust’s Current Report on Form 8-K for the distribution date occurring on July 15, 20112013 and filed on July 26, 2011,24, 2013, (viii) the Trust’s Current Report on Form 8-K for the distribution date occurring on August 15, 20112013 and filed on August 24, 2011,21, 2013, (ix) the Trust’s Current Report on Form 8-K for the distribution date occurring on September 15, 201116, 2013 and filed on September 20, 2011,2013, (x) the Trust’s Current Report on Form 8-K for the distribution date occurring on October 17, 201115, 2013 and filed on October 25, 2011,22, 2013, (xi) the Trust’s Current Report on Form 8-K for the distribution date occurring on November 15, 20112013 and filed on November 17, 2011,25, 2013, and (xii) the Trust’s Current Report on Form 8-K for the distribution date occurring on December 15, 201116, 2013 and filed on December 28, 2011.19, 2013.


       (c)  None



6


SIGNATURES

SIGNATURES

       Pursuant to the requirements of Section 13 or 15(d)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:     Managing Director and President

(senior officer in charge of securitization
function of the Depositor)

Dated:  March 13, 2012




STRUCTURED OBLIGATIONS CORPORATION,
as trustor for the Trust Registrant
By: /s/ Chadwick S. Parson                                               
Name:Chadwick S. Parson
Title:Managing Director and President
(senior officer in charge of securitization function of the Depositor)
Dated:  March 12, 2014
7