SELECT NOTES TRUST LT 2003-5 10K

 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

 For the fiscal year ended December 31, 2024

 or

 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)

 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

 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

 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

 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 1

 No

 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).

 Yes

 No

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

 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):

 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.

 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting
 under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the
 correction of an error to previously issued financial statements.

 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
 executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 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 Trust Company, 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 " 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

 DuPont de Nemours, Inc.

 001-38196

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

 001-08606

 Occidental Petroleum Corporation

 001-09210

 General Electric Company (guarantor/obligor of the underlying securities issued by General Electric Capital Corporation)

 001-00035

 UBS Group AG

 1-36764

 The Boeing Company

 001-00442

 The Goldman Sachs Group, Inc.

 001-14965

 Item 1.

 Business

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 The Registrant is not subject to any material pending legal proceedings.

 Item 4.

 Mine Safety Disclosures

 None

 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

 NYSE American

 Item 6.

 [Reserved]

 Item 7.

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A.

 Quantitative and Qualitative Disclosures About Market Risk

 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.

 Item 9B.

 Other Information.

 None.

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

 Item 10.

 Directors, Executive Officers and Corporate Governance

 None.

 Item 11.

 Executive Compensation

 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

 Item 15.

 Exhibits and 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

 (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 16, 2024 and filed on January 24, 2024, (ii) the Trust's Current Report on Form 8-K for the distribution date occurring on February 15, 2024 and filed on February 28, 2024, (iii) the Trust's Current Report
 on Form 8-K for the distribution date occurring on March 15, 2024 and filed on March 27, 2024, (iv) the Trust's Current Report on Form 8-K for the distribution date occurring on April 15, 2024 and filed on April 26, 2024, (v) the Trust's Current
 Report on Form 8-K for the distribution date occurring on May 15, 2024 and filed on May 24, 2024, (vi) the Trust's Current Report on Form 8-K for the distribution date occurring on June 17, 2024 and filed on June 26, 2024, (vii) the Trust's Current
 Report on Form 8-K for the distribution date occurring on July 15, 2024 and filed on July 24, 2024, (viii) the Trust's Current Report on Form 8-K for the distribution date occurring on August 15, 2024 and filed on August 26, 2024, (ix) the Trust's
 Current Report on Form 8-K for the distribution date occurring on September 16, 2024 and filed on September 25, 2024, (x) the Trust's Current Report on Form 8-K for the distribution date occurring on October 15, 2024 and filed on October 23, 2024,
 (xi) the Trust's Current Report on Form 8-K for the distribution date occurring on November 15, 2024 and filed on November 25, 2024, and (xii) the Trust's Current Report on Form 8-K for the distribution date occurring on December 16, 2024 and filed
 on December 23, 2024.

 (c) See Item 15(a) above.

 Item 16.

 Form 10-K Summary

 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

 By:

 /s/ James G. Millard

 Name:

 James G. Millard

 Title:

 President

 Dated: March 24, 2025


SELECT NOTES TRUST LT 2004-1 10K

 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

 For the fiscal year ended December 31, 2024

 or

 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 001-32226

 STRUCTURED OBLIGATIONS CORPORATION,

 (Exact name of registrant as specified in its charter)

 Delaware

 20-6193036

 (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)

 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 2004-1

 SXN.F

 NYSE American

 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

 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

 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 1

 No

 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).

 Yes

 No

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

 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):

 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.

 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting
 under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the
 correction of an error to previously issued financial statements.

 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's
 executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 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 Trust Company, National Association, as Trustee (the "Trustee"),
 as supplemented by the Select Notes Trust Supplement LT 2004-1 by and between the Trustor and the Trustee, providing for the issuance of the Select Notes Trust Long Term Certificates Series 2004-1 (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 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 " 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

 Exchange Act File Number

 Lumen Technologies, Inc.

 001-07784

 AT&T Inc. (successor by merger to Time Warner Inc.)

 001-08610

 General Electric Company (guarantor/obligor of the underlying securities issued by General Electric Capital Corporation)

 001-00035

 UBS Group AG

 1-36764

 The Boeing Company

 001-00442

 Citigroup Inc.

 001-09924

 United States Cellular Corporation

 001-09712

 Pfizer Inc.

 001-03619

 Item 1.

 Business

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 The Registrant is not subject to any material pending legal proceedings.

 Item 4.

 Mine Safety Disclosures

 None

 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 2004-1 (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 2004-1

 NYSE American

 Item 6.

 [Reserved]

 Item 7.

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A.

 Quantitative and Qualitative Disclosures About Market Risk

 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.

 Item 9B.

 Other Information.

 None.

 Item 9C.

 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

 Item 10.

 Directors, Executive Officers and Corporate Governance

 None.

 Item 11.

 Executive Compensation

 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

 Item 15.

 Exhibits and 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

 (b) The Form 8-Ks of the Select Notes Trust LT 2004-1 (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 2, 2024 and filed on January 5, 2024 (ii) the Trust's Current Report on Form 8-K for the distribution date occurring on February 1, 2024 and filed on February 9, 2024 (iii) the Trust's Current Report on
 Form 8-K for the distribution date occurring on March 1, 2024 and filed on March 12, 2024 (iv) the Trust's Current Report on Form 8-K for the distribution date occurring on April 1, 2024 and filed on April 10, 2024, (v) the Trust's Current Report on
 Form 8-K for the distribution date occurring on May 1, 2024 and filed on May 14, 2024 (vi) the Trust's Current Report on Form 8-K for the distribution date occurring on June 3, 2024 and filed on June 11, 2024 (vii) the Trust's Current Report on Form
 8-K for the distribution date occurring on July 1, 2024 and filed on July 10, 2024 (viii) the Trust's Current Report on Form 8-K for the distribution date occurring on August 1, 2024 and filed on August 12, 2024 (ix) the Trust's Current Report on
 Form 8-K for the distribution date occurring on September 3, 2024 and filed on September 9, 2024, (x) the Trust's Current Report on Form 8-K for the distribution date occurring on October 1, 2024 and filed on October 8, 2024 (xi) the Trust's Current
 Report on Form 8-K for the distribution date occurring on November 1, 2024 and filed on November 13, 2024, and (xii) the Trust's Current Report on Form 8-K for the distribution date occurring on December 2, 2024 and filed on December 9, 2024.

 (c) See Item 15(a) above.

 Item 16.

 Form 10-K Summary

 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

 By:

 /s/ James G. Millard

 Name:

 James G. Millard

 Title:

 President

 Dated: March 24, 2025