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~~2025

☐	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 001-32012

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 2003-2	SXN.B	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 ☒
	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 ☐
	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 ☒¹No ☐

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 2003-2 by and between the Trustor and the Trustee, providing for the issuance of the Select Notes Trust Long Term Certificates Series 2003-2 (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
	Carnival Corporation	001-09610
	Merck & Co., Inc.	001-06571
	DuPont de Nemours, Inc.	001-38196
	The Hartford Insurance Group, Inc.	001-13958
	Ally Financial Inc.	001-03754
	General Electric Company (guarantor/obligor of the underlying securities issued by General Electric Capital Corporation)	001-00035
	Duke Energy Corporation	001-32853
	Citigroup Inc.	001-09924
	Macy's, Inc.	001-13536

PART I

Item 1.	Business
	Not Applicable

Item 1A.	Risk Factors
	Not Applicable

Item 1B.	Unresolved Staff Comments
	Not Applicable

Item 1C.	Cybersecurity
	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 2003-2 (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 2003-2	NYSE American


Item 6.	[Reserved]

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 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
	Not Applicable

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

PART IV

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 2003-21 (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 1615, ~~2024~~2025 and filed on January 2423, ~~2024~~2025, (ii) the Trust’s Current Report on Form 8-K for the distribution date occurring on February 1518, ~~2024~~2025 and filed on February 2827, ~~2024~~2025, (iii) the Trust’s Current Report on Form 8-K for the distribution date occurring on March 1517, ~~2024~~2025 and filed on March 2725, ~~2024~~2025, (iv) the Trust’s Current Report on Form 8-K for the distribution date occurring on April 15, ~~2024~~2025 and filed on April 2623, ~~2024~~2025, (v) the Trust’s Current Report on Form 8-K for the distribution date occurring on May 15, ~~2024~~2025 and filed on May 2422, ~~2024~~2025, (vi) the Trust’s Current Report on Form 8-K for the distribution date occurring on June 1716, ~~2024~~2025 and filed on June 2624, ~~2024~~2025, (vii) the Trust’s Current Report on Form 8-K for the distribution date occurring on July 15, ~~2024~~2025 and filed on July 2425, ~~2024~~2025, (viii) the Trust’s Current Report on Form 8-K for the distribution date occurring on August 15, ~~2024~~2025 and filed on August 2625, ~~2024~~2025, (ix) the Trust’s Current Report on Form 8-K for the distribution date occurring on September 1615, ~~2024~~2025 and filed on September 2522, ~~2024~~2025, (x) the Trust’s Current Report on Form 8-K for the distribution date occurring on October 15, ~~2024~~2025 and filed on October 2324, ~~2024~~2025, (xi) the Trust’s Current Report on Form 8-K for the distribution date occurring on November 1517, ~~2024~~2025 and filed on ~~November~~December 251, ~~2024~~2025, and (xii) the Trust’s Current Report on Form 8-K for the distribution date occurring on December 1615, ~~2024~~2025 and filed on on December 2329, ~~2024~~2025.

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
Dated: March 9, 2026

Filing Compare · STRUCTURED OBLIGATIONS CORP SELECT NOTES TRUST LT SER 2003-2