Structured Obligations Corp Trust Sprint Capital Cer 2002-1



 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

(Mark One)

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

 For the fiscal year ended December 31, 2007

 or

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

 For the transition period from ____ to ____

 Commission File Number 001-31295



 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 10017
(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 Name of Each Exchange on Which Registered

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


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 X

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 X

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 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. [ ]

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

Large accelerated filer ____ Accelerated filer ____ Non-accelerated filer X

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.

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 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.

Sprint Corporation (Commission File Number: 001-04721), the parent of Sprint Capital Corporation and
the guarantor of the underlying securities is subject to the information reporting requirements of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Reference is hereby made to the
periodic and current reports and other information filed by Sprint Corporation with the Securities
and Exchange Commission (the "Commission") pursuant to the Exchange Act. Periodic and current
reports and other information required to be filed pursuant to the Exchange Act by Sprint Corporation
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 by Sprint Corporation. Neither the Trustor 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 Trustor nor the Trustee
has verified the accuracy or completeness of such documents or reports. There can be no assurance
that events affecting Sprint Corporation or Sprint Capital Corporation, or the underlying securities
have not occurred or have not yet been publicly disclosed which would affect the accuracy or
completeness of the publicly available documents described above.

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. Submission of Matters To A Vote of Security Holders
 None




 PART II



Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer


 Purchase of Equity Securities
 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 New York Stock Exchange
Series Sprint Capital Certificates, Series 2002-1






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
 Not Applicable





 PART III




Item 10. Directors and Executive Officers of the Registrant
 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
 None




Item 14. Principal Accountant Fees and Services
 Not Applicable





 PART IV



Item 15. Exhibits, Financial Schedules

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

 3. Exhibits:

 31.1 - Certification by the Vice 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.

 (b) The Form 8-Ks of the COBALTS Trust for Sprint Capital Notes (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 May 15, 2007 and filed on May 30, 2007 and (ii) the Trust's Current
Report on Form 8-K for the distribution date occurring on November 15, 2007 and filed on November 19,
2007.

 (c) See Item 15(a) above.

 (d) Not Applicable.



 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/ Kelly Absher     
 Name: Kelly Absher
 Title: Vice President


Dated: March 28, 2008

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