UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~October~~May 3015, ~~2007~~2008

Structured Obligations Corporation

(Exact name of registrant as specified in its charter)

Delaware	333-67188	13-3741177
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification Number)

270 Park Avenue, New York, New York	10013
(Address of principal executive offices)	(Zip Code)
Registrant's telephone number including area code	(212) 834-6000.

270 Park Avenue, New York, New York 10013

(Address of principal executive offices) (Zip Code)

Registrant's telephone number including area code (212) 834-6000.

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))

Section 8 - Other Events

Item 8.01 Other Events.

~~Structured~~This ~~Obligations~~current ~~Corporation.,~~report ~~the~~on ~~registrant~~Form ~~hereunder,~~8-K ~~acts~~relates as depositor of the COBALTS Trust For Sprint Capital Notes (the "Trust"). The sole assets of the Trust are $29,686,000 principal amount of 6.875% Notes due November 15, 2028 (the "Underlying Securities") issued by Sprint Capital Corporation. Pursuant to the trust agreement governing the Trust, the Trust has issued 1,000,000 Corporate Backed Listed Trust Securities (the “Certificates”). Pursuant to the trust agreement governing the Trust and the Warrant Agent Agreement, the Trust has issued 29,686 Warrants (the "Call Warrants"). U.S. Bank Trust National Association, in its capacity as Warrant Agent, has received a ~~notice~~distribution ~~from~~made ~~the holder of the Call Warrants of its intent~~ to ~~exercise~~holders ~~29,686 Call Warrants to purchase the Underlying Securities in full on November 15, 2007. The exercise~~ of the Call Warrants is conditional upon receipt by the Trustee of the Warrant Exercise Purchase Price by 11:00 a.m. (New York City time) with respect to such exercise on the Exercise Date. As a result, if the Trustee receives the Warrant Exercise Purchase Price, the Certificates will be redeemed in full on November 15, 2007 (the “Redemption Date”) at a price of $25 per Certificate. Interest will be paid on the Redemption Date in the usual manner. No interest will accrue on the Certificates after the Redemption Date. Any capitalized terms used herein and not otherwise defined herein have the definition given to them in the documents pursuant to which the Trust is governed.

2Certificates issued by the COBALTS Trust for Sprint Capital Notes.

~~SIGNATURES~~Each issuer of an underlying security, or guarantor thereof, or successor thereto, as applicable, which represents ten percent (10%) or more of the aggregate principal amount of all securities held by the trust is subject to the information reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Periodic reports and other information required to be filed pursuant to the Exchange Act, by an issuer of an underlying security, or guarantor thereof, or successor thereto, as applicable, may be inspected and copied at the public reference facilities maintained by the Securities and Exchange Commission (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. Neither Structured Obligations Corporation 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 Structured Obligations Corporation nor the trustee has verified the accuracy or completeness of such documents or reports. There can be no assurance that events affecting an issuer of an underlying security, or guarantor thereof, or successor thereto, as applicable, or an underlying security have not occurred or have not yet been publicly disclosed which would affect the accuracy or completeness of the publicly available documents described above.

~~Pursuant~~Section to9- ~~the~~Financial ~~requirements~~Statements ofand ~~the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.~~ Exhibits

~~By:~~Item ~~/s/ Chadwick S~~9.01 ~~Parson~~Financial ~~Name:~~Statements ~~Chadwick~~and SExhibits. ~~Parson Title: President~~

October 30, 2007

(c)	Exhibits:

	1.	Trustee's Report with respect to the May 15, 2008
		Distribution Date for the COBALTS Trust for Sprint
		Capital Notes

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

By:/s/ Kelly Absher

________________________________

Name: Kelly Absher

Title: Authorized Signatory

May 15, 2007

EXHIBIT INDEX

Exhibit		Page
1	Trustee's Report with respect to the May 15, 2008 Distribution Date for the COBALTS Trust for Sprint Capital Notes	5

Exhibit

To the Holders of:
COBALTS Trust for Sprint Capital Notes
8.125% Corporate Backed Listed Trust Securities ("COBALTS") Trust Series Sprint Capital Certificates, Series 2002-1
*CUSIP:	19074V102

U.S. Bank Trust National Association, as Trustee for the COBALTS Trust for Sprint Capital Notes, hereby gives notice with respect to the Distribution Date of May 15, 2008 (the "Distribution Date") as follows:

1.	The amount of the distribution payable to the Certificateholders on the Distribution Date allocable to principal and premium, if any, and interest, expressed as a dollar amount per $25 Certificate, is as set forth below:

Principal		Interest		Additional Distribution		Total Distribution
$	0.000000	$	1.015625	$	0.004831		$	1.020456

2.	The amount of aggregate interest due and not paid as of the Distribution Date is $0.000000.

3.	No fees have been paid to the Trustee or any other party from the proceeds of the Term Assets.

4.	$29,686,000 aggregate principal amount Sprint Capital Corporation 6.875% Notes due November 15, 2028 (the "Term Assets") are held for the above trust.

5.	At the close of business on the Distribution Date, 1,000,000 Certificates representing $25,000,000 Aggregate Principal Amount were outstanding.

6.	The current rating of the Term Assets is not provided in this report. Ratings can be obtained from Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., by calling 212-438-2400 and from Moody's Investors Service, Inc. by calling 212-553-0377.

U.S. Bank Trust National Association, as Trustee

*The Trustee shall not be held responsible for the selection or use of the CUSIP number nor is any representation made as to its correctness. It is included solely for the convenience of the Holders.

Filing Compare · STRUCTURED OBLIGATIONS CORP TRUST SPRINT CAPITAL CER 2002-1