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): ~~November~~May 1617, ~~2009~~2010

Structured Obligations Corporation

(Exact name of registrant as specified in its charter)

Delaware	001-32042	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.

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.

This current report on Form 8-K relates to a distribution made to holders of the Certificates issued by the COBALTS Trust for Sprint Capital Notes.

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.

Section 9- Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

1. Trustee's Report with respect to the ~~November~~May 1617, ~~2009~~2010 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/ Chadwick S. Parson ________________________________ Name: Chadwick S. Parson Title: Managing Director and President

~~________________________________~~May 17, 2010

~~Name: Chadwick S. Parson~~3

~~Title:~~EXHIBIT ~~Authorized Signatory~~INDEX

November 16, 2009

Exhibit		Page
1	Trustee's Report with respect to the May 17, 2010 Distribution Date for the COBALTS Trust for Sprint Capital Notes	5

3 4

~~EXHIBIT INDEX~~Exhibit 1

Exhibit		Page
1	Trustee's Report with respect to the November 16, 2009 Distribution Date for the COBALTS Trust for Sprint Capital Notes	5

To the Holders of:

4 COBALTS Trust for Sprint Capital Notes

~~Exhibit~~8.125% Corporate Backed Listed Trust Securities ("COBALTS") Trust Series Sprint Capital Certificates, Series 2002-1

~~To the Holders of~~*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 17, 2010 (the "Distribution Date") as follows:

81.~~125%~~ ~~Corporate~~The ~~Backed~~amount ~~Listed~~of ~~Trust~~the ~~Securities~~distribution ~~("COBALTS")~~payable ~~Trust~~to ~~Series~~the ~~Sprint~~Certificateholders ~~Capital~~on ~~Certificates~~the Distribution Date allocable to principal and premium, ~~Series~~if ~~2002-1~~any, and interest, expressed as a dollar amount per $25 Certificate, is as set forth below:

*CUSIP: 19074V102

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

U2.S. ~~Bank~~The ~~Trust~~amount ~~National~~of ~~Association,~~aggregate asinterest ~~Trustee~~due ~~for~~and ~~the~~not ~~COBALTS~~paid ~~Trust~~as ~~for Sprint Capital Notes, hereby gives notice with respect to the Distribution Date~~ of ~~November 16, 2009 (~~the "Distribution Date") asis ~~follows:~~$0.000000.

13. ~~The~~No ~~amount~~fees ofhave ~~the~~been ~~distribution~~paid ~~payable~~ to the ~~Certificateholders~~Trustee onor ~~the Distribution Date allocable to principal and premium, if~~ any, ~~and~~other ~~interest,~~party ~~expressed~~from asthe aproceeds ~~dollar~~of ~~amount~~the ~~per~~Term ~~$25 Certificate, is as set forth below:~~Assets.

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

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.

25. ~~The~~At ~~amount~~the close of ~~aggregate~~business ~~interest~~on ~~due~~the ~~and~~Distribution ~~not~~Date, ~~paid~~1,000,000 asCertificates ofrepresenting ~~the~~$25,000,000 ~~Distribution~~Aggregate ~~Date~~Principal isAmount $0were outstanding.~~000000.~~

36. NoThe ~~fees~~current ~~have~~rating ~~been~~of ~~paid~~the toTerm ~~the~~Assets ~~Trustee~~is ornot ~~any~~provided ~~other~~in ~~party~~this report. Ratings can be obtained from ~~the~~Standard ~~proceeds~~& Poor's Ratings Services, a division of ~~the~~The ~~Term~~McGraw-Hill ~~Assets~~Companies, Inc., by calling 212-438-2400 and from Moody's Investors Service, Inc. by calling 212-553-0377.

4U. ~~$29,686,000 aggregate principal amount Sprint Capital Corporation 6~~S.~~875%~~ ~~Notes~~Bank ~~due~~Trust ~~November~~National 15Association, ~~2028~~as ~~(the "Term Assets") are held for the above trust.~~Trustee

5.*The AtTrustee shall not be held responsible for the ~~close~~selection ofor ~~business~~use onof the ~~Distribution~~CUSIP ~~Date,~~number ~~1,000,000~~nor ~~Certificates~~is ~~representing~~any ~~$25,000,000~~representation ~~Aggregate~~made ~~Principal~~as ~~Amount~~to ~~were~~its ~~outstanding~~correctness. It is included solely for the convenience of the Holders.

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 212-553-0377.5

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