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, 2005  OR  [   ]
        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 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
        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 RegisteredSelect Notes Trust Long Term Certificates, Series 2003-2
        American Stock ExchangeSecurities 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  X1
        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.        1Pursuant 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 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 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"). 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, and its respective Exchange Act file number.  Underlying Securities Issuer or Guarantor, or Successor thereto
        Commission File NumberCarnival Corporation
        001-09610Comcast Cable Holdings LLC (formerly Tele-Communications, Inc., into which TCI Communications, Inc. merged)
        000-50093Merck & Co., Inc.
        001-03305The Dow Chemical Company
        001-03433Hartford Life, Inc.
        001-12749General Motors Acceptance Corporation
        001-03754General Electric Capital Corporation
        001-06461Duke Energy Corporation
        001-04928Citigroup Inc.
        001-09924         PART I  Item 1.
        BusinessNot ApplicableItem 1A.
        Risk FactorsNot ApplicableItem 1B.
        Unresolved Staff CommentsNot ApplicableItem 2.
        PropertiesNot ApplicableItem 3.
        Legal ProceedingsThe Registrant is not subject to any material pending legal proceedings.Item 4.
        Submission of Matters To A Vote of Security HoldersNone PART II  Item 5.
        Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesThe 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 RegisteredSelect Notes Trust Long Term Certificates,Series 2003-2
        American Stock Exchange   Item 6.
        Selected Financial DataNot ApplicableItem 7.
        Managements Discussion and Analysis of Financial Condition and Results of OperationsNot ApplicableItem 7A.
        Quantitative and Qualitative Disclosures About Market RiskNot ApplicableItem 8.
        Financial Statements and Supplementary DataNone          Item 9.
        Changes In and Disagreements With Accountants on Accounting and Financial DisclosureNoneItem 9A.
        Controls and ProceduresNot ApplicableItem 9B.
        Other InformationNot Applicable  PART III   Item 10.
        Directors and Executive Officers of the RegistrantNoneItem 11.
        Executive CompensationNot ApplicableItem 12.
        Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersInformation required by Item 201(d) of Regulation S-X:  Not ApplicableInformation required by Item 403 of Regulation S-X:  NoneItem 13.
        Certain Relationships and Related TransactionsNoneItem 14.
        Principal Accountant Fees and ServicesNot 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 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 Select Notes Trust LT 2003-2 (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 18, 2005 and filed on January 25, 2005, (ii) the Trusts Current Report on Form 8-K for the distribution date occurring on February 15, 2005 and filed on March 1, 2005, (iii) the Trusts Current Report on Form 8-K for the distribution date occurring on March 15, 2005 and filed on March 30, 2005, (iv) the Trusts Current Report on Form 8-K for the distribution date occurring on April 15, 2005 and filed on April 29, 2005, (v) the Trusts Current Report on Form 8-K for the distribution date occurring on May 16, 2005 and filed on May 25, 2005, (vi) the Trusts Current Report on Form 8-K for the distribution date occurring on June 15,
2005 and filed on June 29, 2005, (vii) the Trusts Current Report on Form 8-K for the distribution      date occurring on July 15, 2005 and filed on July 27, 2005, (viii) the Trusts Current Report on Form 8-K for the distribution date occurring on August 15, 2005 and filed on August 30, 2005, (ix) the Trusts Current Report on Form 8-K for the distribution date occurring on September 15, 2005 and filed on September 29, 2005, (x) the Trusts Current Report on Form 8-K for the distribution date occurring on October 17, 2005 and filed on October 27, 2005, (xi) the Trusts Current Report on Form 8-K for the distribution date occurring on November 15, 2005 and filed on November 29, 2005, and (xii) the Trusts Current Report on Form 8-K for the distribution date occurring on December 15, 2005 and filed on December 30, 2005. (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 RegistrantBy:/s/ Chadwick S. ParsonName:  Chadwick S. ParsonTitle:    President   Dated:  March 30, 2006        Exhibit 31.1  CERTIFICATION  I, Chadwick S. Parson, certify that:  1.I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of the Select Notes Trust LT 2003-2;  2.Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;  3.Based on my knowledge, the distribution or servicing information required to be provided to the depositor by the trustee under the pooling and servicing, or similar, agreement, for inclusion in these reports is included in these reports;  4.I am responsible for reviewing the activities performed by the depositor and the trustee under the pooling and servicing, or similar, agreement and based upon my knowledge and the annual compliance review required under that agreement, and except as disclosed in the reports, the depositor and the trustee have each fulfilled its obligations under that agreement.  In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: U.S. Bank Trust National Association.   By:  /s/ Chadwick S. Parson--------------------------------Name:   Chadwick S. ParsonTitle:     PresidentStructured Obligations CorporationDate:  March 30, 2006         Exhibit 99.1  CERTIFICATION  The undersigned, being an officer of U.S. Bank Trust National Association, as trustee (the Trustee) of the Select Notes Trust LT 2003-2 (the Trust) hereby makes the following certifications for inclusion as an exhibit to the Trusts annual report on Form 10-K for the fiscal year ended December 31, 2005 (the Annual Report):  1.
        The Trustee is the trustee under the Trusts trust agreement.2.
        Based on my knowledge, for the period covered by the Annual Report, the Trustee has fulfilled its obligations under the Trusts trust agreement.    /s/ Beverly A. FreeneyName:   Beverly A. FreeneyTitle:     Vice PresidentDate:     March 30, 2006