`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, 2006

                                                    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 001-32012

                                   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 Registered

Select Notes Trust Long Term Certificates, Series 2003-2              American Stock Exchange

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 __


_________________________
(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".`

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`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.`

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`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           Commission File Number
                          thereto
_______________________________________________________________________________________________
                   Carnival Corporation                                  001-09610
_______________________________________________________________________________________________
 Comcast Cable Holdings LLC (formerly Tele-Communications,               000-50093
     Inc., into which TCI Communications, Inc. merged)
_______________________________________________________________________________________________
                     Merck & Co., Inc.                                   001-03305
_______________________________________________________________________________________________
                 The Dow Chemical Company                                001-03433
_______________________________________________________________________________________________
           General Motors Acceptance Corporation                         001-03754
_______________________________________________________________________________________________
           General Electric Capital Corporation                          001-06461
_______________________________________________________________________________________________
                  Duke Energy Corporation                                001-04928
_______________________________________________________________________________________________
                      Citigroup Inc.                                     001-09924
_______________________________________________________________________________________________
             The May Department Stores Company                           333-42940
_______________________________________________________________________________________________`

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`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
                  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              American Stock Exchange


Item 6.           Selected Financial Data
                  Not Applicable


Item 7.           Management's Discussion and Analysis of Financial Condition and Results of Operations
                  Not Applicable`

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`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  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.`

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`(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 17, 2006 and filed on February  2, 2006,  (ii) the Trust's  Current  Report on
Form 8-K for the  distribution  date occurring on February 15, 2006 and filed on February 22, 2006,  (iii)
the Trust's  Current  Report on Form 8-K for the  distribution  date occurring on March 15, 2006 and filed
on March 30, 2006,  (iv) the Trust's  Current  Report on Form 8-K for the  distribution  date occurring on
April 17, 2006 and filed on May 3, 2006, (v) the Trust's  Current Report on Form 8-K for the  distribution
date  occurring on May 15, 2006 and filed on May 30,  2006,  (vi) the Trust's  Current  Report on Form 8-K
for the  distribution  date  occurring  on June 15,  2006 and filed on June 30,  2006,  (vii) the  Trust's
Current  Report on Form 8-K for the  distribution  date  occurring  on July 17, 2006 and filed on July 17,
2006,  (viii) the Trust's  Current  Report on Form 8-K for the  distribution  date occurring on August 15,
2006 and filed on August 15, 2006, (ix) the Trust's Current Report on Form 8-K for the  distribution  date
occurring on September 15, 2006 and filed on September 19, 2006,  (x) the Trust's  Current  Report on Form
8-K for the  distribution  date  occurring  on October 16, 2006 and filed on October  17,  2006,  (xi) the
Trust's Current Report on Form 8-K for the  distribution  date occurring on November 15, 2006 and filed on
November 16, 2006, and (xii) the Trust's  Current Report on Form 8-K for the  distribution  date occurring
on December 15, 2006 and filed on December 20, 2006.

           (c)  See Item 15(a) above.

           (d)  Not Applicable.`

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`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: Authorized Signatory


Dated:  March 28, 2007`

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``