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): August 15, 2003


                       Structured Obligations Corporation
                       ----------------------------------
             (Exact name of registrant as specified in its charter)


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


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Item 1. Changes in Control of Registrant.

        Not Applicable.

Item 2. Acquisition or Disposition of Assets.

        Not Applicable.

Item 3. Bankruptcy or Receivership.

        Not Applicable.

Item 4. Changes in Registrant's Certifying Accountant.

        Not Applicable.

Item 5. Other Events.

        Not Applicable.


Item 6. Resignations of Registrant's Directors.

        Not Applicable.

Item 7. Financial Statements, Pro-Forma Financial Information and Exhibits.

        (a)  Not Applicable.

        (b)  Not Applicable.

        (c)  Exhibits:

             1. Trustee's   Report   with   respect   to  the  August  15,  2003
                Distribution Date for the Select Notes Trust LT 2003-1

 Item 8.Change in Fiscal Year

        Not Applicable.

Item 9. Regulation FD Disclosure

        Not Applicable.


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                                   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 thereunto duly authorized.





                                            By:  /s/ Chadwick S. Parson
                                              ----------------------------------
                                              Name:  Chadwick S. Parson
                                              Title: Vice President








August 27, 2003



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EXHIBIT INDEX


Exhibit                                                                     Page
- -------                                                                     ----

   1        Trustee's Report with respect to the August 15, 2003             5
            Distribution Date for the Select Notes Trust LT 2003-1



                                       4



                                    Exhibit 1

To the Holders of:
Select Notes Trust LT 2003-2
Long Term Certificates  Series 2003-2
*CUSIP: 81619PAA5

U.S. Bank Trust National  Association,  as Trustee for the Select Notes Trust LT
2003-2  (the  "Trust"),  hereby  gives  notice with  respect to Interest  Period
commencing  on July 16, 2003 to and  including  August 15,  2003 (the  "Interest
Period")  in  respect of the August 15,  2003  Interest  Distribution  Date (the
"Interest Distribution Date") as follows:

1.   The amount of interest  received by the Trust during the Interest Period is
     as set forth  below (each  Certificate  holder's  pro rata  portion of this
     amount is the  amount to be  included  in such  Certificate  holder's  Form
     1099).
                                      $130,312.00

     a.   Per certificate  held amount of interest income to be included in Form
          1099  for the  year  ending  December  31,  2003 is set  forth  below.

                                       $2.492102

2.   The total of all interest  distributed  to  Certificate  holders during the
     Interest Period is set forth below.
                                       $263,750.00

3.   The amount of  advances  made to the Trustee on the  Interest  Distribution
     Date
                                       $133,438.00

     a    The date and amount of each unpaid advance is as set forth below.

                   Date                             Amount
               ---------                        ------------
              5/15/2003                          $367,451.39
              6/15/2003                           $99,947.92
              7/15/2003                          $180,632.00
              8/15/2003                          $133,438.00


4.   The total  amount of  advances  repaid to the  Advancing  Party  during the
     Interest Period is $0.00

5.   The net total of advances made during the Interest Period is $133,438.00

6.   The total  amount of interest  expense paid to the  Advancing  Party on the
     Interest Distribution Date is set forth below (each Certificate holders pro
     rata  portion of this  amount  should be  included  in a  footnote  to such
     Certificate   holder's  Form  1099   indicating  that  such  amount  should
     constitute  investment  indebtedness  interest,  which can be  deducted  by
     non-corporate  taxpayers  to the  extent  of such net  investment  income).

                                        $17,556.00

     a.   Per certificate held amount of interest expense to be included in Form
          1099 for the year ending December 31, 2003 is set forth below.

                                        $0.335743

7.   At the close of  business on the  Interest  Distribution  Date,  there were
     52,290 Certificates outstanding.

8.   Payments made on Underlying  Securities  during the Interest  period are as
     set forth below.




Payment Date   Description of Underlying Security                       Principal   Interest
- ------------   ----------------------------------                       ---------   --------
                                                                           
8/15/03        Duke Capital Corp. 6.75% Debentures                      $0.00       $130,312.00
               due February 15, 2032    $0.00



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.

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