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UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
Washington,\ue000 D.C.\ue000 20549
FORM\ue000 8-K
CURRENT\ue000 REPORT
Pursuant\ue000 to\ue000 Section\ue000 13\ue000 OR\ue000 15(d)\ue000 of\ue000 The\ue000 Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934
Date\ue000 of\ue000 Report\ue000 (Date\ue000 of\ue000 earliest\ue000 event\ue000 reported)\ue000 February\ue000 17,\ue000 2009
MS\ue000 Structured\ue000 Asset\ue000 Corp.\ue000 (Issuer\ue000 in\ue000 Respect\ue000 of\ue000 Saturns\ue000 Trust\ue000 No.\ue000 2003-11)
(Exact\ue000 name\ue000 of\ue000 registrant\ue000 as\ue000 specified\ue000 in\ue000 its\ue000 charter)
Delaware
(State\ue000 or\ue000 other
jurisdiction
of\ue000 incorporation)
001-16443
(Commission
File\ue000 Number)
13-4026700
(IRS\ue000 Employer
Identification\ue000 No.)
1585\ue000 Broadway,\ue000 New\ue000 York,\ue000 New\ue000 York
(Address\ue000 of\ue000 principal\ue000 executive\ue000 offices)
10036
(Zip\ue000 Code)

Registrant's\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code\ue000 212-761-2520
(Former\ue000 name\ue000 or\ue000 former\ue000 address,\ue000 if\ue000 changed\ue000 since\ue000 last\ue000 report.)
Check\ue000 the\ue000 appropriate\ue000 box\ue000 below\ue000 if\ue000 the\ue000 Form\ue000 8-K\ue000 filing\ue000 is\ue000 intended\ue000 to\ue000 simultaneously\ue000 satisfy\ue000 the\ue000 filing\ue000 obligation\ue000 of\ue000 the\ue000 registrant\ue000 under\ue000 any\ue000 of

the\ue000 following\ue000 provisions\ue000 (see\ue000 General\ue000 Instruction\ue000 A.2.\ue000 below):
[\ue000 ]\ue000 Written\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 425\ue000 under\ue000 the\ue000 Securities\ue000 Act\ue000 (17\ue000 CFR\ue000 230.425)
[\ue000 ]\ue000 Soliciting\ue000 material\ue000 pursuant\ue000 to\ue000 Rule\ue000 14a-12\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.14a-12)
[\ue000 ]\ue000 Pre-commencement\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 14d-2(b)\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.14d-2(b))
[\ue000 ]\ue000 Pre-commencement\ue000 communications\ue000 pursuant\ue000 to\ue000 Rule\ue000 13e-4(c)\ue000 under\ue000 the\ue000 Exchange\ue000 Act\ue000 (17\ue000 CFR\ue000 240.13e-4(c))

\ue000
Section\ue000 8\ue000 -\ue000 Other\ue000 Events
Item\ue000 8.01.\ue000 Other\ue000 Events.
This\ue000 current\ue000 report\ue000 on\ue000 Form\ue000 8-K\ue000 relates\ue000 to\ue000 the\ue000 semi\ue000 annual\ue000 distribution\ue000 reported\ue000 to\ue000 the\ue000 holders\ue000 of\ue000 SATURNS\ue000 Trust\ue000 No.\ue000 2003-11,\ue000 which\ue000 was
made\ue000 on\ue000 February\ue000 17,\ue000 2009.
Section\ue000 9\ue000 -\ue000 Financial\ue000 Statements\ue000 and\ue000 Exhibits
Item\ue000 9.01\ue000 Financial\ue000 Statements\ue000 and\ue000 Exhibits.
(c)\ue000 Exhibits
(Exhibit\ue000 No.\ue000 Description)
99.1\ue000 Semi-Annual\ue000 distribution\ue000 report\ue000 pursuant\ue000 to\ue000 the\ue000 Trust\ue000 Agreement\ue000 for\ue000 the\ue000 distribution\ue000 on\ue000 February\ue000 17,\ue000 2009.
\ue000
SIGNATURES
Pursuant\ue000 to\ue000 the\ue000 requirements\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934,\ue000 the\ue000 registrant\ue000 has\ue000 duly\ue000 caused\ue000 this\ue000 report\ue000 to\ue000 be\ue000 signed\ue000 on\ue000 its\ue000 behalf\ue000 by
the\ue000 undersigned\ue000 hereunto\ue000 duly\ue000 authorized.
LASALLE\ue000 BANK\ue000 NATIONAL\ue000 ASSOCIATION,\ue000 IN\ue000 ITS\ue000 CAPACITY\ue000 AS\ue000 TRUSTEE\ue000 UNDER\ue000 THE\ue000 TRUST\ue000 AGREEMENT\ue000 ON\ue000 BEHALF\ue000 OF\ue000 MS
STRUCTURED\ue000 ASSET\ue000 CORP.,\ue000 REGISTRANT
Processed and formatted by SEC Watch - Visit SECWatch.com
By:\ue000 /s/\ue000 Barbara\ue000 L.\ue000 Marik
Barbara\ue000 L.\ue000 Marik
Senior\ue000 Vice\ue000 President
Date:\ue000 February\ue000 20,\ue000 2009
Structured\ue000 Asset\ue000 Trust\ue000 Unit\ue000 Repackagings\ue000 (SATURNS)
Goldman\ue000 Sachs\ue000 Group,\ue000 Inc.\ue000 Debenture\ue000 Backed
Series\ue000 2003-11
Reporting\ue000 Package\ue000 Table\ue000 of\ue000 Contents
Payment\ue000 Date:
Prior\ue000 Payment:
Next\ue000 Payment:
Record\ue000 Date:

17-Feb-
17-Feb-
15-Aug-

17-Aug-
11-Feb-
Administrator:
Chris\ue000 Nuxoll\ue000 312.904.1023
christopher.nuxoll@lasallegts.com
Analyst:
Mohammed\ue000 Khan\ue000 714.259.6869
Mohammed.Ali.Khan@LaSalleGTS.com
Statement\ue000 Date:
135\ue000 S.\ue000 LaSalle\ue000 Street,\ue000 Suite\ue000 1625
Chicago,\ue000 IL\ue000 60603
USA
Statements\ue000 to\ue000 Certificateholders

Cash\ue000 Reconciliation\ue000 Summary
Bond\ue000 Interest\ue000 Reconciliation
Other\ue000 Related\ue000 Information
Other\ue000 Related\ue000 Information

Rating\ue000 Information
Realized\ue000 Loss\ue000 Detail
Page\ue000 2

Page\ue000 3 Page\ue000 4 Page\ue000 5 Page\ue000 6

Page\ue000 7
Page\ue000 8
Page(s)
Information\ue000 is\ue000 available\ue000 for\ue000 this\ue000 issue\ue000 from\ue000 the\ue000 following\ue000 sources
Issue\ue000 Id:
Monthly\ue000 Data\ue000 File
Name:
SAT00311
SAT00311_200902_3.ZIP
Closing\ue000 Date:
First\ue000 Payment\ue000 Date:
Rated\ue000 Final\ue000 Payment:\ue000 Date:
31-Jul-03
15-Aug-03
15-Feb-33
Parties\ue000 to\ue000 The\ue000 Transaction
Depositor:\ue000 MS\ue000 Structured\ue000 Asset\ue000 Corp
Underwriter:\ue000 Morgan\ue000 Stanley\ue000 Capital\ue000 Services,\ue000 Inc
Rating\ue000 Agency:\ue000 Moody's\ue000 Investors\ue000 Service,\ue000 Inc./Standard\ue000 &\ue000 Poor's,\ue000 Inc.
800.246.5761
LaSalle\ue000 Global\ue000 Trust\ue000 Services\ue000 Factor\ue000 Line
LaSalle\ue000 Global\ue000 Trust\ue000 Services\ue000 Web\ue000 Site
www.etrustee.net
Page\ue000 1\ue000 of\ue000
11-Feb-2009\ue000 -\ue000 10:36\ue000 (N092-N094)\ue000 (c)\ue000 2009\ue000 Bank\ue000 Of\ue000 America\ue000 Corporation
Class
Original
Opening
Principal
Principal
Negative
Closing
Interest
Interest
Pass-Through
WAC:
WAMM:
Payment\ue000 Date:
Prior\ue000 Payment:
Next\ue000 Payment:
Record\ue000 Date:
36.612480%
17-Feb-
17-Feb-
15-Aug-
17-Aug-
11-Feb-
Structured\ue000 Asset\ue000 Trust\ue000 Unit\ue000 Repackagings\ue000 (SATURNS)
Goldman\ue000 Sachs\ue000 Group,\ue000 Inc.\ue000 Debenture\ue000 Backed
Series\ue000 2003-11
Face\ue000 Value\ue000 (1)
Balance
Payment
Adj.\ue000 or\ue000 Loss
Amortization
Balance
Payment\ue000 (2)
Adjustment
Rate
576
Grantor\ue000 Trust
Statement\ue000 Date:
Processed and formatted by SEC Watch - Visit SECWatch.com
Class
CUSIP
Original
Opening
Principal
Principal
Negative
Closing
Interest
Interest
Pass-Through
Per\ue000 $\ue000 1000
Per\ue000 $\ue000 1000
Per\ue000 $\ue000 1000
Per\ue000 $\ue000 1000
Per\ue000 $\ue000 1000
Per\ue000 $\ue000 1000
Per\ue000 $\ue000 1000
Next\ue000 Rate(3)
Face\ue000 Value\ue000 (1)
Balance
Payment
Adj.\ue000 or\ue000 Loss
Amortization
Balance
Payment\ue000 (2)
Adjustment
Rate
1000.000000000
0.000000000
0.000000000
1000.000000000
28.125000000
Fixe
0.00
0.00
0.000000000
5.6250000000%
0.000000000
804112209
A\ue000 UNIT
48,000,000.00
0.00
0.00
48,000,000.00
1,350,000.00
48,000,000.00
1000.000000000
0.000000000
0.000000000
1000.000000000
2.385400000
Fixe
0.00
0.00
0.000000000
0.4770800000%
0.000000000
N
804112AA8
B\ue000 UNIT
48,000,000.00
0.00
0.00
48,000,000.00
114,499.20
48,000,000.00
Total\ue000 P&I\ue000 Payment
0.00
0.00
48,000,000.00
48,000,000.00
1,464,499.20
Total
48,000,000.00
0.00
0.00
1,464,499.20
11-Feb-2009\ue000 -\ue000 10:36\ue000 (N092-N094)\ue000 (c)\ue000 2009\ue000 Bank\ue000 Of\ue000 America\ue000 Corporation
Page\ue000 2\ue000 of\ue000 8
Notes:\ue000 (1)\ue000 N\ue000 denotes\ue000 notional\ue000 balance\ue000 not\ue000 included\ue000 in\ue000 total\ue000 (2)\ue000 Accrued\ue000 Interest\ue000 Plus/Minus\ue000 Interest\ue000 Adjustment\ue000 Minus\ue000 Deferred\ue000 Interest\ue000 equals\ue000 Interest\ue000 Payment\ue000 (3)\ue000 Estimated.\ue000 *\ue000 Denotes\ue000 Controlling\ue000 Class
Structured\ue000 Asset\ue000 Trust\ue000 Unit\ue000 Repackagings\ue000 (SATURNS)
Payment\ue000 Date:
Prior\ue000 Payment:
Next\ue000 Payment:
Record\ue000 Date:

17-Feb-0
17-Feb-0
15-Aug-0
17-Aug-0

11-Feb-0
Goldman\ue000 Sachs\ue000 Group,\ue000 Inc.\ue000 Debenture\ue000 Backed
Series\ue000 2003-11
Statement\ue000 Date:
Cash\ue000 Reconciliation\ue000 Summary
Current\ue000 Scheduled\ue000 Interest
Interest\ue000 Summary
Less\ue000 Deferred\ue000 Interest
Plus\ue000 Gross\ue000 Advance\ue000 Interest
Less\ue000 PPIS\ue000 Reducing\ue000 Scheduled\ue000 Int
1,464,499.20
0.00
0.00
Less\ue000 ASER\ue000 Interest\ue000 Adv\ue000 Reduction
0.00
Less\ue000 Other\ue000 Adjustment
0.00
Total
1,464,499.20
Unscheduled\ue000 Interest:
Prepayment\ue000 Penalties
0.00
Yield\ue000 Maintenance\ue000 Penalties
0.00
Other\ue000 Interest\ue000 Proceeds
0.00
Total
0.00
Less\ue000 Fee\ue000 Paid\ue000 To\ue000 Servicer
Principal\ue000 Summary
Scheduled\ue000 Principal:

Current\ue000 Scheduled\ue000 Principal
Advanced\ue000 Scheduled\ue000 Principal
Scheduled\ue000 Principal

Unscheduled\ue000 Principal:
Curtailments
Prepay ments\ue000 in\ue000 Full
Liquidation\ue000 Proceeds
Repurchase\ue000 Proceeds

Other\ue000 Principal\ue000 Proceeds
Total\ue000 Unscheduled\ue000 Principal
Remittance\ue000 Principal

Remittance\ue000 P&I\ue000 Due\ue000 Trust
Servicing\ue000 Fee\ue000 Summary
Current\ue000 Servicing\ue000 Fees
Plus\ue000 Fees\ue000 Advanced\ue000 for\ue000 PPIS
Less\ue000 Reduction\ue000 for\ue000 PPIS
Plus\ue000 Delinquent\ue000 Servicing\ue000 Fees
Total\ue000 Servicing\ue000 Fees
0.00
0.00
0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00

1,464,499.20

0.00 0.00 0.00 0.00

0.00
0.00
Interest\ue000 Not\ue000 Advanced\ue000 (
Current\ue000 Period
)
0.00
0.00
Processed and formatted by SEC Watch - Visit SECWatch.com
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