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) January 15, 2004

MS Structured Asset Corp. (Issuer in Respect of Saturns Trust No. 2003-16)
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation) 001-16443
(Commission
File Number) 13-4026700
(IRS Employer
Identification No.)

1585 Broadway, New York, New York
(Address of principal executive offices) 10036
(Zip Code)

Registrant's telephone number, including area code 212-761-2520

(Former name or former address, if changed since last report.)

Item 5. Other Events and Regulation FD Disclosure.

This current report on Form 8-K relates to the semi annual distribution reported to the holders of SATURNS Trust No. 2003-16, which was made on January 15, 2004.

Item 7. Financial Statements and Exhibits.

(c) Exhibits

99.1 Semi-Annual distribution report pursuant to the Trust Agreement for the distribution on January 15, 2004.
(Exhibit No. Description)

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.

LASALLE BANK NATIONAL ASSOCIATION, IN ITS CAPACITY AS TRUSTEE UNDER THE TRUST AGREEMENT ON BEHALF OF MS STRUCTURED ASSET CORP., REGISTRANT

Date: January 26, 2004 By: /s/ Russell Goldenberg
Russell Goldenberg
Group Senior Vice President

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

STATEMENT DATE:

15-JAN-04

ALTRIA GROUP INC. DEBENTURE BACKED

PAYMENT DATE:

15-JAN-04

SERIES 2003-16

135 S. LASALLE STREET, SUITE 1625

CHICAGO, IL 60603

USA

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

15-JUL-04

RECORD DATE:

12-JAN-04

ABN AMRO ACCT: 679355602

ADMINISTRATOR:

REPORTING PACKAGE TABLE OF CONTENTS

ANALYST:

ANDY STREEPEY 312.904.9387

CHRISTINA CLAY 714.238.6767

ANDY.STREEPEY@ABNAMRO.COM

CHRISTINA.CLAY@ABNAMRO.COM

PAGE(S)

ISSUE ID:

SAT00316

CLOSING DATE:

6-NOV-03

STATEMENTS TO CERTIFICATEHOLDERS

PAGE 2

CASH RECONCILIATION SUMMARY

PAGE 3

FIRST PAYMENT DATE:

15-JAN-04

MONTHLY DATA FILE NAME:

BOND INTEREST RECONCILIATION

PAGE 4

RATED FINAL PAYMENT: DATE:

15-JAN-27

SAT00316_200401_3.ZIP

OTHER RELATED INFORMATION

PAGE 5

OTHER RELATED INFORMATION

PAGE 6

RATING INFORMATION

PAGE 7

REALIZED LOSS DETAIL

PAGE 8

PARTIES TO THE TRANSACTION

DEPOSITOR: MS STRUCTURED ASSET CORP

UNDERWRITER: MORGAN STANLEY & CO. INCORPORATED

RATING AGENCY: MOODY'S INVESTORS SERVICE, INC./STANDARD & POOR'S RATING SERVICES

INFORMATION IS AVAILABLE FOR THIS ISSUE FROM THE FOLLOWING SOURCES

LASALLE WEB SITE

WWW.ETRUSTEE.NET

LASALLE FACTOR LINE

800.246.5761

13-JAN-2004 - 12:01 (P548-P550) 2004 LASALLE BANK N.A.

PAGE 1 OF 8

										STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
										ALTRIA GROUP INC. DEBENTURE BACKED																										STATEMENT DATE:									15-JAN-04
										SERIES 2003-16																										PAYMENT DATE:						15-JAN-04
WAC:						17.774412%																														PRIOR PAYMENT:							N/A
																																				NEXT PAYMENT:								15-JUL-04
WAMM:						276
																																				RECORD DATE:									12-JAN-04
										GRANTOR TRUST
										ABN AMRO ACCT: 679355602
								ORIGINAL								OPENING		PRINCIPAL			PRINCIPAL			NEGATIVE				CLOSING					INTEREST			INTEREST				PASS-THROUGH
				CLASS			FACE VALUE (1)									BALANCE		PAYMENT			ADJ. OR LOSS			AMORTIZATION				BALANCE					PAYMENT (2)			ADJUSTMENT				RATE
			CUSIP												PER $ 1000				PER $ 1000			PER $ 1000			PER $ 1000				PER $ 1000					PER $ 1000		PER $ 1000		NEXT RATE(3)
	A UNIT								50,000,000.00			50,000,000.00					0.00			0.00			0.00				50,000,000.00				682,812.50				0.00				7.12500000%
	80411G208													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					13.656250000			0.000000000						FIXED
	B UNIT								3,434,000.00		N	3,434,000.00					0.00			0.00			0.00				3,434,000.00				57,788.00				0.00				0.00000000%
	80411GAA7													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					16.828188701			0.000000000
		TOTAL			50,000,000.00								50,000,000.00				0.00			0.00			0.00				50,000,000.00				740,600.50				0.00
																										TOTAL P&I PAYMENT				740,600.50
NOTES: (1) N DENOTES NOTIONAL BALANCE NOT INCLUDED IN TOTAL (2) ACCRUED INTEREST PLUS/MINUS INTEREST ADJUSTMENT MINUS DEFERRED INTEREST EQUALS INTEREST PAYMENT (3) ESTIMATED. * DENOTES CONTROLLING CLASS
13-JAN-2004 - 12:01 (P548-P550) 2004 LASALLE BANK N.A.																																					PAGE 2 OF 8

			STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
			ALTRIA GROUP INC. DEBENTURE BACKED																														STATEMENT DATE:								15-JAN-04
																																	PAYMENT DATE:									15-JAN-04
			SERIES 2003-16																														PRIOR PAYMENT:									N/A
																																	NEXT PAYMENT:									15-JUL-04
																																	RECORD DATE:									12-JAN-04
			ABN AMRO ACCT: 679355602
CASH RECONCILIATION SUMMARY
		INTEREST SUMMARY											PRINCIPAL SUMMARY																	SERVICING FEE SUMMARY
		CURRENT SCHEDULED INTEREST		740,600.50							SCHEDULED PRINCIPAL:
		LESS DEFERRED INTEREST		0.00							CURRENT SCHEDULED PRINCIPAL						0.00								CURRENT SERVICING FEES								0.00
		LESS PPIS REDUCING SCHEDULED INT		0.00																					PLUS FEES ADVANCED FOR PPIS								0.00
											ADVANCED SCHEDULED PRINCIPAL						0.00								LESS REDUCTION FOR PPIS								0.00
		PLUS GROSS ADVANCE INTEREST		0.00							SCHEDULED PRINCIPAL									0.00
		LESS ASER INTEREST ADV REDUCTION							0.00																PLUS DELINQUENT SERVICING FEES								0.00
		INTEREST NOT ADVANCED ( CURRENT PERIOD )						0.00			UNSCHEDULED PRINCIPAL:
		LESS OTHER ADJUSTMENT		0.00							CURTAILMENTS						0.00									TOTAL SERVICING FEES								0.00
											PREPAYMENTS IN FULL						0.00
		TOTAL		740,600.50
		UNSCHEDULED INTEREST:									LIQUIDATION PROCEEDS						0.00
											REPURCHASE PROCEEDS						0.00
		PREPAYMENT PENALTIES		0.00
		YIELD MAINTENANCE PENALTIES		0.00							OTHER PRINCIPAL PROCEEDS						0.00
		OTHER INTEREST PROCEEDS		0.00							TOTAL UNSCHEDULED PRINCIPAL										0.00
		TOTAL		0.00							REMITTANCE PRINCIPAL						0.00
		LESS FEE PAID TO SERVICER		0.00								REMITTANCE P&I DUE TRUST							740,600.50
		LESS FEE STRIPS PAID BY SERVICER		0.00
												REMITTANCE P&I DUE CERTS						740,600.50
		LESS FEES & EXPENSES PAID BY/TO SERVICER																											PPIS SUMMARY
		SPECIAL SERVICING FEES			0.00									POOL BALANCE SUMMARY
		WORKOUT FEES		0.00												BALANCE								COUNT	GROSS PPIS								0.00
		LIQUIDATION FEES		0.00
																									REDUCED BY PPIE								0.00
		INTEREST DUE SERV ON ADVANCES		0.00						BEGINNING POOL					50,000,000.00								2		REDUCED BY SHORTFALLS IN FEES								0.00
		RECOUP OF PRIOR ADVANCES					0.00			SCHEDULED PRINCIPAL					0.00										REDUCED BY OTHER AMOUNTS								0.00
		MISC. FEES & EXPENSES		0.00
										UNSCHEDULED PRINCIPAL					0.00							0			PPIS REDUCING SCHEDULED INTEREST								0.00
										DEFERRED INTEREST					0.00										PPIS REDUCING SERVICING FEE								0.00
		TOTAL UNSCHEDULED FEES & EXPENSES		0.00						LIQUIDATIONS					0.00							0
		TOTAL INTEREST DUE TRUST		740,600.50																						PPIS DUE CERTIFICATE								0.00
										REPURCHASES					0.00							0
		LESS FEES & EXPENSES PAID BY/TO TRUST																										ADVANCE SUMMARY (ADVANCE MADE BY )
										ENDING POOL					50,000,000.00								2									PRINCIPAL				INTEREST
		TRUSTEE FEE		0.00
		FEE STRIPS		0.00																							PRIOR OUTSTANDING				0.00									0.00
		MISC. FEES		0.00
		INTEREST RESERVE WITHHOLDING		0.00																							PLUS CURRENT PERIOD				0.00							0.00
		PLUS INTEREST RESERVE DEPOSIT		0.00																							LESS RECOVERED				0.00								0.00
		TOTAL				0.00																					LESS NON RECOVERED				0.00								0.00
																											ENDING OUTSTANDING				0.00						0.00
		TOTAL INTEREST DUE CERTS		740,600.50
	13-JAN-2004 - 12:01 (P548-P550) 2004 LASALLE BANK N.A.																																		PAGE 3 OF 8

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

ALTRIA GROUP INC. DEBENTURE BACKED

STATEMENT DATE:

15-JAN-04

PAYMENT DATE:

15-JAN-04

SERIES 2003-16

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

15-JUL-04

RECORD DATE:

12-JAN-04

ABN AMRO ACCT: 679355602

BOND INTEREST RECONCILIATION

DEDUCTIONS

ADDITIONS

REMAINING

ACCRUAL

PASS

ACCRUED

DEFERRED &

PRIOR

INT ACCRUAL

PREPAY-

OTHER

DISTRIBUTABLE

INTEREST

CURRENT PERIOD

OUTSTANDING

CREDIT SUPPORT

THRU

CERTIFICATE

ALLOCABLE

ACCRETION

INTEREST

INT. SHORT-

ON PRIOR

MENT

INTEREST

CERTIFICATE

PAYMENT

(SHORTFALL)/

INTEREST

CLASS

METHOD DAYS

RATE

INTEREST

PPIS

INTEREST

LOSS/EXP

FALLS DUE

SHORTFALL (3)

PENALTIES

PROCEEDS (1)

INTEREST (2)

AMOUNT

RECOVERY

SHORTFALLS

ORIGINAL

CURRENT(4)

A UNIT

30/360

69

7.125000000%

682,812.50

0.00

0.00

0.00

0.00

0.00

0.00

0.00

682,812.50

682,812.50

0.00

0.00

NA

NA

682,812.50

0.00

0.00

0.00

0.00

0.00

0.00

0.00

682,812.50

682,812.50

0.00

0.00

(1) OTHER INTEREST PROCEEDS ARE ADDITIONAL INTEREST AMOUNTS SPECIFICALLY ALLOCATED TO THE BOND(S) AND USED IN DETERMINING THE BONDS DISTRIBUTABLE INTEREST.

(2) ACCRUED - DEDUCTIONS + ADDITIONS INTEREST

(3) INCLUDES INTEREST ACCRUED ON OUTSTANDING INTEREST SHORTFALLS AND/OR LOSS ALLOCATIONS. WHERE APPLICABLE.

(4) DETERMINED AS FOLLOWS: (A) THE ENDING BALANCE OF ALL THE CLASSES LESS (B) THE SUM OF (I) THE ENDING BALANCE OF THE CLASS AND (II) THE ENDING BALANCE OF ALL CLASSES WHICH ARE NOT SUBORDINATE TO THE CLASS DIVIDED BY (A).

PAGE 4 OF 8

13-JAN-2004 - 12:01 (P548-P550) 2004 LASALLE BANK N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

ALTRIA GROUP INC. DEBENTURE BACKED

STATEMENT DATE:

15-JAN-04

SERIES 2003-16

PAYMENT DATE:

15-JAN-04

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

15-JUL-04

RECORD DATE:

12-JAN-04

ABN AMRO ACCT: 679355602

OTHER RELATED INFORMATION

SWAP INFORMATION

SWAP RECEIPENTS

SWAP AMOUNT RECEIVED

NEXT SWAP RATE

NONE

0.00

0.00%

13-JAN-2004 - 12:01 (P548-P550) 2004 LASALLE BANK N.A.

PAGE 5 OF 8

		STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
		ALTRIA GROUP INC. DEBENTURE BACKED	STATEMENT DATE:		15-JAN-04
		SERIES 2003-16	PAYMENT DATE:		15-JAN-04
			PRIOR PAYMENT:			N/A
			NEXT PAYMENT:				15-JUL-04
			RECORD DATE:					12-JAN-04
		ABN AMRO ACCT: 679355602
		OTHER RELATED INFORMATION
	THE UNDERLYING SECURITY ISSUER OR GUARANTOR, AS APPLICABLE, IS SUBJECT TO THE INFORMATIONAL REQUIREMENTS OF THE EXCHANGE ACT. THE UNDERLYING SECURITY ISSUER OR GUARANTOR, AS APPLICABLE, CURRENTLY FILES REPORTS, PROXY STATEMENTS AND OTHER INFORMATION WITH THE SEC. THOSE REPORTS AND OTHER INFORMATION CAN BE INSPECTED AND COPIED AT THE PUBLIC REFERENCE FACILITIES MAINTAINED BY THE SEC AT ROOM 1024, 450 FIFTH STREET, N.W., WASHINGTON, D.C. 20549, AT PRESCRIBED RATES. THE SEC ALSO MAINTAINS A WEBSITE ON THE INTERNET AT HTTP://WWW.SEC.GOV AT WHICH USERS CAN VIEW AND DOWNLOAD COPIES OF REPORTS, PROXY, INFORMATION STATEMENTS AND OTHER INFORMATION FILED ELECTRONICALLY. IN ADDITION, THOSE REPORTS AND OTHER INFORMATION MAY ALSO BE OBTAINED FROM THE UNDERLYING SECURITY ISSUER BY MAKING A REQUEST TO THE UNDERLYING SECURITY ISSUER.
13-JAN-2004 - 12:01 (P548-P550) 2004 LASALLE BANK N.A.				PAGE 6 OF 8

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

ALTRIA GROUP INC. DEBENTURE BACKED

STATEMENT DATE:

15-JAN-04

SERIES 2003-16

PAYMENT DATE:

15-JAN-04

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

15-JUL-04

RECORD DATE:

12-JAN-04

ABN AMRO ACCT: 679355602

RATING INFORMATION

ORIGINAL RATINGS

RATING CHANGE/CHANGE DATE(1)

CLASS

CUSIP

FITCH

MOODY'S

S&P

FITCH

MOODY'S

S&P

A UNIT

80411G208

NR

BAA2

BBB

B UNIT

80411GAA7

NR

BAA2

BBB

WARRANT

80411G117

NR

NR

NR

NR - DESIGNATES THAT THE CLASS WAS NOT RATED BY THE RATING AGENCY.

(1) CHANGED RATINGS PROVIDED ON THIS REPORT ARE BASED ON INFORMATION PROVIDED BY THE APPLICABLE RATING AGENCY VIA ELECTRONIC TRANSMISSION. IT SHALL BE

UNDERSTOOD THAT THIS TRANSMISSION WILL GENERALLY HAVE BEEN PROVIDED TO LASALLE WITHIN 30 DAYS OF THE PAYMENT DATE LISTED ON THIS STATEMENT. BECAUSE RATINGS MAY HAVE CHANGED DURING THE 30 DAY WINDOW, OR MAY NOT BE BEING PROVIDED BY THE RATING AGENCY IN AN ELECTRONIC FORMAT AND THEREFORE NOT BEING UPDATED ON

THIS REPORT, LASALLE RECOMMENDS THAT INVESTORS OBTAIN CURRENT RATING INFORMATION DIRECTLY FROM THE RATING AGENCY.

13-JAN-2004 - 12:01 (P548-P550) 2004 LASALLE BANK N.A.

PAGE 7 OF 8

			STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
					STATEMENT DATE:		15-JAN-04
			ALTRIA GROUP INC. DEBENTURE BACKED		PAYMENT DATE:		15-JAN-04
			SERIES 2003-16		PRIOR PAYMENT:			N/A
				NEXT PAYMENT:					15-JUL-04
				RECORD DATE:						12-JAN-04
			ABN AMRO ACCT: 679355602
			REALIZED LOSS DETAIL
BEGINNING
SCHEDULED
BALANCE
GROSS PROCEEDS
AS A % OF
SCHED. BALANCE
AGGREGATE
LIQUIDATION
EXPENSES *
NET
LIQUIDATION
PROCEEDS
NET PROCEEDS
AS A % OF
SCHED. BALANCE
PERIOD
DISCLOSURE
CONTROL #
APPRAISAL
DATE
APPRAISAL
VALUE
GROSS
PROCEEDS
REALIZED
LOSS
		CURRENT TOTAL
		CUMULATIVE
	* AGGREGATE LIQUIDATION EXPENSES ALSO INCLUDE OUTSTANDING P&I ADVANCES AND UNPAID SERVICING FEES, UNPAID TRUSTEE FEES, ETC..
	13-JAN-2004 - 12:01 (P548-P550) 2004 LASALLE BANK N.A.					PAGE 8 OF 8