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) November 15, 1996

GOVERNMENT BACKED TRUST T-2            
(Exact name of registrant as specified in its charter or other governing   
  instrument)

State or other jurisdiction of incorporation:
            New York
Commission File Number:
            0-17333
IRS Employer Identification No.:
            13-3544134

c/o Chase Manhattan Bank
Corporate Trustee Administration Department
450 West 33rd Street
New York, New York 10001


Registrant's telephone number, including area code :   (212) 946-8608










<PAGE>





Item 1. Changes in Control of Registrant.
    
Not Applicable.

Item  2. Acquisition or Disposition of Assets.

None.

Item  3. Bankruptcy or Receivership.

None.

Item  4. Changes in Registrant's Certifying Accountant.

No Change

Item  5. Other Events.

Semiannual Report to Holders pursuant to the Trust's Declaration of Trust
dated as of November 30, 1988.  (Attached as Exhibit A) .

No other reportable events.

Item  6. Resignations of Registrant's Directors.

Not  Applicable.

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

Not Applicable.









<PAGE>






Exhibits


Semiannual  Report  to  Holders  attached  hereto  as  Exhibit  A .


































<PAGE>





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.

    Government Backed Trust T-2


Dated: November 25, 1996
By:_________Dennis Kildea_________
                        Trust Officer
<PAGE>

Exhibit A

CHASE MANHATTAN  BANK
(formerly CHEMICAL BANK)
450  West  33rd  Street
New  York, New  York  10001
Trustee's Semiannual Report

To the Holders of

Government Backed Trust T-2  9.40% Current Coupon Certificates
(Republic of Turkey FMS Refinancing)
            and
Defense Security Assistance Agency
The Pentagon
Washington, DC  20301-2800
Attention of the Comptroller, DSAA


i. On November 15, 1996, the aggregate amount distributed to the Holders was   
    
$16,535,271.00.  The portions thereof allocable to principal and interest      
    
payments on the Related Note(s) was $14,881,271.00 and to payments
from the Securities Trust was $1,654,000.00.

ii. The aggregate Initial Amount of the Certificates issued by such Trust
and remaining outstanding after such distribution is $ 0.

iii. The unpaid principal amount of the Related Note(s) following such
distribution is $ 0.

iv. The sum of the amount referred to in (i) above, plus the amount paid
to the Trustee in respect of the Trustee's fees and expenses was not less
than the sum of 90% of the amount required to have been paid by the
Borrower on the Related Note(s) on the immediately preceding Note Payment
Date plus the payment received from the Securities Trust on the
Certificate Payment Date.         

No payment Default has  occurred and is continuing since our previous report.

To the best of my knowledge and belief, this Semiannual Report is
complete and accurate.

By: ____ Dennis Kildea_____
                Trust Officer 

Dated  as  of  November 15, 1996
(Tax ID No. 13-3544134)
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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) November 15, 1996

GOVERNMENT BACKED TRUST T-2            
(Exact name of registrant as specified in its charter or other governing   
  instrument)

State or other jurisdiction of incorporation:
            New York
Commission File Number:
            0-17333
IRS Employer Identification No.:
            13-3544134

c/o Chase Manhattan Bank
Corporate Trustee Administration Department
450 West 33rd Street
New York, New York 10001

Registrant's telephone number, including area code :   (212) 946-8608
Item 1. Changes in Control of Registrant.
    
Not Applicable.

Item  2. Acquisition or Disposition of Assets.

None.

Item  3. Bankruptcy or Receivership.

None.

Item  4. Changes in Registrant's Certifying Accountant.

No Change

Item  5. Other Events.

Semiannual Report to Holders pursuant to the Trust's Declaration of Trust
dated as of November 30, 1988.  (Attached as Exhibit A) .

No other reportable events.

Item  6. Resignations of Registrant's Directors.

Not  Applicable.

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

Not Applicable.
Exhibits

Semiannual  Report  to  Holders  attached  hereto  as  Exhibit  A .
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.

    Government Backed Trust T-2

Dated: November 25, 1996
By:_________Dennis Kildea_________
                        Trust Officer
Exhibit A

CHASE MANHATTAN  BANK
(formerly CHEMICAL BANK)
450  West  33rd  Street
New  York, New  York  10001
Trustee's Semiannual Report

To the Holders of

Government Backed Trust T-2  9.40% Current Coupon Certificates
(Republic of Turkey FMS Refinancing)
            and
Defense Security Assistance Agency
The Pentagon
Washington, DC  20301-2800
Attention of the Comptroller, DSAA

i. On November 15, 1996, the aggregate amount distributed to the Holders was   
    
$16,535,271.00.  The portions thereof allocable to principal and interest      
    
payments on the Related Note(s) was $14,881,271.00 and to payments
from the Securities Trust was $1,654,000.00.

ii. The aggregate Initial Amount of the Certificates issued by such Trust
and remaining outstanding after such distribution is $ 0.

iii. The unpaid principal amount of the Related Note(s) following such
distribution is $ 0.

iv. The sum of the amount referred to in (i) above, plus the amount paid
to the Trustee in respect of the Trustee's fees and expenses was not less
than the sum of 90% of the amount required to have been paid by the
Borrower on the Related Note(s) on the immediately preceding Note Payment
Date plus the payment received from the Securities Trust on the
Certificate Payment Date.         

No payment Default has  occurred and is continuing since our previous report.

To the best of my knowledge and belief, this Semiannual Report is
complete and accurate.

By: ____ Dennis Kildea_____
                Trust Officer 

Dated  as  of  November 15, 1996
(Tax ID No. 13-3544134)