8-K 1 sat00212_200212.htm MONTHLY DISTRIBUTION STATEMENT 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: December 16, 2002
(Date of earliest event reported)


MSDW Structured Asset Corp.
(Issuer in Respect of SATURNS Trust No. 2002-12)
(Exact Name of Registrant as Specified in its Charter)



Delaware (State or other jurisdiction of organization)
333-64879 (Commission File No.)
13-4026700 (I.R.S. Employer Identification No.)



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

This current report on Form 8-K relates to the semi-annual
distribution reported to holders of SATURNS Trust No. 2002-12,
which was made on December 16, 2002 .



ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS


(c) Exhibits


Exhibit No. Description


99.1 Semi-Annual distribution report pursuant to
the Trust Agreement for distribution on
December 16, 2002.

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 MSDW Structured
Asset Corp., Registrant



By:

/s/ Russell Goldenberg
Russell Goldenberg,
Group Senior Vice President




December 24, 2002.
ABN AMRO
LASALLE BANK N.A.
STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
STATEMENT DATE: 12/16/2002
GE GLOBAL INSURANCE HOLDING CORPORATION DEBENTURE BACKED PAYMENT DATE: 12/16/2002
135 S. LASALLE STREET SUITE 1625
CHICAGO, IL 60603-4159
USA
SERIES 2002-12
PRIOR PAYMENT: N/A
NEXT PAYMENT: 06/16/2003
RECORD DATE: 12/01/2002
ABN AMRO ACCT: 67-9102-20-2
ADMINISTRATOR: REPORTING PACKAGE TABLE OF CONTENTS ANALYST:
ANDY STREEPEY (312) 904-9387 RACHEL GAXIOLA (714)238-6726
ANDY.STREEPEY@ABNAMRO.COM RACHEL.GAXIOLA@ABNAMRO.COM
PAGE(S)
ISSUE ID: SAT00212 CLOSING DATE: 10/29/2002
STATEMENTS TO CERTIFICATEHOLDERS PAGE 2
CASH RECONCILIATION SUMMARY PAGE 3 FIRST PAYMENT DATE: 12/15/2002
MONTHLY DATA FILE NAME: BOND INTEREST RECONCILIATION PAGE 4 ASSUMED FINAL PAYMENT: DATE: 6/15/2030
SAT00212_200212_3.ZIP OTHER RELATED INFORMATION PAGE 5
RATING INFORMATION PAGE 6
REALIZED LOSS DETAIL PAGE 7
PARTIES TO THE TRANSACTION
DEPOSITOR: MSDW STRUCTURED ASSET CORP.
UNDERWRITER: MORGAN STANLEY DEAN WITTER
RATING AGENCY: STANDARD & POOR'S RATING SERVICES/MOODY'S INVESTORS SERVICE, INC.
INFORMATION IS AVAILABLE FOR THIS ISSUE FROM THE FOLLOWING SOURCES
LASALLE WEB SITE WWW.ETRUSTEE.NET
LASALLE FACTOR LINE (800) 246-5761
12/11/2002 - 18:12 (J391-J392) 2002 LASALLE BANK N.A. PAGE 1 OF 7
ABN AMRO
LASALLE BANK N.A.
STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
GE GLOBAL INSURANCE HOLDING CORPORATION DEBENTURE BACKED STATEMENT DATE: 12/16/2002
SERIES 2002-12 PAYMENT DATE: 12/16/2002
WAC: 7.723000% PRIOR PAYMENT: N/A
NEXT PAYMENT: 06/16/2003
WAMM: 660
RECORD DATE: 12/01/2002
GRANTOR TRUST
ABN AMRO ACCT: 67-9102-20-2
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 46,840,000.00 46,840,000.00 0.00 0.00 0.00 46,840,000.00 374,069.44 0.00 6.25000000%
80410W204 1000.000000000 0.000000000 0.000000000 0.000000000 1000.000000000 7.986111016 0.000000000 FIXED
B UNIT 46,840,000.00 N 46,840,000.00 0.00 0.00 0.00 46,840,000.00 88,160.69 0.00 1.47300000%
80410WAA3 1000.000000000 0.000000000 0.000000000 0.000000000 1000.000000000 1.882166738 0.000000000 FIXED
TOTAL 46,840,000.00 46,840,000.00 0.00 0.00 0.00 46,840,000.00 462,230.13 0.00
TOTAL P&I PAYMENT 462,230.13
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
12/11/2002 - 18:12 (J391-J392) 2002 LASALLE BANK N.A. PAGE 2 OF 7
ABN AMRO
LASALLE BANK N.A.
STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
GE GLOBAL INSURANCE HOLDING CORPORATION DEBENTURE BACKED STATEMENT DATE: 12/16/2002
PAYMENT DATE: 12/16/2002
SERIES 2002-12 PRIOR PAYMENT: N/A
NEXT PAYMENT: 06/16/2003
RECORD DATE: 12/01/2002
ABN AMRO ACCT: 67-9102-20-2
CASH RECONCILIATION SUMMARY
INTEREST SUMMARY PRINCIPAL SUMMARY SERVICING FEE SUMMARY
CURRENT SCHEDULED INTEREST 462,230.13 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
LESS OTHER INTEREST NOT ADVANCED 0.00 UNSCHEDULED PRINCIPAL:
LESS OTHER ADJUSTMENT 0.00 CURTAILMENTS 0.00 TOTAL SERVICING FEES 0.00
PREPAYMENTS IN FULL 0.00
TOTAL 462,230.13
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 462,230.13
LESS FEE STRIPS PAID BY SERVICER 0.00
REMITTANCE P&I DUE CERTS 462,230.13
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
BEGINNING POOL 46,840,000.00 2 REDUCED BY PPIE 0.00
INTEREST DUE SERV ON ADVANCES 0.00 SCHEDULED PRINCIPAL 0.00 REDUCED BY SHORTFALLS IN FEES 0.00
NON RECOVERABLE ADVANCES 0.00 UNSCHEDULED PRINCIPAL 0.00 0 REDUCED BY OTHER AMOUNTS 0.00
MISC. FEES & EXPENSES 0.00 DEFERRED INTEREST 0.00
LIQUIDATIONS 0.00 0 PPIS REDUCING SCHEDULED INTEREST 0.00
PPIS REDUCING SERVICING FEE 0.00
TOTAL UNSCHEDULED FEES & EXPENSES 0.00 REPURCHASES 0.00 0
TOTAL INTEREST DUE TRUST 462,230.13 ENDING POOL 46,840,000.00 2 PPIS DUE CERTIFICATE 0.00
LESS FEES & EXPENSES PAID BY/TO TRUST ADVANCE SUMMARY (ADVANCE MADE BY )
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 462,230.13
12/11/2002 - 18:12 (J391-J392) 2002 LASALLE BANK N.A. PAGE 3 OF 7
ABN AMRO
LASALLE BANK N.A.
STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
GE GLOBAL INSURANCE HOLDING CORPORATION DEBENTURE BACKED STATEMENT DATE: 12/16/2002
PAYMENT DATE: 12/16/2002
SERIES 2002-12
PRIOR PAYMENT: N/A
NEXT PAYMENT: 06/16/2003
RECORD DATE: 12/01/2002
ABN AMRO ACCT: 67-9102-20-2
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 46 6.250000000% 374,069.44 0.00 0.00 0.00 0.00 0.00 0.00 0.00 374,069.44 374,069.44 0.00 0.00 NA NA
B UNIT 30/360 46 1.473000000% 88,160.69 0.00 0.00 0.00 0.00 0.00 0.00 0.00 88,160.69 88,160.69 0.00 0.00 NA NA
462,230.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 462,230.13 462,230.13 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) 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 7
12/11/2002 - 18:12 (J391-J392) 2002 LASALLE BANK N.A.
ABN AMRO
LASALLE BANK N.A.
STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
GE GLOBAL INSURANCE HOLDING CORPORATION DEBENTURE BACKED STATEMENT DATE: 12/16/2002
SERIES 2002-12 PAYMENT DATE: 12/16/2002
PRIOR PAYMENT: N/A
NEXT PAYMENT: 06/16/2003
RECORD DATE: 12/01/2002
ABN AMRO ACCT: 67-9102-20-2
OTHER RELATED INFORMATION
SWAP INFORMATION
SWAP RECEIPENTS SWAP AMOUNT RECEIVED NEXT SWAP RATE
NONE 0.00 0.00%
12/11/2002 - 18:12 (J391-J392) 2002 LASALLE BANK N.A. PAGE 5 OF 7
ABN AMRO
LASALLE BANK N.A.
STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
GE GLOBAL INSURANCE HOLDING CORPORATION DEBENTURE BACKED STATEMENT DATE: 12/16/2002
SERIES 2002-12 PAYMENT DATE: 12/16/2002
PRIOR PAYMENT: N/A
NEXT PAYMENT: 06/16/2003
RECORD DATE: 12/01/2002
ABN AMRO ACCT: 67-9102-20-2
RATING INFORMATION
ORIGINAL RATINGS RATING CHANGE/CHANGE DATE(1)
CLASS CUSIP FITCH MOODY'S S&P FITCH MOODY'S S&P
A UNIT 80410W204 NR AA1 AA
B UNIT 80410WAA3 NR AA1 AA
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.
12/11/2002 - 18:12 (J391-J392) 2002 LASALLE BANK N.A. PAGE 6 OF 7
ABN AMRO
LASALLE BANK N.A.
STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
STATEMENT DATE: 12/16/2002
GE GLOBAL INSURANCE HOLDING CORPORATION DEBENTURE BACKED PAYMENT DATE: 12/16/2002
SERIES 2002-12 PRIOR PAYMENT: N/A
NEXT PAYMENT: 06/16/2003
RECORD DATE: 12/01/2002
ABN AMRO ACCT: 67-9102-20-2
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..
12/11/2002 - 18:12 (J391-J392) 2002 LASALLE BANK N.A. PAGE 7 OF 7