-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DViJfwbkyxZbQmrBhOY2l4lh2eDyIVCNMDXKooNCcpad1WL0r+BBEG8R2ULY4lKX C/Hwo1gTXOggRpRp4b7Bew== 0001136999-03-000264.txt : 20030703 0001136999-03-000264.hdr.sgml : 20030703 20030702184504 ACCESSION NUMBER: 0001136999-03-000264 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030701 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MS STRUCTURED ASSET CORP CENTRAL INDEX KEY: 0001071246 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 134026700 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16443 FILM NUMBER: 03773329 BUSINESS ADDRESS: STREET 1: 1585 BROADWAY CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2127611715 FORMER COMPANY: FORMER CONFORMED NAME: MSDW STRUCTURED ASSET CORP DATE OF NAME CHANGE: 19980929 8-K 1 sat00303_200307.htm MONTHLY DISTRIBUTION STATEMENTS

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) July 1, 2003

MSDW Structured Asset Corp. (Issuer in Respect of SATURNS Trust No. 2003-3)
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

333-64879
(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. 2003-3, which was made on July 1, 2003.

Item 7. Financial Statements and Exhibits.

99.1 Semi-Annual distribution report pursuant to the Trust Agreement for the distribution on July 1, 2003.
(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 MSDW STRUCTURED ASSET CORP., REGISTRANT

Date: July 2, 2003

By: /s/ Russell Goldenberg
Russell Goldenberg
Group Senior Vice President

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

STATEMENT DATE:

07/01/2003

AON CAPITAL SECURITY BACKED

PAYMENT DATE:

07/01/2003

135 S. LASALLE STREET SUITE 1625

CHICAGO, IL 60603-4159

USA

SERIES 2003-3

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

01/02/2004

RECORD DATE:

06/16/2003

ABN AMRO ACCT: 67-9170-20-9

ADMINISTRATOR:

REPORTING PACKAGE TABLE OF CONTENTS

ANALYST:

ANDY STREEPEY (312) 904-9387

ELIZABETH KWON 714-238-6752

ANDY.STREEPEY@ABNAMRO.COM

ELIZABETH.KWON@ABNAMRO.COM

PAGE(S)

ISSUE ID:

SAT00303

CLOSING DATE:

2/27/2003

STATEMENTS TO CERTIFICATEHOLDERS

PAGE 2

CASH RECONCILIATION SUMMARY

PAGE 3

FIRST PAYMENT DATE:

7/1/2003

MONTHLY DATA FILE NAME:

BOND INTEREST RECONCILIATION

PAGE 4

RATED FINAL PAYMENT: DATE:

1/1/2027

SAT00303_200307_3.ZIP

OTHER RELATED INFORMATION

PAGE 5

RATING INFORMATION

PAGE 6

REALIZED LOSS DETAIL

PAGE 7

PARTIES TO THE TRANSACTION

DEPOSITOR: MS STRUCTURED ASSET CORP

UNDERWRITER: MORGAN STANLEY DEAN WITTER

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

INFORMATION IS AVAILABLE FOR THIS ISSUE FROM THE FOLLOWING SOURCES

LASALLE WEB SITE

WWW.ETRUSTEE.NET

LASALLE FACTOR LINE

(800) 246-5761

06/26/2003 - 09:29 (K387-K388) 2003 LASALLE BANK N.A.

PAGE 1 OF 7





	ABN AMRO

	LASALLE BANK		N.A.
*STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)*

										*AON CAPITAL SECURITY BACKED*																											STATEMENT DATE:								07/01/2003

										*SERIES 2003-3*																											PAYMENT DATE:						07/01/2003

WAC:						33.784627%																															PRIOR PAYMENT:							N/A
																																		NEXT PAYMENT:							01/02/2004
WAMM:						564
																																		RECORD DATE:								06/16/2003
										*GRANTOR TRUST*
										*ABN AMRO ACCT: 67-9170-20-9*


									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						41,608,000.00					41,608,000.00					0.00			0.00			0.00				41,608,000.00				1,146,531.56					0.00				8.00000000%
	804103208													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					27.555555662				0.000000000						FIXED

	B UNIT						41,608,000.00				N	41,608,000.00					0.00			0.00			0.00				41,608,000.00				24,894.07					0.00				0.17370000%
	804103AA7													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					0.598300087				0.000000000						FIXED



		TOTAL			41,608,000.00								41,608,000.00				0.00			0.00			0.00				41,608,000.00				1,171,425.63					0.00

																										TOTAL P&I PAYMENT				1,171,425.63


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
06/26/2003 - 09:29 (K387-K388) 2003 LASALLE BANK N.A.																																						PAGE 2 OF 7





		ABN AMRO

		LASALLE BANK	N.A.
	*STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)*
	*AON CAPITAL SECURITY BACKED*																											STATEMENT DATE:					07/01/2003
																											PAYMENT DATE:								07/01/2003
					*SERIES 2003-3*																										PRIOR PAYMENT:							N/A
																											NEXT PAYMENT:								01/02/2004
																											RECORD DATE:								06/16/2003
					*ABN AMRO ACCT: 67-9170-20-9*


*CASH RECONCILIATION SUMMARY*



				INTEREST SUMMARY										PRINCIPAL SUMMARY																					SERVICING FEE SUMMARY
				CURRENT SCHEDULED INTEREST		1,171,425.62						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		1,171,425.62
				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								1,171,425.62
				LESS FEE STRIPS PAID BY SERVICER		0.00
													REMITTANCE P&I DUE CERTS							1,171,425.62
				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				41,608,000.00									2					REDUCED BY PPIE									0.00
				INTEREST DUE SERV ON ADVANCES		0.00						SCHEDULED PRINCIPAL				0.00														REDUCED BY SHORTFALLS IN FEES									0.00
				RECOUP OF PRIOR 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		1,171,425.62						ENDING POOL					41,608,000.00							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		1,171,425.62


		06/26/2003 - 09:29 (K387-K388) 2003 LASALLE BANK N.A.																																							PAGE 3 OF 7

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

AON CAPITAL SECURITY BACKED

STATEMENT DATE:

07/01/2003

PAYMENT DATE:

07/01/2003

SERIES 2003-3

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

01/02/2004

RECORD DATE:

06/16/2003

ABN AMRO ACCT: 67-9170-20-9

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

124

8.000000000%

1,146,531.56

0.00

1,146,531.56

0.00

B UNIT

30/360

124

0.173700000%

24,894.07

0.00

24,894.07

0.00

1,171,425.63

0.00

1,171,425.63

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 7

06/26/2003 - 09:29 (K387-K388) 2003 LASALLE BANK N.A.

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

AON CAPITAL SECURITY BACKED

STATEMENT DATE:

07/01/2003

SERIES 2003-3

PAYMENT DATE:

07/01/2003

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

01/02/2004

RECORD DATE:

06/16/2003

ABN AMRO ACCT: 67-9170-20-9

OTHER RELATED INFORMATION

SWAP INFORMATION

SWAP RECEIPENTS

SWAP AMOUNT RECEIVED

NEXT SWAP RATE

NONE

0.00

0.00%

06/26/2003 - 09:29 (K387-K388) 2003 LASALLE BANK N.A.

PAGE 5 OF 7

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

AON CAPITAL SECURITY BACKED

STATEMENT DATE:

07/01/2003

SERIES 2003-3

PAYMENT DATE:

07/01/2003

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

01/02/2004

RECORD DATE:

06/16/2003

ABN AMRO ACCT: 67-9170-20-9

RATING INFORMATION

ORIGINAL RATINGS

RATING CHANGE/CHANGE DATE(1)

CLASS

CUSIP

FITCH

MOODY'S

S&P

FITCH

MOODY'S

S&P

A UNIT

804103208

BAA3

BBB

B UNIT

804103AA7

BAA3

BBB

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.

06/26/2003 - 09:29 (K387-K388) 2003 LASALLE BANK N.A.

PAGE 6 OF 7

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

STATEMENT DATE:

07/01/2003

AON CAPITAL SECURITY BACKED

PAYMENT DATE:

07/01/2003

SERIES 2003-3

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

01/02/2004

RECORD DATE:

06/16/2003

ABN AMRO ACCT: 67-9170-20-9

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..

06/26/2003 - 09:29 (K387-K388) 2003 LASALLE BANK N.A.

PAGE 7 OF 7

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