8-K 1 sat00315_200312.htm 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) December 1, 2003

MS Structured Asset Corp. (Issuer in Respect of Saturns Trust No. 2003-15)
(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. 2003-15, which was made on December 1, 2003.

Item 7. Financial Statements and Exhibits.

(c) Exhibits

99.1 Semi-Annual distribution report pursuant to the Trust Agreement for the distribution on December 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 MS STRUCTURED ASSET CORP., REGISTRANT

Date: December 8, 2003 By: /s/ Russell Goldenberg
Russell Goldenberg
Group Senior Vice President
STRUCTURED ASSET TRUST UNIT REPACKAGING (SATURNS)
STATEMENT DATE: 01-DEC-03
HERTZ CORP. DEBENTURE BACKED PAYMENT DATE: 01-DEC-03
SERIES 2003-15
135 S. LASALLE STREET, SUITE 1625
CHICAGO, IL 60603
USA
PRIOR PAYMENT: N/A
NEXT PAYMENT: 01-JUN-04
RECORD DATE: 25-NOV-03
ABN AMRO ACCT: 67-9353-30-0
ADMINISTRATOR: REPORTING PACKAGE TABLE OF CONTENTS ANALYST:
ANDY STREEPEY 312.904.9387 VIJAY PANDHI 714.238.6757
ANDY.STREEPEY@ABNAMRO.COM VIJAY.PANDHI@ABNAMRO.COM
PAGE(S)
ISSUE ID: SAT00315 CLOSING DATE: 29-OCT-03
STATEMENTS TO CERTIFICATEHOLDERS PAGE 2
CASH RECONCILIATION SUMMARY PAGE 3 FIRST PAYMENT DATE: 1-DEC-03
MONTHLY DATA FILE NAME: BOND INTEREST RECONCILIATION PAGE 4 RATED FINAL PAYMENT: DATE: 1-JUN-12
SAT00315_200312_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: 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
25-NOV-2003 - 15:23 (P177-P179) 2003 LASALLE BANK N.A. PAGE 1 OF 8
STRUCTURED ASSET TRUST UNIT REPACKAGING (SATURNS)
HERTZ CORP. DEBENTURE BACKED STATEMENT DATE: 01-DEC-03
SERIES 2003-15 PAYMENT DATE: 01-DEC-03
WAC: 8.086400% PRIOR PAYMENT: N/A
NEXT PAYMENT: 01-JUN-04
WAMM: 133
RECORD DATE: 25-NOV-03
GRANTOR TRUST
ABN AMRO ACCT: 67-9353-30-0
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 25,000,000.00 25,000,000.00 0.00 0.00 0.00 25,000,000.00 155,555.56 0.00 7.00000000%
804113207 1000.000000000 0.000000000 0.000000000 0.000000000 1000.000000000 6.222222400 0.000000000 FIXED
B UNIT 25,000,000.00 N 25,000,000.00 0.00 0.00 0.00 25,000,000.00 12,911.11 0.00 0.58100000%
804113AA6 1000.000000000 0.000000000 0.000000000 0.000000000 1000.000000000 0.516444400 0.000000000 FIXED
TOTAL 25,000,000.00 25,000,000.00 0.00 0.00 0.00 25,000,000.00 168,466.67 0.00
TOTAL P&I PAYMENT 168,466.67
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
25-NOV-2003 - 15:23 (P177-P179) 2003 LASALLE BANK N.A. PAGE 2 OF 8
STRUCTURED ASSET TRUST UNIT REPACKAGING (SATURNS)
HERTZ CORP. DEBENTURE BACKED STATEMENT DATE: 01-DEC-03
PAYMENT DATE: 01-DEC-03
SERIES 2003-15 PRIOR PAYMENT: N/A
NEXT PAYMENT: 01-JUN-04
RECORD DATE: 25-NOV-03
ABN AMRO ACCT: 67-9353-30-0
CASH RECONCILIATION SUMMARY
INTEREST SUMMARY PRINCIPAL SUMMARY SERVICING FEE SUMMARY
CURRENT SCHEDULED INTEREST 168,466.67 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 168,466.67
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 168,466.67
LESS FEE STRIPS PAID BY SERVICER 0.00
REMITTANCE P&I DUE CERTS 168,466.67
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 25,000,000.00 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 168,466.67 PPIS DUE CERTIFICATE 0.00
REPURCHASES 0.00 0
LESS FEES & EXPENSES PAID BY/TO TRUST ADVANCE SUMMARY (ADVANCE MADE BY )
ENDING POOL 25,000,000.00 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 168,466.67
25-NOV-2003 - 15:23 (P177-P179) 2003 LASALLE BANK N.A. PAGE 3 OF 8
STRUCTURED ASSET TRUST UNIT REPACKAGING (SATURNS)
HERTZ CORP. DEBENTURE BACKED STATEMENT DATE: 01-DEC-03
PAYMENT DATE: 01-DEC-03
SERIES 2003-15
PRIOR PAYMENT: N/A
NEXT PAYMENT: 01-JUN-04
RECORD DATE: 25-NOV-03
ABN AMRO ACCT: 67-9353-30-0
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 32 7.000000000% 155,555.56 0.00 0.00 0.00 0.00 0.00 0.00 0.00 155,555.56 155,555.56 0.00 0.00 NA NA
B UNIT 30/360 32 0.581000000% 12,911.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12,911.11 12,911.11 0.00 0.00 NA NA
168,466.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 168,466.67 168,466.67 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
25-NOV-2003 - 15:23 (P177-P179) 2003 LASALLE BANK N.A.
STRUCTURED ASSET TRUST UNIT REPACKAGING (SATURNS)
HERTZ CORP. DEBENTURE BACKED STATEMENT DATE: 01-DEC-03
SERIES 2003-15 PAYMENT DATE: 01-DEC-03
PRIOR PAYMENT: N/A
NEXT PAYMENT: 01-JUN-04
RECORD DATE: 25-NOV-03
ABN AMRO ACCT: 67-9353-30-0
OTHER RELATED INFORMATION
SWAP INFORMATION
SWAP RECEIPENTS SWAP AMOUNT RECEIVED NEXT SWAP RATE
NONE 0.00 0.00%
25-NOV-2003 - 15:23 (P177-P179) 2003 LASALLE BANK N.A. PAGE 5 OF 8
STRUCTURED ASSET TRUST UNIT REPACKAGING (SATURNS)
HERTZ CORP. DEBENTURE BACKED STATEMENT DATE: 01-DEC-03
SERIES 2003-15 PAYMENT DATE: 01-DEC-03
PRIOR PAYMENT: N/A
NEXT PAYMENT: 01-JUN-04
RECORD DATE: 25-NOV-03
ABN AMRO ACCT: 67-9353-30-0
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.
25-NOV-2003 - 15:23 (P177-P179) 2003 LASALLE BANK N.A. PAGE 6 OF 8
STRUCTURED ASSET TRUST UNIT REPACKAGING (SATURNS)
HERTZ CORP. DEBENTURE BACKED STATEMENT DATE: 01-DEC-03
SERIES 2003-15 PAYMENT DATE: 01-DEC-03
PRIOR PAYMENT: N/A
NEXT PAYMENT: 01-JUN-04
RECORD DATE: 25-NOV-03
ABN AMRO ACCT: 67-9353-30-0
RATING INFORMATION
ORIGINAL RATINGS RATING CHANGE/CHANGE DATE(1)
CLASS CUSIP FITCH MOODY'S S&P FITCH MOODY'S S&P
A UNIT 804113207 NR BAA2 BBB
B UNIT 804113AA6 NR BAA2 BBB
WARRANT 804113116 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.
25-NOV-2003 - 15:23 (P177-P179) 2003 LASALLE BANK N.A. PAGE 7 OF 8
STRUCTURED ASSET TRUST UNIT REPACKAGING (SATURNS)
STATEMENT DATE: 01-DEC-03
HERTZ CORP. DEBENTURE BACKED PAYMENT DATE: 01-DEC-03
SERIES 2003-15 PRIOR PAYMENT: N/A
NEXT PAYMENT: 01-JUN-04
RECORD DATE: 25-NOV-03
ABN AMRO ACCT: 67-9353-30-0
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..
25-NOV-2003 - 15:23 (P177-P179) 2003 LASALLE BANK N.A. PAGE 8 OF 8