8-K 1 sat31cbt_200312.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) December 26, 2003

MS Structured Asset Corp. (Issuer in Respect of Saturns Trust No. 2003-1 CBT)
(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 monthly distribution reported to the holders of Saturns Trust No. 2003-1 CBT, which was made on December 26, 2003.

Item 7. Financial Statements and Exhibits.

(c) Exhibits

99.1 Monthly distribution report pursuant to the Trust Agreement for the distribution on December 26, 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 29, 2003 By: /s/ Russell Goldenberg
Russell Goldenberg
Group Senior Vice President
STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
STATEMENT DATE: 26-DEC-03
CORPORATE BOND TRACERS UNITS PAYMENT DATE: 26-DEC-03
CBT SERIES 2003-1 UNITS TRUST
135 S. LASALLE STREET, SUITE 1625
CHICAGO, IL 60603
USA
PRIOR PAYMENT: 25-NOV-03
NEXT PAYMENT: 26-JAN-04
RECORD DATE: 24-DEC-03
ABN AMRO ACCT: 67-9330-50-6
ADMINISTRATOR: REPORTING PACKAGE TABLE OF CONTENTS ANALYST:
ANDY STREEPEY 312.904.9387 DINSMORE SOHN 714.238.6758
ANDY.STREEPEY@ABNAMRO.COM DINSMORE.SOHN@ABNAMRO.COM
PAGE(S)
ISSUE ID: SAT31CBT CLOSING DATE: 25-SEP-03
STATEMENTS TO CERTIFICATEHOLDERS PAGE 2
CASH RECONCILIATION SUMMARY PAGE 3 FIRST PAYMENT DATE: 27-OCT-03
MONTHLY DATA FILE NAME: BOND INTEREST RECONCILIATION PAGE 4 RATED FINAL PAYMENT: DATE: 25-JUL-13
SAT31CBT_200312_3.ZIP OTHER RELATED INFORMATION PAGE 5-6
OTHER RELATED INFORMATION PAGE 7
OTHER RELATED INFORMATION PAGE 8
RATING INFORMATION PAGE 9
REALIZED LOSS DETAIL PAGE 10
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
23-DEC-2003 - 09:26 (N834) 2003 LASALLE BANK N.A. PAGE 1 OF 10
STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
CORPORATE BOND TRACERS UNITS STATEMENT DATE: 26-DEC-03
CBT SERIES 2003-1 UNITS TRUST PAYMENT DATE: 26-DEC-03
WAC: 4.020000% PRIOR PAYMENT: 25-NOV-03
NEXT PAYMENT: 26-JAN-04
WAMM: 21
RECORD DATE: 24-DEC-03
GRANTOR TRUST
ABN AMRO ACCT: 67-9330-50-6
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)
UNITS 25,000,000.00 25,000,000.00 0.00 0.00 0.00 25,000,000.00 108,750.00 0.00 5.22000000%
12496DAA5 1000.000000000 0.000000000 0.000000000 0.000000000 1000.000000000 4.350000000 0.000000000 5.220000000%
TOTAL 25,000,000.00 25,000,000.00 0.00 0.00 0.00 25,000,000.00 108,750.00 0.00
TOTAL P&I PAYMENT 108,750.00
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
23-DEC-2003 - 09:26 (N834) 2003 LASALLE BANK N.A. PAGE 2 OF 10
STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
CORPORATE BOND TRACERS UNITS STATEMENT DATE: 26-DEC-03
PAYMENT DATE: 26-DEC-03
CBT SERIES 2003-1 UNITS TRUST PRIOR PAYMENT: 25-NOV-03
NEXT PAYMENT: 26-JAN-04
RECORD DATE: 24-DEC-03
ABN AMRO ACCT: 67-9330-50-6
CASH RECONCILIATION SUMMARY
INTEREST SUMMARY PRINCIPAL SUMMARY SERVICING FEE SUMMARY
CURRENT SCHEDULED INTEREST 108,750.00 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 108,750.00
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 1,312.50 TOTAL UNSCHEDULED PRINCIPAL 0.00
TOTAL 1,312.50 REMITTANCE PRINCIPAL 0.00
LESS FEE PAID TO SERVICER 0.00 REMITTANCE P&I DUE TRUST 110,062.50
LESS FEE STRIPS PAID BY SERVICER 0.00
REMITTANCE P&I DUE CERTS 108,750.00
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 25 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 110,062.50 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 25 PRINCIPAL INTEREST
TRUSTEE FEE (1,312.50)
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 (1,312.50) LESS NON RECOVERED 0.00 0.00
ENDING OUTSTANDING 0.00 0.00
TOTAL INTEREST DUE CERTS 108,750.00
23-DEC-2003 - 09:26 (N834) 2003 LASALLE BANK N.A. PAGE 3 OF 10
STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
CORPORATE BOND TRACERS UNITS STATEMENT DATE: 26-DEC-03
PAYMENT DATE: 26-DEC-03
CBT SERIES 2003-1 UNITS TRUST
PRIOR PAYMENT: 25-NOV-03
NEXT PAYMENT: 26-JAN-04
RECORD DATE: 24-DEC-03
ABN AMRO ACCT: 67-9330-50-6
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)
UNITS 30/360 30 5.220000000% 108,750.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 108,750.00 108,750.00 0.00 0.00 NA NA
108,750.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 108,750.00 108,750.00 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 10
23-DEC-2003 - 09:26 (N834) 2003 LASALLE BANK N.A.
ABN AMRO
LASALLE BANK N.A.
STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
CORPORATE BOND TRACERS UNITS STATEMENT DATE: 26-DEC-03
CBT SERIES 2003-1 UNITS TRUST PAYMENT DATE: 26-DEC-03
PRIOR PAYMENT: 25-NOV-03
NEXT PAYMENT: 26-JAN-04
RECORD DATE: 24-DEC-03
ABN AMRO ACCT: 67-9330-50-6
OTHER RELATED INFORMATION
UNDERLYING ISSUER AND UNDERLYING SECURITY INTEREST RATE PRINCIPAL AMOUNT UNDERLYING SECURITY INTEREST PAYMENT DATES PAYMENT TO THE TRUST
WAL-MART STORES, INC. 4.55% NOTES DUE 2013 4.550% 1,000,000.00 MAY 1 2004 / NOV 1 2004 0.00
BANK OF AMERICA CORPORATION 4.875% SENIOR NOTES DUE 2013 4.875% 1,000,000.00 JAN 15 2004 / JUL 15 2004 0.00
BANK ONE CORPORATION 5.25% SUBORDINATED NOTES DUE 2013 5.250% 1,000,000.00 JAN 30 2004 / JUL 30 2004 0.00
BB&T CORPORATION 4.75% SUBORDINATED NOTES DUE 2012 4.750% 1,000,000.00 APR 1 2004 / OCT 1 2004 0.00
BOEING CAPITAL CORPORATION 5.80% SENIOR NOTES DUE 2013 5.800% 1,000,000.00 JAN 15 2004 / JUL 15 2004 0.00
CAMPBELL SOUP COMPANY 5.00% NOTES DUES 2012 5.000% 1,000,000.00 DEC 3 2003 / JUN 3 2004 25,000.00
CITIGROUP INC. 5.625% SUBORDINATED NOTES DUES 2012 5.625% 1,000,000.00 FEB 27 2004 / AUG 27 2004 0.00
CONOCOPHILLIPS 4.75% NOTES DUE 2012 4.750% 1,000,000.00 APR 15 2004 / OCT 15 2004 0.00
CONSOLIDATED EDISON COMPANY OF NEW YORK, INC. 5.625% DEBENTURES, SERIES 2002 A DUE 2012 5.625% 1,000,000.00 JAN 1 2004 / JUL 1 2004 0.00
CREDIT SUISSE FIRST BOSTON (USA), INC. 6.50% NOTES DUE JANUARY 15, 2012 6.500% 1,000,000.00 JAN 15 2004 / JUL 15 2004 0.00
DOMINION RESOURCES, INC. 2002 SERIES C 5.70% SENIOR NOTES DUE 2012 5.700% 1,000,000.00 MAR 17 2004 / SEP 17 2004 0.00
THE DOW CHEMICAL COMPANY 6% NOTES DUE 2012 6.000% 1,000,000.00 APR 1 2004 / OCT 1 2004 0.00
DUKE ENERGY CORPORATION 5.625% SENIOR NOTES DUE 2012 5.625% 1,000,000.00 MAY 30 2004 / NOV 30 2004 28,125.00
FORD MOTOR CREDIT COMPANY 7.250% GLOBLS DUE OCTOBER 25, 2011 7.250% 1,000,000.00 APR 25 2004 / OCT 25 2004 0.00
GENERAL ELECTRIC COMPANY 5% NOTES DUE 2013 5.000% 1,000,000.00 FEB 1 2004 / AUG 1 2004 0.00
GENERAL MOTORS ACCEPTANCE CORPORATION 6.875% NOTES DUE AUGUST 28, 2012 6.875% 1,000,000.00 FEB 28 2004 / AUG 28 2004 0.00
THE GOLDMAN SACHS GROUP, INC. 4.750% NOTES DUE 2013 4.750% 1,000,000.00 JAN 15 2004 / JUL 15 2004 0.00
JOHN DEERE CAPITAL CORPORATION 5.10% GLOBAL DEBENTURES DUE JANUARY 15, 2013 5.100% 1,000,000.00 JAN 15 2004 / JUL 15 2004 0.00
JOHNSON & JOHNSON 3.80% DEBENTURES DUE MAY 15, 2013 3.800% 1,000,000.00 MAY 15 2004 / NOV 15 2004 0.00
LIMITED BRANDS, INC. 6.125% NOTES DUE DECEMBER 1, 2012 6.125% 1,000,000.00 DEC 1 2003 / JUN 1 2004 30,625.00
MARSH AND MCLENNAN COMPANIES, INC. 4.850% SENIOR NOTES DUE 2013 4.850% 1,000,000.00 FEB 15 2004 / AUG 15 2004 0.00
MERCK & CO., INC. 4.375% NOTES DUE 2013 4.375% 1,000,000.00 FEB 15 2004 / AUG 15 2004 0.00
SBC COMMUNICATIONS INC. 5.875% GLOBAL NOTES DUE AUGUST 15, 2012 5.875% 1,000,000.00 FEB 15 2004 / AUG 15 2004 0.00
UNION OIL COMPANY OF CALIFORNIA 5.05% SENIOR NOTES DUE 2012 5.050% 1,000,000.00 APR 1 2004 / OCT 1 2004 0.00
VERIZON VIRGINIA INC. 4.625% DEBENTURES, SERIES A, DUE 2013 4.625% 1,000,000.00 MAR 15 2004 / SEP 15 2004 0.00
23-DEC-2003 - 09:26 (N834) 2003 LASALLE BANK N.A. PAGE 5 OF 10
STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
CORPORATE BOND TRACERS UNITS STATEMENT DATE: 26-DEC-03
CBT SERIES 2003-1 UNITS TRUST PAYMENT DATE: 26-DEC-03
PRIOR PAYMENT: 25-NOV-03
NEXT PAYMENT: 26-JAN-04
RECORD DATE: 24-DEC-03
ABN AMRO ACCT: 67-9330-50-6
OTHER RELATED INFORMATION
SWAP INFORMATION
SWAP RECEIPENTS SWAP AMOUNT RECEIVED NEXT SWAP RATE
CBT SERIES 2003-1 UNITS TRUST 110,062.50 5.283%
23-DEC-2003 - 09:26 (N834) 2003 LASALLE BANK N.A. PAGE 7 OF 10
STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
CORPORATE BOND TRACERS UNITS STATEMENT DATE: 26-DEC-03
CBT SERIES 2003-1 UNITS TRUST PAYMENT DATE: 26-DEC-03
PRIOR PAYMENT: 25-NOV-03
NEXT PAYMENT: 26-JAN-04
RECORD DATE: 24-DEC-03
ABN AMRO ACCT: 67-9330-50-6
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.
23-DEC-2003 - 09:26 (N834) 2003 LASALLE BANK N.A. PAGE 8 OF 10
STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
CORPORATE BOND TRACERS UNITS STATEMENT DATE: 26-DEC-03
CBT SERIES 2003-1 UNITS TRUST PAYMENT DATE: 26-DEC-03
PRIOR PAYMENT: 25-NOV-03
NEXT PAYMENT: 26-JAN-04
RECORD DATE: 24-DEC-03
ABN AMRO ACCT: 67-9330-50-6
RATING INFORMATION
ORIGINAL RATINGS RATING CHANGE/CHANGE DATE(1)
CLASS CUSIP FITCH MOODY'S S&P FITCH MOODY'S S&P
UNITS 12496DAA5 NR A3 A-
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.
23-DEC-2003 - 09:26 (N834) 2003 LASALLE BANK N.A. PAGE 9 OF 10
STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)
STATEMENT DATE: 26-DEC-03
CORPORATE BOND TRACERS UNITS PAYMENT DATE: 26-DEC-03
CBT SERIES 2003-1 UNITS TRUST PRIOR PAYMENT: 25-NOV-03
NEXT PAYMENT: 26-JAN-04
RECORD DATE: 24-DEC-03
ABN AMRO ACCT: 67-9330-50-6
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..
23-DEC-2003 - 09:26 (N834) 2003 LASALLE BANK N.A. PAGE 10 OF 10