8-K 1 sat0106.htm MONTHLY DISTRIBUTION STATEMENTS 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: April 24, 2001
(Date of earliest event reported)

MSDW Structured Asset Corp.
(Sponsor)
(Issuer in Respect of
SATURNS Trust No. 2001-1)
(Exact name of registrant as specified in charter)

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

Not Applicable

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

(c) Exhibits

Exhibit No. Description

99 Semi Annual distribution report pursuant to
the Trust Agreement for the distribution on
June 1, 2001

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf of the Registrant by the undersigned thereunto duly authorized.

LASALLE BANK N.A., 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

Date: June 1, 2001

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

IBM DEBENTURE-BACKED

REVISED DATE:

06/18/2001

SERIES 2001-1

PAYMENT DATE:

06/01/2001

WAC:

8.787500%

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

12/03/2001

RECORD DATE:

05/15/2001

ABN AMRO ACCT: 67-8762-10-5

ORIGINAL

OPENING

PRINCIPAL

NEGATIVE

CLOSING

INTEREST

PASS-THROUGH

CLASS

FACE VALUE (1)

BALANCE

PAYMENT

ADJ. OR LOSS

AMORTIZATION

BALANCE

PAYMENT (2)

ADJUSTMENT

RATE

CUSIP

PER $ 1000

NEXT RATE(3)

UNIT

49,662,000.00

0.00

49,662,000.00

363,670.69

0.00

7.12500000%

804097202

1000.000000000

0.000000000

1000.000000000

7.322916717

0.000000000

FIXED

TOTAL

49,662,000.00

0.00

49,662,000.00

363,670.69

0.00

TOTAL P&I PAYMENT

363,670.69

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

06/18/2001 - 12:50 (F327) 2001 LASALLE BANK N.A.

PAGE 1 OF 5





	ABN AMRO

	LASALLE BANK	N.A.
	*STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)*
	*IBM DEBENTURE-BACKED*																													REVISED DATE:					06/18/2001
				*SERIES 2001-1*																																	PAYMENT DATE:	06/01/2001
																											PRIOR PAYMENT:					N/A
																											NEXT PAYMENT:						12/03/2001
																											RECORD DATE:							05/15/2001
				*ABN AMRO ACCT: 67-8762-10-5*
				*CASH RECONCILIATION SUMMARY*


			INTEREST SUMMARY										SERVICING FEE SUMMARY																							PRINCIPAL SUMMARY
			CURRENT SCHEDULED INTEREST				363,670.69						CURRENT SERVICING FEES									0.00														SCHEDULED:
			LESS DEFERRED INTEREST				0.00						PLUS FEES ADVANCED FOR PPIS									0.00														CURRENT SCHEDULED PRINCIPAL					0.00
			PLUS ADVANCE INTEREST				0.00						LESS REDUCTION FOR PPIS									0.00														ADVANCED SCHEDULED PRINCIPAL					0.00
			PLUS UNSCHEDULED INTEREST				0.00						PLUS UNSCHEDULED SERVICING FEES									0.00														SCHEDULED PRINCIPAL DISTRIBUTION					0.00
			PPIS REDUCING SCHEDULED INTEREST				0.00						TOTAL SERVICING FEES PAID									0.00														UNSCHEDULED:
			LESS TOTAL FEES PAID TO SERVICER				0.00																													CURTAILMENTS					0.00
			PLUS FEES ADVANCED FOR PPIS				0.00																													PREPAYMENTS IN FULL					0.00
			LESS FEE STRIPS PAID BY SERVICER				0.00						PPIS SUMMARY																							LIQUIDATION PROCEEDS					0.00
			LESS MISC. FEES & EXPENSES				0.00						GROSS PPIS									0.00														REPURCHASE PROCEEDS					0.00
			LESS NON RECOVERABLE ADVANCES				0.00							REDUCED BY PPIE								0.00														OTHER PRINCIPAL PROCEEDS					0.00
			INTEREST DUE TRUST				363,670.69							REDUCED BY SHORTFALLS IN FEES								0.00														UNSCHEDULED PRINCIPAL DISTRIBUTION					0.00
			LESS TRUSTEE FEE				0.00							REDUCED BY OTHER AMOUNTS								0.00														REMITTANCE PRINCIPAL					0.00
			LESS FEE STRIPS PAID BY TRUST				0.00							NET PPIS								0.00
			LESS MISC. FEES PAID BY TRUST				0.00						PPIS REDUCING SERVICING FEE									0.00														SERVICER WIRE AMOUNT					363,670.69
			LESS INTEREST RESERVE WITHHOLDING						0.00				PPIS ALLOCATED TO CERTIFICATES									0.00
			PLUS INTEREST RESERVE DEPOSIT					0.00
			REMITTANCE INTEREST				363,670.69								POOL BALANCE SUMMARY
																							BALANCE/AMOUNT					COUNT
													BEGINNING POOL									49,662,000.00									1
													SCHEDULED PRINCIPAL DISTRIBUTION									0.00
													UNSCHEDULED PRINCIPAL DISTRIBUTION							0.00											0
													DEFERRED INTEREST							0.00
													LIQUIDATIONS							0.00										0
													REPURCHASES							0.00											0
													ENDING POOL							49,662,000.00									1
					ADVANCES
						PRIOR OUTSTANDING							CURRENT PERIOD								RECOVERED															ENDING OUTSTANDING
							PRINCIPAL				INTEREST					PRINCIPAL		INTEREST						PRINCIPAL		INTEREST												PRINCIPAL		INTEREST
		MADE BY:		0.00						0.00		0.00					0.00		0.00						0.00											0.00			0.00

06/18/2001 - 12:50 (F327) 2001 LASALLE BANK N.A.																																										PAGE 2 OF 5

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

IBM DEBENTURE-BACKED

REVISED DATE:

06/18/2001

PAYMENT DATE:

06/01/2001

SERIES 2001-1

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

12/03/2001

RECORD DATE:

05/15/2001

ABN AMRO ACCT: 67-8762-10-5

BOND INTEREST RECONCILIATION

DEDUCTIONS

ADDITIONS

REMAINING

ACCRUAL

PASS

ACCRUED

ADD.

DEFERRED &

PRIOR

PREPAY-

OTHER

DISTRIBUTABLE

INTEREST

OUTSTANDING

CREDIT SUPPORT

THRU

CERTIFICATE

ALLOCABLE

TRUST

ACCRETION

INTEREST

INT. SHORT-

MENT

INTEREST

CERTIFICATE

PAYMENT

INTEREST

CLASS

METHOD DAYS

RATE

INTEREST

PPIS

EXPENSE (1)

INTEREST

LOSSES

FALLS DUE

PENALTIES

PROCEEDS (2)

INTEREST

AMOUNT

SHORTFALLS

ORIGINAL

CURRENT(3)

UNIT

30/360

7.125000000%

363,670.69

0.00

363,670.69

0.00

363,670.69

0.00

363,670.69

0.00

(1) ADDITIONAL TRUST EXPENSES ARE FEES ALLOCATED DIRECTLY TO THE BOND RESULTING IN A DEDUCTION TO ACCRUED INTEREST.

(2) OTHER INTEREST PROCEEDS INCLUDE DEFAULT INTEREST, PPIE, INTEREST DUE ON OUTSTANDING LOSSES, INTEREST DUE ON OUTSTANDING SHORTFALLS AND RECOVERIES OF INTEREST.

(3) 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 3 OF 5

06/18/2001 - 12:50 (F327) 2001 LASALLE BANK N.A.

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

IBM DEBENTURE-BACKED

REVISED DATE:

06/18/2001

SERIES 2001-1

PAYMENT DATE:

06/01/2001

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

12/03/2001

RECORD DATE:

05/15/2001

ABN AMRO ACCT: 67-8762-10-5

OTHER RELATED INFORMATION

SWAP INFORMATION

SWAP RECEIPENTS

SWAP AMOUNT RECEIVED

NEXT SWAP RATE

NONE

0.00

0.00%

06/18/2001 - 12:50 (F327) 2001 LASALLE BANK N.A.

PAGE 4 OF 5

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

IBM DEBENTURE-BACKED

REVISED DATE:

06/18/2001

SERIES 2001-1

PAYMENT DATE:

06/01/2001

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

12/03/2001

RECORD DATE:

05/15/2001

ABN AMRO ACCT: 67-8762-10-5

RATING INFORMATION

ORIGINAL RATINGS

RATING CHANGE/CHANGE DATE(1)

CLASS

CUSIP

FITCH

MOODY'S

S&P

FITCH

MOODY'S

S&P

UNIT

804097202

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.

06/18/2001 - 12:50 (F327) 2001 LASALLE BANK N.A.

PAGE 5 OF 5

MSDW STRUCTURED SATURNS SERIES 2001 1 8-K