8-K 1 sat00101_200112.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: May 22, 2001
(Date of earliest event reported)

MSDW Structured Asset Corp.
(Sponsor)
(Issuer in Respect of
SATURNS Trust No. 2001-3)
(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
December 03, 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: December 03, 2001

ABN AMRO

LASALLE BANK

N.A.

~~STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)~~

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

IBM DEBENTURE-BACKED

REVISED DATE:

06/18/2001

STATEMENT DATE:

12/03/2001

SERIES 2001-1

PAYMENT DATE:

06/01/2001

IBM DEBENTURE-BACKED

PAYMENT DATE:

12/03/2001

WAC:

8.787500%

PRIOR PAYMENT:

N/A

135 S. LASALLE STREET SUITE 1625

NEXT PAYMENT:

12/03/2001

CHICAGO, IL 60603-4159

RECORD DATE:

05/15/2001

USA

ABN AMRO ACCT: 67-8762-10-5

SERIES 2001-1

ORIGINAL

OPENING

PRINCIPAL

NEGATIVE

CLOSING

INTEREST

PASS-THROUGH

PRIOR PAYMENT:

06/01/2001

CLASS

FACE VALUE (1)

BALANCE

PAYMENT

ADJ. OR LOSS

AMORTIZATION

BALANCE

PAYMENT (2)

ADJUSTMENT

RATE

NEXT PAYMENT:

06/03/2002

CUSIP

PER $ 1000

NEXT RATE(3)

RECORD DATE:

11/15/2001

UNIT

49,662,000.00

0.00

49,662,000.00

363,670.69

0.00

7.12500000%

ABN AMRO ACCT: 67-8762-10-5

804097202

1000.000000000

0.000000000

1000.000000000

7.322916717

0.000000000

FIXED

ADMINISTRATOR:

REPORTING PACKAGE TABLE OF CONTENTS

ANALYST:

TOTAL

49,662,000.00

0.00

49,662,000.00

363,670.69

0.00

BRIAN AMES (312) 904-7807

SABRYNA TRAN (714) 282-3980 (227)

TOTAL P&I PAYMENT

363,670.69

BRIAN.AMES@ABNAMRO.COM

STRAN@LNBABS.COM

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

PAGE(S)

LASALLE BANK

N.A.

ISSUE ID:

SAT00101

CLOSING DATE:

4/24/2001

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

STATEMENTS TO CERTIFICATEHOLDERS

PAGE 2

IBM DEBENTURE-BACKED

REVISED DATE:

06/18/2001

CASH RECONCILIATION SUMMARY

PAGE 3

FIRST PAYMENT DATE:

6/1/2001

SERIES 2001-1

PAYMENT DATE:

06/01/2001

MONTHLY DATA FILE NAME:

BOND INTEREST RECONCILIATION

PAGE 4

PRIOR PAYMENT:

N/A

SAT00101_200112_3.ZIP

OTHER RELATED INFORMATION - SAT00101

PAGE 5

NEXT PAYMENT:

12/03/2001

RATING INFORMATION

PAGE 6

RECORD DATE:

05/15/2001

PARTIES TO THE TRANSACTION

ABN AMRO ACCT: 67-8762-10-5

DEPOSITOR: MSDW STRUCTURED ASSET CORP.

CASH RECONCILIATION SUMMARY

UNDERWRITER: MORGAN STANLEY DEAN WITTER

INTEREST SUMMARY

SERVICING FEE SUMMARY

PRINCIPAL SUMMARY

RATING AGENCY: STANDARD & POOR'S CORPORATION/MOODY'S INVESTORS SERVICE, INC.

CURRENT SCHEDULED INTEREST

363,670.69

CURRENT SERVICING FEES

0.00

SCHEDULED:

INFORMATION IS AVAILABLE FOR THIS ISSUE FROM THE FOLLOWING SOURCES

LESS DEFERRED INTEREST

0.00

PLUS FEES ADVANCED FOR PPIS

0.00

CURRENT SCHEDULED PRINCIPAL

0.00

LASALLE WEB SITE

WWW.ETRUSTEE.NET

PLUS ADVANCE INTEREST

0.00

LESS REDUCTION FOR PPIS

0.00

ADVANCED SCHEDULED PRINCIPAL

0.00

LASALLE FACTOR LINE

(800) 246-5761

PLUS UNSCHEDULED INTEREST

0.00

PLUS UNSCHEDULED SERVICING FEES

0.00

SCHEDULED PRINCIPAL DISTRIBUTION

0.00

12/03/2001 - 12:16 (F327) 2001 LASALLE BANK N.A.

PAGE 1 OF 6

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

SCHEDULED PRINCIPAL DISTRIBUTION

0.00

UNSCHEDULED PRINCIPAL DISTRIBUTION

0.00

DEFERRED INTEREST

0.00

LIQUIDATIONS

0.00

REPURCHASES

0.00

ENDING POOL

49,662,000.00

ADVANCES

PRIOR OUTSTANDING

CURRENT PERIOD

RECOVERED

ENDING OUTSTANDING

PRINCIPAL

INTEREST

PRINCIPAL

INTEREST

PRINCIPAL

INTEREST

PRINCIPAL

INTEREST

MADE BY:

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)

~~STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)~~

IBM DEBENTURE-BACKED

~~IBM DEBENTURE-BACKED~~

STATEMENT DATE:

12/03/2001

~~REVISED DATE:~~

~~06/18/2001~~

PAYMENT DATE:

06/01/2001

SERIES 2001-1

PAYMENT DATE:

12/03/2001

SERIES 2001-1

WAC:

42.750000%

PRIOR PAYMENT:

06/01/2001

PRIOR PAYMENT:

N/A

NEXT PAYMENT:

06/03/2002

NEXT PAYMENT:

12/03/2001

RECORD DATE:

11/15/2001

RECORD DATE:

05/15/2001

ABN AMRO ACCT: 67-8762-10-5

ORIGINAL

OPENING

PRINCIPAL

NEGATIVE

CLOSING

INTEREST

PASS-THROUGH

BOND INTEREST RECONCILIATION

CLASS

FACE VALUE (1)

BALANCE

PAYMENT

ADJ. OR LOSS

AMORTIZATION

BALANCE

PAYMENT (2)

ADJUSTMENT

RATE

DEDUCTIONS

ADDITIONS

CUSIP

PER $ 1000

NEXT RATE(3)

REMAINING

UNIT

49,662,000.00

0.00

49,662,000.00

1,769,208.75

0.00

7.12500000%

ACCRUAL

PASS

ACCRUED

ADD.

804097202

1000.000000000

0.000000000

1000.000000000

35.625000000

0.000000000

FIXED

DEFERRED &

TOTAL

49,662,000.00

0.00

49,662,000.00

1,769,208.75

0.00

PRIOR

PREPAY-

OTHER

DISTRIBUTABLE

INTEREST

OUTSTANDING

TOTAL P&I PAYMENT

1,769,208.75

CREDIT SUPPORT

THRU

CERTIFICATE

ALLOCABLE

TRUST

ACCRETION

INTEREST

INT. SHORT-

MENT

INTEREST

CERTIFICATE

PAYMENT

INTEREST

12/03/2001 - 12:16 (F327) 2001 LASALLE BANK N.A.

PAGE 2 OF 6

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)~~

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

~~IBM DEBENTURE-BACKED~~

IBM DEBENTURE-BACKED

~~REVISED DATE:~~

~~06/18/2001~~

STATEMENT DATE:

12/03/2001

~~SERIES 2001-1~~

SERIES 2001-1

~~PAYMENT DATE:~~

~~06/01/2001~~

PAYMENT DATE:

12/03/2001

~~PRIOR PAYMENT:~~

~~N/A~~

PRIOR PAYMENT:

06/01/2001

~~NEXT PAYMENT:~~

~~12/03/2001~~

NEXT PAYMENT:

06/03/2002

~~RECORD DATE:~~

~~05/15/2001~~

RECORD DATE:

11/15/2001

~~ABN AMRO ACCT: 67-8762-10-5~~

ABN AMRO ACCT: 67-8762-10-5

OTHER RELATED INFORMATION

CASH RECONCILIATION SUMMARY

SWAP INFORMATION

INTEREST SUMMARY

SERVICING FEE SUMMARY

PRINCIPAL SUMMARY

SWAP RECEIPENTS

SWAP AMOUNT RECEIVED

NEXT SWAP RATE

CURRENT SCHEDULED INTEREST

1,769,208.75

CURRENT SERVICING FEES

0.00

SCHEDULED:

NONE

0.00

0.00%

LESS DEFERRED INTEREST

0.00

PLUS FEES ADVANCED FOR PPIS

0.00

CURRENT SCHEDULED PRINCIPAL

0.00

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

PAGE 4 OF 5

PLUS ADVANCE INTEREST

0.00

LESS REDUCTION FOR PPIS

0.00

ADVANCED SCHEDULED PRINCIPAL

0.00

PLUS UNSCHEDULED INTEREST

0.00

PLUS DELINQUENT SERVICING FEES

0.00

SCHEDULED PRINCIPAL DISTRIBUTION

0.00

PPIS REDUCING SCHEDULED INTEREST

0.00

TOTAL SERVICING FEES

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

1,769,208.75

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

1,769,208.75

LESS INTEREST RESERVE WITHHOLDING

0.00

PPIS ALLOCATED TO CERTIFICATES

0.00

PLUS INTEREST RESERVE DEPOSIT

0.00

REMITTANCE INTEREST

1,769,208.75

POOL BALANCE SUMMARY

BALANCE/AMOUNT

COUNT

BEGINNING POOL

49,662,000.00

SCHEDULED PRINCIPAL DISTRIBUTION

0.00

UNSCHEDULED PRINCIPAL DISTRIBUTION

0.00

DEFERRED INTEREST

0.00

LIQUIDATIONS

0.00

REPURCHASES

0.00

ENDING POOL

49,662,000.00

ADVANCES

PRIOR OUTSTANDING

CURRENT PERIOD

RECOVERED

ENDING OUTSTANDING

PRINCIPAL

INTEREST

PRINCIPAL

INTEREST

PRINCIPAL

INTEREST

PRINCIPAL

INTEREST

MADE BY:

0.00

12/03/2001 - 12:16 (F327) 2001 LASALLE BANK N.A.

PAGE 3 OF 6

ABN AMRO

LASALLE BANK

N.A.

~~STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)~~

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

~~IBM DEBENTURE-BACKED~~

IBM DEBENTURE-BACKED

~~REVISED DATE:~~

~~06/18/2001~~

STATEMENT DATE:

12/03/2001

SERIES 2001-1

PAYMENT DATE:

06/01/2001

PAYMENT DATE:

12/03/2001

PRIOR PAYMENT:

N/A

SERIES 2001-1

NEXT PAYMENT:

12/03/2001

PRIOR PAYMENT:

06/01/2001

RECORD DATE:

05/15/2001

NEXT PAYMENT:

06/03/2002

ABN AMRO ACCT: 67-8762-10-5

RECORD DATE:

11/15/2001

RATING INFORMATION

ABN AMRO ACCT: 67-8762-10-5

ORIGINAL RATINGS

RATING CHANGE/CHANGE DATE(1)

BOND INTEREST RECONCILIATION

CLASS

CUSIP

FITCH

MOODY'S

S&P

FITCH

MOODY'S

S&P

DEDUCTIONS

ADDITIONS

UNIT

804097202

A+

REMAINING

NR - DESIGNATES THAT THE CLASS WAS NOT RATED BY THE RATING AGENCY.

ACCRUAL

PASS

ACCRUED

ADD.

(1) CHANGED RATINGS PROVIDED ON THIS REPORT ARE BASED ON INFORMATION PROVIDED BY THE APPLICABLE RATING AGENCY VIA ELECTRONIC TRANSMISSION. IT SHALL BE

DEFERRED &

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

PRIOR

PREPAY-

OTHER

DISTRIBUTABLE

INTEREST

OUTSTANDING

THIS REPORT, LASALLE RECOMMENDS THAT INVESTORS OBTAIN CURRENT RATING INFORMATION DIRECTLY FROM THE RATING AGENCY.

CREDIT SUPPORT

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

PAGE 5 OF 5

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

180

7.125000000%

1,769,208.75

0.00

1,769,208.75

0.00

1,769,208.75

0.00

1,769,208.75

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.

PAGE 4 OF 6

12/03/2001 - 12:16 (F327) 2001 LASALLE BANK N.A.

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

IBM DEBENTURE-BACKED

STATEMENT DATE:

12/03/2001

SERIES 2001-1

PAYMENT DATE:

12/03/2001

PRIOR PAYMENT:

06/01/2001

NEXT PAYMENT:

06/03/2002

RECORD DATE:

11/15/2001

ABN AMRO ACCT: 67-8762-10-5

OTHER RELATED INFORMATION

SWAP INFORMATION

SWAP RECIPIENTS

SWAP AMOUNT RECEIVED

NEXT SWAP RATE

NONE

0.00

0.00%

12/03/2001 - 12:16 (F327) 2001 LASALLE BANK N.A.

PAGE 5 OF 6

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

IBM DEBENTURE-BACKED

STATEMENT DATE:

12/03/2001

SERIES 2001-1

PAYMENT DATE:

12/03/2001

PRIOR PAYMENT:

06/01/2001

NEXT PAYMENT:

06/03/2002

RECORD DATE:

11/15/2001

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

THIS REPORT, LASALLE RECOMMENDS THAT INVESTORS OBTAIN CURRENT RATING INFORMATION DIRECTLY FROM THE RATING AGENCY.

12/03/2001 - 12:16 (F327) 2001 LASALLE BANK N.A.

PAGE 6 OF 6

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