8-K 1 sat00103_200201.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
January 15, 2002

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: January 15, 2002

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

STATEMENT DATE:

0701/1615/~~2001~~2002

BELL SOUTH DEBENTURE BACKED

PAYMENT DATE:

0701/1615/~~2001~~2002

135 S. LASALLE STREET SUITE 1625

CHICAGO, IL 60603-4159

USA

SERIES 2001-3

PRIOR PAYMENT:

N07/A16/2001

NEXT PAYMENT:

0107/15/2002

RECORD DATE:

0701/01/~~2001~~2002

ABN AMRO ACCT: 67-8785-70-0

ADMINISTRATOR:

REPORTING PACKAGE TABLE OF CONTENTS

ANALYST:

BRIAN AMES (312) 904-7807

~~SABRYNA~~SANTY ~~TRAN~~SANTY (714) 282-3980 (~~227~~228)

BRIAN.AMES@ABNAMRO.COM

~~STRAN~~SANTY.SANTY@~~LNBABS~~ABNAMRO.COM

PAGE(S)

ISSUE ID:

SAT00103

CLOSING DATE:

5/22/2001

STATEMENTS TO CERTIFICATEHOLDERS

PAGE 2

OTHER RELATED INFORMATION

PAGE 3

FIRST PAYMENT DATE:

7/16/2001

MONTHLY DATA FILE NAME:

CASH RECONCILIATION SUMMARY

PAGE 4

SAT00103_200107_3.EXE

BOND INTEREST RECONCILIATION

PAGE 5

SAT00103_200201_3.ZIP

BOND INTEREST RECONCILIATION

PAGE 5

RATING INFORMATION

PAGE 6

PARTIES TO THE TRANSACTION

DEPOSITOR: MSDW STRUCTURED ASSET CORP.

UNDERWRITER: MORGAN STANLEY DEAN WITTER

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

INFORMATION IS AVAILABLE FOR THIS ISSUE FROM THE FOLLOWING SOURCES

LASALLE WEB SITE

WWW.ETRUSTEE.NET

SERVICER WEB SITE

LASALLE FACTOR LINE

(800) 246-5761

07/13/2001 - 09:27 (F857) 2001 LASALLE BANK N.A.

PAGE 1 OF 6

01/11/2002 - 10:23 (F857) 2002 LASALLE BANK N.A.

PAGE 1 OF 6

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

BELL SOUTH DEBENTURE BACKED

STATEMENT DATE:

0701/1615/~~2001~~2002

SERIES 2001-3

PAYMENT DATE:

0701/1615/~~2001~~2002

WAC:

1242.~~587500~~750000%

PRIOR PAYMENT:

N07/A16/2001

NEXT PAYMENT:

0107/15/2002

RECORD DATE:

0701/01/~~2001~~2002

GRANTOR TRUST

ABN AMRO ACCT: 67-8785-70-0

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

58,402,000.00

0.00

58,402,000.00

~~612~~2,~~612~~080,571.6525

0.00

7.12500000%

80409K203

1000.000000000

0.000000000

1000.000000000

1035.~~489583405~~625000000

0.000000000

FIXED

TOTAL

58,402,000.00

0.00

58,402,000.00

~~612~~2,~~612~~080,571.6525

0.00

TOTAL P&I PAYMENT

~~612~~2,~~612~~080,571.6525

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

07/13/2001 - 09:27 (F857) 2001 LASALLE BANK N.A.

PAGE 2 OF 6

01/11/2002 - 10:23 (F857) 2002 LASALLE BANK N.A.

PAGE 2 OF 6

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

BELL SOUTH DEBENTURE BACKED

STATEMENT DATE:

0701/1615/~~2001~~2002

SERIES 2001-3

PAYMENT DATE:

0701/1615/~~2001~~2002

PRIOR PAYMENT:

N07/A16/2001

NEXT PAYMENT:

0107/15/2002

RECORD DATE:

0701/01/~~2001~~2002

ABN AMRO ACCT: 67-8785-70-0

OTHER RELATED INFORMATION

SWAP INFORMATION

SWAP RECEIPENTS

SWAP AMOUNT RECEIVED

NEXT SWAP RATE

NONE

0.00

0.00%

07/13/2001 - 09:27 (F857) 2001 LASALLE BANK N.A.

PAGE 3 OF 6

01/11/2002 - 10:23 (F857) 2002 LASALLE BANK N.A.

PAGE 3 OF 6

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

BELL SOUTH DEBENTURE BACKED

STATEMENT DATE:

0701/1615/~~2001~~2002

SERIES 2001-3

PAYMENT DATE:

0701/1615/~~2001~~2002

PRIOR PAYMENT:

N07/A16/2001

NEXT PAYMENT:

0107/15/2002

RECORD DATE:

0701/01/~~2001~~2002

ABN AMRO ACCT: 67-8785-70-0

CASH RECONCILIATION SUMMARY

INTEREST SUMMARY

SERVICING FEE SUMMARY

PRINCIPAL SUMMARY

CURRENT SCHEDULED INTEREST

~~612~~2,~~612~~080,571.6525

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~~DELINQUENT SERVICING FEES

~~0.00~~

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

~~612~~2,~~612~~080,571.6525

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

~~612~~2,~~612~~080,571.6525

LESS INTEREST RESERVE WITHHOLDING

0.00

PPIS ALLOCATED TO CERTIFICATES

0.00

PLUS INTEREST RESERVE DEPOSIT

0.00

REMITTANCE INTEREST

~~612~~2,~~612~~080,571.6525

POOL BALANCE SUMMARY

BALANCE/AMOUNT

COUNT

BEGINNING POOL

58,402,000.00

SCHEDULED PRINCIPAL DISTRIBUTION

0.00

UNSCHEDULED PRINCIPAL DISTRIBUTION

0.00

DEFERRED INTEREST

0.00

LIQUIDATIONS

0.00

REPURCHASES

0.00

ENDING POOL

58,402,000.00

ADVANCES

PRIOR OUTSTANDING

CURRENT PERIOD

RECOVERED

ENDING OUTSTANDING

PRINCIPAL

INTEREST

PRINCIPAL

INTEREST

PRINCIPAL

INTEREST

PRINCIPAL

INTEREST

MADE BY:

0.00

07/13/2001 - 09:27 (F857) 2001 LASALLE BANK N.A.

PAGE 4 OF 6

01/11/2002 - 10:23 (F857) 2002 LASALLE BANK N.A.

PAGE 4 OF 6

ABN AMRO

LASALLE BANK

~~N.A.~~

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

BELL SOUTH DEBENTURE BACKED

STATEMENT DATE:

0701/1615/~~2001~~2002

PAYMENT DATE:

0701/1615/~~2001~~2002

SERIES 2001-3

PRIOR PAYMENT:

N07/A16/2001

NEXT PAYMENT:

0107/15/2002

RECORD DATE:

0701/01/~~2001~~2002

ABN AMRO ACCT: 67-8785-70-0

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

53180

7.125000000%

~~612~~2,~~612~~080,571.6525

0.00

~~612~~2,~~612~~080,571.6525

0.00

612,612.65

0.00

612,612.65

0.00

2,080,571.25

0.00

2,080,571.25

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 5 OF 6

07/13/2001 - 09:27 (F857) 2001 LASALLE BANK N.A.

01/11/2002 - 10:23 (F857) 2002 LASALLE BANK N.A.

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

BELL SOUTH DEBENTURE BACKED

STATEMENT DATE:

0701/1615/~~2001~~2002

SERIES 2001-3

PAYMENT DATE:

0701/1615/~~2001~~2002

PRIOR PAYMENT:

N07/A16/2001

NEXT PAYMENT:

0107/15/2002

RECORD DATE:

0701/01/~~2001~~2002

ABN AMRO ACCT: 67-8785-70-0

RATING INFORMATION

ORIGINAL RATINGS

RATING CHANGE/CHANGE DATE(1)

CLASS

CUSIP

FITCH

MOODY'S

S&P

FITCH

MOODY'S

S&P

UNIT

80409K203

AA3

AA-

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.

07/13/2001 - 09:27 (F857) 2001 LASALLE BANK N.A.

PAGE 6 OF 6

01/11/2002 - 10:23 (F857) 2002 LASALLE BANK N.A.

PAGE 6 OF 6

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