8-K 1 sat00201_200301.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: January 2, 2003
(Date of earliest event reported)

MSDW Structured Asset Corp.
(Issuer in Respect of SATURNS Trust No. 2002-1)
(Exact Name of Registrant as Specified in its Charter)

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

This current report on Form 8-K relates to the semi-annual
distribution reported to holders of SATURNS Trust No. 2002-1,
which was made on January 2, 2003.

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

(c) Exhibits

Exhibit No. Description

99.1 Semi-Annual distribution report pursuant to
the Trust Agreement for distribution on
January 2, 2003.

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 there unto duly authorized.

LASALLE BANK NATIONAL ASSOCIATION,
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

January 10, 2003

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

STATEMENT DATE:

01/02/2003

AON CAPITAL SECURITY BACKED

PAYMENT DATE:

01/02/2003

135 S. LASALLE STREET SUITE 1625

CHICAGO, IL 60603-4159

USA

SERIES 2002-1

PRIOR PAYMENT:

07/01/2002

NEXT PAYMENT:

07/01/2003

RECORD DATE:

06/15/2003

ABN AMRO ACCT: 67-8952-40-9

ADMINISTRATOR:

REPORTING PACKAGE TABLE OF CONTENTS

ANALYST:

ANDY STREEPEY (312) 904-9387

ARTUR OGANEZOV 714-238-6704

ANDY.STREEPEY@ABNAMRO.COM

ARTUR.OGANEZOV@ABNAMRO.COM

PAGE(S)

ISSUE ID:

SAT00201

CLOSING DATE:

2/27/2002

STATEMENTS TO CERTIFICATEHOLDERS

PAGE 2

CASH RECONCILIATION SUMMARY

PAGE 3

FIRST PAYMENT DATE:

7/1/2002

MONTHLY DATA FILE NAME:

BOND INTEREST RECONCILIATION

PAGE 4

SAT00201_200301_3.ZIP

OTHER RELATED INFORMATION

PAGE 5

REALIZED LOSS DETAIL

PAGE 6

RATING INFORMATION

PAGE 7

PARTIES TO THE TRANSACTION

DEPOSITOR: MSDW STRUCTURED ASSET CORP.

UNDERWRITER: MORGAN STANLEY DEAN WITTER

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

12/30/2002 - 14:16 (H889-H890) 2003 LASALLE BANK N.A.

PAGE 1 OF 7





	ABN AMRO

	LASALLE BANK		N.A.
*STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)*

										*AON CAPITAL SECURITY BACKED*																											STATEMENT DATE:								01/02/2003

										*SERIES 2002-1*																											PAYMENT DATE:						01/02/2003

WAC:						48.996000%																															PRIOR PAYMENT:							07/01/2002
																																		NEXT PAYMENT:							07/01/2003
WAMM:						576
																																		RECORD DATE:								06/15/2003
										*GRANTOR TRUST*
										*ABN AMRO ACCT: 67-8952-40-9*


									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						35,620,000.00					35,620,000.00					0.00			0.00			0.00				35,620,000.00				1,335,750.00					0.00				7.50000000%
	80409X205													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					37.500000000				0.000000000						FIXED

	B UNIT						35,620,000.00				N	35,620,000.00					0.00			0.00			0.00				35,620,000.00				118,614.60					0.00				0.66600000%
	80409XAA4													1000.000000000			0.000000000			0.000000000			0.000000000				1000.000000000					3.330000000				0.000000000						FIXED



		TOTAL			35,620,000.00								35,620,000.00				0.00			0.00			0.00				35,620,000.00				1,454,364.60					0.00

																										TOTAL P&I PAYMENT				1,454,364.60


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
12/30/2002 - 14:16 (H889-H890) 2003 LASALLE BANK N.A.																																						PAGE 2 OF 7





		ABN AMRO

		LASALLE BANK	N.A.
		*STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)*
		*AON CAPITAL SECURITY BACKED*																											STATEMENT DATE:				01/02/2003
					*SERIES 2002-1*																														PAYMENT DATE:			01/02/2003
																												PRIOR PAYMENT:		07/01/2002
																												NEXT PAYMENT:			07/01/2003
																												RECORD DATE:				06/15/2003
					*ABN AMRO ACCT: 67-8952-40-9*


*CASH RECONCILIATION SUMMARY*



				INTEREST SUMMARY										SERVICING FEE SUMMARY																								PRINCIPAL SUMMARY
				CURRENT SCHEDULED INTEREST				1,454,364.60						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 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				1,454,364.60							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				1,454,364.60
				LESS INTEREST RESERVE WITHHOLDING						0.00				PPIS ALLOCATED TO CERTIFICATES									0.00
				PLUS INTEREST RESERVE DEPOSIT					0.00
				REMITTANCE INTEREST				1,454,364.60								POOL BALANCE SUMMARY
																								BALANCE/AMOUNT						COUNT
														BEGINNING POOL									35,620,000.00									2
														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							35,620,000.00										2
						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

	12/30/2002 - 14:16 (H889-H890) 2003 LASALLE BANK N.A.																																										PAGE 3 OF 7

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

AON CAPITAL SECURITY BACKED

STATEMENT DATE:

01/02/2003

PAYMENT DATE:

01/02/2003

SERIES 2002-1

PRIOR PAYMENT:

07/01/2002

NEXT PAYMENT:

07/01/2003

RECORD DATE:

06/15/2003

ABN AMRO ACCT: 67-8952-40-9

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

180

7.500000000%

1,335,750.00

0.00

1,335,750.00

0.00

B UNIT

30/360

180

0.666000000%

118,614.60

0.00

118,614.60

0.00

1,454,364.60

0.00

1,454,364.60

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) 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 7

12/30/2002 - 14:16 (H889-H890) 2003 LASALLE BANK N.A.

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

AON CAPITAL SECURITY BACKED

STATEMENT DATE:

01/02/2003

SERIES 2002-1

PAYMENT DATE:

01/02/2003

PRIOR PAYMENT:

07/01/2002

NEXT PAYMENT:

07/01/2003

RECORD DATE:

06/15/2003

ABN AMRO ACCT: 67-8952-40-9

OTHER RELATED INFORMATION

SWAP INFORMATION

SWAP RECEIPENTS

SWAP AMOUNT RECEIVED

NEXT SWAP RATE

NONE

0.00

0.00%

12/30/2002 - 14:16 (H889-H890) 2003 LASALLE BANK N.A.

PAGE 5 OF 7

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

STATEMENT DATE:

01/02/2003

AON CAPITAL SECURITY BACKED

PAYMENT DATE:

01/02/2003

SERIES 2002-1

PRIOR PAYMENT:

07/01/2002

NEXT PAYMENT:

07/01/2003

RECORD DATE:

06/15/2003

ABN AMRO ACCT: 67-8952-40-9

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..

12/30/2002 - 14:16 (H889-H890) 2003 LASALLE BANK N.A.

PAGE 6 OF 7

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

AON CAPITAL SECURITY BACKED

STATEMENT DATE:

01/02/2003

SERIES 2002-1

PAYMENT DATE:

01/02/2003

PRIOR PAYMENT:

07/01/2002

NEXT PAYMENT:

07/01/2003

RECORD DATE:

06/15/2003

ABN AMRO ACCT: 67-8952-40-9

RATING INFORMATION

ORIGINAL RATINGS

RATING CHANGE/CHANGE DATE(1)

CLASS

CUSIP

FITCH

MOODY'S

S&P

FITCH

MOODY'S

S&P

A UNIT

80409X205

BAA1

BBB+

B UNIT

80409XAA4

BAA1

BBB+

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.

12/30/2002 - 14:16 (H889-H890) 2003 LASALLE BANK N.A.

PAGE 7 OF 7

MS STRUCTURED SATURNS SERIES 2002-1 8-K