Structured Asset Trust Unit Repackagings (SATURNS)

The May Department Stores Company Debenture Backed

Series 2003-7

Reporting Package Table of Contents

Payment Date:
Prior Payment:
Next Payment:
Record Date:

26-Aug-11

15-Jan-08

16-Jul-07
15-Jul-08

10-Jan-08

Administrator:

Thais Hayum 312.904.8944
thais.hayum@bankofamerica.com

Revised Date:

540 W. Madison Street, Suite 1800
Chicago, IL 60661
USA

Statements to Certificateholders
Cash Reconciliation Summary
Bond Interest Reconciliation
Other Related Information
Other Related Information
Rating Information
Realized Loss Detail
US Bank Disclaimer

Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

SAT00307

SAT00307_200801_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

7-May-03

15-Jul-03

15-Jan-32

Parties to The Transaction

Depositor: MS Structured Asset Corp

Underwriter: Morgan Stanley Capital Services, Inc

Rating Agency: Standard & Poor's, Inc./Moody's Investors Service, Inc.

Bank of America Merrill Lynch

www.etrustee.net

Page 1 of 9

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Factor per $ 1000

Next Rate(3)

WAC:
WAMM:

Payment Date:

Prior Payment:
Next Payment:
Record Date:

41.088000%

26-Aug-11

15-Jan-08

16-Jul-07
15-Jul-08

10-Jan-08

Structured Asset Trust Unit Repackagings (SATURNS)

The May Department Stores Company Debenture Backed

Series 2003-7

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

576

Grantor Trust

Revised Date:

1000.000000000

0.000000000

1000.000000000

31.250000000

Fixed

0.00

0.000000000

6.2500000000%

0.000000000

80411E203

A UNIT

25,000,000.00

0.00

25,000,000.00

781,250.00

25,000,000.00

1000.000000000

0.000000000

1000.000000000

2.990000000

Fixed

0.00

0.000000000

0.5980000000%

0.000000000

80411EAA2

B UNIT

25,000,000.00

0.00

25,000,000.00

74,750.00

25,000,000.00

Total P&I Payment

0.00

25,000,000.00

856,000.00

Total

25,000,000.00

0.00

856,000.00

Page 2 of 9

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

Structured Asset Trust Unit Repackagings (SATURNS)

Payment Date:
Prior Payment:
Next Payment:
Record Date:

26-Aug-11

15-Jan-08

16-Jul-07
15-Jul-08

10-Jan-08

The May Department Stores Company Debenture Backed

Series 2003-7

Revised Date:

Cash Reconciliation Summary

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

856,000.00

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

856,000.00

Unscheduled Interest:
Prepayment Penalties

0.00

Yield Maintenance Penalties

0.00

Other Interest Proceeds

0.00

Total

0.00

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances
Recoup of Prior Advances
Misc. Fees & Expenses

Total Unscheduled Fees & Expenses

Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust

Trustee Fee
Fee Strips

Interest Reserve Withholding
Plus Interest Reserve Deposit
Total

Total Interest Due Certs

Principal Summary

Scheduled Principal:
Current Scheduled Principal

Advanced Scheduled Principal

Scheduled Principal

Unscheduled Principal:
Curtailments

Prepayments in Full

Liquidation Proceeds

Repurchase Proceeds

Other Principal Proceeds
Total Unscheduled Principal
Remittance Principal

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool

Scheduled Principal

Unscheduled Principal

Deferred Interest

Liquidations

Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding

Plus Current Period

Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees

Plus Fees Advanced for PPIS

Less Reduction for PPIS

Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE

Reduced by Shortfalls in Fees

Reduced by Other Amounts

PPIS Reducing Scheduled Interest

PPIS Reducing Servicing Fee

PPIS Due Certificate

0.00

0.00
0.00

0.00

856,000.00

0.00
0.00
0.00
0.00

0.00

0.00
0.00
0.00

0.00
0.00
0.00
0.00

0.00
0.00
0.00

856,000.00

25,000,000.00

0.00
0.00

0.00

25,000,000.00

0.00

0.00
0.00
0.00
0.00

0.00

0.00
0.00
0.00
0.00

0.00
0.00

0.00

856,000.00

Interest Not Advanced (

Current Period

)

0.00

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

0.00

Advance Summary (Advance Made by Servicer)

0.00

Misc. Fees

856,000.00

Less Modification Shortfall Amount

0.00

Page 3 of 9

Structured Asset Trust Unit Repackagings (SATURNS)

Class

Accrued

Payment Date:

Prior Payment:

Next Payment:

Record Date:

26-Aug-11

15-Jan-08

16-Jul-07
15-Jul-08

10-Jan-08

The May Department Stores Company Debenture Backed

Series 2003-7

Bond Interest Reconciliation

Deductions

Allocable

Deferred &

Prior

Prepay-

Other

Additions

Interest

Original

Current(4)

Accrual

Int. Short-

falls Due

ment

Interest

Interest (2)

Payment

Amount

PPIS

Interest

Certificate

Accretion

Interest

Loss/Exp

Interest

Penalties

Proceeds (1)

Interest

Shortfalls

Certificate

Rate

Pass

Thru

Method Days

Outstanding

Remaining

Revised Date:

Distributable

Current Period

(Shortfall)/

Recovery

Int Accrual

on Prior

Shortfall (3)

1.00

Credit Support

0.00

A UNIT

781,250.00

0.00

6.2500000000%

0.00

30/360

180

0.00

B UNIT

74,750.00

0.00

0.5980000000%

0.00

30/360

180

0.00

856,000.00

0.00

(1) Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the bonds Distributable Interest.

(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).

(3) Includes interest accrued on outstanding Interest Shortfalls and/or Loss Allocations. Where applicable.

(2) Accrued - Deductions + Additions Interest

Page 4 of 9

Structured Asset Trust Unit Repackagings (SATURNS)

Payment Date:
Prior Payment:
Next Payment:
Record Date:

26-Aug-11

15-Jan-08

16-Jul-07
15-Jul-08

10-Jan-08

The May Department Stores Company Debenture Backed

Series 2003-7

Other Related Information

Revised Date:

Swap Recipients

Swap Amount Received

Next Swap Rate

Swap Information

Underlying Information

Name

May Department Stores Company 6.90% debentures due January 15, 2032

Cusip

577778BQ5

Balance

Current Rate

Next Rate

Amount Received

Ratings Moody/S&P/Fitch

Baa2/BBB/BBB

$25,000,000.00

6.900%

$862,500.00

0.00

0.0000%

Series 2003-7

Page 5 of 9

Structured Asset Trust Unit Repackagings (SATURNS)

Payment Date:
Prior Payment:
Next Payment:
Record Date:

26-Aug-11

15-Jan-08

16-Jul-07
15-Jul-08

10-Jan-08

The May Department Stores Company Debenture Backed

Series 2003-7

Other Related Information

Revised Date:

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 periodic reports, current reports and other 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.

Page 6 of 9

Structured Asset Trust Unit Repackagings (SATURNS)

Payment Date:

Prior Payment:

Next Payment:

Record Date:

26-Aug-11

15-Jan-08

16-Jul-07
15-Jul-08

10-Jan-08

The May Department Stores Company Debenture Backed

Series 2003-7

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Current Ratings/As of Date(1)

Revised Date:

A UNIT

80411E203

Baa2

2/27/07

BBB

7/19/04

B UNIT

80411EAA2

Baa2

2/27/07

BBB

7/19/04

Page 7 of 9

NR - Designates that the class was not rated by the rating agency.

(1) Current 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 US Bank 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 provided by the rating agency in an electronic format and therefore not being updated on this report, US Bank recommends that investors obtain current rating
information directly from the rating agency.

Structured Asset Trust Unit Repackagings (SATURNS)

Payment Date:

Prior Payment:

Next Payment:

Record Date:

26-Aug-11

15-Jan-08

16-Jul-07
15-Jul-08

10-Jan-08

The May Department Stores Company Debenture Backed

Series 2003-7

Realized Loss Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning
Scheduled

Balance

Gross

Proceeds

Gross Proceeds

as a % of

Sched. Balance

Aggregate

Liquidation

Expenses *

Net

Liquidation

Proceeds

Net Proceeds

as a % of

Sched. Balance

Revised Date:

Realized Loss

Current Total

Cumulative

Page 8 of 9

* Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc..

Structured Asset Trust Unit Repackagings (SATURNS)

Payment Date:
Prior Payment:
Next Payment:
Record Date:

26-Aug-11

15-Jan-08

16-Jul-07
15-Jul-08

10-Jan-08

The May Department Stores Company Debenture Backed

Series 2003-7

Disclaimer

Revised Date:

On December 30, 2010, substantially all of the Global Securities Solutions securitization trust administration business
of Bank of America, N.A. and its affiliates (collectively, "Bank of America") located in the United States, the United
Kingdom and Ireland was acquired by the corporate trust division of U.S. Bank National Association and its affiliates
(collectively, "U.S. Bank"). As a result of the acquisition, substantially all of the relationships of the Global Securities
Solutions securitization trust administration business are being administered by U.S. Bank, with transitional assistance
from Bank of America. The securitization trust administration functions and roles that are being transitioned include,
but are not limited to, Bank of America's roles and duties as trustee, securities administrator, paying agent, collateral
agent, custodian, security registrar, calculation agent and depositary. Succession by U.S. Bank of securitization trust
administration roles from Bank of America shall be subject to satisfaction of any applicable requirements or conditions
set forth in the applicable agreements. During the transition period, until further notice is provided, all communications
and any other ongoing activities regarding the securitization trust administration business should continue to be made
through your current Bank of America contacts. Should you have any questions in relation to either this notice or the
servicing of your account, please contact the applicable Transaction Manager.

Page 9 of 9

MS STRUCTURED SATURNS SERIES 2003-7 8-K/A