8-K 1 sat00107_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 15, 2003
(Date of earliest event reported)

MSDW Structured Asset Corp.
(Issuer in Respect of SATURNS Trust No. 2001-7)
(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. 2001-7,
which was made on January 15, 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 15, 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 27, 2003

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

STATEMENT DATE:

0701/15/~~2002~~2003

SAFECO CAPITAL SECURITY BACKED

PAYMENT DATE:

0701/15/~~2002~~2003

135 S. LASALLE STREET SUITE 1625

CHICAGO, IL 60603-4159

USA

SERIES 2001-7

PRIOR PAYMENT:

0107/15/2002

NEXT PAYMENT:

0107/15/2003

RECORD DATE:

0701/01/~~2002~~2003

ABN AMRO ACCT: 67-8912-70-0

ADMINISTRATOR:

REPORTING PACKAGE TABLE OF CONTENTS

ANALYST:

ANDY STREEPEY (312) 904-9387

~~SOPHIE~~LESLIE ~~DOORBAR~~SANCHO (714-) 238-~~6735~~6713

ANDY.STREEPEY@ABNAMRO.COM

~~SOPHIE~~LESLIE.~~DOORBAR~~SANCHO@ABNAMRO.COM

PAGE(S)

ISSUE ID:

SAT00107

CLOSING DATE:

12/12/2001

STATEMENTS TO CERTIFICATEHOLDERS

PAGE 2

CASH RECONCILIATION SUMMARY

PAGE 3

FIRST PAYMENT DATE:

1/15/2002

MONTHLY DATA FILE NAME:

BOND INTEREST RECONCILIATION

PAGE 4

SAT00107_200207_3.ZIP

OTHER RELATED INFORMATION

PAGE 5

SAT00107_200301_3.ZIP

OTHER RELATED INFORMATION

PAGE 5

RATING INFORMATION

PAGE 6

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

07/11/2002 - 11:12 (G623) 2002 LASALLE BANK N.A.

PAGE 1 OF 6

01/10/2003 - 11:27 (G623) 2003 LASALLE BANK N.A.

PAGE 1 OF 7

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

SAFECO CAPITAL SECURITY BACKED

STATEMENT DATE:

0701/15/~~2002~~2003

SERIES 2001-7

PAYMENT DATE:

0701/15/~~2002~~2003

WAC:

49.500000%

PRIOR PAYMENT:

0107/15/2002

NEXT PAYMENT:

0107/15/2003

WAMM:

~~420~~414

RECORD DATE:

0701/01/~~2002~~2003

GRANTOR TRUST

ABN AMRO ACCT: 67-8912-70-0

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

32,191,325.00

0.00

32,191,325.00

1,327,892.16

0.00

8.25000000%

80409U201

1000.000000000

0.000000000

1000.000000000

41.250000116

0.000000000

FIXED

TOTAL

32,191,325.00

0.00

32,191,325.00

1,327,892.16

0.00

TOTAL P&I PAYMENT

1,327,892.16

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

07/11/2002 - 11:12 (G623) 2002 LASALLE BANK N.A.

PAGE 2 OF 6

01/10/2003 - 11:27 (G623) 2003 LASALLE BANK N.A.

PAGE 2 OF 7

		ABN AMRO
		LASALLE BANK	N.A.
	STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)	~~STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)~~
	SAFECO CAPITAL SECURITY BACKED	~~SAFECO CAPITAL SECURITY BACKED~~																																															STATEMENT DATE:					~~STATEMENT DATE:~~	01/15/2003			~~07/15/2002~~
							SERIES 2001-7																																																						PAYMENT DATE:		07/15/2002
																																																					PAYMENT DATE:											01/15/2003
																																																													PRIOR PAYMENT:			01/15/2002
						SERIES 2001-7																																															PRIOR PAYMENT:											07/15/2002
																																																					NEXT PAYMENT:								~~NEXT PAYMENT:~~			07/15/2003	~~01/15/2003~~
																																																					RECORD DATE:								~~RECORD DATE:~~			01/01/2003		~~07/01/2002~~
						ABN AMRO ACCT: 67-8912-70-0	~~ABN AMRO ACCT: 67-8912-70-0~~
CASH RECONCILIATION SUMMARY
				INTEREST SUMMARY	~~INTEREST SUMMARY~~													~~SERVICING FEE SUMMARY~~				PRINCIPAL SUMMARY																										~~PRINCIPAL~~SERVICING FEE SUMMARY
				CURRENT SCHEDULED INTEREST	~~CURRENT SCHEDULED INTEREST~~					~~1,327,892.16~~	1,327,892.16							~~CURRENT SERVICING FEES~~		SCHEDULED PRINCIPAL:													~~0.00~~															~~SCHEDULED:~~
				LESS DEFERRED INTEREST	~~LESS DEFERRED INTEREST~~					~~0.00~~	0.00							~~PLUS FEES ADVANCED FOR PPIS~~		CURRENT SCHEDULED PRINCIPAL										0.00			~~0.00~~										CURRENT SERVICING FEES					~~CURRENT SCHEDULED PRINCIPAL~~					0.00								~~0.00~~
					PLUS ADVANCE INTEREST					0.00								LESS REDUCTION FOR PPIS															0.00															ADVANCED SCHEDULED PRINCIPAL													0.00
				LESS PPIS REDUCING SCHEDULED INT							0.00																																PLUS FEES ADVANCED FOR PPIS										0.00
					PLUS UNSCHEDULED INTEREST					0.00								PLUS DELINQUENT SERVICING FEES																	0.00													SCHEDULED PRINCIPAL DISTRIBUTION													0.00
																				ADVANCED SCHEDULED PRINCIPAL										0.00													LESS REDUCTION FOR PPIS										0.00
					PPIS REDUCING SCHEDULED INTEREST					0.00								TOTAL SERVICING FEES															0.00															UNSCHEDULED:
				PLUS GROSS ADVANCE INTEREST							0.00									SCHEDULED PRINCIPAL													0.00
					LESS TOTAL FEES PAID TO SERVICER					0.00																																						CURTAILMENTS													0.00
				LESS ASER INTEREST ADV REDUCTION										0.00																													PLUS DELINQUENT SERVICING FEES										0.00
					PLUS FEES ADVANCED FOR PPIS					0.00																																						PREPAYMENTS IN FULL													0.00
				LESS OTHER INTEREST NOT ADVANCED							0.00									UNSCHEDULED PRINCIPAL:
					LESS FEE STRIPS PAID BY SERVICER					0.00								PPIS SUMMARY																														LIQUIDATION PROCEEDS													0.00
				LESS OTHER ADJUSTMENT							0.00									CURTAILMENTS										0.00														TOTAL SERVICING FEES										0.00
					LESS MISC. FEES & EXPENSES					0.00								GROSS PPIS															0.00															REPURCHASE PROCEEDS													0.00
																				PREPAYMENTS IN FULL										0.00
					LESS NON RECOVERABLE ADVANCES					0.00									REDUCED BY PPIE														0.00															OTHER PRINCIPAL PROCEEDS													0.00
				TOTAL							1,327,892.16
					INTEREST DUE TRUST					1,327,892.16									REDUCED BY SHORTFALLS IN FEES														0.00															UNSCHEDULED PRINCIPAL DISTRIBUTION													0.00
				UNSCHEDULED INTEREST:																LIQUIDATION PROCEEDS										0.00
					LESS TRUSTEE FEE					0.00									REDUCED BY OTHER AMOUNTS														0.00															REMITTANCE PRINCIPAL													0.00
																				REPURCHASE PROCEEDS										0.00
					LESS FEE STRIPS PAID BY TRUST					0.00									NET PPIS														0.00
				PREPAYMENT PENALTIES							0.00
					LESS MISC. FEES PAID BY TRUST					0.00								PPIS REDUCING SERVICING FEE															0.00															SERVICER WIRE AMOUNT													1,327,892.16
				YIELD MAINTENANCE PENALTIES							0.00									OTHER PRINCIPAL PROCEEDS										0.00
					LESS INTEREST RESERVE WITHHOLDING								0.00					PPIS ALLOCATED TO CERTIFICATES															0.00
				OTHER INTEREST PROCEEDS							0.00									TOTAL UNSCHEDULED PRINCIPAL														0.00
					PLUS INTEREST RESERVE DEPOSIT							0.00
				TOTAL							0.00									REMITTANCE PRINCIPAL										0.00
					REMITTANCE INTEREST					1,327,892.16										POOL BALANCE SUMMARY
				LESS FEE PAID TO SERVICER							0.00										REMITTANCE P&I DUE TRUST											1,327,892.16
																																			BALANCE/AMOUNT					COUNT
				LESS FEE STRIPS PAID BY SERVICER							0.00
																		BEGINNING POOL															32,191,325.00									1
																					REMITTANCE P&I DUE CERTS										1,327,892.16
																		SCHEDULED PRINCIPAL DISTRIBUTION															0.00
				LESS FEES & EXPENSES PAID BY/TO SERVICER																																											PPIS SUMMARY
																		UNSCHEDULED PRINCIPAL DISTRIBUTION											0.00																	0
				SPECIAL SERVICING FEES								0.00											POOL BALANCE SUMMARY
																		DEFERRED INTEREST											0.00
				WORKOUT FEES							0.00																BALANCE											COUNT					GROSS PPIS										0.00
																		LIQUIDATIONS											0.00																		0
				LIQUIDATION FEES							0.00
																		REPURCHASES											0.00															0
																				BEGINNING POOL					32,191,325.00												1						REDUCED BY PPIE										0.00
																		ENDING POOL											32,191,325.00												1
				INTEREST DUE SERV ON ADVANCES							0.00									SCHEDULED PRINCIPAL					0.00																		REDUCED BY SHORTFALLS IN FEES										0.00
								ADVANCES
				NON RECOVERABLE ADVANCES							0.00									UNSCHEDULED PRINCIPAL					0.00											0							REDUCED BY OTHER AMOUNTS										0.00
									PRIOR OUTSTANDING									CURRENT PERIOD													RECOVERED																	ENDING OUTSTANDING
				MISC. FEES & EXPENSES							0.00									DEFERRED INTEREST					0.00
										PRINCIPAL						INTEREST					PRINCIPAL				INTEREST											PRINCIPAL			INTEREST													PRINCIPAL			INTEREST
																				LIQUIDATIONS					0.00											0							PPIS REDUCING SCHEDULED INTEREST										0.00
			MADE BY:				0.00								0.00		0.00							0.00				0.00										0.00										0.00					0.00
																																											PPIS REDUCING SERVICING FEE										0.00
	07/11/2002 - 11:12 (G623) 2002 LASALLE BANK N.A.																																																													PAGE 3 OF 6
				TOTAL UNSCHEDULED FEES & EXPENSES							0.00									REPURCHASES					0.00											0
				TOTAL INTEREST DUE TRUST							1,327,892.16									ENDING POOL						32,191,325.00										1								PPIS DUE CERTIFICATE										0.00
				LESS FEES & EXPENSES PAID BY/TO TRUST																																										ADVANCE SUMMARY (ADVANCE MADE BY )
																																																			PRINCIPAL					INTEREST
				TRUSTEE FEE							0.00
				FEE STRIPS							0.00																																		PRIOR OUTSTANDING					0.00										0.00
				MISC. FEES							0.00
				INTEREST RESERVE WITHHOLDING							0.00																																		PLUS CURRENT PERIOD					0.00								0.00
				PLUS INTEREST RESERVE DEPOSIT							0.00																																		LESS RECOVERED					0.00									0.00
				TOTAL									0.00																																LESS NON RECOVERED					0.00									0.00
																																													ENDING OUTSTANDING					0.00							0.00
				TOTAL INTEREST DUE CERTS							1,327,892.16
		01/10/2003 - 11:27 (G623) 2003 LASALLE BANK N.A.																																																					PAGE 3 OF 7

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

SAFECO CAPITAL SECURITY BACKED

~~SAFECO CAPITAL SECURITY BACKED~~

~~STATEMENT DATE:~~

STATEMENT DATE:

~~07/15/2002~~

01/15/2003

~~PAYMENT DATE:~~

PAYMENT DATE:

~~07/15/2002~~

01/15/2003

SERIES 2001-7

~~SERIES 2001-7~~

~~PRIOR PAYMENT:~~

PRIOR PAYMENT:

~~01/15/2002~~

07/15/2002

~~NEXT PAYMENT:~~

NEXT PAYMENT:

~~01/15/2003~~

07/15/2003

~~RECORD DATE:~~

RECORD DATE:

~~07/01/2002~~

01/01/2003

ABN AMRO ACCT: 67-8912-70-0

~~ABN AMRO ACCT: 67-8912-70-0~~

BOND INTEREST RECONCILIATION

~~BOND INTEREST RECONCILIATION~~

DEDUCTIONS

~~DEDUCTIONS~~

ADDITIONS

~~ADDITIONS~~

~~REMAINING~~

REMAINING

ACCRUAL

~~ACCRUAL~~

PASS

~~PASS~~

ACCRUED

~~ACCRUED~~

DEFERRED &

PRIOR

~~PRIOR~~

INT ACCRUAL

~~PREPAY-~~

PREPAY-

~~OTHER~~

~~DISTRIBUTABLE~~

OTHER

DISTRIBUTABLE

~~INTEREST~~

~~CURRENT PERIOD~~

INTEREST

~~OUTSTANDING~~

CURRENT PERIOD

OUTSTANDING

~~CREDIT SUPPORT~~

CREDIT SUPPORT

THRU

~~THRU~~

CERTIFICATE

~~CERTIFICATE~~

ALLOCABLE

~~ALLOCABLE~~

ACCRETION

~~ACCRETION~~

INTEREST

~~INTEREST~~

INT. SHORT-

~~INT. SHORT-~~

ON PRIOR

~~MENT~~

MENT

~~INTEREST~~

~~CERTIFICATE~~INTEREST

CERTIFICATE

~~PAYMENT~~

~~(SHORTFALL)/~~

PAYMENT

~~INTEREST~~

(SHORTFALL)/

INTEREST

CLASS

~~CLASS~~

METHOD DAYS

~~METHOD DAYS~~

RATE

~~RATE~~

INTEREST

~~INTEREST~~

PPIS

~~PPIS~~

INTEREST

~~INTEREST~~

LOSS/EXP

~~LOSSES~~

~~FALLS DUE~~

FALLS DUE

SHORTFALL (3)

~~PENALTIES~~

PENALTIES

~~PROCEEDS (1)~~

PROCEEDS (1)

INTEREST (2)

AMOUNT

~~RECOVERY~~

RECOVERY

~~SHORTFALLS~~

SHORTFALLS

ORIGINAL

~~ORIGINAL~~

CURRENT(4)

~~CURRENT(3)~~

UNIT

~~UNIT~~

30/360

~~30/360~~

180

~~180~~

8.250000000%

~~8.250000000%~~

1,327,892.16

0.00

~~0.00~~

0.00

~~0.00~~

0.00

~~0.00~~

0.00

~~0.00~~

0.00

~~0.00~~

0.00

~~1,327,892.16~~

1,327,892.16

~~0.00~~

0.00

1,327,892.16

~~1,327,892.16~~

0.00

~~0.00~~

0.00

~~0.00~~

0.00

~~0.00~~

0.00

~~0.00~~

0.00

~~0.00~~

0.00

~~0.00~~

~~1,327,892~~0.1600

~~1,327,892.16~~

1,327,892.16

~~0.00~~

0.00

(1) OTHER INTEREST PROCEEDS ARE ADDITIONAL INTEREST AMOUNTS SPECIFICALLY ALLOCATED TO THE BOND(S) AND USED IN DETERMINING THE BONDS DISTRIBUTABLE INTEREST.

~~(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) 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) WHERE APPLICABLE.

PAGE 4 OF 6

(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).

07/11/2002 - 11:12 (G623) 2002 LASALLE BANK N.A.

PAGE 4 OF 7

01/10/2003 - 11:27 (G623) 2003 LASALLE BANK N.A.

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

SAFECO CAPITAL SECURITY BACKED

STATEMENT DATE:

0701/15/~~2002~~2003

SERIES 2001-7

PAYMENT DATE:

0701/15/~~2002~~2003

PRIOR PAYMENT:

0107/15/2002

NEXT PAYMENT:

0107/15/2003

RECORD DATE:

0701/01/~~2002~~2003

ABN AMRO ACCT: 67-8912-70-0

OTHER RELATED INFORMATION

SWAP INFORMATION

SWAP RECEIPENTS

SWAP AMOUNT RECEIVED

NEXT SWAP RATE

NONE

0.00

0.00%

07/11/2002 - 11:12 (G623) 2002 LASALLE BANK N.A.

PAGE 5 OF 6

01/10/2003 - 11:27 (G623) 2003 LASALLE BANK N.A.

PAGE 5 OF 7

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

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

SAFECO CAPITAL SECURITY BACKED

STATEMENT DATE:

07/15/2002

STATEMENT DATE:

01/15/2003

SERIES 2001-7

PAYMENT DATE:

07/15/2002

SAFECO CAPITAL SECURITY BACKED

PAYMENT DATE:

01/15/2003

PRIOR PAYMENT:

01/15/2002

SERIES 2001-7

PRIOR PAYMENT:

07/15/2002

NEXT PAYMENT:

~~NEXT PAYMENT:~~

~~01/15/2003~~

07/15/2003

RECORD DATE:

~~RECORD DATE:~~

~~07/01/2002~~

01/01/2003

ABN AMRO ACCT: 67-8912-70-0

~~ABN AMRO ACCT: 67-8912-70-0~~

RATING INFORMATION

REALIZED LOSS DETAIL

ORIGINAL RATINGS

RATING CHANGE/CHANGE DATE(1)

BEGINNING

CLASS

CUSIP

FITCH

MOODY'S

S&P

FITCH

MOODY'S

S&P

SCHEDULED

UNIT

80409U201

BAA2

BBB-

BALANCE

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

GROSS PROCEEDS

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

AS A % OF

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

SCHED. BALANCE

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

AGGREGATE

07/11/2002 - 11:12 (G623) 2002 LASALLE BANK N.A.

PAGE 6 OF 6

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..

01/10/2003 - 11:27 (G623) 2003 LASALLE BANK N.A.

PAGE 6 OF 7

ABN AMRO

LASALLE BANK

N.A.

STRUCTURED ASSET TRUST UNIT REPACKAGINGS (SATURNS)

SAFECO CAPITAL SECURITY BACKED

STATEMENT DATE:

01/15/2003

SERIES 2001-7

PAYMENT DATE:

01/15/2003

PRIOR PAYMENT:

07/15/2002

NEXT PAYMENT:

07/15/2003

RECORD DATE:

01/01/2003

ABN AMRO ACCT: 67-8912-70-0

RATING INFORMATION

ORIGINAL RATINGS

RATING CHANGE/CHANGE DATE(1)

CLASS

CUSIP

FITCH

MOODY'S

S&P

FITCH

MOODY'S

S&P

UNIT

80409U201

BAA2

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

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

01/10/2003 - 11:27 (G623) 2003 LASALLE BANK N.A.

PAGE 7 OF 7

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