Attached files
| file | filename |
|---|---|
| 10-K - MS STRUCTURED ASSET CORP CBT SERIES 2003-1 | saturns10k2003-1.htm |
| EX-31.1 - MS STRUCTURED ASSET CORP CBT SERIES 2003-1 | saturns10k2003-1_ex311.htm |
| EX-31.3 - MS STRUCTURED ASSET CORP CBT SERIES 2003-1 | saturns10k2003-1_ex313.htm |
| EX-31.2 - MS STRUCTURED ASSET CORP CBT SERIES 2003-1 | saturns10k2003-1_ex312.htm |
Exhibit 99.1
[Letterhead of Pustorino, Puglisi & Co., LLP]
INDEPENDENT ACCOUNTANT’S REPORT
ON APPLYING AGREED-UPON PROCEDURES
MS Structured Asset Corp.
1585 Broadway
New York, NY 10036
With respect to the Structured Asset Trust Unit Repackagings CBT Series 2003-1 (“SATURNS Trust CBT Series 2003-1”), we have performed the procedures listed below, which were agreed to by MS Structured Asset Corp. (the “Depositor”) solely to assist the Depositor in evaluating the Trustees’ (U.S. Bank National Association, and Bank of America, National Association, each for the respective periods during which they acted as Trustee) assertions that the administration of the Trust Property of SATURNS Trust CBT Series 2003-1 (the “Trust”) was conducted in accordance with the terms of the Trust Agreement relating thereto for the year ended December 31, 2011. This agreed-upon procedures engagement was performed in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of the specified user of this report, the Depositor. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.
Pursuant to the foregoing, for SATURNS Trust CBT Series 2003-1, we:
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1.
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Calculated the semi-annual interest payment, on the underlying securities as defined in the prospectus.
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2.
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Verified that interest payments on the underlying securities were received on the scheduled date for payment thereof.
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3.
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Calculated the monthly interest distributions and principal distributions, if any, on the Corporate Bond Tracer (CBT) units.
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4.
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Verified that distributions on CBT units were made on the scheduled dates for distribution thereof.
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-2-
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5.
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Verified Trust property amounts and balances.
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6.
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Verified that the amounts of any units redeemed, upon receipt of redemption payments or notices of exercise of warrants, matched amounts of the relevant redemptions and warrant exercise amounts notified to the Trustees.
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7.
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Verified that the proceeds of redemptions and liquidation of underlying securities following any mandatory liquidation were applied within the time and in the manner provided in the Trust Agreement.
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8.
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Verified that reports on Form 8-K were filed by the Trustees with the Securities and Exchange Commission on or before the fifteenth day following each payment date for the CBT units.
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We were not engaged to, and did not, perform an examination, the objective of which would be the expression of an opinion on the Trustees’ assertions. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
We are independent public accountants with respect to the Trustees and the Trust, as defined under the Code of Professional Ethics of the American Institute of Certified Public Accountants.
This report is intended solely for the use of the Depositor and should not be used by those who have not agreed to the procedures and taken responsibility for the sufficiency of the procedures for their purposes. However, this report is a matter of public record as a result of being included as an exhibit to the annual report on Form 10-K prepared by MS Structured Asset Corp. and filed with the Securities and Exchange Commission on behalf of SATURNS Trust CBT Series 2003-1, and its distribution is not limited.
/s/PUSTORINO, PUGLISI & CO., LLP
PUSTORINO, PUGLISI & CO., LLP
New York, New York
March 14, 2012