Item 1. Business
Not Applicable
Item 2.
Item 2. Properties
Not Applicable
Item 3.
Item 3. Legal Proceedings
Not Applicable
Item 4.
Item 4. Submission of Matters To A Vote of Security Holders
Not Applicable
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
The Certificates representing investors' interest in the Trusts are represented by one or more physical Certificates registered in the name of "Cede & Co., the nominee of The Depository Trust Company. To the best knowledge of the registrant, there is no established public trading market for the Certificates.
Item 6.
Item 6. Selected Financial Data
Not Applicable
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Not Applicable
Item 8.
Item 8. Financial Statements and Supplementary Data
Not Applicable
Item 9.
Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure
Not Applicable
Item 10.
Item 10. Directors and Executive Officers of the Registrant
Not Applicable
Item 11.
Item 11. Executive Compensation
Not Applicable
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
(a) Not Available
(b) Not Applicable
(c) Not Applicable
PART II
Item 13.
Item 13. Certain Relationships and Related Transactions
None
PART IV
Item 14.
Item 14. Exhibits, Financial Schedules and Reports on Form 8-K
(a)(i) The following documents are also filed as part of this Report:
i) Report of Aston Bell & Associates concerning TIERS Corporate Bond-Backed Certificates Trust IBM 1997-4
ii) Report of Aston Bell & Associates concerning TIERS Corporate Bond-Backed Certificates Trust BLS 1997-6
iii) Report of Aston Bell & Associates concerning TIERS Corporate Bond-Backed Certificates Trust APA 1997-8
iv) Report of Aston Bell & Associates concerning TIERS TENS Certificates Trust LTR 1998-4
v) Report of Aston Bell & Associates concerning TIERS Corporate Bond-Backed Certificates Trust MOT 1998-5
vi) Report of Aston Bell & Associates concerning TIERS Corporate Bond-Backed Certificates Trust C 1998-6
vii) TIERS Corporate Bond-Backed Certificates Trust JPM 1998-2 --No Payments were made or required to be made during the period from June 30, 2000 through June 30, 2001. Thus no accountant’s report is required.
viii) CorTS Trust for J.C. Penney Debentures, CorTS Trust for BellSouth Debentures, CorTS Trust for Xerox Capital Trust I, CorTS Trust for Southern Company Capital Trust I, CorTS Trust for Countrywide Capital I , Corporate Backed Trust Securities, GINsK Principal-Protected Trust Certificates, Series Yen Bear 1999-1, TIERS Principal-Protected Asset Backed Certificates Trust Series Telecom 2000-13, TIERS Principal-Protected Asset Backed Certificates Trust Series Semiconductor 2000-14 Principal-Protected Asset Backed Certificates Trust Series Nasdaq 2000-15, CorTS Trust for AON Capital A, CorTS Trust for Allstate Financing, CorTS Trust for PECO Energy Capital Trust III, CorTS Trust for Safeco Capital Trust I, CorTS Trust for Fleet Capital Trust II, CorTS Trust for First Union Institutional Capital I, CorTS Trust for Provident Financing Trust , CorTS Trust II for Countrywide Capital I, Trust II for Ford Debentures, CorTS Trust II for IBM Debentures CorTS Trust II for Provident Financing Trust I, CorTS Trust II for BellSouth Debentures, CorTS Trust for Chrysler Debentures, CorTS Trust for First Union Capital I, CorTS Trust for Ford Debentures CorTS Trust for IBM Debentures, CorTS Trust III for First Union Institutional Capital II CorTS Trust III for IBM Debentures, CorTS AFC Capital Trust I, CorTS Trust for Worldcom Debentures, CorTS Trust II for First Union Capital I, CorTS Trust II for Chrysler Debentures, CorTS Trust II for Sherwin Williams, CorTS Trust for Great Western Financial, CorTS Trust II for Safeco Capital Trust I, CorTS Trust for Allstate Financing II, CorTS Trust for Fleet Capital Trust II, CorTS Trust for PECO Energy Capital Trust III, CorTS Trust for Provident Financing Trust I UnumProvident, Corporate-Backed Trust Securities, CorTS Trust II for Countrywide Capital I, CorTS US West Communications Debentures CorTS Trust II for Provident Financing Trust I UnumProvident, Corporate-Backed Trust Certificates CorTS Trust for Corning Notes, CoRTS Trust III for Provident Financing TIERS Principal-Protected Certificates Trust PXT 2000-11, CorTS Trust for BankAmerica Institutional Capital B TIERS Principal-Protected Asset Backed Certificates Trust Series S&P 2001-19, TIERS Principal Protected Asset Backed Certificates Series Nasdaq 2000-15, TIERS Principal Protected Asset Backed Certificate Trust Series Telecom 2000-13, TIERS Principal Protected Asset Backed Certificates Series Nasdaq 2001-8, TIERS Principal-Protected Asset Backed Certificates Trust Series S&P 2001-11
- No accountants report is required to be filed for these trusts.
(b) None
(c) See item 14(a) (3) above
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Structured Products Corp., as depositor for the
Trusts (the "Registrant")
By:
By: /s/ Timothy P. Beaulac
Name: Timothy P. Beaulac
Title: President
Date as of: December 31, 2001
EXHIBIT INDEX
Exhibit
Page
1. Report of Aston Bell & Associates concerning TIERS Corporate Bond-Backed Certificates Trust IBM 1997-4
2. Report of Aston Bell & Associates concerning TIERS Corporate Bond-Backed Certificates Trust BLS 1997-6
3. Report of Aston Bell & Associates concerning TIERS Corporate Bond-Backed Certificates Trust APA 1997-8
4. Report of Aston Bell & Associates concerning TIERS TENS Certificates Trust LTR 1998-4
5. Report of Aston Bell & Associates concerning TIERS Corporate Bond-Backed Certificates Trust MOT 1998-5
6. Report of Aston Bell & Associates concerning TIERS Corporate Bond-Backed Certificates Trust C 1998-6
TIERS Corporate Bond-Backed Certificates
Trust IBM 1997-4 Financial Statement
For The Year Ended June 30, 2001 Together with Auditors’ Report
TIERS Corporate Bond-Backed Certificates Trust IBM 1997-4
EXHIBIT INDEX
Description
Page
Independent Auditors' Report
Schedule of Cash Receipts and Disbursements
for the year ended June 30, 2001
Notes to Financial Statement
5 - 6
Report of Independent Auditors
The Trustee of TIERS Corporate Bond-Backed Certificates Trust IBM 1997-4
We have audited the accompanying Schedule of Receipts and Disbursements (the “Schedule”) of TIERS Corporate Bond-Backed Certificates Trust IBM 1997-4 for the year ended June 30, 2001. This Schedule is the responsibility of TIERS Corporate Bond-Backed Certificates Trust IBM 1997-4 Trustees. Our responsibility is to express an opinion on this Schedule based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Schedule is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Schedule. An audit also includes assessing the accounting principles used and significant estimates made by the Trustees, as well as evaluating the overall Schedule presentation. We believe that our audit provides a reasonable basis for our opinion.
As described in Note 2, the financial statement presents receipts and disbursements of the TIERS Corporate Bond-Backed Certificates Trust IBM 1997-4 in accordance with the trust indenture and is not intended to be a presentation of financial statements in accordance with generally accepted accounting principles.
In our opinion, the Schedule referred to above presents fairly, in all material respects, the receipts and disbursements of the TIERS Corporate Bond-Backed Certificates Trust IBM 1997-4 for the year ended June 30, 2001 on the basis of accounting as described in Note 2.
New York, New York
September 25, 2001
TIERS Corporate Bond-Backed Certificates Trust, Series IBM 1997-4
Schedule of Receipts and Disbursements
For the year ended June 30, 2001
RECEIPTS
Interest on $100,000,000 p.a International Business Machines Corporation
7.125% Debentures due December 1, 2096
$ 7,125,000
Total Cash Receipts
$ 7,125,000
DISBURSEMENTS
Interest and Principal paid on TIERS Corporate Bond-Backed Certificates
Trust IBM 1997-4
$ 7,125,000
Total Cash Disbursements
$ 7,125,000
The accompanying notes are an integral part of financial statements.
ASTON BELL & ASSOCIATES
TIERS CORPORATE BOND-BACKED CERTIFICATES TRUST IBM 1997-4
NOTES TO FINANCIAL STATEMENT
FOR THE YEAR ENDED JUNE 30, 2001 Note 1 TIERS Corporate Bond-Backed Certificates Trust IBM 1997-4 (the “Trust”) was formed pursuant to the Trust Agreement dated as of June 16, 1997 (the “Closing Date”), between Structured Products Corp., as depositor, and First Trust of New York, National Association, as trustee, as supplemented by the Series IBM 1997-4 Supplement dated as of June 16, 1997. The Trust Agreement was qualified as an indenture under the Trust Indenture Act of 1939, as amended.
Securities of the Trust are Certificates, each of which represents a fractional undivided beneficial interest in the Trust; these securities were issued pursuant to the Trust Agreement and consisted of two classes: the ZTF Class Certificates and the Amortizing Class Certificates. In addition, the Term Assets are the sole assets of the Trust from which Certificateholders will receive any distributions.
Note 2 The financial statement presents receipts and disbursements of the TIERS Corporate Bond-Backed Certificates Trust IBM 1997-4 in accordance with the trust indenture and is not intended to be a presentation of financial statements in accordance with generally accepted accounting principles. Certain financial statement items are defined in the trust indenture as follows:
Term Assets -
The Term Assets consist of $100,000,000 aggregate principal amount of 7 1/8% International Business Machines Corporation Debentures due December 1, 2096, having the characteristics described in a prospectus dated December 3, 1996 and a supplement thereto dated December 3, 1996. The Term Assets were issued and sold as part of an underwritten public offering of $850,000,000 aggregate principal amount of such securities.
TIERS CORPORATE BOND-BACKED CERTIFICATES TRUST IBM 1997-4
NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED JUNE 30, 2001 Note 2 - Continued
ZTF Class Certificates -
The ZTF Class Certificates consist of $100,000,000 aggregate Certificate Principal Balance. Subject to the occurrence of a Maturity Shortening Redemption or an Optional Redemption, no cash distributions will be made on the ZTF Class Certificates. Instead, the ZTF Class Certificates outstanding on June 1, 2017 will be terminated and deemed involuntarily surrendered by the holders thereof in exchange for a principal amount of the Term Assets underlying such ZTF Class Certificates equal to the aggregate Certificate Principal Balance of such ZTF Class Certificates.
Amortizing Class Certificates -
The Amortizing Class Certificates consist of $74,054,000 aggregate initial Certificate Principal Balance. Distributions on the Amortizing Class Certificates will consist of semiannual Fixed Payments payable on each Distribution Date up to and including June 1, 2017.
TIERS Corporate Bond-Backed Certificates
Trust BLS 1997-6 Financial Statement
For The Year Ended June 30, 2001 Together with Auditors’ Report
TIERS Corporate Bond-Backed Certificates Trust BLS 1997-6
Description
Page
Independent Auditors' Report
Schedule of Cash Receipts and Disbursements
for the year ended June 30, 2001
Notes to Financial Statement
5 - 6
Report of Independent Auditors
The Trustee of TIERS Corporate Bond-Backed Certificates Trust IBM 1997-4
We have audited the accompanying Schedule of Receipts and Disbursements (the “Schedule”) of TIERS Corporate Bond-Backed Certificates Trust BLS 1997-6 for the year ended June 30, 2001. This Schedule is the responsibility of TIERS Corporate Bond-Backed Certificates Trust BLS 1997-6 Trustees. Our responsibility is to express an opinion on this Schedule based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Schedule is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Schedule. An audit also includes assessing the accounting principles used and significant estimates made by the Trustees, as well as evaluating the overall Schedule presentation. We believe that our audit provides a reasonable basis for our opinion.
As described in Note 2, the financial statement presents receipts and disbursements of the TIERS Corporate Bond-Backed Certificates Trust BLS 1997-6 in accordance with the trust indenture and is not intended to be a presentation of financial statements in accordance with generally accepted accounting principles.
In our opinion, the Schedule referred to above presents fairly, in all material respects, the receipts and disbursements of the TIERS Corporate Bond-Backed Certificates Trust BLS 1997-6 for the year ended June 30, 2001 on the basis of accounting as described in Note 2.
New York, New York
September 25, 2001
TIERS Corporate Bond-Backed Certificates Trust, Series BLS 1997-6
Schedule of Receipts and Disbursements
For the year ended June 30, 2001
RECEIPTS
Interest on $6,603,000 p.a. Bell South Communications Inc.
7 1/2% Debentures due June 15, 2033
$ 495,226
Total Cash Receipts
$ 495,226
DISBURSEMENTS
Interest and Principal paid on TIERS Corporate Bond-Backed
Certificates Trust BLS 1997-6
$ 495,226
Total Cash Disbursements
$ 495,226
The accompanying notes are an integral part of financial statements.
ASTON BELL & ASSOCIATES
TIERS CORPORATE BOND-BACKED CERTIFICATES TRUST BLS 1997-6
NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED JUNE 30, 2001 Note 1 TIERS Corporate Bond-Backed Certificates Trust BLS 1997-6 (the “Trust”) was formed pursuant to the Trust Agreement dated as of July 17, 1997 (the “Closing Date”), between Structured Products Corp., as depositor, and First Trust of New York, National Association, as trustee, as supplemented by the Series BLS 1997-6 Supplement dated as of July 17, 1997. The Trust Agreement was qualified as an indenture under the Trust Indenture Act of 1939, as amended.
Securities of the Trust are Certificates, each of which represents a fractional undivided beneficial interest in the Trust; these securities were issued pursuant to the Trust Agreement and consisted of two classes: the ZTF Class Certificates and the Amortizing Class Certificates. In addition, the Term Assets are the sole assets of the Trust from which Certificateholders will receive any distributions.
Note 2 The financial statement presents receipts and disbursements of the TIERS Corporate Bond-Backed Certificates Trust BLS 1997-6 in accordance with the trust indenture and is not intended to be a presentation of financial statements in accordance with generally accepted accounting principles. Certain financial statement items are defined in the trust indenture as follows:
Term Assets - The Term Assets consist of $25,000,000 aggregate principal amount of BellSouth Telecommunications, Inc. Forty Year 7 1/2% Debentures, due June 15, 2033, having the characteristics described in a prospectus dated June 8, 1993 and a supplement thereto dated May 17, 1993. The Term Assets were issued and sold as part of an underwritten public offering of $300,000,000 aggregate principal amount of such securities.
TIERS CORPORATE BOND-BACKED CERTIFICATES TRUST BLS 1997-6
NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED JUNE 30, 2001 Note 2 - Continued
ZTF Class Certificates - The ZTF Class Certificates consist of $25,000,000 aggregate Certificate Principal Balance. Subject to the redemption of the Term Assets by the Term Assets Issuer on June 15, 2003, as described below, no cash distributions will be made on the ZTF Class Certificates. Instead, the ZTF Class Certificates outstanding on June 15, 2003 will be terminated and deemed involuntarily surrendered by the holders thereof in exchange for a principal amount of the Term Assets underlying such ZTF Class Certificates equal to the aggregate Certificate Principal Balance of such ZTF Class Certificates.
Amortizing Class Certificates -
The Amortizing Class Certificates consist of $9,180,000 aggregate initial Certificate Principal Balance. Distributions on the Amortizing Class Certificates will consist of semiannual Fixed Payments payable on each Distribution Date up to and including June 15, 2003.
TIERS Corporate Bond-Backed Certificates
Trust APA 1997-8 Financial Statement
For The Year Ended June 30, 2001 Together with Auditors’ Report
TIERS Corporate Bond-Backed Certificates Trust APA 1997-8
Description
Page
Independent Auditors' Report
Schedule of Cash Receipts and Disbursements
for the year ended June 30, 2001
Notes to Financial Statement
5 - 6
Report of Independent Auditors
The Trustee of TIERS Corporate Bond-Backed Certificates Trust APA 1997-8
We have audited the accompanying Schedule of Receipts and Disbursements (the “Schedule”) of TIERS Corporate Bond-Backed Certificates Trust APA 1997-8 for the year ended June 30, 2001. This Schedule is the responsibility of TIERS Corporate Bond-Backed Certificates Trust APA 1997-8 Trustees. Our responsibility is to express an opinion on this Schedule based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Schedule is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Schedule. An audit also includes assessing the accounting principles used and significant estimates made by the Trustees, as well as evaluating the overall Schedule presentation. We believe that our audit provides a reasonable basis for our opinion.
As described in Note 2, the financial statement presents receipts and disbursements of the TIERS Corporate Bond-Backed Certificates Trust APA 1997-8 in accordance with the trust indenture and is not intended to be a presentation of financial statements in accordance with generally accepted accounting principles.
In our opinion, the Schedule referred to above presents fairly, in all material respects, the receipts and disbursements of the TIERS Corporate Bond-Backed Certificates Trust APA 1997-8 for the year ended June 30, 2001 on the basis of accounting as described in Note 2.
New York, New York
September 30, 2001
TIERS Bond-Backed Certificates Trust, Series APA 1997-8
Schedule of Receipts and Disbursements
For the year ended June 30, 2001
RECEIPTS
Interest on $32,288,000 p.a.$ Apache Corporation
7.375% Debentures due August 15, 2047
$ 2,381,240
Total Cash Receipts
$ 2,381,240
DISBURSEMENTS
Interest paid on TIERS Corporate Bond-Backed Certificates
Trust APA 1997-8
$ 1,680,547
Principal paid on TIERS Corporate Bond-Backed Certificates
Trust APA 1997-8
$ 700,693
Total Cash Disbursements
$ 2,381,240
The accompanying notes are an integral part of financial statements.
ASTON BELL & ASSOCIATES
TIERS CORPORATE BOND-BACKED CERTIFICATES TRUST APA 1997-8
NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED JUNE 30, 2001 Note 1 TIERS Corporate Bond-Backed Certificates Trust APA 1997-8 (the “Trust”) was formed pursuant to the Trust Agreement dated as of September 15, 1997 (the “Closing Date”), between Structured Products Corp., as depositor, and First Trust of New York, National Association, as trustee, as supplemented by the Series APA 1997-8 Supplement dated as of September 15, 1997. The Trust Agreement was qualified as an indenture under the Trust Indenture Act of 1939, as amended.
Securities of the Trust are Certificates, each of which represents a fractional undivided beneficial interest in the Trust; these securities were issued pursuant to the Trust Agreement and consisted of two classes: the ZTF Class Certificates and the Amortizing Class Certificates. In addition, the Term Assets are the sole assets of the Trust from which Certificateholders will receive any distributions.
Note 2 The financial statement presents receipts and disbursements of the TIERS Corporate Bond-Backed Certificates Trust APA 1997-8 in accordance with the trust indenture and is not intended to be a presentation of financial statements in accordance with generally accepted accounting principles. Certain financial statement items are defined in the trust indenture as follows:
Term Assets -
The Term Assets consist of $75,000,000 aggregate principal amount of Apache Corporation Fifty Year 7.375% Debentures, due August 15, 2047, having the characteristics described in a prospectus dated June 13, 1997 and a supplement thereto dated September 11, 1997. The Term Assets were issued and sold as part of an underwritten public offering of $150,000,000 aggregate principal amount of such securities.
TIERS CORPORATE BOND-BACKED CERTIFICATES TRUST APA 1997-8
NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED JUNE 30, 2001 Note 2 - Continued
ZTF Class Certificates -
The ZTF Class Certificates consist of $75,000,000 aggregate Certificate Principal Balance. Except in the case of a Maturity Shortening Redemption, no cash distributions will be made on the ZTF Class Certificates. Instead, the ZTF Class Certificates outstanding on August 15, 2017 will be terminated and deemed involuntarily surrendered by the holders thereof in exchange for a principal amount of the Term Assets underlying such ZTF Class Certificates equal to the aggregate Certificate Principal Balance of such ZTF Class Certificates.
Amortizing Class Certificates -
The Amortizing Class Certificates consist of $58,072,000 aggregate initial Certificate Principal Balance. Distributions on the Amortizing Class Certificates will consist of semiannual Fixed Payments payable on each Distribution Date up to and including August 15, 2017.
TIERS Tens Certificates Trust LTR 1998-4 Financial Statement
For The Year Ended June 30, 2001 Together with Auditors’ Report
TIERS Tens Certificates Trust LTR 1998-4
Description
Page
Independent Auditors' Report
Schedule of Cash Receipts and Disbursements
for the year ended June 30, 2001
Notes to Financial Statement
5 - 6
Report of Independent Auditors
The Trustee of TIERS Tens Certificates Trust LTR 1998-4
We have audited the accompanying Schedule of Receipts and Disbursements (the “Schedule”) of TIERS Tens Certificates Trust LTR 1998-4 for the year ended June 30, 2001. This Schedule is the responsibility of TIERS Tens Certificates Trust LTR 1998-4 Trustees. Our responsibility is to express an opinion on this Schedule based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Schedule is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Schedule. An audit also includes assessing the accounting principles used and significant estimates made by the Trustees, as well as evaluating the overall Schedule presentation. We believe that our audit provides a reasonable basis for our opinion.
As described in Note 2, the financial statement presents receipts and disbursements of the TIERS Tens Certificates Trust LTR 1998-4 in accordance with the trust indenture and is not intended to be a presentation of financial statements in accordance with generally accepted accounting principles.
In our opinion, the Schedule referred to above presents fairly, in all material respects, the receipts and disbursements of the TIERS Tens Certificates Trust LTR 1998-4 for the year ended June 30, 2001 on the basis of accounting as described in Note 2.
New York, New York
September 25, 2001
TIERS Ten Certificates Trust LTR 1998-4
Schedule of Receipts and Disbursements
For the year ended June 30, 2001
RECEIPTS
Interest on $10,000,000 p.a. Loews Corporation
7% Senior Notes due October 15, 2023
$ 700,000
Total Cash Receipts
$ 700,000
DISBURSEMENTS
Interest paid on TIERS Corporate Bond-Backed Certificates
Trust LTR 1998-4
$ 700,000
Total Cash Disbursements
$ 700,000
The accompanying notes are an integral part of financial statements.
ASTON BELL & ASSOCIATES
TIERS TEN CERTIFICATES TRUST LTR 1998-4
NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED JUNE 30, 2001 Note 1 TIERS Tens Certificates Trust LTR 1998-4 (the “Trust”) was formed pursuant to the Trust Agreement dated as of May 18, 1998 (the “Closing Date”), between Structured Products Corp., as depositor, and U.S. Bank Trust National Association, as trustee, as supplemented by the Series LTR 1998-4 Supplement dated as of May 18, 1998. The Trust Agreement was qualified as an indenture under the Trust Indenture Act of 1939, as amended.
Securities of the Trust are Certificates, each of which represents a fractional undivided beneficial interest in the Trust; these securities were issued pursuant to the Trust Agreement and consisted of one class: the Certificates. In addition, the Term Assets are the sole assets of the Trust from which Certificateholders will receive any distributions.
Note 2 The financial statement presents receipts and disbursements of the TIERS Tens Certificates Trust LTR 1998-4 in accordance with the trust indenture and is not intended to be a presentation of financial statements in accordance with generally accepted accounting principles. Certain financial statement items are defined in the trust indenture as follows:
Term Assets -
The Term Assets consist of $10,000,000 aggregate principal amount of 7%Senior Notes due October 15, 2023 issued by Loews Corporation (the “Term Assets Issuer”), having the characteristics described in a prospectus supplement dated May 18, 1998 and a prospectus dated June 13, 1997. (collectively, the “Term Assets Prospectus”).
Certificates -
The Certificates consist of $10,000,000 aggregate Principal Balance. Distributions on the Certificates will consist of semiannual Fixed payments payable on each Distribution Date up to and including October 15, 2023.
TIERS Corporate Bond-Backed Certificates
Trust MOT 1998-5 Financial Statement
For The Year Ended June 30, 2001 Together with Auditors’ Report
TIERS Corporate Bond-Backed Certificates Trust MOT 1998-5
Description
Page
Independent Auditors' Report
Schedule of Cash Receipts and Disbursements
for the year ended June 30, 2001
Notes to Financial Statement
5 - 6
Report of Independent Auditors
The Trustee of TIERS Corporate Bond-Backed Certificates Trust MOT 1998-5
We have audited the accompanying Schedule of Receipts and Disbursements (the “Schedule”) of TIERS Corporate Bond-Backed Certificates Trust MOT 1998-5 for the year ended June 30, 2001. This Schedule is the responsibility of TIERS Corporate Bond-Backed Certificates Trust MOT 1998-5 Trustees. Our responsibility is to express an opinion on this Schedule based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Schedule is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Schedule. An audit also includes assessing the accounting principles used and significant estimates made by the Trustees, as well as evaluating the overall Schedule presentation. We believe that our audit provides a reasonable basis for our opinion.
As described in Note 2, the financial statement presents receipts and disbursements of the TIERS Corporate Bond-Backed Certificates Trust MOT 1998-5 in accordance with the trust indenture and is not intended to be a presentation of financial statements in accordance with generally accepted accounting principles.
In our opinion, the Schedule referred to above presents fairly, in all material respects, the receipts and disbursements of the TIERS Corporate Bond-Backed Certificates Trust MOT 1998-5 for the year ended June 30, 2001 on the basis of accounting as described in Note 2.
New York, New York
September 25, 2001
TIERS Corporate Bond-Backed Certificates Trust, Series MOT 1998-5
Schedule of Receipts and Disbursements
For the year ended June 30, 2001
RECEIPTS
Interest on $74,616,000 p.a. Motorola, Inc.
5.22% Debentures due October 1, 2097
$ 3,894,955
Other
$
Total Cash Receipts
$ 3,894,959
DISBURSEMENTS
Interest and Principal paid on TIERS Corporate Bond-Backed
Certificates Trust MOT 1998-5
$ 3,894,959
Total Cash Disbursements
$ 3,894,959
The accompanying notes are an integral part of financial statements.
ASTON BELL & ASSOCIATES
TIERS CORPORATE BOND-BACKED CERTIFICATES TRUST MOT 1998-5
NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED JUNE 30, 2001 Note 1 TIERS Corporate Bond-Backed Certificates Trust MOT 1998-5 (the “Trust”) was formed pursuant to the Trust Agreement dated as of May 19, 1998 (the “Closing Date”), between Structured Products Corp., as depositor, and U.S. Bank Trust National Association, as trustee, as supplemented by the Series MOT 1998-5 Supplement dated as of May 19, 1998. The Trust Agreement was qualified as an indenture under the Trust Indenture Act of 1939, as amended.
Securities of the Trust are Certificates, each of which represents a fractional undivided beneficial interest in the Trust; these securities were issued pursuant to the Trust Agreement and consisted of two classes: the ZTF Class Certificates and the Amortizing Class Certificates. In addition, the Term Assets are the sole assets of the Trust from which Certificateholders will receive any distributions.
Note 2 The financial statement presents receipts and disbursements of the TIERS Corporate Bond-Backed Certificates Trust MOT 1998-5 in accordance with the trust indenture and is not intended to be a presentation of financial statements in accordance with generally accepted accounting principles. Certain financial statement items are defined in the trust indenture as follows:
Term Assets -
The Term Assets consist of $60,000,000 aggregate principal amount of Motorola, Inc. 5.22% Debentures, due October 1, 2097, having the characteristics described in a prospectus dated June 13, 1997 and a prospectus supplement thereto dated May 19, 1998. The Term Assets were issued and sold as part of an underwritten public offering of $300,000,000 aggregate principal amount of such securities.
TIERS CORPORATE BOND-BACKED CERTIFICATES TRUST MOT 1998-5
NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED JUNE 30, 2001 Note 2 - Continued
ZTF Class Certificates -
The ZTF Class Certificates consist of $60,000,000 aggregate Certificate Principal Balance. Except in the case of a Special Event Redemption, no cash distributions will be made on the ZTF Class Certificates. Instead, the ZTF Class Certificates outstanding on April 1, 2018 will be terminated and deemed involuntarily surrendered by the holders thereof in exchange for a principal amount of the Term Assets underlying such ZTF Class Certificates equal to the aggregate Certificate Principal Balance of such ZTF Class Certificates.
Amortizing Class Certificates - The Amortizing Class Certificates consist of $34,778,000 aggregate initial Certificate Principal Balance. Distributions on the Amortizing Class Certificates will consist of semiannual Fixed Payments payable on each Distribution Date up to and including April 1, 2018.
TIERS Corporate Bond-Backed Certificates
Trust C 1998-6 Financial Statement For The Year Ended June 30, 2001 Together with Auditors’ Report
TIERS Corporate Bond-Backed Certificates Trust C 1998-6
Description
Page
Independent Auditors' Report
Schedule of Cash Receipts and Disbursements
for the year ended June 30, 2001
Notes to Financial Statement
5 - 6
Report of Independent Auditors
The Trustee of TIERS Corporate Bond-Backed Certificates Trust C 1998-6
We have audited the accompanying Schedule of Receipts and Disbursements (the “Schedule”) of TIERS Corporate Bond-Backed Certificates Trust C 1998-6 for the year ended June 30, 2001. This Schedule is the responsibility of TIERS Corporate Bond-Backed Certificates Trust C 1998-6 Trustees. Our responsibility is to express an opinion on this Schedule based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Schedule is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Schedule. An audit also includes assessing the accounting principles used and significant estimates made by the Trustees, as well as evaluating the overall Schedule presentation. We believe that our audit provides a reasonable basis for our opinion.
As described in Note 2, the financial statement presents receipts and disbursements of the TIERS Corporate Bond-Backed Certificates Trust C 1998-6 in accordance with the trust indenture and is not intended to be a presentation of financial statements in accordance with generally accepted accounting principles.
In our opinion, the Schedule referred to above presents fairly, in all material respects, the receipts and disbursements of the TIERS Corporate Bond-Backed Certificates Trust C 1998-6 for the year ended June 30, 2001 on the basis of accounting as described in Note 2.
New York, New York
September 30, 2001
TIERS Corporate Bond-Backed Certificates Trust, Series C 1998-6
Schedule of Receipts and Disbursements
For the year ended June 30, 2001
RECEIPTS
Interest on $50,000,000 p.a 3,700,000 Chrysler Corporation
7.40% Debentures due August 1, 2097
$ 3,700,000
Total Cash Receipts
$ 3,700,000
DISBURSEMENTS
Interest paid on TIERS Corporate Bond-Backed Certificates
Trust, Series C 1998-6
$ 2,568,576
Principal paid on TIERS Corporate Bond-Backed Certificates
Trust, Series C 1998-6
$ 1,131,424
>
Total Cash Disbursements
$ 3,700,000
The accompanying notes are an integral part of financial statements.
ASTON BELL & ASSOCIATES
TIERS CORPORATE BOND-BACKED CERTIFICATES TRUST C 1998-6
NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED JUNE 30, 2001 Note 1 TIERS Corporate Bond-Backed Certificates Trust C 1998-6 (the “Trust”) was formed pursuant to the Trust Agreement dated as of May 21, 1998 (the “Closing Date”), between Structured Products Corp., as depositor, and U.S. Bank Trust National Association, as trustee, as supplemented by the Series C 1998-6 Supplement dated as of May 21, 1998. The Trust Agreement was qualified as an indenture under the Trust Indenture Act of 1939, as amended.
Securities of the Trust are Certificates, each of which represents a fractional undivided beneficial interest in the Trust; these securities were issued pursuant to the Trust Agreement and consisted of two classes: the ZTF Class Certificates and the Amortizing Class Certificates. In addition, the Term Assets are the sole assets of the Trust from which Certificateholders will receive any distributions.
Note 2 The financial statement presents receipts and disbursements of the TIERS Corporate Bond-Backed Certificates Trust C 1998-6 in accordance with the trust indenture and is not intended to be a presentation of financial statements in accordance with generally accepted accounting principles. Certain financial statement items are defined in the trust indenture as follows:
Term Assets - The Term Assets consist of $50,000,000 aggregate principal amount of Chrysler Corporation 7.40% Debentures, due 2097, having the characteristics described in a prospectus dated February 19, 1997 and a supplement thereto dated July 15, 1997. The Term Assets were issued and sold as part of an underwritten public offering of$500,000,000 aggregate principal amount of such securities.
TIERS CORPORATE BOND-BACKED CERTIFICATES TRUST C 1998-6
NOTES TO FINANCIAL STATEMENT FOR THE YEAR ENDED JUNE 30, 2001 Note 2 - Continued
ZTF Class Certificates -
The ZTF Class Certificates consist of $50,000,000 aggregate Certificate Principal Balance. Except in the case of a Special Event Redemption,no cash distributions will be made on the ZTF Class Certificates. Instead, the ZTF Class Certificates outstanding on August 1, 2018 will be terminated and deemed involuntarily surrendered by the holders thereof in exchange for a principal amount of the Term Assets underlying such ZTF Class Certificates equal to the aggregate Certificate Principal Balance of such ZTF Class Certificates.
Amortizing Class Certificates -
The Amortizing Class Certificates consist of $41,250,000 aggregate initial Certificate Principal Balance. Distributions on the Amortizing Class Certificates will consist of semiannual Fixed Payments payable on each Distribution Date up to and including August 1, 2018.