MS STRUCTURED SATURNS SERIES 2002-11 - FORM 8-K - EX-99.1 - SATURNS TRUST NO. 2002-11 SEMI-ANNUAL INVESTOR REPORT - JUNE 2011

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EX-99.1 - SATURNS TRUST NO. 2002-11 SEMI-ANNUAL INVESTOR REPORT - JUNE 2011 - MS STRUCTURED SATURNS SERIES 2002-11	sat00211_201106ex991.pdf
8-K - MS STRUCTURED SATURNS SERIES 2002-11 FORM 8-K - JUNE 2011 - MS STRUCTURED SATURNS SERIES 2002-11	sat00211_201106.htm

Structured Asset Trust Unit Repackagings (SATURNS)

AIG Capital Security Backed

Series 2002-11

Reporting Package Table of Contents

Payment Date:

Prior Payment:

Next Payment:

Record Date:

01-Jun-11

01-Dec-10

01-Dec-11

15-May-11

Administrator:

Ariel Litvin 312.992.5375

ariel.litvin@bankofamerica.com

Statement Date:

540 W. Madison Street, Suite 1800

Chicago, IL 60661

USA

Statements to Certificateholders

Cash Reconciliation Summary

Bond Interest Reconciliation

Other Related Information

Realized Loss Detail

Rating Information

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:

SAT00211

SAT00211_201106_3.ZIP

Closing Date:

First Payment Date:

Rated Final Payment: Date:

28-Oct-02

2-Dec-02

1-Dec-45

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:

45.234000%

01-Jun-11

01-Dec-10

01-Dec-11

15-May-11

Structured Asset Trust Unit Repackagings (SATURNS)

AIG Capital Security Backed

Series 2002-11

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

828

Grantor Trust

Statement Date:

1000.000000000

0.000000000

1000.000000000

30.000000000

Fixed

0.00

0.000000000

6.0000000000%

0.000000000

804105203

A UNIT

39,332,000.00

0.00

39,332,000.00

1,179,960.00

39,332,000.00

1000.000000000

0.000000000

1000.000000000

7.695000000

Fixed

0.00

0.000000000

1.5390000000%

0.000000000

804105AA2

B UNIT

39,332,000.00

0.00

39,332,000.00

302,659.74

39,332,000.00

Total P&I Payment

0.00

39,332,000.00

1,482,619.74

Total

39,332,000.00

0.00

1,482,619.74

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:

01-Jun-11

01-Dec-10

01-Dec-11

15-May-11

AIG Capital Security Backed

Series 2002-11

Statement Date:

Cash Reconciliation Summary

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

1,482,619.74

0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

1,482,619.74

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

1,482,619.74

0.00

1,482,619.74

39,332,000.00

0.00

39,332,000.00

0.00

1,482,619.74

Interest Not Advanced (

Current Period

)

0.00

Workout Fees

Liquidation Fees

0.00

Less Non Recovered

0.00

Advance Summary (Advance Made by Servicer)

0.00

Misc. Fees

1,482,619.74

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:

01-Jun-11

01-Dec-10

01-Dec-11

15-May-11

AIG Capital Security Backed

Series 2002-11

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

Statement Date:

Distributable

Current Period

(Shortfall)/

Recovery

Int Accrual

on Prior

Shortfall (3)

1.00

Credit Support

0.00

A UNIT

1,179,960.00

0.00

6.0000000000%

0.00

30/360

180

0.00

B UNIT

302,659.74

0.00

1.5390000000%

0.00

30/360

180

0.00

1,482,619.74

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:

01-Jun-11

01-Dec-10

01-Dec-11

15-May-11

AIG Capital Security Backed

Series 2002-11

Other Related Information

Statement Date:

Swap Recipients

Swap Amount Received

Next Swap Rate

Swap Information

Underlying Information

Name

Cusip

Balance

Current Rate

Next Rate

Amount Received

Ratings Moody/S&P/Fitch

American General Institutional Capital A 7.570% trust preferred capital securities due De

02637VAA6

$39,332,000.00

7.570%

$1,488,716.20

Baa2/BBB-/BB-

0.00

0.0000%

N/A

Page 5 of 9

Structured Asset Trust Unit Repackagings (SATURNS)

Payment Date:

Prior Payment:

Next Payment:

Record Date:

01-Jun-11

01-Dec-10

01-Dec-11

15-May-11

AIG Capital Security Backed

Series 2002-11

Other Related Information

Statement 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:

01-Jun-11

01-Dec-10

01-Dec-11

15-May-11

AIG Capital Security Backed

Series 2002-11

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

Statement Date:

Realized Loss

Current Total

Cumulative

Page 7 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:

01-Jun-11

01-Dec-10

01-Dec-11

15-May-11

AIG Capital Security Backed

Series 2002-11

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

A UNIT

804105203

Aa1

Baa2

1/14/11

BBB-

1/19/11

B UNIT

804105AA2

Aa1

Baa2

1/14/11

BBB-

1/19/11

Page 8 of 9

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 Bank of America 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, Bank of America 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:

01-Jun-11

01-Dec-10

01-Dec-11

15-May-11

AIG Capital Security Backed

Series 2002-11

Disclaimer

Statement 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 2002-11 - FORM 8-K - EX-99.1 - SATURNS TRUST NO. 2002-11 SEMI-ANNUAL INVESTOR REPORT - JUNE 2011 - June 7, 2011

Attached files