June 10, 2020 -- U.S. Bank National Association, as Trustee for the Trust, issued a notice to the Unitholders, Warrantholders, Depositor and Rating Agencies regarding the liquidation of the Underlying Securities and the redemption of the Units with the net proceeds of such liquidation. The final distribution to beneficial owners of Units will occur on or before June 17, 2020, and the trust will terminate following such distribution. May 15, 2020 -- J. C. Penney Company, Inc. filed for bankruptcy in the United States Bankruptcy Court for the Southern District of Texas, Corpus Christi Division (Case No. 20-20182).[1] This filing constituted an Underlying Security Default and this Underlying Security Default constituted a Trust Wind-Up Event.[2] As a result of this Trust Wind-Up Event, and in accordance with the Governing Agreements, the Selling Agent for the Trust, will solicit bids for the underlying J.C. Penney Company, Inc. 7.625% debentures due March 1, 2097, CUSIP 708160BL9, with a face value of $54,500,000 on behalf of the Trust, subject to a right of first refusal in favor of the Warrantholders. The net proceeds from the sale of the Underlying Securities (if any) will be applied to redeem the Units and terminate the Trust pursuant to the Governing Agreements. The final distribution will occur on a date to be determined following the completion of the sale (if any) at a time and in a manner consistent with the Governing Agreements.

QUANTUMONLINE.COM SECURITY DESCRIPTION:  MS Structured Asset Corp., SATURNS (Structured Asset Trust Unit Repackagings), J.C. Penney Co. Inc. Debenture Backed Series 2007-1, 7.00% Callable Class A Units, and issued in $25 denominations. Underlying securities are the 7.625% Debentures due 3/1/2097 and issued by J.C. Penney Co. Inc. (NYSE: JCP). The SATURNS are redeemable on or after 3/1/2012 at the call warrant holder's option at $25 per unit plus accrued and unpaid dividends. The SATURNS are callable anytime in connection with a tender offer, the redemption of the underlying securities for a tax event, or when SEC filings are terminated. On a redemption prior to 3/1/2012 in conjunction with a tender offer, the holder will also receive an additional distribution of $1.50 per unit. Distributions of 7.00% ($1.75) per annum are paid semi-annually on 3/1 & 9/1 to holders of record on the third business day prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). Distributions paid by third party trust preferred securities derived from corporate debt securities such as these securities are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders as the distributions are considered to be interest. To be issued the units must be assigned a rating of at least BBB- by S&P and Baa3 by Moody's. Units are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. MS Structured Asset Corp. is a subsidiary of Morgan Stanley (NYSE: MS). See the IPO prospectus for further information on the SATURNS by clicking on the ‘Link to IPO Prospectus’ provided below.

Stock Exchange	Cpn Rate Ann Amt	LiqPref CallPrice	Call Date Matur Date	Moodys/S&P Dated	Distribution Dates	15% Tax Rate
OTOTCn OTOTCps	7.00% $1.75	$25.00 $25.00	Called for 6/16/2020 3/01/2097	Caa2 C 4/29/2020	3/1 & 9/1 Click for MW ExDiv Date Click for Yahoo ExDiv Date	No

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HOME PAGE:     http://www.morganstanley.com/ (This parent company URL is for reference only and does not have specific information on the security.)

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Address:   1585 Broadway, New York, NY 10036
Main Phone Number	212-761-4000
Fax Number	Not Available