Business Context and Reporting Period
This Form 8-K is filed by Synthetic Fixed-Income Securities, Inc. on behalf of the STRATS(SM) Trust for Wal-Mart Stores, Inc. Securities, Series 2005-4. The report covers events occurring on April 17, 2006, specifically regarding a scheduled distribution to certificate holders and an optional exchange of certificates.
Key Financial Metrics
- Outstanding Certificates: 928,000 certificates representing an aggregate principal balance of $23,200,000.
- Underlying Securities Held: $23,200,000 aggregate principal amount of Wal-Mart Stores, Inc. securities.
- Recent Exchange Activity: The depositor surrendered 72,000 certificates (aggregate stated amount of $1,800,000) in exchange for underlying securities of equal principal balance.
- Distribution: A distribution was made to holders on April 17, 2006, with specific details provided in Exhibit 99.1.
Material Changes
During the reporting period, the Trust executed an optional exchange under Section 39 of the Series Supplement. The depositor surrendered 72,000 certificates, reducing the outstanding certificate count and adjusting the underlying securities held by the Trust. Following this transaction, the Trust holds $23,200,000 in underlying securities.
Outlook, Risks, and Contingencies
The filing notes that Wal-Mart Stores, Inc. is subject to Exchange Act reporting requirements. However, neither the depositor nor the Trustee has participated in preparing Wal-Mart's reports, conducted due diligence, or verified the accuracy of Wal-Mart's public disclosures. The filing explicitly states there can be no assurance that undisclosed events affecting the issuer or the underlying securities have not occurred.
Investor Verification Checklist
- Review Exhibit 99.1 for specific details regarding the April 15, 2006 scheduled distribution amount.
- Verify the current financial status of Wal-Mart Stores, Inc. via its SEC filings (File No. 001-06991), as the Trust's value is directly tied to the underlying securities.
- Confirm the outstanding principal balance of $23,200,000 and the certificate count of 928,000 post-exchange.