SEC Filing Summary: STRATS SM Trust For U S Cell Corp Sec Series 2004 6
Business Context and Reporting Period
This Form 10-K covers the fiscal year ended December 31, 2011. The registrant is the STRATS SM Trust For United States Cellular Corporation Securities, Series 2004-6, a common law trust formed in 2003. The Trust is a passive vehicle holding assets consisting solely of notes issued by United States Cellular Corporation. Synthetic Fixed-Income Securities, Inc. acts as the Depositor, and U.S. Bank Trust National Association serves as the Trustee. The Class A-1 Certificates are listed on the New York Stock Exchange (NYSE).
Financial Metrics
Pursuant to staff administrative positions for Corporate Asset Backed Corporations, the Trust is not required to provide standard financial statements or selected financial data in this filing. Consequently, the following metrics are not applicable or not disclosed in this document:
- Revenue, profit, and operating margins.
- Cash flow statements.
- Debt levels and liquidity ratios.
Distribution reports detailing receipts and distributions are filed separately on Form 8-K after each distribution date. The filing incorporates by reference distribution statements for the periods ending June 15, 2011, and December 15, 2011, but does not contain the specific numerical values for these distributions within the text of this 10-K.
Material Changes
The filing does not contain a Management's Discussion and Analysis (MD&A) or comparative financial data to identify material changes versus the prior period. The structure of the Trust and its underlying assets (United States Cellular Corporation notes) remained consistent with the trust agreement established in 2004. No legal proceedings were reported.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing explicitly states that Item 7 (Management's Discussion and Analysis) and Item 7A (Quantitative and Qualitative Disclosures About Market Risk) are Not Applicable. No forward-looking guidance is provided by the Trust.
Risks and Contingencies: The filing notes that the Certificates do not represent obligations of the Depositor or Trustee. Investors are directed to the periodic reports of United States Cellular Corporation (the underlying issuer) for risk factors. The filing includes a disclaimer that neither the Depositor nor the Trustee has verified the accuracy of the underlying issuer's reports or investigated events affecting the underlying securities.
Key Facts for Investor Verification
- Underlying Asset Performance: Verify the credit status and payment performance of United States Cellular Corporation, as the Trust's value depends entirely on these notes.
- Distribution Details: Review the specific Form 8-K filings referenced in Item 15(a) (filed June 27, 2011, and December 22, 2011) to obtain actual distribution amounts and dates, as they are not listed in this summary.
- Issuer Reporting: Consult United States Cellular Corporation's SEC filings (File No. 001-09712) for material events affecting the collateral.
- Passive Structure: Confirm understanding that the Trust does not engage in active business operations and does not provide standard financial metrics in its 10-K.