Strats Trust US Cellular Stock Price, News & Analysis

Synthetic Fixed-Income Sec STRATS 2004-06, 6.375% US Cellular Corp. (GJH) represents interests in the STRATS Trust for United States Cellular Corporation Securities, Series 2004-6. According to SEC filings, this trust structure was created in connection with synthetic fixed-income securities linked to United States Cellular Corporation, whose securities are the sole assets held by the trust.

The STRATS Trust for United States Cellular Corporation Securities, Series 2004-6 (referred to as the "Trust" in filings) was formed under a Base Trust Agreement dated as of September 26, 2003 between Synthetic Fixed-Income Securities, Inc., as depositor, and U.S. Bank Trust National Association, as trustee and securities intermediary. This agreement was supplemented by the STRATS Certificates Series Supplement 2004-6 in respect of the Trust dated as of April 21, 2004.

Synthetic Fixed-Income Securities, Inc. acts as the depositor for the Trust. In this role, it established the structure under which certificates of the Trust are issued. U.S. Bank Trust National Association serves as both trustee and securities intermediary, administering the Trust and handling distributions to certificate holders as described in the SEC filings.

The underlying securities for this structure are issued by United States Cellular Corporation. SEC disclosures state that United States Cellular Corporation is subject to the information reporting requirements of the Securities Exchange Act of 1934. The Trust’s assets consist solely of securities of United States Cellular Corporation, and information about that issuer is available through its own Exchange Act filings with the Securities and Exchange Commission under file number 001-09712.

The Trust issues certificates that entitle holders to distributions derived from the underlying securities. An SEC Form 8-K filing notes that a distribution was made to holders of the certificates issued by the Trust on a scheduled distribution date, and that detailed information about the distribution was provided in an exhibit to that filing. The filing also notes that, for the period covered, no other reportable transactions or matters occurred.

Filings further clarify that neither Synthetic Fixed-Income Securities, Inc. nor the trustee participated in the preparation of United States Cellular Corporation’s reporting documents, conducted due diligence on those documents, or verified their accuracy or completeness. The filings caution that events affecting United States Cellular Corporation or its securities may have occurred or may not yet have been publicly disclosed, which could affect the accuracy or completeness of publicly available information.

Overall, GJH is associated with a trust structure focused on fixed-income exposure to securities of United States Cellular Corporation, with the Trust formed under a defined set of agreements and administered by a trustee that provides periodic distribution statements to certificate holders as reflected in SEC reports.