GJA Strats TR Bellsouth

CHARLOTTE, N.C., March 12 /PRNewswire-FirstCall/ -- STRATS(SM) Trust for BellSouth Telecommunications Securities, Series 2003-1 (the "Trust") (NYSE:GJA), and Synthetic Fixed Income Securities, Inc. ("SFIS"), trustor of the Trust and a wholly owned subsidiary of Wachovia Corporation, announced today the execution of an amendment (the "Amendment") to the documents governing the Trust and its Structured Repackaged Asset-Backed Trust Securities (STRATS(SM)) BellSouth Telecommunications Certificates, Series 2003-1 (the "Certificates"). The Amendment contemplates that the Certificates will be stricken from listing on the New York Stock Exchange ("NYSE") and for the Trust's reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act") will be terminated. The Trust's assets are comprised primarily of certain debentures (the "Underlying Securities") issued by BellSouth Telecommunications, Inc. ("BellSouth"). On January 9, 2007, the NYSE filed with the SEC a notice that it has complied with its rules to strike the Underlying Securities and all other classes of bonds issued by BellSouth and it co-obligor, BellSouth Corporation, from listing and registration on the NYSE, and the NYSE subsequently delisted such securities. On January 24, 2007, BellSouth voluntarily filed a notice with the SEC to terminate its reporting obligations under the Exchange Act. As a result, the Trust can no longer satisfy its own reporting obligations under the Exchange Act and it will not be possible to continue the listing of the Certificates on the NYSE. The Amendment provides that if BellSouth's reporting obligations under the Exchange Act have been terminated and if SFIS, as trustor of the Trust, determines that the Trust is not otherwise required to be liquidated under applicable laws, then the Trust may continue without liquidating provided the Certificates are stricken from listing on the NYSE and the Trust's reporting obligations under the Exchange Act are terminated. The Trust and SFIS also announced today that, in accordance with the Amendment, the Trust has given notice to the NYSE of its intention to seek approval to strike the Certificates from listing on the NYSE and terminate registration of the Certificates. The Trust expects trading of the Certificates on the NYSE to be suspended on or about March 15, 2007, prior to opening of trading on the NYSE. If the Certificates are stricken from listing on the NYSE and its reporting obligations under the Exchange Act terminated or suspended, then the Trust will not liquidate. However, there can be no assurance that the Certificates will be stricken from listing on the NYSE or that the Trust's reporting obligations under the Exchange Act will be terminated as contemplated by the Amendment. If at any time the Trust determines that its reporting obligations under the Exchange Act cannot be terminated then the assets of the Trust will promptly be liquidated or distributed in accordance with its existing terms and the Trust will terminate in accordance with the terms of the its governing documents. If the Trust is required to liquidate or distribute its assets, including the Underlying Securities, the holders of the Certificates may incur a loss. About Synthetic Fixed Income Securities, Inc. Synthetic Fixed-Income Securities, Inc., a Delaware corporation, is a wholly-owned, limited-purpose subsidiary of Wachovia Corporation and acts as the sponsor and depositor of various series of asset-backed securitization transactions. SFIS sells the securities issued through these securitizations in both public offerings and private placements. The principal office of SFIS is located at One Wachovia Center, 301 South College Street, DC-8 Charlotte, NC 28288, Attention: Structured Notes Desk. For further information, investors may contact: U.S. Bank Trust National Association Janet O'Hara 212-361-2527 DATASOURCE: Synthetic Fixed Income Securities, Inc. CONTACT: Elise Wilkinson of Wachovia, +1-704-374-6512, for Synthetic Fixed Income Securities, Inc.; or Janet O'Hara of U.S. Bank Trust National Association, +1-212-361-2527 Web site: http://www.wachovia.com/

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