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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) April 25, 1998
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SOUTHPOINT STRUCTURED ASSETS, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation)
333-09883 51-6503749
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(Commission File Number) (I.R.S. Employer Identification No.)
50 North Front Street, Memphis, Tennessee 38103
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(Address of Principal Executive Offices) (Zip Code)
(901) 524-4100
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(Registrant's Telephone Number, Including Area Code)
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
None.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
EXHIBIT
NO. DOCUMENT DESCRIPTION
99.1 Report to Certificateholders dated as of April 25, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SOUTHPOINT STRUCTURED ASSETS, INC.
Dated: May 4, 1998 By: /s/ C. David Ramsey
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C. David Ramsey
President
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BANC ONE INVESTMENT MANAGEMENT GROUP
CORPORATE TRUST SERVICES
CORPORATE TRUST ACCOUNT ADMINISTRATION
Southpoint Structured Assets, Inc. FHLB Security-Backed Trust, Series 1997-1
$7,000,000 7.10% Certificate due April 25, 2007
Report to Certificateholders on 4/25/98
This report is being prepared pursuant to Section 4.03 of the Standard Terms of
Trust Agreements dated November 1, 1996 between Southpoint Structured Assets,
Inc., as Depositor and Bank One, West Virginia, N.A., as Trustee:
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<S> <C>
CUSIP NUMBER: 844653AA3
Principal Amount of Security $7,000,000.00
Current Interest Rate of Security 7.15%
Reporting Unit 1,000.00
Accrual Period - Beg 10/25/97
Accrual Period - End 04/24/98
Record Date 04/24/98
Fixed or Variable Rate Fixed
Maturity Date 04/25/2007
Amounts received as of last pmt. date $ 250,250.00
BEGINNING PRINCIPAL BAL $7,000,000.00
INTEREST:
Pass-Through Rate 7.10%
Certificates Interest Distributed $ 248,500.00
Retained Interest Distributed $ 550.00
Trust Expenses $ 1,200.00
Unpaid Accrued Interest $ 0.00
PRINCIPAL:
Principal Distributed $ 0.00
Advances Distributed:
PREPAYMENT PREMIUM:
Amount Distributed $ 0.00
TOTAL DISTRIBUTION $ 250,250.00
ENDING PRINCIPAL BALANCE $7,000,000.00
PER UNIT:
Beginning Principal Balance 1,000.000000
Interest Distributed 248.50 per $1,000
Principal Distributed 0.000000
Prepayment Penalty Distributed 0.000000
Total Distributed 248.50 per $1,000
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