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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) June 15, 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 June 15, 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: June 30, 1998 By: /s/ C. David Ramsey
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C. David Ramsey
President
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Bank One, West Virginia, NA Tel 304 348-5640
Investment Management Services Fax 304 346-7978
707 Virginia Street
Post Office Box 1113
Charleston, WV 25324 1113
[LOGO OF BANK ONE]
Southpoint Structured Assets, Inc. TVA Security-Backed Trust, Series 1998-1
$5,000,000 6.25% Certificates due December 15, 2017
Report to Certificateholders
This report is being provided pursuant to Section 4.03 of the Standard Terms for
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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(i) Amounts Received by Trustee as of the last statement: $5,000,000.00 Principal
NOTE: This is the first such report since $ 156,250.00 Earned Interest
closing date of March 19, 1998. Receipts
include funds received at closing
(ii) Distribution Amounts
Certificates $ 74,652.78
Accrued Interest to Depositor 81,597.22
(iii) Principal Distribution -0-
Premium Distribution -0-
Certificate Interest Distribution $ 156,250.00
($156.25 per $1,000 minimum denomination)
(iv) Floating Pass-Through Rate N/A
(v) Advances None
(vi) Principal Amount of Underlying Security $5,000,000.00
Notional Amount N/A
Current Rating of Security N/A
Currrent Interest Rate of Security 6.25%
(vii) Aggregate Certificate Principal Balance $5,000,000.00
Principal Reductions since last reporting -0-
(viii) Credit Support N/A
Submitted as of Distribution Date: June 15, 1998
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