STRATS Trust for AMBAC Financial Group, Inc. Securities, Series 2007-1 10-K

Exhibit 33.1



Management’s Assertion



Report on Assessment of Compliance with Applicable
Servicing Criteria



U.S. Bank National Association (“U.S. Bank”) is responsible
for assessing compliance as of and for the year ended December 31, 2016 with the servicing criteria set forth in Item 1122 (d)
of Regulation AB applicable to it as set forth on Exhibit A hereto. This report covers asset backed securities transactions within
the U.S. Bank Corporate Trust Repackaging Platform1 (the “Platform”)



U.S. Bank hereby provides the following report on its assessment of
compliance with the servicing criteria set forth in Item 1122 of Regulation AB applicable to it and as described on Exhibit A hereto:



| | 1. | U.S. Bank is responsible for assessing its compliance with the servicing criteria
applicable to it as noted on the accompanying Exhibit A;
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | Except as provided in paragraph 3 below, U.S. Bank used the criteria set forth
in paragraph (d) of Item 1122 of Regulation AB to assess its compliance with the applicable servicing criteria;
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | The criteria listed in the column titled “Inapplicable Servicing Criteria”
on Exhibit A hereto are inapplicable to U.S. Bank based on the servicing activities it performs directly with respect to the Platform;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | U.S. Bank has complied, in all material respects, with the applicable servicing
criteria as of and for the year ended December 31, 2016; and
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | Ernst & Young, LLP, a registered public accounting firm, has issued an attestation report on U.S. Bank’s assessment
of compliance with the applicable servicing criteria as of and for the year ended December 31, 2016 .
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | U.S. BANK NATIONAL ASSOCIATION
| | ------------------------------
| |                               
| | /s/ Joseph Giordano           
| | Name: Joseph Giordano         
| | Title: Senior Vice President  



Date:   February 28, 2017






1
The U.S. Bank Corporate Trust Repackaging Platform (the “Platform”) consists of the activities involved in the performance
of servicing functions for publicly issued transactions comprised of the repackaging of corporate debt and/or other agency securities
the securities of which were offered on or after January 1, 2006. The Platform does not include asset-backed or mortgage–backed
transactions supported by a pool of receivables or other financial assets.












EXHIBIT A to Management’s Assertion



|Reference                          | Servicing Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Applicable Servicing 
Criteria | Inapplicable 
Servicing Criteria
|---------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------ | --------------------------------
|General Servicing Considerations  
|1122(d)(1)(i)                      | Policies and procedures are instituted to monitor
        any performance or other triggers and events of default in accordance with the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                                | X                               
|1122(d)(1)(ii)                     | If any material servicing activities are outsourced to third parties,
        policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | X(2)                           |                                 
|1122(d)(1)(iii)                    | Any requirements in the transaction agreements to maintain a back-up
        servicer for the Pool Assets are maintained.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                | X                               
|1122(d)(1)(iv)                     | A fidelity bond and errors and omissions policy is in effect on the
        party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise
        in accordance with the terms of the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                            | X                              |                                 
|1122(d)(1)(v)                      | Aggregation of information, as applicable, is mathematically accurate
        and the information conveyed accurately reflects the information.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                | X                               
|Cash Collection and Administration
|1122(d)(2)(i)                      | Payments on pool assets are deposited into the appropriate custodial
        bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days
        specified in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | X                              |                                 
|1122(d)(2)(ii)                     | Disbursements made via wire transfer on behalf of an obligor or to an
        investor are made only by authorized personnel.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | X                              |                                 
|1122(d)(2)(iii)                    | Advances of funds or guarantees regarding collections, cash flows or
        distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction
        agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                                | X                               
|1122(d)(2)(iv)                     | The related accounts for the transaction, such as cash reserve accounts
        or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash)
        as set forth in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | X                              |                                 
|1122(d)(2)(v)                      | Each custodial account is maintained at a federally insured depository
        institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution”
        with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1)
        of the Securities Exchange Act.                                                                                                                                                                                                                                                                                                                                      | X                              |                                 
|1122(d)(2)(vi)                     | Unissued checks are safeguarded so as to prevent unauthorized access.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | X                              |                                 
|1122(d)(2)(vii)                    | Reconciliations are prepared on a monthly basis for all asset-backed
        securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A)
        mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days
        specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation;
        and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original
        identification, or such other number of days specified in the transaction agreements. | X                              |                                 





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2 No servicing activities were performed by the Company that required the servicing criteria to
be complied with.











|Reference                          | Servicing Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Applicable Servicing 
Criteria | Inapplicable Servicing Criteria
|---------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------ | -------------------------------
|Investor Remittances and Reporting
|1122(d)(3)(i)                      | Reports to investors, including those to be filed with the Commission,
        are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports
        (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information
        calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required
        by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal
        balance and number of Pool Assets serviced by the Servicer. | X                              |                                
|1122(d)(3)(ii)                     | Amounts due to investors are allocated and remitted in accordance with
        timeframes, distribution priority and other terms set forth in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | X                              |                                
|1122(d)(3)(iii)                    | Disbursements made to an investor are posted within two business days
        to the Servicer’s investor records, or such other number of days specified in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | X                              |                                
|1122(d)(3)(iv)                     | Amounts remitted to investors per the investor reports agree with cancelled
        checks, or other form of payment, or custodial bank statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | X                              |                                
|Pool Asset Administration         
|1122(d)(4)(i)                      | Collateral or security on pool assets is maintained as required by the
        transaction agreements or related pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                | X                              
|1122(d)(4)(ii)                     | Pool assets and related documents are safeguarded as required by the
        transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | X                              |                                
|1122(d)(4)(iii)                    | Any additions, removals or substitutions to the asset pool are made,
        reviewed and approved in accordance with any conditions or requirements in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | X(3)                           |                                
|1122(d)(4)(iv)                     | Payments on pool assets, including any payoffs, made in accordance with
        the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after
        receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items
        (e.g., escrow) in accordance with the related pool asset documents.                                                                                                                                                                                                                                                            | X                              |                                
|1122(d)(4)(v)                      | The Servicer’s records regarding the pool assets agree with the
        Servicer’s records with respect to an obligor’s unpaid principal balance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | X                              |                                
|1122(d)(4)(vi)                     | Changes with respect to the terms or status of an obligor’s pool assets
        (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction
        agreements and related pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                         |                                | X                              
|1122(d)(4)(vii)                    | Loss mitigation or recovery actions (e.g., forbearance plans, modifications
        and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance
        with the timeframes or other requirements established by the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                          | X(4)                           |                                





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3 No servicing activities were performed by the Company that required the servicing criteria to
be complied with.



4 No servicing activities were performed by the Company that required the servicing criteria to
be complied with.











|Reference        | Servicing Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Applicable Servicing 
Criteria | Inapplicable Servicing Criteria
|---------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------ | -------------------------------
|1122(d)(4)(viii) | Records documenting collection efforts are maintained during the period
        a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis,
        or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent
        pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary
        (e.g., illness or unemployment).                                                                        | X(5)                           |                                
|1122(d)(4)(ix)   | Adjustments to interest rates or rates of return for pool assets with
        variable rates are computed based on the related pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                | X                              
|1122(d)(4)(x)    | Regarding any funds held in trust for an obligor (such as escrow accounts):
        (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such
        other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance
        with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of
        full repayment of the related pool assets, or such other number of days specified in the transaction agreements. |                                | X                              
|1122(d)(4)(xi)   | Payments made on behalf of an obligor (such as tax or insurance payments)
        are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments,
        provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number
        of days specified in the transaction agreements.                                                                                                                                                                                               |                                | X                              
|1122(d)(4)(xii)  | Any late payment penalties in connection with any payment to be made
        on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was due
        to the obligor’s error or omission.                                                                                                                                                                                                                                                                                                                                                                   |                                | X                              
|1122(d)(4)(xiii) | Disbursements made on behalf of an obligor are posted within two business
        days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                     |                                | X                              
|1122(d)(4)(xiv)  | Delinquencies, charge-offs and uncollectible accounts are recognized
        and recorded in accordance with the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                | X                              
|1122(d)(4)(xv)   | Any external enhancement or other support, identified in Item 1114(a)(1)
        through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                | X                              





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5 No servicing activities were performed by the Company that required the servicing criteria to
be complied with.