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

**Exhibit 34.1**

 

[Letterhead of Ernst & Young LLP] 

Report of Independent Registered Public AccountingFirm

 

The Board of Directors

U.S. Bank National Association

 

We haveexamined management’s assertion, included in the accompanying Report on Assessment of Compliance with Applicable ServicingCriteria, that U.S. Bank National Association (the “Company”) complied with the servicing criteria set forth in Item1122 (d) of the Securities and Exchange Commission’s Regulation AB for the U.S. Bank Corporate Trust Repackaging Platform(the “Platform”), for which the company provides servicing functions for publicly issued transactions comprisedof the repackaging of corporate debt and/or other agency securities, as of andfor the year ended December 31, 2016, except for servicing criteria 1122 (d)(1)(i), 1122 (d)(1)(iii), 1122 (d)(1)(v), 1122 (d)(2)(iii),1122 (d)(4)(i), 1122 (d)(4)(vi) and 1122 (d)(4)(ix)-(xv), which the Company has determined are not applicable to the activitiesperformed by them with respect to the servicing platform covered by this report. Management is responsible for the Company’scompliance with those servicing criteria. Our responsibility is to express an opinion on management’s assertion about theCompany’s compliance with the servicing criteria based on our examination.

 

Our examination was conducted in accordance withattestation standards established by the American Institute of Certified Public Accountants, as adopted by the Public Company AccountingOversight Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company’s compliancewith the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Ourexamination included testing of less than all of the individual asset-backed transactions and securities that comprise the Platform,testing of less than all of the servicing activities related to the Platform, and determining whether the Company processed thoseselected transactions and performed those selected activities in compliance with the servicing criteria. Furthermore, our procedureswere limited to the selected transactions and servicing activities performed by the Company during the period covered by this report.Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests thatmay have affected the balances or amounts calculated or reported by the Company during the period covered by this report for theselected transactions or any other transactions. Although the Company is responsible for assessing compliance with Items 1122 (d)(1)(ii),1122 (d)(4)(iii), 1122 (d)(4)(vii) and 1122 (d)(4)(viii) of Regulation AB, there were no servicing activities performed by theCompany as of and for the year ended December 31, 2016, that required these servicing criteria to be complied with. We believethat our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on theCompany’s compliance with the servicing criteria.

 

In our opinion, management’s assertion thatthe Company complied with the aforementioned servicing criteria as of and for the year ended December 31, 2016, for the U.S. BankCorporate Trust Repackaging Platform is fairly stated, in all material respects.

 

/s/ Ernst & Young LLP

 

Minneapolis, Minnesota

February28, 2017