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, 2017 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,
2017; 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, 2017.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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



Date:
February 28, 2018








1The 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | X2                                                                                                             |                                 
|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                                                                                                              |                                 






2No 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | X3                                  |                                     
|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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | X4                                  |                                     








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



4No 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).                                                                                                                 | X5                                  |                                     
|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                                   












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