UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549
                                     ----

                                   FORM 10-K

                       FOR ANNUAL AND TRANSITION REPORTS
                    PURSUANT TO SECTIONS 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

      (Mark One)

      [X]   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
            EXCHANGE ACT OF 1934

      For the fiscal year ended December 31, 2006

                                      or

      [_]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURI-
            TIES EXCHANGE ACT OF 1934

      For the transition period from ________ to ________

                     Commission File Number: 333-58504-05

                         Bear Stearns Depositor Inc.,
                                 on behalf of:
                Trust Certificates (TRUCs), Series 2002-1 Trust
-------------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)

                 New York                               13-4164633
--------------------------------------     ------------------------------------
     (State or Other Jurisdiction of       (I.R.S. Employer Identification No.)
      Incorporation or Organization)


 c/o U.S. Bank Trust National Association
       100 Wall Street, Suite 1600
            New York, New York                             10005
-----------------------------------------  -------------------------------------
 (Address of principal executive offices)               (Zip Code)


      Registrant's telephone number, including area code:  (212)-272-9422
                                                           --------------

Securities registered pursuant to Section 12(b) of the Act:

Title of Class                                 Name of Registered Exchange
--------------                                 ---------------------------
Trust Certificates (TRUCs), Series          New York Stock Exchange ("NYSE")
2002-1, Class A-1


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Securities registered pursuant to Section 12(g) of the Act:   None.

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.
                                                                 |_| Yes  |X| No

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.
                                                                 |_| Yes  |X| No

Indicate by check mark whether the registrant: (1) Has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to file
requirements for the past 90 days.
|X| Yes  |_| No

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. |X|

Indicate by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check
one):

Large accelerated filer |_|   Accelerated filer |_|    Non-accelerated filer |X|

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).

                                                                 |_| Yes  |X| No

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates computed by reference to the price at which the common equity
was last sold, or the average bid and asked price of such common equity, as of
the last business day of the registrant's most recently completed second fiscal
quarter:
NOT APPLICABLE.

The Registrant has no voting stock or class of common stock outstanding as of
the date of this report.

                      DOCUMENTS INCORPORATED BY REFERENCE

      The following documents are incorporated by reference into Part IV of this
Annual Report: The distribution reports to security holders filed on Form 8-K
during the fiscal year, in lieu of reports on Form 10-Q, which include the
reports filed on Form 8-K listed in Item 15(a) hereto.

                               Introductory Note

      The registrant is the depositor under the trust agreement for the TRUCs
Certificates referenced above which are listed on the New York Stock Exchange.
The certificates represent interests only in the Trust Certificates (TRUCs),
Series 2002-1 Trust and do not represent obligations of or interests in the
depositor. The Underlying Securities for the trust are $32,130,000 principal
amount of Ford Motor Company 7.70% Debentures due 2097. Pursuant to staff
administrative positions established in Corporate Asset Backed Corporation
(available August 9, 1995), registrant is not required to respond to various
items of Form 10-K. Such items are designated herein as "Not Applicable."
Distribution reports detailing receipts and distributions by the trust are filed
after each distribution date on Form 8-K in lieu of reports on Form 10-Q.

      Ford Motor Company (the "Underlying Securities Issuer") is subject to the
information reporting requirements of the Securities Exchange Act of 1934 (the
"Exchange Act"). For information on the Underlying Securities Issuer, refer to
the current and periodic reports required to be filed pursuant to the Exchange
Act by the Underlying Securities Issuer under its Exchange Act file number,
1-3950. The Securities and Exchange Commission (the "Commission") maintains a
site on the World Wide Web at "http://www.sec.gov" at which users can view and


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download copies of reports, proxy and information statements and other
information filed electronically through the Electronic Data Gathering, Analysis
and Retrieval (EDGAR) system. Periodic and current reports and other information
required to be filed pursuant to the Exchange Act by the Underlying Securities
Issuer may be accessed on this site. Neither Bear Stearns Depositor Inc. nor the
Trustee has participated in the preparation of such reporting documents, or made
any due diligence investigation with respect to the information provided
therein. Neither Bear Stearns Depositor Inc. nor the Trustee has verified the
accuracy or completeness of such documents or reports. There can be no assurance
that events affecting the Underlying Securities Issuer or the Underlying
Securities have not occurred or have not yet been publicly disclosed which would
affect the accuracy or completeness of the publicly available documents
described above.


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<PAGE>


                                    PART I

Item 1. Business.
-----------------
      Not Applicable

Item 1A. Risk Factors.
---------------------

      Not Applicable

Item 1B. Unresolved Staff Comments.
----------------------------------

      None

Item 2.  Properties.
--------------------
      Not Applicable

Item 3.  Legal Proceedings.
---------------------------
      None

Item 4.  Submission of Matters to a Vote of Security Holders.
-------------------------------------------------------------
      None

                                    PART II

Item  5. Market for Registrant's Common Equity, Related Stockholder Matters and
-------------------------------------------------------------------------------
      Issuer Purchases of Equity Securities.
      --------------------------------------
      The Trust Certificates (TRUCs), Series 2002-1, Class A-1 certificates
      are represented by one or more physical certificates registered in the
      name of "Cede & Co.", the nominee of The Depository Trust Company. The
      certificates are listed on the New York Stock Exchange.

Item 6.  Selected Financial Data.
---------------------------------
      Not Applicable

Item 7.  Management's Discussion and Analysis of Financial Condition and
-------------------------------------------------------------------------
      Results of Operations.
      ---------------------
      Not Applicable

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
--------------------------------------------------------------------
      Not Applicable

Item 8.  Financial Statements and Supplementary Data.
-----------------------------------------------------
      Not Applicable

Item 9.  Changes in and Disagreements With Accountants on Accounting and
-------------------------------------------------------------------------
      Financial Disclosure.
      --------------------
      None

Item 9A.  Controls and Procedures.
----------------------------------
      Not Applicable

Item 9B.  Other Information.
----------------------------
      None

                                   PART III

Item 10.  Directors and Executive Officers of the Registrant.
-------------------------------------------------------------
      Not Applicable


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<PAGE>


Item 11.  Executive Compensation.
---------------------------------
      Not Applicable

Item 12.  Security Ownership of Certain Beneficial Owners and Management and
-----------------------------------------------------------------------------
      Related Stockholder Matters.
      ---------------------------
      None

Item 13.  Certain Relationships and Related Transactions.
---------------------------------------------------------
      None

Item 14.  Principal Accounting Fees and Services.
-------------------------------------------------
      None

                                    PART IV

Item 15.  Exhibits, Financial Statement Schedules.
--------------------------------------------------

      (a)   The following documents have been filed as part of this report.

            1.    Trustee's Distribution Statements documented on Form 8-K
                  regarding the distributions from the Trust Certificates
                  (TRUCs), Series 2002-1 Trust to the certificateholders for
                  the period from January 1, 2006 through and including
                  December 31, 2006 have been filed with the Securities and
                  Exchange Commission and are hereby incorporated by
                  reference. Filing dates are listed below:

      --------------------------------------------------------------------------
      Date of Report           Event                     Date Filed
      --------------------------------------------------------------------------
      May 15, 2006             Distribution Date         May 25, 2006
      --------------------------------------------------------------------------
      November 15, 2006        Distribution Date         November 27, 2006
      --------------------------------------------------------------------------


            2.    None.

            3.    Exhibits:

                  31.1 - Rule 13a-14(a)/15d-14(a) (Section 302 Certification).

                  99.1 - Annual Compliance Report by Trustee.

                  99.2 - Registrant's Current Report on Form 8-K filed with
                  the Securities and Exchange Commission on May 25, 2006, as
                  further described in Item 15(a)(i) above, is incorporated
                  herein by reference.

                  99.3 - Registrant's Current Report on Form 8-K filed with
                  the Securities and Exchange Commission on November 27, 2006,
                  as further described in Item 15(a)(i) above, is incorporated
                  herein by reference.

      (b)   See Item 15 (a) above.

      (c)   Not Applicable.


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<PAGE>


                                   SIGNATURE

      Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

            Bear Stearns Depositor Inc., acting on behalf of Trust
                  Certificates (TRUCs), Series 2002-1 Trust

                            By: /s/ Craig Overlander
                            ----------------------------------------------
                            Name: Craig Overlander
                            Title: Chief Executive Officer/President
                            Date: March 29, 2007


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<PAGE>


                                 EXHIBIT INDEX

-------------------------------------------------------------
 Reference                                         Exhibit
 Number per                                       Number in
Item 601 of                                         this
Regulation SK      Description of Exhibits        Form 10-K
-------------------------------------------------------------
   (31.1)    Rule 13a-14(a)/15d-14(a) (Section
             302 Certification)                     31.1
-------------------------------------------------------------
   (99.1)    Annual Compliance Report by            99.1
             Trustee.
-------------------------------------------------------------
             Registrant's Current Report on Form
             8-K filed with the Securities
             and Exchange Commission on May 25,
   (99.2)    2006, as further described in Item     99.2
             15(a)(1) above, is incorporated
             herein by reference.
-------------------------------------------------------------
             Registrant's Current Report on
             Form 8-K filed with the Securities
             and Exchange Commission on
   (99.3)    November 27, 2006, as further          99.3
             described in Item 15(a)(1) above,
             is incorporated herein by
             reference.
-------------------------------------------------------------


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