UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-D
ASSET-BACKED
ISSUER
DISTRIBUTION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
For the
semi-annual distribution period from
September
1, 2007
to
March
1, 2008
Commission
File Number of Issuing entity:
001-33286
CORPORATE
BACKED CALLABLE TRUST CERTIFICATES, J.C. PENNEY DEBENTURE-BACKED
SERIES 2007-1
(Exact
name of issuing entity as specified in its charter)
Commission
File Number of depositor:
333-112795
Select Asset
Inc.
(Exact
name of depositor as specified in its charter)
Delaware
(State or
other jurisdiction of incorporation or organization of the issuing
entity)
13-4029392
(I.R.S.
Employer Identification No.)
745
Seventh Avenue
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New York
,
NYC
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10019
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(Address
of principal executive offices of issuing entity)
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(Zip
Code)
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(212
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526-7000
(Telephone
number, including area code)
No Change
(Former
name, former address, if changed since last report)
Registered/reporting
pursuant to (check one)
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Title
of Class
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Section
12(b)
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Section
12(g)
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Section
15(d)
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Name
of exchange
(If
Section 12(b))
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Corporate
Backed Callable Trust Certificates, J.C. Penney Debenture-Backed Series
2007-1, Class A-1
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[X]
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New
York Stock Exchange
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Indicate
by check mark whether the registrant (1) filed all reports required to be filed
by Section 13 or 15(d) of the Securities and 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 such filing requirements for
the past 90
days?
YES
x
NO
o
PART
I - DISTRIBUTION INFORMATION
Item
1. Distribution and Pool Performance Information.
The
response to Item 1. is set forth in part herein and in part in Exhibit 99.1.
Introductory and explanatory information regarding the material terms, parties
and distributions described in Exhibit 99.1 is included in the Prospectus
Supplement, dated January 30, 2007, relating to the Callable Class A-1
Certificates, Series 2007-1 (the “Certificates”) and the related Prospectus,
dated April 18, 2006 (collectively, the “Prospectus”), of Corporate Backed
Callable Trust Certificates, J.C. Penney Debenture-Backed Series 2007-1 (the
“Issuing Entity”) filed with the Securities and Exchange Commission pursuant to
Rule 424(b)(5) under the Securities Act of 1933.
The Class
A-1 Certificates were offered under the Prospectus.
PART
II - OTHER INFORMATION
ITEM
2 - LEGAL PROCEEDINGS
Nothing
to report.
ITEM
3 - SALES OF SECURITIES AND USE OF PROCEEDS.
Nothing
to report.
ITEM
4 - DEFAULTS UPON SENIOR SECURITIES.
Nothing
to report.
ITEM
5 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Nothing
to report.
ITEM
6 - SIGNIFICANT OBLIGORS OF POOL ASSETS.
J.C.
Penney Company, Inc., the guarantor of the underlying securities, is subject to
the information reporting requirements of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). For information on J.C. Penney Company, Inc.
please see its periodic and current reports filed with the Securities and
Exchange Commission (the “Commission”) under its Exchange Act file number,
001-15274. The Commission maintains a site on the World Wide Web at
“http://www.sec.gov” at which users can view and download copies of reports,
proxy and information statements and other information filed electronically
through the Electronic Data Gathering, Analysis and Retrieval system, or
“EDGAR.” Periodic and current reports and other information required to be filed
pursuant to the Exchange Act by J.C. Penney Company, Inc. may be accessed on
this site. You can request copies of these documents, upon payment of a
duplicating fee, by writing to the SEC. The public may read and copy any
materials filed with the Commission at the Commission’s Public Reference Room at
100 F Street, NE, Washington, DC 20549 on official business days between the
hours of 10:00 a.m. and 3:00 p.m.. The public may obtain information on the
operation of the Public Reference Room by calling the Commission at
1-800-SEC-0330. Please call the SEC at (800) SEC-0330 for further
information on the operation of the SEC's public reference
rooms. Neither Select Asset Inc. nor U.S. Bank National Association
(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 Select Asset Inc. nor the Trustee has verified the accuracy or
completeness of such documents or reports. There can be no assurance that events
affecting the issuer of the underlying securities or the underlying securities
themselves have not occurred or have not yet been publicly disclosed which would
affect the accuracy or completeness of the publicly available documents
described above.
ITEM
7 - SIGNIFICANT ENHANCEMENT PROVIDER INFORMATION.
Inapplicable.
ITEM
8 - OTHER INFORMATION.
Nothing
to report.
ITEM
9 - EXHIBITS
(a)
Documents filed as part of this report.
Exhibit
99.1 March 1, 2008 Semi-Annual Statement to Certificateholders
(b)
Exhibits required by Form 10-D and Item 601 of Regulation S-K.
Exhibit
99.1 March 1, 2008 Semi-Annual Statement to Certificateholders.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
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DEPOSITOR
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SELECT ASSET
INC.
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Date:
March
3, 2008
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By:
/s/ Scott
Barek
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Name: Scott
Barek
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Title: Senior
Vice President
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EXHIBIT
INDEX
Exhibit
Number
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Description
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Exhibit
99.1
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Distribution
Statement
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