Strats Trust Wal Mart Stores Inc. STRT CTF 05-4

What they do

The trust is a special-purpose vehicle that holds securities and passes through distributions to certificateholders. It files periodic reports with the SEC, including trustee distribution statements on Form 8-K. The trust has no operations, management, or employees; all administrative functions are handled by the trustee.

Revenue drivers

• Trust distributions — The trust's only source of income is distributions from its underlying assets, which are passed through to certificateholders. Monthly distribution amounts are disclosed in trustee statements filed on Form 8-K.
• Certificate interest — Certificateholders receive periodic payments based on the trust's holdings. The trust does not engage in business activities that generate revenue.
• Not applicable — No other revenue-generating segments exist, as the trust is a passive pass-through entity.

Recent performance

The trust filed its annual report for the fiscal year ended December 31, 2025, on March 30, 2026. Twelve monthly distribution statements were filed during 2025, one for each month from January through December. No financial statements are included in the 10-K; the filing consists mainly of administrative disclosures and incorporated Form 8-K exhibits. The trust reported no changes in disagreements with accountants and no legal proceedings.

Strategy

The trust does not have a stated business strategy; it operates passively under its governing documents. Its activities are limited to administering distributions and meeting SEC reporting obligations. The trustee manages compliance and reporting, as evidenced by the annual compliance report included in the 10-K.

Risks

• Lack of operational diversity — The trust is a single-purpose vehicle with no active management, making its performance entirely dependent on the performance of the underlying Wal-Mart-related securities.
• Interest rate sensitivity — As a fixed-income security, certificate values and cash flows are subject to fluctuations in interest rates.
• Concentration risk — The trust's assets are concentrated in securities tied to Wal-Mart Stores, Inc., so adverse developments at Wal-Mart could directly affect distributions.
• Limited information transparency — The trust does not provide financial statements or management discussion, limiting investors' ability to assess underlying asset quality.

Outlook

Management does not provide forward-looking guidance. The trust will continue making monthly distributions as long as underlying assets perform. Future filings will include periodic Form 8-K statements with distribution details. No changes in trust structure or administration have been announced.