UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) October 26, 2006

BNP PARIBAS MORTGAGE SECURITIES LLC

(Exact name of registrant as specified in its charter)

Delaware	333-131690-01	86-1156544
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

787 Seventh Avenue, New York, NY		10019
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code, is (212) 841-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 9.01(c).	Financial Statements, Pro Forma Financial Information and Exhibits.

(a)	Not applicable

(b)	Not applicable

(c)	Exhibits:

	Exhibit No.	Description
	1.1	Underwriting Agreement, dated October 20, 2006, among BNP Paribas Securities Corp. and BNP Paribas Mortgage Securities LLC.

	4.1	Pooling and Servicing Agreement, dated as of October 1, 2006, among BNP Paribas Mortgage Securities LLC, as depositor, Wells Fargo Bank, N.A., as master servicer and securities administrator, and U.S. Bank National Association, as trustee.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on behalf of the Registrant by the undersigned thereunto duly authorized.

	BNP PARIBAS MORTGAGE SECURITIES LLC


	By:	/s/ Gregory J. Lattanzio
	Name:	Gregory J. Lattanzio
	Title:	Director

Dated: November 13, 2006

EXHIBIT INDEX

Item 601 (a) of Regulation S-K Exhibit No.		Sequentially Numbered Description
1.1		Underwriting Agreement, dated October 20, 2006, among BNP Paribas Securities Corp. and BNP Paribas Mortgage Securities LLC.

4.1		Pooling and Servicing Agreement, dated as of October 1, 2006, among BNP Paribas Mortgage Securities LLC, as depositor, Wells Fargo Bank, N.A., as master servicer and securities administrator, and U.S. Bank National Association, as trustee.

TBW Mortgage-Backed Trust Series 2006-5 8-K