10-D 1 srm06005_10d-200606.txt 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 monthly distribution period from: May 01, 2006 to June 01, 2006 Commission File Number of issuing entity: 333-129480-10 Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5 (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-129480 Structured Asset Securities Corporation (Exact name of depositor as specified in its charter) Lehman Brothers Holdings, Inc. (Exact name of sponsor as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization of the issuing entity) N/A (I.R.S. Employer Identification No.) 745 Seventh Avenue, 7th Floor New York, NY 10019 (Address of principal executive offices of the issuing entity) (Zip Code) (212) 526-7000 (Telephone number, including area code) Not Applicable (Former name, former address, if changed since last report) Registered/reporting pursuant to (check one) Title of Section Section Section Name of Exchange Class 12(b) 12(g) 15(d) (If Section 12(b)) 1-A1 _____ _____ __X___ ____________ 1-A2 _____ _____ __X___ ____________ 2-A1 _____ _____ __X___ ____________ 2-A2 _____ _____ __X___ ____________ 2-A3 _____ _____ __X___ ____________ 2-AX _____ _____ __X___ ____________ 3-A _____ _____ __X___ ____________ 4-A1 _____ _____ __X___ ____________ 4-A2 _____ _____ __X___ ____________ 5-A1 _____ _____ __X___ ____________ 5-A2 _____ _____ __X___ ____________ 5-A3 _____ _____ __X___ ____________ 5-A4 _____ _____ __X___ ____________ B1-I _____ _____ __X___ ____________ B2-I _____ _____ __X___ ____________ B3-I _____ _____ __X___ ____________ B4-I _____ _____ __X___ ____________ B5-I _____ _____ __X___ ____________ B6-I _____ _____ __X___ ____________ B7-I _____ _____ __X___ ____________ B1-II _____ _____ __X___ ____________ B2-II _____ _____ __X___ ____________ B3-II _____ _____ __X___ ____________ B4-II _____ _____ __X___ ____________ B5-II _____ _____ __X___ ____________ B6-II _____ _____ __X___ ____________ B7-II _____ _____ __X___ ____________ B8-II _____ _____ __X___ ____________ B9-II _____ _____ __X___ ____________ P-I _____ _____ __X___ ____________ P-II _____ _____ __X___ ____________ R _____ _____ __X___ ____________

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 such filing requirements for the past 90 days. Yes __X__ No ____ Part I - DISTRIBUTION INFORMATION Item 1. Distribution and Pool Performance Information On June 26, 2006 a distribution was made to holders of Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5. The distribution report is attached as an Exhibit to this Form 10-D. Please see Item 9(b), Exhibit 99.1 for the related information. Part II - OTHER INFORMATION Item 3. Sales of Securities & Use of Proceeds. On May 31, 2006, the following classes of securities in the following amounts were sold by the registrant in private placements in reliance on Section 4(2) of the Securities Act of 1933 (the "Securities Act") to certain qualified institutional buyers (as defined in Rule 144A of the Securities Act) or to certain accredited investors (as defined in the Securities Act: Class Initial Principal Balance Class P-I N/A - Prepayment Penalty Amounts Class P-II N/A - Prepayment Penalty Amounts Class B5-I $847,000 Class B6-I $1,059,000 Class B7-I $958,388 Class B7-II $2,036,000 Class B8-II $2,443,000 Class B9-II $2,448,909 The net proceeds from the sale of these certificates were applied by the registrant to the purchase of the mortgages loans constituting the pool assets. Item 9. Exhibits. (a) The following is a list of documents filed as part of this Report on Form 10-D: (99.1) Monthly report distributed to holders of Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5, relating to the June 26, 2006 distribution. (b) The exhibits required to be filed by Registrant pursuant to Item 601 of Regulation S-K are listed above and in the Exhibit Index that immediately follows the signature page hereof. 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. Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5 (Issuing Entity) Aurora Loan Services LLC (Master Servicer) /s/ E. Todd Whittemore E. Todd Whittemore, Executive Vice President Date: July 3, 2006 EXHIBIT INDEX Exhibit Number Description EX-99.1 Monthly report distributed to holders of Structured Adjustable Rate Mortgage Loan Trust, Series 2006-5, relating to the June 26, 2006 distribution. EX-99.1 Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates Distribution Date: 6/26/2006 Structured Adjustable Rate Mortgage Loan Trust Mortgage Pass-Through Certificates Series 2006-5 Contact: Customer Service - CTSLink Wells Fargo Bank, N.A. Securities Administration Services 7485 New Horizon Way Frederick, MD 21703 www.ctslink.com Telephone: (301) 815-6600 Fax: (301) 815-6660

REO Detail - All Mortgage Loans in REO during Current Period

Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period

Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period

Prepayment - Voluntary Prepayments

Structured Adjustable Rate Mortgage Loan Trust Series 2006-5 10-D