
                                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): January 15, 2005


                          Structured Products Corp. 

            (Exact name of registrant as specified in its charter)


     Delaware                    001-32067          13-3692801
     (State or other             (Commission        (IRS Employer
     jurisdiction of             File Number)       Identification
     incorporation or                               Number)
     organization)

     388 Greenwich Street, New York, New York              10013
     (Address of principal executive offices)             (Zip Code)
     Registrant's telephone number including area code (212) 816-7496.

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:
[ ] Written communications pursuant to Rule 425 under the Securities
    Act (17CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17CFR 240.13e-4(c))

Section 8 - Other Events

Item 8.01 Other Events.

This current report on Form 8-K relates to a distribution made to
holders of the Certificates issued by the CorTS Trust for SAFECO
Capital Trust I.

The issuer of the underlying securities, or guarantor thereof, or
successor thereto, as applicable, is subject to the information
reporting requirements of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). Periodic reports and other information
required to be filed pursuant to the Exchange Act, by the issuer of the
underlying securities, or guarantor thereof, or successor thereto, as
applicable, may be inspected and copied at the public reference
facilities maintained by the Securities and Exchange Commission (the
"Commission") at 450 Fifth Street, N.W., Washington, D.C. 20549. The
Commission also 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. Neither Structured Products Corp. 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 Structured Products Corp. 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 guarantor thereof, or successor thereto, as
applicable, 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.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

1. Trustee's Report with respect to the January 15, 2005 Distribution Date
for the CorTS Trust for SAFECO Capital Trust I

                                  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 hereunto duly authorized.





                                        By:     /s/ Mark C. Graham
                                        Name:   Mark C. Graham
                                        Title:  Authorized Signatory





















January 15, 2005

EXHIBIT INDEX


Exhibit                                                                    Page

   1     Trustee's Report with respect to the January 15, 2005              5
         Distribution Date for the CorTS Trust for SAFECO Capital
         Trust I

                                 Exhibit 1

To the Holders of:
CorTS Trust for SAFECO Capital Trust I
8.75% Corporate-Backed Trust Securities (CorTS) Certificates
*CUSIP:   22080U209

U.S. Bank Trust National Association, as Trustee for the CorTS Trust for
SAFECO Capital Trust I, hereby gives notice with respect to the Distribution
Date of January 15, 2004 (the "Distribution Date") as follows:

1.   The amount of the distribution payable to the Certificateholders on the
     Distribution Date allocable to principal and premium, if any, and interest,
     expressed as a dollar amount per $25 Certificate, is as set forth below:

           Principal        Interest         Total Distribution
           $  0.000000      $ 1.093750       $ 1.093750

2.   The amount of aggregate interest due and not paid as of the Distribution
     Date is $0.000000.

3.   No fees have been paid to the Trustee or any other party from the
     proceeds of the Term Assets.

4.   $27,100,000 aggregate principal amount of  SAFECO Capital Trust I 8.072%
     Capital Securities due July 15, 2037 (the "Term Assets") are held for the
     above trust.

5.   At the close of business on the Distribution Date, 1,000,005 Certificates
     representing $25,000,125 aggregate Certificate Principal Balance were
     outstanding.

6.  The current rating of the Term Assets is not provided in this report.
    Ratings can be obtained from Standard & Poor's Ratings Services, a
    division of The McGraw-Hill Companies, Inc., by calling 212-438-2400 and
    from Moody's Investors Service, Inc. by calling 212-553-0377.

U.S. Bank Trust National
Association, as Trustee


*The Trustee shall not be held responsible for the selection or use of the
CUSIP number nor is any representation made as to its correctness.  It is
included solely for the convenience of the Holders.

STRUCTURED PRODUCTS CORP CORTS R TRUST FOR SAFECO CAP TR I 8-K