UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________

FORM 8-K

CURRENT REPORT

~~Pursuant~~PURSUANT toTO ~~Section~~SECTION 13 OR 15(d) ofOF ~~the Securities Exchange Act of 1934~~THE

~~Date~~SECURITIES ofEXCHANGE ~~Report~~ACT ~~(Date~~OF ~~of earliest event reported): January 15, 2006~~1934

~~Structured~~Date ~~Products~~of ~~Corp.~~Report (Date of earliest event reported): May 30, 2006

Structured Products Corp. on behalf of

CorTS Trust II for Safeco Capital Trust I

(Exact name of registrant as specified in its charter)

Delaware	001-~~32252~~32081	13-3692801
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification Number)

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.

390 Greenwich Street, New York, New York	10013
(Address of principal executive offices)	(Zip Code)

~~Check~~Registrant's ~~the~~telephone ~~appropriate~~number ~~box~~including ~~below~~area ifcode ~~the~~(212) ~~Form 8~~783-~~K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:~~6645.

oItem ~~Written~~1. ~~communications~~Changes ~~pursuant~~in toControl ~~Rule~~of ~~425 under the Securities Act (17CFR 230~~Registrant.~~425)~~

oNot ~~Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR 240~~Applicable.~~14a-12)~~

oItem ~~Pre-commencement communications pursuant to Rule 14d-~~2~~(b)~~. ~~under~~Acquisition ~~the~~or ~~Exchange~~Disposition ~~Act~~of ~~(17CFR 240~~Assets.~~14d-2(b))~~

oNot ~~Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR 240~~Applicable.~~13e-4(c))~~

1Item 3. Bankruptcy or Receivership.

~~Section~~Not ~~8 - Other Events~~Applicable.

Item 84.01 ~~Other~~Changes ~~Events~~in Registrant's Certifying Accountant.

~~This~~Not ~~current report on Form 8-K relates to a distribution made to holders of the Certificates issued by the CorTS Trust II for SAFECO Capital Trust I~~Applicable.

~~The~~Item 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")5. ~~Periodic~~ ~~reports~~Other 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, NEvents.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~~Item 96. -Resignations ~~Financial~~of ~~Statements~~Registrant's ~~and Exhibits~~Directors.

Not Applicable. Item 97.01 Financial Statements, Pro-Forma Financial Information and Exhibits.

(ca) ~~Exhibits:~~Not Applicable.

1.(b) ~~Trustee’s~~Not ~~Report with respect to the January 15, 2006 Distribution Date for the CorTS Trust II for SAFECO Capital Trust I~~Applicable.

2(c) Exhibits.

~~SIGNATURES~~ Trustee’s Report with respect to the May 30, 2006 Final Distribution

~~Pursuant~~Date ~~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.~~for:

~~By: /s/ Mark C~~1. ~~Graham~~Corts ~~Name:~~Trust ~~Mark~~II C.for ~~Graham~~Safeco ~~Title:~~Capital ~~Authorized~~Trust ~~Signatory~~I

~~January~~No ~~15,~~reports ~~2006~~required for the other series listed.

3Not Applicable.

~~EXHIBIT INDEX~~SIGNATURES

Exhibit		Page
1	Trustee’s Report with respect to the January 15, 2006 Distribution Date for the CorTS Trust II for SAFECO Capital Trust I	5

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.

4By: Mark C. Graham

~~Exhibit~~Name: 1Mark C. Graham Title: President and Finance Officer

To the Holders of:
CorTS Trust II for SAFECO Capital Trust I
8.7% Corporate-Backed Trust Securities (CorTS) Certificates
*CUSIP:	22081R205

May 30, 2006

~~U.S.~~Exhibit Bank Trust National Association, as Trustee for the CorTS Trust II for SAFECO Capital Trust I ,hereby gives notice with respect to the Distribution Date of January 15, 2006 (the “Distribution Date”) as follows:Page

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:

1. Trustee's Report in respect to the May 30, 2006 Final Distribution Date for the			5
CORTS Trust II for Safeco Capital Trust 1
CUSIP: 22081R205

Principal		Interest		Total Distribution
$	0.000000	$	1.087500	$	1.087500

Exhibit

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

To the Holders of:
CORTS Trust II for SAFECO Capital Trust I
8.70% Corporate-Backed Trust Securities (CorTS) Certificates
*CUSIP:	22081R205

3U.S. NoBank ~~fees~~Trust ~~have~~National ~~been~~Association, ~~paid~~as toTrustee for the ~~Trustee~~CorTS orTrust ~~any~~II ~~other~~for ~~party~~SAFECO ~~from~~Capital Trust I, hereby gives notice with respect to the ~~proceeds~~Final Distribution Date of May 30, 2006 (the ~~Term~~“Final ~~Assets.~~Distribution Date”) as follows:

41. ~~$73,500,000~~The ~~aggregate principal~~ amount of ~~SAFECO~~the ~~Capital~~distribution ~~Trust~~payable Ito ~~8.072%~~the ~~Capital~~Certificateholders ~~Securities~~on ~~due~~the ~~July~~Final 15Distribution Date allocable to principal and premium, ~~2037~~if ~~(the~~any, ~~“Term~~and ~~Assets”)~~interest, ~~are~~expressed ~~held~~as ~~for~~a ~~the~~dollar ~~above~~amount ~~trust.~~per $25 Certificate, is as set forth below:

5. At the close of business on the Distribution Date, 2,727,778 Certificates representing $68,194,450 aggregate Certificate Principal Balance were outstanding.

Principal		Interest		Premium	Total Distribution
$	25.000000	$	0.815625	$ 1.940000	$27.755625

62. The ~~current~~amount ~~rating~~ of ~~the~~aggregate ~~Term~~interest ~~Assets~~due isand not ~~provided~~paid inas ~~this report. Ratings can be obtained from Standard & Poor’s Ratings Services, a division~~ of ~~The~~the ~~McGraw-Hill~~Distribution ~~Companies,~~Date ~~Inc.,~~is ~~by calling 212-438-2400 and from Moody’s Investors Service, Inc~~$0. ~~by calling 212-553-0377~~000000.

U3.S. ~~Bank~~All ~~Trust~~of ~~National~~the ~~Association,~~Term asAssets ~~Trustee~~were purchased by the Call Warrant Holder on the Final Distribution Date.

*The4. ~~Trustee~~At ~~shall~~the ~~not~~close beof ~~held~~business ~~responsible~~on ~~for~~ the ~~selection~~Distribution orDate, ~~use~~0 ofCertificates ~~the~~representing ~~CUSIP~~$0 ~~number~~aggregate ~~nor~~Certificate isPrincipal ~~any~~Balance ~~representation~~were ~~made~~outstanding, asand tothe ~~its~~CorTS ~~correctness. It~~Trust isII ~~included solely~~ for ~~the~~Safeco ~~convenience~~Capital ofTrust ~~the~~I ~~Holders~~terminated.

5. 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.

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