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): ~~June~~October 14, 2006

Structured Products Corp.,

on behalf of

CorTS Trust III for IBM Debentures

(Exact name of registrant as specified in its charter)

Delaware	001-32082	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	(212) 816-7496
(Address of principal executive offices)	(Zip Code)	(Registrant's telephone number including area code)

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:

o Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)

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

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

o 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~~Structured ~~current~~Products ~~report~~Corp., onthe ~~Form~~registrant ~~8-K~~hereunder, ~~relates~~acts as depositor of the CorTS Trust III for IBM Debentures (the "Trust"). The sole assets of the Trust are $95,480,000 principal amount of 7.125% Debentures due December 1, 2096 (the "Term Assets") issued by International Business Machines Corporation. Pursuant to the trust agreement governing the Trust, the Trust has issued 3,779,416 Corporate–Backed Trust Securities Certificates (the “Certificates”). Pursuant to the trust agreement governing the Trust and the Warrant Agent Agreement, the Trust has issued 95,480 Warrants (the "Call Warrants"). U.S. Bank National Association, in its capacity as Warrant Agent, has received a ~~distribution~~notice ~~made~~from the holder of the Call Warrants of its intent to ~~holders~~exercise 95,480 Call Warrants to purchase the Term Assets in full on October 18, 2006. The exercise of the ~~Certificates~~Call ~~issued~~Warrants is conditional upon receipt by the ~~CorTS~~Trustee ~~Trust~~of ~~III~~the ~~for~~Warrant ~~IBM~~Exercise ~~Debentures~~Purchase Price by 11:00 a.m. (New York City time) with respect to such exercise on the Exercise Date. As a result, if the Trustee receives the Warrant Exercise Purchase Price, the Certificates will be redeemed in full on October 18, 2006 (the “Redemption Date”) at a price of $25 plus 0.685000 accrued interest to the Redemption Date. No interest will accrue on the Certificates after the Redemption date. Any capitalized terms used herein and not otherwise defined herein have the definition given to them in the documents pursuant to which the Trust is governed.

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.SIGNATURES

~~Section~~Pursuant 9to -the ~~Financial~~requirements ~~Statements~~of ~~and~~the ~~Exhibits~~Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

~~Item~~By: /s/ 9John W.01 ~~Financial~~Dickey ________________________________ ~~Statements and Exhibits.~~

~~(c)~~Name: ~~Exhibits~~John W. Dickey Title: Authorized Signatory

1.October ~~Trustee’s Report with respect to the June 1~~4, 2006 ~~Distribution Date for the CorTS Trust III for IBM Debentures~~

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

June 1, 2006

EXHIBIT INDEX

Exhibit		Page
1	Trustee’s Report with respect to the June 1, 2006 Distribution Date for the CorTS Trust III for IBM Debentures	5

Exhibit 1

To the Holders of:
CorTS Trust III for IBM Debentures
7.20% Corporate-Backed Trust Securities (CorTS) Certificates
*CUSIP:	22081Q207

U.S. Bank Trust National Association, as Trustee for the CorTS Trust III for IBM Debentures, hereby gives notice with respect to the Distribution Date of June 1, 2006 (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	$	0.900000	$	0.900000

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. $95,480,000 aggregate principal amount of International Business Machines Corporation 7.125% Debentures due December 1, 2096 (the “Term Assets”) are held for the above trust.

5. At the close of business on the Distribution Date, 3,779,416 Certificates representing $94,485,400 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.

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