Structured Asset Trust Unit Repackagings (SATURNS)

Tribune Company Debenture Backed

Series 2006-1

ABN AMRO Acct: 723469.1

Reporting Package Table of Contents

Payment Date:
Prior Payment:
Next Payment:
Record Date:

15-May-07
15-May-07

15-Nov-06
15-Nov-07

10-May-07

Administrator:

Scott Kallback 312.904.5444
scott.kallback@abnamro.com

Analyst:

Samir Ghia 714.259.6822
samir.ghia@abnamro.com

Statement Date:

135 S. LaSalle Street, Suite 1625
Chicago, IL 60603
USA

Statements to Certificateholders

Cash Reconciliation Summary
Bond Interest Reconciliation
Bond Interest Reconciliation
Rating Information
Realized Loss Detail
Other Related Information

Page 2

Page 3
Page 4
Page 5
Page 6
Page 7
Page 8

Page(s)

Information is available for this issue from the following sources

Issue Id:

Monthly Data File
Name:

SAT00601

SAT00601_200705_3.ZIP

Parties to The Transaction

Depositor: MS Structured Asset Corp

Underwriter: Morgan Stanley & Co. Incorporated

Rating Agency: Moody's Investors Service, Inc./Standard & Poor's

800.246.5761

LaSalle Factor Line

LaSalle Web Site

www.etrustee.net

Closing Date:

First Payment Date:

Rated Final Payment Date:

Determination Date:

28-Feb-2006

15-May-2006

15-Nov-1996

15-May-2007

Trust Collection Period

11/16/2006 - 5/15/2007

Page 1 of 8

Class

CUSIP

Original

Opening

Principal

Negative

Closing

Interest

Pass-Through

Per $ 1000

Next Rate(3)

WAC:

Payment Date:
Prior Payment:
Next Payment:
Record Date:

7.250000%

15-May-07
15-May-07

15-Nov-06
15-Nov-07

10-May-07

Structured Asset Trust Unit Repackagings (SATURNS)

Tribune Company Debenture Backed

Series 2006-1

Face Value (1)

Balance

Payment

Adj. or Loss

Amortization

Balance

Payment (2)

Adjustment

Rate

Grantor Trust

Statement Date:

ABN AMRO Acct: 723469.1

1000.000000000

0.000000000

1000.000000000

34.999999957

Fixed

0.00

)

(0.000000043

7.0000000000%

0.000000000

80412D105

79,795,000.00

0.00

79,795,000.00

2,792,825.00

79,795,000.00

1000.000000000

0.000000000

1000.000000000

43.014034947

8.6028071000%

0.00

)

(0.000000053

0.0000000000%

0.000000000

80412DAA3

2,191,000.00

0.00

2,191,000.00

94,243.75

2,191,000.00

Total P&I Payment

0.00

79,795,000.00

2,887,068.75

Total

79,795,000.00

0.00

2,887,068.75

Page 2 of 8

Notes: (1) N denotes notional balance not included in total (2) Accrued Interest Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment (3) Estimated. * Denotes Controlling Class

Structured Asset Trust Unit Repackagings (SATURNS)

Payment Date:
Prior Payment:
Next Payment:
Record Date:

15-May-07
15-May-07

15-Nov-06
15-Nov-07

10-May-07

Tribune Company Debenture Backed

Series 2006-1

ABN AMRO Acct: 723469.1

Statement Date:

Cash Reconciliation Summary

Current Scheduled Interest

Interest Summary

Less Deferred Interest

Plus Gross Advance Interest

Less PPIS Reducing Scheduled Int

2,892,568.75

0.00
0.00

Less ASER Interest Adv Reduction

0.00

Less Other Adjustment

0.00

Total

2,892,568.75

Unscheduled Interest:
PPY/YM Penalties (+)

Retained Interest (-)

0.00

Total

0.00

Less Fees & Expenses Paid By/To Servicer

Less Fee Paid To Servicer
Less Fee Strips Paid by Servicer

Special Servicing Fees

Interest Due Serv on Advances
Recoup of Prior Advances
Misc. Fees & Expenses

Total Unscheduled Fees & Expenses

Total Interest Due Trust

Less Fees & Expenses Paid By/To Trust
Trustee Fee
Fee Strips

Total

Total Interest Due Certs

Principal Summary

Scheduled Principal:
Current Scheduled Principal
Advanced Scheduled Principal
Scheduled Principal
Unscheduled Principal:
Curtailments
Prepayments in Full
Liquidation Proceeds
Repurchase Proceeds
Other Principal Proceeds
Total Unscheduled Principal
Remittance Principal

Remittance P&I Due Trust

Remittance P&I Due Certs

Pool Balance Summary

Beginning Pool
Scheduled Principal
Unscheduled Principal
Deferred Interest
Liquidations
Repurchases

Ending Pool

Balance

Count

Principal

Interest

Prior Outstanding

Plus Current Period

Less Recovered

Ending Outstanding

Servicing Fee Summary

Current Servicing Fees
Plus Fees Advanced for PPIS
Less Reduction for PPIS
Plus Delinquent Servicing Fees

Total Servicing Fees

PPIS Summary

Gross PPIS
Reduced by PPIE
Reduced by Shortfalls in Fees
Reduced by Other Amounts
PPIS Reducing Scheduled Interest
PPIS Reducing Servicing Fee

PPIS Due Certificate

0.00

0.00
0.00

0.00

)

(5,500.00

0.00
0.00

)

(5,500.00

0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00

2,892,568.75

79,795,000.00

0.00
0.00

0.00

79,795,000.00

0.00

0.00
0.00
0.00
0.00

0.00

0.00
0.00
0.00
0.00
0.00
0.00

0.00

2,887,068.75

Interest Not Advanced (

Current Period

)

0.00

Workout Fees
Liquidation Fees

0.00
0.00

Less Non Recovered

0.00

0.00
0.00

0.00

Advance Summary (Advance Made by Servicer)

0.00

Misc. Fees

Other Interest Proceeds (+)

0.00
0.00

2,892,568.75

2,887,068.75

Page 3 of 8

Structured Asset Trust Unit Repackagings (SATURNS)

Class

Accrued

Certificate

Interest

Payment Date:
Prior Payment:
Next Payment:
Record Date:

15-May-07
15-May-07

15-Nov-06
15-Nov-07

10-May-07

Tribune Company Debenture Backed

Series 2006-1

ABN AMRO Acct: 723469.1

Bond Interest Reconciliation Detail

Total

Interest

Deductions

Accrual

Total

Interest

Additions

Statement Date:

Method

Opening

Balance

Distributable

Certificate

Interest

Payment

Amount

Current

Period

Shortfall

Recovery

Remaining

Outstanding

Interest

Shorfalls

Credit

Support

Pass-Through

Rate

Days

Original

Current (1)

30/360

7.000000%

79,795,000.00

2,792,825.00

0.00

2,792,825.00

0.00

2,792,825.00

0.00

180

30/360

0.000000%

2,191,000.00

94,243.75

0.00

94,243.75

0.00

94,243.75

0.00

180

2,887,068.75

0.00

2,887,068.75

0.00

Page 4 of 8

(1) Determined as follows: (A) the ending balance of all the classes less (B) the sum of (i) the ending balance of the class and (ii) the ending balance of all classes which are not subordinate to the class divided by (A).

Structured Asset Trust Unit Repackagings (SATURNS)

Class

Payment Date:

Prior Payment:
Next Payment:

Record Date:

15-May-07
15-May-07
15-Nov-06

15-Nov-07

10-May-07

Tribune Company Debenture Backed

Series 2006-1

ABN AMRO Acct: 723469.1

Bond Interest Reconciliation Detail

Deductions

Allocable

PPIS

Deferred &

Accretion

Interest

Additions

Yield

Maintenance

Interest Accrual
on Prior Shortfall

Interest

Loss Expense

Statement Date:

Prior Interest

Shortfall Due

Other

Interest

Proceeds (1)

Prepayment

Premiums

Prior

Interest

Due Date

Current
Interest

Due Date

Interest

Payment

Amount

Distributable

Certificate

Interest

0.00

2,792,825.00

0.00

15-Nov-2006

15-May-2007

0.00

94,243.75

0.00

15-Nov-2006

15-May-2007

0.00

2,887,068.75

0.00

Page 5 of 8

(1) Other Interest Proceeds are additional interest amounts specifically allocated to the bond(s) and used in determining the Bondholder's Distributable Interest.

Structured Asset Trust Unit Repackagings (SATURNS)

Payment Date:

Prior Payment:

Next Payment:

Record Date:

15-May-07
15-May-07

15-Nov-06
15-Nov-07

10-May-07

Tribune Company Debenture Backed

Series 2006-1

ABN AMRO Acct: 723469.1

Rating Information

Class

CUSIP

Fitch

Moody's

S&P

Fitch

Moody's

S&P

Original Ratings

Rating Change/Change Date(1)

Statement Date:

80412D105

A-

Ba1

7/10/06

BB-

4/4/07

80412DAA3

BB-

4/4/07

Page 6 of 8

NR - Designates that the class was not rated by the rating agency.

(1) Changed ratings provided on this report are based on information provided by the applicable rating agency via electronic transmission. It shall be understood that this transmission will generally have been provided to LaSalle within 30 days of the
payment date listed on this statement. Because ratings may have changed during the 30 day window, or may not be being provided by the rating agency in an electronic format and therefore not being updated on this report, LaSalle recommends that
investors obtain current rating information directly from the rating agency.

Structured Asset Trust Unit Repackagings (SATURNS)

Payment Date:
Prior Payment:
Next Payment:
Record Date:

15-May-07
15-May-07

15-Nov-06
15-Nov-07

10-May-07

Tribune Company Debenture Backed

Series 2006-1

ABN AMRO Acct: 723469.1

Realized Loss Detail

Period

Disclosure

Control #

Appraisal

Date

Appraisal

Value

Beginning

Scheduled

Balance

Gross

Proceeds

Gross Proceeds

as a % of

Sched. Balance

Aggregate

Liquidation
Expenses *

Net

Liquidation

Proceeds

Net Proceeds

as a % of

Sched. Balance

Realized

Loss

Statement Date:

Current Total

Cumulative

Page 7 of 8

* Aggregate liquidation expenses also include outstanding P&I advances and unpaid servicing fees, unpaid trustee fees, etc..

Structured Asset Trust Unit Repackagings (SATURNS)

Payment Date:
Prior Payment:
Next Payment:
Record Date:

15-May-07
15-May-07

15-Nov-06
15-Nov-07

10-May-07

Tribune Company Debenture Backed

Series 2006-1

ABN AMRO Acct: 723469.1

Other Related Information

Statement Date:

Swap Recipients

Swap Amount Received

Next Swap Rate

Swap Information

None

0.00

0.00%

Underlying Information

Name

Cusip

Balance

Current Rate

Next Rate

Amount Received

Ratings Moody/S&P/Fitch

The Times Mirror Company 7.25% Debentures

887360AT2

79,795,000.00

7.25%

2,892,568.75

A3/A-/NR

Page 8 of 8

MS Structured SATURNS Series 2006-1 10-D/A