UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


WASHINGTON, D.C.  20549


__________


FORM 10-K




ANNUAL REPORT


PURSUANT TO SECTIONS 13 OR 15(d) OF THE


SECURITIES EXCHANGE ACT OF 1934







(Mark One)


[X]           ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES


EXCHANGE ACT OF 1934




For the fiscal year ended December 31, 2011




OR




[  ]           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES


EXCHANGE ACT OF 1934




For the transition period from __________ to __________




Commission File Numbers333-101155, 001-32969







SATURNS Trust No. 2006-2


MS STRUCTURED ASSET CORP., as Depositor and Sponsor


(Exact name of registrant as specified in its charter) Delaware
13-4026700(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)1585 Broadway, Second FloorNew York, New York
10036Attention: In-Young Chase(Address of principal executive office)
(Zip Code)Registrant’s telephone number, including area code:
(212) 761-2457


Securities registered pursuant to Section 12(b) of the Act:




Title of Each Class
Name of Each Exchange on Which RegisteredSATURNS Cummins Engine Company Debenture Backed

Trust 2006-2 Callable Units
New York Stock Exchange





Securities registered pursuant to Section 12(g) of the Act:




None










Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ___ No X





Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ___ No X




Indicate by check mark whether 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




Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ___ No ___




Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  [    ]




Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.  (Check one):




Large accelerated filer ___    Accelerated filer ___   Non-accelerated filer X   Smaller reporting company ___


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).                   Yes ___ No X




All of the common stock of the registrant is held by Morgan Stanley.  As of March 26, 2012, 1,000 shares of common stock, par value $1.00 per share, were outstanding.




DOCUMENTS INCORPORATED BY REFERENCE:




The following reports of Morgan Stanley : Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011; Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2011; Annual Report on Form 10-K for the fiscal year ended December 31, 2011; and all other documents subsequently filed by Morgan Stanley pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, during the fiscal year covered by this Report on Form 10-K, which contain financial statements of Morgan Stanley or which amend the foregoing reports.
















PART I





ITEM 1.  BUSINESS





Not Applicable





ITEM 1A. RISK FACTORS





Not Applicable





ITEM 1B. UNRESOLVED STAFF COMMENTS





None





ITEM 2.  PROPERTIES





Not Applicable





ITEM 3.  LEGAL PROCEEDINGS





Not Applicable





ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS





Not Applicable








PART II





ITEM 5.  MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS





Not Applicable





ITEM 6.  SELECTED FINANCIAL DATA





Not Applicable





ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS





Not Applicable





ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK





Not Applicable











ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA





Not Applicable





ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE





Not Applicable





ITEM 9A.  CONTROLS AND PROCEDURES





Not Applicable





ITEM 9B.  OTHER INFORMATION





None








PART III





ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT





None





ITEM 11. EXECUTIVE COMPENSATION





Not Applicable





ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT





Not Applicable





ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS





Not Applicable





ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES





Not Applicable











ADDITIONAL DISCLOSURE ITEMS PURSUANT TO REGULATION AB





ITEM 1112(b). SIGNIFICANT OBLIGORS OF POOL ASSETS





Cummins Inc., formerly known as Cummins Engine Company, Inc., the underlying security guarantor with respect to the Units, is a “significant obligor” with respect to the assets of the Trust for purposes of Item 1112 of Regulation AB. For any financial statements of Cummins Inc. required to be provided under Regulation S-X during the period since the initial issuance of the Units, this Form 10-K report refers, pursuant to Item 1100(c)(2) of Regulation AB, to the periodic reports of Cummins Inc. under section 13(a) or 15(d) of the Exchange Act (“Underlying Security Issuer Exchange Act Reports”) that are on file with the Securities and Exchange Commission (the “SEC”). Such Underlying Security Issuer Exchange Act Reports may be accessed at the public reference facilities maintained by the SEC at Room 1024, 100 F Street, NE, Washington, D.C. 20549. Copies of those materials can be obtained by making a written request to the SEC, Public Reference Section, 100 F Street, NE, Washington, D.C. 20549, at prescribed rates. The SEC also maintains a website on the internet at http://www.sec.gov at which users can view and download copies of reports, proxy, information statements and other information filed electronically. The SEC file number for Cummins Inc. is 001-04949.





The underlying security issuer financial statements and Underlying Security Issuer Exchange Act Reports referred to above are not incorporated by reference in this Form 10-K report; and the Trust, the Trustee, the depositor, the sponsor and their affiliates have not verified, have not undertaken to verify, and will not verify, the content of any such underlying security issuer financial statements or Underlying Security Issuer Exchange Act Reports.





ITEM 1114(b)(2). CREDIT ENHANCEMENT AND OTHER SUPPORT, EXCEPT CERTAIN DERIVATIVES INSTRUMENTS





None





ITEM 1115(b). CERTAIN DERIVATIVES INSTRUMENTS – FINANCIAL INFORMATION





None





ITEM 1117. LEGAL PROCEEDINGS





None





ITEM 1119. AFFILIATIONS AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS




None





ITEM 1122. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA




See Exhibits 33.1, 33.2, 34.1 and 34.2 to this Annual Report.




Bank of America, National Association’s, as successor by merger to LaSalle Bank National Association, Report on Assessment of Compliance with Servicing Criteria for 2011 attached to this Report on Form 10-K describes in Appendix B the following material instance of noncompliance related to investor reporting:




“1122(d)(3)(i)(B)  During the Applicable Period, certain monthly investor reports did not provide information calculated in accordance with the terms specified in the transaction agreements.”




U.S. Bank National Association’s, as successor-in-interest to Bank of America, National Association, Report on Assessment of Compliance with Servicing Criteria for 2011 attached to this Report on Form 10-K describes in Exhibit B the following material instance of noncompliance related to investor reporting:




“1122(d)(3)(i)(B) – Certain reports to investors did not provide information calculated in accordance with the terms specified in the transaction agreements.




1122(d)(3)(ii) – Amounts due to investors were not allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.”




See Exhibit 33.2 to this Annual Report for information relating toManagement Discussion of Noncompliance and Remediation.









ITEM 1123. SERVICER COMPLIANCE STATEMENT




See Exhibit 35.1 and 35.2 to this Annual Report.











PART IV





ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES





(a) The following documents are filed as part of this Report:





(1) Financial Statements: Distribution Reports on Form 10-D are hereby incorporated by reference. See the table below:





SATURNS

Trust No.:
Closing Date
Collateral
Payment Dates
Form 10-D Filing Dates (Not Trust Agreement Filings in connection with Closing Date)



For FY 20112006-2
8/2/2006
Cummins Inc.
03/01/2011
03/3/20112006-2
8/2/2006
Cummins Inc.
09/01/2011
09/15/2011








(2) Financial Statement Schedules pursuant to Item 8: Not Applicable





(3) Exhibits: 
 Exhibit 31.1
Rule 13a-14(d) Certification
 Exhibit 31.2
Servicer Compliance Statement (Bank of America, National Association)
 Exhibit 31.3
Servicer Compliance Statement (U.S. Bank National Association)
 Exhibit 33.1
Report of Bank of America, National Association as successor by merger to LaSalle Bank National Association on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities
 Exhibit 33.2
Report of U.S. Bank National Association, as successor-in-interest to Bank of America, National Association, on Assessment of Compliance with Servicing Criteria for Asset-Backed Securities
 Exhibit 34.1
Attestation Report of PricewaterhouseCoopers LLP on Assessment of Bank of America, National Association’s Compliance with Servicing Criteria for Asset-Backed Securities
 Exhibit 34.2
Attestation Report of Ernst & Young LLP on Assessment of U.S. Bank National Association’s Compliance with Servicing Criteria for Asset-Backed Securities
 Exhibit 35.1
Annual Statement of Compliance (Bank of America, National Association)
 Exhibit 35.2
Annual Statement of Compliance (U.S. Bank National Association)
 
 (b) Exhibits: See Item 15(a)(3) above
 
 (c) Other Financial Statement Schedules: Not applicable 
  
  SIGNATURES
 
 Pursuant to the requirements of Section 13 or 15(d) 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.
 
 
 
 Date:  March 29, 2012
 
 
 MS STRUCTURED ASSET CORP.(Registrant)By: /s/In-Young ChaseName:        In-Young ChaseTitle:          Vice President