MS Structured Tile Series 2006-1 10-K

Exhibit
35.1



Annual
Statement of Compliance (U.S. Bank National Association)





| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | Global
Corporate Trust
                                                                        190 S. LaSalle Street, 7th Floor
                                                                        MK-IL-SL7C
                                                                        Chicago, IL 60603
                                                                        
                                                                        usbank.com



Annual
Statement of Compliance

TILES
Trust No. 2006-1



VIA:
EMAIL



MS
Structured Asset Corp.

1585
Broadway

New
York, New York 10036



Reference
is made to the Trust Agreement (the “Agreement”), between MS Structured Asset Corp., as Depositor and U.S. Bank National
Association, as Trustee, as successor-in-interest to Bank of America, National Association, as Trustee, as successor by merger
to LaSalle Bank National Association, as Trustee, for TILES Trust No. 2006-1, dated February 15, 2006, together with Schedules
I, II and III attached thereto, and the Standard Terms for Trust Agreements, between MS Structured Asset Corp., as Depositor and
U.S. Bank National Association, as Trustee, as successor-in-interest to Bank of America, National Association, as Trustee, as
successor by merger to LaSalle Bank National Association, as Trustee dated March 5, 2003. Capitalized terms used herein and not
defined shall have the meanings defined in the Trust Agreement and the Standard Terms for Trust Agreements.



I,
Kimberly O. Jacobs, a Senior Vice President of U.S. Bank National Association as successor-in-interest to Bank of America, National
Association, as successor by merger to LaSalle Bank National Association, as Trustee hereby certify that:



1.     A review of the activities of the Trustee during the preceding calendar year and of the performance of the Trustee under the Agreement
has been made under my supervision; and



2.     To the best of my knowledge, based on such review, the Trustee has fulfilled all its obligations under the Agreement in all material
respects throughout such year.



Capitalized
terms used but not defined herein have the meanings set forth in the Agreement.



Date:
March 1 , 2024



U.S.
Bank National Association, as Trustee



By: /s/ Kimberly O. Jacobs



Kimberly O. Jacobs

Senior
Vice President