MS STRUCTURED TILES SERIES 2006-1 10-K

Exhibit 33.1



Management's Assertion



Report on Assessment of Compliance with Applicable
Servicing Criteria



U.S. Bank National Association (“U.S. Bank”) is responsible
for assessing compliance as of and for the year ended December 31, 2021 with the servicing criteria set forth in Item 1122 (d) of Regulation
AB applicable to it as set forth on Exhibit A hereto. This report covers asset backed securities transactions within the U.S. Bank
Corporate Trust Asset-Backed Securities Platform1 (the “Platform”)



U.S. Bank hereby provides the following report on its assessment of compliance
with the servicing criteria set forth in Item 1122 of Regulation AB applicable to it and as described on Exhibit A hereto:



| | 1. | U.S. Bank is responsible for
                                            assessing its compliance with the servicing criteria applicable to it as noted on the accompanying
                                            Exhibit A;
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | Except as set forth in paragraph
                                            3 below, U.S. Bank used the criteria set forth in paragraph (d) of Item 1122 of Regulation
                                            AB to assess its compliance with the applicable servicing criteria;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | The criteria listed in the column
                                            titled “Inapplicable Servicing Criteria” on Exhibit A hereto are inapplicable
                                            to U.S. Bank based on the servicing activities it performs directly with respect to the Platform;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 4. | U.S. Bank has complied, in all
                                            material respects, with the applicable servicing criteria as of and for the year ended December
                                            31, 2021; and
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 5. | Ernst & Young, LLP, a registered public accounting firm, has
                                            issued an attestation report on U.S. Bank’s assessment of compliance with the applicable
                                            servicing criteria as of and for the year ended December 31, 2021.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





U.S. BANK NATIONAL ASSOCIATION



/s/ John Stern

Name: John Stern

Title: Executive Vice President







Date: February 25, 2022



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1 The U.S. Bank Corporate Trust Asset-Backed Securities Platform
(the "Platform") consists of the activities involved in the performance of servicing functions for which the Company provides
trustee, securities administration, registrar and paying agent services for (i) publicly issued asset-backed and mortgage-backed transactions
the securities of which were offered on or after January 1, 2006 and (ii) certain asset-backed transactions for which the Issuer has
voluntarily elected to make Regulation AB compliant filings under the Securities Exchange Act of 1934, as amended.











EXHIBIT A to Management’s Assertion

|Reference                          | Servicing
    Criteria                                                                                                                                                                                                                                                                                                                                                                                  | Applicable
    Servicing Criteria | Inapplicable Servicing Criteria
|---------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------- | -------------------------------
|General Servicing Considerations  
|1122(d)(1)(i)                      | Policies and procedures are instituted to
        monitor any performance or other triggers and events of default in accordance with the transaction agreements.                                                                                                                                                                                                                                        | X                                 |                                
|1122(d)(1)(ii)                     | If any material servicing activities are outsourced to third parties,
        policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.                                                                                                                                                                                            | X2                                |                                
|1122(d)(1)(iii)                    | Any requirements in the transaction agreements to maintain a back-up
        servicer for the Pool Assets are maintained.                                                                                                                                                                                                                                                                               |                                   | X                              
|1122(d)(1)(iv)                     | A fidelity bond and errors and omissions policy is in effect on
        the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise
        in accordance with the terms of the transaction agreements.                                                                                                                       | X                                 |                                
|1122(d)(1)(v)                      | Aggregation of information, as applicable, is mathematically accurate
        and the information conveyed accurately reflects the information.                                                                                                                                                                                                                                                         | X3                                |                                
|Cash Collection and Administration
|1122(d)(2)(i)                      | Payments on pool assets are deposited into the appropriate custodial
        bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days
        specified in the transaction agreements.                                                                                                                                           | X                                 |                                
|1122(d)(2)(ii)                     | Disbursements made via wire transfer on behalf of an obligor or
        to an investor are made only by authorized personnel.                                                                                                                                                                                                                                                                           | X                                 |                                
|1122(d)(2)(iii)                    | Advances of funds or guarantees regarding collections, cash flows
        or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the
        transaction agreements.                                                                                                                                                               | X4                                |                                
|1122(d)(2)(iv)                     | The related accounts for the transaction, such as cash reserve
        accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling
        of cash) as set forth in the transaction agreements.                                                                                                                                  | X                                 |                                
|1122(d)(2)(v)                      | Each custodial account is maintained at a federally insured depository
        institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution”
        with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1)
        of the Securities Exchange Act. | X                                 |                                
|1122(d)(2)(vi)                     | Unissued checks are safeguarded so as to prevent unauthorized access.                                                                                                                                                                                                                                                                                                                                   | X                                 |                                

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2 No servicing activities were performed by the Company that
required the servicing criteria to be complied with.

3.No servicing activities were performed by the Company that
required the servicing criteria to be complied with.

4 No servicing activities were performed by the Company that
required the servicing criteria to be complied with.









|Reference                          | Servicing
    Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Applicable
    Servicing Criteria | Inapplicable
    Servicing Criteria
|---------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------- | -----------------------------------
|1122(d)(2)(vii)                    | Reconciliations are prepared on a monthly basis for all asset-backed
        securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are
        (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number
        of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the
        reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days
        of their original identification, or such other number of days specified in the transaction agreements. | X                                 |                                    
|Investor Remittances and Reporting
|1122(d)(3)(i)                      | Reports to investors, including those to be filed with the Commission,
        are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports
        (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information
        calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required
        by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal
        balance and number of Pool Assets serviced by the Servicer.                                              | X                                 |                                    
|1122(d)(3)(ii)                     | Amounts due to investors are allocated and remitted in accordance
        with timeframes, distribution priority and other terms set forth in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | X                                 |                                    
|1122(d)(3)(iii)                    | Disbursements made to an investor are posted within two business
        days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | X                                 |                                    
|1122(d)(3)(iv)                     | Amounts remitted to investors per the investor reports agree with
        cancelled checks, or other form of payment, or custodial bank statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | X                                 |                                    
|Pool Asset Administration         
|1122(d)(4)(i)                      | Collateral or security on pool assets is maintained as required
        by the transaction agreements or related pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                   | X                                  
|1122(d)(4)(ii)                     | Pool assets and related documents are safeguarded as required by
        the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                   | X                                  
|1122(d)(4)(iii)                    | Any additions, removals or substitutions to the asset pool are
        made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | X                                 |                                    
|1122(d)(4)(iv)                     | Payments on pool assets, including any payoffs, made in accordance
        with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business
        days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest
        or other items (e.g., escrow) in accordance with the related pool asset documents.                                                                                                                                                                                                                                                                                                         |                                   | X                                  









|Reference        | Servicing
    Criteria                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | Applicable
    Servicing Criteria | Inapplicable
    Servicing Criteria
|---------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------- | -----------------------------------
|1122(d)(4)(v)    | The Servicer’s records regarding the pool assets agree with
        the Servicer’s records with respect to an obligor’s unpaid principal balance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                   | X                                  
|1122(d)(4)(vi)   | Changes with respect to the terms or status of an obligor's pool
        assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the
        transaction agreements and related pool asset documents.                                                                                                                                                                                                                                                                                                                                               |                                   | X                                  
|1122(d)(4)(vii)  | Loss mitigation or recovery actions (e.g., forbearance plans, modifications
        and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance
        with the timeframes or other requirements established by the transaction agreements.                                                                                                                                                                                                                                                                                                |                                   | X                                  
|1122(d)(4)(viii) | Records documenting collection efforts are maintained during the
        period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly
        basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring
        delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency
        is deemed temporary (e.g., illness or unemployment).                                                                        |                                   | X                                  
|1122(d)(4)(ix)   | Adjustments to interest rates or rates of return for pool assets
        with variable rates are computed based on the related pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                                   | X                                  
|1122(d)(4)(x)    | Regarding any funds held in trust for an obligor (such as escrow
        accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis,
        or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in
        accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar
        days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. |                                   | X                                  
|1122(d)(4)(xi)   | Payments made on behalf of an obligor (such as tax or insurance
        payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for
        such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or
        such other number of days specified in the transaction agreements.                                                                                                                                                                                               |                                   | X                                  
|1122(d)(4)(xii)  | Any late payment penalties in connection with any payment to be
        made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment
        was due to the obligor’s error or omission.                                                                                                                                                                                                                                                                                                                                                                   |                                   | X                                  
|1122(d)(4)(xiii) | Disbursements made on behalf of an obligor are posted within two
        business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction
        agreements.                                                                                                                                                                                                                                                                                                                                                                                             |                                   | X                                  
|1122(d)(4)(xiv)  | Delinquencies, charge-offs and uncollectible accounts are recognized
        and recorded in accordance with the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                   | X                                  
|1122(d)(4)(xv)   | Any external enhancement or other support, identified in Item 1114(a)(1)
        through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                 | X                                 |