UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549
__________

FORM 10-K

ANNUAL REPORT

PURSUANT TO SECTION 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, 2019

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 Numbers 333-101155,
001-32725



TILES Trust No. 2006-1

0001349577

(CIK number of Issuing Entity)

MS STRUCTURED ASSET CORP., as Depositor
and Sponsor

(Exact name of registrant as specified
in its charter)

0001071246

(CIK number of Depositor and Sponsor)



|Delaware                                                                    | 13-4026700                       
|--------------------------------------------------------------------------- | ---------------------------------
|(State or other jurisdiction of incorporation or organization)              | (IRS Employer Identification No.)
|                                                                            |                                  
|1585 Broadway, Second Floor

New York, New York

Attention: Joshua Schanzer | 10036                            
|(Address of principal executive office)                                     | (Zip Code)                       
|                                                                            |                                  
|Registrant’s telephone number, including area code:                         | (212) 761-2904                   





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

|Title of Each Class                   | Trading Symbol | Name of Each Exchange on Which Registered
|------------------------------------- | -------------- | -----------------------------------------
|                                      |                |                                          
|TILES Series 2006-1 TILES Trust Units | MS 34          | 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 every Interactive Data File
required to be submitted 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 such files). Yes ___ No ___

Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company
or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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

Emerging growth company ___

If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ___

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 30, 2020, 1,000 shares of common stock, par value $1.00
per share, were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE:

The following reports of Morgan Stanley
pursuant to Item 1115(b): Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019; Quarterly Report on Form
10-Q for the quarterly period ended September 30, 2019; Annual Report on Form 10-K for the fiscal year ended December 31, 2019;
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. RESERVED







PART II



ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER
MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES





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



Not Applicable



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



The Goldman Sachs Group,
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 The Goldman Sachs Group, 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 The Goldman Sachs Group, 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 The Goldman Sachs Group, Inc.
is 333-112367.



The underlying security
guarantor 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 guarantor financial statements or Underlying
Security Issuer Exchange Act Reports.



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



None



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





Morgan Stanley is the derivative counterparty
to the TILES 2006-1 Trust under an interest rate swap. For purposes of Item 1115(b) of Regulation AB and any financial statements
of Morgan Stanley required to be provided under Regulation S-X during the period covered by this Report on Form 10-K, the financial
statements included in or as exhibits to the following documents filed by Morgan Stanley with the Securities and Exchange Commission
are hereby incorporated by reference in this Item: Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019;
Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2019; Annual Report on Form 10-K for the fiscal year
ended December 31, 2019; 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.













At prescribed rates, unitholders may obtain
copies of all reports, proxy statements and other publicly available information filed by Morgan Stanley with the SEC from the
Public Reference section of the SEC, 100 F Street, NE, Washington, D.C. 20549, United States of America. 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. Information provided by or filed with the
SEC by Morgan Stanley pursuant of the Exchange Act can be located by reference to SEC file number 001-11758.



ITEM 1117. LEGAL PROCEEDINGS



None



ITEM 1119. AFFILIATIONS
AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Morgan Stanley, which is the derivative counterparty
to the TILES 2006-1 Trust under an interest rate swap, owns 100% of the stock of Depositor MS Structured Asset Corp.



ITEM 1122. COMPLIANCE
WITH APPLICABLE SERVICING CRITERIA

See Exhibits 33.1
and 34.1 to this Annual Report.

ITEM 1123. SERVICER
COMPLIANCE STATEMENT

See Exhibit 35.1 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:





|TILES
        Trust No.: | Closing Date | Collateral                    | Payment Dates | Form 10-D Filing Dates
        
        
        
        For FY 2019
|------------------------ | ------------ | ----------------------------- | ------------- | ---------------------------------------------------------------------
|2006-1                   | 2/15/2006    | The Goldman Sachs Group, Inc. | 02/16/2019    | 02/25/2019                                                           
|2006-1                   | 2/15/2006    | The Goldman Sachs Group, Inc. | 08/15/2019    | 08/21/2019                                                           













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



(3) Exhibits:



|Exhibit 4.1  | For a description of the securities of the TILES Trust No. 2006-1, see Prospectus Supplement (To Prospectus dated March
5, 2003) dated as of February 15, 2006 filed by the Depositor with the SEC on February 15, 2006 and incorporated here by reference.
|------------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit 31.1 | Rule 13a-14(d) Certification                                                                                                                                                                                                                               
|Exhibit 31.2 | Servicer Compliance Statement
(U.S. Bank National Association)                                                                                                                                                                                             
|Exhibit 33.1 | 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 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
(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
31, 2020



MS
STRUCTURED ASSET CORP.(Registrant)

By:/s/
Joshua Schanzer

Name:	Joshua
Schanzer

| | Title: | Vice President
| | ------ | --------------