UNITED
STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549



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FORM
10-K



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| | ☒ | 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 Number of issuing entity: 001-32822Central Index Key Number of issuing entity:0001353226STRATS TRUST FOR PROCTER & GAMBLE SECURITIES, SERIES 2006-1(Exact name of issuing entity as specified in its charter)



Commission
File Number of depositor and sponsor: 001-31818Central Index Key Number of depositor and sponsor:0001140396



SYNTHETIC FIXED-INCOME SECURITIES, INC.(Exact name of depositor and sponsor as specified in its charter)



|New York(State of incorporation or organizationof the issuing entity)                                        | 26-6115306(IRS Employer Identification No.)
|------------------------------------------------------------------------------------------------------------ | -------------------------------------------
|                                                                                                             |                                            
|One Wells Fargo Center301 S. College StreetCharlotte, North Carolina(Address of principal executive offices) | 28288(Zip Code)                            
|                                                                                                             |                                            
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SECURITIES REGISTERED PURSUANT
TO SECTION 12(b) OF THE ACT:



|Title of Class                      | Name of  Registered Exchange     
|----------------------------------- | ---------------------------------
|                                    |                                  
|STRATS  Certificates, Series 2006-1 | New York  Stock Exchange (“NYSE”)



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



Indicate by check mark if the registrant
is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.



☐
Yes ☒ No



Indicate by check mark whether the 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 ☐ 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 ☒   | 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



State the aggregate market value of the
voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last
sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently
completed second fiscal quarter.



Not applicable.



DOCUMENTS INCORPORATED BY REFERENCE



List hereunder the following documents if
incorporated by reference and the part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated:
(1) Any annual report to security holders; (2) Any proxy information statement; and, (3) Any prospectus filed pursuant to Rule
424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g.,
annual report to security holders for fiscal year ended December 24, 1980).



None.




















PART I



The following Items have been omitted in accordance with
General Instruction J to Form 10-K:



Item 1. Business.



Item1A. Risk Factors.



Item 2. Properties.



Item 3. Legal Proceedings.



Item 1B. Unresolved Staff Comments.



Not Applicable.



Item 4. Mine Safety Disclosures.



Not Applicable.



PART II



The following Items have been omitted in accordance with
General Instruction J to Form 10-K:



Item 5. Market for Registrant’s Common Equity,
Related Stockholder Matters and Issuer Purchases of Equity Securities.



Item 6. Selected Financial Data.



Item 7. Management’s Discussion and Analysis
of Financial Condition and Results of Operations.



Item 7A. Quantitative and Qualitative Disclosures
About Market Risk.



Item 8. Financial Statements and Supplementary Data.



Item 9. Changes in and Disagreement with Accountants
on Accounting and Financial Disclosure.



Item 9A. Controls and Procedures.



Item 9B. Other Information.



None.



PART III



The following Items have been omitted in accordance with
General Instruction J to Form 10-K:



Item 10. Directors, Executive Officers and Corporate
Governance.



Item 11. Executive Compensation.





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Item 12. Security Ownership of Certain Beneficial
Owners and Management and Related Stockholder Matters.



Item 13. Certain Relationships and Related Transactions,
and Director Independence.



Item 14. Principal Accountant Fees and Services.



Substitute information provided in accordance with General
Instruction J to Form 10-K:



Item 1112(b) of Regulation AB. Significant Obligors of Pool
Assets (Financial Information).



The Procter & Gamble Company, the issuer
of the underlying securities, is subject to the information reporting requirements of the Securities Exchange Act of 1934 (the
“Exchange Act”). For information on The Procter & Gamble Company please see its periodic and current reports filed
with the Securities and Exchange Commission (the “Commission”) under its Exchange Act file number, 001-00434. The Commission
maintains a site on the World Wide Web at “http://www.sec.gov” at which users can view and download copies of reports,
proxy and information statements and other information filed electronically through the Electronic Data Gathering, Analysis and
Retrieval system, or “EDGAR.” Periodic and current reports and other information required to be filed pursuant to the
Exchange Act by The Procter & Gamble Company may be accessed on this site. Neither Synthetic Fixed-Income Securities, Inc.
nor the Trustee has participated in the preparation of such reporting documents, or made any due diligence investigation with respect
to the information provided therein. Neither Synthetic Fixed-Income Securities, Inc. nor the Trustee has verified the accuracy
or completeness of such documents or reports. There can be no assurance that events affecting the issuer of the underlying securities
or the underlying securities themselves have not occurred or have not yet been publicly disclosed which would affect the accuracy
or completeness of the publicly available documents described above.



Item 1114(b)(2) of Regulation AB. Credit Enhancement and
Other Support, Except for Certain Derivatives Instruments (Financial Information).



None.



Item 1115(b) of Regulation AB. Certain Derivatives Instruments
(Financial Information).



None.



Item 1117 of Regulation AB. Legal Proceedings.



There are no legal proceedings pending,
or any proceedings known to be contemplated, by governmental authorities against the depositor, the Trustee or the issuing entity,
or any property thereof, that is material to the holders of the Certificates.



Item 1119 of Regulation AB. Affiliations and Certain Relationships
and Related Transactions.



In accordance with the Instruction to Item
1119, affiliations and certain relationships and related transactions are described below in response to this item.



Wells Fargo Bank, National Association (“Wells
Fargo Bank”), as successor to Wachovia Bank, National Association, is the “Swap Counterparty” with respect to
its obligations under the ISDA Master Agreement including the Schedule thereto and a confirmation thereunder, by and among the
Swap Counterparty and the issuing entity, dated as of February 28, 2006.  Wells Fargo Bank is an affiliate of Synthetic
Fixed-Income Securities, Inc., the sponsor of the issuing entity and the depositor of the issuing entity and Wells Fargo Securities,
LLC (formerly known as Wachovia Capital Markets, LLC), who acted as an underwriter of the Certificates issued by the issuing entity.





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The Trustee is unaffiliated with, but may
have normal banking relationships with, the sponsor, the depositor and their respective affiliates.



Item 1122 of Regulation AB. Compliance with Applicable Servicing
Criteria.



The Trustee has been identified as a party
participating in the servicing function during the reporting period with respect to the pool assets held by the issuing entity.
The Trustee’s report on an assessment of compliance with the servicing criteria applicable to it during the Issuing Entity’s
fiscal year ending December 31, 2019 and an attestation report by a registered independent public accounting firm regarding the
Trustee’s related report on assessment are attached as exhibits to this Form 10-K.



Except as disclosed below, neither the report
on assessment nor the related attestation report has identified any additional material instances of noncompliance with the servicing
criteria described in the report on assessment as being applicable to the Trustee. With respect to the exception identified below,
the Trustee has identified one instance of noncompliance related to STRATS Trust for Proctor & Gamble Securities, Series 2006-1.



Exception:



The Trustee’s report on assessment
and the related attestation report have identified material noncompliance with one servicing criterion applicable to the Trustee:



| | ● | Servicing criterion 1122(d)(3)(i)(A) contemplates that reports to investors, including those to be filed with the Commission,
are maintained in accordance with timeframes and other terms set forth in the transaction agreements.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Noncompliance:
During the period, certain reports to investors were not prepared in accordance with the timeframes set forth in the transaction
agreements.



Remediation:



| | - | Transaction identifiers will be verified and made uniform, as needed, between the BNY Mellon Investor Reporting website and
the system that generates investor reports.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | - | All desktop procedures for the Platform will be reviewed to make sure the correct transaction identifiers are listed for all
reports that need to be made available to investors on the BNY Mellon Investor Reporting website.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | - | A review of the BNY Mellon Investor Reporting website will be undertaken on the relevant Payment Dates to verify that all pertinent
reports have been successfully posted and assure any needed remediation occurs on the same date.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Item 1123 of Regulation AB. Servicer Compliance Statement.



The Trustee has provided a compliance statement,
signed by an authorized officer, attached as an exhibit to this Form 10-K.





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PART IV



Item 15. Exhibits, Financial Statement Schedules.



| | (a) | List the following documents filed as a part of the report:
| | --- | -----------------------------------------------------------



| | (1) | Not Applicable.
| | --- | ---------------



| | (2) | Not Applicable.
| | --- | ---------------



| | (3) | See Item 15 (b), below.
| | --- | -----------------------



| | (b) | Exhibits Required by Item 601 of Regulation S-K.
| | --- | ------------------------------------------------



| | 31.1 | Rule 13a-14/15d-14 Certification (Section 302 Certification).
| | ---- | -------------------------------------------------------------



| | 33.1 | Report on Assessment of Compliance with Applicable Servicing Criteria of The Bank of New York Mellon for the year ended December
31, 2019.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------



| | 34.1 | Independent Accountants’ Attestation Report concerning servicing activities of The Bank of New York Mellon for the year
ended December 31, 2019.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------



| | 35.1 | Compliance Statement of The Bank of New York Mellon for the year ended December 31, 2019.
| | ---- | -----------------------------------------------------------------------------------------



| | (c) | Omitted.
| | --- | --------



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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.





|                      | Synthetic Fixed-Income Securities,
    Inc.                  
|--------------------- | -------------------------------------------------------------
|                      | (Depositor)                                                  
|                      |                                                              
|Dated: March 30, 2020 | By:                                                          
|                      |                                                              
|                      |                                                              
|                      | (senior officer of depositor in
    charge of securitization)



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EXHIBIT INDEX



|EXHIBIT | DESCRIPTION                                                                                                                                     
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                 
|31.1    | Rule 13a-14/15d-14 Certification (Section 302 Certification).                                                                                   
|        |                                                                                                                                                 
|33.1    | Report on Assessment of Compliance with Applicable Servicing Criteria of The Bank of New York Mellon for the year ended December 31, 2019.      
|        |                                                                                                                                                 
|34.1    | Independent Accountants’ Attestation Report concerning servicing activities of The Bank of New York Mellon for the year ended December 31, 2019.
|        |                                                                                                                                                 
|35.1    | Servicer Compliance Statement of The Bank of New York Mellon for the year ended December 31, 2019.                                              
|        |                                                                                                                                                 

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