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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000905148-07-003973.txt : 20070529
<SEC-HEADER>0000905148-07-003973.hdr.sgml : 20070528
<ACCEPTANCE-DATETIME>20070529104552
ACCESSION NUMBER:		0000905148-07-003973
CONFORMED SUBMISSION TYPE:	10-D
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070515
FILED AS OF DATE:		20070529
DATE AS OF CHANGE:		20070529

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STRATS(SM) Trust for Procter & Gamble Securities, Series 2006-1
		CENTRAL INDEX KEY:			0001353226
		STANDARD INDUSTRIAL CLASSIFICATION:	ASSET-BACKED SECURITIES [6189]

	FILING VALUES:
		FORM TYPE:		10-D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32822
		FILM NUMBER:		07882403

	BUSINESS ADDRESS:	
		STREET 1:		301 SOUTH COLLEGE STREET
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28288
		BUSINESS PHONE:		7047152337

	MAIL ADDRESS:	
		STREET 1:		301 SOUTH COLLEGE STREET
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28288
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-D
<SEQUENCE>1
<FILENAME>efc7-1468_6216995fm10d.txt
<TEXT>


                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                   FORM 10-D

               ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT
                           TO SECTION 13 OR 15(d) OF
                      THE SECURITIES EXCHANGE ACT OF 1934

                   For the monthly distribution period from
                        April 16, 2007 to May 15, 2007

Commission File Number of issuing entity: 1-32822; 333-111858-19
                                          ----------------------

      STRATS (SM) TRUST FOR PROCTER & GAMBLE SECURITIES, SERIES 2006-1
- ------------------------------------------------------------------------------
          (Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-111858
                                     ----------

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

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

                                   New York
- ------------------------------------------------------------------------------
               (State or other jurisdiction of incorporation or
                     organization of the issuing entity)

                                  52-2316399
- ------------------------------------------------------------------------------
                     (I.R.S. Employer Identification No.)

<TABLE>
<CAPTION>

<S>                                                                                       <C>
One Wachovia Center,                                                                        28288
301 S. College St.
Charlotte, North Carolina
- ---------------------------------------------------------------------              --------------------------
   (Address of principal executive offices of the issuing entity)                         (Zip Code)

</TABLE>

                                (704) 374-6611
- ------------------------------------------------------------------------------
                    (Telephone number, including area code)

                                      N/A
- ------------------------------------------------------------------------------
          (Former name, former address, if changed since last report)

                 Registered/reporting pursuant to (check one)

<TABLE>
<CAPTION>

   Title of class             Section 12(b)     Section 12(g)      Section 15(d)      Name of exchange
                                                                                     (If Section 12(b))
   <S>                             <C>               <C>                <C>            <C>
    STRATS(SM)                     /X/               /_/                /_/            New York Stock
   Certificates,                                                                       Exchange
   Series 2006-1

</TABLE>


                                       1
<PAGE>


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 /X/           No / /


PART I - DISTRIBUTION INFORMATION
Item 1. Distribution and Pool Performance Information.

On May 15, 2007, a distribution in respect of the May 15, 2007 scheduled
distribution date was made to holders of the STRATS (SM) Certificates, Series
2006-1. Attached as Exhibit 99.1 is the Trustee's Distribution Statement for
the May 15, 2007 scheduled distribution date, prepared by The Bank of New
York, as trustee.

PART II - OTHER INFORMATION
Item 2. Legal Proceedings.
None.

Item 3. Sales of Securities and Use of Proceeds.
None.

Item 4. Defaults Upon Senior Securities.
None.

Item 5. Submission of Matters to a Vote of Security Holders.
None.

Item 6. Significant Obligors of Pool Assets.

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 7. Significant Enhancement Provider Information.
None.

Item 8. Other Information.
None.

Item 9. Exhibits.

(a)  99.1 Trustee's Distribution Statement for the May 15, 2007 scheduled
     distribution date.


                                       2
<PAGE>


SIGNATURES
Pursuant to the requirements 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: May 15, 2007                   Synthetic Fixed-Income Securities, Inc.
                                    (Depositor)


                                    /s/ Jeremy Swinson
                                    ------------------------
                                    By: Jeremy Swinson
                                    Title: Vice President


                                       3


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>efc7-1468_6216963ex991.txt
<TEXT>


                                 Exhibit 99.1


                       Trustee's Distribution Statement


To the Holders of:
STRATS(SM) TRUST FOR PROCTER & GAMBLE SECURITIES, SERIES 2006-1
Structured Repackaged Asset-Backed Trust Securities
*CUSIP:    863121208 - Variable Floating Rate Certificates


The Bank of New York, as Trustee for the STRATS(SM) TRUST FOR PROCTER & GAMBLE
SECURITIES, SERIES 2006-1, hereby gives notice with respect to the Scheduled
Distribution Date of May 15, 2007 (the "Distribution Date") as follows:

1.    The amount received from Wachovia Bank, N.A. (the "Swap Counterparty")
      on the Distribution Date was $129,146.33 and was distributed to
      Certificateholders as interest. The above amount was calculated by
      applying an interest rate of 4.98275% plus 0.70% to a notional amount
      of $27,650,000 pursuant to a swap agreement dated as of February 28,
      2006 between the Trustee and the Swap Counterparty (the "Swap
      Agreement").

2.    The amount of the distribution payable to the Certificateholders on the
      Distribution Date allocable to principal and premium, if any, and
      interest, expressed as a dollar amount per $25 Certificate is set forth
      below:

               Principal          Interest           Total Distribution
               $    0.000000      $    0.116769      $   0.116769

3.    The amount of aggregate interest due and not paid as of the Distribution
      Date is 0.000000.

4.    No fees have been paid to the Trustee or any other party from the
      proceeds of the Underlying Securities.

5.    At the close of business on April 16, 2007, the first day of the
      distribution period to which this statement relates (the "Beginning
      Date"), $27,650,000 aggregate principal amount of The Procter & Gamble
      Company 5.80% Notes due August 15, 2034 (the "Underlying Securities")
      were held for the above trust. At the close of business on the
      Distribution Date, $27,650,000 aggregate principal amount of the
      Underlying Securities were held for the above trust.

6.    At the close of business on the Beginning Date, 1,106,000 Certificates
      representing $27,650,000 aggregate Certificate Principal Balance were
      outstanding. At the close of business on the Distribution Date,
      1,106,000 Certificates representing $27,650,000 aggregate Certificate
      Principal Balance were outstanding.


7.    Pursuant to the Series Supplement, dated as of February 28, 2006,
      between the Depositor and the Trustee, the Trustee is required to
      establish an account in which to deposit all funds posted to secure the
      obligations of the Swap Counterparty under the Swap Agreement (the
      "Collateral Account"). At the close of business on the Beginning Date,
      the balance in the Collateral Account was $4,180,000. At the close of
      business on the Distribution Date, the balance in the Collateral Account
      was $4,520,000.


<PAGE>


8.    The record date for the Distribution Date was May 14, 2007 and the
      Interest Accrual Period for the Distribution Date was the period from
      and including April 15, 2007 to but excluding May 15, 2007. The current
      rating of the Underlying Securities is not provided in this report.
      Ratings can be obtained from Standard & Poor's Ratings Services, a\
      division of The McGraw-Hill Companies, Inc., by calling 212-438-2400
      and from Moody's Investors Service, Inc. by calling 212-553-0377.

The Bank of New York, as Trustee


*The Trustee shall not be held responsible for the selection or use of the
CUSIP number nor is any representation made as to its correctness. It is
included solely for the convenience of the Holders.


                                      2

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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