Exhibit 1
TO THE HOLDERS OF
TIERS ASSET-BACKED SECURITIES,
SERIES CHAMT TRUST 1997-7
FIXED RATE NOTES, CLASS A
CUSIP: 871928AR8
Pursuant to Section 9(c) of the Series Trust Indenture dated October 15, 1997
between TIERS Asset-Backed Securities, Series CHAMT Trust 1997-7 and U.S.Bank
Trust National Association, formerly First Trust of New York, National
Association, as Indenture Trustee, U.S. Bank Trust National Association hereby
gives notice with respect to the Distribution occurring on June 15, 2000 (the
"Distribution Date") as follows:
(i) The amount of the distribution to holders of the Fixed Rate Notes Class A
allocable to principal of and premium, if any, and interest and the amount of
aggregate unpaid interest accrued, if any, as of the Distribution Date,
expressed as a dollar amount per $1,000 original face amount thereof, were as
follows:
Fixed Rate Notes, Class A
Principal $4.042722
Premium, if any $0.00
Interest Paid $0.643796
Interest Accrued and not $0.00
paid
(ii) No compensation has been paid to the Administrator or Trustee from
Available Funds under the TIERS Asset-Backed Securities, Series CHAMT Trust
1997-7.
(iii) The aggregate stated principal amount of the Chase Credit Card Master
Trust Class A Floating Rate Certificates, Series 1996-4 (the "Deposited Assets")
is $48,557,000 and the notional amount is the same.
(iv) The Deposited Assets did bare interest at a rate of 6.6525% for the period
from May 15, 2000 through June 14, 2000.
(v) The Deposited Assets are rated AAA by Standard & Poors and Aaa by Moody's
Investors Service.
(vi) The Eligible Investments held by the Issuer as of the Distribution Date
were as follows:
None.
(vii) The PSA Index Rate determined with respect to the Distribution Date by
Westdeutsche Landesbank Girozentrale, as Swap Counterparty is 712.
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(viii) The aggregate outstanding principal balance of, Notional Amount
attributable to and the Current Factor applicable to each class of Securities as
of the close of business on the Distribution Date were as follows:
Fixed Rate Notes, Class A Floating Rate
Certificates Class B
Aggregate Outstanding $ 39,347,000.12 $9,210,000
Principal Balance $ 39,347,000.12 $9,210,000
Notional Amount $ 39,347,000.12 $9,210,000
Current Factor 0.111471 0.0843407
U.S. BANK TRUST NATIONAL ASSOCIATION, AS INDENTURE TRUSTEE
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