<PAGE>
Exh 99.1
TRUSTEE'S DISTRIBUTION STATEMENT
THE TO THE HOLDERS OF: 97-BELLSOUTH-1
BANK OF The Bank of New York, as Trustee under the
NEW Corporate Bonds Backed Certs.
YORK Class A-1 Certificates
CUSIP NUMBER: 219-87H-AL9
in accordance with the Standard Terms and Conditions of Trust, The Bank of New
York, as trustee submits the following cash basis statement for the period
ending: July 15, 2000
<TABLE>
<CAPTION>
<S> <C> <C>
INTEREST ACCOUNT
Balance as of January 17, 2000..................................................... $0.00
Schedule Income received on securities....................................... $1,780,000.00
Unscheduled Income received on securities.................................... $0.00
Schedule Interest received from Swap Counterparty............................ $0.00
Unscheduled Interest received from Swap Counterparty......................... $0.00
Interest Received on sale of Securities...................................... $0.00
LESS:
Distribution to Beneficial Holders........................................... $1,196,857.00
Distribution to Swap Counterparty............................................ $0.00
Trustee Fees................................................................. $2,250.00
Fees allocated for third party expenses...................................... $750.00
Balance as of July 15, 2000 Subtotal $580,143.00
PRINCIPAL ACCOUNT
Balance as of January 17, 2000..................................................... $0.00
Scheduled Principal payment received on securities........................... $0.00
Principal received on sale of securities..................................... $0.00
LESS:
Distribution to Beneficial Holders........................................... $580,143.00
Distribution to Swap Counterparty............................................ $0.00
Balance as of July 15, 2000 Subtotal $580,143.00
Balance $0.00
</TABLE>
UNDERLYING SECURITIES HELD AS OF: July 15, 2000
Principal
Amount Title of Security
--------- -----------------
50,000,000 LEHMAN CORP BD-BACKED CERTIFICATES
CUSIP# : 079-857-AF5
