Exhibit 1
To the Holders of
Trust Investment Enhanced Return Securities SM
Corporate Bond-Backed Certificates, Series IBM 1997-4
ZTF Class
Amortizing Class
Pursuant to Section 4.2 of the Trust Agreement, U.S. Bank Trust National
Association, as Trustee for the TIERS Corporate Bond-Backed Certificates, Series
IBM 1997-4, hereby gives notice with respect to the Distribution occurring on
June 1, 2000 (the "Distribution Date") as follows:
1. The amount of the distribution payable to the Certificate holders of each
class of Certificates on the Distribution Date allocable to principal and
premium, if any, and interest expressed as a dollar amount per $1,000
original face amount of securities, is:
Class Principal Interest Total Distribution
ZTF Class $0.00 $0.00 $0.00
Amortizing Class $13.602718 $34.504069 $48.106787
The amount of aggregate interest due and not paid as of the Distribution Date is
$0.00.
3. No fees have been paid to the Trustee or any other party from the proceeds
of the Term Assets.
4. The aggregate principal amount of IBM 7 1/8% Debentures due December 1, 2096
(the "Term Assets") held for the above trust is $100,000,000.00. The Term Assets
are currently rated A1 by Moody's Investors Service, Inc. and A by Standard and
Poor's Ratings Group.
5. The Aggregate Certificate Principal Balance of each class of Certifcates
at the close of business on the Distribution Date is set forth below:
Class
ZTF Class $100,000,000.00
Amortizing Class $ 68,520,944.91
U.S. Bank Trust National Association
