EXHIBIT 1
To the Holders of
CorTS trust for BellSouth Telecommunications
Debentures Certificates
CUSIP 22080E205
Pursuant to Section 4.2 of the Trust Agreement, U.S. Bank Trust National
Association, as Trustee for the TIERS Corporate Bond-Backed Certificates Trust,
Series LTR, 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 Certificateholders of each
class of Certificates on the Distribution Date allocable to principal and
premium, if any, and interest expressed as a dollar amount per $25.00 principal
amount certificates, is:
Class Principal Interest Total Distribution
Amortizing Class $0.00 $0.875 $0.875
2. 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. 50,000,000 aggregate principal amount of BellSouth Telecommunications
Debentures due 2095 (the "Term Assets") held for the above trust. The Term
Assets are currently rated Aaa by Moody's Investors Service, Inc. and AAA by
Standard and Poor's Ratings Group.
5. 2,000,000 CorTS Certificates with an Aggregate Certificate Principal Balance
of $50,000,000 were outstanding at the close of business on the Distribution
Date.
U.S. BANK TRUST NATIONAL ASSOCIATION
