Exhibit 99.1
Statement to Certificate Holders
--------------------------------
To the holders of Core Investments Grade Bond Trust I Pass-Through
Certificates, Series 2002-1 (CUSIP: 00000XXX0) (the "Certificateholders"):
Reference is made to that certain Trust Agreement, dated as of
November 20, 2002, among Core Bond Products LLC, as depositor, The Bank of New
York, as trustee (the "Trustee") and securities intermediary, and Banc of
America Securities LLC, as administrative agent (the "Trust Agreement")
creating the Core Investment Grade Bond Trust I. Capitalized terms used but
not specifically defined herein will retain the meanings ascribed to them in
the Trust Agreement.
As of the distribution date occurring on May 30, 2003 (the
"Distribution Date"), the Trustee hereby provides the following information
with respect to the Underlying Notes:
% of Aggregated
Issuer Coupon Principal Amount Principal Amount Maturity Date
------ ------ ---------------- ---------------- -------------
AMERICA GENERAL 4.411% 75,000,000 3.70% 11/30/2007
ARCHSTONE 4.861% 35,000,000 1.73% 11/30/2007
BANK OF AMERICA 3.761% 145,000,000 7.16% 11/30/2007
BOEING 4.761% 110,000,000 5.43% 11/30/2007
CARRAMERICA 5.261% 50,000,000 2.47% 11/30/2007
CATERPILLAR 3.751% 75,000,000 3.70% 11/30/2007
CENTEX 5.461% 35,000,000 1.73% 11/30/2007
CIT GROUP 5.761% 110,000,000 5.43% 11/30/2007
DOW CHEMICAL 5.161% 110,000,000 5.43% 11/30/2007
DUKE ENERGY 4.611% 110,000,000 5.43% 11/30/2007
ERP OPERATING 4.861% 50,000,000 2.47% 11/30/2007
FLEETBOSTON 4.391% 110,000,000 5.43% 11/30/2007
GENERAL XXXXX 3.901% 135,000,000 6.67% 11/30/2007
GMAC 6.311% 110,000,000 5.43% 11/30/2007
ILFC 5.491% 110,000,000 5.43% 11/30/2007
XX XXXXXX 4.471% 135,000,000 6.67% 11/30/2007
KIMCO REALTY 4.961% 35,000,000 1.73% 11/30/2007
MBNA 5.711% 100,000,000 4.94% 11/30/2007
OCCIDENTAL 4.101% 75,000,000 3.70% 11/30/2007
SLM CORP 3.821% 110,000,000 5.43% 11/30/2007
VALERO ENERGY 6.311% 50,000,000 2.47% 11/30/2007
VODAFONE 4.161% 150,000,000 7.41% 11/30/2007
---------------- ----------------
2,025,000,000 100.00%
The aggregated interest balance due and not paid on the Underlying
Notes as of the Distribution Date is $0.00:
Pursuant to Section 4.02(a) of the Trust Agreement, the Trustee
hereby also provides notice of the following with respect to the Distribution
Date:
1. The amount of distributions to Certificateholders on the
Distribution Date allocable to the principal or interest portion of
Available Funds, or the amount of premiums, if any, payable to
Certificateholders as a result of the optional redemption of
Underlying Notes, is at set forth below (expressed as a Dollar amount
per minimum denomination of Certificates):
Premium Amount Payable as
Total Amount Payable to Distribution Amount Distribution Amount a Result of Optional
Certificateholders Allocable to Interest Allocable to Principal Redemption
------------------------ --------------------- ----------------------- --------------------------
$50,525,756.94 $50,525,756.94 $0.00 $0.00
2. At the close of business on the Distribution Date, the
aggregate Certificate Principal balance was $2,025,000,000.00
3. The amount received by the Trustee on the related Underlying
Notes for the applicable Underlying Note Accrual Period was
$50,566,256.94
4. The aggregate principal amount of the Underlying Notes as of
the Distribution Date was $2,025,000,000.00. The weighted average
interest rate per annum to the Underlying Notes for the next
succeeding Underlying Note Accrual Period, assuming no optional
redemption of any Underlying Notes, is 4.731346%
The Bank of New York, as Trustee
By: /s/ Xxxxxx Xxxxxx
--------------------------------------
Name: Xxxxxx Xxxxxx
Title: Assistant Treasurer
2
