<PAGE>


                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the

                         Securities Exchange Act of 1934

                                  JULY 17, 2006
                DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)


                      Lehman ABS Corporation, on behalf of:
        Corporate Bond-Backed Certificates, Series 1997-BellSouth-1 Trust



          Delaware                  001-31977                 13-3447441
(State or Other Jurisdiction     (Commission File          (I.R.S. Employer
     of Incorporation)               Number)               Identification No.)


745 7th Avenue
New York, New York                                                 10019
(Address of Principal Executive Offices)                        (Zip Code)

                                 (212) 526-7000
                         (Registrant's Telephone Number,
                              Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
following provisions (see General Instruction A.2. below):

[  ]  Written communications pursuant to Rule 425 under the Securities act
      (17 CRF 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
      (17 CFR 240.14a-12(b))

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-12(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under
      the Exchange Act (17 CFR 240.13e-4))

                                      -1-
<PAGE>

The Corporate Bond-Backed Certificates, Series 1997-BellSouth-1 Trust, which we
refer to herein as the "Trust" was formed pursuant to the Standard Terms for
Trust Agreements, dated as of February 28, 1996, as supplemented by the Series
Supplement in respect of the Trust dated as of December 16, 1997.

Item 8.01. OTHER EVENTS

On July 17, 2006, distributions were made to the holders of the certificates
issued by the Trust. Specific information with respect to the distributions is
filed as Exhibit 99.1 hereto.

No other reportable transactions or matters have occurred during the current
reporting period.

BellSouth Corporation, the underlying securities support provider, is subject to
the information reporting requirements of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). For more information on BellSouth Corporation
please see its periodic and current reports filed with the Securities and
Exchange Commission (the "Commission") under BellSouth Corporation's Exchange
Act file number, 001-08607. The Commission maintains a site on the World Wide
Web at "http://www.sec.gov" at which users can view and download copies of
reports, proxy and information statements and other information filed
electronically through the Electronic Data Gathering, Analysis and Retrieval
system. Periodic and current reports and other information required to be filed
pursuant to the Exchange Act by the issuer of the underlying securities may be
accessed on this site. Neither Lehman ABS nor the Trustee has participated in
the preparation of such reporting documents, or made any due diligence
investigation with respect to the information provided therein. Neither Lehman
ABS nor the Trustee has verified the accuracy or completeness of such documents
or reports. There can be no assurance that events affecting BellSouth Capital
Funding Corporation, the issuer of the underlying securities, BellSouth
Corporation or the underlying securities have not occurred or have not yet been
publicly disclosed which would affect the accuracy or completeness of the
publicly available documents described above.


Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(c) The following exhibit was filed as part of this report:

         99.1     Trustee's Distribution Statement to the Corporate Bond-Backed
                  Certificates, Series 1997-BellSouth-1 Trust for the period
                  ending July 17, 2006.

                                      -2-
<PAGE>

                                    SIGNATURE


   Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Date: July 17, 2006


                                        Lehman ABS Corporation

                                        By: /s/ Charles M. Weaver
                                            -------------------------
                                        Name:  Charles M. Weaver
                                        Title: Senior Vice President








                                       -3-
<PAGE>



                                  EXHIBIT INDEX


Exhibit Number                      Description
--------------                      -----------

         99.1              Trustee's Distribution Statement to the Corporate
                           Bond-Backed Certificates, Series 1997-BellSouth-1
                           Trust for the period ending July 17, 2006.










                                      -4-
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SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the

                         Securities Exchange Act of 1934

                                  JULY 17, 2006
                DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)

                      Lehman ABS Corporation, on behalf of:
        Corporate Bond-Backed Certificates, Series 1997-BellSouth-1 Trust

          Delaware                  001-31977                 13-3447441
(State or Other Jurisdiction     (Commission File          (I.R.S. Employer
     of Incorporation)               Number)               Identification No.)

745 7th Avenue
New York, New York                                                 10019
(Address of Principal Executive Offices)                        (Zip Code)

                                 (212) 526-7000
                         (Registrant's Telephone Number,
                              Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
following provisions (see General Instruction A.2. below):

[  ]  Written communications pursuant to Rule 425 under the Securities act
      (17 CRF 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act
      (17 CFR 240.14a-12(b))

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-12(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under
      the Exchange Act (17 CFR 240.13e-4))

                                      -1-
The Corporate Bond-Backed Certificates, Series 1997-BellSouth-1 Trust, which we
refer to herein as the "Trust" was formed pursuant to the Standard Terms for
Trust Agreements, dated as of February 28, 1996, as supplemented by the Series
Supplement in respect of the Trust dated as of December 16, 1997.

Item 8.01. OTHER EVENTS

On July 17, 2006, distributions were made to the holders of the certificates
issued by the Trust. Specific information with respect to the distributions is
filed as Exhibit 99.1 hereto.

No other reportable transactions or matters have occurred during the current
reporting period.

BellSouth Corporation, the underlying securities support provider, is subject to
the information reporting requirements of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). For more information on BellSouth Corporation
please see its periodic and current reports filed with the Securities and
Exchange Commission (the "Commission") under BellSouth Corporation's Exchange
Act file number, 001-08607. The Commission maintains a site on the World Wide
Web at "http://www.sec.gov" at which users can view and download copies of
reports, proxy and information statements and other information filed
electronically through the Electronic Data Gathering, Analysis and Retrieval
system. Periodic and current reports and other information required to be filed
pursuant to the Exchange Act by the issuer of the underlying securities may be
accessed on this site. Neither Lehman ABS nor the Trustee has participated in
the preparation of such reporting documents, or made any due diligence
investigation with respect to the information provided therein. Neither Lehman
ABS nor the Trustee has verified the accuracy or completeness of such documents
or reports. There can be no assurance that events affecting BellSouth Capital
Funding Corporation, the issuer of the underlying securities, BellSouth
Corporation or the underlying securities have not occurred or have not yet been
publicly disclosed which would affect the accuracy or completeness of the
publicly available documents described above.

Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(c) The following exhibit was filed as part of this report:

         99.1     Trustee's Distribution Statement to the Corporate Bond-Backed
                  Certificates, Series 1997-BellSouth-1 Trust for the period
                  ending July 17, 2006.

                                      -2-
SIGNATURE

   Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Date: July 17, 2006

                                        Lehman ABS Corporation

                                        By: /s/ Charles M. Weaver
                                            -------------------------
                                        Name:  Charles M. Weaver
                                        Title: Senior Vice President

                                       -3-
EXHIBIT INDEX

Exhibit Number                      Description
--------------                      -----------

         99.1              Trustee's Distribution Statement to the Corporate
                           Bond-Backed Certificates, Series 1997-BellSouth-1
                           Trust for the period ending July 17, 2006.

                                      -4-