<PAGE> 1
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
Date of Report (Date of earliest event reported): October 15, 1997
PROFFITT'S CREDIT CARD MASTER TRUST
(Exact Name of Registrant as Specified in Charter)
Not Applicable 333-28811-01 Not Applicable
- -------------- ------------ --------------
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
P.O. Box 20080, Jackson, Mississippi 39289
------------------------------------------
(Addresses of Principal Executive Offices, including Zip Code)
(601) 968-4400
------------------------------------------
(Registrant's Telephone Number, including Area Code)
<PAGE> 2
ITEM 5. OTHER EVENTS.
Proffitt's, Inc., as Servicer under the Proffitt's Credit Card Master
Trust, distributed the Monthly Certificateholders' Statement for the period from
September 1, 1997 through September 30, 1997 to the Series 1997-2
Certificateholders on October 15, 1997.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION, AND
EXHIBITS.
(c) Exhibits.
The following exhibits are filed herewith:
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
99.1 Series 1997-2 Monthly Certificateholders' Statement
for the period from September 1, 1997 through
September 30, 1997
</TABLE>
-2-
<PAGE> 3
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 hereunto duly authorized.
PROFFITT'S, INC., AS SERVICER UNDER THE
PROFFITT'S CREDIT CARD MASTER TRUST
(REGISTRANT)
/s/ Douglas E. Coltharp
-----------------------------
Douglas E. Coltharp
Executive Vice President and
Chief Financial Officer
Date: October 17, 1997
-3-
<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit
-------
<S> <C>
99.1 Series 1997-2 Monthly Certificateholders' Statement for the
period from September 1, 1997 through September 30, 1997
</TABLE>
<PAGE> 1
EXHIBIT 99.1
Series 1997-2 Monthly Certificateholders' Statement for the period from
September 1, 1997 through September 30, 1997
<PAGE> 2
MONTHLY CERTIFICATEHOLDER'S STATEMENT
PROFFITT'S CREDIT CARD MASTER TRUST
SERIES 1997-2
Pursuant to the Master Pooling and Servicing Agreement dated as of August 21,
1997 [as amended or supplemented, the "Pooling and Servicing Agreement"], as
supplemented by Series 1997-2 Supplement, dated as of August 21, 1987 [the
"Supplement" and together with the Pooling and Servicing Agreement, the
"Agreement"] each between Proffitt's Credit Corporation as Transferor, and
Proffitt's, Inc. as Servicer, and Norwest Bank National Association as Trustee,
the Servicer is required to prepare certain Information each month regarding
distributions to Certificateholders and the performance of the Trust. The
Information with respect to the Series 1987-7 Certificates is set forth below:
DATE OF THE CERTIFICATE OCTOBER 10, 1997
MONTHLY PERIOD ENDING: SEPTEMBER 30, 1997
DETERMINATION DATE OCTOBER 10, 1997
DISTRIBUTION DATE OCTOBER 15, 1997
<TABLE>
<Caption
- ------------------------------------------------------------------------------------------------------------------------------------
GENERAL
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
201 Amortization Period No 201
202 Early Amortization Period No 202
203 Class A Investor Amount paid in full No 203
204 Class B Investor Amount paid in full No 204
205 Collateral Indebtedness Amount paid in full No 205
206 Proffitt's Inc. is the Servicer Yes 206
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTOR AMOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
as of the end of
of the end of prior the relevant
Monthly Period Monthly Period
------------------- ---------------
<S> <C> <C> <C> <C> <C>
207 Series 1997-2 Investor Amount $ 235,300,000 207(a) $ 235,300,000 207(b)
208 Class A Investor Amount $ 180,000,000 208(a) $ 180,000,000 208(b)
209 Class B Investor Amount $ 20,000,000 209(a) $ 20,000,000 209(b)
210 Collateral Indebtedness Amount $ 21,000,000 210(a) $ 21,000,000 210(b)
211 Class D Investor Amount $ 14,300,000 211(a) $ 14,300,000 211(b)
212 Series 1997-2 Adjusted Investor Amount $ 235,300,000 212(a) $ 235,300,000 212(b)
213 Class A Adjusted Investor Amount $ 180,000,000 213(a) $ 180,000,000 213(b)
214 Principal Account Balance $ - 214(a) $ - 214(b)
215 Class B Adjusted Investor Amount $ 20,000,000 215(a) $ 20,000,000 215(b)
216 Class A Certificate Rate 6.50% 216
217 Class B Certificate Rate 6.69% 217
218 Collateral Indebtedness Interest 6.25625% 218
219 Class D Certificate Rate 6.50% 219
220 Weighted average interest rate for Series 1997-2 6.49% 220
<CAPTION> as of the end of
as of the end of prior the relevant
Monthly Period Monthly Period
---------------------- -----------------
<S> <C> <C> <C> <C> <C>
221 Series 1997-2 Investor Percentage with respect
to Finance Charge Receivables 85.43% 221(a) 82.34% 221(b)
222 Class A 65.35% 222(a) 62.99% 222(b)
223 Class B 7.26% 223(a) 7.00% 223(b)
224 Collateral Indebtedness Amount 7.62% 224(a) 7.35% 224(b)
225 Class D 5.19% 225(a) 5.00% 225(b)
226 Series 1997-2 Investor Percentage with respect
to Principal Receivables 85.43% 226(a) 82.34% 226(b)
227 Class A 65.35% 227(a) 62.99% 227(b)
228 Class B 7.26% 228(a) 7.00% 228(b)
229 Collateral Indebtedness Amount 7.62% 229(a) 7.35% 229(b)
230 Class D 5.19% 230(a) 5.00% 230(b)
231 Series 1997-2 Investor Percentage with respect
to Allocable Amounts 85.43% 231(a) 82.34% 231(b)
232 Class A 65.35% 232(a) 62.99% 232(b)
233 Class B 7.26% 233(a) 7.00% 233(b)
234 Collateral Indebtedness Amount 7.62% 234(a) 7.35% 234(b)
235 Class D 5.19% 235(a) 5.00% 235(b)
</TABLE>
Page 1 of 5
<PAGE> 3
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
COLLECTIONS ALLOCATED TO SERIES 1997-2
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
236 Series allocation of collections of
Principal Receivables $ 45,907,431 236
237 Class A $ 35,118,307 237
238 Class B $ 3,902,034 238
239 Collateral Indebtedness Amount $ 4,097,136 239
240 Class D $ 2,789,954 240
241 Series allocation of collections of
Finance Charge Receivables $ 3,830,064 241
242 Class A $ 2,929,925 242
243 Class B $ 325,547 243
244 Collateral Indebtedness Amount $ 341,825 244
245 Class D $ 232,766 245
Available Funds
---------------
246 Class A Available Funds $ 2,929,925 246
247 The amount to be withdrawn from the Reserve Account to be
included in Class A available funds $ - 247
248 Principal Investment Proceeds to be included in Class A
Available Funds $ - 248
249 The amount of investment earnings on amounts held in the
Reserve Account to be included in Class A available funds $ - 249
250 Class B Available Funds $ 325,547 250
251 The amount to be withdrawn from the Reserve Account to be
included in Class B available funds $ - 251
252 Principal Investment Proceeds to be included in Class B
Available Funds $ - 252
253 The amount of investment earnings on amounts held in the
Reserve Account to be included in Class B available funds $ - 253
254 Collateral Available Funds $ 341,825 254
255 Class D Available Funds $ 232,766 255
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
APPLICATION OF COLLECTIONS
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
-------
<S> <C> <C> <C>
256 Class A Monthly Interest for the related Distribution Date,
plus the amount of any Class A Monthly Interest previously
due but not paid plus any additional interest with respect
to interest amounts that were due but not paid on a prior
Distribution date $ 975,000 256
257 If Proffitt's Inc. is no longer the Servicer, an amount equal to
Class A Servicing fee for the related Distribution Date $ - 257
258 Class A Allocable Amount $ 530,629 258
259 An amount to be included in the Excess Spread $ 1,424,296 259
Class B
-------
260 Class B Monthly Interest for the related Distribution Date, plus the
amount of any Class B Monthly Interest previously due but
not paid plus any additional interest with respect to
interest amounts that were due but not paid on a prior
Distribution date $ 111,500 260
261 If Proffitt's Inc. is no longer the Servicer, an amount equal to
Class B Servicing fee for the related Distribution Date $ - 261
262 An amount to be included in the Excess Spread $ 214,047 262
Collateral
----------
263 If Proffitt's Inc. is no longer the Servicer, an amount equal
to Collateral Servicing fee for the related Distribution Date $ - 263
264 An amount to be included in the Excess Spread $ 341,825 264
Class D
-------
265 If Proffitt's Inc. is no longer the Servicer, an amount equal to
Class D Servicing fee for the related Distribution Date $ - 265
266 An amount to be included in the Excess Spread $ 232,766 266
267 Available Excess Spread $ 2,212,934 267
268 Available Shared Excess Finance Charge Collections $ - 268
</TABLE>
Page 2 of 5
<PAGE> 4
<TABLE>
<S> <C> <C> <C>
269 Class A Required Amount is to be used to fund any deficiency in
line256, line257 and line258 $ - 269
270 The aggregate amount of Class A Investor Charge Offs which have not
been previously reimbursed $ - 270
271 Class B Required Amount to the extent attributable to line260,
and line261 $ - 271
272 Class B Allocable Amount $ 58,959 272
273 Any remaining portion of the Class B Required Amount $ - 273
274 An amount equal to any unreimbursed reductions of the Class B
Investor Amount, if any, due to: (i) Class B Investor Charge
Offs; (ii) Reallocated Principal Collections; (iii) realations
of the Class B Investor Amount to the
Class A Investor Amount $ - 274
275 Collateral Monthly Interest for the related Distribution Date
plus Collateral Monthly Interest previously due but not
paid to the Collateral Indebtedness Holder plus Collateral
Additional Interest $ 109,484 275
276 Class A Servicing Fee plus Class B Servicing Fee plus Collateral
Servicing Fee due for the relevant Monthly Period and not
paid above $ 368,333 276
277 Class A Servicing Fee plus Class B Servicing Fee plus Collateral
Servicing Fee due but not distributed to the Servicer for
prior Monthly Periods $ - 277
278 Collateral Allocable Amount $ 61,907 278
279 Any unreimbursed reductions of the Collateral Indebtedness
Amount (CIA), if any, due to: (i) CIA Charge Offs; (ii)
Reallocated Principal Collections; (iii) reallocations of the
CIA to the Class A or Class B Investor Amount $ - 279
280 The excess, if any, of the Required Cash Collateral Amount over the
Available Collateral Amount $ - 280
281 An amount equal to Class D Monthly Interest due but not paid to the
Class D Certificateholders plus Class D Additional Interest $ 77,458 281
282 Class D Servicing Fee due for the relevant Monthly Period and
not paid above $ 23,833 282
283 Class D Servicing Fee due but not distributed to the Servicer for
prior Monthly Periods $ - 283
284 Class D Allocable Amount $ 42,156 284
285 Any unreimbursed reductions of the Class D Investor Amount, if any,
due to: (i) Class D Investor Charge Offs; (ii) Reallocated
Principal Collections; (iii) reallocations of the Class D
Investor Amount to the Class A or Class B Investor Amount
or CIA $ - 285
286 Aggregate amount of any other amounts due to the Collateral
Indebtedness Holder pursuant to the Loan Agreement $ - 286
287 Excess, if any, of the Required Reserve Account Amount over
the amount on deposit in the Reserve Account $ - 287
288 Shared Excess Finance Charge Collections $ 1,470,804 288
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
DETERMINATION OF MONTHLY PRINCIPAL
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
289 Class A Monthly Principal (the least of line#290, line#291
and line#208) $ - 289
290 Available Principal Collections held in the Collection Account $ 45,907,431 290
291 Class A Accumulation Amount $ - 291
292 Class B Monthly Principal (the least of line#293, line#294 and
line#209) (dstributable only after payout of Class A) $ - 292
293 Available Principal Collections held in the Collection
Account less portion of such Collections applied to
Class A Monthly Principal $ 45,907,431 293
294 Class B Accumulation Amount $ - 294
295 Collateral Monthly Principal (prior to payout of Class B) (the least
of line#296 and line#297) $ - 295
296 Available Principal Collections held in the Collection Account
less portion of such Collections applied to Class A and
Class B Monthly Principal $ 45,907,431 296
297 Enhancement Surplus $ - 297
298 Class D Monthly Principal $ - 298
299 Available Principal Collections held in the Collection Account
less portion of such Collections applied to Class A, Class
B or collateral Monthly Principal $ 45,907,431 299
</TABLE>
Page 3 of 5
<PAGE> 5
<TABLE>
<Caption
- -----------------------------------------------------------------------------------------------------------------------------------
AVAILABLE ENHANCEMENT AMOUNT
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
300 Available Enhancement Amount $ 35,300,000 300
301 Amount on Deposit in the Cash Collateral Account $ - 301
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
REALLOCATED PRINCIPAL COLLECTIONS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
302 Reallocated Principal Collections $ - 302
303 Class D Principal Collections (to the extent needed to
fund Required Amounts) $ - 303
304 Collateral Principal Collections (to the extent needed to
fund Required Amounts) $ - 304
305 Class B Principal Collections (to the extent needed to
fund Required Amounts) $ - 305
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTOR DEFAULT AMOUNTS, ADJUSTMENT AMOUNTS, AND ALLOCABLE AMOUNTS
- -----------------------------------------------------------------------------------------------------------------------------------
% Amount
------ ------------
<S> <C> <C> <C> <C> <C>
306 Series 1997-2 Default Amount 85.43% 306(a) $ 693,651 306(b)
307 Class A Investor Default Amount 65.35% 307(a) $ 530,629 307(b)
308 Class B Investor Default Amount 7.26% 308(a) $ 58,959 308(b)
309 Collateral Default Amount 7.62% 309(a) $ 61,907 309(b)
310 Class D Investor Default Amount 5.19% 310(a) $ 42,156 310(b)
311 Series 1997-2 Adjustment Amount $ - 311
312 Class A Adjustment Amount $ - 312
313 Class B Adjustment Amount $ - 313
314 Collateral Adjustment Amount $ - 314
315 Class D Adjustment Amount $ - 315
316 Series 1997-2 Allocable Amount $ 693,651 316
317 Class A Allocable Amount $ 530,629 317
318 Class B Allocable Amount $ 58,959 318
319 Collateral Allocable Amount $ 61,907 319
320 Class D Allocable Amount $ 42,156 320
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
REQUIRED AMOUNTS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
321 Class A Required Amount $ - 321
322 Class A Monthly Interest for current Distribution Date $ 975,000 322
323 Class A Monthly Interest previously due but not paid $ - 323
324 Class A Additional Interest for prior Monthly Period or
previously due but not paid $ - 324
325 Class A Servicing Fee (if Proffitt's is no longer the Servicer) $ - 325
326 Class B Required Amount $ - 326
327 Class B Monthly Interest for current Distribution Date $ 111,500 327
328 Class B Monthly Interest previously due but not paid $ - 328
329 Class B Additional Interest for prior Monthly Period or
previously due but not paid $ - 329
330 Class B Servicing Fee (if Proffitt's is no longer the Servicer) $ - 330
331 Excess of Class B Allocable Amount over funds available to
make payments $ - 331
332 Collateral Required Amount $ - 332
333 Collateral Monthly Interest for current Distribution Date $ 109,484 333
334 Collateral Monthly Interest previously due but not paid $ - 334
335 Collateral Additional Interest for prior Monthly Period
or previously due but not paid $ - 335
336 Collateral Servicing Fee (if Proffitt's is no longer the Servicer) $ - 336
337 Excess of Collateral Allocable Amount over funds available
to make payments $ - 337
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
REDUCTION OF INVESTOR AMOUNTS
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Class A
-------
338 Class A Investor Amount reduction $ - 338
339 Class A Investor Charge Off $ - 339
340 Reductions of the Class A Investor Amount $ - 340
Class B
-------
341 Class B Investor Amount reduction $ - 341
</TABLE>
Page 4 of 5
<PAGE> 6
<TABLE>
<S> <C> <C> <C>
342 Class B Investor Charge Off $ - 342
343 Reductions of the Class B Investor Amount $ - 343
344 Reallocated Principal Collections applied to Class A $ - 344
Collateral
----------
345 Collateral Indebtedness Amount reduction $ - 345
346 Collateral Indebtedness Amount Charge Off $ - 346
347 Reductions of the Collateral Indebtedness Amount $ - 347
348 Reallocated Principal Collections applied to Class B $ - 348
Class D
-------
349 Class D Investor Amount reduction $ - 349
350 Class D Investor Charge Off $ - 350
351 Reductions of the Class D Investor Amount $ - 351
352 Reallocated Principal Collections applied to Collateral
Indebtedness Amount $ - 352
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
SERVICING FEE
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
353 Series 1997-2 Servicing Fee $ 392,167 353
354 Class A Servicing Fee $ 300,000 354
355 Class B Servicing Fee $ 33,333 355
356 Collateral Servicing Fee $ 35,000 356
357 Class D Servicing Fee $ 23,833 357
</TABLE>
IN WITNESS WHEREOF, THE UNDERSIGNED HAS DULY EXECUTED AND DELIVERED
THIS CERTIFICATE THIS 10TH DAY OF OCTOBER, 1997
PROFFITT'S INC.,
AS SERVICER
BY /s/ James S. Scully
-------------------------------------------
NAME: JAMES S. SCULLY
TITLE: VICE PRESIDENT AND TREASURER
Page 5 of 5
