PROSPECTUS SUPPLEMENT This Prospectus Supplement
DATED MARCH 15, 1995 filed pursuant to Rule 424(b)(3),
TO PROSPECTUS DATE relates to Registration Statement
NOVEMBER 10, 1992, AS No. 33-41484 and the Prospectus
SUPPLEMENTED THROUGH dated November 10, 1992
FEBRUARY 15, 1995
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 15, 1995
Sears Credit Account Master Trust I
(Exact name of registrant as specified in charter)
Illinois 33-41484-01 Not Applicable
(State of (Commission (IRS Employer
Organization) File Number) Identification No.)
c/o Sears Receivables Financing Group, Inc.
3711 Kennett Pike
Greenville, Delaware 19807
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code: (302) 888-3176
Former name, former address and former fiscal year, if changed
since last report: Not Applicable
<PAGE>
Item 5. Other Events
Commencing with billing cycles beginning in March 1995,
Sears changed the methodology specified in its SearsCharge plan on which
the minimum monthly payment is based. The effect generally is a lower
monthly payment being required. It is anticipated that the payment rate
on the Sears Portfolio and the Accounts will decline as a result of this
change, although the extent of such decline is unknown. It is not
anticipated that any such reduction in the payment rate will result in a
delay of any scheduled payment of interest or principal to Investor
Certificateholders, although no assurance can be given in that regard.
On March 15, 1995, Registrant made available the Monthly
Investor Certificateholders' Statement set forth as Exhibit 21.
Item 7. Financial Statements and Exhibits
21. Monthly Investor Certificateholders' Statement related
to the distribution of March 15, 1995 and reflecting
the performance of the Trust during the Due Period
ended in February 1995, which will accompany the
distribution on March 15, 1995.
<PAGE>
SIGNATURES
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.
Sears Credit Account Master Trust I
(Registrant)
By: Sears Receivables Financing Group, Inc.
(Originator of the Trust)
By: /S/PERRY N. WEINE
Perry N. Weine
Vice President, Administration
Date: March 15, 1995<PAGE>
EXHIBIT INDEX
Exhibit No.
21. Monthly Investor Certificateholders' Statement -
(March 15, 1995).
Sears Credit Account Master Trust I
Group 1 Monthly Certificateholders' Statement
Distribution Date: March 15, 1995 Due Period EndingFebruary, 1995
Under the Series Supplements relating to the Pooling and Servicing
Agreement dated as of November 18,1992 by and among Sears Roebuck and Co.,
Sears Receivables Financing Group, Inc. and Bank of America Illinois as
Trustee, the Trustee is required to prepare certain information each
month regarding current distributions to Certificateholders and the
performance of the Trust. The information for the Due Period and
Distribution Date listed above is set forth below:
A.Payments to Group 1 Investors this Due Period (per $1,000 of Original
Invested Principal)
Group 1 Total Interest Principal
Series 0 $45.968750000 $4.302083330 $0.000000000
B.Trust Performance
1. Principal Receivables at the end of the Due Period
(a) Total Master Trust
Investor Interest $833,333,333.32
Seller Interest 481,247,363.54
-----------
TOTAL MASTER TRUST $1,314,580,696.86
(b) Investor Interest by Groups
Group 1 $833,333,333.32
-----------
TOTAL INVESTOR INTEREST BY GROUPS $833,333,333.32
(c) Group 1 Investor Interest
Series 1 $833,333,333.32
-----------
TOTAL GROUP 1 INVESTOR INTEREST $833,333,333.32
2. Invested Amounts
(a) Invested Amount by Groups
Group 1 $833,333,333.32
-----------
TOTAL INVESTED AMOUNT BY GROUPS $833,333,333.32
(b) Group 1 Invested Amount
Series 1 $833,333,333.32
-----------
TOTAL GROUP 1 INVESTED AMOUNT $833,333,333.32
3. Allocation of Receivables Collected During the Due Period
Finance Charge Principal
(a) Allocation of Collections by Group Collections Collections
Group 1 $21,109,591.70 $74,431,670.86
----------- -----------
TOTAL ALLOCATION BY GROUPS $21,109,591.70 $74,431,670.86
(b) Group 1 Allocations by Series to Investor and Seller
Investor Allocation
Series 1 $15,736,210.95 $55,485,321.11
----------- -----------
$15,736,210.95 $55,485,321.11
Seller Allocation $5,373,380.75 $18,946,349.75
----------- -----------
TOTAL GROUP 1 ALLOCATIONS $21,109,591.70 $74,431,670.86
4. Information Concerning the Series Principal Funding Account ("SPFA")
Deposits into
the SPFA This
Group 1 Due Period Total Deposits Investment Income
Series 1 N/A N/A N/A
----------- ----------- -----------
TOTAL GROUP 1 $0.00 $0.00 $0.00
* No Series has a Deficit Accumulation Amount.
5. Information Concerning the Series Interest Funding Account ("SIFA")
Deposits into
the SIFA
Group 1 This Due Period Total Deposits
Series 1 NA N/A
----------- -----------
TOTAL GROUP 1 $0.00 $0.00
6. Information Concerning Amount of Controlled Amortization Payments
Total
Amount Paid Payments Through
Group 1 This Due Period This Due Period
Series 1 $41,666,666.67 $166,666,666.68
----------- -----------
TOTAL GROUP 1 $0.00 $0.00
7. Pool Factors
Group 1 This Due Period
Series 1 0.8
-----------
TOTAL GROUP 1 0.8
8. Investor Charged-Off Amount
Cumulative
Investor Charge-
This Due Period Off Amount Group
1
Series 1 $3,376,764.09 $3,376,764.09
----------- -----------
TOTAL GROUP 1 $3,376,764.09 $3,376,764.09
9. Investor Losses This Due Period
per $1,000 of
Original Invested
Group 1 Total Principal
Series 1 $0.00 $0.00
----------- -----------
TOTAL GROUP 1 $0.00 $0.00
10.Reimbursement of Investor Losses This Due Period
- not applicable since no Series experienced an Investor Loss.
11.Aggregate Amount of Unreimbursed Investor Losses
- not applicable since no Series experienced an Investor Loss.
12.Investor Monthly Servicing Fee Payable this Due Period
Group 1
Series 1 $1,458,333.33
-----------
TOTAL GROUP 1 $1,458,333.33
13.Available Subordinated Amount at the end of the Due Period
as a
percentage of
Group 1 Total Invested Amount
Series 1 $85,000,000.00 10.20%
14.Investor Excess Spread Analysis
$ % (1)
----------- -----------
Allocated Yield (2) $15,736,210.95 21.58%
Less:
Certificate Interest (3) $4,302,083.33 5.90%
Servicing Fees (4) $1,458,333.33 2.00%
Allocated Charge-Offs (5) $3,376,764.09 4.63%
----------- -----------
Subtotal $9,137,180.75 12.53%
Excess Spread $6,599,030.20 9.05%
(1) Annualized percentage of the Invested Amount at the
beginning of the related Due Period.
(2) See Section B3(b) above
(3) See Section A above
(4) See Section B12 above
(5) See Section B8 above
Note: Payment rate (aggregate collections/beg. receivables
balance) for the related Due Period: 7.01%
BANK OF AMERICA ILLINOIS,
as Trustee
By:/S/ Deborah F. Taylor
Vice President
