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): April 15, 1994
Sears Credit Account Trust 1991 D
(Exact name of registrant as specified in charter)
Illinois 33-42664-01 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
On April 15, 1994, 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 April 15, 1994 and reflecting the
performance of the Trust during the Due Period ended in
March, 1994, which accompanied the distribution on
April 15, 1994.
<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 Trust 1991 D
(Registrant)
By: Sears Receivables Financing Group, Inc.
(Originator of the Trust)
Date: April 15, 1994 By: /S/ALICE M. PETERSON
Alice M. Peterson
President and Chief Executive Officer
<PAGE>
EXHIBIT INDEX
Page number
in sequential
Exhibit No. number system
21. Monthly Investor Certificateholders' 5
Statement - (April 15, 1994).
<PAGE>
Exhibit 21
MONTHLY INVESTOR CERTIFICATEHOLDERS' STATEMENT
SEARS CREDIT ACCOUNT TRUST 1991 D
_____________________________________________________
7.75% CREDIT ACCOUNT
PASS-THROUGH CERTIFICATES
_____________________________________________________
Under the Pooling and Servicing Agreement dated as of September 15, 1991 by and
among Sears, Roebuck and Co. ("Sears"), Sears Receivables Financing Group,
Inc. and Continental Bank, National Association, as Trustee, the Trustee
is required to prepare certain information each month regarding current
distributions to Investor Accounts and payments to Investor Certificateholders
as well as the performance of the Trust during the previous month. The
information which is required to be prepared with respect to the distribution of
April 15, 1994 (the "current Distribution Date") and with respect to the
performance of the Trust during the Due Period ended in March, 1994
(the "related Due Period") is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per Investor
Certificate. Certain other information is presented based on the aggregate
amounts for the Trust as a whole.
A. Information Regarding Current Payments
(Stated on the Basis of $1,000 Original Principal Amount).
__________________________________________________________
1. The total amount of the payment to Investor
Certificateholders on the current
Distribution Date per $1,000 interest....... $0.000000000
2. The amount of the payment set forth in
paragraph 1 above in respect of interest on
the Investor Certificates, per $1,000
interest.................................... $0.000000000
3. The amount of the payment set forth in
paragraph 1 above in respect of principal on
the Investor Certificates, per $1,000
interest.................................... $0.000000000
B. Information Regarding the Performance of the Trust.
______________________________________________________
1. Collections of Receivables.
_________________________________
(a) The aggregate amount of Collections of
Finance Charge Receivables processed
during the related Due Period.......... $10,833,760.15
(b) The aggregate amount of Collections of
Principal Receivables processed during
the related Due Period................. $35,774,218.46
(c) The aggregate amount of Collections of
Finance Charge Receivables processed
during the related Due Period which
were allocated in respect of the
Investor Certificates.................. $7,969,943.19
(d) The aggregate amount of Collections of
Principal Receivables processed during
the related Due Period which were
allocated in respect of the Investor
Certificates........................... $26,317,592.86
(e) The aggregate amount of Collections of
Finance Charge Receivables processed
during the related Due Period which
were allocated in respect of the
Seller Certificate..................... $2,863,816.96
(f) The aggregate amount of Collections of
Principal Receivables processed during
the related Due Period which were
allocated in respect of the Seller
Certificate............................ $9,456,625.60
2. Principal Receivables in the Trust; Principal
Funding Account.
_________________________________________________
(a) The aggregate amount of Principal Re-
ceivables in the Trust as of the
end of the related Due Period
(which reflects the Principal
Receivables represented by both the
Seller Certificate and the Investor
Certificates).......................... $668,447,421.35
(b) The amount of Principal Receivables in
the Trust represented by the Investor
Certificates (the "Investor Interest")
as of the end of the related
Due Period............................. $500,000,000.00
(c) The Investor Interest set forth in
paragraph 2(b) above as a percentage
of the aggregate amount of Principal
Receivables set forth in paragraph 2(a)
above.................................. 74.80%
(d) The Invested Amount as of the end of
the current Distribution Date.......... $500,000,000.00
(e) The total amount to be deposited in the
Principal Funding Account on such
Distribution Date...................... $0.00
(f) The total amount on deposit in the
Principal Funding Account on such
Distribution Date (after giving effect
to the deposit referred to in paragraph
2(e)).................................. $0.00
(g) The total amount of Investment Income
since the last Distribution Date....... $0.00
(h) The Deficit Accumulation Amount (after
giving effect to the deposit referred
to in paragraph 2(e)).................. $0.00
3. Interest Funding Account.
_____________________________
(a) The total amount to be deposited in the
Interest Funding Account in respect of
Certificate Interest on such
Distribution Date...................... $3,229,166.67
(b) The total amount on deposit in the
Interest Funding Account in respect of
Certificate Interest on such
Distribution Date (after giving effect
to the deposit referred to in
paragraph 3 (a))....................... $3,229,166.67
4. Investor Charged-Off Amount.
__________________________________
(a) The aggregate amount of Receivables
charged-off as uncollectible during
the related Due Period
allocable to the Investor Certificates
(the "Investor Charged-Off Amount").... $1,935,461.75
(b) The Aggregate Investor Charged-Off
Amount................................. $0.00
5. Investor Losses; Reimbursement of Charge-Offs.
_________________________________________________
(a) The excess of the Investor Charged-Off
Amount set forth in paragraph 4(a)
above over the sum of (i) payments in
respect of the Available Subordinated
Amount and (ii) Excess Servicing, if
any (an "Investor Loss")............... $0.00
(b) The amount of the Investor Loss set
forth in paragraph 5(a) above, per
$1,000 interest (which will have the
effect of reducing, pro rata, the
amount of each Investor Certificate-
holder's investment)................... $0.00
(c) The total amount reimbursed to the
Trust in the current month from the sum
of the Available Subordinated Amount
and Excess Servicing, if any, in
respect of Investor Losses in prior
months................................. $0.00
(d) The amount set forth in paragraph 5(c)
above, per $1,000 interest (which will
have the effect of increasing, pro
rata, the amount of each Investor
Certificateholder's investment)........ $0.00
(e) The aggregate amount of Investor Losses
in the Trust as of the end of the
current Distribution Date.............. $0.00
(f) The amount set forth in paragraph 5(e)
above, per $1,000 interest (which will
have the effect of reducing, pro
rata, the amount of each Investor
Certificateholder's investment)........ $0.00
6. Investor Servicing Fee.
__________________________
The aggregate amount of the Investor
Monthly Servicing Fee payable by the Trust
to the Servicer for the related Due Period. $833,333.33
7. Available Subordinated Amount.
______________________________
(a) The amount available to be applied
pursuant to Section 4.03 as of the end
of the current Distribution Date....... $42,500,000.00
(b) The amount set forth in paragraph 7(a)
above as a percentage of the Invested
Amount................................. 8.50%
8. Investor Excess Spread Analysis
_________________________________
$ % (1)
_______________ __________________
Allocated Yield (2) $7,969,943.19 19.13%
Less:
Certificate Interest (3) $3,229,166.67 7.75%
Servicing Fees (4) 833,333.33 2.00%
Allocated Charge-Offs (5) 1,935,461.75 4.65%
_______________ __________________
Subtotal $5,997,961.75 14.40%
Excess Spread $1,971,981.44 4.73%
(1) Annualized percentage of the Invested Amount at the beginning of the
related Due Period.
(2) Comprised of Sections B1(c) and B2(g) above
(3) See Section B3(a) above
(4) See Section B6 above
(5) See Section B4(a) above
Note: Payment rate (aggregate collections/beg. receivables balance) for
the related Due Period: 6.75%
C. The Pool Factor
_______________________
The Pool Factor (which represents the ratio
of the amount of the Invested Amount as of
the end of the day on the current
Distribution Date to the amount of the
Investor Interest as of the Closing Date).
The amount of an Investor Certificate-
holder's pro rata share of the Invested
Amount can be determined by multiplying the
original denomination of the Holder's
Investor Certificate by the Pool Factor.... 1.0000000
CONTINENTAL BANK, NATIONAL ASSOCIATION
as Trustee
By: /S/C.K. Duncan
________________________________
Title: Vice President
