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): January 16, 1996
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 January 16, 1996, 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 January 16, 1996 and reflecting
the performance of the Trust during the Due Period
ended in December 1995, which will accompany the
distribution on January 16, 1996.
<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)
By: /S/Jerome J. Leshne
Jerome J. Leshne
Vice President, Administration
Date: January 16, 1996<PAGE>
EXHIBIT INDEX
Exhibit No.
21. Monthly Investor Certificateholders' Statement -
(January 16, 1996).
SEARS CREDIT ACCOUNT TRUST 1991 D
MONTHLY INVESTOR CERTIFICATEHOLDERS' STATEMENT
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 First Trust of Illinois, National
Association, as Trustee, the Trustee is required to prepare certain
information each month regarding current distributions to Investor
Certificateholders and the performance of the Trust during the previous
month. The information which is require to be prepared with respect to the
distribution of January 16, 1996 (the current Distribution Date") and
with respect to the performance of the Trust during the Due Period ended
December, 1995 (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 amount for the Trust as a whole.
A.Information Regarding the Current Monthly Distribution
(Stated on the Basis of $1,000 Original Principal Amount).
1.The total amount of the distribution to Investor
Certificateholders on the current Distribution Date
per $1,000 interest..... $0.000000000
2.The amount of the distribution 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 distribution 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........... $9,549,978.82
(b)The aggregate amount of Collections of
Principal Receivables processed during the
related Due Period........................... $29,897,804.26
(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..... $7,989,652.68
(d)The aggregate amount of Collections of
Principal Receivables processed during the
related Due Period which were allocated
in respect of the Investor Certificates.... $23,579,527.61
(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..... $1,560,326.14
(f)The aggregate amount of Collections of
Principal Receivables processed during the
related Due Period which were allocated
in respect of the Seller Certificate.............. $6,318,276.65
2.Principal Receivables in the Trust; Principal
Funding Account.
(a)The aggregate amount of Principal Receivables
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)..... $606,150,906.71
(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 ................. $166,666,666.56
(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............................... 27.50%
(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 in respect of
Collections of Principal Receivables on such
Distribution Date............................. $20,833,333.34
(f)The total amount on deposit in the Principal
Funding Account in respect of Collections of
Principal Receivables on such Distribution Date
(after giving effect to the deposit referred to
in paragraph 2(e))......................... $333,333,333.44
(g)The total amount of Investment Income since
the last Distribution Date............................ $1,618,569.32
(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))....................... $12,916,666.68
4.Investor Charged-Off Amount.
(a)The aggregate amount of Receivables charge-
off as uncollectible during the related Due
Period allocable to the Investor Certificates
(the "Investor Charged-Off Amount").............. $803,032.97
(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 3(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 4(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 4(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 4(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.................... $312,500.00
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 6(a) above
as a percentage of the Invested Amount....... 8.50%
8.Investor Excess Spread Analysis
$ % (1)
Allocated Yield (2) $9,608,222.00 23.06%
Less:
Certificate Interest (3) $3,229,166.67 7.75%
Servicing Fees (4) $312,500.00 0.75%
Allocated Charge-Offs (5) $803,032.97 1.93%
Subtotal $4,344,699.64 10.43%
Excess Spread $5,263,522.36 12.63%
(1) Annualized percentage of the Invested Amount at the beginning
of the related Due Period.
(2) Section B1(c) plus Section 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: 6.50%
9.Summary Delinquency Aging Information
The aging of delinquent receivables is summarized
as follows (1):
December, 1995
Delinquencies as a % of balances
60 - 89 days past due........... 1.56%
90 - 119 days past due.......... 1.00%
120 days or more past due....... 1.81%
Total Delinquencies 4.37%
(1)An account is considered delinquent when it is past due a total
of three or more scheduled monthly payments. Delinquencies as of
the end of each month are divided by balances at the beginning
of each such month.
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
FIRST TRUST OF ILLINOIS, NATIONAL ASSOCIATION
as Trustee
By:/S/ G. M. Carroll
Title: Vice President
