<PAGE> 1
CONFORMED COPY
SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, N.W.
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): June 20, 1997
DISCOVER CARD TRUST 1991 E
--------------------------
(Exact name of Registrant as specified in its charter)
Delaware 0-19759 Not Applicable
- -------------- ------------ ---------------
(State of (Commission (IRS Employer
organization) File Number) Identification No.)
c/o Discover Receivables Financing Group, Inc.
12 Read's Way
New Castle, Delaware 19720
- ----------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 323-7826
Not Applicable
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(Former address, if changed since last report)
Page 1 of 14
Index to Exhibits is on page 4
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Item 5. Other Events
On or about June 20, 1997, Registrant made available the Monthly Investor
Certificateholders' Statement set forth as Exhibit 20. June 20, 1997 is also the
date on which holders of Class B Certificates received final payment of
principal and interest (the final payment of principal and interest with respect
to the Class A Certificates was made available to the holders of Class A
Certificates on May 20, 1997). Accordingly, the Trust terminated after such
final payment and no further Monthly Investor Certificateholders' Statements
will be forwarded to Investor Certificateholders.
Item 7(c). Exhibits
Exhibit No. Description
20 Monthly Investor Certificateholders' Statement related to the
distribution of June 20, 1997 and reflecting the performance
of the Trust during the Due Period ended in May 1997, that
accompanied the final distribution of principal and interest
on June 20, 1997.
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
DISCOVER CARD TRUST 1991 E
(Registrant)
By: DISCOVER RECEIVABLES FINANCING
GROUP, INC.
as originator of the Trust
By: Birendra Kumar
---------------------------------------
Birendra Kumar
Vice President and Treasurer
Date: June 24, 1997
3
<PAGE> 4
EXHIBIT INDEX
Exhibit No. Description
20 Monthly Investor Certificateholders' Statement - (June 20,
1997).
4
<PAGE> 1
MONTHLY CERTIFICATEHOLDERS' STATEMENT
Discover Card Trust 1991 E
------------------------------------
CREDIT CARD
PASS-THROUGH CERTIFICATES
------------------------------------
Under the Pooling and Servicing Agreement dated as of Nov. 1, 1991 (the
"Agreement") by and among Greenwood Trust Company (the "Servicer") , Discover
Receivables Financing Group Inc. and Wilmington Trust Company, as Trustee, the
Servicer 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 required to be prepared with
respect to the distribution of June 20, 1997, and with respect to the
performance of the Trust during the Due Period ended in May 31, 1997, is set
forth below. Certain of the information is presented on the basis of an original
principal amount of $1,000 per Class A Certificate or Class B Certificate.
Certain other information is presented based on the aggregate amounts 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 Class A Certificate-holders on
June 20, 1997, per $1,000 interest ................. $ 0.000000000
2. The total amount of the distribution to Class B Certificate-holders on
June 20, 1997, per $1,000 interest ................. $ 1,006.541666750
3. The amount of the distribution set forth in paragraph 1 above in respect of
interest on the Class A Certificates, per $1,000 interest .................
.................................................... $ 0.000000000
4. The amount of the distribution set forth in paragraph 2 above in respect of
interest on the Class B Certificates, per $1,000 interest .................
.................................................... $ 6.541666750
<PAGE> 2
5. The amount of the distribution set forth in paragraph 1 above in respect of
principal on the Class A Certificates, per $1,000 interest ................
.................................................... $ 0.000000000
6. The amount of the distribution set forth in paragraph 2 above in respect of
principal on the Class B Certificates, per $1,000 interest ................
.................................................... $ 1,000.000000000
B. Information Regarding the Performance of the Trust.
1. Collections of Receivables.
(a) The aggregate amount of Finance Charge Collections processed during
the related Due Period ........................ $ 8,107,058.39
(b) The aggregate amount of Principal Collections processed during the
related Due Period ............................ $ 80,874,149.05
(c) The aggregate amount of Finance Charge Collections processed during
the related Due Period which was allocated in respect of the Investor
Certificates .................................. $ 621,000.67
(d) The aggregate amount of Principal Collections processed during the
related Due Period which was allocated in respect of the Investor
Certificates .................................. $ 68,468,054.59
(e) The aggregate amount of Finance Charge Collections processed during
the related Due Period which was allocated in respect of the Class A
Certificates .................................. $ 0.00
(f) The aggregate amount of Principal Collections processed during the
related Due Period which was allocated in respect of the Class A
Certificates .................................. $ 62,240,745.11
(g) The aggregate amount of Finance Charge Collections processed during
the related Due Period which was allocated in respect of the Class B
Certificates .................................. $ 621,000.67
(h) The aggregate amount of Principal Collections processed during the
related Due Period which was allocated in respect of the Class B
Certificates .................................. $ 6,227,309.48
(i) The aggregate amount of Finance Charge Collections processed during
the related Due Period which was allocated in respect of the Seller
Certificate ................................... $ 7,486,057.72
<PAGE> 3
(j) The aggregate amount of Principal Collections processed during the
related Due Period which was allocated in respect of the Seller
Certificate ................................... $ 12,406,094.46
2. Principal Receivables in the Trust.
(a) The aggregate amount of Principal Receivables in the Trust as of the
end of the Due Period ended in May 31, 1997 (which reflects the
Principal Receivables represented by the Seller Certificate and the
Investor Certificates) ........................ $ 521,175,043.04
(b) The amount of Principal Receivables in the Trust represented by the
Class A Certificates (the "Class A Interest") as of the Due Period
Ended in May 31, 1997 ......................... $ 0.00
(c) The amount of Principal Receivables in the Trust represented by the
Class B Certificates (the "Class B Interest") as of the Due Period
Ended in May 31, 1997 ......................... $ 0.00
(d) The Class A Interest and the Class B Interest set forth in paragraph 2
(b) and 2 (c) above as a percentage of the aggregate amount of
Principal Receivables set forth in paragraph 2 (a) above .............
............................................... 0.00%
(e) The Class A 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 ...................... 0.00%
(f) The Class B Interest set forth in paragraph 2 (c) above as a
percentage of the aggregate amount of Principal Receivables set forth
in paragraph 2 (a) above ...................... 0.00%
(g) The Deficit Controlled Amortization Amount (after giving effect to the
payments made on such Distribution Date ....... $ 0.00
3. Investor Charged-Off Amount.
(a) The aggregate amount of Receivables charged-off as uncollectible
during the Due Period ended in May 31, 1997 allocable to the Investor
Certificates (the "Investor Charged-Off Amount") .....................
............................................... $ 230,940.40
<PAGE> 4
(b) The aggregate amount of Receivables charged-off as Uncollectible
during the Due Period ended in May 31, 1997 allocable to the Class A
Certificates (the "Class A Charged-Off Amount") ......................
............................................... $ 0.00
(c) The sum of (i) the aggregate amount of Receivables charged-off as
uncollectible during the Due Period ended in May 31, 1997 allocable to
the Class B Certificates and (ii) the sum of (a) the positive
difference, if any, between the Class B Subordinated Payment and Class
B Finance Charge Collections (less Class B Excess Servicing) and (b)
the amount by which the Investor Interest for the Class B Certificates
is reduced pursuant to subsection 4.03(c) (i)(C)(the "Class B
Charged-Off Amount") .......................... $ 230,940.40
(d) The Cumulative Class A Charged-Off Amount on .........................
...............June 20, 1997 .................. $ 0.00
(e) The Cumulative Class B Charged-Off Amount on .........................
...............June 20, 1997 .................. $ 0.00
4. Investor losses; Reimbursement of Charge-Offs.
(a) The amount of Class A Investor Loss, as defined in Section 4.06 (b)
of the Agreement, during the Due Period ended in May 31, 1997 ........
............................................... $ 0.00
(b) The amount of Class B Investor Loss, as defined in Section 4.06 (b)
of the Agreement, during the Due Period ended in May 31, 1997 ........
............................................... $ 0.00
(c) The amount of Class A 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 Class A Certficate-holder's investment)..
............................................... $ 0.000000000
(d) The amount of Class B Investor Loss set forth in Paragraph 5 (b)
above, per $1,000 interest (which will have the effect of reducing,
pro rata, the amount of each Class B Certficate-holder's investment)..
............................................... $ 0.000000000
<PAGE> 5
(e) The total amount reimbursed to the Trust in the current month pursuant
to Section 4.06 (c) of the Agreement, if any, in respect of Class A
Investor Losses in prior months................ $ 0.00
(f) The total amount reimbursed to the Trust in the current month pursuant
to Section 4.06 (c) of the Agreement, if any, in respect of Class B
Investor Losses in prior months................ $ 0.00
(g) The amount set forth in paragraph 5 (e) above, per $1,000 interest
(which will have the effect of increasing, pro rata, the amount of
each Class A Certificateholder's investment)... $ 0.000000000
(h) The amount set forth in paragraph 5 (f) above, per $1,000 interest
(which will have the effect of increasing, pro rata, the amount of
each Class B Certificateholder's investment)... $ 0.000000000
(i) The aggregate amount of Class A Investor Losses in the Trust as of the
end of the day on June 20, 1997 ............... $ 0.00
(j) The aggregate amount of Class B Investor Losses in the Trust as of the
end of the day on June 20, 1997 ............... $ 0.00
(k) The amount set forth in paragraph 5 (i) above, per $1,000 interest
(which will have had the effect of reducing, pro rata, the amount of
Class A Certificateholder's investment) ....... $ 0.000000000
(l) The amount set forth in paragraph 5 (j) above, per $1,000 interest
(which will have had the effect of reducing, pro rata, the amount of
Class B Certificateholder's investment) ....... $ 0.000000000
5. Investor Servicing Fee.
(a) The amount of the Class A Monthly Servicing Fee payable by the Trust
to the Servicer for the month of May 31, 1997.. $ 0.00
<PAGE> 6
(b) The amount of the Class B Monthly Servicing Fee payable by the Trust
to the Servicer for the month of May 31, 1997 ........................
............................................... $ 66,684.48
6. Available Subordinated Amount.
(a) The amount available to be applied pursuant to Sections 4.03 (c) (i)
(B) and (C) of the Agreement as of the end of the day on June 20, 1997
............................................... $ 0.00
(b) The amount set forth in paragraph 6(a) above as a percentage of the
Class A Interest. ............................. 0.00%
7. Available Class B Credit Enhancement Amount.
(a) The amount available to be drawn under the Class B Credit Enhancement
pursuant to Sections 4.03 (c) (i) (G) and (H) of the Agreement as of
the end of the day on June 20, 1997............ $ 0.00
(b) The amount set forth in paragraph 8 above as a percentage of the Class
B Interest..................................... 0.00%
8. The Pool Factor.
The Pool Factor represents the ratio of the amount of the Class A Investor
Interest as of the end of the day on June 20, 1997 to the amount of the
Class A.
Investor Interest as of the Closing Date. The amount of Class A
Certificateholder's pro rata share of the Class A Investor Interest can be
determined by multiplying the original denomination of the Class A
Certificateholder's Certificate by the Pool Factor 0.00000000
The Pool Factor represents the ratio of the amount of the Class B Investor
Interest as of the end of the day on June 20, 1997 to the amount of the
Class B.
Investor Interest as of the Closing Date. The amount of Class B
Certificateholder's pro rata share of the Class B Investor Interest can be
determined by multiplying the original denomination of the Class B
Certificateholder's Certificate by the Pool Factor 0.00000000
<PAGE> 7
9. The aggregate outstanding balance of Receivables that were delinquent by
the 30 to 59 days as of the close of business on the last day of the Due
Period related to such Distribution Date............ $ 11,570,371.22
10. The aggregate outstanding balance of Receivables that were delinquent by 60
days as of the close of business on the last day of the Due Period related
to such Distribution Date .......................... $ 17,056,816.60
Greenwood Trust Company as Servicer
By: [SIG]
-----------------------------------
Title: Vice President, Director of
Accounting and Treasurer
<PAGE> 8
MONTHLY SERVICER CERTIFICATE
DISCOVER CARD TRUST 1991 E
--------------------------
CREDIT CARD
PASS-THROUGH CERTIFICATES
--------------------------
The undersigned, a duly authorized representative of Greenwood Trust Company
("Greenwood"), as Servicer pursuant to the Pooling and Servicing Agreement
dated as of Nov. 1, 1991 (the "Pooling and Servicing Agreement" ) by and among
Greenwood, Discover Receivables Financing Group Inc. and Wilmington Trust
Company, does hereby certify as follows:
1. Greenwood is Servicer under the Pooling and
Servicing Agreement.
2. The undersigned is a Servicing Officer.
3. The aggregate amount of Collections processed
during the related Due Period was equal to ... $ 88,981,207.44
4. The aggregate amount of Class A Principal
Collections processed by the Servicer during
the related Due Period is equal to ........... $ 62,240,745.11
5. The aggregate amount of the Class A Finance
Charge Collections processed by the Servicer
during the related Due Period is equal to .... $ 0.00
6. The sum of all amounts payable to the Class A
Certificateholders on the current Distribution
Date is equal to ............................. $ 0.00
7. The aggregate amount of Class B Principal
Collections processed by the Servicer during
the related Due Period is equal to ........... $ 6,227,309.48
8. The aggregate amount of the Class B Finance
Charge Collections processed by the Servicer
during the related Due Period is equal to .... $ 621,000.67
<PAGE> 9
9. The amount of drawings under the Class B
Credit Enhancement required to be made on the
succeeding Drawing Date pursuant to
(a) Section 4.03(c)(i)(G) is equal to...... $ 0.00
(b) Section 4.03(c)(i)(H) is equal to...... $ 0.00
(c) Section 4.05 is equal to............... $ 0.00
10. The sum of all amounts payable to the Class B
Certificateholders on the current Distribution
Date is equal to ............................ $ 40,261,666.67
11. Attached hereto is a true copy of the statement
required to be delivered by the Servicer on the
date of this Certificate to the Trustee pursuant
to section 5.02.
IN WHITNESS WHEREOF , the undersigned has duly executed and and delivered
this certificate this day of June 20, 1997
GREENWOOD TRUST COMPANY, as Servicer
By: [SIG]
-------------------------------
Title: Vice President, Director of
Accounting and Treasurer
<PAGE> 10
Greenwood Trust Company
Cash Collateral Account
Monthly Portfolio Status Report
Discover Card Trust 1991 E
Due Period Ending: 05/31/97
<TABLE>
<CAPTION>
PORTFOLIO STATUS LOSSES & DELINQUENCIES
# of Accounts Dollars
<S> <C> <C>
Ending Total Outstanding 663,541 529,010,743.51
Total Principal Outstanding n/a 521,175,043.04
Total Finance Charge Outstanding n/a 7,835,700.47
Aggregate Investor Interest n/a 0.00
Delinquencies (90 days or greater) 3,189 10,518,691.21
% of Ending Total Outstanding n/a 1.988370%
Investor Net Charge Offs n/a 230,940.40
Annualized % of Investor Interest n/a 6.928212%
Monthly Principal Payment Rate n/a n/a
PAYMENTS & YIELD
Principal Payments
(Allocable to Investor Interest) 68,468,054.59
Finance Charges, Annual Fees & Late Fees
(Allocable to Investor Interest) 621,000.67
Annualized Gross Yield to Investor 18.630020%
</TABLE>
