<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): March 17, 1997
DISCOVER CARD TRUST 1991 E
--------------------------
(Exact name of Registrant as specified in its charter)
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<S> <C> <C>
Delaware 0-19759 Not Applicable
- -------- ------- --------------
(State of (Commission (IRS Employer
organization) File Number) Identification No.)
</TABLE>
<TABLE>
<S> <C>
c/o Discover Receivables Financing Group, Inc.
12 Read's Way
New Castle, Delaware 19720
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(Address of principal executive offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code: (302) 323-7826
Not Applicable
----------------------------------------------
(Former address, if changed since last report)
Page 1 of 14
Index to Exhibits is on page 4
<PAGE> 2
Item 5. Other Events
On March 17, 1997 the Registrant made available the Monthly Certificateholders'
Statement for the Due Period of February 1997, which is attached as Exhibit 21
hereto.
Item 7. Financial Statements and Exhibits
(c) Exhibits
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<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
21 Monthly Certificateholders' Statement for Discover Card Trust
1991 E related to the Due Period ending February 28, 1997.
</TABLE>
<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: March 17, 1997
<PAGE> 4
EXHIBIT INDEX
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<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
21 Monthly Certificateholders' Statement for Discover Card Trust
1991 E related to the Due Period ending February 28, 1997
</TABLE>
<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 March 20, 1997 , and with respect to the
performance of the Trust during the Due Period ended in
February 28, 1997 ,is set forth below. Certain of the infor-
mation 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 March 20, 1997 , per $1,000 interest .....
........................................... $ 84.854166675
2. The total amount of the distribution to Class B Certificate-
holders on March 20, 1997 , per $1,000 interest .....
........................................... $ 6.541666750
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 ........................... $ 1.520833325
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 ........................... $ 83.333333350
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 ........................... $ 0.000000000
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 .......... $ 8,559,532.64
(b) The aggregate amount of Principal Collections processed
during the related Due Period .......... $ 76,363,673.76
(c) The aggregate amount of Finance Charge Collections processed
during the related Due Period which was allocated in
respect of the Investor Certificates ... $ 2,244,309.45
(d) The aggregate amount of Principal Collections processed
during the related Due Period which was allocated in
respect of the Investor Certificates ... $ 64,649,486.21
(e) The aggregate amount of Finance Charge Collections processed
during the related Due Period which was allocated in
respect of the Class A Certificates .... $ 1,603,200.46
(f) The aggregate amount of Principal Collections processed
during the related Due Period which was allocated in
respect of the Class A Certificates .... $ 58,769,483.33
(g) The aggregate amount of Finance Charge Collections processed
during the related Due Period which was allocated in
respect of the Class B Certificates .... $ 641,108.99
(h) The aggregate amount of Principal Collections processed
during the related Due Period which was allocated in
respect of the Class B Certificates .... $ 5,880,002.88
(i) The aggregate amount of Finance Charge Collections processed
during the related Due Period which was allocated in
respect of the Seller Certificate ...... $ 6,315,223.19
<PAGE> 3
(j) The aggregate amount of Principal Collections processed
during the related Due Period which was allocated in
respect of the Seller Certificate ...... $ 11,714,187.55
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 February 28, 1997
(which reflects the Principal Receivables represented by the
Seller Certificate and the Investor Certificates) .........
........................................ $ 525,414,327.36
(b) The amount of Principal Receivables in the Trust rep-
resented by the Class A Certificates (the "Class A
Interest") as of the Due Period Ended in February 28, 1997
........................................ $ 66,666,666.60
(c) The amount of Principal Receivables in the Trust rep-
resented by the Class B Certificates (the "Class B
Interest") as of the Due Period Ended in February 28, 1997
........................................ $ 40,000,000.00
(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 .................. 20.30%
(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 ..... 12.69%
(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 ..... 7.61%
(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 uncolle-
ctible during the Due Period ended in February 28, 1997
allocable to the Investor Certificates (the "Investor
Charged-Off Amount") .................. $ 743,821.89
<PAGE> 4
(b) The aggregate amount of Receivables charged-off as Uncolle-
ctible during the Due Period ended in February 28, 1997
allocable to the Class A Certificates (the "Class A
Charged-Off Amount") .................. $ 531,341.88
(c) The sum of (i) the aggregate amount of Receivables charged-
off as uncollectible during the Due Period
ended in February 28, 1997 allocable to the Class B Cert-
ficates 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") $ 415,517.69
(d) The Cumulative Class A Charged-Off Amount on ..........
............ March 20, 1997 ........ $ 0.00
(e) The Cumulative Class B Charged-Off Amount on ..........
............ March 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 February 28, 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 February 28, 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 March 20, 1997
........................................ $ 0.00
(j) The aggregate amount of Class B Investor Losses in
the Trust as of the end of the day on March 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 February 28, 1997
..................................... $ 166,638.31
<PAGE> 6
(b) The amount of the Class B Monthly Servicing Fee payable by
the Trust to the Servicer for the month of February 28, 1997
..................................... $ 66,637.53
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 March 20, 1997 ........ $ 40,000,000.00
(b) The amount set forth in paragraph 6(a) above as a percentage of
the Class A Interest. ...................... 60.00%
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 March 20, 1997
.......................................... $ 30,400,000.00
(b) The amount set forth in paragraph 8 above as a percentage of
the Class B Interest. .................... 76.00%
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
March 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 ........... 0.16666667
The Pool Factor represents the ratio of the amount of the
Class B Investor Interest as of the end of the day on
March 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 ........... 1.00000000
<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 .....................................$ 12,408,584.99
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 .....................................$ 20,529,199.85
Greenwood Trust Company as Servicer
By:
------------------------------
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:
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<CAPTION>
<S> <C>
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 .. $ 84,923,206.40
4. The aggregate amount of Class A Principal
Collections processed by the Servicer during
the related Due Period is equal to .......... $ 58,769,483.33
5. The aggregate amount of the Class A Finance
Charge Collections processed by the Servicer
during the related Due Period is equal to ... $ 1,603,200.46
6. The sum of all amounts payable to the Class A
Certificateholders on the current Distribution
Date is equal to ............................ $ 33,941,666.67
7. The aggregate amount of Class B Principal
Collections processed by the Servicer during
the related Due Period is equal to .......... $ 5,880,002.88
8. The aggregate amount of the Class B Finance
Charge Collections processed by the Servicer
during the related Due Period is equal to .. $ 641,108.99
</TABLE>
<PAGE> 9
<TABLE>
<S> <C>
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 ............................ $ 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.
</TABLE>
IN WHITNESS WHEREOF , the undersigned has duly executed and
and delivered this certificate this day of March 20, 1997
GREENWOOD TRUST COMPANY, as Servicer
By:
------------------------------
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: 02/28/97
<TABLE>
<CAPTION>
PORTFOLIO STATUS LOSSES & DELINQUENCIES
# of Accounts Dollars
<S> <C> <C>
Ending Total Outstanding 669,961 533,664,397.50
Total Principal Outstanding n/a 525,414,327.36
Total Finance Charge Outstanding n/a 8,250,070.14
Aggregate Investor Interest n/a 106,666,666.60
Delinquencies (90 days or greate 4,285 13,279,802.87
% of Ending Total Outstanding n/a 2.488418%
Investor Net Charge Offs n/a 743,821.89
Annualized % of Investor Interes n/a 6.375616%
Monthly Principal Payment Rate n/a 60.608893%
<CAPTION>
PAYMENTS & YIELD
<S> <C>
Principal Payments
(Allocable to Investor Interest) 64,649,486.21
Finance Charges, Annual Fees & Late Fees
(Allocable to Investor Interest) 2,244,309.45
Annualized Gross Yield to Investor 19.236938%
</TABLE>
