<PAGE>
SECURITIES AND EXCHANGE COMMISSION
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: SEPTEMBER 27, 1996
DAYTON HUDSON RECEIVABLES CORPORATION
-------------------------------------
(Exact name of registrant as specified in its charter)
Minnesota
---------
(State or other jurisdiction of incorporation)
0-26930 41-1812153
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(Commission File Number) (I.R.S. Employer Identification Number)
Dayton Hudson Receivables Corporation
80 South Eighth Street
14th Floor, Suite 1401
Minneapolis, Minnesota 55402
(612)370-6530
(Address, including Zip Code, and Telephone Number,
Including Area Code, of Registrant's Principal Executive Office)
Page 1 of 11 Pages
The Exhibit Index Appears on Page 3
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Item 5: Other Events
- ---------------------
The Monthly Servicer's Certificate for the Monthly Period ended August 31, 1996,
and the Monthly Certificateholders' Statement for the Monthly Period ended
August 31, 1996, both with respect to the Class A Asset Backed Certificates,
6.10% Series 1995-1 and the Class B Asset Backed Certificates, Series 1995-1,
issued by the Dayton Hudson Credit Card Master Trust, were delivered to the
Trustee on September 20, 1996, and the Monthly Certificateholders' Statement was
then distributed to Certificateholders on September 25, 1996.
The above described Monthly Servicer's Certificate is filed as Exhibit 20.1 to
this Report. The above described Monthly Certificateholders' Statement is filed
as Exhibit 20.2 to this Report.
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.
Dated: September 27, 1996
DAYTON HUDSON RECEIVABLES CORPORATION
By: /s/ Stephen C. Kowalke
Name: Stephen C. Kowalke
Title: Vice President and Treasurer
<PAGE>
EXHIBIT INDEX
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<TABLE>
<CAPTION>
SEQUENTIALLY
EXHIBIT NUMBER DESCRIPTION NUMBERED PAGE
- -------------- ------------ --------------
<S> <C> <C>
20.1 Monthly Servicer's Certificate for 4
the Monthly Period ended August 31,
1996.
20.2 Monthly Certificateholders' 6
Statement for the Monthly Period
ended August 31, 1996.
</TABLE>
<PAGE>
MONTHLY SERVICER'S CERTIFICATE
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
SERIES 1995-1
The undersigned, a duly authorized representative of Retailers National Bank, as
Servicer ("RNB") pursuant to the Pooling and Servicing Agreement dated as of
September 13, 1995 (as may be amended, from time to time, the "Agreement") as
supplemented by the Series 1995-1 Supplement (as amended and supplemented, the
"Series Supplement"), among RNB, Dayton Hudson Receivables Corporation and
Norwest Bank Minnesota, National Association, does hereby certify as follows:
1. Capitalized terms used in this Certificate have their respective
meanings as set forth in the Agreement or the Series Supplement, as
applicable.
2. RNB is, as of the date hereof, the Servicer under the Agreement.
3. The undersigned is a Servicing Officer.
4. This certificate relates to the Distribution Date occurring on
September 25, 1996.
5. As of the date hereof, to the best knowledge of the undersigned, the
Servicer has performed in all material respects all its obligations
under the Agreement through the Monthly Period preceding such
Distribution Date.
6. As of the date hereof, to the best knowledge of the undersigned, no
Early Amortization Event occurred on or prior to such Distribution
Date.
7. The aggregate amount of Collections processed for the preceding
Monthly Period was equal to $280,658,264.37.
8. The aggregate amount of Collections of Finance Charge Receivables
(including Discounted Receivables) for the preceding monthly period
was equal to $35,590,614.45.
9. The aggregate amount of Collections of Principal Receivables for the
preceding Monthly period was equal to $245,067,649.92.
10. The aggregate amount of the Defaulted Amount for the preceding Monthly
Period was equal to $9,538,185.15.
11. The aggregate amount of Recoveries for the preceding Monthly Period
was equal to $2,238,505.23.
12. The Portfolio Yield for the preceding Monthly Period was equal to
19.30%.
13. The Base Rate for the preceding Monthly Period was equal to 6.67%.
<PAGE>
14. The aggregate amount of Receivables as of the end of the last day of
the preceding Monthly Period was equal to $1,852,314,544.10.
15. The balance on deposit in the Collection Account with respect to
Collections processed as of the end of the last day of the preceding
monthly period was equal to $2,033,333.34.
16. The aggregate amount of Adjustments for the preceding Monthly Period
was equal to $36,695,976.60.
17. The aggregate amount of withdrawals, drawings or payments under any
Enhancement to be made with respect to the preceding Monthly Period is
equal to $0.00.
18. The total amount to be distributed to Investor Certificateholders on
the Distribution Date is equal to $2,033,333.34.
19. The amount to be distributed to Investor Certificateholders on the
Distribution Date per $1,000 original principal amount is equal to:
Class A 5.083
20. The amount of such distribution allocable to principal is equal to
$0.00.
21. The amount of such distribution allocable to principal per $1,000
original principal amount is equal to:
Class A 0.000
22. The amount of such distribution allocable to interest is equal to
$2,033,333.34.
23. The amount of such distribution allocable to interest per $1,000
original principal amount is equal to:
Class A 5.083
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this Servicer's Certificate this 20th day of September, 1996.
RETAILERS NATIONAL BANK,
as servicer
By:/s/ Thomas A. Swanson
-------------------------------
Name: Thomas A. Swanson
Title: Vice President & Cashier
<PAGE>
EXHIBIT 20.2
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
SERIES 1995-1
Pursuant to the Pooling and Servicing Agreement, dated as of September 13, 1995
(as may be amended, from time to time, the "Agreement"), as supplemented by the
Series 1995-1 Supplement (as amended and Supplemented, the "Series Supplement"),
each among Retailers National Bank, as Servicer, Dayton Hudson Receivables
Corporation, as Transferor, and Norwest Bank Minnesota, National Association, as
Trustee, the Servicer is required to prepare certain information each month
regarding distributions to Certificateholders and the performance of the Trust.
The information with respect to the applicable Distribution Date and Monthly
Period is set forth below.
<TABLE>
<CAPTION>
Monthly Period: August 1996
Distribution Date: September 25, 1996
No. of Days in Period: 28
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<S> <C> <C> <C>
A. ORIGINAL DEAL PARAMETERS
(a) Class A Initial Invested Amount $400,000,000.00 76.50%
(b) Class B Initial Invested Amount 122,875,817.00 23.50%
---------------
(c) Total Initial Invested Amount $522,875,817.00
---------------
(d) Class A Certificate Rate 6.10%
(e) Class B Certificate Rate 0.00%
(f) Servicing Fee Rate 2.00%
(g) Discount Percentage 0.00%
- ------------------------------------------------------------------------------------------------------------------------------------
I. RECEIVABLES IN THE TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
(a) Beginning of the Period Principal Receivables $1,735,201,834.32
(b) Beginning of the Period Finance Charge Receivables 48,398,561.27
(c) Beginning of the Period Discounted Receivables -
-----------------
(d) Beginning of the Period Total Receivables (a + b + c) $1,783,600,395.59
-----------------
(e) Removed Principal Receivables $ -
(f) Removed Finance Charge Receivables -
-----------------
(g) Removed Total Receivables (e + f) $ -
-----------------
(h) Supplemental Principal Receivables $ -
(i) Supplemental Finance Charge Receivables -
-----------------
(j) Supplemental Total Receivables (h + i) $ -
-----------------
(k) End of Period Principal Receivables $1,803,110,112.51
(l) End of Period Finance Charge Receivables 49,204,431.59
(m) End of Period Discounted Receivables -
-----------------
(n) End of Period Total Receivables (k + l + m) $1,852,314,544.10
-----------------
</TABLE>
Page 1 of 6
<PAGE>
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
SERIES 1995-1
<TABLE>
<CAPTION>
II. INVESTED AMOUNTS AND ALLOCATION PERCENTAGES
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<S> <C> <C> <C>
(a) Class A Initial Invested Amount $ 400,000,000.00 76.50%
(b) Class B Initial Invested Amount 122,875,817.00 23.50%
---------------
(c) Total Initial Invested Amount (a + b) $ 522,875,817.00
(d) Class A Invested Amount (a - (X.a)) $ 400,000,000.00 76.50%
(e) Class B Invested Amount (b - (X.e)) 122,875,817.00 23.50%
---------------
(f) Total Invested Amount (d + e) 522,875,817.00
(g) Class A Adjusted Invested Amount (a - (X.a)-(III.f)) $ 400,000,000.00 76.50%
(h) Class B Invested Amount (b - (X.e)) 122,875,817.00 23.50%
---------------
(i) Total Adjusted Invested Amount (g + h) $ 522,875.817.00
(j) Floating Allocation Percentage 30.13%
(k) Class A Floating Allocation Percentage 23.05%
(l) Class B Floating Allocation Percentage 7.08%
(m) Principal Allocation Percentage 30.13%
(n) Class A Principal Allocation Percentage 23.05%
(o) Class B Principal Allocation Percentage 7.08%
(p) Servicing Fee $ 871,459.70
(q) Investor Defaulted Amount (j * (IV.(m))) $ 2,874.182.27
III. TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING
ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT
- ------------------------------------------------------------------------------------------------------------------------------------
(a) Transferor's Amount (end of month) $ 837,137,612.88
(b) Required Retained Transferor Amount $ 36,062,202.25
(c) Required Principal Balance $ 965,972,499.63
(e) Funds on deposit in Special Funding Account (end of month) $ -
(f) Principal on deposit in Principal Funding Account (end of month) $ -
</TABLE>
Page 2 of 6
<PAGE>
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
SERIES 1995-1
<TABLE>
<CAPTION>
IV. PERFORMANCE SUMMARY
====================================================================================================
<S> <C> <C>
COLLECTIONS:
------------
(a) Collections of Principal Receivables $ 245,067,649.92
(b) Collections of Finance Charge Receivables (from cardholder payments) 31,098,922.39
(c) Collections of Finance Charge Receivables (from merchant fees,
deferred billing fees, collection account interest) 4,491,692.06
(d) Collections of Discount Option Receivables 0.00
----
(e) Total Finance Charge Collections (b + c + d) $ 35,590,614.45
-----------------
(f) Total Collections (a + e) $ 280,658,264.37
=================
DELINQUENCIES AND LOSSES:
-------------------------
(g) 2 missed payments $ 70,119,659
(h) 3 missed payments 27,525,738
(i) 4 or more missed payments 46,117,984
-----------------
(j) Total delinquencies (g + h + i) $ 143,763,381
=================
(k) Gross Charge-Offs during the month $ 11,776,690.38
(l) Recoveries during the month $ 2,238,505.23
(m) Net Charge-Offs during the month (k - l) $ 9,538,185.15
V NON-U.S. ACCOUNTS
====================================================================================================
(a) Non-US Accounts at end of month 172,571
(b) as a percentage of total (a / c) 0.84%
(c) Total number of Accounts in Trust (at end of month) 20,580,430
</TABLE>
Page 3 of 6
<PAGE>
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
SERIES 1995-1
<TABLE>
<CAPTION>
VI AVAILABLE SERIES 1995-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS
===============================================================================================================
<S> <C>
(a) Floating Allocation Percentage of Collections of Finance Charge Receivables $ 10,724,672.62
(b) Investment earnings on Principal Funding Account -
(c) Investment earnings in Reserve Account deposited in the Collection Account -
(d) Reserve draw Amount deposited into the Collection Account -
-----------------
(e) Available Series 1995-1 Finance Charge Collections (a + b + c + d) $ 10,724,672.62
(i) Class A Interest 2,033,333.34
(ii) Servicing Fee 871,459.70
(iii) Class A Investor Defaulted Amount ((IV.m * (II.k)) 2,198.749.44
(iv) Class B Investor Defaulted Amount ((IV.m * (II.l)) 675,432.83
(v) Adjustment Payment Shortfalls -
(vi) Reimbursement of Class A Investor Charge-Offs -
(vii) Reimbursement of Class B Investor Charge-Offs
and Reallocated Class B Principal Collections -
(viii) Class B Interest -
(ix) Reserve Account -
(x) Excess Finance Charge Collections $ 4,945,697.31
(e-i-ii-iii-iv-v-vi-vii-viii-ix)
</TABLE>
Page 4 of 6
<PAGE>
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
SERIES 1995-1
<TABLE>
<CAPTION>
VII YIELD and BASE RATE
- ------------------------------------------------------------------------------------------------------------------------------------
Base Rate
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<S> <C> <C>
(a) Base Rate (current month) 6.67%
(b) Base Rate (prior month) 6.67%
(c) Base Rate (2 months ago) 6.67%
(d) 3 Month Average Base Rate 6.67%
Portfolio Yield
- ---------------
(e) Portfolio Yield (current month) 19.30%
(f) Portfolio Yield (prior month) 18.22%
(g) Portfolio Yield (2 months ago) 14.53%
(h) 3 Month Average Portfolio Yield 17.35%
VIII PORTFOLIO PERFORMANCE RATES
====================================================================================================================================
(a) Net Charge-Offs (annualized % of Principal Receivables at beginning of
period) 7.07%
(b) Monthly Payment Rate (% of Principal Receivables at beginning of period
(adjusted for number of days in period)) 17.33%
(c) Trust Portfolio Yield (annualized) 26.37%
(d) Portfolio Yield (3 month average (annualized)) 17.35%
(e) Base Rate (3 month average) 6.67%
(f) Excess Finance Charge Collections % (d - e) 10.68%
</TABLE>
Page 5 of 6
<PAGE>
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
SERIES 1995-1
<TABLE>
<CAPTION>
IX PRINCIPAL COLLECTIONS
====================================================================================================================================
<S> <C> <C> <C>
(a) Class A Principal Allocation Percentage 23.05%
(b) Class A Principal $ -
(c) Class B Principal Allocation Percentage 7.08%
(d) Class B Principal $ -
(e) Total Principal (b + d) $ -
(f) Reallocated Principal Collections $ -
(g) Shared Principal Collections allocable from other Series and Participation $ -
X INVESTOR CHARGE-OFFS
====================================================================================================================================
CLASS A INVESTOR CHARGE-OFFS
----------------------------
(a) Class A Investor Charge-Offs $ -
(b) Class A Investor Charge-Offs per $1,000 original certificate principal amount $ -
(c) Total amount reimbursed in respect of Class A Investor Charge-Offs $ -
(d) The amount, if any, by which the outstanding principal balance of the class $ -
A Certificates exceeds the Class A Invested Amount after giving effect to all
transactions on such Distribution Date.
CLASS B INVESTOR CHARGE-OFFS
----------------------------
(e) Class B Investor Charge-Offs $ -
(f) Class B Investor Charge-Offs per $1,000 original certificate principal amount $ -
(g) Total amount reimbursed in respect of Class B Investor Charge-Offs $ -
(h) The amount, if any, by which the outstanding principal balance of the Class B $ -
Certificates exceeds the Class B Invested Amount after giving effect to all
transactions on such Distribution Date.
XI AMORTIZATION
====================================================================================================================================
(a) Class A Accumulation Period Length (months) 12
(b) Controlled Accumulation Amount $ 33,333,333.34
(c) Deficit Controlled Accumulation Amount $ -
(d) Total Principal on deposit in Principal Funding Account for the benefit of Class
A Certificateholders $ -
</TABLE>
RETAILERS NATIONAL BANK,
as servicer
By: /s/ Thomas A. Swanson
----------------------------------
Name: Thomas A. Swanson
Title: Vice President & Cashier
Page 6 of 6
