<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997
COMMISSION FILE NUMBER 0-26930
DAYTON HUDSON CREDIT CARD MASTER TRUST
(Issuer of the Certificates)
DAYTON HUDSON RECEIVABLES CORPORATION
(Originator of the Trust Described Herein)
(Exact name of Registrant as Specified in its Charter)
Minnesota 41-1812153
(State of Incorporation) (I.R.S. Employer ID No.)
80 South Eighth Street, 14th Floor, Suite 1401
Minneapolis, Minnesota 55402
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 612/370-6530
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
6.10% Class A Asset Backed Certificates, Series 1995-1
6.25% Class A Asset Backed Certificates, Series 1997-1
(Title of Class)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
--- ---
The registrant has no voting stock held by non-affiliates and meets the
conditions set forth in General Instruction J (1)(a) and (b) of Form 10-K.
Disclosure pursuant to Item 405 of Regulation S-K is not required.
DOCUMENTS INCORPORATED BY REFERENCE
None
Index to Exhibits: Page 7
Total Pages: 34
<PAGE>
PART I
ITEM 1. BUSINESS.
Dayton Hudson Credit Card Master Trust (the "Trust") was formed pursuant to
a Pooling and Servicing Agreement dated as of September 13, 1995 (as
amended, modified or supplemented, the "Pooling and Servicing Agreement"),
by and among Retailers National Bank, as servicer ("Servicer"), Dayton
Hudson Receivables Corporation, as transferor ("Transferor"), and Norwest
Bank Minnesota, National Association, as trustee ("Trustee"). The Trust's
only business is to act as a passive conduit to permit investments in a
pool of Transferor's consumer accounts receivable. The Transferor is a
wholly-owned subsidiary of a corporation that is wholly-owned by Dayton
Hudson Corporation.
ITEM 2. PROPERTIES.
The assets of the Trust (the "Trust Assets") include a portfolio of
receivables (the "Receivables") generated from time to time in a portfolio
of consumer open-end credit card accounts (the "Accounts"), funds collected
or to be collected in respect of the Receivables, monies on deposit in
certain accounts of the Trust, any participation interests included in the
Trust, funds collected or to be collected with respect to such
participation interests and any enhancement with respect to a particular
series or class. The Trust Assets are expected to change over the life of
the Trust as receivables in consumer open-end credit card accounts and
other open-end credit accounts and related assets are included in the Trust
and as Receivables in Accounts included in the Trust are charged-off or
removed.
Exhibits 99.2 and 99.3 to this Report set forth certain information
relating to the Trust's fiscal year ended December 31, 1997. Such
information, which was derived from the monthly settlement statements
relating to such period as delivered to the Trustee pursuant to the Pooling
and Servicing Agreement, is incorporated herein by reference.
ITEM 3. LEGAL PROCEEDINGS.
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
2
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PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
In September 1995, the Trust issued $400,000,000 of three year 6.10% Class
A Certificates to the public (the "Series 1995 Certificates"). In August
1996, the Trust issued Series 1996-1 Class A Variable Funding Certificates
in a private transaction (the "Series 1996 Certificates"). The principal
amount of the Series 1996 Certificates fluctuates and currently may not
exceed $100 million. In October 1997, the Trust issued $400,000,000 of
three year 6.25% Class A Certificates to the public (the "Series 1997
Certificates").
Although they trade in the over-the-counter market to a limited extent,
there is currently no established public trading market for the Series 1995
Certificates or the Series 1997 Certificates. The Series 1995 Certificates
and the Series 1997 Certificates are held and delivered in book-entry form
through the facilities of The Depository Trust Company ("DTC"), a
"clearing agency" registered pursuant to the provisions of Section 17A of
the Securities Exchange Act of 1934, as amended. The definitive Series
1995 Certificates and the Series 1997 Certificates are held by Cede & Co.,
the nominee of DTC.
The undivided interests in the Trust, other than those represented by the
Series 1995 Certificates, the Series 1996 Certificates and the Series 1997
Certificates, are owned by the Transferor and the Servicer.
ITEM 6. SELECTED FINANCIAL DATA.
Not applicable.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
Not applicable.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
Not applicable.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE.
None.
3
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PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
Not applicable.
ITEM 11. EXECUTIVE COMPENSATION.
Not applicable.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
a. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS.
The Transferor is a wholly-owned subsidiary of a corporation that is
wholly-owned by Dayton Hudson Corporation. The principal executive
office of Dayton Hudson Corporation is 777 Nicollet Mall, Minneapolis,
MN 55402.
At the date hereof, 100% of the Series 1995 Certificates and the
Series 1997 Certificates were held in the nominee name of Cede & Co.
for beneficial owners. To the Transferor's knowledge, based solely on
the fact that Transferor has not received notice of any filings having
been made with the Securities and Exchange Commission reporting the
acquisition of more than 5% of the Series 1995 Certificates or the
Series 1997 Certificates, no person beneficially owned more than 5% of
the Series 1995 Certificates or the Series 1997 Certificates. The
Series 1996 Certificates are held by an administrative agent on behalf
of several beneficial owners and interests in the Series 1996
Certificates are not freely transferable.
The undivided interests in the Trust, other than that represented by
the Series 1995 Certificates, the Series 1996 Certificates or the
Series 1997 Certificates, are owned by the Transferor and the
Servicer.
b. SECURITY OWNERSHIP OF MANAGEMENT.
Not applicable.
c. CHANGES IN CONTROL.
Not applicable.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
Except for the information concerning the compensation paid to Servicer by
the Trust contained in Exhibits 99.2 and 99.3 hereto, which is hereby
incorporated herein by reference, and other transactions contemplated by
the Pooling and Servicing Agreement, the Transferor is not aware of any
transactions or series of similar transactions during its fiscal year ended
December 31, 1997, or any currently proposed transaction or series of
similar transactions, in which the
4
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amount involved exceeded or is proposed to exceed $60,000, to which the
Trust was a party or is proposed to be a party, and in which any person
known to the Registrant to own more than 5% of any class of certificates
representing undivided interests in the Trust had or has a direct or
indirect material interest.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.
a. The following documents are filed as part of this Report.
3. EXHIBITS
99.1 Annual Servicer's Certificate for the year ended
December 31, 1997, Series 1995-1 and Series 1997-1.
99.2 Annual Certificateholders' Statement for the year ended
December 31, 1997, Series 1995-1.
99.3 Annual Certificateholders' Statement for the year ended
December 31, 1997, Series 1997-1.
99.4 Report of Independent Accountants.
99.5 Report of Independent Accountants on the Monthly
Servicer's Certificates, Series 1995-1.
99.6 Report of Independent Accountants on the Monthly
Servicer's Certificates, Series 1997-1.
b. Reports on Form 8-K and Form 8 filed with respect to fiscal 1997.
Each month the Transferor files a Current Report on Form 8-K which
includes, as exhibits, copies of the Monthly Servicer's Certificates
and the Monthly Certificateholders' Statements relating to the
preceding monthly period, which certificates are required to be
delivered to the Trustee under the terms of the Pooling and Servicing
Agreement.
5
<PAGE>
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.
DAYTON HUDSON RECEIVABLES CORPORATION
Dated: April 29, 1998 By /s/ Douglas A. Scovanner
-------------------------------
Douglas A. Scovanner,
President
Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of Dayton Hudson
Receivables Corporation and in the capacities and on the dates indicated.
SIGNATURE TITLE DATE
/s/ Douglas A. Scovanner
------------------------
Douglas A. Scovanner President and Director April 29, 1998
/s/ Stephen C. Kowalke
------------------------
Stephen C. Kowalke Vice President, Treasurer April 29, 1998
and Director (Principal
Financial Officer)
/s/ JoAnn Bogdan
------------------------
JoAnn Bogdan Vice President, April 29, 1998
Controller (Principal
Accounting Officer)
/s/ Gerald L. Storch
------------------------
Gerald L. Storch Director April 29, 1998
6
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EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. EXHIBIT SEQUENTIAL PAGE NO.
<C> <S> <C>
99.1 Annual Servicer's 8
Certificate for the year
ended December 31, 1997 -
Series 1995-1 and Series
1997-1
99.2 Annual 9
Certificateholders'
Statement for the year
ended December 31, 1997 -
Series 1995-1
99.3 Annual 13
Certificateholders'
Statement for the year
ended December 31, 1997 -
Series 1997-1
99.4 Report of Independent 17
Accountants
99.5 Report of Independent 19
Accountants on the
Monthly Servicer's
Certificates, Series
1995-1
99.6 Report of Independent 27
Accountants on the
Monthly Servicer's
Certificates, Series
1997-1
</TABLE>
7
<PAGE>
Exhibit 99.1
ANNUAL SERVICER'S CERTIFICATE
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
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 supplemented by the Series 1995-1
Supplement, the Series 1996-1 Supplement, and the Series 1997-1 Supplement
(as may be amended and supplemented from time to time, the "Agreement"),
among Dayton Hudson Receivables Corporation, as Transferor, RNB as Servicer,
and Norwest Bank Minnesota, National Association, as Trustee, does hereby
certify that:
1. RNB is, as of the date hereof, the Servicer under the Agreement.
Capitalized terms used in this Certificate have their respective
meanings as set forth in the Agreement.
2. The undersigned is a Servicing Officer who is duly authorized pursuant
to the Agreement to execute and deliver this certificate to the Trustee.
3. A review of the activities of the Servicer during the fiscal year ended
January 3, 1998, and of its performance under the Agreement was
conducted under my supervision.
4. Based on such review, the Servicer has, to the best of my knowledge,
performed in all material respects its obligations under the Agreement
throughout such year and no default in the performance of such
obligations has occurred or is continuing except as set forth in
paragraph 5 below.
5. The following is a description of each default in the performance of the
Servicer's obligations under the provisions of the Agreement known to me
to have been made by the Servicer during the fiscal year ended January
3, 1998 which sets forth in detail (i) the nature of each default, (ii)
the action taken by the Servicer, if any, to remedy each such default
and (iii) the current status of each such default: None.
IN WITNESS WHEREOF, the undersigned has duly executed this Certificate
as of the 20th day of March, 1998.
RETAILERS NATIONAL BANK,
as Servicer,
By: /s/ Ronald A. Prill
--------------------------
Name: Ronald A. Prill
Title: Chairman & CEO
<PAGE>
Exhibit 99.2
ANNUAL CERTIFICATEHOLDERS' STATEMENT
DAYTON HUDSON RECEIVABLES CORPORATION
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 and supplemented from time to time, the "Agreement")
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 annually
regarding distributions to and the performance of the Trust during the
Monthly Periods for the Calendar year. The information which is required to
be prepared with respect to the performance of the Trust during the period
January 5, 1997 through January 3, 1998 is set forth below. Certain
information is based on the Transferor's fiscal year end, ending January 3,
1998. Certain information is presented on the basis of an original principal
amount of $1,000 per Certificate. Certain other information is presented
based on the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C>
A) INFORMATION REGARDING INTEREST AND PRINCIPAL DISTRIBUTED (STATED ON THE BASIS OF
$1,000 ORIGINAL PRINCIPAL AMOUNT) FOR THIS SERIES.
(1) The total amount of interest and principal distributed to Class A Certificateholder's
for the period January 1, 1997 through December 31, 1997 per $1,000 original
principal amount ........................................................................ $61.00
(2) The portion of the amount set forth in paragraph 1 above in respect of interest
distributed on the Class A Certificates for the period January 1, 1997 through
December 31, 1997 per $1,000 original principal amount................................... $61.00
(3) The portion of the amount set forth in paragraph 1 above in respect of principal
distributed for the period January 1, 1997 through December 31, 1997 for
the Class A Certificates, per $1,000 original principal amount .......................... $0
B) INFORMATION REGARDING THE PERFORMANCE OF THE TRUST.
(1) COLLECTION OF PRINCIPAL RECEIVABLES.
(a) The aggregate amount of Collections of Principal Receivables processed
January 5, 1997 through January 3, 1998 which were allocated in
respect of the Series 1995-1 Class A Certificates .................................. $809,246,004.70
(b) The aggregate amount of Collections of Principal Receivables processed
January 5, 1997 through January 3, 1998 which were allocated in
respect of the Series 1995-1 Class B Certificates .................................. $248,591,909.95
(2) COLLECTION OF FINANCE CHARGE RECEIVABLES.
(a) The aggregate amount of Collections of Finance Charge Receivables
processed January 5, 1997 through January 3, 1998 which were
allocated in respect of the Series 1995-1 Class A Ceritificates .................... $101,496,238.52
<PAGE>
(b) The aggregate amount of Collections of Finance Charge Receivables
processed January 5, 1997 through January 3, 1998 which were
allocated in respect of the Series 1995-1 Class B Certificates ..................... $31,178,583.08
(3) RECOVERIES.
(a) The aggregate amount of Collections processed January 5, 1997
through January 3, 1998 that constitute Recoveries on Defaulted
Receivables which were allocated in respect of the Series 1995-1
Class A Certificates ............................................................... $5,079,536.37
(b) The aggregate amount of Collections processed January 5, 1997
through January 3, 1998 that constitute Recoveries on Defaulted
Receivables which were allocated in respect of the Series 1995-1
Class B Certificates ............................................................... $1,560,380.46
(4) PRINCIPAL RECEIVABLES IN THE TRUST.
(a) The aggregate amount of Principal Receivables in the Trust as of the
end of the day on January 3, 1998 (which reflects the Principal
Receivables represented by the Transferors Interest in the Trust and by
the Investor Certificates) ......................................................... $2,548,011,940.12
(b) The amount of Principal Receivables in the Trust represented by the
Series 1995-1 Certificates (the "Invested Amount") as of the end of the
day on January 3, 1998.............................................................. $522,875,817
(c) The amount of Principal Receivables in the Trust represented by the
Series 1995-1 Class A Certificates (the "Class A Invested Amount") as
of the end of the day on January 3, 1998............................................ $400,000,000
(d) The amount of Principal Receivables in the Trust represented by the
Series 1995-1 Class B Certificates (the "Class B Invested Amount") as
of the end of the day on January 3, 1998............................................ $122,875,817
(e) The Floating Allocation Percentage (during the Revolving Period) or the
Fixed/Floating Allocation Percentage (during the Amortization Period) with
respect to the Principal Receivables in the Trust as of the end of the day
January 3, 1998..................................................................... 23.59%
(5) DELINQUENT BALANCES.
The aggregate amount of outstanding balances in the Accounts which
were 2 or more monthly payments contractually delinquent as of the end
of the day on January 3, 1998:
Aggregate
Account Balance
---------------
2 Missed Monthly Payments $82,830,000
<PAGE>
3 Missed Monthly Payments $36,879,000
4 or More Missed Monthly Payments $76,217,000
(6) INVESTOR DEFAULTED AMOUNT.
(a) This aggregate amount of all defaulted Principal Receivables written off
as uncollectible for the period January 5, 1997 through January 3, 1998
allocable to the Series 1995-1 Class A Certificates (the "Series
1995-1 Class A Investor Defaulted Amount") ......................................... $30,622,535.47
(b) The aggregate amount of all defaulted Principal Receivables written off
as uncollectible for the period January 5, 1997 through January 3, 1998
allocable to the Series 1995-1 Class B Certificates (the "Series
1995-1 Class B Investor Defaulted Amount") ......................................... $9,406,922.66
(c) The aggregate amount of all defaulted Principal Receivables written off
as uncollectible for the period January 5, 1997 through January 3, 1998
allocable to the Series 1995-1 Investor Certificates (the "Investor
Defaulted Amount") ................................................................. $40,029,458.14
(7) INVESTOR CHARGE OFFS: REIMBURSEMENT OF CHARGE OFFS.
(a) The amount of the Investor Charge Off per $1,000 original principal amount
(which will have the effect of reducing, pro rata, the amount of Series 1995-1
Class A Certificateholder's investment) ............................................ $0
(b) The amount of the Investor Charge Off per $1,000 original principal amount
(which will have the effect of reducing, pro rata, the amount of Series 1995-1
Class B Certificateholder's investment) ............................................ $0
(c) The total amount reimbursed to the Trust from January 5, 1997
through January 3, 1998 in respect of Investor Charge Offs in
prior months ....................................................................... $0
(d) The amount set forth immediately above per $1,000 original principal
amount (which will have the effect of increasing pro rata, the amount of
each Series 1995-1 Certificateholder's investment) ................................. $0
(8) INVESTOR SERVICING FEE.
(a) The amount of the Series 1995-1 Class A Investor Monthly Servicing Fee
payable by the Trust to the Servicer from January 5, 1997 through
January 3, 1998..................................................................... $8,000,000.01
(b) The amount of the Series 1995-1 Class B Investor Monthly Servicing Fee
payable by the Trust to the Servicer from January 5, 1997 through
January 3, 1998..................................................................... $2,457,516.34
<PAGE>
(9) The amount of Series 1995-1 Reallocated Principal Collections from
January 5, 1997 through January 3, 1998................................................ $0
(10) THE POOL FACTOR.
The Pool Factor (which represents the ratio of the Series 1995-1 Class A Adjusted
Invested Amount as of the end of the day on January 3, 1998 to the Class A
Invested Amount as of the Closing Date). The Amount of a Series 1995-1 Class A
Invested Amount can be determined by multiplying the original denomination of the
holder's Certificate by the Series 1995-1 Class A Pool Factor.......................... 1.0000000
The Pool Factor (which represents the ratio of the Series 1995-1 Class B
Invested Amount as of the end of the day on September 13, 1995 to the Series
Class B Invested Amount as of the Closing Date). The amount of a Certificateholder's
pro rata share of the Class B Invested Amount can be determined by multiplying
the original denomination of the holder's Series 1995-1 Class B Certificate by
the Series 1995-1 Class B Pool Factor ................................................. 1.0000000
</TABLE>
RETAILERS NATIONAL BANK
as Servicer
By: /s/ Ronald A. Prill
---------------------------
Name: Ronald A. Prill
Title: Chairman & CEO
<PAGE>
Exhibit 99.3
ANNUAL CERTIFICATEHOLDERS' STATEMENT
DAYTON HUDSON RECEIVABLES CORPORATION
DAYTON HUDSON CREDIT CARD MASTER TRUST (SERIES 1997-1)
Pursuant to the Pooling and Servicing Agreement dated as of September
13, 1995 (as may be amended and supplemented from time to time, the
"Agreement") 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 annually regarding distributions to and the performance of the
Trust during the Monthly Periods for the Calendar year. The information
which is required to be prepared with respect to the performance of the Trust
during the period October 15, 1997 through January 3, 1998 is set forth
below. Certain information is based on the Transferor's fiscal year end,
ending January 3, 1998. Certain information is presented on the basis of an
original principal amount of $1,000 per Certificate. Certain other
information is presented based on the aggregate amounts for the Trust as a
whole.
<TABLE>
<CAPTION>
<S> <C>
A) INFORMATION REGARDING INTEREST AND PRINCIPAL DISTRIBUTED (STATED ON THE BASIS OF
$1,000 ORIGINAL PRINCIPAL AMOUNT) FOR THIS SERIES.
(1) The total amount of interest and principal distributed to Class A Certificateholder's
for the period October 15, 1997 through December 31, 1997 per $1,000 original
principal amount ...................................................................... $17.36
(2) The portion of the amount set forth in paragraph 1 above in respect of interest
distributed on the Class A Certificates for the period October 15, 1997 through
December 31, 1997 per $1,000 original principal amount................................. $17.36
(3) The portion of the amount set forth in paragraph 1 above in respect of principal
distributed for the period October 15, 1997 through December 31, 1997 for
the Class A Certificates, per $1,000 original principal amount ........................ $0
B) INFORMATION REGARDING THE PERFORMANCE OF THE TRUST.
(1) COLLECTION OF PRINCIPAL RECEIVABLES.
(a) The aggregate amount of Collections of Principal Receivables processed
October 15, 1997 through January 3, 1998 which were allocated in
respect of the Series 1997-1 Class A Certificates .................................. $178,550,097.58
(b) The aggregate amount of Collections of Principal Receivables processed
October 15, 1997 through January 3, 1998 which were allocated in
respect of the Series 1997-1 Class B Certificates .................................. $54,848,722.79
(2) COLLECTION OF FINANCE CHARGE RECEIVABLES.
(a) The aggregate amount of Collections of Finance Charge Receivables
processed October 15, 1997 through January 3, 1998 which were
allocated in respect of the Series 1997-1 Class A Ceritificates .................... $22,777,779.40
<PAGE>
(b) The aggregate amount of Collections of Finance Charge Receivables
processed October 15, 1997 through January 3, 1998 which were
allocated in respect of the Series 1997-1 Class B Certificates ..................... $6,997,095.63
(3) RECOVERIES.
(a) The aggregate amount of Collections processed October 15, 1997
through January 3, 1998 that constitute Recoveries on Defaulted
Receivables which were allocated in respect of the Series 1997-1
Class A Certificates ............................................................... $1,027,956.97
(b) The aggregate amount of Collections processed October 15, 1997
through January 3, 1998 that constitute Recoveries on Defaulted
Receivables which were allocated in respect of the Series 1997-1
Class B Certificates ............................................................... $315,777.63
(4) PRINCIPAL RECEIVABLES IN THE TRUST.
(a) The aggregate amount of Principal Receivables in the Trust as of the
end of the day on January 3, 1998 (which reflects the Principal
Receivables represented by the Transferors Interest in the Trust and by
the Investor Certificates) ......................................................... $2,548,011,940.12
(b) The amount of Principal Receivables in the Trust represented by the
Series 1997-1 Certificates (the "Invested Amount") as of the end of the
day on January 3, 1998.............................................................. $522,875,817
(c) The amount of Principal Receivables in the Trust represented by the
Series 1997-1 Class A Certificates (the "Class A Invested Amount") as
of the end of the day on January 3, 1998............................................ $400,000,000
(d) The amount of Principal Receivables in the Trust represented by the
Series 1997-1 Class B Certificates (the "Class B Invested Amount") as
of the end of the day on January 3, 1998............................................ 122,875,817.00
(e) The Floating Allocation Percentage (during the Revolving Period) or the
Fixed/Floating Allocation Percentage (during the Amortization Period) with
respect to the Principal Receivables in the Trust as of the end of the day
January 3, 1998..................................................................... 23.59%
(5) DELINQUENT BALANCES.
The aggregate amount of outstanding balances in the Accounts which
were 2 or more monthly payments contractually delinquent as of the end
of the day on January 3, 1998:
Aggregate
Account Balance
---------------
2 Missed Monthly Payments $82,830,000
<PAGE>
3 Missed Monthly Payments $36,879,000
4 or More Missed Monthly Payments $76,217,000
(6) INVESTOR DEFAULTED AMOUNT.
(a) This aggregate amount of all defaulted Principal Receivables written off
as uncollectible for the period October 15, 1997 through January 3, 1998
allocable to the Series 1997-1 Class A Certificates (the "Series
1997-1 Class A Investor Defaulted Amount") ......................................... $6,847,011.12
(b) The aggregate amount of all defaulted Principal Receivables written off
as uncollectible for the period October 15, 1997 through January 3, 1998
allocable to the Series 1997-1 Class B Certificates (the "Series
1997-1 Class B Investor Defaulted Amount") ......................................... $2,103,330.21
(c) The aggregate amount of all defaulted Principal Receivables written off
as uncollectible for the period October 15, 1997 through January 3, 1998
allocable to the Series 1997-1 Investor Certificates (the "Investor
Defaulted Amount") ................................................................. $8,950,341.33
(7) INVESTOR CHARGE OFFS: REIMBURSEMENT OF CHARGE OFFS.
(a) The amount of the Investor Charge Off per $1,000 original principal amount
(which will have the effect of reducing, pro rata, the amount of Series 1997-1
Class A Certificateholder's investment) ............................................ $0
(b) The amount of the Investor Charge Off per $1,000 original principal amount
(which will have the effect of reducing, pro rata, the amount of Series 1997-1
Class B Certificateholder's investment) ............................................ $0
(c) The total amount reimbursed to the Trust from October 15, 1997
through January 3, 1998 in respect of Investor Charge Offs in
prior months ....................................................................... $0
(d) The amount set forth immediately above per $1,000 original principal
amount (which will have the effect of increasing pro rata, the amount of
each Series 1997-1 Certificateholder's investment) ................................. $0
(8) INVESTOR SERVICING FEE.
(a) The amount of the Series 1997-1 Class A Investor Monthly Servicing Fee
payable by the Trust to the Servicer from October 15, 1997 through
January 3, 1998..................................................................... $1,761,904.70
(b) The amount of the Series 1997-1 Class B Investor Monthly Servicing Fee
payable by the Trust to the Servicer from October 15, 1997 through
January 3, 1998..................................................................... $541,238.70
<PAGE>
(9) The amount of Series 1997-1 Reallocated Principal Collections from
October 15, 1997 through January 3, 1998............................................... $0
(10) THE POOL FACTOR.
The Pool Factor (which represents the ratio of the Series 1997-1 Class A Adjusted
Invested Amount as of the end of the day on January 3, 1998 to the Class A
Invested Amount as of the Closing Date). The Amount of a Series 1997-1 Class A
Invested Amount can be determined by multiplying the original denomination of the
holder's Certificate by the Series 1997-1 Class A Pool Factor.......................... 1.0000000
The Pool Factor (which represents the ratio of the Series 1997-1 Class B
Invested Amount as of the end of the day on September 13, 1995 to the Series
Class B Invested Amount as of the Closing Date). The amount of a Certificateholder's
pro rata share of the Class B Invested Amount can be determined by multiplying
the original denomination of the holder's Series 1997-1 Class B Certificate by
the Series 1997-1 Class B Pool Factor ................................................. 1.0000000
</TABLE>
RETAILERS NATIONAL BANK
as Servicer
By: /s/ Ronald A. Prill
-----------------------
Name: Ronald A. Prill
Title: Chairman & CEO
<PAGE>
[LETTERHEAD]
Report of Independent Accountants
Dayton Hudson Corporation,
its Officers and Directors
and
Dayton Hudson Receivables Corporation,
its Officers and Directors
As Transferor
and
Retailers National Bank
its Officers and Directors
As Servicer
and
Norwest Bank, National Association
As Trustee
We have audited, in accordance with generally accepted auditing standards, the
statements of financial condition of Retailers National Bank ("the Bank"), as of
December 31, 1997 and 1996 and the related statements of income, stockholder's
equity and cash flows for the years then ended and have issued our report
thereon dated January 22, 1998.
Our audit, referred to in the preceding paragraph, included procedures applied
to the documents and records relating to the servicing of credit card
receivables under the Dayton Hudson Credit Card Master Trust Pooling and
Servicing Agreement ("the Pooling and Servicing Agreement") dated as of
September 13, 1995. Our procedures were as follows:
Documents and records relating to the servicing of credit card receivables under
the Pooling and Servicing Agreement:
1. Using an audit software application applied to the servicing portfolio
as of September 13, 1997, we clerically tested the summarization of
credit card receivables by credit card label, by billing cycle,
individually and in total for all aging categories for a sample of
periods in 1997 through September 30, 1997.
<PAGE>
-2-
2. We read documentation of Internal Audit's sample clerical tests of the
aging of credit card receivable cycles at September 30, 1997.
3. We documented the process of sales that generate credit card receivables
and tested the related controls as of September 30, 1997. Per
subsequent inquiry of Dayton Hudson Corporation and Bank management, we
were informed that no significant changes occurred in the related
systems, controls or process through our report date.
4. We confirmed a sample of 63 credit card receivables as of September 30,
1997. Ten responses noting differences were appropriately resolved by
Internal Audit.
5. We read documentation of Internal Audit's procedures related to new
account application processes, credit scoring/credit approval processes,
new account system set-up processes, remittance processing, monthly
statement processing, collections, and credit card receivables curing.
We also examined documentation of the charge-off practices to determine
compliance with applicable Office of the Comptroller of the Currency
regulations and generally accepted accounting principles.
6. We documented the process of preparing the migration analysis to support
the allowance for credit loss. We performed clerical tests of the
underlying formulas and traced aging information to supporting cycle
documentation tested above. We also assessed the adequacy of the
allowance for credit losses.
7. We analytically reviewed allowance-related ratios (e.g., allowance as a
percentage of total credit card receivables, year-to-date write-offs as
a percentage of the allowance, year-to-date write-offs as a percentage
of average loan balances) comparing the ratios for the periods referred
to in the introductory paragraph of this letter.
The results provided satisfactory evidential matter for the purposes of our
audit of the financial statements, referred to in the introductory paragraph of
this letter, taken as a whole.
This report is intended solely for the use of the specified users listed above
and should not be used by for any other purpose.
Very truly yours,
/s/ Ernst & Young LLP
January 22, 1998
<PAGE>
[LETTERHEAD]
Report of Independent Accountants
Dayton Hudson Corporation,
its Officers and Directors
and
Dayton Hudson Receivables Corporation,
its Officers and Directors
As Transferor
and
Retailers National Bank
its Officers and Directors
As Servicer
and
Norwest Bank, National Association
As Trustee
At your request, we have applied certain agreed-upon procedures, described
below, agreed to by Dayton Hudson Corporation ("the Company"), Dayton Hudson
Receivables Corporation, as Transferor, and Retailers National Bank, as
Servicer, each of their respective Officers and Directors, and Norwest Bank,
National Association, as Trustee to the Monthly Certificateholders' Statements
("the Statements"), issued pursuant to the Dayton Hudson Credit Card Master
Trust Pooling and Servicing Agreement ("the Pooling and Servicing Agreement")
dated September 13, 1995, for Series 1995-1 each of the monthly reporting
periods from January 1997 through December 1997. An example of a Statement is
provided as Attachment I. The specific procedures performed on each of the
Statements are cross-referenced to Attachment I for each item or group of items.
Only those items with balances on the Statements were cross-referenced. Our
procedures were applied as indicated with respect to the letters explained
below:
A. Compared amounts to the Dayton Hudson Credit Card Master Trust
Prospectus Supplement, for Series 1995-1 dated September 13, 1995 ("the
Prospectus Supplement") and found them to be in agreement.
<PAGE>
-2-
B. Compared the dollar and other amounts not derived directly from the
Prospectus to amounts in the Company's accounting records to the extent
such amounts could be so compared directly and found them to be in
agreement. Examples of those accounting records used are listed below.
C. Compared the dollar and other amounts not derived directly from the
Prospectus, or that could not be compared directly to the Company's
accounting records, to amounts within the Monthly Certificateholders'
Statement and found them to be in agreement.
D. Proved the arithmetic accuracy of the percentages or amounts based on
the data in the above mentioned Prospectus and accounting records.
Accounting records for purposes of this letter include the following reports or
records: Data Summary Sheet; Breakout of Finance Charge Receivable and
Principal Receivable; Finance Charge Receivable Payments as a Percentage of
Total Monthly Payments; Receivable Aging by Dollar Balance; Month End Accounts
Receivable Aging Summary Reports; Purified Net Write-Off Reports; Monthly Sales
Returns; Credits and Adjustments Reports; Bank Sales Reports; Account Totals by
Delinquency Level Reports; Geographic Distribution of Accounts and Receivables
Reports; Miscellaneous Payment Instructions Report; and, Monthly Collection
Account Earnings. All Monthly Reports are generated by management of Dayton
Hudson Corporation or Retailers National Bank.
There were no findings noted as a result of our procedures performed.
We were not engaged to, and did not perform an audit, the objective of which
would be the expression of an opinion on the Monthly Certificateholders'
Statements. Accordingly, we do not express such an opinion. Had we performed
additional procedures, other matters might have come to our attention that would
have been reported to you.
This report is intended solely for the use of the specified users listed above
and should not be used by those who have not agreed to the procedures and taken
responsibility for the sufficiency of the procedures for their purposes.
Very truly yours,
/s/ Ernst & Young LLP
January 22, 1998
<PAGE>
Attachment I
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: DECEMBER 1997
DISTRIBUTION DATE: JANUARY 26, 1998
NO. OF DAYS IN PERIOD: 35
- -----------------------------------------------------------------------------------------------------------------------------
<S> <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% --------D
| ----------------- |
(c) Total Initial Invested Amount | $ 522,875,817.00 ------------------------
| -----------------
| -----------------
A
(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 |------ $2,216,421,853.64
(b) Beginning of the Period Finance Charge Receivables |---------- 70,815,061.07
(c) Beginning of the Period Discounted Receivables | -
| -----------------
(d) Beginning of the Period Total Receivables (a + b + c) | $2,287,236,914.71 -------------|
| ----------------- |
| ----------------- |
| |
(e) Removed Principal Receivables | $ - |
(f) Removed Finance Charge Receivables B - |
| ----------------- D
(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 |------ $2,548,011,940.12 |
(l) End of Period Finance Charge Receivables |---------- 72,774,279.00 |
(m) End of Period Discounted Receivables - |
----------------- |
(n) End of Period Total Receivables (k + l + m) $2,620,786,219.12 -------------|
-----------------
-----------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
SERIES 1995-1
<TABLE>
II. INVESTED AMOUNTS AND ALLOCATION PERCENTAGES
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
---------
(a) Class A Initial Invested Amount |------ $ 400,000,000.00 | 76.50% |
(b) Class B Initial Invested Amount A--------- 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% |---D
(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)) D------ $ 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 | 23.59% |
(k) Class A Floating Allocation Percentage | 18.05% |
(l) Class B Floating Allocation Percentage | 5.54% |
| |
(m) Principal Allocation Percentage D---- | 23.59% |
(n) Class A Principal Allocation Percentage | 18.05% |
(o) Class B Principal Allocation Percentage | 5.54% |
| |
(p) Servicing Fee | $ 871,459.70 |
(q) Investor Defaulted Amount (j * (IV.(m))) | $ 3,490,665.18 |
-------------------
III. TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING
ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT
- ---------------------------------------------------------------------------------------------------------------------
(a) Transferor's Amount (end of month) |------ $1,257,212,650.11
(b) Required Retained Transferor Amount B--------- $50,960,238.80
(c) Required Principal Balance |------ $1,290,799,290.01
(e) Funds on deposit in Special Funding Account (end of month) $ -
(f) Principal on deposit in Principal Funding Account (end of month) $ -
</TABLE>
<PAGE>
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
SERIES 1995-1
<TABLE>
IV. PERFORMANCE SUMMARY
- -------------------------------------------------------------------------------------------------------------------
<S> <C>
COLLECTIONS: -----------------
(a) Collections of Principal Receivables | $434,009,548.46 |
(b) Collections of Finance Charge Receivables (from cardholder payments) | 37,713,962.67 |------------B
(c) Collections of Finance Charge Receivables (from merchant fees, | 7,279,500.63 |
deferred billing fees, collection account interest) -----------------
(d) Collections of Discount Option Receivables 0.00
---------------
(e) Total Finance Charge Collections (b + c + d) |-------- $ 44,993,463.30
D ---------------
(f) Total Collections (a + e) |-------- $479,003,011.76
---------------
---------------
DELINQUENCIES AND LOSSES: -----------------
(g) 2 missed payments | $ 82,830,000 |
(h) 3 missed payments | 36,879,000 |
(i) 4 or more missed payments B------ | 76,217,000 |
| --------------- |
-----------------
(j) Total delinquencies (g + h + i) |-------- $ 195,926,000
| ---------------
| ---------------
D
(k) Gross Charge-Offs during the month | $ 16,877,626.62 -------------|
(l) Recoveries during the month | $ 2,081,022.28 -------------B
(m) Net Charge-Offs during the month (k - l) |-------- $ 14,796,604.34
V NON-U.S. ACCOUNTS
- -------------------------------------------------------------------------------------------------------------------
(a) Non-US Accounts at end of month |---------------- 112,241
(b) as a percentage of total (a / c) B 0.44% -------------D
|
(c) Total number of Accounts in Trust (at end of month) |------------- 25,325,937
</TABLE>
<PAGE>
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
SERIES 1995-1
<TABLE>
VI AVAILABLE SERIES 1995-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS
- --------------------------------------------------------------------------------------------------------------------------
<S> <C>
(a) Floating Allocation Percentage of Collections of Finance Charge Receivables $10,614,402.60 ----|
(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) $10,614,402.60 ----D
|
(i) Class A Interest 2,033,333.34 ----|
(ii) Servicing Fee C----------- 871,459.70
(iii) Class A Investor Defaulted Amount ((IV.m * (II.k)) |--------- 2,670,358.86
|
(iv) Class B Investor Defaulted Amount ((IV.m * (II.l )) |----------- 820,306.32
|
(v) Adjustment Payment Shortfalls | -
|
(vi) Reimbursement of Class A Investor Charge-Offs | -
D
(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 |------- $ 4,218,944.38
(e-i-ii-iii-iv-v-vi-vii-viii-ix)
</TABLE>
<PAGE>
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
SERIES 1995-1
<TABLE>
VII YIELD AND BASE RATE
- -------------------------------------------------------------------------------------------------------
<S> <C>
BASE RATE
(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 D B
| |
(e) Portfolio Yield (current month) |--------- 14.01% |
(f) Portfolio Yield (prior month) | 18.91%--------|
(g) Portfolio Yield (2 months ago) | 19.48%--------|
|
(h) 3 Month Average Portfolio Yield |--------- 17.47%
VIII PORTFOLIO PERFORMANCE RATES
- -------------------------------------------------------------------------------------------------------
-----------
(a) Net Charge-Offs (annualized % of Principal Receivables at beginning of | 6.87% |
period) | |
(b) Monthly Payment Rate (% of Principal Receivables at beginning of period | |
(adjusted for number of days in period)) | 18.52% |
(c) Trust Portfolio Yield (annualized) D-----| 20.88% |
(d) Portfolio Yield (3 month average (annualized)) | 17.47% |
(e) Base Rate (3 month average) | 6.67% |
(f) Excess Finance Charge Collections % (d - e) | 10.80% |
-----------
</TABLE>
<PAGE>
[LETTERHEAD]
Report of Independent Accountants
Dayton Hudson Corporation,
its Officers and Directors
and
Dayton Hudson Receivables Corporation,
its Officers and Directors
As Transferor
and
Retailers National Bank
its Officers and Directors
As Servicer
and
Norwest Bank, National Association
As Trustee
At your request, we have applied certain agreed-upon procedures, described
below, agreed to by Dayton Hudson Corporation ("the Company"), Dayton Hudson
Receivables Corporation, as Transferor, and Retailers National Bank, as
Servicer, each of their respective Officers and Directors, and Norwest Bank,
National Association, as Trustee to the Monthly Certificateholders' Statements
("the Statements"), issued pursuant to the Dayton Hudson Credit Card Master
Trust Pooling and Servicing Agreement ("the Pooling and Servicing Agreement")
dated September 13, 1995, for Series 1997-1 each of the monthly reporting
periods from January 1997 through December 1997. An example of a Statement is
provided as Attachment I. The specific procedures performed on each of the
Statements are cross-referenced to Attachment I for each item or group of items.
Only those items with balances on the Statements were cross-referenced. Our
procedures were applied as indicated with respect to the letters explained
below:
A. Compared amounts to the Dayton Hudson Credit Card Master Trust
Prospectus Supplement, for Series 1997-1 dated October 8, 1997 ("the
Prospectus Supplement") and found them to be in agreement.
B. Compared the dollar and other amounts not derived directly from the
Prospectus to amounts in the Company's accounting records to the
extent such amounts could be so compared directly and found them to be
in agreement. Examples of those accounting records used are listed
below.
<PAGE>
-2-
C. Compared the dollar and other amounts not derived directly from the
Prospectus, or that could not be compared directly to the Company's
accounting records, to amounts within the Monthly Certificateholders'
Statement and found them to be in agreement.
D. Proved the arithmetic accuracy of the percentages or amounts based on
the data in the above mentioned Prospectus and accounting records.
Accounting records for purposes of this letter include the following reports or
records: Data Summary Sheet; Breakout of Finance Charge Receivable and
Principal Receivable; Finance Charge Receivable Payments as a Percentage of
Total Monthly Payments; Receivable Aging by Dollar Balance; Month End Accounts
Receivable Aging Summary Reports; Purified Net Write-Off Reports; Monthly Sales
Returns; Credits and Adjustments Reports; Bank Sales Reports; Account Totals by
Delinquency Level Reports; Geographic Distribution of Accounts and Receivables
Reports; Miscellaneous Payment Instructions Report; and, Monthly Collection
Account Earnings. All Monthly Reports are generated by management of Dayton
Hudson Corporation or Retailers National Bank.
There were no findings noted as a result of our procedures performed.
We were not engaged to, and did not perform an audit, the objective of which
would be the expression of an opinion on the Monthly Certificateholders'
Statements. Accordingly, we do not express such an opinion. Had we performed
additional procedures, other matters might have come to our attention that would
have been reported to you.
This report is intended solely for the use of the specified users listed above
and should not be used by those who have not agreed to the procedures and taken
responsibility for the sufficiency of the procedures for their purposes.
Very truly yours,
/s/ Ernst & Young LLP
January 22, 1998
<PAGE>
Attachment I
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
SERIES 1997-1
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 1997-1 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: DECEMBER 1997
DISTRIBUTION DATE: JANUARY 26, 1998
NO. OF DAYS IN PERIOD: 35
- -------------------------------------------------------------------------------------------------------------------------
<S> <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%-----D
| ------------------ |
(c) Total Initial Invested Amount A $ 522,875,817.00-----------------|
| ------------------
|
(d) Class A Certificate Rate |------------------------ 6.25%
(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 |----------- $ 2,216,421,853.64
(b) Beginning of the Period Finance Charge Receivables |---------------- 70,815,061.07
(c) Beginning of the Period Discounted Receivables | -
| ------------------
(d) Beginning of the Period Total Receivables (a + b + c) | $ 2,287,236,914.71-----------|
| ------------------ |
| ------------------ |
| |
(e) Removed Principal Receivables | $ - |
(f) Removed Finance Charge Receivables | - |
| ------------------ |
(g) Removed Total Receivables (e + f) | $ - |
| ------------------ |
| ------------------ |
B |
(h) Supplemental Principal Receivables | $ - D
(i) Supplemental Finance Charge Receivables | - |
| ------------------ |
(j) Supplemental Total Receivables (h + i) | $ - |
| ------------------ |
| ------------------ |
| |
(k) End of Period Principal Receivables |----------- $ 2,548,011,940.12 |
(l) End of Period Finance Charge Receivables |---------------- 72,774,279.00 |
(m) End of Period Discounted Receivables - |
------------------ |
(n) End of Period Total Receivables (k + l + m) $ 2,620,786,219.12-----------|
------------------
------------------
</TABLE>
<PAGE>
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
SERIES 1997-1
<TABLE>
II. INVESTED AMOUNTS AND ALLOCATION PERCENTAGES
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
--------
(a) Class A Initial Invested Amount |----------- $ 400,000,000.00 | 76.50% |
(b) Class B Initial Invested Amount A--------------- 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% |----D
| ------------------ | |
(f) Total Invested Amount (d + e) D----------- $ 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 | 23.59% |
(k) Class A Floating Allocation Percentage | 18.05% |
(l) Class B Floating Allocation Percentage | 5.54% |
| |
(m) Principal Allocation Percentage D----------| 23.59% |
(n) Class A Principal Allocation Percentage | 18.05% |
(o) Class B Principal Allocation Percentage | 5.54% |
| |
(p) Servicing Fee | $ 871,459.70 |
(q) Investor Defaulted Amount (j * (IV.(m))) | $ 3,490,665.18 |
--------------------
III. TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING
ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT
- --------------------------------------------------------------------------------------------------------------------------
(a) Transferor's Amount (end of month) |----------- $ 1,257,212,650.11
(b) Required Retained Transferor Amount B----------- $ 50,960,238.80
(c) Required Principal Balance |----------- $ 1,290,799,290.01
(e) Funds on deposit in Special Funding Account (end of month) $ -
(f) Principal on deposit in Principal Funding Account (end of month) $ -
</TABLE>
<PAGE>
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
SERIES 1997-1
<TABLE>
IV. PERFORMANCE SUMMARY
- -------------------------------------------------------------------------------------------------------------------------
<S> <C>
COLLECTIONS: --------------------
(a) Collections of Principal Receivables | $ 434,009,548.46 |
(b) Collections of Finance Charge Receivables (from cardholder payments) | 37,713,962.67 |---------B
(c) Collections of Finance Charge Receivables (from merchant fees, | 7,279,500.63 |
deferred billing fees, collection account interest) --------------------
(d) Collections of Discount Option Receivables 0.00
------------------
(e) Total Finance Charge Collections (b + c + d) |----------- $ 44,993,463.30
D ------------------
(f) Total Collections (a + e) |----------- $ 479,003,011.76
------------------
------------------
DELINQUENCIES AND LOSSES: --------------------
(g) 2 missed payments | $ 82,830,000 |
(h) 3 missed payments B----------| 36,879,000 |
(i) 4 or more missed payments | 76,217,000 |
--------------------
(j) Total delinquencies (g + h + i) |----------- $ 195,926,000
| ------------------
| ------------------
D
(k) Gross Charge-Offs during the month | $ 16,877,626.62-----------B
(l) Recoveries during the month | $ 2,081,022.28-----------|
(m) Net Charge-Offs during the month (k - l) |----------- $ 14,796,604.34
V NON-U.S. ACCOUNTS
- -------------------------------------------------------------------------------------------------------------------------
(a) Non-US Accounts at end of month |---------------------- 112,241
(b) as a percentage of total (a / c) | 0.44%-----------D
B
(c) Total number of Accounts in Trust (at end of month) |------------------- 25,325,937
</TABLE>
<PAGE>
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
SERIES 1997-1
<TABLE>
VI AVAILABLE SERIES 1995-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS
- -------------------------------------------------------------------------------------------------------------------------
<S> <C>
(a) Floating Allocation Percentage of Collections of Finance Charge Receivables $ 10,614,402.60-----------|
(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 - |
------------------ D
(e) Available Series 1997-1 Finance Charge Collections (a + b + c + d) $ 10,614,402.60-----------|
|
(i) Class A Interest 2,083,333.34-----------|
(ii) Servicing Fee C------------------- 871,459.70
(iii) Class A Investor Defaulted Amount ((IV.m * (II.k)) |----------------- 2,670,358.86
|
(iv) Class B Investor Defaulted Amount ((IV.m * (II.l )) |------------------- 820,306.32
|
(v) Adjustment Payment Shortfalls | -
|
(vi) Reimbursement of Class A Investor Charge-Offs | -
D
(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 |----------- $ 4,168,944.38
(e-i-ii-iii-iv-v-vi-vii-viii-ix)
</TABLE>
<PAGE>
MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
DAYTON HUDSON CREDIT CARD MASTER TRUST
SERIES 1997-1
<TABLE>
VII YIELD AND BASE RATE
- -------------------------------------------------------------------------------------------------------------------------
<S> <C>
BASE RATE
(a) Base Rate (current month) |----------------- 6.78%
(b) Base Rate (prior month) | 6.78%-----------|
(c) Base Rate (2 months ago) | 6.78%-----------|
| |
(d) 3 Month Average Base Rate D----------------- 6.78% |
| |
PORTFOLIO YIELD | B
| |
(e) Portfolio Yield (current month) |---------------- 14.01% |
(f) Portfolio Yield (prior month) | 18.91%-----------|
(g) Portfolio Yield (2 months ago) | 29.09%-----------|
|
(h) 3 Month Average Portfolio Yield |---------------- 20.67%
VIII PORTFOLIO PERFORMANCE RATES
- -------------------------------------------------------------------------------------------------------------------------
----------
(a) Net Charge-Offs (annualized % of Principal Receivables at beginning of | 6.87% |
period) | |
(b) Monthly Payment Rate (% of Principal Receivables at beginning of period | 18.52% |
(adjusted for number of days in period)) | |
(c) Trust Portfolio Yield (annualized) D-------------| 20.88% |
(d) Portfolio Yield (3 month average (annualized)) | 20.67% |
(e) Base Rate (3 month average) | 6.78% |
(f) Excess Finance Charge Collections % (d - e) | 13.89% |
----------
</TABLE>
