<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


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                                       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.

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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


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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.


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                                     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


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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>


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