UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-K


            [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                   For the fiscal year ended October 31, 1997

                                       OR

          [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


             For the transition period from __________ to__________
                                   ----------
                         Commission File Number 33-36767
                                   ----------


             NAVISTAR FINANCIAL SECURITIES CORPORATION on behalf of
                  NAVISTAR FINANCIAL DEALER NOTE TRUST 1990 AND
                   NAVISTAR FINANCIAL DEALER NOTE MASTER TRUST
             (Exact name of Registrant as specified in its charter)


            Delaware                              36-3731520
(State or other jurisdiction of       (I.R.S. Employer Identification No.)
incorporation or organization)


           2850 West Golf Road
        Rolling Meadows, Illinois                                    60008
(Address of principal executive offices)                          (Zip Code)

        Registrant's telephone number, including area code (847) 734-4000

        Securities registered pursuant to Section 12(b) of the Act:  None

        Securities registered pursuant to Section 12(g) of the Act:  None

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 and (2) has been subject to such filing requirements for
the past 90 days. Yes X No __



<PAGE>







                                     PART I

Item 1.  Business

     The Navistar Financial Dealer Note Trust 1990 (the "1990 Trust") was formed
pursuant to a Pooling and Servicing Agreement dated as of December 1, 1990 among
Navistar Financial Securities  Corporation,  as seller (the "Seller"),  Navistar
Financial  Corporation,   as  servicer  (the  "Servicer"),   and  Chemical  Bank
(Successor to  Manufacturers  Hanover  Trust  Company),  as 1990 Trust  Trustee.
Wholesale  dealer  notes (the  "Dealer  Notes") and  security  interests  in the
vehicles  financed  thereby were  transferred  to the 1990 Trust in exchange for
three  classes  of  floating  rate  pass-through   certificates  (the  "Investor
Certificates")  which were  remarketed  to the public.  The  Seller's  undivided
fractional  interest in the 1990 Trust (the "Seller Interest") is evidenced by a
Seller Certificate.

     Additional Dealer Notes are sold on a daily basis by the Seller to the 1990
Trust to replace those Dealer Notes which have been liquidated or charged off as
uncollectible.  Accordingly,  the  aggregate  amount of Dealer Notes in the 1990
Trust will  fluctuate  from day to day as new Dealer Notes are  generated and as
existing Dealer Notes are removed.

     Under the terms of the  Pooling  and  Servicing  Agreement,  the  Seller is
required to maintain a minimum investment in the 1990 Trust (the "Minimum Seller
Interest"), a portion of which is subordinated to the Investor Certificates.  If
the amount of Dealer Notes in the 1990 Trust is less than the combined ownership
interest evidenced by the Investor Certificates and Minimum Seller Interest, the
Seller must transfer additional funds (the "Investment  Securities") to the 1990
Trust to  maintain  the Seller  Interest  at an amount not less than the Minimum
Seller Interest.

     On June 8, 1995,  the  Navistar  Financial  Dealer Note  Master  Trust (the
"Master Trust") was formed  pursuant to a Pooling and Servicing  Agreement among
Navistar  Financial  Securities  Corporation,   as  seller,  Navistar  Financial
Corporation,  as servicer,  Chemical Bank  (Successor to  Manufacturers  Hanover
Trust Company),  as 1990 Trust Trustee and The Bank of New York, as Master Trust
Trustee.  On June 8, 1995, the 1990 Trust issued Class A-4  Certificates  in the
amount of $207.9  million to the Master  Trust  which,  in turn,  issued  Series
1995-1 Certificates in the amount of $200.0 million to the public. On August 19,
1997,  the 1990  Trust  issued  Class A-5  Certificates  in the amount of $200.0
million to the Master Trust which in turn issued Series 1997-1  Certificates  to
the public.

     The 1990  Trust is the  active  trust  and will hold the  Dealer  Notes and
certain related assets until the termination of the 1990 Trust.  The termination
of the 1990 Trust will occur upon the repayment of the two remaining  classes of
Investor Certificates issued in 1990 (Class A-2 and Class A-3) at which time the
Master Trust will become the active trust.

Item 2.  Properties

         Not applicable.



<PAGE>




                                     PART I


Item 3.  Legal Proceedings

     The registrant  knows of no material  pending legal  proceedings  involving
either the Dealer Notes or the trustees, or the Seller or Servicer in respect of
the trusts.

Item 4.  Submission of Matters to a Vote of Security Holders

     No matter  was  submitted  during  the  period of this  report to a vote of
holders of the Certificates.


                                     PART II

Item 5.    Market for the Registrant's Common Equity
           and Related Stockholder Matters

      Not applicable.

Item 6.    Selected Financial Data

      Not applicable.

Item 7.    Management's Discussion and Analysis of Financial
           Condition and Results of Operations

     As of October 31, 1997, the combined aggregate  principal balance of Dealer
Notes and Investment Securities was $720.3 million. Reference is made to Exhibit
13 for  additional  information  regarding  principal  and interest  payments in
respect  of  the  Investor  Certificates  and  information  regarding  servicing
compensation and other fees paid by the trusts during the fiscal year.

     As of October 31, 1997, the combined aggregate  principal balance of Dealer
Notes  and  Investment  Securities  allocated  by the  1990  Trust  to  Investor
Certificates and the Seller  Certificate were $607.9 million and $112.4 million,
respectively.  Of the $607.9  million,  $200.0 million of Investor  Certificates
were issued to the public and $407.9 million were issued to the 1995 Dealer Note
Master Trust which, in turn, issued $400.0 million to the public. The balance of
the 1995 Dealer Note Master Trust is held by the Seller.

     At October 31, 1997, the remaining shelf registration available to Navistar
Financial  Securities  Corporation  for  issuance of investor  certificates  was
$200.0 million.

Item 8.    Financial Statements and Supplementary Data

      Not applicable.


<PAGE>




Item 9.    Changes in and Disagreements With Accountants on
           Accounting and Financial Disclosure

      None.

                                    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

      Not applicable.

Item 13.   Certain Relationships and Related Transactions

      Not applicable.

                                     PART IV

Item 14.   Exhibits, Financial Statement Schedules and Reports on Form 8-K

          (a)   Exhibits

           3    Articles of Incorporation and By-Laws

          10    Material Contracts

                An Annual  Summary  of the  Certificateholders'  Statement,  the
                Servicer Certificate and the Servicer and Settlement Certificate
                listed below is an  annualized  version of the monthly  Servicer
                Certificates prepared by the Servicer.

          13(a) -  Annual Summary of Servicer and Settlement Certificates
                   Series 1997-1

          13(b) -  Annual Summary of Servicer and Settlement Certificates
                   Series 1995-1

          13(c) -  Annual Summary of Servicer Certificates

          13(d) -  Annual Summary of Certificateholders' Statements

          13(e) -  Report of Independent Certified Public Accountants


<PAGE>




                                     PART IV



Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K

          (b) Reports on Form 8-K:

          The  Registrant  filed the  following  reports  on Form 8-K during the
          three months ended October 31, 1997:


          (i)         Form 8-K dated August 25, 1997

          (ii)        Form 8-K dated September 25, 1997

          (iii)       Form 8-K dated October 27, 1997





<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.



               NAVISTAR FINANCIAL SECURITIES CORPORATION on behalf
                  of NAVISTAR FINANCIAL DEALER NOTE TRUST 1990
                 and NAVISTAR FINANCIAL DEALER NOTE MASTER TRUST
             (Exact name of Registrant as specified in its charter)



By:  /s/ PHYLLIS E. COCHRAN                                    January 28, 1998
         Phyllis E. Cochran
         Vice President and Controller
         (Principal Accounting Officer)

<PAGE>



                                  EXHIBIT INDEX



<TABLE>
<CAPTION>
                                                                     Sequential
   Exhibit No.                        Exhibit                         Page No.

<S>                 <C>                                                  <C>
       3            Articles of Incorporation and By-Laws                 7

      10            Material Contracts                                    8

      13(a)         Annual Summary
                         -  Servicer and Settlement Certificates         10
                            Series 1997-1

      13(b)         Annual Summary                                       13
                         -  Servicer and Settlement Certificates
                            Series 1995-1

      13(c)         Annual Summary                                       16
                         -  Servicer Certificates

      13(d)         Annual Summary                                       21
                        - Certificateholders' Statements

      13(e)         Report of Independent Certified Public Accountants   29


</TABLE>