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, 1999

                                       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 33-87374
                                   ----------


             NAVISTAR FINANCIAL SECURITIES CORPORATION on behalf of
                   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 __



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                                     PART I

Item 1.  Business

      The  Navistar  Financial  Dealer  Note Trust 1990 (the "1990  trust")  was
terminated as of February 28, 1999. All outstanding 1990 Trust Certificates were
redeemed  in  full.  At that  time all  assets  owned  by the  1990  Trust  were
transferred to the Navistar Financial 1995 Dealer Note Master Trust (the "Master
Trust") and the Master Trust became the active trust.

      The Master Trust was formed pursuant to a Pooling and Servicing  Agreement
dated as of June 8, 1995 among Navistar  Financial  Securities  Corporation,  as
Seller (the "Seller"), Navistar Financial Corporation, as Servicer, and The Bank
of New York,  as Master Trust  Trustee.  On June 8, 1995,  the 1990 Trust issued
certificates  representing  an undivided  interest in the 1990 Trust assets (the
"1990 Trust  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 1990 Trust
Certificates in the amount of $200.0 million to the Master Trust which, in turn,
issued  Series 1997-1  Certificates  to the public.  On July 17, 1998,  the 1990
Trust  issued  1990 Trust  Certificates  in the amount of $200.0  million to the
Master Trust which, in turn, issued Series 1998-1 Certificates to the public.

      Wholesale dealer notes (the "Dealer Notes") and security  interests in the
vehicles  financed  thereby were transferred to the Master Trust in exchange for
floating rate pass-through certificates (the "Investor Certificates") which were
remarketed to the public.  Additional  Dealer Notes are sold on a daily basis by
the Seller to the Master Trust to replace  those Dealer  Notes,  which have been
liquidated or charged off as uncollectible. Accordingly, the aggregate amount of
Dealer  Notes in the Master 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 Master  Trust (the  "Minimum
Master Trust  Seller's  Interest"),  a portion of which is  subordinated  to the
Investor Certificates. If the amount of Dealer Notes in the Master Trust is less
than the combined ownership interest evidenced by the Investor  Certificates and
Minimum  Master Trust  Seller's  Interest,  the Seller must transfer  additional
funds  ("Investment   Securities")  to  the  Master  Trust  to  maintain  NFSC's
investment  in the Master Trust (the "Master  Trust  Seller's  Interest")  at an
amount not less the Minimum Master Trust Seller's Interest.


Item 2.  Properties

      Not applicable.


<PAGE>


                               PART I (continued)

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, 1999,  the combined  aggregate  principal  balance of
Dealer Notes and Investment  Securities was $1,105.4 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, 1999,  the combined  aggregate  principal  balance of
Dealer Notes and Investment Securities allocated by the Master Trust to Investor
Certificates  and the Master  Trust  Seller's  Interest  was $600.0  million and
$505.4 million, respectively.

Item 8.  Financial Statements and Supplementary Data

         Not applicable.

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

         None.


<PAGE>

                                    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  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 1995-1

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

         13(c)  -  Annual Summary of Servicer and Settlement Certificates
                   Series 1998-1


    (b)  Reports on Form 8-K:

      The  Registrant  filed the following  reports on Form 8-K during the three
months ended October 31, 1999:


        (i)     Form 8-K dated August 25, 1999

        (ii)    Form 8-K dated September 25, 1999

        (iii)   Form 8-K dated October 25, 1999


<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 MASTER TRUST
             (Exact name of Registrant as specified in its charter)



By:  /s/ PHYLLIS E. COCHRAN                                 December 23, 1999
         --------------------------------
         Phyllis E. Cochran
         Vice President and Controller
         (Principal Accounting Officer)


<PAGE>



                                  EXHIBIT INDEX



                                                                    Sequential
Exhibit No.              Exhibit                                     Page No.

     3     Articles of Incorporation and By-Laws                         7

    10     Material Contracts                                            8

    13(a)  Annual Summary                                               10
           -  Servicer and Settlement Certificates
              Series 1995-1

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

    13(c)  Annual Summary                                               16
           -  Servicer and Settlement Certificates
              Series 1998-1