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Previous: PACIFICAMERICA MONEY CENTER INC, 8-K, 1997-01-22 |
Next: VAN KAMPEN AMERICAN CAPITAL REAL ESTATE SECURITIES FUND, 497, 1997-01-22 |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
Various
FINGERHUT MASTER TRUST
FINGERHUT RECEIVABLES, INC.
(Originator of the Fingerhut Master Trust)
(Exact name of registrant as specified in its charter)
Delaware 033-77780 41-1783128
(State of Incorporation) (Commission File No.) (IRS Employer Ident. No.)
4400 Baker Road, Suite F480, Minnetonka, Minnesota 55343
(Address of principal executive offices)
(612) 936-5035
(Registrant's telephone number, including area code)
FINGERHUT RECEIVABLES, INC.
Current Report on Form 8-K
Item 7. Financial Statements and Exhibits
Ex. 20 Settlement Statements
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
FINGERHUT RECEIVABLES, INC.
By: /s/ James M. Wehmann
-------------------------
James M. Wehmann
Vice President,
Assistant Treasurer
Dated: January 21, 1997
<TABLE>
Fingerhut Receivables, Inc. Fingerhut Master Trust Monthly Report
Certificateholder's Statement Series 1994-1 Mar-96
Section 5.2 Class A Class B Class C Class D Total
<C> <S> <C> <C> <C> <C> <C>
(i) Certificate Amount 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
(ii) Certificate Principal Distributed 0.00 0.00 0.00 0.00
(iii) Certificate Interest Distributed 3,765,186.56 509,439.22 543,190.89 4,817,816.67
Total Distribution per $1,000 Certificate
Certificate Principal Distributed per $1,000 0.0000000 0.0000000 0.0000000
Certificate Interest Distributed per $1,000 5.2593750 5.5343750 5.9010417
(iv) Principal Collections 54,635,998.83 7,025,064.53 7,025,064.53 9,343,089.47 78,029,217.36
(v) Imputed Yield Collections 18,211,999.61 2,341,688.18 2,341,688.18 3,114,363.16 26,009,739.13
Recoveries 2,222,112.93 285,717.97 285,717.97 380,940.74 3,174,489.61
Interest Earned on Prefunded Accounts 0.00 0.00 0.00 0.00 0.00
Total Imputed Yield Collections 20,434,112.54 2,627,406.15 2,627,406.15 3,495,303.90 29,184,228.74
Total Collections 75,070,111.37 9,652,470.68 9,652,470.68 12,838,393.37 107,213,446.10
(vi) Aggregate Amount of Principal Receivables 1,303,396,241.32
Invested Amount (End of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Floating Allocation Percentage 54.9257376% 7.0623190% 7.0623190% 9.4160161% 78.4663917%
Invested Amount (Beginning of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Average Daily Invested Amount 1,022,543,425.08
(vii) Receivable Delinquencies
Current (As a % of Total Receivables) 1,331,097,847.54 76.59%
30 Days to 59 Days (As a % of Total Receivables) 121,184,238.40 6.97%
60 Days to 89 Days (As a % of Total Receivables) 77,363,514.35 4.45%
90 Days and Over (As a % of Total Receivables) 208,216,054.80 11.98%
Total Receivables 1,737,861,655.09 100.00%
(viii) Aggregate Investor Default Amount 13,589,618.21
As a % of Average Daily Invested Amount 17.37%
(Annualized based on 366 days/year)
(ix) Certificate Charge-Offs
Class A 0.00
Class B 0.00
Class C 0.00
Class D 0.00
Total Certificate Charge-Offs 0.00
(x) Servicing Fee 1,193,166.80
Class B 153,416.76
Class C 153,416.76
Class D 204,546.72
Total Servicing Fee 1,704,547.04
(xi) Pool Factor
Class A 1.0000000
Class B 1.0000000
Class C 1.0000000
(xii) Reallocated Principal Collections
Class B 0.00
Class C 0.00
Class D ** Everything was reimbursed 2,207,157.86
by the end of the fiscal month.
(xiii) Excess Funding Account Balance 0.00
Prefunding Account Balance 0.00
(xiv) Class C Trigger Event Occurrence None
Class C Reserve Amount N/A
Average Net Portfolio Yield 19.9350%
Minimum Base Rate 7.8398%
</TABLE>
<TABLE>
Fingerhut Receivables, Inc. Fingerhut Master Trust Monthly Report
Certificateholder's Statement Series 1994-1 Apr-96
Section 5.2 Class A Class B C Class Class D Total
<C> <S> <C> <C> <C> <C> <C>
(i) Certificate Amount 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
(ii) Certificate Principal Distributed 0.00 0.00 0.00 0.00
(iii) Certificate Interest Distributed 3,194,703.75 432,251.46 460,889.24 4,087,844.45
Total Distribution per $1,000 Certificate
Certificate Principal Distributed per $1,000 0.0000000 0.0000000 0.0000000
Certificate Interest Distributed per $1,000 4.4625000 4.6958334 5.0069445
(iv) Principal Collections 53,633,349.91 6,896,144.54 6,896,144.54 9,164,881.93 76,590,520.92
(v) Imputed Yield Collections 17,877,783.30 2,298,714.85 2,298,714.85 3,054,960.64 25,530,173.64
Recoveries 2,283,583.07 293,621.77 293,621.77 391,478.67 3,262,305.28
Interest Earned on Prefunded Accounts 0.00 0.00 0.00 0.00 0.00
Total Imputed Yield Collection 20,161,366.37 2,592,336.62 2,592,336.62 3,446,439.31 28,792,478.92
Total Collections 73,794,716.28 9,488,481.16 9,488,481.16 12,611,321.24 105,382,999.84
(vi) Aggregate Amount of Principal Receivables 1,260,818,804.98
Invested Amount (End of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Floating Allocation Percentage 56.7805617% 7.3008112% 7.3008112% 9.7339919% 81.1161759%
Invested Amount (Beginning of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Average Daily Invested Amount 1,022,345,392.71
(vii) Receivable Delinquencies
Current (As a % of Total Receivables) 1,303,517,041.57 77.54%
30 Days to 59 Days (As a % of Total Receivables) 116,104,362.88 6.91%
60 Days to 89 Days (As a % of Total Receivables) 53,125,543.28 3.16%
90 Days and Over (As a % of Total Receivables) 208,344,792.24 12.39%
Total Receivables 1,681,091,739.97 100.00%
(viii) Aggregate Investor Default Amount 14,240,551.04
As a % of Average Daily Invested Amount
(Annualized based on 366 days/year) 18.21%
(ix) Certificate Charge-Offs
Class A 0.00
Class B 0.00
Class C 0.00
Class D 0.00
Total Certificate Charge-Offs 0.00
(x) Servicing Fee
Class A 1,193,166.80
Class B 153,416.76
Class C 153,416.76
Class D 204,546.72
Total Servicing Fee 1,704,547.04
(xi) Pool Factor
Class A 1.0000000
Class B 1.0000000
Class C 1.0000000
(xii) Reallocated Principal Collections
Class B 0.00
Class C 0.00
Class D ** Everything was reimbursed 2,436,643.62
by the end of the fiscal month.
(xiii) Excess Funding Account Balance 0.00
Prefunding Account Balance 0.00
(xiv) Class C Trigger Event Occurrence None
Class C Reserve Amount N/A
Average Net Portfolio Yield 18.6057%
Minimum Base Rate 7.8398%
</TABLE>
<TABLE>
Fingerhut Receivables, Inc. Fingerhut Master Trust Monthly Report
Certificateholder's Statement Series 1994-1 May-96
Section 5.2 Class A Class B Class C Class D Total
<C> <S> <C> <C> <C> <C> <C>
(i) Certificate Amount 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
(ii) Certificate Principal Distributed 0.00 0.00 0.00 0.00
(iii) Certificate Interest Distributed 3,536,993.44 478,564.11 510,270.23 4,525,827.78
Total Distribution per $1,000 Certificate
Certificate Principal Distributed per $1,000 0.0000000 0.0000000 0.0000000
Certificate Interest Distributed per $1,000 4.9406250 5.1989583 5.5434028
(iv) Principal Collections 59,537,984.75 7,655,358.97 7,655,358.97 10,149,480.75 84,998,183.44
(v) Imputed Yield Collections 19,845,994.92 2,551,786.32 2,551,786.32 3,383,160.25 28,332,727.81
Recoveries 2,312,173.78 297,297.94 297,297.94 395,983.32 3,302,752.99
Interest Earned on Prefunded Acct. 0.00 0.00 0.00 0.00 0.00
Total Imputed Yield Collections 22,158,168.70 2,849,084.26 2,849,084.26 3,779,143.57 31,635,480.80
Total Collections 81,696,153.45 10,504,443.23 10,504,443.23 13,928,624.32 116,633,664.24
(vi) Aggregate Amount of Principal Receivables 1,249,408,587.02
Invested Amount (End of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Floating Allocation Percentage 57.2991100% 7.3674858% 7.3674858% 9.8228875% 81.8569690%
Invested Amount (Beginning of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Average Daily Invested Amount 1,022,177,820.70
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 75.23% 1,253,236,391.70
30 Days to 59 Days 7.76% 129,229,430.95
60 Days to 89 Days 4.22% 70,282,609.16
90 Days and Over 12.79% 213,129,684.21
Total Receivables 100.00% 1,665,878,116.02
(viii) Aggregate Investor Default Amo 18,321,746.63
As a % of Average Daily Invested Amount 18.74%
(Annualized based on 366 days/year)
(ix) Certificate Charge-Offs
Class A 0.00
Class B 0.00
Class C 0.00
Class D 0.00
Total Certificate Charge-Offs 0.00
(x) Servicing Fee
Class A 1,193,166.80
Class B 153,416.55
Class C 153,416.55
Class D 204,546.65
Total Servicing Fee 1,704,546.55
(xi) Pool Factor
Class A 1.0000000
Class B 1.0000000
Class C 1.0000000
(xii) Reallocated Principal Collections
Class B 0.00
Class C 0.00
Class D ** Everything was reimbursed 3,500,656.38
by the end of the fiscal month.
(xiii) Excess Funding Account Balance 0.00
Prefunding Account Balance 0.00
(xiv) Class C Trigger Event Occurrence None
Class C Reserve Amount N/A
Average Net Portfolio Yield 13.6203%
Minimum Base Rate 7.8398%
</TABLE>
<TABLE>
Fingerhut Receivables, Inc. Fingerhut Master Trust Monthly Report
Certificateholder's Statement Series 1994-1 Jun-96
Section 5.2 Class A Class B Class C Class D Total
<C> <S> <C> <C> <C> <C> <C>
(i) Certificate Amount 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
(ii) Certificate Principal Distributed 0.00 0.00 0.00 0.00
(iii) Certificate Interest Distributed 3,651,090.00 494,001.67 526,730.56 4,671,822.23
Total Distribution per $1,000 Certificate
Certificate Principal Distributed per $1,000 0.0000000 0.0000000 0.0000000
Certificate Interest Distributed per $1,000 5.1000000 5.3666667 5.7222223
(iv) Principal Collections 48,166,726.34 6,193,249.25 6,193,249.25 8,218,026.21 68,771,251.05
(v) Imputed Yield Collections 16,055,575.45 2,064,416.42 2,064,416.42 2,739,342.07 22,923,750.35
Recoveries 2,032,467.38 261,333.46 261,333.46 347,851.72 2,902,986.01
Interest Earned on Prefunded Accounts 0.00 0.00 0.00 0.00 0.00
Total Imputed Yield Collections 18,088,042.83 2,325,749.88 2,325,749.88 3,087,193.79 25,826,736.37
Total Collections 66,254,769.17 8,518,999.13 8,518,999.13 11,305,220.00 94,597,987.42
(vi) Aggregate Amount of Principal Receivables 1,247,193,841.37
Invested Amount (End of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Floating Allocation Percentage 57.4008607% 7.3805688% 7.3805688% 9.8403308% 82.0023292%
Invested Amount (Beginning of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Average Daily Invested Amount 1,022,257,827.74
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 74.05% 1,231,343,314.57
30 Days to 59 Days 8.55% 142,228,855.08
60 Days to 89 Days 4.39% 72,932,479.23
90 Days and Over 13.01% 216,420,472.94
Total Receivables 100.00% 1,662,925,121.82
(viii) Aggregate Investor Default Amount 16,076,981.49
As a % of Average Daily Invested Amount
(Annualized based on 366 days/year) 20.56%
(ix) Certificate Charge-Offs
Class A 0.00
Class B 0.00
Class C 0.00
Class D 0.00
Total Certificate Charge-Offs 0.00
(x) Servicing Fee
Class A 1,193,166.80
Class B 153,416.76
Class C 153,416.76
Class D 204,546.72
Total Servicing Fee 1,704,547.04
(xi) Pool Factor
Class A 1.0000000
Class B 1.0000000
Class C 1.0000000
(xii) Reallocated Principal Collections
Class B 0.00
Class C 0.00
Class D ** Everything was reimbursed 3,131,900.85
by the end of the fiscal month.
(xiii) Excess Funding Account Balance 0.00
Prefunding Account Balance 0.00
(xiv) Class C Trigger Event Occurrence None
Class Reserve Amount N/A
Average Net Portfolio Yield 12.4668%
Minimum Base Rate 7.8398%
</TABLE>
<TABLE>
Fingerhut Receivables, Inc. Fingerhut Master Trust Monthly Report
Certificateholder's Statement Series 1994-1 Jul-96
Section 5.2 Class A Class B Class C Class D Total
<C> <S> <C> <C> <C> <C> <C>
(i) Certificate Amount 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
(ii) Certificate Principal Distributed 0.00 0.00 0.00 0.00
(iii) Certificate Interest Distributed 3,308,800.31 447,689.01 477,349.57 4,233,838.89
Total Distribution per $1,000 Certificate
Certificate Principal Distributed per $1,000 0.0000000 0.0000000 0.0000000
Certificate Interest Distributed per $1,000 4.6218750 4.8635417 5.1857639
(iv) Principal Collections 46,036,312.83 5,919,321.98 5,919,321.98 7,831,137.17 65,706,093.96
(v) Imputed Yield Collections 15,345,437.61 1,973,107.33 1,973,107.33 2,610,379.06 21,902,031.33
Recoveries 1,909,014.85 245,460.00 245,460.00 326,916.89 2,726,851.75
Interest Earned on Prefunded Accounts 0.00 0.00 0.00 0.00 0.00
Total Imputed Yield Collections 17,254,452.46 2,218,567.33 2,218,567.33 2,937,295.95 24,628,883.08
Total Collections 63,290,765.29 8,137,889.31 8,137,889.31 10,786,433.12 90,334,977.04
(vi) Aggregate Amount of Principal Receivables 1,224,119,812.54
Invested Amount (End of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Floating Allocation Percentage 58.4828374% 7.5196888% 7.5196888% 10.0258160% 83.5480310%
Invested Amount (Beginning of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Average Daily Invested Amount 1,021,932,816.38
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 74.45% 1,215,120,774.65
30 Days to 59 Days 7.05% 115,061,426.87
60 Days to 89 Days 5.05% 82,504,365.22
90 Days and Over 13.45% 219,473,183.30
Total Receivables 100.00% 1,632,159,750.05
(viii) Aggregate Investor Default Amount 15,618,743.63
As a % of Average Daily Invested Amount 19.98%
(Annualized based on 366 days/year)
(ix) Certificate Charge-Offs
Class A 0.00
Class B 0.00
Class C 0.00
Class D 0.00
Total Certificate Charge-Offs 0.00
(x) Servicing Fee
Class A 1,193,166.80
Class B 153,416.76
Class C 153,416.76
Class D 204,546.72
Total Servicing Fee 1,704,547.04
(xi) Pool Factor
Class A 1.0000000
Class B 1.0000000
Class C 1.0000000
(xii) Reallocated Principal Collections
Class B 0.00
Class C 0.00
Class D ** Everything was reimbursed 3,343,113.78
by the end of the fiscal month.
(xiii) Excess Funding Account Balance 0.00
Prefunding Account Balance 0.00
(xiv) Class C Trigger Event Occurrence None
Class C Reserve Amount N/A
Average Net Portfolio Yield 11.5248%
Minimum Base Rate 7.8398%
</TABLE>
<TABLE>
Fingerhut Receivables, Inc. Fingerhut Master Trust Monthly Report
Certificateholder's Statement Series 1994-1 Aug-96
Section 5.2 Class A Class B Class C Class D Total
<C> <S> <C> <C> <C> <C> <C>
(i) Certificate Amount 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
(ii) Certificate Principal Distributed 0.00 0.00 0.00 0.00
(iii) Certificate Interest Distributed 3,536,993.44 478,564.11 510,270.23 4,525,827.78
Total Distribution per $1,000 Certificate
Certificate Principal Distributed per $1,000 0.0000000 0.0000000 0.0000000
Certificate Interest Distributed per $1,000 4.9406250 5.1989583 5.5434028
(iv) Principal Collections 56,703,695.64 7,290,927.77 7,290,927.77 9,641,999.40 80,927,550.59
(v) Imputed Yield Collections 18,901,231.88 2,430,309.26 2,430,309.26 3,213,999.80 26,975,850.20
Recoveries 2,085,761.24 268,185.95 268,185.95 356,801.28 2,978,934.42
Interest Earned on Prefunded Accounts 0.00 0.00 0.00 0.00 0.00
Total Imputed Yield Collections 20,986,993.12 2,698,495.21 2,698,495.21 3,570,801.08 29,954,784.62
Total Collections 77,690,688.76 9,989,422.98 9,989,422.98 13,212,800.48 110,882,335.20
(vi) Aggregate Amount of Principal Receivables 1,226,268,709.16
Invested Amount (End of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Floating Allocation Percentage 58.3803529% 7.5065114% 7.5065114% 10.0082469% 83.4016225%
Invested Amount (Beginning of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Average Daily Invested Amount 1,021,966,759.30
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 73.03% 1,194,025,334.57
30 Days to 59 Days 7.15% 116,945,740.31
60 Days to 89 Days 4.89% 79,971,556.41
90 Days and Over 14.93% 244,082,314.26
Total Receivables 100.00% 1,635,024,945.55
(viii) Aggregate Investor Default Amount 19,459,868.78
As a % of Average Daily Invested Amount 19.91%
(Annualized based on 366 days/year)
(ix) Certificate Charge-Offs
Class A 0.00
Class B 0.00
Class C 0.00
Class D 0.00
Total Certificate Charge-Offs 0.00
(x) Servicing Fee
Class A 1,193,166.80
Class B 153,416.55
Class C 153,416.55
Class D 204,546.65
Total Servicing Fee 1,704,546.55
(xi) Pool Factor
Class A 1.0000000
Class B 1.0000000
Class C 1.0000000
(xii) Reallocated Principal Collections
Class B 0.00
Class C 0.00
Class D ** Everything reimbursed by fiscal month end. 4,109,886.49
(xiii) Excess Funding Account Balance 0.00
Prefunding Account Balance 0.00
(xiv) Class C Trigger Event Occurrence None
Class C Reserve Amount N/A
Average Net Portfolio Yield 10.7388%
Minimum Base Rate 7.8398%
</TABLE>
<TABLE>
Fingerhut Receivables, Inc. Fingerhut Master Trust Monthly Report
Certificateholder's Statement Series 1994-1 Sep-96
Section 5.2 Class A Class B Class C Class D Total
<C> <S> <C> <C> <C> <C> <C>
(i) Certificate Amount 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
(ii) Certificate Principal Distributed 0.00 0.00 0.00 0.00
(iii) Certificate Interest Distributed 3,575,522.78 483,518.19 515,224.31 4,574,265.28
Total Distribution per $1,000 Certificate
Certificate Principal Distributed per $1,000 0.0000000 0.0000000 0.0000000
Certificate Interest Distributed per $1,000 4.9944444 5.2527777 5.5972223
(iv) Principal Collections 47,382,425.73 6,092,404.37 6,092,404.37 8,067,377.85 67,634,612.32
(v) Imputed Yield Collections 15,794,141.91 2,030,801.46 2,030,801.46 2,689,125.95 22,544,870.78
Recoveries 1,854,031.71 238,390.30 238,390.30 317,710.83 2,648,523.14
Interest Earned on Prefunded Accounts 0.00 0.00 0.00 0.00 0.00
Total Imputed Yield Collections 17,648,173.62 2,269,191.76 2,269,191.76 3,006,836.78 25,193,393.92
Total Collections 65,030,599.35 8,361,596.13 8,361,596.13 11,074,214.63 92,828,006.24
(vi) Aggregate Amount of Principal Receivables 1,252,031,708.92
Invested Amount (End of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Floating Allocation Percentage 57.1790630% 7.3520502% 7.3520502% 9.8023077% 81.6854711%
Invested Amount (Beginning of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Average Daily Invested Amount 1,022,149,894.33
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 72.93% 1,217,420,432.03
30 Days to 59 Days 7.52% 125,564,480.74
60 Days to 89 Days 4.58% 76,522,329.93
90 Days and Over 14.97% 249,868,369.19
Total Receivables 100.00% 1,669,375,611.89
(viii) Aggregate Investor Default Amount 15,152,144.96
As a % of Average Daily Invested Amount
(Annualized based on 366 days/year) 19.38%
(ix) Certificate Charge-Offs
Class A 0.00
Class B 0.00
Class C 0.00
Class D 0.00
Total Certificate Charge-Offs 0.00
(x) Servicing Fee
Class A 1,193,166.80
Class B 153,416.76
Class C 153,416.76
Class D 204,546.72
Total Servicing Fee 1,704,547.04
(xi) Pool Factor
Class A 1.0000000
Class B 1.0000000
Class C 1.0000000
(xii) Reallocated Principal Collections
Class B 0.00
Class C 0.00
Class D 3,190,967.02
** Everything was reimbursed by the end of the fiscal month.
(xiii) Excess Funding Account Balance 0.00
Prefunding Account Balance 0.00
(xiv) Class C Trigger Event Occurrence None
Class C Reserve Amount N/A
Average Net Portfolio Yield 12.8409%
Minimum Base Rate 7.9023%
</TABLE>
<TABLE>
Fingerhut Receivables, Inc. Fingerhut Master Trust Monthly Report
Certificateholder's Statement Series 1994-1 Oct-96
Section 5.2 Class A Class B Class C Class D Total
<C> <S> <C> <C> <C> <C> <C>
(i) Certificate Amount 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
(ii) Certificate Principal Distributed 0.00 0.00 0.00 0.00
(iii) Certificate Interest Distributed 3,385,610.42 458,332.29 489,015.63 4,332,958.34
Total Distribution per $1,000 Certificate
Certificate Principal Distributed per $1,000 0.0000000 0.0000000 0.0000000
Certificate Interest Distributed per $1,000 4.7291667 4.9791666 5.3125001
(iv) Principal Collections 48,472,151.03 6,232,520.63 6,232,520.63 8,269,238.24 69,206,430.53
(v) Imputed Yield Collections 16,157,383.68 2,077,506.88 2,077,506.88 2,756,412.75 23,068,810.19
Recoveries 1,913,118.58 245,987.66 245,987.66 327,320.01 2,732,413.91
Interest Earned on Prefunded Accounts 0.00 0.00 0.00 0.00 0.00
Total Imputed Yield Collections 18,070,502.26 2,323,494.54 2,323,494.54 3,083,732.76 25,801,224.10
Total Collections 66,542,653.29 8,556,015.17 8,556,015.17 11,352,971.00 95,007,654.63
(vi) Aggregate Amount of Principal Receivables 1,253,102,614.26
Invested Amount (End of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Floating Allocation Percentage 57.1301976% 7.3457671% 7.3457671% 9.7939306% 81.6156625%
Invested Amount (Beginning of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Average Daily Invested Amount 1,022,223,180.44
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 75.27% 1,257,472,370.00
30 Days to 59 Days 6.00% 100,285,066.61
60 Days to 89 Days 3.98% 66,538,962.66
90 Days and Over 14.75% 246,507,086.41
Total Receivables 100.00% 1,670,803,485.68
(viii) Aggregate Investor Default Amount 15,001,993.67
As a % of Average Daily Invested Amount
(Annualized based on 366 days/year) 19.18%
(ix) Certificate Charge-Offs
Class A 0.00
Class B 0.00
Class C 0.00
Class D 0.00
Total Certificate Charge-Offs 0.00
(x) Servicing Fee
Class A 1,193,166.80
Class B 153,416.76
Class C 153,416.76
Class D 204,546.72
Total Servicing Fee 1,704,547.04
(xi) Pool Factor
Class A 1.0000000
Class B 1.0000000
Class C 1.0000000
(xii) Reallocated Principal Collections
Class B 0.00
Class C 0.00
Class D 3,082,552.69
** Everything was reimbursed by the end of the fiscal month.
(xiii) Excess Funding Account Balance 0.00
Prefunding Account Balance 0.00
(xiv) Class C Trigger Event Occurrence None
Class C Reserve Amount N/A
Average Net Portfolio Yield 13.8093%
Minimum Base Rate 7.7773%
</TABLE>
<TABLE>
Fingerhut Receivables, Inc. Fingerhut Master Trust Monthly Report
Certificateholder's Statement Series 1994-1 Nov-96
Section 5.2 Class A Class B Class C Class D Total
<C> <S> <C> <C> <C> <C> <C>
(i) Certificate Amount 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
(ii) Certificate Principal Distributed 0.00 0.00 0.00 0.00
(iii) Certificate Interest Distributed 3,385,610.42 458,332.29 489,015.63 4,332,958.34
Total Distribution per $1,000 Certificate
Certificate Principal Distributed per $1,000 0.0000000 0.0000000 0.0000000
Certificate Interest Distributed per $1,000 4.7291667 4.9791666 5.3125001
(iv) Principal Collections 56,860,205.98 7,311,051.77 7,311,051.77 9,679,107.17 81,161,416.69
(v) Imputed Yield Collections 18,953,401.99 2,437,017.26 2,437,017.26 3,226,369.06 27,053,805.57
Recoveries 1,937,804.80 249,161.80 249,161.80 331,512.92 2,767,641.32
Interest Earned on Prefunded Accounts 0.00 0.00 0.00 0.00 0.00
Total Imputed Yield Collections 20,891,206.79 2,686,179.06 2,686,179.06 3,557,881.98 29,821,446.89
Total Collections 77,751,412.77 9,997,230.83 9,997,230.83 13,236,989.15 110,982,863.58
(vi) Aggregate Amount of Principal Receivables 1,345,056,674.75
Invested Amount (End of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Floating Allocation Percentage 53.2245231% 6.8435778% 6.8435778% 9.1243739% 76.0360525%
Invested Amount (Beginning of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Average Daily Invested Amount 1,022,015,094.34
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 75.72% 1,357,935,955.41
30 Days to 59 Days 6.13% 109,916,851.01
60 Days to 89 Days 4.18% 74,958,726.45
90 Days and Over 13.97% 250,597,366.80
Total Receivables 100.00% 1,793,408,899.67
(viii) Aggregate Investor Default Amount 19,632,561.82
As a % of Average Daily Invested Amount
(Annualized based on 366 days/year) 20.09%
(ix) Certificate Charge-Offs
Class A 0.00
Class B 0.00
Class C 0.00
Class D 0.00
Total Certificate Charge-Offs 0.00
(x) Servicing Fee
Class A 1,193,166.63
Class B 153,416.73
Class C 153,416.73
Class D 204,546.65
Total Servicing Fee 1,704,546.74
(xi) Pool Factor
Class A 1.0000000
Class B 1.0000000
Class C 1.0000000
(xii) Reallocated Principal Collections
Class B 0.00
Class C 0.00
Class D ** Everything was reimbursed by the end of the fiscal month. 3,933,459.40
(xiii) Excess Funding Account Balance 0.00
Prefunding Account Balance 0.00
(xiv) Class C Trigger Event Occurrence None
Class C Reserve Amount N/A
Average Net Portfolio Yield 10.4252%
Minimum Base Rate 7.7773%
</TABLE>
<TABLE>
Fingerhut Receivables, Inc. Fingerhut Master Trust Monthly Report
Certificateholder's Statement Series 1994-1 Dec-96
Section 5.2 Class A Class B Class C Class D Total
<C> <S> <C> <C> <C> <C> <C>
(i) Certificate Amount 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
(ii) Certificate Principal Distributed 59,658,333.33 0.00 0.00 59,658,333.33
(iii) Certificate Interest Distributed 3,810,178.89 514,457.22 547,186.11 4,871,822.22
Total Distribution per $1,000 Certificate
Certificate Principal Distributed per $1,000 83.3333333 0.0000000 0.0000000
Certificate Interest Distributed per $1,000 5.3222222 5.5888889 5.9444444
(iv) Principal Collections 38,418,772.01 4,939,863.07 4,939,863.07 6,517,626.86 54,816,125.01
(v) Imputed Yield Collections 12,806,257.34 1,646,621.02 1,646,621.02 2,172,542.29 18,272,041.67
Recoveries 1,473,177.10 189,420.24 189,420.24 250,926.26 2,102,943.84
Interest Earned on Prefunded Accounts 0.00 0.00 0.00 0.00 0.00
Total Imputed Yield Collections 14,279,434.44 1,836,041.26 1,836,041.26 2,423,468.55 20,374,985.51
Total Collections 52,698,206.45 6,775,904.33 6,775,904.33 8,941,095.41 75,191,110.52
(vi) Aggregate Amount of Principal Receivables 1,459,923,809.58
Invested Amount (End of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Floating Allocation Percentage 49.0368056% 6.3051236% 6.3051236% 8.4064661% 70.0535188%
Invested Amount (Beginning of Month) 715,900,000.00 92,050,000.00 92,050,000.00 122,728,000.00 1,022,728,000.00
Average Daily Invested Amount 1,021,789,118.26
(vii) Receivable Delinquencies (As a % of Total Receivables)
Current 77.28% 1,504,334,964.58
30 Days to 59 Days 5.41% 105,335,001.54
60 Days to 89 Days 3.77% 73,349,277.08
90 Days and Over 13.54% 263,545,836.24
Total Receivables 100.00% 1,946,565,079.44
(viii) Aggregate Investor Default Amount 14,109,617.14
As a % of Average Daily Invested Amount
(Annualized based on 366 days/year) 18.05%
(ix) Certificate Charge-Offs
Class A 0.00
Class B 0.00
Class C 0.00
Class D 0.00
Total Certificate Charge-Offs 0.00
(x) Servicing Fee
Class A 1,193,166.80
Class B 153,416.76
Class C 153,416.76
Class D 204,546.72
Total Servicing Fee 1,704,547.04
(xi) Pool Factor
Class A 1.0000000
Class B 1.0000000
Class C 1.0000000
(xii) Reallocated Principal Collections
Class B 0.00
Class C 0.00
Class D
**Everything was reimbursed by the end of the fiscal month. 4,149,778.30
(xiii) Excess Funding Account Balance 0.00
Prefunding Account Balance 0.00
(xiv) Class C Trigger Event Occurrence None
Class C Reserve Amount N/A
Average Net Portfolio Yield 8.0151%
Minimum Base Rate 8.0898%
</TABLE>
Performance data for the Fingerhut Master Trust shows the normal and
historical reduction in yield in December due to the traditionally
lower December payment rate caused in part by higher levels of new
receivables originated during the holiday season. This seasonal dip
in the payment rate, combined with higher charge-offs than in December
1995, resulted in a negative excess spread of seven basis points for the
Fingerhut Master Trust's Series 1994-1 certificates. The trust's Series
1994-2 certificates maintained a positive excess spread.
Since the Fingerhut Master Trust's inception in 1994, the seasonally
lower December payment rate has caused the December excess spread to be
significantly lower than in any other month.
The December negative excess spread is not a pay out event for either
Series 1994-1 or the Fingerhut Master Trust, and the Company expects the
excess spread to increase to positive levels beginning in January.
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