Item 1. Business...........................................................3
Item 2.
Item 2. Properties
The Trust's sole asset is a pool of credit card receivables originated or acquired by Direct Merchants Credit Card Bank, National Association.
Item 3.
Item 3. Legal Proceedings
Metris Receivables Inc. is not aware of any material pending litigation involving the Registrant, the Trustee, the Seller, or the Servicer with respect to the Securities or the Registrant's Property.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders
No vote or consent of holders of any Class A or Class B Securities was solicited for any purpose during the year ended December 31, 1999.
PART II
Item 5.
Item 5. Market for the Registrant's Common Equity and Related Stockholders Matters
Each Class of the Securities representing investors' interests in the Trust is represented by a single Security of such Class registered in the name of Cede & Co. ("Cede"), the nominee of The Depository Trust Company. To the best knowledge of the Registrant, there is no established public trading market for the Securities.
Item 6.
Item 6. Selected Financial Data
Not applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Not applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data
Not applicable.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant
Not applicable.
Item 11.
Item 11. Executive Compensation
Not applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management
The Securities representing investors' interests in the Trust are represented by a single Security registered in the name of Cede, the nominee of DTC, and an investor holding an interest in the Trust is not entitled to receive a Security representing such interest except in certain limited circumstances. Accordingly, Cede is the sole holder of record of Securities, which it holds on behalf of brokers, dealers, banks and other direct participants in the DTC system. Such direct participants may hold Securities for their own accounts or for the accounts of their customers. The name and address of Cede is :
Cede & Co. c/o The Depository Trust Company Seven Hanover Square New York, New York 10004
The Seller is not aware of any Schedules 13D or 13G filed with the Commission in respect of the Securities.
Item 13.
Item 13. Certain Relationships and Related Transactions
Not applicable.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1. Financial Statements: Not Applicable
2. Financial Statement Schedules: Not Applicable
3. See Exhibit 99 below
(b) The following reports on Form 8-K were filed during the fourth fiscal quarter of 1999.
Date of Report Items Covered October 20, 1999 Securityholders' Statement with respect to November 22, 1999 distributions made during such months December 20, 1999
(c) Exhibit 99 99.1 Annual Servicer's Certificate dated March 15, 2000. 99.2 Supplementary Metris Master Trust 99.3 Independent Public Accountants Review of Agreed Upon Procedures
(d) Not applicable.
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, on this 15th day of March, 2000.
METRIS MASTER TRUST METRIS RECEIVABLES, INC. (Registrant)
By:/s/ Paul T. Runice Paul T. Runice President and Treasurer
Metris Receivables, Inc., as Transferor
INDEX TO EXHIBITS
Exhibit Description of Number Exhibit
99.1 Annual Servicer's Certificate
99.2 Supplementary Master Trust Data
99.3 Independent Public Accountant's Review of Agreed Upon Procedures