A summary of our securitization activity and cash flows from special purpose entities used for securitizations is as follows (in thousands):



	Three Months Ended
	March 31,
	2013		2012
Receivables securitized	$	1,055,420	$	1,915,719
Net proceeds from securitization	1,000,000		1,800,000
Servicing fees^(a)	67,468		58,563
Net distributions from Trusts	373,635		450,545

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(a)	Cash flows received for the servicing of securitizations consolidated as VIE’s are a component of finance charge income on the consolidated statements of income and comprehensive income.

We retain servicing responsibilities for receivables transferred to the Trusts. We receive a monthly base servicing fee on the outstanding principal balance of our securitized receivables and supplemental fees (such as late charges) for servicing the receivables.

As of March 31, 2013 and December 31, 2012, we were servicing $9.7 billion and $9.9 billion of finance receivables that have been transferred to the Trusts.