SECURITIES AND EXCHANGE COMMISSION
                   WASHINGTON, D.C.  20549
                    ____________________

                          FORM 10-K

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

For the fiscal year ended       333-45599 and 333-45611
January 28, 2000                Commission file numbers
____________________

                   FINGERHUT MASTER TRUST
         Fingerhut Receivables, Inc., as Transferor
   (Exact name of registrant as specified in its charter)

           Delaware                     41-1396490
   (State of Incorporation)          (I.R.S. Employer
                                    Identification No.)

  4400 Baker Road, Suite F-480, Minnetonka, Minnesota 55343
          (Address of principal executive offices)

                       (612) 936-5035
    (Registrant's telephone number, including area code)

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

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


The Registrant has no voting stock or class of common stock
outstanding as of the date of this report.

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





                      TABLE OF CONTENTS

PART I
                                                              Page

Item 1. Business                                                 3

Item 2. Properties                                               3

Item 3. Legal Proceedings                                        3

Item 4.  Submission of Matters to a Vote of Security Holders     3

PART II

Item 5. Market for Registrant's Common Equity and
        Related Stockholder Matters                              3

Item 6. Selected Financial Data                                  3

Item 7. Management's Discussion and Analysis of Financial
        Condition and Results of Operations                      4

Item 8. Financial Statements and Supplementary Data              4

Item 9. Changes in and Disagreements with Accountants on
        Accounting and Financial Disclosure                      4

PART III

Item 10. Directors and Executive Officers of the Registrant      4

Item 11. Executive Compensation                                  4

Item 12. Security Ownership of Certain Beneficial
         Owners and Management                                   4

Item 13. Certain Relationships and Related Transactions          4

PART IV

Item 14. Exhibits, Financial Statement Schedules
         and Reports on Form 8-K                                 4

Signatures                                                       5

PART I

Item 1.   Business

          The Fingerhut Master Trust (the "Trust" or the
     "Registrant") was originated by Fingerhut Receivables,
     Inc. (the "Transferor"), as Transferor under the
     Amended and Restated Pooling and Servicing Agreement
     dated as of March 18, 1998, (the "P&S Agreement") by
     and among the Transferor, Axsys National Bank (formerly
     known as Fingerhut National Bank), as servicer (the
     "Servicer") and Bank of New York (Delaware), as
     trustee.  The Series 1998-1 Supplement and the Series
     1998-2 Supplement both dated as of April 28, 1998 to
     the P&S Agreement provided for the issuance of the
     Fixed Rate Accounts Receivable Certificates, Series
     1998-1 and Series 1998-2 (the "Certificates").  The
     Certificates represented interests in the Trust only
     and did not represent interests in or obligations of
     Fingerhut Receivables, Inc., Axsys National Bank,
     Fingerhut Corporation or any affiliate thereof.


Item 2.   Properties

          The Trust's sole asset is a pool of closed-end and
     revolving consumer accounts receivable originated by
     Fingerhut Corporation, Axsys National Bank and certain
     affiliates.

Item 3.   Legal Proceedings

          None.

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

          Not applicable.

PART II

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

          Not applicable.

Item 6.   Selected Financial Data

          Not applicable.

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

          Not applicable.

Item 8.   Financial Statements and Supplementary Data

          Not applicable.

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

          Not applicable.

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

          None.

Item 13.  Certain Relationships and Related Transactions

          Not applicable.

PART IV

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

     (a)  1.   Annual Servicer's Certificate dated April 27,
               2000.

          2.   Supplementary Fingerhut Master Trust Data.

     (b)  Each month the Company files a Current Report on
          Form 8-K which includes, as an exhibit, a copy of
          the settlement statement relating to the preceding
          monthly period required under the P&S Agreement to
          be delivered to the Trustee.

     (c)  Not applicable.

     (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 27th day of
April, 2000.

                              FINGERHUT MASTER TRUST
                              (Registrant)


                              By:  /s/Thomas W. Spence, Jr.
                                   Thomas W. Spence, Jr.
                                   Corporate Controller
                                   Fingerhut Receivables Inc.,
                                   as Transferor



                      INDEX TO EXHIBITS


Exhibit       Description of                 Sequential Page
Number        Exhibit                        Number

20(a)         Annual Servicer's Certificate

20(b)         Supplementary Master Trust Data