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       33-77780
December 26, 1997               Commission file number
____________________

                   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:

Floating Rate Accounts Receivable Certificates, Series 1994-
1, Class A
Floating Rate Accounts Receivable Certificates, Series 1994-
1, Class B

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                                  4

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          5

PART IV

Item 14. Exhibits, Financial Statement Schedules     
         and Reports on Form 8-K                                 5

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 January 12, 1997, (the P&S Agreement") by
     and among the Transferor, Fingerhut National Bank, as
     servicer (the "Servicer") and Bank of New York
     (Delaware), as trustee.  The Series 1994-1 Supplement
     dated as of June 29, 1994 to the P&S Agreement provided
     for the issuance of the Floating Rate Accounts
     Receivable Certificates, Series 1994-1 (the
     "Certificates").  The Certificates represented
     interests in the Trust only and did not represent
     interests in or obligations of Fingerhut Receivables,
     Inc., Fingerhut National Bank, Fingerhut Corporation or
     any affiliate thereof.  The final payment on the
     Certificates was made on February 20, 1998.


Item 2.   Properties

          The Trust's sole asset is a pool of closed-end
     consumer accounts receivable originated by Fingerhut
     Corporation, Fingerhut 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 March 19,
               1998.
     
          2.   Supplementary Fingerhut Master Trust Data.
     
     (b)  Reports on Form 8-K were filed during the fourth
          fiscal quarter of 1997 on October 20, November 24
          and December 22.
     
     (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 19th day of
March, 1998.

                              FINGERHUT MASTER TRUST
                              (Registrant)


                              By:  /s/James M. Wehmann
                                   James M. Wehmann
                                   President
                                   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