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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

February 2, 2001

333-45599 and 333-45611

Commission file numbers

____________________



FINGERHUT MASTER TRUST

Fingerhut Receivables, Inc., as Transferor

(Exact name of registrant as specified in its charter)



Delaware

(State of Incorporation)

41-1396490

(I.R.S. Employer

Identification No.)



4400 Baker Road, Suite F-480, Minnetonka, Minnesota 55343

(Address of principal executive offices)



(952) 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 assets are a pool of revolving consumer

accounts receivable originated by Axsys National Bank and

cash deposits in Trust bank accounts.



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 May 2, 2001.



	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 2nd day of May 2001.



						FINGERHUT MASTER TRUST

						(Registrant)





						By:

							Nils Ytterbo

							Chief Financial Officer

							Fingerhut Receivables, Inc.,

							as Transferor



zdsk21/sst-236







INDEX TO EXHIBITS





Exhibit

Number



Description of

Exhibit

Sequential Page

Number

20(a)

Annual Servicer's Certificate





20(b)

Supplementary Master Trust

Data







6