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"), and amended to date 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.
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.
Item 3.	Legal Proceedings
None.
Item 4.
Item 4.	Submission of Matters to a Vote of Security Holders
Not applicable.
PART II
Item 5.
Item 5.	Market for the Registrant's Common Equity and Related
		Stockholders Matters
Not applicable.
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
Not applicable.
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
None.
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.
Annual Servicer's Certificate dated May 1, 2002.
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 1st day of May, 2002.
FINGERHUT MASTER TRUST
(Registrant)
By:	/s/ Nils Ytterbo
Nils Ytterbo
Chief Financial Officer
Fingerhut Receivables, Inc., as Transferor
INDEX TO EXHIBITS
Exhibit Number
Description of Exhibit
Sequential Page Number
20(a)
Annual Servicer's Certificate
20(b)
Supplementary Master Trust Data