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<TABLE>
Exhibit 20.b
Fingerhut Receivables, Inc. Fingerhut Master Trust Monthly Report
Securityholder's Statement Series 1998-2 Sept-2000
Class A Class B CTO Class D Total
<C> <S> <C> <C> <C> <C> <C>
(i) Security Amount 337,500,000.00 51,136,000.00 61,364,000.00 61,364,000.00 511,364,000.00
(ii) Security Principal Distributed 0.00 0.00 0.00 0.00
(iii) Security Interest Distributed 1,752,187.50 277,412.80 400,074.10 2,429,674.40
Security Principal Distributed per $1,000 0.0000000 0.0000000 0.0000000
Security Interest Distributed per $1,000 5.1916667 5.4250000 6.5196874
(iv) Principal Collections 15,873,931.96 2,405,124.10 2,886,186.55 2,888,186.55 24,051,429.16
(v) Finance Collections 11,778,986.95 1,784,682.30 2,141,646.68 2,141,646.68 17,846,962.61
Recoveries 800,067.37 121,221.47 145,467.66 145,467.66 1,212,224.16
Defeasance Funding Acct Earnings 0.00 0.00 0.00 0.00 0.00
Total Finance Collections 12,579,054.32 1,905,903.77 2,287,114.34 2,287,114.34 19,059,186.77
Total Collections 28,452,986.28 4,311,027.87 5,173,300.89 5,173,300.89 43,110,615.93
(vi) Aggregate Amount of Principal Receivables 1,603,663,927.91
Invested Amount (End of Month) 337,500,000.00 51,136,000.00 61,364,000.00 61,364,000.00 511,364,000.00
Floating Allocation Percentage 21.0455566% 3.1886980% 3.8264875% 3.8264875% 31.8872296%
Fixed/Floating Allocation Percentage 21.0455566% 3.1886980% 3.8264875% 3.8264875% 31.8872296%
Invested Amount (Beginning of Month) 337,500,000.00 51,136,000.00 61,364,000.00 61,364,000.00 511,364,000.00
Average Daily Invested Amount 511,364,000.00
(vii) Receivable Delinquencies
Current 75.00% 1,424,931,696.82
30 Days to 59 Days 5.87% 111,397,564.68
60 Days to 89 Days 4.36% 82,868,861.03
90 Days and Over 14.77% 280,700,944.60
Total Receivables 100.00% 1,899,899,067.13
(viii) Aggregate Investor Default Amount 10,784,658.00
As a % of Average Daily Invested Amount (Annualized based on 365 days/year) 21.99%
(ix) Security Charge-Offs 0.00 0.00 0.00 0.00 0.00
(x) Servicing Fee 645,491.80 97,801.09 117,362.84 117,362.84 978,018.57
(xi) Unreimbursed Redirected Principal Collections 0.000000 0.000000 0.000000 0.00
(xii) Excess Funding Account Balance 0.00
(xiii) CTO Trigger Event Occurrence None
CTO Reserve Amount N/A
(xiv) Number of New Accounts Added to the Trust 102,995
(xv) Revolving Receivables Reserve Account Balance $4,541,500.00
(xvi) Defeasance Funding Account Balance 0.00
Average Net Portfolio Yield 16.87%
Minimum Base Rate 8.44%
</TABLE>
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