**Exhibit 99.2**

 

**ANNUAL CERTIFICATEHOLDERS’ STATEMENT**

 

**TARGET CREDIT CARD MASTER TRUST (SERIES 2002-1)**

 

Pursuant tothe Amended and Restated Pooling and Servicing Agreement, dated as of April 28,2000, as supplemented by the Series 2002-1 Supplement, dated as of July 2, 2002(as may be amended and supplemented from time to time, the “Agreement”) amongTarget National Bank, as Servicer, Target Receivables Corporation, asTransferor, and Wells Fargo Bank, National Association, as Trustee, theServicer is required to prepare certain information annually regardingdistributions to and the performance of the Trust during the Monthly Periodsfor the Calendar year. The information which is required to be prepared with respectto the performance of the Trust during the period January 1, 2005 throughDecember 31, 2005 is set forth below. Certain information is based on theTransferor’s fiscal year end, ending December 31, 2005. Certain information ispresented on the basis of an original principal amount of $1,000 per Certificate.Certain other information is presented based on the aggregate amounts for theTrust as a whole.

 
| A)     |   | Information  Regarding Interest and Principal Distributed (Stated on the Basis of $1,000  Original Principal Amount) for this series. |   |                                                                                                                                                                                                                        |   |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |   |                                                                                                                                  |   |                                                                                                                                                                                                                        |   |
|   |   | (1)                                                                                                                                   |   | The total  amount of interest and principal distributed to Class A Certificateholder’s for  the period January 1, 2005 through December 31, 2005 per $1,000 original principal  amount                                 |   | $ | 36.05 |   |
|   |   |                                                                                                                                  |   |                                                                                                                                                                                                                        |   |   |   |
|   |   | (2)                                                                                                                                   |   | The portion  of the amount set forth in paragraph 1 above in respect of interest distributed  on the Class A Certificates for the period January 1, 2005 through December  31, 2005 per $1,000 original principal amount    |   | $ | 36.05 |   |
|   |   |                                                                                                                                  |   |                                                                                                                                                                                                                        |   |   |   |
|   |   | (3)                                                                                                                                   |   | The portion  of the amount set forth in paragraph 1 above in respect of principal distributed  for the period January 1, 2005 through December 31, 2005 for the Class A  Certificates, per $1,000 original principal amount |   | $ | 0 |   |
|   |   |                                                                                                                                  |   |                                                                                                                                                                                                                        |   |
| B)     |   | Information  Regarding the Performance of the Trust.                                                                                  |   |                                                                                                                                                                                                                        |   |
|   |   |                                                                                                                                  |   |                                                                                                                                                                                                                        |   |
|   |   | (1)                                                                                                                                   |   | Collection  of Principal Receivables.                                                                                                                                                                                       |   |   |   |
|   |   |                                                                                                                                  |   |                                                                                                                                                                                                                        |   |   |   |
|   |   |                                                                                                                                  |   | (a)                                                                                                                                                                                                                         |   | The  aggregate amount of Collections of Principal Receivables processed January 2,  2005 through December 31, 2005 which were allocated in respect of the Series  2002-1 Class A Certificates |   | $ | 1,416,032,308.20 |   |
|   |   |                                                                                                                                  |   |                                                                                                                                                                                                                        |   |   |   |   |   |
|   |   |                                                                                                                                  |   | (b)                                                                                                                                                                                                                         |   | The  aggregate amount of Collections of Principal Receivables processed January 2,  2005 through December 31, 2005 which were allocated in respect of the Series  2002-1 Class B Certificates |   | $ | 472,010,769.40 |   |
|   |   |                                                                                                                                  |   |                                                                                                                                                                                                                        |   |   |   |   |   |
|   |   | (2)                                                                                                                                   |   | Collection  of Finance Charge Receivables.                                                                                                                                                                                  |   |   |   |
|   |   |                                                                                                                                  |   |                                                                                                                                                                                                                        |   |   |   |
|   |   |                                                                                                                                  |   | (a)                                                                                                                                                                                                                         |   | The  aggregate amount of Collections of Finance Charge Receivables processed  January 2, 2005 through December 31, 2005 which were allocated in respect of  the Series 2002-1 Class A Ceritificates |   | $ | 193,175,487.05 |   |

 

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|   |   |   |   | (b)                                  |   | The  aggregate amount of Collections of Finance Charge Receivables processed  January 2, 2005 through December 31, 2005 which were allocated in respect of  the Series 2002-1 Class B Certificates                                                  |   | $              | 64,391,829.02    |   |
|--------|--------|--------|--------|--------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------------|--------|
|   |   |   |   |                                 |   |                                                                                                                                                                                                                                                |   |           |             |
|   |   | (3)    |   | Recoveries.                          |   |                                                                                                                                                                                                                                                |   |
|   |   |   |   |                                 |   |                                                                                                                                                                                                                                                |   |           |             |
|   |   |   |   | (a)                                  |   | The  aggregate amount of Collections processed January 2, 2005 through December  31, 2005 that constitute Recoveries on Defaulted Receivables which were  allocated in respect of the Series 2002-1 Class A Certificates                            |   | $              | 8,993,175.46     |   |
|   |   |   |   |                                 |   |                                                                                                                                                                                                                                                |   |           |             |
|   |   |   |   | (b)                                  |   | The  aggregate amount of Collections processed January 2, 2005 through December  31, 2005 that constitute Recoveries on Defaulted Receivables which were  allocated in respect of the Series 2002-1 Class B Certificates                            |   | $              | 2,997,725.15     |   |
|   |   |   |   |                                 |   |                                                                                                                                                                                                                                                |   |           |             |
|   |   | (4)    |   | Principal  Receivables in the Trust. |   |                                                                                                                                                                                                                                                |   |
|   |   |   |   |                                 |   |                                                                                                                                                                                                                                                |   |           |             |
|   |   |   |   | (a)                                  |   | The  aggregate amount of Principal Receivables in the Trust as of the end of the  day on December 31, 2005 (which reflects the Principal Receivables  represented by the Transferor’s Interest in the Trust and by the Investor  Certificates) |   | $              | 6,093,806,744.85 |   |
|   |   |   |   |                                 |   |                                                                                                                                                                                                                                                |   |           |             |
|   |   |   |   | (b)                                  |   | The amount  of Principal Receivables in the Trust represented by the Series 2002-1  Certificates (the “Invested Amount”) as of the end of the day on December 31,  2005                                                                   |   | $              | 1,000,000,000.00 |   |
|   |   |   |   |                                 |   |                                                                                                                                                                                                                                                |   |           |             |
|   |   |   |   | (c)                                  |   | The amount  of Principal Receivables in the Trust represented by the Series 2002-1 Class  A Certificates (the “Class A Invested Amount”) as of the end of the day on  December 31, 2005                                                   |   | $              | 750,000,000.00   |   |
|   |   |   |   |                                 |   |                                                                                                                                                                                                                                                |   |           |             |
|   |   |   |   | (d)                                  |   | The amount  of Principal Receivables in the Trust represented by the Series 2002-1 Class  B Certificates (the “Class B invested Amount”) as of the end of the day on  December 31, 2005                                                   |   | 250,000,000.00 |             |
|   |   |   |   |                                 |   |                                                                                                                                                                                                                                                |   |           |             |
|   |   |   |   | (e)                                  |   | The Floating  Allocation Percentage (during the Revolving Period) or the Fixed/Floating  Allocation Percentage (during the Amortization Period) with respect to the  Principal Receivables in the Trust as of the end of the day December 31, 2005  |   | 18.17          | %                |

 

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|   |   | (5)    |   | Delinquent  Balances. |   |                                                                                                                                                                          |   |
|--------|--------|--------|--------|-----------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |   |   |   |                  |   |                                                                                                                                                                          |   |   |   |
|   |   |   |   |                  |   | The  aggregate amount of outstanding balances in the Accounts which were 2 or more  monthly payments contractually delinquent as of the end of the day on  December 31, 2005: |   |   |   |

 
|   |   |   |   |                                                 |   |                                                                                                                                                                                                                                                                         |   | **Aggregate  Account Balance** | ** **    |
|--------|--------|--------|--------|------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|---------------|
|   |   |   |   |                                                 |   |                                                                                                                                                                                                                                                                         |   |                           |          |
|   |   |   |   |                                                 |   | 2 Missed  Monthly Payments                                                                                                                                                                                                                                                   |   | $                              | 82,933,260    |   |
|   |   |   |   |                                                 |   |                                                                                                                                                                                                                                                                         |   |                           |          |
|   |   |   |   |                                                 |   | 3 Missed  Monthly Payments                                                                                                                                                                                                                                                   |   | $                              | 53,006,195    |   |
|   |   |   |   |                                                 |   |                                                                                                                                                                                                                                                                         |   |                           |          |
|   |   |   |   |                                                 |   | 4 or More  Missed Monthly Payments                                                                                                                                                                                                                                           |   | $                              | 115,155,805   |   |
|   |   |   |   |                                                 |   |                                                                                                                                                                                                                                                                         |   |                           |          |
|   |   | (6)    |   | Investor  Defaulted Amount.                          |   |                                                                                                                                                                                                                                                                         |   |
|   |   |   |   |                                                 |   |                                                                                                                                                                                                                                                                         |   |                           |          |
|   |   |   |   | (a)                                                  |   | This  aggregate amount of all defaulted Principal Receivables written off as  uncollectible for the period January 2, 2005 through December 31, 2005 allocable  to the Series 2002-1 Class A Certificates (the “Series 2002-1 Class A  Investor Defaulted Amount”) |   | $                              | 59,381,312.83 |   |
|   |   |   |   |                                                 |   |                                                                                                                                                                                                                                                                         |   |                           |          |
|   |   |   |   | (b)                                                  |   | The  aggregate amount of all defaulted Principal Receivables written off as  uncollectible for the period January 2, 2005 through December 31, 2005 allocable  to the Series 2002-1 Class B Certificates (the “Series 2002-1 Class B  Investor Defaulted Amount”)  |   | $                              | 19,793,770.94 |   |
|   |   |   |   |                                                 |   |                                                                                                                                                                                                                                                                         |   |                           |          |
|   |   |   |   | (c)                                                  |   | The  aggregate amount of all defaulted Principal Receivables written off as  uncollectible for the period January 2, 2005 through December 31, 2005 allocable  to the Series 2002-1 Investor Certificates (the “Investor Defaulted Amount”)                        |   | $                              | 79,175,083.77 |   |
|   |   |   |   |                                                 |   |                                                                                                                                                                                                                                                                         |   |                           |          |
|   |   | (7)    |   | Investor  Charge Offs: Reimbursement of Charge Offs. |   |                                                                                                                                                                                                                                                                         |   |
|   |   |   |   |                                                 |   |                                                                                                                                                                                                                                                                         |   |                           |          |
|   |   |   |   | (a)                                                  |   | The amount  of the Investor Charge Offs per $1,000 original principal amount (which will  have the effect of reducing, pro rata, the amount of Series 2002-1 Class A  Certificateholder’s investment)                                                                   |   | $                              | 0             |   |
|   |   |   |   |                                                 |   |                                                                                                                                                                                                                                                                         |   |                           |          |
|   |   |   |   | (b)                                                  |   | The amount  of the Investor Charge Offs per $1,000 original principal amount (which will  have the effect of reducing, pro rata, the amount of Series 2002-1 Class B  Certificateholder’s investment)                                                                   |   | $                              | 0             |   |
|   |   |   |   |                                                 |   |                                                                                                                                                                                                                                                                         |   |                           |          |
|   |   |   |   | (c)                                                  |   | The total  amount reimbursed to the Trust from January 2, 2005 through December 31, 2005  in respect of Investor Charge Offs in prior months                                                                                                                                 |   | $                              | 0             |   |
|   |   |   |   |                                                 |   |                                                                                                                                                                                                                                                                         |   |                           |          |
|   |   |   |   | (d)                                                  |   | The amount  set forth immediately above per $1,000 original principal amount (which will  have the effect of increasing pro rata, the amount of each Series 2002-1  Certificateholder’s investment)                                                                     |   | $                              | 0             |   |

 

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|   |   | (8)    |              | Investor  Servicing Fee.                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                                                                                         |   |
|--------|--------|--------|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|   |   |   |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                                                                                         |   |   |   |
|   |   |   |              | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | The amount  of the Series 2002-1 Class A Investor Monthly Servicing Fee payable by the  Trust to the Servicer from January 2, 2005 through December 31, 2005 |   | $ | 15,000,000.03 |   |
|   |   |   |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                                                                                         |   |   |   |
|   |   |   |              | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | The amount  of the Series 2002-1 Class B Investor Monthly Servicing Fee payable by the  Trust to the Servicer from January 2, 2005 through December 31, 2005 |   | $ | 5,000,000.01 |   |
|   |   |   |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                                                                                         |   |   |   |
|   |   | (9)    |              | The amount  of Series 2002-1 Reallocated Principal Collections from January 2, 2005  through December 31, 2005                                                                                                                                                                                                                                                                                                                                                 |   | $                                                                                                                                                            | 0      |   |
|   |   |   |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                                                                                         |   |
|   |   | (10)   | The Pool  Factor. |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                                                                                         |
|   |   |   |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                                                                                         |   |
|   |   |   |              | The Pool  Factor (which represents the ratio of the Series 2002-1 Class A Adjusted Invested  Amount as of the end of the day on December 31, 2005 to the Class A Invested Amount  as of the Closing Date). The Amount of a Series 2002-1 Class A Adjusted  Invested Amount can be determined by multiplying the original denomination of  the holder’s Certificate by the Series 2002-1 Class A Pool Factor                                               |   | 1.0                                                                                                                                                          |   |
|   |   |   |              |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                                                                                         |   |
|   |   |   |              | The Pool  Factor (which represents the ratio of the Series 2002-1 Class B Invested  Amount as of the end of the day on September 13, 1995 to the Series Class B  Invested Amount as of the Closing Date). The amount of a Certificateholder’s pro  rata share of the Class B Invested Amount can be determined by multiplying the  original denomination of the holder’s Series 2002-1 Class B Certificate by the  Series 2002-1 Class B Pool Factor |   | 1.0                                                                                                                                                          |   |

 

 
|   | TARGET  NATIONAL BANK, |
|--------|------------------------|
|   | as Servicer            |
|   |                   |
|   |                   |
|   | By:                    | /s/  Thomas A. Swanson |   |
|   |                   | Name:  Thomas A. Swanson |
|   |                   | Title:  Vice President & Cashier |
|        |                        |  |  |  |  |

 

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