Exhibit 99.3

 

**ANNUALCERTIFICATEHOLDERS’ STATEMENT**

**TARGETRECEIVABLES CORPORATION**

**TARGETCREDIT CARD MASTER TRUST (SERIES 2002-1)**

 

 

Pursuant to the Amended and Restated Pooling and Servicing Agreement,dated as of April 28, 2000 (as may be amended and supplemented from timeto time, the “Agreement”), among Target National Bank (formerly RetailersNational Bank), as Servicer, Target Receivables Corporation, as Transferor, andWells Fargo Bank Minnesota, National Association, as Trustee, the Servicer isrequired to prepare certain information annually regarding distributions to andthe performance of the Trust during the Monthly Periods for the Calendaryear.  The information which is requiredto be prepared with respect to the performance of the Trust during the period January 1,2004 through December 31, 2004 is set forth below.  Certain information is based on theTransferor’s fiscal year end, ending January 1, 2005.  Certain information is presented on the basisof an original principal amount of $1,000 per Certificate.  Certain other information is presented based onthe aggregate amounts for the Trust 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, 2004 through  December 31, 2004 per $1,000 original principal amount                                  |   | $17.10 |   |
|   |   |   |                                                                                                                                  |   |                                                                                                                                                                                                                                       |   |   |   |   |   |
|   |   |   | (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, 2004 through December 31, 2004 per $1,000 original  principal amount    |   | $17.10 |   |
|   |   |   |                                                                                                                                  |   |                                                                                                                                                                                                                                       |   |   |   |   |   |
|   |   |   | (3)                                                                                                                                   |   | The portion of the amount set forth in paragraph 1 above in respect  of principal distributed for the period January 1, 2004 through  December 31, 2004 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 4, 2004 through January 1, 2005 which were  allocated in respect of the Series 2002-1 Class A Certificates |   | $1,532,520,597.99 |   |
|   |   |   |                                                                                                                                  |   |                                                                                                                                                                                                                                       |   |   |   |   |   |
|   |   |   |                                                                                                                                  |   | (b)                                                                                                                                                                                                                                        |   | The aggregate amount of Collections of Principal Receivables  processed January 4, 2004 through January 1, 2005 which were  allocated in respect of the Series 2002-1 Class B Certificates |   | $510,840,199.33 |   |
|   |   |   |                                                                                                                                  |   |                                                                                                                                                                                                                                       |   |   |   |   |   |
|   |   |   | (2)                                                                                                                                   |   | Collection  of Finance Charge Receivables.                                                                                                                                                                                                 |   |   |   |
|   |   |   |                                                                                                                                  |   |                                                                                                                                                                                                                                       |   |   |   |   |   |
|   |   |   |                                                                                                                                  |   | (a)                                                                                                                                                                                                                                        |   | The aggregate amount of Collections of Finance Charge Receivables processed  January 4, 2004 through January 1, 2005 which were allocated in  respect of the Series 2002-1 Class A Ceritificates |   | $195,236,090.16 |   |

 

 

Exhibit 99.3

 
|   |   |   |   |   | (b)                                  |   | The aggregate amount of Collections of Finance Charge Receivables processed  January 4, 2004 through January 1, 2005 which were allocated in  respect of the Series 2002-1 Class B Certificates                                   |   | $65,078,696.72    |   |
|--------|--------|--------|--------|--------|--------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------|--------|
|   |   |   |   |   |                                 |   |                                                                                                                                                                                                                                                  |   |              |   |
|   |   |   | (3)    |   | Recoveries.                          |   |                                                                                                                                                                                                                                                  |   |
|   |   |   |   |   |                                 |   |                                                                                                                                                                                                                                                  |   |              |   |
|   |   |   |   |   | (a)                                  |   | The aggregate amount of Collections processed January 4, 2004 through  January 1, 2005 that constitute Recoveries on Defaulted Receivables  which were allocated in respect of the Series 2002-1 Class A  Certificates            |   | $8,278,926.49     |   |
|   |   |   |   |   |                                 |   |                                                                                                                                                                                                                                                  |   |              |   |
|   |   |   |   |   | (b)                                  |   | The aggregate amount of Collections processed January 4, 2004 through  January 1, 2005 that constitute Recoveries on Defaulted Receivables  which were allocated in respect of the Series 2002-1 Class B  Certificates            |   | $2,759,642.16     |   |
|   |   |   |   |   |                                 |   |                                                                                                                                                                                                                                                  |   |              |   |
|   |   |   | (4)    |   | Principal  Receivables in the Trust. |   |                                                                                                                                                                                                                                                  |   |
|   |   |   |   |   |                                 |   |                                                                                                                                                                                                                                                  |   |              |   |
|   |   |   |   |   | (a)                                  |   | The aggregate amount of Principal Receivables in the Trust as of the end  of the day on January 1, 2005 (which reflects the Principal Receivables  represented by the Transferors Interest in the Trust and by the Investor  Certificates)       |   | $5,406,014,173.05 |   |
|   |   |   |   |   |                                 |   |                                                                                                                                                                                                                                                  |   |              |   |
|   |   |   |   |   | (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  January 1, 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 January 1, 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 January 1, 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 January 1, 2005 |   | 20.43             | %      |

 

 

Exhibit 99.3

 
|       |       |       | (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 January 1, 2005:                                                                                                                    |       |   |   |
| ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                           | ** ** | ** **                                                                                                                                                                                                                                                                                         | ** ** | ** ** | ** ** |
| ** ** | ** ** | ** ** | ** ** | ** ** | ** **                                           | ** ** | ** **                                                                                                                                                                                                                                                                                         | ** ** | **Aggregate  Account Balance** | ** ** |
|       |       |       |       |       |                                                 |       |                                                                                                                                                                                                                                                                                               |       |   |   |
|       |       |       |       |       |                                                 |       | 2 Missed  Monthly Payments                                                                                                                                                                                                                                                                         |       | $80,786,257 |   |
|       |       |       |       |       |                                                 |       |                                                                                                                                                                                                                                                                                               |       |   |   |
|       |       |       |       |       |                                                 |       | 3 Missed  Monthly Payments                                                                                                                                                                                                                                                                         |       | $56,253,651 |   |
|       |       |       |       |       |                                                 |       |                                                                                                                                                                                                                                                                                               |       |   |   |
|       |       |       |       |       |                                                 |       | 4 or More  Missed Monthly Payments                                                                                                                                                                                                                                                                 |       | $129,479,419 |   |
|       |       |       |       |       |                                                 |       |                                                                                                                                                                                                                                                                                               |       |   |   |
|       |       |       | (6)        |       | Investor  Defaulted Amount.                          |       |                                                                                                                                                                                                                                                                                               |       |
|       |       |       |       |       |                                                 |       |                                                                                                                                                                                                                                                                                               |       |   |   |
|       |       |       |       |       | (a)                                                  |       | This aggregate amount of all defaulted Principal Receivables written  off as uncollectible for the period January 4, 2004 through  January 1, 2005 allocable to the Series 2002-1 Class A  Certificates (the “Series 2002-1 Class A Investor Defaulted Amount”) |       | $64,378,117.74 |   |
|       |       |       |       |       |                                                 |       |                                                                                                                                                                                                                                                                                               |       |   |   |
|       |       |       |       |       | (b)                                                  |       | The aggregate amount of all defaulted Principal Receivables written  off as uncollectible for the period January 4, 2004 through  January 1, 2005 allocable to the Series 2002-1 Class B  Certificates (the “Series 2002-1 Class B Investor Defaulted Amount”)  |       | $21,459,372.58 |   |
|       |       |       |       |       |                                                 |       |                                                                                                                                                                                                                                                                                               |       |   |   |
|       |       |       |       |       | (c)                                                  |       | The aggregate amount of all defaulted Principal Receivables written  off as uncollectible for the period January 4, 2004 through  January 1, 2005 allocable to the Series 2002-1 Investor  Certificates (the “Investor Defaulted Amount”)                                 |       | $85,837,490.32 |   |
|       |       |       |       |       |                                                 |       |                                                                                                                                                                                                                                                                                               |       |   |   |
|       |       |       | (7)        |       | Investor  Charge Offs: Reimbursement of Charge Offs. |       |                                                                                                                                                                                                                                                                                               |       |
|       |       |       |       |       |                                                 |       |                                                                                                                                                                                                                                                                                               |       |   |   |
|       |       |       |       |       | (a)                                                  |       | The amount of the Investor Charge Off 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 Off 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 4, 2004 through  January 1, 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 |   |

 

 

Exhibit 99.3

 
|   |   |   | (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 4, 2004  through January 1, 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 4, 2004  through January 1, 2005 |   | $5,000,000.01 |   |
|   |   |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                           |   |   |   |
|   |   |   | (9)    |   | The amount of Series 2002-1 Reallocated Principal Collections  from January 4, 2004 through January 1, 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  January 1, 2005 to the Class A Invested Amount as of the Closing  Date). The Amount of a Series 2002-1 Class A Invested Amount can be  determined by multiplying the original denomination of the holder’s  Certificate by the Series 2002-1 Class A Pool Factor                                                               |   | 1.0000000                                                                                                                                                                      |   |
|   |   |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                                                                                                           |   |   |   |
|   |   |   |   |   | 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 |   | 1.0000000                                                                                                                                                                      |   |

 

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