Exhibit 99.3

ANNUAL CERTIFICATEHOLDERS' STATEMENT
TARGET RECEIVABLES CORPORATION
TARGET CREDIT CARD MASTER TRUST (SERIES 2001-1)

Pursuant to the Amended and Restated Pooling and Servicing Agreement dated as of April 28, 2000 (as may be amended and supplemented from time to time, the
"Agreement") among Retailers National Bank, as Servicer, Target Receivables Corporation, as Transferor, and Wells Fargo Bank Minnesota, National Association, as Trustee, the Servicer is required to
prepare certain information annually regarding distributions to and the performance of the Trust during the Monthly Periods for the Calendar year. The information which is required to be prepared with
respect to the performance of the Trust during the period January 1, 2003 through December 31, 2003 is set forth below. Certain information is based on the Transferor's fiscal year end,
ending January 3, 2004. Certain information is presented on the basis of an original principal amount of $1,000 per Certificate. Certain other information is presented based on the 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)                                                                                                                                
|   |  | (2)                                                                                                                                
|   |  | (3)                                                                                                                                
|B) |  | Information Regarding the Performance of the Trust.                                                                                
|   |  | (1)                                                                                                                                
|   |  |                                                                                                                                    
|   |  |                                                                                                                                    
|   |  | (2)                                                                                                                                
|   |  |                                                                                                                                    

| |  |     |  | (b)                                 |  | The aggregate amount of Collections of Finance Charge Receivables processed January 5, 2003 through January 3, 2004 which were allocated in respect of the Series 2001-1 Class B Certificates                                                 |  | $63,931,572.22   
| |  | --- |  | ----------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -----------------
| |  | (3) |  | Recoveries.                        
| |  |     |  | (a)                                 |  | The aggregate amount of Collections processed January 5, 2003 through January 3, 2004 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 2001-1 Class A Certificates                           |  | $7,579,198.32    
| |  |     |  | (b)                                 |  | The aggregate amount of Collections processed January 5, 2003 through January 3, 2004 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 2001-1 Class B Certificates                           |  | $2,526,399.44    
| |  | (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 3, 2004 (which reflects the Principal Receivables represented by the Transferors Interest in the Trust and by the Investor Certificates)       |  | $6,316,887,808.62
| |  |     |  | (b)                                 |  | The amount of Principal Receivables in the Trust represented by the Series 2001-1 Certificates (the "Invested Amount") as of the end of the day on January 3, 2004                                                                            |  | $1,000,000,000.00
| |  |     |  | (c)                                 |  | The amount of Principal Receivables in the Trust represented by the Series 2001-1 Class A Certificates (the "Class A Invested Amount") as of the end of the day on January 3, 2004                                                            |  | $750,000,000.00  
| |  |     |  | (d)                                 |  | The amount of Principal Receivables in the Trust represented by the Series 2001-1 Class B Certificates (the "Class B invested Amount") as of the end of the day on January 3, 2004                                                            |  | $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 3,
2004 |  | 17.22%           

| |  | (5) |  | Delinquent Balances.                               
| |  | --- |  | ---------------------------------------------------
| |  |     |  |                                                    
| |  |     |  |                                                    
| |  |     |  |                                                    
| |  |     |  |                                                    
| |  |     |  |                                                    
| |  | (6) |  | Investor Defaulted Amount.                         
| |  |     |  | (a)                                                
| |  |     |  | (b)                                                
| |  |     |  | (c)                                                
| |  | (7) |  | Investor Charge Offs: Reimbursement of Charge Offs.
| |  |     |  | (a)                                                
| |  |     |  | (b)                                                
| |  |     |  | (c)                                                
| |  |     |  | (d)                                                

| |  | (8)  |  | Investor Servicing Fee.                                                                                                                                                                                                                                                                                                                                                                                                                       
| |  | ---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |      |  | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  |      |  | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |  | (9)  |  | The amount of Series 2001-1 Reallocated Principal Collections from January 5, 2003 through January 3, 2004                                                                                                                                                                                                                                                                                                                                    
| |  | (10) |  | The Pool Factor.                                                                                                                                                                                                                                                                                                                                                                                                                              
| |  |      |  | The Pool Factor (which represents the ratio of the Series 2001-1 Class A Adjusted Invested Amount as of the end of the day on January 3, 2004 to the Class A Invested Amount as of the Closing Date). The Amount of a
Series 2001-1 Class A Invested Amount can be determined by multiplying the original denomination of the holder's Certificate by the Series 2001-1 Class A Pool Factor                                                   
| |  |      |  | The Pool Factor (which represents the ratio of the Series 2001-1 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 2001-1 Class B Certificate by the Series 2001-1 Class B Pool
Factor

RETAILERS NATIONAL BANK
as ServicerBy:

/s/ Thomas A. Swanson
    Name: Thomas A. Swanson
    Title: Vice President & Cashier




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