Exhibit 99.3

 

 

**ANNUAL CERTIFICATEHOLDERS’ STATEMENTTARGET RECEIVABLES CORPORATIONTARGET CREDIT CARD MASTER TRUST (SERIES 2001-1)**

 

 

Pursuant tothe 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, asTransferor, and Wells Fargo Bank Minnesota, National Association, as Trustee,the Servicer is required to prepare certain information annually regardingdistributions to and the performance of the Trust during the Monthly Periodsfor the Calendar year.  The informationwhich is required to be prepared with respect to the performance of the Trustduring the period January 1, 2003 through December 31, 2003 is set forthbelow.  Certain information is based onthe Transferor’s fiscal year end, ending January 3, 2004.  Certain information is presented on the basisof an original principal amount of $1,000 per Certificate.  Certain other information is presented basedon 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)                                                                                                                                   | The  total amount of interest and principal distributed to Class A  Certificateholder’s for the period January 1, 2003 through December 31, 2003  per $1,000 original principal amount                                 |                                                                                                                                                                                              | $13.21 |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                              |   |   |
|   |   | (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, 2003 through December  31, 2003 per $1,000 original principal amount    |                                                                                                                                                                                              | $13.21 |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                              |   |   |
|   |   | (3)                                                                                                                                   | The  portion of the amount set forth in paragraph 1 above in respect of principal distributed  for the period January 1, 2003 through December 31, 2003 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 5,  2003 through January 3, 2004 which were allocated in respect of the Series 2001-1  Class A Certificates       |   | $1,331,062,330.39 |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                              |   |   |   |
|   |   |                                                                                                                                  | (b)                                                                                                                                                                                                                         | The  aggregate amount of Collections of Principal Receivables processed January 5,  2003 through January 3, 2004 which were allocated in respect of the Series 2001-1  Class B Certificates       |   | $443,687,443.46 |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                              |   |   |
|   |   | (2)                                                                                                                                   | Collection of Finance  Charge Receivables.                                                                                                                                                                                  |                                                                                                                                                                                              |   |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                              |   |   |
|   |   |                                                                                                                                  | (a)                                                                                                                                                                                                                         | 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 A Ceritificates |   | $191,794,716.66 |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                              |   |   |   |
|   |   |                                                                                                                                  | (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 |   |

 

 

Exhibit 99.3

 
|   |   | (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             | % |

 

 

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 3, 2004:                                                                                                 |       |                     |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                       |       |                     |   |
| ** ** | ** ** | ** ** | ** **                                           | ** **                                                                                                                                                                                                                                                                 | ** ** | AggregateAccount Balance |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                       |       |                     |   |
|       |       |       |                                                 | 2 Missed Monthly Payments                                                                                                                                                                                                                                                  |       | $108,673,979             |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                       |       |                     |   |
|       |       |       |                                                 | 3 Missed Monthly Payments                                                                                                                                                                                                                                                  |       | $75,260,197              |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                       |       |                     |   |
|       |       |       |                                                 | 4 or More Missed Monthly  Payments                                                                                                                                                                                                                                         |       | $170,392,090             |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                       |       |                     |   |
|       |       | (6)        | Investor Defaulted Amount.                           |                                                                                                                                                                                                                                                                       |       |                     |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                       |       |                     |   |
|       |       |       | (a)                                                  | This  aggregate amount of all defaulted Principal Receivables written off as  uncollectible for the period January 5, 2003 through January 3, 2004 allocable  to the Series 2001-1 Class A Certificates (the “Series 2001-1 Class A  Investor Defaulted Amount”) |       | $68,785,780.38           |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                       |       |                     |   |
|       |       |       | (b)                                                  | The  aggregate amount of all defaulted Principal Receivables written off as  uncollectible for the period January 5, 2003 through January 3, 2004 allocable  to the Series 2001-1 Class B Certificates (the “Series 2001-1 Class B  Investor Defaulted Amount”)  |       | $22,928,593.46           |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                       |       |                     |   |
|       |       |       | (c)                                                  | The  aggregate amount of all defaulted Principal Receivables written off as  uncollectible for the period January 5, 2003 through January 3, 2004 allocable  to the Series 2001-1 Investor Certificates (the “Investor Defaulted Amount”)                        |       | $91,714,373.84           |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                       |       |                     |   |
|       |       | (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 2001-1 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 2001-1 Class  B Certificateholder’s investment)                                                                  |       | $0                       |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                       |       |                     |   |
|       |       |       | (c)                                                  | The  total amount reimbursed to the Trust from January 5, 2003 through January 3,  2004 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  2001-1 Certificateholder’s investment)                                                                   |       | $0                       |   |
|            |            |            |                                                      |                                                                                                                                                                                                                                                                            |            |                          |  |  |

 

 

Exhibit 99.3

 
|   |   | (8)    | Investor Servicing Fee.                                                                                                                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                       |      |           |
|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|----------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                       |      |           |   |
|   |   |   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                            | The  amount of the Series 2001-1 Class A Investor Monthly Servicing Fee payable by  the Trust to the Servicer from January 5, 2003 through January 3, 2004 |      | $15,000,000.03 |   |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                       |      |           |   |
|   |   |   | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                            | The  amount of the Series 2001-1 Class B Investor Monthly Servicing Fee payable by  the Trust to the Servicer from January 5, 2003 through January 3, 2004 |      | $5,000,000.01  |   |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                       |      |           |   |
|   |   | (9)    | The  amount of Series 2001-1 Reallocated Principal Collections from January 5, 2003  through January 3, 2004                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                       | $0        |           |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                       |      |           |   |
|   |   | (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                                                          |                                                                                                                                                       | 1.0000000 |           |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                       |      |           |
|   |   |   | 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 |                                                                                                                                                       | 1.0000000 |           |

 

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