**Exhibit 99.2**

 

**ANNUALCOLLATERAL CERTIFICATEHOLDERS’ STATEMENT**

 

**TARGETCREDIT CARD MASTER TRUST (SERIES 2005-1)**

 

Pursuant to the Amendedand Restated Pooling and Servicing Agreement dated as of April 28, 2000, assupplemented by the Series 2005-1 Supplement, dated as of November 9, 2005 (asmay 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, the Serviceris required to prepare certain information annually regarding distributions toand the performance of the Trust during the Monthly Periods for the Calendaryear. The information which is required to be prepared with respect to theperformance of the Trust during the period January 1, 2005 through December 31,2005 is set forth below. Certain information is based on the Transferor’sfiscal year end, ending December 31, 2005. Certain information is presented onthe basis of an original principal amount of $1,000 per Certificate. Certain otherinformation is presented based on the aggregate amounts for the Trust as awhole.

 
| 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 Noteholder’s for the period  January 1, 2005 through December 31, 2005 per $1,000 original principal  amount                                 |   | $      | 9.23   |   |
|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|
|   |   |   |                                                                                                                                                                                                                 |   |   |   |
|   |   | (2)    | The portion of the  amount set forth in paragraph 1 above in respect of interest distributed on  the Class A Notes for the period January 1, 2005 through December 31, 2005  per $1,000 original principal amount    |   | $      | 9.23   |   |
|   |   |   |                                                                                                                                                                                                                 |   |   |   |
|   |   | (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 Notes,  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 2005-1  Collateral Certificates      |   | $      | 376,710,924.90 |   |
|   |   |   |                                       |                                                                                                                                                                                                  |   |   |   |
|   |   | (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 2005-1  Collateral Certificates |   | $      | 52,835,508.44 |   |

 

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|   |   | (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 2005-1 Collateral Certificates                        |   | $ | 2,470,240.91 |   |
|   |   |   |                                 |                                                                                                                                                                                                                                               |   |   |   |   |
|   |   | (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 2005-1 Collateral  Certificates (the “Invested Amount”) as of the end of the day on December 31,  2005                                                       |   | $ | 1,153,846,154.00 |   |
|   |   |   |                                 |                                                                                                                                                                                                                                               |   |   |   |
|   |   |   | (c)                                  | 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 |   | 20.97 | % |
|   |   |   |                                 |                                                                                                                                                                                                                                               |   |   |   |
|   |   | (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)                         | 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  2005-1 Collateral Certificates (the “Investor Defaulted Amount”) |   | $      | 16,117,036.62 |   |
|        |        |        |                             |                                                                                                                                                                                                                                                         |        |        |  |  |  |

 

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|   |   | (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 2005-1 Collateral Certificateholder’s investment) |   | $      | 0 |   |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                |   |   |   |
|   |   |   | (b)                                                                                                                                                                                                                                                                                                                                                                                           | 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 |   |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                |   |   |   |
|   |   |   | (c)                                                                                                                                                                                                                                                                                                                                                                                           | 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 2005-1 Collateral  Certificateholder’s investment) |   | $      | 0 |   |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                |   |   |   |
|   |   | (8)    | Investor Servicing Fee.                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                |   |   |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                |   |   |   |
|   |   |   | (a)                                                                                                                                                                                                                                                                                                                                                                                           | The amount of the  Series 2005-1 Investor Monthly Servicing Fee payable by the Trust to the  Servicer from January 2, 2005 through December 31, 2005                                                                |   | $      | 670,319.61 |   |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                |   |   |   |
|   |   | (9)    | The amount of Series  2005-1 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 2005-1 Adjusted Invested Amount as of the  end of the day on December 31, 2005 to the Invested Amount as of the Closing  Date). The Amount of a Series 2005-1 Class A Adjusted Invested Amount can be  determined by multiplying the original denomination of the Collateral  Certificate by the Series 2005-1 Class A 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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