Exhibit 99.5

[Letterhead]

Report of Independent Accountants

Dayton Hudson Corporation,
its Officers and Directors
    and
Dayton Hudson Receivables Corporation,
its Officers and Directors
As Transferor
    and
Retailers National Bank,
its Officers and Directors
As Servicer
  and
Norwest Bank, National Association
As Trustee

At
your request, we have applied certain agreed-upon procedures, described below, agreed to by Dayton Hudson Corporation ("the Company"), Dayton Hudson Receivables Corporation, as
Transferor, and Retailers National Bank, as Servicer, each of their respective Officers and Directors, and Norwest Bank, National Association, as Trustee to the Monthly Certificateholders' Statements
("the Statements"), issued pursuant to the Dayton Hudson Credit Card Master Trust ("the Trust") Pooling and Servicing Agreement ("the Pooling and Servicing Agreement") dated September 13, 1995,
for Series 1997-1 for each of the monthly reporting periods from January 1999 through December 1999. An example of a Statement is provided as Attachment I. The specific procedures
performed on each of the Statements are cross-referenced to Attachment I for each item or group of items. Only those items with balances on the Statements were cross-referenced. Our procedures
were applied as indicated with respect to the letters explained below:



Accounting
records for purposes of this letter include the following reports or records: Data Summary Sheet; Breakout of Finance Charge Receivable and Principal Receivable; Finance
Charge Receivable Payments as a Percentage of Total Month Payments; Receivable Aging by Dollar Balance; Month End Accounts Receivable Aging Summary Reports; Purified Net Write-Off Reports; Monthly
Sales Returns; Credits and Adjustments Reports; Bank Sales Reports; Account Totals by Delinquency Level Reports; Geographic Distribution of Accounts and Receivables Reports; Miscellaneous Payment
Instructions Report; and Monthly Collection Account Earnings. All Monthly Reports are generated by management of Dayton Hudson Corporation or Retailers National Bank.

There
were no findings noted as a result of our procedures performed.

---

We were not engaged to, and did not perform an audit, the objective of which would be the expression of an opinion on the Monthly Certificateholders' Statements. Accordingly, we do
not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

This
report is intended solely for the use of the specified users listed above and should not be used by those who have not agreed to the procedures and taken responsibility for the
sufficiency of the procedures for their purposes. However, this report is a matter of public record, as a result of inclusion as an exhibit to the Annual Report on Form 10-K filed by Dayton
Hudson Receivables Corporation on behalf of the Trust, and its distribution is not limited.

| |  | Very truly yours,    
| |  | ---------------------
| |  | /s/ Ernst & Young LLP

January
24, 2000

---

MONTHLY CERTIFICATEHOLDERS' STATEMENT

RETAILERS NATIONAL BANK

DAYTON HUDSON CREDIT CARD MASTER TRUST

SERIES 1997-1

Pursuant to the Pooling and Servicing Agreement, dated as of September 13, 1995 (as may be amended, from time to time, the "Agreement"), as supplemented by the
Series 1997-1 Supplement (as amended and Supplemented, the "Series Supplement"), each among Retailers National Bank, as Servicer, Dayton Hudson Receivables Corporation, as Transferor, and
Norwest Bank Minnesota, National Association, as Trustee, the Servicer is required to prepare certain information each month regarding distributions to Certificateholders and the performance of the
Trust. The information with respect to the applicable Distribution Date and Monthly Period is set forth below.

|Monthly Period:        |  | December 1999   
|---------------------- |  | ----------------
|Distribution Date:     |  | January 25, 2000
|No. of Days in Period: |  | 35              

|    | 
|--- | 
|A.  | 
|(a) | 
|(b) | 
|    | 
|(c) | 
|    | 
|(d) | 
|(e) | 
|(f) | 
|(g) | 
|    | 
|I.  | 
|    | 
|(a) | 
|(b) | 
|(c) | 
|    | 
|(d) | 
|    | 
|(e) | 
|(f) | 
|    | 
|(g) | 
|    | 
|(h) | 
|(i) | 
|    | 
|(j) | 
|    | 
|(k) | 
|(l) | 
|(m) | 
|    | 
|(n) | 
|    | 

1

---

|II.  |  | INVESTED AMOUNTS AND ALLOCATION PERCENTAGES                                                      |  |   |                  |     |        |    
|---- |  | ------------------------------------------------------------------------------------------------ |  | - | ---------------- | --- | ------ | ---
|     | 
|(a)  |  | Class A Initial Invested Amount                                                                  |  | $ | 400,000,000.00   | (A) | 76.50% | (D)
|(b)  |  | Class B Initial Invested Amount                                                                  |  |   | 122,875,817.00   | (A) | 23.50% | (D)
|     |  |                                                                                                  |  |   |                  |     |       
|(c)  |  | Total Initial Invested Amount (a + b)                                                            |  | $ | 522,875,817.00   | (D) |        |    
|(d)  |  | Class A Invested Amount (a - (X.a))                                                              |  | $ | 400,000,000.00   | (D) | 76.50% | (D)
|(e)  |  | Class B Invested Amount (b - (X.e))                                                              |  |   | 122,875,817.00   | (D) | 23.50% | (D)
|     |  |                                                                                                  |  |   |                  |     |       
|(f)  |  | Total Invested Amount (d + e)                                                                    |  | $ | 522,875,817.00   | (D) |        |    
|(g)  |  | Class A Adjusted Invested Amount (a - (X.a)-(III.f))                                             |  | $ | 400,000,000.00   | (D) | 76.50% | (D)
|(h)  |  | Class B Invested Amount (b - (X.e))                                                              |  |   | 122,875,817.00   | (D) | 23.50% | (D)
|     |  |                                                                                                  |  |   |                  |     |       
|(i)  |  | Total Adjusted Invested Amount (g + h)                                                           |  | $ | 522,875,817.00   | (D) |        |    
|(j)  |  | Floating Allocation Percentage                                                                   |  |   | 21.79%           | (D) |        |    
|(k)  |  | Class A Floating Allocation Percentage                                                           |  |   | 16.67%           | (D) |        |    
|(l)  |  | Class B Floating Allocation Percentage                                                           |  |   | 5.12%            | (D) |        |    
|(m)  |  | Principal Allocation Percentage                                                                  |  |   | 21.79%           | (D) |        |    
|(n)  |  | Class A Principal Allocation Percentage                                                          |  |   | 16.67%           | (D) |        |    
|(o)  |  | Class B Principal Allocation Percentage                                                          |  |   | 5.12%            | (D) |        |    
|(p)  |  | Servicing Fee                                                                                    |  | $ | 871,459.70       | (D) |        |    
|(q)  |  | Investor Defaulted Amount (j * (IV.(m)))                                                         |  | $ | 3,329,054.25     | (D) |        |    
|III. |  | TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT |  |   |                  |     |        |    
|     | 
|(a)  |  | Transferor's Amount (end of month)                                                               |  | $ | 1,553,032,773.68 | (B) |        |    
|(b)  |  | Required Retained Transferor Amount                                                              |  | $ | 56,877,953.10    | (B) |        |    
|(c)  |  | Required Principal Balance                                                                       |  | $ | 1,290,864,881.10 | (B) |        |    
|(e)  |  | Funds on deposit in Special Funding Account (end of month)                                       |  | $ |                 |     |        |    
|(f)  |  | Principal on deposit in Principal Funding Account (beginning of month)                           |  | $ |                 |     |        |    
|(g)  |  | Principal on deposit in Principal Funding Account (end of month)                                 |  | $ |                 |     |        |    

2

---

|IV. |  | PERFORMANCE SUMMARY                                                                                               |  |   |                |     |  | 
|--- |  | ----------------------------------------------------------------------------------------------------------------- |  | - | -------------- | --- |  | 
|    | 
|    |  | COLLECTIONS:                                                                                                      |  |   |                |     |  | 
|(a) |  | Collections of Principal Receivables                                                                              |  | $ | 464,936,936.53 | (B) |  | 
|(b) |  | Collections of Finance Charge Receivables (from cardholder payments)                                              |  |   | 52,515,353.02  | (B) |  | 
|(c) |  | Collections of Finance Charge Receivables (from merchant fees deferred billing fees, collection account interest) |  |   | 7,826,273.72   | (B) |  | 
|(d) |  | Collections of Discount Option Receivables                                                                        |  |   | 0.00           |     |  | 
|    |  |                                                                                                                   |  |   |                |     | 
|(e) |  | Total Finance Charge Collections (b + c + d)                                                                      |  | $ | 60,341,626.74  | (D) |  | 
|    |  |                                                                                                                   |  |   |                |     | 
|(f) |  | Total Collections (a + e)                                                                                         |  | $ | 525,278,563.27 | (D) |  | 
|    |  |                                                                                                                   |  |   |                |     | 
|    |  | DELINQUENCIES AND LOSSES:                                                                                         |  |   |                |     |  | 
|(g) |  | 2 missed payments                                                                                                 |  | $ | 61,759,209     | (B) |  | 
|(h) |  | 3 missed payments                                                                                                 |  |   | 37,777,359     | (B) |  | 
|(i) |  | 4 or more missed payments                                                                                         |  |   | 84,054,848     | (B) |  | 
|    |  |                                                                                                                   |  |   |                |     | 
|(j) |  | Total delinquencies (g + h + i)                                                                                   |  | $ | 183,591,417    | (D) |  | 
|    |  |                                                                                                                   |  |   |                |     | 
|(k) |  | Gross Charge-Offs during the month                                                                                |  | $ | 18,282,861.70  | (B) |  | 
|(l) |  | Recoveries during the month                                                                                       |  | $ | 3,003,796.36   | (B) |  | 
|(m) |  | Net Charge-Offs during the month (k - l)                                                                          |  | $ | 15,279,065.34  | (D) |  | 
|V.  |  | NON-U.S. ACCOUNTS                                                                                                 |  |   |                |     |  | 
|    | 
|(a) |  | Non-US Accounts at end of month                                                                                   |  |   | 118,739        | (B) |  | 
|(b) |  | as a percentage of total (a / c)                                                                                  |  |   | 0.37%          | (D) |  | 
|(c) |  | Total number of Accounts in Trust (at end of month)                                                               |  |   | 31,715,658     | (B) |  | 

3

---

|VI.             |  | AVAILABLE SERIES 1997-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS                 |  |   |              |     |  | 
|--------------- |  | ------------------------------------------------------------------------------------------- |  | - | ------------ | --- |  | 
|                | 
|(a)             |  | Floating Allocation Percentage of Collections of Finance Charge Receivables                 |  | $ |             | (D) |  | 
|(b)             |  | Investment earnings on Principal Funding Account                                            |  |   |             |     |  | 
|(c)             |  | Investment earnings in Reserve Account deposited in the Collection Account                  |  |   |             |     |  | 
|(d)             |  | Reserve draw Amount deposited into the Collection Account                                   |  |   |             |     |  | 
|                |  |                                                                                             |  |   |              |     | 
|(e)             |  | Available Series 1997-1 Finance Charge Collections (a + b + c + d)                          |  | $ |             | (D) |  | 
|(i)             |  | Class A Interest                                                                            |  |   | 2,083,333.34 | (D) |  | 
|(ii)            |  | Servicing Fee                                                                               |  |   | 871,459.70   | (C) |  | 
|(iii)           |  | Class A Investor Defaulted Amount ((IV.m * (II.k))                                          |  |   | 2,546,726.50 | (D) |  | 
|(iv)            |  | Class B Investor Defaulted Amount ((IV.m * (II.l))                                          |  |   | 782,327.75   | (D) |  | 
|(v)             |  | Adjustment Payment Shortfalls                                                               |  |   |             |     |  | 
|(vi)            |  | Reimbursement of Class A Investor Charge-Offs                                               |  |   |             |     |  | 
|(vii)           |  | Reimbursement of Class B Investor Charge-Offs and Reallocated Class B Principal Collections |  |   |             |     |  | 
|(viii)          |  | Class B Interest                                                                            |  |   |             |     |  | 
|(ix)            |  | Reserve Account                                                                             |  |   |             |     |  | 
|(x)             |  | Excess Finance Charge Collections (e-i-ii-iii-iv-v-vi-vii-viii-ix)                          |  | $ | 6,863,589.72 | (D) |  | 
|VII.            |  | YIELD and BASE RATE                                                                         |  |   |              |     |  | 
|                | 
|Base Rate       |  |                                                                                             |  |   |              |    
|(a)             |  | Base Rate (current month)                                                                   |  |   | 6.78%        | (D) |  | 
|(b)             |  | Base Rate (prior month)                                                                     |  |   | 6.78%        | (B) |  | 
|(c)             |  | Base Rate (2 months ago)                                                                    |  |   | 6.78%        | (B) |  | 
|(d)             |  | 3 Month Average Base Rate                                                                   |  |   | 6.78%        | (D) |  | 
|Portfolio Yield |  |                                                                                             |  |   |              |    
|(e)             |  | Portfolio Yield (current month)                                                             |  |   | 19.31%       | (D) |  | 
|(f)             |  | Portfolio Yield (prior month)                                                               |  |   | 20.95%       | (B) |  | 
|(g)             |  | Portfolio Yield (2 months ago)                                                              |  |   | 23.49%       | (B) |  | 
|(h)             |  | 3 Month Average Portfolio Yield                                                             |  |   | 21.25%       | (D) |  | 

4

---

|VIII. |  | PORTFOLIO PERFORMANCE RATES                                                                                                                                                                       |  |   |        |     |  | 
|----- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | - | ------ | --- |  | 
|      | 
|(a)   |  | Net Charge-Offs (annualized % of Principal Receivables at beginning of period)                                                                                                                    |  |   | 6.55%  | (D) |  | 
|(b)   |  | Monthly Payment Rate (% of Total Receivables at beginning of period (adjusted for number of days in period))                                                                                      |  |   | 17.95% | (D) |  | 
|(c)   |  | Trust Portfolio Yield (annualized)                                                                                                                                                                |  |   | 25.86% | (D) |  | 
|(d)   |  | Portfolio Yield (3 month average (annualized))                                                                                                                                                    |  |   | 21.25% | (D) |  | 
|(e)   |  | Base Rate (3 month average)                                                                                                                                                                       |  |   | 6.78%  | (D) |  | 
|(f)   |  | Excess Finance Charge Collections % (d - e)                                                                                                                                                       |  |   | 14.47% | (D) |  | 
|IX.   |  | PRINCIPAL COLLECTIONS                                                                                                                                                                             |  |   |        |     |  | 
|      | 
|(a)   |  | Class A Principal Allocation Percentage                                                                                                                                                           |  |   | 16.67% | (D) |  | 
|(b)   |  | Class A Principal                                                                                                                                                                                 |  | $ |       |     |  | 
|(c)   |  | Class B Principal Allocation Percentage                                                                                                                                                           |  |   | 5.12%  | (D) |  | 
|(d)   |  | Class B Principal                                                                                                                                                                                 |  | $ |       |     |  | 
|(e)   |  | Total Principal (b + d)                                                                                                                                                                           |  | $ |       |     |  | 
|(f)   |  | Reallocated Principal Collections                                                                                                                                                                 |  | $ |       |     |  | 
|(g)   |  | Shared Principal Collections allocable from other Series, Participation and Transferor Certificate                                                                                                |  | $ |       |     |  | 
|X.    |  | INVESTOR CHARGE-OFFS                                                                                                                                                                              |  |   |        |     |  | 
|      | 
|      |  | CLASS A INVESTOR CHARGE-OFFS                                                                                                                                                                      |  |   |        |     |  | 
|(a)   |  | Class A Investor Charge-Offs                                                                                                                                                                      |  | $ |       |     |  | 
|(b)   |  | Class A Investor Charge-Offs per $1,000 original certificate principal amount                                                                                                                     |  | $ |       |     |  | 
|(c)   |  | Total amount reimbursed in respect of Class A Investor Charge-Offs                                                                                                                                |  | $ |       |     |  | 
|(d)   |  | The amount, if any, by which the outstanding principal balance of the Class A Certificates exceeds the Class A Invested Amount after giving effect to all transactions on such Distribution Date. |  | $ |       |     |  | 
|      |  | CLASS B INVESTOR CHARGE-OFFS                                                                                                                                                                      |  |   |        |     |  | 
|(e)   |  | Class B Investor Charge-Offs                                                                                                                                                                      |  | $ |       |     |  | 
|(f)   |  | Class B Investor Charge-Offs per $1,000 original certificate principal amount                                                                                                                     |  | $ |       |     |  | 
|(g)   |  | Total amount reimbursed in respect of Class B Investor Charge-Offs                                                                                                                                |  | $ |       |     |  | 
|(h)   |  | The amount, if any, by which the outstanding principal balance of the Class B Certificates exceeds the Class B Invested Amount after giving effect to all transactions on such Distribution Date. |  | $ |       |     |  | 

5

---

|XI. |  | AMORTIZATION                                                                                          |  |   |               |     |  | 
|--- |  | ----------------------------------------------------------------------------------------------------- |  | - | ------------- | --- |  | 
|    | 
|(a) |  | Class A Accumulation Period Length (months)                                                           |  |   | 12            | (A) |  | 
|(b) |  | Controlled Accumulation Amount                                                                        |  | $ | 33,333,333.34 | (A) |  | 
|(c) |  | Deficit Controlled Accumulation Amount                                                                |  | $ |              |     |  | 
|(d) |  | Total Principal on deposit in Principal Funding Account for the benefit of Class A Certificateholders |  | $ |              |     |  | 

| |  | RETAILERS NATIONAL BANK,
as Servicer,
| |  | -------------------------------------
| |  | By:                                  

6

---