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                                                                    Exhibit 99.3

                       ANNUAL CERTIFICATEHOLDERS' STATEMENT
                      DAYTON HUDSON RECEIVABLES CORPORATION
               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 and supplemented from time to time, the 
"Agreement") 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 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 October 15, 1997 through January 3, 1998 is set forth 
below.  Certain information is based on the Transferor's fiscal year end, 
ending January 3, 1998.  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.

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   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 October 15, 1997 through December 31, 1997 per $1,000 original
          principal amount ......................................................................              $17.36

      (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 October 15, 1997 through
          December 31, 1997 per $1,000 original principal amount.................................              $17.36

      (3) The portion of the amount set forth in paragraph 1 above in respect of principal
          distributed for the period October 15, 1997 through December 31, 1997 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
             October 15, 1997 through January 3, 1998 which were allocated in
             respect of the Series 1997-1 Class A Certificates ..................................     $178,550,097.58

         (b) The aggregate amount of Collections of Principal Receivables processed
             October 15, 1997 through January 3, 1998 which were allocated in
             respect of the Series 1997-1 Class B Certificates ..................................      $54,848,722.79

      (2) COLLECTION OF FINANCE CHARGE RECEIVABLES.

         (a) The aggregate amount of Collections of Finance Charge Receivables
             processed October 15, 1997 through January 3, 1998 which were
             allocated in respect of the Series 1997-1 Class A Ceritificates ....................      $22,777,779.40

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         (b) The aggregate amount of Collections of Finance Charge Receivables
             processed October 15, 1997 through January 3, 1998 which were
             allocated in respect of the Series 1997-1 Class B Certificates .....................       $6,997,095.63

      (3) RECOVERIES.

         (a) The aggregate amount of Collections processed October 15, 1997
             through January 3, 1998 that constitute Recoveries on Defaulted
             Receivables which were allocated in respect of the Series 1997-1
             Class A Certificates ...............................................................       $1,027,956.97

         (b) The aggregate amount of Collections processed October 15, 1997
             through January 3, 1998 that constitute Recoveries on Defaulted
             Receivables which were allocated in respect of the Series 1997-1
             Class B Certificates ...............................................................         $315,777.63

      (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, 1998 (which reflects the Principal
             Receivables represented by the Transferors Interest in the Trust and by
             the Investor Certificates) .........................................................   $2,548,011,940.12

         (b) The amount of Principal Receivables in the Trust represented by the
             Series 1997-1 Certificates (the "Invested Amount") as of the end of the
             day on January 3, 1998..............................................................        $522,875,817


         (c) The amount of Principal Receivables in the Trust represented by the
             Series 1997-1 Class A Certificates (the "Class A Invested Amount") as
             of the end of the day on January 3, 1998............................................        $400,000,000

         (d) The amount of Principal Receivables in the Trust represented by the
             Series 1997-1 Class B Certificates (the "Class B Invested Amount") as
             of the end of the day on January 3, 1998............................................      122,875,817.00

         (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, 1998.....................................................................               23.59%


      (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, 1998:
                                                                                                      Aggregate
                                                                                                    Account Balance
                                                                                                    ---------------

             2 Missed Monthly Payments                                                                    $82,830,000

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             3 Missed Monthly Payments                                                                    $36,879,000

             4 or More Missed Monthly Payments                                                            $76,217,000

      (6) INVESTOR DEFAULTED AMOUNT.

         (a) This aggregate amount of all defaulted Principal Receivables written off
             as uncollectible for the period October 15, 1997 through January 3, 1998
             allocable to the Series 1997-1 Class A Certificates (the "Series
             1997-1 Class A Investor Defaulted Amount") .........................................       $6,847,011.12

         (b) The aggregate amount of all defaulted Principal Receivables written off
             as uncollectible for the period October 15, 1997 through January 3, 1998
             allocable to the Series 1997-1 Class B Certificates (the "Series
             1997-1 Class B Investor Defaulted Amount") .........................................       $2,103,330.21

         (c) The aggregate amount of all defaulted Principal Receivables written off
             as uncollectible for the period October 15, 1997 through January 3, 1998
             allocable to the Series 1997-1 Investor Certificates (the "Investor
             Defaulted Amount") .................................................................       $8,950,341.33

      (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 1997-1
             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 1997-1
             Class B Certificateholder's investment) ............................................                  $0

         (c) The total amount reimbursed to the Trust from October 15, 1997
             through January 3, 1998 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 1997-1 Certificateholder's investment) .................................                  $0

      (8) INVESTOR SERVICING FEE.

         (a) The amount of the Series 1997-1 Class A Investor Monthly Servicing Fee
             payable by the Trust to the Servicer from October 15, 1997 through
             January 3, 1998.....................................................................       $1,761,904.70

         (b) The amount of the Series 1997-1 Class B Investor Monthly Servicing Fee
             payable by the Trust to the Servicer from October 15, 1997 through
             January 3, 1998.....................................................................         $541,238.70

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      (9) The amount of Series 1997-1 Reallocated Principal Collections from
          October 15, 1997 through January 3, 1998...............................................                  $0

     (10) THE POOL FACTOR.

          The Pool Factor (which represents the ratio of the Series 1997-1 Class A Adjusted
          Invested Amount as of the end of the day on January 3, 1998 to the Class A
          Invested Amount as of the Closing Date).  The Amount of a Series 1997-1 Class A
          Invested Amount can be determined by multiplying the original denomination of the
          holder's Certificate by the Series 1997-1 Class A Pool Factor..........................            1.0000000

          The Pool Factor (which represents the ratio of the Series 1997-1 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 1997-1 Class B Certificate by
          the Series 1997-1 Class B Pool Factor .................................................            1.0000000
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                                                        RETAILERS NATIONAL BANK
                                                             as Servicer


                                                    By: /s/ Ronald A. Prill
                                                        -----------------------
                                                         Name:  Ronald A. Prill
                                                         Title:  Chairman & CEO