Exhibit 99.2

 

**ANNUAL CERTIFICATEHOLDERS’ STATEMENT**

**TARGET RECEIVABLES CORPORATION**

**TARGET CREDIT CARD MASTER TRUST (SERIES 2001-1)**

 

Pursuant to the Amended andRestated Pooling and Servicing Agreement dated as of April 28, 2000 (as may beamended and supplemented from time to time, the “Agreement”) among TargetNational Bank, (formerly Retailers National Bank), as Servicer, TargetReceivables Corporation, as Transferor, and Wells Fargo Bank Minnesota,National Association, as Trustee, the Servicer is required to prepare certain informationannually regarding distributions to and the performance of the Trust during theMonthly Periods for the Calendar year. The information which is required to be prepared with respect to theperformance of the Trust during the period January 1, 2004 through December 31,2004 is set forth below.  Certaininformation is based on the Transferor’s fiscal year end, ending January 1,2005.  Certain information is presentedon the basis of an original principal amount of $1,000 per Certificate.  Certain other information is presented based onthe 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, 2004 through December 31, 2004 per $1,000 original  principal amount                                 |                                                                                                                                                                                              | $6.27  |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                              |   |   |
|   |   | (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, 2004 through December 31, 2004  per $1,000 original principal amount    |                                                                                                                                                                                              | $6.27  |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                              |   |   |
|   |   | (3)                                                                                                                                   | The portion of the amount  set forth in paragraph 1 above in respect of principal distributed for the  period January 1, 2004 through December 31, 2004 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 4, 2004 through  January 1, 2005 which were allocated in respect of the Series 2001-1 Class A  Certificates       |   | $952,037,096.89 |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                              |   |   |   |
|   |   |                                                                                                                                  | (b)                                                                                                                                                                                                                         | The aggregate amount of  Collections of Principal Receivables processed January 4, 2004 through  January 1, 2005 which were allocated in respect of the Series 2001-1 Class B  Certificates       |   | $317,345,698.96 |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                              |   |   |
|   |   | (2)                                                                                                                                   | Collection  of Finance Charge Receivables.                                                                                                                                                                                  |                                                                                                                                                                                              |   |   |
|   |   |                                                                                                                                  |                                                                                                                                                                                                                        |                                                                                                                                                                                              |   |   |
|   |   |                                                                                                                                  | (a)                                                                                                                                                                                                                         | The aggregate amount of  Collections of Finance Charge Receivables processed January 4, 2004 through  January 1, 2005 which were allocated in respect of the Series 2001-1 Class A  Ceritificates |   | $114,060,659.90 |   |

 

 

Exhibit 99.2

 
|   |   |   | (b)                                  | The aggregate amount of  Collections of Finance Charge Receivables processed January 4, 2004 through  January 1, 2005 which were allocated in respect of the Series 2001-1 Class B  Certificates                                                 |   | $38,020,219.97 |   |
|--------|--------|--------|--------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|
|   |   |   |                                 |                                                                                                                                                                                                                                             |   |           |   |
|   |   | (3)    | Recoveries.                          |                                                                                                                                                                                                                                             |   |           |
|   |   |   |                                 |                                                                                                                                                                                                                                             |   |           |   |
|   |   |   | (a)                                  | The aggregate amount of  Collections processed January 4, 2004 through January 1, 2005 that constitute  Recoveries on Defaulted Receivables which were allocated in respect of the  Series 2001-1 Class A Certificates                           |   | $5,099,033.21  |   |
|   |   |   |                                 |                                                                                                                                                                                                                                             |   |           |   |
|   |   |   | (b)                                  | The aggregate amount of  Collections processed January 4, 2004 through January 1, 2005 that constitute  Recoveries on Defaulted Receivables which were allocated in respect of the  Series 2001-1 Class B Certificates                           |   | $1,699,677.74  |   |
|   |   |   |                                 |                                                                                                                                                                                                                                             |   |           |   |
|   |   | (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 1,  2005 (which reflects the Principal Receivables represented by the Transferors  Interest in the Trust and by the Investor Certificates)       |   | $0.00          |   |
|   |   |   |                                 |                                                                                                                                                                                                                                             |   |           |   |
|   |   |   | (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 1, 2005                                                                   |   | $0.00          |   |
|   |   |   |                                 |                                                                                                                                                                                                                                             |   |           |   |
|   |   |   | (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 1, 2005                                                   |   | $0.00          |   |
|   |   |   |                                 |                                                                                                                                                                                                                                             |   |           |   |
|   |   |   | (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 1, 2005                                                  |   | $0.00          |   |
|   |   |   |                                 |                                                                                                                                                                                                                                             |   |           |   |
|   |   |   | (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 1, 2005 |   | 0.00           | %      |

 

 

Exhibit 99.2

 
|       |       | (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  1, 2005:                                                                                               |       |                           |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                      |       |                           |   |
| ** ** | ** ** | ** ** | ** **                                           | ** **                                                                                                                                                                                                                                                                | ** ** | **Aggregate  Account Balance** |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                      |       |                           |   |
|       |       |       |                                                 | 2  Missed Monthly Payments                                                                                                                                                                                                                                                |       | $0                             |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                      |       |                           |   |
|       |       |       |                                                 | 3  Missed Monthly Payments                                                                                                                                                                                                                                                |       | $0                             |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                      |       |                           |   |
|       |       |       |                                                 | 4  or More Missed Monthly Payments                                                                                                                                                                                                                                        |       | $0                             |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                      |       |                           |   |
|       |       | (6)        | Investor  Defaulted Amount.                          |                                                                                                                                                                                                                                                                      |       |                           |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                      |       |                           |   |
|       |       |       | (a)                                                  | This aggregate amount of  all defaulted Principal Receivables written off as uncollectible for the  period January 4, 2004 through January 1, 2005 allocable to the Series 2001-1  Class A Certificates (the “Series 2001-1 Class A Investor Defaulted Amount”) |       | $35,087,497.63                 |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                      |       |                           |   |
|       |       |       | (b)                                                  | The aggregate amount of  all defaulted Principal Receivables written off as uncollectible for the  period January 4, 2004 through January 1, 2005 allocable to the Series 2001-1  Class B Certificates (the “Series 2001-1 Class B Investor Defaulted Amount”)  |       | $12,451,716.32                 |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                      |       |                           |   |
|       |       |       | (c)                                                  | The aggregate amount of  all defaulted Principal Receivables written off as uncollectible for the  period January 4, 2004 through January 1, 2005 allocable to the Series 2001-1  Investor Certificates (the “Investor Defaulted Amount”)                       |       | $47,539,213.95                 |   |
|       |       |       |                                                 |                                                                                                                                                                                                                                                                      |       |                           |   |
|       |       | (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 4, 2004 through January 1, 2005 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 99.2

 
|   |   | (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 4, 2004 through January 1, 2005 |      | $8,125,000.02 |   |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                       |      |          |   |
|   |   |   | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                            | The amount of the Series  2001-1 Class B Investor Monthly Servicing Fee payable by the Trust to the  Servicer from January 4, 2004 through January 1, 2005 |      | $2,916,666.67 |   |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                       |      |          |   |
|   |   | (9)    | The amount of Series  2001-1 Reallocated Principal Collections from January 4, 2004 through January  1, 2005                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                       | $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 1, 2005 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                                                          |                                                                                                                                                       | 0.0000000 |          |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                       |      |          |
|   |   |   | 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 |                                                                                                                                                       | 0.0000000 |          |

 

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