Exhibit
20.4

MONTHLY CERTIFICATEHOLDERS' STATEMENT
RETAILERS NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 1998-1

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 1998-1 Supplement (as amended and
Supplemented, the "Series Supplement"), each among Retailers National Bank, as Servicer, Target Receivables Corporation, as Transferor, and Wells Fargo 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:        |  | July 2000      
| |  | ---------------------- |  | ---------------
| |  | Distribution Date:     |  | August 25, 2000
| |  | No. of Days in Period: |  | 28             

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

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|II.  |  | INVESTED AMOUNTS AND ALLOCATION PERCENTAGES                            | 
|---- |  | ---------------------------------------------------------------------- | 
|     | 
|(a)  |  | Class A Initial Invested Amount                                        | 
|(b)  |  | Class B Initial Invested Amount                                        | 
|     |  |                                                                        | 
|(c)  |  | Total Initial Invested Amount (a + b)                                  | 
|(d)  |  | Class A Invested Amount (a - (X.a))                                    | 
|(e)  |  | Class B Invested Amount (b - (X.e))                                    | 
|     |  |                                                                        | 
|(f)  |  | Total Invested Amount (d + e)                                          | 
|(g)  |  | Class A Adjusted Invested Amount (a - (X.a)-(III.f))                   | 
|(h)  |  | Class B Invested Amount (b - (X.e))                                    | 
|     |  |                                                                        | 
|(i)  |  | Total Adjusted Invested Amount (g + h)                                 | 
|(j)  |  | Floating Allocation Percentage                                         | 
|(k)  |  | Class A Floating Allocation Percentage                                 | 
|(l)  |  | Class B Floating Allocation Percentage                                 | 
|(m)  |  | Principal Allocation Percentage                                        | 
|(n)  |  | Class A Principal Allocation Percentage                                | 
|(o)  |  | Class B Principal Allocation Percentage                                | 
|(p)  |  | Servicing Fee                                                          | 
|(q)  |  | Investor Defaulted Amount (j * (IV.(m)))                               | 
|III. |  | TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING              | 
|     |  | ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT                                 | 
|     | 
|(a)  |  | Transferor's Amount (end of month)                                     | 
|(b)  |  | Required Retained Transferor Amount (end of month)                     | 
|(c)  |  | Required Principal Balance (end of month)                              | 
|(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)       | 

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|IV. |  | PERFORMANCE SUMMARY                                                                                                |  |   |                |  
|--- |  | ------------------------------------------------------------------------------------------------------------------ |  | - | -------------- | -
|    | 
|    |  | COLLECTIONS:                                                                                                       |  |   |                |  
|(a) |  | Collections of Principal Receivables                                                                               |  | $ | 407,146,182.17 |  
|(b) |  | Collections of Finance Charge Receivables (from cardholder payments)                                               |  |   | 46,971,334.34  |  
|(c) |  | Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest) |  |   | 8,759,105.81   |  
|(d) |  | Collections of Discount Option Receivables                                                                         |  |   | 0.00           |  
|(e) |  | Total Finance Charge Collections (b + c + d)                                                                       |  | $ | 55,730,440.15  |  
|    |  |                                                                                                                    |  |   |               
|(f) |  | Total Collections (a + e)                                                                                          |  | $ | 462,876,622.32 |  
|    |  |                                                                                                                    |  |   |               
|    |  | DELINQUENCIES AND LOSSES:                                                                                          |  |   |                |  
|(g) |  | 2 missed payments                                                                                                  |  | $ | 57,731,443     |  
|(h) |  | 3 missed payments                                                                                                  |  |   | 34,112,119     |  
|(i) |  | 4 or more missed payments                                                                                          |  |   | 62,352,252     |  
|    |  |                                                                                                                    |  |   |               
|(j) |  | Total delinquencies (g + h + i)                                                                                    |  | $ | 154,195,814    |  
|    |  |                                                                                                                    |  |   |               
|(k) |  | Gross Charge-Offs during the month                                                                                 |  | $ | 15,316,539.11  |  
|(l) |  | Recoveries during the month                                                                                        |  | $ | 3,632,873.77   |  
|(m) |  | Net Charge-Offs during the month (k - l)                                                                           |  | $ | 11,683,665.34  |  
|V   |  | NON-U.S. ACCOUNTS                                                                                                  |  |   |                |  
|    | 
|(a) |  | Non-US Accounts at end of month                                                                                    |  |   | 128,149        |  
|(b) |  | as a percentage of total (a / c)                                                                                   |  |   | 0.38           | %
|(c) |  | Total number of Accounts in Trust (at end of month)                                                                |  |   | 33,895,148     |  

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|VI     |  | AVAILABLE SERIES 1998-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS                
|------ |  | -------------------------------------------------------------------------------------------
|      
|(a)    |  | Floating Allocation Percentage of Collections of Finance Charge Receivables                
|(b)    |  | Investment earnings on Principal Funding Account                                           
|(c)    |  | Investment earnings in Reserve Account deposited in the Collection Account                 
|(d)    |  | Closing Date deposit into the Collection Account                                           
|       |  |                                                                                            
|(e)    |  | Available Series 1998-1 Finance Charge Collections (a + b + c + d)                         
|(i)    |  | Class A Interest                                                                           
|(ii)   |  | Servicing Fee                                                                              
|(iii)  |  | Class A Investor Defaulted Amount ((IV.m * (II.k))                                         
|(iv)   |  | Class B Investor Defaulted Amount ((IV.m * (II.l))                                         
|(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)                  
|       |  |                                                                                            

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|VII             |  | YIELD and BASE RATE                                                                                          |  |       |  
|--------------- |  | ------------------------------------------------------------------------------------------------------------ |  | ----- | -
|                | 
|Base Rate       |  |                                                                                                              | 
|(a)             |  | Base Rate (current month)                                                                                    |  | 6.51  | %
|(b)             |  | Base Rate (prior month)                                                                                      |  | 6.51  | %
|(c)             |  | Base Rate (2 months ago)                                                                                     |  | 6.51  | %
|(d)             |  | 3 Month Average Base Rate                                                                                    |  | 6.51  | %
|Portfolio Yield |  |                                                                                                              | 
|(e)             |  | Portfolio Yield (current month)                                                                              |  | 23.59 | %
|(f)             |  | Portfolio Yield (prior month)                                                                                |  | 22.43 | %
|(g)             |  | Portfolio Yield (2 months ago)                                                                               |  | 23.47 | %
|(h)             |  | 3 Month Average Portfolio Yield                                                                              |  | 23.16 | %
|VIII            |  | PORTFOLIO PERFORMANCE RATES                                                                                  | 
|                | 
|(a)             |  | Net Charge-Offs (annualized % of Principal Receivables at beginning of period)                               |  | 6.26  | %
|(b)             |  | Monthly Payment Rate (% of Total Receivables at beginning of period
(adjusted for number of days in period)) |  | 19.74 | %
|(c)             |  | Trust Portfolio Yield (annualized)                                                                           |  | 29.85 | %
|(d)             |  | Portfolio Yield (3 month average (annualized))                                                               |  | 23.16 | %
|(e)             |  | Base Rate (3 month average)                                                                                  |  | 6.51  | %
|(f)             |  | Excess Finance Charge Collections % (d - e)                                                                  |  | 16.65 | %

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|    |  |                                                                                                                                                                                                   |  |   |               |  
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | - | ------------- | -
|IX  |  | PRINCIPAL COLLECTIONS                                                                                                                                                                             | 
|    | 
|(a) |  | Class A Principal Allocation Percentage                                                                                                                                                           |  |   | 16.66         | %
|(b) |  | Class A Principal                                                                                                                                                                                 |  | $ | -             |  
|(c) |  | Class B Principal Allocation Percentage                                                                                                                                                           |  |   | 5.12          | %
|(d) |  | Class B Principal                                                                                                                                                                                 |  | $ | -             |  
|(e) |  | Total Principal (b + d)                                                                                                                                                                           |  | $ | -             |  
|(f) |  | Reallocated Principal Collections                                                                                                                                                                 |  | $ | -             |  
|(g) |  | Shared Principal Collections allocable from other Series and Participation                                                                                                                        |  | $ | -             |  
|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. |  | $ | -             |  
|XI  |  | AMORTIZATION                                                                                                                                                                                      |  |   |               |  
|    | 
|(a) |  | Class A Accumulation Period Length (months)                                                                                                                                                       |  |   | 12            |  
|(b) |  | Controlled Accumulation Amount                                                                                                                                                                    |  | $ | 33,333,333.34 |  
|(c) |  | Deficit Controlled Accumulation Amount                                                                                                                                                            |  | $ | -             |  
|(d) |  | Total Principal on deposit in Principal Funding Account for the benefit of Class A Certificateholders (end of month)                                                                              |  | $ | -             |  

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

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