10-K

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended January 1, 2001

Commission file number 0-26930

TARGET CREDIT CARD MASTER TRUST
(Issuer of the Certificates)

TARGET RECEIVABLES CORPORATION
(Originator of the Trust Described Herein)
(Exact name of Registrant as Specified in its Charter)

Minnesota	41-1812153
(State of Incorporation)	(I.R.S. Employer ID No.)
80 South Eighth Street, 14th Floor, Suite 1401 Minneapolis, Minnesota	55402
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: 612/370-6530
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:

6.25% Class A Asset Backed Certificates, Series 1997-1
5.90% Class A Asset Backed Certificates, Series 1998-1
(Title of Class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No   

The registrant has no voting stock held by non-affiliates and meets the conditions set forth in General Instruction J (1)(a) and (b) of Form 10-K. Disclosure pursuant to Item 405 of Regulation S-K is not required.

DOCUMENTS INCORPORATED BY REFERENCE
None

PART I

Item 1. Business.

Target Credit Card Master Trust (the "Trust") was formed pursuant to a Pooling and Servicing Agreement dated as of September 13, 1995 (as amended, modified or supplemented, the "Pooling and Servicing Agreement"), by and among Retailers National Bank, as servicer ("Servicer"), Target Receivables Corporation, as transferor ("Transferor"), and Norwest Bank Minnesota, National Association, as trustee ("Trustee"). The Trust's only business is to act as a passive conduit to permit investments in a pool of Transferor's consumer accounts receivable. The Transferor is a wholly-owned subsidiary of a corporation that is wholly-owned by Target Corporation.

Item 2. Properties.

The assets of the Trust (the "Trust Assets") include a portfolio of receivables (the "Receivables") generated from time to time in a portfolio of consumer open-end credit card accounts (the "Accounts"), funds collected or to be collected in respect of the Receivables, monies on deposit in certain accounts of the Trust, any participation interests included in the Trust, funds collected or to be collected with respect to such participation interests and any enhancement with respect to a particular series or class. The Trust Assets are expected to change over the life of the Trust as receivables in consumer open-end credit card accounts and other open-end credit accounts and related assets are included in the Trust and as Receivables in Accounts included in the Trust are charged-off or removed.

Exhibits 99.2 and 99.3 to this Report set forth certain information relating to the Transferor's fiscal year ended January 1, 2001. Such information, which was derived from the monthly settlement statements relating to such period as delivered to the Trustee pursuant to the Pooling and Servicing Agreement, is incorporated herein by reference.

Item 3. Legal Proceedings.

None.

Item 4. Submission of Matters to a Vote of Security Holders.

None.

PART II

Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.

In August 1996, the Trust issued Series 1996-1 Class A Variable Funding Certificates in a private transaction (the "Series 1996 Certificates"). The principal amount of the Series 1996 Certificates fluctuates and currently may not exceed $100 million. In October 1997, the Trust issued $400,000,000 of five year 6.25% Class A Certificates to the public (the "Series 1997 Certificates"). In August 1998, the Trust issued $400,000,000 of five year 5.90% Class A Certificates to the public (the "Series 1998 Certificates").

Although they trade in the over-the-counter market to a limited extent, there is currently no established public trading market for the Series 1997 Certificates or the Series 1998 Certificates. The Series 1997 Certificates and the Series 1998 Certificates are held and delivered in book-entry form through the facilities of The Depository Trust Company ("DTC"), a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. The definitive Series 1997 Certificates and the Series 1998 Certificates are held by Cede & Co., the nominee of DTC.

The undivided interests in the Trust, other than those represented by the Series 1996 Certificates, the Series 1997 Certificates and the Series 1998 Certificates, are owned by the Transferor and the Servicer.

Item 6. Selected Financial Data.

Not applicable.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Not applicable.

Item 8. Financial Statements and Supplementary Data.

Not applicable.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None.

PART III

Item 10. Directors and Executive Officers of the Registrant.

Not applicable.

Item 11. Executive Compensation.

Not applicable.

Item 12. Security Ownership of Certain Beneficial Owners and Management.

a.

Security ownership of certain beneficial owners.

The Transferor is a wholly-owned subsidiary of a corporation that is wholly-owned by Target Corporation. The principal executive office of Target Corporation is 777 Nicollet Mall, Minneapolis, Minnesota 55402.

At the date hereof, 100% of the Series 1997 Certificates and the Series 1998 Certificates were held in the nominee name of Cede & Co. for beneficial owners. To the Transferor's knowledge, based solely on the fact that Transferor has not received notice of any filings having been made with the Securities and Exchange Commission reporting the acquisition of more than 5% of the Series 1997 Certificates or the Series 1998 Certificates, no person beneficially owned more than 5% of the Series 1997 Certificates or the Series 1998 Certificates. The Series 1996 Certificates are held by an administrative agent on behalf of several beneficial owners and interests in the Series 1996 Certificates are not freely transferable.

The undivided interests in the Trust, other than that represented by the Series 1996 Certificates, the Series 1997 Certificates or the Series 1998 Certificates, are owned by the Transferor and the Servicer.

b.

Security ownership of management.

Not applicable.

c.

Changes in control.

Not applicable.

Item 13. Certain Relationships and Related Transactions.

Except for the information concerning the compensation paid to Servicer by the Trust contained in Exhibits 99.2 and 99.3 hereto, which is hereby incorporated herein by reference, and other transactions contemplated by the Pooling and Servicing Agreement, the Transferor is not aware of

any transactions or series of similar transactions during its fiscal year ended January 1, 2001, or any currently proposed transaction or series of similar transactions, in which the amount involved exceeded or is proposed to exceed $60,000, to which the Trust was a party or is proposed to be a party, and in which any person known to the Registrant to own more than 5% of any class of certificates representing undivided interests in the Trust had or has a direct or indirect material interest.

PART IV

Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

a.

The following documents are filed as part of this Report.



3.

Exhibits

99.1

Annual Servicer's Certificate for the year ended January 1, 2001, Series 1997-1 and Series 1998-1.



99.2

Annual Certificateholders' Statement for the year ended January 1, 2001, Series 1997-1.



99.3

Annual Certificateholders' Statement for the year ended January 1, 2001, Series 1998-1.



99.4

Report of Independent Accountants.



99.5

Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 1997-1.



99.6

Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 1998-1.




b.

Reports on Form 8-K and Form 8 filed with respect to fiscal 2000.

Each month the Transferor files a Current Report on Form 8-K which includes, as exhibits, copies of the Monthly Servicer's Certificates and the Monthly Certificateholders' Statements relating to the preceding monthly period, which certificates are required to be delivered to the Trustee under the terms of the Pooling and Servicing Agreement.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		TARGET RECEIVABLES CORPORATION
Dated:	April 9, 2001	By	/s/ Douglas A. Scovanner
			Douglas A. Scovanner,
			President

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of Target Receivables Corporation and in the capacities and on the dates indicated.

Signature	Title	Date
/s/ Douglas A. Scovanner Douglas A. Scovanner	President and Director (Principal Accounting Officer)	April 9, 2001
/s/ Stephen C. Kowalke Stephen C. Kowalke	Vice President, Treasurer and Director (Principal Financial Officer)	April 9, 2001
/s/ Gerald L. Storch Gerald L. Storch	Director	April 9, 2001

EXHIBIT INDEX

Exhibit No.	Exhibit
99.1	Annual Servicer's Certificate for the year ended January 1, 2001, Series 1997-1 and Series 1998-1
99.2	Annual Certificateholders' Statement for the year ended January 1, 2001, Series 1997-1
99.3	Annual Certificateholders' Statement for the year ended January 1, 2001, Series 1998-1
99.4	Report of Independent Accountants
99.5	Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 1997-1
99.6	Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 1998-1

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PART I

Item 1. Business.
Item 2. Properties.
Item 3. Legal Proceedings.
Item 4. Submission of Matters to a Vote of Security Holders.

PART II

Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
Item 6. Selected Financial Data.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 8. Financial Statements and Supplementary Data.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

PART III

Item 10. Directors and Executive Officers of the Registrant.
Item 11. Executive Compensation.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
Item 13. Certain Relationships and Related Transactions.

PART IV

Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

SIGNATURES
EXHIBIT INDEX

EX-99.1

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ANNUAL SERVICER'S CERTIFICATE

RETAILERS NATIONAL BANK

TARGET CREDIT CARD MASTER TRUST

    The undersigned, a duly authorized representative of Retailers National Bank, as Servicer ("RNB"), pursuant to the Pooling and Servicing Agreement dated as of September 13, 1995, as supplemented by the Series 1995-1 Supplement, the Series 1996-1 Supplement, the Series 1997-1, and the Series 1998-1 Supplement (as may be amended and supplemented from time to time, the "Agreement"), among Target Receivables Corporation, as Transferor, RNB as Servicer, and Norwest Bank Minnesota, National Association, as Trustee, does hereby certify that:

1.	RNB is, as of the date hereof, the Servicer under the Agreement. Capitalized terms used in this Certificate have their respective meanings as set forth in the Agreement.
2.	The undersigned is a Servicing Officer who is duly authorized pursuant to the Agreement to execute and deliver this certificate to the Trustee.
3.	A review of the activities of the Servicer during the fiscal year ended December 30, 2000, and of its performance under the Agreement was conducted under my supervision.
4.	Based on such review, the Servicer has, to the best of my knowledge, performed in all material respects its obligations under the Agreement throughout such year and no default in the performance of such obligations has occurred or is continuing except as set forth in paragraph 5 below.
5.	The following is a description of each default in the performance of the Servicer's obligations under the provisions of the Agreement known to me to have been made by the Servicer during the fiscal year ended December 30, 2000 which sets forth in detail (i) the nature of each default, (ii) the action taken by the Servicer, if any, to remedy each such default and (iii) the current status of each such default: None.
	IN WITNESS WHEREOF, the undersigned has duly executed this Certificate as of the 25th day of March, 2001.
			RETAILERS NATIONAL BANK, as Servicer,
		By:	/s/ Thomas A. Swanson    Name: Thomas A. Swanson     Title: Vice President & Cashier

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ANNUAL SERVICER'S CERTIFICATE RETAILERS NATIONAL BANK TARGET CREDIT CARD MASTER TRUST

EX-99.2

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ANNUAL CERTIFICATEHOLDERS' STATEMENT
TARGET RECEIVABLES CORPORATION
TARGET 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, Target 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 January 1, 2000 through December 31, 2000 is set forth below. Certain information is based on the Transferor's fiscal year end, ending December 30, 2000. 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.

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, 2000 through December 31, 2000 per $1,000 original principal amount		$62.50
	(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, 2000 through December 31, 2000 per $1,000 original principal amount		$62.50
	(3)	The portion of the amount set forth in paragraph 1 above in respect of principal distributed for the period January 1, 2000 through December 31, 2000 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 2, 2000 through December 30, 2000 which were allocated in respect of the Series 1997-1 Class A Certificates	$878,027,123.07
		(b)	The aggregate amount of Collections of Principal Receivables processed January 2, 2000 through December 30, 2000 which were allocated in respect of the Series 1997-1 Class B Certificates	$269,720,750.24
	(2)	Collection of Finance Charge Receivables.
		(a)	The aggregate amount of Collections of Finance Charge Receivables processed January 2, 2000 through December 30, 2000 which were allocated in respect of the Series 1997-1 Class A Ceritificates	$116,437,505.34
		(b)	The aggregate amount of Collections of Finance Charge Receivables processed January 2, 2000 through December 30, 2000 which were allocated in respect of the Series 1997-1 Class B Certificates	$35,768,383.99

(3)	Recoveries.
	(a)	The aggregate amount of Collections processed January 2, 2000 through December 30, 2000 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 1997-1 Class A Certificates	$7,342,147.81
	(b)	The aggregate amount of Collections processed January 2, 2000 through December 30, 2000 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 1997-1 Class B Certificates	$2,255,431.03
(4)	Principal Receivables in the Trust.
	(a)	The aggregate amount of Principal Receivables in the Trust as of the end of the day on December 30, 2000 (which reflects the Principal Receivables represented by the Transferors Interest in the Trust and by the Investor Certificates)	$3,117,386,567.75
	(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 December 30, 2000	$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 December 30, 2000	$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 December 30, 2000	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 December 30, 2000	19.76%

(5)	Delinquent Balances.
		The aggregate amount of outstanding balances in the Accounts which were 2 or more monthly payments contractually delinquent as of the end of the day on December 30, 2000:
			Aggregate Account Balance
		2 Missed Monthly Payments	$60,063,926
		3 Missed Monthly Payments	$36,738,894
		4 or More Missed Monthly Payments	$77,133,564
(6)	Investor Defaulted Amount.
	(a)	This aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 2, 2000 through December 30, 2000 allocable to the Series 1997-1 Class A Certificates (the "Series 1997-1 Class A Investor Defaulted Amount")	$24,537,691.37
	(b)	The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 2, 2000 through December 30, 2000 allocable to the Series 1997-1 Class B Certificates (the "Series 1997-1 Class B Investor Defaulted Amount")	$7,537,722.18
	(c)	The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 2, 2000 through December 30, 2000 allocable to the Series 1997-1 Investor Certificates (the "Investor Defaulted Amount")	$32,075,413.55
(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 January 2, 2000 through December 30, 2000 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 January 2, 2000 through December 30, 2000	$8,000,000.05

	(b)	The amount of the Series 1997-1 Class B Investor Monthly Servicing Fee payable by the Trust to the Servicer from January 2, 2000 through December 30, 2000	$2,457,516.35
(9)	The amount of Series 1997-1 Reallocated Principal Collections from January 2, 2000 through December 30, 2000		$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 December 30, 2000 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

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

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ANNUAL CERTIFICATEHOLDERS' STATEMENT TARGET RECEIVABLES CORPORATION TARGET CREDIT CARD MASTER TRUST (SERIES 1997-1)

EX-99.3

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ANNUAL CERTIFICATEHOLDERS' STATEMENT
TARGET RECEIVABLES CORPORATION
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 and supplemented from time to time, the "Agreement") among Retailers National Bank as Servicer, Target 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 January 1, 2000 through December 31, 2000 is set forth below. Certain information is based on the Transferor's fiscal year end, ending December 30, 2000. 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.

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, 2000 through December 31, 2000 per $1,000 original principal amount		$59.00
	(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, 2000 through December 31, 2000 per $1,000 original principal amount		$59.00
	(3)	The portion of the amount set forth in paragraph 1 above in respect of principal distributed for the period January 1, 2000 through December 31, 2000 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 2, 2000 through December 30, 2000 which were allocated in respect of the Series 1998-1 Class A Certificates	$878,027,123.07
		(b)	The aggregate amount of Collections of Principal Receivables processed January 2, 2000 through December 30, 2000 which were allocated in respect of the Series 1998-1 Class B Certificates	$269,720,750.24
	(2)	Collection of Finance Charge Receivables.
		(a)	The aggregate amount of Collections of Finance Charge Receivables processed January 2, 2000 through December 30, 2000 which were allocated in respect of the Series 1998-1 Class A Ceritificates	$116,437,505.34

	(b)	The aggregate amount of Collections of Finance Charge Receivables processed January 2, 2000 through December 30, 2000 which were allocated in respect of the Series 1998-1 Class B Certificates	$35,768,383.99
(3)	Recoveries.
	(a)	The aggregate amount of Collections processed January 2, 2000 through December 30, 2000 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 1998-1 Class A Certificates	$7,342,147.81
	(b)	The aggregate amount of Collections processed January 2, 2000 through December 30, 2000 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 1998-1 Class B Certificates	$2,255,431.03
(4)	Principal Receivables in the Trust.
	(a)	The aggregate amount of Principal Receivables in the Trust as of the end of the day on December 30, 2000 (which reflects the Principal Receivables represented by the Transferors Interest in the Trust and by the Investor Certificates)	$3,117,386,567.75
	(b)	The amount of Principal Receivables in the Trust represented by the Series 1998-1 Certificates (the "Invested Amount") as of the end of the day on December 30, 2000	$522,875,817
	(c)	The amount of Principal Receivables in the Trust represented by the Series 1998-1 Class A Certificates (the "Class A Invested Amount") as of the end of the day on December 30, 2000	$400,000,000
	(d)	The amount of Principal Receivables in the Trust represented by the Series 1998-1 Class B Certificates (the "Class B invested Amount") as of the end of the day on December 30, 2000	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 December 30, 2000	19.76%

(5)	Delinquent Balances.
		The aggregate amount of outstanding balances in the Accounts which were 2 or more monthly payments contractually delinquent as of the end of the day on December 30, 2000:
			Aggregate Account Balance
		2 Missed Monthly Payments	$60,063,926
		3 Missed Monthly Payments	$36,738,894
		4 or More Missed Monthly Payments	$77,133,564
(6)	Investor Defaulted Amount.
	(a)	This aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 2, 2000 through December 30, 2000 allocable to the Series 1997-1 Class A Certificates (the "Series 1998-1 Class A Investor Defaulted Amount")	$24,537,691.37
	(b)	The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 2, 2000 through December 30, 2000 allocable to the Series 1998-1 Class B Certificates (the "Series 1998-1 Class B Investor Defaulted Amount")	$7,537,722.18
	(c)	The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 2, 2000 through December 30, 2000 allocable to the Series 1998-1 Investor Certificates (the "Investor Defaulted Amount")	$32,075,413.55
(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 1998-1 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 1998-1 Class B Certificateholder's investment)	$0
	(c)	The total amount reimbursed to the Trust from January 2, 2000 through December 30, 2000 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 1998-1 Certificateholder's investment)	$0
(8)	Investor Servicing Fee.
	(a)	The amount of the Series 1998-1 Class A Investor Monthly Servicing Fee payable by the Trust to the Servicer from January 2, 2000 through December 30, 2000	$8,000,000.05
	(b)	The amount of the Series 1998-1 Class B Investor Monthly Servicing Fee payable by the Trust to the Servicer from January 2, 2000 through December 30, 2000	$2,457,516.35
(9)	The amount of Series 1997-1 Reallocated Principal Collections from January 2, 2000 through December 30, 2000		$0
(10)	The Pool Factor.
	The Pool Factor (which represents the ratio of the Series 1998-1 Class A Adjusted Invested Amount as of the end of the day on December 30, 2000 to the Class A Invested Amount as of the Closing Date). The Amount of a Series 1998-1 Class A Invested Amount can be determined by multiplying the original denomination of the holder's Certificate by the Series 1998-1 Class A Pool Factor		1.0000000
	The Pool Factor (which represents the ratio of the Series 1998-1 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 1998-1 Class B Certificate by the Series 1998-1 Class B Pool Factor		1.0000000

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

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ANNUAL CERTIFICATEHOLDERS' STATEMENT TARGET RECEIVABLES CORPORATION TARGET CREDIT CARD MASTER TRUST (SERIES 1998-1)

EX-99.4

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[Letterhead]

Report of Independent Accountants

Target Corporation,
its Officers and Directors
    and
Target Receivables Corporation,
its Officers and Directors
As Transferor
    and
Retailers National Bank,
its Officers and Directors
As Servicer
    and
Wells Fargo Bank, National Association
As Trustee

We have audited, in accordance with auditing standards generally accepted in the United States, the statements of financial condition of Retailers National Bank (the Bank), as of December 31, 2000 and 1999 and the related statements of income, stockholders' equity, and cash flows for the years then ended and have issued our report thereon dated January 24, 2001.

Our audit, referred to in the preceding paragraph, included procedures applied to the documents and records relating to the servicing of credit card receivables under the Amended and Restated Target Credit Card Master Trust Pooling and Servicing Agreement (the Pooling and Servicing Agreement), dated as of April 28, 2000. Our procedures were as follows:

Documents and records relating to the servicing of credit card receivables under the Pooling and Servicing Agreement:

1.

Using an audit software application applied to the servicing portfolio as of August 4, through August 6, 2000 (based on billing cycles), we clerically tested the summarization of credit card receivables by credit card label, by billing cycle, individually, and in total, for a sample of periods in 2000 through August 31, 2000.



2.

We documented the process of sales that generate credit card receivables and tested the related controls. Per subsequent inquiry of Target Corporation and Bank management, we were informed that no significant changes occurred in the related systems, controls or process through our report date.



3.

We confirmed a sample of 87 credit card receivables as of July 31, 2000. Two responses noting differences were appropriately resolved by Ernst & Young.



4.

We selected a sample of 25 accounts which had an amount shown as finance charges as of a billing cycle prior to October 31, 2000. We recalculated the finance charges for the applicable billing cycle by using the beginning balance from the previous cycle, average daily balance, and all transactions occurring in the billing cycle. We compared the recalculated finance charge to the corresponding amounts shown on the customer billing statement and noted no exceptions.



5.

We read documentation of the Bank's internal audit procedures related to new account application and set-up processes, portfolio management, fraud, remittance processing, monthly statement processing, account maintenance, collections, and credit card receivables curing. We also examined documentation of the write-off practices to determine compliance with applicable Office of the Comptroller of the Currency regulations and accounting principles generally accepted in the United States.

6.

We documented the process used by the Bank to prepare the migration analysis to support the allowance for credit losses. We performed clerical tests of the underlying formulas and traced aging information to supporting cycle documentation. We also assessed the adequacy of the allowance for credit losses.



7.

We analytically reviewed allowance-related ratios (e.g., allowance as a percentage of total credit card receivables, year-to-date write-offs as a percentage of the allowance, and year-to-date write-offs as a percentage of average loan balances), comparing the ratios for the periods referred to in the introductory paragraph of this letter.

The results of the procedures described above provided satisfactory evidential matter for the purposes of our audit of the financial statements, referred to in the introductory paragraph of this letter, taken as a whole. The administration and servicing appear to be conducted in compliance with Article III and Article IV and Section 8.8 of the Pooling and Servicing Agreement insofar as such Articles and Section relate to accounting matters.

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 Target Receivables Corporation on behalf of the Trust, and its distribution is not limited.

	Very truly yours,
January 24, 2001

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Report of Independent Accountants

EX-99.5

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[Letterhead]

Report of Independent Accountants

Target Corporation,
its Officers and Directors
    and
Target Receivables Corporation,
its Officers and Directors
As Transferor
    and
Retailers National Bank,
its Officers and Directors
As Servicer
    and
Wells Fargo Bank, National Association
As Trustee

At your request, we have applied certain agreed-upon procedures, described below, agreed to by Target Corporation (the Company), Target Receivables Corporation, as Transferor, and Retailers National Bank, as Servicer, each of their respective Officers and Directors, and Wells Fargo Bank, National Association, as Trustee, to the Monthly Certificateholders' Statements (the Statements), issued pursuant to the Amended and Restated Target Credit Card Master Trust (the Trust) Pooling and Servicing Agreement (the Pooling and Servicing Agreement), dated April 28, 2000, for Series 1997-1 for each of the monthly reporting periods from January 2000 through December 2000. An example of a Statement, prepared by the Company, 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:

A.

Compared amounts to the Target Credit Card Master Trust Prospectus Supplement, for Series 1997-1 dated October 8, 1997 (the Prospectus Supplement) and found them to be in agreement.



B.

Compared the dollar and other amounts not derived directly from the Prospectus to amounts in the Company's accounting records to the extent such amounts could be so compared directly and found them to be in agreement. Examples of those accounting records used are listed below.



C.

Compared the dollar and other amounts not derived directly from the Prospectus, or that could not be compared directly to the Company's accounting records, to amounts within the Monthly Certificateholders' Statement and found them to be in agreement.



D.

Proved the arithmetic accuracy of the percentages or amounts based on the data in the above-mentioned Prospectus and accounting records. Differences may exist due to rounding of certain amounts or percentages used in the calculation but are not reported for purposes of this letter.

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 Target Corporation or Retailers National Bank. Additionally, for all the applicable Target Visa

accounts, all monthly reports are generated by an external vendor, as contracted by Retailers National Bank.

There were no exceptions 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 Target Receivables Corporation on behalf of the Trust, and its distribution is not limited.

	Very truly yours,
January 24, 2001

MONTHLY CERTIFICATEHOLDER'S STATEMENT
RETAILERS NATIONAL BANK
TARGET 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, 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: Distribution Date: No. of Days in Period:		December 2000 January 25, 2001 35
A.	ORIGINAL DEAL PARAMETERS
(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		$	522,875,817.00	(D)
(d)	Class A Certificate Rate			6.25%	(A)
(e)	Class B Certificate Rate			0.00%
(f)	Servicing Fee Rate			2.00%	(A)
(g)	Discount Percentage			0.00%
I.	RECEIVABLES IN THE TRUST
(a)	Beginning of the Period Principal Receivables		$	2,646,062,693.36	(B)
(b)	Beginning of the Period Finance Charge Receivables			74,369,705.24	(B)
(c)	Beginning of the Period Discounted Receivables			-
(d)	Beginning of the Period Total Receivables (a + b + c)		$	2,720,432,398.60	(D)
(e)	Removed Principal Receivables		$	-
(f)	Removed Finance Charge Receivables			-
(g)	Removed Total Receivables (e + f)		$	-
(h)	Supplemental Principal Receivables		$	-
(i)	Supplemental Finance Charge Receivables			-
(j)	Supplemental Total Receivables (h + i)		$	-
(k)	End of Period Principal Receivables		$	3,117,386,567.75	(B)
(l)	End of Period Finance Charge Receivables			77,129,798.15	(B)
(m)	End of Period Discounted Receivables			-
(n)	End of Period Total Receivables (k + l + m)		$	3,194,516,365.90	(D)
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		19.76%	(D)
(k)	Class A Floating Allocation Percentage		15.12%	(D)
(l)	Class B Floating Allocation Percentage		4.64%	(D)
(m)	Principal Allocation Percentage		19.76%	(D)
(n)	Class A Principal Allocation Percentage		15.12%	(D)
(o)	Class B Principal Allocation Percentage		4.64%	(D)
(p)	Servicing Fee	$	871,459.70	(D)
(q)	Investor Defaulted Amount (j * (IV.(m)))	$	3,200,623.74	(D)
III.	TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT
(a)	Transferor's Amount (end of month)	$	1,821,051,907.40	(B)
(b)	Required Retained Transferor Amount	$	62,347,731.36	(B)
(c)	Required Principal Balance	$	1,296,334,660.36	(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)	$	-
IV.	PERFORMANCE SUMMARY
	COLLECTIONS:
(a)	Collections of Principal Receivables	$	522,368,532.11	(B)
(b)	Collections of Finance Charge Receivables (from cardholder payments)		58,446,429.01	(B)
(c)	Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest, interchange fees)		8,871,419.01	(B)
(d)	Collections of Discount Option Receivables		-
(e)	Total Finance Charge Collections (b + c + d)	$	67,317,848.02	(D)
(f)	Total Collections (a + e)	$	589,686,380.13	(D)
	DELINQUENCIES AND LOSSES:
(g)	2 missed payments	$	60,063,926	(B)
(h)	3 missed payments		36,738,894	(B)
(i)	4 or more missed payments		77,133,564	(B)
(j)	Total delinquencies (g + h + i)	$	173,936,384	(D)
(k)	Gross Charge-Offs during the month	$	19,219,693.73	(B)
(l)	Recoveries during the month	$	3,022,633.57	(B)
(m)	Net Charge-Offs during the month (k - l)	$	16,197,060.16	(D)
V.	NON-U.S. ACCOUNTS
(a)	Non-US Accounts at end of month		135,666	(B)
(b)	as a percentage of total (a / c)		0.37%	(D)
(c)	Total number of Accounts in Trust (at end of month)		36,602,615	(B)

VI.	AVAILABLE SERIES 1997-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS
(a)	Floating Allocation Percentage of Collections of Finance Charge Receivables	$	13,302,358.58	(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)	$	13,302,358.58	(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))		2,448,477.16	(D)
(iv)	Class B Investor Defaulted Amount ((IV.m * (II.l ))		752,146.58	(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)	$	7,146,941.81	(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)		19.87%	(D)
(f)	Portfolio Yield (prior month)		21.18%	(B)
(g)	Portfolio Yield (2 months ago)		23.78%	(B)
(h)	3 Month Average Portfolio Yield		21.61%	(D)
VIII.	PORTFOLIO PERFORMANCE RATES
(a)	Net Charge-Offs (annualized % of Principal Receivables at beginning of period)		6.30%	(D)
(b)	Monthly Payment Rate (% of Total Receivables at beginning of period (adjusted for number of days in period))		18.30%	(D)
(c)	Trust Portfolio Yield (annualized)		26.17%	(D)
(d)	Portfolio Yield (3 month average (annualized))		21.61%	(D)
(e)	Base Rate (3 month average)		6.78%	(D)
(f)	Excess Finance Charge Collections % (d - e)		14.83%	(D)
IX.	PRINCIPAL COLLECTIONS
(a)	Class A Principal Allocation Percentage		15.12%	(D)
(b)	Class A Principal	$	-
(c)	Class B Principal Allocation Percentage		4.64%	(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.	$	-
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:        Name: Thomas A. Swanson
        Title: Vice President & Cashier

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Report of Independent Accountants
MONTHLY CERTIFICATEHOLDER'S STATEMENT RETAILERS NATIONAL BANK TARGET CREDIT CARD MASTER TRUST SERIES 1997-1

EX-99.6

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[Letterhead]

Report of Independent Accountants

Target Corporation,
its Officers and Directors
    and
Target Receivables Corporation,
its Officers and Directors
As Transferor
    and
Retailers National Bank,
its Officers and Directors
As Servicer
    and
Wells Fargo Bank, National Association
As Trustee

At your request, we have applied certain agreed-upon procedures, described below, agreed to by Target Corporation (the Company), Target Receivables Corporation, as Transferor, and Retailers National Bank, as Servicer, each of their respective Officers and Directors, and Wells Fargo Bank, National Association, as Trustee, to the Monthly Certificateholders' Statements (the Statements), issued pursuant to the Amended and Restated Target Credit Card Master Trust (the Trust) Pooling and Servicing Agreement (the Pooling and Servicing Agreement), dated April 28, 2000, for Series 1998-1 for each of the monthly reporting periods from January 2000 through December 2000. An example of a Statement, prepared by the Company, 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:

A.

Compared amounts to the Target Credit Card Master Trust Prospectus Supplement, for Series 1998-1 dated August 5, 1998 (the Prospectus Supplement) and found them to be in agreement.



B.

Compared the dollar and other amounts not derived directly from the Prospectus to amounts in the Company's accounting records to the extent such amounts could be so compared directly and found them to be in agreement. Examples of those accounting records used are listed below.



C.

Compared the dollar and other amounts not derived directly from the Prospectus, or that could not be compared directly to the Company's accounting records, to amounts within the Monthly Certificateholders' Statement and found them to be in agreement.



D.

Proved the arithmetic accuracy of the percentages or amounts based on the data in the above-mentioned Prospectus and accounting records. Differences may exist due to rounding of certain amounts or percentages used in the calculation but are not reported for purposes of this letter.

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 Target Corporation or Retailers National Bank. Additionally, for the applicable Target Visa accounts, all monthly reports are generated by an external vendor, as contracted by 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 Target Receivables Corporation on behalf of the Trust, and its distribution is not limited.

	Very truly yours,
January 24, 2001

MONTHLY CERTIFICATEHOLDER'S 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: Distribution Date: No. of Days in Period:		December 2000 January 25, 2001 35
A.	ORIGINAL DEAL PARAMETERS
(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		$	522,875,817.00	(D)
(d)	Class A Certificate Rate			5.90%	(A)
(e)	Class B Certificate Rate			0.00%
(f)	Servicing Fee Rate			2.00%	(A)
(g)	Discount Percentage			0.00%
I.	RECEIVABLES IN THE TRUST
(a)	Beginning of the Period Principal Receivables		$	2,646,062,693.36	(B)
(b)	Beginning of the Period Finance Charge Receivables			74,369,705.24	(B)
(c)	Beginning of the Period Discounted Receivables			-
(d)	Beginning of the Period Total Receivables (a + b + c)		$	2,720,432,398.60	(D)
(e)	Removed Principal Receivables		$	-
(f)	Removed Finance Charge Receivables			-
(g)	Removed Total Receivables (e + f)		$	-
(h)	Supplemental Principal Receivables		$	-
(i)	Supplemental Finance Charge Receivables			-
(j)	Supplemental Total Receivables (h + i)		$	-
(k)	End of Period Principal Receivables		$	3,117,386,567.75	(B)
(l)	End of Period Finance Charge Receivables			77,129,798.15	(B)
(m)	End of Period Discounted Receivables			-
(n)	End of Period Total Receivables (k + l + m)		$	3,194,516,365.90	(D)
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)	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		19.76%	(D)
(k)	Class A Floating Allocation Percentage		15.12%	(D)
(l)	Class B Floating Allocation Percentage		4.64%	(D)
(m)	Principal Allocation Percentage		19.76%	(D)
(n)	Class A Principal Allocation Percentage		15.12%	(D)
(o)	Class B Principal Allocation Percentage		4.64%	(D)
(p)	Servicing Fee	$	871,459.70	(D)
(q)	Investor Defaulted Amount (j * (IV.(m)))	$	3,200,623.74	(D)
III.	TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING ACCOUNT, AND PRINCIPAL FUNDING ACCOUNT
(a)	Transferor's Amount (end of month)	$	1,821,051,907.40	(B)
(b)	Required Retained Transferor Amount (end of month)	$	62,347,731.36	(B)
(c)	Required Principal Balance (end of month)	$	1,296,334,660.36	(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)	$	-
IV.	PERFORMANCE SUMMARY
	COLLECTIONS:
(a)	Collections of Principal Receivables	$	522,368,532.11	(B)
(b)	Collections of Finance Charge Receivables (from cardholder payments)		58,446,429.01	(B)
(c)	Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest, interchange fees)		8,871,419.01	(B)
(d)	Collections of Discount Option Receivables		-
(e)	Total Finance Charge Collections (b + c + d)	$	67,317,848.02	(D)
(f)	Total Collections (a + e)	$	589,686,380.13	(D)
	DELINQUENCIES AND LOSSES:
(g)	2 missed payments	$	60,063,926	(B)
(h)	3 missed payments		36,738,894	(B)
(i)	4 or more missed payments		77,133,564	(B)
(j)	Total delinquencies (g + h + i)	$	173,936,384	(D)
(k)	Gross Charge-Offs during the month	$	19,219,693.73	(B)
(l)	Recoveries during the month	$	3,022,633.57	(B)
(m)	Net Charge-Offs during the month (k - l)	$	16,197,060.16	(D)
V.	NON-U.S. ACCOUNTS
(a)	Non-US Accounts at end of month		135,666	(B)
(b)	As a percentage of total (a / c)		0.37%	(D)

(c)	Total number of Accounts in Trust (at end of month)		36,602,615	(B)
VI.	AVAILABLE SERIES 1998-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS
(a)	Floating Allocation Percentage of Collections of Finance Charge Receivables	$	13,302,358.58	(D)
(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)	$	13,302,358.58	(D)
(i)	Class A Interest		1,966,666.67	(D)
(ii)	Servicing Fee		871,459.70	(C)
(iii)	Class A Investor Defaulted Amount ((IV.m * (II.k))		2,448,477.16	(D)
(iv)	Class B Investor Defaulted Amount ((IV.m * (II.l ))		752,146.58	(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)	$	7,263,608.48	(D)
VII.	YIELD and BASE RATE
Base Rate
(a)	Base Rate (current month)		6.51%	(D)
(b)	Base Rate (prior month)		6.51%	(B)
(c)	Base Rate (2 months ago)		6.51%	(B)
(d)	3 Month Average Base Rate		6.51%	(D)
Portfolio Yield
(e)	Portfolio Yield (current month)		19.87%	(D)
(f)	Portfolio Yield (prior month)		21.18%	(B)
(g)	Portfolio Yield (2 months ago)		23.78%	(B)
(h)	3 Month Average Portfolio Yield		21.61%	(D)
VIII.	PORTFOLIO PERFORMANCE RATES
(a)	Net Charge-Offs (annualized % of Principal Receivables at beginning of period)		6.30%	(D)
(b)	Monthly Payment Rate (% of Total Receivables at beginning of period (adjusted for number of days in period))		18.30%	(D)
(c)	Trust Portfolio Yield (annualized)		26.17%	(D)
(d)	Portfolio Yield (3 month average (annualized))		21.61%	(D)
(e)	Base Rate (3 month average)		6.51%	(D)
(f)	Excess Finance Charge Collections % (d - e)		15.10%	(D)
IX.	PRINCIPAL COLLECTIONS
(a)	Class A Principal Allocation Percentage		15.12%	(D)
(b)	Class A Principal	$	-
(c)	Class B Principal Allocation Percentage		4.64%	(D)
(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	(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 (end of month)	$	-

RETAILERS NATIONAL BANK,
    as servicer

By:        Name: Thomas A. Swanson
        Title: Vice President & Cashier

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Report of Independent Accountants
MONTHLY CERTIFICATEHOLDER'S STATEMENT RETAILERS NATIONAL BANK TARGET CREDIT CARD MASTER TRUST SERIES 1998-1