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 3, 2004

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.)
1000 Nicollet Mall, 31st Floor, Suite 3136 Minneapolis, Minnesota	55403
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code: 612/696-3102
Securities registered pursuant to Section 12(b) of the Act:    None
Securities registered pursuant to Section 12(g) of the Act:

5.90% Class A Asset Backed Certificates, Series 1998-1
Floating Rate Class A Asset Backed Certificates, Series 2001-1
Floating Rate Class A Asset Backed Certificates, Series 2002-1
(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    

Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). Yes     No X

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

DOCUMENTS INCORPORATED BY REFERENCE

1.  The sections of the Registrant's Registration Statement (Registration No. 333-103371) filed on February 21, 2003 set forth below:

a.  "Risk Factors" on pages S-13 through S-20 of the prospectus supplement;
b.  "Retailers National Bank's Credit Card Business" on pages S-21 through S-24 of the prospectus supplement; and
c.  the prospectus.

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 Wells Fargo 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, 99.3, and 99.4 to this Report set forth certain information relating to the Transferor's fiscal year ended January 3, 2004. 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.

Not applicable.

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 fluctuated and did not exceed $100 million. The Series 1996 Certificates were repaid in full and canceled in July 2003. In August 1998, the Trust issued $400,000,000 of five year 5.90% Class A Certificates to the public (the "Series 1998 Certificates"). The Series 1998 Certificates were repaid in full and canceled in July 2003. In August 2001, the Trust issued $750,000,000 of seven year floating rate Class A Certificates to the public (the "Series 2001 Certificates"). In July 2002, the Trust issued $750,000,000 of five year floating rate Class A Certificates to the public (the "Series 2002-1 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 2001 Certificates or the Series 2002 Certificates. The Series 2001 Certificates and the Series 2002 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 2001 Certificates and the Series 2002 Certificates are held by Cede & Co., the nominee of DTC.

The undivided interests in the Trust, other than those represented by the Series 2001 Certificates and the Series 2002 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 7A.            Quantitative and Qualitative Disclosures About Market Risk.

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.

Item 9a.            Control and Procedures.

Not applicable.

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 and Related Stockholder Matters.

Not applicable.

Item 13.            Certain Relationships and Related Transactions.

Not applicable.

Item 14.            Principal Accountant Fees and Services.

Not applicable.

PART IV

Item 15.            Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

a.

The following documents are filed as part of this Report.

3.

Exhibits

31.1

Certification.



99.1

Annual Servicer's Certificate for the year ended January 3, 2004, Series 1998-1, Series 2001-1, and Series 2002-1.



99.2

Annual Certificateholders' Statement for the year ended January 3, 2004, Series 1998-1.



99.3

Annual Certificateholders' Statement for the year ended January 3, 2004, Series 2001-1.



99.4

Annual Certificateholders' Statement for the year ended January 3, 2004, Series 2002-1.



99.5

Report of Independent Accountants.



99.6

Report of Management on Compliance.

b.

Reports on Form 8-K and Form 8 filed with respect to fiscal 2003.






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:  March 22, 2004		By  /s/ Douglas A. Scovanner Douglas A. Scovanner, President and Director

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)	March 22, 2004
/s/ Stephen C. Kowalke
Stephen C. Kowalke	Vice President, Treasurer and Director (Principal Financial Officer)	March 22, 2004
/s/ Terrence J. Scully
Terrence J. Scully	Vice President and Director	March 22, 2004

EXHIBIT INDEX

Exhibit No.	Exhibit
31.1	Certification
99.1	Annual Servicer's Certificate for the year ended January 3, 2004, Series 1998-1, Series 2001-1, and Series 2002-1
99.2	Annual Certificateholders' Statement for the year ended January 3, 2004, Series 1998-1
99.3	Annual Certificateholders' Statement for the year ended January 3, 2004, Series 2001-1
99.4	Annual Certificateholders' Statement for the year ended January 3, 2004, Series 2002-1
99.5	Report of Independent Accountants
99.6	Report of Management on Compliance

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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 7A. Quantitative and Qualitative Disclosures About Market Risk.
Item 8. Financial Statements and Supplementary Data.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
Item 9a. Control and Procedures.

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 and Related Stockholder Matters.
Item 13. Certain Relationships and Related Transactions.
Item 14. Principal Accountant Fees and Services.

PART IV

Item 15. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

SIGNATURES
EXHIBIT INDEX

EX-31.1

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Exhibit 31.1

CERTIFICATION

I, Terrence J. Scully, certify that:

1.    I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of periods included in the year covered by this annual report, of Target Receivables Corporation;

2.    Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;

3.    Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement, for inclusion in these reports is included in these reports;

4.    I am responsible for reviewing the activities performed by the servicer under the pooling and servicing, or similar, agreement and based upon my knowledge and the annual compliance review required under that agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under that agreement; and

5.    The reports disclose all significant deficiencies relating to the servicer's compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar, agreement, that is included in these reports.

Dated:  March 22, 2004 By  /s/ Terrence J. Scully
Terrence J. Scully,
Vice President and Director

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CERTIFICATION

EX-99.1

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Exhibit 99.1

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 Amended and Restated Pooling and Servicing Agreement dated as of April 28, 2000, as supplemented by the Series 1996-1 Supplement, the Series 1998-1 Supplement, the Series 2001-1 Supplement, and the Series 2002-1 Supplement (as may be amended and supplemented from time to time, the "Agreement"), among Target Receivables Corporation, as Transferor, RNB, as Servicer, and Wells Fargo 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 January 3, 2004, 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 January 3, 2004 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 22nd day of March, 2004.

	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

EX-99.2

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Exhibit 99.2

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

        Pursuant to the Amended and Restated Pooling and Servicing Agreement dated as of April 28, 2000 (as may be amended and supplemented from time to time, the "Agreement") 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 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, 2003 through December 31, 2003 is set forth below. Certain information is based on the Transferor's fiscal year end, ending January 3, 2004. 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, 2003 through December 31, 2003 per $1,000 original principal amount		$29.50
	(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, 2003 through December 31, 2003 per $1,000 original principal amount		$29.50
	(3)	The portion of the amount set forth in paragraph 1 above in respect of principal distributed for the period January 1, 2003 through December 31, 2003 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 5, 2003 through January 3, 2004 which were allocated in respect of the Series 1998-1 Class A Certificates	$412,107,226.62
		(b)	The aggregate amount of Collections of Principal Receivables processed January 5, 2003 through January 3, 2004 which were allocated in respect of the Series 1998-1 Class B Certificates	$126,595,030.41
	(2)	Collection of Finance Charge Receivables.
		(a)	The aggregate amount of Collections of Finance Charge Receivables processed January 5, 2003 through January 3, 2004 which were allocated in respect of the Series 1998-1 Class A Ceritificates	$59,945,798.13

	(b)	The aggregate amount of Collections of Finance Charge Receivables processed January 5, 2003 through January 3, 2004 which were allocated in respect of the Series 1998-1 Class B Certificates	$18,414,722.30
(3)	Recoveries.
	(a)	The aggregate amount of Collections processed January 5, 2003 through January 3, 2004 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 1998-1 Class A Certificates	$2,552,064.12
	(b)	The aggregate amount of Collections processed January 5, 2003 through January 3, 2004 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 1998-1 Class B Certificates	$783,967.41
(4)	Principal Receivables in the Trust.
	(a)	The aggregate amount of Principal Receivables in the Trust as of the end of the day on January 3, 2004 (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 1998-1 Certificates (the "Invested Amount") as of the end of the day on January 3, 2004	$0.00
	(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 January 3, 2004	$0.00
	(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 January 3, 2004	$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 3, 2004	0.00%

(5)	Delinquent Balances.
		The aggregate amount of outstanding balances in the Accounts which were 2 or more monthly payments contractually delinquent as of the end of the day on January 3, 2004:
			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 5, 2003 through January 3, 2004 allocable to the Series 1998-1 Class A Certificates (the "Series 1998-1 Class A Investor Defaulted Amount")	$20,712,853.56
	(b)	The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 5, 2003 through January 3, 2004 allocable to the Series 1998-1 Class B Certificates (the "Series 1998-1 Class B Investor Defaulted Amount")	$6,362,772.01
	(c)	The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 5, 2003 through January 3, 2004 allocable to the Series 1998-1 Investor Certificates (the "Investor Defaulted Amount")	$27,075,625.57
(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 5, 2003 through January 3, 2004 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 5, 2003 through January 3, 2004	$4,666,666.69
	(b)	The amount of the Series 1998-1 Class B Investor Monthly Servicing Fee payable by the Trust to the Servicer from January 5, 2003 through January 3, 2004	$1,433,551.21
(9)	The amount of Series 1998-1 Reallocated Principal Collections from January 5, 2003 through January 3, 2004		$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 January 3, 2004 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		0.0000000
	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		0.0000000

	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 (SERIES 1998-1)

EX-99.3

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Exhibit 99.3

ANNUAL CERTIFICATEHOLDERS' STATEMENT
TARGET RECEIVABLES CORPORATION
TARGET CREDIT CARD MASTER TRUST (SERIES 2001-1)

        Pursuant to the Amended and Restated Pooling and Servicing Agreement dated as of April 28, 2000 (as may be amended and supplemented from time to time, the "Agreement") 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 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, 2003 through December 31, 2003 is set forth below. Certain information is based on the Transferor's fiscal year end, ending January 3, 2004. 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, 2003 through December 31, 2003 per $1,000 original principal amount		$13.21
	(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, 2003 through December 31, 2003 per $1,000 original principal amount		$13.21
	(3)	The portion of the amount set forth in paragraph 1 above in respect of principal distributed for the period January 1, 2003 through December 31, 2003 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 5, 2003 through January 3, 2004 which were allocated in respect of the Series 2001-1 Class A Certificates	$1,331,062,330.39
		(b)	The aggregate amount of Collections of Principal Receivables processed January 5, 2003 through January 3, 2004 which were allocated in respect of the Series 2001-1 Class B Certificates	$443,687,443.46
	(2)	Collection of Finance Charge Receivables.
		(a)	The aggregate amount of Collections of Finance Charge Receivables processed January 5, 2003 through January 3, 2004 which were allocated in respect of the Series 2001-1 Class A Ceritificates	$191,794,716.66

	(b)	The aggregate amount of Collections of Finance Charge Receivables processed January 5, 2003 through January 3, 2004 which were allocated in respect of the Series 2001-1 Class B Certificates	$63,931,572.22
(3)	Recoveries.
	(a)	The aggregate amount of Collections processed January 5, 2003 through January 3, 2004 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 2001-1 Class A Certificates	$7,579,198.32
	(b)	The aggregate amount of Collections processed January 5, 2003 through January 3, 2004 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 2001-1 Class B Certificates	$2,526,399.44
(4)	Principal Receivables in the Trust.
	(a)	The aggregate amount of Principal Receivables in the Trust as of the end of the day on January 3, 2004 (which reflects the Principal Receivables represented by the Transferors Interest in the Trust and by the Investor Certificates)	$6,316,887,808.62
	(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 3, 2004	$1,000,000,000.00
	(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 3, 2004	$750,000,000.00
	(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 3, 2004	$250,000,000.00
	(e)	The Floating Allocation Percentage (during the Revolving Period) or the Fixed/Floating Allocation Percentage (during the Amortization Period) with respect to the Principal Receivables in the Trust as of the end of the day January 3, 2004	17.22%

(5)	Delinquent Balances.
		The aggregate amount of outstanding balances in the Accounts which were 2 or more monthly payments contractually delinquent as of the end of the day on January 3, 2004:
			Aggregate Account Balance
		2 Missed Monthly Payments	$108,673,979
		3 Missed Monthly Payments	$75,260,197
		4 or More Missed Monthly Payments	$170,392,090
(6)	Investor Defaulted Amount.
	(a)	This aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 5, 2003 through January 3, 2004 allocable to the Series 2001-1 Class A Certificates (the "Series 2001-1 Class A Investor Defaulted Amount")	$68,785,780.38
	(b)	The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 5, 2003 through January 3, 2004 allocable to the Series 2001-1 Class B Certificates (the "Series 2001-1 Class B Investor Defaulted Amount")	$22,928,593.46
	(c)	The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 5, 2003 through January 3, 2004 allocable to the Series 2001-1 Investor Certificates (the "Investor Defaulted Amount")	$91,714,373.84
(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 5, 2003 through January 3, 2004 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

(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 5, 2003 through January 3, 2004	$15,000,000.03
	(b)	The amount of the Series 2001-1 Class B Investor Monthly Servicing Fee payable by the Trust to the Servicer from January 5, 2003 through January 3, 2004	$5,000,000.01
(9)	The amount of Series 2001-1 Reallocated Principal Collections from January 5, 2003 through January 3, 2004		$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 3, 2004 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		1.0000000
	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		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 (SERIES 2001-1)

EX-99.4

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Exhibit 99.4

ANNUAL CERTIFICATEHOLDERS' STATEMENT
TARGET RECEIVABLES CORPORATION
TARGET CREDIT CARD MASTER TRUST (SERIES 2002-1)

        Pursuant to the Amended and Restated Pooling and Servicing Agreement, dated as of April 28, 2000 (as may be amended and supplemented from time to time, the "Agreement"), 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 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, 2003 through December 31, 2003 is set forth below. Certain information is based on the Transferor's fiscal year end, ending January 3, 2004. 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, 2003 through December 31, 2003 per $1,000 original principal amount		$13.30
	(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, 2003 through December 31, 2003 per $1,000 original principal amount		$13.30
	(3)	The portion of the amount set forth in paragraph 1 above in respect of principal distributed for the period January 1, 2003 through December 31, 2003 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 5, 2003 through January 3, 2004 which were allocated in respect of the Series 2002-1 Class A Certificates	$1,331,062,330.39
		(b)	The aggregate amount of Collections of Principal Receivables processed January 5, 2003 through January 3, 2004 which were allocated in respect of the Series 2002-1 Class B Certificates	$443,687,443.46
	(2)	Collection of Finance Charge Receivables.
		(a)	The aggregate amount of Collections of Finance Charge Receivables processed January 5, 2003 through January 3, 2004 which were allocated in respect of the Series 2002-1 Class A Ceritificates	$191,794,716.66

	(b)	The aggregate amount of Collections of Finance Charge Receivables processed January 5, 2003 through January 3, 2004 which were allocated in respect of the Series 2002-1 Class B Certificates	$63,931,572.22
(3)	Recoveries.
	(a)	The aggregate amount of Collections processed January 5, 2003 through January 3, 2004 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 2002-1 Class A Certificates	$7,579,198.32
	(b)	The aggregate amount of Collections processed January 5, 2003 through January 3, 2004 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 2002-1 Class B Certificates	$2,526,399.44
(4)	Principal Receivables in the Trust.
	(a)	The aggregate amount of Principal Receivables in the Trust as of the end of the day on January 3, 2004 (which reflects the Principal Receivables represented by the Transferors Interest in the Trust and by the Investor Certificates)	$6,316,887,808.62
	(b)	The amount of Principal Receivables in the Trust represented by the Series 2002-1 Certificates (the "Invested Amount") as of the end of the day on January 3, 2004	$1,000,000,000.00
	(c)	The amount of Principal Receivables in the Trust represented by the Series 2002-1 Class A Certificates (the "Class A Invested Amount") as of the end of the day on January 3, 2004	$750,000,000.00
	(d)	The amount of Principal Receivables in the Trust represented by the Series 2002-1 Class B Certificates (the "Class B invested Amount") as of the end of the day on January 3, 2004	250,000,000.00
	(e)	The Floating Allocation Percentage (during the Revolving Period) or the Fixed/Floating Allocation Percentage (during the Amortization Period) with respect to the Principal Receivables in the Trust as of the end of the day January 3, 2004	17.22%

(5)	Delinquent Balances.
		The aggregate amount of outstanding balances in the Accounts which were 2 or more monthly payments contractually delinquent as of the end of the day on January 3, 2004:
			Aggregate Account Balance
		2 Missed Monthly Payments	$108,673,979
		3 Missed Monthly Payments	$75,260,197
		4 or More Missed Monthly Payments	$170,392,090
(6)	Investor Defaulted Amount.
	(a)	This aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 5, 2003 through January 3, 2004 allocable to the Series 2002-1 Class A Certificates (the "Series 2002-1 Class A Investor Defaulted Amount")	$68,785,780.38
	(b)	The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 5, 2003 through January 3, 2004 allocable to the Series 2002-1 Class B Certificates (the "Series 2002-1 Class B Investor Defaulted Amount")	$22,928,593.46
	(c)	The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 5, 2003 through January 3, 2004 allocable to the Series 2002-1 Investor Certificates (the "Investor Defaulted Amount")	$91,714,373.84
(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 2002-1 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 2002-1 Class B Certificateholder's investment)	$0
	(c)	The total amount reimbursed to the Trust from January 5, 2003 through January 3, 2004 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 2002-1 Certificateholder's investment)	$0

(8)	Investor Servicing Fee.
	(a)	The amount of the Series 2002-1 Class A Investor Monthly Servicing Fee payable by the Trust to the Servicer from January 5, 2003 through January 3, 2004	$15,000,000.03
	(b)	The amount of the Series 2002-1 Class B Investor Monthly Servicing Fee payable by the Trust to the Servicer from January 5, 2003 through January 3, 2004	$5,000,000.01
(9)	The amount of Series 2002-1 Reallocated Principal Collections from January 5, 2003 through January 3, 2004		$0
(10)	The Pool Factor.
	The Pool Factor (which represents the ratio of the Series 2002-1 Class A Adjusted Invested Amount as of the end of the day on January 3, 2004 to the Class A Invested Amount as of the Closing Date). The Amount of a Series 2002-1 Class A Invested Amount can be determined by multiplying the original denomination of the holder's Certificate by the Series 2002-1 Class A Pool Factor		1.0000000
	The Pool Factor (which represents the ratio of the Series 2002-1 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 2002-1 Class B Certificate by the Series 2002-1 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 (SERIES 2002-1)

EX-99.5

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Exhibit 99.5

Report of Independent Accountants

Retailers National Bank,
  Its Officers and Directors
  As Servicer

We have examined management's assertion, included in the accompanying report, Report of Management on Compliance, dated January 23, 2004, that Retailers National Bank, as Servicer, complied in all material respects with the administration and servicing requirements of Article III, Article IV, and Section 8.8 of the Amended and Restated Pooling and Servicing Agreement, dated as of April 28, 2000, and the applicable provisions of the Series 1998-1 Supplement, dated as of August 12, 1998, the Series 2001-1 Supplement, dated as of August 22, 2001, and the Series 2002-1 Supplement, dated as of July 2, 2002, to the Target Credit Card Master Trust, insofar as such articles, section, and provisions relate to accounting matters. The Company's management is responsible for the assertion. Our responsibility is to express an opinion on the assertion based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence supporting management's assertion and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion.

In our opinion, management's assertion referred to above is fairly stated, in all material respects.

January 23, 2004

A Member Practice of Ernst & Young Global

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Report of Independent Accountants

EX-99.6

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Exhibit 99.6

Report of Management on Compliance

January 23, 2004

Ernst & Young LLP
220 South Sixth Street
Suite 1400
Minneapolis, Minnesota 55402

We, as members of management of Retailers National Bank, as servicer ("RNB"), are responsible for complying with the administration and servicing requirements of Article III, Article IV and Section 8.8 of the Amended and Restated Pooling and Servicing Agreement, dated as of April 28, 2000 (as amended, the "Pooling and Servicing Agreement") and the applicable provisions of the Series 1998-1 Supplement, dated as of August 12, 1998, the Series 2001-1 Supplement, dated as of August 22, 2001, and the Series 2002-1 Supplement, dated as of July 2, 2002 (together, the "Supplements") to the Target Credit Card Master Trust, insofar as such articles, section and provisions relate to accounting matters. We also are responsible for establishing and maintaining effective internal control over compliance with the administration and servicing requirements of Article III, Article IV and Section 8.8 of the Pooling and Servicing Agreement and the applicable provisions of the Supplements, insofar as such articles, section and provisions relate to accounting matters. We have performed an evaluation of RNB's compliance with the requirements of the administration and servicing requirements of Article III, Article IV and Section 8.8 of the Pooling and Servicing Agreement and the applicable provisions of the Supplements, insofar as such articles, section and provisions relate to accounting matters, as of January 3, 2004 and for the fiscal year then ended. Based on this evaluation, we assert that for the fiscal year ended January 3, 2004, RNB complied, in all material respects, with the administration and servicing requirements of Article III, Article IV and Section 8.8 of the Pooling and Servicing Agreement and the applicable provisions of the Supplements, insofar as such articles, section and provisions relate to accounting matters.

Very truly yours,

/s/ Terrence J. Scully
Terrence J. Scully
President, Retailers National Bank

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Report of Management on Compliance