10-K/A

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A

AMENDMENT NO. 1 TO ANNUAL REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended January 1, 2005

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:

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.

Explanatory Note:

Registrant is filing Amendment No. 1 to its Annual Report on Form 10-K for its fiscal year ended January 1, 2005 (originally filed with the Securities and Exchange Commission on March 28, 2005).  Amendment No. 1 includes information which was omitted in the original filing under Item 15.  The following data has been amended:

•Information Regarding Interest and Principal Distributed (Stated on the Basis of $1,000 Original Principal Amount) for Series 2001-1 [sections (A)(1) and (A)(3) of Exhibit 99.2]

•Principal Receivables in the Trust [section (B)(4)(a) of Exhibit 99.2]

•Delinquent Balances [section (B)(5) of Exhibit 99.2]

The complete text of Item 15 and the Exhibit Index, including a re-executed certification, is included pursuant to Rule 12b-15 under the Securities Act of 1934, as amended.  Amendment No. 1 does not update any other disclosures to reflect developments since the original date of filing.  Unaffected Items have not been repeated in Amendment No. 1, and no other changes have been made.

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:   May 6, 2005	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)	May 6, 2005
/s/ Sara J. Ross
Sara J. Ross	Vice President, Treasurer and Director (Principal Financial Officer)	May 6, 2005
/s/ Terrence J. Scully
Terrence J. Scully	Vice President and Director	May 6, 2005

EXHIBIT INDEX

Exhibit No.	Exhibit
31.1	Certification
99.1	Annual Servicer’s Certificate for the year ended January 1, 2005, Series 2001-1 and Series 2002-1
99.2	Annual Certificateholders’ Statement for the year ended January 1, 2005, Series 2001-1
99.3	Annual Certificateholders’ Statement for the year ended January 1, 2005, Series 2002-1
99.4	Report of Independent Accountants
99.5	Report of Management on Compliance

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Terrence J. Scully, certify that:

1.  I have reviewed this annual report on Form 10-K/A, 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 Credit Card Master Trust;

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: May 6, 2005	By	/s/ Terrence J. Scully
		Terrence J. Scully,
		Vice President and Director
		Target Receivables Corporation

EX-99.1

Exhibit 99.1

ANNUAL SERVICER’S CERTIFICATE

TARGET NATIONAL BANK (FORMERLY RETAILERS NATIONAL BANK)

TARGET CREDIT CARD MASTER TRUST

The undersigned, a duly authorized representative of Target National Bank, (formerly known as Retailers National Bank) as Servicer (“TNB”), pursuant to the Amended and Restated Pooling and Servicing Agreement dated as of April 28, 2000, as supplemented by 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, TNB, as Servicer, and Wells Fargo Bank, National Association, (successor by merger to Wells Fargo Bank Minnesota, National Association) as Trustee, does hereby certify that:

1.TNB 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 1, 2005, 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 1, 2005 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 28th day of March, 2005.

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

EX-99.2

Exhibit 99.2

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 Target National Bank (formerly Retailers National Bank), as Servicer, Target Receivables Corporation, as Transferor, and Wells Fargo Bank, National Association (successor by merger to 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, 2004 through December 31, 2004 is set forth below.  Certain information is based on the Transferor’s fiscal year end, ending January 1, 2005.  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, 2004 through December 31, 2004 per $1,000 original principal amount		$1,006.27
	(2)	The portion of the amount set forth in paragraph 1 above in respect of interest distributed on the Class A Certificates for the period January 1, 2004 through December 31, 2004 per $1,000 original principal amount		$6.27
	(3)	The portion of the amount set forth in paragraph 1 above in respect of principal distributed for the period January 1, 2004 through December 31, 2004 for the Class A Certificates, per $1,000 original principal amount		$1,000
B)	Information Regarding the Performance of the Trust.
	(1)	Collection of Principal Receivables.
		(a)	The aggregate amount of Collections of Principal Receivables processed January 4, 2004 through January 1, 2005 which were allocated in respect of the Series 2001-1 Class A Certificates	$952,037,096.89
		(b)	The aggregate amount of Collections of Principal Receivables processed January 4, 2004 through January 1, 2005 which were allocated in respect of the Series 2001-1 Class B Certificates	$317,345,698.96
	(2)	Collection of Finance Charge Receivables.
		(a)	The aggregate amount of Collections of Finance Charge Receivables processed January 4, 2004 through January 1, 2005 which were allocated in respect of the Series 2001-1 Class A Ceritificates	$114,060,659.90

Exhibit 99.2

	(b)	The aggregate amount of Collections of Finance Charge Receivables processed January 4, 2004 through January 1, 2005 which were allocated in respect of the Series 2001-1 Class B Certificates	$38,020,219.97
(3)	Recoveries.
	(a)	The aggregate amount of Collections processed January 4, 2004 through January 1, 2005 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 2001-1 Class A Certificates	$5,099,033.21
	(b)	The aggregate amount of Collections processed January 4, 2004 through January 1, 2005 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 2001-1 Class B Certificates	$1,699,677.74
(4)	Principal Receivables in the Trust.
	(a)	The aggregate amount of Principal Receivables in the Trust as of the end of the day on January 1, 2005 (which reflects the Principal Receivables represented by the Transferor’s Interest in the Trust and by the Investor Certificates)	$5,406,014,173.05
	(b)	The amount of Principal Receivables in the Trust represented by the Series 2001-1 Certificates (the “Invested Amount”) as of the end of the day on January 1, 2005	$0.00
	(c)	The amount of Principal Receivables in the Trust represented by the Series 2001-1 Class A Certificates (the “Class A Invested Amount”) as of the end of the day on January 1, 2005	$0.00
	(d)	The amount of Principal Receivables in the Trust represented by the Series 2001-1 Class B Certificates (the “Class B invested Amount”) as of the end of the day on January 1, 2005	$0.00
	(e)	The Floating Allocation Percentage (during the Revolving Period) or the Fixed/Floating Allocation Percentage (during the Amortization Period) with respect to the Principal Receivables in the Trust as of the end of the day January 1, 2005	0.00	%

Exhibit 99.2

(5)	Delinquent Balances.
		The aggregate amount of outstanding balances in the Accounts which were 2 or more monthly payments contractually delinquent as of the end of the day on January 1, 2005:
			Aggregate Account Balance
		2 Missed Monthly Payments	$80,786,257
		3 Missed Monthly Payments	$56,253,651
		4 or More Missed Monthly Payments	$129,479,419
(6)	Investor Defaulted Amount.
	(a)	This aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 4, 2004 through January 1, 2005 allocable to the Series 2001-1 Class A Certificates (the “Series 2001-1 Class A Investor Defaulted Amount”)	$35,087,497.63
	(b)	The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 4, 2004 through January 1, 2005 allocable to the Series 2001-1 Class B Certificates (the “Series 2001-1 Class B Investor Defaulted Amount”)	$12,451,716.32
	(c)	The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 4, 2004 through January 1, 2005 allocable to the Series 2001-1 Investor Certificates (the “Investor Defaulted Amount”)	$47,539,213.95
(7)	Investor Charge Offs: Reimbursement of Charge Offs.
	(a)	The amount of the Investor Charge Offs 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 Offs per $1,000 original principal amount (which will have the effect of reducing, pro rata, the amount of Series 2001-1 Class B Certificateholder’s investment)	$0
	(c)	The total amount reimbursed to the Trust from January 4, 2004 through January 1, 2005 in respect of Investor Charge Offs in prior months	$0
	(d)	The amount set forth immediately above per $1,000 original principal amount (which will have the effect of increasing pro rata, the amount of each Series 2001-1 Certificateholder’s investment)	$0

Exhibit 99.2

(8)	Investor Servicing Fee.
	(a)	The amount of the Series 2001-1 Class A Investor Monthly Servicing Fee payable by the Trust to the Servicer from January 4, 2004 through January 1, 2005	$8,125,000.02
	(b)	The amount of the Series 2001-1 Class B Investor Monthly Servicing Fee payable by the Trust to the Servicer from January 4, 2004 through January 1, 2005	$2,916,666.67
(9)	The amount of Series 2001-1 Reallocated Principal Collections from January 4, 2004 through January 1, 2005		$0
(10)	The Pool Factor.
	The Pool Factor (which represents the ratio of the Series 2001-1 Class A Adjusted Invested Amount as of the end of the day on January 1, 2005 to the Class A Invested Amount as of the Closing Date). The Amount of a Series 2001-1 Class A Invested Amount can be determined by multiplying the original denomination of the holder’s Certificate by the Series 2001-1 Class A Pool Factor		0.0000000
	The Pool Factor (which represents the ratio of the Series 2001-1 Class B Invested Amount as of the end of the day on September 13, 1995 to the Series Class B Invested Amount as of the Closing Date). The amount of a Certificateholder’s pro rata share of the Class B Invested Amount can be determined by multiplying the original denomination of the holder’s Series 2001-1 Class B Certificate by the Series 2001-1 Class B Pool Factor		0.0000000

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

EX-99.3

Exhibit 99.3

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 Target National Bank (formerly Retailers National Bank), as Servicer, Target Receivables Corporation, as Transferor, and Wells Fargo Bank, National Association (successor by merger to 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, 2004 through December 31, 2004 is set forth below.  Certain information is based on the Transferor’s fiscal year end, ending January 1, 2005.  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, 2004 through December 31, 2004 per $1,000 original principal amount		$17.10
	(2)	The portion of the amount set forth in paragraph 1 above in respect of interest distributed on the Class A Certificates for the period January 1, 2004 through December 31, 2004 per $1,000 original principal amount		$17.10
	(3)	The portion of the amount set forth in paragraph 1 above in respect of principal distributed for the period January 1, 2004 through December 31, 2004 for the Class A Certificates, per $1,000 original principal amount		$0
B)	Information Regarding the Performance of the Trust.
	(1)	Collection of Principal Receivables.
		(a)	The aggregate amount of Collections of Principal Receivables processed January 4, 2004 through January 1, 2005 which were allocated in respect of the Series 2002-1 Class A Certificates	$1,532,520,597.99
		(b)	The aggregate amount of Collections of Principal Receivables processed January 4, 2004 through January 1, 2005 which were allocated in respect of the Series 2002-1 Class B Certificates	$510,840,199.33
	(2)	Collection of Finance Charge Receivables.
		(a)	The aggregate amount of Collections of Finance Charge Receivables processed January 4, 2004 through January 1, 2005 which were allocated in respect of the Series 2002-1 Class A Ceritificates	$195,236,090.16

Exhibit 99.3

	(b)	The aggregate amount of Collections of Finance Charge Receivables processed January 4, 2004 through January 1, 2005 which were allocated in respect of the Series 2002-1 Class B Certificates	$65,078,696.72
(3)	Recoveries.
	(a)	The aggregate amount of Collections processed January 4, 2004 through January 1, 2005 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 2002-1 Class A Certificates	$8,278,926.49
	(b)	The aggregate amount of Collections processed January 4, 2004 through January 1, 2005 that constitute Recoveries on Defaulted Receivables which were allocated in respect of the Series 2002-1 Class B Certificates	$2,759,642.16
(4)	Principal Receivables in the Trust.
	(a)	The aggregate amount of Principal Receivables in the Trust as of the end of the day on January 1, 2005 (which reflects the Principal Receivables represented by the Transferor’s Interest in the Trust and by the Investor Certificates)	$5,406,014,173.05
	(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 1, 2005	$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 1, 2005	$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 1, 2005	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 1, 2005	20.43	%

Exhibit 99.3

(5)	Delinquent Balances.
		The aggregate amount of outstanding balances in the Accounts which were 2 or more monthly payments contractually delinquent as of the end of the day on January 1, 2005:
			Aggregate Account Balance
		2 Missed Monthly Payments	$80,786,257
		3 Missed Monthly Payments	$56,253,651
		4 or More Missed Monthly Payments	$129,479,419
(6)	Investor Defaulted Amount.
	(a)	This aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 4, 2004 through January 1, 2005 allocable to the Series 2002-1 Class A Certificates (the “Series 2002-1 Class A Investor Defaulted Amount”)	$64,378,117.74
	(b)	The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 4, 2004 through January 1, 2005 allocable to the Series 2002-1 Class B Certificates (the “Series 2002-1 Class B Investor Defaulted Amount”)	$21,459,372.58
	(c)	The aggregate amount of all defaulted Principal Receivables written off as uncollectible for the period January 4, 2004 through January 1, 2005 allocable to the Series 2002-1 Investor Certificates (the “Investor Defaulted Amount”)	$85,837,490.32
(7)	Investor Charge Offs: Reimbursement of Charge Offs.
	(a)	The amount of the Investor Charge Offs 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 Offs 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 4, 2004 through January 1, 2005 in respect of Investor Charge Offs in prior months	$0
	(d)	The amount set forth immediately above per $1,000 original principal amount (which will have the effect of increasing pro rata, the amount of each Series 2002-1 Certificateholder’s investment)	$0

Exhibit 99.3

(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 4, 2004 through January 1, 2005	$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 4, 2004 through January 1, 2005	$5,000,000.01
(9)	The amount of Series 2002-1 Reallocated Principal Collections from January 4, 2004 through January 1, 2005		$0
(10)	The Pool Factor.
	The Pool Factor (which represents the ratio of the Series 2002-1 Class A Adjusted Invested Amount as of the end of the day on January 1, 2005 to the Class A Invested Amount as of the Closing Date). The Amount of a Series 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

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

EX-99.4

Exhibit 99.4

Ernst & Young LLP
220 South Sixth Street, Ste 1400
Minneapolis, MN 55402-4509 Phone: (612) 343-1000
www.ey.com

Report of Independent Accountants

Target National Bank (formerly 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 21, 2005, that Target National Bank (the 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 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, as set forth in Exhibit A to the accompanying Report of Management on Compliance as of January 1, 2005, and for the fiscal year then ended. The Bank’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 21, 2005

A Member Practice of Ernst & Young Global

EX-99.5

Exhibit 99.5

Report of Management on Compliance

January 21, 2005

We, as members of management of Target National Bank, as servicer (“TNB”), 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 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 as set forth in Exhibit A.  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 TNB’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 as set forth in Exhibit A, as of January 1, 2005 and for the fiscal year then ended.  Based on this evaluation, we assert that for the fiscal year ended January 1, 2005, TNB 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, as set forth in Exhibit A.

Very truly yours,

/s/ Terrence J. Scully

Terrence J. Scully

President, TNB

/s/ Thomas A. Swanson

Thomas A. Swanson

Vice President and Cashier, TNB

Exhibit 99.5

Exhibit A

Servicing Standards

Management of the Bank identified the following standards which are, in management’s opinion, applicable to servicing credit card receivables and consistent with the applicable provisions 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 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 (the Agreements).

I.Finance Charges

1.Finance charges are calculated in accordance with the applicable cardholder agreements based on cardholder average daily balances.

2.Finance charges are accurately reflected on the customers’ monthly billing statements.

II.Investor Accounting and Reporting

1.The monthly certificateholders’ statements are prepared and sent to investors or trustees on a monthly basis.

2.The monthly certificateholders’ statements shall reconcile to the servicers’ accounting records.

3.The monthly certificateholders’ statements are mathematically accurate and are prepared in accordance with the applicable provisions of the Agreement

Exhibit 99.5

III.Accounting

1.The servicing entity’s records of individual credit card receivable balances shall agree with, or reconcile to, the records of debtors with respect to the unpaid principal balance.

IV.Write-Offs

1.Write-offs of cardholder balances shall be completed within the applicable Office of the Comptroller of the Currency regulations and accounting principles generally accepted in the United States.