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

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