Exhibit 20.3
MONTHLY ADMINISTRATOR’S STATEMENT
TARGET RECEIVABLES CORPORATION
TARGET CREDIT CARD OWNER TRUST
SERIES 2005-1
The undersigned, a duly authorized representative of Target Receivables Corporation, as Administrator of the Target Credit Card Owner Trust 2005-1, does hereby certify that:
1. The total amount to be distributed to Noteholders on the Distribution Date is equal to $3,248,441.00.
2. The amount to be distributed to Noteholders on the Distribution Date per $1,000 original principal amount is equal to:
| Class A | 3.609 |
3. The amount of such distribution allocable to principal is equal to $0.00.
4. The amount of such distribution allocable to principal per $1,000 original principal amount is equal to:
| Class A | 0.000 |
5. The amount of such distribution allocable to interest is equal to $3,248,441.00.
6. The amount of such distribution allocable to interest per $1,000 original principal amount is equal to:
| Class A | 3.609 |
7. The aggregate outstanding principal amount of the Class A Notes after giving effect to all payments herein reported is equal to $900,000,000.00.
Capitalized terms used herein have the meanings set forth in the Indenture, dated as of November 9, 2005, between Target Credit Card Owner Trust 2005-1, as Issuer, and Wells Fargo Bank, National Association, as Indenture Trustee.
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Administrator’s Certificate this 22nd day of March, 2006.
| TARGET RECEIVABLES CORPORATION, |
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| as Administrator |
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| By: | /s/ Terrence J. Scully |
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| Name: | Terrence J. Scully |
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| Title: | Vice President |
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