Exhibit 99.5

    [Letterhead]

Report of Independent Accountants

Dayton Hudson Corporation,
its Officers and Directors
    and
Dayton Hudson Receivables Corporation,
its Officers and Directors
As Transferor
    and
Retailers National Bank,
its Officers and Directors
As Servicer
  and
Norwest Bank, National Association
As Trustee

    At your request, we have applied certain agreed-upon procedures, described below, agreed to by Dayton Hudson Corporation ("the Company"), Dayton Hudson Receivables Corporation, as Transferor, and Retailers National Bank, as Servicer, each of their respective Officers and Directors, and Norwest Bank, National Association, as Trustee to the Monthly Certificateholders' Statements ("the Statements"), issued pursuant to the Dayton Hudson Credit Card Master Trust ("the Trust") Pooling and Servicing Agreement ("the Pooling and Servicing Agreement") dated September 13, 1995, for Series 1997-1 for each of the monthly reporting periods from January 1999 through December 1999. An example of a Statement 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 Dayton Hudson 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 Dayton Hudson Corporation or 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 Dayton Hudson Receivables Corporation on behalf of the Trust, and its distribution is not limited.

January 24, 2000

MONTHLY CERTIFICATEHOLDERS' STATEMENT

RETAILERS NATIONAL BANK

DAYTON HUDSON 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, Dayton Hudson Receivables Corporation, as Transferor, and Norwest 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.

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