TARGET CORP — Director's Dealing 2006

Sep 8, 2006

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2006-09-01

Reporting Person: Risch Troy H (Executive officer)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.0833 per share	0	Direct
Common Stock, $.0833 per share	3520.7095	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Deferred Compensation Units	$		Common Stock (426.2152)		Direct
Stock Option	$26.3438	2009-01-13	Common Stock (1898.0000)		Direct
Stock Option	$33.8512	2010-01-12	Common Stock (1478.0000)		Direct
Stock Option	$33.9956	2011-01-10	Common Stock (2942.0000)		Direct
Stock Option	$40.8000	2012-01-09	Common Stock (4290.0000)		Direct
Stock Option	$30.2600	2013-01-08	Common Stock (5784.0000)		Direct
Stock Option	$38.2500	2014-01-14	Common Stock (4576.0000)		Direct
Stock Option	$44.6900	2014-09-01	Common Stock (1679.0000)		Direct
Stock Option	$49.4300	2015-01-12	Common Stock (5058.0000)		Direct
Stock Option	$53.1700	2015-09-01	Common Stock (1881.0000)		Direct
Stock Option	$53.9800	2016-01-11	Common Stock (9263.0000)		Direct
Stock Option	$46.4200	2016-07-28	Common Stock (86170.0000)		Direct

Footnotes

F1: Shares held in the Target Corporation 401(k) Plan as of September 1, 2006.

F2: Acquired pursuant to the Target Corporation Executive Deferred Compensation Plan (the "Plan"). Under the terms of the Plan, participants' deferred compensation balances are indexed to various crediting rate alternatives, as chosen by them. The units reported relate to the Target common stock crediting rate alternative. The value of such units increases or decreases daily in accordance with an equivalent investment in the Target Stock Fund in the corporation's 401(k) plan. Participants are free to transfer plan balances into other crediting rate alternatives at any time. The Plan balances represent unsecured general obligations of Target Corporation, and the units are payable solely in cash. In addition, Plan participants receive additional credits to their account balances which equate to an additional 2 percent return, in part to compensate for the credit risk incurred by participation in the Plan.

F3: Option granted under the Target Corporation Long-Term Incentive Plan.

F4: Option granted on January 13, 1999. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F5: Option granted on January 12, 2000. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F6: Option granted on January 10, 2001. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F7: Option granted on January 9, 2002. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F8: Option granted on January 8, 2003. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F9: Option granted on January 14, 2004. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F10: Option granted on September 1, 2004. Options vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F11: Option granted on January 12, 2005. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F12: Option granted on September 1, 2005. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F13: Option granted on January 11, 2006. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.

F14: Option granted on July 28, 2006. Option vests and becomes exercisable in 25% increments on each anniversary of the grant date.