TARGET CORP — Director's Dealing 2008

Jun 20, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TARGET CORP (TGT)
CIK: 0000027419
Period of Report: 2008-06-18

Reporting Person: ULRICH ROBERT J (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-05-27	Common Stock	G	146752	—	Disposed	153061	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-06-18	Deferred Compensation Units	$0	I	393313.6677	Acquired		Common Stock (393313.6677)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	560747	Direct
Common Stock	11387.9252	Indirect

Footnotes

F1: Reflects changes in the form of ownership since the date of the reporting person's last filing.

F2: Shares held in the Target Corporation 401(k) Plan based on the plan statement as of March 31, 2008.

F3: Deferred compensation units are held under 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, and each unit is the economic equivalent of one share of Target common stock. 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 generally free to transfer plan balances into other crediting rate alternatives at any time. The Plan balances represent unsecured general obligations of Target Corporation, and are payable solely in cash.

F4: Includes units acquired as a result of reinvested dividends since the reporting person's last filing that reported this derivative security.