UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For
the fiscal year ended January 5, 2002

Commission file number 0-26930

TARGET CREDIT CARD MASTER TRUST(Issuer of the Certificates)

TARGET RECEIVABLES CORPORATION(Originator of the Trust Described Herein)
(Exact name of Registrant as Specified in its Charter)

|Minnesota                                                         |  | 41-1812153              
|----------------------------------------------------------------- |  | ------------------------
|(State of Incorporation)                                          |  | (I.R.S. Employer ID No.)
|1000 Nicollet Mall, 31st Floor, Suite 3136
Minneapolis, Minnesota |  | 55403                   
|(Address of principal executive offices)                          |  | (Zip Code)              

Registrant's telephone number, including area code: 612/696-3102
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:

6.25%
Class A Asset Backed Certificates, Series 1997-1
5.90% Class A Asset Backed Certificates, Series 1998-1
Floating Rate Class A Asset Backed Certificates, Series 2001-1
(Title of Class)

Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes
X No

The
registrant has no voting stock held by non-affiliates and meets the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K. Disclosure
pursuant to Item 405 of Regulation S-K is not required.

DOCUMENTS
INCORPORATED BY REFERENCE
None



PART I

Item 1. Business.



Item 2. Properties.



Item 3. Legal Proceedings.



Item 4. Submission of Matters to a Vote of Security Holders.



PART II

Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.



Item 6. Selected Financial Data.



Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.



Item 8. Financial Statements and Supplementary Data.



Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.



PART III

Item 10. Directors and Executive Officers of the Registrant.



Item 11. Executive Compensation.



Item 12. Security Ownership of Certain Beneficial Owners and Management.



Item 13. Certain Relationships and Related Transactions.



PART IV

Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.





SIGNATURES

Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.

|       |  |               |  | TARGET RECEIVABLES CORPORATION
|------ |  | ------------- |  | ------------------------------
|Dated: |  | April 5, 2002 |  | By                            
|       |  |               |  |                               
|       |  |               |  |                               

Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of Target Receivables Corporation and in the capacities and on
the dates indicated.

|Signature                                    |  | Title                                                                |  | Date         
|-------------------------------------------- |  | -------------------------------------------------------------------- |  | -------------
|/s/ Douglas A. ScovannerDouglas A. Scovanner |  | President and Director (Principal Accounting Officer)                |  | April 5, 2002
|/s/ Stephen C. KowalkeStephen C. Kowalke     |  | Vice President, Treasurer and Director (Principal Financial Officer) |  | April 5, 2002
|/s/ Terrence J. ScullyTerrence J. Scully     |  | Vice President and Director                                          |  | April 5, 2002



EXHIBIT INDEX

Exhibit No.

Exhibit99.1

Annual Servicer's Certificate for the year ended January 5, 2002, Series 1997-1, Series 1998-1, and Series 2001-199.2

Annual Certificateholders' Statement for the year ended January 5, 2002, Series 1997-199.3

Annual Certificateholders' Statement for the year ended January 5, 2002, Series 1998-199.4

Annual Certificateholders' Statement for the year ended January 5, 2002, Series 2001-199.5

Report of Independent Accountants99.6

Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 1997-199.7

Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 1998-199.8

Report of Independent Accountants on the Monthly Certificateholders' Statements, Series 2001-1




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