UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, 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 3, 2004

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:

5.90%
Class A Asset Backed Certificates, Series 1998-1
Floating Rate Class A Asset Backed Certificates, Series 2001-1
Floating Rate Class A Asset Backed Certificates, Series 2002-1
(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

Indicate
by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). Yes 
No X

The
registrant has no voting stock or non-voting common equity 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

1.  The
sections of the Registrant's Registration Statement (Registration No. 333-103371) filed on February 21, 2003 set forth below:



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 7A.            Quantitative and Qualitative Disclosures About Market Risk.



Item 8.            Financial Statements and Supplementary Data.



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



Item 9a.            Control and Procedures.



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 and Related Stockholder Matters.



Item 13.            Certain Relationships and Related Transactions.



Item 14.            Principal Accountant Fees and Services.



PART IV

Item 15.            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:  March 22, 2004 |  |                               

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. Scovanner |  |                                                                      |  |               
|Douglas A. Scovanner     |  | President and Director
(Principal Accounting Officer)                |  | March 22, 2004
|/s/ Stephen C. Kowalke   |  |                                                                      |  |               
|Stephen C. Kowalke       |  | Vice President, Treasurer
and Director (Principal
Financial Officer) |  | March 22, 2004
|/s/ Terrence J. Scully   |  |                                                                      |  |               
|Terrence J. Scully       |  | Vice President and Director                                          |  | March 22, 2004



EXHIBIT INDEX

Exhibit No.

Exhibit31.1

Certification99.1

Annual Servicer's Certificate for the year ended January 3, 2004, Series 1998-1, Series 2001-1, and Series 2002-199.2

Annual Certificateholders' Statement for the year ended January 3, 2004, Series 1998-199.3

Annual Certificateholders' Statement for the year ended January 3, 2004, Series 2001-199.4

Annual Certificateholders' Statement for the year ended January 3, 2004, Series 2002-199.5

Report of Independent Accountants99.6

Report of Management on Compliance




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