8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):  March 22, 2006

TARGET RECEIVABLES CORPORATION

(Depositor into the Issuing Entity for the Certificates)

TARGET CREDIT CARD MASTER TRUST

(Issuing Entity for the Certificates)

TARGET CREDIT CARD OWNER TRUST 2005-1

(Issuing Entity for the Notes)

Minnesota

(State or other jurisdiction of incorporation)

0-26930	41-1812153
(Commission File Number)	(I.R.S. Employer Identification Number)

Target Receivables Corporation

1000 Nicollet Mall

31^st Floor, Suite 3136

Minneapolis, Minnesota 55403

(612) 696-3102

(Address, including Zip Code, and Telephone Number,
Including Area Code, of Registrant’s Principal Executive Office)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01:  Other Events

The Monthly Servicer’s Certificate for the Monthly Period ended February 25, 2006, the Monthly Collateral Certificateholders’ Statement for the Monthly Period ended February 25, 2006 and the Monthly Administrator’s Statement for the Monthly Period ended February 25, 2006, with respect to the Floating Rate Class A Asset Backed Notes, Series 2005-1, and the Subordinated Interests, Series 2005-1, issued by the Target Credit Card Owner Trust (the “Trust”), were delivered to the Trustee on March 22, 2006.

The above described Monthly Servicer’s Certificate is filed as Exhibit 20.1 to this Report. The above described Monthly Collateral Certificateholders’ Statement is filed as Exhibit 20.2 to this Report.  The above described Monthly Administrator’s Statement is filed as Exhibit 20.3 to this Report.

The reported results for fiscal February were influenced by the timing of the receipt of merchant fees.  Merchant fees from Target are paid monthly on each Distribution Date.  As the February Distribution Date occurred on February 27, after the close of the Transferor’s February fiscal month, there were no merchant fee collections from Target in February.  Had these collections occurred in fiscal February, finance charge collections would have increased by $4,418,978.77 and the Portfolio Yield would have been 24.07% rather than 23.11%.  February and March merchant fee collections from Target will be included in the reports for the Monthly Period ended April 1, 2006.

Item 9.01:  Financial Statements and Exhibits

(c)	Exhibits
	20.1	Series 2005-1 Monthly Servicer’s Certificate for the Monthly Period ended February 25, 2006.
	20.2	Series 2005-1 Monthly Collateral Certificateholders’ Statement for the Monthly Period ended February 25, 2006.
	20.3	Series 2005-1 Monthly Administrator’s Statement for the Monthly Period ended February 25, 2006.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 22, 2006
	TARGET RECEIVABLES CORPORATION
	By:	/s/ Terrence J. Scully
	Name:	Terrence J. Scully
	Title:	Vice President

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EXHIBIT INDEX

Exhibit	Description	Method of Filing
20.1	Series 2005-1 Monthly Servicer’s Certificate for the Monthly Period ended February 25, 2006.	Filed Electronically
20.2	Series 2005-1 Monthly Collateral Certificateholders’ Statement for the Monthly Period ended February 25, 2006.	Filed Electronically
20.3	Series 2005-1 Monthly Administrator’s Statement for the Monthly Period ended February 25, 2006.	Filed Electronically

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EX-20.1

Exhibit 20.1

MONTHLY SERVICER’S CERTIFICATE
TARGET NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 2005-1

The undersigned, a duly authorized representative of Target National Bank, as Servicer  (“Target National Bank” or the “Servicer”), pursuant to the Amended and Restated Pooling  and Servicing Agreement, dated as of April 28, 2000 (as may be amended, from time to time,  the “Agreement”), as supplemented by the Series 2005-1 Supplement (as amended and  supplemented, the “Series Supplement”), dated as of November 9, 2005, by and among Target  National Bank, Target Receivables Corporation and Wells Fargo Bank, National Association,  does hereby certify as follows:

1.Capitalized terms used in this Certificate have their respective meanings as set forth in the  Agreement or the Series Supplement, as applicable.

2.Target National Bank is, as of the date hereof, the Servicer under the Agreement.

3.The undersigned is a Servicing Officer.

4.This certificate relates to the Distribution Date occuring on March 27, 2006.

5.As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects all its obligations under the Agreement through the Monthly Period preceding such Distribution Date.

6.As of the date hereof, to the best knowledge of the undersigned, no Early Amortization Commencement Date occurred on or prior to such Distribution Date.

7.The aggregate amount of Collections processed for the preceding Monthly Period was equal to $1,017,586,055.50.

8.The aggregate amount of Collections of Finance Charge Receivables (including Discounted Receivables) for the preceding Monthly Period was equal to $125,280,888.06.

9.The aggregate amount of Collections of Principal Receivables for the preceding Monthly Period was equal to $892,305,167.44.

10.The aggregate amount of the Defaulted Amount for the preceding Monthly Period was equal to $20,337,699.44.

11.The aggregate amount of Recoveries for the preceding Monthly Period was equal to $5,744,704.04.

12.The Portfolio Yield for the preceding Monthly Period was equal to 23.11%.

13.The Base Rate for the preceding Monthly Period was equal to 5.62%.

14.The aggregate amount of Receivables as of the end of the last day of the preceding Monthly Period was equal to $5,930,813,756.04.

15.The balance on deposit in the Collection Account with respect to Collections processed as of the end of the last day of the preceding Monthly Period was equal to $0.00.

16.The aggregate amount of Adjustments for the preceding Monthly Period was equal to $41,547,801.46.

17.The aggregate amount of withdrawals, drawings or payments under any Enhancement to be made with respect to the preceding Monthly Period is equal to $0.00.

18.The total amount to be distributed to Investor Certificateholders on the Distribution Date is equal to $3,248,441.00.

19.The amount to be distributed to Investor Certificateholders on the Distribution Date per $1,000 original principal amount is equal to:

Class A 3.609

20.The amount of such distribution allocable to principal is equal to $0.00.

21.The amount of such distribution allocable to principal per $1,000 original principal amount is equal to:

Class A 0.000

22.The amount of such distribution allocable to interest is equal to $3,248,441.00.

23.The amount of such distribution allocable to interest per $1,000 original principal amount is equal to:

Class A 3.609

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Servicer’s Certificate this 22nd day of March, 2006.

TARGET NATIONAL BANK,
as Servicer
By:		/s/ Thomas A. Swanson
	Name:			Thomas A. Swanson
	Title:		Vice President & Cashier

EX-20.2

Exhibit 20.2

MONTHLY COLLATERAL CERTIFICATEHOLDERS’ STATEMENT
TARGET NATIONAL BANK
TARGET CREDIT CARD MASTER TRUST
SERIES 2005-1

Pursuant to the Amended and Restated Pooling and Servicing Agreement, dated as of April 28, 2000 (as may be amended, from time to time, the “Agreement”), as supplemented by the Series 2005-1 Supplement (as amended and Supplemented, the “Series Supplement”), each among Target National Bank, as Servicer, Target Receivables Corporation, as Transferor, and Wells Fargo Bank, 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.

Monthly Period:	February 2006
Distribution Date:	March 27, 2006
No. of Days in Period:	28

A. ORIGINAL DEAL PARAMETERS

(a)	Class A Note Initial Principal Balance	$	900,000,000.00		78.00	%
(b)	Subordinated Interest Initial Principal Balance	253,846,154.00			22.00	%
(c)	Total Initial Invested Amount	$	1,153,846,154.00
(d)	Class A Interest Rate	4.64		%
(e)	Subordinated Interest Rate	0.00		%
(f)	Servicing Fee Rate	2.00		%
(g)	Discount Percentage	0.00		%
I.	RECEIVABLES IN THE TRUST
(a)	Beginning of the Period Principal Receivables	$	5,914,541,281.90
(b)	Beginning of the Period Finance Charge Receivables	156,411,434.99
(c)	Beginning of the Period Discounted Receivables	—
(d)	Beginning of the Period Total Receivables (a + b + c)	$	6,070,952,716.89
(e)	Removed Principal Receivables	$	—
(f)	Removed Finance Charge Receivables	—
(g)	Removed Total Receivables (e + f)	$	—
(h)	Supplemental Principal Receivables	$	—
(i)	Supplemental Finance Charge Receivables	—
(j)	Supplemental Total Receivables (h + i)	$	—
(k)	End of Period Principal Receivables	$	5,779,393,800.72
(l)	End of Period Finance Charge Receivables	151,419,955.32
(m)	End of Period Discounted Receivables	—
(n)	End of Period Total Receivables (k + l + m)	$	5,930,813,756.04

II. INVESTED AMOUNTS AND ALLOCATION PERCENTAGES

(a)	Initial Invested Amount	$	1,153,846,154.00
(b)	Invested Amount	$	1,153,846,154.00
(c)	Class A Notes Outstanding	900,000,000.00
(d)	Subordinated Amount (b - c = not less than zero)	$	253,846,154.00
(e)	Adjusted Invested Amount	$	1,153,846,154.00
(f)	Floating Allocation Percentage	19.51		%
(g)	Principal Allocation Percentage	19.51		%
(h)	Servicing Fee	$	1,923,076.92
(i)	Investor Defaulted Amount (f * (IV.(m)))	$	3,967,607.15

III. TRANSFEROR’S INTEREST, RETAINED INTEREST, SPECIAL FUNDING ACCOUNT AND PRINCIPAL FUNDING ACCOUNT

(a)	Transferor’s Amount (end of month)	$	3,509,959,770.71
(b)	Required Retained Transferor Amount (end of month)	$	115,587,876.01
(c)	Required Principal Balance (end of month)	$	2,269,434,030.01
(d)	Funds on deposit in Special Funding Account (end of month)	$	—
(e)	Principal on deposit in Principal Funding Account (beginning of month)	$	—
(f)	Principal on deposit in Principal Funding Account (end of month)	$	—

IV. PERFORMANCE SUMMARY

	COLLECTIONS:
(a)	Collections of Principal Receivables	$	892,305,167.44
(b)	Collections of Finance Charge Receivables (from cardholder payments)	115,607,323.11
(c)	Collections of Finance Charge Receivables (from merchant fees, deferred billing fees, collection account interest, interchange fees)	9,673,564.95
(d)	Collections of Discount Option Receivables	0.00
(e)	Total Finance Charge Collections (b + c + d)	$	125,280,888.06
(f)	Total Collections (a + e)	$	1,017,586,055.50
	DELINQUENCIES AND LOSSES:
(g)	2 missed payments	$	90,504,615
(h)	3 missed payments	53,677,455
(i)	4 or more missed payments	114,338,306
(j)	Total delinquencies (g + h + i)	$	258,520,376
(k)	Gross Charge-Offs during the month	$	26,082,403.48
(l)	Recoveries during the month	$	5,744,704.04
(m)	Net Charge-Offs during the month (k - l)	$	20,337,699.44

V. NON-U.S. ACCOUNTS

(a)	Non-US Accounts at end of month	93,676
(b)	as a percentage of total (a / c)	0.39	%
(c)	Total number of Accounts in Trust (at end of month)	23,870,435

VI. AVAILABLE SERIES 2005-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS

(a)	Floating Allocation Percentage of Total Finance Charge Collections	$	24,440,588.71
(b)	Investment earnings on Principal Funding Account	—
(c)	Investment earnings in Reserve Account deposited in the Collection Account	—
(d)	Excess Transforer Finance Charge Collections applied to cover Principal Funding Investment Shortfalls	—
(e)	Reserve Draw Amount	$	—
(f)	Available Series 2005-1 Finance Charge Collections (a + b + c + d + e)	$	24,440,588.71
(i)	Class A Monthly Interest and Class A Carryover Interest	3,248,441.00
(ii)	Monthly Servicing Fee	1,923,076.92
(iii)	Investor Defaulted Amount (II.i)	3,967,607.15
(iv)	Reimbursement of Investor Charge-Offs	—
(v)	Subordinated Monthly Interest	—
(vi)	Reserve Account	—
(vii)	Additional Amounts	—
(x)	Excess Finance Charge Collections	$	15,301,463.64
	(f-i-ii-iii-iv-v-vi-vii)

VII. YIELD and BASE RATE

Base Rate
(a)	Base Rate (current month)	5.62	%
(b)	Base Rate (prior month)	5.58	%
(c)	Base Rate (2 months ago)	5.46	%
(d)	3 Month Average Base Rate	5.55	%
Portfolio Yield
(e)	Portfolio Yield (current month)	23.11	%
(f)	Portfolio Yield (prior month)	21.85	%
(g)	Portfolio Yield (2 months ago)	21.92	%
(h)	3 Month Average Portfolio Yield	22.29	%

VIII. PORTFOLIO PERFORMANCE RATES

(a)	Net Charge-Offs (annualized % of Principal Receivables at beginning of period)	4.13	%
(b)	Monthly Payment Rate (% of Total Receivables at beginning of period (adjusted for number of days in period))	17.79	%
(c)	Trust Portfolio Yield (annualized)	27.23	%
(d)	Portfolio Yield (3 month average (annualized))	22.29	%
(e)	Base Rate (3 month average)	5.55	%
(f)	Excess Finance Charge Collections % (d - e)	16.74	%

IX. PRINCIPAL COLLECTIONS

(a)	Series 2005-1 Principal	$	—
(b)	Reallocated Principal Collections	$	—
(c)	Shared Principal Collections allocable from other Series and Participation	$	—
(d)	Shared Transforer Principal Collections	$	—

X. INVESTOR CHARGE-OFFS

	INVESTOR CHARGE-OFFS
(a)	Investor Charge-Offs	$	—
(b)	Class A Investor Charge-Offs per $1,000 original certificate principal amount	$	—
(c)	Total amount reimbursed in respect of Investor Charge-Offs	$	—
(d)	The amount, if any, by which the outstanding principal balance of the Class A Notes exceeds the Invested Amount after giving effect to all transactions on such Distribution Date.	$	—

XI. AMORTIZATION

(a)	Accumulation Period Length (months)	12
(b)	Class A Controlled Accumulation Amount	$	75,000,000.00
(c)	Class A Deficit Controlled Accumulation Amount	$	—
(d)	Total Principal on deposit in Principal Funding Account for the benefit of Collateral Certificateholders (end of month)	$	—

TARGET NATIONAL BANK,
as servicer
By:		/s/ Thomas A. Swanson
	Name:			Thomas A. Swanson
	Title:		Vice President & Cashier

EX-20.3

Exhibit 20.3

MONTHLY ADMINISTRATOR’S STATEMENT
TARGET RECEIVABLES CORPORATION
TARGET CREDIT CARD OWNER TRUST
SERIES 2005-1

The undersigned, a duly authorized representative of Target Receivables Corporation, as Administrator of the Target Credit Card Owner Trust 2005-1, does hereby certify that:

1.The total amount to be distributed to Noteholders on the Distribution Date is equal to $3,248,441.00.

2.The amount to be distributed to Noteholders on the Distribution Date per $1,000 original principal amount is equal to:

Class A 3.609

3.The amount of such distribution allocable to principal is equal to $0.00.

4.The amount of such distribution allocable to principal per $1,000 original principal amount is equal to:

Class A 0.000

5.The amount of such distribution allocable to interest is equal to $3,248,441.00.

6.The amount of such distribution allocable to interest per $1,000 original principal amount is equal to:

Class A 3.609

7.The aggregate outstanding principal amount of the Class A Notes after giving effect to all payments herein reported is equal to $900,000,000.00.

Capitalized terms used herein have the meanings set forth in the Indenture, dated as of November 9, 2005, between Target Credit Card Owner Trust 2005-1, as Issuer, and Wells Fargo Bank, National Association, as Indenture Trustee.

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Administrator’s Certificate this 22nd day of March, 2006.

TARGET RECEIVABLES CORPORATION,
as Administrator
By:		/s/ Terrence J. Scully
	Name:			Terrence J. Scully
	Title:		Vice President