SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
/x/ | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] |
For the fiscal year ended December 31, 2000
OR
| / / | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] |
For the transition period from to
Commission File Number 1-6049
A. Full title of the plan and address of the plan, if different from that of the issuer named below: Target Corporation 401(k) Plan.
B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
TARGET CORPORATION
777 Nicollet Mall
Minneapolis, Minnesota 55402-2055
Consent of Independent Auditors
We consent to the incorporation by reference in the Registration Statement (Form S-8, Nos. 333-27435 and 333-86373) pertaining to the Target Corporation 401(k) Plan of our report dated March 30, 2001, with respect to the financial statements and schedules of the Target Corporation 401(k) Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2000.
/s/ Ernst & Young LLP
Minneapolis, Minnesota
April 16, 2001
T A R G E T C O R P O R A T I O N 4 0 1 (K) P L A N
Audited Financial Statements and Schedules
Years ended December 31, 2000 and 1999
Target Corporation 401(k) Plan
Audited Financial Statements and Schedules
Years ended December 31, 2000 and 1999
| Report of Independent Auditors | 1 | |
Audited Financial Statements and Schedules | ||
Statements of Net Assets Available for Benefits | 2 | |
| Statements of Changes in Net Assets Available for Benefits | 4 | |
| Notes to Financial Statements | 6 | |
| Schedule H, Line 4i—Schedule of Assets Held for Investment Purposes at End of Year | 14 | |
| Schedule H, Line 4j—Schedule of Reportable Transactions | 16 |
Report of Independent Auditors
Board of Directors
Target Corporation
We have audited the accompanying statements of net assets available for benefits of the Target Corporation 401(k) Plan (previously known as the Dayton Hudson Corporation 401(k) Plan) (the Plan) as of December 31, 2000 and 1999, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan at December 31, 2000 and 1999, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States.
Our audits were performed for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment purposes at end of year as of December 31, 2000, and reportable transactions for the year then ended are presented for purposes of additional analysis and are not a required part of the financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedules are the responsibility of the Plan's management. These supplemental schedules have been subjected to the auditing procedures applied in the audits of the financial statements and, in our opinion, are fairly stated in all material respects in relation to the financial statements taken as a whole.
/s/ Ernst & Young LLP
March 30, 2001
Target Corporation 401(k) Plan
Statement of Net Assets Available for Benefits
(in 000s)
December 31, 2000
| | Total | Participant Directed Funds | Non-Participant Directed Employer Match Funds | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||
| Interfund receivable/(payable) | $ | — | $ | 206 | $ | (206 | ) | ||||
| Receivables: | |||||||||||
| Participants' 401(k) and after-tax contributions | 2,416 | 2,416 | — | ||||||||
| Employer contribution | 1,393 | — | 1,393 | ||||||||
| Interest | 1,932 | 1,903 | 29 | ||||||||
| Securities sold but not settled | 3,077 | 1,204 | 1,873 | ||||||||
| Total receivables | 8,818 | 5,523 | 3,295 | ||||||||
Cash | 250 | — | 250 | ||||||||
| Investments | 3,207,557 | 1,922,419 | 1,285,138 | ||||||||
| Total assets | 3,216,625 | 1,928,148 | 1,288,477 | ||||||||
Liabilities | |||||||||||
| Expenses payable | 718 | 528 | 190 | ||||||||
| Withdrawals payable to participants | 119 | 70 | 49 | ||||||||
| Total liabilities | 837 | 598 | 239 | ||||||||
| Net assets available for benefits | $ | 3,215,788 | $ | 1,927,550 | $ | 1,288,238 | |||||
See accompanying notes.
Target Corporation 401(k) Plan
Statement of Net Assets Available for Benefits
(in 000s)
December 31, 1999
| | Total | Participant Directed Funds | Non-Participant Directed Employer Match Funds | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||
| Interfund receivable/(payable) | $ | — | $ | 110 | $ | (110 | ) | ||||
| Receivables: | |||||||||||
| Participants' 401(k) and after-tax contributions | 2,036 | 2,036 | — | ||||||||
| Employer contribution | 970 | — | 970 | ||||||||
| Interest | 2,830 | 2,819 | 11 | ||||||||
| Securities sold but not settled | 2,809 | 2,571 | 238 | ||||||||
| Total receivables | 8,645 | 7,426 | 1,219 | ||||||||
Investments | 3,491,945 | 1,987,754 | 1,504,191 | ||||||||
| Total assets | 3,500,590 | 1,995,290 | 1,505,300 | ||||||||
Liabilities | |||||||||||
| Expenses payable | 753 | 406 | 347 | ||||||||
| Withdrawals payable to participants | 531 | 531 | — | ||||||||
| Total liabilities | 1,284 | 937 | 347 | ||||||||
| Net assets available for benefits | $ | 3,499,306 | $ | 1,994,353 | $ | 1,504,953 | |||||
See accompanying notes.
Target Corporation 401(k) Plan
Statement of Changes in Net Assets Available for Benefits
(in 000s)
Year ended December 31, 2000
| | Total | Participant Directed Funds | Non-Participant Directed Employer Match Funds | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Participants' 401(k) and after-tax contributions | $ | 158,705 | $ | 158,705 | $ | — | |||||
| Employer contributions | 88,568 | — | 88,568 | ||||||||
| Investment income: | |||||||||||
| Interest (net) | 27,822 | 26,461 | 1,361 | ||||||||
| Dividends | 13,773 | 5,439 | 8,334 | ||||||||
| Total investment income | 41,595 | 31,900 | 9,695 | ||||||||
| 288,868 | 190,605 | 98,263 | |||||||||
Distributions to participants | (253,831 | ) | (174,611 | ) | (79,220 | ) | |||||
| Trustee fees | (790 | ) | (451 | ) | (339 | ) | |||||
| Administration fees | (5,986 | ) | (3,933 | ) | (2,053 | ) | |||||
| (260,607 | ) | (178,995 | ) | (81,612 | ) | ||||||
Net realized and unrealized (depreciation) in fair value of investments | (311,779 | ) | (115,483 | ) | (196,296 | ) | |||||
| Interfund transfers | — | 37,070 | (37,070 | ) | |||||||
| Net (decrease) | (283,518 | ) | (66,803 | ) | (216,715 | ) | |||||
Net assets available for benefits at beginning of year | 3,499,306 | 1,994,353 | 1,504,953 | ||||||||
| Net assets available for benefits at end of year | $ | 3,215,788 | $ | 1,927,550 | $ | 1,288,238 | |||||
See accompanying notes.
Target Corporation 401(k) Plan
Statement of Changes in Net Assets Available for Benefits
(in 000s)
Year ended December 31, 1999
| | Total | Participant Directed Funds | Non-Participant Directed Employer Match Funds | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Participants' 401(k) and after-tax contributions | $ | 164,941 | $ | 164,941 | $ | — | |||||
| Employer contributions | 78,326 | — | 78,326 | ||||||||
| Investment income: | |||||||||||
| Interest (net) | 25,075 | 25,007 | 68 | ||||||||
| Dividends | 23,743 | 5,126 | 18,617 | ||||||||
| Total investment income | 48,818 | 30,133 | 18,685 | ||||||||
| 292,085 | 195,074 | 97,011 | |||||||||
Distributions to participants | (238,628 | ) | (167,934 | ) | (70,694 | ) | |||||
| Trustee fees | (706 | ) | (473 | ) | (233 | ) | |||||
| Administration fees | (5,001 | ) | (2,885 | ) | (2,116 | ) | |||||
| (244,335 | ) | (171,292 | ) | (73,043 | ) | ||||||
Net realized and unrealized appreciation in fair value of investments | 712,908 | 348,367 | 364,541 | ||||||||
| Interfund transfers | — | 26,704 | (26,704 | ) | |||||||
| Net increase | 760,658 | 398,853 | 361,805 | ||||||||
Net assets available for benefits at beginning of year | 2,738,648 | 1,595,500 | 1,143,148 | ||||||||
| Net assets available for benefits at end of year | $ | 3,499,306 | $ | 1,994,353 | $ | 1,504,953 | |||||
See accompanying notes.
Target Corporation 401(k) Plan
Notes to Financial Statements
December 31, 2000
1. Description of the Plan
The Target Corporation 401(k) Plan (the Plan) was previously known as the Dayton Hudson Corporation 401(k) Plan.
Employees of Target Corporation (the Company) who meet certain eligibility requirements of age, length of service and hours worked per year can participate in the Plan. Under the terms of the Plan, participants can invest up to 20% of their current gross cash compensation in the Plan, within ERISA limits, in any combination of before-tax and/or after-tax contributions.
Participants identified as "highly-compensated," as defined by ERISA, are not allowed to make after-tax contributions and are limited to contributions of up to 5% of gross cash compensation (to a limit of $170,000 for 2000 and $160,000 for 1999 of compensation) on a before-tax basis for 2000 and 1999, subject to certain IRS limitations.
The Company matches 100% of all participants' 401(k) and after-tax contributions up to 5% of each participant's gross cash compensation. Through December 31, 2000, the Company's contributions to the Plan were invested in Company stock. These contributions are reflected in the column titled "Non-Participant Directed Employer Match Funds" on the financial statements.
Participants vest 33% in the employer-matching contributions after having been in the Plan one year and an additional 33% in each of the next two years, fully vesting after three years. Participant contributions are fully vested at all times. Participants who leave the Plan forfeit unvested Company contributions which are used to reduce future Company contributions. For the years ended December 31, 2000 and 1999, forfeitures were $4,728 and $4,750, respectively.
Participants may receive benefits upon termination, death, disability or retirement as either a lump-sum amount equal to the vested value of his or her account, or in installments, subject to certain plan restrictions. Participants may also withdraw some or all of their account balances prior to termination, subject to certain plan restrictions.
Expenses, including fund management fees (which are netted against investment interest income), trustee fees, monthly processing costs (including recordkeeping fees), quarterly statement preparation and distribution and other third party administrative expenses are the significant expenses paid by the Plan.
Participants are entitled to apply for up to two loans from the Plan, one for the purchase of a primary residence, the other a general purpose loan, subject to certain restrictions, as defined in the Plan. Repayment of loans, including interest, is allocated to participants' investment accounts in accordance with each participant's investment election in effect at the time of the repayment.
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts.
For more detailed information regarding the Plan, participants may refer to the Summary Plan Description (SPD) available from the Company.
2. Accounting Policies
Accounting Method
All investments are carried at fair market value except fully benefit responsive investment contracts which are stated at contract value. Contract value represents contributions made under the contract, plus interest at the contract rate, less funds used to pay Plan benefits. Common stock is valued at the quoted market price on the last business day of the Plan year. Collective investment fund values are based on the fair value of the underlying securities (as determined by quoted market prices) as of the
last business day of the Plan year. The Company's preferred stock (see Note 4) was valued on a daily basis by an outside consulting firm and was based primarily on the market price of the Company's common stock. Participant loans are valued at the unpaid principal balance.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.
Reclassifications
Certain amounts in the 1999 financial statements have been reclassified to conform with the 2000 presentation.
3. Investments (in 000s)
The Plan allows participants to choose from among 12 investment funds. Participants may change their fund designations for past and future contributions on a daily basis.
The yield on the Plan's investment contracts for the years ended December 31, 2000 and 1999 ranged from 6.39% to 6.89% and 7.51% to 8.30%, respectively. Fair value of the investment contracts was estimated to be approximately 102% and 101% of contract value for years ended December 31, 2000 and 1999, respectively. Fair value was estimated by discounting future cash flows under the contracts at current interest rates for similar investments with comparable terms. Under the contracts, the issuer does not guarantee payment of withdrawals at contract value as a result of premature termination of the contract by the Plan or upon Plan termination.
The Plan's investments are held by State Street Bank, the Trustee. The Plan's investments, including investments bought, sold, as well as held during the year, (depreciated) appreciated in fair value as follows:
| | Net (Depreciation) Appreciation in Fair Value During Year | ||||
|---|---|---|---|---|---|
| Year ended December 31, 2000: | |||||
| Collective investment funds | $ | (49,192 | ) | ||
| Target Corporation Common Stock | 756,198 | ||||
| Target Corporation Convertible Preferred Stock (See Note 4 regarding stock conversion) | (1,018,785 | ) | |||
| $ | (311,779 | ) | |||
| Year ended December 31, 1999: | |||||
| Collective investment funds | $ | 102,207 | |||
| Target Corporation Common Stock | 257,863 | ||||
| Target Corporation Convertible Preferred Stock | 352,838 | ||||
| $ | 712,908 | ||||
The fair value of individual investments representing 5% or more of the Plan's net assets is as follows:
| | December 31 | |||||
|---|---|---|---|---|---|---|
| | 2000 | 1999 | ||||
| Target Corporation Convertible Preferred Stock: Series B | $ | — | $ | 1,388,379 | ||
| Target Corporation Common Stock | 2,104,600 | 983,660 | ||||
| State Street Bank & Trust Co. Flagship S&P 500 Index Fund | 309,144 | 352,124 | ||||
| AIL Financial Products Group Annuity Contract No. 130221 | 179,282 | ** | ||||
| Pacific Mutual Life Insurance Co. Group Annuity Contract No. 26255 | 178,024 | ** | ||||
**Does not exceed 5% of net assets at December 31, 1999.
4. Transactions With Parties-in-Interest
During the years ended December 31, 2000 and 1999, the Plan engaged in the following transactions related to the Company's Common Stock:
| | 2000 | 1999 | ||||
|---|---|---|---|---|---|---|
| Number of common shares purchased | 8,726 | 9,378 | ||||
| Cost of common shares purchased | $ | 264,353 | $ | 298,801 | ||
Number of common shares sold | 7,360 | 7,704 | ||||
| Market value of common shares sold | $ | 247,091 | $ | 255,195 | ||
| Cost of common shares sold | $ | 101,301 | $ | 162,102 | ||
Number of common shares distributed in kind | 710 | 498 | ||||
| Market value of common shares distributed in kind | $ | 21,897 | $ | 15,976 | ||
| Cost of common shares distributed in kind | $ | 8,610 | $ | 10,293 | ||
Dividends received (non-pass-thru) | $ | 5,712 | $ | 5,132 | ||
During 2000, the Company distributed to shareholders one additional share of common stock for each share owned, resulting in a two-for-one common stock split. All share amounts in this report reflect the split.
The Plan includes an employee stock ownership feature. In 1990, the Plan purchased 438,353 shares of Series B ESOP Convertible Preferred Stock from the Company at a price of $864.60 per share. The Preferred Stock was purchased with the proceeds of a $379 million, 9% note payable to the Company. The note had interest payable quarterly and the principal balance was paid in full in June 1998. Annual principal payments were made to comply with ERISA regulations. Starting November 1998, 3,734 shares of Series B-1 ESOP Preferred Stock were issued and allocated to the Plan for the remainder of the year. Series B-1 Stock had the same preferences and rights as Series B Stock. As of December 31, 2000 and 1999, the Plan held no Series B-1 Stock.
The original issue value of the Preferred Stock ($864.60 per share) was guaranteed by the Company with each share convertible into 60 shares of the Company's Common Stock. The ESOP Preferred Shares had voting rights equal to the equivalent number of shares of Common Stock and were entitled to cumulative dividends of $56.20 per share each year. At December 31, 1999, 442,087 shares of Preferred Stock were allocated to participant accounts, 126,994 shares were converted and no shares were unallocated. The Company was also required to contribute to the Plan to guarantee the difference in the value of the Preferred Shares versus the value of the converted Common Shares upon withdrawal and distribution from the Plan. This contribution was $527 for the year ended December 31, 1999. On January 11, 2000, all preferred shares were converted at the discretion of the trustee, into common shares. The conversion had no impact on net assets available for benefits.
During 2000 and 1999, the Plan received match-related dividends of $8,334 and $18,616, respectively, on Target Corporation Series B and B-1 ESOP Convertible Preferred Stock and Common Stock.
5. Reconciliation of Financial Statements to Form 5500 (in 000s)
The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
| | December 31 | ||||||
|---|---|---|---|---|---|---|---|
| | 2000 | 1999 | |||||
| Net assets available for benefits per the financial statements | $ | 3,215,788 | $ | 3,499,306 | |||
| Amounts payable to terminating participants | (1,437 | ) | (1,420 | ) | |||
| Net assets available for benefits per the Form 5500 | $ | 3,214,351 | $ | 3,497,886 | |||
The following is a reconciliation of benefits paid to participants per the financial statements to the Form 5500:
| | Year ended December 31, 2000 | |||
|---|---|---|---|---|
| Benefits paid to participants per the financial statements | $ | 253,831 | ||
| Subtract amounts payable to terminating participants at December 31, 1999 | (1,420 | ) | ||
| Add amounts payable to terminating participants at December 31, 2000 | 1,437 | |||
| Benefits paid to participants per the Form 5500 | $ | 253,848 | ||
6. Income Tax Status
The Plan has received a determination letter from the Internal Revenue Service dated March 15, 1995, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (the Code) and, therefore, the related trust is exempt from taxation. Subsequent to this issuance of the determination letter, the Plan was amended and restated. The amended and restated Plan has since applied for, but has not yet received, a new determination letter. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. Distributions of benefits to participants, their estates or beneficiaries generally are subject to federal and state income tax at ordinary income tax rates. The Plan Administrator believes the Plan is being operated in compliance with the applicable requirements of the Code and, therefore, believes that the Plan, as amended and restated, is qualified and the related trust is tax-exempt.
Target Corporation 401(k) Plan
EIN: 41-0215170
Plan #002
Schedule H, Line 4i—Schedule of Assets Held for
Investment Purposes at End of Year
December 31, 2000
| Face Amount or Number of Shares/Units | Identity of Issue and Description of Investment | Cost | Current Value | ||||||
|---|---|---|---|---|---|---|---|---|---|
| CASH EQUIVALENTS | |||||||||
*State Street Bank & Trust Co. | |||||||||
| $48,414,142 | Short Term Investment Fund | $ | 48,414,142 | $ | 48,414,142 | ||||
GROUP ANNUITY CONTRACTS | |||||||||
American International Life Group (AIL) Financial Products | |||||||||
| 179,282,087 | Group Annuity Contract No. 130221, 6.38%, due 12/31/02 | 179,282,087 | 179,282,087 | ||||||
Blackrock Financial Management, Inc. | |||||||||
| Managed Synthetic Guaranteed Investment Contract | |||||||||
| — | Wrap Instruments for AIL GAC No. 130221 | (3,337,596 | ) | (3,337,596 | ) | ||||
Pacific Mutual Life Insurance Co. | |||||||||
| 178,024,089 | Group Annuity Contract No. 26255, 1.0%, due 1/01/10 | 178,024,089 | 178,024,089 | ||||||
Goldman Sachs | |||||||||
| Managed Synthetic Guaranteed Investment Contract | |||||||||
| — | Wrap Instrument for Pacific Mutual GAC No. 26255 | (3,339,650 | ) | (3,339,650 | ) | ||||
| TOTAL GROUP ANNUITY CONTRACTS | 350,628,930 | 350,628,930 | |||||||
COLLECTIVE INVESTMENT FUNDS | |||||||||
Norwest Bank Minnesota, N.A. | |||||||||
| 1,450,715 | Stable Return Fund | 42,843,142 | 43,889,934 | ||||||
Norwest Bank Minnesota, N.A. | |||||||||
| 1,731,389 | Managed Synthetic Fund | 20,000,000 | 20,969,247 | ||||||
*State Street Bank & Trust Co. | |||||||||
| 1,369,730 | Flagship S&P 500 Index Fund | 197,613,140 | 309,143,885 | ||||||
*State Street Bank & Trust Co. | |||||||||
| 4,053,386 | Bond Market Index Fund | 50,037,154 | 55,413,838 | ||||||
Target Corporation 401(k) Plan
EIN: 41-0215170
Plan #002
Schedule H, Line 4i—Schedule of Assets Held for
Investment Purposes at End of Year (continued)
| Face Amount or Number of Shares/Units | Identity of Issue and Description of Investment | Cost | Current Value | |||||
|---|---|---|---|---|---|---|---|---|
| COLLECTIVE INVESTMENT FUNDS (continued) | ||||||||
*State Street Bank & Trust Co. | ||||||||
| $6,464,761 | Russell 3000 Fund | $ | 64,771,975 | $ | 61,925,950 | |||
*State Street Bank & Trust Co. | ||||||||
| 4,077,163 | Russell 2000 Fund | 57,392,643 | 59,860,905 | |||||
*State Street Bank & Trust Co. | ||||||||
| 2,578,728 | EAFE Series A | 33,058,306 | 35,916,528 | |||||
*State Street Bank & Trust Co. | ||||||||
| 972,782 | Daily EAFE | 11,188,047 | 10,949,634 | |||||
Barclays Global Investors | ||||||||
| 553,243 | U.S. Tactical Asset Allocation Fund F | 8,893,730 | 9,488,115 | |||||
*State Street Bank & Trust Co. | ||||||||
| 539,160 | Emerging Market Stock Fund | 4,916,502 | 3,785,440 | |||||
Barclays Global Investors | ||||||||
| 3,902,696 | Growth Equity Fund F | 41,650,229 | 38,324,480 | |||||
Barclays Global Investors | ||||||||
| 1,395,756 | Value Equity Fund F | 14,398,459 | 15,939,529 | |||||
| TOTAL COLLECTIVE INVESTMENT FUNDS | 546,763,327 | 665,607,485 | ||||||
COMMON STOCK | ||||||||
65,258,909 | *Target Corporation | 926,140,681 | 2,104,599,815 | |||||
PARTICIPANT LOANS | ||||||||
38,306,182 | Participant loans, interest rates ranging from 8.75% to 10.5% | — | 38,306,182 | |||||
| TOTAL ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR | $ | 1,871,947,080 | $ | 3,207,556,554 | ||||
*Indicates a party-in-interest to the Plan.
Target Corporation 401(k) Plan
EIN: 41-0215170
Plan #002
Schedule H, Line 4j—Schedule of Reportable Transactions
Year ended December 31, 2000
| Identity of Party Involved | Description of Asset | Purchase Price | Selling Price | Cost of Asset | Current Value of Asset on Transaction Date | Net Gain/ (Loss) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Category (iii)—Series of Transactions in Excess of 5% of Plan Assets | ||||||||||||||||||
| Target Corporation | 43,175,589 units purchased in 194 transactions | $ | 1,003,919,103 | $ | 1,003,919,103 | $ | 1,003,919,103 | |||||||||||
| Common Stock | 24,384,482 units sold in 54 transactions | $ | 639,125,162 | 480,047,504 | 639,125,162 | $ | 159,077,658 | |||||||||||
State Street Bank & Trust Co. | 330,067,532 units purchased in 110 transactions | 330,067,532 | 330,067,532 | 330,067,532 | ||||||||||||||
| Short Term Investment | 334,448,882 units sold in 150 transactions | 334,448,882 | 334,448,882 | 334,448,882 | — | |||||||||||||
There were no category (i), (ii) or (iv) transactions for the year ended December 31, 2000.
