THE TARGET PORTFOLIO TRUST
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                   Supplement dated November 14, 2002 to the
         Statement of Additional Information (SAI) dated April 30, 2002

   Add the following non-fundamental investment policy at the end of the section
entitled 'Investment Restrictions' in the SAI beginning on page B-34:

        As a non-fundamental operating policy, the Portfolios may not invest in
     the securities of other investment companies, except that (a) subject to
     certain restrictions, each Portfolio may purchase securities of other
     investment companies in the open market involving customary brokerage
     commissions, and (b) pursuant to an SEC exemptive order, each Portfolio may
     invest up to 25% of its total assets in shares of an affiliated mutual
     fund.

   The following language replaces the first paragraph in the section entitled
'Investment Advisory and Other Services-Other Service Providers' on page B-49 of
the SAI:

        The Bank of New York (BNY), located at One Wall Street, New York, New
     York 10286, will serve as custodian for the Trust's portfolio securities
     and cash, and in that capacity maintain certain financial and accounting
     books and records pursuant to an agreement with the Trust. Each Portfolio
     is scheduled to use BNY's services beginning January 6, 2003. This
     effective date may vary for a Portfolio if circumstances require.
     Subcustodians provide custodial services for the Trust's foreign assets
     held outside the United States.

TMF158C4