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The Target Portfolio Trust
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Mortgage Backed Securities Portfolio
Supplement dated December 7, 2000
to the Prospectus dated May 1, 2000
How the Trust Is Managed
On page 49 of the Prospectus, under the heading 'How the Trust Is
Managed--Advisers and Portfolio Managers--Mortgage Backed Securities Portfolio
and U.S. Government Money Market Portfolio,' the third paragraph is amended in
its entirety to read as follows:
Michael F. Garrett, an Assistant Vice President of WMC, has been primarily
responsible for the day-to-day management of the Mortgage Backed Securities
Portfolio since December 2000. Prior to joining WMC as a portfolio manager in
1999, Mr. Garrett served as a mortgage securities trader with Credit Suisse
First Boston from 1996 to 1999 and managed mortgage portfolios for MetLife
Investment Management Co. from 1995 to 1996. Thomas L. Pappas, a Senior Vice
President and Partner of WMC, is the leader of WMC's mortgage-backed management
team and supports Mr. Garrett in the management of the Mortgage Backed
Securities Portfolio. Mr. Pappas was primarily responsible for the management
of the Portfolio from its inception until December 2000. Mr. Pappas has been a
portfolio manager with WMC since 1987. Timothy E. Smith, a Vice President of
WMC, has managed the U.S. Government Money Market Portfolio since 1997. Mr.
Smith has been a portfolio manager with WMC since 1992.
TMF158C5
