AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON OCTOBER 27, 2000

                                      SECURITIES ACT REGISTRATION NOS. 333-82621
                               INVESTMENT COMPANY ACT REGISTRATION NO. 811-09439
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                            ------------------------

                                   FORM N-1A
                             REGISTRATION STATEMENT
                                     UNDER
                           THE SECURITIES ACT OF 1933                        [ ]
                          PRE-EFFECTIVE AMENDMENT NO.                        [ ]


                         POST-EFFECTIVE AMENDMENT NO. 5                      [X]

                        REGISTRATION STATEMENT UNDER THE
                         INVESTMENT COMPANY ACT OF 1940                      [ ]
                        (CHECK APPROPRIATE BOX OR BOXES)

                                AMENDMENT NO. 6                              [X]

                            ------------------------

TARGET FUNDS
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

GATEWAY CENTER THREE
100 MULBERRY STREET
NEWARK, NEW JERSEY 07102-4077
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (973) 367-1495

WILLIAM HEALEY, ESQ.
100 MULBERRY STREET
GATEWAY CENTER THREE
NEWARK, NEW JERSEY 07102-4077
(NAME AND ADDRESS OF AGENT FOR SERVICE)

COPIES TO:

PAUL H. DYKSTRA, ESQ.
GARDNER, CARTON & DOUGLAS
321 N. CLARK STREET
CHICAGO, ILLINOIS 60610-4795

APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING: As soon as practicable after
the effective date of the Registration Statement.

IT IS PROPOSED THAT THIS FILING WILL BECOME EFFECTIVE

(CHECK APPROPRIATE BOX):

[ ] immediately upon filing pursuant to paragraph (b)

[X] on November 3, 2000 pursuant to paragraph (b)

[ ] 60 days after filing pursuant to paragraph (a)(i)

[ ] on (date) pursuant to paragraph (a)(i) of Rule 485

[ ] 75 days after filing pursuant to paragraph (a)(ii) of Rule 485

[ ] on (date) pursuant to paragraph (a)(ii) of Rule 485.

IF APPROPRIATE, CHECK THE FOLLOWING BOX:

[X] this post-effective amendment designates a new effective date for a
previously filed post-effective amendment.

Title of Securities Being Registered..........  Shares of Beneficial Interest, $.001 par value
                                                per share




Parts A, B and C of Form N-1A are hereby incorporated by reference to Parts A, B and C, respectively, of Registrant's Post-Effective Amendment No. 1 to its Registration Statement on Form N-1A (File No. 333-82621) filed on August 1, 2000, Post Effective Amendment No. 2 to its Registration Statement on Form N-1A (File No. 333-82621) filed on September 28, 2000, Post-Effective Amendment No. 3 to its Registration Statement on Form N-1A (File No. 333-82621) filed on October 5, 2000 and Post-Effective Amendment No. 4 to its Registration Statement filed on October 19, 2000.


SIGNATURES

Pursuant to the requirements of the Securities Act and the Investment Company Act, the Fund certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment to the Registration Statement pursuant to Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 5 to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Newark and State of New Jersey, on the 19th day of October, 2000.

TARGET FUNDS

/s/     JOHN R. STRANGFELD
--------------------------------------
   (John R. Strangfeld, President)

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 5 to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

                     SIGNATURE                                  TITLE                     DATE
                     ---------                                  -----                     ----
              /s/ JOHN R. STRANGFELD                 President and Trustee         October 27, 2000
---------------------------------------------------
                John R. Strangfeld

               /s/ EUGENE C. DORSEY                  Trustee                       October 27, 2000
---------------------------------------------------
                 Eugene C. Dorsey

            /s/ DOUGLAS H. MCCORKINDALE              Trustee                       October 27, 2000
---------------------------------------------------
              Douglas H. McCorkindale

               /s/ THOMAS T. MOONEY                  Trustee                       October 27, 2000
---------------------------------------------------
                 Thomas T. Mooney

                /s/ GRACE C. TORRES                  Treasurer and Principal       October 27, 2000
---------------------------------------------------  Financial and Accounting
                  Grace C. Torres                    Officer

               /s/ ROBERT E. LABLANC                 Trustee                       October 27, 2000
---------------------------------------------------
                 Robert E. LaBlanc

                /s/ ROBERT F. GUNIA                  Trustee and Vice President    October 27, 2000
---------------------------------------------------
                  Robert F. Gunia

               /s/ STEPHEN STONEBURN                 Trustee                       October 27, 2000
---------------------------------------------------
                 Stephen Stoneburn


                     SIGNATURE                                  TITLE                     DATE
                     ---------                                  -----                     ----

               /s/ CLAY T. WHITEHEAD                 Trustee                       October 27, 2000
---------------------------------------------------
                 Clay T. Whitehead

             /s/ DAVID R. ODENATH, JR.               Trustee                       October 27, 2000
---------------------------------------------------
               David R. Odenath, Jr.

                /s/ MAURICE HOLMES                   Trustee                       October 27, 2000
---------------------------------------------------
                  Maurice Holmes

                /s/ SAUL K. FENSTER                  Trustee                       October 27, 2000
---------------------------------------------------
                  Saul K. Fenster

            /s/ W. SCOTT MCDONALD, JR.               Trustee                       October 27, 2000
---------------------------------------------------
              W. Scott McDonald, Jr.

                 /s/ JOSEPH WEBER                    Trustee                       October 27, 2000
---------------------------------------------------
                   Joseph Weber


EXHIBIT INDEX

(a)  (1)         Certificate of Trust.(1)
     (2)         Agreement and Declaration of Trust.(1)
(b)              By-Laws.(1)
(c)              Not Applicable.
(d)  (1)         Management Agreement between the Registrant and Prudential
                 Investments Fund Management LLC (PIFM).(2)
     (2) (i)     Subadvisory Agreement between PIFM and J. P. Morgan.*
         (ii)    Subadvisory Agreement between PIFM and Sawgrass Asset
                 Management, L.L.C.(*)
         (iii)   Subadvisory Agreement between PIFM and Lazard Asset
                 Management.(*)
         (iv)    Subadvisory Agreement between PIFM and Columbus Circle
                 Investors.(*)
         (v)     Subadvisory Agreement between PIFM and Pacific Investment
                 Management Company.(*)
         (vi)    Subadvisory Agreement between PIFM and Mercury Advisors (f/k/a
                 Hotchkis and Wiley.)(*)
         (vii)   Subadvisory Agreement between PIFM and Chase Fleming Asset
                 Management USA.(*)
         (viii)  Subadvisory Agreement between PIFM and Wood, Struthers &
                 Winthrop Management Corp.(*)
         (ix)    Subadvisory Agreement between PIFM and Oak Associates,
                 Ltd.(*)
         (x)     Subadvisory Agreement between PIFM and Lazard Asset
                 Management.(*)
(e)  (1)         Distribution Agreement between the Registrant and Prudential
                 Investment Management Services LLC.(*)
     (2)         Form of Selected Dealer Agreement.(2)
(g)  (1)         Custodian Contract between the Registrant and State Street
                 Bank and Trust Company.(*)
     (2)         Amendment to Custodian Contract.(2)
(h)              Transfer Agency and Service Agreement between the Registrant
                 and Prudential Mutual Fund Services, Inc.(*)
(i)              Consent of counsel.*
(j)              Consent of Independent Accountants.*
(l)              Not Applicable.
(m)  (1)         Distribution and Service Plan for Class A Shares.(2)
                 Distribution and Service Plan for Class B Shares.(2)
     (3)         Distribution and Service Plan for Class C Shares.(2)
(n)              Rule 18f-3 Plan.(2)
(p)  (1)         Code of Ethics of Registrant.*
     (2)         Code of Ethics of Prudential Investments Fund Management LLC
                 and Prudential Investment Management Services LLC.*
     (3)         Code of Ethics of J. P. Morgan Investment Management, Inc.*
     (4)         Code of Ethics of Sawgrass Asset Management, L.L.C.*
     (5)         Code of Ethics of Lazard Asset Management.*
     (6)         Code of Ethics of Columbus Circle Investors.*
     (7)         Code of Ethics of Pacific Investment Management Company.*
     (8)         Code of Ethics of Mercury Advisors (f/k/a/ Hotchkis and
                 Wiley).*
     (9)         Code of Ethics of Chase Fleming Asset Management USA.*
    (10)         Code of Ethics of Oak Associates, Ltd.*
    (11)         Code of Ethics of DLJ Asset Management, Inc.*



(1) Incorporated by reference to the Registration Statement on Form N-1A filed via EDGAR on July 9, 1999. (File No. 333-82621).

(2) Incorporated by reference to the Post Effective Amendment No. 1 to the Registration Statement on Form N-1A filed on August 1, 2000. (File No. 333-82621).

* To be filed by amendment.