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EXHIBIT (l)
PURCHASE AGREEMENT
Target Funds (the Trust), a Delaware business trust registered as an
open-end, diversified management investment company, and Prudential Investments
Fund Management LLC, a New York limited liability company (PIFM), intending to
be legally bound, hereby agree as follows:
1. In order to provide the Trust with its initial capital, the Trust
hereby sells to PIFM, and PIFM hereby purchases: (i) 600 shares of beneficial
interest of each of Class A, Class B and Class C of the Large Capitalization
Growth Fund; (ii) 600 shares of beneficial interest of each of Class A, Class B
and Class C of the Large Capitalization Value Fund; (iii) 600 shares of
beneficial interest of each of Class A, Class B and Class C of the Small
Capitalization Growth Fund; (iv) 600 shares of beneficial interest of each of
Class A, Class B and Class C of the Small Capitalization Value Fund; (v) 600
shares of beneficial interest of each of Class A, Class B and Class C of the
International Equity Fund; and (vi) 334 shares of beneficial interest of Class A
and 333 shares of beneficial interest of each of Class B and Class C of the
Total Return Bond Fund (collectively with the shares referenced in (i) through
(v) above, the "Shares"), in each case at the net asset value per share of
$10.00. The Trust hereby acknowledges receipt from PIFM of funds in the amount
of $100,000 in full payment for the Shares.
2. PIFM represents and warrants to the Trust that the Shares are being
acquired for investment purposes and not with a view to distribution thereof and
that PIFM has no present intention to redeem and dispose of any of the Shares.
3. PIFM hereby agrees that it will not redeem any of the Shares except
in direct proportion to the amortization of organizational expenses by the
Trust. In the event that the Trust liquidates before deferred organizational
expenses are fully amortized, then the Shares shall bear their proportionate
share of such unamortized organizational expenses.
IN WITNESS THEREOF, the parties have executed this agreement as of the
2nd day of September, 1999.
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TARGET FUNDS
By: /s/ Xxxx X. Xxxxxxxxxx
___________________________
Xxxx X. Xxxxxxxxxx
President
PRUDENTIAL INVESTMENTS FUND
MANAGEMENT LLC
By: /s/ Xxxxxx X. Xxxxx
___________________________
Xxxxxx X. Xxxxx
Executive Vice President
