The simple way to do this is with a queue.Queue for the work and starting the threads with for _ in range(MAXTHREADS): threading.Thread(target=f, args=(the_queue,)).start(). I find this easier to read by subclassing Thread, however. Your mileage may vary.
import threading
import queue
class Worker(threading.Thread):
    def __init__(self, q, other_arg, *args, **kwargs):
        self.q = q
        self.other_arg = other_arg
        super().__init__(*args, **kwargs)
    def run(self):
        while True:
            try:
                work = self.q.get(timeout=3)  # 3s timeout
            except queue.Empty:
                return
            # do whatever work you have to do on work
            self.q.task_done()
q = queue.Queue()
for ptf in b:
    q.put_nowait(ptf)
for _ in range(20):
    Worker(q, otherarg).start()
q.join()  # blocks until the queue is empty.
If you're insistent about using a function, I'd suggest wrapping your targetFunction with something that knows how to get from the queue.
def wrapper_targetFunc(f, q, somearg):
    while True:
        try:
            work = q.get(timeout=3)  # or whatever
        except queue.Empty:
            return
        f(work, somearg)
        q.task_done()
q = queue.Queue()
for ptf in b:
    q.put_nowait(ptf)
for _ in range(20):
    threading.Thread(target=wrapper_targetFunc,
                     args=(targetFunction, q, otherarg)).start()
q.join()