Supplement dated November 15, 2018

to the Currently Effective Prospectus and Statement of Additional Information
of the Funds Listed Below

The Board of Directors/Trustees for each Fund listed below has approved a change to the automatic conversion feature for Class B shares, so that conversion will take place monthly rather than quarterly, effective as of April 1, 2019. This change aligns the conversion schedule for Class B shares with the recently adopted monthly automatic conversion of Class C shares to Class A shares effective April 1, 2019.

This supplement should be read in conjunction with your Summary Prospectus, Statutory Prospectus and Statement of Additional Information, be retained for future reference and is in addition to any existing Fund supplements.

To reflect these changes, effective April 1, 2019, the section of the Fund’s Prospectus entitled “How to Buy, Sell and Exchange Fund Shares—How to Exchange Your Shares—Frequent Purchases and Redemptions of Fund Shares” will be restated to read as follows:

1. In each Fund’s Statutory Prospectus, the section entitled “How to Buy, Sell and Exchange Shares—How to Buy Shares—Class B Shares Automatically Convert to Class A Shares” is restated to read:

Class B Shares Automatically Convert to Class A Shares

If you bought Class B shares and hold them for approximately seven years, we will automatically convert them into Class A shares without charge. At that time, we will also convert any Class B shares that you purchased with reinvested dividends and other distributions. Since the distribution and service (12b-1) fees for Class A shares are lower than for Class B shares, converting to Class A shares lowers your Fund expenses. Class B shares acquired through the reinvestment of dividends or distributions will be converted to Class A shares according to the procedures utilized by the broker-dealer through which the Class B shares were purchased, if the shares are carried on the books of that broker-dealer and the broker-dealer provides subaccounting services to the Fund. Otherwise, the procedures utilized by PMFS or its affiliates will be used. The use of different procedures may result in a timing differential in the conversion of Class B shares acquired through the reinvestment of dividends and distributions.

When we do the conversion, you will get fewer Class A shares than the number of converted Class B shares if the price of the Class A shares is higher than the price of the Class B shares. The total dollar value will be the same, so you will not have lost any money by getting fewer Class A shares. Conversions are monthly for Class B shares.

If you hold Class B share certificates, the certificates must be received by the Transfer Agent in order for your Class B shares to convert from Class B to Class A shares. Certificate deposited shares will convert during the next monthly conversion.

A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class B shares for Class A shares (see Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus). Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class B shares to Class A shares.

2. In Part II of each Fund’s Statement of Additional Information, the following disclosure is added immediately following the section entitled “Purchase, Redemption and Pricing of Fund Shares—Share Classes—Automatic Conversion of Class B Shares”:

AUTOMATIC CONVERSION OF CLASS B SHARES. Class B shares will automatically convert to Class A shares on a monthly basis approximately seven years after purchase.

Note: Class B shares of PGIM Short-Term Corporate Bond Fund will automatically convert to Class A shares on a monthly basis approximately five years after purchase.

The number of Class B shares eligible to convert to Class A shares will be the total number of shares that have completed their aging schedule (including any time spent at 0% liability), plus all shares acquired through the reinvestment of dividends for Class B shares.

Since annual distribution-related fees are lower for Class A shares than Class B shares, the per share NAV of the Class A shares may be higher than that of the Class B shares at the time of conversion. Thus, although the aggregate dollar value will be the same, you may receive fewer Class A shares than Class B shares converted.

For purposes of calculating the applicable holding period for conversions, for Class B shares previously exchanged for shares of a money market fund, the time period during which such shares were held in a money market fund will be excluded for the Class B shares. For example, Class B shares held in a money market fund for one year would not convert to Class A shares until approximately eight years. Class B shares acquired through exchange will convert to Class A shares after expiration of the conversion period applicable to the original purchaser of such shares.

The Fund has no responsibility for monitoring or implementing a financial intermediary’s process for determining whether a shareholder meets the required holding period for conversion. A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class B shares for Class A shares, as set forth on Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus. In these cases, Class B shareholders may have their shares exchanged for Class A shares under the policies of the financial intermediary. Financial intermediaries will be responsible for making such exchanges in those circumstances. Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class B shares to Class A shares.

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PGIM INVESTMENTS FUNDS

The Prudential Investment Portfolios, Inc. PGIM Balanced Fund PGIM Conservative Allocation Fund PGIM Growth Allocation Fund PGIM Jennison Equity Opportunity Fund PGIM Jennison Growth Fund PGIM Moderate Allocation Fund Prudential Investment Portfolios 3 PGIM Jennison Focused Growth Fund PGIM QMA Large-Cap Value Fund PGIM Real Assets Fund Prudential Investment Portfolios 4 PGIM Muni High Income Fund Prudential Investment Portfolios 5 PGIM Jennison Diversified Growth Fund Prudential Investment Portfolios 6 PGIM California Muni Income Fund Prudential Investment Portfolios 7 PGIM Jennison Value Fund Prudential Investment Portfolios 9 PGIM QMA Large-Cap Core Equity Fund Prudential Investment Portfolios, Inc. 10 PGIM Jennison Equity Income Fund PGIM QMA Mid-Cap Value Fund Prudential Investment Portfolios 12 PGIM Global Real Estate Fund PGIM US Real Estate Fund Prudential Investment Portfolios, Inc. 14 PGIM Government Income Fund Prudential Investment Portfolios, Inc. 15 PGIM High Yield Fund Prudential Investment Portfolios 16 PGIM Income Builder Fund PGIM QMA Defensive Equity Fund Prudential Investment Portfolios, Inc. 17 PGIM Total Return Bond Fund Prudential Investment Portfolios 18 PGIM Jennison 20/20 Focus Fund Prudential Global Total Return Fund, Inc. PGIM Global Total Return Fund Prudential Jennison Blend Fund, Inc. PGIM Jennison Blend Fund Prudential Jennison Mid-Cap Growth Fund, Inc. PGIM Jennison Mid-Cap Growth Fund Prudential Jennison Natural Resources Fund, Inc. PGIM Jennison Natural Resources Fund Prudential Jennison Small Company Fund, Inc. PGIM Jennison Small Company Fund Prudential Government Money Market Fund, Inc. Prudential Government Money Market Fund Prudential National Muni Fund, Inc. PGIM National Muni Fund Prudential Sector Funds, Inc. PGIM Jennison Financial Services Fund PGIM Jennison Health Sciences Fund PGIM Jennison Utility Fund Prudential Short-Term Corporate Bond Fund, Inc. PGIM Short-Term Corporate Bond Fund Prudential World Fund, Inc. PGIM QMA International Equity Fund    

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