Supplement dated March 27, 2020 

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

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

Each Fund’s Summary Prospectus and Statutory Prospectus is amended to include the following in the section entitled “INVESTMENTS, RISKS AND PERFORMANCE – Principal Risks”: 

Market Disruption and Geopolitical Risks.  International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets,  including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally. 

Economic and Market Events Risk. Events in the US and global financial markets, including actions taken by the US Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, may at times result in unusually high market volatility, which could negatively impact performance. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide. 

Large Shareholder and Large Scale Redemption Risk. Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Funds’ shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy.  The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents. 

Each Fund’s Statutory Prospectus is amended to include the following in the section entitled “MORE ABOUT THE FUND’S PRINCIPAL AND NON-PRINCIPAL INVESTMENT 

STRATEGIES, INVESTMENTS AND RISKS – RISKS OF INVESTING IN THE FUND”: 

Market Disruption and Geopolitical Risks.  International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets,  including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally. 

Economic and Market Events Risk. Events in the US and global financial markets, including actions taken by the US Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, may at times result in unusually high market volatility, which could negatively impact performance. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide. 

Large Shareholder and Large Scale Redemption Risk.

Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. These shareholders may also pledge or loan Fund shares (to secure financing or otherwise), which may result in the shares becoming concentrated in another party. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Such redemptions may cause the Fund to have to sell securities at inopportune times or prices. These transactions may adversely affect the Fund’s performance and increase transaction costs. In addition, large redemption requests may exceed the cash balance of the Fund and result in credit line borrowing fees and/or overdraft charges to the Fund until the sales of portfolio securities necessary to cover the redemption request settle. To the extent a large shareholder in the Fund is an entity subject to domestic and/or international regulations governing banking or other financial institutions, changes in those regulations (e.g., capital requirements) or in the shareholder’s financial status may cause or require the shareholder to redeem its investment in the Fund when it otherwise would not choose to redeem that investment. It is also possible that a significant redemption could result in an increase in Fund expenses on account of being spread over a smaller asset base, and therefore make it more difficult for the Fund to implement its investment strategy. Large redemptions could also result in tax consequences to shareholders. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents 

PGIM FUNDS 

The Prudential Investment Portfolios, Inc.  PGIM Balanced Fund  PGIM Jennison Focused Value Fund  PGIM Jennison Growth Fund  Prudential Investment Portfolios 2  PGIM QMA Commodity Strategies Fund  PGIM Core Conservative Bond Fund  PGIM Jennison Small-Cap Core Equity Fund  PGIM QMA Emerging Markets Equity Fund  PGIM QMA International Developed Markets Index Fund  PGIM QMA Mid-Cap Core Equity Fund  PGIM QMA US Broad Market Index Fund  PGIM TIPS Fund  Prudential Investment Portfolios 3  PGIM Global Dynamic Bond Fund  PGIM Jennison Focused Growth Fund  PGIM QMA Global Tactical Allocation Fund  PGIM QMA Large-Cap Value Fund  PGIM Real Assets Fund  PGIM Strategic Bond Fund  Prudential Investment Portfolios 4  PGIM Muni High Income Fund  Prudential Investment Portfolios 5  PGIM 60/40 Allocation Fund  PGIM Jennison Diversified Growth Fund  PGIM Jennison Rising Dividend Fund  Prudential Day One Income Fund  Prudential Day One 2015 Fund  Prudential Day One 2020 Fund  Prudential Day One 2025 Fund  Prudential Day One 2030 Fund  Prudential Day One 2035 Fund  Prudential Day One 2040 Fund  Prudential Day One 2045 Fund  Prudential Day One 2050 Fund  Prudential Day One 2055 Fund  Prudential Day One 2060 Fund  Prudential Day One 2065 Fund  Prudential Investment Portfolios 6  PGIM California Muni Income Fund  Prudential Investment Portfolios 7  PGIM Jennison Value Fund  Prudential Investment Portfolios 8  PGIM QMA Stock Index Fund  PGIM Securitized Credit Fund  Prudential Investment Portfolios 9  PGIM Absolute Return Bond Fund  PGIM International Bond Fund  PGIM QMA Large-Cap Core Equity Fund  PGIM Real Estate Income Fund  PGIM Select Real Estate Fund  Prudential Investment Portfolios, Inc. 10  PGIM Jennison Global Equity Income Fund  PGIM QMA Mid-Cap Value Fund  Prudential Investment Portfolios 12  PGIM Global Real Estate Fund  PGIM Jennison Technology Fund  PGIM QMA Large-Cap Core Equity PLUS Fund  PGIM QMA Long-Short Equity Fund  PGIM Short Duration Muni High Income Fund  PGIM US Real Estate Fund  Prudential Government Money Market Fund, Inc.
PGIM Government Money Market Fund  Prudential Investment Portfolios, Inc. 14  PGIM Floating Rate Income Fund  PGIM Government Income Fund  Prudential Investment Portfolios, Inc. 15  PGIM High Yield Fund  PGIM Short Duration High Yield Income Fund  Prudential Investment Portfolios 16  PGIM Income Builder Fund  Prudential Investment Portfolios, Inc. 17  PGIM Short Duration Multi-Sector Bond Fund  PGIM Total Return Bond Fund  Prudential Investment Portfolios 18  PGIM Jennison 20/20 Focus Fund  PGIM Jennison MLP Fund  Prudential Global Total Return Fund, Inc.  PGIM Global Total Return Fund  PGIM Global Total Return (USD Hedged) 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 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 Emerging Markets Debt Hard Currency Fund  PGIM Emerging Markets Debt Local Currency Fund  PGIM Jennison Emerging Markets Equity Opportunities Fund  PGIM Jennison Global Infrastructure Fund  PGIM Jennison Global Opportunities Fund  PGIM Jennison International Opportunities Fund  PGIM QMA International Equity Fund  The Target Portfolio Trust  PGIM Core Bond Fund  PGIM Corporate Bond Fund  PGIM QMA Small-Cap Value Fund  PGIM ETF Trust  PGIM Ultra Short Bond ETF
PGIM Active High Yield Bond ETF
PGIM QMA Strategic Alpha International Equity ETF
PGIM QMA Strategic Alpha Large-Cap Core ETF
PGIM QMA Strategic Alpha Small-Cap Growth ETF
PGIM QMA Strategic Alpha Small-Cap Value ETF 

LR1298