Supplement dated September 24, 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 the implementation of an automatic conversion feature for Class C shares, effective as of April 1, 2019. 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” is restated to read as follows:

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.

1. In each Fund’s Statutory Prospectus, the following is added at the end of the section entitled “Fund Distributions And Tax Issues—If You Sell or Exchange Your Shares”:

Automatic Conversion of Class C Shares

The conversion of Class C shares into Class A shares—which happens automatically approximately 10 years after purchase—is not a taxable event for federal income tax purposes. For more information about the automatic conversion of Class C shares, see Class C Shares Automatically Convert to Class A Shares in How to Buy, Sell and Exchange Fund Shares.

2. In each Fund’s Statutory Prospectus, the following sentence is added at the end of the section entitled “How to Buy, Sell and Exchange Shares—Closure of Certain Share Classes to New Group Retirement Plans”:

Shareholders owning Class C shares may continue to hold their Class C shares until the shares automatically convert to Class A shares under the conversion schedule, or until the shareholder redeems their Class C shares.

3. In each Fund’s Statutory Prospectus, the following disclosure is added immediately following the section entitled “How to Buy, Sell and Exchange Shares—How to Buy Shares—Class B Shares Automatically Convert to Class A Shares”:

Class C Shares Automatically Convert to Class A Shares

Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

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 C 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 C shares to Class A shares.

4. 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 C SHARES. Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. Class C shares of a Fund acquired through automatic reinvestment of dividends or distributions will convert to Class A shares of the Fund on the Conversion Date pro rata with the converting Class C shares of the Fund that were not acquired through reinvestment of dividends or distributions. All such automatic conversions of Class C shares will constitute tax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

Class C shares were generally closed to investments by new group retirement plans effective on or about June 1, 2018. Group retirement plans (and their successor, related and affiliated plans) that have Class C shares of the Fund available to participants on or before the Effective Date may continue to open accounts for new participants in such share class and purchase additional shares in existing participant accounts.

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 C 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 C 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 C shares to Class A shares.

LR1094

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 Global Absolute Return Bond Fund PGIM Jennison Focused Growth Fund PGIM QMA Global Tactical Allocation Fund PGIM QMA Large-Cap Value Fund PGIM Real Assets Fund PGIM Unconstrained Bond Fund Prudential Investment Portfolios 4 PGIM Muni High Income Fund Prudential Investment Portfolios 5 PGIM Jennison Diversified Growth Fund PGIM Jennison Rising Dividend 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 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 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 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 PGIM QMA Defensive Equity 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 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 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

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