Supplement dated December 14, 2020 

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 changes to the automatic conversion feature for Class C shares, effective on or about January 22, 2021.  

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 section entitled “Automatic Conversion of Class C Shares” in the section entitled “Fund Distributions And Tax Issues—If You Sell or Exchange Your Shares” is amended and restated to read as follows: 

Automatic Conversion of Class C Shares 

The conversion of Class C shares into Class A shares—which, prior to January 22, 2021, happens automatically approximately 10 years after purchase and, starting on or about January 22, 2021, happens automatically approximately 8 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 section entitled “Class C Shares Automatically Convert to Class A Shares” in the section entitled “How to Buy, Sell and Exchange Shares—How to Buy Shares” is amended and restated to read as follows: 

Class C Shares Automatically Convert to Class A Shares 

Prior to January 22, 2021, 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.  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.  See the table titled “Annual Fund Operating Expenses” in the section of the Fund’s Prospectus titled “Fund Summary – Fund Fees and Expenses” for the annual fund operating expenses for Class A and Class C Shares. 

Starting on or about January 22, 2021, Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately eight years after the original date of purchase.  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 to 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 to 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 section entitled “Purchase, Redemption and Pricing of Fund Shares—Share Classes—Automatic Conversion of Class C Shares” is amended and restated to read as follows: 

AUTOMATIC CONVERSION OF CLASS C SHARES. Prior to January 22, 2021, 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.  Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge.   

Starting on or about January 22, 2021 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately eight 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. 

The conversion feature may be subject to the continuing availability of opinions of counsel or rulings of the IRS that the conversion of shares does not constitute a taxable event for federal income tax purposes. The automatic conversion of Class C shares into Class A shares may be suspended if such opinions or rulings are no longer available. If such conversions are suspended, Class C shares of the Fund will continue to be subject, possibly indefinitely, to their higher annual distribution and service (12b-1) fee. Shareholders should consult their tax advisers regarding the tax consequences of the conversion or exchange of shares. 

LR1342 

PGIM INVESTMENTS FUNDS 

The Prudential Investment Portfolios, Inc.  PGIM Balanced Fund  PGIM Jennison Focused Value Fund  PGIM Jennison Growth 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 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 Securitized Credit Fund  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 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 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  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 Government Money Market Fund, Inc.  PGIM Government Money Market 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    

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