Prudential Fixed-Income
                                  Mutual Funds
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                        Supplement dated March 1, 2002.

   In this supplement, each investment portfolio to which this supplement
relates is referred to as a 'Fund.'

   Effective May 1, 2002, each Fund may invest in futures contracts on 10-year
interest rate swaps (Swap Futures) for hedging purposes only. Pursuant to its
general authority to invest in certain derivatives, each Fund currently may
enter into Swap Futures up to 5% of its total assets. Swap Futures are described
below.

   In addition, effective May 1, 2002, The Prudential Investment Portfolios,
Inc.--Prudential Active Balanced Fund may invest in Swap Futures for bona fide
hedging purposes and for income enhancement, to the extent that the net interest
payments on such swaps do not exceed 5% of the Fund's net assets.

   The information in this supplement supersedes any contrary information that
may be contained either in the prospectuses to which this supplement relates or
in the statements of additional information (SAIs) that correspond to these
Funds.

1. The following is added to the prospectus section generally entitled 'How the
   Fund Invests--Other Investments and Strategies--Derivative
   Strategies--Futures Contracts and Related Options.'

      The Fund may also invest in futures contracts on 10-year interest rate
   swaps.

2. The following is added to the SAI section generally entitled 'Description of
   the Fund, Its Investments and Risks--Risk Management and Return Enhancement
   Strategies--Futures Contracts.'

      Futures contracts on 10-year interest rate swaps (Swap Futures),
   introduced by the Chicago Board of Trade in October 2001, enable purchasers
   to cash settle at a future date at a price determined by the International
   Swaps and Derivatives Association Benchmark Rate for a 10-year U.S. dollar
   interest rate swap on the last day of trading, as published on the following
   business day by the Federal Reserve Board in its Daily Update to the H.15
   Statistical Release. Swap Futures attempt to replicate the pricing of
   interest rate swaps.

MF2002C1




      The $100,000 par value trading units of Swap Futures represent the
   fixed-rate side of a 10-year interest rate swap that exchanges semiannual
   fixed-rate payments at a 6% annual rate for floating-rate payments based on
   3-month LIBOR. Swap Futures trade in price terms quoted in points ($1,000)
   and 32nds ($31.25) of the $100,000 notional par value. The contract
   settlement-date cycle is March, June, September and December, which is
   comparable to other fixed-income futures contracts.

      The structure of Swap Futures blends certain characteristics of existing
   over-the-counter (OTC) swaps and futures products. Unlike most swaps traded
   in the OTC market that are so-called 'par' swaps with a fixed market value
   trading on a rate basis, Swap Futures have fixed notional coupons and trade
   on a price basis. In addition, Swap Futures are constant maturity products
   that will not mature like OTC swaps, but rather represent a series of
   ten-year instruments expiring quarterly. Because Swap Futures are traded on
   an exchange, there is no counterparty or default risk, although, like all
   futures contracts, the Fund could experience delays and/or losses associated
   with the bankruptcy of a broker through which the Fund engages in futures
   transactions. Investing in Swap Futures is subject to the same risks of
   investing in futures, which are described above.

                                   *   *   *

   The information in this supplement relates to the prospectuses indicated
below.

Fund Name                             Date of Prospectus and SAI
- -----------------------------------   ---------------------------
Prudential California Municipal
      Fund
   California Series...............   November 1, 2001
   California Income Series........   November 1, 2001
Prudential Global Total Return
      Fund, Inc....................   February 28, 2002
Prudential High Yield Fund, Inc....   March 1, 2002
Prudential Municipal Bond Fund
   High Yield Series...............   June 29, 2001
   Insured Series..................   June 29, 2001
Prudential Municipal Series Fund
   Florida Series..................   November 1, 2001
   New Jersey Series...............   November 1, 2001
   New York Series.................   November 1, 2001
   Pennsylvania Series.............   November 1, 2001
Prudential Total Return Bond Fund,
      Inc..........................   March 1, 2002
The Prudential Investment
      Portfolios, Inc.
   Prudential Active Balanced Fund.   November 29, 2001