<PAGE>
Prudential Mutual Funds
- ------------------------------------------------------------------------------
Prudential Government Income Fund, Inc.
SUPPLEMENT DATED MAY 23, 2000
TO PROSPECTUS DATED MAY 4, 2000
The section entitled 'Risk/Return Summary--Evaluating Performance' is amended as
follows:
The footnote to the Annual Returns bar chart is amended in its entirety as
follows:
* These annual returns do not include sales charges. If the sales
charges were included, the annual returns would be lower than those shown.
Without the distribution and service (12b-1) fee waiver, the annual
returns would have been lower, too. The return of the Class B shares for
the quarter ended March 31, 2000 was 2.16%.
