PRUDENTIAL NATIONAL MUNI FUND, INC. (0000314612) (Filer)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number:		811-02992

Exact name of registrant as specified in charter:		Prudential National Muni Fund, Inc.

Address of principal executive offices:		655 Broad Street, 6 th Floor Newark, New Jersey 07102

Name and address of agent for service:		Andrew R. French 655 Broad Street, 6 th Floor Newark, New Jersey 07102

Registrant’s telephone number, including area code:		800-225-1852

Date of fiscal year end:		8/31/2026

Date of reporting period:		8/31/2026

Item 1 – Reports to Stockholders

(a) Report transmitted to stockholders pursuant to Rule

30e-1

under the Act (17 CFR

270.30e-1).

PGIM National Muni Fund

Class A:

PRNMX

ANNUAL SHAREHOLDER REPORT – August 31, 2026

This annual shareholder report contains important information about the Class A shares of PGIM National Muni Fund (the “Fund”) for the period of September 1, 2025 to August 31, 2026.You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

Costs of a

$10,000 investment

Costs paid as a percentage

of a $10,000 investment

PGIM National Muni Fund—Class A

$61

0.60%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

During the reporting period, the Bloomberg Municipal Bond Index generated positive total returns, with intermediate bonds leading performance. Following three 25-basis-point rate cuts in 2025, the U.S. Federal Reserve (Fed) adopted a more hawkish tone in 2026 as inflation concerns rose amid geopolitical tensions, which put upward pressure on oil prices, and renewed tariff escalations. Municipal-to-Treasury yield ratios richened — particularly in the second quarter of 2026, as investors reassessed the possibility of a rate hike — but cheapened in July and August, as rate volatility increased and supply remained elevated. Against this backdrop, credit fundamentals were supported by resilient consumer spending, robust capital and business investment, and continued tax revenue generation.

■

The following contributed most to the Fund’s performance relative to the Bloomberg 1-15 Year Municipal Index (the “Index”) during the period: a significant overweight to the long end of the yield curve as the curve flattened; an underweight in city & county school districts; and an overweight to prepay gas, driven by an overweight to Low Income Housing Tax Credit multifamily deals.

■

The following detracted most from the Fund’s performance relative to the Index during the period: duration positioning, as municipal bond rates sold off in line with broader market sentiment, overweight positioning in dedicated tax deals, and in housing.

■

The Fund uses derivatives when they facilitate the implementation of the overall investment approach. During the period, the Fund used futures to help manage duration positioning and yield curve exposure. The Fund’s positions in futures contributed to performance during the period.

MF104EA

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit pgim.com/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

Cumulative Performance: August 31, 2016 to August 31, 2026

Initial Investment of $10,000

The line graph reflects the return on the Fund's Class A shares with sales charges.

Average Annual Total Returns as of 8/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class A with sales charges	0.32%	-0.01%	1.37%
Class A without sales charges	3.69%	0.65%	1.70%
Bloomberg Municipal Bond Index*	4.12%	0.54%	1.91%
Bloomberg 1-15 Year Municipal Index	2.88%	0.93%	1.91%

*The Fund compares its performance against this broad-based index in response to regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?

Fund’s net assets	$ 1,240,715,866
Number of fund holdings	485
Total advisory fees paid for the year	$ 2,969,925
Portfolio turnover rate for the year	45%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?

Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%)
AAA	10.6
AA	42.9
A	27.5
BBB	6.4
BB	3.6
B	0.1
Not Rated	6.7
Cash/Cash Equivalents	2.1
Total	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. The Not Rated (NR) category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM National Muni Fund

SHARE CLASS	A
NASDAQ	PRNMX
CUSIP	74441U105

MF104EA

PGIM National Muni Fund

Class C:

PNMCX

ANNUAL SHAREHOLDER REPORT – August 31, 2026

This annual shareholder report contains important information about the Class C shares of PGIM National Muni Fund (the “Fund”) for the period of September 1, 2025 to August 31, 2026.You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

Costs of a

$10,000 investment

Costs paid as a percentage

of a $10,000 investment

PGIM National Muni Fund—Class C

$165

1.63%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

MF104EC

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

Cumulative Performance: August 31, 2016 to August 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class C with sales charges	1.56%	-0.28%	0.82%
Class C without sales charges	2.56%	-0.28%	0.82%
Bloomberg Municipal Bond Index*	4.12%	0.54%	1.91%
Bloomberg 1-15 Year Municipal Index	2.88%	0.93%	1.91%

*The Fund compares its performance against this broad-based index in response to regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?

Fund’s net assets	$ 1,240,715,866
Number of fund holdings	485
Total advisory fees paid for the year	$ 2,969,925
Portfolio turnover rate for the year	45%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?

Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%)
AAA	10.6
AA	42.9
A	27.5
BBB	6.4
BB	3.6
B	0.1
Not Rated	6.7
Cash/Cash Equivalents	2.1
Total	100.0

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM National Muni Fund

SHARE CLASS	C
NASDAQ	PNMCX
CUSIP	74441U303

MF104EC

PGIM National Muni Fund

Class Z:

DNMZX

ANNUAL SHAREHOLDER REPORT – August 31, 2026

This annual shareholder report contains important information about the Class Z shares of PGIM National Muni Fund (the “Fund”) for the period of September 1, 2025 to August 31, 2026.You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

Costs of a

$10,000 investment

Costs paid as a percentage

of a $10,000 investment

PGIM National Muni Fund—Class Z

$37

0.36%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

MF104EZ

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

Cumulative Performance: August 31, 2016 to August 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class Z	3.87%	0.90%	1.94%
Bloomberg Municipal Bond Index*	4.12%	0.54%	1.91%
Bloomberg 1-15 Year Municipal Index	2.88%	0.93%	1.91%

*The Fund compares its performance against this broad-based index in response to regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?

Fund’s net assets	$ 1,240,715,866
Number of fund holdings	485
Total advisory fees paid for the year	$ 2,969,925
Portfolio turnover rate for the year	45%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?

Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%)
AAA	10.6
AA	42.9
A	27.5
BBB	6.4
BB	3.6
B	0.1
Not Rated	6.7
Cash/Cash Equivalents	2.1
Total	100.0

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM National Muni Fund

SHARE CLASS	Z
NASDAQ	DNMZX
CUSIP	74441U402

MF104EZ

PGIM National Muni Fund

Class R6:

PNMQX

ANNUAL SHAREHOLDER REPORT – August 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM National Muni Fund (the “Fund”) for the period of September 1, 2025 to August 31, 2026.You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

Costs of a

$10,000 investment

Costs paid as a percentage

of a $10,000 investment

PGIM National Muni Fund—Class R6

$30

0.29%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

MF104ER6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

Cumulative Performance: December 4, 2017 to August 31, 2026

Initial Investment of $10,000

Average Annual Total Returns as of 8/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	3.94%	0.97%	2.31% (12/4/2017)
Bloomberg Municipal Bond Index*	4.12%	0.54%	2.18%
Bloomberg 1-15 Year Municipal Index	2.88%	0.93%	2.20%

*The Fund compares its performance against this broad-based index in response to regulatory requirements.

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest

month-end to the class's inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2026?

Fund’s net assets	$ 1,240,715,866
Number of fund holdings	485
Total advisory fees paid for the year	$ 2,969,925
Portfolio turnover rate for the year	45%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2026?

Credit Quality expressed as a percentage of total investments as of 8/31/2026 (%)
AAA	10.6
AA	42.9
A	27.5
BBB	6.4
BB	3.6
B	0.1
Not Rated	6.7
Cash/Cash Equivalents	2.1
Total	100.0

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM National Muni Fund

SHARE CLASS	R6
NASDAQ	PNMQX
CUSIP	74441U600

MF104ER6

(b)

Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

Item 2 – Code of Ethics – See Exhibit (a) (1) of Item 19

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Ms. Grace C. Torres, a member of the Board’s Audit Committee, is an “audit committee financial expert” and is “independent” for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a)

Audit Fees

For the fiscal years ended August 31, 2026 and August 31, 2025, PricewaterhouseCoopers LLP (“PwC”), the Registrant’s principal accountant, billed the Registrant $45,837 and $44,074, respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b)

Audit-Related Fees

For the fiscal years ended August 31, 2026 and August 31, 2025: none.

(c)

Tax Fees

For the fiscal years ended August 31, 2026 and August 31, 2025: none.

(d)

All Other Fees

For the fiscal years ended August 31, 2026 and August 31, 2025: none.

(e)

(1) Audit Committee Pre-Approval Policies and Procedures

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

Pre-Approval of Services Provided by the Independent

Accountants

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

•

a review of the nature of the professional services expected to be provided,

•

a review of the safeguards put into place by the accounting firm to safeguard independence, and

•

periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

•

Annual Fund financial statement audits

•

Seed audits (related to new product filings, as required)

•

SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

•

Accounting consultations

•

Fund merger support services

•

Agreed Upon Procedure Reports

•

Attestation Reports

•

Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

•

Tax compliance services related to the filing or amendment of the following:

•

Federal, state and local income tax compliance; and,

•

Sales and use tax compliance

•

Timely RIC qualification reviews

•

Tax distribution analysis and planning

•

Tax authority examination services

•

Tax appeals support services

•

Accounting methods studies

•

Fund merger support services

•

Tax consulting services and related project

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

Other Non-Audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

•

Bookkeeping or other services related to the accounting records or financial statements of the Fund

•

Financial information systems design and implementation

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

•

Actuarial services

•

Internal audit outsourcing services

•

Management functions or human resources

•

Broker or dealer, investment adviser, or investment banking services

•

Legal services and expert services unrelated to the audit

•

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex

Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

(e) (2) Percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X –


	Fiscal Year Ended August 31, 2026	Fiscal Year Ended August 31, 2025
4(b)	Not applicable.	Not applicable.
4(c)	Not applicable.	Not applicable.
4(d)	Not applicable.	Not applicable.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended August 31, 2026 and August 31, 2025 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as the Registrant’s principal accountant has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

(i) Not applicable.

(j) Not applicable.

Item 5

– Audit Committee of Listed Registrants – Not applicable.

Item 6

– Investments – The registrant’s Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7

– 11 (Refer to Report(s) below)

LOGO

PRUDENTIAL NATIONAL MUNI FUND, INC.

PGIM National Muni Fund

FINANCIAL STATEMENTS AND OTHER INFORMATION

AUGUST 31, 2026

LOGO


Table of Contents	Financial Statements and Other Information	August 31, 2026

Form N-CSR Item 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies.


PGIM National Muni Fund		1

Notes to Financial Statements		29

Other Information - Form N-CSR Items 8-11

Schedule of Investments

as of August 31, 2026



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

LONG-TERM INVESTMENTS 98.0%

MUNICIPAL BONDS 95.9%

Alabama 6.7%

Baldwin Cnty. Indl. Dev. Auth. Rev.,
Novelis Corp. Proj., Series A, AMT (Mandatory put date 06/01/32), 144A	5.000%(cc)	06/01/55		5,500	$	5,586,355
Black Belt Energy Gas Dist. Rev.,
Gas Proj. No. 7, Series C-1 (Mandatory put date 12/01/26)	4.000(cc)	10/01/52		7,815		7,867,830
Gas Proj., Series A (Mandatory put date 05/01/32)	5.250(cc)	05/01/56		5,000		5,024,993
Gas Proj., Series C	5.250	06/01/36		2,795		2,963,287
Gas Proj., Series D, Rfdg. (Mandatory put date 08/01/35)	5.000(cc)	12/01/55		2,500		2,600,092
Gas Proj., Series E	5.000	07/01/33		4,200		4,376,579
Gas Proj., Series E (Mandatory put date 06/01/28)	5.000(cc)	05/01/53		5,000		5,128,521
Gas Proj., Series G	5.000	10/01/35		3,265		3,373,624
Gas Proj., Series I	5.000	10/01/33		4,300		4,526,295
Proj. No. 6, Series B (Mandatory put date 12/01/26)	4.000(cc)	10/01/52		3,000		3,023,640
Rfdg. (Mandatory put date 12/01/31)	4.000(cc)	06/01/51		5,540		5,586,966
Series A	5.000	12/01/34		2,000		2,072,320
Series D1, Rfdg. (Mandatory put date 06/01/27)	4.000(cc)	07/01/52		1,000		1,005,406
Energy Southeast A Cooperative Dist. Rev.,
Gas Proj., Series A	5.000	11/01/35		6,400		6,623,182
Series B	5.000	11/01/33		3,500		3,674,804
Huntsville-Randolph Sch. Edl. Building Auth. Rev.,
Randolph Sch. Proj.	5.250	08/01/46		2,250		2,285,879
Jefferson Cnty. Swr. Rev.,
Warrants, Rfdg.	5.250	10/01/42		1,500		1,575,644
Southeast Energy Auth. Cooperative Dist. Rev.,
Proj. No. 5, Series A (Mandatory put date 07/01/29)	5.250(cc)	01/01/54		5,000		5,208,568
Series A	5.000	11/01/26		2,060		2,063,585
Series D	5.000	09/01/35		5,000		5,278,211
UAB Med. Fin. Auth. Rev.,
Uab Medicine Enterprise, Series C, Rfdg.(hh)	5.000	09/01/36		1,350		1,460,837
Uab Medicine Enterprise, Series C, Rfdg.(hh)	5.000	09/01/37		1,500		1,604,064


						82,910,682


Alaska 0.8%
Alaska Indl. Dev. & Export Auth. Rev.,
Tanana Chiefs Conference Proj., Series A	4.000	10/01/49		3,000		2,541,598
Tanana Chiefs Conference Proj., Series A	5.000	10/01/26		2,385		2,388,652
Tanana Chiefs Conference Proj., Series A	5.000	10/01/31		1,710		1,793,118
Alaska Muni. Bond Bank Auth. Rev.,
Rfdg.	5.000	12/01/26		1,350		1,357,386
Northern Tob. Secur. Corp. Rev.,
Sr. Series A, Class 1, Rfdg.	5.000	06/01/31		1,665		1,770,621


						9,851,375


Arizona 2.3%

Arizona Hlth. Facs. Auth. Rev.,
Banner Hlth., Series B, Rfdg. (Mandatory put date 07/01/26)	3.530(cc)	01/01/37		1,125		1,119,680
Arizona Indl. Dev. Auth. Rev.,
Ironwood Ranch Apts. Proj. (Mandatory put date 09/01/26)	5.000(cc)	02/01/58		3,000		3,000,000
Sustainable Bonds, Equitable Sch. Revolving Fd., Series A	5.250	11/01/48		3,000		3,061,709
Maricopa Cnty. Indl. Dev. Auth. Rev.,
Banner Hlth., Series D, Rfdg.(hh)	5.000	01/01/38		4,000		4,325,857
Phoenix Arizona Indl. Dev. Auth. Rev.,
Broadway Farms at Hurley Station Phase II Proj. (Mandatory put date 08/01/29)	3.000(cc)	02/01/60		2,700		2,684,051
Pinal Cnty. Indl. Dev. Auth. Rev.,
WOF SW GGP LLC Proj., Conv. CABS, Sustainable Bond., Series A, 144A	5.500(cc)	10/01/33		5,000		5,257,021
Salt River Proj. Agric. Impvt. & Pwr. Dist. Elec. Sys. Rev.,
Salt River Proj., Series A	5.000	01/01/47		1,240		1,278,728

See Notes to Financial Statements.

PGIM National Muni Fund 1

Schedule of Investments (continued)

as of August 31, 2026



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

Arizona (cont’d.)

Salt River Proj. Agric. Impvt. & Pwr. Dist. Elec. Sys. Rev., (cont’d.)
Series B	5.000%	05/01/42		2,500	$	2,638,929

Salt Verde Finl. Corp. Rev.,
Sr. Gas Rev., Sr. Bonds	5.000	12/01/32		2,685		2,798,574
Sr. Gas Rev., Sr. Bonds	5.250	12/01/26		2,180		2,189,406


						28,353,955


Arkansas 1.0%

Arkansas Dev. Fin. Auth. Rev.,
Weyerhaeuser Co. Proj., AMT (Mandatory put date 10/15/32)	3.875(cc)	10/15/65		5,385		5,279,566
Fayetteville Sales & Use Tax Rev.,
Rfdg.(hh)	3.700	11/01/46		6,000		5,781,371
Sales & Use Tax	2.875	11/01/32		1,105		1,098,700


						12,159,637


California 4.5%

California Cmnty. Choice Fing. Auth. Rev.,
Sustainable Bonds, Clean Energy Proj., Series C (Mandatory put date 10/01/31)	5.250(cc)	01/01/54		3,000		3,141,458
California Hlth. Facs. Fin. Auth. Rev.,
Sutter Hlth, Series A, Rfdg.	5.500	11/15/52		2,000		2,142,353
California Muni. Fin. Auth. Rev.,
CHF-Davis I, LLC, West Vlg. Student Hsg. Proj., BAM, TCRs	5.000	05/15/29		1,000		1,037,170
Muni. CTFS, Series 2025-1, Class A-2	3.537(cc)	02/20/41		2,198		1,947,789
Freddie Mac Multifamily CTFS Rev.,
FRETE 2023, ML18, Class X-CA	1.485(cc)	09/25/37		28,332		2,898,818
FRETE 2024, ML22, Class A-US	4.687(cc)	10/25/40		2,453		2,458,119
FRETE 2024, ML23, SPC, Sustainable Bonds	4.706(cc)	04/25/42		2,867		2,906,731
FRETE 2024, ML24 Trust, Green Bonds	4.301(cc)	05/25/41		3,914		3,816,148
Series ML-32, Class A-USM	4.837(cc)	03/25/42		3,492		3,522,982
Sustainable Bonds, Series ML-27, Class A, USM	4.760(cc)	08/25/41		3,213		3,273,504
Sustainable Bonds, Series ML-31, Class A-USM	4.603(cc)	06/25/42		2,489		2,491,053
Sustainable Bonds, Series ML-33, Class A	4.641(cc)	10/25/40		2,217		2,176,144
Long Beach Bond Fin. Auth. Nat. Gas Pur. Rev.,
Series A	5.000	11/15/35		1,300		1,386,197
Los Angeles Dept. of Arpts. Rev.,
Sub. Series C, AMT	5.000	05/15/32		2,000		2,046,498
Sustainable Bonds, Series A, Rfdg., AMT(hh)	5.250	05/15/40		1,250		1,336,468
Los Angeles Dept. of Wtr. & Pwr. Rev.,
Series A, Rfdg.	5.000	07/01/28		1,285		1,320,518
Series B, Rfdg.	5.000	07/01/31		4,210		4,558,881
M-S-R Energy Auth. Rev.,
Series A	6.500	11/01/39		2,000		2,342,545
Oak Grove Sch. Dist.,
Conv. Election 2008, Series E, CABS, GO, Rfdg.	0.000(cc)	08/01/42		2,250		1,458,136
Port of Los Angeles Rev.,
Series A-1, Rfdg. AMT	5.000	08/01/34		1,000		1,094,273
San Francisco City & Cnty. Arpt. Commn. Rev.,
2nd Series, San Francisco Intl. Arpt., Series A, Rfdg., AMT	5.250	05/01/43		2,500		2,629,112
Southern Calif. Pub. Pwr. Auth. Rev.,
Canyon Pwr. Proj., Series B, Rfdg. (Mandatory put date 07/01/27)	3.700(cc)	07/01/40		2,500		2,505,804
Univ. of California Rev.,
Series CH	5.250	05/15/38		3,000		3,427,132


						55,917,833


Colorado 3.3%

Baseline Metropolitan Dist. No. 1,
Series A, GO, Rfdg., AG	4.250	12/01/54		3,055		3,087,075

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

Colorado (cont’d.)

Colorado Hlth. Facs. Auth. Rev.,
Adventhealth Oblig. Grp., Series B, Rfdg. (Mandatory put date 11/15/30)	5.000%(cc)	11/15/36		3,000	$	3,178,696
Commonspirit Hlth., Series A-1, Rfdg.	5.000	08/01/32		2,250		2,343,662
Intermountain Hlth., Series A, Rfdg.	5.000	05/15/45		1,250		1,272,295
SCL Hlth. Sys., Series B, Rfdg.	4.000	01/01/40		3,060		2,862,345
Colorado Springs Co. Util. Sys. Rev.,
Series A-4	5.000	11/15/43		3,080		3,137,828
Colorado St.,
COP	6.000	12/15/39		4,000		4,473,184
Denver City & Cnty. Arpt. Sys. Rev.,
Series A, Rfdg., AMT	5.500	11/15/42		1,875		1,978,193
Series D, Rfdg., AMT	5.750	11/15/35		1,000		1,102,304
Sub. Series B, Rfdg., AMT	5.500	11/15/41		1,000		1,067,896
Sub. Series B, Rfdg., AMT	5.500	11/15/42		1,000		1,065,509
Sub. Sys., Series A, Rfdg., AMT	5.000	12/01/34		2,375		2,441,408
Sub. Sys., Series A, Rfdg., AMT	5.000	12/01/35		1,130		1,160,246
Sub. Sys., Series A, Rfdg., AMT	5.250	12/01/43		3,000		3,038,741
E-470 Pub. Hwy. Auth. Rev.,
Series A-2, CABS, Rfdg.	3.987(t)	09/01/35		3,000		2,102,601
Regl. Trans. Dist. Rev.,
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg.	5.000	07/15/28		400		414,698
Denver Transit Partners Eagle P3 Proj., Series A, Rfdg.	5.000	07/15/29		400		421,018
Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado,
Series A, GO, 144A	5.000	04/01/35		5,000		5,253,331


						40,401,030


Connecticut 1.7%

Aquarion Wtr. Auth. Rev.,
Series B	5.250	02/01/33		5,000		5,548,595
Connecticut St.,
Series C, GO	5.000	08/15/35		1,500		1,681,263
Connecticut St. Higher Ed. Supplement Loan Auth. Rev.,
Chesla Loan Prog., Series B-1, AMT	5.250	11/15/32		2,630		2,783,272
Chesla Loan Prog., Series B-1, AMT	5.250	11/15/33		1,630		1,726,698
Connecticut St. Spl. Tax Rev.,
Series B	5.000	10/01/37		1,440		1,482,804
Trans. Infra. Purp., Series A, Rfdg.	5.000	07/01/44		1,250		1,320,238
Trans. Infrast., Series A	5.000	01/01/38		2,195		2,241,249
Norwalk Hsg. Auth. Rev.,
Wall Street Place (Mandatory put date 09/01/27)	3.050(cc)	09/01/58		2,000		2,001,218
Stamford Hsg. Auth. Rev.,
Mozaic Concierge Living Proj., Series D	4.250	10/01/30		2,400		2,423,992


						21,209,329


District of Columbia 1.1%

Dist. of Columbia,
Series A, GO, Rfdg.	5.000	10/15/38		3,000		3,105,838
Dist. of Columbia Tob. Settlement Fing. Corp. Rev.,
Asset Bkd. Bds., Rfdg.	6.750	05/15/40		6,520		6,688,750
Metropolitan Washington D.C. Arpt. Auth. Sys. Rev.,
Series A, Rfdg. AMT	5.000	10/01/30		3,500		3,726,074


						13,520,662


Florida 5.0%

Broward Cnty. Arpt. Sys. Rev.,
Series A, AMT	5.000	10/01/45		3,000		2,936,812

See Notes to Financial Statements.

PGIM National Muni Fund 3

Schedule of Investments (continued)

as of August 31, 2026



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

Florida (cont’d.)

Broward Cnty. Port Facs. Rev.,
AMT	5.000%	09/01/39		1,885	$	1,943,802
County of Broward Port Facilities Rev.,
AMT	5.250	09/01/42		1,000		1,041,387
Florida Dev. Fin. Corp. Rev.,
GFL Solid Wst. Southeast LLC Proj., Series A, AMT (Mandatory put date 10/01/31), 144A	4.375(cc)	10/01/54		3,000		3,011,950
Florida Higher Edl. Facs. Fing. Auth. Rev.,
Nova Southeastern Univ. Proj., Rfdg.	5.000	04/01/28		1,420		1,422,397
Florida Hsg. Fin. Corp. Rev.,
Residences at Claude Pepper LLC, Series M (Mandatory put date 06/01/30)	3.100(cc)	12/01/44		2,750		2,707,817
Grtr. Orlando Avtn. Auth. Rev.,
Priority Sub. Series A, AMT	5.000	10/01/42		5,000		5,003,389
Series A, AMT	5.000	10/01/38		1,810		1,854,357
Hillsborough Cnty. Indl. Dev. Auth. Rev.,
Baycare Hlth. Sys., Series C, Rfdg.	5.000	11/15/41		2,010		2,106,429
Jacksonville Hsg. Auth. Rev.,
Westwood Apartments	5.000	02/01/34		3,200		3,321,912
JEA Elec. Sys. Rev.,
Series 3-2024A, Rfdg., AGM	5.000	10/01/37		2,500		2,741,585
Series 3-2024A, Rfdg., AGM	5.000	10/01/39		1,000		1,081,245
Series A, Rfdg.	5.000	10/01/38		205		228,555
Series A, Rfdg.	5.000	10/01/39		985		1,084,047
Series A, Rfdg.	5.000	10/01/40		725		793,786
Lee Cnty. Arpt. Rev.,
AGM, AMT	5.250	10/01/43		1,000		1,031,453
Series A-2, AMT (Mandatory put date 10/01/31)	5.000(cc)	10/01/56		3,300		3,506,622
Lee Cnty. Indl. Dev. Auth. Rev.,
Shell Point Oblig. Grp., Series B-1	4.750	11/15/29		1,000		1,002,749
Lee County Indl. Dev. Auth. Rev., Shell Point, 2024B-3, Temps-50	4.125	11/15/29		1,000		1,000,716
Miami Dade Cnty. Avtn. Rev., Series A, Rfdg., AMT	5.000	10/01/34		2,500		2,700,948
Miami Dade Cnty. Edl. Facs. Auth. Rev., Univ. of Miami, Series B, Rfdg.	5.250	04/01/41		3,470		3,708,529
Miami-Dade Cnty. Hsg. Fin. Auth. Rev., Ambar Station, Series A (Mandatory put date 08/01/29)	3.250(cc)	02/01/44		2,000		1,993,107
Orange Cnty. Hlth. Facs. Auth. Rev., Orlando Hlth. Oblig. Grp., Series B, Rfdg.	5.000	10/01/26		2,275		2,278,559
Orlando Hlth., Inc., Series A, Rfdg.	5.000	10/01/33		1,510		1,512,462
Orlando Cmnty. Redev. Agcy., Tax Alloc., Series A, BAM	5.000	09/01/34		1,000		1,079,269
Orlando Util. Commn. Rev., Series B (Mandatory put date 10/01/28)	1.250(cc)	10/01/46		3,475		3,264,769
Sarasota Cnty. Pub. Hosp. Dist. Rev., Sarasota Mem. Hosp.	5.000	07/01/28		1,160		1,205,732
Vlg. CDD No. 6,
Spl. Assmt., Rfdg.	4.000	05/01/27		360		362,500
Spl. Assmt., Rfdg.	4.000	05/01/28		290		291,691
Spl. Assmt., Rfdg.	4.000	05/01/29		300		301,673
Vlg. CDD No. 13, 2019 Spl. Assmt., Phase I, Ltd. Offering	3.550	05/01/39		2,615		2,262,580
2021 Spl. Assmt., Phase III	2.550	05/01/31		1,620		1,492,102
Spl. Assmt.	3.375	05/01/34		455		421,244
Spl. Assmt., 144A	2.625	05/01/30		1,930		1,843,229


						62,539,404

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

Georgia 3.6%

Main Street Natural Gas, Inc. Rev.,
Series A (Mandatory put date 09/01/31)	5.000%(cc)	05/01/54		2,500	$	2,641,370
Series A (Mandatory put date 06/01/32)	5.000(cc)	06/01/55		2,500		2,638,539
Gas Supply, Series E (Mandatory put date 12/01/32)	5.000(cc)	05/01/55		9,670		10,079,911
Series B (Mandatory put date 03/01/32)	5.000(cc)	12/01/54		4,500		4,768,059
Atlanta Arpt. Passenger Facs. Charge Rev., Sub. Lien, Green Bond, Series E, AMT	5.250	07/01/43		4,000		4,163,251
Atlanta GA Dept. Avtn. Rev., Series B, Rfdg., AMT	5.250	07/01/44		1,000		1,043,309
Burke Cnty. Dev. Auth. Rev., Georgia Pwr. Co. Plant Vogtle Proj., 5th Series, Rmkt. (Mandatory put date 06/13/28)	3.700(cc)	10/01/32		1,685		1,697,178
DeKalb Cnty. Hsg. Auth. Rev.,
Kensington Station Proj., Series A	4.000	12/01/33		4,000		3,979,039
Sr. Bond, Park at 500 Proj.	4.000	03/01/34		2,000		1,941,982
Gainesville & Hall Cnty. Hosp. Auth. Rev.,
RAN CTFS, NE Georgia Hlth. Sys. Inc. Proj.	5.000	10/15/34		2,000		2,193,519
Georgia Hsg. & Fin. Auth. Rev.,
Non AMT Non ACE-SF	3.900	12/01/43		1,280		1,263,869
Georgia Ports Auth. Rev., Arpt. & Marina Imps.	5.250	07/01/43		2,500		2,641,338
Main Street Energy, Inc. Rev.,
Energy Proj., Series D	5.000	12/01/33		3,000		3,133,112
Muni. Elec. Auth. of Georgia Rev., Proj. One, Sub. Bonds, Series A, Rfdg., BAM	5.250	01/01/41		1,000		1,071,758
Walker Cnty. Dev. Auth. Rev.,
Gateway at Sunset Street Proj. (Mandatory put date 07/01/29)	3.050(cc)	01/01/44		1,250		1,235,362


						44,491,596


Guam 0.2%

Territory of Guam Rev.,
Series G, Rfdg.	5.250	01/01/38		2,000		2,140,068


Hawaii 0.3%

Honolulu City & Cnty. Wstewtr. Sys. Rev.,
Sr. 1st Bond Resolution, Series A, Rfdg.	5.000	07/01/38		3,400		3,721,899


Illinois 5.7%

Chicago,
Series A, GO, Rfdg.	5.000	01/01/30		4,000		4,106,079
Series C, GO	6.000	01/01/43		1,000		1,048,127
Chicago Brd. of Ed. Dedicated Capital Impvt. Tax Rev.,
Sch. Imps.	5.000	04/01/35		1,000		1,017,506
Sch. Imps.	5.000	04/01/36		1,270		1,287,133
Chicago O’Hare Int’l. Arpt. Rev.,
Series C, Rfdg., AMT	5.000	01/01/37		3,100		3,273,551
Series C, Rfdg., AMT	5.250	01/01/41		1,500		1,565,093
Sr. Lien, Series A, Rfdg., AMT	5.250	01/01/43		1,625		1,678,310
Chicago Wtrwks. Rev., 2nd Lien, Series A-1	5.000	11/01/27		510		511,718
Cook Cnty. Sales Tax Rev., Series A, Rfdg.	5.250	11/15/45		2,155		2,219,606
Illinois Fin. Auth. Rev., CenterPoint Joliet Term. Railroad Proj., AMT (Mandatory put date 12/31/34), 144A	4.125(cc)	12/01/50		3,355		3,323,313
CenterPoint Joliet Term. Railroad, Rmkt., AMT (Mandatory put date 07/02/35), 144A	4.800(cc)	12/01/43		2,000		2,014,507
Univ. of Chicago, Series A, Rfdg.	5.000	04/01/34		1,250		1,382,269
Illinois St., GO	5.000	11/01/30		500		501,574
Series A, GO	5.000	03/01/31		2,345		2,510,983

See Notes to Financial Statements.

PGIM National Muni Fund 5

Schedule of Investments (continued)

as of August 31, 2026



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

Illinois (cont’d.)

Illinois St., (cont’d.)
Series A, GO	5.000%	12/01/39		2,500	$	2,527,799
Series A, GO, Rfdg.	5.000	10/01/28		750		781,392
Series B, GO	5.000	05/01/39		2,025		2,121,966
Series B, GO	5.250	05/01/45		1,000		1,034,061
Series C, GO	5.000	11/01/29		1,100		1,124,022
Series D, GO, Rfdg.	5.000	07/01/36		1,225		1,293,727
Illinois St. Sales Tax Rev.,
Jr. Oblig. Build Illiois Bonds, Series C, Rfdg.	5.000	06/15/27		3,000		3,051,385
Jr. Oblig., Series A	5.000	06/15/28		1,650		1,710,675
Illinois St. Sales Tax. Rev., Jr. Series B	5.000	06/15/40		5,000		5,236,704
Illinois St. Toll Hwy. Auth. Rev.,
Series C	5.000	01/01/39		2,000		2,000,481
Sr. Series A	5.250	01/01/43		2,250		2,370,712
Metropolitan Pier & Exposition Auth. Dedicated St. Tax Rev.,
McCormick Place Expansion, Series A, CABS, NATL	4.026(t)	12/15/34		10,000		7,185,863
McCormick Place Expansion, Series A, CABS, NATL	4.397(t)	06/15/37		7,500		4,690,369
Regl. Trans. Auth. Rev.,
Series A	4.000	06/01/37		3,605		3,573,264
Sales Tax Secur. Corp. Rev., 2nd Lien, Series A, Rfdg.	5.000	01/01/30		1,500		1,589,138
Sr. Series D	5.000	01/01/35		600		642,563
St. Illinois Sales Tax. Rev., Jr. Oblig., Series A	5.000	06/15/39		3,280		3,474,038


						70,847,928


Indiana 1.1%

Indiana Fin. Auth. Rev., Greenwood Vlg. South Proj., TEMPS, 50SM, Series C-2	3.750	05/15/32		1,000		976,664
Indiana Univ. Hlth., Series B-1 (Mandatory put date 07/01/28)	5.000(cc)	10/01/62		4,000		4,135,500
Indiana Univ. Hlth., Series D-5, Rfdg. (Mandatory put date 10/01/37)	5.000(cc)	10/01/54		3,000		3,205,560
Indianapolis Local Pub. Impvt. Bond Bank Rev.,
Indianapolis Arpt. Auth. Proj., Series B-2, AMT, Rfdg.	5.000	01/01/32		3,000		3,203,865
Indianapolis Arpt. Auth. Proj., Series I-2, AMT, Rfdg.	5.000	01/01/32		1,600		1,709,559


						13,231,148


Iowa 0.1%

Iowa Student Loan Liquidity Corp. Rev.,
Sr. Series B, AMT	5.000	12/01/34		815		872,025
Sr. Series B, AMT	5.000	12/01/35		635		681,416


						1,553,441


Kansas 0.5%

Kansas Dev. Fin. Auth. Rev., Adventhealth Oblig. Grp., Series B, Rfdg. (Mandatory put date 11/15/31)	5.000(cc)	11/15/54		3,165		3,398,029
Maize,
Temp NTS, Series A, GO	4.000	10/01/27		1,110		1,110,094
Wyandotte Cnty.-Kansas City Unified Govt. Util. Sys. Rev., Impvt., Series A	5.000	09/01/45		2,170		2,172,513


						6,680,636


Kentucky 3.1%

City of Pikeville Rev., Univ. of Pikeville, Cll. of Dental Med., BANS	3.800	08/01/28		2,500		2,501,940

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

Kentucky (cont’d.)

Kentucky Bond Dev. Corp. Rev., Univ. of KY Central Utility Plant Proj., Series A	5.000%	10/31/37		1,750	$	1,876,672
Kentucky Pub. Energy Auth. Rev.,
Series A, Rfdg. (Mandatory put date 12/01/29)	5.250(cc)	06/01/55		6,155		6,471,529
Series A-1 (Mandatory put date 08/01/30)	4.000(cc)	08/01/52		4,925		4,962,215
Series A-1, Rfdg. (Mandatory put date 02/01/32)	5.250(cc)	04/01/54		5,370		5,617,227
Series B	5.000	12/01/33		5,695		5,734,209
Series C (Mandatory put date 02/01/28)	4.000(cc)	02/01/50		1,165		1,174,677
Series C, Rfdg.	5.000	05/01/36		4,000		4,145,600
Louisville/Jefferson Cnty. Metropolitan Govt. Rev., Louisville Gas & Elec. Co. Proj., Series A, Rmkt.	3.800	02/01/35		2,820		2,744,128
Owen Cnty. Wtrwks. Sys. Rev.,
American Wtr. Co., Series A, Rfdg. (Mandatory put date 10/01/29)	2.450(cc)	06/01/39		1,500		1,448,074
Trimble Cnty. Rev.,
Louisville Gas & Elect. Proj., Rmkt., Series A, Rfdg., AMT (Mandatory put date 09/01/27)	1.300(cc)	09/01/44		2,250		2,184,383


						38,860,654


Louisiana 0.7%

Louisiana Hsg. Corp. Rev., Home Ownership Prog., Series C	5.750	12/01/53		2,595		2,749,675
Louisiana Local Govt. Envirml. Facs. & Comnty. Dev. Auth. Rev.,
Christwood Proj., Rfdg., 144A	4.250	11/15/30		850		849,774
Louisiana Pub. Facs. Auth. Rev., Franciscan Mis., Unrefunded, Rfdg.	5.000	07/01/39		1,990		1,991,445
Parish of St. James Rev.,
Nustar Logistics LP Proj., Rmkt. (Mandatory put date 06/01/30)	3.700(cc)	08/01/41		3,500		3,518,849


						9,109,743


Maine 0.2%

Maine Hlth. & Higher Edl. Facs. Auth. Rev., Northeastern Univ. Issue, Series B	5.000	10/01/39		2,285		2,435,825


Massachusetts 1.3%

Massachusetts Dev. Fin. Agcy. Rev.,
Dana Farber Cancer Institute Issue, Series R, Rfdg.(hh)	5.000	12/01/37		1,500		1,635,021
Dana Farber Cancer Institute Issue, Series R, Rfdg.(hh)	5.000	12/01/38		1,125		1,212,233
Harvard Univ. Issue, Series A, Rfdg.	4.000	02/15/36		4,000		4,183,416
Harvard Univ., Series A, Rfdg.	5.000	07/15/40		2,500		2,786,934
Mass Gen. Brigham, Series F	5.000	07/01/40		3,000		3,251,445
Series B, Rfdg.	4.000	02/15/36		2,000		2,090,623
Massachusetts Edl. Fing. Auth. Rev.,
Sr. Series B, Rfdg., AMT	5.000	07/01/28		1,000		1,028,995
Massachusetts St. Port Auth. Rev.,
Series A, Rfdg., AMT	5.000	07/01/27		320		325,499


						16,514,166


Michigan 3.0%

Michigan Fin. Auth. Rev., Sr. Series A, Class 1, Rfdg.	5.000	06/01/30		2,000		2,118,093
Sr. Series A, Class 1, Rfdg.	5.000	06/01/31		1,800		1,917,519
Sr. Series A, Class 1, Rfdg.	5.000	06/01/32		1,950		2,069,902
Sustainable Bonds, Henry Ford Hlth. Detroit Utl. Plant Proj.	5.500	02/28/49		1,245		1,293,228
Michigan St. Hosp. Fin. Auth. Rev.,
Corewell Hlth., Series B-2, Rfdg. (Mandatory put date 06/01/35)	5.000(cc)	08/15/55		2,665		2,864,670
Michigan St. Hsg. Dev. Auth. Rev.,
Series C	3.000	06/01/51		5,250		5,197,693
Sustainable Bonds, Series D	5.500	06/01/53		3,640		3,811,902

See Notes to Financial Statements.

PGIM National Muni Fund 7

Schedule of Investments (continued)

as of August 31, 2026



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

Michigan (cont’d.)

Michigan St. Univ. Rev.,
Series A, Rfdg.	5.000%	08/15/39		2,000	$	2,118,893
Michigan Strategic Fd. Rev.,
Sustainable Bond, Recycled Board Machine Proj., AMT (Mandatory put date 10/01/26)	4.000(cc)	10/01/61		6,150		6,149,536
St. Illinois Sales Tax. Rev.,
Rebuilding Michigan Prog.(hh)	5.000	11/15/38		3,500		3,850,059
Wayne Cnty. Arpt. Auth. Rev.,
Detroit Metropolitan Wayne Cnty. Arpt., Series G, Rfdg.	5.000	12/01/34		2,250		2,430,583
Wayne County Airport Authority Rev.,
Detroit Metropolitan Wayne Cnty. Arpt., Series B	5.250	12/01/36		350		383,237
Detroit Metropolitan Wayne Cnty. Arpt., Series B	5.250	12/01/37		350		378,988
Detroit Metropolitan Wayne Cnty. Arpt., Series B	5.250	12/01/38		360		386,122
Detroit Metropolitan Wayne Cnty. Arpt., Series D, Rfdg.	5.000	12/01/35		585		631,355
Detroit Metropolitan Wayne Cnty. Arpt., Series D, Rfdg.	5.000	12/01/36		300		322,336
Detroit Metropolitan Wayne Cnty. Arpt., Series D, Rfdg.	5.000	12/01/37		1,090		1,158,574


						37,082,690


Minnesota 1.2%

Minneapolis St. Paul Metropolitan Arpt. Commn. Rev., Sub. Series B, Rfdg., AMT	5.000	01/01/33		2,325		2,501,308
Minnesota Muni. Gas Agcy. Rev., Gas Proj., Series A	5.000	09/01/35		8,750		8,987,388
Ramsey Rev.,
Pact Chrt. Sch. Proj., Series A, Rfdg.	5.000	06/01/32		2,000		1,984,488
Rochester Rev.,
Mayo Clinic, Series A	5.000	11/15/42		1,500		1,585,115


						15,058,299


Mississippi 0.2%

Mississippi Bus. Fin. Corp. Rev., Poll. Ctrl., Rfdg.	3.200	09/01/28		500		499,258
Wste. PRO USA, Inc., AMT, Rfdg. (Mandatory put date 08/02/27), 144A	4.375(cc)	02/01/48		1,300		1,303,343
Warren Cnty. Rev.,
Intl. Paper Co. Proj., Rmkt. Rfdg.	4.000	09/01/32		1,250		1,259,941


						3,062,542


Missouri 0.3%

Metropolitan St. Louis Swr. Dist. Rev., Series C, Rfdg.	5.000	05/01/39		3,000		3,235,978


Nebraska 0.6%

Central Plns. Energy. Proj. Rev.,
Proj. No. 4, Series A, Rfdg. (Mandatory put date 11/01/29)	5.000(cc)	05/01/54		3,705		3,848,212
Sub. Series A-1 (Mandatory put date 08/01/31)	5.000(cc)	08/01/55		1,950		2,058,333
Nebraska Investment Fin. Auth. Rev.,
Sustainable Bonds, Series A	6.250	03/01/55		1,500		1,650,699


						7,557,244


New Hampshire 4.5%

National Fin. Auth. Rev., Affordable Hsg. Sustainable CTFS, Series 2024-1, Class A (Mandatory put date 10/01/34)	4.150	10/20/40		4,838		4,697,049
Sustainable CTFS, Series 2024-3, Class A	4.162(cc)	10/01/51		3,943		3,665,865
New Hampshire Bus. Fin. Auth. Rev.,
Affordable Hsg. Sustainable CTFS, Series 2026-1, Class A-1 (Mandatory put date 03/01/36)	4.125	04/20/43		2,696		2,595,344
Bridgeland Wtr. Util. Dist., 144A	5.375	12/15/35		3,200		3,114,933
Caldwell Ranch Proj., 144A	4.875	12/01/33		600		588,548

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

New Hampshire (cont’d.)

New Hampshire Bus. Fin. Auth. Rev., (cont’d.)
Grand Pines Proj., 144A	5.625%	06/01/39		1,500	$	1,504,758
Mult. Utility Imps., 144A	5.875	12/15/33		2,000		1,975,992
Muni. Sustainable CTFS, Series 2025-1, Class A-1	4.166(cc)	01/20/41		1,973		1,838,413
Muni. Sustainable CTFS, Series 2025-2, Class A-1	4.221(cc)	11/20/42		3,957		3,717,730
Muni. Sustainable CTFS, Series 2025-3, Class A-1	4.947(cc)	02/20/41		2,984		2,948,341
Series 1, Class A	5.100	12/20/42		3,000		3,032,155
Series 2, Class A-2 (Mandatory put date 04/01/36)	4.400	04/20/43		1,697		1,608,201
Silverado Proj., 144A	5.000	12/01/28		1,500		1,500,161
Sustainable CTFS, Series 2024-4, Class A-US	4.182(cc)	11/20/39		2,947		2,947,655
Sustainable CTFS, Series 2025-1, Class A-1 (Mandatory put date 06/01/35)	4.750	06/20/41		2,988		3,062,854
Tamarron Proj., 144A	5.250	12/01/35		4,700		4,635,592
The Highlands Proj.	5.125	12/15/30		931		919,436
The Wildflower Proj., CABS, 144A	6.207(t)	12/15/33		3,500		2,241,216
The Woodlands Hills Utility Dist. 128A & 129, 144A	5.875	12/15/36		2,500		2,501,880
Univ. of Nevada Reno Proj., Series A, BAM	5.250	06/01/51		1,820		1,861,556
Valencia Proj., 144A	5.300	12/01/32		940		939,284
Wste. Mgmt., Inc. Proj., Series A-4, AMT, Rfdg., Rmkt. (Mandatory put date 07/01/27)	3.250(cc)	08/01/38		3,100		3,094,941
New Hampshire Hlth. & Ed. Facs. Auth. Act Rev.,
Series C, Rmkt., Rfdg. (Mandatory put date 08/03/27)	3.300(cc)	06/01/38		1,000		1,000,400


						55,992,304


New Jersey 3.5%
New Jersey Econ. Dev. Auth. Rev.,
American Wtr. Co., Inc. Proj., Series D, Rfdg., AMT (Mandatory put date 12/01/27)	1.100(cc)	11/01/29		625		602,194
American Wtr. Co., Inc., Series A, Rfdg., AMT (Mandatory put date 12/03/29)	2.200(cc)	10/01/39		1,250		1,161,298
Series SSS, Rfdg.	5.250	06/15/36		1,000		1,103,966
New Jersey Hgr. Ed. Student Assistance Auth. Rev.,
Student Assistance Sen, Rfdg., AMT	5.000	12/01/34		1,075		1,139,371
New Jersey Higher Ed. Student Assistance Auth. Rev.,
Sr. Bond, Series 1-B, Rfdg., AMT	5.000	12/01/34		2,660		2,809,679
Sr. Series A, Rfdg.	5.000	12/01/26		700		702,656
New Jersey Hr. Ed. Student Assistance Auth. Rev.,
Sr. Bond, Series 3, Rfdg., AMT	5.000	12/01/27		2,000		2,040,033
Sr. Bond, Series 3, Rfdg., AMT	5.000	12/01/28		1,500		1,550,008
Student Assistance Sen, Rfdg., AMT	5.000	12/01/35		1,300		1,371,886
New Jersey Tpke. Auth. Rev.,
Series A, Rfdg.(hh)	5.000	01/01/33		2,000		2,171,809
Series C, Rfdg.	5.000	01/01/45		2,000		2,070,610
New Jersey Trans. Tr. Fd. Auth. Rev.,
Cap Apprec., Transn. Sys., Series A	4.398(t)	12/15/39		5,000		2,804,480
Cap Apprec., Transn. Sys., Series A	4.649(t)	12/15/40		5,000		2,592,680
Cap Apprec.Transn. Sys., Series C, AG	3.725(t)	12/15/33		2,500		1,910,153
Cap. Apprec.Transn. Sys., Series A	3.508(t)	12/15/31		1,570		1,306,086
Series A, Rfdg.	5.000	06/15/34		2,100		2,318,117
Series AA, Rfdg.	5.250	06/15/41		1,910		2,040,977
Trans. Prog. Notes, Rmkt., Series BB-1	5.000	06/15/33		1,300		1,353,421
Trans. Prog., Series CC	5.000	06/15/41		2,500		2,634,957
Trans. Sys., Series A, Rfdg.	5.250	06/15/41		2,000		2,124,163
South Jersey Trans. Auth. Rev., Series A, Rfdg., BAM	5.000	11/01/39		1,000		1,073,897
Tob. Settlement Fing. Corp. Rev.,
Series A, Rfdg.	5.000	06/01/27		1,335		1,356,179
Series A, Rfdg.	5.000	06/01/30		3,135		3,244,598
Series A, Rfdg.	5.000	06/01/37		2,000		2,032,192


						43,515,410

See Notes to Financial Statements.

PGIM National Muni Fund 9

Schedule of Investments (continued)

as of August 31, 2026



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

New Mexico 0.1%

Farmington Rev.,
4 Corners Proj., Rmkt., Rfdg.	1.800%	04/01/29		1,500	$	1,417,778


New York 8.3%

Build NYC Resource Corp. Rev.,
Sr. Arpt. Facs. Trips Oblig. Grp., AMT	5.500	07/01/42		1,120		1,203,251
Sr. Arpt. Facs. Trips Oblig. Grp., AMT	5.500	07/01/43		2,435		2,607,976
Long Island Pwr. Auth. Rev.,
Series A, Rfdg.	5.000	09/01/37		3,200		3,541,889
Series B, Rfdg.	5.000	09/01/36		4,000		4,537,254
Series B, Rfdg. (Mandatory put date 09/01/26)	1.500(cc)	09/01/51		3,000		3,000,000
Monroe Cnty. Ind. Dev. Corp. Rev., Eugenio Maria De Hostos Chart. Sch. Proj., Series A, 144A	5.000	07/01/34		830		840,158
New York,
Fiscal 2026, Series A-1, GO	5.000	08/01/38		4,000		4,298,168
Series C, Sub. Series C-1, GO	5.000	09/01/41		1,000		1,033,493
New York City Muni. Wtr. Fin. Auth. Rev., 2nd Gen Resolution, Sub-Series CC-1, Rfdg.	5.250	06/15/37		1,000		1,005,766
New York City Trans. Fin. Auth. Future Tax Sec’d. Rev.,
Future Tax Sec., Sub. Series D-1	5.500	11/01/45		1,560		1,650,973
Sub. Series A-2	5.000	08/01/38		2,000		2,020,755
New York City Trans. Fin. Auth. Rev., Multi-Modal Bonds, Sub. Series B	5.500	05/01/47		3,500		3,662,734
Sub. Fiscal 2025, Series D	5.250	05/01/43		5,000		5,270,050
Sub. Fiscal 2025, Series H, Sub. Series H-1, Multi Modal	5.000	11/01/39		5,000		5,296,485
Sub. Future Tax, Series A, Sub. Series A-1, Rfdg.	5.000	11/01/40		4,000		4,201,353
New York Liberty Dev. Corp. Rev., Bank of America Tower at One Bryant Park Proj., Class 1, Rfdg.	2.450	09/15/69		4,000		3,794,140
Bank of America Tower at One Bryant Park Proj., Class 3, Rfdg.	2.800	09/15/69		7,000		6,553,218
New York St. Dorm. Auth. Rev., Sch. Dist. Rev. Bond, Series A	5.000	10/01/34		10,700		11,956,452
Series A, Rfdg.	5.250	03/15/37		1,000		1,038,155
New York St. Hsg. Fin. Agcy. Rev., Green Bonds, Series A-2 (Mandatory put date 06/15/29)	3.350(cc)	06/15/54		820		819,971
Green Bonds, Series A-2 (Mandatory put date 12/15/30)	3.450(cc)	06/15/54		2,000		1,995,403
Hsg. 160 W 62nd Street, Series A-2, Rmkt. (Mandatory put date 04/01/32)	3.600(cc)	11/01/44		3,200		3,164,457
Sustainable Bonds, Series C-2 (Mandatory put date 11/01/30)	3.200(cc)	05/01/66		2,600		2,587,079
New York St. Urban Dev. Corp. Rev., St. Personal Income Tax Gen. Purp., Series A, Bidding Grp. 1	5.000	03/15/42		2,255		2,288,765
New York Trans. Dev. Corp. Rev., Laguardia Arpt., Term. C&D Redev. Proj., AMT	6.000	04/01/35		1,250		1,371,294
Sustainable Bond, JFK Intl. Arpt. Term. One Proj., AGM	5.500	06/30/43		2,000		2,071,449
Sustainable Bond, JFK Intl. Arpt. Term. One Proj., AGM	6.000	06/30/54		1,500		1,543,455
Sustainable, JFK Intl. Arpt. New Term. One Proj., AMT	6.000	06/30/42		3,100		3,346,639
New York Transp. Dev. Corp. Rev., Delta Air Lines, Inc., Lagurdia Arpt. Terminals C&D Redev. Proj.	4.000	10/01/30		1,200		1,207,405
Port Auth. of NY & NJ Rev., Series 231ST, Rfdg., AMT	5.500	08/01/40		1,290		1,369,893
Series 249, Rfdg., AMT	5.000	10/15/35		3,000		3,257,219
Triborough Bridge & Tunnel Auth. Rev., MTA Bridges & Tunnels, Series A-1	5.000	11/15/36		2,500		2,803,116
Series A-2, Rfdg. (Mandatory put date 05/15/28)	2.000(cc)	05/15/45		2,000		1,953,447
TSASC, Inc. Rev., Series A, Rfdg.	5.000	06/01/41		2,405		2,406,593
Utility Debt Securitization Auth. Rev., Series TE-2, Rfdg.	5.000	12/15/35		2,500		2,801,246


						102,499,701

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

North Carolina 0.5%

Charlotte Arpt. Rev.,
Series B, Rfdg. AMT	5.000%	07/01/30		1,125	$	1,196,528
North Carolina Hsg. Fin. Agcy. Rev.,
1998 Trust Agreement, Series 59-A	6.250	01/01/57		3,925		4,362,640
North Carolina Med. Care Commn. Rev., United Methodist Retmnt. Homes Proj., Temps-50, Series B-3	3.400	10/01/29		755		748,909


						6,308,077


North Dakota 0.3%

North Dakota Hsg. Fin. Agcy. Rev., Central at the Horizon Proj. (Mandatory put date 02/01/30)(hh)	3.200(cc)	02/01/61		3,375		3,371,469


Ohio 2.7%

American Muni. Pwr., Inc. Rev.,
Prairie St. Energy Campus Proj., Series A, Rfdg.	5.000	02/15/39		2,000		2,119,950
Buckeye Tob. Settlement Fing. Auth. Rev.,
Sr. Series A-2, Class 1, Rfdg.	5.000	06/01/28		8,375		8,635,852
Sr. Series A-2, Class 1, Rfdg.	5.000	06/01/33		3,560		3,750,465
Columbus Metropolitan Hsg. Auth. Rev., Orchards Proj. & The Eden Park Proj.	5.000	12/01/34		4,000		4,109,682
Ohio Air Quality Dev. Auth. Rev.,
American Elec. Pwr. Co. Proj., Series A (Mandatory put date 10/01/29)	2.400(cc)	12/01/38		500		482,681
American Elec. Pwr. Co. Proj., Series A, Rmkt., Rfdg. AMT	3.750	01/01/29		1,500		1,508,479
Duke Energy Corp. Proj., Series A, AMT, Rfdg. (Mandatory put date 06/01/27)	4.250(cc)	11/01/39		1,500		1,508,737
Ohio Vlly. Elec. Corp. Proj., Series A	3.875	01/01/36		3,835		3,793,255
Ohio Vlly. Elec. Corp. Proj., Series C, AMT	4.125	01/01/36		750		739,974
Ohio St.,
Common Sch. Series C, GO, Rfdg.	5.000	03/15/27		1,000		1,013,243
Ohio St. Univ. Rev.,
Multiyear Debt Issuance Prog. II, Series C	5.250	12/01/46		3,500		3,711,231
Ohio Wtr. Dev. Auth. Wtr. Pollution Control Loan Fd. Rev.,
Sustainable Bonds, Series C	5.000	12/01/33		2,000		2,225,669


						33,599,218


Oklahoma 0.1%
Tulsa Municipal Arpt. Trust Trustees Rev.,
American Airlines, Inc. Proj., Rfdg., AMT	6.250	12/01/40		1,500		1,625,874


Pennsylvania 3.2%
Chester Cnty. Indl. Dev. Auth. Rev., Avon Grove Chart. Sch. Nts.	5.000	03/01/27		2,140		2,141,431
Comnwlth. Fing. Auth. Rev.,
Tob. Mstr. Settlement Payment Bonds	5.000	06/01/34		1,170		1,204,531
Delaware Vlly. Regl. Fin. Auth. Rev.,
Series A, AMBAC	5.500	08/01/28		1,280		1,338,696
General Auth. of Southcentral Pennsylvania Rev.,
Wellspan Hlth. Oblig. Grp., Rfdg.	5.000	06/01/32		2,250		2,454,364
Luzerne Cnty. Indl. Dev. Auth. Rev., Pennsylvania American, Rfdg., AMT (Mandatory put date 12/03/29)	2.450(cc)	12/01/39		1,250		1,174,486
Pennsylvania Econ. Dev. Fing. Auth. Rev.,
The Penndot Major Bridges Package One Proj., P3 Proj., AGM, AMT	5.500	06/30/42		3,025		3,167,851
Wste. Mgmt., Inc. Proj., Series A, AMT, Rmkt. (Mandatory put date 08/02/27)	3.250(cc)	08/01/38		2,570		2,569,778
Wste. Mgmt., Inc. Proj., Series B, Rfdg., AMT (Mandatory put date 11/02/26)	1.100(cc)	06/01/31		1,250		1,242,774
Pennsylvania Higher Ed. Assistance Agcy. Rev.,
Series-1A, AMT	5.000	06/01/35		4,700		4,902,128
Sr. Series 1A, AMT	5.000	06/01/34		3,200		3,346,518
Sr. Series 1-A, AMT	5.000	06/01/33		2,500		2,615,994

See Notes to Financial Statements.

PGIM National Muni Fund 11

Schedule of Investments (continued)

as of August 31, 2026



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

Pennsylvania (cont’d.)

Pennsylvania Higher Edl. Facs. Auth. Rev.,
Univ. of Pennsylvania Hlth. Sys., Series B, Rfdg.(hh)	5.000%	08/15/37		1,750	$	1,886,776
Univ. of Pennsylvania Hlth. Sys., Series B, Rfdg.(hh)	5.000	08/15/39		2,125		2,240,511
Pennsylvania St. Univ. Rev.,
Series A	5.000	09/01/41		2,400		2,401,404
Pennsylvania Tpke. Commn. Rev.,
Sub. Series 1	5.000	12/01/38		2,000		2,168,148
Philadelphia Arpt. Rev.,
Pvt. Activity, Series B, Rfdg., AMT	5.000	07/01/35		2,700		2,914,763
Pvt. Activity, Series B, Rfdg., AMT	5.000	07/01/36		1,335		1,427,110
Philadelphia Gas Wks. Co. Rev., 16th Series A, AGM	5.000	08/01/28		625		652,243


						39,849,506


Puerto Rico 0.5%

Puerto Rico Indl. Tourist Edl. Med. & Envirml. Ctl. Facs. Fing. Auth. Rev., San Juan Cruise Term. Proj., Series 2023, Class A-1, AMT	6.750	01/01/45		1,000		1,100,002
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.,
Restructured, Series A-1	4.500	07/01/34		848		843,379
Restructured, Series A-1, CABS	3.469(t)	07/01/33		1,962		1,550,910
Series A-1, CABS	3.333(t)	07/01/27		2,671		2,598,574


						6,092,865


Rhode Island 1.1%

Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev., Clg. & Univ. Rev.	5.250	08/15/43		3,965		4,043,208
Rhode Island Student Loan Auth. Rev.,
Sr. Series A, AMT	5.000	12/01/32		2,000		2,109,998
Sr. Series A, AMT	5.000	12/01/34		1,650		1,743,955
Sr. Series A, AMT	5.000	12/01/35		1,000		1,055,446
Tob. Settlement Fing. Corp. Rev.,
Series A, Rfdg.	5.000	06/01/40		4,350		4,352,145


						13,304,752


South Carolina 1.1%

Patriots Energy Grp. Fing. Agcy. Rev., Series A-1 (Mandatory put date 08/01/31)	5.250(cc)	10/01/54		2,500		2,636,587
Series B-1, Rfdg. (Mandatory put date 03/01/31)	5.250(cc)	02/01/54		2,250		2,386,829
South Carolina Jobs-Econ. Dev. Auth. Rev.,
Foothill Affordable Hsg. Fndn., Paddock Club & Fairway Proj. (Mandatory put date 03/01/35)	4.000(cc)	03/01/62		3,200		3,120,867
Novant Hlth. Oblig. Grp., Series A	5.250	11/01/41		1,000		1,053,910
South Carolina Pub. Svc. Auth. Rev., Series A, Rfdg.	5.000	12/01/32		4,595		4,898,993


						14,097,186


South Dakota 0.6%

South Dakota Hlth & Edl. Facs. Auth. Rev., Sanford, Series C-2, Rfdg. (Mandatory put date 11/01/32)	5.000(cc)	11/01/51		1,865		1,995,745
South Dakota Hlth. & Edl. Facs. Auth. Rev.,
Westhills Vlg. Retmnt. Cmnty. Issue, Series B-1	3.625	09/01/33		5,000		4,888,878


						6,884,623


Tennessee 1.3%

Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd. Rev.,
Univ. of Tennessee Proj., Series B-1, BAM	5.250	07/01/64		1,000		999,811

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

Tennessee (cont’d.)

Knoxville’s Cmnty. Dev. Corp. Rev.,
Union at Smoky Mountain (Mandatory put date 09/01/29)	3.050%(cc)	07/05/46		1,725	$	1,717,637
Metropolitan Nashville Arpt. Auth. Rev.,
Sub. Series B, AMT	5.000	07/01/27		1,800		1,827,252
Tennergy Corp. Rev., Gas Sply. Series A (Mandatory put date 12/01/30)	5.500(cc)	10/01/53		3,665		3,856,270
Series A (Mandatory put date 09/01/28)	4.000(cc)	12/01/51		6,455		6,516,161
Tennessee Energy Acq. Corp. Gas Rev.,
Series A	5.250	09/01/26		1,475		1,475,000


						16,392,131


Texas 11.1%

Arlington Higher Ed. Fin. Corp. Rev.,
Great Hearts America, Series A (Mandatory put date 08/15/34)	4.750	08/15/61		3,000		2,950,342
Trinity Basin Preparatory, Inc., PSFG	5.000	08/15/48		1,000		1,009,207
Brazos Higher Ed. Auth., Inc. Rev.,
Sr. Series 1-A, AMT	5.000	04/01/34		2,500		2,658,661
Student Loan Prog., Sr. Series 1A, AMT	5.000	04/01/35		3,775		4,005,918
Student Loan Prog., Sr. Series 1A, AMT	5.000	04/01/36		1,500		1,584,123
Brooks Dev. Auth. Rev.,
Sr. Lien, Series C, Rfdg. (Mandatory put date 08/15/28), 144A	5.000(cc)	08/15/42		1,885		1,925,013
Central Texas Regl. Mobility Auth. Rev.,
Sr. Lien, Series D, Rfdg.	5.000	01/01/29		1,085		1,137,876
Central Texas Turnpike Sys. Rev.,
1st Tier, Series B, Rfdg. (Mandatory put date 08/15/30)	5.000(cc)	08/15/42		2,225		2,361,947
2nd Tier, Series C, Rfdg.	5.000	08/15/41		2,000		2,074,944
Clifton Higher Ed. Fin. Corp. Rev., Idea Pub. Sch., Rfdg., PSFG	5.000	08/15/35		1,250		1,359,688
Idea Pub. Sch., Rfdg., PSFG	5.000	08/15/37		1,920		2,058,035
Idea Pub. Sch., Rfdg., PSFG	5.000	08/15/38		1,200		1,264,154
Idea Pub. Sch., Rfdg., PSFG	5.000	08/15/39		1,000		1,046,894
Intl. Leadership of Texas, Inc., Series A, Rfdg., PSFG	5.000	08/15/39		1,000		1,046,849
Intl. Leadership of Texas, Inc., Series B, PSFG (Mandatory put date 02/15/30)	4.000(cc)	02/15/55		1,815		1,863,889
Cypress Fairbanks Indep. Sch. Dist.,
GO, Rfdg., PSFG	5.000	02/15/39		2,500		2,759,286
Dallas Fort Worth Int’l. Arpt. Rev.,
Rfdg.	5.000	11/01/36		1,125		1,226,032
Series A-1, Rfdg., AMT	5.250	11/01/37		2,250		2,420,089
Series A-1, Rfdg., AMT	5.250	11/01/45		2,790		2,851,185
Dallas Hotel Occupancy Tax Rev.,
Rfdg.	4.000	08/15/28		1,010		1,010,839
EP Essential Hsg. WF PFC Rev.,
Home Essential Fun. Hsg. Prog. Tuscany Mesa Hills Proj.	4.250	12/01/34		995		979,959
EP Tuscany Zaragosa PFC Rev.,
Home Essential Function Hsg. Prog. Tuscany Mesa Hills Proj.	4.000	12/01/33		1,500		1,462,838
Fort Bend Hsg. Fin. Corp. Rev.,
Park at Fort Bend (Mandatory put date 02/01/30)	3.050(cc)	07/01/44		3,600		3,564,680
Galveston Wharves & Term. Rev.,
1st Lien, Series A, AMT	5.500	08/01/40		1,150		1,208,017
1st Lien, Series A, AMT	5.500	08/01/42		400		418,180
1st Lien, Series A, AMT	5.500	08/01/43		400		417,037
Wharves & Term., 1st Lien, AMT	6.000	08/01/43		2,000		2,137,597
Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev.,
Memorial Hermann Hlth. Sys., Series C-3, Rfdg. (Mandatory put date 12/01/26)	5.000(cc)	06/01/32		2,785		2,785,000
Harris Cnty. Toll Road Auth. Rev.,
1st Lien, Series A, Rfdg.	5.000	08/15/40		1,225		1,292,285
Series A, Rfdg.	5.000	08/15/35		2,000		2,173,693

See Notes to Financial Statements.

PGIM National Muni Fund 13

Schedule of Investments (continued)

as of August 31, 2026



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

Texas (cont’d.)

Houston Arpt. Sys. Rev.,
United Airlines, Inc. Term. Impvt. Proj., Series B, AMT	5.500%	07/15/38		2,300	$	2,418,380
United Airlines, Inc. Term. Impvt. Proj., Series B, Rfdg., AMT	5.250	07/15/28		3,075		3,152,778
United Airlines, Inc. Term. Impvt. Proj., Series B-1, AMT	4.000	07/15/41		3,000		2,676,262
Houston Combined Util. Sys. Rev., Comb. 1st Lien, Series D, Rfdg.	5.000	11/15/34		3,000		3,004,165
Las Varas Pub. Facs. Corp. Rev., Central at Commerce, Series A (Mandatory put date 11/01/29)	3.350(cc)	11/01/44		2,605		2,551,574
Lower Colorado River Auth. Rev.,
LCRA Transmission Svcs. Corp. Proj., Series A, Rfdg., BAM	5.000	05/15/37		5,000		5,416,045
LCRA Transmn. Svcs. Corp. Proj., Series A, Rfdg.	6.000	05/15/52		1,500		1,580,587
Mission Econ. Dev. Corp. Rev.,
Sustainable Bond, Graphic Packaging Intl. LLC, Series A (Mandatory put date 06/01/30), 144A(hh)	5.000(cc)	12/01/64		2,850		2,917,994
Sustainable Bonds, Graphic Packaging Intl. LLC Proj. AMT (Mandatory put date 06/01/30)	5.000(cc)	12/01/64		3,500		3,588,828
North Texas Higher. Ed. Auth., Inc. Rev.,
Sr. Series A, AMT	5.000	06/01/30		500		526,095
Sr. Series A, AMT	5.000	06/01/32		1,100		1,169,112
Sr. Series A, AMT	5.000	06/01/33		1,000		1,065,422
North Texas Twy. Auth. Rev., Cap. Apprec., Sys., 1st Tier, Series D, Rfdg., AGM	4.080(t)	01/01/38		8,000		5,061,315
Permanent Univ. Fd. Univ. of Texas Sys. Rev.,
Series A, Rfdg.	5.000	07/01/39		4,500		4,954,086
Series A, Rfdg.	5.000	07/01/40		3,000		3,163,096
Series A, Rfdg.	5.250	07/01/39		2,250		2,533,027
San Antonio Elec. & Gas Sys. Rev.,
Series C, Rfdg.	5.500	02/01/49		1,000		1,069,865
Series D, Rfdg.	5.000	02/01/41		2,000		2,110,488
Tarrant Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev.,
Ascension Sr. Credit Grp., Series C-2, Rfdg. (Mandatory put date 11/15/35)	5.000(cc)	11/15/51		4,250		4,618,527
Texas Hlth. Resources Sys., Series C (Mandatory put date 11/15/32)	5.000(cc)	11/15/64		1,500		1,619,803
Texas Dept. of Hsg. & Cmnty. Affairs Rev., Pass Through Mortgage CTFS, Series A	5.500	07/01/53		2,865		3,017,329
Sustainable Bonds, Series A	5.500	09/01/52		4,280		4,460,190
Texas Municipal Gas Acquisition & Supply Corp. VI Rev.,
Series A	5.250	03/01/37		4,000		4,257,350
Texas Priv. Activity Bond Surface Trans. Corp. Rev., Bond Surface Trans. Corp., Sr. Lien, Rfdg. AMT	5.500	06/30/40		1,900		1,969,768
Texas St., Trans. Commn. Mobility, Series B, GO (Mandatory put date 10/01/30)	2.800(cc)	10/01/41		2,000		1,972,865
Texas St. Affordable Hsg. Corp. Rev.,
The Bloom at Lamar Square (Mandatory put date 07/01/29)	3.050(cc)	07/01/30		1,325		1,310,912
Texas St. Univ. Sys. Rev., Series C, Rfdg.(hh)	5.000	03/15/34		500		543,531
Series C, Rfdg.(hh)	5.000	03/15/35		1,145		1,246,305
Series C, Rfdg.(hh)	5.000	03/15/36		1,000		1,088,095
Texas Trans. Commn. St. Hwy. Fd. Rev., Rfdg.	5.000	10/01/33		3,000		3,339,553
Texas Trans. Fin. Corp. Rev., Sub. Bond, SH 288 Sys. TELA Supported, Series A, Rfdg.	5.000	10/01/41		4,000		4,234,353


						137,691,957


Utah 2.4%

Intermountain Pwr. Agcy. Rev.,
Series A	5.250	07/01/45		2,500		2,590,751
Ogden City Sch. Dist.,
GO	1.375	06/15/32		2,010		1,692,807
GO	1.500	06/15/33		1,420		1,165,462
GO	1.625	06/15/34		2,200		1,782,155

See Notes to Financial Statements.



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

Utah (cont’d.)

Salt Lake City Corp. Arpt. Rev., Intl. Arpt., Series A, AMT	5.000%	07/01/36		2,000	$	2,155,404
Series A, AMT	5.250	07/01/41		3,250		3,407,416
Series A, AMT	5.250	07/01/48		3,850		3,865,497
Utah Cnty. Rev., IHC Hlth. Svcs., Inc., Series A	5.000	05/15/43		2,545		2,606,975
Utah Hsg. Corp. Rev.,
Flats at Folsom (Mandatory put date 01/01/30)	3.050(cc)	07/01/44		2,625		2,609,899
Hive on 11th (Mandatory put date 02/01/30)	3.000(cc)	08/01/44		2,100		2,079,291
Utah Telecommunication Open Infrast. Agcy. Rev., Rfdg.	5.500	06/01/40		4,885		5,296,488


						29,252,145


Virginia 0.6%

Fairfax Cnty. Ind. Dev. Auth. Rev., Healthcare Inova Hlth. Sys., Series B-2, Rmkt., Rfdg. (Mandatory put date 05/15/30)	5.000(cc)	05/15/57		1,100		1,165,466
Louisa Indl. Dev. Auth. Rev.,
VA Elec. & Pwr. Co. Proj., Series B, Rmkt. (Mandatory put date 10/01/30)	3.125(cc)	11/01/35		1,000		983,619
Newport News Redev. & Hsg. Auth. Rev.,
Stuart Gardens II Apts. (Mandatory put date 07/01/28)	3.150(cc)	07/01/30		3,000		3,004,898
Virginia Small Bus. Fing. Auth. Rev.,
Sr. Lien Elizabeth River Crossing Opco, LLC Proj. Rfdg.	4.000	01/01/30		1,750		1,759,235


						6,913,218


Washington 2.1%

Port of Seattle Rev.,
Series A, AMT	5.000	05/01/43		1,675		1,678,537
Washington Healthcare Facs. Auth. Rev.,
Overlake Hosp. Med. Ctr., Rfdg.	5.000	07/01/38		2,690		2,691,253
Washington St.,
Series 2020A, GO	5.000	08/01/42		3,000		3,080,269
Series R-2024C, GO, Rfdg.	5.000	08/01/40		1,100		1,165,102
Washington St. Hsg. Fin. Commn. Rev.,
Horizon Hse. Proj. Mand. Paydown Temps-50, Series B-3, Rfdg.	4.375	01/01/33		1,645		1,651,847
Municipal CTFS, Series 2025-1, Class A-1, Sustainable Bonds	4.081(cc)	08/20/63		3,959		3,693,417
Sustainable CTFS, Series 2023-1, Class X	1.496(cc)	04/20/37		31,876		2,826,519
Sustainable CTFS, Series 2024-1, Class A	4.222(cc)	03/01/50		4,920		4,547,852
Washington St. Univ. Rev.,
Rfdg.	5.000	04/01/38		3,565		3,852,360
Whatcom Cnty. Pub. Util. Dist. No. 1,
Series A, GO, AMT, BAM	5.000	12/01/34		850		908,728


						26,095,884


West Virginia 0.3%

West Virginia Econ. Dev. Auth. Rev., Commercial Metals Co. Proj., AMT (Mandatory put date 05/15/32)	4.625(cc)	04/15/55		2,000		2,029,355
West Virginia Parkways Auth. Rev.,
Sr. Turnpike Toll Rev.	5.000	06/01/39		1,750		1,784,963


						3,814,318


Wisconsin 3.1%

Pub. Fin. Auth. Rev., Affordable Hsg. CTFS, Series 2006 -1, Class A (Mandatory put date 05/01/29), 144A	3.588(cc)	12/01/68		3,200		3,196,876
Anthem Clearwater Apts. Proj.	4.350	08/01/36		4,500		4,460,387
Astro Texas Land Proj., Rfdg., 144A	5.000	12/15/36		982		966,509
Class A, Series 1	4.100	09/25/39		2,910		2,706,408

See Notes to Financial Statements.

PGIM National Muni Fund 15

Schedule of Investments (continued)

as of August 31, 2026



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

Wisconsin (cont’d.)

Pub. Fin. Auth. Rev., (cont’d.)
Clipper Cove Apts. Proj.	4.000%	05/01/36		5,000	$	4,842,998
Cuyahoga River Cap. Port., Series 1, Class A (Mandatory put date 07/01/28), 144A	4.000	01/01/55		3,800		3,801,702
Kawa Fund Ltd., Series 2026-1, Class A (Mandatory put date 06/15/31)	3.625	06/15/63		5,495		5,469,423
Million Air Three LLC Gen. Avtn. Facs. Proj., Series A, Rfdg. AMT, 144A	5.500	09/01/30		355		366,451
Million Air Three LLC Gen. Avtn. Facs. Proj., Series A, Rfdg. AMT, 144A	5.750	09/01/35		715		737,046
Mountain Island Chrt. Sch., Ltd., Rfdg.	4.000	07/01/27		130		129,999
Providence St. Joseph Hlth. Series 2021C, Rfdg. (Mandatory put date 10/01/30)	4.000(cc)	10/01/41		910		919,009
Series 2025-1, Class A, CTFS. (Mandatory put date 08/01/27), 144A	4.750(cc)	08/01/59		4,300		4,294,666
Signorelli Proj., 144A	5.375	12/15/32		3,100		3,081,151
Sustainable CTFS., Series 2026-1, Class A-1	4.157(cc)	01/20/41		2,121		1,955,051
Triad Edl. Svcs., Inc., Rfdg., 144A	5.000	06/15/36		2,100		2,101,929


						39,029,605

TOTAL MUNICIPAL BONDS (cost $1,199,616,832)						1,190,195,785



	Shares

UNAFFILIATED EXCHANGE-TRADED FUNDS 2.1%
iShares National Muni Bond ETF		111,440		11,712,344
Vanguard Tax-Exempt Bond Index ETF		287,500		14,185,250


TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS (cost $25,740,821)				25,897,594


TOTAL LONG-TERM INVESTMENTS (cost $1,225,357,653)				1,216,093,379


SHORT-TERM INVESTMENT 4.1%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 3.780%) (cost $50,251,750)(wb)		50,251,750		50,251,750


TOTAL INVESTMENTS 102.1%
(cost $1,275,609,403)				1,266,345,129
Liabilities in excess of other assets(z) (2.1)%				(25,629,263	)


NET ASSETS 100.0%			$	1,240,715,866

See Notes to Financial Statements.

Below is a list of the abbreviation(s) used in the annual report:

USD—US Dollar

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

AGM—Assured Guaranty Municipal Corp.

AMBAC—American Municipal Bond Assurance Corp.

AMT—Alternative Minimum Tax

BAM—Build America Mutual

BANS—Bond Anticipation Notes

CABS—Capital Appreciation Bonds

CDD—Community Development District

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

COP—Certificates of Participation

ETF—Exchange-Traded Fund

GO—General Obligation

IDB—Industrial Development Bond

JPS—J.P. Morgan Securities LLC

LP—Limited Partnership

NATL—National Public Finance Guarantee Corp.

OTC—Over-the-counter

PCR—Pollution Control Revenue

PFC—Public Facility Corporation

PSFG—Permanent School Fund Guarantee

Rfdg—Refunding

SAN—Santander Bank, N.A.

SOFR—Secured Overnight Financing Rate

TCRs—Transferrable Custodial Receipts

#	Principal or notional amount is shown in U.S. dollars unless otherwise stated.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of August 31, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(hh)	When-issued security.

(t)	Represents zero coupon. Rate quoted represents effective yield at August 31, 2026.

(wb)	Represents an investment in a Fund affiliated with the Manager.

(z)	Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:

Futures contracts outstanding at August 31, 2026:


Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)

Short Position:
246	20 Year U.S. Treasury Bonds		Dec. 2026		$	26,721,750		$	(52,589	)

Credit default swap agreements outstanding at August 31, 2026:


Reference Entity/ Obligation	Termination Date	Fixed Rate	Notional Amount (000)#(3)	Value at Trade Date				Value at August 31, 2026				Unrealized Appreciation (Depreciation)

Centrally Cleared Credit Default Swap Agreement on credit indices - Buy Protection(1):
CDX.NA.IG.45.V1	12/20/30	1.000%(Q)	54,340		$	(885,376	)		$	(1,258,316	)		$	(372,940	)

The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1)

If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)	If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to

See Notes to Financial Statements.

PGIM National Muni Fund 17

Schedule of Investments (continued)

as of August 31, 2026

the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3)	Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4)

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:


Broker	Cash and/or Foreign Currency		Securities Market Value
CGM		$ 749,261		$—
JPS		1,279,000		—

Total		$2,028,261		$—

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of August 31, 2026 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Municipal Bonds
Alabama	$	—	$	82,910,682		$—
Alaska		—		9,851,375		—
Arizona		—		28,353,955		—
Arkansas		—		12,159,637		—
California		—		55,917,833		—
Colorado		—		40,401,030		—
Connecticut		—		21,209,329		—
District of Columbia		—		13,520,662		—
Florida		—		62,539,404		—
Georgia		—		44,491,596		—
Guam		—		2,140,068		—
Hawaii		—		3,721,899		—
Illinois		—		70,847,928		—
Indiana		—		13,231,148		—
Iowa		—		1,553,441		—
Kansas		—		6,680,636		—
Kentucky		—		38,860,654		—
Louisiana		—		9,109,743		—
Maine		—		2,435,825		—
Massachusetts		—		16,514,166		—
Michigan		—		37,082,690		—
Minnesota		—		15,058,299		—
Mississippi		—		3,062,542		—
Missouri		—		3,235,978		—
Nebraska		—		7,557,244		—

See Notes to Financial Statements.


	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Municipal Bonds (continued)
New Hampshire	$	—		$	55,992,304			$—
New Jersey		—			43,515,410			—
New Mexico		—			1,417,778			—
New York		—			102,499,701			—
North Carolina		—			6,308,077			—
North Dakota		—			3,371,469			—
Ohio		—			33,599,218			—
Oklahoma		—			1,625,874			—
Pennsylvania		—			39,849,506			—
Puerto Rico		—			6,092,865			—
Rhode Island		—			13,304,752			—
South Carolina		—			14,097,186			—
South Dakota		—			6,884,623			—
Tennessee		—			16,392,131			—
Texas		—			137,691,957			—
Utah		—			29,252,145			—
Virginia		—			6,913,218			—
Washington		—			26,095,884			—
West Virginia		—			3,814,318			—
Wisconsin		—			39,029,605			—
Unaffiliated Exchange-Traded Funds		25,897,594			—			—
Short-Term Investment
Affiliated Mutual Fund		50,251,750			—			—

Total	$	76,149,344		$	1,190,195,785			$—


Other Financial Instruments*
Liabilities
Futures Contracts	$	(52,589)		$	—			$—
Centrally Cleared Credit Default Swap Agreement		—			(372,940	)		—

Total	$	(52,589	)	$	(372,940	)		$—

Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forward foreign currency exchange contracts and centrally cleared swap contracts, which are recorded at unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value.

Sector Classification:

The sector classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2026 were as follows:


Development	15.7	%
Pre-pay Gas	13.5
Transportation	12.0
Special Tax/Assessment District	12.0
Education	10.2
Healthcare	8.1
Corporate Backed IDB & PCR	7.6
Power	5.0
General Obligation	4.3
Affiliated Mutual Fund	4.1


Tobacco Appropriated	3.4	%
Lease Backed Certificate of Participation	2.2
Unaffiliated Exchange-Traded Funds	2.1
Water & Sewer	1.9

	102.1
Liabilities in excess of other assets	(2.1	)

	100.0	%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit and interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of August 31, 2026 as presented in the Statement of Assets and Liabilities:

See Notes to Financial Statements.

PGIM National Muni Fund 19

Schedule of Investments (continued)

as of August 31, 2026

Asset Derivatives

Liability Derivatives

Derivatives not accounted for

as hedging instruments,

carried at fair value

Statement of
Assets and
Liabilities Location

Fair
Value

Statement of

Assets and
Liabilities Location

Fair
Value

Credit contracts

—

$—

Due from/to broker-variation
margin swaps

$372,940

Interest rate contracts

—

Due from/to broker-variation
margin futures

52,589

$—

$425,529

*	Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the year ended August 31, 2026 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Swaps

Credit contracts	$	—	$	(7,131	)

Interest rate contracts		1,434,517		—


Total	$	1,434,517	$	(7,131	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Futures			Swaps

Credit contracts	$	—		$	(372,940	)

Interest rate contracts		(49,861	)		—


Total	$	(49,861	)	$	(372,940	)

For the year ended August 31, 2026, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*
Futures Contracts - Short Positions (1)		$	39,775,194
Credit Default Swap Agreements - Buy Protection (1)			21,736,000

*	Average volume is based on average quarter end balances for the year ended August 31, 2026.

(1)	Notional Amount in USD.

See Notes to Financial Statements.

Statement of Assets and Liabilities

as of August 31, 2026


Assets

Investments at value:
Unaffiliated investments (cost $1,225,357,653)	$	1,216,093,379
Affiliated investments (cost $50,251,750)		50,251,750
Interest receivable		13,167,003
Deposit with broker for centrally cleared/exchange-traded derivatives		2,028,261
Receivable for Fund shares sold		627,926
Due from broker—variation margin futures		188,557
Due from broker—variation margin swaps		2,257
Prepaid expenses		49


Total Assets		1,282,359,182


Liabilities

Payable for investments purchased		37,303,591
Payable for Fund shares purchased		3,569,790
Accrued expenses and other liabilities		293,678
Management fee payable		250,602
Distribution fee payable		114,461
Dividends and Distributions payable		95,827
Affiliated transfer agent fee payable		11,774
Directors’ fees payable		3,593


Total Liabilities		41,643,316


Net Assets	$	1,240,715,866




Net assets were comprised of:
Common stock, at par	$	896,540
Paid-in capital in excess of par		1,290,539,730
Total distributable earnings (loss)		(50,720,404	)


Net assets, August 31, 2026	$	1,240,715,866

See Notes to Financial Statements.

PGIM National Muni Fund 21

Statement of Assets and Liabilities

as of August 31, 2026


Class A

Net asset value and redemption price per share, ($511,477,605 ÷ 36,940,819 shares of common stock issued and outstanding)	$	13.85
Maximum sales charge (3.25% of offering price)		0.47


Maximum offering price to public	$	14.32


Class C

Net asset value, offering price and redemption price per share, ($6,549,464 ÷ 472,069 shares of common stock issued and outstanding)	$	13.87


Class Z

Net asset value, offering price and redemption price per share, ($465,159,379 ÷ 33,626,218 shares of common stock issued and outstanding)	$	13.83


Class R6

Net asset value, offering price and redemption price per share, ($257,529,418 ÷ 18,614,867 shares of common stock issued and outstanding)	$	13.83

See Notes to Financial Statements.

Statement of Operations

Year Ended August 31, 2026


Net Investment Income (Loss)

Income
Interest income	$	44,743,126
Affiliated dividend income		1,113,422
Unaffiliated dividend income		784,022

Total income		46,640,570


Expenses
Management fee		3,461,818
Distribution fee(a)		1,361,626
Transfer agent’s fees and expenses (including affiliated expense of $73,510)(a)		707,513
Registration fees(a)		143,101
Custodian and accounting fees		86,304
Audit fee		45,837
Shareholders’ reports		44,757
Professional fees		44,039
Directors’ fees		24,183
SEC registration fees		5,038
Miscellaneous		45,666

Total expenses		5,969,882
Less: Fee waiver and/or expense reimbursement(a)		(491,893	)
Custodian fee credit		(1,390	)

Net expenses		5,476,599

Net investment income (loss)		41,163,971


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on:
Investment transactions		309,121
Futures transactions		1,434,517
Swap agreement transactions		(7,131	)

		1,736,507

Net change in unrealized appreciation (depreciation) on:
Investments		(907,879	)
Futures		(49,861	)
Swap agreements		(372,940	)

		(1,330,680	)

Net gain (loss) on investment transactions		405,827

Net Increase (Decrease) In Net Assets Resulting From Operations	$	41,569,798

(a)	Class specific expenses and waivers were as follows:


	Class A			Class C			Class Z			Class R6
Distribution fee		1,287,044			74,582			—			—
Transfer agent’s fees and expenses		290,824			7,286			403,984			5,419
Registration fees		37,681			18,204			49,635			37,581
Fee waiver and/or expense reimbursement		(126,910	)		(1,839	)		(259,898	)		(103,246	)

See Notes to Financial Statements.

PGIM National Muni Fund 23

Statements of Changes in Net Assets



		Year Ended August 31,

	2026				2025

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	41,163,971			$	34,571,149
Net realized gain (loss) on investment transactions			1,736,507				(3,344,691	)
Net change in unrealized appreciation (depreciation) on investments			(1,330,680	)			(16,216,990	)

Net increase (decrease) in net assets resulting from operations			41,569,798				15,009,468


Dividends and Distributions
Distributions from distributable earnings
Class A			(16,802,076	)			(15,496,956	)
Class C			(167,307	)			(207,811	)
Class Z			(14,978,269	)			(11,354,009	)
Class R6			(8,742,893	)			(7,298,584	)

			(40,690,545	)			(34,357,360	)

Fund share transactions (Net of share conversions)
Net proceeds from shares sold			372,087,849				327,172,927
Net asset value of shares issued in reinvestment of dividends and distributions			39,470,533				33,100,504
Cost of shares purchased			(252,302,078	)			(325,218,017	)

Net increase (decrease) in net assets from Fund share transactions			159,256,304				35,055,414


Total increase (decrease)			160,135,557				15,707,522

Net Assets:

Beginning of year			1,080,580,309				1,064,872,787


End of year		$	1,240,715,866			$	1,080,580,309

See Notes to Financial Statements.

Financial Highlights



Class A Shares
	Year Ended August 31,
	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$13.80			$14.05			$13.68			$13.75			$15.32
Income (loss) from investment operations:
Net investment income (loss)		0.46			0.43			0.40			0.31			0.27
Net realized and unrealized gain (loss) on investment transactions		0.05			(0.25	)		0.36			(0.07	)		(1.57	)
Total from investment operations		0.51			0.18			0.76			0.24			(1.30	)
Less Dividends and Distributions:
Dividends from net investment income		(0.46	)		(0.43	)		(0.39	)		(0.31	)		(0.27	)
Net asset value, end of year		$13.85			$13.80			$14.05			$13.68			$13.75
Total Return^(b):		3.69	%		1.32	%		5.65	%		1.78	%		(8.56	)%

Ratios/Supplemental Data:
Net assets, end of year (000)		$511,478			$485,571			$513,152			$525,991			$552,551
Average net assets (000)		$514,818			$497,687			$517,175			$533,792			$613,992
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement		0.60	%		0.61	%		0.61	%		0.62	%		0.61	%
Expenses before waivers and/or expense reimbursement		0.62	%		0.64	%		0.64	%		0.65	%		0.64	%
Net investment income (loss)		3.30	%		3.13	%		2.86	%		2.28	%		1.85	%
Portfolio turnover rate^(c)		45	%		62	%		84	%		57	%		50	%

(a)	Calculated based on average shares outstanding during the year.

(b)

Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM National Muni Fund 25

Financial Highlights (continued)



Class C Shares
	Year Ended August 31,
	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$13.83			$14.08			$13.71			$13.78			$15.35
Income (loss) from investment operations:
Net investment income (loss)		0.32			0.31			0.27	^(b)		0.19			0.15
Net realized and unrealized gain (loss) on investment transactions		0.04			(0.26	)		0.37	^(c)		(0.07	)		(1.57	)
Total from investment operations		0.36			0.05			0.64			0.12			(1.42	)
Less Dividends and Distributions:
Dividends from net investment income		(0.32	)		(0.30	)		(0.27	)		(0.19	)		(0.15	)
Net asset value, end of year		$13.87			$13.83			$14.08			$13.71			$13.78
Total Return^(d):		2.56	%		0.39	%		4.68	%		0.89	%		(9.31	)%

Ratios/Supplemental Data:
Net assets, end of year (000)		$6,549			$8,308			$10,630			$12,730			$15,384
Average net assets (000)		$7,458			$9,547			$11,562			$14,463			$17,931
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement		1.63	%		1.53	%		1.53	%		1.49	%		1.46	%
Expenses before waivers and/or expense reimbursement		1.65	%		1.56	%		1.56	%		1.52	%		1.49	%
Net investment income (loss)		2.27	%		2.20	%		1.93	%		1.41	%		1.01	%
Portfolio turnover rate^(e)		45	%		62	%		84	%		57	%		50	%

(a)	Calculated based on average shares outstanding during the year.

(b)	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c)	The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d)

(e)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.



Class Z Shares
	Year Ended August 31,
	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$13.79			$14.04			$13.66			$13.74			$15.30
Income (loss) from investment operations:
Net investment income (loss)		0.50			0.47			0.43			0.35			0.31
Net realized and unrealized gain (loss) on investment transactions		0.03			(0.25	)		0.38			(0.08	)		(1.57	)
Total from investment operations		0.53			0.22			0.81			0.27			(1.26	)
Less Dividends and Distributions:
Dividends from net investment income		(0.49	)		(0.47	)		(0.43	)		(0.35	)		(0.30	)
Net asset value, end of year		$13.83			$13.79			$14.04			$13.66			$13.74
Total Return^(b):		3.87	%		1.58	%		5.99	%		1.97	%		(8.28	)%

Ratios/Supplemental Data:
Net assets, end of year (000)		$465,159			$367,870			$331,459			$205,178			$171,216
Average net assets (000)		$427,062			$337,272			$289,162			$175,759			$169,419
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement		0.36	%		0.36	%		0.36	%		0.36	%		0.36	%
Expenses before waivers and/or expense reimbursement		0.42	%		0.42	%		0.43	%		0.44	%		0.44	%
Net investment income (loss)		3.55	%		3.39	%		3.11	%		2.55	%		2.11	%
Portfolio turnover rate^(c)		45	%		62	%		84	%		57	%		50	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

PGIM National Muni Fund 27

Financial Highlights (continued)



Class R6 Shares
	Year Ended August 31,
	2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$13.79			$14.04			$13.67			$13.74			$15.30
Income (loss) from investment operations:
Net investment income (loss)		0.51			0.48			0.44			0.36			0.32
Net realized and unrealized gain (loss) on investment transactions		0.03			(0.25	)		0.37			(0.07	)		(1.57	)
Total from investment operations		0.54			0.23			0.81			0.29			(1.25	)
Less Dividends and Distributions:
Dividends from net investment income		(0.50	)		(0.48	)		(0.44	)		(0.36	)		(0.31	)
Net asset value, end of year		$13.83			$13.79			$14.04			$13.67			$13.74
Total Return^(b):		3.94	%		1.65	%		5.99	%		2.11	%		(8.21	)%

Ratios/Supplemental Data:
Net assets, end of year (000)		$257,529			$218,831			$209,632			$178,921			$179,799
Average net assets (000)		$244,392			$212,553			$195,170			$175,411			$208,328
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement		0.29	%		0.29	%		0.29	%		0.29	%		0.29	%
Expenses before waivers and/or expense reimbursement		0.33	%		0.33	%		0.34	%		0.34	%		0.33	%
Net investment income (loss)		3.62	%		3.45	%		3.18	%		2.61	%		2.17	%
Portfolio turnover rate^(c)		45	%		62	%		84	%		57	%		50	%

(a)	Calculated based on average shares outstanding during the year.

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)	The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

Notes to Financial Statements

1.	Organization

Prudential National Muni Fund, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation and PGIM National Muni Fund (the “Fund”) is the sole series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek a high level of current income exempt from federal income taxes.

Financial Statements and other information regarding any underlying mutual funds or ETFs held by the Fund(s), if any, are available at pgim.com/mutual-fund-documents. You may also request this information by calling (800) 225-1852 or, from outside the United States, (973) 367-3529.

2.	Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services — Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Fund consistently follows such policies in the preparation of its financial statements.

The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Fund’s financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity’s overall performance. The officers of the Fund, as listed in the Fund’s Statement of Additional Information, act as the Fund’s chief operating decision maker (“CODM”). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its respective prospectus, based on a defined investment strategy which is executed by the Fund’s subadviser.

The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund’s Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Directors (the “Board”) has approved the Fund’s valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments”, the “Investment Manager” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to the Fund’s investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting year-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 Fair Value Measurement.

Common or preferred stocks, exchange-traded funds (“ETFs”) and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally

PGIM National Muni Fund 29

Notes to Financial Statements (continued)

trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Fixed income securities traded in the over-the-counter (“OTC”) market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price are based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; an assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; and any available analyst, media, or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to deposit collateral with a futures commission merchant an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, equal to the change in the mark-to-market value of the futures contract. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Swap Agreements: The Fund entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively, a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

The Fund is subject to credit risk in the normal course of pursuing its investment objective, and as such, has entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be “short the credit” because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Fund’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Delayed-Delivery Transactions: The Fund purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Fund will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value (“NAV”). The Fund may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Fund forfeits its eligibility to realize future gains (losses) with respect to the security.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

PGIM National Muni Fund 31

Notes to Financial Statements (continued)

Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

Custody Fee Credits: The Fund has an arrangement with its custodian bank, whereby uninvested monies earn credits which reduce the fees charged by the custodian. Such custody fee credits, if any, are presented as a reduction of gross expenses in the accompanying Statement of Operations.

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on interest income, dividends, capital gains on investments, or certain foreign currency transactions by certain countries in which it invests. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on dividends are presented as “Foreign withholding tax”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) or change in unrealized appreciation (depreciation) on securities on the accompanying Statement of Operations. To the extent that the Fund has country specific capital loss carryforwards, such carryforwards are applied against net unrealized gains when determining the deferred tax liability. Any deferred tax liability incurred by the Fund is included in either Other liabilities or Deferred tax liability on the accompanying Statement of Assets and Liabilities.

The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention if more likely than not the Fund will receive the reclaim back in accordance with ASC 740. Any professional fees associated with recovery of foreign withholding taxes are recorded as an expense within the Professional fees line item on the Statement of Operations.

Dividends and Distributions: Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.



Expected Distribution Schedule to Shareholders*	Frequency
Net Investment Income		Monthly
Short-Term Capital Gains		Annually
Long-Term Capital Gains		Annually

*	Under certain circumstances, the Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

3.	Agreements

The RIC, on behalf of the Fund, has entered into a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser’s performance of such services, and for rendering administrative services.

The Manager has entered into a subadvisory agreement with PGIM, Inc. (the “subadviser”), which provides subadvisory services to the Fund through its investment group PGIM Credit. In 2025, PGIM Fixed Income and PGIM Private Credit (formerly known as PGIM Private Capital) were combined to form PGIM Credit. The Manager pays for the services of PGIM, Inc.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended August 31, 2026, the contractual and effective management fee rates were as follows:



Contractual Management Rate	Effective Management Fee, before any waivers and/or expense reimbursements
0.29% on average daily net assets up to $5 billion;		0.29%
0.28% on average daily net assets over $5 billion.

The Manager has contractually agreed, through December 31, 2027, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees, to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. The expense limitations attributable to each class are as follows:



Class	Expense Limitations
A		—	%
C		—
Z		0.36
R6		0.29

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. The distribution fees are accrued daily and payable monthly.

The Fund’s annual gross and net distribution rates, where applicable, are as follows:



Class	Gross Distribution Fee			Net Distribution Fee
A		0.25	%		0.25	%
C		1.00			1.00
Z		N/A			N/A
R6		N/A			N/A

For the year ended August 31, 2026, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:



Class	FESL		CDSC
A		$234,888		$56,974
C		—		24

PGIM Investments, PGIM, Inc., PGIM Limited and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

4.	Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Fund’s transfer agent and shareholder servicing agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

PGIM National Muni Fund 33

Notes to Financial Statements (continued)

The Fund may invest its overnight sweep cash in the PGIM Core Government Money Market Fund (the “Core Government Fund”), a series of the Prudential Government Money Market Fund, Inc. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income”. Effective September 2025, the Fund changed its overnight cash sweep vehicle from PGIM Core Ultra Short Bond Fund, a series of Prudential Investment Portfolios 2, registered under the 1940 Act to Core Government Fund and managed by PGIM Investments.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended August 31, 2026, no Rule 17a-7 transactions were entered into by the Fund.

5.	Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended August 31, 2026, were as follows:



Cost of Purchases		Proceeds from Sales
$669,690,183		$529,058,021

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended August 31, 2026, is presented as follows:



Value, Beginning of Year	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Year		Shares, End of Year		Income		Capital Gain Distributions

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund (7-day effective yield 3.780%)^(wb)
$ —		$466,576,754	$	416,325,004		$—		$—		$50,251,750		50,251,750	$	1,099,066		$—

PGIM Core Ultra Short Bond Fund^(wb)
286,800		16,266,000		16,552,800		—		—		—		—		14,356		—
$286,800		$482,842,754	$	432,877,804		$—		$—		$50,251,750			$	1,113,422		$—

(wb)	Represents an investment in a Fund affiliated with the Manager.

6.	Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended August 31, 2026, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:


Ordinary Income	Long-Term Capital Gains	Tax Return of Capital	Tax-Exempt Income	Total Dividends and Distributions
$878,920	$—	$—	$39,811,625	$40,690,545

For the year ended August 31, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:


Ordinary Income	Long-Term Capital Gains	Tax Return of Capital	Tax-Exempt Income	Total Dividends and Distributions
$1,362,157	$—	$—	$32,995,203	$34,357,360

For the year ended August 31, 2026, the Fund had the following amounts of accumulated undistributed earnings on a tax basis:


Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Undistributed Tax Exempt Income
$—	$—	$1,810,084

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation (depreciation) as of August 31, 2026 were as follows:

Tax Basis

Gross
Unrealized
Appreciation

Gross
Unrealized
Depreciation

Net

Unrealized

Depreciation

$1,274,588,262

$8,386,285

$(17,054,947)

$(8,668,662)

The difference between GAAP and tax basis was primarily attributable to deferred losses on wash sales, differences in the treatment of accreting market discount for GAAP and tax purposes and other GAAP to tax differences.

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of August 31, 2026 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

Capital Loss

Carryforward

Capital Loss

Carryforward Utilized

$43,766,000

$1,673,000

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended August 31, 2026 are subject to such review.

7.	Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a CDSC of 1% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of common stock, below.

The RIC is authorized to issue 1 billion shares of capital stock, $0.01 par value per share, designated as shares of the Fund. The authorized shares of the Fund are currently classified and designated as follows:



Class	Number of Shares
A		150,000,000
B		5,000,000
C		25,000,000
Z		375,000,000
T		75,000,000
R6		370,000,000

The Fund currently does not have any Class B or Class T shares outstanding.

As of August 31, 2026, Prudential, through its affiliated entities, including affiliated funds (if applicable), did not own any shares of the Fund.

PGIM National Muni Fund 35

Notes to Financial Statements (continued)

At the reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:



	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	—	—%
Unaffiliated	7	79.2

Transactions in shares of common stock were as follows:



Share Class	Shares			Amount

Class A
Year ended August 31, 2026:
Shares sold		7,374,695		$	103,790,663
Shares issued in reinvestment of dividends and distributions		1,113,351			15,641,911
Shares purchased		(6,431,293	)		(90,421,367	)
Net increase (decrease) in shares outstanding before conversion		2,056,753			29,011,207
Shares issued upon conversion from other share class(es)		284,838			4,011,398
Shares purchased upon conversion into other share class(es)		(586,132	)		(8,242,054	)
Net increase (decrease) in shares outstanding		1,755,459		$	24,780,551

Year ended August 31, 2025:
Shares sold		4,877,450		$	67,683,071
Shares issued in reinvestment of dividends and distributions		1,031,376			14,303,364
Shares purchased		(6,707,683	)		(92,923,846	)
Net increase (decrease) in shares outstanding before conversion		(798,857	)		(10,937,411	)
Shares issued upon conversion from other share class(es)		150,388			2,080,736
Shares purchased upon conversion into other share class(es)		(678,011	)		(9,417,953	)
Net increase (decrease) in shares outstanding		(1,326,480	)	$	(18,274,628	)

Class C
Year ended August 31, 2026:
Shares sold		78,917		$	1,111,952
Shares issued in reinvestment of dividends and distributions		11,803			166,226
Shares purchased		(128,981	)		(1,818,056	)
Net increase (decrease) in shares outstanding before conversion		(38,261	)		(539,878	)
Shares purchased upon conversion into other share class(es)		(90,438	)		(1,275,496	)
Net increase (decrease) in shares outstanding		(128,699	)	$	(1,815,374	)

Year ended August 31, 2025:
Shares sold		96,515		$	1,343,611
Shares issued in reinvestment of dividends and distributions		14,844			206,352
Shares purchased		(135,141	)		(1,878,074	)
Net increase (decrease) in shares outstanding before conversion		(23,782	)		(328,111	)
Shares purchased upon conversion into other share class(es)		(130,190	)		(1,804,207	)
Net increase (decrease) in shares outstanding		(153,972	)	$	(2,132,318	)

Class Z
Year ended August 31, 2026:
Shares sold		13,245,630		$	186,059,667
Shares issued in reinvestment of dividends and distributions		1,065,277			14,948,224
Shares purchased		(7,554,469	)		(106,027,248	)
Net increase (decrease) in shares outstanding before conversion		6,756,438			94,980,643
Shares issued upon conversion from other share class(es)		404,188			5,678,319
Shares purchased upon conversion into other share class(es)		(214,956	)		(3,023,472	)
Net increase (decrease) in shares outstanding		6,945,670		$	97,635,490

Year ended August 31, 2025:
Shares sold		13,517,353		$	186,713,389
Shares issued in reinvestment of dividends and distributions		817,324			11,322,744



Share Class	Shares			Amount
Shares purchased		(10,954,052	)	$	(151,303,733	)
Net increase (decrease) in shares outstanding before conversion		3,380,625			46,732,400
Shares issued upon conversion from other share class(es)		470,989			6,539,798
Shares purchased upon conversion into other share class(es)		(776,728	)		(10,933,103	)
Net increase (decrease) in shares outstanding		3,074,886		$	42,339,095

Class R6
Year ended August 31, 2026:
Shares sold		5,771,753		$	81,125,567
Shares issued in reinvestment of dividends and distributions		620,870			8,714,172
Shares purchased		(3,850,565	)		(54,035,407	)
Net increase (decrease) in shares outstanding before conversion		2,542,058			35,804,332
Shares issued upon conversion from other share class(es)		210,451			2,955,891
Shares purchased upon conversion into other share class(es)		(7,409	)		(104,586	)
Net increase (decrease) in shares outstanding		2,745,100		$	38,655,637

Year ended August 31, 2025:
Shares sold		5,171,033		$	71,432,856
Shares issued in reinvestment of dividends and distributions		524,483			7,268,044
Shares purchased		(5,717,578	)		(79,112,364	)
Net increase (decrease) in shares outstanding before conversion		(22,062	)		(411,464	)
Shares issued upon conversion from other share class(es)		984,705			13,825,462
Shares purchased upon conversion into other share class(es)		(20,779	)		(290,733	)
Net increase (decrease) in shares outstanding		941,864		$	13,123,265

8.	Borrowings

The RIC, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.



	Current SCA	Prior SCA

Term of Commitment	9/26/2025 - 9/24/2026	9/27/2024 - 9/25/2025

Total Commitment	$ 1,200,000,000	$ 1,200,000,000

Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%

Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

Subsequent to the reporting period end, the SCA has been renewed and effective September 25, 2026 will provide a commitment of $1,200,000,000 through September 23, 2027. The commitment fee allocated to the Participating Funds will continue to be 0.15% of the unused portion of the SCA. The interest on borrowings under the renewed SCA will be paid monthly and at a per annum interest rate of 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate or (3) zero percent.

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Fund utilized the SCA during the year ended August 31, 2026. The average daily balance for the 1 day that the Fund had loans outstanding during the period was approximately $205,000, borrowed at a weighted average interest rate of 4.75%. The maximum loan outstanding amount during the period was $205,000. At August 31, 2026, the Fund did not have an outstanding loan amount.

PGIM National Muni Fund 37

Notes to Financial Statements (continued)

9.	Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below. For further information on the Fund’s risks, please refer to the Fund’s Prospectus and Statement of Additional Information.

Alternative Minimum Tax Risk: Although the interest received from municipal securities is generally exempt from federal income tax, the Fund may invest in municipal securities subject to the AMT applicable to individuals. Therefore, all or a portion of the Fund’s otherwise exempt-interest dividends may be taken into account in determining the AMT applicable to individuals and may have other tax consequences.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The lower the credit quality of a bond, the more sensitive it is to credit risk.

Debt Obligations Risk: Debt obligations are fixed income investments that are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in periods of unusually high volatility in a market or a segment of a market, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

Increase in Expenses Risk: Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund’s prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease, fee waivers or expense limitations (if applicable) change, or the Fund incurs more expenses than expected. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Underlying Fund securities can increase expenses.

Insured Municipal Bonds Risk: The Fund may purchase municipal bonds that are insured to attempt to reduce credit risk. Although insurance coverage reduces credit risk by providing that the insurer will make timely payment of interest and/or principal, it does not provide protection against market fluctuations of insured bonds or fluctuations in the price of the shares of the Fund. An insured municipal bond fluctuates in value largely based on factors relating to the insurer’s creditworthiness or ability to satisfy its obligations. The Fund cannot be certain that any insurance company will make the payments it guarantees.

Interest Rate Risk: The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” In addition, if the Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) may cause fluctuations in the net asset value of the Fund to the extent that it invests in floating rate debt securities. The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by its subadviser. In addition, an economic downturn or period of rising interest rates could adversely affect

the market for fixed-income securities and reduce the Fund’s ability to sell such securities at desirable times or prices, which could negatively impact the performance of the Fund.

Junk Bonds Risk: High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology.

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 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. 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.

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Management Risk: Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military powers.

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

PGIM National Muni Fund 39

Notes to Financial Statements (continued)

Municipal Bonds Risk: Municipal bonds are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to municipal bond market movements. Municipal bonds are also subject to the risk that potential future legislative changes relating to tax or the rights of municipal bond holders, for example in connection with an insolvency, could affect the market for and value of municipal bonds, which may adversely affect the Fund’s yield or the value of the Fund’s investments in municipal bonds. Certain municipal bonds with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities. If the Fund invests a substantial amount of its assets in issuers located in a single region, state or city, there is an increased risk that environmental, economic, political and social conditions in those regions will have a significant impact on the Fund’s investment performance. For example, municipal securities of a particular state are vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health epidemics, social unrest and catastrophic natural disasters, such as hurricanes or earthquakes. Many municipal bonds are also subject to prepayment risk, which is the risk that when interest rates fall, issuers may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at a lower interest rate. In addition, income from municipal bonds could be declared taxable because of non-compliant conduct of a bond issuer.

10.	Recent Accounting Pronouncement and Regulatory Developments

In September 2026, the FASB issued Accounting Standards Update (ASU) 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions. The ASU requires investment companies to incorporate contractual sale restrictions into the fair value measurement of affected equity securities and disclose the amount of any related valuation discount. The guidance is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. Management is currently evaluating the impact of adopting this guidance on its financial statements.

11.	Subsequent Event

The Fund’s management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of August 31, 2026.

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential National Muni Fund, Inc. and Shareholders of PGIM National Muni Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM National Muni Fund (the “Fund”) as of August 31, 2026, the related statement of operations for the year ended August 31, 2026, the statement of changes in net assets for each of the two years in the period ended August 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2026 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2026 and the financial highlights for each of the five years in the period ended August 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

October 22, 2026

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

PGIM National Muni Fund 41

Other Information

Form N-CSR Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

Form N-CSR Item 9 - Proxy Disclosures for Open-End Management Investment Companies - None.

Form N-CSR Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

Form N-CSR Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract.

Approval of Advisory Agreements

PGIM National Muni Fund

The Fund’s Board of Directors

The Board of Directors (the “Board”) of PGIM National Muni Fund (the “Fund”)1 consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Directors”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Credit investment group (“PGIM Credit”). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 1 and 9-10, 2026 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2027 after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and PGIM. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board’s decision to approve an agreement with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular and special Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and PGIM, which, through its PGIM Credit unit, serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

The material factors and conclusions that formed the basis for the Directors’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and PGIM Credit. The Board noted that PGIM Credit is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments’ role as administrator for the Fund’s liquidity risk management program and as valuation designee. With respect to PGIM Investments’ oversight

¹	PGIM National Muni Fund is the sole series of Prudential National Muni Fund, Inc.

PGIM National Muni Fund

Approval of Advisory Agreements (continued)

of the subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Credit, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of the Fund and PGIM Credit, and also considered the qualifications, backgrounds and responsibilities of PGIM Credit’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments and PGIM Credit’s organizational structure, senior management, investment operations, and other relevant information pertaining to both PGIM Investments and PGIM Credit. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to both PGIM Investments and PGIM Credit.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by PGIM Credit, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and PGIM Credit under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PGIM Investments’ costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments and PGIM Credit

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Credit and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund’s transfer agent (which is affiliated with PGIM Investments), as well as benefits to its reputation or other intangible benefits resulting from PGIM Investments’ association with the Fund. The Board concluded that the potential benefits to be derived by PGIM Credit included the ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research

Visit our website at pgim.com/investments

resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Credit were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2025.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended August 31, 2025. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the peer universe, which was used to consider performance, and the peer group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental peer universe or peer group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.


Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	2^nd Quartile	2^nd Quartile	2^nd Quartile	1^st Quartile
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Fund outperformed its benchmark index over the three-, and ten-year periods and underperformed its benchmark index over the other periods.

•

The Board and PGIM Investments agreed to retain the existing cap (exclusive of certain fees and expenses) on total annual fund operating expenses after fee waivers and/or expense reimbursements at 0.36% of average daily net assets for Class Z shares, and 0.29% of average daily net assets for Class R6 shares through December 31, 2026.

•

In addition, PGIM Investments will waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class, and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

•

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM National Muni Fund

Item 12

– Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13

– Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14

– Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 15

– Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16

– Controls and Procedures

(a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)

There has been no significant change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits


		(a)(1)		Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.
		(a)(2)		Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.
		(a)(3)		Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.
		(a)(4)		Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.
		(a)(5)		Change in the registrant’s independent public accountant – Not applicable.

		(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant:		Prudential National Muni Fund, Inc.

By:		/s/ Andrew R. French
		Andrew R. French
		Secretary

Date:		October 22, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

Date:		October 22, 2026

By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Chief Financial Officer (Principal Financial Officer)

Date:		October 22, 2026