[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_97":98},"routes/item",{"_9":10},"item",{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":-5,"_22":23,"_24":25,"_26":27,"_28":29,"_30":29,"_31":32,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":-5,"_46":47,"_48":-5,"_49":-5,"_50":51,"_52":53,"_54":55,"_56":57,"_58":57,"_59":60,"_61":40,"_62":63},"id","wcqryf6z29osovydhniurvz2h","revision",2,"title","Prudential National Muni Fund, Inc. 年度报告披露基金业绩与持仓","originalTitle","PRUDENTIAL NATIONAL MUNI FUND, INC. (0000314612) (Filer)","summary","Prudential National Muni Fund, Inc. 的年度报告涵盖截至2026年8月31日的财年，披露基金净资产为12.407亿美元、持有485项投资，组合周转率为45%。","reason","source",{"_11":87,"_88":89,"_90":91,"_92":57,"_93":94,"_95":96},"links",{"_84":85,"_63":86},"publishedAt","2026-11-03T20:55:02.000Z","discoveredAt","2026-11-03T21:06:49.361Z","timelineAt","category","ai-products","tags",[81,82,83],"stockSymbols",[80],"score",41,"selected",false,"channel","news","story",{"_72":73,"_15":74},"x","readingMode","full","author","language","body",{"_76":-5,"_63":77,"_78":-5,"_79":40},"outline",[],"relatedStories",[75],"indexable",true,"markdownAvailable","group",{"_64":65,"_43":66,"_67":68,"_69":70,"_71":70},"hasTranslation","bodyLanguage","original","factId","fa2XpVqGMVPA",{"_72":73,"_15":74},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","f7ec7023-daed-4deb-bee7-369352639e71","Prudential National Muni Fund披露年度业绩与持仓",{"_72":73,"_15":74},"zh","

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	\n
Investment Company Act file number:		811-02992
\n
Exact name of registrant as specified in charter:		Prudential National Muni Fund, Inc.
\n
Address of principal executive offices:		655 Broad Street, 6 th Floor Newark, New Jersey 07102
\n
Name and address of agent for service:		Andrew R. French 655 Broad Street, 6 th Floor Newark, New Jersey 07102
\n
Registrant’s telephone number, including area code:		800-225-1852
\n
Date of fiscal year end:		8/31/2026
\n
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).

\n $\"$

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)

\n\n\n\n\n\n\n\n

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

\n $\"$

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.

\n\n

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

Initial Investment of $10,000

\n $\"$

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

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

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?

\n\n\n\n\n\n\n\n\n\n\n\n

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?

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

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.

\n $\"$

To receive your fund documents online, go to

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

and enroll.

PGIM National Muni Fund

\n\n\n\n\n\n\n\n\n

SHARE CLASS	A
NASDAQ	PRNMX
CUSIP	74441U105

MF104EA

\n $\"$

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)

\n\n\n\n\n\n\n\n

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

\n $\"$

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.

\n\n

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

Initial Investment of $10,000

\n $\"$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

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?

\n\n\n\n\n\n\n\n\n\n\n\n

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?

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

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.

\n $\"$

To receive your fund documents online, go to

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

and enroll.

PGIM National Muni Fund

\n\n\n\n\n\n\n\n\n

SHARE CLASS	C
NASDAQ	PNMCX
CUSIP	74441U303

MF104EC

\n $\"$

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)

\n\n\n\n\n\n\n\n

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

\n $\"$

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.

\n\n

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

Initial Investment of $10,000

\n $\"$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

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?

\n\n\n\n\n\n\n\n\n\n\n\n

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?

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

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.

\n $\"$

To receive your fund documents online, go to

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

and enroll.

PGIM National Muni Fund

\n\n\n\n\n\n\n\n\n

SHARE CLASS	Z
NASDAQ	DNMZX
CUSIP	74441U402

MF104EZ

\n $\"$

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)

\n\n\n\n\n\n\n\n

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

\n $\"$

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.

\n\n

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

Initial Investment of $10,000

\n $\"$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

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?

\n\n\n\n\n\n\n\n\n\n\n\n

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?

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

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.

\n $\"$

To receive your fund documents online, go to

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

and enroll.

PGIM National Muni Fund

\n\n\n\n\n\n\n\n\n

SHARE CLASS	R6
NASDAQ	PNMQX
CUSIP	74441U600

MF104ER6

\n $\"$

\n\n\n\n

(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 –

\n\n\n\n

(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.

\n\n\n\n

(b)

Audit-Related Fees

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

\n\n\n\n

(c)

Tax Fees

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

\n\n\n\n

(d)

All Other Fees

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

\n\n\n\n

(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:

\n\n\n\n\n

•

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

\n\n\n\n\n

•

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

\n\n\n\n\n

•

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:

\n\n\n\n\n

•

Annual Fund financial statement audits

\n\n\n\n\n

•

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

\n\n\n\n\n

•

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:

\n\n\n\n\n

•

Accounting consultations

\n\n\n\n\n

•

Fund merger support services

\n\n\n\n\n

•

Agreed Upon Procedure Reports

\n\n\n\n\n

•

Attestation Reports

\n\n\n\n\n

•

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:

\n\n\n\n\n

•

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

\n\n\n\n\n

•

Federal, state and local income tax compliance; and,

\n\n\n\n\n

•

Sales and use tax compliance

\n\n\n\n\n

•

Timely RIC qualification reviews

\n\n\n\n\n

•

Tax distribution analysis and planning

\n\n\n\n\n

•

Tax authority examination services

\n\n\n\n\n

•

Tax appeals support services

\n\n\n\n\n

•

Accounting methods studies

\n\n\n\n\n

•

Fund merger support services

\n\n\n\n\n

•

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:

\n\n\n\n\n

•

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

\n\n\n\n\n

•

Financial information systems design and implementation

\n\n\n\n\n

•

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

\n\n\n\n\n

•

Actuarial services

\n\n\n\n\n

•

Internal audit outsourcing services

\n\n\n\n\n

•

Management functions or human resources

\n\n\n\n\n

•

Broker or dealer, investment adviser, or investment banking services

\n\n\n\n\n

•

Legal services and expert services unrelated to the audit

\n\n\n\n\n

•

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 –

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n\n	\n	\n\n	\n
\n		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.

\n\n\n

Item 5

– Audit Committee of Listed Registrants – Not applicable.

\n\n\n

Item 6

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

\n\n\n

Items 7

– 11 (Refer to Report(s) below)

\n\n\n $\"LOGO\"$ \n

PRUDENTIAL NATIONAL MUNI FUND, INC.

PGIM National Muni Fund

\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n

FINANCIAL STATEMENTS AND OTHER INFORMATION

AUGUST 31, 2026

\n\n\n $\"LOGO\"$ \n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n\n	\n
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.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n\n	\n
PGIM National Muni Fund		1
\n	\n
Notes to Financial Statements		29
\n	\n
Other Information - Form N-CSR Items 8-11

Schedule of Investments

as of August 31, 2026

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

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

\n\n

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.

\n\n

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

\n\n

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.

\n\n

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

\n\n

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.

\n\n

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

\n\n

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.

\n\n

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

\n\n

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.

\n\n

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

\n\n

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.

\n\n

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

\n\n

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.,

1.375

06/15/32

2,010

1,692,807

1.500

06/15/33

1,420

1,165,462

1.625

06/15/34

2,200

1,782,155

See Notes to Financial Statements.

\n\n

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

\n\n

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

\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n
		Shares
\n	\n
UNAFFILIATED EXCHANGE-TRADED FUNDS 2.1%		\n	\n	\n		\n	\n
iShares National Muni Bond ETF			111,440				11,712,344
Vanguard Tax-Exempt Bond Index ETF			287,500				14,185,250
\n		\n	\n	\n
\n	\n
TOTAL UNAFFILIATED EXCHANGE-TRADED FUNDS (cost $25,740,821)		\n	\n	\n			25,897,594
\n		\n	\n	\n
\n	\n
TOTAL LONG-TERM INVESTMENTS (cost $1,225,357,653)		\n	\n	\n			1,216,093,379
\n		\n	\n	\n
\n	\n
SHORT-TERM INVESTMENT 4.1%		\n	\n	\n		\n	\n
\n	\n
AFFILIATED MUTUAL FUND		\n	\n	\n		\n	\n
PGIM Core Government Money Market Fund (7-day effective yield 3.780%) (cost $50,251,750)(wb)			50,251,750				50,251,750
\n		\n	\n	\n
\n	\n
TOTAL INVESTMENTS 102.1%		\n	\n	\n		\n	\n
(cost $1,275,609,403)		\n	\n	\n			1,266,345,129
Liabilities in excess of other assets(z) (2.1)%		\n	\n	\n			(25,629,263	)
\n		\n	\n	\n
\n	\n
NET ASSETS 100.0%		\n	\n	\n		$	1,240,715,866
\n		\n	\n	\n

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

\n\n\n

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

\n\n\n

(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.

\n\n\n

(hh)	When-issued security.

\n\n\n

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

\n\n\n

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

\n\n\n

(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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

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.

\n\n\n

(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.

\n\n\n

(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

\n\n\n

\nthe 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.

\n\n\n

(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.

\n\n\n

(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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

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:

\n\n

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.

\n\n

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

)

$—

\n\n\n

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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n	\n
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

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n	\n
Tobacco Appropriated			3.4	%
Lease Backed Certificate of Participation			2.2
Unaffiliated Exchange-Traded Funds			2.1
Water & Sewer			1.9
\n
\n			102.1
Liabilities in excess of other assets			(2.1	)
\n
\n			100.0	%
\n

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

\n\n

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

\n\n\n

*	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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n	\n	\n\n	\n	\n	\n
Amount of Realized Gain (Loss) on Derivatives Recognized in Income
\n	\n
Derivatives not accounted for as hedging instruments, carried at fair value		Futures			Swaps
\n	\n
Credit contracts		$	—			$	(7,131	)
\n	\n
Interest rate contracts			1,434,517				—
\n
\n	\n
Total		$	1,434,517			$	(7,131	)
\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n	\n	\n\n	\n	\n	\n
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
\n	\n
Derivatives not accounted for as hedging instruments, carried at fair value		Futures			Swaps
\n	\n
Credit contracts		$	—			$	(372,940	)
\n	\n
Interest rate contracts			(49,861	)			—
\n
\n	\n
Total		$	(49,861	)		$	(372,940	)
\n

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

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n	\n	\n
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

\n\n\n

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

\n\n\n

(1)	Notional Amount in USD.

See Notes to Financial Statements.

Statement of Assets and Liabilities

as of August 31, 2026

\n\n	\n	\n	\n
Assets
\n
Investments at value:		\n	\n
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
\n
\n
Total Assets			1,282,359,182
\n
\n
Liabilities
\n
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
\n
\n
Total Liabilities			41,643,316
\n
\n
Net Assets		$	1,240,715,866
\n
\n

\n
Net assets were comprised of:		\n	\n
Common stock, at par		$	896,540
Paid-in capital in excess of par			1,290,539,730
Total distributable earnings (loss)			(50,720,404	)
\n
\n
Net assets, August 31, 2026		$	1,240,715,866
\n

See Notes to Financial Statements.

PGIM National Muni Fund 21

Statement of Assets and Liabilities

as of August 31, 2026

\n\n	\n	\n	\n	\n\n	\n	\n	\n
Class A
\n	\n
Net asset value and redemption price per share, ($511,477,605 ÷ 36,940,819 shares of common stock issued and outstanding)		$	13.85			\n	\n
Maximum sales charge (3.25% of offering price)			0.47			\n	\n
\n						\n	\n
\n	\n
Maximum offering price to public		$	14.32			\n	\n
\n						\n	\n
\n	\n
Class C
\n	\n
Net asset value, offering price and redemption price per share, ($6,549,464 ÷ 472,069 shares of common stock issued and outstanding)		$	13.87			\n	\n
\n						\n	\n
\n	\n
Class Z
\n	\n
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			\n	\n
\n						\n	\n
\n	\n
Class R6
\n	\n
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			\n	\n
\n						\n	\n

See Notes to Financial Statements.

Statement of Operations

Year Ended August 31, 2026

\n\n	\n	\n	\n
Net Investment Income (Loss)
\n
Income		\n	\n
Interest income		$	44,743,126
Affiliated dividend income			1,113,422
Unaffiliated dividend income			784,022
\n
Total income			46,640,570
\n
\n
Expenses		\n	\n
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
\n
Total expenses			5,969,882
Less: Fee waiver and/or expense reimbursement(a)			(491,893	)
Custodian fee credit			(1,390	)
\n
Net expenses			5,476,599
\n
Net investment income (loss)			41,163,971
\n
\n
Realized And Unrealized Gain (Loss) On Investments
\n
Net realized gain (loss) on:		\n	\n
Investment transactions			309,121
Futures transactions			1,434,517
Swap agreement transactions			(7,131	)
\n
\n			1,736,507
\n
Net change in unrealized appreciation (depreciation) on:		\n	\n
Investments			(907,879	)
Futures			(49,861	)
Swap agreements			(372,940	)
\n
\n			(1,330,680	)
\n
Net gain (loss) on investment transactions			405,827
\n
Net Increase (Decrease) In Net Assets Resulting From Operations		$	41,569,798
\n

\n\n\n

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

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
		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

\n\n

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

\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
	\n	\n	\n	\n
Class A Shares		\n	\n	\n		\n	\n	\n		\n	\n	\n		\n	\n	\n		\n	\n
		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	%

\n\n\n

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

\n\n\n

(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.

\n\n\n

(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)

\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
	\n	\n	\n	\n
Class C Shares		\n	\n	\n		\n	\n	\n		\n	\n	\n		\n	\n	\n		\n	\n
		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	%

\n\n\n

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

\n\n\n

(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.

\n\n\n

(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.

\n\n\n

(d)

\n\n\n

(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.

\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
	\n	\n	\n	\n
Class Z Shares		\n	\n	\n		\n	\n	\n		\n	\n	\n		\n	\n	\n		\n	\n
		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	%

\n\n\n

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

\n\n\n

(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.

\n\n\n

(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)

\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
	\n	\n	\n	\n
Class R6 Shares		\n	\n	\n		\n	\n	\n		\n	\n	\n		\n	\n	\n		\n	\n
		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	%

\n\n\n

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

\n\n\n

(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.

\n\n\n

(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

\n\n\n

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.

\n\n\n

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)

\ntrades. 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.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n	\n

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

\n\n\n

*	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.

\n\n\n

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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n	\n

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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n	\n

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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n	\n	\n\n	\n	\n	\n

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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n	\n	\n\n	\n	\n	\n

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”).

\n\n\n

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.

\n\n\n

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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n

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:

\n\n

Value,

Beginning

Year

Cost of

Purchases

Proceeds

from Sales

Change in

Unrealized

Gain

(Loss)

Realized

Gain

(Loss)

Value,

End

Year

Shares,

End

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

$—

\n\n\n

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

\n\n\n

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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n\n	\n	\n\n	\n	\n\n	\n
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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n\n	\n	\n\n	\n	\n\n	\n
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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n\n	\n
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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

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.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

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.

\n\n\n

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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n	\n

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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n\n	\n

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

Transactions in shares of common stock were as follows:

\n\n	\n	\n	\n	\n\n	\n	\n\n	\n	\n	\n

Share Class		Shares					Amount
\n	\n	\n
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
\n	\n	\n
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	)
\n	\n	\n
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	)
\n	\n	\n
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	)
\n	\n	\n
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
\n	\n	\n
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

\n\n	\n	\n	\n	\n\n	\n	\n\n	\n	\n	\n

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
\n	\n	\n
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
\n	\n	\n
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

\n\n\n

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.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n\n	\n

		Current SCA		Prior SCA
\n	\n
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
\n	\n
Annualized Commitment Fee on the Unused Portion of the SCA		0.15%		0.15%
\n	\n
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)

\n\n\n

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

\nthe 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.

\n\n\n

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.

\n\n\n

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

\n\n\n

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

\nresources 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.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

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

\n\n\n\n

•

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.

\n\n\n\n

•

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.

\n\n\n\n

•

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.

\n\n\n\n

•

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.

\n\n\n\n

•

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

\n\n\n

Item 12

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

\n\n\n

Item 13

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

\n\n\n

Item 14

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

\n\n\n

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.

\n\n\n

Item 16

– Controls and Procedures

\n\n\n\n

(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.

\n\n\n\n

(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

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

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

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n
Registrant:		Prudential National Muni Fund, Inc.
\n
By:		/s/ Andrew R. French
\n		Andrew R. French
\n		Secretary
\n
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.

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n
By:		/s/ Stuart S. Parker
\n		Stuart S. Parker
\n		President and Principal Executive Officer
\n
Date:		October 22, 2026
\n
By:		/s/ Christian J. Kelly
\n		Christian J. Kelly
\n		Chief Financial Officer (Principal Financial Officer)
\n
Date:		October 22, 2026

","zhKind","complete","PUK","公司与财报","财报","股息","aihot","/items/wcqryf6z29osovydhniurvz2h","https://www.sec.gov/Archives/edgar/data/314612/000119312526445274/0001193125-26-445274-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","kind","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1794873600&sig=187d1741eb567c1f","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1794873600&sig=bf6a936df2e54c4a 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1794873600&sig=732799f81e0d268a 96w","changelogVersion","2026-10-01T08:00"]