Entity Investment Company Type

Document Type

N-CSR

Amendment Flag

false

Registrant Name

Prudential National Muni Fund, Inc.

Entity Central Index Key

0000314612

N-1A

Document Period End Date

Aug. 31, 2024

PGIM National Muni Fund - Class A

PGIM National Muni Fund

Class A

PRNMX

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, 2023 to August 31, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM National Muni Fund—Class A	$63	0.61%

$ 63

0.61%

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

■

During the reporting period, the US Federal Reserve held policy rates steady. Meanwhile, municipal bond issuance picked up in the first half of

2024 due to deferred maintenance and stabilizing project costs amid slowing inflation, moderating economic data, and upcoming elections.

Despite downgraded outlooks for California and Maryland, strong fundamentals (e.g., healthy tax collections, robust rainy-day funds, and

upgrades that outpaced downgrades) provided a positive backdrop for demand, and spreads tightened.

■

The following contributed most to the Fund’s performance relative to the Index during the reporting period: a significant overweight to the long

end of the yield curve (despite front-end rates rallying more than long-end rates and the portfolio’s yield curve flattener positioning), and an

overweight to housing bonds, driven by an overweight to Low Income Housing Tax Credit multifamily deals. (A yield curve is a line graph that

illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities

for the same type of bonds. A yield curve flattener is an interest rate environment in which long-term rates are decreasing more quickly than

short-term rates.)

■

The following detracted most from the Fund’s performance relative to the Index during the reporting period: duration positioning as municipal

bond rates rallied, overweight positioning in dedicated tax deals driven by Illinois’ Metropolitan Pier and Expo Authority (MPEA), and an

overweight position within transportation-airports. (Duration measures the sensitivity of the price—the value of principal—of a bond to a

change in interest rates.)

■

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used

futures to help manage duration positioning and yield curve exposure. The Fund’s positions in futures contributed modestly to performance

during the reporting period.

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

Average Annual Total Returns as of 8/31/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class A with sales charges	2.21%	0.04%	1.76%
Class A without sales charges	5.65%	0.70%	2.10%
Bloomberg 1-15 Year Municipal Index	5.17%	1.13%	2.16%
Broad-Based Securities Market Index: Bloomberg Municipal Bond Index*	6.09%	1.02%	2.43%

*The Fund has added this broad-based index in response to new regulatory requirements.

Updated Performance Information Location [Text Block]

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/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 1,064,872,787

491

$ 2,500,585

84.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 1,064,872,787
Number of fund holdings	491
Total advisory fees paid for the year	$ 2,500,585
Portfolio turnover rate for the year	84%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Credit Quality expressed as a percentage of total investments as of 8/31/2024 (%)
AAA	11.5
AA	43.3
A	34.1
BBB	6.3
BB	0.2
Not Rated	4.4
Cash/Cash Equivalents	0.2
Total	100.0

(800) 225-1852 or (973) 367-3529

PGIM National Muni Fund - Class C

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

PGIM National Muni Fund

Class C

PNMCX

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, 2023 to August 31, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM National Muni Fund—Class C	$157	1.53%

$ 157

1.53%

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

■

During the reporting period, the US Federal Reserve held policy rates steady. Meanwhile, municipal bond issuance picked up in the first half of

2024 due to deferred maintenance and stabilizing project costs amid slowing inflation, moderating economic data, and upcoming elections.

Despite downgraded outlooks for California and Maryland, strong fundamentals (e.g., healthy tax collections, robust rainy-day funds, and

upgrades that outpaced downgrades) provided a positive backdrop for demand, and spreads tightened.

■

The following contributed most to the Fund’s performance relative to the Index during the reporting period: a significant overweight to the long

end of the yield curve (despite front-end rates rallying more than long-end rates and the portfolio’s yield curve flattener positioning), and an

overweight to housing bonds, driven by an overweight to Low Income Housing Tax Credit multifamily deals. (A yield curve is a line graph that

illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities

for the same type of bonds. A yield curve flattener is an interest rate environment in which long-term rates are decreasing more quickly than

short-term rates.)

■

The following detracted most from the Fund’s performance relative to the Index during the reporting period: duration positioning as municipal

bond rates rallied, overweight positioning in dedicated tax deals driven by Illinois’ Metropolitan Pier and Expo Authority (MPEA), and an

overweight position within transportation-airports. (Duration measures the sensitivity of the price—the value of principal—of a bond to a

change in interest rates.)

■

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used

futures to help manage duration positioning and yield curve exposure. The Fund’s positions in futures contributed modestly to performance

during the reporting period.

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

Average Annual Total Returns as of 8/31/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class C with sales charges	3.68%	-0.16%	1.26%
Class C without sales charges	4.68%	-0.16%	1.26%
Bloomberg 1-15 Year Municipal Index	5.17%	1.13%	2.16%
Broad-Based Securities Market Index: Bloomberg Municipal Bond Index*	6.09%	1.02%	2.43%

*The Fund has added this broad-based index in response to new regulatory

requirements

Updated Performance Information Location [Text Block]

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/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 1,064,872,787

491

$ 2,500,585

84.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 1,064,872,787
Number of fund holdings	491
Total advisory fees paid for the year	$ 2,500,585
Portfolio turnover rate for the year	84%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Credit Quality expressed as a percentage of total investments as of 8/31/2024 (%)
AAA	11.5
AA	43.3
A	34.1
BBB	6.3
BB	0.2
Not Rated	4.4
Cash/Cash Equivalents	0.2
Total	100.0

(800) 225-1852 or (973) 367-3529

PGIM National Muni Fund - Class Z

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

PGIM National Muni Fund

Class Z

DNMZX

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, 2023 to August 31, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM National Muni Fund—Class Z	$37	0.36%

$ 37

0.36%

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

■

During the reporting period, the US Federal Reserve held policy rates steady. Meanwhile, municipal bond issuance picked up in the first half of

2024 due to deferred maintenance and stabilizing project costs amid slowing inflation, moderating economic data, and upcoming elections.

Despite downgraded outlooks for California and Maryland, strong fundamentals (e.g., healthy tax collections, robust rainy-day funds, and

upgrades that outpaced downgrades) provided a positive backdrop for demand, and spreads tightened.

■

The following contributed most to the Fund’s performance relative to the Index during the reporting period: a significant overweight to the long

end of the yield curve (despite front-end rates rallying more than long-end rates and the portfolio’s yield curve flattener positioning), and an

overweight to housing bonds, driven by an overweight to Low Income Housing Tax Credit multifamily deals. (A yield curve is a line graph that

illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities

for the same type of bonds. A yield curve flattener is an interest rate environment in which long-term rates are decreasing more quickly than

short-term rates.)

■

The following detracted most from the Fund’s performance relative to the Index during the reporting period: duration positioning as municipal

bond rates rallied, overweight positioning in dedicated tax deals driven by Illinois’ Metropolitan Pier and Expo Authority (MPEA), and an

overweight position within transportation-airports. (Duration measures the sensitivity of the price—the value of principal—of a bond to a

change in interest rates.)

■

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used

futures to help manage duration positioning and yield curve exposure. The Fund’s positions in futures contributed modestly to performance

during the reporting period.

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

Average Annual Total Returns as of 8/31/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class Z	5.99%	0.97%	2.35%
Bloomberg 1-15 Year Municipal Index	5.17%	1.13%	2.16%
Broad-Based Securities Market Index: Bloomberg Municipal Bond Index*	6.09%	1.02%	2.43%

*The Fund has added this broad-based index in response to new regulatory

requirements

Updated Performance Information Location [Text Block]

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/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 1,064,872,787

491

$ 2,500,585

84.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 1,064,872,787
Number of fund holdings	491
Total advisory fees paid for the year	$ 2,500,585
Portfolio turnover rate for the year	84%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Credit Quality expressed as a percentage of total investments as of 8/31/2024 (%)
AAA	11.5
AA	43.3
A	34.1
BBB	6.3
BB	0.2
Not Rated	4.4
Cash/Cash Equivalents	0.2
Total	100.0

(800) 225-1852 or (973) 367-3529

PGIM National Muni Fund - Class R6

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

PGIM National Muni Fund

Class R6

PNMQX

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, 2023 to August 31, 2024.

annual shareholder report

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

(800) 225-1852 or (973) 367-3529

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM National Muni Fund—Class R6	$30	0.29%

$ 30

0.29%

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

■

During the reporting period, the US Federal Reserve held policy rates steady. Meanwhile, municipal bond issuance picked up in the first half of

2024 due to deferred maintenance and stabilizing project costs amid slowing inflation, moderating economic data, and upcoming elections.

Despite downgraded outlooks for California and Maryland, strong fundamentals (e.g., healthy tax collections, robust rainy-day funds, and

upgrades that outpaced downgrades) provided a positive backdrop for demand, and spreads tightened.

■

The following contributed most to the Fund’s performance relative to the Index during the reporting period: a significant overweight to the long

end of the yield curve (despite front-end rates rallying more than long-end rates and the portfolio’s yield curve flattener positioning), and an

overweight to housing bonds, driven by an overweight to Low Income Housing Tax Credit multifamily deals. (A yield curve is a line graph that

illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities

for the same type of bonds. A yield curve flattener is an interest rate environment in which long-term rates are decreasing more quickly than

short-term rates.)

■

The following detracted most from the Fund’s performance relative to the Index during the reporting period: duration positioning as municipal

bond rates rallied, overweight positioning in dedicated tax deals driven by Illinois’ Metropolitan Pier and Expo Authority (MPEA), and an

overweight position within transportation-airports. (Duration measures the sensitivity of the price—the value of principal—of a bond to a

change in interest rates.)

■

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used

futures to help manage duration positioning and yield curve exposure. The Fund’s positions in futures contributed modestly to performance

during the reporting period.

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

Performance Inception Date

Average Annual Total Returns as of 8/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	5.99%	1.03%	2.17% (12/4/2017)
Bloomberg 1-15 Year Municipal Index	5.17%	1.13%	2.13%
Broad-Based Securities Market Index: Bloomberg Municipal Bond Index*	6.09%	1.02%	2.21%

*The Fund has added this broad-based index in response to new regulatory requirements.

Dec. 04, 2017

Updated Performance Information Location [Text Block]

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/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

$ 1,064,872,787

491

$ 2,500,585

84.00%

WHAT ARE SOME KEY FUND STATISTICS AS OF 8/31/2024?

Fund’s net assets	$ 1,064,872,787
Number of fund holdings	491
Total advisory fees paid for the year	$ 2,500,585
Portfolio turnover rate for the year	84%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 8/31/2024?

Credit Quality expressed as a percentage of total investments as of 8/31/2024 (%)
AAA	11.5
AA	43.3
A	34.1
BBB	6.3
BB	0.2
Not Rated	4.4
Cash/Cash Equivalents	0.2
Total	100.0

(800) 225-1852 or (973) 367-3529