Notes to Financial Statements (Unaudited)
Prudential National Municipals Fund, Inc. (the 'Fund') is registered under the Investment Company Act of 1940
as a diversified, open-end management investment company. The investment objective of the Fund is to seek a
high level of current income exempt from federal income taxes by investing substantially all of its total assets in
carefully selected long-term municipal bonds of medium quality. The ability of the issuers of debt securities held
by the Fund to meet their obligations may be affected by economic or political developments in a specific state,
industry or region.