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PRUDENTIAL MUNICIPAL SERIES FUND/MARYLAND AND MICHIGAN SERIES
PRUDENTIAL MUNICIPAL BOND FUND/INTERMEDIATE SERIES



October  , 1998

Dear Shareholder:

You may be aware that the Trustees of Prudential Municipal Series Fund/Maryland
Series and Michigan Series and the Trustees of Prudential Municipal Bond
Fund/Intermediate Series have recently approved a proposal to exchange the
assets and liabilities of your Series for shares of Prudential National
Municipals Fund. The enclosed proxy materials describe this proposal in detail.
If the proposal is approved by the shareholders and implemented, you will
automatically receive shares of Prudential National Municipals Fund in exchange
for your share of each Series.

THE TRUSTEES AND I STRONGLY RECOMMEND THAT YOU VOTE FOR THE PROPOSAL. WE BELIEVE
THAT THIS TRANSACTION SERVES YOUR INTERESTS IN THE FOLLOWING WAYS:


SIMILAR STRATEGIES--GREATER FLEXIBILITY

     The Funds' investment objectives and strategies, while not identical, are
     similar. Each invests primarily in investment grade, tax-exempt municipal
     bonds. While Maryland and Michigan Series seek to provide income exempt
     from federal and Maryland and Michigan state income taxes, respectively,
     Prudential National Municipals Fund seeks income exempt from only federal
     income taxes. Increasingly, single state series have had difficulty finding
     attractive issues due to a shrinking municipal bond supply--making
     portfolio diversification a challenge. In contrast, Prudential National
     Municipals Fund is nationally diversified, enabling it to invest in a wider
     range of municipal bond investment opportunities.


EXPENSE LEVELS


     The Series have relatively few assets and have not been able to attract new
     assets. They operated with relatively high expense ratios before voluntary
     management fee waivers, which were discontinued by the Manager as of
     September 1, 1997.


POTENTIAL FOR HIGHER INCOME GENERALLY EXEMPT INCOME TAXES

     The municipal obligations held by National Municipals Fund have
     historically had a higher gross yield than the obligations in the Series'
     portfolios and National Municipals Fund has lower expense ratios than the
     Series due to its appreciably larger size.


PRUDENTIAL NATIONAL MUNICIPALS FUND'S investment objective is to seek a high
level of current income exempt from federal income taxes by investing in a
broadly diversified portfolio of municipal bonds issued from across the country.
Portfolio manager Peter Allegrini has over 19 years of investment experience.

PLEASE READ THE ENCLOSED MATERIALS CAREFULLY FOR MORE COMPLETE INFORMATION. Your
vote is important, no matter how many shares you own. Voting your shares early
may permit your Series to avoid costly follow-up mail and telephone
solicitation. After you have reviewed the enclosed materials, please complete,
date and sign your proxy card and mail it in the enclosed postage-paid return
envelope today.


SAVE TIME AND POSTAGE COSTS. Help us save time and postage costs (savings that
we can pass on to you) by voting through the internet or via a touch tone phone.
Each method is generally available 24 hours per day. If you are voting via these
methods, you do not need to return your proxy card.


TO VOTE BY INTERNET, FOLLOW THESE INSTRUCTIONS:


     Read your proxy statement and have your proxy card available.

      Go to website www.proxyvote.com

      Enter your 12 digit control number found on your proxy card.

      Follow the simple instructions found at the website.


TO VOTE BY TELEPHONE, FOLLOW THESE INSTRUCTIONS:

     Read your proxy statement and have your proxy card available.

      Call the toll free number shown on your proxy card.

      Enter your 12 digit control number found on your proxy card.

      Follow the simple recorded instructions


SHAREHOLDERS ON SYSTEMATIC ACCUMULATION PLANS SHOULD CONTACT THEIR FINANCIAL
ADVISOR OR CALL PRUDENTIAL MUTUAL FUNDS CUSTOMER SERVICE DIVISION
(1-800-225-1852) TO CHANGE THEIR OPTIONS. IF NO CHANGE IS MADE BY NOV 20, 1998,
FUTURE PURCHASES WILL BE MADE IN SHARES OF PRUDENTIAL NATIONAL MUNICIPALS FUND.
SHAREHOLDERS WITH CERTIFICATES OUTSTANDING SHOULD CONTACT THEIR FINANCIAL
ADVISOR OR CALL PRUDENTIAL MUTUAL FUNDS CUSTOMER SERVICE DIVISION
(1-800-225-1852) TO DEPOSIT THEIR CERTIFICATES.


We value your investment and thank you for the confidence you have placed in
Prudential Mutual Funds.


Sincerely,

Brian M. Storms

PRESIDENT, PRUDENTIAL MUTUAL FUNDS AND ANNUITIES

Prudential Municipal Series Fund and Prudential Municipal Bond Fund, Gateway
Center Three, 100 Mulberry Street, Newark, New Jersey 09102-4077