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Prudential Municipal Series Fund
(Hawaii Income Series)
Supplement dated February 24, 1997
to Prospectus dated November 1, 1996
The Trustees of Prudential Municipal Series Fund (the Fund) have recently
approved a proposal to exchange the assets and liabilities of the Hawaii Income
Series (the Series) of the Fund for shares of Prudential National Municipals
Fund, Inc. (National Municipals Fund). Class A, Class B and Class C shares of
the Seies would be exchanged at net asset value for Class A shares
of National Municipals Fund.
The transfer has been approved by the Trustees of the Fund and by the Board
of Directors of National Municipals Fund and is subject to approval by the
shareholders of the Series. It is anticipated that a proxy statement/prospectus
relating to the transaction will be mailed to the Series' shareholders in or
about late April 1997.
Under the terms of the proposal, shareholders of the Series of the Fund
would become shareholders of National Municipals Fund. No sales charges would be
imposed on the proposed transfer. The Fund anticipates obtaining an opinion of
its counsel that no gain or loss for federal income tax purposes would be
recognized by shareholders of the Series as a result of the proposed
transaction.
Effective immediately, the Fund will no longer accept orders to purchase or
exchange into shares of the Series. Existing shareholders may continue to
acquire shares through dividend reinvestment. The current exchange privilege of
obtaining shares of other Prudential Mutual Funds and the current redemption
privilege will remain in effect until the transaction is consummated.
National Municipals Fund's investment objective is to seek a high level of
current income exempt from federal income taxes.
MF165A-1
