Prudential Municipal Bond Fund
Report of Independent Accountants
To the Shareholders and Trustees of
Prudential Municipal Bond Fund
In our opinion, the accompanying statements of
assets and liabilities, including the
portfolios of investments, and the related
statements of operations and of changes in
net assets and the financial highlights present
fairly, in all material respects, the
financial position of High Income Series and
Insured Series (constituting Prudential
Municipal Bond Fund, hereafter referred to as the
``Fund'') at April 30, 2000, the
results of each of their operations for the year
then ended, the changes in each of
their net assets for each of the two years in the
period then ended and the financial
highlights for each of the four years in the
period then ended, in conformity with
accounting principles generally accepted in the
United States. These financial
statements and financial highlights (hereafter
referred to as ``financial statements'')
are the responsibility of the Fund's management;
our responsibility is to express an
opinion on these financial statements based on our
audits. We conducted our audits
of these financial statements in accordance with
auditing standards generally
accepted in the United States, which require that
we plan and perform the audit to
obtain reasonable assurance about whether the
financial statements are free of
material misstatement. An audit includes
examining, on a test basis, evidence
supporting the amounts and disclosures in the
financial statements, assessing the
accounting principles used and significant
estimates made by management, and
evaluating the overall financial statement
presentation. We believe that our audits,
which included confirmation of securities at April
30, 2000 by correspondence with
the custodian and brokers, provide a reasonable
basis for the opinion expressed
above. The accompanying financial highlights for
the year ended April 30, 1996 were
audited by other independent accountants, whose
opinion dated June 13, 1996 was
unqualified.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York
June 21, 2000
