0001193125-23-117666.txt : 20230426 0001193125-23-117666.hdr.sgml : 20230426 20230426114501 ACCESSION NUMBER: 0001193125-23-117666 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20230228 FILED AS OF DATE: 20230426 DATE AS OF CHANGE: 20230426 EFFECTIVENESS DATE: 20230426 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRUDENTIAL JENNISON MID-CAP GROWTH FUND, INC. CENTRAL INDEX KEY: 0001022624 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07811 FILM NUMBER: 23848059 BUSINESS ADDRESS: STREET 1: 655 BROAD STREET STREET 2: 17TH FLOOR CITY: NEWARK STATE: NJ ZIP: 07102 BUSINESS PHONE: (973) 367-8982 MAIL ADDRESS: STREET 1: 655 BROAD STREET STREET 2: 17TH FLOOR CITY: NEWARK STATE: NJ ZIP: 07102 FORMER COMPANY: FORMER CONFORMED NAME: JENNISON MID-CAP GROWTH FUND, INC. DATE OF NAME CHANGE: 20070418 FORMER COMPANY: FORMER CONFORMED NAME: JENNISON US EMERGING GROWTH FUND INC DATE OF NAME CHANGE: 20030716 FORMER COMPANY: FORMER CONFORMED NAME: PRUDENTIAL US EMERGING GROWTH FUND INC DATE OF NAME CHANGE: 20000925 0001022624 S000004657 PGIM JENNISON MID-CAP GROWTH FUND C000012673 Class R JDERX C000012674 Class A PEEAX C000012676 Class C PEGCX C000012677 Class Z PEGZX C000096302 Class R6 PJGQX C000196868 Class R2 PEGEX C000196869 Class R4 PEGGX N-CSRS 1 d422785dncsrs.htm PRUDENTIAL JENNISON MID-CAP GROWTH FUND, INC. Prudential Jennison Mid-Cap Growth Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number:   811-07811
Exact name of registrant as specified in charter:   Prudential Jennison Mid-Cap Growth Fund, Inc.
Address of principal executive offices:  

655 Broad Street, 6th Floor

Newark, New Jersey 07102

Name and address of agent for service:  

Andrew R. French

655 Broad Street, 6th Floor

Newark, New Jersey 07102

Registrant’s telephone number, including area code:   800-225-1852
Date of fiscal year end:   8/31/2023
Date of reporting period:   2/28/2023


Item 1 – Reports to Stockholders


LOGO

PGIM JENNISON MID-CAP GROWTH FUND

 

 

SEMIANNUAL REPORT

FEBRUARY 28, 2023

 

LOGO

To enroll in e-delivery, go to pgim.com/investments/resource/edelivery


Table of Contents

 

Letter from the President

     3  

Your Fund’s Performance

     4  

Fees and Expenses

     7  

Holdings and Financial Statements

     9      

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The information about the Fund’s portfolio holdings is for the period covered by this report and is subject to change thereafter.

The accompanying financial statements as of February 28, 2023 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. © 2023 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

 

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Letter from the President

 

 

LOGO   

Dear Shareholder:

 

We hope you find the semiannual report for the PGIM Jennison Mid-Cap Growth Fund informative and useful. The report covers performance for the six-month period ended February 28, 2023.

 

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 11th-largest investment manager with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

 

LOGO

Stuart S. Parker, President

PGIM Jennison Mid-Cap Growth Fund

April 14, 2023

 

PGIM Jennison Mid-Cap Growth Fund    3


Your Fund’s Performance

 

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments or by calling (800) 225-1852.

 

    Total Returns as of 2/28/23
(without sales charges)
 

Average Annual Total Returns as of 2/28/23

(with sales charges)

    Six Months* (%)   One Year (%)   Five Years (%)   Ten Years (%)   Since Inception (%) 

Class A

  4.22   -13.90   8.35   9.36  

Class C

  3.83   -10.59   8.77   9.19  

Class R

  4.11   -9.06   9.36   9.76  

Class Z

  4.51   -8.54   9.94   10.33  

Class R2

  4.31   -8.87   9.57   N/A   9.37 (12/27/2017)

Class R4

  4.43   -8.67   9.83   N/A   9.63 (12/27/2017)

Class R6

  4.55   -8.48   10.09   10.50  

Russell Midcap Growth Index

       
  5.31   -8.31   8.74   11.45  

Russell Midcap Index

       
    4.69   -4.99   8.40   10.68  

 

                                                     Average Annual Total Returns as of 2/28/23 Since Inception (%)     
     Class R2, Class R4 
     (12/27/2017)

Russell Midcap Growth Index

   8.93

Russell Midcap Index

   8.01

*Not annualized

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to the class’s inception date.

The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The average annual total returns take into account applicable sales charges, which are described for each share class in the table below.

 

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    Class A   Class C   Class R   Class Z   Class R2   Class R4   Class R6 
               
Maximum initial sales charge   5.50% of the public offering price   None   None   None   None   None   None
               
Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)   1.00% on sales of $1 million or more made within 12 months of purchase   1.00% on sales made within 12 months of purchase   None   None   None   None   None
               
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)   0.30%   1.00%   0.75% (0.50% currently)   None   0.25%   None   None
               
Shareholder service fee*   None   None   None   None   0.10%   0.10%   None

*Shareholder service fee reflects maximum allowable fees under a shareholder services plan.

Benchmark Definitions

Russell Midcap Growth Index—The Russell Midcap Growth Index is an unmanaged index which is a market value-weighted index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values.

Russell Midcap Index—The Russell Midcap Index is an unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index.

Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

 

PGIM Jennison Mid-Cap Growth Fund    5


Your Fund’s Performance (continued)

 

Presentation of Fund Holdings as of 2/28/23

 

  Ten Largest Holdings    Line of Business    % of Net Assets  

Performance Food Group Co.

   Food & Staples Retailing    2.8%

HEICO Corp.

   Aerospace & Defense    2.6%

Teledyne Technologies, Inc.

   Electronic Equipment, Instruments & Components    2.3%

WEX, Inc.

   IT Services    2.2%

Quanta Services, Inc.

   Construction & Engineering    2.0%

Trade Desk, Inc. (The) (Class A Stock)

   Media    2.0%

HubSpot, Inc.

   Software    2.0%

GFL Environmental, Inc. (Canada)

   Commercial Services & Supplies    2.0%

Hilton Worldwide Holdings, Inc.

   Hotels, Restaurants & Leisure    1.9%

Palo Alto Networks, Inc.

   Software    1.9%

Holdings reflect only long-term investments and are subject to change.

 

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Fees and Expenses

 

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 held through the six-month period ended February 28, 2023. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

The first line for each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of PGIM funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information

 

PGIM Jennison Mid-Cap Growth Fund    7


Fees and Expenses (continued)

 

provided in the expense table. Additional fees have the effect of reducing investment returns.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

       

PGIM Jennison Mid-Cap

Growth Fund

 

    Beginning    

    Account Value    

    September 1, 2022    

 

Ending

Account Value

      February 28, 2023      

 

Annualized

Expense

Ratio Based on

the

    Six-Month Period    

 

    Expenses Paid    

During the

Six-Month

Period*

       

  Class A

 

    Actual

  $1,000.00   $1,042.20   1.08%   $  5.47
       
 

    Hypothetical

  $1,000.00   $1,019.44   1.08%   $  5.41
       

  Class C

 

    Actual

  $1,000.00   $1,038.30   2.02%   $10.21
       
 

    Hypothetical

  $1,000.00   $1,014.78   2.02%   $10.09
       

  Class R

 

    Actual

  $1,000.00   $1,041.10   1.29%   $  6.53
       
 

    Hypothetical

  $1,000.00   $1,018.40   1.29%   $  6.46
       

  Class Z

 

    Actual

  $1,000.00   $1,045.10   0.74%   $  3.75
       
 

    Hypothetical

  $1,000.00   $1,021.12   0.74%   $  3.71
       

  Class R2

 

    Actual

  $1,000.00   $1,043.10   1.08%   $  5.47
       
 

    Hypothetical

  $1,000.00   $1,019.44   1.08%   $  5.41
       

  Class R4

 

    Actual

  $1,000.00   $1,044.30   0.83%   $  4.21
       
 

    Hypothetical

  $1,000.00   $1,020.68   0.83%   $  4.16
       

  Class R6

 

    Actual

  $1,000.00   $1,045.50   0.61%   $  3.09
       
 

    Hypothetical

  $1,000.00   $1,021.77   0.61%   $  3.06
                     

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended February 28, 2023, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

 

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Schedule of Investments  (unaudited)

as of February 28, 2023

 

  Description    Shares                Value            

LONG-TERM INVESTMENTS     97.3%

     

COMMON STOCKS

     

Aerospace & Defense     2.6%

                 

HEICO Corp.(a)

     321,478      $ 53,227,113  

Auto Components     1.6%

                 

Aptiv PLC*

     273,355        31,785,719  

Biotechnology     3.9%

                 

Argenx SE (Netherlands), ADR*

     77,142        28,235,515  

Exact Sciences Corp.*

     333,541        20,789,610  

Horizon Therapeutics PLC*

     134,189        14,692,354  

Seagen, Inc.*(a)

     92,195        16,566,520  
     

 

 

 
        80,283,999  

Building Products     0.6%

                 

Zurn Elkay Water Solutions Corp.

     545,174        12,539,002  

Commercial Services & Supplies     2.0%

                 

GFL Environmental, Inc. (Canada)(a)

     1,316,819        39,991,793  

Communications Equipment    1.7%

                 

Arista Networks, Inc.*

     254,225        35,261,008  

Construction & Engineering     3.6%

                 

Quanta Services, Inc.

     258,761        41,764,025  

WillScot Mobile Mini Holdings Corp.*

     606,879        31,193,581  
     

 

 

 
        72,957,606  

Construction Materials     1.7%

                 

Martin Marietta Materials, Inc.

     95,128        34,233,713  

Diversified Financial Services     1.5%

                 

Apollo Global Management, Inc.(a)

     439,587        31,166,718  

Electrical Equipment     1.4%

                 

AMETEK, Inc.

     197,729        27,990,517  

Electronic Equipment, Instruments & Components     4.9%

                 

Amphenol Corp. (Class A Stock)

     377,090        29,232,017  

Cognex Corp.

     86,858        4,118,806  

 

See Notes to Financial Statements.

PGIM Jennison Mid-Cap Growth Fund    9


Schedule of Investments  (unaudited)  (continued)

as of February 28, 2023

 

  Description    Shares                Value            

COMMON STOCKS (Continued)

     

Electronic Equipment, Instruments & Components (cont’d.)

                 

Littelfuse, Inc.

     80,428      $ 20,809,137  

Teledyne Technologies, Inc.*

     107,947        46,424,766  
     

 

 

 
        100,584,726  

Energy Equipment & Services     1.1%

                 

Halliburton Co.(a)

     636,629        23,065,069  

Entertainment     0.8%

                 

Take-Two Interactive Software, Inc.*

     143,962        15,771,037  

Food & Staples Retailing     2.8%

                 

Performance Food Group Co.*

     1,011,149        57,220,922  

Food Products     1.0%

                 

Freshpet, Inc.*(a)

     333,154        20,715,516  

Health Care Equipment & Supplies     6.9%

                 

Cooper Cos., Inc. (The)

     82,810        27,076,386  

Dexcom, Inc.*

     344,960        38,294,010  

Envista Holdings Corp.*(a)

     595,493        23,021,759  

Insulet Corp.*(a)

     111,045        30,688,396  

STERIS PLC(a)

     111,506        20,966,473  
     

 

 

 
        140,047,024  

Health Care Providers & Services     2.6%

                 

Molina Healthcare, Inc.*

     99,010        27,260,423  

Progyny, Inc.*

     703,062        26,407,009  
     

 

 

 
        53,667,432  

Hotels, Restaurants & Leisure     4.5%

                 

Churchill Downs, Inc.

     48,998        12,042,728  

Expedia Group, Inc.*(a)

     162,426        17,699,561  

Hilton Worldwide Holdings, Inc.

     274,657        39,690,683  

Texas Roadhouse, Inc.(a)

     224,514        22,797,152  
     

 

 

 
        92,230,124  

Household Durables     1.2%

                 

Lennar Corp. (Class A Stock)(a)

     262,766        25,419,983  

 

See Notes to Financial Statements.

 

10


    

 

    

 

  Description    Shares                Value            

COMMON STOCKS (Continued)

     

Insurance    2.8%

                 

Markel Corp.*

     13,445      $ 17,879,968  

RenaissanceRe Holdings Ltd. (Bermuda)

     102,900        22,113,210  

Ryan Specialty Holdings, Inc.*(a)

     394,839        16,630,618  
     

 

 

 
        56,623,796  

Interactive Media & Services    1.6%

                 

Pinterest, Inc. (Class A Stock)*

     1,276,368        32,049,601  

Internet & Direct Marketing Retail    1.7%

                 

Etsy, Inc.*(a)

     287,699        34,929,536  

IT Services    6.2%

                 

Gartner, Inc.*

     88,679        29,069,863  

Jack Henry & Associates, Inc.

     100,752        16,547,508  

Shift4 Payments, Inc. (Class A Stock)*(a)

     572,429        36,921,671  

WEX, Inc.*

     232,125        44,756,021  
     

 

 

 
        127,295,063  

Life Sciences Tools & Services    4.0%

                 

Agilent Technologies, Inc.

     243,762        34,606,891  

Avantor, Inc.*

     518,958        12,647,006  

IQVIA Holdings, Inc.*

     164,195        34,229,732  
     

 

 

 
        81,483,629  

Machinery    0.3%

                 

Nordson Corp.

     27,866        6,120,488  

Media    2.0%

                 

Trade Desk, Inc. (The) (Class A Stock)*

     726,503        40,655,108  

Oil, Gas & Consumable Fuels    2.4%

                 

Cheniere Energy, Inc.

     122,848        19,328,904  

Hess Corp.(a)

     221,310        29,810,457  
     

 

 

 
        49,139,361  

Pharmaceuticals    1.1%

                 

Jazz Pharmaceuticals PLC*

     162,114        22,760,806  

 

See Notes to Financial Statements.

PGIM Jennison Mid-Cap Growth Fund    11


Schedule of Investments  (unaudited)  (continued)

as of February 28, 2023

 

  Description    Shares                Value            

COMMON STOCKS (Continued)

     

Professional Services    3.2%

                 

CoStar Group, Inc.*

     515,944      $ 36,456,603  

KBR, Inc.

     528,703        29,136,822  
     

 

 

 
        65,593,425  

Real Estate Management & Development    1.7%

                 

CBRE Group, Inc. (Class A Stock)*

     408,717        34,798,165  

Road & Rail    1.4%

                 

J.B. Hunt Transport Services, Inc.

     161,880        29,266,285  

Semiconductors & Semiconductor Equipment    6.0%

                 

Enphase Energy, Inc.*

     167,097        35,178,932  

Marvell Technology, Inc.

     756,214        34,143,062  

ON Semiconductor Corp.*(a)

     304,030        23,534,962  

Universal Display Corp.

     218,853        29,731,180  
     

 

 

 
        122,588,136  

Software    10.7%

                 

Crowdstrike Holdings, Inc. (Class A Stock)*

     232,269        28,032,546  

Datadog, Inc. (Class A Stock)*(a)

     384,663        29,434,413  

Five9, Inc.*

     291,490        19,238,340  

HubSpot, Inc.*(a)

     103,576        40,069,411  

Palo Alto Networks, Inc.*(a)

     204,185        38,462,328  

Paycom Software, Inc.*

     124,011        35,846,620  

Paycor HCM, Inc.*(a)

     1,122,160        27,795,903  
     

 

 

 
        218,879,561  

Specialty Retail    4.3%

                 

Burlington Stores, Inc.*

     123,620        26,485,585  

O’Reilly Automotive, Inc.*

     41,638        34,563,704  

Tractor Supply Co.(a)

     116,916        27,271,826  
     

 

 

 
        88,321,115  

Textiles, Apparel & Luxury Goods    1.5%

                 

On Holding AG (Switzerland) (Class A Stock)*(a)

     1,364,851        29,849,291  
     

 

 

 

TOTAL LONG-TERM INVESTMENTS
(cost $1,617,217,705)

        1,988,512,387  
     

 

 

 

 

See Notes to Financial Statements.

 

12


    

 

    

 

  Description    Shares                Value            

SHORT-TERM INVESTMENTS    18.9%

     

AFFILIATED MUTUAL FUND    16.2%

     

PGIM Institutional Money Market Fund

     

(cost $331,962,439; includes $ 330,662,730 of cash collateral for securities on loan)(b)(we)

     332,335,912      $ 332,236,212  
     

 

 

 

UNAFFILIATED FUND    2.7%

     

Dreyfus Government Cash Management (Institutional Shares)
(cost $55,035,239)

     55,035,239        55,035,239  
     

 

 

 

TOTAL SHORT-TERM INVESTMENTS
(cost $386,997,678)

        387,271,451  
     

 

 

 

TOTAL INVESTMENTS 116.2%
(cost $2,004,215,383)

        2,375,783,838  

Liabilities in excess of other assets    (16.2)%

        (331,553,259
     

 

 

 

NET ASSETS    100.0%

      $ 2,044,230,579  
     

 

 

 

 

 

Below is a list of the abbreviation(s) used in the semiannual report:

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

SOFR—Secured Overnight Financing Rate

 

*

Non-income producing security.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $322,523,328; cash collateral of $330,662,730 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)

Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(we)

PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

 

See Notes to Financial Statements.

PGIM Jennison Mid-Cap Growth Fund    13


Schedule of Investments  (unaudited)  (continued)

as of February 28, 2023

 

The following is a summary of the inputs used as of February 28, 2023 in valuing such portfolio securities:

 

     Level 1    

Level 2

   

Level 3

 

Investments in Securities

                

Assets

                

Long-Term Investments

                

Common Stocks

                

Aerospace & Defense

   $ 53,227,113        $          $    

Auto Components

     31,785,719                        

Biotechnology

     80,283,999                        

Building Products

     12,539,002                        

Commercial Services & Supplies

     39,991,793                        

Communications Equipment

     35,261,008                        

Construction & Engineering

     72,957,606                        

Construction Materials

     34,233,713                        

Diversified Financial Services

     31,166,718                        

Electrical Equipment

     27,990,517                        

Electronic Equipment, Instruments & Components

     100,584,726                        

Energy Equipment & Services

     23,065,069                        

Entertainment

     15,771,037                        

Food & Staples Retailing

     57,220,922                        

Food Products

     20,715,516                        

Health Care Equipment & Supplies

     140,047,024                        

Health Care Providers & Services

     53,667,432                        

Hotels, Restaurants & Leisure

     92,230,124                        

Household Durables

     25,419,983                        

Insurance

     56,623,796                        

Interactive Media & Services

     32,049,601                        

Internet & Direct Marketing Retail

     34,929,536                        

IT Services

     127,295,063                        

Life Sciences Tools & Services

     81,483,629                        

Machinery

     6,120,488                        

Media

     40,655,108                        

Oil, Gas & Consumable Fuels

     49,139,361                        

Pharmaceuticals

     22,760,806                        

Professional Services

     65,593,425                        

Real Estate Management & Development

     34,798,165                        

Road & Rail

     29,266,285                        

Semiconductors & Semiconductor Equipment

     122,588,136                        

Software

     218,879,561                        

Specialty Retail

     88,321,115                        

Textiles, Apparel & Luxury Goods

     29,849,291                        

Short-Term Investments

                

Affiliated Mutual Fund

     332,236,212                        

Unaffiliated Fund

     55,035,239                                      
  

 

 

      

 

 

        

 

 

   

Total

   $ 2,375,783,838        $                 $           
  

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

14


    

 

    

 

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2023 were as follows:

 

Affiliated Mutual Fund (16.2% represents investments purchased with collateral from securities on loan)

     16.2

Software

     10.7  

Health Care Equipment & Supplies

     6.9  

IT Services

     6.2  

Semiconductors & Semiconductor Equipment

     6.0  

Electronic Equipment, Instruments & Components

     4.9  

Hotels, Restaurants & Leisure

     4.5  

Specialty Retail

     4.3  

Life Sciences Tools & Services

     4.0  

Biotechnology

     3.9  

Construction & Engineering

     3.6  

Professional Services

     3.2  

Food & Staples Retailing

     2.8  

Insurance

     2.8  

Unaffiliated Fund

     2.7  

Health Care Providers & Services

     2.6  

Aerospace & Defense

     2.6  

Oil, Gas & Consumable Fuels

     2.4  

Media

     2.0  

Commercial Services & Supplies

     2.0  

Communications Equipment

     1.7  

Internet & Direct Marketing Retail

    1.7

Real Estate Management & Development

    1.7  

Construction Materials

    1.7  

Interactive Media & Services

    1.6  

Auto Components

    1.6  

Diversified Financial Services

    1.5  

Textiles, Apparel & Luxury Goods

    1.5  

Road & Rail

    1.4  

Electrical Equipment

    1.4  

Household Durables

    1.2  

Energy Equipment & Services

    1.1  

Pharmaceuticals

    1.1  

Food Products

    1.0  

Entertainment

    0.8  

Building Products

    0.6  

Machinery

    0.3  
 

 

 

 
    116.2  

Liabilities in excess of other assets

    (16.2
 

 

 

 
    100.0
 

 

 

 
 

 

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

 

  Description   

Gross Market

Value of

RecognizedAssets/(Liabilities)

                    

Collateral

    Pledged/(Received)(1)    

  

Net

Amount

Securities on Loan

   $322,523,328             $(322,523,328)    $—

 

(1)

Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions.

 

See Notes to Financial Statements.

PGIM Jennison Mid-Cap Growth Fund    15


Statement of Assets and Liabilities (unaudited)

as of February 28, 2023

 

Assets

        

Investments at value, including securities on loan of $322,523,328:

  

Unaffiliated investments (cost $1,672,252,944)

   $ 2,043,547,626  

Affiliated investments (cost $331,962,439)

     332,236,212  

Receivable for investments sold

     3,651,024  

Receivable for Fund shares sold

     2,039,725  

Dividends receivable

     593,500  

Tax reclaim receivable

     7,692  

Prepaid expenses

     7,734  
  

 

 

 

Total Assets

     2,382,083,513  
  

 

 

 

Liabilities

        

Payable to broker for collateral for securities on loan

     330,662,730  

Payable for Fund shares purchased

     4,126,441  

Accrued expenses and other liabilities

     1,831,823  

Management fee payable

     913,546  

Distribution fee payable

     214,100  

Affiliated transfer agent fee payable

     103,144  

Directors’ fees payable

     1,150  
  

 

 

 

Total Liabilities

     337,852,934  
  

 

 

 

Net Assets

   $ 2,044,230,579  
  

 

 

 
          

Net assets were comprised of:

  

Common stock, at par

   $ 129,182  

Paid-in capital in excess of par

     1,680,828,656  

Total distributable earnings (loss)

     363,272,741  
  

 

 

 

Net assets, February 28, 2023

   $ 2,044,230,579  
  

 

 

 

 

See Notes to Financial Statements.

 

16


    

 

    

 

Class A

        

Net asset value and redemption price per share,
($734,545,517 ÷ 55,843,615 shares of common stock issued and outstanding)

   $ 13.15  

Maximum sales charge (5.50% of offering price)

     0.77  
  

 

 

 

Maximum offering price to public

   $ 13.92  
  

 

 

 

Class C

        

Net asset value, offering price and redemption price per share,
($10,166,295 ÷ 583,376 shares of common stock issued and outstanding)

   $ 17.43  
  

 

 

 

Class R

        

Net asset value, offering price and redemption price per share,
($82,854,683 ÷ 7,550,627 shares of common stock issued and outstanding)

   $ 10.97  
  

 

 

 

Class Z

        

Net asset value, offering price and redemption price per share,
($554,277,329 ÷ 30,566,074 shares of common stock issued and outstanding)

   $ 18.13  
  

 

 

 

Class R2

        

Net asset value, offering price and redemption price per share,
($1,195,360 ÷ 65,584 shares of common stock issued and outstanding)

   $ 18.23  
  

 

 

 

Class R4

        

Net asset value, offering price and redemption price per share,
($23,545,911 ÷ 1,259,796 shares of common stock issued and outstanding)

   $ 18.69  
  

 

 

 

Class R6

        

Net asset value, offering price and redemption price per share,
($637,645,484 ÷ 33,313,186 shares of common stock issued and outstanding)

   $ 19.14  
  

 

 

 

 

See Notes to Financial Statements.

PGIM Jennison Mid-Cap Growth Fund    17


Statement of Operations (unaudited)

Six Months Ended February 28, 2023

 

Net Investment Income (Loss)

 

Income

  

Unaffiliated dividend income (net of $4,913 foreign withholding tax)

   $ 3,941,009  

Affiliated income from securities lending, net

     336,588  
  

 

 

 

Total income

     4,277,597  
  

 

 

 

Expenses

  

Management fee

     5,665,646  

Distribution fee(a)

     1,448,825  

Shareholder servicing fees(a)

     11,206  

Transfer agent’s fees and expenses (including affiliated expense of $244,789)(a)

     1,131,950  

Shareholders’ reports

     87,425  

Custodian and accounting fees

     68,332  

Registration fees(a)

     56,088  

Directors’ fees

     19,340  

Professional fees

     17,657  

Audit fee

     12,143  

Miscellaneous

     23,300  
  

 

 

 

Total expenses

     8,541,912  

Less: Fee waiver and/or expense reimbursement(a)

     (8,313

 Distribution fee waiver(a)

     (104,822
  

 

 

 

Net expenses

     8,428,777  
  

 

 

 

Net investment income (loss)

     (4,151,180
  

 

 

 

Realized And Unrealized Gain (Loss) On Investments

        

Net realized gain (loss) on investment transactions (including affiliated of $53,415)

     11,930,268  

Net change in unrealized appreciation (depreciation) on investments (including affiliated of $77,914)

     75,641,974  
  

 

 

 

Net gain (loss) on investment transactions

     87,572,242  
  

 

 

 

Net Increase (Decrease) In Net Assets Resulting From Operations

   $ 83,421,062  
  

 

 

 

 

 

(a)

Class specific expenses and waivers were as follows:

 

     Class A      Class C    Class R     Class Z    Class R2   Class R4   Class R6

Distribution fee

     1,082,187        50,653        314,465              1,520              

Shareholder servicing fees

                                608       10,598        

Transfer agent’s fees and expenses

     653,181        14,730        77,793       360,141        1,291       14,832       9,982  

Registration fees

     13,527        6,450        4,472       11,098        3,481       3,472       13,588  

Fee waiver and/or expense reimbursement

                                (3,971     (4,342      

Distribution fee waiver

                   (104,822                         

 

See Notes to Financial Statements.

 

18


Statements of Changes in Net Assets (unaudited)

 

    

 

   

Six Months Ended

February 28, 2023

 

Year Ended

August 31, 2022

Increase (Decrease) in Net Assets

 

   

Operations

             

Net investment income (loss)

          $ (4,151,180                  $ (11,877,325       

Net realized gain (loss) on investment transactions

       11,930,268            50,995,064    

Net change in unrealized appreciation (depreciation) on investments

       75,641,974            (719,933,811  
    

 

 

        

 

 

   

Net increase (decrease) in net assets resulting from operations

       83,421,062            (680,816,072  
    

 

 

        

 

 

   

Dividends and Distributions

             

Distributions from distributable earnings

             

Class A

       (13,462,342          (313,353,305  

Class C

       (138,596          (3,888,472  

Class R

       (1,866,862          (42,313,219  

Class Z

       (7,166,248          (182,607,940  

Class R2

       (16,516          (394,367  

Class R4

       (282,910          (5,326,501  

Class R6

       (7,682,402          (187,635,150  
    

 

 

        

 

 

   
       (30,615,876          (735,518,954  
    

 

 

        

 

 

   

Fund share transactions (Net of share conversions)

             

Net proceeds from shares sold

       167,367,923            487,166,102    

Net asset value of shares issued in reinvestment of dividends and distributions

       29,165,538            697,858,759    

Cost of shares purchased

       (253,002,455          (731,555,597  
    

 

 

        

 

 

   

Net increase (decrease) in net assets from Fund share transactions

       (56,468,994          453,469,264    
    

 

 

        

 

 

   

Total increase (decrease)

       (3,663,808          (962,865,762  

Net Assets:

                                 

Beginning of period

       2,047,894,387            3,010,760,149    
    

 

 

        

 

 

   

End of period

     $ 2,044,230,579          $ 2,047,894,387    
    

 

 

        

 

 

   

 

See Notes to Financial Statements.

PGIM Jennison Mid-Cap Growth Fund    19


Financial Highlights (unaudited)

 

 

Class A Shares

 

    

Six Months

Ended

February 28,
2023

 

  

      
      Year Ended August 31,  
   2022     2021     2020     2019     2018  
   

Per Share Operating Performance(a):

                    

Net Asset Value, Beginning of Period

    $12.85            $23.79       $25.32       $29.35       $38.18       $37.70  

Income (loss) from investment operations:

                                                    

Net investment income (loss)

    (0.04          (0.11     (0.15     (0.10     (0.09     (0.13
Net realized and unrealized gain (loss) on investment transactions     0.58            (3.99     8.28       4.84       1.46       5.66  

Total from investment operations

    0.54            (4.10     8.13       4.74       1.37       5.53  

Less Dividends and Distributions:

                                                    

Distributions from net realized gains

    (0.24          (6.84     (9.66     (8.77     (10.20     (5.05

Net asset value, end of period

    $13.15            $12.85       $23.79       $25.32       $29.35       $38.18  

Total Return(b):

    4.22          (23.87 )%      38.68     21.73     9.98     15.93
                                                      
   

Ratios/Supplemental Data:

                                                    

Net assets, end of period (000)

    $734,546            $755,816       $1,126,764       $925,117       $929,801       $1,153,936  

Average net assets (000)

    $727,437            $925,727       $1,056,327       $867,188       $939,210       $1,331,811  

Ratios to average net assets(c):

                                                    

Expenses after waivers and/or expense reimbursement

    1.08 %(d)           1.05     1.03     1.06     1.07     1.06
Expenses before waivers and/or expense reimbursement     1.08 %(d)           1.05     1.03     1.06     1.07     1.06

Net investment income (loss)

    (0.65 )%(d)           (0.69 )%      (0.65 )%      (0.42 )%      (0.32 )%      (0.34 )% 

Portfolio turnover rate(e)

    15          51     71     58     31     36

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c)

Does not include expenses of the underlying funds in which the Fund invests.

(d)

Annualized.

(e)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

 

See Notes to Financial Statements.

 

20


    

 

    

 

 

Class C Shares

 

     Six Months
Ended
February 28,
2023
          
      Year Ended August 31,  
   2022(a)     2021(a)     2020(a)     2019(a)     2018(a)  
   

Per Share Operating Performance(b):

                    

Net Asset Value, Beginning of Period

    $17.02            $29.48       $54.12       $79.08       $118.44       $121.92  

Income (loss) from investment operations:

                                                    

Net investment income (loss)

    (0.13           (0.33     (0.48     (0.60     (0.80     (1.12

Net realized and unrealized gain (loss) on investment transactions

    0.78            (5.29     14.48       10.72       2.24       17.84  

Total from investment operations

    0.65            (5.62     14.00       10.12       1.44       16.72  

Less Dividends and Distributions:

                                                    

Distributions from net realized gains

    (0.24          (6.84     (38.64     (35.08     (40.80     (20.20

Net asset value, end of period

    $17.43            $17.02       $29.48       $54.12       $79.08       $118.44  

Total Return(c):

    3.83          (24.54 )%      37.57     20.95     9.19     15.19
                                                      
   

Ratios/Supplemental Data:

                                                    

Net assets, end of period (000)

    $10,166            $10,966       $17,586       $29,633       $48,646       $114,841  

Average net assets (000)

    $10,215            $13,699       $22,913       $34,773       $78,014       $121,294  

Ratios to average net assets(d):

                                                    

Expenses after waivers and/or expense reimbursement

    2.02 %(e)           1.91     1.79     1.76     1.74     1.69

Expenses before waivers and/or expense reimbursement

    2.02 %(e)           1.91     1.79     1.76     1.74     1.69

Net investment income (loss)

    (1.58 )%(e)           (1.55 )%      (1.39 )%      (1.10 )%      (0.99 )%      (0.98 )% 

Portfolio turnover rate(f)

    15          51     71     58     31     36

 

(a)

The Fund had a 4-for-1 reverse stock split effective December 27, 2021. Prior year net asset values and per share amounts have been restated to reflect the impact of the reverse stock split (see Note 7 in the Notes to Financial Statements). The net asset value reported at the original dates prior to the reverse stock split were $7.37, $13.53, $19.77 and $29.61 for the years ended August 31, 2021, 2020, 2019 and 2018, respectively.

(b)

Calculated based on average shares outstanding during the period.

(c)

Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d)

Does not include expenses of the underlying funds in which the Fund invests.

(e)

Annualized.

(f)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

 

See Notes to Financial Statements.

PGIM Jennison Mid-Cap Growth Fund    21


Financial Highlights (unaudited) (continued)

 

 

Class R Shares

 

     Six Months
Ended
February 28,
2023
           
      Year Ended August 31,  
   2022     2021     2020     2019     2018  
   

Per Share Operating Performance(a):

                    

Net Asset Value, Beginning of Period

    $10.77            $21.09       $23.41       $27.83       $36.85       $36.61  

Income (loss) from investment operations:

                                                    

Net investment income (loss)

    (0.05          (0.13     (0.18     (0.13     (0.14     (0.19
Net realized and unrealized gain (loss) on investment transactions     0.49            (3.35     7.52       4.48       1.32       5.48  

Total from investment operations

    0.44            (3.48     7.34       4.35       1.18       5.29  

Less Dividends and Distributions:

                                                    

Distributions from net realized gains

    (0.24          (6.84     (9.66     (8.77     (10.20     (5.05

Net asset value, end of period

    $10.97            $10.77       $21.09       $23.41       $27.83       $36.85  

Total Return(b):

    4.11          (24.05 )%      38.38     21.56     9.74     15.73
                                                      
   

Ratios/Supplemental Data:

                                                    

Net assets, end of period (000)

    $82,855            $91,437       $139,403       $124,024       $137,975       $167,650  

Average net assets (000)

    $84,552            $111,055       $135,345       $121,955       $144,398       $186,452  

Ratios to average net assets(c):

                                                    
Expenses after waivers and/or expense reimbursement     1.29 %(d)           1.26     1.24     1.26     1.25     1.24
Expenses before waivers and/or expense reimbursement     1.54 %(d)           1.51     1.49     1.51     1.50     1.49

Net investment income (loss)

    (0.86 )%(d)           (0.90 )%      (0.86 )%      (0.61 )%      (0.51 )%      (0.52 )% 

Portfolio turnover rate(e)

    15          51     71     58     31     36

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c)

Does not include expenses of the underlying funds in which the Fund invests.

(d)

Annualized.

(e)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

 

See Notes to Financial Statements.

 

22


    

 

    

 

 

Class Z Shares

 

     Six Months
Ended
February 28,
2023
          
      Year Ended August 31,  
   2022     2021     2020     2019     2018  
   

Per Share Operating Performance(a):

                    

Net Asset Value, Beginning of Period

    $17.59            $29.94       $29.67       $32.84       $41.27       $40.26  

Income (loss) from investment operations:

                                                    

Net investment income (loss)

    (0.03           (0.08     (0.09     (0.02     (0.01     (0.03
Net realized and unrealized gain (loss) on investment transactions     0.81            (5.43     10.02       5.62       1.78       6.09  

Total from investment operations

    0.78            (5.51     9.93       5.60       1.77       6.06  

Less Dividends and Distributions:

                                                    

Distributions from net realized gains

    (0.24          (6.84     (9.66     (8.77     (10.20     (5.05

Net asset value, end of period

    $18.13            $17.59       $29.94       $29.67       $32.84       $41.27  

Total Return(b):

    4.51          (23.64 )%      39.12     22.16     10.29     16.26
                                                      
   

Ratios/Supplemental Data:

                                                    

Net assets, end of period (000)

    $554,277            $564,177       $845,309       $771,068       $1,550,111       $2,599,235  

Average net assets (000)

    $540,826            $682,445       $829,228       $896,694       $1,902,093       $3,091,013  

Ratios to average net assets(c):

                                                    
Expenses after waivers and/or expense reimbursement     0.74 %(d)           0.71     0.70     0.74     0.79     0.80
Expenses before waivers and/or expense reimbursement     0.74 %(d)           0.71     0.70     0.74     0.79     0.80

Net investment income (loss)

    (0.30 )%(d)           (0.36 )%      (0.32 )%      (0.08 )%      (0.04 )%      (0.08 )% 

Portfolio turnover rate(e)

    15          51     71     58     31     36

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c)

Does not include expenses of the underlying funds in which the Fund invests.

(d)

Annualized.

(e)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

 

See Notes to Financial Statements.

PGIM Jennison Mid-Cap Growth Fund    23


Financial Highlights (unaudited) (continued)

 

   

Class R2 Shares

                   
     

Six Months

Ended

February 28,

      

Year Ended August 31,

 

    December 27, 2017(a)
through August 31,
      
   2023    2022     2021     2020     2019     2018
   

Per Share Operating Performance(b):

                                                         

Net Asset Value, Beginning of Period

     $17.71             $30.19       $29.94       $33.15       $41.65       $38.58      

Income (loss) from investment operations:

                                                         

Net investment income (loss)

     (0.06          (0.16     (0.22     (0.12     (0.11     (0.11    

Net realized and unrealized gain

                                                         

(loss) on investment transactions

     0.82            (5.48     10.13       5.68       1.81       3.18      

Total from investment operations

     0.76            (5.64     9.91       5.56       1.70       3.07      

Less Dividends and Distributions:

                                                         

Distributions from net realized gains

     (0.24          (6.84     (9.66     (8.77     (10.20     -      

Net asset value, end of period

     $18.23            $17.71       $30.19       $29.94       $33.15       $41.65      

Total Return(c):

     4.31          (23.92 )%      38.60     21.74     9.93     7.96    
                                                           
   

Ratios/Supplemental Data:

                                                         

Net assets, end of period (000)

     $1,195            $1,269       $1,851       $650       $539       $11      

Average net assets (000)

     $1,226            $1,523       $1,050       $562       $296       $10      

Ratios to average net assets(d):

                                                         
Expenses after waivers and/or expense reimbursement      1.08 %(e)           1.08     1.08     1.08     1.08     1.08 %(e)     
Expenses before waivers and/or expense reimbursement      1.73 %(e)           1.63     1.98     3.70     6.45     244.89 %(e)     

Net investment income (loss)

     (0.65 )%(e)           (0.72 )%      (0.75 )%      (0.45 )%      (0.35 )%      (0.39 )%(e)     

Portfolio turnover rate(f)

     15          51     71     58     31     36    

 

(a)

Commencement of offering.

(b)

Calculated based on average shares outstanding during the period.

(c)

Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d)

Does not include expenses of the underlying funds in which the Fund invests.

(e)

Annualized.

(f)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

 

See Notes to Financial Statements.

 

24


    

 

    

 

                 

Class R4 Shares

                   
     

Six Months

Ended

February 28,

      

Year Ended August 31,

 

   

December 27, 2017(a)

through August 31,

 

    

      2023        2022     2021     2020     2019     2018     

Per Share Operating Performance(b):

                                                         

Net Asset Value, Beginning of Period

     $18.13             $30.68       $30.24       $33.33       $41.72       $38.58          

Income (loss) from investment operations:

                                                         

Net investment income (loss)

     (0.04          (0.10     (0.14     (0.09     (0.03     (0.04    
Net realized and unrealized gain (loss) on investment transactions      0.84            (5.61     10.24       5.77       1.84       3.18      

Total from investment operations

     0.80            (5.71     10.10       5.68       1.81       3.14      

Less Dividends and Distributions:

                                                         

Distributions from net realized gains

     (0.24          (6.84     (9.66     (8.77     (10.20     -      

Net asset value, end of period

     $18.69            $18.13       $30.68       $30.24       $33.33       $41.72      

Total Return(c):

     4.43          (23.74 )%      38.90     22.05     10.24     8.14    
                                                           
   

Ratios/Supplemental Data:

                                                         

Net assets, end of period (000)

     $23,546            $20,254       $1,810       $1,088       $164       $11      

Average net assets (000)

     $21,372            $17,358       $1,421       $531       $106       $10      

Ratios to average net assets(d):

                                                         
Expenses after waivers and/or expense reimbursement      0.83 %(e)           0.83     0.83     0.83     0.83     0.83 %(e)     
Expenses before waivers and/or expense reimbursement      0.87 %(e)           0.88     1.50     3.58     15.83     244.44 %(e)     

Net investment income (loss)

     (0.40 )%(e)           (0.46 )%      (0.47 )%      (0.33 )%      (0.09 )%      (0.14 )%(e)     

Portfolio turnover rate(f)

     15          51     71     58     31     36    

 

(a)

Commencement of offering.

(b)

Calculated based on average shares outstanding during the period.

(c)

Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d)

Does not include expenses of the underlying funds in which the Fund invests.

(e)

Annualized.

(f)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

 

See Notes to Financial Statements.

PGIM Jennison Mid-Cap Growth Fund    25


Financial Highlights (unaudited) (continued)

 

 

Class R6 Shares

 

     Six Months
Ended
February 28,
2023
      

Year Ended August 31,

 

 
   2022     2021     2020     2019     2018  
   

Per Share Operating Performance(a):

                    

Net Asset Value, Beginning of Period

    $18.54             $31.16       $30.52       $33.50       $41.80       $40.63  

Income (loss) from investment operations:

                                                    

Net investment income (loss)

    (0.02          (0.05     (0.06     0.01       0.05       0.06  
Net realized and unrealized gain (loss) on investment transactions     0.86            (5.73     10.36       5.78       1.85       6.16  

Total from investment operations

    0.84            (5.78     10.30       5.79       1.90       6.22  

Less Dividends and Distributions:

                                                    

Distributions from net realized gains

    (0.24          (6.84     (9.66     (8.77     (10.20     (5.05

Net asset value, end of period

    $19.14            $18.54       $31.16       $30.52       $33.50       $41.80  

Total Return(b):

    4.55          (23.57 )%      39.27     22.32     10.52     16.53
                                                      
   

Ratios/Supplemental Data:

                                                    

Net assets, end of period (000)

    $637,645            $603,976       $878,037       $682,514       $675,919       $1,144,170  

Average net assets (000)

    $600,771            $736,358       $789,403       $640,757       $786,436       $1,584,359  

Ratios to average net assets(c):

                                                    

Expenses after waivers and/or expense reimbursement

    0.61 %(d)           0.60     0.59     0.60     0.59     0.58

Expenses before waivers and/or expense reimbursement

    0.61 %(d)           0.60     0.59     0.60     0.59     0.58

Net investment income (loss)

    (0.17 )%(d)           (0.24 )%      (0.21 )%      0.04     0.15     0.15

Portfolio turnover rate(e)

    15          51     71     58     31     36

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c)

Does not include expenses of the underlying funds in which the Fund invests.

(d)

Annualized.

(e)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund’s portfolio turnover rate may be higher.

 

See Notes to Financial Statements.

 

26


Notes to Financial Statements (unaudited)

 

1.

Organization

Prudential Jennison Mid-Cap Growth Fund, Inc. (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Maryland Corporation and PGIM Jennison Mid-Cap Growth Fund (the “Fund”) is the sole series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to achieve long-term capital appreciation.

 

2.

Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services —Investment Companies. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Directors (the “Board”) has approved the Fund’s valuation policies and procedures for security valuation and designated to PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some

 

PGIM Jennison Mid-Cap Growth Fund    27


Notes to Financial Statements (unaudited) (continued)

 

of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurement.

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than exchange-traded funds) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

 

28


Master Netting Arrangements: The RIC, on behalf of the Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class

 

PGIM Jennison Mid-Cap Growth Fund    29


Notes to Financial Statements (unaudited) (continued)

 

specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

 

   
  Expected Distribution Schedule to Shareholders*    Frequency  

Net Investment Income

     Annually  

Short-Term Capital Gains

     Annually  

Long-Term Capital Gains

     Annually  

 

*

Under certain circumstances, the Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

 

3.

Agreements

The RIC, on behalf of the Fund, has a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services and supervises the subadviser’s performance of such services, and pursuant to which it renders administrative services.

 

30


The Manager has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison” or “subadviser”). The Manager pays for the services of Jennison.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended February 28, 2023, the contractual and effective management fee rates were as follows:

 

   
  Contractual Management Rate   

Effective Management Fee, before any waivers  

and/or expense reimbursements  

 

0.60% of average daily net assets up to $1 billion;

     0.58%  

0.55% of average daily net assets over $1 billion.

        

The Manager has contractually agreed, through December 31, 2023, to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees, as applicable. This contractual expense limitation excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The expense limitations attributable to each class are as follows:

 

   
  Class   

Expense 

Limitations 

A

     %  

C

      

R

      

Z

      

R2

     1.08  

R4

     0.83  

R6

      

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class C, Class R and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

 

PGIM Jennison Mid-Cap Growth Fund    31


Notes to Financial Statements (unaudited) (continued)

 

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through December 31, 2023 to limit such expenses. The distribution fees are accrued daily and payable monthly.

The Fund has adopted a Shareholder Services Plan with respect to Class R2 and Class R4 shares. Under the terms of the Shareholder Services Plan, Class R2 and Class R4 shares are authorized to compensate Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers for services rendered to the shareholders of such Class R2 or Class R4 shares. The shareholder service fee is accrued daily and paid monthly, as applicable.

The Fund’s annual gross and net distribution rates and maximum shareholder service fee, where applicable, are as follows:

 

       
  Class        Gross Distribution Fee           Net Distribution Fee       Shareholder Service Fee  

A

     0.30 %        0.30 %        N/A %   

C

     1.00       1.00       N/A  

R

     0.75       0.50       N/A  

Z

     N/A       N/A       N/A  

R2

     0.25       0.25       0.10  

R4

     N/A       N/A       0.10  

R6

     N/A       N/A       N/A  

For the reporting period ended February 28, 2023, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

 

     
  Class    FESL      CDSC

A

   $ 70,444      $213

C

          244

PGIM Investments, PIMS and Jennison are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

 

4.

Other Transactions with Affiliates

PMFS serves as the Fund’s transfer agent and shareholder servicing agent. Transfer agent’s and shareholder servicing agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

 

32


The Fund may invest its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Money Market Fund. In addition to the realized and unrealized gains on investments in the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Income from securities lending, net”.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended February 28, 2023, no 17a-7 transactions were entered into by the Fund.

 

5.

Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended February 28, 2023, were as follows:

 

   
Cost of Purchases    Proceeds from Sales

$300,199,151

   $432,529,384

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended February 28, 2023, is presented as follows:

 

               

     Value,

  Beginning

        of

     Period

   Cost of
Purchases
         Proceeds    
from Sales
    

Change in

Unrealized

Gain (Loss)

    

Realized

Gain

(Loss)

    

    Value,    

End of

Period

    

    Shares,    

End

of

Period

     Income  

Short-Term Investments - Affiliated Mutual Fund:

 

PGIM Institutional Money Market Fund(1)(b)(we)

 

                                            

$301,506,282

   $ 1,925,729,626      $ 1,895,131,025      $ 77,914      $ 53,415      $ 332,236,212        332,335,912      $ 336,588 (2) 

 

(1)

The Fund did not have any capital gain distributions during the reporting period.

(2)

The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of Operations.

(b)

Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(we)

PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

 

PGIM Jennison Mid-Cap Growth Fund    33


Notes to Financial Statements (unaudited) (continued)

 

6.

Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 28, 2023 were as follows:

 

         
      Tax Basis   

Gross

Unrealized

            Appreciation             

  

Gross

Unrealized

                                     Depreciation                                     

        

Net  

Unrealized  

Appreciation  

$2,013,234,577

   $480,832,947    $(118,283,686)         $362,549,261  

The GAAP basis may differ from tax basis due to certain tax-related adjustments.

The Fund elected to treat certain late-year ordinary income losses of approximately $7,063,000 as having been incurred in the following fiscal year (August 31, 2023).

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended August 31, 2022 are subject to such review.

 

7.

Capital and Ownership

The Fund offers Class A, Class C, Class R, Class Z, Class R2, Class R4 and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a CDSC of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class R, Class Z, Class R2, Class R4 and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of common stock, below.

 

34


The RIC is authorized to issue 2,000,000,000 shares of capital stock, $0.001 par value per share, designated as shares of the Fund. The shares are further classified and designated as follows:

 

   
  Class      Number of Shares 

A

     345,000,000      

B

     5,000,000  

C

     25,000,000  

R

     125,000,000  

Z

     800,000,000  

T

     100,000,000  

R2

     100,000,000  

R4

     100,000,000  

R6

     400,000,000  

The Fund currently does not have any Class B or Class T shares outstanding.

As of February 28, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

 

     
  Class    Number of Shares   Percentage of Outstanding Shares

Z

     8,034             0.1 %     

R4

     861       0.1  

At the reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:

 

     
      Number of Shareholders   Percentage of Outstanding Shares

Affiliated

                 %     

Unaffiliated

     3       34.6  

Transactions in shares of common stock were as follows:

 

     
  Share Class            Shares              Amount  

Class A

                 

Six months ended February 28, 2023:

                 

Shares sold

     1,395,313      $ 17,798,330  

Shares issued in reinvestment of dividends and distributions

     1,008,087        12,984,167  

Shares purchased

     (5,325,158      (67,407,547

Net increase (decrease) in shares outstanding before conversion

     (2,921,758      (36,625,050

Shares issued upon conversion from other share class(es)

     120,429        1,538,221  

Shares purchased upon conversion into other share class(es)

     (194,188      (2,470,164

Net increase (decrease) in shares outstanding

     (2,995,517    $ (37,556,993

 

PGIM Jennison Mid-Cap Growth Fund    35


Notes to Financial Statements (unaudited) (continued)

 

     
  Share Class    Shares      Amount  

Year ended August 31, 2022:

                 

Shares sold

     4,704,999      $ 75,295,157  

Shares issued in reinvestment of dividends and distributions

     17,958,143        299,900,981  

Shares purchased

     (11,100,809      (178,448,201

Net increase (decrease) in shares outstanding before conversion

     11,562,333        196,747,937  

Shares issued upon conversion from other share class(es)

     248,367        4,734,470  

Shares purchased upon conversion into other share class(es)

     (335,467      (5,554,396

Net increase (decrease) in shares outstanding

     11,475,233      $ 195,928,011  

Class C(a)

                 

Six months ended February 28, 2023:

                 

Shares sold

     53,151      $ 902,096  

Shares issued in reinvestment of dividends and distributions

     7,988        136,598  

Shares purchased

     (90,451      (1,527,058

Net increase (decrease) in shares outstanding before conversion

     (29,312      (488,364

Shares purchased upon conversion into other share class(es)

     (31,582      (532,124

Net increase (decrease) in shares outstanding

     (60,894    $ (1,020,488

Year ended August 31, 2022:

                 

Shares sold

     215,178      $ 2,431,901  

Shares issued in reinvestment of dividends and distributions

     171,704        3,822,124  

Shares purchased

     (2,037,622      (4,151,056

Net increase (decrease) in shares outstanding before conversion

     (1,650,740      2,102,969  

Shares purchased upon conversion into other share class(es)

     (90,436      (957,938

Net increase (decrease) in shares outstanding

     (1,741,176    $ 1,145,031  

Class R

                 

Six months ended February 28, 2023:

                 

Shares sold

     221,978      $ 2,362,278  

Shares issued in reinvestment of dividends and distributions

     173,660        1,866,846  

Shares purchased

     (1,338,319      (14,185,817

Net increase (decrease) in shares outstanding

     (942,681    $ (9,956,693

Year ended August 31, 2022:

                 

Shares sold

     1,454,481      $ 18,169,680  

Shares issued in reinvestment of dividends and distributions

     3,011,344        42,188,926  

Shares purchased

     (2,579,763      (35,520,977

Net increase (decrease) in shares outstanding before conversion

     1,886,062        24,837,629  

Shares purchased upon conversion into other share class(es)

     (1,602      (19,164

Net increase (decrease) in shares outstanding

     1,884,460      $ 24,818,465  

 

36


     
  Share Class    Shares      Amount  

Class Z

                 

Six months ended February 28, 2023:

                 

Shares sold

     3,294,254      $ 58,647,142  

Shares issued in reinvestment of dividends and distributions

     385,645        6,845,208  

Shares purchased

     (5,254,526      (91,863,166

Net increase (decrease) in shares outstanding before conversion

     (1,574,627      (26,370,816

Shares issued upon conversion from other share class(es)

     136,664        2,391,621  

Shares purchased upon conversion into other share class(es)

     (68,807      (1,202,553

Net increase (decrease) in shares outstanding

     (1,506,770    $ (25,181,748

Year ended August 31, 2022:

                 

Shares sold

     5,707,804      $ 117,405,316  

Shares issued in reinvestment of dividends and distributions

     7,636,045        174,178,179  

Shares purchased

     (9,565,096      (207,799,325

Net increase (decrease) in shares outstanding before conversion

     3,778,753        83,784,170  

Shares issued upon conversion from other share class(es)

     238,862        5,335,069  

Shares purchased upon conversion into other share class(es)

     (176,744      (4,482,343

Net increase (decrease) in shares outstanding

     3,840,871      $ 84,636,896  

Class R2

                 

Six months ended February 28, 2023:

                 

Shares sold

     6,524      $ 115,389  

Shares issued in reinvestment of dividends and distributions

     925        16,516  

Shares purchased

     (13,521      (243,404

Net increase (decrease) in shares outstanding

     (6,072    $ (111,499

Year ended August 31, 2022:

                 

Shares sold

     5,204      $ 111,768  

Shares issued in reinvestment of dividends and distributions

     17,131        394,367  

Shares purchased

     (11,977      (276,394

Net increase (decrease) in shares outstanding

     10,358      $ 229,741  

Class R4

                 

Six months ended February 28, 2023:

                 

Shares sold

     206,766      $ 3,674,767  

Shares issued in reinvestment of dividends and distributions

     1,239        22,665  

Shares purchased

     (65,246      (1,174,470

Net increase (decrease) in shares outstanding

     142,759      $ 2,522,962  

Year ended August 31, 2022:

                 

Shares sold

     1,211,894      $ 32,937,142  

Shares issued in reinvestment of dividends and distributions

     16,434        386,681  

Shares purchased

     (170,290      (3,506,079

Net increase (decrease) in shares outstanding

     1,058,038      $ 29,817,744  

 

PGIM Jennison Mid-Cap Growth Fund    37


Notes to Financial Statements (unaudited) (continued)

 

     
  Share Class    Shares      Amount  

Class R6

                 

Six months ended February 28, 2023:

                 

Shares sold

     4,499,450      $ 83,867,921  

Shares issued in reinvestment of dividends and distributions

     389,404        7,293,538  

Shares purchased

     (4,163,386      (76,600,993

Net increase (decrease) in shares outstanding before conversion

     725,468        14,560,466  

Shares issued upon conversion from other share class(es)

     19,972        361,610  

Shares purchased upon conversion into other share class(es)

     (4,568      (86,611

Net increase (decrease) in shares outstanding

     740,872      $ 14,835,465  

Year ended August 31, 2022:

                 

Shares sold

     11,154,187      $ 240,815,138  

Shares issued in reinvestment of dividends and distributions

     7,365,273        176,987,501  

Shares purchased

     (14,168,639      (301,853,565

Net increase (decrease) in shares outstanding before conversion

     4,350,821        115,949,074  

Shares issued upon conversion from other share class(es)

     46,670        1,134,715  

Shares purchased upon conversion into other share class(es)

     (7,032      (190,413

Net increase (decrease) in shares outstanding

     4,390,459      $ 116,893,376  

 

(a)

On December 27, 2021, the Fund declared a 4 to 1 reverse stock split.

On December 27, 2021, the Fund’s Class C shares implemented a four-into-one reverse stock split the net effect of which was to decrease the number of the Fund’s outstanding shares and increase the net asset value per share by a proportionate amount. While the number of the Fund’s outstanding shares decreased, neither the Fund’s holdings nor the total value of shareholders’ investments in the Fund were affected. Immediately after the reverse stock split, each shareholder maintained the same percentage of the Fund’s net assets prior to the reverse stock split. Capital share activity referenced in the Statement of Changes in Net Assets and in Note 7, as well as per share data in the Financial Highlights for Class C shares have been retroactively adjusted to reflect the reverse stock split.

 

8.

Borrowings

The RIC, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

 

       
      Current SCA              Prior SCA

Term of Commitment

     9/30/2022 - 9/28/2023                            10/1/2021 – 9/29/2022      

 

38


       
      Current SCA          Prior SCA

Total Commitment

   $ 1,200,000,000         $ 1,200,000,000

Annualized Commitment Fee on the Unused Portion of the SCA

   0.15%         0.15%

Annualized Interest Rate on Borrowings

  

1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

              

1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Fund utilized the SCA during the reporting period ended February 28, 2023. The average daily balance for the 2 days that the Fund had loans outstanding during the period was approximately $1,857,000, borrowed at a weighted average interest rate of 4.14%. The maximum loan outstanding amount during the period was $3,091,000. At February 28, 2023, the Fund did not have an outstanding loan amount.

 

9.

Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below. For further information on the Fund’s risks, please refer to the Fund’s Prospectus and Statement of Additional Information.

Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

Equity and Equity-Related Securities Risk: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Growth Style Risk: The Fund’s growth style may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Growth stocks are

 

PGIM Jennison Mid-Cap Growth Fund    39


Notes to Financial Statements (unaudited) (continued)

 

generally more sensitive to market movements than other types of stocks primarily because their stock prices are based heavily on future expectations. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Growth company stocks also typically lack the dividend yield that can lessen price declines in market downturns. Since the Fund follows a growth investment style, there is the risk that the growth investment style may be out of favor for a period of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other mutual funds.

Increase in Expenses Risk: Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund’s prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

Large Shareholder and Large Scale Redemption Risk: Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund’s shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund’s shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund’s NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund’s ability to implement its investment strategy. The Fund’s ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

Management Risk: Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability

 

40


in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

COVID-19 and the related governmental and public responses have had, and future public health epidemics may have, an impact on the Fund’s investments and net asset value and have led and may lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors. Future public health epidemics may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Medium Capitalization (Mid-Cap) Company Risk: The Fund’s investments in mid-cap companies carry more risk than investments in larger capitalized companies. Investments in mid-cap companies carry additional risks because earnings of these companies tend to be less predictable; they often have limited product lines, markets, distribution channels or financial resources; and the management of such companies may be dependent on one or a few key people. The market movements of these companies’ securities may be more abrupt or erratic than the market movements of securities of larger, more established companies or the stock market in general. Historically, mid-cap companies have sometimes gone through extended periods when they did not perform as well as larger companies. Mid-cap companies generally are comparatively less liquid than larger companies, which may make such investments more difficult to sell at the time and price that the Fund would like. Also, the stocks of mid-cap companies may fall out of favor relative to those of small- or large-capitalization companies, causing the Fund to underperform other equity funds that focus on small or large-capitalization companies.

 

PGIM Jennison Mid-Cap Growth Fund    41


    

    

 

     
MAIL    TELEPHONE    WEBSITE

      655 Broad Street

      Newark, NJ 07102

         (800) 225-1852   

      pgim.com/investments

 

 

PROXY VOTING

 

The Board of Directors of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

 

 

DIRECTORS

 

Ellen S. Alberding · Kevin J. Bannon · Scott E. Benjamin · Linda W. Bynoe · Barry H. Evans · Keith F. Hartstein · Laurie Simon Hodrick · Stuart S. Parker · Brian K. Reid · Grace C. Torres

 

 

OFFICERS

 

Stuart S. Parker, President · Scott E. Benjamin, Vice President · Christian J. Kelly, Chief Financial Officer · Claudia DiGiacomo, Chief Legal Officer · Isabelle Sajous, Chief Compliance Officer · Kelly Florio, Anti-Money Laundering Compliance Officer · Andrew R. French, Secretary · Melissa Gonzalez, Assistant Secretary · Kelly A. Coyne, Assistant Secretary · Patrick E. McGuinness, Assistant Secretary · Debra Rubano, Assistant Secretary · Lana Lomuti, Assistant Treasurer · Russ Shupak, Treasurer and Principal Accounting Officer · Elyse M. McLaughlin, Assistant Treasurer · Deborah Conway, Assistant Treasurer · Robert W. McCormack, Assistant Treasurer

 

MANAGER

   PGIM Investments LLC   

655 Broad Street

Newark, NJ 07102

SUBADVISER

   Jennison Associates LLC   

466 Lexington Avenue

New York, NY 10017

DISTRIBUTOR

  

Prudential Investment

Management Services LLC

  

655 Broad Street

Newark, NJ 07102

CUSTODIAN

   The Bank of New York Mellon   

240 Greenwich Street

New York, NY 10286

TRANSFER AGENT

   Prudential Mutual Fund Services LLC   

PO Box 534432

Pittsburgh, PA 15253

INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

   PricewaterhouseCoopers LLP   

300 Madison Avenue

New York, NY 10017

FUND COUNSEL

   Willkie Farr & Gallagher LLP   

787 Seventh Avenue

New York, NY 10019


    

    

 

 
An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund. An investor may obtain the prospectus and summary prospectus by visiting our website at pgim.com/investments or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

 

 

E-DELIVERY

 

To receive your mutual fund documents online, go to pgim.com/investments/resource/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

 

 

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

 

Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, PGIM Jennison Mid-Cap Growth Fund, PGIM Investments, Attn: Board of Directors, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to that Director at the same address. Communications are not screened before being delivered to the addressee.

 

 

AVAILABILITY OF PORTFOLIO HOLDINGS

 

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

  Mutual Funds:

 

     

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY

   MAY LOSE VALUE    ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE


LOGO

 

 

 

PGIM JENNISON MID-CAP GROWTH FUND

 

  SHARE CLASS    A    C    R    Z    R2    R4    R6

  NASDAQ

   PEEAX    PEGCX    JDERX    PEGZX    PEGEX    PEGGX    PJGQX

  CUSIP

   74441C105    74441C303    74441C600    74441C808    74441C865    74441C857    74441C881

MF173E2


Item 2 –

Code of Ethics – Not required, as this is not an annual filing.

 

Item 3 –

Audit Committee Financial Expert – Not required, as this is not an annual filing.

 

Item 4 –

Principal Accountant Fees and Services – Not required, as this is not an annual filing.

 

Item 5 –

Audit Committee of Listed Registrants – Not applicable.

 

Item 6 –

Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

 

Item 7 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

 

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

 

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

 

Item 10 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

 

Item 11 –

Controls and Procedures

 

  (a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

 

  (b)

There has been no significant change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12 –

Controls and Procedures Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.


Item 13 – Exhibits

(a)(1) Code of Ethics – Not required, as this is not an annual filing.

(a)(2) Certifications pursuant to Section  302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(a)(2)(1) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(a)(2)(2) Change in the registrant’s independent public accountant – Not applicable

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant:               Prudential Jennison Mid-Cap Growth Fund, Inc.
By:   /s/ Andrew R. French
  Andrew R. French
  Secretary
Date:   April 17, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:   /s/ Stuart S. Parker
  Stuart S. Parker
  President and Principal Executive Officer
Date:                       April 17, 2023
By:   /s/ Christian J. Kelly
  Christian J. Kelly
  Chief Financial Officer (Principal Financial Officer)
Date:   April 17, 2023
EX-99.CERT 2 d422785dex99cert.htm CERTIFICATIONS PURSUANT TO SECTION 302 Certifications pursuant to Section 302

Item 13

Prudential Jennison Mid-Cap Growth Fund, Inc.

Semi-Annual period ending 2/28/23

File No. 811-07811

CERTIFICATIONS

I, Stuart S. Parker, certify that:

 

  1.

I have reviewed this report on Form N-CSR of the above-named Fund(s);

 

  2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.

 

  4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

 

  d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

1


  5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a)

All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

April 17, 2023                                 
      /s/ Stuart S. Parker  
      Stuart S. Parker  
      President and Principal Executive Officer

 

2


Item 13

Prudential Jennison Mid-Cap Growth Fund, Inc.

Semi-Annual period ending 2/28/23

File No. 811-07811

CERTIFICATIONS

I, Christian J. Kelly, certify that:

 

  1.

I have reviewed this report on Form N-CSR of the above-named Fund(s);

 

  2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.

 

  4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

 

  d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

3


  5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a)

All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

April 17, 2023                                 
      /s/ Christian J. Kelly  
      Christian J. Kelly  
      Chief Financial Officer (Principal Financial Officer)

 

4

EX-99.906 CERT 3 d422785dex99906cert.htm CERTIFICATIONS PURSUANT TO SECTION 906 Certifications pursuant to Section 906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer:             Prudential Jennison Mid-Cap Growth Fund, Inc.

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

 

1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.

 

April 17, 2023    /s/ Stuart S. Parker
   Stuart S. Parker
   President and Principal Executive Officer
April 17, 2023    /s/ Christian J. Kelly
   Christian J. Kelly
   Chief Financial Officer (Principal Financial Officer)

This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

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