Prudential Jennison Mid-cap Growth Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITEDSTATES

SECURITIESANDEXCHANGECOMMISSION

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, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant's telephone number, including area code:	800-225-1852
Date of fiscal year end:	8/31/2020
Date of reporting period:	2/29/2020

Item 1 – Reports to Stockholders

PGIM JENNISON MID-CAP GROWTH FUND

SEMIANNUAL REPORT

FEBRUARY 29, 2020

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

To enroll in e-delivery, go to pgiminvestments.com/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 29, 2020 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. ^© 2020 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

Dear Shareholder:

We hope you find the semiannual report for PGIM Jennison Mid-Cap Growth Fund informative and useful. The report covers performance for the six-month period ended February 29, 2020.

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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe. Thank you for choosing our family of funds.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Mid-Cap Growth Fund

April 15, 2020

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 pgiminvestments.com or by calling (800) 225-1852.

		Average Annual Total Returns as of 2/29/20
	(without sales charges)	(with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	–1.26	3.19	5.51	10.40	—
Class B	–1.67	5.17	5.80	10.19	—
Class C	–1.58	7.79	5.97	10.25	—
Class R	–1.34	8.96	6.50	10.80	—
Class Z	–1.10	9.54	7.01	11.35	—
Class R2	–1.28	9.13	N/A	N/A	7.55 (12/27/17)
Class R4	–1.16	9.41	N/A	N/A	7.83 (12/27/17)
Class R6	–1.05	9.69	7.20	N/A	10.32 (1/18/11)
Russell Midcap Growth Index
	0.50	7.86	—	—	—
Russell Midcap Index
	–1.11	2.34	—	—	—

Average Annual Total Returns as of 2/29/20 Since Inception (%)
	Class R2 (12/27/17)	Class R4 (12/27/17)	Class R6 (1/18/11)
Russell Midcap Growth Index	9.30	9.30	11.82
Russell Midcap Index	3.41	3.41	10.32

*Not Annualized

Source: PGIM Investments LLC and Lipper Inc.

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’ inception date.

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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.

	Class A	Class B*	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	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	5.00% (Yr. 1) 4.00% (Yr. 2) 3.00% (Yr. 3) 2.00% (Yr. 4) 1.00% (Yr. 5) 1.00% (Yr. 6) 0.00% (Yr. 7)	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%	1.00%	0.75% (0.50% currently)	None	0.25%	None	None
Shareholder service fees	None	None	None	None	None	0.10%	0.10%	None

*Class B shares are closed to all purchase activity and no additional Class B shares may be purchased or acquired except by exchange from Class B shares of another Fund or through reinvestment of dividends and/or capital gains. Effective on or about June 26, 2020, all issued and outstanding Class B shares will be automatically converted to Class A shares. See the supplement included with this shareholder report for details.

Benchmark Definitions

Russell Midcap Growth Index—The Russell Midcap Growth Index is an unmanaged, 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 which 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.

PGIM Jennison Mid-Cap Growth Fund 5

Your Fund’s Performance (continued)

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.

Presentation of Fund Holdings as of 2/29/20

Ten Largest Holdings	Line of Business	% of Net Assets
Fiserv, Inc.	IT Services	2.8%
SBA Communications Corp.	Equity Real Estate Investment Trusts (REITs)	2.4%
Global Payments, Inc.	IT Services	2.4%
IQVIA Holdings, Inc.	Life Sciences Tools & Services	2.2%
Marvell Technology Group Ltd.	Semiconductors & Semiconductor Equipment	2.2%
AMETEK, Inc.	Electrical Equipment	2.2%
CBRE Group, Inc. (Class A Stock)	Real Estate Management & Development	2.1%
CoStar Group, Inc.	Professional Services	2.1%
Hill-Rom Holdings, Inc.	Health Care Equipment & Supplies	2.0%
Burlington Stores, Inc.	Specialty Retail	2.0%

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 29, 2020. 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

PGIM Jennison Mid-Cap Growth Fund 7

Fees and Expenses (continued)

and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information 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, 2019		Ending Account Value February 29, 2020		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	987.40		1.06	%	$	5.24
	Hypothetical	$	1,000.00	$	1,019.59		1.06	%	$	5.32
Class B	Actual	$	1,000.00	$	983.30		1.99	%	$	9.81
	Hypothetical	$	1,000.00	$	1,014.97		1.99	%	$	9.97
Class C	Actual	$	1,000.00	$	984.20		1.79	%	$	8.83
	Hypothetical	$	1,000.00	$	1,015.96		1.79	%	$	8.97
Class R	Actual	$	1,000.00	$	986.60		1.27	%	$	6.27
	Hypothetical	$	1,000.00	$	1,018.55		1.27	%	$	6.37
Class Z	Actual	$	1,000.00	$	989.00		0.78	%	$	3.86
	Hypothetical	$	1,000.00	$	1,020.98		0.78	%	$	3.92
Class R2	Actual	$	1,000.00	$	987.20		1.08	%	$	5.34
	Hypothetical	$	1,000.00	$	1,019.49		1.08	%	$	5.42
Class R4	Actual	$	1,000.00	$	988.40		0.83	%	$	4.10
	Hypothetical	$	1,000.00	$	1,020.74		0.83	%	$	4.17
Class R6	Actual	$	1,000.00	$	989.50		0.59	%	$	2.92
	Hypothetical	$	1,000.00	$	1,021.93		0.59	%	$	2.97

* 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 182 days in the six-month period ended February 29, 2020, and divided by the 366 days in the Fund’s fiscal year ending August 31, 2020 (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 29, 2020

Description	Shares		Value
LONG-TERM INVESTMENTS    99.4%
COMMON STOCKS
Aerospace & Defense    1.6%
L3Harris Technologies, Inc.		187,128	$	37,000,819
Auto Components    1.3%
Aptiv PLC		370,521		28,941,395
Biotechnology    2.3%
BioMarin Pharmaceutical, Inc.*		260,023		23,498,279
Exact Sciences Corp.*(a)		227,853		18,444,700
Neurocrine Biosciences, Inc.*		113,480		10,746,556
				52,689,535
Capital Markets    0.8%
Moody’s Corp.		75,860		18,208,676
Chemicals    1.8%
FMC Corp.		455,090		42,368,879
Commercial Services & Supplies    1.2%
Cintas Corp.		105,317		28,092,256
Construction & Engineering    2.0%
Quanta Services, Inc.		1,185,020		45,184,813
Containers & Packaging    0.3%
Crown Holdings, Inc.*		99,947		7,046,263
Diversified Consumer Services    1.6%
Bright Horizons Family Solutions, Inc.*		239,033		37,564,036
Electrical Equipment    2.2%
AMETEK, Inc.		586,185		50,411,910
Electronic Equipment, Instruments & Components    3.6%
Amphenol Corp. (Class A Stock)		356,208		32,657,150
CDW Corp.		329,951		37,687,003
Cognex Corp.		295,945		13,181,390
				83,525,543
Entertainment    1.5%
Take-Two Interactive Software, Inc.*		311,545		33,484,857

See Notes to Financial Statements.

PGIM Jennison Mid-Cap Growth Fund 9

Schedule of Investments (unaudited) (continued)

as of February 29, 2020

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs)    3.9%
Equinix, Inc.		58,645	$	33,591,856
SBA Communications Corp.		206,641		54,778,463
				88,370,319
Food Products 1.3%
Lamb Weston Holdings, Inc.		332,466		28,887,971
Health Care Equipment & Supplies    6.6%
Cooper Cos., Inc. (The)		71,151		23,093,480
DexCom, Inc.*		97,116		26,804,016
Hill-Rom Holdings, Inc.		476,515		45,769,266
Insulet Corp.*		94,339		17,921,580
Teleflex, Inc.		111,460		37,341,329
				150,929,671
Health Care Providers & Services    1.9%
Centene Corp.*		824,519		43,715,997
Health Care Technology    1.0%
Teladoc Health, Inc.*(a)		179,398		22,417,574
Hotels, Restaurants & Leisure    3.8%
Dunkin’ Brands Group, Inc.		167,753		11,158,929
Hilton Worldwide Holdings, Inc.		349,295		33,951,474
Planet Fitness, Inc. (Class A Stock)*		188,649		12,731,921
Vail Resorts, Inc.		132,685		28,210,158
				86,052,482
Household Products    1.3%
Church & Dwight Co., Inc.		442,146		30,737,990
Industrial Conglomerates    1.4%
Roper Technologies, Inc.		92,161		32,413,024
Interactive Media & Services    0.8%
Pinterest, Inc. (Class A Stock)*(a)		927,316		18,082,662
Internet & Direct Marketing Retail    0.5%
Etsy, Inc.*		197,137		11,396,490

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
IT Services 8.9%
Fidelity National Information Services, Inc.		299,381	$	41,829,513
Fiserv, Inc.*		581,709		63,615,696
FleetCor Technologies, Inc.*		163,265		43,394,204
Global Payments, Inc.		296,816		54,605,240
				203,444,653
Life Sciences Tools & Services    3.9%
Agilent Technologies, Inc.		318,226		24,525,678
IQVIA Holdings, Inc.*		370,075		51,621,762
PPD, Inc.*		515,078		14,360,374
				90,507,814
Machinery    4.7%
IDEX Corp.		199,841		29,576,468
Ingersoll-Rand PLC		287,578		37,109,065
Nordson Corp.		122,480		17,796,344
Stanley Black & Decker, Inc.		157,403		22,618,811
				107,100,688
Mortgage Real Estate Investment Trusts (REITs)    1.3%
Starwood Property Trust, Inc.		1,315,908		29,186,839
Multiline Retail    2.9%
Dollar General Corp.		283,142		42,556,243
Dollar Tree, Inc.*		290,803		24,145,373
				66,701,616
Pharmaceuticals    1.6%
Catalent, Inc.*		722,790		37,245,369
Professional Services    3.9%
CoStar Group, Inc.*		69,810		46,604,458
IHS Markit Ltd.		586,890		41,810,043
				88,414,501
Real Estate Management & Development    2.6%
CBRE Group, Inc. (Class A Stock)*		849,873		47,711,870
Howard Hughes Corp. (The)*		105,453		11,376,270
				59,088,140

See Notes to Financial Statements.

PGIM Jennison Mid-Cap Growth Fund 11

Schedule of Investments (unaudited) (continued)

as of February 29, 2020

Description		Shares		Value
COMMON STOCKS (Continued)
Road & Rail 1.5%
J.B. Hunt Transport Services, Inc.			363,097	$	35,017,075
Semiconductors & Semiconductor Equipment    7.9%	��
Advanced Micro Devices, Inc.*			372,202		16,927,747
Analog Devices, Inc.			260,194		28,374,156
Lam Research Corp.			148,054		43,443,485
Marvell Technology Group Ltd.			2,384,514		50,790,148
Microchip Technology, Inc.			326,602		29,626,068
Universal Display Corp.			76,218		12,102,656
					181,264,260
Software 12.7%
Avalara, Inc.*			281,508		23,857,803
Coupa Software, Inc.*			110,852		16,600,087
CyberArk Software Ltd.*			132,257		13,847,308
Guidewire Software, Inc.*			346,261		37,953,668
HubSpot, Inc.*			185,734		33,329,966
Palo Alto Networks, Inc.*			150,718		27,825,557
Paycom Software, Inc.*			46,968		13,275,505
Proofpoint, Inc.*			295,850		31,552,403
RingCentral, Inc. (Class A Stock)*			72,629		17,122,287
ServiceNow, Inc.*			51,077		16,655,699
Splunk, Inc.*			299,520		44,128,282
Trade Desk, Inc. (The) (Class A Stock)*(a)			50,409		14,479,985
					290,628,550
Specialty Retail 4.5%
Burlington Stores, Inc.*			210,342		45,488,561
Five Below, Inc.*			209,616		20,322,271
Ross Stores, Inc.			333,847		36,315,877
					102,126,709
Textiles, Apparel & Luxury Goods 0.3%
VF Corp.			94,473		6,802,056
TOTAL LONG-TERM INVESTMENTS (cost $1,476,942,243)					2,275,051,432
SHORT-TERM INVESTMENTS 3.3%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)			33,095,334		33,095,334

See Notes to Financial Statements.

12

Description	Shares		Value
AFFILIATED MUTUAL FUNDS (Continued)
PGIM Institutional Money Market Fund (cost $42,997,787; includes $42,908,529 of cash collateral for securities on loan)(b)(w)		43,004,192	$	43,004,192
TOTAL SHORT-TERM INVESTMENTS (cost $76,093,121)				76,099,526
TOTAL INVESTMENTS    102.7% (cost $1,553,035,364)				2,351,150,958
Liabilities in excess of other assets    (2.7)%				(61,578,506	)
NET ASSETS 100.0%			$	2,289,572,452

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

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trust

* 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 $41,160,402; cash collateral of $42,908,529 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

(b) Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(w) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and 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.

The following is a summary of the inputs used as of February 29, 2020 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Aerospace & Defense	$	37,000,819	$	—	$	—
Auto Components		28,941,395		—		—
Biotechnology		52,689,535		—		—
Capital Markets		18,208,676		—		—
Chemicals		42,368,879		—		—
Commercial Services & Supplies		28,092,256		—		—

See Notes to Financial Statements.

PGIM Jennison Mid-Cap Growth Fund 13

Schedule of Investments (unaudited) (continued)

as of February 29, 2020

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
Construction & Engineering	$	45,184,813	$	—	$	—
Containers & Packaging		7,046,263		—		—
Diversified Consumer Services.		37,564,036		—		—
Electrical Equipment		50,411,910		—		—
Electronic Equipment, Instruments & Components		83,525,543		—		—
Entertainment		33,484,857		—		—
Equity Real Estate Investment Trusts (REITs)		88,370,319		—		—
Food Products.		28,887,971		—		—
Health Care Equipment & Supplies.		150,929,671		—		—
Health Care Providers & Services		43,715,997		—		—
Health Care Technology		22,417,574		—		—
Hotels, Restaurants & Leisure		86,052,482		—		—
Household Products		30,737,990		—		—
Industrial Conglomerates		32,413,024		—		—
Interactive Media & Services		18,082,662		—		—
Internet & Direct Marketing Retail		11,396,490		—		—
IT Services		203,444,653		—		—
Life Sciences Tools & Services		90,507,814		—		—
Machinery		107,100,688		—		—
Mortgage Real Estate Investment Trusts (REITs)		29,186,839		—		—
Multiline Retail		66,701,616		—		—
Pharmaceuticals		37,245,369		—		—
Professional Services		88,414,501		—		—
Real Estate Management & Development		59,088,140		—		—
Road & Rail.		35,017,075		—		—
Semiconductors & Semiconductor Equipment		181,264,260		—		—
Software		290,628,550		—		—
Specialty Retail		102,126,709		—		—
Textiles, Apparel & Luxury Goods		6,802,056		—		—
Affiliated Mutual Funds		76,099,526		—		—
Total	$	2,351,150,958	$	—	$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 29, 2020 were as follows:

Software	12.7	%
IT Services	8.9
Semiconductors & Semiconductor Equipment	7.9
Health Care Equipment & Supplies	6.6
Machinery	4.7
Specialty Retail	4.5
Life Sciences Tools & Services	3.9
Professional Services	3.9	%
Equity Real Estate Investment Trusts (REITs)	3.9
Hotels, Restaurants & Leisure	3.8
Electronic Equipment, Instruments & Components	3.6
Affiliated Mutual Funds (1.9% represents investments purchased with collateral from securities on loan)	3.3

See Notes to Financial Statements.

14

Industry Classification (continued):

Multiline Retail	2.9	%
Real Estate Management & Development	2.6
Biotechnology	2.3
Electrical Equipment	2.2
Construction & Engineering	2.0
Health Care Providers & Services	1.9
Chemicals	1.8
Diversified Consumer Services	1.6
Pharmaceuticals	1.6
Aerospace & Defense	1.6
Road & Rail	1.5
Entertainment	1.5
Industrial Conglomerates	1.4
Household Products	1.3
Mortgage Real Estate Investment Trusts (REITs)	1.3
Auto Components	1.3	%
Food Products	1.3
Commercial Services & Supplies	1.2
Health Care Technology	1.0
Capital Markets	0.8
Interactive Media & Services	0.8
Internet & Direct Marketing Retail	0.5
Containers & Packaging	0.3
Textiles, Apparel & Luxury Goods	0.3
	102.7
Liabilities in excess of other assets	(2.7	)
	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 Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	41,160,402	$	(41,160,402	)	$	—

(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 29, 2020

Assets
Investments at value, including securities on loan of $41,160,402:
Unaffiliated investments (cost $1,476,942,243)	$	2,275,051,432
Affiliated investments (cost $76,093,121)		76,099,526
Receivable for investments sold		36,201,626
Receivable for Fund shares sold		3,764,650
Dividends and interest receivable		880,089
Prepaid expenses and other assets		60,395
Total Assets		2,392,057,718
Liabilities
Payable to broker for collateral for securities on loan		42,908,529
Payable for Fund shares reacquired		28,977,618
Payable for investments purchased		28,208,126
Management fee payable		1,151,749
Accrued expenses and other liabilities		819,506
Distribution fee payable		303,077
Affiliated transfer agent fee payable		116,638
Affiliated shareholder servicing fees payable		23
Total Liabilities		102,485,266
Net Assets	$	2,289,572,452
Net assets were comprised of:
Common stock, at par	$	103,553
Paid-in capital in excess of par		1,128,369,326
Total distributable earnings (loss)		1,161,099,573
Net assets, February 29, 2020	$	2,289,572,452

See Notes to Financial Statements.

16

Class A
Net asset value and redemption price per share, ($ 826,256,125 ÷ 40,248,028 shares of common stock issued and outstanding)	$	20.53
Maximum sales charge (5.50% of offering price)		1.19
Maximum offering price to public	$	21.72
Class B
Net asset value, offering price and redemption price per share,
($ 2,689,140 ÷ 247,899 shares of common stock issued and outstanding)	$	10.85
Class C
Net asset value, offering price and redemption price per share,
($ 33,091,342 ÷ 3,005,655 shares of common stock issued and outstanding)	$	11.01
Class R
Net asset value, offering price and redemption price per share,
($ 117,754,191 ÷ 6,197,495 shares of common stock issued and outstanding)	$	19.00
Class Z
Net asset value, offering price and redemption price per share,
($ 711,663,637 ÷ 29,629,997 shares of common stock issued and outstanding)	$	24.02
Class R2
Net asset value, offering price and redemption price per share,
($ 573,077 ÷ 23,598 shares of common stock issued and outstanding)	$	24.28
Class R4
Net asset value, offering price and redemption price per share,
($ 424,488 ÷ 17,331 shares of common stock issued and outstanding)	$	24.49
Class R6
Net asset value, offering price and redemption price per share,
($ 597,120,452 ÷ 24,183,080 shares of common stock issued and outstanding)	$	24.69

See Notes to Financial Statements.

PGIM Jennison Mid-Cap Growth Fund 17

Statement of Operations (unaudited)

Six Months Ended February 29, 2020

Net Investment Income (Loss)
Income
Unaffiliated dividend income	$	9,888,476
Affiliated dividend income		552,208
Income from securities lending, net (including affiliated income of $85,770)		110,423
Total income		10,551,107
Expenses
Management fee		8,075,879
Distribution fee(a)		2,083,343
Shareholder servicing fees (including affiliated expense of $23)(a)		399
Transfer agent’s fees and expenses (including affiliated expense of $284,811)(a)		1,965,821
Shareholders’ reports		114,328
Custodian and accounting fees		108,231
Registration fees(a)		85,242
Directors’ fees		25,385
Legal fees and expenses		18,184
Audit fee		11,959
Miscellaneous		34,549
Total expenses		12,523,320
Less: Fee waiver and/or expense reimbursement(a)		(32,943	)
Distribution fee waiver(a)		(163,426	)
Net expenses		12,326,951
Net investment income (loss)		(1,775,844	)
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions (including affiliated of $18,312)		478,368,002
Net change in unrealized appreciation (depreciation) on investments (including affiliated of $(9,926))		(487,722,830	)
Net gain (loss) on investment transactions		(9,354,828	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(11,130,672	)

(a) Class specific expenses and waivers were as follows:

	Class A		Class B			Class C		Class R			Class Z		Class R2			Class R4			Class R6
Distribution fee		1,371,668		21,821			198,879		490,276			—		699			—			—
Shareholder servicing fees		—		—			—		—			—		280			119			—
Transfer agent’s fees and expenses		780,711		17,875			30,369		107,599			1,024,602		416			172			4,077
Registration fees		15,315		8,066			8,901		8,454			17,603		7,857			7,857			11,189
Fee waiver and/or expense reimbursement		—		(17,201	)		—		—			—		(7,880	)		(7,862	)		—
Distribution fee waiver		—		—			—		(163,426	)		—		—			—			—

See Notes to Financial Statements.

18

Statements of Changes in Net Assets (unaudited)

	Six Months Ended February 29, 2020			Year Ended August 31, 2019
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(1,775,844	)	$	(4,255,053	)
Net realized gain (loss) on investment transactions		478,368,002			701,177,840
Net change in unrealized appreciation (depreciation) on investments		(487,722,830	)		(465,159,701	)
Net increase (decrease) in net assets resulting from operations		(11,130,672	)		231,763,086
Dividends and Distributions
Distributions from distributable earnings
Class A		(266,965,246	)		(269,689,407	)
Class B		(1,943,602	)		(3,581,798	)
Class C		(17,212,251	)		(36,233,478	)
Class R		(39,802,134	)		(43,688,425	)
Class Z		(208,844,555	)		(562,044,355	)
Class R2		(139,667	)		(83,104	)
Class R4		(48,072	)		(21,329	)
Class R6		(170,239,692	)		(217,559,085	)
		(705,195,219	)		(1,132,900,981	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		266,628,582			665,816,157
Net asset value of shares issued in reinvestment of dividends and distributions		664,933,230			1,067,714,280
Cost of shares reacquired		(1,274,707,038	)		(2,675,290,191	)
Net increase (decrease) in net assets from Fund share transactions		(343,145,226	)		(941,759,754	)
Total increase (decrease)		(1,059,471,117	)		(1,842,897,649	)
Net Assets:
Beginning of period		3,349,043,569			5,191,941,218
End of period	$	2,289,572,452		$	3,349,043,569

See Notes to Financial Statements.

PGIM Jennison Mid-Cap Growth Fund 19

Notes to Financial Statements (unaudited)

Prudential Jennison Mid-Cap Growth Fund, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversified, open-end management investment company. PGIM Jennison Mid-Cap Growth Fund (the “Fund”) is the sole series of the Company.

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

1. 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 accounting policies conform to U.S. generally accepted accounting principles. 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 at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. 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. The Company’s Board of Directors (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

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 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 Measurements and Disclosures.

20

Common and preferred stocks, exchange-traded funds, and derivative instruments, such as futures or options, 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, non-exchange-traded mutual 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 pricing methodologies 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.

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 Manager 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.

Illiquid Securities: Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of net assets. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser(s) and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.

Restricted Securities: Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant

PGIM Jennison Mid-Cap Growth Fund 21

Notes to Financial Statements (unaudited) (continued)

to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Fund’s LRMP because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. Therefore, these Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act of 1933, may be classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Fund’s investments in restricted securities could be impaired if trading does not develop or declines.

Master Netting Arrangements: The Company, 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. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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. 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. The Fund also

22

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.

Equity and Mortgage Real Estate Investment Trusts (collectively equity REITs): The Fund invested in equity REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from equity REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the equity REITs.

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 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. Class specific expenses 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.

Tax reform legislation commonly referred to as the Tax Cuts and Jobs Act permits a direct REIT shareholder to claim a 20% “qualified business income” deduction for ordinary REIT dividends. On January 18, 2019, the Internal Revenue Service issued final regulations that expressly permit RICs to pass through this “qualified business income” to their shareholders.

Dividends and Distributions: The Fund expects to pay dividends from net investment income and distributions from net realized capital gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss)

PGIM Jennison Mid-Cap Growth Fund 23

Notes to Financial Statements (unaudited) (continued)

are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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.

2. Agreements

The Company, on behalf of the Fund, has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Fund. The Manager administers the corporate affairs of the Fund and, in connection therewith, furnishes the Fund with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the Fund’s custodian and the Fund’s transfer agent. The Manager is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

The Manager has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment advisory services in connection with the management of the Fund. In connection therewith, Jennison is obligated to keep certain books and records of the Fund. The Manager pays for the services of Jennison, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.60% of the Fund’s average daily net assets up to $1 billion and 0.55% of the average daily net assets in excess of $1 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.57% for the reporting period ended February 29, 2020.

The Manager has contractually agreed, through December 31, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.99% of average daily net assets for Class B shares. Separately, the Manager has contractually agreed, through December 31, 2020, to limit transfer agency, shareholder servicing, sub-transfer

24

agency, and blue sky fees, as applicable, to the extent that such fees cause the total annual operating expenses to exceed 1.08% of average daily net assets for Class R2 shares or 0.83% of average daily net assets for Class R4 shares. The contractual waiver and expense limitation exclude 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 similar 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 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 Company, 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 B, 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 B, Class C, Class R and Class R2 shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z, Class R4 and Class R6 shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1%, 1%, 0.75% and 0.25% of the average daily net assets of the Class A, Class B, Class C, Class R and Class R2 shares, respectively. PIMS has contractually agreed through December 31, 2020 to limit such expenses to 0.50% of the average daily net assets of the Class R shares.

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 pay to Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers, as compensation for services rendered to the shareholders of such Class R2 or Class R4 shares, a shareholder service fee at an annual rate of 0.10% of the average daily net assets attributable to Class R2 and Class R4 shares. The shareholder service fee is accrued daily and paid monthly.

For the reporting period ended February 29, 2020, PIMS received $191,539 in front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended February 29, 2020, PIMS received $18, $218 and $1,240 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to

PGIM Jennison Mid-Cap Growth Fund 25

Notes to Financial Statements (unaudited) (continued)

broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Company’s transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Fund’s investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

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, and/or common officers. Pursuant to the Rule 17a-7 procedures and consistent with guidance issued by the Securities and Exchange Commission (“SEC”), the Company’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such 17a-7 transactions were effected in accordance with the Fund’s Rule 17a-7 procedures. For the reporting period ended February 29, 2020, no 17a-7 transactions were entered into by the Fund.

4. 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 29, 2020, were $582,754,685 and $1,578,414,316, respectively.

26

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended February 29, 2020, 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
	PGIM Core Ultra Short Bond Fund*
$	69,122,906	$	398,826,645	$	434,854,217	$	—		$	—	$	33,095,334		33,095,334	$	552,208
	PGIM Institutional Money Market Fund*
	184,301,620		229,440,409		370,746,223		(9,926	)		18,312		43,004,192		43,004,192		85,770	**
$	253,424,526	$	628,267,054	$	805,600,440	$	(9,926	)	$	18,312	$	76,099,526			$	637,978

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

** Represents the affiliated amount of securities lending income shown on the Statement of Operations.

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 29, 2020 were as follows:

Tax Basis	$	1,569,299,061
Gross Unrealized Appreciation		822,374,116
Gross Unrealized Depreciation		(40,522,219	)
Net Unrealized Appreciation	$	781,851,897

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

The Fund elected to treat late year losses of approximately $3,848,000 as having been incurred in the following fiscal year.

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, 2019 are subject to such review.

6. Capital and Ownership

The Fund offers Class A, Class B, 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 contingent deferred sales charge (“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

PGIM Jennison Mid-Cap Growth Fund 27

Notes to Financial Statements (unaudited) (continued)

shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a monthly basis approximately seven years after purchase. Effective on or about June 26, 2020, all issued and outstanding Class B shares will be automatically converted to Class A shares. Class B shares are closed to new purchases. 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 10 years 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.

The Company is authorized to issue 2 billion 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 A	345,000,000
Class B	5,000,000
Class C	25,000,000
Class R	125,000,000
Class Z	800,000,000
Class R2	100,000,000
Class R4	100,000,000
Class R6	400,000,000

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

As of February 29, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares		Percentage of Outstanding Shares
Class A		123,499		—	%*
Class C		91		—	%*
Class R		1,085,099		18	%
Class Z		78		—	%*
Class R2		483		2	%
Class R4		481		3	%
Class R6		335		—	%*

* Amount represents less than 1% of outstanding shares.

28

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

Affiliated				Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares			Number of Shareholders		Percentage of Outstanding Shares
—		—	%		3		36	%

Transactions in shares of common stock were as follows:

Class A	Shares			Amount
Six months ended February 29, 2020:
Shares sold		2,851,722		$	68,902,289
Shares issued in reinvestment of dividends and distributions		11,757,258			250,429,646
Shares reacquired		(6,369,520	)		(156,927,314	)
Net increase (decrease) in shares outstanding before conversion		8,239,460			162,404,621
Shares issued upon conversion from other share class(es)		455,406			12,229,704
Shares reacquired upon conversion into other share class(es)		(127,085	)		(3,366,777	)
Net increase (decrease) in shares outstanding		8,567,781		$	171,267,548
Year ended August 31, 2019:
Shares sold		4,563,587		$	126,318,614
Shares issued in reinvestment of dividends and distributions		10,431,846			247,026,112
Shares reacquired		(15,045,717	)		(436,056,341	)
Net increase (decrease) in shares outstanding before conversion		(50,284	)		(62,711,615	)
Shares issued upon conversion from other share class(es)		1,784,107			49,727,243
Shares reacquired upon conversion into other share class(es)		(273,879	)		(8,226,486	)
Net increase (decrease) in shares outstanding		1,459,944		$	(21,210,858	)
Class B
Six months ended February 29, 2020:
Shares sold		7,883		$	93,874
Shares issued in reinvestment of dividends and distributions		169,449			1,911,388
Shares reacquired		(47,854	)		(648,482	)
Net increase (decrease) in shares outstanding before conversion		129,478			1,356,780
Shares reacquired upon conversion into other share class(es)		(181,718	)		(2,675,276	)
Net increase (decrease) in shares outstanding		(52,240	)	$	(1,318,496	)
Year ended August 31, 2019:
Shares sold		20,174		$	366,653
Shares issued in reinvestment of dividends and distributions		220,164			3,507,211
Shares reacquired		(135,437	)		(2,684,717	)
Net increase (decrease) in shares outstanding before conversion		104,901			1,189,147
Shares reacquired upon conversion into other share class(es)		(214,091	)		(4,093,289	)
Net increase (decrease) in shares outstanding		(109,190	)	$	(2,904,142	)

PGIM Jennison Mid-Cap Growth Fund 29

Notes to Financial Statements (unaudited) (continued)

Class C	Shares			Amount
Six months ended February 29, 2020:
Shares sold		236,798		$	2,981,624
Shares issued in reinvestment of dividends and distributions		1,320,690			15,108,698
Shares reacquired		(461,073	)		(6,572,407	)
Net increase (decrease) in shares outstanding before conversion		1,096,415			11,517,915
Shares reacquired upon conversion into other share class(es)		(551,850	)		(9,601,939	)
Net increase (decrease) in shares outstanding		544,565		$	1,915,976
Year ended August 31, 2019:
Shares sold		410,945		$	7,191,972
Shares issued in reinvestment of dividends and distributions		2,011,655			32,246,836
Shares reacquired		(1,411,025	)		(26,199,418	)
Net increase (decrease) in shares outstanding before conversion		1,011,575			13,239,390
Shares reacquired upon conversion into other share class(es)		(2,428,678	)		(46,368,806	)
Net increase (decrease) in shares outstanding		(1,417,103	)	$	(33,129,416	)
Class R
Six months ended February 29, 2020:
Shares sold		308,559		$	7,132,557
Shares issued in reinvestment of dividends and distributions		1,995,939			39,359,914
Shares reacquired		(1,065,420	)		(25,662,366	)
Net increase (decrease) in shares outstanding before conversion		1,239,078			20,830,105
Shares issued upon conversion from other share class(es)		166			3,368
Shares reacquired upon conversion into other share class(es)		(174	)		(3,666	)
Net increase (decrease) in shares outstanding		1,239,070		$	20,829,807
Year ended August 31, 2019:
Shares sold		700,069		$	19,764,127
Shares issued in reinvestment of dividends and distributions		1,888,244			42,447,723
Shares reacquired		(2,178,794	)		(59,387,078	)
Net increase (decrease) in shares outstanding before conversion		409,519			2,824,772
Shares reacquired upon conversion into other share class(es)		(393	)		(10,343	)
Net increase (decrease) in shares outstanding		409,126		$	2,814,429

30

Class Z	Shares			Amount
Six months ended February 29, 2020:
Shares sold		3,346,295		$	96,307,343
Shares issued in reinvestment of dividends and distributions		7,948,387			197,914,840
Shares reacquired		(28,969,757	)		(930,104,617	)
Net increase (decrease) in shares outstanding before conversion		(17,675,075	)		(635,882,434	)
Shares issued upon conversion from other share class(es)		144,465			4,376,859
Shares reacquired upon conversion into other share class(es)		(41,556	)		(1,219,331	)
Net increase (decrease) in shares outstanding		(17,572,166	)	$	(632,724,906	)
Year ended August 31, 2019:
Shares sold		11,862,523		$	389,572,175
Shares issued in reinvestment of dividends and distributions		20,421,217			539,936,962
Shares reacquired		(48,288,680	)		(1,540,341,356	)
Net increase (decrease) in shares outstanding before conversion		(16,004,940	)		(610,832,219	)
Shares issued upon conversion from other share class(es)		380,946			12,771,985
Shares reacquired upon conversion into other share class(es)		(162,010	)		(5,187,511	)
Net increase (decrease) in shares outstanding		(15,786,004	)	$	(603,247,745	)
Class R2
Six months ended February 29, 2020:
Shares sold		2,967		$	79,596
Shares issued in reinvestment of dividends and distributions		5,542			139,666
Shares reacquired		(1,174	)		(35,229	)
Net increase (decrease) in shares outstanding		7,335		$	184,033
Year ended August 31, 2019:
Shares sold		14,607		$	519,153
Shares issued in reinvestment of dividends and distributions		3,107			83,104
Shares reacquired		(1,710	)		(53,646	)
Net increase (decrease) in shares outstanding		16,004		$	548,611
Class R4
Six months ended February 29, 2020:
Shares sold		11,838		$	323,003
Shares issued in reinvestment of dividends and distributions		955			24,239
Shares reacquired		(385	)		(10,243	)
Net increase (decrease) in shares outstanding		12,408		$	336,999
Year ended August 31, 2019:
Shares sold		4,894		$	169,633
Shares issued in reinvestment of dividends and distributions		99			2,643
Shares reacquired		(329	)		(9,989	)
Net increase (decrease) in shares outstanding		4,664		$	162,287

PGIM Jennison Mid-Cap Growth Fund 31

Notes to Financial Statements (unaudited) (continued)

Class R6	Shares			Amount
Six months ended February 29, 2020:
Shares sold		3,007,387		$	90,808,296
Shares issued in reinvestment of dividends and distributions		6,254,195			160,044,839
Shares reacquired		(5,265,266	)		(154,746,380	)
Net increase (decrease) in shares outstanding before conversion		3,996,316			96,106,755
Shares issued upon conversion from other share class(es)		11,832			377,141
Shares reacquired upon conversion into other share class(es)		(3,897	)		(120,083	)
Net increase (decrease) in shares outstanding		4,004,251		$	96,363,813
Year ended August 31, 2019:
Shares sold		3,728,426		$	121,913,830
Shares issued in reinvestment of dividends and distributions		7,518,147			202,463,689
Shares reacquired		(18,485,133	)		(610,557,646	)
Net increase (decrease) in shares outstanding before conversion		(7,238,560	)		(286,180,127	)
Shares issued upon conversion from other share class(es)		45,233			1,488,043
Shares reacquired upon conversion into other share class(es)		(3,447	)		(100,836	)
Net increase (decrease) in shares outstanding		(7,196,774	)	$	(284,792,920	)

7. Borrowings

The Company, on behalf of the Fund, along with other affiliated registered investment companies (the “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	10/3/2019 – 10/1/2020	10/4/2018 – 10/2/2019
Total Commitment	$1,222,500,000*	$900,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.25% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

* Effective March 31, 2020, the SCA’s total commitment was increased from $900,000,000 to $1,162,500,000 and subsequently, effective April 7, 2020 was increased to $1,222,500,000.

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

32

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 Funds in the SCA equitably.

The Fund utilized the SCA during the reporting period ended February 29, 2020. The average daily balance for the 1 days that the Fund had loans outstanding during the period was approximately $3,070,000, borrowed at a weighted average interest rate of 3.73%. The maximum loan outstanding amount during the period was $3,070,000. At February 29, 2020, the Fund did not have an outstanding loan amount.

8. Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below:

Equity and Equity-Related Securities Risks: The value of a particular security could go down and you could lose money. 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. The Fund’s holdings can vary significantly from broad market indexes and the performance of the Fund can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Market and Credit 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 an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Risks of Investing in equity REITs: Real estate securities are subject to similar risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of payments that occur earlier or later than expected, and such loans may also include so-called “subprime” mortgages. The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and interest rates. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties.

In addition, investing in equity REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the equity REITs, while mortgage REITs may be affected by the quality of any credit extended. Equity REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by

PGIM Jennison Mid-Cap Growth Fund 33

Notes to Financial Statements (unaudited) (continued)

borrowers and self-liquidation. Since equity REITs are relatively smaller in size when compared to the broader market, and smaller companies tend to be more volatile than larger companies, they may be more volatile and/or more illiquid than other types of equity securities. Equity REITs are subject to interest rate risks. Equity REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each equity REIT in which it invests, in addition to the expenses of the Fund.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has adopted the aspects related to the removal and modification of certain fair value measurement disclosures under the ASU. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.

10. Subsequent Event

Subsequent to February 29, 2020 the COVID-19 outbreak was declared a pandemic by the World Health Organization. The situation is dynamic with various cities and countries around the world responding in different ways to address the outbreak.

There are meaningful direct and indirect effects developing particularly with companies in which we invest, which have adversely impacted the valuation of these companies. The Manager will continue to monitor the impact of COVID-19.

34

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended February 29,			Year Ended August 31,
	2020			2019		2018		2017		2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$29.35			$38.18		$37.70		$34.76		$37.93			$40.94
Income (loss) from investment operations:
Net investment income (loss)		(0.04)			(0.09)		(0.13)		(0.08)		(0.13)			(0.12)
Net realized and unrealized gain (loss) on investment transactions		(0.01)			1.46		5.66		5.27		0.13			1.36
Total from investment operations		(0.05)			1.37		5.53		5.19		-	(b)		1.24
Less Dividends and Distributions:
Distributions from net realized gains		(8.77)			(10.20)		(5.05)		(2.25)		(3.17)			(4.25)
Net asset value, end of period		$20.53			$29.35		$38.18		$37.70		$34.76			$37.93
Total Return(c):		(1.26)%			9.98%		15.93%		15.72%		0.14%			3.07%
Ratios/Supplemental Data:
Net assets, end of period (000)		$826,256			$929,801		$1,153,936		$1,475,747		$2,444,209			$3,309,898
Average net assets (000)		$919,470			$939,210		$1,331,811		$1,964,894		$2,840,531			$3,508,750
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.06%	(f)		1.07%		1.06%		1.06%		1.06%			1.05%
Expenses before waivers and/or expense reimbursement		1.06%	(f)		1.07%		1.06%		1.06%		1.06%			1.05%
Net investment income (loss)		(0.32)%	(f)		(0.32)%		(0.34)%		(0.23)%		(0.37)%			(0.29)%
Portfolio turnover rate(g)		21%			31%		36%		34%		24%			45%

(a) Calculated based on average shares outstanding during the period.

(b) Less than $0.005 per share.

(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 generally accepted accounting principles. 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) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. 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 35

Financial Highlights (unaudited) (continued)

Class B Shares
	Six Months Ended February 29,			Year Ended August 31,
	2020			2019		2018		2017		2016		2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$19.62			$29.53		$30.47		$28.71		$32.09		$35.51
Income (loss) from investment operations:
Net investment income (loss)		(0.10)			(0.26)		(0.35)		(0.27)		(0.31)		(0.34)
Net realized and unrealized gain (loss) on investment transactions		0.10			0.55		4.46		4.28		0.10		1.17
Total from investment operations		-	(b)		0.29		4.11		4.01		(0.21)		0.83
Less Dividends and Distributions:
Distributions from net realized gains		(8.77)			(10.20)		(5.05)		(2.25)		(3.17)		(4.25)
Net asset value, end of period		$10.85			$19.62		$29.53		$30.47		$28.71		$32.09
Total Return(c):		(1.67)%			8.92%		14.94%		14.88%		(0.53)%		2.32%
Ratios/Supplemental Data:
Net assets, end of period (000)		$2,689			$5,888		$12,088		$17,253		$22,560		$32,455
Average net assets (000)		$4,388			$8,120		$14,829		$19,198		$26,408		$36,900
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.99%	(f)		1.99%		1.94%		1.76%		1.76%		1.75%
Expenses before waivers and/or expense reimbursement		2.79%	(f)		2.29%		1.94%		1.76%		1.76%		1.75%
Net investment income (loss)		(1.25)%	(f)		(1.24)%		(1.22)%		(0.94)%		(1.07)%		(0.99)%
Portfolio turnover rate(g)		21%			31%		36%		34%		24%		45%

(a) Calculated based on average shares outstanding during the period.

(b) Less than $0.005 per share.

(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 generally accepted accounting principles. 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) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Annualized.

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

See Notes to Financial Statements.

36

Class C Shares
	Six Months Ended February 29,			Year Ended August 31,
	2020			2019		2018		2017		2016		2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$19.77			$29.61		$30.48		$28.71		$32.10		$35.51
Income (loss) from investment operations:
Net investment income (loss)		(0.08)			(0.20)		(0.28)		(0.27)		(0.31)		(0.34)
Net realized and unrealized gain (loss) on investment transactions		0.09			0.56		4.46		4.29		0.09		1.18
Total from investment operations		0.01			0.36		4.18		4.02		(0.22)		0.84
Less Dividends and Distributions:
Distributions from net realized gains		(8.77)			(10.20)		(5.05)		(2.25)		(3.17)		(4.25)
Net asset value, end of period		$11.01			$19.77		$29.61		$30.48		$28.71		$32.10
Total Return(b):		(1.58)%			9.19%		15.19%		14.91%		(0.57)%		2.35%
Ratios/Supplemental Data:
Net assets, end of period (000)		$33,091			$48,646		$114,841		$127,048		$152,365		$190,609
Average net assets (000)		$39,994			$78,014		$121,294		$137,699		$165,788		$209,566
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.79%	(e)		1.74%		1.69%		1.76%		1.76%		1.75%
Expenses before waivers and/or expense reimbursement		1.79%	(e)		1.74%		1.69%		1.76%		1.76%		1.75%
Net investment income (loss)		(1.04)%	(e)		(0.99)%		(0.98)%		(0.93)%		(1.07)%		(1.00)%
Portfolio turnover rate(f)		21%			31%		36%		34%		24%		45%

(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 generally accepted accounting principles. 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) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. 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 37

Financial Highlights (unaudited) (continued)

Class R Shares
	Six Months Ended February 29,			Year Ended August 31,
	2020			2019		2018		2017		2016		2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$27.83			$36.85		$36.61		$33.89		$37.13		$40.23
Income (loss) from investment operations:
Net investment income (loss)		(0.06)			(0.14)		(0.19)		(0.15)		(0.19)		(0.19)
Net realized and unrealized gain (loss) on investment transactions		-	(b)		1.32		5.48		5.12		0.12		1.34
Total from investment operations		(0.06)			1.18		5.29		4.97		(0.07)		1.15
Less Dividends and Distributions:
Distributions from net realized gains		(8.77)			(10.20)		(5.05)		(2.25)		(3.17)		(4.25)
Net asset value, end of period		$19.00			$27.83		$36.85		$36.61		$33.89		$37.13
Total Return(c):		(1.34)%			9.74%		15.73%		15.46%		(0.05)%		2.89%
Ratios/Supplemental Data:
Net assets, end of period (000)		$117,754			$137,975		$167,650		$197,803		$239,720		$324,329
Average net assets (000)		$131,459			$144,398		$186,452		$215,521		$272,878		$361,697
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.27%	(f)		1.25%		1.24%		1.26%		1.26%		1.25%
Expenses before waivers and/or expense reimbursement		1.52%	(f)		1.50%		1.49%		1.51%		1.51%		1.50%
Net investment income (loss)		(0.52)%	(f)		(0.51)%		(0.52)%		(0.43)%		(0.57)%		(0.50)%
Portfolio turnover rate(g)		21%			31%		36%		34%		24%		45%

(a) Calculated based on average shares outstanding during the period.

(b) Less than $0.005 per share.

(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 generally accepted accounting principles. 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) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Annualized.

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

See Notes to Financial Statements.

38

Class Z Shares
	Six Months Ended February 29,			Year Ended August 31,
	2020			2019		2018		2017		2016		2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$32.84			$41.27		$40.26		$36.87		$39.93		$42.76
Income (loss) from investment operations:
Net investment income (loss)		(0.01)			(0.01)		(0.03)		0.02		(0.03)		-	(b)
Net realized and unrealized gain (loss) on investment transactions		(0.04)			1.78		6.09		5.62		0.14		1.42
Total from investment operations		(0.05)			1.77		6.06		5.64		0.11		1.42
Less Dividends and Distributions:
Distributions from net realized gains		(8.77)			(10.20)		(5.05)		(2.25)		(3.17)		(4.25)
Net asset value, end of period		$24.02			$32.84		$41.27		$40.26		$36.87		$39.93
Total Return(c):		(1.10)%			10.29%		16.26%		16.05%		0.43%		3.38%
Ratios/Supplemental Data:
Net assets, end of period (000)		$711,664			$1,550,111		$2,599,235		$3,522,414		$3,909,489		$4,805,518
Average net assets (000)		$1,096,055			$1,902,093		$3,091,013		$3,529,158		$4,229,836		$5,173,326
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.78%	(f)		0.79%		0.80%		0.76%		0.76%		0.75%
Expenses before waivers and/or expense reimbursement		0.78%	(f)		0.79%		0.80%		0.76%		0.76%		0.75%
Net investment income (loss)		(0.04)%	(f)		(0.04)%		(0.08)%		0.07%		(0.07)%		-%	(g)
Portfolio turnover rate(h)		21%			31%		36%		34%		24%		45%

(a) Calculated based on average shares outstanding during the period.

(b) Less than $0.005 per share.

(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 generally accepted accounting principles. 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) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Annualized.

(g) Less than 0.005%.

(h) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments and certain derivatives. 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 39

Financial Highlights (unaudited) (continued)

Class R2 Shares
	Six Months Ended February 29, 2020			Year Ended August 31, 2019		December 27, 2017(a) through August 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$33.15			$41.65		$38.58
Income (loss) from investment operations:
Net investment income (loss)		(0.05)			(0.11)		(0.11)
Net realized and unrealized gain (loss) on investment transactions		(0.05)			1.81		3.18
Total from investment operations		(0.10)			1.70		3.07
Less Dividends and Distributions:
Distributions from net realized gains		(8.77)			(10.20)		-
Net asset value, end of period		$24.28			$33.15		$41.65
Total Return(c):		(1.28)%			9.93%		7.96%
Ratios/Supplemental Data:
Net assets, end of period (000)		$573			$539		$11
Average net assets (000)		$563			$296		$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.08%	(e)		1.08%		1.08%	(e)
Expenses before waivers and/or expense reimbursement		3.90%	(e)		6.45%		244.89%	(e)
Net investment income (loss)		(0.34)%	(e)		(0.35)%		(0.39)%(e)
Portfolio turnover rate(f)		21%			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 generally accepted accounting principles. 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 and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

See Notes to Financial Statements.

40

Class R4 Shares
	Six Months Ended February 29, 2020			Year Ended August 31, 2019		December 27, 2017(a) through August 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$33.33			$41.72		$38.58
Income (loss) from investment operations:
Net investment income (loss)		(0.01)			(0.03)		(0.04)
Net realized and unrealized gain (loss) on investment transactions		(0.06)			1.84		3.18
Total from investment operations		(0.07)			1.81		3.14
Less Dividends and Distributions:
Distributions from net realized gains		(8.77)			(10.20)		-
Net asset value, end of period		$24.49			$33.33		$41.72
Total Return(c):		(1.16)%			10.24%		8.14%
Ratios/Supplemental Data:
Net assets, end of period (000)		$424			$164		$11
Average net assets (000)		$240			$106		$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.83%	(e)		0.83%		0.83%	(e)
Expenses before waivers and/or expense reimbursement		7.43%	(e)		15.83%		244.44%	(e)
Net investment income (loss)		(0.10)%	(e)		(0.09)%		(0.14)%	(e)
Portfolio turnover rate(f)		21%			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 generally accepted accounting principles. 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 and certain derivatives. 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 41

Financial Highlights (unaudited) (continued)

Class R6 Shares
	Six Months Ended February 29,			Year Ended August 31,
	2020			2019			2018			2017			2016			2015
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$33.50			$41.80			$40.63			$37.13			$40.13			$42.89
Income (loss) from investment operations:
Net investment income (loss)		0.02			0.05			0.06			0.09			0.04			0.06
Net realized and unrealized gain (loss) on investment transactions		(0.06	)		1.85			6.16			5.66			0.13			1.43
Total from investment operations		(0.04	)		1.90			6.22			5.75			0.17			1.49
Less Dividends and Distributions:
Distributions from net realized gains		(8.77	)		(10.20	)		(5.05	)		(2.25	)		(3.17	)		(4.25	)
Net asset value, end of period		$24.69			$33.50			$41.80			$40.63			$37.13			$40.13
Total Return(b):		(1.05)%			10.52%			16.53%			16.24%			0.58%			3.55%
Ratios/Supplemental Data:
Net assets, end of period (000)		$597,120			$675,919			$1,144,170			$1,585,340			$964,093			$904,800
Average net assets (000)		$669,742			$786,436			$1,584,359			$1,307,593			$914,522			$794,215
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.59%	(e)		0.59%			0.58%			0.58%			0.58%			0.58%
Expenses before waivers and/or expense reimbursement		0.59%	(e)		0.59%			0.58%			0.58%			0.58%			0.58%
Net investment income (loss)		0.15%	(e)		0.15%			0.15%			0.25%			0.10%			0.15%
Portfolio turnover rate(f)		21%			31%			36%			34%			24%			45%

(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 generally accepted accounting principles. 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) Effective September 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) Annualized.

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

See Notes to Financial Statements.

42

Supplement dated December 18, 2019

to the Currently Effective Summary Prospectus, Prospectus

and Statement of Additional Information of the Funds Listed Below

This supplement should be read in conjunction with your Summary Prospectus, Statutory Prospectus and Statement of Additional Information, be retained for future reference and is in addition to any existing Fund supplements.

The Board of Directors/Trustees for each Fund listed below has approved the conversion of all issued and outstanding Class B shares of the Funds to Class A shares of the same Fund, effective on or about June 26, 2020.

As a result, effective on or about the close of business on June 26, 2020, all of the issued and outstanding Class B shares of a Fund will be converted into Class A shares of that Fund with the same relative aggregate net asset value as the Class B shares held immediately prior to the conversion. Class A shares currently have lower total expense ratios, and equal or lower distribution fees and shareholder servicing fees payable under the Fund’s 12b-1 plan than Class B shares. No sales load, fee, or other charge will be imposed on the conversion of these shares. Class A shares are not subject to the contingent deferred sales charge (if any) currently charged on the redemption of Class B shares. Please refer to your Fund’s Prospectus for more information regarding Class A shares. The conversion is not expected to be a taxable event for federal income tax purposes and should not result in recognition of gain or loss by converting shareholders.

LR1263

The Prudential Investment Portfolios, Inc.

PGIM Balanced Fund

PGIM Jennison Focused Value Fund

PGIM Jennison Growth Fund

Prudential Investment Portfolios 3

PGIM Jennison Focused Growth Fund

PGIM QMA Large-Cap Value Fund

PGIM Real Assets Fund

Prudential Investment Portfolios 4

PGIM Muni High Income Fund

Prudential Investment Portfolios 5

PGIM Jennison Diversified Growth Fund

Prudential Investment Portfolios 6

PGIM California Muni Income Fund

Prudential Investment Portfolios 7

PGIM Jennison Value Fund

Prudential Investment Portfolios 9

PGIM QMA Large-Cap Core Equity Fund

Prudential Investment Portfolios, Inc. 10

PGIM Jennison Global Equity Income Fund

PGIM QMA Mid-Cap Value Fund

Prudential Investment Portfolios 12

PGIM Global Real Estate Fund

PGIM US Real Estate Fund

Prudential Investment Portfolios, Inc. 14

PGIM Government Income Fund

Prudential Investment Portfolios, Inc. 15

PGIM High Yield Fund

Prudential Investment Portfolios 16

PGIM Income Builder Fund

Prudential Investment Portfolios, Inc. 17

PGIM Total Return Bond Fund

Prudential Investment Portfolios 18

PGIM Jennison 20/20 Focus Fund

Prudential Global Total Return Fund, Inc.

PGIM Global Total Return Fund

Prudential Jennison Blend Fund, Inc.

PGIM Jennison Blend Fund

Prudential Jennison Mid-Cap Growth Fund, Inc.

PGIM Jennison Mid-Cap Growth Fund

Prudential Jennison Natural Resources Fund, Inc.

PGIM Jennison Natural Resources Fund

Prudential Jennison Small Company Fund, Inc.

PGIM Jennison Small Company Fund

Prudential Government Money Market Fund, Inc.

PGIM Government Money Market Fund

Prudential National Muni Fund, Inc.

PGIM National Muni Fund

Prudential Sector Funds, Inc.

PGIM Jennison Financial Services Fund

PGIM Jennison Health Sciences Fund

PGIM Jennison Utility Fund

Prudential Short-Term Corporate Bond Fund, Inc.

PGIM Short-Term Corporate Bond Fund

Prudential World Fund, Inc.

PGIM QMA International Equity Fund

∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street Newark, NJ 07102	(800) 225-1852	pgiminvestments.com

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. 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 • Michael S. Hyland • Stuart S. Parker • Brian K. Reid • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Dino Capasso, Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse McLaughlin, Assistant Treasurer • Deborah Conway, 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 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154
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 pgiminvestments.com 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 pgiminvestments.com/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 the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

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

PGIM JENNISON MID-CAP GROWTH FUND

SHARE CLASS	A	B	C	R	Z	R2	R4	R6
NASDAQ	PEEAX	PEEBX	PEGCX	JDERX	PEGZX	PEGEX	PEGGX	PJGQX
CUSIP	74441C105	74441C204	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 required, as this is not an annual filing.

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 that occurred during the registrant's most recent fiscal quarter of the period covered by this report that has materially affected, or is 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.

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

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

(4)Registrant's Independent Public Accountant, attached as Exhibit 99.ACCT.

(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 20, 2020

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 20, 2020
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	April 20, 2020