<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 17
SIGNATURE GRACE A TORRES
TITLE TREASURER
Report of Independent Accountants
To the Shareholders and Board of Trustees of
Prudential Mid Cap Value Fund, Inc.
In planning and performing our audit of the
financial statements of Prudential Mid Cap Value
Fund, Inc. (the "Fund") for the year ended January
31, 2000, we considered its internal control,
including control activities for safeguarding
securities, in order to determine our auditing
procedures for the purpose of expressing our
opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the Fund is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing
financial statements for external purposes that
are fairly presented in conformity with generally
accepted accounting principles. Those controls
include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal
control, errors or fraud may occur and not be
detected. Also, projection of any evaluation of
internal control to future periods is subject to
the risk that controls may become inadequate
because of changes in conditions or that the
effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal
control that might be material weaknesses under
standards established by the American Institute of
Certified Public Accountants. A material weakness
is a condition in which the design or operation of
one or more of the internal control components
does not reduce to a relatively low level the risk
that misstatements caused by error or fraud in
amounts that would be material in relation to the
financial statements being audited may occur and
not be detected within a timely period by
employees in the normal course of performing their
assigned functions. However, we noted no matters
involving internal control and its operation,
including controls for safeguarding securities,
that we consider to be material weaknesses as
defined above as of January 31, 2000.
This report is intended solely for the information
and use of the Board of Trustees, management and
the Securities and Exchange Commission and is not
intended to be and should not be used by anyone
other than these specified parties.
PricewaterhouseCoopers LLP
March 17, 2000
To the Shareholders and Board of Trustees of
Prudential Mid Cap Value Fund, Inc.
Report of Independent Accountants
To the Shareholders and Board of Trustees of
Prudential Mid Cap Value Fund, Inc.
In planning and performing our audit of the
financial statements of Prudential Mid Cap Value
Fund, Inc. (the "Fund") for the year ended January
31, 2000, we considered its internal control,
including control activities for safeguarding
securities, in order to determine our auditing
procedures for the purpose of expressing our
opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the Fund is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing
financial statements for external purposes that
are fairly presented in conformity with generally
accepted accounting principles. Those controls
include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal
control, errors or fraud may occur and not be
detected. Also, projection of any evaluation of
internal control to future periods is subject to
the risk that controls may become inadequate
because of changes in conditions or that the
effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal
control that might be material weaknesses under
standards established by the American Institute of
Certified Public Accountants. A material weakness
is a condition in which the design or operation of
one or more of the internal control components
does not reduce to a relatively low level the risk
that misstatements caused by error or fraud in
amounts that would be material in relation to the
financial statements being audited may occur and
not be detected within a timely period by
employees in the normal course of performing their
assigned functions. However, we noted no matters
involving internal control and its operation,
including controls for safeguarding securities,
that we consider to be material weaknesses as
defined above as of January 31, 2000.
This report is intended solely for the information
and use of the Board of Trustees, management and
the Securities and Exchange Commission and is not
intended to be and should not be used by anyone
other than these specified parties.
PricewaterhouseCoopers LLP
March 17, 2000
To the Shareholders and Board of Trustees of
Prudential Mid Cap Value Fund, Inc.
Prudential Mid-Cap Value Fund
SUPPLEMENT DATED MARCH 10, 2000
PROSPECTUS DATED APRIL 28, 1999
The following supplements the information
contained in the Prospectus on page 20 under
"How to Buy, Sell and Exchange Shares of the
Fund - How to Buy Shares":
Effective immediately, shares of the Fund
may no longer be purchased by any existing
shareholder accounts. On March 1, 2000, the
Board of Trustees decided it was in the
shareholders' best interests to liquidate the
Fund as soon as practicable and no later than
July 31, 2000. The Fund previously had
suspended the sale of shares to new accounts on
November 29, 1999 because the Fund's Board of
Trustees was considering whether to liquidate
the Fund or merge it into another Prudential
mutual fund. The current exchange privilege of
obtaining shares of other Prudential mutual
funds and the current redemption rights remain
in effect. At January 31, 2000, the Fund's
assets were approximately $44.5 million and the
General Account of The Prudential Insurance
Company of America owned about 85% of the shares
outstanding.
The following information supplements page
3 of the Prospectus - "Fees and Expenses":
The Fund's Manager has agreed to waive its
management fees effective March 1, 2000. The
Distributor has also agreed to waive its
distribution and service (12b-1) fees.
MF184C3
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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