Prudential Jennison Small Fund Co. Inc.

12/03/2025 | Press release | Distributed by Public on 12/03/2025 11:50

Annual Report by Investment Company (Form N-CSR)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-03084
Exact name of registrant as specified in charter:
Prudential Jennison Small Company Fund, Inc.
Address of principal executive offices: 655 Broad Street, 6
th
Floor
Newark, New Jersey 07102
Name and address of agent for service: Andrew R. French
655 Broad Street, 6
th
Floor
Newark, New Jersey 07102
Registrant's telephone number, including area code:
800-225-1852
Date of fiscal year end: 9/30/2025
Date of reporting period: 9/30/2025
Item 1 - Reports to Stockholders
(a) Report transmitted to stockholders pursuant to Rule
30e-1
under the Act (17 CFR
270.30e-1).
 
 
PGIM Jennison Small Company Fund
Class A:
PGOAX
ANNUAL SHAREHOLDER REPORT - September 30, 2025
This annual shareholder report contains important information about the Class A shares of PGIM Jennison Small Company Fund (the "Fund") for
the period of October 1, 2024 to September 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
 
Costs of a
$10,000 investment
Costs paid as a percentage
of a $10,000 investment
PGIM Jennison Small Company Fund-Class A
$114
1.12%
WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?
■
US equities posted solid gains for the reporting period, though returns were marked by bouts of elevated volatility. Key influences included the
US presidential election, uncertainty regarding the US administration's tariff and trade policies, renewed enthusiasm around artificial
intelligence (AI), resilient corporate earnings, and a Federal Reserve rate cut late in the period. For the period, smaller-company stocks, as
represented by the Russell 2500 Index, performed well in aggregate but trailed the broader market, as represented by the S&P 500 Index.
■
Positions within the health care sector (led by medtech and biotechnology) and consumer staples sector (driven by distribution) added the most
to the Fund's performance relative to the Russell 2500 Index (the "Index").
■
Positions within the industrials sector, information technology sector (driven by software), real estate sector (specialized REITs and residential
REITs), and financials sector (especially financial services) were primary sources of underperformance relative to the Index.
MF109EA
 
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund's past performance is not a good predictor of the Fund's future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class A shares and assumes that all recurring fees (including management fees)
were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
 
Cumulative Performance: September 30, 2015 to September 30, 2025
Initial Investment of $10,000
 
 
The line graph reflects the return on the Fund's Class A shares with sales charges.
 
Average Annual Total Returns as of 9/30/2025
One Year (%)
Five Years (%)
Ten Years (%)
Class A with sales charges
-2.21%
10.57%
9.52%
Class A without sales charges
3.48%
11.83%
10.14%
S&P 500 Index*
17.60%
16.47%
15.30%
Russell 2500 Index
10.16%
12.09%
10.52%
S&P SmallCap 600 Index
3.64%
12.94%
10.03%
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?
 
Fund's net assets
$
3,207,699,520
Number of fund holdings
121
Total advisory fees paid for the year
$
20,818,488
Portfolio turnover rate for the year
62%
WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?
 
Industry Classification
% of Net
Assets
Banks
8.6%
Affiliated Mutual Fund - Short-Term Investment
(6.0% represents investments purchased with
collateral from securities on loan)
8.4%
Insurance
5.5%
Semiconductors & Semiconductor Equipment
5.5%
Software
5.4%
Machinery
4.9%
Textiles, Apparel & Luxury Goods
4.5%
Metals & Mining
4.3%
Biotechnology
3.8%
Health Care Providers & Services
3.7%
Trading Companies & Distributors
3.3%
Aerospace & Defense
3.0%
Capital Markets
2.6%
Specialized REITs
2.6%
Hotels, Restaurants & Leisure
2.6%
Specialty Retail
2.3%
Professional Services
2.3%
Pharmaceuticals
2.2%
Consumer Staples Distribution & Retail
2.2%
Multi-Utilities
2.1%
Oil, Gas & Consumable Fuels
2.0%
Financial Services
1.9%
Interactive Media & Services
1.8%
Industry Classification
% of Net
Assets
Electric Utilities
1.8%
Containers & Packaging
1.7%
Electrical Equipment
1.5%
Residential REITs
1.5%
Building Products
1.5%
Automobile Components
1.4%
Marine Transportation
1.3%
Industrial REITs
1.1%
Mortgage Real Estate Investment Trusts (REITs)
1.1%
Office REITs
1.0%
Chemicals
0.9%
Electronic Equipment, Instruments & Components
0.9%
Household Durables
0.7%
Commercial Services & Supplies
0.7%
Construction & Engineering
0.5%
Beverages
0.5%
Hotel & Resort REITs
0.5%
Retail REITs
0.5%
Others*
1.2%
105.8%
Liabilities in excess of other assets
(5.8)%
100.0%
 
*
Consists of Industries that each make up less than 0.5% of the Fund's net assets
 
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
 
 
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Small Company Fund
 
SHARE CLASS
A
NASDAQ
PGOAX
CUSIP
74441N101
MF109EA
 
 
 
PGIM Jennison Small Company Fund
Class C:
PSCCX
AN
NUAL SHAREHOLDER REPORT - September 30, 2025
This annual shareholder report contains important information about the Class C shares of PGIM Jennison Small Company Fund (the "Fund") for
the period of October 1, 2024 to September 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
 
Costs of a
$10,000 investment
Costs paid as a percentage
of a $10,000 investment
PGIM Jennison Small Company Fund-Class C
$199
1.96%
WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?
■
US equities posted solid gains for the reporting period, though returns were marked by bouts of elevated volatility. Key influences included the
US presidential election, uncertainty regarding the US administration's tariff and trade policies, renewed enthusiasm around artificial
intelligence (AI), resilient corporate earnings, and a Federal Reserve rate cut late in the period. For the period, smaller-company stocks, as
represented by the Russell 2500 Index, performed well in aggregate but trailed the broader market, as represented by the S&P 500 Index.
■
Positions within the health care sector (led by medtech and biotechnology) and consumer staples sector (driven by distribution) added the most
to the Fund's performance relative to the Russell 2500 Index (the "Index").
■
Positions within the industrials sector, information technology sector (driven by software), real estate sector (specialized REITs and residential
REITs), and financials sector (especially financial services) we
re prim
ary sources of underperformance relative to the Index.
MF109EC
 
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund's past performance is not a good predictor of the Fund's future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class C shares and assumes that all recurring fees (including management fees)
were deducted and dividends and distributions were reinvested. Without waiver of fees an
d/or e
xpense reim
bursem
ents, if any, the returns would
have been lower.
 
Cumulative Performance: September 30, 2015 to September 30, 2025
Initial Investment of $10,000
 
 
 
Average Annual Total Returns as of 9/30/2025
One Year (%)
Five Years (%)
Ten Years (%)
Class C with sales charges
1.61%
10.92%
9.32%
Class C without sales charges
2.61%
10.92%
9.32%
S&P 500 Index*
17.60%
16.47%
15.30%
Russell 2500 Index
10.16%
12.09%
10.52%
S&P SmallCap 600 Index
3.64%
12.94%
10.03%
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?
 
Fund's net assets
$
3,207,699,520
Number of fund holdings
121
Total advisory fees paid for the year
$
20,818,488
Portfolio turnover rate for the year
62%
WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?
 
Industry Classification
% of Net
Assets
Banks
8.6%
Affiliated Mutual Fund - Short-Term Investment
(6.0% represents investments purchased with
collateral from securities on loan)
8.4%
Insurance
5.5%
Semiconductors & Semiconductor Equipment
5.5%
Software
5.4%
Machinery
4.9%
Textiles, Apparel & Luxury Goods
4.5%
Metals & Mining
4.3%
Biotechnology
3.8%
Health Care Providers & Services
3.7%
Trading Companies & Distributors
3.3%
Aerospace & Defense
3.0%
Capital Markets
2.6%
Specialized REITs
2.6%
Hotels, Restaurants & Leisure
2.6%
Specialty Retail
2.3%
Professional Services
2.3%
Pharmaceuticals
2.2%
Consumer Staples Distribution & Retail
2.2%
Multi-Utilities
2.1%
Oil, Gas & Consumable Fuels
2.0%
Financial Services
1.9%
Interactive Media & Services
1.8%
Industry Classification
% of Net
Assets
Electric Utilities
1.8%
Containers & Packaging
1.7%
Electrical Equipment
1.5%
Residential REITs
1.5%
Building Products
1.5%
Automobile Components
1.4%
Marine Transportation
1.3%
Industrial REITs
1.1%
Mortgage Real Estate Investment Trusts (REITs)
1.1%
Office REITs
1.0%
Chemicals
0.9%
Electronic Equipment, Instruments & Components
0.9%
Household Durables
0.7%
Commercial Services & Supplies
0.7%
Construction & Engineering
0.5%
Beverages
0.5%
Hotel & Resort REITs
0.5%
Retail REITs
0.5%
Others*
1.2%
105.8%
Liabilities in excess of other assets
(5.8)%
100.0%
 
*
Consists of Industries that each make up less tha
n 0.5% of the
Fund's net assets
 
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund's pr
ospe
ctus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
 
 
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Small Company Fund
 
SHARE CLASS
C
NASDAQ
PSCCX
CUSIP
74441N309
MF109EC
 
 
 
PGIM Jennison Small Company Fund
Class R:
JSCRX
AN
NUAL SHAREHOLDER REPORT - Septe
mbe
r 30, 2025
This annual shareholder report contains important information about the Class R shares of PGIM Jennison Small Company Fund (the "Fund") for
the period of October 1, 2024 to September 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
 
Costs of a
$10,000 investment
Costs paid as a percentage
of a $10,000 investment
PGIM Jennison Small Company Fund-Class R
$133
1.31%
WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?
■
US equities posted solid gains for the reporting period, though returns were marked by bouts of elevated volatility. Key influences included the
US presidential election, uncertainty regarding the US administration's tariff and trade policies, renewed enthusiasm around artificial
intelligence (AI), resilient corporate earnings, and a Federal Reserve rate cut late in the period. For the period, smaller-company stocks, as
represented by the Russell 2500 Index, performed well in aggregate but trailed the broader market, as represented by the S&P 500 Index.
■
Positions within the health care sector (led by medtech and biotechnology) and consumer staples sector (driven by distribution) added the most
to the Fund's performance relative to the Russell 2500 Index (the "Index").
■
Positions within the industrials sector, information technology sector (driven by software), real estate sector (specialized REITs and residential
REITs), and financials sector (especially
financial
services) were primary sources of underperformance relative to the Index.
MF109ER
 
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund's past performance is not a good predictor of the Fund's future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class R shares and assumes that all recurring fees (including management fees)
were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
 
Cumulative Performance: September 30, 2015 to September 30, 2025
Initial Investment of $10,000
 
 
 
Average Annual Total Returns as of 9/30/2025
One Year (%)
Five Years (%)
Ten Years (%)
Class R
3.30%
11.61%
9.93%
S&P 500 Index*
17.60%
16.47%
15.30%
Russell 2500 Index
10.16%
12.09%
10.52%
S&P SmallCap 600 Index
3.64%
12.94%
10.03%
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?
 
Fund's net assets
$
3,207,699,520
Number of fund holdings
121
Total advisory fees paid for the year
$
20,818,488
Portfolio turnover rate for the year
62%
WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?
 
Industry Classification
% of Net
Assets
Banks
8.6%
Affiliated Mutual Fund - Short-Term Investment
(6.0% represents investments purchased with
collateral from securities on loan)
8.4%
Insurance
5.5%
Semiconductors & Semiconductor Equipment
5.5%
Software
5.4%
Machinery
4.9%
Textiles, Apparel & Luxury Goods
4.5%
Metals & Mining
4.3%
Biotechnology
3.8%
Health Care Providers & Services
3.7%
Trading Companies & Distributors
3.3%
Aerospace & Defense
3.0%
Capital Markets
2.6%
Specialized REITs
2.6%
Hotels, Restaurants & Leisure
2.6%
Specialty Retail
2.3%
Professional Services
2.3%
Pharmaceuticals
2.2%
Consumer Staples Distribution & Retail
2.2%
Multi-Utilities
2.1%
Oil, Gas & Consumable Fuels
2.0%
Financial Services
1.9%
Interactive Media & Services
1.8%
Industry Classification
% of Net
Assets
Electric Utilities
1.8%
Containers & Packaging
1.7%
Electrical Equipment
1.5%
Residential REITs
1.5%
Building Products
1.5%
Automobile Components
1.4%
Marine Transportation
1.3%
Industrial REITs
1.1%
Mortgage Real Estate Investment Trusts (REITs)
1.1%
Office REITs
1.0%
Chemicals
0.9%
Electronic Equipment, Instruments & Components
0.9%
Household Durables
0.7%
Commercial Services & Supplies
0.7%
Construction & Engineering
0.5%
Beverages
0.5%
Hotel & Resort REITs
0.5%
Retail REITs
0.5%
Others*
1.2%
105.8%
Liabilities in excess of other assets
(5.8)%
100.0%
 
*
Consists of Industries that each
make up less
than 0.5% of the Fund's net assets
 
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
 
 
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Small Company Fund
 
SHARE CLASS
R
NASDAQ
JSCRX
CUSIP
74441N507
MF109ER
 
 
 
PGIM Jennison Small Company Fund
Class Z:
PSCZX
AN
NUAL SHAREHOLDER REPORT - September 30, 2025
This annual shareholder report contains important information about the Class Z shares of PGIM Jennison Small Company Fund (the "Fund") for
the period of October 1, 2024 to September 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
 
Costs of a
$10,000 investment
Costs paid as a percentage
of a $10,000 investment
PGIM Jennison Small Company Fund-Class Z
$84
0.82%
WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?
■
US equities posted solid gains for the reporting period, though returns were marked by bouts of elevated volatility. Key influences included the
US presidential election, uncertainty regarding the US administration's tariff and trade policies, renewed enthusiasm around artificial
intelligence (AI), resilient corporate earnings, and a Federal Reserve rate cut late in the period. For the period, smaller-company stocks, as
represented by the Russell 2500 Index, performed well in aggregate but trailed the broader market, as represented by the S&P 500 Index.
■
Positions within the health care sector (led by medtech and biotechnology) and consumer staples sector (driven by distribution) added the most
to the Fund's performance relative to the Russell 2500 Index (the "Index").
■
Positions within the industrials sector, information tec
hnolo
gy sector (driven by software), real estate sector (specialized REITs and residential
REITs), and financials sector (especially financial services) were primary sources of underperformance relative to the Index.
MF109EZ
 
HOW HA
S THE F
UND P
ERFORME
D OVER
THE PAS
T 10 YEARS?
The Fund's past performance is not a good predictor of the Fund's future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)
were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
 
Cumulative Performance: September 30, 2015 to September 30, 2025
Initial Investment of $10,000
 
 
 
Average Annual Total Returns as of 9/30/2025
One Year (%)
Five Years (%)
Ten Years (%)
Class Z
3.76%
12.19%
10.48%
S&P 500 Index*
17.60%
16.47%
15.30%
Russell 2500 Index
10.16%
12.09%
10.52%
S&P SmallCap 600 Index
3.64%
12.94%
10.03%
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?
 
Fund's net assets
$
3,207,699,520
Number of fund holdings
121
Total advisory fees paid for the year
$
20,818,488
Portfolio turnover rate for the year
62%
WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?
 
Industry Classification
% of Net
Assets
Banks
8.6%
Affiliated Mutual Fund - Short-Term Investment
(6.0% represents investments purchased with
collateral from securities on loan)
8.4%
Insurance
5.5%
Semiconductors & Semiconductor Equipment
5.5%
Software
5.4%
Machinery
4.9%
Textiles, Apparel & Luxury Goods
4.5%
Metals & Mining
4.3%
Biotechnology
3.8%
Health Care Providers & Services
3.7%
Trading Companies & Distributors
3.3%
Aerospace & Defense
3.0%
Capital Markets
2.6%
Specialized REITs
2.6%
Hotels, Restaurants & Leisure
2.6%
Specialty Retail
2.3%
Professional Services
2.3%
Pharmaceuticals
2.2%
Consumer Staples Distribution & Retail
2.2%
Multi-Utilities
2.1%
Oil, Gas & Consumable Fuels
2.0%
Financial Services
1.9%
Interactive Media & Services
1.8%
Industry Classification
% of Net
Assets
Electric Utilities
1.8%
Containers & Packaging
1.7%
Electrical Equipment
1.5%
Residential REITs
1.5%
Building Products
1.5%
Automobile Components
1.4%
Marine Transportation
1.3%
Industrial REITs
1.1%
Mortgage Real Estate Investment Trusts (REITs)
1.1%
Office REITs
1.0%
Chemicals
0.9%
Electronic Equipment, Instruments & Components
0.9%
Household Durables
0.7%
Commercial Services & Supplies
0.7%
Construction & Engineering
0.5%
Beverages
0.5%
Hotel & Resort REITs
0.5%
Retail REITs
0.5%
Others*
1.2%
105.8%
Liabilities in excess of other assets
(5.8)%
100.0%
 
*
Consists of Industries that each make up less than 0.5% of the Fund's net assets
 
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
 
 
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Small Company Fund
 
SHARE CLASS
Z
NASDAQ
PSCZX
CUSIP
74441N408
MF109EZ
 
 
 
PGIM Jennison Small Company Fund
Class R2:
PSCHX
AN
NUAL SHAREHOLDER REPORT - September 30, 2025
This annual shareholder report contains important information about the Class R2 shares of PGIM Jennison Small Company Fund (the "Fund")
for the period of October 1, 2024 to September 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/p
rospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
 
Costs of a
$10,000 investment
Costs paid as a percentage
of a $10,000 investment
PGIM Jennison Small Company Fund-Class R2
$120
1.18%
WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?
■
US equities posted solid gains for the reporting period, though returns were marked by
bouts
of elevated volatility. Key influences included the
US presidential election, uncertainty regarding the US administration's tariff and trade policies, renewed enthusiasm around artificial
intelligence (AI), resilient corporate earnings, and a Federal Reserve rate cut late in the period. For the period, smaller-company stocks, as
represented by the Russell 2500 Index, performed well in aggregate but trailed the broader market, as represented by the S&P 500 Index.
■
Positions within the health care sector (led by medtech and biotechnology) and consumer staples sector (driven by distribution) added the most
to the Fund's performance relative to the Russell 2500 Index (the "Index").
■
Positions within the industrials sector, information technology sector (driven by software), real estate sector (specialized REITs and residential
REITs), and financials sector (especially financial services) were
primary
sources of underperformance relative to the Index.
MF109ER2
 
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund's past performance is not a good predictor of the Fund's future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 inv
estment in Cl
ass R2 shares a
nd assumes that al
l recurring fees (
includi
ng management fees)
were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
 
Cumulative Performance: November 28, 2017 to September 30, 2025
Initial Investment of $10,000
 
 
 
Average Annual Total Returns as of 9/30/2025
One Year (%)
Five Years (%)
Since Inception (%)
Class R2
3.41%
11.78%
8.70% (11/28/2017)
S&P 500 Index*
17.60%
16.47%
14.44%
Russell 2500 Index
10.16%
12.09%
8.71%
S&P SmallCap 600 Index
3.64%
12.94%
7.33%
 
*The Fund compares its performance against this broad-based index in response to regulatory requirements.

 
Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns.
Since
Inception returns for the Indexes are measured from the closest
month-end to the class's inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?
 
Fund's net assets
$
3,207,699,520
Number of fund holdings
121
Total advisory fees paid for the year
$
20,818,488
Portfolio turnover rate for the year
62%
WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?
 
Industry Classification
% of Net
Assets
Banks
8.6%
Affiliated Mutual Fund - Short-Term Investment
(6.0% represents investments purchased with
collateral from securities on loan)
8.4%
Insurance
5.5%
Semiconductors & Semiconductor Equipment
5.5%
Software
5.4%
Machinery
4.9%
Textiles, Apparel & Luxury Goods
4.5%
Metals & Mining
4.3%
Biotechnology
3.8%
Health Care Providers & Services
3.7%
Trading Companies & Distributors
3.3%
Aerospace & Defense
3.0%
Capital Markets
2.6%
Specialized REITs
2.6%
Hotels, Restaurants & Leisure
2.6%
Specialty Retail
2.3%
Professional Services
2.3%
Pharmaceuticals
2.2%
Consumer Staples Distribution & Retail
2.2%
Multi-Utilities
2.1%
Oil, Gas & Consumable Fuels
2.0%
Financial Services
1.9%
Interactive Media & Services
1.8%
Industry Classification
% of Net
Assets
Electric Utilities
1.8%
Containers & Packaging
1.7%
Electrical Equipment
1.5%
Residential REITs
1.5%
Building Products
1.5%
Automobile Components
1.4%
Marine Transportation
1.3%
Industrial REITs
1.1%
Mortgage Real Estate Investment Trusts (REITs)
1.1%
Office REITs
1.0%
Chemicals
0.9%
Electronic Equipment, Instruments & Components
0.9%
Household Durables
0.7%
Commercial Services & Supplies
0.7%
Construction & Engineering
0.5%
Beverages
0.5%
Hotel & Resort REITs
0.5%
Retail REITs
0.5%
Others*
1.2%
105.8%
Liabilities in excess of other assets
(5.8)%
100.0%
 
*
Consists of Industries that each make up less than 0.5% of the Fund's net assets
 
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
 
 
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Small Company Fund
 
SHARE CLASS
R2
NASDAQ
PSCHX
CUSIP
74441N861
MF109ER2
 
 
 
PGIM Jennison Small Company Fund
Class R4:
PSCJX
AN
NUAL SHAREHOLDER REPORT - September 30, 2025
This annual shareholder report contains important information about the Class R4 shares of PGIM Jennison Small Company Fund (the "Fund")
for the period of October 1, 2024 to September 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
 
Costs of a
$10,000 investment
Costs paid as a percentage
of a $10,000 investment
PGIM Jennison Small Company Fund-Class R4
$95
0.93%
WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?
■
US equities posted solid gains for the reporting period, though returns were marked by bouts of elevated volatility. Key influences included the
US presidential election, uncertainty regarding the US administration's tariff and trade policies, renewed enthusiasm around artificial
intelligence (AI), resilient corporate earnings, and a Federal Reserve rate cut late in the period. For the period, smaller-company stocks, as
represented by the Russell 2500 Index, performed well in aggregate but trailed the broader market, as represented by the S&P 500 Index.
■
Positions within the health care sector (led by medtech and biotechnology) and consumer staples sector (driven by distribution) added the most
to the Fund's performance relative to the Russell 2500 Index (the "Index").
■
Positions within the industrials sector, information technology sector (driven by software), real estate sector (specialized REITs and residential
REITs), and financials sector (especially financial services) were primary sources of
under
performance relative to the Index.
MF109ER4
 
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund's past performance is not a good predictor of the Fund's future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)
were deducted and dividends and distributions were
reinvested
. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
 
Cumulative Performance: November 28, 2017 to September 30, 2025
Initial Investment of $10,000
 
 
 
Average Annual Total Returns as of 9/30/2025
One Year (%)
Five Years (%)
Since Inception (%)
Class R4
3.71%
12.06%
8.99% (11/28/2017)
S&P 500 Index*
17.60%
16.47%
14.44%
Russell 2500 Index
10.16%
12.09%
8.71%
S&P SmallCap 600 Index
3.64%
12.94%
7.33%
 
*The Fund compares its performance against this broad-based index in response to regulatory requirements.

 
Since Inception returns are provided for the share class since it has less than 10 fiscal
years
of returns. Since Inception returns for the Indexes are measured from the closest
month-end to the class's inception date.
WHAT ARE SOME KEY FUND STATISTICS AS OF 9/30/2025?
 
Fund's net assets
$
3,207,699,520
Number of fund holdings
121
Total advisory fees paid for the year
$
20,818,488
Portfolio turnover rate for the year
62%
WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?
 
Industry Classification
% of Net
Assets
Banks
8.6%
Affiliated Mutual Fund - Short-Term Investment
(6.0% represents investments purchased with
collateral from securities on loan)
8.4%
Insurance
5.5%
Semiconductors & Semiconductor Equipment
5.5%
Software
5.4%
Machinery
4.9%
Textiles, Apparel & Luxury Goods
4.5%
Metals & Mining
4.3%
Biotechnology
3.8%
Health Care Providers & Services
3.7%
Trading Companies & Distributors
3.3%
Aerospace & Defense
3.0%
Capital Markets
2.6%
Specialized REITs
2.6%
Hotels, Restaurants & Leisure
2.6%
Specialty Retail
2.3%
Professional Services
2.3%
Pharmaceuticals
2.2%
Consumer Staples Distribution & Retail
2.2%
Multi-Utilities
2.1%
Oil, Gas & Consumable Fuels
2.0%
Financial Services
1.9%
Interactive Media & Services
1.8%
Industry Classification
% of Net
Assets
Electric Utilities
1.8%
Containers & Packaging
1.7%
Electrical Equipment
1.5%
Residential REITs
1.5%
Building Products
1.5%
Automobile Components
1.4%
Marine Transportation
1.3%
Industrial REITs
1.1%
Mortgage Real Estate Investment Trusts (REITs)
1.1%
Office REITs
1.0%
Chemicals
0.9%
Electronic Equipment, Instruments & Components
0.9%
Household Durables
0.7%
Commercial Services & Supplies
0.7%
Construction & Engineering
0.5%
Beverages
0.5%
Hotel & Resort REITs
0.5%
Retail REITs
0.5%
Others*
1.2%
105.8%
Liabilities in excess of other assets
(5.8)%
100.0%
 
*
Consists of Industries that each make up less than 0.5% of the Fund's net assets
 
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
 
 
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Small Company Fund
 
SHARE CLASS
R4
NASDAQ
PSCJX
CUSIP
74441N853
MF109ER4
 
 
 
PGIM Jennison Small Company Fund
Class R6:
PJSQX
A
N
NUAL SHAREHOLDER REPORT - September 30, 2025
This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison Small Company Fund (the "Fund")
for the period of October 1, 2024 to September 30, 2025.
You can find additional information about the Fund at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
. You can also request
this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
WHAT WERE THE FUND COSTS FOR THE LAST YEAR?
(Based on a hypothetical $10,000 investment)
 
Costs of a
$10,000 investment
Costs paid as a percentage
of a $10,000 investment
PGIM Jennison Small Company Fund-Class R6
$70
0.69%
WHAT AFFECTED THE FUND'S PERFORMANCE DURING THE REPORTING PERIOD?
■
US equities posted solid gains for the reporting period, though returns were marked by bouts of elevated volatility. Key influences included the
US presidential election, uncertainty regarding the US administration's tariff and trade policies, renewed enthusiasm around artificial
intelligence (AI), resilient corporate earnings, and a Federal Reserve rate cut late in the period. For the period, smaller-company stocks, as
represented by the Russell 2500 Index, performed well in aggregate but trailed the broader market, as represented by the S&P 500 Index.
■
Positions within the health care sector (led by medtech and biotechnology) and consumer staples sector (driven by distribution) added the most
to the Fund's performance relative to the Russell 2500 Index (the "Index").
■
Positions within the industrials sector, information technology sector (driven by software), real estate sector (specialized REITs and residential
REITs), and financials sector (especially financial services) were primary sources of underperformance relative to the Index.
MF109ER6
 
HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?
The Fund's past performance is not a good predictor of the Fund's future performance.
The returns do not reflect the deduction of
taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Visit
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.
The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)
were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would
have been lower.
 
Cumulative Performance: September 30, 2015 to September 30, 2025
Initial Investment of $10,000
 
 
 
Average Annual Total Returns
as
of 9/30/2025
One Year (%)
Five Years (%)
Ten Years (%)
Class R6
3.92%
12.33%
10.64%
S&P 500 Index*
17.60%
16.47%
15.30%
Russell 2500 Index
10.16%
12.09%
10.52%
S&P SmallCap 600 Index
3.64%
12.94%
10.03%
*The Fund compares its performance against this broad-based index in response to regulatory requirements.
WHAT ARE
SOME
KEY FUND STATISTICS AS OF 9/30/2025?
 
Fund's net assets
$
3,207,699,520
Number of fund holdings
121
Total advisory fees paid for the year
$
20,818,488
Portfolio turnover rate for the year
62%
WHAT
ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 9/30/2025?
 
Industry Classification
% of Net
Assets
Banks
8.6%
Affiliated Mutual Fund - Short-Term Investment
(6.0% represents investments purchased with
collateral from securities on loan)
8.4%
Insurance
5.5%
Semiconductors & Semiconductor Equipment
5.5%
Software
5.4%
Machinery
4.9%
Textiles, Apparel & Luxury Goods
4.5%
Metals & Mining
4.3%
Biotechnology
3.8%
Health Care Providers & Services
3.7%
Trading Companies & Distributors
3.3%
Aerospace & Defense
3.0%
Capital Markets
2.6%
Specialized REITs
2.6%
Hotels, Restaurants & Leisure
2.6%
Specialty Retail
2.3%
Professional Services
2.3%
Pharmaceuticals
2.2%
Consumer Staples Distribution & Retail
2.2%
Multi-Utilities
2.1%
Oil, Gas & Consumable Fuels
2.0%
Financial Services
1.9%
Interactive Media & Services
1.8%
Industry Classification
% of Net
Assets
Electric Utilities
1.8%
Containers & Packaging
1.7%
Electrical Equipment
1.5%
Residential REITs
1.5%
Building Products
1.5%
Automobile Components
1.4%
Marine Transportation
1.3%
Industrial REITs
1.1%
Mortgage Real Estate Investment Trusts (REITs)
1.1%
Office REITs
1.0%
Chemicals
0.9%
Electronic Equipment, Instruments & Components
0.9%
Household Durables
0.7%
Commercial Services & Supplies
0.7%
Construction & Engineering
0.5%
Beverages
0.5%
Hotel & Resort REITs
0.5%
Retail REITs
0.5%
Others*
1.2%
105.8%
Liabilities in excess of other assets
(5.8)%
100.0%
 
*
Consists of Industries that each make up less than 0.5% of the Fund's net assets
 
ADDITIONAL INFORMATION
You can find additional information at
pgim.com/investments/mutual-funds/prospectuses-fact-sheets
or by scanning the QR code below,
including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by
contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.
 
 
To receive your fund documents online, go to
pgim.com/investments/resource/edelivery
and enroll.
PGIM Jennison Small Company Fund
 
SHARE CLASS
R6
NASDAQ
PJSQX
CUSIP
74441N887
MF109ER6
 
(b)

Copy of each notice transmitted to stockholders in reliance on Rule 30e-3under the Act (17 CFR 270.30e-3)that contains disclosures specified by paragraph (c)(3) of that rule - Not applicable.

Item 2 - Code of Ethics - See Exhibit (a) (1) of Item 19

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852,and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 - Audit Committee Financial Expert -

The registrant's Board has determined that Ms. Grace C. Torres, member of the Board's Audit Committee is an "audit committee financial expert," and that she is "independent," for purposes of this item.

Item 4 - Principal Accountant Fees and Services -

(a)

Audit Fees

For the fiscal years ended September 30, 2025 and September 30, 2024, PricewaterhouseCoopers LLP ("PwC"), the Registrant's principal accountant, billed the Registrant $28,560 and $27,462, respectively, for professional services rendered for the audit of the Registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b)

Audit-Related Fees

For the fiscal years ended September 30, 2025 and September 30, 2024: none.

(c)

Tax Fees

For the fiscal years ended September 30, 2025 and September 30, 2024: none.

(d)

All Other Fees

For the fiscal years ended September 30, 2025 and September 30, 2024: none.

(e) (1) Audit Committee Pre-ApprovalPolicies and Procedures

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approvalof Services Provided by the Independent Accountants

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund's independent accountants. As part of this responsibility, the Audit Committee must pre-approvethe independent accounting firm's engagement to render audit and/or permissible non-auditservices, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant's independence. The Committee's evaluation will be based on:

•

a review of the nature of the professional services expected to be provided,

•

a review of the safeguards put into place by the accounting firm to safeguard independence, and

•

periodic meetings with the accounting firm.

Policy for Audit and Non-AuditServices Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-auditservices (and fees proposed in respect thereof) proposed to be performed by the Fund's independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-auditservices will not adversely affect the independence of the independent accountants. Such proposed non-auditservices shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor's independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under "Audit Services", "Audit-related Services", and "Tax Services" are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve.The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund's independent accountants:

•

Annual Fund financial statement audits

•

Seed audits (related to new product filings, as required)

•

SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund's independent accountants:

•

Accounting consultations

•

Fund merger support services

•

Agreed Upon Procedure Reports

•

Attestation Reports

•

Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approvalprocess are subject to an authorized pre-approvalby the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approvalwill be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approvalby the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approvalby the Audit Committee with fees determined on a per occurrence and merger complexity basis.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund's independent accountants:

•

Tax compliance services related to the filing or amendment of the following:

•

Federal, state and local income tax compliance; and,

•

Sales and use tax compliance

•

Timely RIC qualification reviews

•

Tax distribution analysis and planning

•

Tax authority examination services

•

Tax appeals support services

•

Accounting methods studies

•

Fund merger support services

•

Tax consulting services and related project

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approvalprocess are subject to an authorized pre-approvalby the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approvalwill be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approvalby the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

Other Non-AuditServices

Certain non-auditservices that the independent accountants are legally permitted to render will be subject to pre-approvalby the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approvaldecisions made pursuant to this Policy. Non-auditservices presented for pre-approvalpursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund's independent accountants will not render services in the following categories of non-auditservices:

•

Bookkeeping or other services related to the accounting records or financial statements of the Fund

•

Financial information systems design and implementation

•

Appraisal or valuation services, fairness opinions, or contribution-in-kindreports

•

Actuarial services

•

Internal audit outsourcing services

•

Management functions or human resources

•

Broker or dealer, investment adviser, or investment banking services

•

Legal services and expert services unrelated to the audit

•

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approvalof Non-AuditServices Provided to Other Entities Within the PGIM Fund Complex

Certain non-auditservices provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approvalby the Audit Committee. The only non-auditservices provided to these entities that will require pre-approvalare those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approvalprocess will be subject to pre-approvalby the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approvalpursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approveall services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund's independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

(e) (2)

Percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X-

Fiscal Year Ended

September 30, 2025

Fiscal Year Ended

September 30, 2024

4(b)  Not applicable. Not applicable.
4(c)  Not applicable. Not applicable.
4(d)  Not applicable. Not applicable.
(f)

Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0%.

(g)

Non-AuditFees

The aggregate non-auditfees billed by the Registrant's principal accountant for services rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended September 30, 2025 and September 30, 2024 was $0 and $0, respectively.

(h)

Principal Accountant's Independence

Not applicable as the Registrant's principal accountant has not provided non-auditservices to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approvedpursuant to Rule 2-01(c)(7)(ii)of Regulation S-X.

(i)

Not applicable.

(j)

Not applicable.

Item 5 - Audit Committee of Listed Registrants - Not applicable.

Item 6 - Investments - The registrant's Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 - 11 (Refer to Report(s) below)

PRUDENTIAL JENNISON SMALL COMPANY FUND, INC.

PGIM Jennison Small Company Fund

 

FINANCIAL STATEMENTS AND OTHER INFORMATION

SEPTEMBER 30, 2025

Table of Contents

Financial Statements and Other Information

September 30, 2025

Form N-CSR Item 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

PGIM Jennison Small Company Fund

1 

Notes to Financial Statements

19

Other Information - Form N-CSR Items 8-11

Schedule of Investments

as of September 30, 2025

 Description   Shares     Value

LONG-TERM INVESTMENTS 97.5%

COMMON STOCKS

Aerospace & Defense 3.0%

Firefly Aerospace, Inc.*(a)

102,129 $ 2,994,422

Hexcel Corp.(a)

205,431 12,880,524

Karman Holdings, Inc.*

284,931 20,572,018

Mercury Systems, Inc.*(a)

182,888 14,155,531

VSE Corp.(a)

278,661 46,324,605
96,927,100

Air Freight & Logistics 0.2%

C.H. Robinson Worldwide, Inc.

47,460 6,283,704

Automobile Components 1.4%

Dorman Products, Inc.*

288,730 45,007,232

Banks 8.5%

Ameris Bancorp

494,426 36,246,370

East West Bancorp, Inc.(a)

524,142 55,794,916

Eastern Bankshares, Inc.

1,474,051 26,754,026

First Interstate BancSystem, Inc. (Class A Stock)

524,365 16,711,512

Heritage Financial Corp.

1,390,439 33,634,719

MidWestOne Financial Group, Inc.

612,299 17,321,939

Renasant Corp.

548,738 20,242,945

Western Alliance Bancorp(a)

254,030 22,029,482

Wintrust Financial Corp.

334,428 44,291,644
   273,027,553

Beverages 0.5%

Celsius Holdings, Inc.*

298,777 17,176,690

Biotechnology 3.8%

Apellis Pharmaceuticals, Inc.*(a)

686,856 15,543,551

Arcutis Biotherapeutics, Inc.*

3,168,209 59,720,740

Insmed, Inc.*

69,561 10,017,480

Newamsterdam Pharma Co. NV (Netherlands)*

1,085,912 30,883,337

uniQure NV (Netherlands)*(a)

100,874 5,888,015
122,053,123

Building Products 1.5%

Griffon Corp.

232,575 17,710,587

Hayward Holdings, Inc.*

1,979,902 29,936,118
47,646,705

Capital Markets 2.6%

Acadian Asset Management, Inc.

514,966 24,800,762

Houlihan Lokey, Inc.

62,421 12,816,280

Marex Group PLC (United Kingdom)

599,306 20,148,668

Moelis & Co. (Class A Stock)

365,338 26,055,906
83,821,616

Chemicals 0.9%

Avient Corp.

569,911 18,778,567

Element Solutions, Inc.

389,374 9,800,544
28,579,111

See Notes to Financial Statements.

PGIM Jennison Small Company Fund 1

Schedule of Investments (continued)

as of September 30, 2025

 Description   Shares     Value

COMMON STOCKS (Continued)

Commercial Services & Supplies 0.7%

ACV Auctions, Inc. (Class A Stock)*

2,333,882 $ 23,128,770

Construction & Engineering 0.6%

Great Lakes Dredge & Dock Corp.*

1,456,105 17,458,699

Consumer Staples Distribution & Retail 2.2%

Performance Food Group Co.*(a)

666,024 69,293,137

Containers & Packaging 1.7%

Crown Holdings, Inc.

556,919 53,792,806

Diversified Consumer Services 0.3%

Stubhub Holdings, Inc. (Class A Stock)*(a)

549,795 9,258,548

Electric Utilities 1.8%

IDACORP, Inc.(a)

427,499 56,493,993

Electrical Equipment 1.5%

Generac Holdings, Inc.*(a)

51,653 8,646,712

Regal Rexnord Corp.

278,543 39,954,208
48,600,920

Electronic Equipment, Instruments & Components 0.9%

Coherent Corp.*

261,501 28,168,888

Financial Services 1.9%

AvidXchange Holdings, Inc.*

636,809 6,336,250

Essent Group Ltd.

147,227 9,357,748

Flywire Corp.*

1,277,482 17,297,106

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

365,191 28,265,783
61,256,887

Health Care Providers & Services 3.7%

Encompass Health Corp.

351,310 44,623,396

GeneDx Holdings Corp.*

157,296 16,947,071

Guardant Health, Inc.*

443,087 27,684,076

LifeStance Health Group, Inc.*

2,454,387 13,499,128

Option Care Health, Inc.*

593,084 16,464,012
   119,217,683

Health Care Technology 0.2%

Waystar Holding Corp.*

174,581 6,620,112

Hotel & Resort REITs 0.5%

Summit Hotel Properties, Inc.

3,018,911 16,573,821

Hotels, Restaurants & Leisure 2.6%

Black Rock Coffee Bar, Inc. (Class A Stock)*(a)

280,221 6,686,073

Churchill Downs, Inc.

457,441 44,376,351

Domino's Pizza, Inc.(a)

36,525 15,768,208

Shake Shack, Inc. (Class A Stock)*

112,793 10,558,553

Texas Roadhouse, Inc.

37,036 6,153,531
83,542,716

Household Durables 0.7%

Toll Brothers, Inc.

170,415 23,541,128

See Notes to Financial Statements.

2

 

 Description   Shares     Value

COMMON STOCKS (Continued)

Industrial REITs 1.1%

Plymouth Industrial REIT, Inc.

1,612,209 $ 36,000,627

Insurance 5.5%

Axis Capital Holdings Ltd.

454,951 43,584,306

Lincoln National Corp.

534,344 21,550,093

Markel Group, Inc.*(a)

28,384 54,252,042

Neptune Insurance Holdings, Inc. (Class A Stock)*

54,625 1,092,500

RenaissanceRe Holdings Ltd. (Bermuda)

89,994 22,852,176

Ryan Specialty Holdings, Inc.

465,941 26,260,435

Skyward Specialty Insurance Group, Inc.*

136,276 6,481,287
   176,072,839

Interactive Media & Services 1.8%

Pinterest, Inc. (Class A Stock)*

1,757,187 56,528,706

IT Services 0.3%

ASGN, Inc.*

190,041 8,998,441

Life Sciences Tools & Services 0.2%

Adaptive Biotechnologies Corp.*

462,307 6,916,113

Machinery 4.9%

Enerpac Tool Group Corp.

255,680 10,482,880

Gates Industrial Corp. PLC*

1,435,327 35,624,816

Lindsay Corp.

217,918 30,630,554

Nordson Corp.

28,569 6,483,735

RBC Bearings, Inc.*

67,361 26,290,325

Trinity Industries, Inc.

1,744,282 48,909,667
158,421,977

Marine Transportation 1.3%

Kirby Corp.*

481,478 40,179,339

Metals & Mining 4.3%

Eldorado Gold Corp. (Turkey)*(a)

3,251,856 93,946,120

ERO Copper Corp. (Brazil)*

2,214,585 44,858,196
138,804,316

Mortgage Real Estate Investment Trusts (REITs) 1.1%

Ladder Capital Corp.

3,255,277 35,515,072

Multi-Utilities 2.1%

NiSource, Inc.

1,546,331 66,956,132

Office REITs 1.0%

Cousins Properties, Inc.

1,108,781 32,088,122

Oil, Gas & Consumable Fuels 2.0%

Gulfport Energy Corp.*

245,469 44,424,980

Permian Resources Corp.

1,629,154 20,853,171
65,278,151

Pharmaceuticals 2.2%

Elanco Animal Health, Inc.*(a)

1,696,023 34,157,903

Tarsus Pharmaceuticals, Inc.*

633,609 37,655,383
71,813,286

See Notes to Financial Statements.

PGIM Jennison Small Company Fund 3

Schedule of Investments (continued)

as of September 30, 2025

 Description  Shares     Value

COMMON STOCKS (Continued)

Professional Services 2.3%

Huron Consulting Group, Inc.*

245,588 $ 36,044,951

Korn Ferry

459,923 32,185,412

Paycom Software, Inc.(a)

29,182 6,073,941
74,304,304

Residential REITs 1.5%

Independence Realty Trust, Inc.

2,924,355 47,930,179

Retail REITs 0.5%

Urban Edge Properties

789,113 16,153,143

Semiconductors & Semiconductor Equipment 5.5%

Impinj, Inc.*(a)

36,062 6,518,207

Lattice Semiconductor Corp.*

595,014 43,626,426

MACOM Technology Solutions Holdings, Inc.*

252,930 31,487,256

Onto Innovation, Inc.*

23,265 3,006,303

Tower Semiconductor Ltd. (Israel)*

937,036 67,747,703

Universal Display Corp.

164,255 23,591,946
   175,977,841

Software 5.4%

Agilysys, Inc.*

58,433 6,150,073

Appfolio, Inc. (Class A Stock)*

86,719 23,904,959

AvePoint, Inc.*

884,895 13,282,274

Confluent, Inc. (Class A Stock)*

466,662 9,239,908

CyberArk Software Ltd.*

14,864 7,181,542

I3 Verticals, Inc. (Class A Stock)*(a)

426,144 13,832,634

Intapp, Inc.*

538,037 22,005,713

Monday.com Ltd.*(a)

108,781 21,069,792

Procore Technologies, Inc.*(a)

128,674 9,382,908

Q2 Holdings, Inc.*

347,120 25,128,017

Riskified Ltd. (Class A Stock)*

2,451,436 11,472,720

Sprout Social, Inc. (Class A Stock)*

732,689 9,466,342

Via Transportation, Inc. (Class A Stock)*(a)

17,359 834,622
172,951,504

Specialized REITs 2.6%

Gaming & Leisure Properties, Inc.

1,379,043 64,277,194

National Storage Affiliates Trust

638,896 19,307,437
83,584,631

Specialty Retail 2.3%

Boot Barn Holdings, Inc.*

94,974 15,739,091

Burlington Stores, Inc.*(a)

95,451 24,292,280

Five Below, Inc.*

135,251 20,923,330

Warby Parker, Inc. (Class A Stock)*

503,630 13,890,115
74,844,816

Textiles, Apparel & Luxury Goods 4.5%

Kontoor Brands, Inc.

438,412 34,972,125

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

714,314 30,251,198

Ralph Lauren Corp.

253,872 79,604,105
144,827,428

Trading Companies & Distributors 3.4%

Core & Main, Inc. (Class A Stock)*

761,909 41,013,561

See Notes to Financial Statements.

4

 

 Description Shares    Value

COMMON STOCKS (Continued)

Trading Companies & Distributors (cont'd.)

Rush Enterprises, Inc. (Class A Stock)

225,237 $ 12,043,422

WESCO International, Inc.

256,187 54,183,551
107,240,534

TOTAL LONG-TERM INVESTMENTS

(cost $2,523,600,660)

3,128,858,443

SHORT-TERM INVESTMENTS 8.3%

AFFILIATED MUTUAL FUNDS

PGIM Core Government Money Market Fund (7-day effective yield 4.308%)(wb)

71,939,425    71,939,425

PGIM Institutional Money Market Fund (7-day effective yield 4.350%)

(cost $193,324,081; includes $192,470,660 of cash collateral for securities on loan)(b)(wb)

193,470,623 193,354,540

TOTAL SHORT-TERM INVESTMENTS

(cost $265,263,506)

265,293,965

TOTAL INVESTMENTS 105.8%

(cost $2,788,864,166)

3,394,152,408

Liabilities in excess of other assets (5.8)%

(186,452,888 )

NET ASSETS 100.0%

$ 3,207,699,520

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

REITs-Real Estate Investment Trust

SOFR-Secured Overnight Financing Rate

*

Non-income producing security.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $186,031,618; cash collateral of $192,470,660 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)

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

(wb)

Represents an investment in a Fund affiliated with the Manager.

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 September 30, 2025 in valuing such portfolio securities:

Level 1 Level 2 Level 3

Investments in Securities

Assets

Long-Term Investments

Common Stocks

Aerospace & Defense

$   96,927,100 $-  $- 

Air Freight & Logistics

6,283,704 - -

Automobile Components

45,007,232 - -

Banks

 273,027,553 - -

Beverages

17,176,690 - -

Biotechnology

122,053,123 - -

Building Products

47,646,705 - -

Capital Markets

83,821,616 - -

Chemicals

28,579,111 - -

Commercial Services & Supplies

23,128,770 - -

Construction & Engineering

17,458,699 - -

Consumer Staples Distribution & Retail

69,293,137 - -

See Notes to Financial Statements.

PGIM Jennison Small Company Fund 5

Schedule of Investments (continued)

as of September 30, 2025

Level 1 Level 2 Level 3

Investments in Securities (continued)

Assets (continued)

Long-Term Investments (continued)

Common Stocks (continued)

Containers & Packaging

$   53,792,806 $   - $- 

Diversified Consumer Services

9,258,548 - -

Electric Utilities

56,493,993 - -

Electrical Equipment

48,600,920 - -

Electronic Equipment, Instruments & Components

28,168,888 - -

Financial Services

61,256,887 - -

Health Care Providers & Services

 119,217,683 - -

Health Care Technology

6,620,112 - -

Hotel & Resort REITs

16,573,821 - -

Hotels, Restaurants & Leisure

83,542,716 - -

Household Durables

23,541,128 - -

Industrial REITs

36,000,627 - -

Insurance

174,980,339 1,092,500 -

Interactive Media & Services

56,528,706 - -

IT Services

8,998,441 - -

Life Sciences Tools & Services

6,916,113 - -

Machinery

158,421,977 - -

Marine Transportation

40,179,339 - -

Metals & Mining

138,804,316 - -

Mortgage Real Estate Investment Trusts (REITs)

35,515,072 - -

Multi-Utilities

66,956,132 - -

Office REITs

32,088,122 - -

Oil, Gas & Consumable Fuels

65,278,151 - -

Pharmaceuticals

71,813,286 - -

Professional Services

74,304,304 - -

Residential REITs

47,930,179 - -

Retail REITs

16,153,143 - -

Semiconductors & Semiconductor Equipment

175,977,841 - -

Software

172,951,504 - -

Specialized REITs

83,584,631 - -

Specialty Retail

74,844,816 - -

Textiles, Apparel & Luxury Goods

144,827,428 - -

Trading Companies & Distributors

107,240,534 - -

Short-Term Investments

Affiliated Mutual Funds

265,293,965 - -

Total

$ 3,393,059,908 $1,092,500 $- 

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of September 30, 2025 were as follows:

Banks

8.5 %

Affiliated Mutual Funds (6.0% represents investments purchased withcollateral from securities on loan)

8.3

Insurance

5.5

Semiconductors & Semiconductor Equipment

5.5

Software

5.4

Machinery

4.9

Textiles, Apparel & Luxury Goods

4.5

Metals & Mining

4.3

Biotechnology

3.8

Health Care Providers & Services

3.7

Trading Companies & Distributors

3.4

Aerospace & Defense

3.0

Capital Markets

2.6

Specialized REITs

2.6

Hotels, Restaurants & Leisure

2.6

Specialty Retail

2.3

Professional Services

2.3

Pharmaceuticals

2.2 %

Consumer Staples Distribution & Retail

2.2

Multi-Utilities

2.1

Oil, Gas & Consumable Fuels

2.0

Financial Services

1.9

Interactive Media & Services

1.8

Electric Utilities

1.8

Containers & Packaging

1.7

Electrical Equipment

1.5

Residential REITs

1.5

Building Products

1.5

Automobile Components

1.4

Marine Transportation

1.3

Industrial REITs

1.1

Mortgage Real Estate Investment Trusts (REITs)

1.1

Office REITs

1.0

Chemicals

0.9

Electronic Equipment, Instruments & Components

0.9

See Notes to Financial Statements.

6

 

Industry Classification (continued):

Household Durables

0.7 %

Commercial Services & Supplies

0.7

Construction & Engineering

0.6

Beverages

0.5

Hotel & Resort REITs

0.5

Retail REITs

0.5

Diversified Consumer Services

0.3

IT Services

0.3

Life Sciences Tools & Services

0.2 %

Health Care Technology

0.2

Air Freight & Logistics

0.2
105.8

Liabilities in excess of other assets

(5.8 )
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

$186,031,618 $(186,031,618) $-
(1)

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

See Notes to Financial Statements.

PGIM Jennison Small Company Fund 7

Statement of Assets and Liabilities

as of September 30, 2025

Assets

Investments at value, including securities on loan of $186,031,618:

Unaffiliated investments (cost $2,523,600,660)

$ 3,128,858,443

Affiliated investments (cost $265,263,506)

265,293,965

Receivable for investments sold

18,882,301

Dividends receivable

2,706,373

Receivable for Fund shares sold

1,237,419

Tax reclaim receivable

66,251

Prepaid expenses

25,690

Total Assets

3,417,070,442

Liabilities

Payable to broker for collateral for securities on loan

192,470,660

Payable for investments purchased

11,261,706

Payable for Fund shares purchased

2,451,795

Management fee payable

1,765,755

Accrued expenses and other liabilities

1,226,433

Distribution fee payable

161,806

Affiliated transfer agent fee payable

32,767

Total Liabilities

209,370,922

Net Assets

$ 3,207,699,520

Net assets were comprised of:

Common stock, at par

$ 1,333,066

Paid-in capital in excess of par

2,386,045,539

Total distributable earnings (loss)

820,320,915

Net assets, September 30, 2025

$ 3,207,699,520

See Notes to Financial Statements.

8

Class A

Net asset value and redemption price per share,

($431,091,423 ÷ 20,318,499 shares of common stock issued and outstanding)

$ 21.22

Maximum sales charge (5.50% of offering price)

1.24

Maximum offering price to public

$ 22.46    

Class C

Net asset value, offering price and redemption price per share,

($8,707,581 ÷ 307,806 shares of common stock issued and outstanding)

$ 28.29

Class R

Net asset value, offering price and redemption price per share,

($108,559,948 ÷ 5,504,455 shares of common stock issued and outstanding)

$ 19.72

Class Z

Net asset value, offering price and redemption price per share,

($487,124,073 ÷ 19,205,091 shares of common stock issued and outstanding)

$ 25.36

Class R2

Net asset value, offering price and redemption price per share,

($11,980,018 ÷ 502,688 shares of common stock issued and outstanding)

$ 23.83

Class R4

Net asset value, offering price and redemption price per share,

($9,778,247 ÷ 402,744 shares of common stock issued and outstanding)

$ 24.28

Class R6

Net asset value, offering price and redemption price per share,

($2,150,458,230 ÷ 87,065,351 shares of common stock issued and outstanding)

$ 24.70

See Notes to Financial Statements.

PGIM Jennison Small Company Fund 9

Statement of Operations

Year Ended September 30, 2025

Net Investment Income (Loss)

Income

Unaffiliated dividend income (net of $1,668 foreign withholding tax)

$ 35,133,188

Affiliated dividend income

3,286,923

Income from securities lending, net (including affiliated income of $383,412)

480,675

Total income

38,900,786

Expenses

Management fee

20,868,591

Distribution fee(a)

2,281,549

Shareholder servicing fees(a)

25,562

Transfer agent's fees and expenses (including affiliated expense of $244,347)(a)

1,439,587

Custodian and accounting fees

183,175

Shareholders' reports

154,586

Registration fees(a)

87,485

Professional fees

52,303

Directors' fees

50,700

Audit fee

27,780

Miscellaneous

65,975

Total expenses

25,237,293

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

(50,103 )

Distribution fee waiver(a)

(275,059 )

Net expenses

24,912,131

Net investment income (loss)

13,988,655

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

Net realized gain (loss) on:

Investment transactions (including affiliated of $(35,760))

243,974,148

Foreign currency transactions

7,029
243,981,177

Net change in unrealized appreciation (depreciation) on investments (including affiliated of $30,305)

(128,532,298 )

Net gain (loss) on investment and foreign currency transactions

115,448,879

Net Increase (Decrease) In Net Assets Resulting From Operations

$ 129,437,534

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

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

Distribution fee

1,314,403 94,507 825,178 - 47,461 - -

Shareholder servicing fees

- - - - 18,984 6,578 -

Transfer agent's fees and expenses

596,165 17,120 139,005 579,607 63,169 10,897 33,624

Registration fees

16,758 9,373 6,105 26,345 6,508 7,018 15,378

Fee waiver and/or expense reimbursement

- - - - (41,914 ) (8,189 ) -

Distribution fee waiver

- - (275,059 ) - - - -

See Notes to Financial Statements.

10

Statements of Changes in Net Assets

Year Ended
September 30,
2025 2024

Increase (Decrease) in Net Assets

Operations

Net investment income (loss)

  $ 13,988,655 $ 21,179,792

Net realized gain (loss) on investment and foreign currency transactions

243,981,177 66,018,144

Net change in unrealized appreciation (depreciation) on investments

(128,532,298 ) 604,415,679

Net increase (decrease) in net assets resulting from operations

129,437,534 691,613,615

Dividends and Distributions

Distributions from distributable earnings

Class A

(13,102,472 ) (1,678,509 )

Class C

(186,387 ) -

Class R

(3,365,419 ) (343,653 )

Class Z

(12,506,105 ) (2,025,582 )

Class R2

(544,207 ) (50,330 )

Class R4

(141,817 ) (13,092 )

Class R6

(61,165,624 ) (11,887,716 )
(91,012,031 ) (15,998,882 )

Fund share transactions (Net of share conversions)

Net proceeds from shares sold

608,140,609 524,835,417

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

86,560,482 15,390,867

Cost of shares purchased

(820,040,930 ) (632,095,286 )

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

(125,339,839 ) (91,869,002 )

Total increase (decrease)

(86,914,336 ) 583,745,731

Net Assets:

Beginning of year

3,294,613,856 2,710,868,125

End of year

$ 3,207,699,520 $ 3,294,613,856

See Notes to Financial Statements.

PGIM Jennison Small Company Fund 11

Financial Highlights

Class A Shares
Year Ended September 30,
2025 2024 2023 2022 2021

Per Share Operating Performance(a):

Net Asset Value, Beginning of Year

$21.08 $16.84 $16.38 $28.33 $20.68

Income (loss) from investment operations:

Net investment income (loss)

0.02 0.07 0.08 0.01 (0.10 )

Net realized and unrealized gain (loss) on investment and foreign currency transactions

0.73 4.24 1.08 (3.78 ) 11.23

Total from investment operations

0.75 4.31 1.16 (3.77 ) 11.13

Less Dividends and Distributions:

Dividends from net investment income

(0.12 ) (0.07 ) - (0.08 ) -

Distributions from net realized gains

(0.49 ) - (0.70 ) (8.10 ) (3.48 )

Total dividends and distributions

(0.61 ) (0.07 ) (0.70 ) (8.18 ) (3.48 )

Net asset value, end of year

$21.22 $21.08 $16.84 $16.38 $28.33

Total Return(b):

3.48 % 25.67 % 6.93 % (20.52 )% 58.28 %
Ratios/Supplemental Data:

Net assets, end of year (000)

$431,091 $464,825 $411,858 $438,659 $616,160

Average net assets (000)

$438,134 $440,769 $453,234 $553,509 $575,482

Ratios to average net assets(c):

Expenses after waivers and/or expense reimbursement

1.12 % 1.13 % 1.15 % 1.14 % 1.13 %

Expenses before waivers and/or expense reimbursement

1.12 % 1.13 % 1.15 % 1.14 % 1.13 %

Net investment income (loss)

0.12 % 0.38 % 0.43 % 0.07 % (0.38 )%

Portfolio turnover rate(d)

62 % 66 % 59 % 53 % 64 %
(a)

Calculated based on average shares outstanding during the year.

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)

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

(d)

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

See Notes to Financial Statements.

12

 

Class C Shares
Year Ended September 30,
2025 2024 2023 2022(a) 2021(a)

Per Share Operating Performance(b):

Net Asset Value, Beginning of Year

$28.04 $22.51 $21.86 $35.44 $33.72

Income (loss) from investment operations:

Net investment income (loss)

(0.20 )(c) (0.12 )(c) (0.09 )(c) (0.20 )(c) (0.36 )

Net realized and unrealized gain (loss) on investment and foreign currency transactions

0.95 5.65 1.44 (5.20 ) 16.00

Total from investment operations

0.75 5.53 1.35 (5.40 ) 15.64

Less Dividends and Distributions:

Dividends from net investment income

(0.01 ) - - (0.08 ) -

Distributions from net realized gains

(0.49 ) - (0.70 ) (8.10 ) (13.92 )

Total dividends and distributions

(0.50 ) - (0.70 ) (8.18 ) (13.92 )

Net asset value, end of year

$28.29 $28.04 $22.51 $21.86 $35.44

Total Return(d):

2.61 % 24.57 % 6.04 % (21.10 )% 57.01 %
 Ratios/Supplemental Data:

Net assets, end of year (000)

$8,708 $10,363 $10,334 $13,646 $21,421

Average net assets (000)

$9,451 $10,279 $12,652 $18,021 $23,032

Ratios to average net assets(e):

Expenses after waivers and/or expense reimbursement

1.96 % 2.00 % 1.97 % 1.91 % 1.88 %

Expenses before waivers and/or expense reimbursement

1.96 % 2.00 % 1.97 % 1.91 % 1.88 %

Net investment income (loss)

(0.72 )% (0.49 )% (0.38 )% (0.72 )% (1.11 )%

Portfolio turnover rate(f)

62 % 66 % 59 % 53 % 64 %
(a)

The Fund had a 4 to 1 reverse stock split effective December 27, 2021. Prior year net asset values and per share amounts have been restated to reflect the impact of the reverse stock split (see Note 7 in the Notes to Financial Statements). The net asset value reported at the original dates prior to the reverse stock split was $8.86 for the year ended September 30, 2021.

(b)

Calculated based on average shares outstanding during the year.

(c)

The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(d)

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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(e)

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

(f)

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

See Notes to Financial Statements.

PGIM Jennison Small Company Fund 13

Financial Highlights (continued)

Class R Shares
Year Ended September 30,
2025 2024 2023 2022 2021

Per Share Operating Performance(a):

Net Asset Value, Beginning of Year

$19.63 $15.70 $15.35 $27.07 $19.92

Income (loss) from investment operations:

Net investment income (loss)

(0.01 )(b) 0.03 0.04 (0.03 )(b) (0.14 )

Net realized and unrealized gain (loss) on investment and foreign currency transactions

0.67 3.95 1.01 (3.51 ) 10.77

Total from investment operations

0.66 3.98 1.05 (3.54 ) 10.63

Less Dividends and Distributions:

Dividends from net investment income

(0.08 ) (0.05 ) - (0.08 ) -

Distributions from net realized gains

(0.49 ) - (0.70 ) (8.10 ) (3.48 )

Total dividends and distributions

(0.57 ) (0.05 ) (0.70 ) (8.18 ) (3.48 )

Net asset value, end of year

$19.72 $19.63 $15.70 $15.35 $27.07

Total Return(c):

3.30 % 25.42 % 6.67 % (20.65 )% 57.95 %
 Ratios/Supplemental Data:

Net assets, end of year (000)

$108,560 $118,889 $108,534 $111,936 $161,790

Average net assets (000)

$110,024 $115,049 $117,113 $142,659 $164,085

Ratios to average net assets(d):

Expenses after waivers and/or expense reimbursement

1.31 % 1.31 % 1.33 % 1.33 % 1.33 %

Expenses before waivers and/or expense reimbursement

1.56 % 1.56 % 1.58 % 1.58 % 1.58 %

Net investment income (loss)

(0.07 )% 0.19 % 0.24 % (0.13 )% (0.58 )%

Portfolio turnover rate(e)

62 % 66 % 59 % 53 % 64 %
(a)

Calculated based on average shares outstanding during the year.

(b)

The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c)

Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(d)

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

(e)

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

See Notes to Financial Statements.

14

 

Class Z Shares
Year Ended September 30,
2025 2024 2023 2022 2021

Per Share Operating Performance(a):

Net Asset Value, Beginning of Year

$25.07 $20.00 $19.31 $31.93 $22.88

Income (loss) from investment operations:

Net investment income (loss)

0.10 0.16 0.16 0.10 (0.01 )

Net realized and unrealized gain (loss) on investment and foreign currency transactions

0.87 5.02 1.27 (4.54 ) 12.54

Total from investment operations

0.97 5.18 1.43 (4.44 ) 12.53

Less Dividends and Distributions:

Dividends from net investment income

(0.19 ) (0.11 ) (0.04 ) (0.08 ) -

Distributions from net realized gains

(0.49 ) - (0.70 ) (8.10 ) (3.48 )

Total dividends and distributions

(0.68 ) (0.11 ) (0.74 ) (8.18 ) (3.48 )

Net asset value, end of year

$25.36 $25.07 $20.00 $19.31 $31.93

Total Return(b):

3.76 % 26.07 % 7.28 % (20.23 )% 58.79 %
 Ratios/Supplemental Data:

Net assets, end of year (000)

$487,124 $432,744 $363,373 $371,658 $480,732

Average net assets (000)

$457,594 $399,370 $398,223 $450,927 $527,437

Ratios to average net assets(c):

Expenses after waivers and/or expense reimbursement

0.82 % 0.81 % 0.81 % 0.81 % 0.81 %

Expenses before waivers and/or expense reimbursement

0.82 % 0.81 % 0.81 % 0.81 % 0.81 %

Net investment income (loss)

0.43 % 0.70 % 0.78 % 0.41 % (0.05 )%

Portfolio turnover rate(d)

62 % 66 % 59 % 53 % 64 %
(a)

Calculated based on average shares outstanding during the year.

(b)

Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)

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

(d)

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

See Notes to Financial Statements.

PGIM Jennison Small Company Fund 15

Financial Highlights (continued)

Class R2 Shares
Year Ended September 30,
2025 2024 2023 2022 2021

Per Share Operating Performance(a):

Net Asset Value, Beginning of Year

$23.59 $18.84 $18.26 $30.70 $22.18

Income (loss) from investment operations:

Net investment income (loss)

0.02 0.07 0.07 0.01 (0.12 )

Net realized and unrealized gain (loss) on investment and foreign currency transactions

0.80 4.74 1.21 (4.27 ) 12.12

Total from investment operations

0.82 4.81 1.28 (4.26 ) 12.00

Less Dividends and Distributions:

Dividends from net investment income

(0.09 ) (0.06 ) - (0.08 ) -

Distributions from net realized gains

(0.49 ) - (0.70 ) (8.10 ) (3.48 )

Total dividends and distributions

(0.58 ) (0.06 ) (0.70 ) (8.18 ) (3.48 )

Net asset value, end of year

$23.83 $23.59 $18.84 $18.26 $30.70

Total Return(b):

3.41 % 25.58 % 6.87 % (20.53 )% 58.24 %
 Ratios/Supplemental Data:

Net assets, end of year (000)

$11,980 $20,813 $12,746 $4,889 $5,582

Average net assets (000)

$18,984 $18,094 $9,212 $4,980 $6,623

Ratios to average net assets(c):

Expenses after waivers and/or expense reimbursement

1.18 % 1.18 % 1.18 % 1.18 % 1.18 %

Expenses before waivers and/or expense reimbursement

1.40 % 1.38 % 1.40 % 1.35 % 1.28 %

Net investment income (loss)

0.08 % 0.32 % 0.38 % 0.02 % (0.42 )%

Portfolio turnover rate(d)

62 % 66 % 59 % 53 % 64 %
(a)

Calculated based on average shares outstanding during the year.

(b)

Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)

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

(d)

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

See Notes to Financial Statements.

16

 

Class R4 Shares
Year Ended September 30,
2025 2024 2023 2022 2021

Per Share Operating Performance(a):

Net Asset Value, Beginning of Year

$24.02 $19.17 $18.54 $31.00 $22.32

Income (loss) from investment operations:

Net investment income (loss)

0.08 0.12 0.13 0.08 (0.04 )

Net realized and unrealized gain (loss) on investment and foreign currency transactions

0.83 4.82 1.21 (4.36 ) 12.20

Total from investment operations

0.91 4.94 1.34 (4.28 ) 12.16

Less Dividends and Distributions:

Dividends from net investment income

(0.16 ) (0.09 ) (0.01 ) (0.08 ) -

Distributions from net realized gains

(0.49 ) - (0.70 ) (8.10 ) (3.48 )

Total dividends and distributions

(0.65 ) (0.09 ) (0.71 ) (8.18 ) (3.48 )

Net asset value, end of year

$24.28 $24.02 $19.17 $18.54 $31.00

Total Return(b):

3.71 % 25.88 % 7.13 % (20.34 )% 58.59 %
 Ratios/Supplemental Data:

Net assets, end of year (000)

$9,778 $5,480 $2,046 $724 $680

Average net assets (000)

$6,578 $3,612 $1,982 $751 $1,569

Ratios to average net assets(c):

Expenses after waivers and/or expense reimbursement

0.93 % 0.93 % 0.93 % 0.93 % 0.93 %

Expenses before waivers and/or expense reimbursement

1.05 % 1.11 % 1.27 % 1.81 % 1.37 %

Net investment income (loss)

0.32 % 0.56 % 0.64 % 0.34 % (0.16 )%

Portfolio turnover rate(d)

62 % 66 % 59 % 53 % 64 %
(a)

Calculated based on average shares outstanding during the year.

(b)

Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)

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

(d)

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

See Notes to Financial Statements.

PGIM Jennison Small Company Fund 17

Financial Highlights (continued)

Class R6 Shares
Year Ended September 30,
2025 2024 2023 2022 2021

Per Share Operating Performance(a):

Net Asset Value, Beginning of Year

$24.44 $19.49 $18.83 $31.30 $22.46

Income (loss) from investment operations:

Net investment income (loss)

0.13 0.18 0.18 0.12 0.01 (b)

Net realized and unrealized gain (loss) on investment and foreign currency transactions

0.85 4.90 1.24 (4.41 ) 12.31

Total from investment operations

0.98 5.08 1.42 (4.29 ) 12.32

Less Dividends and Distributions:

Dividends from net investment income

(0.23 ) (0.13 ) (0.06 ) (0.08 ) -

Distributions from net realized gains

(0.49 ) - (0.70 ) (8.10 ) (3.48 )

Total dividends and distributions

(0.72 ) (0.13 ) (0.76 ) (8.18 ) (3.48 )

Net asset value, end of year

$24.70 $24.44 $19.49 $18.83 $31.30

Total Return(c):

3.92 % 26.26 % 7.38 % (20.17 )% 59.03 %
 Ratios/Supplemental Data:

Net assets, end of year (000)

$2,150,458 $2,241,500 $1,801,978 $1,645,815 $914,526

Average net assets (000)

$2,092,865 $2,009,077 $1,850,578 $950,556 $758,747

Ratios to average net assets(d):

Expenses after waivers and/or expense reimbursement

0.69 % 0.69 % 0.69 % 0.70 % 0.69 %

Expenses before waivers and/or expense reimbursement

0.69 % 0.69 % 0.69 % 0.70 % 0.69 %

Net investment income (loss)

0.56 % 0.82 % 0.89 % 0.49 % 0.05 %

Portfolio turnover rate(e)

62 % 66 % 59 % 53 % 64 %
(a)

Calculated based on average shares outstanding during the year.

(b)

The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c)

Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(d)

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

(e)

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

See Notes to Financial Statements.

18

Notes to Financial Statements

1.

Organization

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

The investment objective of the Fund is to achieve capital growth.

2.

Accounting Policies

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

The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Fund's financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Fund, as listed in the Fund's Statement of Additional Information, act as the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its respective prospectus, based on a defined investment strategy which is executed by the Fund's subadviser.

The CODM allocates resources and assesses performance based on the operating results of the Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Fund's investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Directors (the "Board") has approved the Fund's valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Fund investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting year-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 Measurement.

Common or preferred stocks, exchange-traded funds ("ETFs") and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via Nasdaq are valued at the Nasdaq official closing price. To the extent these securities are valued at the last sale price or Nasdaq official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on a 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.

PGIM Jennison Small Company Fund 19

Notes to Financial Statements (continued)

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Fund is valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

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

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

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

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities - at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses - at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

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

20

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 the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

Equity and Mortgage Real Estate Investment Trusts (collectively "REITs"): The Fund invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from 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 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 expense amounts. 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. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

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

 Expected Distribution Schedule to Shareholders* Frequency

Net Investment Income

Annually 

Short-Term Capital Gains

Annually 

Long-Term Capital Gains

Annually 
*

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

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

3.

Agreements

The RIC, on behalf of the Fund, has entered into a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser's performance of such services, and for rendering administrative services.

PGIM Jennison Small Company Fund 21

Notes to Financial Statements (continued)

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended September 30, 2025, the contractual and effective management fee rates were as follows:

 Contractual Management Rate

Effective Management Fee, before any waivers and/or expense

reimbursements

0.70% to $1 billion of average daily net assets;

0.67%

0.65% over $1 billion of average daily net assets

The Manager has contractually agreed, through January 31, 2027, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual expense limitation excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

 Class Expense
Limitations

A

-% 

C

-    

R

-    

Z

-    

R2

1.18    

R4

0.93    

R6

-    

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

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through January 31, 2027 to limit such fees on certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

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

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

 Class Gross Distribution Fee Net Distribution Fee

Shareholder Service Fee

A

0.30% 0.30% N/A%

C

1.00   1.00    N/A  

R

0.75    0.50    N/A  

Z

N/A   N/A   N/A  

R2

0.25    0.25    0.10  

R4

N/A   N/A   0.10  

22

 Class Gross Distribution Fee Net Distribution Fee

Shareholder Service Fee

R6

N/A%   N/A%   N/A%  

For the year ended September 30, 2025, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

 Class FESL CDSC 

A

$ 149,422 $ 1,453 

C

- 421 

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

4.

Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the 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/trustees, and/or common officers. For the year ended September 30, 2025, no Rule 17a-7 transactions were entered into by the Fund.

5.

Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended September 30, 2025, were as follows:

 Cost of Purchases Proceeds from Sales

$1,897,285,227

$2,028,977,262

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended September 30, 2025, is presented as follows:

Value,
Beginning

of

Year

Cost of
Purchases

Proceeds

from Sales

Change in
Unrealized
Gain
(Loss) 		Realized
Gain
(Loss)

Value,

End

of

Year

Shares,

End

of

Year

Income

Capital

Gain

Distributions

 Short-Term Investments - Affiliated Mutual Funds:

 PGIM Core Government Money Market Fund (7-day effective yield 4.308%)(wb)

 $ 142,205,118 $  915,073,257 $ 985,338,950 $    - $     - $ 71,939,425 71,939,425 $3,286,923 $-

 PGIM Institutional Money Market Fund (7-day effective yield 4.350%)(b)(wb)

  58,697,861 1,457,823,358 1,323,161,224 30,305 (35,760) 193,354,540 193,470,623 383,412 (1)  -
 $200,902,979 $2,372,896,615 $2,308,500,174 $30,305 $(35,760) $265,293,965 $3,670,335 $-
(1)

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

(b)

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

(wb)

Represents an investment in a Fund affiliated with the Manager.

PGIM Jennison Small Company Fund 23

Notes to Financial Statements (continued)

6.

Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended September 30, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

Ordinary
Income

Long-Term

Capital Gains

Tax Return

of Capital

Total Dividends
and Distributions

$26,776,787

$64,235,244 $- $91,012,031  

For the year ended September 30, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

Ordinary
Income

Long-Term

Capital Gains

Tax Return

of Capital

Total Dividends

and Distributions

$15,998,882

$- $- $15,998,882  

For the year ended September 30, 2025, the Fund had the following amounts of accumulated undistributed earnings on a tax basis:

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

$12,091,763

$214,001,566

The United States federal income tax basis of the Fund's investments and the net unrealized appreciation (depreciation) as of September 30, 2025 were as follows:

Tax Basis Gross
Unrealized
Appreciation 		Gross
Unrealized
Depreciation 		Net
Unrealized
Appreciation
$2,799,924,822 $730,586,362 $(136,358,776) $ 594,227,586

The difference between GAAP and tax basis was primarily due to deferred losses on wash sales, investments in passive foreign investments companies, investment in partnerships, and other cost basis difference between GAAP and tax reporting.

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 September 30, 2025 are subject to such review.

7.

Capital and Ownership

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

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

24

There are 1,250,000,000 shares of common stock authorized, $0.01 par value per share, designated as shares of the Fund. The authorized shares of the Fund are further classified and designated as follows:

 Class Number of Shares 

A

200,000,000

B

 10,000,000

C

 50,000,000

R

175,000,000

Z

365,000,000

T

 75,000,000

R2

 75,000,000

R4

 75,000,000

R6

225,000,000

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

As of September 30, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Class Number of Shares  Percentage of Outstanding Shares 

Z

14,364 0.1% 

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

Number of Shareholders Percentage of Outstanding Shares

Affiliated

-   -%

Unaffiliated

3 59.6 

Transactions in shares of common stock were as follows:

 Share Class Shares   Amount 

 Class A

 Year ended September 30, 2025:

Shares sold

1,214,975 $ 25,005,542

Shares issued in reinvestment of dividends and distributions

571,586 12,460,580

Shares purchased

(3,477,586 ) (71,033,139 )

Net increase (decrease) in shares outstanding before conversion

(1,691,025 ) (33,567,017 )

Shares issued upon conversion from other share class(es)

108,071 2,210,120

 Shares purchased upon conversion into other share class(es)

(153,674 ) (3,151,045 )

 Net increase (decrease) in shares outstanding

(1,736,628 ) $ (34,507,942 )

 Year ended September 30, 2024:

Shares sold

1,452,507 $ 27,085,289

Shares issued in reinvestment of dividends and distributions

90,120 1,600,536

Shares purchased

(3,901,113 ) (74,036,399 )

Net increase (decrease) in shares outstanding before conversion

(2,358,486 ) (45,350,574 )

Shares issued upon conversion from other share class(es)

147,276 2,800,628

Shares purchased upon conversion into other share class(es)

(193,270 ) (3,698,896 )

 Net increase (decrease) in shares outstanding

(2,404,480 ) $ (46,248,842 )

 Class C

 Year ended September 30, 2025:

Shares sold

47,149 $ 1,319,832

Shares issued in reinvestment of dividends and distributions

6,076 177,770

Shares purchased

(55,669 ) (1,523,639 )

Net increase (decrease) in shares outstanding before conversion

(2,444 ) (26,037 )

 Shares purchased upon conversion into other share class(es)

(59,378 ) (1,618,304 )

 Net increase (decrease) in shares outstanding

(61,822 ) $ (1,644,341 )

PGIM Jennison Small Company Fund 25

Notes to Financial Statements (continued)

 Share Class Shares   Amount 

 Year ended September 30, 2024:

Shares sold

72,693 $ 1,846,212

Shares purchased

(77,576 ) (1,934,337 )

Net increase (decrease) in shares outstanding before conversion

(4,883 ) (88,125 )

Shares purchased upon conversion into other share class(es)

(84,645 ) (2,131,918 )

 Net increase (decrease) in shares outstanding

(89,528 ) $ (2,220,043 )

 Class R

 Year ended September 30, 2025:

Shares sold

445,844 $ 8,282,956

Shares issued in reinvestment of dividends and distributions

165,708 3,363,876

Shares purchased

(1,162,244 ) (22,328,477 )

 Net increase (decrease) in shares outstanding

(550,692 ) $ (10,681,645 )

 Year ended September 30, 2024:

Shares sold

394,770 $ 7,121,128

Shares issued in reinvestment of dividends and distributions

20,734 343,571

Shares purchased

(1,271,969 ) (22,889,615 )

 Net increase (decrease) in shares outstanding

(856,465 ) $ (15,424,916 )

 Class Z

 Year ended September 30, 2025:

Shares sold

8,037,273 $ 201,352,642

Shares issued in reinvestment of dividends and distributions

451,798 11,746,760

Shares purchased

(7,017,867 ) (170,818,688 )

Net increase (decrease) in shares outstanding before conversion

1,471,204 42,280,714

Shares issued upon conversion from other share class(es)

547,071 14,589,595

 Shares purchased upon conversion into other share class(es)

(71,215 ) (1,785,917 )

 Net increase (decrease) in shares outstanding

1,947,060 $ 55,084,392

 Year ended September 30, 2024:

Shares sold

5,324,093 $ 118,853,216

Shares issued in reinvestment of dividends and distributions

88,375 1,862,066

Shares purchased

(6,428,580 ) (144,072,317 )

Net increase (decrease) in shares outstanding before conversion

(1,016,112 ) (23,357,035 )

Shares issued upon conversion from other share class(es)

168,935 3,816,523

Shares purchased upon conversion into other share class(es)

(64,709 ) (1,482,275 )

 Net increase (decrease) in shares outstanding

(911,886 ) $ (21,022,787 )

 Class R2

 Year ended September 30, 2025:

Shares sold

216,830 $ 5,132,595

Shares issued in reinvestment of dividends and distributions

22,213 544,207

Shares purchased

(618,773 ) (14,105,277 )

 Net increase (decrease) in shares outstanding

(379,730 ) $ (8,428,475 )

 Year ended September 30, 2024:

Shares sold

403,414 $ 8,171,724

Shares issued in reinvestment of dividends and distributions

2,532 50,330

Shares purchased

(200,194 ) (4,253,256 )

 Net increase (decrease) in shares outstanding

205,752 $ 3,968,798

26

 Share Class Shares   Amount 

 Class R4

 Year ended September 30, 2025:

Shares sold

242,156 $ 5,468,855

Shares issued in reinvestment of dividends and distributions

2,960 73,742

Shares purchased

(70,491 ) (1,670,973 )

 Net increase (decrease) in shares outstanding

174,625 $ 3,871,624

 Year ended September 30, 2024:

Shares sold

176,991 $ 3,702,143

Shares issued in reinvestment of dividends and distributions

141 2,847

Shares purchased

(55,721 ) (1,187,281 )

 Net increase (decrease) in shares outstanding

121,411 $ 2,517,709

 Class R6

 Year ended September 30, 2025:

Shares sold

15,481,355 $ 361,578,187

Shares issued in reinvestment of dividends and distributions

2,301,050 58,193,547

Shares purchased

(22,067,073 ) (538,560,737 )

Net increase (decrease) in shares outstanding before conversion

(4,284,668 ) (118,789,003 )

Shares issued upon conversion from other share class(es)

65,649 1,586,337

Shares purchased upon conversion into other share class(es)

(446,310 ) (11,830,786 )

 Net increase (decrease) in shares outstanding

(4,665,329 ) $ (129,033,452 )

 Year ended September 30, 2024:

Shares sold

16,222,505 $ 358,055,705

Shares issued in reinvestment of dividends and distributions

561,965 11,531,517

Shares purchased

(17,564,169 ) (383,722,081 )

Net increase (decrease) in shares outstanding before conversion

(779,699 ) (14,134,859 )

Shares issued upon conversion from other share class(es)

32,683 747,161

 Shares purchased upon conversion into other share class(es)

(2,269 ) (51,223 )

 Net increase (decrease) in shares outstanding

(749,285 ) $ (13,438,921 )

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

8.

Borrowings

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

Current SCA Prior SCA

Term of Commitment

9/26/2025 - 9/24/2026 9/27/2024 - 9/25/2025

Total Commitment

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

Annualized Commitment Fee on the Unused Portion of the SCA

0.15% 0.15%

Annualized Interest Rate on Borrowings

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

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes

PGIM Jennison Small Company Fund 27

Notes to Financial Statements (continued)

of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Fund did not utilize the SCA during the year ended September 30, 2025.

9.

Risks of Investing in the Fund

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

Blend Style Risk: The Fund's blend investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund's portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the Fund's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund's assessment of market conditions or a company's value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

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

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

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

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

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

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine and the Israel-Hamas war),

28

geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

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

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

Sector Exposure Risk: At times, the Fund may have a significant portion of its assets invested in the same economic sector, including the financials and industrials sectors. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

Small Company Risk: Small company stocks present above-average risks in comparison to larger companies. Small companies usually offer a smaller range of products and services than larger companies. Smaller companies may also have limited financial resources and may lack management expertise. As a result, stocks issued by smaller companies may be comparatively less liquid and fluctuate in value more than the stocks of larger, more established companies. In addition, it is more difficult to get information on smaller companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts.

10.

Recent Accounting Pronouncement and Regulatory Developments

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) - "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management has evaluated the impact and does not expect the ASU to have a material impact on the financial statements.

11.

Subsequent Event

The Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of September 30, 2025.

PGIM Jennison Small Company Fund 29

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Prudential Jennison Small Company Fund, Inc. and Shareholders of PGIM Jennison Small Company Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Jennison Small Company Fund (the "Fund") as of September 30, 2025, the related statement of operations for the year ended September 30, 2025, the statement of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

November 20, 2025

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

30

Other Information

Form N-CSR Item 8- Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

Form N-CSR Item 9 - Proxy Disclosures for Open-End Management Investment Companies - None.

Form N-CSR Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

Form N-CSR Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract.

Approval of Advisory Agreements

PGIM Jennison Small Company Fund

The Fund's Board of Directors

The Board of Directors (the "Board") of PGIM Jennison Small Company Fund (the "Fund")1 consists of ten individuals, eight of whom are not "interested persons" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Directors"). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Directors have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Director. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Directors.

Annual Approval of the Fund's Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and the Fund's subadvisory agreement with Jennison Associates LLC ("Jennison"). In considering the renewal of the agreements, the Board, including all of the Independent Directors, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments and Jennison. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Directors advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PGIM Investments and the subadviser, the performance of the Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund's assets grow. In their deliberations, the Directors did not identify any single factor which alone was responsible for the Board's decision to approve an agreement with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular and special Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Directors determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund's investment manager pursuant to a management agreement, and between PGIM Investments and Jennison, which serves as the Fund's subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Directors considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

The material factors and conclusions that formed the basis for the Directors' reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and Jennison. The Board noted that Jennison is affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments' role serving as administrator for the Fund's liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the subadviser, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of

1  PGIM Jennison Small Company Fund is the sole series of Prudential Jennison Small Company Fund, Inc.

PGIM Jennison Small Company Fund

Approval of Advisory Agreements (continued)

PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Directors of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by Jennison, including investment research and security selection, as well as adherence to the Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadviser, as well as PGIM Investments' recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments' senior management responsible for the oversight of the Fund and Jennison, and also considered the qualifications, backgrounds and responsibilities of Jennison's portfolio managers who are responsible for the day-to-day management of the Fund's portfolio. The Board was provided with information pertaining to PGIM Investments' and Jennison's organizational structure, senior management, investment operations, and other relevant information pertaining to both PGIM Investments and Jennison. The Board also noted that it received favorable compliance reports from the Fund's Chief Compliance Officer ("CCO") as to both PGIM Investments and Jennison.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by Jennison, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and Jennison under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser's capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund's assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments' investment in the Fund over time. The Board noted that economies of scale can be shared with the Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments' assertion that it continually evaluates the management fee schedule of the Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board's understanding that most of PGIM Investments' costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Other Benefits to PGIM Investments and Jennison

The Board considered potential ancillary benefits that might be received by PGIM Investments, Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by the Fund's transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments' association with the Fund. The Board concluded that the potential benefits to be derived by Jennison included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Visit our website at pgim.com/investments

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024.

The Board also considered the Fund's actual management fee, as well as the Fund's net total expense ratio, for the fiscal year ended September 30, 2024. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the peer universe, which was used to consider performance, and the peer group, which was used to consider expenses and fees, were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental peer universe or peer group information for reasons addressed with the Board. The comparisons placed the Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board's conclusions regarding the Fund's performance, fees and overall expenses. The table sets forth net performance comparisons (which reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.

Net Performance  1 Year  3 Years  5 Years  10 Years
 1st Quartile  3rd Quartile  1st Quartile  1st Quartile

Actual Management Fees: 1st Quartile

Net Total Expenses: 1st Quartile

•

The Board noted that the Fund outperformed its benchmark index over the one-, five-, and ten-year periods, and underperformed its benchmark index over the three-year period.

•

The Board and PGIM Investments agreed to retain the Fund's existing contractual expense cap, which (exclusive of certain fees and expenses) caps transfer agency, shareholder servicing, sub-transfer agency and blue sky fees to the extent that such fees cause total annual fund operating expenses to exceed 1.18% for Class R2 shares and 0.93% for Class R4 shares through January 31, 2026.

•

In addition, PGIM Investments will waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

•

The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

•

The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

* * *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

PGIM Jennison Small Company Fund

Item 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies - Not applicable.

Item 13 - Portfolio Managers of Closed-EndManagement Investment Companies - Not applicable.

Item 14 - Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers - Not applicable.

Item 15 -

Submission of Matters to a Vote of Security Holders - There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

Item 16 - Controls and Procedures

(a)

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

(b)

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

Item 17 - Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies - Not applicable.

Item 18 - Recovery of Erroneously Awarded Compensation - Not applicable.

Item 19 - Exhibits

(a)(1)

EX-99.CODE-ETH.

(a)(2)

Policy required by the listing standards adopted pursuant to Rule 10D-1under the Securities Exchange Act of 1934 - Not applicable.

(a)(3)

EX-99.CERT.

(a)(4)

Any written solicitation to purchase securities under Rule 23c-1under the Investment Company Act of 1940 - Not applicable.

(a)(5)

Change in the registrant's independent public accountant - Not applicable.

(b)

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 Small Company Fund, Inc.

By:

/s/ Andrew R. French
Andrew R. French
Secretary

Date:

November 20, 2025

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:

November 20, 2025

By:

/s/ Christian J. Kelly

Christian J. Kelly

Chief Financial Officer (Principal Financial Officer)

Date:

November 20, 2025

Prudential Jennison Small Fund Co. Inc. published this content on December 03, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on December 03, 2025 at 17:51 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]