PGIM
INVESTMENTS | Bringing you the investment managers of Prudential Financial, Inc.
Prudential
Jennison Small Company Fund, Inc.
| A: PGOAX | B: CHNDX | C: PSCCX | R: JSCRX | Z: PSCZX | R2: PSCHX | R4: PSCJX | Q: PJSQX |
SUMMARY PROSPECTUS
| November 28, 2017
Before you invest, you may want
to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, Statement of Additional Information (SAI), Annual Report and other information
about the Fund online at www.pgiminvestments.com/docs. You can also get this information at no cost by calling 1-800-225-1852 or by sending an e-mail to: prospectus@prudentialfundsemail.com. The Fund's Prospectus and
SAI, both dated November 28, 2017, as supplemented and amended from time to time, and the Fund's most recent shareholder report, dated September 30, 2017, are all incorporated by reference into (legally made a part
of) this Summary Prospectus.
INVESTMENT OBJECTIVE
The investment objective of the Fund is capital
growth.
FUND FEES AND EXPENSES
The tables below describe the sales charges, fees
and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and an eligible group of related investors purchase, or agree to purchase in the future, $25,000
or more in shares of the Fund or other funds in the Prudential mutual funds. More information about these discounts as well as other waivers or discounts is available from your financial professional and is explained
in Reducing or Waiving Class A's and Class C’s Sales Charges on page 23 of the Fund's Prospectus, Appendix A: Waivers and Discounts Available From Certain Financial Intermediaries on page 47 of the Fund's Prospectus and in Rights of Accumulation on page 50 of the Fund's Statement of Additional Information (SAI).
| Shareholder Fees (fees paid directly from your investment) | ||||||||
| Class A | Class B | Class C | Class R | Class Z | Class R2 | Class R4 | Class Q | |
| Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None | None | None | None | None | None |
| Maximum deferred sales charge (load) (as a percentage of the lower of original purchase price or net asset value at redemption) | 1.00% | 5.00% | 1.00% | None | None | None | None | None |
| Maximum sales charge (load) imposed on reinvested dividends and other distributions | None | None | None | None | None | None | None | None |
| Redemption fee | None | None | None | None | None | None | None | None |
| Exchange fee | None | None | None | None | None | None | None | None |
| Maximum account fee (accounts under $10,000) | $15 | $15 | $15 | None | None* | None | None | None |
*Direct Transfer Agent
Accounts holding under $10,000 of Class Z shares are subject to the $15 fee.
| Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||
| Class A | Class B | Class C | Class R | Class Z | Class R2 | Class R4 | Class Q | |
| Management fees | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
| Distribution or distribution and service (12b-1) fees | 0.30% | 1.00% | 1.00% | 0.75% | None | 0.25% | None | None |
| Other expenses(1): | 0.19% | 0.67% | 0.19% | 0.17% | 0.15% | 1.88% | 1.88% | 0.02% |
| Shareholder service fee | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.10%(2) | 0.10%(2) | 0.00% |
| Remainder of other expenses(1) | 0.19% | 0.67% | 0.19% | 0.17% | 0.15% | 1.78% | 1.78% | 0.02% |
| Total annual Fund operating expenses | 1.15% | 2.33% | 1.85% | 1.58% | 0.81% | 2.79% | 2.54% | 0.68% |
| Fee waiver and/or expense reimbursement | None | (0.29)% | None | (0.25)% | None | (1.61)% | (1.61)% | None |
| Total annual Fund operating expenses after fee waiver and/or expense reimbursement(3,4) | 1.15% | 2.04% | 1.85% | 1.33% | 0.81% | 1.18% | 0.93% | 0.68% |
(1) Other expenses are based on estimates.
(2) “Shareholder service fee” reflects maximum allowable fees under a shareholder services plan.
(3) PGIM Investments LLC (PGIM Investments) has contractually agreed, through January 31, 2020, to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky
fees, as applicable, to the extent that such fees cause the Total Annual Fund Operating Expenses to exceed 2.04% of average daily net assets for Class B shares, 1.18% of average daily net assets for Class R2 shares,
or 0.93% of average daily net assets for Class R4 shares. 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.
Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recouped by PGIM Investments within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be
realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. This expense limitation may not be terminated prior to January 31, 2020 without the prior approval of the
Fund's Board of Directors.
(4) The distributor of the Fund has contractually agreed through January 31, 2019 to reduce its distribution and service (12b-1) fees applicable to Class R shares to 0.50% of the
average daily net assets of Class R shares. This waiver may not be terminated prior to January 31, 2019 without the prior approval of the Fund’s Board of Directors.
Example. The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in
the Fund for the time periods indicated and then, except as indicated, redeem all your shares at the end of those periods. It assumes a 5% return on your investment each year, that the Fund's operating expenses remain
the same (except that fee waivers or reimbursements, if any, are only reflected in the 1-Year figures) and that all dividends and distributions are reinvested. Your actual costs may be higher or lower.
| If Shares Are Redeemed | If Shares Are Not Redeemed | |||||||
| Share Class | 1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A | $661 | $895 | $1,148 | $1,871 | $661 | $895 | $1,148 | $1,871 |
| Class B | $707 | $1,000 | $1,319 | $2,207 | $207 | $700 | $1,219 | $2,207 |
| Class C | $288 | $582 | $1,001 | $2,169 | $188 | $582 | $1,001 | $2,169 |
| Class R | $135 | $474 | $837 | $1,857 | $135 | $474 | $837 | $1,857 |
| Class Z | $83 | $259 | $450 | $1,002 | $83 | $259 | $450 | $1,002 |
| Class R2 | $120 | $712 | $1,331 | $3,001 | $120 | $712 | $1,331 | $3,001 |
| Class R4 | $95 | $637 | $1,205 | $2,754 | $95 | $637 | $1,205 | $2,754 |
| Class Q | $69 | $218 | $379 | $847 | $69 | $218 | $379 | $847 |
Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.
During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.
INVESTMENTS, RISKS AND
PERFORMANCE
Principal Investment Strategies. The subadviser seeks investments whose price will increase over time. The subadviser normally invests at least 80% of the Fund’s investable assets in equity and equity-related
securities of small, less well-known companies that the investment subadviser believes are relatively undervalued. In deciding which stocks to buy, the subadviser uses a blend of both value and growth styles. The
subadviser looks for stocks in a variety of different industries and sectors that the subadviser believes have attractive valuations, and should experience superior earnings growth on an intermediate term basis. The
subadviser generally bases its belief on its proprietary forecasts of each company’s potential earnings growth for periods greater than one year. “Investable assets” consist of the Fund's net assets
plus any borrowings for investment purposes. The Fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated
redemptions.
The Fund currently considers small
companies to be those with a market capitalization less than the largest market capitalization of the Russell 2500 Index at the time of investment. The market capitalization within the index will vary, but as of
October 31, 2017, the median market capitalization was approximately $1.24 billion and the largest company by market capitalization was approximately $14.73 billion. The portfolio is diversified and typically will
include stocks representing all of the sectors in the Russell 2500 Index.
Principal Risks. All investments have risks to some degree. An investment in the Fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or
guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks, including possible loss of your original investment.
Small Company Risk. Small company stocks present above-average risks. These 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 depth. As a result, stocks issued by smaller companies may be less liquid and fluctuate in value more than the stocks of larger, more established companies.
Equity and Equity-Related Securities
Risks. The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund
invests could go down. The Fund's holdings can vary significantly from broad market indexes and the performance of the Fund can deviate from the performance of these indexes. Different parts of a market can react
differently to adverse issuer, market, regulatory, political and economic developments.
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 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 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 a long time or that a stock judged to be undervalued may actually be appropriately priced. 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.
Management Risk. The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market
movements are incorrect.
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.
Market Events Risk. Events in the financial markets have resulted in, and may continue to result in, an unusually high degree of volatility, both in foreign and US markets. This market volatility, in addition
to reduced liquidity in credit and fixed-income markets, may adversely affect issuers worldwide. Furthermore, the impact of policy and legislative changes in the US and other countries may not be fully known for some
time. This environment could make identifying investment risks and opportunities especially difficult for the subadviser.
Risk of Increase in Expenses. Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table 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.
Performance. The following bar chart shows the Fund's performance for Class A shares for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. The following
table shows the average annual returns of each of the Fund’s share classes and also compares the Fund’s performance with the average annual total returns of an index or other benchmark and a group of
similar mutual funds. The bar chart and table demonstrate the risk of investing in the Fund by showing how returns can change from year to year.
Past performance (before and after
taxes) does not mean that the Fund will achieve similar results in the future. Updated Fund performance information is available online at www.pgiminvestments.com.
1 These annual total returns do not include sales charges. If the sales charges were included, the annual total returns would be lower than those shown. The return for Class A
shares from January 1, 2017 to September 30, 2017 was 13.91%.
| Average Annual Total Returns % (including sales charges) (as of 12-31-16) | ||||
| Return Before Taxes | One Year | Five Years | Ten Years | Since Inception |
| Class B shares | 7.37% | 11.35% | 6.51% | - |
| Class C shares | 11.44% | 11.46% | 6.59% | - |
| Class R shares | 12.97% | 12.05% | 7.13% | - |
| Class Z shares | 13.57% | 12.58% | 7.63% | - |
| Class R2 shares* | N/A | N/A | N/A | N/A |
| Class R4 shares* | N/A | N/A | N/A | N/A |
| Class Q shares | 13.65% | 12.81% | N/A | 10.95% (11/29/10) |
| Class A Shares % (including sales charges) | ||||
| Return Before Taxes | 7.00% | 11.02% | 6.77% | - |
| Return After Taxes on Distributions | 5.69% | 8.75% | 5.44% | - |
| Return After Taxes on Distribution and Sale of Fund Shares | 5.04% | 8.56% | 5.28% | - |
° After-tax
returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation
and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax
returns are shown only for the indicated share class. After-tax returns for other classes will vary due to differing sales charges and expenses.
* Average annual total returns are not shown
for either Class R2 shares or Class R4 shares, because Class R2 shares and Class R4 shares are new. Performance for Class R2 shares and Class R4 shares will be included after Class R2 shares and Class R4 shares have
been in existence for a full calendar year.
| Index % (reflects no deduction for fees, expenses or taxes) | ||||
| Russell 2500 Index | 17.59% | 14.54% | 7.69% | - |
| S&P SmallCap 600 Index | 26.56% | 16.62% | 9.03% | - |
| Lipper Average % (reflects no deduction for sales charges or taxes) | ||||
| Lipper Small-Cap Core Funds Average* | 20.56% | 13.46% | 6.88% | - |
| Lipper Small-Cap Growth Funds Average* | 9.80% | 12.10% | 6.98% | - |
* The Fund is compared to the
Lipper Small-Cap Core Funds Performance universe, although Lipper classifies the Fund in the Lipper Small-Cap Growth Funds Performance universe. The Lipper Small-Cap Core Funds Performance universe is utilized because
the Fund’s manager believes that the funds included in this universe provide a more appropriate basis for Fund performance comparisons.
MANAGEMENT OF THE FUND
| Investment Manager | Subadviser | Portfolio Managers | Title | Service Date |
| PGIM Investments LLC | Jennison Associates LLC | John P. Mullman, CFA | Managing Director | May 2000 |
| Jason M. Swiatek, CFA | Managing Director | November 2013 |
BUYING AND SELLING FUND
SHARES
| Class A** | Class C** | Class R** | Class Z** | Class R2 | Class R4 | Class Q | |
| Minimum initial investment* | $2,500 | $2,500 | None | Institutions: $5 million Group Retirement Plans: None | None | None | Institutions: $5 million Group Retirement Plans: None |
| Minimum subsequent investment* | $100 | $100 | None | None | None | None | None |
* Class B shares are closed
to new purchases except for exchanges from Class B shares of another fund. Please see “How to Buy, Sell and Exchange Fund Shares—Closure of Class B Shares” in the Prospectus for more information.
** Certain share classes will be generally
closed to investments by new group retirement plans effective on or about June 1, 2018. Please see “How to Buy, Sell and Exchange Fund Shares—Closure of Certain Share Classes to New Group Retirement
Plans” in the Prospectus for more information.
For Class A and Class C shares, the
minimum initial investment for retirement accounts and custodial accounts for minors is $1,000 and the minimum subsequent investment is $100. For Class A and Class C shares, the minimum initial and subsequent
investment for Automatic Investment Plan purchases is $50. Class R, Class R2, Class R4 and Class Q shares are generally not available for purchase by individuals. Class Z shares may be purchased by certain
individuals, subject to minimum investment and/or other requirements. Please see “How to Buy, Sell and Exchange Fund Shares—How to Buy Shares—Qualifying for Class R Shares,”
“—Qualifying for Class Z Shares,” “—Qualifying for Class R2 and Class R4 Shares,” and “—Qualifying for Class Q Shares” in the Prospectus for purchase eligibility
requirements.
Important Note: Class R2 and Class R4 shares are not available for purchase until on or about June 1, 2018.
Your financial intermediary may
impose different investment minimums. You can purchase or redeem shares on any business day that the Fund is open through the Fund's transfer agent or through servicing agents, including brokers, dealers and other
financial intermediaries appointed by the distributor to receive purchase and redemption orders. Current shareholders may also purchase or redeem shares through the Fund's website or by calling (800) 225-1852.
TAX INFORMATION
Dividends, Capital Gains and Taxes. The Fund's dividends and distributions are taxable and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan
or an individual retirement account. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.
PAYMENTS TO FINANCIAL
INTERMEDIaries
If you purchase Fund shares through a financial
intermediary such as a broker-dealer, bank, retirement recordkeeper or other financial services firm, the Fund or its affiliates may pay the financial intermediary for the sale of Fund shares and/or for services to
shareholders. This may create a conflict of interest by influencing the financial intermediary or its representatives to recommend the Fund over another investment. Ask your financial intermediary or representative or
visit your financial intermediary’s website for more information.
| ||
| By Mail: | Prudential Mutual Fund Services LLC, PO Box 9658, Providence, RI 02940 | |
| By Telephone: | 800-225-1852 or 973-367-3529 (outside the US) | |
| On the Internet: | www.pgiminvestments.com |
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