0001193125-14-211635.txt : 20140523 0001193125-14-211635.hdr.sgml : 20140523 20140523170738 ACCESSION NUMBER: 0001193125-14-211635 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20140331 FILED AS OF DATE: 20140523 DATE AS OF CHANGE: 20140523 EFFECTIVENESS DATE: 20140523 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRUDENTIAL JENNISON SMALL CO FUND, INC. CENTRAL INDEX KEY: 0000318531 IRS NUMBER: 133040042 STATE OF INCORPORATION: MD FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03084 FILM NUMBER: 14867859 BUSINESS ADDRESS: STREET 1: GATEWAY CENTER THREE, 4TH FLOOR STREET 2: 100 MULBERRY STREET CITY: NEWARK STATE: NJ ZIP: 07102 BUSINESS PHONE: 9738026469 MAIL ADDRESS: STREET 1: GATEWAY CENTER THREE, 4TH FLOOR STREET 2: 100 MULBERRY STREET CITY: NEWARK STATE: NJ ZIP: 07102 FORMER COMPANY: FORMER CONFORMED NAME: JENNISON SMALL CO FUND, INC. DATE OF NAME CHANGE: 20070801 FORMER COMPANY: FORMER CONFORMED NAME: JENNISON SMALL CO FUND INC DATE OF NAME CHANGE: 20030716 FORMER COMPANY: FORMER CONFORMED NAME: PRUDENTIAL SMALL CO FUND INC DATE OF NAME CHANGE: 20000926 0000318531 S000004629 PRUDENTIAL JENNISON SMALL COMPANY FUND, INC. C000012606 Class A PGOAX C000012607 Class B CHNDX C000012608 Class C PSCCX C000012609 Class Z PSCZX C000012610 Class R JSCRX C000038966 Class New X C000038967 Class X C000093652 Class Q PJSQX N-CSRS 1 d709372dncsrs.htm PRUDENTIAL JENNISON SMALL COMPANY FUND, INC. Prudential Jennison Small Company Fund, Inc.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number:    811-03084
Exact name of registrant as specified in charter:    Prudential Jennison Small Company Fund, Inc.
Address of principal executive offices:    Gateway Center 3,
   100 Mulberry Street,
   Newark, New Jersey 07102
Name and address of agent for service:    Deborah A. Docs
   Gateway Center 3,
   100 Mulberry Street,
   Newark, New Jersey 07102
Registrant’s telephone number, including area code:    800-225-1852
Date of fiscal year end:    9/30/2014
Date of reporting period:    3/31/2014

 

 

 

Item 1 – Reports to Stockholders

LOGO

 

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

 

PRUDENTIAL JENNISON SMALL COMPANY FUND, INC.

 

SEMIANNUAL REPORT · MARCH 31, 2014

 

Fund Type

Small/Mid-Cap Stock

 

Objective

Capital growth

 

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

 

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

 

The accompanying financial statements as of March 31, 2014, were not audited and, accordingly, no auditor’s opinion is expressed on them.

 

Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS). Jennison Associates is a registered investment adviser. Both are Prudential Financial companies. © 2014 Prudential Financial, Inc. and its related entities. Prudential Investments LLC, Prudential, Jennison Associates, Jennison, the Prudential logo, Bring Your Challenges, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

 

LOGO

 

LOGO

  LOGO

 

 

May 15, 2014

 

Dear Shareholder:

 

We hope you find the semiannual report for the Prudential Jennison Small Company Fund, Inc., informative and useful. The report covers performance for the six-month period that ended March 31, 2014.

 

We recognize that ongoing market volatility may make it a difficult time to be an investor. We continue to believe a prudent response to uncertainty is to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

 

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

 

Prudential Investments® is dedicated to helping you solve your toughest investment challenges—whether it’s capital growth, reliable income, or protection from market volatility and other risks. We offer the expertise of Prudential Financial’s affiliated asset managers* that strive to be leaders in a broad range of funds to help you stay on course to the future you envision. They also manage money for major corporations and pension funds around the world, which means you benefit from the same expertise, innovation, and attention to risk demanded by today’s most sophisticated investors.

 

Thank you for choosing the Prudential Investments family of funds.

 

Sincerely,

 

LOGO

 

Stuart S. Parker, President

Prudential Jennison Small Company Fund, Inc.

 

*Most of Prudential Investments’ equity funds are advised by Jennison Associates LLC, Quantitative Management Associates LLC (QMA), or Prudential Real Estate Investors. Prudential Investments’ fixed income and money market funds are advised by Prudential Investment Management, Inc. (PIM) through its Prudential Fixed Income unit. Jennison Associates LLC, QMA, and PIM are registered investment advisers and Prudential Financial companies. Prudential Real Estate Investors is a unit of PIM.

 

Prudential Jennison Small Company Fund, Inc.     1   

Your Fund’s Performance (Unaudited)

 

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

 

Cumulative Total Returns (Without Sales Charges) as of 3/31/14

     Six Months     One Year     Five Years     Ten Years     Since Inception

Class A

      10.08 %      23.31 %      180.01 %      160.37 %    —

Class B

      9.86        22.66        170.09        140.15      —

Class C

      9.66        22.44        170.47        141.86      —

Class Q

      10.34        23.86        N/A         N/A         61.85% (11/29/10)

Class R

      10.00        23.05        176.35        N/A       171.64    (5/10/04)

Class X

      13.08        26.20        177.24        N/A         71.40    (3/2/07)

Class Z

      10.22        23.65        183.81        166.26      —

Russell 2500™ Index

      11.16        24.01        209.20        146.21      —

S&P SmallCap 600 Index

      11.07        27.81        220.28        161.98      —

Lipper Small-Cap Core Funds Average

      10.54        23.71        193.85        132.86      —
          

Average Annual Total Returns (With Sales Charges) as of 3/31/14

           One Year     Five Years     Ten Years     Since Inception

Class A

              16.53 %      21.48 %      9.42 %    —

Class B

              17.66        21.89        9.16      —

Class C

              21.44        22.02        9.23      —

Class Q

              23.86        N/A         N/A       15.52% (11/29/10)

Class R

              23.05        22.54        N/A       10.63    (5/10/04)

Class X

              20.20        22.36        N/A         7.82    (3/2/07)

Class Z

              23.65        23.20        10.29      —

Russell 2500 Index

              24.01        25.33        9.43      —

S&P SmallCap 600 Index

              27.81        26.21        10.11      —

Lipper Small-Cap Core Funds Average

              23.71        23.93        8.73      —

 

2   Visit our website at www.prudentialfunds.com

 

 

 

Source: Prudential Investments LLC and Lipper Inc.

 

Inception returns are provided for any share class with less than 10 calendar years of returns.

 

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

 

  Class A   Class B   Class C   Class Q   Class R   Class Z

Maximum initial sales charge

   5.50% of
the public
offering
price		   None   None   None   None   None

Contingent Deferred Sales Charge (CDSC) (as a percentage of the lower of original purchase price or sale proceeds)

   1% on
sales of
$1 million
or more
made
within
12 months
of purchase		   5% (Yr.1)
4% (Yr.2)
3% (Yr.3)
2% (Yr.4)
1% (Yr.5)
1% (Yr.6)
0% (Yr.7)		   1% on
sales
made
within
12 months
of purchase		   None   None   None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)

   .30%   1%   1%   None   .75%
(.50%
currently)		   None

 

Note: Class X shares are no longer issued and no Class X shares are outstanding. Class X share performance is shown for historical periods during which time Class X shares were outstanding.

 

Benchmark Definitions

 

Russell 2500 Index

The Russell 2500 Index is an unmanaged index which measures the performance of the 2,500 smallest companies in the Russell 3000 Index, which represents approximately 20% of the total market capitalization of the Russell 3000 Index. Russell 2500 Index Closest Month-End to Inception cumulative total returns are 73.03% for Class Q; 158.64% for Class R; and 71.12% for Class X. Russell 2500 Index Closest Month-End to Inception average annual total returns are 17.88% for Class Q; 10.06% for Class R; and 7.88% for Class X.

 

S&P SmallCap 600 Index

The Standard & Poor’s SmallCap 600 Index (S&P SmallCap 600 Index) is an unmanaged, capital-weighted index of 600 smaller-company U.S. common stocks that cover all industry sectors. S&P SmallCap 600 Index Closest Month-End to Inception cumulative total returns are 80.79% for Class Q; 170.97% for Class R; and 80.32% for Class X. S&P SmallCap 600 Index Closest Month-End to Inception average annual total returns are 19.44% for Class Q; 10.57% for Class R; and 8.68% for Class X.

 

Prudential Jennison Small Company Fund, Inc.     3   

Your Fund’s Performance (continued)

 

 

Lipper Small-Cap Core Funds Average

The Lipper Small-Cap Core Funds Average (Lipper Average) represents returns based on the average return of all funds in the Lipper Small-Cap Core Funds category for the periods noted. Funds in the Lipper Small-Cap Core Funds category invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Small-cap core funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P SmallCap 600 Index. Lipper Average Closest Month-End to Inception cumulative total returns are 65.63% for Class Q; 142.02% for Class R; and 63.47% for Class X. Lipper Average Closest Month-End to Inception average annual total returns are 16.27% for Class Q; 9.24% for Class R; and 7.09% for Class X.

 

Investors cannot invest directly in an index or average. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes.

 

Five Largest Holdings expressed as a percentage of net assets as of 3/31/14

   

First Republic Bank, Banks

      2.1 % 

Protective Life Corp., Insurance

      1.8   

Power Integrations, Inc., Semiconductors & Semiconductor Equipment

      1.8   

White Mountains Insurance Group Ltd., Insurance

      1.8   

Vantiv, Inc., IT Services

      1.7   

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

 

Five Largest Industries expressed as a percentage of net assets as of 3/31/14

   

Banks

      10.7 % 

Oil, Gas & Consumable Fuels

      7.4   

Health Care Providers & Services

      7.3   

Insurance

      6.3   

Real Estate Investment Trusts (REITs)

      5.8   

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

 

4   Visit our website at www.prudentialfunds.com

Fees and Expenses (Unaudited)

 

 

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

 

The example is based on an investment of $1,000 invested on October 1, 2013, at the beginning of the period, and held through the six-month period ended March 31, 2014. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

 

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

 

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of

 

Prudential Jennison Small Company Fund, Inc.     5   

Fees and Expenses (continued)

 

Prudential Investments funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

 

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

 

Prudential
Jennison  Small
Company Fund, Inc.		   Beginning Account
Value
October 1, 2013		     Ending Account
Value
March 31, 2014		     Annualized
Expense Ratio
Based on the
Six-Month Period		     Expenses Paid
During  the
Six-Month Period*		  
         
Class A   Actual   $ 1,000.00      $ 1,100.80        1.13 %    $ 5.92   
    Hypothetical   $ 1,000.00      $ 1,019.30        1.13 %    $ 5.69   
         
Class B   Actual   $ 1,000.00      $ 1,098.60        1.84 %    $ 9.63   
    Hypothetical   $ 1,000.00      $ 1,015.76        1.84 %    $ 9.25   
         
Class C   Actual   $ 1,000.00      $ 1,096.60        1.83 %    $ 9.57   
    Hypothetical   $ 1,000.00      $ 1,015.81        1.83 %    $ 9.20   
         
Class Q   Actual   $ 1,000.00      $ 1,103.40        0.69 %    $ 3.62   
    Hypothetical   $ 1,000.00      $ 1,021.49        0.69 %    $ 3.48   
         
Class R   Actual   $ 1,000.00      $ 1,100.00        1.33 %    $ 6.96   
    Hypothetical   $ 1,000.00      $ 1,018.30        1.33 %    $ 6.69   
         
Class X   Actual   $ 1,000.00      $ 1,130.80        1.86 %    $ 9.88   
    Hypothetical   $ 1,000.00      $ 1,015.66        1.86 %    $ 9.35   
         
Class Z   Actual   $ 1,000.00      $ 1,102.20        0.83 %    $ 4.35   
    Hypothetical   $ 1,000.00      $ 1,020.79        0.83 %    $ 4.18   

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 182 days in the six-month period ended March 31, 2014, and divided by the 365 days in the Fund’s fiscal year ending September 30, 2014 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

 

6   Visit our website at www.prudentialfunds.com

The Fund’s annual expense ratios for the period ended March 31, 2014, are as follows:

 

Class    Gross Operating Expenses     Net Operating Expenses  

A

      1.13 %      1.13 % 

B

      1.84        1.84   

C

      1.83        1.83   

Q

      0.69        0.69   

R

      1.58        1.33   

X

      1.86        1.86   

Z

      0.83        0.83   

 

Net operating expenses shown above reflect any fee waivers and/or expense reimbursements. Additional information on Fund expenses and any fee waivers and/or expense reimbursements can be found in the “Financial Highlights” tables in this report and in the Notes to the Financial Statements in this report.

 

Prudential Jennison Small Company Fund, Inc.     7   

Portfolio of Investments

 

as of March 31, 2014 (Unaudited)

 

Shares      Description    Value (Note 1)  

LONG-TERM INVESTMENTS    97.9%

  

COMMON STOCKS

  

Aerospace & Defense    1.0%

  

528,130     

Curtiss-Wright Corp.

    $ 33,557,380   

Airlines    1.6%

  

891,782     

Spirit Airlines, Inc.*

      52,971,851   

Auto Components    0.6%

         
306,881     

Dorman Products, Inc.*(a)

      18,124,392   

Banks    10.7%

         
593,577     

Bank of the Ozarks, Inc.

      40,398,851   
1,276,202     

BankUnited, Inc.

      44,373,544   
260,639     

BOK Financial Corp.

      17,997,123   
588,293     

Columbia Banking System, Inc.

      16,778,116   
1,510,192     

East West Bancorp, Inc.

      55,122,008   
1,285,697     

First Republic Bank

      69,414,781   
705,633     

Pinnacle Financial Partners, Inc.

      26,454,181   
611,747     

Prosperity Bancshares, Inc.

      40,467,064   
259,061     

Signature Bank*

      32,535,471   
207,640     

Wintrust Financial Corp.

      10,103,762   
       

 

 

  
          353,644,901   

Biotechnology    1.2%

         
693,541     

ACADIA Pharmaceuticals, Inc.*(a)

      16,873,852   
105,557     

Flexion Therapeutics, Inc.*

      1,736,413   
564,257     

KYTHERA Biopharmaceuticals, Inc.*(a)

      22,434,858   
       

 

 

  
          41,045,123   

Capital Markets    3.6%

         
360,911     

Artisan Partners Asset Management, Inc. (Class A Stock)

      23,188,532   
531,440     

Eaton Vance Corp.

      20,279,750   
392,228     

Evercore Partners, Inc. (Class A Stock)

      21,670,597   
732,098     

Waddell & Reed Financial, Inc. (Class A Stock)

      53,897,055   
       

 

 

  
          119,035,934   

Commercial Services & Supplies    1.9%

         
820,250     

Mobile Mini, Inc.

      35,566,040   
1,082,235     

West Corp.

      25,897,884   
       

 

 

  
          61,463,924   

 

See Notes to Financial Statements.

 

Prudential Jennison Small Company Fund, Inc.     9   

 

Portfolio of Investments

 

as of March 31, 2014 (Unaudited) continued

 

Shares      Description    Value (Note 1)  

COMMON STOCKS (Continued)

   

Construction & Engineering    0.9%

         
3,166,738     

Great Lakes Dredge & Dock Corp.*

    $ 28,912,318   

Diversified Consumer Services    0.5%

         
812,899     

Houghton Mifflin Harcourt Co.*(a)

      16,526,237   

Diversified Telecommunication Services    1.7%

         
613,491     

Cogent Communications Group, Inc.

      21,797,335   
4,233,724     

Frontier Communications Corp.(a)

      24,132,227   
719,597     

Lumos Networks Corp.

      9,621,012   
       

 

 

  
          55,550,574   

Electric Utilities    0.9%

         
781,550     

ITC Holdings Corp.

      29,190,892   

Electrical Equipment    0.3%

         
326,203     

Polypore International, Inc.*(a)

      11,159,405   

Electronic Equipment, Instruments & Components    1.2%

         
218,669     

Anixter International, Inc.

      22,199,277   
157,657     

FEI Co.

      16,241,824   
       

 

 

  
          38,441,101   

Energy Equipment & Services    1.7%

         
375,099     

Dril-Quip, Inc.*

      42,048,598   
402,504     

Superior Energy Services, Inc.

      12,381,023   
       

 

 

  
          54,429,621   

Food & Staples Retailing    1.3%

         
391,267     

Fresh Market, Inc. (The)*(a)

      13,146,571   
274,595     

Susser Holdings Corp.*(a)

      17,153,950   
178,905     

United Natural Foods, Inc.*

      12,687,942   
       

 

 

  
          42,988,463   

Food Products    2.5%

         
2,450,342     

Adecoagro SA (Argentina)*

      19,994,791   
1,350,618     

Darling International, Inc.*

      27,039,372   
377,884     

Hain Celestial Group, Inc. (The)*(a)

      34,565,050   
       

 

 

  
          81,599,213   

 

See Notes to Financial Statements.

 

10  

Shares      Description    Value (Note 1)  

COMMON STOCKS (Continued)

   

Health Care Equipment & Supplies    0.4%

         
335,799     

Tandem Diabetes Care, Inc.*(a)

    $ 7,417,800   
1,038,434     

TearLab Corp.*(a)

      7,019,814   
       

 

 

  
          14,437,614   

Health Care Providers & Services    7.3%

         
755,051     

Air Methods Corp.*(a)

      40,342,375   
792,722     

Centene Corp.*

      49,346,945   
595,097     

Envision Healthcare Holdings, Inc.*

      20,132,132   
1,039,200     

Healthways, Inc.*

      17,811,888   
619,845     

Molina Healthcare, Inc.*(a)

      23,281,378   
182,974     

MWI Veterinary Supply, Inc.*

      28,474,414   
531,432     

Premier, Inc. (Class A Stock)*

      17,510,684   
449,412     

Team Health Holdings, Inc.*

      20,111,187   
285,620     

Universal Health Services, Inc. (Class B Stock)

      23,440,833   
       

 

 

  
          240,451,836   

Health Care Technology

         
38,723     

Castlight Health, Inc. (Class B Stock)*(a)

      821,702   

Hotels, Restaurants & Leisure    2.9%

         
627,130     

Cheesecake Factory, Inc. (The)

      29,870,202   
846,565     

Del Frisco’s Restaurant Group, Inc.*

      23,619,163   
216,791     

Extended Stay America, Inc.

      4,936,331   
515,308     

Vail Resorts, Inc.

      35,916,968   
       

 

 

  
          94,342,664   

Insurance    6.3%

         
1,144,060     

Protective Life Corp.

      60,166,115   
2,302,895     

Symetra Financial Corp.

      45,643,379   
1,094,658     

W.R. Berkley Corp.

      45,559,666   
96,465     

White Mountains Insurance Group Ltd. (Bermuda)

      57,869,354   
       

 

 

  
          209,238,514   

Internet & Catalog Retail    0.2%

         
34,048     

Coupons.com, Inc.*

      839,283   
963,655     

Vitacost.com, Inc.*

      6,832,314   
       

 

 

  
          7,671,597   

Internet Software & Services    1.7%

         
1,292,392     

Bankrate, Inc.*(a)

      21,893,120   

 

See Notes to Financial Statements.

 

Prudential Jennison Small Company Fund, Inc.     11   

 

Portfolio of Investments

 

as of March 31, 2014 (Unaudited) continued

 

Shares      Description    Value (Note 1)  

COMMON STOCKS (Continued)

   

Internet Software & Services (cont’d.)

         
731,978     

Cornerstone OnDemand, Inc.*

    $ 35,039,787   
       

 

 

  
          56,932,907   

IT Services    3.7%

         
197,966     

Gartner, Inc.*

      13,746,759   
576,843     

Global Payments, Inc.

      41,019,306   
571,048     

InterXion Holding NV (Netherlands)*

      13,693,731   
1,826,429     

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

      55,194,684   
       

 

 

  
          123,654,480   

Life Sciences Tools & Services    2.1%

         
1,027,671     

Bruker Corp.*

      23,420,622   
847,070     

Fluidigm Corp.*

      37,330,375   
204,291     

ICON PLC (Ireland)*

      9,714,037   
       

 

 

  
          70,465,034   

Machinery    5.3%

         
371,632     

CIRCOR International, Inc.

      27,251,774   
590,761     

Crane Co.

      42,032,645   
356,039     

IDEX Corp.

      25,951,683   
82,263     

NN, Inc.

      1,620,581   
122,152     

RBC Bearings, Inc.*

      7,781,082   
788,906     

Rexnord Corp.*

      22,862,496   
469,929     

Terex Corp.(a)

      20,817,855   
258,591     

WABCO Holdings, Inc.*

      27,296,866   
       

 

 

  
          175,614,982   

Media    1.5%

         
1,081,809     

Cinemark Holdings, Inc.

      31,383,279   
607,735     

Imax Corp. (Canada)*

      16,609,398   
       

 

 

  
          47,992,677   

Metals & Mining    2.1%

         
718,582     

Constellium NV (Netherlands) (Class A Stock)*

      21,090,382   
3,230,883     

McEwen Mining, Inc.*(a)

      7,657,193   
575,460     

Reliance Steel & Aluminum Co.

      40,662,003   
       

 

 

  
          69,409,578   

 

See Notes to Financial Statements.

 

12  

Shares      Description    Value (Note 1)  

COMMON STOCKS (Continued)

   

Oil, Gas & Consumable Fuels    7.4%

         
503,999     

Cheniere Energy Partners LP Holdings LLC

    $ 10,881,338   
350,205     

Laredo Petroleum, Inc.*

      9,056,301   
394,281     

PDC Energy, Inc.*

      24,547,935   
1,064,015     

Rosetta Resources, Inc.*

      49,561,819   
734,272     

SemGroup Corp. (Class A Stock)

      48,226,985   
413,591     

Targa Resources Corp.

      41,053,043   
676,901     

Western Refining, Inc.

      26,128,379   
493,759     

Whiting Petroleum Corp.*

      34,261,937   
       

 

 

  
          243,717,737   

Personal Products    0.5%

         
306,642     

Herbalife Ltd.(a)

      17,561,387   

Pharmaceuticals    2.1%

         
690,849     

Aratana Therapeutics, Inc.*

      12,822,157   
756,939     

Pacira Pharmaceuticals, Inc.*(a)

      52,978,161   
81,792     

Revance Therapeutics, Inc.*

      2,576,448   
       

 

 

  
          68,376,766   

Professional Services    1.2%

         
274,402     

Corporate Executive Board Co. (The)

      20,368,861   
4,768     

Huron Consulting Group, Inc.*

      302,196   
651,433     

Korn/Ferry International*

      19,393,160   
       

 

 

  
          40,064,217   

Real Estate Investment Trusts (REITs)    5.8%

         
1,366,111     

Capstead Mortgage Corp.

      17,294,965   
5,793,702     

Chimera Investment Corp.

      17,728,728   
1,131,628     

Colony Financial, Inc.

      24,839,235   
31,749     

Douglas Emmett, Inc.

      861,668   
3,972,750     

Hersha Hospitality Trust

      23,161,133   
6,310,755     

MFA Financial, Inc.

      48,908,351   
629,359     

Pebblebrook Hotel Trust

      21,253,453   
593,908     

Starwood Property Trust, Inc.

      14,010,290   
2,383,666     

Summit Hotel Properties, Inc.

      22,120,420   
       

 

 

  
          190,178,243   

Road & Rail    1.2%

         
110,923     

Genesee & Wyoming, Inc. (Class A Stock)*

      10,795,026   
775,126     

Heartland Express, Inc.

      17,587,609   

 

See Notes to Financial Statements.

 

Prudential Jennison Small Company Fund, Inc.     13   

 

Portfolio of Investments

 

as of March 31, 2014 (Unaudited) continued

 

Shares      Description    Value (Note 1)  

COMMON STOCKS (Continued)

   

Road & Rail (cont’d.)

         
477,374     

Roadrunner Transportation Systems, Inc.*

    $ 12,048,920   
       

 

 

  
          40,431,555   

Semiconductors & Semiconductor Equipment    4.6%

         
1,188,677     

Cavium, Inc.*(a)

      51,980,845   
261,550     

Hittite Microwave Corp.

      16,488,112   
882,949     

Power Integrations, Inc.

      58,080,385   
983,670     

Semtech Corp.*

      24,926,198   
       

 

 

  
          151,475,540   

Software    3.2%

         
594,813     

BroadSoft, Inc.*

      15,899,351   
235,976     

CommVault Systems, Inc.*(a)

      15,326,641   
845,873     

Fortinet, Inc.*

      18,634,582   
688,991     

QLIK Technologies, Inc.*

      18,320,271   
897,085     

SolarWinds, Inc.*(a)

      38,242,734   
       

 

 

  
          106,423,579   

Specialty Retail    5.0%

         
1,431,755     

Chico’s FAS, Inc.

      22,951,033   
929,373     

DSW, Inc. (Class A Stock)

      33,327,316   
736,853     

Express, Inc.*

      11,701,225   
1,018,152     

Mattress Firm Holding Corp.*(a)

      48,698,210   
1,171,742     

Pier 1 Imports, Inc.

      22,122,489   
160,669     

Restoration Hardware Holdings, Inc.*

      11,823,632   
431,272     

Urban Outfitters, Inc.*

      15,728,490   
       

 

 

  
          166,352,395   

Textiles, Apparel & Luxury Goods    0.9%

         
387,067     

Deckers Outdoor Corp.*(a)

      30,860,852   

Wireless Telecommunication Services    0.9%

         
328,793     

SBA Communications Corp. (Class A Stock)*(a)

      29,907,011   
       

 

 

  
    

TOTAL LONG-TERM INVESTMENTS
(cost $2,230,340,879)

      3,235,024,196   
       

 

 

  

 

See Notes to Financial Statements.

 

14  

Shares      Description    Value (Note 1)  

SHORT-TERM INVESTMENT    12.7%

   

AFFILIATED MONEY MARKET MUTUAL FUND

         
418,694,009     

Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund
(cost $418,694,009; includes $342,225,918 of cash collateral for securities on loan) (Note 3)(b)(c)

    $ 418,694,009   
       

 

 

  
    

TOTAL INVESTMENTS    110.6%
(cost $2,649,034,888; Note 5)

      3,653,718,205   
    

Liabilities in excess of other assets    (10.6)%

      (351,478,456 ) 
       

 

 

  
    

NET ASSETS    100.0%

    $ 3,302,239,749   
       

 

 

  

 

* 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 $342,926,141; cash collateral of $342,225,918 (included with liabilities) was received with which the Fund purchased highly liquid short-term investments. Cash collateral is less than 102% of the market value of securities loaned due to significant market increases on last business day of the reporting period. Collateral was subsequently received on the following business day and the Fund remained in compliance.
(b) Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(c) Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund.

 

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—quoted prices generally in active markets for identical securities.

 

Level 2—other significant observable inputs including, but not limited to, quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates, and amortized cost.

 

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

 

The following is a summary of the inputs used as of March 31, 2014 in valuing such portfolio securities:

 

    Level 1         Level 2             Level 3      

Investments in Securities

      

Common Stocks

      

Aerospace & Defense

   $ 33,557,380      $   —      $   —   

Airlines

     52,971,851        —        —   

 

See Notes to Financial Statements.

 

Prudential Jennison Small Company Fund, Inc.     15   

 

Portfolio of Investments

 

as of March 31, 2014 (Unaudited) continued

 

    Level 1         Level 2             Level 3      

Common Stocks (continued)

      

Auto Components

   $ 18,124,392      $   —      $   —   

Banks

     353,644,901        —        —   

Biotechnology

     41,045,123        —        —   

Capital Markets

     119,035,934        —        —   

Commercial Services & Supplies

     61,463,924        —        —   

Construction & Engineering

     28,912,318        —        —   

Diversified Consumer Services

     16,526,237        —        —   

Diversified Telecommunication Services

     55,550,574        —        —   

Electric Utilities

     29,190,892        —        —   

Electrical Equipment

     11,159,405        —        —   

Electronic Equipment, Instruments & Components

     38,441,101        —        —   

Energy Equipment & Services

     54,429,621        —        —   

Food & Staples Retailing

     42,988,463        —        —   

Food Products

     81,599,213        —        —   

Health Care Equipment & Supplies

     14,437,614        —        —   

Health Care Providers & Services

     240,451,836        —        —   

Health Care Technology

     821,702        —        —   

Hotels, Restaurants & Leisure

     94,342,664        —        —   

Insurance

     209,238,514        —        —   

Internet & Catalog Retail

     7,671,597        —        —   

Internet Software & Services

     56,932,907        —        —   

IT Services

     123,654,480        —        —   

Life Sciences Tools & Services

     70,465,034        —        —   

Machinery

     175,614,982        —        —   

Media

     47,992,677        —        —   

Metals & Mining

     69,409,578        —        —   

Oil, Gas & Consumable Fuels

     243,717,737        —        —   

Personal Products

     17,561,387        —        —   

Pharmaceuticals

     68,376,766        —        —   

Professional Services

     40,064,217        —        —   

Real Estate Investment Trusts (REITs)

     190,178,243        —        —   

Road & Rail

     40,431,555        —        —   

Semiconductors & Semiconductor Equipment

     151,475,540        —        —   

Software

     106,423,579        —        —   

Specialty Retail

     166,352,395        —        —   

Textiles, Apparel & Luxury Goods

     30,860,852        —        —   

Wireless Telecommunication Services

     29,907,011        —        —   

Affiliated Money Market Mutual Fund

     418,694,009        —        —   
 

 

 

    

 

 

    

 

 

  

Total

   $ 3,653,718,205      $ —      $ —   
 

 

 

    

 

 

    

 

 

  

 

See Notes to Financial Statements.

 

16  

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of March 31, 2014 was as follows:

 

Affiliated Money Market Mutual Fund (including 10.4% of collateral received for securities on loan)

     12.7 % 

Banks

     10.7   

Oil, Gas & Consumable Fuels

     7.4   

Health Care Providers & Services

     7.3   

Insurance

     6.3   

Real Estate Investment Trusts (REITs)

     5.8   

Machinery

     5.3   

Specialty Retail

     5.0   

Semiconductors & Semiconductor Equipment

     4.6   

IT Services

     3.7   

Capital Markets

     3.6   

Software

     3.2   

Hotels, Restaurants & Leisure

     2.9   

Food Products

     2.5   

Life Sciences Tools & Services

     2.1   

Metals & Mining

     2.1   

Pharmaceuticals

     2.1   

Commercial Services & Supplies

     1.9   

Internet Software & Services

     1.7   

Diversified Telecommunication Services

     1.7   

Energy Equipment & Services

     1.7   

Airlines

     1.6 % 

Media

     1.5   

Food & Staples Retailing

     1.3   

Biotechnology

     1.2   

Road & Rail

     1.2   

Professional Services

     1.2   

Electronic Equipment, Instruments & Components

     1.2   

Aerospace & Defense

     1.0   

Textiles, Apparel & Luxury Goods

     0.9   

Wireless Telecommunication Services

     0.9   

Electric Utilities

     0.9   

Construction & Engineering

     0.9   

Auto Components

     0.6   

Personal Products

     0.5   

Diversified Consumer Services

     0.5   

Health Care Equipment & Supplies

     0.4   

Electrical Equipment

     0.3   

Internet & Catalog Retail

     0.2   
 

 

 

  
    110.6   

Liabilities in excess of other assets

     (10.6 ) 
 

 

 

  
    100.0 % 
 

 

 

  

 

The Fund invested in financial instruments 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 as well as instruments subject to collateral arrangements. The information about offsetting and related netting arrangements for assets and liabilities is presented in the summary below.

 

Offsetting of financial instrument assets and liabilities:

 

Description

   Gross Amounts
Recognized		     Gross Amounts
not subject to
netting		     Gross Amounts
Offset in the
Statement of
Financial Position		     Net Amounts
Presented in the
Statement of
Financial Position		  

Assets:

        

Securities on loan

   $ 342,926,141      $   —      $   —      $ 342,926,141   

Collateral Amounts Pledged/(Received):

  

    

Securities on loan

  

     (342,926,141 ) 
       

 

 

  

Net Amount

  

   $ —   
       

 

 

  

 

See Notes to Financial Statements.

 

Prudential Jennison Small Company Fund, Inc.     17   

Statement of Assets & Liabilities

 

as of March 31, 2014 (Unaudited)

 

Assets

         

Investments at value, including securities on loan of $342,926,141:

   

Unaffiliated Investments (cost $2,230,340,879)

    $ 3,235,024,196   

Affiliated Investments (cost $418,694,009)

      418,694,009   

Cash

      89,569   

Receivable for investments sold

      17,244,614   

Receivable for Fund shares sold

      11,163,169   

Dividends receivable

      4,310,961   

Prepaid expenses

      15,405   
  

 

 

  

Total assets

      3,686,541,923   
  

 

 

  

Liabilities

         

Payable to broker for collateral for securities on loan (Note 3)

      342,225,918   

Payable for investments purchased

      23,424,731   

Payable for Fund shares reacquired

      15,531,172   

Management fee payable

      1,872,212   

Accrued expenses

      713,996   

Distribution fee payable

      422,824   

Affiliated transfer agent fee payable

      110,175   

Deferred directors’ fees

      1,146   
  

 

 

  

Total liabilities

      384,302,174   
  

 

 

  

Net Assets

    $ 3,302,239,749   
  

 

 

  
          

Net assets were comprised of:

   

Common stock, at par

    $ 1,168,120   

Paid-in capital in excess of par

      2,101,567,914   
  

 

 

  
     2,102,736,034   

Undistributed net investment income

      10,961,806   

Accumulated net realized gain on investment transactions

      183,858,592   

Net unrealized appreciation on investments

      1,004,683,317   
  

 

 

  

Net assets, March 31, 2014

    $ 3,302,239,749   
  

 

 

  

 

See Notes to Financial Statements.

 

18  

 

Class A

         

Net asset value and redemption price per share
($1,074,313,129 ÷ 38,412,713 shares of common stock issued and outstanding)

    $ 27.97   

Maximum sales charge (5.50% of offering price)

      1.63   
  

 

 

  

Maximum offering price to public

    $ 29.60   
  

 

 

  

Class B

         

Net asset value, offering price and redemption price per share

   

($16,585,218 ÷ 832,163 shares of common stock issued and outstanding)

    $ 19.93   
  

 

 

  

Class C

         

Net asset value, offering price and redemption price per share

   

($126,662,834 ÷ 6,300,033 shares of common stock issued and outstanding)

    $ 20.11   
  

 

 

  

Class Q

         

Net asset value, offering price and redemption price per share

   

($452,305,975 ÷ 15,584,846 shares of common stock issued and outstanding)

    $ 29.02   
  

 

 

  

Class R

         

Net asset value, offering price and redemption price per share

   

($57,382,742 ÷ 2,083,388 shares of common stock issued and outstanding)

    $ 27.54   
  

 

 

  

Class X

         

Net asset value, offering price and redemption price per share

   

($3,387 ÷ 164.2 shares of common stock issued and outstanding)

    $ 20.63   
  

 

 

  

Class Z

         

Net asset value, offering price and redemption price per share

   

($1,574,986,464 ÷ 53,598,730 shares of common stock issued and outstanding)

    $ 29.38   
  

 

 

  

 

See Notes to Financial Statements.

 

Prudential Jennison Small Company Fund, Inc.     19   

 

Statement of Operations

 

Six Months Ended March 31, 2014 (Unaudited)

 

Net Investment Income

         

Income

   

Unaffiliated dividend income

    $ 26,035,826   

Affiliated income from securities loaned, net

      1,065,342   

Affiliated dividend income

      39,390   
  

 

 

  

Total income

      27,140,558   
  

 

 

  

Expenses

   

Management fee

      10,815,540   

Distribution fee—Class A

      1,631,631   

Distribution fee—Class B

      90,891   

Distribution fee—Class C

      614,608   

Distribution fee—Class R

      219,607   

Distribution fee—Class X

      314   

Transfer agent’s fees and expenses (including affiliated expense of $288,900)

      2,019,000   

Custodian’s fees and expenses

      176,000   

Shareholders’ reports

      83,000   

Registration fees

      57,000   

Directors’ fees

      35,000   

Insurance expenses

      23,000   

Legal fees and expenses

      21,000   

Audit fee

      11,000   

Loan interest expense

      1,102   

Miscellaneous

      13,786   
  

 

 

  

Total expenses

      15,812,479   

Less: Distribution fee waiver—Class R

      (73,202 ) 
  

 

 

  

Net expenses

      15,739,277   
  

 

 

  

Net investment income

      11,401,281   
  

 

 

  

Realized And Unrealized Gain On Investments

         

Net realized gain on investment transactions

      225,860,131   

Net change in unrealized appreciation (depreciation) on investments

      78,941,706   
  

 

 

  

Net gain on investment transactions

      304,801,837   
  

 

 

  

Net Increase In Net Assets Resulting From Operations

    $ 316,203,118   
  

 

 

  

 

See Notes to Financial Statements.

 

20  

 

Statement of Changes in Net Assets

 

(Unaudited)

 

     Six Months
Ended
March 31, 2014		      Year
Ended
September 30, 2013		  

Increase (Decrease) In Net Assets

                  

Operations

      

Net investment income

    $ 11,401,281       $ 18,248,023   

Net realized gain on investment transactions

      225,860,131         327,964,726   

Net change in unrealized appreciation (depreciation) on investments

      78,941,706         393,297,369   
  

 

 

     

 

 

  

Net increase in net assets resulting from operations

      316,203,118         739,510,118   
  

 

 

     

 

 

  

Dividends and Distributions (Note 1)

      

Dividends from net investment income

      

Class A

      (3,309,733 )       (4,475,638 ) 

Class B

      —         (23,735 ) 

Class C

      —         (117,652 ) 

Class Q

      (2,814,328 )       (2,112,881 ) 

Class R

      (78,847 )       (141,732 ) 

Class X

      —         (408 ) 

Class Z

      (8,318,702 )       (9,179,274 ) 
  

 

 

     

 

 

  
     (14,521,610 )       (16,051,320 ) 
  

 

 

     

 

 

  

Distributions from net realized gains

      

Class A

      (96,924,119 )       —   

Class B

      (2,098,371 )       —   

Class C

      (14,613,834 )       —   

Class Q

      (35,418,382 )       —   

Class R

      (5,379,089 )       —   

Class X

      (7,737 )       —   

Class Z

      (129,777,918 )       —   
  

 

 

     

 

 

  
     (284,219,450 )       —   
  

 

 

     

 

 

  

Fund share transactions (Net of share conversions) (Note 6)

      

Net proceeds from shares sold

      506,312,924         695,055,367   

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

      268,160,296         14,529,344   

Cost of shares reacquired

      (692,845,994 )       (981,906,936 ) 
  

 

 

     

 

 

  

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

      81,627,226         (272,322,225 ) 
  

 

 

     

 

 

  

Total increase

      99,089,284         451,136,573   

Net Assets:

                  

Beginning of period

      3,203,150,465         2,752,013,892   
  

 

 

     

 

 

  

End of period(a)

    $ 3,302,239,749       $ 3,203,150,465   
  

 

 

     

 

 

  

(a) Includes undistributed net investment income of:

    $ 10,961,806       $ 14,082,135   
  

 

 

     

 

 

  

 

See Notes to Financial Statements.

 

Prudential Jennison Small Company Fund, Inc.     21   

 

Notes to Financial Statements

 

(Unaudited)

 

Prudential Jennison Small Company Fund, Inc. (the “Fund”) is a diversified open-end management investment company, registered under the Investment Company Act of 1940, as amended, (“1940 Act”). The investment objective of the Fund is to achieve capital growth.

 

Note 1. Accounting Policies

 

The following accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

 

Securities Valuation: The Fund holds securities and other assets that are fair valued at the close of each day the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Board of Directors (the “Board”) has adopted Valuation Procedures for security valuation under which fair valuation responsibilities have been delegated to Prudential Investments LLC (“PI” or “Manager”). Under the current Valuation Procedures, the established Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets. The Valuation Procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly-scheduled quarterly meeting.

 

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 table following the Portfolio of Investments.

 

Common stocks, exchange-traded funds, and derivative instruments 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. 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 except for exchange-traded and cleared swaps which are classified as Level 2 in the fair value hierarchy, as the prices are not public.

 

22  

In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and asked prices, or at the last bid price in the absence of an asked price. These securities are classified as Level 2 in the fair value hierarchy, as the inputs are observable and considered to be significant to the valuation.

 

Common stocks traded on foreign securities exchanges are 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, as the adjustment factors are observable and considered to be significant to the valuation.

 

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

 

Fixed income securities traded in the over-the-counter market are generally valued at prices provided by approved independent pricing vendors. The pricing vendors provide these prices after evaluating observable inputs including, but not limited to yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations, and reported trades. Securities valued using such vendor prices are classified as Level 2 in the fair value hierarchy.

 

Over-the-counter derivative instruments are generally valued using pricing vendor services, which derive the valuation based on inputs such as underlying asset prices, indices, spreads, interest rates, and exchange rates. These instruments are categorized as Level 2 in the fair value hierarchy.

 

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that significant unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.

 

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or

 

Prudential Jennison Small Company Fund, Inc.     23   

 

Notes to Financial Statements

 

(Unaudited) continued

 

bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment adviser 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 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 current rates of exchange.

 

(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 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, these realized foreign currency gains or losses are included in the reported net realized gains or losses on investment transactions.

 

Net realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from sales and maturities of short-term securities and forward currency contracts, disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest 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 or losses from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on foreign currencies.

 

24  

Master Netting Arrangements: The Fund is subject to various Master Agreements, or netting arrangements, with select counterparties. 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. The right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. During the reporting period, there were no instances where the right of set-off existed and management has not elected to offset.

 

Securities Lending: The Fund may lend 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 a highly liquid short-term 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. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities, and any interest on the investment of cash received as collateral. The Fund also continues to receive interest and dividends or amounts equivalent thereto, on the securities loaned and recognizes any unrealized gain or loss in the market price of the securities loaned that may occur during the term of the loan.

 

REITs: The Fund invests in real estate investment trusts (“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. These estimates are adjusted periodically when the actual sources of distributions is disclosed by the REITs.

 

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains or losses from investment and currency transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on an accrual basis.

 

Prudential Jennison Small Company Fund, Inc.     25   

 

Notes to Financial Statements

 

(Unaudited) continued

 

Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual.

 

Net investment income or loss (other than distribution fees, which are charged directly to the respective class and transfer agency fees specific to Class Q shares which are charged to that share class) and unrealized and realized gains or losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day.

 

Dividends and Distributions: The Fund expects to pay dividends from net investment income and distributions from net realized capital gains, if any, at least annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. Permanent book/tax differences relating to income and gains are reclassified amongst undistributed net investment income, accumulated net realized gain or loss and paid-in capital in excess of par, as appropriate.

 

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

 

Estimates: The preparation of the 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.

 

Note 2. Agreements

 

The Fund has a management agreement with PI. Pursuant to this agreement, PI has responsibility for all investment advisory services and supervises the subadvisor’s performance of such services. PI has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison furnishes investment advisory services in connection with the management of the Fund. In connection therewith, Jennison is obligated to keep certain books and records of the Fund. PI pays for the services of Jennison, the compensation of officers

 

26  

and employees of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

 

The management fee paid to PI is accrued daily and payable monthly, at an annual rate of .70% of the average daily net assets of the Fund up to $1 billion and .65% of the average daily net assets of the Fund in excess of $1 billion. The effective management fee rate was .67% of the average daily net assets of the Fund for the six months ended March 31, 2014.

 

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C, Class Q, Class R and Class Z shares of the Fund. In addition, the Fund has a distribution agreement with Prudential Annuities Distributors, Inc. (“PAD”), which, together with PIMS, serves as co-distributor of the Class X shares of the Fund. The Fund compensates PIMS and PAD, as applicable, for distributing and servicing the Fund’s Class A, Class B, Class C, Class R and Class X shares, pursuant to plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS or PAD. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Q and Class Z shares of the Fund.

 

Pursuant to the Distribution Plans, the Fund compensates PIMS and PAD, as applicable for distribution-related activities at an annual rate of up to .30%, 1%, 1%, .75% and 1% of the average daily net assets of the Class A, B, C, R and X shares, respectively. For the six months ended March 31, 2014, PIMS contractually agreed to limit such fees to .50% of the average daily net assets of Class R shares.

 

PIMS has advised the Fund that it received $190,351 in front-end sales charges resulting from sales of Class A shares, during the six months ended March 31, 2014. From these fees, PIMS paid such sales charges to affiliated broker/dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

 

PIMS has advised the Fund that for the six months ended March 31, 2014, it received $1,134, $7,113 and $3,750 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively.

 

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

 

Prudential Jennison Small Company Fund, Inc.     27   

 

Notes to Financial Statements

 

(Unaudited) continued

 

 

Note 3. Other Transactions with Affiliates

 

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

 

The Fund invests in the Prudential Core Taxable Money Market Fund (the “Core Fund”), a portfolio of the Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PI. Earnings from the Core Fund are disclosed on the Statement of Operations as affiliated dividend income.

 

Prudential Investment Management, Inc. (“PIM”), an indirect, wholly-owned subsidiary of Prudential, is the Fund’s security lending agent. For the six months ended March 31, 2014, PIM has been compensated approximately $318,200 for these services.

 

Note 4. Portfolio Securities

 

Purchases and sales of portfolio securities, other than short-term investments, for the six months ended March 31, 2014 were $673,153,449 and $865,281,315 respectively.

 

Note 5. Tax Information

 

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of March 31, 2014 were as follows:

 

Tax Basis

    $ 2,664,538,952   
  

 

 

  

Appreciation

      1,040,820,000   

Depreciation

      (51,640,747 ) 
  

 

 

  

Net Unrealized Appreciation

    $ 989,179,253   
  

 

 

  

 

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

 

Management has analyzed the Fund’s tax positions taken on federal 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. The

 

28  

Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

 

Note 6. Capital

 

The Fund offers Class A, Class B, Class C, Class Q, Class R, Class X and Class Z shares. Class A shares are sold with a front-end sales charge of up to 5.50%. All investors who purchase Class A shares in an amount of $1 million or more and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%. The Class A CDSC is waived for purchases by certain retirement or benefit plans. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a quarterly basis, approximately seven years after purchase. 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 shares redeemed within the first 12 months of purchase. Class X shares are sold with a CDSC that declines from 6% to zero depending on the period of time the shares are held. Class X shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. As of April 11, 2014, the last conversion of Class X shares to Class A shares was completed. There are no Class X shares outstanding and Class X shares are no longer being offered for sale. Class Q, Class R and Class Z shares are not subject to any sales or redemption charges and are offered exclusively for sale to a limited group of investors.

 

Under certain limited 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.

 

There are 1.25 billion shares of common stock authorized, $.01 par value per share, divided into eight classes, designated Class A, Class B, Class C, Class M, Class Q, Class R, Class X and Class Z shares, each of which consists of 300 million, 75 million, 100 million, 25 million, 225 million, 225 million, 25 million and 275 million authorized shares, respectively.

 

Prudential Jennison Small Company Fund, Inc.     29   

 

Notes to Financial Statements

 

(Unaudited) continued

 

 

Transactions in shares of common stock were as follows:

 

Class A

      Shares      Amount  

Six months ended March 31, 2014:

        

Shares sold

        3,631,980       $ 100,957,749   

Shares issued in reinvestment of dividends and distributions

        3,375,950         89,530,194   

Shares reacquired

        (7,793,856 )       (216,915,673 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding before conversion

        (785,926 )       (26,427,730 ) 

Shares issued upon conversion from Class B, Class X and Class Z

        141,930         3,998,978   

Shares reacquired upon conversion into Class Q and Class Z

        (640,424 )       (18,308,015 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding

        (1,284,420 )     $ (40,736,767 ) 
    

 

 

     

 

 

  

Year ended September 30, 2013:

        

Shares sold

        7,901,396       $ 192,681,620   

Shares issued in reinvestment of dividends and distributions

        187,499         4,010,606   

Shares reacquired

        (13,065,908 )       (317,967,408 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding before conversion

        (4,977,013 )       (121,275,182 ) 

Shares issued upon conversion from Class B, Class C, Class X and Class Z

        231,837         5,843,694   

Shares reacquired upon conversion into Class Z

        (914,501 )       (21,996,313 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding

        (5,659,677 )     $ (137,427,801 ) 
    

 

 

     

 

 

  

Class B

                

Six months ended March 31, 2014:

        

Shares sold

        66,949       $ 1,342,418   

Shares issued in reinvestment of dividends and distributions

        100,479         1,901,056   

Shares reacquired

        (45,051 )       (908,086 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding before conversion

        122,377         2,335,388   

Shares reacquired upon conversion into Class A

        (175,949 )       (3,587,235 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding

        (53,572 )     $ (1,251,847 ) 
    

 

 

     

 

 

  

Year ended September 30, 2013:

        

Shares sold

        142,413       $ 2,608,380   

Shares issued in reinvestment of dividends and distributions

        1,293         20,510   

Shares reacquired

        (158,805 )       (2,826,327 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding before conversion

        (15,099 )       (197,437 ) 

Shares reacquired upon conversion into Class A

        (275,066 )       (5,145,465 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding

        (290,165 )     $ (5,342,902 ) 
    

 

 

     

 

 

  

 

30  

Class C

      Shares      Amount  

Six months ended March 31, 2014:

        

Shares sold

        543,791       $ 10,925,287   

Shares issued in reinvestment of dividends and distributions

        613,012         11,708,522   

Shares reacquired

        (548,074 )       (11,071,615 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding before conversion

        608,729         11,562,194   

Shares reacquired upon conversion into Class Z

        (53,020 )       (1,104,322 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding

        555,709       $ 10,457,872   
    

 

 

     

 

 

  

Year ended September 30, 2013:

        

Shares sold

        1,222,999       $ 21,839,967   

Shares issued in reinvestment of dividends and distributions

        5,725         91,658   

Shares reacquired

        (1,098,837 )       (19,861,457 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding before conversion

        129,887         2,070,168   

Shares reacquired upon conversion into Class A and Class Z

        (88,982 )       (1,620,137 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding

        40,905       $ 450,031   
    

 

 

     

 

 

  

Class Q

                

Six months ended March 31, 2014:

        

Shares sold

        4,976,342       $ 147,627,019   

Shares issued in reinvestment of dividends and distributions

        1,306,844         35,912,081   

Shares reacquired

        (1,358,396 )       (39,221,578 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding before conversion

        4,924,790         144,317,522   

Shares issued upon conversion from Class A and Class Z

        586,414         17,376,771   

Shares reacquired upon conversion into Class Z

        (56,093 )       (1,660,345 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding

        5,455,111       $ 160,033,948   
    

 

 

     

 

 

  

Year ended September 30, 2013:

        

Shares sold

        2,949,561       $ 74,990,164   

Shares issued in reinvestment of dividends and distributions

        89,337         1,973,455   

Shares reacquired

        (3,614,026 )       (92,034,867 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding before conversion

        (575,128 )       (15,071,248 ) 

Shares issued upon conversion from Class Z

        70,543         1,674,692   
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding

        (504,585 )     $ (13,396,556 ) 
    

 

 

     

 

 

  

Class R

                

Six months ended March 31, 2014

        

Shares sold

        215,363       $ 5,921,743   

Shares issued in reinvestment of dividends and distributions

        188,728         4,929,580   

Shares reacquired

        (469,446 )       (12,832,003 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding

        (65,355 )     $ (1,980,680 ) 
    

 

 

     

 

 

  

Year ended September 30, 2013:

        

Shares sold

        576,130       $ 13,930,112   

Shares issued in reinvestment of dividends and distributions

        5,982         126,336   

Shares reacquired

        (779,964 )       (18,918,916 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding

        (197,852 )     $ (4,862,468 ) 
    

 

 

     

 

 

  

 

Prudential Jennison Small Company Fund, Inc.     31   

 

Notes to Financial Statements

 

(Unaudited) continued

 

Class X

      Shares      Amount  

Six months ended March 31, 2014:

        

Shares issued in reinvestment of dividends and distributions

        406.2       $ 7,737   

Shares reacquired

        (486.0 )       (10,169 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding before conversion

        (79.8 )       (2,432 ) 

Shares reacquired upon conversion into Class A

        (5,411.0 )       (109,734 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding

        (5,490.8 )     $ (112,166 ) 
    

 

 

     

 

 

  

Year ended September 30, 2013:

        

Shares sold

        109       $ 2,000   

Shares issued in reinvestment of dividends and distributions

        25         405   

Shares reacquired

        (2,036 )       (36,366 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding before conversion

        (1,902 )       (33,961 ) 

Shares reacquired upon conversion into Class A

        (14,910 )       (270,583 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding

        (16,812 )     $ (304,544 ) 
    

 

 

     

 

 

  

Class Z

                

Six months ended March 31, 2014:

        

Shares sold

        8,207,413       $ 239,538,708   

Shares issued in reinvestment of dividends and distributions

        4,461,772         124,171,126   

Shares reacquired

        (13,972,014 )       (411,886,870 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding before conversion

        (1,302,829 )       (48,177,036 ) 

Shares issued upon conversion from Class A, Class Q and Class C

        285,411         8,399,921   

Shares reacquired upon conversion into Class A and Class Q

        (169,412 )       (5,006,019 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding

        (1,186,830 )     $ (44,783,134 ) 
    

 

 

     

 

 

  

Year ended September 30, 2013:

        

Shares sold

        15,229,031       $ 389,003,124   

Shares issued in reinvestment of dividends and distributions

        371,650         8,306,374   

Shares reacquired

        (21,181,842 )       (530,261,595 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding before conversion

        (5,581,161 )       (132,952,097 ) 

Shares issued upon conversion from Class A and Class C

        939,149         23,586,950   

Shares reacquired upon conversion into Class A and Class Q

        (85,279 )       (2,072,838 ) 
    

 

 

     

 

 

  

Net increase (decrease) in shares outstanding

        (4,727,291 )     $ (111,437,985 ) 
    

 

 

     

 

 

  

 

Note 7. In-Kind Redemption

 

During the year ended September 30, 2013, the Fund settled the redemption of certain fund shares by delivery of certain portfolio securities in lieu of cash. The value of such securities was $50,444,599. The Fund realized a gain of $5,448,184 related to the in-kind redemption transactions. Such gain is excluded from calculation of the Fund’s taxable gain for Federal Income Tax purposes.

 

32  

Note 8. Borrowings

 

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period November 5, 2013 through November 4, 2014. The Funds pay an annualized commitment fee of 0.08% on the unused portion of the SCA. Prior to November 5, 2013, the Funds had another SCA with substantially similar terms. Interest on any borrowings under the SCA is paid at contracted market rates. The commitment fee for the unused amount is accrued daily and paid quarterly.

 

The Fund utilized the SCA during the six months ended March 31, 2014. The average daily balance for the 4 days that the Fund has loans outstanding during the period was approximately $6,994,250, borrowed at a weighted average interest rate of 1.42%. At March 31, 2014, the Fund did not have an outstanding loan amount.

 

Prudential Jennison Small Company Fund, Inc.     33   

 

Financial Highlights

 

(Unaudited)

 

Class A Shares  
     Six Months
Ended
March 31,		         Year Ended September 30,  
     2014          2013     2012     2011     2010     2009  
Per Share Operating Performance(a):                                               
Net Asset Value, Beginning Of Period     $27.95            $21.81        $17.39        $17.59        $15.21        $17.87   
Income (loss) from investment operations:                                               
Net investment income     .07            .12        .06        .01        .01        .05   
Net realized and unrealized gain (loss) on investment transactions     2.60            6.12        4.36        (.21 )      2.38        (1.66 ) 
Total from investment operations     2.67            6.24        4.42        (.20 )      2.39        (1.61 ) 
Less Dividends and Distributions:                                                    
Dividends from net investment income     (.09 )          (.10 )      -        -        (.01 )      (.07 ) 
Distributions from net realized gains     (2.56 )          -        -        -        -        (.98 ) 
Total dividends and distributions    
 (2.65
 ) 
         (.10 )      -        -        (.01 )      (1.05 ) 
Capital Contributions(e):     -            -        -        - (d)      - (d)      -   
Net asset value, end of period     $27.97            $27.95        $21.81        $17.39        $17.59        $15.21   
Total Return(b):     10.08%            28.76%        25.42%        (1.14)%        15.75%        (6.16)%   
Ratios/Supplemental Data:                                        
Net assets, end of period (000)     $1,074,313            $1,109,515        $989,346        $865,917        $852,006        $687,776   
Average net assets (000)     $1,090,742            $1,034,609        $1,014,383        $1,026,555        $771,944        $543,722   
Ratios to average net assets(c):                                                    
Expenses after waivers and/or expense reimbursement     1.13% (f)          1.15%        1.17%        1.16%        1.19%        1.23%   
Expenses before waivers and/or expense reimbursement     1.13% (f)          1.15%        1.17%        1.16%        1.19%        1.23%   
Net investment income     .53% (f)          .48%        .29%        .04%        .04%        .39%   
Portfolio turnover rate     21% (g)          50%        47%        44%        49%        55%   

 

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

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

(c) Does not include expenses of the underlying portfolio in which the Fund invests.

(d) Less than $.005 per share.

(e) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended September 30, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

(f) Annualized.

(g) Not annualized.

 

See Notes to Financial Statements.

 

34  

 

Class B Shares  
     Six Months
Ended
March 31,		         Year Ended September 30,  
     2014          2013     2012     2011     2010     2009  
Per Share Operating Performance(a):                                                    
Net Asset Value, Beginning Of Period     $20.60            $16.13        $12.98        $13.22        $11.49        $13.96   
Income (loss) from investment operations:                                                    
Net investment loss     (.02 )          (.03 )      (.07 )      (.10 )      (.08 )      (.03 ) 
Net realized and unrealized gain (loss) on investment transactions     1.91            4.52        3.22        (.14 )      1.81        (1.46 ) 
Total from investment operations     1.89            4.49        3.15        (.24 )      1.73        (1.49 ) 
Less Dividends and Distributions:                                                    
Dividends from net investment income     -            (.02 )      -        -        -        -   
Distributions from net realized gains     (2.56 )          -        -        -        -        (.98 ) 
Total dividends and distributions     (2.56 )          (.02 )      -        -        -        (.98 ) 
Capital Contributions(e):     -            -        -        - (d)      - (d)      -   
Net asset value, end of period     $19.93            $20.60        $16.13        $12.98        $13.22        $11.49   
Total Return(b):     9.86%            27.88%        24.27%        (1.82)%        15.06%        (7.36)%   
             
Ratios/Supplemental Data:                                        
Net assets, end of period (000)     $16,585            $18,250        $18,965        $19,786        $24,523        $24,858   
Average net assets (000)     $18,228            $18,899        $20,997        $26,270        $25,088        $23,894   
Ratios to average net assets(c):                                                    
Expenses after waivers and/or expense reimbursement     1.84% (f)          1.85%        1.87%        1.86%        1.89%        1.93%   
Expenses before waivers and/or expense reimbursement     1.84% (f)          1.85%        1.87%        1.86%        1.89%        1.93%   
Net investment loss     (.19)% (f)          (.19)%        (.42)%        (.66)%        (.66)%        (.28)%   
Portfolio turnover rate     21% (g)          50%        47%        44%        49%        55%   

 

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

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

(c) Does not include expenses of the underlying portfolio in which the Fund invests.

(d) Less than $.005 per share.

(e) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended September 30, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

(f) Annualized.

(g) Not annualized.

 

See Notes to Financial Statements.

 

Prudential Jennison Small Company Fund, Inc.     35   

 

Financial Highlights

 

(Unaudited) continued

 

Class C Shares                                               
     Six Months
Ended
March 31,		         Year Ended September 30,  
     2014          2013     2012     2011     2010     2009  
Per Share Operating Performance(a):                                                    
Net Asset Value, Beginning Of Period     $20.79            $16.29        $13.08        $13.32        $11.59        $14.01   
Income (loss) from investment operations:                                                    
Net investment loss     (.02 )          (.04 )      (.06 )      (.10 )      (.08 )      (.03 ) 
Net realized and unrealized gain (loss) on investment transactions     1.90            4.56        3.27        (.14 )      1.81        (1.41 ) 
Total from investment operations     1.88            4.52        3.21        (.24 )      1.73        (1.44 ) 
Less Dividends and Distributions:                                                    
Dividends from net investment income     -            (.02 )      -        -        -        -   
Distributions from net realized gains     (2.56 )          -        -        -        -        (.98 ) 
Total dividends and distributions     (2.56 )          (.02 )      -        -        -        (.98 ) 
Capital Contributions(e):     -            -        -        - (d)      - (d)      -   
Net asset value, end of period     $20.11            $20.79        $16.29        $13.08        $13.32        $11.59   
Total Return(b):     9.72%            27.79%        24.54%        (1.80)%        14.93%        (6.91)%   
Ratios/Supplemental Data:                                        
Net assets, end of period (000)     $126,663            $119,436        $92,886        $84,750        $88,116        $72,707   
Average net assets (000)     $123,259            $105,977        $94,960        $103,484        $80,999        $59,309   
Ratios to average net assets(c):                                                    
Expenses after waivers and/or expense reimbursement     1.83% (f)          1.85%        1.87%        1.86%        1.89%        1.93%   
Expenses before waivers and/or expense reimbursement     1.83% (f)          1.85%        1.87%        1.86%        1.89%        1.93%   
Net investment loss     (.16)% (f)          (.24)%        (.41)%        (.66)%        (.66)%        (.30)%   
Portfolio turnover rate     21% (g)          50%        47%        44%        49%        55%   

 

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

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

(c) Does not include expenses of the underlying portfolio in which the Fund invests.

(d) Less than $.005 per share.

(e) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended September 30, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

(f) Annualized.

(g) Not annualized.

 

See Notes to Financial Statements.

 

36  

 

Class Q Shares                                      
     Six Months
Ended
March 31,		         Year Ended September 30,         November 29,
2010(a)
through
September 30,		  
     2014          2013     2012          2011  
Per Share Operating Performance(b):                                        
Net Asset Value, Beginning Of Period     $28.95            $22.60        $17.97            $20.00   
Income (loss) from investment operations:                                        
Net investment income     .15            .24        .17            .09   
Net realized and unrealized gain (loss) on investment transactions     2.68            6.31        4.54            (2.13 ) 
Total from investment operations     2.83            6.55        4.71            (2.04 ) 
Less Dividends and Distributions:                                        
Dividends from net investment income     (.20 )          (.20 )      (.08 )          -   
Distributions from net realized gains     (2.56 )          -        -            -   
Total dividends and distributions     (2.76 )          (.20 )      (.08 )          -   
Capital Contributions(e):     -            -        -            .01   
Net asset value, end of period     $29.02            $28.95        $22.60            $17.97   
Total Return(c):     10.34%            29.27%        26.29%            (10.15)%   
Ratios/Supplemental Data:                                
Net assets, end of period (000)     $452,306            $293,225        $240,377            $108,416   
Average net assets (000)     $402,311            $259,446        $189,399            $50,032   
Ratios to average net assets(d):                                        
Expenses after waivers and/or expense reimbursement     .69% (f)          .70%        .70%            .72% (f) 
Expenses before waivers and/or expense reimbursement     .69% (f)          .70%        .70%            .72% (f) 
Net investment income     1.03% (f)          .94%        .78%            .47% (f) 
Portfolio turnover rate     21% (g)          50%        47%            44% (g) 

 

(a) Commencement of offering.

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

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.

(d) Does not include expenses of the underlying portfolio in which the Fund invests.

(e) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal period ended September 30, 2011. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

(f) Annualized.

(g) Not annualized.

 

See Notes to Financial Statements.

 

Prudential Jennison Small Company Fund, Inc.     37   

 

Financial Highlights

 

(Unaudited) continued

 

Class R Shares  
     Six Months
Ended
March 31,		         Year Ended September 30,  
     2014          2013     2012     2011     2010     2009  
Per Share Operating Performance(a):                                                    
Net Asset Value, Beginning Of Period     $27.53            $21.50        $17.17        $17.40        $15.08        $17.75   
Income (loss) from investment operations:                                                    
Net investment income (loss)     .05            .07        .02        (.03 )      (.03 )      .02   
Net realized and unrealized gain (loss) on investment transactions     2.56            6.02        4.31        (.21 )      2.35        (1.67 ) 
Total from investment operations     2.61            6.09        4.33        (.24 )      2.32        (1.65 ) 
Less Dividends and Distributions:                                                    
Dividends from net investment income     (.04 )          (.06 )      -        -        -        (.04 ) 
Distributions from net realized gains     (2.56 )          -        -        -        -        (.98 ) 
Total dividends and distributions     (2.60 )          (.06 )      -        -        -        (1.02 ) 
Capital Contributions(e):     -            -        -        .01        - (d)      -   
Net asset value, end of period     $27.54            $27.53        $21.50        $17.17        $17.40        $15.08   
Total Return(b):     10.00%            28.42%        25.22%        (1.32)%        15.38%        (6.48)%   
Ratios/Supplemental Data:  
Net assets, end of period (000)     $57,383            $59,157        $50,449        $42,192        $33,461        $20,069   
Average net assets (000)     58,723            $54,213        $48,728        $47,374        $26,819        $13,468   
Ratios to average net assets(c):                                                    
Expenses after waivers and/or expense reimbursement     1.33% (f)          1.35%        1.37%        1.36%        1.39%        1.43%   
Expenses before waivers and/or expense reimbursement     1.58% (f)          1.60%        1.62%        1.61%        1.64%        1.68%   
Net investment income (loss)     .33% (f)          .28%        .10%        (.17)%        (.16)%        .16%   
Portfolio turnover rate     21% (g)          50%        47%        44%        49%        55%   

 

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.

(c) Does not include expenses of the underlying portfolio in which the Fund invests.

(d) Less than $.005 per share.

(e) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended September 30, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

(f) Annualized.

(g) Not annualized.

 

See Notes to Financial Statements.

 

38  

 

Class X Shares  
     Six Months
Ended
March 31,		         Year Ended September 30,  
     2014          2013     2012     2011     2010     2009  
Per Share Operating Performance(a):                                                    
Net Asset Value, Beginning Of Period     $20.69            $16.20        $13.09        $13.34        $11.57        $14.02   
Income (loss) from investment operations:                                                    
Net investment loss     (.04 )          (.01 )      (.07 )      (.10 )      (.08 )      (.03 ) 
Net realized and unrealized gain (loss) on investment transactions     2.54            4.52        3.18        (.15 )      1.85        (1.44 ) 
Total from investment operations     2.50            4.51        3.11        (.25 )      1.77        (1.47 ) 
Less Dividends and Distributions:                                                    
Dividends from net investment income     -            (.02 )      -        -        -        -   
Distributions from net realized gains     (2.56 )          -        -        -        -        (.98 ) 
Total dividends and distributions     (2.56 )          (.02 )      -        -        -        (.98 ) 
Capital Contributions(e):     -            -        -        - (d)      - (d)      -   
Net asset value, end of period     $20.63            $20.69        $16.20        $13.09        $13.34        $11.57   
Total Return(b):     13.14%            27.88%        23.76%        (1.87)%        15.30%        (7.18)%   
Ratios/Supplemental Data:  
Net assets, end of period (000)     $3            $117        $364        $710        $1,314        $2,176   
Average net assets (000)     $63            $242        $565        $1,127        $1,629        $2,191   
Ratios to average net assets(c):                                                    
Expenses after waivers and/or expense reimbursement     1.86% (f)          1.85%        1.87%        1.86%        1.89%        1.93%   
Expenses before waivers and/or expense reimbursement     1.86% (f)          1.85%        1.87%        1.86%        1.89%        1.93%   
Net investment loss     (.34)% (f)          (.03)%        (.43)%        (.65)%        (.65)%        (.28)%   
Portfolio turnover rate     21% (g)          50%        47%        44%        49%        55%   

 

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

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

(c) Does not include expenses of the underlying portfolio in which the Fund invests.

(d) Less than $.005 per share.

(e) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended September 30, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

(f) Annualized.

(g) Not annualized.

 

See Notes to Financial Statements.

 

Prudential Jennison Small Company Fund, Inc.     39   

 

Financial Highlights

 

(Unaudited) continued

 

Class Z Shares  
     Six Months
Ended
March 31,		         Year Ended September 30,  
     2014          2013     2012     2011     2010     2009  
Per Share Operating Performance(a):                                                    
Net Asset Value, Beginning Of Period     $29.27            $22.85        $18.22        $18.38        $15.91        $18.62   
Income (loss) from investment operations:                                               
Net investment income     .12            .20        .13        .07        .06        .09   
Net realized and unrealized gain (loss) on investment transactions     2.71            6.38        4.55        (.22 )      2.46        (1.72 ) 
Total from investment operations     2.83            6.58        4.68        (.15 )      2.52        (1.63 ) 
Less Dividends and Distributions:                                                    
Dividends from net investment income     (.16 )          (.16 )      (.05 )      (.02 )      (.05 )      (.10 ) 
Distributions from net realized gains     (2.56 )          -        -        -        -        (.98 ) 
Total dividends and distributions     (2.72 )          (.16 )      (.05 )      (.02 )      (.05 )      (1.08 ) 
Capital Contributions(e):     -            -        -        .01        - (d)      -   
Net asset value, end of period     $29.38            $29.27        $22.85        $18.22        $18.38        $15.91   
Total Return(b):     10.22%            29.04%        25.73%        (.77)%        15.92%        (5.89)%   
Ratios/Supplemental Data:  
Net assets, end of period (000)     $1,574,987            $1,603,451        $1,359,627        $1,151,191        $926,711        $610,758   
Average net assets (000)     $1,566,751            $1,428,455        $1,332,921        $1,252,954        $754,132        $452,879   
Ratios to average net assets(c):                                                    
Expenses after waivers and/or expense reimbursement     .83% (f)          .85%        .87%        .86%        .89%        .93%   
Expenses before waivers and/or expense reimbursement     .83% (f)          .85%        .87%        .86%        .89%        .93%   
Net investment income     .83% (f)          .77%        .60%        .33%        .34%        .67%   
Portfolio turnover rate     21% (g)          50%        47%        44%        49%        55%   

 

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.

(c) Does not include expenses of the underlying portfolio in which the Fund invests.

(d) Less than $.005 per share.

(e) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended September 30, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

(f) Annualized.

(g) Not annualized.

 

See Notes to Financial Statements.

 

40  

n    MAIL   n    TELEPHONE   n    WEBSITE

Gateway Center Three

100 Mulberry Street

Newark, NJ 07102

   (800) 225-1852   www.prudentialfunds.com

 

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

 

DIRECTORS
Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Keith F. Hartstein • Michael S. Hyland • Douglas H. McCorkindale • Stephen P. Munn • Stuart S. Parker • James E. Quinn • Richard A. Redeker • Robin B. Smith • Stephen G. Stoneburn

 

OFFICERS
Stuart S. Parker, President • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Lee D. Augsburger, Chief Compliance Officer • Theresa C. Thompson, Deputy Chief Compliance Officer • Richard W. Kinville, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Amanda S. Ryan, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer

 

MANAGER   Prudential Investments LLC    Gateway Center Three

100 Mulberry Street

Newark, NJ 07102

 

INVESTMENT SUBADVISER   Jennison Associates LLC    466 Lexington Avenue

New York, NY 10017

 

DISTRIBUTOR   Prudential Investment
Management Services LLC		    Gateway Center Three

100 Mulberry Street

Newark, NJ 07102

 

CUSTODIAN   The Bank of New York Mellon    One Wall Street

New York, NY 10286

 

TRANSFER AGENT   Prudential Mutual Fund
Services LLC		    PO Box 9658

Providence, RI 02940

 

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM		   KPMG LLP    345 Park Avenue

New York, NY 10154

 

FUND COUNSEL   Willkie Farr & Gallagher LLP    787 Seventh Avenue

New York, NY 10019

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

 

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

 

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS
Shareholders can communicate directly with the Board of Directors by writing to the Chair of the Board, Prudential Jennison Small Company Fund, Inc., Prudential Investments, Attn: Board of Directors, 100 Mulberry Street, Gateway Center Three, Newark, NJ 07102. Shareholders can communicate directly with an individual Director by writing to the same address. Communications are not screened before being delivered to the addressee.

 

AVAILABILITY OF PORTFOLIO SCHEDULE
The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month.

 

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY
FEDERAL GOVERNMENT AGENCY		   MAY LOSE VALUE   ARE NOT A DEPOSIT OF OR GUARANTEED
BY ANY BANK OR ANY BANK AFFILIATE

LOGO

 

 

PRUDENTIAL JENNISON SMALL COMPANY FUND, INC.

 

SHARE CLASS   A   B   C   Q   R   Z
NASDAQ   PGOAX   CHNDX   PSCCX   PJSQX   JSCRX   PSCZX
CUSIP   74441N101   74441N200   74441N309   74441N887   74441N507   74441N408

 

MF109E2    0261546-00001-00

Item 2 –   Code of Ethics – Not required, as this is not an annual filing.
Item 3 –   Audit Committee Financial Expert – Not required, as this is not an annual filing.
Item 4 –   Principal Accountant Fees and Services – Not required, as this is not an annual filing.
Item 5 –   Audit Committee of Listed Registrants – Not applicable.
Item 6 –   Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7 –   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.
Item 8 –   Portfolio Managers of Closed-End Management Investment Companies – Not applicable.
Item 9 –   Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.
Item 10 –   Submission of Matters to a Vote of Security Holders – Not applicable.
Item 11 –   Controls and Procedures
(a)   It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b)   There has been no significant change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 –   Exhibits
(a)   (1) Code of Ethics – Not required, as this is not an annual filing.
  (2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.
  (3) Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.
(b)   Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

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

Registrant: Prudential Jennison Small Company Fund, Inc.

By:  

/s/ Deborah A. Docs

  Deborah A. Docs
  Secretary
Date:   May 20, 2014

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:   May 20, 2014
By:  

/s/ M. Sadiq Peshimam

  M. Sadiq Peshimam
  Treasurer and Principal Financial and Accounting Officer
Date:   May 20, 2014
 EX-99.CERT 2 d709372dex99cert.htm CERTIFICATIONS PURSUANT TO SECTION 302 Certifications pursuant to Section 302

Item 12

Prudential Jennison Small Company Fund, Inc.

Semi-Annual period ending 3/31/14

File No. 811-03084

CERTIFICATIONS

I, Stuart S. Parker, certify that:

 

  1. I have reviewed this report on Form N-CSR of the above named Fund;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

1

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

 

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

 

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

May 20, 2014

 

/s/ Stuart S. Parker

Stuart S. Parker
President and Principal Executive Officer

 

2

Item 12

Prudential Jennison Small Company Fund, Inc.

Semi-Annual period ending 3/31/14

File No. 811-03084

CERTIFICATIONS

I, M. Sadiq Peshimam, certify that:

 

  1. I have reviewed this report on Form N-CSR of the above named Fund;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

3

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

 

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

 

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

May 20, 2014

 

/s/ M. Sadiq Peshimam

M. Sadiq Peshimam
Treasurer and Principal Financial and
Accounting Officer

 

4

EX-99.906CERT 3 d709372dex99906cert.htm CERTIFICATIONS PURSUANT TO SECTION 906 Certifications pursuant to Section 906

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

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: Prudential Jennison Small Company Fund, Inc.

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

 

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

 

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

 

May 20, 2014      

/s/ Stuart S. Parker

      Stuart S. Parker
      President and Principal Executive Officer
May 20, 2014      

/s/ M. Sadiq Peshimam

      M. Sadiq Peshimam
      Treasurer and Principal Financial and Accounting Officer
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