PGIM JENNISON SMALL COMPANY FUND | |||||||
A: PGOAX | B: CHNDX | C: PSCCX | R: JSCRX | Z: PSCZX | R2: PSCHX | R4: PSCJX | R6: PJSQX |
IMPORTANT INFORMATION |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (www.pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report. |
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an e-mail request to PGIM Investments at shareholderreports@pgim.com. |
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund. |
To enroll in e-delivery, go to pgiminvestments.com/edelivery | |
As with all mutual funds, the Securities and Exchange Commission has not approved or disapproved the Fund's shares, nor has the SEC determined that this prospectus is complete or accurate. It is a criminal offense to state otherwise.Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. © 2019 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. |
Shareholder Fees (fees paid directly from your investment) | ||||||||
Class A | Class B | Class C | Class R | Class Z | Class R2 | Class R4 | Class R6 | |
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) | 5.50% | None | None | None | None | None | None | None |
Maximum deferred sales charge (load) (as a percentage of the lower of original purchase price or net asset value at redemption) | 1.00% | 5.00% | 1.00% | None | None | None | None | None |
Maximum sales charge (load) imposed on reinvested dividends and other distributions | None | None | None | None | None | None | None | None |
Redemption fee | None | None | None | None | None | None | None | None |
Exchange fee | None | None | None | None | None | None | None | None |
Maximum account fee (accounts under $10,000) | $15 | $15 | $15 | None | None* | None | None | None |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||
Class A | Class B | Class C | Class R | Class Z | Class R2 | Class R4 | Class R6 | |
Management fees | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% | 0.67% |
Distribution or distribution and service (12b-1) fees | 0.30% | 1.00% | 1.00% | 0.75% | None | 0.25% | None | None |
Other expenses: | 0.20% | 1.20% | 0.19% | 0.17% | 0.15% | 0.50% | 0.82% | 0.02% |
Shareholder service fee | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.10%(1) | 0.10%(1) | 0.00% |
Remainder of other expenses | 0.20% | 1.20% | 0.19% | 0.17% | 0.15% | 0.40% | 0.72% | 0.02% |
Total annual Fund operating expenses | 1.17% | 2.87% | 1.86% | 1.59% | 0.82% | 1.42% | 1.49% | 0.69% |
Fee waiver and/or expense reimbursement | None | (0.83)% | None | (0.25)% | None | (0.24)% | (0.56)% | None |
Total annual Fund operating expenses after fee waiver and/or expense reimbursement(2,3) | 1.17% | 2.04% | 1.86% | 1.34% | 0.82% | 1.18% | 0.93% | 0.69% |
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If Shares Are Redeemed | If Shares Are Not Redeemed | |||||||
Share Class | 1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years |
Class A | $663 | $901 | $1,158 | $1,892 | $663 | $901 | $1,158 | $1,892 |
Class B | $707 | $1,111 | $1,540 | $2,531 | $207 | $811 | $1,440 | $2,531 |
Class C | $289 | $585 | $1,006 | $2,180 | $189 | $585 | $1,006 | $2,180 |
Class R | $136 | $477 | $842 | $1,868 | $136 | $477 | $842 | $1,868 |
Class Z | $84 | $262 | $455 | $1,014 | $84 | $262 | $455 | $1,014 |
Class R2 | $120 | $426 | $754 | $1,681 | $120 | $426 | $754 | $1,681 |
Class R4 | $95 | $416 | $760 | $1,732 | $95 | $416 | $760 | $1,732 |
Class R6 | $70 | $221 | $384 | $859 | $70 | $221 | $384 | $859 |
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Average Annual Total Returns % (including sales charges) (as of 12-31-18) | ||||
Return Before Taxes | One Year | Five Years | Ten Years | Since Inception |
Class A shares | -18.20% | 2.79% | 11.36% | - |
Class B shares | -17.42% | 3.03% | 11.09% | - |
Class C shares | -14.51% | 3.22% | 11.20% | - |
Class R shares | -13.70% | 3.74% | 11.73% | - |
Class R2 shares | -13.78% | N/A | N/A | -11.20% (11/28/17) |
Class R4 shares | -13.49% | N/A | N/A | -10.90% (11/28/17) |
Class R6 shares | -13.07% | 4.44% | N/A | 8.71%(11/29/10) |
Class Z Shares % (as of 12-31-18) | ||||
Return Before Taxes | -13.18% | 4.23% | 12.28% | - |
Return After Taxes on Distributions | -16.74% | 1.39% | 10.47% | - |
Return After Taxes on Distributions and Sale of Fund Shares | -5.62% | 3.11% | 10.12% | - |
Index % (reflects no deduction for fees, expenses or taxes) (as of 12-31-18) | ||||
Russell 2500 Index | -10.00% | 5.15% | 13.15% | - |
S&P SmallCap 600 Index | -8.48% | 6.34% | 13.61% | - |
Investment Manager | Subadviser | Portfolio Managers | Title | Service Date |
PGIM Investments LLC | Jennison Associates LLC | John P. Mullman, CFA* | Managing Director | May 2000 |
Jonathan M. Shapiro | Managing Director | July 2018 | ||
Jason M. Swiatek, CFA | Managing Director | November 2013 |
Class A** | Class C** | Class R** | Class Z** | Class R2 | Class R4 | Class R6 | |
Minimum initial investment* | $1,000 | $1,000 | None | None | None | None | None |
Minimum subsequent investment* | $100 | $100 | None | None | None | None | None |
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Principal Strategies: Investment Limits |
■ Equity & equity-related securities of small companies: At least 80% of investable assets |
Non-Principal Strategies: Investment Limits |
■ Common stocks of larger companies: Up to 20% of investable assets■ Securities of Real Estate Investment Trusts (REITs): Percentage varies■ Foreign securities: Up to 35% of investable assets■ Short Sales: Up to 25% of net assets (short sales “against the box” are not subject to this limit)■ Illiquid Securities: Up to 15% of net assets■ Money market instruments: Up to 100% on temporary basis |
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Expected Distribution Schedule* | |
Dividends | Annually |
Short-Term Capital Gains | Annually |
Long-Term Capital Gains | Annually |
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Share Class | Eligibility |
Class A** | Retail investors |
Class B* | Retail investors |
Class C** | Retail investors |
Class R** | Certain group retirement plans |
Class Z** | Certain group retirement plans, institutional investors and certain other investors |
Class R2 | Certain group retirement plans and certain other investors |
Class R4 | Certain group retirement plans and certain other investors |
Class R6 | Certain group retirement plans, institutional investors and certain other investors |
■ | Class A shares purchased in amounts of less than $1 million require you to pay a sales charge at the time of purchase, but the operating expenses of Class A shares are lower than the operating expenses of Class C shares. |
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Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are also subject to a contingent deferred sales charge (CDSC) of 1.00%. The CDSC is waived for certain retirement and/or benefit plans. | |
■ | Class C shares do not require you to pay a sales charge at the time of purchase, but do require you to pay a contingent deferred sales charge (CDSC) if you sell your shares within 12 months of purchase. The operating expenses of Class C shares are higher than the operating expenses of Class A shares. |
■ | The amount of your investment and any previous or planned future investments, which may qualify you for reduced sales charges for Class A shares under Rights of Accumulation or a Letter of Intent. |
■ | The length of time you expect to hold the shares and the impact of varying distribution fees. Over time, these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. For this reason, Class C shares are generally appropriate only for investors who plan to hold their shares for no more than 3 years. |
■ | The different sales charges that apply to each share class—Class A's front-end sales charge (and, in certain instances, CDSC) vs. Class C's CDSC. |
■ | Class C shares purchased in single amounts greater than $1 million are generally less advantageous than purchasing Class A shares. Purchase orders for Class C shares above this amount generally will not be accepted. |
■ | If you purchase Class Z shares through a broker acting solely as an agent on behalf of its customers pursuant to an agreement with PIMS, the broker may charge you a commission in an amount determined and separately disclosed to you by the broker. |
■ | Because Class Z and Class R6 shares have lower operating expenses than Class A or Class C shares, as applicable, you should consider whether you are eligible to purchase such share classes. |
Class A** | Class B* | Class C** | Class R** | Class Z** | Class R2 | Class R4 | Class R6 | |
Minimum purchase amount | $1,000 | $2,500 | $1,000 | None | None | None | None | None |
Minimum amount for subsequent purchases | $100 | $100 | $100 | None | None | None | None | None |
Maximum initial sales charge | 5.50% of the public offering price | None | None | None | None | None | None | None |
Contingent Deferred Sales Charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | 1.00% on sales of $1 million or more made within 12 months of purchase | 5.00%(Yr.1) 4.00%(Yr.2) 3.00%(Yr.3) 2.00%(Yr.4) 1.00%(Yr.5) 1.00%(Yr.6) 0.00%(Yr.7) | 1.00% on sales made within 12 months of purchase | None | None | None | None | None |
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Class A** | Class B* | Class C** | Class R** | Class Z** | Class R2 | Class R4 | Class R6 | |
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets) | 0.30% | 1.00% | 1.00% | 0.75% (0.50% currently) | None | 0.25% | None | None |
Shareholder service fees | None | None | None | None | None | 0.10% | 0.10% | None |
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Class A | Class C | Class Z | Class R | |
Existing Investors (Group Retirement Plans, IRAs, and all other investors) | No Change | No Change | No Change | No Change |
New Group Retirement Plans | Closed to group retirement plans wishing to add the share classes as new additions to plan menus on June 1, 2018, subject to certain exceptions below | |||
New IRAs | No Change | No Change | No Change | Closed to all new investors on June 1, 2018, subject to certain exceptions below |
All Other New Investors | No Change | No Change | No Change |
■ | Eligible group retirement plans that are exercising their one-time 90-day repurchase privilege in the Fund will be permitted to purchase such share classes. |
■ | Plan participants in a group retirement plan that offers Class A, Class C, Class R or Class Z shares of the Fund, as applicable, as of the Effective Date will be permitted to purchase such share classes of the Fund, even if the plan participant did not own shares of that class of the Fund as of the Effective Date. |
■ | Certain new group retirement plans will be permitted to offer such share classes of the Fund after the Effective Date, provided that the plan or its financial intermediary or other agent has or is actively negotiating a contractual agreement with the Fund’s distributor or service provider to offer such share classes of the Fund prior to or on the Effective Date. |
■ | New group retirement plans that combine with, replace or are otherwise affiliated with a current plan that invests in such share classes prior to or on the Effective Date will be permitted to purchase such share classes. |
■ | The Fund also reserves the right to refuse any purchase order that might disrupt management of the Fund or to otherwise modify the closure policy at any time on a case-by-case basis. |
■ | Shareholders owning Class C shares may continue to hold their Class C shares until the shares automatically convert to Class A shares under the conversion schedule, or until the shareholder redeems their Class C shares. |
Amount of Purchase | Sales Charge as a % of Offering Price* | Sales Charge as a % of Amount Invested* | Dealer Reallowance*** |
Less than $25,000 | 5.50% | 5.82% | 5.00% |
$25,000 to $49,999 | 5.00% | 5.26% | 4.50% |
$50,000 to $99,999 | 4.50% | 4.71% | 4.00% |
$100,000 to $249,999 | 3.75% | 3.90% | 3.25% |
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Amount of Purchase | Sales Charge as a % of Offering Price* | Sales Charge as a % of Amount Invested* | Dealer Reallowance*** |
$250,000 to $499,999 | 2.75% | 2.83% | 2.50% |
$500,000 to $999,999 | 2.00% | 2.04% | 1.75% |
$1 million to $4,999,999** | None | None | 1.00% |
$5 million to $9,999,999** | None | None | 0.50% |
$10 million and over** | None | None | 0.25% |
■ | Use your Rights of Accumulation, which allow you or an eligible group of related investors to combine (1) the current value of Class A, Class B and Class C PGIM Fund shares you or the group already own, (2) the value of money market shares (other than Direct Purchase money market shares) you or an eligible group of related investors have received for shares of other PGIM Funds in an exchange transaction, and (3) the value of the shares you or an eligible group of related investors are purchasing; or |
■ | Sign a Letter of Intent, stating in writing that you or an eligible group of related investors will purchase a certain amount of shares in the Fund and other PGIM Funds within 13 months. |
■ | Purchases made prior to the effective date of the Letter of Intent will be applied toward the satisfaction of the Letter of Intent to determine the level of sales charge that will be paid pursuant to the Letter of Intent, but will not result in any reduction in the amount of any previously paid sales charge. |
■ | All accounts held in your name (alone or with other account holders) and taxpayer identification number (“TIN”); |
■ | Accounts held in your spouse's name (alone or with other account holders) and TIN (see definition of spouse below); |
■ | Accounts for your children or your spouse's children, including children for whom you and/or your spouse are legal guardian(s) (e.g., UGMAs and UTMAs); |
■ | Accounts in the name and TINs of your parents; |
■ | Trusts with you, your spouse, your children, your spouse's children and/or your parents as the beneficiaries; |
■ | With limited exclusions, accounts with the same address (exclusions include, but are not limited to, addresses for brokerage firms and other intermediaries and Post Office boxes); and |
■ | Accounts held in the name of a company controlled by you (a person, entity or group that holds 25% or more of the outstanding voting securities of a company will be deemed to control the company, and a partnership will be deemed to be controlled by each of its general partners), including employee benefit plans of the company where the accounts are held in the plan's TIN. |
■ | The person to whom you are legally married. We also consider your spouse to include the following: |
■ | An individual of the same gender with whom you have been joined in a civil union, or legal contract similar to marriage; |
■ | A domestic partner, who is an individual (including one of the same gender) with whom you have shared a primary residence for at least six months, in a relationship as a couple where you, your domestic partner or both provide for the personal or financial welfare of the other without a fee, to whom you are not related by blood; or |
■ | An individual with whom you have a common law marriage, which is a marriage in a state where such marriages are recognized between a man and a woman arising from the fact that the two live together and hold themselves out as being married. |
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■ | Mutual fund “wrap” or asset allocation programs, where the sponsor places fund trades, links its clients' accounts to a master account in the sponsor's name and charges its clients a management, consulting or other fee for its services; or |
■ | Mutual fund “supermarket” programs, where the sponsor links its clients' accounts to a master account in the sponsor's name and the sponsor charges a fee for its services. |
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■ | Certain directors, officers, current employees (including their spouses, children and parents) and former employees (including their spouses, children and parents) of Prudential and its affiliates, the PGIM Funds, and the subadvisers of the PGIM Funds; former employees must have an existing investment in the Fund; |
■ | Persons who have retired directly from active service with Prudential or one of its subsidiaries; |
■ | Registered representatives and employees of broker-dealers (including their spouses, children and parents) that offer Class A shares; |
■ | Investors in IRAs, provided that: (a) the purchase is made either from a directed rollover to such IRA or with the proceeds of a tax-free rollover of assets from a Benefit Plan for which Prudential Retirement (the institutional Benefit Plan recordkeeping entity of Prudential) provides administrative or recordkeeping services, in each case provided that such purchase is made within 60 days of receipt of the Benefit Plan distribution, and (b) the IRA is established through Prudential Retirement as part of its “Rollover IRA” program (regardless of whether or not the purchase consists of proceeds of a tax-free rollover of assets from a Benefit Plan described above); and |
■ | Clients of financial intermediaries, who (i) offer Class A shares through a no-load network or platform, (ii) charge clients an ongoing fee for advisory, investment, consulting or similar services, or (iii) offer self-directed brokerage accounts or other similar types of accounts that may or may not charge transaction fees to customers. |
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■ | Mutual fund “wrap” or asset allocation programs where the sponsor places fund trades, links its clients' accounts to a master account in the sponsor's name and charges its clients a management, consulting or other fee for its services; |
■ | Mutual fund “supermarket” programs where the sponsor links its clients' accounts to a master account in the sponsor's name and the sponsor charges a fee for its services; or |
■ | Fee- or commission-based retail brokerage programs of certain financial intermediaries that offer Class Z shares through such programs and that have agreements with PIMS to offer such shares when acting solely on an agency basis for their customers for the purchase or sale of such shares. If you transact in Class Z shares of the Fund through one of these programs, you may be required to pay a commission and/or other forms of compensation to the broker or financial intermediary for effecting such transaction. Because the Fund is not a party to any commission arrangement between you and your broker, any transactions in Class Z shares will be made by the Fund at net asset value (before imposition of the commission). Any such fee is paid by you, not by the Fund, and the imposition of any such fee or commission by your broker or financial intermediary does not impact the net asset value for such Fund shares. Shares of the Fund are available in other share classes that have different fees and expenses. |
■ | Certain participants in the MEDLEY Program (group variable annuity contracts) sponsored by Prudential for whom Class Z shares of the PGIM Funds are an available option; |
■ | Current and former Directors/Trustees of mutual funds managed by PGIM Investments or any other affiliate of Prudential; |
■ | Current and former employees (including their spouses, children and parents) of Prudential and its affiliates; former employees must have an existing investment in the Fund; |
■ | Prudential (including any program or account sponsored by Prudential or an affiliate that includes the Fund as an available option); |
■ | PGIM Funds, including PGIM funds-of-funds; |
■ | Qualified state tuition programs (529 plans); and |
■ | Investors working with fee-based consultants for investment selection and allocations. |
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■ | You are selling more than $100,000 of shares; |
■ | You want the redemption proceeds made payable to someone that is not in the Transfer Agent’s records; |
■ | You want the redemption proceeds sent to an address that is not in the Transfer Agent’s records; |
■ | You are a business or a trust; or |
■ | You are redeeming due to the death of the shareholder or on behalf of the shareholder. |
■ | Amounts representing shares you purchased with reinvested dividends and distributions, |
■ | Amounts representing the increase in NAV above the total amount of payments for shares made during the past 12 months for Class A shares (in certain cases), six years for Class B shares, and 12 months for Class C shares, and |
■ | Amounts representing the cost of shares held beyond the CDSC period (12 months for Class A shares (in certain cases), six years for Class B shares, and 12 months for Class C shares). |
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■ | After a shareholder is deceased or permanently disabled (or, in the case of a trust account, after the death or permanent disability of the grantor). This waiver applies to individual shareholders, as well as shares held in joint tenancy, provided the shares were purchased before the death or permanent disability; |
■ | To provide for certain distributions—made without IRS penalty—from a qualified or tax-deferred retirement plan, benefit plan, IRA or Section 403(b) custodial account; and |
■ | To withdraw excess contributions from a qualified or tax-deferred retirement plan, IRA or Section 403(b) custodial account. |
■ | After a shareholder is deceased or permanently disabled (or, in the case of a trust account, after the death or permanent disability of the grantor). This waiver applies to individual shareholders, as well as shares held in joint tenancy, provided the shares were purchased before the death or permanent disability; |
■ | To provide for certain distributions—made without IRS penalty—from a qualified or tax-deferred retirement plan, benefit plan, IRA or Section 403(b) custodial account; |
■ | To withdraw excess contributions from a qualified or tax-deferred retirement plan, IRA or Section 403(b) custodial account; and |
■ | On certain redemptions effected through a Systematic Withdrawal Plan. |
■ | After a shareholder is deceased or permanently disabled (or, in the case of a trust account, after the death or permanent disability of the grantor). This waiver applies to individual shareholders, as well as shares held in joint tenancy, provided the shares were purchased before the death or permanent disability; |
■ | To provide for certain distributions—made without IRS penalty—from a qualified or tax-deferred retirement plan, benefit plan, IRA or Section 403(b) custodial account; and |
■ | To withdraw excess contributions from a qualified or tax-deferred retirement plan, IRA or Section 403(b) custodial account. |
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Class A Shares | ||||||||||
Year Ended September 30, | ||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||
Per Share Operating Performance(a): | ||||||||||
Net Asset Value, Beginning of Year | $26.83 | $25.80 | $22.65 | $23.76 | $28.09 | |||||
Income (loss) from investment operations: | ||||||||||
Net investment income (loss) | (0.06) | (0.04) | 0.03 | 0.09 | 0.07 | |||||
Net realized and unrealized gain (loss) on investment transactions | (1.94) | 3.14 | 4.35 | 1.96 | (0.19) | |||||
Total from investment operations | (2.00) | 3.10 | 4.38 | 2.05 | (0.12) | |||||
Less Dividends and Distributions: | ||||||||||
Dividends from net investment income | (0.05) | (0.02) | (0.15) | (0.03) | (0.06) | |||||
Distributions from net realized gains | (3.70) | (2.05) | (1.08) | (3.13) | (4.15) | |||||
Total dividends and distributions | (3.75) | (2.07) | (1.23) | (3.16) | (4.21) | |||||
Net asset value, end of Year | $21.08 | $26.83 | $25.80 | $22.65 | $23.76 | |||||
Total Return(b): | (5.91)% | 12.77% | 20.09% | 9.82% | (1.16)% | |||||
Ratios/Supplemental Data: | ||||||||||
Net assets, end of Year (000) | $520,351 | $719,750 | $793,676 | $791,197 | $830,116 | |||||
Average net assets (000) | $577,174 | $777,206 | $790,047 | $796,776 | $944,315 | |||||
Ratios to average net assets(c)(d): | ||||||||||
Expenses after waivers and/or expense reimbursement | 1.17% | 1.13% | 1.13% | 1.14% | 1.13% | |||||
Expenses before waivers and/or expense reimbursement | 1.17% | 1.13% | 1.13% | 1.14% | 1.13% | |||||
Net investment income (loss) | (0.27)% | (0.15)% | 0.14% | 0.42% | 0.27% | |||||
Portfolio turnover rate(e) | 30% | 43% | 41% | 37% | 52% |
(a) | Calculated based on average shares outstanding during the year. |
(b) | Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. |
(c) | Does not include expenses of the underlying funds in which the Fund invests. |
(d) | Effective October 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(e) | The Portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities transferred as a result of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher. |
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Class B Shares | ||||||||||
Year Ended September 30, | ||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||
Per Share Operating Performance(a): | ||||||||||
Net Asset Value, Beginning of Year | $14.47 | $14.97 | $13.67 | $15.65 | $19.95 | |||||
Income (loss) from investment operations: | ||||||||||
Net investment income (loss) | (0.12) | (0.15) | (0.08) | (0.04) | (0.08) | |||||
Net realized and unrealized gain (loss) on investment transactions | (1.24) | 1.70 | 2.55 | 1.19 | (0.07) | |||||
Total from investment operations | (1.36) | 1.55 | 2.47 | 1.15 | (0.15) | |||||
Less Dividends and Distributions: | ||||||||||
Dividends from net investment income | - | - | (0.09) | - | - | |||||
Distributions from net realized gains | (3.70) | (2.05) | (1.08) | (3.13) | (4.15) | |||||
Total dividends and distributions | (3.70) | (2.05) | (1.17) | (3.13) | (4.15) | |||||
Net asset value, end of Year | $9.41 | $14.47 | $14.97 | $13.67 | $15.65 | |||||
Total Return(b): | (6.69)% | 11.59% | 19.23% | 8.98% | (1.90)% | |||||
Ratios/Supplemental Data: | ||||||||||
Net assets, end of Year (000) | $2,664 | $5,322 | $7,474 | $9,143 | $11,566 | |||||
Average net assets (000) | $3,621 | $6,521 | $8,534 | $10,434 | $14,015 | |||||
Ratios to average net assets(c)(d): | ||||||||||
Expenses after waivers and/or expense reimbursement | 2.04% | 2.04% | 1.83% | 1.84% | 1.83% | |||||
Expenses before waivers and/or expense reimbursement | 2.87% | 2.24% | 1.83% | 1.84% | 1.83% | |||||
Net investment income (loss) | (1.16)% | (1.07)% | (0.55)% | (0.30)% | (0.43)% | |||||
Portfolio turnover rate(e) | 30% | 43% | 41% | 37% | 52% |
(a) | Calculated based on average shares outstanding during the year. |
(b) | Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. |
(c) | Does not include expenses of the underlying funds in which the Fund invests. |
(d) | Effective October 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(e) | The Portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities transferred as a result of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher. |
42 | PGIM Jennison Small Company Fund |
Class C Shares | ||||||||||
Year Ended September 30, | ||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||
Per Share Operating Performance(a): | ||||||||||
Net Asset Value, Beginning of Year | $14.77 | $15.19 | $13.85 | $15.82 | $20.12 | |||||
Income (loss) from investment operations: | ||||||||||
Net investment income (loss) | (0.11) | (0.12) | (0.08) | (0.04) | (0.08) | |||||
Net realized and unrealized gain (loss) on investment transactions | (1.23) | 1.75 | 2.59 | 1.20 | (0.07) | |||||
Total from investment operations | (1.34) | 1.63 | 2.51 | 1.16 | (0.15) | |||||
Less Dividends and Distributions: | ||||||||||
Dividends from net investment income | (0.01) | - | (0.09) | - | - | |||||
Distributions from net realized gains | (3.70) | (2.05) | (1.08) | (3.13) | (4.15) | |||||
Total dividends and distributions | (3.71) | (2.05) | (1.17) | (3.13) | (4.15) | |||||
Net asset value, end of Year | $9.72 | $14.77 | $15.19 | $13.85 | $15.82 | |||||
Total Return(b): | (6.32)% | 11.98% | 19.27% | 8.94% | (1.88)% | |||||
Ratios/Supplemental Data: | ||||||||||
Net assets, end of Year (000) | $34,527 | $76,121 | $84,667 | $108,219 | $128,022 | |||||
Average net assets (000) | $51,231 | $80,999 | $94,592 | $114,415 | $135,406 | |||||
Ratios to average net assets(c)(d): | ||||||||||
Expenses after waivers and/or expense reimbursement | 1.86% | 1.81% | 1.83% | 1.84% | 1.83% | |||||
Expenses before waivers and/or expense reimbursement | 1.86% | 1.81% | 1.83% | 1.84% | 1.83% | |||||
Net investment income (loss) | (1.03)% | (0.82)% | (0.55)% | (0.30)% | (0.43)% | |||||
Portfolio turnover rate(e) | 30% | 43% | 41% | 37% | 52% |
(a) | Calculated based on average shares outstanding during the year. |
(b) | Total return does not consider the effects of sales loads. Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. |
(c) | Does not include expenses of the underlying funds in which the Fund invests. |
(d) | Effective October 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(e) | The Portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities transferred as a result of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher. |
Visit our website at www.pgiminvestments.com | 43 |
Class R Shares | ||||||||||
Year Ended September 30, | ||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||
Per Share Operating Performance(a): | ||||||||||
Net Asset Value, Beginning of Year | $26.10 | $25.19 | $22.14 | $23.31 | $27.63 | |||||
Income (loss) from investment operations: | ||||||||||
Net investment income (loss) | (0.09) | (0.09) | (0.01) | 0.05 | 0.04 | |||||
Net realized and unrealized gain (loss) on investment transactions | (1.90) | 3.05 | 4.25 | 1.91 | (0.20) | |||||
Total from investment operations | (1.99) | 2.96 | 4.24 | 1.96 | (0.16) | |||||
Less Dividends and Distributions: | ||||||||||
Dividends from net investment income | (0.01) | - | (0.11) | - | (0.01) | |||||
Distributions from net realized gains | (3.70) | (2.05) | (1.08) | (3.13) | (4.15) | |||||
Total dividends and distributions | (3.71) | (2.05) | (1.19) | (3.13) | (4.16) | |||||
Net asset value, end of Year | $20.40 | $26.10 | $25.19 | $22.14 | $23.31 | |||||
Total Return(b): | (6.07)% | 12.54% | 19.88% | 9.57% | (1.35)% | |||||
Ratios/Supplemental Data: | ||||||||||
Net assets, end of Year (000) | $138,754 | $172,033 | $180,165 | $166,550 | $153,606 | |||||
Average net assets (000) | $149,385 | $178,093 | $173,891 | $159,631 | $86,446 | |||||
Ratios to average net assets(c)(d): | ||||||||||
Expenses after waivers and/or expense reimbursement | 1.34% | 1.33% | 1.33% | 1.34% | 1.33% | |||||
Expenses before waivers and/or expense reimbursement | 1.59% | 1.58% | 1.58% | 1.59% | 1.58% | |||||
Net investment income (loss) | (0.46)% | (0.34)% | (0.06)% | 0.23% | 0.14% | |||||
Portfolio turnover rate(e) | 30% | 43% | 41% | 37% | 52% |
(a) | Calculated based on average shares outstanding during the year. |
(b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. |
(c) | Does not include expenses of the underlying funds in which the Fund invests. |
(d) | Effective October 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(e) | The Portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities transferred as a result of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher. |
44 | PGIM Jennison Small Company Fund |
Class Z Shares | ||||||||||
Year Ended September 30, | ||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||
Per Share Operating Performance(a): | ||||||||||
Net Asset Value, Beginning of Year | $28.94 | $27.67 | $24.21 | $25.19 | $29.56 | |||||
Income (loss) from investment operations: | ||||||||||
Net investment income (loss) | -(b) | 0.05 | 0.11 | 0.17 | 0.16 | |||||
Net realized and unrealized gain (loss) on investment transactions | (2.06) | 3.36 | 4.64 | 2.09 | (0.23) | |||||
Total from investment operations | (2.06) | 3.41 | 4.75 | 2.26 | (0.07) | |||||
Less Dividends and Distributions: | ||||||||||
Dividends from net investment income | (0.13) | (0.09) | (0.21) | (0.11) | (0.15) | |||||
Distributions from net realized gains | (3.70) | (2.05) | (1.08) | (3.13) | (4.15) | |||||
Total dividends and distributions | (3.83) | (2.14) | (1.29) | (3.24) | (4.30) | |||||
Net asset value, end of Year | $23.05 | $28.94 | $27.67 | $24.21 | $25.19 | |||||
Total Return(c): | (5.58)% | 13.09% | 20.38% | 10.14% | (0.95)% | |||||
Ratios/Supplemental Data: | ||||||||||
Net assets, end of Year (000) | $775,200 | $1,539,410 | $1,702,538 | $1,484,823 | $1,602,437 | |||||
Average net assets (000) | $1,156,293 | $1,581,249 | $1,591,345 | $1,498,820 | $1,715,343 | |||||
Ratios to average net assets(d)(e): | ||||||||||
Expenses after waivers and/or expense reimbursement | 0.82% | 0.81% | 0.83% | 0.84% | 0.83% | |||||
Expenses before waivers and/or expense reimbursement | 0.82% | 0.81% | 0.83% | 0.84% | 0.83% | |||||
Net investment income (loss) | 0.02% | 0.18% | 0.44% | 0.72% | 0.57% | |||||
Portfolio turnover rate(f) | 30% | 43% | 41% | 37% | 52% |
(a) | Calculated based on average shares outstanding during the year. |
(b) | Less than $0.005 per share. |
(c) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. |
(d) | Does not include expenses of the underlying funds in which the Fund invests. |
(e) | Effective October 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(f) | The Portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities transferred as a result of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher. |
Visit our website at www.pgiminvestments.com | 45 |
Class R2 Shares | |||||
Year Ended September 30, 2019 | November 28, 2017(a) through September 30, 2018 | ||||
Per Share Operating Performance(b): | |||||
Net Asset Value, Beginning of Period | $28.24 | $28.00 | |||
Income (loss) from investment operations: | |||||
Net investment income (loss) | (0.06) | 0.04 | |||
Net realized and unrealized gain (loss) on investment transactions | (1.97) | 2.26 | |||
Total from investment operations | (2.03) | 2.30 | |||
Less Dividends and Distributions: | |||||
Dividends from net investment income | (0.03) | (0.01) | |||
Distributions from net realized gains | (3.70) | (2.05) | |||
Total dividends and distributions | (3.73) | (2.06) | |||
Net asset value, end of Period | $22.48 | $28.24 | |||
Total Return(c): | (5.65)% | 8.89% | |||
Ratios/Supplemental Data: | |||||
Net assets, end of Period (000) | $8,925 | $10,262 | |||
Average net assets (000) | $8,935 | $2,060 | |||
Ratios to average net assets(d): | |||||
Expenses after waivers and/or expense reimbursement | 1.18% | 1.18%(e) | |||
Expenses before waivers and/or expense reimbursement | 1.42% | 2.00%(e) | |||
Net investment income (loss) | (0.26)% | 0.18%(e) | |||
Portfolio turnover rate(f) | 30% | 43% |
(a) | Commencement of offering. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(d) | Does not include expenses of the underlying funds in which the Fund invests. |
(e) | Annualized. |
(f) | The Portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities transferred as a result of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher. |
46 | PGIM Jennison Small Company Fund |
Class R4 Shares | |||||
Year Ended September 30, 2019 | November 28, 2017(a) through September 30, 2018 | ||||
Per Share Operating Performance(b): | |||||
Net Asset Value, Beginning of Period | $28.41 | $28.00 | |||
Income (loss) from investment operations: | |||||
Net investment income (loss) | (0.01) | 0.07 | |||
Net realized and unrealized gain (loss) on investment transactions | (2.05) | 2.41 | |||
Total from investment operations | (2.06) | 2.48 | |||
Less Dividends and Distributions: | |||||
Dividends from net investment income | (0.10) | (0.02) | |||
Distributions from net realized gains | (3.70) | (2.05) | |||
Total dividends and distributions | (3.80) | (2.07) | |||
Net asset value, end of Period | $22.55 | $28.41 | |||
Total Return(c): | (5.71)% | 9.57% | |||
Ratios/Supplemental Data: | |||||
Net assets, end of Period (000) | $4,107 | $1,495 | |||
Average net assets (000) | $3,334 | $453 | |||
Ratios to average net assets(d): | |||||
Expenses after waivers and/or expense reimbursement | 0.93% | 0.93%(e) | |||
Expenses before waivers and/or expense reimbursement | 1.49% | 5.19%(e) | |||
Net investment income (loss) | (0.05)% | 0.30%(e) | |||
Portfolio turnover rate(f) | 30% | 43% |
(a) | Commencement of offering. |
(b) | Calculated based on average shares outstanding during the period. |
(c) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(d) | Does not include expenses of the underlying funds in which the Fund invests. |
(e) | Annualized. |
(f) | The Portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities transferred as a result of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher. |
Visit our website at www.pgiminvestments.com | 47 |
Class R6 Shares | ||||||||||
Year Ended September 30, | ||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||
Per Share Operating Performance(a): | ||||||||||
Net Asset Value, Beginning of Year | $28.51 | $27.27 | $23.87 | $24.87 | $29.22 | |||||
Income (loss) from investment operations: | ||||||||||
Net investment income (loss) | 0.04 | 0.09 | 0.14 | 0.20 | 0.20 | |||||
Net realized and unrealized gain (loss) on investment transactions | (2.05) | 3.33 | 4.58 | 2.08 | (0.21) | |||||
Total from investment operations | (2.01) | 3.42 | 4.72 | 2.28 | (0.01) | |||||
Less Dividends and Distributions: | ||||||||||
Dividends from net investment income | (0.16) | (0.13) | (0.24) | (0.15) | (0.19) | |||||
Distributions from net realized gains | (3.70) | (2.05) | (1.08) | (3.13) | (4.15) | |||||
Total dividends and distributions | (3.86) | (2.18) | (1.32) | (3.28) | (4.34) | |||||
Net asset value, end of Year | $22.64 | $28.51 | $27.27 | $23.87 | $24.87 | |||||
Total Return(b): | (5.44)% | 13.33% | 20.58% | 10.36% | (0.73)% | |||||
Ratios/Supplemental Data: | ||||||||||
Net assets, end of Year (000) | $761,160 | $1,253,235 | $1,000,616 | $748,480 | $546,771 | |||||
Average net assets (000) | $1,011,193 | $1,169,480 | $873,691 | $667,511 | $531,193 | |||||
Ratios to average net assets(c)(d): | ||||||||||
Expenses after waivers and/or expense reimbursement | 0.69% | 0.68% | 0.68% | 0.69% | 0.69% | |||||
Expenses before waivers and/or expense reimbursement | 0.69% | 0.68% | 0.68% | 0.69% | 0.69% | |||||
Net investment income (loss) | 0.18% | 0.32% | 0.58% | 0.88% | 0.71% | |||||
Portfolio turnover rate(e) | 30% | 43% | 41% | 37% | 52% |
(a) | Calculated based on average shares outstanding during the year. |
(b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. |
(c) | Does not include expenses of the underlying funds in which the Fund invests. |
(d) | Effective October 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
(e) | The Portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities transferred as a result of in-kind transactions. If such transactions were included, the portfolio turnover rate may be higher. |
48 | PGIM Jennison Small Company Fund |
Visit our website at www.pgiminvestments.com | 49 |
■ | Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan |
■ | Shares purchased by or through a 529 Plan, if applicable |
■ | Shares purchased through a Merrill Lynch affiliated investment advisory program |
■ | Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform |
■ | Shares of funds purchased through the Merrill Edge Self-Directed platform |
■ | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family) |
■ | Shares exchanged from Class C (i.e. level-load) shares of the same fund in the month of or following the 10-year anniversary of the purchase date |
■ | Employees and registered representatives of Merrill Lynch or its affiliates and their family members |
■ | Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this Prospectus |
■ | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement) |
■ | Death or disability of the shareholder |
■ | Shares sold as part of a systematic withdrawal plan as described in this Prospectus |
■ | Return of excess contributions from an IRA Account |
■ | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70 1⁄2 |
■ | Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch |
■ | Shares acquired through a Right of Reinstatement |
■ | Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to Class A and C shares only) |
■ | Breakpoints as described in this Prospectus |
■ | Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets |
■ | Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable) |
■ | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans |
■ | Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules |
■ | Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund |
■ | Shares purchased through a Morgan Stanley self-directed brokerage account |
■ | Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program |
■ | Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. |
■ | Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs. |
■ | Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available). |
■ | Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available). |
■ | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family). |
■ | Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that this Prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this Prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges. |
■ | Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members. |
■ | Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, |
grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant. | |
■ | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement). |
■ | Shares purchased in an investment advisory program. |
■ | Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family). |
■ | Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James. |
■ | Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). |
■ | A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James. |
■ | Death or disability of the shareholder. |
■ | Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus. |
■ | Return of excess contributions from an IRA Account. |
■ | Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70 1⁄2 as described in the Fund’s Prospectus. |
■ | Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James. |
■ | Shares acquired through a right of reinstatement. |
■ | Breakpoints as described in this Prospectus. |
■ | Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets. |
■ | Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets. |
FOR MORE INFORMATION Please read this Prospectus before you invest in the Fund and keep it for future reference. For information or shareholder questions contact: | |
■ MAIL Prudential Mutual Fund Services LLC PO Box 9658 Providence, RI 02940■ WEBSITE www.pgiminvestments.com | ■ TELEPHONE (800) 225-1852 (973) 367-3529 (from outside the US) |
■ E-DELIVERY To receive your mutual fund documents on-line, go to www.pgiminvestments.com/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above. |
The Annual and Semi-Annual Reports and the SAI contain additional information about the Fund. Shareholders may obtain free copies of the SAI, Annual Report and Semi-Annual Report as well as other information about the Fund and may make other shareholder inquiries through the telephone number, address and website listed above. | |
■ STATEMENT OF ADDITIONAL INFORMATION (SAI) (incorporated by reference into this Prospectus) ■ SEMI-ANNUAL REPORT | ■ ANNUAL REPORT (contains a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during the last fiscal year) |
You can also obtain copies of Fund documents, including the SAI, from the Securities and Exchange Commission as follows (the SEC charges a fee to copy documents): | |
■ ELECTRONIC REQUEST publicinfo@sec.gov | ■ VIA THE INTERNET on the EDGAR Database at www.sec.gov |
PGIM Jennison Small Company Fund | ||||||||
Share Class | A | B | C | R | Z | R2 | R4 | R6 |
NASDAQ | PGOAX | CHNDX | PSCCX | JSCRX | PSCZX | PSCHX | PSCJX | PJSQX |
CUSIP | 74441N101 | 74441N200 | 74441N309 | 74441N507 | 74441N408 | 74441N861 | 74441N853 | 74441N887 |
MF109STAT | The Fund's Investment Company Act File No. 811-03084 |
Term | Definition |
1933 Act | Securities Act of 1933, as amended |
1934 Act | Securities Exchange Act of 1934, as amended |
1940 Act | Investment Company Act of 1940, as amended |
1940 Act Laws, Interpretations and Exemptions | Exemptive order, SEC release, no-action letter or similar relief or interpretations, collectively |
ADR | American Depositary Receipt |
ADS | American Depositary Share |
Board | Fund’s Board of Directors or Trustees |
Board Member | A trustee or director of the Fund’s Board |
CEA | Commodity Exchange Act, as amended |
CFTC | US Commodity Futures Trading Commission |
Code | Internal Revenue Code of 1986, as amended |
CMO | Collateralized Mortgage Obligation |
ETF | Exchange-Traded Fund |
EDR | European Depositary Receipt |
Exchange | NYSE Arca, Inc. |
Fannie Mae | Federal National Mortgage Association |
FDIC | Federal Deposit Insurance Corporation |
Fitch | Fitch Ratings, Inc. |
Freddie Mac | Federal Home Loan Mortgage Corporation |
GDR | Global Depositary Receipt |
Ginnie Mae | Government National Mortgage Association |
IPO | Initial Public Offering |
IRS | Internal Revenue Service |
LIBOR | London Interbank Offered Rate |
Manager or PGIM Investments | PGIM Investments LLC |
Moody’s | Moody’s Investors Service, Inc. |
NASDAQ | National Association of Securities Dealers Automated Quotations System |
NAV | Net Asset Value |
NRSRO | Nationally Recognized Statistical Rating Organization |
NYSE | New York Stock Exchange |
OTC | Over the Counter |
Prudential | Prudential Financial, Inc. |
PMFS | Prudential Mutual Fund Services LLC |
QPTP | “Qualified publicly traded partnership” as the term is used in the Internal Revenue Code of 1986, as amended |
REIT | Real Estate Investment Trust |
RIC | Regulated Investment Company, as the term is used in the Internal Revenue Code of 1986, as amended |
Term | Definition |
S&P | S&P Global Ratings |
SEC | US Securities and Exchange Commission |
World Bank | International Bank for Reconstruction and Development |
■ | The Fund will not purchase portfolio securities when borrowings exceed 5% of the value of its total assets unless this policy is changed by the Board. |
■ | The aggregate value of the securities underlying call options and the obligations underlying put options (as of the date the options are sold) will not exceed 25% of the Fund's net assets. In addition, the Fund will not enter into futures contracts or related options if the aggregate initial margin and premiums exceed 5% of the market value of the Fund's total assets, taking into account unrealized profits and losses on such contracts; provided, however, that in the case of an option that is in-the-money, the in-the-money amount may be excluded in computing such 5%. The above restriction does not apply to the purchase or sale of futures contracts and related options for bona fide hedging purposes, within the meaning of regulations of the CFTC. The Fund does not intend to purchase options on equity securities or securities indexes if the aggregate premiums paid for such outstanding options would exceed 10% of the Fund's total assets. |
■ | When the Fund writes a call option on a broadly-based stock market index, the Fund will segregate with its custodian, or pledge to a broker as collateral for the option, cash or other liquid assets, with a market value at the time the option is written of not less than 100% of the current index value times the multiplier times the number of contracts. |
■ | If the Fund has written an option on an industry or market segment index, it will segregate with its custodian, or pledge to a broker as collateral for the option, at least ten “qualified securities,” all of which are stocks of issuers in such industry or market segment, and that, in the judgment of the investment subadviser, substantially replicate the movement of the index with a market value at the time the option is written of not less than 100% of the current index value times the multiplier times the number of contracts. Such stocks will include stocks which represent at least 50% of the weighting of the industry or market segment index and will represent at least |
50% of the Fund's holdings in that industry or market segment. No individual security will represent more than 15% of the amount so segregated or pledged in the case of broadly-based stock market index options or 25% of such amount in the case of industry or market segment index options. | |
■ | If at the close of business on any day the market value of such qualified securities so segregated or pledged falls below 100% of the current index value times the multiplier times the number of contracts, the Fund will so segregate or pledge an amount in cash or other liquid assets equal in value to the difference. In addition, when the Fund writes a call on an index which is in-the-money at the time the call is written, the Fund will segregate with its custodian or pledge to the broker as collateral cash or other liquid assets equal in value to the amount by which the call is in-the-money times the multiplier times the number of contracts. Any amount segregated pursuant to the foregoing sentence may be applied to the Fund's obligation to segregate additional amounts in the event that the market value of the qualified securities falls below 100% of the current index value times the multiplier times the number of contracts. A “qualified security” is an equity security which is listed on a national securities exchange or listed on NASDAQ against which the Fund has not written a stock call option and which has not been hedged by the Fund by the sale of stock index futures. However, if the Fund holds a call on the same index as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written or greater than the exercise price of the call written if the difference is maintained by the Fund in cash or other liquid assets segregated with its custodian, it will not be subject to the requirements described in this paragraph. |
■ | The Fund may invest up to 25% of its net assets in derivatives. |
Independent Board Members | |||
Name Date of Birth Position(s) Portfolios Overseen | Principal Occupation(s) During Past Five Years | Other Directorships Held During Past Five Years | Length of Board Service |
Ellen S. Alberding 3/11/58 Board Member Portfolios Overseen: 96 | President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (since 2009); Trustee, Loyola University (since 2018). | None. | Since September 2013 |
Kevin J. Bannon 7/13/52 Board Member Portfolios Overseen: 96 | Retired; Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds. | Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008). | Since July 2008 |
Linda W. Bynoe 7/9/52 Board Member Portfolios Overseen: 96 | President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer). | Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009). | Since March 2005 |
Barry H. Evans 11/2/60 Board Member Portfolios Overseen: 95 | Retired; formerly President (2005 – 2016), Global Chief Operating Officer (2014– 2016), Chief Investment Officer – Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management U.S. | Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016). | Since September 2017 |
Keith F. Hartstein 10/13/56 Board Member & Independent Chair Portfolios Overseen: 96 | Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (organization of independent mutual fund directors); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008). | None. | Since September 2013 |
Independent Board Members | |||
Name Date of Birth Position(s) Portfolios Overseen | Principal Occupation(s) During Past Five Years | Other Directorships Held During Past Five Years | Length of Board Service |
Laurie Simon Hodrick 9/29/62 Board Member Portfolios Overseen: 95 | A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Professor of Law, Stanford Law School (since 2015); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008). | Independent Director, Synnex Corporation (since April 2019) (information technology); Independent Director, Kabbage, Inc. (since July 2018) (financial services); Independent Director, Corporate Capital Trust (2017-2018) (a business development company). | Since September 2017 |
Michael S. Hyland, CFA 10/4/45 Board Member Portfolios Overseen: 96 | Retired (since February 2005); formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999). | None. | Since July 2008 |
Brian K. Reid 9/22/61 Board Member Portfolios Overseen: 95 | Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017). | None. | Since March 2018 |
Grace C. Torres 6/28/59 Board Member Portfolios Overseen: 95 | Retired; formerly Treasurer and Principal Financial and Accounting Officer of the PGIM Funds, Target Funds, Advanced Series Trust, Prudential Variable Contract Accounts and The Prudential Series Fund (1998-June 2014); Assistant Treasurer (March 1999-June 2014) and Senior Vice President (September 1999-June 2014) of PGIM Investments LLC; Assistant Treasurer (May 2003-June 2014) and Vice President (June 2005-June 2014) of AST Investment Services, Inc.; Senior Vice President and Assistant Treasurer (May 2003-June 2014) of Prudential Annuities Advisory Services, Inc. | Formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National Bank; Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank. | Since November 2014 |
Interested Board Members | |||
Name Date of Birth Position(s) Portfolios Overseen | Principal Occupation(s) During Past Five Years | Other Directorships Held During Past Five Years | Length of Board Service |
Stuart S. Parker 10/5/62 Board Member & President Portfolios Overseen: 96 | President of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011). | None. | Since January 2012 |
Interested Board Members | |||
Name Date of Birth Position(s) Portfolios Overseen | Principal Occupation(s) During Past Five Years | Other Directorships Held During Past Five Years | Length of Board Service |
Scott E. Benjamin 5/21/73 Board Member & Vice President Portfolios Overseen:96 | Executive Vice President (since June 2009) of PGIM Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, PGIM Investments (since February 2006); formerly Vice President of Product Development and Product Management, PGIM Investments LLC (2003-2006). | None. | Since March 2010 |
Fund Officers(a) | ||
Name Date of Birth Fund Position | Principal Occupation(s) During Past Five Years | Length of Service as Fund Officer |
Raymond A. O’Hara 9/11/55 Chief Legal Officer | Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of PGIM Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.). | Since June 2012 |
Dino Capasso 8/19/74 Chief Compliance Officer | Chief Compliance Officer (July 2019-Present) of PGIM Investments LLC; Chief Compliance Officer (July 2019-Present) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM High Yield Bond Fund, Inc.; Vice President and Deputy Chief Compliance Officer (June 2017-2019) of PGIM Investments LLC; formerly, Senior Vice President and Senior Counsel (January 2016-June 2017), and Vice President and Counsel (February 2012-December 2015) of Pacific Investment Management Company LLC. | Since March 2018 |
Andrew R. French 12/22/62 Secretary | Vice President of PGIM Investments LLC (December 2018-Present); formerly Vice President and Corporate Counsel (February 2010-December 2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC. | Since October 2006 |
Jonathan D. Shain 8/9/58 Assistant Secretary | Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of PGIM Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc. | Since May 2005 |
Claudia DiGiacomo 10/14/74 Assistant Secretary | Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of PGIM Investments LLC (since December 2005); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004). | Since December 2005 |
Diana N. Huffman 4/14/82 Assistant Secretary | Vice President and Corporate Counsel (since September 2015) of Prudential; formerly Associate at Willkie Farr & Gallagher LLP (2009-2015). | Since March 2019 |
Kelly A. Coyne 8/8/68 Assistant Secretary | Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010). | Since March 2015 |
Christian J. Kelly 5/5/75 Treasurer and Principal Financial and Accounting Officer | Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); formerly, Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007). | Since January 2019 |
Lana Lomuti 6/7/67 Assistant Treasurer | Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc. | Since April 2014 |
Fund Officers(a) | ||
Name Date of Birth Fund Position | Principal Occupation(s) During Past Five Years | Length of Service as Fund Officer |
Russ Shupak 10/08/73 Assistant Treasurer | Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration. | Since October 2019 |
Deborah Conway 3/26/69 Assistant Treasurer | Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration. | Since October 2019 |
Elyse M. McLaughlin 1/20/74 Assistant Treasurer | Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration. | Since October 2019 |
Charles H. Smith 1/11/73 Anti-Money Laundering Compliance Officer | Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2015) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2016); formerly Global Head of Economic Sanctions Compliance at AIG Property Casualty (February 2007-December 2014); Assistant Attorney General at the New York State Attorney General's Office, Division of Public Advocacy. (August 1998-January 2007). | Since January 2017 |
■ | Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC. |
■ | Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410. |
■ | There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75. |
■ | “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act. |
■ | “Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., The Prudential Series Fund, Prudential's Gibraltar Fund, Inc. and the Advanced Series Trust. |
Name | Aggregate Fiscal Year Compensation from Fund | Pension or Retirement Benefits Accrued as Part of Fund Expenses | Estimated Annual Benefits Upon Retirement | Total Compensation from Fund and Fund Complex for Most Recent Calendar Year |
Compensation Received by Independent Board Members | ||||
Ellen S. Alberding | $6,870 | None | None | $312,000 (32/96)* |
Kevin J. Bannon | $7,170 | None | None | $322,000 (32/96)* |
Linda W. Bynoe** | $7,170 | None | None | $322,000 (32/96)* |
Compensation Received by Independent Board Members | ||||
Barry H. Evans** | $6,890 | None | None | $309,000 (31/95)* |
Keith F. Hartstein** | $8,980 | None | None | $386,000 (32/96)* |
Laurie Simon Hodrick** | $7,030 | None | None | $313,000 (31/95)* |
Michael S. Hyland** | $7,070 | None | None | $318,000 (32/96)* |
Richard A. Redeker# | $3,210 | None | None | $309,000 (32/96)* |
Brian K. Reid | $6,890 | None | None | $266,500 (31/95)* |
Grace C. Torres | $5,740 | None | None | $269,000 (31/95)* |
Board Committee Meetings (for most recently completed fiscal year) | ||
Audit Committee | Nominating & Governance Committee | Dryden & Gibraltar Investment Committees |
7 | 4 | 4 |
Name | Dollar Range of Equity Securities in the Fund | Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Board Member in Fund Complex |
Board Member Share Ownership: Independent Board Members | ||
Ellen S. Alberding | None | Over $100,000 |
Kevin J. Bannon | Over $100,000 | Over $100,000 |
Linda W. Bynoe | None | Over $100,000 |
Barry H. Evans | None | Over $100,000 |
Keith F. Hartstein | None | Over $100,000 |
Laurie Simon Hodrick | None | Over $100,000 |
Michael S. Hyland | None | Over $100,000 |
Brian K. Reid | None | Over $100,000 |
Grace C. Torres | None | Over $100,000 |
Board Member Share Ownership: Interested Board Members | ||
Stuart S. Parker | None | Over $100,000 |
Scott E. Benjamin | $50,001-$100,000 | Over $100,000 |
■ | the salaries and expenses of all of its and the Fund's personnel except the fees and expenses of Independent Board Members; |
■ | all expenses incurred by the Manager or the Fund in connection with managing the ordinary course of a Fund’s business, other than those assumed by the Fund as described below; and |
■ | the fees, costs and expenses payable to any subadviser pursuant to a subadvisory agreement between PGIM Investments and such subadviser. |
■ | the fees and expenses incurred by the Fund in connection with the management of the investment and reinvestment of the Fund's assets payable to the Manager; |
■ | the fees and expenses of Independent Board Members; |
■ | the fees and certain expenses of the Custodian and transfer and dividend disbursing agent, including the cost of providing records to the Manager in connection with its obligation of maintaining required records of the Fund and of pricing the Fund's shares; |
■ | the charges and expenses of the Fund's legal counsel and independent auditors and of legal counsel to the Independent Board Members; |
■ | brokerage commissions and any issue or transfer taxes chargeable to the Fund in connection with securities (and futures, if applicable) transactions; |
■ | all taxes and corporate fees payable by the Fund to governmental agencies; |
■ | the fees of any trade associations of which the Fund may be a member; |
■ | the cost of share certificates representing, and/or non-negotiable share deposit receipts evidencing, shares of the Fund; |
■ | the cost of fidelity, directors and officers and errors and omissions insurance; |
■ | the fees and expenses involved in registering and maintaining registration of the Fund and of Fund shares with the SEC and paying notice filing fees under state securities laws, including the preparation and printing of the Fund's registration statements and prospectuses for such purposes; allocable communications expenses with respect to investor services and all expenses of shareholders' and Board meetings and of preparing, printing and mailing reports and notices to shareholders; and |
■ | litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business and distribution and service (12b-1) fees. |
Management Fees Received by PGIM Investments | |||
2019 | 2018 | 2017 | |
Gross Fee | $19,747,575 | $25,171,743 | $23,458,642 |
Amount Waived/Reimbursed by PGIM Investments | $(70,008) | $(43,078) | None |
Net Fee | $19,677,567 | $25,128,665 | $23,458,642 |
Subadvisory Fees Paid by PGIM Investments | |||
2019 | 2018 | 2017 | |
$13,473,303 | $17,270,196 | $16,071,030 |
Other Funds and Investment Accounts Managed by the Portfolio Managers | |||
Portfolio Managers | Registered Investment Companies/Total Assets | Other Pooled Investment Vehicles/Total Assets | Other Accounts/Total Assets** |
John P. Mullman, CFA* | 1/$3,299,934,000 | 1/$1,003,000 | None |
Jonathan M. Shapiro | 1/$24,660,000 | None | None |
Jason M. Swiatek, CFA | 2/$321,887,000 | 4/$726,507,000 | 9/$1,546,803,000 |
Personal Investments and Financial Interests of the Portfolio Managers | |
Portfolio Managers | Investments and Other Financial Interests in the Fund and Similar Strategies** |
John P. Mullman, CFA* | $100,001-$500,000 |
Jonathan M. Shapiro | $100,001-$500,000 |
Jason M. Swiatek, CFA | Over $1,000,000 |
■ | One-, three-, five-year and longer term pre-tax investment performance for groupings of accounts managed in the same strategy (composite) relative to market conditions, pre-determined passive indices and industry peer group data for the product strategy (e.g., large cap growth, large cap value). Some portfolio managers may manage or contribute ideas to more than one product strategy, and the performance of the other product strategies is also considered in determining the portfolio manager’s overall compensation. |
■ | The investment professional’s contribution to client portfolio’s pre-tax one-, three-, five-year and longer-term performance from the investment professional’s recommended stocks relative to market conditions, the strategy’s passive benchmarks, and the investment professional’s respective coverage universes. |
■ | The quality of the portfolio manager’s investment ideas and consistency of the portfolio manager’s judgment; |
■ | Qualitative factors such as teamwork and responsiveness; |
■ | Individual factors such as years of experience and responsibilities specific to the individual’s role such as being a team leader or supervisor are also factored into the determination of an investment professional’s total compensation; and |
■ | Historical and long-term business potential of the product strategies. |
Securities Lending Activities | |
Gross income from securities lending activities | $7,320,792 |
Fees and/or compensation for securities lending activities and related services | |
Fees paid to securities lending agent from a revenue split | $(67,690) |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) | $(208,977) |
Administrative fees not included in revenue split | $0 |
Indemnification fee not included in revenue split | $0 |
Rebate (paid to borrower) | $(6,265,635) |
Other fees not included in revenue split (specify) | $0 |
Aggregate fees/compensation for securities lending activities | $(6,542,302) |
Net income from securities lending activities | $778,490 |
Fees Paid to PMFS | |
Fund Name | Amount |
PGIM Jennison Small Company Fund | $680,622 |
Payments Received by the Distributor | |
CLASS A CONTINGENT DEFERRED SALES CHARGES (CDSC) | $7 |
CLASS A DISTRIBUTION AND SERVICE (12B-1) FEES | $1,731,561 |
CLASS A INITIAL SALES CHARGES | $279,188 |
CLASS B CONTINGENT DEFERRED SALES CHARGES (CDSC) | $1,915 |
CLASS B DISTRIBUTION AND SERVICE (12B-1) FEES | $36,212 |
CLASS C CONTINGENT DEFERRED SALES CHARGES (CDSC) | $3,764 |
CLASS C DISTRIBUTION AND SERVICE (12B-1) FEES | $512,311 |
CLASS R DISTRIBUTION AND SERVICE (12B-1) FEES | $746,941 |
CLASS R2 DISTRIBUTION (12B-1) FEES | $22,338 |
Amounts Spent by the Distributor | ||||
Share Class | Printing & Mailing Prospectuses to Other than Current Shareholders | Compensation to Broker/Dealers for Commissions to Representatives & Other Expenses* | Overhead Costs** | Total Amount Spent by Distributor |
CLASS A | $0 | $1,480,749 | $33,936 | $1,514,685 |
CLASS B | $0 | $9,753 | $0 | $9,753 |
CLASS C | $0 | $378,265 | $4,936 | $383,201 |
CLASS R | $0 | $537,086 | $2,560 | $539,646 |
CLASS R2 | $0 | $22,345 | $683 | $23,028 |
CLASS R4 | $0 | $0 | $263 | $263 |
■ | Prudential Retirement |
■ | Wells Fargo Advisors, LLC |
■ | Ameriprise Financial, Inc. |
■ | Charles Schwab & Co, Inc. |
■ | Morgan Stanley Smith Barney |
■ | Raymond James Financial |
■ | Merrill Lynch Pierce Fenner & Smith, Inc. |
■ | National Financial Services |
■ | UBS |
■ | LPL Financial LLC |
■ | Edward Jones |
■ | Great-West |
■ | Commonwealth Financial Network |
■ | Principal Securities, Inc. |
■ | Cetera Advisor Networks |
■ | Matrix Financial Group |
■ | Voya Financial |
■ | PNC |
■ | AIG Advisor Group |
■ | American United Life Insurance Co. |
■ | ADP Broker Dealer, Inc. |
■ | Nationwide Investment Services Co. |
■ | John Hancock |
■ | Massachusetts Mutual |
■ | TIAA-CREF |
■ | Ascensus, Inc. |
■ | Midatlantic Capital Group |
■ | Reliance Trust Company |
■ | The Hartford |
■ | Standard Insurance Company |
■ | Northwestern Mutual |
■ | Alight Financial Solutions |
■ | Securities America, Inc. |
■ | Cambridge Investment Research |
■ | T. Rowe Price |
■ | Valic Financial Advisors, Inc. |
■ | Lincoln Financial Group |
■ | RBC Capital Markets, LLC |
■ | The Ohio National Life Insurance Company |
■ | TD Ameritrade |
■ | Sammons Retirement Solutions |
■ | The Vanduard Group, Inc. |
■ | Conduent, Inc. |
■ | Genworth Financial, Inc. |
■ | Citigroup, Inc. |
■ | Security Benefit |
■ | Newport Group, Inc. |
■ | Janney Montgomery Scott, LLC |
■ | Securities Service Network, LLC |
■ | KMS Financial Services, Inc. |
■ | Investacorp |
■ | Northern Trust |
■ | Oppenheimer & Co, Inc. |
Offering Price Per Share | |
Class A | |
NAV and redemption price per Class A share | $21.08 |
Maximum initial sales charge (5.50% of public offering price) | $1.23 |
Maximum offering price to public | $22.31 |
Class B | |
NAV, offering price and redemption price per Class B share | $9.41 |
Class C | |
NAV, offering price and redemption price per Class C share | $9.72 |
Class R | |
NAV, offering price and redemption price per Class R share | $20.40 |
Class Z | |
NAV, offering price and redemption price per Class Z share | $23.05 |
Class R2 | |
NAV, offering price and redemption price per Class R2 share | $22.48 |
Class R4 | |
NAV, offering price and redemption price per Class R4 share | $22.55 |
Class R6 | |
NAV, offering price and redemption price per Class R6 share | $22.64 |
Brokerage Commissions Paid by the Fund | |||
2019 | 2018 | 2017 | |
Total brokerage commissions paid by the Fund | $2,123,268 | $2,297,467 | $2,599,728 |
Broker-Dealer Securities Holdings ($) (as of most recently completed fiscal year) | ||
Broker/Dealer Name | Equity or Debt | Amount |
None | None | None |
Jennison Small Company | |
Class A Common Stock | 200,000,000 |
Class B Common Stock | 10,000,000 |
Class C Common Stock | 50,000,000 |
Class R Common Stock | 175,000,000 |
Class Z Common Stock | 365,000,000 |
Class R2 Common Stock | 75,000,000 |
Class R4 Common Stock | 75,000,000 |
Class R6 Common Stock | 225,000,000 |
Class T Common Stock | 75,000,000 |
Principal Fund Shareholders (as of November 5, 2019) | |||
Fund Name and Share Class | Shareholder Name and Address | No. of Shares | % of Class |
PGIM JENN SMALL COMPANY CL A | WELLS FARGO CLEARING SVCS LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | 4,215,713.243 | 17.38% |
PGIM JENN SMALL COMPANY CL A | NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310 | 2,765,649.180 | 11.41% |
PGIM JENN SMALL COMPANY CL A | MERRILL LYNC,PIERC,FENNER&SMITH FOR THE SOLE BENEFIT OF ITS CUST 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | 1,320,812.365 | 5.45% |
PGIM JENN SMALL COMPANY CL B | NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310 | 100,165.672 | 37.12% |
Principal Fund Shareholders (as of November 5, 2019) | |||
Fund Name and Share Class | Shareholder Name and Address | No. of Shares | % of Class |
PGIM JENN SMALL COMPANY CL B | CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105 | 16,822.438 | 6.23% |
PGIM JENN SMALL COMPANY CL B | PERSHING LLC 1 PERSHING PLAZA JERSEY CITY NJ 07399-0002 | 13,768.559 | 5.10% |
PGIM JENN SMALL COMPANY CL C | RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716 | 706,607.344 | 20.59% |
PGIM JENN SMALL COMPANY CL C | CHARLES SCHWAB & CO INC SPECIAL CUSTODY ACCT FBO CUSTOMERS ATTN MUTUAL FUNDS 211 MAIN ST SAN FRANCISCO CA 94105 | 429,378.227 | 12.51% |
PGIM JENN SMALL COMPANY CL C | WELLS FARGO CLEARING SVCS LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | 362,027.282 | 10.55% |
PGIM JENN SMALL COMPANY CL C | PERSHING LLC 1 PERSHING PLAZA JERSEY CITY NJ 07399-0002 | 324,377.442 | 9.45% |
PGIM JENN SMALL COMPANY CL C | NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT - 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310 | 276,767.965 | 8.07% |
PGIM JENN SMALL COMPANY CL C | MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1901 | 262,886.295 | 7.66% |
PGIM JENN SMALL COMPANY CL C | MERRILL LYNC,PIERC,FENNER&SMITH FOR THE SOLE BENEFIT OF ITS CUST 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | 250,575.225 | 7.30% |
PGIM JENN SMALL COMPANY CL Z | NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310 | 5,122,597.427 | 15.89% |
PGIM JENN SMALL COMPANY CL Z | CHARLES SCHWAB CO 211 MAIN ST SAN FRANCISCO CA 94105-1901 | 4,036,556.708 | 12.52% |
PGIM JENN SMALL COMPANY CL Z | MORGAN STANLEY SMITH BARNEY LLC FOR THE EXCLUSIVE BENEFIT OF ITS CUSTOMERS 1 NEW YORK PLAZA FL 12 NEW YORK NY 10004-1901 | 2,609,012.962 | 8.09% |
Principal Fund Shareholders (as of November 5, 2019) | |||
Fund Name and Share Class | Shareholder Name and Address | No. of Shares | % of Class |
PGIM JENN SMALL COMPANY CL Z | PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST PL 008 EVONIK CORPORATION 401(K) 299 JEFFERSON ROAD PARSIPPANY NJ 07054 | 2,109,469.429 | 6.54% |
PGIM JENN SMALL COMPANY CL Z | JOHN HANCOCK TRUST COMPANY LLC 690 CANTON STREET, SUITE 100 WESTWOOD, MA 02090 | 2,106,973.084 | 6.54% |
PGIM JENN SMALL COMPANY CL Z | RAYMOND JAMES OMNIBUS FOR MUTUAL FUNDS HOUSE ACCT FIRM 92500015 ATTN COURTNEY WALLER 880 CARILLON PARKWAY ST PETERSBURG FL 33716 | 2,086,016.787 | 6.47% |
PGIM JENN SMALL COMPANY CL Z | MERRILL LYNC,PIERC,FENNER&SMITH FOR THE SOLE BENEFIT OF ITS CUST 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | 1,807,420.172 | 5.61% |
PGIM JENN SMALL COMPANY CL Z | WELLS FARGO CLEARING SVCS LLC SPECIAL CUSTODY ACCT FOR THE EXCLUSIVE BENEFIT OF CUSTOMER 2801 MARKET ST SAINT LOUIS MO 63103-2523 | 1,647,641.752 | 5.11% |
PGIM JENN SMALL COMPANY CL R2 | NATIONWIDE TRUST COMPANY FSB C/O IPO PORTFOLIO ACCOUNTING PO BOX 182029 COLUMBUS OH 43218-2029 | 234,625.298 | 57.91% |
PGIM JENN SMALL COMPANY CL R2 | DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES, IA 50392 | 156,130.689 | 38.54% |
PGIM JENN SMALL COMPANY CL R4 | PIMS/PRUDENTIAL RETIREMENT AS NOMINEE FOR THE TTEE/CUST PL 106 RCG GLOBAL SERVICES, INC. 170 WOOD AVENUE SOUTH 4TH FLOOR ISELIN NJ 08830 | 112,145.942 | 63.70% |
PGIM JENN SMALL COMPANY CL R4 | DCGT AS TTEE AND/OR CUST FBO PLIC VARIOUS RETIREMENT PLANS OMNIBUS ATTN NPIO TRADE DESK 711 HIGH STREET DES MOINES, IA 50392 | 58,157.789 | 33.03% |
PGIM JENN SMALL COMPANY CL R6 | NATIONAL FINANCIAL SERVICES LLC FOR EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUNDS DEPT 4TH FLOOR 499 WASHINGTON BLVD JERSEY CITY NJ 07310 | 9,980,075.486 | 32.70% |
PGIM JENN SMALL COMPANY CL R6 | TIAA, FSB CUST/TTEE FBO: RETIREMENT PLANS FOR WHICH TIAA ACTS AS RECORDKEEPER ATTN: TRUST OPERATIONS 211 NORTH BROADWAY, SUITE 1000 ST. LOUIS, MO 63102-2733 | 5,320,936.285 | 17.43% |
Principal Fund Shareholders (as of November 5, 2019) | |||
Fund Name and Share Class | Shareholder Name and Address | No. of Shares | % of Class |
PGIM JENN SMALL COMPANY CL R6 | MERRILL LYNC,PIERC,FENNER&SMITH FOR THE SOLE BENEFIT OF ITS CUST 4800 DEER LAKE DR E JACKSONVILLE FL 32246-6484 | 4,124,420.689 | 13.51% |
■ | After a shareholder is deceased or permanently disabled (or, in the case of a trust account, after the death or disability of the grantor). This waiver applies to individual shareholders as well as shares held in joint tenancy, provided the shares were purchased before the death or permanent disability, |
■ | To provide for certain distributions—made without IRS penalty—from a qualified or tax-deferred retirement plan, benefit plan, IRA or Section 403(b) custodial account, |
■ | To withdraw excess contributions from a qualified or tax-deferred retirement plan, IRA or Section 403(b) custodial account, and |
■ | On certain redemptions effected through a Systematic Withdrawal Plan (Class B shares only). |
■ | A request for release of portfolio holdings shall be prepared setting forth a legitimate business purpose for such release which shall specify the Fund(s), the terms of such release, and frequency (e.g., level of detail, staleness). Such request shall address whether there are any conflicts of interest between the Fund and the investment adviser, subadviser, principal underwriter or any affiliated person thereof and how such conflicts shall be dealt with to demonstrate that the disclosure is in the best interest of the shareholders of the Fund(s). |
■ | The request shall be forwarded to PGIM Investments’ Product Development Group and to the Chief Compliance Officer or his delegate for review and approval. |
■ | A confidentiality agreement in the form approved by the Fund officer must be executed by the recipient of the portfolio holdings. |
■ | The Fund officer shall approve the release and the agreement. Copies of the release and agreement shall be sent to PGIM Investments’ Law Department. |
■ | Written notification of the approval shall be sent by such officer to PGIM Investments’ Fund Administration Group to arrange the release of portfolio holdings. |
■ | PGIM Investments’ Fund Administration Group shall arrange the release by the Custodian Bank. |
■ | Full holdings on a daily basis to Institutional Shareholder Services (ISS), Broadridge and Glass, Lewis & Co. (proxy voting administrator/agents) at the end of each day; |
■ | Full holdings on a daily basis to ISS (securities class action claims administrator) at the end of each day; |
■ | Full holdings on a daily basis to the Fund's subadviser(s), Custodian Bank, sub-custodian (if any) and accounting agents (which includes the Custodian Bank and any other accounting agent that may be appointed) at the end of each day. When the Fund has more than one subadviser, each subadviser receives holdings information only with respect to the “sleeve” or segment of the Fund for which the subadviser has responsibility; |
■ | Full holdings to the Fund's independent registered public accounting firm as soon as practicable following the Fund's fiscal year-end or on an as-needed basis; |
■ | Full holdings to the Fund’s counsel on an as-needed basis; |
■ | Full holdings to counsel of the Fund’s independent board members on an as-needed basis; and |
■ | Full holdings to financial printers as soon as practicable following the end of the Fund's quarterly, semi-annual and annual period-ends. |
■ | Fund trades on a quarterly basis to Abel/Noser Corp. (an agency-only broker and transaction cost analysis company) as soon as practicable following the Fund's fiscal quarter-end; |
■ | Full holdings on a daily basis to FactSet Research Systems, Inc. (investment research provider) at the end of each day; |
■ | Full holdings on a daily basis to FT Interactive Data (a fair value information service) at the end of each day; |
■ | Full holdings on a quarterly basis to Frank Russell Company (investment research provider) when made available; |
■ | Full holdings on a monthly basis to Fidelity Advisors (wrap program provider) approximately five days after the end of each month (PGIM Jennison Growth Fund and certain other selected PGIM Funds only); |
■ | Full holdings on a daily basis to ICE (InterContinental Exchange), IHS Markit and Thompson Reuters (securities valuation); |
■ | Full holdings on a daily basis to Standard & Poor’s Corporation (securities valuation); |
■ | Full holdings on a monthly basis to FX Transparency (foreign exchange/transaction analysis) when made available. |
I. | Policy |
II. | Procedures |
■ | Jennison managing the pension plan of the issuer. |
■ | Jennison or its affiliates have a material business relationship with the issuer. |
■ | Jennison investment professionals who are related to a person who is senior management or a director at a public company. |
■ | Jennison has a material investment in a security that the investment professional who is responsible for voting that security’s proxy also holds the same security personally. |
III. | Internal Controls |
■ | Review potential Material Conflicts and decide whether a material conflict is present, and needs to be addressed according to these policies and procedures. |
■ | Review the Guidelines in consultation with the Investment Professionals and make revisions as appropriate. |
■ | Review these Policies and Procedures annually for accuracy and effectiveness, and recommend and adopt any necessary changes. |
■ | Review all Guideline overrides. |
■ | Review quarterly voting metrics and analysis published by the Proxy Team. |
■ | Review the performance of the proxy voting vendor and determine whether Jennison should continue to retain their services. |
IV. | Escalating Concerns |
V. | Discipline and Sanctions |
■ | Leading market positions in well-established industries. |
■ | High rates of return on funds employed. |
■ | Conservative capitalization structure with moderate reliance on debt and ample asset protection. |
■ | Broad margins in earnings coverage of fixed financial charges and high internal cash generation. |
■ | Well-established access to a range of financial markets and assured sources of alternate liquidity. |
■ | Amortization schedule-the longer the final maturity relative to other maturities the more likely it will be treated as a note. |
■ | Source of payment-the more dependent the issue is on the market for its refinancing, the more likely it will be treated as a note. |
Name and Principal Business Address | Positions and Offices with Underwriter | Positions and Offices with Registrant | ||
Adam Scaramella (1) | President | N/A | ||
Gary F. Neubeck (2) | Executive Vice President | N/A | ||
Stuart S. Parker (2) | Executive Vice President | Board Member and President |
||
James Gemus (2) | Executive Vice President | N/A | ||
Scott E. Benjamin (2) | Vice President | Board Member and Vice President |
||
Francine Boucher (1) | Senior Vice President, Chief Legal Officer and Secretary |
N/A | ||
Peter J. Boland (2) | Senior Vice President and Chief Operating Officer |
N/A | ||
John N. Christolini (3) | Senior Vice President | N/A | ||
Mark R. Hastings (2) | Senior Vice President and Chief Compliance Officer |
N/A | ||
Robert Smit (2) | Senior Vice President, Comptroller and Chief Financial Officer |
N/A | ||
Hansjerg Schlenker (2) | Senior Vice President and Chief Operations Officer |
N/A | ||
Monica Oswald (3) | Senior Vice President and Co-Chief Operations Officer |
N/A | ||
Charles Smith (4) | Vice President and Anti-Money Laundering Officer |
Anti-Money Laundering Compliance Officer |
(1) | 213 Washington Street, Newark, NJ 07102 |
(2) | 655 Broad Street, Newark, NJ 07102 |
(3) | 280 Trumbull Street, Hartford, CT 06103 |
(4) | 751 Broad Street, Newark NJ, 07102 |
Prudential Jennison Small Company Fund, Inc. |
* |
Stuart S. Parker, President |
Signature | Title | Date | ||
* Ellen S. Alberding |
Director | |||
* Kevin J. Bannon |
Director | |||
* Scott E. Benjamin |
Director | |||
* Linda W. Bynoe |
Director | |||
* Barry H. Evans |
Director | |||
* Keith F. Hartstein |
Director | |||
* Laurie Simon Hodrick |
Director | |||
* Michael S. Hyland |
Director | |||
* Stuart S. Parker |
Director and President, Principal Executive Officer | |||
* Brian K. Reid |
Director | |||
* Grace C. Torres |
Director | |||
* Christian J. Kelly |
Treasurer, Principal Financial and Accounting Officer | |||
*By: /s/ Jonathan D. Shain Jonathan D. Shain |
Attorney-in-Fact | November 26, 2019 |
/s/ Ellen S. Alberding Ellen S. Alberding |
/s/ Laurie Simon Hodrick Laurie Simon Hodrick |
/s/ Kevin J. Bannon Kevin J. Bannon |
/s/ Michael S. Hyland Michael S. Hyland |
/s/ Scott E. Benjamin Scott E. Benjamin |
/s/ Christian J. Kelly Christian J. Kelly |
/s/ Linda W. Bynoe Linda W. Bynoe |
/s/ Stuart S. Parker Stuart S. Parker |
/s/ Barry H. Evans Barry H. Evans |
/s/ Brian K. Reid Brian K. Reid |
/s/ Keith F. Hartstein Keith F. Hartstein |
/s/ Grace C. Torres Grace C. Torres |
Dated: March 7, 2019 |
Item 28 Exhibit No. |
Description | |
(d)(2) | Contractual Expense Cap. | |
(j) | Consent of Independent Registered Public Accounting Firm. | |
(m)(7) | Rule 12b-1 Fee Waiver for Class R shares. |
PGIM Investments LLC
655 Broad Street – 17th Floor
Newark, New Jersey 07102
October 1, 2019
The Board of Directors
Prudential Jennison Small Company Fund, Inc.
655 Broad Street—17th Floor
Newark, New Jersey 07102
Re: PGIM Jennison Small Company Fund
To the Board of Directors:
PGIM Investments LLC (PGIM Investments) has contractually agreed, through January 31, 2021, to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees, as applicable, to the extent that such fees cause the Total Annual Fund Operating Expenses to exceed 2.04% of average daily net assets for Class B shares, 1.18% of average daily net assets for Class R2 shares, or 0.93% of average daily net assets for Class R4 shares. This contractual expense limitation excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, Total Annual Fund Operating Expenses for Class R6 shares will not exceed Total Annual Fund Operating Expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recouped by PGIM Investments within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. This expense limitation may not be terminated prior to January 31, 2021 without the prior approval of the Fund’s Board of Directors.
Very truly yours,
PGIM INVESTMENTS LLC
By:/s/ Scott E. Benjamin
Name:Scott E. Benjamin
Title:Executive Vice President
Consent of Independent Registered Public Accounting Firm
The Board of Directors
Prudential Jennison Small Company Fund, Inc.:
We consent to the use of our report dated November 15, 2019, with respect to the financial statements and financial highlights of PGIM Jennison Small Company Fund, a series of Prudential Jennison Small Company Fund, Inc., as of September 30, 2019, and for the respective years or periods presented therein, incorporated by reference herein. We also consent to the references to our firm under the headings “Financial Highlights” in the prospectus and “Other Service Providers – Independent Registered Public Accounting Firm” and “Financial Statements” in the statement of additional information.
New York, New York
November 25, 2019
Prudential Jennison Small Company Fund, Inc.
PGIM Jennison Small Company Fund
Notice of Rule 12b-1 Fee Waiver
Class R Shares
THIS NOTICE OF RULE 12B-1 FEE WAIVER is signed as of October 1, 2019, by PRUDENTIAL
INVESTMENT MANAGEMENT SERVICES LLC (PIMS), the principal underwriter of PGIM Jennison Small Company Fund (the Fund), which is a series of Prudential Jennison Small Company Fund, Inc., an open-end management investment company (the RIC).
WHEREAS, PIMS desires to waive a portion of its distribution and shareholder services fees payable on Class R shares of the Fund (Rule 12b-1 fees); and
WHEREAS, PIMS understands and intends that the Fund will rely on this Notice and agreement in preparing a registration statement on Form N-1A and in accruing the Fund’s expenses for purposes of calculating net asset value and for other purposes, and expressly permits the Fund to do so; and
WHEREAS, shareholders of the Fund will benefit from the ongoing contractual waiver by incurring lower Fund operating expenses than they would absent such waiver.
NOW, THEREFORE, PIMS hereby provides notice that it has agreed to limit the distribution and service (12b-1) fees incurred by Class R shares of the Fund to 0.50% of the average daily net assets of the Fund’s Class R shares. This contractual waiver shall be effective from the date hereof until January 31, 2021.
IN WITNESS WHEREOF, PIMS has signed this Notice of Rule 12b-1 Fee Waiver as of the day and year first above written.
PRUDENTIAL INVESTMENT
MANAGEMENT SERVICES LLC
By: /s/ Scott E. Benjamin
Name: Scott E. Benjamin
Title: Vice President
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