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Item 1 – Reports to Stockholders

PRUDENTIAL INVESTMENTS » MUTUAL FUNDS

PRUDENTIAL JENNISON SMALL COMPANY FUND, INC.

ANNUAL REPORT ^· SEPTEMBER 30, 2012

Fund Type

Small/Mid-Cap Stock

Objective

Capital growth

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

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

Prudential Investments, Prudential, Jennison, the Prudential logo, the Rock symbol, and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

November 15, 2012

Dear Shareholder:

We hope you find the annual report for the Prudential Jennison Small Company Fund, Inc., informative and useful. The report covers performance for the 12-month period that ended September 30, 2012.

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

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

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

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Jennison Small Company Fund, Inc.

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

Your Fund’s Performance

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at www.prudentialfunds.com or by calling (800) 225-1852. Class A shares have a maximum initial sales charge of 5.50%. Gross operating expenses: Class A, 1.17%; Class B, 1.87%; Class C, 1.87%; Class Q, 0.70%; Class R, 1.62%; Class X, 1.87%; Class Z, 0.87%. Net operating expenses: Class A, 1.17%; Class B, 1.87%; Class C, 1.87%; Class Q, 0.70%; Class R, 1.37%; Class X, 1.87%; Class Z, 0.87%, after contractual reduction through 1/31/2014 for Class R shares.

Growth of a $10,000 Investment

The graph compares a $10,000 investment in the Fund’s Class A shares with a similar investment in the Russell 2500 Index and the Standard & Poor’s SmallCap 600 Index (S&P SmallCap 600 Index) by portraying the initial account values at the beginning of the 10-year period for Class A shares (September 30, 2002) and the account values at the end of the current fiscal year (September 30, 2012) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) the maximum applicable front-end sales charge was deducted from the initial $10,000 investment in Class A shares; (b) all recurring fees (including management fees) were deducted; and (c) all dividends and distributions were reinvested. The line graph provides information for Class A shares only. As indicated in the tables provided earlier, performance for Class B, Class C, Class Q, Class R, Class X, and Class Z shares will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursement, if any, the returns would have been lower.

Your Fund’s Performance (continued)

Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes or an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Source: Prudential Investments LLC and Lipper Inc.

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

The average annual total returns take into account applicable sales charges. Class A shares are subject to a maximum front-end sales charge of 5.50% and an annual 12b-1 fee of 0.30%. Investors who purchase Class A shares in an amount of $1 million or more do not pay a front-end sales charge, but are subject to a contingent deferred sales charge (CDSC) of 1% for shares sold within 12 months of purchase. The Class A CDSC is waived for purchases by certain retirement and/or benefit plans. Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund. Class B shares do not pay a front-end sales charge but are subject to a declining CDSC of 5%, 4%, 3%, 2%, 1%, and 1%, respectively, for the first six years after purchase and a 12b-1 fee of 1% annually. Approximately seven years after purchase, Class B shares will automatically convert to Class A shares on a quarterly basis. Class C shares purchased are not subject to a front-end sales charge, but charge a CDSC of 1% for Class C shares sold within 12 months from the date of purchase and an annual 12b-1 fee of 1%. Class X shares are closed to new investors. Class X shares purchased are not subject to a front-end sales charge, but charge a maximum CDSC of 6% and a 12b-1 fee of 1%. The CDSC for Class X shares decreases by 1% annually to 4% in the third and fourth years after purchase, 3% in the fifth year after purchase, 2% in the sixth and seventh years after purchase, 1% in the eighth year after purchase, and 0% in the ninth year after purchase. Class X shares convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Q shares and Class Z shares are not subject to a sales charge or a 12b-1 fee. Class R shares are not subject to a sales charge, but have a 12b-1 fee of 0.75% annually. The returns in the tables and graph reflect the share class expense structure in effect at the close of the fiscal period. The returns in the tables and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares.

Benchmark Definitions

Russell 2500 Index

The Russell 2500 Index is an unmanaged index which measures the performance of the 2,500 smallest companies in the Russell 3000 Index, which represents approximately 20% of the total market capitalization of the Russell 3000 Index. Russell 2500 Index Closest Month-End to Inception cumulative total returns are 19.92% for Class Q; 79.26% for Class R; and 18.60% for Class X. Russell 2500 Index Closest Month-End to Inception average annual total returns are 10.42% for Class Q; 7.18% for Class R; and 3.10% for Class X.

S&P SmallCap 600 Index

The Standard & Poor’s SmallCap 600 Index (S&P SmallCap 600 Index) is an unmanaged, capital-weighted index of 600 smaller-company U.S. common stocks that cover all industry sectors. S&P SmallCap 600 Index Closest

Month-End to Inception cumulative total returns are 23.76% for Class Q; 85.50% for Class R; and 23.44% for Class X. S&P SmallCap 600 Index Closest Month-End to Inception average annual total returns are 12.33% for Class Q; 7.62% for Class R; and 3.84% for Class X.

Lipper Small-Cap Core Funds Average

The Lipper Small-Cap Core Funds Average (Lipper Average) represents returns based on the average return of all funds in the Lipper Small-Cap Core Funds category for the periods noted. Funds in the Lipper Small-Cap Core Funds category invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Small-cap core funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P SmallCap 600 Index. Lipper Average Closest Month-End to Inception cumulative total returns are 15.91% for Class Q; 67.25% for Class R; and 12.95% for Class X. Lipper Average Closest Month-End to Inception average annual total returns are 8.35% for Class Q; 6.21% for Class R; and 2.10% for Class X.

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

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

Strategy and Performance Overview

How did the Fund perform?

The Prudential Jennison Small Company Fund, Inc.’s, Class A shares advanced 25.49% in the 12 months ended September 30, 2012, underperforming the 30.93% return of Russell 2500 Index (the Small-Cap Index) and the 28.97% return of the Lipper Small-Cap Funds Average.

All sectors in the Small-Cap Index had double-digit positive returns. Healthcare, consumer discretionary, and telecommunication services had the strongest returns. Stock selection in all sectors but information technology and healthcare detracted from relative returns, with consumer discretionary, industrials, and telecommunication services hampering performance the most. An overweight position in consumer staples was also detrimental. An underweight position in utilities was beneficial.

What was the investment environment like for U.S. stocks?

Equity markets were highly volatile in the 12 months ended September 30, 2012, up strongly in the first six months, down sharply in May, then back on an upward trajectory beginning in June. The gyrations reflected swings in sentiment around European sovereign debt issues and uncertainty about global growth. Stock prices rose and fell as sentiment veered between optimism and pessimism, often based on short-term data.

U.S. economic growth proceeded at a subpar pace, and unemployment remained high, as the job market expanded at a meager pace. Personal income and spending increased at generally lackluster rates, while business and housing indicators were inconsistent.

With the implementation of austerity measures, many European economies contracted. Growth in China, a key engine of global economic expansion, slowed. Volatile raw materials, commodities, food, and energy prices reflected shifts in economic expectations.

Which holdings made the largest positive contributions to the Fund’s return?

Key individual contributors to the Fund’s results included SBA Communications in telecommunication services and three healthcare companies— Air Methods , Amerigroup , and Catalyst Health Solutions .

Which holdings detracted most from the Fund’s return?

The largest individual detractors included Green Dot in financials, Bridgepoint Education in consumer discretionary, NII Holdings in telecommunication services, and ADTRAN in information technology.

Strategy and Performance Overview (continued)

Were there significant changes to the portfolio?

The selection of individual securities based on company-specific fundamentals is the primary driver of the Fund’s sector allocations. Over the 12-month period, Jennison slightly reduced exposure to information technology, industrials, and consumer staples, and increased exposure to financials.

Comments on Largest Holdings

Please see Strategy and Performance Overview for Air Methods.

Please see Strategy and Performance Overview for SBA Communications.

White Mountains Insurance Group is a property and casualty insurer and reinsurer. Shares rose earlier in the period after the company reported that the sale of Esurance and Answer Financials, its personal online auto insurance business, had significantly raised its book value. The reorganization of its reinsurance business also freed up capital, further strengthening White Mountains’ balance sheet. Additionally, the company aggressively bought back stock during the year.

Shares of Cavium rose after the company met earnings and revenue expectations for the second quarter and issued bullish guidance for the third quarter, following several quarters of inventory reductions among customers and other headwinds. Cavium provides semiconductor processors for intelligent and secure networks. The third-quarter outlook is supported by strong order growth from its enterprise and service provider segments, including growth in business with major customer Cisco and participation in small-cell base stations among service providers, leading to substantial order backlogs.

The Cheesecake Factory, a restaurant and bakery company, reported a succession of solid quarters, with earnings exceeding expectations in a challenging economic environment. In the second quarter, results were attributable in part to favorable food costs. The Cheesecake Factory also issued third quarter earnings guidance that exceeded expectations. Jennison further likes that this firm initiated a quarterly dividend, the first of which was paid in August.

Fees and Expenses (Unaudited)

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

The example is based on an investment of $1,000 invested on April 1, 2012, at the beginning of the period, and held through the six-month period ended September 30, 2012. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of Prudential Investments funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before

expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 183 days in the six-month period ended September 30, 2012, and divided by 366 days. Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

Portfolio of Investments

as of September 30, 2012

See Notes to Financial Statements.

Portfolio of Investments

as of September 30, 2012 continued

See Notes to Financial Statements.

See Notes to Financial Statements.

Portfolio of Investments

as of September 30, 2012 continued

See Notes to Financial Statements.

See Notes to Financial Statements.

Portfolio of Investments

as of September 30, 2012 continued

See Notes to Financial Statements.

See Notes to Financial Statements.

Portfolio of Investments

as of September 30, 2012 continued