Form N-Q PRUDENTIAL JENNISON NATU For: Jul 31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: | 811-05206 | |
Exact name of registrant as specified in charter: | Prudential Jennison Natural Resources Fund, Inc. | |
Address of principal executive offices: | 655 Broad Street, 17th Floor, | |
Newark, New Jersey 07102 | ||
Name and address of agent for service: | Deborah A. Docs | |
655 Broad Street, 17th Floor, | ||
Newark, New Jersey 07102 | ||
Registrants telephone number, including area code: | 800-225-1852 | |
Date of fiscal year end: | 10/31/2018 | |
Date of reporting period: | 7/31/2018 |
Item 1. Schedule of Investments
Description | Shares | Value | |||
Long-Term Investments 97.5% | |||||
Common Stocks 97.5% | |||||
Aluminum 1.9% | |||||
Alcoa Corp.* | 284,915 | $ 12,328,272 | |||
Constellium NV(Class A Stock)* | 1,164,016 | 15,248,610 | |||
27,576,882 | |||||
Commodity Chemicals 0.0% | |||||
LyondellBasell Industries NV (Class A Stock) | 4,168 | 461,773 | |||
Copper 7.0% | |||||
First Quantum Minerals Ltd. (Zambia) | 2,016,341 | 31,449,867 | |||
Freeport-McMoRan, Inc. | 748,998 | 12,358,467 | |||
Lundin Mining Corp. (Chile) | 3,802,004 | 21,043,494 | |||
Nevsun Resources Ltd. (Canada) | 2,705,117 | 10,043,983 | |||
Southern Copper Corp. (Peru) | 510,379 | 25,192,307 | |||
100,088,118 | |||||
Diversified Chemicals 2.7% | |||||
BASF SE (Germany) | 4,180 | 400,392 | |||
Chemours Co. (The)(a) | 288,130 | 13,199,235 | |||
DowDuPont, Inc. | 256,890 | 17,666,325 | |||
Eastman Chemical Co. | 65,153 | 6,751,154 | |||
38,017,106 | |||||
Diversified Metals & Mining 9.2% | |||||
Anglo American PLC (South Africa)(a) | 893,177 | 20,295,831 | |||
BHP Billiton Ltd. (Australia), ADR(a) | 637,525 | 33,317,056 | |||
China Molybdenum Co. Ltd. (China)(Class H Stock)(a) | 12,323,458 | 6,342,368 | |||
Glencore PLC (Switzerland)* | 5,100,537 | 22,478,554 | |||
Hudbay Minerals, Inc. (Canada) | 1,454,640 | 7,570,368 | |||
Ivanhoe Mines Ltd. (Canada)(Class A Stock)* | 744,835 | 1,482,971 | |||
Ivanhoe Mines Ltd. (Canada)(Class A Stock), 144A* | 2,082,400 | 4,146,071 | |||
Northern Dynasty Minerals Ltd. (Canada)*(a) | 1,763,422 | 1,070,397 | |||
Rio Tinto PLC (Australia), ADR(a) | 462,094 | 25,646,217 | |||
Teck Resources Ltd. (Canada)(Class B Stock) | 318,145 | 8,281,314 | |||
130,631,147 |
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Electrical Components & Equipment 1.9% | |||||
GrafTech International Ltd.(a) | 747,714 | $ 15,851,537 | |||
Sunrun, Inc.*(a) | 816,834 | 11,550,032 | |||
27,401,569 | |||||
Fertilizers & Agricultural Chemicals 1.8% | |||||
FMC Corp. | 165,991 | 14,919,271 | |||
Nutrien Ltd. (Canada) | 209,940 | 11,380,847 | |||
26,300,118 | |||||
Gold 5.6% | |||||
Agnico Eagle Mines Ltd. (Canada) | 460,417 | 19,282,264 | |||
Alacer Gold Corp.*(a) | 3,158,225 | 6,846,442 | |||
Algold Resources Ltd. (Canada), 144A*(a) | 43,790 | 3,114 | |||
Axmin, Inc. (Canada)* | 666,158 | 70,413 | |||
Barrick Gold Corp. (Canada) | 22,387 | 250,511 | |||
Guyana Goldfields, Inc. (Canada)* | 163,830 | 503,763 | |||
Guyana Goldfields, Inc. (Canada), 144A* | 2,654,213 | 8,161,473 | |||
Kinross Gold Corp. (Canada)* | 1,959,065 | 7,052,634 | |||
Newmont Mining Corp. | 541,196 | 19,851,069 | |||
Randgold Resources Ltd. (United Kingdom), ADR(a) | 249,526 | 18,427,495 | |||
80,449,178 | |||||
Integrated Oil & Gas 5.0% | |||||
Chevron Corp. | 2,445 | 308,730 | |||
Occidental Petroleum Corp. | 6,460 | 542,188 | |||
Royal Dutch Shell PLC (Netherlands)(Class A Stock) | 809,712 | 27,750,785 | |||
Suncor Energy, Inc. (Canada) | 997,990 | 42,055,299 | |||
70,657,002 | |||||
Oil & Gas Drilling 2.5% | |||||
Independence Contract Drilling, Inc.* | 1,722,043 | 6,939,833 | |||
Patterson-UTI Energy, Inc. | 1,245,774 | 21,427,313 | |||
Rowan Cos. PLC(Class A Stock)* | 486,895 | 7,050,240 | |||
35,417,386 | |||||
Oil & Gas Equipment & Services 14.5% | |||||
Baker Hughes a GE Co. | 7,956 | 275,118 | |||
Cactus, Inc.(Class A Stock)* | 294,649 | 9,640,915 | |||
Core Laboratories NV | 140,081 | 15,705,882 | |||
FTS International, Inc.* | 522,628 | 6,271,536 |
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Oil & Gas Equipment & Services (cont’d.) | |||||
Halliburton Co. | 1,057,154 | $ 44,844,473 | |||
National Oilwell Varco, Inc. | 13,337 | 648,445 | |||
NCS Multistage Holdings, Inc.*(a) | 543,706 | 8,623,177 | |||
ProPetro Holding Corp.* | 900,715 | 14,807,755 | |||
Schlumberger Ltd. | 565,594 | 38,188,907 | |||
Select Energy Services, Inc.(Class A Stock)* | 671,767 | 10,264,600 | |||
Solaris Oilfield Infrastructure, Inc.(Class A Stock)*(a) | 524,306 | 8,226,361 | |||
TechnipFMC PLC (United Kingdom) | 1,040,352 | 33,863,457 | |||
Tenaris SA (Luxembourg), ADR(a) | 409,350 | 15,039,519 | |||
206,400,145 | |||||
Oil & Gas Exploration & Production 29.7% | |||||
Alta Mesa Resources, Inc.* | 600,178 | 3,625,075 | |||
Anadarko Petroleum Corp. | 799,742 | 58,501,127 | |||
Cimarex Energy Co. | 252,887 | 24,934,658 | |||
Concho Resources, Inc.* | 285,396 | 41,625,007 | |||
Continental Resources, Inc.*(a) | 550,474 | 35,158,774 | |||
Devon Energy Corp. | 780,740 | 35,141,107 | |||
Encana Corp. (Canada) | 1,465,083 | 19,690,716 | |||
EOG Resources, Inc.(a) | 435,919 | 56,207,396 | |||
Hess Corp. | 8,822 | 578,988 | |||
Kosmos Energy Ltd. (Ghana)* | 906,570 | 6,871,801 | |||
Lekoil Ltd. (Nigeria)* | 23,939,552 | 6,130,743 | |||
Marathon Oil Corp. | 23,828 | 503,247 | |||
Newfield Exploration Co.* | 362,532 | 10,411,919 | |||
Noble Energy, Inc. | 1,219,904 | 44,026,335 | |||
Pioneer Natural Resources Co. | 95,856 | 18,142,665 | |||
Range Resources Corp.(a) | 1,228,842 | 18,961,032 | |||
Sintana Energy, Inc. (Canada)* | 637,992 | 68,662 | |||
Sintana Energy, Inc. (Canada), Reg D* | 1,304,999 | 140,447 | |||
WPX Energy, Inc.* | 2,302,600 | 43,219,802 | |||
423,939,501 | |||||
Oil & Gas Refining & Marketing 4.9% | |||||
Andeavor | 179,575 | 26,947,024 | |||
Marathon Petroleum Corp. | 269,978 | 21,822,322 | |||
Phillips 66 | 3,684 | 454,385 | |||
Valero Energy Corp. | 180,100 | 21,314,835 | |||
70,538,566 | |||||
Oil & Gas Storage & Transportation 3.4% | |||||
Cheniere Energy, Inc.* | 343,324 | 21,801,074 |
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Oil & Gas Storage & Transportation (cont’d.) | |||||
Kinder Morgan, Inc. | 477,480 | $ 8,489,594 | |||
Targa Resources Corp. | 337,252 | 17,223,460 | |||
Williams Cos., Inc. (The) | 7,991 | 237,732 | |||
47,751,860 | |||||
Packaged Foods & Meats 0.5% | |||||
Adecoagro SA (Argentina)* | 836,301 | 7,024,928 | |||
Precious Metals & Minerals 0.0% | |||||
Sedibelo
Platinum Mines Ltd. (South Africa) Private Placement (original cost $4,469,143; purchased 11/27/07)^*(f) |
523,100 | — | |||
Renewable Electricity 0.7% | |||||
NextEra Energy Partners LP | 206,654 | 9,727,204 | |||
Silver 0.6% | |||||
Wheaton Precious Metals Corp. (Canada) | 429,558 | 8,999,240 | |||
Specialty Chemicals 1.9% | |||||
Albemarle Corp.(a) | 65,305 | 6,151,731 | |||
Celanese Corp.(Class A Stock) | 114,771 | 13,555,603 | |||
Ecolab, Inc. | 724 | 101,867 | |||
PPG Industries, Inc. | 4,038 | 446,845 | |||
Shin-Etsu Chemical Co. Ltd. (Japan) | 3,745 | 378,625 | |||
Venator Materials PLC* | 431,504 | 6,308,588 | |||
26,943,259 | |||||
Steel 2.9% | |||||
ArcelorMittal (Luxembourg)(a) | 14,393 | 458,417 | |||
Nucor Corp. | 7,140 | 477,880 | |||
Reliance Steel & Aluminum Co. | 116,307 | 10,490,891 | |||
Steel Dynamics, Inc. | 439,631 | 20,702,224 | |||
Warrior Met Coal, Inc. | 361,902 | 9,362,405 | |||
41,491,817 | |||||
Trading Companies & Distributors 0.8% | |||||
Univar, Inc.* | 426,557 | 11,726,052 | |||
Total
Common Stocks (cost $1,028,371,223) |
1,391,542,851 |
Description | Shares | Value | |||
Warrants* 0.0% | |||||
Oil & Gas Exploration & Production | |||||
Alta
Mesa Resources, Inc. expiring 02/09/23 (cost $465,093) |
221,472 | $ 243,619 | |||
Total
Long-Term Investments (cost $1,028,836,316) |
1,391,786,470 | ||||
Short-Term Investments 14.6% | |||||
Affiliated Mutual Funds | |||||
PGIM Core Ultra Short Bond Fund(w) | 40,369,153 | 40,369,153 | |||
PGIM
Institutional Money Market Fund (cost $168,522,612; includes $168,183,717 of cash collateral for securities on loan)(b)(w) |
168,529,481 | 168,546,334 | |||
Total
Short-Term Investments (cost $208,891,765) |
208,915,487 | ||||
TOTAL
INVESTMENTS 112.1% (cost $1,237,728,081) |
1,600,701,957 | ||||
Liabilities in excess of other assets (12.1)% | (172,322,250) | ||||
Net Assets 100.0% | $ 1,428,379,707 |
The following abbreviations are used in the quarterly schedule of portfolio holdings. |
144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. | |
ADR—American Depositary Receipt | |
Reg D—Security was purchased pursuant to Regulation D under the Securities Act of 1933, providing exemption from the registration requirements. Unless otherwise noted, Regulation D securities are deemed to be liquid. |
* | Non-income producing security. |
^ | Indicates a Level 3 security. The aggregate value of Level 3 securities is $0 and 0.0% of net assets. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $166,605,909; cash collateral of $168,183,717 (including in liabilities) was received with which the Fund purchased highly liquid short-term investments. |
(b) | Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(f) | Indicates a restricted security; the aggregate original cost of such securities is $4,469,143. The aggregate value of $0 is 0.0% of net assets. |
(w) | PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund. |
Level 1 | Level 2 | Level 3 | |||
Investments in Securities | |||||
Common Stocks | |||||
Aluminum |
$ 27,576,882 | $ — | $— | ||
Commodity
Chemicals |
461,773 | — | — | ||
Copper |
100,088,118 | — | — | ||
Diversified
Chemicals |
37,616,714 | 400,392 | — | ||
Diversified Metals &
Mining |
77,368,323 | 53,262,824 | — | ||
Electrical Components &
Equipment |
27,401,569 | — | — | ||
Fertilizers & Agricultural
Chemicals |
26,300,118 | — | — | ||
Gold |
72,214,178 | 8,235,000 | — | ||
Integrated Oil &
Gas |
42,906,217 | 27,750,785 | — | ||
Oil & Gas
Drilling |
35,417,386 | — | — | ||
Oil & Gas Equipment &
Services |
206,400,145 | — | — | ||
Oil & Gas Exploration &
Production |
417,808,758 | 6,130,743 | — | ||
Oil & Gas Refining &
Marketing |
70,538,566 | — | — | ||
Oil & Gas Storage &
Transportation |
47,751,860 | — | — | ||
Packaged Foods &
Meats |
7,024,928 | — | — | ||
Precious Metals &
Minerals |
— | — | — | ||
Renewable
Electricity |
9,727,204 | — | — | ||
Silver |
8,999,240 | — | — | ||
Specialty
Chemicals |
26,564,634 | 378,625 | — | ||
Steel |
41,491,817 | — | — | ||
Trading Companies &
Distributors |
11,726,052 | — | — | ||
Warrants | |||||
Oil & Gas Exploration &
Production |
243,619 | — | — | ||
Affiliated Mutual
Funds |
208,915,487 | — | — | ||
Total | $1,504,543,588 | $96,158,369 | $— |
Item 2. Controls and Procedures
(a) | It is the conclusion of the registrants principal executive officer and principal financial officer that the effectiveness of the registrants current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. |
(b) | There have been no significant changes in the registrants internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. |
Item 3. Exhibits
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 Attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Prudential Jennison Natural Resources Fund, Inc.
By (Signature and Title)* |
/s/ Deborah A. Docs | |
Deborah A. Docs | ||
Secretary of the Fund |
Date | September 17, 2018 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* |
/s/ Stuart S. Parker | |
Stuart S. Parker | ||
President and Principal Executive Officer |
Date | September 17, 2018 |
By (Signature and Title)* |
/s/ Brian D. Nee | |
Brian D. Nee | ||
Treasurer and Principal Financial and Accounting Officer |
Date | September 17, 2018 |
* Print the name and title of each signing officer under his or her signature.
CERTIFICATIONS
I, Stuart S. Parker, certify that:
1. | I have reviewed this report on Form N-Q of Prudential Jennison Natural Resources Fund, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: September 17, 2018 | /s/ Stuart S. Parker | |
Stuart S. Parker | ||
President and Principal | ||
Executive Officer |
CERTIFICATIONS
I, Brian D. Nee, certify that:
1. | I have reviewed this report on Form N-Q of Prudential Jennison Natural Resources Fund, Inc; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the schedule of investments included in this report fairly presents in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: September 17, 2018 | /s/ Brian D. Nee | |
Brian D. Nee | ||
Treasurer and Principal | ||
Financial and Accounting Officer |
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