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Prudential Jennison Blend Fund, Inc. – ‘N-CSRS’ for 2/28/14

On:  Friday, 4/25/14, at 3:45pm ET   ·   Effective:  4/25/14   ·   For:  2/28/14   ·   Accession #:  1193125-14-159766   ·   File #:  811-03336

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 4/25/14  Prudential Jennison Blend Fd, Inc N-CSRS      2/28/14    3:1.0M                                   RR Donnelley/FAPGIM Jennison Blend Fund Class A (PBQAX) — Class B (PBQFX) — Class C (PRECX) — Class Z (PEQZX)

Certified Semi-Annual Shareholder Report of a Management Investment Company   —   Form N-CSR
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSRS      Prudential Jennison Blend Fund, Inc.                HTML    677K 
 3: EX-99.906CERT  Certifications Pursuant to Section 906           HTML      8K 
 2: EX-99.CERT  Certifications Pursuant to Section 302              HTML     20K 


N-CSRS   —   Prudential Jennison Blend Fund, Inc.


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  Prudential Jennison Blend Fund, Inc.  

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number:   811-03336
Exact name of registrant as specified in charter:   Prudential Jennison Blend Fund, Inc.
Address of principal executive offices:  

Gateway Center 3,

100 Mulberry Street,

Newark, New Jersey 07102

Name and address of agent for service:  

Deborah A. Docs

Gateway Center 3,

100 Mulberry Street,

Newark, New Jersey 07102

Registrant’s telephone number, including area code:   800-225-1852
Date of fiscal year end:   8/31/2014
Date of reporting period:   2/28/2014

 

 

 


Item 1 – Reports to Stockholders


 

LOGO

 

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

 

PRUDENTIAL JENNISON BLEND FUND, INC.

 

SEMIANNUAL REPORT · FEBRUARY 28, 2014

 

Fund Type

Large-, Mid- & Small-Cap Stock

 

Objective

Long-term growth of capital

 

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

 

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

 

The accompanying financial statements as of February 28, 2014, were not audited, and accordingly, no auditor’s opinion is expressed on them.

 

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

 

LOGO

 

LOGO

  LOGO


 

 

April 15, 2014

 

Dear Shareholder:

 

We hope you find the semiannual report for the Prudential Jennison Blend Fund, Inc., informative and useful. The report covers performance for the six-month period that ended February 28, 2014.

 

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

 

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

 

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

 

Thank you for choosing the Prudential Investments family of funds.

 

Sincerely,

 

LOGO

 

Stuart S. Parker, President

Prudential Jennison Blend 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, QMA, and PIM are registered investment advisers and Prudential Financial companies. Prudential Real Estate Investors is a unit of PIM.

 

Prudential Jennison Blend Fund, Inc.     1   


Your Fund’s Performance (Unaudited)

 

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

 

Cumulative Total Returns (Without Sales Charges) as of 2/28/14

  

     Six Months     One Year     Five Years     Ten Years  

Class A

     16.96     30.13     167.93     118.93

Class B

     16.57        29.21        158.77        103.58   

Class C

     16.62        29.20        158.89        103.67   

Class Z

     17.17        30.55        172.14        125.13   

Russell 3000® Index

     15.83        26.74        191.53        109.40   

S&P 500 Index

     15.05        25.36        181.34        99.67   

Lipper Multi-Cap Core Funds Average

     15.40        26.26        175.43        101.79   
        

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

  

           One Year     Five Years     Ten Years  

Class A

             16.81     18.05     7.51

Class B

             17.69        18.46        7.33   

Class C

             21.74        18.57        7.34   

Class Z

             23.94        19.77        8.41   

Russell 3000 Index

             22.61        21.93        7.86   

S&P 500 Index

             21.84        21.14        7.41   

Lipper Multi-Cap Core Funds Average

             22.19        20.60        7.25   

 

Source: Prudential Investments LLC and Lipper Inc.

 

2   Visit our website at www.prudentialfunds.com


 

 

 

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

 

   Class A   Class B   Class C   Class Z

Maximum initial sales charge

   5.50% of
the public
offering price
  None   None   None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or sale proceeds)

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

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

   .30%   1%   1%   None

 

Benchmark Definitions

 

Russell 3000 Index

The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies representing approximately 98% of the investable U.S. equity market.

 

S&P 500 Index

The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of 500 stocks of large U.S. public companies. It gives a broad look at how stock prices in the United States have performed.

 

Lipper Multi-Cap Core Funds Average

The Lipper Multi-Cap Core Funds Average (Lipper Average) represents returns based on an average return of all funds in the Lipper Multi-Cap Core Funds category. Funds in the Lipper Average invest in a variety of market-capitalization ranges without concentrating 75% of their equity assets in any one market-capitalization range over an extended period of time.

 

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.

 

 

Prudential Jennison Blend Fund, Inc.     3   


Your Fund’s Performance (continued)

 

 

Five Largest Holdings expressed as a percentage of net assets as of 2/28/14

  

Google, Inc., Internet Software & Services

     1.7

MasterCard, Inc., IT Services

     1.6   

Goldman Sachs Group, Inc. (The), Capital Markets

     1.5   

Facebook, Inc., Internet Software & Services

     1.4   

Biogen Idec, Inc., Biotechnology

     1.3   

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

 

Five Largest Industries expressed as a percentage of net assets as of 2/28/14

  

Oil, Gas, & Consumable Fuels

     7.2

Pharmaceuticals

     7.0   

Banks

     6.3   

Biotechnology

     4.9   

Internet Software & Services

     4.5   

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

 

 

4   Visit our website at www.prudentialfunds.com


Fees and Expenses (Unaudited)

 

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

 

The example is based on an investment of $1,000 invested on September 1, 2013, at the beginning of the period, and held through the six-month period ended February 28, 2014. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

 

Actual Expenses

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

 

Hypothetical Example for Comparison Purposes

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

 

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

 

Prudential Jennison Blend Fund, Inc.     5   


Fees and Expenses (continued)

 

 

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

 

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

 

Prudential
Jennison Blend
Fund, Inc.
  Beginning Account
Value
September 1, 2013
    Ending Account
Value
February 28, 2014
    Annualized
Expense Ratio
Based on the
Six-Month Period
    Expenses Paid
During  the
Six-Month Period*
 
         
Class A   Actual   $ 1,000.00      $ 1,169.60        0.95   $ 5.11   
    Hypothetical   $ 1,000.00      $ 1,020.08        0.95   $ 4.76   
         
Class B   Actual   $ 1,000.00      $ 1,165.70        1.65   $ 8.86   
    Hypothetical   $ 1,000.00      $ 1,016.61        1.65   $ 8.25   
         
Class C   Actual   $ 1,000.00      $ 1,166.20        1.65   $ 8.86   
    Hypothetical   $ 1,000.00      $ 1,016.61        1.65   $ 8.25   
         
Class Z   Actual   $ 1,000.00      $ 1,171.70        0.65   $ 3.50   
    Hypothetical   $ 1,000.00      $ 1,021.57        0.65   $ 3.26   

*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 181 days in the six-month period ended February 28, 2014, and divided by the 365 days in the Fund's fiscal year ending August 31, 2014 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

 

6   Visit our website at www.prudentialfunds.com


 

 

 

The Fund’s annualized expense ratios for the period ended February 28, 2014, are as follows:

 

Class

   Gross Operating Expenses    Net Operating Expenses

A

   0.95%    0.95%

B

   1.65    1.65

C

   1.65    1.65

Z

   0.65    0.65

 

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

 

Prudential Jennison Blend Fund, Inc.     7   


Portfolio of Investments

 

as of February 28, 2014 (Unaudited)

 

Shares      Description    Value (Note 1)  

LONG-TERM INVESTMENTS    99.1%

  

COMMON STOCKS

  

Aerospace & Defense    1.2%

        
56,073     

Boeing Co. (The)

   $ 7,228,931   
30,790     

Curtiss-Wright Corp.

     2,098,646   
41,818     

Exelis, Inc.

     854,342   
25,919     

Moog, Inc. (Class A Stock)*

     1,605,164   
19,518     

Teledyne Technologies, Inc.*

     1,912,374   
8,246     

Triumph Group, Inc.

     537,639   
       

 

 

 
          14,237,096   

Airlines    1.5%

        
5,782     

Allegiant Travel Co.

     573,921   
113,396     

American Airlines Group, Inc.*(a)

     4,187,714   
77,847     

Spirit Airlines, Inc.*

     4,396,799   
193,744     

United Continental Holdings, Inc.*

     8,710,730   
       

 

 

 
          17,869,164   

Auto Components    1.0%

        
14,755     

Dorman Products, Inc.*

     850,183   
94,164     

Lear Corp.

     7,646,117   
29,622     

Tenneco, Inc.*

     1,784,429   
20,814     

TRW Automotive Holdings Corp.*

     1,713,409   
       

 

 

 
          11,994,138   

Automobiles    0.9%

        
153,267     

General Motors Co.*

     5,548,265   
20,231     

Tesla Motors, Inc.*(a)

     4,952,751   
       

 

 

 
          10,501,016   

Banks    6.3%

        
28,990     

Bank of Hawaii Corp.

     1,694,466   
70,419     

BankUnited, Inc.

     2,357,628   
43,575     

BOK Financial Corp.

     2,820,610   
193,845     

Citigroup, Inc.

     9,426,682   
153,297     

East West Bancorp, Inc.

     5,471,170   
87,224     

First Niagara Financial Group, Inc.

     791,122   
143,431     

First Republic Bank

     7,454,109   
128,924     

Fulton Financial Corp.

     1,587,054   
13,735     

Home BancShares, Inc.

     460,947   
174,207     

JPMorgan Chase & Co.

     9,898,442   

 

See Notes to Financial Statements.

 

Prudential Jennison Blend Fund, Inc.     9   


 

Portfolio of Investments

 

as of February 28, 2014 (Unaudited) continued

 

Shares      Description    Value (Note 1)  

COMMON STOCKS (Continued)

  

Banks (cont’d.)

        
102,425     

PNC Financial Services Group, Inc. (The)

   $ 8,376,316   
13,682     

PrivateBancorp, Inc.

     394,863   
31,581     

Prosperity Bancshares, Inc.

     1,999,393   
6,275     

Signature Bank*

     821,586   
73,421     

Susquehanna Bancshares, Inc.

     803,226   
11,877     

Texas Capital Bancshares, Inc.*

     747,657   
36,578     

Valley National Bancorp

     368,706   
39,264     

Webster Financial Corp.

     1,216,006   
238,981     

Wells Fargo & Co.

     11,093,498   
97,101     

Wintrust Financial Corp.

     4,493,834   
64,417     

Zions Bancorporation

     2,009,810   
       

 

 

 
          74,287,125   

Biotechnology    4.9%

        
40,774     

ACADIA Pharmaceuticals, Inc.*(a)

     1,153,904   
64,066     

Alexion Pharmaceuticals, Inc.*

     11,326,869   
46,555     

Biogen Idec, Inc.*

     15,860,357   
128,459     

BioMarin Pharmaceutical, Inc.*

     10,405,179   
42,158     

Celgene Corp.*

     6,776,898   
97,837     

Exact Sciences Corp.*(a)

     1,315,908   
95,920     

Gilead Sciences, Inc.*

     7,941,217   
52,067     

KYTHERA Biopharmaceuticals, Inc.*(a)

     2,601,788   
       

 

 

 
          57,382,120   

Building Products    0.1%

        
13,401     

A.O. Smith Corp.

     666,030   

Capital Markets    3.6%

        
10,739     

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

     678,383   
56,126     

Eaton Vance Corp.

     2,123,808   
62,591     

Evercore Partners, Inc. (Class A Stock)

     3,482,563   
107,182     

Goldman Sachs Group, Inc. (The)

     17,840,444   
50,470     

Janus Capital Group Inc.(a)

     564,759   
321,960     

Morgan Stanley

     9,916,368   
26,482     

Piper Jaffray Cos.*

     1,109,596   
94,378     

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

     6,578,146   
       

 

 

 
          42,294,067   

 

See Notes to Financial Statements.

 

10  


 

 

Shares      Description    Value (Note 1)  

COMMON STOCKS (Continued)

  

Chemicals    0.9%

        
87,717     

Monsanto Co.

   $ 9,650,624   
23,660     

OM Group, Inc.

     747,656   
       

 

 

 
          10,398,280   

Commercial Services & Supplies    0.5%

        
25,206     

Knoll, Inc.

     392,457   
68,666     

Mobile Mini, Inc.*

     3,090,657   
110,220     

West Corp.

     2,768,726   
       

 

 

 
          6,251,840   

Communications Equipment    0.8%

        
49,093     

Ciena Corp.*(a)

     1,206,215   
100,495     

Infinera Corp.*(a)

     836,118   
502,619     

JDS Uniphase Corp.*

     6,926,090   
13,049     

NETGEAR, Inc.*

     446,015   
       

 

 

 
          9,414,438   

Construction & Engineering    0.3%

        
265,772     

Great Lakes Dredge & Dock Corp.*

     2,195,277   
23,201     

URS Corp.

     1,078,846   
       

 

 

 
          3,274,123   

Consumer Finance    0.7%

        
92,457     

Capital One Financial Corp.

     6,789,117   
67,397     

Santander Consumer USA Holdings, Inc.*

     1,707,166   
       

 

 

 
          8,496,283   

Diversified Consumer Services

        
16,042     

Apollo Education Group, Inc. (Class A Stock)*(a)

     534,680   

Diversified Financial Services    0.5%

        
163,487     

ING US, Inc.

     5,864,279   

Diversified Telecommunication Services    1.9%

        
237,347     

CenturyLink, Inc.(a)

     7,419,467   
119,884     

Cogent Communications Group, Inc.

     4,596,353   
300,119     

Frontier Communications Corp.

     1,464,581   
31,763     

Lumos Networks Corp.

     461,199   
276,180     

Vivendi SA (France)

     7,875,454   
       

 

 

 
          21,817,054   

 

See Notes to Financial Statements.

 

Prudential Jennison Blend Fund, Inc.     11   


 

Portfolio of Investments

 

as of February 28, 2014 (Unaudited) continued

 

Shares      Description    Value (Note 1)  

COMMON STOCKS (Continued)

  

Electric Utilities    0.3%

        
37,112     

ITC Holdings Corp.

   $ 3,807,691   

Electrical Equipment    0.1%

        
41,629     

Polypore International, Inc.*(a)

     1,440,780   

Electronic Equipment & Instruments    1.2%

        
1,203,953     

Flextronics International Ltd.*

     10,775,379   
39,691     

FLIR Systems, Inc.

     1,355,051   
28,178     

Rogers Corp.*

     1,823,117   
       

 

 

 
          13,953,547   

Electronic Equipment, Instruments & Components    0.1%

        
6,394     

Anixter International, Inc.

     683,838   

Energy Equipment & Services    2.1%

        
6,617     

Dresser-Rand Group, Inc.*

     359,502   
30,552     

Dril-Quip, Inc.*

     3,286,173   
176,436     

Halliburton Co.

     10,056,852   
87,078     

Schlumberger Ltd.

     8,098,254   
86,870     

Superior Energy Services, Inc.

     2,570,483   
       

 

 

 
          24,371,264   

Food & Staples Retailing    1.5%

        
66,555     

Costco Wholesale Corp.

     7,773,624   
24,506     

Susser Holdings Corp.*(a)

     1,484,573   
24,873     

United Natural Foods, Inc.*

     1,800,308   
118,990     

Whole Foods Market, Inc.

     6,431,410   
       

 

 

 
          17,489,915   

Food Products    2.5%

        
183,638     

Adecoagro SA (Argentina)*

     1,439,722   
28,248     

Boulder Brands, Inc.*(a)

     424,850   
112,678     

Bunge Ltd.

     8,970,296   
91,940     

ConAgra Foods, Inc.

     2,611,096   
84,964     

Darling International, Inc.*

     1,714,573   
54,275     

Hain Celestial Group, Inc. (The)*

     4,846,757   
261,521     

Mondelez International, Inc. (Class A Stock)

     8,899,560   
       

 

 

 
          28,906,854   

 

See Notes to Financial Statements.

 

12  


 

 

Shares      Description    Value (Note 1)  

COMMON STOCKS (Continued)

  

Health Care Equipment & Supplies    0.5%

        
33,402     

DexCom, Inc.*

   $ 1,506,430   
44,708     

Insulet Corp.*(a)

     2,119,606   
217,496     

TearLab Corp.*(a)

     1,750,843   
13,842     

West Pharmaceutical Services, Inc.

     630,919   
       

 

 

 
          6,007,798   

Health Care Providers & Services    4.2%

        
110,439     

Air Methods Corp.*(a)

     5,965,915   
58,489     

Centene Corp.*

     3,724,580   
78,795     

Cigna Corp.

     6,271,294   
144,888     

Express Scripts Holding Co.*

     10,911,515   
107,900     

HCA Holdings, Inc.*

     5,524,480   
22,480     

HealthSouth Corp.

     734,646   
94,668     

Healthways, Inc.*

     1,416,233   
31,791     

Magellan Health Services, Inc.*

     1,943,702   
58,670     

Molina Healthcare, Inc.*(a)

     2,210,686   
12,731     

MWI Veterinary Supply, Inc.*

     2,074,135   
35,752     

PharMerica Corp.*

     861,623   
41,926     

Team Health Holdings, Inc.*

     1,887,509   
66,998     

Universal Health Services, Inc. (Class B Stock)

     5,378,599   
8,815     

WellCare Health Plans, Inc.*

     544,943   
       

 

 

 
          49,449,860   

Hotels, Restaurants & Leisure    2.5%

        
33,209     

Bloomin’ Brands, Inc.*

     834,874   
232,151     

Carnival Corp.

     9,207,109   
47,346     

Cheesecake Factory, Inc. (The)

     2,249,882   
19,251     

Del Frisco’s Restaurant Group, Inc.*

     501,296   
9,302     

Domino’s Pizza, Inc.

     735,416   
116,137     

Dunkin’ Brands Group, Inc.(a)

     6,000,799   
18,257     

Extended Stay America, Inc.*

     465,188   
93,006     

Starbucks Corp.

     6,599,706   
46,147     

Vail Resorts, Inc.

     3,245,057   
       

 

 

 
          29,839,327   

Household Durables    0.1%

        
18,143     

D.R. Horton, Inc.(a)

     445,592   
26,826     

Meritage Homes Corp.*

     1,293,282   
       

 

 

 
          1,738,874   

 

See Notes to Financial Statements.

 

Prudential Jennison Blend Fund, Inc.     13   


 

Portfolio of Investments

 

as of February 28, 2014 (Unaudited) continued

 

Shares      Description    Value (Note 1)  

COMMON STOCKS (Continued)

  

Independent Power and Renewable Electricity Producers    0.6%

        
381,772     

Calpine Corp.*

   $ 7,272,757   

Industrial Conglomerates    0.5%

        
42,902     

Siemens AG (Germany), ADR(a)

     5,711,543   

Insurance    3.4%

        
18,964     

HCC Insurance Holdings, Inc.

     832,520   
193,528     

MetLife, Inc.

     9,806,064   
142,467     

Protective Life Corp.

     7,428,229   
31,954     

StanCorp Financial Group, Inc.

     2,114,716   
332,914     

Symetra Financial Corp.

     6,558,406   
11,646     

White Mountains Insurance Group Ltd.

     6,749,556   
69,694     

W.R. Berkley Corp.

     2,874,180   
130,215     

XL Group PLC (Ireland)

     3,958,536   
       

 

 

 
          40,322,207   

Internet & Catalog Retail    3.2%

        
43,423     

Amazon.com, Inc.*

     15,723,468   
64,610     

ASOS PLC (United Kingdom)*

     7,516,329   
9,444     

priceline.com, Inc.*

     12,738,445   
185,898     

Vitacost.com, Inc.*

     1,384,940   
       

 

 

 
          37,363,182   

Internet Software & Services    4.5%

        
82,674     

Bankrate, Inc.*(a)

     1,664,228   
66,356     

Cornerstone OnDemand, Inc.*

     3,873,863   
238,342     

Facebook, Inc. (Class A Stock)*

     16,316,893   
16,809     

Google, Inc. (Class A Stock)*

     20,433,861   
38,542     

LinkedIn Corp. (Class A Stock)*

     7,864,110   
46,467     

Pandora Media, Inc.*

     1,738,795   
29,236     

Twitter, Inc.*(a)

     1,605,349   
       

 

 

 
          53,497,099   

IT Services    3.3%

        
21,737     

DST Systems, Inc.

     2,042,843   
49,589     

FleetCor Technologies, Inc.*

     6,443,099   
30,610     

Gartner, Inc.*

     2,129,231   
39,639     

Global Payments, Inc.

     2,787,811   
81,031     

InterXion Holding NV (Netherlands)*

     1,943,934   
241,314     

MasterCard, Inc. (Class A Stock)

     18,754,924   

 

See Notes to Financial Statements.

 

14  


 

 

Shares      Description    Value (Note 1)  

COMMON STOCKS (Continued)

  

IT Services (cont’d.)

        
150,852     

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

   $ 4,801,619   
       

 

 

 
          38,903,461   

Leisure Products    0.1%

        
31,679     

Brunswick Corp.

     1,418,902   

Life Sciences Tools & Services    1.2%

        
23,130     

Bruker Corp.*

     525,976   
4,214     

Covance, Inc.*

     436,402   
84,884     

Fluidigm Corp.*

     3,976,816   
53,727     

Illumina, Inc.*(a)

     9,213,643   
8,330     

PAREXEL International Corp.*

     446,238   
       

 

 

 
          14,599,075   

Machinery    2.9%

        
16,076     

AGCO Corp.

     843,668   
40,228     

Caterpillar, Inc.

     3,900,909   
33,300     

CIRCOR International, Inc.

     2,382,948   
12,047     

Colfax Corp.*

     856,903   
34,187     

Crane Co.

     2,441,635   
13,074     

IDEX Corp.

     981,465   
46,557     

ITT Corp.

     2,043,852   
30,550     

Nordson Corp.

     2,235,038   
22,243     

Oshkosh Corp.

     1,286,313   
52,195     

RBC Bearings, Inc.*

     3,353,529   
16,500     

Rexnord Corp.*

     494,835   
86,001     

SPX Corp.

     9,260,588   
47,271     

Terex Corp.

     2,104,978   
4,605     

Wabtec Corp.

     365,499   
9,723     

Watts Water Technologies, Inc. (Class A Stock)

     599,131   
11,308     

Woodward, Inc.

     492,916   
       

 

 

 
          33,644,207   

Media    2.9%

        
119,202     

Cinemark Holdings, Inc.

     3,506,923   
170,920     

Comcast Corp. (Class A Stock)

     8,834,855   
88,069     

Imax Corp. (Canada)*(a)

     2,355,846   
91,539     

Liberty Global PLC (United Kingdom) (Class C Stock)*(a)

     7,749,691   
139,330     

Walt Disney Co. (The)(a)

     11,259,257   
       

 

 

 
          33,706,572   

 

See Notes to Financial Statements.

 

Prudential Jennison Blend Fund, Inc.     15   


 

Portfolio of Investments

 

as of February 28, 2014 (Unaudited) continued

 

Shares      Description    Value (Note 1)  

COMMON STOCKS (Continued)

  

Metals & Mining    1.5%

        
6,735     

Carpenter Technology Corp.

   $ 398,375   
60,876     

Constellium NV (Netherlands) (Class A Stock)*

     1,691,744   
375,451     

Goldcorp, Inc. (Canada)(a)

     10,110,895   
379,302     

McEwen Mining, Inc.*(a)

     1,103,769   
53,927     

Reliance Steel & Aluminum Co.

     3,736,063   
60,492     

Steel Dynamics, Inc.

     1,054,981   
       

 

 

 
          18,095,827   

Oil, Gas & Consumable Fuels    7.2%

        
102,178     

Anadarko Petroleum Corp.

     8,599,301   
477,708     

Denbury Resources, Inc.

     7,815,303   
61,864     

Hess Corp.

     4,950,976   
26,654     

Laredo Petroleum, Inc.*

     695,403   
231,329     

Marathon Oil Corp.

     7,749,522   
44,483     

Marathon Petroleum Corp.

     3,736,572   
143,107     

Noble Energy, Inc.

     9,840,037   
81,604     

Occidental Petroleum Corp.

     7,876,418   
39,917     

PDC Energy, Inc.*

     2,480,043   
138,862     

Rosetta Resources, Inc.*

     6,161,307   
75,435     

SemGroup Corp. (Class A Stock)

     5,078,284   
285,033     

Suncor Energy, Inc. (Canada)

     9,403,283   
52,223     

Targa Resources Corp.

     5,053,097   
53,567     

Western Refining, Inc.

     1,952,517   
40,872     

Whiting Petroleum Corp.*

     2,808,315   
       

 

 

 
          84,200,378   

Personal Products    0.8%

        
461,416     

Avon Products, Inc.

     7,138,106   
42,922     

Herbalife Ltd. (Cayman Islands)(a)

     2,858,605   
       

 

 

 
          9,996,711   

Pharmaceuticals    7.0%

        
37,569     

Actavis PLC*

     8,295,987   
68,358     

Allergan, Inc.

     8,681,466   
55,903     

Bayer AG (Germany), ADR(a)

     7,894,622   
134,031     

Bristol-Myers Squibb Co.

     7,206,847   
268,790     

Merck & Co., Inc.

     15,318,342   
217,563     

Novo Nordisk A/S (Denmark), ADR(a)

     10,340,769   
89,911     

Pacira Pharmaceuticals, Inc.*(a)

     7,034,637   
54,317     

Shire PLC (Ireland), ADR

     8,970,452   

 

See Notes to Financial Statements.

 

16  


Shares      Description    Value (Note 1)  

COMMON STOCKS (Continued)

  

Pharmaceuticals (cont’d.)

        
161,866     

Teva Pharmaceutical Industries Ltd. (Israel), ADR

   $ 8,075,495   
       

 

 

 
          81,818,617   

Professional Services    0.8%

        
41,795     

Corporate Executive Board Co. (The)

     3,125,430   
9,317     

Dun & Bradstreet Corp. (The)

     924,340   
13,041     

FTI Consulting, Inc.*(a)

     380,667   
1,348     

Huron Consulting Group, Inc.*

     89,197   
9,981     

Insperity, Inc.

     291,345   
92,970     

Korn/Ferry International*

     2,360,508   
15,599     

Robert Half International, Inc.

     638,623   
41,483     

TrueBlue, Inc.*

     1,181,436   
       

 

 

 
          8,991,546   

Real Estate Investment Trusts (REITs)    1.6%

        
86,739     

Capstead Mortgage Corp.

     1,118,066   
570,052     

Chimera Investment Corp.

     1,818,466   
101,286     

Colony Financial, Inc.

     2,287,038   
51,088     

CubeSmart

     894,551   
71,473     

DCT Industrial Trust, Inc.

     566,066   
14,628     

Extra Space Storage, Inc.

     718,235   
296,440     

Hersha Hospitality Trust

     1,665,993   
586,670     

MFA Financial, Inc.

     4,611,226   
108,419     

Starwood Property Trust, Inc.

     2,604,224   
268,780     

Summit Hotel Properties, Inc.

     2,483,527   
       

 

 

 
          18,767,392   

Road & Rail    1.2%

        
63,078     

Canadian Pacific Railway Ltd. (Canada)

     9,903,246   
91,690     

Heartland Express, Inc.(a)

     1,868,642   
110,511     

Roadrunner Transportation Systems, Inc.*

     2,598,114   
       

 

 

 
          14,370,002   

Semiconductors & Semiconductor Equipment    2.1%

        
410,182     

Applied Materials, Inc.

     7,777,051   
60,040     

ATMI, Inc.*

     2,041,960   
122,828     

Cavium, Inc.*(a)

     5,174,744   
6,989     

Cree, Inc.*

     429,334   
38,813     

Hittite Microwave Corp.

     2,289,191   
34,724     

Inphi Corp.*

     456,620   

 

See Notes to Financial Statements.

 

Prudential Jennison Blend Fund, Inc.     17   


 

Portfolio of Investments

 

as of February 28, 2014 (Unaudited) continued

 

Shares      Description    Value (Note 1)  

COMMON STOCKS (Continued)

  

Semiconductors & Semiconductor Equipment (cont’d.)

        
89,205     

Power Integrations, Inc.

   $ 5,274,692   
40,605     

Semtech Corp.*

     1,013,095   
       

 

 

 
          24,456,687   

Software    4.3%

        
44,873     

BroadSoft, Inc.*

     1,346,639   
23,230     

CommVault Systems, Inc.*

     1,600,082   
28,320     

Fortinet, Inc.*

     655,608   
13,999     

Imperva, Inc.*

     877,317   
18,790     

Infoblox, Inc.*

     433,673   
151,942     

Jive Software, Inc.*(a)

     1,236,808   
13,111     

NetSuite, Inc.*

     1,508,945   
116,042     

QLIK Technologies, Inc.*

     3,539,281   
103,544     

Red Hat, Inc.*

     6,108,061   
159,711     

Salesforce.com, Inc.*

     9,961,175   
60,265     

SolarWinds, Inc.*

     2,783,038   
83,246     

Splunk, Inc.*

     7,721,066   
73,690     

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

     7,077,924   
49,130     

Workday, Inc. (Class A Stock)*

     5,400,370   
       

 

 

 
          50,249,987   

Specialty Retail    3.7%

        
15,903     

Abercrombie & Fitch Co. (Class A Stock)

     630,236   
12,769     

ANN, Inc.*

     455,215   
44,850     

Asbury Automotive Group, Inc.*

     2,280,174   
48,523     

Chico’s FAS, Inc.

     802,085   
82,916     

DSW, Inc. (Class A Stock)

     3,190,608   
145,167     

Express, Inc.*

     2,655,104   
44,977     

Foot Locker, Inc.

     1,875,991   
11,062     

GNC Holdings, Inc. (Class A Stock)

     514,604   
13,273     

Group 1 Automotive, Inc.(a)

     886,106   
294,482     

Inditex SA (Spain), ADR

     8,433,965   
103,761     

Mattress Firm Holding Corp.*(a)

     4,522,942   
8,613     

Penske Automotive Group, Inc.

     372,857   
152,134     

Pier 1 Imports, Inc.

     2,878,375   
12,253     

Restoration Hardware Holdings, Inc.*

     829,773   
187,863     

TJX Cos., Inc. (The)

     11,546,060   
9,417     

Urban Outfitters, Inc.*

     352,572   
9,693     

Williams-Sonoma, Inc.

     564,520   
22,411     

Zumiez, Inc.*

     532,485   
       

 

 

 
          43,323,672   

 

See Notes to Financial Statements.

 

18  


Shares      Description    Value (Note 1)  

COMMON STOCKS (Continued)

  

Technology Hardware, Storage & Peripherals    1.9%

        
27,549     

Apple, Inc.

   $ 14,497,386   
151,905     

EMC Corp.

     4,005,735   
48,059     

Fusion-io, Inc.*(a)

     527,207   
26,724     

Stratasys Ltd.*

     3,397,422   
       

 

 

 
          22,427,750   

Textiles, Apparel & Luxury Goods    2.8%

        
158,858     

Burberry Group PLC (United Kingdom)

     4,092,983   
39,069     

Deckers Outdoor Corp.*(a)

     2,904,780   
24,297     

Kate Spade & Co.*

     831,443   
140,612     

Michael Kors Holdings Ltd.*

     13,784,195   
144,407     

NIKE, Inc. (Class B Stock)

     11,307,068   
       

 

 

 
          32,920,469   

Thrifts & Mortgage Finance    0.1%

        
41,533     

Provident Financial Services, Inc.

     770,852   
9,385     

WSFS Financial Corp.

     669,057   
       

 

 

 
          1,439,909   

Trading Companies & Distributors    0.2%

        
24,089     

WESCO International, Inc.*(a)

     2,076,713   

Wireless Telecommunication Services    1.1%

        
239,946     

NII Holdings, Inc.*

     275,938   
128,047     

SBA Communications Corp. (Class A Stock)*

     12,186,232   
       

 

 

 
          12,462,170   
       

 

 

 
    

TOTAL LONG-TERM INVESTMENTS
(cost $777,899,353)

     1,165,008,316   
       

 

 

 

SHORT-TERM INVESTMENT    11.5%

  

AFFILIATED MONEY MARKET MUTUAL FUND

  
135,066,951     

Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund (cost $135,066,951; includes $122,959,436 of cash collateral received for securities on loan) (Note 3)(b)(c)

     135,066,951   
       

 

 

 
    

TOTAL INVESTMENTS    110.6%
(cost $912,966,304; Note 5)

     1,300,075,267   
    

Liabilities in excess of other assets    (10.6)%

     (124,350,966
       

 

 

 
    

NET ASSETS    100.0%

   $ 1,175,724,301   
       

 

 

 

 

See Notes to Financial Statements.

 

Prudential Jennison Blend Fund, Inc.     19   


 

Portfolio of Investments

 

as of February 28, 2014 (Unaudited) continued

 

 

The following abbreviation is used in the portfolio descriptions:

ADR—American Depositary Receipt

* Non-income producing security.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $119,468,345; cash collateral of $122,959,436 (included with liabilities) was received with which the Fund purchased highly liquid short-term investments.
(b) Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund.
(c) Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.

 

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

 

Level 1—quoted prices generally in active markets for identical securities.

 

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

 

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

 

The following is a summary of the inputs used as of February 28, 2014 in valuing such portfolio securities:

 

    Level 1         Level 2             Level 3      

Investments in Securities

     

Common Stocks

     

Aerospace & Defense

  $ 14,237,096      $   —      $   —   

Airlines

    17,869,164                 

Auto Components

    11,994,138                 

Automobiles

    10,501,016                 

Banks

    74,287,125                 

Biotechnology

    57,382,120                 

Building Products

    666,030                 

Capital Markets

    42,294,067                 

Chemicals

    10,398,280                 

Commercial Services & Supplies

    6,251,840                 

Communications Equipment

    9,414,438                 

Construction & Engineering

    3,274,123                 

Consumer Finance

    8,496,283                 

Diversified Consumer Services

    534,680                 

 

See Notes to Financial Statements.

 

20  


 

 

    Level 1         Level 2             Level 3      

Diversified Financial Services

  $ 5,864,279      $      $   

Diversified Telecommunication Services

    13,941,600        7,875,454          

Electric Utilities

    3,807,691                 

Electrical Equipment

    1,440,780                 

Electronic Equipment & Instruments

    13,953,547                 

Electronic Equipment, Instruments & Components

    683,838                 

Energy Equipment & Services

    24,371,264                 

Food & Staples Retailing

    17,489,915                 

Food Products

    28,906,854                 

Health Care Equipment & Supplies

    6,007,798                 

Health Care Providers & Services

    49,449,860                 

Hotels, Restaurants & Leisure

    29,839,327                 

Household Durables

    1,738,874                 

Independent Power and Renewable Electricity Producers

    7,272,757                 

Industrial Conglomerates

    5,711,543                 

Insurance

    40,322,207                 

Internet & Catalog Retail

    29,846,853        7,516,329          

Internet Software & Services

    53,497,099                 

IT Services

    38,903,461                 

Leisure Products

    1,418,902                 

Life Sciences Tools & Services

    14,599,075                 

Machinery

    33,644,207                 

Media

    33,706,572                 

Metals & Mining

    18,095,827                 

Oil, Gas & Consumable Fuels

    84,200,378                 

Personal Products

    9,996,711                 

Pharmaceuticals

    81,818,617                 

Professional Services

    8,991,546                 

Real Estate Investment Trusts (REITs)

    18,767,392                 

Road & Rail

    14,370,002                 

Semiconductors & Semiconductor Equipment

    24,456,687                 

Software

    50,249,987                 

Specialty Retail

    43,323,672                 

Technology Hardware, Storage & Peripherals

    22,427,750                 

Textiles, Apparel & Luxury Goods

    28,827,486        4,092,983          

Thrifts & Mortgage Finance

    1,439,909                 

Trading Companies & Distributors

    2,076,713                 

Wireless Telecommunication Services

    12,462,170                 

Affiliated Money Market Mutual Fund

    135,066,951                 
 

 

 

   

 

 

   

 

 

 

Total

  $ 1,280,590,501      $ 19,484,766      $   —   
 

 

 

   

 

 

   

 

 

 

 

See Notes to Financial Statements.

 

Prudential Jennison Blend Fund, Inc.     21   


 

Portfolio of Investments

 

as of February 28, 2014 (Unaudited) continued

 

 

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2014 was as follows:

 

Affiliated Money Market Mutual Fund (including 10.5% of collateral received for securities on loan)

    11.5

Oil, Gas & Consumable Fuels

    7.2   

Pharmaceuticals

    7.0   

Banks

    6.3   

Biotechnology

    4.9   

Internet Software & Services

    4.5   

Software

    4.3   

Health Care Providers & Services

    4.2   

Specialty Retail

    3.7   

Capital Markets

    3.6   

Insurance

    3.4   

IT Services

    3.3   

Internet & Catalog Retail

    3.2   

Media

    2.9   

Machinery

    2.9   

Textiles, Apparel & Luxury Goods

    2.8   

Hotels, Restaurants & Leisure

    2.5   

Food Products

    2.5   

Semiconductors & Semiconductor Equipment

    2.1   

Energy Equipment & Services

    2.1   

Technology Hardware, Storage & Peripherals

    1.9   

Diversified Telecommunication Services

    1.9   

Real Estate Investment Trusts (REITs)

    1.6   

Metals & Mining

    1.5   

Airlines

    1.5   

Food & Staples Retailing

    1.5   

Life Sciences Tools & Services

    1.2   

Road & Rail

    1.2   

Aerospace & Defense

    1.2

Electronic Equipment & Instruments

    1.2   

Wireless Telecommunication Services

    1.1   

Auto Components

    1.0   

Automobiles

    0.9   

Chemicals

    0.9   

Personal Products

    0.8   

Communications Equipment

    0.8   

Professional Services

    0.8   

Consumer Finance

    0.7   

Independent Power and Renewable Electricity Producers

    0.6   

Commercial Services & Supplies

    0.5   

Health Care Equipment & Supplies

    0.5   

Diversified Financial Services

    0.5   

Industrial Conglomerates

    0.5   

Electric Utilities

    0.3   

Construction & Engineering

    0.3   

Trading Companies & Distributors

    0.2   

Household Durables

    0.1   

Electrical Equipment

    0.1   

Thrifts & Mortgage Finance

    0.1   

Leisure Products

    0.1   

Electronic Equipment, Instruments & Components

    0.1   

Building Products

    0.1   
 

 

 

 
    110.6   

Liabilities in excess of other assets

    (10.6
 

 

 

 
    100.0
 

 

 

 

 

The Fund invested in financial instruments during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting as well as instruments subject to collateral arrangements. The information about offsetting and related netting arrangements for assets and liabilities is presented in the summary below.

 

See Notes to Financial Statements.

 

22  


Offsetting of financial instrument assets and liabilities:

 

Description

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

Assets:

       

Securities on Loan

  $ 119,468,345      $   —      $   —      $ 119,468,345   
       

 

 

 

Collateral Amounts Pledged/(Received):

  

   

Securities on Loan

  

    (119,468,345
       

 

 

 

Net Amount

  

  $   
       

 

 

 

 

See Notes to Financial Statements.

 

Prudential Jennison Blend Fund, Inc.     23   


 

Statement of Assets & Liabilities

 

as of February 28, 2014 (Unaudited)

 

Assets

        

Investments at value, including securities on loan of $119,468,345:

  

Unaffiliated investments (cost $777,899,353)

   $ 1,165,008,316   

Affiliated investments (cost $135,066,951)

     135,066,951   

Cash

     151   

Receivable for investments sold

     12,787,189   

Dividends receivable

     940,869   

Receivable for Fund shares sold

     287,219   

Tax reclaim receivable

     30,393   

Prepaid expenses

     6,700   
  

 

 

 

Total assets

     1,314,127,788   
  

 

 

 

Liabilities

        

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

     122,959,436   

Payable for investments purchased

     12,690,637   

Payable for Fund shares reacquired

     1,582,107   

Management fee payable

     423,293   

Accrued expenses

     356,445   

Distribution fee payable

     279,962   

Affiliated transfer agent fee payable

     111,607   
  

 

 

 

Total liabilities

     138,403,487   
  

 

 

 

Net Assets

   $ 1,175,724,301   
  

 

 

 
          

Net assets were comprised of:

  

Common stock, at par

   $ 518,591   

Paid-in capital in excess of par

     751,182,788   
  

 

 

 
     751,701,379   

Undistributed net investment income

     975,678   

Accumulated net realized gain on investment and foreign currency transactions

     35,938,281   

Net unrealized appreciation on investments and foreign currencies

     387,108,963   
  

 

 

 

Net assets, February 28, 2014

   $ 1,175,724,301   
  

 

 

 

 

See Notes to Financial Statements.

 

24  


 

Class A

        

Net asset value and redemption price per share
($1,075,667,744 ÷ 47,313,114 shares of common stock issued and outstanding)

   $ 22.74   

Maximum sales charge (5.50% of offering price)

     1.32   
  

 

 

 

Maximum offering price to public

   $ 24.06   
  

 

 

 

Class B

        

Net asset value, offering price and redemption price per share
($25,203,143 ÷ 1,178,364 shares of common stock issued and outstanding)

   $ 21.39   
  

 

 

 

Class C

        

Net asset value, offering price and redemption price per share
($27,481,836 ÷ 1,284,636 shares of common stock issued and outstanding)

   $ 21.39   
  

 

 

 

Class Z

        

Net asset value, offering price and redemption price per share
($47,371,578 ÷ 2,082,986 shares of common stock issued and outstanding)

   $ 22.74   
  

 

 

 

 

See Notes to Financial Statements.

 

Prudential Jennison Blend Fund, Inc.     25   


 

Statement of Operations

 

Six Months Ended February 28, 2014 (Unaudited)

 

Net Investment Income

        

Income

  

Unaffiliated dividend income (net of foreign withholding taxes of $89,841)

   $ 6,220,558   

Affiliated income from securities loaned, net

     193,453   

Affiliated dividend income

     9,818   
  

 

 

 

Total income

     6,423,829   
  

 

 

 

Expenses

  

Management fee

     2,707,226   

Distribution fee—Class A

     1,541,610   

Distribution fee—Class B

     118,760   

Distribution fee—Class C

     131,144   

Transfer agent’s fees and expenses (including affiliated expense of $178,100)

     730,000   

Custodian’s fees and expenses

     87,000   

Shareholders’ reports

     49,000   

Registration fees

     31,000   

Directors’ fees

     15,000   

Legal fees and expenses

     14,000   

Audit fee

     11,000   

Insurance expenses

     8,000   

Miscellaneous

     11,291   
  

 

 

 

Total expenses

     5,455,031   
  

 

 

 

Net investment income

     968,798   
  

 

 

 

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

        

Net realized gain (loss) on:

  

Investment transactions

     76,333,165   

Foreign currency transactions

     (7,112
  

 

 

 
     76,326,053   
  

 

 

 

Net change in unrealized appreciation (depreciation) on investments

     98,699,851   
  

 

 

 

Net gain on investment and foreign currency transactions

     175,025,904   
  

 

 

 

Net Increase In Net Assets Resulting From Operations

   $ 175,994,702   
  

 

 

 

 

See Notes to Financial Statements.

 

26  


 

Statement of Changes in Net Assets

 

(Unaudited)

 

 

     Six Months
Ended
February 28, 2014
     Year
Ended
August 31, 2013
 

Increase (Decrease) in Net Assets

                 

Operations

     

Net investment income

   $ 968,798       $ 7,651,379   

Net realized gain on investment and foreign currency transactions

     76,326,053         100,795,512   

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

     98,699,851         96,249,201   
  

 

 

    

 

 

 

Net increase in net assets resulting from operations

     175,994,702         204,696,092   
  

 

 

    

 

 

 

Dividends and Distributions (Note 1)

     

Dividends from net investment income

     

Class A

     (5,358,631      (4,160,187

Class B

             (6,264

Class C

             (6,073

Class Z

     (356,900      (280,230
  

 

 

    

 

 

 
     (5,715,531      (4,452,754
  

 

 

    

 

 

 

Distributions from net realized gains

     

Class A

     (100,270,998        

Class B

     (2,400,631        

Class C

     (2,722,491        

Class Z

     (4,389,027        
  

 

 

    

 

 

 
     (109,783,147        
  

 

 

    

 

 

 

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

     

Net proceeds from shares sold

     22,424,730         21,075,293   

Net asset value of shares issued in reinvestment of dividends

     112,051,550         4,325,677   

Cost of shares reacquired

     (81,166,858      (134,638,909
  

 

 

    

 

 

 

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

     53,309,422         (109,237,939
  

 

 

    

 

 

 

Total increase

     113,805,446         91,005,399   

Net Assets:

                 

Beginning of period

     1,061,918,855         970,913,456   
  

 

 

    

 

 

 

End of period (a)

   $ 1,175,724,301       $ 1,061,918,855   
  

 

 

    

 

 

 

(a) Includes undistributed net investment income of:

   $ 975,678       $ 5,722,411   
  

 

 

    

 

 

 

 

See Notes to Financial Statements.

 

Prudential Jennison Blend Fund, Inc.     27   


 

Notes to Financial Statements

 

(Unaudited)

 

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

 

Note 1. Accounting Policies

 

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

 

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

 

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the table following the Portfolio of Investments.

 

Common stocks, exchange-traded funds, and derivative instruments that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy except for exchange-traded and cleared swaps which are classified as Level 2 in the fair value hierarchy, as the prices are not public.

 

28  


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

 

Common stocks traded on foreign securities exchanges are valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy, as the adjustment factors are observable and considered to be significant to the valuation.

 

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

 

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

 

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

 

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

 

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

 

Prudential Jennison Blend Fund, Inc.     29   


 

Notes to Financial Statements

 

(Unaudited) continued

 

bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the investment adviser regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset values.

 

Foreign Currency Translation: The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

 

(i) market value of investment securities, other assets and liabilities—at the current rates of exchange.

 

(ii) purchases and sales of investment securities, income and expenses—at the rates of exchange prevailing on the respective dates of such transactions.

 

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, these realized foreign currency gains or losses are included in the reported net realized gains or losses on investment transactions.

 

Net realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from sales and maturities of short-term securities and forward currency contracts, disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on foreign currencies.

 

Master Netting Arrangements: The Fund is subject to various Master Agreements, or netting arrangements, with select counterparties. A master netting arrangement

 

30  


between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. The right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. During the reporting period, there were no instances where the right of set-off existed and management has not elected to offset.

 

Securities Lending: The Fund may lend its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in a highly liquid short-term money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities, and any interest on the investment of cash received as collateral. The Fund also continues to receive interest and dividends or amounts equivalent thereto, on the securities loaned and recognizes any unrealized gain or loss in the market price of the securities loaned that may occur during the term of the loan.

 

REITs: The Fund invests in real estate investment trusts (“REITs”), which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. These estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

 

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains or losses from investment and currency transactions are calculated on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on the accrual basis, which may require the use of certain estimates by management that may differ from actual.

 

Prudential Jennison Blend Fund, Inc.     31   


 

Notes to Financial Statements

 

(Unaudited) continued

 

 

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

 

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

 

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

 

Estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

 

Note 2. Agreements

 

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

 

The management fee paid to PI is accrued daily and payable monthly, at an annual rate of .50% of the Fund’s average daily net assets up to $500 million, .475% of the

 

32  


next $500 million of the Fund’s average daily net assets and .45% of the Fund’s average daily net assets in excess of $1 billion. The effective management fee rate was .48% of the Fund’s average daily net assets for the six months ended February 28, 2014.

 

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”) which acts as the distributor of the Class A, Class B, Class C and Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class B and Class C shares, pursuant to plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Z shares of the Fund. Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30%, 1% and 1% of the average daily net assets of the Class A, B and C shares, respectively.

 

PIMS has advised the Fund that it has received $135,287 in front-end sales charges resulting from sales of Class A shares, during the six months ended February 28, 2014. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

 

PIMS has advised the Fund that for the six months ended February 28, 2014, it received $116, $14,717 and $188 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively.

 

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

 

Note 3. Other Transactions with Affiliates

 

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

 

Prudential Investment Management, Inc. (“PIM”), an indirect, wholly-owned subsidiary of Prudential, is the Fund’s security lending agent. For the six months ended February 28, 2014, PIM has been compensated approximately $57,800 for these services.

 

Prudential Jennison Blend Fund, Inc.     33   


 

Notes to Financial Statements

 

(Unaudited) continued

 

 

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

 

Note 4. Portfolio Securities

 

Purchases and sales of portfolio securities, other than short-term investments, for the six months ended February 28, 2014, were $312,248,880 and $373,618,193, respectively.

 

Note 5. Tax Information

 

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 28, 2014 were as follows:

 

Tax Basis

   $ 925,694,627   
  

 

 

 

Appreciation

     383,989,535   

Depreciation

     (9,608,895
  

 

 

 

Net Unrealized Appreciation

   $ 374,380,640   
  

 

 

 

 

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

 

The Fund utilized approximately $3,439,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended August 31, 2013.

 

Management has analyzed the Fund’s tax positions taken on federal income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. The Fund’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

 

Note 6. Capital

 

The Fund offers Class A, Class B, Class C and Class Z shares. Class A shares are sold with a front-end sales charge of up to 5.50%. All investors who purchase Class A

 

34  


shares in an amount of $1 million or more and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (CDSC) of 1%, including investors who purchase their shares through broker-dealers affiliated with Prudential. The Class A CDSC is waived for purchases by certain retirement or benefit plans. Class B shares are sold with a contingent deferred sales charge which declines from 5% to zero depending on the period of time the shares are held. Class B shares automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. Class C shares are sold with a contingent deferred sales charge of 1% during the first 12 months. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class Z shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

 

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 as presented in the table of transactions in shares of common stock.

 

There are 1 billion shares of common stock, $.01 par value per share, divided into four classes, designated Class A, Class B, Class C and Class Z common stock, each of which consists of 250 million authorized shares.

 

Transactions in shares of common stock were as follows:

 

Class A

     Shares      Amount  

Six months ended February 28, 2014:

       

Shares sold

       489,001       $ 11,092,883   

Shares issued in reinvestment of dividends

       4,809,481         102,680,378   

Shares reacquired

       (3,016,119      (68,506,310
    

 

 

    

 

 

 

Net increase (decrease) in shares outstanding before conversion

       2,282,363         45,266,951   

Shares issued upon conversion from Class B and Class Z

       87,900         2,028,566   

Shares reacquired upon conversion into Class Z

       (26,468      (601,735
    

 

 

    

 

 

 

Net increase (decrease) in shares outstanding

       2,343,795       $ 46,693,782   
    

 

 

    

 

 

 

Year ended August 31, 2013:

       

Shares sold

       677,293       $ 13,423,961   

Shares issued in reinvestment of dividends

       223,843         4,042,607   

Shares reacquired

       (6,104,577      (119,077,830
    

 

 

    

 

 

 

Net increase (decrease) in shares outstanding before conversion

       (5,203,441      (101,611,262

Shares issued upon conversion from Class B and Class Z

       264,053         5,192,753   

Shares reacquired upon conversion into Class Z

       (35,444      (700,027
    

 

 

    

 

 

 

Net increase (decrease) in shares outstanding

       (4,974,832    $ (97,118,536
    

 

 

    

 

 

 

 

Prudential Jennison Blend Fund, Inc.     35   


 

Notes to Financial Statements

 

(Unaudited) continued

 

 

Class B

     Shares      Amount  

Six months ended February 28, 2014:

       

Shares sold

       84,802       $ 1,805,217   

Shares issued in reinvestment of dividends

       117,179         2,356,464   

Shares reacquired

       (58,623      (1,250,567
    

 

 

    

 

 

 

Net increase (decrease) in shares outstanding before conversion

       143,358         2,911,114   

Shares reacquired upon conversion into Class A

       (91,013      (1,981,439
    

 

 

    

 

 

 

Net increase (decrease) in shares outstanding

       52,345       $ 929,675   
    

 

 

    

 

 

 

Year ended August 31, 2013:

       

Shares sold

       148,502       $ 2,788,902   

Shares issued in reinvestment of dividends

       359         6,156   

Shares reacquired

       (145,502      (2,678,328
    

 

 

    

 

 

 

Net increase (decrease) in shares outstanding before conversion

       3,359         116,730   

Shares reacquired upon conversion into Class A

       (277,588      (5,190,919
    

 

 

    

 

 

 

Net increase (decrease) in shares outstanding

       (274,229    $ (5,074,189
    

 

 

    

 

 

 

Class C

               

Six months ended February 28, 2014:

       

Shares sold

       47,436       $ 1,001,724   

Shares issued in reinvestment of dividends

       121,868         2,450,770   

Shares reacquired

       (87,579      (1,867,481
    

 

 

    

 

 

 

Net increase (decrease) in shares outstanding before conversion

       81,725         1,585,013   

Shares reacquired upon conversion into Class Z

       (1,339      (28,982
    

 

 

    

 

 

 

Net increase (decrease) in shares outstanding

       80,386       $ 1,556,031   
    

 

 

    

 

 

 

Year ended August 31, 2013:

       

Shares sold

       74,329       $ 1,416,163   

Shares issued in reinvestment of dividends

       317         5,439   

Shares reacquired

       (218,244      (4,004,195
    

 

 

    

 

 

 

Net increase (decrease) in shares outstanding before conversion

       (143,598      (2,582,593

Shares reacquired upon conversion into Class Z

       (5,451      (95,800
    

 

 

    

 

 

 

Net increase (decrease) in shares outstanding

       (149,049    $ (2,678,393
    

 

 

    

 

 

 

 

36  


Class Z

     Shares      Amount  

Six months ended February 28, 2014:

       

Shares sold

       359,894       $ 8,524,906   

Shares issued in reinvestment of dividends

       213,868         4,563,938   

Shares reacquired

       (419,094      (9,542,500
    

 

 

    

 

 

 

Net increase (decrease) in shares outstanding before conversion

       154,668         3,546,344   

Shares issued upon conversion from Class A and Class C

       27,699         630,717   

Shares reacquired upon conversion into Class A

       (1,996      (47,127
    

 

 

    

 

 

 

Net increase (decrease) in shares outstanding

       180,371       $ 4,129,934   
    

 

 

    

 

 

 

Year ended August 31, 2013:

       

Shares sold

       172,580       $ 3,446,267   

Shares issued in reinvestment of dividends

       15,040         271,475   

Shares reacquired

       (460,379      (8,878,556
    

 

 

    

 

 

 

Net increase (decrease) in shares outstanding before conversion

       (272,759      (5,160,814

Shares issued upon conversion from Class A and Class C

       40,577         795,827   

Shares reacquired upon conversion into Class A

       (83      (1,834
    

 

 

    

 

 

 

Net increase (decrease) in shares outstanding

       (232,265    $ (4,366,821
    

 

 

    

 

 

 

 

Note 7. Borrowings

 

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

 

The Fund did not utilize the SCA during the six months ended February 28, 2014.

 

Prudential Jennison Blend Fund, Inc.     37   


Financial Highlights

 

(Unaudited)

 

Class A Shares  
     Six Months
Ended
February 28,
        Year Ended August 31,  
     2014          2013     2012     2011     2010     2009  
Per Share Operating Performance(a):                                                    
Net Asset Value, Beginning Of Period     $21.64            $17.75        $16.68        $13.95        $13.34        $17.07   
Income (loss) from investment operations:                                                    
Net investment income     .02            .15        .05        .03        .03        .04   
Net realized and unrealized gain (loss) on investment and foreign currency transactions     3.50            3.83        1.05        2.73        .58        (3.25
Total from investment operations     3.52            3.98        1.10        2.76        .61        (3.21
Less Dividends and Distributions:                                                    
Dividends from net investment income     (.12         (.09     (.03     (.03     -        (.04
Distributions from net realized gains     (2.30         -        -        -        -        (.48
Total dividends and distributions     (2.42         (.09     (.03     (.03     -        (.52
Capital Contributions(e):     -            -        -        - (d)      - (d)      -   
Net asset value, end of period     $22.74            $21.64        $17.75        $16.68        $13.95        $13.34   
Total Return(b):     17.01%            22.50%        6.59%        19.82%        4.57%        (17.42)%   
Ratios/Supplemental Data:  
Net assets, end of period (000,000)     $1,076            $973        $887        $931        $871        $924   
Average net assets (000,000)     $1,036            $930        $910        $1,017        $976        $842   
Ratios to average net assets(c):                                                    
Expenses     .95% (f)          .97%        1.00%        1.00%        1.01%        1.04%   
Net investment income     .19% (f)          .77%        .31%        .18%        .23%        .31%   
Portfolio turnover rate     28% (g)          73%        110%        143%        112%        122%   

 

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

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

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

(d) Less than $.005.

(e) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended August 31, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

(f) Annualized.

(g) Not annualized.

 

See Notes to Financial Statements.

 

38  


 

Class B Shares  
    

Six Months
Ended
February 28,

        Year Ended August 31,  
     2014          2013     2012     2011     2010     2009  
Per Share Operating Performance(a):                                                    
Net Asset Value, Beginning Of Period     $20.44            $16.81        $15.88        $13.34        $12.85        $16.53   
Income (loss) from investment operations:                                                    
Net investment income (loss)     (.05         .01        (.06     (.08     (.07     (.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions     3.30            3.62        .99        2.62        .56        (3.16
Total from investment operations     3.25            3.63        .93        2.54        .49        (3.20
Less Dividends and Distributions:                                                    
Dividends from net investment income     -            - (d)      -        -        -        -   
Distributions from net realized gains     (2.30         -        -        -        -        (.48
Total dividends and distributions     (2.30         - (d)      -        -        -        (.48
Capital Contributions(e):     -            -        -        - (d)      - (d)      -   
Net asset value, end of period     $21.39            $20.44        $16.81        $15.88        $13.34        $12.85   
Total Return(b):     16.62%            21.63%        5.86%        19.04%        3.81%        (18.06)%   
Ratios/Supplemental Data:  
Net assets, end of period (000,000)     $25            $23        $23        $29        $33        $45   
Average net assets (000,000)     $24            $23        $26        $35        $42        $46   
Ratios to average net assets(c):                                                    
Expenses     1.65% (f)          1.67%        1.70%        1.70%        1.71%        1.74%   
Net investment income (loss)     (.50)% (f)          .08%        (.40)%        (.52)%        (.46)%        (.37)%   
Portfolio turnover rate     28% (g)          73%        110%        143%        112%        122%   

 

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

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

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

(d) Less than $.005 per share.

(e) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended August 31, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

(f) Annualized.

(g) Not annualized.

 

See Notes to Financial Statements.

 

Prudential Jennison Blend Fund, Inc.     39   


Financial Highlights

 

(Unaudited) continued

 

Class C Shares  
    

Six Months
Ended
February 28,

        Year Ended August 31,  
     2014          2013     2012     2011     2010     2009  
Per Share Operating Performance(a):                                                    
Net Asset Value, Beginning Of Period     $20.45            $16.82        $15.88        $13.35        $12.86        $16.53   
Income (loss) from investment operations:                                                    
Net investment income (loss)     (.05         .01        (.06     (.09     (.07     (.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions     3.29            3.62        1.00        2.62        .56        (3.15
Total from investment operations     3.24            3.63        .94        2.53        .49        (3.19
Less Dividends and Distributions:                                                    
Dividends from net investment income     -            - (d)      -        -        -        -   
Distributions from net realized gains     (2.30         -        -        -        -        (.48
Total dividends and distributions     (2.30         - (d)      -        -        -        (.48
Capital Contributions(e):     -            -        -        - (d)      - (d)      -   
Net asset value, end of period     $21.39            $20.45        $16.82        $15.88        $13.35        $12.86   
Total Return(b):     16.56%            21.61%        5.92%        18.95%        3.81%        (18.00)%   
Ratios/Supplemental Data:  
Net assets, end of period (000,000)     $27            $25        $23        $24        $22        $22   
Average net assets (000,000)     $26            $23        $24        $26        $24        $21   
Ratios to average net assets(c):                                                    
Expenses     1.65% (f)          1.67%        1.70%        1.70%        1.71%        1.74%   
Net investment income (loss)     (.51 )%(f)          .07%        (.39)%        (.52)%        (.47)%        (.39)%   
Portfolio turnover rate     28% (g)          73%        110%        143%        112%        122%   

 

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

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

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

(d) Less than $.005 per share.

(e) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended August 31, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

(f) Annualized.

(g) Not annualized.

 

See Notes to Financial Statements.

 

40  


Class Z Shares  
    

Six Months
Ended
February 28,

        Year Ended August 31,  
     2014          2013     2012     2011     2010     2009  
Per Share Operating Performance(a):                                                    
Net Asset Value, Beginning Of Period     $21.67            $17.78        $16.71        $13.97        $13.32        $17.07   
Income (loss) from investment operations:                                                    
Net investment income     .06            .21        .10        .08        .08        .07   
Net realized and unrealized gain (loss) on investment and foreign currency transactions     3.50            3.82        1.05        2.74        .57        (3.26
Total from investment operations     3.56            4.03        1.15        2.82        .65        (3.19
Less Dividends and Distributions:                                                    
Dividends from net investment income     (.19         (.14     (.08     (.08     -        (.08
Distributions from net realized gains     (2.30         -        -        -        -        (.48
Total dividends and distributions     (2.49         (.14     (.08     (.08     -        (.56
Capital Contributions(e):     -            -        -        - (d)      - (d)      -   
Net asset value, end of period     $22.74            $21.67        $17.78        $16.71        $13.97        $13.32   
Total Return(b):     17.17%            22.82%        6.94%        20.22%        4.88%        (17.20)%   
Ratios/Supplemental Data:  
Net assets, end of period (000,000)     $47            $41        $38        $57        $45        $45   
Average net assets (000,000)     $43            $39        $43        $56        $51        $44   
Ratios to average net assets(c):                                                    
Expenses     .65% (f)          .67%        .70%        .70%        .71%        .74%   
Net investment income     .50% (f)          1.08%        .60%        .48%        .54%        .62%   
Portfolio turnover rate     28% (g)          73%        110%        143%        112%        122%   

 

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

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

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

(d) Less than $.005 per share.

(e) The Fund received payments related to an unaffiliated-third party’s settlement of regulatory proceedings involving allegations of improper trading in Fund shares during the fiscal years ended August 31, 2011 and 2010. The Fund was not involved in the proceedings or in the calculation of the amount of settlement.

(f) Annualized.

(g) Not annualized.

 

See Notes to Financial Statements.

 

Prudential Jennison Blend Fund, Inc.     41   


n    MAIL   n    TELEPHONE   n    WEBSITE

Gateway Center Three

100 Mulberry Street

Newark, NJ 07102

  (800) 225-1852   www.prudentialfunds.com

 

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

 

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

 

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

 

MANAGER   Prudential Investments LLC    Gateway Center Three
100 Mulberry Street
Newark, NJ 07102

 

INVESTMENT SUBADVISER   Jennison Associates LLC    466 Lexington Avenue
New York, NY 10017

 

DISTRIBUTOR   Prudential Investment
Management Services LLC
   Gateway Center Three
100 Mulberry Street
Newark, NJ 07102

 

CUSTODIAN   The Bank of New York Mellon    One Wall Street
New York, NY 10286

 

TRANSFER AGENT   Prudential Mutual Fund
Services LLC
   PO Box 9658
ProvidenceRI 02940

 

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
  KPMG LLP    345 Park Avenue
New YorkNY 10154

 

FUND COUNSEL   Willkie Farr & Gallagher LLP    787 Seventh Avenue
New YorkNY 10019


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

 

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

 

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

 

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

 

Mutual Funds:

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


LOGO

 

 

PRUDENTIAL JENNISON BLEND FUND, INC.

 

SHARE CLASS   A   B   C   Z
NASDAQ   PBQAX   PBQFX   PRECX   PEQZX
CUSIP   74441T108   74441T207   74441T306   74441T405

 

MF1O1E2    0260378-00001-00


Item 2 – Code of Ethics – Not required, as this is not an annual filing.

 

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

 

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

 

Item 5 – Audit Committee of Listed Registrants – Not applicable.

 

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

 

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

 

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

 

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

 

Item 10 – Submission of Matters to a Vote of Security Holders – Not applicable.

 

Item 11 – Controls and Procedures

 

  (a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

 

  (b) There has been no significant change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12 – Exhibits

 

  (a) (1)       Code of Ethics – Not required, as this is not an annual filing.

 

  (2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

 

  (3) Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.

 

  (b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.


SIGNATURES

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

 

Registrant:    Prudential Jennison Blend Fund, Inc.   
By:   

/s/ Deborah A. Docs

  
   Deborah A. Docs   
   Secretary   
Date:    April 18, 2014   

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:   

/s/ Stuart S. Parker

  
   Stuart S. Parker   
   President and Principal Executive Officer   
Date:    April 18, 2014   
By:   

/s/ Grace C. Torres

  
   Grace C. Torres   
   Treasurer and Principal Financial Officer   
Date:    April 18, 2014   

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘N-CSRS’ Filing    Date    Other Filings
11/4/14
8/31/1424F-2NT,  N-CSR,  NSAR-B
Filed on / Effective on:4/25/14
4/18/14
4/15/14
For Period End:2/28/14NSAR-A
11/5/13
9/1/13
8/31/1324F-2NT,  N-CSR,  NSAR-B
8/31/1124F-2NT,  N-CSR,  NSAR-B
8/31/1024F-2NT,  N-CSR,  NSAR-B
 List all Filings
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Filing Submission 0001193125-14-159766   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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