N-Q 1 dnq.htm JENNISON BLEND FUND, INC. Jennison Blend Fund, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

 

Investment Company Act file number:    811-03336
Exact name of registrant as specified in charter:    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:    08/31/2008
Date of reporting period:    11/30/2007


Item 1. Schedule of Investments


Jennison Blend Fund, Inc.

Schedule of Investments

as of November 30, 2007 (Unaudited)

 

Shares

  

Description

   Value

LONG-TERM INVESTMENTS 98.0%

  

COMMON STOCKS

  

Aerospace & Defense 2.2%

  
  163,200   

Boeing Co.

   $ 15,102,528
  314,400   

United Technologies Corp.

     23,507,688
           
          38,610,216
           

Beverages 1.2%

  
  275,386   

PepsiCo, Inc.

     21,254,291
           

Biotechnology 3.8%

  
  584,400   

Amgen, Inc.(a)

     32,288,100
  764,498   

Gilead Sciences, Inc.(a)(b)

     35,579,737
           
          67,867,837
           

Building Products 0.8%

  
  396,100   

Trane, Inc.

     14,540,831
           

Capital Markets 5.0%

  
  430,198   

Bank of New York Mellon Corp. (The)

     20,632,296
  894,600   

Charles Schwab Corp. (The)

     21,747,726
  57,300   

Goldman Sachs Group, Inc. (The)(b)

     12,986,472
  206,700   

Merrill Lynch & Co., Inc.

     12,389,598
  410,200   

UBS AG (b)

     20,706,896
           
          88,462,988
           

Chemicals 1.3%

  
  229,100   

Monsanto Co.(b)

     22,765,667
           

Commercial Services & Supplies 1.3%

  
  658,900   

Waste Management, Inc.

     22,613,448
           

Communications Equipment 5.3%

  
  233,300   

Ciena Corp.(a)(b)

     10,260,534
  970,900   

Cisco Systems, Inc.(a)(b)

     27,204,618
  258,000   

Juniper Networks, Inc.(a)(b)

     7,667,760
  334,600   

QUALCOMM, Inc.

     13,644,988
  320,300   

Research In Motion Ltd.(a)

     36,456,546
           
          95,234,446
           

Computers & Peripherals 5.4%

  
  176,200   

Apple, Inc.(a)

     32,107,164
  522,500   

Hewlett-Packard Co.

     26,731,100
  541,900   

Lexmark International, Inc.(a)

     18,901,472
  741,100   

Seagate Technology

     19,112,969
           
          96,852,705
           


Consumer Finance 0.9%

  
  413,100   

SLM Corp.

   15,730,848
         

Diversified Consumer Services 2.1%

  
  599,500   

Career Education Corp.(a)(b)

   17,223,635
  1,025,100   

H&R Block, Inc.

   20,173,968
         
        37,397,603
         

Diversified Financial Services 3.0%

  
  299,900   

Citigroup, Inc.

   9,986,670
  17,500   

CME Group, Inc.(b)

   11,525,500
  983,900    KKR Private Equity Investors LLP – RDU, Private Placement, 144A (cost $24,109,349;
purchased 5/3/06 – 8/3/06)(d)(e)
   17,611,810
  235,600   

KKR Private Equity Investors LLP

   4,217,240
  125,000   

NYSE Euronext (b)

   10,825,000
         
        54,166,220
         

Electric Utilities 1.9%

  
  130,100   

Entergy Corp.

   15,552,154
  392,900   

Progress Energy, Inc.(b)

   19,181,378
         
        34,733,532
         

Electrical Equipment 0.6%

  
  47,500   

First Solar, Inc.(a)(b)

   11,264,625
         

Energy Equipment & Services 2.0%

  
  203,900   

Schlumberger Ltd.

   19,054,455
  366,100   

Tenaris SA ADR (Luxembourg)

   17,272,598
         
        36,327,053
         

Food & Staples Retailing 3.2%

  
  124,400   

Costco Wholesale Corp.

   8,384,560
  753,600   

Kroger Co. (The)

   21,666,000
  400,800   

Wal-Mart Stores, Inc.

   19,198,320
  161,900   

Whole Foods Market, Inc.(b)

   6,963,319
         
        56,212,199
         

Food Products 2.7%

  
  510,303   

Cadbury Schweppes PLC ADR (United Kingdom)

   26,316,326
  861,500   

ConAgra Foods, Inc.

   21,554,730
         
        47,871,056
         

Healthcare Equipment & Supplies 2.1%

  
  122,900   

Alcon, Inc.

   17,100,306
  348,800   

Baxter International, Inc.

   20,882,656
         
        37,982,962
         

Healthcare Providers & Services 0.8%

  
  560,800   

Omnicare, Inc.(b)

   14,289,184
         


Household Products 2.5%

  
  304,700   

Colgate-Palmolive Co.

   24,400,376
  283,900   

Kimberly-Clark Corp.(b)

   19,819,059
         
        44,219,435
         

Independent Power Producers & Energy Traders 1.2%

  
  493,400   

NRG Energy, Inc.(a)(b)

   20,915,226
         

Industrial Conglomerates 1.3%

  
  612,200   

General Electric Co.

   23,441,138
         

Insurance 4.2%

  
  460,400   

American International Group, Inc.

   26,763,052
  553,000   

Loews Corp.

   26,427,870
  589,500   

MBIA, Inc.(b)

   21,522,645
         
        74,713,567
         

Internet & Catalog Retail 0.5%

  
  107,800   

Amazon.com, Inc.(a)(b)

   9,762,368
         

Internet Software & Services 2.8%

  
  218,800   

Akamai Technologies, Inc.(a)(b)

   8,327,528
  59,500   

Google, Inc. “Class A”(a)

   41,233,500
         
        49,561,028
         

Life Sciences Tools & Services 1.2%

  
  378,500   

Thermo Fisher Scientific, Inc.(a)(b)

   21,816,740
         

Media 5.8%

  
  983,000   

Comcast Corp. “Class A”(a)(b)

   20,190,820
  527,699   

Liberty Global, Inc. “Series C”(a)(b)

   20,184,487
  900,900   

News Corp. “Class A”

   18,981,963
  733,900   

Walt Disney Co. (The)

   24,328,785
  1,264,800   

XM Satellite Radio Holdings, Inc. “Class A”(a)

   19,730,880
         
        103,416,935
         

Metals & Mining 1.2%

  
  216,700   

Freeport-McMoRan Copper & Gold, Inc. “Class B”

   21,438,131
         

Multiline Retail 0.7%

  
  218,200   

Target Corp.

   13,105,092
         

Multi-Utilities 1.3%

  
  358,500   

Sempra Energy

   22,449,270
         

Oil, Gas & Consumable Fuels 11.2%

  
  274,800   

Hess Corp.

   19,571,256
  677,600   

Marathon Oil Corp.

   37,877,840
  239,900   

Murphy Oil Corp.

   17,157,648
  756,400   

Nexen, Inc.(b)

   21,481,760
  403,400   

Occidental Petroleum Corp.

   28,145,218
  296,300   

Petroleo Brasileiro SA ADR (Brazil)

   28,533,690


  291,524    Suncor Energy, Inc. (Canada)    27,874,022
  550,700    Williams Cos., Inc.    19,114,797
         
        199,756,231
         

Pharmaceuticals 7.0%

  
  392,000    Abbott Laboratories    22,543,920
  404,800    Elan Corp. PLC ADR (Ireland)(a)(b)    9,322,544
  287,300    Merck & Co., Inc.(b)    17,054,128
  189,600    Roche Holding AG ADR (Switzerland)    18,094,324
  550,100    Schering-Plough Corp.    17,218,130
  371,100    Teva Pharmaceutical Industries Ltd. ADR (Israel)(b)    16,562,193
  471,500    Wyeth    23,150,650
         
        123,945,889
         

Semiconductors & Semiconductor Equipment 0.6%

  
  2,082,300    Spansion, Inc. (a)(b)    11,119,482
         

Software 3.8%

  
  513,400    Adobe Systems, Inc.(a)    21,634,676
  736,200    Microsoft Corp.    24,736,320
  1,175,600    Symantec Corp.(a)    20,925,680
         
        67,296,676
         

Specialty Retail 1.4%

  
  479,500    Best Buy Co., Inc.    24,478,475
         

Textiles, Apparel & Luxury Goods 1.7%

  
  362,200    Coach, Inc.(a)    13,452,108
  255,700    Nike, Inc. “Class B”    16,786,705
         
        30,238,813
         

Thrifts & Mortgage Finance 1.6%

  
  654,400    Fannie Mae (b)    25,142,048
  143,300    MGIC Investment Corp.(b)    3,370,416
         
        28,512,464
         

Tobacco 1.2%

  
  281,600    Altria Group, Inc.    21,840,896
         

Wireless Telecommunication Services 1.2%

  
  1,332,200    Sprint Nextel Corp.(b)    20,675,744
         
    

Total long-term investments
(cost $1,399,131,107)

   1,746,881,311
         

SHORT-TERM INVESTMENT 19.2%

  

Affiliated Money Market Mutual Fund

  
341,727,706   

Dryden Core Investment Fund - Taxable Money Market Series (cost $341,727,706; includes $312,743,511 of cash collateral received from securities on loan)(c)(g)

   341,727,706
         


    

Total Investments(f) 117.2%
(cost $1,740,858,813)(h)

     2,088,609,017  
    

Liabilities in excess of other assets (17.2%)

     (306,144,489 )
             
     Net Assets 100.0%    $ 1,782,464,528  
             

The following abbreviations are used in portfolio descriptions:

ADR—American Depositary Receipt

RDU—Restricted Depositary Unit

 

(a) Non-income producing security.
(b) All or portion of securities on loan. The aggregate market value of such securities is $309,564,975; cash collateral of $312,743,511 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.
(c) Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.
(d) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule

except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.

(e) Indicates a security is illiquid and restricted as to resale. The aggregate cost of the security is $24,109,349. The aggregate market value of $17,611,810 represents 1.0% of net assets.
(f) As of November 30, 2007, one security representing $17,611,810 and 1.0% of the net assets was fair valued in accordance with the policies adopted by the Board of Directors.
(g) Prudential Investments LLC, the manager of the Fund, also serves as the manager of the Dryden Core Investment Fund-Taxable Money Market Series.
(h) The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of November 30, 2007 were as follows:

 

Tax Basis

of Investments

  Gross
Appreciation
  Gross
Depreciation
  Net Unrealized
Appreciation
$1,750,740,099   $ 399,576,357   $ 61,707,439   $ 337,868,918

The difference between the book basis and tax basis is primarily attributable to deferred losses on wash sales.


Notes to Schedule of Investments

(Unaudited)

Securities Valuation: Securities listed on a securities exchange (other than options on securities and indices) are valued at the last sale price on such exchange on the day of valuation or, if there was no sale on such day, at the mean between the last reported bid and asked prices, or at the last bid price on such day in the absence of an asked price. Securities traded via Nasdaq are valued at the Nasdaq official closing price (“NOCP”) on the day of valuation, or if there was no NOCP, at the last sale price. Securities that are actively traded in the over-the-counter market, including listed securities for which the primary market is believed by Prudential Investments LLC (“PI” or “Manager”), in consultation with the subadvisers; to be over-the-counter, are valued at market value using prices provided by an independent pricing agent or principal market maker.

Securities for which market quotations are not readily available, or whose values have been affected by events occurring after the close of the security’s foreign market and before the Fund’s normal pricing time, are valued at fair value in accordance with the Board of Directors’ approved fair valuation procedures. When determining the fair valuation 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 issuer; the prices of any recent transactions or 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. Market value of investments traded in a foreign currency are translated into U.S. dollars at the current rates of exchange.

Short-term securities which mature in sixty days or less are valued at amortized cost, which approximates market value. The amortized cost method includes valuing a security at its cost on the date of purchase and thereafter assuming a constant amortization to maturity of the difference between the principal amount due at maturity and cost. Short-term securities which mature in more than sixty days are valued at current market quotations.

Investments in mutual funds are valued at the net asset value as of the close of the New York Stock Exchange on the date of valuation.

Short Sales: The Fund may sell a security it does not own in anticipation of a decline in the market value of that security (short sale). When the Fund makes a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the transaction. The Fund may have to pay a fee to borrow the particular security and may be obligated to remit any interest or dividends received on such borrowed securities. Dividends declared on short positions open on record date are recorded on the ex-date as an expense. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in magnitude, will be recognized upon the termination of a short sale if the market price at termination is less than or greater than, respectively, the proceeds originally received. The Fund maintains a segregated account of securities or other liquid assets, the dollar value of which is at least equal to its obligation with respect to short sales.

The Fund invests in the Taxable Money Market Series (the “Portfolio”), a portfolio of Dryden Core Investment Fund, pursuant to an exemptive order received from the Securities and Exchange Commission. The Portfolio is a money market mutual fund registered under the Investment Company Act of 1940, as amended, and managed by PI.

Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on The Securities and Exchange Commission’s website (www.sec.gov).


Item 2. 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 have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

Item 3. Exhibits

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 – Attached hereto.


SIGNATURES

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

 

(Registrant) Jennison Blend Fund, Inc.
By (Signature and Title)*   /s/ Deborah A. Docs
  Deborah A. Docs
  Secretary of the Fund
Date January 24, 2008

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

 

By (Signature and Title)*   /s/ Judy A. Rice
  Judy A. Rice
  President and Principal Executive Officer
Date January 24, 2008

 

By (Signature and Title)*   /s/ Grace C. Torres
  Grace C. Torres
  Treasurer and Principal Financial Officer
Date January 24, 2008

 

* Print the name and title of each signing officer under his or her signature.