PGIM Jennison Natural Resources Fund
Schedule of Investments as of July 31, 2023 (unaudited)
Description | Shares | Value | |||
Long-Term Investments 97.6% | |||||
Common Stocks | |||||
Agricultural Products 2.4% | |||||
Bunge Ltd. | 113,596 | $12,344,477 | |||
Darling Ingredients, Inc.* | 112,248 | 7,773,174 | |||
�� | 20,117,651 | ||||
Coal & Consumable Fuels 2.5% | |||||
Cameco Corp. (Canada)(a) | 600,788 | 21,123,706 | |||
Construction & Engineering 1.4% | |||||
Ameresco, Inc. (Class A Stock)*(a) | 194,810 | 11,339,890 | |||
Copper 8.8% | |||||
ERO Copper Corp. (Brazil)* | 1,343,394 | 32,294,839 | |||
First Quantum Minerals Ltd. (Zambia) | 276,881 | 8,212,047 | |||
Freeport-McMoRan, Inc. | 391,393 | 17,475,698 | |||
Lundin Mining Corp. (Chile) | 1,688,513 | 15,096,931 | |||
73,079,515 | |||||
Diversified Metals & Mining 7.2% | |||||
Glencore PLC (Australia) | 3,918,159 | 23,828,035 | |||
Hudbay Minerals, Inc. (Canada) | 1,218,661 | 7,264,001 | |||
Ivanhoe Mines Ltd. (Canada) (Class A Stock)* | 2,180,999 | 23,122,410 | |||
Solaris Resources, Inc. (Canada)* | 1,036,340 | 5,131,991 | |||
59,346,437 | |||||
Electrical Components & Equipment 2.4% | |||||
Array Technologies, Inc.* | 358,437 | 6,828,225 | |||
FREYR Battery SA (Norway)*(a) | 1,217,356 | 10,250,138 | |||
NEXTracker, Inc. (Class A Stock)* | 61,952 | 2,623,667 | |||
19,702,030 | |||||
Fertilizers & Agricultural Chemicals 2.6% | |||||
CF Industries Holdings, Inc. | 89,256 | 7,326,132 | |||
Corteva, Inc. | 195,483 | 11,031,106 | |||
Nutrien Ltd. (Canada)(a) | 51,643 | 3,557,686 | |||
21,914,924 | |||||
Gold 8.1% | |||||
Agnico Eagle Mines Ltd. (Canada) | 447,418 | 23,449,178 |
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PGIM Jennison Natural Resources Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Gold (cont’d.) | |||||
Barrick Gold Corp. (Canada) | 1,352,873 | $23,391,174 | |||
Endeavour Mining PLC (Burkina Faso)(a) | 674,933 | 16,307,106 | |||
Osisko Mining, Inc. (Canada)* | 1,821,975 | 4,338,529 | |||
67,485,987 | |||||
Heavy Electrical Equipment 0.3% | |||||
Alfen N.V. (Netherlands), 144A*(a) | 36,400 | 2,525,912 | |||
Industrial Machinery 1.4% | |||||
Chart Industries, Inc.*(a) | 63,120 | 11,497,939 | |||
Integrated Oil & Gas 9.0% | |||||
Chevron Corp. | 170,327 | 27,875,717 | |||
Shell PLC (Netherlands), ADR | 501,305 | 30,895,427 | |||
TotalEnergies SE (France), ADR | 260,049 | 15,823,982 | |||
74,595,126 | |||||
Mortgage REITs 0.5% | |||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a) | 172,910 | 4,514,680 | |||
Oil & Gas Drilling 1.9% | |||||
Patterson-UTI Energy, Inc. | 278,066 | 4,404,566 | |||
Transocean Ltd.*(a) | 1,278,048 | 11,246,822 | |||
15,651,388 | |||||
Oil & Gas Equipment & Services 18.7% | |||||
Cactus, Inc. (Class A Stock) | 310,782 | 15,781,510 | |||
Expro Group Holdings NV*(a) | 428,540 | 9,509,303 | |||
Halliburton Co. | 882,995 | 34,507,445 | |||
Schlumberger NV | 761,692 | 44,437,111 | |||
Technip Energies NV (France) | 340,942 | 7,770,751 | |||
TechnipFMC PLC (United Kingdom)* | 1,572,031 | 28,831,049 | |||
Weatherford International PLC* | 163,735 | 13,606,378 | |||
154,443,547 | |||||
Oil & Gas Exploration & Production 21.0% | |||||
Chesapeake Energy Corp. | 229,171 | 19,328,282 | |||
Chord Energy Corp. | 85,636 | 13,431,150 | |||
ConocoPhillips | 173,269 | 20,397,227 | |||
Devon Energy Corp. | 165,933 | 8,960,382 | |||
Diamondback Energy, Inc. | 276,043 | 40,666,655 |
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PGIM Jennison Natural Resources Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Shares | Value | |||
Common Stocks (Continued) | |||||
Oil & Gas Exploration & Production (cont’d.) | |||||
EQT Corp.(a) | 141,709 | $5,977,285 | |||
Hess Corp. | 294,452 | 44,677,201 | |||
Kosmos Energy Ltd. (Ghana)* | 895,387 | 6,357,248 | |||
Logan Energy Corp. (Canada)* | 696,276 | 586,104 | |||
PDC Energy, Inc. | 123,974 | 9,408,387 | |||
Sintana Energy, Inc. (Canada)* | 637,992 | 166,919 | |||
Sintana Energy, Inc. (Canada), Reg D (original cost $20,701,233; purchased 06/03/11)*(f) | 1,304,999 | 341,428 | |||
TXO Partners LP(a) | 175,000 | 3,848,250 | |||
174,146,518 | |||||
Oil & Gas Refining & Marketing 2.4% | |||||
Valero Energy Corp. | 153,704 | 19,813,983 | |||
Oil & Gas Storage & Transportation 3.2% | |||||
Cheniere Energy, Inc. | 151,600 | 24,537,976 | |||
New Fortress Energy, Inc. | 65,782 | 1,878,076 | |||
26,416,052 | |||||
Precious Metals & Minerals 0.0% | |||||
Sedibelo Platinum Mines Ltd. (South Africa) Private Placement (original cost $4,469,143; purchased 11/27/07)*^(f) | 523,100 | 80,558 | |||
Renewable Electricity 1.2% | |||||
Sunnova Energy International, Inc.*(a) | 548,558 | 9,687,534 | |||
Semiconductor Equipment 1.4% | |||||
Enphase Energy, Inc.*(a) | 26,664 | 4,048,395 | |||
SolarEdge Technologies, Inc.* | 29,714 | 7,174,743 | |||
11,223,138 | |||||
Silver 0.7% | |||||
MAG Silver Corp. (Canada)* | 454,206 | 5,483,608 | |||
Specialty Chemicals 0.5% | |||||
Livent Corp.*(a) | 170,432 | 4,196,036 | |||
Total Long-Term Investments (cost $567,511,377) | 808,386,159 | ||||
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PGIM Jennison Natural Resources Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Description | Shares | Value | |||
Short-Term Investments 8.5% | |||||
Affiliated Mutual Funds | |||||
PGIM Core Government Money Market Fund(wi) | 13,761,337 | $13,761,337 | |||
PGIM Institutional Money Market Fund (cost $56,443,962; includes $56,156,624 of cash collateral for securities on loan)(b)(wi) | 56,528,931 | 56,495,013 | |||
Total Short-Term Investments (cost $70,205,299) | 70,256,350 | ||||
TOTAL INVESTMENTS 106.1% (cost $637,716,676) | 878,642,509 | ||||
Liabilities in excess of other assets(z) (6.1)% | (50,706,331) | ||||
Net Assets 100.0% | $827,936,178 |
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings: |
144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers. | |
ADR—American Depositary Receipt | |
LP—Limited Partnership | |
PIPE—Private Investments in Public Equity | |
Reg D—Security was purchased pursuant to Regulation D under the Securities Act of 1933, providing exemption from the registration requirements. Unless otherwise noted, Regulation D securities are deemed to be liquid. | |
REITs—Real Estate Investment Trust | |
SPAC—Special Purpose Acquisition Company |
* | Non-income producing security. |
^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $701,597 and 0.1% of net assets. |
(1) | The Fund entered into a commitment with a SPAC to purchase PIPE shares if and when the SPAC completes its merger or acquisition. |
(a) | All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $55,584,094; cash collateral of $56,156,624 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day. |
(b) | Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment. |
(f) | Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $25,170,376. The aggregate value of $421,986 is 0.1% of net assets. |
(wi) | PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund and PGIM Institutional Money Market Fund, if applicable. |
(z) | Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments: |
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PGIM Jennison Natural Resources Fund
Schedule of Investments as of July 31, 2023 (unaudited) (continued)
Unfunded commitment with a SPAC outstanding at July 31, 2023:
Issuer(1) | Shares | Unfunded Commitment Amount | Current Value | Unrealized Appreciation | ||||
GoGreen Investments Corp.^ | 452,817 | $4,528,170 | $5,149,209 | $621,039 |
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).
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