JennisonDryden
Jennison Natural Resources Fund, Inc.
Summary Prospectus July 31, 2009
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Prospectus Table of Contents

Statement of Additional Information Table of Contents

Jennison Natural Resources Fund, Inc.

NYSE TICKER SYMBOLS
Class A: PGNAX Class R: JNRRX
Class B: PRGNX Class Z: PNRZX
Class C: PNRCX

 

Summary Prospectus July 31, 2009

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, Statement of Additional Information (SAI), Annual Report and other information about the Fund online at www.jennisondryden.com.

You can also get this information at no cost by calling 1-800-225-1852 or by sending an e-mail to: jennisonnaturalresourcesfund@reply.jennisondrydenemail.com.

The Fund's Prospectus and SAI, both dated July 31, 2009, and the Fund's most recent shareholder report, dated May 31, 2009, are all incorporated by reference into this Summary Prospectus.

INVESTMENT OBJECTIVE



The investment objective of the Fund is long-term growth of capital.

FUND FEES AND EXPENSES



The tables below show the sales charges, fees and expenses that you may pay if you buy and hold shares of each share class of the Fund. Each share class has different (or no) sales charges - known as loads - and expenses, but represents an investment in the same Fund.

As is true with all mutual funds, the transaction costs incurred by the Fund for buying and selling securities are not reflected in the expense table, but are reflected in the performance figures included in this Prospectus. Expense information is based on amounts incurred during the Fund's most recent fiscal year. The Fund's annual operating expenses will likely vary from year to year. A decline in the Fund's average net assets during the current fiscal year due to market volatility or other factors could cause the Fund's expense ratios for the Fund's current fiscal year to be higher than the expense information presented.

You may qualify for sales charge discounts if you and an eligible group of investors purchase, or agree to purchase in the future, more than $25,000 in shares of the Fund or other funds in the JennisonDryden family of funds. More information about these discounts is available from your financial professional and is explained in Reducing or Waiving Class A's Initial Sales Charge on page 33 of the Fund's Prospectus and in the Fund's Statement of Additional Information (SAI), in Rights of Accumulation on page 44.

Shareholder Fees (paid directly from your investment)
Class A Class B Class C Class R Class Z
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) 5.50% None None None None
Maximum deferred sales charge (load) (as a percentage of the lower of original purchase price or sale proceeds) 1% 5% 1% None None
Maximum sales charge (load) imposed on reinvested dividends and other distributions None None None None None
Redemption fee None None None None None
Exchange fee None None None None None
Small balance account fee $15 $15 $15 None None

 

Annual Fund Operating Expenses % (expenses that you pay each year as a percentage of the value of your investment)

Class A

Class B Class C Class R Class Z
Management fees .72 .72 .72 .72 .72
+ Distribution and service (12b-1) fees .30 1.00 1.00 .75 None
+ Other expenses .22 .22 .22 .22 .22
= Total annual Fund operating expenses 1.24 1.94 1.94 1.69 .94
- Fee waivers (.01) (.01) (.01) (.26) (.01)
= Net annual Fund operating expenses 1.23 1.93 1.93 1.43 .93

 

 


MF 135A


Examples. The following examples are intended to help you compare the fees and expenses of the Fund's different share classes and compare the cost of investing in the Fund with the cost of investing in other mutual funds. The examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The examples also assume that your investment has a 5% return each year and that the Fund's operating expenses remain the same, except for any contractual distribution and service (12b-1) fee waivers and overall expense limitations (if any) that are effective in this example for only the first year. Approximately seven years after purchase, Class B shares will automatically convert to Class A shares on a quarterly basis. The information in the ten years column reflects this conversion. The first example assumes that you redeem all of your shares at the end of the periods. The second example assumes that you do not redeem your shares and instead keep your shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:


 

If Shares Are Redeemed

If Shares Are Not Redeemed

Share Class 1 Year 3 Years 5 Years 10 Years 1 Year 3 Years 5 Years 10 Years
Class A $768 $921 $1,193 $1,967 $668 $921 $1,193 $1,967
Class B 696 908 1,146 1,997 196 608 1,046 1,997
Class C 296 608 1,046 2,263 196 608 1,046 2,263
Class R 146 507 893 1,976 146 507 893 1,976
Class Z 95 299 519 1,154 95 299 519 1,154

° The distributor of the Fund has contractually agreed to September 30, 2010 to reduce its distribution and service (12b-1) fees for Class R shares to .50 of 1% of the average daily net assets of Class R shares. This waiver may not be terminated by the distributor prior to September 30, 2010, and may be renewed, modified or discontinued thereafter.
° The manager of the Fund has contractually agreed to September 30, 2010 to waive .05% of the management fee rate on average daily net assets over $4 billion that would otherwise be applicable under the terms of the management agreement. This waiver may not be terminated by the manager prior to September 30, 2010, and may be renewed, modified or discontinued thereafter.

Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 51% of the average value of its portfolio. Future portfolio turnover could be higher or lower.

INVESTMENTS, RISKS AND PERFORMANCE



Principal Investment Strategies. Consistent with our investment objective, we look for investments that we think will increase in value over a period of years. The Fund normally invests at least 80% of investable assets in equity and equity-related securities of natural resource companies and in asset-based securities, as described below. Natural resource companies are U.S. and foreign (non-U.S. based) companies that own, explore, mine, process or otherwise develop, or provide goods and services with respect to, natural resources. Asset-based securities are securities, the values of which are related to the market value of a natural resource. The principal type of equity and equity-related security in which the Fund invests is common stock. In addition to common stock, equity-related securities include preferred stock, rights that can be exercised to obtain stock, warrants and debt securities or preferred stock convertible into or exchangeable for common or preferred stock and interests in master limited partnerships. The Fund participates in the initial public offering (IPO) market. Generally, we consider selling a security when it no longer displays conditions for growth, is no longer undervalued or falls short of expectations.

Principal Risks of Investing in the Fund. All investments have risks to some degree. Please remember that an investment in a mutual fund is not guaranteed to achieve its investment objective; is not a deposit with a bank; is not insured, endorsed or guaranteed by the Federal Deposit Insurance Corporation or any other government agency; and is subject to investment risks, including possible loss of your original investment.

Special Risks of Investing in Natural Resource Companies. The Fund's investments in securities of natural resource companies involve risks. The market value of securities of natural resource companies may be affected by numerous factors, including events occurring in nature, inflationary pressures and international politics. Because the Fund invests primarily in companies with natural resource assets, there is the risk that the Fund will perform poorly during a downturn in natural resource companies. For example, events occurring in nature (such as earthquakes or fires in prime natural resource areas) and political events (such as coups, military confrontations or acts of terrorism) can affect the overall supply of a natural resource and the value of companies involved in such natural resource. Political risks and the other risks to which foreign securities are subject may also affect domestic companies in which we invest if they have significant operations or investments in foreign countries. In addition, rising interest rates and general economic conditions may affect the demand for natural resources.

Non-Diversification Risk. The Fund is nondiversified. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a nondiversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a nondiversified fund.

Management Risk. Actively managed mutual funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these techniques will produce the desired results.

Equity and Equity-Related Securities Risks. There is the risk that the value of a particular security could go down and you could lose money. In addition to an individual stock losing value, the value of the equity markets or a sector in which the Fund invests could go down. The Fund's holdings can vary significantly from broad market indexes and the performance of the Fund can deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

The Fund may invest in companies that reinvest their earnings rather than distribute them to shareholders. As a result, the Fund is not likely to receive significant dividend income on its portfolio securities.

Market Risk. Your investment in Fund shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other investments, may move up or down, sometimes rapidly and unpredictably. Securities markets are volatile. Your Fund shares at any point in time may be worth less than what you invested, even after taking into account the reinvestment of Fund dividends and distributions. Regardless of how well an individual company performs, if financial markets go down, you could lose money.

Foreign Securities Risk. Investing in securities of non-U.S. issuers generally involves more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging countries, may be less stable and more volatile than in the U.S. Foreign legal systems generally have fewer regulatory requirements than does the U.S. legal system. Additionally, the changing value of foreign currencies could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in foreign securities may be subject to non-U.S. withholding and other taxes. Investments in emerging markets are subject to greater volatility and price declines.

For more information on the risks of investing in this Fund, please see Investment Risks in the Prospectus and Investment Risks and Considerations in the SAI.

The Fund's Past Performance. A number of factors - including risk - can affect how the Fund performs. The following bar chart shows the Fund's performance for the indicated share class for each full calendar year of operations or for the last 10 calendar years, whichever is shorter. The bar chart and Average Annual Total Returns table demonstrate the risk of investing in the Fund by showing how returns can change from year to year and by showing how the Fund's average annual total returns for the share class compare with a broad-based securities market index and a group of similar mutual funds.

Past performance (before and after taxes) does not mean that the Fund will achieve similar results in the future. Updated Fund performance information is available online at www.jennisondryden.com.

Average Annual Total Returns (Class B Shares)1



Best Quarter:
3rd Quarter 2005
27.94%

Worst Quarter:
3rd Quarter 2008
-41.02%

1 These annual total returns do not include deductions for sales charges. If the sales charges were included, the annual total returns would be lower than those shown. The total return of the Fund's Class B shares from January 1, 2009 to June 30, 2009 was 30.60%.

 

Average Annual Total Returns % (as of 12-31-08)
Return Before Taxes One Year Five Years Ten Years Since Inception
Class A shares -55.46 9.14 15.64
Class C shares -53.63 9.57 15.43
Class R shares -52.95 N/A N/A -13.07
Class Z shares -52.73 10.66 16.59

 

Average Annual Total Returns-Class B Shares %
Return Before Taxes -55.42 9.42 15.43
Return After Taxes on Distributions -55.94 7.91 14.31
Return After Taxes on Distributions and Sale of Fund Shares -35.78 8.22 13.78

 

Index % (reflects no deduction for fees, expenses or taxes)

Lipper Global Natural Resources Index -53.18 7.08 12.35
Lipper Natural Resources Index -49.00 10.16 11.10
S&P 500 Index -36.99 -2.19 -1.38
MSCI World ND Index -40.71 -0.51 -0.64
Lipper Global Natural Resources Fund Average -50.58 7.57 12.22

° After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans or accounts. After-tax returns are shown only for the indicated share class. After-tax returns for other classes will vary due to differing sales charges and expenses. Past performance, before and after taxes, does not mean that the Fund will achieve similar results in the future.

For descriptions of each index, please see the Glossary in the Prospectus.

MANAGEMENT OF THE FUND



Investment Manager Subadviser Portfolio Managers Title Service Date
Prudential Investments LLC Jennison Associates LLC David A. Kiefer, CFA Managing Director April 2005
John "Jay" Saunders Managing Director July 2006
Neil P. Brown, CFA Managing Director July 2006

BUYING AND SELLING FUND SHARES



Shares may be purchased only on days the New York Stock Exchange (the NYSE) is open for trading. Shares are purchased at the next net asset value per share calculated after the Fund's distributor or after an agent appointed by the distributor receives the order, in proper form, plus any initial sales charge that applies. The Fund calculates the net asset value of each class of shares as of the close of the NYSE, on each day the NYSE is open for trading.

Minimum Initial Investment Subsequent Investments
Fund shares (most cases) $2,500 $100
Automatic Investment Plan (AIP), retirement accounts and custodial accounts for minors $1,000 $1,200 annually (AIP accounts)

You can purchase shares or redeem shares through the Fund's transfer agent or through servicing agents, including brokers, dealers and other financial intermediaries appointed by the Fund's distributor to receive purchase and redemption orders. To buy shares through the transfer agent, a new investor must complete a new account application and return it with a check payable to the Fund and mail it to Prudential Mutual Fund Services LLC, PO Box 9658, Providence, RI 02940.

Current shareholders may also purchase or redeem shares through the Fund's website or by calling 800-225-1852. Redemption proceeds may be sent by mail, by Federal funds wire or deposited directly into your bank account if you have established the link.

TAX INFORMATION



Dividends, Capital Gains and Taxes. The Fund intends to declare and pay dividends annually from any net investment income and realized capital gains. If your shares are not held in a tax-deferred account, Fund dividends are subject to federal income tax and may be subject to state or local taxes, whether taken in cash or in additional shares. Dividends paid from short-term capital gains and net investment income are taxable as ordinary income and dividends from net long-term capital gains are taxable as long-term capital gains no matter how long you have held your shares. Individual and non-corporate shareholders may be eligible to claim a reduced tax rate for certain dividends and corporate shareholders may be eligible to claim a dividends-received deduction.

FINANCIAL INTERMEDIARY COMPENSATION



Potential Conflicts of Interest. If you purchase Fund shares through a financial services firm, the Fund, the Manager, or their related companies may pay the financial services firm for the sale of Fund shares and/or for services to shareholders. These payments may create a conflict of interest by influencing the financial services firm or the firm's representatives to recommend the Fund over another investment. Ask your financial services firm or representative for more information or visit your firm's website.

By Mail:

Prudential Mutual Fund Services LLC, PO Box 9658, Providence, RI 02940

By Telephone:

800-225-1852 or 973-367-3529 (outside the US)

On the Internet:

www.jennisondryden.com

MF 135A

Prospectus Table of Contents

Statement of Additional Information Table of Contents

Summary Prospectus | Prospectus | Annual Report | Semi Annual Report | Statement of Additional Information