Form N-CSRS PRUDENTIAL INVESTMENT For: Feb 28

Article Stock Quotes (1)

FREE Breaking News Alerts from StreetInsider.com!

StreetInsider.com Top Tickers, 4/19/2024

1. NFLX
2. TSM
3. ISRG
4. SPY
5. INFY

6. SNV
7. TSLA
8. SMCI
9. SLB
10. PPG

Top News Most Read Special Reports

April 23, 2018 1:57 PM EDT

E-mail

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:		811-04864

Exact name of registrant as specified in charter:		Prudential Investment Portfolios 7

Address of principal executive offices:		655 Broad Street, 17^th Floor
		Newark, New Jersey 07102

Name and address of agent for service:		Deborah A. Docs
		655 Broad Street, 17^th Floor
		Newark, New Jersey 07102

Registrant’s telephone number, including area code:		800-225-1852

Date of fiscal year end:		8/31/2018

Date of reporting period:		2/28/2018

Item 1 – Reports to Stockholders

LOGO

PRUDENTIAL JENNISON VALUE FUND

SEMIANNUAL REPORT

FEBRUARY 28, 2018

LOGO

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: Capital appreciation

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

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

The accompanying financial statements as of February 28, 2018 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates is a registered investment adviser. Both are Prudential Financial companies. ^© 2018 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.


2		Visit our website at pgiminvestments.com

PRUDENTIAL FUNDS — UPDATE

The Board of Directors/Trustees for the Fund has approved renaming the Fund’s Class Q shares as Class R6 shares, effective on June 11, 2018. The renaming of Class Q shares as Class R6 shares will not result in any changes to pricing, eligibility, or shareholder rights and obligations. The renamed Class R6 shares will not be exchangeable with Class R6 shares of the Prudential Day One Funds or the Prudential 60/40 Allocation Fund.

- Not part of the Semiannual Report -


Prudential Jennison Value Fund			3

PRUDENTIAL FUNDS — UPDATE

Effective on or about June 1, 2018 (the “Effective Date”), each Fund’s Class A, Class C, Class R and Class Z shares, as applicable, will be closed to investments by new group retirement plans, except as discussed below. Existing group retirement plans as of the Effective Date may keep their investments in their current share class and may continue to make additional purchases or exchanges of that class of shares. As of the Effective Date, all new group retirement plans wishing to add the Funds as new additions to the plan generally will be into one of the available Class Q shares, Class R2 shares, or Class R4 shares of the Funds.

In addition, on or about the Effective Date, the Class R shares of each Fund will be closed to all new investors, except as discussed below. Due to the closing of the Class R shares to new investors, effective on or about the Effective Date new IRA investors may only purchase Class A, Class C, Class Z or Class Q shares of the Funds, subject to share class eligibility. Following the Effective Date, no new accounts may be established in the Funds’ Class R shares and no Class R shares may be purchased or acquired by any new Class R shareholder, except as discussed below.


	Class A	Class C	Class Z	Class R
Existing Investors (Group Retirement Plans, IRAs, and all other investors)	No Change	No Change	No Change	No Change
New Group Retirement Plans	Closed to group retirement plans wishing to add the share classes as new additions to plan menus on or about June 1, 2018, subject to certain exceptions below
New IRAs	No Change	No Change	No Change	Closed to all new investors on or about June 1, 2018, subject to certain exceptions below
All Other New Investors	No Change	No Change	No Change

- Not part of the Semiannual Report -


4		Visit our website at pgiminvestments.com

However, the following new investors may continue to purchase Class A, Class C, Class R and Class Z shares of a Fund, as applicable:

•

Eligible group retirement plans who are exercising their one-time 90-day repurchase privilege in a Fund will be permitted to purchase such share classes.

•

Plan participants in a group retirement plan that offers Class A, Class C, Class R or Class Z shares of a Fund as of the Effective Date will be permitted to purchase such share classes of the Fund, even if the plan participant did not own shares of that class of the Fund as of the Effective Date.

•

Certain new group retirement plans will be permitted to offer such share classes of a Fund after the Effective Date, provided that the plan has or is actively negotiating a contractual agreement with the Fund’s distributor or service provider to offer such share classes of the Fund prior to or on the Effective Date.

•

New group retirement plans that combine with, replace or are otherwise affiliated with a current plan that invests in such share classes prior to or on the Effective Date will be permitted to purchase such share classes.

The Funds also reserve the right to refuse any purchase order that might disrupt management of a Fund or to otherwise modify the closure policy at any time on a case-by-case basis.

- Not part of the Semiannual Report -


Prudential Jennison Value Fund			5

Table of Contents



Letter from the President			7

Your Fund’s Performance			8

Fees and Expenses			11

Holdings and Financial Statements			13


6		Visit our website at pgiminvestments.com

Letter from the President

LOGO

Dear Shareholder:

We hope you find the semiannual report for the Prudential Jennison Value Fund informative and useful. The report covers performance for the six-month period ended February 28, 2018.

We have important information to share with you. Effective June 11, 2018, Prudential Mutual Funds will be renamed from Prudential to PGIM Funds. Renaming our funds is part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that only the Fund’s name is changing. Your Fund’s management and operation, along with the Fund’s symbols, will remain the same.*

Regarding your investments with PGIM, we believe it is important 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. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we consider it a great privilege and responsibility to help investors

participate in opportunities across global markets while meeting their toughest investment

challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

Prudential Jennison Value Fund

April 16, 2018

*Note: The Prudential Day One Funds will not be changing their names.


Prudential Jennison Value Fund			7

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.pgiminvestments.com or by calling (800) 225-1852.


	Total Returns as of 2/28/18 (without sales charges)	Average Annual Total Returns as of 2/28/18 (with sales charges)
	*Six Months (%)**	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	9.28	4.90	8.72	5.65	—
Class B	8.66	5.03	9.01	5.49	—
Class C	8.82	9.14	9.18	5.49	—
Class Q	9.42	11.43	10.43	N/A	11.17 (10/31/11)
Class R	9.04	10.66	9.71	6.02	—
Class Z	9.36	11.31	10.28	6.56	—
Russell 1000^® Value Index	7.26	7.75	12.04	7.89	—
S&P 500 Index	10.83	17.09	14.72	9.72	—
Lipper Large-Cap Value Funds Average	8.87	10.74	11.73	7.53	—

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Indexes and the Lipper Average are measured from the closest month-end to the inception date for the indicated share class.


8		Visit our website at pgiminvestments.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 Q***

Class R*

Class Z*

Maximum initial sales charge

5.50% of the public offering price

None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)

1.00% on sales of $1 million or more made within 12 months of purchase

5.00% (Yr. 1)

4.00% (Yr. 2)

3.00% (Yr. 3)

2.00% (Yr. 4)

1.00% (Yr. 5)

1.00% (Yr. 6)

0.00% (Yr. 7)

1.00% 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)

0.30%

1.00%

None

0.75%
(0.50%
currently)

None

*Certain share classes will be generally closed to investments by new group retirement plans effective on or about June 1, 2018. Please see the “PRUDENTIAL FUNDS-UPDATE” on page 4 of this report for more information.

**Class B shares are closed to all purchase activity and no additional Class B shares may be purchased or acquired except by exchange from Class B shares of another Fund or through dividend or capital gains reinvestment.

***Class Q shares will be renamed as Class R6 shares effective on June 11, 2018. Please see the “PRUDENTIAL FUNDS-UPDATE” on page 3 of this report for more information.

Benchmark Definitions

Russell 1000 Value Index—The Russell 1000 Value Index is an unmanaged index comprising those securities in the Russell 1000 Index with a less-than-average growth orientation. Companies in this index generally have low price-to-book and price-to-earnings ratios, higher dividend yields, and lower forecasted growth values. The average annual total return for the Russell 1000 Value Index through 2/28/18 measured from the month-end closest to the inception date of the Fund’s Class Q shares is 13.86%.

S&P 500 Index—The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed. The average annual total return for the S&P 500 Index through 2/28/18 measured from the month-end closest to the inception date of the Fund’s Class Q shares is 15.39%.


Prudential Jennison Value Fund			9

Your Fund’s Performance (continued)

Lipper Large-Cap Value Funds Average—The Lipper Large-Cap Value Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Large-Cap Value Funds universe for the periods noted. Funds in the Lipper Average invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap value funds typically have a lower-than-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value compared with the S&P 500 Index. The average annual total return for the Lipper Average through 2/28/18 measured from the month-end closest to the inception date of the Fund’s Class Q shares is 13.05%.

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.

Presentation of Fund Holdings


Five Largest Holdings expressed as a percentage of net assets as of 2/28/18 (%)
JPMorgan Chase & Co., Banks			5.5
Bank of America Corp., Banks			3.8
PNC Financial Services Group, Inc. (The), Banks			2.8
Citigroup, Inc., Banks			2.5
Chevron Corp., Oil, Gas & Consumable Fuels			2.3

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


Five Largest Industries expressed as a percentage of net assets as of 2/28/18 (%)
Banks			19.2
Oil, Gas & Consumable Fuels			7.7
Pharmaceuticals			6.8
Insurance			4.3
Aerospace & Defense			4.0

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


10		Visit our website at pgiminvestments.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 held through the six-month period ended February 28, 2018. 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 funds, including the Fund, that you own. You should consider 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


Prudential Jennison Value Fund			11

Fees and Expenses (continued)

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 Value Fund		Beginning Account Value September 1, 2017		Ending Account Value February 28, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,092.80		1.07	%	$	5.55
	Hypothetical	$	1,000.00	$	1,019.49		1.07	%	$	5.36
Class B	Actual	$	1,000.00	$	1,086.60		2.06	%	$	10.66
	Hypothetical	$	1,000.00	$	1,014.58		2.06	%	$	10.29
Class C	Actual	$	1,000.00	$	1,088.20		1.88	%	$	9.73
	Hypothetical	$	1,000.00	$	1,015.47		1.88	%	$	9.39
Class Q	Actual	$	1,000.00	$	1,094.20		0.70	%	$	3.63
	Hypothetical	$	1,000.00	$	1,021.32		0.70	%	$	3.51
Class R	Actual	$	1,000.00	$	1,090.40		1.45	%	$	7.52
	Hypothetical	$	1,000.00	$	1,017.60		1.45	%	$	7.25
Class Z	Actual	$	1,000.00	$	1,093.60		0.77	%	$	4.00
	Hypothetical	$	1,000.00	$	1,020.98		0.77	%	$	3.86

*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, 2018, and divided by the 365 days in the Fund’s fiscal year ending August 31, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.


12		Visit our website at pgiminvestments.com

Schedule of Investments (unaudited)

as of February 28, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 99.6%

COMMON STOCKS

Aerospace & Defense 4.0%
Boeing Co. (The)		30,766	$	11,143,753
United Technologies Corp.		71,488		9,632,293

				20,776,046

Air Freight & Logistics 1.3%
FedEx Corp.		27,691		6,823,339

Banks 19.2%
Bank of America Corp.		612,460		19,659,966
BB&T Corp.		212,776		11,564,376
Citigroup, Inc.		172,721		13,038,708
JPMorgan Chase & Co.		248,382		28,688,121
PNC Financial Services Group, Inc. (The)		92,820		14,634,001
SunTrust Banks, Inc.		56,207		3,925,497
Wells Fargo & Co.		135,167		7,895,104

				99,405,773

Building Products 1.0%
Johnson Controls International PLC		137,819		5,081,387

Capital Markets 2.5%
Goldman Sachs Group, Inc. (The)		40,267		10,587,402
Lazard Ltd. (Class A Stock)		39,584		2,136,349

				12,723,751

Chemicals 2.8%
DowDuPont, Inc.		121,587		8,547,566
FMC Corp.		79,226		6,217,657

				14,765,223

Communications Equipment 2.0%
Cisco Systems, Inc.		226,653		10,149,521

Consumer Finance 3.6%
Capital One Financial Corp.		108,488		10,624,230
SLM Corp.*		730,147		7,965,904

				18,590,134

Containers & Packaging 1.1%
Sealed Air Corp.		136,317		5,775,751

See Notes to Financial Statements.


Prudential Jennison Value Fund			13

Schedule of Investments (unaudited) (continued)

as of February 28, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Electric Utilities 3.0%
American Electric Power Co., Inc.		98,706	$	6,473,140
Exelon Corp.		242,081		8,966,680

				15,439,820

Electrical Equipment 2.3%
Eaton Corp. PLC		82,457		6,654,280
Emerson Electric Co.		72,646		5,162,225

				11,816,505

Electronic Equipment, Instruments & Components 1.6%
Flex Ltd.*		461,486		8,352,897

Energy Equipment & Services 1.7%
Halliburton Co.		193,690		8,991,090

Equity Real Estate Investment Trusts (REITs) 1.3%
American Tower Corp.		47,265		6,585,432

Food & Staples Retailing 1.9%
Wal-Mart Stores, Inc.		110,099		9,910,011

Food Products 2.6%
Conagra Brands, Inc.		217,011		7,840,607
Mondelez International, Inc. (Class A Stock)		127,390		5,592,421

				13,433,028

Health Care Equipment & Supplies 1.5%
Zimmer Biomet Holdings, Inc.		69,140		8,037,525

Health Care Providers & Services 2.6%
Cigna Corp.		26,342		5,160,134
Laboratory Corp. of America Holdings*		47,607		8,221,729

				13,381,863

Hotels, Restaurants & Leisure 3.7%
Carnival Corp.		97,765		6,541,456
Hyatt Hotels Corp. (Class A Stock)*		83,066		6,418,510
McDonald’s Corp.		38,073		6,005,635

				18,965,601

Household Products 1.8%
Procter & Gamble Co. (The)		120,952		9,497,151

See Notes to Financial Statements.


14


Description	Shares		Value
COMMON STOCKS (Continued)

Insurance 4.3%
Brighthouse Financial, Inc.*		73,400	$	3,983,418
Chubb Ltd.		75,316		10,688,847
MetLife, Inc.		170,875		7,892,716

				22,564,981

Internet Software & Services 2.5%
Alphabet, Inc. (Class A Stock)*		6,999		7,726,336
eBay, Inc.*		128,017		5,486,809

				13,213,145

IT Services 1.3%
DXC Technology Co.		66,463		6,815,116

Media 3.8%
Comcast Corp. (Class A Stock)		206,669		7,483,484
Liberty Global PLC (Class C Stock) (United Kingdom)*		195,720		5,877,472
Twenty-First Century Fox, Inc. (Class A Stock)		178,613		6,576,531

				19,937,487

Oil, Gas & Consumable Fuels 7.7%
Anadarko Petroleum Corp.		97,499		5,561,343
Chevron Corp.		108,431		12,135,597
Noble Energy, Inc.		139,424		4,159,018
Royal Dutch Shell PLC (Netherlands) (Class A Stock), ADR		175,303		11,091,421
Suncor Energy, Inc. (Canada)		213,022		7,012,684

				39,960,063

Pharmaceuticals 6.8%
Allergan PLC		39,013		6,016,585
Bristol-Myers Squibb Co.		75,212		4,979,034
Eli Lilly & Co.		100,539		7,743,514
Merck & Co., Inc.		93,664		5,078,462
Pfizer, Inc.		311,502		11,310,638

				35,128,233

Road & Rail 1.5%
Union Pacific Corp.		59,980		7,812,395

Semiconductors & Semiconductor Equipment 2.4%
Broadcom Ltd.		19,174		4,725,624
Texas Instruments, Inc.		72,694		7,876,395

				12,602,019

See Notes to Financial Statements.


Prudential Jennison Value Fund			15

Schedule of Investments (unaudited) (continued)

as of February 28, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Software 3.3%
Microsoft Corp.		86,909	$	8,149,457
PTC, Inc.*		121,702		8,976,739

				17,126,196

Technology Hardware, Storage & Peripherals 1.4%
Apple, Inc.		39,895		7,106,097

Textiles, Apparel & Luxury Goods 1.6%
Tapestry, Inc.		160,614		8,176,859

Wireless Telecommunication Services 1.5%
Vodafone Group PLC (United Kingdom), ADR(a)		283,171		8,016,571

TOTAL LONG-TERM INVESTMENTS (cost $334,994,027)				516,961,010


SHORT-TERM INVESTMENTS 0.8%

AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(w)		1,299,706		1,299,706
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $3,078,200; includes $3,069,518 of cash collateral for securities on loan)(b)(w)		3,078,220		3,078,220

TOTAL SHORT-TERM INVESTMENTS (cost $4,377,906)				4,377,926

TOTAL INVESTMENTS 100.4% (cost $339,371,933)				521,338,936
Liabilities in excess of other assets (0.4)%				(2,214,157	)

NET ASSETS 100.0%			$	519,124,779

The following abbreviations are used in the semiannual report:

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

REITs—Real Estate Investment Trusts

*	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 $2,978,212; cash collateral of $3,069,518 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

(b)	Represents security purchased with cash collateral received for securities on loan and includes dividend reinvestment.

(w)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund and Prudential Institutional Money Market Fund.

See Notes to Financial Statements.


16

Fair Value Measurements:

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—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—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, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	20,776,046	$	—	$	—
Air Freight & Logistics		6,823,339		—		—
Banks		99,405,773		—		—
Building Products		5,081,387		—		—
Capital Markets		12,723,751		—		—
Chemicals		14,765,223		—		—
Communications Equipment		10,149,521		—		—
Consumer Finance		18,590,134		—		—
Containers & Packaging		5,775,751		—		—
Electric Utilities		15,439,820		—		—
Electrical Equipment		11,816,505		—		—
Electronic Equipment, Instruments & Components		8,352,897		—		—
Energy Equipment & Services		8,991,090		—		—
Equity Real Estate Investment Trusts (REITs)		6,585,432		—		—
Food & Staples Retailing		9,910,011		—		—
Food Products		13,433,028		—		—
Health Care Equipment & Supplies		8,037,525		—		—
Health Care Providers & Services		13,381,863		—		—
Hotels, Restaurants & Leisure		18,965,601		—		—
Household Products		9,497,151		—		—
Insurance		22,564,981		—		—
Internet Software & Services		13,213,145		—		—
IT Services		6,815,116		—		—
Media		19,937,487		—		—
Oil, Gas & Consumable Fuels		39,960,063		—		—
Pharmaceuticals		35,128,233		—		—
Road & Rail		7,812,395		—		—

See Notes to Financial Statements.


Prudential Jennison Value Fund			17

Schedule of Investments (unaudited) (continued)

as of February 28, 2018


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Semiconductors & Semiconductor Equipment	$	12,602,019	$	—	$	—
Software		17,126,196		—		—
Technology Hardware, Storage & Peripherals		7,106,097		—		—
Textiles, Apparel & Luxury Goods		8,176,859		—		—
Wireless Telecommunication Services		8,016,571		—		—
Affiliated Mutual Funds		4,377,926		—		—

Total	$	521,338,936	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 28, 2018 were as follows:


Banks	19.2	%
Oil, Gas & Consumable Fuels	7.7
Pharmaceuticals	6.8
Insurance	4.3
Aerospace & Defense	4.0
Media	3.8
Hotels, Restaurants & Leisure	3.7
Consumer Finance	3.6
Software	3.3
Electric Utilities	3.0
Chemicals	2.8
Food Products	2.6
Health Care Providers & Services	2.6
Internet Software & Services	2.5
Capital Markets	2.5
Semiconductors & Semiconductor Equipment	2.4
Electrical Equipment	2.3
Communications Equipment	2.0
Food & Staples Retailing	1.9
Household Products	1.8
Energy Equipment & Services	1.7	%
Electronic Equipment, Instruments & Components	1.6
Textiles, Apparel & Luxury Goods	1.6
Health Care Equipment & Supplies	1.5
Wireless Telecommunication Services	1.5
Road & Rail	1.5
Technology Hardware, Storage & Peripherals	1.4
Air Freight & Logistics	1.3
IT Services	1.3
Equity Real Estate Investment Trusts (REITs)	1.3
Containers & Packaging	1.1
Building Products	1.0
Affiliated Mutual Funds (including 0.6% of collateral for securities on loan)	0.8

	100.4
Liabilities in excess of other assets	(0.4	)

	100.0	%

See Notes to Financial Statements.


18

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund entered into financial instruments/transactions 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. The information about offsetting and related netting arrangements for financial instruments/transactions, where the legal right to set-off exists, is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:


Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	2,978,212	$	(2,978,212	)	$	—

(1)	Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions.

See Notes to Financial Statements.


Prudential Jennison Value Fund			19

Statement of Assets & Liabilities (unaudited)

as of February 28, 2018


Assets
Investments at value, including securities on loan of $2,978,212:
Unaffiliated investments (cost $334,994,027)	$	516,961,010
Affiliated investments (cost $4,377,906)		4,377,926
Dividends receivable		1,226,716
Receivable for investments sold		770,499
Tax reclaim receivable		204,828
Receivable for Fund shares sold		28,142
Prepaid expenses		2,561

Total Assets		523,571,682


Liabilities
Payable to broker for collateral for securities on loan		3,069,518
Payable for Fund shares reacquired		763,968
Management fee payable		237,718
Accrued expenses and other liabilities		194,461
Distribution fee payable		119,776
Affiliated transfer agent fee payable		61,144
Payable for investments purchased		318

Total Liabilities		4,446,903


Net Assets	$	519,124,779


Net assets were comprised of:
Shares of beneficial interest, at par	$	255,858
Paid-in capital in excess of par		329,742,441

		329,998,299
Undistributed net investment income		990,056
Accumulated net realized gain on investment transactions		6,158,014
Net unrealized appreciation on investments		181,978,410

Net assets, February 28, 2018	$	519,124,779

See Notes to Financial Statements.


20


Class A
Net asset value and redemption price per share ($434,469,507 ÷ 21,386,253 shares of beneficial interest issued and outstanding)	$	20.32
Maximum sales charge (5.50% of offering price)		1.18

Maximum offering price to public	$	21.50


Class B
Net asset value, offering price and redemption price per share ($3,329,722 ÷ 169,690 shares of beneficial interest issued and outstanding)	$	19.62


Class C
Net asset value, offering price and redemption price per share ($16,385,336 ÷ 835,175 shares of beneficial interest issued and outstanding)	$	19.62


Class Q
Net asset value, offering price and redemption price per share ($14,894,880 ÷ 733,064 shares of beneficial interest issued and outstanding)	$	20.32


Class R
Net asset value, offering price and redemption price per share ($8,152,441 ÷ 402,458 shares of beneficial interest issued and outstanding)	$	20.26


Class Z
Net asset value, offering price and redemption price per share ($41,892,893 ÷ 2,059,207 shares of beneficial interest issued and outstanding)	$	20.34

See Notes to Financial Statements.


Prudential Jennison Value Fund			21

Statement of Operations (unaudited)

Six Months Ended February 28, 2018


Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $9,072)	$	5,018,087
Affiliated dividend income		34,869
Income from securities lending, net (including affiliated income of $3,259)		6,756

Total income		5,059,712


Expenses
Management fee		1,540,956
Distribution fee(a)		780,815
Transfer agent’s fees and expenses (affiliated expense of $129,872)(a)		331,347
Registration fees(a)		45,327
Custodian and accounting fees		38,382
Shareholders’ reports		24,410
Legal fees and expenses		12,513
Audit fee		11,831
Trustees’ fees		7,842
Miscellaneous		10,880

Total expenses		2,804,303
Less: Fee waiver and/or expense reimbursement(a)		(17,037	)
Distribution fee waiver(a)		(10,697	)

Net expenses		2,776,569

Net investment income (loss)		2,283,143


Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on investment transactions (including affiliated of $(2,502))		10,131,771
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $20)		33,358,622
Foreign currencies		2,920

		33,361,542

Net gain (loss) on investment and foreign currency transactions		43,493,313

Net Increase (Decrease) In Net Assets Resulting From Operations	$	45,776,456

(a)	Class specific expenses and waivers were as follows:


	Class A		Class B			Class C		Class Q			Class R			Class Z
Distribution fee		649,268		17,208			82,248		—			32,091			—
Transfer agent’s fees and expenses		278,504		13,894			12,384		90			5,946			20,529
Registration fees		8,439		7,362			7,362		7,434			7,401			7,329
Fee waiver and/or expense reimbursement		—		(13,966	)		—		(3,071	)		—			—
Distribution fee waiver		—		—			—		—			(10,697	)		—

See Notes to Financial Statements.


22

Statements of Changes in Net Assets (unaudited)


	Six Months Ended February 28, 2018			Year Ended August 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,283,143		$	5,178,890
Net realized gain (loss) on investment and foreign currency transactions		10,131,771			32,039,583
Net change in unrealized appreciation (depreciation) on investments		33,361,542			36,777,508

Net increase (decrease) in net assets resulting from operations		45,776,456			73,995,981


Dividends and Distributions
Dividends from net investment income
Class A		(4,151,526	)		(4,909,596	)
Class B		(8,854	)		(25,528	)
Class C		(51,073	)		(99,100	)
Class Q		(198,500	)		(149,034	)
Class R		(61,727	)		(89,601	)
Class Z		(510,287	)		(663,411	)

		(4,981,967	)		(5,936,270	)

Distributions from net realized gains and capital gain distributions received
Class A		(24,597,940	)		(12,880,038	)
Class B		(194,951	)		(141,649	)
Class C		(961,312	)		(549,889	)
Class Q		(838,727	)		(288,299	)
Class R		(488,785	)		(279,075	)
Class Z		(2,333,727	)		(1,406,336	)

		(29,415,442	)		(15,545,286	)


Fund share transactions (Net of share conversions)
Net proceeds from shares sold		11,260,518			14,861,407
Net asset value of shares issued in reinvestment of dividends and distributions		33,601,713			20,593,741
Cost of shares reacquired		(37,110,929	)		(102,581,487	)

Net increase (decrease) in net assets from Fund share transactions		7,751,302			(67,126,339	)

Total increase (decrease)		19,130,349			(14,611,914	)

Net Assets:
Beginning of period		499,994,430			514,606,344

End of period(a)	$	519,124,779		$	499,994,430

(a) Includes undistributed net investment income of:	$	990,056		$	3,688,880

See Notes to Financial Statements.


Prudential Jennison Value Fund			23

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 7 (the “Portfolios”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversified, open-end management investment company and currently consists of one investment portfolio, known as the Prudential Jennison Value Fund (the “Fund”).

The investment objective of the Fund is capital appreciation.

1. Accounting Policies

The Fund follows investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services—Investment Companies. 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.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) 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 Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or “the Manager”). Under the current valuation procedures, the Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets and liabilities. 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 Schedule of Investments.

Common and preferred stocks, exchange-traded funds, and derivative instruments, such as futures or options, 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 where the security principally trades. 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. 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 ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.


24

Foreign equities traded on foreign securities exchanges are generally 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. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

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.

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 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 bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the manager 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 unaffiliated mutual funds to calculate their net asset values.

Restricted and Illiquid Securities: Subject to guidelines adopted by the Board, the Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the investment. Therefore, the Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur expenses that would not be incurred in the sale of securities that were freely marketable. Certain securities that would otherwise be considered illiquid because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. These Rule 144A securities, as well as commercial paper that is sold in private placements


Prudential Jennison Value Fund			25

Notes to Financial Statements (continued)

under Section 4(2) of the Securities Act, may be deemed liquid by the Fund’s Subadviser under the guidelines adopted by the Trustees of the Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

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 generally 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, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (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 (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. These are agreements which a subadviser may have negotiated and entered into on behalf of the Fund. A master netting arrangement 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


26

enforceable. In addition to master netting arrangements, 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 was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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 an affiliated 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. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. 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 in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

Concentration of Risk: Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political or economic instability or the level of governmental supervision and regulation of foreign securities markets.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the exdate. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (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.

Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include Distribution fees, Distribution fee waivers, Transfer Agent’s fees and expenses, Registration fees and Fee waiver and/or expense reimbursement.


Prudential Jennison Value Fund			27

Notes to Financial Statements (continued)

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, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

Dividends and Distributions: The Fund expects to pay dividends from net investment income 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-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst undistributed net investment income, accumulated net realized gain (loss) and paid-in capital in excess of par, as appropriate.

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.

2. Agreements

The Portfolios, on behalf of the Fund, have a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Fund. PGIM Investments administers the corporate affairs of the Fund and, in connection therewith, furnishes the Fund with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by, the Fund’s custodian (the Custodian), and the Fund’s transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

PGIM Investments has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish 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. PGIM Investments


28

pays for the services of Jennison, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of 0.60% of the Fund’s average daily net assets up to $500 million, 0.50% of the next $500 million, 0.475% of the next $500 million and 0.45% of the average daily net assets in excess of $1.5 billion. The effective management fee rate before any waivers and/or expense reimbursement was 0.60% for the six months ended February 28, 2018. The effective management fee rate net of waivers and/or expense reimbursement was 0.59%.

PGIM Investments has contractually agreed, through December 31, 2019, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 2.06% of average daily net assets for Class B shares and 0.70% of average daily net assets for Class Q shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Expenses waived/reimbursed by PGIM Investments may be recouped by PGIM Investments within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The Portfolios, on behalf of 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, Class Q, Class R and Class Z shares. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class B, Class C and Class R shares, pursuant to plans of distribution (the “Class A, B, C and R 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 Q or Class Z shares of the Fund.

Pursuant to the Class A, B, C and R Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1%, 1% and 0.75% of the average daily net assets of the Class A, B, C and R shares, respectively. PIMS has contractually agreed through December 31, 2018 to limit such expenses to 0.50% of the average daily net assets of the Class R shares.

PIMS has advised the Fund that it has received $62,565 in front-end sales charges resulting from sales of Class A shares during the six months ended February 28, 2018. 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, 2018 it received $726, $785 and $245 in contingent deferred sales charges imposed upon redemptions by certain Class A, Class B and Class C shareholders, respectively


Prudential Jennison Value Fund			29

Notes to Financial Statements (continued)

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

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments 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.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board. For the reporting period ended February 28, 2018 no such transactions were entered into by the Fund.

The Fund may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the Prudential Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the reporting period ended February 28, 2018, PGIM, Inc. was compensated $2,775 by PGIM Investments for managing the Fund’s securities lending cash collateral as subadviser to the Money Market Fund. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the six months ended February 28, 2018, were $57,000,338 and $75,545,188, respectively.


30

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 28, 2018 were as follows:


Tax Basis	$	341,679,450

Gross Unrealized Appreciation		186,772,334
Gross Unrealized Depreciation		(7,112,848	)

Net Unrealized Appreciation	$	179,659,486

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

Management has analyzed the Fund’s tax positions taken on federal, state and local 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, state and local 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.

6. Capital and Ownership

The Fund offers Class A, Class B, Class C, Class Q, Class R and Class Z shares. Class A shares are subject to a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are subject to a CDSC of 5%, which decreases by 1% annually to 1% in the fifth and six years and 0% in the seventh year. Class B shares automatically convert to Class A shares on a quarterly basis approximately seven years after purchase. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class Q, Class R and Class Z shares are not subject to any sales or redemption charge and are offered 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 beneficial interest.

The Fund has authorized an unlimited number of shares of beneficial interest at $0.01 par value divided into six classes, designated Class A, Class B, Class C, Class Q, Class R and Class Z.

As of February 28, 2018, Prudential owned 698,060 Class Q shares of the Fund. In addition, 2 shareholders of record held 40% of the Fund’s outstanding shares on behalf of multiple beneficial owners.


Prudential Jennison Value Fund			31

Notes to Financial Statements (continued)

Transactions in shares of beneficial interest were as follows:


Class A	Shares			Amount
Six months ended February 28, 2018:
Shares sold		213,190		$	4,389,704
Shares issued in reinvestment of dividends and distributions		1,402,547			28,191,175
Shares reacquired		(1,343,985	)		(27,753,323	)

Net increase (decrease) in shares outstanding before conversion		271,752			4,827,556
Shares issued upon conversion from other share class(es)		27,870			567,629
Shares reacquired upon conversion into other share class(es)		(32,804	)		(678,346	)

Net increase (decrease) in shares outstanding		266,818		$	4,716,839

Year ended August 31, 2017:
Shares sold		396,336		$	7,589,537
Shares issued in reinvestment of dividends and distributions		929,994			17,409,493
Shares reacquired		(3,409,720	)		(65,159,482	)

Net increase (decrease) in shares outstanding before conversion		(2,083,390	)		(40,160,452	)
Shares issued upon conversion from other share class(es)		101,772			1,955,494
Shares reacquired upon conversion into other share class(es)		(163,114	)		(3,154,072	)

Net increase (decrease) in shares outstanding		(2,144,732	)	$	(41,359,030	)

Class B
Six months ended February 28, 2018:
Shares sold		6,983		$	138,744
Shares issued in reinvestment of dividends and distributions		10,194			198,276
Shares reacquired		(13,316	)		(264,716	)

Net increase (decrease) in shares outstanding before conversion		3,861			72,304
Shares reacquired upon conversion into other share class(es)		(27,252	)		(535,618	)

Net increase (decrease) in shares outstanding		(23,391	)	$	(463,314	)

Year ended August 31, 2017:
Shares sold		31,918		$	583,760
Shares issued in reinvestment of dividends and distributions		8,964			162,880
Shares reacquired		(58,788	)		(1,080,108	)

Net increase (decrease) in shares outstanding before conversion		(17,906	)		(333,468	)
Shares reacquired upon conversion into other share class(es)		(82,257	)		(1,527,485	)

Net increase (decrease) in shares outstanding		(100,163	)	$	(1,860,953	)


32


Class C	Shares			Amount
Six months ended February 28, 2018:
Shares sold		25,831		$	508,865
Shares issued in reinvestment of dividends and distributions		47,192			917,419
Shares reacquired		(82,918	)		(1,652,732	)

Net increase (decrease) in shares outstanding before conversion		(9,895	)		(226,448	)
Shares reacquired upon conversion into other share class(es)		(3,662	)		(71,292	)

Net increase (decrease) in shares outstanding		(13,557	)	$	(297,740	)

Year ended August 31, 2017:
Shares sold		48,751		$	903,868
Shares issued in reinvestment of dividends and distributions		30,137			547,290
Shares reacquired		(199,543	)		(3,676,407	)

Net increase (decrease) in shares outstanding before conversion		(120,655	)		(2,225,249	)
Shares reacquired upon conversion into other share class(es)		(44,688	)		(835,705	)

Net increase (decrease) in shares outstanding		(165,343	)	$	(3,060,954	)

Class Q
Six months ended February 28, 2018:
Shares sold		208,986		$	4,258,527
Shares issued in reinvestment of dividends and distributions		51,629			1,037,228
Shares reacquired		(49,499	)		(1,034,273	)

Net increase (decrease) in shares outstanding before conversion		211,116			4,261,482
Shares issued upon conversion from other share class(es)		3,131			64,744

Net increase (decrease) in shares outstanding		214,247		$	4,326,226

Year ended August 31, 2017:
Shares sold		53,484		$	1,030,432
Shares issued in reinvestment of dividends and distributions		23,387			437,333
Shares reacquired		(258,757	)		(4,724,945	)

Net increase (decrease) in shares outstanding before conversion		(181,886	)		(3,257,180	)
Shares issued upon conversion from other share class(es)		8,567			168,506

Net increase (decrease) in shares outstanding		(173,319	)	$	(3,088,674	)

Class R
Six months ended February 28, 2018:
Shares sold		12,868		$	269,295
Shares issued in reinvestment of dividends and distributions		27,392			549,466
Shares reacquired		(63,893	)		(1,301,564	)

Net increase (decrease) in shares outstanding		(23,633	)	$	(482,803	)

Year ended August 31, 2017:
Shares sold		63,422		$	1,200,792
Shares issued in reinvestment of dividends and distributions		19,404			362,460
Shares reacquired		(178,689	)		(3,362,701	)

Net increase (decrease) in shares outstanding		(95,863	)	$	(1,799,449	)


Prudential Jennison Value Fund			33

Notes to Financial Statements (continued)


Class Z	Shares			Amount
Six months ended February 28, 2018:
Shares sold		82,849		$	1,695,383
Shares issued in reinvestment of dividends and distributions		134,667			2,708,149
Shares reacquired		(247,151	)		(5,104,321	)

Net increase (decrease) in shares outstanding before conversion		(29,635	)		(700,789	)
Shares issued upon conversion from other share class(es)		31,637			654,623
Shares reacquired upon conversion into other share class(es)		(84	)		(1,740	)

Net increase (decrease) in shares outstanding		1,918		$	(47,906	)

Year ended August 31, 2017:
Shares sold		187,242		$	3,553,018
Shares issued in reinvestment of dividends and distributions		89,391			1,674,285
Shares reacquired		(1,298,662	)		(24,577,844	)

Net increase (decrease) in shares outstanding before conversion		(1,022,029	)		(19,350,541	)
Shares issued upon conversion from other shares class(es)		183,412			3,548,060
Shares reacquired upon conversion into other share class(es)		(8,131	)		(154,798	)

Net increase (decrease) in shares outstanding		(846,748	)	$	(15,957,279	)

7. Borrowings

The Portfolios, on behalf of 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 October 5, 2017 through October 4, 2018. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. Prior to October 5, 2017, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under the SCAs is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

Other affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Funds in the SCA equitably.

The Fund did not utilize the SCA during the reporting period ended February 28, 2018.


34

Financial Highlights (unaudited)


Class A Shares
	Six Months Ended February 28,			Year Ended August 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$19.89			$17.96			$19.28			$22.71			$18.65			$14.74
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.19			0.19			0.15			0.08			0.12
Net realized and unrealized gain (loss) on investment transactions		1.74			2.54			(0.09	)		(1.95	)		4.08			3.93
Total from investment operations		1.83			2.73			0.10			(1.80	)		4.16			4.05
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.22	)		(0.18	)		(0.11	)		(0.10	)		(0.14	)
Distributions from net realized gains		(1.20	)		(0.58	)		(1.24	)		(1.52	)		-			-
Total dividends and distributions		(1.40	)		(0.80	)		(1.42	)		(1.63	)		(0.10	)		(0.14	)
Net asset value, end of period		$20.32			$19.89			$17.96			$19.28			$22.71			$18.65
Total Return(b):		9.28%			15.46%			0.61%			(8.12)%			22.37%			27.71%

Ratios/Supplemental Data:
Net assets, end of period (000)		$434,470			$420,155			$417,815			$466,847			$563,597			$516,600
Average net assets (000)		$436,431			$427,252			$426,272			$527,222			$542,283			$496,591
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.07%	(d)		1.10%			1.12%			1.06%			1.06%			1.09%
Expenses before waivers and/or expense reimbursement		1.07%	(d)		1.10%			1.12%			1.06%			1.06%			1.09%
Net investment income (loss)		0.89%	(d)		1.01%			1.09%			0.70%			0.40%			0.74%
Portfolio turnover rate		11%	(e)		15%			29%			32%			39%			30%

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

(b)

Total return does not consider the effects of sales loads. 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, if any. 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 funds in which the Fund invests.

(d)	Annualized.

(e)	Not annualized.

See Notes to Financial Statements.


Prudential Jennison Value Fund			35

Financial Highlights (unaudited) (continued)


Class B Shares
	Six Months Ended February 28,			Year Ended August 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$19.22			$17.38			$18.70			$22.11			$18.19			$14.38
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		0.06			0.07			-	(d)		(0.06	)		0.01
Net realized and unrealized gain (loss) on investment transactions		1.66			2.46			(0.10	)		(1.89	)		3.98			3.84
Total from investment operations		1.65			2.52			(0.03	)		(1.89	)		3.92			3.85
Less Dividends and Distributions:
Dividends from net investment income		(0.05	)		(0.10	)		(0.05	)		-			-			(0.04	)
Distributions from net realized gains		(1.20	)		(0.58	)		(1.24	)		(1.52	)		-			-
Total dividends and distributions		(1.25	)		(0.68	)		(1.29	)		(1.52	)		-			(0.04	)
Net asset value, end of period		$19.62			$19.22			$17.38			$18.70			$22.11			$18.19
Total Return(b):		8.66%			14.73%			(0.14)%			(8.75)%			21.55%			26.85%

Ratios/Supplemental Data:
Net assets, end of period (000)		$3,330			$3,710			$5,098			$7,742			$11,655			$12,727
Average net assets (000)		$3,470			$4,400			$6,007			$9,700			$12,199			$12,950
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		2.06%	(f)		1.80%			1.82%			1.76%			1.76%			1.79%
Expenses before waivers and/or expense reimbursement		2.87%	(f)		1.80%			1.82%			1.76%			1.76%			1.79%
Net investment income (loss)		(0.11%	)(f)		0.31%			0.40%			-	(e)		(0.30)%			0.06%
Portfolio turnover rate		11%	(g)		15%			29%			32%			39%			30%

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

(b)

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

(d)	Less than $0.005 per share.

(e)	Less than 0.005%.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


36


Class C Shares
	Six Months Ended February 28,			Year Ended August 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$19.20			$17.37			$18.69			$22.10			$18.18			$14.38
Income (loss) from investment operations:
Net investment income (loss)		0.01			0.06			0.07			-	(d)		(0.06	)		0.01
Net realized and unrealized gain (loss) on investment transactions		1.67			2.45			(0.10	)		(1.89	)		3.98			3.83
Total from investment operations		1.68			2.51			(0.03	)		(1.89	)		3.92			3.84
Less Dividends and Distributions:
Dividends from net investment income		(0.06	)		(0.10	)		(0.05	)		-			-			(0.04	)
Distributions from net realized gains		(1.20	)		(0.58	)		(1.24	)		(1.52	)		-			-
Total dividends and distributions		(1.26	)		(0.68	)		(1.29	)		(1.52	)		-			(0.04	)
Net asset value, end of period		$19.62			$19.20			$17.37			$18.69			$22.10			$18.18
Total Return(b):		8.82%			14.68%			(0.14)%			(8.75)%			21.56%			26.78%

Ratios/Supplemental Data:
Net assets, end of period (000)		$16,385			$16,298			$17,617			$22,635			$27,649			$28,284
Average net assets (000)		$16,586			$17,274			$19,046			$26,044			$28,102			$26,554
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.88%	(f)		1.80%			1.82%			1.76%			1.76%			1.79%
Expenses before waivers and/or expense reimbursement		1.88%	(f)		1.80%			1.82%			1.76%			1.76%			1.79%
Net investment income (loss)		0.08%	(f)		0.31%			0.39%			-	(e)		(0.31)%			0.05%
Portfolio turnover rate		11%	(g)		15%			29%			32%			39%			30%

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

(b)

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

(d)	Less than $0.005 per share.

(e)	Less than 0.005%.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


Prudential Jennison Value Fund			37

Financial Highlights (unaudited) (continued)


Class Q Shares
	Six Months Ended February 28,			Year Ended August 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$19.94			$17.99			$19.32			$22.76			$18.68			$14.77
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.27			0.27			0.24			0.17			0.20
Net realized and unrealized gain (loss) on investment transactions		1.73			2.55			(0.09	)		(1.96	)		4.09			3.92
Total from investment operations		1.86			2.82			0.18			(1.72	)		4.26			4.12
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.29	)		(0.27	)		(0.20	)		(0.18	)		(0.21	)
Distributions from net realized gains		(1.20	)		(0.58	)		(1.24	)		(1.52	)		-			-
Total dividends and distributions		(1.48	)		(0.87	)		(1.51	)		(1.72	)		(0.18	)		(0.21	)
Net asset value, end of period		$20.32			$19.94			$17.99			$19.32			$22.76			$18.68
Total Return(b):		9.42%			16.02%			1.04%			(7.73)%			22.92%			28.23%

Ratios/Supplemental Data:
Net assets, end of period (000)		$14,895			$10,344			$12,452			$24,266			$18,862			$19,577
Average net assets (000)		$14,339			$10,297			$18,472			$17,686			$20,513			$18,609
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.70%	(d)		0.66%			0.67%			0.63%			0.63%			0.64%
Expenses before waivers and/or expense reimbursement		0.74%	(d)		0.66%			0.67%			0.63%			0.63%			0.64%
Net investment income (loss)		1.29%	(d)		1.42%			1.53%			1.12%			0.82%			1.18%
Portfolio turnover rate		11%	(e)		15%			29%			32%			39%			30%

(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, if any. 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 funds in which the Fund invests.

(d)	Annualized.

(e)	Not annualized.

See Notes to Financial Statements.


38


Class R Shares
	Six Months Ended February 28,			Year Ended August 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$19.83			$17.91			$19.23			$22.65			$18.60			$14.71
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.15			0.16			0.11			0.04			0.09
Net realized and unrealized gain (loss) on investment transactions		1.73			2.53			(0.10	)		(1.95	)		4.07			3.91
Total from investment operations		1.78			2.68			0.06			(1.84	)		4.11			4.00
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.18	)		(0.14	)		(0.06	)		(0.06	)		(0.11	)
Distributions from net realized gains		(1.20	)		(0.58	)		(1.24	)		(1.52	)		-			-
Total dividends and distributions		(1.35	)		(0.76	)		(1.38	)		(1.58	)		(0.06	)		(0.11	)
Net asset value, end of period		$20.26			$19.83			$17.91			$19.23			$22.65			$18.60
Total Return(b):		9.04%			15.24%			0.38%			(8.29)%			22.16%			27.38%

Ratios/Supplemental Data:
Net assets, end of period (000)		$8,152			$8,449			$9,347			$10,215			$13,557			$11,721
Average net assets (000)		$8,629			$8,872			$9,603			$12,374			$12,649			$10,985
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.45%	(d)		1.30%			1.32%			1.26%			1.26%			1.29%
Expenses before waiver and/or expense reimbursement		1.70%	(d)		1.55%			1.57%			1.51%			1.51%			1.54%
Net investment income (loss)		0.50%	(d)		0.81%			0.90%			0.50%			0.20%			0.53%
Portfolio turnover rate		11%	(e)		15%			29%			32%			39%			30%

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

(b)

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

(d)	Annualized.

(e)	Not annualized.

See Notes to Financial Statements.


Prudential Jennison Value Fund			39

Financial Highlights (unaudited) (continued)


Class Z Shares
	Six Months Ended February 28,			Year Ended August 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$19.95			$18.00			$19.33			$22.77			$18.69			$14.77
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.25			0.25			0.21			0.15			0.16
Net realized and unrealized gain (loss) on investment transactions		1.73			2.55			(0.10	)		(1.96	)		4.08			3.95
Total from investment operations		1.85			2.80			0.15			(1.75	)		4.23			4.11
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(0.27	)		(0.24	)		(0.17	)		(0.15	)		(0.19	)
Distributions from net realized gains		(1.20	)		(0.58	)		(1.24	)		(1.52	)		-			-
Total dividends and distributions		(1.46	)		(0.85	)		(1.48	)		(1.69	)		(0.15	)		(0.19	)
Net asset value, end of period		$20.34			$19.95			$18.00			$19.33			$22.77			$18.69
Total Return(b):		9.36%			15.85%			0.88%			(7.84)%			22.76%			28.11%

Ratios/Supplemental Data:
Net assets, end of period (000)		$41,893			$41,038			$52,277			$72,119			$90,582			$68,579
Average net assets (000)		$42,070			$44,372			$59,259			$80,740			$78,915			$93,588
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.77%	(d)		0.80%			0.82%			0.76%			0.76%			0.79%
Expenses before waivers and/or expense reimbursement		0.77%	(d)		0.80%			0.82%			0.76%			0.76%			0.79%
Net investment income (loss)		1.18%	(d)		1.31%			1.39%			1.00%			0.72%			0.95%
Portfolio turnover rate		11%	(e)		15%			29%			32%			39%			30%

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

(b)

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

(d)	Annualized.

(e)	Not annualized.

See Notes to Financial Statements.


40

^∎ MAIL

^∎ TELEPHONE

^∎ WEBSITE

655 Broad Street

Newark, NJ 07102

(800) 225-1852

www.pgiminvestments.com

PROXY VOTING

The Board of Trustees 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.

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Brian K. Reid • Stephen G. Stoneburn • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Chad A. Earnst, Chief Compliance Officer • Dino Capasso, Vice President and Deputy Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

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

DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286

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

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 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.pgiminvestments.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.pgiminvestments.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 TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Prudential Jennison Value Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee 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 no sooner than 15 days after the end of the 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 VALUE FUND

SHARE CLASS

NASDAQ

PBEAX

PBQIX

PEICX

PJVQX

JDVRX

PEIZX

CUSIP

74440N102

74440N201

74440N300

74440N888

74440N607

74440N805

MF131E2

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 Investment Portfolios 7

By:		/s/ Deborah A. Docs
		Deborah A. Docs
		Secretary

Date:		April 18, 2018

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


By:		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

Date:		April 18, 2018

By:		/s/ M. Sadiq Peshimam
		M. Sadiq Peshimam
		Treasurer and Principal Financial and Accounting Officer

Date:		April 18, 2018

Item 12

Prudential Investment Portfolios 7

Semi-Annual period ending 2/28/18

File No. 811-04864

CERTIFICATIONS

I, Stuart S. Parker, certify that:

I have reviewed this report on Form N-CSR of the above named Fund;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


April 18, 2018
				/s/ Stuart S. Parker
				Stuart S. Parker
				President and Principal Executive Officer

Item 12

Prudential Investment Portfolios 7

Semi-Annual period ending 2/28/18

File No. 811-04864

CERTIFICATIONS

I, M. Sadiq Peshimam, certify that:

I have reviewed this report on Form N-CSR of the above named Fund;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


April 18, 2018				/s/ M. Sadiq Peshimam
				M. Sadiq Peshimam
				Treasurer and Principal Financial and Accounting Officer

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: Prudential Investment Portfolios 7

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Issuer.


April 18, 2018		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

April 18, 2018		/s/ M. Sadiq Peshimam
		M. Sadiq Peshimam
		Treasurer and Principal Financial and Accounting Officer

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

Create E-mail Alert Related Categories

SEC Filings

Sign up for StreetInsider Free!

Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!

Form N-CSRS PRUDENTIAL INVESTMENT For: Feb 28

You May Also Be Interested In

Create E-mail Alert Related Categories

Sign up for StreetInsider Free!

Free News Feed