N-CSR

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:	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Name and address of agent for service:	Deborah A. Docs
	Gateway Center 3,
	100 Mulberry Street,
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	8/31/2014
Date of reporting period:	8/31/2014

Item 1 – Reports to Stockholders –

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

PRUDENTIAL JENNISON VALUE FUND

ANNUAL REPORT ^· AUGUST 31, 2014

Fund Type

Large Cap Stock

Objective

Capital appreciation

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

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

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

October 15, 2014

Dear Shareholder:

We hope you find the annual report for the Prudential Jennison Value Fund informative and useful. The report covers performance for the 12-month period that ended August 31, 2014.

Since market conditions change over time, 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. Keep in mind, however, that diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

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

Thank you for choosing the Prudential Investments family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Jennison Value Fund

*Most of Prudential Investments’ equity funds are advised by Jennison Associates LLC, Quantitative Management Associates LLC (QMA), or Prudential Real Estate Investors. Prudential Investments’ fixed income and money market funds are advised by Prudential Investment Management, Inc. (PIM) through its Prudential Fixed Income unit. Jennison Associates, QMA, and PIM are registered investment advisers and Prudential Financial companies. Prudential Real Estate Investors is a unit of PIM.

Prudential Jennison Value Fund 1

Your Fund’s Performance (Unaudited)

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

Cumulative Total Returns (Without Sales Charges) as of 8/31/14
	One Year			Five Years			Ten Years			Since Inception
Class A		22.37	%		99.15	%		131.05	%	—
Class B		21.55			92.46			115.30		—
Class C		21.56			92.38			115.18		—
Class Q		22.92			N/A			N/A		65.22% (10/31/11)
Class R		22.16			97.25			N/A		95.32    (6/3/05)
Class Z		22.76			102.23			137.67		—
Russell 1000® Value Index		24.43			115.69			120.56		—
S&P 500 Index		25.21			117.99			123.42		—
Lipper Large-Cap Value Funds Average*		22.77			100.28			106.15		—
Lipper Multi-Cap Core Funds Average		23.13			107.49			124.66		—
Average Annual Total Returns (With Sales Charges) as of 9/30/14
	One Year			Five Years			Ten Years			Since Inception
Class A		9.09	%		11.44	%		7.46	%	—
Class B		9.61			11.80			7.31		—
Class C		13.61			11.91			7.30		—
Class Q		15.90			N/A			N/A		17.53% (10/31/11)
Class R		15.16			12.48			N/A		7.08    (6/3/05)
Class Z		15.76			13.04			8.37		—
Russell 1000 Value Index		18.89			15.26			7.84		—
S&P 500 Index		19.70			15.69			8.10		—
Lipper Large-Cap Value Funds Average*		17.04			13.64			7.03		—
Lipper Multi-Cap Core Funds Average		15.34			14.06			7.75		—

*The Fund was compared to the Lipper Large-Cap Value Funds Average although Lipper classifies the Fund in the Lipper Multi-Cap Core Funds Performance Universe. The Lipper Large-Cap Value Funds Performance Universe was utilized because the Fund’s manager believes that the funds included in the Universe provide a more appropriate basis for Fund Performance comparisons.

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Average Annual Total Returns (With Sales Charges) as of 8/31/14
	One Year			Five Years			Ten Years			Since Inception
Class A		15.64	%		13.48	%		8.12	%	—
Class B		16.55			13.87			7.97		—
Class C		20.56			13.98			7.96		—
Class Q		22.92			N/A			N/A		19.37% (10/31/11)
Class R		22.16			14.55			N/A		7.51    (6/3/05)
Class Z		22.76			15.12			9.04		—
Average Annual Total Returns (Without Sales Charges) as of 8/31/14
	One Year			Five Years			Ten Years			Since Inception
Class A		22.37	%		14.77	%		8.74	%	—
Class B		21.55			13.99			7.97		—
Class C		21.56			13.98			7.96		—
Class Q		22.92			N/A			N/A		19.37% (10/31/11)
Class R		22.16			14.55			N/A		7.51    (6/3/05)
Class Z		22.76			15.12			9.04		—

Growth of a $10,000 Investment

The graph compares a $10,000 investment in the Fund’s Class A shares with a similar investment in the Russell 1000 Value Index and the S&P 500 Index by portraying the initial account values at the beginning of the 10-year period for Class A shares (August 31, 2004) and the account values at the end of the current fiscal year (August 31, 2014) as measured on a quarterly basis. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) the maximum applicable front-end sales charge was deducted from the initial $10,000 investment in Class A shares; (b) all recurring fees (including management fees) were deducted; and

Prudential Jennison Value Fund 3

Your Fund’s Performance (continued)

(c) all dividends and distributions were reinvested. The line graph provides information for Class A shares only. As indicated in the tables provided earlier, performance for Class B, Class C, Class Q, Class R, and Class Z shares will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursement, if any, the returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graphs include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Source: Prudential Investments LLC and Lipper Inc.

Inception returns are provided for any share class with less than 10 calendar years.

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	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or sale proceeds)	1% on sales of $1 million or more made within 12 months of purchase	5% (Yr. 1) 4% (Yr. 2) 3% (Yr. 3) 2% (Yr. 4) 1% (Yr. 5) 1% (Yr. 6) 0%  (Yr. 7)	1% on sales made within 12 months of purchase	None	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	.30%	1%	1%	None	.75% (.50% currently)	None

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

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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. Russell 1000 Value Index Closest Month-End to Inception cumulative total returns as of 8/31/14 are 74.40% for Class Q; and 95.48% for Class R. Russell 1000 Value Index Closest Month-End to Inception average annual total returns as of 9/30/14 are 20.15% for Class Q; and 7.21% for Class R.

S&P 500 Index

The S&P 500 Index is an unmanaged index of 500 stocks of large US public companies. It gives an indication of how US stock prices have performed. S&P 500 Index Closest Month-End to Inception cumulative total returns as of 8/31/14 are 70.03% for Class Q; and 104.30% for Class R. S&P 500 Index Closest Month-End to Inception average annual total returns as of 9/30/14 are 19.38% for Class Q; and 7.79% for Class R.

Lipper Large-Cap Value Funds Average

The Lipper Large-Cap Value Funds Average (Lipper Average) represents returns based on the average return of all funds in the Lipper Large-Cap Value Funds category 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. Although Lipper classifies the Fund in the Lipper Multi-Cap Core Funds Category, the returns for the Lipper Large-Cap Value Funds Average are also shown, as the Fund’s investment manager believes that the Lipper Large-Cap Value Funds Average is more consistent with the management of the Fund. Lipper Average Closest Month-End to Inception cumulative total returns as of 8/31/14 are 67.62% for Class Q; and 84.90% for Class R. Lipper Average Closest Month-End to Inception average annual total returns as of 9/30/14 are 18.54% for Class Q; and 6.49% for Class R.

Lipper Multi-Cap Core Funds Average

The Lipper Multi-Cap Core Funds Average (Lipper Average) represents returns based on the average return of all funds in the Lipper Multi-Cap Core Funds category for the periods noted. Funds in the Lipper Average are funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap core funds typically have an average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500 Index. Lipper Average Closest Month-End to Inception cumulative total returns as of 8/31/14 are 65.81% for Class Q; and 99.91% for Class R. Lipper Average Closest Month-End to Inception average annual total returns as of 9/30/14 are 17.83% for Class Q; and 7.28% for Class R.

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 Averages reflect the deduction of operating expenses, but not sales charges or taxes. The Since Inception returns for the Indexes and Lipper Averages are measured from the closest month-end to inception date, and not from the Fund’s actual inception date.

Prudential Jennison Value Fund 5

Your Fund’s Performance (continued)

Five Largest Holdings expressed as a percentage of net assets as of 8/31/14
Flextronics International Ltd., Electronic Equipment, Instruments & Components	2.8	%
JPMorgan Chase & Co., Banks	2.7
Wells Fargo & Co., Banks	2.7
Goldman Sachs Group, Inc. (The), Capital Markets	2.3
Citigroup, Inc., Banks	2.2

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

Five Largest Industries expressed as a percentage of net assets as of 8/31/14
Oil, Gas, & Consumable Fuels	12.8	%
Banks	10.2
Pharmaceuticals	7.0
Capital Markets	4.3
Technology Hardware, Storage & Peripherals	4.3

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

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Strategy and Performance Overview

How did the Fund perform?

The Prudential Jennison Value Fund’s Class A shares rose 22.37% in the 12-month period ended August 31, 2014, trailing the 24.43% gain of the Russell 1000 Value Index (the Index) and the 23.13% gain of the Lipper Multi-Cap Core Funds Average.

In the Index, every sector posted double-digits return. Advances were the strongest in the information technology, materials, and healthcare sectors.

Every sector in the Fund gained ground, except for materials, the smallest weighted sector. Relative to the Index, stock selection detracted in the consumer sectors and information technology. On the other hand, holdings in industrials and healthcare did comparatively well.

What was the market environment?

The market’s advance during the reporting period reflected sustained improvement in the economic outlook. Over the year, corporate profits remained strong, housing and employment indicators improved, and consumer confidence rose to post-recession highs. The Federal Reserve began incrementally tapering its quantitative-easing program in December, signaling confidence in the health of US economic activity and labor market conditions. US Gross Domestic Product (GDP) contracted in early 2014, largely because of severe winter weather, before quickly rebounding.

Conditions in Europe appeared to stabilize, but fallout from Ukraine-Russia tensions created new challenges. China’s expansion, which moderated as the country sought a better balance between internal and external growth, maintained levels that were sufficiently expansionary to give investors conviction that global gross domestic product remained solid.

Which holdings made the largest positive contributions to the Fund’s return?

Key contributors were concentrated in the healthcare sector.

• HCA Holdings, an operator of hospitals and freestanding surgery centers, benefitted from better-than-anticipated utilization as a result of the Affordable Care Act. Jennison likes its industry-leading scale, which drives cost synergies, significant cash flow, and large market share in fast-growing states such as Texas and Florida.

• Actavis develops and markets both brand and generic drugs. After three major acquisitions in less than two years, the company has grown in size and scope, and is now, Jennison believes, a formidable brand/generic hybrid pharmaceutical company with a global scope.

Prudential Jennison Value Fund 7

Strategy and Performance Overview (continued)

• Mylan’s North American generic pharmaceutical business drove better than expected results. Jennison likes its promising products in the pipeline, including a variety of injectable generic products from Mylan’s acquisition of Agila Specialties.

Which holdings detracted most from the Fund’s return?

Notable detractors were more diverse and included JC Penney, Latin American telecommunications provider NII Holdings, and Avon Products.

• Shares of JCPenney fell through much of the period on a number of signs of weakness including sales declines and disappointing margins. Jennison eliminated the position as the stock price did not respond favorably to improving fundamentals and an announced restructuring.

• NII Holdings suffered from a loss of subscribers as well as weak operational and financial results and increasingly unfavorable exchange rates. The position was eliminated as Jennison’s investment decision changed due to NII’s persistently weak fundamentals.

• Avon Products, a global producer and marketer of beauty products, has been in the midst of a turnaround. Shares fell early in the period due to weakness primarily in the US. Jennison still considers Avon shares to be attractively valued and continues to believe in its long-term turnaround prospects.

Were there significant changes to the portfolio?

The Fund’s weights in information technology, industrials, and financials increased, while its weights in healthcare and consumer staples decreased. Relative to the Index, the Fund was overweight consumer discretionary and information technology and underweight financials and utilities.

Significant new positions were established in Applied Materials, NRG Energy, and Celgene. Positions in other securities, such as United Health Group, Pfizer, and Express Scripts, were eliminated.

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Comments on Largest Holdings

2.8% Flextronics International Ltd., Electronic Equipment, Instruments, & Components

Flextronics International is a global electronics manufacturer. Jennison expects double-digit growth in its industrial and high reliability manufacturing services businesses in fiscal year 2015 and possibly beyond. This, plus cost controls and share buybacks, bodes well for earnings growth.

2.7% JPMorgan Chase & Co., Banks

JPMorgan Chase is one of the world’s largest financial services firms. In Jennison’s view, the company has a strong and robust business model, executes well, and is reasonably valued. It should enjoy strengthening pipelines in its commercial and business banking segments.

2.7% Wells Fargo & Co., Banks

In Jennison’s opinion, Wells Fargo is a strong firm with superior execution skills relative to other banks in its category. It should continue to produce superior return on equity and strong capital returns, and benefit from a pick-up in mortgages.

2.3% Goldman Sachs Group, Inc. (The), Capital Markets

Jennison continues to view Goldman Sachs as a well-managed company and thinks that its strong capital base and leading global positions in investment banking, capital markets, trading, private equity, and asset management provide attractive exposure to long-term global economic expansion.

2.2% Citigroup, Inc., Banks

Jennison believes that Citigroup can improve its overall capital situation and finds the stock attractively valued and trading below tangible book value. Citicorp should continue to generate solid profitability, while Citigroup’s turnaround should show fundamental progress.

Prudential Jennison Value Fund 9

Fees and Expenses (Unaudited)

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

The example is based on an investment of $1,000 invested on March 1, 2014, at the beginning of the period, and held through the six-month period ended August 31, 2014. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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Prudential Investments 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 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 March 1, 2014		Ending Account Value August 31, 2014		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month  Period*
Class A	Actual	$	1,000.00	$	1,082.50		1.04	%	$	5.46
	Hypothetical	$	1,000.00	$	1,019.96		1.04	%	$	5.30
Class B	Actual	$	1,000.00	$	1,079.10		1.74	%	$	9.12
	Hypothetical	$	1,000.00	$	1,016.43		1.74	%	$	8.84
Class C	Actual	$	1,000.00	$	1,079.10		1.74	%	$	9.12
	Hypothetical	$	1,000.00	$	1,016.43		1.74	%	$	8.84
Class Q	Actual	$	1,000.00	$	1,084.80		0.62	%	$	3.26
	Hypothetical	$	1,000.00	$	1,022.08		0.62	%	$	3.16
Class R	Actual	$	1,000.00	$	1,081.70		1.24	%	$	6.51
	Hypothetical	$	1,000.00	$	1,018.95		1.24	%	$	6.31
Class Z	Actual	$	1,000.00	$	1,084.30		0.74	%	$	3.89
	Hypothetical	$	1,000.00	$	1,021.48		0.74	%	$	3.77

*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 184 days in the six-month period ended August 31, 2014, and divided by 365 days. Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

Prudential Jennison Value Fund 11

Fees and Expenses (continued)

The Fund’s annualized expense ratios for the year ended August 31, 2014, are as follows:

Class	Gross Operating Expenses			Net Operating Expenses
A		1.06	%		1.06	%
B		1.76			1.76
C		1.76			1.76
Q		0.63			0.63
R		1.51			1.26
Z		0.76			0.76

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

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Portfolio of Investments

as of August 31, 2014

Shares	Description	Value (Note 1)
LONG-TERM INVESTMENTS    96.1%
COMMON STOCKS
Aerospace & Defense    1.7%
99,112	Boeing Co. (The)	$	12,567,402
Airlines    2.8%
202,717	American Airlines Group, Inc.		7,887,718
254,621	United Continental Holdings, Inc.*		12,122,506
			20,010,224
Auto Components    1.9%
133,827	Lear Corp.		13,533,924
Automobiles    1.8%
374,276	General Motors Co.		13,024,805
Banks    10.2%
455,951	Bank of America Corp.		7,336,251
314,336	Citigroup, Inc.		16,235,454
334,017	JPMorgan Chase & Co.		19,857,311
130,709	PNC Financial Services Group, Inc. (The)		11,077,588
379,030	Wells Fargo & Co.		19,497,303
			74,003,907
Biotechnology    1.5%
114,738	Celgene Corp.*		10,902,405
Capital Markets    4.3%
92,453	Goldman Sachs Group, Inc. (The)		16,559,257
435,607	Morgan Stanley		14,945,676
			31,504,933
Communications Equipment    1.5%
767,560	Brocade Communications Systems, Inc.		8,097,758
256,982	JDS Uniphase Corp.*		2,968,142
			11,065,900
Consumer Finance    3.6%
87,775	Capital One Financial Corp.		7,202,816
482,458	Navient Corp.		8,655,297
1,118,434	SLM Corp.		9,909,325
			25,767,438

See Notes to Financial Statements.

Prudential Jennison Value Fund 13

Portfolio of Investments

as of August 31, 2014 continued

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Diversified Financial Services    1.5%
285,152	Voya Financial, Inc.	$	11,146,592
Diversified Telecommunication Services    2.1%
160,311	CenturyLink, Inc.		6,571,148
340,762	Vivendi SA (France)		8,873,196
			15,444,344
Electronic Equipment, Instruments & Components     2.8%
1,832,001	Flextronics International Ltd.*		20,225,291
Energy Equipment & Services    2.1%
227,020	Halliburton Co.		15,348,822
Food Products    3.1%
139,969	Bunge Ltd.		11,848,376
296,813	Mondelez International, Inc. (Class A Stock)		10,741,662
			22,590,038
Health Care Providers & Services    2.9%
78,896	Cigna Corp.		7,463,562
196,693	HCA Holdings, Inc.*		13,733,105
			21,196,667
Hotels, Restaurants & Leisure    4.2%
364,331	Carnival Corp.		13,800,859
158,557	Hyatt Hotels Corp. (Class A Stock)*		9,686,247
417,770	International Game Technology		7,043,602
			30,530,708
Independent Power & Renewable Electricity Producers    1.7%
405,133	NRG Energy, Inc.		12,469,994
Industrial Conglomerates    0.8%
48,457	Siemens AG (Germany), ADR		6,071,662
Insurance    4.2%
274,279	MetLife, Inc.		15,014,032
76,907	Travelers Cos., Inc. (The)		7,283,862
231,166	XL Group PLC (Ireland)		7,901,254
			30,199,148

See Notes to Financial Statements.

14

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Internet Software & Services    1.8%
11,533	Google, Inc. (Class A Stock)*	$	6,716,358
11,533	Google, Inc. (Class C Stock)*		6,592,263
			13,308,621
Machinery    2.4%
67,568	Caterpillar, Inc.		7,369,642
98,885	SPX Corp.		10,288,984
			17,658,626
Media    3.7%
221,528	Comcast Corp. (Class A Stock)		12,124,227
247,862	Liberty Global PLC (United Kingdom) (Class C Stock)*		10,392,854
57,963	Time Warner, Inc.		4,464,890
			26,981,971
Metals & Mining    2.0%
506,653	Goldcorp, Inc. (Canada)		14,221,750
Multiline Retail    0.7%
83,311	Target Corp.		5,004,492
Oil, Gas & Consumable Fuels    12.8%
116,943	Anadarko Petroleum Corp.		13,178,307
592,033	Denbury Resources, Inc.		10,194,808
68,393	EOG Resources, Inc.		7,515,023
367,092	Marathon Oil Corp.		15,304,065
91,564	Marathon Petroleum Corp.		8,333,240
195,776	Noble Energy, Inc.		14,123,281
103,250	Occidental Petroleum Corp.		10,710,122
323,899	Suncor Energy, Inc. (Canada)		13,309,010
			92,667,856
Personal Products    1.1%
553,945	Avon Products, Inc.		7,777,388
Pharmaceuticals    7.0%
46,570	Actavis PLC*		10,570,459
71,015	Bayer AG (Germany), ADR		9,537,314
123,464	Merck & Co., Inc.		7,421,421
255,651	Mylan, Inc.*(a)		12,424,639

See Notes to Financial Statements.

Prudential Jennison Value Fund 15

Portfolio of Investments

as of August 31, 2014 continued

Shares	Description	Value (Note 1)
COMMON STOCKS (Continued)
Pharmaceuticals (cont’d.)
210,710	Teva Pharmaceutical Industries Ltd. (Israel), ADR	$	11,066,489
			51,020,322
Road & Rail    2.7%
389,216	Hertz Global Holdings, Inc.*		11,501,333
73,334	Union Pacific Corp.		7,719,870
			19,221,203
Semiconductors & Semiconductor Equipment    1.7%
545,447	Applied Materials, Inc.		12,602,553
Software    1.2%
183,811	Microsoft Corp.		8,350,534
Technology Hardware, Storage & Peripherals    4.3%
81,319	Apple, Inc.		8,335,197
311,872	EMC Corp.		9,209,580
282,541	Hewlett-Packard Co.		10,736,558
85,266	NCR Corp.*		2,912,687
			31,194,022
	TOTAL LONG-TERM INVESTMENTS (cost $461,204,294)		697,613,542
SHORT-TERM INVESTMENT    5.7%
AFFILIATED MONEY MARKET MUTUAL FUND
41,017,303	Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund (cost $41,017,303; includes $12,782,552 of cash collateral for securities on loan) (Note 3)(b)(c)		41,017,303
	TOTAL INVESTMENTS    101.8% (cost $502,221,597; Note 5)		738,630,845
	Liabilities in excess of other assets    (1.8)%		(12,728,588	)
	NET ASSETS    100.0%	$	725,902,257

The following abbreviation is used in the portfolio descriptions:

ADR—American Depositary Receipt

* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $12,424,639; cash collateral of $12,782,552 (included in liabilities) was received with

See Notes to Financial Statements.

16

which the Fund purchased highly liquid short-term investments. Securities on loan are subject to contractual netting arrangements.

(b) Prudential Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund.

(c) Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.

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

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

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

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

The following is a summary of the inputs used as of August 31, 2014 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	12,567,402	$	—	$	—
Airlines		20,010,224		—		—
Auto Components		13,533,924		—		—
Automobiles		13,024,805		—		—
Banks		74,003,907		—		—
Biotechnology		10,902,405		—		—
Capital Markets		31,504,933		—		—
Communications Equipment		11,065,900		—		—
Consumer Finance		25,767,438		—		—
Diversified Financial Services		11,146,592		—		—
Diversified Telecommunication Services		6,571,148		8,873,196		—
Electronic Equipment, Instruments & Components		20,225,291		—		—
Energy Equipment & Services		15,348,822		—		—
Food Products		22,590,038		—		—
Health Care Providers & Services		21,196,667		—		—
Hotels, Restaurants & Leisure		30,530,708		—		—
Independent Power & Renewable Electricity Producers		12,469,994		—		—
Industrial Conglomerates		6,071,662		—		—

See Notes to Financial Statements.

Prudential Jennison Value Fund 17

Portfolio of Investments

as of August 31, 2014 continued

	Level 1		Level 2		Level 3
Insurance	$	30,199,148	$	—	$	—
Internet Software & Services		13,308,621		—		—
Machinery		17,658,626		—		—
Media		26,981,971		—		—
Metals & Mining		14,221,750		—		—
Multiline Retail		5,004,492		—		—
Oil, Gas & Consumable Fuels		92,667,856		—		—
Personal Products		7,777,388		—		—
Pharmaceuticals		51,020,322		—		—
Road & Rail		19,221,203		—		—
Semiconductors & Semiconductor Equipment		12,602,553		—		—
Software		8,350,534		—		—
Technology Hardware, Storage & Peripherals		31,194,022		—		—
Affiliated Money Market Mutual Fund		41,017,303		—		—
Total	$	729,757,649	$	8,873,196	$	—

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of August 31, 2014 was as follows (Unaudited):

Oil, Gas & Consumable Fuels	12.8	%
Banks	10.2
Pharmaceuticals	7.0
Affiliated Money Market Mutual Fund (including 1.8% of collateral for securities on loan)	5.7
Capital Markets	4.3
Technology Hardware, Storage & Peripherals	4.3
Hotels, Restaurants & Leisure	4.2
Insurance	4.2
Media	3.7
Consumer Finance	3.6
Food Products	3.1
Health Care Providers & Services	2.9
Airlines	2.8
Electronic Equipment, Instruments & Components	2.8
Road & Rail	2.7
Machinery	2.4
Diversified Telecommunication Services	2.1
Energy Equipment & Services	2.1
Metals & Mining	2.0
Auto Components	1.9
Automobiles	1.8
Internet Software & Services	1.8
Aerospace & Defense	1.7
Independent Power & Renewable Electricity Producers	1.7
Semiconductors & Semiconductor Equipment	1.7
Biotechnology	1.5
Communications Equipment	1.5
Diversified Financial Services	1.5
Software	1.2
Personal Products	1.1
Industrial Conglomerates	0.8
Multiline Retail	0.7
	101.8
Liabilities in excess of other assets	(1.8	)
	100.0	%

See Notes to Financial Statements.

18

PRUDENTIAL INVESTMENTS»MUTUAL FUNDS

FINANCIAL STATEMENTS

ANNUAL REPORT ^· AUGUST 31, 2014

Prudential Jennison Value Fund

Statement of Assets & Liabilities

as of August 31, 2014

Assets
Investments at value, including securities on loan of $12,424,639:
Unaffiliated investments (cost $461,204,294)	$	697,613,542
Affiliated investments (cost $41,017,303)		41,017,303
Dividends receivable		1,070,236
Receivable for Fund shares sold		252,438
Tax reclaim receivable		104,654
Prepaid expenses		8,690
Total assets		740,066,863
Liabilities
Payable to broker for collateral for securities on loan		12,782,552
Payable for Fund shares reacquired		550,072
Management fee payable		343,533
Accrued expenses		236,562
Distribution fee payable		178,731
Affiliated transfer agent fee payable		70,853
Payable to custodian		1,225
Deferred trustees’ fees		1,078
Total liabilities		14,164,606
Net Assets	$	725,902,257
Net assets were comprised of:
Shares of beneficial interest, at par	$	319,969
Paid-in capital in excess of par		451,114,858
		451,434,827
Undistributed net investment income		2,818,837
Accumulated net realized gain on investment and foreign currency transactions		35,239,345
Net unrealized appreciation on investments and foreign currencies		236,409,248
Net assets, August 31, 2014	$	725,902,257

See Notes to Financial Statements.

20

Class A
Net asset value and redemption price per share
($563,597,622 ÷ 24,813,165 shares of beneficial interest issued and outstanding)	$	22.71
Maximum sales charge (5.50% of offering price)		1.32
Maximum offering price to public	$	24.03
Class B
Net asset value, offering price and redemption price per share
($11,655,160 ÷ 527,141 shares of beneficial interest issued and outstanding)	$	22.11
Class C
Net asset value, offering price and redemption price per share
($27,649,318 ÷ 1,251,249 shares of beneficial interest issued and outstanding)	$	22.10
Class Q
Net asset value, offering price and redemption price per share
($18,861,655 ÷ 828,561 shares of beneficial interest issued and outstanding)	$	22.76
Class R
Net asset value, offering price and redemption price per share
($13,556,849 ÷ 598,555 shares of beneficial interest issued and outstanding)	$	22.65
Class Z
Net asset value, offering price and redemption price per share
($90,581,653 ÷ 3,978,205 shares of beneficial interest issued and outstanding)	$	22.77

See Notes to Financial Statements.

Prudential Jennison Value Fund 21

Statement of Operations

Year Ended August 31, 2014

Net Investment Income
Income
Unaffiliated dividend income (net of foreign withholding taxes of $171,049)	$	10,057,651
Affiliated income from securities loaned, net		75,623
Affiliated dividend income		15,663
Total income		10,148,937
Expenses
Management fee		3,973,449
Distribution fee—Class A		1,626,849
Distribution fee—Class B		121,992
Distribution fee—Class C		281,024
Distribution fee—Class R		94,867
Distribution fee—Class X		71
Transfer agent’s fees and expenses (including affiliated expense of $328,000)		877,000
Custodian’s fees and expenses		112,000
Registration fees		97,000
Shareholders’ reports		72,000
Trustees’ fees		27,000
Legal fees and expenses		26,000
Audit fee		23,000
Insurance expenses		9,000
Loan interest expense		319
Miscellaneous		20,754
Total expenses		7,362,325
Less: Distribution fee waiver—Class R		(31,623	)
Net expenses		7,330,702
Net investment income		2,818,235
Realized and Unrealized Gain on Investment and Foreign Currency Transactions
Net realized gain on:
Investment transactions		80,182,339
Foreign currency transactions		1,767
		80,184,106
Net change in unrealized appreciation (depreciation) on investments		56,776,277
Net gain on investment and foreign currency transactions		136,960,383
Net Increase In Net Assets Resulting From Operations	$	139,778,618

See Notes to Financial Statements.

22

Statement of Changes in Net Assets

	Year Ended August 31,
	2014			2013
Increase (Decrease) in Net Assets
Operations
Net investment income	$	2,818,235		$	4,875,283
Net realized gain on investment and foreign currency transactions		80,184,106			87,807,128
Net change in unrealized appreciation on investments and foreign currencies		56,776,277			70,457,091
Net increase in net assets resulting from operations		139,778,618			163,139,502
Dividends from net investment income (Note 1)
Class A		(2,674,635	)		(4,261,131	)
Class B		—			(34,986	)
Class C		—			(68,234	)
Class Q		(186,277	)		(233,667	)
Class R		(40,023	)		(73,289	)
Class X		(306	)		(1,213	)
Class Z		(554,300	)		(932,449	)
		(3,455,541	)		(5,604,969	)
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		49,943,845			60,872,533
Net asset value of shares issued in reinvestment of dividends and distributions		3,155,000			5,106,872
Cost of shares reacquired		(121,083,142	)		(357,581,722	)
Net decrease in net assets from Fund share transactions		(67,984,297	)		(291,602,317	)
Total increase (decrease)		68,338,780			(134,067,784	)
Net Assets:
Beginning of year		657,563,477			791,631,261
End of year(a)	$	725,902,257		$	657,563,477
(a) Includes undistributed net investment income of:	$	2,818,837		$	3,455,142

See Notes to Financial Statements.

Prudential Jennison Value Fund 23

Notes to Financial Statements

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 Prudential Jennison Value Fund (the “Fund”). The investment objective of the Fund is capital appreciation.

Note 1. Accounting Policies

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

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

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

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

24

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, as the inputs are observable and considered to be significant to the valuation.

Common and preferred stocks traded on foreign securities exchanges are valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy, as the adjustment factors are observable and considered to be significant to the valuation. Securities not valued using such model prices are valued in accordance with exchange-traded common and preferred stocks 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.

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

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

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

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition

Prudential Jennison Value Fund 25

Notes to Financial Statements

continued

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 investment adviser regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other mutual funds to calculate their net asset values.

Concentration of Risk: Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. companies 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.

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

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

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

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

Net realized gains or losses on foreign currency transactions represent net foreign exchange gains or losses from sales and maturities of short-term securities and forward currency contracts, disposition of foreign currencies, forward currency contracts, disposition of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between

26

the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains or losses from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation/(depreciation) on foreign currencies.

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

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

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

Prudential Jennison Value Fund 27

Notes to Financial Statements

continued

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

Dividends and Distributions: The Fund expects to pay dividends from net investment income and distributions from net realized capital gains, if any, at least annually.

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

Taxes: For federal income tax purposes, the Fund is treated as a separate taxpaying entity. It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required.

Withholding taxes on foreign dividends are recorded, net of reclaimable amounts, at the time the related income is earned.

Estimates: The preparation of the 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 amounts.

Note 2. Agreements

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

28

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

The management fee paid to PI is accrued daily and payable monthly at an annual rate of .60% of the Fund’s average daily net assets up to $500 million, .50% of the next $500 million, .475% of the next $500 million and .45% of the average daily net assets in excess of $1.5 billion. The effective management fee rate was .57% of the Fund’s average daily net assets for the year ended August 31, 2014.

The Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class B, Class C, Class Q, Class R, Class X and Class Z shares. In addition, the Fund has a distribution agreement with Prudential Annuities Distributors, Inc. (“PAD”), which, together with PIMS, serves as co-distributor of the Class X shares of the Fund. The Fund compensates PIMS and PAD, as applicable, for distributing and servicing the Fund’s Class A, Class B, Class C, Class R and Class X shares, pursuant to plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS or PAD. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Q and Class Z shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS and PAD, as applicable, for distribution related activities at an annual rate of up to .30%, 1%, 1%, .75% and 1% of the average daily net assets of the Class A, B, C, R and X shares, respectively. PIMS has contractually agreed through December 31, 2015 to limit such expenses to .50% of the average daily net assets of the Class R shares. As of April 11, 2014, the last conversion of Class X shares to Class A shares was completed. There are no Class X shares outstanding and Class X shares are no longer being offered for sale.

Prior to the final conversion of Class X shares, management received the maximum allowable amount of sales charges for Class X shares in accordance with regulatory limits. As such, any contingent deferred sales charges received by the Manager were contributed back into the Fund and included in the Statement of Changes in Net Assets and Financial Highlights as a contribution to capital.

PIMS has advised the Fund that it has received $149,064 in front-end sales charges resulting from sales of Class A shares, during the year ended August 31, 2014. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

Prudential Jennison Value Fund 29

Notes to Financial Statements

continued

PIMS has advised the Fund that for the year ended August 31, 2014, it received $217, $15,626 and $2,284 in contingent deferred sales charges imposed upon certain redemptions by Class A, Class B and Class C shareholders, respectively.

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

Note 3. Other Transactions with Affiliates

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

Prudential Investment Management, Inc. (“PIM”), an indirect, wholly-owned subsidiary of Prudential, is the Fund’s securities lending agent. For the year ended August 31, 2014, PIM has been compensated $25,968 for these services.

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

Note 4. Portfolio Securities

Purchases and sales of portfolio securities, excluding short-term investments, for the year ended August 31, 2014, were $266,866,214 and $350,671,667, respectively.

Note 5. Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-dividend date. In order to present undistributed net investment income, accumulated net realized gain on investment and foreign currency transactions and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments

30

have been made to undistributed net investment income, accumulated net realized gain on investment and foreign currency transactions and paid-in capital in excess of par. For the year ended August 31, 2014, the adjustments were to increase undistributed net investment income by $1,001, decrease accumulated net realized gain on investment and foreign currency transactions by $1,767 and increase paid-in capital in excess of par by $766 due to the reclassification of net foreign currency gains and other book to tax differences. Net investment income, net realized gain on investment and foreign currency transactions and net assets were not affected by this change.

For the years ended August 31, 2014 and August 31, 2013, the tax character of dividends paid by the Fund were $3,455,541 and $5,604,969 of ordinary income, respectively.

As of August 31, 2014, the accumulated undistributed earnings on a tax basis were $2,819,839 of ordinary income and $38,547,523 of long-term capital gains. This differs from the amount shown on the Statement of Assets and Liabilities primarily due to cumulative timing differences between financial and tax reporting.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of August 31, 2014 were as follows:

Tax Basis	Appreciation	Depreciation	Net Unrealized Appreciation
$505,529,776	$243,533,230	$(10,432,161)	$233,101,069

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

The Fund utilized approximately $40,469,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended August 31, 2014.

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

Prudential Jennison Value Fund 31

Notes to Financial Statements

continued

Note 6. Capital

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 Class A shares in an amount of $1 million or more do not pay a front-end sales charge, but are subject to a contingent deferred sales charge (“CDSC”) of 1% for shares sold within 12 months of purchase. The Class A CDSC is waived for purchases by certain retirement or benefit plans. 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 C shares are subject to a CDSC of 1% on shares redeemed within the first 12 months after purchase. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. As of April 11, 2014, the last conversion of Class X shares to Class A shares was completed. There are no Class X shares outstanding and Class X shares are no longer being offered for sale. 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 $.01 par value divided into six classes, designated Class A, Class B, Class C, Class Q, Class R and Class Z.

32

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended August 31, 2014:
Shares sold		759,840		$	15,729,083
Shares issued in reinvestment of dividends and distributions		128,310			2,593,107
Shares reacquired		(3,862,569	)		(79,536,348	)
Net increase (decrease) in shares outstanding before conversion		(2,974,419	)		(61,214,158	)
Shares issued upon conversion from Class B, Class X and Class Z		155,836			3,200,084
Shares reacquired upon conversion into Class Z		(68,103	)		(1,470,116	)
Net increase (decrease) in shares outstanding		(2,886,686	)	$	(59,484,190	)
Year ended August 31, 2013:
Shares sold		1,078,961		$	18,251,198
Shares issued in reinvestment of dividends and distributions		272,807			4,133,018
Shares reacquired		(6,541,375	)		(107,101,145	)
Net increase (decrease) in shares outstanding before conversion		(5,189,607	)		(84,716,929	)
Shares issued upon conversion from Class B, Class X and Class Z		177,038			2,969,088
Shares reacquired upon conversion into Class Z		(26,356	)		(440,184	)
Net increase (decrease) in shares outstanding		(5,038,925	)	$	(82,188,025	)
Class B
Year ended August 31, 2014:
Shares sold		86,706		$	1,737,739
Shares reacquired		(107,703	)		(2,168,810	)
Net increase (decrease) in shares outstanding before conversion		(20,997	)		(431,071	)
Shares reacquired upon conversion into Class A		(151,482	)		(3,036,347	)
Net increase (decrease) in shares outstanding		(172,479	)	$	(3,467,418	)
Year ended August 31, 2013:
Shares sold		122,577		$	2,045,243
Shares issued in reinvestment of dividends and distributions		2,324			34,506
Shares reacquired		(158,681	)		(2,617,042	)
Net increase (decrease) in shares outstanding before conversion		(33,780	)		(537,293	)
Shares reacquired upon conversion into Class A		(172,445	)		(2,831,254	)
Net increase (decrease) in shares outstanding		(206,225	)	$	(3,368,547	)

Prudential Jennison Value Fund 33

Notes to Financial Statements

continued

Class C	Shares			Amount
Year ended August 31, 2014:
Shares sold		125,149		$	2,497,848
Shares reacquired		(426,108	)		(8,549,722	)
Net increase (decrease) in shares outstanding before conversion		(300,959	)		(6,051,874	)
Shares reacquired upon conversion into Class Z		(3,450	)		(70,452	)
Net increase (decrease) in shares outstanding		(304,409	)	$	(6,122,326	)
Year ended August 31, 2013:
Shares sold		233,003		$	3,931,562
Shares issued in reinvestment of dividends and distributions		3,589			53,269
Shares reacquired		(392,514	)		(6,444,287	)
Net increase (decrease) in shares outstanding before conversion		(155,922	)		(2,459,456	)
Shares reacquired upon conversion into Class Z		(2,877	)		(50,377	)
Net increase (decrease) in shares outstanding		(158,799	)	$	(2,509,833	)
Class Q
Year ended August 31, 2014:
Shares sold		107,250		$	2,207,563
Shares issued in reinvestment of dividends and distributions		9,226			186,277
Shares reacquired		(389,841	)		(8,213,410	)
Net increase (decrease) in shares outstanding before conversion		(273,365	)		(5,819,570	)
Shares issued upon conversion from Class Z		54,009			1,110,965
Net increase (decrease) in shares outstanding		(219,356	)	$	(4,708,605	)
Year ended August 31, 2013:
Shares sold		103,485		$	1,675,170
Shares issued in reinvestment of dividends and distributions		15,444			233,667
Shares reacquired		(188,951	)		(3,226,296	)
Net increase (decrease) in shares outstanding		(70,022	)	$	(1,317,459	)
Class R
Year ended August 31, 2014
Shares sold		183,249		$	3,771,230
Shares issued in reinvestment of dividends and distributions		1,846			37,265
Shares reacquired		(216,662	)		(4,437,145	)
Net increase (decrease) in shares outstanding		(31,567	)	$	(628,650	)
Year ended August 31, 2013
Shares sold		215,952		$	3,715,924
Shares issued in reinvestment of dividends and distributions		4,462			67,509
Shares reacquired		(256,317	)		(4,410,221	)
Net increase (decrease) in shares outstanding		(35,903	)	$	(626,788	)

34

Class X	Shares			Amount
Period ended April 11, 2014*:
Shares issued in reinvestment of dividends and distributions		12		$	246
Shares reacquired		(51	)		(1,015	)
Net increase (decrease) in shares outstanding before conversion		(39	)		(769	)
Shares reacquired upon conversion into Class A		(4,026	)		(81,073	)
Net increase (decrease) in shares outstanding		(4,065	)	$	(81,842	)
Year ended August 31, 2013:
Shares issued in reinvestment of dividends and distributions		75		$	1,130
Shares reacquired		(754	)		(12,908	)
Net increase (decrease) in shares outstanding before conversion		(679	)		(11,778	)
Shares reacquired upon conversion into Class A		(4,451	)		(75,448	)
Net increase (decrease) in shares outstanding		(5,130	)	$	(87,226	)
Class Z
Year ended August 31, 2014:
Shares sold		1,151,066		$	24,000,382
Shares issued in reinvestment of dividends and distributions		16,721			338,105
Shares reacquired		(872,403	)		(18,176,692	)
Net increase (decrease) in shares outstanding before conversion		295,384			6,161,795
Shares issued upon conversion from Class A and Class C		71,328			1,540,569
Shares reacquired upon conversion into Class A and Class Q		(57,890	)		(1,193,630	)
Net increase (decrease) in shares outstanding		308,822		$	6,508,734
Year ended August 31, 2013:
Shares sold		1,872,692		$	31,253,436
Shares issued in reinvestment of dividends and distributions		38,533			583,773
Shares reacquired		(14,846,274	)		(233,769,823	)
Net increase (decrease) in shares outstanding before conversion		(12,935,049	)		(201,932,614	)
Shares issued upon conversion from Class A and Class C		29,118			490,561
Shares reacquired upon conversion into Class A		(3,989	)		(62,386	)
Net increase (decrease) in shares outstanding		(12,909,920	)	$	(201,504,439	)

* As of April 11, 2014, the last conversion of Class X shares to Class A shares was completed. There are no Class X shares outstanding and Class X shares are no longer being offered for sale.

Note 7. Borrowings

The Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period November 5, 2013 through October 8, 2014. The Funds pay an annualized commitment fee of 0.08% of the unused portion of the SCA. Interest on

Prudential Jennison Value Fund 35

Notes to Financial Statements

continued

any borrowings under the SCA is paid at contracted market rates. The commitment fee for the unused amount is accrued daily and paid quarterly.

Subsequent to the fiscal year end, the SCA has been renewed effective October 9, 2014 and will continue to provide a commitment of $900 million through October 8, 2015. Effective October 9, 2014, the Funds pay an annualized commitment fee of .075% of the unused portion of the SCA.

The Fund utilized the SCA during the year ended August 31, 2014. The Fund had an average outstanding balance of $809,900 for ten days at an average interest rate of 1.42%. At August 31, 2014, the Fund did not have an outstanding loan amount.

36

Financial Highlights

Class A Shares
	Year Ended August 31,
		2014			2013			2012			2011			2010
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Year			$18.65			$14.74			$14.01			$12.27			$11.67
Income (loss) from investment operations:
Net investment income			.08			.12			.07			.05			.05
Net realized and unrealized gain on investment transactions			4.08			3.93			.71			1.73			.59
Total from investment operations			4.16			4.05			.78			1.78			.64
Less Dividends and Distributions:
Dividends from net investment income			(.10	)		(.14	)		(.05	)		(.04	)		(.04	)
Net asset value, end of year			$22.71			$18.65			$14.74			$14.01			$12.27
Total Return(b):			22.37%			27.71%			5.57%			14.48%			5.44%
Ratios/Supplemental Data:
Net assets, end of year (000)			$563,597			$516,600			$482,632			$541,305			$543,424
Average net assets (000)			$542,283			$496,591			$511,257			$614,287			$608,797
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement			1.06%			1.09%			1.07%			1.04%			1.07%
Expenses before waivers and/or expense reimbursement			1.06%			1.09%			1.07%			1.04%			1.07%
Net investment income			.40%			.74%			.48%			.33%			.36%
Portfolio turnover rate			39%			30%			31%			56%			56%

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

(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 year reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

See Notes to Financial Statements.

Prudential Jennison Value Fund 37

Financial Highlights

continued

Class B Shares
	Year Ended August 31,
	2014			2013			2012			2011			2010
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Year		$18.19			$14.38			$13.72			$12.07			$11.52
Income (loss) from investment operations:
Net investment income (loss)		(.06	)		.01			(.03	)		(.05	)		(.04	)
Net realized and unrealized gain on investment transactions		3.98			3.84			.69			1.70			.59
Total from investment operations		3.92			3.85			.66			1.65			.55
Less Dividends and Distributions:
Dividends from net investment income		-			(.04	)		-			-			-	(d)
Net asset value, end of year		$22.11			$18.19			$14.38			$13.72			$12.07
Total Return(b):		21.55%			26.85%			4.81%			13.67%			4.78%
Ratios/Supplemental Data:
Net assets, end of year (000)		$11,655			$12,727			$13,030			$18,493			$23,813
Average net assets (000)		$12,199			$12,950			$15,355			$23,534			$29,060
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.76%			1.79%			1.77%			1.74%			1.77%
Expenses before waivers and/or expense reimbursement		1.76%			1.79%			1.77%			1.74%			1.77%
Net investment income (loss)		(.30)%			.06%			(.21)%			(.36)%			(.33)%
Portfolio turnover rate		39%			30%			31%			56%			56%

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

(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 year reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(d) Less than $.005 per share.

See Notes to Financial Statements.

38

Class C Shares
	Year Ended August 31,
	2014			2013			2012			2011			2010
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Year		$18.18			$14.38			$13.72			$12.06			$11.52
Income (loss) from investment operations:
Net investment income (loss)		(.06	)		.01			(.03	)		(.05	)		(.04	)
Net realized and unrealized gain on investment transactions		3.98			3.83			.69			1.71			.58
Total from investment operations		3.92			3.84			.66			1.66			.54
Less Dividends and Distributions:
Dividends from net investment income		-			(.04	)		-			-			-	(d)
Net asset value, end of year		$22.10			$18.18			$14.38			$13.72			$12.06
Total Return(b):		21.56%			26.78%			4.81%			13.76%			4.69%
Ratios/Supplemental Data:
Net assets, end of year (000)		$27,649			$28,284			$24,651			$28,355			$28,713
Average net assets (000)		$28,102			$26,554			$26,779			$32,039			$31,259
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.76%			1.79%			1.77%			1.74%			1.77%
Expenses before waivers and/or expense reimbursement		1.76%			1.79%			1.77%			1.74%			1.77%
Net investment income (loss)		(.31)%			.05%			(.22)%			(.37)%			(.33)%
Portfolio turnover rate		39%			30%			31%			56%			56%

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

(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 year reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

(d) Less than $.005 per share.

See Notes to Financial Statements.

Prudential Jennison Value Fund 39

Financial Highlights

continued

Class Q Shares
	Year Ended August 31,						October 31, 2011(b) through August 31, 2012
	2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$18.68			$14.77			$14.21
Income (loss) from investment operations:
Net investment income		.17			.20			.15
Net realized and unrealized gain on investment transactions		4.09			3.92			.52
Total from investment operations		4.26			4.12			.67
Less Dividends:
Dividends from net investment income		(.18	)		(.21	)		(.11	)
Net asset value, end of period		$22.76			$18.68			$14.77
Total Return(c):		22.92%			28.23%			4.83%
Ratios/Supplemental Data:
Net assets, end of period (000)		$18,862			$19,577			$16,509
Average net assets (000)		$20,513			$18,609			$22,334
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		.63%			.64%			.62%	(d)
Expense before waivers and/or expense reimbursement		.63%			.64%			.62%	(d)
Net investment income		.82%			1.18%			1.06%	(d)
Portfolio turnover rate		39%			30%			31%	(e)

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

(b) Commencement of offering.

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

(d) Annualized.

(e) Not annualized.

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

See Notes to Financial Statements.

40

Class R Shares
	Year Ended August 31,
	2014			2013			2012			2011			2010
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Year		$18.60			$14.71			$13.98			$12.24			$11.64
Income (loss) from investment operations:
Net investment income		.04			.09			.04			.02			.02
Net realized and unrealized gain on investment transactions		4.07			3.91			.71			1.73			.59
Total from investment operations		4.11			4.00			.75			1.75			.61
Less Dividends and Distributions:
Dividends from net investment income		(.06	)		(.11	)		(.02	)		(.01	)		(.01	)
Net asset value, end of year		$22.65			$18.60			$14.71			$13.98			$12.24
Total Return(b):		22.16%			27.38%			5.35%			14.30%			5.27%
Ratios/Supplemental Data:
Net assets, end of year (000)		$13,557			$11,721			$9,794			$10,446			$9,583
Average net assets (000)		$12,649			$10,985			$10,660			$11,461			$8,448
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.26%			1.29%			1.27%			1.24%			1.27%
Expenses before waiver and/or expense reimbursement		1.51%			1.54%			1.52%			1.49%			1.52%
Net investment income		.20%			.53%			.28%			.13%			.18%
Portfolio turnover rate		39%			30%			31%			56%			56%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

See Notes to Financial Statements.

Prudential Jennison Value Fund 41

Financial Highlights

continued

Class X Shares
	Period Ended April 11, 2014(g)			Year Ended August 31,
				2013			2012			2011			2010
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$18.58			$14.69			$13.96			$12.22			$11.62
Income (loss) from investment operations:
Net investment income		.03			.14			.07			.06			.05
Net realized and unrealized gain on investment transactions		1.75			3.90			.71			1.72			.58
Total from investment operations		1.78			4.04			.78			1.78			.63
Less Dividends and Distributions:
Dividends from net investment income		(.11	)		(.15	)		(.05	)		(.04	)		(.04	)
Capital Contributions (Note 2):		-			-			-	(d)		-	(d)		.01
Net asset value, end of period		$20.25			$18.58			$14.69			$13.96			$12.22
Total Return(b):		9.57%			27.73%			5.65%			14.60%			5.51%
Ratios/Supplemental Data:
Net assets, end of period (000)		$6			$76			$135			$314			$572
Average net assets (000)		$38			$112			$232			$505			$909
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.77%	(e)		1.04%			1.02%			.99%			1.02%
Expenses before waivers and/or expense reimbursement		.77%	(e)		1.04%			1.02%			.99%			1.02%
Net investment income		.19%	(e)		.82%			.52%			.39%			.40%
Portfolio turnover rate		39%	(f)(h)		30%			31%			56%			56%

(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. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(d) Less than $.005 per share.

(e) Annualized.

(f) Not annualized.

(g) As of April 11, 2014, the last conversion of Class X shares to Class A shares was completed. There are no Class X shares outstanding and Class X shares are no longer being offered for sale.

(h) Calculated as of August 31, 2014.

See Notes to Financial Statements.

42

Class Z Shares
	Year Ended August 31,
	2014			2013			2012			2011			2010
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Year		$18.69			$14.77			$14.05			$12.30			$11.69
Income (loss) from investment operations:
Net investment income		.15			.16			.11			.09			.09
Net realized and unrealized gain (loss) on investment transactions		4.08			3.95			.70			1.74			.59
Total from investment operations		4.23			4.11			.81			1.83			.68
Less Dividends and Distributions:
Dividends from net investment income		(.15	)		(.19	)		(.09	)		(.08	)		(.07	)
Net asset value, end of year		$22.77			$18.69			$14.77			$14.05			$12.30
Total Return(b):		22.76%			28.11%			5.83%			14.86%			5.78%
Ratios/Supplemental Data:
Net assets, end of year (000)		$90,582			$68,579			$244,881			$359,107			$303,166
Average net assets (000)		$78,915			$93,588			$295,370			$403,570			$259,824
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.76%			.79%			.77%			.74%			.77%
Expenses before waivers and/or expense reimbursement		.76%			.79%			.77%			.74%			.77%
Net investment income		.72%			.95%			.78%			.64%			.69%
Portfolio turnover rate		39%			30%			31%			56%			56%

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported, and includes reinvestment of dividends and distributions. Total returns may reflect adjustments to conform to generally accepted accounting principles.

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

See Notes to Financial Statements.

Prudential Jennison Value Fund 43

Report of Independent Registered Public

Accounting Firm

The Board of Trustees and Shareholders

Prudential Investment Portfolios 7:

We have audited the accompanying statement of assets and liabilities of the Prudential Jennison Value Fund, a portfolio of Prudential Investment Portfolios 7 (hereafter referred to as the “Fund”), including the portfolio of investments, as of August 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2014, by correspondence with the custodian and transfer agent. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Fund as of August 31, 2014, and the results of its operations, the changes in its net assets and the financial highlights for the periods described in the first paragraph above, in conformity with U.S. generally accepted accounting principles.

New York, New York

October 17, 2014

44

Tax Information

(Unaudited)

For the year ended August 31, 2014, the Fund reports, in accordance with Section 854 of the Internal Revenue Code, the following percentages of the ordinary income dividends paid as 1) qualified dividend income (QDI); and 2) eligible for corporate dividends received deduction (DRD):

	QDI			DRD
Prudential Jennison Value Fund		100.00	%		100.00	%

In January 2015, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV, as to the federal tax status of the dividends received by you in calendar year 2014.

Prudential Jennison Value Fund 45

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS

(Unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.

Independent Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held
Ellen S. Alberding (56) Board Member Portfolios Overseen: 70	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); Vice Chair, City Colleges of Chicago (community college system) (since 2011); Trustee, Skills for America’s Future (national initiative to connect employers to community colleges) (since 2011); Trustee, National Park Foundation (charitable foundation for national park system) (since 2009); Trustee, Economic Club of Chicago (since 2009).	None.
Kevin J. Bannon (62) Board Member Portfolios Overseen: 71	Managing Director (since April 2008) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).
Linda W. Bynoe (62) Board Member Portfolios Overseen: 71	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Ltd. (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co (broker-dealer).	Director of Simon Property Group, Inc. (retail real estate) (May 2003-May 2012); Director of Anixter International, Inc. (communication products distributor) (since January 2006); Director of Northern Trust Corporation (financial services) (since April 2006); Trustee of Equity Residential (residential real estate) (since December 2009).

Prudential Jennison Value Fund

Independent Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held
Keith F. Hartstein (58) Board Member Portfolios Overseen: 71	Retired; Formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.
Michael S. Hyland, CFA (69) Board Member Portfolios Overseen: 70	Retired (since February 2005); Formerly Senior Managing Director (July 2001-February 2005) of Bear Stearns & Co, Inc.; Global Partner, INVESCO (1999-2001); Managing Director and President of Salomon Brothers Asset Management (1989-1999).	None.
Douglas H. McCorkindale (75) Board Member Portfolios Overseen: 70	Retired; Formerly Chairman (February 2001-June 2006), Chief Executive Officer (June 2000-July 2005), President (September 1997-July 2005) and Vice Chairman (March 1984-May 2000) of Gannett Co. Inc. (publishing and media).	Director of Lockheed Martin Corp. (aerospace and defense) (since May 2001).
Stephen P. Munn (72) Board Member Portfolios Overseen: 71	Lead Director (since 2007) and formerly Chairman (1993-2007) of Carlisle Companies Incorporated (manufacturer of industrial products).	Lead Director (since 2007) of Carlisle Companies Incorporated (manufacturer of industrial products).
James E. Quinn (62) Board Member Portfolios Overseen: 70	Retired; Formerly President (2003-2012) and Director (2003-2008), and Vice Chairman and Director (1998-2003), Tiffany & Company (jewelry retailing); Director, Mutual of America Capital Management Corporation (asset management) (since 1996); Director, Hofstra University (since 2008); Vice Chairman, Museum of the City of New York (since 1994).	Director of Deckers Outdoor Corporation (footwear manufacturer) (since 2011).
Richard A. Redeker (71) Board Member & Independent Chair Portfolios Overseen: 71	Retired Mutual Fund Senior Executive (44 years); Management Consultant; Director, Mutual Fund Directors Forum (since 2014); Independent Directors Council (organization of 2,800 Independent Mutual Fund Directors)-Executive Committee, Chair of Policy Steering Committee, Governing Council.	None.

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Independent Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held
Robin B. Smith (75) Board Member Portfolios Overseen:70	Chairman of the Board (since January 2003) of Publishers Clearing House (direct marketing); Member of the Board of Directors of ADLPartner (marketing) (since December 2010); formerly Chairman and Chief Executive Officer (August 1996-January 2003) of Publishers Clearing House.	Formerly Director of BellSouth Corporation (telecommunications) (1992-2006).
Stephen G. Stoneburn (71) Board Member Portfolios Overseen: 71	Chairman, (since July 2011), President and Chief Executive Officer (since June 1996) of Quadrant Media Corp. (publishing company); formerly President (June 1995-June 1996) of Argus Integrated Media, Inc.; Senior Vice President and Managing Director (January 1993-1995) of Cowles Business Media; Senior Vice President of Fairchild Publications, Inc. (1975-1989).	None.

Interested Board Members(1)
Name, Address, Age Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held
Stuart S. Parker (52) Board Member & President Portfolios Overseen: 65	President of Prudential Investments LLC (since January 2012); Executive Vice President of Prudential Investment Management Services LLC (since December 2012); Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of Prudential Investments LLC (June 2005-December 2011).	None.
Scott E. Benjamin (41) Board Member & Vice President Portfolios Overseen: 71	Executive Vice President (since June 2009) of Prudential Investments LLC; Executive Vice President (June 2009-June 2012) and Vice President (since June 2012) of Prudential Investment Management Services LLC; Executive Vice President (since September 2009) of AST Investment Services, Inc.; Senior Vice President of Product Development and Marketing, Prudential Investments (since February 2006); Vice President of Product Development and Product Management, Prudential Investments (2003-2006).	None.

Prudential Jennison Value Fund

⁽¹⁾  The year that each individual joined the Fund’s Board is as follows:

Ellen S. Alberding, 2013; Kevin J. Bannon, 2008; Linda W. Bynoe, 2005; Keith F. Hartstein, 2013; Michael S. Hyland, 2008; Douglas H. McCorkindale, 2000; Stephen P. Munn, 2008; James E. Quinn, 2013; Richard A. Redeker, 1993; Robin B. Smith, 1996; Stephen G. Stoneburn, 2003; Stuart S. Parker, Board Member and President since 2012; Scott E. Benjamin, Board Member since 2010 and Vice President since 2009.

Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Raymond A. O’Hara (59) Chief Legal Officer	Vice President and Corporate Counsel (since July 2010) of Prudential Insurance Company of America (Prudential); Vice President (March 2011-Present) of Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey; Vice President and Corporate Counsel (March 2011-Present) of Prudential Annuities Life Assurance Corporation; Chief Legal Officer of Prudential Investments LLC (since June 2012); Chief Legal Officer of Prudential Mutual Fund Services LLC (since June 2012) and Corporate Counsel of AST Investment Services, Inc. (since June 2012); formerly Assistant Vice President and Corporate Counsel (September 2008-July 2010) of The Hartford Financial Services Group, Inc.; formerly Associate (September 1980-December 1987) and Partner (January 1988–August 2008) of Blazzard & Hasenauer, P.C. (formerly, Blazzard, Grodd & Hasenauer, P.C.).	Since 2012
Chad A. Earnst (39) Chief Compliance Officer	Chief Compliance Officer (September 2014-Present) of Prudential Investments LLC; Chief Compliance Officer (September 2014-Present) of the Prudential Investments Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., Prudential Global Short Duration High Yield Income Fund, Inc., Prudential Short Duration High Yield Fund, Inc. and Prudential Jennison MLP Income Fund, Inc.; formerly Assistant Director (March 2010-August 2014) of the Asset Management Unit, Division of Enforcement, US Securities & Exchange Commission; Assistant Regional Director (January 2010-August 2014), Branch Chief (June 2006–December 2009) and Senior Counsel (April 2003-May 2006) of the Miami Regional Office, Division of Enforcement, US Securities & Exchange Commission.	Since 2014
Deborah A. Docs (56) Secretary	Vice President and Corporate Counsel (since January 2001) of Prudential; Vice President (since December 1996) and Assistant Secretary (since March 1999) of Prudential Investments LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since 2004

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Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Jonathan D. Shain (56) Assistant Secretary	Vice President and Corporate Counsel (since August 1998) of Prudential; Vice President and Assistant Secretary (since May 2001) of Prudential Investments LLC; Vice President and Assistant Secretary (since February 2001) of Prudential Mutual Fund Services LLC; formerly Vice President and Assistant Secretary (May 2003-June 2005) of AST Investment Services, Inc.	Since 2005
Claudia DiGiacomo (40) Assistant Secretary	Vice President and Corporate Counsel (since January 2005) of Prudential; Vice President and Assistant Secretary of Prudential Investments LLC (since December 2005); Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since 2005
Andrew R. French (51) Assistant Secretary	Vice President and Corporate Counsel (since February 2010) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of Prudential Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since 2006
Amanda S. Ryan (36) Assistant Secretary	Director and Corporate Counsel (since March 2012) of Prudential; Director and Assistant Secretary (since June 2012) of Prudential Investments LLC; Associate at Ropes & Gray LLP (2008-2012).	Since 2012
Theresa C. Thompson (52) Deputy Chief Compliance Officer	Vice President, Compliance, Prudential Investments LLC (since April 2004); and Director, Compliance, Prudential Investments LLC (2001-2004).	Since 2008
Richard W. Kinville (46) Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Anti-Money Laundering Unit (since January 2005) of Prudential; committee member of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (since January 2007); formerly Investigator and Supervisor in the Special Investigations Unit for the New York Central Mutual Fire Insurance Company (August 1994-January 1999); Investigator in AXA Financial’s Internal Audit Department and Manager in AXA’s Anti-Money Laundering Office (January 1999-January 2005); first chair of the American Council of Life Insurers Anti-Money Laundering and Critical Infrastructure Committee (June 2007-December 2009).	Since 2011
M. Sadiq Peshimam (50) Treasurer and Principal Financial and Accounting Officer	Assistant Treasurer of funds in the Prudential Mutual Fund Complex (2006-2014); Vice President (since 2005) of Prudential Investments LLC.	Since 2006
Peter Parrella (56) Assistant Treasurer	Vice President (since 2007) and Director (2004-2007) within Prudential Mutual Fund Administration; formerly Tax Manager at SSB Citi Fund Management LLC (1997-2004).	Since 2007

Prudential Jennison Value Fund

Fund Officers(a)
Name, Address and Age Position with Fund	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer
Lana Lomuti (47) Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within Prudential Mutual Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since 2014
Linda McMullin (53) Assistant Treasurer	Vice President (since 2011) and Director (2008-2011) within Prudential Mutual Fund Administration.	Since 2014

^(a)  Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

• Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with Prudential Investments LLC and/or an affiliate of Prudential Investments LLC.

• Unless otherwise noted, the address of all Board Members and Officers is c/o Prudential Investments LLC, Gateway Center Three, 100 Mulberry Street, Newark, New Jersey 07102-4077.

• There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

• “Other Directorships Held” includes only directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

• “Portfolios Overseen” includes all investment companies managed by Prudential Investments LLC. The investment companies for which Prudential Investments LLC serves as manager include the Prudential Investments Mutual Funds, The Prudential Variable Contract Accounts, Target Mutual Funds, Prudential Short Duration High Yield Fund, Inc., Prudential Global Short Duration High Yield Fund, Inc., The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

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Approval of Advisory Agreements

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of Prudential Jennison Value Fund (the “Fund”)¹ consists of thirteen individuals, eleven of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established three standing committees: the Audit Committee, the Nominating and Governance Committee, and the Investment Committee. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with Prudential Investments LLC (“PI”) and the Fund’s subadvisory agreement with Jennison Associates LLC (“Jennison”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 9-11, 2014 and approved the renewal of the agreements through July 31, 2015, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PI and Jennison. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided by PI and the subadviser, the performance of the Fund, the profitability of PI and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with the Fund and its shareholders as the Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with respect to the Fund. In connection with its deliberations, the Board considered information provided by PI throughout the year at regular Board

¹  Prudential Jennison Value Fund is a series of Prudential Investment Portfolios 7.

Prudential Jennison Value Fund

Approval of Advisory Agreements (continued)

meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 9-11, 2014.

The Trustees determined that the overall arrangements between the Fund and PI, which serves as the Fund’s investment manager pursuant to a management agreement, and between PI and Jennison, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PI, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

The material factors and conclusions that formed the basis for the Trustees’ reaching their determinations to approve the continuance of the agreements are separately discussed below.

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PI and Jennison. The Board considered the services provided by PI, including but not limited to the oversight of the subadviser for the Fund, as well as the provision of fund recordkeeping, compliance, and other services to the Fund. With respect to PI’s oversight of the subadviser, the Board noted that PI’s Strategic Investment Research Group (“SIRG”), which is a business unit of PI, is responsible for monitoring and reporting to PI’s senior management on the performance and operations of the subadviser. The Board also considered that PI pays the salaries of all of the officers and non-independent Trustees of the Fund. The Board also considered the investment subadvisory services provided by Jennison, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PI’s evaluation of the subadviser as well as PI’s recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

The Board considered the qualifications, backgrounds and responsibilities of PI’s senior management responsible for the oversight of the Fund and Jennison, and also considered the qualifications, backgrounds and responsibilities of Jennison’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PI’s and Jennison’s organizational structure, senior management, investment operations, and other relevant information pertaining to both PI and Jennison. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to both PI and Jennison. The Board noted that Jennison is affiliated with PI.

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The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PI and the subadvisory services provided to the Fund by Jennison, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PI and Jennison under the management and subadvisory agreements.

Costs of Services and Profits Realized by PI

The Board was provided with information on the profitability of PI and its affiliates in serving as the Fund’s investment manager. The Board discussed with PI the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. The Board separately considered information regarding the profitability of the subadviser, an affiliate of PI. Taking these factors into account, the Board concluded that the profitability of PI and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

In 2013, PI and the Board retained an outside business consulting firm, in order to assist the Board in its consideration of the renewal of the management and subadvisory agreements, by reviewing management fee breakpoint usage and trends in management fees across the mutual fund industry. The consulting firm’s analysis and conclusions with respect to the Funds’ management fee structures were presented to the Board and PI at the December 3-5, 2013 meeting, and were discussed extensively by the Board and PI over the following two quarters.

The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase, and that at its current level of assets the Fund’s effective fee rate reflected some of those rate reductions. The Board received and discussed information concerning whether PI realizes economies of scale as the Fund’s assets grow beyond current levels. The Board took note that the Fund’s fee structure currently results in benefits to Fund shareholders whether or not PI realizes any economies of scale. The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board’s understanding that most of PI’s costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Prudential Jennison Value Fund

Approval of Advisory Agreements (continued)

Other Benefits to PI and Jennison

The Board considered potential ancillary benefits that might be received by PI and Jennison and their affiliates as a result of their relationship with the Fund. The Board concluded that potential benefits to be derived by PI included fees received by affiliates of PI for serving as the Fund’s securities lending agent, transfer agency fees received by the Fund’s transfer agent (which is affiliated with PI), as well as benefits to its reputation or other intangible benefits resulting from PI’s association with the Fund. The Board concluded that the potential benefits to be derived by Jennison included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PI and Jennison were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional specific factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five- and ten-year periods ended December 31, 2013.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended August 31, 2013. The Board considered the management fee for the Fund as compared to the management fee charged by PI to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the Peer Universe (the Lipper Large-Cap Value Funds Performance Universe)² and the Peer Group were objectively determined by Lipper Inc. (“Lipper”), an independent provider of mutual fund data. To the extent that PI deemed appropriate, and for reasons addressed in detail with the Board, PI may have provided supplemental data compiled by Lipper for the Board’s consideration. The comparisons placed the Fund in various quartiles, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

²  The Fund was compared to the Lipper Large-Cap Value Funds Performance Universe, although Lipper classifies the Fund in the Multi-Cap Core Funds Performance Universe. The Fund was compared to the Lipper Large-Cap Value Funds Performance Universe because PI believes that the funds included in this Universe provide a more appropriate basis for Fund performance comparisons.

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The section below summarizes key factors considered by the Board and the Board’s conclusions regarding the Fund’s performance, fees and overall expenses. The table sets forth gross performance comparisons (which do not reflect the impact on performance of fund expenses, or any subsidies, expense caps or waivers that may be applicable) with the Peer Universe, actual management fees with the Peer Group (which reflect the impact of any subsidies or fee waivers), and net total expenses with the Peer Group, each of which were key factors considered by the Board.

Performance	1 Year	3 Years	5 Years	10 Years
	2nd Quartile	4th Quartile	1st Quartile	1st  Quartile
Actual Management Fees: 2nd Quartile
Net Total Expenses: 1st Quartile

• The Board noted that the Fund outperformed its benchmark index over the one-, five- and ten-year periods, although it underperformed its benchmark index over the three-year period.

• The Board concluded that, in light of the Fund’s competitive performance against its Peer Universe and its benchmark index, it would be in the best interests of the Fund and its shareholders to renew the agreements.

• The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

*    *    *

After full consideration of these factors, the Board concluded that the approval of the agreements was in the best interests of the Fund and its shareholders.

Prudential Jennison Value Fund

n    MAIL	n    TELEPHONE	n    WEBSITE
Gateway Center Three 100 Mulberry Street Newark, NJ 07102	(800) 225-1852	www.prudentialfunds.com

PROXY VOTING

The Board of 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 • Keith F. Hartstein • Michael S. Hyland • Douglas H. McCorkindale • Stephen P. Munn • Stuart S. Parker • James E. Quinn • Richard A. Redeker • Robin B. Smith • Stephen G. Stoneburn

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • 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 • Theresa C. Thompson, Deputy Chief Compliance Officer • Richard W. Kinville, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Amanda S. Ryan, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer

MANAGER	Prudential Investments LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102
INVESTMENT SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	Gateway Center Three 100 Mulberry Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	One Wall Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 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.prudentialfunds.com or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Prudential Jennison Value Fund, Prudential Investments, Attn: Board of Trustees, 100 Mulberry Street, Gateway Center Three, 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.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

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

PRUDENTIAL JENNISON VALUE FUND

SHARE CLASS	A	B	C	Q	R	Z
NASDAQ	PBEAX	PBQIX	PEICX	PJVQX	JDVRX	PEIZX
CUSIP	74440N102	74440N201	74440N300	74440N888	74440N607	74440N805

MF131E    0268395-00001-00

Item 2 – Code of Ethics — See Exhibit (a)

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the “Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers”) that applies to the registrant’s Principal Executive Officer and Principal Financial Officer; the registrant’s Principal Financial Officer also serves as the Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant’s Board has determined that Mr. Stephen P. Munn, member of the Board’s Audit Committee is an “audit committee financial expert,” and that he is “independent,” for purposes of this Item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended August 31, 2014 and August 31, 2013, KPMG LLP (“KPMG”), the Registrant’s principal accountant, billed the Registrant $22,440 and $22,000, respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

None.

(c) Tax Fees

None.

(d) All Other Fees

None.

(e) (1) Audit Committee Pre-Approval Policies and Procedures

THE PRUDENTIAL MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent Accountants

The Audit Committee of each Prudential Mutual Fund is charged with the responsibility to monitor the independence of the Fund’s independent accountants. As part of this responsibility, the Audit Committee must pre-approve any independent accounting firm’s engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant’s independence. The Committee’s evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund’s independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services. Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants. Proposed services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor’s independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under “Audit Services”, “Audit-related Services”, and “Tax Services” are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

Audit-related Services

The following categories of audit-related services are considered to be consistent with the role of the Fund’s independent accountants:

• Accounting consultations

• Fund merger support services

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000.

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000.

Other Non-audit Services

Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval of Non-Audit Services Provided to Other Entities Within the Prudential Fund Complex

Certain non-audit services provided to Prudential Investments LLC or any of its affiliates that also provide ongoing services to the Prudential Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those related directly to the operations and financial reporting of the Funds. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $50,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to Prudential Investments LLC and its affiliates, the Committee will receive an annual report from the Fund’s independent accounting firm showing the aggregate fees for all services provided to Prudential Investments and its affiliates.

(e) (2) Percentage of services referred to in 4(b) – 4(d) that were approved by the audit committee –

Not applicable.

(f) Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater than 50%.

The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was 0%.

(g) Non-Audit Fees

Not applicable to Registrant for the fiscal years 2014 and 2013. The aggregate non-audit fees billed by KPMG for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years 2014 and 2013 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

Not applicable as KPMG has not provided non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

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 – Attached hereto as Exhibit EX-99.CODE-ETH
	(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:	October 20, 2014

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

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	October 20, 2014
By:	/s/ M. Sadiq Peshimam
	M. Sadiq Peshimam
	Treasurer and Principal Financial Officer
Date:	October 20, 2014

EX-99.CODE-ETH

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

PRINCIPAL FINANCIAL OFFICERS

I. Covered Officers/Purpose of the Code

This code of ethics (the “Code”) is established for the funds listed on Attachment A hereto (each a Fund” and together the “Funds”) pursuant to Section 406 of the Sarbanes-Oxley Act and the rules adopted thereunder by the Securities and Exchange Commission (“SEC”). The Code applies to each Fund’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller, or senior officers performing similar functions (the “Covered Officers” each of whom are set forth in Exhibit B) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by a Fund;

• compliance with applicable governmental laws, rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Conflicts of Interest

A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “1940 Act”) and the Investment Advisers Act of 1940, as amended (the “Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as “affiliated persons” of the Fund. A Fund’s and its investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between a Fund and the Fund’s investment adviser, principal underwriter, administrator, or other service providers to the Fund (together “Service Providers”), of which the Covered Officers may also be principals or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on such Service Providers and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between a Fund and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds’ Board of Directors/Trustees (“Boards”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund; and

• not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports of potential violations that are made in good faith.

There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with, the Funds’ Chief Legal Officer or other senior legal officer, if material. Examples of these include:

• service as a director on the board of any public or private company;

• the receipt of any non-nominal gifts;

• the receipt of any entertainment from any company with which a Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting or employment relationship with, any of a Fund’s Service Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III. Disclosure and Compliance

Each Covered Officer:

• should familiarize himself with the disclosure requirements generally applicable to the Funds;

• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the Fund, including to the Fund’s Board of Directors/Trustees and its auditors, and to governmental regulators and self-regulatory organizations;

• should, to the extent appropriate within his area of responsibility, consult with other officers and employees of a Fund and its Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board of Directors/Trustees that he has received, read, and understands the Code;

• annually thereafter affirm to the Board of Directors/Trustees that he has complied with the requirements of the Code; and

• notify the Funds’ Chief Legal Officer promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Funds’ Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In such situations, the Chief Legal Officer is authorized to consult, as appropriate, with counsel to the Funds, counsel to the Independent Directors/Trustees, a Board Committee comprised of Independent Directors/Trustees, or the full Board.

The Funds will follow the following procedures in investigating and enforcing this Code:

• the Funds Chief Legal Officer will take all appropriate action to investigate any potential violations reported to her;

• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required to take any further action;

• any matter that the Chief Legal Officer believes is a violation or that the Chief Legal Officer believes should be reviewed by a Fund’s Board or Board Committee comprised of Independent Directors/Trustees will be reported to the Fund’s Board or Board Committee comprised of Independent Directors/Trustees;

• based upon its review of any matter referred to it, a Fund’s Board or Board Committee comprised of Independent Directors/Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Fund’s Board or Board Committee comprised of Independent Directors/Trustees may take such action as it deems appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate personnel of the Fund’s investment adviser, principal underwriter or administrator, or their boards; notification to other Funds for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of a Fund or its Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds’ and their investment adviser’s and principal underwriter’s code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors/Trustees.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board of Directors/Trustees, counsel to the Fund, and counsel to the Fund Independent Directors/Trustees.

VIII. Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.

IX. Recordkeeping

A Fund shall keep the information disclosed about waivers and amendments under the Code for the period of time as specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request. Adopted and approved as of September 3, 2003.

Adopted and approved as of September 3, 2003.

EXHIBIT A

Funds Covered by this Code of Ethics

Prudential Investments Mutual Funds

Target Mutual Funds

The Prudential Variable Contract Account – 2

The Prudential Variable Contract Account – 10

The Prudential Variable Contract Account – 11

Advanced Series Trust

Prudential’s Gibraltar Fund, Inc.

The Prudential Series Fund

Prudential Short Duration High Yield Fund, Inc.

Prudential Global Short Duration High Yield Fund, Inc.

EXHIBIT B

Persons Covered by this Code of Ethics

Stuart S. Parker – President and Chief Executive Officer of the Prudential Investments Mutual Funds, the Target Mutual Funds, Prudential Short Duration High Yield Fund, Inc., Prudential Global Short Duration High Yield Fund, Inc. and The Prudential Variable Contract Accounts – 2, -10, and -11.

Robert F. O’Donnell – President and Chief Executive Officer of Advanced Series Trust, Prudential’s Gibraltar Fund, Inc. and The Prudential Series Fund.

M. Sadiq Peshimam – Treasurer and Chief Financial Officer for the Prudential Investments Mutual Funds, the Target Mutual Funds, Prudential Short Duration High Yield Fund, Inc., Prudential Global Short Duration High Yield Fund, Inc. ,The Prudential Variable Contract Accounts – 2, -10, and -11, Advanced Series Trust, Prudential’s Gibraltar Fund, Inc. and The Prudential Series Fund.

Timothy S. Cronin – Acting Principal Executive Officer of Advanced Series Trust, Prudential’s Gibraltar Fund, Inc. and The Prudential Series Fund.

EX-99.CERT

Item 12

Prudential Investment Portfolios 7

Annual period ending 8/31/14

File No. 811-04864

CERTIFICATIONS

I, Stuart S. Parker, certify that:

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

2. 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;

3. 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.

4. 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:

a) 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;

b) 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;

c) 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;

d) 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

1

5. 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):

a) 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

b) 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.

October 20, 2014

/s/ Stuart S. Parker

Stuart S. Parker

President and Principal Executive Officer

2

Item 12

Prudential Investment Portfolios 7

Annual period ending 8/31/14

File No. 811-04864

CERTIFICATIONS

I, M. Sadiq Peshimam, certify that:

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

2. 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;

3. 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.

4. 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:

a) 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;

b) 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;

c) 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;

d) 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

3

5. 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):

a) 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

b) 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.

October 20, 2014

/s/ M. Sadiq Peshimam

M. Sadiq Peshimam

Treasurer and Principal Financial and Accounting Officer

EX-99.906CERT

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.

October 20, 2014	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
October 20, 2014	/s/ M. Sadiq Peshimam
	M. Sadiq Peshimam
	Treasurer and Principal Financial and Accounting Officer