N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-04864
Exact name of registrant as specified in charter:	Prudential Investment Portfolios 7
Address of principal executive offices:	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Deborah A. Docs
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	8/31/2016
Date of reporting period:	2/29/2016

Item 1 – Reports to Stockholders

PRUDENTIAL INVESTMENTS, A PGIM BUSINESS  |  MUTUAL FUNDS

Prudential Jennison Value Fund

SEMIANNUAL REPORT FEBRUARY 29, 2016

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

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.

The accompanying financial statements as of February 29, 2016, were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates is a registered investment adviser. Both are Prudential Financial companies. ^© 2016 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the Prudential Jennison Value Fund informative and useful. The report covers performance for the six-month period that ended February 29, 2016.

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

April 15, 2016

Prudential Jennison Value Fund 3

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 2/29/16
	Six Months (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	–10.15	–16.87	21.23	38.85	—
Class B	–10.48	–17.42	17.07	29.42	—
Class C	–10.49	–17.43	17.08	29.33	—
Class Q	–9.97	–16.53	N/A	N/A	37.26 (10/31/11)
Class R	–10.26	–17.04	20.06	35.94	—
Class Z	–10.05	–16.60	23.08	42.88	—
Russell 1000® Value Index	–2.87	–9.41	52.52	64.86	—
S&P 500 Index	–0.93	–6.19	61.92	86.57	—
Lipper Large-Cap Value Funds Average	–4.79	–11.13	42.06	54.85	—
Average Annual Total Returns (With Sales Charges) as of 3/31/16
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A		–15.83	3.91	3.10	—
Class B		–15.62	4.21	2.97	—
Class C		–12.33	4.37	2.96	—
Class Q		–10.56	N/A	N/A	8.84 (10/31/11)
Class R		–11.10	4.89	3.47	—
Class Z		–10.64	5.42	3.99	—
Russell 1000 Value Index		–1.54	10.25	5.72	—
S&P 500 Index		1.78	11.56	7.00	—
Lipper Large-Cap Value Funds Average		–3.68	8.61	4.94	—

Source: Prudential Investments LLC and Lipper Inc.

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

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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 net asset value at redemption)	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 except by exchange from Class B shares of another Fund or through dividend or capital gains reinvestment.

Benchmark Definitions

Russell 1000 Value Index—The Russell 1000 Value Index is an unmanaged index comprising those securities in the Russell 1000 Index with a less-than-average growth orientation. Companies in this index generally have low price-to-book and price-to-earnings ratios, higher dividend yields, and lower forecasted growth values. The cumulative total return for the Russell 1000 Value Index measured from the month-end closest to the inception date for Class Q shares through 2/29/16 is 63.49%. The average annual total return for the Russell 1000 Value Index measured from the month-end closest to the inception date for Class Q shares through 3/31/16 is 13.55%.

S&P 500 Index—The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of 502 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed. The cumulative total return for the S&P 500 Index measured from the month-end closest to the inception date for Class Q shares through 2/29/16 is 69.26%. The average annual total return for the S&P 500 Index measured from the month-end closest to the inception date for Class Q shares through 3/31/16 is 14.34%.

Prudential Jennison Value Fund 5

Your Fund’s Performance (continued)

Lipper Large-Cap Value Funds Average—The Lipper Large-Cap Value Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Large-Cap Value Funds 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. The cumulative total return for the Lipper Large-Cap Value Funds Average measured from the month-end closest to the inception date for Class Q shares through 2/29/16 is 53.46%. The average annual total return for the Lipper Large-Cap Value Funds Average measured from the month-end closest to the inception date for Class Q shares through 3/31/16 is 11.79%.

Investors cannot invest directly in an index or average. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes. The Since Inception returns for the Indexes and Lipper Average are measured from the closest month-end to the inception date for the indicated share class.

Five Largest Holdings expressed as a percentage of net assets as of 2/29/16 (%)
Wells Fargo & Co., Banks	3.5
JPMorgan Chase & Co., Banks	3.4
Microsoft Corp., Software	2.9
FirstEnergy Corp., Electric Utilities	2.9
Pfizer, Inc., Pharmaceuticals	2.5

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

Five Largest Industries expressed as a percentage of net assets as of 2/29/16 (%)
Banks	13.2
Pharmaceuticals	9.8
Oil, Gas & Consumable Fuels	8.4
Media	5.4
Hotels, Restaurants & Leisure	4.9

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

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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 September 1, 2015, at the beginning of the period, and held through the six-month period ended February 29, 2016. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Prudential Jennison Value Fund 7

Fees and Expenses (continued)

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 September 1, 2015		Ending  Account Value February 29, 2016		Annualized Expense Ratio Based on the Six-Month Period			Expenses  Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	898.50		1.10	%	$	5.19
	Hypothetical	$	1,000.00	$	1,019.39		1.10	%	$	5.52
Class B	Actual	$	1,000.00	$	895.20		1.80	%	$	8.48
	Hypothetical	$	1,000.00	$	1,015.91		1.80	%	$	9.02
Class C	Actual	$	1,000.00	$	895.10		1.80	%	$	8.48
	Hypothetical	$	1,000.00	$	1,015.91		1.80	%	$	9.02
Class Q	Actual	$	1,000.00	$	900.30		0.65	%	$	3.07
	Hypothetical	$	1,000.00	$	1,021.63		0.65	%	$	3.27
Class R	Actual	$	1,000.00	$	897.40		1.30	%	$	6.13
	Hypothetical	$	1,000.00	$	1,018.40		1.30	%	$	6.52
Class Z	Actual	$	1,000.00	$	899.50		0.80	%	$	3.78
	Hypothetical	$	1,000.00	$	1,020.89		0.80	%	$	4.02

*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 182 days in the six-month period ended February 29, 2016, and divided by the 366 days in the fund’s fiscal year ending August 31, 2016 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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The Fund’s annualized expense ratios for the six-month period ended February 29, 2016, are as follows:

Class	Gross Operating Expenses (%)	Net Operating Expenses (%)
A	1.10	1.10
B	1.80	1.80
C	1.80	1.80
Q	0.65	0.65
R	1.55	1.30
Z	0.80	0.80

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.

Prudential Jennison Value Fund 9

Portfolio of Investments (unaudited)

as of February 29, 2016

Description	Shares		Value (Note 1)
LONG-TERM INVESTMENTS    99.6%
COMMON STOCKS
Aerospace & Defense    3.0%
Boeing Co. (The)		64,123	$	7,578,056
United Technologies Corp.		79,106		7,643,222
				15,221,278
Auto Components    0.8%
Lear Corp.		37,623		3,813,091
Banks    13.2%
Bank of America Corp.		911,256		11,408,925
Citigroup, Inc.		314,336		12,211,954
JPMorgan Chase & Co.		298,268		16,792,488
PNC Financial Services Group, Inc. (The)		103,138		8,386,151
Wells Fargo & Co.		371,048		17,409,572
				66,209,090
Biotechnology    1.0%
AbbVie, Inc.		95,733		5,227,979
Capital Markets    2.1%
Goldman Sachs Group, Inc. (The)		70,551		10,549,491
Chemicals    1.0%
FMC Corp.		131,648		4,955,231
Communications Equipment    1.2%
Brocade Communications Systems, Inc.		608,264		6,040,062
Consumer Finance    3.5%
Capital One Financial Corp.(a)		127,602		8,387,279
SLM Corp.*		1,599,903		9,343,434
				17,730,713
Diversified Financial Services    1.2%
Voya Financial, Inc.		204,756		6,011,636
Electric Utilities    2.9%
FirstEnergy Corp.		427,714		14,315,588
Electrical Equipment    1.6%
Eaton Corp. PLC		143,588		8,142,876

See Notes to Financial Statements.

Prudential Jennison Value Fund 11

Portfolio of Investments (unaudited) (continued)

as of February 29, 2016

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components    1.2%
Flextronics International Ltd.*		569,086	$	6,180,274
Energy Equipment & Services    1.4%
Halliburton Co.		215,055		6,941,975
Food Products    3.8%
ConAgra Foods, Inc.		215,688		9,071,837
Mondelez International, Inc. (Class A Stock)		243,697		9,877,040
				18,948,877
Health Care Equipment & Supplies    1.6%
Zimmer Biomet Holdings, Inc.		83,203		8,054,882
Health Care Providers & Services    3.3%
Cigna Corp.		47,013		6,563,485
Express Scripts Holding Co.*(a)		48,843		3,437,570
Laboratory Corp. of America Holdings*		58,733		6,451,233
				16,452,288
Hotels, Restaurants & Leisure    4.9%
Carnival Corp.		195,548		9,378,482
Hyatt Hotels Corp. (Class A Stock)*(a)		128,552		5,932,675
McDonald’s Corp.		78,247		9,169,766
				24,480,923
Household Products    2.0%
Procter & Gamble Co. (The)		123,062		9,880,648
Industrial Conglomerates    1.7%
General Electric Co.		295,931		8,623,429
Insurance    3.8%
Chubb Ltd.		85,119		9,833,798
MetLife, Inc.		233,229		9,226,539
				19,060,337
Internet Software & Services    3.0%
Alphabet, Inc. (Class A Stock)*		14,475		10,381,760
eBay, Inc.*		195,103		4,643,451
				15,025,211

See Notes to Financial Statements.

12

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Media    5.4%
Comcast Corp. (Class A Stock)(a)		163,075	$	9,414,320
Liberty Global PLC (United Kingdom) Series C*(a)		189,127		6,801,007
Viacom, Inc. (Class B Stock)(a)		114,999		4,237,713
Vivendi SA (France)		317,785		6,591,918
				27,044,958
Multi-Utilities    2.2%
PG&E Corp.		196,113		11,125,491
Multiline Retail    2.2%
Target Corp.		138,381		10,855,989
Oil, Gas & Consumable Fuels    8.4%
Anadarko Petroleum Corp.		86,274		3,274,098
California Resources Corp.		12,952		7,281
Chevron Corp.(a)		93,815		7,827,924
Noble Energy, Inc.		217,756		6,423,802
Occidental Petroleum Corp.(a)		137,795		9,483,052
Royal Dutch Shell PLC (Netherlands) (Class A Stock), ADR		142,686		6,489,359
Suncor Energy, Inc. (Canada)		352,788		8,636,250
				42,141,766
Pharmaceuticals    9.8%
Allergan PLC*		39,243		11,384,787
Merck & Co., Inc.(a)		214,558		10,772,957
Pfizer, Inc.		429,712		12,749,555
Shire PLC (Ireland), ADR(a)		27,713		4,326,277
Teva Pharmaceutical Industries Ltd. (Israel), ADR		174,409		9,697,140
				48,930,716
Real Estate Investment Trusts (REITs)    1.3%
American Tower Corp.		68,630		6,327,686
Road & Rail    1.8%
Hertz Global Holdings, Inc.*		410,767		3,491,519
Union Pacific Corp.		68,915		5,434,637
				8,926,156
Semiconductors & Semiconductor Equipment    1.6%
Texas Instruments, Inc.		154,353		8,183,796

See Notes to Financial Statements.

Prudential Jennison Value Fund 13

Portfolio of Investments (unaudited) (continued)

as of February 29, 2016

Description	Shares		Value (Note 1)
COMMON STOCKS (Continued)
Software    4.4%
Microsoft Corp.		282,591	$	14,378,230
PTC, Inc.*		238,598		7,375,064
				21,753,294
Technology Hardware, Storage & Peripherals    1.0%
Apple, Inc.		50,296		4,863,120
Textiles, Apparel & Luxury Goods    1.6%
Coach, Inc.		202,333		7,878,847
Wireless Telecommunication Services    1.7%
Vodafone Group PLC, (United Kingdom), ADR		273,501		8,314,430
TOTAL LONG-TERM INVESTMENTS (cost $435,687,233)				498,212,128
SHORT-TERM INVESTMENT    8.8%
AFFILIATED MONEY MARKET MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Taxable Money Market Fund (cost $44,098,018; includes $43,271,163 of cash collateral for securities on loan(b)(c))(Note 4)		44,098,018		44,098,018
TOTAL INVESTMENTS    108.4% (cost $479,785,251)(Note 5)				542,310,146
Liabilities in excess of other assets    (8.4)%				(41,990,432	)
NET ASSETS    100.0%			$	500,319,714

The following abbreviations are used in the semiannual report:

ADR—American Depositary Receipt

OTC—Over-the-counter

* 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 $41,825,323; cash collateral of $43,271,163 (included with liabilities) was received with 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.

See Notes to Financial Statements.

14

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

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

The following is a summary of the inputs used as of February 29, 2016 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	15,221,278	$	—	$	—
Auto Components		3,813,091		—		—
Banks		66,209,090		—		—
Biotechnology		5,227,979		—		—
Capital Markets		10,549,491		—		—
Chemicals		4,955,231		—		—
Communications Equipment		6,040,062		—		—
Consumer Finance		17,730,713		—		—
Diversified Financial Services		6,011,636		—		—
Electric Utilities		14,315,588		—		—
Electrical Equipment		8,142,876		—		—
Electronic Equipment, Instruments & Components		6,180,274		—		—
Energy Equipment & Services		6,941,975		—		—
Food Products		18,948,877		—		—
Health Care Equipment & Supplies		8,054,882		—		—
Health Care Providers & Services		16,452,288		—		—
Hotels, Restaurants & Leisure		24,480,923		—		—
Household Products		9,880,648		—		—
Industrial Conglomerates		8,623,429		—		—
Insurance		19,060,337		—		—
Internet Software & Services		15,025,211		—		—
Media		20,453,040		6,591,918		—
Multi-Utilities		11,125,491		—		—
Multiline Retail		10,855,989		—		—
Oil, Gas & Consumable Fuels		42,141,766		—		—
Pharmaceuticals		48,930,716		—		—
Real Estate Investment Trusts (REITs)		6,327,686		—		—
Road & Rail		8,926,156		—		—
Semiconductors & Semiconductor Equipment		8,183,796		—		—

See Notes to Financial Statements.

Prudential Jennison Value Fund 15

Portfolio of Investments (unaudited) (continued)

as of February 29, 2016

	Level 1		Level 2		Level 3
Software	$	21,753,294	$	—	$	—
Technology Hardware, Storage & Peripherals		4,863,120		—		—
Textiles, Apparel & Luxury Goods		7,878,847		—		—
Wireless Telecommunication Services		8,314,430		—		—
Affiliated Money Market Mutual Fund		44,098,018		—		—
Total	$	535,718,228	$	6,591,918	$	—

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of February 29, 2016 were as follows:

Banks	13.2	%
Pharmaceuticals	9.8
Affiliated Money Market Mutual Fund (including 8.6% of collateral for securities on loan)	8.8
Oil, Gas & Consumable Fuels	8.4
Media	5.4
Hotels, Restaurants & Leisure	4.9
Software	4.4
Insurance	3.8
Food Products	3.8
Consumer Finance	3.5
Health Care Providers & Services	3.3
Aerospace & Defense	3.0
Internet Software & Services	3.0
Electric Utilities	2.9
Multi-Utilities	2.2
Multiline Retail	2.2
Capital Markets	2.1
Household Products	2.0
Road & Rail	1.8
Industrial Conglomerates	1.7	%
Wireless Telecommunication Services	1.7
Semiconductors & Semiconductor Equipment	1.6
Electrical Equipment	1.6
Health Care Equipment & Supplies	1.6
Textiles, Apparel & Luxury Goods	1.6
Energy Equipment & Services	1.4
Real Estate Investment Trusts (REITs)	1.3
Electronic Equipment, Instruments & Components	1.2
Communications Equipment	1.2
Diversified Financial Services	1.2
Biotechnology	1.0
Chemicals	1.0
Technology Hardware, Storage & Peripherals	1.0
Auto Components	0.8
	108.4
Liabilities in excess of other assets	(8.4	)
	100.0	%

See Notes to Financial Statements.

16

PRUDENTIAL INVESTMENTS, A PGIM BUSINESS  |  MUTUAL FUNDS

Statement of Assets & Liabilities, Statement of Operations and Statement of Changes in Net Assets (unaudited)

SEMIANNUAL REPORT FEBRUARY 29, 2016

Prudential Jennison Value Fund

Statement of Assets & Liabilities (unaudited)

as of February 29, 2016

Assets
Investments at value, including securities on loan of $41,825,323:
Unaffiliated Investments (cost $435,687,233)	$	498,212,128
Affiliated Investments (cost $44,098,018)		44,098,018
Cash		186
Receivable for investments sold		2,035,851
Interest receivable		1,446,506
Tax reclaim receivable		159,798
Receivable for Fund shares sold		72,731
Prepaid expenses		3,269
Total assets		546,028,487
Liabilities
Payable to broker for collateral for securities on loan		43,271,163
Payable for investments purchased		996,313
Payable for Fund shares reacquired		818,242
Management fee payable		236,668
Accrued expenses and other liabilities		200,286
Distribution fee payable		114,877
Affiliated transfer agent fee payable		70,545
Deferred trustees’ fees		646
Loan interest payable (Note 7)		33
Total liabilities		45,708,773
Net Assets	$	500,319,714
Net assets were comprised of:
Shares of beneficial interest, at par	$	312,374
Paid-in capital in excess of par		433,009,314
		433,321,688
Undistributed net investment income		1,694,237
Accumulated net realized gain on investment and foreign currency transactions		2,778,624
Net unrealized appreciation on investments and foreign currencies		62,525,165
Net assets, February 29, 2016	$	500,319,714

See Notes to Financial Statements.

18

Class A
Net asset value and redemption price per share ($395,587,291 ÷ 24,665,242 shares of beneficial interest issued and outstanding)	$	16.04
Maximum sales charge (5.50% of offering price)		0.93
Maximum offering price to public	$	16.97
Class B
Net asset value, offering price and redemption price per share ($5,764,305 ÷ 370,039 shares of beneficial interest issued and outstanding)	$	15.58
Class C
Net asset value, offering price and redemption price per share ($17,292,459 ÷ 1,110,721 shares of beneficial interest issued and outstanding)	$	15.57
Class Q
Net asset value, offering price and redemption price per share ($19,735,694 ÷ 1,231,105 shares of beneficial interest issued and outstanding)	$	16.03
Class R
Net asset value, offering price and redemption price per share ($9,053,578 ÷ 565,585 shares of beneficial interest issued and outstanding)	$	16.01
Class Z
Net asset value, offering price and redemption price per share ($52,886,387 ÷ 3,294,729 shares of beneficial interest issued and outstanding)	$	16.05

See Notes to Financial Statements.

Prudential Jennison Value Fund 19

Statement of Operations (unaudited)

Six Months Ended February 29, 2016

Net Investment Income
Income
Unaffiliated dividend income (net of foreign withholding taxes of $105,385)	$	6,209,864
Affiliated income from securities lending, net		12,747
Affiliated dividend income		8,493
Total income		6,231,104
Expenses
Management fee		1,645,581
Distribution fee—Class A		651,955
Distribution fee—Class B		33,281
Distribution fee—Class C		100,197
Distribution fee—Class R		36,720
Transfer agent’s fees and expenses (including affiliated expense of $130,900)		415,000
Custodian and accounting fees		51,000
Registration fees		43,000
Shareholders’ reports		23,000
Legal fees and expenses		13,000
Trustees’ fees		11,000
Audit fee		11,000
Insurance expenses		4,000
Loan interest expense		108
Miscellaneous		11,129
Total expenses		3,049,971
Less: Distribution fee waiver—Class R		(12,240	)
Net expenses		3,037,731
Net investment income		3,193,373
Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		10,569,915
Foreign currency transactions		(2,305	)
		10,567,610
Net change in unrealized appreciation (depreciation) on:
Investments		(72,402,286	)
Foreign currencies		270
		(72,402,016	)
Net loss on investment and foreign currency transactions		(61,834,406	)
Net Decrease In Net Assets Resulting From Operations	$	(58,641,033	)

See Notes to Financial Statements.

20

Statement of Changes in Net Assets (unaudited)

	Six Months Ended February 29, 2016			Year Ended August 31, 2015
Increase (Decrease) in Net Assets
Operations
Net investment income	$	3,193,373		$	4,769,724
Net realized gain on investment and foreign currency transactions		10,567,610			41,544,976
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(72,402,016	)		(101,482,067	)
Net decrease in net assets resulting from operations		(58,641,033	)		(55,167,367	)
Dividends and Distributions (Note 1)
Dividends from net investment income
Class A		(4,307,757	)		(2,588,078	)
Class B		(17,169	)		—
Class C		(53,339	)		—
Class Q		(342,674	)		(178,495	)
Class R		(75,885	)		(36,932	)
Class Z		(848,298	)		(637,602	)
		(5,645,122	)		(3,441,107	)
Distributions from net realized gains
Class A		(29,107,293	)		(36,686,713	)
Class B		(441,647	)		(714,108	)
Class C		(1,372,093	)		(1,854,657	)
Class Q		(1,560,345	)		(1,359,605	)
Class R		(657,055	)		(874,167	)
Class Z		(4,310,673	)		(5,636,419	)
		(37,449,106	)		(47,125,669	)
Fund share transactions (Net of share conversions) (Note 6)
Net proceeds from shares sold		17,175,261			46,233,006
Net asset value of shares issued in reinvestment of dividends and distributions		40,780,330			46,944,697
Cost of shares reacquired		(59,725,046	)		(109,521,387	)
Net decrease in net assets from Fund share transactions		(1,769,455	)		(16,343,684	)
Total decrease		(103,504,716	)		(122,077,827	)
Net Assets:
Beginning of period		603,824,430			725,902,257
End of period(a)	$	500,319,714		$	603,824,430
(a) Includes undistributed net investment income of:	$	1,694,237		$	4,145,986

See Notes to Financial Statements.

Prudential Jennison Value Fund 21

Notes to Financial Statements (unaudited)

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

Note 1. Accounting Policies

The Fund follows investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets 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 such as futures or options that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy.

In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last

22

bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

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. Such securities are valued using model prices to the extent that the valuation meets the established confidence level for each security. If the confidence level is not met or the vendor does not provide a model price, securities are valued in accordance with exchange-traded common and preferred stocks discussed above.

Participatory notes (P-notes) are generally valued based upon the value of a related underlying security that trades actively in the market and are classified as Level 2 in the fair value hierarchy.

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 OTC 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.

Bank loans traded in the OTC market are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Bank loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy.

OTC 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.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are generally valued at the daily settlement price determined by the respective exchange. These securities are classified as Level 2 in the fair value hierarchy, as the daily settlement price is not public.

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

Prudential Jennison Value Fund 23

Notes to Financial Statements (continued)

unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the 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.

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 generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on investment transactions. Notwithstanding the above, the Fund does isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

24

Net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from holdings of foreign currencies, forward currency contracts, disposition of foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on foreign currencies.

Master Netting Arrangements: The Fund is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a sub-adviser may have negotiated and entered into on behalf of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

Securities Lending: The Fund may lend its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is 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 in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends and such payments are passed back to the lender in amounts equivalent thereto. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned that may occur during the term of the loan.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized and unrealized gains (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 25

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 (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-date. Permanent book/tax differences relating to income and gains are reclassified amongst undistributed net investment income, accumulated net realized gain (loss) and paid-in capital in excess of par, as appropriate.

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

Withholding taxes on foreign dividends 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 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

26

of $1.5 billion. The effective management fee rate was .59% for the six months ended February 29, 2016.

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

Pursuant to the Class A, B, C and R Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to .30%, 1%, 1% and .75% of the average daily net assets of the Class A, B, C and R shares, respectively. PIMS has contractually agreed through December 31, 2016 to limit such expenses to .50% of the average daily net assets of the Class R shares.

PIMS has advised the Fund that it has received $59,149 in front-end sales charges resulting from sales of Class A shares, during the six months ended February 29, 2016. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended February 29, 2016, it received $2, $3,511 and $190 in contingent deferred sales charges imposed upon certain redemptions by Class A, Class B and Class C shareholders, respectively.

PI, PIMS 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.

PGIM, Inc., an indirect, wholly-owned subsidiary of Prudential, is the Fund’s securities lending agent. Net earnings from securities lending are disclosed on the Statement of Operations as “Affiliated income from securities lending, net”. For the six months ended February 29, 2016, PGIM, Inc. has been compensated $1,799 for these services. Effective February 5, 2016, PIM is being paid no compensation for acting as the securities lending agent. Prior to January 4, 2016, PGIM, Inc. was known as Prudential Investment Management, Inc. (“PIM”).

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act,

Prudential Jennison Value Fund 27

Notes to Financial Statements (continued)

that permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common directors, and/or common officers. Such transactions are subject to ratification by the Board.

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”. As of March 30, 2016, the Core Fund was repositioned as the Prudential Core Ultra Short Bond Fund.

Note 4. Portfolio Securities

The cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, for the six months ended February 29, 2016, were $104,273,033 and $144,478,598, respectively.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of February 29, 2016 were as follows:

Tax Basis	$	482,207,505
Appreciation		93,265,347
Depreciation		(33,162,706	)
Net Unrealized Appreciation	$	60,102,641

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

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

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

28

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 B shares are closed to new purchases. 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. 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.

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Six months ended February 29, 2016:
Shares sold		276,782		$	4,925,791
Shares issued in reinvestment of dividends and distributions		1,836,143			32,664,972
Shares reacquired		(1,632,901	)		(29,297,468	)
Net increase (decrease) in shares outstanding before conversion		480,024			8,293,295
Shares issued upon conversion from other share class(es)		42,442			799,137
Shares reacquired upon conversion into other share class(es)		(69,029	)		(1,295,358	)
Net increase (decrease) in shares outstanding		453,437		$	7,797,074
Year ended August 31, 2015:
Shares sold		607,589		$	12,779,591
Shares issued in reinvestment of dividends and distributions		1,933,409			38,223,491
Shares reacquired		(3,010,853	)		(63,432,600	)
Net increase (decrease) in shares outstanding before conversion		(469,855	)		(12,429,518	)
Shares issued upon conversion from other share class(es)		113,392			2,417,570
Shares reacquired upon conversion into other share class(es)		(244,897	)		(5,137,430	)
Net increase (decrease) in shares outstanding		(601,360	)	$	(15,149,378	)

Prudential Jennison Value Fund 29

Notes to Financial Statements (continued)

Class B	Shares			Amount
Six months ended February 29, 2016:
Shares sold		24,788		$	431,211
Shares issued in reinvestment of dividends and distributions		25,740			445,552
Shares reacquired		(52,239	)		(901,787	)
Net increase (decrease) in shares outstanding before conversion		(1,711	)		(25,024	)
Shares reacquired upon conversion into other share class(es)		(42,352	)		(772,069	)
Net increase (decrease) in shares outstanding		(44,063	)	$	(797,093	)
Year ended August 31, 2015:
Shares sold		56,786		$	1,164,571
Shares issued in reinvestment of dividends and distributions		35,917			691,763
Shares reacquired		(99,114	)		(2,031,615	)
Net increase (decrease) in shares outstanding before conversion		(6,411	)		(175,281	)
Shares reacquired upon conversion into other share class(es)		(106,628	)		(2,209,498	)
Net increase (decrease) in shares outstanding		(113,039	)	$	(2,384,779	)
Class C
Six months ended February 29, 2016:
Shares sold		42,173		$	726,764
Shares issued in reinvestment of dividends and distributions		68,365			1,182,731
Shares reacquired		(204,592	)		(3,527,124	)
Net increase (decrease) in shares outstanding before conversion		(94,054	)		(1,617,629	)
Shares reacquired upon conversion into other share class(es)		(6,600	)		(105,027	)
Net increase (decrease) in shares outstanding		(100,654	)	$	(1,722,656	)
Year ended August 31, 2015:
Shares sold		134,266		$	2,719,587
Shares issued in reinvestment of dividends and distributions		78,433			1,509,844
Shares reacquired		(210,333	)		(4,300,065	)
Net increase (decrease) in shares outstanding before conversion		2,366			(70,634	)
Shares reacquired upon conversion into other share class(es)		(42,240	)		(866,400	)
Net increase (decrease) in shares outstanding		(39,874	)	$	(937,034	)
Class Q
Six months ended February 29, 2016:
Shares sold		231,812		$	4,177,640
Shares issued in reinvestment of dividends and distributions		107,092			1,903,020
Shares reacquired†		(363,828	)		(6,060,395	)
Net increase (decrease) in shares outstanding		(24,924	)	$	20,265
Year ended August 31, 2015:
Shares sold		789,579		$	16,660,482
Shares issued in reinvestment of dividends and distributions		77,879			1,538,100
Shares reacquired		(439,990	)		(8,925,939	)
Net increase (decrease) in shares outstanding		427,468		$	9,272,643

30

Class R	Shares			Amount
Six months ended February 29, 2016
Shares sold		82,824		$	1,502,379
Shares issued in reinvestment of dividends and distributions		38,809			689,640
Shares reacquired		(87,359	)		(1,578,767	)
Net increase (decrease) in shares outstanding		34,274		$	613,252
Year ended August 31, 2015
Shares sold		90,411		$	1,915,630
Shares issued in reinvestment of dividends and distributions		43,755			863,719
Shares reacquired		(201,410	)		(4,245,362	)
Net increase (decrease) in shares outstanding		(67,244	)	$	(1,466,013	)
Class Z
Six months ended February 29, 2016:
Shares sold		304,627		$	5,411,476
Shares issued in reinvestment of dividends and distributions		218,788			3,894,415
Shares reacquired		(1,033,633	)		(18,359,505	)
Net increase (decrease) in shares outstanding before conversion		(510,218	)		(9,053,614	)
Shares issued upon conversion from other share class(es)		75,266			1,400,385
Shares reacquired upon conversion into other share class(es)		(1,415	)		(27,068	)
Net increase (decrease) in shares outstanding		(436,367	)	$	(7,680,297	)
Year ended August 31, 2015:
Shares sold		525,469		$	10,993,145
Shares issued in reinvestment of dividends and distributions		208,284			4,117,780
Shares reacquired		(1,256,559	)		(26,585,806	)
Net increase (decrease) in shares outstanding before conversion		(522,806	)		(11,474,881	)
Shares issued upon conversion from other share class(es)		277,224			5,829,065
Shares reacquired upon conversion into other share class(es)		(1,527	)		(33,307	)
Net increase (decrease) in shares outstanding		(247,109	)	$	(5,679,123	)

† Includes affiliated redemption of 79 shares with a value of $1,532 for Class Q shares.

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 October 8, 2015 through October 6, 2016. The Funds pay an annualized commitment fee of .11% of the unused portion of the SCA. Prior to October 8, 2015, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of .075% of the unused portion of the SCA. Interest on any borrowings under the SCA is paid at contracted market rates. The Fund’s portion of the commitment fee for the unused amount is accrued daily and paid quarterly.

The Fund utilized the SCA during the six months ended February 29, 2016. The average daily balance for the 9 days that the Fund had loans outstanding during the period was

Prudential Jennison Value Fund 31

Notes to Financial Statements (continued)

$274,000, borrowed at a weighted interest rate of 1.58%. The maximum loan balance outstanding during the period was $666,000. At February 29, 2016, the Fund did not have an outstanding loan balance.

8. New Accounting Pronouncements

In May 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-07 regarding “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share”. The amendments in this update are effective for the Fund for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU No. 2015-07 will eliminate the requirement to categorize investments in the fair value hierarchy if their fair value is measured at net asset value (“NAV”) per share (or its equivalent) using the practical expedient in the FASB’s fair value measurement guidance. Management has evaluated the implications of ASU No. 2015-07 and it has been determined that there is no impact on the financial statement disclosures.

In January 2016, the FASB issued ASU No. 2016-01 regarding “Recognition and Measurement of Financial Assets and Financial Liabilities”. The new guidance is intended to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information and addresses certain aspects of the recognition, measurement, presentation, and disclosure of financial instruments. The new standard affects all entities that hold financial assets or owe financial liabilities. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. At this time, management is evaluating the implications of ASU No. 2016-01 and its impact on the financial statements and disclosures has not yet been determined.

32

Financial Highlights (unaudited)

Class A Shares
	Six Months Ended February 29,			Year Ended August 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$19.28			$22.71			$18.65			$14.74			$14.01			$12.27
Income (loss) from investment operations:
Net investment income		.10			.15			.08			.12			.07			.05
Net realized and unrealized gain (loss) on investment transactions		(1.92	)		(1.95	)		4.08			3.93			.71			1.73
Total from investment operations		(1.82	)		(1.80	)		4.16			4.05			.78			1.78
Less Dividends and Distributions:
Dividends from net investment income		(.18	)		(.11	)		(.10	)		(.14	)		(.05	)		(.04	)
Distributions from net realized gains		(1.24	)		(1.52	)		-			-			-			-
Total dividends and distributions		(1.42	)		(1.63	)		(.10	)		(.14	)		(.05	)		(.04	)
Net asset value, end of period		$16.04			$19.28			$22.71			$18.65			$14.74			$14.01
Total Return(b):		(10.15)%			(8.12)%			22.37%			27.71%			5.57%			14.48%
Ratios/Supplemental Data:
Net assets, end of period (000)		$395,587			$466,847			$563,597			$516,600			$482,632			$541,305
Average net assets (000)		$437,023			$527,222			$542,283			$496,591			$511,257			$614,287
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.10%	(d)		1.06%			1.06%			1.09%			1.07%			1.04%
Expenses before waivers and/or expense reimbursement		1.10%	(d)		1.06%			1.06%			1.09%			1.07%			1.04%
Net investment income		1.13%	(d)		.70%			.40%			.74%			.48%			.33%
Portfolio turnover rate		19%	(e)		32%			39%			30%			31%			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, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential Jennison Value Fund 33

Financial Highlights (unaudited) (continued)

Class B Shares
	Six Months Ended February 29,			Year Ended August 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$18.70			$22.11			$18.19			$14.38			$13.72			$12.07
Income (loss) from investment operations:
Net investment income (loss)		.04			-	(d)		(.06	)		.01			(.03	)		(.05	)
Net realized and unrealized gain (loss) on investment transactions		(1.87	)		(1.89	)		3.98			3.84			.69			1.70
Total from investment operations		(1.83	)		(1.89	)		3.92			3.85			.66			1.65
Less Dividends and Distributions:
Dividends from net investment income		(.05	)		-			-			(.04	)		-			-
Distributions from net realized gains		(1.24	)		(1.52	)		-			-			-			-
Total dividends and distributions		(1.29	)		(1.52	)		-			(.04	)		-			-
Net asset value, end of period		$15.58			$18.70			$22.11			$18.19			$14.38			$13.72
Total Return(b):		(10.48)%			(8.75)%			21.55%			26.85%			4.81%			13.67%
Ratios/Supplemental Data:
Net assets, end of period (000)		$5,764			$7,742			$11,655			$12,727			$13,030			$18,493
Average net assets (000)		$6,693			$9,700			$12,199			$12,950			$15,355			$23,534
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.80%	(f)		1.76%			1.76%			1.79%			1.77%			1.74%
Expenses before waivers and/or expense reimbursement		1.80%	(f)		1.76%			1.76%			1.79%			1.77%			1.74%
Net investment income (loss)		.43%	(f)		-	(e)		(.30)%			.06%			(.21)%			(.36)%
Portfolio turnover rate		19%	(g)		32%			39%			30%			31%			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, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(d) Less than $.005 per share.

(e) Less than .005%.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

34

Class C Shares
	Six Months Ended February 29,			Year Ended August 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$18.69			$22.10			$18.18			$14.38			$13.72			$12.06
Income (loss) from investment operations:
Net investment income (loss)		.04			-	(d)		(.06	)		.01			(.03	)		(.05	)
Net realized and unrealized gain (loss) on investment transactions		(1.87	)		(1.89	)		3.98			3.83			.69			1.71
Total from investment operations		(1.83	)		(1.89	)		3.92			3.84			.66			1.66
Less Dividends and Distributions:
Dividends from net investment income		(.05	)		-			-			(.04	)		-			-
Distributions from net realized gains		(1.24	)		(1.52	)		-			-			-			-
Total dividends and distributions		(1.29	)		(1.52	)		-			(.04	)		-			-
Net asset value, end of period		$15.57			$18.69			$22.10			$18.18			$14.38			$13.72
Total Return(b):		(10.49)%			(8.75)%			21.56%			26.78%			4.81%			13.76%
Ratios/Supplemental Data:
Net assets, end of period (000)		$17,292			$22,635			$27,649			$28,284			$24,651			$28,355
Average net assets (000)		$20,150			$26,044			$28,102			$26,554			$26,779			$32,039
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.80%	(f)		1.76%			1.76%			1.79%			1.77%			1.74%
Expenses before waivers and/or expense reimbursement		1.80%	(f)		1.76%			1.76%			1.79%			1.77%			1.74%
Net investment income (loss)		.43%	(f)		-	(e)		(.31)%			.05%			(.22)%			(.37)%
Portfolio turnover rate		19%	(g)		32%			39%			30%			31%			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, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(d) Less than $.005 per share.

(e) Less than .005%.

(f) Annualized.

(g) Not annualized.

See Notes to Financial Statements.

Prudential Jennison Value Fund 35

Financial Highlights (unaudited) (continued)

Class Q Shares
	Six Months Ended February 29,			Year Ended August 31,									October 31, 2011(b) through August 31,
	2016			2015			2014			2013			2012
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$19.32			$22.76			$18.68			$14.77			$14.21
Income (loss) from investment operations:
Net investment income		.14			.24			.17			.20			.15
Net realized and unrealized gain (loss) on investment transactions		(1.92	)		(1.96	)		4.09			3.92			.52
Total from investment operations		(1.78	)		(1.72	)		4.26			4.12			.67
Less Dividends and Distributions:
Dividends from net investment income		(.27	)		(.20	)		(.18	)		(.21	)		(.11	)
Distributions from net realized gains		(1.24	)		(1.52	)		-			-			-
Total dividends and distributions		(1.51	)		(1.72	)		(.18	)		(.21	)		(.11	)
Net asset value, end of period		$16.03			$19.32			$22.76			$18.68			$14.77
Total Return(c):		(9.97)%			(7.73)%			22.92%			28.23%			4.83%
Ratios/Supplemental Data:
Net assets, end of period (000)		$19,736			$24,266			$18,862			$19,577			$16,509
Average net assets (000)		$23,279			$17,686			$20,513			$18,609			$22,334
Ratios to average net assets(f):
Expenses after waivers and/or expense reimbursement		.65%	(d)		.63%			.63%			.64%			.62%	(d)
Expenses before waivers and/or expense reimbursement		.65%	(d)		.63%			.63%			.64%			.62%	(d)
Net investment income		1.54%	(d)		1.12%			.82%			1.18%			1.06%	(d)
Portfolio turnover rate		19%	(e)		32%			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, if any. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) Not annualized.

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

See Notes to Financial Statements.

36

Class R Shares
	Six Months Ended February 29,			Year Ended August 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$19.23			$22.65			$18.60			$14.71			$13.98			$12.24
Income (loss) from investment operations:
Net investment income		.08			.11			.04			.09			.04			.02
Net realized and unrealized gain (loss) on investment transactions		(1.92	)		(1.95	)		4.07			3.91			.71			1.73
Total from investment operations		(1.84	)		(1.84	)		4.11			4.00			.75			1.75
Less Dividends and Distributions:
Dividends from net investment income		(.14	)		(.06	)		(.06	)		(.11	)		(.02	)		(.01	)
Distributions from net realized gains		(1.24	)		(1.52	)		-			-			-			-
Total dividends and distributions		(1.38	)		(1.58	)		(.06	)		(.11	)		(.02	)		(.01	)
Net asset value, end of period		$16.01			$19.23			$22.65			$18.60			$14.71			$13.98
Total Return(b):		(10.26)%			(8.29)%			22.16%			27.38%			5.35%			14.30%
Ratios/Supplemental Data:
Net assets, end of period (000)		$9,054			$10,215			$13,557			$11,721			$9,794			$10,446
Average net assets (000)		$9,846			$12,374			$12,649			$10,985			$10,660			$11,461
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.30%	(d)		1.26%			1.26%			1.29%			1.27%			1.24%
Expenses before waiver and/or expense reimbursement		1.55%	(d)		1.51%			1.51%			1.54%			1.52%			1.49%
Net investment income		.94%	(d)		.50%			.20%			.53%			.28%			.13%
Portfolio turnover rate		19%	(e)		32%			39%			30%			31%			56%

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

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

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

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

Prudential Jennison Value Fund 37

Financial Highlights (unaudited) (continued)

Class Z Shares
	Six Months Ended February 29,			Year Ended August 31,
	2016			2015			2014			2013			2012			2011
Per Share Operating Performance(a):
Net Asset Value, Beginning Of Period		$19.33			$22.77			$18.69			$14.77			$14.05			$12.30
Income (loss) from investment operations:
Net investment income		.13			.21			.15			.16			.11			.09
Net realized and unrealized gain (loss) on investment transactions		(1.93	)		(1.96	)		4.08			3.95			.70			1.74
Total from investment operations		(1.80	)		(1.75	)		4.23			4.11			.81			1.83
Less Dividends and Distributions:
Dividends from net investment income		(.24	)		(.17	)		(.15	)		(.19	)		(.09	)		(.08	)
Distributions from net realized gains		(1.24	)		(1.52	)		-			-			-			-
Total dividends and distributions		(1.48	)		(1.69	)		(.15	)		(.19	)		(.09	)		(.08	)
Net asset value, end of period		$16.05			$19.33			$22.77			$18.69			$14.77			$14.05
Total Return(b):		(10.05)%			(7.84)%			22.76%			28.11%			5.83%			14.86%
Ratios/Supplemental Data:
Net assets, end of period (000)		$52,886			$72,119			$90,582			$68,579			$244,881			$359,107
Average net assets (000)		$65,080			$80,740			$78,915			$93,588			$295,370			$403,570
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		.80%	(d)		.76%			.76%			.79%			.77%			.74%
Expenses before waivers and/or expense reimbursement		.80%	(d)		.76%			.76%			.79%			.77%			.74%
Net investment income		1.42%	(d)		1.00%			.72%			.95%			.78%			.64%
Portfolio turnover rate		19%	(e)		32%			39%			30%			31%			56%

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

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

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

(d) Annualized.

(e) Not annualized.

See Notes to Financial Statements.

38

n    MAIL	n    TELEPHONE	n    WEBSITE
655 Broad 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 • Stuart S. Parker • Richard A. Redeker • Stephen G. Stoneburn • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Chad A. Earnst, Chief Compliance Officer • 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 • Kelly A. Coyne, Assistant Treasurer

MANAGER	Prudential Investments LLC	655 Broad Street Newark, NJ 07102
INVESTMENT SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	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, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

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

MF131E2    0290830-00001-00

Item 2 – Code of Ethics – Not required, as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not

 applicable.

Item 10 – Submission of Matters to a Vote of Security Holders – Not applicable.

Item 11 – Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Exhibits

(a)    (1) Code of Ethics – Not required, as this is not an annual filing.

(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(3) Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.

(b)   Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

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

Registrant:	Prudential Investment Portfolios 7
By:	/s/ Deborah A. Docs
	Deborah A. Docs
	Secretary
Date:	April 18, 2016

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

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	April 18, 2016
By:	/s/ M. Sadiq Peshimam
	M. Sadiq Peshimam
	Treasurer and Principal Financial and Accounting Officer
Date:	April 18, 2016

EX-99.CERT

Item 12

Prudential Investment Portfolios 7

Semi-Annual period ending 2/29/16

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.

April 18, 2016

/s/ Stuart S. Parker

Stuart S. Parker

President and Principal Executive Officer

2

Item 12

Prudential Investment Portfolios 7

Semi-Annual period ending 2/29/16

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.

April 18, 2016

/s/ M. Sadiq Peshimam

M. Sadiq Peshimam

Treasurer and Principal Financial and Accounting Officer

4

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.

April 18, 2016	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
April 18, 2016	/s/ M. Sadiq Peshimam
	M. Sadiq Peshimam
	Treasurer and Principal Financial and Accounting Officer